MONDAY 6TH NOVEMBER 2023

Lokpobiri: We'll Hold NNPCL Accountable for Complete Rehabilitation of All Refineries By 2024 May cancel licences of modular refineries not in use Targets 2mbpd before end of 2023 Deji Elumoye in Abuja Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri,

has declared that the federal government would hold the Nigerian National Petroleum Company Limited (NNPCL) accountable for

the complete rehabilitation of all the nation's refineries, as scheduled, by the end of 2024. Lokpobiri stated this at the weekend, while

fielding questions from newsmen at the end of a three-day retreat for Ministers, Special Advisers and other presidential aides at the Conference

Centre of State House, Abuja.

NNPCL has the responsibility of rehabilitating three refineries in the country to reduce fuel scarcity and

increase dependence on natural gas The Senate recently constituted Continued on page 5

Tinubu Heads to Saudi Arabia for Arab-African Summits...

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Monday 6 November, 2023 Vol 28. No 10435. Price: N250

www.thisdaylive.com TR

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Where are the Savings from Subsidy Removal?

N E W S A N A LY S I S

Obinna Chima

L-R: Chairperson, Impact Investing Advisory Board, Mrs. Ibukun Awosika; former Governor, Central Bank of Nigeria (CBN), Khalifa Muhammadu Sanusi II; CBN Governor, Mr. Olayemi Cardoso; Deputy Governor, Corporate Services, Dr. Bala Bello, and Deputy Governor, Operations, Ms. Emem Usoro, during a courtesy visit by Impact Investing Group to CBN in Abuja...recently

One of the promises made by President Bola Tinubu on assumption of office Continued on page 5

Fitch: Nigeria’s Credit Rating Stable, Predicts Inflation at Below 21%

Forecasts oil production to reach 1.8m bpd by 2024 Cardoso vows to change central banking narrative Declares CBN policies aimed at improving lives Sanusi urges apex bank to fight inflation

Emmanuel Addeh and James Emejo in Abuja Fitch Ratings has affirmed Nigeria's long-term foreign-currency issuer default outlook at 'B-' with a stable outlook, listing the country’s major strengths as large economy, developed and liquid domestic debt market, and large oil and gas reserves.

The affirmation by the global rating agency came as Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, reiterated his determination to change the story of the apex bank and make its policies more impactful on Nigerians. Cardoso gave the assurance while playing host to former CBN governor, Mr. Muhammadu Sanusi II. Sanusi emphasised the critical role of the central bank and its enormous Continued on page 5

LAGOS IS OPEN FOR BUSINESS… L-R: Deputy Governor of Lagos State, Dr. Obafemi Hamzat; Chairman EnterpriseNGR, Mr. Aigboje Aig-Imoukhuede; Governor of Lagos State, Mr. Babajide Sanwo-Olu, and CEO EnterpriseNGR, Ms. Obi Ibekwe, at Lagos State House during the Inauguration of the Lagos International Financial Centre (LIFC) Council in Lagos…weekend

Civil Rights Group Questions Judicial Integrity in Plateau State...

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Tinubu Heads to Saudi Arabia for Arab-African Summits Targets more FDI from Saudi Arabia, Arab League Says counter-terrorism, agric, environment, infrastructure priority areas Deji Elumoye in Abuja President Bola Tinubu is ready to take his government's aggressive push for foreign direct investment (FDI) and infrastructure boost into Nigeria to Saudi Arabia, where he would attend two bilateral summits this week.

Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who disclosed this to newsmen at State House, Abuja, yesterday, said Tinubu would be participating in two critical summits: the Saudi-African Summit and the Arab-African Summit, both

taking place in Riyadh, the capital of Saudi Arabia, on November 10 and 11, respectively.

The events, according to Ngelale, are targeted at different areas of interest, and the outings are going to be critical to how Nigeria takes advantage of the projected potentials of the African Continental Free Trade Agreement (AfCFTA), with its over one billion population.

The presidential spokesperson said the Saudi-African Summit’s target would be exploring issues around the economic ties between Africa and Saudi

Arabia, including counter-terrorism, agriculture, environment and other areas of mutual concern.

Ngelale said the second outing of the president in Saudi Arabia, the ArabAfrican Summit, would be focusing on expanding infrastructure between both regions and would particularly be paying attention to the establishment of a new high-speed train network between the Arab League nations and African Union countries.

Ngelale said, "President Bola Tinubu will be heading to Riyadh, the Kingdom of Saudi Arabia to attend

two major summits. The first of which is the Saudi-Africa Summit, at which several areas of mutual concern will be addressed with respect to the economic ties between the regions with respect to the issues of counterterrorism, the environment, agriculture, and many other areas of mutual concern, where we feel much more can be done in terms of accelerating the level of trade and investment between the Kingdom of Saudi Arabia and the African continent.

“Obviously, His Excellency, President Tinubu, is very keen on

FITCH: NIGERIA’S CREDIT RATING STABLE, PREDICTS INFLATION AT BELOW 21% impact on the lives of citizens.

However, Fitch stated that the rating was constrained by weak governance, structurally very low non-oil revenue, high hydrocarbon dependence, security challenges, high inflation, low net foreign exchange (FX) reserves, and ongoing weakness in the exchange-rate framework.

It acknowledged that the government had taken important steps to reduce fuel subsidies and reform the exchange rate framework much more quickly than it anticipated

and had ambitions to substantially raise revenue.

“However, there has recently been some backtracking on reforms, notably a lower degree of price discovery in the FX market than in late June, raising doubt about the strength of this positive momentum,” Fitch said.

“In addition, new data on the Central Bank of Nigeria (CBN) suggests its net foreign-exchange position is substantially weaker than we previously understood. These factors are reflected in the stable

outlook,” the rating agency stated.

While there has been faster reform progress, constraints remain, Fitch noted, highlighting President Bola Tinubu government’s removal of fuel subsidies, which cost nearly two per cent of Gross Domestic Product (GDP) in 2022.

“It also unified the multiple exchange rate windows, and the official investors and exporter rate was allowed to depreciate by close to 40 per cent, with renewed volatility around end-October,” it stated.

In the report released at the weekend, Fitch explained that it viewed the cabinet, particularly finance minister Wale Edun, and the new CBN governor, Cardoso, as supportive of reforms.

However, it said there were still sizeable socio-political challenges to implementation, including an acceleration in inflation, which could account for recent backtracking of some reforms.

On the challenging exchange rate liberalisation, the agency noted that

WHERE ARE THE SAVINGS FROM SUBSIDY REMOVAL? was that his administration would cut down on the over-reliance on borrowing for public expenditure.

In fact, Tinubu said he was going to curtail government’s borrowing so as to reduce debt service burden on the country.

Besides, Tinubu told Nigerians that his “fuel subsidy is gone” pronouncement on May 29 would lead to significant savings and resource re-allocation for the country.

“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,” he had said.

But many Nigerians were taken aback when last week the president sought the approval of the National Assembly for his government to access fresh external loans of $7.8 billion and €100 million as contained in the 2022 – 2024 borrowing plan of the federal government, despite having full knowledge of the country’s debt challenge.

The request for the fresh loans was contained in a letter the president sent to both chambers of the National Assembly, which was read at plenary by Senate President, Godswill Akpabio.

Tinubu explained that the Federal Executive Council (FEC) under former President Muhammad Buhari had approved the loan facility on May 15, 2023, to finance infrastructure, health, education, agriculture, security and other sectors. He said African Development Bank (AfDB) and World Bank Group (WBG) had indicated interest to assist the country in mitigating the economic shocks and effects of recent reforms with a sum of $1 billion and $2 billion, respectively.

Tinubu said the foreign loans became necessary in order to bridge the financial gap and return the economic activities of the country to normalcy. He noted that if the loan request was granted, the funds would

be used to develop infrastructure, agriculture, health, education, water supply, security and employment, as well as financial management reforms.

He said, “The project cuts across all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, security and employment as well as financial management reforms, among others.”

However, the move has elicited reactions from Nigerians, considering that the country appears to be approaching a debt trap.

More so, since the president had informed Nigerians that about N1 trillion was saved from petrol subsidy removal, less than two months after the policy was scrapped, the expectation was that the savings would have increased significantly, with the funds deployed to address the issues he was seeking to borrow for.

With the country’s total public debt at N87.38 trillion at the end of the second quarter of 2023, the fresh loans the Tinubu administration seeks to raise would definitely elevate the number further.

The items listed on the N2.17 trillion supplementary budget, which was passed by the National Assembly last week, are also not encouraging, as they seem to show that the present administration has decided to continue on same path as the Buhari government, by getting into debts and ambitious recurrent expenditure.

Indeed, considering the state of the country’s finances, many believe no government that means well for its citizens would be talking about spending N7.20 billion for electrical/ mechanical installations, buildings and infrastructure at the president's and vice president's residences, offices, State House Auditorium, Presidential and Ministerial Airport Chalets. And no serious government would plan to spend N1.96 billion on vehicle purchase for the Presidency and the First Lady’s office, and N59 million

for maintenance of State House Lagos Complex and Guest Houses, among others, at a time when the administration is asking Nigerians to tighten their belts.

In place of vehicle importation that further depletes the country’s scarce forex, the federal government can take a leaf out of the Lagos State government’s book.

Lagos State Governor Babajide Sanwo-Olu, recently, inaugurated a new vehicle assembly plant through a joint venture between the state government and CIG Motors – a Chinese automobile company. The facility will be jointly-run by the state government and its partner for the production of different classes of brand-new cars and already, 2,000 units of brand new GAC vehicles had been successfully assembled in the state, ahead of the formal opening of the facility.

Why didn't Tinubu just for once show leadership by personal example and embrace made in Nigerian SUVs or cars?

Sure, this would have put our lawmakers in a difficult situation, and rather than opt for imported SUVs, they would have had no choice but to embrace locally assembled cars or SUVs. As a matter of government policy, it should be made mandatory for all public office holders patronise made in Nigeria products as an initial first stop to turning the economy away from import-dependent to home-grown.

This is an initiative that ought to be embraced by all levels of government in the country in order to reset Nigeria, create jobs and strengthen the naira.

Imagine how much foreign exchange would have been saved from this singular move. But we missed the opportunity yet again.

It is important to note that by securitising the country’s NLNG dividends, as reported a few days ago, the government is also mortgaging the future income streams of Nigerians.

Currently, the country is feeling the challenge of high debt service cost, with only a small fraction of its financial receipts always available for the much-needed investment in infrastructure.

The implication of the fresh borrowing is the potential of an imminent debt trap in which the country would neither be able to meet its debt service obligations nor meet its obligation to its over 200 million citizens through funding of capital and recurrent expenditure.

This comes with numerous other socio-economic consequences impacting on some of the key Sustainable Development Goals (SDGs) of poverty, hunger, health, education, as well as issues of social unrest, crime.

Clearly, if debt service cost continues to claim an increasingly large proportion of government revenue, fewer resources would be available to the government to meet its other obligations and fund infrastructure, a situation which could see the government deploying more of its borrowed funds to meet recurrent expenditure.

That is why, just like President of the Trade Union Congress (TUC), Festus Osifo, recently demanded, the Tinubu administration should come clean on the amount it has saved through the removal of petrol subsidy.

Since the president made the announcement that N1 trillion was saved from petrol subsidy removal in July, nothing else has been said about the amount that had accrued so far, thereby fuelling speculation that petrol subsidy payment has returned.

Osifo, while speaking during a programme on Arise News Channel, demanded to know where the money saved since the removal of petrol subsidy had gone into. He explained that since the government announced that N1 trillion had been saved, there was no reason to continue to borrow.

ensuring that the Federal Republic of Nigeria, within the context of the continent, is in a position to maximally leverage on opportunities that will be afforded by the implementation of the African Continental Free Trade Agreement, where we will be having a single trade market of over one billion Africans, the expectation, according to the United Nations Economic Commission for Africa, is that by the year 2050, our market here on the continent would have surpassed $29 trillion. We believe that action toward that begins now.

FX shortages continued to weigh on economic activity and further FX liberalisation, and deter foreign capital.

It stated, “In October, the CBN lifted the ban on providing FX for imports of 43 items, and is currently taking forward plans to clear near $6.7 billion of unmet FX forwards.

However, there has been a renewed widening of the gap between the official and parallel exchange rates since July with a premium of over 30 per cent over the official rate.

“Average daily FX turnover at the official exchange rate window has fallen back to near April 2023 levels (well below pre-pandemic), at $95 million in September.”

Fitch raised concerns about the weaker net FX reserve position, saying the CBN's gross FX reserves fell to $33.2 billion in September, from $37.1 billion at end-2022.

It observed, “In August 2023, the CBN published its consolidated financial statements for 2022, its first since 2015. These indicate its net foreign exchange position is weaker than we understood, although sizeable gaps remain, preventing a reliable assessment.

“Short-term CBN liabilities at end-2022 included $5.5 billion of foreign-currency (FC) securities lending, and $6.8 billion of FC forward payables.

“There is a particular lack of detail on additional near $32 billion of ‘FX forwards, OTC futures, and currency swaps’, which is recorded as an off-balance-sheet ‘commitment’ and not broken down.

“While this likely includes some non-deliverable contracts settled in naira and commitments of a longer tenor, it suggests domestic bank swaps with CBN are probably higher than the $10-12 billion Fitch previously estimated.

“Nevertheless, we expect most swaps will continue to be rolled over, reflecting incentives for banks to invest the naira received in highyielding sovereign securities and the sector's limited reliance on swaps for FC liquidity, given sizeable FC placements with international banks.”

The report predicted a broadly flat current account surplus, averaging 0.5 per cent of GDP in 2023-2024, but expressed concern over the lack of details on the recently announced expectation of $10 billion FX inflow.

It said, “There is a lack of detail on a recent government announcement to raise $10 billion of FX, including whether this includes World Bank budget support loans of $1.5 billion.

“Following the sharp depreciation this year, Fitch assumes exchange-rate

Tinubu adjustments proceed more gradually in subsequent years. Near-term sovereign external debt service is moderate, at $4.3 billion in 2024 (10.2 per cent of current external receipts below the projected 2024 'B' median of 17.7 per cent).”

On revenues from oil, Fitch stated that there had been only a partial recovery in oil production, to 1.57 million bpd (including condensates) in September from a low of 1.25 million bpd in September 2022.

“We anticipate a moderate increase in 2024-2025, averaging 1.81 million bpd, helped by improved onshore surveillance. However, this is still well below the 2.09 million bpd in 2019, reflecting chronic underinvestment in the sector, and likely ongoing production outages,” it explained.

Stressing that budget deficits would narrow, Fitch forecasted it to reduce by 0.2 per cent in 2023, to 5.2 per cent of GDP, as strong non-oil revenue growth and fuel subsidy removal is offset by higher capital spending and underperformance in oil profits from Nigerian National Petroleum Corporation Limited (NNPC).

The rating agency stated, “We project a 1.1 per cent of GDP rise in government revenue in 2023-2025, to 8.5 per cent of GDP, helped by increased government efforts to mobilise non-oil tax revenue (including establishing a presidential fiscal and tax reform committee), but this remains one of the lowest ratios of any Fitch-rated sovereign.

“This underpins our forecast for the budget deficit/GDP to narrow to 5.0 per cent and 4.6 per cent in 2024 and 2025.”

As for Nigeria's public debt (excluding CBN loans), Fitch ratings stated that it had a fairly long average maturity of 9.7 years.

It said, “The securitisation of N23 trillion of CBN loans at a lower interest rate of 9 per cent has helped contain general government interest costs, but at near 42 per cent of revenues, overall interest expenditure is well above the 'B' median of 10.9 per cent.

“We expect much lower recourse to CBN financing in 2023-2024 than in 2022, although there is a risk demand from the domestic banking sector turns out to be weaker than expected, despite its ample liquidity and strong deposit growth.”

It also projected GDP to slow to 2.6 per cent in 2023, from 3.3 per cent in 2022, and to expand to 3.2 per cent in 2024 driven by the services sector and higher oil production.

Continued on page 35

LOKPOBIRI: WE'LL HOLD NNPCL ACCOUNTABLE FOR COMPLETE REHABILITATION OF ALL REFINERIES BY 2024 an ad-hoc committee to investigate NNPCL over the N11.35 trillion spent on Turn Around Maintenance (TAM) of the refineries. The committee was meant to interrogate officials of the Federal Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPCL, and the Bureau of Public Enterprises on the best approach to commercialising and ensuring profitability of the stateowned refineries.

Asked when the rehabilitation of the refineries would be completed, the minister explained, “Yes, the rehabilitation of the refineries, if you could remember, was started by the previous administration and as part of the president’s directive, I have gone round all the refineries

and from what they have briefed me, Port Harcourt has 3 phases, so Phase 1 will be ready by the end of this year.

“I am not the one who is directly in charge of rehabilitation, it is the NNPCL and they have told me and I am holding them accountable.

“For Warri refinery, they said Phase 1 will be ready by the end of the year. Phases 2 and 3 in Port Harcourt will be ready next year and the whole of Kaduna refinery will be ready by the end of next year. That is what they said and I am holding them accountable to their own words.

“I will be going there in the next few weeks, I will go there regularly and sometimes without schedule so that nobody plans for me. I just appear to see what is going on.

“I believe that those refineries, if we are able to achieve some level of rehabilitation by the end of this year, will also improve our domestic refining capacity. But that is not even the problem, Dangote refinery, too, is coming.”

Lokpobiri said regarding the modular refineries, “We have a lot of modular refineries that we have given licences but the challenge has been the feedstock. Even if you have the modular refinery, do you have the crude to be able to refine?”

Lokpobiri revealed that more modular refineries were being licenced by the present administration but warned that government would not hesitate to revoke licences of underutilised modular refineries.

He stated, “That’s why I said unless we produce sufficient quantity, even if the refineries are rehabilitated there will be no feedstock.

“So my challenge is to ramp up production so that we can see how we can feed not only the big refineries but also the modular refineries, these are the real employers of labour and they will do the magic.

“What I have done is to, also, liberalise the process to acquire licences. Before I came they said sometimes it took so long to acquire licences, so I said I don’t want to know your face provided the requirements are met, bring to me, I will sign within 24 hours, and I have signed them.

“I have also said I don’t want to give people licences and they use it as souvenirs, if you are given a

license you must use it within the terms, else, I will cancel it. Just like I didn’t know you before signing the license, I will also cancel without blinking an eye.”

According to the minister, the easiest way to get out of the country’s fuel crisis is to increase crude production. He said by the end of 2023, the target crude oil production by the federal government was expected to rise to two million barrels per day.

He said, “If we don’t increase the crude production the midstream and downstream will also fail. We must produce the crude to refine before distribution.

“But our problem right now, which we inherited, is the low level of production, which was as

a result of insecurity issues, lack of investments, and all other concerns.

But we are addressing all those issues and I believe that in the next few months, we will be able to come up with a different report.

“We have addressed the issue of insecurity, we have rekindled the confidence of international oil companies to come back and begin to reinvest.

“We are addressing some of the issues they have raised with us, which has to do with both fiscal and regulatory, and so on and so forth.

“So I believe that as a ministry we have set some very ambitious numbers for ourselves that before the end of the year, we should be doing at least close to two million barrels per day.”

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T H I S D AY • MONDAY, NOVEMBER 6, 2023

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 08074010580

12TH SUSTAINABILITY IN THE EXTRACTIVE INDUSTRIES (SITEI) CONFERENCE… L-R: Chief Executive Officer and Convener, CSR-in-Action, Sustainability in the Extractive Industries (SITEI) Conference, Mrs. Bekeme Masade-Olowola; Chief Executive Officer, Hybrid Group, Mr.Dapo Omolade; United Nations Women Representative, Nigeria and ECOWAS, Beatrice Eyong; Head of Community and Government Relations, Oriental Energy Resources Limited, Dr. Uwem Ite; Country Director and CEO, Centre for Development Support Initiative (CEDSI), Dr. Mina Ogbanga; and Senior Officer, Natural Resource Governance Institute (NRGI), Tengi George-Ikoli, at the 12th Sustainability in the Extractive Industries (SITEI) Conference held in Lagos... recently

Aig-Imoukhuede: Lagos International Financial Centre to Drive Sustainable Devt, Investment in State Obinna Chima

The Chairman, EnterpriseNGR, Mr. Aigboje Aig-Imoukhuede, has said the newly established Lagos International Financial Centre (LIFC) would help drive sustainable development and investment in the State.

Aig-Imoukhuede, who briefed journalists alongside his CoChairman of the LIFC Council and Lagos State Governor, Mr. Babajide Sanwo-Olu, in Lagos, at the weekend, also expressed optimism that…

Sanwo-Olu, during the media briefing inaugurated the LIFC Council. The governor also signed an Executive Order establishing the LIFC. While Sanwo-Olu and Chairman, EnterpriseNGR, Mr. Aigboje AigImoukhuede, are the Co-chair of the Council, other members include Mr. Abayomi Oluyomi, Commissioner for Finance, Lagos State; Mrs Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment; Mr. Ope George, Commissioner for Economic Planning and Budget; Mr Lawal Pedro, Attorney-General and Commissioner for Justice, and Ms. Obi Ibekwe, CEO, Enterprise NGR. The LIFC is an initiative that was developed through a partnership between Lagos State Government and EnterpriseNGR – a memberled advocacy group that promotes the growth and development of Nigeria’s Financial and Professional Services (FPS) sector as a catalyst for economic development.

Also, Lagos State and the EnterpriseNGR, are poised to make history as the first African

participants invited to join the prestigious Lord Mayor's Show’s 805th procession in London.

The collaboration between Lagos State and EnterpriseNGR is built on their shared goal of positioning Lagos as Africa’s premier financial centre.

Speaking further, Aig-Imoukhuede said: "‘EnterpriseNGR stands as a catalyst for transformative change in Nigeria's Financial and Professional Services sector.

"Our vision extends beyond advocacy; it's a commitment to incentivise investments that go beyond financial gains.

"As we embark on this historic delegation to showcase Lagos on the global stage, we recognise the profound significance of attracting investments. Investment isn't merely a transaction; it's a catalyst for job creation, driving sustainable development and fostering a symbiotic relationship between investors, the State, and the communities at large."

According to him, EnterpriseNGR stands as the voice of enterprise, fervently advocating for the growth and development of the FPS sector, Furthermore, he noted that EnterpriseNGR plays a pivotal role in contributing to the nation's economic growth.

"As a strategic partner in the historic delegation to the Lord Mayor's Show in London, EnterpriseNGR aligns its mission with the broader objectives of the LIFC Council, highlighting the indispensable role of such partnerships in driving sustainable development and investment," he added.

Sanwo-Olu, emphasised that

the key objective of the historic participation in the Lord Mayor’s Show was to showcase the investment potential of Lagos and to elevate the State as a global investment destination.

Lagos contributes more than 30 per cent to Nigeria's GDP, accounts for about 60 per cent of the country's energy demand, and is responsible for 90 per cent of Nigeria’s foreign trade flow. It generates over 50 per cent of Nigeria’s port revenues, and a remarkable 70 per cent of the state revenue is internally generated.

Sanwu-Olu added: "Lagos is not just going to London for the parade and pageantry; this visit has a more strategic purpose. This is a prime opportunity to showcase Lagos on a global platform.

"The newly inaugurated

LIFC Council signifies not just an institutional milestone, but a commitment to a bold vision— positioning Lagos as the beacon of financial innovation in Africa."

Sanwu-Olu noted that with the LIFC Council leading the charge, and in line with its strategic mandate, to not only attract global investors but also to ignite a wave of economic growth and innovation within the state, Lagos aims to captivate global investors, unveil its potential as an investment destination of choice, and pave the way for a transformative era of economic prosperity.

"The Lord Mayor, Professor Michael Mainelli's invitation stands as a resounding endorsement of Lagos State's commitment to excellence, as well as recognition of its increasing economic prominence.

"This invitation aligns harmoniously with the council's mission to establish Lagos as a global financial hub, attracting investments that will fuel sustainable economic development.

"Lagos and Nigeria's enduring history with the United Kingdom reflects a proud Commonwealth partnership since gaining independence in 1960. Nigeria remains dedicated to fostering diplomatic and economic ties, presenting abundant investment opportunities in sectors such as oil, finance, technology, agriculture, healthcare, and infrastructure.

"This resilient partnership, combined with Nigeria and Lagos's commitment to growth, creates a promising landscape for UK investors eager to contribute

to and benefit from the nation's dynamic and expanding economy," he added.

Also, the CEO EnterpriseNGR, Ms. Obi Ibekwe, noted that, “EnterpriseNGR’s participation in this historic delegation to the Lord Mayor's Show underscores the critical role we play in driving transformative change within Nigeria's Financial and Professional Services sector.

"We are not just advocating for growth; we are actively working to create a dynamic, interconnected and thriving FPS sector. The inauguration of the LIFC Council is a testament to our unwavering commitment to fostering strategic partnerships that contribute to the economic prosperity of Lagos and Nigeria."

CBN @65: Shettima, Cardoso, Others to Speak at Cowries to Cashless Forum Adedayo Akinwale in Abuja Vice President Kashim Shettima and the Governor of Central Bank of Nigeria (CBN), Dr. Yemi Cardoso, are among eminent personalities scheduled to appraise the existence of CBN in the last 65 years.

The event slated for November 7, 2023, at Abuja, would also have Alhaji Munzali Dantata as the Chairman of the occasion while other experts like Dr. Aminu Maida, Mr. Paul Alaje, among others would deliver lectures.

A statement yesterday, which was signed by Emeka Akobundu,

on behalf of the organisers of the event, noted that the CBN had been a major engineering force in the financial institution, revolutionising the banking sector for the good of all, which was acknowledged beyond the shores of Nigeria.

He said the last 65 years of the CBN was captured in the Cowries and Cashless to be unveiled to the public.

Akobundu, added that in the last 65 years of CBN in Nigeria, the banking landscape had witnessed tremendous changes, strategic reform: Increase in capital requirements, number of banks have also inclined

and consumer lending on the upswing, investment in the real sector of the economy deepening.

He added that the gathering of financial experts was expected to discuss the future of e-transactions and digital infrastructure from a regulator perspective, the future of money, the digital space and Central Bank in Nigeria, among others.

Akobundu noted: "Asher Global Treasures embarked on the project as a way of contributing to the projecting of the greatness and the true picture of Nigeria to the global community.

"Cowries to Cashless is a private

initiative aimed at appraising the challenges, growth and development of Central Banking in Nigeria all through the 65 years of its existence in words and pictures, and how these have affected the perception of the public and stakeholders about the CBN which repositioned the Nigerian Banking sector to operate competitively in the global financial markets.

“We and other experts/ professionals will share our thoughts on the 65 years of Central Banking in Nigeria chronicling the history, trends, reforms, issues, icons and the future of money in Nigeria."

NDDC Boss Restates Commitment to Devt of Niger Delta

Olusegun Samuel in Yenagoa

The Managing Director and Chief Executive Officer of Niger Delta Development Commission (NDDC), Dr. Samuel Ogbuku, has assured people of Niger Delta of the Board’s commitment to the development of the region.

Ogbuku said the NDDC currently has the best brains both on the board and management as duly and clearly picked by President Bola Ahmed Tinubu, where they have former House of Representatives members, former Senators, among others.

Ogbuku, disclosed that the Chairman of the board was a former Secretary to the Delta State government and a former

Commissioner who was well experienced, describing the team as the best team NDDC management ever had.

The NDDC boss spoke during a reception ceremony organised in his honour at Ogbia local government area of Bayelsa state.

Ogbuku, who also inaugurated a road in the Bayelsa community, said the honour done on him was expectation for more development, not only in the State, but in the nine States under the NDDC. He added, "It's for more responsibility. My conduct positively or negatively will also tell on this Community. So it's a very big responsibility and honour.

"I have decided that my team

should come and join me because without their support, there is no way I can be able to meet up the expectation of my people. “We have collectively agreed that we are going to give back to this Community and Ogbia local government development.

We have also collectively agreed that we are going to transform the Niger Delta region.

“That is why I thought it necessary that we all make this acceptance speech together.

"I Am assuring you that with this team, we are committed in transforming Niger Delta. Though they say charity begin at home, so we will start from home first. Am very committed to the development of this Community. The honour you

did for me before is much more than today.

"Let me tell you publicly, when I was politically incarcerated and arrested in 2014 and locked up in Okaka prison for eight months, why I was there because of state government influence, some person's even find it difficult to come and see me, some communities were even avoiding me, but this same community, my mother community conferred on me the first chieftaincy title. This is an act that no matter what happened they stood by me.

"I want you to understand that this is a reception in honour of myself and it was not a political rally, but if the colouration from the presentation of my chairman and

the atmosphere paint Politics, you will not blame him and you will not blame me too because all of us the governing board of NDDC are members of APC. “So, if an APC person goes to a place, you will also sure that APC members will join them to welcome him, that is why you see the image that way.

"Since my chairman did a lot of politicking, he was inspired to do that anyway and whatever my chairman says, I want you to understand that I stand by my chairman," he added.

In his address, the Chairman of the occasion, Mr. Chiedu Ebie, who is also the Chairman of NDDC board, described Dr. Samuel Ogbuku as a visionary and dedicated

individual whose contribution to the development of Niger Delta region is commendable.

Represented by the Director for Projects, Victor Antia, he said the gathering of people from far and near was a testimony to the immense respect and admiration they have on the Managing Director, Chief Sam Ogbuku.

In the Community address, read by the chairman of the planning committee, Chief Lawson Iberebo on behalf of the Chief Host, King Peter Amakiri, he said the reception and the chieftaincy title on the NDDC boss was a result of his contribution towards the development of Niger Delta within this short period.

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29TH NIGERIAN ECONOMIC SUMMIT...

L -R: GM/Group Head Business Development, BUA Group, Tajudeen Ahmed; Executive Secretary/CEO, Nigerian Content Development & Monitoring Board (NCDMB), Simbi Wabote; Executive Director, SFS Capital Nig. Ltd, Dimeji Sonowo, and AGM/Divisional Head, North, Lotus Bank, and Mohammed Abdul, during the 29th Nigerian Economic Summit, held in Abuja...recently

Agora Policy: Climate Change Poses Grave Risks to Nigeria, Deserves Greater Attention Emmanuel Addeh in Abuja Climate change poses severe and multiple threats to Nigeria’s current and future development and should be taken more seriously by the Nigerian government and other critical stakeholders, a new report

by Agora Policy, an Abuja-based think tank, said yesterday.

“It is evident that climate change is not a marginal or peripheral issue that the government and the people of Nigeria can take lightly,” said the report titled “Climate Change and Socio-economic Development in Nigeria,” which was released in Abuja and was produced with the support of the MacArthur Foundation.

The report acknowledged and detailed a plethora of climate-related initiatives, including policies,

programmes and projects and even the 2021 climate change law put in place or undertaken by successive Nigerian governments.

But it claimed that the potential of the initiatives and interventions were undercut by the absence of commensurate action, lack of synergy and inadequate funding.

