THURSDAY 16TH NOVEMBER 2023

Stakeholders Re-echo Call for Sale of NNPC's Oil, Gas Assets to Fund Big Upstream Projects Advocate activation of IJV model provision in PIA

Peter Uzoho

Worried by the unabating dismal performance of the Nigerian oil

and gas industry, particularly the upstream segment, industry stakeholders have again called on the federal government to urgently

Seek $15bn of Nigerian pension fund to help in long-term projects

auction majority shareholding of the Nigerian National Petroleum Company Limited (NNPC) in the oil and gas assets.

They based their call on the funding challenge facing the industry, which according to them had been exacerbated by the ongoing exit of

the international oil companies (IOCs) resulting in the dismal performance in oil production, foreign exchange earnings as well as infrastructure

deficit.

They made the call in Lagos, Continued on page 14

NUPRC: We Did Not Award Marginal Oil Fields to Unqualified Companies... Page 14 Thursday 16 November, 2023 Vol 28. No 10445. Price: N250

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Providus Moves to Acquire Majority Stake in Unity Bank... Page 6

NGE Confab: Tinubu Advocates Positive Narrative to Boost Nigeria’s Investment

Says false narrative, misinformation threatening country’s fabric Governor Eno charges editors to engender good governance in their reportage

Olawale Ajimotokan in Abuja and Okon Bassey in Uyo

President Bola Tinubu has asked the media to project the country positively to attract the needed

investments to foster economic growth.

Tinubu made the appeal yesterday

in Uyo at the opening of the 19th All Nigeria Editors’ Conference (ANEC), organised by the Nigerian Guild

of Editors.

The president, who was represented by Minister of Information and

National Orientation, Mohammed Continued on page 14

After Meeting FG, NLC, TUC Suspend Nationwide Strike Directs workers across Nigeria to return to duty posts today NSA: Ajaero’s attackers already in custody How National Assembly, other’s interventions yielded positive result

Deji Elumoye, Chuks Okocha, Kingsley Nwezeh, Onyebuchi Ezigbo, Olawale Ajimotokan, Adedayo Akinwale, Sunday Aborisade in Abuja, Emma Okonji in Lagos, Adibe Emenyonu in Benin City and Laleye Dipo in Minna Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) suspended their indefinite nationwide strike last night, after reviewing their meeting with the federal government side.

The decision to suspend the strike followed an emergency extraordinary meeting by the national executive of the unions held last night in Abuja.

NLC had earlier listed six conditions it said must be met by the federal government before it could call off the strike. The conditions contained in a series of posts via its official X handle included the arrest and prosecution Continued on page 14

Presentation of an Honorary Fellow Award to Ganduje...

L-R: Minister of State, Agriculture and Rural Development, Senator Sabi Abdullahi; Deputy Governor, Imo State, Prof. Placid Njoku; National Chairman, All Progressives Congress ( APC), Dr. Abdullahi Ganduje and President, Council of the Nigerian Institute of Animal Science (NIAS), Prof. Baba Yusuf Abubakar, during the presentation of an honorary Fellow award to Photo: ENOCK REUBEN Ganduje at NIAS in Abuja ...yesterday

Impact of Fuel Subsidy Removal, Higher Food Prices Push Inflation to 27.33%... Page 5

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T H I S D AY • THURSDAY, NOVEMBER 16, 2023

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

NEWS

Corporate Taxpayers forum hosted by Access Bank...

L-R: Chairman Lagos State Internal Revenue Services, Ayodele Subair; MD/CEO, Access Bank Plc, Rosevelt Ogbonna; Chairman Presidential Committee on Fiscal Tax Reform, Taiwo Oyedele; Managing Partner, Pedabo and Associate, Albert Folorunsho; CEO, KAM Holdings Limited, Dr. Kamaru Yusuf MON; and General Manager etransact, Nig. Limited, Sunday Agboola at the Corporate Taxpayers forum hosted by Access Bank in Lagos ...yesterday

Impact of Fuel Subsidy Removal, Higher Food Prices Push Inflation to 27.33% Severe in Kogi, Lagos, Kwara, others CBN upbeat on price stability

James Emejo in Abuja The Consumer Price Index (CPI) which measures the rate of change in the prices of goods and services increased by 0.61 per cent to 27.33 per cent in October compared to 26.72 per cent in the preceding month, the National Bureau of Statistics (NBS) stated yesterday.

However, reacting to the latest NBS figures, the spokesman of the Central Bank of Nigeria (CBN), Dr. Isa AbdulMumin, expressed optimism that the rate for October compared to September 2023, was a pointer to the fact that the Bank’s monetary policy stance to tighten rates and its money market reforms were yielding the desired effect.

The NBS report also showed that year-on-year, the headline inflation was 6.24 per cent higher compared to 21.09 per cent recorded in October 2022.

According to the CPI report for October which was released by the statistical agency, year on year, food inflation rose by 7.80 per cent 31.52 per cent 23.72 per cent in the corresponding period 2022.

The NBS attributed the rise in annual food inflation to increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese and eggs.

Nonetheless, food inflation month-on-month fell by 1.91 per cent, representing

0.54 per cent drop compared to 2.45 per cent in September.

On the hand, core inflation, year-on-year increased by 5.12 per cent to 22.58 per cent in the review period compared to 17.46 per cent recorded in October 2022.

The rise in the core index was blamed on highest increases in prices of passenger transport by road, medical services, passenger transport by air, actual and imputed rentals for housing, pharmaceutical products among others.

However, month-on-month, the core index witnessed a decline of 0.83 per cent to 1.39 per cent compared 2.22 per cent to September.

Year-on-year basis, in October urban inflation increased to 29.29 per cent, higher than the 21.63 per cent recorded in October 2022.

On a month-on-month basis, the urban index was 1.81 per cent compared to 2.24 per cent in September.

Similarly, rural inflation year on year stood at 25.58 per cent year on year; indicating an.increase of 5.01 per cent compared to the 20.57 per cent in October 2022.

On a month-on-month basis, the rural inflation index declined to 1.67 per cent compared to 1.96 per cent in September.

At states level, general inflation year-on-year was highest in Kogi (34.20 per cent), Rivers (31.44 per cent), and Lagos (31.23 per cent), while Borno (20.06 per cent), Jigawa

(23.52 per cent) and So- koto (24.47 per cent) recorded the slowest rise.

Month-on-Month, however, headline inflation was highest in Yobe (3.72 per cent), Jigawa (2.85 per cent), Sokoto (2.84 per cent), while Kogi (1.01 per cent), Edo (1.05 per cent) and Kwara (1.18 per cent) recorded the slowest increase.

Also, year-on-year, food inflation was highest in Kogi (41.74 per cent), Kwara (38.48 per cent) and Lagos (37.37 per cent) while Borno (24.41 per cent), Kebbi (24.90 per cent) and Jigawa (25.10 per cent) recorded the slowest rise.

Month- on-Month, however, food inflation was highest in Yobe (5.35 per cent), Sokoto (3.68 pet cent) and Jigawa (3.45 pet cent), while Edo (0.95 per cent), Katsina (1.03 per cent) and Rivers (1.10 per cent) recorded the slowest rise.

Meanwhile, AbdulMumin, expressed optimism that the low rate of increase in the average price level in October compared to September 2023, was a pointer to the fact that the Bank’s monetary policy stance to tighten rates and its money market reforms were yielding the desired effect. Aggressive monetary

tightening using various liquidity mechanisms including removing the cap on the Standing Deposit Facility (SDF) and Open Market Operations had raised Open Buy Back (OBB) rates from less than 1% in August to their expected levels around the monetary policy rate today In spite of 0.61 per cent increase in the headline inflation rate from 26.72 per cent in September 2023, to 27.33 per cent in October 2023, Isa remained upbeat that the CBN was headed in the desired direction in terms of achieving price stability.

According to him, available

Customs Don't Have $3.2bn Modernisation Project Details, CG Tells Senate Lawmakers angry over FG's N1.3tn revenue loss to waivers, concession

Sunday Aborisade in Abuja The Nigeria Customs Service (NCS) yesterday, disclosed that it did not have details of the Customs’ $3.2 billion modernisation project.

The Comptroller General of the NCS, Adewale Adeniyi, made the disclosure in Abuja.

He was represented at a public hearing organised by the Senate Joint Committees scrutinising the

2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper by the Deputy Comptroller General Mba Musa.

The Chairman, Senate Committee on Finance, Senator Sani Musa, is leading other chairmen of the Appropriations, National Planning, Local and Foreign Debt panels to conduct the investigative hearing.

The Senators inquired from the Customs CG, details of the

agreement signed by the federal government on the modernisation of the NCS. The Federal Executive Council (FEC) had in April 2023, approved the NCS’ modernisation project, also known as e-customs, despite a court order restraining the federal government from going on with the initiative.

The administration of ex-President Muhammadu Buhari, had specifically

Climate Crises: Okonjo-Iweala Urges Developing Countries to Prepare for 'TRIPS' Flexibilities Ndubuisi Francis in Abuja

As global climate crises loom, the Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has urged developing countries to put in place effective mechanisms in their domestic laws that allow them to use the 'TRIPS' flexibilities.

TRIPS flexibility refers to space allowed in the WTO’s Trade-related aspects of Intellectual Property (TRIPS) Agreement for governments to relax patent rights in addressing public health needs, including issuing compulsory licences to make medicines without the permission of a patent-holder.

Speaking at a trilateral climate change and health symposium convened by the WTO, World Health

Organisation (WHO) and World Intellectual Property Organisation (WIPO), Okonjo-Iweala noted that in anticipation of impending climate crises, developing countries should put in place "effective mechanisms in their domestic laws" that allow them to use the TRIPS flexibilities.

“Let me emphasise that many developing country governments have not yet put in place the legal mechanisms or tools that allow the use of existing or future flexibilities.

"With the impact of climate change on health becoming more evident, this is the time to get ready,” Iweala said at the trilateral climate change and health symposium.

At the symposium, the three global bodies agreed to step up their support for developing countries to “analyse their options to use TRIPS

statistics showed that the first indication of deceleration in prices was recorded in September and further reforms in the money market, which commenced in October, had accelerated easing in prices as indicated by the substantial drop in month-on-month changes recorded in October.

“Moderation in month-on-month changes in prices observed in the headline, food and core components of the consumer basket followed reforms in the money market and relative stability in the forex market,” he added.

flexibilities” and update their laws to enable the use of these flexibilities alongside “enhanced procurement programmes,” she added.

The WTO chief executive stressed: “As you all know, at the WTO we have also been grappling with sensitive issues around intellectual property (IP) and technology transfer.

“To solve problems in public health and the climate, breakthrough technologies must be incentivised, invented, developed and widely diffused. Innovation and access must go together.

"That is why the IP system was designed with ideas of balance and public interest at its core. Governments have legitimate scope to intervene when necessary to protect the public interest.”

On his part, WHO Director-General,

Dr. Tedros Adhanom Ghebreyesus, appealed for both “advanced technologies” and “trade arrangements” to protect lives in the event of climate crises.

“In the same way that we have been fighting for global equitable access to COVID-19 vaccines, we need to ensure that intellectual property and trade rules are not a barrier to accessing greener and healthier technologies.

“The world’s addiction to fossil fuels is an act of self-harm. This addiction not only drives the climate crisis but is a major contributor to air pollution, which kills almost seven million people every year – a death every five seconds. The health community has a critical role to play in protecting people from the escalating climate threats to health,” Ghebreyesus said.

However, he noted that countries had the responsibility to build health systems that can both withstand climate shocks and reduce their carbon footprint, referring to the WHO’s framework for building climate-resilient and low carbon health systems released last week.

Citing the projection that Africa would bear the brunt of over half of climate-related deaths by 2050, WIPO Director General, Daren Tang remarked that “this cannot be our future”.

Tang added that, while some saw IP rights as an obstacle to achieving a better, fairer and more sustainable world, WIPO hopes that IP will “unleash the innovative and creative potential of our people around the world” to realise the sustainable development goals (SDGs).

approved the implementation of the Customs modernisation project to a concessionaire.

The concessionaire was Bergman Securities Consultant and suppliers limited as the project sponsor, Africa Finance Corporation UFC as lead financier while Huawei Technologies was to be trained as lead technical service provider.

However, stakeholders have knocked the project, saying it was to mortgage the future of the service and also inimical to national security.

Mba told the lawmakers during the joint session that the NCS was not privy to details of modernisation agreement.

"We are not privy to details of the modernisation agreement of the Nigeria Customs Modernisation Project," Mba told the federal lawmakers.

He also declared that the NCS’ loss of N1.3 trillion in 2023, was due to waivers and concessions the President Muhammadu Buhari's administration had granted to investors.

He explained that NCS would have generated more revenue to the nation's Consolidated Revenue Fund in 2023, if not because of the waivers and concessions arrangements.

Obviously not comfortable with the arrangement, Musa, the Chairman of the Joint Committee, said the Senate would commence investigation into granting of waivers and concesioning in the country.

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NEWS

2023 EDITION OF NORDIC NIGERIA CONFERENCE...

L-R: Deputy Governor, Lagos State, Dr. Obafemi Hamzat; Minister for Development Cooperation and Global Climate Policy, Denmark, Mr. Dan Jargensen; Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani; Deputy Minister of International Trade, Ministry of Foreign Affairs, Finland, Mr. Jarno Syrjala; Director General, Trade, Ministry of Foreign Affairs, Sweden Mr. Per-Arne Hjelmborn; and Chief Executive Officer, Lagos Free Zone, Mr. Dinesh Rathi, during the 2023 edition of Nordic Nigeria Connect Conference held in Lagos …yesterday PHOTO: SUNDAY ADIGUN

Providus Moves to Acquire Majority Stake in Unity Bank Obinna Chima ProvidusBank Limited, a commercial bank founded in 2016, has taken bold steps to acquire majority stake in Unity Bank Plc, as part of the former’s business expansion plan.

THISDAY gathered from a reliable industry source that the arrangement which Unity Bank

that had been struggling to beef up its minimum capital requirement since 2017, has termed a business combination, was being monitored by the Central Bank of Nigeria (CBN).

“This has been in the works since June this year and they have been updating the CBN on it. Part of the deal is that Providus must have asked for the isolation

of Unity Bank’s bad loans. Unity Bank which is big in agriculture financing has been struggling for years,” the source who pleaded to remain anonymous said.

Unity Bank commenced operations in January 2006, following the merger of nine banks with competences in investment, corporate and retail banking. It is one of Nigeria's leading retail

banks with 213 business offices spread across the 36 States and Federal Capital Territory.

In 2018, there was a botched move by the Milost Global Inc., a New York-based private equity to investment $1billion in the bank and since then the bank has been seeking for a preferred suitor.

It recently posted negative results in its recently released financials

Afreximbank Launches Intra-African Contract Promotion Programme The African Export-Import Bank (Afreximbank) yesterday, in Cairo, launched a new initiative that would open doors, allowing African contractors to capitalise on various infrastructure investments available across the continent.

President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, joined by the Minister of International Cooperation of Egypt, Rania Al-Mashat, launched the Afreximbank Intra-African Engineering, Procurement and Construction (EPC) Contract Promotion Programme during the Presidential Summit of the Intra-African Trade Fair 2023 (IATF2023).

A statement yesterday, explained that Oramah told guests that the programme was one of the Bank’s initiatives to support the implementation of the African Continental Free Trade Area (AfCFTA), saying that it was aimed to enable African companies to successfully bid for, win and execute infrastructure contracts in Africa through capacity building, twinning, market access opportunities, financing, guarantees and technology solutions.

“The EPC initiative will help African contractors to participate in the $60 billion annual infrastructure investments within Africa, unlike the current practice where most of the contracts go to non-African entities,” he said.

Al-Mashat said the launch of the programme would have a positive impact on Africa's agenda for sustainable development.

“It enhances the participation of African companies in infrastructure projects, provides more investment opportunities and facilitates the exchange of information in order to expand partnerships and twinning agreements to drive growth in the engineering, construction

and procurement sector,” she said.

Al-Mashat described the platform as a strategic and effective solution to tackle three significant challenges preventing Africa from reaching its potential, including lack of funding, insufficient information and a skills gap.

Addressing those challenges was especially crucial to tackling the infrastructure funding gap in the continent, estimated at $170 billion annually, which could be fixed by promoting international cooperation and attracting investment in infrastructure.

She recommended promoting transparent communication between governments and the private sector to bridge information gaps and tackling skills gaps by providing technical support, capacity building and skills development to build a skilled workforce.

The Minister said Egypt was eager to boost private sector involvement in development endeavours and to link it to all funding and investment opportunities and technical support provided by multilateral and bilateral development partners, adding, “in order to promote these efforts, I have the honour to announce to you that the platform we are launching today will be linked to the Ministry of International Cooperation’s portal for private sector participation.”

She commended Afreximbank for leading the initiative and providing support to EPC companies in Africa through contracts worth over US$12 billion in the past five years and appealed to international development partners to do more in supporting African companies by providing affordable and low-cost development finance. They should also provide more innovative mechanisms and technical support necessary for implementing infrastructure and

green projects in Africa.

Attending the Presidential Summit was host President Abdel Fatah El Sisi of Egypt, who was joined by Presidents Emmerson Mnangagwa of Zimbabwe and Lazarus Chakwera of Malawi.

Also present were Prime Minister Mostafa Madbouly of Egypt and former President Olusegun Obasanjo of Nigeria, along with several former African vice presidents, serving ministers, other political and business leaders.

for the 9-month (9M) period ended September 30, 2023.

Precisely, the bank’s financial results released on the Nigerian Exchange Limited (NGX) had shown loss after tax of N47.917billion, down by 2,461 per cent from profit after tax (PAT) of N2.029billion in same nine months period of 2022.

It had also reported Foreign Exchange (FX) revaluation loss of N38.162 billion, an increase by 70,565 percent from N54.005 million FX revaluation loss it recorded in nine months to September 2022.

Its gross income in the nine month period was also N38.183 billion, which was a decrease by 10 per cent, from N42.292 billion gross income recorded in the comparable period of 2022.

Commenting on the results, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun, had said the bank was focusing on its efforts to recapitalise the institution, aggressively drive asset creation and innovate with products to compete

favourably in new markets.

“The bank enjoys market confidence which will enable the institution thrive better in the months ahead with increased business conversion, profitability and growth needed to achieve sustainable returns,” she had revealed.

On the other hand, ProvidusBank founded by Walter Akpani, was licenced by the CBN during the tenure of the immediate past Governor, Godwin Emefiele.

The financial institution has strong IT infrastructure and digital channels which it deploys to provide service to its customers.

ProvidusBank is an innovative financial institution that provides personal, private, corporate, commercial and digital banking products and solutions. Its tailored financial services delivery includes: Business Advisory, Portfolio Management, Personalised Relationship Management, Fast-tracked Service delivery and Self-service solutions.

Rewane: Sub-national Experience Not Enough to Run Government at Federal Level Says Nigeria’s economy plagued with misalignment between policy direction, economic destination

Dike Onwuamaeze

The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Mr. Bismarck Rewane, has called the attention of President Bola Ahmed Tinubu’s administration on the, “need to ramp up the skills in understanding federal and national economic dynamics” because experience gained at state government’s level is not enough to run a federal government.

Rewane pointed out that the Tinubu’s “management team is vast and experienced in subnational economic policies” and warned that, “transplanting a state team to run a federal structure has serious limitations.”

He also observed that, “Nigeria has moved far ahead in the economic decay curve,” warning that “subnational experience is inadequate for running a federal government. Therefore, new skills and capacity are required because state executive councils do not have responsibility for macros, i.e. growth, inflation, external obligations, exchange rate management,

foreign policy and external affairs management.”

Rewane, stated emphatically that “the All Progressive Congress (APC) will have to prove that it is not an oligarch machine,” and advised that, “the presidency will have to maintain a distance from political cronies and hustlers and focus on pure economic management for the next 12 to 18 months.”

According to him, “exchange rate management and allowing for price discovery are critical to the political favourability calculus.”

Rewane, expressed these views in a paper he presented at the November edition of the Lagos Business School Breakfast Session titled “Policy Direction Misaligned with Economic Destination” in which he said that the country’s domestic environment is “caught in a web of economic contradictions.”

He said there was a, “disconnection between policy direction and economic destination.”

Rewane identified the country’s economic destination in the next eight years as achieving a GDP of $1trillion, average annual growth rate of 7.0 per cent, interest rate

of 9.0 per cent, inflation rate of 13 per cent, exchange rate of N550N600/ dollar and the projection that unemployment would fall to 17 per cent from 33 per cent.

However, the policy direction is “monetary tightening but loose monetary conditions” and “foreign exchange reform in theory but managed fixed exchange rate in reality,” adding that personnel changes are not the same as policy changes.

He noted that “credibility gap makes policy ineffective” while “lags are increasing as people’s belief evaporates” and “credibility gap continues to widen making policy implementation more arduous.”

He further pointed out that “the lags between policy articulation, announcement, impact and peoples’ belief are becoming wider,’ adding that the recent “Supreme Court’s judgment (on the 2023 presidential election) and the bickering of retired judges are making a bad situation worse.”

According to him, “macroeconomic stability is dependent mainly on good policies but more

on credibility.”

The revered economist also attributed the volatility in Nigeria’s foreign exchange market to the crisis of false expectation and lack of clarity on the sources of dollar, which is fueling currency speculation.

He also expressed the view that the naira was theoretically undervalued by 20.46 per cent at NAFEM rate of N993.82 and 31.86 per cent at NAFEM rate of N1,160 assuming the unification of exchange rates, emphasing that the Purchasing Power Parity (PPP) of the Naira is N790.44 per dollar.

He also remarked that Nigeria’s foreign exchange market is structurally defective, opaque and controlled by rent-seeking oligarchs who also control the political machine.

Rewane, also averred that the features of current structure of the country’s supply of foreign exchange bore the characteristics of price discriminating monopoly as the Central Bank of Nigeria (CBN) is controlling 85 per cent of foreign exchange supply to the market with no price discoveries, which is creating arbitrage opportunities.

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NEWS

ART X Lagos Opening Event...

L-R: Access Bank Head, Group Marketing and Retail Analytics, Ms. Toyin Henry-Ajayi; CEO Access Holdings, Mr. Herbert Wigwe; Founder ART X Collective Ms. Tokini Peterside-Schwebig; Managing Director/Chief Executive Officer of Access Bank Plc, Mr. Roosevelt Ogbonna and Chief of Staff to the Group Chief Executive Officer, Access Holdings Plc, Mr. Victor Willie at the ART X Lagos opening event in Victoria Island, Lagos... last weekend.

UBA’s $6 billion Partnership with AfCTTA to Boost Trade Across Africa LCCI Lauds bank’s contribution to growth of African economies

The United Bank for Africa (UBA) Plc has restated its commitment towards deepening Intra-Africa trade to attain self-reliance and economic development.

According to the bank, it was important for Africa to be deliberate about the economic liberation drive of the continent.

UBA's Deputy Managing Director, Muyiwa Akinyemi, said this during the Africa Day celebration at the ongoing 37th Lagos International Trade Fair, which was held at the Tafawa Balewa Square.

UBA is the headline sponsor of the Trade fair.

Akinyemi, was quoted in a statement to have explained that the bank’s dedication to SME’s and trade advancement across Africa was what informed its recent agreement with the Africa Continental Free Trade Area (AfCFTA) Secretariat, to provide financing for up to US$6bn over the next three years to eligible businesses across the continent.

He said, "We signed the agreement with AfCFTA on the sidelines of the 30th Afreximbank Annual Meeting (AAM) which was held in Accra, Ghana. By this agreement, both parties are to promote the development of SMEs operating in Four sectors under the 1st phase of the partnership which are largely

import dependent by providing technical and financing solutions for intra-African/domestic alternatives.

“These economic sectors are agro-processing, automotive, pharmaceuticals, transport and logistics “One of the key initiatives of the AfCFTA is to improve access to finance and markets for SMEs to encourage their growth and contribution to the socio-economic development of Africa.

“UBA remains committed to supporting the growth/development of SMEs across Africa. This is in line with our strategic focus on the SME segment being a catalyst to the economic development of Africa,” Akinyemi noted.

He explained that under the partnership, UBA would go beyond just financing to provide non-financial services to these SMEs to develop the capacity for growth across the 20 African countries, “that we are present and build sustainable business practices.”

“We shall also be leveraging technology to deliver our financing activities to the beneficiaries and this platform provides us with a unique opportunity to stimulate the development of the continent as Africa’s Global Bank,” he added.

Also speaking during the event,

President, Lagos Chamber of Commerce, Michael Olawale- Cole, appreciated the bank’s consistent participation as partner and headline sponsor of the LITF for the past

six years.

“Partnering with UBA is significant because it is an organisation that has its footprint in 20 countries and that is a big feat, as partners we think

alike and work together,” he said.

The president who acknowledged the bank’s unequalled support, rendered to SMEs through its enormous window of opportunities,

also commended the recent $6bn financing partnership it signed with AfCFTA intended to transform Trade and boost SMEs to unprecedented levels across Africa.

Wigwe Reiterates Access Holdings’ Commitment to Empowering Africans through Arts Dike Onwuamaeze

The Group Chief Executive Officer of Access Holdings, Mr. Herbert Wigwe, has declared that no stone would be left unturned in advancing the course of a prosperous Africa through the transformative power of arts for the empowerment of the next generation of African creative artists.

Wigwe made this declaration at the 8th edition of ART X Lagos, where he emphasised the potential contribution of the creative sector to economic development and changing stereotypical views of the continent.

He said: “At Access Holdings, our focus on changing the African narrative runs through the very core of our mission, as we firmly believe

that by supporting and promoting African art, we contribute to a more accurate and balanced view of our continent.

“We recognise the potential of art to reflect the present and shape the future. Furthermore, we are cognisant of the potential contributions of the creative sector, particularly visual and contemporary art, to our continent’s GDP if our budding talents can be given the right support and structure to be seen and appreciated.

“Through our support of ART X Lagos, we aim to highlight the multifaceted brilliance of our people and the richness of our culture.

In doing so, we will unabashedly celebrate the diversity and strength of the African continent, nurture relationships that transcend borders,

build bridges, invest in talent, and foster collaboration on a global scale.”

He explained that the belief was the driving force behind Access Holdings’ continued sponsorship of the Access ART X Prize in partnership with ART X Lagos, which is providing early-career artists from Africa and its diaspora with opportunities to develop their craft.

Speaking on this year’s edition, the Founder of ART X Lagos, Ms. Tokini Peterside-Schwebig, said: "ART X Lagos remains a cornerstone of the African art industry, and demonstrated with its eighth edition that it is more than a traditional art fair.

‘Our uniqueness and strength lies in our ability to gather a wide spectrum of artistic voices on one

stage, ranging from a revered 91-year-old artist and prominent collectors, to the hottest new musical talents and DJs in Africa.

“We are delighted at the response from our galleries and artists, who judged the fair a resounding success.

This year’s fair further entrenched our uniqueness on the world stage as an innovative multidisciplinary platform that exemplifies unity and excellence across Africa.”

She said ART X Lagos had become a symbol of empowerment for emerging artists across the continent, adding that Access Holdings' enduring partnership as the fair’s lead sponsor has significantly expanded its reach and impact, providing even more artists with the opportunity to chase their creative dreams.

Saudi Arabia Explains Reason for Turning Back 177 Nigerian Passengers

Says those affected submitted incorrect information to obtain visa Air Peace absolves self from incident

Michael Olugbode in Abuja and Chinedu Eze in Lagos

The government of Saudi Arabia has come out to explain why it turned back 177 passengers out of the 264 passengers ferried by Air Peace to Jeddah last Monday.

It was reported that Air Peace Flight No. P4-752 had airlifted 264 passengers from the Murtala Mohammed International Airport in Lagos and the Aminu Kano International Airport and had landed at the King Abdulaziz International Airport - Hajj Terminal Jeddah, Saudi Arabia on Monday, 13th November, 2023.

It was on arrival at the Hajj Terminal that the Saudi Immigration authorities informed the passengers that their visas had been cancelled.

Consequently, 177 passengers were made to return in same flight back to Nigeria. Only 87 passengers were

cleared by immigration and allowed entry into Jeddah.

However, in a statement of it verified X formerly Twitter, the Saudi Embassy in Nigeria, revealed that the passengers who were not allowed entry into the Arab country were given visas based on false claims.

The statement read: “The Royal Embassy of Saudi Arabia in Abuja would like to make a clarification about the media reports and social media releases concerning the deportation of Nigerian citizens at the point of entry into the Kingdom.

“The passengers whom were denied entry, and subsequently deported to their initial destinations, didn’t fulfill the entry conditions and requirements in accordance with the applicable rules and regulations of the Kingdom, as they submitted incorrect information to obtain a category of visa that doesn’t apply to them, which

was discovered upon their arrival.”

The statement added that: “The Royal Embassy would like to stress the importance of following the procedures and laws enacted by the Kingdom of Saudi Arabia for all visitors.

“Furthermore, all passengers should review all the documents to determine their conformity with the conditions prior departing from their countries to the Kingdom. This procedure was not limited to Nigerian citizens only, but rather to citizens of other countries.”

Earlier yesterday, Air Peace had absolved itself of any involvement in the incident.

In a statement signed by the Chief Operating Officer of the airline, Mrs. Oluwatoyin Olajide, it stated that it followed all protocols and procedures in processing its passengers for the flight and ensures that given

regulations were not negated.

“This is to inform the public that the cancellation of the visas of 177 Nigerians out of the 264 passengers that flew with us to Jeddah on November 12, 2023, was not the Airline's fault. It has become imperative to state the real fact in the face of conflicting commentaries in the public domain.

“It must be stressed that Air Peace, as a scheduled flight operator with vast international operations experience, understands and complies with established protocols governing international flight operations and is not culpable of any infraction in this respect.

“For the avoidance of doubts, Air Peace is a scheduled operator between Nigeria and Jeddah, Saudi Arabia and the said flight was indeed a scheduled flight and not a Chartered/UMAR/HAJJ or any

special flight.

“This scheduled flight means we are allowed to airlift all categories of passengers with different types of Visas as long as their Visas are valid and approved by the Saudi Arabian Authorities. We are not limited to UMAR or HAJJ Visas alone on a scheduled flight,” the airline said.

It also explained that the visas of all passengers on the said flight to Jeddah in Saudi Arabia were checked and verified through the requisite procedures and were vetted to be valid before departure.

The airline added that the visas were verified using the visa confirmation platform provided by the Ministry of Foreign Affairs, Saudi Arabia which confirmed the validity of each passenger visa before passengers were allowed to check-in for the flight.

“All the Visas of the 264 passen-

gers were duly verified, confirmed, and accepted as authentic for the trip through the Visa Portal provided by the Saudi Arabia Authorities, if not, no passengers would have been able to depart from Nigeria. This is just one of two steps required before a passenger is accepted on the flight to Saudi Arabia.

“The next step is the use of the Advanced Passenger Information System (APIS). We equally use this system to determine the admissibility or otherwise of each passenger on that flight.

“The APIS was live between Air Peace’s reservation system and the Saudi Arabia National Travel Security Center Carrier Portal to transmit passenger details prior to departure, to the Saudi Authorities in order to further determine the admissibility or otherwise of the passengers,” the airline said.

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NUPRC: We Did Not Award Marginal Oil Fields to Unqualified Companies

Emmanuel Addeh in Abuja The Nigerian Upstream Regulatory Commission (NUPRC) yesterday said all the companies it awarded marginal fields in the last round were eminently qualified and paid all their signature bonuses before they were awarded.

