MONDAY 11TH OCTOBER 2021

Tinubu: Only God Can Take My Life Gbajabiamila, Sanwo-Olu, Olamilekan say work has started for task ahead Segun James National leader of All Progressives Congress (APC), Senator Bola Tinubu, yesterday,

said only God, the giver of life, could take his life. Tinubu made the remarks on Sunday at the Lagos House, Marina, in his "Thank you speech" during

a reception to welcome him back home, organised by Governor Bababjide SamwoOlu of Lagos State, on behalf of the state government. “I

am standing before you hale and hearty," the former governor declared at the event tagged, "Welcome Back Home Asiwaju."

Tinubu, who returned to the country on Friday night after a successful surgery on his right knee, spent over three months in London. His arrival to the

country came barely 24 hours after a campaign group, South West Agenda (SWAGA 2023), Continued on page 10

At $42bn, External Reserves Hit 25-month High on Eurobond Inflow...Page 6 Monday 11 October, 2021 Vol 26. No 9681. Price: N250

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THE MONDAY INTERVIEW

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Osinbajo: Buhari is Nigeria’s Most Popular, Only Credible Leader Ever Insists Nigeria better off united, optimistic nation will overcome challenges Deji Elumoye in Abuja The Vice President, Professor Yemi Osinbajo, said at the weekend in London that President Muhammadu Buhari was the only politician in Nigeria at this time with the charisma and credibility to rally the whole country behind the patriotic push to rise above its current challenges.

Osinbajo stressed the need for Nigeria to remain an indivisible country, assuring that its challenges would soon be overcome.

The vice president spoke during an interactive session with top officials of the Nigerian High Commission in London.

He declared, "If you look at all of us sitting here, we represent all the geopolitical Continued on page 10

SEPLAT’S ENERGY TRANSITION PERSPECTIVE...

L-R: Minister of State for Environment, Sharon Ikeazor; Chairman, Seplat Energy Plc, Dr. ABC Orjiako; Minister of State for Petroleum Resources, Chief Timipre Sylva; CEO, Seplat Energy, Mr. Roger Brown; and Minister of Science and Technology, Dr. Ogbonnaya Onu, at the second edition of the Seplat Energy Summit themed: ‘Global Trends in Energy Transition and the Africa Perspective’ held at the Transcorp Hilton, Abuja … recently

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

GATHERING OF TINUBU BOYS...

Seated from left: Front row ex-Deputy Governor of Lagos State, Dr. (Mrs) Oluranti Adebule; Speaker, House of Representatives, Rt . Hon. Femi Gbajabiamila; Deputy Governor, Dr. Obafemi Hamzat; APC National Leader, Asiwaju Bola Tinubu; Governor Babajide Sanwo-Olu; Speaker, the State House of Assembly, Rt. Hon. Mudashiru Obasa; member of the Governor Advisory Council, Pa Tajudeen Olusi and other members of the State Executive Council, during a welcome-back event for Asiwaju Tinubu at the Lagos House, Marina...yesterday

At $42bn, External Reserves Hit 25-month High on Eurobond Inflow Obinna Chima

Nigeria’s external reserves have risen to its highest level in 25 months to $42 billion presently due to the inflow of the recent Eurobond issued by the federal government, THISDAY findings have revealed.

Although, the Central Bank of Nigeria’s (CBN) latest update on its website showed that as of October 7, 2021, the Eurobond had grown by $3.587 billion or 10 per cent, from $34.597 billion as of September 7, 2021 to $38.184 billion as of October 7, central bank sources put the present value at $42 billion.

The last time the country’s external reserves were around their present value was on September 26, 2019, when it was $42.05 billion.

The sharp rise in the foreign reserves was as a result of the $4 billion Eurobond the federal government issued last month. The amount was raised after an intensive two days of virtual meetings with investors across the globe.

The Debt Management Office (DMO) had explained that the Order Book peaked at $12.2 billion, which enabled the Federal Government of Nigeria (FGN) to raise $1 billion more than the $3 billion it initially announced.

DMO said, “This exceptional performance has been described as, ‘one of the biggest financial trades to come out of Africa in 2021’ and ‘an excellent outcome.’”

According to the DMO, bids for the Eurobonds were received from investors in Europe and America, as well as Asia. There was also good participation by local investors.

According to the statement, the size of the Order Book and the quality of investors demonstrate confidence in Nigeria.

Analysts also revealed that forex rationing by the central bank has also supported the external reserves accretion.

Meanwhile, the value of transactions through the various payment channels in the country rose by 6.08 per cent, to N26.5 trillion in September, up from N25 trillion in August.

Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, disclosed this in a report on his monthly executive breakfast session presented at the Lagos Business School at the weekend.

The payment transactions

covered in the report included cheques, point of sale terminals, Nigerian Interbank Settlement System Instant Payment (NIP), and Nigeria Electronic Fund Transfer (NEFT).

It pointed out that even though Nigeria’s external reserves have risen, the country’s debt level has also

been climbing. Nigeria’s total external debt has now risen above $37 billion. This was up by 270 per cent from 2015 level of $10 billion, the report stated.

According to the report, domestic oil production declined consistently for four months. Precisely, it fell by

8.63 per cent to 1.27mbpd in August. This was attributed to underinvestment in the oil sector and high attrition rate.

The rig count has jumped 57.4 per cent since the Petroleum Industry Act (PIA) was enacted.

“Royal Dutch Shell has put its land and swamp assets on

the block; most international oil companies are shifting to green energy; and higher oil prices, 31.3 per cent in six months is making upstream loans qualify for restructuring,” it stated.

It noted that the economy was recovering, but the momentum was slower than expected.

“Oil prices now at a seven-year high ($82.87pb) but economy not firing on all cylinders,” it added.

The World Bank recently raised Nigeria’s 2021 growth forecast to 2.4 per cent, from 1.8 per cent previously. This was supported by accelerated growth in the service sectors.

NNPC Missing as China, Saudi Arabia Top World’s Biggest Oil Revenue Earners in 2021 Sinopec earns $323bn revenue, Saudi Aramco grosses $230bn, Nigeria’s $9bn National oil company offers to fix selected roads NUPENG suspends planned strike Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Nigerian National Petroleum Corporation (NNPC) has failed to make the latest list of the world’s highest income-grossing oil companies, both nationallyrun and privately-owned. The list was compiled from the organisations’ 2020 audited financial statements.

But NNPC yesterday said although the repair of roads was not within its direct purview, it was willing to fix some roads across the country to ease the movement of petroleum products. The offer by the national oil company came following a threat of industrial action by the National Union of Petroleum and Natural Gas Workers (NUPENG) over increasing number of bad roads in the country.

However, the Petroleum Tanker Drivers (PTD) of NUPENG yesterday suspended the planned strike, which was earlier scheduled to commence today.

The latest list of the world’s highest income-grossing oil companies showed that although a number of the 10 highest-earning oil and gas companies in 2021 lost billions in 2020 because of the COVID-19 pandemic and trade war between Russia and Saudi Arabia, big deals and discoveries were still made, further aided by recovering oil prices from the last quarter of last year.

The list showed that Sinopec, also known as China Petroleum and Chemical Corporation, earned $323 billion in revenues in 2020, according to a compilation by offshore-technology.com, one of the leading entities covering the global offshore oil and gas

industry.

But Sinopec’s revenue fell by 28.8 per cent last year, while at the same time, net income fell by 43 per cent, leaving it with a value of approximately $70 billion.

Despite topping the list, the company’s refining and exploration/production units jointly made losses of approximately $22 billion in 2020, but earnings of $21 billion from its marketing and distribution sector helped offset the losses.

In line with China’s upcoming five-year plan, the company has moved toward developing hydrogen production and has installed hydrogen refuelling stations in at least four provinces.

China also came second on the list with PetroChina, the publicly listed arm of the state-owned company, China National Petroleum Corp, exceeding its post-pandemic expectations.

During the year, the company increased oil output by 4.8 per cent and gas output by 9.9 per cent compared to 2019 and pushed the cost of production down by 8.3 per cent, to $11.1 per barrel.

The company’s revenue fell by 23.2 per cent in 2020, but it increased its full-year dividend by more than 20 per cent and achieved new record levels of gross profit, lifted by economic recovery and rising oil prices.

The two Chinese companies were followed by Saudi Aramco with $230 billion revenue for the year under review. In April 2020, the company achieved it’s highest-ever single-day crude oil production rate, at 12.1 million barrels per day. Nigeria pumps less than 2 million bpd.

The company’s capital expenditure fell by $6 billion

in 2020, mainly because it spent some money in acquiring a majority stake of chemicals company Sabic in June and invested in a joint-venture materials company with oilfield service company Baker Hughes and agreed to build a chemicals plant in eastern Saudi Arabia with TotalEnergies.

The company attained pre-tax earnings of $101 billion and a net income of $49 billion in 2020, both around 60 per cent of the previous year’s total.

The fourth position was occupied by Royal Dutch Shell, which earned about $181bn in 2020, according to the data. Shell emerged the highest-earning oil company not owned by a government.

But the company still lost $21 billion across the 2020 financial year most of which came as a result of revenue almost halving, falling to $180 billion.

On the list also was British giant BP, which grossed $180 billion in 2020. The company’s financial mirrored those of Shell, with revenue falling to $180 billion, while its upstream segment recorded a net loss of $21 billion across the 2020/21 financial year.

ExxonMobil came sixth, with revenue worth of $179 billion in the 2020 financial year, although the company lost $22.4 billion in the fourth quarter of 2020, compared to a $14.3bn profit one year before.

The company’s upstream division went from earning $14 billion in 2019, to losing $20 billion in 2020. Revenue fell by approximately $77 billion, though most analysts expect this to reverse again across 2021.

Occupying the seventh position, according to the data, was TotalEnergies, formerly

known as Total, with total revenue of $120 billion in 2020.

Its income from sales fell by $60 billion, compared to the year before, while overall net income went from $11.4 billion in 2019 to a loss of $7.3 billion in 2020.

It was trailed by Chevron with $94 billion impacted by its big moment in 2020 when it acquired US shale oil and gas producer Noble Energy. Losses peaked in the second quarter of 2020, when the company saw a net loss of $8.3 billion. Across the whole year, the company made a net loss of $5.5 billion, though net production remained mainly the same.

Russia’s Gazprom held on to the ninth position with total revenue of $85 billion although sales fell from $29 billion in 2019 to $22 billion in 2020, partly because of production restrictions following Russia’s deal with the Organisation of Petroleum Exporting Countries (OPEC). As a result, net profits fell from $10 billion to a loss of $9.7 billion.

According to the data, America’s Marathon oil made $70 billion gross revenue in 2020, almost halving its capital spending to deal with the pandemic, with further cuts in 2021. Marathon’s sale of Speedway, its chain of vehicle filling stations, included a 15-year supply deal with buyer 7-Eleven worth about $21 billion cash transaction.

Including income from Speedway, Marathon’s adjusted raw earnings fell to $4.4 billion in 2020, down from $11.1 billion the year before. Most of the fall came from the company’s refining and marketing segment, where raw earnings went from $2.8 billion to a loss of $5.1 billion across the year.

For the first time ever, the NNPC this year publicly announced a profit of N287 billion, about $700 million (when converted at the current official exchange rate of about N410 to $1). The national oil company recently told Nigerians that it already has a projection of over N300 billion profit for this year which would be announced at the end of 2021.

The profit was mostly from the reversal of amounts impaired (when a company declares an asset valuable after it previously declared it a liability) for years.

It also pushed the corporation’s total revenue to about N3.7 trillion or roughly $9 billion when converted.

NNPC is in the process of being fully commercialised with the recent passage of the Petroleum Industry Act (PIA), although it had always been bugged down by excessive political control.

NUPENG: NNPC Offers to Fix Selected Roads, Cautions against Strike Action Meanwhile, NNPC yesterday said although the repair of roads was not within its direct purview, it was willing to fix selected roads across the country to ease the movement of petroleum products. The offer by the national oil company came after the threat of industrial action by the PTD of NUPENG. The South-west Zonal Chairman of NUPENG, Tayo Aboyeji, at the weekend, said the union had lost many members and properties due to bad roads, saying several calls on Continued on page 12

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NEW CHAIRMAN OF INDEPENDENT PETROLEUM PRODUCER GROUP...

L-R: Outgoing Chairman of Independent Petroleum Producer Group/Chairman of Waltersmith, Mr. Abdulrazaq Isa; Minister of State Petroleum Resources, Chief Timipre Sylva and New Chairman of Independent Petroleum Producer Group, Mr. Ademola Adeyemi-Bero, during a courtesy call on the minister, at the Nigeria National Petroleum Corporation (NNPC) Towers, Abuja...Friday

Falana Writes AGF, Seeks Enforcement of $62bn Supreme Court Judgment against IOCs Alex Enumah in Abuja Senior Advocate of Nigeria, Mr. Femi Falana, has written to the Attorney General of the Federation (AGF), and Minister of Justice, Mr. Abubakar Malami, demanding the immediate enforcement of the judgment of the Supreme Court directing the federal government to recover the sum of $62 billion from six International Oil Companies (IOCs) over wrong sharing formula.

Falana in the letter dated October 8, 2021, also threatened legal action against the AGF if he refuses to enforce the said judgment.

He wrote on behalf of his clients Professor Omotoye Olorode and Jaye Gaskia of the People's Alternative Political Movement (PAPM).

The letter titled: “Request For Compliance with Judgment of The Supreme Court of Nigeria in Suit No SC. 964/2016 Between Akwa Ibom and 2 Ors vs Attorney General of the Federation, is not unconnected to a recent statement credited to the Minister of State for Petroleum, Mr. Timipre Sylva, to the extent that it is near impossible for the federal government to recover the said sum from the IOCs. “The Supreme Court had in a judgment delivered on October 20, 2018, directed the federal government to immediately take steps to recover all revenues lost to oil-exploring and exploiting companies due to wrong profit-sharing formula since August 2003.”

Falana's client claimed that based on the aforesaid judgment, Malami had "request for the immediate payment of the sum of $62 billion owed by the six International Oil Companies with joint operating agreements with the NNPC." The affected companies were: Shell Petroleum

Development Company, Mobil Producing Nigeria Unlimited, Chevron Nigeria Limited, Nigeria Agip Oil Company, TotalElf Nigeria and Pan Ocean Oil Company.

But Falana's client had quoted Sylva as saying, “Well, we have started discussions.

Let us consider that as a lost opportunity, the money was

not in a cupboard, they have taken it.

“Nobody can bring out that kind of money, I mean we can’t get $62billion. We can maybe get something from them but not $62billion. It’s an opportunity we have lost.

We have already started discussions with them but what is clear is that it is a

lost opportunity really.”

Based on this they have now instructed Falana to request that Malami uses his good office to ensure that the said sum of $62 billion was recovered from the IOCs and paid into the federation account without any further delay.

"However, if you fail

or refuse to accede to the request of our client we shall not hesitate to approach the Federal High Court to seek an order to compel you to comply with the judgment of the Supreme Court in accordance with section 287(1) of the Constitution which provides that the decisions of the Supreme

court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the supreme Court.

"As we await your reply to this letter please accept the assurances of our highest esteem and professional regards", the letter added.

2022 Budget: National Assembly Gets N234bn N100bn voted for 479 members' constituency projects FG votes N1.6bn, N1.53bn for new vehicles, international trips for state house Vice President’s office gets N1.1bn Deji Elumoye and Udora Orizu in Abuja President Muhammadu Buhari has proposed the sum of N234 billion for the National Assembly in the 2022 appropriation bill that was laid before a joint session of the parliament last week.

The President had last Thursday presented the 2022 Aggregate FGN Expenditure (inclusive of GOEs and projecttied Loans) projected to be N16.39 trillion, which was 12.5 per cent higher than the 2021 budget.

In the 2022 appropriation bill, the sum of N100 billion was proposed for the execution of constituency projects for all the 479 members of both the Senate and the House of Representatives, while N134 billion was captured under the Statutory Transfer for the 2022 fiscal year.

The proposed N134 billion as National Assembly’s statutory allocation for the 2022 fiscal year was N6 billion higher than the sum of N128 billion proposed by the Presidency in the 2021 budget estimates which was approved by the legislative arm.

A breakdown of the subheads showed that the sum of N15,967,404,815 were National

Assembly Management; N33,267,001,807 was for Senate; N51,994,511,954 was for House of Representatives; N5,734,166,662 was for National Assembly Service Commission (NASC); N9,602,095,928 was for Legislative Aides; N118,970,215 was for Senate Committee on Public Accounts; N142,764,258 was for House of Representatives Committee on Public Accounts; N9,134,672,079 was for General Service; N7,373,813,596 was for National Institute for Legislative and Democratic Studies (NILDS); N389,354,934 was for Service– Wide Vote; N275,243,752 was for Office of the Retired Clerks and Permanent Secretaries; while N8,690,000,000 was for Public Complaints Commission (PCC).

Other 2022 budget lines captured in the Statutory Transfer included: "N120 billion (against N110 billion proposed in 2021 estimates) for National Judicial Council (NJC); N46.172 billion (against N29.70 billion proposed in 2021 estimates) for North East Development Commission (NEDC); N4.5 billion (against N3 billion proposed in the 2021 estimates) for National Human Right Commission (NHRC); N98.712 billion (against N63.51 billion) for Niger Delta Development

Commission (NDDC).

"N140 billion (against N40 billion proposed in the 2021 estimates) for Independent National Electoral Commission (INEC); N54.051 billion for National Agency for Science Engineering & Infrastructure (NASENI); N8.690 billion (against N5.20 billion proposed in the 2021 estimates) for Public Complaint Commission (PCC); N108.102 (against N70.05 billion proposed in the 2021 estimates) for Universal Basic Education Commission (UBEC) and N54.051 (against N35.03 billion proposed in the 2021 estimates) for Basic Health Care Fund."

In a related development, the State House, Abuja is to buy new vehicles and repair old ones in the 2022 fiscal year, with N1.6 billion while N1.53 billion was also voted for international trips at for the Presidency during same period.

In all, a total sum of N24,835,805,231 was earmarked for the Office of the President which came under State House Operations and made up of N2,861,041,921 for overhead and N21,974,763,310 for capital expenditure.

Under the expenditure, the State House was expected to continue the ongoing

replacement of vehicles and spares with the sum of N1, 600,000,000; international travels was allocated N1,533,464,208 while N400,000,000 was proposed for the replacement of villa telecommunications infrastructure during the year.

In addition, the State House headquarters got a budget proposal of N12,313,408,181 with the components being N1,736,064,934 for personnel, N2,860,063,433 for overhead and N7,717,279,814 for capital.

A further breakdown of the amount allocated to State House Headquarters indicated that salary would gulp N1,346,707,871; salaries and wages, N1,346,707,871; allowances and contributions, N389,357,063; allowances, N187,350,882; regular allowances, N187,350,882; social contributions, N202,006,181; NHIS, N67,335,394, and contributory pension – employer contribution, N134,670,787.

For recurrent expenditure, a further breakdown indicated that travel and transport- general would consume N162,253,681 for the fiscal year, made up of local transport and transport training, N31,415,288; local transport and transport others, N57,765,546; international travels and

transport others, N73,072,847; utilities others, N503,209,802; fuel and lubricants others, N120,699,558 and miscellaneous, N1,023,679,451, among others.

The Office of the Chief of Staff to the President was allocated a total sum of N529, 416,737 made up of N470, 391,701 for overhead costs and N59, 025,036 for capital expenditure.

The Office of the Chief Security Officer to the President was allocated the sum of N392, 171,682 in the appropriation bill, made up of N111, 359,316 for overhead costs and N280, 812,366 for capital expenditure.

The details of the 2022 appropriation bill also showed that the State House Medical Centre was allocated a total sum of N687, 425,876 with N331, 730,212 and N355, 695,664 voted for overhead and capital expenditure, respectively.

State House Lagos Liaison Office had proposed for it in the 2022 budget, the total sum of N301,391,917 comprising N95,280,402 for overhead and N206,111,515 for expenditure while the Office of the Vice President was allocated a total amount of N1,183,011,298 made up of N1,048,618,092 for overhead and N134,393,206 for capital expenditure.

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There’ll Be a Change of Guard in Nigeria, Bakare Warns Buhari Segun James The Presiding Pastor of the Citadel Global Community Church, Pastor Tunde Bakare, has predicted that even though there would be no coup in the country, there would be a change of guard in government soon.

Bakare did not say how the change of guard would take place, he however insisted what he meant by that was, "there will be fresh hands and new people to change things in Nigeria."

He urged the President to tear down "the unglorifying portion of Nigeria constitution" as it was hindering the growth of the country, and that any amendment to the Constitution could never improve the situation if the needful was not done as it was a "glorified death certificate."

Bakare said nothing in the 1999 constitution included the provision of 1960 and 1963 constitutions, which were arrived at through negotiations, adding that, the 1999 constitution was a glorifying death certificate and wondered why a leader could insist that the unity of Nigeria was not negotiable.

The pastor in his State of the Nation address tagged: "The BlackBox of Nigeria's Politics," stated that the time had come for Nigerian citizens to be informed and make compelling demands from those in authority.

Speaking at his church auditorium in Ojota, Lagos, he disclosed that a group, Nigerians for Nigeria Movement (NNM) would soon be launched, which would advocate doing things right in the country.

He noted further that the "patching" of the constitution could never bring the desired change because, the 1999 constitution had deviated from the landmark the founding fathers set.

He informed that the formation of the NNM would include the youths, those in the diaspora and people desirous of a better change in the country.

He explained that the youths and those in diaspora have been marginalised, when it comes to voting, but this time around, everything humanly possible would be done to get them included in the voting process.

"Nigeria for Nigeria Movement is taking the battle to the youth. We know what it is to stir them up,

they won't give the youth power until they demand for it," he said.

Shedding more light on the essence of the movement, he said certain things needed to be put in place before the

2023 general election and wondered why an election should generate so much tension in Nigeria, when it is conducted with ease in other climes.

"We need to put our house

in order before putting our hat in the ring”, he said, adding that, the movement would be involved in open square campaign and sensitisation programmes and would not work alone,

but with others groups.

On rotational presidency, he wondered how the idea has benefited the zone that produced the president, saying what was important was to look for competent

hands to run affairs of the country.

He, however, noted that if rotational presidency formula was adopted to make the country peaceful, so be it.

Electoral Act: Saraki Appeals to N’Assembly on Direct Primaries Chuks Okocha in Abuja Opposition to direct primary election continued as a former Senate President, Dr. Abubakar Bukola Saraki, has sent an appeal to members of the National Assembly, who were in the process of reconciling the different versions of the Electoral Act (amendment) Bill passed by both chambers to save the country the crisis and trouble that would result from the proposal to make direct primaries compulsory for parties in sourcing candidates for elections.

Saraki, in a statement by Yusuph Olaniyonu, Head of his Media Office, noted that the decision to include a provision in the proposed Electoral Act which would make it compulsory for parties to adopt direct primaries would only create a fresh problem while trying to solve another.

He added that many of the political parties lacked the necessary infrastructure to successfully conduct direct primaries at all levels while the attempt would lead to hundreds

of litigations that might jeopardise the general election.

“I feel compelled to once again appeal to Distinguished Senators and Honourable Members of the House of Representatives on the proposed Electoral Act, because I realise that while the focus of the general public has been on how to get the electronic transmission of results into the proposed law, another potential problem that may clog our electoral process is included in the Electoral Act and it’s this provision on direct primaries.

“The two options on the table are to make direct primaries compulsory for all the parties or to leave it open for parties to decide.

We should take the latter option. Let us leave each party to decide how it wants to source its candidates.

The experience we have in the past shows that direct primary will lead to a crisis if forced on the parties. We saw how people sent from the national headquarters to conduct primary elections stayed in hotel rooms and

conjured up figures which were announced as the result of direct primary elections.

“Even if the big parties have the funds and facilities to organise direct primaries nationwide, how about the smaller parties? Can the big parties also provide the facilities and election officials that will be present in all the polling units in the country, either simultaneously or in staggered primaries?

“Do most of the parties have valid and verified membership registers and other logistics needed for the successful conduct of direct primaries? The direct primaries option will also put pressure on the Independent National Electoral Commission (INEC), whose officials must monitor all the primaries.

“The direct primaries provision may work for us in the future but not now that we are not prepared for it as the primaries may hold next June. That is just nine months from now. The time for adequate and necessary preparations

towards direct primaries is even not there. There will be so many litigations arising from the process.

Do we have the time to hold crisis-free primaries and not create booby-traps for the general elections?

“From my experience, this issue of direct primaries was raised in the Eighth National Assembly, when we passed the Electoral Act (amendment) Bill. It has always reared its head as a fall-out of the internal dynamics in certain parties, where legislators feel they have been short-changed in the congresses, where state governors seized the structure, because they felt the process was neither transparent nor free and fair. The legislators may now see the process of passing the Electoral Act as a means to settle the scores. However, in the process that we have now, it is the country that will lose.

It is our electoral process that will be undermined.

“My appeal goes to all members of the National Assembly. Please, do not let us take a position on critical

issues based on partisan and personal consideration.

Let us put Nigeria first and act in the best interest of our country. During our time in the National Assembly, whenever we were confronted with issues like this, we just appealed and prevailed on members to put the nation first before any other consideration. I believe the same appeal should go to the present federal lawmakers.

“At this point, we also call on the leadership of the various parties to intervene and call all their stakeholders together to address the issues. The bulk of the responsibility to make the legislators do the right thing falls on the ruling party, the APC. It has the numbers to pass whatever bill the leadership desire in the National Assembly.

The party should get its members to avoid including provisions in the proposed Electoral Act which may later become a major clog in the smooth conduct of our elections and the credibility of the electoral process,” Saraki stated.

OSINBAJO: BUHARI IS NIGERIA’S MOST POPULAR, ONLY CREDIBLE LEADER EVER zones. This is the Nigeria that will succeed; anything else doesn’t make sense."

Describing Buhari’s popularity and credibility as a crucial factor in galvanizing the entire system to resolve the challenges, Osinbajo said, “The president is possibly the most popular Nigerian politician that we ever had in generations. He is possibly the only person, who can go into a place or somewhere without bossing people to gather and they will come and listen to him speak.

“We need that level of credibility to be able to solve problems in our country. And I think

because of his level of credibility, despite everything, he is still the only one that can call everyone, and even people, who do not necessarily agree with him know that he is a man of his words.”

Osinbajo urged Nigerians at home and in the diaspora to promote the message of one country, noting, “Anybody, who looks at how Nigeria operates will recognise that we are better off in this system, and that is the truth.

“Yoruba are not better off on their own. Igbos are not better off on their own. The North is not better off on its own. We are better off as one nation, that is why we

are strong and that is why we can face the world.”

Further stressing the need for unity, he stated, “If you read of the economics of smaller nations, they are looking for how they can become stronger by aligning with other nations. How does a country with all the potential and everything that we have, think that the best way is to break up?

“We are at a point in time in our history, where we have security challenges; we have economic challenges, and if you talk about security, there are so many dimensions to it. If you look carefully, all of these could happen to any government and I think we are in the

very best position to solve the problems that face us today.

“Security challenges that we have didn’t show up in one day but it is the government, the people, the men and women that will handle them.We happen to be that government, and I am very convinced that we are entirely capable of handling these challenges.

I think we are in the best possible position to solve these problems.”

Osinbjo enjoined staff of the High Commission to remain good ambassadors of the country and endeavour to promote justice and fairness in their activities, even as

they make more efforts to promote government’s programmes and policies.

He said, “We must promote one country. But, of course, everybody talks about justice, fairness and balance, and that is what we must try to do on a continuous basis.

“Let us not be discouraged, let us be very confident, because our country will come out of all these problems and emerge stronger. So, I urge every person, who represents our country, to ensure that we represent the country well and be able to speak up at the right forum about the country and what we are doing.”

those who had prayed for the safe return of Tinubu, saying, "The best is yet to come."

Gbajabiamila, too, prayed, saying, "From today, the best days of your past will be the worst days of your future."

He added that the northern caucus of the House of Representatives' visit to Tinubu in London was a strong statement, and that the southern caucus had planned to make similar visit before Tinubu’s arrival on Friday.

Gbajabiamila said, "Where you are going, is

destined. We are ready in the National Assembly.

There are men and there are men. The history of Nigeria cannot be written politically without you occupying three quarters of the pages."

Speaker of the Lagos State House of Assembly, Mudashiru Obasa, said, "It is a great honour to be here and be part of this gathering, particularly, to welcome our leader and mentor. We told them you are hale and hearty.

We thank you for your guidance, we pray, we will continue to enjoy your

mentorship."

Hamzat said, "It is only God that is constant; He cannot sick. Any human being can be subjected to anything but we thank God that our father has come back."

Representing Lagos Christian Association of Nigeria (CAN), Stephen Adegbite, quoting Psalm 91 from the Holy Bible, prayed copiously for Tinubu's good health and his 2023 ambition, saying, "We are praying for you. You will get there. You will not die."

Others at the reception included wife of the state

governor, Mrs. Ibijoke Sanwo-Olu; Tinubui’s wife, Senator Oluremi; former Lagos Deputy governors, Mrs. Idiat Adebule, and Abiodun Ogunleye; members of the Governor's Advisory Council (GAC); local government chairmen; Secretary to the State Government, Folasade Jaji; Chief of Staff, Tayo Ayinde and other members of the state Executive Council, members of the House of Representatives; members of the Lagos State House of Assembly; party chieftains, clergymen, and market leaders.

TINUBU: ONLY GOD CAN TAKE MY LIFE was launched in Lagos

by Governor Sanwo-Olu to champion Tinubu's presidential ambition ahead of the 2023 polls.

The reception featured prayers for Tinubu, who expressed gratitude to God for bringing him back to Nigeria safely. He also thanked all the political leaders and groups that had wished him well.

He said, "I am a little emotional, but I am happy to be back home. God is the giver of life and He alone can take it. I'm grateful to Him for giving me the privilege to be alive. I'm

Hale and hearty, I can't but praise and thank Him." Earlier, Sanwo-Olu, his deputy, Obafemi Hamzat; Speaker of the House of Representatives, Hon. Femi Gbajabiamila; and Senator Adeola Olamilekan, said in their speeches that they were working to ensure Tinubu’s mandate in 2023.

Sanwo-Olu said, "On behalf of the teeming Lagosians that cannot come to this premises to welcome you back home.

Today, being the 10th of October, God has brought you back home."

The governor thanked

MONDAY OCTOBER 11, 2021 • T H I S D AY

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MONDAY, ͹͹˜ ͺ͸ͺ͹ ˾ T H I S D AY

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NEWS

2023: More Political Parties Coming, Says INEC NIPSS urges political parties to involve more women, youths Onyebuchi Ezigbo in Abuja The Independent National Electoral Commission (INEC) has indicated that new political parties might be registered ahead of the 2023 general elections.

The chairman of INEC, Prof.

Mahmood Yakubu, who was represented by its National Commissioner and chairman (Outreach and Partnership Committee), Dr. Adekunle Ogunmola, said this in Abuja at the weekend, during the annual summit of political parties and stakeholders with the theme: “Political parties and democratic stability in Nigeria:

Setting agenda for 2023 general elections.”

Also, ahead of the 2023 general elections, the Commission expressed concern over the way political parties conduct themselves saying there should be improvement.

Among those gaps included the lack of internal party democracy, inclusivity, marginalisation of women and Persons Living With Disabilities and the youths.

While expressing optimism that it would register more parties before the next general election, the commission stated that it was anticipating that the challenges in the country

Mastercard, KAP to Train 300,000 Young Nigerians in Film, Television, Motion Production Dike Onwuamaeze

The Mastercard Foundation, in collaboration with KAP Film and Television Academy will train 300,000 Nigerian young people in film, television, and motion picture production over the next three years.

The Mastercard disclosed this in a statement made available to THISDAY yesterday, which stated that 50 per cent of the participants in the training would be made up of women in order to ensure strong female participation.

The training would include Masterclass Series, which is a virtual series of 20 episodes that would provide e-learning to aspiring filmmakers and also cover several aspects of filmmaking from directing, cinematography, and the business of film using the acclaimed movie, ‘The Figurine,’ as a case study.

The statement noted that the virtual series of the Figurine would be free to watch on KAPtv's YouTube channel.

The programme would also include two levels of certifications from professional institutions in the areas of screenwriting, sound, editing, directing, cinematography and production design, among others as well as practical hands-on training.

It would also link participants to employment or gig entrepreneurship activities, not only in the film industry via placements and internships, but in related sub-sectors such as fashion, make-up, music scores, editing, and script writing.

It stated that the applications would be received from

prospective participants that are between 18 and 35 years while selection would be based on a one-minute video pitch that would be used to assess the level of skill, passion, and socio-economic status of each applicant.

The Mastercard Foundation, and its Young Africa Works program in Nigeria, would offer young people from less privileged backgrounds that enrolled in the programme free tuition and the tools required for digital learning and smartphone devices.

The Nigeria Country Head of the Mastercard Foundation, Ms. Chidinma Lawanson added: “The Nigerian film industry (Nollywood) produces approximately 20,000 films annually and generates estimated revenues of up to US$600 million.

It is the largest film industry in Africa and the third largest globally, after Hollywood and Bollywood.

“Despite this growth and scale, many important aspects of the industry remain informal and fragmented. As a result, very few practitioners can reach their full potential creatively and economically.

“The Foundation’s partnership with KAP has the potential to enable at least 102,500 work opportunities for youth in the vibrant creative industry in Nigeria.”

Similarly, the Chief Executive Officer and Founder of KAP Academy, Mr. Kunle Afolayan, who is also the producer of “The Figurine,” stated that the academy would leverage on smartphone technology to organise the training that would be conducted through a learning app.

would not be a threat to the 2023 election.

Ogunmola said, “I think this kind of summit is important in the sense we had appraised the political situation in the country with the way the political parties play their roles and we found some gaps that we need to fill and that is the purpose of this type of summit, so that what they are able to gain from here, the capitalise it and improve the polity.

“Well, there is nothing in our books that says we should not continue to register political parties provided they meet the requirements. So as many associations that are desirous of getting registered, INEC will be prepared to register them except they fail to meet the requirements.

“Our trust is in God, we have had similar situations in the past and we have been able to overcome and we do hope that this time around, the 2023 election will be far better than previous elections.”

On his part, the DirectorGeneral of Nigeria Institute for Policy and Strategic Studies (NIPSS), Brig. General Chukwuemeka Udaya (retd.), advised political parties to make their party processes more open and inclusive to accommodate women and youths.

While pointing out some of the shortcomings in the polity, Udaya said parties needed to reform their operations to ensure more women and youth participation.

"There are several gaps like internal party democracy, inclusivity; the need for more women to be involved, the need for the youths to be involved; the need for People Living With Disabilities (PWDs) to also be involved, not only as voters or party members but as leaders of political parties and also as elected representatives of political parties," he said.

Udaya also advised political actors not to see election as a do or die affair.

“What we want political

parties to take home from this training and summit is for all Nigerians to reduce the divisions; there are deep divisions and it is the responsibility of the political parties to bring the country together, forge the country on and set agenda for elections come 2023.

“The agenda are clear, there are security issues, there are economic issues and these are the things we want political parties to discuss come 2023.”

The aim of the summit, was to set the agenda for the 2023 election and to educate political parties about 2023.

The programme was organised

by NIPSS, in partnership with the European Union; Political Parties Leadership and Policy Development Centre; EU Funded Programme, Support to Democratic Governance in Nigeria and other partners.

The Project Coordinator of ECES, Hamza Fassi-Fihri, said the annual summit of political parties was important as it affords the parties in Nigeria,

“the opportunity to gather and discuss issues of common interest not only for them but for all Nigerians because the political framework in Nigeria and by virtue on the constitution the political parties are the only institutions recognised to have the ability to nominate candidates for political office.”

“So political parties are the interface between citizens and their representative institution in the country; so it is important for political parties not only to be aware of this responsibility but to do everything they can do to be close to the citizens, to allow citizens have this participation guaranteed and to ensure inclusivity in the political electoral processes,” he emphasised.

The chairman of IPAC, Dr. Leonard Nzenwa, said one of the key agenda of the organisation would be, “to make sure that the internal democracy that will lead to the emergence of candidates are done better this time around.”

SEEKING INFRASTRUCTURE, AGRIC, TECHNICAL ASSISTANCE FROM CHINA...

Bayelsa State Governor, Senator Douye Diri (left) and Ambassador of the People’s Republic of China to Nigeria, Cui Jianchun, during the governor's courtesy visit to the Chinese Embassy in Abuja at the weekend

NNPC MISSING AS CHINA, SAUDI TOP WORLD’S BIGGEST OIL REVENUE EARNERS IN 2021 the government concerning the situation have fallen on deaf ears.

Describing the roads as, “deplorable and shameful,” he maintained that when trucks loaded petrol in Lagos, the drivers spent between five to six days to get to Abuja because of the bad state of the roads.

Aboyeji said, “All calls by the executive of petroleum unions have fallen on the deaf ears of the government as the highways continue to deteriorate nationwide. The list of the highways is endless and the tanker drivers have been going through harrowing situations while rendering selfless national service.

“The increased rate of fire incidents involving petroleum tankers with accompanying massive destruction of lives and

property of our members and the general public is enough.”

Aside the demand for road rehabilitation, the union further stated that government had failed to enforce the installation of safety gadgets on tankers, which would protect the inflammatory contents of their trucks from spilling over when accidents happen.

It further stated that some tank farm owners still used tankers exceeding 45,000 litres carrying capacity, despite reaching an agreement with the government on the matter.

In a statement yesterday, signed by the NNPC’s Group General Manager, Public Affairs Division, Mr. Garba Muhammad, the corporation stated, “Even though it is not the responsibility of the NNPC to build or rehabilitate roads, any

disruption in the distribution of petroleum products to different parts of Nigeria will adversely affect the business of the NNPC and endanger energy security, which the country has enjoyed for a long time now.

“In recognition of this, the NNPC wishes to assure the petroleum tanker drivers that in addition to the on-going efforts by other agencies of government, the NNPC has initiated a process that will provide a quick and effective solution to the roads network challenges as expressed by the PTD. “Having recognised that the major reason slowing down the rehabilitation of the road networks in the country is the paucity of funds, the NNPC has expressed interest to invest in the reconstruction of select federal roads under

the Federal Government’s Road Infrastructure Development and Refurbishment Investment Task Credit Scheme.”

The corporation noted that the thrust of its intervention was to make considerable funds available for the reconstruction of roads through it future tax liability.

NUPENG Suspends Planned Strike Meanwhile, NUPENG last night said the planned strike by PTD, which would have kicked off midnight on Sunday, had been suspended.

A statement signed by NUPENG’s National President, William Akporeha, and General Secretary, Afolabi Olawale, announcing the suspension of the intended withdrawal

of services, said the decision followed an understanding reached with the management of the Nigerian National Petroleum Corporation (NNPC) at a meeting held in Ibadan.

The union stated that there would be a follow-up meeting scheduled to hold on Tuesday, October 12, in Abuja, stressing that the suspension of the planned action is predicated on its belief that the agreement reached with the government yesterday as well as resolutions reached during the planned meeting will be fulfilled to the letter.

NUPENG stated, “We wish to clearly make it known to all well-meaning Nigerians that have variously appealed to us on these issues that our plan was not intended to inflict further pains on Nigerians but to

ensure observance of minimum safety on our highways for the good of lives and properties.

“We are aware of the impacts our actions usually have on the people, businesses and the nation at large but we cannot continue to watch as things continue to degenerate in our industry.”

In the light of the above, the union stated that it would not hesitate to re- commence the action without any notice if the understanding reached in the two meetings were not fully implemented within the timeframe agreed.

“With this, our petroleum tanker drivers are hereby directed to continue providing services for the efficient and effective distribution of petroleum products to homes and workplaces across the country,” the statement said.

MONDAY OCTOBER 11, 2021 • T H I S D AY

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14

T H I S D AY • MONDAY, OCTOBER 11, 2021

COMMENT

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

TENANCY BUREAU FOR REAL ESTATE

A bureau with vital database will help sanitise unhealthy activities in the sector, argues Jasper Oleka

A

s credit bureau is to financial institutions (with regard to credit transaction/facility), so is tenancy bureau to real estate firms (with regard to real estate rental market/tenancy administration). The main deliverables of the tenancy bureau include a tenancy report on every prospective tenant as well as sitting/subsisting tenant.

This comprises of demographic information of the tenants: like names, address, gender, state of origin, place of work/ type, business/line of trade, means of identification, registration numbers (for business entities), relevant rental history information such as rent paid, rent term and duration, why and how the tenancy was determined, tax payment, lawsuits/litigation, criminal records, late payments, no payment, issuance of non-sufficient funds (NSF) cheques, nonpayment of utility and statutory bills, property damages, unauthorized usage or conversion of use, among others.

The bureau would also ensure a tenant portfolio monitoring report, which will include information on tenants’ disposition and behavior both internally and in connection with external tenancy arrangements over time to aid the estate management firm makes strategic tenant management decisions. It will involve evaluating and monitoring tenants’ activities within a given estate management firm and outside the firm to obtain trends over a given period. It is an integrated and proactive approach to identifying early indicators of defaulting tenants.

It entails reviewing to developing sustainable strategies for the enhancement of the real estate market.

While the tenancy performance score/rating will entail placing a high-risk tenant list such as non-performing tenants, doubtful tenancy, and default tenants.

The bureau will include amongst other functions ensure stimulation of supply of rental accommodation which will consequently boost estate management practice as a critical sector of our economy; aiding the provision of information needed in estate surveying and valuation practice in connection with advice on property values and other related services as contained in CAP E. 13 LFN 2007.

BY SHARING INFORMATION OF TENANTS AMONG STAKEHOLDERS, TRANSPARENCY IS BEING PROMOTED, PAUCITY OF INFORMATION AND IMPERFECTIONS THAT CHARACTERISED THE PROPERTY MARKET WILL BE MITIGATED

It will as well sanitize unhealthy activities of recalcitrant tenants/ rent defaulters among others by sharing relevant rental history/information with other real estate firms as well as Landlords and other stakeholders to create a perfect warning system for everyone interested.

Other expected benefits include boosting the effectiveness and efficiency in tenancy creation by avoiding tenants on a high-risk list to attract more investors in the real estate rental market; equip real estate firms/Landlords with necessary tools for processing and managing tenancy issues; facilitating tenancy creation, since the prospective tenant’s details can be obtained by a tap of a button on the tenancy bureau platforms unlike the current practice of moving around to verify the information furnished on the prospective tenant form.

Furthermore, by sharing information of tenants among stakeholders, transparency is being promoted, paucity of information and imperfections that characterised the property market will be mitigated, among others. A dispute resolution structure is also an integral scope of tenancy bureaus. As soon as this is done, the outcome will be updated and credible information accessible to stakeholders. This will no doubt restore investors’ confidence.

To achieve the above, the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) being the regulatory body of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) (as the key professional in real estate practice) must encourage, support, and canvas for the creation of Tenancy Bureau as well as mandate the members of NIESV (especially registered firms with NIESV) to register with them when and if created just as the Central Bank of Nigeria (CBN) did for all financial institutions under her supervision.

And while the advocacy on the creation of tenancy bureaus is ongoing, a pragmatic step toward enhancing the real estate practice with specific reference to the estate rental market will be, mandating registered estate surveying and valuation firm to register on any of the existing and licensed credit bureaus.

Oleka wrote from Abuja

REGULATING IN THE PUBLIC INTEREST Timi Olubiyi canvasses adequate sanctions for fraudulent trade and anti-competitive practices

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n recent times, harsh economic conditions and inflation have taken a negative toll on consumer spending and the disposal income of many people. Relatedly, the COVID-19 pandemic has also created not only a public health crisis but economic concerns in many countries across the world, particularly in developing economies like Nigeria. This has made disposal income and purchasing power of consumers wane drastically. On the other hand, businesses continue to grapple with strategies to keep customers and sustain businesses amid intense competition, hardship, and current realities.