According to the 84-page report, Nigeria, despite her relatively low emission profile, is already bearing the brunt of the effects of changes in climatic conditions and of adverse weather events but that the tolls could be significantly higher.

Unless urgent and bold actions are taken, the report added, Nigeria risks becoming one of the worst-affected countries by climate change, with grave implications for the country’s currently fragile economic, social and human development indicators.

FG to Shut Adeniji-Adekunle Ramps of Third Mainland Bridge for Repairs from Today Bennett Oghifo The federal government would shut the Adeniji/Adekunle ramps of Third Mainland Bridge for repairs from today, the Chief Engineer, Federal Ministry of Works Lagos, Mr. Adejala Clement has said.

Owing to this, the Federal Controller of Works, Lagos State, Mrs. Olukorede Kesha, appealed to motorists to use alternative routes to avert gridlock as comprehensive repair on Adekunle ramps of Third Mainland Bridge begins today.

Kesha, made the appeal yesterday while addressing a press conference on the 11.8kms Third Mainland Bridge in Lagos.

She said while the repairs begins, the Adekunle exit ramp would be closed to traffic from 9.00 a.m. for two weeks’ rehabilitation after which work would move to other areas.

She said the Adekunle section of the Third Mainland Bridge had four ramps which had a convergence point, adding that, repair of all the ramps would be completed within five weeks.

She said the sensitisation became necessary to guide motorists, assuring that the Third Mainland Bridge was open and free for use except for those that would want to connect Adekunle from the bridge.

“We are here to sensitise Lagosians on the forthcoming closure of Third Mainland Bridge tommorow November 6. By 9.00 a.m, the two access ramps to Adekunle will be

closed to traffic.

“What that means is that if you are coming from Iyana Oworo you can go straight. And if you are heading for Lagos Island, the road is still free for you; that bridge is still free for you.

“You can use it straight to the Island but peradventure you are going to Adekunle, you will not be able to do that if you are coming from Iyana Oworo,” she said.

The controller said motorists coming from Lagos-Ibadan Expressway/Toll Gate/Ogudu axis inwards Lagos Island would not be able to access Adekunle/Ebute-Metta from the Third Mainland Bridge.

Kesha, urged the motorists to make use of alternative routes like Carter Bridge, Gbagada, Ikorodu Road, Ojota and Funsho Williams Avenue, to avoid congestion on the Third Mainland Bridge.

She assured that signages had already been placed at strategic locations, in addition to billboards, while traffic officials would be on ground to help motorists.

She urged motorists and other road users to be patient and obey traffic rules and officials during the period of repairs.

She reaffirmed earlier announcements on the scope of work announced by the Minister of Works, David Umahi, which included resurfacing of the entire bridge, replacement of expansion joints, solar lights installation, among others.

"Climate change is compounding poverty challenges in Nigeria and impeding the attainment of Sustainable Development Goals.

Climate change is already increasing hunger, poverty, disease-burden, migration, conflict and insecurity in Nigeria.

“It is damaging infrastructure, changing Nigeria’s coastlines, fuelling desertification, producing water scarcity, facilitating erosion and resulting in the loss of revenue for states and the national government,” the Waziri Adio-led organisation said.

The report stated that as at 2020, Nigeria lost at least $100 billion annually to the effects of climate change and the country may lose trillions of dollars in manufacturing, construction and oil and gas assets likely to become stranded as the world gravitates to a green economy.

“Nigeria risks becoming a stranded country. Climate change has the potential to further jeopardise Nigeria’s economic development and alter its geographical, social and political trajectory for decades,” the report asserted.

The report highlighted the

different channels through which adverse effects of climate change could worsen in Nigeria and further compound the country’s developmental challenges.

Some of the highlighted areas, it said, include: projected 2.9- and 5.7-degree Celsius rise in temperature across different ecological zones in the country as well as increased occurrence of floods, droughts, erosion and rising sea levels.

According to Agora, there is also the likelihood that 75 per cent of the delta could be lost; and further adverse effects on agricultural yields, food security, health burdens, water and energy sufficiency, peace and security, and adequacy and longevity of critical infrastructure.

However, the report also identified opportunities for Nigeria to address climate change while supporting economic growth and resilience.

“Climate change offers opportunities for economic competitiveness, energy security, and sustainable development,” stated the report.

It added: “There are many climate-led opportunities that Nigeria

can explore to enable rapid economic growth, create jobs for a rapidly growing youthful and urbanising population, and address high levels of abject poverty and inequality through a just transition.”

Urging Nigeria to consciously pursue a climate-compatible development agenda, the report recommended the following strategies to the country: investing in renewable energy and energy efficiency, promoting climate-smart agriculture, embracing green manufacturing, harnessing natural resources for adaptation, and enhancing disaster risk reduction systems.

“Leveraging climate action to pursue economic development in Nigeria is not only a viable but an essential strategy.

“The global transition from a high-carbon economy to a low-carbon economy is already well underway and will produce winners and losers across the world.

Whether Nigeria will swim or sink in the face of the transition will depend on its willingness to take urgent action now and re-align its national development strategies

towards a low-carbon economic future.

“To transform climate change from a significant threat into an opportunity requires deliberate planning supported by immediate, bold and courageous action,” it stated.

Other prescriptions made by the report for Nigeria include: strengthening national climate change framework; mainstreaming climate change into the country’s development process and building a climate-resilient and competitive economy.

It also included boosting adaptive capacities of communities in different ecological zones in the country; incentivising investment in low-carbon industries; increasing public awareness about climate change; advocating for a fair and just energy transition; and pursuing a collaborative approach to low-carbon development.

“It is our hope that this report will further raise the policy profile of climate change issues in Nigeria and trigger the necessary actions on what is clearly an existential issue for our country,” said Adio.

Tinubu Inaugurates N472m TETFund Project in ATBU Bauchi Promises more capital investment in tertiary institutions Segun Awofadeji in Bauchi President Bola Ahmed Tinubu has inaugurated a N472 million building to accommodate the Faculty of Sciences and Faculty of Management Technology at the Abubakar Tafawa Balewa University (ATBU), Bauchi.

The edifice was constructed and equipped by the Tertiary Education Trust Fund (TETFund) under its 2021/2022 merged intervention programmes.

The projects includes Departmental Building (B) 2017/2020 (merged) Annual intervention; Departmental Building (C) Under 2017/2020 (merged) Annual intervention; Classrooms and Laboratories 2017/2020 (merged) Annual intervention; and Academic Building for School of Management Technology 2021/2022 (merged) Annual intervention.

Speaking at the inauguration ceremony at the weekend, the Minister of Foreign Affairs, Amb. Yusuf Maitama Tuggar, said education development was one of cardinal priorities of the Bola Ahmed Tinubu-led federal government.

He stressed that everything

humanly and administratively possible were being done to ensure that all hitches militating against tertiary education in the country were done with in order to ensure a smooth academic session.

The Minister added that TETFund would continue to intervene in providing infrastructure in all tertiary institutions across the country in order to ensure a conducive environment for learning.

Tuggar, further said government would continue to invest in training and research to widen the scope of academic performance and enhance learning and teaching.

According to the Minister, "It is important to also commend and appreciate the President for the commitment he has demonstrated towards the development of education since the commencement of his administration in May 29, 2023."

He added that, "such as the introduction of the students’ loan initiative to ease access to tertiary education for indigent students, meeting personally with the leadership of the National Association of Nigerian Students (NANS) to discuss the welfare of Nigerian students and recently,

approving waiver of the ‘No Work, No Pay’ order on the Academic Staff Union of Universities (ASUU), which would pave the way for members of the union to receive part of their withheld salaries."

According to him, "These are part of conscious efforts being made by this administration to address students’ challenges and create industrial harmony between staff unions and government.

“You would recall that in recognition of the role of TETFund in the development of public tertiary educational institutions in Nigeria, and in a bid to further support and strengthen the intervention activities of the Fund, the President also approved the implementation of the upward review of Education Tax (EDT) to 3 percent with effect from September 2023.

"This, will in no small measure contribute more to the improved funding of the education sector and development of our public tertiary institutions," the Minister said.

Tuggar stressed that, "As we all know, education plays a critical role in the socio-economic development of nations. Therefore, the commissioning of these projects today at the university would

in no small measure further enhance teaching and learning and improvement of academic standards."

He further said: "I wish to reiterate that education forms an integral part of the President Bola Ahmed Tinubu administration’s Renewed Hope agenda, hence the federal government would continue to provide necessary support towards making our educational institutions globally competitive for economic and technological development of the country."

According to him, "It is on record that over the years, TETFund through the support of the federal government has performed exceptionally in the provision of physical infrastructure, support for academic staff training and development, book publication, ICT, Research and Development amongst others in public tertiary educational institutions across the country."

The Minister added: "I wish to assure you that the administration of President Bola Ahmed Tinubu remains totally committed towards providing greater support and the enabling environment to enable the Fund improve on its performance."

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LAUNCH OF A KING'S PASSON AT 21ST CENTURY PATRON...

L-R: Founder and Artistic Director, SMO Contemporary Art, and Access Bank Art Curator, Sandra Mbanefo Obiago; Iconic painter, and sculptor, Bruce Onobrakpeya; Obi of Onitsha and Founder, Chimedie Museum; Igwe Nnaemeka Achebe; Group Chief Executive Officer, Access Holdings PLC Herbert Wigwe; and painter and sculptor,Olisa Nwadiogbu, at the formal launch of ‘A King's Passion: A 21st-Century Patron of African Art’, in Lagos…. weekend

NESI @10: Businesses Shutting Down over Escalating Cost of Energy, Says Dogara First ever industry golf tourney ends in Abuja Emmanuel Addeh in Abuja A former Speaker of the House of Representatives, Mr Yakubu Dogara, has decried the rising cost of self-generated energy due to skyrocketing diesel prices and the unreliability of the national grid.

Speaking in Abuja, on the sidelines of the just-concluded “Nigerian Electricity Supply Industry Open Golf Tournament” to mark the 10th anniversary of the privatisation of the power sector in Nigeria, Dogara however explained that the sector cannot be divorced from what is happening in Nigeria as a whole.

While stating that the generation companies remain very critical in the value chain, the former speaker pointed out

that without adequate power supply Nigeria’s progress will continue to be curtailed.

“But the fact is that industries are dying and many businesses are being affected because of the escalating cost of power, cost of diesel and coupled with irregular electricity.

“I am a farmer as well and farms around me are shutting down, closing businesses because they cannot afford the cost of energy. So , it’s good we have these discussions because without electricity, you cannot engage in meaningful production.

“And it has been said that we must produce what we eat and eat what we produce, but if we don’t have access to power, there’s no way we can achieve

that,” he said.

On whether Nigeria will ever have adequate and reliable power supply, Dogara stated that only God could possibly answer the question, but assured that nothing is impossible with a determined people. “We will overcome and there’s hope in this country,“ he added.

Dogara stated that what has affected power supply has also impacted other sectors, arguing that other sectors are not faring better than the power sector.

“What we are witnessing in the power sector mirrors the society.

It’s about Nigeria, not just about the power sector. It’s a problem that we have to solve. We have to start by believing that we can do it, that is having the mind-set.

“We have seen how these things work in other countries.

All we need to do is to replicate what exists in other countries and that has been the problem for us. So, it’s not only the power sector. It’s all across the sectors,” he stated.

He explained that for instance, Nigerian farmers still use hoes that were invented centuries ago, whereas other countries have moved on to more advanced methods of agriculture.

While congratulating the organisers of the tournament, Dogara stated that golf remains a fun game that is enjoyed by all, describing the event as one of the best organised games in the history of the sport in Nigeria.

In his remarks, the Chairman,

West Power and Gas, Mr George Etomi, a core investor in the Eko Electricity Distribution Company (EKEDC), said that the premier edition of NESI golf tournament provided the unique opportunity to stakeholders, investors, operators, and government partners to expand the sector.

According to him, the tournament represented more than just a friendly competition on the greens, but marked an important milestone in the journey towards a more sustainable and electrified future for Nigeria.

Etomi pointed out that it also symbolised the unity and shared commitment of all industry stakeholders toward achieving the only goal of the value chain, which is accessible,

available and affordable power for homes, industries, cities and communities.

“As we embark on this golfing journey, I encourage you all to embrace the spirit of sportsmanship, camaraderie, and fair play,” he added.

Also speaking, the NESI Golf Tournament Coordinator, Adetunji Adeyeye, assured that next year’s game will be a much bigger and better electricity sector tournament that will include contemporaries and friends from the West Africa sub-region and electricity market.

He also thanked the executive committee of IBB Golf Club and its staff for providing a ‘spectacular venue’ for the event and for their warm hospitality throughout the tournament.

to Train Heads of MDAs FDI: Obaseki Partners Group to Attract NASS on Legislative Compliance, $100m for Oil Palm Expansion in Edo Violation of Resolutions Civil society groups throw weight behind 2023 Alaghodaro summit Adibe Emenyonu in Benin City The Edo State Government has signed a Memorandum of Understanding (MoU) with Sunora Foods, an Agro-based company that was expected to attract over $100 million Foreign Direct Investment (FDI) into its oil palm business expansion.

The partnership is expected to boost trading in oil and vegetable oil to markets across the world.

Speaking shortly after the signing of the MoU between the state government and the firm at Government House in Benin City, over the weekend, the State Governor, Mr. Godwin Obaseki, said his administration was supportive of businesses and entrepreneurs and would continue to create enabling environment for them to thrive to achieve desire returns.

"We want to congratulate the management of Sunora Foods in the stage we have gotten to that has culminated in the signing of the MoU with our government.

"As a government we are very supportive of entrepreneurs who want to undertake meaningful investment in our state particularly in the agro-based businesses. This is not the first time we are supporting

business groups that have affiliation with our state.

"I just want to implore you that you should be very diligent and also manage your expansion. We trust that with the history of your company and experience that you will manage the business and the opportunity.

"As a government, like i said earlier, we are very supporting of businesses and entrepreneurs. We will continue to create the enabling environment for your investment to thrive, safe and to obtain the level of returns that you expected to sustain the investment", Obaseki added.

Earlier, the President/CEO, Sunora Foods, Charles Eghobamien, disclosed that Sunora foods was a 30 years old entity trading oil, vegetable oil to markets across the world including the USA, Canada and China.

He explained that one of the first initiatives was global expansion, "and having secured the financing for the expansion we had two markets. First was Indonesia and the other was Africa.

"As they say, charity begins at home and I said is going to be Edo State. And, that was particularly easy to make because of the

investment and strives and the programmes the Governor had set in place.

"We are excited for this initiative because of what its brings. It is an investment, but investment is not just money but is improvement in livelihood in line with the dreams of the governor and in this administration.

"We are targeting 10,000 jobs minimum and we are also targeting over 15,000 indirect jobs. Apart from this, there are going to be other development in terms of innovations, technical expertise and also we intends to through our Corporate Social Responsibility to impact the communities where we are going to operate in.

"So, we are waiting for this opportunity and we look forward to a fruitful and successful partnership," Eghobamien stated.

Later in an interview with journalists, Eghobamien said the programme Sunora Foods was targeting has five aspects.

"First, is 15,000 hectares of land which we intends to plant within the next five years. Second, is crush facilities for Soya beans and other Seed oil crops. Third, a 12 hundred tons per day edible oil refinery.

"Fourth, a bottling line and a

15,000 bottle per hour bottling lines. "Fifth, is an animal feeds processing facility. All of these lines will lead to 10,000 direct and 15,000 indirect jobs.

"We are going to invest in palm oil plantation to start with. The goal of selling of red palm oil and also refining through the refinery into vegetable oil.

"We are ready to start in January 2024 as soon as we get the land concession and begin planting,” he added.

Meanwhile, civil society organisations in Edo State have declared their endorsement of the 2023 Alaghodaro Summit, scheduled to take place in Benin City, between November 8 and 12, 2023.

They commended Obaseki for his administration’s investment-friendly reforms which have continued to drive economic growth and development in the State.

Speaking to journalists, the groups said Edo, under the leadership of Obaseki, had enjoyed transformative policies that have guaranteed a more conducive environment for businesses to thrive, attracted local and foreign investments, and improved the overall quality of life for Edo people.

Juliet Akoje in Abuja

The National Assembly in conjunction with Green Mount Consulting Limited is organising a workshop for heads of Ministries, Department and Agencies (MDAs) of Government in a bid to emphasise the imperative of legislative compliance The Managing Partner, Green Mount Consulting Limited, Alhaji Mohammed Aminu, in a statement made available to journalists in Abuja, yesterday, said the workshop, scheduled for November 7th and 8th, was set to address the theme: "the imperative of legislative compliance in deepening democracy and enhancing good governance."

Aminu said, "in recent times, there has been growing concern about the non-compliance of MDAs with resolutions passed by the Nigeria Senate and the House of Representatives.

“To address this issue, it is essential to engage in constructive dialogue and find effective solutions that will ensure the alignment of government actions with legislative decisions."

He said the two-day workshops would serve as a platform for comprehensive discussions, knowledge sharing, and the formulation of practical strategies

to promote legislative compliance.

Several distinguished guests would be in attendance, including the Senate President, the Minister of Justice and Attorney General of the Federation, the Director-General of the Securities and Exchange Commission.

Others include the National Security Adviser, the Comptroller General of Customs, and the Group Chief Executive Officer of NNPCL. The workshop would cover a wide range of topics, including the legal framework governing legislative compliance, the roles and responsibilities of various government entities, and case studies highlighting successful compliance initiatives.

Through panel discussions, expert presentations, and interactive sessions, participants would gain a deeper understanding of the importance of legislative compliance in strengthening democracy and good governance in Nigeria.

The workshop would serve as a turning point in addressing the issues related to legislative compliance in Nigeria.

It would bring together key stakeholders, government officials, experts, and thought leaders, thereby fostering a collaborative environment that will lead to actionable recommendations and meaningful reforms.

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Acting Group Politics Editor DEJI ELUMOYE

POLITICS

Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY

M O N D AY D I S C O U R S E Tinubu Sets Pace for Actualising His Govt’s Renewed Hope Agenda Ministers, Special Advisers, Permanent Secretaries and other political aides of President Bola Tinubu gathered in Abuja last week for a three-day retreat to chart an agenda for the five-month old government at the centre. Deji Elumoye Reports.

Tinubu

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ith the inauguration of his 48-man cabinet and hosting of four meetings of the Federal Executive Council (FEC) since his assumption of office on May 29, 2023, President Bola Tinubu last Wednesday declared open a three-day retreat for Ministers, Special Advisers, Permanent Secretaries and other political aides at the Conference Centre of the State House, Abuja.

The retreat with the theme, “Delivering on the Renewed Hope Agenda,” which was organised by the Office of the Secretary to the Government of the Federation, was attended by the President, Ministers, Special Advisers, aides, Permanent Secretaries and other top government officials. The only absentee was the Vice President, Senator Kashim Shettima, who was away to Iowa, the United States to represent President Tinubu at an international conference.

The President set the tone for the maiden retreat of his administration with an opening remarks when he emphasised the need for him to succeed by all means to deliver on the expectations of Nigerians who voted him into office on February 25, 2023.

He, therefore, charged his ministers, advisers, aides and other government officials to help him in the realisation of the goal.

President Tinubu declared that he would not spare any resources in his bid to successfully redeem Nigeria from its current state and reminded all participants at the retreat that everything needed to lift the country are within government’s disposal.

According to him: “It’s our country, we have no other one, let’s be proud that we’re Nigerians and we can do it, you can show leadership. We can fight to make democracy a lasting reference for the rest of Africa.

“Don’t be afraid to take decisions, but don’t be antagonistic of your supervisor. If they are wrong, debate it. I stand before you and I have claimed several occasions and I’m saying today again, as the President I can make mistakes, point it to me, I will resolve that conflict, that error. Perfection is only that of God almighty.

“But you are there to help me succeed. Success, I must achieve, by all means necessary.

We have great minds, great intellects and all that we need”.

The President also said he would not complain about the enormous task of piloting the country through economic and social recovery, saying he had accepted to inherit all the assets and liabilities of his predecessors.

Said he: “I accept the assets and liabilities of my predecessor, it is part of my professional background. You are in this ship, don’t wreck it. See the minister as part of a team that will navigate and take it out of troubled waters.

“Healthcare is priority, education is a must. No other weapon against poverty than education.

You have the opportunity to change things”.

Bala-Usman President Tinubu told the Ministers and other aides: “We are going through the reform, painfully, and we still have other challenges. Don’t be a clog in the wheel of Nigeria’s progress. Let us look forward.

Let us be determined that corruption will go, progress will be achieved, better wages for our workers, and living wages.

“We will transform the economy to work for millions of our citizens. We must take 50 million people out of poverty. We must build healthcare that works for all.

Look around. Don’t be wicked. Look at the standard of education, look at the classrooms, and look at the roads. We can only spend the money, we will find it, we cannot spend the people.

“No crime in borrowing. Thank you World Bank for being a lending friend, but let your achievement be homegrown.

The determination that Nigeria can do it is here.

“If it had not started six months ago, we are here to switch off the light, make you included, and make all Nigerians included. Our path for tomorrow is charted for our children and grandchildren. Don’t be selfish about it. Poverty is not a shameful thing, it’s only unacceptable and we have to banish it because it’s unacceptable.

Let’s work on other identifiable areas”.

The President also canvassed for unity among Nigerians, assuring that he is a President of all regardless of religious, ethnic, political or otherwise.

He charged the retreat participants to work towards a great Nigeria, reassuring them that a great Nigeria is possible and a greater Nigeria will come with their commitment, guidance and resolute to give the nation direction.President Tinubu stressed that rebuilding Nigeria is a collective responsibility and called on the members of the Federal Executive Council to join hands with him to renew the foundation of the nation and give hope to the near-hopeless.

“It is our country we have to build it, we have to renew the foundation. We have to give hope to the near-hopeless.

Akume With strong determination, we have brought together the best brains, and the best hands to navigate the future of Nigeria. We can’t complain and give excuses”.

The President who emphasised that no one succeeds alone assured the top government functionaries of his support in the discharge of their duties reaffirming the need for all the participants to be determined and collaborate towards the achievement of the eight-point agenda of his administration.

His words: “A great Nigeria is possible and a greater Nigeria will come under our commitment, guidance and resolute determination to give the country a direction. I am with you and please be assured that this great country is one family in one house geographically located partitioned and living in different Rooms but we are one family.

“And we are here to make allegiance and give direction to that one family, making sure that relationship can only be stronger if we give hope to our people and can only achieve our vision with boldness and strong determination with collaboration”.

He charged civil servants to positively contribute to the success of the Renewed Hope Agenda, cautioning that they must not see political appointees as opportunists.

According to him: “I am here to assure you that I will work with you, the best brain we can put to get in civil service, the best brains that we can put together in our democratic parliament and has been chosen for us by the public.

“Don’t see the minister as an opportunist but a partner that you must take this ship forward.

Navigate it through turbulent and clear weather.

But you are in this ship, you will make good of it but not wreck it.

“We are lucky we have a nation, the challenges are all over the world, you can see the chaos all around you, but be focused and be committed to the values and principles of results that will affect you, your neighbour and the entire nation”.

President Tinubu added that all participants at the three-day retreat will, among other things, sign the Ministerial Performance Bond, which will periodically be reviewed.

The President also announced the establishment of the Result Delivery Unit (RDU), to be headed by his Special Adviser on Policy

On policies and priorities for the Renewed Hope agenda, the presidential retreat recommended reforming the economy to deliver sustained inclusive growth; reforming tariff structure to enable trade, while still supporting domestic production. Other recommendations are: Incorporate more equity financing, rather than debt financing for fiscal operations and to ensure annual budget is aligned with strategic priorities, among others.

Coordination, Hadiza Bala-Usman, to measure the performance of ministers and other top government officials serving in his administration.

He said all ministers and aides as well as other top government officials serving in the present administration would sign a bond of understanding with him to enable the government measure their performance with key indicators and reference to objectives of the Renewed Hope Agenda.

The President assured the Ministers that he would grant significant level of autonomy, provided that they demonstrate intellectual curiosity by asking questions about the reasons, methods, and timing of tasks assigned.

“At the end of this retreat, you’re going to sign a bond of understanding between you, the ministers, the permanent secretaries, and myself. If you are performing, nothing to fear; if you miss the objective, we’ll review; if there is no performance, you leave us. No one is an island, and the buck stops on my desk.

“I assure you, you have a free hand. You must be intellectually inquisitive to ask how, why, when, and why it must be immediate. You have the responsibility to serve the people.

“I’ve taken a young lady very dynamic, Hadiza Balla Usman, to head that delivery unit. If you have any complaints about her, see me. If you’re ready to work with her, stay there. Delivery, yes! we must achieve it for the sake of millions of our people”, he said.

President Tinubu also explained that the evaluation of the officials will be across the eight priority areas of his administration which include food security, economic growth and development through job creation, and to end Poverty.

Other focus areas include Inclusivity: Drawing on all Skills bass—To prominently feature women and youth in national activities; Security—To defend the nation from terror and all forms of criminality; Fairness and rule of law—To be impartial and govern according to the constitution and ensure the rule of law and Anti-Corruption Stance—To discourage corruption whilst strengthening the effectiveness and efficiency of various anti-corruption agencies.

Secretary to the Government of the Federation (SGF), Senator George Akume, while delivering the context setting earlier on his address, said the retreat will provide the opportunity to deepen the understanding of participants in best practices in conducting government business.

Akume also noted that the retreat will specifically the keep members abreast with essential government matters procurement, budgeting anti-corruption drive as well as exposing the executives to federal executive councils, roles of the Ministers and the Perm secretaries in managing Ministries.

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

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This Week In Tech Tech Top 5 News 08097710984

GOOGLE UNVEILS IMAGE CONTEXT TOOLS TO COMBAT MISINFORMATION

G

oogle has introduced a powerful set of tools designed to equip users with comprehensive contextual information about images while also taking a stand against disseminating false information.

The “About this image” features are now accessible to all English language users across the globe.

These innovative tools empower users to fact-check and refute erroneous claims more effectively. Users can now delve into an image’s history, metadata, and usage context across various websites. This enhanced transparency enables users to gauge the relevance of an image in Google Search results, helping identify potentially misleading information.

Furthermore, users can explore how others have described the image on different websites, providing an invaluable resource for debunking falsehoods.

Accessing these image context tools is easy: by clicking on the three-dot menu in Google Images results or through the “more about this page” option within the “About this result” tool found in the three-dot menu.

Google has also hinted at forthcoming developments, suggesting additional methods for users to access these tools. In an extended effort to combat misinformation, Google has announced that accredited journalists and fact-checkers will have the ability to upload or copy image URLs, utilising them in their own tools via the FaceCheck Claim Search API. This enhancement builds upon Google’s Fact Check Explorer tool, which equips fact-checkers with the resources to explore fact-checks, references, and other vital details linked to specific images. With these measures, Google aims to foster a more informed and fact-based online environment.

nosakhare.alekhuogie@thisdaylive.com

NORRSKEN22 RAISES $205M TO BOOST AFRICAN STARTUPS Norrsken22 has achieved an exceptional milestone, closing its debut fund with a remarkable $205 million in capital, surpassing its initial target.

The timing of the Pan-African venture capital firm’s achievement coincided with a surge in capital inflow into the tech sector, highlighting the growing enthusiasm for supporting African startups during their critical growth phase.

Norrsken22’s mission is to bolster startups in sectors such as fintech, edtech, and health tech across Africa.

Alekhuogie

TECH PERSONALITY OF THE WEEK

Celestine Ezeokoye’s WeMove: Expanding Space for Nigeria’s Transportation System

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n this week’s tech personality spotlight, we introduce you to the dynamic founder and CEO of WeMove Technologies, Celestine Ezeokoye.

WeMove Technologies is a pioneering startup reshaping transportation solutions in Nigeria and offers a unique marketplace for meeting transportation needs in the bustling Nigerian landscape. With their innovative platform, users can easily discover and hire vehicles, while vehicle owners can seize the opportunity to earn income by listing their vehicles for hire.

The result? It is a win-win situation for both transportation seekers and providers.

The journey of WeMove commenced in 2017. with a significant boost, as the company secured a crucial $30,000 investment from Lydia Idem, representing FM Capital Group, and Gbenga Agboola, the CEO of Flutterwave, in 2018. This financial injection allowed WeMove to turn its ambitious vision into a reality, kickstarting the transformation of the transportation sector in Nigeria.

WeMove initially started as a third-party vehicle hire company, serving the needs of individual consumers.

However, a remarkable trend began to emerge. The majority of their service requests were pouring in from businesses, especially those in the Fast Moving Consumer Goods (FMCG) and Construction sectors. This revelation led the company to pivot and explore the realm of Business-to-Business (B2B) services, effectively expanding its scope to cater to the unique transportation demands of corporate clients.

The journey of Celestine did not start with WeMove.

In 2013, he embarked on a remarkable chapter by joining Interswitch, Nigeria’s leading fintech company. His role at Interswitch involved being an integral team member who contributed to the development of Quickteller.com, an endeavour that further solidified its place in the tech industry.

Under the innovative leadership of WeMove Technologies’ CEO, this Nigerian startup is not only reshaping transportation logistics but also forging a path toward greater efficiency and convenience, connecting businesses and individuals with reliable, cost-effective transportation solutions.

FRANCE, NIGERIA COLLABORATE TO PROPEL 65,000 STARTUPS, JOBS The Minister for Europe and Foreign Affairs of France, Catherine Colonnade, has lauded Nigeria’s Investment in Digital and Creative Enterprises (I-DICE) program, declaring its potential to catalyse the birth of 65,000 startups within the Nigerian landscape.

This exciting revelation unfolded on a recent Friday as the Nigerian government and France came together to seal an agreement about the I-DICE initiative formally. The bilateral accord was signed at the Ministry of Foreign Affairs in Abuja, with Minister of Foreign Affairs Yusuf Tuggar and Colonnade representing their respective nations.

Catherine Colonnade unveiled the grand vision of the I-DICE program, highlighting that it possesses the capability not only to usher in thousands of startups but also to generate approximately 150,000 direct jobs in the technology and creative industries sectors. Astonishingly, the program is poised to provide a staggering 1.3 million indirect employment opportunities, further enhancing the employment landscape.

The financial foundation of the I-DICE program is fortified by prominent institutions, including the French Development Agency (AFD), the African Development Bank (AfDB), the Islamic Development Bank (ISDB), and the Bank of Industry (BOI). This ambitious endeavour boasts a total value exceeding $600 million, with the AFD pledging a substantial contribution of 100 million euros, equivalent to $116 million, to support the initiative.

Speaking at the agreement signing, Tuggar emphasised the program’s primary focus on job creation and its significant potential to impact young Nigerians. The I-DICE program, spearheaded by the Office of the Vice President, is a federal government initiative dedicated to fostering entrepreneurship and innovation within the digital technology and creative industry sectors—the development of the Nigerian economy.

