THURSDAY 10TH OCTOBER 2024

Komolafe: Ongoing Licencing Round Will Boost Nigeria’s Oil, Gas Reserves Says country’s total oil rigs now 38 Emmanuel Addeh in Abuja The Chief Executive of the Nigerian

Upstream Petroleum Regulatory Company (NUPRC), Gbenga Komolafe, has assured that the ongoing licencing

round in Nigeria will be a huge step towards growing the nation’s oil and gas reserves through aggressive

exploration and development efforts.

In addition, Komolafe, who spoke at the ongoing Oil Week Conference

in Cape Town, South Africa, stated that it will further boost production in Africa, expanding opportunities

for gas utilisation and end-to-end Continued on page 10

CBN, BoI, DBN Sign Tripartite Agreement to Unlock Funding to Women-owned Enterprises... Page 8 Thursday 10 October, 2024 Vol 29. No 10774. Price: N400

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Why FG Must Be Supported after Decades of Failed Attempts Emmanuel Addeh in Abuja Although there was no official announcement yesterday of the full deregulation of the downstream oil

A N A LYS I S sector, what had become clear over the years was that the fuel subsidy

regime was no longer sustainable.

The state-owned Nigerian National Petroleum Company Limited (NNPC) is said to be owing its international petrol suppliers as

much as $6.8 billion. The national oil company, after months of denial, recently admitted owing huge debts without mentioning the actual figure.

Several committees, including

the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments, led by Mr. Aigboje Aig-Imoukhuede, revealed that in 2011, 197 subsidy transactions

worth N232 billion were illegitimate.

A previous audit by Price Waterhouse Coopers had also indicated Continued on page 10

Finally, Subsidy Is Gone! NNPC Sells Petrol for N1,030/Litre in Abuja, N998 in Lagos Marketers confirm return of competition in downstream oil sector NLC demands immediate reversal of fuel price increase NACCIMA, CPPE, NECA say latest hike ill-timed, will fuel inflation, stifle businesses FG to set Naira for Dangote crude sales using market rate Emmanuel Addeh, Onyebuchi Ezigbo in Abuja and Peter Uzoho, Dike Onwuamaeze in Lagos Subsidy is gone! Though President Bola Ahmed Tinubu made that consequential announcement on May 29, 2023, it was not until yesterday,

nearly 17 months after that the federal government finally summoned the courage to fully deregulate the petroleum product pricing.

The Nigerian National Petroleum Company Limited (NNPC) yesterday Continued on page 10

...What FG Must Do: Support Most Vulnerable with Cash Payments, Fight Corruption, Lead By Example Emmanuel Addeh in Abuja

With the full deregulation of the price of petrol nationwide, the federal government must quickly move to mitigate the harsh impact on the weak and vulnerable, beyond what has now become its trademark rice sharing practice.

These people must be supported

A N A LYS I S with cash, a system that must be managed transparently, unlike in the past where insinuations of opacity were rife. This time, the cash transfer programme must be well thought-out Continued on page 10

DEEPENING COOPERATION WITH JAPAN...

L-R: President of the Japan International Cooperation Agency, Akihiko Tanaka; Vice President Kashim Shettima; Deputy Chief of Staff to the President, Sen. Ibrahim Hadejia and Minister of Agriculture and Food Security, Abubakar Kyari during a courtesy visit by the President of the Japan International Cooperation PHOTO: GODWIN OMOIGUI. Agency to the Presidential Villa in Abuja..... yesterday

Welcome to a growth-centric partnership, unparalleled and well-suited to Shape Your Future.

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T H I S D AY • THURSDAY, OCTOBER 10, 2024

NEWS

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

LAUNCH OF PARTNERSHIP TO SUPPORT OPEN HEART SURGERIES...

L-R: Non-Executive Director, FIRST E&P, Alh. Ibrahim Waziri; Co-founder, Healthy Heart Foundation, Dr. Adeyemi Johnson; Board Chairman, FIRST E&P, Henry Odein Ajumogobia (SAN); Coordinating Minister of Health and Social Welfare, Nigeria, Prof. Muhammad Ali Pate; Co-founder, Healthy Heart Foundation, Prof. Koforowola Ogunyankin; and Managing Director, FIRST E&P, Ademola AdeyemiBero, at the launch of the partnership where FIRST E&P announced a grant to support open heart surgeries in Abuja ... yesterday

FG Begins Implementation of Zero VAT on Pharmaceutical Products Accounting firm raises concern over tax policy review, seeks clarification

Emmanuel Addeh and Onyebuchi Ezigbo in Abuja

The Federal Ministry of Health and Social Welfare has announced that government has commenced the implementation of zero Value Added Tax (VAT) and excise duties on pharmaceutical products and medical devices.

The measure is expected to open the doors for local pharmaceutical and medical device manufacturers to benefit from the relief measures outlined by President Bola Tinubu via an Executive Order.

In a statement signed by the Head, Information and Public Relations, Alaba Balogun, the ministry expressed hope that the measure will lead to reduction in the prices of essential pharmaceutical products and medical consumables.

"The ministry is pleased to announce the finalisation of the Executive Order Harmonized Implementation Framework, which has now been cleared for gazetting.

"This critical step ensures that the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service can proceed with the implementation of zero VAT and excise duties on pharmaceutical products and medical devices.

"This is a significant milestone, as it opens the door for our local pharmaceutical and medical device manufacturers to begin fully benefiting from the relief measures outlined by President Bola Tinubu, in the Executive Order.

“With the implementation of this Executive Order, we anticipate a notable reduction in the prices of essential pharmaceutical products and medical consumables," it said .

According to the statement, the development aligned with the ministry’s commitment to reducing both the physical and financial pain faced by millions of Nigerians who depend on these critical health supplies.

It said the gazetting of the harmonised implementation framework represented the realisation of the third pillar of the ministry’s four-point agenda, which focuses on unlocking the healthcare value chain.

"By creating an environment that supports local manufacturers, we are fostering a healthier, more self-reliant nation, and ensuring that quality healthcare becomes more accessible and affordable for all.

"The gazetted copies of the Harmonised Implementation Framework will be distributed to the relevant government agencies for immediate action," Balogun said.

Meanwhile, a leading accounting firm, Kreston Pedabo, has cautioned that identified gaps in the newly introduced 2024 Value Added Tax (VAT) Modification Order could hinder its effective implementation in the country’s energy sector.

The federal government introduced the Order to expand tax exemptions, encourage renewable energy adoption and resolve ambiguities surrounding the taxation of petroleum products.

But Partner, Tax Services, Olubunmi

Kuteyi and Manager, Tax Advisory at Kreston Pedabo, Oluwasanmi Ogunsanwo, in a note, warned that the retrospective nature of the new regulations could cause confusion for taxpayers, especially within the oil and gas industry.

The Order exempts certain petroleum products from VAT while expanding tax relief for renewable energy investments. The government had previously suspended VAT on diesel, from October 2023 to March 2024, to mitigate the impact of fuel subsidy removal.

But with the new Order, exempting diesel from VAT retroactively, effective

October 1, 2023 have raised posers over the tax remitted during the lapse of the suspension.

“What happens to VAT paid and remitted between March 2024 and September 2024, following the suspension’s expiration? Are taxpayers eligible for a refund for VAT paid during this period?”, the tax experts asked.

The accounting firm argued that this retroactive effect might lead to uncertainty and agitation among oil and gas taxpayers, calling on the Federal Inland Revenue Service (FIRS) to offer immediate clarification to ease confusion and ensure compliance.

The federal government yesterday inaugurated the National Gas Expansion Programme (NGEP)/ National Board for Technical Education (NBTE) technical working group as well as the NGEP/Council of Registered Builders of Nigeria (CORBON) to boost the knowledge of gas across the country.

Speaking at the event in Abuja, the Permanent Secretary, Ministry of Petroleum, Nicholas Ella, noted that globally, it is now a norm that graduates of technical colleges possess soft skills that make them entrepreneurs as soon as they leave the school.

He added that the move was a deliberate effort to introduce specialised skills into the curriculum of higher institutions, most especially technical colleges to bridge the skill gaps in key sector of the economy.

With the committees to be chaired by the NGEP head, Prof.

Mohammed Ibrahim, Ella argued that technology and innovation are driven by people and as such it behoves on Nigeria to make the effort to introduce specialised training modules to its technical colleges’ curriculum.

While the objective of the working group is to design a comprehensive curriculum for the training of gas entrepreneurs in Mono and

ment’s renewable energy focus, the firm noted the need for seamless implementation to avoid disruptions. It called on the FIRS to host stakeholder engagement forums to address ambiguities and ensure a smooth transition into the new tax regime.

It warned that unresolved issues surrounding the retroactive diesel VAT exemption could create challenges for taxpayers in the oil and gas sector.

Besides, it called on the FIRS to clarify the concerns, explaining that timely resolutions would maintain taxpayers’ confidence and foster a stable investment environment.

To Further Simplify Tax Administration, FIRS Unveils USSD Code for Taxpayers Nigeria now 6th African nation to deploy service James Emejo in Abuja The Executive Chairman, Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, yesterday launched an Unstructured Supplementary Service Data (USSD) Code specifically targeted at improving taxpayers’ satisfaction.

The move also seeks to enhance the ease of doing business in the country.

The code was unveiled as part of activities making this year’s Customer Service Week with the theme, “Above and Beyond”.

The initiative makes Nigeria the sixth African country to deploy USSD code for simplifying tax payment processes.

Speaking at the ceremony, Adedeji said the instant messaging protocol demonstrated further commitment of the agency to simplifying tax

FG Inaugurates NGEP/NBTE Working Group to Enhance LPG, LNG, CNG Training

Emmanuel Addeh in Abuja

The VAT Order also introduced tax exemptions for Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) conversion kits, infrastructure, and electric vehicle (EV) equipment, as well as Biogas technology.

These updates aim to promote renewable energy investments and reduce Nigeria’s reliance on imported fossil fuels.

The redefinition of petroleum products now includes feed gas, aviation turbine kerosene, and compressed natural gas, simplifying the tax system and encouraging cleaner energy use.

Although it praised the govern-

Polytechnics, part of its terms of reference include to: Develop a comprehensive curriculum outline for training gas LPG, LNG, CNG and Bio-Gas entrepreneurs covering technical, commercial, logistics, and other aspects of the gas value chain.

It is also to design a template for assessing and evaluating the current capacity (human, infrastructure including pedagogical tools) of mono and polytechnics in Nigeria to carry out training, among others.

The timeline for submission of the report is November 15, 2024 On the NGEP/CORBON working group, the permanent secretary stated that it is expected to design a policy for the implementation of best

practices for gas (LPG, PNG, and BioGas) reticulation in the building industry in Nigeria.

Its scope include: A review of the building code as it relates to gas reticulation safety, efficiency, and environmental sustainability in gas installation and usage in Nigeria.

It will, among others , also examine current gas distribution systems in residential, commercial, and industrial buildings in other countries as well as propose quality requirements for materials and items.

NGEP chairman, Ibrahim, in his remarks, said the programme was aimed at grass-rooting innovation in the building industry, a major plank of modern societies.

administration and ensuring that “every taxpayer—whether in bustling cities or remote areas—can engage with FIRS seamlessly.”

He called on taxpayers to enjoy the benefits that the USSD code offers and utilise it for all their enquiries.

A statement by Special Adviser to the FIRS chairman on Media, Dare Adekanmbi, said taxpayers on any mobile telecommunication network in the country can now get across to FIRS real-time on issues relating to retrieval of Taxpayers Identification Number (TIN), verification of Tax Clearance Certificate (TCC), information on tax types and rates, locate the nearest FIRS office, and get answers to general tax-related inquiries.

Adedeji said, “Without the need for internet access, all of these services are now available with a simple mobile phone. This technological leap reflects our dedication to creating a tax system that is efficient, transparent, and responsive to the needs of taxpayers.”

The service also launched Customer Centricity Guide, a booklet containing policies, processes and procedures to ensure that FIRS keeps the taxpayers in their rightful position as ‘kings.’

The FIRS chairman explained that the guide “embodies our commitment to putting taxpayers

at the centre of our service delivery.

It outlines the principles and values that will drive our interactions with taxpayers by ensuring that every engagement is defined by respect, professionalism, and efficiency.

“The guide serves as a reminder to us all that the taxpayer is not just a client, but a valued partner in nation-building. Through the combination of the USSD code and the Customer Centricity Guide, we are reinforcing a culture of service excellence and making tax compliance not just a duty but an experience that fosters trust and voluntary participation.

“As we celebrate this achievement, I encourage everyone to make full use of the service and embrace the Customer Centricity Guide. Your feedback will be crucial as we continue to enhance these services and meet the evolving needs of our taxpayers.”

However, National Coordinator of Servicom, Nnenna Akajemeli, praised the effort of the FIRS towards taxpayers’ satisfaction, noting that the initiatives are evident.

She said, “There are many things to congratulate the FIRS on. One is the launch of the USSD code and the customer-centricity guide. These initiatives which are simplifying tax and ensuring that citizens and taxpayers are delighted at the quality of service you render.”

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THURSDAY OCTOBER 10, 2024 • T H I S D AY

EXPORT MANAGEMENT PROGRAMME (EMP 17)

EMP COURSE FEE: N350,000 Inclusive of VAT

Export Management Programme (EMP) A veritable platform to understand the basics of non-oil export. It exposes the participants to the opportunities and benefits presented by AfCFTA as well as other policies and programmes that is geared towards the promotion of Export in Nigeria.

Date: October 21 – October 25, 2024.

Overview Recent events in the world have resulted in major disruptions especially in supply chains, price stability as well as demand patterns.

Foreign exchange liquidity will be impacted if there is no deliberate effort to grow and enhance our export earnings. This has made the need to diversify the foreign exchange revenue base an imperative Exports help improve foreign exchange earnings, create employment opportunities, engender wealth creation and sustainable poverty reduction.

Make Payment to: Fidelity Bank Plc Acc. Name: Export Management Programme Fee Collections Account No.: 5020131070 Sort Code: 18-50-80 (please send payment information via email to the email addresses stated) PROGRAMME OUTLINE • Overview of Nigeria’s export activities • Export Finance Instruments • Assessment of the Potentials to become a Successful Exporter • How to list your products on major international e-commerce platforms such as Amazon, etc.

• Accessibility of Export Markets - EU, USA, Asia, African Countries, etc.

• Definition and implementation of the activities required to make a product market-ready

Time: 9am – 5pm daily.

Venue: Landmark Hotel, 4 Worlu Street off Olu Obasanjo Road, D/Line, Port Harcourt, Rivers State.

Mode of Delivery: (Hybrid) (Physical) To boost non-oil exports and build sustainable export capabilities for Nigerian businesses, Fidelity Bank Plc, and Lagos Business School initiated the Export Capacity Building Programme.

This 5-day programme is designed to equip participants with the knowledge and skill set required to develop their export business in line with global standards and take advantage of the AfCFTA Treaty as well as other enablers of export trade in Nigeria.

• Understanding of Export documentation • Understanding, Selection and Implementation of Supply Chain Management for Exports • Definition and implementation of Financial Management for Exports • Selection and Application of on-going Export Development Business Processes • Understanding the AfCFTA Treaty and the Opportunities it presents.

Once payment has been made, kindly send an email to the contacts below for confirmation.

Reservations/Additional Information Contact: Facilitators: Dr Frank Ojadi, LBS Faculty; Dr Obinna Muogboh, LBS Faculty; key industry experts in Exports; Financial Management experts and regulators.

Emmanuel Nwalor Phone: 0802 3588 372 Email: Emmanuel.Nwalor@fidelitybank.ng Nkechi Iwegbu Phone: 0802 478 2906 E-mail: niwegbu@lbs.edu.ng Umar Idris Phone: 0703 1667 432 E-mail: uidris@lbs.edu.ng Target Audience: This 5-day programme is targeted at entrepreneurs, exporters, prospective exporters, and financiers of exports, export sector regulators, policy makers, MSMEs, state and federal government agencies, logistics service providers and any other interested parties.

We Are Fidelity. We Keep Our Word

Call 0700 3433 5489

THURSDAY OCTOBER 10, 2024 • T H I S D AY

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NEWS

SUBAIR AS MOST OUTSTANDING PUBLIC SECTOR CEO...

L-R: Dr. Biodun Shobanjo, Chairman of Troyka Group; Mr. Ayodele Subair, Executive Chairman, Lagos State Internal Revenue Service, LIRS; Dr. Abiola Salami,, Convener, The Peak Performer Festival, TPP Fest; and Jimi Aina, Director, New Growth Areas LIRS at the Peak Performer (TPP) Fest held at the MUSON Centre, Onikan, Lagos ... recently

CBN, BoI, DBN Sign Tripartite Agreement to Unlock Funding to Women-owned Enterprises Cardoso laments N294 billion financing gap, market opportunity yet untapped BoI disburses N99 billion to women-led businesses, DBN N187 billion Olusi, Okpanachi reaffirm commitment to improving gender financing World Bank commends initiative, vows support

James Emejo in Abuja The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, yesterday signed a tripartite agreement with chief executives of the Bank of Industry (BoI) and the Development Bank of Nigeria (DBN) to unlock significant funding to women-owned businesses under the Women Entrepreneurs Finance (We-Fi) Code initiative.

The We-Fi Code is a commitment by financial service providers (FSPs), regulators, development banks and other financial ecosystem players to work together to increase funding provision to Women-owned and Women-led Micro, Small and Medium Enterprises (WMSMEs) around the

world.

Speaking at the country’s Public Declaration of Commitment to the global initiative in Abuja, Cardoso, citing the Women’s World Banking survey, noted that though Nigerian women’s entrepreneurial activity was higher than their male counterparts by four per cent, 75 per cent of the women’s potential market in Nigeria remained unserved or underserved.

He said there is a financing gap of N294 billion as market opportunity are yet to fully tapped.

The CBN governor said over 400 million women entrepreneurs around the world have vast potential to grow their businesses, add value to the economy, and create jobs, but they

lack the financing to achieve their goals.

This group, he said, represented a $1.7 trillion growth opportunity for financial service providers (FSPs) and $5 trillion to $6 trillion in potential value addition to the global economy.

However, he said, “And some of the statistics we have heard around the world; we have a situation where women entrepreneurs are performing better in a lot of indices than men.

“But in Nigeria, we have a gap.

And that indeed is a challenge to all of us to work together, put hands together to ensure that we can bridge that gap.

“And also, to challenge the banking industry - because the opportunities that the banks may have had before

in one direction are beginning to close.

New opportunities are coming up.

“And those opportunities, I believe, are opportunities that the banking industry must take very seriously, and challenge themselves to come up with new and innovative products that will ensure that they can play their part in bridging that gap.”

Cardoso said We-Fi should not be seen as another talk-shop, addding that he would personally ensure that its succeeds.

Therefore, he said the initiative offered tremendous opportunity to unlock the economic potential of women entrepreneurs across the country to help them expand their businesses and contribute to the overall

GTBank Pushes Ahead with System Upgrade Amid Disruptions, Access Bank Pauses Nume Ekeghe Guaranty Trust Holding Company Plc (GTCo) has announced that it will proceed with a major system upgrade this week, despite anticipated service disruptions that could affect its 32.8 million retail customers.

The bank plans to upgrade its Core Banking Application to the advanced Finacle suite between October 11 and October 14, 2024, in a move aimed at enhancing security and operational efficiency.

The transition, however, comes at a time when customers are already wary of interruptions, especially as many rely heavily on digital services for everyday transactions.

Meanwhile, Access Bank has taken a more cautious approach, postponing its core banking upgrade to reduce the banking disruptions occurring at the same time. They however announced that the upgrade date would be communicated in due time.

GTCo, in its customer notice, acknowledged that the upgrade would cause temporary disruptions, with all branches closing early on Friday, October 11.

Digital channels, including mobile and internet banking, it said, will be limited to essential services like transfers, airtime purchases, and bill payments. The bank also warned of a planned 11-hour service downtime on October 13, impacting customers' access to online banking platforms.

In its notice to customers, it stated: “As part of our commitment to bringing meaningful improvements

to the lives of our customers by leveraging technology, we will begin the transition from our current Core Banking Application to a new and robust suite of Finacle Core Banking Application Systems on Friday, 11th of October 2024.

“During this period, we kindly ask you to bear with us as all our branches nationwide will close early to customers at 12:00 p.m on Friday, October 11th and reopen at 9:00 a.m on Monday, October 14th. “ Additionally, there will be service disruptions on our digital banking channels for 11 hours, specifically between 10:00 p.m on Sunday, October 13th and 9:00 a.m on Monday, October 14th,” it added.

It stated that overall, this transition will allow it drive digital transformation to achieve insights-driven and frictionless interactions at all our Customer Touchpoints; enhancing the quality of customer experience we can deliver to you.

The urgency to upgrade comes as Nigerian banks grapple with the rise of sophisticated cyberattacks. GTCo, like many others, is under pressure to enhance its defences against potential breaches.

Upgrading to the Finacle suite will provide the bank with stronger encryption, better fraud detection capabilities, and more robust systems to safeguard customer funds in a digital-first era.

Access Bank's decision to delay its upgrade underscores its sensitivity towards customers plight having to experience the shock of various disruptions from other banks.

In a notice to its customers, Access

Bank stated: “We wish to inform our valued customer that the previously announced system upgrade, initially scheduled to begin on Saturday, October 12, has been postponed. A new date for the upgrade will be communicated in due course.

“We remain committed to ensuring that the upgrade enhances the functionality of our services and delivers an improved banking experience.

We appreciate your patience and understanding during this period

and encourage you to disregard any speculative reports regarding the upgrade.

“Please be assured that all services remain fully operational, and we will keep you updated with further information.”

By placing a temporary hold on its system overhaul, Access Bank is signalling that customer safety is paramount, especially when threats to digital financial ecosystems are evolving at a rapid pace.

economic growth.

According to the apex bank boss, the central bank, BoI and DBN, have emerged the national champions to make the Public Declaration of Commitment to the We-Fi Code.

He said, “We are committing to leading by example and urging all the stakeholders in the financial ecosystem to also adopt the code as part of our collective drive to enhance the financial inclusion of women entrepreneurs in Nigeria.”

He said the Financial Inclusion Delivery Unit within the CBN serves as the coordinator for the implementation of the code and had been charged with the responsibility of monitoring its impact on women’s financial inclusion and the overall National Financial Inclusion Strategy goals.

The CBN governor noted that presently, the code had been implemented in 23 countries globally as Nigeria joins the global movement to ensure that Nigerian women entrepreneurs are better empowered to realize their full potential.

Cardoso said, “The national commitment to the We-Fi code signifies a powerful step forward towards the empowerment of women entrepreneurs as contributors to rapid economic growth and social development of our beloved nation, Nigeria.

“This is a clarion call to you all to join the national coalition, and sign up to the code, and also introduce improved measures that will enhance financing for WMSMEs, as well as the collection of gender disaggregated data

To Tame Inflation, Edun Canvasses Alignment of Monetary, Fiscal Policies Ndubuisi Francis in Abuja The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has stressed the importance of aligning fiscal and monetary policies to curb inflation, attract investment, and foster sustainable economic development.

He spoke in Abuja at the opening of a two-day workshop on championing coordination between fiscal and monetary policies.

The workshop which was organised by the Federal Ministry of Finance in partnership with the Central Bank of Nigeria (CBN), was aimed at strengthening the federal government’s technical capacity in implementing mac-

roeconomic, monetary, and fiscal policies that are vital to Nigeria’s future growth.

A statement issued by the Director, Information and Public Relations, Ministry of Finance, Mohammed Manga said Edun whose address dwelt on 'Critical Priorities in Macroeconomic and Fiscal Policy Coordination', highlighted Nigeria’s current fiscal challenges while proposing innovative reforms to stimulate economic growth under the leadership of President Bola Tinubu.

He stressed the importance of aligning fiscal and monetary policies to curb inflation, attract investment, and foster sustainable economic development.

The minister reiterated Tinubu’s

strong commitment to guiding Nigeria towards economic recovery through sound policy implementation and international collaboration.

He underscored the need to leverage the workshop’s insights to ensure long-term fiscal stability and sustainable growth.

The event featured several sessions covering key economic areas, including public-private partnerships (PPPs) for infrastructure development, managing foreign currency liabilities, and driving economic growth through innovation.

Participants also explored how technological advancements can boost Nigeria’s economic competitiveness.

to track progress on overall women’s financial inclusion in Nigeria.”

In his remarks, Managing Director/ Chief Executive, BoI, Dr. Olasupo Olusi, described the initiative as a “transformative movement”, and commended the central bank, DBN and other stakeholders for their dedication to the noble cause.

He said the bank recognises the need to focus on gender development and had prioritised gender as one of its six thematic areas of focus.

Olusi pointed out that the bank had further developed a comprehensive gender strategy that will shape its efforts over the next few years.

He added that as part of this bold vision, BoI had committed to allocating at least 15 per cent of risk assets to women enterprises, a clear demonstration of its resolve to expand financial access and foster the growth of women entrepreneurs nationwide in line with President Bola Tinubu's Renewed Hope agenda.

He also disclosed that through its dedicated gender desk, BoI had tailored support to address financing barriers, adding that as of December 2023, the sum of N99 billion had been disbursed to 833 women-led businesses to help them thrive.

He stressed that through We-Fi Code, “we are taking decisive steps to dismantle the barriers women face.

By leveraging data and uniting key stakeholders, we aim to ensure a more equitable distribution of financial resources.”

Also, in his remarks, Managing Director/Chief Executive, DBN, Tony Okpanachi, said We-Fi code remained a catalyst for change across the country’s entire financial ecosystem, adding that by working together, “we can create an atmosphere in which women entrepreneurs are not just included but also empowered to thrive”.

While expressing gratitude to the central bank for its leadership in driving the initiative, and the partnership with BoI, Okpanachi further expressed optimism on the capacity of the code to improve access to finance for women-owned enterprises across the country.

The DBN boss pointed out that the bank’s commitment to the code aligns seamlessly with ongoing efforts to support women entrepreneurs.

He said to date, DBN had disbursed over N187 billion through its Participating Finance Institutions (PFIs) to more than 357,000 women-owned businesses, which now account for 72 per cent of the bank’s beneficiaries, reflecting its unwavering commitment to empowering female entrepreneurs across the nation.

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NEWS

COURTESY VISIT...

L-R: Group Chief Financial Officer, Arco Group Plc, Mr. Mutiu Bakare; Honourary Secretary, the Nigerian Academy of Engineering, Mrs. Christiana Oyindamola Adelowo; Group Managing Director, Arco Group, Mr.Alfred Okoigun; President, the Nigerian Academy of Engineering, Prof. Rahamon Adisa Bello; Past President of the Academy, Mr. Alex Ogedegbe during a courtesy visit by the executive team PHOTO: ABIODUN AJALA of the Nigerian Academy of Engineering to Arco Group Plc on collaboration on Engineering and Academia industrial linkage in Lagos...yesterday.

AfDB, Arab Bank Source $300m Co-financing Facility for Phase 2 of Nigeria’s Agro-Industrial Zones African bank partners FG to add value to nation’s raw materials

Emmanuel Addeh and Oghenevwede Ohwovoriole in Abuja

The African Development Bank (AfDB) and the Arab Bank for Economic Development in Africa (BADEA) have collaborated to source about $300 million facility for the co-financing of the phase 2 of the Special Agro-Industrial Zones (SAPZ) in Nigeria.

This was disclosed by Prof. Banji Oyelaran-Oyeyinka, the Senior Special Adviser on Industrialisation to the President of the AfDB, Akinwunmi Adesina, on the second day of the SAPZ-1 High-level Implementation Acceleration Dialogue and States Steering/ Technical Committee Workshop in Abuja.

Oyelaran-Oyeyinka, who handles the bank's industrialisation agenda and also the special industrial processing zones across Africa, however lamented that despite all the efforts to ensure prompt disbursement of the phase 1 of the programme, some of the states were still largely not responding.

A former United Nations (UN) top employee, he stated that as the only triple-rated bank in Africa and most transparent bank in the world, the global convening power of the continental bank remains top-notch.

“So, in the first phase of the Special Agro-Industrial Processing Zone, the bank's contribution was about $220 million. We raised $540 million. The rest came from Islamic Development Bank (IsDB) IFAD, and there's also an organisation called Africa Go Together Fund (AGTF). So, as you can see, we were able to raise considerable financing.

“And as we speak here now, for the phase two, we have also attracted additional co-financing of $300 million from BADEA, that is the Arab Bank for International Development. So, the goodwill is there, and the co-financing support is there. But people will not bring you financing when you have not disbursed the one they gave to you in the first place,” OyelaranOyeyinka said.

Taking questions from journalists, the development economist stressed that this issue remains a source of frustration for the bank. “ In other words, we are not able to disburse because people are not meeting the conditions in terms of speed of responding to the critical conditions. We haven't been responding enough because sometimes there are human barriers. In fact, what I find the most difficult is the human interventions, sometimes negative human interventions in the course of complex projects.

“I cited to you yesterday how just one individual held us up for

almost nine months for no reason at all. This ‘carry me along syndrome’, somebody's ego is bruised because he didn't hear on time.

“We know that complex projects will have its own enemies. They have enemies because it's not meeting the objective or sub-objective of somebody else. Some people's personal objectives tend to override national objectives, so we understand that,” he lamented.

Despite all the challenges, he stressed that if 80 per cent success is achieved, it would be a plus for the AfDB, disclosing that out of the eight states that are beneficiaries, at least three or four of them are playing by the rules or trying hard to play by the rules.

“If all we get is four out of five, that's 80 per cent. For me, that would be success at the end of the year. We also believe because we are resilient.

If it hasn't been resilience, we would have given up a long time ago,” he added.

He pointed out that a number of the states were complaining about the complexity of the rules, explaining that the word ‘hard’ was relative.

Oyelaran-Oyeyinka urged such states to hire the services of consultants so as to be able to navigate the processes leading to the disbursement of monies to them, but insisted that the AfDB will not bend the rules for anybody.

In their respective remarks, the representatives of the governors agreed that there was the need to fast-track the process of achieving the SAPZ goals and objectives.

Commissioner for Agriculture, Kaduna, Murtala Muhammed Dabo, stated that the programme will help drive industrialisation and food sufficiency as well as add value to whatever Nigeria produces.

“For instance, Kaduna as a state, we are the largest producers of ginger, mostly for export. But we export the raw ginger, dry or fresh. When we have these hubs, these industries will add value,” he said.

Also speaking, Imo State Commissioner for Agriculture, Cosmos Maduba, stated that some states had been struggling with some issues that had more or less delayed the full take-off of the programme.

“So the managers at the national level called for a meeting where stakeholders will gather and review the issues that have caused this delay in actual take-off of the project so we can establish them and get them mitigated against,” he stressed.

Others who were present at the event included: Johnson Ebokpo, Commissioner for Agric in Cross River; Dr Debo Akande, Special Adviser on Agriculture Business in Oyo State;

Sadi Ibrahim, Permanent Secretary in Kano as well as Dr Kabiru Yusuf, National Project Coordinator of SAPZ. Meanwhile, the AfDB is to partner Nigeria on value addition to the nation's raw materials from the current 25 per cent to 60 per cent by 2028.

The Minister of Science and Technology, Uche Nnaji made

the disclosure yesterday during a presentation and dialogue session at the headquarters of the Raw Materials Research and Development Council (RMRDC), in Abuja.

Nnaji said with the 10-year development roadmap supported by the AfDB, Nigeria will achieve 60 per cent value addition to her

raw materials before they leave the shores of the country.

"As you may know, the RMRDC with the support of the AfDB is on the verge of developing a comprehensive 10-year roadmap to achieve a transformational leap in Nigeria’s raw material value addition, from the current 25 per cent to a target

of at least 60 per cent.

"This ambitious goal is not just a number; it represents a bold vision for Nigeria’s future—where our raw materials are no longer exported in their crude form but processed and enriched to maximise their value before leaving our shores," he said.

Tinubu Eulogises JAMB Registrar, Prof Ishaq Oloyede At 70

Describes him as exceptional administrator, uncommon scholar Says he's shown rare commitment to financial integrity and accountability in public service

Deji Elumoye in Abuja

President Bola Tinubu has eulogised the Registrar of the Joint Admissions and Matriculation Board (JAMB), Prof Ishaq Oloyede, as he turn 70 on Thursday, October 10, 2024.

The President, in an 11-paragragh statement entitled "Uncommon Scholar, Exceptional Administrator: My Tribute To Prof Oloyede At 70", personally signed by him on Wednesday described the JAMB boss as an exceptional administrator, uncommon scholar who has imparted knowledge and character to thousands of students who underwent his teaching during his glorious and impactful academic career.

President Tinubu also asserted that Prof Oloyede in his eight-year tenure in JAMB has shown uncommon commitment to financial integrity and accountability in public service.

Oloyede According to the President, the nation owed the scholar who has done much to propagate islamic religion a debt of gratitude for transforming JAMB, traditionally a non-revenuegenerating government agency, into a consistent contributor to the national

treasury through efficient financial management.

President Tinubu in the birthday tribute to Prof Oloyede on his 70th birthday stated, inter alia: "As Professor Ishaq Oloyede turns 70 tomorrow, October 10, I pay a special tribute to this astute administrator, educator, author, and scholar, currently the Joint Admissions and Matriculation Board (JAMB) Registrar.

"As the former Vice Chancellor of the University of Ilorin, Prof. Oloyede's invaluable contributions to the nation through academia and public-sector administration have significantly impacted the academic community.

"His impactful tenure at the University of Ilorin, during which he introduced landmark ideas and innovations that helped the institution attain enviable heights, is on record.

"Through patriotic dedication and

EU Seeks Abolition of Death Penalty

Michael Olugbode in Abuja

The European Union (EU) has lent weight to the call for abolition of death sentence, insisting that death penalty was an inhuman or degrading treatment or punishment, representing the ultimate denial of human dignity.

A joint statement by the High Representative of the European Union, Josep Borrell, and the Secretary General of the Council of Europe, Alain Berset on European and World Day Against the Death Penalty, stated that the European Union (EU) and the Council of Europe reaffirmed their unequivocal opposition to the death penalty or its reintroduction, in all cases and in all circumstances.

“We welcome the growing worldwide support for the abolition of the death penalty. More than two-thirds of all countries have abolished the death penalty in law or in practice.

Last year, the number of countries that carried out executions reached the lowest figure on record.

“Despite this trend towards abolition, the death penalty is still carried out in a number of countries.

The five countries with the highest number of executions in 2023 were China, Iran, Saudi Arabia, Somalia and the United States of America.

“According to reports, Iran alone accounted for 74% of all recorded executions. The use of nitrogen hypoxia, a controversial method of execution, in the United States of America is a major concern. Belarus

is the only country in the continent of Europe that still carries out the death penalty.

“We call on those few remaining states that still carry out death sentences to introduce a moratorium as a first step towards full abolition.

Proponents of the death penalty often base their argument on the notion that it deters crime.

“However, the evidence shows clearly that the death penalty has little or no effect on deterring or reducing crime. The death penalty does not make societies safer. Furthermore, capital punishment makes miscarriages of justice irreversible.

“The death penalty is a relic of the past which should have no place in the 21st century. It has to be abolished now.”

commitment to his craft, Prof Oloyede imparted knowledge and character to thousands of students who underwent his teaching during his glorious and impactful academic career.

"Indeed, the bedrock of development lies in education. Developing nations, including Nigeria, are in dire need of more scholars like Prof.

Oloyede. His selfless sacrifices and innovative approaches to learning and leadership give hope for a brighter future.

"Perhaps more remarkable is Prof.

Oloyede's transformative leadership at JAMB. He pioneered and sustained a series of reforms and technological innovations that have made the admission process in Nigeria transparent and credible.

"In his eight years of stewardship at the board, thus far, Prof. Oloyede has demonstrated an uncommon commitment to financial integrity and accountability in public service. He has also raised the bar in administration and management.

"I am proud of Prof. Oloyede's accomplishments.