World over, competition exists across several fields and sectors of the economy and it is inevitable in business regardless of the business type, structure, size, and industry of operations.

Fair competition exists when no single buyer or seller can control the price or product in the market. Even if a business enjoys a monopoly in a sector it must compete with other businesses over where consumers spend their money. Consequently, competition is really not a bad phenomenon as it can spark innovation, productivity, competitiveness, and it largely contributes to an effective business environment. For this reason and more businesses needs to continue to attract consumers with innovative behaviors. In fact competition is a natural and healthy part of running businesses in an adequately regulated economy. Because when businesses vie for customers, competition makes prices fall, and with that economic output increases. Therefore, if practiced the right way competition can ensure consumers have a range of choices, businesses can equally strive better, and workers can be retained.

However, the place of anti-competitive practices which is a huge challenge for businesses particularly small businesses at this time is the focus of this piece and awareness needs to be brought to it in my opinion.

Although anti-competitive practices which are acts that prevent or reduce fair competition in a market often enrich those who practice them, it is widely believed to have a negative effect on the economy as a whole. From context

observation, these anti-competitive practices exist in the various business landscape in Nigeria and indeed many African countries and this behavior continue to fester. Anti-competitive practices can include unfair mergers, cartel conducts, collusions, price-fixing, the overbearing influence of vested interests, deceptive marketing practices, monopolization, price discrimination, political patronage, and predatory pricing amongst others. Cartel conducts are one of the most harmful anti-competitive practices a nation can deal with. For instance, the businesses are ailing in Nigeria, not only because of the weak infrastructure environment but largely due to several cartels’ conduct and collusions, exacerbated by the current economic downturn and stiff challenges. A visible trend is the engagement of individuals or few businesses amongst the cartels in taking samples of products to a foreign country to reproduce on a large scale, dump at a predatory price into the market, where no room for fair competition can exist.

This pattern happens with many household items and consumer goods such as textiles, building fixtures, and fittings, detergent, cosmetics, tissue paper, biscuits, shoes, clothing, vehicle spare parts, all types of electronics, phones, generators, and to a commodity as low as nylon bags, etc. Predominantly having predatory pricing is usually the strategy of the cartels, where prices drop so low until the local businesses are driven out of the market. But sadly these products are usually substandard and with grave health and safety implications.

For instance, in the textile space, six yards of African print (Ankara) can sell as low as N1, 500, that is N250 per yard. Can a Nigerian textile manufacturer with the humongous cost of running a business beat that? Can the product be durable? These are the questions. Further to this, a colleague Dr Akinwumi Ajayi recently bought a flash drive of 32gig capacity for use and he could not copy an 18gig presentation file with video onto the 32gig flash drive, an example of deceptive marketing practice in every sphere of business life in the country.

These sharp practices are a result of a weak

regulatory regime and lack of consequences for such acts of anti-competitive behaviours.

So, overall the local manufacturing sector continues to suffer on the account of this unchecked behavior where importation of substandard products prevails despite the ban on some of these imported finished items. I recognize that Nigerian consumers are highly price-sensitive due to limited income and shrinking purchasing power, but the worry is the unabated importation of these items at the detriment of health and safety. Without doubt, poverty plays a significant role in all these because it has been one of the increasing challenges facing the country today. More so ceaseless dumping of foreign-manufactured substandard products into Nigerian markets has been a major problem and this needs more attention by the International Organization for Standardization (ISO) and Standards Organization of Nigeria (SON) to achieve significant effort on non-shipment of sub-standard goods to Nigeria.

The whole idea is that this anti-competitive behaviour is used by a few dominant individuals or businesses to generate abnormal profits and it erodes fair competition within the market. The central thing is that if this activity continues uncontrolled it may take a negative toll on the Nigerian small business ecosystem, create market failures, erase job creation, and wealth creation within the economy. It is imperative to mention that one of the biggest challenges that result in business failure aside from financial constraints, lack of manpower necessities, operational difficulties, and absence of adequate structure by businesses particularly the Small and Medium-sized Enterprises(SMEs) in Nigeria is the negative impact of anticompetitive behaviours. It is so bad that it can affect not only the businesses but the entire economy if it remains unchecked.

Small businesses are the effective bedrock of any economy be it developed or developing.

Therefore it is imperative to consider their survival in the face of current realities and the impact of anti-competitive conduct of the few.

One of the important functions of government

is to create an enabling environment in which businesses can operate and compete fairly. It is therefore key for the government to offer protection to SMEs, and large industries against anti-competitive behaviors in the country because the future of businesses particularly manufacturing looks bright if government support is there. The Nigerian market is increasingly viable because of the population which can drive volume and demand for products and services at any level.

I am aware that the Nigerian government recently enacted a national competition law, the Federal Competition and Consumer Protection Act 2019 (FCCPA), 17 years after the first idea was pushed. The role of FCCPA is to oversee consumer protection and competition issues in commercial activities within or having effects on Nigerians. This step is laudable, however, for meaningful impact, the specific focus should be on proper implementation, enforcement, and prosecution. Adequate sanctions have to be in place to check fraudulent trade practices or unfair anti-competitive practices. This responsibility of government is expressly stated under the United Nations (UN) Guidelines.

Consequently, if well implemented it can create confidence in the economy, promote good corporate governance, create market stability that can attract new business entrants, and promote efficiency. It can even attract Foreign Direct Investment (FDI) and enhance the competitiveness of the domestic market.

By and large, operators and other key stakeholders such as Organised Private Sector (OPS), The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Manufacturers Association of Nigeria (MAN), Lagos Chamber of Commerce and Industry (LCCI) should continue to engage government and policymakers on the need for clear policies to foster a competitive environment for businesses in the country. In fact, when anti-competitive practices are controlled, it can help to ensure that the quality of goods and services remains high in the country.

Dr. Olubiyi is an Entrepreneurship & Business Management expert

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T H I S D AY • MONDAY, OCTOBER 11, 2021

EDITORIAL

HERALDING THE MALARIA VACCINE The malaria vaccine for children is a significant milestone

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ith justifiable fanfare, the World Health Organisation (WHO) has announced its endorsement of the first malaria vaccine for children in the world. The vaccine code-named RTS.S and manufactured by the drug firm GKS was endorsed after clinical trials involving two million doses in three countries: Ghana, Malawi, and Kenya. This development is a breakthrough for public health, especially in sub-Sahara Africa where, according to the World Malaria Report 2016, accounted for 92 per cent of the 212 million new malaria cases and 429,000 deaths worldwide in 2015. That same year, according to a report of the Nigeria Institute of Medical Research (NIMR), at least 51 million Nigerians tested positive to the malaria parasite.

The Director, Malaria Project, Society for Family Health, Dr. Ernest Nwokolo, once resorted to scary imagery to underline the depth of the malaria scourge in Nigeria. He said the WE URGE THE 800 Nigerians deaths GOVERNMENT TO BEGIN recorded daily in the country due to malaria AN ENLIGHTENMENT was like crashing twoCAMPAIGN THAT WILL full capacity Boeing ENSURE THAT THE NEW VACCINE IS ACCEPTED AND 747 aircraft with no survivor every day.

PATRONISED WHEN IT IS His data corresponded AVAILABLE IN NIGERIA with a submission by former United States Ambassador to Nigeria, Mr. James Entwistle, that malaria “is responsible for 60 per cent of outpatient visits to health facilities, 30 per cent of childhood deaths, 25 per cent of deaths in children under one year and 11 per cent of maternal deaths” in Nigeria.

Coming in the wake of the vaccine against the deadly Covid-19 pandemic, which is still ravaging the world, the malaria vaccine is another significant milestone for humanity in the battle against the diseases that afflict many and kill a significant number. It is a tribute to the tenacity and hard work of the researchers and scientists who

Letters to the Editor

worked on the malaria vaccine that the day has finally come when the world can deploy the tool of science and technology to combat the contagion that has claimed the lives of millions of people over several decades.

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

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

TO OUR READERS Letters in response to specific publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

EL- ZAKZAKYS’ HALF FREEDOM

INTERFAITH DIALOGUE WITH HUMANISTS IN NIGERIA

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all it an interfaith dialogue with humanists or a humanist dialogue with people of faith. An initiative to promote understanding and acceptance among persons from faith and no-faith traditions in Nigeria is imminent. Dialogue is critical to fostering tolerant pluralism, and peace among persons of various faiths and philosophies. Dialogue does not preclude debate or criticism of other views or beliefs. Criticism and cooperation go- and can go together. Debate and dialogue are two sides of the same coin of active, productive, and progressive existence.

Dialogue is needed to reduce tension, prejudice, and differences.

This form of conversation facilitates positive interaction and exchange, acceptance, trust, and harmonious coexistence of persons. To achieve peace and cooperation among people of faith and none in Nigeria, it is imperative to promote and encourage dialogue. Religious and non-religious persons must meet and interact in an atmosphere of mutual trust and respect. It is necessary to emphasize that at the foundation of the various theistic, non-theistic, religious, non-religious and irreligious views, positions and doctrines is our common humanity and other shared values.

Incidentally, the project of interfaith dialogue in Nigeria has mainly targeted people who entertain a ‘faith’. The project has created the impression that profession of faith or belief in a god or God is a necessary condition to partake in this conversation. The inter-religious dialogue events have excluded the nonreligious, and nontheists including all who identify as humanists, atheists, agnostics, or freethinkers. The project has been anything but open and inclusive of non-religious demographics and their concerns.

H

owever, the endorsement of the vaccine is only the beginning of the battle that needs to be waged on the malaria scourge in Africa.

As the experience with Covid-19 pandemic has shown, it is one thing to have vaccine availability and quite a different thing to get the affected public to patronise the vaccine. This challenge is more in an African environment like ours where long held superstitions and unscientific beliefs have tended to obstruct the application of modern scientific methods in disease control and treatment. As has been demonstrated by persisting irrational resistance to the Covid-19 vaccine in many parts of the world, the psychological battle to compel vaccine acceptance may be as challenging as the process of development of the vaccines themselves. It is therefore compelling urgent for African governments to draw on the experience of the Covid-19 vaccine to ensure a speedy and widespread acceptance and application of the new malaria vaccine.

Meanwhile, the development of the malaria vaccine has taken a long time. For quite some time, there was the belief that vested interests in the pharmaceutical industry reaping huge profits from selling anti malaria drugs were not in any hurry to fund or facilitate the development of a malaria vaccine. The logic was that the introduction of a vaccine would shrink the market for curative and prophylactic anti-malaria drugs. Rightly or wrongly, this factor cannot be dismissed easily. A subset of this logic of big pharma conspiracy was the fact that African countries lacked the facilities and personnel to pursue independent research and development efforts on malaria and other public health emergency diseases that afflict the continent.

Now that there is a breakthrough, we urge the government to begin an enlightenment campaign that will ensure that the new vaccine is accepted and patronised when it is available in Nigeria.

The exclusion of humanists and atheists has undermined relationships between persons of faith and no-faith in the country.

The exclusion has continued to reinforce anti-atheist prejudice and bias, the religious-us versus nonreligious-them, godly versus godless, faithful versus infidel dichotomies that have fueled hatred, prejudice and mistrust over the years.

As recent events have shown, irreligious persons exist in Nigeria. Atheists are found in different parts of the country. Irreligious individuals are affected by what religious persons do, and vice versa. Activities of religious and non-religious persons have reportedly fueled tensions and intolerance among people from faith and no-faith traditions. And these tensions and underlying differences deserve a forum where they could be addressed.

So, the exclusion of nonreligious persons in the ‘interfaith’ dialogue has been a serious oversight and measures need to be taken to address this gap and rectify this omission. The inclusion of nonreligious persons in the interfaith project is necessary to promote understanding, tolerant living, and peaceful coexistence of religious and nonreligious others. Interfaith dialogue should aim to be more inclusive and to add value to the relationship between humanists and people of faith.

The Humanist Association of Nigeria and the Interfaith Mediation Center are planning an interfaith/belief dialogue that fulfills this need. The proposed session, to be held in Abuja, will be the first in series of dialogic meetings and cooperative programs to identify shared values, and common grounds, and foster trust, friendship and cooperation among people of faith and no-faith in the country.

Leo Igwe, nskepticleo@yahoo.com

I

t has been months since the leader of the Islamic Movement in Nigeria Sheikh Ibraheem Zakzaky and his wife, Malama Zeenah, were acquitted and discharged after spending almost six years in illegal detention.

The couple who were arrested in December 2015 have been languishing in the custody of State Security Service, before being transferred to Kaduna Correctional facility in early December 2019, with life threatening injuries and health complications.

It would be recalled that in July 2019 the couple were granted bail to urgently travel to India in order to attend to their failing health.

Unfortunately, this was deliberately frustrated by security agents which resulted in the couple prematurely aborting the trip without receiving medical attention. Now that the couple are acquitted of all charges filed against them by the Kaduna State government, justice demands that they should be allowed to attend to their health wherever

they choose to go, without undue frustrations. But on the contrary, since their aborted medical trip, the couple’s passports and other documents that will allow them to travel are reportedly withheld by security agents.

In an exclusive interview with Press TV on 29th September, the Sheikh pointed out that an attempt to procure new one proved abortive as the couple were told ‘passport flagging order’ was placed on themmeaning they would not be able to leave the country.

It is a public knowledge that Nigeria’s health care is under equipped, with inadequate manpower. Many doctors, after carefully reviewing the couple’s health conditions, have advised that they would best be treated outside the country. The Sheikh and his wife have suffered enough, not allowing them to travel at the moment is tantamount to rubbing salt in their wounds.

Najeeb Maigatari, Jigawa State, Maigatari313@gmail.com

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MONDAY OCTOBER 11, 2021 • T H I S D AY

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T H I S D AY ˾ MONDAY OCTOBER 11, 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

Between Bloodshed in Anambra andVoter Apathy Udora Orizu writes that the senseless killings, destruction of public and private property by criminal elements in Anambra State has raised fears which may hamper the gubernatorial election slated for November 6

Buhari

Malami

Obiano

Uba

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ith less that one month to the governorship election in Anambra State, the security situation in the state is going from bad to worse. Many months ago, the drama which trailed the forthcoming election was mainly about internal crises rocking the major political parties in the state as to who will emerge their flagbearer.

In recent times, however, the relatively once peaceful state has constantly been in the news for the wrong reasons, bordering on kidnapping, wanton killings, destruction of private and public properties by ‘unknown gunmen’, and shutting down of economic activities with the sit-at-home order by the Indigenous People of Biafra (IPOB). The insecurity worsened a few weeks ago with a declaration by a separatist group, that the November 6 governorship poll in the state would not hold.

Party flagbearers have suspended their campaigns for fear of being attacked. Valentine Ozigbo, candidate of the Peoples Democratic Party (PDP), has since announced the suspension of his campaign, and so has Senator Andy Uba, who is the All Progressives Congress (APC) candidate for the election. These crises have also made indigenes of the state to live in constant fear of their lives, leading to insinuations that the voters apathy may hamper the election, as eligible voters who fear for their lives, may lack interest to come out and

vote on election day. Aside the weekly sit-at-home order and destruction of INEC facilities and election materials despite heavy security presence, happenings in Anambra State most recently have posed a major threat to the forthcoming November 6 election.

The Litigation Battles At the beginning of the Anambra State gubernatorial campaigns, all 18 major political parties conducted their primaries and candidates emerged.

But aggrieved aspirants rejected the outcome in all instances. There was a lot of hue and cries, leading to defec-

tion, creation of factions within each party and various litigations. These unsatisfied guber hopefuls headed to court and to secure injunctions and counter injunctions.

This resulted in so many counter verdicts by judicial officers. Concerned by this state of affairs, Mr Festus Okoye, the INEC National Commissioner in charge of Public Enlightenment, lamented that the indiscriminate orders and judgements from diverse courts have “far-reaching implications on the conduct of the Anambra State governorship election.”

As the election draws nearer and

The Independent National Electoral Commission (INEC) vowed that despite the deteriorating security situation in the State, the November 6 election will proceed as scheduled. INEC Chairman, Professor Mahmood Yakubu, who stated this at the emergency meeting of the InterAgency Consultative Committee on Election Security (ICCES), said that available intelligence revealed that the intention of those attacking its offices and other public institutions in the State is to ensure that the governorship election does not hold

with INEC releasing it’s final list of candidates, the months of in-fighting, negotiations, litigations, court judgements, and counter-judgements, seems to have been finally come to an end.

Gruesome Killings, Denials and Blame Game The senseless killings currently being carried out in Anambra State has raised concern across the country, with various assertions on the cause and the likely perpetrators On September 28, Mr Chike Akunyili, husband of the late DG of National Agency for Food and Drug Administration and Control (NAFDAC) Dora Akunyili, was brutally murdered by unknown gunmen in Anambra. He was shot dead while returning from an event to honour his late wife.

On Sunday, October 3, gunmen set ablaze the residence of Joe Igbokwe, Special Adviser to Lagos State Governor on Drainage and Water Resources, and that of a former Minister of Finance, Sonny Chu Okongwu, in Nnewi. There was heavy gunfire during the attack, and unfortunately, two lives were lost. Also a police station in Orumba North was attacked and people were killed.

On September 30th, a serving member of the House of Representatives, Hon. Chris Azugbogu’s vehicle was attacked along Continued on page 18

T H I S D AY ˾ MONDAY OCTOBER 11, 2021

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MONDAY DISCOURSE

Ozigbo

Nnewi Nnobi Road leading to death of one of his drivers. The offices of Department of State Security were also burnt down on October 3 and people were killed.

These killings have been linked to the South-East separatist group, known as the Indigenous People of Biafra (IPOB).

Following the detention of their Leader, Nnamdi Kanu, the IPOB members called for weekly sit-at-home protests each Monday across the South-east including Anambra, freezing business activities in cities, towns, and even village markets.

Despite, the state Governor, Willie Obiano lifting the order and directing residents to go about their daily life, however they obeyed the sit-at-home order even to the detriment of their businesses, education, and other economic activities.

While some are of the view that criminal elements have infiltrated the group, promoting violence, killing itheir own people and destroying properties. Following these attacks, blames have been traded on the cause and who the perpetrators are.

While some government officials and security agencies have blamed it on the separatist group, the group on its part has denied any involvement, and in turn accused mainstream politicians of causing the mayhem. Also, there’s believe in some quarters that the disorder in Anambra and the entire South-east region can be linked to the race for the 2023 Presidency.

Federal Lawmakers Raise Alarm As the situation in Anambra gets worse, members of the House of Representatives at the plenary on October 5, urged the National Security Adviser, Babagana Monguno and other security agencies to deploy all necessary machinery to Anambra State towards containing the increasing spate of killings in the state.

The House also mandated its committees on National security and intelligence and police affairs to ensure that normalcy is restored within the state and report within three weeks for further legislative action.

The resolutions were sequel to the adoption of a motion of urgent public importance, sponsored by Hon. Chris Emeka Azugbogu (APC, Anambra).

Moving the motion, Azugbogu expressed grave concerns over the security breaches that are taking place within Anambra State.

The lawmaker while noting that Anambra use to be a very peaceful state, said the state has been turned into, a center of attacks by unknown gunmen.

According to him, the killings are orchestrated by mischief makers who are bent on causing tension and panic in the state ahead of the upcoming November 6 election in Anambra State.

Making reference to a recent attack on his entourage which led to the death of one of his drivers, the lawmaker said no single day passes without a reported case of robbery, abduction and outright killings in the state, adding that the perpetrators have no human conscience in them.

Azugbogu warned that unless drastic measure is taken to halt and combat those elements terrorizing the state, the events in anambra will turn into a major crisis in the entire south east and the nation.

Contributing, the Speaker, Hon. Femi Gbajabiamila said that the House was aware of the attack on Azubogu’s vehicle

Azubogu

Umahi

and that the situation in anambra is very critical.

Adopting the motion, the lawmakers observed a minute of silence for the late driver and other people who were killed during the deadly attacks.

No Going Back on Election Same day, the Independent National Electoral Commission (INEC) vowed that despite the deteriorating security situation in the State, the November 6 election will proceed as scheduled.

INEC Chairman, Professor Mahmood Yakubu, who stated this at the emergency meeting of the InterAgency Consultative Committee on Election Security (ICCES), said that available intelligence revealed that the intention of those attacking its offices and other public institutions in the State is to ensure that the governorship election does not hold.

While noting that the importance of election security in a governorship election has never been this urgent, he however warned that should INEC again lose vital materials and facilities, the ongoing preparations for the election will be adversely affected.

Malami Suggests Emergency Rule The next day, the Federal Government, hinted at the possibility of declaring a state of emergency in Anambra State to protect the electoral process and constitutional order if the November 6 governorship election if the state became heavily threatened.

Attorney-General of the Federation and Minister of Justice, Abubakar Malami, who was very specific on the issue, gave the hint while speaking to newsmen at the State House, Abuja, after the weekly Federal Executive Council (FEC) meeting, presided by President Muhammadu Buhari.

Malami said the Federal Government would not fail to take precautions to ensure that the democratic order was kept safe, saying no possibility is ruled out, including the declaration of a state of emergency.

The Minister stated, “When our national security is attacked and the sanctity of our constitutionally

guaranteed democracy is threatened, no possibility is ruled out. As a government, we have a responsibility to ensure the sustenance of our democratic order. We have a responsibility to provide security to life and property. So, within the context of these constitutional obligations of the government or the desire to maintain democratic norms and order, there is no possibility that is ruled out. The government will certainly do the needful in terms of ensuring that our elections are held in Anambra in terms of ensuring necessary security is provided, and in terms of ensuring protection is accorded to life and property.

“So, what I’m saying in essence, no possibility is ruled out by government in terms of ensuring the sanctity of our democratic order, in terms of ensuring that our elections in Anambra holds, and you cannot out rule possibilities, inclusive of the possibility of declaration of state of emergency, where it is established, in essence, that there is a failure on the part of the state government to ensure the sanctity of security of life, property, and democratic order. So, our position as a government is, these elections are going to provide necessary security in terms of preserving democratic order.

Order must certainly prevail for the purpose of this election. We resolve to have these elections, the elections are going to hold and no possibilities are ruled out in terms of ensuring the provision of security, for the purpose of safe conduct of the election, as far as Anambra is concerned.”

Opposition Knock Malami Reacting, the leadership of the All Progressives Grand Alliance (APGA), Peoples Democratic Party (PDP), and the Southern and Middle-Belt Alliance (SaMBA) immediately rejected Malami’s idea of emergency rule in Anambra State, saying it is completely unwarranted.

The All Progressives Grand Alliance (APGA), the ruling party in Anambra State, in a statement by its National Publicity Secretary, Tex Okechukwu, described such move as uncalled for

These killings have been linked to the South-East separatist group, known as the Indigenous People of Biafra (IPOB). Following the detention of their Leader, Nnamdi Kanu, the IPOB members called for weekly sit-at-home protests each Monday across the South-east including Anambra, freezing business activities in cities, towns, and even village markets.

Despite, the state Governor, Willie Obiano lifting the order and directing residents to go about their daily life, however they obeyed the sit-at-home order even to the detriment of their businesses, education, and other economic activities

Yakubu

since Anambra State, saying Anambra has for over seven years ranked as the most peaceful state in Nigeria.

The statement questioned the rationale behind the idea of emergency rule in the state, less than one month to a governorship election, by the same federal government that had not suspended normal constitutional procedures in states with worse security challenges, like Borno, Yobe, Kaduna, Niger, and Nasarawa.

APGA also called on all well-meaning people in Anambra State to rise up and condemn the plan, as it would truncate all the achievements of the state government.

On its part, the main opposition party, PDP in a statement by its National Publicity Secretary, Kola Ologbondiyan, said the move to impose emergency rule in Anambra State was a ploy by the APCled Federal Government to suppress the people, manipulate the electoral process, and rig the outcome of the governorship election for its candidate.

PDP insisted that the Federal Government had the capacity to ensure peace in Anambra before, during and even after the election, if it so desired.

Also, the Spokesperson of Coalition of United Political Parties (CUPP), Ikenga Imo Ugochinyere, during an appearance on ARISE was of the view that the emergency rule is not needed, as it will hamper the credibility of the election.

In the same vein, the pan-Yoruba sociocultural organisation, Afenifere, described the statement by Malami indicating a possible resort to a state of emergency in Anambra State as a self-indictment.

Also, Anambra House of Assembly lawmakers while adopting a motion at their plenary rejected and condemned the statement credited to Malami.

They therefore calld on the Attorney General to tender an unreserved apology to Anambra State immediately over his unwarranted suggestion of a State of Emergency.

Buhari Distances Self from Malami’s Suggestion President Muhammadu Buhari has however distanced himself from Malami’s suggestion. Anambra State Governor, Willie Obiano, made this known after a meeting with the President at the Presidential Villa, Abuja.

The Governor said he reported Malami to the President and the President said he does not want any kind of intimidation ahead of the poll. He stated that Buhari opposed the idea of emergency rule.

Will the Worsening Insecurity and IPOB Factor Lead to Voter Apathy?

The deteriorating security situation in Anambra and IPOB’s growing popularity in the region is sending a strong message that voter turnout in the election will be low. Should the group call for a boycott of the elections again, and try to enforce it through violent means, this would pit it against the security agencies, and may lead to a violent brawl.

As INEC is insisting that the election won’t be shifted, to give time for fixing these insecurity challenges, the winner of the election will likely be a candidate who is not the choice of majority of the masses.

T H I S D AY ˾ MONDAY OCTOBER 11, 2021

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POLITICS

Ekiti 2022: Will Fayose Install a Successor This Time?

Former Governor Ayo Fayose threw everything behind his then deputy, Kolapo Olusola Eleka, in 2018 to succeed him but he failed. This time around, even before the primaries, he’s already rooting for Bisi Kolawole, who just resigned as the state’s chairman of the Peoples Democratic Party to pursue his ambition. But will Fayose succeed this time? Asks Samuel Ajayi

Oni

Fayose

Olujimi

Kolawole

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ith less than one year to the governorship election in Ekiti State, the stakes are getting higher by the day especially, in the camp of the opposition Peoples Democratic Party (PDP), which despite the war of attrition tearing it apart, seems determined to upstage the ruling All Progressives Congress (APC), which is having its own issues.

Determined to exert control over the party in the state, former Governor Ayo Fayose has always told whoever cares to listen that he is the de facto leader of the party in the state,having served two terms as an elected governor.

But the senator representing Ekiti South Senatorial District in the National Assembly, Abiodun Olujimi, has refused to accept Fayose as the leader of the party in the state. Her argument has always been that presently, she is the highest ranked elected political office holder on the platform of the party in the state. And as a result of this, the two camps had to settle for parallel congresses the last time.

As the race for the 2022 governorship election in the state gathers steam, the former governor has thrown his weight behind Kolawole. Not only has Fayose endorsed him, he has personally led his campaign. Fayose has been present at every meeting the aspirant has held with ward and local government stakeholders of the party in order to sell his candidacy ahead of the party’s primary election scheduled to hold either later this year or early next year.

Fayose’s full involvement in Kolawole’s campaign has raised quite a few eyebrows, especially, from those who believed that Fayose’s heavy and overbearing involvement in the campaign of Eleka, in 2018 contributed in some little way to the defeat of the former. Eleka was practically relegated into the background during the campaign and many thought that, going by Fayose’s antecedents, he would be the de facto governor if Eleka was elected.

There were those who felt Eleka was new

in politics, though then serving deputy governor, courtesy Fayose. To this group, they have been around for over 20 years and had served the party very well but Fayose decided to bypass them and pick Eleka. Same, however, cannot be said of Kolawole, who has served both at the local and state levels. But even at that, many still feel Fayose openly campaigning for Kolawole ahead of primaries has shown that he is not a father for all as he usually wants to claim.

But one of his staunch supporters, who did not want her name in print said this was not the case. According to her, Fayose had tried to reach out to every stakeholder in the party but he has always been rebuffed.

She said Fayose did not want a rancourous primary election hence his desire for a consensus candidate with other factions producing deputy governorship and senatorial candidates.

“He has reached out to all of them, including Olujimi and even Governor Seyi Makinde, who is the one bankrolling both Segun Oni and Eleka. There were meetings but after these meetings, everyone always held to his guns. The thinking from ‘oga’ (Fayose) was that there was no need wasting money on nominations forms and having

so many candidates, which will lead to fractions and bad blood post primary election,” the Fayose supporter said.

When reminded that Fayose already having a preferred candidate even before going into consensus arrangement has rendered any horse-trading dead on arrival, she averred that every leader always has a candidate.

Another of his supporter, Kemi Olumide, also claimed that there was nothing wrong in a leader having a preferred candidate.

“Fayose cannot be an exception,” she explained. “Every leader always has his or her own preferred candidate. That is the nature of politics everywhere. There is no crime in that.”

The Olujimi camp, expectedly backing the aspiration of another former governor, Oni, is pushing to take over the party and be the one recognised by the National Executive of the party. In the state, there are different factions of the party. There is the Osoko Political Assembly, OPA, headed by Fasoye.

There is the Repositioning Group led by Olujimi andheaded by one Odebunmi.

The party in the state, was until last week, headed by same Kolawole, who has resigned to pursue his ambition.

There is also PDP family, which is Oni’s

The party in the state, was until last week, headed by same Kolawole, who has resigned to pursue his ambition.

There is also PDP family, which is Oni’s group. Oni obtained his nomination form last week Wednesday.

Eleka too has his own group, the PDP Peace Family.

As at the time of writing this, a total of four aspirants have picked the PDP nomination form

group. Oni obtained his nomination form last week Wednesday. Eleka too has his own group, the PDP Peace Family. As at the time of writing this, a total of four aspirants have picked the PDP nomination form.

About five weeks ago, the Repositioning Group did their own mini-primary election to elect one candidate that would re-present the group at the main primary election. Those who contested were former deputy governor, Dr. Sikiru Lawal; a former governorship aspirant, Yinka Akerele, and one Ajijola, who eventually won the mini-primary. Ironically, Olujimi was not present at the mini-primary as she was said to be slightly disposed to the candidacy going to the Ekiti South Senatorial District.

The problem here is that the front-runner from Ekiti South Senatorial District, Eleka, does not even belong to the Olujimi camp while the winner of the mini-primary in Olujimi’s camp is from Ado Ekiti, which is in Central Senatorial District.

The incumbent, Kayode Fayemi, is from the North, so is Oni. Kolawole is from Efon-AlaayeEkiti, which is in the Central Senatorial District.

From all indications, the PDP in Ekiti State is a divided house. No doubt about that. The Principles of rotation that have served the state very well in the past have been jettisoned by same politicians, who came with the idea in the first place. Virtually every neutral stakeholder believes that the governorship of the state should go to the Southern Senatorial District. It is just fair that it happens.

But Fayose’s near fanatical support for Kolawole has rubbished that. Kolawole is from the Central. Segun Oni is from the North; same as the incumbent, Fayemi. Ajijola, who won the mini primary of the Repositioning Group, is also from the Central Senatorial District.

Kolawole picked the N21m nomination form last week and now, Fayose has been seen donning his campaign shirt. But will he deliver the party’s ticket to him come December and the ultimate prize come June next year?

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T H I S D AY ˾ MONDAY, OCTOBER 11, 2021

THE MONDAY INTERVIEW

Kayode Fayemi:

We Must Rise Above Partisan Concerns to Fix Nigeria The atmosphere was genial, but the interaction wasn’t. Perhaps, Governor John Kayode Fayemi of Ekiti State, came to the table with a mindset – one that suggested his THISDAY guests had also come for the kill. He wasn’t just battle-ready, his responses implied even more. A sound mind without pretences, the little over two hours’ engagement was intense. From the local politics of Ekiti to the topical national concerns and of course, his mediatory interventions as the Chairman of the Nigerian Governors’ Forum, his rumoured presidential ambition, the alleged animosity between him and Asiwaju Bola Tinubu, his speculated political intolerance, his take on the Muhammadu Buhari leadership, misgivings about the APC federal government and the fantasies of the Nigeria of his dreams – it was all an essentially idealistic interface wrapped into one, and which largely upheld his background as an intellectual, politician and media man. Excerpts: In 2014, you surprisingly lost your re-election. Many attributed that to your style as being elitist. You gave a very interesting concession speech. Much later, you renounced your concession. Why did you recant that beautiful speech, which many at the time believed had set the tone for a new chapter in Nigeria’s democratic march?

I didn’t renounce it, if you were talking about my concession speech. I said if indeed, it was the will of the Ekiti people, then, I stood in deference to their will. And I didn’t go to court to challenge the outcome of the election as announced by INEC, not because I was convinced that I lost the election, but I felt challenging or resisting or resorting to alternative means of keeping myself in office would have just led to a bloodbath – an unnecessary bloodbath that I did not believe and I still do not believe politics is worth, especially, our electoral democracy.

Frankly, whether it was a result of the cumulative effect of manipulation, harassment, stomach infrastructure, as deduced by pundits at the time, I felt at the end of the day, INEC had its own responsibility as the adjudicator of the election.

And it had come to that conclusion, right or wrong,

and it was time for me to move on. But I also spoke in that speech, if you recall, about the fact that a new sociology of Ekiti people may have evolved but the task of understanding how the election defined Ekiti people was now the task of scholars and academics.

In fact, The Economist magazine wrote about that election, that this was a setback for Africa’s democracy, where a politician deemed to have done reasonably well enough in terms of performance on every governance performance index lost an election, and the fear expressed

by The Economist then was, would this not lead to a situation in which people would not find value in working hard, when elected into office and just look for ways – whether it’s stomach infrastructure or any other approach to just ingratiate themselves with the people and get the results declared one way or the other to remain in office – performance or not?

So, I really didn’t renounce. But I thought it was important to query what happened, not for myself as an individual but for the democratic journey we had embarked on.

Why did you think you lost the election given your performance in office at the time?

Well, I must concede to the climate that was created for the wrong perception to be formed. Even the whole question of stomach infrastructure, you’ll be surprised to know that it came from my own party members, not from the opposition. It came from party meetings held with members, where some complained that ‘roads were being tarred up and down in the state, physical infrastructure appearing, but what about our stomachs?’ You’re not ‘tarring’ our stomachs.

You’re tarring the roads, and you’re doing things for people, but we put you here. We’re the party, and we’re not getting enough benefit.

Everything you do, you will subject it to objective principle. You started social security benefits for the elderly; you designed it in a manner that everybody could benefit, not just our party members. We started the youth volunteer corps, and you granted students that were just out of school scholarships, and you said it should be done objectively. Then, what’s in it for us?

Why did we put you in office if members of the opposition too can benefit from the goodies supposedly meant for us?’

These are questions that we’ll always have to deal with in our local environment, because some feel more entitled than others, when they’ve contributed to putting you in public office. They will always feel that people in opposition, or those who were neutral should not get the same benefits that we’ll get: free education, free health care service, and social security for the elderly? Everybody gets it.

So what separates us since some of us in the grassroots will never get appointments anyway?

So in a sense, they believe they are suffering from the tyranny of meritocracy. You may be right that some felt my government was too technocratic and too meritocratic even if it delivered public goods to a greater number of our people. I have learnt some lessons from that. But I also honestly believe that it was a case of manufacturing populist consent in order to exploit the gullibility of the electorate.

It was more to do with brigandage and electoral Continued on page 21

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T H I S D AY ˾ MONDAY, OCTOBER 11, 2021

THE MONDAY INTERVIEW

KAYODE FAYEMI

It’s Okay to Criticise Buhari, But Context Matters heist but populism was used as an explanation for the brigandage.

being paid. One of those innovations was getting used to the virtual way of work, which is also an advancement in governance.

Add to that the larger responsibility that I assumed as chairman of the Nigeria Governors’ Forum. You could say I was spending a lot of time out of the state attending to, if you like, non-Ekiti matters, but they’re really Ekiti matters, which also affect other states, and I have to be the interlocutor between my colleagues, the Central Bank, multilateral and bilateral development partners, various MDAs, the National Assembly, the National Economic Council and the President. That added responsibility has also broadened one’s horizons, without a doubt, in understanding this country a lot better and engaging it in its multifaceted, complex nature.

But the accusation was that you were too elitist, too detached from the realities of the Ekiti people?

People say that, but I beg to disagree. What was this detachment? People will tell you that you’ll never find Fayemi eating boli by the roadside. He’ll not go to the marketplace, and I used to say to them, well, I’m guilty of that. But I was not a toddler when Chief Obafemi Awolowo was still active in politics. I never for the life of me saw either a script or anything written about him when he was premier or leader of the Unity Party of Nigeria, going by the roadside eating boli or corn in order to prove how popular he was to people.

His popularity stemmed from what he did for the citizens - how he took them out of squalor, illiteracy and provided opportunities. He never pandered to populist demagoguery.

So do you think values have changed, generally?

Oh, clearly. I think our values have transitioned, and Ekiti is a good example of that. And when I talked about the evolution of a new sociology, that’s partly what I was referring to. Ekiti used to be very pristine; we were hinterland people. We were the ones they call ‘ara oke’ in the city, and it’s to denigrate us, somewhat. We were seen as very value-driven, very pristine. We produced our first graduates in Ekiti in the 30s. But by the sixties, seventies, we had almost caught up with the Egba and the Ijebu, who were pioneers of education.

In a whole range of view, my own school, Christ School, Ado-Ekiti, which was the first high school in Ekiti, had by the fifties and sixties almost at par in Cambridge School Certificate Examinations with schools like Igbobi College, Government College, Ibadan and King’s College, Hussey College – a rustic school in the backwater of Ekiti competing against King’s College, Government College, Ibadan, Hussey College and the like – all the top schools. Sadly, by the time I became the Governor in 2010, something had happened to our people, and I think it was a bit difficult explaining to people, who had gone to school, struggled without jobs to preach the merit of meritocracy, because they were disillusioned.

Okay, you said we should go to school, we went to school. School was supposed to automatically provide us with jobs. So in order to eke out a living, some resorted to criminality and get-rich-quick schemes, and this was around the time that 419, Advanced Fee Fraud, was all over the place and some of those who did this injected the money back into politics.

To really worsen the situation, and this is not a denigration of my predecessor in office, for a lot of Ekiti elite, we were absolutely shocked that Ayo Fayose could become a governor, especially, after an urbane ‘Niyi Adebayo. The contrast was just too much for Ekiti people, and the Ekiti elite just could not wrap their heads around that, and many became completely detached from politics.

But then again, it’s like having Barack Obama and Donald Trump. You may argue against it. You may hate Trump or hate Fayose. Fayose was at the time a representation of where the people’s frustrations were: populist, gregarious, unorthodox – however, you may describe it. It was in that atmosphere that I came into Ekiti politics. In fact, a lot of my friends and family members were worried when I picked up the gauntlet. They thought I had a death wish. I used to be described as a ‘Tokunbo’ politician at the time, with many conveniently forgetting I grew up in Ekiti. But this new Ekiti was not the one I grew up in. I think something has changed about our values.

After your first term as governor, and unsuccessful reelection bid, you went on to become a minister and not a few people were surprised when you announced your intention to return to Ekiti Government House.

Why did you feel the need to come back? What did you forget in Government House that you wanted to go back to pick up?

I wrote to all our royal fathers and community leaders when I decided to run in 2018. I explained that I had unfinished business in Ekiti, because the agenda I shared with Ekiti people when I entered the race in 2006 remained unfinished. Yes, I had accomplished a lot on that agenda in my first four years in office.

But there was still a lot unaccomplished, and I’m glad that I had the opportunity – a very rare one when you look at the politics in Nigeria, probably only Rabiu Kwankwaso of Kano had the luck, I mean, grace that I had.

He was the only first-term governor, who lost (reelection) and came back (to win another term), interestingly after being a minister too. I followed in his footsteps. My campaign to return to office was hinged on what I described as ‘reclaiming the land and restoring her values’. I was convinced that we really needed to do something much more fundamental about what was happening to the character of the society, beyond being seen as a fountain of knowledge.

So we changed from being known as the ‘Fountain of Knowledge’ which, rightly, was associated with our passion for education and commitment to enlightenment to a new motto: Land of Honour. I have always felt honour is a more worthwhile value than knowledge.

Yeah, knowledge is great, we need it. But you can be knowledgeable and yet be crooked. There are so many people, who are knowledgeable but severely lacking in the Omoluabi values associated with Ekiti.

Beyond values’ restoration though, there were also

Is Nigeria really that complex?

It is complex in the sense that every country is an imagined community. But what makes it easier in some countries than others, in my view, is the degree to which there is elite consensus on what the country means to them and how they want to take it forward. Unfortunately, we haven’t been able to forge an elite consensus here.

“The reason we’re in this situation is not for the lack of efforts on the part of the government; it’s simply because tokenism cannot bring an economy back to its full steam. This is an economy that’s in need, in my view, of a $50 billion, $100 billion injection. It’s not an economy that can rely on $2 billion from China Exim Bank to fix rail and get $1 billion from the World Bank to do social investment” unfinished bricks and mortar challenges, several of them left unattended to since I left office. I felt I needed to complete the various projects, revive industries that had become moribund, strengthen the knowledge economy and restore the various social investments schemes in the state.

Coming back four years on, how much progress have you made finishing the unfinished business?

I think we’ve made some considerable progress.

But Ekiti is still a work-in-progress. I must concede that as well. I am happy that some of the things that were abandoned by my predecessor have now been restored and completed. Many of the projects that were literally just left to rot, I came back and had the opportunity to put them back.

Also, all the moribund industries in the state I had to put back and then added more.

The Ikun Dairy Farm and Ranch, for example, that we just brought back to life in partnership with Promasidor is today producing 2,000 litres of fresh milk every day and targeting 10,000 litres by the end of the year. If that were to be imported

by Promasidor, we know what the implication will be for foreign exchange.

Having that back on, we have also been able to attract other investments, particularly in the Agriculture sector such as JMK, Dangote and Stallion - all establishing rice mills in Ekiti, others like Promise Point are putting cassava mills in place, developing major cocoa initiatives, because, really, that’s one of our core strengths – agriculture and education. A total investment of about $300 million had come into the state in three years in this respect.

Drawing a parallel between your first coming in 2010 and 2018 when you returned, what markedly distinguishes these two periods?

Don’t forget, my first term in office, I had a lengthier period of preparation. Accidentally, I was prepared, but then I did not assume office until after a three-and-a-half-year spell in court.

In those three and a half years, we presented an alternative budget every year to Ekiti people, which represented our objective critique of the budget released by the Segun Oni administration at the time. Don’t also forget that Nigeria’s GDP growth rate during my first term was averagely 6 per cent and oil prices were for the most part around $100. So we had a little bit more resources to address the challenges that confronted us. There was also a lot more enthusiasm and exaggerated expectation for a first-term government naturally.

However, when you’re a second-term governor, it’s what our people pejoratively refer to as ‘see finish’. They’ve known you. They’ve seen you operate, and usually, civil servants don’t like second-term governors, because by the time you’re a second-term governor, for the civil servants, you already know where the bodies are buried. It’s more difficult to manipulate you and you’re no longer a greenhorn in the ways of public servants and the average citizen. Whatever they say, yeah, you’ll listen, but you know what to do. They always like freshers.

This second term has called for more creativity and innovation and more realism due to the limited resources available. COVID pandemic also came and took the better part of one and a half years of this tenure in which we kept our public servants at home and yet, salaries were

Bricks and mortar aside, what policies and administrative initiatives do you consider as likely to outlive your administration?

I’ll think it’s our values reorientation, knowledge economy and social investment initiatives. We’ve introduced a values curriculum, for example, in our basic education schools. We put together, when I came in, the experts in the field of values, philosophy, the Omoluabi phenomenon – all of that – and they produced not just a curriculum but also the books from primary one to primary six; and from JSS1 to SS3.

We came to a conclusion that for those of us who are already jaded, simply put, there’s no point worrying about changing our values and our orientation.