Nosa

The success of Norrsken22 underscores the burgeoning interest from investors eager to back African startups at pivotal stages in their development. Operating across Nigeria, South Africa, Kenya, and Ghana, the firm garnered substantial interest, securing backing from unicorn founders and attracting support from notable institutional investors, including British International Investment, International Finance Corporation, US International Development Finance Corporation, Standard Bank, and Norfund.

Amidst the challenges posed by a global tech investment slowdown, Norrsken22’s accomplishment is a significant milestone.

Focused on the African Tech Growth Fund, the company aims to bridge the investment cycle gap, particularly in the Series A and B stages, addressing the shortage of capital in Series A and beyond while reserving funds for subsequent investments in B and C rounds.

With a focus on approximately 20 startups and an average investment of $10 million per venture, Norrsken22’s success signifies a positive trend in the African tech investment landscape, even amidst the challenges posed by the global investment climate.

By adopting a forward-looking strategy and leveraging its experienced team, Norrsken22 is positioned to reinforce its commitment to nurturing African startups.

The scheme, spanning several years, implicated insiders who exploited their knowledge of the company’s systems to deceitfully file and receive merchant chargebacks, causing substantial financial damage. Chargebacks are reversals of payments initiated when a customer disputes a transaction.

The extent of the fraud extends to multiple methods, including the potential use of stolen merchant credentials for fraudulent chargebacks and manipulations within the system, falsely branding legitimate transactions as fraudulent.

Interswitch, fighting to recover the losses, has taken the matter to the courts and seeks restrictions on hundreds of suspected bank accounts across fifty-four banks during the ongoing investigation and recovery process.

As of now, they have managed to retrieve a fraction of the lost N10 billion.

The company is pursuing legal avenues, having reported the case to the Economic and Financial Crimes Commission (EFCC), actively probing the fraud and initiating recovery measures. In a proactive stance, Interswitch has also bolstered its security measures to fortify against future incidents.

Notably, Interswitch has refrained from issuing an official statement regarding the staggering 30 billion loss.

INTERSWITCH FACES MASSIVE ₦30BN FRAUD SCANDAL

ELON MUSK’S XAI SET TO CHALLENGE OPENAI WITH GROK

Interswitch, a prominent financial player, has allegedly been rocked by a colossal 30 billion ($40 million) fraud scheme, exposing vulnerabilities in its system, allegedly perpetrated by former and current employees.

In a bold move to redefine the AI landscape, Elon Musk, the visionary owner of X, is on the verge of unleashing Grok, an AI chatbot likened to ChatGPT, through his groundbreaking xAI company.

On the official xAI website, the company states that its mission is to unravel the mysteries of the universe, setting high aspirations for its foray into the world of AI. Grok, an upcoming AI model, is about to enter beta testing, marking a pivotal moment in its development.

Musk, an AI aficionado, hails Grok as “the best in some crucial aspects,” heralding its imminent release to beta testers. Once the beta phase concludes, xAI’s Grok system will become available to all X Premium+ subscribers.

Elon Musk has been teasing AI enthusiasts with glimpses of the upcoming xAI model on his platform, showcasing his evident enthusiasm for its potential. Grok is set to harness “real-time access” to a wealth of information on X, just like its predecessor, ChatGPT. This includes the capability to scour the internet for the most current insights on a wide array of topics. The model’s conversational prowess, which may rely on a knowledge base akin to that which trains ChatGPT, is poised to astound users.

Distinguishing itself from other AI models, Musk reveals that xAI’s Grok is engineered to infuse humour into its responses, a feature that is expected to captivate users and add a touch of whimsy to conversations.

Grok’s entrance into the AI arena promises to challenge giants like OpenAI’s ChatGPT. It pledges to deliver not only witty responses but also a deeper understanding of human emotions.

Musk envisions Grok as a chatbot that connects with users on a personal level, revolutionizing the AI landscape by placing a strong emphasis on empathy and rapport. In doing so, Grok endeavors to humanise technology, bridging the gap between man and machine and making interactions more enjoyable and relatable.

T H I S D AY • MONDAY, NOVEMBER 6, 2023

19

FOCUS UBA: Powering Ahead with Stunning Repeat Performance in Q3 For its unbroken record performance in the first three quarters of the year, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has not only demonstrated that old age comes with experience, but that its plan to end the year with a superlative performance is achievable, reports Festus Akanbi

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t wasn’t all that long ago when Nigerian banks had a dose of the challenges that shook the nation’s economy to its foundation between December 2022 and March this year.

It was a period of uncertainty brought by an unpopular policy of the naira redesign which placed Nigerian banks at the receiving end of pressure from the customers and the regulatory authorities, with the attendant fear that the confusion might scuttle efforts of banks to post good performance results for year 2023.

However, as the 2023 financial year began to unravel, banking industry watchers could observe that despite the prevailing economic crisis, many banks were able to break even and surpass previous performances, a development which was attributed to years of investment in key human and technology as well as a clear understanding of the industry.

One of these leading operators with a strong consistency in its impressive performance is Africa’s Global Bank, United Bank for Africa (UBA) Plc. The bank has over seven decades of providing uninterrupted banking operations, dating back to 1949 when the British and French Bank Limited (BFB) commenced business in Nigeria.

UBA, which undeniably tops the chart of the front runners in the Nigerian banking industry, during the week, released its third quarter, 2023 performance results (an impressive growth across all key performance metrics) which clearly showed a considerable improvement over its second quarter results.

Facts and Figures In continuation of its remarkable performance achieved in the first two quarters of the current fiscal year, the bank’s gross earnings grew by 115.2 per cent to N1.309 trillion up from N608bn recorded last year, while operating income rose by 146 per cent from N414 billion in September 2022; to N1.018 trillion in the year under consideration.

The bank’s financial report also indicated an impressive 262% rise in Profit before Tax (PBT) to close at N502.01 billion compared to N138.49 billion recorded at the end of the third quarter of 2022, while profit after tax also rose impressively by 287.2% from N116 billion recorded a year earlier to N449.29 billion massively surpassing its annualised return on average equity for Q3 2023 at 131 per cent to 44.37%.

The results showed a very strong balance sheet, as the Total Assets rose to N16.24 trillion, representing a 49.5% increase over the N10.86 trillion recorded at the end of December 2022, while its Customer Deposits rose to N11.63trillion, representing a 48.6% rise, up from N7.8 trillion at the end of the last financial year.

Its shareholders’ funds remained very strong at N1.778 trillion up from N922.1 billion which it recorded in December 2022, an indication of a strong capacity for internal capital generation and growth.

Earlier in its second quarter results, UBA had demonstrated substantial progress in increasing the contribution and market share from its subsidiaries in Africa and globally. The group reported a profit before tax of N404 billion, representing an extraordinary increase of 371 per cent when compared to N85.75 billion recorded in the first half of 2022. This translated to an annualised Return on Average Equity of 57.7 per cent as against 17.1 per cent a year earlier.

The results also showed as of June 30, 2023, a profit after tax (PAT) of N378.24 billion, representing a leap of 437.8 per cent over H1 2022. Operating Income grew by 206.6 per cent to N783.96 billion in June 2023; higher than N255.67 billion reported a year earlier.

The Group delivered a 164 per cent growth in its Gross Earnings which rose to N981.78 billion as of June 2023, up from N372.36 billion recorded last year in June 2022. Total Assets

continued a strong upward trajectory, rising above the N15trn mark, as it hit N15.38 trillion, representing a 41.7 per cent leap up from N10.86 trillion recorded at the end of last year. Customer Deposits also rose by a sharp 42.4 per cent to N11.14 trillion in the period under consideration; as against N7.8 trillion recorded at the end of 2022.

Shareholders’ Funds increased to N1.712 trillion reflecting the Group’s strong capacity for internal capital generation.

Working Round the Clock Banking industry watchers noted that the growth trajectory, which has continued to ender UBA to investors and the banking public in all its areas of coverage didn’t just come without working for it. It was pointed out, for instance, that while other banks are limited by some of the current economic realities in Nigeria and in Africa, the management of UBA has continued to push the frontiers of performance.

The bank recently announced an initiative aimed at providing robust and comprehensive financing solutions to support and boost activities of Small and Medium scale Enterprises (SMEs) across the African continent.

Through this initiative, UBA will be allowing SMEs to access financing for small businesses that specialise in the key sectors of Agro-processing, Pharmaceuticals, Automotive Transport, and Logistics.

The financing initiative is powered by UBA’s recent partnership with the African Continental Free Trade Area (AfCFTA) secretariat to provide financing for up to $6 billion over the next three years to eligible SMEs across Africa, an agreement which was signed on the sidelines of the 30th Afreximbank Annual Meeting (AAM) which was held in Accra, Ghana.

Another initiative entered this year was

its commitment to the empowerment of the continent’s creative industry, pledging to continue leading the charge in this sector.

According to the bank’s Group Deputy Managing Director, Muyiwa Akinyemi, UBA has made substantial investments in the creative industry, including its lifestyle and entertainment channels, REDTV and REDRadio, which he said are a testament to the bank’s visionary commitment towards nurturing and promoting talent. He said that these strategic endeavours have acted as transformative catalysts, propelling the growth of the creative sector and enabling Africa’s talents to shine brightly Also, in recognition of its solid presence in Africa, UBA was admitted as a member of the prestigious Partnership for Carbon Accounting Financials (PCAF). By this admission, UBA is the only financial institution from West Africa to be selected and listed among the 14 members of the global core team representing all regions.

According to the chief executive officer, of PCAF, Ace Robinson, “UBA stood out exceptionally after a rigorous application process, which attracted over 50 highly qualified candidates from across the PCAF signatory community. The bank is the only financial institution from West Africa to be listed on the prestigious global core team, which is commendable and shows that UBA is indeed at the forefront when it comes to pushing the Carbon Accounting agenda.

Perhaps, one of its greatest investments is the one on its human resources. The bank was one of the few operators which reaffirmed its commitment to prioritise the welfare of their employees and their families amid the current economic realities and its impact on living conditions.

The bank recently announced the implementation of a cost-of-living adjustment for its staff effective immediately, saying over the past few months, it had

closely monitored the effect of the rising cost of living on its employees and recognised the importance of addressing these challenges proactively. Labour issues commentators said UBA has again warmed itself into the hearts of its employees because the upward salary adjustments were done without being pushed to do so.

Eyes on Full-Year Performance Commenting on the third quarter result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, remarked that the Group has once again shown sustainable and remarkable improvement in key performance metrics over the period, reflecting its commitment to delivering value to shareholders and various stakeholders.

Speaking on plans and strategy to sustain and surpass the performance at the end of the year, the GMD explained that the bank will continue to leverage its customer-centric strategies, speed to market, and innovation to consolidate market share in its various jurisdictions, as he pledged the bank’s commitment towards expanding and deepening digital and other transactional banking offerings while building strategic alliances to take advantage of emerging opportunities in due time.

“Looking ahead, we are optimistic that the growth trajectory will be sustained in the final quarter of the year as we remain focused on consolidating the gains achieved so far in delivering enhanced returns to our shareholders.,” Alawuba pointed out.

United Bank for Africa Plc is a leading PanAfrican financial institution, offering banking services to more than 35 million customers, across 1,000 business offices and customer touch points in 20 African countries. With a presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial, and corporate banking, innovative cross-border payments and remittances, trade finance, and ancillary banking services.

20

T H I S D AY ˾ DAY ʹ˜ 2023

CITYSTRINGS

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Tackling the Menace of Touting in Anambra Although the menace of touting is on an all time high in Anambra State, David-Chyddy Eleke reports that the state government is set to restore sanity by curbing their high-handed activities. However, stakeholders posit that this must include putting an end to the torture, abuse and humiliation by "official touts", who are agents of the state government recruited and constituted into teams of taskforce, for various revenue drive, traffic offences and many others

A government revenue agent brutalizing a physically challenged tricycle operator over tax

Part of 64 touts arrested in Onitsha on Tuesday

O

ne of the major promises of the Anambra State governor, Prof Chukwuma Soludo to the people before his coming to power was to make the state a liveable homeland.

This, one would envisage involves an Anambra that is free of touts, who are mostly the armed robbers that the state has, as they intimidate, extort and most times even rob unsuspecting persons.

But Soludo has geared up to ensure that the state, especially Onitsha, its commercial nerve centre is rid of these unwanted elements. During the last Ofala festival of Onitsha people, Soludo boldly told the people that his government is making plans to phase out touts in Onitsha, insisting that people must be able to conduct their businesses, without fear of being intimidated and molested.

But for critics of Soludo's government like Mr Chibuike Uloka, a public policy analyst; even though there are touts in Onitsha and other major cities of Anambra State, the bigger challenge facing Anambra people are what he referred to as official touts. These are agents of the state government, recruited by the Soludo administration and constituted into teams of taskforce, for various revenue drive, traffic offences and many others.

These able bodied men with various uniforms have been caught in viral videos bullying innocent road users, business people, to the extend of subjecting them to physical torture.

Recently, a video of revenue officers surfaced, showing an SUV driver being dragged our of his car and dumped in a mud in the middle of the road, while his car was driven away. Just this week, a helpless tricycle operator, who is also shown to be physically challenged, was captured in a video, not only being dispossessed of his tricycle, but also physically assaulted for coming close to beg the officials that he has not refused to pay, but should be given sometime.

These and many more have generated an uproar among Anambra people, with many decrying the level of touting in Anambra, even among government operatives. Chibuike Uloka reacting about the level of touting in Anambra said: "Recently, reports from Anambra State have highlighted the unruly behavior of touts and Agbero acting as revenue agents in the state.

They are engaging in blatant abuse of citizens, causing suffering to motorists, traders, motorcycle riders, and tricycle riders.

Rather than condemning the rise of these touts and Agbero in the state's commercial hubs and rural areas, Professor Charles Soludo's deliberate silence is encouraging these rogue individuals to continue their offenses against those in need of protection from the state.

"When Soludo declared his intention to disrupt the system and introduce new ways of doing things, many thought it would be a positive disruption with beneficial effects. Unfortunately, we had no idea that these disruptions and new methods would translate into incivility, abuse of power, oppressive taxes, and little relief for the poor. Human rights abuse has become prevalent

Soludo (middle) inaugurating the taskforce against touts in the state across Anambra State. Touts and street urchins empowered by the Soludo regime show no restraint in mistreating the less fortunate, as the government appears to grant them impunity to assault the vulnerable," Uloka lamented.

Meanwhile, the governor has made good his words to redeem the state, especially Onitsha from the grip of touts.

On Monday, Soludo launched what he called the Anambra Special Anti-Touting Squad, which was codenamed SASA. Speaking during the launch which held in Onitsha, Soludo said: "The launch of this squad is an acceleration on the key promise we made to the people living in the greater onitsha area which consists of Onitsha North, Onitsha South, Ogbaru, Oyi, and Idemili to restore Anambra State, known for law and order back to its full glory as the Light of the nation. When we assumed office, eight local governments were taken over. Thanks to the combined efforts of our security agencies and the vigilante service, those local government areas have been liberated and normalcy restored.

"We have told the youths to come out from their hideouts and the bush. We shall help to rehabilitate and integrate them into

society to be useful to their families, communities, states, and nations. While dealing with hoodlums on a larger scale, we will be dealing with touts in Onitsha greater area and Anambra State as a whole. We are fighting a war to bring back the soul of our society governed by law and order not a society anyone does what he or she likes arbitrarily without recourse to law and order.

Touts disturb customers who come from every nook and cranny of the country. But this journey is to rescue Onitsha as a commercial hub and Anambra State in general," the Governor said.

Most people who have reacted to the formation of SASA have lauded it's formation, but stated that the problem is that the main touts terrorizing the people of the state are government agents whose activities have been legalized with uniforms, even though they are also touts themselves. For Uloka, the recruitment of the SASA operatives may may well be an upgrade of dangerous touts, who Soludo would use to fight for his reelection bid.

Uloka in a statement said: "Recent events have clearly demonstrated that the current regime is heading towards a state of chaos. Street touts and urchins, known as "Agbero," have taken control of the state, disrupting economic activities and enforcing oppressive and unrealistic tax remittances.

"Reports of regular abuse have become a daily occurrence, leaving many victims in their wake.

When Soludo declared his intention to disrupt the system and introduce new ways of doing things, many thought it would be a positive disruption with beneficial effects.

Unfortunately, we had no idea that these disruptions and new methods would translate into incivility, abuse of power, oppressive taxes, and little relief for the poor. Human rights abuse has become prevalent across Anambra State

Recently, the Soludo regime launched the Anambra state anti-touting squad through the Ministry for Homeland Security, perhaps another recruitment of untrained, un-profiled, and faceless individuals with no apparent background, and possibly for political purposes as the regime gears up for re-election in 2025.

"Incidents such as the murder of Peter Udenkwelle in Agulu, assaults on tricycle rider in Nkpor, and attacks on GUO driver in Awka have garnered attention on social media, and among ndi Anambra at home and in the Diaspora.

It appears that these incidents also led to the creation of yet another "Agbero" group by the regime to counter the existing one, which the regime had initially recruited in a similar manner.

"All of this underscores the fact that the Soludo and APGA-led regimes have lost touch with reality. They lack the ideas and policies needed to address the suffering, poverty, and poor governance that have plagued Anambra State for the past 19 months.

"The recent formation of the anti-touting squad has led to a sharp increase in the recruitment of touts in Anambra State, totaling over 53,000 in just 19 months. These individuals receive little to no compensation but are empowered to assault and abuse citizens. Professor Charles Soludo's administration promised to create 100,000 jobs annually for the next four years and make 1,000,000 youth millionaires. Instead of fostering industries and supporting small and medium-sized enterprises and vocational training, many young people are being pushed into becoming touts and street urchins, causing further disruption to struggling businesses and economic activities."

Contrary to Uloka's complaint, the Soludo administration has insisted that it is working hard to rid Onitsha and all the major towns of Anambra of touts. Soludo had during his speech at Onitsha Ofala festival stated that the activities of touts in Onitsha has slowed down business in the city, with many who would have come for business, avoiding the city because they fear that they'll be robbed and maimed if they visited.

Meanwhile, as a resolve to the commitment of the state to rid the state of touts, the state government yesterday parading 64 persons, who were arrested by the newly formed Anti-touting group, SASA. The suspected touts and other criminals were arrested around Upper Iweka, Bridge Head and Chisco Motor Park, Onitsha. The SASA Director of Operations, Mr. Solomon Onwuemene, while parading the suspects at Onitsha, said the arrest would continue until Onitsha metropolis is rid of criminals.

He said, "Following the inauguration of the Anambra State Special Anti-Touting Squad (SASA) at Onitsha by Governor Chukwuma Soludo, the squad has swung into action and arrested 64 suspected touts and a one-chance suspected robber in various parts of Onitsha. All those arrested would be tried according to the law to serve as a deterrent to others," he said.

21 4

T H I S D AY

MONDAY NOVEMBER 6, 2023

EDITORIAL

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

TRAGIC DEATHS ON THE WATERWAYS The authorities should enforce standards for water transportation

I

them easily susceptible to accidents. Furthermore, t is unfortunate that almost everything the fact that most often, there are no lifejackets on worthwhile and ordinarily should be easily board is a guarantee that casualty was bound to achieved always looks like a mountain in be high.

Nigeria. With the existence of waterfronts Aside from overloading, most of these boats that in various parts of the country and the SO\ RXU ZDWHUZD\V DUH ROG DQG VXͿHU IURP ODFN increasingly devastating state of our roads, of proper maintenance. Perhaps more important innovative leaders would have ordinarily explored is the obvious lack of safety standards. In fact, the options of this mode of transportation by not much is known about the existence of any heavily investing in our waterways with a view to mandatory operational guidelines for ownership making them safe. Sadly, that is not the case, even of ferries and boats and the minimum standards though water transportation is one clear source of that must be met to be in the business. To de-congesting the roads across the country. compound the problem, the absence of any search In the latest of what has become regular tragedies, and rescue agencies often contributes to the high no fewer than 70 people died last Monday after a FDVXDOW\ ÀJXUHV UHFRUGHG VLQFH WKH RSHUDWRUV KDYH ERDW FDUU\LQJ WUDGHUV IURP D ÀVK PDUNHW FDSVL]HG little or no knowledge in Taraba State. That the about what to do when accident occurred four faced with emergency months after 103 persons situations. It is even died in Kwara State Aside from overloading, most of these boats that ply our waterways are more disturbing that we when a boat carrying have marine police in about 270 wedding old and suffer from lack of proper maintenance the country who always JXHVWV FDSVL]HG PDNHV seem to be nowhere to it even more worrying. be found in environs Governor Agbu Kefas where water tragedies described the accident T H I S D AY occur.

Following the Taraba accident, as it was in EDITOR SHAKA MOMODU a “monumental tragedy” while lamenting the previous tragedies, authorities in the state had to DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA absence of safety measures which compounded MANAGING DIRECTOR ENIOLA BELLO deploy local divers after most of the bodies had the tragedy. “Our body of water, which is one of DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU EHHQ VZHSW RͿ E\ WKH FXUUHQWV the longest in the region, should be a veritable CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI Going forward, we reiterate our call that source of wealth and not death,” Kefas said.

EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN operational standards be enforced nationally THE OMBUDSMAN KAYODE KOMOLAFE We commiserate with the families of the deceased for those in the business of ferry and canoe as we call on the authorities to investigate the cause transportation. There should also be regular of the accident. As we have often highlighted, it is inspection of these boats just like motor vehicles a notorious fact that there is hardly any ferry, canoe to detect dilapidated and rickety boats which T H I S D AY N E W S PA P E R S L I M I T E D RU WKH VR FDOOHG ¶Á\LQJ ERDW· WKDW NHHSV WR WKH H[DFW FRQVWLWXWH VHULRXV KD]DUG WR KXPDQ OLYHV 3URYLVLRQ EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA SDVVHQJHU QXPEHU VSHFLÀFDWLRQ ,Q VRPH LQVWDQFHV GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, of emergency services along the waterways is also boats that were constructed to carry not more than ISRAEL IWEGBU, EMMANUEL EFENI worthy of consideration.

20 persons could be loaded with up to 50 or more DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, Finally, we urge the National Inland Waterways passengers especially at peak periods when people ANTHONY OGEDENGBE Authority (NIWA) to come up with strategies that DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI are in a hurry to get back to their destinations. would help to keep our waterways safe, especially SNR. ASSOCIATE DIRECTOR ERIC OJEH Consequently, when the canoes encounter stormy ASSOCIATE DIRECTOR PATRICK EIMIUHI for the most vulnerable of our society in rural conditions along the waters, the sheer weight of CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI communities who are usually the victims of these the human cargo and other luggage would make DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO recurring accidents.

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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 ALAKE’S TAR SANDS, UMAHI’S CONCRETE An entry at www.sciencedirect says, “Extensive tar sands with reserves of about 41 billion barrels of oil are known to occur in Cretaceous terrigenous sediments in Ondo and Ogun States. The K\GURFDUERQ RFFXUV LQ WZR SUHGRPLQDQWO\ VDQG\ ]RQHV VHSDUDWHG by an eight-metre thick oil shale.”

Another report says Edo and Lagos States too have tar sands deposits. What are tar sands? “Tar sands are a combination of clay, sand, water, and bitumen, a heavy, black, asphalt-like hydrocarbon. Bitumen from tar sands can be upgraded to synthetic crude RLO DQG UHÀQHG WR PDNH DVSKDOW JDVROLQH MHW IXHO DQG YDOXH DGGed chemicals.”

The names of two ministers are part of the title for this item because the ministries they supervise need each other and the ministers need to collaborate in the interest of Nigeria.

The Federal Ministry of Works and its contractors rely 100 per cent on inputs that originated from Nigerian and foreign mines to construct roads, bridges, drainages and every road furniture. The main materials include water, sand, gravel, stones, iron and steel, bitumen or asphalt. $V WKH 0LQLVWHU RI :RUNV 'DYLG 1ZH]H 8PDKL LV OHJLWLPDWHO\ championing the use of cement for the construction of highways in Nigeria, it would be worthy were he to link up with Dele Alake,

his counterpart in the Federal Ministry of Solid Minerals to colODERUDWH RQ SURFHVVLQJ DQG XWLOLVLQJ WKH FRXQWU\·V ODUJH WDU VDQGV deposits for road construction. %LWXPHQ LV DOVR XVHG LQ ZDWHUSURRÀQJ URRIV DQG ´DV D ELQGHU in asphalt for roads, runways, parking lots, and footpaths. Gravel and crushed rock are mixed with thick bitumen, holding it together and it is then applied to roadways,” an entry on Investopedia says.

Another source says, “Bitumen and bituminous materials have been known and used in construction works since ancient times, approximately 6000 B.C. Asphalts were used as cements to hold VWRQHZRUN WRJHWKHU LQ ERDW EXLOGLQJ DQG DV ZDWHUSURRÀQJ LQ pools and baths.”

Certainly highways have been constructed with cement in many countries, including a stretch in Kogi State and the aprons of some of the airports in Nigeria.

In an article in construction, an online publication, Sherry Sutherland wrote, “Concrete pavements are known for their strength, durability, and longevity. In the past, they have also been associated with a high initial price. However, in a number of lifecycle cost studies, concrete pavements prevail due to their

VLJQLÀFDQWO\ ORZHU PDLQWHQDQFH DQG UHKDELOLWDWLRQ QHHGV µ +RZever, asphalt derivable from tar sands and the bitumen expected IURP WKH .DGXQD 3HWURFKHPLFDO 5HÀQLQJ &RPSDQ\ VKRXOG VWLOO be part of the mix in the construction of highways in Nigeria. The Minister of Works may consider encouraging highway contracWRUV WR EX\ DOO WKH ELWXPHQ IURP WKH .DGXQD 5HÀQHU\ ZKHQHYHU LW UHVXPHV UHÀQLQJ KHDY\ FUXGH RLO DIWHU LWV RQJRLQJ UHKDELOLWDWLRQ If the tar sands deposits in Nigeria are utilised, our country will no longer import the material from Italy, Germany or any of the eleven top asphalt producing countries. Astonishingly, Nigeria imports bitumen from Egypt, whereas billions of tons of its deposits in Nigeria are ignored.

This writer recollects that as Governor of Lagos State, Bola Ahmed Tinubu attended one of the Mining Indabas in Cape Town, South Africa and had a discussion on sundry issues with then Minister of Solid Minerals Development, Malam Musa *ZDGDEH *RYHUQRU 7LQXEX·V SDUWLFLSDWLRQ LQ WKH 6RXWK $IULFDQ Mining Indaba could be an indicator of his interest in the mining sector.

Salisu Na’inna Dambatta, Abuja

22

MONDAY, NOVEMBER 6, 2023 • T H I S D AY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 02Nov-2023, 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 282.46 283.61 49.23% Afrinvest Plutus Fund 100.00 100.00 8.06% Nigeria International Debt Fund 341.18 341.18 13.75% Afrinvest Dollar Fund 109.19 110.29 5.39% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 13.41% AIICO Balanced Fund 4.77 4.87 39.83% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.02% Anchoria Equity Fund 180.73 183.07 24.69% Anchoria Fixed Income Fund 1.23 1.23 0.09% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 29.29 30.17 33.47% ARM Discovery Balanced Fund 642.67 662.05 23.30% ARM Ethical Fund 53.17 54.77 17.85% ARM Eurobond Fund ($) 1.16 1.16 3.47% ARM Fixed Income Fund 1.15 1.15 3.59% ARM Money Market Fund 1.00 1.00 8.93% ARM Short Term Bond Fund 1.05 1.05 1.82% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 100.7 100.7 10.81% AVA GAM Fixed Income Naira Fund 1,117.56 1,117.56 4.37% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.04 1.04 6.84% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 0.00% Paramount Equity Fund 24.24 24.74 41.88% Women's Investment Fund 192.91 195.89 40.46% CHD Nigeria Bond Fund 100.83 100.83 12.48% CHD Nigeria Dollar Income Fund 1.02 1.02 11.17% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.46% Cordros Milestone Fund 159.04 160.09 23.94% Cordros Fixed Income Fund 105.83 105.83 10.06% Cordros Halal Fixed Income Fund 108.15 108.15 11.52% Cordros Dollar Fund ($) 113.41 113.41 6.23% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 9.49% Coronation Money Market Fund 1.44 1.45 26.11% Coronation Balanced Fund 1.37 1.37 0.59% Coronation Fixed Income Fund 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 Emerging Africa Money Market Fund 1.00 1.00 12.07% Emerging Africa Bond Fund 1.09 1.09 9.79% Emerging Africa Balanced Diversity Fund 1.24 1.24 26.33% Emerging Africa Eurobond Fund 106.36 106.36 5.64% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1518.52 1518.52 11.53% FBN Balanced Fund 244.84 247.00 33.30% FBN Halal Fund 130.98 130.98 12.77% FBN Money Market Fund 100.00 100.00 10.20% FBN Dollar Fund 122.40 122.40 7.44% FBN Smart Beta Equity Fund 230.03 232.96 52.49% FBN Specialized Dollar Fund 110.05 110.05 9.18% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 7.77% Legacy Debt Fund 3.55 3.55 -0.58% Legacy Equity Fund 2.63 2.68 31.25% Legacy USD Bond Fund 1.31 1.31 4.42% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 5,359.29 5,398.82 32.64% Coral Income Fund 3,946.35 3,946.35 7.53% Coral Money Market Fund 100.00 100.00 10.79% FSDH Dollar Fund 1.19 1.19 0.00%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End 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 N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 16.70 16.84 43.13% Meristem Money Market Fund 10.00 10.00 11.39% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) N/A N/A N/A Norrenberger Money Market Fund (NMMF) N/A N/A N/A Norrenberger Dollar Fund (NDF) ($) N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A SCM CAPITAL 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 148.04 152.65 17.76% 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 STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 4,684.68 4,722.07 38.19% Stanbic IBTC Bond Fund 255.03 255.03 8.26% Stanbic IBTC Ethical Fund 1.93 1.95 53.97% Stanbic IBTC Guaranteed Investment Fund 348.19 348.32 11.22% Stanbic IBTC Iman Fund 365.12 369.54 56.33% Stanbic IBTC Money Market Fund 1.00 1.00 9.77% Stanbic IBTC Nigerian Equity Fund 17,051.40 17,261.00 56.19% Stanbic IBTC Dollar Fund (USD) 1.45 1.45 12.07% Stanbic IBTC Shariah Fixed Income Fund 126.95 126.95 8.59% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 124.14 124.14 16.70% Stanbic IBTC Absolute Fund 4,930.04 4,930.04 15.89% Stanbic IBTC Aggressive Fund 4,943.45 5,004.47 77.79% Stanbic IBTC Conservative Fund 5,111.75 5,135.22 34.33% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.26 1.27 37.63% United Capital Balanced Fund 1.73 1.74 33.63% United Capital Wealth for Women Fund 1.34 1.35 25.15% United Capital Sukuk Fund 1.16 1.16 11.09% United Capital Fixed Income Fund 1.93 1.93 6.87% United Capital Eurobond Fund 123.26 123.26 5.59% United Capital Global Fixed Income Fund 1.07 1.07 8.35% United Capital Money Market Fund 1.00 1.00 9.66% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 18.10 18.31 30.64% Zenith ESG Impact Fund 21.62 21.85 36.83% Zenith Income Fund 25.13 25.13 6.69% Zenith Money Market Fund N/A N/A N/A VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 7.22 7.32 79.03% Vetiva Consumer Goods Exchange Traded Fund 11.43 11.53 94.81% Vetiva Griffin 30 Exchange Traded Fund 25.36 25.56 43.17% Vetiva Money Market Fund 1.00 1.00 10.22% Vetiva Industrial Goods Exchange Traded Fund 28.27 28.47 41.26% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%

REITS NAV Per Share

Yield / T-Rtn

N/A 55.71 101.33 9.89

N/A 5.07% -13.40%

Bid Price

Offer Price

Yield / T-Rtn

N/A 398.00 506.00 22.06 30.62

N/A 398.00 506.00 22.16 30.72

N/A 209.20% 401.74% 53.89% 81.46%

NAV Per Share

Yield / T-Rtn

108.40

0.00%

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC REIT

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

I N F R AST R U CT U R E F U N D Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

T H I S D AY ˾ MONDAY, NOVEMBER 6, 2023

23

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

N O V E B E R

S & P INDEX

3 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT FRIDAY, JULY 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

MPR: Nine DMBs Reap N4.05tn from Loans to Customers, Others in Nine Months

Kayode Tokede Following the consistent increase in Monetary Policy Rate (MPR), by the Central Bank of Nigeria (CBN), nine Deposit Money Banks (DMBs) in the country reported a whopping N4.05 trillion interest income from loans & advances to customers, Investment securities and Loans and advances to banks in nine months of 2023.