A report by a national newspaper had alleged that the commission did not adhere to its own regulations while implementing the 2020/2021 marginal fields award, quoting a document from the Nigeria Extractive Industries Transparency Initiative (NEITI).

According to the report, the initiative alleged that the NUPRC

awarded marginal fields to some companies prior to payment of signature bonus by the firms.

It also quoted the NEITI report as stating that the upstream regulator of the oil sector accepted payment of signature bonus by companies that did not participate in the marginal fields award process.

But in a statement, the Gbenga Komolafe-led NUPRC said the report was incorrect and a misrepresentation of both the process and outcome of the 2020 marginal field award exercise.

It stated that it was surprised that NEITI could be associated with such a narrative, stressing that it reached across to NEITI which

promptly disclaimed the newspaper report, insisting that the report by the newspaper did not reflect the position in the said report.

It recalled that at the end of the exercise and in line with existing government policy to encourage as many qualified Nigerian companies to participate in the upstream business, 161 entities from the 482 pre-qualified bids were offered marginal fields and given a deadline to make signature bonus payments.

“A number of these entities were offered fields on a joint basis. The commission, upon inception, had to embark on extensive stakeholder engagements with the successful bidders to resolve the many issues

arising from the policy of jointly awarding some of the fields to several awardees. These engagements were held in both Lagos and Abuja. “ In the event where those offered fields in the exercise were unable to fulfil their obligation to pay the signature bonus within the time frame specified, the commission sought and obtained the approval of the presidency to re-award those not paid for to other entities who participated in the bid exercise but who were not offered any fields during the initial stage.

"These later awards were premised on the condition that considered companies present clear evidence of both financial and technical

capability,” it stated.

At the end of the exercise, the upstream regulator stated that a total of 55 fields were successfully awarded and paid for.

“Other than the provisional award letters issued to qualified bidders (which contain the terms and conditions of the award including the signature bonus payable), in all cases, final letters of award were only issued upon payment of 100 per cent of the signature bonus by or on behalf of the awardee.

“It is worth restating that as a regulatory body governed by laws under the Petroleum Industry Act (PIA) of 2021, the commission neither awarded marginal fields to entities

Stakeholders Re-echo Call for Sale of NNPC's Oil, Gas Assets to Fund Big Upstream Projects

during the management session at the ongoing 41st annual international conference and exhibition of the Nigerian Association of Petroleum Explorationists (NAPE), with the theme: "Repositioning the Oil and Gas Industry for Future Energy Dynamics."

The session centred on "Energy Infrastructure Development, Financing and Monetisation Strategies in Nigeria: Reducing the Risk of Entry", and had the immediate-past Managing Director of the Nigeria Liquefied Natural Gas Limited (NLNG), Mr. Tony Attah; Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, as speakers and contributors.

The Vice Chairman, Petroleum Technology Association of Nigeria (PETAN), Mr. Ranti Omole, also contributed to the discussion.

Aside calling for the sale of NNPC's majority shareholding, the speakers also urged the government to urgently implement the Incorporated Joint Venture (IJV) model as provided for in the Petroleum Industry Act (PIA) to replicate the NLNG model.

The stakeholders also suggested that the government should intervene in the funding challenge hindering the needed investment into upstream projects by releasing $15 billion out of the $20 billion Nigerian Pension Fund Nigerian and invest it into long-term oil and gas projects.

In June, barely a fortnight into the inauguration of President Bola Tinubu as Nigeria's head of state, his Policy Advisory Council had proposed the sale of the major stakes of NNPC in the upstream, midstream and downstream sectors

of the oil and gas industry.

In the Policy Advisory Council Report dated May 2023, the council made up of renowned energy professionals, had projected that the federal government would earn about $17 billion from the sale of the NNPC’s majority stakes in the oil and gas assets.

But speaking at the NAPE event, Attah, who suggested the sale of major stakes of NNPC in the oil sector, said that would enable the government to make money available for investment into critical oil and gas infrastructure, which would ultimately address the decline in crude oil and gas production.

"Perhaps it's also time for government to sell down. We are not saying exit. Sell down. Relieve yourself, raise fund and then we can start all over again to renew our infrastructure baseline", he said.

Calling for the activation of IJV model provision in the PIA, Attah explained that it was because of the IJV ownership and operational model of NLNG that made it possible for the company to fund its projects without waiting for funds from the government.

Citing the ongoing Train 7 project, the former NLNG boss stated, "We went to the market, but we were able to go to the market on the back of a very robust balance sheet because we are not your conventional JV, we are an IJV. "Now, when you talk about the bigger issues in the industry underpinned mainly by your conventional JVs, we need to point within the PIA provision that we should switch to the IJV, to the extent that today, government is 57 per cent of the JV upstream and it's NCNC-No contribution, no chop.

NGE Confab: Tinubu Advocates Positive Narrative to Boost Nigeria’s Investment

Idris, stressed the role of the media as a primary source of information.

He emphasised the role of timely and accurate reporting, saying it helps businesses make informed decisions, and fosters a conducive environment for growth.

The president said, “I urge you to provide positive media coverage that can enhance investor confidence and attract the needed investments that fuel economic development in our county. The media's role in portraying a favourable business environment contributes to the stability of financial markets.”

Tinubu said promoting discussions on stimulating economic growth in the country remained a central focus of his administration and called for collaborative efforts of the media editors to sustain the discussions in alignment with the administration’s Renewed Hope Agenda.

He acknowledged the immediate economic pains inflicted by the removal of fuel subsidy, saying his administration has been taking necessary measures to alleviate the pain through interventions designed to serve as palliatives in the short and medium term, as the nation awaits the long-term benefits of the reforms.

Tinubu listed some of the interventions as the provisional wage increment of N35,000 monthly for six months, to augment the federal minimum wage; the establishment of an Infrastructure Support Fund for States to invest in critical areas that will create an enabling environment for businesses, and the launch of a N100 billion CNG bus rollout programme, to deliver CNG-powered buses, as well as the establishment of a Presidential Committee to drive implementation.

He appealed to media editors to help combat the menace of misinformation, disinformation, and false narratives that threaten the fabric of society through factchecking, responsible reporting, and promoting media and digital literacy.

He extolled the founding fathers of NGE, led by the late Alhaji Lateef Kayode Jakande, a revered journalist and one-time Governor of Lagos State, who in 1961, alongside others, established the Guild and contributed to the socio-political development of the country, particularly, in delivering

the country from the jackboots of the military and achieving democratic rule.

The president stated, "We are faced with the proliferation of misinformation and false narrative, which threaten the fabric of our society.

"And it is our collective duty to combat this menace through fact checking, responsible reporting, promoting media and digital literacy with which we can fortify our defences against the corrosive effects of false narrative."

Tinubu called on the Conference of Nigeria Editors to support the campaign for moral rectitude among Nigerians.

He said, "Against the background of imminent systemic moral decline over a long period of time, leading to the erosion of our national values.

"It’s my pleasure to inform you that the Ministry of Information and National Orientation is working to change the narrative in our country through the implementation of a sustained mass reorientation campaign that aims to foster unity, patriotism and promotion of positive values among Nigerians.

"We seek to collectively re-orientate ourselves as Nigerians in the direction of a stronger sense of national identity and shared values.

"I will, therefore, appeal to all our editors to support this campaign for national rectitude among Nigerians.”

Addressing the conference, the governor of Akwa Ibom State, Umo Eno, charged the Guild of Editors to engender good governance in their reportage to promote the country's democracy.

Eno stated, "I want to plead that you use the media, to engender a new template of reportage, one that is development-oriented, where our leaders are called to account without being overly obtrusive.

"No one desire a pliant media that act like the cheer-leaders to the government, but in trying to break the news, we should be careful not to break the fabric of the society.

You need the nation first in order to freely practise your profession."

Acknowledging the media for the support received by his administration, the governor said his government was open to constructive criticisms and was committed to driving a narrative of governance

focused at making the rural dwellers to reap the dividends of democracy and build trust in government.

Earlier, in a welcome address, President of Nigeria Guild of Editors, Eze Anaba, said the conference was part of the editors' contributions to the growth and development of not only the media industry, but also the country in general.

Anaba challenged his colleagues on the need for balanced, accurate, factual, and fair reports and implored them to make use of fact-checking tools in disseminating editorial products to the people. He said this was the only effective and efficient way to discharge their constitutional duty, under Section 22 of the constitu-

tion, of holding power to account and upholding human rights, the rule of law, good governance, and democratic principles.

He also asked political actors not to suppress the press, saying, "Always remember that a free press is like oxygen to a democracy. Let nothing be done to stifle the press or shrink freedom of expression and media freedom under any guise."

The chairman of the conference and publisher of Vanguard Newspaper, Sam Amuka Pemu, lamented the critical economic situation in the country and urged the editors to always remove unwholesome items when disseminating information to the public.

You are looking for government for every investment to bring 57 per cent of value, and we can tell in the last 20 years it's not happening."

Attah, expressed displeasure over Nigeria's energy poverty status despite being a resource rich nation, saying that was painful as a Nigerian.

In his intervention, Wabote, who joined in the call for the sale of NNPC's majority shareholding and adoption of IJV model, warned that retaining all of government's share in the JVs would not achieve the expected result.

"I fully align with Tony in his position with regards to looking at the joint ventures that we have. It's a huge challenge", he said.

While pointing out that NLNG has succeeded because of the IJV model and was able to source for and get funding to execute its projects, Wabote said the Olokola (OK LNG) and the Brass LNG projects would not be actualised using the current JV model and poor balance sheet of the national oil company.

He further explained, "If we retain majority shareholding in any of those ventures in order to make it happen, I can assure you it's not going to happen, because even within the Train-7 itself, to be able to get it going, NLNG had to carry their 49 per cent partner to make that happen.

"And even on the upstream projects that would supply the much needed gas to NLNG itself for Train 7, NLNG had to fund the upstream activities to produce gas for them.

“So, if you really want to look at other opportunities within the

A f te r Meeting F G , N LC , T U C S u spend N ati o n w ide St r i k e

of Special Adviser to the Imo State Governor on Special Duties, Chinasa Nwaneri, police officers, as well as thugs involved in the attack on NLC President Joe Ajaero in Owerri, and arrest, prosecution and dismissal of Chief Security Officer in Imo State Government House, identified as SP Shaba.

Organised labour had also agreed to convene a meeting of its relevant organs to consider steps being taken by the federal government to address their grievances in the wake of the nationwide strike. This followed a meeting between the federal government and the leadership of NLC and TUC. Labour, which said the plight of Nigerian workers remained the major concern in all of its undertakings, however, said it would not condone the desecration or humiliation of its leadership.

But National Security Adviser (NSA), Nuhu Ribadu, seemed to pre-empt the labour leadership, when he announced that those believed to have attacked Ajaero had been arrested and were already in custody.

There was also a crucial intervention by the National Assembly leadership, which stepped into the national impasse, pleading with the labour movement to review their stand and call off the nationwide strike.

But Human Rights Writers Association of Nigeria (HURIWA), a nongovernmental organisation (NGO), called for vigilance by the hierarchy

of the National Industrial Court of Nigeria to stave off encroachments on its independence and integrity by the executive arm of government.

THISDAY gathered that NLC and TUC held a joint National Executive Council (NEC) meeting, Tuesday evening, where they reviewed steps taken by the federal government and pledges made to address their demands, and eventually resolved to suspend the nationwide strike, already in its second day.

General Secretary of Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees (AUPCTRE), Comrade Sikiru Waheed, confirmed the decision to suspend the national strike.

Waheed said last night, "Arising from the just concluded joint NEC session of NLC and TUC to give consideration to the plea of federal government at a meeting held today at the office of the National Security Adviser, Nuhu Ribadu, the meeting resolved that the ongoing national strike is hereby suspended.

"The labour movement appreciates you all for your commitments towards the success of the industrial action.

You are hereby directed to resume your official functions from tomorrow, Thursday, 16th November 2023."

Organised labour noted the commitment made by the federal government that those arrested for the physical assault on Ajaero would be prosecuted.

Moreover, as part of the resolu-

tions reached at the meeting with the NSA, the federal government promised to bring both parties back to the dialogue table to iron out all issues in dispute.

In addition, the labour movement took note of the unreserved apology tendered by the NSA on behalf of the federal government for the brutalisation of NLC president and other members of the congress.

A top official of the union said last night, "We’ve just finished an extraordinary NEC meeting. We have considered all the appeals made to us by the NSA during our meeting in his office in the afternoon. We shall give him time to coordinate the investigations as promised.”

Before the strike was called off last night, NLC, in a post on X, said the special adviser to the Imo State governor on special duties, who allegedly led the attack on NLC president and other workers in state, must be arrested and prosecuted.

The union further demanded that all police officers as well as thugs involved in the attack on the labour leader should be arrested, prosecuted and dismissed. It also demanded the arrest, prosecution and dismissal of the chief security officer in the Imo State Government House, identified simply as SP Shaba.

“He led, participated and provided cover for thugs to brutalise workers in Imo State,” NLC alleged about Shaba.

Another condition given by the labour union was the arrest,

CEO, NUPRC, Gbenga Komolafe that did not participate in the 2020 marginal bid round nor awarded a field to any company that did not meet the obligation of paying the statutory signature bonus.

NLNG space, we must look at what Tony has suggested in terms of shareholding to be able to raise capital.

"The greatest challenge we have, you hear people talking about Floating LNG. It's not an easy task to raise $3billion as we speak. I struggle with it because anybody you want to go and raise from will ask for your balance sheet. Do you have that balance sheet to raise that amount of money? It's a challenge."

The NCDMB Executive Secretary, however, advised the indigenous oil producers that had taken over the land and swamp assets divested by the IOCs to collaborate and create their own joint venture in order to develop their assets.

In his submissions, Omole suggested that the government should intervene in the funding challenge hindering the needed investment into upstream projects by releasing $15 billion out of the $20 billion Nigerian Pension Fund and invest it into long-term oil and gas projects.

He said: "We've been talking about the financing and I just checked.

As at February 2023, the Nigerian Pension Fund was N15.5 trillion ($20 billion) and at least 80 per cent of that fund is in the money market... and we are looking for money. Why can't we unscramble $15 billion out of the $20 billion and put them in longer-term investment.

"So, what are the hindrances to the indigenous operators that are looking for funding in penetrating or convincing the government or NNPC, Ministry of Petroleum Resources or talking to the Minister of Finance on how to utilise our long-term pension?".

persecution and dismissal of the Police Area Commander, whom it said supervised the brutalisation of the NLC president and other workers in the state.

The sixth condition given

by NLC for peace was that the former Commissioner of Police in Imo State, Ahmed Barde, must be investigated and prosecuted for his alleged involvement in the assault on the NLC leader.

“Our demands are simple. We want justice,” the labour movement wrote in the X post.

However, the federal government and labour leadership had earlier met behind closed doors at the office of the NSA. A statement by Special Adviser (Media) to Honourable Minister of Labour and Employment, Makut Simon Macham, said the meeting was attended by Ribadu; Minister of Labour, Simon Bako Lalong; Minister of State, Hon. Nkeiruka Onyeajeocha; and Acting Permanent Secretary in the NSA's office and Director, Trade Union Services, Ministry Labour and Employment, Mr. Emmanuel Igbinosa.

The labour leaders were led to the meeting by TUC President, Comrade Festus Osifo; NLC Secretary General, Emmanuel Ugboaja; TUC Secretary General, Nuhu Toro; and other Labour leaders.

Speaking on the agenda of meeting, Lalong said the meeting was held at the office of the NSA because of Continued on page 36

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COURTESY VISIT...

Executive Vice-Chairman, Proton Energy, Oti Ikomi (left), during a courtesy visit to the Minister of Power, Chief Bayo Adelabu in Abuja... recently

House Moves to Amend 2022 Electoral Act, Appointment of INEC Chairman, National Commissioners

To pass political parties’ bill, introduce diaspora voting Vows stricter penalties for financial malpractices in security sector Promises to decentralise Nigeria policing system Adedayo Akinwale in Abuja Following the completion of the 2023 general election, as well as the just concluded off-cycle elections in Bayelsa, Imo and Kogi States, the House of Representatives has resolved to amend the 2022 Electoral Act. However, the Green Chamber was silent on whether it would also amend the law to mandate the Independent National Electoral Commission (INEC) to transmit or upload results from the polling units on INEC Results Viewing Portal (IReV).

Presently, Section 60 of the Electoral Act states that, “the presiding officer shall, after counting the votes at the polling unit, enter the votes scored by each candidate in a form to be prescribed by the commission

as the case may be.”

More so, Section 60(5) of the Act states that “the presiding officer shall transfer the results including total number of accredited voters and the results of the ballot in a manner as prescribed by the commission.”

However, in the Legislative Agenda launched Tuesday by the Speaker of the House, Hon. Tajudeen Abbas, a copy of which was obtained

by THISDAY, the Green Chamber has proposed some amendments it intends to make to the Electoral Act 2022.

The Green Chamber, in its legislative agenda, noted that the 2023 general election elicited the most interest in recent times, however, it suffered setbacks regarding the implementation of recent constitutional amendments and the new Electoral Act.

The House assured that it would carefully examine complaints and observations made by stakeholders arising from the conduct of the 2023 general election.

It noted that specific actions to be taken by the House were: "Amend the Electoral Act 2022 to remedy some of the gaps observed, including vague and contradicting provisions.

"Pass an independent legislation (the Political Parties Bill) to regulate the registration, financing and functioning of political parties in Nigeria and, by so doing, allow INEC to focus on the conduct of elections.

"Set up a mechanism for periodic reviews of electoral laws to ensure they remain relevant and in tune with global best practices. Amend the Electoral Act 2022 to allow diaspora voting by government

officials around the world."

The House added that it would also ensure the passage of the National Electoral Offences Commission Bill to confer powers of the Commission to prosecute electoral offences.

It is also proposing amendments to the Constitution on issues related to elections in Nigeria to address some shortcomings including; "Appointment of Chairman and National Commissioners of INEC. "Creation of an Electoral Offences Commission as an independent body; and Relevance or otherwise of Resident Electoral Commissioners of INEC in the States."

Also, as part of the legislative agenda for the 10th House, the Green Chamber promised to introduce stricter penalties for misappropriation, misallocation, or

Lagos, EnterpriseNGR Shine at Lord Mayor's Show Lagos State and EnterpriseNGR made history on Saturday, November 11, as the first African participants in the prestigious Lord Mayor's Show, with a spectacular procession that celebrated the rich cultural heritage and economic prowess of Lagos State and Nigeria.

A statement yesterday, explained that the success of the historic participation set the stage for a series of engagements culminating in the “InvestLagos” Reception, held a few days after the Lord Mayor’s Show.

In partnership with EnterpriseNGR, Lagos State recently inaugurated the Lagos International Financial Centre (LIFC) Council to bolster Lagos' standing as a global financial centre.

The LIFC Council thereafter took its “InvestLagos” strategy, and “Open for Business” message to the Lord Mayor's Show, inviting the world to witness the vast opportunities Lagos State has to offer foreign investors.

“The pioneering journey, undertaken with a mission to position Lagos as Africa’s premier financial centre, has undoubtedly left an indelible mark on the global stage.

“The float design showcased the progress and dynamism of Lagos State, a thriving financial centre with over 25 million residents. Featuring familiar icons integral to Lagosians’ daily lives, the design incorporated symbols of innovation and growth, including the recently launched Lagos Blue Line train.

“Naira design patterns, elements of the Nigerian coat of arms, iconic Danfo and Keke Marwa vehicles, and the Eyo Masquerade collectively depict the city’s cultural richness and significant economic prowess.

“The float was more than a celebration of Lagos' resilience but a proclamation of its remarkable journey and achievements on the global stage.

“The float also told the story of the fruitful and important partnership between EnterpriseNGR and Lagos State, emphasising the valuable outcomes that come from collaborations between public and private sector,” the statement added.

It further noted that the vibrant parade featured executives of EnterpriseNGR and the Lagos State Government adorned in the colourful splendour of Aso-Oke as well as traditional Eyo dancers, a symbol of Lagos' cultural heritage, who graced the procession, brought to life the city's deep-rooted traditions.

“Our Heritage UK, a UK-based African cultural charity group, added to the rhythm, infusing the parade with the spirit of traditional music and dance,” it added.

The CEO, Ms. Obi Ibekwe and other executive members of EnterpriseNGR were on the float, sharing the exciting story of Lagos, EnterpriseNGR, and celebrating the growing global influence of African nations.

Governor of Lagos State, Mr.

Babajide Sanwo-Olu, said, “Our participation in the Lord Mayor's Show was a resounding success. This visit had a more strategic purpose.

“It was a manifestation of our commitment to a bold vision—positioning Lagos as Africa's beacon of financial innovation. The newly inaugurated LIFC Council played a pivotal role in showcasing the investment potential of Lagos on a

global platform. “As our procession made its way through the streets of London, we let it be known that Lagos State was not just participating in a historic parade; we were striding into the global spotlight, inviting the world to witness our dynamism and echoing the message that our great State is open for business, with a myriad of investment opportunities available to all.”

any form of financial malpractice within the security sector.

The 10th House said it would take legislative measures to support the government's drive to end insecurity.

It added that the House would put adequate and proactive legislation and policy options in place for oversight to curb corruption in the sector and also end insecurity.

It noted that the House would enact legislation that mandates a more detailed and itemised budgetary disclosure for security agencies. It stressed that while certain specifics might be kept confidential for national security reasons, a general breakdown should be accessible to the public.

It added: "Mandate regular independent audits of security sector expenditures. Create or empower an independent body with the necessary clearances to perform these audits.

"Strengthen parliamentary oversight over security sector spending.

Committees responsible for defence, internal security, and intelligence should have powers to scrutinise and review the full details of budgetary allocations and expenditures."

The House assured that it would pass the whistleblower protection law to encourage individuals within security agencies or related bodies to report financial malpractices without fear of retaliation.

It said the legislature would be put in place standard and make the procurement processes for security

equipment and services transparent to reduce the chances of inflated contracts or purchases that do not offer value for money.

The House said it would also encourage competitive bidding and open tenders for major securityrelated procurements.

It added: "Legislate for the establishment of a Security Sector Reform Commission to oversee reforms within the security sector, including financial transparency and accountability.

“Introduce stricter penalties for misappropriation, misallocation, or any form of financial malpractice within the security sector.

"Empower anti-corruption agencies with more autonomy and resources to investigate and prosecute financial misconduct within the security sector."

The House also promised to review the current system of policing in Nigeria, while also strengthening the framework for ‘community policing’ to decentralise the police structure and allow zonal commands to take prompt action police issues.

The House vowed to open up national discussion on the merits of State Police, aggregate citizen's views and perspectives.

If further assured Nigerians that it would adopt legislative measures to reform the Nigerian Police Force and position them as the primary agency responsible for internal security.

Nigerian Academy of Letters Decry Poor Quality of Entrants intoVarsities Kuni Tyessi in Abuja The Nigerian Academy of Letters (NAL) has lamented the decline in the quality of entrants into the Nigerian university system, saying urgent intervention was needed to stem the worrying tide.

President of NAL, Prof. Sola Akinrinade, stated this yesterday, at a policy review workshop on, “Strengthening the Educational System in Nigeria Through STEAM” organised by the Nigerian Academy of Science, Nigerian Academy of Letters and the Nigerian Young Academy (NYA), which wws sponsored by the Joint Admissions and Matriculation Board in Abuja.

Contrary to popular belief that the decline was a result of lowered educational standards, Akinrinade argued that the standards at the Basic

and Senior Secondary Levels had increased, adding that the root of the problem lied in the implementation of these standards, which had become suspect over the years.

He said the poor performance of Nigerian university entrants spans across disciplinary groups, making it evident that a holistic approach is required to address this multifaceted issue.

Akinrinade, stressed the importance of comprehensive interventions in overcoming these challenges.

“Our problem has to do with the implementation of the standards, capacity for which has become suspect over the years. The poor performance transcends the boundaries of disciplinary groups hence, interventions such as ours must be holistic.

“The importance of STEAM

education as a critical factor in the sustainable and inclusive development of a country such as ours cannot be overemphasised. Properly implemented, STEAM education encourages innovation, reduces poverty, and provides beneficiaries with the appropriate tools to improve their lives and those of others.

“If, through this intervention, we succeed in building alliances for the proper implementation of STEAM education at the Basic and Senior Secondary levels in the country, we will have made a great investment in the lives of future generations of Nigerian youths."

The workshop aimed to bring together stakeholders from academia, government agencies, industry leaders, and educational practitioners to brainstorm and develop effective solutions.

By incorporating STEAM, it was expected that a more innovative and integrated approach could be adopted to nurture well-rounded and capable individuals.

The President of the Nigerian Academy of Letters emphasised the need for urgent and concerted efforts from all stakeholders to reverse the decline in the quality of entrants.

“This alarming trend must be addressed promptly to ensure a prosperous future for Nigeria’s education system.”

Also, speaking at the opening ceremony, the Registrar of JAMB, Prof.

Ishaq Oloyede, expressed delight over the event and emphasised the merits of adopting a holistic educational approach that combines scientific knowledge with artistic expression, ensuring a well-rounded education for the nation’s future leaders.

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FEatures

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

Taking Action Towards Waste-free Future with Nestlé Nigeria's Sustainability Initiative

Nestlé Nigeria is committed to a waste-free future and has taken steps to promote environmentally sound waste management practices for a clean, safe, and sustainable planet. As part of the Nestlé Cares Initiative 2023, over 400 Nestlé employees cleaned up 12 markets across the country, collecting 6,660kg of solid waste and 79kg of recyclables across the locations. Rebecca Ejifoma reports

Volunteers cleaning up Ojuwoye market in Mushin area of Lagos

N

igeria faces a major environmental problem as a result of excessive use of plastic for drinks and food packaging. Sadly, millions of tons of plastic waste have accumulated over time and continue to pile up in the environment, with some buried in landfills and others dumped on the streets and in drainages. Yet not many Nigerians are ready to shed that unhealthy behaviour.

Therefore, to enlighten Nigerians on the fringe benefit of saving the planet and sustaining the environment, over 400 volunteers from Nestle Nigeria showed up at 12 markets across the country. They helped pick up trash and beautify the area to the amazement of residents and pedestrians.

These volunteers were employees from Nestle Nigeria, who were eager to give back to their community and help create a more sustainable environment.

The market locations are in states including Lagos, Kano, Port-Harcourt in Rivers, Sagamu in Ogun, Ibadan in Oyo, Jos in Plateau, Abuja and Abaji in the FCT, Awka in Anambra, Ota and Agbara in Ogun, and Enugu powered by MAGGI, one of Nestlé’s leading brands.

Every year, volunteers under Nestlé Cares, the company’s global employee volunteering initiative, collaborate with the Africa CleanUp Initiative (ACI), an NGO passionate about raising environmentally responsible citizens, for clean-up, sensitisation, and advocacy on Environmental Sustainability.

This year, the cleanup initiative provided the necessary equipment and resources for a more effective outcome. Volunteers were given waste bags to collect trash, rakes, trash grabbers, and wheelbarrows to convey the collected garbage. They had disposable gloves on, and nose masks.

The event was not only about cleaning up the environment but also about educating and inspiring others to do the same. “At Nestlé, we are taking concrete actions to protect, renew, and restore the environment every day. We are conscious that indiscriminate waste disposal coupled with limited recovery services aggravate the waste crisis," says Nestlé Nigeria’s Corporate Communications and Public Affairs Manager, Victoria Uwadoka.

According to her, Nestle Nigeria recognises that creating awareness through advocacy is necessary on its journey toward a wastefree future. Hence, their priorities include improving post-consumption plastic waste management by motivating behavioural

changes and creating an efficient recovery system in collaboration with other industry and community stakeholders.

She emphasised: "We are also accelerating sustainability education through our employees, the media, our communities, and children in our Nestlé for Healthier Kids beneficiary schools". Uwadoka hinted that the market clean-up exercises are one of the ways they have sustained their efforts to improve our environment over the past five years.

Lagos Generates 32m Tons of Waste Yearly Nestle Nigeria's resolve to clean the environment follows the worrisome rate of waste Lagos state generates annually.

According to Dataphyte in June 2023, Nigeria generates more than 32 million tons of waste per year, with Lagos alone producing about 10,000 metric tons of waste daily.

Thus, the cleanup event is to help keep the city's drainage channels and green spaces clear from debris. Nestle, however, lamented that Nigeria has a nascent waste collection system, adding that poorly managed waste ends up in waterways and clogged drainages, exacerbating the environmental hazards, including flooding plaguing the country due to the effects of climate change.

The firm admitted that addressing the plastic waste challenge requires behaviour change from all and Nestlé believes that there is no better place to start than from within. To propel such a change and address the waste challenge in line with its global challenge and with the company’s global vision that none of its post-consumer packaging waste ends up in waterways or as litter in the environment, Nestle collaborated internally and with external stakeholders to address the waste.

Nestle Employee Plastics Collection Scheme The World Clean-Up Day, com-

memorated annually in September, provides a platform for Nestlé’s employees to help promote awareness of environmentally sound waste management practices for a clean, safe, and sustainable planet.

With a strong commitment to help protect, renew, and restore the environment, the company is implementing many initiatives to promote environmental sustainability.

In 2022, Nestlé Nigeria launched her employee plastics collection scheme which inspires staff to protect the environment and combat plastic pollution by inculcating the habit of sorting wastes at source and recycling for sustainable environmental management.

Through the scheme, employees return all plastic materials, not limited to the company’s brands.

They earned points culminating in exciting rewards and management recognitions.

Partnership with LBS Over the years, the company has partnered with the Lagos Business School Sustainability Centre on the “Advancing Nutrition, Health and Environmental Awareness through the Media” training. It equips journalists across the country to effectively communicate and educate the Nigerian populace on global best practices and lifestyle choices that impact everyday living and carry out fact-based reporting on nutrition, health, wellness, the environment, climate change, and corporate sustainability practices.

Nestlé has also extended her education campaign to the younger generations through the Sustainability Training for Kids which enables children to imbibe a sustainability mindset from an early age, thereby

Nestle Nigeria's resolve to clean the environment follows the worrisome rate of waste Lagos state generates annually. According to Dataphyte in June 2023, Nigeria generates more than 32 million tons of waste per year, with Lagos alone producing about 10,000 metric tons of waste daily

preparing them to become better stewards of the planet.

The training, implemented in collaboration with the International Climate Change Development Initiative (ICCDI), furnishes children with information on waste management, introduces them to the conversion of waste to useful items, and encourages them to adopt positive behavioural changes to enhance environmental sustainability.

The children are also taught sorting of waste at the source with the donation of segregated bins to participating schools.

6,660kg of Solid Waste and 79kg of Recyclables According to the Founder/CEO of the African Clean-Up Initiative, Dr Alexander Akhigbe, participating in clean-up exercises is a great way to get involved and make a difference in keeping our environment clean and healthy for everyone. At the African Clean-Up Initiative, we are passionate about raising environmentally responsible citizens and communities, working for the highest good of the planet.

"For this year’s exercise, we ensured the proper management of over 6,660kg of solid waste and 79kg of recyclables collected across all the locations, so that they do not end up back in the environment. We are honoured to be working with Nestlé Nigeria as her implementing partners for this year’s event,” he added.

A member of the Ojuwoye market committee in Mushin, Lagos, Comrade Aremu Komolafe, expressed his pleasure with volunteers from Nestlé Nigeria who joined the traders and market leaders to clean up the popular market in South-West Nigeria.

He acknowledged that with the significant amount of waste generated daily due to the large number of visitors and traders buying and selling, the burden of keeping the market clean is huge.

To mitigate the situation, the Lagos State government has mandated every Thursday for market clean-up and sensitisation of shop and store owners on the need for proper waste disposal.

