MONDAY 4TH DECEMBER 2023

FG: No Worries, Nigeria Will Surpass OPEC’s 1.5m bpd Oil Quota in 2024 Baker Hughes to invest in Nigeria’s refineries after meeting with Lokpobiri Emmanuel Addeh in Abuja The Minister of State for Petroleum

Resources (Oil), Senator Heineken Lokpobiri, said at the weekend that Nigeria remains on track to

surpass the crude oil production quota handed down to the country by the Organisation of Petroleum

Exporting Countries (OPEC).

Last week, at the 36th OPEC and non-OPEC ministerial meeting, the

producers’ group projected that Nigeria could only achieve an oil production quota of 1.5 million

barrels per day in 2024.

Infracorp Secures 1GW Solar PV Manufacturing Plant Deal...

Continued on page 5

Page 6

Monday, December 4, 2023 Vol 28. No 10463. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

N

Fashola: Nigeria Living on Infrastructure Built in 70s, Requires $2.3tn Till 2043...

Page 10

PDP Criticises FG over 1, 411 Delegation to COP28, Obi Urges Production, Not Waste Presidential aide: Their participation is very important, not for jamboree

Chuks Okocha in Abuja Peoples Democratic Party (PDP) has

criticised Nigeria’s large delegation of 1, 411 persons to the 2023 United Nations Climate Change Conference

(COP28) in Dubai, United Arab Emirates (UAE). PDP alleged that the country’s “over-bloated” delegation

to the Conference of the Parties of the United Nations Framework Convention on Climate Change

(COP28) brimmed with President Bola to the nation”.

Tinubu’s “cronies, political minions Continued on page 5 and their mistresses at huge expense

NPA: Nigeria’ll Save $326.89m from Agreement with INTELS Says private firm waived $193m debt Discloses huge revenue lost to NPA's handling of pilotage Praises Oyetola for ‘putting Nigeria first’ Atiku insists divestment in company not reversed ȱ ¢ȱ ȱ ȱť Declares new directive won’t benefit him

GOVERNMENT COLLEGE UGHELLI 2023 ANNUAL LUNCHEON… L-R: Gubernatorial Candidate of All Progressives Grand Alliance (APGA) in Delta State, Chief Great Ogboru; immediate past President General, GCUOBA, Arc Charles Majoroh; President General World Wide, GCUOBA, Olorogun Albert Akpomudje; representing Delta State Governor, Senator Emmanuel Agwariawodo; President, GCUOBA Lagos Branch, Mr. Daniel Ekoko; Chairman of the occasion/ and Chairman, THISDAY Newspaper and ARISE NEWS Channel, Prince Nduka Obaigbena; National Financial Secretary, GCUOBA; Engr Okosubide Mozimo, and Father of the Day, Chief Joseph Akpieyi, at the Government College Ughelli Old Boys Association (GCUOBA) Lagos Branch 2023 Annual Luncheon Party held at Civic Centre, Ozumba Mbadiwe, Victoria Island, Lagos...yesterday MUBO PETERS

2

MONDAY DECEMBER 4, 2023 • T H I S D AY

MONDAY DECEMBER 4, 2023 • T H I S D AY

3

4

MONDAY DECEMBER 4, 2023 • T H I S D AY

5

T H I S D AY • MONDAY, DECEMBER 4, 2023

PAGE FIVE

Infracorp Secures 1GW Solar PV Manufacturing Plant Deal Finance minister hails move

Emmanuel Addeh in Abuja The federal government, through the Infrastructure Corporation (InfraCorp), has signed what it termed a ‘historic’ Memorandum of Understanding (MoU) to launch a 1GW Solar PV manufacturing plant in the country.

The signing of the MoU at the ongoing COP28 summit, the organisation said, was a significant step towards catalysing and unlocking the potential of various economic sectors such as agriculture, healthcare, and education.

A statement from InfraCorp quoted the Coordinating Minister for

the Economy, Chief Olawale Edun, as having commended the InfraCorpled consortium for successfully securing the manufacturing plant in Nigeria.

According to the Minister, available data indicates a substantial market size for solar energy in Nigeria and the West Africa region.

However, both the country and the region, he said, have consistently ranked below their counterparts in crucial energy and associated economic indicators, falling short of their presumed economic capabilities.

The minister further explained that the coexistence of abundant sunlight resources and limited energy

access in Sub-Saharan Africa presents a complex and challenging paradox.

Despite the region's abundance of sunlight, a vital component for solar energy generation, the task of providing widespread and reliable electricity access remains a persistent challenge, Edun added.

The establishment of a solar PV manufacturing plant in Nigeria, he noted, has the potential to address various socio-economic challenges and bring about positive impacts across different sectors.

Furthermore, the minister expressed his confidence in InfraCorp, Solarge, and the African Green Infrastructure Investment

Bank's capacity to advance the deal and establish a 1GW Solar PV Manufacturing factory.

The agreement was initiated

by Nigeria's, Infracorp led by Dr. Lazarus Angbazo, the chief executive who signed the contract with two partners, Solarge BV of the Netherlands and the African Green Infrastructure Investment Bank.

According to Angbazo, the objective is to revolutionise Nigeria's energy sector and have a positive impact on various sectors of the Nigerian economy.

“The goal is to elevate Nigeria's economy to $1 trillion and achieving

this requires sustainable and climate resilient infrastructure. The project focuses on local manufacturing, green manufacturing and renewable energy, equipment manufacturing, and climate resilient infrastructure," Angbazo said.

The event was attended by other cabinet ministers and senior government officials.

InfraCorp is a governmentsupported infrastructure investment entity that was established and is co-owned by the Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC), and Nigeria Sovereign Investment Authority (NSIA).

Edun

NPA: NIGERIA’LL SAVE $326.89M FROM AGREEMENT WITH INTELS Eromosele Abiodun in Lagos and Chuks Okocha in Abuja Nigerian Ports Authority (NPA) has disclosed that the country would save a whopping $326.8 million, roughly N227.86 billion, from the agreement it reached with INTELS Nigeria Limited on the contentious pilotage contract.

On the whole, NPA said the federal government would further earn benefits to the tune of over $500 million. It said this was taking into consideration the interest waiver of $193,317,556 and reduction in interest rate on the outstanding debt from six-month London Interbank Offer Rate (LIBOR) + 6.5 per cent to six months Secured Overnight Financing Rate (SOFR) + 3 per cent.

NPA stated that the benefits also involved the spread of the repayment of the debt over 15 years, with the

first two years being interest-free, and the reduction in commission from 28 per cent to 24.5 per cent.

It praised the Minister of Marine and Blue Economy, Adegboyega Oyetola, for working tirelessly to ensure that the INTELS issue was resolved and, by so doing, putting Nigeria first.

But former Vice President Atiku Abubakar denied any benefits from the alleged restoration of INTELS’ contracts with NPA, which were cancelled by the Muhammadu Buhari administration, saying his divestment in the company has yet to be reversed.

Atiku, who was the Peoples Democratic Party (PDP) presidential candidate in the 2023 general election, described insinuations that he was a beneficiary of the contract restoration as untrue.

In a statement titled, “Setting

the Record Straight in Respect of Service Boat Monitoring Operation in Nigerian Ports Authority: Reinstatement of INTELS Nigeria Limited as Management Agent,” NPA decried the misinterpretation in a section of the media (not THISDAY), citing a letter issued by the Port Manager, Lagos Port Complex, Apapa, and addressed to Shipping Companies on the matter.

NPA stated, “It has become necessary to put the record straight for the benefit of the public and the generality of stakeholders in the port industry. This is also to avoid distortions and conjectures, which may arise by reason of wrong interpretation of the aforementioned letter. “ Giving a breakdown of the agreement, NPA said it agreed to a waiver of $100 million, being part of the accrued interest as at July 31, 2023 on the indebtedness to Deep

Offshore Services Limited under the Phase 4B agreement.

It added that there had been a further waiver of the interest accruing on the outstanding debt under the Phase 4B agreement for the period of two years commencing from July 1, 2023 and ending on July 30, 2025, which was estimated to be $93,317,556.

NPA said, “(There is ) a reduction of the interest rate on the indebtedness to Deep Offshore Services Limited from six-months LIBOR rate + 6.5% to 6-months SOFR rate + 3% effective from the date of execution of supplemental agreement.

“The Authority will be saving a total sum of $ 326,895,226 as a result of waiver of part of accrued interest and reduction of interest rate from 6.5 per cent to 3 per cent on the debt over the next 15 years. “(There’s another) reduction of the agency’s commission on pilotage

collections from 28 per cent to a lower commission of 24.5 per cent as opposed to increasing it due to astronomical rise in cost of operations.

“The proposed spread of the debt of $522,433,453.25 to be paid back over a 15-year period will, of itself, earn for the Authority a huge benefit in terms of preservation of funds to meet its other operational needs over the period. “ NPA said the above facts represented the true position on the matter, adding, “The interest of the authority is to ensure that services are provided in line with international best practices and to enhance the revenue profile of the federal government.”

In order to mitigate the attendant loss of revenue and surmount the legal impasse created by the dispute, the authority proposed a settlement initiative with INTELS,

FG: NO WORRIES, NIGERIA WILL SURPASS OPEC’S 1.5M BPD OIL QUOTA IN 2024 That was after a week-long intense negotiations that saw the parties agree to raise the country’s production quota for next year, from 1.38 million bpd to 1.5 million bpd by the oil cartel.

Three consultancy firms, IHS, Rystad Energy, and Wood Mackenzie had countered Nigeria’s submission that it was ready to produce as much as the current 1.742 million bpd for next year.

But in their findings, the research firms projected that despite Nigeria’s pledges, the situation on the ground did not show that it could even meet the 1.58 million barrels per day initially being debated.

However, the minister who gave an incline as to how the proceedings went, stated in a post on his official X/Twitter handle at the weekend that Nigeria currently produces 1.5 million barrels of crude oil per day.

The minister expressed the confidence that the country will surpass the projections in the 2024 budget.

However, THISDAY’s findings showed that the minister was talking about the combination of crude oil and condensates. Condensates are usually outside OPEC’s computation in handing down quotas for member countries and allies like Russia.

Nigeria’s production in October was 1.35 million bpd.

The OPEC quota of 1.5 million bpd for 2024 also appeared to be at

variance with President Bola Tinubu’s forecast in the proposed 2024 budget, wherein Nigeria adopted a daily oil production estimate of 1.78 million bpd.

Lokpobiri said: “Arising from the 36th OPEC and non-OPEC ministerial meeting held via video conferencing, I stated that Nigerians should know that our total production currently is 1.5 million bpd for crude and 300,000 bpd for condensate.

“So what we are producing is much more than what is projected in the 2024 budget estimate and as such, there is nothing to worry about.

“However, it is worthy of note, that there was a general production cut across all OPEC member nations in our last meeting in June of this year. So it was not only Nigeria but all OPEC member states agreed to the 10 per cent cut.

“We are on track with the objective of maintaining and surpassing the quota, especially as we work productively towards resolving all bottlenecks that might pose as hindrances to the objective.”

The authorities had at various times promised to meet the OPEC quota, which Nigeria has failed to fulfil in at least three years, by latest this December. This seems not practical, although production has increased marginally in the last few months.

Meanwhile, to sustain the

country's drive for increased production, Lokpobiri has engaged in a pivotal meeting on the sidelines of the ongoing 28th United Nations Climate Change Conference (COP28) with the Chairman of Baker Hughes, Mr. Lorenzo Simonelli.

A statement by the Special Adviser to the minister on Media and Communications, Nneamaka Okafor, said the meeting marked a significant milestone as Baker Hughes, a global energy technology company, expressed keen interest in sustaining and enhancing its investment in Nigeria's oil and gas industry.

Simonelli, the statement said, conveyed Baker Hughes' commitment to contributing to the energy transformation agenda of the current administration led by Tinubu.

The chief executive emphasised the company's readiness to collaborate with the federal government in advancing sustainable energy practices, aligning with the goals of the ongoing COP28.

"Nigeria is a blessed nation with vast potential and great opportunities in diverse sectors. As a partner with the federal government over the years, we are inspired to direct investment in the refinery domain of the oil and gas.

“Therefore, whatever that we can do to support to get started, I am willing to do that even now," the

Baker Hughes chief stated.

During the discussions, he also reiterated Baker Hughes' commitment to supporting Nigeria's efforts in achieving energy sustainability.

He acknowledged the critical role the country plays in the global energy landscape and emphasised the importance of public-private partnerships in driving meaningful progress.

In his remarks, Lokpobiri commended the oil servicing firm for its longstanding partnership with Nigeria in the energy sector.

He highlighted the company's valuable contributions over the years and expressed optimism about deepening the collaboration through increased investment in the nation's oil and gas industry.

Lokpobiri assured the Baker Hughes delegation of the Nigerian government's commitment to creating an enabling environment for investments in the refinery sector.

The minister affirmed that adequate measures would be put in place to facilitate the seamless actualisation of Baker Hughes' investment plans, aligning with the overall vision of the current administration.

"I am very happy that you have joined other companies in identifying the great opportunities and government's favourable policies in our oil and gas sector and with the advent of the Petroleum Industry

Act (PIA), we now have a workable framework that guarantees conducive environment for investment," the minister said.

The meeting between Lokpobiri and Simonelli, the statement said, sets the stage for a promising collaboration that not only strengthens the ties between Nigeria and Baker Hughes, but also contributes to the realisation of sustainable energy goals on a global scale.

Describing the meeting as highly constructive, Lokpobiri stated that the strong expression in directing investments towards the refinery domain of the nation's oil and gas industry was quite commendable.

“Recognising the history of collaboration between Baker Hughes and our country, I reiterated the government's dedication to cultivating partnerships with potential investors.

“The company's commitment to advancing the energy sector aligns with our national objectives and I conveyed appreciation for their sustained involvement.

“Assurances were given regarding a conducive environment for investment, as I emphasised the government's readiness to facilitate and support endeavours that contribute to the growth and sustainability of our petroleum resources,” Lokpobiri added.

which was submitted to the federal government through the Ministry of Transportation.

The statement said, “INTELS also made proposal for settlement on behalf of itself and Deep Offshore Services Nigeria Limited. Protracted negotiations followed and the parties eventually reached a settlement following remarkable concessions

by INTELS/Deep Offshore and verifiable gains by NPA/the federal government.”

It added, “The parties agreed to the following proposed Terms of Settlement: waiver of the sum of $100,000,000.00 on the outstanding indebtedness of the authority to Deep Offshore Services Limited, a further waiver of interest which may accrue on the outstanding debt to Deep Offshore Services Limited over a period of two years between 1st of July, 2023 to 30th June, 2025, which is estimated in the sum of $93,317,556.

“Reduction of interest rate on the outstanding indebtedness to Deep Offshore Services Limited from Libor+6.5 per cent to SOFR+3 per cent, reduction of the agency commission on Service Boat Pilotage collections from 28 per cent to 24.5 per cent. The agreement to be renewed for a further period of 15.”

NPA maintained that the federal government considered the proposal and approved same on August 18, 2023.

It stated, “The federal government further directed that the withdrawal of the cases was to be carried out by filing Terms of Settlement by the parties and for the court to adopt same as Judgement of the Court. The authority was also to discontinue the un-concluded procurement process, which process was in dis-obedience to the Orders of the Federal High Court, Lagos.

“The Parties executed Terms of Settlement on the 24th of August, 2023, and same was adopted as the Judgement of the Federal High Court in Suit No. FHC/L/CS/1058/2020 on the 21st of September, 2023 by Honourable Justice A.M. Liman.

Arising from the foregoing, the authority also filed a Notice of Withdrawal at the Court of Appeal, Lagos, in respect of the appeal at the Court of Appeal, Lagos.

“Following the Judgment of the Federal High Court, Lagos, Continued on page 43

PDP CRITICISES FG OVER 1, 411 DELEGATION TO COP28, OBI URGES PRODUCTION, NOT WASTE The presidential candidate of Labour Party (LP) in the 2023 election, Mr. Peter Obi, also condemned Nigeria’s extraordinarily big team at the ongoing conference. Obi advised the federal government to build Nigeria’s capacity to compete with China, which, reportedly, also came with a similarly huge delegation as Nigeria, in production, rather than waste national resources on sponsorship of too many delegates to a specialised conference of experts.

This is just a Senior Special Assistant to the President on Media & Publicity, Tope Ajayi rose to the defend the large delegation, insisting their participation was very important and not a jamboree.

Although, it was found that many

of the people in Nigeria’s delegation to COP28 were from the private sector and may have paid their way to the conference.

Nevertheless, PDP, in a statement by its National Publicity Secretary, Debo Ologunagba, said the bloated delegation was a further confirmation that the Tinubu-led All Progressives Congress (APC) administration was wasteful, frivolous and reckless in the application of the scarce resources of the country. PDP regretted that the waste was especially at a time Nigerians were yearning for prudent management of resources to achieve the desired infrastructure regeneration, job creation and revamping of the economy.

PDP dismissed attempts by the

presidency to rationalise the bloated delegation by trying to hide under genuine sub-national officials, businesses, journalists, and civil societies that travelled at their own expense.

Ologunagba said in the statement, "Our party and all well-meaning Nigerians are appalled by the level of profligacy inherent in the APC administration, whose actions and policies so far are skewed towards the promotion and institutionalisation of corruption.

"The attempt to deceive Nigerians, even when the list of the delegation is in the public domain, shows that the APC administration is irredeemably depraved.

"We ask, why would a country

whose citizens are dying daily from inability to purchase necessities be willing to fritter its resources and scarce foreign exchange in such a manner?

It only points to the fact that this administration is not interested in the good of the generality of our citizens but for a select few positioned to fleece the nation’s resources."

Similarly, Obi, in a series of posts on his X handle yesterday, in reaction to the trending large Nigerian delegation to COP28, decried the waste and wrong imitation of a country dutifully pulling their people out of poverty.

Reports from Dubai indicated that Nigeria equalled China with 1,411 persons at the conference, the highest in the global event, aside from the host, UAE.

In a satirical response to the size of Nigeria's contingent, Obi said, "In a twist of sad irony, let me congratulate the giant of Africa, Nigeria, for matching the great China, with the same number of contingents at the ongoing COP28 in Dubai, United Arab Emirates. Nigeria's contingent to COP28 totalled 1,411, the same number as the Chinese contingents.”

The LP candidate noted that while China's budget for 2024 was about $4 trillion, about $2,860 per head; Nigeria's budget was about $33 billion, about $165 per head.

China has a high Human Development Index, HDI, with a ranking of 79 out of 191 countries measured, and Nigeria has a low HDI, with a ranking of 163 out of

191 countries measured.

Besides, Nigeria has more people living in “Multi-Dimensional” poverty than China, despite China having seven times Nigeria’s population.

Obi stated, "Most importantly, the vast majority of those in the Nigerian delegation to COP28 are either non-relevant civil servants or relations, friends, and hangers-on of high government officials. Most of them hardly understand or have anything to do with climate change.

"This huge contingent is at public expense and at a time when most Nigerians can hardly afford food and basic needs as a result of economic hardship. I pray earnestly that a day Continued on page 42

6

T H I S D AY • MONDAY, DECEMBER 4, 2023

NEWS

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

AKPABIO, GOWON AT 2023 CAROL SERVICE...

L-R: Former Head of State, Gen Yakubu Gowon, welcome the President of the Senate, Godswill Akpabio to the NTA, VON and RN, 20th Anniversary Edition of Service of Nine Lessons and Carols 2023,with the Theme: Jesus Our Hope, at the National Christian Centre, Abuja...yesterday

COP28: Developed Countries Responsible for Most Greenhouse Emissions, Says Nigeria Tony Elumelu convenes global leaders to curb negative impact Nigeria, 116 other countries agree to triple renewable energy, cut fossil fuels NNPC, NMDPRA discuss challenges Deji Elumoye and Emmanuel Addeh in Abuja Nigeria yesterday declared that climate change and its consequences gripping the planet are attributable to actions of the developed world, which it said are responsible for most of the greenhouse emissions.

Minister of Environment, Balarabe

Lawal, who said this while speaking with newsmen on the margins of COP28 summit in Dubai, the United Arab Emirates, stressed that the Nigerian delegation to the climate change conference was determined to canvass a position that benefits the country and its people.

Also at COP28, founder of the Tony Elumelu Foundation, Tony

NCC Backs Meta's Initiative to Land Undersea Cable in Nigeria Emma Okonji The Nigerian Communications Commission (NCC), the telecoms’ industry regulator has pledged full support for Meta on its latest initiative to land 2Africa Cable in Nigeria.

Executive Vice Chairman and Chief Executive Officer (EVC/ CEO) of NCC, Dr. Aminu Maida, who pledged the support, said such support would be given to law-abiding investors like Meta, (formerly Facebook), which responded positively to Nigeria's desire for investments that would promote the agenda of government to achieve a robust digital economy.

Maida, who spoke when he received a delegation of Meta, led by the company’s Vice President for Africa, the Middle-East and Turkey, Kojo Boakye, when they visited NCC's headquarters in Abuja recently, said the regulatory support to all investors, including operators in Nigeria, would be predicated on their playing by the rules and regulations guiding the sector.

He said the commission places a lot of premium on compliance to industry laws, regulations and guidelines as such will also engender a level-playing field for all licensees and other stakeholders in the industry for sustaining a healthy competition and guaranteeing a sustainable growth in the Nigerian telecoms sector.

Boakye informed the NCC boss that the purpose of the visit was

to congratulate the EVC on his appointment by the President and to intimate him of ongoing efforts to land 2Africa Cable in Nigeria.

At 45,000 kilometres long, Boakye said the 2Africa submarine cable would be one of the world’s largest subsea cable projects and will interconnect Europe (eastward via Egypt), Asia (via Saudi Arabia), and Africa.

He said the system will go live in 2023, delivering more than the total combined capacity of all subsea cables currently serving Africa, with a design capacity of up to 180 terabytes per second (Tbps).

Boakye stated that 2Africa would deliver much-needed Internet capacity and reliability across large parts of Africa, supplement the fast-growing capacity demand in the Middle East and underpin further growth of 4G, 5G and fixed broadband access for billions of people, especially in Nigeria.

He solicited NCC’s support in sailing through all necessary legal and regulatory hurdles in landing the submarine cable to complement existing backbone infrastructure in Nigeria.

He also said Meta, through a consortium, plans to land 2Africa cable simultaneously in Lagos and Akwa-Ibom states. According to him, "The submarine cable will ensure those not yet connected are connected while those already connected are given opportunity for enhanced and affordable access.”

Elumelu, has convened global leaders to drive immediate and equitable climate action for Africa.

Besides, he announced a partnership to fund young African entrepreneurs in green energy sector with Ikea Foundation, Dutch Government, and UNICEF Generation Unlimited.

Elumelu is one of Africa’s leading advocates for an equitable marshal plan for climate action and through the foundation has empowered thousands of green entrepreneurs , shaping a more sustainable future for Africa.

“The main focus of this year's conference has to do with the issue of adaptation and mitigation. And the biggest issue is those of loss and damage, which I think is one that affects most of us because we have for a long time been victims of climate change, which is not really our own making.

“It is the making of the industrialised world that has created a lot of climate issues that have affected vulnerable countries, of which Nigeria is part of it. Desertification, coastal erosion and a lot of issues that led to all this. So, this year, I think we are lucky,” the minister said.

He assured that the summit would be good for Nigeria given the positions already expressed by President Bola Tinubu at the event.

Lawal said Nigeria would present its feelings on the various issues on climate change effects and remediation.

"I think this year's COP is going to be very good for us…That's why you see a large number of people from Nigeria coming because they're going to various sectors: the issue of carbon grading, the issue of mitigation, the issue of methane, which the president, yesterday, highlighted Nigeria's position,” he added.

He pointed out that the advanced world had stated their positions and are already paying $30 billion in that area, with over $100 billion in the area of loss and damage.

The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, has also stressed that

Nigeria has secured the agreement of the United Arab Emirates (UAE) to set up humanitarian response stations across the country in a bid to bring timely succour to victims of disasters.