But by focusing on the younger ones, it may be possible to start resetting our nation’s clock. And it’s no surprise for me. I think it’s beginning to bear fruit. A couple of days ago, it was Teachers’ Day. Out of the four prizes in the National Teachers’ Day competition, Ekiti carted away three. Last year, the person who won the ‘Best Teacher’ was from Ekiti at the National Teachers’ Day competition, and is now representing Nigeria in Africa. By leading by example, people are beginning to internalise our idea of values re-orientation.

People don’t easily notice the intangible. People are more concerned about bricks and mortar: ‘How many kilometres of road has he constructed? How many schools has he built? Hospitals? Gigantic buildings?’

That’s what sells, and I hope we’ll get to a point, where people will begin to examine government from the perspective of the intangibles as well: prudent management of the finances of the state, transparency and accountability; values re-orientation, service industry, creating alternative economy by increasing productivity beyond the focus on civil service jobs. But then again, when people are confronted with existential challenges, it’s hard to focus on intangibles.

Ekiti is 25 and in the mood of the celebrations, a renowned legal icon and elder statesman, Chief Afe Babalola, knocked her leaderships from inception, including you. Can you dispute his submission?

It’s an opinion and he’s entitled to his opinion. To the best of my knowledge, he is someone we all have a lot of respect for. He’s achieved a lot for himself by sheer dint of his own efforts but it’s helpful to take a variety of opinions, negative and/or positive. For example, the chairman of the Committee for the creation of Ekiti State also spoke around the same time, Chief Deji Fasuan, and he had a different opinion that if Ekiti had not been created, the opportunities that are available to the state now would not have been there.

What I recall Chief Afe Babalola saying, is something about Ekiti being landlocked, being airport-locked, being this, being that. But he forgot to add that he was able to put a university in Ekiti that is thriving – one of the most successful universities in Nigeria today, and if the climate had been as negative as he claimed, he wouldn’t have been able to do that.

On Ekiti being airport-locked as he claimed, in my first term in office, I asked Chief Afe Babalola, for example, to chair the committee that examined the viability of an airport in Ekiti, and he graciously did so. Yes, at first, I had expressed my skepticism about an airport being a priority, when Akure airport is not very far from us in Ekiti. I was however impressed with the committee report and the strong case they made for an agro-cargo airport that is also passenger-driven would be appropriate for Ekiti covering the market, which is in the North Central, Kogi which has no airport, and Osun with no airport And even Ondo with a small airport, which is not a cargo airport. It’s just a small landing airport. And Osun also has no airport. I accepted the recommendation and promised to implement it. This was in 2013. We were not able to build the airport then but now Ekiti is building one. So it was a bit uncharitable that he didn’t mention that in that statement that he made and you have to ask yourself: what was the motive for issuing a statement like that, because sometimes we get frustrated with things in Nigeria and if you’ve been reading Chief Afe Babalola’s column regularly, Continued on page 22

T H I S D AY ˾ MONDAY, OCTOBER 11, 2021

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THE MONDAY INTERVIEW

KAYODE FAYEMI

Ambition Aside, I Exist in a Marketplace of Ideas you’ll know that he’s not exactly in the most positive mood about the state of things in the country, and it’s understandable.

He’s an old man, who has sacrificed a lot; who has put in a lot of effort, his personal wealth, his personal commitment to the state. He is one of the founding fathers of our state and we should give him the right to his own opinion. But when you’re the man in the arena as the late President Theodore Roosevelt once said, you must excuse those who are unable to see the full picture. But I can assure Chief Afe Babalola and those who share the views that Ekiti is certainly not in Jerusalem yet, but Ekiti has left Egypt a long time ago. We have noted the comments though and we will do more to satisfy the expectations of Ekiti people.

Curiously, his views ran contrary to a recent ranking by the Transparency and Integrity Index, which rated Ekiti as one of the top three states with the highest compliance. How do you reconcile that with the submission of someone like Chief Babalola?

I saw that report; that’s the BudgIT report. The report must have been based on objective analysis.

His own was an opinion and opinion could be right or wrong. It’s still an opinion and it could be objective or subjective. He was expressing a view but I’m sure upon reflection, if Papa (Babalola) were to sit back, probably he’d modify some of what he said in that statement. But I wasn’t surprised to see that report in which Kaduna beat us to the second position of the 36 states. But this is not the first time.

In 2014, as I was leaving, Ekiti ranked first on the Transparency Index and it’s basically because we are a values-driven government and part of the values we subscribe to is transparency and accountability.

For example, we’re the first state in the country to domesticate the Freedom of Information Act and I personally declared my own assets publicly, which if you go online you will still find, when I became the governor and we have tried to extend this to a government-wide approach to transparency, because if you go to our Bureau of Public Procurement website now, every single contract that has been awarded in Ekiti by my government - the amount, the contractor – the details you will find it there.

For us, we feel it is important to live up to the billing of our people. In Ekiti, we’re three million people.

But there are three million opinions. Even a day-old Ekiti baby has an opinion on how he can run the state better than the current occupant of the office.

Everybody has an opinion on what the government is doing or not doing right; or how we should be running things. It’s a measure of enlightenment. It’s a measure of commitment to improving the quality and standard of governance. Our people put our feet to fire regularly. And it’s a good thing. That’s what Chief Afe Babalola just did in his remarks.

Away from insecurity, what’s the economy of Ekiti now in relation to her IGR? Ekiti is what you’ll refer to as a civil service state.

That’s how people derogatorily refer to the state, and it’s understandable. But part of what we’re focused

on over the last few years, which has yielded significant progress on the internally generated revenue side, is expanding the economy, bringing in a lot of private investors. That’s what brought Promasidor, Dangote, JMK, etc. All of these are agric institutions. Then you have educational institutions like the Afe Babalola University, also wholly private sector-driven. And there are several SMEs operating here.

That has seen a significant rise in internally generated revenue too. On average, a billion naira a month from about 400 million monthly when we came into office. It’s instructive to understand that the bulk of the people paying taxes are civil servants. So we have to go after the informal taxpayers by capturing what they’re meant to pay, not by expanding the tax net. That has seen some progress, but we can still do a lot more in that regard, particularly, through the use of technology and then, through the charge on items that are pretty much left in abeyance.

Land Use charge, for example, has aided us in the collection of informal tax, and I think gradually, we need to get away from our obsession with salaried jobs. That’s what will ultimately unlock the economy. People need to be more creative and less dependent on just earning a salary, because that creates a false sense of security, but ultimately, when they leave the government job, they discover that they could have done a lot more with their lives in the private sector.

But in order for us to encourage people to do that, we need to open up vistas of opportunities in the state. We need to see the possibilities in the other sectors. I talked about producing 2,000 litres of milk, and Promasidor is trying to get to 10,000 litres. We set up the Ekiti State Development and Investment Promotion Agency, for example, which is a vehicle that has focused on creating an enabling environment and opportunities for investment.

We also have a special-purpose vehicle, the investment arm of the state, Fountain Holding, that engages in all these public-private partnership initiatives. For example, in our partnership with Promasidor, we have 24 per cent of the equity, and we do this with other investments as well.

That’s the way to go. For us, the vision is also one that develops the knowledge economy. This is a state that has a passion for knowledge, but it’s unfortunately not being turned into a wealthcreating opportunity. Even for those who have the requisite qualifications, they get drawn away from the state to Lagos, or the diaspora. There’s no university in Nigeria where you don’t find an Ekiti professor. There are some universities that have half of their professors from Ekiti, like the Obafemi Awolowo University or the University of Ibadan.

So you have that. Even abroad, I marvel at the number of Ekiti academics and intellectuals that I run into. But turning intellect into wealth

is the challenge. We have what we call the Ekiti Knowledge Zone, which is a dedicated space that’s designed for investors that are interested in technology start-ups – biotechnology, information technology, the agric technology right next to the airport that we’re constructing. We see that as a way out of this, if you like, locked-in wealth in the state and refusal to be more aggressive and innovative about the possibilities that are out there, which our people are reluctant to pursue. For us, these two areas are the special purpose vehicles for Ekiti accelerated development: knowledge and agriculture.

You don’t seems to be enthusiastic about the collection of VAT by state governments. Is it because you know Ekiti will be badly affected?

On the contrary, when you’re the chairman of the Nigerian Governors’ Forum, you must always be sensitive to the yearnings of all your members, and VAT is one issue that’s been divisive among the governors. To that extent, the position that the Nigerian Governors’ Forum has taken in its meeting, which must reflect in what I do or say, is simply: let us await the court’s ruling on this.

If I’m quiet or seem not to be as voluble as others on this matter, that is simply it. It has nothing to do with whether Ekiti is going to benefit or not, because there are various contributions that states make, and we’re not always going to make the same contribution.

Let’s transit from local to national issues. Your party, the APC, has messed up the country. There’s no better way to put it, because that will be trying to minimise the damage the party has done to the country. This view is widespread. The country has become increasingly unsafe. Travelling from one place to another has become a suicide mission. The economy is down, corruption is on the rise – everything – is broken. The key parts of the promises your party made in 2014 and 2015, have remained unfulfilled. Why? I wouldn’t say it’s an unfair comment, but context matters in everything that one does and in every assessment one makes. I was there at the foundation. I was there when we made those promises. I was the director of policy and research for the presidential campaign. I was actively involved in putting together the manifesto and policy guidelines, and campaign programme. Yes, we promised security, improved security. We promised a better economy, and we promised improved governance. When you sit back and look at what we met, that’s why I said context matters, you’d recall in 2015 that oil was $30 per barrel. In fact, $28, and we quickly ran into headwinds.

You’d argue that ‘okay, didn’t you see that coming? Weren’t you prepared for the potential setback in the economy since you were coming in and you were criticising the Jonathan administration

“So it’s no use just saying, ‘it’s these people who are doing this’. Let’s treat criminals as criminals irrespective of where they hail from and ensure that there’s access to justice in a very swift manner, because that’s part of the problem. People commit crimes; they get away with it, because our criminal justice system is defective, right from the investigation level at the police station to the judicial bench”

on a number of issues? That criticism could be made, and it’d be a fair criticism. But the reality is what we found when we came, in addition to the malfeasance that everybody, objective journalists and roadside assessors, had accused the Jonathan administration of. So coming into that headwinds and we’re a party that was if you like, how delicately does one put this – that was more familiar with opposition terrain when we came into office.

We had to deal with all these challenges. There’s no doubt that the inclement economic situation resulted in a recession. We quickly came out of it because of the steps taken by the administration to reflate the economy: bailouts for states that couldn’t pay salaries and budget support, excess crude support and even infrastructure refunds to states, so that provided some cushioning effects for states and the citizens and salary backlog was paid, the economy was able to return but not to its normal, vibrant state. But we’re able to get things moving.

And then, we focused on investing in people via an extensive social investment programme, investing in infrastructure, and you know what’s happened in that regard. The reason we’re in this situation is not for the lack of efforts on the part of the government; it’s simply because tokenism cannot bring an economy back to its full steam. This is an economy that’s in need, in my view, of a $50 billion, $100-billion injection.

It’s not an economy that can rely on $2 billion from China Exim Bank to fix rail and get $1 billion from the World Bank to do social investment. No. It’s not going to get us anywhere. If we’re serious, we need to be able to pump more money into this economy, leveraging support from the World Bank as the multilateral institution that’s recognised by all in the world and then using that to attract private finance into the country.

For me, that’s what would have been transformational.

And there are examples to back this up. Egypt, under President Al Sisi, who transformed himself into a civilian president, had this experience. They were at our state, when he came in via a coup d’etat, following the emasculation of Muslim Brotherhood in the aftermath of the Arab Spring. The government came in, entered into a programme with the IMF, and in three years, they constructed 5,000km of new roads; and in two years, 15,000MW of electricity; all foreign money, because they were able to agree on a framework that allowed them to get a higher injection of funds.

This is a massive economy. Four hundred billion naira is $1 billion. The four hundred billion naira budget of the Federal Ministry of Works is only $1 billion. What are we talking about? I think that’s what we need to be focusing on as a government; that’s my own criticism of our government. This peanut will not work. It will not take us anywhere.

But a lot of people still criticise the nation’s debt profile as unsustainable?

But the way to address debt is to expand the economy so that growth would come, because what we’re even borrowing for, largely infrastructure, which is good, is still not nearly enough. Many of these projects would end up not being completed. I pity Minister Fashola every time I see what’s going on in his ministry. He’s doing a huge amount of work, awarded all these roads all over the place, but no money to pay for them. Then, you go into creative approaches, enter into partnership with companies that are ready to use their tax credits like Dangote to fix Apapa-Oworonshoki road, Obajana-Kabba, etc; all those roads. But it’s still a drop in the ocean. We need a Marshall Plan to generate more traction in this economy.

What about the country’s security crisis?

In the area of security, I think we frankly have not done as well as we should. I think what’s been responsible for that is that we did not follow through with our earlier success. When we came in, there was a myth around the president. Everybody I met would quote the Chatham House speech to me and say, ‘You’re there. We saw you. He said, ‘hold me responsible. I’m going to lead from the front.’ I said, ‘yes, we said so.’ And the very first time he spoke about this in government, he directed the generals, ‘go, relocate to Maiduguri and lead from the front the way I did when I was GOC 3rd Division and penetrated Chad to go and deal with those who came into our country’.

He did that, and I think in the first six months, we noticed a significant respite and then, it became a case of ‘Boko Haram has been degraded, and they’re now carrying out opportunistic attacks against soft targets’.

‘Technically defeated’. The critical point to even make is that I personally felt we could have changed the service chiefs earlier than we did, inject a lot more equipment in the theater of war to boost the morale of the soldiers, work on our order of battle, which has been a challenge. Take equipment, what we contributed as governors to procure equipment including the Tucano jets paid for three years ago, and just arriving now, and all this contributed to demoralising the troops, and then, we started overstretching the military. There’s hardly any state that the military is not involved in the internal security of the state, when they should be focusing exclusively on issues of external aggression, insurgency and so on and so forth.

Then, our neighbouring territory, the Sahel, became Continued on page 23

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T H I S D AY ˾ MONDAY, OCTOBER 11, 2021

THE MONDAY INTERVIEW

KAYODE FAYEMI

I’ll Do Everything Possible to Keep Ekiti for APC a playground for the insurgents and violent extremists like ISWAP. Although we are collaborating well with some of our neighbours in the Multinational Joint Task Force, it is also true to say some other countries around have not been as forthcoming and enthusiastic as they should. They also at a point, depended on us.

Meanwhile, the morale of our soldiers had already diminished significantly. I think this is still an area we need to focus attention on: the equipment, more men and then synergy between citizens and the military.

As a student of war, does the president ask you for advice, or do you volunteer based on what you see not being done?

Well, you know, the truth of the matter is the Nigerian military is a conventional military. A conventional military understands symmetrical wars more than asymmetrical wars. When you go into asymmetrical wars, more often than not, you don’t even know your enemies. And that’s where counter-insurgency comes into warfare. I think, lately, we have improved on our counter-insurgency and counterterrorism strategy. But it does not detract from our normal training, which needs to change in order to address the challenges of the moment, because you cannot fight an insurgency with mainstream combat.

Some supporters of Bola Tinubu don’t pretend about not liking you for some reasons, and they’ve tagged you a traitor to him. What do you understand is responsible for this?

I don’t understand what you mean by this problem between the supporters and me. These undefined supporters that you’ve spoken about, I’d have been more responsive if you said there’s a problem between Asiwaju and me, because I do not believe that Asiwaju has ever said to anybody that he has a problem with me, and I don’t believe anybody has ever heard me say I had an issue with him (Tinubu).

I have always been extremely generous in my remarks about Asiwaju as a mentor, as a leader and as a father figure in my own political journey. I’ve never hesitated in acknowledging that. But I’m also known not to be an obsequious person. I have a mind of my own. I defer to elders: I’m a Yoruba boy. Let’s face it.

But I have an opinion on things. But those opinions, even if I disagree on any issue, I share directly with Asiwaju. There’s no third party who will say he was there. So on what basis would you form a position that I have a problem with Asiwaju? But then, you know, leaders naturally would always be used to fight real and imagined wars, and it’s not unlikely that maybe some of what is happening in the circle that you have mentioned.

But as far as I am concerned, I am not aware of any issue with Asiwaju. I was with Asiwaju – I went to greet him in London a few weeks ago. I don’t see how I would do that if I had any issue and how he would enthusiastically receive me if I had any problem with him. To the best of my knowledge, Asiwaju has always been very gracious towards me. I’ve known him since my days in exile. We’ve worked together; we’ve been in the trenches together. We shared difficult times; he was with me all the way in Ekiti in my struggle. There’s no basis for people to even come to such a conclusion. But then, in politics, anything happens. People concoct all sorts of stories.

As NGF’s chairman, how have you been able to manage the tendencies in the two major parties, as well as the fringe APGA and how do you also moderate their demands without offending the expectations of your own party and the government at the centre?

Don’t forget that for the first time in the governors’ forum, I was not a product of votes. There was no contention. I was a product of consensus. Every single governor said, ‘Fayemi will be our chairman’. PDP, APGA, APC. So the crisis we have had in the past, for example, in my first term, when some governors wanted to remove my friend in the popular 16/19, and I was (Rotimi) Amaechi’s campaign manager.

That was an interesting era in the country.

And that, then, had a serious impact on the governance of the country and politics. That was the beginning of what happened that led to the emergence of APC. But by some coincidence of interests and commitment to decency on the part of the governors, they agreed that I’d be chair and Aminu Tambuwal would be my deputy, and we try as much as possible to be frank in our conversations in our meetings and to keep a united front when we’re out discussing the decisions we’ve taken.

We also engage as friends beyond the forum. You see me inaugurating projects in Rivers, Jigawa, Borno, etc. If there are problems in Kebbi or Kwara, I’m there.

For me, it’s about a coalition of the willing. We all subscribe to certain core values. We also all believe that governors have had a raw deal, and we need a new branding for governors that will put us in better light in the media and that would not come out of attacking one another.

I cringe every time I see governors attacking one another publicly. I had to appeal to my brothers from Bauchi and Benue, when we saw that altercation between Senator Bala Mohammed and Governor Samuel Ortom, and also two weeks ago, when my brother from Kaduna and Ondo governor had their own exchange. I always appeal to all sides when this happens. So when you talked about VAT, I couldn’t have because VAT is a polarising subject matter, and the position they’ve put me in is one in which I cannot

be seen to be pandering to one side or the other.

So many people are qualified to be President.

Regarding the 2023 Presidency, your name has often cropped up. As one of the poster boys of APC and eminently qualified: you have been a governor, a minister, and again a governor and the chairman of the governors’ forum. You’ve managed to intervene in national issues at critical moments, douse tension in the country and all that. This must have provided a good stepping stone for a higher office. What’s your plan for 2023?

My priority is the stability and security of Nigeria. I honestly do not think who will be the next president of Nigeria is not an important issue. I think it is something to focus the mind of the citizens on, especially as the one governing transitions out of office, and 17 months to the end of this administration is a reasonable time to start discussing that. Unfortunately, we have a greater challenge that requires concerted efforts on the part of every serious-minded player. How do we stem the tide of insecurity? This is what is on the lips of everybody – every Nigerian that I know. Before we even get to that take-off point for politicking in 2023, I believe we have a lot of work to do to return Nigeria to the place of sanity and stability.

And to help Mr. President in our own respective capacities as governors of subnationals to reduce tension in the land.

And this tension is also being exacerbated by some of the debates and discussions going on about restructuring, marginalisation, secessionist agitations, etc. We need to really get Nigeria back on track, because we all know that this is not where we all want Nigeria to be. If we don’t do that, we may not even have elections. For me, regardless of whether I run for president or not, I exist in a marketplace of ideas.

I just spoke to you about the fact that we don’t need tokenistic initiatives. We need a real major Marshall Plan to reorganise Nigeria, and it will be in the region of $50 to $100 billion that we should be looking for. Private finance can contribute, multilateral donors can contribute; and we ourselves can promote policies within, on issues like subsidy and co. that would enable those, who want to contribute to the economy to come in. That’s not something tenuous. At the same time, you don’t have to be a presidential candidate to have ideas.

Some members of your party, including Salihu Lukam, have started to react to the alleged alliance of the southern governors irrespective of party affiliations, over the presidency. They think it is counterproductive and inimical to the unity of the APC. You don’t agree, do you?

Honestly, when countries get into dire straits, they go beyond party lines. For example, Britain, during World War II, formed the coalition government of Winston Churchill and Clement Attlee. Even most recently in Germany, Chancellor Angela Merkel’s CDU entered into a Grand Coalition with the main opposition, SDP. At some point in the life of every nation, politicians must look beyond point-scoring over one another and focus on the survival of the country. I know I am treading on dangerous territory and this may not be a very attractive option, but this is an issue that must be given serious consideration. Leadership in troubled times requires the best of minds from all sides. Partisan, non-partisan, technocrats, apolitical people, you get to a point you put in your best resources. And it may well get to the point, I believe.

PDP was in government for 16 years, and by the time our president leaves office, we would have been in government for eight years. There are lessons that both sides have learnt. There are things we criticised PDP for, and that we still believe that we’re right in criticising them for. But getting into government, we also see that these are challenges that are sometimes beyond party especially, in this post-ideological age; issues that are actually ingrained in a systemic manner in our country.

Politicians get blamed a lot in Nigeria, but those who know this country will know that the place to look really is in the inner recesses of the system – the service, the bureaucracy.

We’re almost at a point of asking ourselves, and people are asking; some may not know the difference between our two parties, and that’s not to say that we don’t have fundamental differences.

However, things have reached a point in which the vision has become blurred somewhat. The need for unity ought to become a common cause for all of us. Yes, we have secessionist agitations, but they’re fringe people. Most serious-minded Nigerians still believe that the best vehicle for transformation in this country is a united Nigeria. If that is the case, even the extremists among us when they see a serious coalition of interests directed at a progressive vision in pursuit of peace, in pursuit of development, I’m not so sure we won’t get to the point of considering some form of coalition.

As I said, for love of country and patriotic yearnings, we need to look in the mirror and take a cue by moving away from this confrontational, adversarial politics such as recently happened in Germany. These are people with clear ideological

Straight to the point: no ifs, no buts, do you think you have what it takes to be president of Nigeria?

Well, leadership is not a title, and leadership is not an office. Leadership for me, is influence, and if you’ve occupied certain positions of authority, it will give you insights into the complexities and challenges of a country. So without a doubt, I will like to think I have the requisite qualifications to be the president of Nigeria. However, having qualifications is different from running for office.

“To really worsen the situation, and this is not a denigration of my predecessor in office, for a lot of Ekiti elite, we were absolutely shocked that Ayo Fayose could become a governor, especially after an urbane ‘Niyi Adebayo. The contrast was just too much for Ekiti people, and the Ekiti elite just could not wrap their heads around that, and many became completely detached from politics”

orientations that are totally different. And I may be treading dangerous grounds here, and maybe that’s why you say some people accused some of us or maybe it’s what I’m discovering as chairman of the governors’ forum, reasoning with all sides and seeing the challenges that everybody is confronting beyond party.

Maybe that’s what is informing my position. But I think we’re almost getting to a point where rigid adherence to party platforms will simply not do.

We need to develop a rigorous intellectual response to the challenges of the moment. It may very well be that we strengthen our parties along ideological lines and proffer solutions, so that Nigerians can say, ‘okay, we now see the difference, and this is the one we prefer out of the two’. Or, we find some way to begin to build bridges in the interest of the nation.

Why have governors refused to allow the local governments to grow, function and evolve? And we presume you’re guilty as well – all the 36 governors actually. Why is it so difficult to allow the local governments to function as constitutionally stated?

Let’s start with the basic principle of federalism.

Federalism is a two-tier system between two federating units. In this case, federal and subnational.

Nigeria uniquely introduced what is seemingly a third tier, which is really non-existent. This third tier in that constitution, section 162, goes via the second. So if you go and sit down with the fathers of local government creation, Prof. Akin Mabogunje being one of them, they may not be as enthusiastic about this so-called local government autonomy mantra, and I have no reason to disagree with Prof that the best is to scrap local governments as currently constituted and let each state determine what to do within its own jurisdiction. Enough of this local government autonomy pretence.

As currently constituted, they are not effective.

They are not efficient, and it’s not because governors crippled them. I don’t have anything – and you can check it out – I have never touched one naira of local governments’ money. I don’t even know how they share their money. Please don’t take my word for it. Investigate what I’m telling you. True, their money comes through us in the state but we are simply a conduit. Ekiti State is a conduit for them. They have their meetings. All the sixteen local government chairmen in the state attend the meetings. And after their first-line charge had been deducted which is the payment of their primary school teachers, primary health care workers, the traditional rulers, which is automatic, whatever is left, I do not know how they distribute it.

But the impression that people get out there and I know many governors who don’t touch their local governments’ money. But because of the structure of our state, they’re already burdened. They cannot do much because the resources available to them go to the payment of salaries to all sorts of people.

Yes, we can debate whether they need as many workers as they have, but that’s the situation in many of the local governments. So there’s nothing left for capital projects in most local governments and that’s often where states intervene to get them to do some things for the people. And that’s why people become disillusioned, and then states take over their responsibilities, including even helping some to settle their salary obligations. But we live in this bubble – this pretence that there’s something called local government autonomy. It’s a contradiction in terms.

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

24

MONDAY OCTOBER 11, 2021 •T H I S D AY

T H I S D AY ˾ MONDAY, OCTOBER 11, 2021

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BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

O C T O B E R

S & P INDEX

8 , 2 0 2 1

S & P INDEX

EXCHANGE RATE

OBB

9.00%

CALL

4%

INDEX LEVEL

564.02%

1/4 TO DATE

5.82%

N413.03/ 1 US DOLLAR*

OVERNIGHT

10.75%

1-MONTH

6%

1-DAY

–0.17%

YEAR TO DATE

– 15.85%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.19%

Amid Volatility, Uncertainty in Global Economy, 6 Banks’ Exposure to Oil & Gas Decline by 6.3%

Darasimi Adebisi Amid volatility and uncertainty in the global economy, the likes of Zenith Bank Plc, Guaranty Trust Holding Company (GTCO) Plc, and four other banks’ exposure to Oil & gas sector dropped by 6.3 per cent to N3.3 trillion in half year of 2021 from N3.11 trillion in 2020.

Analysis of the banks result showed that aside GTCO and Zenith Bank that recorded decline in Oil & gas exposure in the period, other banks this year increased exposure to Nigeria’s mainstay economy driver despite Government’s efforts at diversification into Agriculture and Mining.

The other banks are: United Bank

for Africa plc (UBA), Access Bank Plc, Fidelity bank, and Stanbic IBTC Holdings Plc. The National Bureau of Statistics (NBS) in second quarter of 2021 Gross Domestic Product (GDP) noted that real growth of the oil sector was –12.65 per cent (year-on-year) in Q2 2021 indicating a decrease of –6.02 per cent points relative to the growth rate recorded in the corresponding quarter of 2020.

According to NBS: “Growth decreased by - 10.44per cent points when compared to Q1 2021 which was –2.21%. For the first half of 2021, real GDP was recorded at -7.13per cent, compared to -0.80 per cent for the first half of 2020, the performance reflecting lower

oil output.

“The Oil sector contributed 7.42per cent to total real GDP in Q2 2021, down from figures recorded in the corresponding period of 2020 and down compared to the preceding quarter, where it contributed 8.93 per cent and 9.25per cent respectively.”

With the global ease on COVID-19 lockdown, the performance of the Oil & gas sector witnessed steady increase to $73.60 as at June 30, 2021 from $51.35 per barrel, according to the Organization of the Petroleum Exporting Countries (OPEC).

The global oil prices had slump to around $12.41 per barrel in April 14, 2020 from $67.12 early last year as countries shutdown businesses to stop the spread of the virus.

In April 2020, the global prices turned negative for the first time after oil producers ran out of space to store the oversupply of crude left by the COVID-19 crisis, triggering an historic market collapse which left oil traders reeling.

Further findings by THISDAY revealed that banks operating in the country in half year of 2021 made huge loan provisions for Oil & gas sector as demanded by the Central Bank of Nigeria (CBN) prudential guidelines.

Analysts expressed that the market crash underlined the impact of the COVID-19 outbreak on oil demand as the global economy slumps and banks in first half of 2021 exposure to the sector was based on caution

lending.

Our correspondent can report that aside GTCO and Zenith Bank that recorded decline, others recorded significant increase in Oil & gas exposure in the period under review.

GTCO’s exposure to Oil & gas dropped to N604.11billion as at June 30, 2021 from N645.04billion in full year ended December 31, 2021 as Zenith Bank exposure to oil & gas also dropped by 4.7 per cent to N697.09billion as at June 30, 2021 from N731.52billion recorded in 2020.

GTCO’s gross loans by industry revealed that 28 per cent as at June 30, 2021 was exposure to upstream Oil & gas sector compared with 29 per cent in 2020 while exposure to

midstream oil & gas remained flat at 14 per cent.

According to GTCO presentation to investors & analysts, its downstream sector benefited from the N7.2billio write-off in H1 2021 as its Non-Performing Loans (NPLs) improved to 8.7 per cent in H1 2021 from 10.9 per cent in 2020.

Zenith bank’s NPL ratio in the Oil & gas sector moved from 29.87 per cent in 2020 to 29.92 per cent, contributing about N40.33billion out of the lender’s N134.8 billion NPL in the period.

Zenith Bank in a statement had stated that: “Despite the prevailing macroeconomic headwinds in the Continued on page 26

Global Flavour, Fragrance Market to Reach $36bn in 2022, African Food Flavour Market to Witness 5.12% Growth Ugo Aliogo The global flavour and fragrance market is expected to reach $36 billion in 2022 with Africa expected to play one of the biggest growth opportunities, a report by Mordor Intelligence has predicted.

The report noted that while Africa’s food flavour and enhancer market are small, it is a growing market that is projected to witness a CAGR of 5.12 per cent during the forecast period (2020 - 2025).

The report also noted that

changing lifestyle of the Africans has led to an increase in the consumption of processed food where flavor enhancers are mostly used, which has driven the food flavour enhancer market in Africa.

The report further explained that the increasing urbanization, rising incomes, a growing regional population, and evolving lifestyle changes are driving the African food flavour and enhancer ingredient market and increasing the consumption of processed foods and beverages.

In a related development, and as part of Symrise AG’s desire to deepen its footprints in the African market, especially the West Africa sub-region, the company has entered a strategic partnership with Freddy Hirsch Nigeria.

The company in a statement hinted that the objective of the partnership is that both companies are focused on boosting food innovation and nutrition in West Africa.

The Sub Regional Director, Flavour Africa Middle East,

Sofiane Berrahmoune, said Africa’s projected population of three billion people by 2050 presents a large market for food and nutrition globally.

He expressed confidence that the company is passionate about meeting the needs of its customers and with the strategic partnership from Freddy Hirsch Nigeria.

“We can deliver even greater speed to market in Africa. This strategic partnership with Freddy Hirsch Nigeria will give us deeper access to valuable insights about

Africa’s food industry. Together, we are stronger than ever, committed to co-create with Freddy Hirsch Nigeria, combining the best of our strengths and leveraging our strong global footprint with our winning local flexibility, market, and consumer understanding,” he said.

Speaking on the partnership, the Managing Director of Freddy Hirsch Nigeria, Kojo Brifo said: “To achieve our vision of creating authentic African flavors and tastes, we have invested in

a Research, Development, and Application laboratory and a manufacturing facility with world-class quality management systems, in West Africa, Nigeria, our partnership with Symrise AG provides an acceleration of flavor development across West Africa and will increase the creativity of customized flavors, help our customers attain speed to market, and enhance their operational agility.”

Continued on page 26

M A R K E T D ATA A S AT F R I D AY, O C T O B E R 8 , 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

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

100.05

2.85

0.00

NTB 28-Oct-21

3.04

3.04 0.00

100.18

2.92

0.00

NTB 11-Nov-21

3.20

3.21 0.00

100.68

3.25

0.00

NTB 25-Nov-21

3.36

3.37 0.00

101.01

3.26

0.00

NTB 13-Jan-22

3.92

100.96

3.59

0.00

NTB 27-Jan-22

4.08

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS OCT 27 2021 420.93

2

NGUS NOV 24 2021 422.38

3

NGUS DEC 29 2021 423.83

3.96 0.00

4

NGUS JAN 26 2022 425.28

4.13 0.00

5

NGUS FEB 23 2022 426.73

C Ps MATURITY

Discount Yield

Change (%)

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

6.27

6.27

0.00

7.91

7.93

0.00

4.14

4.16

0.00

5.16

5.18

0.00

6.52

6.57

0.00

26

MONDAY, OCTOBER 11, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

GLOBAL FLAVOUR, FRAGRANCE MARKET TO REACH $36BN IN 2022, AFRICAN FOOD FLAVOUR MARKET TO WITNESS 5.12% GROWTH The statement added: “Under the new partnership, the companies will focus on the development, launch, and

commercialization of transformational food products: general seasoning, bouillon meat, snacks, and instant noodles. This innova-

tive partnership will harness the flavor technology platform to deliver authentic regional and hyperlocal African flavors and

ingredients. Symrise AG, a global multibillion-dollar fragrances, care, flavor, and nutrition supplier with10 per cent market

share and presence in 100+ countries, and Freddy Hirsch Nigeria, a leading West African manufacturer of ingredients and

flavours, both with world-class research, development, and application laboratories and manufacturing facilities.”

IFAD Warns World Faces Climate Change, Hunger Crisis if Biodiversity Loss is Not Curtail Oluchi Chibuzor The UN’s International Fund for Agricultural Development (IFAD), has warned that vulnerable people would not be able to adapt to climate change and sustainably produce food if the world continued to lose its biodiversity.

The IFAD, in a report, also detailed the role that rural smallscale farmers played in protecting biodiversity.

The report titled, “Biodiversity Advantage – Thriving with Nature: Biodiversity for Sustainable Livelihoods and Food Systems,” outlined the risk to rural small-scale farmers who make up the majority of the world’s poor and hungry when biodiversity is compromised.

The report stated that an estimated 80 percent of the needs of the world’s poor, including their ability to farm and earn incomes, were derived from biological resources.

The IFAD, however, noted that the loss of biodiversity is on the rise currently with one million animal and plant species threatened with extinction, and 31 species declared

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

extinct last year alone.

“Despite standing to suffer immensely from any decline in biodiversity, agriculture is ironically the number one driver of biodiversity loss, primarily through expansion and intensification,” IFAD said.

The Associate Vice President of IFAD’s Strategy and Knowledge Department, Dr. Jyotsna Puri, said in the report that “we are at a critical

juncture. If we lose biodiversity, we lose our ability to respond to hunger and climate change.”

“We know that large-scale agriculture threatens biodiversity.

On the other hand, small-scale farmers protect our natural resources.

When biodiversity is protected, and ecosystems are healthy and diverse, farmers are more productive and more resilient to climate change,”

he explained.

The IFAD maintained that biodiversity supports food production through soil formation, land productivity, pest and disease control, replenishing groundwater and pollination services.

The UN body remarked that biological features such as mangrove forests and coral reefs are barriers that reduced the risk of natural

disasters.

It, however, noted that improving agricultural biodiversity on smallscale farms would result in healthy, productive soils which sequester more carbon, and makes an important cumulative contribution to carbon storage.

The report published ahead of the UN Biodiversity Conference (COP-15) that would begin

today, October 11, also outlined how investments in biodiversity contribute to gender equity, women and youth empowerment, and nutrition.

Drawing on case studies, the report showed how investments in protecting and enhancing ecosystems could increase benefits to small-scale farmers and the environment.

Group Protests Oscar Onyema’s Appointment, Says SelectionViolates SEC Rule 184(2) Nseobong Okon-Ekong A rights and transparency group, Nigeria for All Nigerians (NAN) has called on the concerned regulatory authorities to stop violation of the Nigerian Investments and Securities Act by the impending listing by introduction of the shares of Nigerian Exchange Group on the main Board of Nigeria Exchange Limited with effect from October 13, 2021.

The concern of NAN relates to the

likely infringement of Rule 184(2)(a) on the status of Mr. Oscar Onyema as the Chief Executive Officer of Nigerian Exchange Group while also serving as a Non-Executive Director of Nigerian Exchange Limited.

A statement from Mr. Dele Ajanaku, NAN’s Secretary General said, “the impending listing by introduction of the shares of NGX Group on the main Board of NGX ltd with effect from October 13, 2021 vis-a-vis Mr. Onyema’ s portfolio in

the two companies will be a violation of Rule 184(2)(a) on the status of Mr. Oscar Onyema as the CEO of NGX Group while also serving as a Non-Executive Director of NGX Limited.”

Ajanaku continued, “Rule 184 (2) states that a securities exchange shall have a code of conduct for its council members or Board which shall be approved by the Commission and shall contain provisions that the council members or Board shall not

be staff of a quoted company and its subsidiaries.”

According to NAN, “The purpose of this provision is to forestall a situation where a Council or Board member of an Exchange would be in a position to extend special privileges or exercise undue influence towards a listed company which he/she works for.”

In the scenario under review, by virtue of his position as CEO of NGX Group, Mr. Onyema is a staff/

employee of the company. Given that he also serves a non-executive on the NGX Ltd, the Exchange on which NGX Group is set to be listed, Mr. Onyema would (if permitted to hold both portfolios), be in contravention of Rule 184(2).

“On the basis of the foregoing, NAN concluded, “it is recommended that the Commission should request Mr. Onyema to relinquish one of the portfolios he is currently occupying so as to comply with Rule 184(2).”

NBC’s Investment in Nigeria Hits $1.7bn in 14 Years The Nigerian Bottling Company (NBC) has stated that its investment in Nigeria has reached over $1.7 billion in 14 years, noting that plans are ongoing to invest an additional $1 billion (N560 billion) to strengthen its plants across the country.

The Managing Director of NBC, Mathieu Seguin, said the proposed

investment would be invested in all its plants to boost their capacities to meet the ever-changing demands of Nigerian consumers.

Seguin at a press briefing to flag off activities to mark its 70th anniversary celebration in Nigeria, said in the last five years, the CocaCola system has also supported

the creation of 58,000 jobs along its value chain.

“As we continued to grow, we have been very deliberate about investing heavily to make a positive impact in the lives of people in communities where we work and operate. We believe that our business is only as sustainable

as the communities in which we do business, and this is why we have mainstreamed sustainability into every aspect of our business,” he said.

“For perspective, in the last 10 years alone, the Coke System has invested more than 9 billion naira in lifting the living standards of

communities where we do business in Nigeria, through locally relevant initiatives. Some of the areas we have had the most impact have been in education and youth development, women empowerment, water, environmental sustainability, sports and the promotion of commerce and entrepreneurship,” he added.

AMID VOLATILITY, UNCERTAINTY IN GLOBAL ECONOMY, 6 BANKS’ EXPOSURE TO OIL & GAS DECLINE BY 6.3% period under review, Zenith bank remained resilient and delivered yet another superior financial performance, characterized by high-quality assets, robust earnings and Capital Adequacy Ratio (CAR). The bank regularly assesses it’s resilience to changes in micro and macro environments with specific actions to address any observed or anticipated challenges.

“The bank strongly believed it is well positioned to deal with liquidity risk and funding challenges that may arise from any adverse situations and our capital and earnings capacity (profitability) can withstand the shocks that may arise.”

The bank added that, “In 2021, the global economy looks set for a recovery with the rollout of vaccines, and growing confidence, driving an increase in economic activities across most economies.

This has also driven an increase in crude oil prices, an improvement in interest rates and recovery from recession in Q4 2020 in the domestic economy.

“The Group is well-positioned to maximise the opportunities these recovering fundamentals represent while leveraging technology and expanding its retail footprints to deliver improved returns to all stakeholders.”

UBA reported N498.86billion

exposure to Oil & gas sector as at June 30, 2021 was at N374.94billion, 38 per cent increase from N271.5billion reported in 2020.

In the period under review, Access Bank exposure to Oil & Gas Access rose by 3.7 per cent to N1.01trillion in as at June 30, 2021 from N973billion in 2020.

In addition, Fidelity Bank exposure to Oil & gas sector rose by 31 per cent to N411.52billion as at June 30, 2021 from N315.2billion in 2020 while Stanbic IBTC Holdings reported N201.09illion exposure to Oil & gas as at June 30, 2021 from N168.7billion in 2020.

An analyst believe banks are lending to old associates in the Oil

& gas, stressing that the mainstream sector still has potential than other sectors in the nation’s economy.

The head, Investment research & business Development, Pac holdings, Moses Ojo, attributed increased exposure by banks to Oil & gas to high Return On Investment (ROI).

According to him: “The high yield in the Oil & gas sector is attractive enough for banks to sustained investment. The only risk there is when price of crude oil remains low for 12 months. The price was down in 2020 due to COVID-19 pandemic.

Since the discovery of the vaccine, it is expected that the price might increase this year. The pandemic created uncertainty in the sector

last year and since the discovery of ways to tackle the virus, it led to economy reopening global and boost oil production and prices.”

Samuel said banks operating in the Oil & gas sector rather focus on individual than lending to new investors.

According to him, “about 44 per cent total banking sector loan actually went into the Oil & gas sector. Some of these banks are smart as they don’t lend to companies in the upstream sector.

They only lend to those in the downstream and midstream sector.

Actually, there is high risk in the upstream sector which makes them not to invest.”

T H I S D AY ˾ MONDAY, OCTOBER 11, 2021

27

BUSINESSWORLD

STATUS REPORT

Honeywell: Battling with Increasing Finance Cost, Others

Darasimi Adebisi

H

oney Well Flour Mills Plc in its result and accounts for year ended March 31, 2021 recorded a significant increase in finance costs and cost of sales amid stronger growth in revenue.

The company was faced with hike in raw and packaging material consumed, coupled with high interest on borrowing and overdraft in the period under review.

Given the increase in production activities, challenges with foreign exchange and COVID-19 induced disruptions in global trade which affected the sourcing of raw and packaging materials, cost of sales grew by 41.13 per cent to N93.97 billion in year under review from N66.59 billion recorded in the previous financial year.

Drivers in cost of sales was N82.66billion raw and packaging materials consumed in 2021 from N57.24billion in 2020, while plant maintenance and power cost rose by 25per cent to N3.7billion in 2021 from N2.96billion in 2020.

Also, finance cost rose by 44per cent to close 2021 financial year at N6.07billion from N4.23 billion recorded in 2020.

With the growth in cost of sales, Gross profit increased to N15.62billion in 2021, about 13 per cent increase from N13.86billion in 2020.

The effect of hike in cost of sales and finance cost contributed to the company’s Profit margin that dropped by 0.14 basis points to 1.44 per cent in 2021 from 1.58 per cent in 2020 as gross profit margin dropped by nearly three basis points to 14.26 per cent in 2021 from 17.23 per cent recorded in 2020.

PROFIT MARGIN

Profit margin is one of the commonly used profitability ratios to gauge the degree to which a company or a business activity makes money.

It represents what percentage of revenue has turned into profit.

Meanwhile, the company was able to drive revenue in the period following increased consumers’ demand amid the full reopening of businesses and aggressive price increases across its product lines.

A breakdown of the company’s revenue by geographical location showed that the bulk of the company’s revenue was generated in the Nigerian market.

Revenue for the period rose by Revenue 36.2 per cent to N109.59billion in 2021 from N80.45billion recorded in 2020, which Apapa factory of Honey Well Flour Mills contributed massively to its revenue, followed by Sagamu.

Three factories located at Ikeja, Sagamu and Apapa identify the company’s business operating segments.

The Ikeja segment manufactures Noodles; Sagamu segment manufactures Pasta while Apapa segment manufactures Flour, Semo, What meal, Brown flour and Baker’s delight flour.

However, the 2021 financial of Honey Well Flour mills showed that its Apapa factory contributed to revenue and operating income, while Ikeja contribution to revenue and operating income dropped.