Komolafe is excited that the cleanup initiative by Nestlé Nigeria will support these environmental sanitation efforts.

For Nestlé Nigeria, a leading member of the Food and Beverage Recycling Alliance (FBRA), it has resolved to continue to play its part to ensure a cleaner and healthier environment across its operating locations, helping to create a more sustainable world.

18

T H I S D AY • THURSday NOVEMBER 16, 2023

politics

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

Ya’u: State Houses of Assembly Should Be Independent of Executive Arm

Co-Convener of the Nigeria Civil Society Situation Room, Yunuza Zakaria Ya’u, in this interview with Onyebuchi Ezigbo, speaks on salient national issues including the legislature being independent of the executive arm at the state level while also blaming the Independent National Electoral Commission for not utilizing the opportunity offered by the introduction of new technologies to engender more transparency in the country’s electoral process.

W

hat is your background like as a Civil Society Activist?

I have always been an activist. I was a student activist and was also associated with civil society activism. In 1983, we had a conference of Women in Nigeria and that gave rise to the first feminist organization - Women in Nigeria. We were also part of the founding members of Campaign for Democracy (CD) as well as of the United Action for Democracy, (UAD). I was involved in Civil Liberties Organizations (CLO) which I served for over eight years as a board member. I was the Deputy President of Democratic Alternative (DA), and through that, we were involved in the struggle against military rule especially when the presidential election of June 1993 was annulled and of course, I was put in detention several times. One thing that we recognized early when we were in the Civil Liberties Organization, was that the focus on the legal instruments as a key to promoting human rights and respect for human life was useful but limited.

It was important to broaden the spectrum and combine other strategies. We formed the community action for popular participation, for which I became the president, which was focused on communities and recognizing people who can’t fight for this right. That’s my trajectory in civil societies.

What is the view of the Situation Room on the call for the scrapping of State Independent Electoral Commission (SIEC)?.

I agree with you about this. They are not elections they do there, they are just appointments. For me, we need to work to ensure that those elections are democratic. However, I don’t support the idea of transferring the elections to INEC. We are in the process in which we are saying that there’s too much centralization of power in this country.

When people talk about restructuring it also means devolving powers to the state rather than taking all the powers from the states and bringing it to the national. We need to take things out of our exclusive list and transfer them to the state. What is needed is not about who conducts the election but creating a framework that will ensure credible, free, and fair elections at the state level. Now we have been making a lot of progress in terms of reforming the electoral system at the national level. I think we haven’t been paying much attention to doing the same at the state level and I think that is an important area that Nigerians need to pay attention to. Let’s not look for an easy path, we have seen that INEC itself isn’t automatically free and fair, it is because of the vigilance of people, how media is focused on them, and the presence of international observers, so there’s that convergence of interest and transparency which is lacking at the state level.

I think that we need to begin to deploy the same resources of the international observers and local observers to the state level. We also need to consider the powers of governance, I think our constitution has given the governors enormous power that they could always misuse because they control the state houses of assembly and many state Houses of Assembly reject autonomy when it should be in their interest.

Until we can do that; to get state assemblies to understand that they are independent from the governors, we will never get free and fair elections in the states.

have moved on to the IReV and the BVAS. Although the ruling of the Supreme Court has set us back, with the electoral reforms, we hope that the National Assembly will make sure that the use of the BVAS and IReV would add to the guidelines to be part of the legal framework.

What do you actually mean by the Supreme Court ruling setting us back in the electoral process?

A - By the time the current Electoral Act was signed, everyone believed that INEC was mandated to use the BVAS and IReV. Unfortunately, we saw what happened in the last general elections where there were many instances where it was not used. Candidates went to court and contested that and the Supreme Court confirmed that it wasn’t legally necessary for INEC to use it meaning that it wasn’t mandatory. The next amendment has to make it mandatory for both to be used by INEC.

Ya’u What has the experience been like advocating for democratic ideals, fair free and fair election using the auspices of the Situation Room?

As you said the key objective of Situation Room is really to deepen democracy in Nigeria. You cannot deepen democracy without free, fair, and credible elections.

In this regard, our efforts have been focused on ensuring that elections in Nigeria are free, fair, and credible.

We do that through engagement with various stakeholders like INEC, security agencies concerned with law enforcement, and other Civil Society Organizations.

We also drive voter education, conduct actual observations of elections, and develop monitoring reports from results. Generally, getting our members to work at the state level to ensure that the democracy works for the citizens because it’s not just enough to conduct elections but also all leaders should be accountable by what they deliver to the citizens in terms of improving existing conditions which is what the Situation Room has been doing and then.

We recognize that credible elections are not just a function of bodies, organizations and so forth but it’s also framed by an Electoral Act with accompanying guidelines.

The Situation Room has been at the forefront of electoral reform in Nigeria by providing suggestions on opportunities for improvement based on our observations of elections- the lapses, the challenges we have seen, and the solutions we proffer.

We engage the National Assembly, discuss these issues with them, and try to get them to amend the Electoral Act, where possible.

What impact has Situation Room made these years in improving electoral conduct in Nigeria?

I think that what we can say is that gradually, and I think this is consistent, the electoral law has been improving. If you look at the various alterations that we have up to this moment, progressively we are addressing challenges, issues, and problems. Today, we have perhaps one of the best electoral laws. We could also look at milestones in terms of the processes. The introduction of technology in the election has been gradually helping to improve the process and promote transparency.

First, the Card Reader was introduced, and I think many people said it was a game changer that would produce results, now we

I think that we need to begin to deploy the same resources of the international observers and local observers to the state level. We also need to consider the powers of governance, I think our constitution has given the governors enormous power that they could always misuse because they control the state houses of assembly and many state Houses of Assembly reject autonomy when it should be in their interest. Until we can do that; to get state assemblies to understand that they are independent from the governors, we will never get free and fair elections in the states.

Are you worried that manipulation of election results has not abated despite the introduction of technology by INEC? I’m not worried about the number of litigations because it shows the imperfection of our processes. What I am worried about is that the conduct of our politicians has not improved, rather the level of impunity is increasing and I think that is the most worrisome thing for us.

In the beginning, one could say it was because we are coming from long years of military rule which has socialized people with the military mentality, so politicians in particular who are aspiring for power and who got into power behave like military rule. They don’t understand the tenets of democracy, they don’t have respect for democracy, and so they don’t believe in the rule of law. And therefore this conduct was hindering progress in terms of the quality of our elections.

Gradually I think that rather than the situation improving now that we are coming years away from the military rule, the new crop of leaders are even more intolerant, authoritarian, and so forth. I think that is worrisome. But I think that on reflection, this is a general challenge to us as citizens who have to come to terms with democracy as a process and democracy as a culture.

I think our focus has been on democracy as a process. When you don’t have democracy as a culture, meaning that it’s the government in social interactions and so forth then we would always have this problem of people claiming to be democrats, who have no respect for democracy.

And so we need to begin to see democracy permeating all parts of our lives; the family level, school, institutions of learning, and so forth. So If you go to our institutions for instance today and compare them with 20 years ago, you will be saddened because many years ago you had free and independent student unionism. Today, the Vice Chancellor simply appoints student leaders, student leaders no longer talk about student unions, they talk about student government, learning from what they see at the national level.

That for me is regressive in terms of black culture in democracy. I think that this is an area that we need to watch while simultaneously addressing the formal process of democracy which is institutionalizing and internalizing democratic efforts in ways in which it will prove beneficial for citizens.

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

19

T H I S D AY • THURSday NOVEMBER 16, 2023

politics

Understanding the Friendly Enemies of Nigeria

Mon-Charles Egbo writes about the need for both the executive and legislative arms of government to take necessary steps towards cutting down on the cost of governance in the country.

Tinubu

“The first law of nature is self-preservation. Cut off that which may harm you. But if it is worth preserving, and is meaningful, nourish it and have no regrets. Ultimately, this is true living and love of self...from within.” - T.F. Hodge “The people that do us most harm are the people who shield us from reality” –Agatha Christie.

N

igeria manifests every index of an ailing state. By every standard of assessment, the country is distressed and at the lowest ebb of its socio-economic and political development.

And though this complicated circumstance is self-inflicted, the most culpable of all the factors are the elites. These are the compatriots who by priviledged exposures and opportunities acquired certain advantages over the rest. They lack the numbers yet they shape the outcomes in all aspects of our national life, notably politics and economy. This they achieve sequel to their unbridled access to the media and other state resources.

Majorly, they cut across every segment of the economy and politics. The arrowhead of their agenda is to always remain relevant and influential to keep the masses on the line.

In this ideology, they are united except when, once in a while, their partisan interests clash which mostly do not last long.

The two quotes above aptly describe their guiding philosophy and strategy. To achieve and sustain “self-preservation”, they must constantly “shield us from reality”.

Hence, they wilfully and skilfully take advantage of the vulnerable to advance their agenda. They exploit the desperation of the poor and ignorant to propagate divisive tendencies.

Once again, they know the truth but choose to ignore it. They have the solutions but deliberately compound the problems. They preach the truth only when their interests conflict. Then, they resort to sermonizing and telling the people things that soothe the ears even when all the while they have been acting the opposite.

For example and as highlighted earlier, Nigeria’s present predicament is worrisome to every well-meaning citizen. Even the government of the day is agitated. The masses are increasingly overwhelmed by despair. And of course, the elites are not spared. How can they be, when despite their relative advantages, they have less-privileged dependants, neighbours and associates around them?

And so except for ignorance or mischief, Nigeria’s economic woes predate the present national assembly. The high cost of governance has since been identified as the major opening for economic wastage in the country. Manifesting as over-bloated public service, poor budgetary system and weak institutions which are all being driven by corruption, these cumulatively weigh down on the economy and derail every effort at revitalization.

Next to them are also the effects of the military incursion in Nigeria’s politics before 1999. That inglorious era, just like the civil war, eroded every semblance of democratic norms and tenets as well as greatly undermined senses of nationalism and patriotism among the citizenry.

These have constituted a clog in the wheels

Akpabio of Nigeria’s journey to nationhood.

However, successive federal governments, including legislatures, have initiated and implemented a series of interventions to stem the tide. There have been governance policy thrusts and legislative agenda serially targeted at the economy. There have been laws made and agencies established with the sole aim of rescuing, stabilizing and growing the economy and politics of the country.

But in all these, no specific attempt has even been made in the area of holistic reduction of the cost of governance. The salaries and allowances of public officials are still at an all-time high. Nigeria today finds it expedient to borrow to pay the salaries of its workers. Also pathetically, the country still borrows to service existing debts and even until recently, it borrowed to pay for petroleum subsidies. Maintenance of the elected and appointed public officials gulp the highest chunk of annual budgets. In short, politics is now the only viable industry in the country where public offices have become so attractive that it is now a culture to pay one’s way to positions of authority.

And quite painfully amid all these, it is only the elites that are benefitting.

They are always conscious that it is to their eternal advantage that the masses are suffering and looking up to the elites for survival.

To further illustrate these assertions, it is common knowledge that in the evolving democracies, the legislature is as powerless as it is at the mercy of the executive.

The powers of the president and the state governors are so enormous that they determine the dimension and direction of legislative outputs. Financial dependence is the greatest albatross of the legislature. Without operational funds and logistics, the legislature is as toothless as it cannot even bark. In practical terms, the legislature does not possess the ability to protect itself from executive dominance, ridicule

Abass and exploitation.

Just recently, the Senate and the House of Representatives were begging cap-in-hand for President Bola Tinubu to make his appointees honour legislative summons particularly relative to budget passage.

More than anyone else, the elites know this but choose to downplay it in their commentaries.

After all, to attain and sustain self-preservation, the people must always be shielded from reality.

Again, the laws of the land are utterly obsolete and faulty. By the constitution, there is nothing practically that the legislature can do to stop the executive from achieving whatever it desires, including borrowing and or spending without approval as well as engaging any number of appointees. And until these laws are repackaged, meaningful developments will continue to elude Nigeria. The elite are aware of these but they cannot allow it to form parts of topical issues for national discourse. Even organized labour cannot lead protests against the outdated constitution.

Another dimension to this aspect of the elitist hypocrisy played out in the recent attempt at altering some sections of the Constitution.

There were legislative public hearings across the geo-political zones.

The thematic areas of interest and the schedules of the event were widely publicized earlier.

It was expected that the elites would seize the opportunity to mobilize and sensitize the people towards a productive outcome. But in the end, the events were greeted with apathy and curiously also, no mention was made in any manner, of the overriding need to reposition the legislature for optimal performance.

Meanwhile, the state governors had hoodwinked most state legislatures into undermining the national assembly concerning the items on the concurrent list. Yet we expect to make progress as a people. And once again, the elites, in the spirit of self-preservation, are not moved into positive actions by all these, simply because the citizens’ welfare is not the motive.

Furthermore, there is a monetization policy wherein public officials pay a valued sum, at the end of their tenures of office, to assume ownership of certain operational items such as furniture, stationery and vehicles, including in some cases, residential accommodations. The idea is to take the attendant maintenance costs off the shoulders of the public.

But in all these, no specific attempt has even been made in the area of holistic reduction of the cost of governance.

The salaries and allowances of public officials are still at an all-time high. Nigeria today finds it expedient to borrow to pay the salaries of its workers. Also pathetically, the country still borrows to service existing debts and even until recently, it borrowed to pay for petroleum subsidies.

Maintenance of the elected and appointed public officials gulp the highest chunk of annual budgets. In short, politics is now the only viable industry in the country where public offices have become so attractive that it is now a culture to pay one’s way to positions of authority.

It thus implies that at the inception of every dispensation, there are budgets for those used and disposed items. This has been the practice in the three arms and three tiers of government in the country. No doubt, it contributes to the unfortunate high cost of governance which ought to have been addressed before now. But the elites will feign ignorance only to politicize it at every four-year interval just to maximally exploit the general mood of the masses in maligning and vilifying the legislature.

It bears repeating that since 1999, there has yet to be a specific campaign championed by the elites for a reduction of the cost of governance, across the board. Not even one! The issue of purchasing vehicles for public officials which incidentally is lawful has rather become a seasonal warfare surreptitiously targeted at engineering massive perception of the lawmakers as being insensitive and wasteful.

The presidency, governors, local council chairmen, ministers, commissioners and heads of MDAs as well as other sundry appointees are immune to such public attacks and clamour for national sacrifice. Even some of the vocal elites have variously benefitted from this policy. So one can sense sufficient contradictions in most of the commentaries in the land. Otherwise, calls for national sacrifice should not be selective and seasonal.

Though there are several other key areas to underscore the fake bravados and skewed narratives supporting the warped ideologies of the elites, this intervention is a clarion call to the masses. They should see the urgent need to liberate themselves from the slavish allegiance to a moribund convention that has since mortgaged their future.

People should realize that stupidity is knowing the truth and believing otherwise and also that doing the right at the wrong time smacks of hypocrisy. They should interrogate every offering of the elites to see if it supports good governance, inclusivity and political participation where citizens’ welfare defines every word and deed.

This is because the elites at every contact point are determined to advance their cause. As such they keep playing the ostrich and propagating diversionary narratives aimed at holding the masses down perpetually.

And also, it is only when their partisan interests conflict that they resort to public commentaries which are veiled efforts at inciting the masses against the government, particularly the legislature. Their criticisms are merely impassioned rhetoric motivated by political expediency and self-preservation, especially about the last general election.

Otherwise, are they just realizing that fundamental issues have been crying for attention for a long in the country?

Do they have a history of being the solutions beyond grandstanding? Why do insecurity, corruption, electoral fraud and social inequality still fester in the country, if truly the elites are altruistic? Where did the individual elites stand during the last general elections?

But in the interim fellow countrymen and women, may we always remember that “selfpreservation is the first law of nature” while “the people that do us most harm are the people that shield us from reality”. For it is only in this that Nigeria can develop meaningfully.

-Egbo writes from Abuja.

T H I S D AY

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THURSDAY NOVEMBER 16, 2023

NNDC adopts a code of ethics and pledges to serve its stakeholders diligently and transparently, writes MAHMUD JEGA

NNDC’S GREAT NEW ETHICS CODE New Nigeria Development Company Limited [NNDC], one of the oldest and most impactful regional development finance institutions in Nigeria, will formally inaugurate its Code of Ethics and Business Conduct at a ceremony in Kaduna, today, November 16. It is a great leap forward, designed to commit NNDC Ltd and its subsidiaries to the highest standards of service delivery and to instill in all the company’s stakeholders legal, lawful, moral and ethical cultural values in their daily conduct. It is also intended to reward good behavior and sanction misconduct.

NNDC itself is older than independent Nigeria.

It was established in 1949 as Northern Regional

across Nigeria. In November last year, NNDC made a big splash with the commissioning of its Kolmani River II oil field in Gombe and Bauchi States. The field has an estimated one billion barrels of oil reserves and 500 billion Cubic Feet of Gas. The project’s take-off is expected to result in building of oil and gas processing facilities, modular refineries, fertilizer manufacturing and power plants in and around the general area and neigbouring states.

Such a business and development finance behemoth must nurture and protect its culture of responsibility and development. Hence its Board, chaired by former Economic Adviser to the President Malam Tanimu Yakubu, adopted

Production Development Board [NRPDB], meant to contribute to the economic development of the then Northern Region of Nigeria. In 1956, NRPDB was reconstituted as Northern Region Development Corporation [NRDC] and in 1960, its name changed again to Northern Nigeria Development Corporation, (NNDC). It was incorporated under the Companies Act (CAP. 37) 1958 in October 1965. In 1976, this corporation was dissolved and replaced by New Nigeria Development Company (NNDC), its current name.

For more than seven decades, NNDC has been the beacon of development finance in Northern Nigeria. It has played an extremely important role in nurturing entrepreneurship in the region and the country by interconnecting business, government, academia and community. NNDC is jointly owned by the governments of Nigeria’s 19 Northern States. It has a visible presence in many business sectors including agriculture, real estate, manufacturing, hospitality, oil and gas, telecommunications and the capital market. As a holding company, its many services include equity participation, project planning and implementation, feasibility studies, consultancy services on financial investments, legal and secretarial services, underwriting of shares and debentures, management skills development, agriculture and agro-allied projects, hotel development and management, construction services and real estate development, property management and maintenance, prospecting, mining, processing and exporting of solid minerals, oil and gas exploration and telecoms.

NNDC’s subsidiaries include NNIL, Arewa Hotels, Arewa Suites Abuja, Kaduna Hotels (Hamdala Hotel), New Capital Properties, Drake & Scull, Aso Motel Kaduna, Sokoto Hotel, Lake Chad Hotel Maiduguri and Integrated Development Consultants (IDC). It also has investments in 39 associate companies spread

the Code of Ethics and Business Conduct.

The code commits NNDC to serve all its critical stakeholders diligently and with full accountability and transparency. It promises for the shareholders, profitability and longterm value of investment; for the employees, a conducive working environment, job security and enhanced career path; for the communities, Corporate Social Responsibility, responsible investment, integrity, cultural diversity and safe environment.

The code is for application in NNDC Group’s Holding Company, its subsidiaries and associate companies. All its stakeholders including directors, managers, employees, contract staff, third-party personnel seconded to NNDC and its business partners must adhere to the code.

NNDC’s Board of Directors is also upgrading the policy by instituting a Corporate Compliance and Ethics Program to ensure abidance with subsisting laws, regulations and procedures and to further propel the company on the path of responsible operations. Its Group Managing Director/CEO, Shehu Mai-Bornu, said the Code of Ethics and Business Conduct recently approved by the Board of Directors captures NNDC’s desire to update its business practices and ensure adherence to the best practices of corporate governance. This, he said, must be evident in its dealings with all stakeholders. He implored all and sundry in the NNDC Group to study, understand and continuously uphold the Code of Ethics.

With this well-crafted Code of Ethics and Business Conduct, this great corporation that has already left indelible footprints in the sands of investment and social responsibility time is primed for even greater things to come.

Jega is Editor-in-Chief of 21st Century Chronicle and Member of THISDAY Editorial Board

DAYO SOBOWALE argues that no apology can make up for historical wrongs

COLONIALISM, APOLOGIES AND CIVILISATION I start today on the premise that there is a current trend, globally, to subvert history with apologies and reparations, that is bound to cause more harm than good to the cultures and forced civilisations that have been the immutable products of such history.

Colonialism has decidedly left its immutable mark and signature in the life and times as well as the culture of the colonial subjects of the colonies that it conquered by force of arms and the strategy of religion and gunboat power and diplomacy. There have obviously been irreparable damage to the cultures of the conquered and subjugated colonies in terms of acculturation and assimilation into the cultures of the colonial powers that have no atonement or redress, financially and culturally. So who, what and why the sudden and recent plea for apologies and regret for planned and well- premeditated explorations of plunder that enriched the coffers of past colonial masters, especially from the ancient capitals of the champions of colonialism in recent times? I will illustrate with examples to show that the answer may not be found in the assumed compunction or in the pleaded face saving apologies to history, but in the simple fact that the chicken has come home to roost for colonialism in terms of democracy which is a

game of numbers, and in the very heart and capitals of formerly colonial Europe.

Last week the British monarch King Charles 111 read the Speech from the throne in the British House of Commons written constitutionally by the PM Rishi Sunak, son of Indian migrants and products of colonialism . The same King Charles was on a state visit to Kenya where he apologized for the wrongs of colonialism in the place from where the mother, the late Queen Elizabeth 11 was informed of her father’s death and was proclaimed Queen on Kenya’s colonial soil immediately.

Also this same week Elon Musk the owner of X (Twitter) and electric car giant Tesla asked rich Tech billionaires like himself to procreate and have children because humanity would be wiped out very soon if the decline being witnessed globally in human population growth persists. Musk, all on his own, already has 10 children from three women. Yet, in colonial times monogamy was used to wipe out polygamy, the traditional marriage system found on the ground in African societies by gun- toting, bible - carrying colonial evangelists.

Musk went on to raise the alarm that global demographic reduction was a more potent and dangerous issue than climate change for human civilization as we know it today.

It is here that I want to draw a comparison

between King Charles’ speech from the throne written by the colonial subject Sunak as PM and Elon Musk’s opinion that natalism, which is promotion of human procreation or childbearing, is more important to the future of human civilization and survival than climate change, the progressive ideology driving human civilisation and economic development against the future nowadays. King Charles’ unprecedented long wait for the crown has seen him adopting conservation as his life-long objective to preserve the human environment long before climate change became the powerful environmental fashion and power that it is today . But the speech the King read defied the tenets of Britain’s earlier global commitment to climate change to eliminate fossil fuel and oil production by a given date in the future and replace it with clean, green energy. Britain under Sunak is investing heavily in new oil explorations, in new oil fields to boost its sagging economy . In addition in contradistinction to EU cultural values of gender identity, LGBTQ and same-sex marriages, Sunak, leader of the Conservative Party is on record as saying at a recent Party Convention that a man is different from a woman because a man has penis and a woman does not and it is a man and a woman that make a family . Luckily Britain is a Brexit, EU free Britain nowadays.

Let me make it clear. I know that when Elon Musk talks of civilization he means western civilization and not the civilization of the citizens of the former colonies of colonialism. He is a South African, now an American brought up under apartheid and he really cannot understand anything about colonial civilization which the independent nations of colonialism are products of, in spite of their much cherished independence.

I will use Nigeria and Ghana to illustrate the point I want to make that no reparations or apologies can indemnify the wrongs that King Charles apologized for in Kenya or any former colony for that matter including my own Nigeria. Indeed I make bold to say that it is better to let the sleeping dogs of history lie very dead rather than resurrect painful memories that will reopen old wounds that are socially and culturally untreatable like an unstoppable human cancer .

Look at Kenya’s history which is that it got independence through the Mau Mau Uprising led by Jomo Kenyatta who became president at Independence and his son Uhuru who later became a president of Kenya. Uhuru Kenyatta and his former VP Ruto, who succeeded him speak impeccable English and I have never seen them dressed in anything but sleek European designer suits. Can any historical apology change that? On a personal note many of us writers and journalists and even engineers and doctors earn a living by practicing our trade and professions with the English language. Can we ever do that in vernacular? What reparations or apologies can change that? Some have called such views colonial mentality but can we exist without it ?.

Sobowale is a news analyst with Arise News

21 4

T H I S D AY

THURSDAY NOVEMBER 16, 2023

EDITORIAL

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

T

A CALL FOR CEASEFIRE IN GAZA It’s time to stop the bloodshed

other Western powers. “One of the two envisaged he ‘International Day for Tolerance’ States proclaimed its independence as Israel and in being marked today all over the world the 1948 war involving neighbouring Arab States provides an opportunity for a decisive expanded to 77 per cent of the territory of mandate intervention that would make for the Palestine, including the larger part of Jerusalem,” withdrawal of Israeli military troops according to the UN. “Over half of the Palestinian from Gaza, to end the human suffering.

Arab population fled or were expelled. Jordan and While we deplore the October 7 attack on Israel Egypt controlled the rest of the territory assigned

by Hamas and commiserate with the people, the by resolution 181 to the Arab State. In the 1967 war, current siege on Gaza, the humanitarian crisis Israel occupied these territories (Gaza Strip and the that has followed and the death of thousands of West Bank) including East Jerusalem, which was innocent people, including women and children, subsequently annexed by Israel. The war brought cannot be justified under any guise. Whatever Israel about a second exodus of Palestinians, estimated at may be trying to achieve in Gaza, the aftermath half a million.” will be deeper hate, greater violence and a further The current Israeli military operation in Gaza has deferment of the much-needed peace in the region. exceeded proportionality Contrary to what of response. The justifiable some Nigerians have right to self-defence by been conditioned to The United States and its European allies have the historical Israel has tipped over into believe, the crisis in the territory of reckless the Middle East is not responsibility to demonstrate commitment to justice and fairness by invasion and wanton about Christianity and abuse of human rights.

Islam. In fact, it is one treating the two-state solution with the needed sense of urgency We are now witnessing of the most complicated a wanton display of land disputes in history, superior fire power and which the world powers the arrogance of might T H I S D AY have failed abysmally to resolve because of apparent without due regard for the rights of others, notably EDITOR SHAKA MOMODU insincerity of purpose. The Question of Palestine is DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA ordinary Palestinians.

Incidentally, the only path to fundamentally about justice and tolerance which, MANAGING DIRECTOR ENIOLA BELLO Israel’s peace and security is through facilitating as the United Nations reminds us in adopting 16th DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU an independent Palestinian state next door. The November every year as a day to promote the CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI extremities of the current operation make that end EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN virtue, “is respect, acceptance and appreciation of even more distant, hence an urgent global call for THE OMBUDSMAN KAYODE KOMOLAFE the rich diversity of our world’s cultures, our forms an immediate ceasefire followed by an honest quest of expression and ways of being human.” That the for enduring peace.

Palestinians are being denied basic humanity is why Tolerance is indeed a moral resource direly the crisis persists and it is not likely to be resolved needed by mankind today. Moral issues have been by the force of arms. Indeed, the main challenge in T H I S D AY N E W S PA P E R S L I M I T E D raised about the response of the world powers to the EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA the Israeli-Palestinian crisis that has over the years conflict.

The humanitarian catastrophe unfolding in GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, led to a cycle of revenge killings, including the latest ISRAEL IWEGBU, EMMANUEL EFENI Gaza and West Bank should prick the conscience of one, is the inability of stakeholders within the two DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, our collective humanity. The United States and its societies to imbibe tolerance.

ANTHONY OGEDENGBE European allies have the historical responsibility to The UN mandate to partition Palestine “into two DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI demonstrate commitment to justice and fairness SNR. ASSOCIATE DIRECTOR ERIC OJEH independent States, one Palestinian Arab and the by treating the two-state solution with the needed ASSOCIATE DIRECTOR PATRICK EIMIUHI other Jewish, with Jerusalem internationalised,” sense of urgency. We join critical stakeholders all has failed because Israel believes that might is right. CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO over the world in calling for a ceasefire in Gaza.

The situation is not helped by the United States and TO SEND EMAIL: first name.surname@thisdaylive.com

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

LETTERS CELEBRATING OBOSI ITO OGBO CULTURAL FESTIVAL

Obosi, a town in Idemili North LGA of Anambra State, borders Nkpor, Umuoji, Oba, and Onitsha. Its nearness to Onitsha, the commercial hub of the Southeast area, has contributed in no small way to the rapid development of Obosi with Awada-Obosi being the home to many industries, schools, and churches. The wellknown Metallurgical Training Institute is at Obosi, too.

The Obosi people’s embrace of western education and Christianity is why countless natives of the town have achieved rare distinctions in their endeavours and careers. This has made Obosi gain global recognition and the attention of non-natives of Obosi.

Obosi is the home town of the revered international diplomat, Chief Emeka Anyaoku. He rose in his career to become the secretary general of the commonwealth. Anyaoku’s contributions to the growth as well as the deepening of our democracy is immense.

Another illustrious son of Obosi is Chief Chimezie Ikeazor (SAN), the founder of the free legal aids.

But Obosi town does not owe its popularity solely to the achievements of its sons and daughters, who are high flyers in their respective careers. Obosi has many diverse cultural festivals, which have become Obosi people’s cultural identities. In Obosi, the people of the town celebrate such cultural festivals as Olisa, Idemili, Obiora/Iwaji, Ito Ogbo, and others. Each of those cultural festivals has its uniqueness and peculiarities, which fascinate people.

But the Ito Ogbo Obosi festival, which came into existence about 500 years ago, is the grandest and most popular cultural festival in the entire Igboland. Over the years, the custodians of the Obosi culture have guarded against the Ito Ogbo festival going into extinction. So the festival has gained global attention and recognition.

People from neighbouring towns have modelled their own versions of Ito Ogbo Festival after that of Obosi, varying them a little.

But what is Ito Ogbo Obosi festival? Simply put, it is the collective birthday celebration of members of an age grade, who have recently entered the octogenarian age range. The Festival is a triennial event, which celebrates longevity and espouses philosophical teachings which are rooted in the benefits derivable from our living safely and having good health habits.

Against the background of low-life expectancy in Nigeria, those who live up to the grand old age of 80 years ought to throw lavish and elaborate birthday parties to mark that milestone in their lives.

In today’s Nigeria, daily, hundreds of people are sent to their early graves by dare-devil armed robbers, kidnappers, terrorists, bandits, insurgents, murderous separatists, and marauding herdsmen.

And, daily, people die on our roads, which are pockmarked with craters.

So the significance as well as the symbolism of the Ito Ogbo festival, which is reverence for old people, is not lost on us. Don’t we

hold gnarled old people who have aureola of gray hairs in reverential awe? And in many Igbo communities, Obosi inclusive, their leaderships are medleys of gerontocracy and modern democratic practice. That is why the people of Obosi mark the Ito Ogbo festival with so much fanfare and jollity.

Again, the festival has become the unifying factor in the ancient Obosi town. Obosi people living outside Nigeria whose parents are celebrating the collective birthday called Ito Ogbo would return home for the festival. So they would get the opportunity to make peace with their estranged relatives. And the gathering of the oldies who belong to opposing groups in the town for the bestowing of the title of Ogbueshi on them by the traditional ruler of Obosi offers them the opportunity to sink their differences, too.

Beyond all these, the Ito Ogbo Obosi festival has positioned the Obosi town as a tourist site, which if well harnessed, has the potential of yielding money to the people of Obosi during the periods of the performance of the festival. During the period of the festival, Nigerians and non-Nigerians will visit the town to witness the festival and see the town’s monuments, archival materials, and old photographs of past traditional rulers of the town, which form the historical portraiture of Obosi.