Speaking in Dubai, after interacting with officials of the Emirate, she stated that Nigeria sought the assistance of the UAE to tackle humanitarian crises arising from insurgency, particularly in the north-east as well to end the endemic poverty in other parts of the country.

Edu stated that the UAE Red Crescent, which is equivalent to the Red Cross, was now ready to build a more resilient humanitarian response system across the country.

“We have held a lot of interactions at different levels. With the government of the UAE, that's interacting with the Minister for Tolerance in the country who happens to be a brother to the president. We spoke extensively on how we can work together to pull millions of Nigerians out of poverty.

“We have had interactions with the World Trade Organisation (WTO) Director General, who is one of our own. We have had interactions with the president of the Islamic Development Bank and it's centered on humanitarian response, and other poverty alleviation programmes that they can come in to support the country.

“And then finally, we had interaction with the Red Crescent, which is like the Red Cross here in Dubai and they are ready to come into Nigeria and support us to build a more resilient humanitarian response system across the country,” she added.

She blamed climate change for the humanitarian crises and poverty in most parts of Nigeria, noting that it has driven people to insurgency and caused security problems in the country.

“Most of our humanitarian crises are as a result of climate change and most of the poverty which we are tackling is as a result of climate change.

“The flooding which you see every other time in Nigeria is as a result of climate change. And of course, there are issues around the drying up of

the Lake Chad Basin, as well as the Sahel and the rest of it, which has led to people losing their livelihoods.

Over 40 million persons who depend on this Lake Chad Basin have lost their livelihoods.

“Now these people have become very vulnerable. They go into poverty and they can now become easy prey for people who want to recruit into all of these terrorist organisations that are causing insurgency.

“We can't be trying to bring people out of humanitarian crises and then allowing more people to fall in as a result of climate change. And that's why we are at this meeting,” she noted.

Meanwhile, Elumelu, through his Foundation, The Tony Elumelu Foundation and in partnership with the United Bank for Africa (UBA), which he chairs, hosted a high-level session at COP28, bringing together Africans, and key players in the Gulf, Europe, and Americas, where UBA operates.

The dialogue took place with speakers, including Dr. Ng zi Okonjo-Iweala, DG, WTO; Ahunna Eziakonwa, Assistant Administrator and Regional Director for Africa, UNDP, Kevin Frey, CEO, UNICEF Generation Unlimited, among others.

“Addressing climate change remains the paramount challenge of our era. The urgency is unmistakable; there is no room for delay. It is imperative that we enhance our efforts to tackle these issues and establish the groundwork for a sustainable future.

“It is critical that Africa, as a continent, and African voices, play a key role in global climate conversations, as meaningful participants, and no longer as bystanders - Africa must actively set the agenda,” he said.

Elumelu, who represented the African private sector at the 2023 New Global Financing Pact in Paris on the invitation of French President Emmanuel Macron, and the Climate Finance Mobilisation Forum in London, at the invitation of King Charles III of the United Kingdom and US President Joe Biden, continues to empower and champion young

African entrepreneurs.

At the 78th United Nations General Assembly (UNGA78) in New York, the Tony Elumelu Foundation (TEF) launched a firstof-its-kind Green Entrepreneurship Programme, the #BeGreenAfrica Initiative, in partnership with the IKEA Foundation, Dutch Government and UNICEF GenU, to support green entrepreneurship and youth development.

Okonjo-Iweala said: “I am proud of what my brother, Tony Elumelu, has done in empowering and inspiring so many young entrepreneurs. We have no choice; the future is green.

The future of growth is two things – it is green, and it must be inclusive.

“I am very interested in partnerships with organisations like the Tony Elumelu Foundation because I don’t want to duplicate what someone else has done.”

Eziakonwa said: “The reason why UNDP associated itself with the Tony Elumelu Foundation years ago is because of the leadership and courage of the Foundation to trust and invest in young Africans. It was one of the first organisations in the world to do so at that scale.”

In response, Tony Elumelu shared that the UNDP has partnered with the Tony Elumelu Foundation to empower thousands of young Africa, with an ambitious project to impact the lives one million young Africans in the Sahel region of Africa.

Sergio Pimenta, VP, Africa at IFC, also stated: “Tony, I salute you and your Foundation for what you have been doing to support young entrepreneurs in Africa. The IFC has deployed $2billion in funding for African SMEs in the last fiscal year and we are very excited to be able to do more working with you.”

Kevin Frey, CEO UNICEF Generation Unlimited added: “Tony, you have been on our Global Leadership Council since day one, when the UN Secretary General launched the UNICEF Generation Unlimited. Under your leadership, we have really moved in a concerted way into the entrepreneurial space.

MONDAY DECEMBER 4, 2023 • T H I S D AY

7

T H I S D AY • MONDAY, DECEMBER 4, 2023

8

NEWS

KEYAMO MEETS PRESIDENT RUTO OF KENYA...

President Ruto of Kenya (L) in warm handshake with Minister of Aviation and Aerospace Development of Nigeria, Mr Festus Keyamo at the ongoing UN Conference of Parties (COP 28) Climate Change Conference in Dubai, UAE on Saturday

Imo Police Command Arrests 25 over Killing of DPO, Traditional Ruler Tony Icheku, Owerri The Imo State Commissioner of Police, Mr. Aboki Danjuma, said the State Police Command have arrested 25 male suspects for various criminal cases ranging from terrorism activities, armed robbery, murder, stealing/receiving stolen properties, cultism, and unlawful possession of firearms and ammunition.

He said the suspects are evidentially linked to the respective cases against them, including the kidnapping and killing of a traditional ruler in Ezinihitte Mbaise, the killing of a party ward chairman, the killing of a DPO Ahiazu Mbaise and an Inspector of Police all within Mbaise axis.

The Police Commissioner said the various killings; all within an interval of each other prompted him to convene a crucial meeting with Inter-Agency Security chiefs

in the State aimed at rolling out collaborative operational strategies that will assist in bringing the assailants to book.

His words: "I directed the Command’s Special Tactical Squad to go all out in synergy with other sister security agencies and hunt down the hoodlums responsible for the attacks."

According to him, in the course of investigating the aforesaid cases, a total number of 20 Assault Rifles including, 5 AK 47 rifles, 6 Pump Action guns, 9 locally made pistol and one Berretta pistol and a total of 359 rounds of various calibers of ammunition, were recovered from them.

He added that other items recovered from the suspects include six vehicles, (3) motorcycles, charms, IPOB/ESN vest/insignia, military camouflage, police vests, and other incriminating items.

The Police boss narrated that

XtraWins: Access Bank Delights Customers with Xmas Promo Dike Onwuamaeze Access Bank Plc has announced its Christmas campaign that would grant 100 lucky customers a chance to win N10,000 voucher every day for 12 days in a promo it tagged “AccessMore -12 Days of Christmas.”

This was disclosed at the weekend

by Group Head, Consumer Banking, Access Bank Plc, Ms. Njideka Esomeju, at a press conference that was held at the financial institution’s head office in Lagos to flag off the campaign that would run from December 1 to December 12, 2023.

Esomeju said: “We are happy to give back to our valued customers through the ‘AccessMore 12 Days of Christmas’ campaign. We are going to reward 100 customers with N10,000 shopping voucher every day from December 1 – December 12, 2023. It is our way of expressing gratitude for their continued trust and loyalty to the bank.

“To be part of the winning train, all our customers need to do is to perform a minimum of five transactions above N1,000 on

our AccessMore App and stand a chance to win shopping vouchers and exciting prizes to make their holiday season even more memorable.”

She said that the bank would partner renowned retail stores like Spar, Ebeano, Market Square, Justrite, Jendol, Oriki and more for its customers to redeem their shopping vouchers when they win.

“Access Bank believes in giving back to those who have made our success possible. This campaign is part of our commitment to creating meaningful and memorable experiences for our customers. We invite everyone to participate and stand a chance to be one of our lucky daily winners," the bank said.

The AccessMore App is the bank's cutting-edge mobile banking platform that offered customers a range of features designed to simplify banking processes and enhance the overall user experience.

Through this promotion, Access Bank would encourage more customers to explore the convenience and efficiency that digital banking has to offer.

following the murder of DPO Ahiazu Mbaise and an Inspector of Police on Monday November 27, 2023, at Ahiara junction in Ahiazu Mbaise, by disgruntled elements and the subsequent confessions of suspects arrested at the scene, Police operatives in synergy with the military, operatives of the anti-kidnapping unit subsequently stormed the camp of the syndicate at Umuohie in Ngor Okpala LGA of Imo State, dislodged the terrorists, recovered two automatic pump action riffles and six rounds of

life cartridges.

He also revealed that working with a Technical Intelligence Tracking Devices, the Police stormed Igbodo-Etche in Rivers State and arrested a native doctor named Everest Agbaragam ‘m’, 62 years, of Umuoma, Igbodo, Etche Rivers State, aka Mount Everest A search of his shrine led to the recovery of one pump action gun loaded with 12 rounds of live cartridges, one big bag containing various denominations of Biafran currencies, one live crocodile, and

fetish items were recovered.

The native doctor provided useful information leading to police raid of Umuogwu Forest in Aboh Mbaise LGA on Friday, December 1, according to the police boss.

In further elaboration, CP Danjuma said that, "The terrorists on sighting the Police, engaged them in a gun battle but were subdued by the combat-ready operatives who professionally maneuvered into vintage position and returned fire. In the ensuing gun duel, some of them were neutralized while others

escaped into the tick forest with bullet wounds.

"The terrorist’s camp was dislodged and the following exhibits were recovered: 1. Five (5) AK-47 riffles, 2. Six (6) magazines containing two hundred and twenty (220) live ammunition, 3. Six (6) pump action guns, 4. One hundred and twentyone (121) rounds of live cartridges, 5. One Revolver, 6. Four (4) locally made pistols, 7. Three Toyota Venza Cars, including the one they used in attacking the DPO, One Toyota Highlander SUV, and IEDs."

Minister of Interior Unveils Refurbished E-Arrival Wing at Lagos Airport Minister of Interior, Olubunmi Tunji-Ojo, on Friday unveiled the newly refurbished E-Arrival Wing at Murtala Muhammed International Airport (MMIA) in Lagos, which is a collaborative effort with Nigeria Immigration Service partners.

The upgraded hall aims to streamline the arrival process, providing a smoother experience for passengers, especially the elderly and those with mobility challenges.

The E-Arrival Wing boasts 32 counters, cultural displays representing various tribes, and inscriptions of Nigerian greetings on its walls.

Tunji-Ojo highlighted its capacity to eliminate delays caused by long queues during verification and capturing.

Anticipating the introduction

of E-gates by February next year, he emphasized the end of the traditional passenger-immigration officer interface on arrival.

He said: “Once you are a Nigerian and you are coming into your country, you have no business with an immigration officer unless you are a person of interest, there are security concerns.”

The Comptroller General, Nigeria Immigration Service, Mrs. Wuraola Adejopu, praised the partners for their support, predicting that the transformation would elevate Nigeria’s international standing.

“There is hope for this nation in line with the President Renewed Hope agenda, there is hope for this country with the round pegs in the right holes, we can achieve, there is no impossibility,” she said.

The Managing Director, Federal Airports Authority of Nigeria, Mr. Kabir Mohammed, represented by the Director, Operations, Captain Muktar Muye emphasised MMIA’s role as a gateway to Nigeria and a hub for sub-Saharan Africa.

He emphasised that, with these renovations every traveller will experience the warmth, efficiency, and spirit of excellence that the country embodies.

“This project today, let us remember that it is not just about the ambience/beauty, but about the people who will use them. It is about the travellers who will pass through our gates, the staff who will work within these walls, and the countless individuals who will benefit from the increased connectivity,” he said.

Also speaking, the Lagos State Governor Mr. Babajide Sanwo-Olu, represented by Commissioner, Special Duties, Mr. Gbenga Oyerinde, hailed the project as a symbol of commitment to a seamless passenger journey, enhancing Nigeria’s reputation as a welcoming destination.

“Is indeed a major accomplishments that would significantly improve the status of this airport”.

The project’s facilitators expressed pride in contributing to the country’s positive image and ensuring international passengers’ comfort.

Comptroller Immigration MMIA, Mrs. Adeola Adesokan, noted that the new facilities would complement the upcoming E-gate initiative.

SERAP to Akpabio: Reject Wike’s Plan to Spend N15bn on Vice President’s Residence

Chuks Okocha in Abuja

Socio-Economic Rights and Accountability Project (SERAP), has called on the Senate President, Godswill Akpabio, to promptly reject the plan by the Minister of the FCT, Nysom Wike, to spend N15 billion for the construction of ‘a befitting residence’ for the Vice President, Mr Kashim Shettima.

SERAP, in a statement, urged the Senate President to “assert Senate’s

authority and constitutional oversight roles to reject the N2.8 billion on publicity for the FCTA and other proposed wasteful and unnecessary spending that may be contained in the 2023 supplementary budget and the 2024 budget proposed by President Bola Tinubu.”

In the letter dated 2 December 2023 and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said, “The plan to spend N15 billion on ‘a befitting residence’

for the vice president is a fundamental breach of the Nigerian Constitution and the country’s international anti-corruption and human rights obligations.

“The Senate has the constitutional duties to ensure that Mr Wike’s proposed spending is entirely consistent and compatible with constitutional provisions, including his oath of office. All public officials remain subject to the rule of law.

“The National Assembly including

the Senate has a constitutional responsibility to address the country’s debt crisis, including by rejecting wasteful and unnecessary spending to satisfy the personal comfort and lifestyles of public officials.

“The National Assembly cannot continue to fail to fulfil its oversight function. The Senate must assert and demonstrate its independence by checking and rejecting all wasteful and unnecessary spending by the executive.

9

T H I S D AY • MONDAY, DECEMBER 4, 2023

NEWS

BANK OF THE YEAR...

L-R: Middle East and Africa Editor, The Banker, John Everington; Head, Client Coverage, Stanbic IBTC Bank, Joyce Dimkpa; Chief Executive, Stanbic IBTC Holdings, Demola Sogunle; Senior Manager, Telecoms, Media and Technology, Client Coverage, Standard Bank Group, Jola Adeyemi; Head, Debt Capital Markets, Stanbic IBTC Capital, Tokunbo Aturamu; and host of the awards, Krishnan GuruMurthy at Financial Times’ The Banker Magazine’s Bank of the Year Awards 2023 which took place in London...recently

Operation Interflex: UK-led Coalition Trained 32,000 Ukrainian Recruits to Repel Russian Invasion Says war will stop if Russia withdraws troops from Ukraine

Chiemelie Ezeobi in England

Since June 2022, over 32,000 Ukrainian recruits have undergone military training under Operation Interflex, the United Kingdom government-led coalition to support Ukraine in its fight against Russia’s invasion, the Director General, Russia-Ukraine Cabinet Office, Nick Catsaras, has said.

With 11 partner nations like United Kingdom, Canada, New Zealand, Australia, Norway, Finland, Denmark, Sweden, Lithuania, the Netherlands and Romania, Operation Interflex was tailored to train Ukrainian recruits by providing them basic infantry training skills to be deployed on the front lines.

The five-week course that

runs the gamut of basic infantry programme covers weaponhandling, battlefield first aid, fieldcraft, patrol tactics, the Law of Armed Conflict and other skills needed to be effective in frontline combat.

In a briefing at the Foreign, Commonwealth & Development Office (FCDO) House in London, Catsaras, said the West has no choice but to out wait President Vladimir Putin in the invasion because the alternative whereby Russia wins wasn't an option.

"This war is one with global consequences.

Clearly, the unprovoked invasion of Ukraine is a tragedy for Ukraine and a threat to security but the effects of this war are felt round the world in

terms of food, energy prices and increased inflation.

"We are clear that Russia could end this war by withdrawing its troops now. However, there is no sign Putin is giving up on subjugating Ukraine and he is doing that despite the high cost to Russia in terms of the huge number of casualties that he is suffering and loss of equipment and the long term damage that is being done to Russia's economy.

"You can feel the resolve on the part of Ukraine to defend and restore its territorial integrity.

The allies, especially the UK is committed to support for Ukraine as long as it takes. Our Prime Minister (Rishi Sunak), and President Volodymyr Zelenskyy

just spoke again this morning about our support," he said.

Afterwards, at the command centre of Operation Interflex in the South of England, the commander responsible for the training of the Ukrainian infantry soldiers, Col. James Thurstan, said the programme was designed to equip the Ukrainian recruits with the basics of warfare.

With Operation Interflex as the largest per capita contributor to training support for Ukraine, he said the mission focuses on the delivery of lethal and survivable soldiers equipped with the offensive spirit required to win at the battlefield of Ukraine.

He said: "The training will give volunteer recruits with little to no

UBA Wins Bank of the Year Africa 2023 Subsidiaries sweep eight awards

Africa’s global bank, United Bank for Africa (UBA) Plc, has again demonstrated its prowess on the international stage as it clinched nine prestigious awards at The Bankers Awards 2023, organized by The Banker Magazine - a publication of Financial Times of London, the world’s leading business newspaper.

The prestigious awards presented to the Bank at a ceremony in London, United Kingdom on Thursday, included the highly coveted Bank of the Year Africa 2023, solidifying UBA’s position as the leading financial institution on the African continent.

The bank’s subsidiaries also emerged as the Bank of the Year in eight of the 20 countries where it operates in Africa.

The winning subsidiaries are UBA Cameroon, UBA Chad, UBA Ghana, UBA Cote d’Ivoire, UBA Mozambique, UBA Congo, UBA Sierra Leone, and UBA Tanzania, underscoring the bank’s dominance and impact across diverse African markets.

It is noteworthy that this would be the second time in the past three years that the bank has won the regional award as the best bank in Africa, as it had emerged winner in 2021.

UBA’s Group Managing Director, Oliver Alawuba, who received the awards on behalf of

the bank, expressed his gratitude and excitement about the awards, and said the recognitions come as a reassurance that the bank is on track in its goal of consolidating its leadership position in Africa, and creating superior value for its stakeholders.

According to an elated Alawuba, "UBA is honoured to be named the Bank of the Year in these eight countries and to receive the overall Award for Africa. This accomplishment is a testament to the hard work, dedication, and innovative spirit of the entire UBA team. We remain committed to delivering top-notch banking services that positively impact the lives of our customers across the continent.

“We have our millions of customers across the globe and our many thousands of staff to thank for this. They are the very reason why we keep winning and receiving these accolades.”

The Banker Awards is widely recognized as a benchmark for banking excellence globally, and UBA's multiple victories underscore the institution's commitment to providing exceptional financial services and superior financial intermediation on the continent.

As Africa’s Bank of the Year, UBA has demonstrated its ability to navigate the complexities of

the African banking landscape and emerge as a leading force in driving economic growth and financial inclusion.

Speaking earlier about UBA’s consistent excellence in the financial services sector across the continent which has earned the bank great accolades overtime, Editor of the Banker, Joy Macknight, said that as always, UBA remains a clear winner across a wide range of criteria, having performed impressively across its footprint with a strong financial performance across most of its markets.

“In a year of strong competition among the continent’s major banking groups, UBA has gained the edge on its rivals to win the Bank of the Year award for Africa for the 2nd time in three years. Congratulations.

The award recognises the bank’s strength across Africa, including many of its most competitive markets,” Macknight stated.

Since 1926, the Bank of the Year awards has been celebrating the best of global banking and is regarded as the industry standard for banking excellence.

Just recently, UBA won the 2023 FMDQ Gold Awards in three Categories including the Best FX Liquidity Provider, Dealing Institution of the Year and Best Money Market Liquidity Provider.

This recognition is a testament to

UBA’s impressive capital strength and capacity to provide liquidity to the Nigerian financial market even in the face of harsh economic realities.

Despite the headwinds, UBA Group has consistently maintained its position as Nigeria's leading financial institution.

In June, the banking group announced impressive half-year financial results, and further increased the performance in Quarter 3, 2023, with profit before tax (PBT) soared to N502.01 billion, Shareholders' Funds standing strong at N1.778 trillion, and total assets, reaching N16.24 trillion.

These outstanding figures not only reflect UBA’s institutional strength, but also demonstrate its position as a corporate role model in Nigeria and across Africa.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five (35) million customers, across 1,000 business offices and customer touch points in 20 African countries.

With presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

military experience the skills to be effective in frontline combat.

The training helps them to be more lethal than their Russian counterparts.

"It allows them to be able to survive long enough in the conflict.

It also gives them the defensive spirit to win the war and go ahead to establish the international boundaries."

Since the war started, the UK government has been the second largest military to donate to Ukraine, with a commitment of £2.3 billion in 2022, and a further £2.3 billion in 2023.

In October 2023, Defence Secretary Grant Shapps announced a major new package of equipment support for Ukraine worth over £100 million, including air defence systems, crucial equipment to help Ukrainian soldiers cross minefields, and bridging capabilities to assist with river and trench crossings.

Meanwhile, the UK has a long history of supporting Ukrainian service personnel through Operation ORBITAL, which trained 22,000 Ukrainians between 2015 and 2022.

The programme builds on this success and demonstrates the UK’s continued leadership in responding to Ukraine’s military requirements as the war evolves.

Although the Ukrainian invasion started in 2014 with attempts by Russia to annex some parts of Ukraine, the escalation occurred in February 2022, when Russia moved 100,000 troops to invade Ukraine in an escalation of the Russo-Ukrainian War. Already, the war has claimed tens of thousands of civilian casualties and thousands of military casualties.

Also, with about 8 million Ukrainians internally displaced with some fleeing the war-torn country, this has created Europe’s largest refugee crisis since World War II.

Factional PTD Replies NUPENG, Says Osesua Remains Authentic National Chair Emmanuel Addeh in Abuja The factional National Executive of the Petroleum Tanker Drivers (PTD) branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) led by Lucky Osesua, yesterday accused the parent body of being in contempt of court.

It also said the Augustine Egbonled group was using sentiments to foist its “illegal leadership” on the federal government and other stakeholders in the oil and gas industry, describing it as a fait accompli.

In a press statement jointly signed by its National Chairman, Osesua and National Secretary, Obinna Power, Osesua argued that his leadership, which emerged at the election in Abuja, which was the venue prescribed by the union's bye law, remains the authentic body.

PTD said the “illegal leadership” that emerged from a Kangaroo election in Ibadan was desperate to force stakeholders into accepting it.

It added that the leadership could not avail itself the legitimacy by serially violating the sanctity of the branch's bye-law and other legal methods of conducting delegates

conference.

The group appealed to the federal government, especially President Bola Tinubu, the Minister of Labour and Employment, Simon Lalong and other key players in the industry not to seek legitimacy for the national executive of PTD elsewhere.

“In flagrant defiance to court order, they went ahead and held an illegal conference despite the court injunction, which barred them from doing so.

“Consequently, many protests were staged across the zones of the union, including the national secretariat in Jibowu Lagos, but NUPENG brazenly turned deaf ears. “ This is totally unacceptable and truly showed the leadership does not mean well for the union and its members, especially the PTD branch.

“However, some of us are lawabiding and truly mean well for the one-time trade union, which was built and nurtured by Chief Frank Kokori with the objective to protect the interest and foster better working conditions for the blue collar employees in the Nigeria's oil and gas sector.

T H I S D AY • MONDAY, DECEMBER 4, 2023

10

NEWS

30TH ANNIVERSARY GALA OF THE U.S. CORPORATE COUNCIL ON AFRICA...

L-R: CNN International Anchor, Zain Asher; Chairman, Africa Private Sector Summit and former Deputy Governor, Central Bank of Nigeria, Prof. Kingsley Moghalu; and Executive Director, Isaac Moghalu Foundation, Mrs. Maryanne Moghalu, at the 30th Anniversary Gala of the U.S. Corporate Council on Africa, at the Waldorf Astoria in Washington DC... recently

Fashola: Nigeria Living on Infrastructure Built in 70s, Requires $2.3tn Till 2043 Emmanuel Addeh in Abuja Erstwhile Minister of Works, Mr Babatunde Fashola (SAN), has argued that Nigeria is still depending on infrastructure built in the 70s and 80s, disclosing that going by the National Infrastructure Master Plan, 2020 to 2043, the country will need an estimated $2.3 trillion over the next 21 years to develop its infrastructural base.