"The nation owes the Professor of Islamic Jurisprudence a debt of gratitude for transforming JAMB, traditionally a non-revenue-generating government agency, into a consistent contributor to the national treasury through efficient financial management. His contributions to JAMB are invaluable and greatly appreciated.

"On this occasion of his 70th birthday, I join members of the academic community, students, JAMB staff, and well-wishers in celebrating this scholar who, in words and deeds, has also done a lot to propagate the Islamic religion.

"I pray that Almighty Allah will continue to honour the distinguished professor with health, wisdom and strength to serve the nation for many more years."

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TEN

Nigeria, Japan Seek Closer Ties to Deepen Food Security, Trade, Devt Shettima promises enhanced cooperation between both nations

Deji Elumoye in Abuja

Vice President Kashim Shettima has stressed that Nigeria will continue to strengthen its ties with Japan as part of measures to deepen trade and exploit more opportunities in areas of infrastructural development, food security, and health, among others.

Shettima spoke Wednesday while assuring the Japanese government of enhanced cooperation with the Federal Government of Nigeria, as well as resolving all the grey areas involving bilateral relations between the two nations.

The Vice President gave the assurance when a delegation of the Japanese government led by the outgoing- Ambassador of Japan to Nigeria, Mr. Matsunaga Kazuyoshi, and President of Japan International Cooperation Agency (JICA), Dr. Tanaka Akihiko paid him a visit at the State House, Abuja.

“All the grey areas will be ad-

dressed. Luckily, the CBN Governor is here, and two of the major beneficiary ministries are represented at the highest level. Be rest assured that in a couple of days, we are going to resolve all the grey areas and put our relationship on a new pedestal".

Shettima applauded Ambassador Kazuyoshi for doing an outstanding job in anchoring the relationship between the two nations, noting that the presence of key actors in the administration of President Bola Tinubu, including two ministers and the Governor of the Central Bank of Nigeria, accentuated the importance Nigeria attaches to its relationship with Japanese international development agency, JICA. The Vice President expressed gratitude to JICA for its commitment towards strengthening the ties between Nigeria and Japan through its contributions to development across critical sectors of the economy.

Specifically, he thanked JICA’s

President for the firm’s donation of a grant of ¥1.75 billion to the Nigeria Centre for Disease Control (NCDC) to strengthen the Centre’s diagnostic capacity.

According to him, “Your Excellency, we are immensely grateful for JICA’s continuous commitment; words cannot adequately convey our depth of gratitude. Under the exemplary leadership of Dr Tanaka Akihiko, JICA has played a very vital role in strengthening the ties between our two nations.

“Your contributions span across critical sectors of our economy and society, aligning seamlessly with the Renewed Hope Agenda of President Bola Ahmed Tinubu. I am glad you visited the Nigeria Centre for Disease Control (NCDC) yesterday where, again, you have given a grant of ¥1.75 billion for the strengthening of diagnostic capacity of the NCDC".

Shettima also acknowledged JICA’s assistance in polio eradication, which

he said helped Nigeria to achieve polio-free status in 2020.

“We share in your vision of making Nigeria a hub for disease control in West Africa and, by extension, you can make it a hub for the whole of Africa because one in every four black men is a Nigerian. So, we implore you to further enhance the cooperation between our two nations. You are a silent giant. You don’t make too much noise,” he added.

To outgoing Ambassador Kazuyoshi, the Vice President wished him a fruitful and productive tour of duty in his next location.

Earlier in his remarks, the President of JICA, Dr. Akihiko, sympathized with Nigeria over the flood that recently caused damage to many communities and deaths, especially in Maiduguri, Borno State, saying the sympathy is special because Japan has been a victim of natural disasters.

Akihiko extended his gratitude to Nigeria and its citizens for under-

standing, supporting and allowing JICA to participate in development projects in the country, noting that “the Ambassador of Japan, Mr Matsunaga Kasuyoshi, has done a good job in maintaining and improving the relations between Nigeria and Japan.”

He said he also visited the Nigeria Information Technology Centre where he met with the Nigerian engineers and entrepreneurs, noting that he was impressed with their ingenuity and level of creativity, just as he stressed that it has formed the basis of collaboration with JICA. Also speaking, Ambassador Kazuyoshi disclosed that the Japanese government will hold an International Conference on African Development in Tokyo next year.

He said while the Japanese government has paid great attention to the partnership with Nigeria, it would like to use the opportunity of the visit to strengthen the bilateral relationship between both countries.

FINALLY, SUBSIDY IS GONE! NNPC SELLS PETROL FOR N1,030/LITRE IN ABUJA, N998 IN LAGOS officially increased the official pump price of petrol in its retail outlets to N1,030 per litre in Abuja from the N897 it announced on September 3 and from N855 to N998 in Lagos.

The move, it was learnt, has now effectively put an end to Nigeria’s multi-decade wasteful petrol subsidy regime, at least for now.

With the latest price adjustment, it means that in the less than 17 months of the current administration, the price of the fuel has risen by over 430 per cent from May 29 when President Bola Tinubu took over the reins of power.

Last month, the national oil company raised the pump price of petrol to N897 per litre from the official price of N617 it hitherto sold per litre in Abuja.

It came days after the NNPC said it was heavily constrained by the huge debt it owed international suppliers. The debt is estimated to be over $6.8 billion.

THISDAY observed that many NNPC filling stations in Abuja had already effected the prices as of yesterday afternoon, with its downstream facilities selling for the new price benchmark. However, independent filling stations were expected to sell for higher.

Although the NNPC typically does not issue public statements on petrol price increases, it sends signals

to depot owners when there is a new price review.

At some NNPC filling stations visited by THISDAY, including the Mega station at Zone 1 and its filling station at Mabushi in Abuja, the company had already adjusted its pumps to reflect the new price.

Also, recently the NNPC terminated its exclusive purchase agreement with Dangote Refinery which it earlier reluctantly accepted, thereby opening up the market for other marketers to buy petrol directly from the refinery.

On Tuesday, while responding to a different matter, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, alluded to the fact that the sector is now fully deregulated, with market forces set to determine prices.

“The oil and gas sector is fully deregulated, and the Nigerian government remains committed to promoting in-country refining. We encourage companies, including NNPC, to operate independently, following global best practices. While we provide strategic guidance. We do not interfere directly in the operations of these companies,” he said.

With the introduction of a deregulated downstream environment and removal of subsidy in petrol marketing, the NNPC has now effectively withdrawn its role

...WHAT FG MUST DO: SUPPORT MOST VULNERABLE WITH CASH PAYMENTS, FIGHT CORRUPTION, LEAD BY EXAMPLE and clinically implemented.

These monies must be transferred directly into the accounts of the beneficiaries in such a way that it can easily be tracked. Whatever the beneficiaries decide to do with the funds, even if they decide to buy rice with it, will no longer be government business.

In addition, the humanitarian ministry must be immediately reinvigorated to be able to manage this process.

In the past, when past and even the current government announced that it removed subsidy, these funds were never accounted for. Therefore, the Bola Tinubu government must henceforth ensure that the savings from fuel subsidy removal are properly accounted for.

Part of this fund must be deployed to upgrade the public transportation infrastructure and massively support the use of public transport vehicles with low emissions, beyond the slow start of the Compressed Natural Gas (CNG) programme.

The government must realise that the most impacted segment of the population may not necessarily be those who live in the rural areas who are able to trek long distances or ride on bicycles, but the employed and underemployed.

These poor Nigerians in the urban areas, who earn very low wages and have to pay heavily for transportation daily to get to work must be considered in the next phase of this cash transfer.

On May 29, 2023, when he took

over the reins of power, the President said: “The subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions.”

This must go beyond mere rhetoric.

The deployment of these savings must be transparently done. Nigerians must be able to point to what these monies are used for.

The point being made here is that whatever government is able to save from the petrol subsidy, it must provide credible, evidence-based explanation on how it was spent so as to restore confidence in the process.

The Tinubu administration must fight graft in public office. It must live by example. A situation where Nigerians are told to tighten their belts while government officials continue to loosen theirs must end.

The government must restore the people's faith in the governance of their beloved country.

Public officials who live on taxpayers’ funds must show good example. The nauseating ostentation in government should be halted immediately to restore faith in this harsh but inevitable government policy.

Government must cut its running costs, reduce waste and not say one thing and then go on to do the exact opposite. The consequences of people seeing that they are being taken for a ride after all, may not be palatable.

and position as sole supplier of the product in the country.

This followed the latest price adjustments by NNPC for its filling stations nationwide and confirmation by marketers that subsidy had been removed while deregulation and competition had returned in the petrol marketing business in the country.

However, private petroleum products marketers, who spoke with THISDAY, yesterday, confirmed that government had deregulated petrol pricing, thereby paving the way for market forces to now be the determinant of petrol prices in the country.

A former Chairman of the Major Energies Marketers Association of Nigeria (MEMAN), Mr. Tunji Oyebanji, confirmed the deregulation of petrol and removal of subsidy. He said the move was inevitable as the government could no longer bear the burden.

"I believe the price of Premium Motor Spirit (PMS) or petrol has finally been deregulated, and subsidy has

finally been eliminated. Henceforth, the price of PMS will be determined by market dynamics. This is inevitable as the government could no longer bear the burden of the subsidy.

"A good measure the government has taken to mitigate the development is the sale of crude oil to local refineries in Naira at a fixed exchange rate.

This will protect consumers from the negative impact of the fluctuations in exchange rates," he stated.

He noted that refining crude oil at local refineries will also save the cost of transporting crude to offshore refineries and transporting refined products back to Nigeria.

He said without these two factors, prices would have been higher, adding that another positive outcome of the deregulation was that the incentive to smuggle petrol from Nigeria to neighbouring countries will be greatly reduced.

Henceforth, Oyebanji maintained that prices could change at any time, depending on market dynamics.

He added: "Customers will make

informed choices about where to buy from. Operators will need to improve on safety, customer service, and accurate measurement to retain customers."

He said consumers should at this time consider alternative sources of powering their vehicles like Compressed Natural Gas (CNG).

“The era of full competition has come to Nigeria. With time, things will settle down, and people will make informed choices.

"The government should invest in mass transportation, especially with CNG buses. Greater incentives should be given in terms of duty waivers on conversion kits and other CNG equipment and vehicles," he pointed out.

But Organised labour under the auspices of the Nigeria Labour Congress (NLC), has asked the federal government to immediately reverse the hike in the pump price of petrol as well as previous increases.

It said that the hike did not produce any good result but has only made

Vice President Kashim Shettima Also explaining the level of Japanese involvement in development in Nigeria, the Senior Special Assistant to the President on Agribusinesses and Productivity Enhancement (Office of the Vice President), Dr. Kinsley Uzoma, stated that JICA has done well in supporting Nigeria in the area of food security emergency support loan.

Uzoma emphasised that one of the most critical areas of support is the project to rehabilitate and reinforce the Lagos transmission substation.

This initiative aims to provide an uninterrupted power supply to Apapa Wharf, ensuring 24-hour electricity.

The project is instrumental in elevating the Nigerian port to meet international standards, he explained.

the people poorer.

A statement signed by the NLC President, Joe Ajaero, expressed dismay that the present administration has continued to increase the pump price of petrol without commensurate capacity of Nigerians to mitigate the measures.

"We are dismayed by the latest increase in the pump price of petrol.

It looks like the only thing this government is known for is increase in the pump price of petrol without commensurate capacity of Nigerians or ‘mitigatory’ measures," he said.

NLC said that following the logic of market forces, it was an aberration that a private company like the NNPC was the one fixing prices and projecting itself as a hegemonic monopoly.

"We challenge the government to go to the drawing board and present us with a blueprint for an inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.

"It needs no stating the fact that the Continued on page 35

WHY FG MUST BE SUPPORTED AFTER DECADES OF FAILED ATTEMPTS that fuel subsidy cost Nigeria almost $10 billion between January 2012 and July 2013. In fact, as of 2023, it was obvious that retaining petrol subsidy would crash the Nigerian economy.

So, in some way, the Bola Ahmed Tinubu administration must be supported to drive these reforms to logical conclusion. After all, it is often said that ‘No Pain, No Gain’.

Nigeria’s spending on its opaque petrol subsidy regime had become much bigger than the budget of several ministries. So, If things work as planned, the full removal

of the subsidy is expected to free funds which can be channelled to the provision of infrastructure like roads, education, health service, power and security. Besides, the creation of jobs should also be a priority to the government.

While there is no denying that times are hard and the current situation is affecting Nigerians negatively, it may also make sense to be patient with the government while it tries to sort out this decades-long mess.

Aside freeing up huge amounts hitherto paid on subsidy to fund other sectors, the total removal of

subsidy is also expected to reduce smuggling of fuel to neighbouring countries considerably.

With the new deregulated system, it must be noted that prices will not always continue to rise, but respond to market forces. For instance when crude oil prices fall and other variables change, this should also impact pump prices in a way that will favour consumers.

Some of the gains of the full subsidy removal may include reduced government borrowing, creation of jobs, strengthening

of the exchange rate, curbing overdependence on imported petrol and incentivising domestic refineries to produce.

Although it comes with temporary pains, the decision of government to remove fuel subsidy after decades of its retention and its attendant negative impact on the economy, must therefore be supported to succeed.

But while at it, what the Nigerian people must do is to hold government at all levels accountable and keep an eagle its expenditures to ensure prudent use of resources.

KOMOLAFE: ONGOING LICENCING ROUND WILL BOOST NIGERIA’S OIL, GAS RESERVES development across the upstream value chain.

He described the 2024 licencing round as an unprecedented opportunity to unlock Nigeria's vast hydrocarbon potential, attract investment, and propel the continent towards greater economic prosperity.

Nigeria, the NUPRC chief executive said, is endowed with abundance of crude oil and condensate reserves and of natural gas reserves representing above 30 per cent and 33 per cent respectively of the entire oil and gas reserves in Africa, aside abundant mix of other renewable energy resources.

Stressing that Nigeria’s oil active rig count had grown in recent years to 38 from below 20, Komolafe stated that in a bid to tap and unlock these abundant resources, the licencing round offers significant opportunities for both domestic and international players to invest in the upstream oil and gas sector in Nigeria.

He recalled the recent Executive Orders signed by President Bola Tinubu, aimed at improving the efficiency and attractiveness of Nigeria’s oil and gas sector, which

he said were generously targeted to incentivise oil and gas development and introduced measures to balance the implementation of Nigerian Oil and Gas Industry Content Development Act. He stressed that this will ensure that oil and gas development is not hindered by local content bottlenecks.

The Executive Orders, he said, also include directives on reduction of contracting costs and timelines to enhance global competitiveness of Nigeria’s oil and gas industry and achieving higher rate of return on oil and gas investments.

“In keeping with the provisions of the Petroleum Industry Act (PIA), we have introduced comprehensive reforms and developed regulatory framework aimed at modernising our licencing processes, enhancing stakeholder engagement, and ensuring environmental sustainability.

“Our aim has been clear: to attract both local and international investments that will drive growth and innovation,” the NUPRC chief executive said.

He added: “The licencing round is indeed expected to be a huge success

for Nigeria and is a big step towards growing the nation’s oil and gas reserves through aggressive exploration and development efforts, boosting production, expanding opportunities for gas utilisation and end to end development across the upstream value chain.

“In addition, the licencing round presents us with the opportunity to reinforce Nigeria’s commitment to openness and transparency in line with the principles of the Extractive Industry Transparency Initiative (EITI).

“On the global scale, the licensing round will no doubt be beneficial to all stakeholders and will in the long run contribute to long-term global energy sufficiency. Interestingly, the licensing round process was formulated in cognisance of global energy sustainability goals.”

The implementation process will, according to Komolafe, in addition to technical and commercial considerations, pay the requisite attention to strategies, processes and implementable plans consistent with net zero carbon emission targets, eliminating gas flares as well as

overall environmental, social and governance (ESG) considerations.

He told potential investors that the oil and gas industry in Nigeria has embraced the reality of energy transition and is taking strategic position to leverage on the opportunities presented by the unfolding era.

However, he explained that it was worthy to recognise that recent events around the globe indicate that fossil fuels will continue to be a core part of the global energy mix well into the future, even beyond the set 2050 targets for achieving net-zero carbon emission.

“The Nigerian 2022/2024 licensing rounds represents a fundamental opportunity for investment in the oil and gas sector, with a clear roadmap designed to attract local and international players.

“As we stand at the threshold of history in our energy sector, let us collaborate to harness the opportunities that promise not only to meet the immediate needs of our growing economies but also to secure a sustainable future for the next generations for shared prosperity,” he explained.

THURSDAY OCTOBER 10, 2024 • T H I S D AY

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THURSDAY OCTOBER 10, 2024 • T H I S D AY

Dear Valued Customers, As we celebrate Customer Service Week 2024, it is with immense pride and gratitude that I extend my heartfelt greetings to you. This year's theme, "Above & Beyond," perfectly reflects the commitment we have towards serving you. Beyond a theme, it's our daily reminder of the exceptional service we strive to deliver, every time we interact with you.

At PAL Pensions, going above and beyond is not just an aspiration; it's our standard. We deeply value the trust you have placed in us. We also take immense pride in the relationships we've built over the years. Your loyalty and feedback fuel our dedication to constant improvement; they drive us to enhance your experience.

As we look ahead, our mission remains clear: to continue pushing the boundaries of service excellence, ensuring that each step we take is one that elevates your experience with us.

Thank you for being an essential part of the PAL Pensions family. Here's to a future filled with growth, partnership, and exceptional service that always goes Above & Beyond.

Happy Customer Service Week!

THURSDAY OCTOBER 10, 2024 • T H I S D AY

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THURSDAY, OCTOBER 10, 2024 • T H I S D AY

NEWS

MAKING NIGERIA A NEXT EXPORTER OF PETROLEUM PRODUCTS...

L-R: Chairman, board of trustee, Crude Oil Refinery-Owners Association of Nigeria (CORAN), Mr. Emmanuel Iheanacho; Chairman, CORAN; Mr. Momoh Jimah Oyarekhua; Group Executive Director, Dangote Group, Mr. Mansur Ahmed; Commissioner for Energy & Mineral Resources, Lagos State, Mr. Biodun Oguleye; Chairman, Independent Petroleum Producers Group (IPPG), Mr. Abdulrazaq Isa & the Minister of Petroleum of the State of Kongo-Central in DR Congo, Carole Itambo Kasa-Vubu at the CORAN 2024 Summit, with the theme “Making Nigeria a Next Exporter of Petroleum Products” held in Lagos... recently

LG Autonomy: Perish Plans to Circumvent Supreme Court Verdict, Senate tells Governors Vows to amend constitution to save council funds

Sunday Aborisade in Abuja

The senate yesterday told state governments to perish any idea of coming up with legislations targeting the circumvention of the Supreme Court verdict, which granted full financial autonomy to local government councils in the country.

The resolution was sequel to a motion by the Labour Party (LP) senator for Anambra North Senatorial District, Tony Nwoye, at the commencement of plenary.

H Nwoye came through orders 41 and 51 of the Senate Standing Rules to move his motion.

He alleged that there were moves by some state governments to circumvent the implementation of the recent Supreme Court judgement through counter laws from their

respective state Houses of Assembly.

The upper chamber, therefore, resolved to officially back the Supreme Court judgement, which granted financial autonomy to local government administration in the country, and insisted that the states must fully comply and ensure full implementation.

The senate resolution read, “That all states and local governments should fully comply with the recent Supreme Court judgment on the disbursement and utilisation of funds accruing to all local governments in Nigeria.

“That the senate ensures alterations to relevant provisions of the Constitution to provide for the full autonomy of the local governments in Nigeria.”

Nwoye had earlier Informed the

senate through his motion that nine other senators co-sponsored his motion.

He specifically alleged that some state governors were already using their Houses of Assembly to enact laws that would mandate respective local government councils in their states to remit monies into State/ Local Government Joint Account, an action, he said, was ruled against by the Supreme Court.

Just as he concluded his presentation containing six prayers for enforcement of the judgement, and was seconded by Senator Osita Izunaso (APC Imo West), Senator Adamu Aliero (PDP Kebbi Central) raised a constitutional point of order for stoppage of debate on the motion.

Aliero cited Section 287 of the 1999

Constitution that made the Supreme Court judgement enforceable across the country to urge the senate not to over-flog the issue He said, “Supreme Court judgement is enforceable across the country.

There is no need for us to be debating anything that has to do with it here.”

President of the Senate, Senator Godswill Akpabio, aligned with Aliero by calling the attention of senators to section 162 (6) of the 1999 Constitution.

The section, according to Akpabio, created the State/Local Government Joint Account, which had to be amended to pave the way for the full implementation of the Supreme Court judgement.

The senate president said, “I think what we need to do is to carry out required amendments of certain

provisions of the constitution as far as local governments autonomy is concerned."

The sponsor of the motion, Nwoye, hurriedly raised Order 42 of the Senate Standing rules for personal explanation on the motion.

At the same time, Senator Abdulrahman Summaila Kawu, (NNPP Kano South) raised a similar point of order.

The simultaneous points of order brought confusion into the session.

Many senators besieged the senate president’s seat on the matter when the whole chamber had been thrown into a rowdy session.

Akpabio eventually called for

an emergency closed-door session at 12:46pm and the session lasted about one and half hours.

At the resumption of plenary, Deputy Senate President, Jibrin Barau, read the two prayers, which were adopted during the closed session by the lawmakers.

Speaking after the unanimous approval of the voice vote by the senators, Akpabio said it was now mandatory for all states, all tiers of government in the federation, to immediately comply with the recently pronounced judgements of the Supreme Court of Nigeria, particularly relating to local government accounts.

Buhari, Yari Condole Ex-EFCC Dangiwa Conducts Groundbreaking Boss, Bawa, over Mother's Demise

for 10,000 Housing Units in Enugu Emmanuel Addeh in Abuja

The Minister of Housing and Urban Development, Ahmed Dangiwa, yesterday performed the groundbreaking for 10,000 housing units in Enugu State.

The flag-off, which had the attendance of the Governor of Enugu State, Dr. Peter Mbah, was for Graceland Estate being developed

by COPEN Group.

Speaking during the event, the minister said such projects were in line with the focus of the President Bola Tinubu administration towards the delivery of affordable housing to Nigerians, especially by creating the enabling environment for private sector players to thrive.

"This Estate, part of the 10,000-housing unit Coal City Eastern Extension Layout, aligns with President Bola Tinubu's goal to deliver quality and affordable housing to all Nigerians.

"As you may be aware, the housing challenge in our country is immense. Statistics show that to address this problem, we need to build approximately 550,000 housing units annually over the next ten years, which would require about N5.5 trillion per annum," he said.

Decrying the enormous challenge that the deficit poses, he said the situation must be perceived as an opportunity to innovate and bring about solutions that will trigger sustainable housing delivery in Nigeria not just in the short-term,

but for future generations as well.

"This huge housing deficit is the result of ineffective implementation of housing policies, suboptimal performance of housing delivery institutions, an undeveloped housing market, an untapped secondary mortgage market, and, of course, a tough macroeconomic environment.

“To address these issues, he said a mix of solutions are being pursued to bridge the deficit including exploring funding options, such as private sector developers, housing finance institutions— both local and international— philanthropic bodies, well-meaning Nigerians, and corporate Nigeria on board to make the necessary impact, as well as partnerships with reputable private developers.

"Like all other systemic problems hindering our nation’s development, the administration of President Bola Tinubu, is boldly and frontally addressing the housing deficit to change the narrative for good.

"Already the results are visible.

In just over one year, under the Renewed Hope Cities and Estates Programme, we have commenced construction work for a total of 6,612 housing units across 13 states and the FCT, with many of these units now at advanced stages of completion. We intend to complete most of them by December, so Nigerians can begin to own these homes.

"Additionally, work has started on 3,500 housing units across three new Renewed Hope Cities, including

2,000 units in Lagos (South West) and 1,500 units in Kano (North West). In the South East, we selected Enugu for the development of a 2,000-unit Renewed Hope City, which will be delivered as part of the MoU we signed with a consortium of developers for 100,000 housing units nationwide," he added.

Commending the governor for creating the enabling environment and making available 260 hectares in a viable location, he urged him to continue the good work he has started.

Also speaking, Mbah, represented

by the Deputy Governor, Ifeanyi Ossai, hailed the initiative by COPEN Group, describing its Managing Director, Dr. Chime as an illustrious son of Enugu State.

He further hailed the support of the Ministry of Housing and Urban Development for the project and for capturing Enugu State in the Renewed Hope Cities & Estates programme through the planned 2,000-unit Renewed Hope City.

Speaking further, the Governor charged stakeholders to do more to bring down the cost of housing construction.

Onuminya Innocent

Former president Muhammadu Buhari and Senator Abdulaziz Abubakar Yari, have condoled former chairman of Economic and financial Crime Commission (EFCC), AbdulRasheed Bawa, over the death of his mother.

Spokesperson for the family, Alhaji Ibrahim Yahaya Bawa, said Buhari had called the ex-EFCC boss from London to sympathise with him and the family.

Senator AbdulAziz Yari, Senator Adamu Aliero, Minister of Budget and Economic Planning, Abubakar Atiku Bagudu and Yobe State Governor, Mai Mala Buni while on a separate condolence visits to the family prayed Allah (SWA) to forgive the shortcomings of the deceased and grant her Aljannatul-firdausi in the hereafter.

Yari described the deceased as a very distinguished and respected mother who left the world when her prayers, advice, other treatment and intervention were needed from her to the family and the rest.

Speaking on behalf of the family, Abdulrasheed's uncle, Alhaji Ibrahim Yahaya Bawa, a former General Manager Group Administration Services, (NNPC) Abuja, thanked Nigerians for standing with the family at the trying period.

He specifically thanked Buhari, Governor Nasir Idris, Yari, governors and other notable Nigerians that called or paid the family condolence visits in Jega. Mother of the former EFCC boss, Hajiya Hadiza Lami Bawa, died recently at Usman Danfodio University Teaching Hospital (UDUTH) Sokoto, after a brief illness.

Oil Firm Sign N2.6bn MoU with Heart Foundation on Free Heart Surgery Onyebuchi Ezigbo in Abuja

As part of it's corporate social responsibility in the health sector, an indigenous oil firm, FIRST Exploration and Petroleum Development Company (FIRST E&P) has entered into a partnership with the Healthy Heart Foundation, a sister outfit to First Cardiology Consultants, Lagos to provide free open-heart surgeries for indigent Nigerians.

The total package of the initiative is put at N2.6 billion with an annual grant of $500,000 (N875 million) and will run over a three-year period beginning from 2024.

Speaking at the launch of the initiative yesterday in Abuja, the

Chairman of FIRST E&P, and former Minister of State for Petroleum Resources, Henry Odein Ajumogobia said the collaboration with the Healthy Heart Foundation, a non-profit organisation will help provide free open heart surgeries and improved cardiovascular care for over 360 underprivileged Nigerians who are in critical situation.

He said that FIRST E&P will provide to the Healthy Heart Foundation over three years enabling the Foundation to more than double it's previous annual reach.

Ajumogobia said that the first instalment of the grant was disbursed in August 2024 when the initiative was officially flagged off.

" This partnership not only represents a significant step towards improving healthcare accessibility for the underserved communities in Nigeria but also sets a precedent for future health -related collaborations, " he said.

On his part, the Co-Founder and Managing Director of FIRST Cardiology Consultants and Healthy Heart Foundation, Dr. Adeyemi Johnson said the surgeries will be in the area of percutaneous cardiac Interventions such coronary angiograms and angioplasty, device insertions, including Pacemakers, Cardiac Resynchronization therapy (CTR) and implantable cardiovascular defibrillators.

According to him, the surgeries will be for both paediatric and adult patients.

Coordinating Minister of Health and Social Welfare, Prof Ali Pate, who witnessed the signing of the MoU described the initiative as a timely Intervention being that the health sector is presently undergoing reforms and revitalization to improve of infrastructure and service delivery.

He said that beyond improvement of infrastructure and service delivery, the federal government was seeking to expand the health insurance scheme to help make quality healthcare available to many Nigerians at little or no cost.

15

T H I S D AY • THURSDAY, OCTOBER 10, 2024

NEWS

CELEBRATION OF THE CUSTOMER SERVICE WEEK...

L-R: Special Assistant to the Director General, National Emergency Management Agency (NEMA), Mr Idris Mohammed; Director General, NEMA, Mrs Zubaida Umar and Director, Planning, Research and Forecasting, Dr Onimode Bandele during the celebration of the Customer Service Week with the theme,"Above and Beyond,” at the Agency’s Headquarters in Abuja... on Monday

Wike is Biggest Threat to Nigeria's Democracy, Uche Secondus Warns Tinubu New CP tours attacked Rivers LG secretariats

Chuks Okocha in Abuja and Blessing Ibunge in Port Harcourt

A former national chairman of the Peoples Democratic Party (PDP), Uche Secondus, has warned that unchecked excesses of the Minister of the Federal Capital Territory (FCT),Nyesom Wike, were capable of truncating the nation’s democracy.

This was as the new Commissioner of Police in Rivers State, Mustapha Bala, yesterday, toured some of the local government secretariats attacked by thugs in the state.

Secondus, who reacted to last Saturday’s local government elections in Rivers State and the “indecorous behaviour” of Wike and his supporters before and after the elections, warned that the former governor was the biggest threat to democracy in Nigeria today and should be closely watched.

He further warned the federal government that the man it was protecting was aiming to pull down democracy in the country.

“It’s only in this country and under the watch of a party like APC that one person will be a member of two political parties and use them to cause nuisance in the society,'' he said.

He advised President Bola Tinubu to see Wike for what he truly was – an unruly bull in a China shop, ready and willing to pull down everything in the shop to quench his violent appetite.

He reminded the federal government of the strategic importance of Rivers State hosting critical assets of the nation.

Secondus advised Tinubu to work

with Governor Siminalayi Fubara to protect those assets by checking the inordinate ambition of Wike.

Secondus, however, congratulated the people of Rivers State, particularly the voters, for turning out massively on Saturday and resisting all the threats from Wike and his supporters.

He also commended Fubara for standing out for democracy and providing leadership to his people when it was very necessary by refusing to be intimidated.

For the last time, Secondus warned that all indexes of a failed democracy already existed in Nigeria, and the federal government should be careful about how it was handling anti-democratic operatives like Wike.

Meanwhile, the new Commissioner of Police in Rivers State, Mustapha Bala, has vowed to restore peace and tranquility in the state, and also warned perpetrators of crimes and criminality to repent or face the full wrath of the law.

The CP was accompanied by his senior officers on the tour to Port Harcourt, Obio/Akpor, Emohua, Ikwerre and Eleme local government Councils for on the spot assessment following violence and arson attack on the LGAs. Speaking with journalists at Ikwerre LG headquarters, he assured the residents of peaceful coexistence between his leadership and the state government, promising to bring maximum protection to all citizens of the State.

"We are out this morning on confidence building patrol to assure the public of their safety as part of

the proactive measures we intend to put in place to ensure security in Rivers state.

"We are on the spot assessment of the situation on ground so far and what has happened to these areas. We are taking actions. We have embarked on full scale investigation.

“We have set up high powered investigation team led by Deputy Commissioner, State CID to be assisted by Assistant Commissioner of Police, State CID," he said.

The CP said the command have seasoned police officers who would investigate the incident thoroughly,

adding that the outcome of the investigation would be submitted to Inspector General of Police subsequently.

"I am preaching the gospel of peace to everybody. I am a peacemaker.

I am an ambassador of Peace. My message to everybody is let us

House Moves to Address Delay in Justice Delivery, Law Hub Advocacy Seeks Synergy Wale Igbintade in Lagos and Adedayo Akinwale in Abuja

in various categories of courts legally created by the constitution, the Acts of the National Assembly, and the laws of different state Houses of Assembly in Nigeria.

The lawmaker pointed out that one of the elements of fair hearing as enshrined in Section 36(1) of the Constitution was the prompt determination of any civil rights and obligations of any person or authority within reasonable time by court or tribunal established by law.

He explained that the constitution introduced provisions for quick dispensation of justice, establishing a time frame for election matters, and making the Court of Appeal the final court (in some cases) to hear appeals.

The lawmaker expressed worry that delays in the judicial system called for concern and gradually undermining the public's trust in the judiciary.

The House, therefore, resolved to “Mandate the Committees on Judiciary, Justice, and Constitutional

Review to organise public hearings with a view to addressing permanently the delay in justice delivery in the country and restoring the confidence of the common man in the judiciary and report back within four for further legislative action.”

However, the Executive Director, LawHub, Mr. Osita Chukwuma, at the ACJL implementation assessment and training workshop of criminal justice stakeholders held yesterday in Lagos, sought synergy among stakeholders.

Chukwuma said a good partnership between all the stakeholders in the justice sector would help the country achieve a robust sector, and

Supreme Court Justice, Adumein, Lauds CICFIN on Technological Tools to Address Corruption

The House of Representatives has called on the federal government to, as a matter of urgency, implement the Exports (Prohibition) Act, 2004 to curb food smuggling and food insecurity in Nigeria.

It also urged the Federal Ministry of Agriculture and Food Security to provide more incentives for farmers to boost agricultural production and productivity. The resolution of the House followed the adoption of a motion moved at the plenary on Wednesday

by Hon. Muktar Shagaya.

Presenting the motion, the lawmaker said Section 14(2) (b) of the Constitution states that the security and welfare of the people shall be the primary purpose of government.

Shagaya stressed that Nigeria is currently experiencing high levels of food insecurity, food inflation, and food shortages.

He said this situation has led to millions of citizens lacking access to

Bennett Oghifo

Justice of the Supreme Court, Moore Abraham Aseimo Adumein has commended the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN), for deploying cutting edge technology and forensic tools to root out corruption and financial crimes in the country.

His words: “This is a game changer in winning the war on corruption and financial crimes currently bleeding the country dry.”

He was speaking recently during the Institute’s 9th Direct membership training graduation and Fellowship award ceremony at EFCC Academy in Abuja, shortly after his conferment

as a Fellow of the Institute.

Justice Adumein enjoined Nigerians to brace up to fight corruption to a standstill.

“Winning the war against corruption is a task for all Nigerians,” he posited adding: “We should always examine our consciences and if we do so by standing firm, honest, just and equitable in what we do in our respective offices or in all areas of our endeavour, I can tell you that we will live up to some of the portions of our renewed National Anthem, and we will definitely build a nation ‘where no man is oppressed, a nation blessed with peace and plenty, and handover to our children banners without stain.’”

collaborate to maintain law and order.

"The state is not volatile. There is relative peace and we will continue to ensure public safety. We will collaborate with all critical stakeholders both state and non state actors to ensure safety and security of the entire state," Bala said.

The House of Representatives, has resolved to organise public hearings with a view to addressing permanently the delay in justice delivery in the country.

The resolution of the House followed the adoption of a motion moved at the plenary on Tuesday

by Hon. Ganiyu Ayuba.

Also, an organisation, Law Hub Development and Advocacy Centre, has called for synergy, sharing of information, knowledge and skills among stakeholders as a way of strengthening justice administration system in the country.

Moving the motion on the floor of the House, Ayuba said the judiciary was the branch of government constitutionally saddled with the responsibility of prompt dispensation of justice and interpreting the laws made by the legislature.

The lawmaker added that judicial powers were constitutionally vested

Justice Abraham Aseimo Adumein, has an impeccable track record in the Nigerian judiciary long before his ascension to the Supreme Court.

This obviously informed his choice as one of the few Nigerians on the bench found worthy and given approval to undertake a Post Graduate Certificate course in Corruption Studies at Hong Kong University in collaboration with the world-renowned Independent Commission Against Corruption (ICAC) Academy, Hong Kong.

The President and Chairmanin-Council, CICFIN, Dr. Iliyasu Gashinbaki, said the Justice is an anti-corruption warrior who the Institute is privileged to have as

an ally “as we roll up our sleeves to root out corruption, fraud and other financial crimes in Nigeria.”