The Apapa factory contributed 77.6per cent of the total revenue of the company and its revenue grew by 31.24 per cent to N85.02 billion from N64.78billion in 2020 which was slower than the growth in the Sagamu factory, which had the highest Y-o-Y growth of 105.4 per cent in revenue to N19.08billion in 2021 from N9.29billion in 2020.

The Ikeja factory contributed 5.01per cent to total revenue and recorded a -13.81per cent decline in revenue in 2021 to N5.49 billion from N6.37 billion recorded in 2020.

As regards operating expenses, Honey Well Flour Mills recorded 4.3 per cent decline to N8.12billion in 2021 as against N8.48billion in 2020, attributable to 8.2 per cent drop in selling and distribution expenses to N5.54billion in 2021 from N6.04billion in 2020.

In all, Honey Well Flour Mills reported operating profit of 39 per cent to N7.65billion in 2021 from N39.08billion recorded in 2020.

The company thus, reported profit before tax (PBT) increase of 24.13 per cent from N1.27billion in 2020 to N1.58billion in 2021.

In 2019, Honey Well Flour Mills reported a PBT significantly fell Y-o-Y by 87.53 per cent, but saw a rebound in 2020, although not as high as 2017 levels.

For 2020, the company’s profit after tax (PAT) grew faster than profit before tax (PBT), PAT grew Y-o-Y by +73.08per cent to N1.13billion in 2021 from N650.49million recorded in 2020, because of a 27.25 per cent decline in tax and despite a 69.70per cent increase in Police Trust Fund Levy.

The Flour processing company, thus, proposed dividend as the management sustained its return on investment to shareholders as a move to boost confidence.

In 2021 financial year, the management proposed dividend of N0.07 in 2021 from N0.04 proposed in 2020.

BALANCE SHEET POSITION

The balance sheet size position of Honey Well Flour Mills maintained marginal increase driven by growth in cash & cash equivalent that closed 2021 at N20.3billion from N12.3billion in 2020.

The company recorded about four per

cent increase in total assets to N147.39billion in 2021 from N142.26billion recorded in 2020.

Non-current assets dropped by nearly four per cent to N101.32billion in 2021 from N105.33billion in 2020, while current assets grew significantly by 24.5 per cent to n45.94billion in 2021 from n36.89billion in 2020.

On-current liabilities dropped to N27.5billion in 2021 from N3.46billion in 2020 as long term borrowing closed 2021 at N22.5billion from N26,77billion recorded in 2020.

Current liabilities however grew by 15.5 per cent to N61.94billion in 2021 from N53.64billion in 2020 to position the company’s total liabilities at N89.43billion in 2021 from N85.1 billion in 2020.

The breakdown of total debt showed that the company’s current debt rose by +20.36per cent while its non-current debt fell by -15.8 per cent.

A review of the 2021 financial statement of the company, showed that loans from First Bank of Nigeria Limited comprised 45.98per cent of the company’s total noncurrent debt, while direct interventions from the Central Bank of Nigeria (CBN) and Bank of Industry contributed 0.55per cent and 10.22per cent of the miller’s loans.

Loans from the Real Sector Support Fund (RSSF) under the CBN through Polaris Bank and Fidelity Bank comprised 15.52per cent and 27.72per cent respectively.

LOAN OBTAINED

A term loan obtained January 2017 from First Bank of Nigeria limited was to ease the company’s cash flow. The facility has a restricted tenor of 6 years, quarterly repayment of principal and interest, and interest rate of nine per annum.

According to 2021 reports, the loan from BOI was granted to the company to finance the new pasta factory located at Sagamu.

The loan has a restructured tenor extended to February 2023, with 12 months moratorium on principal repayment between January and December 2018. The facility is domiciled with Polaris bank Limited.

In addition to balance sheet position, total equity appreciated by 1.4per cent to N57.97billion in 2021 from N57.36billion in 2020.

The flour maker’s liquidity also improved,

“Profit margin is one of the commonly used profitability ratios to gauge the degree to which a company or a business activity makes money.

It represents what percentage of revenue has turned into profit.”

despite an increase in the short-term debt of the company.

The overall liquidity of the Noodles maker improved in FY2021; the liquidity ratio rose to 31.17per cent in 2021 as against 25.93 per cent in 2020. The company recorded its highest liquidity ratio in 2021 while its lowest ratio was posted in 2017.

The 2021 result of the company showed an improvement in its current ratio, from 0.69 in 2020 to 0.74 in FY2021, although analysts see a current ratio of 2.1 preferrable and indicative of more stable liquidity.

The improvement in Honey Well Flour Mills current ratio was attributable to a 24.52per cent rise in current assets. In 2018, Honeywell Flour mills recorded its highest current ratio of 0.77 while the lowest ratio was seen in 2017.

CONCLUSION

Honeywell Flour Mills had to trudge through a tough period that Nigerian businesses faced over the past year, especially with COVID-19, challenges with foreign exchange, infrastructural issues, and other factors.

The company also had to come to terms with an economy where real disposable income has continued to drop amid double-digit inflation that is taking toll on purchasing power.

Looking ahead, the company would need to reduce its vulnerability to operating stocks by either increasing equity (which would reduce investor’s equity returns) or continue to force down debt (which would reduce corporate leverage but also reduce equity return).

On a positive note, there is evidence that the company has been steadily improving on a number of key ratios lately.

The Managing Director, Honeywell Flour Mills, Lanre Jaiyeola in a statement on the 2021 financial results, said: “In an extremely challenging year caused by unprecedented global disruptions and uncertainties, we achieved 36 per cent revenue growth and record-breaking success through sheer grit and doggedness of our workforce.

“We worked collaboratively towards the execution of our goals; improved production and cost optimisation, guided by a clear strategy and common purpose. We remain committed to ensuring the supply of affordable nutritious food products to Nigerians, and we continue to assure our shareholders of long-term profitable returns from Honeywell Flour Mills Plc.” According to the company, the future of its business would be shaped by a continued investment in innovative product development, advanced technology infrastructure and operational efficiency.

This is evidenced by the efficient utilization of its world-class factory in Sagamu, Ogun State which boasts an annual Pasta production capacity of 138,600 Metric Tonnes and contributed over N19 billion to the company’s overall revenue in the 2021 financial year, its second year of operations.

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Oil, Gas Sectors Critical Part of ESG Equation Camillo Atampugre

SG investing” has become incredibly topical with activist investors over the last couple of years, but while there is a lot of focus on the “E” and “G” elements, an argument could be made that there is a poor understanding of the “S” element and particularly how it pertains to the African continent.

As a reminder ESG investing looks at three elements: Environmental ( E ), Social (S) and Governance (G) related issues with stakeholders expected to not just look at the financial metrics on a transaction but also the non-financial metrics.

This throws up some interesting dynamics, particularly when not all three of these elements align – and this is a particularly key discussion for the resource sector in Africa at the moment.

There is no question that the energy sectors – specifically oil, gas and coal – have their detractors when measured against the Environmental element. After all, clean energy is the future isn’t it?

It is easy to berate a financial institution for backing a coal project or taking to social media to criticise a new investment in oil and gas infrastructure, right up until the point where the lights literally and figurately go out.

Oil and gas will remain a key component in the energy mix for the African continent for the next 5 to 10 years at least. One has only to look at the oil price which is currently trading at north of $70 per barrel at the moment to understand that while alternative energy is a growing option, it is a commodity which is here to stay in the near-term.

When it comes to Africa, we need to appreciate just how important this sector is.

Currently it accounts for roughly 20% of the Gross Domestic Product (GDP) of the continent and in places like Angola and

“E

Nigeria, it accounts for nearly 70% of the hard currency these countries generate and nearly 60% of government tax revenue.

While Nigeria, Mozambique and Angola are often identified as the key oil and gas players on the continent, there have also been developments in Kenya, Uganda, Ethiopia, Madagascar and Tanzania. As the Africa trade-bloc is developing and becoming integrated, this attracts further investment through the value chains.

In terms of supply, Africa’s share of global crude production has trended between 9% and 12% over the last decade and this attracted significant foreign investment which translates into jobs, development of capital markets, and other downstream benefits.

Recognising the strategic role of the sector in their economies, places like Angola and Nigeria have taken steps to improve Governance elements. In

Angola, the President has put significant focus on cleaning up the image of the sector and courting foreign investors while the Nigerian house of assembly recently passed the Petroleum Industry Bill which is aimed at making it easier for investment into Nigerian oil and gas operators.

This leaves the “S” side of the equation.

While the sector still has work to do in terms of cleaning up its image, we need to remember that many of these projects have a 20 to 30 year lifespan and the project stakeholders all understand that if they can’t get social and community buy-in, their projects won’t get off the ground. In more extreme cases like Nigeria and Mozambique, infrastructure can become a target of social unrest and create untenable security situations which add to the cost of the projects.

Much like the mining sector in South Africa, the equivalent of “Social Labour Plans” are being developed to ensure

that the benefits of the oil and gas projects are enjoyed by the impacted communities.

Apart from the obvious wins of job creation and hard currency investment into communities there are further downstream benefits. African governments depend on the revenues from the sector to reposition their economies on a path to sustainability and a just transition.

For instance, oil major Shell has played a pivotal role in investing in healthcare infrastructure to help in the fight against the likes of Ebola and HIV as well as being a major party in the first community-based health insurance program in the country.

Similarly dual-listed oil and gas player Oando has trained over 2800 teachers and financially supported 88 schools via its Oando Foundation.

Building sustainable and predictable projects creates a win-win situation for all stakeholders.

In the eyes of activist or ESG investors, the equation is simple: Flick a switch and renewable and clean energy sources will be able to replace traditional energy sources.

For Africa the transition will occur over a period of time with the focus on alleviating poverty and access to affordable energy.

On the African continent, a far more nuanced discussion needs to be had.

It could be argued that the sectors needs a bit of an image makeover – instead of a focus on how the sector is extracting resources from emerging markets, a deep-dive into the economic benefits and the opportunity it presents for Africa to develop in a sustainable way could paint a very different picture.

As an investment bank that specialises in funding oil and gas projects in Africa and has a deep understanding of the continent, we look forward to working on projects, which tick all 3 of the ESG elements in a socially conscious manner. t $BNJMMP "UBNQVHSF JT UIF %JSFDUPS 3FTPVSDFT BOE &OFSHZ "CTB 4FDVSJUJFT 6OJUFE ,JOHEPN

Nigeria Customs Reads Riot Act to Freight Forwarders, Reaffirms Commitment to Efficient Service Delivery Eromosele Abiodun The Nigeria Customs Service (NCS) has sounded a note of warning to freight forwarders who have penchant for cutting corners as exemplified in false declarations and illegal deductions in customs values.

In a statement, a Deputy Comptroller of Customs, Timi Bomodi, stated that the Customs is on top of its game to ensure that sanity is maintained in the Nigerian business community.

According to him, some executive members of these associations have long abandoned their responsibilities in entrenching professionalism among their colleagues, noting that they have forgotten their oath of honesty in their dealings with government and have taken to the pursuit of power for personal aggrandizement.

Meanwhile, he reiterated the agency’s commitment to providing efficient and effective service delivery within the ambit of the law and executive orders He added: “They have attempted to use their positions to procure favours for themselves and their companies. When confronted with the force of reason, they have resorted to threats and blackmail. Incapable of articulating their positions in reference to our books of laws, they have resorted to intimidation, and have even facilitated physical attacks on our officers. In all these situations officers of the Nigeria Customs have refused to be cowed.”

He stated that the Nigeria Customs have remained resolute in its commitment to government by

towing the path of honor, stressing that its achievements in revenue collection and anti smuggling speak for themselves.

“The current Management under the watch of the Comptroller General, Col. Hameed Ibrahim Ali (Rtd.) has shown exceptional leadership in this regard,” he added.

In his words, “Our systems have been put through a good number of iterations. From ASYCUDA I, II, & ++, to NICIS I & II. We are currently at the verge of migrating to E-Customs, which will herald a new epoch, as all Customs activities will be electronically enabled. The simplification, harmonisation, and automation of Customs activities is in tandem with World Customs Organisation (WCO) and World Trade Oragnisation (WTO) objectives for trade facilitation. Our commitment to this reality is unshakeable and our actions bear testament to our resolve.”

He acknowledged that trade compliance is a sine qua non for trade facilitation, adding that where the level of compliance is low, the level of control becomes high, saying that some agents and customs brokers have taken abnormalities as rights while also assuming the role of activists encouraging illegal behaviours.

“This cannot be acceptable as no government agency worth its name will allow itself to be swayed by the whims and caprices of those whose actions they are supposed to superintend. Indeed it will be a complete dereliction of duty if we succumb to these and other attempts,” he stressed.

He noted that the disposition of NCS management is neither

authoritarian nor archaic, saying its actions have always been guided by federal government policy decisions in line with international agreements and conventions on trade.

“Contrary to their claims there has been no attempt to arbitrarily increase the license fee of Customs Licensed Agents. It is important to note that the fees payable by Customs Licensed agents are as approved by law outlined in section 156 of CEMA as amended. The only recurse to a revision in fees can only be as dictated to by extant laws,” he said.

Explaining further, the Deputy Comptroller of Customs said for arbitrary increase in customs duty, there are two main avenues for

the adjustment of duty payable to government that a customs officer can legally activate, stressing that where the transaction value declared for an item is questionable and where the classification of the item is wrong.

He said the former refers to the declared CIF value, while the later concerns the HS code for that item.

“Part II of the Common External Tariff (CET) prescribes ‘General Rules for the interpretation of the Harmonised System’. There are six rules in total and they provide clear, unambiguous guidelines for the classification of all goods under the CET. These rules are not subject to the interpretation of Customs officers alone as they are captured in simple

English for the enlightenment of all persons equipped with the proper understanding of that language.

In addition to the interpretative rules are chapter headings and the explanatory notes which are designed to further highlight grey areas both of inclusions and exclusions as deemed appropriate for classification purposes,” he said.

He said the issue of value has also been comprehensively addressed in the WTO Agreement for Customs value adopted in Article VII of General Agreement on Trade and Tariffs, 1994, highlighting that this agreement provides a Customs valuation method primarily based on the transaction value of the imported goods, also known as

either the price actually paid or payable for the goods when sold for export to the country of importation.

He pointed out that freight being an important consideration for assessing value needs to be highlighted, saying that in recent times there has been sharp increases in shipping cost across the globe occasioned by the effects of the pandemic He said the cost of freight alone is one out of three components which when added up, defines the value for duty while the others are the cost of the product itself and the insurance payable for the goods in transit, otherwise known as the Cost Insurance and Freight (CIF) value.

FG Reiterates Streamlining Agricultural Loans to Smallholders Through BOA, CBN

Oluchi Chibuzor

The Minister of Agriculture and Rural Development (FMARD), Dr. Mohammad Mahmood Abubakar, has called for streamlining of agricultural loans through the Bank of Agriculture (BOA) in order to improve small holder farmers’ access to grants, boost food production and generate revenue for the country.

Abubakar also gave assurance of the federal government’s commitment to diversifying the economy through agriculture and stated emphatically that the plan would boost nutrition and food security, increase the local farmer’s income and create more jobs for

Nigerian farmers.

He disclosed this in a statement released by the Chief Information Officer, for Director, Information, FMARD, Mr. Ezeaja Ikemefuna, during a familiarisation tour to some Agricultural institutions in Kaduna State recently.

According to him, the BOA would continue its role as a development financial institution in the agriculture sector to provide agriculture financing for smallholder farmers as “it will stimulate improvement in the lives and growth across the farming communities.”

He maintained in the statement that “President Muhammadu Buhari is very passionate about

the need to grow what we eat and eat what we grow so as to de-emphasise unnecessary importation of food which constitutes a drain on our foreign exchange.”

Abubakar, however, disclosed ongoing plans by the ministry in collaboration with the Central Bank of Nigeria to streamline Agricultural loans to smallholder farmers for proper utilisation and more effective production and efficient services scheme for Nigerian Farmers in the various value Chains.

He reiterated that the ministry under his watch would ensure that the BOA obtained a licence to operate maximally and deliver services towards achieving its core objectives and mandate.

Abubakar remarked that the diversification agenda of the present administration is one of the cardinal policies aimed at achieving nutrition and food security, reducing poverty rate and improving Agribusiness in the agric sector.

In his remarks, the Acting Managing Director of the BOA, Mr. Alwan Ali Hassan, appealed for the “completion of the restructuring and recapitalisation of the bank as approved by the shareholders on August 18, 2021, especially in the area of engaging the Ministry of Finance Incorporated (MoFI) and Central Bank of Nigeria (CBN) for the release of the Capital allotted to them.”

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Stockbrokers to Unfold New Strategy for Economic Devt As the Nigerian economy is in dire need of capital injection, stockbrokers are warning up to unfold new strategy that will enable the federal government source long-term fund from the capital market.

The federal government’s budget deficit currently stands at N6.25 trillion. Despite mounting agitation from the private sector on the implications on the revenue, value of the Naira and inflation, the government

has maintained its borrowing spree.

Meanwhile, Stockbrokers have consistently urged the government to take advantage of the capital market to raise medium and long-term funds to build infrastructure.

In a statement by the Chartered Institute of Stockbrokers (CIS), the hybrid Conference with the Theme, “ Capital Market as a Catalyst for Economic Development and Sustainable

Platform Capital Invests in Yahshud Property Platform Capital has announce its investment in Yahshud Property Limited. (“Yahshud”), an emerging company focused on the provision of an alternative platform for small investors with limited capital to add real estate to their investment portfolio and participate in a typically sophisticated segment with, high barriers to entry.

“With strategic alignment towards significantly reducing the housing deficit in the African continent due to its high population growth, urbanization, rising costs and poor planning, Platform Capital firmly stands by Yahshud’s mission to lead the disruption of the high entry barriers into real estate investment and also create ethical wealth distribution and social impact through the provision of alternative finance for affordable housing developments.

“Yahshud’s crowd funding solution is focused on providing transparency and efficiency to the real estate investment process and directly connects reputable real estate developers to retail investors through sharia complaint and risk-sharing finance. Low minimum investment amounts and a broad range of investment options also means investors

have an opportunity to assemble a diverse portfolio of property investments based on the ethical values of Islamic finance. Strong collaborations are created by strong organizations for sustained positive impact. As part of their commitment to deploying patient, flexible, value accretive capital to create and build great companies that deliver both financial return and measurable impact, the investment from Platform Capital will further enhance the management team, onboard new partners, improve its technology, and support the company’s future expansion across Africa, “it stated in a statement.

It added that as part of Platform’s investment, Chairman of Platform Capital, Dr. Akintoye Akindele, will join the board as Chairman; and Bowofade Elegbede, Vice President of the Technology Investment Group at Platform Capital also joins the board.

Commenting, Co-founder & Managing Director, Yahshud Property Limited, Abdul-Jabbar Oyekan, said “We are super excited about the future and working with Platform Capital in the next phase of our journey.

‘Mycotoxin, the Most Under-prioritized Risk to Public Health and Food Security in Nigeria’ Oluchi Chibuzor The Director General, Nigeria Agricultural Quarantine Service (NAQS), Dr. Vincent Isegbe, has said that Mycotoxin remained the most under-prioritised, high-risk and threat to public health, food and nutrition security in Nigeria today.

Isegbe said that Nigeria should invest about two per cent of its Gross Domestic Product to fight the fungi.

He disclosed this at the University of Abuja, while speaking as lead speaker at the 14th Annual Conference and Workshop of the Mycotoxicology Society Nigeria.

Speaking on the topic, “Mycotoxins and Health Outcomes,” Isegbe mentioned that the major classes of mycotoxins such as aflatoxins and ochratoxins impact food quantity and quality losses on a large number of agricultural commodities like include grains, groundnut, dried fruits, spices, oilseeds, fruit juices, and other foodstuff and feed crops.

He pointed out that mycotoxins are destructive and dangerous because they affect crops that dominate the farmlands of Nigeria and the culinary culture of our people.

He, however, revealed that mycotoxins remained a crushing

burden on the Nigerian food system considering that they contaminate crops at all the points in the value chain from pre-harvest, harvest, drying, and storage.

According to him, the adverse effects of mycotoxins at different stages of the crop production process cut down Nigeria’s annual crop output by 25 percent.

“The damage they do to crop quality limits the country’s access to the export market.

Hence, mycotoxins reduce food availability in the local markets; shrink the incomes of stakeholders, and undermines our export competitiveness. Their damage also limits job creation in the agricultural sector,” he stated.

Explaining mycotoxin health implications on the nations, the NAQS boss remarked that the consumption of mycotoxincontaminated foods and feed cause health fragility and deaths in humans and animals.

“Mycotoxin causes child stunting, cancer, immune and neurological impairments among other diseases,” he warned.

He said, “the prevalence of mycotoxin in the food production system is not something to trifle with. Rather, the ubiquity of mycotoxin contamination makes it a grave threat not only to food security but national security.’’

Growth”, will hold at Harbour Point 4 , Victoria Island, Lagos from Thursday, October 28 to Friday, October 29, 2021.

The President, Mr Olatunde Amolegbe, in the statement, explained that the 25th annual Conference would come up with techniques by which the federal government could finance infrastructure through mobilization of medium and long term funds from the capital market. “ We intend to hold discussions around optimizing some elements of capital markets to improve economic development

and sustainable growth in Nigeria. The Conference shall undertake a Review of Petroleum Industry Act (PIA) and opportunity for the Capital Market”, “ Micro, Small and Medium Enterprises (MSMEs) as an Engine of Growth for Economic Development”, “ Crowdfunding: Its Regulations and Impacts” and “ Fintech Evolution and the Capital Market, among other topical issues.

“There will be panel discussion with speakers drawn from the capital market community, regulatory bodies, academia,

media, sister agencies, and those in diaspora, ”Amolegbe said.

Corroborating him, the Institute’s Chairman, Programmes Committee, Mr Oluropo Dada noted that this year’s Conference would be historic, going by renewed interest of various professionals in the securities profession.

“We are set to host the biggest Stockbrokers’ event in the history of the Institute, given the unprecedented large number of the inductees and investees. The renewed interest of our members and students in our certifications is symbolizes

that securities trading remains a profession of choice, ”Dada said.

Another Stockbroker and a co-chairman of the Conference Committee, Mrs Elile Olutimayin said in order to ensure a successful Conference, the Institute had been engaging the stakeholders in the financial market ecosystem, including government functionaries.

Participants will include, stockbrokers, fund managers, regulators, government representatives, investment bankers, and existing and potential investors.

CATALYST FOR CHANGE…

L-R: Public Affairs andCommunications Manager, Nigerian Bottling Company (NBC), Jerome Oyebanji; DirectorPublic Affairs, Communications and Sustainability, Coca-Cola Nigeria Limited, Nwamaka Onyemelukwe ; Senior Manager, Social Impact Strategy for Africa Operating Unit,The Coca-Cola Company, Uche Ogbonna; Founder/Program Director, Karis and Eleos Foundation, Bukola Bamiduro; and Chairman, Karis and Eleos Foundation, Emmanuel Bamiduro at the launch of PHOTO: SUNDAY ADIGUN Catalyst For Change 2.0, powered by The Coca-Cola Foundation

FG Reaffirms Commitment to Developing Agric Value Chain Gilbert Ekugbe The federal government has restated its commitment to developing the nation’s agricultural value chain.

The Vice President, Yemi Osinbajo, explained that no country has been able to develop its agricultural sector without an effective value chain from farm to table.

The Vice President made this known recently while receiving a delegation from Gezawa Commodity Market and Exchange, a Kano State-based private company that provides a specialised organised market,

operating efficient transaction and delivery of agricultural, solid minerals, and energy-based commodities in Abuja.

Osinbajo stated that it is pertinent for the country to focus on developing its agricultural value chain.

According to him, the business of ensuring the creation of a proper commodity market with the right logistics that would mutually benefit farmers and consumers is of utmost importance.

Osinbajo noted that Nigerians were top producers of so many different agricultural products as well as minerals.

“It is in adding value, ensuring the value chain works effectively, ensuring that we can process, store and trade, that’s really where the missing link is. | don’t know of any society that has been able to develop the whole value chain from farm to table without a very vibrant commodity exchange,” Osinbajo said.

He lauded the Gezawa Company for their efforts and the very quick progress they had achieved in a short time.

“I am impressed with what you have done so far. | think the idea is that there is only one way to make agriculture

profitable for the average farmer and that is by creating a market that is systematic and recognizes value and you can’t do that without establishing a proper market,” the VP stated.

On his part, Managing Director of the Gezawa Company, Mr. Muhammad Rabi’l Elyakub, stated, “It would take Nigeria ages for the farmers, producers, and traders in commodities to discover their potential.

“But with the exchanges, we can be easily globally seen and standardise based on international best practices. I believe this is of the core anthems of this government,” he said.

NAFDAC Raises Alarm over Use of Formalin for Frozen Food Preservation Gilbert Ekugbe The National Agency for Food and Drug Administration and Control (NAFDAC) has raised alarm over the dangerous use of using formalin to preserve frozen poultry products, warning Nigerians to avoid patronizing such products.

According to NAFDAC,

formalin is a poisonous chemical popularly used to preserve corpses in the mortuary.

NAFDAC’s spokesman, Dr Abubakar Jimoh in Abuja said that some unscrupulous business persons were using formalin to preserve poultry products, particularly chicken and turkey for a longer life span.

Jimoh, who explained that

formalin was capable of preserving products for weeks before getting to consumers, warned of the danger of patronizing businesses who smuggle poultry products into the country.

In his words, “NAFDAC is alerting Nigerians about this practice. There are enough poultry products in the country than to resort to frozen chicken

smuggled in, despite Nigerian government’s ban.”

Jimoh added that if smuggled products were being patronized, indigenous poultry businesses would not experience the desired growth.

Patronage of imported or smuggled products will continue to affect Nigeria’s foreign exchange reserves, he noted.

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Micro Pension: PenCom, CPS Operators Differ on Micro Pension Performance, Identify Sensitisation as Key to Success Ebere Nwoji With N13 trillion total pension assets accumulated in the Contributory Pension Scheme (CPS) since its creation, and 70,000 contributors so far registered into the micro pension scheme two years, both National Pension Commission(PenCom) and Pension Fund Operators seem to differ in their views on the performance of the micro pension scheme.

But both believe that the scheme could do far much better than its present performance with Consolidated awareness and publicity as well as sensitisation of the general public.

Before the official launch of the micro pension scheme in

March 2019, the National Pension Commission had expressed hope that the scheme would triple the volume of pension assets during the period which was over N8trillion it therefore released guidelines that will guide the micro pension operations.

Two years down the line, the commission has expressed its dissatisfaction with the slow pace of Growth of the micro pension scheme challenging the Pension Fund Operators to up their game in sensitising the public on the relevance of the scheme.

But contrary to the commission’s expectation on rapid growth of the scheme, the Managing Director, Leadway Pensure, Ronke Adedeji believe none of the pension fund

operators expected the micro pension scheme to grow as fast as the contributory pension scheme.

According to her, the Pension Fund Operators knew from the onset that the micro pension scheme would grow in trickles, and then grow gradually.

She said this was because unlike the contributory Pension scheme proper, the target contributors into the micro pension scheme were quite different from those of the CPS. She said the target market for micro pension scheme needed a lot of sensitisation and teaching to understand the value of the scheme unlike those of the CPS that were mandated by law to

contribute.

She said during the early days of CPS scheme, money was flowing in easily unlike the early days of micro pension scheme when people were not keen to listen to the operators because they prefered to hold their money tight.

But in a recent Framework for Enlightenment and Public Awareness’ for the Micro Pension Plan sent to all PFAs. PenCom Director General, Aisha Dahiru Urmar was disgusted that two years after the launch of the Contributory Pension Scheme, only 70,000 contributors have keyed into the scheme.

She cited Section 2.2 of the

Circular on Service Delivery by PFAs, lamenting that two years after the launch of the plan in the country, only 70,000 contributors have been recorded out of over 200 million population.

PenCom, identified the need to intensify public enlightenment in a sustained manner to raise the level of awareness and acceptability of the Micro Pension Scheme as a critical success factor, adding that the framework spelt out the modalities for the commission and PFAs to ensure an effective and sustained public awareness drive of the scheme.

Adedeji, had while addressing the media on the micro pension scheme at the quarterly press

briefing organised by the Pension Fund Operators in Lagos, said the scheme was extremely important to Nigerians, adding that pension generally was meant to provide for financial stability of people at their old age.

She said though pension fund administrators had started registering contributors into the micro pension scheme, Nigerians needed awareness and enlightenment to understand and key into the scheme.

“Micro pension scheme is very significant and important we need a lot of enlightenment campaign, education and publicity is key to the success of the scheme”, Adedeji said.

UN To Establish Industrial Compact Hub in Abuja Oluchi Chibuzor The United Nations’ Deputy Secretary General for Sustainable Development Goals (SDGs), Ms. Amina Mohammed, has revealed that the United Nations would establish a global compact hub for business in Nigeria that would support the country’s effort on achieving industrialisation through SDGs. Mohammed stated this during an event organised by Manufacturers Association of Nigeria (MAN) on “Industrialisation and Sustainable Development Goals,” to mark its 50th anniversary, that the United Nations is ready to support Nigeria in harnessing industry and making progress towards the goals.

She commended the MAN’s for its role in job creation and driving industrialisation in the country, and added that inclusive and sustainable industrial development were needed in achieving the SDGs. She said: “Inclusive and sustainable industrial development plays a key role in achieving the SDGs; it lies at the heart of the economic growth and creating decent jobs in Nigeria. I applaud the essence of MAN in job creation, advocacy and result-oriented services it provides to its members who drive manufacturing in Nigeria.”

Mohammed, however, acknowledged that COVID-19 has derailed progress across all the 17 SDGs in 2020 as 124 million were pushed back into poverty and some 255

million jobs were lost worldwide.

She warned that as we start recovery, the country must be guided by the SDGs as the UN stands ready to support Nigeria in harnessing industry and making progress towards the goals.

“The UN global compact is a special initiative of the SecretaryGeneral dedicated to promoting sustainable business and can be a key partner in this process. The global compact had a local network in Nigeria, which would grow in the coming years.

“Additionally, as part of the global compact new African strategy, a hub will be established in Abuja to support business across the continent in our joint effort to achieve the SDGs. I encourage MAN to engage with the global compact in the context of his new Africa strategy, so business can effectively help move the sustainable recovery for Nigeria and the continent.

“Nigeria also stands to benefit greatly from the African Continental Free Trade Area, which will improve the quality of goods and services and increase Nigeria competitiveness in national and international markets.

“The MAN support will be crucial in ensuring Nigeria takes a profit from the 4th industrial revolution by accelerating digital expansion and promoting green industries while participating in the 3rd industrial development decade for Africa,” She said.

Govt Financial Transactions Open to Public, Says AGF James Emejo and Sonia Mayomi in Abuja The Accountant General of the Federation, Mr. Ahmed Idris, has said that information on financial transactions by Ministries, Departments and Agencies (MDAs) are now readily available and could be easily accessed by public.

This, he said, was made possible by the Open Transparency Portal (OTP) recently inaugurated by the federal government.

The AGF made this known while addressing the Governing Council of the Federal University of Technology Akure, led by the Pro Chancellor/ Chairman, Governing Council of the institution, Dr. Godknows Igali, which paid him a courtesy visit.

Idris said,”Through the Open Treasury Portal, financial transactions by agencies can be seen clearly by whoever desires their pattern of expenditure, their funding and the authority behind a specific

expenditure.

“Interested individuals, organisations and investigative agencies can now get on the Open Transparency Portal (OTP) and see for themselves all the information they need concerning patterns on expenditure”.

While recounting the successes recorded by the various financial management reform initiatives of the government, Idris noted that the OTP had further demonstrated the federal government’s commitment to transparency, accountability and efficient management of public finances.

In a statement issued by Director, Information, Press and Public Relations, OAGF, Mr. Henshaw Ogubike, he congratulated the Chairman and members of the Governing Council of the institution on their appointment and expressed optimism that their presence on the Board will add value in no small measure to the development of the institution.

INVESTORS’ SEMINAR…

L-R: Analyst, DataPro, Victoria Balogun;Executive Director, DataPro, Mr. Oladele Adeoye; Chief Executive Officer, DataPro, Mr. Abimbola Adesuyoju; Secretary, The Association of Issuing Houses of Nigeria ( AIHN), Mr. Esie Akpata; and Member, DataPro rating Committee, Dr. Wence Nwoga, at the media briefing on the fourthcoming Datapro post- Covid Economic Recovery and PHOTO: ETOP UKUTT Credit rating Imperatives for issuers and investor seminar in conjunction with AIHN held in Lagos recently

FAO Food Price Index Rises Further, Amidst Tight Supply and Demand for Wheat, Palm Oil Oluchi Chibuzor Tightening supply conditions and robust demand for staples such as wheat and palm oil have caused the World Food Commodity prices to rise in September, Food and Agriculture Organisation of the United Nations (FAO) has sais.

However, the report also said that the World cereal production is expected to lag behind global consumption despite hitting an all-time high.

In a statement, FAO said its Food Price Index averaged 130.0 points in September, up 1.2 percent from August and 32.8 percent higher than in September 2020.

FAO said its Cereal Price Index in September increased by 2.0 per cent from the previous month, with world wheat prices up almost four per cent - and as much as 41 percent higher than a year earlier – due to tightening export availability amid strong demand.

“World rice prices also rose in September, while those of maize increased by a moderate 0.3 per cent – averaging 38 percent higher year-on-year - as improved global crop prospects and the start of harvests in the United States of America and Ukraine largely countered the impact of hurricane-related port disruptions in the U.S, “FAO stated.

Reacting to the prices, the FAO Senior Economist, Mr. Abdolreza Abbassian, said: “Among major cereals, wheat will be the focus in the coming weeks as demand need to be tested against fast rising prices.”

The FAO Vegetable Oil Price Index went up by 1.7 percent during the month, which was about 60 per cent increase from September 2020 as international palm oil prices reached 10-year highs due to robust global import demand and concerns over migrant labour shortages impacting production in Malaysia while World rapeseed oil prices also appreciated markedly but soy and sunflower

oil quotations declined.

Similarly, the FAO Dairy Price Index increased by 1.5 percent from August, as solid global import demand and seasonal factors in Europe and Oceania drove up international quotations for all dairy products, especially butter.

The FAO Sugar Price Index was 0.5 percent higher from the previous month – and 53.5 percent from a year earlier – underpinned by adverse weather conditions and higher ethanol prices in Brazil, the world’s largest sugar exporter. But slowing global import demand and good production prospects in India and Thailand curbed the upward pressure.

Mastercard, KAP to Train 300,000 Young Nigerians in Film, Television, Motion Production Dike Onwuamaeze The Mastercard Foundation, in collaboration with KAP Film and Television Academy, will train 300,000 Nigerian young people in film, television, and motion picture production over the next three years.

The Mastercard who disclosed this in a statement made available to THISDAY said 50 per cent of the participants would be made up of women in order to ensure strong female participation.

“The training would include The Masterclass Series, which is a virtual series of 20 episodes that would provide e-learning to

aspiring filmmakers, covering several aspects of filmmaking from directing, cinematography, and the business of film using the acclaimed movie, ‘The Figurine’, as a case study. The virtual series of the Figurine would be free to watch on KAPtv’s YouTube channel.

“The programme would also include two levels of certifications from professional institutions in the areas of screenwriting, sound, editing, directing, cinematography and production design, among others as well as practical hands-on training.

“It would also link participants to employment or gig entrepreneurship activities, not only in the film industry via placements and internships,

but in related sub-sectors such as fashion, make-up, music scores, editing, and script writing, “the statement reads.

Mastercard added that applications would be received from prospective participants between 18 and 35 years while selection would be based on a one-minute video pitch to assess the level of skill, passion, and socio-economic status of each applicant.

“The Mastercard Foundation, and its Young Africa Works program in Nigeria, would offer young people from less privileged backgrounds that enrolled in the programme free tuition and the tools required for digital learning and smartphone

devices.

The Nigeria Country Head at the Mastercard Foundation, Chidinma Lawanson, said: “The Nigerian film industry (Nollywood) produces approximately 20,000 films annually and generates estimated revenues of up to US$600 million. It is the largest film industry in Africa and the third largest globally, after Hollywood and Bollywood” Similarly, The Chief Executive Officer and Founder of KAP Academy, Mr. Kunle Afolayan, who is also the producer of “The Figurine,” said that the academy would leverage on smartphone technology for the training that would be conducted through a learning app.

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Akpabio, Saraki, Others Make Case for Effective Nigeria’s Water Bodies Utilization Oluchi Chibuzor The Minister of Niger Delta Affairs, Godswill Akpabio, and her counterpart, Minister of State for Transportation Mrs. Gbemisola Saraki have stressed the need for Nigeria to take full economic advantage of its water bodies across several states has been stressed by the They made the call at the 3rd Annual symposium of African Marine Environment Sustainability Initiative (AFMESI), held in Lagos.

However, to achieve this, maritime stakeholders believe a solid knowledge of the maritime sphere

is important for the coordination of activities among different government agencies, regional and international actors.

Speaking at the event with the theme, “African Blue Economy Which Way To Go?,” Akpabio said that despite the potential benefits and opportunities associated with the aquatic resources, the resources of the oceans and inland waters are under serious threats due largely to neglect as well as climate change and extreme weather.

The Minister represented by the Permanent Secretary, Ministry of Niger Delta Affairs, Dr. Babayo

Ardo, also said the impact of pollution arising from overexploitation, exploration and exploitation can hinder their overall benefit.

Akpabio, informed that the theme for the symposium was to challenge Member States of the AU of their various roles and contributions to the development of the blue economy which is projected to generate about $296 billion with 49 million jobs.

According to him, by 2030, the figures would be $405 billion with 57 million jobs while by 2063 estimates put it at $576 billion of value created and 78 million of jobs.

“The blue economy initiative is on the front burner as a result of its huge gains in the area of job creation and socio economic development. The ministry will initiate the move to drive the process and work towards the development of Bio Economy strategic framework for the Niger Delta Region,” he stated.

He added, “Therefore Nigeria must take urgent advantage of the growing need to harness and utilize all the resources of the oceans, seas, rivers and lakes for the socio economic development of the country.”

On her part, Saraki noted that the theme of the symposium was coming at the critical moment when the continent is at a crossroads on the urgent need to level-up at the international stage on best trends and practices to beneficially adopt the emerging and lucrative economy, while keeping her oceans, seas and the entire marine ecosystem safe, healthy and sustainable.

Saraki who was represented by a Deputy Director at the Ministry of Transportation, Ofie Adams said the blue economy is relevant to all countries and can be applied on various scales from local, national

to global levels.

She explained that countries of the African continent, including Nigeria, are not only integral part of the entire world marine ecosystem, but surely an important component.

Earlier, while delivering her speech President AFMESI, Dr. Felicia Mogo stated that AFMESI symposium provides platforms for reevaluating the marine environment of Africa both in terms of potential and stressors, adding that AFMESI is trying to recommend best strategies to exploration for this resources for the benefit of mankind and preservation of the environment itself.

NIPOST Harps on Technology Innovation EFCC Vows to Curb Cybercrime in Nigeria Bawa said: “In recent times, our gains on the side of the perpetrators.

Emma Okonji to Enhance Customers’ Service society is rapidly changing to what That is why it is not surprising that

Emma Okonji

The Nigerian Postal Service (NIPOST) has re-emphasized the need for technology innovation among staff in order to enhance customer service delivery in today’s digital world.

Re-emphasising the need for technology innovation in all its processes and services delivery during the 2021 World Post Day celebration, which held at the NIPOST Zonal Headquarters, Ikeja, Lagos at the weekend, NIPOST said technology innovation would enable it improve on its services and also meet customers’ demands and interests, driven by evolving technologies.

General Manager, Courier and Logistics Regulatory Department of NIPOST, Mr. Gideon Dotun Shonde, who delivered the keynote address at the World Post Day and Customer Forum, said like many industries similar to the postal sector, the COVID-19 pandemic acted as an accelerator and has advanced certain trends and needs for creativity, innovative thinking, leading to new product/services for the postal sector.

According to Shonde, “It is this innovativeness of the Posts and their

resilience in serving communities, that NIPOST decided to celebrate on the occasion of World Post Day. COVID-19 not only halted much of the international postal sector for significant periods, it also undermined business strategies and plans.

“Against this backdrop, the sector was forced to become creative and develop new ideas and fresh methods to serve customers better. To this effect, new social and economic postal services have sprung up, creative ways of delivering mail has emerged, and e-commerce has prospered in many parts of the world. In many countries and territories, the Posts are also involved in last mile delivery of vaccine, using complex and storage methods, and also offering platforms for booking vaccinations and even providing space for vaccination.”

He said although mail decline has accelerated, there would be some recovery through new products/ services innovation, which he said, called for a structural shift in the operations of NIPOST, where all its staff must begin to innovate in line with global technology transformation.

Shonde said intensive innovation in mail processing would be required from all staff, along side continuing automation with increased emphasis on building digital interfaces both with customers and the NIPOST staff.

“The postal sector has been going through waves of change since the onset of the digital economy in the early 1990s and the response to these challenges is clearly established in NIPOST’s increased focus on Delivery innovation; Expansion of consolidated drop points; Increased integration of e-Commerce and mail into a single delivery flow, and Continued innovation in upstream document/data management,” Shonde said.

Zonal Manager at NIPOST, Mrs. Toyin Egbesola, in her opening speech, said in the current digital age, the post has positioned itself as a major player in global e-Commerce, which gave birth to ‘one global network’ approach, thereby making the post an obvious delivery partner for businesses selling online, with the small and medium enterprises (SMEs) business seeking to expand into international market, turning to the Post as an easy and affordable channel for export.

Worried about the increasing rate of cybercrime in Nigeria and the entire globe, the Economic and Financial Crimes Commission (EFCC) has said the Commission will leave no stone unturned in its fight against cybercrime in Nigeria The Chairman of EFCC, Mr. Abdulrasheed Bawa, gave the commitment in Lagos recently, during the Cyber Secure Nigeria 2021 Hybrid Conference with the theme “The Future of Cyber Security in Nigeria’s Digital Transformation”, which was organised by Cyber Security Experts Association of Nigeria (CSEAN).

Bawa who was represented by the Acting Head, Cybercrime Session, at EFCC, Lagos, Mr. Suleiman Jijiwa, blamed the global rise in cybercrime on evolving technologies.

we called “the e-society” where everything is done electronically like the e-payment, e-voting, e-banking, e-ticketing, e-registration amongst other e-services. The society is increasingly relying on the internet and other tools to engage in communication and conduct business activities among other benefits.

However, this development has made our e-dealings vulnerable to cyber attacks and negative consequences of security threats.”

According to Bawa, cyber security experts believed that financial damages and losses would reach $6 trillion by the end of this year.

Studies have shown that cyber attacks are among the fastest growing crimes across the globe. This rise was triggered by the huge financial

the cyber security expert predicted that before the end of 2021, there will be a cyber attack incident in every 11 seconds, this is nearly twice that of the year 2011 which was every 19 seconds, Bawa further said.

Stating the role of EFCC in fighting against cybercrime in Nigeria, Bawa said: “The EFCC as a stakeholder and leading agency in the fight against cybercrime is mandated by law to arrest, investigate and prosecute offenders of cybercrime in connection with economic and financial crimes.

The Commission has remained resolute, focused and ever ready in this regard, we are leaving no stone unturned in ensuring that cybercrime activities are reduced to the barest minimum in Nigeria.

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T H I S D AY ˾ MONDAY, OCTOBER 11, 2021

HOMES&DESIGN DANGOTE HEADQUARTERS TO STICK OUT NICELY IN IKOYI

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Dangote’s New Skyscraper Dangles in Ikoyi Sky Alfred Rewane Road (former Kingsway) is where skyscrapers are beginning to congregate, and in no time, every inch of that stretch of less than 10 kilometres will be fitted with unique designs. This is what every investor interested in upscale property market targets — to be different — and that is exactly Dangote’s plan with their 16-storey headquarters building. Bennett Oghifo writes

A

liko Dangote is a perceptive businessman who is mindful of the importance of building enduring structures. He has several of them, but now his eyes are trained on Alfred Rewane, where skyscrapers converge. Marble house where his business empire resides presently is becoming too small for his stature.