In a speech titled: “Outlook on the Construction Industry in Nigeria over the Next Five to 10 Years” delivered at the Julius

Berger Nigeria Plc “Luminary Soiree” dinner in Lagos, he argued that it is the lack of critical infrastructure like a petroleum refinery that is causing an oil producing country like Nigeria to import petroleum products.

The importation, caused by a lack of infrastructure, he said, is estimated to account for about 30 per cent of Nigeria’s forex demand.

The former Lagos governor maintained that if there is a reduced demand of forex by up to 30 per cent for petroleum products only, followed by fertiliser and petrochemicals aggregating

about 10 per cent, it will make a marked difference.

“If petroleum products are locally made, some cost reductions such as shipping, insurance and port charges will be realised and for those who have a broader view of the economy, they will understand cost-push inflation reduction and its positive impact on cost of living.

“The same is true of gas pipelines, as it is true of sea and airports, roads and bridges, and telecommunications infrastructure to deliver broadband and related infrastructure in support of

economic growth and jobs.

“Simply put, every economy that seeks expansion, efficiency, and productivity must invest in the commensurate infrastructure in order to achieve it.

“Nigeria is such a country, and as I have said before, we are living largely on infrastructure built in the 70s and 80s because we spent much of the 90s in the agitation to bring back democratic Governance.

“We have a lot of building and construction to undertake and this much is evident in the latest National Infrastructure Master Plan, 2020 - 2043 estimated about

FAAN Threatens Sanction against Airport Workers Extorting Passengers Chinedu Eze

The Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mr Kabir Mohammed, has threatened to sanction the agency personnel, other staff of government agencies and others who extort passengers.

He made this known during the one-day sensitisation programme on Airport Council International (ACI) Airport Service Quality (ASQ) initiative organised by the Directorate of Airport Operations and held at the Murtala Mohammed International Airport (MMIA).

It is believed that many airport workers devise different ways to extort travellers, especially the international travellers.

Mohammed said that the

Authority had stepped in to ensure that passengers that pass through the airports are not extorted by staff and other agencies of government that work at the airports by engaging the services of “mystery staff” at the four international airports of the country.

He explained that the responsibility of the mystery staff was to take note of the activities of staff at the airports and report same to management.

He expressed displeasure at the poor reputation of Murtala Muhammed International Airport due to extortion of passengers and warned that anyone caught in such act this Yuletide season would face disciplinary consequences.

The FAAN boss said that travellers are discouraged from

flying through the international terminal of the Lagos airport because of extortion.

He challenged representatives of all the government agencies that operate at the airport namely; Customs, Immigration, Quarantine, Police, and all others to be at their absolute best when carrying out their day-to-day activities.

Mohammed reminded everyone that there are active cameras everywhere and whosoever is caught doing anything that will bring the FAAN into disrepute would be sanctioned.

He also remarked that all the agencies that work at the airport are involved in the breach and said that FAAN was not going to tolerate the embarrassment anymore.

Mohammed also urged everyone

to improve the reputation of the airport and the country at large by being courteous and respectful to the travelling public this season.

He encouraged the spirit of collaboration among personnel of various agencies at the airport.

“We are one airport and if there’s any wrongdoing, people don’t bother to know which agency did the wrong. They only know the airport where they were wronged,” he maintained.

The ACI-ASQ sensitisation event was championed by the Directorate of Airport Operations headed by Capt Mukhtar Maye.

The event also had an interactive session where participants expressed their various concerns and also gave positive suggestions on how the image of the airport could be improved.

FG to Begin Disbursement of Grants, Loans to SMEs Omolabake Fasogbon The federal government has announced the take-off of its palliative programmes for business players in the country.

The programmes, namely: Presidential Conditional Grant Programme and Presidential Palliative Loan Programme will be in form of loans and grants.

In a statement issued yesterday

by Minister for Industry, Trade and Investment, Dr Doris Uzoka-Anite, the programmes are part of present administration's efforts to cushion the effect of subsidy removal.

President Bola Ahmed Tinubu

in his palliative plans released in July had promised to release N125 billion in funding for Micro, Small, and Medium-Sized Enterprises (MSMEs).

The statement, which was sighted by THISDAY disclosed that under the Presidential Conditional Grant Programme, a sum of N50,000 will be disbursed to nano businesses across the 774 local government areas in the country.

"Eligible nano business beneficiaries should be willing to provide proof of residential/ business address in their local government area, and provide

relevant personal and bank account information, including Bank Verification Number (BVN) for verification of identity", it read.

For the Presidential Palliative Loan programme, Uzoka-Anite in the statement said a total of N75 billion will be released to Micro, Small and Medium-sized Enterprises (MSMEs) across various sector and N75 billion to manufacturers.

She noted further that the loan shall be administered to beneficiaries at a single-digit interest rate of nine per cent per annum.

"While MSMEs can access

loan facilities up to N1 million with a repayment period of three years, manufacturers can access up to N1 billion to access financing for working capital with a repayment period of 1 year for working capital or five years for the purchase of machinery and equipment," she added.

The minister said the interested persons can apply for the loans by submitting their application on a designated portal for the programme.

She further expressed that the initiatives are believed to encourage entrepreneurship and job creation in the economy.

$2.3 Trillion over 21 years, that is about $110 billion per annum,” he noted.

According to him, the outlook of the construction industry in Nigeria over the next five to 10 years and beyond remains highly positive as can be deduced from the government master plan.

The former minister noted that what speaks more loudly to the continuing relevance of the construction industry and its positive outlook in Nigeria in the foreseeable future are the areas of economic activities still crying out for infrastructure to drive them.

He argued that those who operate in the construction industry have not shared the economic possibilities in the industry and those of connecting industries with the larger society.

“Therefore, very few sectors of the economy such as shipping and petroleum drive the haulage and transport sector of the economy like construction.

“From records of economic impact we kept in the Ministry of Works and Housing, I can report 1,704,300 truck trips of haulage of bitumen, diesel, laterite, sand, cement and reinforcement.

“The average minimum cost of a 30-ton truck was N200,000 per trip. So, from one ministry alone at the federal level, excluding 36 states and FCT, this represents a N340.8 billion haulage economy over 8 years or N42.6 billion per annum.

“This is the employment of transport companies their employees and drivers, enabled by construction. Drivers were then paid averagely N5,000 - N7,500 per day.

“I can report 383,431 people directly employed in constructing and rehabilitating 9,290 kilometres of roads and bridges, installing 2,270,319 linear metres of lane marking and installing 254,690 road signs.

“I can report 1,262 building contractors employed in the housing sector to construct 6,000units of housing with fittings and accessories at 46 sites across 35 states,” he explained.

Fashola stated that funding the commitment to build infrastructure has always been a challenge in the midst of competing demands, stressing that policy, more than budget, has been the biggest source of capital mobilisation for infrastructure in recent times.

Ooni Proposes More Powers for Traditional Institutions, Seeks Constitution Review

Kuni Tyessi in Abuja

The Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, has called for a review of the constitution to give more power to traditional rulers in the country.

The monarch also pleaded with Nigerians to be more patient with President Bola Tinubu's administration, saying the president was not a magician neither was he a messiah.

The Ooni made the call at the 8th anniversary of the Nigeria Most Influential Awards (NMIW) organised by Vglamour Magazine at the weekend in Abuja.

Represented by the Onifegunwa of Ifegunwa in Ile-Ife, Oba Adedire Adewole

Solomon, Ooni described the 2024 Budget presented to the National Assembly by the president as a promising one.

"The budget is a promising one and I want everyone to know that a lot of things had happened down the line that things are so bad and it is not easy for you to bring up good thing. It is a gradual process.

The president we have now is doing it gradually.

“The Ooni is closer to the president, advising him and with what we are seeing now, as times go on and by this time next year, we would all smile.

The president is not a magician nor a messier. We all know that it not easy. If you are going to be great, you will be chastised but you have to remain focused.”

T H I S D AY • MONDAY, DECEMBER 4, 2023

11

NEWS

A PEEP INTO THE PAST IN IBADAN...

L-R: Executive Board Member of IPI International, Raheem Adedoyin; former Executive Director Tell Magazine, Ayo Akinkuotu; Publisher of Ovation Magazine, Chief Dele Momodu; Author, Sir Folu Olamiti; Orangun of Oke-Ila, Oba Adedokun Abolarin, and former Governor of Ogun State and Chairman of the occasion, Chief Segun Osoba, at the presentation of the book: A Peep Into The Past in Ibadan

FG Rolls Out New Measures to Tackle High Infant Mortality Rate 290,000 month-old babies died in 2021, says report As Kano records 46,732 HIV cases, spends over N100m on treatment Onyebuchi Ezigbo, in Abuja and Ahmad Sorondinki, in Kano The federal government has said that it is implementing a sectorwide programme initiative aimed at addressing existing challenges in the health sector including the high mortality rate among under-five children in the country.

To this end, the Federal Ministry Health and Social Welfare said the government is targeting pooling resources both from local and foreign sources to re-equip the hospitals, retrain health personnel and possibly build more primary healthcare centres across the country.

Meanwhile, the Kano State government has released the

sum of N117,461,600 from the 2023 budget for the treatment of 46,732 HIV patients in the state.

The state's Commissioner for Health, Dr. Abubakar Labaran, who spoke during the commemoration of this year's World AIDS Day, explained that the step was part of an effort designed to control and eradicate the spread of Human Immunodeficiency Virus HIV/AIDS. The move by the federal government came just as the report presented by the Head, Newborn Branch, Child Health Division, at the Federal Ministry of Health, Dr. Abdulahi Jatau, showed that out of the estimated 7.5 million babies born yearly in Nigeria, 290,000 die in their first month.

He said the figure accounted for

2027: APC’ll Produce Six Govs in S’south, Says Akpabio Sunday Aborisade in Abuja President of the Senate, Godswill Akpabio, weekend, said the Southsouth geopolitical zone produced the highest number of votes to elect President Bola Tinubu among the three zones in Southern Nigeria, and as such was confident that the zone would produces All Progressives Congress (APC) governors across the zone.

Akpabio, who stated this when APC leaders in the zone paid him a courtesy visit, however, vowed that region would return Tinubu for second term, even as urged Nigerians to exercise patience with the current administration, and not lose hope.

He said the APC would ensure that the South-South were governed by the governors elected under its platform by the time the 2027 elections was held.

"Akwa Ibom was able to deliver almost 800,000 votes. The votes from Akwa Ibom alone for the APC in the presidential election was more than the total votes from the five states of the South East.

"When David Leon contested in Bayelsa State, he won resoundingly but he was not sworn in, that happened a day before swearing-in and even this last one that Timipre Sylva contested, we also did very well and we are now in court. So, I cannot comment on that.

"That shows you the strength of the APC in the region and even

when the Peoples Democratic Party is the ruling party in Rivers State, we were able to win Rivers State.

Data cannot lie.

"I want to say that with that giant step now that we have a senate President, I don't see any reason why the entirety of the South South region will not become APC. "The only way we can pay back the national leader of our party, the only way we can show the president to standing by us in the South-south to produce a Senate President after 45 years is for us to make sure that in 2027, we will give him and the entire APC resounding victory in the six states of the South-south region.

"We are steadily moving on, Cross Rivers State is 100 per cent APC. Here and there some people will emerge either in the Senate or the reps and the House of Assembly but in the governorship and government of the state is totally APC. "Akwa Ibom has the Senate President, so for you have members of the House of Representatives, it shows that things are about to happen.

"For you to have won the presidential election in Rivers State where the Zonal chairman comes from it means things are beginning to happen and even winning in 2019 the Bayelsa State except for technical issues in the court shows clearly that APC has come to stay in the entire South South.

one-third of the under-five deaths in the country.

Coordinating Minister of Health and Social Welfare, Prof. Ali Pate, in his speech at an event to commemorate the 2023 World Prematurity Day last Friday, said that despite successes recorded in reducing neonatal deaths, Nigeria is still far from the target of reducing neonatal deaths to 12 per 1,000 live births.

Pate whose speech on the theme: “Small Actions, BIG IMPACT: Skin-to-skin Care for Every Baby Everywhere" was read by the Permanent Secretary of the Ministry Mrs. Daju Kachollom, said that the ministry was rebuilding the capacity of 120,000 frontline health workers as part of efforts to reverse the ugly neonatal indices, adding that “part of the training curriculum include skills on essential newborn care and other interventions.”

He said the ministry had also articulated various interventions necessary for the reduction of neonatal mortality rate in the country.

Pate explained that the ministry has developed four policy documents geared toward reducing newborn death, particularly due to preterm births.

The documents, he said, include the Nigerian Every Newborn Action Plan, the Chlorhexidine Scale up Strategy, the Facilitators Guide for Comprehensive Newborn Care Course, and the Caffeine Citrate

Market Survey, which are set for dissemination.

Pate also said that the ministry is working at preventing deaths and complications from pre-term birth by ensuring a healthy pregnancy.

He explained that key interventions such as counselling on healthy diet, optimal nutrition, early ultrasound help determine gestational age and detect multiple pregnancies are very important.

The minister also said that there is the need to address the issue of neonatal infections, shown to be the leading cause of death in Nigeria, largely arising from umbilical cord infections.

The Minister said the event presented an opportunity to critically assess ways of upgrading the health status of premature babies and to revisit the implementation strategies as it concerns the health of the newborn.

According to him, preterm is the leading cause of death among children under five years of age and that available data on neonatal mortality is not encouraging.

On the roles of Primary Healthcare Centres (PHC) in reducing the mortality of newborns, Pate said that governments at all levels were working toward ensuring that primary basic healthcare is provided.

While responding to questions on measures being taken by the government to address the high rate of child mortality in the country, the

Permanent Secretary said there is an ongoing initiative to transform the health sector which will positively impact on all aspects of healthcare.

She said: "Federal government has recently approved the design and implementation strategy of a sector wide programme to reposition the health sector. This is to be actualized through the Basic Healthcare Provision Fund with the alignment of partners funds which will include the pooling of funds from all local sources.

"This initiative is to ensure that we pool funds to tackle all health challenges' '.

With regards to the issue of newborn babies, the Permanent Secretary said that the government has done quite a lot over the years to revamp and revitalize the various Primary Healthcare Centres in collaboration with states.

"I can assure you that with the Renewed Hope agenda much will be achieved. We are working towards revitalizing, re-equipping, repositioning the existing PHCs while constructing new ones across the country.

"The target is to have two PHCs per ward in the 774 Local Government Areas. Daju said that the government realizes how important primary healthcare is, especially in providing care for the mother and their newborn babies," she said.

Daju said that the government

is also seeking to reduce stunting and wasting affecting under-five children.

"We want to ensure patient satisfaction at the hospitals with emphasis on the PHCs towards attaining universal health coverage in the country.

The Director, Family Health Department, Dr. Stella Nwosu, who spoke about the theme of this year’s World Prematurity Day commemoration, said the nation must identify and tackle the bottlenecks that hamper the delivery of optimum care to preterm babies.

Meanwhile, according to the Kano State governor, a total of 138,430 people have been tested for HIV and found 4,728 positive that have been successfully initiated into new 4,140 HIV-infected persons on ART program from January 2023 to date.

"That out of the 138,430 tested for HIV, 4,728 have been positive from January 2023 to date. This makes a total of 46,732 persons living with the disease and receiving treatment in the state."

Currently the state has 46,732 people living with HIV receiving treatment.

Dr. Labaran explained that the state has made significant strides by focusing on strengthening the supply system improving access to HIV testing, and treatment, and improving the capacity of its medical personnel who deal with the patients daily.

Aliyu: Corrupt Electoral Process Stifles Honest People from Contesting Elections John Shiklam in Kaduna Former Niger State governor, Muazu Babangida Aliyu, has decried the corrupt electoral process in Nigeria, noting that it has made it impossible for honest people to seek elective offices.

Aliyu stated this at the weekend in Kaduna while speaking as a guest at the annual lecture and General Meeting of the Kaduna State Chapter of the Nigerian Institute of Public Relations (NIPR).

He said, “One of the issues that may erode the confidence in our system is in our election and electoral system, to the extent that some prominent Nigerians are questioning whether democracy is workable in Nigeria.

“The process is so corrupted that it has become impossible for honest and not well-to-do-person to contest election in Nigeria.”

Aliyu, a chieftain of the Peoples Democratic Party (PDP), served as governor of Niger state for eight years, from 2007 to 2015.

According to him, delegates for primary elections see the nomination process as an avenue to make money from those aspiring for elections.

“The fee for the purchase of forms, the delegates see the nomination process as their opportunity to make money and shamelessly collect from all the aspirants, knowing that they can only cast their votes for one person.

“At the end of it all, the highest bidder get nominated. Probably,

because of the manner our elections are conducted, the loss of moral values in our body politic, the level of corruption or is it poverty, where sachet of noodle and two yards of cloth can make a person mortgage his four years of life.

“Little wonder, therefore, most of the election results end up in courts, hence giving the courts the power to elect our leaders,” he said, lamenting the weak institutions that ought to have inspired confidence and promote loyalty to the nation.

Aliyu said, “Our institutions that should engender confidence and loyalty to the nation have become porous, corrupt and display total lack of integrity.

“Sale and purchase of appointment both at the civil service

and political levels. Most of these offices are supposed to be neutral, non-partisan and be totally loyal to the country and the government of the day.

“How can that happen when an officer, who purchased his offices now knows the beauty of corruption. In addition, these are the offices that talk, treat and handle issues of ethical sustainable development.

“We may be doomed if we don't arrest and correct the situation.

How many of us know the councilor representing your ward, the members of state Assembly, your members of the House of Representatives, your senator, not mention your governor or Minister?

12

MONDAY DECEMBER 4, 2023 • T H I S D AY

MONDAY DECEMBER 4, 2023 • T H I S D AY

13

14

MONDAY DECEMBER 4, 2023 • T H I S D AY

MONDAY DECEMBER 4, 2023 • T H I S D AY

15

T H I S D AY ˾ MONDAY DECEMBER 4, 2023

16

Acting Group Politics Editor DEJI ELUMOYE

POLITICS

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

M O N D AY D I S C O U R S E As Senate Investigates N250bn Gas Expansion Projects...

There were interesting revelations At The Red Chamber last Thursday when the 14 firms which benefitted from the N250bn Nigeria Gas Expansion Programme Intervention Fund Disbursement appeared before the Senate Committee on Gas Resources. Sunday Aborisade reports.

Jarigbe

T

he Senate Committee on Gas Resources chaired by Senator Agom Jarigbe commenced the probe of the Delta State Government and the 14 oil and gas companies that had accessed N135 billion out the N250 billion set aside by the Central Bank of Nigeria to encourage investments in the gas sector.

Chairman of the Senate Panel who is the Senator representing Cross River North, had in a paid advertisement in THISDAY penultimate Thursday, mandated the affected companies to appear at the investigative hearing last Thursday by 2pm.

The affected companies benefitted from the Intervention Fund which was disbursed by the Central Bank of Nigeria (CBN).

Jarigbe asked the firms to appear with their progress reports which must indicacte the location of projects and their current status.

He listed the affected companies and the amount of cash disbursement to include: Nipco Gas Ltd- N25,000,000,000.00; Nipco Plc- N5,000,000,000.00; Hyde Energy LtdN2,000,000,000.00; Lee Engineering And Construction Company- N15,000,000,000 00.

Others are Pinnacle Oil And Gas Fze– N10,000,000,000.00; Transit Gas Limited– N8,000,000,000.00; Amalgamated Oil Company Nig Ltd (AMOCON)– N5,000,000,000.00; Gas Nexus Ltd– N10,000,000,000.00 and First Modular Gas Systems Limited – N4,300,000,000.00.

They also included, Novagas Limited– N1,000,000,000.00; Greenville Liquified Natural Gas Company-N10,000,000,000.00; AP LPG Limited – N8,000,000,000.00 and Dangote Oil Refinery– N5,000,000,000.00.

Delta State Government, according to Jarigbe, got N20,000,000,000.00 while Mob Integrated Services Limited, received N2,500,000,000.00.

The Central Bank of Nigeria in January this year, provided insight into how much it spent over the years on various interventions The apex bank had in media reports claimed that it’s interventions which cut across different sectors of the economy have gulped over N4 trillion. N250bn out of the money was earmarked for the gas sector.

It explained that the beneficiaries of the interventions are expected to repay the money as it is a loan, not a grant.

Jarigbe in his welcome address at the hearing, warned the affected beneficiaries to provide all the necessary documents that would indicate that the funds they collected was utilized for investment in the gas sector.

He noted that the committee’s investigations revealed that some firms who had collected the loan had nothing to do with the gas sector.

The Senator threatened to involve the antigraft agencies to recover the money from defaulting beneficiaries.

He said, “The Government of the day is very serious about revenue generation following

Cardoso the removal of subsidy. If we don’t make gas available to our citizens, we will be in trouble.”

The committee members were shocked when the Ministry of Petroleum Resources claimed that the programme, which it initiated in 2020, was being implemented by the CBN without it’s input.

The members described as unacceptable, the fact that there was no synergy between the Ministry of Petroleum Resources and the CBN on the project.

They also queried the discriminatory disbursement of the funds to the beneficiaries and wondered why some firms collected more than the N10 billion credit limit.

Chairman of the Committee, Senator Agom Jarigbe, collected the records of the beneficiaries and the locations of their project sites for immediate investigations.

Jarigbe lamented that the funds released under the gas expansion and intervention fund were inappropriately accessed.

He said, “The task of the committee is to ensure that the companies actually expended the funds on what they collected it for.”

However, the Legal Adviser to one of the beneficiaries, Lee Engineering and Construction Company, Mathew Agbadon, told the committee that the publication made by the committee had put the firm in a negative perspective.

He said, “There has been a fundamental misconception out there in the public domain that some people just leverage on the CBN money, stole it

Ekpo and went away.

“That is far from the truth. The truth of the matter is that as a beneficiary of that scheme, we had business with the commercial bank.

The discussion was done at the commercial bank level and due diligence was done and our application was approved. Based on the application, we accessed the facility as an organization.

“Lee Engineering has been in the oil and gas industry for 32 years with over 4, 000 employees. This particular project is one of the outfits of Lee Engineering and it is located Warri, Delta State. If the Committee is ready to visit the project today, we are ready for it.

It is 90 per cent completed.

It is billed for commissioning in the first quarter of next year. In fact we are looking forward to President Bola Tinubu to inaugurate the project being the first of its kind in this part of the World”.

Also, the Executive Director, Finance & Accounts of Lee Engineering and Construction Company, Benedict Ebalukhota, submitted a detailed explanation to the committee.

The document, obtained by THISDAY read in part, “We present to your esteemed Committee, our compliments, and refer to your publication in THISDAY newspaper of Thursday November 23, 2023 at page 15 therein, inviting our company on the above subject.

“Our response to your open invitation is as follows: “Our Company is one hundred percent Nigerian owned, and a major player in the Nigerian Oil and Gas Industry with over 32 years solid records of outstanding and sterling performance.

“We have also executed and still executing major projects in the oil and gas industry in Nigeria. We have track records of performance for which we have been commended by our various clients. As at today our company has about 4,000 (Four Thousand) employees.

Our factory, is a multibillion Naira factory, which will specialize in the fabrication and manufacturing of vital equipment and components for the Oil and Gas industry facilities such as flow stations, refineries, petrochemical, gas plant processing and allied facilities. It is located on a large expanse of land at Ekpan Warri Delta State. Closely attached to the project is a customized jetty that will be dedicated to bringing in raw materials to and evacuation of finished products from the factory. We started the construction of the project in 2015 and this loan was obtained in 2021 to facilitate the completion of the project.

“These numbers will increase when this project comes into full operation. The factory to which this loan was deployed is one of our business units.