Speaking earlier on the topic: “Forensics: The Game Changer to Nigeria’s FINTECHs Trillion Naira Loss,” Gashinbaki underscored the crucial role of forensics and fraud investigations in securing Nigeria’s financial system against frauds and economic crimes.

He said Financial Technology (Fintech) companies have been one of the most significant drivers of the economic growth in Nigeria and Africa, adding, however, that its rapid expansion has been accompanied by rising threats of frauds, cybercrimes and identity theft.

further deepen the dispensation of the justice delivery in the country.

He highlighted the collaborative efforts with Law Hub and the MacArthur Foundation in addressing gaps and ensuring the smooth dispensation of justice.

According to him, the workshop also called for continued support and collaboration among stakeholders to achieve landmark success in criminal justice reform, benefiting not only Lagos State but also the entire country.

He said Law Hub was committed to supporting Lagos and other States in the Federation to achieve remarkable landmark success stories.

House to FG: Implement Export Prohibition Act to Curb Food Smuggling Adedayo Akinwale in Abuja

sufficient and nutritious food, resulting in untold hardship, hunger, and misery among the population; Shagaya expressed concern about reports from the World Bank and the International Rescue Committee (IRC) indicating that over 31.8 million Nigerians, approximately 16 per cent of the population, are currently facing severe food insecurity and malnutrition among women and children; He further expressed worry that food smuggling and exportation is a major driver of the current food insecurity, with large quantities of food products smuggled out of the country, consequently undermining agricultural output and threatening the livelihoods of farmers.

Shagaya added: “Aware that the Export (Prohibition) Act, 2004 was passed at a period when the majority of Nigerians were unable to acquire basic necessities like rice, corn, yam, garri, cassava, and beans due to the fact that these goods were being transported, sometimes covertly, to foreign markets.

16

THURSDAY, OCTOBER 10, 2024 • T H I S D AY

NEWS

AT NCAA'S SOUTH-WEST REGIONAL AIR TRANSPORTATION SUMMIT...

L-R: Director of Special Duties, Nigeria Safety Investigation Bureau (NSIB); Mr. Frank Odita; Nigeria Civil Aviation Authority (NCAA) Director of Aerodrome & Airspace Standards, Engr. Godwin Balang; ex-Director General NCAA, Engr. Harold Demuren; NCAA Director of Finance & Accounts, Mr. Olufemi Odukoya; and NCAA Director of Special Duties, Mr. Horatius Egua, at NCAA’s South-west Regional Air Transportation Summit (SWRATS), at Raddison Blu Hotel, Victoria Island, Lagos... yesterday

Edo REC, Onuoha, Denies Complicity in BVAS Allegation, Invites PDP for Inspection TAMO accuses REC of misleading public Suspected APC thugs assault PDP lawyers, forensic experts, others at INEC office

Chuks Okocha in Abuja and Adibe Emenyonu in Benin City Edo State Independent National Electoral Commission’s Resident Electoral Commissioner (INEC REC) Anubgum Onuoha, has denied complicity in the allegation against him by the Peoples Democratic Party (PDP).

He denied resisting request to gain access to the Bimodal Voter Accreditation System (BVAS) inspection before the just-concluded gubernatorial elections in the state.

But the Team Asue Media

Organisation (TAMO), has described as misleading and a clear disregard for transparency and accountability within INEC, claim by Onuoha, that he never denied the PDP access to essential electoral materials.

Nevertheless, a team of PDP lawyers and forensic experts were, yesterday, reportedly attacked and assaulted at the office of the INEC in Edo State by thugs suspected to be members of the All Progressive Congress (APC).

However, a statement issued

by Onuoha, described the PDP allegation as “baseless, misleading

and devoid of the truth.”

Onuoha said he never denied any political party, agents or representatives access to the BVAS ahead of the contestation in courts to inspect the BVAS. He acknowledged that it was the duty of INEC to grant such access anytime the political parties ask for it, adding that, political parties interested in challenging the results of the election were free to do so, as the move has already been addressed by the law.

He also invited all political parties, including the PDP to inspect

the BVAS on Wednesday.

“The attention of the Independent National Electoral Commission (INEC) and my office as the Resident Electoral Commission (REC) for Edo State has been drawn to certain unfounded allegations suggesting that I have refused political parties and their representatives access to inspect the Biomodal Voter Accreditation System (BVAS) devices and other election materials used during the recent elections.

“I used to categorically state that these allegations are baseless,

EFCC's Witness Corroborates Claim Currency Redesign Did Not Follow Process Says presidential directive was complied with before BoD, CoG were notified

Alex Enumah in Abuja

A witness of the Economic Financial Crimes Commission (EFCC), Mr Edward Adamu, in the trial of former Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, yesterday, corroborated claims that the apex bank did not follow due process in the redesign of some of the nation's currencies in 2022.

Adamu, who claimed to have retired last September as Deputy Governor, Corporate Services, said by virtue of his position and also membership of the Committee of Governors (CoG), he possessed an appreciable understanding of the processes of policies and operations of CBN. While he hinted that his task as Deputy Governor Corporate Services entailed overseeing departments such as security, legal services, medical services, finance, human resources, procurement, capacity development and corporate communication.

He said the CoG as a management committee of the CBN was saddled with the task of considering and approving (or recommending to the board for approval) issues relating to the bank.

He, however, clarified that the Board of Directors (BoD) of the CBN, responsible for approving policies of the bank, budget of the bank and any other issue before it, was the highest decision making

body of the CBN. Testifying as the 4th Prosecution Witness (PW4) of the EFCC, Adamu faulted the redesign of the N1,000, N500 and N200 notes, just like earlier witnesses, observing that the redesign was only brought to their notice after the approval from then President Muhammadu Buhari was obtained.

He described currency redesign as the alteration of pictures, loop or balancing of the currency, adding that it might also include the production of new denominations.

Speaking further on the process of redesign the witness explained that the redesign of a legal tender or currency was approved by the President upon the recommendation of the Board of Directors of the CBN. "The currency operations department of the operations directorate is charged with the responsibility of initiating the process. Their recommendation goes to the Deputy Governor Operations), who passes it to the COG for consideration, and if okay, the COG will recommend to the Board for consideration. If the Board is okay with it they then recommend to the President," the witness said.

He observed that this was not the case as he only became aware of the redesign in October 2022 when the governor informed them that he had obtained presidential approval to redesign the currency.

"On October 26, 2022, at the COG

meeting we were formally informed that presidential approval had been obtained for the redesign. Then there was a formal announcement by the CBN about the redesign.

"At the COG meeting of October 26, the governor showed us the page where the president had approved for the redesign. Subsequently the board met where members were informed that presidential approval has been obtained for the redesign.

The witness identified exhibit E2 as the page shown to them at the COG meeting of October 26, conveying the presidential approval, claiming that no recommendation

came to the board before the president's approval.

When showed exhibits of what was approved and what was finally produced by the CBN, the witness observed "a slight difference", adding that the CoG met on October 7, while the approval was obtained from the president on October 6.

Under cross examination by Emefiele's lawyer, Mr Olalekan Ojo, SAN, the witness admitted that there were instances when approval of the president was complied with before the BoD and CoG were notified.

Trial continues on October 17.

misleading and completely devoid of truth. INEC under my leadership in Edo State, remains committed to upholding the highest standards of transparency, fairness and integrity in all electoral processes. The inspection of election materials “At no time have I or any official in my office obstructed or denied any political party or their representatives access to inspect the materials used in the last elections.

INEC is fully aware of the legal implications of such actions, and we are dedicated to supporting the lawful processes that enable parties to seek redress in the courts.”

Earlier, in a statement by Erhabor Emokpae in Benin City, TAMO stated: "We categorically confirm that our application to inspect the Bimodal Voter Authentication System (BVAS) and other critical electoral materials was submitted over ten days ago.

“It is unacceptable that we are now only being ‘permitted’ to receive Certified True Copies (CTCs) of these materials just two days before the statutory deadline to file our case.

“This delay is not only a violation of our rights as a major stakeholder but also a direct threat to the integrity of the electoral process in Edo State. As the saying goes, ‘conscience is an open wound, only truth can heal it."

TAMO further condemned the REC's assertion that the PDP has fabricated its narrative, calling it a deliberate attempt to intimidate and obstruct their pursuit of justice.

"Such statements reflect not just a failure of leadership but an alarming

tendency to suppress the truth and mislead the public," the statement continued.

Meanwhile, thugs alleged to be operating in connivance with officials of INEC and operatives of the Nigerian Police Force, were seen providing security for the APC thugs and members.

The team of PDP lawyers and forensic experts were at the INEC Office to inspect the BVAS machine, voters register, ballot papers, and other election materials used by the electoral body for the September 21 gubernatorial election to flesh up the party’s petition against the alleged rigging of the governorship poll.

The inspection of election materials was one of the prerequisites in challenging any electoral result in Nigeria. The PDP and its lawyers were, however, prevented by INEC from inspecting the materials since Monday, despite presenting a court order.

The electoral body however bowed to pressure on Tuesday evening, announcing today, Wednesday, October 9, 2024 as the date for all parties to come for the inspection exercise.

The PDP who visited the INEC Office on Wednesday to carry out their duties met an already charged atmosphere with thugs linked to the APC intimidating and physically assaulting them, while security personnel, including officers from the Nigerian Police Force, failed to intervene.

Many sustained various degrees of injuries with their phones and other gadgets destroyed, while others scampered to safety.

Again, Matawalle, Military Commanders Return to Sokoto to Battle Insecurity Onuminya Innocent in Sokoto

The Minister of State Defence, Mohamed Bello Matawalle, and other top military commanders have returned to Sokoto to lead another onslaught against bandits, terrorists and other criminals in Northwest states.

THISDAY gathered that the initiative was part of President Bola Tinubu's recent directives to the minister along with high ranking military personnel to relocate to Sokoto to flushout all the criminals terrorising

the areas.

Speaking to the newsmen, yesterday, on arrival, Matawalle reiterated federal government’s commitment to sanitise the areas against bandits and other evils. ''As directed by Mr President, I am back for the second time in Sokoto State to coordinate this gigantic assignment in order to flush out all bandits and other criminals. ''We have recorded some level of achievements that comprised killing of notorious gang leaders and group members at different places, relative

peace had so far been recorded specifically in Sokoto, Zamfara and Katsina States. ''I am optimistic that our gallant troops will sustain the strides and continue to record success through 'Fansan Yamma' operations that was going on in the fight against these criminals in the Northwest,'' Matawalle said.

He assured the people of the region of unwavering commitment toward ensuring that operations have achieve all the necessary successes in the fight against security challenges bedeviling

the region. ''We will never leave you alone and assured that we will win this war against bandits and those supporting them to unleash terror against the people. ''Federal government will continue to booster the morale of soldiers and other security agencies by supporting them to bring an end to this challenges. ''We appreciate the sacrifices and gallant fight against insecurity by our teeming military personnel and other security agencies,'' the minister added.

17

T H I S D AY • THURSday OCTOBER 10, 2024

politics

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com (08033025611 SMS ONLY)

Constitution Review: Senators Disagree on State Police...

Clamour for local government autonomy, state police, single term tenure for president and governors, rotational presidency, and regionalism dominate debate among Nigerians as National Assembly commences work on the 1999 constitution amendments exercise, reports Sunday Aborisade.

Barau

M

embers of the Senate Committee on Constitution Review led by the Deputy Senate President, Senator Jibrin Barau, in collaboration with the Policy and Legal Advocacy Centre (PLAC), recently concluded a two-day retreat in Kano to set the stage for the exercise which would end in December, 2025.

Some of the critical constitutional issues slated for review included the state police, state creation, diaspora voting, gender equity and full autonomy for local governments, among others.

Members of the Senate Ad-hoc Committee were divided on some of the issues during their different engagements with newsmen at the sidelines of the retreat.

Surprisingly many Nigerians who had bared their minds on the assignment of the federal lawmakers had suggested issues that must be included in their agenda if the country must truly move forward.

For instance, leaders of various socio-political and cultural organisations from different geopolitical zones of the country and eminent individuals had argued that Nigeria could only achieve greatness as a nation if it reverted to the regional system of government which was practiced in the defunct First Republic.

Some had equally called for the inclusion of a single term tenure for president and governors in the ongoing amendment into the nation’s laws.

Similarly, there were also calls for the inclusion of rotational presidency in the constitution so that all participating political parties would pick their presidential candidates from the zone, whose turn it is, to produce the president.

At the end of their two-day retreat in Kano, the Senators unanimously agreed to include full autonomy for local governments in the nation’s constitution. The federal lawmakers nevertheless, expressed divergent views on the issue of state police.

At the forum, Senators from the South-East and South- South geo-political zones advocated for the creation of additional states.

Senate Leader, Senator Opeyemi Bamidele; a former Chief Whip of the red chamber, Senator Ali Ndume; Chairman, Senate Committee on Finance, Senator Sani Musa; Senators Abdul-

Bamidele

fatai Buhari, Osita Izunaso and Ned Nwoko, in their various submissions insisted that full autonomy for local governments was long overdue.

The senators were however divided on the issue of state police. Those in support said insecurity would be tackled effectively with state police while others said political opponents would be targeted by state governors.

Senator Sani Musa who supported the idea said, “when we are talking about State Police, every state in this country is facing one insecurity or the other and I believe that if we look at the issue of State Police, it’s good for us.”

However, Senator Ali Ndume said what the country needed was to increase the manpower of the police and improve their welfare for effective policing. State Police, he stressed, would be abused by the governors.

He said, “Personally, I don’t support state police. Right now, we have less than 400,000 Police personnel nationwide, and you are clamouring for creation of state police, why don’t you increase the number and Train, Equip, Arm and Motivate them, what I call TEAM.” Both Senators Ned Nwoko and Osita Izunaso, maintained that the creation of Orlu State in the South-East and

Izunaso

Anioma State in the South-South geopolitical zones were long overdue.

Southern and Northern Senators however disagreed over the agitation for the return of Nigeria to the regional form of government.

While Senators from the northern part of the country vehemently opposed it, those from Southern Nigeria, described it as a welcome development that would improve the economy, tackle insecurity and fast-track infrastructural development.

The Red Chamber through the Senate Leader, Senator Opeyemi Bamidele, in his comments, assured Nigerians that issue of regionalism was not part of the ongoing review of nation’s constitution.

A ranking Senator from Bauchi Central, Abdul Ningi, told journalists that his people would never support the idea because they did not enjoy any form of development when the system of government was practiced in the defunct First Republic.

Ningi said, “I have heard so much about regional government or federalism and I have heard people going about, canvassing for such ideas.

“For a start, no matter how you see it, the current document (1999 Constitution) is still the grundnorm. It has also stipulated how it is going to be amended.

“Having said that, it is also imperative to also know that it isn’t just enough for anybody to come and say he is the representative of

There were also calls for the inclusion of rotational presidency in the constitution so that all participating political parties would pick their presidential candidates from the zone, whose turn it is, to produce the president.

At the end of their two-day retreat in Kano, the Senators unanimously agreed to include full autonomy for local governments in the nation’s constitution. The federal lawmakers nevertheless, expressed divergent views on the issue of state police.

one ethnic group or another at the National Assembly.

“The question that arises is, when was this mandate canvassed? When was it received?

You are a representative of a particular ethnic group in Nigeria, at what time were you given mandate to canvass that? The only people that are given this mandate, to look at the Constitution and amend it are of course, members of the National Assembly.

“Therefore, it is important for those who go about selling these ideas, false ideas in my opinion, that there are representatives of the people. They should let Nigerians know where they are coming from and in whose mandate and when was this mandate given to them.

“We have seen how the regional government was operated in the past. My part of the country that I am representing didn’t enjoy the development of that so-called regional government that was based in Kaduna.

“We aren’t going back there again! I am speaking for my senatorial district. It is either the Nigerian Federation or nothing. We can’t go along, my senatorial district will be satisfied independently with Nigeria, if that is what is required. As far as regional government is concerned, my constituency, my people aren’t for it. What we need is the reform of the current Federal Government structure and fiscal federalism because there is nothing like true federalism.”

Chairman, Senate Committee on Finance, Senator Sani Musa, advised Nigerians against mistaken the establishment of the Zonal development commission for regionalism.

According to him, the various geo-political zonal development commission was strictly for the social and economic development of their areas.

He said, “It is wrong of anybody to think that the development commissions being established for the six geo-political zones is a plan towards regionalism. It is not. Those who are advocating for it should come up with bills through their representatives in the National Assembly and test the popularity of their proposal.”

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

18

THURSDAY, OCTOBER 10, 2024 • THISDAY

FOCUS DSS’ Ajayi: Quiet Impact, Stealth Mode

The emerging consensus is that the appointment of Ajayi as the DG DSS has marked a quiet but significant turning point in the ongoing fight against terrorism, banditry, kidnapping and secessionist agitations across the country.

Some sources disclosed that, from his assumption of office to date, Ajayi has quietly implemented a robust strategy that combines intelligence-led operations, community engagement, and enhanced synergy with sister agencies. This has led to the arrest of about 76 key commanders of banditry/kidnapping and gunrunning syndicates, as well as recovery of arms and ammunition, and neutralization of some of these terrorist elements.

It was gleaned that in the North West zone, Ajayi initiated a psychological-led operations against bandits and kidnappers which resulted in the neutralization of some notorious banditry kingpins, including Kachalla Lawali Dodo, Kachalla All Dan Oga, Kachalla Black and Kachalla Sani Kwalba.

Another reliable source revealed that, in one of the recent series of coordinated operations by the secret Police in Kaduna State, a notorious arms supplier to bandits and terrorists known as Mallam Rabo Abdulkadir was arrested with 3 AK-47 rifles, 1 AR Galil rifle, 1,621 rounds of 7.62 x 39mm, 222 round of 5.56 x 45mm, 138 rounds of 7.62 x 51mm, 6 AK-47 rifle magazines and 1 AR rifle magazine, among others.

In the North Central Zone, particularly in Kogi State where Ajayi last served before his appointment as DGSS, the camps of some major terrorists’

kingpins, including Kachalla Bala and Kachalla Shuaibu, terrorizing Kogi, Kaduna, Niger, Kwara and Nasarawa States, as well as the FCT, were raided and dismantled, a source further disclosed.

The source added that, during the raid three foot-soldiers of Kachalla Bala were neutralized, while 11 others were captured, alongside the group’s major logistics supplier/informant identified as Baba Gurgu.

It was further gathered that, some kidnap kingpins and gunrunners were also arrested in the FCT, as well as Kogi, Nasarawa, Niger and Plateau States. They include, Isah Adavuruku, Malik Otaru, Mohammed Usman, Usman Iliya, Lawal Shaibu, Umar Musa Keana, Dauda Gongola Keana and Anas BELLO, who masterminded the recent ambush of soldiers and vigilantes in Kabba/Bunu LGA of Kogi State.

Another source revealed that, in the North East zone, 5 members of a daredevil kidnap syndicate, including Salisu Nasiru, Lamiya Bisala and Manuga Sunday were arrested on 30th August, 2024 in Donga LGA of Taraba State, with 3 AK-47 rifles, 61 rounds of 7.62x39mm (special) ammunition, 2 fabricated AK-47 rifles, 2 single barrel guns and 5 AK-47 magazines, among others.

Likewise, one of the arms dealers supplying weapons to militia in Plateau State known simply as Friday Gomna Isaac was arrested in Borno State, while conveying weapons to Jos, Plateau State.

In the South East Zone, a source disclosed that, a notorious Commander of the outlawed IPOB, Mathias Onyebuchi, who masterminded the attack

on a Police checkpoint on the outskirts of Enugu, that claimed the lives of two policemen, while 3 AK-47 rifles were carted away was arrested.

The South-South and South West zones are not left out in these coordinated operations, as two members of a militant and sea piracy syndicate terrorizing Akwa Ibom and its neighbouring states, Daniel Etim David and Uwem Asuquo Edet were arrested. This is in addition to other arrests in Rivers, Lagos and Oyo States, another source disclosed.

The successful arrest and disruption of some of these criminal networks have led to a noticeable decline in banditry and kidnapping incidents in the affected areas. These feats are indications that, the days of other banditry kingpins and terrorist elements such as Muhammadu Bello TURJI, Sani Mainasara (a.k.a Sani Black), Gurgu Dankarami (a.k.a Gwaska), Ado Aleiro, Sani Muhdinge and Yusuf Medele (a.k.a Yusuf Yellow), as well as notorious IPOB commander, Chukwunonso Okafor (a.k.a Temple) are numbered.

It is therefore heartening to note that Mr. President’s strategic reforms within the intelligence community, coupled with the proactive stance taken by the administration in addressing insecurity deserves recognition.

Ajayi rose through the ranks, having joined the DSS in 1990 as a cadet officer, due to his dedication and sharp insight in handling national security matters. The grounds he has covered in his short period as DGSS speaks to considerable preparation and a philosophy synced with his profession.

It’s worth noting that before his appointment, Ajayi held several key positions within the DSS, including the Director of Operations. His leadership has been marked by strategic reforms and efforts to enhance the agency’s effectiveness in addressing contemporary security challenges. He has since climbed the ranks, serving as a state director in Enugu, Rivers, Bauchi, Kogi, and Bayelsa states.

Described by DSS former spokesman as diligent, resilient, sophisticated, proactive, and analytic, Ajayi’s extensive foreign training exposure also remarkably served to hone the innate skills of Ajayi.

He has been instrumental in fostering better cooperation between the DSS and other security agencies, as proven by his stint in other states he has served. He believes inter-agency collaboration is crucial for addressing Nigeria’s complex security landscape.

Ajayi has been committed to strengthening the DSS’s capacity to preempt and counter threats and has been saddled with visionary tasks, including embracing technology - and intelligence-driven strategies to ensure national security and stability.

These have reflected in his immediate impact following his appointment by Mr. President.

Interestingly, Ajayi may not be a James Bond, but he certainly cut his professional milk teeth in that nifty cloak-and-dagger career - and meritoriously earned his deliberately understated epaulets.

Today, he has eased DSS into the stealth or covert operations mode and the bad guys are on the backfoot!

with the self-interests. This is why governance in Nigeria lacks proper foundation and the governments characteristically resort to: • vague, speculative and provisional fiscal forecasting; • spontaneous and sporadic administrative-decisionmaking; and • inability to track public spending and assess policy impacts in the light of their set objectives.

It is this scenario that breeds incentives for emergence of the unethical tendencies that impede the optimal performance of the governments in public service delivery, namely, corruption, impunity, ineptitude, fiscalindiscipline, lack of statistical-data, and under-utilization and wrong-deployment of specialist-workforce. In turn, these unethical tendencies condemn mass of the citizenry to perpetual search for the basic needs of livelihood, namely, food, water, shelter, healthcare, etc. Thus, Nigerians languish in mass abject penury in the midst of plenty. This is precisely why Nigerian society is in a sorry state.

The only way to salvage this pitiful state of Nigeria is through budgetary reform. Government must transform budgeting from its existing obsolete restricted use as fiscal policymaking fixated merely on financial-management to its contemporary broad usage as strategic planning focused on institutionalresource-management. Under the new posture, the primary concern is with efficient and effective deployment of human-capacity towards the optimal performance of government in public service delivery.

This will establish a new institutional-structure that originates from the legislature through the executive and spreads out to integrate all the fields of bureaucratic activity down the agency hierarchy to the field-level of interaction with the citizenry. It is a single but far-flung administrative procedure for the development and execution of all government policy programs.

Thus, budgeting will become the instrument for not

only laying the foundation of good governance but also nurturing the public service delivery effort to sustain the advancement of our society.

Instructively, the budgetary reform would expose our elected officials to the essential elements of good governance, thus: • governance unfolds through bureaucracy that is not part of government but professional-support-group that is functionally located in-between government and the citizenry; • bureaucracy is structured into different fields of activity that are managed by human beings who pursue the task from their narrow points of view and interest; and • need for government to coordinate bureaucracy through constant and consistent monitoring and evaluation of the public service delivery process for the aggregation and feedback of administrativeperformance-information.

From these essential elements derive the rule of good governance as, “constant and consistent monitoring and evaluation of administrative-performance for guiding continuous and holistic decision-making interaction between elected officials and bureaucrats regarding problems and successes encountered in the public service delivery process”.

The product is a new structure of public service administration that thrives on: • deliberately-designed and properly-applied administrative-performance-auditing device; and • effectively-controlled and fully-deployed bureaucracy.

This way, the budgetary reform will serve to eliminate all the unethical tendencies that obstruct the optimal performance of our governments (federal, state, and local) in public service delivery.

Particularly, it will eliminate corruption, impunity and ineptitude through a proactive ‘recognition’, ‘definition’ and ‘prevention’ approach when compared

to the prevailing reactive ‘solution’ approach of the EFCC and ICPC. In specific terms, the budgetary reform will: • strengthen the power of the President to checkmate the pursuit of unethical tendencies by Ministers through the centralization of executive budgetarydecision-making-authority in the Office of the President; • strengthen the power of each Minister to checkmate the pursuit of unethical tendencies by bureaucrats through the centralization of bureaucratic budgetary-decision-making-authority in the office of the Minister; and • strengthen the power of the National Assembly over government spending through the independent capability of the legislators to do their own budgeting.

From these functional innovations will emerge institutional-resource-management as the means of delivering services for improving the quality of livelihood of our citizenry. This will properly position and equip our elected officials with the right tool for doing a first-class job of public service administration. Ultimately, the public cynicism and perception of governance in Nigeria as chaotic and uncontrollable, corruptive and unresponsive will begin to fade away and gradually disappear.

Verily, until our elected officials at the three tiers of governance apply this budgetary reform, the search for good governance in Nigeria to eradicate the mass poverty that is ravaging our citizenry will remain mere wishful-thinking. For more insight into this body of knowledge, please read the book, “public budgeting as key for public accountability and good governance: https://www.cambridgescholars.com/ product/978-1-0364-0569-4.

•Dr Emeka Ejikonye is a Specialist in Public Budgeting

Louis Achi

A

ccording to UK’s iconic, dashing spy movie top operative Roger Moore (James Bond), “You can’t be a real spy and have everybody in the world know who you are and what your drink is.” A secret service operative is supposed to keep his identity secret from everyone including family/friends, for the mission to succeed. He or she cannot let anyone know that he/she is a spy or is undercover.

Significant gaps in operational alignment with this critical dimension by Nigeria’s intelligence community has cost many lives, limbs and needlessly undermined many intel-led operations. Even the military has been not been spared from this quirky blight. But Mr. President would have none of that any longer.

President Bola Ahmed Tinubu must be credited with accurately reading the handwriting on the wall in the unsettling security situation in the country.

Unquestionably deriving from the intensity, sweep and scope of security crises festering in the country, he ordered a security architecture tweak of the intelligence community on August 26, 2024.

This significant, audacious shakeup witnessed the appointments of Adeola Oluwatosin Ajayi and Mohammed Mohammed as the Directors-General of the Department of State Services (DSS) and National Intelligence Agency (NIA), respectively.

The new DGs replaced the duo of former President Muhammadu Buhari’s 2018 appointees - Yusuf Bichi (DSS) and Ahmed Rufai Abubakar (DIA).

Perhaps, not surprisingly, on assuming office as DGSS on August 28, 2024, Ajayi delivered a subtle, cadenced message to the agency he has impactfully served for over 30 years. He pledged to “refocus the service towards covertness and likelihood of studied silence over certain matters.”

The DSS is Nigeria’s primary domestic intelligence agency, which plays a critical role in national security and intelligence gathering. Its main responsibilities are within Nigeria and include counter-intelligence, medical intelligence, economic intelligence, internal security, counter-terrorism, and surveillance as well as investigating some other types of serious crimes against the state.

It is also charged with the protection of senior government officials, particularly the president, vice president, state governors and visiting heads of state and governments with their respective families.

Cut to the bone, the unassuming Ajayi had simply told his workers that he is returning the agency to the stealth mode of operations, the fundamental bedrock of secret policing. In effect, Ajayi is expected to introduce fresh perspectives and strategies, particularly in enhancing internal security and addressing both current and emerging threats.

Wait for it: he has hit the ground sprinting, bringing his over three decades of experience in intelligence gathering and security management to his new role.

DG, DSS, Adeola Oluwatosin Ajayi

Mohammed Mohammed, DG, NIA

Why Nigerian Society is in a Sorry State Dr Emeka Ejikonye

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he deplorable state of Nigeria is precisely because all our political leaders, since colonial independence in 1960, have adhered to a paradigm that prescribes the use of budgeting as a tool for managing purely financial to the neglect of institutional resources of governance. But we know that our problem is not so much how to raise and spend money but primarily how to efficiently and effectively deploy human-capacity towards the optimal performance of government in public service delivery.

Any keen observer will notice that, just as with its predecessors, since the Tinubu Presidency was inaugurated on May 29, 2023, all its reform efforts have been focused on the management of financial resources. Indeed, the latest in this line of monetary reforms is the tax bill Mr President just submitted to the National Assembly. For the past 64 years, no government has made any serious effort to restructure the procedure for deploying the institutional resources of governance. This would inject institutional-coordination into the public service delivery process for continuous and holistic monitoring and evaluation of the activities of bureaucrats by elected officials. Indeed, there is no other way to guarantee that the money so raised will be spent for the purpose of improving the quality of livelihood of the citizenry.

The lack of institutional-coordination in budgeting wreaks havoc on governance. First, it discourages monitoring and evaluation needed for the aggregation and feedback of administrative-performanceinformation between elected officials and bureaucrats.

Second, it breeds huge discretionary-authority such that both elected officials and bureaucrats possess vast decision-making powers that often conflicts

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T H I S D AY • Thursday, OCTOBER 10, 2024

FEatures

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

A Promising Call for Diasporan Investment-turned Sour in Okun Ajah Community

For Okun Ajah residents in Lagos, the recent diversion of the Lagos-Calabar Coastal Road from the original 2006 gazette alignment to pass through their community, was enough to raise the alarm, particularly for some Nigerian Diasporans who had invested in tracts of land. According to them, the development, which has led to the destruction of properties worth billions, is a severe blow to the confidence of foreign investors and diasporan Nigerians who were encouraged to invest in the country's future. Chiemelie Ezeobi writes

W

hen President Bola Ahmed Tinubu made a call to Nigerians in Diaspora to contribute their quota to making Nigeria great, the seed was sown far away in United States of America in the hearts of people like CEO of WinHomes Global Estate, Engr. Stella Okengwu, a US-based Nigerian businesswoman and active board member of the Africa Canada Global Trade and Investment in Nigeria.

The leading diasporan real estate investor alongside her partners, Femi Adekoya and Mr. Olawale Oluwa (Pelle Homes), responded positively to the call from the president, who had made several overseas visits to engage Nigerians in the diaspora, urging them to return home and support the country’s economic growth through direct investments.

Through their firm, WinHomes Global Estate, Okengwu and her partners acquired prime land in Okun Ajah, Lagos, with a vision of developing a real estate hub that would bring in foreign direct investment (FDI), create jobs, and contribute to Nigeria’s development. Most of the investors in the WinHomes Estate scheme were Nigerians in the diaspora, trusting in the integrity of the project and the government's development agenda.

"We were targeting to repatriate over $250 million through the WinHomes Investment Scheme. More than 70 per cent of our subscribers are diasporans who believed in the Nigerian dream and invested in the property.

"We collaborated to acquire a substantial tract of land to support our esteemed President’s economic agenda and proceed with its comprehensive development. Driven by our commitment to invest in Nigeria, we inspired our fellow diasporans to do the same. As a result, 70 per cent of our subscribers who are diasporans invested in the WinHomes Investment Scheme Portal, purchasing property for both personal homes and investment purposes, thereby injecting Foreign Direct Investment (FDI) into Nigeria.

"As diasporan investors, we could see the genuineness in the voice of President Bola Ahmed Tinubu and his eagerness to reshape the country from his inauguration as president and afterward during his visit to various overseas countries seeking investment and collaborations to revive our economy and jumpstart the country’s social and economic development. He no doubt took bold investment decisions, for example, merging the foreign exchange rates in the country, apart from other far-reaching policies of this administration.

"Our goal is to attract 250 million US Dollars in repatriated investments through the Win Homes investment scheme portal.

We are law-abiding citizens committed to the development and growth of the Nigerian economy as well as its social and political development through the creation of job opportunities for over 5000 Nigerian youths both skilled and unskilled via the real estate project powered by Win Homes Global Services Ltd .

"We embarked on full due diligence and secured all necessary documents including fulfilling requirements from Lagos state government. Our due diligence included confirming that the property has a certificate of occupancy issued by the Lagos State government for the Okun Ajah community.

"We proceeded to obtain the governor’s consent and clearance from the coastal road right of way which further confirms the validity of the title to the land. We crossed our Ts and dotted our Is. I need to emphasize that securing these documents was not only challenging, but painstakingly involved a lot of effort including traveling to and fro America to Nigeria countless times and meeting with the heads of departments at the Lagos State Bureau of Lands, the Surveyor General’s office, and Ministry of Physical Planning. In the end, the estate land was secured and its development continued in earnest after confirming the land was free from the proposed coastal road alignment."

The ongoing demolition in Okun Ajah community for the realigned Lagos-Calabar Coastal Road A Project Undermined by Diversion of the Coastal Road From a mere dream, the project was already being nurtured to reality when it came to a grinding halt by the recent diversion of the Lagos-Calabar Coastal Road from the original 2006 gazette alignment to pass through WinHomes Estate.

According to Okengwu, the optimism surrounding this major investment project was shattered by an "unimaginable" action by the Ministry of Works, led by Engr. David Umahi, the current Minister of Works, who authorised a diversion of the Lagos-Calabar Coastal Road from the original 2006 gazette alignment to pass through WinHomes Estate, leading to the demolition of properties and the destruction of building materials worth hundreds of millions of naira.

"Our estate was legally acquired with all necessary documents from the Lagos State government, including a certificate of occupancy, governor’s consent, and clearance from the coastal road right of way," Okengwu stated. "We did all the due diligence, only to have our properties demolished without notice."

Allegations of Bribery What made the situation more concerning for Okengwu was allegations that residents in a nearby estate had allegedly bribed officials to ensure that their properties were spared from the demolition, while WinHomes Estate was deliberately targeted.

"There are serious allegations of bribery and corruption within the Ministry of Works," she emphasized. "I contacted the Minister directly, but he dismissed my concerns. Now, it has come to light that certain individuals paid large sums to protect their properties, while our legally acquired estate was destroyed.

"However, we were surprised that the Minister of Works, Engr. David Umahi has now done the unimaginable by destroying the properties, investments, and sweat of Nigerians in the diaspora without prior notification, using the name of the president of Nigeria as leverage to cause pain, trauma, and depression to the people in the diaspora after securing all these titles. The Minister’s action has made a complete nonsense of the entire investment.

"Above all, the minister’s action is not only destructive, but antithetical to President Tinubu’s foreign investment drive, thereby undermining the dream and goal of the office of the Chairman of Nigerians in the Diaspora Commission, Dr. Abike Dabiri and Dr. Doris Uzoka-Anite, the minister of Trade & Investment in Nigeria, who has constantly encouraged Nigerians living in the diaspora to return home and invest in the country’s developmental and economic initiatives most especially that of Mr. President.

"As an active member board of directors for the Africa Canada Global Trade and Investment in Nigeria, we are constantly preaching to Nigerians in the diaspora to

remember that Nigeria is all we've got and as such we need to bring our investment back home. The minister has with his actions hampered efforts to convince Nigerians living in the diaspora to come back and invest in the Country.

"The situation surrounding the demolition of WinHomes Estate is deeply concerning and raises serious questions about the conduct of the Ministry of Works...Furthermore, I brought to the Minister's attention about seven pending legal cases against the Ministry of Works around Okun Ajah. Despite this, he remained unresponsive."

The Demolition The CEO said they were astonished when on October 5, 2024, the Ministry of Works officials, accompanied by military personnel and Lagos State Taskforce officials, "stormed our site and demolished Win Homes property, and also assaulted our personnel on site. After which, they proceeded to remove essential building materials worth Hundreds of Millions claiming they had orders from above to do so.