That is the reason Dangote is building a 16-storey edifice with the future of green habitation in mind. Interestingly, he assembled a great team of construction experts to bring the concept to reality.

Presently Dangote Industries occupies multiple floors in Union Marble House, which is also on Alfred Rewane Road, but they also have other offices across Lagos.

The Dangote Industries Headquarters new building represents an exceptional integration of return on investment, strict planning regulations, and innovative form adaptation to context and scale.

Situated on Alfred Rewane Road, a premium real estate zone, the company had “two challenges” to exploit: the development must optimise the use of the site and elegantly portray the grand image of the organisation whose head office will be located in it.

Four floors of ramp parking seat above the site and the choice of elevated parking was informed by the high water table, making multiple basement floors prohibitively expensive. Faceted perforated aluminium panels clad the parking floors, winding from the soffit of the double volume entrance lobby to the last parking floor.

The form rising eleven floors above the parking base comprises two sets of identical towers at varied heights butting each other on two sides to create a radiating petal form.

The building consists of a 2000-capacity auditorium-style conference hall on the ground floor, 300 capacity banquet hall overlooking a golf course on the 16th floor, generous sloped parking, and a state-ofthe-art facade cladding and glazing system.

The construction team has Trevi Foundations (NIG) Limited as the piling contractors; James Cubitt Architects designed the building. James Cubitt is a multi-disciplinary community of independent thinkers: architects, engineers, planners, and project managers.

The firm’s culture “thrives on intellectual challenge, where you will find us” passionate, analytical and dedicated.

It explained its commitment to continually updating and improving its professional skills base and successfully research, develop and sustain outstanding professional knowledge appropriate “to the needs of our group.”

The main/EPC contractor is Dangote Projects Limited; project manager: Dangote Industries Limited; structural engineers: MOA Limited; HVAC and piped services engineer is KOA Consultants while the electrical services engineer is KOA Consultants and quantity surveyor is Tillyard Nigeria Limited.

Aedas Interiors handled the interior, etc.

Dangote Industries Limited has gone beyond initial site clearing, and piling works for their new futuristic headquarters building.

The company, according to its officials, is a diversified and fully integrated conglomerate with an annual group turnover in excess of $4 billion (2016) with vibrant operations in Nigeria and Africa across a wide range

of sectors including cement, sugar, salt, condiments, packaging, energy, port operations, fertiliser, and petrochemicals.

The firm’s core business focus is to provide local, value-added products and services that meet the ‘basic needs’ of the populace through the construction and operation of large-scale manufacturing facilities in Nigeria and across Africa.

They are focused on building local manufacturing capacity to generate employment, reduce capital flight and increase local value addition.

The Dangote Group corporate strategy

has evolved as its businesses have grown, matured, and diversified into new sectors and regions over the last four decades.

Starting as a bulk commodity trading concern in the 1970s encouraged by the liberalised commodity import regime of the then Government of Nigeria, by the late 1990s, our strategy had transformed to a focus on manufacturing for import substitution. The early 2000s saw the group’s approach adjust to strategic asset acquisition further in line with the then Government’s privatisation policies. This set the stage for the

next phase in our strategic plan for the next decade; expansion and backward integration.

The firm further stated that it “is striving for self-reliance” in Nigeria in all the sectors where it operates and has drawn up ambitious plans to set up world-class projects in new realms such as agriculture, petroleum refinery, petrochemicals, fertiliser, and telecom.

The group has almost single-handedly taken Nigeria to self-sufficiency in cement and is expanding rapidly across Africa, helping other countries achieve the same.

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HOMES&DESIGN

Designing Spaces with Mental Health in Mind

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n recent years, “Mental health” has become quite the hot topic.

From social media memes to considerations for major policy design and adoption, as well as extensive research and development, the historically taboo topic has become one that features quite widely. Yet, despite increased awareness and conversations around the topic, mental health continues to carry a stigma around it as well as a thick cloud of fear that comes from a lack of knowledge and understanding.

As we celebrate World Mental Health Awareness day, there is no better time to re-emphasise the fact that intentional design of spaces can have a real and significant impact on our mental health, and although the science of design for mental health is quite niche and specialised, there are a number of simple design considerations and practices we can all benefit from all year round, and not just in the month of October.

The use of colour, for instance is a natural first port of call when we’re considering using interior design to change the mood our spaces evoke, as hundreds of studies have been

carried out to investigate how the colours which surround us alter how we feel. There is a rich psychology behind how different colours affect us, and if you’re especially interested in designing interiors which impact how you, your family and your guests feel, it’s well worth exploring the science behind colour. Above all, remember that although there are some general trends which broadly outline how human beings respond to colour, shade and tone can be a very personal thing. From memories to personal associations, how we react to colour is often very individualistic.

You will no doubt have heard the expression “mood lighting” before.

That’s because the lighting we use in our interiors can have a big impact on how a room makes us feel. From the warm, nostalgic glow of sunset, to the energy-boosting brightness of mid-morning, the light we live in can change how we feel in seconds. Bright overhead, downward angled lights will ensure a room is well-lit and stimulating, prefect for workspaces and areas where you want to exercise your

creativity. Welcoming in plenty of natural light will enhance the vibrancy and positivity in any area, while dispersed, low light from mid-level sources such as table and floor lamps will create a sense of cosiness and intimacy.

Texture on the other hand, is a feature which is often overlooked in interior design, but texture can seriously impact how we feel in different surroundings. Texture is all about tactile experience.

When we look at an object with an unusual texture, it’s easy to imagine how it would feel on our skin. That is why soft, fluffy and velveteen surfaces create a rich, indulgent mood. While cool, smooth, shiny surfaces make us feel clean, fresh and alert. Natural textures such as wood and stone have also been shown to support mental wellness and to be quite calming and improve focus.

I would go so far as to task design professionals to practice more inclusive design by giving consideration not just to users with obvious physical limitations, but also to the mental health of all who occupy and use the spaces

OMON ANENIH MORDI Founder, The DEW Centre

they design. Asking a few tough but essential questions while putting together a brief for a design project could make all the difference towards creating spaces that truly help make people feel good. Certain common issues such as anxiety and depression are hugely impacted by the effects of physical space on our mood and emotions.

It is worth noting that there is a strong link between poor mental health and financial difficulties. As such, mental health should be made even more of a priority in times of economic downturn and in the design and development of low-income housing. Not only must we take intentional steps to destigmatize mental health and include it in conversations around space design, but we must also begin to think of good mental health as a necessity for all and not as a luxury.

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

Stabilising the Naira

Achieving exchange rate stability requires developed domestic production structures, a diversified economy and a conducive macroeconomic environment, writes Obinna Chima

T

he recent precipitous depreciation of the naira against the dollar on the parallel market has been a concern to stakeholders.

Despite certain measures undertaken by the Central Bank of Nigeria (CBN) to strengthen the naira, such as stopping the sale of foreign exchange (forex) to Bureau De Change (BDC) operators, the naira has remained volatile on the parallel market, trading at around N570 to a dollar.

While the development has shaken public confidence, some analysts believe the lacklustre performance displayed by the naira on the parallel market reflects the symptom of broader economic problems such as the country’s high appetite for imports, lack of a trade policy, among others.

Indeed, Nigeria’s heavy import dependence is majorly responsible for the high forex outflow and the perennial weakness suffered by the naira. This explains why the exchange rate is often the bellwether for Nigeria’s economic health, and why there is a swift pass-through of exchange rate movements to inflation.

A major chunk of Nigeria’s forex outflows are due to invisibles, which refers to services.

These include inter- national payments for services as well as movement of money merely for transfer payments. Also, the country’s infrastructure deficit explains the huge level of importation of processed and final goods.

The main sources of forex exchange supply to a country include foreign currency receipts from exports of goods and services, monetary gifts and inflows of capital from abroad such as loans and investments. It is from these earnings that the demand for forex is met to spend on foreign imports of goods and services (including foreign travel, education medical treatment abroad), monetary gifts to foreigners, and loans and investments abroad.

What is the implication of this?

It is that for Nigeria whose currency is not convertible or serve as international currency, she must necessarily earn foreign exchange through high productivity and export of goods and services, receipt of monetary gifts or receipt of foreign loans and investments in order to import needed goods and services aimed at the development of the economy and enhancing the welfare of the citizens.

Also, high levels of forex earnings and external reserves are the backbone of the naira exchange rate. They ensure stability of the rate while low levels weaken the naira. But then, it must be noted that the CBN does not produce forex; it is what is earned by the country that the Bank strives to manage and use to stabilise the exchange rate.

UNDERSTANDING FX, EXTERNAL RESERVES, NAIRA EXCHANGE RATE

A member of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), Prof. Mike Obadan, in a recent article, explained that forex is relevant in the context of world trade, payments and capital flows into and out of a country.

This, he pointed out forms a major component of a country’s external reserves which according to the International Monetary Fund (IMF) consists of “official public sector foreign assets that are readily available to, and controlled by the monetary authorities, for direct financing of payments imbalances, and directly regulating the magnitude of such imbalances, through intervention in the FX markets to affect the currency exchange rate and/or for other purposes”.

In light of this, the Central Bank of Nigeria Act, 2007, Section 24, mandates the Bank to maintain external reserve assets in gold coin or bullion, balances in banks outside Nigeria, foreign short-term treasury bills and medium-term securities, Special Drawing Rights (SDR) of the IMF, etc.

The CBN Act 2007 enjoins the Bank to “use its best endeavour to maintain external reserves at levels considered by the Bank to be appropriate for the economy and the monetary system of Nigeria.”

“In light of this, the CBN has strived to carry out this mandate by using supply and demand management strategies, particularly, forex conservation and control measures as well as measures to ensure adequate supply of foreign exchange.

“This is particularly so because forex is a scarce resource that needs to be efficiently managed if the country is to achieve

macroeconomic stability, and avoid chronic balance of payments and external reserve problems.

“It must be stressed that it is only forex, in the form of convertible currencies or internationally acceptable currencies, and not naira, which can be used for international transactions,” Obadan added.

The Professor of Economics and Chairman, Goldmark Education Academy, noted that for some time now, there have been issues about forex in the country, which predates the present administration, stating that over the years, genuine efforts of the federal government to achieve a headway on these have tended to be undermined by exogenous shocks in the past five years which pushed the economy into recession in 2016 and 2020.

According to Obadan, the first recession from the first quarter (Q1) of 2017, was triggered by the collapse of crude oil prices in the global market. The price of Nigeria’s Bonny Light crude oil then declined continuously from $62.22 in Q2 2015 to $34.39 per barrel in Q1 2016.

Owing to this, as at the second quarter, 2017, when the country exited recession, crude oil price per barrel stood at just $50.21 per barrel.

“Due to the heavy dependence of the Nigerian economy on the oil sector, the impact of the oil market crash was severe on export earnings, foreign exchange reserves, government revenue and other macroeconomic aggregates including economic growth.

“External reserves declined from $28.28.33 billion in Q2, 2015 to $23.8 in Q3, 2016. The other external sector indicators similarly deteriorated: balance of goods and services, balance of current account, financial account, overall balance of payments, and external debt stock and debt servicing.

“The net forex inflow became negative, implying that the country paid out more forex to the rest of the world for importation of goods and services than it received. This implied that the demand for forex was higher than receipt of forex and the pressure on forex and the naira exchange rate was very high. This accounted for the devaluation/

depreciation of the naira in relation to the US dollar at that time.

“Secondly, the Covid-19 pandemic-induced economic crisis in 2020 resulted in recession in the third and fourth quarters of last year.

The pandemic containment measures in the form of economic lockdowns and restrictions on international travels and business resulted in recessions for countries in various degrees.

“Again, the external sector aggregates of the Nigerian economy experienced serious deterioration due to the economy’s continued heavy dependence on the oil sector for export earnings and external reserves accumulation.

Crude oil production reduced from 2.07 mbpd in Q1, 2020 to 1.61 mbpd in Q2, 2021. Reports even indicate further decline to 1.27 mbpd in August, lower than the 1.38 mbpd achieved in July 2021 caused by difficulties in some oil terminals.

“This decline in output partly explains why the observed increase in oil prices to about $70+ per barrel has not impacted much on government revenue or foreign reserves accretion.

The former Director-General, National Centre for Economic Management & Administration, Ibadan, however, pointed out that the parallel market rate is determined mostly by speculators and rent seekers in a shallow and illegal market, which he argued constitutes a very tiny proportion of the forex market in Nigeria.

“Because the quantity of forex available in that market is very small in relation to the demand of the desperate economic agents that want to buy forex at any cost, the exchange rate is necessarily high. It cannot serve as reference for the naira exchange rate.

“If it is so, then it is the case of the tail wagging the dog! The parallel forex market needs to be avoided by decent economic agents. It will continue to exist as long as the naira is not convertible, the productivity of the economy remains low and the country does not earn enough forex from export of goods and services and capital inflows,” Obadan stressed.

Therefore, in order to stabilise the forex market and reduce the pressure on the naira exchange rate, Obadan said there was the

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BUSINESS SPECIAL

ANALYSIS

STABILISING THE NAIRA strong need to move away from the country’s flawed pattern of economic management of the past.

He therefore called for a revival and rebuilding of the productive sectors of the economy to achieve higher capacity utilisation and productivity, and competitive manufactured exports; strong government encouragement of local refining of petroleum products for both domestic consumption and exports; as well as strong and effective surveillance of the forex market by the monetary authority to check round-tripping of forex from the deposit money banks to the parallel market.

In addition, Obadan advised the government to ensure that during oil booms, it saves forex and build fiscal buffers; increases sourcing of local raw materials and revival of the capital goods industry; promote fiscal and monetary discipline and harmony; create an enabling environment for productive capital inflows, especially foreign direct investment; and actively promote restoration of confidence in the economy to check capital flight.

“A good handle on the current insecurity challenges along with macroeconomic stability will be very helpful in this regard; rationalise imports structure to manage demand for forex; as may be permitted by supply considerations, use external reserves stock to support the exchange rate through increased funding of the foreign exchange market; and use moral suasion to encourage Nigerians to patronise home-made goods and reduce their high propensity for disruptive trade and commerce.

“Import only when it is absolutely necessary. They should also eschew unhealthy speculation in foreign exchange as well as rent-seeking behaviour and adopt positive attitudes towards ensuring a stable exchange rate for the naira,” he added.

in order to enhance forex inflow and achieve exchange rate stability.

Some experts who spoke with THISDAY,

NEED FOR EFFECTIVE TRADE POLICY

Nevertheless, the federal government has been advised to take urgent steps to overhaul the country’s trade policy

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.

However, 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.”

Also, Senior Lecturer at the Department of Economics, Pan-Atlantic University, Lagos, Dr. Olalekan Aworinde, 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 forex 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 forex 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

BUSINESS SPECIAL

one of the reasons we have the constant pressure on the naira exchange rate.”

Former Deputy Governor of the CBN, Prof.

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 importdependent 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.”

Therefore, achieving adequate amount of forex earnings and stabilising the exchange rate require developed domestic production structures, a diversified economy and export orientation that is supported by an effective trade policy as well as a conducive macroeconomic environment.

PERSPECTIVE

Will Tourism Advance Africa’s Socio-economic Narrative?

Dupe Olusola

F

or the past decade, the African continent has shown a remarkable commitment to building a repository of investment opportunities across business sectors.

Tourism, for instance, has witnessed a spike in Cape Verde, sustaining its economy on hospitality efforts. Tourism contributes to 24 per cent of Gross Domestic Product (GDP) in Mauritius. In 2019, Ghana launched a viral campaign, ‘The Year of Return,’ attracting globetrotters and foreigners seeking to reconnect with their roots.

The ‘Year of Return’ popularised Ghana as a tourist destination with Trans-Atlantic trade appeal, following a 5.5 per cent contribution from the tourism industry to the nation’s GDP in 2018.

Before the pandemic, a hospitality report showed that Africa was the second-fastest growing tourism region globally, with a growth rate of 5.6 per cent after the Asia Pacific, against a 3.9 per cent global average growth rate.

Now, with the number of travels per year on a decline as a result of the COVID-19 pandemic, conversations abound on whether domestic tourism numbers will begin to look up and how the Africa Continental Free Trade Area (AFTCA) will accelerate progress for regional tourism.

AFTCA AND INTEGRATING LOCAL VALUE CHAINS With a potential market size of over 1.2 billion people and a gross domestic product (GDP) of $2.5 trillion across all 55 member states of the African Union, much is to be expected from AFTCA, particularly in integrating African countries to drive up demand and supply for goods and services, as well as facilitate intracontinent migration.

The movement of people and goods will enable trade and create more valuable local opportunities.

In Nigeria, family-owned investment company Heirs Holdings is further integrating its state of play to leverage these unfolding opportunities across Africa. An example of such is its strategic investment in the hospitality landscape – a sector

dominated by hotels but is witnessing the emergence of new players and product offerings set to diversify and expand the sector.

Digitally savvy consumers have fuelled the culture of lifestyle and hospitality, driving the adoption of experiential packages in the hospitality industry. This cultural shift enhances competition and opens opportunities for new entrants into the hospitality market. One such example is Aura, a new digital platform redefining hospitality in Nigeria, enabling people to book accommodation, restaurants, and experiences from their mobile devices.

Launched by the hospitality investment arm of Heirs Holdings and one of Africa’s leading hospitality brands, Transcorp Hotels Plc –, it is the company’s pathway to boosting inter-regional participation in the tourism and hospitality sector.

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The reduced dependency on international tourism is an opportunity to explore grassroots recreational outlets. Aura’s bold and targeted approach is to leverage the existence of homes, create traction for underrepresented small businesses, and showcase national heritage, through curated lifestyle and tourist experiences. Its ambition is to engage thousands of partners – from homeowners, hoteliers, restaurateurs, and experience providers to earn income by listing their properties or services on the platform, increasing economic growth and development while improving lives. With Aura, more local businesses will be better positioned to insert themselves in value chains, leading to increased income sustainability.

ADDRESSING ACCESS IN REGIONAL TOURISM According to the World Tourism Rankings of 2019, there were 69.9 million international tourist arrivals to Africa. This statistic, according to the World Tourism Rankings of 2019, positions Africa as a much-desired destination for non-African travels. However, much is still unsaid about access to tourist

destinations in Africa for Africans.

Inter-regional connectivity in Africa remains a challenge. A significant number of the African population still find it difficult to acquire visas.

Enthusiastic tourists in Africa are exempted from the diverse experiences in neighbouring countries. Countries are unable to promote their local travel destinations and tourist offerings to attract more regional travellers.

One solution for this predicament will depend on policy adjustments within which Africans can begin to move toward regional integration. Africa is long overdue a flight hub in West Africa – particularly to address the challenge of ease and accessibility while travelling regionally. At present, TAP Air Portugal connects African travellers to Lisbon, São Tomé and Príncipe and Cape Verde, making the case for why more airlines need to expand their global route network operations in Africa. Alternatively, travellers sometimes must fly to Europe to connect to another country in Africa, with the same fate applicable to regional logistics, all of which have implications on trade activities.

Policy adjustments can also happen at the national level, the case of such being in Ghana, when, for the Year of Return campaign, it waived some visa requirements and passed amendments to a 2002 law that permits people of African origin to apply for a right to stay indefinitely in Ghana.

Another solution to boosting regional tourism is Intra-African trade: whereby regional organisations can facilitate cross-country tourist exhibitions and engage Africans on a regional level on what their neighbouring states have to offer. Such a move would weave a brighter future for a region that has repeatedly noted the urgent need to address its continent-wide connectivity gap.

INDUSTRY DIVERSIFICATION: NEW REALITY FOR HOSPITALITY PLAYERS Having suffered a loss of over $50 billion in revenue in the wake of a changing society affected by the Covid-19 pandemic, tourism industry players face a new reality: how to

recoup from these unprecedented losses, create more employment opportunities, and celebrate the dynamism on the continent.

Addressing the deficit in international travel demand in the wake of COVID-19, Transcorp Hotels was able to identify and enable new products that meet local hospitality needs.

Recently, it launched several initiatives: a drive-through cinema, laundry delivery service and food delivery all with the aim of driving long-term returns and delivering premium consumer experiences. In addition, it launched Workspace by Transcorp Hotels – a business hub for corporates designed to boost business activities in a hospitable environment.

PATHWAY TO RECOVERY FOR AFRICA’S TOURISM, HOSPITALITY PLAY As African economies recover, new interventions in the tourism and hospitality sector will emerge to help address the impact of the pandemic and slow-down of growth.

Digital products like Aura by Transcorp will augment efforts to move Africa toward an integrated market, as the continent has one of the fastest-growing mobile phone penetration rates. Similarly, it will provide a young African population and a growing middle class with leisure opportunities.

The AFCTA agreement is expected to boost about 50 per cent intra-African trade between now and by 2030 – less than a decade.

Achieving this will require a viewpoint that embraces local small and medium-sized enterprises. Indeed, the strongest outcome for the tourism industries in Africa will occur when key players diversify supply chains, establish regional value chains, and boost the growth of home-grown value-adding products. The hope is that with an enabling environment like the AFCTA, Africans can begin to embrace solutions developed to empower them socially and economically, just as regional economies spur growth and expand in capacity. t 0MVTPMB JT UIF .% $&0 5SBOTDPSQ )PUFMT 1MD

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MONDAY, OCTOBER 11, 2021 ˾ T H I S D AY

BUSINESS SPECIAL

ANALYSIS

Elumelu’s Winning Recipe for Business Success The Chairman of Heirs Holdings, Mr. Tony Elumelu, recently met with young entrepreneurs across Africa where he shared relevant insights for the survival of businesses. Obinna Chima presents the excerpts:

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tartups are globally regarded as the backbone of any economy. That is why in most economies, especially in Asia, they are widely known for their innovation, competitive edge and strong links to global enterprises.

These businesses contribute to improved living standards, bring about substantial local capital formation and achieve high level of productivity and capability. They have also been identified as a vehicle for employment generation and providing opportunities for entrepreneurial sourcing, training, development and empowerment.

While economic turbulence or crises such as the COVID-19 pandemic at times act as setback for businesses, they also present opportunities for discerning entrepreneurs.

To the Chairman, Heirs Holdings and the Founder of the Tony Elumelu Foundation (TEF), it is in the time of crisis that entrepreneurs uncover opportunities to solve problems and position their businesses for success.

Speaking during a hybrid mentoring session with several young African entrepreneurs, Elumelu stressed the importance for entrepreneurs to always define their strategy and set realistic goals.

The Chairman of the United Bank for Africa Plc (UBA), narrated to his audience, the challenges he faced at the early stage of his career, stressing the need for business operators to be committed to their corporate vision.

“When we started at Standard Trust Bank (STB), we came up with what is called the three-tier strategic intent. Tier-one was that we took over a distressed bank. Tier-2 was a bank that was shut down, was not in clearing house and all its offices closed.

“Nigeria’s banking sector then had over 125 banks, it was a crowded space. And the third tier strategic intent was how to become one of the top three banks in Nigeria. And we put timeframe to these. In the first place, we said for the first three years, let’s make it a viable firm; the second one, up to the seventh year, was to make it one of the top 10 banks and the third one was that by the tenth year, to make it one of the top three banks.

“So, we stretched ourselves; it was audacious, it was big, and considering a banking sector that had 125 banks at that time. When we accomplished the first one, it gave us further impetus, energy, power and inspiration we needed to move to the second one. When we accomplished the second one, it also helped us to move to the third phase.

“We actually accomplished the third phase before the set target. We did the acquisition in 2004, merged in 2005; but this was a journey that started in 1997. So, when we got to that point, we couldn’t fold our hands or rest there, we had to come up with another three-year strategic intent,” Elumelu explained.

Speaking further, he said the first strategic intent was to be dominant in financial services group in Nigeria; the second was to dominate Africa and third, according to him, was that UBA should have a global footprint.

“Again, we accomplished the first one; for the second one, today UBA operates in 20 African countries and the third one, UBA today operates in London, Paris and New York and it is the only African bank that operates in the United States.

“So, the story here for entrepreneurs is: Firstly, stretch yourself in terms of your ambition; work very hard; assemble the right people to help you orchestrate and achieve that and as you accomplish each goal, you should not be complacent or to relax, it should ginger you to the next phase. And when you think you have achieve all, strategise and come up with another set of target.

“Keep coming up with strategy until you conquer the world. For example, in food business today, we have McDonald serving the world, you can start by serving Nigeria.

You can say that every child that goes to school must eat your product every day, and that aspiration should drive you. So, redefine your aspiration in a wider contest and take it from there,” Elumelu added.

According to him, to win in business, “the

Elumelu

journey of 1,000 miles starts must from one step.”

“For me, it is always important that you outline your goals and put milestones to it. The first milestone should lead you to the second milestone, third milestone and so forth,” he added.

Elumelu pointed out that when he established Heirs Holdings in 2010, “we again defined our strategy and in 2020, that is after 10 years, we took stock and we are happy that again, almost everything we set out to achieve, we have achieved.”

“The key thing to take away is for you to have your purpose or dreams, be audacious as much as possible, then set timeframe – short milestones and quick wins. What this does is that it helps you to validate, inspire, motivate and encourage you,” he said.

Responding to a question on how to ensure that staff key into the vision of an organisation, Elumelu said business operators must appreciate the relevance of people in driving business.

He pointed out that human resources is so critical for any business and the turnaround of the business. Elumelu noted that retreat is very important for business growth, just as he pointed out the need for entrepreneurs to ensure that they take out time to bond with their staff.

“We prioritised the fact that if we want to succeed, it is going to be driven by our people. For me, at that stage as CEO, it was important that I was involved in all recruitments, even up to the drivers, in making sure that we get it right. Today, I still spend a lot of time in getting people on board. That prioritisation is important.

“I also spend a lot of time on posting because putting a round peg in a round

hole is critical for business success. Where you put a staff for maximum productivity is also very important.

“So, I think the right policies, the right culture, the right indoctrination and the right believe system would help you to win in that battle. But let’s not kid ourselves, this generation ‘Z’ people can come in the morning, leave in the afternoon and get another job in the evening.

“So, people is very important for the success of any business and we need to prioritise it and leadership should be involved in the selection process, how they are managed and you need to create a relationship with people who work with you,” he added.

Speaking on access to finance which remains a challenge in the continent, Elumelu said: “My advice to everyone is that you need funding. And if you can get funding at reasonable terms, please get money to drive your business. But don’t raise money for social consumption. If you raise money, let it be for productive purposes; just use it to make an investment.

“What comes from that investment, take it or leverage the process of that investment to develop your business. Be careful with the terms and conditions of the funds you are getting because there are some that can kill you as an entrepreneur.”

He explained: “When we started, we took over a distressed bank and if we were looking for someone to fund it, nobody would do it because they would not be convinced. But we saw opportunities and we understood our local market. And it had never been done in this part of the world that you take a distressed financial institution and turn it around.

“Only the paranoid succeed in business

because you have to always ask yourself: What if this doesn’t go well, what if you are not able to do this or that? That is the discipline that comes when you are an entrepreneur.

“When we started STB, there were risks we took that then we can’t even try 10 per cent of such risks today, because you have to look at the collateral damage. Detach yourself from the business opportunities and look at it with rigour. Don’t always look at success, also look at the effects of failure.”

For entrepreneurs who do not have first mover advantage, Elumelu advised then to be focused on developing the right product that can stand completion and keep pushing.

“Put in place additional benefits for customers. It is good if we have the first move advantage, but when we don’t have it, we can play catch up and play it very well, even better than those who had first mover advantage.

“So, I don’t want us to be discouraged because we are not the first, I also do not want us not to get into a space because others are already in that space. Be purposeful and set out your strategy. Like I said earlier, when we started banking, it was a crowded space, 125 banks, then later there was a shake up and it reduced to about 20 banks.

So, let us never be discouraged by first mover advantage,” the entrepreneur advised.

He also advised entrepreneurs to ensure that groom their staff and share relevant knowledge with them.

“For me, I try to commoditise knowledge; I try to share everything I learn,” he said, saying “business leaders must try to replicate themselves in others, so that just staying where you are, you will know your apostles (staff) are doing what they ought to be doing; you also know their weaknesses and limitations and know where to step in to fortify them. When you have apostles almost everywhere, then you will have things running, even if you are not there.”

Responding to a question on why entrepreneurs must take media and communication very serious, which he said has become part of his business strategy, Elumelu said: “When we started in STB, we had done so well in the third year and we were going to post N1 billion profit.

One of my colleagues, Charles Nwodo, a Divisional Director then, advised that we needed to introduce ourselves to the world through the media. But I didn’t believe in that then.

“I felt what we were doing should just speak for us. Then we published and people started asking questions and saying all sort of things and some said we were ‘cowboys.’ I didn’t understand then that in the world, if you don’t tell your story, the world would tell that story the way they wanted. I had had my baptism and I learnt fast.

“So, you have to build your story and talk about what you are doing. I think it is actually being proactive and carrying the market along.”

He noted the importance of mentorship for business operators, saying they are required to draw inspiration and strength from.

“Steve Jobs and Micheal Jackson were my mentors. Those were great men with the power of hard work. The world sees the finished product and they say Micheal Jackson is talented, but he pushed himself to become great at what he was doing, until his last day. At times, he would spend several hours without eating. That was what helped me when I was rising.

“Second was Steve Jobs. This was a man from nowhere who founded the first company to cross $1 trillion in market capitalisation even when he was gone. Most people die and their company goes into extinction, but even in death, his company is still rising. Also, your parents are always the first people to inspire you and I was fortunate to have had great bosses.”

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MONDAY OCTOBER 11, 2021 • T H I S D AY

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T H I S D AY ˾ ͯ​ͯ˜ ͰͮͰͯ

CITYSTRINGS

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Nigeria’s Treasure Trove in Aso Rock Villa Director General of the National Council for Arts and Culture, Otunba Olusegun Runsewe, on the eve of the 61st independence anniversary showcased Nigeria’s rich cultural heritage inside the Banquet Hall of Aso Rock Villa Abuja, writes Charles Ajunwa

Nigeria's treasure trove

A woman weaving cloths

L-R: Vice President Yemi Osinbajo, President Muhammadu Buhari and Director General, National Council for Arts and Culture, Otunba Olusegun Runsewe, during the president's visit to the NCAC exhibition stand tagged 'The Treasure of Our Beloved Country - Nigeria' to mark Nigeria's 61st independence anniversary held at Banquet Hall, Aso Rock Villa Abuja...recently

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t the departure hall of the Murtala Muhammed Airport Terminal Two (MMA2), Lagos, where we sat down waiting to board a Max Air flight to Abuja on Thursday morning, the big screen at the Gate 3-4 occasionally reminded passengers of Nigeria’s 61st Independence Day on October 1, 2021. Though I was eager to do a cross fertilisation of ideas on Nigeria’s journey so far with other passengers waiting to catch flights to their different destinations, the strict COVID-19 protocol of social distancing and wearing of face marks never allowed me to do so.

As we stepped out from the arrival hall at the Nnamdi Azikiwe International Airport Abuja, it was business as usual as airport taxi drivers beckoned on passengers for lift. The protocol officer from the National Council for Arts and Culture (NCAC), Mr. Frank Meke, who received us revealed that our mission to the nation’s seat of power was to report the exhibition stand set up by the NCAC, which was part of activities marking the independence anniversary. Inside the bus conveying us to Sharon Ultimate Hotel, located at the serene part of Area 3, Garki, we sought God’s intervention and prayed for a hitch-free independence anniversary.

We also prayed against the ‘principalities and powers’ in the Presidential Village. Runsewe, who was in company of the President, National Association of Nigeria Travel Agencies (NANTA), Mrs. Susan Akporiaye, led the team to the Banquet Hall, Aso Rock Villa Abuja, venue of the historic exhibition titled ‘The Treasures of Our Beloved Country - Nigeria’. Runsewe, who was wearing a white native attire and green-white-green cap to complement the outfit, supervised the security clearance right from the main gate to the event venue before we were allowed inside the exhibition hall.

Visitors to the two entrances leading to the Banquet Hall apart from being greeted with pockets of plain cloth security operatives, they were also greeted with architecturally designed tent-like structures made of bamboo and raffia with cultural insignia used to decorate the top, lush green flowers and mural drawings depicting the country’s rich heritage.

Photographs of some important landmarks, personalities and native dresses of the different

Clay works

Zuma Rock

ethnic nationalities were carefully placed on both sides of the walls leading to the Banquet Hall. Long red rugs rolled on floors which signified royalty as the president expected to walk on it to the NCAC exhibition stand tucked inside the extreme right of the hall.

Inside the dome-like hall were assorted artifacts capturing the art works from the six geopolitical zones, dancers dressed in their native costumes displayed their dancing skills to the admiration of visitors and songs of music legend late Victor Uwaifo ‘Joromi’ and other artistes occasionally rend the air bringing nostalgic feelings on Nigeria’s journey so far.

Apart from a red giant king-size stool with a hand fan made of bird feathers placed on the seat inside the well arranged treasure trove, six tent-like structures served as outlets for cuisines from the six geopolitical zones of the country. The cuisine on display from the North-east include Brabisco/Twon Dawa (swallow), Kuku, Marghi special (soups), Fura Dan Nono, Kunun Shinkafa (drinks), Massa, Dan Wake and Kulikuli (small chops); North-central include Pounded Yam, Acha (swallow), Karkashi, Benised (soup), Pito, Kunu (swallow) and Awara (small chops); South-east include Akpu (swallow), Ofe Owerri, Egusi (soup), Palm Wine (drinks) and Abacha (small chops); South-south include Starch (swallow), Banga, Fisherman (soups), Palm Wine (drinks), roasted plantain, fish and peppered fish (small chops); South-west include Amala (swallow), Ewedu and Gbegiri (soups), Palm Wine (drinks), Moi-Moi, Akara, Peppered snail and Agidi (small chops); and North-west include Twon Shinkafa (swallow), Dried Okro, Taushe (soups),

Zobo (drinks), Sinasir, Dambu, Kilishi and Dakuwa (small chops).

Also of interest were the imposing photographs of past and present leaders which formed the background of the exhibition hall showing clearly the political evolution of Nigeria. Namely: Sir Frederick Lugard (January 1, 1914 - August 8, 1919), Sir Hugh Charles Clifford (August 8, 1919 – November 13, 1925), Sir Graeme Lukmer Thomson (November 13, 1925 – June 17, 1931), Sir Donald Charles Cameron (June 17, 1931 – November 1, 1935), Sir Bernard Henry Bourdillon (November 1, 1935 – 1943), Arthur Frederick Richards (1943 – February 5, 1948), Sir John Macpherson (October 1, 1954 – June 15, 1955), Sir James Wilson Robertson (June 15, 1955 – November 16, 1960), Alhaji Abubakar Tafawa Balewa (October 1, 1960 – January 15, 1966), Chief Benjamin Nnamdi Azikiwe (October 1, 1963 – January 16, 1966), Major General Johnson Thomas Umunnakwe Aguiyi-Ironsi (January 16, 1966 – July 29, 1966), General Yakubu Gowon (August 1, 1966 – July 29, 1975), General Murtala Ramat Muhammed (July 1975 – February 1976), General Olusegun Aremu Okikiola Mathew Obasanjo (February 14, 1976 – October 1, 1979), Alhaji Shehu Usman Aliyu Shagari (October 1, 1979 – December 31, 1983), and Major General Muhammadu Buhari (December 31 – August 27, 1985).

Others are General Ibrahim Badamasi Babangida (August 27, 1985 – August 26, 1993), Chief Ernest Adegunle Oladeinde Shonekan (August 26, 1993 – November 17, 1993), General Sani Abacha (November 17, 1993 June 8, 1998), General Abdulsalami Alhaji Abubakar (June 9, 1998 – May 29,

The president who commended Runsewe for a job well done, nodded his head in affirmation and endorsement of the exhibition put together to celebrate the rich cultural history of Nigeria, the first by any Nigerian government within the precincts of the seat of power

1999), Chief Olusegun Obasanjo (May 29, 1999 – May 29, 2007), Umaru Musa Yar’Adua (May 29, 2007 – May 5, 2010), Dr. Goodluck Jonathan (May 6, 2010 – May 29, 2015), and Muhammadu Buhari (May 29, 2015 ).

With all set and expectations very high, at exactly 8:02p.m. President Buhari majestically walked into the treasure trove dressed in an elegantly designed light blue agbada and a deep blue cap spotted in white with a charming smile radiating his face and his gap tooth showing clearly. The president was accompanied by Vice President Yemi Osinbajo; Senate President, Dr. Ahmed Lawan; Speaker, House of Representatives, Femi Gbajabiamila; Secretary to the Government of the Federation, Mr. Boss Mustapha; and Minister of Trade, Mr. Niyi Adebayo.

Runsewe, who set up the NCAC exhibition stand in three days, painstakingly conducted the President and his team round the massive display of artistic and cultural artifacts reflective of the six geopolitical zones of the country. The president’s first point of call was the giant Zuma Rock, and throughout the inspection he paid attention to details.

The president who commended Runsewe for a job well done, nodded his head in affirmation and endorsement of the exhibition put together to celebrate the rich cultural history of Nigeria, the first by any Nigerian government within the precincts of the seat of power.

Runsewe, elated by the president’s visit, said it would send the right signals to Nigerians to treasure the full value of Nigeria’s culture and history, which clearly defines the country and the people.

“It was a tight schedule for the president who was involved in the activities of celebrating Nigeria at this auspicious period in the life of our nation but yet finds time to visit, introspect and endorse the display of the rich diverse exhibition of Nigerian cultural tourism components. It is clearly an indication that the president believes and loves Nigerian culture, which we at NCAC wish to transform into a viable economy, bigger and better than oil,” Runsewe said.

Guests at the NCAC exhibition stand immediately after the president left the venue participated in tasting the sumptuous delicacies served free of charge.

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CRIME&SECURITY

Western Naval Command Renovates Lagos Model School

CRIME SITUATION REPORTS

COMPLIMENTARY SECURITIES: HOW EFFECTIVE IN FACE OF EMERGING SECURITY CHALLENGES AND WAY FORWARD (PART 6) Gbolahan Samuel Moronfolu

Naval officers and dignitaries after the commissioning

Commodore Duke inaugurating the renovated school Precious Ugwuzor

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s part of its commitment to community development, especially in host communities in its Area of 3FTQPOTJCJMJUZ "03 UIF 8FTUFSO /BWBM $PNNBOE 8/$ SFDFOUMZ SFOPWBUFE UIF -BHPT 4UBUF .PEFM /VSTFSZ 1SJNBSZ 4DIPPM "DIBLQP "KFHVOMF -BHPT During the commissioning of the project, )FBE 5FBDIFS PG -BHPT 4UBUF .PEFM /VSTFSZ And Primary School Achakpo Ajegunle, Mrs Nwagbogwu Theresa expressed her appreciation to the navy.

She said: "To say we are overwhelmed with your generosity is an understatement, in view of finding time and resources at your disposal for the completion of the school building architecture in the following areas: repairs of the dilapidated room, ceiling and toilet.

"Also, painting of the entire perimeter fence, external and internal painting of two blocks of 12 classrooms, replacement of classroom doors and windows/louvers, provision of water tank stand, sinking of borehole and provision of water treatment plant.

"We are gathered here to witness the unveiling of the above completed project made possible by the Western Naval Command, in order to provide a conducive learning environment for our children in their pursuit of academic excellence.

“Without mincing words, one of the honour and joy of our academic life has been our association with you. We will surely handle these buildings with utmost care." *O IJT SFNBSLT 'MBH 0GàDFS $PNNBOEJOH '0$ 8/$ 3FBS "ENJSBM +BTPO (CBTTB said “The government alone cannot carry all of our responsibilities considering the dwindling and scarce resources in the midst of so many challenges bedeviling our nation.

"Based on this, the Nigerian Navy in her own little ways, thought it wise and in accordance with the Chief of the Naval Staff Strategic Directives 2021-05 under the leadership of the Vice Admiral AZ Gambo, to carry out Corporate 4PDJBM 3FTQPOTJCJMJUZ BU -4./14 "Thus, the Nigerian Navy Authority has mandated its establishments and units to impact

their immediate environs and communities.

The Nigerian Navy believes in contributing her quota to societal development through civil military relationship in areas such as health care services, sporting events and education services aside its major role of protecting the territorial waters."

Gbassa, who was a represented by the Command Transformation Officer, Commodore Bassey Duke, added that " As we have chosen this school, we have decided to impact knowledge on the pupils, especially young children that we believe are the backbone of a brighter Nigeria.

Since they are the future of Nigeria, we have decided to impact positively on this school” “It is pertinent to state that this school will be the second that will be benefiting of such intervention from the Western Naval Command 8/$ JO -BHPT 4UBUF UIF àSTU CFJOH POF PG the navy's own Nursery and Primary Schools.

"In this school, I have so much conviction and encouragement that great and mighty people, who will stand shoulder to shoulder with their peers anytime and anywhere, will come out of here.

“Before I hand over, I will like to conclude by making an appeal to all parents and guardians to get involved in the education of our children and wards. Please help them with home work, visit their schools without notice” Also speaking, Mr. Adebayo Adefuye, Permanent Board Member, Special Projects, 46#&# SFQSFTFOUJOH UIF $IBJSNBO PG 46#&# stated that the action of the Western Naval Command is quite commendable.

“When you go out of your way to produce a conducive environment for teaching and learning, it is always highly commendable.

The children are our future, and the better the environment created for them to learn, the better their learning outcomes.

"So, this is very commendable. I didn’t know the Navy does social responsibility; but I commend them, and ask them to keep it up. We encourage them to do more. We appreciate this.

I implore the headteacher, teachers, parents, and pupils to take ownership, and not allow the building to deteriorate. They should maintain its value, and our children will continue to learn in a conducive environment."

SECURITY GUARD DOGS A guard dog or watchdog is a dog used to guard property against, and watch for, unwanted or unexpected human or animal intruders. The dog is discerning so that it does not annoy or attack the residents of the house.

The deployment of security dogs in Nigeria is now one of the most reliable alternatives for personal and business safety. This is because insecurity in Nigeria has been on the rise for a while, and it doesn’t look like things will get better soon. With this current low level of national security, it is imperative to pay extra attention to your home and business safety.

Whether you are at home or away, security dogs on guard will secure your homes and other valuables from burglars and invaders. These dogs are known to bark until property owners are called to alert and respond accordingly by prompt intervention.

BELOW ARE SOME OF THE BENEFITS OF GUARD DOGS Defence: Dogs are selfless protectors and defenders because dogs are loyal.

In terrible situations of danger or possibly death, your dog will rather put its live in danger than see its owner being harmed. Unlike human security guard, whose loyalty can be bought, dogs are very loyal to their providers and will go to whatever length to protect them.

A warning signal: The meh sight of signs at gate, such as “beware of dogs” or slightest sight of a dog house in a compound is capable of making a potential burglar retract his or her step even without the dog barking or attacking. These things send warning signals to invaders that the task will not be easy.

An effective weapon: In cases of attempted escape by intruders, security dogs can give a chase and probably catch the intruders. The claws and teeth of the dog are effective weapons to hold down until a rescue team, or the police arrive.

Ability to detect and recognize different sounds: Security dogs have the ability to detect and recognize sounds which security systems like the camera or door sensor can’t pick up or only picked up after the invader has crossed the line. But a dog will bark immediately it senses a stranger from some distance away. Glass shattering or a jump over the fence is enough sound to cause your dog to act appropriately.

Cost of service: You will only need to feed and cater for their general wellbeing with minimal cost. This is cheaper than paying salaries and catering for feeding of a gateman and his family members.