“With due respect to your Committee and without trying to tell you how to go about your Committee’s work, we were taken aback that a very well-known company like ours, with a known address, was invited on this subject through the newspaper publication in the manner that your Committee did.

“You will agree with us that in our country today, publications like your open invitation, may send the wrong message to some gullible members of the public who now have the perception that all businessmen in Nigeria are dubious, and that our company may have taken money from the CBN without utilizing the money for the purpose for which it was meant.

“Indeed, we have received many telephone calls and messages from our stakeholders (including our clients) and business partners, within and from outside the country, who read your newspaper advertorial on this subject.

“They are asking to know what was amiss.

Needless to state that our company has been highly scandalized and embarrassed by your publication on this subject, which may not have been the intention of your committee.

“Distinguished Chairman and Committee members, we hasten to say that the loan facility we took under the NGEP was obtained from our Bankers (First Bank of Nigeria PLC), after a due process was carried out by the Bank.

“We had no direct dealing whatsoever with the CBN before and after the facility was approved for us. All our dealings on the loan from the time we applied till it was approved, are directly with our bankers, the FBN PLC. “It was purely a Customer and Banker transaction between us and our bankers, First Bank Plc, done under normal business consideration and due diligence.

“We provided among others, collateral worth over four times the size of the loan, as a security for repayment of the loan.

“Even while we are still enjoying a moratorium period on the loan, we have started paying both the interest and the capital back to our bankers by raising funds from other sources to do so in line with the options available to us in the loan Agreement with our Bankers.

This is done on a monthly basis and we have never defaulted since we started repayment.

“Our factory, is a multibillion Naira factory, which will specialize in the fabrication and manufacturing of vital equipment and components for the Oil and Gas industry facilities such as flow stations, refineries, petrochemical, gas plant processing and allied facilities.

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

MONDAY DECEMBER 4, 2023 • T H I S D AY

17

18

T H I S D AY ˾ DAY Ͳ˜ 2023

FEATURES

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

Examining Lagos Demolitions and Its Trailing Controversies Sunday Ehigiator examines the controversies surrounding the demolition of over 600 houses worth billions of Naira, across the FESTAC area of Lagos State as well as others at Ikota, Ajah and Epe by the Federal Housing Authority, FHA, and the Lagos State Building Control Agency, LSBCA, thereby rendering several residents homeless and in agony

O

n November 26, 2023, residents living in the Festac area of Lagos State, were woken up from their deep sleep at dawn by the noises of caterpillars bringing down multimillion naira houses, and wailings from their stranded and now homeless occupants.

The buildings numbering over 600 had earlier been marked for demolition by the FHA for several building contraventions, such as false or incomplete documentation, or inappropriate location of the building.

A week earlier, precisely on November 17, the FHA had released a statement on plans to demolish 677 houses, while 744 others were marked to be partially demolished over infringement by a developer in Phase 2, Festac Town, Amuwo-Odofin area of Lagos State.

According to FHA’s South-West Zonal Manager, Mr Akintola Olagbemiro, during an assessment visit to the affected area, he said that despite letters and stakeholders’ meetings, the developers have continued to build on the swampy land without meeting the requirements.

He said: “After so many years of trying to get into the property belonging to FHA, which we labelled as Festac Phase 2. There has been encroachment and illegal development and it’s turning the place into a slum.

“We are trying to see how best we can resolve it and make people live in a more serene environment. Unfortunately, there have been cases of illegal developers and land grabbers.”

Similarly, the Deputy General Manager, FHA, Urban and Regional Planning, Southwest, Francisca Michael-James, said, “We have given the residents several notices but to our surprise, works are still going on, without regard to the law.

“Now we have the permission of our management and we will ask for security backup and start enforcement. We will start removing structures from the roads and those on pipelines set back.

“We will also remove the buildings constructed after the stakeholders’ meetings where we agreed that everyone should wait until we are done with our assessment but some of them continued to build and concluded that we will regularise, but regularisation is not automatic.

Now, the ones that did not meet regularisation will have to go.”

THISDAY Findings Upon THISDAY’s visit to the area after the demolition, it was observed that the notices on many of the demolished buildings indicated that pro-notices were given long before the caterpillars were brought in to pull the structures down.

Some of the notices date back to November 2022 (FHA/AR/34 23.11.2022), while some of the most recent notices date back to 25 August and 22 September 2023 respectively.

Some were only asked to ‘Remove upper floor’ which somehow correlated with the FHA’s claim of wanting to reclaim some of the properties and restore order to the estate.

The demolition of houses in the area eventually commences exactly at the expiration of the 7-day ultimatum issued to the affected residents by the FHA. Following the demolition exercise, a visit by THISDAY to the demolition site typically captures the axiom, ‘The rich also cry’.

It was a sad day for landlords seeing their multimillion naira investments levelled down.

A sad day for occupants, whose rents aren’t due, just moved into the building or not even in town between the period of the notice and actual demolition days.

The calculator probably got stuck while counting the losses as they were too enormous and depressing to count. High-rise buildings, duplexes, mansions, mini-estates, units of flats, etc. all levelled to the ground in one day.

All the pleas, tears, wailings, and bribe attempts running into several millions, pleading to be given at least an extra 24 hours to salvage their properties inside the buildings, all fell on deaf ears.

The popular ‘Fela Anikulapo’ evergreen song

An aftermath of a demolished building in FESTAC further broke down the remaining pillars and hard concrete into pieces.

Cart and wheelbarrow pushers could also be seen converging at demolition sites, scavenging roofing sheets, bent iron, metal scraps, and other metal items that could be sold or recycled to unknown destinations.

THISDAY also observed that eviction and demolition notices by FHA were sprayed in red ink on many buildings in the area. Most of the houses, it was observed, still had people living in them. Many of the markings, dating back to August and September, indicated that these buildings had been marked for demolition and may soon be brought down.

Not all the marked buildings, however, were residential homes as some were pharmaceutical stores and hotels. On inquiry, their owners shied away from speaking with the press.

Popular quote from the Lagos State Commissioner for Environment and Water Resources, M Tokunbo Wahab titled, ‘Zombie’, resonated better with the way the FHA demolition team went about their duties on that day, as they only cared about the instructions (order) they were given by their boss, and listened not to any other voice of lamentation nor reasoning from the residents.

The pride, joy, and sense of security that comes with owning a home in Festac Phase 2, immediately erode into dejection, regrets and despair, and surprisingly for the first time in a long while, their money couldn’t save them from the horror of watching their labour go down the drain in one day.

It was gathered that many of the affected residents have sought shelter with their relatives and kept their property with trusted friends and neighbours, where they are protected from the elements and the roving eyes of marauders.

The area now presently echoes fear, apprehension, misery and wasted billions of naira saved over the years through hard work While several structures, mainly duplexes, were already demolished, there were houses around them that were left intact.

In some of these houses, only the fences and security buildings were brought down, leaving behind an unsightly scene. In most of the demolished structures, manual labourers could be seen still working tirelessly as they

Anybody can own a building in Lagos so long as you go along with the laid-down rules. It’s unfortunate that maybe what we have recently happened to concern those from certain parts of the country

Witness Accounts Speaking with THISDAY, one of the Landlords, Akinyemi Obafemi, said, “On that day, they just came unaware, very early in the morning and started demolitions. It was a terrible experience for me because I just lost my wife during childbirth last month. Now I have nowhere to move down to.

“The initial purchasing of my house was from the Omo Onile (local land owners) but there was an order from the court that revoked the land from them and the FHA began to notify occupants that the agency was now in charge of the place and no longer ‘Omo Onile’.

“But we had our documents which showed where we purchased the land from, so they asked us to pay for rectification. As long as your property doesn’t obstruct a waterway or overlap with the roadside, you have to rectify your documents with the FHA. “The demolitions are based on three reasons.

You didn’t rectify, your pace was too close to the road, or are on a waterway. When I rectified it, they came here to issue me a new number.

This marking you are seeing on the wall is no longer valid.”

Another resident who pleaded anonymity told THISDAY that they bought the land from the Ado Family at the cost of N8.5 million.

According to him, about 70 trips of sand were used to fill the land and insinuated that all the buildings being demolished belonged to Igbos.

According to him, many of the residents invested in the property because of its proximity Continued on page 19

19

T H I S D AY ˾ DAY Ͳ˜ 2023

FEATURES

Examining Lagos Demolitions and Its Trailing Controversies

A mansion built on a canal as shared by the Commissioner, Lagos State Ministry of Environment and Water Resources, Tokunbo Wahab

A demolished house in FESTAC to the trade fair market, which is just a fiveminute drive from the estate.

Another resident while narrating his ordeal claimed that his house worth over N400 million was demolished; while he had only spent 18 months (one and half years) on the property before the bulldozer pulled it down.

The Controversies Festac has a mixture of people from various ethnic groups in the country residing there.

However, it has a high population of Igbos, mostly traders from the southeastern part of the country, due to the proximity to the bustling ‘Trade Fair’ market located in Satellite Town, which is very close to the affected region.

Following the demolition in the area, some Nigerians, especially on social media, had alleged that the action of the government was specifically targeted at the Igbos due to their political support for the Opposition Labour Party (LP), and its candidate Peter Obi, during the 2023 Presidential Elections held in March, 2023, whereby the LP not only won Lagos State, but massively won in Festac.

A Twitter (now known as X) user, identified as ‘Royal Spotlight’ raised the following questions.

“There is something I want to know about the continuous demolition of houses in Lagos, which many have seen as attacks on the Igbos.

“Where was the government when all these structures were erected? Who approved the building kick-off? Why the sudden demolition, now that it is just after the 2023 general election?

Are the residents adequately compensated before the demolition exercise like Alex Otti did in Abia State?”

Similarly, Nigerian Activist, Rinu Oduala also asked, “If you are destroying buildings because they were ‘unapproved’, who gave the first approvals? Why have they not been sacked?

“Why isn’t an explanation being made? Why is no one paying damages for ruining the lives of citizens? Does any building go up without the government knowing?”

Against this backdrop, the Senator representing Anambra Central Senatorial District, Senator Victor Umeh, advised the Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, to immediately intervene.

Senator Umeh, who is also the Vice Chairman of the Senate Committee on Land, Housing, and Urban Development during a briefing, raised concern over the demolition of houses in the Abule-Ado Festac extension and called for a halt of the operation and proper investigation.

He frowned at the exercise, stressing that it is injustice for people to legitimately acquire lands, and after documentation with relevant government agencies and putting up structures, they would wake up someday seeing the lands revoked and their houses brought down.

Peter Obi Condemns Demolition Reacting to the demolition exercise, the presidential candidate of the Labour Party (LP) in the 2023 general elections, Peter Obi, expressed serious concern over the demolition exercise and berated the federal government over the demolition of properties belonging to Nigerians amid the hardship in the country.

Obi on his X (formerly Twitter), said, “It’s with complete despondency and unhappiness that I have followed the ongoing demolitions of

properties across the country, especially knowing the extra hardship such acts have been heaping on hapless citizens who are already battling with multidimensional Poverty.”

According to him, “What a responsive government should be doing under the current harsh economic conditions in the country is to come up with measures aimed at alleviating the people's hardships and to carry out measures that will take more people out of poverty.

“Even if there are some violations as the governments are claiming, this critical time is not auspicious for such an exercise knowing the hardship in the land and the consequences it will have on the poor who are struggling to make ends meet with their little resources.

“The poor in our midst who are putting their meagre resources are going through very severe financial stress that should not be multiplied further. In some cases, the properties being demolished are the lifetime savings and retirement abodes of the aged and incapacitated.”

He added, “My appeal therefore is for the respective governments involved in this act to consider the hardship in the country and try to put a human face to their actions. While we should enforce sensible regulations, all actions of the government must show compassion.”

Commissioner: Demolition not Targeted at any Group Meanwhile, following claims on social media that the demolition in Festac was targeted at people from the South-East, the Lagos State Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, declared that the ongoing demolition in the state is not targeted at any group.

Olumide, who clarified in a TV interview, refuted claims that the ongoing demolition by the state government was targeted at the South-Easterners.

According to him, “Anybody can own a building in Lagos so long as you go along with the laid-down rules.

It’s unfortunate that maybe what we have recently happened to concern those from certain parts of the country.

“Those buildings causing this uproar are buildings rushed during the Covid-19 period when activities of enforcement officers are at the low ebb because of restriction of movement and you could see that when those buildings were demolished, nobody has come forward

to say they were demolished under approval.

“We will not demolish any approved building, that’s for sure. So, if there is anybody who claims that their buildings were approved and demolished, let them come forward.

“Buildings not done within the confines of the law are subject to demolition.”

Tokunbo Wahab Reacts In his reaction, the Commissioner, of Lagos State Ministry of Environment and Water Resources, Tokunbo Wahab, wrote on his X handle, @ Tokunbo_Wahab, on November 30, 2023, “We are not going to bow to any propaganda, blackmail or threat. No one can break the law and still benefit from it. The law will take its course.

The era of anyhowness is completely over!”

In a separate tweet where he also shared a picture of a mighty mansion built on a canal in Lagos state, he said, “After the inspection tour of System 156 and 157 Channel yesterday, we have issued a seven-day contravention notice to owners of buildings lying within the seven metres drainage setback on Orchid Rd, Agungi, Ajiran, Conservation Road, Osapa, Oral Estate II, all along the Ikota River.

“We cannot keep lampooning the government for flooding when developers, builders and residents are the main cause of flooding; we shall continue to enforce because that is why laws are made. Without law and order, there cannot be development. Enough of this bad behaviour!

“We also visited Chevron Drive, where a ‘Stop Work’ order was issued to Gravitas Company, owners of Grace Ville Island & Pocket Island.

“We urge Lagosians to respect the State Drainage Master Plan to avoid property demolition as there is no going back on the decision of the state to enforce the law and reclaim Drainage setbacks following the expiration of the notices issued.”

Distortion of Festac Master Plan According to the FHA, Zonal Deputy General Manager, Urban and Regional Planning MichaelJames, the demolition became necessary because the activities of land grabbers disrupted the initial plan for Festac Town.

“In the master plan, we have the major artilleries, collector and minor roads, for example, the standard of the Right of Way is about 50 feet, which was observed by occupants of the 1st to fifth avenues, but at several other places in the town, what we have is a distortion of the master plan. Sand filling or road levelling is no longer in place.

Also, a member of the FHA delegation, Lawal Umar-Salihu, explained that from the total land allocation of 2000 x 24.64 hectares earmarked for the Festac Town development, the government has assigned only 30 per cent, while about 70 per cent had been encroached

The state government should either compensate or relocate the affected Nigerians. If you are going to demolish, you should inform people. The constitution is very clear about these issues. It is the government’s responsibility to provide houses for the poor

upon illegally.

Four Landlords Allegedly Died of Grief Speaking with THISDAY, a resident in Unity Close, Anthony Okoli, told us that no fewer than four Landlords in the area have reportedly died from the grief suffered due to the demolition exercise.

According to him, “I know of four landlords who died because they could not bear to see the evidence of their hard work brought down. Some others have developed heart-related problems and hypertension because of this development.”

Another man who gave his name as Obi, lamented that he and his brother had planned to move into their new house in December and were already furnishing it before the demolition struck. And his brother is now “currently receiving treatment for high blood pressure which he suffered, following the demolition.”

He said his brother’s life currently hangs on the balance He revealed that his brother’s two buildings on the same street; a duplex for his family and a four-flat tenancy house were demolished.

Court Grants Restraining Order against FHA, LSBCA On November 29, a Lagos State High Court, sitting in Ikeja, restrained the Federal Housing Authority, FHA, and Lagos State Building Control Agency, LSBCA, from further demolition of residential houses in 6th Avenue, Festac Town, Amuwo Odofin Local Government Area of Lagos State.

The trial judge, Justice Omolade Awope, had granted the order, following the suit by Samuel Ahmed, Martinson Realtors Investment Limited, Taoheed Amusa and R. Balogun, seeking a pre-emptive order of injunction against FHA and LSBCA. So far, FHA and LSBCA have demolished over 600 houses and partially demolished about 700 others on 6th Avenue in Festac Town.

In the pre-emptive order of injunction, the court restrained the first defendant/respondent whether acting by itself or through its agents, privies, assigns or any special task force, para-military officers or otherwise, howsoever, described from demolishing and/or removing any building or property erected in 6th Avenue Festac Town or any other part of Festac Town in alleged enforcement of ‘Town Planning Laws’ pending the applicant’s compliance with the Lagos State High Court Practice Directions No. 2 of 2019 on Pre-action Protocol.

The order was a sequel to the motion exparte by the claimants, who adduced 10 grounds upon which they sought the order.

FES Demands Compensation for Victims Meanwhile, a Non-governmental Organisation, NGO, Friedrich Ebert Stiftung, FES, and youth in Lagos have urged the Lagos State government to compensate victims whose houses were demolished, saying the government must provide housing for the needy.

According to the Project Manager, FES, Remi Ihejirika, “The state government should either compensate or relocate the affected Nigerians. If you are going to demolish, you should inform people. The constitution is very clear about these issues. It is the government’s responsibility to provide houses for the poor.”

T H I S D AY • MONDAY, DECEMBER 4, 2023

20

INTER VIEW

David Greene:

Economic Dislocations Causing Nigerians Lots of Pains David Greene, a career member of the Senior Foreign Service, joined the U.S. Embassy in Abuja, Nigeria as Deputy Chief of Mission in August 2022. On March 31, 2023, he assumed the role of Chargé d’Affaires ad interim for the U.S. Mission in Nigeria. In this capacity, he provides leadership for the staff of the U.S. Embassy in Abuja and Consulate General in Lagos. Before his assignment in Nigeria, Mr. Greene served as Deputy Chief of Mission and Chargé d’Affaires in Rabat, Morrocco from 2019-2022 and previously served as political counsellor in Rabat, Morocco from 2012 to 2015. He speaks Arabic and French and his other Foreign Service assignments include postings in Pakistan, Jordan, Egypt, and Vietnam and tours in Washington. In this interview with Bayo Akinloye, he discusses the depth and breadth of the U.S.-Nigeria bilateral relationship including the burgeoning trade and investment ties, security cooperation, people-to-people connections and described Nigeria a strong ally of the United States in the region and force to reckon with on the African continent. Greene also talked about the need to strengthen democratic systems, tackle corruption, and ensure that democracies deliver tangible benefits to citizens in the region.

You arrived in Nigeria a while ago. How would you describe your experience so far?

It’s been great. I have gotten a warm welcome from everybody that I’ve encountered. You know, I chose this position because of what I’d heard about the importance of Nigeria to the US and about the vibrance of the country and about its potential and, also about its really warm people and the interest in the United States here.

Let’s touch on your opinion piece published penultimate Monday. Would you to speak about the US relationship with Nigeria regarding health, economy, and technology? In your opinion piece, you also spoke on the six months of the present administration and how the US and the Bola Tinubu government intend to work together.

Yeah, of course. Thanks for asking. Well, you know, there was - a little bit less than a year ago - the US-Africa Leaders Summit in Washington, DC, and the main message that President Biden was delivering there was that of our commitment, our determination to really deepen our engagement with the entire continent, across every sector you can imagine, but with a special focus on the energy transition, creative industries, diaspora voices, food security and health. And in so many areas, those are the top priorities for the US-Nigeria relationship as well. At the time, the president said that Africa’s success is the world’s success. Africa is that important to the future of the globe.

And he subsequently said Nigeria’s success is the world’s success because, without Nigeria, you are not going to be able to achieve the goals that we have globally - whether it’s health, whether it’s security, whether it’s economic growth or job creation. So, in that sense, Nigeria is just an absolutely critical partner for the United States. You’re our number one commercial relationship on the continent. We

do so much together. Nigeria is not just a major energy producer; a country that is in desperate need of power and also a country that is very, very impacted by the climate crisis. So sort of any direction you look, you see an area in which the United States and Nigeria can work together to try and advance shared, regional, bilateral, global goals.

And I think the editorial was intended to sort of articulate our view and to talk a little bit about what we’re doing and talk about all the great things that we’re going to be doing going forward; and to express support for some of the tough choices that the Tinubu administration has made in its effort to put the country on a more sound economic footing. We know a lot of Nigerians are feeling a lot of pain right now because of the economic dislocation, but it’s our belief that if you get those fundamentals right, they will create the environment that draws in investment, creates jobs, and improves people’s

lives.

A couple of months ago, we had our Deputy Treasury Secretary Wally Adeyemo, a very illustrious Nigerian-American. And he said while he was here, you know, Nigeria’s oil and gas reserves are not its strength, it’s its people. And a lot of our cooperation’s intent is to help unleash and support the very vibrant business culture and help Nigerians achieve their aspirations.

You talked about the bourgeoning youth population in Nigeria reaching a higher figure by 2050. Does the rising number of unemployed youths bother the US government?

Well, what I would say is that the youth are the future. I know that’s a cliche, but it’s also real.

That’s your opportunity. And going back to what U.S. Deputy Treasury Secretary Wally Adeyemo said about Nigeria’s people being its potential, that youth bulge is an opportunity, a golden moment for Nigeria to really drive ahead and create economic

We have announced that we have sanctioned individuals in the elections that happened this past spring and in previous elections. We take very, very seriously credible accusations that somebody has undermined the democratic process.Whether it’s ballot rigging, intimidation of voters or journalists or buying votes, we pay very close attention and we take action when we feel that the evidence is there

growth and a better future for all of its people.

And with tremendous cascading effects across all of West Africa and beyond - that, we’ll see. So, I think it’s important that we see the youth not as a problem but as an opportunity. And that means, of course, you’re going to have to invest in education.

You’re going to certainly make some provision for power because electricity is vital; and better health and better nutrition for all Nigerians. These are all important areas and areas that we’re working on very closely together.

The Nigerian government has always raised concerns that the US travel advisory often de-markets the country. Is there a way for the embassy to balance the safety and protection of its citizens and not necessarily offend the host country?

It’s a good question. Well, with regard to that specific warning, we’re no longer, obviously, standing with that warning. But as a general matter, I think, for the United States government, and I think this is true for any government, the protection of our citizens is our number one priority. That is, that is the first job of any government. So, when we become aware of a threat, we have an obligation to make our citizens aware.

But we do think very, very carefully about how we’re going to share that information. I can assure you that if we’re putting out a notification like that in Nigeria, to US citizens, we have certainly shared everything that we can with Nigerian security partners. And if there’s any way to counter that threat, we are working with our Nigerian partners to try and do so. And so, we take these things Continued on page 21

21

T H I S D AY • MONDAY, DECEMBER 4, 2023

INTERVIEW

ECOWAS States Must Strengthen Democratic Rule to Avoid Coups very seriously; we take our responsibility to our citizens and security partners very seriously. And I wanted to take this opportunity to commend those partners on the Nigerian side. We work very closely together on all kinds of challenges, which have the impact not just of making more secure the Americans that may be living in Nigeria but all Nigerians.

democracies - believe that [democracy] is the best form of government to try and ensure the liberty and freedom and opportunity and help citizens achieve their ambitions. But democracies have to deliver for their citizens and President Biden has said this.

So we’re really committed to working very closely with Nigeria, with ECOWAS with all of our partner states in the region, to do what we can to shore up democratic systems and to help the countries where they’ve been coups to find their way back to a constitutional democratic governance. And those democracies need to really deliver for their people. And they need to achieve goals of economic development, provision of security and stability, education, health care, all those kinds of things - all the different areas where we’re working with Nigeria, trying to strengthen that in the Nigerian context. And we need to see those kinds of gains in governance across the region.

The visa ban is a privacy matter. However, Nigerians will want to know how many politicians have been sanctioned for inciting violence before, during and after the 2023 general election. Can you give a number?

Well, as you know, visa records for us are confidential. We don’t release the specifics. We have announced that we have sanctioned individuals in the elections that happened this past spring and in previous elections. We take very, very seriously credible accusations that somebody has undermined the democratic process. Whether it’s ballot rigging, intimidation of voters or journalists or buying votes, we pay very close attention and we take action when we feel that the evidence is there. So again, beyond that, I’m not going to get into specifics other than to say that those people know who they are. And I am certainly aware that there are certain individuals that have sought to travel to the United States that have been unable to because of this ban.