"This isolated attack and vendetta raises the following questions: Is the Federal Ministry of Works aware of the bribery and corruption allegations and deliberately ignored them; or is this a case of retaliation for speaking out and doing what is right? The actions of the Ministry of Works are deeply troubling and require immediate investigation and accountability by the Senate Committee on Works.

"Indeed, the way the ministry of works has embarked on the destruction to give way for the Lagos-Calabar Highway has been brazen, rash, and punitive. The minister has flouted all laws, degraded men and women, communities, and, above all, destroyed businesses most especially the demolition of Winhomes Estate investment, Several meetings held with him have portrayed him as a tyrannical minister.

"The Minister of Works Engr David Umahi did not consider the environmental impact of sighting a Coastal Road project through residential property investment around the Okun-Ajah Corridor before diverting it from the initial master plan/ gazette of 2006."

A Call for Presidential Intervention In her demands, Okengwu, who called on the president to intervene, also said they are not seeking financial compensation for the damages incurred but are urging President Tinubu to intervene and mandate the Minister of Works to revert to the original 2006 alignment.

According to Okengwu, this alignment,

which was in place during Tinubu's tenure as Governor of Lagos State, was clearly marked, and WinHomes Estate was not part of the designated area for road construction.

"The minister’s actions undermine the president’s foreign investment drive and contradict the goals of the Nigerians in the Diaspora Commission, led by Dr. Abike Dabiri, and the Minister of Trade & Investment, Dr. Doris Uzoka-Anite, who have encouraged us to invest in the country," Okengwu argued.

She expressed deep frustration over the lack of accountability and transparency in the Ministry of Works, stating that the demolition and road diversion have caused immense psychological and financial trauma to her and her partners. More importantly, it has tarnished the trust that many diasporans placed in the Nigerian government's promises of protection and investment growth.

"We trusted in President Tinubu's renewed hope agenda," she said. "We traveled the world, convincing our fellow diasporans to come back and invest in their homeland. Now, they are looking at us, questioning our decision to believe in Nigeria’s future."

"As Diasporan Investors, we are not seeking financial compensation of any kind from the government, but rather appeal to the President to mandate the Minister of Works to revert to the 2006 gazetted alignment as we made sure proper and detailed due diligence was done before this property was purchased.

"Take note that the minister publicly challenged Landmark on National Television claiming he lacked legal land titles. However, we possess necessary legal titles all of which were implemented when President Bola Ahmed Tinubu was the Governor of Lagos State.

"We are addressing the president because this issue stems from a specific faction of his ministry which is the ministry of works.

If this continues, it would be wrongfully generalised as a problem with Lagos state.

"Thus we urge the President to make a prompt decision and also to hold his public officials accountable for the damages incurred.

The President should also instruct the public holders to cease this action which is the misuse of the president’s immunity as a shield for wrongdoings.

"We are also calling for an urgent senate committee on works to investigate the corruption allegations within the Federal ministry of works to ensure transparency and accountability in Nigeria investment landscape."

The Larger Implications and What it Means for Diasporan Investors The issue raised by Okengwu is not an isolated case. The manner in which the Ministry of Works has handled the Lagos-Calabar Coastal Road project has broader implications for the Nigerian investment climate, especially for Nigerians in the diaspora.

With increasing calls for accountability and transparency in how government agencies manage development projects, the situation in Okun Ajah is a test case for how the Nigerian government will treat foreign investors and its citizens abroad.

Engr. Okengwu has called for an urgent investigation into the corruption allegations within the Ministry of Works by the Senate Committee on Works, urging the government to ensure that the rights of investors are protected.

"We are not asking for financial compensation," Okengwu clarified. "We simply want our land returned, and for the government to do what is right. If this issue is not resolved, it will discourage other diasporans from investing in Nigeria. We cannot afford to have the hard-earned resources of Nigerians abroad destroyed under the guise of development projects."

As the country seeks to attract more foreign direct investment to drive economic growth, this case highlights the importance of protecting investors' rights.

T H I S D AY THURSDAY OCTOBER 10, 2024 20 TR

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& RE A S O

Thursday October 10, 2024 Vol 27. No 107357

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opinion@thisdaylive.com

www.thisdaylive.com

It is better for government to liberate Nigerians peacefully from their shackles than squander the chances to do so, advises MONDAY PHILIPS EKPE

ENDING FUEL SCARCITY

Kingsley Ndubueze Ayozie supports full deregulation of the petroleum downstream sector

See page 21

COORDINATING AGRICULTURE AND ENERGY SOLUTIONS Stakeholders in energy and agriculture sectors should work together to maximise their impact on rural communities, argue HABIBA AHUT DAGGASH, ANDREW ALLEE AND ZIHE MENG

See page 21

EDITORIAL

AS CHOLERA CONTINUES TO KILL...

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NIGERIA’S UNSCRIPTED QUEST FOR FREEDOM

Just like most other aspects of national life, Nigerians move on too quickly. No matter how pressing or vital any issue is, its lifespan is largely determined by the emergence of another one. Things happen fast. Headlines announce various subjects that jostle for spaces in people’s minds, many of which are so encumbered by the vicissitudes of daily living that they can’t afford to be further bothered by potentially more depressing stories. It’s not surprising, therefore, that the country’s independence anniversary only few days ago has gone so soon the way of the rest, especially in recent times.

But we just can’t continue to slide with the vicious tide of time. October 1, 1960 will always be associated with the day Nigeria became free from decades of British imperialism and rule.

And freedom, like equality, is a fundamental human right, not just declared by many multilateral organisations and statutes but it’s actually first an innate longing of the soul. The United States of America has evolved over the years as, arguably, the world’s loudest and staunchest proponent of the concept of liberty.

Its founders were mostly men and women who literally ran away from the stranglehold of the tyrannies that had gripped different countries in Europe. Monarchies there had moved from being traditional, hereditary-based forms of government to full-blown dictatorships where most of the freedoms taken for granted today were openly trampled on.

Many Nigerians have been assessing the progress of their country or the lack of it as a politically independent state. Unfortunately, the verdicts have been overwhelmingly negative.

Truth is, in looking at the country, it’s often tempting to yield to the forces of scepticism, cynicism and contempt. It’s much easier to give up on the country, to heap all the blame for the nation’s mediocre performance on its past and present leaders and succumb to an uncertain fate. Although the nation’s perennial underperformance can’t seriously be detached from mediocre leadership, to choose blame game and resignation is to validate selfsabotage and a needless, inevitable corporate failure. Nigeria is too important to be jettisoned by people who once benefited from its lavish endowments and those who simply can’t be convinced at the moment about its much-touted greater tomorrow.

What ought to really engage the minds of citizens, beginning from their leaders, is to honestly come to terms with the true meaning of freedom which is supposed to be enhanced by the nation’s severance of its umbilical cord from its former colonial master. That this discussion is even taking place more than six decades after the symbolic lowering of the union jack for the green-white-green flag means different things to different persons.

In his last Independence Day broadcast, President Bola Tinubu was predictable in his claims and attempts to pacify a hugely disappointed and traumatised populace. It reads

in part: “I am deeply aware of the struggles many of you face in these challenging times. Our administration knows that many of you struggle with rising living costs and the search for meaningful employment. I want to assure you that your voices are heard. As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel.”

The idea of the president being mindful of the anguish of citizens is one refrain he should walk away from before it becomes a monument for insincerity and inaction. That majority of Nigerians are still grappling with survival, with meeting visceral needs decades after many of their peers elsewhere have graduated to lofty ideals is enough wound in the psyche of those who can still muster some will to reason beyond their bellies. Surely, Tinubu didn’t bring Nigeria to this despondent point but being in the saddle at the moment means he can make a name for himself by not nursing the possibility of passing the baton of underachievement to the next leader.

For him, it’s a personal challenge. And for the entire country, it has remained a riddle, a jinx to be broken. Nothing would gladden the hearts of the citizenry than seeing their nation with tremendous potentialities break free from its shackles and rise triumphantly into the skies.

Up to this point, no presidential rhetoric has been able to convince the people that the days of glory are within the reach of their own generation.

Even the dreams of living the good life and bequeathing same to future generations are now hazy.

In difficult, twisted times like these, thinking straight can be a luxury only accessible to a few.

I’ve sought solace in words of thinkers on marble to try to figure out the real value of Nigeria’s free status which, sadly, is becoming a paradox.

According to Maya Angelou, “independence is a heady draft, and if you drink it in your youth, it can have the same effect on the brain as young wine does. It does not matter that its taste is not always appealing. It is addictive and with each drink you want more.” We must find ways to keep the motivations and euphoria of our founding nationalists in view, against all odds, not minding our near-choking hangovers down the years.

Robert Frost: “Freedom lies in being bold.”

The courage of both leaders and followers is required for genuine progress and prosperity. But for boldness to count, it must be perceived by the people as that indispensable ingredient of true leadership, not one anchored on false heroism.

Tinubu should beat his chest less when declaring at every turn his ability to take tough decisions, a stance that has failed to be understood and accepted by most Nigerians.

Albert Einstein: “For everything that is really great and inspiring is created by the individual who can labour in freedom.” Freedom is not without responsibilities and obligations. All stakeholders must dig in to produce lasting results. The truism that gain is a direct product of pain can’t be faulted easily.

Herbert Hoover: “Freedom is the open window through which pours the sunlight of the human spirit and human dignity.” Nigeria doesn’t lack people with the zeal and knowledge to excel. But like caged birds, the full manifestation of their potentials awaits the right triggers, mainly from the top.

Nelson Mandela: “For to be free is not merely to cast off one’s chains, but to live in a way that respects and enhances the freedom of others.”

May the struggle that exists in Nigeria between the political class and the less-privileged compatriots not end badly. The unfettered access to public funds and scandalous pecks of power have significantly numbed the capacity of political leaders for empathy and selflessness.

The days of recompence and revolt may not be far away.

Miguel de Cervantes: “Liberty is one of the most precious gifts which heaven has bestowed on man… captivity is the greatest evil that can befall man.” Nigerians have now been turned into zombies effectively. Even the energy to protest is draining rapidly from them. I’ve so far resisted the urge to see my own country as a growing prison.

Nothing demonstrates the nation’s bondage than the frenzy with which many of its citizens are leaving in search of opportunities in other lands. Even that seems to have slowed down in the face of new hurdles overseas. The resultant frustrations are bound to metamorphose into something else. But, somehow, the nation and her citizens are inching towards liberation.

Nothing lasts forever, after all. That includes the subjugation of otherwise vibrant souls.

Dr Ekpe is a member of THISDAY Editorial Board

T H I S D AY

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THURSDAY OCTOBER 10, 2024

Kingsley Ndubueze Ayozie supports full deregulation of the petroleum downstream sector

ENDING FUEL SCARCITY

The Nigerian populace woke up to behold the recent scarcity of petroleum motor spirit (PMS) popularly referred to as petrol.

The fuel shortage as usual was characterised by long queues of vehicles and Jerrycans on our various streets across Lagos, Abuja, Port Harcourt and other metropolis resulting in panic buying at any point where the product was being dispensed.

The Nigerian community viewed this recent development with missed feelings.

The negative impact of reoccurring PMS scarcity both to us as individuals and the government at large is not palatable. As it stands currently, a litre of fuel is going well above the pump price of N900 or so .The black market price is soaring above N1,500 per litre. This is sad and the attendants pain created by this is unbearable .

The hike in the prices of petrol is gradually leading to high cost of transportation fares within our major metropolis which incidentally has started impacting negatively on the prices of food stuffs and services.

Aside from the above negative impact, it is a known fact that our young entrepreneurs and SMEs depend greatly on PMS for daily survival or as an alternative source of power/ energy in order to run their business which certainly brings about job creation, poverty reduction and boost our economic growth. One thing we need to ascertain is that this occasioned scarcity is having a ripple effect or what the economist will refer to as negative externalities. In some quarters, a lot of questions have been raised especially in knowing why the NNPCL refineries are not working till date. Again, how come NNPCL or successive governments have not built new refineries? It is over 15 months now that President Ahmed Bola Tinubu announced the total removal of subsidy on petroleum products. After that pronouncement the masses had thought that the announcement would mark the exit of the issue of fuel scarcity within our domain.

It is in the light of the resurfaced fuel scarcity that is championing the issue of liberalization of the oil sector as a possible remedial action in dealing decisively with this reoccurring decimal. Liberalization with recourse to the oil sector refers to the withdrawal of barriers alongside regulations which is targetted at boosting a healthy competition and further create an investment opportunity or destination.

Within the oil sector, liberalization could take different shapes such as: price liberalization, trade liberalization, investment liberalization and more importantly, deregulation. Deregulation is the removal of government control over the oil industry in order to increase private sector involvement and further provide a healthy competition.

It may also connotes the government's total withdrawal from the pricing of petroleum products and further opening up the sector for investors to invest and actively participate in the going therein. In addition , it implies the selling of our crude to NNPC or any other company or private investor that is willing and interested in refining and making readily available the crude oil at the prevailing international price.

Deregulation is viewed further as a means by which the government will convert

pipelines and depots into common carrier firms for anyone who can foot their services to use. It is also a situation where any person who is willing and interested can bring into the country petroleum products subject to meeting specific benchmarks and paying the required tarriffs to the government quarters.

This write up is focussing on the importance of liberalization in combating this re occuring fuel scarcity. Some of the possible gains liberalization offers to us as a people include the following: It will bring about an increase in competition and turn Nigeria into an investment destination; ensuring availability of petroleum products; eliminating the monopolistic power of NNPCL; allowing for more companies to enter the oil market and compete favourably; lower costs of operations in relation to the oil sector; assists to stimulate widespread economic activities thus eliminating the challenges for new entrants into the market. It will promote healthy competition among fellow firms involved in the business; it will bring bring economic growth; stimulate innovations and creativity within the market; increase market growth and stability of products; do away with unnecessary business restrictions; stabilize domestic price of petroleum products; massively creating new employment opportunities in the refining, haulage and distribution of petroleum products. It will prevent the occasioned losses being witnessed in trying to subsidize oil or the losses incurred during importation of oil to make up for shortfall in internal consumption, and above all, it will possibly lower the prices for consumers at a future date, bring about wealth creation within the Nigerian market that will boost our GNP and per Capita Income in the long run. Of a truth, liberalization is an acceptable global phenomenon which any developing economy cannot joke with.

Therefore, there is a clarion call on the part of government to ensure that all our national refineries are back on track with maximum production capacity as all these measures will put a permanent end to the incessant scarcity being witnessed.

While we sincerely commend and also applaud the government for all the measures being put in place in order to stem the issue of petroleum scarcity, we want to employ our government to take such bold step that will make our age- long refinery to become fully operational. We are very optimistic that with the recent entry of Dangote Refinery into the oil market, we may likely be bidding farewell to this consistent issue of fuel scarcity.

Sir Ayozie FCTI, FCA is a Public Affairs Analyst

Stakeholders in energy and agriculture sectors should work together to maximise their impact on rural communities, argue HABIBA AHUT DAGGASH, ANDREW ALLEE AND ZIHE MENG

COORDINATING AGRICULTURE AND ENERGY SOLUTIONS

When I visited the Sa'achi Nku community in Niger State, I noticed that few businesses were thriving despite 24/7 power being available.

Old, inefficient diesel rice mills were dotted around, yet none was in use despite heaps of rice paddy lining the path into the community.

My local technician guide mentioned that fuel price increase, driven by subsidy removal and currency devaluations, had made them too expensive to operate. While alternatives that could use cheaper electricity were available on the market, local processors didn't know about them. Moreover, they didn’t have the income or access to credit for new mills that could cost up to ten times their monthly income.

Instead, they continue to rely on the old mills

communities—highlighting the immense value-creation potential of the agricultural sector in Nigeria’s rural economies.

In addition to supporting livelihoods, thriving agribusinesses have boosted electricity sales for the local utility that operates the solar minigrid. These utilities have historically struggled with low sales because their customers cannot afford more than a few units of electricity monthly.

With customers using more power, rural utilities are better positioned financially, enabling them to price electricity cheaper and expand their energy services to more communities.

The Energizing Agriculture Programme

that produce low-quality rice that can’t retail in most urban markets.

Sa'achi Nku is one of nearly 200 communities electrified with solar minigrids by the Rural Electrification Agency (REA) since 2017.

Its residents are among Nigeria's many rural farmers with limited access to modern agricultural equipment. The Energizing Agriculture Programme (EAP) recognised the missing enablers of this access: equipment suppliers with rural supply chains, financiers who can provide affordable micro-loans to the unbanked, and local technicians who can offer maintenance services.

The EAP, a collaboration between the REA and RMI, an energy nonprofit, brought together energy, agriculture, and financial services companies to design solutions enabling rural entrepreneurs to gain access and ownership of efficient agricultural machines over time. The EAP tested these solutions by providing entrepreneurs with minigridpowered equipment, including walk-in cold rooms, rice mills, corn threshers, electric bikes, soybean grinders, and a small oil palm factory. The beneficiaries pay small amounts monthly to use equipment until the upfront cost is paid off.

After a year of operation, switching from fossil fuel-powered equipment to electric alternatives has saved entrepreneurs up to 80% of their energy costs. In many cases, the new machines produce more output and at a higher quality. For example, the solar-powered oil palm factory in Adebayo, Edo state, produced an additional 57 litres of palm oil per tonne of fruit compared to the local artisanal mills (a 50% increase). The cold room in Kiguna, Nasarawa state, also prevented over a tonne of fish from spoilage. The EAP's modest investment in 36 equipment generated 70 direct jobs and $110,000 in agricultural commodities in 17

has shown that sustaining rural agribusinesses depends on a network of service providers that offer affordable energy, credit, efficient equipment, and maintenance. However, initiatives by federal and state ministries of agriculture and development partners remain siloed.

Clean energy project and agriculture projects for rural areas are planned and executed separately. This lack of coordination hinders innovation that could reduce energy costs, lower pollution, and boost business profits. Moreover, uncoordinated agricultural interventions may fail entirely due to expensive petrol and diesel costs that solar could help avoid.

The government and development partners must consider how their interventions use energy to design the best solution for beneficiaries, especially how renewable energy can be an alternative to spiralling fossil fuel costs. Furthermore, the government needs to implement policies that lower the costs of these technologies in the market, such as simplifying the import process and eliminating customs duties for renewable energy system components.

The African market for so-called productive uses of energy, including integrated energy-agriculture solutions, is valued at $120 billion. Its potential to create jobs and stimulate Nigeria’s agricultural production and exports, both of which are top objectives of the current administration, is evident from the EAP’s experience. Thus, energy and agriculture sector stakeholders must work together to unlock the potential and spur our rural economic development.

Daggash, Ph.D is Senior Associate RMI Africa Energy Program

22 4

T H I S D AY

EDITORIAL

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

T

THURSDAY OCTOBER 10, 2024

AS CHOLERA CONTINUES TO KILL...

All the stakeholders must do more to contain the scourge

he Nigeria Centre for Disease Control’s latest report that cholera outbreak has seen a sharp increase in 2024, with suspected cases rising by an alarming 220 per cent, is quite shameful. According to the public health institute, 198 new suspected cases were reported across five states, leading to 15 deaths and a weekly case fatality rate (CFR) of 7.6 per cent.

Indeed as of last week, the country had recorded 10,837 suspected cases and 359 deaths, which represents a 239 per cent increase in fatalities compared to 2023. Health authorities in Nigeria should be concerned by this development.

For more than four decades, cholera has not only been a recurring disease in Nigeria but has also led to the death of thousands of our people, especially children. Mostly contracted through drinking of contaminated water and eating of waste products, cholera often leads to the infection of the small intestine.

That Nigerians are still afflicted by such a disease in this age tells a compelling story about the state of the country. In many of the states, the villagers and rural dwellers still rely on streams and wells as their only sources of drinking water. In most cases also, the people rely largely on stagnant water for washing their clothes and other items.

Since cholera is more prevalent in rural areas, the problem becomes more compounded when and where there are no modern medical facilities to assist in the treatment of the disease. The spread of cholera becomes worse when the environment is not clean; when water system is not treated and when sanitation is not taken seriously. While there have been some efforts by the federal government to deal with the challenge, we have not seen a corresponding commitment from

many of the states. Meanwhile, according to the NCDC, in communities affected by the outbreak of the infectious disease, open defecation is a common practice. “There is also inadequate WASH infrastructure and supplies including wastewater management facilities,” the agency said.

More surveillance, more awareness, more resources and better coordination will be necessary to reduce deaths from cholera and other preventable diseases. Fortunately, with effective coordination, the disease can be contained quickly but the real challenge is to work towards its total eradication from Nigeria as it has been done in many other countries. According to World Health Organisation (WHO), no human should die from preventable diseases like cholera. To address this challenge, there is urgent need for public enlightenment on healthy living. Experts have advised that people should ensure their food (cooked or uncooked) is properly covered while regular handwashing should be adhered to always.

Cholera kills when a person loses too much body fluids. Such deaths are preventable if victims are quickly rehydrated. Since no vaccine has been developed to work against cholera, what is commonly used is oral rehydration solutions (ORS) as part of measures to mitigate the problem. But prevention is still very much better than cure. To that extent, our rural dwellers and the urban poor need to know more about the rules of basic hygiene.

The world has moved ahead of the era where cholera kills citizens. Healthcare officials and other critical stakeholders in Nigeria must therefore do more in providing adequate clean water for the citizens, especially for those that are in the rural areas. We must work towards banishing cholera outbreaks from the country.

More surveillance, more awareness, more resources and better coordination will be necessary to reduce deaths from cholera and other preventable diseases T H I S D AY

EDITOR SHAKA MOMODU DEPUTY EDITOR WALE OLALEYE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

T H I S D AY N E W S PA P E R S L I M I T E D

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

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

LETTERS TASK BEFORE CHIEF JUSTICE KUDIRAT KEKERE-EKUN

The Nigerian judiciary has a new sheriff in town, and she is Kudirat Kekere-Ekun, the second female Chief Justice of Nigeria, and the first from the Southwest, who was recently sworn in to replace Kayode Ariwoola who retired amidst muted scandals. As with all her recent predecessors, the new CJN has talked tough about fighting corruption in the judiciary, improving justice delivery and not tolerating disobedience to court orders.

But as she must already be finding out, the institution she is tasked with leading appears beyond redemption.

Nigeria’s triumphant return to democracy in 1999 was not a product of judicial intervention. Rather, it was the military, that was forced by local and international pressure, to vomit the country it had swallowed.

However, as with every country that practices constitutional democracy, it was always recognized and accepted that an independent and impartial judiciary, serving as an umpire between the different arms of government, and between the government and Nigerians, was indispensable to a country with development aspirations.

An impartial and independent judiciary was recognized as especially important in a country like Nigeria with its long his-

tory of bitter and bloody disputes. The Nigerian judiciary has since been called to step up to the plate.

There have been many luminous moments of invaluable judicial interventions when chastened government lawyers returned from court rooms empty-handed with their tails between their legs as the judiciary truly lived up to its reputation as the last hope of the common man.

But those fleeting moments have remained few and far between. These days the widely held view among Nigerians is that the judiciary has become an institution where court judgments are auctioned to the highest bidder.

This widely held and shared view, seemingly confirmed by a glut of extremely curious judicial decisions incalculably damaging to the image of the judiciary. Because justice is rooted in confidence, the loss of confidence in the judiciary is, in fact, the most catastrophic consequence of Nigeria’s dysfunction.

It is this charged and charred institution that Kekere-Ekun has been tasked with leading. How will she fare?

As only Nigeria’s second female CJN, her appointment is a triumph for gender equality in an institution that has historically been male-dominated. The appointment is also some guer-

don for a judge with no known case of misconduct or judicial impropriety who has put in many arduous years and unstinting hard work to reach the zenith of her career.

But in an institution where appointments appear to be based on filial and familial relations rather merit, the battle may just be too steep for Kekere-Ekun.

Furthermore, the fact that many judges having witnessed from a vantage point the demise of Nigeria, and are prepared to sell court judgments to secure the future of their families means that corruption in the judiciary has come to stay.

All things being equal, Kekere-Ekun will also be in the saddle when the 2027 general elections come around with the inevitable litigation that will stem from them. Will she be able to guide the judiciary to redeem itself before Nigerians who are still traumatized by the fact that INEC’ s disastrous outing in the 2023 general elections received several judicial imprimaturs, or will she watch on, cocooned in judicial privilege, while Nigerians are again sold short in INEC offices and courtrooms across the country?

Ike Willie-Nwobu, Ikewilly9@gmail.com

23

T H I S D AY • Thursday, October 10, 2024

BUSINESSWORLD R A T E S MONEY MARKET

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Expert Identifies Factors for Nigeria’s Low Rating in Global Cybersecurity Index

Emma Okonji Founder, GoLegit Africa and immediate past President, Cyber Security Experts Association of Nigeria (CSEAN)), Remi Afon, has identified some factors why Nigeria was rated low in the latest Global Cybersecurity Index 2024, released recently by the International Telecommunication Union (ITU).

Afon, who blamed the poor ranking on the attitude of the government in addressing the country’s cybersecurity issues, called on the federal government to as a matter of urgency, fix her cybersecurity shortcomings, in order to protect Nigeria’s cyberspace and improve the country’s image in future global rating.

The Global Cybersecurity Index (GCI 2024), ranked Nigeria among Tier 3 countries in the world, and categorised countries into five

tiers, with Tier 1 representing the highest level of cybersecurity commitment across legal, technical, organisational, capacity-building, and cooperative pillars.

The ranking placed Nigeria in Tier 3, which is part of a group of 105 countries that have expanded digital infrastructure but are still working to develop comprehensive cybersecurity frameworks.

Afon, in a statement, said the ITU Global Cybersecurity Index (GCI) 2024, underscored the urgent need for Nigeria to address its cybersecurity shortcomings.

According to him, “Despite being Africa’s largest economy and a rising tech hub, Nigeria’s performance in the GCI reflects several deep-rooted challenges that hinder its ability to effectively secure its digital infrastructure. In contrast, other African countries such as Mauritius, Rwanda,

Ghana, Tanzania, and Kenya have made significant strides in cybersecurity, positioning them as regional leaders.”

While some progress has been made in recent years, Nigeria’s rating reveals several areas in need of urgent attention. “These include the implementation of existing cybersecurity policies, investment in cybersecurity capacity building, and the revision of outdated legal frameworks. Without swift reforms, Nigeria’s digital ecosystem remains vulnerable to a range of cyber threats,” Afon said.

He highlighted some of the key factors that must have contributed to Nigeria’s low rating to include: Lack of Implementation of the National Cybersecurity Policy and Strategy (NCPS), Inadequate Capacity Building, Outdated Cybercrime Legislation, Underfunding of Cybersecurity Initiatives, Delayed

Operationalisation of the National Cybersecurity Coordination Centre (NCCC), and Inactivity of the Cybercrime Advisory Council.

In the area of National Cybersecurity Policy, Afon said the lack of concrete implementation, limited its effectiveness, and that the policy is yet to be fully operationalised across government and private sectors, leading to fragmented and uncoordinated efforts in addressing cybersecurity challenges in the country.

In the area of capacity building, he said: “A significant issue for Nigeria is the lack of investment in capacity building. Government agencies and critical sectors lack the trained personnel and resources to handle growing cyber threats. There are limited training programmes aimed at developing cybersecurity expertise within public institutions, leaving the country underprepared

to respond to cyber incidents.”

He also said the country’s legal framework lacked provisions for addressing emerging threats such as ransomware, advanced cyber espionage, deepfakes, and other AIenhanced cyber-attacks, adding that without updates, law enforcement agencies face difficulties in effectively prosecuting cybercriminals, leaving gaps in Nigeria’s cyber defences.

While insisting that Nigeria’s cybersecurity efforts are largely underfunded, Afon said there were several delays in the operationalisation of its cybersecurity efforts, which have resulted in a lack of national coordination, thus weakening Nigeria’s response to cyber incidents.

In his statement, he clearly stated that the Cybercrime Advisory Council, intended to provide strategic oversight on cybersecurity matters, has remained largely inactive.

To improve Nigeria’s cybersecurity standing and safeguard her digital infrastructure, government must take decisive action, Afon said.

He therefore recommended the full implementation of the National Cybersecurity Policy and Strategy.

He said government must invest in developing a skilled cybersecurity workforce, through partnerships with international organisations and NGOs like Cyber Security Experts Association of Nigeria, and roll out training programmes and initiatives that would promote cybersecurity education and awareness.

He also called for an update in the Cybercrime Act of 2015 to address modern cyber threats such as ransomware, Internet of Things (IoT) attacks, AI-related cyber-attacks and other advanced cybercrimes.

The story continues online on www.thisdaylive.com

FG to Complete Harmonised Government Service Portal in December to Enhance Productivity Emma Okonji

The federal government, through its agency, the Galaxy Backbone, is putting finishing touches to the harmonised government service portal, which seeks to integrate government services across federal Ministries, Departments and Agencies (MDAs) into a secure, unified platform that will enhance citizen’s access to government services online, and enable data-driven decision-making in government.

The Managing Director/CEO, Galaxy Backbone Limited, Prof.

Ibrahim Adeyanju, who revealed the information, while delivering

a Keynote address at the recent Nigeria eGovernment Summit 2024 in Lagos, said the service portal would be completed by December this year.

According to him, through smart governance, digital platforms, and innovative data-driven solutions, Nigeria is witnessing an era where public services are more accessible, decision-making is more informed, and our economies are poised for exponential growth.

“The transformation is not just about adopting new tools, it is about fostering a culture of innovation that empowers communities, strengthens our economic resilience. Nigeria has

made significant strides in digital transformation of government services.

“A prime example is the Government Service Portal, developed under the e-Government Master Plan 2.0. The Government Service Portal aims to integrate services across federal MDAs into a secure, unified platform, simplifying citizen’s access and enabling data-driven decisionmaking. The first phase, scheduled for completion by December 2024, will integrate over 20 services from about 12 federal MDAs, establishing a solid foundation for broader expansion. At Galaxy Backbone, we see ourselves as

an enabler, a platform, and an integrator of digital services across the nation. Our goal is to promote digital inclusion in Nigeria with the mission of extending these particular services hopefully to the shores of Africa, outside of Nigeria,” Adeyanju said.

Addressing the need for government agencies and the private sector to leverage technology to advance digital transformation, Adeyanju said with the continuous growth in the ecosystem, improved digital infrastructure, and a supportive regulatory environment, businesses can leverage digital tools to enhance operation and reach new markets

within and outside of Nigeria.

Individuals stand to benefit from improved access to digital services and better governance through e-government initiatives, he further said.

Presenting a lead paper in one of the panel sessions during the Nigeria eGovernment Summit, the CEO, Liquid Intelligent Technologies Nigeria, Mr. Wole Abu, spoke about e-governance in today’s 4th industrial revolution, where Artificial Intelligence (AI), Big Data, Internet of Things (IoTs), Blockchain Technology, and Cybersecurity are in the centre stage.

According to him, it presupposes

that the 3rd industrial revolution has happened, which was centered around ICT, electronic and digital manufacturing, which happened in the early 60s with the advent of the internet.

He explained that the fourth industrial revolution had begun to drive people’s expectations of government, where people expect government to connect everything with the use of technology.

He however said government should prioritise the needs of the people, using technology, adding that technology should drive education, because without education, the nation cannot move forward.

M a r k e t d ata A s at W e d n e s d ay, O c t o b e r 9 , 2 0 2 4 BILLS

BONDS Description Price Yield Change Updated Time (%) ^13.53 23October 95.80 23.52 0.34 9, MAR-2025 2024 ^12.50 22October 92.31 19.39 0.03 JAN-2026 9, 2024 ^16.2884 17October 102.49 18.95 -0.02 MAR-2027 9, 2024 ^16.2884 17October 95.25 18.77 0.00 9, MAR-2027 2024 ^19.94 20October 101.60 19.08 -0.01 9, MAR-2027 2024

Maturity NTB 24-Oct24 NTB 7-Nov24 NTB 5-Dec24 NTB 9-Jan25 NTB 6-Feb25

Discount Yield

Change (%) Updated Time

Maturity

19.29

19.38

October 0.84 9, 2024

19.67

20.06

October 1.30 9, 2024

AFRI CP II 21-OCT-24 FBNQ CP

20.04

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October 0.34 9, 2024

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OTC F X F U T U R E S

CPs

XXVII 25-OCT-24

UACN CP VIII 3-DEC-24 CTIL CP XIV 20-DEC-24 CPST CP X 14-FEB-25

Discount Yield 26.54

26.91

21.97

22.27

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23.35

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26.10

Change (%)

Updated Time

October 2.44 9, 2024 October 2.31 9, 2024 October 1.07 9, 2024 October 0.51 9, 2024 October 0.19 9, 2024

Contract Tenor Contract (Month) NGUS OCT 13M 29 2025 NGUS NOV 14M 26 2025 NGUS DEC 15M 31 2025 NGUS JAN 16M 28 2026 NGUS FEB 17M 25 2026

Current Rate ($/₦)

Updated Time

June 26, 2024 June 26, 2024 June 26, 2024 June 26, 2024 June 26, 2024

October 9, 2024 October 9, 2024 October 9, 2024 October 9, 2024 October 9, 2024

T H I S D AY • Thursday, October 10, 2024

24

BUSINESSWORLD

News

CELEBRATING BISHOP DAVID OYEDEPO…

L-R: Director, Centre for System and Information Services, Covenant University, Boladele Akanle; Head, Enterprise Sales, VDT Communications, Vincent Olorungbeja; Head, Customer Care and Experience, VDT Communications, Omolola Abolarin; and Founder, Living Faith Ministries, Bishop David Oyedepo, during celebration of the Bishop’s 70th birthday and the Customer Service Week 2024 of VDT Communications, held in Canaanland, Ota, Ogun State… recently

Vesti Launches N1bn Software Engineering Facility in Lagos Stories by Emma Okonji Vesti, a leading provider of legal and financial services for immigrants, has launched its new

state-of-the-art Software Engineering office in Lagos, where local talents will be trained, upskilled and exported to the rest of the world.

Having started the business

from Nigeria two years ago before expanding to the United States of Ameria and other countries, the company decided to build the N1 billion facility in Lagos, from where

it will develop talents and expose them to the rest of the world.

Speaking at a panel session shortly before the launch of facility, which was moderated

SiBAN Debunks Rift, Restates Association’s Commitment Reacting to recent publications that there was a crack in the administration of Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), its President, Obinna Iwuno has refuted the claims in the publications, insisting that that the association remains committed to strengthening its regulatory frameworks and promoting transparency that will create a more secure and trustworthy environment for investors and businesses alike.

In a statement issued by the

association and signed by its President and a member of the Board of Trustees, Mr. Mela Claude Ake, they explained that there was crisis in the association, adding that SiBAN’s President, the Executive Council and members of the Board of Trustees are running the association seamlessly meeting various critical stakeholders in the ecosystem.

According to the statement, “The claim by some faceless groups that it has expelled the Board of Trustees, including the

President of SiBAN, Obinna Iwuno is a joke taken too far as a faceless group cannot expel a body duly recognised by the law. That the primary goal of the faceless group is to establish a shadow administration that operates behind the scenes and accommodates fraudulent activities, with the president serving as a mere figurehead. This is a misunderstanding of corporate governance as no successful organisations, regardless of size or industry run illegitimately in

Nigeria. The actions of this faceless group are mere distractions and counterproductive to the group and sustainability of SiBAN and the digital currency space at large.

Also, it is a feeble attempt to kick against the reforms that SiBAN is undertaking to dismantle some of their fraudulent activities like the creation and proliferation of memecoins, operating unregistered, unlicensed and unregulated crypto hedge funds and others where Nigerians have lost millions of Naira unchecked.”