This represents an increase of 67 per cent over N2.43 trillion recorded in the corresponding period of 2022.

The nine DMBs are: Access Holdings Plc, United Bank for Africa

(UBA), Guaranty Trust Holding Plc (GTCO), Zenith Bank Plc, FBN Holdings Plc, Fidelity Bank Plc, Stanbic IBTC Holding Plc, Sterling Financial Holdings Company Plc and Unity Bank Plc. MPR is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

The CBN had in July 2023 raised its benchmark interest rate to 18.75 per cent from 18.5 per cent in a bid to curb inflation.

In January, the Monetary Policy Committee (MPC) of the CBN raised the benchmark lending rate from

16.5 per cent to 17.5 per cent in a sustained push to control inflation and ease pressure on the naira.

According to National Bureau of Statistics (NBS), the annual inflation rate rose to 26.72 per cent Year-onYear (YoY)in September 2023 from 20.77 per cent Y-o-Y September 2022, reflecting continued increase in prices of goods and services across the country.

With the increase in MPR, money market indicator of CBN revealed that the average maximum lending rate in the banking sector increased to 27.24 per cent in September 2023 from 28.06 per cent reported by

CBN in September 2022.

Maximum lending rate refers to the rate charged by banks for lending to customers with low credit rating. In addition, average prime lending rate moved to 14.32 per cent in September 2023 from 12.23per cent in September 2022.

A prime rate or prime lending rate is an interest rate used by banks, usually the interest rate at which banks lend to customers with good credit.

In the period under review, Access Holdings, Zenith Bank and UBA recorded the highest interest income among other

investigated DMBs. Analysis of the banks’ results showed that Access Holdings alone recorded N1.05 trillion interest income in nine months of 2023, representing an increase of 83.4 per cent from N571.74billion in nine months of 2022. Interest income from loans and advances to customers contributed N458.41billion in nine months of 2023 from N352.01billion in corresponding period.

Zenith Bank reported N670.93 billion interest income in nine months of 2023, a growth of 71.7 per cent from N390.78 billion in

nine months of 2023, while UBA’s interest income stood at N666.29 billion from N420.23 billion in nine months of 2022.

The nine DMBs interest expenses stood at N1.74trillion in nine months of 2023 from N883.7 billion in nine months of 2022, according to THISDAY investigations.

Recently, the CBN disclosed that interest rate on savings is the highest since 2006 stressing that the development is as a result of the double-digit inflation rate.

The story continues online on www.thisdaylive.com

Japanese Govt Upbeat on Nigeria’s Economy, Tasks FG on Sound Economic Policies Gilbert Ekugbe The Japanese government has expressed optimism in Nigeria’s economy despite the harsh operating environment for businesses in the country.

The Managing Director and Trade Commissioner, Japan External Trade Organisation (JETRO), Takashi Oku, stated this on the sidelines of the opening ceremony of the 2023 Lagos International Trade Fair.

According to him, the Japanese government believes Nigeria’s

economic situation would improve, urging the Tinubu-led administration to formulate economic policies that would lead to economic growth and development.

He pointed out that to reaffirm the Japanese government’s commitment to the Nigerian economy, the number of Japanese companies participating in this year’s fair increased from 19 to 33, stressing that it is a clear demonstration of Japan’s confidence in Nigeria’s economy.

“We have many investment here with about 51 companies in Nigeria. Both countries enjoy good trade relationship. We are working with Nigerian companies to introduce more products into the country,” he said.

He however, stated that the trade volume between Nigeria and Japan is not too large, saying that Nigeria is a net exporter of natural gas and sesame to Japan.

He stated that the export from Nigeria to Japan increased from $759,256,000 in 2021 to $1,250,470

while imports from Japan to Nigeria rose from $287,331,000 in 2021 to $248,577,000 in 2022.

“There is increased number of participants compared with last year. We had 19 companies last year, but have increased in to 33 companies,” he stressed.

Also speaking, the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, said Nigeria has an enormous economy, population, natural resources, growing human resources and rich culture, adding that the international community is

now paying close attention to the potential of Nigeria more than ever.

He added that trade and investment play an indispensable role to truly achieve economic growth in Nigeria.

“They serve as the catalyst for job creation, higher productivity, capital access, learning and innovation and expansion for technology spill overs. In this context, Lagos is the gateway to attracting foreign investment into Nigeria, and the Lagos International Trade Fair 2023 will be a distinct showcase of the

momentum for growth through trade and investment,” he added.

He stated that Lagos is the most exciting commercial hub of Nigeria, maintaining that Nigeria is the most robust economic hub in Africa.

“Africa is and will be the hub of international trade and investment.

This Trade Fair exemplifies such strong ties between Lagos, Nigeria and the international communities,” he averred.

The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT F R I D AY, N O V E M B E R 3 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) ^13.53 230,00 November 101.45 12.35 3, 2023 MAR-2025 ^12.50 22November 98.29 13.38 0,00 JAN-2026 3, 2023 ^16.2884 17November 105.97 14.00 2,00 MAR-2027 3, 2023 ^13.98 23November 97.97 14.61 15,00 FEB-2028 3, 2023 ^14.55 26November 97.62 15.20 37,00 APR-2029 3, 2023

BILLS MATURITY

Discount Yield

NTB 9-Nov23 NTB 7-Dec23 NTB 25-Jan24 NTB 8-Feb24 NTB 7-Mar24

2.57

2.57

0.00 November 3, 2023

3.92

3.94

0.00 November 3, 2023

6.50

6.61

2.06 November 3, 2023

4.39

4.44

0.00 November 3, 2023

6.24

0.00 November 3, 2023

6.10

OTC F X F U T U R E S

CPS

Change (%) Updated Time

MATURITY NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23 NSDL CP IIB 23-NOV-23

VAAG CP XVII 24-NOV-23 RICL CP IV 1-DEC-23

Discount Yield 19.29

19.56

11.30

11.40

19.33

19.61

16.73

16.95

16.29

16.55

Change (%)

Updated Time

-2,00 November 3, 2023 1,00 November 3, 2023 1,00 November 3, 2023 4,00 November 3, 2023 26,00 November 3, 2023

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS NOV 1 – 27 2024 NGUS DEC 2 – 24 2024 NGUS JAN 3 – 29 2025 NGUS FEB 4 – 26 2025 NGUS MAR 5 – 26 2025

Updated Time

November 3, 2023 November 3, 2023 November 3, 2023 November 3, 2023 November 3, 2023

24

MONDAY, NOVEMBER 6, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Pensioners Seek Review of Pension Entitlement James Emejo in Abuja The Federal Civil Service Pensioners Branch (FCSPB) of the Nigeria Union of Pensioners (NUP), has called for the immediate review of pension benefits in line with constitutional provisions.

This comes as the retired workers also hailed President Bola Tinubu for the reappointment of Dr. Chioma Ejikeme as the Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD).

Speaking at a media briefing over the weekend in Abuja, the National Chairman, Mr. Sunday Omezi, expressed concern that some of pensioners currently receive as low as N10,000 as a monthly pension adding that “This cannot take anybody anywhere in the current economic situation in

the country”.

He emphasised that the review of pensions remained a constitutional provision that should be carried out in every five years, without any salary adjustment in the system.

According to him, the last pension review took place in 2010, adding that “as we speak, we have outstanding of 2015, 2010 because it should happen every five years”.

The pensioners, therefore, appealed to Ejikeme to take up the issue with the federal government given that the review remained a constitutional matter.

They urged her to initiate the review and present it to the federal government for approval.

The group particularly stressed that the reappointment of Ejikeme for a second term was a well-

deserved one, in view of her track record in the administration of pensions, culminating in the prompt payment of monthly pensions, payment of pension arrears, as well as landmark innovations that has eased the process of pension management, and the overall improvement of pensioners’ welfare.

Speaking alongside other executive members of the group including its Public Relations Officer, Mr. William Esiet, and National Secretary, Mr. Christian Azunna, Omezi also dissociated the FCSP from a recent newspaper publication (not THISDAY), purportedly protesting Ejikeme’s reappointment by the president, adding that the report “appears to have a taste of fabrications, falsehood, frivolities, and mischief.”

Insurance Growth: NIA Gets National Assembly’s Support Ebere Nwoji The Nigerian Insurers Association (NIA), said it has gained positive support from the 10th National Assembly in is drive to grow insurance in NIgeria.

The association stated this when its leadership team visited the Chairman of House Committee on Insurance and Actuarial Matters of the House of Representatives, honourable Ahmed Jaha, in Abuja.

The Chairman of NIA, Olusegun

Omosehin, who led the delegation, used the avenue to appreciate Jaha for his commitments towards the growth and development of insurance industry.

Omosehin, congratulated Jaha for his appointment as Chairman of House Committee on Insurance and Actuarial Matters and craved more supports especially in ensuring that the Consolidated Insurance Industry Bill, received the needed attention that would lead to its passage into an Act.

In his reply, Jaha, while commending the NIA executive for the visit, assured them of his support towards making insurance take its rightful place in the country.

He promised to ensure that all federal assets were consolidated for easy insurance coverage and that he would work assiduously to see that adequate budgetary provisions were made for insurances of all government’s assets.

Caverton Records Profit Despite Challenges Chinedu Eze Caverton Offshore Support Group Plc, the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has announces its unaudited results for the period ended 30th September 2023. The results show a Profit-Before-Tax of N47 million.

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola stated that this period has been marked by significant challenges, resulting from the removal of fuel subsidy and a substantial depreciation of the Naira against the dollar. As a result, we have experienced a significant increase in operating

expenses that has impacted our financial performance.

“Despite these difficult circumstances, Caverton remains committed to prioritizing the safety and quality of service delivery to our clients. We understand the importance of maintaining our operational standards and ensuring the utmost satisfaction of our customers. We have taken proactive measures to address the challenges and mitigate their impact on our operations,” he said.

Makanjuola disclosed that in recent times, Caverton Marine has successfully diversified its business into boat building, expanding its portfolio of services, noting that this strategic move allows the comany to leverage on its

experience and expertise in the maritime industry, “and we are pleased with the progress we have made in this area.”

He also announced that Caverton Marine has been awarded the ISO 9001:2015 certification by the Standards Organization of Nigeria (SON), which recognition is a testament to the company’s unwavering commitment to quality and excellence in its operations.

“We have continuously invested in our MRO facilities, technology, and human capital to ensure that we provide excellent maintenance solutions to our clients. We are pleased with the positive response we have received from the market and remain dedicated to delivering exceptional service, ”he stated.

Semicolon Africa, ipNX Collaborate to Empower African Businesses Emma Okonji Semicolon Africa, a workforce development company combining the future of learning and the future of work, has entered into a business collaboration with ipNX Nigeria Limited, a leading Information and Communications Technology company in Nigeria.

The partnership seeks to support Semicolon’s mission of building the individuals and businesses that will build Africa, via high-quality internet services and connectivity

provided by ipNX. As a technology provider addressing the challenge of internet connectivity, ipNX Nigeria Limited has taken a proactive step in supporting Semicolon’s community by providing affordable and reliable internet services. This enables learners undergoing Semicolons one-year techpreneurship programme to access the necessary resources to build their skills and become global tech talent. The partnership will also empower startup founders

at the Semicolon Ventures Lab to solve local and global problems.

Speaking about the collaboration, Academic Lead at Semicolon Africa, Chibuzo Ekejiuba, said: “The partnership is exciting for us and our students, considering ipNX’s track record of excellence in delivering ICT solutions. Access to reliable and high-quality internet is crucial for our learners to explore the vast opportunities in the tech sector and build the skills necessary to become the next generation of tech leaders.”

Cross Rivers Offers Tax Holidays to Investors to Boost Tourism Raheem Akingbolu Weeks to the 2023 Calabar carnival begins, the state’s governor, Bassey Otu has promised that this year’s edition will be used to further raise the bar for tourism development in the state as well as using it to consolidate on the destination branding element of the annual event.

Speaking during a breakfast meeting with global chief executive

officers in Lagos, Governor Otu announced that his administration will grant tax holidays to the investors willing to invest in the state, adding that the state targets 20 percent GDP increase from Tourism and other sectors of the economy this year.

“Your presence here speaks volume of your confidence and support for my administration. I don’t take that for granted at all. For those of you willing to do business

in Cross River State, we assure you of every incentive and support to do business including tax holidays and lots more, “he said.

Also speaking on the carnival, the CEO of Okhma Consul, the official marketing company of the Carnival Calabar, Mary Ephraim- Egbas said the governor and his team are passionate about 2023 edition because the carnival is one of the main assets of the Cross River State’s tourism initiative.

PenCom Enhances Pension Services Nationwide Through P F A s B ra n c h Expansion The National Pension Commission (PenCom) has significantly broadened the reach and effectiveness of pension services in Nigeria. In a recent circular directed at licensed Pension Fund Administrators (PFAs), the Commission outlined measures for establishing and operating branch offices and service centres. This move directly responds to the increasing demand for pension services nationwide.

In addition to the above, other objectives of PenCom are to significantly enhance PENCOM DG, Aisha Dahir-Umar the geographical coverage of PFAs those mandatorily covered under the CPS. and elevate their service delivery to Retirement Savings Furthermore, this expansion will facilitate Account (RSA) holders. Since its inception, and catalyse voluntary enrollment in the the Contributory Pension Scheme (CPS) Micro Pension Plan (MPP) among informal has enrolled over 10 million RSA holders. sector workers and the self-employed.

In emphasising the role of PFAs, Pension assets have grown significantly, increasing to N17.29 trillion as of August PenCom highlighted their responsibility 2023. The expansion of the CPS in Nigeria to create awareness and understanding has led PenCom to recognise the urgent of the CPS operations among employers, need for an increased presence of PFAs employees, and Micro Pension Contributors (MPCs). This initiative underscores the nationwide.

Section 72 of the Pension Reform Act of objective of enhancing financial inclusivity 2014 (PRA 2014) empowers PFAs, subject and extending pension opportunities to the approval of PenCom, to establish across various sectors of the workforce branch offices within or outside Nigeria. nationwide.

PFA branch offices and service centres This provision enables a strategic and regulated expansion of the presence of PFAs, offer essential services, including aligning with the increasing requirements registration and enrolment of contributors, updating records, and handling pension for pension services across the nation.

The circular issued in August 2023 contribution schedules. Additionally, they consolidates the conditions for opening process benefits applications, address branch offices and service centres in one enquiries, and provide comprehensive document. Furthermore, the circular support services to RSA holders.

The circular outlined staffing requirements established new standards that PFAs must for PFA branches and service centres. The meet regarding their branches. PenCom emphasised the necessity for physical aim is to ensure that the offices are staffed presence to meet pension consumers’ with qualified, experienced individuals. demands. Each PFA must open a Branch The directive also strongly emphasised Office in any state with up to 10,000 funded appropriate infrastructure, including RSAs. Moreover, for every additional 10,000 suitable office spaces, robust ICT facilities, funded RSAs, PFAs must establish a service alternative power sources, and safety centre in a different location within the measures at branch offices and service state. PenCom also mandates PFAs to open centres. It also prohibited co-locations to a service centre in a state with up to 2,000 maintain operational clarity and visibility.

PenCom has allowed a 12-month funded RSAs. transition period for PFAs to adapt to In 2021, PenCom raised the Minimum Regulatory Capital (Shareholders’ Fund) the new requirements, ensuring a phased requirement for PFAs from N1 billion to and systematic implementation to meet N5 billion in a move aimed at fortifying the stipulated conditions.

In conclusion, this drive for a more the financial capacity of PFAs. By April 2022, all PFAs had successfully met the significant geographic presence and improved new Shareholders’ Fund requirement. The service delivery signifies a substantial leap recapitalisation has empowered PFAs to towards ensuring comprehensive access to improve their capabilities in managing pension services while enhancing service the increasing number of RSA holders quality for RSA holders nationwide. PenCom and pension assets and expand branch remains committed to the effective regulation and supervision of the Nigerian Pension operations.

The expansion of branches promises Industry to ensure that retirement benefits to foster increased participation among are paid as and when due.

T H I S D AY ˾ MONDAY, NOVEMBER 6, 2023

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PERSPECTIVE

Fact-Checking the Story: Polaris Bank Loses N26bn Loans Granted to Six Ex-directors Without Collaterals Olalere Ojedokun

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report being syndicated by a section of online media with the title: Polaris Bank loses N26bn loans granted to 6 ex-directors without collaterals, made several claims in figures, interpretations and practices.

Claim 1. POLARIS Bank has lost N26.005 billion worth of loans granted to 6 ex-directors, mostly without collaterals This claim is untrue, founded primarily on lack of understanding of accounting principles and convenient disregard of the denotative dates and notes to the accounts. The story was based on the audited accounts and report for the year ended December 31, 2022.

The report was approved on March 20, 2023. In line with the general comparative and accrual reportage format, the bank presented the status report for the preceding year ended December 31, 2021 and the reporting year ended December 31, 2022. The two comparative tables were clearly marked and were also evidently seen by the writer of the story. While the 2021 insider credit status report listed eight directors with total outstanding loans of N25.827 billion, the reporting year 2022 status report updated that four directors had fully liquidated their loans, a director had partially liquidated her loan while two directors had seen increase in outstandings against their names.

The 2022 status report indicated a total of N31.646 billion insider credits related to the four remaining former directors. The 2022 report clearly indicated that Abimbola Izu, Dotun Adeniyi, Tokunbo Abiru and Theodora Onwughalu had paid their loans and as such, were not listed in 2022.

The 2022 report was clearly indicative of the changes and the compliance of the bank with the Prudential Guidelines and Banks and Other Financial Institutions Act (BOFIA). A former director, with related interest in Newcross Exploration and Production, Jason Fadeyi, whose loan of N25.442 billion in 2021 accounted for 98.5 per cent of the total outstanding insider credits in 2021, saw his total outstanding loan rising to N30.922 billion in 2022, ostensibly due to accrued interests and increase due to foreign exchange (forex) conversion rate as the loan is a foreign currency (US Dollar)-denominated loan. It’s a simple understanding

that forex rate is a mediating factor in foreign currency denominated loan. The closing forex rates were generally available on the Central Bank of Nigeria (CBN)’s website. The Naira/US Dollar rate was N424.11 per US$ for the year ended December 31, 2021 and N461.1 per US$ for 2022. It was N400.33 per US$ in 2020. All these partially accounted for the year-on-year change in the loan. Meanwhile, Newcross Exploration/ Fadeyi’s N30.922 billion accounted for 97.7 per cent of total outstanding insider credits in 2022.

Interestingly, as rightly reported by the story, this loan, N30.922 billion, has a perfected collateral, a debenture of the assets of the company. A further check indicated that Newcross Exploration/ Fadeyi’s loan is a syndicated facility by eight banks with the FBN Trustees as the trustee managing the collateral on behalf of all the lenders. Jason Fadeyi was cited for the loan under the general principles of insiders which regard family members, relatives and associates as insiders. As rightly pointed out by the story, Corporate Affairs Commission (CAC)’s records showed that Newcross Exploration and Production was registered on July 9, 2013, with Festus Fadeyi and Bolaji Ogundare as persons with significant control of the company.

The second major insider credit in 2022 report was a N535 million loan credited to Mr. Tunde Ayeni, about 1.7 per cent of the total loans.

This was classified as “performing”. Altogether, the collaterised, syndicated loan of Newcross Exploration/Fadeyi and “performing” loan of Ayeni accounted for about 99.4 per cent of total outstanding insider credits in 2022. All these were clearly stated and evident in the table which the reporter accessed, but failed due to poor interpretations and understanding of reportage format.

Claim 2: As of December 31, 2022, total outstanding loans owed by these ex-directors of Polaris Bank, some of which would not be repaid, amounted to N57.473 billion.

This claim is untrue, and flowing from the first claim, it exposed the poor understanding of the comparative reporting (going-concern)

basis. To arrive at its claim of N57.473 billion, the reporter simply added the total outstanding insider credits in 2021 of N25.442 billion to total outstanding insider credits in 2022 of N31.646 billion. The reporter conveniently ignored the differential in year ending and the fact that the two tables, like other segments of the annual reports and accounts, were provided for comparative reporting. The reporter ignored the indicative narration showing that the Newcross Exploration/ Fadeyi’s loan was same loan, moving from a reporting year to another reporting year. By implication, the story increased Newcross Exploration/Fadeyi’s loan to N56.364 billion, 98.1 per cent of its claimed total outstanding loans of N57.473 billion.

Further check of post-year end events, which are usually indicated in updates to accounts after year-end but prior to board’s final approval and signing off of the accounts, indicated that Demanta/Ibiye Ekong’s N89 million outstanding loan was fully paid off in February 2023. In essence, the only director-related insider loan outstanding is former Managing Director Timothy Oguntayo’s N100 million, which is a subject of reconciliation between the tripartite of employee, employer and regulator. As noted by the story, Oguntayo “who was earlier charged by the Economic and Financial Crimes Commission (EFCC) but later exonerated”, had no misconduct established against him. As noted earlier, the Newcross Exploration/Fadeyi’s loan is a syndicated facility by eight banks with the FBN Trustees as the trustee managing the collateral on behalf of all the lenders. CBN’s Prudential Guidelines states that “For syndicated facilities, the classification shall be the same across all banks involved in the syndication. Thus, the worst classification by any of the banks involved in the syndication shall apply across board”.

Claim 3: Abimbola Izu, another ex-director, got N103 million mortgage loan from Polaris Bank but did not repay it, according to bank records. Her collateral perfection status was also recorded as “not applicable.” Bank records also showed that Izu took a term loan of N17

million with another “not applicable” collateral status.

This claim is untrue. The 2022 audited report, on which the story was based, showed that Izu was not indebted to the bank, having liquidated the prior year’s status report.

Claim 4: Fadeyi borrowed another N30.922 billion term loan from the bank – which has been placed on the watchlist.

This claim is false. It emanated from the poor understanding of the comparative reporting (accrual, going concern), basis. This claim particularly undercut the credibility of the entire story, obviously showing the reporter had no training or understanding of financial reporting/journalism. This also subjects the story to motive analysis as the reporter failed to adhere to a pattern of errors, rather zigzagging across erroneous claims to arrive at unsubstantiated claims.

For instance, while doubling up Fadeyi’s, the story kept Oguntayo’s N100 million loan unchanged over the comparative years, but curiously reported Ekong’s loan as N89 million (2022 year-end outstanding) and N4 million, N4 million (two loans in 2021).

Whereas, the 2021 report showed that Ekong owed a total of N108 million (N100 million by Demanta, N4 million, N4million), and by 2022, these reduced to N89 million, having liquidated the two N4 million, N4 million personal loans and reducing the N100 million related loan to Demanta to N89 million. A pattern of error would have simply added Ekong’s related loans of N108 million in 2021 with N89 million in 2022 to arrive at a false premise like Fadeyi’s.

The story, cherry-picking of figures, simply reported N89 million while adding the two personal loans of N4 million each for Ekong as latest reporting year status.

Claim 5: Based on Polaris Bank’s records, Ibiyi Ekong of Demanta Nigeria Limited is another ex-director who took loans from the bank without repaying them. Ekong, a former executive director of the bank who resigned in 2016, owes the bank N89 million.

Ekong also owes the bank N4 million borrowed as a mortgage loan and another N4 million taken as an auto loan, which was not repaid.

The story continues online on www.thisdaylive.com

Wema Bank Surpasses Analysts’ Expectation amid Challenges

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mid domestic and external macro economic challenges, Wema Bank Plc, sustained its growth trajectory in 2023 unaudited result & accounts and it is expected to surpassed analysts, and shareholders expectation in the year under view.

The Nigeria’s first digital bank has continued its growth trajectory and momentum across all key performance indicators and it is poised to shareholders return and stock price appreciation.

Wema Bank hits all-time high in profit before tax and profit in third quarter (Q3) ended September 30, 2023, driven by 59.08 per cent increase in gross earnings, and 168.53 per cent growth in other income.

Targeting N22.5billion profit before tax in 2023 financial year (FY), Wema Bank reported N22.15billion in Q3 2023, an increase of 133.86per cent from N9.46 billion reported in Q3 2022.

The financial institution in 2022FY performance declared N14.88billion profit before tax from N12.28billion in 2021FY. In 2020FY, it reported N5.93billion profit before tax from N6.76billion in 2019FY and N4.8billion profit before tax in 2018FY. Profit after tax also increased significantly in Q3 2023 to N18.88 billion from N8.19billion in Q3 20222, another milestone achievement for the current management of Wema Bank.

In 2022FY, Wema Bank declared N11.35billion profit,

representing an increase of about 27.17per cent from N8.93billion reported in 2021FY. With the growth in profit, the group’s Return on Average Equity increased to 29.32 per cent in Q3 2023, highest so far in the history of the lender.

The 2023FY guidance is 20 per cent.

However, the impressive performance in the period back by N151.69billion gross earnings in Q3 2023, an increase of 59.08 per cent from N95.35billion in Q3 2022.

The increase in gross earnings is due to an increase of 61.40per cent and 57.54per cent in Interest Income and Non-Interest Income respectively.

In the period under review, Wema Bank announced N126.67billion interest income, an increase of 61per cent from N78.48 billion in the same period prior year.

The likes of N82.71billion interest on loans and advances in Q3 2023, a growth of 36per cent from N62.25 billion in Q3 2022; N38.43billion investment securities in Q3 2023 from N15.18 per cent in Q3 2022 and cash and cash Equivalent of N3.82billion in Q3 2023, a growth of 260per cent from N1.06 billion in Q3 2022 impacted positively on interest income reported in the period under review.

Wema Bank’s interest expenses stood at N71.72billion in Q3 2023, representing an increase of 73 per cent from N41.5billion in Q3 2022, driven

primarily by N59.74billion interest expenses on Deposits from customers in Q3 2023, an increase of 74 per cent from N34.4billion in Q3 2023.

The interplay between interest expenses and interest income placed Wema Bank’s net income net interest income at N55.74billion in Q3 2023, an increase of 45 per cent from N38.47billion in Q3 2022.

Wema Bank’s net impairment loss on financial assets increased to N3.38billion in Q3 2023, a growth of 59 per cent from N2.13billion in Q3 2022 as Net interest income after impairment charge for credit losses stood at N52.36billion in Q3 2023 from N36.35billion reported in Q3 2022.

Wema bank’s income mix that is made up of Interest Income of 83.75per cent and Non-Interest Income of 16.25 per cent (Q3 2022: Interest Income 83.61per cent, Non-Interest Income: 16.39per cent).

Non-Interest Income stood at N24.23 billion in Q3 2023, a growth of 57.52per cent from N15.38 billion in the same period of the prior year. The growth in non-interest income was driven by Net Fees and Commission of N16.84 billion, a growth of 40.16per cent in Q2 2023 from N12.02 billion in Q3 2022; Net Trading Income increased to N0.83 billion from N0.11 billion in Q2 2022 and Other Income of N5.41 billion, a growth of 169.15per cent from N2.01 billion in Q3’2022.

KEY DRIVERS OF OPERATING EXPENSES

In the period under review, Wema Bank declared operating expenses of N54.47billion in q3 2023, representing an increase of 29 per cent from N42.27billion in Q3 2022, substantial portion of the increase is due to the increase in statutory expenses based on increase in the book size.

Personnel expenses moved to N19.04billion in Q3 2023 from N15.32billion in q33 2022, while Depreciation and amortization closed Q3 2023 at N4.36billion in Q3 2023 from N3.26billion in Q3 2022.

In addition to operating expenses is N31.07billlion other operating expenses in Q3 2023, representing an increase of 31.1per cent from N23.69billion in Q3 2022.

The increase brings it Cost to income ratio (CIR) closed at 71.11per cent, down from 81.70per cent in Q3 2022, a 10.59per cent reduction. The management disclosed that its focus remains driving topline growth expansion while mitigating excessive cost growth and it is expected to result in a sustainable downtrend in the cost-to-income ratio.

With the significant increase in profit, Wema Bank’s earnings per share stood at 199.6 kobo in Q3 2023 from 84.8 in Q3 2022.

The story continues online on www.thisdaylive.com

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MONDAY, NOVEMBER 6, 2023 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Kimemia: Optiva Capital Provides Access to Global Opportunities for Nigerians Via Investment Immigration Services Ms. Jane Kimemia is the Managing Director/CEO of Optiva Capital Partners Limited, a leading Investment Immigration Wealth Management Company. In an interactive session with select Business Editors, she spoke about her firm’s commitment to support Nigerians get access to global investment opportunities. Eromosele Abiodun presents the excerpts In Nigeria, assets under Management at the end of 2022, of which Investment Immigration is a sub-set is estimated to be N3.5 Trillion, according to Agusto and Co. Agusto & Co. expects an estimated average growth rate of 15.9% over the next three years. How is Optiva positioned to take advantage of this growth projected

by Agusto? f you look at the projections in terms of growth that talks about a need, a need to provide solutions, so how have we prepared to take advantage, basically to leverage on the need that already exists in the market. So what we have set out to do first of all, over the years we have strengthened and worked on our network of international partners and have strengthened that base and right now we can say that we have a rich network of international partners.

Why are these important? To be able to provide the solutions, in terms of investment immigration, investment services and advisory.