Without mentioning specific names, can you give the total number of Nigerians barred from visiting the US for inciting violence during the 2023 elections?

I appreciate your point on that, but I don’t really think that’s the most important thing. I mean, obviously, the United States and many of Nigeria’s international partners want to support the deepening and strengthening of the democratic process. And we’ll make sure that institutions are getting stronger and that governance in Nigeria is improving. So we take the action that we take in order to show them we’re supporting that and also to penalize those that have committed those kinds of violations. And again, as I said, they know who they are. But I think it’s a much bigger and deeper question that the United States is working with Nigeria which is: how do we improve these systems and these institutions for the future? How can Nigeria have better governance and less corruption in its system?

And those are much bigger challenges than just the number of visa bans. So, I think those are areas where we also work very closely with a lot of different Nigerian partners - strengthening electoral processes; supporting civil society organisations to monitor and observe the polls and to report on corruption; working on anti-money laundering and the capacity of Nigerian institutions to combat money laundering - because what’s really needed is systemic change to try and tackle the corruption that exists in a variety of different areas - financial but certainly electoral processes.

There are concerns about an alarming rate of violations of human rights, including enforced disappearances. There’s also the issue of corruption. How is the US engaging with the Nigerian government on these issues?

Well, I haven’t seen the Amnesty report. But certainly, they’re reporting on human rights issues, so it is very important to take it quite seriously. Certainly, when we talk about meeting a citizen’s aspirations to achieve their best lives, economic opportunities are a huge part of that.

But everywhere I’ve ever served, and anywhere in the world, security is a top priority. People can’t live full lives if they’re constantly insecure. And so we’re working and partnering very closely with Nigerian security services, military and civilian security to advance those goals. But part of that has to be making sure that you’re respecting the human rights of the individuals.

Our experience, everyone’s experience, globally in this area, is that in order for you to be able to secure your citizens and to succeed in providing security and stability, those citizens need to feel that they’re being protected by the security forces and not put at risk by them. And that’s why accountability for human rights violations is extremely important.

So, we work in a lot of different areas. Within the military, we have programmes that are designed to help the military not just do targeting better, so they don’t accidentally harm civilians, but also to respect international rules and laws regarding human rights and the laws of conflict. And we’ve got programmes that are intended to enhance the capacity of military and civilian security forces to hold their officers accountable.

But what I can say is, going back to my earlier point, Nigeria’s success is vital. We need a Nigeria that succeeds in achieving economic growth, improving the lives of its citizens, being a force for stability and security in this region, being part of that clean energy engine that’s going to drive growth for the entire globe in the future. So we need that Nigerian success And we have policies that are in place that are intended to deny training, for example, to units that may commit human rights violations. And like I said, we’ve got a lot going on; we’re working on anti-corruption. So, we work systematically and programmatically with key Nigerian partners to help them help themselves to accomplish that job, which is providing security while respecting the human rights of Nigerian citizens.

What is the US government’s assessment of how the Nigerian government has been tackling corruption and rights violations?

Well, I can’t really offer an assessment. I think, ultimately, the assessment belongs to the Nigerian people and the beauty of [it is that] we’re both great federal republics with regular election cycles. And one of the great triumphs of Nigeria in 30 years, or this quarter century since the return of democracy, is the regular and peaceful transfer of power. And in four years, everybody gets their chance to show what they think - what their assessment is and make a decision whether they’re going to keep folks in power or kick them out. That’s the charm of democracy. So, ultimately, the decision comes down to the Nigerians.

But what I can say is, going back to my earlier point, Nigeria’s success is vital. We need a Nigeria that succeeds in achieving economic growth, improving the lives of its citizens, being a force for stability and security in this region, being part of that clean energy engine that’s going to drive growth for the entire globe in the future. So we need that Nigerian success. And the US-Nigeria partnership is intended

to work across all these different areas in order to help achieve that goal.

Can you speak more about the trade and investment between the US and Nigeria?

As I said, Nigeria is our number one commercial partner on the continent and we really expect those ties to deepen tremendously. The United States has long been one of the top investors in Nigeria. Our trade relationship is about 8 billion dollars a year, bilaterally and it is very balanced. I think what’s particularly exciting about this moment is the incredible opportunity for investment and trade that exists in Nigeria. Historically, it has been dominated by the oil and gas sector. What not a lot of people realise, is that oil and gas these days contributes 7% to Nigeria’s GDP, whereas the tech sector contributes 18%.

And so you’re seeing US investors like Cisco, Microsoft, Google, Meta and Starlink coming into Nigeria. You’re seeing tremendous dynamism in the creative Nigerian industry in terms of music and movies - Netflix and Amazon. You’re seeing tremendous opportunity in clean energy and green energy; Nigeria has got tremendous resources in that regard, and tremendous demand. I should also mention agriculture in which the potential is practically limitless in Nigeria. We’re doing a lot in that area as well. So I think when you look across the different sectors, I see tremendous potential for American investment here for trade.

Now, at the end of the day, the US government can only do so much. The Nigerian government has to create an enabling environment that’s going to attract that investment, that’s going to make trade easier. And that’s how the dollars are going to flow.

And that’s how jobs are going to get created and people’s lives are going to be improved.

You talked about the trade between Nigeria and the US being very balanced. How exactly did you mean?

Well, there are some countries where, you know, you could say, oh, it’s X billion dollars, but most of that billion dollars is one country buying, and the other country selling. In the US and Nigeria, it’s a rough equivalency, where we’re buying from Nigeria, you’re buying from us at roughly the same pace. We want to see that grow. It ought to grow with Africa’s largest economy. There’s tremendous opportunity for beneficial trade between the US and Nigeria and I think that we’re just looking at a lot of potential in the years to come.

In the 2019-2020 academic year, nearly 14,000 Nigerians pursued US graduate and undergraduate degrees, according to the US State Department factsheet. Where does the number stand in 2021-2022?

Actually, we have the 2022-2023 number. We announced it at the International Education Week recently. And we’ve broken the record, again. Over 17,000 Nigerians are currently studying in the United States. So Nigeria consolidates its position as the number one sender of students to the United States on the continent - at number seven worldwide, up from 10 with the last amount. So, again, I think that speaks to the really positive dynamic in the US-Nigeria relationship, and to a really important area, which is both the people-topeople connection; and also, hopefully, the value of the education that Nigerians are seeking in the United States and - hopefully - bringing back to Nigeria to strengthen the country’s prospects.

We’re very proud of that.

Where do you see the biggest potential win in terms of trade?

In terms of the sector? Well, IT, I think, is certainly one which is obvious, right? The energy, as it were, in the IT sector is famous; information technology, telecoms, financial technology. Nigeria is really a huge hub for that in Africa. That’s why you see all these data cables, landing in Lagos and the environments.

So I think IT is going to be a huge one. Agriculture is going to be enormous. Again, I know there’s a lot of efforts underway to strengthen the agricultural sector here. We’re contributing to it both by offering opportunities for training, and we’ve got a $20 million cocoa programme to strengthen cocoa exports.

So I think as the Nigerian agricultural sector recovers, it’s a huge part of GDP. It’s a huge employer. Vital and important. I see a lot of potential there. And then I think in the energy sector, green energy, clean energy, I think is really going to be a prospect for the future.

There’s the coup contagion across West Africa.

What’s fuelling this illegitimate overthrow of democratically elected government in Africa?

Well, it’s a very complex situation. And even as we see this sort of regression in democracy in the region, every circumstance is different. So, I don’t want to generalise too much. But what I would say is that the United States - and I think Nigerians would agree because we’re both

Any last word?

Just that, for me, it’s a real privilege to be leading the US mission at a time of such dynamism and potential for Nigeria and for the US-Nigeria relationship. As I said, Nigeria is just an absolutely critical partner for us. As far as I’m concerned, the critical partner on the continent. And we’re going to continue to work together to advance opportunity for Nigerians, Americans, and both of our peoples.

MONDAY, DECEMBER 4, 2023 • T H I S D AY

22

POLITY

Tinubu: Stunts of a Chief Salesman

Abdulaziz Abdulaziz

I

t was pin drop silence. All heads turned to his side of the hall listening as the man gently, but firmly, made a case for his country to this crème de la crème of the Saudi Arabian economic bureaucracy and business community. He grabbed attention with an off the cuff speech that exuded confidence, authority, assurance and truthfulness. It was a little wonder his audience followed through and nodded all through!

The setting was the Saudi-Nigeria Business Summit and the speaker was President Bola Ahmed Tinubu. It was a forum held on the sidelines of the recent Saudi-Africa Summit held in Riyadh, the capital of Saudi Arabia.

President Tinubu went into the meeting hall at the JW Marriot Hotel in upscale Riyadh as the President of Nigeria. By the time he picked the microphone he quickly wore the garb of a chief salesman for a product he is excited to market.

It was an effortless exercise in sophisticated arts of marketing and advocacy. It was a presentation from the heart that was as unpretentious as it was unscripted. He spurned out the facts and the figures, reeled out the justifications and tickled the boardroom chiefs where it mattered without appearing weak or pitiable. It was a classic case of economic diplomacy and salesmanship at the highest level.

Since the beginning of his campaign for office, one of the most frequent words on his lips has been “prosperity”. President Tinubu is a prosperous man. His life is tinged with footsteps of prosperity, from the corporate world where he was a successful businessman to the prosperous political career that was capped with his election to the highest office in the land.

It had not always been rosy for him. He had told his story again and again to motivate the younger generation and inspire the country.

Tinubu He had toiled to reach the top. He knew the pains of want and starvation, and the sweetness that comes with economic liberation and prosperity. It is the latter that President Tinubu is desperately working to see that all Nigerians have tested.

He had the lifelong ambition to lead his fatherland. He has fulfilled this ambition.

He could, if he chooses, stay back and enjoy the pecks that come with it and pass the time in office. But because the ambition was not a vain one, President Tinubu is up and doing. “I campaigned for it. I begged for the job. I even danced to get elected. There is no excuse!” That is his mindset and the philosophy of leadership for him, and it is for this mindset that he is

willing to go to any length to ensure that he bequeath to Nigerians a prosperous country that everyone desires.

It was in his quest for this objective that the President chose to use his time in Riyadh to address the country’s top boardroom chiefs. It turned out to be not just another meeting or a boring address from just another President. It was dazzling interaction that stole the minds of almost everyone in the room, by their own admission.

“We came with high expectations but you have exceeded them,” said the Saudi minister of investment, Khalid Al Falih, who moderated the three-hour session, after the rousing applause that greeted President Tinubu’s address to the Saudi business community.

The minister had in his welcome address spoke about how they had followed President Tinubu’s campaign promises and how he started off with the “boldest economic reform agenda in decades” for Nigeria, likening it to happenings in Saudi Arabia.

Mohammed Abunayyan, Chairman of Saudi’s ACWA Power confessed to being “inspired and motivated” by the President promising to see how his company can make foray into Nigeria. In the same vein, Abdulrahman Alfaqiq, the CEO of Saudi oil trading company, SABIC, promised to upscale their business relationship with Nigeria due to the assurances he got from the top. They were just a few of the many who spoke in glowing terms about the President and in optimistic sense of the new business environment being created by President Tinubu for domestic and international investors.

This was not the first time and certainly not the last. In September, the President’s participation at the G20 Summit in New Delhi, India, was a potpourri of achievements. He maximally used the time to network with the right people and seek out investments

for Nigeria.

It was, in every sense, a bumper harvest for the country as the President came back with a basket full of goodies amounting to billions of dollars in investment pledges.

Most of the commitments are in areas dear to the heart of the President and at centre of our quest for development. These include the $3 billion promised by Jindal Steels for iron ore processing to aid Nigeria’s drive for industrialization, Skippersells’ plan to invest $1.6 billion in the power sector by building 2000MW power plants across the country in 4 years, Indorama’s pledge for $8 billion expansion of their petrochemical facilities in Rivers State, a billion dollars secured by the Defence Industry Corporation Of Nigeria (DICON), among others.

The President’s last trip to Germany for the G20 Compact with Africa Summit also garnered as much fruits with the signing of the $500 million gas and renewable energy pact with the German government, among others.

As a young man, President Bola Ahmed Tinubu was trained as an accountant. He was a very good student, his records show, who finished from the Chigaco State University with flying colours. In the aftermath, he pursued strings of career opportunities in Accounting and Auditing. He left his job on his own volition and ventured into politics. But in his new job President Tinubu is demonstrating that beyond his training in Accountancy, as omo iyaloja he has imbibed not a few skills from his revered mother and notable businesswoman to apply in his bid to market Nigeria to investors and the larger international community.

•Abdulaziz is Senior Special Assistant to the President on Print Media. He’s on X @AbdulFagge

NEWS

Imo Guber 2020: Stakeholders Urge Supreme Court to Deliver Justice A select group of indigenes of Imo State under the aegis of Concerned Stakeholders has called on the Supreme Court of Nigeria to ensure that justice prevails in the lingering governorship dispute in the State.

It could be recalled that Hope Uzodinma was pronounced winner of the election in a controversial judgment delivered by the Supreme Court on January 14, 2020 and since then his candidacy remains hotly contested.

The position of the stakeholders is contained in the communiqué issued at the end of its extraordinary council held at the weekend and obtained by THISDAY. The apex court will, on Tuesday December 5, pass judgment on the suit instituted by the Action Peoples Party (APP) and the Peoples Democratic Party (PDP) on the March 9 governorship election in the state.

The issue for determination here is whether Hope Uzodinma who was pronounced winner of the election in a contentious judgment delivered by the Supreme Court on January 14, 2020 was a candidate in that election.

The suit was a logical follow-up to an earlier

judgment of the same court delivered on December 20, 2019 wherein it held that the governorship tickets of both the All Progressives Congress (APC) and the Action Alliance (AA) were held by a certain Uche Nwosu.

The court, in its ruling, disqualified the said Uche Nwosu from the election on grounds of double nomination.

Curiously, however, the same Supreme Court on January 14, 2020 delivered another judgment wherein it recognized Hope Uzodinma as the APC candidate in that election and went further to declare him as winner of the election.

If that ruling is upheld, it will mean that the APC had two candidates in that election. The APP and the PDP are therefore asking the Supreme Court to give effect to its earlier declaration that “a political party is not capable of sponsoring two candidates for the same office in the same election.”

After taking a dispassionate look at the issue, the Concerned Stakeholders say they are convinced that justice has not been served. They therefore calling on the Supreme Court to use the opportunity presented

by December 5 to return Imo State to the path justice and stability.

According to the

communique signed on behalf of the stakeholders by Mazi Nnamdi Ohalete, “the injustice of January 14 has left Imo in bad shape. Insecurity has not only become the unfortunate lot of the state, the people have largely lost confidence in both the democratic and judicial processes.

“That was why they did not

show interest in the November 11 governorship election. The people are not to blame because that election was not necessary in the first place. We do not think that it is proper to saddle the people with that election when they have a governorship dispute that has lingered for four years.

“We note with concern as

well that the people’s faith in the judicial process was also shaken when someone who was not a candidate in an election was pronounced winner. The people of Imo State have not been able to reconcile themselves with the absurdity of that judgment since then.

“But a whole lot of difference

will be made by the Supreme Court if it gives the people the reason to believe in our judiciary again. December 5, 2023 could be the pedestal on which the Supreme Court can ride to restore justice and fairness to Imo state. The court can also use the opportunity to demonstrate that it is still on the side of the people.”

Gov. Yusuf Pays N6b Gratuities, Death Benefits to 5000 Pensioners in Kano

Ahmad Sorondinki in Kano

Governor Abba Kabir Yusuf of Kano State has inaugurated payment of N6 billion backlogs of gratuities and death benefits to over 5000 lower categories of retirees and pensioners in the State.

Speaking during the event at Government House on Saturday, Governor Abba blamed the immediate past administration for the neglect and denial to pay retirees of their benefits.

He pointed out that, the present administration inherited a backlog of N48 billion in gratuities and death benefits since 2008, lamenting that many retirees have passed away without receiving their

entitlements.

“As you are aware, the eight years of the last administration witnessed neglect of so many sectors which includes deductions of monthly pension illegally” “We’ve made a promise during the campaign that we will pay pension gratuities and also put an end to monthly pension deduction if given the mandate. Today, Alhamdu lillah, we are fulfilling our promise despite the competing demands” he stated.

The governor further explained that the payment would continue, stressing that the backlog of over 48 billion Naira pension and gratuities would be settled shortly.

He urged the beneficiaries to make judicious utilization of the benefits for a bright future.

In his remarks, the Executive Chairman, of Kano State Pension Trustee Fund, Alhaji Habu Fagge, said the board has injected N6 billion for the payment of 5, 200 pensioners in the state They noted that the payment of the gratuities would end the untold hardship on retirees and civil servants on the verge of retiring and applauded the efforts of Governor Yusuf’s administration for the gesture.

Earlier, the National President of Nigeria Union of Pensioners, represented by the National Trustee of the union, Comrade Abdullahi Tsoho Garba, said the demonstration exhibited by

Governor Abba Kabir Yusuf is a clear indication that his administration is a pensionerfriendly one.

“We remind both the state and the federal governments of the pains, frustration, and hardship Nigerians, Including pensioners currently facing as a result of subsidy removal.”

Abumisi explained that, “We appeal to honor its pledge of including pensioners in the N25,000 cash award as a result of subsidy removal.

Malam Bala Sani and Hajiya Bilkisu Bashir were among the beneficiaries. They applauded the kind gesture of the Abba Kabir Yusuf’s administration, saying it would go a long way in alleviating their sufferings

1

T H I S D AY MONDAY DECEMBER 4, 2023 23 TR

UT H

& RE A S O

Monday December 4, 2023 Vol 27. No 10461

N

opinion@thisdaylive.com

www.thisdaylive.com

A BUDGET PRIORITISING NIGERIANS

FREDRICK NWABUFO contends the Tinubu administration is prioritising investments on human capital

See page 24

LAGOS DEMOLITIONS AND ETHNIC COLOURATION Demolitions must be fair and transparent because of the untold hardship and agonies they create, argues PAT ONUKWULI

See page 24

EDITORIAL

COP28: BEYOND THE JAMBOREE

25

The budget offers itself for easy monitoring and implementation, reckons BONIFACE CHIZEA

BUDGET OF RENEWED HOPE President Bola Ahmed Tinubu presented as anticipated the details of budget for the year 2024 before a joint session of the National Assembly on Wednesday November 29, 2023.

The budget was themed Budget of “Renewed Hope”. This title given to the budget is quite appropriate and perceptive as it is an implied and implicit admission of the fact that the hope of a generality of our citizens is at an alltime low. This observation could be readily corroborated from the unprecedented rate of migration of Nigerian citizens outside the country often to face uncertain and problematic future. We wish the government and Nigerians for that matter God’s speed as we pursue this deserved and urgent objective of restoring hope. But we must realistically remind ourselves that this journey is going to be long, arduous, tough and tasking.

The other matter deserving of our comments as we embark on this review is the timing of this presentation. The Fiscal Responsibility Act expects the budget to be laid before the National Assembly by the end of the third quarter of the year i.e. August to allow VX΀FLHQW WLPH IRU WKH 1DWLRQDO $VVHPEO\ WR consider and approve the budget ready for LPSOHPHQWDWLRQ IURP WKH ÀUVW GD\ RI -DQXDU\ in keeping with common practice almost in all other countries of the world. Hitherto we VWUXJJOHG ZLWK WKLV -DQXDU\ WR 'HFHPEHU F\FOH as a result the date for commencement of implementation of the budget was a shifting date which denies the budget of the needed predictability and consistency. One of the achievements that could be given to the immediate past administration was that it was able to return the country to the much desired -DQXDU\ 'HFHPEHU ÀVFDO \HDU HYHQ WKRXJK LW is correct to note that it remained a struggle of VRUWV WR NHHS ÀGHOLW\ WR WKDW WLPHOLQH This administration has already presented two supplementary budgets in quick successions which were dutifully and expeditiously approved by the National Assembly as it battled to stabilize the macro economy and to jump start the implementation of some urgent programs such as the provision of palliatives for our citizens hurting from the dual reforms of subsidy removal and the attempt to harmonize the rate of exchange. It will therefore be understood that the administration was not able to keep to the timelines provided in the Act. But the President pointedly repeated the request during his presentation as he urged the National Assembly for due diligence as it is able to approve the budget ready for LPSOHPHQWDWLRQ IURP WKH ÀUVW GD\ RI WKH \HDU 2024. We would wish to add our voice here to ask the National Assembly to go the extra PLOH DQG PDNH QHFHVVDU\ VDFULÀFH IRU WKLV expectation to become a reality.

At this stage it is in order to observe that the details of the budget presentation are somewhat short of some of what we are accustomed to expect as this presentation is made. We therefore look forward to the presentation of the budget by the Minister

of Budget and National Planning for the usual breakdown to be given particularly the allocation to the various ministries.

Let us now look at some of the assumptions DGRSWHG LQ WKH EXGJHW SUHSDUDWLRQ 'DLO\ volume of oil production has been estimated at 1.78 million barrels a day (mbd). It was as low as 1.2 mbd at the inception of this administration but is now being ramped up as D UHVXOW RI LQWHQVLÀHG HͿRUWV ZLWK EORFNLQJ RI oil theft. But this is still a far cry from OPEC quota which is above 2mbd. And against the background of future commitments the country has entered into and the need to ensure GRPHVWLF VXSSO\ RI FUXGH WR ERWK 'DQJRWH DQG 3RUW +DUFRXUW 5HÀQHULHV VFKHGXOHG WR FRPH on stream by the end of this year, the urgency for ramping up the level of daily crude production couldn’t be more pressing. The prize of fuel used for the projections is 77.96 dollars a barrel. It is clear by this assumption that we have opted to err on the side of caution because the price of crude at the International market approached the 100 dollar mark a barrel as a result of demand pressures arising IURP WKH RQJRLQJ VHQVHOHVV 5XVVLDQ 8NUDLQH war at some point in time. However it is a preferred thrust to under estimate revenue as it is eminently easier to manage surplus than otherwise.

The exchange rate has been pegged at N750 to the dollar. The rate we assume here is to some extent under our purview but it is important to bear in mind that for a market undermined by the activities of speculators that it is very important to attempt to manage the psychology of the market as every attempt is made to be intentional about the signal sent out to the market. We can work hard to strengthen the naira as it is necessary to FKHFNPDWH WKH UXQDZD\ LQÁDWLRQDU\ VSLUDO which has unleashed unprecedented hardship on our population. And the omen cannot be better as the prospects of the termination of fuel importation looms high as local production of crude is round the corner. Such a development would remove priority foreign exchange demands for the importation of UHÀQHG SURGXFWV WKHUHE\ ERRVWLQJ WKH UDWH RI exchange of the naira.

7KH UDWH RI LQÁDWLRQ LV H[SHFWHG WR UHGXFH WR 21.4 per cent in 2024. This might be ambitious considering that the rates today stand at close WR SHUFHQW ,W LV GL΀FXOW WR IDWKRP QRZ

what strategies will facilitate the attainment RI WKDW GHVLUHG UDWH RI UHGXFWLRQ LQ LQÁDWLRQ DV desirable as it is by the end of the year. Be that as it may, we have for a long time in this country UHWDLQHG D WDUJHW RI SHUFHQW IRU LQÁDWLRQ DQG we must strive in the full consciousness of the IDFW WKDW LQÁDWLRQDU\ SUHVVXUHV DUH QRZ EHLQJ tamed in most other countries of the world to make desired progress in this regard. Nigeria must not be an exception. The economy is projected to grow by 3.76 percent. Such a possibility is most desirable as the economy will have to grow by about 7 percent for some years for sustainable development to be attained. Our annual population growth rate today is estimated at about 2.5 percent. We must grow the economy consistently in excess of this population growth rate for sustainable development that will impact positively on the quality of life of a generality of our population.