TECNO Boosts AI Consumer Electronics Innovation in Nigeria As emerging technologies like Artificial Intelligence (AI) continue to drive global digital transformation, TECNO, a global technology company has built innovation around AI that will enhance consumer electronics in Nigeria.

The company has unveiled the first-ever intelligent ecosystem powered by AI that offers African consumers, including Nigerian

consumers, more creative, connected and personalised experiences.

TECNO launched an AI-powered ecosystem consisting of a series of flagship smartphones, laptops, PCs, tablets, headphones, and gaming devices that are set to transform personal and work experiences.

Speaking at the launch in Lagos, Managing Director, Transsion Holdings, the parent company

of TECNO, Mr. Chidi Okonkwo, said: “Our ethos has always been to create an exceptional range of products and services that meaningfully improves people’s lives. With the advent of AI we are now also committed to becoming a leader in this field.”

According to him, “2024 marks TECNO’s 16th year in Africa, a heritage we are so proud of. So

much of our product innovation stems from listening to our customers here. The insights shared directly inform our product development, which is why we are all very excited to hear what our customers think of our latest AI-powered devices and services.

We will stop at nothing in our ambition to be the brand people trust to deliver true innovation.”

How Huawei Disrupts Smartphone Globally Huawei, a global technology leader, has introduced a revolutionary new masterpiece to its smartphone lineup—the HUAWEI Mate XT, which has earned it the Best Smart Phone globally.

Before its release, the disruptive gadget had over eight million preorders. Even though the lowest specification unit’s official pricing was $2800, the price per unit for the privileged few who pre-ordered and chose to sell owing to extreme scarcity and demand reached over

$20,000 on the Chinese black market.

While international shipments may take some time, Nigeria is fortunate to have received three units of Huawei’s smartphone. Last week, senior representatives from Huawei presented a sample of the ultra-advanced handset to Chairman of Zinox Group and Konga Group, Mr. Leo Stan Ekeh, at the Zinox Group Corporate Headquarters, Yudala Heights, Victoria Island, Lagos.

Ekeh had the honour of

experiencing firsthand, a device powered by analytics and AI designed to define the lifestyle of the modern 21st-century individual.

Huawei officials stated that the presentation to Ekeh was in recognition of his strategic contributions and pioneering role in Nigeria’s tech sector and, by extension, Africa’s digital transformation.

Expressing gratitude for being the first Nigerian to experience the device, Ekeh conveyed his

appreciation to the Huawei team for the honour. He remarked on his prior interest in securing units of the handset but noted the high global demand and limited availability. Upon unpacking the smartphone in the presence of his guests and staff, Ekeh said: “With this remarkable innovation, I feel inspired to strive for longevity, embracing the possibilities technology brings. Thank you Huawei for your incredible contributions to the industry. Our partnership will remain steadfast.”

Industry Experts to Explore Data Protection at Nigeria ICT Forum

Agnes Ekebuike

In response to the growing needs for robust data security measures, the 12th edition of the Nigeria ICT Impact CEO Forum (NIICF) is set to explore the imperative of data protection and cybersecurity during its next forum scheduled to hold at the Oriental Hotel, Lekki, Lagos, on November 16.

Themed: ‘Strengthening Data Protection, Cloud Infrastructure &

Cyber Security’, the forum would be chaired by the Governor of Jigawa State, Mallam Umar Namadi.

In a statement, the NIICF and Africa Digital Awards (ADA) coordinator, Mr. Tayo Adewusi, explained that the forum would delve into the evolving challenges and opportunities surrounding data protection, cloud infrastructure, and cybersecurity. He added that industry leaders would explore these areas’ impact across various sectors

and present innovative solutions for navigating the digital age.

The Minister of Communications, Innovations and Digital Economy, Dr Bosun Tijani, will present the welcome address, while the keynote will be presented by the Executive Vice Chairman of the Nigerian Communications Commission, Dr. Aminu Maida.

According to Adewusi, industry stakeholders will papers on different topics that are lined up for the forum.

The forum would provide a valuable platform for C-level executives, industry experts, and stakeholders to connect, share experiences, and foster collaboration.

Participants can connect with potential partners and build meaningful business relationships.

Also, the forum would contribute to shaping the future of Nigeria’s digital landscape through meaningful discussions and collaborations.

by the Founder of Business Week Afrika, Salma Ibra, the Co-founder and CEO at Vesti, Olusola Amusan, emphasised Vesti’s role as a ‘Software Engineering Location of Choice’ and its dedication to nurturing and developing top talents.

He highlighted the company’s internal training programmess, employee satisfaction surveys, and success stories as evidence of its commitment to employee development. He also announced Vesti’s ambitious plans to create over 600 engineering jobs in Lagos over the next two years and 1,500 new engineering jobs in the state by 2027.

“At Vesti, these bold statements have been instrumental in driving the exponential achievement towards our mission to simplify immigration processes,” he added.

Co-founder and COO at Vesti, Abimbola Amusan, spoke about Vesti’s global impact, emphasising how the company’s products and services empower Africans to connect with the global

market. With a dedicated team of attorneys in three different countries, he shared success stories of clients who have benefited from Vesti’s offerings.

These included a Nigerian entrepreneur who expanded their business to the United States with the help of Vesti’s immigration services, and students that secured funding for their studies abroad through Vesti’s financial services. He also outlined the company’s plans for further expansion, including launching new products and services and expanding its operations to additional countries in Africa, Asia, and North America.

Also speaking at the panel session one of Vesti’s early investors, Major Adebayo Adeleke (Rtd), expressed his confidence in Vesti’s growth potential. He cited the company’s recent cash-positive status in the first half of this year, partnerships, and expansion plans across Africa as indicators of its strong trajectory.

Interswitch, Thales Launch CipherTrust Data Security Solution Interswitch, one of Africa’s leading integrated payment and digital commerce companies has partnered Thales, a global leader in digital and data security solutions, to launch CipherTrust Data Security Solution, an advanced data security solution designed to protect organisations from data breaches and threats.

The cutting-edge platform was unveiled at a Customer Engagement Forum that held recently at The Wheatbaker Hotel in Lagos, which drew Chief Information Security Officers (CISOs), Chief Information Officers (CIOs), and Compliance and Risk executives from diverse industries including banks – both commercial and microfinance banks, and fintechs. .

The summit featured insightful discussions and presentations by industry thought leaders and experts, focusing on latest data security trends, data threats and breaches faced by businesses, especially in the financial ecosystem, strategies for mitigating them, and the critical role of robust data security measures in protecting organisations.

Giving his keynote address, Vice President, Financial Services, Interswitch Group, Tyoyila Aga, highlighted the importance of leveraging cutting-edge technology for data protection, emphasizing the need for compliance and

collaboration in the data security ecosystem.

“Our partnership with Thales exemplifies our commitment to leverage cutting-edge technology to protect our clients and partners.

Regulatory frameworks around data security are becoming increasingly stringent, and organisations must ensure they are in full compliance to avoid penalties and protect their reputation.

The CipherTrust Data Security platform is designed with these challenges in mind, offering comprehensive compliance features that make it easier for organisations to adhere to local and international regulations. Keep in mind that data security is a collective responsibility andit requires collaboration across industries, sectors, and borders,” Aga said.

He buttressed that the data security solution combines Interswitch’s expertise in payment solutions with Thales’ advanced data security capabilities, providing unparalleled protection for organisations’ sensitive information. He said: “This platform offers a comprehensive suite of tools, including advanced encryption, key management, and access controls, to safeguard sensitive data across all environments, whether on-premises, in the cloud, or hybrid.”

Thursday, October 10, 2024 • T H I S D AY

25

BUSINESSWORLD

BRANDS & MARKETING

Renewed Passion for Global Reckoning in Advertising Raheem Akingbolu writes on the growth trajectory of the advertising industry since Nigeria’s independence and how a few creative firms have brought Nigeria into global reckoning

A

dvertising in Nigeria has evolved so have professionals. From the first-generation advertising agencies to the present-day generation, the industry has witnessed remarkable progress that has put it on the global map as one of the creative destinations in the world.

Before and after Nigeria’s independence in 1960, a few Nigerians who by design or accident ventured into the business of advertising struggled hard for recognition but their voice was not heard. Of course, the challenges had since been attributed to various factors, including the nebulous origin of the profession, foreign dominance and nonchalant attitude of the government.

But in 1973, the Major-General Yakubu Gowon administration’s indigenisation Policy became the opportunity the few practitioners were waiting for to put their feet on the ground and assert authority. Thus, the decree encouraged those in the business of advertising to form a body then called Association of Advertising Practitioners of Nigeria (AAPN), which has since changed its name to Association of Advertising Agencies of Nigeria (AAAN).

Looking back into the last 50 years, Nigeria’s advertising business has witnessed tremendous growth especially in recent times. Seen from the view point of agency billings, proliferation of advertising agencies and contribution to brand building, the industry is indeed experiencing the best of times. Obviously, there is no brand in Nigeria that is worth its salt, either local or international brand, that has not worked with at least one member of this association.

Such was its importance and relevance to the business and practice of advertising and the whole gamut of brand building and nurturing.

No doubt, the industry significantly contributes to the economic growth of the country and continues to flourish in terms of revenue, creativity, local and international recognition, and talent.

An independent survey revealed that graduates of mass communications, marketing, and others always prefer to work in the advertising industry than any other arm of marketing communications.

But if there were dreams practitioners in Nigeria had in the 80s and 90s, it was the opportunity to play with the bigwigs on the international scene. Unfortunately, this opportunity kept on eluding them until recently, when a few agencies, especially the trio of X3M Ideas, DDB and Noah’s Ark started clinching trophies at international awards competitions. Today, Nigeria’s agencies and their founders have featured prominently at the Cannes Lions International Festival, Loeries Creative Week, Luerzers Archive and African Cristal Advertising Festival.

But one amazing thing is that when young graduates think of advertising in Nigeria today, professionals in and outside the country the name of the President of the Nigeria chapter of International Association of Advertising (IAA) Steve Babaeko, looms large. A renowned creative advertising and marketing communications expert,

Babaeko, the immediate past President of the Association of Advertising Agencies of Nigeria (AAAN), has not only re-positioned the industry, he has contributed so well in engraving Nigeria’s name in the world record.

Babaeko is an adman who has not only helped brands sell their products and services through creatively crafted award-winning marketing communication campaigns but has also creatively sold himself and his agency to the world.

He runs a new generation advertising agency in Nigeria, X3M Ideas has, within a short period, expanded to other Africa and the Middle East markets like South Africa, Congo, Zambia, Dubai, and Kenya.

In an anniversary interview granted a national newspaper in 2022, to mark the 10th year anniversary of X3M Ideas, Steve Babaeko didn’t leave anybody in doubt about his determination to make a global impact in the creative industry.

While speaking about the changes and achievements his creative firm had witnessed within a decade of operation, Babaeko made reference to the effort being made by X3M Ideas and a few agencies to put the Nigerian flag all over the continent and even across the world. In particular, he pointed out that his mission for X3M Ideas from the beginning was to be able to make a mark not just in Nigeria, but in other places in Africa.

One year after the interview, precisely in 2023, the agency broke a 70-year jinx to become the first-ever Nigerian and West African agency to win at the Cannes Lions International Festival for Creativity.

The same year, at the 8th African Cristal Awards, the agency won again; this time as African Agency of the Year’. The two feats were not seen as victories for the agency but remarkable achievements for an industry that had long carved for global relevance and by extension Nigeria and the entire African continent.

Last week, at the 9th edition of the same African Cristal Awards in Morocco, X3M Ideas again clinched 6 trophies in various categories, thereby consolidating its continental and global relevance. With the remarkable feat, the Babaeko-led agency was also pronounced ‘African Agency of the Year’.

At the event, X3M Ideas didn’t only reaffirm its position as a leader in the African advertising industry but also proved its mettle as a leading agency in digital application, storytelling technique, and creativity. The agency’s campaigns that won in various categories are Digital Craft Outstanding Illustration Mortein, Digital Online Display Advertising Mortein, Digital Online Video ADS Lyrics of Innocence, and Brand Storytelling Campaign Entry DSTV. Others are; Social & Influencer

Social Campaign DSTV and Healthcare Also, it emerged as the 2023 Agency of Public Awareness Tobacco Advocacy. the Year at the Lagos Advertising and Ideas The African Cristal Awards, now in its Festival (LAIF) Awards, where it led the medal 9th edition, has continued to celebrate the table with 15 Gold, 20 Silver, and 7 Bronze. innovation and creativity driving Africa’s Every year, X3M keeps proving that it’s communication and media sectors. Since its one of the strongest agencies in the country inception, the Awards has been dedicated to and on the continent with all the quality honouring the best talents across the African campaigns it keeps bringing forth. continent in communication and media. This Recall that the nation’s integrated marketing year’s edition saw over 527 entries from 22 communication ecosystem shone brightest African countries, with 70 campaigns ultimately early this year at the 2024 ACT Good Report, recognized for their excellence in creativity where the same creative firm, earned another and strategic innovation. global recognition which further affirmed In his reaction, the CEO of X3M Ideas, Nigeria’s creative industry.

Steve Babaeko, who won ‘the African In the ACT Good Report ranking released Personality of the Year’ during the 2023 in April, “Motherhood Sentence” a campaign edition, said the beauty of it all is the from the stable of Steve Babaeko-led X3M fact that the agency consolidated on the Ideas secured the 38th place in the best 40 victory recorded at the 2023 edition. He ranked campaigns selected from over 1,250 described it as another wake-up call to campaigns reviewed by the editorial team his team to continue giving their best to of the ranking institution. any brief that comes their way.

The report also indicated that X3M Ideas “For me, the excitement is the fact that achieved the 12th place among the best our team has continuously fixed their eyes 25 agencies in the world. The ACT Good on the ball. We won at the 8th edition and Report also reviewed and ranked the 20 here we are at the 9th edition with the most successful networks, and the 10 most same victory song. Having said this, let successful brands promoting Sustainability me add that the creative industry is a living in the world. discipline that requires total commitment.

The ACT Good Report is a unique ranking At X3M Ideas, we approach every brief like showcasing the world’s most impactful use the only brief with all it requires to make of creative communications to promote it impact the bottom line of our client’s sustainability and social responsibility and business as well as position us as the best. raise awareness of significant social and “Our achievements at the African Cristal environmental issues. This year marks the Awards and others before it, both locally and 10th anniversary of the report. on the global stage, are testimonials of our With the fresh continental victory, X3M Ideas, resilience and dedication. While thanking, and by extension the industry it represents, we continued to trust our creative judgment. have thus recorded another feat in the global Succinctly speaking, this is humbling, to space, which confirms Nigeria’s agencies say the least,” Babaeko said. recent victories at local and international Under the leadership of Nimo Awil, a creative awards. highly awarded creative leader at D&AD and Cannes Lions, the jury of the 9th African Cristal Awards comprised more THIS IS TO INFORM THE GENERAL PUBLIC OF THE LOSS OF than 20 jurors from 18 TITLE DOCUMENTS IN RESPECT OF THE PROPERTY OF African nations, including Nigerian creative agencies LATE JOHN TAIWO SOLANKE BEING, LYING AND SITUATES Lanre Adisa of Noah’s AT NO. 9 IMASUEN STREET, MUSHIN LAGOS STATE. Ark and Esosa Osagiede from Insight Publicis.

THAT ALL EFFORTS BY THE FAMILY TO FIND THE MISSING Their role was to identify TITLE DOCUMENT PROVED ABORTIVE. and reward the most innovative campaigns that THAT THIS PUBLICATION IS NEEDED FOR RECORD AND pushed the boundaries of storytelling, creativity, and OFFICIAL PURPOSES. impactful advertising.

Meanwhile, the 2023 edition of the competition SIGNED FOR THE FAMILY: was a double celebration for X3M Ideas as Babaeko MRS FOLAKE SOLANKE ADELEKE was named African MRS BUNMI FAJIMI (NEE ADEBARI) Personality of the Year while X3M Ideas emerged MR OLUROTIMI SOLANKE as the African Agency of MS FUNSHO SOLANKE the Year.

LOSS OF DOCUMENT

26

T H I S D AY • THURSDAY, OCTOBER 10, 2024

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 8 October-2024, unless otherwise stated.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A AIICO Eurobond Fund N/A N/A N/A Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Priceinfo@anchoriaam.com Offer Price Yield / T-Rtn ARM Aggressive Growth Fund N/A N/A N/A ARM Discovery Balanced Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Eurobond Fund ($) N/A N/A N/A ARM Fixed Income Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A ARM Short Term Bond Fund N/A N/A N/A AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn 107.94 107.94 8.22% AVA GAM Fixed Income Dollar Fund 1,092.50 1,092.50 5.53% AVA GAM Fixed Income Naira Fund AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund 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 N/A N/A N/A CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED info@capitalexpressassetandtrust.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn NILL NILL NILL Capitaltrust Halal Fixed Income Fund CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CardinalStone Fixed Income Alpha Fund N/A N/A N/A CardinalStone Dollar Fund N/A N/A N/A CardinalStone Equity Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapel Hill Denham Money Market Fund N/A N/A N/A Nigeria Bond Fund N/A N/A N/A Nigeria Dollar Income Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A 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 N/A N/A N/A N/A N/A N/A Cordros Fixed Income Fund N/A N/A N/A Cordros Halal Fixed Income Fund Cordros Dollar Fund ($) N/A N/A N/A Cordros Milestone Fund N/A N/A N/A CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Money Market Fund 100 100 0.00% FBN Bond Fund 1673.95 1673.95 0.00% FBN Dollar Fund 131.42 131.42 0.00% FBN Halal Fund 149.29 149.29 0.00% FBN Specialized Dollar Fund 120.1 120.1 0.00% FBN Balanced Fund 332.37 334.6 22.91% FBN Smart Beta Equity Fund 320.8 325.27 29.00% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund N/A N/A N/A Legacy USD Bond Fund N/A N/A N/A Legacy Debt Fund N/A N/A N/A Legacy Equity Fund N/A N/A N/A FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral income fund N/A N/A N/A Coral money market fund N/A N/A N/A FSDH HALAL FUND N/A N/A N/A

FSDH dollar fund N/A N/A N/A Coral Balanced 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: Guaranty Trust Money Market Fund (GTMMF) N/A N/A N/A VEIF: Guaranty Trust Equity Income Fund (GTEIF) N/A N/A N/A VBF: Guaranty Trust Balanced Fund (GTBF) N/A N/A N/A VDF: Guaranty Trust Dollar Fund (GTDF) N/A N/A N/A VGIF: Guaranty Trust Fixed Income Fund (GTFIF) N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1,215.39 1,215.39 14.28% Lotus Halal Fixed Income Fund 26.59% 2.08 2.12 Lotus Halal Equity Exchange Traded Fund 27.60 30.50 26.67% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Value ETF N/A N/A N/A Meristem Growth ETF N/A N/A N/A Meristem Fixed Income Fund N/A N/A N/A Meristem Dollar Income Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Money Market Fund (NMMF) 100.00 100.00 20.03% Norrenberger Islamic Fund (NIF) 102.85 102.85 11.96% NORRENBERGER DOLLAR FUND (NDF)-----($) 103.15 103.15 10.02% NORRENBERGER TURBO FUND (NTF)-----(N) 101.01 101.01 13.67% 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 N/A N/A N/A PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund N/A N/A N/A SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund N/A N/A N/A Skye Shelter Fund* N/A N/A N/A Union Homes REIT N/A N/A N/A 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 Money Market Fund Stanbic IBTC Bond Fund Stanbic IBTC Dollar Fund (USD) Stanbic IBTC Shariah Fixed Income Fund Stanbic IBTC Enhanced Short-Term Fixed Income Fund Stanbic IBTC Balanced Fund Stanbic IBTC ETF 30 Fund Stanbic IBTC Ethical Fund Stanbic IBTC Guaranteed Investment Fund Stanbic IBTC Imaan Fund Stanbic IBTC Nigerian Equity Fund SIAML Pension ETF 40 Stanbic IBTC Aggressive Fund Stanbic IBTC Conservative Fund

STL ASSET MANAGEMENT LIMITED Web: WWW.STLASSETMGT.COM; Tel: 8136115170 Fund Name STL MONEY MARKET FUND STL BALANCED FUND

UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name United Capital Money Market Fund United Capital Sukuk Fund United Capital Fixed Income Fund United Capital Nigerian Eurobond Fund United Capital Global Fixed Income Fund United Capital Equity Fund United Capital Balanced Fund United Capital Wealth for Women Fund 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 QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Zenith Balanced Strategy Fund Zenith ESG Impact Fund Zenith Income Fund Zenith Money Market Fund ZEDCREST INVESTMENT MANAGER LIMITED Web: www.zedcrestwealth.com; Tel: +2348075881240 Fund Name Zedcrest Money Market Fund Zedcrest Fixed Inocme Fund Zedcrest Dollar Fund

REITS

Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

jemenike@stlassetmgt.com Bid Price

Offer Price

Yield / T-Rtn

100.00

100.00

21.05%

1,064.80

1,081.41

7.31%

unitedcapitalplcgroup.com Bid Price N/A N/A N/A N/A N/A N/A N/A N/A

Offer Price Yield / T-Rtn N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A funds@vetiva.com

Bid Price

Offer Price

Yield / T-Rtn

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A service@quantumzenithasset.com.ng

Bid Price Offer Price Yield / T-Rtn N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A investmentoperations@zedcrest.com Bid Price 1.00 1.04 1.22

Offer Price 1.00 1.04 1.22

Yield / T-Rtn 22.99% 0.25% 14.07%

Bid Price

Offer Price

Yield / T-Rtn

N/A

N/A

N/A

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.

27

T H I S D AY • THURSday OCTOBER 10, 2024

Property & environment

Facility Management is About People, Environment, Economy, Says IFMA Nigeria Bennett Oghifo President of the International Facility Management Association (IFMA), Nigeria Chapter, ESV Olalekan Akinwunmi has identified sustainable facility management as a core compo-

nent of the people, environment and the economy at large.

Facility management, Akinwunmi said, “Is all about the people, the environment, and the economy. If the environment is not safe, then you cannot carry out any economic

activities.”

He stated this when stakeholders in the built environment gathered at a special colloquium organised by the International Facility Management Association (IFMA) Nigeria Chapter in

partnership with the Big 5 Construct Nigeria on September 25 2024 at the Landmark Event Centre to discuss safety as an important component in sustainable facility management.

The event brought together

industry players in the built ecosystem to identify and proffer solutions to issues affecting the industry.

The Director-General, Lagos State Safety Commission (LSSC), Dr Lanre Omojola, identified safety as a major

criterion that must be addressed in order to have a sustainable facility management. He harped on the importance and need to identify safety issues and deal with them before they crystalise into disaster that can hamper the facility.

Bukola Aluko-Olokun Becomes First Chairwoman of NIQS Kaduna Chapter Bennett Oghifo The Nigerian Institute of Quantity Surveyors, Kaduna State Chapter has made history with the investiture of QS Bukola Aluko-Olokun as its first Chairwoman.

Thus, QS Bukola AlukoOlokun is now the 16th Chairperson of the Nigerian Institute of Quantity Surveyors, Kaduna State Chapter. She took over from the 15th Chairman of the Chapter, QS Al-hassan Magaji FNIQS. The investiture and induction ceremony of the 2024-2026 Senate, held at ASAA Pyramid Hotels, Kaduna,

recently.

In her inaugural speech at the event, she said, “It is indeed quite apparent and on record that the leadership of this Chapter has solely been male driven over the years.

However, the Chapter has demonstrated its willingness to be gender inclusive in its approach and has shown its proactive nature in exploring the possibilities that abound in the female gender. My taking up this opportunity to lead the Chapter is because it will serve as a beacon of hope to my female colleagues within the chapter and other similar

Chapters.

“Today history is made in the Kaduna Chapter. Therefore, it is with a deep sense of humility and immense gratitude to God that I stand here before this distinguished gathering as the first female Chairperson of this great chapter. I want to thank God for this divine opportunity and my colleagues for the great privilege given to me and my Senate to steer the affairs of this noble chapter for the next two years. By the grace of God Almighty, and on behalf of my Senate, I reiterate our commitment to serve and to lead the Kaduna

State Chapter of the NIQS to higher grounds.”

She said, “Being fully conscious of the responsibilities and task ahead of this new Senate, and in the bid to ensure that our members are up to date with the current trends within the construction industry, the theme of this Investiture i.e.

‘Fostering Innovation: Aligning Entrepreneurship Skills and Quantity Surveying for Career Development’ has been carefully selected and designed for an impactful learning of areas where entrepreneurship skills can be aligned with the practice of quantity surveying.

L-R: NIQS President, QS Kene C. Nzekwe, FNIQS; and the new Chairperson, NIQS Kaduna State Chapter, QS Dr. Bukola Aluko-Olokun, FNIQS, at her investiture in Kaduna… recently

FMHUD, ARCON Collaborate on Abuja School of Architectural Technicians Bennett Oghifo The Federal Ministry of Housing and Urban Development (FMHUD) and Architects Registration Council of Nigeria (ARCON) are in collaboration to begin a School of Architectural Technicians (SAT) in Abuja.

The Minister of Housing and Urban Development, Ahmed Dangiwa, an architect, gave his nod for the use of the facility to ARCON to among other things enhance architecture and improve quality in the construction industry.

The school, located in a quiet

serenity of Kuje in Federal Capital Territory (FCT), Abuja, will be known as ‘School of Architectural Technicians (SAT).

It will among other things provide high-quality education and hands-on training in architectural technology while enhancing capacity development

in the built environment, preparing skilled technicians ready to contribute to Nigeria’s growing architectural and construction sectors.

Conducting members of the council around the facility recently, ARCON president, Chief Oladipupo Ajayi, an architect,

lauded Dangiwa’s gesture towards lifting architecture and the built environment.

“This facility has been here.

Those who have been following the pronouncements of our supervising minister will agree with me that he is passionate to curb building collapse in Nigeria.

“And being a professional in the built environment, he is desirous of enhancing the sector.”

According to him, the council will establish a curriculum that meets industry standards regulated by ARCON and offers skill acquisition in the built environment.

PWAN Champion Marks 3rd Anniversary with Grand Celebration, Car Gifts Fadekemi Ajakaiye It was a night of glitz, glamour, and celebration as PWAN Champion, a subsidiary of Nigeria’s

leading real estate firm PWAN Group, commemorated its third anniversary in grand style.

The event, dubbed “Champions Nite 3.0 Celebration &

Awards Nite,” took place at the Monarch Event Centre in Lekki, Lagos, drawing over 1,500 guests to honour the company’s remarkable achievements.

L-R: Entertainment ICON, Bob-Manuel Udokeu; Managing Director of PWAN Champion, Dr. Benedict Abuduibhadon; Founder of PWAN group, Dr Augustine Onwumere; Managing Director of PWAN PRO/ Chairman of PWAN Champion, Dr Michael Akhuetie; and Executive Director of PWAN PRO/Vice Chairman of PWAN Champion, Dr Caroline Akhuetie at the Champions night and awards in Lagos… recently

Distinguished guests in attendance included PWAN Group founders, Dr. Augustine and Dr. Jayne Onwumere, along with other notable personalities such as Manageing Director, PWAN Champion, Dr. Benedict Abudu Ibhadon; Managing Director of PWAN PRO and Chairman of PWAN Champion; Dr. Michael Akhuetie; and Managing Director of Regal, Dr. Ezekiel Oshobi, Entertainment icons Bob-Manuel Udokwu of Guilder Ultimate Search fame, comedians Gbogbo J, Oga John Bosco, DJ Gbese, and Action Comedian kept the audience entertained throughout the evening.

In his address, Dr. Augustine Onwumere, Founder of PWAN

Group, expressed amazement at PWAN Champion’s rapid growth, calling it “unprecedented, unbelievable, and shocking.” He reflected on the company’s rise, stating, “I sometimes pinch myself, wondering what’s happening.

This kind of growth hardly ever happens anywhere in the world.

It’s obvious God is making us flourish.” He went on to predict even greater expansion, forecasting that PWAN would soon have a global footprint with 3,000 affiliates worldwide. “In the near future, PWAN will be a household name globally,” he declared, envisioning that every family would have a PWAN member profiting from real

estate marketing.

The event also featured words of gratitude from Dr. Benedict Abudu Ibhadon, Managing Director of PWAN Champion, who thanked the founders of PWAN Group for creating a system that empowers individuals to thrive. He described the anniversary as “the beginning of great things to come,” adding that PWAN Champion had entered a flourishing phase with impressive sales, new hires, and additional branches. “We made billions in sales, developed 15 estates, and just added 11 more staff members. We’re determined to become the best in the group this year,” Dr. Abudu stated confidently.

REDA 2024: Navigating Change in Adeoye: Working Without Builders’ Documents Violates Revised LASBCA Real Estate for New Era that set the tone for the event. Regulation 2019 The Real Estate Discussions and increasing urbanization.

Awards (REDA) 2024 organized In attendance at the event Their expertise and experience

by Thinkmint Nigeria was concluded with resounding success, solidifying its position as a premier event in Nigeria’s real estate landscape. Held at the prestigious Eko Hotel and Suites, Victoria Island, Lagos, REDA 2024 brought together a diverse range of industry professionals,from seasoned developers and investors to emerging talents and government officials.

The event’s theme, “Navigating Change in Real Estate for a New Era,” resonated deeply with attendees, as the industry continues to evolve rapidly in response to technological advancements, shifting market dynamics, and

were renowned national and industry leaders, including His Excellency, Mr. Babajide Olusola Sanwo-Olu, The Executive Governor of Lagos State, whose speech was delivered by his representative Special Adviser on Housing, Barr.

Barakat Odunuga-Bakare, ImoAbasi Jacob Snr (Chairman/MD Ibom Air/Akwa-Ibom Investment Corporation who spoke on behalf of the Governor of Akwa-Ibom state His Excellency Pastor Umo Eno, Mayor Dele Oshinowo, Executive Chairman Agboyi-Ketu LCDA, Lagos, and Mr. Akin Opatola, President of FIABCI-Nigeria, delivered insightful keynote addresses

provided invaluable guidance to attendees, offering valuable perspectives on the future of real estate in Nigeria.

The Governor of Lagos State, Mr. Babajide Olusola SanwoOlu stated that the changes being witnessed in Lagos, from technological advancements to shifting market dynamics and an increasing emphasis on sustainability, are fundamentally reshaping the future of the built environment. “These changes present both challenges and opportunities, and I have no doubt that the REDA forum generates an avenue for valuable insights into how we can collectively move forward,” he said.

Fadekemi Ajakaiye The Chairman, the Nigerian Institute of Building, Lagos State Chapter, Bldr. Adeyemi Thomas Adeoye, has advised building contractors in Lagos to work with the Builders’ Documents so as not to violate the revised LASBCA Regulation 2019.

Adeoye stated this while speaking on their upcoming 33rd Annual General Meeting to be held at The Podium Event Centre, Lekki Epe Expressway, Lagos on the 16th & 17th, October, 2024.

The conference theme is “Breaking Barriers And Empowering Change In Nigeria’s Real Estate Sector, Process And Control”.

The Registered Builder’s Documents, he said, are: Construction Methodology; Construction Programme; Project Quality Management Plan; and Project Health & Safety Plan.

He said the Builders’ document is germane to the success of every building project in the state and that “working without Builders’ documents in the state is tantamount to work violation of the stipulated law (Revised

LASBCA Regulation 2019) and this is a scenario that constantly plays out in the state.

“We are reiterating it once again that there is a law in Lagos state that stipulates that Non-engagement of Registered Builders for building projects in Lagos state is punishable under the Lagos state Building control Agency Regulation.”

Adeoye appealed to the general public to attend this year’s conference, saying “together we shall have safe & sustainable building structures in Nigeria, particularly, Lagos State.”

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THURSday, OCTOBER 10, 2024 • T H I S D AY

business/MOnEYGUIDE

Germany Deepens EconomicTies with Nigeria, Holds Business Forum in Nigeria Arthur Eriye The 11th edition of the GermanNigerian Business Forum, organised by the Delegation of German Industry and Commerce in Nigeria, in collaboration with the German-African Business Association, concluded successfully on Monday, in Lagos.

The forum with the theme, “Building Effective Partnerships for Successful Business Development,” brought together investors, stakeholders and policymakers with the aim of strengthening bilateral trade ties between Germany and Nigeria as well as exploring new business opportunities, especially in the areas of renewable energy, agribusiness, construction and manufacturing.

A delegate from the Delegation of German Industry of Commerce and Industry in Nigeria, Bastian Lidzba, in his opening remarks emphasized the importance of fostering partnerships to strengthen the economic relationship between the two countries.

According to Lidzba, Nigeria

has the largest economy with great investment potentials, and German companies are resisting the temptation of entering the Nigerian market.

Lidzba stressed the need for greater collaboration and the importance of fostering partnerships to strengthen the economic relationship between both countries.

In his keynote address, the President of the NigerianGerman Chamber of Commerce, Igbuan Okaiasabor, called for partnerships in key sectors such as manufacturing, construction, energy, and information technology.

He urged the participants to be proactive in seeking new opportunities for collaboration.

“I encourage everyone here to be proactive in seeking new opportunities for collaboration, and to remain open to learning from each other to work together with a long-term vision,” Okaiasador said.

The Consul General of the German Consulate, Weert

Boerner, described the event as one of the most important annual business gatherings saying, “This is an annual event, this German-Nigeria Business Forum is one of the most important business events during the year, where many companies, including government representatives and associations, can meet to improve Nigerian-German business relations. This forum is a get-together once a year, but every second year in Nigeria, the other year in Germany. So, it’s trying to draw more companies from both sides into the bi-lateral business relationship and to focus on certain issues like agriculture, construction, energy and environment.

Speaking at the conclusion of the forum, the director General of the Nigerian-German Chamber of Commerce, Marilyn Rupo, expressed optimism about the role of the forum in creating jobs and fostering business connections between the two nations.

Access Bank Launches Sustainable Finance Accelerator

Stories by Nume Ekeghe

Access Bank Pic has launched its Sustainable Finance Accelerator Program in its bid to champion initiatives aimed at advancing access to credit for sustainable projects across Nigeria. Designed to support corporates, MSMEs, and nano businesses focused on climate mitigation, adaptation, health care, and other social projects, the program was unveiled during a hybrid event held both physically at Access Towers in Oniru, Lagos and online via live streaming platforms.

Speaking at the event, Deputy Managing Director of Access Bank Plc, Chizoma Okoli expanded on the purpose of the initiative, saying: “In the face of

mounting climate risks, social inequalities, and resource scarcity, the call for sustainable finance is louder than ever. The financial sector has a pivotal role to play in driving the transition to a low-carbon, inclusive economy.

At Access Bank, our mission has evolved beyond conventional banking to embrace sustainability as a core business principle. We have recognised that sustainable finance is not a niche or a temporary trend - it is the future of finance itself.”

Executive Director of Risk Management at Access Bank Plc, Gregory Jobome, highlighted the collaborative nature of the program, emphasising the Bank’s dedication to providing participants with resources, including capacity building, funding,

and professional networking opportunities.

“This journey is not just about Access Bank; it’s about all of us coming together, co-creating solutions, and scaling up sustainable initiatives across Nigeria and Africa,” Jobome said.

According to, Special Advisor to the Minister of Finance & Coordinating Minister of the Economy on Climate Finance, Temitope Akinyemi, “While Africa contributes less than 3% to global climate change, the effects are felt acutely across the continent, especially in Nigeria.

Our low level of industrialisation has kept our emissions relatively low, but we still face immense challenges, including deforestation, energy access, and the devastating impacts of flooding.

L-R: Mr. Alexandre Manhaes from Brazilian Embassy; S.A to Aviation and Aerodrome Development Minister, Mr. Yisa Osagie; Brazilian Ambassador to Nigeria, Ambassador Carlos Garcete; Minister of Aviation and Aerodrome Development, Mr. Festus Keyamo; Mr. Niyi Makanjuola of Caverton; and Director of Aerodrome, Mr. Hassan Jibuno, at the discussion on Bilateral Aviation Agreement (BASA) in Abuja...recently.