These are very specialized solutions that require professionals, so our network of international partners across investment immigration, advisory, that is part of our confidence to be able to continue to expand our offerings of solutions. So when it comes to investment immigration, you talk about the holistic view, looking at all the jurisdictions.

So at Optiva Capital we have got the whole range of investments. So depending on what our clients need would be, if they are looking for global access, if they are looking for immigration, then basically we have got that, so that is one of the ways we have put in the platforms to leverage this anticipated growth.

Number two, when it comes to investment advisory, still we are talking about the strength of our partnerships, which means that looking at the global space for example, if you look at the New York Stock Exchange, Frankfurt Stock Exchange, there is a multiplicity of investment options. So that multiplicity, we break it down to what our clients will be investing in because through our partnerships they develop products based on investment strategy, bridge the gap between what we see globally and the client’s aspirations, to real products that they can invest in.

George’s University, and their daughter will go to University as a resident of Grenada, as a citizen of Grenada, and will pay $20,000 as against $100,000 per annum. So, the benefits are immense. Another return on investment, if you look at the EB5 programme, there is return of 5% because client will invest $800,000.

That is guaranteed return for five years, but also remember that their end goal is citizenship, its green card leading up to citizenship, but in the meantime there is a return on investment because every year they will be earning about $40,000 from that particular investment. Very importantly they have invested in a currency that safeguards the value over time.

And lastly think about the return on investment across generations because once you obtain citizenship or permanent residency, it is for you and generations to come, which translates to access to world class education opportunities, trade opportunities, that’s what it is.

I

Nigeria is a vast country and many people may not know about your services, what are you doing to ensure more Nigerians have access to this opportunity?

When it comes to distribution, we have invested heavily in branches with seventeen branches presently and four more coming shortly. If you look at our distribution, we are where our clients are, where they do business, their homes, and we continue to expand to reach our clients. We are looking at Aba, ASPAMDA, to also tap into the informal market where you have clients who do business, they are traders. They need to travel, they need access to passports that allows them to do international travels, they need to save because they import in international currency, and they need to invest in international currency.

We are also heavily invested in people because of our commitment to learning because there is a lot of learning that is required to say you are an expert in the wealth management space. So at Optiva Capital we are committed to life-long learning. So these are some of the ways we are leveraged to take advantage of the anticipated growth In terms of returns relative to other forms of asset management services, how does Investment Immigration stand out

Kimemia for those seeking to obtain alternative citizenship or residency in other countries?

When you talk about return on investments, say you invested in mutual funds, so basically you are looking at increase in valuation of what you are investing in whether its financial assets or real estates, it will be increase in valuation, dividends. So on the whole you are looking at return on investments.

When it comes to investment immigration, you are looking at return on investments not only in financial terms, it’s in both direct and indirect returns.

Some of our clients are traders, people in business, executives, they are high networth individuals, global access is very important to them so second citizenship or permanent residency in a number of jurisdictions is important to them which means that they have got the world of opportunities because there are so many people who have lost opportunities to

do business because they were carrying one passport, they have to go through long visa queues to get access to some markets. So when you think of return on investment on immigration investment, first of all is that global access and that gives them access to business that they ordinarily would not have accessed.

With investment immigration also, clients optimize their spending. If you are a Canadian permanent resident, you have an opportunity to optimize your spending. In education for instance, the fees you will be paying as an international student is like times twelve what you will be paying as a Canadian resident so that is huge saving and a return on investment.

One of our clients had arranged for their daughter to go and study medicine in the United States, but they have a Grenada passport, but when they looked at the options, they realized that Grenada has one of the finest schools of medicine, Saint

“With investment immigration also, clients optimize their spending. If you are a Canadian permanent resident, you have an opportunity to optimize your spending. In education for instance, the fees you will be paying as an international student is like times twelve what you will be paying as a Canadian resident so that is huge saving and a return on investment.

One of our clients had arranged for their daughter to go and study medicine in the United States, but they have a Grenada passport, but when they looked at the options, they realized that Grenada has one of the finest schools of medicine.”

Tell us about some of your partnerships in Investment Immigration for Citizenship

By Investment (CBI) One of our success stories is our ability to develop partnerships with strong and well recognized reputable institutions. One of them is Stuart Financial with headquarters in Montreal, Canada, a global company with offices in many countries. They are the financial intermediaries to the Quebec government, and they are members of the investment regulatory Council of Canada.

A very strong institution, they have never had any African partner before now, and we are their only African partners. Not only that, we are engaged with them in Greece, Portugal, and of course here in Africa, for Federal Start-up programme in Canada.

So for them to have that level of confidence in us, that should tell you something. We also have Green and Spiegel, which is Canada’s oldest and largest immigration law firm based in Toronto, specializing in corporate and personal immigration services. They have offices in five countries including the USA, and we are their only African partners. Then you have the Heng Sheng Group, which is another global group with footprints in many countries like USA, China, Singapore, Grenada. They have the largest investment in the Caribbean right now, a $2.4B investment. They are building the Grenada National Resort.

We are equally their only African partner because prior to our relationship with them they had pockets of relationship but as soon as we came everything was subsumed into our relationship. Then we have Range Developments, an award-winning developer of luxury resorts offering Citizenship By Investment programmes in Grenada and the Caribbean. We are not exclusive because Range has other partners. We also have Anchor Capital, easily the largest trading investment banking group in South Africa with Asset Under Management of over Seven Billion US Dollars. We are their only partners right now.

There is also AIL, an international insurance group, and also TIW Capital Group, a global asset management company in South East Asia with offices in Singapore, India, and UAE. Then we have CTP in Tampa, Florida, USA, which develops and manages over 760 old peoples’ homes. So we have a very strong and robust operation and we hope to grow it.

T H I S D AY ˾ MONDAY, NOVEMBER 6, 2023

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BUSINESSWORLD

NEWS

NEPC Moves to Facilitate Export of Cashew, Rice Derivatives, Stem Rejection James Emejo in Abuja The Executive Director/Chief Executive, Nigerian Export Promotion Council (NEPC), Nonye Ayeni, has said the council remained committed to ensuring

that the export of cashew and rice derivatives conformed with international requirements.

She said efforts were also being taken to ensure instances of export rejection were minimised considerably going forward.

Ahead of 15th Anniversary, DanaAir introduces Flash Sales Chinedu Eze Ahead of its 15th anniversary in the coming week, Dana Air has introduced a flash sale promo to reward its customers The flash sale, which is available every day from 15.00 to 15.15 hours from November 3, 2023 on the airline’s website, is a window for its customers to reserve and book hugely discounted fares for their travel as part of its 15th anniversary

reward for loyal customers.

Speaking on the initiative, the airline’s Head of Corporate Communications Kingsley Ezenwa said, ‘’Dana Air will be 15 years in the coming week and as part of efforts to reward our teeming passengers for their loyalty, we thought to introduce special discounted fares which will be available 15 minutes every day from today 3rd November 2023 on our website.”

Bi-Courtney COO Calls for Improved Infrastructure to Enhance Tourism in Nigeria Chinedu Eze The acting Chief Operating Officer (COO), Bi-Courtney Aviation Services Limited, operators of MMA2 Ikeja, Tosan Duncan Odukoya, has called for the improvement of infrastructure that will enhance Nigeria’ s tourism sector.

Duncan Odukoya said the success of tourism depends on well-structured and efficient infrastructure, which plays a pivotal role in mapping out the traveller ’s journey.

She made these remarks during a Breakfast Forum hosted

by Philips Consulting Limited

and the Nigeria-South Africa Chamber of Commerce (NSACC) held at Eko Hotel on Tuesday.

The event’s theme was ‘Rethinking Tourism in Nigeria’.

Using MMA2 as an example, she highlighted continuous growth and improvement as key enablers for delivering world-class service.

“These enablers include rethinking technology, reengineering process flows, and enhancing people training, ”she said.

Duncan added that at MMA2, the goal is to establish a viable value chain within the travel, trade, and tourism sector through innovative and customer-focused marketing.

Speaking at the opening of the NEPC/GIZ interactive session for cashew and rice value chain actors in Abuja, she said the engagement was particularly given that world trade in non-oil exportable products had become highly regulated, fundamentally because of safety, health, and environmental considerations.

Ayeni noted that exporters are hence required to conform to Good Agricultural Practices (GAP), secure necessary certifications, and utilise

appropriate documentation, and packaging which if not properly addressed, becomes technical barriers to trade.

She said Nigeria produced 5.4 million metric tons of milled rice and about 300,000 metric tons of raw cashew nuts (RCN) in 2022, pointing out that the partnership with GIZ and the ensuing technical session will encourage value addition and change the narratives in repositioning the country from an exporter of raw products to high valued products.

Ayeni said the African Continental Free Trade Area (AfCFTA) agreement with about 1.3 billion people presented enormous opportunities for Nigeria’s high-value rice and cashew products.

She said, “It will interest you to note that the rice we are seeing today is used to produce rice flakes, rice cereal, and rice flour among others.

Predominantly, women play an active role in the rice sector, hence, a great opportunity to achieve inclusiveness in non-oil export.”

The NEPC chief executive further reiterated the council’s commitment to the project, noting that the continued partnership with GIZ-MOVE will ensure the successful delivery of the remaining components of the Memorandum of Understanding (MOU).

She said, “There is no better time to drive the non-oil exports. This is our chance and we all together will work assiduously to promote non-oil exports from Nigeria to a greater height.”

Layer3, IXPN Partner to Enhance Internet Domestication

Emma Okonji

Layer3, a leading provider of cloud and network technology solutions has partnered with the Internet eXchange Point of Nigeria (IXPN), designed to improve the digital landscapes of Abuja and Kano, and enriching the lives of its residents through the provision of improved

access to Netflix and other online entertainment services.

Speaking about the partnership, the CEO of Layer3, Oyaje Idoko, expressed his excitement about the partnership, stating, “We are thrilled to collaborate with IXPN to bring world-class streaming experiences to broadband internet users in Abuja and Kano. Our commitment to

providing seamless Netflix access is a testament to our dedication to enhancing the digital lives of Nigerians.”

CEO of IXPN, Muhammed Rudman, said: “The partnership marks a significant step forward in our mission to domesticate Internet traffic in Nigeria and provide substantial cost savings on Internet

services. IXPN’s robust infrastructure, combined with Layer3’s world-class solutions, will make high-speed, buffer-free streaming a reality for Netflix enthusiasts and users in Abuja and Kano. Netflix traffic will no longer need to traverse the long route to Lagos or beyond, resulting in reduced latency and a high-quality experience.”

BSG, FRSC Unveil ‘Don’t Drink and Drive’ Campaign Raheem Akingbolu The Beer Sectoral Group (BSG) of the Manufacturers Association of Nigeria (MAN) and the Federal Road Safety Corps (FRSC), have launched the 2023 edition of the annual ‘Don’t Drink & Drive campaign’.

Speaking at the Launch in Lagos, the Chairman of the BSG and Managing Director of Nigerian Breweries Plc, Hans Essaadi, said that the BSG had signed an MOU with the FRSC in 2017 to support the FRSC’s role in “achieving a safe

motoring environment in Nigeria” and that it was this MOU that “gave rise to the “Don’t Drink & Drive” campaign, a flagship project of the BSG and the FRSC aimed at enlightening drivers and other road users on the dangers of drink-driving and how best to avoid this.”

To ensure that the FRSC works efficiently in its task to ensure safety of all road users, the Chairman pointed out that the BSG regularly donates new breathalysers to the agency, in addition to testing and

recalibrating existing breathalysers.

“The breathalysers will be used in testing drivers before and after embarking on a journey to ensure that the drivers do not drink and drive,” he said.

Corps Marshal, Federal Road Safety Corps (FRSC), Dauda Biu, in his keynote address at the event, lamented that over 1.3 million people are killed through road crashes with about 50 million others sustaining varying degrees of injuries worldwide yearly.

He noted that developing countries, including Nigeria,

account for about 91 per cent of global road fatalities with countries losing about five per cent of their yearly Gross Domestic Product (GDP).

With the theme, “Speed Thrills But Kills: Drive Responsibly and Avoid Overloading,” Biu, who was represented by Assistant Corps Marshal, Gilbert Igbokwe, Zonal Commanding Officer, FRSC, Zone RS2 comprising Lagos and Ogun states, noted that to eradicate road crashes and create a safe motoring environment is a task that must be done.

28

MONDAY, NOVEMBER 6, 2023 T H I S D AY

BUSINESS/MONEYGUIDE

NDIC Pays N120.26bn to Creditors, Depositors of Failed Banks James Emejo ÓØ ÌßÔË The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that the total sum of N120.26 billion had been disbursed to depositors, shareholders, and creditors of banks in liquidation as of June 30.

The payments comprised N8.269 billion which was paid to 444,010 insured depositors of Deposit Money Banks (DMBs), N102,092 billion to uninsured depositors, N1.28 billion to 1,027 creditors of the affected institutions, as well as N4.89 billion to 980 shareholders.

This was disclosed by the Senior Management Staff of the NDIC, Mr. Tanko Ibrahim, during the 2023 Financial Literacy Day programme at Government Secondary School (GSS), Tudun Wada – where the school’s principal, Mr. Joseph Akor, also

appealed to the corporation for assistance in the renovation of dilapidated structures.

Ibrahim said the sum of N3.36 billion was also disbursed to 97,419 insured depositors of Microfinance Banks (MFBs), while uninsured depositors got N20.20 million.

Ibrahim added that 1,833 insured depositors of Primary Mortgage Banks (PMBs) received N124.76 million while N211.43 million was paid to uninsured depositors in the review period.

He said the process of liquidation commences after the revocation of the operating license by the Central Bank of Nigeria (CBN), pointing out that depositors are often accorded priority in funds disbursement before the creditors and shareholders where possible adding that cost-effective realisation of

the asset was also important to the corporation.

He told the student participant that the corporation ensures that failing and failed institutions are resolved in a timely and effective manner through several options including financial assistance loans, guarantee for loans, - accommodation bills; technical assistance takeover of management and control of a bank, changes in management, assisted merger or acquisition by another bank; Arranged Purchase and Assumption of failed banks; as well as incorporation of a bridge bank to take over the asset and liabilities of a failing bank.

Also, addressing the students, NDIC Principal Manager, Research Department, Dr. Waziri Galadima, emphasised the need for prudence in spending as well as prioritisation of expenditure.

L-R: Managing Director, Japan External Trade Organisation, Takashi Oku; Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi; Asoya of Ile Isoya, Ile Ife, Oba Muraina Adebanjo Adedini and President, Lagos Chamber of Commerce and Industry, Dr Michael Olawale Cole, during the opening of the Lagos International Trade Fair 2023, in Lagos... recently

MARKET INDICATORS

Agusto & Co Assign A Rating to Odu’A Investment Company Agusto & Co has assigned an “A” rating to Odu’a Investment Company Limited (OICL). The rating was based on an assessment of the financial condition of OICL as a standalone entity.

The rating report considered OICL’s diversified portfolio of investments across key sectors of the Nigerian economy, the diverse backgrounds and vast experience of the board, and management team, as well as the efforts that have been made to reposition the business in recent years.

In the last three years, OICL implemented several

strategic initiatives cutting across governance structure, asset optimization, and growth in investments and profitability, all of which have positioned the company for accelerated growth. In those years, it successfully implemented the modification of the business models of some of its businesses in line with market trends.

According to Agusto & Co, “the assigned rating reflects the company’s good operating cash flows supported by its diversified income streams and portfolio of subsidiaries

and associates, adequate working capital upheld by its lean operating structure and low leverage on account of its strong equity funding buffer.”

Commenting on the rating the Group Chairman, Otunba Bimbo Ashiru said, “we are walking the talk to be a world class conglomerate for the benefits of our owner states, and other stakeholders.”

The Group Managing Director, Mr. Adewale Raji remarked, “this is the result of the consistent hard work of the past few years of the Board, Management and Staff. We are really excited.”

UBA Reiterates Commitment to Connecting Africa’s Small Business

Nume Ekeghe

In a renewed commitment to foster growth and improved Africapitalism in the continent, United Bank for Africa (UBA) has reiterated its committment to continuously support Africa’s business hubs across the continent.

This is as the bank extols the Lagos State Chamber of Commerce and Industry (LCCI) for its visionary leadership in consistently hosting the trade fair as well as creating a veritable platform for businesses in Nigeria and Africa to thrive and prosper. Speaking recently at the UBA day at the 37th edition of the Lagos International Trade

Fair, with the theme, “Connecting Businesses, Creating Value,” the Group Head, Retail, Products and Sales, UBA, Prince Charles Ayewoh, affirmed the bank’s continuous support to the fair and businesses.

He said: “In our desire to encourage enterprises and entrepreneurship, we must not lose sight of the need to carry every single stakeholder along in our noble objective to effectively lift businesses in Africa to unprecedented heights. We are committed to help ìn connecring African business hubs.

“As a bank, UBA is playing very strongly in SMEs and MSMEs because at grassroots

level you have to stimulate businesses and encourage little cottage industries; so is not wonder we have to partner with LCCI. We make loan availabke to them at affordable rates because access to adequate capital is an important condition for promoting entrepreneurship, enterprise formation, sustained economic growth, job creation and productive investment.”

He added that with UBA’s extensive spread across Africa and other major economies of the world, the bank is always on the lookout for partnership opportunities that would benefit the business environment and the economies where they operate.

9PSB Takes World Savings Day to Lagos Primary Schools Nume Ekeghe 9 Payment Service Bank (9PSB), has marked World Savings Day by educating youngsters about the importance of financial planning and savings in primary schools in Lagos.

The firm in a statement noted that the educational campaign was held at Bloomy Berries Nursery and Primary School, Lekki, Lagos.

Speaking on the theme: “Conquer Your Tomorrow Through Savings,” at the mentorship programme, the Head of human Resources, 9 Payment Service Bank, Alex

Ohai, highlighted the importance of savings for everyone and particularly the need to start early to inculcate these values in children, especially this digital age. This, she said, is imperative to aid them in making informed decisions and taking action on matters relating to money, which will in turn prepare them for the future.

“As long as they are old enough to know the importance of money and what it achieves, then, they can also learn the art of saving. This is a very laudable initiative, as it perfectly fits into our social objective as a bank.

Financial literacy is key as it leads to our primary mandate of achieving financial inclusion. There is no better time to start than now with students at this level because they are the leaders of tomorrow,” Ohai said.

The Lead, Retail Banking and Customer Acquisition, 9PSB, Oladimeji Saka said, “It is important to start on time, because at a noticeably early age, children’s attitudes toward money are already well formed. It is never too early to instill the right financial values in the minds of the young ones, for a better tomorrow.”

MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 29TH SEPTEMBER , 2023

The price of OPEC basket of thirteen crudes stood at $97.48 a barrel on Thursday, compared with $97.08 the previous day, according to OPEC Secretariat calculations.

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

T H I S D AY ˾ DAY, ʹ˜ 2023

29

MARKET NEWS

FGN Bonds, Other Listings on NGX Hit N6.23trn in October KayodeTokede Listings on Nigerian Exchange Limited crossed the N6 trillion mark at the end of October amid the uptick in capital market activity in the second half of 2023.

According to the X-Compliance report of NGX Regulation Limited (NGX RegCo), total equity, fixed income, exchange traded funds and mutual funds

listed on NGX year-to-date (Year-till-Date) as of October ending totalled N6.23 trillion.

This was majorly because of fixed income listings by the Federal Government of Nigeria which rose drastically in October.

FGN fixed income listings consist of FGN Bonds, FGN Savings Bonds and Sukuk bonds. This amounted to N6.08trillion YtD. Also, the

P R I C E S MAIN BOARD

F O R DEALS

exchange admitted VFD Group and Nigeria Infrastructure Debt Fund (NIDF) at market capitalisations of N46.5bn and N92.54billion respectively, in October representing the major equity listings on NGX in 2023.

Lagos State Government remains the only sub-national entity to raise capital on the exchange as its debt issuances hit N157.15billion. Other notable listings came from Dangote

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

QUANTITY TRADED

Industries Funding Plc, LFCZ Funding SPV Plc among others.

The Exchange this year said it management are engaging with Securities and Exchange Commission (SEC) and other market stakeholders to accommodate dollar asset listings from companies, particularly within the free trade zone.

The Chief Executive Officer, NGX, Temi Popoola, whilst commending the government

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

on reforms taken to address foreign exchange challenges in the country, noted that the Exchange features a number of companies with diverse business models, some of which not only generate revenue in dollars but also report profits in dollars.

“This presents an investment opportunity especially if these firms could distribute their dividends to local investors in dollars,” he said.

The CEO explained that disbursing dividends in dollars could potentially address the challenges posed by fluctuations in forex currently bedeviling the economy, adding that NGX is working with SEC and other market stakeholders to create a revised listing regulation for companies within the free trade zones who had their topline revenue to bottom-line in dollars.

N OV E M B E R / 2 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

30

MONDAY, NOVEMBER 6, 2023 ˾ T H I S D AY

BUSINESSSPECIAL

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

Shin di : N i g eri a H o l d s P i vo tal Ro le in Shaping Future of Africa’s Energy Industry Dr. James Shindi is the Chief Executive of Brevity Anderson, a trade advisory consultancy firm specialising in strategic meetings and facilitation to enhance international trade and business efficiency. He is renowned for organising the annual Nigeria International Energy Summit, previously known as Nigeria International Petroleum Summit. In this interview, Shindi discusses his vision for the future of Nigeria’s energy industry. Peter Uzoho presents the excerpts:

We have heard from numerous quarters how past and indeed, the present government have routinely bounced ideas off you before making final calls. How do you react to these stories? am not in a position to either confirm nor deny stories about how the government decides to conduct their business. However, what I would say is that we run an international consultancy outfit that provides non-political world class advisory services to governments.

We have the expertise to translate ideas into actionable policies for governments and that is a valuable service, especially in the complex field of oil and gas. The Nigeria International Energy Summit, which is the only official oil and gas trade event of the Federal Government, is one of our flagship projects. The government engaged us to produce this conference on their behalf. Part of our mandate is to crystalise the ideas coming from the event and streamline them into workable policies that government can take a look at and possibly implement. This, I believe is the reason why the event has grown in popularity and is now a must attend industry event with top level attendees from no fewer than 65 countries. The fact that the event has gained international recognition and attracts attendees from numerous countries speaks to the significance of the work you do.

The networking opportunities are incredible and I guess this explains why clients keep coming back and in February 2024, we expect to again play host to key stakeholders and run a side exhibition that allows companies market their services directly to decision makers. But don’t forget, we work for and advise several other governments.

and opportunities in the global energy sector.

Securing energy infrastructure is vital due to rising geopolitical tensions and cyber threats.

Nations need to invest in physical and digital security measures, diversify energy sources, and combat energy poverty. Ending energy poverty requires a concerted effort from the government, private sector, civil society and implementing a combination of strategies that includes all the energy sources from fossil fuels to renewables. Financing energy projects is also a challenge that requires sustainable investments, and collaboration between governments and financial institutions. Thus, addressing security, transition, and finance pillars is vital for a sustainable more secure, and economically viable energy future.

I

Can you reflect on your role in the launch of Nigeria’s Decade of Gas agenda and what you have achieved so far in the programme?

I am definitely proud of the Decade of Gas (DoG) project. When we launched it, the then President, Muhammadu Buhari, attended, in spite of COVID. That is a statement on its own.

It marked a very significant journey for Nigeria.

The then Minister of State for Petroleum Resources, Timipre Sylva, worked with an amazing team who had been designing the framework and driving a massive emphasis to Gas. We gave the idea the wings to fly as it were. Let us not forget that it was also that it was Sylva who took the proposal to the President to sell it. Buhari was totally on board after meeting Sylva. They both agreed launching the Decade of Gas could literally make a generational impact. It was after that meeting that I went back to the drawing board with my team to come up with a proper roadmap. I need to also praise NNPC Ltd led by Mallam Melee Kyari, the NNLG Ltd and their entire leadership at the time. They were and still are very instrumental in driving the whole DoG agenda.

There are individuals like Dr. Justice Derefaka one of the technical advisers to the Minister of State for Petroleum at the time, and Philip Afolami at NLNG together with his team and also Ed Ubong from the Nigerian Gas Association (NGA) who currently chairs the steering committee on Decade of Gas. The current Permanent Secretary, Federal

Shindi Ministry of Petroleum Resources, Ambassador Gabriel Aduda, has been phenomenal too.

This country is blessed to have these people running things and I know history will be kind to them. I am honestly more than delighted that DoG has now taken a life of its own, with a proper structure and resources to succeed.

What are the key objectives of the Nigeria International Energy Summit and how it aims to position Nigeria in the global energy landscape?

The Nigeria International Energy Summit (NIES) is a significant event endorsed by the Nigerian government, aimed at positioning the country in the global energy arena. It serves as a platform for discussions, interactions, and high-level deals involving governments, oil companies, investors, and service providers.

The focus is on attracting investments, showcasing Nigeria’s energy potential, and fostering global collaborations and technology transfers. Looking ahead to NIES 2024, it is anticipated to be transformative, promising a prosperous and sustainable future for Nigeria’s energy sector through innovation, collaboration, and excellence.

What is the main theme of NIES 2024, and how does the theme reflect the current challenges and opportunities in the energy sector?

The theme of NIES 2024 is “Navigating the new world order: Security, Transition, and Finance.” This theme highlights the challenges

In your opinion, what role does Nigeria play in shaping the future of Africa’s energy industry, and how can NIES 2024 contribute to this vision?

Nigeria holds a pivotal role in shaping the future of the African energy industry due to its abundant natural resources, economic importance, and growing population. The Nigeria International Energy Summit (NIES) acts as a catalyst for collaboration and innovation, bringing together industry leaders and policymakers to address challenges and find sustainable solutions. NIES promotes local talent, attracts international attention and investment, and contributes to the growth and sustainability of the entire African continent.

Efforts like NIES are crucial for fostering a progressive and sustainable energy industry in Africa.

Can you share your vision for the future of the Nigerian energy sector?

In the future, Nigeria needs to take her destiny in her own hands. Nigeria must prioritize ending energy poverty as a key goal. While renewable energy opportunities should not be ignored, all energy sources must be considered for inclusivity. Economic and energy independence go hand in hand, and diversifying the energy sector is crucial. This includes increased investment in renewables like solar and wind power, reliance on natural gas for cleaner energy, and implementing energy efficiency measures. Rural areas will receive electricity through decentralized systems, and innovation through digital technologies, research, and international partnerships will drive sustainable practices. However, the future of Nigeria’s energy sector will be shaped by various factors such as political, economic, social, and technological considerations, as well as government policies, market demands, and environmental concerns.

How can the country involve local communities to actively participate in the energy transition process?

To engage local communities in Nigeria’s energy sector, a comprehensive approach is needed, involving education, infrastructure

As Taiwo Oyedele Overreaches Himself Obinna Chima The Chair of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has continued to make remarks that would suggest that the Central Bank of Nigeria (CBN) is now one of the units that come within the purview of the committee he was asked to oversee.

From a recent interview he granted Bloomberg, in which he said that the federal government is planning to introduce new foreign exchange rules that would include cracking down on illegal currency trading by end of 2023, to his comments at the 2023

Nigeria Economic Summit where he informed his audience that the central bank plans to broaden the forex market to allow other participants, including bureau de change and financial-technology companies that provide mobilemoney services in the market, Oyedele appears to be overreaching himself.

Prior to his current engagement by the federal government, Oyedele was the West Africa Tax Leader at PwC Nigeria and a member of PwC Global Board for Leadership Development. He was also the Chairman of PwC Nigeria Ethics Committee and nothing suggested that he has had experience working

on monetary policy.

For clarity purpose, the committee which he heads has a mandate to review and redesign Nigeria’s fiscal system with respect to revenue mobilisation, quality of government spending and sustainable debt management. In addition, the committee was asked to identify relevant measures that would make Nigeria an attractive destination for investments and facilitate inclusive economic growth.

The CBN, just like most central banks in the world, is the monetary authority with the mandate to formulate and implement monetary policies. Its mandate is different from that of the fiscal arm of the

government, which Oyedele is part of. The role of central banks globally involves attaining and ensuring price stability, issuance of legal tender currency, and maintenance of a safe, sound, and stable financial system.

The risk to the CBN’s independence has heightened since this administration assumed office with government officials, such as Oyedele, making pronouncements on monetary policy. This is what the Yemi Cardoso-led CBN must work to checkmate to avoid sending the wrong signals to investors. There must be a clear demarcation between fiscal and monetary policy.

Oyedele

development, financial support, skill enhancement, collaboration, policy development, and cultural integration. By respecting local customs and traditions, actively involving communities, and making them stakeholders, a smooth transition to sustainable energy practices can be achieved.

This approach, if implemented genuinely, not only empowers local communities but also contributes to Nigeria’s energy transition goals, potentially serving as a model for other regions dealing with energy poverty.

How can the energy sector incorporate opportunities for the youth to actively contribute to the sector’s growth and innovation?

Developing the energy sector in a country like Nigeria, with a significant youth population, requires a multifaceted approach that incorporates skill development, employment opportunities, and active participation in the sector’s growth and innovation.

Initiatives such as vocational training, specialized energy courses in universities, mentorship, funding, and grants for energy innovation are crucial.

Energy companies should offer apprenticeships, and government agencies should allocate funds for research involving youth. Incentives for companies investing in youth development can drive sustainable economic growth and energy security in Nigeria.

What benchmarks or indicators should be in place to evaluate the progress made in the energy sector in the coming years?

While I am not a government official, I can provide general guidance on how policymakers and stakeholders could measure the success of their vision for the energy sector and the indicators they might consider.

Key indicators include tracking electrification rate, renewable energy percentage, energy infrastructure improvements, sector investments, energy-efficient technology adoption, reduced greenhouse gas emissions, electricity affordability, employment opportunities, research progress, and consumer feedback. These indicators, among others, can provide a comprehensive view of the progress made in the energy sector and help in evaluating the success of any vision or plan. It is crucial for policymakers to regularly assess these metrics to make informed decisions and adjust strategies as needed to achieve their goals.

Let’s talk a little bit more about your background and how you got here.

I had my primary education at the University of Jos, Staff School, and then attended Federal Government College Azare. Looking back, I think Azare was the making of me. Boarding school life at a young age accelerated my mental growth.

I later earned a Law Degree from Benue State University and attended Law School in Abuja.

After being called to the Bar, I worked for the African Business Roundtable and then joined a London-based Trade Advisory firm before eventually founding Brevity Anderson. Throughout my career, I have been involved in government-to-business advisory work and organized High-Level B2B and G2B events.

T H I S D AY ˾ MONDAY, NOVEMBER 6, 2023

31

BUSINESS SPECIAL

INTERVIEW

VFD Group: A Business Revolution Dream Being Fulfilled VFD Group Plc, which recently went public on the Nigerian Exchange Limited (NGX), was founded in 2009, by 35 young Nigerians with the goal of creating Africa’s first truly diverse business ecosystem. In an interview with Kayode Tokede, some of the group’s founding members discuss the group’s success story and prospects. look at the people we’re still deploying, you’ll notice that some of them came from the original 35-person team that founded the company.