The aggregate expenditure by the federal government has been estimated at N27.5 trillion relative to N24.82 trillion in 2023 with non-debt recurrent expenditure estimated at N9.92 trillion, debt service at N8.25 trillion.

'HEW VWRFN LV VXUSULVLQJO\ SURMHFWHG DW SHUFHQW RI *'3 1RZ WKLV LV D IDU FU\ IURP the 99 percent debt service which lead to the argument in the recent past whether Nigeria’s problem is the volume of its debt stock or inadequate revenue. I will vote for both as WKHUH LV QR SRLQW VSOLWWLQJ KDLUV KHUH Tax Revenue following on-going reforms LV SURMHFWHG WR LQFUHDVH WR SHUFHQW RI *'3 during the tenure of this administration increasing from the uncompetitive rate of under 10 percent during the tenure of the immediate past administration. That will amount to remarkable achievement as most of our recurrent expenditure should ideally be underwritten by tax revenue. Capital expenditure is estimated at N8.7 trillion. The UDWH RI GHÀFLW WR *'3 LV HVWLPDWHG DW percent as against 6.11 prcent in 2023. We must observe here that the ceiling in this regard as per the Fiscal Responsibility Act is 3 percent; though there is provision that this limit could be breached when there is an overriding consensus on the need to do so.

Dr. Chizea, FCIB, is MD/CEO, BIC CONSULTANCY SERVICES Lagos

T H I S D AY

3 24

MONDAY DECEMBER 4, 2023

Demolitions must be fair and transparent because of the untold hardship and agonies they create, argues PAT ONUKWULI

LAGOS DEMOLITIONS AND ETHNIC COLOURATION It is no longer news that the Lagos State Government and the Federal Housing Authority have been involved in several property demolitions in various parts of Lagos. What is worrisome about the news is the insinuation that the demolition is part of an underground plot to expel some ethnic groups from Lagos, particularly Ndigbo. Social media is awash with video evidence of where a popular Pentecostal Pastor claimed to be in a meeting where it was said that the demolitions were intended to checkmate the Igbos, who have bought the whole of Lagos. This assertion, coming from a man of God leaves much to be desired.

Attributing the ownership or control of a particular region solely to a specific ethnic group can be misleading, divisive, and potentially harmful.

Such statements may contribute to ethnic tensions,

foster stereotypes, and create a sense of exclusion among different communities. Lagos, a diverse and cosmopolitan city, is home to people from various ethnic backgrounds and cultures. Characterising any group as having complete ownership or control can oversimplify complex social dynamics and perpetuate harmful narratives.

Similar statements and footages have inundated the public space, mainly social media, with some commentators giving it broader political connotations that Ndigbo backed the wrong horse at the just concluded elections and, therefore, must be made to face damning consequences.

Annoyingly, some Igbo opinion moulders have bought into this charade by calling their people to relocate back to the Southeast.

Thus, discussions surrounding the demolitions of properties in Lagos should not take this unfortunate turn. It is crucial to emphasise that viewing the demolitions through ethnic lens not only oversimplifies complex urban development issues but also risks exacerbating ethnic tensions.

These demolitions should rightly be considered part of a broader effort to address urban challenges and create a sustainable future for all residents.

Lagos, one of Africa’s largest and most dynamic cities, faces many urban development challenges. Rapid population growth, inadequate infrastructure, and modernisation are just a few factors contributing to the need for strategic urban planning and development initiatives.

The government’s decision to demolish specific structures should be analysed within the context of addressing these challenges rather than being seen as a targeted effort against a particular ethnic group. Any perception of bias or discrimination based on ethnicity can contribute to social tensions and hinder the community and society’s overall development and unity.

Demolitions are sometimes imperative and justified. Legal, safety, economic, and urban planning considerations often influence demolition decisions. These include structural instability, public safety, urban development and redevelopment, zoning violations, health and environmental concerns, illegal constructions, redundancy and

obsolescence, government projects, and land assembly. It is, however, crucial to note that the decision to demolish should be made carefully considering the impact on the community, and authorities should adhere to legal procedures, conduct proper risk assessments, and provide fair compensation when necessary.

Community engagement and adequate communication are essential components of responsible demolition practices. Additionally, demolitions and urban development projects should prioritise the well-being of all residents, regardless of their ethnic background. Government actions should be transparent, accountable, and considerate of the diverse population affected by such measures. Demolitions should, therefore, have a human face and be made for people, not people for them. Accordingly, the recent sevenday notice given to owners of properties abutting the Ikota River, Lagos, by Commissioner for Environment and Water Resources, Tokunbo Wahab, to vacate the place or have their properties demolished appears draconian and out of touch with fair demolition procedures. How can families relocate in under seven days?

Demolitions must not only be devoid of any ethnic colourations but must also be fair and transparent because of the untold hardship and agonies they create. They are associated with displacement of families and homelessness, emotional and psychological stress, economic loss, social disruption and disintegration, loss of cultural and historical heritage, and so forth. They impact vulnerable populations long-term and leave a lifetime of bitter memories. Some people, as well as some communities, do not recover from them.

Well-meaning Nigerians should stand up against unfair demolition practices. Against this backdrop, it is very commendable that Senator Victor Umeh, representing Anambra Central Senatorial District, who is also the Vice Chairman of the Senate Committee on Land, Housing, and Urban Development, has meaningfully intervened by calling on the Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, to put an immediate halt to the demolition of houses in the Abule-Ado FESTAC Extension Area pending thorough investigations.

The distinguished Senator frowned at the exercise, stressing that it is unjust for people to acquire lands legitimately, and after documentation with relevant government agencies and putting up structures, they would wake up someday seeing the lands revoked and their houses brought down for one reason or the other. Properties do not spring up from the ground overnight. Behind every construction project are government officials who give the needed certifications and approvals. What happens to such public officers, who are usually left out of the picture? There should be punitive sanctions against them to serve as a deterrent to others.

Ndigbo and, indeed, other ethnic groups should ignore calls to vacate Lagos. They should continue their lawful businesses and cohabit peacefully and harmoniously with their host communities.

The Igbo have a saying that ebe mmadụ bi, ka ona-wachi, meaning where one lives is where he prospers. This underscores the idea that individuals have the promise and, to some extent, a responsibility to thrive and succeed in their residential environment. The adage encourages people to actively engage with and contribute to their local communities, fostering personal and collective well-being.

Onukwuli, PhD, writes from Bolton, UK, via patonukwuli2003@yahoo.co.uk

FREDRICK NWABUFO contends the Tinubu administration is prioritising investments on human capital

A BUDGET PRIORITISING NIGERIANS %XLOG WKH SHRSOH 7KH\ EXLOG WKH QDWLRQ a knowledge-driven economy. Crude +XPDQ FDSLWDO LQYHVWPHQWV DUH WKH PRVW oil, gold, and other precious metals may SURÀWDEOH 7KH\ GHOLYHU WKH KLJKHVW UHWXUQV UXQ WKHLU ÀQLWH FRXUVH EXW NQRZOHGJH on investment. A skilled population is a and skills, though ever changing, will SURGXFWLYH RQH 6NLOOV DUH WUHDVXUHV WKH\ DUH DOZD\V EH WKH OHJDO WHQGHU RI QRZ DQG WKH GLDPRQG PLQHV RI WKH QHZ DJH 1LJHULD WKH IXWXUH LV D FRXQWU\ ZKHUH WKHUH LV DQ D΁XHQFH 7KH 7LQXEX DGPLQLVWUDWLRQ·V %XGJHW RI XQVXOOLHG GLYHUVH WDOHQWV DQG DELOLWLHV RI 5HQHZHG +RSH LV D SUHVFLHQW DQG 6KRXOG ZH QRW WDS DQG UHÀQH WKHVH UDZ SUXGHQW HͿRUW WR EXLOG KDUQHVV DQG gems to their purest and truest value?

GHSOR\ 1LJHULD·V JUHDWHVW DVVHW ² LWV 7KH SODFH RI LQYHVWPHQW LQ LQIUDVWUXFWXUH SHRSOH 1LJHULD·V ZHDOWK LV QRW VROHO\ WKH FDQQRW EH YLWLDWHG RU GLVFRXQWHG WDQJLEOHV RI FUXGH RLO DQG VROLG PLQHUDOV ,QYHVWPHQW LQ LQIUDVWUXFWXUH LV DQ HVVHQWLDO LW LV WKH FROOHFWLYH SRWHQWLDOLWLHV RI LWV LQJUHGLHQW IRU GULYLQJ HFRQRPLF JURZWK FLWL]HQV PRVW RI WKHP XQH[SORUHG DQG DQG GHYHORSPHQW %XW LQYHVWPHQW LQ XQH[SORLWHG LQIUDVWUXFWXUH VKRXOG JR SDUL SDVVX ZLWK 3UHVLGHQW %ROD 7LQXEX VD\V GHIHQFH investment in human capital development. DQG LQWHUQDO VHFXULW\ MRE FUHDWLRQ ,W VKRXOG QRW EH DW WKH H[SHQVH RI KXPDQ PDFUR HFRQRPLF VWDELOLW\ EHWWHU FDSLWDO LQYHVWPHQWV ,Q WKH FDVH RI 1LJHULD D investment environment, human capital JOXW RI SULRULW\ VKRXOG EH RQ KXPDQ FDSLWDO development, poverty reduction, and GHYHORSPHQW EXW ZLWKRXW GLPLQLVKLQJ VRFLDO VHFXULW\ DUH WKH WRS SULRULWLHV RI LQIUDVWUXFWXUH LQYHVWPHQWV WKH %XGJHW RI 5HQHZHG +RSH 2Q KXPDQ FDSLWDO LQYHVWPHQWV D :RUOG $GGUHVVLQJ D MRLQW VHVVLRQ RI WKH %DQN DUWLFOH VD\V LQWHU DOLD ¶·7KHUH LV D PRUDO 1DWLRQDO $VVHPEO\ RQ WKH )HGHUDO FDVH WR EH PDGH RI FRXUVH IRU LQYHVWLQJ EXGJHW SURSRVDO RQ :HGQHVGD\ LQ LQ WKH KHDOWK DQG HGXFDWLRQ RI DOO SHRSOH $EXMD 3UHVLGHQW 7LQXEX VDLG WKH QDWLRQ·V %XW WKHUH LV DQ HFRQRPLF RQH DV ZHOO WR EH LQWHUQDO VHFXULW\ DUFKLWHFWXUH ZLOO EH ready to compete and thrive in a rapidly RYHUKDXOHG WR HQKDQFH ODZ HQIRUFHPHQW FKDQJLQJ HQYLURQPHQW ¶+XPDQ FDSLWDO· ² FDSDELOLWLHV ZLWK D YLHZ WR VDIHJXDUGLQJ lives, property, and investments across the country.

6LJQLÀFDQWO\ WKH 3UHVLGHQW VDLG WKH SURSRVHG EXGJHW SULRULWLVHV KXPDQ FDSLWDO GHYHORSPHQW EHFDXVH KXPDQ FDSLWDO LV WKH PRVW FULWLFDO UHVRXUFH IRU QDWLRQDO GHYHORSPHQW +H LV YHU\ ULJKW DQG LQ KDUPRQ\ ZLWK WKH H[LJHQFLHV RI the ever evolving world. ,W LV IRUHVHHDEOH WKDW LQYHVWPHQWV ZLOO EH WDLORUHG WRZDUGV VHFWRUV ZLWK FULWLFDO YROXPH IRU PDVV VNLOO DFTXLVLWLRQ VNLOO upping, learning, education, science, and technology, as well as sectors with high-employment potential and FDSDFLW\ IRU MRE FUHDWLRQ IRRG VHFXULW\ and poverty reduction. ,QYHVWPHQW LQ LQIUDVWUXFWXUH LV QRW marked down. The emphasis is on WKH FRPSOHWLRQ RI RQJRLQJ SURMHFWV DV WKH SRWHQWLDO RI LQGLYLGXDOV ² LV JRLQJ WR EH well as projects and programmes that the most important long-term investment are consistent with the development DQ\ FRXQWU\ FDQ PDNH IRU LWV SHRSOH·V IXWXUH REMHFWLYHV RI WKH DGPLQLVWUDWLRQ SURVSHULW\ DQG TXDOLW\ RI OLIH *RYHUQPHQWV 7KH PLQLVWU\ RI FRPPXQLFDWLRQV have long invested in economic growth innovation, and digital economy E\ IRFXVLQJ RQ SK\VLFDO FDSLWDO ³ URDGV KDV EHHQ RQ D SDVVLRQDWH HQGHDYRXU EULGJHV DLUSRUWV DQG RWKHU LQIUDVWUXFWXUH WR ¶·LQVSLUH WKH XVH RI WHFKQRORJLHV %XW WKH\ KDYH RIWHQ XQGHU LQYHVWHG LQ WKHLU HVSHFLDOO\ )RXUWK ,QGXVWULDO 5HYROXWLRQ SHRSOH LQ SDUW EHFDXVH WKH EHQHÀWV KDYH technologies like UAV, IoT, AI and EHHQ PXFK VORZHU DQG KDUGHU WR PHDVXUH ·· %ORFNFKDLQ WR RSWLPLVH GLͿHUHQW VHFWRUV 1LJHULD QHHGV LQIUDVWUXFWXUH ,W DOVR QHHGV RI WKH HFRQRP\·· 7KH PLQLVWU\ KDV to put its human resources to the most EHHQ LQLWLDWLQJ SURJUDPPHV IRU VNLOOV SURGXFWLYH DQG H΀FLHQW XVH 8WLOLWDULDQLVP development and deployment, as well RI FKRLFH 7KHUH LV D KXJH FKDVP LQ KXPDQ DV PRELOLVLQJ VXSSRUW IRU WKH QDWLRQ·V FDSLWDO LQYHVWPHQWV QRW RQO\ LQ 1LJHULD EXW YLEUDQW WHFKQRORJ\ ELRPH DFURVV $IULFD RZLQJ WR WKH SULRULWLVDWLRQ The reality is, we have to prepare our RI EULFN DQG PRUWDU GHYHORSPHQW RYHU SHRSOH IRU WKH ZRUOG RI WRGD\ DQG RI WKH KXPDQ FDSDFLW\ EXLOGLQJ 1LJHULD FXUUHQWO\ IXWXUH 6NLOOV HGXFDWLRQ DQG NQRZOHGJH UDQNV SRRUO\ RQ WKH JOREDO +XPDQ &DSLWDO DUH WKH QHZ FXUUHQF\ 7KH 7LQXEX ,QGH[ +&, ,W LV DPRQJ WKH ERWWRP VHYHQ ² DGPLQLVWUDWLRQ LV EULQJLQJ WKH IXWXUH RXW RI FRXQWULHV WR 1LJHULDQV E\ LWV UHVROYH WR SULRULWLVH ,W LV KHDUWHQLQJ WKDW WKH 7LQXEX human capital development. administration is prioritising investments RQ KXPDQ FDSLWDO RQ 1LJHULDQV D SHRSOH Nwabufo ZKR DUH LPPHQVHO\ EOHVVHG ZLWK SRWHQWLDO is Senior Special Assistant to the DQG ERXQGOHVV DELOLWLHV :H KDYH WR FUHDWH President on Public Engagement

25 4

T H I S D AY

MONDAY DECEMBER 4, 2023

EDITORIAL

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

COP28: BEYOND THE JAMBOREE Africa needs special support as its contributions to global warming is insignificant

T

he 28th United Nations Climate Change Conference, or Conference of the Parties of the UNFCCC (COP28) started at the weekend in Dubai, United Arab Emirates.

Nigeria is being represented at the highest level by President Bola Tinubu DQG D UHWLQXH RI 0LQLVWHUV DQG RWKHU R΀FLDOV 1RW unexpectedly, news from Dubai is that Nigeria has the highest delegation from Africa. According to the list published by the UNFCCC which details participants from all countries, Nigeria also ranks third overall in the number of delegates totalling 1,411—same with China. Many Nigerians are aghast by this waste of scarce public resources that is becoming increasingly symptomatic of the Tinubu administration.

Meanwhile, we are yet WR WDNH D GHÀQLWH SRVLWLRQ on Climate Change even when our country continues to be ravaged by multiple climateinduced extreme weather conditions, particularly ÁRRGLQJ ZKLFK DQQXDOO\ claim hundreds of lives while displacing millions. This has been partly DWWULEXWHG WR JOREDO ZDUPLQJ ZKLFK DͿHFWV ERWK developing and developed countries. But unlike the IRUPHU WKH ODWWHU KDYH WKH ÀQDQFH DQG WHFKQRORJLHV WR cope with the consequences of nature’s rage.

It is noteworthy that at the inaugural Africa Climate Summit (ACS) held in Nairobi in September, WKH VLJQHG SDFW ZDV QRW GLͿHUHQW IURP WKH GHEW for-climate swap deal proposition by former Vice President Yemi Osinbajo. Two years ago, Osinbajo had argued that “debt for climate swaps is a type of debt swap where bilateral or multilateral debt is forgiven by creditors in exchange for a commitment by the debtor to use the outstanding debt service payments for national climate action programmes.”

With its theme of ‘Driving Green Growth and Climate Finance Solutions for Africa and the World,’ the ACS was championed by Kenya’s President William Ruto, the African Union and other partners as a negotiating tool in COP28.

6SHFLÀFDOO\ WKH JOREDO WDUJHW LV WR DFKLHYH QHW zero emission of carbon by 2050 with considerable UHGXFWLRQ E\ WR VKRZ WKDW WKHUH LV LGHQWLÀDEOH progression to the goal. In this direction, many countries have submitted their nationally determined contributions on what they intend to implement to reduce carbon emission and to ultimately stop the emission by 2050. These actions include stopping the burning of crude oil, coal, and gas to power their factories, and to stop manufacturing vehicles and power plants that use these fuels. The focus is on the use of renewable energy- solar, electric and wind, among others.

However, salient issues of equity remain unaddressed. The critical point is that the developed world is under pressure to reduce greenhouse gas emissions for which we cannot be held responsible.

This means reducing investment in fossil fuels (crude oil and coal) and speeding up the transition to green energy. But Africa, especially Nigeria, is yet to achieve progress in fossil fuel energy, let alone discussing transition to greener energy. The question therefore remains: should there be a transitional provision for African countries or should Africa leapfrog along to greener energy in the KRSH WKDW ZH FDQ UHDS WKH EHQHÀWV ZKLOH EHLQJ VWXFN with our dirty fossil fuel dependent economies?

According to the World Resources Institute, Africa’s per capita emissions of carbon dioxide in the year 2000 were 0.8 metric tonnes per person, compared ZLWK D JOREDO ÀJXUH RI WRQQHV SHU SHUVRQ ,Q IDFW the highest emitters in the G20 are responsible for around 80 per cent of global emissions, while Africa emits only 2–3 per cent of the world’s carbon dioxide emissions from energy and industrial sources. This accounts for the strident calls for provision of support to Africa and other developing nations. We hope that the Nigerian delegations currently in Dubai will join other African countries to advance these ideas at COP28.

The highest emitters in the G20 are responsible for around 80 per cent of global emissions, while Africa emits only 2–3 per cent of the world’s carbon dioxide emissions from energy and industrial sources T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

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

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

LETTERS TEACHERS’ RECRUITMENT PROCESS IN ANAMBRA

The National Policy on Education (2004) stated that no education system can rise above the quality of its teachers. Educationists, policymakers, and parents in Nigeria hold the view that good teachers produce good students. Formerly, successive governments have always recruited teachers in Anambra State at least at the end of WKHLU IRXU \HDUV WHQXUH WR ÀOO WKH JDSV RI UHWLUHG UHWUHQFKHG DQG UHsigned teachers in public schools. It was a settlement plan and a favour-driven nepotism through which ward councillors, council chairmen, state assembly law-makers, directors in ministries, permanent secretaries, traditional rulers, political bigwigs and other highly paced individuals and government functionaries tend to feather their nest and their cronies. Luckily for Anambra State, a former governor of Central Bank and a renowned professor of Economics took over the government on 17th March 2022 restoring due process, hard work, integrity, merit, and quality assurance in every bureaucratic process of his government.

1RWDEO\ $QDPEUD 6WDWH KDV WDNHQ D VLJQLÀFDQW VWHS WRZDUGV LPproving the quality of education by implementing a rigorous teacher recruitment process. This process is designed to attract and hire KLJKO\ TXDOLÀHG DQG PRWLYDWHG WHDFKHUV ZKR FDQ SURYLGH VWXGHQWV with the best possible learning experience. %DUHO\ VL[ PRQWKV LQ R΀FH 3URI & & 6ROXGR LQLWLDWHG D UHFUXLWment process for 5000 teachers in which over 40,000 graduates

applied online in 2022. It was a free for all opportunity as long as \RX DUH TXDOLÀHG DQG VXFFHVVIXO LQ WKH RQOLQH H[DPLQDWLRQ ZKLFK did not consider tribe, origin or parentage. That recruitment proFHVV ZDV ÀUVW RI LWV NLQG LQ 1LJHULD DQG FRXOG RQO\ EH ZLWQHVVHG in advanced technologies of the developed countries. The rigorous process involved identifying, attracting, screening, shortlisting, interviewing, selecting, hiring, and onboarding employees. It always starts early with CBT examinations to be taken at every stage whereby low-performers are dropped and the best brains shortlisted.

Heartily and warmly, the successful candidates in the last phase of 2022 recruitment process had an improved attractive salary with all their expenses throughout the phases covered and taken care of by the government. Incidentally, a new recruitment process started in September 2023 after the commencement of free primary and secondary education in Anambra State. It is part of the efIRUWV WR SURYLGH TXDOLW\ HGXFDWLRQ DQG HQVXUH WKDW TXDOLÀHG WHDFKers take up the mandate to reposition public schools in the state.

The 2023/2024 recruitment is still at the screening stage with over 30,000 applicants for both primary and secondary schools which is organized through Anambra State Universal Basic Education Board (ASUBEB) and Post-Primary School Service Commission 3366& 7KH WHDFKLQJ MRE LV VSHFLÀFDOO\ IRU WKH VXLWDEO\ TXDOLÀHG

candidates possessing B. ED, BSC, B.A (ED) and NCE in Sciences and Languages.

6LJQLÀFDQWO\ WKH $QDPEUD 6WDWH 7HDFKLQJ 6HUYLFH &RPPLVVLRQ (TESCOM) has harped on PGDE for candidates with HND and possession of TRCN as a good indication. This is geared towards providing accessible and quality education as the foundation for the future. Prof. Soludo is set to employ a minimum of additional 3000 teachers to be posted exclusively to public schools as part of his agenda to reposition public schools and deliver quality teaching and learning in public schools.

Obviously, the quality of teachers is pivotal in shaping the standard of education. If the student fails to learn, then the teacher has QRW WDXJKW ZHOO +LJKO\ TXDOLÀHG WHDFKHUV FRQWULEXWH WR D ULFKHU learning environment. Skilled teachers adapt their approaches to FDWHU WR GLYHUVH OHDUQLQJ VW\OHV HQVXULQJ D PRUH LQFOXVLYH DQG HͿHFtive educational experience. Quality teachers recognize the unique needs of each student. Beyond academic knowledge, teachers imSDUW HVVHQWLDO YDOXHV HWKLFV DQG OLIH VNLOOV LQÁXHQFLQJ VWXGHQWV· overall development. Quality teachers stay abreast of new educational methods and technologies, ensuring that their teaching pracWLFHV UHPDLQ FXUUHQW DQG HͿHFWLYH Obiotika Wilfred Toochukwu, St. Patrick’s Catholic Church Awgbu

26

MONDAY DECEMBER 4, 2023 • T H I S D AY

T H I S D AY ˾ MONDAY, DECEMBER 4, 2023

27

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

D E C E M B E R

S & P INDEX

1 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT FRIDAY, JULY 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Naira Depreciates by 80.81% YoY Amid CBN FX Unification

Kayode Tokede Following the unification of foreign exchange (FX), by the Central Bank of Nigeria (CBN), the value of naira against the dollar has depreciated by 80.81 per cent Year-on-Year (YoY) to an average N797.43/dollar as of October 2023, THISDAY investigation has revealed.