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) -- CBN Bills Held by Money Holding Sectors

1,588,771.44

Money Supply (M2)

93,968,491.96

-- Quasi Money

63,691,242.70

-- Narrow Money (M1)

30,277,249.26

---- Currency Outside Banks

3,411,735.44

---- Demand Deposits

26,865,513.82

Net Domestic Assets(NDA)

88,149,253.67

---- Credit to Government (Net)

33,925,848.79

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

0.00

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

0.00

Credit to Private Sector (CPS)

80,863,019.16

--Other Assets Net

13,319,068.99

Reserve Money (Base Money 17,537,083.47 --Special Intervention Reserves

21,230,656.70 433,229.15

Union Bank Reaffirms Support for Education in Nigeria Union Bank of Nigeria, in its continuous bid to improve the standard of Nigerian education, has partnered with Nigeria Breweries, makers of Maltina malt drink, as the official financial sponsor of the 10th-anniversary edition of the Maltina Teacher of the Year Award.

The bank is supporting this year’s anniversary edition, themed ‘A decade of inspiring excellence in teaching,” as part of its corporate strategy and vision to improve three core aspects of education in Nigeria: improving access, improving quality, and optimising learning

outcomes through cross-industry partnerships.

In a statement, Union Bank, an advocate dedicated to ensuring the bright educational future of Nigerian youngsters, wants to succeed in this noble endeavour by achieving its objectives by leveraging the United Nations Sustainable Development Goals (SDGs), notably SDG 4—Quality Education.

Speaking on the Bank’s support towards the 10th Anniversary of the Teacher of the Year Award Ceremony, Union Bank’s Chief Brand and Marketing Officer, Olufunmi-

lola Aluko said: “Union Bank is delighted to partner with a laudable initiative like the Maltina Teacher of the Year that seeks to spotlight and acknowledge incredible educators who have positively shaped the minds of Nigerian students.

This collaboration closely aligns with the bank’s overall aim of improving the standard of education within the country while also ensuring there’s equal access to every child, male or female, seeking to acquire life-changing knowledge that will benefit not only themselves and their immediate family but also the wider society.”

NAICOM Signs MOU With Youth Development Ministry

Ebere Nwoji

The National Insurance Commission (NAICOM), has signed memorandum of Understanding MOU) with the Ministry of Youth Development to train 1000000 Nigerian youths under a programme tagged, “one million youths in insurance.”

The commission said the program tagged “One Million Youths in Insurance” is in line with the project of President Bola Ahmed Tinubu to create more jobs and empower the

youths.

It said the program was aimed at sensitising Nigerian Youths with knowledge and best practices to be able to participate in insurance, boost youth entrepreneurship by offering financial protection and peace of mind, create employment across the 774 local government areas by providing another channel of opportunities for our youths.

According to NAICOM, the programme will also promote insurance awareness on social media and other platforms

boost the insurance industry in Nigeria with impact across other sectors and accelerating Nigeria’s Financial Inclusion mandate.

The Commissioner for Insurance, Mr Ayo Omosehin, in his remarks thanked the Minister of State for Youths Comrade Ayodele Olawande for his commitment towards the project and expressed his appreciation to all parties involved in the project believing that the project would be a clear win for Nigerian youths .

• Source - CBN

Money Market Indicators (in Percentage) Month

February

Inter-Bank Call Rate

19.25

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

22.75

Treasury Bill Rate

17.03

Savings Deposit Rate

5.86

1 Month Deposit Rate

8.69

3 Months Deposit Rate

9.89

6 Months Deposit Rate

9.61

12 Months Deposit Rate

10.75

Prime Lending rate

15.06

Maximum Lending Rate

26.55

NSE MARKET INDEX NSE

% Change

CAP

0.75%(52%YoY)

Index

0.9% (29%Y/D) • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 4th APRIL , 2024

The price of OPEC basket of twelve crudes stood at $87.33 a barrel on Monday, compared with $86.00 the previous Thursday, according to OPEC Secretariat calculations.

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

THURSday, OCTOBER 10, 2024

29

T H I S D AY

mARKET NEWS

SEC: Smart Regulation Catalyst for Inclusive Growth, Investors Protection Kayode Tokede

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has stated that smart regulation is a catalyst for inclusive growth that promotes transparency, protects investors, and ensures financial stability in a rapidly evolving ecosystem.

He stated this, yesterday in Lagos while delivering a keynote address at the FintechNGR Conference with the theme

“Positioning Africa’s Fintech Ecosystem to Accelerate Inclusive Growth”.

Smart regulation is a regulatory approach that balances oversight with flexibility. It ensures that fintech innovations meet the necessary standards of security, consumer protection, and market integrity while still providing room for experimentation and growth. Agama said the SEC has adopted a Regulatory Incubation (RI) Programme, which allows fintech firms to test their business

P R I C E S MaiN Board

models in a controlled environment before full-scale operations.

This he said, enables innovation to flourish within a framework that protects the broader financial ecosystem. The Programme has already yielded tangible results, with our recent approvals while others are in the pipeline and undergoing thorough assessment.

“The Commission has adopted a three-pronged approach to regulate innovation in the Nigerian Capital Market, focusing on safety, market expansion,

F O R

S E C U R I T I E S

DEALS

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quantity traded

and problem-solving. This forward-thinking strategy ensures regulatory compliance, stakeholder confidence, and value creation for innovators seeking legitimacy.

Furthermore, Agama said the Commission has prioritised collaboration with other regulators, both locally and internationally.

“By working closely with the Central Bank of Nigeria, the Financial Services Regulatory Coordinating Committee, and international bodies like the International Organization of

T R A D E D

value traded ( N )

MaiN Board

A S O F

Securities Commissions (IOSCO), we are creating a harmonised regulatory environment that encourages fintech innovations”, he explained.

He said Fintech, particularly in Africa, offers transformative potential to address long-standing challenges such as financial exclusion, limited access to credit, and the inefficiencies of traditional financial services.

Agama said the SEC believes that effective regulation is not just about enforcement; it is about

O C TO B E R DEALS

creating an enabling environment where innovation can thrive while protecting the interests of all stakeholders.

According to him, “the SEC believes that the driver to transforming Nigeria into a smart financial centre is the provision of a regulatory environment that is conducive for innovative use of technology. Indeed, the Investments and Securities Act (ISA) is clear where it grants SEC a dual mandate of regulation and development of the capital market.

9 / 2 4

Market Price

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T H I S D AY • Thursday, OCTOBER 10, 2024

Health & lifestyle

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

Breast Cancer: Raising Awareness, Inspiring Hope

In commemoration of Breast Cancer Awareness Month, which is marked globally every October, the Lagos University Teaching Hospital, LUTH, hosted an awareness seminar centered around the 2024 theme: “No one should face breast cancer alone”. Esther Oluku writes that awareness campaign was targeted at educating women about breast health, recognising early signs of breast cancer, and the importance of seeing a diagnosis not as a death sentence but a treatable condition

F

rom as early as nine years old, girls experience the first signs of puberty through breast development, symbolising their transition into womanhood.

As women grow, society’s perspective on breasts evolves—and while much attention is often placed on the aesthetic significance of breasts, the topic of breast health, particularly breast cancer, is rarely discussed openly in both formal and informal African settings.

This gap in public discourse underscores the need for awareness and education. More women need to understand that breast cancer is not just a health issue but one that touches on identity, self-esteem, and emotional well-being.

This lacuna was what the recent seminar by the Lagos University Teaching Hospital (LUTH) sought to fill. Leaning on the commemoration of Breast Cancer Awareness Month, which is marked globally every October, the hospital hosted an awareness seminar centered around the 2024 theme: “No one should face breast cancer alone.”

The event aimed to educate women about breast health, recognising early signs of breast cancer, and the importance of seeing a diagnosis not as a death sentence but a treatable condition.

The seminar also highlighted the emotional journey many women face during treatment and how they can maintain their femininity and sense of identity post-diagnosis.

Breast Cancer: The Global Picture Breast cancer is the most common cancer worldwide. According to the World Health Organization (WHO), in 2020, breast cancer accounted for 2.26 million cases out of the 10 million total global cancer cases. Other prevalent cancers include lung cancer (2.21 million cases), colon and rectum cancer (1.93 million), prostate cancer (1.41 million), skin cancer (1.20 million), and stomach cancer (1.09 million).

Cancer occurs when abnormal cells multiply uncontrollably, forming tumors that may spread to other parts of the body. This can happen in various tissues or organs, including the breast.

While cancer can affect anyone, regardless of age, research shows that cancer in children often spreads more quickly than in adults. Furthermore, cancer can be triggered by environmental factors, exposure to harmful chemicals, biological mutations, or the presence of cancer-causing viruses.

The Importance of Early Detection and Screening At the LUTH seminar, Dr. Habeebu Muhammad, Chief Clinical Coordinator of the NSIA LUTH Cancer Center and Head of the Radiology Department, emphasized the critical role of breast self-examinations and clinical screenings in early detection. He explained how regular self-examinations help women detect

Government Initiatives: Broadening Access to Cancer Care In Nigeria, the financial burden of treating cancer can be overwhelming. However, LUTH’s NSIA Cancer Center, which has treated over 11,000 patients, is leading the fight against cancer in West Africa. Dr. Ayodeji Oluwole, Chairman of the Medical Advisory Committee at LUTH, emphasized the need for government intervention to ensure broader access to affordable cancer care.

One such initiative is the Chemotherapy Access Programme (CAP), which provides free chemotherapy drugs to cancer patients. Oluwole also stressed the importance of enrolling in the National Health Insurance Act (NHIA), which covers part of the costs of cancer treatment.

“Through the NHIA, more women can receive financial relief for their treatment. While breast cancer treatment isn’t fully subsidized, ongoing efforts are being made to improve access and affordability. We hope that in the near future, cancer treatment will become entirely free, especially for indigent women,” Oluwole noted.

Chairman,MedicalAdvisoryCommitteeLUTH,DrAyodejiOluwole(fifthfromleft)flankedbyotherparticipants oftheBreastCancerAwareness seminarattheLagos UniversityTeachingHospital(LUTH),Lagos any abnormalities in their breasts, which can be a key indicator of cancer in its early stages.

“There are various screening programs that we can do to limit the mortality and fatality of breast cancer, from breast self-examination to clinical evaluations,” Muhammad said. He explained that self-exams should be done monthly, typically on the 10th day after menstruation.

“On the 10th day, with your clothes off, you use your right hand to examine the left breast and the left hand to examine the right breast, including the armpit area. You want to check for any lumps, swelling, discoloration, or unusual discharge from the nipples. If you notice any of these signs, it is important to consult a doctor for further evaluation.”

Muhammad also highlighted the role of clinical breast exams, which can be done once every six months or annually. For women over 40, mammograms become essential, while younger women may undergo ultrasounds for screening purposes.

In addition to screening, lifestyle choices play a role in cancer prevention. Dr. Muhammad advised women to avoid smoking and reduce alcohol consumption as these behaviors are linked to increased cancer risks.

Diagnosis? It’s Not a Death Sentence!

For many women, the mere thought of a breast cancer diagnosis is terrifying. The fear of undergoing chemotherapy, radiotherapy, or mastectomy—the surgical removal of one or both breasts—adds a psychological burden.

However, medical experts consistently affirm

that breast cancer, when detected early, is treatable, and a diagnosis should not be viewed as the end of life.

As women age, particularly around 40 years or nearing menopause, they become more susceptible to developing breast cancer.

This period is critical for screenings, as it significantly boosts the chances of catching the disease early. However, even when the diagnosis comes later, advancements in treatment have led to significant success rates in curing or managing breast cancer.

One of the most challenging emotional aspects of breast cancer is the idea of mastectomy, which can feel like a loss of femininity. The breast, symbolizing much more than just a body part, is tied deeply to identity and self-image. The fear of losing one’s breast can lead to depression and anxiety.

At the seminar, a breast cancer survivor shared her story, describing how she battled the emotional weight of her diagnosis and subsequent treatments, including a full mastectomy. She explained how, after chemotherapy and radiotherapy failed to halt the disease’s progression, a second mastectomy became her only option.

“I was devastated at the thought of losing my breast again,” she said. “But I had no choice; I knew it was my life at stake. Today, I am five years post-surgery, and I am a survivor. My journey has been difficult, but it’s not the end of my story.”

Healing, Recovery, and Reconstruction Breast cancer treatment varies depending on the stage and severity of the disease. For some women, chemotherapy shrinks or eradicates the cancerous cells, while others may need a mastectomy. After undergoing such treatments, women have options for physical reconstruction.

Dr. Abdulrazaq Lawal, Consultant General Surgeon at LUTH, spoke about the importance of breast reconstruction for women who have undergone mastectomies. In the case of partial mastectomies, women can opt for surgical reconstruction of the breast. For those who undergo full mastectomies, implants may be used to replace the removed breast, helping patients regain a sense of normalcy and confidence.

These reconstructive options provide women the opportunity to maintain their self-esteem and body image after surgery, which can be essential for emotional healing and recovery.

The Power of Awareness and Support The LUTH Breast Cancer Awareness Seminar echoed a powerful message: breast cancer is not a solitary journey. Awareness, early detection, and proper treatment can save lives. Through increased government intervention, accessible healthcare, and strong support systems, no woman should face breast cancer alone.

By focusing on education, self-care, and emotional resilience, the seminar not only provided critical medical information but also inspired hope. Women who have survived breast cancer are living testaments to the fact that, with the right support and timely treatment, breast cancer can be overcome.

University Don, Prof Udoye Calls for Early Detection and Tackling of Dyslexia in School Children As Nigeria joins the International Community today ( Monday) to mark the 2024 Dyslexia Day and raise awareness about the worrisome reading disorder in millions of Children worldwide, a University Don, Professor IFEOMA Udoye has advocated early detection and revealed scientifically proven methods of tackling the problem.

In her keynote address presented at the 2024 Dyslexia Day organised by Women Foundation for Improved Living standards in collaboration with Nwafor Orizu College’s Primary school, Anambra State, Prof Udoye enumerated the following methods that can help Parents and Teachers in identifying young children who are at the risk of reading and learning difficulties referred to as Dyslexia.

She charged them to keep eyes on Children’s linguistic growth such as difficulty in pronounciation and rhyme; observe Children’s inability to connect print to language like naming individual Letters; and know your family history and be alert to genetically inherited problem of speaking, reading, writing or learning Foreign language transferred to children.

Prof Udoye who is the Sub-Dean, Faculty of Arts, Chukwuemeka Odumegwu Ojukwu University, Anambra State, explained that Dyslexia is not a disease but a difficulty in learning to read which impacts on a child’s capacity to identify and manipulate linguistic sounds or comprehend new words.

According to her, one in every 5 Kids have Dyslexia and 80%-

L-R: Honourable Samuel Egwuatu, representative of the Chairman, Honourable Obiora Nwachukwu; next to him is Professor Ifeoma Udoye, Keynote Speaker; Dr. Ndidi Onuigbo, Speaker 1; and Onwudinjo Nneka, WomenFoundationforImprovedLivingStandards (WOFILS)Convener 90% of Children with learning disabilities are termed dyslexic

while undiagnosed children carry the condition to adulthood.

She pointed out that many Children go undiagnosed as challenges in schools are mistakenly attributed to low IQ, low level of efforts or environmental circumstances with the attendant consequence of causing low self esteem, anxiety and depression.

The Linguistic Professor noted that early detection and intervention are paramount as research has shown that 70% of Dyslexic Children who receive educational intervention in Kindergarten or first grade become proficient readers and manifest other hidden talents.

Prof Udoye therefore called on Government at all levels, Policy Makers, Parents and Teachers to take collective and decisive action on formulating

and implementing policies to combat Dyslexia in Children nationwide.

Earlier, the Senior Special Assistant to Anambra State Governor, Hon Obiora Nwachukwu commended the efforts of the organisers and stressed the need for sustained public awareness campaigns to end stereotypes and stigmatisation of Dyslexic Children.

Hon Nwachukwu gave the assurance that Anambra State Government is strongly committed to tackling the problem of Dyslexia in Schools across the State.

Another Speaker at the event, Mr Ezenwanne Obinna said 32million Nigerians consisting of School Children suffer from dyslexia with 30-50% chances of being inherited genetically.

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T H I S D AY • Thursday, OCTOBER 10, 2024

NEWS

Benjamin Kalu’s Eye Health Advocacy, One Patient at a Time

In commemoration of this year’s ‘World Sight Day’, Udora Orizu chronicles the humanitarian and legislative interventions by the Deputy Speaker of the House of Representatives, Rt Hon. Benjamin Okezie Kalu to expand access to Eyecare in Nigeria

T

he significance of eyes -sight to man dates back to over 2000 years ago during the healing ministry of Jesus Christ. According to Luke’s Gospel, Jesus in His encounter with the blind Bartimaeus asked: “What do you want me to do for you?” He said, “Lord, let me recover my sight.” And Jesus said to him, “Recover your sight; your faith has made you well.”

Many people think their eyesight is just fine without realizing they may need glasses or contact lenses. Regular eye exams are an important part of finding eye diseases early to protect your vision.

Eye diseases are common and can go unnoticed for a long time. A comprehensive dilated eye exam by an eye doctor can find eye diseases in the early stages. This is when treatment to prevent vision loss is most effective.

As part of his quest to promote human welfare, the Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu has been an advocate of eye health, using his personal resources and legislative instruments to champion eye wellness for all.

Eye health, has been a neglected area of health in both developed and developing countries around the world. Most countries treat eye health with less attention when compared to other areas of health.

In 2020 in Nigeria, there was an estimated 24 million people living with vision loss and 1.3 million people were blind. A further 50 million people have non-vision impairing eye conditions needing basic eye care services.

Evidence from different studies suggested that eye health in the country has not been given priority attention. In many states, patients find it difficult to access basic eye care services.

To increase awareness and win the war against increasing global blindness, the World Sight Day, is observed annually on the second Thursday of October. The global event meant to draw attention to blindness and vision impairment.

It was originally initiated by the SightFirstCampaign of Lions Club International Foundation in 2000. The day has since been integrated into VISION 2020 and is coordinated by the International Agency for the Prevention of Blindness (IAPB) in cooperation with the World Health Organization.

As calls for stakeholders to pool resources

Benjamin Kalu with his constituents during one of his Eyecare outreach programmes

together in order to win the war against rising challenges of global blindness, the Deputy Speaker of the House of Representatives, Hon. Kalu through his foundation, Benjamin Kalu Foundation kicked off the End Blindness Project, an outreach targeting thousands of Bende indigenes for eye examinations, treatment, surgery and glasses prescription.

BKF in October 2023, collaborated with Vision Saver Eye Care Limited and organised a three-day medical outreach in Bende. The exercise witnessed a massive turnout of constituents who needed medical attention for their eyes with over 1200 people receiving medications, medicated eye glasses, and cataract surgeries.

The medical team, consisting of highly skilled Opticians, doctors and medical professionals, worked tirelessly to ensure that each patient received the necessary treatment and care.

Speaking, when he received progress report from the medical team, the Deputy Speaker emphasised that the project is not just for Bende Federal Constituency but for the entire nation as well. According to him, the outreach will be extended to other parts of the country.

He said, “I’m proud of the vision savers, the

cost analysis was good, their response time good, their professionalism good, the impact is massive. I’m promising you, because you left a lot of people unattended to, we have to go back, and we will keep going back until we resolve the issue of blindness in Bende, in Abia, in South East and in Nigeria.”

In June, while delivering his goodwill message at Charity Champions Gala Night dedicated to raising awareness and support for essential eye care services for underserved communities, Kalu expressed worry over the report of an estimated 24 million Nigerians grappling with the challenge of eye failure.

Kalu disclosed that, through the Benjamin Kalu Foundation he “treated over 4,000 of his constituents with various degrees of eye problems in the last year,” underscoring the power of collective action and the difference that can be made when we come together.

He said, “As the Deputy Speaker, I am keenly aware of the challenges we face. The National Blindness and Visual Impairment Survey paints a stark picture, with 4.2 per cent of Nigerians over 40 classified as blind.

This is why I championed the National Eye Centre Act (Amendment) Bill which has since passed its first reading.

“This bill aims to expand access to specialized eye care by establishing more centres across the country. But legislative efforts alone cannot solve this crisis. We need the commitment of champions like yourselves – individuals who understand the power of community.”

In the parliament, Deputy Speaker Kalu and his colleagues are committed to using legislative instruments to provide a lasting solution to the problem.

He agreed that the nation’s eyecare laws are obsolete and should be amended to accomplish current realities and achieve the Renewed Hope agenda of President Bola Tinubu for a better health security.

Consequently, Kalu sponsored the amendment bill of Optometrists and Dispensing Opticians Registration Council Act (Repeal and Enactment) Bill to allow for more efficiency as well as the National Eye Centre Act (Amendment) Bill which has scaled through first reading to expand access to eyecare services in Nigeria.

This Bill seeks to amend the National Eye Centre Act, Cap. N38, Laws of the Federation of Nigeria, 2004 to provide for the establishment of more specialist eye centres in various locations across the federation for the prevention and cure of various eye defects and diseases.

Speaking few months ago, when he received on a courtesy call the executives of the Nigerian Optometric Association (NOA) led by their president, Dr Chimeziri Anderson, Kalu said, “I agree with you that the laws around our eye care are obsolete. The society is dynamic so are the problems. Laws are made to be solutions.

Laws are made not to be stimulators of problems.

“The primary healthcare act is not sufficient and I agree with you. Gone are the days when issues about the eyes were considered tertiary.

We will go for the amendment of the National Eye Center Act. We are going to put mechanisms in place to push for the establishment of a national eye centre. So, we will go for the amendment of the National Eye Centre Act to include Abia.”

The efforts of Rt. Hon. Benjamin Okezie Kalu in the fight against blindness is highly commendable and should be a motivation for increased commitment by various stakeholders if the aims of Vision 2020 in the country is to be achieved.

Utabiri Bende as he is fondly called, is passionately advocating for improved eye health in the country, one patient at a time.

•Miss Orizu is the Special Assistant on Press Affairs to the Deputy Speaker.

Celebrating Medical Titans: ICOMAA Honours Akinkugbe, Ogunlesi, Falase, Akang, Babalakin Precious Ugwuzor In a grand display of recognition for service to humanity, the Ibadan College of Medicine Alumni Association (ICOMAA) Worldwide and the West African College of Physicians (WACP) honored five distinguished medical icons at an endowment ceremony held on September 12, 2024 at Paul Hendrickse Lecture Theatre, UCH Ibadan.

The event celebrated the lives and legacies of Emeritus Professor Oladipo Olujimi Akinkugbe, Emeritus Professor Theophilus Oladipo Ogunlesi, Professor Ayodele Falase, Professor Essien Udo Akang, and Dr. Olajide Taofik Babalakin, all of whom left lasting imprints on Nigeria’s healthcare system.

Four of these five trailblazers, representing excellence across various medical fields, were posthumously honoured for their exceptional contributions to medicine, medical education, and leadership. The awards cement their legacies, ensuring that their influence will continue to inspire future generations of medical professionals.

Emeritus Professor Oladipo Olujimi Akinkugbe, widely

Dr. Wale Babalakin SAN (middle), flanked by the Provost CoMUI, Prof. Temidayo Ogundiran (left) and Arc. Omotayo Babalakin with the representative of West African College of Physicians, Prof.

Olufemi Ogunbiyi and another academic at the endowment ceremony organized by ICOMAA in honour of 5 distinguished scholars, including the late Dr. Olajide Taofik Babalakin (pictured) regarded as the first professor of medicine in Africa, was a towering figure in the field of nephrology. His clinical work and academic leadership helped shape the careers of countless medical professionals. A celebrated international scholar, Akinkugbe’s legacy endures through the many lives he touched, both as a mentor and physician.

Emeritus Professor Theophilus Oladipo Ogunlesi, a pioneer in

medical education, was recognized for his groundbreaking achievements as the first person to serve as Vice-Chancellor at two federal universities in Nigeria.

His academic leadership and administrative foresight set the standard for medical training and institutional governance in Nigeria.

Professor Ayodele Falase, who was present at the ceremony, was honoured for his immense contributions to medical edu-

cation and leadership. As the first Provost of the College of Medicine, University of Ibadan, to rise to the position of ViceChancellor, Falase’s work bridged the gap between medical practice and academic administration, furthering the development of Nigeria’s healthcare institutions.

Professor Essien Udo Akang, a brilliant pathologist and former Provost of the College of Medicine, was celebrated for his outstanding contributions to

medical education, particularly in pathology. His expertise and passion for teaching left a profound impact on his students and colleagues, making him a revered figure in the medical community. A special tribute from the Class of 1983 to his widow during the event highlighted the deep respect and affection he commanded.

Dr. Olajide Taofik Babalakin, a nephrologist and member of the Class of 1988, was remembered for his exceptional career in internal medicine, earning a Fellowship in Nephrology at the University of Lexington, USA. His peers paid tribute to his legacy, with the establishment of an award in his honour for the “Best Dissertation in Nephrology” within the Faculty of Internal Medicine at the West African College of Physicians.

He was represented by his brothers, Dr. Wale Babalakin and Arc. Omotayo Babalakin.

The ceremony was a gathering of distinguished academics, public figures, and medical professionals, all united in their admiration for the awardees. Professor Temidayo O. Ogundiran, Provost of the College of Medicine, University of Ibadan, delivered a keynote

address that highlighted the significance of each honoree’s contributions. He emphasized that the actions, words, and professional legacies of these medical giants will serve as lasting testaments to their dedication to the advancement of healthcare in Nigeria and beyond.

Other notable attendees included Professor K. O. Adebowale, Vice Chancellor of the University of Ibadan (represented by the Provost, CoMUI), and Professor J. Otegbayo, Chief Medical Director of the University College Hospital, Ibadan, who further profiled the immense contributions of the honorees.

The celebration was a reminder of the profound impact these medical giants have had on Nigeria’s healthcare landscape and the global medical community.

The ceremony concluded with a vote of thanks by Professor Oyedunni Arulogun, Vice President of ICOMAA Worldwide, who expressed gratitude for the tireless efforts of those who contributed to making the event a success. She noted that the legacies of these five medical titans will continue to inspire generations of medical professionals to come.

32

GamingWeek

Thursday, October 10, 2024 • T H I S D AY

Edited by Nseobong Okon-Ekong | gamingweek1117@gmail.com | Tel: 08114495324

eSports, Monetisation, and Collaboration Lead Gamathon ‘24 TR

UT H

& RE A S O

N

The past week, African video game stakeholders, including game developers, eSports providers, content creators, localisation specialists, and animators, convened for the fifth edition of Gamathon, a week-long gaming event hosted by AfricaComicade to foster collaboration and spark growth in the evolving gaming space in Africa, writes Ikenna Bede

Michael Oscar Addressing Delegates at the Press Conference

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lobally, the video game sector surpasses the entertainment industry.

The opposite is true in Africa. This year’s theme, tagged ‘Thrive,’ focused on how the gaming community can conduct a fair assessment of itself to explore growth opportunities. Key issues were raised and deliberated upon on the penultimate day in the series of activities for the week during the Gamathon conference held at the Odeya Centre, Lagos Island.

Hosting delegates from countries such as Ethiopia, Namibia, South Africa, Ghana, and Benin, the conference featured three-panel sessions that highlighted issues such as the gaps that exist between eSports and local game development, monetisation, current trends in animation and gamification, as well as the potential benefits of multi-sectoral and multidisciplinary collaborations.

“A new generation has been raised on anime,” noted gaming business strategist Johana Riquier, highlighting her observation of the growing transmedia culture in Africa, which has seen African stories emerge in various formats.

“Looking at anime and watching it, I would say there is an increased response from communities. They want to create content not in the way the Koreans do but in a manner that reflects their diverse cultures—Yoruba, Igbo, and Twi. I’ve seen this in Senegal, and there is a rise in anime.”

Elaborating on ways to fast-track the evolution of the video game landscape and enable Africa to claim a significant share of the global gaming

sector—especially given its enthusiastic, teeming youth—South African gaming and creative industries researcher Mxolisi Xaba emphasised the importance of collaboration.

Xaba said, “There are multi-sectoral, multidisciplinary collaborations taking place. It is wonderful to walk into a space built off comics that is now venturing into the gaming industry.

While research indicates that there is a lot of collaboration and cross-sectoral exposure happening, I believe this will be the strength of Africa’s video game industry.

“If we can forge partnerships to exploit the existing value, we will find that there is already a captive audience to work with, so we won’t be starting from scratch.”

Xaba also advised independent game developers to prioritise gaining insight into market trends to guide their creative work and to focus on intellectual property through research or by enrolling in masterclasses to understand better how to monetise their products and which aspects to concentrate on.

There has been marked progress in Africa’s gaming sector through existing collaborative efforts. One of the co-founders of AfricaComicade, Oluwatosin Ogunyebi, explained that partnerships, such as the Spark Fellowship, have helped galvanise game developers to exchange ideas and build games while gaining relevant work experience in the programme.

“With the Spark Fellowship, we’ve had participants from different countries, and at the end of the programme, we secure internship roles for them across various regions,” said Ogunyebi. “This allows them to collaborate and exchange

value, not just as individuals from one country, but as a united continent. In these cross-border collaborations, there are opportunities beyond our borders that we can leverage.”

He added, “We’ve also seen coproductions where game studios from Africa partner with international teams, allowing those outside the continent to help push the games to a global audience.”

In another section of the programme discussing the growing eSports culture in Nigeria, the limitations around featuring local games became a hot-button issue.

Adebayo Onigbanjo, founder of 10N8E, a growing eSports provider in Nigeria, clarified some of the existing challenges facing the subsector, including server locations, existing infrastructure, and the need for an enabling ecosystem supported by the government.

Although local or African games are not yet a staple at most eSports events, Onigbanjo advised that developers should consider a community-based approach to get gamers to engage with their games and build a following.

Before the Gamathon conference, AfricaComicade curated a diverse range of activities designed to put a spotlight on Africa’s vibrant and evolving gaming community. Understanding the importance of community engagement and knowledge sharing, they aimed to create a platform where game developers from across the continent could come together, network, and exchange valuable insights. One of the key highlights was a delegate roundtable that brought together representatives from various countries to deliberate on the unique challenges developers face in their respective regions, such as limited funding, inadequate infrastructure, and

the need for local support systems. The roundtable encouraged an open dialogue where delegates shared their experiences and brainstormed practical solutions, setting the tone for a collaborative and innovative approach to overcoming these barriers.

In an effort to deepen the spirit of collaboration and promote hands-on learning, AfricaComicade also organised an immersive tour of some of Lagos’s prominent game studios. This initiative aimed to bridge the gap between different stakeholders in the industry, enabling delegates and other participants to interact directly with game developers and creative professionals. The tour included visits to renowned studios such as Kucheza Gaming, Spoof Animations, Maliyo Games, MAD House by Tikera Africa, and VX Central. Delegates had the opportunity to observe the creative process, explore the studios’ operations, and engage in discussions on topics like sustainable development, scaling for international audiences, and leveraging technology for global collaborations.

To conclude Gamathon, game developers introduced the audience to their games during the ARK PITCH segment. Some showcased completed projects, while others announced upcoming launch dates, providing insights into the solutions each game offers, from educational tools to entertainment experiences.

Unlike last year, no funds were disbursed during this initial pitch; instead, this year’s pitch serves as the entry point to the fellowship programme, a pre-accelerator initiative. Twenty studios will be selected to enter the fellowship, where they will refine their projects before pitching again for funding. The final pitch will see them competing for a $50,000 pool prize.

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T H I S D AY • Thursday, October 10, 2024

GamingWEEK

Brand Loyalty in Gaming: How FIFA, eFootball Mirror Pepsi-Coke Paradox

Davidson Abraham writes that brand loyalty plays a massive role in the rivalry between EA Sports’ FIFA (now EA Sports FC) and Konami’s Pro Evolution Soccer (now eFootball), two football gaming franchises that have dominated the market for decades

I

n the world of gaming, brand loyalty is as strong as it is in the beverage industry, where giants like Pepsi and Coke compete for consumer preference. A similar dynamic exists between EA Sports’ FIFA (now EA Sports FC) and Konami’s Pro Evolution Soccer (now eFootball), two football gaming franchises that have dominated the market for decades.

Despite improvements and innovations on both sides, the rivalry between these two games often comes down to something more emotional: brand loyalty.

how branding and perception influence consumer preferences beyond objective qualities like taste.

In gaming, a similar paradox can be observed between FIFA and eFootball. There have been periods when eFootball was considered technically superior regarding gameplay realism, AI, or tactical depth. Yet, FIFA has maintained its dominant market position, bolstered by strong branding, licenses, and cultural presence.

The Pepsi-Coke paradox

Over the years, FIFA (now EA Sports FC) has gained massive traction due to its gameplay and its full licenses with leagues, teams, and players that create a more immersive experience for players. Many gamers prefer FIFA’s polished presentation, slick menus, and

In the classic Pepsi-Coke paradox, studies have shown that in blind taste tests, consumers often prefer the taste of Pepsi. However, when the brand labels are revealed, more people tend to choose Coke. This phenomenon demonstrates

FIFA’s popularity and eFootball’s competitive edge

engaging modes like Ultimate Team, which have kept the franchise at the forefront of football gaming. eFootball, on the other hand, has historically been lauded for its gameplay mechanics, offering a more authentic football simulation in the eyes of many enthusiasts. There have been years where eFootball’s physics, ball control, and player movement felt more realistic. Despite these strengths, the game has struggled to achieve the same level of market success as FIFA, often seen as an underdog despite innovations and quality improvements.

The role of brand loyalty

Brand loyalty plays a massive role in the rivalry between these two franchises. FIFA’s long-standing association with the official sport,

National Lottery Trust Fund Proposes Youth Empowerment Through Renewable Energy

its inclusion of iconic players and teams, and the sheer scale of its fanbase give it a cultural advantage that goes beyond gameplay. Fans of FIFA often stick with the franchise year after year, not necessarily because it is objectively better every single time, but because it feels familiar, trusted, and offers a complete package. eFootball, despite its strengths, faces the challenge of swaying gamers who have grown up playing FIFA. Even during years when eFootball has arguably delivered better on-the-pitch mechanics, the gap in licensing, branding, and overall presentation has made it harder for the franchise to break through FIFA’s dominance.

The evolution of both brands

Both EA Sports and Konami have taken steps to evolve their franchises. EA’s FIFA transitioned into EA Sports FC, with updated branding and continued improvements in modes like Career Mode and Ultimate Team. Konami’s shift to eFootball saw a pivot toward a free-to-play model, focusing on broader accessibility and updates over time.

Despite these changes, the dynamic between the two remains remarkably similar to that of Pepsi and Coke. Even when eFootball offers a better experience in certain areas, FIFA’s brand power and recognition can make it difficult for Konami to fully challenge EA’s dominance in the football gaming world.

A paradox of preference

The FIFA vs. eFootball debate mirrors the Pepsi-Coke paradox, where perceptions and emotional connections to a brand can outweigh objective quality in influencing consumer choice. As gaming continues to evolve, it’s clear that both franchises will continue to push each other, keeping the competition alive. Whether one game is better than the other in any given year, the choice between FIFA and eFootball will remain a matter of personal preference, brand loyalty, and individual experience.

GAMINGWEEK TEAM

Tosin Adeyanju (left) with Minister of Power, Adebayo Adelabu

T

he National Lottery Trust Fund (NLTF) is seeking to equip vulnerable Nigerian youths with skills in renewable energy to complement President Bola Tinubu’s effort to provide employment and unprecedented electricity.

NLTF’s Executive Secretary, Comrade Tosin Adeyanju, during his visit to the Minister of Power, Chief Adebayo Adekola Adelabu, announced NLTF’s plan to introduce a model teaching 1KVA solar panel production, benefiting rural youths.