Chiedu Uche Okoye, Uruowulu-Obosi, Anambra State

22

THURSDAY, NOVEMBER 16, 2023 • THISDAY

FOCUS

As Ebenezer Onyeagwu Steers Zenith Bank to Triple-digit Growth

Donatus Eleko

Z

enith Bank Plc recently announced its unaudited results for the third quarter (Q3) ended September 30, 2023, recording a remarkable triple-digit growth of 114 per cent from N620.6 billion reported in Q3 2022 to N1.33 trillion in Q3 2023. The performance demonstrated the Group’s resilience and strong market share despite a very challenging macroeconomic environment. It also reflected the leadership direction Zenith Bank has been enjoying under its Chief Executive Officer/Managing Director, Ebenezer Onyeagwu.

According to the bank’s unaudited Q3 financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the top-line also enhanced the bottom line, as the Group recorded a 149 per cent year-on-year (YoY) increase in profit before tax, growing from N202.5 billion in Q3 2022 to N505 billion in Q3 2023.

Under Onyeagwu, Zenith Bank’s profit after tax also grew remarkably by 149 per cent from N174.3 billion to N434.2 billion in the same period. The growth in the top-line arose from both interest income and non-interest income. Interest income grew in the current period by 72 per cent to N670.9 billion from N390.8 billion in Q3 2022, while non-interest income grew by 186 per cent, from N212 billion to N607.2 billion. The growth in profit was similarly attributable to the twin effects of the improvement in interest and non-interest income. Interest income increased because of the growth in risk assets as well as the effective pricing thereon.

In addition, Zenith Bank’s non-interest income growth was largely driven by the revaluation gain due to the unification of exchange rates during the year.

The cost-to-income ratio reduced from 55.8 per cent in Q3 2022 to 37.8 per cent in the current period. Zenith Bank’s impairment levels increased due to the deliberate incremental provisions necessitated by the conservative approach towards the heightened risk environment and the creation of a counter-cyclical buffer needed to deal with any impending volatility of exchange rates. This caused the cost of risk to deteriorate from 1.3 per cent in Q3 2022, to 5.5 per cent in Q3 2023.

However, this was an improvement from Q2 2023 where cost of risk printed at 8.8 per cent because of prudent management of risk assets.

Furthermore, the results showed that Zenith Bank’s total assets grew by 48 per cent from N12.3 trillion to N18.2 trillion in the period ended September 30, 2023, mainly driven by growth in customers’ deposits. Also, customers’ deposits grew by 49 per cent from N8.98 trillion in December 2022, to N13.38 trillion in September 2023.

The growth in customers’ deposits cuts across both corporate and retail segments with the savings portfolio (all currencies) growing from N2.7 trillion in December 2022, to N4.6 trillion in September 2023.

Gross loans increased by 48 per cent from N4.1 trillion in December 2022, to N6.1 trillion in September 2023, due to the revaluation of foreign currency denominated loans as well as the growth in local currency loans to strategic and thriving sectors of the economy. The nonperforming loan ratio improved to 3.8 per cent in the period ended 30 September 2023, which was well below prudential limits. Net interest margin (NIM) printed at 5.6 per cent, from the 6.2 per cent reported in September 2022, due to low

Onyeagwu

yield in government securities. Capital adequacy ratio improved marginally to 20.1 per cent, from 19.8 per cent while liquidity ratio declined from 75 per cent to 68 per cent.

However, all of the bank’s prudential ratios remained above regulatory thresholds.

The Group is optimistic of finishing the year 2023 strong, with focus on sustainable quick wins that would boost growth across all business segments and enhance stakeholder value.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards. Onyeagwu, as a transformational leader, is committed to Zenith Bank’s vision that promotes re-engineering and innovation.

Since assuming the Zenith Bank’s mantle of leader on June 1, 2019, Onyeagwu’s myriad exploits have solidified his sterling leadership qualities.

Onyeagwu is an alumnus of Auchi Polytechnic, the University of Oxford, England and Salford Business School, University of Salford, Manchester, United Kingdom, Delta State University, Abraka.

Also, he is an alumnus of Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, and the Harvard Business School of Harvard University in the United States.

Onyeagwu has an unquenchable taste for success and this reflects on the overall performance of the financial institution he leads as well as the level of human capital at the bank.

Presently, Onyeagwu is the Chairman of the Body of Banks’ Chief Executive Officers, Nigeria and Chairman of

Zenith Pensions Custodian Limited and Zenith Nominees Limited. He is also on the Board of Zenith Bank (UK) Limited, FMDQ Holdings Plc and Lagos State Security Trust Fund (LSSTF).

He is a member of the International Monetary Conference (IMC), the Wall Street Journal CEO Council, member of the African Trade Gateway Advisory Council of the Africa Export-Import Bank (Afreximbank), and member of the Governing Council of the Chartered Institute of Bankers of Nigeria (CIBN).

He also served on the board of Zenith Bank Ghana Limited, Zenith General Insurance, Zenith Securities Limited, Zenith Assets Management Company, Zenith Medicare Limited, and Africa Finance Corporation (AFC).It is expected that with his inspirational leadership, Zenith Bank will continue to maintain its industry leadership position and continuously meet the expectations of its stakeholders and customers.

Indeed, Onyeagwu is unassuming and committed to his job.

Under him, today’s Zenith Bank blazes the trail in digital banking in Nigeria; scoring several firsts in the deployment of Information and Communication Technology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers. Driven by a culture of excellence and strict adherence to global best practices, the Zenith Bank under Onyeagwu has combined vision, skillful banking expertise, and cuttingedge technology to create products and services that anticipate and meet customers’ expectations; enable businesses to thrive and grow wealth

for customers. With a team of dedicated professionals, the bank leverages its robust Information and Communication Technology (ICT) infrastructure to provide cutting-edge solutions and products through its network of branches and electronic/ digital channels.

Onyeagwu’s outstanding career has led to him receiving multiple awards, including Bank CEO of the Year (2019)

by Champion Newspaper, Bank CEO of the Year (2020, 2021 & 2022) by BusinessDay Newspaper, CEO of the Year (2020 and 2021) – SERAS Awards, and CEO of the Year (2022) – Leadership Newspaper.As Group Managing Director/ CEO, Onyeagwu has led Zenith Bank to achieve tremendous feats and milestones in financial performance (including 47 per cent growth in the bank’s market capitalisation in four years), financial inclusion, corporate governance and sustainability.

In July this year, it was double honours for Zenith Bank at the London Stock Exchange as the bank was named the Best Commercial Bank in Nigeria for the third year running and Best Corporate Governance Bank, Nigeria, for a second consecutive year at the World Finance Awards 2023.

These awards were presented to Onyeagwu, at the London Stock Exchange recently. The recognitions celebrated the bank’s tremendous feats and milestones in financial performance, financial inclusion, corporate governance, and sustainability.

Commenting on the awards, Onyeagwu had said that: “these awards are a testament to our resilience and ability to adapt to the vagaries of the market as well as our innate capability to engender very stellar business performances through our innovative products and solutions. It also affirms our continued commitment to global best practices in corporate governance, sustainability and corporate social responsibility.”

Onyeagwu dedicated the awards to the Founder and Group Chairman, Jim Ovia, CFR, thanking him for his mentorship and for establishing the basis for a resilient and highly successful institution. He also expressed gratitude to the board for their exceptional leadership, vision, and insight; to the staff for their unwavering commitment and dedication; and to the bank’s customers for making Zenith their preferred bank.

Also, on March 25, 2023, he was conferred with a Doctorate Degree in Business Administration by the University of Nigeria, Nsukka, Nigeria’s first indigenous University, in recognition of his immense achievements as Group Managing Director/CEO of Zenith Bank as well as his contributions to the growth of the financial services sector in Nigeria and across the African continent.

The award was given during the 50th convocation ceremony of the University.

In his acceptance speech, Onyeagwu had expressed his gratitude to UNN for finding him a worthy recipient of the honorary doctoral degree in Business Administration of one of the leading universities in Nigeria, considering the rigorous selection process of awardees by the institution.

He said, “For me to have been considered and to have passed through the meticulous selection process makes it more dignifying because I have no connection with the university.”

From the impressive performance recorded in the first nine months of 2023, investors in Zenith Bank as well as other stakeholders in the financial institution should be expecting bountiful dividends and rewards at the end of this financial year, in line with the tradition of the bank.

23

T H I S D AY • Thursday, November 16, 2023

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

N o v e m b er

S & P INDEX

1 5 , 2 0 2 3

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EXCHANGE RATE

OPR

11.25%

CALL

19.12%

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611.31%

1/4 to daTE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

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*AS AT Monday, July 24, 2023

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Report: Exports from African Businesses Up 50% with Huge Support from Women

Emma Okonji ANKA, the ‘all in one’ Softwareas-a-Service (SaaS) platform for African businesses, in collaboration with the African Development Bank (AfDB), has published a white paper, illustrating the global growth of African businesses in the e-commerce space, spearheaded by women.

According to the report, with over 72 per cent of ANKA’s sellers identifying as women, it is quickly becoming the de facto platform for women entrepreneurs and a source of insight into their experiences in leading small and medium-sized businesses in Africa.

Touching on the impact that African commerce is having on global exports, the white paper highlights that 50 per cent of entrepreneurs ship their products through the platform (via ANKA’s landmark partnership with DHL), arguably making ANKA the largest African exporter of goods.

The report, which is an updated extension of ANKA’s 2018 edition, offered a holistic global analysis of the state of African e-commerce; covering the entire entrepreneurial journey from product creation to international delivery.

The report delves into millions of data points from interactions

with global consumers to encourage conversations around the stellar growth of African entrepreneurship.

Global African Commerce is a quantitative resource for the African e-commerce landscape, shedding light on the unique barriers and opportunities faced by entrepreneurs on the continent.

One of the most striking research findings is the significant impact on job creation. Entrepreneurs using the platform have experienced substantial growth in their businesses, expanding their teams by a staggering 50 per cent, thus fostering job opportunities and demonstrating the platform’s

capacity to drive job growth, the report said.

With a continental median age of 18.8 years, ANKA’s white paper also highlights how the platform is opening up new opportunities in the job market for youth employment.

Other key highlights from the white paper include: The revelation that by utilising machine learning techniques, merchants were able to increase visits to their site but offering discounts did not correlate to an increase in sales - surprisingly the only behaviour that doubles the chance of selling a product is to regularly update it;

While the white paper highlights the growth of the African e-commerce sector, it also highlighted the obstacles faced by entrepreneurs, identifying that 59.7 per cent of women entrepreneurs and SME owners across the continent, identified limited access to finance as the primary barrier to hindering their growth ambitions.

The crucial data underscores the urgent need for targeted support and solutions to address the disparity, the report said.

Speaking about the launch of the white paper and the ANKA Growth Club, ANKA’s CEO and co-Founder, Moulaye

Tabouré, said: “I am very excited to share this as a starting point for more efficient collaborations and actions. Our commitment to empowering African businesses goes beyond rhetoric, and it’s at the core of our company’s mission. That is why this white paper is not just a report, it’s a game-changer, providing a unique and unparalleled perspective; helping us redefine the e-commerce landscape, empower women and unlock the full potential of African creativity and entrepreneurship.”

The story continues online on www.thisdaylive.com

Dwindling Economy Affecting Businesses across Sectors, Says Emeje Emma Okonji Worried about the dwindling situation of the Nigerian economy, which is adversely affecting businesses across all sectors of the Nigerian economy, the Executive Chairman, Courier and Logistics Management Institute (CLMI), Prof. Simon Emeje, has said paying close attention to Courier, Logistics, Transport and Management, can revamp Nigeria’s economy and re-position businesses for increased job creation.

Emeje who said this in Lagos while announcing the forthcoming CLMI’s International Conference and Investiture 2023, scheduled to hold November 23 in Lagos,

insisted that Logistics, Courier, Transport and Management alone, command an average asset worth of over N3 trillion.

He therefore advised Nigerian government to look inward at Logistics, Courier, Transport and Management, to boost the Nigerian economy, adding that CLMI has combined the four pillars as professional course offered by the institute.

CLMI is the first and the only academic and professional Institute in the world with a combination of courier, logistics, transport and management as one capacity building package.

According to him, the field of Courier, Logistics and Transport Management is relatively

untapped globally. But in the contemporary times, the business of courier, logistics and transport has become critical in national development. This prominence and the need to train and promote professionalism and certification in courier, logistics, transport and management services have made it imperative to establish this Institute (CLMI)”, the Executive Chairman said.

He added that in the context of integration, the effects of logistics on the economy and enterprises are becoming ever more important.

“When the economy of a country develops, it is propelled by the development of logistics.

On the other hand, as logistics develops, it is the foundation for

the development of other industries and infrastructure in the economy.

“Today, logistics is even more important when it is considered a base for sectors of the economy because it helps to link the flow of goods and services from the first partners to the final customers, thus contributing 3.5 per cent to Gross Domestic Product (GDP). Besides, the industry of Logistics, Courier, Transport and Management, creates millions of job opportunities.

“This explains why logistics is essential to all businesses and to the economy, and it is for this reason that this year’s CLMI International Conference and Investiture is focusing on “Logistics Solutions and National Infrastructure Development,” Emeje added.

Speaking about the conference, Emeje said the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, would lead other stakeholders to the CLMI’s International Conference and Investiture 2023.

The Minister is expected to chair the occasion, while the Chairman, Senate Committee on Communications, Senator Aliyu Ikra Bilbis, will deliver the keynote address.

Emeje, said the event would stimulate discussions and make contributions to the national and enterprise agenda for the realisation of national and corporate success, including creation of job opportunities.

“The event will feature

recognition and conferment of awards to distinguished personalities who have contributed to the civil society and their respective professions.

It is a gathering of sharp minds and focused personalities and professionals worldwide from Nigeria, some European and African countries. It will attract renowned international speakers on topical emergent industry, national and international issues. It is a forum for good networking and face-lifting of businesses and individuals,” Emeje said.

Highlight of the event, will be the public presentation of the book titled: ‘Logistics Solutions for Enterprise and Infrastructure’, authored by Emeje.

M a r k e t d ata A s at w e d n e s d ay, N o v e m b e r 1 5 , 2 0 2 3 BONDS Description Price Yield Change Updated Time (%) ^13.53 23November 98.19 14.98 46,00 1, 2023 MAR-2025 November ^12.50 2295.52 14.91 28,00 1, 2023 JAN-2026 ^16.2884 November 10.3.85 14.78 0.00 1, 17-MAR-27 2023 ^13.98 23November 97.09 14.90 0.00 FEB-2028 1, 2023 ^14.55 26November 97.62 15.20 0.00 APR-2029 1, 2023

BILLS

OTC F X F U T U R E S

CPS

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Discount Yield

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

6.85

6.86

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7.15

7.20

November -0.01 1, 2023

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NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23 NSDL CP IIB 23-NOV-23 VAAG CP XVII 24-NOV-23

NTB 7-Mar24

11.20

11.65

November 3.00 1, 2023

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Change Time Discount Yield (%) November 22.87 23.17 -1,00 1, 2023 November 14.84 14.98 0,00 1, 2023 November 22.87 23.19 0,00 1, 2023 November 20.23 20.49 0,00 1, 2023 19.53

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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

Date

November 1, 2023 November 1, 2023 November 1, 2023 November 1, 2023 November 1, 2023

24

Thursday, November 16, 2023 • T H I S D AY

BUSINESSWORLD

Consumer

A Healthy Lifestyle Begins With What You Eat Gilbert Ekwugbe writes on the need for all Nigerians to be vigilant and support the effort by government agencies to shouting down the merchants of unbranded monosodium glutamate, the sellers of fake/substandard drugs, the sellers of adulterated flavoured drinks, bottle water among other items that serve as refreshments.

“Y

ou are what you eat’ is a very common saying that prioritizes the importance of eating good food in order to stay healthy and fit.

Due to the awareness created by nutritionists and health experts, people are changing the way they think about food, becoming more conscious about what goes into their bodies through their mouths.

However, as much as this awareness is gathering momentum and they would love to eat healthily, it is an indubitable fact that in the face of economic hardship, many are succumbing to substituting quantity for quality.

An ordinary day in the market would leave a buyer’s mouth agape at the frightening volume of substandard products across the food chain coming under various brand names and claiming to be as superior as renowned brands. According to experts, the infiltration, which has been going on for a long time, is not only limited to food, it extends into pharmaceutical products. One of the most memorable advertising campaigns against fake products in the pharmaceutical industry was the Pandaol advert which ended with, “if e no be Panadol, e no fit be like panadol.” It raised the consciousness of Nigerians against buying fake brands of Panadol, resulting in a boost in its sales, simultaneously dispelling claims of the drug’s efficacy.

Regulatory agencies like the National Agency for Food and Drug Administration and Control (NAFDAC), and Standard Organisation of Nigeria (SON), have been leading from the front in curbing the menace of substandard and fake products in the market.

They have been doing this in their

“In light of these happenings, the average Nigerian needs to pick up where NAFDAC left off by ensuring that the products they are buying have NAFDAC approval. As much as many may desire to buy cheap and in large quantities, remember you may be compromising your health. It is pertinent to verify important details such as date of production, expiry date, brand name, NAFDAC approval, among other vital information.” regulatory roles with a focus on quality, distribution, sales and use of products. Also, they embark on advocacy campaigns and market storms which on some occasions led to the apprehension of some producers of these sub-standard or fake products. Sometime in 2021, a sad event happened in Kano where three persons died having consumed an adulterated flavoured drink. Tests conducted

by NAFDAC on the adulterated drinks revealed the addition of dangerous chemicals as additives to the flavoured drink.

Further findings by the agency also revealed only two of the five flavoured drinks identified in the unfortunate incident were registered in NAFDAC’s database, the other three were not.

In light of these happenings, the average Nigerian needs to pick up where NAFDAC left off by ensuring that the products

they are buying have NAFDAC approval. As much as many may desire to buy cheap and in large quantities, remember you may be compromising your health. It is pertinent to verify important details such as date of production, expiry date, brand name, NAFDAC approval, among other vital information.

In recent times, Kaduna and some parts of the North have been heavily infiltrated with unbranded and substandard monosodium glutamate (MSG), which health experts have begun to raise alarm over the impending health implications.

“Monosodium Glutamate” (MSG) is the sodium salt of glutamic acid, a flavour enhancer which has been used effectively for over a century to bring out the best flavours in food. The food culture of the North being an age-old tradition of spicy and seasoned delicacies that fill the environment with an inviting aroma is a match made in palatability for the adoption of monosodium glutamate in their cooking. Little wonder it remains the biggest market for this brand of seasoning. As delicious as this combination may sound, there is danger in the abuse of the market with unbranded monosodium glutamate by merchants who are hell-bent on forcing unhealthy foods into the bodies of people.

These unbranded monosodium glutamates are sold in the open from uncovered sacks and in measurements to unsuspecting buyers who have chosen quantity over quality. Unlike leading brands like Ajinomoto, Vedan etc which are packed in sachets, NAFDAC approved, and sold in healthy sizes, these

unbranded types are the opposite.

The alarming part is that their manufacturers cannot be traced to check for their authenticity. More worrisome is that they are sold on the cheap which could be a signifier of their being substandard and unhealthy for human consumption.

As stated earlier, the responsibility does not belong to NAFDAC, SON and other regulatory bodies alone, every Nigerian must look out for themselves and their fellow citizens to avert this looming health hazard. Food vendors should be conscious of the health of their customers by using standard branded products in their cooking, same goes for households- wives, and housekeepers should not play games with the health of their family members. If we all could imbibe the saying, “You are what you eat” whenever we visit the market, we would save many from serious health issues by shouting down the merchants of unbranded monosodium glutamate, the sellers of fake/substandard drugs, the sellers of adulterated flavoured drinks, bottle water among other items that serve as refreshments.

“According to experts, the infiltration, which has been going on for a long time, is not only limited to food, it extends into pharmaceutical products. One of the most memorable advertising campaigns against fake products in the pharmaceutical industry was the Pandaol advert which ended with, ‘if e no be Panadol, e no fit be like panadol’.”

25

Thursday, November 16, 2023 • T H I S D AY

BUSINESSWORLD

News

Arnergy to Unlock STEM Innovation with Tech Competition Emma Okonji Arnergy has launched a tech competition in Nigeria called the ‘NextGen GreenTech Demo’ competition, designed to inspire solution-based thinking among

Nigeria’s next-generation talents in the area of Science, Technology, Engineering and Mathematics (STEM).

Speaking about the tech competition, CEO of Arnergy, Femi Adeyemo, said with Nigeria’s

teeming intelligent young minds and exceptional youth talents, it became imperative to encourage young, brilliant minds in STEM to join the ongoing science and technological efforts and collaborations to accelerate the advancement of green

technologies, reduce the negative impacts of climate change, and improve life quality in communities.

“Beyond pushing boundaries in green and sustainable technologies in Africa, we must create vibrant ecosystems that nurture and

‘Retail Organisations Increasingly Unable to Halt Ransomware Attack’ Emma Okonji Sophos, a global leader in innovating and delivering cybersecurity as a service, has shared findings from its recent sector survey report, titled: ‘The State of Ransomware in Retail 2023’, which revealed that only 26 per cent of retail organisations were able to disrupt a ransomware attack before their data was encrypted.

This, according to the report, is a three-year low for the sector,

indicating a decline from 34 per cent in 2021 and 28 per cent in 2022, suggesting the sector is increasingly unable to halt ransomware attacks already in progress.

Analysing the report, the Director, Global Field CTO at Sophos, Chester Wisniewski, said: “Retailers are losing ground in the battle against ransomware.

Ransomware criminals have been encrypting increasingly greater percentages of their retail victims in the last three years,

as evidenced by the steadily declining rate of retailers stopping cybercriminal attacks in progress.

Retailers must up their defensive game by setting up security that detects and responds to intrusions earlier in the attack chain.”

In addition, the report found that, for those retail organisations that paid the ransom, their median recovery costs that were not included the ransom payment, were four times the recovery costs of those that used backups to recover their data, dipicyong cost

difference of $3,000,000 versus $750,000.

“Forty-three per cent of retail victims paid the ransom according to our survey respondents, yet the median recovery cost to victims who paid the ransom was four times the cost to those who used backups and other recovery methods. There are no shortcuts in these situations and rebuilding systems is almost always required.

It’s better to deprive the criminals of their spoils and build back better,” Wisniewski further said.

Tech Summit Harps on Women Empowerment Emma Okonji Uzemi Leadership Summit 1.0, powered by the Uzemi Technology Empowerment Initiative, held last week in Ikorodu, Lagos.

The extraordinary gathering opened the stage for tech industry luminaries, visionaries, and up-coming professionals, to discuss women participation and empowerment in technology.

In her welcome address, the Founder, Uzemi Africa, Olatomiwa Williams, spoke about women empowerment and transformation.

According to her, “The inaugural

Uzemi Leadership Summit 1.0 has illuminated the path to change and empowerment in the tech sector.

We envision a future where women take their place as a rising force in technology leadership. This event is just the beginning of our journey to manifest that future. With every summit, we draw nearer to breaking barriers, nurturing innovation, and empowering women in tech. Our commitment lies in fostering the leaders of tomorrow and bridging the gender gap in the tech industry.”

Founder and CEO of MainOne, Funke Opeke, in her goodwill message, highlighted the

importance of resilience and diligence. She encouraged the audience by emphasizing the rewards of hard work and consistency.

Chief Information Officer of First Bank, Rachel Adesina, who delivered the keynote address, spoke on the theme ‘Women in Tech: A Rising Force’.

According to Adesina, “Resilient and confident women in the tech world aren’t merely growing; they are an unstoppable force. When we shatter the barriers that hold us back, we illuminate the path for others to follow.”

A significant highlight was the panel session, moderated by Senior Account Executive at Microsoft, Olaide Isijola. The panel featured distinguished persons in tech leadership such the Social media/ Community Manager at Technext, Sandra Adebayo; Otm Chairman, Obi Asika, and CEO of Vitiligo Support and Awareness Foundation (VITSAF), Ogo Maduewesi.

The panelists shared nsights and personal experiences on Leadership Development and Breaking Barriers, with emphasis on building confidence and strategies for success.

empower the next generation of GreenTech leaders to entrench continuity, Arnergy is passionate about encouraging intelligent young minds in STEM to step up and lead the next phase of innovation and leapfrog Africa’s sustainable development,” Adeyemo said.

Vice President, Techincal Operations at Arnergy, Azeez Onasoga, said: “We must prioritise sustained investments in incubating our vibrant young minds in Africa and ensure they play active roles in the ongoing technological evolution.

Africa’s pool of exceptional young

talents can lead and shape the global future of sustainable technology in the coming years.”

Arnergy is passionate about women in the STEM field, and we encourage eligible female students to embrace the opportunity and further push the boundaries in sustainable development, Adeyemo said, adding that the ‘NextGen GreenTech Demo’ is an excellent avenue for our brightest young minds to birth and develop powerful ideas and innovations towards achieving our collective goals of building a sustainable and prosperous Africa.

MoMo Partners Kwik Delivery to Revolutionise Payment System Emma Okonji MoMo Payment Service Bank (MoMo PSB), a leading financial institution, and Kwik Delivery, a prominent logistics and warehousing company in Africa, have announced their strategic partnership to facilitate seamless payments using MoMo for deliveries by Kwik.

The partnership represents a significant milestone in the logistics and payment services sector. MoMo PSB users can now initiate payments through the Kwik App and access it from the MoMo App, to make payments for their services.

“At MoMo PSB, our commitment is to enhance the lives of our customers through innovative and convenient financial solutions. This partnership with Kwik Delivery embodies that commitment, as it empowers our customers with

greater convenience, speed and security when making payments for delivery services. We remain committed to partnerships that will advance digital payments in Africa,” said Eli Hini, Chief Executive Officer, MoMo PSB. Speaking about the partnership, Kwik Africa’s CEO, Romain PoirotLellig, emphasised its customercentric nature, stating, “At Kwik, our mission is to provide efficient and reliable delivery services. We understand that a seamless payment process is a vital component of this mission. Partnering with MoMo PSB enables us to offer our customers an innovative solution, reducing payment restrictions and improving their overall experience.

By integrating our services with MoMo, we’re extending the reach of our platform and opening up a world of convenience for our users.”

26

T H I S D AY • Thursday, November 16, 2023

BUSINESSWORLD

Interview

Aig-Imoukhuede: Strategic Partnership Will Enhance Global Growth The Managing Director of Coronation Asset Management Limited, Mr. Aig-Imoukhuede in this interview, speaks on the strategic growth mechanism of the company and the relevance of the firm’s platinum sponsorship for Lagos State and EnterpriseNGR in their groundbreaking participation in the 805th procession of the esteemed Lord Mayor’s Show in London. Raheem Akingbolu brings the excerpts How do you view the importance of global partnerships in Africa’s economic development, particularly in the financial sector? lobal partnerships are crucial for Africa’s economic advancement.

They bring in diverse expertise, resources, and opportunities that foster innovation and growth. By collaborating with international entities, we create an interconnected financial landscape, enhancing competitiveness and attracting significant investments. We also create channels to exchange solutions to the challenges we all face.

G

How does this collaboration align with Coronation’s long-term business goals?

This collaboration aligns perfectly with our bold mission to provide transformative solutions to Africa’s unique challenges and position Nigeria as Africa’s premier financial market. By participating in esteemed international events like the Lord Mayor’s Show, we strategically position Nigeria for future collaborations and partnerships, ensuring sustained growth and prominence on the global stage.

What inspired Coronation Group to assume the role of Platinum Sponsor for Lagos State and EnterpriseNGR in their groundbreaking participation in the 805th procession of the esteemed Lord Mayor’s Show in London?

As a leading African financial services company, we recognise the transformative potential of this collaboration. Our motivation stems from the shared vision to showcase Nigeria as a global financial powerhouse and to foster economic growth, innovation, and international collaborations within the African financial landscape. This sponsorship exemplifies our commitment to positioning Lagos and by extension Nigeria as a premier financial hub on

the global stage, reinforcing our dedication to catalysing sustainable development and nurturing strategic partnerships for the economic prosperity of our nation.

Seeing that this is the first time Africa is participating in the event, how does this partnership benefit Nigeria’s Financial and Professional Services sector?

The collaboration allows us to spotlight Nigeria’s Financial and Professional Services sector to a global audience, demonstrating our expertise, innovative solutions, achievements and prospects in various economic sectors. It enhances our country’s image as an investment destination, attracting potential investors and fostering growth within key sectors.

What specific roles will Coronation Group play during the Lord Mayor’s Show and associated events?

Through our partnership with Lagos State and EnterpriseNGR, we will project Nigeria’s vibrant cultural heritage and showcase the dynamism of our financial and professional services sector to an international audience looking for exciting investment opportunities. At the Lord Mayor’s Visiting Cities Banquet, we will network with global luminaries and decision-makers, fostering partnerships with immense possibilities. The specially curated Lagos Dinner on November 14, 2023, aims to leave a rewarding impression on attendees, including prominent Nigerian and UK business leaders. Furthermore, we will seize the opportunity to meet with global players at the intersection of finance and development such as the Private Infrastructure Development Group (PIDG) - comprising Australia, Austria, Germany, Ireland, the Netherlands, Sweden,

Switzerland, the United Kingdom and the World Bank Group - which seeks to drive private infrastructure investment in developing countries, leading to economic growth and poverty reduction.

How will value be created and sustained beyond the Lord Mayor’s Show and associated events?

The newly inaugurated Lagos International Financial Centre (LIFC) Council is at the forefront of this transformative collaboration. The LIFC Council, backed by Coronation Group’s Platinum Sponsorship at Lord Mayor’s Show, is poised to establish Africa’s premier International Financial Centre, promoting global best practices and competitiveness.

The long-term benefits are extensive. Among them are increased foreign investments through targeted outreach programs and partnerships with international trade organisations, job creation facilitated by expanded businesses, technology transfer, and knowledge exchange. Ultimately, this participation significantly contributes to Nigeria’s economic growth, stability, and global prominence.

Are there ways in which this collaboration contributes to Nigeria’s global trade relationships?

Our participation strengthens Nigeria’s international trade efforts by showcasing the country as a thriving business hub. It will facilitate discussions with international trade partners, paving the way for bilateral agreements, export opportunities, and foreign direct investments.

What benefits can investors expect when considering their options in Nigeria?

Foreign investors can expect a welcoming

business environment, access to the largest market on the continent, a highly skilled workforce, and a strategic location in the heart of Africa. Coronation Group is committed to providing investors access to rewarding investment opportunities through our capital markets businesses including Coronation Asset Management, specialized banking and trade solutions through Coronation Merchant Bank and superior risk protection services through Coronation Insurance and Coronation Life Assurance.

How do you envision the future of Africa’s financial landscape, considering this significant collaboration and sponsorship at the Lord Mayor’s Show?

We envision a future where Africa’s financial landscape is vibrant, interconnected and forward-thinking. Through strategic collaborations like this, we pave the way for a dynamic and competitive financial sector, driving economic prosperity, empowering communities, and positioning Africa as a key player in the global economy.

Can you give us a brief overview of the Coronation Group and its offerings?

Coronation Group is an ecosystem of entities that offer a wide array of financial services covering investment, lending and insurance.

Our integrated platform encompasses companies including, Coronation Asset Management Limited, Coronation Capital Limited, Coronation Securities Limited, Coronation Trustees Limited, Coronation Registrars Limited, Coronation Technology Limited, and Trium Limited. The Group is also affiliated with companies such as Coronation Insurance Plc., Coronation Life Assurance Limited, Coronation Insurance Ghana Limited, and Coronation Merchant Bank Limited. Coronation Group maintains strategic investments in leading players in the technology and energy sectors.