The data sourced from the FMDQ Securities Exchange revealed that naira against the dollar was trading at N441.02/ dollar October 2022 at the Spot FX market.

A foreign exchange spot transaction, also known as FX spot, is an agreement between two parties to buy one currency against selling another currency at an agreed price for settlement on the spot date.

According to THISDAY investigation, the local currency moved to an average N625.9/ dollar in June 2023, the month President Bola Tinubu suspended

subsidy on fuel and ordered the CBN to work towards a unified exchange rate.

The naira at the spot FX market of FMDQ Exchange cross the average price of N700/dollar in July amid scarcity and increasing speculation trading at the parallel market rate.

The financial market report of FMDQ Exchange showed that average naira reached N769.51/ Dollar in July, representing a 80.21 per cent YoY and 122.94 per cent Month-on-Month (M-o-M) decline, respectively.

Between January and October 2022, the average price of naira/ dollar was hovering around N/ dollar amid CBN interventions in critical sectors such Aviation, manufacturing, among others.

The bold step by this present administration has created mixed reactions among industry stakeholders amid move by the government to allow the local

currency to float and create room for market forces the price of the local currency.

The World Bank had described the naira and the kwanza of Angola as the “worst performing currencies” in Africa so far in 2023.

The World Bank in its Africa’s Pulse report — a bi-annual publication of the office of the chief economist in the World Bank Africa Region, said the decision of the CBN to remove trading restrictions on the official market weakened the naira.

The lender cautioned Ethiopia, Ghana, Nigeria and other countries with two-digit inflation rates to avoid unorthodox interventions that might render their monetary policies ineffective.

The interventions the World Bank warned against are: “… monetarization of the fiscal deficit, direct lending interventions, untargeted subsidy programs, or foreign exchange controls”.

“If monetary and fiscal actions are not adequately coordinated to bring down inflation, the risk of de-anchoring inflation expectations would fuel further inflation, accelerate interest rate increases, and exacerbate the deceleration of economic activity,” the report said.

Speaking with THISDAY, the Vice President, Highcap Securities Limited, Mr. David Adnori said heavily relies on oil exports as a major source of revenue has played a major challenge facing foreign exchange market in Nigeria.

According to him, “the fluctuations in global oil prices can significantly impact the country’s foreign exchange earnings. When oil prices drop, Nigeria’s foreign exchange reserves are affected, leading to challenges in meeting its external obligations and having enough foreign exchange liquidity.”

He noted speculation in the foreign exchange market and activities in the parallel market exacerbated volatility when the government announced the unification exercise.

“This led to distortions in the exchange rate and hinder the Central Bank’s ability to implement effective monetary policies,” he said.

He added further that Nigeria often experiences trade imbalances, with higher imports compared to exports, stressing that this often leads to increased demand for foreign exchange to pay for imports, putting pressure on the country’s foreign reserves.

The CBN governor, Mr Olayemi Cardoso, at the recent Chartered Institute of Bankers of Nigeria (CIBN) 58th Annual Bankers’ Dinner and Grand Finale of the Institute’s 60th Anniversary in Lagos, disclosed to banking sector executives that the apex bank is responding to foreign

exchange scarcity in the market with payments made to 31 banks to clear the backlog of foreign exchange forward obligations.

“We have been subjecting these payments to detailed verification to ensure only valid transactions are honoured. In a properly functioning market, it is reasonable to expect significant foreign exchange liquidity, with daily trade potentially exceeding $1.0 billion. We envision that, with discipline and focused commitment, foreign exchange reserves can be rebuilt to comparable levels with similar economies, “he said.

He assured Nigerians that the apex bank monetary policies would aim to achieve price stability, foster sustainable economic growth, stabilize the exchange rate of the naira, and reduce interest rates to facilitate borrowing and investments in the real sector.

The story continues online on www.thisdaylive.com

Q3: Insurance Sector Records N729.1bn Premium as Assets Soars to N2.8tn Ebere Nwoji The insurance sector in Q3 2023 grew its gross premium written for non-life and life businesses to N729.1 billion.

When compared with overall performance of the industry in 2022, it showed that the industry had at third quarter 2023 overshoot its overall performance in 2022, which was N726 billion.

Following the third quarter performance, the National

Insurance Commission (NAICOM) was optimistic that by the end of 2023, the industry’s total premium would hit the much-projected N1 trillion mark, a target it set for itself some years back.

Theses were contained in the third quarter 2023 financial results released by NAICOM recently.

According to NAICOM, “In 2021 we had gross premium income of N621billion and by 2022 we had N726 billion and

by half year of 2023 we had N551 billion. in third quarter 2023 we had N729.1 billion.”

The industry’s total assets within the same period also rose to N2.8 trillion from the N2.5 trillion figure of 2022.

Similarly, gross claims and net claims paid by the industry within the same period stood at N365.5 billion and N259.0 billion respectively.

NAICOM, in an abridged version of the report titled, “Nigeria Insurance Market At

A Glance – Q3, 2023,” made available to the media, said the major drivers of the growth during the period under review, for non-life segment were oil & gas, fire and motor insurance.

According to the commission, Oil & gas contributed 28.9 per cent while fire and motor insurance contributed 23.6 per cent and 18.1 per cent respectively.

According to the commission, for life segment, individual life contributed

36.4 per cent while group life contributed 34.5 per cent.

The industry’s claims ratios during the period under review showed that total claims to total premium was 59.1 per cent ratio of claims paid to industry was 70.9 per cent ratio of claims paid to non-life was 55.0 per cent and ratio of claims paid to life was 94.9 per cent.

NAICOM stated that the change in market capitalisation was 1.5 per cent quarter on

quarter and 19.9 percent year on year translating to total paid up capital of N422.3 billion, total industry capital N848.9 billion and total statutory deposit N26.7 billion.

The changes in market size, according to NAICOM report, were 4.1 per cent quarter on quarter and 23.5 per cent year on year broken down thus – industry total size N2.81 trillion total assets – non-life N1.8 trillion billion and total assets – life N1.1 trillion.

M A R K E T D ATA A S AT F R I D AY, D E C E M B E R 1 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) ^13.53 230,00 December 98.09 15.12 1, 2023 MAR-2025 ^12.50 22December 94.86 15.36 1,00 JAN-2026 1, 2023 ^16.2884 17December 102.05 15.45 0,00 MAR-2027 1, 2023 ^13.98 23December 96.00 15.27 0,00 FEB-2028 1, 2023 ^14.55 26December 95.16 15.91 -14,00 APR-2029 1, 2023

BILLS MATURITY

Discount Yield

Change (%) Updated Time

MATURITY

NTB 25-Jan24 NTB 8-Feb24 NTB 7-Mar24 NTB 11-Apr24 NTB 9-May24

6.84

6.92

-1.63 December 1, 2023

15.07

15.15

7.24

7.35

-1.66 December 1, 2023

GMBL CP II 8-DEC-23

13.37

13.45

7.92

8.10

-1.84 December 1, 2023

FDHP CP IV 11-DEC-23

12.41

12.49

8.77

9.07

-2.08 December 1, 2023

14.73

14.93

9.88

-2.29 December 1, 2023

16.23

16.96

9.45

OTC F X F U T U R E S

CPS

STBP CP IV 12-DEC-23 MCIL CP VIII 27-DEC-23 FLOUR MILLS CP III 29-FEB-24

Discount Yield

Change (%)

Updated Time

-162,00 December 1, 2023 -163,00 December 1, 2023 -162,00 December 1, 2023 -167,00 December 1, 2023 -183,00 December 1, 2023

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

Updated Time

December 1, 2023 December 1, 2023 December 1, 2023 December 1, 2023 December 1, 2023

28

MONDAY, DECEMBER 4, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

NEXIM Bank Assures Foreign Investors 100% Access to FX for Repatriation James Emejo in Abuja The Nigerian Export Import (NEXIM) Bank has assured foreign investors of 100 per cent access to their foreign exchange proceeds for reparation.

The bank’s Executive Director, Business Development, Stella Okotete, stated this when the Mexican Ambassador to Nigeria led a high-profile delegation on a courtesy call to the bank.

She also said the bank had plans for heavy investment in the rubber sector in view of its huge potential for the economy.

The NEXIM Bank director said the motive was to make Nigeria one of the biggest tyre

producing nations.

She said, “I should once again assure you that with Nigeria, as a country and with a very large opportunity in export, especially non-oil export sector, you have a 100 per cent access to your FX for repatriation and you have a very huge Return on Investment (ROI) on your investment.

“So, in terms of return on investments, this is the best place you can invest. It’s clear that Mexico has a very huge advantage in mining, Nigeria is an untapped mining destination and so, if we have businesses that would want to partner with Nigeria to develop the mining sector for export. Nigeria

Export-Import Bank will be willing to work with you and support that aspect to grow the sector.”

In a statement issued by Head, Strategy and Corporate Communications, NEXIM, Mr. Tayo Omidiji, she noted that Mexico’s automotive industry currently produces 70 per cent of the spare parts for one of the biggest companies.

Okotete said, “And that’s why I touched rubber because I looked, with my team yesterday, we were looking into the future; for us one of the futuristic dreams of the bank is to hugely invest in rubber production, rubber value-chain improvement.

Controlled, Unregistered Drugs: NAFDAC Seal Shops in Lagos Gilbert Ekugbe The National Agency for Food and Drugs Administration and Control (NAFDAC) has sealed shops in Lagos to checkmate the sale of controlled and unregistered drugs in the country.

The move according to the agency is apt considering the health implications these drugs have on unsuspecting consumers.

The Deputy Director, Investigation and Enforcement Directorate, NAFDAC, Afolabi Aderemi, at an enforcement exercise in Oke Arin, Idumota area of Lagos, said the drugs are classified as schedule one drugs and should only be sold by the Federal Ministry of Health Control through their medical stores

nationwide.

“The enforcement is an ongoing thing and we are specifically here because of the investigation of some uncontrolled drugs and by virtue of international convention, they are schedule one drugs that ought not to be sold individually. We have evidence that some of these dealers are operating in this illegal business.

We have some evidence and that is why we are sealing the shops and we have also invited them to the office to come and clarify themselves, “he said.

Responding to questions over the prevalence of fake drugs despite punitive measures by the agency, he said, “The issue is that we are dealing with an organised crime here and by virtue of the amount

of money in it, it is very tempting, but we are appealing to people at every opportunity we have to say to them to stay away from buying unregistered and controlled products that are not supposed to be sold by this patent medicine and other pharmacy.”

Also speaking, the first vice chairman, Lagos State Medicine Dealers Association Island Zone, Innocent Ezennia, said the inspection exercise by NAFDAC is apt, saying that it is vital for sanitising the industry.

“The enforcement was on a tip off that they were invited. I took them around to identify the places they were looking for. Their activities are important because they are helping us to do our work,” he said.

CIBN, FCMB Honour Honest Citizens with Integrity Awards, Cash Gifts The Chartered Institute of Bankers of Nigeria (CIBN) and First City Monument Bank (FCMB) have jointly recognised and rewarded two upright citizens, Ms. Ngozi Kekwaaru and Mallam Auwalu Alkasim, for their integrity.

Ms. Kekwaaru, a staff of Eko Hotel and Suites, and Mallam Alkasim, a tricycle driver in Kano, were honoured with the Outstanding Integrity Award by the Chartered Institute of Bankers of Nigeria during its 58th Annual Bankers’ Dinner and Grand Finale of its 60th Anniversary celebrations, held on November 24, 2023, in Lagos. Ms. Kekwaaru for her honest act of returning $70,000 left behind by a guest at the hotel.

Mallam Alkasim, on the other hand, for his integrity in returning N15

million forgotten by a passenger in his tricycle.

In addition to the CIBN’s prestigious award, First City Monument Bank (FCMB) rewarded Ms. Kekwaaru and Mallam Alkasim for their exceptional deeds by presenting them with cash gifts of N1 million each. This financial gesture underscores the bank’s deep appreciation for commitment to ethical behaviour.

Presenting the cheques to the duo at the event, FCMB’s Managing Director, Mrs. Yemisi Edun, stated: “We congratulate Ms Kekwaaru and Mallam Alkasim for receiving the

UK, Nigerian Groups Train 150 Women in Digital Skills Hammed Shittu in Ilorin

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

Outstanding Integrity Award from the CIBN. In a world where integrity is becoming increasingly scarce, your actions are a beacon of hope, setting a standard for others to follow.

Your ethical conduct aligns with our values at First City Monument Bank, and we are immensely proud to have you as a member of our extended community. Our reward of N1 million expresses our appreciation for your actions, which embody integrity, a principle we hold dear. We are confident that your story will continue to inspire others to embrace integrity in all their endeavours.”

No fewer than 150 women in Kwara state have been trained in digital skills towards self-reliance that would transform into economic growth of the state.

The training, jointly being organised by a United Kingdombased Global Feminism in Solidarity and Action (UK), and Nigeria’s digital initiative organisation, Webfala Digital Skills for All Initiative.

The Executive Director of the partnering organisation, Webfala Digital Skills for All Initiative, Mrs. Nafisat Bakare stated this in Ilorin, Kwara state capital during the orientation session of the programme for the affected beneficiaries.

According to her, “the training was expected to equip them with digital skills to help them thrive in digital age and be self dependent in their future endeavours.”

Bakare said that the programme aimed to inspire more girls and women to pursue careers in Science, Technology, Engineering and Mathematics (STEM), adding,

“that it would help contribute to bridging the gender gap in the tech ecosystem in Nigeria.”

Bakare, who said that the project sought to protect women and girls from Sexual and Gender-Based Violence (SGBV), noted: “that has become prevalent in our society today.”

She added that available data showed that 30 per cent of Nigerian women aged 15 to 49 have experienced sexual abuse.

Talking on selection process for beneficiaries, Mrs. Bakare said that 637 applications were received during the call for application, adding that only 312 applicants were shortlisted for interview and screening before 150 applicants were selected to take part in the training.

She said that aside technical skills, the women would also be taught soft skills, such as communication, teamwork, and branding, adding that the combination of the essential soft skills with their technical skills was crucial to their growth in the tech industry.

Expanding Pension Coverage: Micro Pension Plan Impact on Nigeria’s Informal Sector (Part 1) The Contributory Pension Scheme (CPS) is a vital initiative empowering individuals to secure their financial wellbeing in old age.

Tailored initially for formal sector employees, the CPS was extended to include informal sector workers following the Pension Reform Act (PRA) amendment in 2014.

Guided by the provisions of the PRA 2014, the National Pension Commission (PenCom) introduced the Micro Pension Plan (MPP) with the PENCOM DG, Aisha Dahir-Umar specific objective of broadening pension and other self-employed individuals aged coverage to include workers in the informal sector. Under the at least 18 years who reside in Nigeria.

It is crucial to note that the Micro MPP, private sector organisations with less than three employees and self-employed Pension Contributor (MPC) becomes eligible to participate in the mandatory individuals can participate in the CPS. In 2022, a survey conducted by the Small CPS upon securing formal sector and Medium Enterprises Development employment with an organisation Agency (SMEDAN) in collaboration with employing three or more individuals.

Making pension contributions under the the National Bureau of Statistics (NBS) indicated that Nigeria is home to an MPP is designed to be easy, allowing MPCs estimated 39.65 million Micro, Small, and to contribute daily, weekly, or monthly Medium Enterprises (MSMEs), responsible based on their cash flows. They can also use for employing 87.9 percent of the nation’s a variety of payment channels, including labour force. Furthermore, a 2021 report cash deposits, electronic transfers, approved from the World Bank Group, titled ‘Long payment platforms, or financial services Shadow of Informality: Challenges and agents endorsed by the Central Bank of Policies,’ projected that 80.4 percent of Nigeria.

PFAs are mandated to invest the MPP employment in Nigeria is concentrated within the informal sector. Therefore, pension contributions in secure assets for the CPS to impact old age poverty specified by the Investment Regulation in Nigeria, it must cover workers in the issued by PenCom, ensuring steady growth through investment yields informal sector.

Before the introduction of the MPP, over time. This accumulation serves workers in the informal sector, as well as a foundation for retirement benefits as those in organisations with fewer than and pensions.

As of September 30, 2023, Pension Fund three employees, were not covered by any retirement benefit scheme in Nigeria. The Administrators (PFAs) have registered introduction of the MPP by PenCom is a 105,455 participants in the MPP, with concrete step that aims to bring pension a total contribution of N529.32 million. services to workers in the informal sector The MPP assets and enrolment figures are significant steps toward the MPP’s during their retirement years.

New MPP participants must register overarching goal of minimising old-age with a Pension Fund Administrator (PFA). poverty and enhancing financial inclusion This involves opening a Retirement in Nigeria. The MPP is a beacon of hope Savings Account (RSA) by filling out for millions of workers operating in the a registration form. Upon registration, informal sector.

Part 2 of this presentation will explore the MPP participant receives a Personal Identification Number (PIN) from the how MPCs can access their contributions PFA and is ready to start making pension and other retirement benefits. It would contributions. Eligible participants include examine features such as contribution self-employed individuals affiliated with flexibility and pre-retirement access PenCom remains steadfast in its trade, profession, cooperative, or business associations, those with business name commitment to effectively regulate registrations, partnerships, or enterprises, and supervise the pension industry, informal sector employees with or without ensuring timely disbursement of formal written employment contracts, retirement benefits.

T H I S D AY ˾ MONDAY, DECEMBER 4, 2023

29

BUSINESSWORLD

STATUS REPORT

Cadbury Records N10.24bn Loss Kayode Tokede

D

espite earning a profit of over N4 billion in the third quarter ended September 30, 2023, Cadbury Nigeria Plc but is yet in the red. Luckily for investors, the profit for the quarter has reduced the company’s net loss from N14.5 billion as at half year ended June 30, 2023 to N10.24 billion at the end of the nine months of operations in 2023.

The upswing came following a rebound from foreign exchange loss in the third quarter. The company recorded a net loss of roughly N18 billion from a loss of almost N21 billion in the second quarter The beverages and confectionery company’s third-quarter interim financial report at the end of September 2023 showed a strong improvement in fundamentals with sales revenue accelerating and costs kept moderating.

Some strength in the company’s fundamentals obscured by the foreign exchange loss in the second quarter improved further in the third quarter.

Sales revenue accelerated from 26 per cent in the second quarter to about 61 per cent in the third and the amount grew from N19 billion to N23.6 billion over the two quarters.

Production costs moderated relative to sales at an increase of 44 per cent to N17.5 billion for the third quarter, which enabled a leap of 141 per cent in gross profit to N6 billion.

There were also moderate increases in selling/ distribution and administrative expenses, which powered an outstanding growth of more than seven and half times in operating profit to N3.6 billion for the third quarter.

This is a major improvement in operating profit from N1.5 billion in the second quarter.

The big story that changed the company’s fortunes in the third quarter is a change of position from a huge net finance cost of N21 billion in the second quarter to a marginal net finance income of about N720 million in the third quarter.

Net finance costs had consumed more than operating income in the second quarter and created a pre-tax loss of N19.5 billion for the quarter. The position changed in the third

quarter when net finance income beefed up operating profit to produce a pre-tax profit of N4.3 billion which was as good as net profit.

The company’s operations for the nine months of the year showed a turnover of over N59 billion at the end of September 2023. Sales revenue maintained an improving trend from N16.6 billion in the first quarter to over N19 billion in the second and further to N23.6 billion in the third quarter. This represents accelerated growth from 27.7 per cent at half a year to 39 percent at the end of the third quarter.

Cost of sales w as maintained at a much slower growth than sales at 25.6 per cent to less than N43 billion over the period.

The favourable combination of growing sales and slowing production costs produced outstanding growth of 94.7 per cent in gross profit to N16.3 billion at the end of the third quarter. This is a further improvement from an increase of 74.7 per cent in gross profit at half year.

The moderated cost behaviour extended to selling/distribution and administrative

expenses, which powered a 191.4 percent advance in operating profit to N9.6 billion at the end of September 2023. This is accelerated growth from a 113 per cent increase in operating profit at the half year.

The huge foreign exchange loss incurred in the second quarter still left a net finance cost of roughly N20 billion, which consumed more than the operating profit and left a pre-tax loss of N10.2 billion at the end of the company’s nine months of operations.

The figure is however a reduction from the half-year loss figure but down from a pre-tax profit of N4 billion in the same period last year.

Cadbury Nigeria lost N5.45 per share at the end of the third quarter operations, dropping from N1.50 earnings per share in the same period in 2022 but improved from N7.74 loss per share at half year. has announced a turnover of N55.21billion for the year ended 31 December 2022, representing an increase of 30.3 per cent over N42.37 billion recorded in the same period in 2021.

The Company’s recently released unaudited

financial highlights for the full year 2022 (covering the period January 2022 to December 2022), also indicated that its gross profit grew from N6.48 billion in 2021, to N7.76billion in 2022, representing an increase of 19.87 per cent.

Cadbury Nigeria’s profit for the period under review, increased by 110.22 per cent from N450 million to N946 million, while the Company’s basic earnings per share rose by 108.33 per cent from 24 kobo to 50 kobo, within the same period, showing that it maintained growth across various indices.

In a statement issued by the Company, Mrs. Oyeyimika Adeboye, its Managing Director, said Cadbury Nigeria has continued to push the boundaries to sustain its current growth trajectory in a tough business environment.

“Our recently launched candies (Cadbury Caramel, Cadbury Coffee), and Cadbury Bournvita Biscuit, all contributed to our growth profile in 2022. We will keep finetuning our strategies to manage these challenges, in line with our mission, which is focused on nourishing and delighting our consumers with the right snacks, while remaining committed to our stakeholders and doing what is right for our environment, ”Adeboye said.

Abdullahi: FG Working to Reverse Food Crisis, Harps on Improved Seeds Stories by James Emejo in Abuja The Minister of State for Agriculture and Food Security, Senator, Dr. Aliyu Sabi Abdullahi, has said the ministry is currently working with critical stakeholders to reverse the current food crisis situation in the country.

He said to reach food self-

sufficiency or improve current food self-sufficiency levels, there’s the need to attain all potential crop production levels for major food security crops namely maize, wheat, sorghum, millet, soybean, cassava, yam, cowpeas, potatoes among others.

The minister stated this at the opening of the 6th Seed Connect conference and exhibition with the theme: ‘’Global Declaration

of Food Emergency - The role of the seed industry and ensuring Africa’s Food and Nutrition Security’’.

Specifically, he maintained that the issue of improved seeds had to be on the front burner given the challenges posed by climate change and the constraints to crop yields due to drought, heat and cold stress, including altered soil properties due to deteriorating

soil fertility, floods and diseases and pests among others.

Abdullahi said, “Accordingly, our production system must overcome biophysical and socioeconomic constraints causing yield gaps in our crops production system through the production and cultivation of improved seeds.

“The development of new climate resilient crops that are tolerant and adapted to biotic

and abiotic stresses will require the propagation of novel crop varieties and the increase of new improved and adapted highyielding varieties under water and nutrient-limited environments should be the new target.

“All hands must be on deck as we work to deliver on the topmost national priority of President Bola Ahmed Tinubu, under the Renewed Hope Agenda

- food security.”

The minister said seed remained a biological embodiment of all production potentials that set the limits of response to all agronomic inputs.

According to him, Nigeria currently produced 110,798 metric tons of seeds in 2022 which is a summation of some major seeds that are established in the formal seeds sector.

Stanbic IBTC Pensions Reiterates Commitment Runsewe: Tourism Sector Critical to to Quality Services for Customers The Stanbic IBTC Pensions Managers has reaffirmed its commitment to improving customer-experience as well as enhancing the comfort for its clients in the Federal Capital Territory (FCT).

Speaking at the re-opening of the Stanbic IBTC revamped customer experience center opening, the company’s Chief Executive, Mr. Olumide Oyetan, said it took the decision a few years ago to increase the number of branches across the country as well as revamp the existing ones to experience centers.