Adeyanju said, “This initiative requires collaboration with the Federal Ministry of Power to help the poor and vulnerable without access to electricity. We have never

seen this improvement in electricity like this administration since 1999 and since our agency is created to promote GOOD CAUSES across the nation with the percentage of remittances that comes to the government from gaming company, we are seeking for partnership on how to create skills for Nigerian youths through renewable energy.”

He added, “The National Lottery Trust Fund is set to improve lives of the downtrodden by giving them training that will equip youths with skills to produce 1KVA solar power that can power phone charging centres, barbershops, farm product preservations, among others.”

Minister of Power Adebayo Adekola Adelabu commended the Executive Secretary’s commitment, stating, “I’m happy

your focus is on the vulnerable, especially in rural areas, which aligns with our goal to reduce the 42 per cent of Nigerians without access to good electricity.”

Adelabu emphasised the importance of empowering rural youths.

He said, “Your concentration on youth development is significant, as some rural youths lack opportunities to grow. This initiative will greatly aid their growth. We are ready to collaborate with you. We are glad you don’t want to do this alone.”

NLTF’s programme aligns with the Federal Ministry of Power’s vision to improve off-grid electricity in rural areas.

This initiative promises to empower rural youths, promoting economic growth and energy accessibility.

Nseobong Okon-Ekong gamingweek1117@gmail.com | 08114495324 Iyke Bede ikennabede@gmail.com | 0703 044 7714 Akeem Lasisi lasaisai@yahoo.com | 08023687884 Vanessa Obioha vaysylver@gmail.com | 08069838305 Davidson Abraham davisiano.adm@gmail.com | +971 56 744 6013

ADVISORY: +18 PERSONS UNDER 18 MUST NOT PARTICIPATE IN BETTING, GAMING OR LOTTERY ACTIVITY

34

THURSDAY, OCTOBER 10, 2024 • THISDAY

POLITY

Lagos: Between Screeching and Crowing Tony Monye

L

agos is different. Because it is different there is an urgent need for the nation’s former capital and its commercial heartbeat to review how it views itself. At the TMBC Business, we understand that both the need and the choice for the city to deliberately hug a paradigm shift are quite stark, cogent, pressing and burning.

Thus far, the extant ways Lagos views itself have been nothing short of inappropriate, opportunity-evading, archaic and self-limiting.

Our dear Lagos is ill-advisedly attempting to speed forward by gazing into the rearview mirror. Views, regardless of our individual slants, are extremely important and cannot be easily discountenanced. What we see defines and shapes our comprehension and response mechanisms. Truly, views can be demanding, rewarding and punishing as one of the cornerstones of actions.

Views, as we know, can present some awesome or awful expositions. On the surface, the four-lettered word – view - appears simple, defining sight but that, in no way, completely spell its power to illuminate and become the causal energy behind actions.

Views shape perceptions, offer vent and strength and even form our sense of missions and visions and the follow-through actions to the attainment of objectives. Appropriacy, or otherwise, of views, therefore, has got its consequences. At the moment, strangely and sadly, Lagos views itself as so much less; more of a chicken when in fact it is supposed to be like the king of all feathery fellows – the imperial eagle. Lagos proudly hobnobs with the other ‘fowls’, crowing when it is supposed to be the lone-flying eagle, screeching. Instead of Lagos embracing the

Lagos State Governor, Babajide Sanwo-Olu elegance, candour and grace of the eagle, the centre of excellence is firmly holding the shiftless and guardedness persona of the chicken. Instead of Lagos espousing the typical royal and inspiring voyage of the

eagle, it is forcefully clutching the characterless and shabby short flight of the local fowl.

That is the Lagos we experience daily.

A slothful Lagos consistently compares itself poorly. The city benchmarks itself against Port

Harcourt, Asaba, Kano, Ibadan, Akure and the rest of the horde. Lagos even views itself more from the booth of a state - like Rivers, Delta, Anambra or Jigawa. Internationally, the land of rich aquatic splendour likens itself to Lusaka, Cotonou, Accra, Nouakchott etc. when, under the torchlight of economic appraisals, none of them are in any way like Lagos. As the awkward chicken, Lagos invents and sustains programmes of significantly less value. For instance, the Thursday environmental exercise for markets, which impoverishes traders. The loss of 12 man-hours every month has both tax and wealth implications. The cancellation of the exercise present job creation opportunity as professional cleaners can be engaged. As a graceless fowl, instead of hastily embracing its meta-city and growing cosmopolitan status, Lagos is harping its glorious tribal past. To deny this is to rebut one of its essences.

The various administrations’ slogans have remained tribal in spite of the greater wisdom, which should disclose and revel in inclusiveness. Viewing Lagos as a tribal enclave bears very little berries.

It is time Lagos went for a paradigm shift in views. Lagos should discontinue playing tone-deaf to the challenging and quixotic loud calls from international capitals like Berlin, Paris, London and Tokyo etc. The city should view itself a lot more, embodying and displaying the genetics of the eagle rather than exhibiting the transmissible traits of the chicken. Lagos should embrace multiculturalism (in dictating and shaping plans, thoughts, policies and visions) for it is another source of unbelievable growth.

In its best context Lagos is a mini-Nigeria.

A stitch in time, they say, halts nine.

•Tony Monye is Publisher/CEO, The TMBC Business

NEWS

Cybercrime Poses Significant Threats to National Security, Says Kayode Egbetokun IG approves N10m to families of deceased officers involved in Kano road mishap

Linus Aleke in Abuja The Inspector General of Police, Kayode Egbetokun, yesterday, said cybercrime posed significant threats to national security.

Egbetokun spoke while declaring open the maiden Nigerian Police Force National Cyber Crime Centre

(NPF NCCC) 2024 Cybersecurity Week with the theme: "Secure Our World".

Represented by Deputy Inspector General of Police in charge of Finance and Administration, Bala Ciroma, the IG said cybercrime was not a mere technical issue but a matter of national security that required

immediate attention.

He averred that cyber criminals were becoming more sophisticated and employing advanced techniques to invade detection and target vulnerability in the emerging technologies.

"This gathering is a testament to our collective resolve and commitment to confronting cyber

crime, which has become one of the most significant challenges of our time. It also highlights our sheer determination to address this critical issue and work together towards a safer and more secured digital world.

“As we embrace the digital age, we must also confront the stake reality that cyber threats pose significant

Expert Points Way Forward for Insurance, Pension Sectors’ Contributions to $1tn Economy Ebere Nwoji

Stakeholders in the insurance and pension sectors have been asked to take five major steps in their search for ways of making meaningful contributions to the achievement of the federal government’s $1 trillion economy aspiration.

This is in the face of rising inflationary trend accompanied by high exchange rate of naira to dollar with federal government’s projection of the trillion economy by the year 2030.

These steps are: Technological advancement, improved capitalisation, development of innovative financial products to meet the changing needs of individuals, involvement in capital market development and investment in infrastructure and other key sectors.

The Managing Director / Chief Economist, Analysts Data Services and Resources, Dr Afolabi Olowookere, spoke while delivering a keynote address at the 9th

Annual conference of the National Association of Insurance and Pension Editors (NAIPE) in Lagos.

The conference which has the theme: “Towards a $1 Trillion Economy: Roles of Insurance and Pension Sectors,” served as a rally point for chief executives of insurance firms and Pension Fund Administrators(PFAs) to sit together, examine their contributions to the Gross Domestic Product (GDP) of the economy and point out their next line of action.

Addressing the audience, Olowookere, quoting the National Bureau of Statistics (NBS) noted that in terms of GDP sector’s performance, the leading contributors to Nigerian outputs were agriculture, ICT, trade and manufacturing.

But he said that the finance and insurance sector which contributes 6.57 per cent of the GDP has continued to be the major driver of the economy as well as the fastest growing sector in recent times.

He said though various sectors

of the economy have had their fair share of negative impact of the prevailing high inflationary rate and high exchange rate which affected their contributions to the economy, insurance and pension should embrace the these key factors to remain relevant.

According to him, insurance and pension sector operators need to adopt technological innovations such as Artificial Intelligence (AI), machine learning and blockchain to improve research , portfolio management and back - office operations.

“By improving efficiency and reducing costs, they can offer better returns to contributors and attract more funds, driving economic growth through smarter and more sustainable investments”, he said.

In terms of capitalisation, Olowookere said insurance and pension sectors could expand their assets by encouraging more Nigerians to save for retirement and underwriting higher portfolio risks.

“As life expectancy increases and the population builds wealth, these funds will grow, providing more capital for long-term investments in the economy,” he affirmed.

Insurance sector in particular was charged to increase its operating capital to build more premium and profit.

Quoting ADSR Research and Estimates as his source, Olowookere said the projected total assets of insurance sector under the $1 trillion GDP fell from $3.9 billion in 2023 to $2.2 billion in 2024 due to naira depreciation .

According to him, the baseline projection is for Nigeria’s GDP to reach $681.9 billion in 2030 from $265.4 billion in 2024.

“At the baseline rate, total assets of the insurance sector will be expected to rise to $6.4 billion in 2030. However if the government target of a $1 trillion GDP is met, insurance total asset is projected to reach $ 20.5 billion”, he said.

threats to our national security. Cyber Criminals operates across borders, exploiting vulnerability in our systems and targeting individuals businesses and government institutions.

“This threats can disrupt critical infrastructure, compromise sensitive information and undermine the very fabric of our society," he added.

Deputy Inspector General of Police, in charge of the Force Criminal Investigation Department (FCID), Abiodun Alabi, said securing cyberspace has become inseparable from securing the physical world in era dominated by digital economy and technology.

He said crime fighting the world over has shifted from reactive to proactive policing, preventing crimes before they occur, stating that cybercrime knew no borders and therefore, presented global challenge and demanded international collaboration.

Representative of United Nations Office on Drugs and Crime (UNODC), Nigeria, Danilo Campisi, said Nigeria police force played a crucial role in protecting national and international cyber environment.

The Director, Nigeria Police Force National Cybercrime Centre (NPF-NCCC), CP Uche Henry, said the digital age has brought with it incredible advancements, opportunities, and efficiencies, stating that it has also introduced a new frontier of threats that, if not properly addressed, had the potential to cripple systems, disrupt services, and compromise the safety and privacy of our citizens.

Meanwhile, the Inspector General of Police, has approved a compensatory payment of N10,000,000 (ten million Naira)support to families of

officers involved in a fatal motor accident on September 24, 2024, while returning from the Edo elections special duty to Kano State Command.

He also said in response to the tragic event, the fund was aimed at providing assistance to families of the deceased to enable them navigate the challenging period.

Egbetokun further approved the payment of two million Naira (N2,000,000) to those still receiving treatment to ensure that they received the necessary medical support as they recuperate and another five hundred thousand Naira (N500,000) to those who had been discharged after treatment.

A statement by Force PRO Olumuyiwa Adejobi, said the approval reaffirmed IG's commitment to support officers and men of the force and their families during trying times.

"The Inspector General of Police, Kayode Egbetokun, has approved the immediate payment of relief funds to the families of officers that were involved in a fatal motor accident on 24th September 2024 while returning from the Edo Elections Special Duty to Kano State Command.

“The accident which occurred along the Zaria-Kano Expressway, Karfi Kura, had resulted in the loss of five officers, with 11 hospitalised.

After the accident, eight individuals have been successfully discharged from the hospital after receiving medical attention, while three others are still undergoing treatment."

Egbetokun expressed his deepest condolences to all the families of the deceased and prayed for the quick recovery of those still receiving medical care.

35

T H I S D AY • THURSDAY, OCTOBER 10, 2024

NEWS

STAKEHOLDERS INTERACTIVE SESSION AND SANITATION AWARDS PROGRAMME....

L-R: Representative of the Director General, Office of Education Quality Assurance, Mr. Idowu Hakeem; Representative of the Honourable Commissioner for The Environment and Water Resources and Permanent Secretary, Office of Environmental Services, Gaji Omobolaji; Director Sanitation Services, Office of Environmental Services, Dr. Hassan Sanuth; Senior Special Assistant on Tertiary Education, Mr. Ademola Adewunmi and Senior Special Assistant on Student Union (Tertiary Education), Mr Kappo Samuel, during a Stakeholders Interactive Session and Sanitation Awards Programme in Lagos State Schools, held at the Lagos Chamber of Commerce and Industry, (LCCI), Ikeja, Lagos... yesterday

PDP Crisis: NWC Under Pressure to Sanction Anti-Wike Members

Chuks Okocha in Abuja

The battle for control of the opposition Peoples Democratic Party (PDP) has taken a new dimension as the Illiya Damagum-led National Working Committee (NWC) is said

to be under pressure to sanction some of its members perceived to be opposed to former Rivers state Governor and Federal Capital Territory (FCT) Minister, Nyesom Wike.

This is coming as the PDP NWC is said to have split sharply along

the line of those loyal to the FCT Minister and those believed to be rooting for the supremacy of the party’s Constitution.

THISDAY gathered that the Damagum-led NWC has summoned an emergency meeting to suspend the

said anti-Wike members for allegedly insisting on the adherence to party rules particularly on the issue of Rivers state PDP Congresses.

A source hinted that members of the NWC were being induced by a powerful politician to ensure the

suspension of the said members so as to ensure a complete take-over of the affairs of the party.

The source who withheld the names of those marked for suspension, however added that it was not clear if they were open

Perm Sec Advises State House Staff to Render Honest, Transparent,Value Services Deji Elumoye in Abuja

Permanent Secretary, State House, Mr Olufunso Adebiyi, has charged members of Staff of the State House to discharge their duties with the utmost sense of responsibility and determination to ensure customer

satisfaction.

Adebiyi observed the inalienable right of the citizens to be served right by government, affirming that quality services to citizens were central to good governance.

The Permanent Secretary at the State House Auditorium in Abuja

Customs Cracks Down on Fuel Smuggling, Seizes PMS Valued at over N153m Daji Sani in Yola

The Nigeria Customs Service (NCS) said the Operation Whirlwind launched recently to combat fuel smuggling across the country's borders, has already yielded significant results, with substantial seizures of Premium Motor Spirit (PMS) valued at N153.157.560 Million.

Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, disclosed this at a press conference organised by the NCS in Yola, the Adamawa State capital.

He noted that the operation has made 27 seizures and detected smuggling networks in Badagry and Adamawa since its inception on May 28, 2024.

The CGC, who was represented at event by Deputy Comptroller-General in charge of reinforcement, inspection and investigation, Olaniyi Olajogun, said the NCS has also collaborated with the Nigerian National Petroleum Corporation (NNPC) Limited to strengthen its efforts against fuel smuggling.

He added some notable seizures made by the NCS include two trucks with 33,000 litres capacity each, filled with PMS, 1,046 jerricans of 25 litres capacity each, filled with PMS 12 drums of 200 litres capacity each, filled with PMS, all intended for smuggling He said one suspect was apprehended in connection with these smuggling activities and was at the custody of the NCS in Abuja.

According to the CGC, the NCS has also engaged with stakeholders, including the National Security Adviser (NSA), Nigeria Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), and security agencies, to combat fuel smuggling.

at the 2024 Customer Service Week organised by the State House SERVICOM Unit, reminding staff that above everything, there was a Supreme Being to whom everyone was accountable.

“I beg of you, whatever God has given to you to do, do it with all your heart. SERVICOM is all about customer service, not customer serving you but you serving the customer.

“Let us provide quality, honest and transparent services, to customers to engender peace, national growth

and job satisfaction.”

Delivering a paper titled: “Beyond Propaganda, the Role of Information Management in Enhancing Transparent Governance in a Democratic Setting” the guest speaker, Abiodun Oladunjoye, also the Director, Information and Public Relations in the State House, posited that at the heart of good governance was the proper use and distribution of information, while government actions were open, accountable, and understandable to the public.

He highlighted the nexus between

information management, democracy and good governance, adding that the establishment of SERVICOM in 2004 was in furtherance of government’s determination to offer quality, transparent and timely service to the citizens.

In her goodwill message, National Coordinator, SERVICOM, Mrs Nnena Akajemeli, represented by a Team Leader, Mrs kikilemo Aina, commended State House management for the continued provision of quality and timely services to stakeholders, enjoining them to sustain the tempo.

FINALLY, SUBSIDY IS GONE! NNPC SELLS PETROL FOR N1,030/LITRE IN ABUJA, N998 IN LAGOS

latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities.

"It will further deepen poverty as production capacities dip, more jobs lost with multidimensional negative effects. In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good result.

People only got poorer.

"But more fundamentally, the government should be bold enough to tell Nigerians in advance the destination it wants to take the country," Ajaero added.

In the same vein, the Centre for the Promotion of Private Enterprises (CPPE) and the Nigeria Employers’ Consultative Association (NECA) have described the latest hike as an ill-timed decision that would further worsen inflationary pressure on businesses and households.

According to the Director General of NECA, Mr. Adewale-Smatt Oyerinde, the announced increase in the price of petrol, notwithstanding its justification, has the potential to further erode the purchasing power of Nigerians, while putting more pressure on both organised and unorganised businesses.

Oyerinde said: “There's no gainsaying that petrol remains the predominant source of energy for many sectors, including transportation and household uses. Thus, this new increase will further distort the cash flow potential of many, leading to likely increase in general cost of living.”

Similarly, the Founder/Chief Executive Officer of CPPE, Dr. Muda Yusuf, said that the latest increase in PMS price was regrettably ill-timed and did not reckon with the prevailing difficult economic conditions in the country.

Yusuf stressed the need for social, economic and political considerations in policy choices of this nature, adding that commercial considerations alone should not completely override them.

According to him, there is always a place for political economy in the interest of the vulnerable segments of society.

He said: “The Nigerian economy is not ripe for full blown deregulation and market’s principles on all fronts.

The social costs of such policy choices are typically very high. This is an economy with very weak social safety nets where over 100 million people are wallowing in various variants of poverty.”

Yusuf pointed out the importance of policy sequencing in view of the fact that the present administration has presented an Economic Stabilisation Bill (ESB) to the National Assembly, which is expected to bring some relief to the citizens and businesses.

According to him, it would have been better to allow the proposed mitigating measures to be activated and gain traction before coming up with the petrol price hike.

He argued that what the economy needs at this time are measures to ease the current economic and social challenges and not policies that would aggravate them.

Yusuf said: “It is desirable at this

time to urgently cut import duties and taxes by a minimum of 25 per cent on all industrial raw materials, passenger buses of 18-seater and above and cars of 2000cc engine capacity and below.

“The customs duty exchange rate should be fixed at a maximum of N1000/dollar to reduce current prohibitive cost of imports. Relevant legislation should be amended to that effect. This is without prejudice to the fiscal policy measures contained in the economic stabilisation plan.”

According to him, the government must be ready to trade off some revenue in the current situation because there is a need to seek to achieve the maximisation of welfare function for citizens and productivity function for businesses.

Therefore, he maintained that the government should not be too fixated on revenue maximisation.

Also yesterday, a Bloomberg report said that Nigeria will settle crude sales to Africa’s newest and biggest oil refinery using the local currency’s rate in its foreign-exchange market, dousing concerns that it would fix below-market naira levels for the transactions.

The mega oil refinery owned by Nigerian billionaire Aliko Dangote will pay the local-currency equivalent of the prevailing international benchmark price of oil using the closing rate in the central bank’s Nafem window, a foreign-exchange trading portal for investors, exporters and end-users, three people familiar with the negotiations said.

This is part of an agreement that started on October 1 to supply the 650,000 barrels-a-day refinery with crude, the report quoted them as saying.

By doing this, the government has shunned a return to a past system of varying exchange rates, which partly pressured the naira and stoked inflation on imported goods.

Attempts to control the naira under the past administration gave rise to a multiple exchange-rate system, with large corporations, connected politicians and certain travellers getting dollars at different rates. That led to arbitrage and widened the gap between the official and street levels.

President Tinubu criticised the practice when he took office in May 2023, and he ended it as part of reforms at the central bank that also saw Governor Olayemi Cardoso take control.

For years, Africa’s top crude producer shipped its oil abroad and imported finished petroleum with scarce foreign exchange. Local gasoline production, which began at the Dangote refinery in September, was considered crucial to ending Nigeria’s dependence on imported fuel and saving between 10 per cent and 15 per cent of dollar demand, according to Cardoso.

To ensure the refinery met the nation’s aspirations, a committee headed by Finance Minister Wale Edun reached a deal for the first-ever sale of crude in naira to the plant.

This was to reduce pressure on the local currency and boost supply of gasoline to the domestic market.

to the move.

Stating that no particular offence had been identified against the said members aside from perceived divergence with the Wike camp, the source expressed concerns that such move by the NWC can trigger a serious crisis in the party.

It was gathered that the activities of the members listed for suspension have frustrated several moves by a particular camp to weaken the party and secure total control of its structure ahead of the 2027 general election.

The battle for the soul of the PDP had shifted to the control of Rivers State structure with Damagum and the National Secretary, Senator Samuel Anyanwu in August this year, writing to the Appeal Court.

They insisted that the PDP would remain on an appeal over the embattled 27 members of the Rivers state House of Assembly contrary to the legal position of the party.

Still, the agreement with the Dangote refinery raised concerns that the government was about to row back on its currency reforms after Dangote said that the Edun committee will come up with an “agreed” foreign-exchange rate for the transaction, and also fix the price at which he’d sell his gasoline.

The central bank pushed back on conversations to fix a rate for the transaction, one of the people said, asking not to be identified to enable them speak freely on private negotiations. Spokespeople for the Dangote refinery and the Central Bank of Nigeria declined to comment.

The state-owned NNPC has also signalled that it plans to end its role as the sole domestic buyer of the billionaire’s gasoline, paving the way for other retailers to negotiate with the Lagos plant as the government moves toward full deregulation of the market. That will likely see pump prices that rose 45% in September go up again.

The refusal to also fix petrol prices from the refinery may result in an effective end to subsidy payments on the fuel that totalled about $10 billion in 2022.

Also yesterday, the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) declared that the new petrol prices would stifle Micro, Small and Medium Enterprises (MSMEs) out of business and pose significant challenges for Nigerian businesses and households.

Continues online

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THURSDAY, OCTOBER 10, 2024 • T H I S D AY

NEWS

ANNOUNCING THE INAUGURATION OF FACT FINDING COMMITTEE...

Minister of Solid Minerals Development, Dr. Dele Alake (middle); Permanent Secretary, Ministry of Solid Minerals Development, Dr. Mary Ogbe (left); and Special Adviser to the Honourable Minister, Kehinde Bamigbetan, during a press briefing and inauguration of the fact-finding team constituted to mediate in the face-off between Osun State government and Segilola Resources Operating Limited (SROL) in Abuja... yesterday

Osun/Segilola Face-off: Alake Inaugurates Probe Panel, Insists States Lack Powers to Shut Mining Operations Folalumi Alaran in Abuja

The Minister of Solid Minerals Development, Dele Alake, has inaugurated the fact-finding team constituted in the heat of the face-off between Osun State Government and Segilola Resources Operating Limited (SROL).

The minister last week announced the constitution of a fact-finding committee to look into the circumstances that led to the sealing off of the gold mining company on account of alleged tax evasion and other sundry infractions.

In a press briefing, Alake restated the position of the federal govern-

ment that mining belongs to the exclusive legislative list and as such, sub-nationals have no powers to unilaterally disrupt mining operations across the country. " I'd like to reaffirm our position that though mining companies must obey all laws and regulations guiding their operations such as payment of taxes, environmental regulations, Corporate Social Responsibility (CSR) amongst others, it is our firm belief that sub national authorities do not possess the power to arbitrarily shut down mining operations.

“This is because the mining of liquid or solid minerals belongs in the exclusive list, within the

purview of the federal government, to regulate, legislate and direct", the minister asserted.

The minister stressed that the federal government understands the peculiarities of the mining environment and the need to collaborate with sub-nationals, hence the leeway provided for states to apply for mining licenses to participate actively in the mining sector whilst taking advantage of their nominees in the Mineral Resources and Environmental Management Committee (MIREMCO) to superintend over mining activities in their domain.

The minister stressed that the federal government understands the peculiarities of the mining

environment and the need to collaborate with sub-nationals, hence the leeway provided for states to apply for mining licenses to participate actively in the mining sector.

He added that this is whilst taking advantage of their nominees in the Mineral Resources and Environmental Management Committee (MIREMCO) to superintend over mining activities in their domain. " MIREMCO exists in all states of the federation, and they are charged with the responsibility of ensuring compliance of mining companies with the extant regulations and laws.

“Out of the eight members that constitute MIREMCO in each state,

five including the chairman are nominated by state governments hence states are already substantially involved in the regulation of mining activities, thus, there should be no reason for constitutional violations", Alake added.

Inaugurating the committee, Alake declared its Terms of Reference (ToR) to include: Identifying the root causes of the disagreement between Osun State Government and Segilola Resources Operating Limited (SROL); Review of contractual obligations and agreements between both parties; evaluate the impact of the company's operations on host communities and the wider Osun State economy amongst others.

In her remarks, the Permanent Secretary, Dr. Mary Ogbe urged states to cooperate with the federal government to avoid disruptions in mining operations, emphasising that such actions send wrong signals to prospective investors and can be a disincentive to the needed Foreign Direct Investment (FDI) required to develop the sector.

Responding on behalf of the committee, the Vice-Chairman and representative of the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Dele Oye assured the minister that the panel will serve with utmost integrity in fulfilling its terms of reference.

Nigerian Carriers Cannot Stand Army General Relieved of Strict Financial Audit, Says NCAA Command Position over

Administrative Discrepancies Turkish Airlines flight makes emergency landing after pilot dies Linus Nigerian Army in a statement by Aleke in Abuja

Chinedu Eze and Kasim Sumaina in Abuja

The Nigeria Civil Aviation Authority (NCAA) has said that Nigerian airlines were facing precarious economic situation and could all be shut down if the regulatory authorities abide strictly by the result of the financial audit carried out on the operators.

This was disclosed by the acting Director-General, Captain Chris Najomo, who said the domestic airlines are currently going through a lot of financial challenges and many are struggling to sustain their operations, which is a reflection of the deteriorating economic situation in the country.

But he assured that the regulatory authority is doing everything possible to support the airlines and ensure that they operate safely.

Speaking at the South-West Regional Air Transportation Summit in Lagos yesterday, themed: '’Repositioning the Nigerian Aviation Industry for Financial Capability and Economic Viability: An Inclusive Regulatory Dialogue,'’ Najomo who was represented by the Director, Aerodrome and Airspace Standards (DAAS), Godwin Gyang Balang, said.

Although the Nigerian economy is facing significant macroeconomic and developmental upheavals but he said with proper planning and commitment, the challenges would be surmounted with innovative approach.

"At the highest levels of governance, President Bola Tinubu, laid out an eight-point agenda for

economic restoration and growth, which redefined the presidential priority areas of the administration.

This represented a clarion call for all government agencies to efficiently execute their respective mandates.

"The aviation sector aligned with the president’s priority areas through the aviation minister’s five-point agenda.

This remains crucial given the vital role civil aviation plays in national economic development, international trade and investment opportunities," Najomo said.

He said the summit reflects NCAA's commitment to realign its strategies and approaches in fulfilling its constitutional responsibilities, especially as it relates to the strategic initiatives of the minister of aviation and President Tinubu.

He added that the outcome will signal a new era of inclusive regulatory practices, fostering sector growth, safety, service excellence, and improved passenger experiences.

He mentioned that specific objectives of the summit include advocating for adequate funding, sound financial management and operational safety in The Managing Director, Federal Airports Authority of Nigeria (FAAN), Olubunmi Kuku, said at the conference that to harness aviation potential, Nigeria must confront its challenges and embrace transformative strategies, noting that modernising the airports, investing in state-of-the-art technologies, and ensuring world-class facilities were crucial.

This, she said will not only enhance

passenger experience but also attract global airlines and boost tourism, adding that there was also a need to strengthen regulatory framework.

Kuku remarked that by fostering a transparent, efficient, and investorfriendly environment, Nigeria can encourage both local and international investments.

"Investing in the training and development of our aviation professionals is non-negotiable. From pilots to ground staff, the competence and dedication of our workforce are key to maintaining high standards of safety and service," she said.

Meanwhile, a Turkish Airlines flight has made an emergency landing at JFK International Airport in New York after the pilot fainted mid-flight, the airline said Wednesday.

According to Turkish Airlines spokesman Yahya Üstün, the plane had taken off from Seattle on Tuesday and was intended to land in Istanbul, however, the pilot collapsed during the flight, and he died after attempts to resuscitate him were unsuccessful. Üstün, who wrote on X, formerly Twitter, noted, "The pilot of our Airbus 350, flight TK204 from Seattle to Istanbul collapsed during the flight "After an unsuccessful attempt to give first aid, the flight crew of another pilot and a co-pilot decided to make an emergency landing, but he died before landing."

The flight tracking website FlightAware showed that Turkish Airlines flight TK204 departed from Seattle on Tuesday at 7:02 p.m. and landed at JFK on Wednesday at 5:57 a.m.

The Nigerian Army, yesterday, said it was investigating the immediate past Commander, 3 Brigade Kano, Brig. Gen. MA Sadiq, over what it described as ‘administrative discrepancies’.

The Army also disclosed that the commander had been relieved of his command responsibility to ensure a thorough investigation into the allegations levelled against him.

It was gathered that the probe might be connected to some more serious administrative issues, including the mismanagement of palliatives sent by the army high command, especially rice, sent to officers and men under his command.

But the high command of the

the Director, Army Public Relations, Maj. Gen. Onyema Nwachukwu, said the Nigerian Army being a self-regulatory institution founded on the bedrock of discipline, justice and accountability, has zero tolerance for indiscipline.

He added that the authorities would therefore not condone any form of misconduct or illicit actions and inactions that could undermine the threshold of its values and principles.

"The Nigerian Army has been inundated with media reports regarding the immediate past Commander 3 Brigade Kano, Brig.

Gen. MA Sadiq, who is currently undergoing military investigation into administrative discrepancies while he was Commander 3 Brigade.

House to Investigate Buhari's Tax Credit Scheme Juliet Akoje in Abuja

The House of Representatives has resolved to investigate the Road Infrastructure Development and Refurbishment Investment Tax Credit scheme initiated by the former President Muhammadu Buhari.

The House also mandated its Committee on Works to determine the beneficiaries’ eligibility and selection process by examining the criteria used by the scheme’s management committee to select participating companies and determine if they

align with the scheme’s objectives.

Consequently, the House directed its committee to ascertain the impact on Road Infrastructure Development through the evaluation of the impact of the scheme on road infrastructure development in Nigeria and identify the challenges and limitations faced by participating companies and recommend solutions as well as review the transparency and accountability mechanisms in place to ensure the scheme’s effectiveness.

These resolutions followed the adoption of a motion of Urgent

Public Importance on the impacts of the scheme which was established through Executive Order No. 007 in 2019 moved by Hon. Ibrahim Aliyu at plenary yesterday.

Aliyu while presenting the motion underscored the need to ensure accountability of public funds, queried the effectiveness of the scheme.

The lawmaker stated that the tax scheme was established by Executive Order No. 007 in 2019, recalling that the federal government then stated that Nigeria needed N348 trillion over 10 years to bridge the nation’s

infrastructure gap.

"This Tax Credit Scheme, is meant to encourage private sector participation in road infrastructure development Nigeria. It allows companies to recover costs incurred in constructing or refurbishing eligible roads as tax credits against their future Companies Income Tax (CIT) liability," he said.

He further noted that five years after its inception, the scheme’s effectiveness which hinges on the viability and cost efficiency of projects undertaken was yet to be ascertained.

thursday october 10, 2024 • T H i s d ay

37

NEWS

NEM INSURANCE CUSTOMER SERVICE WEEK…

L-R: Deputy General Manager, Marketing and Business Development, NEM Insurance Plc, George Emefiele; brand Ambassador, Bukunmi Adeaga-Ilori (KieKie); Executive Director, Finance & Investment, Idowu Olaitan Semowo; General Manager, Corporate Services, Mojisola Teluwo, and Executive Director Technical, NEM Insurance, Adeyemi Mabayoje Mayadenu, during the commencement of the NEM Insurance 2024 Customer Service Week in Lagos… recently ETOP UKUTT

Human Rights Activist Calls for Reforms of Nigeria’s Judicial System Emma Okonji and Agnes Ekebuike

Following the conflicting court orders that escalated the challenges rocking local government polls in Rivers State, a human rights activist, Liborous Oshoma, has called for urgent reforms of Nigeria’s

judicial system.

Oshoma, who spoke yesterday on ARISE News Channel, the broadcast arm of THISDAY Newspapers, raised concerns over the increasing politicization of Nigeria’s judiciary, while calling for urgent reforms to insulate the judiciary from political interference. He emphasised the

‘Health Inequality Worsened by 300% Rise in Drug Price’ Omolabake Fasogbon

A non-profit organisation, Pistis Foundation, has decried the rising cost of orthodox drugs, which they said have aggravated health disparity gap in the country.

The foundation also found worrisome declining doctor to patient ratio that is presently about 1,000 percent below the World Health Organisation (WHO) recommendation.

The Founder and Board Chair of Pistis Foundation, Godman Akinlabi, reiterated the urgency to address health gap, citing risks on Nigeria’s most vulnerable

population.

Speaking at a five-day medical outreach tagged: ‘Ubomi’, in Lagos, Akinlabi worried that present situation posed a significant threat to the realisation of Sustainable Development Goals (SDGs).

He explained the imperativeness of the initiative in the past five years to bridge health gap and address expanding health needs of underserved population.

The outreach, delivered in partnership with Pro- Health International and other outfits, had over 100 medical professionals attended to different health cases of over 5,000 Nigerians at no cost.

WAPTV Crowned Indigenous TV Channel of the Decade

Sunday Okobi

WAPTV has been awarded the ‘Outstanding Indigenous TV Channel of the Decade’, at the prestigious Marketing Edge Awards which took place recently in Lagos.

The television state was honoured with several other reputable media houses, corporate brands, advertising practitioners, and government MDAs in attendance and others as award recipients.

The event, which was organised by Marketing Edge Magazine, selected WAPTV to be honoured “because not only is

wapTV the very first TV channel in Nigeria to have presenters speaking Pidgin, wapTV has shown consistency for over 10 years of airing the very best Nigerian movies (English, Yoruba, Igbo, and Hausa); TV Dramas, Reality Shows, Comedy Series and Skits, Music Videos, Events, Educational Content, Celebrity Interviews, Cooking Shows, Sports, Religious Broadcasts, Talk Shows, Entertainment News, Documentaries, Fitness Shows, and other diverse content, with something for everyone across classifications of age, ethnicity, gender, religion, socio-economic class, among others.”

detrimental impact of conflicting judicial orders on the country’s democratic processes, insisting that the judicial system needs urgent reforms.

The Federal University of Agriculture, Abeokuta (FUNAAB), has appointed Dr. Titus Adeniyi as the new Registrar and Mr. Olukayode Osinuga as the new Bursar.

The appointments, according to a statement signed by the Acting Head, Directorate of Public Relations, Olasunkanmi Olajide, were confirmed yesterday, during the 110th Statutory Meeting of the University’s Governing Council.

While presenting the letters of appointment to the new appointees, the Pro-Chancellor

and Chairman of the Governing Council, Oba Abdur-Rasheed Ayotunde Olabomi, Odundun IV, the Aragbiji of Iragbiji Land, emphasised the University’s unwavering commitment to transparency and merit-based recruitment, stating that the appointments followed a rigorous process that was initiated in 2023 but delayed due to the change of Governing Council members.

He said: “FUNAAB is a centre of excellence and meritocracy. This is why the University continues to thrive and ascend to greater heights.

“Everything that politicians touch in this country, they destroy it,” he said, adding that the root of the challenges lies in the involvement of courts in

pre- and post-election matters.

Oshoma said: “The only way to solve the problem is to remove election-related cases from the courtroom.”

Plateau LG Polls: Voting Time Extended amidst Large Turnout, late Arrival of Materials

Seriki Adinoyi in Jos

The Plateau State Independent Electoral Commission (PLASIEC) yesterday extended closing time for voting from 3.00p.m to 5.00p.m to accommodate large turnout electorate in the local government elections.