FG Urged to Appropriate Data Management to Boost Digital Economy Emma Okonji Nigeria’s Certified Data Management Professional and Founder/CEO of Berkeley Data Strategists, Adetokunbo Ajibola, has

said the digital economy concept requires efficient data management to realise its full potential.

Ajibola, while explaining the concept of the digital economy to stakeholders

at a recent event, said the application of data management would play a crucial role in the success of a digital economy.

According to him, to build a robust digital

economy, Nigeria needs a strong foundation of digital infrastructure.

“Data management ensures that the necessary hardware and software are in place to support digital services and

NCC Engages Subscribers, Business O w n e r s a t L a g o s Tr a d e F a i r Emma Okonji The Nigerian Communications Commission (NCC), the telecoms industry regulator, leveraged the recently concluded 22nd Lagos International Trade Fair to engage with telecoms subscribers and business owners on new trends and development of the telecoms sector.

Organised annually by the Lagos Chamber of Commerce and Industry (LCCI) at the Tafawa Balewa Square (TBS) in Lagos Island, the trade fair offers opportunities for

manufacturers, and service providers to showcase their latest goods and services to the general public.

Addressing telecoms subscribers and business owners during the NCC Special Day at the 2023 Lagos International Trade Fair, the Head, Corporate Communications at NCC, Nnena Ukoha, welcomed telecoms subscribers and assured them of the commission’s resolve to address all their challenges as they relate to telecoms service offerings from the telecoms

operators.

During the interactive session with telecoms consumers, NCC was able to provide answers to all questions asked by telecoms subscribers, as they relate to telecoms service offerings.

In his welcome address, the President of LCCI, Dr. Michael Olawale Cole, commended the NCC for its consistency and active participation at the yearly Lagos International Trade Fair.

The Executive Vice Chairman of NCC, Dr. Aminu Maida, who was represented by the

Director, Corporate Affairs at NCC, Mr. Reuben Muoka, said NCC was pleased to leverage the trade fair platform to engage telecoms consumers and business owners who are based in various regions of the country.

Speaking about the theme of this year’s trade fair, “Connecting Businesses, Creating Value,” Maida said it was apt and timely, considering that it aligned with the strategic direction of the Ministry of Communications, Innovation and Digital Economy.

transactions.

However, effective data management can help bridge the digital divide by ensuring that digital services are accessible to all citizens, regardless of their location or socioeconomic status.

This inclusivity is key to maximising the benefits of a digital economy.

“Data management enables the efficient functioning of e-government services, making it easier for citizens to access public services online. This not only improves convenience but also enhances transparency and reduces bureaucratic bottlenecks,” Ajibola said.

He added that in a digital economy, data would be a goldmine for businesses, and that proper data management would allow companies to analyse consumer behavior, market trends, and other relevant information, fostering innovation and

informed decision-making.

According to him, as the digital landscape expands, so do cybersecurity threats.

Effective data management includes robust security measures to protect sensitive information, safeguarding both individual privacy and national security.

In the area of inancial inclusion, he said data management would be instrumental in developing and maintaining secure digital financial systems. This is particularly important in a country like Nigeria, where promoting financial inclusion can significantly impact economic growth, he said..

In the area of skills development, Ajibola said a digital economy would require a workforce with the necessary skills. Data management plays a role in facilitating education and training programs to equip individuals with the skills needed for the digital era.

Arla Foods Unveils Plan to Build Solar Power Plant for Damau Farm Arla Foods Nigeria, maker of Dano milk, has unveiled a 4-year energy transition plan to build a solar power plant for its state-of-the-art dairy farm in Kaduna, aiming to generate up to 750KVA installed capacity by 2027.

The Managing Director, Arla Foods Nigeria, Peder Pedersen, disclosed this while speaking during the opening session of the 2023 Nordic Nigeria Connect held on Tuesday at

the Lagos Intercontinental Hotel, Lagos, with the theme “Innovation for a Greener Future”.

Pederson explained that the energy transition plan aligns with the company’s sustainability strategy and vision to create the future of dairy that brings health and inspiration to the world, naturally, by taking actions that support a stronger planet, thereby improving

the environment for future generations.

He noted that the farm in Damau, Kaduna State, has been operating on diesel generators since its inauguration in May 2023, as there is no connectivity to the national grid.

In the same vein, the Senior Manager, Corporate Affairs, Arla Foods Nigeria, Akalaka Obazei, while making a presentation in the Energy Transition deep dive

session, gave a breakdown of the company’s plan for the implementation of the solar power transition of the company.

Obazei stated that Phase 1 of the project would be a hybrid solution of 250kVA standard solar plus diesel that will lead to an annual diesel cost saving of about Euro 143, 910 while also reducing carbon emissions (CO2e) by about 300 - 350 tons per year with one-year payback

period.

She further revealed that the power generation is expected to grow to 550kVA installed capacity between 2024 and 2025, while the full potential of up to 750kVA is expected to be achieved by 2027 when the farm reaches full operation Speaking on the company’s preparedness for energy transition, she said, “Right from inception during the farm

design phase, we had the energy transition in our minds, we have the roof space that can give us the targeted 750kVA already in place, and there is room for further expansion”.

On financing for the project, she noted that Arla’s 8500 farmer-owners will be bankrolling the project as they strongly believe in energy transition and in line with their long-time commitment to sustainability.

27

THURSDAY, NOVEMBER 16, 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 14Nov-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 286.02 286.83 52.74% Afrinvest Plutus Fund 100.00 100.00 9.34% Nigeria International Debt Fund 342.28 342.28 14.09% Afrinvest Dollar Fund 109.40 109.40 5.70% 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 13.40% AIICO Balanced Fund 4.77 4.87 40.85% 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 183.29 185.66 26.45% Anchoria Fixed Income Fund 1.23 1.23 0.10% 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 29.32 30.20 33.60% ARM Discovery Balanced Fund 644.70 664.13 23.69% ARM Ethical Fund 53.32 54.93 18.20% ARM Eurobond Fund ($) 1.17 1.17 3.67% ARM Fixed Income Fund 1.15 1.15 3.66% ARM Money Market Fund 1.00 1.00 9.20% ARM Short Term Bond Fund 1.06 1.06 2.08% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 100.84 100.84 10.96% AVA GAM Fixed Income Naira Fund 1,122.09 1,122.09 4.78% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 0.00% Paramount Equity Fund 24.76 25.27 42.75% Women's Investment Fund 196.36 199.39 41.15% CHD Nigeria Bond Fund 101.14 101.14 12.13% CHD Nigeria Dollar Income Fund 1.03 1.03 11.08% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.90% Cordros Milestone Fund 160.61 161.65 25.07% Cordros Fixed Income Fund 106.14 106.14 10.03% Cordros Halal Fixed Income Fund 108.41 108.41 11.39% Cordros Dollar Fund ($) 113.58 113.58 6.19% 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 9.95% Coronation Money Market Fund 1.14 1.15 1.65% Coronation Balanced Fund 1.37 1.37 0.63% 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 12.08% Emerging Africa Bond Fund 1.09 1.09 9.55% Emerging Africa Balanced Diversity Fund 1.25 1.25 26.10% Emerging Africa Eurobond Fund 106.58 106.58 5.67% 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 1523.62 1523.62 11.55% FBN Balanced Fund 255.52 257.70 38.65% FBN Halal Fund 131.45 131.45 12.90% FBN Money Market Fund 100.00 100.00 10.46% FBN Dollar Fund 122.74 122.74 7.42% FBN Smart Beta Equity Fund 231.67 234.60 53.48% FBN Specialized Dollar Fund 110.37 110.37 9.47% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.02% Legacy Debt Fund 3.56 3.56 -0.48% Legacy Equity Fund 2.63 2.68 31.31% Legacy USD Bond Fund 1.32 1.32 4.58% 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 5,391.73 5,421.57 32.29% Coral Income Fund 3,955.52 3,955.52 7.52% Coral Money Market Fund 100.00 100.00 11.15% FSDH Dollar Fund 1.19 1.19 5.83%

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 1.76 1.79 14.70% Lotus Halal Fixed Income Fund 1,197.43 1,197.43 9.44% 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 16.88 17.02 44.70% Meristem Money Market Fund 10.00 10.00 11.50% 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) 103.13 103.13 11.87% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.56% Norrenberger Dollar Fund (NDF) ($) 102.65 102.65 11.18% 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 2.15 2.19 36.27% PACAM Fixed Income Fund 11.93 12.12 7.49% PACAM Money Market Fund 10.00 10.00 12.70% PACAM Equity Fund 2.05 2.08 44.38% PACAM EuroBond Fund 128.59 131.54 15.37% 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 147.47 152.08 17.31% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.10 1.10 10.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 4,715.28 4,752.90 39.09% Stanbic IBTC Bond Fund 255.26 255.26 8.36% Stanbic IBTC Ethical Fund 1.95 1.97 55.56% Stanbic IBTC Guaranteed Investment Fund 349.16 349.29 11.53% Stanbic IBTC Iman Fund 367.15 371.57 57.19% Stanbic IBTC Money Market Fund 1.00 1.00 10.26% Stanbic IBTC Nigerian Equity Fund 17,270.79 17,483.60 58.20% Stanbic IBTC Dollar Fund (USD) 1.45 1.45 12.31% Stanbic IBTC Shariah Fixed Income Fund 127.22 127.22 8.82% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 124.50 124.50 17.04% Stanbic IBTC Absolute Fund 4,946.31 4,946.31 16.27% Stanbic IBTC Aggressive Fund 5,041.80 5,104.43 81.34% Stanbic IBTC Conservative Fund 5,148.46 5,162.65 35.17% 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 1.25 1.27 37.38% United Capital Balanced Fund 1.74 1.75 34.98% United Capital Wealth for Women Fund 1.34 1.35 24.99% United Capital Sukuk Fund 1.17 1.17 11.64% United Capital Fixed Income Fund 1.93 1.93 6.88% United Capital Eurobond Fund 123.48 123.48 5.57% United Capital Global Fixed Income Fund 1.07 1.07 8.35% United Capital Money Market Fund 1.00 1.00 9.89% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 18.14 18.34 30.89% Zenith ESG Impact Fund 21.61 21.84 36.76% Zenith Income Fund 25.21 25.21 6.99% 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 11.45 11.55 95.15% Vetiva Griffin 30 Exchange Traded Fund 25.34 25.54 43.06% Vetiva Money Market Fund 1.00 1.00 10.58% Vetiva Industrial Goods Exchange Traded Fund 27.45 27.65 37.18% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%

REITS

NAV Per Share

Yield / T-Rtn

127.59 55.79 101.33 9.88

12.12% 5.22% -13.49%

Bid Price

Offer Price

Yield / T-Rtn

20.88 436.00 549.90 22.06 30.62

23.08 436.00 549.90 22.16 30.72

41.58% 238.72% 445.27% 51.04% 83.85%

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.

28

T H I S D AY • Thursday, NOVEMBER 16, 2023

Health & lifestyle

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

Healthcare in FCT: A Case of Dysfunctional Service Delivery, Overcrowded General Hospitals The health sector in the Federal Capital Territory is confronted with many challenges that hamper delivery of public and primary health care delivery in the territory, Olawale Ajimotokan examines some of those issues

Poor Infrastructure and Overcrowded Wards visit to some of the secondary health centres in the FCT showed that many of the facilities were ill-equipped and overcrowded. The Nyanya General Hospital which was established by the Federal Capital Territory Administration in 1991 is a case study.

The failure of the administration to give it a facelift among the secondary health centres only reinforced its deplorable state.

The hospital has little space for expansion and performance of critical task while many wards are always overcrowded with patients in need of attention.

When our correspondent visited the hospital, the antenatal ward was brimming with pregnant women in dire need of attention.

The women waited for several hours before they were ushered into one of consultation rooms for appointment with doctors.

“I came here by 6 a.m. but and I am yet to be booked for appointment with a doctor and it is already past 10 now,“ lamented one of the patients.

Ogbole (first name withheld), who resides at New Karu, also moaned that Nyanya is not equipped for critical health cases.

He said that he was referred to Asokoro District Hospital after he brought his daughter, who required medical treatment for an ear infection.

He urged the FCTA to adequately equip the hospital so that its services can be expanded and improved to meet public expectation.

Our attempt to meet the hospital’s Chief Medical Consultant for her views on our observations was futile as she was said to be on annual leave when this story was investigated.

The situation was not different at Maitama District Hospital, where there was a surging crowd at the antenatal wards, children’s ward and family ward.

Some of the patients complained they had to wait for several hours before consulting doctors. In addition some patients decried the poor service at the cash points where they paid for drugs, tests and other services.

One patient, Mrs Chigoze Okwudili urged the hospital management to consider employing more hands at the cash points to reduce the long waiting hours and agony of patients.

A major observation at Wuse District Hospital was lack of bedding for patients that require treatment and admission.

A man seeking anonymity complained that his son died of malaria because the hospital management refused to admit him on the ground that there was no bed space.

He said after he was eventually checked after the stress of registration at the General

A

Outpatient Department (GOPD), the doctor on duty advised them to try another hospital because there was no bed space.

He added they eventually tried a private hospital in Garki where his son died on admission for an unresolved plasmodium.

Failure of Primary Health Care The Primary Health Care (PHC) is the foundation of healthcare system in Nigeria and functions as the level at which nonemergency, preventive health issues are resolved. But sadly many of the PHC centres in the FCT are poorly equipped, lacking well trained personnel.

The deplorable state of these facilities is one of the causes behind the congestion at the clinical wards in the secondary health facilities in the FCT where patients seek health care delivery.

Nigeria joined other countries to adopt the international declaration on primary health care in Alma Ata, the former USSR in 1978 as the key to health for all.

Sadly, after the declaration, the implementation of PHC has not been properly done in the country.

The immediate past acting Executive Secretary FCT PHC Board, Dr Ndaeyo Iwot put the crisis facing public health care delivery in the FCT in proper context while sharing insights on the issue.

He said not up to one per cent of the 243 public health care facilities in the FCT are functional because of poor funding and lack of law and governing structure for the realisation of the PHC care in the territory.

Dr. Iwot said the overwhelming pressure on general hospital facilities in the FCT stemmed from the inability of the primary health care centres to rise to the occasion.

He said patients prefer the general hospitals and private health sector to PHCs with the belief that such facilities are better equipped with drugs and personnel.

He noted that if PHC is working in FCT, only a very small number of pregnant women will need specialised care on referral at General Hospitals to deliver while 80/90 per cent of normal deliveries can be taken care of in the PHC.

Describing PHC as democracy of health for the people by the people and of the people, Iwot said the people should be part of planning and monitoring of PHC which should be a system that both government and communities can afford to sustain at every point of their development.

“The National Health Act of 2017 as amended is very clear that the National Health system shall include not the bottom to top approach that has been embedded there –community health system is paramount. Do we have community health system in this country? If you don’t have community health system why are you talking about PHC? The thing about community health system is when you have a village head committee for every village that is up to the population of 500 people then you have the permanent health clinic.

“That village head committee is expected to also have a health post of a room or two and volunteers they can train and put in charge of the community clinic. All these things are supposed to do but not doing in this country,” Iwot said.

He also cited the PHC bill which specified how many public health care facilities were required in FCT including the number of doctors, nurses, midwives. The bill also said N8 billion is required every year in the next five years to address PHC in the FCT for infrastructure, staffing, drugs and for community health system be put in place.

High Maternal, Infant Mortality Rate in FCT A report by UNICEF said as at 2019 the maternal-infant mortality rate caused by malaria, diarrhea in the FCT was 46 per 1000 live births.

The report said many women delivered babies at home because there were no enough health care centres at the wards.

Iwot noted that the only way to

The overwhelming pressure on general hospital facilities in the FCT stemmed from the inability of the primary health care centres to rise to the occasion... patients prefer the general hospitals and private health sector to PHCs with the belief that such facilities are equipped with drugs and personnel

address that high rate is by focusing on PHC, using quality drugs to treat endemic and prevailing diseases that are killing pregnant women, particularly malaria fever.

“When you are having malaria in pregnancies it can lead to loss of blood for mother and her foetus, that will not have quality blood and many of our women go into pregnancy with no blood. Ninety percent of the complaints in the hospitals include women having fever. “ Malaria kills their blood quality and the baby in their uterus is already malnourished and is likely to have issues. And when the parasites are also cumulating in the placenta and other areas, you would see that baby may eventually die in the woman. The woman during delivery may lose small blood and die,” Iwot said.

He decried the treatment provided women who go for antenatal care in the general hospital and PHC facilities, describing as appalling a situation where a woman that is already having blood issue is given one tablet of iron and one tablet of folic acid.

“People are not given minimal optimal care that will save life. How do you expect the numbers to change? And this has been going on not just now but from since 1978 when PHC was launched, which should set up the structure to take off all this but we are yet to realise the structure.

That is what is painful that we have the technology and the knowledge but we are not playing it.

“The money that is required to do this can’t be provided by government alone. You will need about N8 billion that is required in PHC every year for the next five years in FCT. Government can bring only N2 billion and you need to fund the N6 billion gap by engaging corporate organisations,” Iwot said.

Lack of Health Insurance Iwot also lamented that although the emergency case system has been launched in the country the health insurance is not giving access when it is supposed to alleviate financial burden of many and improve health care delivery.

“They will go to the facility and confirm that it is up to date. You have health insurance, you go to a place, they don’t have drug, they don’t have staff and yet health insurance is not helping us because they are supposed to ensure standard because risk is involved. When risk is involved you must operate in an optimal level to minimize those distractions that can lead to risk increasing.

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

29

T H I S D AY • Thursday, november 16, 2023

news

Testicular cancer: Comedy Central Announces Return of ‘Novemballs’ Campaign Precious Ugwuzor To raise awareness about testicular cancer among men, Comedy Central has announced the return of its award-winning cancer-awareness campaign, Novemballs.

Comedy Central, the brand that makes life funnier, and always strives to tell the funny truths, is taking the opportunity to spotlight the importance of “taking care of your balls”.

To this end, the organisation is teaming up with the Cancer Association of South Africa, CANSA, to bring Novemballs, a testicular cancer awareness campaign to educate men about lowering their cancer risk.

Speaking on the development, Vice President of

Comedy Central, Dillon Khan said: “Novemballs is a campaign we get excited about every year as we use humour to encourage men to check their ‘Gonads’, as we are calling them this year.

We’ve had fun working on this campaign and hope that it will inspire men to look after their crown jewels because they are priceless.”

Also, the CANSA National Manager of Health Promotion, Lorraine Govender said, “CANSA is excited to partner with Comedy Central to educate men about lowering the cancer risk. Early detection of testicular cancer can save lives. In South Africa, it’s one of the most common male cancers in men between the ages of 15 and 49. Most

testicular cancers can be detected early - a lump or swelling may be the first sign that a medical practitioner should be consulted. Young men need to start testicular self-examinations soon after puberty.”

“And we encourage men to reach out for counselling and support through our website. It’s as easy as making an appointment via our CANSA help desk, it’s free and confidential. You don’t have to deal with this alone.” instructions on doing a self-examination for more information.

Govender urged Africans to join in spreading awareness, embracing humour, and making a real difference in the fight against testicular cancer.

Fertility

With Dr. Kemi AILOJE drkemi@lifelinkfertility.com www.lifelinkfertility.com +2348033083580

Septate Uterus (Part 1)

VerveLife 6.0 Closes Out on a High Note Precious Ugwuzor Verve, Africa’s leading payment cards and digital tokens brand has successfully hosted the sixth edition of VerveLife, Africa’s biggest fitness party. VerveLife is dedicated to promoting and inspiring a healthier lifestyle among Nigerians and Africans at large.

The electrifying event, which took place on Saturday, November 4, 2023, at the Landmark Event Center, Victoria Island, Lagos, drew thousands of fitness and wellness enthusiasts from across Africa and beyond.

Attendees were treated to a diverse range of invigorating exercises, including aerobics, yoga, full-body workouts, and a stimulating, health-focused exercise session.

This year’s grand finale showcased some of Africa’s most prominent and prolific fitness experts and dance instructors, among whom were Kemen, Kaffy, Alvin Lee, Queen Fitness, Enoyong, and Trebla. These

experts led several high energy exercise routines, which challenged attendees across different fitness levels to stay motivated for their respective fitness goals.

Afrobeat sensation, Reekado Banks, graced the event with a stunning performance, treating the audience to a medley of his hit songs such as “Ozumba Mbadiwe” and “Adaobi,” among others.

In response to the VerveLife grand finale, Cherry Eromosele, Executive Vice President and Group Chief Marketing Officer, Interswitch, stated that the VerveLife 6.0 event represents yet another significant reminder and resonates with fitness lovers to continuously push the boundaries of what is possible from a fitness and healthy lifestyle perspective.

“We are thrilled to have brought together a teeming and diverse community of fitness and wellness enthusiasts, cultivating a culture of wellness.

The primary objective of VerveLife remains to promote fitness and a healthy lifestyle among Nigerians, reinforcing our commitment to enriching the lives of everyone especially those of our Verve cardholders.”

Cherry remarked.

She further added that Interswitch Group is delighted by the huge success Vervelife 6.0 turned out to be, as shown by the overwhelmingly positive response from about 20,000 registered participants and an impressive line-up of partners, including partner, adidas.

Verve partnered with renowned brands such as global sportswear brand adidas, as well as Aquafina, Pocari Sweat, Hygeia and others, providing participants an unforgettable experience.

The event culminated on a high note with premium band, Alternate Sound, treating guests to an evening of electrifying performances at the Alternate Sound Live 6.0 concert sponsored by Verve.

Cancer: Know Your Breast So Well Dike Onwuamaeze Women have been advised to know their breast so well that whenever anything is wrong they could quickly deal with it.

This advice was given by medical personnel of the Health Kinect Limited, Dr. Olaide Omotosho-Ikuru, during the recent Lagos Women Fitness Fair, which was organised by the Breast Cancer Association of Nigeria (BRECAN).

Omotosho-Ikuru told women, both young and old, to know their “breasts so well so that if anything is wrong you quickly go out and deal with it because cancer does not happen overnight. It happens over a long time.

“Know your breast to the extent that when something is wrong you can say ‘this is not my breast.’”

She advised women to be “looking up on the texture on the skin of the breast to notice some changes on the skin like those little dots we see on oranges sometimes. You will be checking the nipples and the armpit for lumps.

“The most important thing is that no woman should leave

a lump in her breast. Breast cancer has nothing to do with age, so even children should be watchful about lumps in the breasts.

“We used to say check your breast when your period is over, which is once a month.

But you do not need to wait for that long because anything can happen in between the periods.

Early detection saves life and that is what we preach because prevention is better than cure.”

In his welcome remarks, the Chief Executive Officer of Curves Nigeria, Mr. Emma Esinnah, harped on the need for vigorous physical activities because experts agreed that unfit and obese people risk many illnesses, including cancers, hypertension, diabetes, arthritis etc., adding that “breast cancer is essentially a female illness which can be controlled through appropriate lifestyle.

Esinnah explained that the objectives of the fair were to “sensitise women to the benefits of fitness in fighting common illness and to encourage women to make necessary lifestyle changes for their health and happiness.”

According to the United

States of America Commercial Counselor to Nigeria, Ms. Julie LeBlanc, breast cancer is an important health because it “touches all of our lives.”

She applauded the organisers of the event for what they were doing to educate wome, especially the young folks.

“This is such an important issue and event,” she said.

Speaking during the event, the Chief Executive of Olusegun Obasanjo Foundation, Dr. Olalekan James Makinde, said that about I.6 million deaths every year could be associated with lack of physical activities. “I am a public health physician and epidemiologist, so this are the figures I deal with all the time. This programme is very important and that is why we are here to support it,” Makinde said.

The Chairperson of BRECAN, Mrs. Chinenye Arih, said that the association is connecting with secondary schools to reach young girls and get their message to every home.

“Our goal is to reduce the rate of deaths as a result of cancer,” Arih said.

A

typical uterus is shaped like an upside-down pear and has one hollow cavity. A septate uterus, on the other hand, consists of two smaller cavities rather than one.

A septate uterus is a congenital abnormality where the uterus is divided into two separate cavities by a muscular or fibrous wall called the septum. The septum is a membrane that runs down the middle of the uterus, splitting it into two parts. This membrane can vary in thickness and length. It can start at the top of your uterus and extend to the cervix (bottom of the uterus) and occasionally to the vagina.

A septate uterus is a relatively common uterine anomaly that accounts for between 35% and 90% of all congenital uterine irregularities. Congenital uterine anomalies affect 4% of all women who have uterus and occur when the uterus fails to fully form because the septum does not reabsorb properly. As a result, women with a septate uterus may have a uterine cavity that is divided into two smaller chambers.

Although a septate uterus usually does not interfere with periods, it can occasionally cause pain during the menstrual period. One might not be aware that having that much pain during menstrual period is unusual as this condition has existed since birth.

TYPES OF SEPTATE UTERUS A septate uterus is a type of uterus that is divided into two or more compartments by septa, which are thin walls of tissue. There are several types of septate uteri, including: • Double Uterus - In this type of septate uterus, there are two separate uterine cavities, each with its own cervix and fallopian tubes. The septa are usually located in the middle of the uterus and may be incomplete, allowing for the possibility of menstrual flow and pregnancy in both cavities.

• Septate Uterus with Unicornuate Horn - In this type of septate uterus, there is a single uterine cavity with a septum that divides the cavity into two compartments. One compartment is usually much larger than the other and may have a cervix and fallopian tube, while the other compartment may not.

• Bicornuate Uterus - In this type of septate uterus, there are two uterine cavities that are completely separated from each other by a septum. Each cavity has its own cervix and fallopian tubes.

CAUSES OF SEPTATE UTERUS The precise cause of a septate uterus is still unknown but abnormal embryological development is thought to be the likely cause.

Although it can happen at random, there is evidence that suggests it might also have a genetic component. This condition may be more likely to develop if certain risk factors, like a family history of septate uterus or other uterine abnormalities, are present.

In normal embryonic development, there are two ducts called the Mullerian ducts that combine to form a single uterine cavity in a typical uterus. In a septate uterus, the ducts did not fuse together instead a tissue membrane was made to run down the center of the uterus. The septum, which divides the uterus into two parts, is this membrane.

Septate uterus can occur due to a variety of factors, including: • Congenital abnormalities - Some women may be born with a septate uterus due to genetic or developmental issues during fetal development.

• Infections - Certain infections, such as endometritis or pelvic inflammatory disease, can cause the uterus to become septate.

• Injury or trauma - A severe injury or trauma to the uterus, such as a fall or a car accident, can cause a septate uterus.

• Surgical complications - Complications from surgical procedures, such as a cesarean section or a hysterectomy, can sometimes result in a septate uterus.

SYMPTOMS OF SEPTATE UTERUS The symptoms of a septate uterus can vary depending on the severity of the condition and the location of the septum. Some common symptoms include: • Abnormal bleeding- Women with a septate uterus may experience abnormal bleeding, such as heavy menstrual bleeding, irregular periods, or spotting.

• Infertility - The septum can block the fallopian tubes and prevent the sperm from reaching the egg, making it difficult to get pregnant.

• Painful periods - Women with a septate uterus may experience more painful periods due to the abnormal shape of the uterus.

• Difficulty with pregnancy - A septate uterus can increase the risk of miscarriage, preterm labor, and other complications during pregnancy.

• Abdominal pain - Some women with a septate uterus may experience abdominal pain, especially during menstruation.

SEPTATE UTERUS AND FERTILITY Septate uterus is a rare condition that can affect fertility, as it can reduce the space available for a fertilized egg to implant and develop. It can cause miscarriages due to the following reasons: • Abnormal placental implantation - A septate uterus can lead to an abnormal implantation of the placenta, which can disrupt the normal development of the fetus and increase the risk of miscarriage.

• Increased risk of infection - The septum in the uterus can provide a site for bacteria to grow and increase the risk of infection, which can lead to pregnancy complications and miscarriage

•TO BE CONTINUED

30

THURSday, NOVEMBER 16, 2023 T H I S D AY

business/MOnEYGUIDE

Guarantco Provides N20.23bn Counter-Guarantee to Infracredit for LFZC Bonds Kayode Tokede GuarantCo, part of the Private Infrastructure Development Group (PIDG), has announced that it has provided N20.23 billion or $25 million counterguarantee with a sixteen-year tenor to Infrastructure Credit Guarantee Company Limited (InfraCredit) in support of Lagos Free Zone Company’s (LFZC) three guaranteed infrastructure bond issuances totalling N53 billion or $65.5 million.

The transaction, it said in a statement, is part of a larger guarantee facility fronted by InfraCredit to support the bond programme.

Owned and developed by Tolaram, LFZC raised the funds to finance continued development of the Lagos Free Zone (the Zone) which is being developed as the largest integrated port based economic zone in Nigeria and shall serve as the industrial and maritime hub for Nigeria and West Africa.

The CEO of GuarantCo, Layth Al-Falaki, said: “We are delighted to have counter-

guaranteed the bond issuance of Lagos Free Zone Company to the benefit of the economy and local people in Nigeria and West Africa. This is also our first joint transaction with InfraCredit, which we and the Nigerian Sovereign Investment Authority helped set up in 2017.

“We are very happy to see the impressive progress that InfraCredit Nigeria has made in the past six years and this joint transaction will be an important pathfinder for GuarantCo’s relationships with other local Credit Enhancement Facilities, including InfraZamin in Pakistan and others in the pipeline, that our parent company PIDG, with the support of its companies, has or is planning to set up.”

Also, the CEO of InfraCredit, Chinua Azubike in a statement said: “One of the key strategies of InfraCredit towards addressing the significant infrastructure financing deficit in Nigeria is to expand our guarantee capacity through risk sharing partnerships with development finance institutions, by

leveraging their capacity to share our long-term risks. “ “The Counter-Guarantee provided by GuarantCo to support the Lagos Free Zone Company will strengthen our capacity to underwrite larger infrastructure projects and mobilise more domestic credit from local institutional investors to support impactful infrastructure projects in Nigeria that will support more jobs and accelerate economic growth.”

In addition, the CFO of Lagos Free Zone, Ashish Khemka in a statement said, “We value our partnership with GuarantCo and InfraCredit towards the common goal of realising enabling infrastructure projects in emerging markets like Nigeria.

“Lagos Free Zone and Lekki Port projects are a testament to our commitment to change the paradigm of the ease of doing business in Nigeria and we appreciate the critical role played by credit guarantee programs run by GuarantCo and InfraCredit in enabling our access to long term credit required for such projects.”

Baobab Opens Aba Branch, Laud Business Environment The management of Baobab Microfinance Bank, has lauded the dynamic business environment in Abia State.

Deputy Chief Client Officer of Baobab Nigeria, Mr. Godwin Gabriel stated this during the official inauguration of its Aba branch, located at Fazal House in Aba, the states commercial hub.

The event brought together top officials from Baobab Nigeria’s HQ, the dedicated Aba branch staff, government officials, market leaders and loyal customers who have already experienced the bank’s services.

In his address, Gabriel emphasized the bank’s unwavering commitment to supporting industrious individuals, drawing parallels between the bank and the resilient Baobab tree

as a symbol of dedication to providing support and shelter.

Reflecting on the bank’s journey from humble beginnings to its current status with multiple branches across Nigeria, Gabriel highlighted Baobab Nigeria’s impressive loan book size of N37 billion and an active clientele of 30,000 Nigerians.

Underscoring the financial solutions tailored for the Aba community, he reiterated the bank’s core mission of addressing the financial needs of underserved individuals in Abia State, particularly focusing on aiding businesses facing financial challenges.