“So we have bench after bench of very smart, strong, proven leaders within our fold.” As a result, the opportunities that we will have are contingent on the type of funding that we will be able to obtain. And for me, that is the only limiting factor.”

“And when we talk about capital, we’re not talking about bank debt-type capital or short-term, hot money.”

We’re talking about long-term funds that are relatively inexpensive and aimed at developing infrastructure from inception to maturity--these are the types of funds we want.

“And we believe we have the track record, skill set, leadership, and know-how in terms of industry and how to run those companies to profitability.” So we thought we needed to address access to long-term, patient capital suited for development, and there’s no better time than now.

AT THE BEGINNING

V

FD Group commenced operations in 2019 with N2.5million as initial capital and reaching N31.5 billion in 2022, while its total assets stood at N149.1billion in 2022 compared to N3billion in 2019.

The proprietary investment company was created by a group of young professionals working in different organisations- Banking, insurance, Tech, auditing firms, among others.

The company, that started at a parking space in Lagos, Nigeria has grown to establish itself as a global company with diverse investment portfolios in Fintech, banking, real estate & hospitality, market infrastructure, non-banking institution, among others.

Among the founding members in a chat with THISDAY were: Group Managing Director/CEO of VFD Group Plc, Mr. Nonso Okpala; Managing Director/CEO of Abbey Mortgage Bank Plc, Mr. Mobolaji Adewumi and Managing Director, Herel Limited, Mr. Azubike Emodi.

Adewumi recalled their first board meeting being held in a car park, then at the GMD’s home in Yaba.

The meetings were later relocated to the Federal Palace Hotel on Victoria Island in Lagos. Okpala housed Emodi, who was initially employed by Zenith Bank, in a remote suburb outskirt town between Lagos and Ogun state.

Emodi, unable to withstand the pressures of Lagos, eventually returned to Abuja. But he returned to Lagos when more help was needed, reconnecting with other members. Following that, several meetings were held to strategize on how to bring their vision to fruition.

Although VFD Group is now a success story, the young founders nearly gave up on their dream after a bad experience in December 2011 when their only employee vanished with the company’s transaction records.

“I recall this was a low point for us, our only employee at the time had left, taking our loan records and transactions with him,” Okpala says. “I seriously considered whether the stress of being an entrepreneur was worth it.”

“I called Zuby (Emodi), and we began to rebuild the book. We had to source all of our bank statements, emails, and rebuild the loan book from the ground up. We were giving petty loans back then, and you can imagine how time consuming reconciling N30,000 to N50,000 loans was.”

Okpala recalled that the founders faced numerous challenges while attempting to establish the company, with some members working for seven years without pay, operating expenses, and so on.

“We established the company with a diverse shareholding. 14 years later, I am proud to say that 90% of the people who founded the company are still on the board. It is a testament to a new way of doing business, and it is up to us to see the company’s future.”

Adewumi also recalled his worst experience while establishing VFD Group, when a loan advancement of N30 million was given to an unnamed listed company that went bad. He claimed that this put the young firm at ground zero.

He went on to say that because of their determination, they were able to salvage the situation, recover, and get back to business.

“When I returned in 2016, everyone was downcast because a transaction had gone bad,” Emodi said. I found myself chasing transactions in the streets of Lagos with Nonso (Okpala). As God would have it, there was a quick turnaround. During the 2016 crisis, there were numerous lessons learned.”

VFD Group has invested in companies such as Abbey Mortgage Bank, Atiat, NEM Insurance Plc, Herel, VBank, and Anchoria Asset Management, among others, and has a business model that includes: core activities in investments, funding sources, critical enablers, revenue sources, and strategic value.

LISTING ON THE NIGERIAN EXCHANGE LIMITED

On October 6, 2023 VFD Group listed 190.027 million ordinary shares at N244.88 per share on the main board of NGX. The group added N46.534 billion to the overall market capitalisation of NGX. Okpala said of the listing, “From a historical standpoint, we have been market compliant from day one; broad base shareholding, global standard of governance, and a complete communicated strategy.”

“We have always focused on obtaining the right type of leadership within the company, both at the top and at the operational levels.” So we’ve been largely market compliant.

“We believe that the market, like everything else in economics, has its ups and downs.” And, for us, the future of the capital market is heavily reliant on the concentration of young people in Nigeria.

“Youth and technology account for a significant portion of our population.” So, we believe that these two factors will be the primary movers of the future market in Nigeria, and we invest in VFD largely based on trends.

“We see the trend in terms of how the market will evolve, and we see that trend not only as something

SUSTAINING DIVIDEND PAYMENT

Okpala to leverage by being listed on the Exchange, but also as an investment opportunity to leverage on, which is why we are bullish on our capital market investment.”

“Because we know that on the back of the number of young people who are very scalable, who are very skilled, who are very adept with technology, we think that number and the technology that is available these days to enhance that play would make it almost the frontline for any company that really wants to thrive in the country.

“So that’s the trend, but the reality is if you want to access the kind of funds that we need to really make a difference, it exists in capital markets. From the standpoint of assessing investors, institutional investors the capital market gives you that visibility.

“We also believe that, true to our business model, all of our investments are market distinct and distinct for the reason that, at some point, you would want people to have the option to exit, and because we are a long term focused company, we want our investors who want to stay long term with us to stay long term, but those who want to leave in the short term or medium term, we will give them the options to make those exits.

“I think that being in the market is very central to our overall strategy as an investment company, but also as a company that is exposed to different sectors and different companies.”

PLANS TO RAISE N12.5BILLION CAPITAL

Speaking on the planned capital raise exercise, the GMD said: “So we intend to raise N12.5 billion via right issues. But that’s not the entire amount.

The total amount is N32.5 billion. That is N12.5 billion via rights issue and the N20 billion long term debt. We are very positive on raising the money via right issues because our shareholders have, over time, supported us either in co-investments or capital injection.

“So we are quite positive about the raise. We also think that the new age of trading that has been happening since we got listed is bringing in more retail people into our fold. And we think that they will also take advantage of the right issues because they will be eligible for it.

“With that funding, we intend to expand some of the investment options that we are currently exploring.” We believe that there is a need to increase investment in market infrastructure. We believe that there is a need to increase our investment in the banking sector. Bolaji (Adewumi) here aspires to be a commercial bank by upgrading the mortgage bank license. We want to be able to match other investors in his company whenever it needs to raise funds. As a result, that position is crucial.”

There are also some developmental requirements in terms of future investment in Herel Limited. So, the reality is that the more money we have, the more firepower we have, the more opportunities we can pursue, and the more money we can return to shareholders and stakeholders.”

VFD GROUP INVESTMENTS AND PROSPECTS

“So, for us at VFD Group, the key areas that we

seek to continue to turn to in terms of investment targets are market infrastructure,” Okpala added, “and that’s what we’re interested in, particularly in FinTech and technology that would enable both market infrastructure and every other aspect of our Nigerian lifestyle because, with a population like Nigeria’s and the difficulty of navigating Nigerian society, whether logistically or otherwise, technology is critical.”

“You can understand why someone would embrace digital banking if the alternative were to sit in traffic, and you can understand why someone would use a food delivery app if the alternative were to stay in his/her office and have the food delivered to him/her rather than going all the way out.”

“From a lifestyle standpoint, we believe that FinTech and technology will be a key area for us to continue exploring.” The beauty is that whatever you do well can be easily replicated in Nigeria and other African countries. That is our strategy.

That is why we are looking into the same model that exists in Ghana and other countries.

“We’re also very bullish on real estate, hospitality, and lifestyle, which is what Zuby (Emodi) is in charge of, and I’m sure he has a lot to tell you about some of the projects they’re currently working on.”

“Of course, we want to move from a mortgage bank to a commercial bank.” You know, the path for that growth is obvious. Bolaji (Adewumi) has built an outstanding team at Abbey Mortgage, and I believe they can do much more with the opportunities that will be provided to them. We also believe that concentration in the insurance space is something we should investigate.

“We kind of complement some of the other investments that we make, and it allows the ecosystem we have put in place to fully thrive.”

“From a general standpoint, we have talked about an ecosystem being very central to our plan at VFD Group, and that ecosystem is based on the fact that we are invested and exposed to different companies, which have cross-selling opportunities and potential, which have collaborative potential to, in terms of harnessing synergies, which has the ability to be leveraged by technology. When you come into that ecosystem, its easy for you to acquire properties from Herel Limited, finance the acquisition from Abbey Mortgage, finance your consumer supply from VBank.

“Buy ART from ArtSplit, which is also one of our investee companies, and similar companies.”

So the idea is to create that stickiness in terms of customer contact, and to provide fulfilment within that ecosystem’s proximity. I believe that is something we will be focusing on in the next ten years.”

Why opted for NGX from NASD Securities Exchange at this time despite macroeconomic challenges and stringent listings conditions.

“It is forward-thinking and decisive,” said Okpala. “Also, as I mentioned, we’ve been built for the exchange since our inception.” We have a larger shareholding base, and we have more adherence to governance, self-inflicted adherence to governance, than most large companies.

“We’ve had strong leadership levels.” When you

“So, one of our core values, which I believe is the most central to us as a unit is empathy-360, which is to treat people the way you want them to treat you,” Okpala said. It is critical to how we operate because the initial investment was made by 35 people, as you may recall. When dealing with 35 people, whether you like it or not, there has to be some level of governance in place; otherwise, there will be conflict; otherwise, we won’t be together for long, and so the mindset has always been to treat everyone the way you want to be treated.

“Now if you come to the shareholders, be, pre/ post-listing, what you will find in common is that those 35 people are still there.

“The people managing the business are still involved.

So, when we talk about shareholders’ interest, we’re talking about our own interests and our commitment is to treat them the way we would like to be treated.

“One day, I’d quit, and I’d expect the same level of treatment as I’ve given to my contemporaries.” So, what I can assure you is that our fate as investors at VFD Group is linked to the fate of other investors, whether retail, high net worth individuals, or institutional investors.

“The objective is for us to continue to work hard, make sufficient returns and distribute returns and invest forward for the interest of the company on a consistent basis.

SUCCESSION PLAN

Talking about succession plan, Okpala said: “I think we started talking about succession planning four or five years ago. One of the things that makes succession planning in our view is the way we are configured, set up.

“Every point in time, I can tell you that there’s a short list of people to replace anybody that is leaving and even on the subsidiary level or the investee companies.

“One of the key things that we always look out for is succession and sometimes you carry staff cost that you don’t need to carry. But just to be sure that there’s someone that can step into the shoes of whoever.”

ABBEY MORTGAGE’S TURNAROUND

Abbey Mortgage, one of the investee companies of VFD Group has witnessed turnaround since Adewumi took over six years ago.

The company’s board of directors last month proposed a reduction of N3.541 billion from the company’s share premium capital account of N5.117 billion, saying that the reserve arising from the reduction would be deployed to eliminate the negative retained earnings as of the 2022 financial year-end.

Okpala commenting on Adewumi’s Abbey Mortgage transformation said: “The reality is that he was the one and his team that turn the fortune of Abbey around.

According to him, “Abbey has been in loss for six years prior to his takeover as MD. As of today, Abbey Mortgage Bank is now profitable. It took him one year to migrate into profitability.

“Recently, CBN approved the reconstruction of shareholder’s fund to allow them to apply their share premium into their reserve which is a statutory requirement of paying dividend and put the firm in the position of paying dividend for the first time since its existence. Adewumi has a great deal of turnaround credibility under his belt. So, the good thing about it is that Adewumi has done justice to it, but also a testament to the realities of turnaround managers in the country.

Commenting, Adewumi said: Several banks have applied, and it did not happen until Abbey Mortgage Bank recently got approval. I think we, initially applied and of course we’ve got the push back. You know, an institution that ran into losses for six years. You don’t just rush to give such an approval.

NOTE: The story continue online on www.thisdaylive.com

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LAYING FOUNDATION FOR MASTERS ENERGY'S $500M GAS PLANT PROJECT IN RIVERS...

L-R: Executive Vice Chairman, Masters Energy Group, Vincent Ajala; GMD Masters Energy Group, Mrs. Patience Dappa; ED, NNPC Gas Trading, Mrs. Dayo Akinmoyo; Deputy Director, Operations NMDPRA, Mr. Oseni Adewale; MD Port Harcourt Refining Company (PHRC), Alhaji Ibrahim Onoja; ED, Finance Masters Energy, Mrs. Ngozi Ogah; ED Operations, Masters Energy, Mr. Felix Eribo; President and Promoter of Masters Energy Group, Dr. Uche Ogah, and H.R.H Chukwuemeka Woji Okocha Olumeni XII. Paramount Ruler of Rumuolumeni community, during the laying of foundation for the $500m gas plant project by Masters Energy Oil and Gas Limited, Port Harcourt, Rivers State…weekend

Masters Energy Oil and Gas Commences Construction of $500m Gas Storage Facility Blessing Ibunge In line with federal government’s gas infrastructure development plan, Masters Energy Oil and Gas Limited has embarked on an audacious project of about $500 million for gas storage.

The project which includes the construction of a 20,000MT gas storage in Port Harcourt, over 200 gas refilling outlets, over 2000 retail gas exchange outlet, bulk distribution trucks for LPG transportation and a dedicated vessel for coastal operations.

Speaking during a groundbreaking ceremony for the gas infrastructure projects in Port Harcourt, Group Managing Director, Masters Energy Group, Patience Dappa, company has an abiding faith in Nigeria and was fully dedicated to investing more in the country’s critical infrastructure.

Dappa, said the facility would provide jobs and create enormous ancillary businesses within the oil and gas eco- system for the country’s teeming population and contribute positively to the economic transformation of the host community and Nigeria at large.

According to her, the approval came, “just a few days ago, but as a testament to our readiness and commitment to this project, we are laying the foundation today.”

Dappa explained: “In line with federal government gas infrastructure development plan, we have decided to embark on this audacious project of about $500 million project which includes 20,000MT gas storage here in Energy city, over 200 gas refilling outlets, over 2000 retail gas exchange outlet, bulk distribution trucks for LPG transportation and a dedicated vessel for coastal operations.”

She pointed out that, “Masters Energy Oil and Gas Limited was incorporated in Nigeria in 2005 and we have since expanded and diversified to assume leading sites not only in the oil and gas sector, but in Power, EPC, Petrochemicals, Aviation, dredging and shore, Shipping and Marine businesses.

“Our corporate vision is to be the world’s bench-mark in the oil and gas industry, with a mission to deliver world-class services to our clients through sound management system, innovation and technology; while ensuring adequate returns to our stakeholders.

“In line with the above, we have remained a highly creative company that is desirous of delivering unmatched values for stakeholders and partners. This has helped the company to break new grounds and attain greater heights.

“These are the reasons why

Masters Energy has proposed to build and operate a gas storage capacity of 20,000MT to receive and load out LPG( 28,000 CBM) and 12,000 CBM Propane.”

Dappa noted that the uniqueness of the project was that Masters Energy would be the first to go into combine household and industrial gas usage infrastructure.

Also to be included in this terminal when completed is a fully automatic bottle filling machine (carousel) with a 1,200 bottling capacity per hour, she revealed.

“At the completion of this project, it will provide job and create enormous ancillary businesses within the oil and gas eco system for our teeming population and contribute positively to the economic transformation of the host community and Nigeria at large.

“As we commence work to deliver on this project, I want

CORAN Lauds NUPRC over Decision to Enforce Domestic Crude Supply Obligations Ugo Aliogo The Crude Oil Refineries-owners Association of Nigeria (CORAN) has lauded the decision by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to enforce domestic crude supply obligations whose non-implementation he said had so far stifled some local refineries from optimising production and making refined products available in the local market In a statement, he noted that NUPRC was a government body charged with the statutory responsibility of ensuring compliance with petroleum laws, regulations and guidelines in the upstream oil and gas sector.

The statement also noted that the discharge of the responsibilities involved monitoring of operations at drilling sites, producing wells, production platforms and flow stations, crude oil export terminals, and all pipelines carrying crude oil, and natural gas, amongst other statutory functions.

The statement further explained that the Chairman of CORAN, Momoh Jimah Oyarekhua, following a meeting with the management of NUPRC held with producers and members of CORAN in Abuja, had discussions which included the position of fine and withdrawal of export licence.

Oyarekhua, disclosed that the Commission deserved to be

lauded for encouraging this kind of discussions and being fair-minded in its conversation with producers.

The statement recalled that last month CORAN held a meeting with the Minister of State for Petroleum, Heineken Lokpobiri where the association sought the minister’s intervention to boost crude oil supply to members, and also help them reduce the fees they pay to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for every litre of product they refine incountry.

The statement added: “The CORAN also advocated for the establishment of a Refinery Intervention Fund to assist local

refineries expand their capacity from the current 27,000 barrels per day to about 400,000 barrels per day.

“This follows a series of other consultations and meetings by CORAN with government agencies and representatives with a view to foster the core issues affecting local refining of crude in Nigeria.”

“We have met with the NUPRC, on the issue, because the matter is captured under the domestic crude oil supply obligation which is clearly stipulated in the PIA, we have intimated them with the production capacity of local refiners and also sought their commitment on domestic crude obligation to all modular refiners.”

to take a moment to express my deepest gratitude to every one of you - our dedicated and hardworking team members. Your commitment, passion, and resilience have been the driving force behind our successes.

“As we anticipate the completion of this project in record time. we are very optimistic that the next time we invite you, it will be to commission this project. And we

are here today to begin another layer of our corporate vision.

“And I must tell you we are excited about the possibilities that the future holds, as we empower communities, improve human capital and deliver a better country that we shall be proud of. We have an abiding faith in this country and we at Masters Energy are fully dedicated to investing more in this country’s critical infrastructure.”

FG to Unveil Equipment Leasing Registration Authority Tuesday Ndubuisi Francis in Abuja The federal government would today, formally unveil the Equipment Leasing Registration Authority (ELRA) in Abuja, the Federal Capital Territory (FCT), as part of overall measures to bolster the equipment leasing sector into a developed status In a statement personally signed by the ELRA Executive Chairman, Saidu Njidda, the unveiling ceremony which is to be performed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, would enable the Authority to play the role of a key driver and facilitator of two of the eight-point agenda of the Tinubu administration-'Access to Capital and Job Creation."

The ELRA Board was inaugurated in May 2022 by the last Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed, following the establishment of the authority which is in accordance with Section 8 of the Equipment Leasing Act, 2015.

The inaugurated board comprises 11 members, including Saidu Njidda, Executive Chairman; Bassey Imoh, Registrar/Secretary; one representative each from the Central Bankof Nigeria (CBN), SMEDAN, NACCIMA, Federal Ministry of Finance, Federal

Ministry of Justice, Federal Ministry of Trade and Investment, and three representatives from the Equipment Leasing Association of Nigeria, the umbrella body of lessors which sponsored the bill.

In the statement, the Executive Chairman of the Board of ELRA observed that the implementation of the Equipment Leasing Act, was a viable alternative to heralds a new era of enhanced revenue generation given that the industry was capable of generating an estimated total volume of $1.5 trillion globally accounting for 20 per cent of total investment in equipment and contributing about 1.5 per cent of Gross Domestic Product (GDP).

Njidda, also noted that equipment leasing as an alternative and significant source of finance to loans had been immensely contributing to capital formation in the global economy with its wide usage in many countries for the acquisition of capital assets.

He explained that the major players in the leasing industry in Africa include South Africa, Morocco and Nigeria who are ranked among the top 50 leasing countries in the world with Ghana, Rwanda, Egypt, Kenya, Tunisia and Angola, playing significant roles.

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INVESTMENT PATHWAYS TO US PERMANENT RESIDENCY & CITIZENSHIP… L-R; Attorney,Summit Law USA, Mr. Ademola Akande; Global EB5 Manager, Meyer Law Group, Zoe Wollenschlaeger; Regional Director of Business Development, Houston EB5, James Kelly; Managing Partner, BravelCONS Global, Fife Banks and Moderator, IIUSA, Mckenzie Penton during the Investment Pathways to US Permanent Residency & Citizenship for Nigerian Investors and Families at the Invest in the USA (IIUSA) forum in Lagos..Saturday ABIODUN AJALA

Ikpea: Operators Must Ensure Assets’ Integrity to Raise Nigeria’s Dwindling Oil Output Seeks quick-wins, key deliverables on new PIA Emmanuel Addeh in Abuja The Chairman and Chief Executive of Lee Engineering Construction Company, Dr Leemon Ikpea, CON, at the weekend stressed that to raise Nigeria’s dwindling oil and gas production, industry players must ensure the commercial and operational efficiency of their operations.

The renowned industrialist spoke at the 53rd Annual Conference of the Nigerian Society of Chemical Engineers (NSChE), which took place at the Petroleum Training Institute, Effurun, Delta State.

Ikpea, who was represented by a non-Executive Director at the Lee Group of companies, Osten Olorunsola, explained that operators could drastically improve overall efficiency of field operations by

implementing robust asset integrity management programmes to ensure the structural integrity and safety of assets over their lifecycle.

In addition, the businessman called for the deployment of predictive maintenance techniques to reduce downtime, utilise remote and real-time monitoring for lifespan extensions as well as reservoir management.

The conference was themed: “Optimisation of Nigeria’s Oil and Gas Assets for Sustainable Energy Transition.”

Stressing that the world is going through significant geopolitical and geo-economic turbulence with climate and energy fuelling the crisis, Ikpea pointed out that Nigeria is neither excluded nor protected from the risks and crisis.

According to him, if anything,

Politicians Not Role Models, Chairman, Gtext Holdings Warns Youths

Kuni Tyessi in Abuja

The chairman and CEO of Gtext Holdings, an industrial conglomerate, Dr. Stephen Akintayo, has called on Nigerian youths to shun the idea of having politicians as role models and mentors.

Speaking at the Emerging Leaders Conference in Abuja on the topic "Disruptions, Creativity and Innovation: The Language of the Future", organized by GOTNI Leadership Centre, Akintayo said politicians have failed in creating innovations that can serve as road map for Nigeria’s teeming youths.

Advising that youths must discover their assignments and purpose on earth with a leap of faith towards determining success, he said leaders must be innovative and encourage it by building a culture that fosters innovation, amongst others.

He added that it was not only demeaning to be a graduate without a job, but a sign of laziness and shamelessness to wait on the government, adding that all that is needed is hope to have things figure out.

According to Akintayo, "Ways to foster organizational innovation

includes having leaders who must encourage innovation, build a culture that fosters innovation, and having in mind the formal strategy.

"In doing so, availability of budget and setting a direction in which the innovation must follow must be provided by the leaders and this is lacking in the lives of our politicians. Your politicians are not the role models you will want to be. Don't copy them."

In his address, CEO, GOTNI Leadership Centre, Dr. Linus Okorie, said with the unfolding of global events, the future of the world rests in networking.

Also encouraging the youths on skills acquisition and awareness, Okorie said networking has proven to be a skill in which without it, "you can't go anywhere. Networking is now the economy where people are currencies."

Encouraging the youths to embrace leadership and be men and women of character, he said that there's no substitution to what they hoped to achieve in life, adding that the future of the Nigerian youth is now and the concept of their leadership must be remodeled.

Ikpea the country feels greater pains because of sharp decline in oil and gas production, which he described as the cornerstone of Nigeria’s economy.

He recalled that he had earlier posited during an engagement at the National Assembly that all the critical issues and headwinds Nigeria is facing, including cost of living, inflation, unemployment and insecurity would evaporate if the country can once again attain revenue resilience as it once did.

He highlighted that oil and gas is the only sector that is near ready to make that happen faster, noting that 10 years ago, the industry had aggregate daily oil production of well over 2.2 million barrels per day, while currently it is struggling to

keep it steady at 1.2 million bpd.

“And we have seen, there is similar decline in gas production, both for domestic consumption as well as export. The combined effect is continuous gross shortage of revenues.

“Optimising oil and gas assets is a complex and ongoing process.

It involves various strategies, technologies and actions to maximise production, recoverable reserves, minimise operating costs, ensure safety and compliance and ultimately sustainability.

“Above all, it requires collaboration between engineers, data scientists, and operational personnel to achieve the best results,” he added.

Listing governance and regulations as critical to achieving Nigeria’s oil sector goals, Ikpea explained that even though the Petroleum Industrial Act (PIA) is work in progress, Nigeria must ensure that it delivers as intended.

He maintained that some of the objectives of the PIA include: Good governance, attraction of investments, in-country value addition, harmony with host communities and accelerated value capture in view of the dynamics of energy transition.

“Sadly, after two years of implementation of the PIA, none

of these deliverables is yet on the table. Government must immediately establish a well structured framework to govern and manage the implementation of the PIA for it to deliver as intended,” he noted.

On ease of doing business in the sector, he explained that there was the need to improve the overall working environment to ensure it is progressively enabling, result oriented and inclusive in all ramifications.

Fundamentally, he pointed out that Nigeria must redouble efforts to reduce the menace of insecurity around oil and gas, being the cornerstone of the Nigerian economy.

Also speaking on the issue of climate change and energy transition, Ikpea said that it was no longer possible to ignore the impact of the changes that are going on.

“I am sure you have been following the global temperature trends to the extent that July this year has been rated the hottest ever recorded, largely attributed to atmospheric carbon dioxide emissions from fossil fuels. In fact, there are credible doubts if committed net zero promises and aspired global temperature can be achieved.

“According to Dr Antonio Guterres, the Secretary General of the United Nations, we no longer

have global warming, rather the earth is truly boiling now. Uncommon and extreme weather conditions, flash floods, mudslides, wild fires etc are now quite frequent and with increasing intensities and levels of devastation all around the world.

“These conditions have triggered or aggravated serious crisis including environmental and socio-economic resilience.

“This is the reason for all the effort around energy transition which in my view can only be successful and sustainable if and only if climate security and energy security go hand in hand and under platforms of cooperation, collaboration, fairness, inclusion and equity,” he argued.

Since oil and gas will remain the cornerstone of Nigeria’s economy even for the foreseeable future, Ikpea maintained that there will be need to accelerate and maximise value capture to minimise the potential damage of dynamics of energy transition.

“The practical manifestation of this will be rapid growth in production. I believe Nigeria actually needs more oil to get out of oil. Proceeds from optimised oil and gas will readily cushion capital required to deliver climate actions as well as transition fundamentals,” he said.

Akwa Ibom APC Leaders Disown Controversial REC, Cleared By Senate …Hon. Eyiboh hails Tinubu for appointing State's Indigenes Sunday Aborisade in Abuja Leaders of the All Progressives Congress, APC, from Akwa Ibom State, on Sunday, disowned an indigene of the state, Etekamba Umoren, whose appointment as a Resident Electoral Commissioner, REC, was confirmed by the Senate on Wednesday last week.

There were series of public outcry from civil society organisations and political parties immediately President Bola Tinubu announced Umoren as one of the 10 RECs. The CSOs and the political parties in series of press statements and conferences alleged that Umoren was a member of

the APC and that there were video evidences that the man campaigned for the party in the last general elections.

The Senate however went ahead to screen and confirm him, claiming there was no official petition against the appointee.

But the convener of the AkwaIbom APC Leaders, Hon. Eseme Eyiboh, a protégé of Senate President Godswill Akpabio, told journalists at a news conference in Abuja on Sunday that Umoren has never been a member of the party in the state.

He described the man as a bureaucrat who rose to become a permanent secretary in Akwa Ibom State and later the secretary to the

state government and Chief of Staff to Senator Godswill Akpabio, when he was governor.

Eyiboh said, "Etekamba Umoren is a bureaucrat. He served in Akwa Ibom State as a permanent secretary. He is a career civil servant and was chief of staff and then SSG. He was not appointed to serve a political party but a government.

"I have also seen some videos which claim that he wore the uniform of APC. The law is very strict and there are a plethora of Supreme Court cases on who is a member of a political party.

"The member of a political party must be not just a card-carrying member; he must be in financial

standing with that political party.

"He must be among the registered members and prescription has nothing to do with uniform or mode of dressing.

"For you to take ordinary mode of dressing - the member of an organisation is not determined by their clothing to become membership of that organisation.

Every organisation has its criteria for its membership.

"It is not true. It is speculative that Etekamba Umoren is a member of the APC. That is not correct."

Eyiboh commended President Tinubu for appointing Indigenes of the state into sensitive positions in his administration.

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INAUGURATION OF A NEWLY-BUILT TECHNICAL COLLEGE AT SWALI-YENAGOA...

L-R: Former Senate President and ex-Governor of Kwara State, Dr. Bukola Saraki, Bayelsa State Governor, Senator Douye Diri, Commissioner for Education, Dr. Gentle Emelah and Secretary to the State Government, Alabo Gideon Ekeuwei during the inauguration of a newly-built technical college at Swali-Yenagoa at the weekend

Civil Rights Group Questions Judicial Integrity in Plateau State Canvasses transparency, judicial independence, review of recent Judgments Chuks Okocha in Abuja A civil rights group, the Human Rights Writers Association of Nigeria (HURIWA) yesterday raised concerns at the seeming contradictory judicial pronouncements in Plateau State, stating that they have cast a shadow of doubt and spawned suspicion over the integrity of the state's judiciary.

Specifically, the organization questioned the impartiality of the judiciary and its role in ensuring fair and just elections in Nigeria.

Addressing a press conference in Abuja Sunday, HURIWA expressed its deep concern over what appears to be a coordinated effort to issue contradictory judgments, particularly favoring the All Progressives Congress (APC) at the expense of the People's Democratic Party (PDP).

The national coordinator of the civil rights group Emmanuel

Onwubiko said that these concerns go beyond post-election matters and extend to pre-election cases, which, according to established legal precedents, should not be revisited at the appellate level.

One of the primary issues raised

by HURIWA is the issuance of contradictory judgments by the Appeal Courts in Plateau State.

According to Onwubiko, “In some instances where the APC came in second, PDP candidates were removed, and the certificate of return was given to the APC, while in other cases where the APC came in third or lower, the courts ordered a rerun. HURIWA considers this inconsistency alarming and believes it raises suspicions of bias.

“Specifically, in the case of Plateau North Senatorial District won by Sen. Simon Mwadkwon of the PDP and the APC candidate coming in

third, the Panel, in its judgment in Court of Appeal No. CA/J/EP/PL/ SEN/12/2023 delivered on Sunday, October, 2023, curiously annulled the PDP’s victory and ordered INEC to conduct a rerun election among all the parties.

“In the case of Jos North/Bassa Federal Constituency won by Hon. Musa Agar of the PDP and where the APC candidate also came in third, the Panel, in its judgment in Court of Appeal No. CA/J/EP/PL/ HR/14/2023 delivered on Friday, October, 2023, annulled the victory of the PDP and ordered a rerun excluding the PDP.” Further according to the civil rights group, “In the third Appeal Case of Shendam/Quaan-Pan/Mikang Federal Constituency, won by Hon. Isaac Kwallu of the PDP with John Dafwan of the APC as runner-up, the Appeal Court Justices in Court

of Appeal No. CA/J/EP/PL/ HR/18/2023 annulled the victory of the PDP candidate, declared the APC candidate as the outright winner, and ordered that the Certificate of Return issued to the victorious PDP candidate be withdrawn and a fresh Certificate of Return issued to the APC candidate.”