A statement signed by Head of Media of PLASIEC, Mr. Koro Yakubu, said: “The commission hereby notifies the general public, political parties, candidates, and all stakeholders that the time for the conduct of the ongoing local government elections in Plateau State has

been extended.

“The election, which was scheduled for 8.00a.m to 3.00p.m has now been extended by two hours and is expected to end by 5.00p.m in the affected polling units. “This extension has become necessary due to unforeseen challenges

encountered in some areas as regards the late arrival of sensitive materials in certain polling units across the state.

“The commission is actively addressing this issue and working to ensure that all materials are deployed accordingly and every voter exercises their franchise.

MBCE Kicks against Calls for Regional Government, Says It’s Untenable

JohnShiklaminKaduna

The Middle Belt Council of Elders (MBCE) has kicked against calls for the return of regional government.

In a statement yesterday in Kaduna, the council maintained that given the complex nature of Nigeria’s diverse federation, the call by some people for a return

to regionalism is untenable.

The statement jointly signed

by Gen. Zamani Lekwot (rtd), and Jonathan Tsaku, chairman and secretary respectively of the council, said under such a system the minorities ethnic groups were marginalised by the major ethnic groups. The group said rather than advocating regional government,

the country should be restructured and more states should created.

The statement said: “Under the regional system the minority ethnic groups were marginalised by the major ethnic groups.

“Since change is the progressive phenomenon that makes life interesting, true federalism with the states under the zones as the

federating units, as recommended by the 2014 national conference, is the most cost-effective option, which we fully support.

“Creating a few more states, with boundary adjustments where necessary, would bring governance closer to the people, enhancing purposeful development, peace, and tranquillity.”

Pay Our Severance Gratuity before We All Die, Amosun’s Ex-Aides Beg Abiodun Following the untimely death of another aide of a former governor of Ogun State, Senator Ibikunle Amosun, the forum of Special Assistants has appealed to the Governor Dapo Abiodun, to pay their severance gratuity on compassionate grounds.

Mr. Temitope Osifade left his job to serve as one of the Special

Assistants to former Governor Ibikunle Amosun. He was one of the many diligent political office holders that served Ogun State between 2015 and 2019 but are yet to receive their statutory severance allowance before his death.

According to a press statement signed by Fakorede

Adesanya, Okoya Babatunde and Musiliu Oladeinde, the forum of Special Assistants (2015 - 2019) mourned the death of Temitope Osifade and wished he were alive to receive the expected kind gesture of Governor Dapo Abiodun.

“Osifade was a loyal party man, a humble man to the core,

who served Ogun State with all his might. He will be sorely missed in Ijebu Remo and across the state,” the statement said.

“Some of us are confronted with so many challenges, including health and psychological trauma. We need money to take care of our health and our families.”

Basic Education: FG Tasks Teachers to Integrate Moral Lessons into Teaching Practice Kuni Tyessi in Abuja

The federal government has tasked teachers of basic education, to as a matter of urgency, integrate moral lessons into their daily teaching practice.

It stated that in doing so, a generation of learners who are

not only academically competent but also emotionally intelligent, socially responsible, and morally upright will be cultivated.

This is even as the National Council of Education will be launching the basic education curriculum today, and has infused in it the values that will

address the orientation needed to regenerate the nation’s social values.

The Minister of State for Education, Dr. Tanko Sununu, who stated this yesterday at the flag-off of teacher training and launching of sensitisation materials on moral reorientation and

regeneration in basic education, said the country is witnessing several societal changes, such as increasing incidents of terrorism, internet fraud, sexual biases, indiscipline, and violence among young people, hence the need for moral regeneration which cannot be overstated.

Comply with Approved Building Specifications or Risk Revocation, Lagos Warns Builders

FUNAAB Appoints New Registrar, Bursar SegunJames

James Sowole in Abeokuta

Oshoma noted that while Nigerians are generally lawabiding, politics has become a destructive force within the nation’s judiciary.

Lagos State Government yesterday warned builders that they risk revocation of their approve building plans if they embark on shoddy project or refuse to follow approved master plan for the state The government also made it clear that the plans in place to

ensure stakeholders comply with required regulations are in their own interest.

The state Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Olumide, who gave the warning during a press briefing at Alausa, Ikeja, said: “We are committed to be able to benchmark accordingly and

arrive at the master plan. Building approval in Lagos is below 25 percent. Across the country, we have between 18 and 28 percent, and the highest is 32 percent.

“We have a lot of challenges so we must ensure that we increase the percentage. This is the only planet earth we have, and everyone has a name, the same thing applies

to structures, every building must get approval.”

The briefing was to herald Physical Planning Summit scheduled to take place on October 15 and 16 at Eko Hotels, Lagos, where stakeholders are to brainstorm on ways to chart a better course for the state development.

NEDC Partners Lobito Group, Empowers 560 Food, Tea Vendors in 20 LGAs in Bauchi

Segun Awofadeji in Bauchi

The North East Development Commission (NEDC) has partnered the Lobito Group for Asiwaju to empower 560 food and tea vendors across the 20 local government areas

of Bauchi State.

The state Chairman of Lobito Group for Asiwaju, Alhaji Abdulahi Lanzai, who disclosed this at the flagging-off of the empowerment in Bauchi yesterday, said the empowerment initiative was aimed at boosting

petty businesses across the 20 local government areas in the state.

According to him, “By providing these essential items, the commission hopes to enhance the capacity of local food and tea vendors, enabling them to grow their businesses and contribute

to the state’s economic growth.”

Also speaking, Malam Usman Yau, the national coordinator of Lobito Group for Asiwaju, said this move is part of the group and the commission’s efforts to support the economic development of the people in the grass-roots.

38

THURSDAY, OCTOBER 10, 2024 • THISDAY

BACK PAGE CONTINUATION

IS THERE JUSTICE FOR WORKERS IN NIGERIA? Unfortunately, it is such contrived court orders that the police are ever eager to obey most often against the public interest. (NOTE: After my presentation yesterday, Mr Nnamonso Ekanem, SAN, said I was wrong on the case of Rivers State, and that the Federal High Court Judge did not restrain the police. He asked me to go and read the Certified True Copy of the judgement.

Ekanem was immediately countered by another SAN, Jibrin Samuel Okutepa, who said the Judge indeed restrained the Police in what he described as an affront on the law. Okutepa (who later sent me the CTC of the 45-page judgement) was unsparing of the antics of some judicial officers in the country. Interestingly, shortly before I left the court, a respected retired Jurist whispered to me that my position is indeed unassailable.

The Judge not only restrained the police from carrying out their constitutional responsibility, according to the eminent jurist, but he also prevented the Independent National Electoral Commission from providing a voters register that would have aided the conduct of a credible local government election in the state).

Meanwhile, at the rate some Judges are going; they will soon be granting injunctions to spouses who seek to restrain their partners from performing matrimonial duties in ‘The Other Room’. Now that prominent politicians are openly describing judgments emanating from our courts as ‘Kangaroo judgement’, it is incumbent on the National Judicial Commission (NJC) to step in and deal with blatant deviant behaviour among its members. But that is not why we are here today.

The NICN may have been envisioned as a specialized superior court of record with the aim of having its divisions everywhere in Nigeria, but this vision, in my view, is yet to be achieved. From its website, the NICN currently has twenty-eight (28) divisions outside the Abuja division. This means that eight states are left without a division of the NICN. Regrettably, that includes my state, Kwara, where the presence of the court is no more than a Registry located at 13A Offa Road, Ilorin. This lack of national spread not only raises the issue of awareness and accessibility but also limits the court’s ability to serve all segments of the population effectively.

There is another issue that relates to a crisis of mission, though not of its own making. In creating the NICN in the mid-seventies, the military government at the period envisioned sustainable rapid industrialization of Nigeria which they reasonably believed would make industrial disputes inevitable. For instance, between 1975 and 1985, Nigeria experienced significant industrial growth driven by the oil boom and government-led initiatives aimed at diversifying the economy. This period saw the establishment and expansion of various manufacturing companies across different sectors, including food and beverage, textiles, cement, pharmaceuticals, and more. Unfortunately, that sector is now almost comatose with dire implications for the national economy.

I began from the premise that the NICN has done quite a bit to advance labour jurisprudence in Nigeria based on my rudimentary research.

But, as attested to by Justice Adejumo, the work of the Court is not known to most Nigerians.

Even lawyers are not particularly conversant with it, according to some legal experts. In his book, ‘Rocheba’s Labour Law Manual (with International Conventions of Occupational Health and Safety)’, Enobong Etteh who has edited several Nigeria Labour Law Reports alluded to this. “A good number of the lawyers that appear before the court (NICN) do not appreciate the law and practice of the court. And consequently, they carry on as if what obtains in the regular courts necessarily obtains in the NICN,” Etteh wrote. “This is far from being so as the NICN is a specialised court permitted to regulate its procedures and proceedings as it thinks fit, and is not bound by any rules of evidence, although it may inform itself on any matter in such manner as it thinks just.”

However, the biggest challenge to labour justice has come from the regular courts. Between 2010 and 2024, the NICN has had a number of its decisions overturned, particularly by the Court of Appeal and the Supreme Court. These reversals often stemmed from jurisdictional challenges, misinterpretation of labour laws, and procedural issues. I will highlight three of such notable cases and what they mean for labour justice in Nigeria. The first is the case between Skye Bank Plc (now Polaris Bank) and Victor Iwu. The NICN had ruled in favour of the claimant regarding wrongful termination of appointment. But the Supreme Court overturned the NICN decision and clarified that the Court of Appeal has the jurisdiction to hear all civil matters from the NICN, not just those related to fundamental rights.

Considering that there were already two conflicting judgements of the Court of Appeal regarding appealability of the NICN on the

exclude such a huge percentage of workers from access to justice and social protection and imagine we can develop our society? Take farmers for example. Because of their vocation, they are both employers and employees who feed the nation. Their incapacitation by reason of insecurity and natural disaster has resulted in nationwide shortages of foodstuffs, high cost of food crops and hunger in the land, impacting all Nigerians.

Yet, they are excluded from any form of labour justice or social protection.

What the foregoing suggests is that in Nigeria today, labour justice is designed more for the formal sector. We need to redress this anomaly by the instrumentality of law and policies. Can there be a law mandating that at least 75% of the labour justice standard applicable to the formal sector also be made applicable to the informal sector? With that, we can address issues like unwritten contract agreements regarding wages, hours of work, and other indices of labour justice enjoyed by the formal sector. At present, there is no such law. These are some of the issues that should concern the National Assembly whose members seem obsessed with where and how Mr Bobrisky was sleeping when serving his jail term.

I am also aware of the principles of the Common Law of Contract that make some oral contractual agreements enforceable. So, may I ask: Will this court or any tribunal for that matter adjudicate on the hypothetical case of an office clerk whose employer refuses to pay him the meagre amount orally agreed by both parties, and then lays him off after working for 13 months? Will our court not be technically rigid by asking for a document evidencing labour agreement?

CONCLUSION AND RECOMMENDATIONS NLC President, Joe Ajaero issue under reference, this ruling overturned the prevailing belief that decisions of the court were final except in cases involving human rights or criminal matters, thus opening the door for more NICN decisions to be appealed. There are implications for this decision. I know that this may not sound well to lawyers but I am of the view that the NICN should have both original jurisdiction and final say on some issues pertaining to workers. Especially those relating to compensation for injury or disease and wrongful dismissal. Allowing all cases instituted at the NICN to be subject to appeal may not bode well in a country like ours. While it is conceded that the right of appeal may encourage NICN judges to be careful about their decisions in cases before them, some unscrupulous employers could use the right of appeal as a punitive measure or a delay tactic.

The second case is that between Chevron Nigeria Ltd and Mr. Titus Oyegun. While the NICN ruled in favour of the employee in a wrongful termination claim, the Court of Appeal overturned the decision, arguing that the NICN overstepped its jurisdiction by addressing certain contractual matters that should have been handled by the High Court. I am of the opinion that the decision of the Court of Appeal upturning the decision of the NICN should be tested at the Supreme Court. I do not believe it is in the interest of labour justice to exclude contractual matters from the jurisdiction of the industrial court.

In the third case between Arik Air Ltd and Mr Gabriel Igbinigie, the NICN had ordered the reinstatement of the claimant and awarded compensation. The Court of Appeal overturned the decision on grounds that the NICN exceeded its jurisdiction by ordering reinstatement. This was based on the time hallowed labour principle that you cannot force a willing employee on an unwilling employer. I understand the point the appellate court is trying to make but I still do not believe the ruling will serve the end of labour justice. In such circumstances, I would prefer punitive damages and compensation for aggrieved workers as a deterrent to arbitrariness on the part of employers.

The next point I want to make may sound a little bit heavy but there is a perception among some stakeholders that the judges of the NICN tend to be biased, especially in favour of the government. That is understandable since the jurisdiction conferred on the NICN dictates that a good percentage of its cases will involve government as employers of labour. The challenge is that a labour court considered biased may be unhelpful to workers. I must, of course, state here that the allegation of being pro-government cannot be sustained by any credible evidence.

When the federal government secured an injunction restraining the Nigeria Labour Congress (NLC) from proceeding with its proposed nationwide strike last year, the Congress accused the court of a “continuous weaponisation of the instrument of Exparte injunction in favour of

government.” According to the NLC President, Joe Ajaero, “that is against the interests of Nigerian workers.” However, it should be noted that in several instances, the government has also attacked the judgments of the court. I remember the former Governor of Kaduna State, Mallam Nasir El-Rufai saying that one of the biggest mistakes Nigeria made was to establish the NICN, citing instances when judgements were entered against the government in favour of workers. So, if neither the government nor the NLC appear comfortable with the NICN, then the court must be doing something right. However, while the perception of being pro-government may be baseless, it can undermine public confidence in the court’s impartiality and fairness.

BANE OF EXCLUSIVE JURISDICTION As the ILO has succinctly put it in their publication, ‘Overview of procedural for access to labour justice in judicial dispute resolution institutions’, access to labour justice should not only be viewed from the perspective of labour courts and the right to have a claim examined by an impartial judge. It should also encompass access to a fair procedural regulation which enables real conditions of equality before recuring to the judiciary. The emerging regime in labour justice globally is ensuring effective labour dispute prevention and resolution, in law and practice.

The notion of access to labour justice, according to the ILO, “encompasses judicial and non-judicial mechanisms and institutions dealing with the prevention and resolution of individual and collective labour disputes.” That’s why I must commend the establishment of the Alternative Dispute Resolution (ADR) Centre of the NICN to resolve certain labour related disputes using the process of mediation and/or conciliation. Since an effective labour justice system accommodates other active players, the exclusive jurisdiction of the NICN as guaranteed by the Industrial Act and Constitution may be unhelpful. Exclusive jurisdiction doesn’t, in my view, enhance access to justice for workers. For instance, the history of the labour court in England shows how refusal by the major labour unions to appear before it ultimately led to the labour court ceding the majority of its powers to administrative tribunals.

THE INFORMAL SECTOR I find it disturbing that in conversations about labour justice in Nigeria, there is hardly any thought given to the informal sector. Yet, as of the first quarter of 2023, according to the National Bureau of Statistics (NBS) ‘Nigeria Labour Force Survey’, 92.6 per cent of workers in Nigeria were in informal employment. If you exclude agriculture from this sector, going by the survey, we still have 89.4 per cent of our people in informal employment. How can we

To enthrone labour justice in Nigeria, there is need for effective enforcement of labour laws. But it is important to also note that labour laws in Nigeria are complex and with outdated provisions that make their interpretation and application challenging. This complexity has often led to unpredictable judgments and uncertainty in labour relations and justice. There is therefore an urgent need to align these laws with current realities and international labour standards.

As I take my seat, let me briefly speak to the issue of compensation for injury or disease contracted at the workplace. Based on the duty of care to which workers are owed by their employers, the Employee Compensation Act of 2010 provides comprehensive compensation to those who sustain injury from accidents at the workplace. There is a brilliant disquisition of the Act by Mr Ajibola Olaosebikan, a lawyer.

“Despite the existence of robust legal frameworks, several challenges persist in the realm of employee compensation in Nigeria. Enforcement of labor laws can be inconsistent, especially in smaller enterprises or informal sectors where oversight is limited” he wrote after reviewing all the provisions in the Act. “This inconsistency sometimes leads to exploitation and unfair practices, such as inadequate wages or denial of benefits.”

Many countries have devised creative ways by which workers in the informal sector can access justice, especially when in distress and there is no reason why we should not learn from them. In Canada, for instance, they have the Workplace Safety and Insurance Board (WSIB), an independent trust agency operating under the Ministry of Labour for small businesses that employ staff like nannies, babysitters, gardeners, bar attendants etc. Regulated by the Workplace Safety and Insurance Act (WSIA), it is a collective liability insurance to which employers subscribe.

It provides compensation to employees in the event of a workplace accident.

Finally, we must understand that public interest is served when workers are not only fairly treated but also economically empowered.

But in a society where there is weak enforcement of labour laws to protect workers, it is easy for employers to evade legal responsibilities.

That’s why and how most of the banks and oil sector companies now deploy graduates as casuals who are paid peanuts and deprived of the opportunity to become mainstream workers.

This is an issue that should be addressed by relevant stakeholders.

What the government, at all levels in Nigeria, must understand is that a system that ensures labour justice also fosters cohesion as addressing grievances in the workplace can prevent social unrest and promote harmony. To the extent that public interest is tied to ensuring a humane interpretation of socio-economic rights, relevant authorities must ensure that workers’ rights are respected, fair wages are paid, and safe working conditions provided. All of these are geared towards balancing the rights of workers with the economic and social well-being of society as a whole. Prioritizing labour justice, therefore, is a public interest imperative.

39

T H I S D AY • THURSDAY, OCTOBER 10, 2024

THURSDAYSPORTS

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

0811 181 3083 SMS ONLY

Eguavoen: Winning Double over Libya Will Qualify Eagles for AFCON 2025 Arrival of Osayi-Samuel, Iheanacho and Ejuke complete 23-man list

Femi Solaja Interim Head Coach of Super Eagles, Augustine Eguavoen, has set as objective, the maximum six points from this month’s double header between Nigeria and Libya’s Mediterranean Knights in the teams’ Group D attrition as the race to next year’s Africa Cup of Nations finals hots up.

Nigeria will host the first game at the Godswill Akpabio Stadium,

Uyo on Friday evening, with the return fixture at the Martyrs of Benina Stadium in Benina, 19 kilometres from Libya’s second city Benghazi, on Tuesday night.

“We have to be practical about it: our best and surest route to the finals will be to pick up the six points in the matches with Libya, and be somewhat guaranteed of a place in Morocco even before Matchday 5. We don’t want to be in any anxiety in the run-in in

this qualifying campaign.

Eguavoen admitted that he was going to miss the absence of Napoli Loanee at Galatasaray, injured Victor Osimhen.

“I admit we will miss Victor (Osimhen), but I believe in the other strikers available to get us the goals that will give us the three points in Uyo, and the three points in Libya,” Eguavoen assured Nigerian football fans.

Twenty of the 23 invited players

trained in Uyo on Tuesday evening, with defender Bright Osayi-Samuel and forwards Kelechi Iheanacho and Chidera Ejuke arriving camp yesterday morning.

Leaders Nigeria have four points from their two matches so far, one point ahead of Benin Republic and two ahead of Rwanda. The Eagles will go to 10 points with a double win over Libya, while both teams on Nigeria’s heels are in attrition and are bound to chop at each

other’s advantage one way or the other.

Wins for Benin Republic in both matches will take them to nine points, still short of Nigeria’s probable tally of 10, but Rwanda will remain stuck at two and Libya one, with only two matches left in the campaign. Wins for Rwanda will leave Benin Republic stuck at three points and Rwanda at eight.

Augustine Eguavoen...targets maximum points against Libya

2025 CHAN: Another Ghana Jollof Derby Challenge for Nigeria The CHAN Eagles will take on perennial rivals Ghana in another Jollof Derby to decide the team to feature at next year’s CHAN in East Africa.

The CHAN Eagles, who are made up of players who play locally, will travel for the first leg in Ghana between December 20 and 22, while they host their sub-regional rivals a week later.

The overall winners over both legs will advance to the 2025 CHAN to be hosted in February by Uganda,

Kenya and Tanzania.

Incidentally, Ghana denied Nigeria a place at the last CHAN.

AFCON 2025 QUALIFIERS (Today) Namibia v Zimbabwe C’Verde v Botswana DR Congo v Tanzania Ghana v Sudan Algeria v Togo B’Faso v Burundi

Wimbledon to Drop Line Judges after 147 Years Bright Osayi-Samuel arrived the Super Eagles camp in the Akwa Ibom capital ahead of Friday’s AFCON 2025 qualifiers against Libya.

Africa Military Games 2024 Will Project Nigeria's Security, Says Wike Olawale Ajimotokan in Abuja FCT Minister, Nyesom Wike, has assured Nigerians that the second edition of Africa Military Games, slated for November in Abuja, will boost economic activities and highlight the country’s progress in security advancements.

He asserted this yesterday when he received the Chief of Defence Staff, General Christopher Musa, in Abuja.

Wike said visitors will leave with a different narrative, stressing that they often form impressions about Nigeria from afar without first hand experience.

He said the event will showcase Abuja to the world that the nation's capital and the country are safe and ready to host international events.

The former Rivers State governor equally assured the CDS that the FCTA will provide all the necessary supports to ensure the success of the event without security hiccups.

"This is an international event and we cannot afford any embarrassment.

“We are working with security agencies to make sure the games go smoothly. Security is a priority and we are expediting all necessary measures.

“No effort will be spared to ensure there are no security threats during the event. Nigeria must ensure that this international game runs without disruption," Wike said.

In his remarks, Gen Musa lauded Wike for turning around the security situations in the FCT within a very short period of one year.

He said the Africa Military Games to be attended by 40 countries is to show to the world that Abuja and Nigeria are safe.

"It is to showcase Nigeria in

great light to the world, not only in Africa but to the entire world that Abuja is safe, Nigeria is safe. Most people when you travel out, The impression some foreigners give about Nigeria is that the country is very hostile, but Nigeria is more secured than most of these countries.

We all know that Nigeria is safe,

Abuja is one of the safest places that anybody will ever live," Musa stressed.

The CDS added they were leveraging on the FCT Minister to enable a successful and hitch-free games that were part of the renewed agenda of Mr President to project Nigeria to the world.

NOC, NSSF Train over 100 Games Masters on Olympic Values To familiarise games masters with the International Olympic Committee (IOC) initiative known as the Olympic Value Education Programme (OVEP), the Nigeria Olympic Committee (NOC), in collaboration with the Nigeria School Sport Federation (NSSF), commenced a three-day capacity training which began yesterday, in Abeokuta, the Ogun State capital.

Supported by the Ogun State Universal Basic Education Board (SUBEB), the training brought together over 100 games masters from primary schools in the 20 local councils of the state.

In his opening remarks, NOC President, Habu Gumel, represented by Kemi Obidahunsi, NOC’s Head of OVEP, emphasized the importance of training

in disseminating the ideals of OVEP to pupils through games masters.

“Our athletes start from the cradle, and games masters are crucial in nurturing these athletes. To reach the grassroots, we must engage with games masters in schools, blending sports and education. This programme aims to build character and educate them on doping; safeguarding; psychology, and nutrition. Games masters will learn and return to their schools to impart this knowledge,” she said.

NSSF President, Olabisi Joseph, highlighted the programme’s goal to update games masters on current trends in sports development and equip them to teach students effectively.

“We thank the NOC and Olympic Solidarity for making this programme possible. We aim to empower games masters to impact our pupils positively.

The OVEP initiative will expose them to new skills for talent identification and knowledge transfer. We appreciate the support from SUBEB and the Ogun State government for creating a conducive environment for this extensive training,” she said.

Board Secretary of Ogun SUBEB, Mukaila Lawal, expressed gratitude to NOC and NSSF for selecting Ogun as the first centre outside Lagos and Abuja, pledging that the training would benefit schools across the state.

The training will conclude on Friday at the NUT Conference Hall in Abeokuta.

Line judges are to disappear from Wimbledon after 147 years as the All England Club will adopt electronic line calling from 2025.

The technology will be in place for all qualifying and main draw matches and replace the judges who were responsible for calling shots 'out' and 'fault' on a serve.

The Australian Open and US Open adopted electronic line calling in 2021 and 2022 respectively.

Wimbledon's hand has been forced by the ATP's decision to adopt Electronic Line Calling Live across the men's tour from 2025, while the women's WTA Tour is moving in the same direction.

Wimbledon's decision means the clay-court French Open is the

only major yet to ditch line judges.

"The decision to introduce Live Electronic Line Calling at The Championships was made following a significant period of consideration and consultation," the All England Club Chief Executive, Sally Bolton, announced yesterday.

"Having reviewed the results of the testing undertaken at The Championships this year, we consider the technology to be sufficiently robust and the time is right to take this important step in seeking maximum accuracy in our officiating. For the players, it will offer them the same conditions they have played under at a number of other events on tour,” observed Bolton.

GCU Relays Countdown Begin, as Akpomudje, Majoroh Drum Support The sixth edition of the annual Government College Ughelli (GCU), Relays is some 30 days to its first starter’s gun blast. And the countdown has effectively begun.

Spontaneously, both the Immediate Past President General and President General Worldwide GCUOBA, Arc. Charles Majoroh and Chief Albert Akpomudje (SAN), have called for increased support for the GCU Relays.

With seven years into the GCU Relays, the built and donated Tartan Tracks, courtesy of NNPC/SHELL are in urgent need of rehabilitation. ‘’We should be able to fix some of the peeled-off sections with a proper patch for the immediate period,” Majoroh hinted yesterday.

Still, PGWW Akpomudje is pushing for more sustainable and longerlasting work on the Tracks. ‘’We still must reach out to Corporate Nigeria, especially NNPC/SHELL for a much more comprehensive job on the Tracks,” ‘Akpomudje said.

Familiar powerhouses, Hussey

and Urhobo College are up against emerging opposing forces of Federal Government College Warri and Novena University Staff College, Kwale as well as hosts Government College, Ughelli, who at the last edition dazzled in the modern kits donated by Ancient Mariner, Sir Joseph Arumemi- Ikhide.

The stakes are higher than before with improved rewards setting the tone for intense battles between the perennial contenders and ambitious debutants.

As the quest for Intercollegiate Athletics glory unfolds, only time will separate the pretenders from the Champions as new talents are uncovered, just as rivalry and supremacy have started and excitement is at a fewer pitch, as the legacy schools converge for honors, with the sumptuous bait for the Race for Glory.

Key to the GCU Relays ‘’is to progressively build and cement healthy interaction between secondary schools and students from different states of the Federation’’.

Thursday, October 10, 2024

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Price: N400

MISSILE

Aliko Dangote to Federal Government

“To ensure sufficient feedstock availability we will need to stop mortgaging crude. It is unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, in Africa, we are spending oil proceeds from the future today” - The President of Dangote Group, on why the federal government should ensure the availability of crude feedstock for local refineries.

OLUSEGUNADENIYI Is there Justice for Workers in Nigeria?

THE VERDICT olusegun.adeniyi@thisdaylive.com

The National Industrial Court of Nigeria (NICN) held its 2024/2025 Legal Year ceremony yesterday in Abuja. With a retired Justice of Supreme Court, Ejembi Eko as Chairman, I was the guest speaker. Below is a slightly abridged version of my presentation that speaks not only to labour justice and public interest but also the rule of law and the role of Judges in Nigeria. ===============================

I

consider it an honour and a privilege to stand before this august gathering as you celebrate the 2024/2025 Legal Year.

I expect many of you may be wondering what qualifies me to be here and why a journalist is presenting a paper on labour justice and public interest. Perhaps I should let you in on a secret. I got the invitation for this assignment when I met an energetic man playing ping pong (table tennis) sometime last year. Had I not been introduced to the gentleman before I watched him toss the ball upward with his left hand and strike it fiercely with his right, it would have been difficult for me to believe that he was the Honourable Justice Benedict Kanyip, President of the National Industrial Court of Nigeria (NICN). Even though we exchanged contacts that day, I decided not to dwell too much on the promise because I thought it was one of those spur-of-the-moment decisions people make while in a jolly mood. But early this year, the honourable justice followed up with a call to remind me that I would indeed be the speaker at the 2024/2025 Legal Year ceremony. I cannot thank Justice Kanyip enough for the honour.

Let me also appreciate other Judges of this court. My understanding of the contributions of the NICN to labour jurisprudence in our country has been enriched in recent days. To prepare my paper, I spent considerable time at the Court’s library. And, as it is with most libraries in Nigeria, the environment could be better.

But I was fortunate to encounter two dedicated library staff who painstakingly provided me access to relevant materials, including ‘Digest of Labour Cases in Nigeria (1960 to 2012)’ and ‘Digest of Judgements of National Industrial Court (1978 – 2006)’ edited by Oluwole Kehinde with foreword (to both books) written by a former President of this Court, Justice Babatunde Adejumo. These materials, and a few others I browsed through, catalogue hundreds of cases decided by this court to advance the course of justice for workers in Nigeria.

I have been asked to speak on labour justice and public interest. There could not have been a better time to interrogate this topic in Nigeria as both labour and government were recently locked in negotiating an appropriate national minimum wage—the lowest amount of salary that employers of labour, whether in the private or public sector, should earn in the country.

After much drama, it is gratifying that the two parties were able to reach a consensus on the issue, despite the fact that the agreed amount cannot even buy a bag of rice in the market.

The situation of workers in Nigeria is further complicated by the fact that those in the informal sector are practically excluded from any form of labour justice. Today, the only avenue for redress for most is to appear on radio programmes.

That is how Ahmed Isah, an activist and on-air personality who anchors ‘Brekete Family’ on Human Rights Radio Abuja, has become not only the ‘Ordinary President’ for the vulnerable of our society but also their ‘Chief Justice.’ Such is the flagrant violation of workers’ rights by all

Justice Kanyip...President, National Industrial Court of Nigeria

levels of government and the private sector that even foreign owned entities operating in Nigeria have been emboldened to treat our people with disrespect. In a clear breach of extant labour laws, many of these companies resort to unwholesome practices that deny their Nigerians workers job security and appropriate benefits. Even where there are statutory compensation provisions for work-related diseases, injuries, disabilities, or death, they are mostly observed in the breach.

In several cases, affected workers or their next of kin receive little or no compensation for death or permanent injuries, including when they occurred while carrying out assigned duties.

The concept of Labour justice and public interest are interwoven. Any initiative that engenders fair treatment in the workplace impacts positively on societal wellbeing. Indeed, the United Nations (UN) has on many occasions highlighted the importance of access to justice which essentially means the right to have one’s cause heard before an impartial arbiter. The international reference point for the concept of labour justice, as we are all aware, is the International Labour Organization (ILO) which, in several instruments, enshrines the right of workers to access justice without encumbrance.

This includes access to courts and other formal dispute resolution mechanisms in pursuit of effective remedy.

The parameters in any given jurisdiction to measure labour justice include fair wages, which indicates that workers are to be compensated by their employers in a manner commensurate with their output; safe working conditions that guarantee protection from foreseeable danger and defence of their inalienable right to organize protests and negotiate collectively. There are of course several others, including not being discriminated against on the basis of religion, race, gender, age etc. If these parameters encompass the principles and practices that ensure fair treatment and protection of workers in their employment context, it goes without saying that the aim of labour justice is to address power imbalances between employers and workers, and to promote the dignity of labour.

Unfortunately, despite a plethora of legislation and the fact that Nigeria is a signatory to numerous conventions that should guarantee access to justice for workers, the reality is quite different. This can be glimpsed from the way key aspects of labour justice are resolved in our country. Not necessarily to the satisfaction of workers. These include freedom from discrimination, the ability to engage in collective bargaining, modalities for addressing unfair dismissal, among others. This then brings me to the issue of specialized labour court which the NICN represents in Nigeria.

The evolution of industrial courts can be traced to 1806 in France, 1869 in Germany and 1919 in the United Kingdom. But it was not until 1976 that authorities in our country signed on to the idea with the NICN. Established to address labour justice in all its ramifications, the court became functional in 1978. In the early years, the NICN faced several challenges that affected its effectiveness and efficiency. But even when operational, the court provided no reprieve for aggrieved workers for decades as its judgments were unenforceable due to the lack of laws and procedures required of a Superior Court of record.

The problem started with the Supreme Court decision in the case between the National Union of Electricity Employers (N.U.E.E.) and Bureau of Public Enterprises (BPE). The apex court held that, despite the provisions of Decree 47, the NICN had neither exclusive nor coordinate jurisdiction with state high courts. The fact that the court was powerless for about 28 years of its operation was acknowledged on 5th May 2003 by the then NICN President, Justice Adejumo in a scathing remark. This was the way he put it: “The NICN remained practically moribund.

The court sat only in Lagos for those years.

It was clearly unknown and its decisions and pronouncements hardly respected.”

The extent of justice available to workers in any given society is a function of the extent of rule of law available in that society...If there is anything to take from what transpired before last Saturday’s local government election in Rivers State, it is the willingness on the part of an alarmingly increasing number of judicial personnel to accept and play the role of hitmen for influential political actors as against serving the interest of the country and the public good.

The constitutional amendment of 2011 assented to by President Goodluck Jonathan changed the narrative by altering sections 6 and 254 of the 1999 Constitution and including the NICN as a Superior Court of record with coordinate jurisdiction with High Courts. The amendment also expanded the jurisdiction of the court to handle human right cases emanating from the workplace. The court is also saddled with jurisdiction to resolve disputes between the Nigeria Labour Congress (NLC), Trade Union Congress (TUC) and government.

Before I continue with the issue of labour justice and public interest, let me make a general point about justice administration in Nigeria.

It is important because the extent of justice available to workers in any given society is a function of the extent of rule of law available in that society. It is doubtful that citizens as workers can expect a higher degree of labour justice than what is available within the larger society. In her speech at the special session of the Supreme Court commemorating its new Legal Year and the induction of the latest set of Senior Advocates of Nigeria (SANs) on 30 September 2024, the Chief Justice of Nigeria, Honourable Justice Kudirat Kekere-Ekun emphasised that obedience to court orders will, under her watch, be “non-negotiable”. And that “No individual or institution, irrespective of their standing, will be permitted to treat the judgments of our courts with levity or disregard”.

This, indeed, is as it should be in a society governed by ‘rule of law’. But ‘rule of law’ is not the same as ‘rule of judges.’ According to worldjusticeproject.org, “The rule of law is a durable system of laws, institutions, norms and community commitment that delivers four universal principles: accountability, just law, open government, and accessible and impartial justice”. In contrast, ‘rule of judges’ denotes impunity towards the law by the very persons who ordinarily are invested with the functions and responsibilities of upholding ‘rule of law’. It is a situation in which a judge places himself/ herself above the law or makes himself/herself the law rather than a servant of the law or shepherd of the ‘rule of law’. Regrettably, the loud and overpowering noise of the latter is becoming definitive of Nigeria’s judiciary in the perception of most people. Nothing gives better expression to that than the statement, “Go to Court” by conscious wrong-doers, often followed by “Go on appeal” by their hand-in-glove judges!

Aside the indiscipline of conflicting judgements, there is also the disgraceful issue of courts of coordinate jurisdiction nullifying one another since forum shopping has been institutionalised in Nigeria. In recent days, we have seen how the judiciary has been dragged into the power struggle between the godfather and his godson in Rivers State. If there is anything to take from what transpired before last Saturday’s local government election in the state, it is the willingness on the part of an alarmingly increasing number of judicial personnel to accept and play the role of hitmen for influential political actors as against serving the interest of the country and the public good. That should also be of serious concern to Justice Kekere-Ekun.

I still cannot fathom how any self-respecting Judge would grant an injunction, using subterfuge to restrain the police from performing their primary responsibility of restoring law and order during an election process...

Continued on page 38

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