Customer testimonials played a significant role in the ceremony, with

Okpala Isdore of Zidon Worldwide Resources Limited and Ezeh Paul Chukwuedozie of Paulibaze Global Resources sharing their positive experiences.

Their testimonials echoed the customer-centric approach of Baobab Nigeria, praising the straightforward loan application process that eliminated cumbersome paperwork.

“Baobab Nigeria’s presence in Abia State signifies more than just a branch opening; it represents hope for individuals and businesses striving for financial stability and growth in Abia state. With a track record of satisfied customers and a resolute dedication to its mission, Baobab continues to be a driving force for economic progress in Nigeria, “Gabriel said.

Five Millionaires Emerge in Polaris Bank’s Ongoing‘Save & Win’Promo Five lucky Nigerians at the weekend hit a fortune when they emerged Millionaires in the ongoing Polaris Bank Save & Win Promo.

The live quarterly draw of the ongoing Polaris ‘Save & Win’ promo which took place at the Bank’s headquarters Annex, Alausa Ikeja at the weekend in Lagos, further underscored Polaris Bank’s dedication to fairness in all its promotions and activities.

The development is in line with the Bank’s commitment to rewarding its loyal customers across the nation.

The winners emerged through a draw exercise which was witnessed by its representatives and relevant Agencies of government; Federal Competition & Consumer Protection Commission (FCCPC), National Lottery Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON) who confirmed that the 5 lucky winners were selected across Nigeria’s various regions spanning the geo-zones

Each winner received a cash prize of N1,000,000. During the draw, the lucky winners were called at random using a hybrid media technology which enabled in-premises event; as well as participation of over 1221 customers through the Bank’s virtual network and social media handles.

One of the lucky millionaires commended the Bank in putting in place the promo at this time which he said was relevant saying “Thank you to Polaris Bank for making me a millionaire. I never expected this surprise.

This money definitely came in at the right time, I will tell my friends to open accounts with Polaris Bank and participate in the promo so we can all become millionaires.”

Speaking at the live draw event, the representative from FCCPC; Susie Onwuka said, “We’ve been monitoring Polaris Bank since the promo started and it has been fair, they comply to rules and guidelines.

Customers should feel free and confident to participate in the

promo”.

During the unveiling of the lucky millionaires, Polaris Bank’s Chief Digital Officer (CDO), ‘Dele Adeyinka also expressed the Bank’s commitment to encouraging a culture of savings among its customers. “The Polaris Bank Save & Win promo is not just about rewarding customers; it’s also about encouraging our customers to save for the rainy day”.

The CDO emphasized that customers can still participate in, or increase their chances of winning by depositing a minimum of N10,000 in their Savings account. He also noted that non-customers of the Bank can participate for a chance to win in the draws by opening a Polaris Savings account with N2,000 and growing same to N10,000 before the next draw date.

The representatives of the regulatory bodies commended the Bank for making good its promise to winners of the draws.

L-R; Director, Great Place To Work, Mr. Michael Thomas; Head of Affluent, FBNQuest Asset Management, Anne Oragwu; Chief Financial Officer, FBNQuest Merchant Bank, Olamide Adeosun; Head, People Management, FBNQuest, Mr. Adeniyi Adebayo; and Vice President, Strategy and Transformation , FBNQuest Asset Management., Gbonju Fakeye, at the Great Place to Work Awards for Best in Delivering Impactful Organisational Values in the Medium Organisation Category recieved

by FBNQuest Merchant Bank in Lagos recently

ETOP UKUTT

MARKET INDICATORS 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

• Source - CBN

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

• Monetary Policy Rate - 13%

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 •THURSday, NOVEMBER 16, 2023

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mARKET NEWS

Popoola: BUA Foods, Geregu, Other Listings Contributed over 10% to Market Cap KayodeTokede The Chief Executive Officer, Nigerian Exchange Limited (NGX), Mr. Temi Popoola has disclosed that BUA Foods Plc, Geregu Power Plc, among other new listings contributed over 10 per cent to market capitalisation in the past two years.

In 2022, the listing of BUA Foods and Geregu Power added N720billion and N250billion to the market capitalization,

respectively. The likes of Nigeria Infrastructure Debt Fund contributed N92.53billion and VFD Group added over N45 billion to the market capitalisation of NGX this year.

According to him, “We have had notable listings within the last two years including BUA Foods, Geregu - which is our first power sector listing, MeCure Industries, VFD Group, and interestingly our first listed Investment Trust,

P R I C E S MaiN Board

F O R DEALS

Nigeria Infrastructure Debt Fund.”

This underscores NGX’s growing prominence as a preferred destination for corporate listings and capital raising. Speaking at the MTN Capital Markets Day in Abuja, Popoola, addressing the global challenge faced by exchanges with increasing delistings, said “There has been quite a bit of news lately about delistings in our market, and that is a trend we are

S E C U R I T I E S Market Price

quantity traded

seeing not just in Nigeria but on major exchanges globally. Take Johannesburg, for instance; it has been struggling with delistings.”

Globally, Initial Public Offerings (IPOs) have witnessed a slowdown of more than 60per cent in the last two years, according to market data provider PitchBook.

Additionally, there has been a noticeable scarcity of smaller cap stocks on public exchanges due to various factors such

T R A D E D

value traded ( N )

A S O F

MaiN Board

as voluntary and involuntary delistings, mergers and acquisitions, and liquidations.

Popoola commented on this shift of capital from public markets to private ones, especially among smaller companies.

He emphasized NGX’s strategy to replace delistings faster than they occur. “What most exchanges aim to do is replace those delistings faster than they occur, and that has formed the crux of our strategy

at NGX. Addressing potential solutions, Popoola stressed the significance of government advocacy and policymaking.

Drawing on historical examples, he highlighted the transformative impact of government interventions through policy changes, citing the banking sector and pension reforms of 2004 as notable instances that have positively influenced market growth.

N OV E M B E R / 1 5 DEALS

Market Price

/ 2 3 quantity traded

value traded ( N)

32

GamingWeek

Thursday, November 16, 2023 • T H I S D AY

Edited by Nseobong Okon-Ekong | ikotibok@gmail.com | Tel: 08114495324

BetWinner Delivers Spectacle Sportsmanship TR

UT H

& RE A S O

N

With participants going head-to-head to clinch prizes in various categories, the maiden Games Fiesta, a games and music extravaganza hosted by BetWinner, an online gaming platform with a growing presence in Nigeria, marks the beginning of an era where punters converge to compete for rewards and celebrate their passion for gaming, writes Iyke Bede

T

hat Saturday afternoon, amidst the weekend’s hustle and bustle, hundreds of eager attendees assembled at the Ikeja City Mall, Lagos, to partake in a potpourri of games such as the basketball free throw that required utmost precision to score points, giant chess that required critical thinking, the tact demanding football, among other thrilling choices.

Adding an extra layer of excitement to the event, the celebrated footballer and BetWinner ambassador, Mikel Obi, made a memorable entrance with great fanfare.

Alongside executives of BetWinner, Obi took part in some of the games. All these preceded the football tournament tagged ‘Bet Tribes,’ which saw close to a dozen teams compete for the grand prize.

“There is no other event like this in the sports betting

BetWinner Ambassador, Nigerian soccer legend, Mikel Obi at the fiesta

space. BetWinner is the first to come up with this initiative,” said BetWinner Director Maha Otu. “We

wanted people to come and experience the BetWinner feel, what we have on our platform, to come and play

“There is no other event like this in the sports betting space. BetWinner is the first to come up with this initiative,”said BetWinner Director Maha Otu.“We wanted people to come and experience the BetWinner feel, what we have on our platform, to come and play games and see how fun it can be with BetWinner physically.”

games and see how fun it can be with BetWinner physically.”

Through this approach, the online betting platform seeks to seep into the minds of punters nationwide. Otu described the activation as bridging the gap between what BetWinner offers online and connecting the brand’s core values with its customer base.

As the day grew older with the descending of the sun, most of the tournaments wrapped up with the

Sports Betting in the Rwandan Basketball League Davidson Abraham has a few tips if you are considering betting on Rwanda Basketball League games The Rwandan Basketball League (RBA) is Rwanda’s top professional basketball league. It is governed by the Rwandan Basketball Federation (FERWABA). The RBA was founded in 2008 and currently consists of 12 teams.

Sports betting is a popular pastime in Rwanda, and the RBA is no exception. There are a number of online and in-person sportsbooks that offer betting on RBA games in the country. The most popular bets include Moneyline Bets, Spread Bets, and Totals Bets.

Moneyline Bets are the simplest type of basketball bet. You simply bet on which team you think will win the game. Spread Bets are more complex. In a Spread Bet, the sportsbook gives one team a points advantage or disadvantage before the game starts. The team that wins by the most points or covers the spread wins the bet.

Totals Bets involve betting on the

total number of points that will be scored in the game.

If one is considering betting on RBA games, one should keep a few things in mind. First, it is important to do your research. Learn about the teams, the players, and the coaches.

This will help you to make more informed betting decisions.

Second, it is important to set a budget and stick to it. Sports betting can be addictive, so it is important to gamble responsibly.

Never bet more money than you can afford to lose.

Finally, it is important to have fun. Sports betting should be enjoyed as a form of entertainment.

If you are not having fun, stop betting.

Here are some tips for betting on RBA games • Bet on what you know: If you are familiar with the RBA and the teams involved, you will be more likely to make winning bets.

• Do your research: Look at the teams’ recent form, their head-to-head record, and any other relevant factors.

• Shop around for the best odds: Different sportsbooks will offer different odds on the same games. Compare the odds from different sportsbooks before you place a bet.

• Manage your bankroll wisely.

Only bet what you can afford to lose. Set a budget and stick to it.

• Don’t chase your losses: If you are losing money, don’t start betting more money in an attempt to win it back. This is a surefire way to lose even more money.

Sports betting is legal in Rwanda. The Rwandan government regulates sports betting through the Gaming Board of Rwanda. The Gaming Board of Rwanda must license all sportsbooks operating in Rwanda.

Popular RBA betting markets

• Moneyline Bets: Bet on which team you think will win the game.

• Spread Bets: Bet on the margin of victory.

• Totals Bets: Bet on the total number of points that will be scored in the game.

• Player Props: Bet on individual player statistics, such as points scored, rebounds, and assists.

• Team Props: Bet on team statistics, such as total points scored and three-point percentage.

Sports betting on the RBA can be an exciting and profitable experience, but it is important to research and gamble responsibly.

Set a budget, stick to it, and don’t chase your losses. With a little knowledge and discipline, you can enjoy the thrill of RBA betting while making some money.

ADVISORY: +18 PERSONS UNDER 18 MUST NOT PARTICIPATE IN BETTING, GAMING OR LOTTERY ACTIVITY

announcement of the winners, save for the football tournament. This ceremony set the stage for the evening’s adjoining event, which would showcase an array of performers on stage.

Still riding the high from the thrilling game tournaments, a crowd of mostly millennials and Gen Zs began to form for the scheduled music concert.

Of course, the evening’s hype man, Tobi Shang, made good use of the energy they emanated, leading call-and-response sessions with popular music and even initiating dance battles.

Following Shang’s energetic performance, Comedian FunnyBone took over as the host, offering the crowd plenty of humour to help them unwind after the high-energy sessions with Shang. Subsequently, FunnyBone invited Obi to the stage to present prizes to Tribe Gazelle, Tribe Aza, and Tribe Zazu, who secured the third (N500,000), second (N1 million), and first position

(N1.5 million), respectively.

Amid a slew of presentations, Korede Bello delivered a high-profile performance that evening, traversing the audience through his enviable discography that includes ‘Godwin’ and ‘Dorobucci.’

Food and drink were also a huge part of the Games Fiesta experience.

The mammoth crowd were treated to cocktails, mocktails, and finger foods.

For its first outing, Game Fiesta sets a bar as a reference point where gaming and entertainment meet to serve as an interface between BetWinner and its loyal customer base.

Otu said, “This event goes beyond here. This outing puts BetWinner into the consciousness of the masses as one of the top-performing brands in the sports betting space, and from the responses we have gotten so far tonight, it has been encouraging.

This is a new birth for BetWinner.”

GAMINGWEEK TEAM Nseobong Okon-Ekong ikotibok@gmail.com | 08114495324 Iyke Bede ikennabede@gmail.com | 0703 044 7714 Akeem Lasisi lasaisai@yahoo.com | 08023687884 Vanessa Obioha vaysylver@gmail.com | 08069838305 Davidson Abraham davisiano.adm@gmail.com | +971 56 744 6013

33

T H I S D AY • THURSDAY, NOVEMBER 16, 2023

NEWS

Unveiling of legislative Agenda of the 10th House...

L-R: Deputy Speaker of the House of Representatives, Honorable Benjamin Kalu with President of the Senate, Senator Godswill Akpabio; at the official unveiling of the legislative Agenda of the 10th House, at the National Assembly...yesterday

Despite Lawmakers’ Opposition, Umahi Insists FG Has Adopted Concrete for Road Construction Senate: We are considering minister’s proposal

Emmanuel Addeh, Sunday Aborisade and Folalumi Alaran in Abuja The Minister of Works, David Umahi, has told a delegation from the Economic Communities of West African States (ECOWAS) that the federal government has adopted the use of concrete pavements for the construction of its roads nationwide.

The minister spoke in Abuja when he was briefed on the ongoing construction of the Lagos–Abidjan Highway initiated by Heads of State and Government of five ECOWAS member states.

The ECOWAS delegation was led by it’s Commissioner for Infrastructure, Energy and Digitalisation, Sediko Douka.

A statement from the ministry quoted the minister as saying that for ease of work and speedy completion, the highway project should have processes for its achievement, including breaking them into sections.

Umahi added that this is putting into consideration the peculiarities of the areas across the corridor which might not be viable.

“I think for ease of work and speedy completion, the project should be sectioned and we need to put a process in place to make the project achievable because some sections might be viable while some other sections might not be,”he said Umahi underscored the importance of the highway project saying that the road project would propel rapid integration of the region, boast commercial activities and improve social development among member states.

“Umahi also advocated the use of concrete pavement on the Nigerian corridor, noting that there are a lot of advantages using concrete in road construction without having issues of portholes or washout.

“He added that concrete roads have a longer lifespan, it can withstand heavy traffic loads, has low maintenance, is less affected by temperature fluctuations and that this has been adopted by the Nigerian government,” the statement noted.

Last month, the House of Representatives urged the ministry of works to suspend, for the time being, the wholesale adoption of cement for road construction, pending the conclusion of its investigation.

The resolution was passed in response to a motion titled: ‘’Need to Investigate the Adoption of Concrete Technology for Road Construction in Nigeria,’’ sponsored by Khadija Ibrahim.

But Umahi, during the meeting with the ECOWAS delegation reiterated that while adapting to feasibility result and technical studies, Nigeria would fast-track the completion of her own section of the highway, describing it as laudable.

“We should fast-track the completion of our own section following the feasibility result and technical studies and design. It is a laudable project for rapid growth and development,” he stressed.

Earlier in his remarks, the ECOWAS Commissioner for Infrastructure, Douka, noted that Africa’s economic integration was hampered by large deficits in its transportation infrastructure.

He explained that the 2050

ECOWAS vision seeks to enhance infrastructure development and recognises economic growth and integration of people as a contributor to the creation of a regional environment favourable to the free movement of people and goods.

He said the 1,028 km road project was initiated by the heads of governments of Benin (128km), Cote d’Ivoire (155km), Ghana (576km), Nigeria (79.5km) and Togo (89.2km) in Yamoussoukro, Cote D’Ivoire on February 28, 2013.

According to him, the steering committee of the project is made up of the ministers of works of corridor

member states and commissioner for infrastructure of the ECOWAS commission.

Their role, he said, is to provide oversight guidance for the implementation of the project wherein each of the ministers reports back to their respective governments.

Also speaking, the Director of Infrastructure Department, ECOWAS, Malik Ashoke, revealed that the link bridge between Nigeria and Cameroon had been completed and commissioned.

However, he noted that scanning machines and weigh bridges were yet to be put in place, and therefore requested that the Nigerian

The Palestinian Ambassador to Nigeria, Abdullah Shawesh, has expressed pessimism over the success of the intervention of the Arab League/Organisation of Islamic Cooperation (OIC) mediation delegation in the ongoing Gaza war.

He insisted that the Western countries support for Israel may ultimately nullify whatever impact they could have made.

Shawesh, while addressing journalists in Abuja, on the ongoing war between Israeli force and

Hamas, said as much as he and the people of Palestine appreciate and commend the efforts of the group towards ensuring ceasefire, the Western countries have blinded support for Israel which could make them thwart any effort to peaceful resolution.

The envoy who asked if the West had ever called for ceasefire since the beginning of hostilities, lamented that no fewer than 12,000 civilians had died since October 7, 2023, when Israel commenced the retaliatory offences.

He said majority of casualties

and adopt concrete technology.

The chairman's declaration was in response to recommendations made by the engineers over the lingering issue.

The NHTE president, Saidu Hassan, in his address, noted that for any project to be truncated and converted to rigid pavement projects will be a violation of contractual agreement and may lead to litigations.

According to him, both methods have their advantages and disadvantages and either of them should be used where it is necessary based on engineering judgment.

Continues online

Appeal Court Affirms Sanwo-Olu’s Re-election, Dismisses LP, PDP’s Petitions Says appeals bereft of merit Governor hails judiciary, recommits self to greater Lagos agenda

Segun James and Wale Igbintade The State and National Assembly Appeal Court sitting in Lagos has dismissed two separate appeals, filed

by Labour Party candidate, Gbadebo Rhodes-Vivour and his Peoples Democratic Party counterpart, Olajide Adediran, (also known as Jandor) and affirmed the re-election Governor Babajide Sanwo-Olu in the March 18 governorship election.

A three-member panel of the Appellate Court led by Justice Yargata Nimpar, upheld the decision of the election petition tribunal, and held

that the two appeals were lacking in merit.

Other members of the panel were Justice Samuel Bola and Justice Paul Bassi.

The Independent National Electoral Commission (INEC) had on Saturday, March 18, 2023, conducted an election for the Office of the Governor of Lagos State.

At the conclusion of the poll, INEC had declared and returned the incumbent Sanwo-Olu as winner, having scored 762,134 votes to defeat his closest rival Rhodes Vivour who polled 312,329 votes.

Gaza War: Palestinian Envoy Says Arab League, OIC Intervention May Yield Nothing against Western Support for Israel

Michael Olugbode in Abuja

minister of works assists in obtaining government’s directive for ease of clearance of the equipment from the wharf.

Meanwhile, the Senate yesterday said it would make public its decision on the adoption of concrete technology on federal roads soon.

The Chairman Senate Committee on Works, Patrick Ndubueze, revealed this when he received the leadership of the Nigerian Institution of Highway and Transportation Engineers (NHTE) in Abuja.

This comes amidst the ongoing tussle between contractors and the works ministry over the directive to immediately dump the use of asphalt

have been children and women, while 2,000 persons are still missing.

Shawesh, while reacting on the mediation delegation which included Nigeria, said all the diplomatic efforts were good and necessary but that the Western countries that supply weapon and ammunition would not allow it to succeed.

He said: “The Arab League, the OIC, including our brother Nigeria and other international organisations established committees to stop what is happening in Gaza. The question is, are the efforts enough?

"Unfortunately, those countries, I mean, the western countries did not utter any single word of ceasefire.

They declared that the ceasefire was not part of what is on the table.

"This is the real problem.

What the Arab League, the OIC and Nigeria and other respectful intergovernmental organisations are doing is highly appreciated by us. " He also accused the Western media of spreading lies in their reportage of events. The envoy also said the excuse of Hamas using hospitals as tunnel were all tissues of lies.

Adeniran came a distant third with 62,499 votes.

Dissatisfied, Rhodes Vivour and Adeniran had filed separate petitions challenging the election result and INEC’s declaration.

Adediran and the PDP had claimed that at the time of the election, Sanwo-Olu, Hamzat, and LP candidate, Gbadebo Rhodes-Vivour were not qualified to contest the election.

They had also claimed that Sanwo-Olu failed to attach a copy of the GCE O/Level result he claimed to have sat for in 1981 along with his form EC9 as required by the Electoral Act 2022.

However, the Lagos Governorship Election Petition Tribunal on September 25, 2023 dismissed the two petitions filed by the PDP, candidate, Adediran and that of the Labour Party and affirmed the election of Sanwo-Olu and his deputy, Dr. Obafemi Hamzat.

Still not satisfied, Rhodes Vivour and Adeniran had further appealed against the judgement of the Tribunal.

But delivering its judgments yesterday, the Appeal Court was unanimous that the appellants failed to prove their claims.

Justice Nimpar, who read the lead judgment against Adeniran and the PDP held that Sanwo-Olu and Hamzat, were qualified to contest the March 18, 2023, governorship

election in the state under section 177 of the Constitution.

She held that the appellants failed to prove that the 2nd & 3rd respondents were not jointly sponsored, adding that 'the Appeal has hit the rock'.

The court held that the Appellant failed to prove the allegation of non-qualification of the respondents without establishing any ground of non- qualification or disqualification known to law.

The court further held that the Appellants also failed to establish the allegation of non-compliance” with the provisions of the Electoral Act, 2022, and did not present any quality of evidence required or demonstrating how such noncompliance, if any, substantially affected the outcome of the election.

On the Appeal filed by Rhodes Vivour and Labour Party, Justice Samuel Bola in his lead judgement agreed with the decision of the lower Tribunal and held that PW8, (Olubusayo Fasidi), a US immigration lawyer, did not qualify as an expert witness, and that all the exhibits (Exhibits P985-989 and PE 990 1033) tendered through her were inadmissible, being computergenerated evidence that did not have accompanying certificate of compliance pursuant to section 84 of the Evidence Act. Continues online

34

THURSDAY, NOVEMBER 16, 2023 • T H I S D AY

NEWS

Deliberation on the Electricity Bill, 2023...

L-R: The Leader of the Senate, Senator Opeyemi Bamidele; Deputy President of the Senate, Senator Barau Jubrin and Chairman, Senate Committee on Power, Senator Eyinanya Abaribe, consulting during the deliberation on the Electricity Bill, 2023 at the Senate Chambers in Abuja … Tuesday

Gov Mbah Announces N25,000 Cash Awards to Enugu State Workers Increases social register enrolment to 260,000 NLC, TUC commend governor

Governor of Enugu State, Dr. Peter Mbah, has announced cash awards of between N10,000 and N25,000 to the state workers till April 2024, while also assuring that the new minimum wage negotiation would soon be concluded.

Mbah, stressed that the welfare of workers remained the priority of his administration, as his laudable goals for Enugu could not be attained without a happy workforce.

Mbah, also announced an increase

by his administration of the state social register enrolment from 43,000 to 260,000, promising to lift more indigent citizens through cash transfers and other social interventions.

He made these known during a joint media briefing with the state’s labour leaders at the Government House, Enugu, yesterday, saying the administration was also making other social interventions apart from the cash transfer to better the lives of Enugu State workers.

“As you may be aware, since the removal of the petroleum subsidy, we have been in constant negotiation with the labour unions in the state, crafting a way forward on how we can provide palliatives to our teeming workforce.

“So, by the time you put a monetary value to all the social services we have provided, it will weigh well above N100,000 minimum wage.

“But in addition to that, with effect from next month (December), we are

going to also make a flat payment to all categories of our workers, beginning from our local government to the primary and secondary school teachers, and civil servants.

“We are going to categorise them and there will be flat payment of between N10,000 and 25,000, depending on the category. That payment is going to continue till April.

“Our hope is that by the end of April, the committee that is reviewing the minimum wage would have come

Nigeria’s Ex-Finance Minister, Onaolapo Soleye, is Dead Buhari, Abiodun mourn

Deji Elumoye in Abuja and James Sowole in Abeokuta

A former Minister of Finance in Nigeria, Dr. Onaolapo Soleye, has died at of 90. Soleye died in the early hours of yesterday, four days after he celebrated his 90th birthday on Saturday 11th November 2023.

A statement by his family read: “With heavy hearts, but with gratitude to God Almighty for a long, impactful and positively eventful life, the family announce the passing of Pa Dr. Onaolapo Soleye, the father of our late brother, Maj. Gen. O. O Soleye (rtd). He turned ninety years only last Saturday.

“Papa served the country and humanity in various capacities rising to the position of an Associate

Professor in the University of Ibadan, Commissioner for Works in Ogun State and Minister of Finance of the Federal Republic of Nigeria amongst others.

“He was a true lover of God and humanity and this translated into his unwavering commitment to church activities as well as ready support and assistance to all who came across him, in anyway that he could.

“The loss of Dr Soleye is surely not that of the Soleye family alone.

It’s our father that has just passed and we must all prepare to be part of his rites of passage.

The former Finance Minister is survived by his wife, Mrs. WMS Soleye, children, grandchildren and a great grandchild.

Meanwhile, former President Muhammadu Buhari has mourned the late finance minister during his tenure as Military Head of State from 1984 to 1985, describing him as a rare gentleman and an expert in financial matters.

In a message to the family of the deceased and the government and people of Ogun State, Buhari, in a release by his spokesperson, Mallam Garba Shehu, said Soleye “played a pivotal role in that short, corrective administration.

"His rich administrative and financial experiences were contributory to whatever achievements we recorded at that time. He diligently served Nigeria. His wit, intellect, diligence and warm personality were legendary,” he said.

Until his death, Soleye was one of the four remaining members of the federal cabinet with the then Major General Muhammadu Buhari as Head of State.

On his part, the Ogun State Governor, Dapo Abiodun, described the passing of Soleye, as a great loss to Ogun State and Nigeria at large.

Abiodun, in a statement by his Chief Press Secretary, Lekan Adeniran, said Soleye's invaluable contributions to the financial sector of Nigeria and his home state, Ogun, would forever remain green in the memory.

"Dr Soleye's remarkable career in public service, spanning several decades, exemplified his unwavering commitment to the development and progress of Nigeria.

CSOs Warn Nigeria, Others against Signing Lesbianism, Gay Marriage Pact Seriki Adinoyi in Jos

A coalition of civil society organisations (CSOs) has warned the federal government and heads of AfricaCaribbean and Pacific (ACP) states against signing the European Union and Africa-Caribbean and Pacific countries (EU-ACP) Partnership Agreement.

The group, led by an educationist and concerned mother, Dr Ekaette Ettang urged their countries’ parliaments and legislatures to avoid ratifying the ‘deceptive’ treaty.

According to the CSOs, if the ACP governments succumb to the European Union’s intimidation and sign the Lesbianism, Gay marriage,

Bisexual, Transgender and Bisexual (LGBT) agreement, it would spell doom for the nations, arguing that the pact was “primarily aimed at the homosexualisation and LGBTisation of the countries.”

The CSOs were made up of Human & Constitutional Rights Committee, African Bar Association, Parents Watch Initiative and Zarephath Aid. A crucial meeting between the EU and ACP ministers took place in Brussels on November 28, 2022, to potentially exert greater pressure on the officials to persuade their heads of government to sign the contentious LGBT agreement.

Another meeting with the

same objective took place from June 19 to 28, 2023 in Brussels, but ended in a deadlock, as the ACP parliamentarians and leaders vehemently opposed the signing of the document.

Chairman, Human & Constitutional Rights Committee, African Bar Association, Sonnie Ekwowusi, explained that the agreement, which takes the form of a treaty, was deceptively and deviously worded to impose the EU’s LGBT agenda on ACP countries.

Ekwowusi said, “This is why ACP countries must unanimously rise up and resist the signing of this agreement because once the agreement is signed, it shall automatically

override their constitutions and national sovereignties of the ACP countries. In contrast to the Monroe Doctrine, Nigeria operates the Dualist doctrine under international law.”

He added that by virtue of Section 12 of the 1999 Constitution (as amended), a treaty signed by Nigerian political leaders does not have the force of law in the country until it is ratified and domesticated by the National Assembly.

He however said the LGBT agreement was craftily worded that once signed by Nigeria and the ACP countries, the agreement automatically supersedes their respective domestic laws and establishes LGBT as their new law.

out with what would then become the new minimum wage in the state.

So, from there, we are just going to carry on the implementation of what is then set as the minimum wage”, he stated.

Mbah, reiterated the determination of his administration to achieve zero per cent poverty headcount index by 2031, saying the state had set aside N1.5 billion for social development programmes like water and sanitation in the communities in addition to constructing 260 model primary healthcare centers and 260 smart schools with accompanying teachers’ quarters.

“Importantly, the state is just concluding the update of our social register. We have now expanded our social register from 43,000 to accommodate up to 260,000 indigent people in our state. That is also a platform that we are going to use to do cash transfers to engage our indigent ones”, he added.

In their reactions, the state chairman of the Nigeria Labour Congress (NLC), Fabian Nwigbo and his Trade Union Congress (TUC) counterpart, Benneth Asogwa, thanked the governor for his proactive steps towards the welfare of Enugu workers, saying they were happy that Enugu workers did not

have to lobby, protest, or embark on strike to have their salaries and welfares addressed.

“I am overwhelmed by your pronouncements this afternoon. We are grateful for the announcement because there was no ‘war-war’ to get this. This one came on a platter of gold. We did not come begging and crying or shouting and agitating.

It was out of the abundance of your heart that you decided to greet us with this big news.

“Actually, it has been great for the people of Enugu State, especially the workers under your administration.

First of all, our salaries come as and when due. Our promotion is also on the way for 2023. In the past, you have to spend years before you get promoted. So, as workers, we will do all we can to ensure that this government succeeds”, Nwigbo said Adding his voice, the TUC state chairman, Asogwa, said: “You have made us today to understand that all that you said during the election were no political promises. We have come to realise that you meant business.

If you could move this far within a few months of taking over as the governor of Enugu State, that means we are very sure that our tomorrow is bright”.

Diri Seeks Legislation on Vote-buying, Commends INEC for Rejecting Voodoo Votes Dickson Congratulates Diri

Bayelsa State Governor, Senator Douye Diri, has canvassed for legislation to check the menace of vote-buying as part of measures to safeguard the country's electoral system.

Diri stated this on Tuesday at his country home, Sampou, in Kolokuma/Opokuma Local Government Area, when his predecessor and Senator representing Bayelsa West, Chief Seriake Dickson, paid him a visit to formally congratulate him on his re-election for a second term.

The governor condemned the act of vote-buying, describing the development as part of the country's electoral process that was faulty. He also called on stakeholders to work collectively in addressing the menace in order to prevent politicians that do not mean well for the state to hijack the process.

“For me, that is part of our electoral process that is very faulty. I like to

urge our leaders, especially those that are in the National Assembly, to propose a bill that can solve this problem of vote-buying because it is becoming a very big problem here in Bayelsa State.

"So, we all need to put our minds together to see how we can address this issue because that is the only way we can prevent politicians, who do not mean well for the state from having access to political power."

Diri thanked Bayelsans for renewing his mandate to serve them for another four years.

In his remarks, Senator Seriake Dickson, a former governor, said he led a delegation of the Bayelsa West Senatorial District to congratulate Diri on his well-deserved victory.

He noted that in securing a second term, the governor has four more years of stability to consolidate on his development agenda for the state.

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T H I S D AY • THURSDAY, NOVEMBER 16, 2023

NEWS

THE MACALLAN HARMONY COLLECTION INSPIRED...