Stating that pre-election matters have also been subjected to judicial review, leading to the overturning of victories recorded by the PDP in the 2023 elections, HURIWA emphasized that the Court of Appeal did not deliver judgments based on the law and the facts, as the law dictates, stressing that this inconsistency with established legal norms and principles raises concerns about the independence of the judiciary.

He also explained that allegations against the President of the Court of Appeal, Hon. Justice Monica

Full Development of Yenagoa Capital City a Priority, Diri Pledges, Ends Campaign Olusegun Samuel in Yenagoa Governor Douye Diri of Bayelsa State has pledged to prioritise the total development of Yenagoa into a modern city as he rounded off his campaigns in the three Yenagoa constituencies at the weekend, with large crowd of supporters cheering him.

Governor Diri whose campaign trail visited no fewer than 16 communities in two days, assured the people that his administration has pegged this as a key governance priority.

At Igbogene community on Saturday, a joint council of traditional rulers of the Epie and Atissa kingdoms conferred on Senator Diri the chieftaincy title of “Otoroto Ibe 1 of Oguan,”meaning the “moonlight of Epie and Atissa kingdoms.”

Describing Yenagoa as the gateway to the state, he said more roads have been constructed and others at advanced stages of completion linking the capital to other communities in the state.

He said: “Your support to the Prosperity Administration is a

call to more duty. When you give me your mandate for a second term, l will do more for Epie and Atissa kingdoms. This is because the gateway to Bayelsa State is Yenagoa, the capital city, which needs development. Therefore, our goal is to continue to develop our capital city just as we are taking development closer to the rural areas for our development to be holistic."We have almost completed the Elebele-Igbogene ring road. We have inaugurated different sections and just one section is left, which will equally be inaugurated so that the one-road city status narrative about Yenagoa will change.

"Now, we have multiple roads in Yenagoa. We have many concrete and street roads that were earth roads. Today, people can drive to their houses without parking vehicles on the roadside as we used to do when we had only the Mbiama-Yenagoa road.”

The governor commended King Malla Sasime, the Obenibe X1 of Epie Kingdom and King Godwin Igodo, Ebenibe Vll of Atissa kingdom, represented by

Chief G. Simeon, for providing the enabling environment for the development of Yenagoa.

He urged the people to turn out en mass to vote the Peoples Democratic Party (PDP) in this Saturday’s governorship election to enable his administration bring more development to the area.

In an address presented by Chief Natus Zebakeme on behalf of the Epie and Atissa council of chiefs, both kingdoms commended the Diri administration for putting in place people-oriented projects.

They listed some of the projects to include the dual carriage Glory Drive, the ring road, the three senatorial roads, completion of an ultra-modern transport terminal among many other projects.

The people however requested for the dredging and construction of bridges across the Epie creek among others.

Similarly, the member representing Yenagoa/ Kolokuma/ Opokuma Federal Constituency in the House of Representatives, Hon. Oforji Oboku, member, representing Yenagoa Constituency

1 in the House of Assembly, Chief Ayibanegiyefa Egba, Commissioner for Health, Dr. Pabara Igwele as well as caretaker committee chairman of the Yenagoa Local Government Council, Andy Tobi, urged the Epie and Atissa people to vote PDP in the election.

Speaking on behalf of the people at Agudama-Epie, the Executive Assistant to the Governor on Policy and Strategy, Patterson Ogon, while applauding the administration's passion for development presented requests for the installation of solar-powered lights, internal roads, health centre, modern primary and secondary schools as well as a mini-auditorium.

At Swali, a former Senate President, Dr. Bukola Saraki, inaugurated another of the new technical college built by the Diri administration, bringing to four similar institutions constructed and inaugurated during the campaigns.

Senator Saraki commended the governor's exemplary leadership in establishing technical colleges, noting that he was investing in future generations.

Dongban-Mensem, have added to the imperative of scrutiny.

Onwubiko stressed, "While there is no concrete evidence of her involvement in any impropriety, speculations regarding her ethnic background and perceived connections to the Plateau State APC leader are concerning".

In response to these developments, the civil rights group called for an immediate halt to the perceived systematic use of the judiciary to favor the APC in Plateau State.

The organization outlined several key actions to address these concerns, including the need for transparency and accountability within the judiciary, emphasizing judicial independence, and the

review and reconsideration of recent judgments that appear inconsistent with established legal norms.

HURIWA underscored the importance of restoring public confidence by adhering to the principles of fairness, justice, and impartiality within the judiciary, stressing the significance of educating the public about the role and functioning of the judiciary to foster a better understanding of its importance in Nigeria's democracy.

The rights group reaffirmed its commitment to the rule of law, democracy, and justice, adding that it will continue to monitor developments in Plateau State and across the nation to ensure that the rights of the people are upheld.

Ogun to Reconstruct Ikenne Township Road, Says Gov Abiodun James Sowole in Abeokuta Governor Dapo Abiodun, at the weekend, said his administration would soon award the contract for the reconstruction of the Ikenne township road.

The road, according to him, would begin from Aiyepe junction.

Abiodun, who made this known during the 47th annual Ikenne Ereke Day celebration with the theme 'Divine Year of Accomplishment', held at the Ereke Civic Center, Ikenne, said that the reconstruction of the township road would further complement the completion of the stretch of the road coming from Sagamu.

He also disclosed that the model school built and abandoned by the immediate past administration in the state would soon be converted into a World Class Centre of Excellence by his administration.

He said, "I will soon be awarding the Ikenne township road contract and that will start from the Aiyepe junction to Uren River. That will complete the stretch coming from Sagamu and it will give this town the beauty it deserves."

"We have completed the Sagamu-Ikenne road. I know some of our brothers and sisters in Ikenne would have wanted us to dualise it. As a government,

our decisions are driven by data.

That road does not enjoy enough traffic to allow us to dualise it," stated the governor. "So, we looked at the cost-benefit and decided that we would complete one side of the road and when that traffic justifies it, we will now complete the other part."

Abiodun added, "We will soon be converting the Model School in Ikenne to a World Class Centre of Excellence."

The governor also reiterated that the Ogun State Agro Cargo Airport, being constructed in the state, would be commissioned with commercial activities commencing at the airport, noting that a dry port would also berth in the state.

"That airport two years ago was nothing but a forest. The pessimists said to us we could not build it; some people called it a dump site.

By the grace of the Almighty God, we will be commissioning that airport before the end of this year, 2023 and that airport will resume commercial operation. The plane will be departing from Ikerne local government and going to Abuja," added the Ogun governor.

The governor noted that in his administration's "relentless efforts to make our state" more accessible to business, "we have unfolded our multi-model transport master plan, including constructing this airport."

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NEWS

INAUGURATION OF UNITED TOWNS AGENCY UN OFFICE IN ABUJA...

L-R: Chairman, Board of Trustees, United Towns Agency, United Nations/Sapeyi of Abuja, Dr Usman Nga Kupi; Visiting Secretary General, United Towns Agency United Nations( UTA, UN), Amb. Eya Essif; UTA Country President, Amb. Abigail Amalaha and Board Member, Dr Abubakar Jimoh, during the Inauguration of UTA Country Office in Abuja ... recently.

ENOCK REUBEN

Ayo Adebanjo: Time’s Up for Post1966 Coup Military Constitution Restructured constitution, true federalism will birth peace Ugo Aliogo Elder statesman and leader of the Pan-Yoruba socio-political organisation, Afenifere, Chief Ayo Adebanjo, has stated that time was up for the post-1966 coup military constitution and until Nigeria’s constitution is restructured to reflect true federalism as done in the US, India and others, the country would never get peace.

Adebanjo who stated that a lot of people don’t appreciate the benefits of restructuring expressed this position in Lagos, weekend, during the book presentation of: “Policing the Nigeria Police,” written by the former Chairman Nigeria Police Service Commission, Dr. Simon Okeke.

According to the elder nationalist, true federalism is not based on the principles of segregating a section of the country, while pretending you are practicing the concept of ‘One Nigeria.’

He also stated that if Nigeria must move forward and that there is need to change the constitution, holding that the constitution is a

military constitution imposed on Nigerians after the military coup of 1966.

He disclosed that bulk of the problems facing the country today are contained in that constitution, which he said was made to suit a section of the country to the detriment of the others Speaking on the need for State Police he held that if the federal government is committed to tackling the issue of insecurity in the country, there was need for full implementation of State Police, adding that no state government can get adequate security if the institution controlling in the security architecture does not reside in the state.

He remarked that the reason why Afenifere took a strong stance in supporting the candidature of Peter Obi in the presidential election was purely a matter of principle and Obi’s desire to change the system of corruption.

According to him, “I want to implore young Nigerians not to put their hope on the present set of leaders we have in the country.

It is only those who are bearing the name Peter Obi that you should put your hope on because they are your leaders, while All Progressive Congress (APC) and Peoples Democratic Party (PDP) wants to change the personnel of corruption.

“But Obi wants to change the system of corruption. There is a distinction between the two narratives. You don’t understand the passion I have for Nigeria because you don’t take part in the struggle to fight for the independence of this country.

“If we want to leave this country for posterity and ensure that the youth take part in the scheme of things, and women get involved in the politics, you need to change the constitution to true federalism.

“I have always said that if we are sincere in keeping this country together, we have to practice true federalism in the way it is done across the world. The popular criticism against state police is that the state governors will begin to use it against their opponents.

“Why are you deceiving

yourself? Is the federal government not using the police force against the states that do not belong to its party? State Police is a component of a federal system. You can never get security in this country, how can someone who is miles away be the one controlling your security architecture.

“How can someone living in the Federal Capital Territory (FCT) Abuja say he can provide security for people living in Anambra State, when he doesn’t live in that territory and does not understand what happens in the area?”

On his part, the Labour Party Presidential Candidate, Peter Obi, charged every Nigerians to play a part in bringing about a new Nigeria, stating that it is disheartening that “I remember a story that Ike Nwachukwu that told me that his security vote while he was in office was less than N10,000 and he was meant to account for it.

“But today, those of us in politics are stealing money without accountability. It is very sad that we are allowed to go through

FITCH: NIGERIA’S CREDIT RATING STABLE, PREDICTS INFLATION AT BELOW 21% The report said, “Nigeria's already structurally high inflation rose to an average of 25.5 per cent year-on-year in third quarter 2023, from 20.3 per cent year-of-year in 3Q22, partly reflecting fuel subsidy removal and naira devaluation.

“Fitch projects inflation moderates to 21.1 per cent in 2024 from an average 24.8 per cent in 2023, helped by lower deficit monetisation, but well above the 'B' medians of 6.0 per cent and 4.9 per respectively.”

Cardoso Vows to Change CBN’s Narrative Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, reaffirmed his determination to change the narrative about the bank and make its policies have a more forceful effect on the populace.

Cardoso stressed that under his watch, the apex bank would focus on its core mandate of price stability, specifically curtailing the rising inflation, which has continued to distort prices.

The CBN governor gave the assurance while playing host to former

Governor of the central bank, Mr. Muhammadu Sanusi II. Cardoso had received the Impact Investing Community, led by Sanusi, who is the 14th Emir of Kano and Khalifa of the Tijaniyyah Sufi Order of Nigeria and neighbouring countries.

Cardoso expressed hope that at the end of his tenure, he would have left behind a central bank whose “policies have positively impacted people’s lives”.

Addressing the visiting team in his office, Cardoso said his team was determined to change the narrative about the apex bank and make the bank more impactful in the lives of Nigerians by curtailing inflation.

He thanked the community for visiting the CBN, stating that it represents an excellent future for Nigeria, with the potential to transform the country’s economy by tapping into the investment opportunities available across the country and the world.

Cardoso hailed the quality of leadership of the community, especially in its effort to create awareness, and build partnerships.

In a statement, Cardoso said

the CBN would collaborate with the Impact Investing Community to initiate frameworks that would encourage investments as well as positively influence the lives of Nigerians, and contribute to economic growth.

Sanusi highlighted the role of the central bank in massively impacting the lives of Nigerians through its activities. He said oftentimes, people did not seem to appreciate the impact of a central bank activity until it failed.

The former CBN governor expressed concerns about the current inflation rate. He urged the new leadership at the CBN to work persistently at driving down the rate, which he noted had severely impacted the wealth of individuals.

He also acknowledged the importance of long-term planning by the CBN in achieving its goals, stressing the need for the fiscal authorities to focus on agriculture and education, especially for the girl-child.

Sanusi pledged his continued support, along with the Impact Investing Community, to the CBN in achieving its goals.

In her remarks, Chair of the

community, Mrs. Ibukun Awosika, said they were at the CBN to register their willingness to support what the bank and the federal government were doing in terms of changing Nigeria’s investment climate by redirecting resources to areas where they would make the most positive impact.

Awosika said over $200 trillion was available around the globe as investment funds, with $1 trillion of it with impact investing.

She stated that the community, with a presence in over 41 countries, was willing to blend with traditional investment practitioners to make an impact in the country.

Awosika stressed the importance of social investment and sought the support of the CBN to enable the body to achieve its goal.

On his part, CBN Deputy Governor, Corporate Services Directorate, Dr. Bala Bello, underscored the importance of investment, stating that global capital is moving towards social investment.

Bello thanked the team for its support, pointing out that collaboration and effective communication are vital in successfully navigating the current challenges in the country.

that freely, and some people have turned the country into gigantic criminal enterprise and nobody is questioning us.

“Please put Nigeria into your prayers, and always pray that those of us who are politicians will use public money for public good.”

No Blackmail, Accusation Can Distract Eno in Executing His Blueprint for A'Ibom, Says Aide Govt to partner NSCDC on fight against oil bunkearing, illegal mining Okon Bassey in Uyo No level of blackmail and spurious accusations can distract Governor Umo Eno òf Akwa Ibom State on his drive to transform the State in line with his ARISE Agenda development blueprint.

The Senior Special Assistant to the State Governor on Research and Documentation, Mr. Essien Ndueso, made the assertion in an interview ìn Uyo. He harped on the need to promote unity of purpose regardless of political affiliation as no meaningful development thrives in an atmosphere of disharmony and chaos.

Ndueso, described Eno as a detribalised and peaceable leader focused on even spread of development projects and programmes across the State.

The Governor's aide urged Akwa Ibomites to disregard such notions of nepotism and ethnicity, but rather joined hands to promote the peace being enjoyed in the State, lauding his leadership approach in dealing with people across political divides.

He explained how Eno had charged his newly appointed aides to emulate his lifestyle of showing respect to other leaders and embracing people across party lines.

"This is a Governor who gladly opened his arms to a man that was in Court the previous day, challenging his eligibility and legitimacy to be a Governor.

"The next day the person was in Government house to see the Governor, and he received him, embraced him and promised to work with him for the State to move forward.

"That same person headed to court, to further challenge the Governor's eligibility to be Governor while the Governor is still saying, tell him to come let's work together,” he added Ndueso further argued that a

Governor who asked respective ward leaders and stakeholders to nominate personal aides for him from the various local government wards in the State to ensure that development was equally distributed to the grassroots cannot be said to be tribalistic and whoever is spewing such accusations is just doing that for political motives.

He assured that Governor Eno would leave no stone unturned while implementing the Arise Agenda.

Meanwhile, to ensure a safe, secured and healthy environment, the Akwa Ibom State government has disclosed plan to partner the Nigeria Security and Civil Defense Corps (NSCDC) to mitigate activities of oil bunkering and illegal mining in the state.

The State Commissioner for Information, Ini Ememobong, disclosed this during a courtesy visit on him by officials of NSCDC. He noted that, until the society was de-criminalised the safety of lives and properties cannot be ensured.

The Commissioner reiterated that issues of oil bunkering and illegal mining do not only affect the economy of the country but is also hazardous to health and environment.

The Information Commissioner suggested that to eradicate oil bunkery and Illegal mining a non- violent approach should be taken;such as rehabilitating the youths, through human capital development, amnesty, empowerment , trainings and licensing them to operate officially and linked them to the oil sector to work in modular refineries thus generating revenue for government for sustained development.

Speaking, the commandant, NSCDC, Eluwade M. Eluyemi commended the State Government for having a formidable workforce and promised to step up the tempo in securing the lives and properties of the people residing in Akwa Ibom.

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NEWS

AT THE LAUNCH OF HYDR8 100 AND D’VYBE DRINKS...

L-R: Chris Okechuwku; Divisional Sales Manager, Seven Up Bottling Company (SBC), Norden Thurston; Head, Ignite Business Unit SBC, Ziad Maalouf; Managing Director SBC, Segun Ogunleye; GM Marketing SBC, and Nkemdirim Agboti; Head of Legal and Corporate Affairs SBC at the launch of Hydr8 100 and D’Vybe drinks in Lagos.

Air Strikes Target Terror Kingpins in Katsina, Zamfara, Borno Kankara and adjacent LGAs in Katsina State.

"Notably, he was involved in the massacre of over 100 residents of Gidan Gari and Yarmai-Yadiya villages in Bakori LGA on February 2, 2023.

"The air strikes destroyed Babaru’s hideout and eliminated several terrorists though there was no confirmation if Babaru was among those neutralised", it said.

The war update said air strikes were also carried out at the enclave of terror kingpin known as Mai Solar in Maru LGA of Zamfara State.

"The air strikes took out clusters of enclaves used as hideouts by the kingpin and his cohorts at the location.

"It was a successful strike as

few survivors were observed fleeing the scene of the strike.

There is no confirmation if Mai Solar was among the terrorists eliminated", it said.

The precision air strikes by the Air Component of Operation Hadin Kai (OPHK) on November 3, 2023, also led to the elimination of several terrorists at their meeting point near Degbawa, a reclusive location within the Mandara Mountains in Goza Local Government Area of

Sanwo-Olu, Oyebanji Restate Commitment to Quality Infrastructure Development

The Network Against Corruption and Trafficking (NACAT) weekend, called on anti-graft agencies and the minister of the Federal Capital Territory (FCT), Nyesom Wike, to investigate the Executive Director, Procurement of the Federal Capital Territory Administration (FCTA), Mr. Onsachi Musa Idris, for allegedly owning and running private companies while in active service against extant rules.

The anti-graft agencies include the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

In a statement signed by

Kingsley Nwezeh in Abuja Nigerian Air Force Headquarters at the weekend said that fighter jets targeted terror kingpins in air strikes that struck terror enclaves in Katsina, Zamfara and Borno States, killing scores of insurgents.

In the North-west, the Air Component of Operation Hadin Kai (OPHD) on November 1, 2023, conducted series of successful airstrikes in Kankara Local Government Area of Katsina State, targeting the hideout of a notorious terrorist kingpin, Babaru.

A war update issued by the spokesman of the Nigerian Air Force, Air Commodore Edward Gabkwet, said Babaru was implicated in numerous acts of terrorism and banditry across

Segun James As the nation grapples with infrastructure development, the Lagos State Governor Mr.Babajide SanwoOlu and his Ekiti State counterpart, Biodun Oyebanji, have stressed the importance of economic growth and development of the country.

The duo spoke at the commissioning of the Lagos Rail Mass Transit (LRMT) Red Line Oyingbo Overpass Bridge built by the state government to ensure the safety of lives and uninterrupted flow of vehicular traffic at level crossings along the Red Line.

Sanwo-Olu at the event, said the Oyingbo Overpass Bridge is the second of the four that have been constructed to ensure safety of lives and ensure easy of vehicular traffic at the Red Line.

He assured that with the overpass bridges, the state government is: “providing a permanent solution to the avoidable fatal accidents often recorded at railway crossings.”

The special guest of honour, Oyebanji of Ekiti State, commended Sanwo-Olu for making Lagos a model for transformation.

He urged Lagos residents to treasure the path that has been set

by Sanwo-Olu and drive on the progressive lane of the government so that people can benefit from the projects.

He advised the people to jealously guard the project, warning them against reversal of the good deeds of the Lagos State government.

Sanwo-Olu said: “Just about three days ago, I commissioned the Lagos Rail Mass Transit (LRMT) Red Line Yaba Overpass Bridge.

That bridge is already serving the

intended purpose with significant improvement of traffic flow around Yaba. Today, we are also opening the LRMT Red Line Oyingbo Overpass Bridge here in Oyingbo, famous for being a thriving centre of commerce.”

Sanwo-Olu said that considering importance of Oyingbo as a major link between the Mainland and the Island, Lagos is investing in the provision of transport infrastructure that will support commerce and enhance ease of movement.

“Part of the infrastructure is the Yaba Bus Terminal, which unfortunately, was torched by arsonists alongside over 50 new high-capacity buses during the EndSARS protest.

“Today, we have risen from the ashes of those dark days as we forge ahead in the development of our transport infrastructure.

“Here in Oyingbo, we also have the Oyingbo Train station of the Lagos Rail Mass Transit Red Line.

The location of these infrastructure in this area is strategic and intentional to achieve a seamless integrated intermodal transport system for the people,” he added.

The governor, therefore, appealed to motorists in the state to exercise patience and cooperate with traffic and law enforcement officers in order to minimise the inconvenience that will be experienced during the period of the rehabilitation.

Managing Director, Lagos Metropolitan Area Transport Authority (LAMATA), Abimbola Akinajo, said that the Lagos Rail Mass Transit (LRMT) Red Line Oyingbo Overpass Bridge was important to move traffic into other parts of the mainland and Island Lagos.

Borno State.

"The air strikes were called for after intelligence revealed the sighting of some key terrorists’ figures and their foot soldiers arriving the location for a probable meeting.

“Their gathering in large number raised concerns, thus necessitating the need for an air interdiction on the location with devastating outcome for the terrorists", it said.

Gabkwet affirmed that an

assessment of the location after the strike revealed several terrorists were indeed eliminated.

According to several sources, the particular location was carefully chosen by the terrorists to evade being easily detected, especially by NAF aircraft.

"The outcome of the strike, however, proved the terrorists wrong as their nefarious plans to meet were detected, thus leading to the success of the air strike.

"The sources also noted that

this strike was a major setback for the terrorists who have, of late, been at the receiving end of the air and land components of OPHK", he said.

There were also strong indications that the terrorists were responsible for the recent attack on some locals in Geidam on October 31, 2023 and had planned to meet to review the attack as well as plan the next line of attack on innocent civilians and other vulnerable targets.

Group Calls on Anti-graft Agencies, Wike to Probe FCTA Director over Alleged Abuse of Office Kingsley Nwezeh in Abuja

NACAT’s Executive Director of Investigation, Oghenedoro Tega in Abuja, the group accused Idris of alleged violation of public rules and abuse of office.

NACAT said findings by it showed that Idris did not declare his companies to the Code of Conduct Bureau (CCB) as stipulated by the law while holding public office.

“NACAT’s findings revealed that Onsachi Idris, the Executive Director, Procurement, of the Federal Capital Territory Administration (FCTA) and some of his members have interest as directors in the companies: Hollywood Films, Television and Creative Arts Institute Limited - RC 1280962 - registered on 14th August 2015 and El-Meela Heritage International School

Limited – RC - 1282658, registered on 24th August 2015.

“But he did not declare them in his assets and liabilities declaration forms with the Code of Conduct Bureau, in compliance with the law.

“Paragraph 1(1) of Part 1 of the 5th Schedule to the 1999 Constitution, as amended, mandates public office holders whether elected, appointed, recruited, contracted etc., by whatever name called to file their assets and liabilities declaration forms/returns with the Code of Conduct Bureau in respect of themselves, spouse and children under the age of 18 years and above,” he stated.

The group maintained that by not declaring the company, it believed that Idris may have

used his influence to interfere with the procurement procedures and processes thereby influencing contracts to the company and denying other companies of fair processes.

The group further threatened to take legal action if the right authorities failed to probe Idris for the alleged offence.

“As an NGO with a mandate to fight corruption and various anticorruption war to our credit, we are concerned that such an official would be allowed to continue in the service without appropriate investigative action and/or punitive actions taken against him.

“That is why we are calling on the relevant agencies to begin probe of the director," it said.

Metuh: EFCC’s Declaration to Align with Rule of Law Step in Right Direction Chuks Okocha in Abuja A former National Publicity Secretary of the opposition Peoples Democratic Party (PDP), Chief Olisa Metuh, has described the declaration by the new Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede to align the agency’s operations with the rule of law as a step in the right direction.

Metuh, in a statement yesterday commended the President Bola Tinubu-led administration for its move to restore democratic tenets into law enforcement, adding that Nigerians expect that the declaration marks EFCC’s departure from the past.

Metuh claimed that the EFCC strayed to become a tool for harassment and political persecution, instead of focusing only on the fight against economic and financial crimes in the country.

The former opposition spokesman

lamented that many innocent Nigerians, including himself were subjected to horrible and dehumanising persecution, blackmail and media trial by the former EFCC leadership.

He said that the EFCC violated the rule of law and best practices in the course of investigation, arrest, detention and prosecution over trumped-up charges by the immediate past administration. “ Nigerians have noted with commendation, the official statement by the EFCC’s new Chairman, Mr. Ola Olukoyede, to align its operations with the rule of law and international best practice with respect to rights of suspects, especially where arrest, detention and bail issues are concerned.

“This declaration is a step in the right direction. It has indeed raised confidence that the EFCC under a new leadership is set to depart from the ugly past especially

when it strayed to become a tool for harassment and political persecution.

“Men like us never had the opportunity of such professional best practices under the old EFCC. I recall the vicious political persecution, harassment, gruesome media trial, blackmails, seizure of my means of livelihood and traumatic life-threatening health challenges that I was subjected to by the EFCC, under the immediate past administration, apparently in a bid to silence me as opposition spokesperson.

“I recall how I was arrested by the EFCC, just some few days after I received a terse warning from a former All Progressives Congress (APC) chairman that my criticisms will no longer be condoned. Not only was I denied bail, I was kept in custody for almost two weeks while the EFCC was searching for charges and non-existent evidence, before I was taken to court.

“Most instructively, when I

was taken to court my bail was manipulated in a manner that it was impossible to meet. I was still in prison custody when the prosecution presented all its witnesses and concluded its case.

“I had no opportunity to adequately brief my lawyers. I was denied access to my documents that would help me prepare for my defence as guaranteed under Section 36(6)(b) of the 1999 Constitution (as amended). I met with my lawyers only once in prison and without effective communication to prepare for cross examination of prosecution witnesses,” he alleged.

In the course of his arrest, detention and trial, Metuh said the then EFCC management engaged in the most vicious media trial, including publishing of outright falsehood and distortion of proceedings in court, all to discredit him in the public and set the stage to justify a negative outcome against him in the case.

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MONDAY NOVEMBER 6, 2023˾ T H I S D AY

,NEWS

CAPITAL MARKET REGISTRARS’CONFERENCE…

L-R: Executive Commissioner, Operations, Securities and Exchange Commission (SEC), Mr. Dayo Obisan; President of FinTechNig, Mr. Ade Bajomo; President and Chairman of Council, Institute of Capital Market Registrars (ICMR), Mr. Seyi Owoturo, and Chief Executive Officer of HumanManager, Mrs. Adekunbi Ademiluyi, at the ICMR 12th annual conference in Lagos…recently

Policemen Shot at Me, Imo LP Guber Candidate, Achonu, Alleges Police: we did not shoot at him

Tony Icheku inOwerri

The Labour Party governorship candidate in Imo State, Senator Athan Achonu, yesterday,– accused the Tigerbase Squad, an anti-kidnapping unit of Imo State Police Command of shooting at his

convoy as they drove to St Peter’s Anglican Church, Obibiezena, in Owerri West LGA. However, in his reaction the Police Public Relations Officer (PPRO) for Imo State, Mr. Henry Okoye, dismissed the allegations saying the team of policemen who

stopped the LP governorship candidate were only on duty to provide security for Governor

Hope Uzodimma.

“Governor Uzodimma informed the Police of his movement to the

area, but the LP candidate did not, and the Police had to stop him in order to prevent confrontation

between their supporters. No, the Police did not– shoot at him,” Okoye said.

NDLEA Smashes Syndicate of Blind Drug Traffickers Seizes N13bn worth of drugs inHeLagos said arrested by NDLEA blown off the group following the According to a statement

Michael Olugbode in Abuja

by the spokesman of operatives were three blind arrest of a blind suspect, Adamu Dangote Repatriates $687.977m The National Drug Law yesterday, the anti-narcotics agency, Femi men operating an illicit drug Hassan, 40, along Gwagwalada Agency (NDLEA) Babafemi, the blind men run the ring between Lagos and Kano, expressway Abuja with 12 from Pan-African Operations Enforcement has smashed a syndicate of drug illicit business of drug trafficking while another blind member of kilogrammes of skunk on his Management of Dangote Industries Limited (DIL) yesterday said the company has so far repatriated over $576,008,672.41 from its pan-African operations and $111,968,109.38 cash swap arrangement with Ethiopian Airlines to Nigeria.

DIL revealed this in a statement released to the media, where it accused BUA Group of sponsoring fake and misleading news about its foreign exchange transactions, approved by the Central Bank of Nigeria (CBN), which were meant for its pan-African operations.

Dangote re-affirmed its determination and belief in Nigeria, noting that the present government of President Bola Ahmed Tinubu, has shown the will and resolve to get the economy moving again.

The company said: “We are not body-shop investors. We believe in Nigeria, and we believe in Africa.

We are genuine and authentic about our investments, and we call on all relevant agencies to investigate our FX transactions in the past ten years and make public any infraction noticed or discovered.”

traffickers and peddlers run by blind men.

Abia State chapter of the Peoples Democratic Party (PDP) has congratulated Col. Austin Akobundu, the party’s Senatorial candidate in the Abia Central Senatorial zone on his victory at the Appeal Court.

This is even as the PDP said it has uncovered a plot by the Labour Party (LP) to cause mayhem in the state following the removal of its candidate, Darlington Nwokocha, who was the Senate Minority Chief Whip before the judgement that pronounced Akobundu the winner.

Nwokocha of LP was declared the winner of the Abia Central Senatorial election following the February 25, 2023, National Assembly election. This led to a petition by Akobundu at the Abia State National Assembly Election Petition Tribunal which equally upheld the election of Nwokocha.

Dissatisfied with the judgement of the Tribunal, Akobundu appealed the judgment of the lower court at the Court of Appeal which vacated the judgment of the Tribunal and pronounced him as the authentic winner of the Abia Central Senatorial zone election.

is partnering the Nigeria Security and Civil Defense Corps, NSCDC, to mitigate the activities of oil bunkering and illegal mining in the state to ensure a safe, secured and healthy environment.

between the two most populated states of Kano and Lagos.

the syndicate was still at large.

Babafemi said the lid was

way from Lagos to Kano on Saturday 28th October.