Privacy: A security dog will never divulge your information or gossip about you to others. You can guarantee that whatever happens in your home stays in your home. A security dog can never be compromised or bribed by anyone.

WHAT IS CONSIDERED A GUARD DOG German Shepherds are one of the most common breeds for police dogs, but they're just as common as pets. They'll protect your house from intruders, but they're so loyal that they will form a strong bond with you. The Giant Schnauzer is basically a stronger, larger version of its standard counterpart.

A guard dog will guard your property and a protection dog will protect you and your family. A guard dog is trained specifically to be a working dog, not

a pet. They are used as police dogs or military dogs and cannot "turn off" their training.

THE ADVANTAGES/BENEFITS OF GUARD DOGS r 4FDVSF :PVS )PNF 8IFO :PVhSF Away r 1SPUFDU :PV 8IFO :PV "SF )PNF r 1SPUFDU :PVS )PNF &WFO 8IFO They're Away r 8JEFS 3BOHF PG %FUFDUJPO UIBO Security Systems r " 4FMGMFTT 1SPUFDUPS r " 'BTUFS 3FTQPOEFS r "O &GGFDUJWF 8FBQPO r *EFBM GPS -POF 4FOJPST )BOEJcapped Persons. r 5IFJS QSFTFODF EJTDPVSBHFT JOUSVEers. r *O UIF FWFOU PG B IPNF JOUSVTJPO a guard dog will keep the intruders at bay until law enforcement arrives. r 5IFZ NBLF FYDFMMFOU DPNQBOJPOT r (VBSE EPHT BSF TBGF UP PXO GPS families. r 5IFZ DBO HP XJUI ZPV OFBSMZ BOZwhere. r 5IFTF EPHT QSPWJEF UIFJS PXOFST with extra peace of mind.

THE DISADVANTAGES OF GUARD DOGS r 5IFZ NBZ TDBSF (VFTUT BOE PUIFS visitors. Most guard dogs are only loyal to those they are familiar with, and in so doing can scare even your guests. r )JHI JO .BJOUFOBODF +VTU MJLF humans, dogs also have a lot of special needs like food, grooming, and vitamins. r 5IFZ NBZ OPU CF BCMF UP JEFOUJGZ the Criminal in some instances. '&"563&4 "/% $)"3"$5&3*45*$4 0' (6"3% %0(4 1MBZGVM /BUVSF -PPL GPS B QMBZful pup that likes nothing better than GFUDIJOH CBMMT DBUDIJOH B 'SJTCFF PS playing tug of war with their favorite rope toy. Guard dogs love to play, not only does this make the training fun, it produces a security dog that’s eager to go to work. )JHI MFWFM PG $PODFOUSBUJPO 1SPGFTsional guard dogs possess high levels of concentration. They are alert at all times and ready to respond to their handler, in any given situation.

3FTQPOTJWF /BUVSF %PHT UIBU BSF destined to work in the security field need to respond well to their handlers.

You can tell how responsive a dog is during the training stage. If they are keen, pay attention to you and react well to commands, they’ve got a good temperament for the security business.

4. Willingness to Work: Guard dogs are generally eager to please their handlers. They have energy and drive, and also possess a genuine willingness to work.

Note however that, in spite of all the above mentioned security outfits and alternatives, to complement the public security system, not much have been achieved. This is to say no single security outfit or alternative measure can work in isolation or is enough to tackle the divergent security challenges of any nation, it is greatly advised that all outfits and measures above be applied complementarily, for a more effective and result oriented security system.

-Moronfolu is a seasoned security consultant with many years of security and policing experience. FELLOW, Fourth Estate Professional Society (FFPS), he has also partaken in peace keeping operations within and outside the country and has flair for general security education.

46

T H I S D AY ˾ ͯ​ͯ˜ 2021

BUSINESS/MONEYGUIDE

Katagum: Access to Quality Business Training Major Challenge Facing MSMEs James Emejo ÓØ ÌßÔË The Minister of State, Industry, Trade, and Investment, Mrs. Mariam Katagum, has identified lack of access to quality business training and development as a major challenge facing the MSMEs sector.

This is as the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has presented practicing licenses to the first batch of over 150 qualified Business Development Service Providers (BDSPs) under the National Business Development Service Providers certification and accreditation framework.

The minister, at the occasion said the present administration would continue to give priority to programmes that would enhance the growth of MSMEs in the country.

She therefore, urged the service providers to contribute their quota to national economic development through effective capacity training for millions of MSMEs across the country.

The Director, Industrial Development Department in the ministry, Mr. Adewale Bakare, represented the minister.

She expressed hope that that the certified BDSPs would henceforth execute major projects under SMEDAN to ensure professional delivery of its activities as it relates to MSMEs development.

The Director General of SMEDAN, Dr. Dikko Radda said the licences were issued after qualitative try and certification of the BDSPs. He explained that the National BDSPs programme was designed to standardise the delivery of business development services

to MSMEs in the country.

He said the programme sets, structures, and systemises standardised curriculum for the development of relevant BDSPs for all functional areas of any small business.

Radda said the move was part of SMEDAN’s strategies towards strengthening activities of MSMEs in the country to achieve economic development in line with the agenda of President Muhammadu Buhari’s led administration.

The BDSPs however, promised to provide the needed capacity training needed to add value to MSMEs in the country and commended SMEDAN for the training, certification, and presentation of the licences as this would fast-track national economic development.

No Going Back on Recapitalisation of BoA, Says Minister James Emejo ÓØ ÌßÔË The Minister of Agriculture and Rural Development, Dr. Mohammad Abubakar has said that the repositioning of the Bank of Agriculture (BOA) was non - negotiable adding that it would improve access to grants for smallholder farmers.

He said the planned recapitalisation would also boost food production and generate revenue for the country.

Abubakar also reassured of the federal government’s commitment in its diversification plan through agriculture.

The minister spoke during his familiarisation tour to some agricultural institutions in Kaduna State over the weekend.

He said BOA as a develop-

ment financial institution in the agriculture sector is to provide agriculture and rural financing for smallholder farmers.

He added that the plan would boost nutrition and food security, increase the local farmers income and create more jobs for Nigerian farmers.

The minister said it would simulate improvement in the lives and growth across the farming communities, adding that ‘’President, Muhammadu Buhari is very passionate on the need to grow what we eat and eat what we grow so as to de-emphasize unnecessary importation of food which constitutes a drain on our foreign exchange’’.

In a statement by the ministry’s Chief Information Officer, Ezeaja Ikemefuna, Abubakar further

disclosed ongoing plans by the ministry in collaboration with the Central Bank of Nigeria (CBN) to streamline agricultural loans to smallholder farmers for proper utilisation, effective production and efficient services scheme in the various value chains.

He pledged that the ministry under his watch would ensure that the BOA obtained licence to operate maximally and deliver services towards achieving its core objectives and mandate.

Abubakar stated that the diversification agenda of the present administration was one of the cardinal policies aimed at achieving nutrition and food security, reducing poverty rate and improving the Agribusiness in the Agric sector.

Uzoka: At UBA, Customer Satisfaction Remains our Priority The Group Managing Director/ Chief Executive Officer, United Bank for Africa (UBA) Plc, Kennedy Uzoka, has said that the main priority for every staff in the bank is to always ensure customer satisfaction.

This, he said, is crucial for every forward-thinking organisation such as UBA, as the customer remains the undisputed employer.

In a message to all staff to mark the commemoration of the 2021 edition of the Customer Service Week, Uzoka took time to appreciate the staff who have worked tirelessly towards satisfying their customers; and urged them not

to rest on their oars.

The Customer Service Week, which is celebrated annually all over the world, recognises the importance of customer service and seeks to show appreciation to the staff who serve and support customers with the highest degree of care and professionalism.

The theme for this year’s celebrations is, “The Power of Service” and underscores the bank’s persistent determination to provide service to customers despite the global pandemic. It also serves as an opportunity to acknowledge the vital role

of service in any organisation.

While emphasising the need for continuous excellent service delivery to customers, he said that UBA has in the last few years embarked on a journey to ensure Excellence, Enterprise, and Execution, which is achievable when an institution focuses primarily on satisfying its customers.

He said, “As we continue our journey to becoming Africa’s Global Bank, I would like us to recommit ourselves to the service of our customers, bearing in mind that they are indeed our Undisputed Employer!

NAICOM Insists All Public Buildings Must be Insured Sonia Mayomi ÓØ ÌßÔË The National Insurance Commissioner (NAICOM) has reinforced the need to embark on measures to enforce government’s policy on insurance of public building in the country.

Deputy Commissioner for Insurance, Technical, Alhaji Sabiu Bello Abubakar, said the provision of Section 65 of the Insurance

Act 2003, specifically stipulates that all public building shall be adequately insured.

Speaking at the sensitisation workshop for Federal and State Fire Service on the insurance of public buildings and buildings under construction, he added that Section 64 of the Act also provided that all buildings under construction above two floors be adequately insured.

He explained that the essence of insurance of public buildings and buildings under construction was to cushion the impact and reduce the burden and liabilities that the owner/government would have to bear in likely occurrences of catastrophic events including natural disasters, fire, accidents, building collapse, injuries or death to third parties, among others.

ANNOUNCING CIS ANNUAL CONFERENCE

L-R: Co-Chairman, 25th Annual Conference of Chartered Institute of Stockbrokers (CIS), Mr Ayodeji Ebo, CIS’ Registrar and Chief Executive, Mr Josiah Akerewusi, Chairman, Programme Committee, Mr Oluropo Dada and Co-Chairman, Conference Committee, Mrs Elile Olutimayin, during Press Conference on preparation for 2021 Annual Conference of CIS in Lagos at weekend

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

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ 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 ˜ ͵

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).

47

T H I S D AY ˾ ͯ​ͯ˜ ͰͮͰͯ

Analysts: NGX Group Listing on Exchange to Bring About Transparency, Price Discovery Darasimi Adebisi As the Nigerian Exchange Group (NGX) Group Plc lists its shares on Nigerian Exchange Limited (NGX), capital market analysts have said the listing by introduction aims to create price discovery and bring about transparency.

The NGX Group had announced its intention to list on the Main Board of NGX listing by introduction of 1,964,115,918 ordinary shares of 50kobo each

at an indicative price of N17.17 per share of Exchange.

The planned listing follows the successful completion of the demutualisation and restructuring of The Nigerian Stock Exchange and its related operations within NGX Group.

The share of NGX Group is expected to commence trading on NGX following their Listing

by Introduction. All regulatory requirements have been fulfilled and the Listing has received the

P R I C E S MAIN BOARD

F O R DEALS

approval of the Securities and Exchange Commission (SEC).

Speaking with THISDAY, the former president of Association of Stockbroking Houses of Nigeria (ASHON), Mr. Emeka Madubuike said the listing of NGX group on the NGX is expected to bring about an exchange of wealth and price discovery.

The NGX Group on the NASD last Thursday closed trading at N14.68 and recorded

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

52-week high of N30.26 per share.

According to Madubuike: “The NGX is about price discovery better than NASD. We are going to see a lot of activities taking place in that stock of NGX Group going forward. There is a better opportunity for investors to invest in the NGX Group once listed on Exchange.

“The listing will open up the shares for more people to invest. Even as we speak, a lot

T R A D E D MAIN BOARD

A S

of investors aside stockbroking firms are already buying the shares on NASD.It is going to give people more leeway to have access to shares of NGX group on the NGX.” Vice President, Highcap Securities Limited, Mr. David Adnori explained that NGX Group listing on the NGX passed through stringent requirements, which was approved by SEC. “The listing is a wonderful development and it is expected to

O F

boost investors’ confidence once it’s listed. Also, NGX Group has to meet post-listing requirements that listed companies are obliged to meet.

“The listing of NGX group means it will be more transparent, accountable and its corporate governance will now be under the control of the investing public.

The value proportion of NGX Group would have increased because it is expected to enhance investors’ confidence,” he said.

0 8 / 1 0 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

48

˾ MONDAY, OCTOBER 11, 2021

Monday, October 11, 2021 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ ^ƵƐƚĂŝŶĞĚ ƵLJŝŶŐ /ŶƚĞƌĞƐƚ ŶĞƌŐŝƐĞƐ ƚŚĞ ƵůůƐ… ^/ ƵƉ ϭ͘ϲй ǁͬǁ

THISDAY AFRINVEST 40 INDEX

This week, the benchmark index extended gains on Ăůů ĮǀĞ ƚƌĂĚŝŶŐ ĚĂLJƐ͕ Ă ŵŽŵĞŶƚƵŵ ůĂƐƚ ƐĞĞŶ ŝŶ :ƵůLJ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

& E, ;нϮϭ͘ϳйͿ ĂŶĚ /Zd > & ;нϲ͘ϯйͿ͘ dŚĞ ƌĂůůLJ ŝŶ ƚŚĞ ĂďŽǀĞ-ŵĞŶƟŽŶĞĚ ƐƚŽĐŬƐ ĐŽƵůĚ ďĞ ůŝŶŬĞĚ ƚŽ ƚŚĞ ĂŶŶŽƵŶĐĞŵĞŶƚ ŽĨ ŝƌƚĞů ĨƌŝĐĂΖƐ ŝŶƚĞŶƟŽŶ ƚŽ ďƵLJ ŽƵƚ ŵŝŶŽƌŝƚLJ

ƐƚĂŬĞ

;ϴ͘ϬйͿ

ŝŶ

ŝƌƚĞů

EŝŐĞƌŝĂ͖

a ĚĞǀĞůŽƉŵĞŶƚ ƚŚĂƚ ĐŽƵůĚ ŚĞůƉ Ɛƚ & E,ΖƐ ƉůĂŶ ƚŽ ĚŝǀĞƐƚ ĨƌŽŵ ŝƌƚĞů EŝŐĞƌŝĂ͘ ĐĐŽƌĚŝŶŐůLJ͕ zd ƌĞƚƵƌŶ ŝŵƉƌŽǀĞĚ ƚŽ ϭ͘ϱй ĂŶĚ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƌŽƐĞ േϯϰϬ͘ϯďŶ ǁͬǁ ƚŽ േϮϭ͘ϯƚŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚLJ ǁĞĂŬĞŶĞĚ

THISDAY AFRINVEST 40

1,710.11

0.17%

16.5%

71.0%

15.0%

3.5%

760.00

0.0%

29.1%

-10.8%

-10.8%

12.3%

4.4%

66.00

0.0%

10.0%

-14.7%

-14.7%

19.1%

11.2%

31.7x

6.0x

28.60

0.7%

8.6%

-11.6%

-11.6%

24.8%

3.9%

4.4x

1.1x

10.5%

22.9% 30.3%

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 9 Access Bank PLC

P/E

5.5x

P/BV

Divindend Earnings Yield Yield

0.7x

5.3%

14.8%

2.1% 3.2%

24.50

1.4%

6.9%

-1.2%

-1.2%

21.8%

2.9%

3.3x

0.7x

12.2%

280.00

0.0%

7.2%

14.3%

14.3%

44.7%

17.5%

14.1x

6.1x

6.1%

7.1%

174.90

0.0%

5.2%

2.9%

2.9%

143.0%

12.4%

14.1x

17.8x

6.0%

7.1%

1,480.00

0.0%

4.0%

-1.7%

-1.7%

143.5%

17.1%

30.0x

51.4x

4.3%

3.3%

23.35

0.0%

3.8%

10.9%

10.9%

9.9%

7.1%

10.5x

1.0x

4.3%

9.5%

9.40

0.0%

3.3%

11.2%

11.2%

18.3%

1.5%

2.5x

0.4x

9.0%

39.7%

0.6%

2.6%

-8.1%

-8.1%

2.2x

0.4x

6.9%

45.8%

9.80

-2.0%

3.5%

37.1%

37.1%

10.6%

1.0%

4.6x

0.5x

4.5%

21.9%

12 Nigerian Brew eries PLC 13 Stanbic IBTC Holdings PLC

49.50

0.0%

1.9%

-11.6%

-11.6%

5.6%

2.2%

41.5x

2.3x

2.0%

2.4%

39.00

0.0%

2.1%

3.3%

3.3%

17.4%

2.1%

8.4x

1.3x

10.5%

11.9%

-11.4%

-4.5%

14 International Brew eries PLC 15 Flour Mills of Nigeria PLC 16 SEPLAT Energy PLC

ĂŶĚ ϭϯ͘ϱй ǁͬǁ ƚŽ ϯϰϭ͘ϯŵ ƵŶŝƚƐ ĂŶĚ േ2.9bn

19 Fidelity Bank PLC 20 Ecobank Transnational Inc

ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ

21 Dangote Sugar Refinery PLC 22 FCMB Group Plc

& E, ;ϯϬϱ͘Ϯŵ ƵŶŝƚƐͿ͕ hE/s/E^hZ ;ϭϯϱ͘ϵŵ ƵŶŝƚƐͿ͕

23 Sterling Bank PLC 24 NASCON Allied Industries PLC 25 Transnational Corp of Nigeria

E/d, (േϭ͘ϬďŶͿ͕ ĂŶĚ ^^ (േϲϭϵ͘ϰŵͿ ůĞĚ ƚƌĂĚĞƐ

26 Presco PLC 27 Unilever Nigeria PLC

ďLJ ǀĂůƵĞ͘

28 PZ Cussons Nigeria PLC 29 United Capital PLC

^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ďƵůůŝƐŚ ĂĐƌŽƐƐ ŽƵƌ ĐŽǀĞƌĂŐĞ

32 AIICO Insurance PLC 33 TotalEnergies Marketing Nigeri

ƚŚŝƐ ǁĞĞŬ ĂƐ ϰ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ƉŽƐŝƟǀĞ ǁŚŝůĞ Ϯ ǁĞƌĞ

34 Julius Berger Nigeria PLC 35 Wema Bank PLC

ŶĞŐĂƟǀĞ͘ dŚĞ ĂŶŬŝŶŐ and AFR-/ d indices led the

36 Union Bank of Nigeria PLC 37 Oando PLC

0.0%

1.2%

-23.5%

-23.5%

0.3%

1.2%

12.7%

12.7%

710.00

0.0%

1.9%

76.5%

76.5%

-14.1%

0.7x

5.6%

3.1%

1.7%

18.8x

0.6x

5.8%

5.3%

-100.0%

0.0%

1.1%

26.9%

26.9%

37.4%

23.6%

8.5x

2.9x

6.0%

11.7%

2.61

-0.4%

0.8%

3.6%

3.6%

12.7%

1.2%

2.3x

0.3x

8.5%

44.1%

6.30

5.0%

0.7%

5.0%

5.0%

1.5%

0.1%

20.9x

0.3x

17.40

0.0%

0.6%

-1.1%

-1.1%

25.6%

12.1%

6.7x

1.6x

8.6%

14.9%

3.06

0.7%

0.5%

-8.1%

-8.1%

1.53

4.8%

0.3%

-25.0%

-25.0%

8.9%

0.8%

3.9x

0.3x

3.3%

15.20

0.0%

0.4%

4.8%

4.8%

20.7%

5.9%

15.2x

3.1x

2.6%

6.6%

0.97

3.2%

0.4%

7.8%

7.8%

-1.3%

-0.3%

0.6x

1.0%

-2.2%

85.00

0.0%

0.3%

19.8%

19.8%

2.1x

2.4%

13.20

0.0%

0.2%

-5.0%

-5.0%

-4.2%

-2.7%

1.2x

5.40

0.0%

0.2%

1.9%

1.9%

4.8%

4.9% 25.9%

-3.6%

9.05

-1.1%

0.4%

92.1%

92.1%

35.5%

4.2%

6.9x

2.2x

7.7%

29.60

0.0%

0.3%

55.8%

55.8%

1.7%

0.8%

51.3x

0.9x

1.6%

2.0%

6.70

0.0%

0.2%

14.5%

14.5%

24.7%

7.5%

3.3x

0.8x

7.9%

30.3%

21.6%

3.3%

4.0x

0.4x

0.95

3.3%

0.2%

-15.9%

-15.9%

192.00

0.0%

0.3%

47.7%

47.7%

25.50

0.0%

0.2%

44.7%

44.7%

18.3%

2.4%

5.1x

0.75

-2.6%

0.1%

8.7%

2.0%

0.0%

0.2%

0.2%

40.5%

2.1%

16.4%

0.8x

1.6%

19.5% 23.5%

8.7%

11.7%

0.7%

4.3x

0.5x

5.3%

7.5%

0.9%

5.5x

0.6x

5.0%

40.5%

14.5%

2.6%

2.2x

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%

5.43

0.0%

0.0%

50.8%

50.8%

14.5%

24.8%

6.1x

-100.0%

T o p 10 G a i n e r s

18.1% 44.7%

2.1x

-21.2% 2.0%

18.4%

0.9x

T o p 10 T r a d e s b y V o l u m e

P ric e

P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

UP L

1.58

9.7%

FB NH

154.7

-2.0%

SOVR EN IN S

0.24

9.1%

GT C O

17.3

0.7%

C A VER T ON

1.68

6.3%

F ID ELIT YB K

13.8

-0.4%

R EGA LIN S

0.40

5.3%

T R A N SC OR P

12.5

3.2%

NP FM CRFB K

1.80

5.3%

ET I

11.5

5.0%

C OUR T VILLE

0.41

5.1%

SOVR EN IN S

11.2

9.1%

ET I

6.30

5.0%

M ULT IVER SE

11.2

0.0%

ϭϮ͘ϭйͿ ĂŶĚ Z ' >/E^ ;-ϵ͘ϭйͿ͘ >ĂƐƚůLJ͕ ƉƌŽĮƚ-taking in

R ED ST A R EX

3.25

4.8%

WEM A B A N K

8.3

-2.6%

ST ER LN B A N K

1.53

4.8%

UB A

7.3

0.6%

PZ (-ϲ͘ϭйͿ ĂŶĚ ,KEz&>KhZ ;-ϱ͘ϯйͿ ĚƌĂŐŐĞĚ the

CHA M S

0.23

4.5%

A C C ESS

6.4

0.0%

'ĂƐ and /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ Ϭ͘Ϯй ĂŶĚ

Ϭ͘ϭй ǁͬǁ ƌĞƐƉĞĐƟǀĞůLJ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ƵƉƟĐŬ ŝŶ d ZE ;нϭϬ͘ϬйͿ ĂŶĚ t W K ;нϮ͘ϬйͿ͘ ŽŶǀĞƌƐĞůLJ͕ the /ŶƐƵƌĂŶĐĞ index extended ƉƌĞǀŝŽƵƐ ǁĞĞŬ’s loss, ĚŽǁŶ ϭ͘ϱй ǁͬǁ ĂƐ ŝŶǀĞƐƚŽƌƐ ƐŽůĚ-Žī KZE Z^d ;-

T ic k er

0.9x

115.50

5.20

38 Notore Chemical Industries Ltd 39 Beta Glass PLC 40 Transcorp Hotels Plc

;нϭϲ͘ϳйͿ͕ ĂŶĚ /Zd > & ;нϲ͘ϯйͿ͘ dƌĂŝůŝŶŐ͕ ƚŚĞ Kŝů Θ

4.55 29.30

0.0%

30 Guinness Nigeria PLC 31 Custodian and Allied Insurance

ĚƵĞ ƚŽ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ & E, ;нϮϭ͘ϳйͿ͕ d/

ROA

7.95

ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĐŽŶƚƌĂĐƚĞĚ ϰ͘ϭй

ŐĂŝŶĞƌƐ ĐŚĂƌƚ͕ ƵƉ ϰ͘ϱй ĂŶĚ Ϯ͘ϳй ǁͬǁ ƌĞƐƉĞĐƟǀĞůLJ

ROE

10 United Bank for Africa PLC 11 FBN Holdings Plc

17 11 PLC 18 Okomu Oil Palm PLC

and &/ >/dz ;ϳϴ͘ϭŵ ƵŶŝƚƐͿ ǁŚŝůĞ & E, (േϯ͘ϬďŶͿ͕

Price Change Index to Date

Ticker

ϮϬϮϭ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ƌŽƐĞ ϭ͘ϲй ǁͬǁ ƚŽ ϰϬ͕ϴϲϴ͘ϯϲ ƉŽŝŶƚƐ ĚƵĞ ƚŽ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ

Price Previous Current Change Price YTD Weighting Change

Current Price

T o p 10 L o s e r s

ŽŶƐƵŵĞƌ 'ŽŽĚƐ index lower ďLJ Ϭ͘ϱй ǁͬǁ ƚŽ ƌĞǀĞƌƐĞ ůĂƐƚ ǁĞĞŬΖƐ ŐĂŝŶƐ͘

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŚŝƐ ǁĞĞŬ͕ ĂƐ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ŝŵƉƌŽǀĞĚ ǁͬ ǁ ƚŽ ϭ͘ϲdž ĨƌŽŵ ϭ͘ϰdž ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ǁĞĞŬ ĂƐ

ϯϵ ƐƚŽĐŬƐ ŐĂŝŶĞĚ ĂŐĂŝŶƐƚ Ϯϰ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ƚŽƉ ŽƵƚƉĞƌĨŽƌŵĞƌƐ ĨŽƌ ƚŚĞ ǁĞĞŬ ǁĞƌĞ hW> ;нϮϴ͘ϱйͿ͕

Afrinvest West Africa Limited

T ic k er

T o p 10 T r a d e s b y V a l u e

P ric e

P ric e C hg %

T ic k er

Value

P ric e C hg %

A C A D EM Y

0.36

-7.7%

FB NH

1542.5

-2.0%

A F R IP R UD

6.20

-6.1%

GT C O

495.2

0.7%

H ON YF LOUR

3.56

-3.8%

M TNN

111.4

0.0%

J A IZ B A N K

0.58

-3.3%

Z EN IT H B A N K

95.5

1.4%

M B EN EF IT

0.30

-3.2%

ET I

72.0

5.0%

WEM A B A N K

0.75

-2.6%

N EST LE

71.5

0.0%

A R D OVA

15.10

-2.6%

A C C ESS

59.5

0.0%

P R EST IGE

0.46

-2.1%

UB A

58.4

0.6%

M A N SA R D

2.31

-2.1%

B UA C EM EN T

46.2

0.0%

FB NH

9.80

-2.0%

SEP LA T

38.1

0.0%

Brokerage

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

49

MONDAY OCTOBER 11, 2021• T H I S DAY

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

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

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

floor of the Nigerian Stock Exchange.

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

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

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 07Oct-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 N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A 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 10.16% AIICO Balanced Fund 3.36 3.53 -1.05% 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 8.52% Anchoria Equity Fund 138.24 139.96 4.72% Anchoria Fixed Income Fund 1.14 1.14 -14.32% 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 N/A N/A N/A ARM Discovery Balanced Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Eurobond Fund ($) N/A N/A N/A ARM Fixed Income Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 106.64 106.64 4.85% AVA GAM Fixed Income Naira Fund 1,040.69 1,040.69 4.07% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund 1.00 1.00 8.75% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.07 2.07 -5.42% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.18 2.22 0.47% mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 3.63% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 9.09% Paramount Equity Fund 17.08 17.40 6.82% Women's Investment Fund 140.28 141.92 5.42% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.97% Cordros Milestone Fund 2023 122.52 123.33 Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) 107.84 107.84 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 8.98% Coronation Balanced Fund 1.21 1.22 0.65% Coronation Fixed Income Fund 1.42 1.42 -10.50% 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 7.56% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 7.87% EDC Nigeria Fixed Income Fund 1,165.76 1,184.48 1.26% 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 Bond Fund 1,426.17 1,426.17 11.56% FBN Balanced Fund 195.05 196.38 3.93% FBN Halal Fund 113.31 113.31 9.28% FBN Money Market Fund 100.00 100.00 9.09% FBN Dollar 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

127.18 166.92

127.18 3.99% 169.18 10.41% fcmbamhelpdesk@fcmb.com

Bid Price 1.00 3.98 1.65 1.19

Offer Price Yield / T-Rtn 1.00 6.35% 3.98 2.77% 1.69 8.60% 1.19 4.84% 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 7.51% Vantage Balanced Fund 2.86 2.92 0.02% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 153.81 154.08 -1.09% Vantage Equity Income Fund (VEIF) - June Year End 1.26 1.30 -0.28% Vantage Dollar Fund (VDF) - June Year End 1.12 1.12 2.40% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.85 11.89 13.10% Meristem Money Market Fund 10.00 10.00 10.31% 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 1.54 1.57 13.52% PACAM Fixed Income Fund 11.19 11.19 -7.97% PACAM Money Market Fund 10.00 10.00 5.62% PACAM Equity Fund 1.43 1.44 -9.57% PACAM EuroBond Fund 111.77 113.78 1.83% 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 131.70 134.03 9.62% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.06 1.06 10.10% 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 3,455.90 3,493.54 7.62% Stanbic IBTC Bond Fund 233.63 233.63 3.90% Stanbic IBTC Ethical Fund 1.26 1.28 7.63% Stanbic IBTC Guaranteed Investment Fund 308.69 308.69 4.76% Stanbic IBTC Iman Fund 234.08 237.61 7.27% Stanbic IBTC Money Market Fund 100.00 100.00 7.46% Stanbic IBTC Nigerian Equity Fund 10,710.81 10,862.46 2.06% Stanbic IBTC Dollar Fund (USD) 1.28 1.28 4.17% Stanbic IBTC Shariah Fixed Income Fund 115.92 115.92 4.36% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 104.32 104.32 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 1.32 1.35 3.54% United Capital Bond Fund 1.93 1.93 5.14% United Capital Equity Fund 0.90 0.92 13.07% United Capital Money Market Fund 1.00 1.00 8.91% United Capital Eurobond Fund 120.73 120.73 5.46% United Capital Wealth for Women Fund 1.08 1.09 5.60% United capital Sukuk Fund 1.06 1.06 6.47% 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 13.09 13.20 10.30% Zenith Ethical Fund 14.60 14.75 19.59% Zenith Income Fund 24.43 24.43 1.85% Zenith Money Market Fund 1.00 1.00 6.92%

REITS

NAV Per Share

Yield / T-Rtn

124.98 53.61

10.62% 6.12%

Bid Price

Offer Price

Yield / T-Rtn

13.85

13.95

4.80%

127.80 100.59 17.70 19.88

130.98 102.79 17.80 19.98

6.28% 1.39%

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

3.95 5.60 18.10 1.00 20.82 156.57

3.99 5.68 18.20 1.00 21.02 158.57

4.58% -1.49% 11.35% 7.51% 1.44% -28.76%

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.

50

T H I S D AY ˾ ͯ​ͯ˜ ͰͮͰͯ

FEATURES

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

Nigeria: A Nation Troubled by Insecurity @61 Kingsley Nwezeh writes on the convulsive violence gripping the nation as it celebrates its 61st independence anniversary

A

nation at 61 is expected to have gone through teething problems, initial challenges and undergone a test of nationhood, (civil war in the case of Nigeria) and overcome such challenges.

Having gone through major national crises, devastating riots, civil war, coups, long years of military rule, and electoral upheavals, it is expected that at 61, Nigeria should be approaching stability or would have stabilised on many fronts, notably, the economy, security, equitable distribution of resources and social justice, among other indices of nationhood. But reverse is the case.

Insecure Times The state of insecurity in the nation has triggered questions about the independence status of the nation. With the mass murders, rampant kidnapping for ransom, terrorism, armed banditry, rape and other crimes taking place simultaneously on a daily basis and secessionist agitations, it is appropriate to pose the question: Is Nigerian truly independent?

At this age, Nigeria would have met the expectations of the citizenry and the international community, moving at the same pace with nations that attained nationhood the same time.

If national security entails the security and defence of a nation state, including its citizens, economy, and institutions, which is regarded as a duty of government, shall we say that with the onslaught by terrorists, armed bandits, kidnappers on the citizenry, the nation still enjoys protection of government as enshrined in the constitution?

If the dimensions of national security includes economic security, energy security, physical security, environmental security, food security, border security, and cyber security, would it be appropriate to say that Nigeria has achieved stability in these areas?

Reign of Non-State Actors and Arms Proliferation The growing statistics of small arms and light weapons in the hands of non-state actors following years of insurgency, armed banditry and other raging criminalities across the country have become alarmingly scandalous.

In 2019, the National Security Adviser, Maj. Gen. Mohammed Monguno (rtd), raised the alarm that of the 10 billion small arms and light weapons circulating in the world, 10 million were located in Africa while one million circulated in Nigeria.

But in March 2021, former Head of State, Gen Abdulsalami Abubakar (rtd), revealed a more disturbing figure. He said 6.5 million small arms and light weapons were circulation in Nigeria.

Also, Vice President, Region 11, ASIS International, the largest association of security management professionals across the world and Managing Director Beacon Consulting Ltd, Dr Kabiru Umar, said his consultancy group conducted a research which showed that non-state actors were in possession of six million light arms and small weapons while law enforcement agencies were left with 586,000!

"Just in March, we did a survey on the circulation of small arms and light weapons in Nigeria now and I don't mean to be a harbinger of bad news or to raise the alarm, but I think it's important that we know how bad these things are. We came to the conclusion based on verifiable information that there are 6.5 million small arms and light weapons in circulation.

"So we now did the next step, which is to break down in terms of who has what and we came up with a figure 586,000 in the hands of our law enforcement agents", he said.

"Now, that means there are over 5 million in the hands of these non-state actors. Now, we also tried to establish how many of those five million weapons are licensed by the police under the existing laws and unfortunately, there are no verifiable record or evidence to suggest that this is the number. So we came up with, let's say, a million. And that means for instance, there are about four million of these weapons are in the hands of those that shouldn't have them", he said.

Armed non-state actors blood and destruction in addition to fleecing them through ransom payments.

Buhari He said the situation was the rationale behind the audacity of insurgents, armed bandits and other criminal elements to confront security agents.

"So we can now understand why these bandits, these criminals have the effrontery, the guts to confront our security agents because they have more weapons at their disposal.

"There is no support by local community in terms of the sharing of intelligence to our security agencies and of course even the the capacity and capability of our security agencies to respond when this incident happens is almost next to nothing", he added.

Grim Statistics It could be taken for granted that at 61 Nigeria would have had a grip of the security situation in the country which so far appears intractable.

But the nation is fighting wars on all fronts. It is fighting terrorist groups, Boko Haram and the Islamic State for West African Province (ISWAP) in the North-east. Also, some security analysts have said the same

insurgents disguised as bandits operate in the North-west, while secessionists have a field day in the South-east and South-west.

Borno State government said recently that from its official records, over 100,000 people, civilians and members of the security forces died since the beginning of hostilities in 2009.

In classifying the casualty figures, a research group, the International Society for Civil Liberties and the Rule of Law (Intersociety) said 43,000 Christians were killed by jihadists while 29,000 moderate Muslims were killed in the 12 years of insurgency while 18,500 people disappeared without trace.

It said 10 million people were displaced, six million forced to flee, 17, 500 churches attacked and 2000 Christian schools destroyed. Over 1000 school children were also kidnapped from their schools in the last one year in Zamfara, Katsina and Kaduna States. Many deaths have also been recorded.

Armed herdsmen have also waged war against Nigerian citizens leaving a trail of

When a base is overrun, crew-served weaponry such as machine guns, mortars and towed artillery", are carted away, "yet, a lot of that materiel is in good enough condition to be of use to the militants

Waging War against the State with State-owned Weapons An interesting dimension to the insurgency war was revealed recently. A research paper prepared for the European Peace Facility (EPF), a European Union project for peace support operations across the globe, said terrorist groups, Boko Haram and the ISWAP launched 500 attacks on military bases and formations of the Multi-national Joint Task Force (MNJTF) between 2015 and 2020.

The paper presented by a Researcher and Director, S4 Initiative (Safeguarding Security Sector Stockpiles) based in Borex, Switzerland, Mr Eric Berman, titled "The Management of Lethal Materiel in Conflict Settings: Existing Challenges and Opportunities for the European Peace Facility", said lethal weapons including small and light arms seized from the military bases during attacks by terrorists sustained the 12-year insurgency in Nigeria and the Lake Chad region.

The paper said between 2015 and 2020 2,368 "uniformed personnel fatalities were recorded".

It said the insurgents launched 500 attacks on MNJTF bases within a six-year period killing 2,368 military personnel.

A breakdown of the figure showed that Nigeria recorded 1, 952 fatalities while Chad recorded 217, Niger, 132 and Cameroon 67. A further breakdown showed that Nigeria lost 134 personnel in 2015; 157 in 2016; 171 in 2017; 425 in 2018; 642 in 2019; and 423 in 2020.

The report said Chad recorded loss of one soldier in 2015, four in 2016, nine in 2017, zero in 2018, 34 in 2019 and 169 in 2020 while Niger recorded 14, 2015; 57, 2016; zero, 2017; 19, 2019; 22, 2019 and 20, 2020. Also, Cameroon recorded the death of 36 personnel in 2015, nine, in 2016, one in 2017, zero in 2018, 21 in 2019 and zero in 2020.

Yearly totals within the period under review showed that the four troop-contributing member nations, notably, Nigeria, Chad, Niger and Cameroon, lost 185 personnel in 2015, 227 in 2016, 181, 2017; 444, 2018, 719, 2019 and 612 in 2020.

"Official data concerning attacks on security sector personnel is difficult to obtain, but reports suggest that more than 2,000 uniformed security sector personnel have died in the conflict. As alarming as these numbers are, they likely underestimate the true scale and scope of the losses incurred concerning the security personnel of the four Lake Chad Basin countries.

"A memorial to fallen comrades since 2013 at the headquarters of the Nigerian military’s operations in North-east Nigeria had in 2018

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FEATURES listed the names of more than 1,300 soldiers inscribed on it", it said.

An estimated 600 soldiers lost their lives in attacks by Boko Haram and died within a six month period in 2018 alone", it said, citing research authorities. Also, more than 100 Cameroonian soldiers lost their lives in attacks by Boko Haram in 2014 and 2015 even as three separate attacks on police targets in N’Djamena in June 2015 resulted in more than 100 casualties, including dozens of deaths, many of whom were members of the police.

The report also detailed reasons why weapons are lost to insurgents. "The loss of materiel as a direct consequence of these attacks is substantial.

A gun truck, fitted with a machine gun will frequently transport several tins of linked cartridges totalling hundreds of rounds of ammunition. Sometimes substantial quantities of weaponry kept at the base as reserves can be taken from military positions the insurgents had themselves attacked.

"When a base is overrun, crew-served weaponry such as machine guns, mortars and towed artillery", are carted away, "yet, a lot of that materiel is in good enough condition to be of use to the militants", it said.

Contingent-owned Equipment (COE) secured through seizure from regional security forces likely dwarfs materiel check points, forward operating bases, “Super Camps" and sector headquarters", it said.

The research paper also cites as reasons for the loss of personnel and materiel, "insufficient quality and quantity of both lethal and non-lethal materiel for the security sector" and ammunition, as well as “tanks only firing twice, armoured personnel carriers running for 10 to 15 from boots to tanks”, and has compiled a number of soldiers’ grievances about insufficient body armour minutes before overheating, machine guns jamming, and mortar shells failing to detonate.”

"These long-standing issue summarises the scope of the problem in Nigeria, “ranging concerns are not based on anecdotal accounts.

They are systemic", it said, citing research authorities, "A similar situation affected Cameroonian security forces’ early efforts against Boko Haram".

Berman, citing research works, said "Corruption goes a long way to explaining why equipment is lacking. It is endemic within Nigerian society to implicitly accusing the military of purposely prolonging the conflict for their own ends and current President Muhammadu Buhari acknowledged this, pledging to counter it as a central part against entrenched corruption within the military, ranging from extortion at checkpoints of his first presidential campaign in 2015.

"But the challenge facing the country is enormous and progress has been slow and uneven. Malfeasance within the defence sector is by no means limited to Nigeria. It is a problem throughout much of the world, including elsewhere in the sub-region".

The report found that the regional response to the “Boko Haram” conflict underscored both the need for EU support—for example through the provision of lethal materiel and training via EPF and the assessment of risks inherent in any kind of engagement.

"The levels of loss of uniformed personnel and lethal materiel from state stockpiles in the Lake Chad region are astonishingly high.

In six years (between 2015 and 2020)several times as many uniformed personnel serving in and alongside the Multinational Joint Task Force were killed due to ‘malicious acts’ than those who have served in UN peacekeeping operations over a span of more than 70 years", the report said.

"Reporting suggests that Boko Haram factions have seized COE that includes a wide-range of heavy weapon systems. Some of the armoured vehicles and towed artillery lost to Boko Haram originated from EU member states. "The quantity of small arms and light weapons—many of which also were manufactured in the EU—is so great that it has sustained the insurgency for over a decade", Berman said.

The report, therefore, recommended EU's further engagement with the African Union (AU), ECOWAS in addressing issues raised by the report.

The State's Response The federal government has also responded vigorously to the threat posed by the enemies of state as the security forces have battled insurgents on all fronts and the battle is still raging in the North-east, North-west, North-Central, South-east, South-South and South-west.

Thousands of insurgents and armed bandits

drug trafficking especially in the Sahel region, ranks high on the chart of criminal activities constituting threats to national and regional stability in Africa.

have also been killed over the years.

Recently, over 8,000 terrorists and their families surrendered to troops from their enclaves in the North-east, an indication that the war may soon end following the death of Boko Haram leader, Abubakar Shekau and intensified aerial and artillery bombardment of the terrorists.

This should be cheering news except that like a malignant tumour, the insurgents are regrouping in Niger State and some parts of North-Central.

But Spokesman of Defence Headquarters, Major General Olufemi Sawyerr, told THISDAY that the Armed Forces of Nigeria was winning the war against insurgency and armed banditry.

"We are winning the war in the Northeast and North-west and the terrorists are surrendering in large numbers. We are winning the war and thousands of them are surrendering with their families.

What else are we saying?", he queried.

Boko Haram Takes Over 500 Communities in Niger While the surrender in the North-east was being celebrated, the dreaded Boko Haram sect overran over 500 communities in eight wards of Shiroro Local Government of Niger State, just last Thursday.

The latest development came six months after Governor Abubakar Sani Bello raised the alarm that Boko Haram elements had hoisted their flag in Kaure Village of the same LGA. The incident in Shiroro LGA was confirmed by the Chairman of the Council, Mr. Sulaiman Chikuba while that of Munya Council which occurred same Thursday was corroborated by the council Secretary, Mr. James Isaac Jagaba. The two officials spoke to journalists in Minna.

Chikuba named the affected wards as Manta, Gurmana, Bassa-Kokki, Allawa, Kurebe, Kushaka, Kwati, Chukumba explaining that the Boko Haram elements were already recruiting villagers and equipping them to fight against the government.

"As the Chairman of Shiroro Local Government Area of Niger State, I can tell you that Shiroro is not only dealing with the issue of banditry, Shiroro has a lot of Boko Haram, I have proof of this as the chairman. Boko Haram has proclaimed that they do not want conventional primary and secondary schools, their only preference is the Islamic school.

“They have told the people that they do not want primary or secondary schools in the communities and that they only want to see Islamic schools. They have been trying to incorporate and recruit the residents of the communities to become their members, telling them that they will give them arms and assist them in fighting the government,” Chikuba explained.

The chairman, therefore, appealed to the federal government to bring in more security personnel to help in dislodging the Boko Haram elements who have already made Shiroro their “home”.

Narrating what happened at Kachiwe community the council secretary said: “the entire community was wiped out, the bandits took their time to set all the houses and barns ablaze before leaving with some women.”

The South-east Assassinations The killing of Dr Chike Akunyili, widower of former NAFDAC DG and Minister of Information, late Dr Dora Akunyili and eight others in Onitsha, last week and several other assassinations point to the grave insecurity in the South-east as Nigeria marks 61 years.

Others killed in the same gruesome manner include Prof SN Ndubisi, former Head of Scientific Equipment Development Institute, Enugu; a federal high court Judge, Justice Stanley Nnaji; former presidential aide, Ahmed Gulak; a traditional ruler, Chief Alexander Eduzueuno; Anglican Priest, Rev. Emeka Merenu, and a young lawyer, Darlington Prime, among many others.