L-R: The Macallan Brand Specialist, Rasak Makanjuola; The Macallan Brand Ambassador, Lagos, Daniel Atteh; General Manager, Flowershop Cafe, Mohammed Maki; Premium Spirit and HoReCa Director, Coca-Cola Hellenic, Loannis Simos; and Brand Manager, Edrington Portfolio, Nigeria, Hammed Adebiyi, at the exclusive whisky tasting of The Macallan Harmony Collection Inspired by intense Arabica at Flowershop Cafe in Lagos…. recently

Senate Begins Work on Federal Data Bank Establishment Bill

Sunday Aborisade in Abuja

The Senate yesterday began the process for the establishment of a Federal Data Bank as it passed

a bill for that purpose.

The proposed legislation was sponsored by Senator Jimoh Ibrahim ( APC Ondo South), and it passed first reading on the floor of the Red

Nigeria Sliding into Totalitarianism, Anarchy, PDP Raises the Alarm Chuks Okocha in Abuja

The Peoples Democratic Party (PDP), yesterday, raised the alarm to Nigerians and the International Community that the nation was dangerously sliding into totalitarianism and anarchy under the brazenly repressive and anti-people All Progressives Congress (APC) administration.

In a statement by the National Publicity Secretary, Debo Ologunagba, the PDP alerted of attempts and actions of a cabal within the presidency to emasculate the Institutions of Democracy in Nigeria, especially the Independent National Electoral Commission (INEC) and the Judiciary in the desperation to foist a one-Party State on Nigerians.

According to Ologunagba, "This unfolding anti-democratic scenario is not only evident in the manipulation of elections but also in the conflicting judgments by electoral Courts, especially some Election Appeal Court Panels, which judgments are in conflict with the express provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), the Electoral

Act, 2022, INEC’s Guidelines and Regulations for elections.

"What is more worrisome is that these obnoxiously contradictory judgments are targeted at the PDP to the effect that elections that were clearly won by PDP candidates are snatched away at the Courts and awarded to defeated candidates of the APC contrary to the provisions of the Law," he stated.

The PDP spokesman said aside from the preponderance of such ugly scenarios in Plateau State, the conduct and outcome of certain election petitions in Zamfara, Sokoto, Kebbi, Nasarawa and other states of the nation, where PDP was robbed of victory through the Courts were pointers to a systemic emasculation of the opposition in a bid to impose a one-party state and the pave way for totalitarianism in the country.

"This situation is a clear and present danger to the sustenance of Nigeria’s democracy, unity, political stability and corporate existence as a nation, which is capable of breeding agitation, citizens loss of confidence in the system, restiveness, anarchy and chaos.

chamber on Wednesday The bill according to Ibrahim was to provide for an Act , for the establishment of federal data bank. He said it would cover every sector of the economy and provide data for development for both the public and private sectors .

He said, "Data is critical to economic planning and develop-

ment, making the need for Data Bank very important in any vibrant economy for in-depth insights into customer behaviour, the state of internal processes, and external risks, which will give room for variety, volume, velocity and value.

"There is a need for the Federal Government and stakeholders to invest in a data bank that will drive

Adedayo Akinwale in Abuja

The All Progressives Congress (APC) has called on the Presidential candidate of Peoples Democratic Party (PDP) in the 2023 elections, Atiku Abubakar, to concentrate on repairing his damaged political psyche and attempt to revive the comatose PDP and leave APC out of their combined predicament.

National Publicity Secretary of the party, Felix Morka, in a statement, said the party welcomed the former Vice President’s charge to opposition political parties to rally together to engage in opposition politics.

Morka, said this while reacting to a statement credited to Atiku that Nigeria was sliding into a one-party state and accused the ruling party of increasingly “turning Nigeria into a dictatorship of one party" during the hosting of the National Executive Council of the Inter-Party Advisory Council of Nigeria (IPAC) on Tuesday.

He noted that it was pitiful that a statesman of Atiku's standing

would so easily conflate the wide acceptance of APC among Nigerians with his “irrational fear” of one-party dictatorship.

The spokesperson reminded Atiku that Nigerians were highly percipient and could differentiate between political deviance of PDP and demonstrable commitment of APC to deepening democracy and fostering our common good.

Morka stressed that before PDP’s defeat in 2015, it proclaimed and flaunted its plan to rule Nigeria for a minimum of 60 years, saying at that time, Atiku was willfully blind to fear of a PDP one-party dictatorship, but now appears to be under the influence of a distorted vision inflicted by the debilitating serial trouncing of his party at the polls.

He noted that the PDP brigandage, impunity and profligacy of 16 years remained unforgettable, adding that during APC’s brief period at the helm, it has implemented far-reaching reform of the Electoral Act and introduced technological innovations, including the Bimodal

CSOs tabulate irregularities, call for cancellation

Abia State Governor, Mr. Alex Otti, has congratulated Hope Uzodimma, Douye Diri and Usman Ododo for emerging victorious in the recent off-cycle governorship elections held in Imo, Bayelsa and Kogi States on November 11, 2023.

This was as a forum of domestic civil society organisations, accredited as observers for the November 11, 2023 Imo State governorship election has called for the total cancellation of the Imo election, alleging irregularities, which cast doubts on the integrity of the election.

Governor Uzodimma and his

Bayelsa counterpart, Diri, had their mandates renewed by the electorates while Ododo was elected for a first term to succeed the outgoing Governor Yahaya Bello.

Otti conveyed his congratulations to the winners in a press statement by his Chief Press Secretary, Mr. Kazie Uko, noting the significance of the victories recorded by each of the winners.

Otti said it was gratifying that the Imo governorship poll was conducted in an atmosphere of peace, despite the initial uncertainties and doomsday predictions that dogged the campaigns.

He called on Uzodimma "to be magnanimous in victory and

the Federal to Local Government level with access to information.

"When established, the Federal data bank can be self-sustainable since it can receive data and sell data; again, the international community and institutions like the World Bank and IMF will give support for the take-off of the Bank", he stressed .

APC to Atiku: Leave Us Out of Your Predicament

Otti Urges Uzodimma, Diri, Ododo to Be Magnanimous inVictory Emmanuel Ugwu-Nwogo in Umuahia and Tony Icheku in Owerri

the growth agenda. Centralised databases make managing and accessing information for national development easier.

"This is especially important for countries with a large amount of data, or that need to store data for an extended period.”

He added that all levels of government can also benefit from

continue to work towards restoring lasting peace in Imo as he starts his second term in office."

As Chief executives of two neighbouring and brother states, Otti promised to work harmoniously with Uzodimma for the peace and economic development of the South East.

For the Bayelsa poll, Otti described it as "a hard fought contest", adding that the outcome "is a vote of confidence on Diri by the people" he had already served for four years.

He said he was happy that Diri had already extended a hand of fellowship to his opponents in his victory speech, and urged him "to maintain that meek and humble

spirit that has continued to endear him to Bayelsans."

Otti, who is the only governor on the platform of the Labour Party (LP), also congratulated the governorship candidate of the party in the Bayelsa poll, Udengs Eradiri for his courage.

He urged the LP candidate not to feel disappointed over the outcome, but should remain steadfast and build on the experiences he garnered from the electioneering and the polls.

Congratulating Ododo, who won in Kogi on the ticket of the All Progressives Congress (APC), Otti noted that it was "a spectacular win" for the governor-elect being his first shot at governorship seat.

Voters Accreditation System (BVAS) and the INEC Results Viewing Portal (IReV) all aimed at improving electoral transparency and deepening our democracy.

Morka said: “We urge Atiku to concentrate on repairing his damaged political psyche and attempt to revive his comatose PDP and leave APC out of their combined predicament.

However, we welcome the former Vice President’s charge to opposition

political parties to rally together to engage in opposition politics.

“Remarkably, Atiku and his PDP have not only consistently failed at the polls, they have proved incapable of offering a credible alternative political vision as expected of an opposition party. Instead, the PDP has sustained its free fall into the abyss of quicksand by its intractable internal contradictions and impoverished leadership.”

Dangiwa: 1978 Land Use Act Requires Amendments Bennett Oghifo The Minister of Housing and Urban Development, Ahmed M. Dangiwa, yesterday, called for legislative amendments to the Land Use Act of 1978, stating that it was a fundamental impediment to effective land administration in the country.

The minister made the call at the 28th Conference of Directors of Lands in Federal and State Ministries, Departments and Agencies, which took place in Lagos, yesterday.

The theme of this year’s Conference, was 'Improving Land-Based Revenue of the Federating Units in Nigeria through Efficient and Effective Land Administration.'

Dangiwa said, "As the Minister of Housing and Urban Development, I must say that I am honestly not happy with the current state of land administration in the country. And the reasons are obvious. The same issues that were there decades ago are still there with us today.

"This includes, inadequate land information systems, complex land tenure systems, cumbersome and time-consuming land registration processes that contribute to delays and corruption in the system;

the lack of a streamlined and transparent registration process that discourages investment and hinders economic development; inadequate urban planning which lead to informal settlements; congestion, and improper land use, inadequate legal and regulatory frameworks which results in legal uncertainties, making it difficult for individuals and businesses to navigate the land administration system with confidence.

"These are all problems that we all must fix. No one will do it for us. I must acknowledge that some of these problems are beyond the capacity of the Conference and Directors to resolve. Indeed, the most fundamental ones such as the Land Use Act 1978 requires legislative amendments and national government policy interventions.

"Currently, we have a situation where the Land Use Act was enacted in 1978 but there was no complementary institution set up alongside it to provide the necessary framework, guidelines, and regulations for operationalising it.

"We are working to establish a National Land Commission that would fix this gap and chart a new way forward for effective land administration in the country.

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THURSDAY, NOVEMBER 16, 2023 • T H I S D AY

NEWS

MBAH ANNOUNCES CASH AWARDS TO WORKERS...

L-R: Chairman, Enugu State Universal Basic Education Board, Dr. Gabriel Ajah; Commissioner for Finance, Dr. Nathaniel Uramah; Secretary to State Government, Prof. Chidiebere Onyia; State Chairman, NLC, Comrade Fabian Nwigbo; Governor of Enugu State, Dr. Peter Mbah; State Chairman, TUC, Comrade Bennett Asogwa; Chief of Staff to the Governor, Dr. Victor Udeh; Chairman, Post Primary School Management Board, Rev. Fr. Hillary Mgbodile; and the Accountant-General of Enugu State, Mr. Tony Okenwa, at a joint press briefing at the Government House, Enugu, as Mbah announced N25,000 cash awards to workers till April 2024.... yesterday

A f t e r M e e ti n g FG , N LC , T U C S us p e n d Nati o n w id e St r i k e the security considerations associated with the strike and its genesis. He said the two sides had frank, fruitful and genuine discussions on steps that had been taken by the government to address the concerns of labour over the incident in Imo State.

Lalong said the union leaders agreed to take the outcome back to their members and consider the plea of government to call off the strike in the interest of the nation.

Osifo said the meeting was robust and with a lot of assurances given by the government team that some suspects had been apprehended on the Imo incident. He said they were also informed about other actions that the government had taken and others it would take to address the grievances of labour.

The TUC president said labour would go back, appraise the outcome of the meeting and communicate to its members appropriately with a view to taking a decision on the way forward.

Earlier, while giving an update on the strike, NLC's Head of Information and Public Relations, Comrade Benson Upah, said the labour movement would not call off the two-day old nationwide strike unless their demands were met. Upah restated labour's position that the strike was a protest against an emerging culture of state violence and impunity He said, "We demand that the government of President Bola Tinubu nips in the bud this burgeoning culture of harassment, intimidation, violence and terror. We will not back down until we secure a commitment from government to govern by the prescribed laws of the land.

"We are clear about our objectives and we are not in need of approval ratings from agents of government passing themselves off as our friends."

Upah added that "the gradual closing of democratic space is a clear and present danger or tendency we can ill-afford to ignore".

Apart from demanding that government arrests all those involved in the brutality against Ajaero during a protest in Imo State, organised labour also accused the Imo State government of violating workers’ rights by illegally sacking over 600 workers.

The labour union further accused the state government of owing workers and pensioners over 42 months arrears, declaring thousands of workers/pensioners ghost workers/pensioners, and not properly implementing the national minimum wage.

It accused Imo State Government of trying to use the courts to stifle a lawful protest and attempting to break the ranks of the unions in the state. It said the authorities were undermining the NLC in the state by foisting on the state council a leadership not constituted in accordance with the provisions of the constitution of the congress.

NLC, which also dismissed insinuations about the motive of the strike, said organised labour was sensitive to the sufferings of Nigerian workers, occasioned by fuel subsidy removal, hence, the need for a nationwide strike to express the grievances of workers.

Public Relations Officer of NLC, Lagos State Chapter, Comrade Ismail Adejumo, who spoke yesterday on the Morning Show of ARISE NEWS Channels, said the labour union remained sensitive to workers' challenges. Adejumo said labour will not tolerate assault on the NLC president, describing the incident as an attempt to desecrate the NLC and its leadership.

He called on all workers across the country to join the nationwide strike, saying an assault on NLC president is an assault on the generality of Nigerian workers.

Defending labour’s failure to embark on a nationwide strike when petrol subsidy was removed by the federal government, Adejumo said organised labour understood the sufferings of the people and the hardship they were experiencing as a result of fuel subsidy removal.

But he said labour decided to shelve its planned nationwide strike over fuel subsidy removal to give the federal government enough time to implement some of the agreements reached with labour and to provide solutions that would cushion the effect of the subsidy removal.

Adejumo stated, “The National Assembly members have been compromised and the judiciary is neither here nor there in defending justice.

So it is only the labour union and the media that are currently upright in defending the masses, the more reason why the entire workers must support labour in the nationwide strike.”

Adejumo also addressed comments by a former labour leader, Adams Oshiomhole, who openly condemned the nationwide strike and called on labour to remain focused on its role and responsibilities.

He said, “With due respect to Comrade Adams Oshiomhole, an injury to one is injury to all. Labour, under the leadership of Oshiomhole, was never ridiculed by anyone the way it is being ridiculed today, and we must resist further ridicule. We struggled together with Oshiomhole to oppose the military, and labour has never had it this bad.”

Speaking on the issue of court injunction restraining labour from embarking on a nationwide strike, Adejumo said organised labour had always been a respecter of law, and would not disobey court orders, when duly served. He explained that organised labour was not duly served with any court injunction, but got to know of it from the pages of newspapers, just like every other Nigerian.

Ribadu: Ajaero’s Attackers Are Already in Custody

National Security Adviser (NSA) Mallam Nuhu Ribadu, yesterday, disclosed that attackers of the president of the Nigerian Labour Congress (NLC), Joe Ajaero, were already in custody, with investigation in progress.

Ribadu, therefore, called on NLC and TUC to call off the two-day old strike, expressing worries over the effect of the industrial action on the livelihood of Nigerians and the country's economic security.

A statement by Head of Strategic Communications, in the Office of the

NSA, Zakari Mijinyawa, said the President Bola Tinubu administration would not condone lawlessness, as depicted in the attack on Ajaero during a recent protest in Owerri, the Imo State capital.

Ribadu called on the labour leaders to call off the strike, as investigation into the assault on the NLC president was ongoing. He also appealed to the unions to allow ongoing dialogues to be exhausted.

The NSA assured the labour leadership that the result of the ongoing investigation into the attack would be made public as soon as it was concluded.

The release stated, "The NSA is particularly worried about the implications of the strike action on the livelihood of ordinary Nigerians and its potential impact on economic security and other strategic national interests.

"As attested by the NLC leadership, the NSA immediately intervened on learning about the travails of the president of the Nigeria Labour Congress (NLC), Comrade Joseph Ajaero, who was assaulted in Owerri, Imo State.

"The NSA regrets the incident and condemns it in its entirety, as it was against the rule of law and the principles of freedom of association and expression, subscribed to

by President Bola Ahmed Tinubu and his administration.

"The federal government will never condone such an act. As a fallout of the incident, relevant authorities were directed to conduct thorough investigation into the circumstances surrounding the assault and bring to book the culprits.

"Available update indicates that some arrests have already been made in this regard. The outcome of the investigation will be made public as soon as it is concluded.

"The federal government, through the Office of the NSA, therefore, appeals to the labour leadership to call off the current strike action and allow the dialogue process underway to be exhausted."

National Assembly Pleads With Labour to Call off Strike

The leaderships of the Senate and House of Representatives, yesterday, appealed to organised labour to call off their strike and embrace dialogue.

The senate mandated its leadership to immediately summon an emergency meeting with the labour leaders to address the issue. The resolution followed a motion by Senator Abdul Ningi (PDP, Bauchi) during plenary.

Ningi's motion was presented by the Senate Leader, Opeyemi Bamidele.

The Bauchi lawmaker condemned the attack on Ajaero, describing it as unfortunate. He said the NLC president had the constitutional rights, as a Nigerian and an indigene of Imo State, to be involved in the electioneering in the state.

While insisting that it was wrong to brutalise him for participating in the process, Ningi said, "The Senate is aware that the strike, which has commenced since 14th of November 2023, was not unconnected with the alleged assault on the president of the Nigeria Labour Congress during the electioneering campaign that took

place in Imo State.

"The Senate worries that most of the demands of the NLC are not targeted towards just the welfare of the Nigerian workers but essentially targeted most essentially at issues arising from the alleged political involvement of the president of the NLC, who also is an indigene and also has a right to be part of the campaign process in Imo State."

At the House of Representative, the leadership of the lower chamber resolved to interface with the Senate as part of efforts to bring to an end the industrial action called by organised labour. The decision of the House was sequel to the adoption of a motion moved at plenary by Deputy Speaker of the House, Hon. Benjamin Okezie Kalu.

The motion came on the heels of the decision of the Parliamentary Staff Association of Nigeria (PASAN) to shut all the gates leading into the National Assembly complex, Abuja, in compliance with the directive of NLC and TUC. Presenting the motion, Kalu called on the House leadership to engage with the counterpart and the leadership of organised labour to find a lasting solution to the problem.

The deputy speaker said since the 10th House had been dubbed the people's House, it would be unworthy of them to feign ignorance of what was happening in the country at the moment.

Kalu stated, "Today, we were called early in the morning not to come for sitting, that the rooms are going to be locked and those that put on lights will not be there. But on a second call, I was told that you braved it and said we cannot engage our people from our homse.

We will engage them when we sit together and I commend you, Mr Speaker. Your decision to step into the National Assembly motivated a whole lot of us to come to the parliament.

“We came because there’s a burning issue in Nigeria with the NLC, who had threatened yesterday (Tuesday) about going on a massive national strike. It will be unworthy of us to leave this House today without looking into this issue. I pray that the NLC and all the unions in Nigeria should trust us once again.

“That we will use diplomacy, where necessary, to engage as usual.

They should trust us again to come together to find lasting solutions for their pain. We can dialogue. I pray for the House leadership and that of the Senate to sit with this aggrieved NLC, as soon as possible to enable us to find lasting solutions to their needs.”

After moving the motion, several lawmakers took turns to contribute to the debate, with many lamenting the hardship caused to Nigerians by the strike, and appealing to labour to call it off.

Speaker, Hon. Abbas Tajudeen, who presided over the session, said the leadership of the House would proceed on a meeting with that of the Senate to ensure that urgent steps were taken to end the impasse.

HURIWA Urges Industrial Court to Maintain Integrity

Human Rights Writers Association

of Nigeria (HURIWA) called for vigilance by the National Industrial Court of Nigeria to fend off encroachments on its independence and integrity by the executive arm of government.

HURIWA spoke against the backdrop of what it called incessant ex parte injunctions purportedly meant to restrain NLC and TUC from declaring Industrial dispute since the emergence of the President Bola Tinubu government on May 29.

The rights group, in a statement by its national coordinator, Emmanuel Onwubiko, wondered how else workers could bargain collectively for improved conditions of service since the current government removed subsidy on petroleum products, if the National Industrial Court now constituted itself into a cog in the wheel of progressive and constructive dialogues between workers and government.

Reminding the court system in Nigeria the need to safeguard judicial integrity and push back vigorously against the massive incursions and interference of the executive arm of government, HURIWA said, “In the immortal words of the late jurist, Justice Niki Tobi (1992) Justice of the Supreme Court, as he then was, ‘ex parte in our adjectival laws means proceeding brought on behalf of one interested party without notice to and in the absence of the other party’.

“This means that the application for interim ‘injunction brought ex-parte is heard by trial judges in the absence of the adverse party'.

HURIWA believes that the granting of ex parte orders of injunction seems to be totally inconsistent with the principles of fair hearing.”

The group lamented that the emerging trend from the National Industrial Court was dangerously pointing towards the erroneous impression that this specialised court system was established for the sole purpose of intimidating, harassing and muzzling organised labour unions in the country from exercising their constitutionally guaranteed rights as workers and impede the use of collective bargaining, which is a global best practice.

HURIWA called for caution on the part of the National Industrial Court, saying if the negative and obstructive trend continues, the people may lose confidence in that specialised court, and would mean that the National Industrial Court has made workers to embrace armed struggles, which would not augur well for Industrial harmony.

Labour Stops Edo LG Election Petitions Tribunal Sitting

Organised labour, yesterday, in Benin City, the Edo State capital, disrupted the inaugural sitting of the state local government election petitions tribunal due to the national strike. Labour ensured that the court did not sit to begin hearing of petitions arising from the recently held local government election in the state.

The tribunal was constituted by the state Chief Judge and notice was given to concerned petitioners that sitting would commence yesterday.

However, sitting had barely begun when officials of organised Labour stormed the venue, ordered everybody out, and shut the doors

of the building.

It was gathered that the tribunal had 18 petitions before it and a limited time frame.

The immediate past President of the Nigerian Bar association (NBA), Mr Olumide Akpata, was among those at the court to watch proceedings.

Commercial Banks Defy NLC Order, Open to Customers

Commercial banks in Niger State continued to defy the order to shut down as the strike declared by NLC and TUC entered its second day.

All the commercial banks were open to customers.

However, virtually all public institutions, including the state and federal secretariats, House of Assembly Complex, the high court and Sharia court complexes were not open for business yesterday.

Similarly public educational institutions, including the Ibrahim Badamasi Babangida University, Lapai, staff also complied with the directive by withdrawing their services.

"We are part of the strike," the university’s Academic Staff Union of Universities (ASUU) branch chairman, Alhaji Kudu Dangana, told THISDAY. The state chairman of NLC, Comrade Idris Lafene, in an interview, expressed satisfaction with the level of compliance with the strike directive.

JUAC Shuts Outs Workers from FCTA

The Joint Union Action Committee (JUAC), yesterday, enforced compliance with the nationwide strike ordered by NLC and TUC by shutting the main gate to the FCT Administration secretariat.

The union leaders locked the FCTA gates as early as 5.30am and used as many as eight vehicles to prevent workers from driving into the premises.

JUAC chairman, Korede Matilukoro, vowed that the action would continue till their demands, including condemnation of the brutalisation of NLC president, Joe Ajaero, in Imo State, were met.

The union leader condemned fuel subsidy removal and urged President Bola Tinubu to return from his foreign trips and re-strategise.

He said, “We are still singing the same song, 'meet labour’s demand'.

The brutalisation of the NLC president should be condemned in its entirety and the culprits be arrested and prosecuted, particularly the police officers involved and other individuals. The hardship in the land has become unbearable, the fuel price hike is uncalled for. Right now, Nigerians are in pain.

“They are paying someone N30,000 as a minimum wage and he is going to spend between N60,000 and N70,000 for transportation only from where he lives to the office. How does he survive? The mathematics is no longer adding up.”

Matilukoro called on the federal government to look at the challenges from another angle, insisting they believe in the country.

According to him, "Here in the FCT, we believe in our own minister, but we are not going to keep quiet.

Here, we will ensure that the gate remains under lock and key.

thursday november 16, 2023 • T H i s d ay

37

NEWS

PROMOTING ENTREPRENEURSHIP...

L-R: Lead, Senior Programme Manager and Head, Startup & Youth Enterprise, The FATE School, Aghogho Akporido; Executive Director, FATE Foundation, Adenike Adeyemi; Director, Public Affairs, Communications, Sustainability, The Coca-Cola Nigeria Limited, Amaka Onyemelukwe; Head, Strengthening Business Climate, Department for Sustainable Economic Development, The Dutch Ministry of Foreign Affairs, Michiel van der Pompe; Consul General, Kingdom of the Netherlands in Lagos, Michel Deelen and Economic Policy Adviser & Business Developer Entrepreneurship, Youth Employment & Healthcare Consulate-General of the Kingdom of the Netherlands in Lagos, Sonia Odije-Fajusigbe, at the 9th policy dialogue series on entrepreneurship organised by FATE Foundation in Lagos…recently

House Calls for Implementation of N550bn Palliative Intervention Fund

Juliet Akoje in Abuja

The House of Representatives has called for the implementation of the N550 billion presidential palliative intervention fund announced to cushion the impacts of fuel subsidy removal initiated by the present administration.

The resolution followed the adoption of a motion of Urgent Public Importance on the ‘Urgent need for intervention to

address the failure to implement Presidential Palliative, moved by Hon. Olawuyi Raheem Tunji, Hon. Abubakar Gumi, Hon. Gaza Jonathan, Hon. Zakaria Nyampa and Hon. Uchenna Okonkwo at plenary yesterday.

Olawuyi, while presenting the motion, noted that the removal of petrol subsidy which was announced by President Bola Ahmed Tinubu in May 2023, has adversely affected the majority of micro, small

and medium enterprises in Nigeria and forced businesses to shut down, destroying means of livelihood and plunging millions into poverty.

“The House notes that section 14(b) of the 1999 Constitution (as amended) provided that the security and welfare of the people shall be the primary

purpose of any government.

The House further notes that the removal of petrol subsidy in May 2023 has adversely affected a majority of micro,

small and medium enterprises in Nigeria forcing businesses to shut down, destroying means of livelihood and plunging millions into poverty.”

Ibrahim Oyewale inLokoja

(INEC) in Abuja, to declare their utmost confidence in the umpire and also affirm their support for the Governor-elect of the state, Usman Ododo.

This was disclosed in a statement signed by the Chief Press Secretary to the governor, Muhammed Onogwu, copy of which was

made available to journalists in Lokoja . The indigenes, who warned mischief makers in the state, under the guise of opposition parties, to desist from blackmailing the INEC, said the good people of Kogi State “stand by the mandate given to the duly elected Governor, Usman Ododo”.

They stressed that ethnic agenda had been nailed in the state and would not have a place again in its polity, and commended the good people of Kogi East who refused to be misled by those pursuing their own selfish interests at the expense of the collective good of the entire people of Kogi State.

The meeting was held in the office of Senator representing Kebbi South, Garba Musa Maidoki. The former Minority Whip, Senator Simon Mwadkwon was sacked last October by the Court of Appeal.

A three-member appeal panel

ordered the Independent National Electoral Commission to, within 90 days, conduct a fresh election in the Plateau North Senatorial District.

Similarly, a Court of Appeal, Lagos Division, had also sacked Darlington Nwokocha, the Senate

Minority Chief Whip, representing Abia Central under the platform of the Labour Party.

The appellate court subsequently declared Augustine Akobundu of the PDP as the authentic winner of the 25 February election in the senatorial district.

Guber Poll: Kogi Indigenes Storm INEC Headquarters, Back Election Outcome

Worried by the campaign of calumny by the losers of the last Saturday governorship , election, some indigenes of Kogi State, yesterday marched to the headquarters of the Independent National Electoral Commission

New CP Solicits for Support to Fight Criminality in Rivers Senate Minority Leadership: PDP Senators Settle for North-central BlessingIbungeinPortHarcourt

The new Commissioner of Police for Rivers State, Mr. Olatunji Disu, has called for the support and collaboration of the general public in the fight against crimes and criminality in the State.

Disu made the call yesterday during his median briefing with journalists on assumption of office at the Police Headquarters, Port Harcourt.

The police boss also expressed his dedication in implementing proactive policing strategies and communityoriented approaches to ensure a safer and more secure Rivers State.

Disu is succeeding CP. Nwonyi Emeka, who has been redeployed to the Force Headquarters in Abuja.

Narrating the commissioner’s personal data, the Rivers State’s police spokesperson, SP. Grace Iringe-Koko, said: “Born onApril 13, 1966, in Lagos State, CP Disu has an illustrious career within the Nigeria Police Force since joining as a Cadet ASP in 1992 at the

prestigious Nigeria Police Academy Kaduna Annex.

“His academic accomplishments include a Bachelor’s degree in English (Education), a Postgraduate Diploma in International Relations and Strategic Studies, an Advanced Diploma in Forensic Investigation and Criminal Intelligence, a Master’s in Criminology, Security, and Legal Psychology from Lagos State University, and a Master’s in Public Administration from Adekunle Ajasin University, Ondo State.”

Iringe-Koko revealed that “Disu has served in various key positions across the nation, including OC antifraud, State CID Katsina; Aide de Camp to the former Governor of Lagos State; Training Officer at the NPF Peacekeeping Department, leading the contingent during the Darfur crisis; Divisional Police Officer in Owo and Ikare in Ondo State; head of Special Anti-Robbery Squads in Oyo and Ondo States.

Folu Olamiti Named African Leadership Institute Fellow

A former Executive Director, Publications, African Newspapers of Nigeria Plc , Fellow of Nigerian Guild of Editors and member, London Institute of Journalists, Commonwealth, since 1978, Sir Folu Olamiti, has been nominated as a Fellow of the Institute for Governance and Leadership Studies in Africa(IGLSA).

IGLSA, an independent international and multidisciplinary Think-Tank led by former Head of State, General Yakubu Gowon, and which undertakes research and capacity building on Governance, Leadership and related issues, has the primary goal of undertaking research on governance and leadership with a view to bringing unique ideas rooted in the African experience, both historical and contemporary, to solving challenges of African development.

This was conveyed in a letter written to Olamiti by the Director General/Chief Executive Officer of the institute, Dr Lanre Adebayo.

The nomination, the institute noted, is against the background of Olamiti’s exemplary contributions to the development of journalism profession in Nigeria.

It said that in the course of Olamiti’s leadership trajectory, he has “mentored generations of journalists with ethical orientation and have demonstrated great vision as well as uncommon pursuance of excellence in service and passion for humanity.”

It added that Olamiti had also “been a regular and courageous advocate for good governance and transformational leadership; theunity, development and peace,” of Nigeria, qualities which it said great leaders are made of, adding that the country is in dire need of such leaders at this moment.

Sunday Aborisade in Abuja

Peoples Democratic Party (PDP) senators in the 10th National Assembly held a crucial meeting to replace the vacant position of the Senate Minority Leader and the Minority Whip.

Observers Task Security Agencies on Curbing Electoral Violence of INEC officials and voters, hijack state. The coalition comprising 14 chairman of the coalition, Romanus Olusegun SamuelinYenagoa A coalition of the Independent National Electoral Commission (INEC) accredited observer groups in the just concluded off-cycle election in Bayelsa State, have urged the security agencies to be more proactive in curbing electoral violence, harassment

of electoral materials among others.

They said though the Bimodal Voter Accreditation System (BVAS) machine functioned satisfactorily in most of the polling units, some hoodlums carted away BVAS machines in some wards of Nembe, Brass and Southern Ijaw areas of the

observer groups, however, said the BVAS machines were later returned or recovered by security agents except for those lost in the water along with other equipment when the boat capsised.

At a press briefing yesterday in Yenagoa, the state capital, the

Agu, and the Secretary, Sani Bashir, said the INEC observation groups comprise Patriotic Women Foundation; Initiative for Promotion of Civil Obligation and Sustainable Peace; Grassroots Development Centre for Peace and Social Justice.

Orbih-led Edo PDP Vows to Produce Guber Candidate in 2024

Adibe EmenyonuinBeninCity

Ahead of the 2024 governorship election in Edo State, a new group within the state controlled Peoples Democratic Party (PDP), led by the Vice Chairman, South-south of the party, Chief Dan Orbih, has vowed to produce the party’s candidate for the election.