MACBAN, Fulani Community Endorse APC Guber Candidate in Kogi Ibrahim OyewaleinLokoja

The Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), Kogi State Chapter and the Hausa community in the state have endorsed the All Progressive Congress (APC) candidate, Usman Ododo , for the November 11

governorship election.

The spokesman of the Fulani community, Prof. Mohammed Abdullahi who spoke on behalf of the community, Ododo was chosen because he has the quality and is the most qualified candidate among those contesting.

Abdullahi explained that

their decision was informed by the success recorded by the administration of the present Governor, Yahaya Bello, especially in the area of infrastructure development.

He said: “We know Ododo is the most qualified candidate among all the candidates contesting for

the governorship seat. We have interacted with the other candidates and we found him (Ododo) to be the most qualified among them.

“Secondly, all the projects embarked upon by Yahaya Bello must not stop. We want Ododo to continue with Bello’s mission to rebuild Kogi State.

A’Ibom, NSCDC Partner on Fight against Oil Bunkery, Illegal Mining The Akwa Ibom State He reiterated that the issues of there is a complete devastation PDP Congratulates Akobundu OkonBasseyinUyo Commissioner for Information, oil bunkery and illegal mining do of our environment. on Victory as Abia Senator TheAkwa Ibom State Government Mr. Ini Ememobong, when the not only affect the economy of the “This oil bunkers and miners officials of the NSCDC paid him a courtesy visit.

Ememobong noted that the safety of lives and properties could not be assured until the society is decriminalised.

country but are also hazardous to health and environment.

He said: “If you are opportuned to see the areas where this oil bunkering and illegal mining are carried out, you will find out that

influence the environment negatively in their operations.

Lands that would have been utilised as farmlands are completely out of use. No safety measures taken at all.”

Nigerian Airforce Vows to Provide Effective Aerial Surveillance to Combat Insecurity HammedShittuinIlorin

The Nigerian Airforce (NAF) has reiterated its commitment to ensure effective aerial surveillance that will guarantee the security of lives and property of the people of the country.

Already, the NAF has taken

delivery of four aircraft for such exercise while two additional DA-62 surveillance aircraft were received last two weeks, and another two T-129 ATAK helicopters were delivered to combat any security threat in the country.

The Commander of 303 Medium Airlift Group of the Nigerian

Airforce, Ilorin, Kwara State, Group Captain Dan Apyeyak, who disclosed this in Ilorin at the weekend during the annual Airforce 10-kilometre jogging in Ilorin, assured the residents of the state and other parts of the country that the men of the Medium Airlift Group would protect them against

any unforeseen attacks.

The jogging exercise took off at the headquarters of the 303 Medium Airlift Group of the Nigerian Airforce on Ajase Ipo Road in Ilorin, where officers, airmen, and women, as well as their dependants, participated in the 10-kilometre jogging.

An Abuja-based business man Alhaji Aminu Baba-Kusa, has donated about 3.2 hectares portion of his land comprising West Africa’s biggest Mosque, Al-Noor Masjid, Wuse 2, Abuja

(ICICE).

The land holds the Al-Noor Mosque valued at over N4 billion and with projected capacity for 12,000 worshippers, a school building and a proposed parking

the legal documents of the land to the Chairman, Board of Trustees of the Islamic centre, Prof. Ibrahim Sulaiman.

He said he and his family decided to give the land with

in Nigeria and beyond.

The custodian and pioneer sole financier of Al-Noor Mosque expressed gratitude to Allah for giving him the opportunity to be alive to fulfill his dream.

Lagos Commissioner Businessman Donates N4bn Al-Noor Mosque, Land to ICICE the International Centre for lot. the properties inside, to ICICE for Advises on Social Media Olawale AjimotokaninAbuja toIslamic Culture and Education Baba-Kusa yesterday presented the benefits of Muslim Ummah

AyodejiAke

The Lagos State Commissioner of Information and Strategy, Mr. Gbenga Omotoso, has charged social digital experts, thought leaders, and social media enthusiasts on information dissemination in the new era of social media.

Addressing attendees at the 4th edition of the Bodex Social Media Hangout(BSMH), held recently, themed, ‘Social Media: Hope or Hubris’, Omotoso shared his insights on how social media has emerged as the new leader, accelerating communication in an interactive and effective manner,

surpassing the limitations of traditional media.

The Convener of BSMH, Bodex Hungbo, commenced the event with a thought-provoking narrative. She recounted the fascinating journey of social media from its inception to its current role in society, highlighting its original purpose: “to bring sanity to netizens” through the annual gathering of experts.

Keynote speaker Obi Asika, who is the founder of Omniverse, captivated the audience by shedding light on the astounding growth of Nigerian influencers in the digital space, amassing billions of followers on social media platforms.

Free Education: Soludo Charges Bishops to Reduce Fees in Mission Schools David-Chyddy Eleke in Awka

The Anambra State Governor, Professor Chukwuma Soludo, has appealed to leaders of churches who operate mission schools in the state to reduce their fees to give every child equal opportunity.

Soludo made the appeal on Saturday at Dr. Alex Ekwueme Square, Awka, during a prayer rally organised by the Anglican Communion to pray for peace and progress of the state.

The governor had recently declared tuition free education for all children in the state who

attend government schools, from nursery all the way through junior secondary.

The governor said: “There is work to be done, and while we are yet on earth, we will continue to do our own part.

“But I want to appeal to our bishops and leaders of our

churches. The church must also play its part too, because I know that the church has a role to play too.

“We have declared free education in all schools owned by government. We want to also beg churches that operate schools to also reduce their school fees.

T H I S D AY • MONDAY, NOVEMBER 6, 2023

38

BACKPAGE CONTINUATION A DISH BEST SERVED COLD their constitutionally limited two terms in office. The departing president and almost all the departing governors “anointed” their successors, not necessarily for altruistic reasons but in hopes of achieving an unofficial “third term” in office. While some succeeded in ramming their anointed ones to office, others did not succeed. In most cases however, for those that succeeded, it turned out to be Pyrrhic victories because they soon fell out with the godsons.

We cannot recount here all the cases of Nigerian godfathers falling out with their anointed godsons, but some examples will suffice. President Umaru Yar’adua, who had no ambition to become president until Obasanjo personally selected and rammed him into the office, soon fell out with him when he struck an independent course.

Obasanjo was angry; he had publicly said that the PDP Board of Trustees, whose chairmanship he snatched from Chief Tony Anenih, “will make policies for the [Yar’adua] government to implement.”

Yar’adua, who was as quiet as they come, had a different idea.

Godson rebellions began early in this Republic. After only a year in office, Kwara State Governor Admiral Mohamed Lawal fell out with redoubtable godfather Dr. Olusola Saraki. It was not Oloye’s first taste of godson betrayal; in the Second Republic he fell out with Governor Adamu Attah, who he almost single-handedly installed; quarrelled with Governor Cornelius Adebayo that he helped to unseat Attah in 1983, and fell out with Governor Mohammed Shaba Lafiagi in the Third Republic. Oloye only got peace of mind when he installed his son, Dr. Bukola Saraki, as governor in 2003.

In Kaduna State, departing governor Ahmed Makarfi anointed Architect Namadi Sambo in 2007 but within a year of Sambo’s

climb the two men were in conflict, eagerly fuelled by political associates. Their quarrel was only pushed to the background when Patrick Yakowa, a former deputy to both men, took over in 2010. In Zamfara State, Governor Mamuda Shinkafi’s rebellion against godfather Alhaji Ahmed Sani Yariman Bakura puzzled political watchers because in 2007, Shinkafi was the only deputy governor throughout Nigeria that was anointed by his departing boss. Their bitter quarrel ended in 2011 when Shinkafi lost his re-election bid to another Yarima anointed, Abdul-Aziz Yari.

In Enugu State in 2007, departing governor Chimaroke Nnamani anointed his chief of staff Sullivan Chime to succeed him, but they soon fell out. The most successful Double Godfather in 2007 was departing governor of Abia State Orji Uzor Kalu. He created a brand-new party, PPA, and successfully installed Governors Theodore Orji in Abia and Ikedi Ohakim in Imo states. In fact Orji, who was Kalu’s Chief of Staff, was elected governor while he was cooling his heels in prison. Both Ohakim and Orji quickly fell out with Kalu. In Kebbi State in 2007, Governor Muhammad Adamu Aliero anointed Alhaji Sa’idu Dakingari straight out of the Customs as his successor but within a year the two men were in conflict.

In Gombe State, Governor Muhammadu Danjuma Goje anointed Ibrahim Hassan Dankwambo in 2011 but within weeks his successor turned on him.

They were not the only ones. Soon after PDP wrested control of Oyo State from AD in 2003, Governor Rashidi Ladoja fell out with grand godfather Alhaji Lamidi Adedibu, said to be over the sharing of security vote. When President Obasanjo stopped over in Ibadan on his way to Otah to settle the quarrel, he met Adebibu at

the airport and asked him why he was causing trouble. Adedibu said, “It shows that I am the son of my parents, because Ibadan was established for trouble making” among pre-colonial Yoruba kingdoms!

In Nasarawa State in 2007, Governor Aliyu Akwe Doma rebelled against former governor Alhaji Abdullahi Adamu, who anointed him.

In Anambra State, Governor Willy Obiano repudiated his godfather Peter Obi soon after he took over in 2014. In Bayelsa State, President Goodluck Jonathan pushed out Governor Timipre Sylva in 2011 and installed his godson Seriake Dickson as governor but by 2015, he was planning to push out Dickson too. Dickson was only saved by Jonathan’s defeat in the 2015 election, just as Katsina State Governor Ibrahim Shema managed to get a second term only because President Yar’adua died in 2010.

In Borno State in 2013-15, self-effacing Governor Kashim Shettima also fell out with his godfather Ali Modu Sheriff soon after both of them moved to APC. In Sokoto State, former governor Aliyu Wamakko fell out with his godson, Aminu Waziri Tambuwal, but managed to have the last laugh this year when he got another long-time godson, Ahmed Aliyu, to succeed Tambuwal. One of the bitterest godfather/ godson fall-outs in Nigeria was between Rabi’u Musa Kwankwaso and Abdullahi Umar Ganduje in Kano State since 2016.

But there were a few successful cases of anointment in Nigerian politics. They include Vice President Atiku Abubakar/Governor Boni Haruna in 1999-2007; Vice President Mohammed Namadi Sambo/Kaduna State Governor Mukhtar Ramalan Yero; former governors James Ibori/Emmanuel Uduaghan in Delta; former governors Ibrahim Idris/ Idris Wada in Kogi; former governors Bukola Saraki/Abdulfatah Ahmed in Kwara; former

governor Ibrahim Geidam and cool-headed Governor Mai Mala Buni in Yobe; Senator [later Vice President] Kashim Shettima/ Governor Babagana Zulum in Borno; as well as Asiwaju [later President] Bola Tinubu and Governor Babajide Sanwo-olu in Lagos.

You see, Oga Wike, your fall-out with your godson arrived so early in the day that APC national leader President Tinubu had to take over from PDP Governors Forum the task of quenching the fire, lest it sets Rivers State [and with it oil production] on fire. You tactlessly refused to dismiss charges in the media that the quarrel was over financial demands. In a backhand manner you confirmed it by saying that nobody complained when you were spending money to instal Fubara as your successor.

You also said you will not allow anyone to take away your political base and render you irrelevant. Which relevance do you want again when, after being Minister of Education, eight years as Governor of Rivers, you landed the juiciest post in President Tinubu’s cabinet? It is the combination of this your roforofo fight in Rivers and the rambunctious manner you are handling the FCT portfolio that could endanger your future political relevance.

Please calm down. Reorder your priorities in FCT. Trumpet your fight against one chance and insecurity, build new districts, complete on-going projects and develop the outlying areas. You may continue to demolish illegal markets and settlements, but don’t make it the cornerstone policy of your administration. Meanwhile, allow Fubara to govern Rivers, then see if you can topple him in 2027. Always remember what the godfather Don Vito Corleone said in Mario Puzo’s all-time great novel, The Godfather. "Revenge is a dish best served cold."

explains why planning has not produced the desired outcome and we as a people do not take national development plans seriously. Our politicians, policymakers, and project and programme planners need high statistical literacy. CEOs of MDAs and principal officers need to be stronger in analysing data. They need more capacity to decipher relevant facts out of data. They

prefer fiction to facts. They fear facts and data. There is a natural tendency to cover up leakages in the system, especially in the flow of funds. Statistics and corruption are incompatible.

The fifth lesson is that, as a nation, we are not investing in statistics because we cannot see the link between statistics and the knowledge economy. Statistics is an intangible, non-kinetic and invisible item/ product compared to goods, construction, machinery, and equipment. Politicians and civil servants prefer brick-and-mortar to non-tangible accomplishments. It is an anomaly that some government agencies are developing little, or no data needed for economic planning and execution. Even when some create this information, they delay the publication and distribution of such information to relevant agencies and the public. I posit with authority that most government agencies have not provided the statutory Annual Reports of activities, achievements, and financial dealings for the year. Some organisations have yet to do so for over five years. Meanwhile , I discovered that NBS has incredible load of data and statistics useful to almost all aspects of national life . A lot of work is going on in NBS that Policy makers and citizens who need it are not taking advantage of . The current leadership seems very focused and deserves support.

There are many ways in which statistics can help the quest for authentic leadership. Statistics can be used as a basis for planning and projections, a show of mastery of constituency needs, a basis for budgeting, a framework for policy design and planning, and a foundation for mapping implementation timelines and evaluation of programme implementation.

We have noted that one important tool to fight corruption is using statistics because statistics and corruption are incompatible.

To address these issues, Nigeria must prioritise the independence of statistical agencies, ensure adequate funding, improve data collection methodologies, enhance transparency, and promote data-driven policies. Additionally, fostering a culture of accountability and integrity within the statistical system is essential to building trust in the accuracy and reliability of data in Nigeria.

POLITICS OF STATISTICS IN NIGERIA per school? At what salary? How many classrooms are needed, and at what price? Another example is the promise of "Housing for all." The questions that merit consideration are: How many units?

At how much? With what facilities? How much per unit? In how many years? Their programmes are not based on concrete figures or data. Because of this lack of respect for data, there is no basis for accountability at the end of their tenure.

There is no concrete basis to compare and measure the variance that shows progress or lack thereof.

The second lesson is that there needs to be more uptake and use of statistics for Policy Planning and decision-making in Nigeria, which accounts for why we have poor outcomes for money spent by the government at all levels. The principal value of statistics should be to guide policy and decision-making.

Here, on the supply side by NBS and the States Bureau of Statistics (SBS), the focus is on the production of statistics and not usage. On the demand side, most policymakers and civil servants have little or no understanding of the use of statistics to make policy or for planning. Though we have only anecdotal data to support this position, having been in government for a considerable period, I know this to be true. Policies and decisions of leaders are based on sentiments and personal interests.

The third lesson is the problem of fragmentation of statistics. This has caused us so much harm and has continued to harm our quest for development than we know. Different unreliable statistics from various sources have eroded the public confidence in data and diminished the value of statistics. The average Nigerian does not believe in whatever statistics is churned out, and it is, therefore, not a basis in real terms to solve problems or measure progress. Our statistics are not harmonised, and sometimes, they are scattered around the country, and the data are in formats that do not lend themselves to easy usage. Where different bodies are collecting and collating these data, sometimes there are significant differences among them that make it challenging to pontificate using any of the databases.

The fourth lesson is that without a unified

Tinubu

data/statistics repository that serves as a one-stop-shop for warehousing statistics across national and subnational, planning is groping in the dark in Nigeria. Policymakers and development planners often work in the dark because of a lack of reliable data.

It is, therefore, understandable why it is so challenging to say policy efforts are truly making a difference. This partially

39

T H I S D AY ˾ , NOVEMBER 06, 2023

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Ola Aina Scores First Forest Goal, Denies Villa Top-Four Spot Wasteful Liverpool escape shock defeat at Luton

Duro Ikhazuagbe Nigerian international defender, Ola Aina, was on target as Nottingham Forest snapped a six-match winless run to beat Aston Villa 2-0 in a Premier League Midlands derby yesterday.

The win denied Villa top-four spot as Liverpool who snatched a late equaliser against Luton leapfrogged Arsenal to third. The Reds are in same 24 points as the Gunner but

on better goal advantage.

The goal was 27-year old Aina’s first for Forest since switching from Torino on free transfer to the Premier League club two years ago.

Along with the second goal scored

by Orel Mangala, Forest are now out of the rock bottom of the table to 12th on 13 points.

The defeat also ended Villa's sixmatch unbeaten run and left Unai Emery's side in fifth place, five points

behind leaders Manchester City.

Another Nigerian international, Taiwo Awoniyi was on for 82 minutes before he was substituted for Danilo.

Forest had not won a game since

early September and the hosts took the lead inside five minutes when Anthony Elanga sprinted down the left and Villa's high defensive line panicked.

Elanga cut it back for Harry Tof-

folo, who put the ball into midfield space left vacant by the retreating defence and the unmarked Aina pulled the trigger from range to fire a low strike that flew into the bottom corner.

NPFL: Rangers Ascend Top of Nigerian Topflight Enugu Rangers ascended the top of the Nigeria Premier Football League (NPFL) yesterday after defeating Heartland of Owerri 2-0 in an Oriental derby in Awka.

Though Rangers are tied on same 13 points as Shooting Stars, the Flying Antelopes are on superior goals difference of +5 as against the +2 of the Oluyole Warriors.

Former leaders Remo Stars are third, while Abia Warriors place fourth. Both Remo and Abia have same points but the Ikenne side have superior goal difference.

Elsewhere, Doma United recorded the only away win of the weekend as they went to the Pantami Stadium in Gombe to hand a painful 3-0 thrashing to the home team.

The harvest of gals was also recorded in Ibadan as Shooting hammered Niger Tornadoes 4-1 .

In Benin City, Bendel Insurance snatched a 1-0 victory against

rivals Remo Stars at the Samuel Ogbemudia Stadium.

RESULTS NPFL Abia War 2-1 Katsina Utd Rivers Utd 1-1 Sunshine Rangers 2-0 Heartland Enyimba 1-0 Kwara Utd Shooting 4-1 N’Tornadoes Insurance 1-0 Remo Stars Gombe Utd 0-3 Doma Utd Akwa Utd 0-0 Plateau Utd

Premier League Forest 2-0 Aston Villa Luton 1-1 Liverpool

Serie A Verona 1-3 Monza Cagliari 2-1 Genoa Roma 2-1 Lecce Fiorentina 0-1 Juventus

Lagos Island Conference to Round-up 2023 1XBET Cup Begins The fifth and the last series of the conferences to select qualifiers for the final 8 of the maiden edition of 1XBET Community Football Championship 2023 is to begin today at the famous Hilario Campos Mini-stadium on Lagos Island.

The grassroots football championship sponsored by 1XBET and organised by Match International Limited, have been played in four other communities of Lagos State, namely Mainland, Epe, Badagry and Ikorodu.

The eight teams selected to participate in the Campos Conference include; Dolphin

FC, Young Strikers FC, Gallant FC, Golden Stars FC, Panthers FC, Island Utd FC, Ultimate FC and Soccer Talent FC. The games in this conference are expected to be exciting and keenly contested by the teams, as they vie to pick the conference's sole ticket to join qualifiers from other conferences for the final 8, enroute to the grand finale and the ultimate prize of the 1XBET Cup. Already the Lagos Island community is buzzing with excitement and expectations as the well-lauded grassroots football championship comes to the neighbourhood of thousands of fervent football fans.

Ola Aina (right) scored his first goal as Nottingham Forest defeated Aston Villa 2-0 at City Ground...yesterday

Golf: CIO Classic Pulls Biggest Professional Field in the Country More than 100 professional golfers from Nigeria and other African countries have entered for the Nigeria Professional Golf Tour’s biggest purse-event. The event, is billed for Python Golf Club, in Port Harcourt Rivers State.

With N22 million total prize purse for the professional, the event which started yesterday will run till Sunday, November 12th 2023.

Chief Executive Officer of the sponsoring company, Keves Global Leasing Limited, Chief Ikenna Okafor, said the event is the company's effort to contribute to the development of golf, a sport he believes should be at the root of rebuilding the moral structure of the African child.

According to him; “This is our effort in promoting the game of

golf. The honesty, accountability, and self-discipline that the game promotes are core to the development of a great personality.”

Top players from Kenya, Ghana, Cameroon, Namibia, and Rwanda will be filling-out with leading players on the Nigeria Tour to vie for the 2023 honours.

“Our goal is to create a platform to expose and celebrate the leading

1472 FC to Play in NPFL Next Season, CEO Sanni Promises At the unveiling of 1472 FC, a national second tier league club, promoters of new Nigeria National League (NNL) club expressed a determination to see the club playing in the elite Nigeria Premier Football League (NPFL) next season.

The club's CEO, Dr. Segun Sanni, made the declaration at the elaborate event introducing the club to fans and Surulere area personalities that included popular Nollywood faces, Segun Arinze, Actor-turned Politician, Desmond Elliot, and Chairman of Surulere LGA, Bamidele Yusuf amongst others.

"We are setting up a model club which will set the pace in club football management and players welfare with a target to play in the NPFL next season", Sanni announced to the audience

at a pool side event inside the Stable, a private sports ground run by Union Bank.

As part of their buildup to the NNL season, Sanni revealed plans of a participation in Italy starting on Tuesday and added, "we have been deliberate in our recruitment of the players you see on parade here. We may be based in Surulere but our team represents the geographical expression called Nigeria and they are all here by merit".

1472 FC was founded by FINTECH billionaire, Dozy Mmobuosi who sits atop some other businesses including agro firm, Tingo Foods and Tingo Media.

His Dozy Mmobuosi Foundation is a medical outreach organisation that offers free tests and treatment for prostrate cancer.

It was a dent on Villa's Emiliano Martinez, fresh off winning the Lev Yashin award for the best goalkeeper in the world at the Ballon d'Or gala in Paris.

Aina was enthused by his first goal for Forest.

"My goal was one to remember.

I'm happy to get off the mark and help the team. We can all be proud, we stuck to the game plan, we dug in and fought for each other," Aina told Sky Sports.

The goal woke Villa up and they quickly began to dominate possession as Forest stood firm at the back to deny the visitors time and again. Villa had six corners by the end of the first half but could not find a way through.

Just as in the first half, Forest struck early in the second when Martinez conceded another goal from outside the box with an uncharacteristic error.

Mangala struck a ferocious shot that Martinez attempted to save with one hand, but the Argentine could only watch as the ball went up in the air and bounced inside the line as he failed to keep it out.

The visitors desperately tried to claw their way back into the game but Steve Cooper's side held on for the clean sheet and their first home win over Villa in the Premier League.

Elsewhere, Luis Diaz came off the bench to salvage a point for Liverpool with a stoppage-time equaliser at Luton in his first match since his parents were kidnapped in Colombia.

Diaz's father remains missing, and the forward lifted his shirt to show a message of "freedom for papa" after heading in Harvey Elliott's cross five minutes into added time.

He later issued a statementcalling for those holding his father to release him "immediately".

The 26-year-old former Porto player had last featured in a Liverpool squad 10 days ago, but manager Jurgen Klopp said before this match that Diaz "wanted to be part of the team".

L-R: Chairman of Surulere LGA, Bamidele Yusuf; Coach of 1472 FC, Otega Deira, Member representing Surulere in the State Assembly, Hon. Desmond Elliot, CEO of Tingo Foods, Neha Mehta and Chairman, Lagos House of Assembly Committee on Sports, Hon. Abiodun Orekoya at the unveiling of 1472 FC at the Stable, Union Bank Sports Ground in Surulere...on Saturday

professional golfers on the continent, and I must say some of the best are in Nigeria. And we hope that this event will also become the biggest reward for their talents as well,” Okafor added.

The event commenced on Sunday, November 5th, with the Junior players round, while Caddies will join the fray today.

“The Junior members and caddies have been the most viable funnels for recruitment into the game, and their involvement is to deepen our reach into the demographics, with our strategic objective.”

Ikoyi-based defending champion of the event, Sunday Olapade has already arrived at the par 72 Python Club, where he hopes to face some of the stiffest challenges on the Tour for the event.

The current leader of the Nigeria Tour, Francis Epe, Kamalu Bako of IBB International Golf and Country Club, Mike Ubi and Gift Willy from Python Club will be hoping to wrest the title as well, especially as opposition from top players across the continent strengthens.

They include: Ghana’s Vincent Torgah, Nelson Mudanyi from Kenya, Ronald Rugumayo from Rwanda, and Paulino Kasoma from Namibia.

The event will wind-up with the closing round of the professionals’ 72-hole contest, and amateur players final play on Saturday and Sunday respectively.

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MISSILE Gov Bala Mohammed to Atiku “Nothing else can be more explicit in illustrating the two (Atiku and PDP) going on their different and separate ways more than this, with these opposing positions, it's just a matter of time (and in a not distant future) for the inevitable implosion to happen, and either Atiku steps down his presidential ambition or leaves the PDP, or be expelled from the party! That's my reading of the political crystal ball" –Chairman, PDP Governors' Forum and Bauchi State Governor, Bala Mohammed, predicting Atiku's exit from the party.

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MAHMUDJEGA VIEW FROM THE GALLERY

A Dish Best Served Cold

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omething that has been tried and tried again and most of the time the experiment came to grief, why does anyone want to try it again?

I am thinking here of the dubious Nigerian political art of godfatherism, in which a powerful godfather anoints a godson, rams him through to a powerful office by hook or by crook, and then insists on calling the shots and dictating terms in matters of appointment, policies, projects and contract awards to the newly empowered godson. It almost never ends well, so why is Minister of the Federal Capital Territory Nyesom Wike bent of trying it?

Last week, Nigerian news media suddenly exploded with news of a rush attempt to impeach Governor of Rivers State Siminalayi Fubara, who has been in office all of five months. Rivers State House of Assembly was set ablaze by unknown persons on Sunday evening. The following morning, an Assembly faction loyal to Wike sat in a hall, sacked House Leader Edison Ehie and served Fubara with an impeachment notice. The governor then marched to the Assembly complex, but policemen

Wike

blocked his path and even fired teargas at the supposed state Chief Security Officer.

The tables then turned when Fubara got

26 MPs to sit in Government House, sack Speaker Martin Amaewhule and elect Ehie to replace him. Hours later, reports had it that Fubara has sacked his Chief of Staff, his Chief Security Officer and also sacked all 23 Local Government chairmen, supposedly all of them loyal to Wike. The Assembly faction loyal to Fubara then suspended the state’s Chief Judge, Justice Chibuzor Amadi. What was the Chief Judge’s own in this? Apparently the game is: no Chief Judge for the State Assembly to write to and seek the appointment of a panel to probe the impeachable offenses!

Many governors in Nigeria commit impeachable offences nearly every day, but we usually wait for them to commit a very big one. The big [extra-constitutional] one, if our political history in this Republic is anything to go by, is to attract the president’s wrath. Governors Diepreye Alamieyeseigha of Bayelsa, Joshua Dariye of Plateau, Rashidi Ladoja of Oyo and Ayo Fayose of Ekiti were all impeached at the behest of, or at least with a wink from, President Obasanjo.

He followed up with a state of emergency in Plateau, suspended the governor and

appointed an Administrator, actions now thought to be unconstitutional.

The word “godfather” first crept into Nigeria’s political lexicon around 2003, when the first set of Fourth Republic governors ended their first terms in office. Anambra PDP, at Obasanjo’s behest, threw out its incumbent governor, Chinwoke Mbadinuju, at the primary stage and got Dr. Chris Ngige “elected” in his place. It soon transpired that Ngige was anointed by a godfather, Chris Ubah, to whom he made many promises and was taken to Okija shrine to swear an oath of fidelity. To boot, he signed a post-dated resignation letter and handed it to the godfather, which was publicly unveiled at the date chosen by the angry godfather.

Since then, the word godfather acquired a sinister connotation in Nigerian politics.

It usually begins with “anointment,” another sinister word in Nigerian politics that crept into our vocabulary from 2007, when the president and all the first set of governors elected in 1999 completed Continued on page 38

DAKUKUPETERSIDE Politics of Statistics in Nigeria BENEATH THE SURFACE

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tatistics should help settle arguments, in theory. We assume they provide stable reference points that everyone – no matter what their opinion, persuasion, belief, or politics is– can agree on. However, there has been a global trend in recent years showcasing that divergent levels of trust in statistics have become one of the fundamental schisms that have opened up in both developed and developing democracies.

Instead of diffusing controversy and polarisation, statistics seem to be stoking them. Apathy for statistics has become one of the hallmarks of the populists' movements, with statisticians and statistics viewed by many as untrustworthy and almost insulting.

Some people's sense of political decency is violated by reducing social and economic issues to numerical aggregates and averages, especially when these aggregates are perceived as the basis for political gain or otherwise.

The politics of statistics in Nigeria has been a topic of concern for quite

some time, with several issues affecting the credibility and reliability of data in the country. The first significant issue is instances of data manipulation and politicisation of statistics to serve particular political agendas. This has led to the distortion of essential data, hindering accurate policy formulation and decisionmaking. The second is that in Nigeria, statistical agencies often face challenges due to inadequate funding, which impacts the quality and scope of data collection.

Limited resources lead to insufficient sampling sizes and compromised data quality. The result often does not reflect reality. Third, political interference in statistical processes and institutions can compromise the independence and neutrality of statistical data. This leads to a lack of trust in the data provided by both government and non-governmental agencies.

Fourth, Nigeria, like many other developing countries, needs help with accurate population figures. The inability to accurately capture the population hinders effective planning and resource

allocation, leading to significant challenges in implementing policies and programmes.

Fifth, limited public access to data and a lack of transparency in the statistical process have raised concerns about the credibility of data published by government agencies. This lack of clarity can lead to doubts about the accuracy and reliability of the data. And finally, Nigeria's vast and diverse population, along with its geographic challenges, poses difficulties in accurately collecting data across all regions. This can lead to disparities and inaccuracies in national statistics, making it challenging to develop effective policies that cater to the needs of the entire population.

Nigeria and Nigerians like controversy when it comes to numbers and statistics.

There is controversy about our actual population, deaths and births, number of unemployed persons, those living below the poverty line, number of votes cast in an election, cars, volume of oil produced, even number of civil servants, up to fuel consumption and number of persons who got palliatives from the government. All

can be traced to two issues - Nigeria's poor statistics collection and analysis system and the politicisation of all statistical information. This explains my excitement and interest in participating in the workshop organised by National Bureau of Statistics ( NBS) on a national strategy for the development of statistics, and it was indeed an eye-opener. The organisers, NBS, paper presenters, panellists and participants did well.

It was a robust and thought-stimulating engagement. After the workshop, I took away five main lessons about Nigeria, Nigerians, and statistics.

The first lesson is that most political leaders are indifferent to statistics. They make bland and blind promises during campaigns and even when they are in government. There are many examples: Politicians promise "Education for all" without quantifying this promise based on available data – the questions they fail to consider are: how many pupils?

How much per kid? How many teachers Continued on page 38

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