Role of Control Centre in arms Proliferation and National Security As part of measures to contain proliferation of small arms and light weapons in the country, the federal government recently approved the establishment of the National Centre for the Control of Small Arms and Light Weapons (NCCSALW) to replace the defunct Presidential Committee on Small Arms and Light Weapons (PRESCOM).

Government said the establishment was part of ongoing effort to restructure the overall security architecture of Nigeria towards tackling the emerging threats and strengthen regional mechanisms for the control, prevention and regulation of Small and Light Weapons (SALW).

When fully operational, the NCCSALW will have six regional offices and will work closely with security and intelligence agencies on prevention and control of proliferated arms, as well as tracking weapons in the hands of non-state actors.

Retired Maj.-Gen. AM Dikko, who was Course Director at the Kofi Annan International Peacekeeping Centre and Chief Instructor of the Nigerian Army Peacekeeping Centre, was also announced as the National Coordinator of the Centre.

National Security Adviser, Maj Gen Babagana Monguno (rtd) had announced in August 2020 that the centre would be established to work in compliance with already laid down international standards and ECOWAS moratorium on the control of SALW. Indeed, the proliferation of arms across borders, along with human trafficking and

A sense of social justice, equity is fundamental to achieving peace, security and sustainable development, which only good governance can achieve

Lopsided Appointments, Injustice, Cause of Insecurity Many Nigerians have made reference to the unjust distribution of federal appointments as situation fueling disenchantment and resort to violence.

At an event last week in Abuja, Governor of Rivers State, Chief Nyesom Wike, identified exclusion and absence of social justice as some of the causes of insecurity in the country.

He accused the federal government of failing to provide "responsible governance" which will promote sustainable development.

He also took a swipe at those opposed to power shift, saying they promote injustice.

Governor Wike spoke in Abuja at a lecture he delivered at the National Institute for Security Studies (NISS) titled: "Governance, Security and Sustainable Development in Africa, Nexus, Challenges and Prospects: Rivers State as a Metaphor".

The lecture was delivered to the participants of the Executive Intelligence Management Course (EIMC 14), who were rounding-off their study at the NISS, preparatory to the award of the fellow of security institute (fsi).

"What we have today cannot be said to be a responsive government that will provide all these. What we are hearing is excuse one, excuse two.

It is terrible. So, if you don't have a responsive governance, you will not have environmental sustainability. Because, it requires good governance", he said.

According to him: "A sense of social justice, equity is fundamental to achieving peace, security and sustainable development, which only good governance can achieve. You cannot have this, if you do not have good governance and you cannot talk about sustainable development when you don't have good governance. It is practically impossible".

He said: "Thus, among other structural and infrastructural variables, nothing can be more relevant to the progress of society than the practice of good governance, led by visionary, effective and transformational leadership as essential precondition for effective democracy, the rule of law, sustainable development, and enhancing the living conditions of ordinary people.

"Unfortunately, poor governance, and bad leadership model continue to characterise Africa's political, economic, security and social landscapes".

He said those who insist that zoning was unconstitutional promote inequity. "I am sorry, people forget, when people say zoning is unconstitutional, but you know what is called equity. Equity brings peace. Let everybody be part of it", he said.

He further argued "But the moment you begin to think that this is your own exclusivity, that nobody else, then it becomes a crisis. When you begin to see some people, to deny them certain things, that will lead to insecurity and with insecurity, you cannot achieve sustainable development.

"Take, for example, when the Igbos are crying to say look in appointment you don't recognise us, what is wrong in listening to them? What is wrong in sitting back and say, look, we are all one, we want this country to be together in order for us to achieve sustainable development?

"Because, if you don't include them, some of them will begin to believe that they are not part of the system".

He recalled President Muhammadu Buhari's position on sections of the country that did not vote for him.

"Now, take for example, with all due respect, when Mr. President said ninety something per cent of whatever will go to only those who voted for him, that alone will create crisis.

"That is not part of good governance. I don't expect a President of a country to say, 'I will only remember those who voted for you. That is not democracy", he said.

Conclusion As the the nation celebrates 61st independence anniversary in the midst of so much bloodletting, it is pertinent to take a critical look at the factors that gave rise to the situation as the nation totters on a precipice.

It must be noted that Nigeria remains a divine arrangement that will defy promoters of its destruction. Therefore, urgent solutions must be found, a panacea laced with the fear of God or His wrath.

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FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Sixteen Killed in Russia Plane Crash A Russian plane crashed over the Tatarstan region Sunday, killing 16 people and injuring seven, the emergencies ministry said.

The L-410 Turbolet plane crashed with 23 people on board, including a group of parachute jumpers, around 9:23 a.m. local time near the town of Menzelinsk, the ministry said, adding that seven people had been rescued from the debris.

All seven are hospitalised, with one “in very serious condition.”

The L-410 is a twin-engine short-range transport aircraft.

Although Russia has improved aviation safety standards in recent years, crashes, especially of aging planes, in remote regions,

are not uncommon.

One Antonov transport plane, model An-26 crashed last month, killing six people. Another crashed in Kamchatka in July, killing all 28 people on board.

Thousands of Tunisians Protest against President Saied

More than 5,000 Tunisians rallied on Sunday against a presidential power grab in the only democracy to have emerged from the Arab Spring uprisings a decade ago, reports AFP. Despite checkpoints and security screening of protesters, it was the biggest

in a series of Sunday rallies in central Tunis both pro and against the actions of President Kais Saied.

On July 25, after months of political stalemate, Saied sacked the prime minister, suspended parliament and granted himself judicial powers, a move he followed up in September with measures that effectively allow the president to rule by decree.

A police source said at least 3,000 had gathered at the start of the rally, and the crowd kept growing. Witnesses later said more than 5,000 people were flowing toward Bourguiba Avenue, the main thoroughfare in central Tunis.

Czech President Hospitalised, Complicates Shock Election Result

Czech President Milos Zeman was taken to hospital with an unspecified health problem, a development that may snarl government negotiations after his ally suffered a shock election loss this weekend.

Zeman, who has spent the past years in a wheelchair suffering from diabetes and neuropathy in his legs, has a key role in deciding who’ll lead the country in at least in the short term after the vote. His office said Zeman agreed to be hospitalised after a recommendation from his doctors but didn’t elaborate on his medical condition.

The president’s ally, billionaire Prime Minister Andrej Babis, was dealt a razorthin defeat in the parliamentary ballot to a coalition of conservative parties on Saturday. Zeman has promised to give him the first shot at forming a cabinet because his party remained the strongest single group in the assembly.

Czech media broadcast images of an ambulance leaving from one of the president’s retreats near Prague shortly after Zeman held talks with Babis there.

The CTK newswire cited a spokesperson at the Prague military hospital as saying that Zeman’s chief doctor will brief the media at 2 p.m.

The election result pits Zeman and Babis against two political groups that won a combined majority after slamming the premier’s handling of the Covid-19 pandemic, a string of legal scandals, and revelations of offshore deals in the Pandora Papers.

The opposition groups, which pledged to quickly cut the budget deficit from record shortfalls caused by the pandemic, have urged Zeman to give them the mandate to form the new administration.

While conceding defeat on Saturday,

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FOREIGN DESK Babis said he would try to create a new cabinet if Zeman kept his promise and asked him to do so.

Car Bomb Targets Yemen Officials, Kills Four People

Four people were killed Sunday in Yemen’s port city of Aden by a car bomb that targeted two senior government officials, who survived, security officials said.

The officials said that the explosion targeted the convoy of Agriculture Minister Salem al-Socotrai and Aden’s Governor Ahmed Lamlas in the district of Tawahi.

The explosion killed at least four people among Lamlas’ companions and wounded at least five others who had been passing by, they said. The casualties were taken to hospitals for treatment, the officials said.

The explosion damaged several buildings in the area, quickly sealed off by security forces, according to the officials who spoke on condition of anonymity because they were not authorised to brief media.

Prime Minister Maeen Abdulmalik Saeed called the explosion a “terrorist attack” and ordered an investigation.

No one immediately claimed responsibility.

Aden has been rocked by several explosions in the past years, which have been blamed on local affiliates of al-Qaida and the Islamic State groups.

Aden has been the seat of the internationally recognised government of President Abed Rabbo Mansour Hadi since the Iranian-backed Houthi rebels took over the capital, Sana’a, triggering Yemen’s civil war.

The president fled to Aden then to Saudi Arabia, which led a military coalition the following year to try to restore Hadi to power and threw its support behind his internationally-backed government.

China Denounces Taiwan President’s Speech

China’s government on Sunday denounced Taiwan President Tsai Ing-wen’s National Day speech, saying it incited confrontation and distorted facts.

The seeking of Taiwan independence closes the door to dialogue, China’s Taiwan Affairs Office said.

Speaking earlier on Sunday, Tsai said that Taiwan would keep bolstering its defences to ensure nobody can force the island to accept the path China has laid down, offering neither freedom nor democracy, and repeated a call for talks with Beijing.

UK to Resettle Teenage Afghan Female Footballers

Dozens of Afghan girls with promising football careers, who fled the Taliban, have been told they can come to the UK to be resettled, along with their families, says BBC. The 35-member squad - aged 13-19 - fled Kabul last month and have been staying

Taiwan Won’t Bow to China, Ta i w a n e s e P r e s i d e n t Taiwan will keep bolstering its defences to ensure nobody can force the island to accept the path China has laid down that offers neither freedom nor democracy, President Tsai Ing-wen said Sunday, in a strong riposte to Beijing.

Claimed by China as its own territory, Taiwan has come under growing military and political pressure to accept Beijing’s rule, including repeated Chinese air force missions in Taiwan’s air defence identification zone, to international concern.

Chinese President Xi Jinping vowed on Saturday for the past few weeks in a hotel in Pakistan, where their temporary visas were due to expire on Monday.

“We are working to finalise visas to the Afghan Women’s Development Team and look forward to welcoming them to the UK shortly,” a UK government spokesman said.

The girls faced having to return to Afghanistan if another country had not accepted them.

to realise “peaceful reunification” with Taiwan and did not directly mention the use of force. Still, he got an angry reaction from Taipei, which said only Taiwan’s people could decide its future.

Addressing a National Day rally, Tsai said she hoped for an easing of tensions across the Taiwan Strait and reiterated Taiwan will not “act rashly.”

“But there should be absolutely no illusions that the Taiwanese people will bow to pressure,” she said in the speech outside the presidential office in central Taipei.

“This is fantastic news, and we are most grateful to Prime Minister Boris Johnson and Home Secretary Priti Patel for this life-saving decision,” said SiuAnne Marie Gill, CEO of the ROKiT Foundation, which supported their escape from Afghanistan.

“Like football, it has been a team effort where every player has had a vital role,” she said. “These young sportswomen and their families are so thrilled to

have been given a second chance in life, here in the home of football. The next step is to settle them into their new home. We will do all we can to support them in this process and the communities that welcome them.”

Leeds United and Chelsea are among a number of British football clubs who have promised to support them in the UK.

Iraqi Govt Forced to Hold 2022 Parliamentary Election in 2021

Iraqis have voted in the first parliamentary election since mass protests over corruption, unemployment, and poor services erupted in 2019.

The poll had been due next year but was brought forward by six months in response to the unrest, during which hundreds of people were killed.

The old electoral system based on party lists has also been replaced with one meant to help independent candidates.

However, the main Shia Muslim blocs are still predicted to win the most seats.

They have dominated parliament since the US-led invasion in 2003, which overthrew Saddam Hussein’s regime and ushered in a power-sharing system based on sectarian and ethnic identity that allowed a narrow elite to keep a firm grip on power and encouraged patronage and corruption.

Turnout was reportedly low in Sunday’s vote. The electoral commission head told AFP news agency hours before the polls closed at 1800 local time (15:00 GMT) that it was estimated at just over 30%.

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DISCOURSE

Nigeria After Buhari: Healing a Divided and Traumatised Nation

This essay is first part of a three-part series. It critically examines the performance of the Buhari government to identify what went wrong, provide lessons for the nation, and recommend a strategic agenda for the next president to rebuild the nation.

Noah Udoffia

PART 1: THE PRECIPICE OF RUIN

I

t is now unmistakably evident that President Buhari’s current term, which began in 2015, is climaxing in insecurity, animosity, recrimination, and despair at a time when the country has fractured deeply along ethnic, economic, provincial, and religious lines and lost a sense of itself. Notions of national solidarity, patriotism and security have been destroyed under his watch. As a result, Nigeria lost confidence in itself and citizens are disillusioned with the president.

Faith in his government has eroded. Nigeria is hanging precariously at the edge of ruin.

Disgust, discontent, distrust, and despair are the one common ground across the nation.

Under President Buhari, ordinary Nigerians have become accustomed to living with pain and suffering. Even before President Buhari, Nigerians were no strangers to suffering. What we cannot abide is meaningless suffering instigated by the haplessness of a nonchalant president. Most Nigerians I’ve spoken to lead lives of intense suffering, looking forward to death as an escape—this is what economists and psychologists call deaths of despair—driven by chronic unemployment, poverty, hunger, insecurity, homelessness, and hopelessness.

Today, Nigerians are angrier, more fearful, less trusting of one another, and more divided than at any time in decades—perhaps since the first republic. The political, economic and social disparities between us have increased and the ethnic and religious fault lines have widened. Our communities are being ripped apart by the savagery of the administration’s governance malpractices as evidenced in the performance review section in Part 2. We only survive by detaching ourselves from reality and hoping the nightmare will end when President Buhari leaves office.

Those close to the president, who spoke on conditions of anonymity to discuss private conversations, say he has his eye on his legacy, now more than ever. Though he has months left in his presidency before the 2023 elections to replace him, I wonder whether President Buhari already understands that the contours of his legacy have hardened. For admirers, he will be remembered as a passionate benefactor of the Hausa-Fulani ascendency, evidently driven by nativist patriotic devotion to his fellow Northerners rather than for the country.

To critics, his presidency will go down as a colossal failure of leadership, devoid of vision and purpose, clueless on direction, lacking in compassion, if not the worst presidency in post-war Nigerian history.

It is no surprise that the administration hastily issued a laundry list of white elephant projects (variously criticized for being illconceived, poorly structured and designed, over-priced, too ambitious, too monolithic, and for having too many technical flaws) as proof of his accomplishments and legacy in a propaganda document titled “President Buhari’s Administration @ 6”, in a last-ditch effort to manipulate public opinion. However, Mr. Buhari’s claims of achievement in the propaganda document strains credulity given that the socioeconomic benefits to ordinary Nigerians are conspicuously absent. President Buhari’s recent triumphalism seems to confuse throwing large sums of borrowed money at symptoms of national problems with delivering beneficial outcomes to improve the lives of ordinary Nigerians.

The current situation in Nigeria should set off alarm bells both domestically and internationally. Along with other experts (e.g., Robert Rotberg and John Campbell in Foreign Policy in 2021), I argue that Nigeria is a failing, if not already a failed state. The recent Fragile State Index, compiled by the respected Fund for Peace, ranked Nigeria as #12 out of 178 countries most likely to collapse. Nigeria is in the same cohort with Afghanistan, Sudan, Chad, Yemen and Ethiopia.

Buhari The areas of greatest threat, which must be mitigated to avoid collapse, include failure of the government to address systemic corruption, persistent criminality and banditry, active insurgency and separatism, chronic ethnic grievances, widespread insecurity, economic mismanagement and pervasive inequality.

According to experts and citizens who were interviewed for this essay, Nigeria’s brief period of democracy will likely end in another military coup, potentially disintegrating the nation into mini-ethnic states and caliphates at war with each other, striking a blow against democratic aspirations across the continent. Given Nigeria’s rapidly growing population (which is expected by the UN Population Division to grow to 400 million by 2050 and become the third most populous country in the world after China and India), its potential economic influence in the region, and as an expanding base for Islamic State West Africa Province (ISWAP), the country, if it fails, has the potential to dramatically affect the West’s strategic interests and foreign policy objectives of combating terrorism and promoting democracy. The aftershocks will ripple across the region, damaging economies and livelihoods, and triggering unimaginable displacement of peoples.

This is an outcome the international community cannot overlook. Against this backdrop, Nigeria is of great geopolitical importance and too big to fail.

Sadly, the international community watches this unfolding disaster from the sidelines. Remarks from Western leaders have failed to directly condemn

Nigeria’s rapid descent into darkness, only expressing concern and advising calm, rather than engaging diplomatically and leveraging their influence to persuade the Buhari administration to secure and stabilize Nigeria and restore the country’s unity before it’s too late and too costly to do so.

Ultimately however, successful change must come from within. But the world, especially the United States and Europe, has a crucial role to play to support peaceful domestic change efforts. World powers must support and encourage all those working not only for democracy in Nigeria but also for the broad transformation of the country’s political, economic and social systems.

It is unfortunate that during this perilous time when the country needs writers and thought leaders who will say hard things publicly, whose voices could illuminate the darkness of social life and give hope and confidence to citizens to hold politicians accountable through the power of the ballot box, the Buhari administration is increasingly censorious, silencing the media and the voices of those who dare criticize the government.

Given this background, it should come as no surprise that the country President Buhari will leave when he departs ingloriously (assuming he won’t invoke the provisions in the Constitution to proclaim a state of emergency to stay in office past 2023 as national insecurity worsens) will be at a crucial and historical inflection point. As such, the outcome of the 2023 presidential elections could lead to a repurposing and renewal of

democracy, a redesign of institutions for effective governance, and restoration of the dignity of ordinary Nigerians from the mismanagement and tyranny of the outgoing government. Or this could be the beginning of a prolonged period of recriminations, violence, and ultimately, disintegration of Nigeria as we know it.

The next president will inherit a nation deeply traumatised, weaker, more divided, and more violent than it has been in our living memory. But if we’re fortunate and wise, we will elect a president who is a moral and effective leader to redirect, rebuild, and renew Nigeria with intent to restore the dignity of all Nigerians. He or she should help us overcome our distrust for one another and discover our shared destiny as one people despite our multiethnic origins.

It is imperative that our next president learn from, not ignore, the traumatizing effects of the Buhari administration.

Therefore, before nominating the candidates for president, every Nigerian should do a simple thought experiment. Imagine a Buhari-like politician in power for another eight years.

How do you feel about the thought of this recurrence? Nausea, horror and terror. No matter what you say about your life, no matter how happy you claim to have been, no matter how bright a face you put on it, the threat of President Buhari’s recurrence must bring out the basic horror of existence. No Nigerian I know wants to live it over again.

So, we must vote down Buhari-like politicians, no matter their political party, wealth, religion, region, or ethnicity. We need an inclusive president with honour and integrity, compassion and decency, a president for all Nigerians. Our president must be a visionary, competent and hardworking to rebuild the nation and restore the dignity of all Nigerians.

The path to success begins with nominating and electing our next president, who in my view, should be anyone but HFYIN (Hausa, Fulani, Yoruba, Igbo or Ngas). The so-called dominant groups have failed Nigeria. Their sense of entitlement, nativist mindset and relentless guile has bred distrust, divisiveness and mediocrity, which together, harmed the nation and set us back since independence.

It’s time to look to the minority groups and tap their hidden or neglected strengths in moral, inclusive and effective leadership.

We the people—ordinary Nigerians of all ethnicities, religions, regions, social classes, and political parties—can work together to recover through solidarity and shared purpose. We can’t relinquish this mission to unaccountable politicians and their rich cronies. The time of deference to them is over, and it is time citizens, through the process of nomination and the power of the ballot box, take the country back. We can do so peacefully, as a united front. Nigerians are ready for the dawn of a new president.

In Part 2, I review President Buhari’s record of underperformance and conduct a post-mortem to identify why he failed and offer leadership lessons for the next president.

ABOUT THE AUTHOR*

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NEWSXTRA

At Ndubuisi Kanu’s Night of Tributes, Clamour for Igbo Presidency Reechoes ‘South West has been adequately compensated’ Onu, Ihejirika, Nwekeaku pay homage to deceased elder statesman Kingsley Nwezeh in Abuja The clamour for Igbo Presidency was rekindled at the weekend as the Minister of Science, Technology and Innovation, Mr. Ogbonnaya Onu, former Chief of Army Staff, Lt. Gen. Azubuike Ihejirika, and Secretary, Igbo Elders Council, Federal Capital Territory (FCT), Prof. Charles Nwekeaku, among others, paid glowing tributes to the late former military governor of Imo and Lagos States, Rear Admiral Ndubisi Kanu.

Speaking at a night of tributes organised by the Pan-Igbo Movement Initiative in Abuja, Nwekeaku said the ideals that Kanu held dearly, notably, justice and fairness should guide the 2023 general election to ensure the emergence of an Igbo president.

"He was a detribalised Nigerian. As an Igboman, when his colleagues in the Armed Forces Ruling Council annulled the June 12 election, believed to have been won

by MKO Abiola, a Yorubaman, he staked his neck. He joined NADECO and fought for the restoration of that mandate.

"By 1999, when the Southwest was allowed to feature two candidates in the two major political parties, that was the restoration of that mandate. That was when Olu Falae and Oluesgun Obasanjo contested. "So, whether head or tail, the Southwest was adequately compensated.

"Since we are assembled here today and we have praised him for all he has done, what lessons are we taking. It should be how we move further the frontiers of the struggle, the legacies he left behind: justice, equity, fairness. We in Ohaneze, in Igbo Elders Consultative Forum, we have been saying without mincing words that come 2023, the ideals of Kanu and the likes of him must be reinstated that it should be our turn and in whatever party any person in that is the same thing", he said.

Former army chief, Lt.Gen Azubuike Ihejirika (rtd) said the late Rear Admiral Kanu worked for a nation, where fairness and justice prevailed. He described Kanu

as an exemplary community leader, statesman, outstanding military professional, a highly principled gentleman and epitome of good governance, a true Nigerian and a lover of peace and humanity.

He said the deceased was a father of modern Imo and Lagos States, as the feats he accomplished as governor in the two states in just two years were stunning, taking into account that he was just in his early 30s.

"Admiral Kanu was like a mighty elephant and is therefore difficult to describe completely but there are certain common things I want to say. He had the capacity to rigidly hold to a stand based on principles. Once he is convinced that he is right.

"We also know that while a member of NADECO, he remained there even when his

compatriots and co-founders of that organisation had to leave. He was a very strict officer, who believed in merit and abhorred lobbying in all ramifications. He encouraged us as young officers to develop self-confidence and the tenacity to withstand obstacles thrown to us at any point by the system," he said.

The former army chief recalled that, "he went to Lagos when Third Mainland Bridge had not been constructed and he introduced what they called even and odd numbers and eventually introduced the first meter for parking of vehicles, a very modern innovation at the time.

"He rendered selfless service at every appointment he held while in the military or in government service and in every position he occupied – always putting the community,

state and the nation first.

"Rear Admiral Kanu was a completely detribalised Nigerian, who looked forward to a nation, where fairness, justice prevailed. Until his death, he maintained his friendship across ethnic and religious divides and remained loyal to his friends in all the geopolitical zones".

Paying tribute to the departed former military governor and NADECO chieftain, Minister of Science, Technology and Innovation, Mr. Ogbonnaya Onu, said Kanu was a distinguished Nigerian.

"Late Admiral Kanu was a great Nigerian, who did great things for our dear nation. This is a man whom God showed special blessings. He gave him intellect. He was a very intelligent man. All through his academic career before and during his time in the

armed forces.

“He was always distinguished. He always displayed that extraordinary intelligence. But what is special about him is that most many intelligent people very often are seen to be arrogant. But late Admiral Kanu was so humble.

"Our nation at independence, the whole world said, yes, Nigeria was going to be one of the greatest nations on earth. It will still be. We will be by the grace of God. But there are certain values that made our fathers very great and those values are no more taken as seriously as they were in the past.

“Admiral Kanu represented those good values. The value of honesty, the value of hard work, the value of principle, and the value of making sure that whenever you see your

fellow human being, you will recognise the image of almighty God in that person and show love for him or her," he said.

The minister said Kanu contributed immensely to the growth of his community, Ndi Igbo and Nigeria.

"My joy is that while he was with us here, he lived a very good life. He showed that he meant so much for country. Imagine the age at which he was Governor of old Imo and Lagos States and look at the performance.

Look at his contributions to his community, to Ndi Igbo, to Nigeria and wherever he has gone to whether India, United States. As a military officer, he left behind very wonderful memories. We know that the almighty God has received his soul. That he will rest in perfect peace Amen!", he said.

NIGHT OF TRIBUTES FOR KANU...

L-R: Major General Augustine Ogunedo (rtd); Lt. Gen. Onyeabo Ihejirika (rtd), and Minister of Science and Technology, Chief Ogbonnaya Onu, at a night of Tributes for Rear Admiral Ndubuisi Kanu in Abuja... yesterday KINGSLEY ADEBOYE

Delta Monarch: It’s Illegal Running NDDC with Sole Administrator Emmanuel Addeh in Abuja A Niger Delta monarch, King Monday Whiskey, who is the Ovie of Idjerhe kingdom, Ethiope West, Delta state, at the weekend maintained that it was illegal for the federal government to continue to run the Niger Delta Development Commission (NDDC) with a sole administrator.

In an interview with THISDAY, in Abuja, the monarch noted that the federal government no longer has any justification to delay the inauguration of the already screened and confirmed board

by President Muhammadu Buhari.

He argued that since the alibi had always been the need to allow the conclusion of work by the forensic auditors, the current leadership of the agency should give way to

the one allowed by the law setting up the NDDC. Whiskey stressed that he wasn’t surprised that two months after the release of the NDDC report, nothing had been done about it, insisting that the Minister of Niger Delta Affairs, Mr Godswill Akpabio, who he said was an interested party in the matter, ought not to oversee its overhaul.

The monarch argued that governors, including Akpabio had nominees in the NDDC board, noting that any investigation under him will never be thorough and genuine.

He said: “I knew from the outset that the good intention of Mr. President will be turned upside down and that nothing good will come out of the forensic audit, and that the audit was a scam.

“It was a delay tactics to rob the people of the Niger Delta of their resources and deny them of the needed development. That was very clear from the very outset.

“Secondly, when the president spoke and said, once the audit forensic auditor submitted the report, the board will be inaugurated, some of us used our position as leaders to calm a lot of youths in the area.

“Now, the auditors, whether they did a bad job or not, they have submitted what they call a forensic audit and the actual people who did a lot of the damage, the governors, the senators, none of them is mentioned. They have submitted it for about two months now, and nothing has been done.”

To avert crisis the region, Whiskey stressed that the

board which was nominated, screened and confirmed by the lawmakers and were only waiting for inauguration, before the current crisis should be allowed to takeover.

“When this forensic audit idea came about, I was one of the few Nigerians who said the auditors must be above board, that they must be very open, because I knew that there were too many big people involved in the destruction of the NDDC. “I am confident that nothing good will come out, they only used the forensic audit to buy time. Now that they have bought the time, are we going to run the NDDC continuously with an alien body that is not known to the law that established it?

“The law does not have a place for sole administrator, it does not have a place

for Interim Management Committee (IMC). But an individual wants to control everybody as if people no longer use their senses. There is an act that establishes the NDDC and it totally recognises the statutory board,” he added.

He said there’s no information how the 2021 budget was being spent, but said that very soon the owners of the resources would demand a genuine audit and a refund of their money.

Whiskey noted that the absence of a board was affecting the operation of the NDDC, because it was being run with a sole administrator, which he likened to running a country with one man.

President Muhammadu Buhari had nominated a former Deputy Governor of Edo State, Dr. Pius Odubu and Bernard Okumagba as

Chairman and Managing Director respectively.

He emphasised that the APC government by its action was de-marketing the party in the Niger Delta because there’s nobody to build political goodwill for the party, going into an election year.

“What my kingdom is contributing to the Nigeria’s oil resource in my place for the last three years, we have not got anything in return.

We keep contributing to the centre and in return we get nothing because one individual is holding everybody’s torch.

“My prayer is that this whole attitude should not lead to a crisis where traditional rulers will be invited because some of us will speak our minds and will tell Mr. President that we told him from the outset that this man is an interested party,” Whiskey noted.

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NEWS

Dokpesi Advises PDP to Zone Presidency to North Iyobosa Uwugiaren in Abuja The Chairman of DAAR Communications Plc, High Chief Raymond Dokpesi, has advised leaders of the Peoples Democratic Party (PDP) to allow the north to produce the next president of Nigeria in the 2023 general election, in the interest of justices, equity and fairness.

The founder of African Television Authority (AIT) and Ray Power 100.5 FM, stated this while speaking with journalists in Abuja on Saturday, as parts of programmes to mark his 70th birthday, also tasked journalists to continue to hold government accountable to the citizens, within the context of the ethics of journalism profession.

Dopkesi, who said the north had only been in power for less than three years, while the South for 14 years, within the political arrangement of the PDP, added that there should be fairness, equity and justice if the party wanted to achieve unity.

“The constitution of the PDP says there shall

be zoning both for party offices and political offices.

And I have remained very consistent in my argument.

In 1998, after the G-34, it was Alhaji Lawal Kaita,

who moved at the G-34 meeting. I was going with Bamaga Tukur to attend all those meeting. Lawal Kaita, a northern moved that late Dr. Alex Ekweme shall become

the next president.

“But Alex Ekweme said we were in G-34 meeting and not yet a political party, saying, when we transform into a political party, we would

canvass whether I should be the next president or not. But when the parties came in, the PDP leaders recognised that because of the injustices that has been done to the South

West, by the annulment of June 12, 1993 election, the South West should be given the opportunity to produce the next president,” he stated.

TACKLING CLIMATE CHANGE…

L-R:National Information Officer, United Nations Information Centre, Nigeria, Dr. Oluseyi Soremekun; Founder, Creative Youth Community Development Initiative, Solution 17, Mrs. Foluke Micheal, and Chief Executive Officer, Sterling Bank Plc, Mr. Abubakar Suleiman, at a press conference on climate change in Lagos…recently

Gunmen Attack Adamawa NDLEA Raids Drug Markets in Nine States, Arrests 110 substances seized.

Usman Garba; Christian Okibe; Hammadu; Olalekan Abiodun; Michael Olugbode in Abuja Police Station, Kidnap He said in Lagos, notorious Mba Peter; Sarah Offiri; Wasiu Lukman Kamarudeen and No fewer than 110 drug dealers drug joints in Maza Maza, Alakija, Adeniji; Bode Olaitan; Yetunde Toyeeb Isa nabbed in Agege Mother, Daughter area of Lagos. were arrested in a raid on Festac town, Amuwo Odofin, Ahmed; and Abdullahi Jibril.

Daji Sani in Yola Ngurore Police station in Fofure Local Government Area of Adamawa state came under heavy attack yesterday by well-armed men who also kidnapped mother and daughter in a residence near the police station.

An eyewitness in affected area told THIS DAY that the gunmen stormed the town around 5.00a.m and started shooting sporadically. He said the development caused serious tension and pandemonium as residents fled to nearby towns and villages for safety.

The eyewitness said the gunmen went straight to the police station and opened fire on the station and also kidnapped a woman with her daughter from a nearby house.

"They came in large numbers, some in Hilux vans, others on motorcycles and divided

themselves into two groups, one group engaged the police station, the other group went to the residence of Alhaji Umaru and kidnapped his wife, Hauwa and daughter" he said He said before the gunmen got to the police station, the police personnel on duty had fled, adding that no life was lost only bullets holes were seen on the walls of the station The state police command confirmed the incident in a press release signed by the spokesperson of the command , DSP Suleiman Nguroje, saying that no damage was done to the police station.

He said: "Yes, there was an attack on Ngurore police station this morning; but nothing was carted away and none of our gallant officers was injured.

As we speak, there are also ongoing, coordinated efforts at restoring public order in the town and its environs.

Niger Police Command Nabs 12 Suspected Criminals Laleye Dipo in Minna The Niger state Police Command at the weekend paraded 12 suspected criminals, two of them bandits arrested from different locations in the state within the last days of September this year.

The command also said it recovered 567 arms and ammunitions during the period.

State Police Commissioner Mr. Monday Kuyars, who paraded the suspects said among those apprehended are three gunrunners, two each of motorcyle snatchers and suppliers of fuel to bandits as well as three suspected armed robbers.

According to Kuyars 18 arms

made up of two each of AK47 and Ak- 49 rifles, 6 locally fabricated double barrel guns eight locally fabricated triple barrel guns were recovered from the suspects in addition to 567 different ammunitions.

The Police boss said Abubakar Muhammadu 37 years and Abubakar Umar 30 years were arrested at Kwanan Biri in the Kontagora area of the state for allegedly being members of a seven-man gang that kidnapped " a male victim" from Kwanan - Biri late in September this year.

Kuyars said one member of the gang was shot down while the others escaped with gun shot injuries during the operation to rescue the kidnapped victim.

hideouts in nine states across the country in the past one week. A statement yesterday by the spokesman of the National Drug Law Enforcement Agency (NDLEA), Femi Babafemi, said during the raids by operatives of the agency many of the notorious hideouts of drug dealers were dismantled and assorted illicit

Oluti, Isheri roundabout, and Igando were raided on Thursday 7th October, 2021, when at least 16 suspects were arrested.

The arrested suspects, according to him, include: Lucky Elibe; Abdullahi Jabir; Amos Kalli; Nweke ThankGod; Tukwosi Arowolu; Odinaka Oramu; Jeremiah Ishaya; Maxwell John;

He said seven others were also arrested in different locations in Lekki area of the state. They are: Emmanuel Sunday; Buhari Ibrahim; Kudus Taiwa; Samuel Jeremiah; Adebayo Adams; Joshua Madube and Mary Jane Nweke.

One Okoropo Mathew was arrested in Obalende area of the state, with four others, Sulaiman

Babafemi revealed that no fewer than 17 suspects arrested by men of the 149 Battalion (Rear), Nigerian Army Cantonment, Ojo, were also transfered to the agency for further investigation.

Seized from the suspects are different quantities of Cocaine, Heroin, Tramadol, Methamphetamine, Diazepam,

NULGE Threatens to Shut down More LGs in Abia Emmanuel Ugwu-Nwogo in Umuahia The Abia State Chapter of the Nigeria Union of Local Government Employees (NULGE), has shut down the headquarters of Aba North Local Government Area (ANLGA) at Eziama and vowed to extend its strike to all the 17 local governments in the state to

protest the alleged unruly behaviour of the chairman of ANLGA, Mr. David Ikonne.

NULGE paralysed activities at the Aba-North last Wednesday after the Head of Department, Works, Mrs. Chidinma Nwanosike, was hospitalised after receiving an alleged beating from Ikonne for refusing to sign a document she considered fraudulent and

implicating.

Ikonne, whose unruly behaviour attracted condemnations, appeared before the State House of Assembly last Friday where he was questioned about the incident that led to the closure of the council secretariat.

The state legislature resolved to investigate the matter after Ikonne denied laying his hand on the

lady. But the President of Abia NULGE, Mr. Ikechi Nwaigwe, who led other leaders of the union to close the council secretariat, said: "We got information that the Executive Chairman of Abia North Local Government Area, Mr. David Ikonne, brutally assaulted Mrs. Chidinma Nwanosike, the Head of Department Works of this Council."

Cholera Kills 20 in Adamawa Daji Sani in Yola Cholera outbreak in Gbalang community of Numan Local in Adamawa State has killed about more than 20 residents, information obtained from the community has revealed.

According to a community source about 16 members of the community are currently

hospitalized as a result of the outbreak.

Speaking to THIS DAY, the youth leader of Gbalang community, Mallam Umar Sadau (Sarkin Matasa), said, in the last few days they lost 20 people and 16 were receiving medical treatment at Numan General Hospital and Gbalang dispensary.

Sadau stated that the disease has taken a huge toll on the community, lamenting that many victims die on the day they were infected.

He said the community has reported the matter to health officials of Numan Local government area but no help came their way as at the time of filing this report.

Confirming the incident, Director Public Health in the Ministry of Health, Dr. Laori Celine, said the outbreak reported in their records was that of Numan council as a whole.

Laori explained that record has shown that 15 cases were reported with one fatality adding that the ministry has adequately responded to the emergency.

Bauchi Empowers 1,000 Women, Youths Segun AwofadejiinBauchi The Governor of Bauchi State, Senator Bala Abdulkadir Mohammed, has empowered no fewer than 1,000 women and youths from Itas-Gadau and Jama're Local Government Areas of the state with cash and economic tools in his determination to shore up the standard of living of the people

of the state.

The empowerment was done through the Kaura Economic Empowerment Programme (KEEP), which is an initiative of the Bauchi State Government to empower women and youths with incentives that would alleviate poverty and provide them with job opportunities in the state. The beneficiaries got motorcycles, grinding machines,

sewing machines, makeup kits, shoe making machines among others.

Speaking during the empowerment programme at the two local government areas of the state, Governor Mohammed reiterated the commitment of his administration to gradually but relentlessly pursue economic empowerment programmes, aimed at alleviating the hardship of Bauchi

citizens. The governor said that the KEEP has already been launched in Zaki, Gamawa, Ganjuwa, Darazo, Bogoro and Tafawa Balewa local government areas of the state, adding that Itas-Gadau and Jama're Local Government has formally joined the economic employment train of taking the generality of the majority of the people of Bauchi out of poverty.

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NEWS XTRA

Olanipekun: Covid-19 Has Worsened Nigeria’s Poverty Level Victor Ogunje in Ado Ekiti A foremost legal practitioner, Chief Wole Olanipekun (SAN), at the weekend, described the Covid-19 pandemic as the most ravaging global economic recession in decades, saying it has aggravated the poor economic situations of the unemployed youth, aged and widows in the country.

The Senior Advocate of Nigeria, who empowered unemployed youth, aged and widows in Ikere Ekiti with N8 million, said the impact of the recession has had adverse effect on the vulnerable groups, hence, the need for urgent support for them.

Olanipekun, who spoke while distributing money to 200 beneficiaries at the 2nd phase of the Wole Olanipekun Foundation's Youth Empowerment and Widows, Aged programme held in the town, on Saturday, was represented by the General Manager of the Ikere based NewcruizeFM 92.7, Mr. Jide Ogunluyi.

Asking governments to urgently help vulnerable Nigerians for last year's lockdown had further done colossal damage to their lives, Olanipekun said, "According to the world bank, both the long and near terms outlook for the

impact of the Covid-19 pandemic and the damage it has dealt to prospects for growth of world economies are damning.

"The baseline forecast envisions 5.2 per cent contraction in global GDP in 2020, using market

exchange rate weights – the deepest global recession in decades, despite the extraordinary efforts of governments to counter the downturn with fiscal and monetary policies.

"The recession is expected

to leave lasting scars through lower investments, erosion of human capital through job losses, schooling as well as fragmentation of global trade and supply linkages."

He, therefore, advised the Ikere

community to stand united in the face of its many challenges, saying, "We must remain as one.

We must remain united and give Ikere Ekiti a good name.

"My vision with this programme is to provide

succour and ameliorate the sufferings of the poor masses.

Targeting enterprising youth is part of the best ways to build a virile economy, and each of the beneficiaries must be focused and use the money wisely."

ARISE WALK FOR LIFE…

L-R: 2021 Arise Chairperson, Mrs. Lolade Wakama; Arise Executive, Mrs. Doyin Arueyingo; Founder/ CEO, Arise Women, Dr. Siju Iluyomade; past Arise Chairperson, Mrs. Iyabo Ladipo; and past Chairperson, Mrs.Yonka Almona, at the Arise walk for life press conference 2021 in Lagos…recently ETOP UKUTT

Nnamani: How the Obaseki Appoints Osadolor as New Solicitor-General Media Aided the Battle against Third Term Adibe Emenyonu in Benin City

But for the watchdog role played by the media, the agenda to amend the 1999 Constitution to provide for a third term for the president would have sailed through. This was disclosed by Senator Ken Nnamani, who was Senate President in 2006 when the Constitution Amendment Bill generally regarded by the public as the Third Term Bill was defeated on the floor of the Senate.

In his just-published autobiography, Standing Strong: Legislative Reforms, Third Term and Other Issues of the 5th Senate, due for presentation in Abuja on October 21, Nnamani details the intrigues that played out during the constitution amendment debates. The former Senate President said he had no doubt

in his mind that the third term plan was orchestrated by President Olusegun Obasanjo, because, while the president did not ask for his support directly, Obasanjo's aides and enforcers, among them Chief Tony Anenih, sought to recruit him into the ignoble agenda. Yet, he resisted the overtures and other attempts made to hijack the nature and direction of the debates to suit the third term agenda.

To shine the light on the dark agenda, Nnamani said he found a willing ally in the media, which was why he allowed for unfettered access by journalists to the senate during plenary, a move that angered the leadership of the Peoples Democratic Party and the Obasanjo presidency at that time.

The Edo State Governor, Mr. Godwin Obaseki, has approved the appointment of Professor Faith Osamagioghomwenwi Osadolor as the SolicitorGeneral/Permanent Secretary, Edo State Ministry of Justice.

Osadolor's appointment is sequel to the elevation of her predecessor, Mr. Wole Iyamu

(SAN) as the Attorney General and Commissioner for Justice.

The Secretary to the State Government, Mr. Osarodion Ogie, announced the appointments in a statement made available to journalists at the weekend.

Ogie said: “Professor Osadolor is a Professor of Law at the Department of Public Law, Faculty of Law, University of Benin, Benin

City, Edo State.

“He is a former Head, Department of Public Law at the University of Benin. He has also served as a former Assistant Dean of Students and chaired many university committees.

“Osadolor is a permanent member of the University of Benin Senate. He joined the University of Benin as an Assistant Lecturer and rose

through the ranks to become a Professor of Law. “He holds Ph.D., Law; L.M, and LL.B, all from the University of Benin and a B.L from the Nigerian Law School, Lagos.”

The state government also announced the appointment of Ozavize E. Salami as the Executive Chairman of the Edo State Universal Basic Education Board (SUBEB).

Gunmen Abduct Youth Council Coordinator, Demand James Sowole in Abeokuta Gunmen suspected to be kidnappers have abducted the Coordinator of the National Youth Council of Nigeria (NYCN) in Odogbolu Local Government Area of Ogun State, Mr. Olamilekan Okunuga.

Okunuga was reportedly kidnapped on Thursday on his way from Ibadan, along

the Ogere axis. It was gathered that some unknown gunmen accosted Okunuga’s car when he was driving himself from the Oyo State capital. The youth leader’s car was said to have been abandoned by the roadside as the kidnappers dragged him away into the forest.

The State Chairman of the NYCN, Mr. Abduljabar Ayelaagbe, confirmed the

incident.

According to him, the kidnappers were currently demanding a ransom of N30 million before Okunuga could be released.

Ayelaagbe said that the victim’s car was later recovered from an unknown person, who was said to be driving it along Ogijo.

He said: “Our coordinator for Odogbolu Local Government was

kidnapped about three days ago around Ogere in Ogun State.

He went to Ibadan, but on his return, he was abducted by kidnappers.

“That night when he was abducted, we learned that his car was abandoned by the roadside. On Friday evening, we got information from the police that the car was intercepted while being driven by a man at Ogijo."

The Court of Appeal, Lagos Division, has set aside the judgement of Justice Serifat Sonaike of the Lagos High Court, which granted a summary judgement in favour of Heritage Bank Limited over alleged N583, 977,998.73 facilities granted to Aime Nigeria Limited, an Oil

Company.

Justice Sonaike had on January 26, 2017, ordered Aime Nigeria Limited to pay the sum of N583, 977,998.73 being the outstanding amount on the loan facilities granted to it by Heritage Bank Limited.

However, the appellate court in a unanimous judgement set aside

the matter to the general cause list for trial on merit by another Judge other than Justice Sonaike.