The group said it would resist any plan by Governor Godwin Obaseki to “impose” his preferred person as the candidate of the party.

A leader of the party, who attended the meeting held at the residence of Chief Orbih, disclosed yesterday that the group called Legacy Coalition is made up of old members of the party before

Obaseki joined in 2020.

He said the Legacy Group is made up of members of the party led by Orbih and some founding members of the party who had left earlier and those who came to the PDP with the governor from the All Progressives Congress (APC).

Prominent among the new group was a member of the

Board of Trustees (BoT) of the PDP, Charles Idahosa, former State Woman Leader of the APC, Dr Esosa Amadasun, former Speaker of the state House of Assembly, Frank Okiye, a former Commissioner in the Comrade Adams Oshiomhole administration, Comrade Orobosa Omo-Ojo, nine former local government chairmen among others.

Impact Host Communities Positively, Sultan Charges Corps Members OnuminyaInnocentinSokoto

The Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar 111, has charged 2023 Batch C Stream 1 corps members deployed to the state to embark on people’s oriented Community Development

Projects in order to make a positive impact on the lives of their host communities.

The Sultan stated this in his palace when the corps members paid a courtesy call for an interaction.

He stressed that the execution of community development projects

by the corps members during the service year endears them to the host communities as well as get them rewarded and commendation.

“You are advised also to respect the religions, cultures and traditions of your host communities and eschew any immoral attitude that will be

harmful to the people you are serving.

“I am assuring you of your security, as I have instructed all my District Heads to take all measures that will safeguard your lives while you are posted to their domains,” he added.

Anthology Visits Nigeria for EdTech Advancement

Senior global executives from Anthology, a distinguished leader in education technology (EdTech), will be in Nigeria to further discuss collaborations with the federal government, educational institutions, and other key stakeholders in the country. The visit comes on the heels of Nigeria’s adoption of Anthology’s leading Learning Management

System (LMS), Blackboard Learn.

During the visit, the EdTech provider is billed to meet with the Honourable Minister of Education, Tahir Mamman, among others to discuss cutting-edge EdTech solutions to support the diverse needs of learners, educators, and institutions, facilitating the attainment of educational objectives.

Spanning a presence across more than 80 countries and serving an extensive base of over 150 million learners, educators, and administrators, Anthology brings a wealth of expertise and a global perspective to the educational landscape in Nigeria.

Its steadfast commitment to helping institutions and their learners achieve

their goals starts with delivering seamless integration with existing systems, fostering a unified and interconnected EdTech environment.

According to the company, its visit to Nigeria underscores its unwavering commitment to transforming education and enhancing the learning experiences of students.

38

thursday november 16, 2023 • T H I S D AY

NEWSxtra

TRANSAFAM JOINS POWER POOL...

Secretary-General, West African Power Pool (WAPP), Mr. Siengui Apollinaire KI(eft), presenting a certificate of membership to the Managing Director/CEO, Transafam Power Limited, Mr. Vincent Ozoude, when the company was fully onboarded to WAPP at the 18th General Assembly in Mauritania… recently

Navy Arrests Suspected Notorious Cultist, FRSC Arrest 28 Traffic Offenders in Ondo Fidelis David in Akure

Men of the Nigerian Navy Forward Operating Base (FOB) Igbokoda in Ilaje Local Government Area of Ondo State have arrested a 24-year old Tosin Wanlele for suspected cult-related activities in the region.

This is just as the Federal Road Safety Commission (FRSC), Ondo State Command, stated that it has arrested more than 28 traffic offenders within one month across the state.

The Executive Officer of Navy Forward Operating Base (FOB) Igbokoda, on behalf of the

Commanding Officer, Captain Wasuku Alushi, while parading the suspected notorious cultist before journalists in Igbokoda yesterday revealed that the move was in an attempt to sustain the fight against cultism and other criminal activities in their area of operation which was successful following the arrest of the suspect on November 12, 2023.

He said: “The suspect was alleged with others who are currently at large to have been harassing and intimidating passers-by with dangerous weapons. Consequently, based

on credible intelligence, we responded and effected the arrest of the suspect, Tosin Wanlele.

“It would also interest you to know that the suspect was confirmed by the head of the

vigilante in Igbokoda to be a notorious cultist who has been terrorising the people of Igbokoda for a long time.

“Accordingly, he has since been handed over to the

Department of State Service (DSS) for further investigation. It is pertinent to state that the Base has continued to collaborate with other security agencies in Ondo state to stem the tide of cultism

within its area of operation.”

He, however, stated that as at the time of making this report, Igbokoda and its environs are relatively calm and will continue to remain so.

Govt, Security Agencies Urged to Arrest Killers of Rivers Communities Indigenes

Blessing IbungeinPortHarcourt

An indigenous group under the aegis of Concerned Ekpeye for Peace and Development has called on the Rivers State Government and security agencies to arrest the killer-cultists terrorising the Ekpeye land in Ahoada East Local Government Area of the state.

Speaking with journalists in Port Harcourt yesterday, the leader of the group, Moses Ugwu, called on the state Governor, Siminalayi Fubara, to declare state of emergency over the insecurity bedeviling communities in Ekpeye land.

Recalling the recent killing of five people in Odiemerenyi, a community within the Ekpeye clan,

the group urged the police to arrest the sponsors of the killer cultists terrorising their communities, regretting that the cultists are still on a rampage in the area.

It would be recalled that the same suspected cultists had two months ago killed and dismembered the body of SP Bako Angbashim, the District Police Officer of Ahoada

Police Division, in which Fubara placed N100 million bounty on the killer-cultist, David Gift Okpala Okpolowu (aka 2Baba).

Ugwu further demanded the immediate arrest and prosecution of sponsors and culprits of insecurity (and killings) in Ahoada and the redeployment of over-stayed police officers from Ekpeye.

remaining 70 percent fallow.

The state Deputy Governor, Yakubu Garba, made this known in Minna last Tuesday when he received on behalf of the state Governor, Mohammed Umaru Bago, the Minister of Water Resources and Sanitation, Professor Joseph Utsev, at

Government House.

Garba said despite the huge potential of the dams, the state still faces problems of adequate water supply for domestic and irrigation purposes, adding that the state is also facing challenges with its water works, calling on the federal government to assist

it to overcome the problems.

Earlier, the minister had called on state governments in the country to provide land to the 12 river basins in the country for irrigation farming in order for the President Bola Ahmed Tinubu policy on sustainable farming to be achieved.

LG Poll: EKSIEC Trains Kainji, Jebba, Shiroro Dams Underutilised, Says Niger Govt Staff in Ado Ekiti Laleye Dipo in Minna

Gbenga Sodeinde inAdoEkiti

A two-day training of the staff of Ekiti State Independent Electoral Commission (EKSIEC) is underway in Ado Ekiti as part of preparations for the December 2 local government election in the state.

The theme of the workshop is: ‘Towards the conduct of a free, fair and credible local government election in Ekiti State’.

Declaring open the workshop, the Chairman, Ekiti State Civil Service Commission, Sir Bunmi Famosaya, who was represented at the event, described its theme as very apt, and timely and could not have come at a better time than now when the country is seriously yearning for free, fair and credible elections.

Famosaya highlighted some of the challenges facing credible elections in the country and enjoined EKSIEC to conduct next

month’s council poll with a very high sense of responsibility and in accordance with the electoral rules, thereby engendering peace and progress.

In his opening remarks, EKSIEC Chairman, Justice Cornelius Akintayo (rtd), admonished participants, which include, Electoral Officers (Eos) and Assistant Electoral Officers (AEOs) to make the best use of the training.

According to him, their professionalism on election day is crucial to the success of the election and therefore urged them to be attentive to experts who are the resource persons as their trainers.

Akintayo announced that the training of the ad hoc staff to work with the EOs and AEOs on election day has been scheduled to hold after the two-day workshop.

EKSIEC Commissioners and other management staff of the commission also attended the workshop.

The Niger State Government has said the three major hydroelectric dams in the state-Kainji, Jebba and Shiroro-are being underutilised as only 30 percent of the dams installed capacities are being used for power generation leaving the

2024 Guber Poll: I have Better Ideas to Turn Ondo State Around, Says Mayowa Akinfolarin Fidelis David in Akure A former member of the House of Representatives representing Odigbo/ Ile Oluji/ Okeigbo federal constituency, Mayowa Akinfolarin, has said he remained the best aspirant to be thrown up as the 2024 governorship candidate of the

All Progressive Congress (APC) in Ondo state.

The former Deputy Speaker in the state Assembly, said there must be a paradigm shift for a better and prosperous Sunshine State, saying there is a dire need for fresh and better ideas to turn around the state, especially in the

area of economy and agriculture.

Akinfolarin who stated this in Akure, while speaking on his interest for the governorship seat in the state, said he stands out as a symbol of integrity, educational qualifications, commitment to the masses, and support for the less privileged.

His words: “My agenda is to transform, reconfigure and restructure the politics of Ondo state, because the state is economically dynamic in the sense that Ondo has so many mineral resources that can make it one of the best states in this country.

NCCE Accredits 19 Programmes, Warns against Operating Illegally in Bauchi

Segun Awofadeji in Bauchi

The National Commission for Colleges of Education (NCCE) has warned that any NCE awarding institution running Teacher Education Programmes with expired, failed or zero

accreditation is operating illegally and in contravention of its Act. The Executive Secretary of the Commission, Professor Paulinus Okwelle, sounded the warning yesterday during the commencement of accreditation visitation exercise at the

Abubakar Tatari Ali Polytechnic Bauchi.

Professor Okwelle, represented by the Director of Academic Programme, Dr. Umar Adamu Kwami, said the commission is mandated to ensure all NCE awarding institutions operate

according to established laws towards graduating quality teachers of basic education, hence, the need for them to work in line with the National Certificate in Education minimum standards to avoid sanction or prosecution.

The organisation made the pledge at the finals of the first chess game organised for the students of Borstal Training Institution in Adigbe, Abeokuta.

According to the Chief Executive Officer of Anchor Heritage Initiative, Bidemi Oladipupo, the organisation decided to use chess games to

discourage youths from engaging in crimes based on the importance and impacts they can have on students’ lives.

He said to improve cognitive skills like memory, planning, and problemsolving of individuals, playing chess has been a major tool that reduces symptoms of certain brain conditions.

Oladipupo said AHI and Chess for School organised the chess game for inmates of the Borstal Training Institution, Adigbe, based on the conviction that any youth that plays the game or practices it regularly can improve his or her cognitive function, helping to become more mentally sharp and alert.

Sultan, Emir of Kano, Govs for New Adogba Mosque Inauguration Crime: NGO Advocates Introduction of Chess Game in Correctional Facilities The Tadhamunul Muslimeen Mosque also known as Adogba Mosque, Iwo Road, Ibadan, which was rebuilt by the Oyo State governor, ‘Seyi Makinde, will be inaugurated today.

Governor Makinde is expected to host the Sultan of Sokoto and President-General of the Nigerian Supreme Council of Islamic Affairs, Alhaji Muhammad Sa’adAbubakar, who will chair the epoch-making event.

Also expected at the event are the Emir of Kano, Alhaji Aminu Ado Bayero; governor of Bauchi State, Senator Bala Mohammed and his Kwara State counterpart, Alhaji AbdulRahman AbdulRazaq.

Governor Makinde had, on

October 19, 2019, promised to build a new Adogba Central Mosque, as the former structure had to give way to the development of the Iwo Road Interchange.

Governor Makinde had explained that if his administration’s plan to uplift Ibadan, the state capital, would materialise, the former structure would have to give way, adding that he would construct another worship centre from his personal resources.

The governor delivered on the promise with the construction of the new mosque, an Arabic School, an Islamic Model School, a research centre, a library and an event hall all of which will be inaugurated today.

JamesSowoleinAbeokuta

A non-governmental organisation, Anchor Heritage Initiative (AHI), in collaboration with Chess to School, has vowed to continue to champion the cognitive development of young ones in the country to discourage the youths from engaging in crimes.

Osun APC Warns Adeleke against Destroying UNIOSUN with Subvention Reduction

Yinka Kolawole in Osogbo

The Osun State chapter of the All Progressives Congress (APC) has cautioned the state Governor, Ademola Adeleke, to desist from disrupting the hitherto thriving Osun State University (UNIOSUN) with “the anti-people policy of

his administration towards the smooth running of the citadel of learning.”

The state APC alleged that Adeleke’s administration has dealt a deadly blow on the state government-owned institution by cutting the annual subvention to the university by more than 60

per cent.

It claimed that the Osun State under Adeleke intended to use the drastic cut from the subvention of UNIOSUN to run his office.

In his remark on the development, the state APC Chairman, Sooko Tajudeen Lawal, in a statement issued by

the party’s Director of Media and Information, Chief Kola Olabisi, in Osogbo, the state capital, yesterday, stated it would be dangerous for the Peoples Democratic Party (PDP)-led government in the state to willingly play the role of a destructive engineer on the thriving university.

39

T H I S D AY • THURSDAY, NOVEMBER 16, 2023

THURSdaysports

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

0811 181 3083 SMS ONLY

Boniface: Super Eagles Will Get the Job Done Nigeria v Lesotho Kickoff: 5pm Venue: Godswill Akpabio Stadium, Uyo

Duro Ikhazuagbe With the pains of missing the last Mundial in Qatar still fresh in their minds, Super Eagles will kick off their 2026 FIFA World Cup qualifying series against Crocodiles of Lesotho this evening inside the Godswill Akpabio Stadium in Uyo. Already, all the players in town for this first of 10 matches in the campaign, have assured Nigerians that they want to qualify for the expanded 48-country tournament to be hosted in USA, Canada and Mexico.

Bayer Leverkusen’s hitman, Victor Boniface who is painting the German Bundesliga red with goals since making his switch from Belgium’s Union Saint Gilloise last summer will be the centre of attraction this evening in the absence of Victor Osimhen who is nursing injuries.

Boniface insisted yesterday that Super Eagles will get the job done to kick off the campaign on an excellent note.

“We are ready, focused and determined to get the job done on Thursday,” began the new arrowhead of the three-time African champions.

Asked if he gets to start the match what should Nigerians expect from his. “ I will give my best, my 100 per cent to be sure that we come out victorious. It is not about my personal feats but making sure that Nigeria win the match and start the qualifiers with three points in the bag against Lesotho,” Head Coach of the team, Jose Peseiro at the pre-match conference in Uyo urged Nigerians to return their confidence on goalkeeper Francis Uzoho despite the too many silly errors he has committed as Eagles Number one goalkeeper.

Peseiro stressed that the positives from Uzoho far outweigh the few errors he has committed that have led to many ball fans not comfortable with his as the favorite goaltender in the country.

However, Captain of Lesotho, Sekhoane Benedict Moerane has

2026 WORLD CUP QUALIFIER said the Crocodiles are not going to show Super Eagles respect in

today’s clash Group C in Uyo. “It’s going to be a tactical game

because we are playing against a big team, Nigeria, one of the best in Africa.

“This is not our first time playing against Nigeria we are going to

team with lots of players coming from outside the country but on our part we have six players from outside and majority of us play in Lesotho including myself,” the Lesotho Captain warned ahead of the clash.

...Zimbabwe, Rwanda Play Goalless in Group C Opening Game

Fixtures Today Nigeria v Lesotho Egypt v Djibouti Sudan v Togo C’Verde v Angola Morocco v Eritrea Burundi v Gambia Gabon v Kenya Botswana v Mo’bique Algeria v Somalia

NO SLIP, FRANCIS...

Appears to be what these Super Eagles players are telling Number 1 Goalkeeper of the team, Francis Uzoho, as Nigeria play Lesotho this evening at the Godswill Akpabio International Stadium in Uyo

200 Golfers for Ikeja Golf Club’s 2023 Tourney At least two hundred golfers are expected to challenge for glory at the 2023 edition of the Ikeja Golf Club Championship, the club’s management committee has announced.

The Club Captain, Mr Sina Akinyemi, made the announcement on Tuesday, during a press conference held at the Ikeja Golf Club.

Speaking ahead of the championship, Akinyemi stated that this edition will be special, as it coincides with the 55th anniversary of the club.

expect a lot from Nigeria because theSuperbEagles are going to bring the game to us to get the three points but we are not going to respect them. We are going to bring the game to them too.

“We know they are a good

“The Ikeja Golf Club is at the heart of the city of Lagos. We are set to host our annual pinnacle event, the Golf Club Championship, between November 20 and November 26. This edition is special because Ikeja Golf Club is 55 years old,” he stated.

Also speaking, the Club’s Competitions Secretary, Mr.Jenkins Alumona stated that the Ikeja Golf Championship is expected to host 200 golfers from Ikeja Golf Club and other prestigious golf clubs in the country.

Outlining activities for the week-

long event, he disclosed that staff and caddies will raise the curtain for the Golf Championship on Monday 20 November. This will be followed by veterans and professional golfers on Tuesday 21 November.

Women golfers will compete on Wednesday 22 November, after which a special kitty and auction night will hold on Thursday, 23 November. The main championship will commence on Friday, 24 November with guest players on Handicap 19 and above The men’s competition for golfers on Handicap 1 and 18 will hold

on Saturday 25 November. Golfers with the best scores will proceed to challenge at the grand finale holding on 26 November.

Meanwhile, Akinyemi also announced that this edition of the championship will witness the phased commissioning of the Integrated Golf Range Project, a legacy project started by the incumbent committee.

He explained that the Integrated Golf Range Project is a state-ofthe-art facility that will improve golfing experience for members of the Ikeja Golf Club.

Nigeria’s Group C opponents in the 2026 FIFA World Cup qualifying series, Zimbabwe, drew 0-0 with Rwanda on their return to competitive international outing yesterday.

The result has created a leeway for Nigeria to take charge of the group right from Match-day one of the qualifying series. Three points from a possible win of Nigeria over Lesotho will put Eagles up two goals edge ahead the clash with Zimbabwe on Sunday.

Zimbabwe’s Warriors featured at the 2021 Africa Cup of Nations but were excluded from qualifiers for the 2023 tournament after FIFA imposed a ban following government interference in the running of the game.

That suspension, imposed in February last year, was lifted in July.

Elsewhere, Equatorial Guinea beat Namibia 1-0 in Group H

earlier on Wednesday courtesy of a second-half goal from former Middlesbrough and Birmingham City man Emilio Nsue.

Yoane Wissa scored as DR Congo began their campaign with a 2-0 victory over Mauritania.

The Brentford forward slotted in from 10 yards to put the Leopards ahead in the 62nd minute and Theo Bongonda rounded off a counter-attack with nine minutes remaining to seal a valuable win in the Group B opener in Kinshasa.

DR Congo have not played at the World Cup finals since 1974, when the country participated as Zaire, and have been drawn alongside continental champions Senegal.

The nine group winners in African qualification will qualify automatically for the expanded 48-team tournament in Canada, Mexico and the United States.

NOC’s Plaudits for Africa’s Surfing Confederation President President of African Surfing Confederation, Oumar Seye of Senegal, who is on a week-long working visit to Nigeria, has said that his mission is to fully develop surfing sport in the continent with Nigeria as one of his main priorities.

Oumar stated this when he paid a courtesy visit to the Secretariat of the Nigeria Olympic Committee (NOC), at the National Stadiun, Surulere, Lagos on Tuesday.

He said Nigeria is not a country but a ‘continent’ in Africa where everything abounds and that whatever succeeds in Nigeria is already a success in Africa. It was this, perhaps that influenced his decision to support the candidacy of Prince Adewale Fawe, a Nigerian as his Vice President so that together they will take surfing sport to greater heights in Africa..

He pledged to collaborate with all the federations and stakeholders under his jurisdiction to ensure that his set out objectives are realised.

He said 2024 has been mapped-out for aggressive surfing sport development in Africa

and hinted that Nigeria has been given the hosting right of the 2024 Africa Surfing Championship and pleaded with NOC to always give the Nigeria Surfing Federation the needed support for the succeessful hosting of the Championship and even beyond.

In responce, the General Manager of the Nigeria Olympic Committee, Mr Emma Nweri who stood in for Secretary General of the NOC, Hon. Tunde Popoola, thanked Oumar Seye for his visit and assured him that the NOC will continue to support the surfing federation in its activities best way they can just the way they have been supporting other sporting bodies and decorated him with NOC symbol pin.

Meanwhile, excited President of the Nigeria Surfing Federation, Prince Adewale Fawe who led the august visitors to the NOC Secretariat, commended President Oumar Seye for the visit and promised to put machineries in motion for the successful hosting of the African Surfing Championship.

Peak Breakfast for Super Eagles Ahead Clash with Lesotho Pitch Award to Celebrate A Decade of Excellence

With another World Cup qualifying campaign beginning and the Africa Cup of Nations kicking off soon, Peak, the Official Milk of the Super Eagles hosted the team and their officials to a nutritious Peak Breakfast at the team's camp.

The Peak Breakfast with Super Eagles, which has become a tradition, is a display of the brand's support for the team as they take on new challenges.

All the 23 players invited by Portuguese-born tactician, Jose Santos Peseiro were in high spirit as they enjoyed the nutritious Peak vitality in an atmosphere of fun, banter and relaxation anchored by celebrity comedienne and Nollywood actress Wofai Ewa, who is popularly known on social media as Wofaifada.

In the absence of Ahmed Musa and William Troost-Ekong, the

Super Eagles players in a group photograph shortly after the Peak Breakfast...yesterday morning Captain of the squad, Kenneth Omeruo and his teammates could not hide their excitement at the gesture by the brand, which has stood behind the team over the

years.

The Brand Manager - Peak, FrieslandCampina WAMCO, makers of Peak milk, Olumide Olaokun said the timely breakfast was aimed at

boosting the team's spirit in camp and ensure that the Super Eagles get the best nourishment to deliver the World Cup ticket after missing the last edition in Qatar

For instituting an annual award that has become the benchmark in honoring Nigerian football, its administrators and sponsors, organisers of the 2023 Nigeria Pitch Award are planning a special edition to mark the milestone.

The Nigeria Pitch Award began in July 2012. The 2023 edition scheduled to hold March next year at a yet to be announced venue is the 10th edition.

Speaking at a media session in Lagos on Tuesday, President of the Nigeria Pitch Award, Shina Phillips, said that it was important to make the 10th edition special, and there were big plans on the cards to make it happen.

Phillips stated that a symposium to discuss the future of Nigerian football

would be staged before the event.

“We are going to announce some of the big initiatives we are adding to the award ceremony over time.

“I say a big thank you to our independent voting collating partners— SIAO and the Nigeria Football Federation—and also the College of Voters for standing by us over the years.”

Despite operating for 10 years without a headline sponsor, Mr Phillips insisted that it was done so deliberately to protect the sanctity and Integrity of the award.

“It has been deliberate working without sponsors in the past years just to protect the standard and integrity of the award,” Phillips hinted with pride.

Thursday, November 16, 2023

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MISSILE

Atiku Abubakar to Opposition Parties

“We have all seen how the APC is increasingly turning Nigeria into a dictatorship of one party. If we don’t come together to challenge what the ruling party is trying to create, our democracy will suffer for it, and the consequences of it will affect the generations yet unborn”—PDP presidential candidate in the 2023 general election, former Vice President Atiku Abubakar urging opposition parties to unite against the ruling APC in the interest of the country.

olusegunadeniyi Again, Where are the Naira Notes? the verdict olusegun.adeniyi@thisdaylive.com

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t the height of the Naira Redesign policy of the Central Bank of Nigeria (CBN) which eventually unravelled as a ‘Naira Confiscation’ exercise in April this year, the United Nations Conference on Trade and Development (UNCTAD) released a ‘Trade and Development Report’ on the situation across Africa, with special reference to Nigeria. “A shortage of cash, triggered by the replacement of the highest denominations of the country’s currency, hobbled the economy, especially the informal sector,” the report stated, warning of the implications for food security in the country.

We are already there. No fewer than 26.5 million Nigerians are projected to grapple with high level of food insecurity in 2024, according to a joint statement last week by the World Food Programme (FAO), UNICEF, the UN Office for the Coordination of Humanitarian Affairs and the Federal Ministry of Agriculture and Food Security.

Several factors, including removal of fuel subsidy and the exchange rate Yo-yo, may account for this challenge. But, as we experienced, the negative impact of the shortage of Naira notes is also huge, particularly on rural dwellers who produce most of the food we eat. That lesson should not be lost on Abuja authoriities. While perhaps not yet a big issue, those who deal in cash transactions are aware that accessing Naira notes is becoming very difficult across the country. And when you do manage to obtain them, they are likely to be dirty and stinking, expired or/and mutilated notes, even from the banks and Automated Teller Machines (ATM) machines. Meanwhile, I fail to understand the meaning of the explanation provided Daily Trust by the CBN Director, Corporate Communications, Isa Abdulmumin that “The seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs.” In Nigeria, as I wrote in my column in March this year, “when you create incentives for bad behaviour in the public arena, the problem hardly goes away.”

I added: “I hope the CBN has not created a new industry for Naira cash sellers within the banking industry and their collaborators who could still make life difficult for the ordinary people in pursuit of illicit gains.” Sadly, that ‘prophesy’ is now being fulfilled. Although we have since had a change at both the presidency and the apex bank, it is now a fact that a ‘Naira market’ has been created for unscrupulous Nigerians, to the detriment of the people. Unless President Bola Tinubu and his CBN Governor, Olayemi Cardoso, put on their thinking caps, many Nigerians may experience another bleak Christmas as Naira notes increasingly vanish from circulation.

Let me state upfront that I endorse the encouragement of more electronic-based transactions in the system, essentially because it may help to instill transparency in financial dealings. But because we have a way of compromising every process in Nigeria, it is also no surprise that kidnappers, armed robbers and other criminal cartels now operate with Point of Sale (PoS) machines. Two weeks ago, in the highbrow Guzape district of Abuja, a church member lost all his savings to these night marauders who came with PoS machines and demanded the ATM cards of their victims. Each person was then ordered at gunpoint to insert their PIN numbers for the electronic transfers. I am naïve enough to believe such criminals would be easy to trace but instead of any genuine efforts in that direction, the robbery victims are now being extorted at the police station to which they reported the case.

Introduced in 2012 by then CBN Governor, Sanusi

CBN Governor, Yemi Cardoso Lamido Sanusi who later became the 14th Emir of Kano, the cashless policy commenced in 2014, and was supposed to be implemented in phases.

Nigerians gradually bought in to it until last year when former Governor, Godwin Emefiele, decreed what turned out to be a fiasco—ostensibly in a bid to reduce ‘excess liquidity’ in the system and move towards a cashless economy. What some fail to understand is that the idea that any country could do completely away with cash is an illusion.

Even in the developed world. The point here is that nobody should criminalise cash transactions, especially for legitimate businesses. And it is within the rights of depositors to demand their money in cash within the legal limits, as happens in most countries.

A publication by ‘Cash Matters’, funded by the

International Currency Association (ICA) recently disaggregated the 2022 Global Payments Report and I found it interesting that in majority of the countries we are trying to ape, the volume of cash transactions within their economies is huge. Even in the United States, according to the report, “Cash continues to be a vital part of the PoS mix, accounting for 17.9% of transaction value (over US$8.3 trillion) in 2021.” In March this year, a Bloomberg report led with this headline: ‘More US Homebuyers are paying in cash, sweeping a majority of sales in some markets…All-cash deals share above 50% in 13 cities, including Atlanta’.

The import of the foregoing is that cash is critical in every economy and even more so in ours that is driven mostly by the informal sector. The CBN can therefore not be cavalier about the problem that is now spreading across the country. Cardoso and his team must come clean with the real volume of currency in circulation and what exactly is going on to cause the current scarcity of Naira notes. It is curious that the cashless policy, in place for so long, has resulted in such a high demand as to make the national currency a commodity in and of itself. The ‘cash rationing’ that banks now use as an excuse to deny customers their money seems rather odd. The only plausible explanation is that some people are playing games with our national currency, as they did earlier in the year.

Since collective amnesia is a rampant disease in our country, I will not be surprised if many have forgotten what Nigerians went through from last December to March this year before the Supreme Court intervention. From schools to offices and hospitals, there was no sector that did not feel the negative impact of the ill-digested CBN policy. The weakest and most vulnerable of our society were the worst hit. Despite concerns by economists, the policy, of course, had the endorsement of President Muhammadu Buhari who claimed that “People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.”

If President Buhari believed that fantasy, to borrow from a James Hardley Chase novel title, he can believe anything. Tales abound of

fatalities in hospitals and health facilities across the country because people could not access their money in cash. The situation was worse in rural communities where few have access to bank accounts or the required mobile phones and internet for such transactions. The loss to the economy was enormous. Many could not make sales because their customers didn’t have cash to pay. Market people selling perishable food items like tomatoes, pepper, fruits etc. had distressing tales to share of how those products ended up in refuse bins.

Newspaper vendors, roadside sellers of maize, plantain and yam who barely eke out a living were sent out of business. Mechanics, vulcanizers and other artisans became destitute as PoS operators made a killing from the misery of others because bank transfers hardly work.

PoS merchants are now everywhere because we have opened a new business line for them.

May be that is not bad, except that the people we see in street corners are just mere retailers and small players. The high rollers are at the CBN, the banking halls and the National Security Printing and Minting Company (NSPMC). Today, while the few available Naira notes in circulation we scramble to get have outlived their usefulness, middlemen and commission agents are in custody of the new notes which they then sell at premium. So, having created merchandise of Naira Notes, we may have unwittingly added the scarcity of national currency to our legions of problems.

I am willing to concede that, in the absence of an explicit CBN policy, the scarcity may be a reflection on operational inefficiency in cash management and distribution rather than a deliberate action.

But even that could only have happened because someone did take eyes off the ball. Whatever the reasons, Cardoso and his team must find a solution.

Especially as we inch towards the Christmas and new year holiday when people, quite naturally, need Naira notes. And beyond availability of the currency, I also do not know for how long the CBN will keep the current stinking Naira notes in circulation. It says so much about our country that we cannot even produce decent currency notes for citizens, residents, and visitors.

Goodnight, Pastor Theo Martins

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utside the Insurance industry where he became renowned as founder and CEO of a thriving company, Mutual Assurances, before leaving everything for full time ministry as a Pastor in the Redeemed Christian Church of God (RCCG), not many may have heard about Theophilus Babatunde Martins. Yet, his passage at a relatively young age of 64 has touched millions of people across the world. In the past one decade, Pastor Theo Martins (as he was known) chose to be a roving missionary to different countries, preaching the gospel of our Lord Jesus Christ. But for me and my wife, the loss is more personal. He was to us a beloved uncle, a reliable counsellor and a man of God who was authentic in his relations with others and generous with everything he had. ‘Oloye’, as he was fondly called, also personified humility and was humorous to the very end. Above all, he was one of those few

The late Pastor Martins

people who, if he said, “I will continue to uphold you in my prayers”, you could take it to the bank that he indeed would.

There was an uncommon genuineness about his faith that endeared him to so many people and made him very special to my family.

Having taken my wife almost like his daughter from the first moment she went to work as a student intern in an insurance company where he was a senior management staff in 1992 (we were not married as of that time, but I got to know him about four years later), it came as no surprise that Pastor Martins’ death would hit her so hard. But it is reassuring for us that he has only gone home to rest. We thank God for the memory and example of Pastor Martins. Many of us will always remember him for his integrity, his generosity of spirit, and his kindness. To his wife, auntie Kate and children, Judah and Funmi, may God grant you the fortitude to bear this huge loss. And may God continue to comfort all of us who knew, and loved, Pastor Theo Martins. Goodnight Oloye!

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