The lead judgement was delivered by Justice Abubakar Umar and consented to by Justice Joseph Ikyegh (presiding) and Justice Obietonbara Daniel-Kalio respectively. It was the case of the Heritage Bank that the appellant

(Steamplus Limited and Ridima Nigeria Limited) were given loan facilities of N180,000,000 00, N100,000,000.00, and N45,000,000.00 as trade finance facilities for the procurement of petroleum products, which facilities were fully utilised by the appellant and its trading partner companies.

APC Wins All Seats in Court Sets Aside Judgement on Alleged N583.9m Loan Plateau LG Elections Appeal and Gas Products Marketing the judgement and transferred and its trading partner companies Wale Igbintade

Seriki Adinoyi in Jos

The ruling All Progressives Congress (APC), has won all the chairmanship and councillorship seats in the 17 local government areas of Plateau State in the elections that was conducted on Saturday.

The Chairman of the Plateau State Independent Electoral Commission (PLASEIC), Mr. Fabian Ntung, announced the results yesterday in Jos. He said seven political parties, including the AAC, APC, PRP, NNPP, SDP, Boot Party and YPP, participated in the elections.

The main opposition party, the Peoples’ Democratic Party (PDP), was barred from participating in the council

election by the PLASIEC. Ntung said: “From the collated results from across all 17 local government areas, the APC candidates from Barkin Ladi, Bassa, Bokkos, Jos East, Jos South, Jos North, Kanam, Kanke, Langtang North, Langtang South, Mangu, Mikang, Panshin, Qua’an Pan, Riyom, Shendam, and Wase won all the seats and hereby stand elected.

“For the councillorship of the 325 electoral wards, the APC candidates cleared all the seats and hereby stand elected.”

The winners were issued the Certificates of Return immediately after declaration of the results by at the headquarters of PLASEIC in Jos.

Delta APC Leaders Demand Annulment of Ward, LG Congresses Adedayo AkinwaleinAbuja Delta State All Progressives Congress (APC) Leaders’ Council has called on the National Caretaker/Extraordinary Convention Planning Committee (CECPC) of the party to annul the ward and local government

congresses in the state, and organise fresh, all-inclusive congresses.

The council said the aforementioned condition is the irreducible minimum for the teeming members of the party in the state to work with the Mail Mala Buni-led committee to move the party forward.

These resolutions were contained in a communique issued yesterday following the meeting of the state APC Leaders’ Council and majority members of the State Working Committee (SWC) held on October 6, 2021.

The communique was jointly signed by 19 party members,

including the Chairman of the Council and Minister of State for Labour and Employment, Mr. Festus Keyamo (SAN); Dr. Alex Ideh, the co-chairman; the Council Secretary and former Executive Director of NDDC, Hon. Cairo Ojougboh, and the state APC governorship candidate in 2019.

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NEWS XTRA

Students Maltreatment: Kwara Suspends Head of Arabic School, Sets up Probe Panel Hammed Shittu in Ilorin The Kwara State Government yesterday suspended the head of the Arabic school whose students were seen in video footage being punished for alleged conduct that was contrary to the rules of the school.

The suspension was done after the state government officials visited the school to ascertain the veracity of the alleged maltreatment of the affected students over the weekend.

A statement issued in Ilorin and signed by the State Commissioner for Education and Human Capital Development, Mrs. Saadat Kawu Modibbo, stated that the government has frowned at the harsh beating seen in the footage.

The officials were led by Modibbo. Other officials included Special Assistant to the Governor on Religion (Islam) Mr. Danmaigoro; Dr. Saudat AbduBaqi of the University of Ilorin; Mr. Lawal Olohungbebe of Kwara State University and the Chief Press Secretary to the Governor, Mr. Rafiu Ajakaye.

The team was joined by the Divisional Police Officer, Ganmo, SP. Oko Nkama; and a representative of the NSCDC,

DSC. Parati AbdulHameed.

The statement said: "A Kwara State Government's delegation has visited the Arabic school

whose students were seen in video footage being punished for alleged conducts conceived to be contrary to the rules of

the school.

"The government’s team carefully listened to the authorities of the Arabic school,

the father of the sole girl in the video, and four other students involved in the unsavoury development.

PREPARING FOR ANAMBRA ELECTION…

L-R: Co-convener, Situation Room, Mr. James Ugochukwu; Anambra State Resident Electoral Commissioner, Mr. Nkwachukwu Orji, and Executive Director, Action Aid Nigeria/Convener Nigeria Civil Society Situation Room, Mrs. Eme Obi, during the dialogue session with Orji ahead of governorship election in the state in Abuja…recently ENOCK REUBEN

SERAP Urges Buhari to Cut There will Be a Change of Govt in 2023, Says Bakare Muhammadu Buhari to tear the 1999 constitution is an Nigeria for Nigeria Movement N26bn Presidency Budget Segun James down "the unglorifying portion glorifying death certificate, (NNM) shall soon be launched The Presiding Pastor of the of Nigeria constitution" as it even as he wondered why which shall advocate for doing for Medical Centre, Travels Citadel Global Community is hindering the growth of a leader can insist that the things right in the country,he Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to cut the N26 billion presidency budget for the construction of the presidential wing State House medical centre, local and foreign travels, meals and sitting allowance, and use some of the savings to address the growing level of deficit, as well as improve public healthcare facilities across the country.

In the letter dated October 9, 2021, and signed by its Deputy Director, Kolawole Oluwadare, SERAP also urged Buhari to send to the National Assembly a fresh supplementary Appropriation Bill, which reflects the reduced proposed spending for its approval.

The group said many Nigerians would find it unfair and unjust that the government is spending so much money on many of these items in the middle of a public borrowing crisis.

PDP Must Zone Presidency to North, Says Dokpesi Iyobosa Uwugiaren in Abuja The Chairman Emeritus of DAAR Communications Plc, Mr. Raymond Dokpesi, has advised leaders of the Peoples’ Democratic Party (PDP) to allow the north to produce the next president of Nigeria in 2023 general election, in the interest of justices, equity and fairness.

Dokpesi also tasked journalists to continue to hold the government accountable to the citizens, within the context of the ethics of the journalism

profession.

The founder of African Television Authority (AIT) and Ray Power 100.5 FM, stated this while speaking with journalists in Abuja as part of the programmes to mark his 70th birthday.

He said that the north had only been in power for less than three years, while the South for 14 - within the political arrangement of the PDP, added that there should be fairness, equity and justice if the party wants to achieve unity.

Church, Pastor Tunde Bakare has said that there will be a change of guard in government in Nigeria on 2021.

Although Bakare did not say how the change of guard would take place, he however insisted that what he meant by that is "there will be fresh hands and new people to change things in Nigeria."

He urged President

the country, and that any amendment made to the Constitution can never improve the situation if the needful is not done as it is a "glorified death certificate."

Bakare explained that nothing in the 1999 constitution includes the provision of 1960 and 1963 constitutions which were arrived at through negotiations, adding that,

unity Nigeria is not negotiable.

The Pastor in his State of the Nation address tagged: "The BlackBox of Nigeria's Politics," stated that the time has come for Nigeria citizens to be informed and make compelling demands from those in authority.

Speaking in his church auditorium in Ojota,Lagos, he disclosed that a group

noted that the "patching" of the constitution can never bring the desired change because,the 1999 constitution has deviated from the ancient landmark the founding fathers of Nigeria set.

He explained that the formation of the NNM shall include the youths, those in diaspora and people desirous of a better change in the country.

Ikpeazu Lauds NUJ, Isiguzo for Peaceful, Transparent Election Emmanuel Ugwu-Nwogo in Umuahia The Governor of Abia State, Dr. Okezie Ikpeazu, has expressed delight over the successful conclusion of the seventh triennial delegates conference of the Nigeria Union of Journalists (NUJ) hosted in Umuahia, the state capital.

In a congratulatory message to the newly reelected NUJ President, Christopher Isiguzo,

the governor equally lauded the union for the peaceful and transparent manner the election was conducted.

He thanked NUJ members for the confidence they reposed in Isiguzo, whom he described as "an illustrious son of Abia State."

In a statement issued by the state Commissioner for Information, Chief John Okiyi Kalu, Ikpeazu also commended the over 1,000 delegates who came to

Umuahia for the orderliness they exhibited all through the conference.

Ikpeazu further expressed delighted that journalists across the country came to Abia State "for such an auspicious gathering which among other things availed them the opportunity to see that Abia is still one of the safest states in Nigeria as well as enjoy the hospitality of the people of the state."

There had been heightened

apprehension among delegates following the sinister campaign mounted

by Isiguzo's opponents who claimed that Abia State was unsafe to host the 2021 triennial conference of NUJ. They had also tried to use the court to scuttle the conference but the ex-parte injunction they obtained at the Ibadan zone of the National Industrial Court was eventually vacated just before the conference commenced.

Don’t Appeal Court Judgement, Conduct LG Polls, Kwara Advised Hammed Shittu in Ilorin A former Minister of Youth Development and Sports, Mallam Bolaji Abdullahi, at the weekend advised the Kwara State Government to jettison its plan to appeal against the judgment of a state High

Court in Ilorin that sacked the appointed caretaker committee in the 16 local government areas of the state.

Abdullahi, however, said the state government should without further delay conduct local government council polls in the state.

Also, a pro-democracy group in the state, Kwara Must Change, in a statement issued and signed by its Convener, Mr. Razaq Hamzat, at the weekend urged the state government to conduct the local government election as soon as possible, instead of engaging in

a prolonged legal battle against the judgement of the court.

A state High Court in Ilorin at the weekend sacked the composition of the Transitional Implementation Committee in the 16 local government areas by the state Governor, Alhaji AbdulRahman AbdulRazaq.

The Primate of All Nigeria Anglican Church, the Most Rev Henry Ndukuba, has been honoured by natives of Ogberuru Community resident in Lagos for his selfless efforts in promoting peace and religious co-existence in the country.

The primate, who was hosted alongside his wife, Mrs. Angela Eberechukwu at a grand reception held in

Lagos by the indigenes, was described as an illustrious son of the community whose contribution to ecclesiastical and national development is immense and awesome.

In a citation read on behalf of the community by Miss Sandra Oluchi Obi, the Primate was said to have served the nation in several committees in promoting peace across tribal

and religious lines.

According to the citation, he had also exhibited outstanding deeds and contributions to youth empowerment activities, a feat which resulted in several awards on him including Ambassador of Peace by Rev (Dr) Kukar centre.

The primate was also described as a firm believer in education as a lasting legacy

for the country's growth and development which has propelled him to continuously promote learning at all levels His penchant for learning has seen him obtaining several degrees at both first and masters level from ivory towers at home and abroad including the prestigious Princeton Theological Seminary in New Jersey, USA.

Internal Auditors Appoint Okowa's Aide Director of Media Anglican Primate Honoured for Peace Efforts The Governing Council of Patrick Nzechukwu. the Society For West African Internal Audit Practitioners (SWAIAP) has approved the appointment of Mr. Nelson Egware as Director, Media and Publications.

The appointment was conveyed in a letter dated October 1, 2021 and signed by the President and Chief Executive Officer of SWAIAP,

By the appointment, Egware becomes a member of Council of SWAIAP. Egware, a Senior Special Assistant on Media to Governor Ifeanyi Okowa of Delta State, holds a Bachelor of Science degree in Accounting and Finance as well as an MBA, MBF, MSC and PhD in view.

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BACKPAGE CONTINUATION SECURITY ON MY MIND our national diversity management challenges, that government will be hard-pressed to restore order in the country.

Statisense, a data consulting company, reported that terror-related activities killed 5800 persons and 2943 kidnapped as of June 2021. A further breakdown according to Statisense revealed that Northern Nigeria recorded 4,490 deaths, while the Southern part of the country had 1,310. The trajectory of crime, national security challenges and cross-border crimes cannot be understood and dealt with by yesterday’s institutions.

A redefinition of our concept of security in line with new trends and mutants is greatly needed. Remapping our security system will require new definitions, a new regulatory and institutional framework and new personnel recruitment and training strategy.

The experience of Niger Delta militants, Boko Haram, kidnappers, cross border herdsmen and marauders, the unknown gunmen terror, and Oduduwa and IPOB rising insurgency indicates either the absence of intelligence or failure to act.

Rethinking our security system along the lines of Intelligence, Enforcement, Adjudication, Corrective, and Rehabilitation will enable executive and legislative action to bring all agencies to a specific bucket and create an alignment framework. My proposal for a revamp is detailed below.

First, at the root of our new national security architecture should be a unique identity for all citizens. Now, Nigeria has multiple identity schemes that boast of biometric data. What is vital now is harmonising the data and creating a verification platform that ensures unique identification on demand.

The unique identity will make it possible to build the security system around a core foundation of uniquely identified citizens helping in tracking behaviour, transactions and public records. The National Identity Number is a step in the right direction.

Second, as a quick win and intervention mechanism, the government should set up a new Special force like the Colombian Jungla Force. Decades ago, Colombia was descending to an ungovernable entity due to the activities of FARC rebels, two major drug cartels, the Cali and Medellin cartels. At that time, the homicide rate in Colombia stood at 80 per 100,000, multiple times higher than in Nigeria today. A series of coordinated actions involving

Chief of Defence Staff, Lucky Irabor a special force under the Police trained by the British Special Air Service and the US Army led to successes in the degrading and destruction of the cartels.

The reform of the broader Colombian law enforcement and judicial institutions helped sustain the Jungla force’s successes. One of the lessons of Jungla success, ranked number four on the list of elite special forces worldwide, is the realisation of the limit of the military in fighting internal insurrection.

Interestingly, in 2015 former President Obasanjo led some Colombian experts to meet with President Buhari. I do not know if much came out of that visit. We need a Special force recruited from existing staff of security agencies between the ages of 21 to 30 and trained as a paramilitary force capable of engaging in urban, desert, forest and amphibious operations. In Austria, their elite Police force “applicants are chosen from a pool of current officers. They must complete a six-month training program including marksmanship,

tactical instruction, sports driver instruction, and computer instruction.”

We need a special force to restore order in the hot spots in the country. Recruitment to the special force should be purely on merit with dedicated funding for equipment and operational cost. Federal character and ethnic-inspired leadership will defeat the aim. It should be a Nigerian Force with proper indoctrination, regular polygraph testing and zero-tolerance for corruption.

Third, the next step would be to thoroughly evaluate all security agencies’ recruitment, promotion, and discipline standards. The most critical failure in our security system is the covert, nepotistic and low-quality recruiting strategy. The security agencies should adopt the Nigerian Military recruitment process.

The Military recruitment standard of public advertisement, known examination dates and publication of names of successful candidates is a worthy step to follow.

Fourth, resolving the coordination crisis in our current security setup is the next critical step.

The SSS, NIA and DIA report to the National Security Adviser with the SSS granted direct access to the President. The Police vacillate from the Ministry of Police Affairs to the Ministry of Internal Affairs. Customs report to the Ministry of Finance. Immigration Service, Prisons and Civil Defence Corps report to the Ministry of Internal Affairs.

Attempts to resolve coordination issues through the Joint Intelligence Board and the Intelligence Community Committee do not deal with the core issue of coordination.

There is an urgent need for a one-stop-shop for security agencies.

Fifth, the State Security Services should be unbundled to remove the VIP protection unit as a separate body saddled with protecting our ever-increasing number of dignitaries past and present. The new VIP protection wing will allow security details with primary training for VIP and regime protection to develop more robust capabilities in that area.

The remainder of the unbundled SSS responsible for internal security should be a pure intelligence organisation coordinating with the newly established Special Force and other law enforcement agencies. The new Service divested of its regime protection role would focus on coordinating and enhancing the data collection capabilities of data producing agencies.

Sixth, the Police, as presently constituted,

cannot deliver on securing the nation. As of 2021, the latest available data online, the Police, with a total of 5556 police offices across the country, poses both administrative and logistical challenges beyond the capacity of any central authority.

A police ratio of 1 police officer to 459 Nigerians and a budget of 447 billion, which at 412 Naira to the Dollar translates to about 1 billion US Dollars cannot secure a country the size of Nigeria. In comparison, this is less than a quarter of the 5.6 billion dollars 2021 New York City Police annual budget. The New York City Police has 50,000 employees covering a population of over 8 million residents in a land area of 1,214 kilometres.

In contrast, the Nigerian Police has about 400 thousand staff covering a population of about 200 million residents over a land area of 923,000 Kilometres. To further understand the challenge, the 2021 Police budget provided 4 billion Naira, against the Police budget proposal of 24 billion Naira, for fuelling, which according to Dataphyte, a data company, translates to 2,000 Naira per day per Police station.

I propose that the federal government continue to centrally recruit officers of the Police, pay their salaries and hand over operational control to States. States should take over the overhead and capital cost of running the state command. State governments using a portion of the current security vote could have easily provided an average of 700 million Naira to fund the fuelling of police vehicles. The 25 billion from the states would be more than the 24 billion requested by the Police, and the local control would ensure efficient usage of the funds.

The 2021 budget provided 13.9 billion Naira for the capital vote and 27 billion Naira for overhead costs. This budgetary provision is meagre. If the states were to take over the funding of overhead and capital costs of Nigeria Police at a conservative 4 billion Naira average, it would amount to 144 billion Naira. The increased funding, according to state capacity, would turbocharge the Police.

Our security architecture must become dynamic, agile and responsive to the emerging threats, technological advancement and morphology of crime.

As a transition and to allay fears, we need a federally owned but state-managed Police force to enable the enforcement arm of our security architecture function.

be receiving serious attention now as Russia argues that it is a panacea to the energy crisis.

The Nord stream 2 Project is a larger version of the 678Km long West African Gas Pipeline project which started operation in March 2011.

The $900m project supports the export of gas from Nigeria to Ghana via Benin Republic and Togo. It has a capacity of 200 million standard cubic feet a day (mscfd) and can be expanded to 600 mscfd. The pipeline is owned by a consortium of private and public sector investors led by Chevron. If this project which was promoted by the World Bank was conceived today, your guess would be as good as mine as to its funding. So, what do all these mean?

In the first place, the end of natural gas is not in sight yet. In fact, with the unfolding scenario, the future of gas is even much stronger than it was a short while back. While the legitimate campaign for green energy continues and should receive the support of all, it is important to re-emphasise that the ambitious deadlines set mostly by developed countries is everything but realistic. As a country, we are virtually blameless in the emissions that are forcing everyone to think renewable energy sources as aptly demonstrated by the Vice President. We therefore must take decisions that best serve our interest and will lift our people from poverty.

We had stated earlier that we are not likely to see any shift in policy in terms of funding fossil fuel projects. Since we have seen that fossil fuels would be with us for the next two to three decades, we should take our destiny in our hands and come up with alternative funding strategies for these resources that we are blessed with. In like manner, we should also fund extensive research and development initiatives as foreign technology would likely disappear with foreign funding. Our position is that the developed world pushing to starve hydrocarbon projects of funding still relies on the same hydrocarbon for most of its energy needs. We should, therefore, pay attention to actions rather than words.

We should draw some lessons from Russia who pushed ahead with its ambitious plans for gas despite what the rest of the world seemed to want it to do. Russia’s decision was anchored solely on the massive gas reserves that it has and the fact that it is the biggest supplier

of gas to Europe. Europe needs Russian gas despite the geopolitics; a purely commercial transaction based on supply and demand.

Clearly, Russia was convinced that the future of gas was secure and is already benefitting from that decision. We have seen how developed countries drove us out of coal while they still use that ostensibly very dangerous resource to power their plants. Given our very poor energy supply records and the fact that majority of our population has no access to electricity, we shouldn’t have phased out coal at the time we did. Currently, coal contributes 80% of South Africa’s energy needs.

Finally, it is heart-warming that Nigeria has defined its pathway towards zero emission which does not necessarily align with what the developed world is saying.

It is the position of this column that we should stick to it. As we do this, there may not be any need to continue to plead with the developed world to soften its stance on defunding fossil fuel projects. This is because, they are unlikely to change their position.

We have seen International Oil Companies divest and pull out from different otherwise profitable projects in the country. All these actions are in furtherance of the global stance on funding of hydrocarbon projects. What we should continue to do is to encourage and support local investors to take up these initiatives and replace any player that pulls out. We may not have the required capacity in terms of skills and financing, but with time, we should be in a position to do so.

We started this discourse with an enquiry into whether renewables would alter the future of gas. An authoritative answer came insisting that the position of gas was secured at least in the nearest future. Just as we were on it, gas prices began to go up aggressively in the face of an imminent energy crisis. Meanwhile, controllers of Capital had taken a position to starve the sector of the much-needed development finance. We therefore conclude by encouraging concerned countries in Africa to put on their thinking caps and pursue their interests in gas while the party lasts.

THE FUTURE OF GAS IS ALREADY HERE such as the 2015 Paris climate accord.”

Prof. Osinbajo went further to make a case based on comparative contribution to emissions viz “Curbing natural gas investments in Africa will do little to limit carbon emissions globally but much to hurt the continent’s economic prospects. Right now, Africa is starved for energy: excluding South Africa, sub-Saharan Africa’s one billion people have the power generation capacity of just 81 gigawatts—far less than the 108-gigawatt capacity of the United Kingdom. Moreover, those one billion people have contributed less than one percent to global cumulative carbon emissions. In Nigeria, for instance, the average person emits just 0.6 metric tons of carbon per year, a fraction of the 4.6 tons per capita global average and even less than Europe’s 6.5 tons per capita and the United States’ 15.5 tons per capita.

Put another way, energy use and emissions are so low in sub-Saharan Africa that even tripling electricity consumption through natural gas—which no one is proposing— would add just 0.6 percent to global emissions.

“But limiting the development of fossil fuel projects and, in particular, natural gas projects would have a profoundly negative impact on Africa. Natural gas doesn’t make sense in every African market. But in many, it is a crucial tool for lifting people out of poverty.

It is used not only for power but for industry and fertilizer and for cleaner cooking. Liquified petroleum gas is already replacing huge amounts of hazardous charcoal and kerosene that were most widely used for cooking, saving millions of lives that were previously lost to indoor air pollution. The role of gas as a transition fuel for developing countries, especially in Africa, cannot be overemphasized” We salute the Vice President for forthrightly making the above statements. All African countries must adopt this position, not because it will make the Western world change its stance, but to help African countries begin to think about alternative funding strategies to Gas. In fact, a few days ago, the U.S. Deputy Special Presidential Envoy for Climate, Jonathan Pershing, speaking in South Africa was quoted as saying that fossil fuel firms investing in Africa face the risk of regulatory and financial action. Again, a United nation’s Net Zero Banking Alliance, a group of global

banks that have committed to reducing their carbon financing and investment, was formed early this year. The largest banks in the US including Citibank, Bank of America, Morgan Stanley and J.P. Morgan Chase have joined and an interim target of 2030 has been set for compliance.

It is instructive that while Nigeria and many other African countries were literally bullied away from coal as a source of energy some decades ago, statistics has it that as recently as 2017, coal contributed 50% of electricity generated in the Unites States of America.

This number has just gone down to 20% as at 2020 while Natural gas stood at over 40% within the same period. As at the end of last year, about 10.6% or 22.6GW of the total power generated in Germany was accounted for by coal while Natural gas accounted for about 14% or 30GW. Germany’s coal- phase-out plan stretches to 2038. Meanwhile, we are now being told, after we have completely shut down our coal mines in Enugu and other places that clean coal technologies that help to reduce emissions are possible. It is also noteworthy that in spite of the campaign to defund fossil fuel, only 19.8% of energy generated in the US comes from renewable sources, even though the Department of Energy (DOE) is providing special funding for investment in renewables.

While the campaign was on and plans were being put in place for net zero emissions by 2030, nature seems to have struck with the impending energy shortage in many parts of the developed world as noted earlier, leading to increase in prices of fossil fuel.

Russia seems to be smiling to the bank as it supplies about 40% of the gas demands of Europe and has indicated it will increase supply above its traditional numbers. In exchange, it is exerting its influence in the region and ramming through the approval process for Nord Stream 2, the 1,200Km long subsea pipeline that will transport about 110billion cubic meters of gas to Germany and other parts of Europe. This ambitious $11b project, undertaken by Russia’s Gazprom received condemnation and sanctions from the US in 2019. In spite of the opposition to the project, Russia continued and has now completed the pipeline as at early this year. Certification by Germany which has been delayed seems to

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SPORTS

How Tyson Fury Survived Two Knockdowns to Retain his WBC Crown

Tyson Fury early hours of Sunday delivered a thrilling 11th-round knockout of Deontay Wilder to retain his WBC heavyweight crown as their trilogy bout produced another classic on an electric night at the T-Mobile Arena in Las Vegas.

Twenty months since Fury dethroned the American, the 33-year-old had to show all his resolve and resilience to extend his undefeated professional record to 32 fights after twice being floored in the fourth round.

Fury sent his opponent sprawling in an explosive third, only to see Wilder recover and the Briton found himself on the end of the Bronze Bomber's huge right hand twice in quick succession.

Wilder was hanging on by the end of the seventh but was still in a gruelling fight come the 10th, when Fury knocked him down once more, before delivering the final blow in the 11th to bring this particular chapter of heavyweight boxing to a close.

"I was down a couple of times, I was hurt, Wilder is a strong puncher," said Fury.

"It was a great fight. I will not make any excuses, Wilder is a top fighter, he gave me a run for my money. I always say I am the best fighter in the world and he is the second best.

"Don't ever doubt me. When the chips are down I can always deliver."

This might not have been the fight Fury wanted but, after a controversial draw in their first meeting in 2018 and seventhround stoppage from Fury last time out, it again delivered the blockbuster battle the Las Vegas crowd was craving.

Tensions had been simmering throughout fight week and only continued to bubble as Wilder's delayed entrance left the arena

waiting, before the lights finally went down and the American, who listed his elaborate and heavy ring-walk outfit as one of the excuses for his loss to Fury last year, emerged in a more understated fur-lined gown.

But what's a few minutes when this classic tussle was more than a year in the making?

Fury, dressed as a Roman centurion, followed to a backdrop of AC/DC as both fighters stepped inside the ropes for the first time since their explosive meeting at the MGM Grand in February 2020.

That was pre-pandemic and the Morecambe-based boxer was buoyed by the thousands of UK fans who had flooded to Las Vegas to support their charge, although travel restrictions meant there was never going to be the boisterous following for the British hopeful this time.

But the local support could not help but be wowed by Fury once more as he again proved that, despite finding himself on the canvas, you can never write this man off.

Wilder came out looking to dictate from the opening bell with a series of jabs to the body as Fury took his time to size up a remodelled opponent, one new trainer Malik Scott says has more in his tool box than previously shown.

Wilder's new regime came amid question marks around Fury's own preparation - the original summer fight date was scrapped when he contracted Covid-19 and quickly rescheduled for October and Fury then had to rush home to the UK to be with wife Paris for the birth of their sixth child, Athena.

The American had also closed the gap in terms of weight, and despite Fury carrying 39lbs more than his opponent both were

Tyson Fury defeated Deontay Wilder in 11th round knockout to retain his WBC world heavyweight boxing title...early hours of yesterday the heaviest of their professional careers at 19st 11lbs to Wilder's 17st.

But it was Fury who then began to dominate after Wilder's brisk opening exchange and a huge left-right combination sent the Alabaman to the ground.

The 35-year-old survived the count and, rejuvenated by the

bell, felled Fury with a mammoth right of his own in the fourth and followed with another to send the champion tumbling twice in the same round for the first time in his career, as the anticipation of an upset grew.

Fury, though, rose from there on and a determined Wilder had been hanging on for several

rounds when he was knocked down again in the 10th, before the champion finally landed a right that ended the fight after 11 enthralling rounds.

Fury has passed every challenge thrown his way but to become the first undisputed heavyweight world champion since Lennox Lewis in 2000 he

will need to take the titles held

by Oleksandr Usyk.

The Ukrainian looks set to face Anthony Joshua in a rematchfirst to see if the Briton can win back his WBF, IBF and WBO crowns, but in Fury's mind there is no doubt as to who is the greatest heavyweight of this enticing era.

25 YEARS AND A LEGACY ver the weekend, Africa’s first Olympic Gold Medalist in the field event Chioma Ajunwa celebrated the 25th anniversary of her golden jump with an elaborate event to launch her six billion naira sports facility fund via her Chioma Ajunwa Foundation. In the presence of lots of dignitaries, Ajunwa made the pledge to use the facility to get people off the streets and produce more champions.

Ajunwa has been a history maker in Nigeria. The only person, male or female to represent the country at the highest level in two sports.

She was a member of the Super Falcons to the inaugural FIFA Women’s World Cup in China in 1991. After impressing in football she moved on to athletics where she took the nation by storm breaking the then African record by running 10.84 seconds (albeit not a legal time). Though an excellent sprinter, Ajunwa would come to fame at the Atlanta 1996 Olympics where she defeated a pool of world class athletes to win Nigeria’s first ever Olympic Gold Medal.

Since that time Ajunwa has had a string of honours nationally and she has continuously given back to the sports of athletics with philanthropic actions.

Speaking at the event, Chioma Ajunwa-Opara, an Assistant Commissioner of Police (ACP), reeled out three sports namely; athletics, football and taekwondo as the core area of focus for the

O

Chioma Ajunwa...celebrating the 25th anniversary of winning Atlanta ‘96 gold medal foundation for now.

“The Olympic Talent Hunt is for girls between the age of 10 and 17 years in these three sports. I have not seen any exinternational in Nigeria thinking about having his or her sports facilities to enable upcoming athletes to benefit from them.

“That is what is motivating me.

I have to build a hostel at Meiran, (in Lagos) where girls camp.

We want to make the Chioma Ajunwa-Opara Foundation a reference point in Nigeria’s sports development,” she stressed with emphasis.

Chioma Ajunwa believes in helping others. She professes that she is a beneficiary of

philanthropy. She attributes her successes in sports to the management team of Former Nigerian Footballer Chief Segun Odegbami. She says without his help, she would achieve nothing and for this she hopes to help as many people as possible through her foundation.

She has helped support

Under-16 football tournament and supported youth sports in general. She insists her foundation would not support only athletics but taekwondo and football too.

But her work has been most impressive in the education of sportsmen against the scourge of doping. Being a victim of ignorance herself, Ajunwa has held lots of clinics to educate athletes against the dangers of doping.

Ajunwa’s performance and actions have been a blessing to the country. Born on Christmas Day in 1970 she indeed came as one of a twin of blessing that day to Nigeria. Another superstar Emmanuel Amuneke was born that same day in the same state, Imo State to Nigeria and they have had similarities is careers.

Apart from their date of birth and state, they both represented Nigeria in its first world cup.

Amuneke in Nigeria’s maiden World cup of 1994 and Chioma in Nigeria’s maiden female World cup in 1991. Both were members of Nigeria’s contingent to the Olympics in 1996 and both won Gold medals. Ajunwa with her golden leap and Amuneke scoring the winning gold medal goal that gave the Eagles victory over Argentina.

Amongst the dignitaries that graced the event include Chief Segun Odegbami who managed Ajunwa to the Atlanta Olympic gold medal. Odegbami revealed that it was sheer determination and passion on the part of the athlete (Chioma Ajunwa) that gave Nigeria the gold. While endorsing all that the foundation has set out to achieve, Odegbami said such uncommon valour are difficult to find amongst the current generation of Nigerian athletes. Also Access marathon general manager and National Long Jump record holder, Yussuf Alli praised Ajunwa and recognized her talent saying she even had the capacity to jump further. Former African Track Queen Mary Onyali who represented the Minister of Sports at the event recalled the good days when her rivalry with Ajunwa was fierce but friendly and enjoined all to support the project.

Ajunwa has grown in personality over the years, a senior police officer now, she has been award the national title MON and numerous chieftaincy titles.

But alas, the hand of charity to help young ones would be her biggest title yet. Comparable to the Olympic Gold.

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French players celebrating on the podium after defeating Spain 2-1 to win the 2020/2021 UEFA Nations League final...yesterday

France Beat Spain to Win UEFA Nations League Kylian Mbappe fired a contentious winner as France came from behind to beat Spain and become

the second team to win the Nations League last night.

Mbappe was adjudged to be onside when he slid the

ball under Unai Simon after Karim Benzema's stunning equaliser at Milan's San Siro.

Spain had taken the lead

through Mikel Oyarzabal, who shrugged off defender Dayot Upamecano to beat Hugo Lloris.

Aruna Takes Fulda to Third Spot in Bundesliga Quadri Aruna showed why he remains a strong pillar of TTC RhönSprudel Fulda-Maberzell in the matchday 7 of the Table Tennis Bundesliga (TTBL) after the Nigerian led the home team to end the winning streak of TTF Liebherr Ochsenhausen.

Fulda prevailed 3-2 to rise to third place in the table tennis Bundesliga.

The support from the home fans of TTC RhönSprudel FuldaMaberzell was enough as Aruna recorded one of the biggest wins of his career to throw the fans into a frenzy at the venue of the match.

Aruna defeated the due of Maciej Kubik and Simon Gauzy while the partnership of Alexandre Cassin and Fan Bo Meng aided the 3-2 crucial win by Fulda at the weekend.

With five wins from seven matches, Fulda occupied third spot behind league leader Borrusia Dusseldorf and TTF Liebherr Ochsenhausen.

“In the end, we deserved to win,” said Fulda coach Qing Yu Meng after the game.

“It was a great game, and thanks to a large number of spectators, the atmosphere was finally fantastic again after a long time. Hopefully, things will continue like this on Sunday in the German Cup.” For Ochsenhausen, on the other hand, a sensational winning streak came to an end.

"Both teams played great and

Lloris produced two late saves to ensure victory for the world champions.

He first denied Oyarzabal before acrobatically keeping out Yeremi Pino's effort in stoppage time, as France became the competition's second winners after Portugal in 2019.

But Mbappe's winner will prove to be a moment of debate, with the goal standing even though the

Paris St-Germain striker was in an offside position when Theo Hernandez played the initial through ball.

Spain defender Eric Garcia touched the ball in his attempt to clear the danger before it came to Mbappe, and the rules state "a player in an offside position receiving the ball from an opponent who deliberately plays the ball... is not considered to have gained an advantage".

Four Nigerian Cyclists Get World Track Cycling Championship invitation

Aruna Quadri fought hard", admitted TTF Liebherr Ochsenhausen coach Fu Yong. "Fulda was very strong."

Aruna and the pair of Cassin and Meng made the difference for Fulda.

It was the strong comeback of Aruna, world number 16, who had paused due to a shoulder injury, but now came back stronger.

In the opening singles Aruna beat Maciej Kubik 3: 1 (11: 8, 5:11, 11: 7, 11: 9), in the top singles he then grabbed his best table tennis and also defeated Simon Gauzy 3: 1 (11: 9, 11: 5, 3:11, 11: 5) - the

Fulda audience celebrated the top player for this performance.

Fulda’s second success factor was the new dream doubles of Cassin and Meng who were playing together for the fourth time, and for the third time, they won their match.

Before the tie, Samuel Kulczycki and Maciej Kubik have been unbeaten and their winning streak came to an end with a 3: 1 (11: 9, 6:11, 11: 8, 11: 8) defeat to Cassin and Meng as they had already made the difference against TTC Schwalbe Bergneustadt and SV

Werder Bremen.

In the meantime, Ochsenhausen seemed closer to victory after Aruna's opening win but Gauzy made a brilliant performance with sensational points and beat Ruwen Filus 3: 1 (8:11, 11: 8, 11: 8, 11: 4 ), then Kanak Jha won 3: 1 (5:11, 11: 9, 11: 8, 11: 9) against Cassin to lead Ochsenhausen 2: 1. But Aruna’s win over Gauzy with the doubles’ victory gave the home fans something to cheer.

Also on Sunday, October 10, Fulda continued their good performance led by Aruna.

Four Nigerian female cyclists have been invited by the French Cycling Federation (FCF) to participate in the 2021 World Track Cycling Championships taking place in Roubaix, France.

Technical Director of the Cycling Federation of Nigeria (CFN), Bashir Mohammed, who disclosed this in Abuja said the cyclists include; Ese Ukpeseraye, Yekeen Tawakalt, Ayuba Grace and Samuel Mary.

Mohammed who doubles as the Secretary General of the Confederation of African Cycling (CAC), said the World Championship would run from October 20to 24, 2021, adding that the Nigerian representatives will compete in four events namely 500m Time Trials, Individual Pursuits, Team Sprints and Team Pursuits According to Mohammed, "the qualification of the cyclists was based on the last Wold

Cup Track Championships that tool place in Kali, Colombia in August 2021".

The cyclists who are already in camp in Abuja training are expected to depart Abuja on October 17, 2021and return on October 21, 2021.

The CFC Director of Sports Activities, Nicolas Andre stated in a letter to the CFN that "the Local Organizing Committee, in cooperation with the UCI and French authorities, has developed a COVID-19 tests protocol for any participant", stressing that "These tests will allow the 10-day quarantine requirement to be waived and integrated into the period of (the cyclists) presence at the event".

Meanwhile, another female Cyclist, Treasure Coxson will be leaving for Cape Town, South Africa to join other selected cyclists for two months camping at the World Cycling Centre.

Monday October 11, 2021

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Price: N250

MISSILE

Senate to FG “The Senate, however, is saddened that the current Apapa gridlock has become an embarrassment to our nation and a sore point for maritime business along the Lagos and Tincan Island Ports corridor and also saddened that this has a huge impact on the ease of doing business in Nigeria, shipping and the final cost of goods” – Senator Oluremi Tinubu and co, lamenting Apapa gridlock, while making resolutions to tackle the intractable problems.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

The Future of Gas is Already Here “The future is faster than you think” –Peter Diamandis

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arely four weeks ago, we began discussing the growing impact of renewable energy and how it could affect the future of gas utilisation.

This topic generated so much interest that our last column was yielded to no less a person than the man who should know more than any Nigerian alive in the area of gas, Dr. Godswill Ihetu. As former CEO of Nigerian Liquified Natural Gas Company Ltd and Nigerian Gas Company, and as veteran of the oil and gas sector, his knowledge and perspective are unparalleled. Expectedly, his authoritative contribution to the discourse helped throw much brighter light on the matter. We must thank him once more for his time and insight.

Inevitably, we are staying on the subject of energy this week, especially gas, as new issues keep coming up every day. It is no longer news that Europe, China, the United States and many other industrialised countries, are facing an imminent and severe energy crisis. Meanwhile, gas which many parts of the advanced world had hitherto been coy about, has continued to demonstrate that it is the fuel of today and the immediate future. According to current statistics, in the

Minister of State for Petroleum, Timipre Sylva last one year, price of gas has gone up 8 times. Benchmark futures trade at the oil equivalent price of $230 per barrel. All these are happening when winter has not even set in. This indicates that the likelihood of

gas prices going up further is not farfetched.

Crude oil prices have, for the first time since 2015, gone above $80 per barrel. Given these realities, crude oil alternatives for powering homes and offices, seem to command stronger demand. From informed research reports, the demand for crude will rise by close to 1m barrels daily by the end of the year. Analysts believe that crude oil prices could hit the $100 per barrel mark by December this year.

In tandem, natural gas prices are expected to double from its present high price within the same period. All these are on the back of post-covid economic recovery and increased productivity in China, Europe and the USA. Nevertheless, there are deserving grave concerns about global warming, reducing carbon footprints and achieving a net zero emission as quickly as possible. Most of the developed economies have set an aggressive deadline for compliance with this objective. Like Dr. Ihetu espoused in his piece, the melting of the arctic ice leading to massive flooding and the general depletion of the ozone layer, cannot be wished away. To get the world to reduce carbon emissions, the international community has taken a principled stand to stop the funding of fossil fuel projects as quickly as possible. This has posed a great threat to countries in Africa which are hydrocarbon-rich and rely on foreign capital

and technology to exploit these resources to the benefit of their economies and societies. As I was putting this piece together, my attention was drawn to a paper presented recently by the Vice President of Nigeria, Prof. Yemi Osinbajo, SAN, at the Africa Regional Heads of Government Commonwealth Roundtable.

In his presentation, the Vice president decried the defunding of gas projects policy of the global community, calling it an unfair and unjust energy transitional policy which violates the principles of equity and justice enshrined in global agreements.

In the very well-made argument, Prof.

Osinbajo had this to say “Although all countries must play their part in the fight against climate change, a global transition away from carbon-based fuels must account for the economic differences between countries and allow for multiple pathways to net-zero emissions. For countries such as my own, Nigeria, which is rich in natural resources but still energy poor, the transition must not come at the expense of affordable and reliable energy for people, cities, and industry. To the contrary, it must be inclusive, equitable, and just-which means preserving the right to sustainable development and poverty eradication, as enshrined in global treaties Continued on page 61

OSITACHIDOKA Security on My Mind GUEST COLUMNIST

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t is time to rethink our national security architecture. The current security architecture in place today was created by the military and largely upheld by the 1999 constitution.

The 1986 reform of the security agencies was in line with the character of the Gen. Babangida regime, which was bold in thinking and reform-minded. The security architecture of that time was a direct response to the challenges of that time and served its purpose for many years. Today it is no more fit for purpose.

By 2003 the first signs of stress arising from the Niger Delta agitations and militancy began to rear its head. The rise, growth and mutation of the militant groups appeared to have caught our security services napping as they held the nation at the jugular. It led to President Obasanjo meeting with militants at the Presidential villa advertising the helplessness of our security agencies. President Yar’ Adua had to cobble together an Amnesty program to contain the embarrassing situation of weak state capacity.

In 2010 Boko Haram rose to national consciousness with the killing of the sect leader and the subsequent terror unleashed by the group. Again, the growth, evolution,

radicalisation and militarisation of the sect caught the national security system pants down. The war, this time unlike the Niger Delta agitation, found manure in religious fundamentalism that could not be appeased with an amnesty. The story of Boko Haram and its terror machine is well known, but the lessons of its emergence and sustained war machine needs interrogation.

My take is that the security architecture designed in 1986 and the institutional framework created by the 1999 constitution are inadequate for today’s security challenges.

The trajectory of crime, national security challenges and cross-border crimes cannot be understood and dealt with by yesterday’s institutions.

A redefinition of our concept of security in line with new trends and mutants is sorely needed. Time is running out.

The event of the past few years that has placed Nigeria high on the Global Terror Index and consumed more souls than September 11 requires a national enquiry. The rise of kidnapping, criminal herders, pipeline vandalism and armed militancy requires that we remap our security network to reflect the situation’s complexity. Remapping our security

system will require new definitions, a new regulatory and institutional framework and new personnel recruitment and training strategy.

The experience of Niger Delta militants, Boko Haram, kidnappers, cross border herders and marauders indicate either the absence of intelligence or failure to act.

Since the 1986 reform of the security system, organisations like the Federal Road Safety Commission, Nigeria Security and Civil Defence Corps, Maritime and Port Security and Airport security systems have become part of our security network. The Nigeria Police, Custom, Immigration and Prisons have all grown astronomically, though not keeping pace with the growth of population and crime.

The State Security Services, National Intelligence Agency, Defence Intelligence Agency and the various intelligence units of the armed forces remain the fulcrum of our security architecture.

The Jonathan administration attempted to rethink our national security architecture. It came up with a new national security policy to identify key issues and proffer new pathways for mitigation, management and resolution.

The policy is embodied in three documents,

namely National Security Strategy, CounterTerrorism Strategy and Cyber Security Plan and Strategy.

The National Security Strategy was a carefully thought out document and a step in the right direction. The range of stakeholders, including foreign institutions, consulted was wide and the outcome a helpful document that can guide action.

However, as a former head of a paramilitary agency,y I still think that the rethinking and reimagining of our national security architecture needs to happen at a more local and primary level.

We need a new consensus NOW. The past two years have witnessed an unparalleled rise in criminality, terror and brigandage. Many argue that the mismanagement of our diversity and refusal to respect the federal character law is at the root. While I concede the plausibility of this school of thought, I also believe that the failure of our security system is a significant issue that requires a thorough review. The danger of not fixing the security services is that even if a government emerges in 2023 and resolves Continued on page 61

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