He said the institution has made significant investments in technology and digitalisation to ensure that its clients can easily reach the PFA whenever they need to.

He said, “And since we started on that journey, we have seen enormous results evidenced in increased satisfaction for our clients and positive customer experience across the board.”

Oyetan said, Nigeria’s largest Pension Fund Administrator responsible for managing the retirement fund

of over 2 million Nigerians, innovation and excellent customer experience remain some of our key value drivers.

Therefore, while we continue to provide innovative and convenient ways for our clients to reach us digitally, and empower them to be able to carry out self-service actions on their retirement savings accounts (RSA) with minimal intervention, we also acknowledge the need for them to periodically meet with us physically to access information and support Oyetan said, as the country’s largest Pension Fund Administrator (PFA) responsible for managing the retirement fund of over two million Nigerians, innovation and excellent customer experience remained key value drivers.

He pointed out that while the PFA continues to provide innovative and convenient ways for “clients to reach us digitally, and empower them to be able to carry out self-service actions on their retirement savings accounts (RSA) with minimal intervention.

Economic Diversification, Job Creation

The Director General, National Council of Arts and Culture (NCAC), Mr. Olusegun Runsewe, has said the country’s tourism sector remained key to the current administration’s drive for economic diversification and job creation.

Speaking at the grand opening of Kahera Country Club in Abuja, he said tourism remained a significant source of employment for many Nigerians who are currently struggling on the streets.

While commending the establishment of the facility in the Federal Capital Territory

(FCT), he noted that initiatives such as the country club could move Nigeria closer to its desired growth and prosperity, stressing that “We don’t all have to wear suits to have a job”.

Runsewe further expressed satisfaction that similar ventures were being replicated across the country, with the attendant positive implications for the economy.

He said, “We are glad to witness the development of infrastructures like this, including the 36 in different states and another in Abuja.”

He noted that about 47 per cent of Nigerians currently seek medical tourism abroad, particularly in Egypt, stressing that the situation constituted a drain on the economy and must be reversed.

He said, “It is imperative for every citizen to contribute their part in improving healthcare and other services in the country. Mr. President alone cannot solve all these issues.”

He added that with the right policy initiatives, the country offers the best investment opportunities globally.

He said, “The best place to invest money today is Nigeria, but unfortunately, we don’t understand.”

The Managing Director, Kahera Country Club, Mrs. Kechi Ibe said the venture club was a “celebration of Nigeria’s diversity and a testament to the spirit of unity that defines us”.

She said, “We aim to be a hub for leisure, a sanctuary for relaxation, and a platform for cultural exchange that attracts locals and international tourists alike.”

Nigeria Seeks to Bolster Bilateral Trade Ties With Mexico With total exports between Nigeria and Mexico valued at only about $94.30 million in 2022, the Executive Secretary/ Chief Executive, Nigerian Export Promotion Council (NEPC), Nonye Ayeni, has said the council is currently working to further harness the full potential of both countries.

Speaking at a Business Development Session with the Mexico Delegation on Trade

Mission to Nigeria and the ECOWAS led by Dr. Heriberto García, the NEPC boss said the trade relationship between both countries has the potential for immense growth.

She said Nigeria’s exports to Mexico included a variety of products, showing the diverse economy of the country.

Amongst the non-oil products exported to Mexico are agricultural products, such

as cocoa and hibiscus, as well as solid minerals like tin and limestone.

Ayeni pointed out that building on the existing cordial relationship between the two countries, the meeting was aimed at having robust interaction between Mexican business delegates and Nigerian exporters to identify possible areas of collaboration for mutual

benefits.

She said the programme will culminate in the signing of a Memorandum of Understanding (MOU) between NEPC and Mexican Business Council for Foreign Trade, Investment and Technology (COMCE).

The NEPC boss further explained that the MoU was a prelude to jointly working in a number of areas of cooperation between council and COMCE.

30

MONDAY DECEMBER 4, 2023 • T H I S D AY

MONDAY DECEMBER 4, 2023 • T H I S D AY

31

32

MONDAY DECEMBER 4, 2023 • T H I S D AY

MONDAY DECEMBER 4, 2023 • T H I S D AY

33

T H I S D AY ˾ MONDAY, DECEMBER 4, 2023

34

HOMES&DESIGN Riviera Heights, Epitome of Luxury Living in Lagos MGE Realty Limited, in collaboration with Tami-Thames Limited, has launched its choice residential project designed for luxury living. Bennett Oghifo writes

R

iviera Heights is a new luxury residential development on Water Corporation Drive in Victoria Island, Lagos.

This 12-storey luxury residential tower, crafted by the renowned architectural visionaries at Consultants Collaborative Partnership (CCP), promises to redefine luxury living in Lagos, setting new standards for elegance, comfort, and convenience.

Riviera Heights boasts a perfect synergy of aesthetics, functionality, and prime location in the heart of Lagos’s hospitality communities.

Situated amidst the vibrant hub of beaches, cinemas, fine dining, and lounges, this exquisite development offers the ultimate urban lifestyle for residents and a compelling investment opportunity for those with a discerning eye for quality.

Residents of Riviera Heights will enjoy a contemporarily designed reception and lounge area that acts as a refined meeting place. Moreover, Riviera Heights boasts a wide range of amenities at the Leisure Deck – a large outdoor area with green spaces to relax and unwind.

Additional features include a state-of-the-art gymnasium and a swimming pool for children and adults.

This 40-unit tower offers spacious,

modern, and meticulously designed one, two and three-bedroom apartments with maid rooms that exude elegance and for those who desire a larger living space, the four-bedroom maisonettes penthouses are the epitome of sophistication and comfort.

“Riviera Heights will undoubtedly become one of the most desirable addresses in Lagos,” said Richard Deniran, COO of MGE Realty Limited. “We are delighted with the contribution of Consultants Collaborative Partnership (CCP), who have designed an exceptional addition to the everevolving skyline in the heart of Victoria Island. With exceptional amenities and direct views to Lagos beachfront, Riviera Heights presents an unmissable investment

opportunity.”

The CEO of MGE Realty Limited, Bolaji Badejo, is enthusiastic about the project.

“Riviera Heights is a testament to our commitment to innovation and excellence in the real estate industry.

This development showcases the future of luxury living in Lagos,” said Badejo.

It is an investor’s dream project that transcends luxury and offers an unparalleled urban lifestyle experience. With the expertise of MGE Realty Limited, the backing of Tami-Thames Limited, and the creative brilliance of CCP, Riviera Heights is set to become a landmark in real estate in Lagos.

MGE Realty Limited is a leading real estate company with a proven track record of delivering exceptional projects that combine innovation, quality, and sophistication. With a commitment to excellence and a focus on customer satisfaction, MGE Realty Limited has earned its reputation as a trusted name in the industry.

Tami-Thames Limited is a dynamic and forward-thinking company that partners with industry leaders to deliver premium real estate projects.

With a dedication to creating lasting value and fostering growth in the real estate sector, Tami-Thames Limited is a company that values integrity and quality above all else.

Consultants Collaborative Partnership (CCP) is an award-winning architectural firm known for its cutting-edge designs and commitment to creating inspiring spaces.

Their portfolio of innovative projects spans the globe, making them a trusted name in architecture and design.

T H I S D AY ˾ MONDAY, DECEMBER 4, 2023

35

BUSINESSSPECIAL

Editor: Goddy Egene goddy.egene@thisdaylive.com 0803 350 6821

Kyari: Rewarding Performance in NNPC, Oil Sector The reapportionment of the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mallam Mele Kyari by President Bola Ahmed Tinubu is a reward for the performance of the NNPC boss which has placed the national oil company and the nation’s oil and gas industry on a positive trajectory, writes Peter Uzoho

L

ast week, President Bola Ahmed Tinubu, who is famous for having the knack to spot out talents and competent people reappointed the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mallam Mele Kyari to continue his performance at the company and the nation’s oil and gas sector at large.

Expectedly, the news of his reappointment elicited mixed reactions within the political and industry circles.

Those who understand Kyari’s stellar performance, his enviable qualities and competences commended the president for such a wise decision. However, for those who were earnestly wishing and praying otherwise, his reapportionment by the president became their major disappointment and a wound that may take some time to heal.

But why did President Tinubu settle for Kyari when he had many people jostling for the job?

Some stakeholders believe that Kyari’s dedication to transparency, accountability, and performance excellence which contributed significantly to NNPC’s success and Nigeria’s energy sector must have convinced the president to stick with him to allow him complete the transformational journey he had started at the NNPC. Kyari was appointed as the 19th Group Managing Director (GMD) of the defunct Nigerian National Petroleum Corporation in July 2019 and later transitioned to the position of Group CEO of NNPCL earlier this year after the organisation’s successful incorporation as a limited liability company operating under the Companies and Allied Matters Act (CAMA) in compliance with the provisions of the Petroleum Industry Act (PIA) 2021.

With over 30 years of experience in the oil and gas sector, he has been part of NNPC since 1991 and has held various roles within the corporation. As the Group General Manager of the Crude Oil Marketing Division in 2015, Kyari made significant contributions to the success of NNPC and Nigeria.

From the time he came on board as the leader of the national oil company in 2019, Kyari’s outstanding achievements have had a positive impact on the company’s performance and reputation, definitely endearing himself to the president and his numerous admirers.

BREAKING THE NLNG TRAIN 7 JINX

Barely six months into his leadership as the NNPC GMD, Kyari had, in an audacious move in the twilight of December 2019, led the national oil company and its partners -Shell, Total and Eni to take the long-awaited Final Investment Decision (FID) for the take-off of Train 7 Project of the Nigeria Liquefied Natural Gas (NLNG) Limited.

The Train 7 project, which had been delayed for over 10 years before Kyari broke the jinx, aimed to increase the company’s production capacity from 22 million tonnes per annum (MTPA) to about 30 MTPA, and was to form part of the investment of over $10 billion, including the upstream scope of the LNG value chain.

The project followed a string of value adding decisions made under Kyari, whose leadership has focused on repositioning the oil and gas industry as articulated in the Transparency, Accountability and Performance Excellence (TAPE) agenda.

The Train 7 is expected to complement the existing six-trains and raise total production capacity by 35 per cent. NLNG currently has six trains capable of producing 22 MTPA of LNG, and five MTPA of Natural Gas Liquids (NGLs) – that is Liquefied Petroleum Gas (LPG) or cooking gas, and condensate – from 3.5 billion standard cubic feet per day (Bcf/d) of natural gas intake.

The NLNG Train 7 FID, which was signed in Abuja in the presence of the shareholders and followed by the groundbreaking ceremony held in 2020, has since re-awakened activities in the nation’s oil and gas sector after years of inactivity due to project dryness.

Commenting on the milestone at the time, Kyari had indicated that the FID ceremony was a monumental accomplishment as it signified a further demonstration of the restored and growing confidence of international oil companies of global repute in Nigeria’s petroleum space.

He added: “Secondly, and clearly, this is the result of the strong and focused leadership of His Excellency President Buhari toward the deepening and expansion of oil and gas revenues needed for national development and Growth.

“Thirdly, for us in NNPC, today’s FID is the modest result of our focused and consistent commitment toward ensuring that we deliver on our promise to Nigerians as articulated in our TAPE Agenda of enhanced transparency and Accountability, as well as performance excellence.”

He promised Nigerians to continue to expect more of “value adding decisions” from the NNPC. “Just last week, we signed the agreement with Chevron on long dispute on EGTL in order to pave

became a major issue for all of us in the space leading to arbitration and all forms of litigation.

“And of course, as you do this, it does two things.

It damages relationships, and more than anything, it stifles investment. That’s exactly what that situation brought to the table.

“We will have clearer agreements in a new PSC that must have recognised all issues that we have in the 1993 PSCs, and those clarities are there. All ambiguities have been reduced to a minimum. Of course, you can never take out ambiguities from the contacts.”

CHAMPIONING TRANSPARENCY IN NNPCL

Kyari the way for further investment which we lead to increase in country gas monetization. Just a week earlier, we signed the FEED contract with Seplat on condensate refineries aimed at making Nigeria self-sufficient in gasoline and other white petroleum products productions,” he added.

He said Nigerians must appreciate the “prosperity lift” this would create, including the provision of over 10,000 direct and over 40,000 indirect jobs as well as the projected revenue of over $20 billion.

AKK PIPELINE FROM PAPER TO COMPLETION

On June 29, 2020 at the heat of the COVID-19 pandemic that ravaged the entire world and disrupted businesses and projects, NNPC, under Kyari defied all odds and brought the 614km Ajaokuta-Kaduna-Kano (AKK) gas pipeline project under construction after many years sitting on the shelf as mere design.

The elated former President Muhammadu Buhari, who performed the flag-off of the project had commended NNPC for its resilience in taking the bold step to deliver on the project despite the COVID-19 pandemic.

The project, according to the Kyari-led NNPC, will be inaugurated this December.

Explaining more about the project, Kyari had said the AKK gas pipeline project, which is part of the Trans-Nigeria gas pipeline project, involves the establishment of a connecting gas pipeline network that will integrate the Northern region of the country with the Niger Delta, Eastern and Western regions of the Country.

He said the EPC contract for the 614km AKK gas pipeline project was awarded at a total contract sum of $2.592 billion to Messrs. Oilserv Plc/China First Highway Engineering Company (Oilserv/ CFHEC Consortium) for the first segment covering 303km.

According to the GMD NNPC, Messrs. Brentex Petroleum Services/China Petroleum Pipeline Bureau (Brentex/CPP Consortium) got the contract for the second segment covering 311km under a debt-equity financing model with loan from Bank of China and SINOSURE, to be repaid through the pipeline transmission tariff and supported by a sovereign guarantee. ‘‘We are confident that the EPC contractors will deliver the project on time, within budget and to quality/specifications,’’ he said.

Kyari added that upon completion, the project would enable the injection of 2.2bscf/d of gas into the domestic market and facilitate additional power generation capacity of 3,600MW.

ADDRESSING OIL PRODUCTION DECLINE

Also, NNPC under Kyari’s watch has been able to bring the activities of oil thieves and vandals

relatively under control, leading to the recovery of oil production to now between 1.5 million to 1.6 million barrels per day owing to some measures put in place by the company. This included the return of the Trans-Forcados and partial restoration of the Trans Niger Pipeline (TNP).

From an all-time low of about 900,000bpd recorded in September 2022, NNPC was able to ramp up crude oil production with the collaboration of the security agencies, regulators, oil producing communities, and other stakeholders through a model it christened “the rectangular model.”

Before now, Nigeria was losing an the average of over 700,000 barrels per day from different layers including engineering losses, oil theft, as well as opportunity losses due to shutdown of facilities.

RESOLVING DISPUTES ON PRODUCTION SHARE CONTRACTS

The NNPC GCEO has optimally secured federation entitlements from production/fiscal arrangements and resolved various disputes around Production Sharing Contracts (PSCs). He has also played a key role in unlocking deepwater opportunities and introducing cost discipline in the company and industry.

For instance, in August 2022, NNPC under Kyari had signed renewed PSCs after 29 years of bickering, in a deal that could potentially boost Nigeria’s oil production substantially. The associated oil assets are expected to unlock over $500 billion in revenue for the country, attract foreign direct investment (FDIs) of around $4 billion and put an end to a continent liability of about $9 billion.

The disputed five Oil Mining Leases (OMLs) which had lingered for almost 30 years, included 128, 130, 132, 133, and 138.

Aside from the PSCs, other subcontracts included Dispute Settlement Agreements (DSAs), Settlement Repayment Agreement (SRAs), as well as Escrow Agreements.

Parties included NNPC, Total Energy, Chevron, Shell Nigeria Exploration and Production Company (SNEPCO), Esso Exploration and Production Nigeria Limited, China’s Sinopec, Equinor, Sapetro, among others.

At the official signing ceremony, Kyari had underscored the enormous losses, both in cash and goodwill that had ensued in the course of the dispute, but noted that with the matters finally settled, there would now be a boost in production.

“As you all know that in businesses, disputes are inevitable, disagreements always come when there’s no clarity of understanding of the agreements that businesses go into.

“Very often this is also complicated by laws that may not carry the necessary clarity that is required for businesses to go into contracts. And that’s how we landed in the 1993 PSC debacle. It

Kyari has been instrumental in championing transparency and accountability in the company, promoted the passage of the Petroleum Industry Act (PIA) 2021, and drove the transition to NNPC Ltd. Under his leadership, NNPC declared its first profit in 44 years and achieved numerous milestones such as public disclosure of NNPC accounts.

In August 2020, NNPC become an Extractive Industries Transparency Initiative (EITI) supporting company, joining a group of over 65 extractives companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners who commit to observing the EITI’s supporting company expectations.

EITI Board Chair, Hon. Helen Clark, who welcomed the company’s commitment to the EITI, had stated at the time that “NNPC plays a vital role in Nigeria’s economy. Joining the EITI as a supporting company is a welcome step in the NNPC’s journey toward achieving greater transparency and to help ensure that Nigeria’s citizens benefit from their natural resource wealth.”

NNPC has been working with the Nigeria Extractive Industries Transparency Initiative (NEITI) on an action plan to routinely disclose information, and the company currently publishes some of the data required by the 2019 EITI Standard on its website.

These disclosures demonstrate the company’s commitment to its journey to become a more transparent national oil company. Adherence to the EITI supporting company expectations will give further impetus to NNPC’s corporate vision of greater transparency and accountability. Three areas in which there is scope for advancing transparency are revenues and payments to government, contracts governing petroleum exploration and production and consolidated group-level financial statements.

Commenting on NNPC becoming an EITI supporting company, Kyari had affirmed his company’s commitment to the global transparency institution, saying “Becoming an EITI supporting company aligns with NNPC’s corporate vision and principles of transparency, accountability and performance excellence.

“Our partnership with NEITI and EITI strengthens our commitment towards commodity trading transparency, contract transparency and systematic disclosure of revenues and payments. We are on a journey towards greater transparency and look forward to deepening our collaboration with the EITI to further this work.”

However, NEITI Executive Secretary at the time, Waziri Adio, had commended NNPC’s move to support the EITI, stating that: “NNPC joining the EITI as a supporting company is a major inflection point in the quest for transparency – for the company, for Nigeria’s oil and gas sector, and for the country as a whole.

This is so given how critical NNPC is to the sector and to the country.

“NEITI welcomes this bold commitment. We will continue to work and walk with NNPC to translate its espoused commitments to transparency and accountability into concrete and sustained actions and results.”

RESCUING NIGERIA’S CURRENCY

In its determination to support Nigeria’s currency by arresting its free fall, NNPC recently secured a $3 billion emergency loan from the African Export-Import Bank (Afrexim-bank) to stabilise the country’s volatile foreign exchange market.

The deal was to provide some immediate disbursement that would enable the NNPC Limited to support the federal government in its ongoing fiscal and monetary policy reforms aimed at stabilising the exchange rate market.

The foreign exchange scarcity had further complicated Nigeria’s massive fuel importation, which gulps about $20 billion yearly, raising the price to as high as N617 per litre.

The new deal came over a year after the national oil company similarly secured a $5 billion corporate finance commitment from the Afrexim-bank to fund major investments in Nigeria’s upstream sector.

NOTE: The story continue online on www.thisdaylive.com

36

MONDAY, DECEMBER 4, 2023 T H I S D AY

BUSINESS/MONEYGUIDE

Q3 GDP Report: Economist Raises Concerns, Pushes for Realism in Reporting Eromosele Abiodun Following the latest data from the Nigerian Bureau of Statistics (NBS), indicating 2.5 per cent year-on-year (Yo-Y) improvement in Gross Domestic Product (GDP) in Q3, 2023, Economist, and Managing Partner at Ecovis OUC (Chartered Accountants), a leading Tax, Accounting, and Audit consulting firm, Mr Andrew Uviase has urged stakeholders to employ courteous approach in their investment decisions.

While acknowledging the modest progress, Uviase stressed the need for careful analysis without undermining the NBS’s efforts.

Uviase expressed worry over the parallel growth rates of the Nigerian population (2.5%) and the real GDP (2.5%), emphasising that this signals a stagnating economy.

He pointed to the changing age distribution of the population and the deteriorating state of infrastructure, suggesting that the present results may indicate a worrisome decline

in the well-being of citizens.

According to him, “The Nigerian population growth rate is 2.5 per cent, while the GDP growth rate in real times is also 2.5 per cent. This is very worrisome, and it’s a clear signal that the economy is stagnating. When the real GDP growth is compared with the changes in the age distribution of the population and the age of our decaying infrastructure, we can better imagine the level of deterioration that the present results portend for the well-being of our citizens.”

Highlighting major areas of concern, Uviase underlined the decline in the real sector of agriculture and industrial sectors’ contributions to GDP, while the services sector is on the rise. He raised questions about the overall reliability of the information presented, particularly in terms of content and mode of presentation.

Uviase expressed doubts about the accuracy of the real GDP for Q3, arguing that, given the shocks and inflationary pressures expe-

rienced, the figures should be more realistic.

He voiced concern about the declining contribution of real sectors, foreseeing potential consequences like increased imports of food items and finished goods.

Uviase advocated for a more transparent approach to GDP reporting, suggesting that nominal and real GDP figures should be presented in the analysis for easy comparison between periods. He criticized the current practice of providing only percentage growth rates without displaying actual figures, deeming it susceptible to manipulation.

“The nominal GDP for the third quarter is N60.65 trillion Naira, as against N52.25 trillion in the third quarter of 2022. We are rightly told that the growth represents 16.08% nominal GDP growth in the two periods. Our Statistician says that the real GDP in Q3 is N19.889 trillion, while the corresponding figure for 2022 is N19.294 trillion. It is doubtful if the real GDP in 2023 is correct.

‘Ethical Standard Will Reposition Oyo as Leader in Surveying’ Kemi Olaitan ÓØ ÌËÎËØ The Vice Chairman, Abeokuta South local government area of Ogun State, Iretioluwa Sotayo has charged members of the Association of Private Practising Surveyors of Nigeria (APPSN) in Oyo State, to imbibe discipline, ethical standard and developmental reforms to return the state back to its place of pride as the former seat of the South west region of the country.

He made the call at a 2-Day retreat organized by APPSN Oyo State chapter for its members in Iseyin, Iseyin local government area of Oyo State.

Sotayo who was the Guest

Speaker at the event, said members of APPSN in the state should take cognizance of major reform approaches that the Ogun State branch took up and worked for them.

In his presentation with the theme, “Raising The Bar of Private Practice of Surveying in Oyo State: A Collective Effort,” he insisted on the need to embrace the Continuous Operation Reference Station (CORS), online issuance to residents and nonresidents Surveyors as well as rationalization of pillar numbers issuance to reduce cost, safe lives of practitioners and cut out fraud.”

“To bring back the pride of Oyo State in the area of

Surveying practice, we must be firm with our ethical standard, discipline and institute technology in the area of imbibing online practice in areas like Continuous Operation Reference Station (CORS), electronic record copies, rationalization of pillar number issuance and others, “he said.

Sotayo also harped on the need for inspection of surveying offices, monitoring of pupil surveyors to avoid their proxy training, calling for good relationship between APPSN in Oyo State and relevant state Ministries as well as need for political influence to make reforms successful.

NGO Empowers Aspiring Professionals Nume Ekeghe The Inspired For Impact Summit, an annual gathering of seasoned industry leaders and aspiring professionals, has concluded its fourth edition, leaving a trail of inspiration and empowerment in its wake.

Founded in 2020 by Mrs. Victoria Ibhawa, a seasoned HR professional and founder of the Inspired For Impact Initiative (an NGO), the summit has become an annual guide for up-and-coming professionals seeking to navigate their career

paths and achieve success.

In a statement, Ibhawa said: “The model is to use my rich network to assemble leading professionals to impact the younger generation by sharing the stories of their journeys to relevance,” emphasising the summit’s role in connecting aspiring professionals with seasoned mentors.

Themed, “My Journey, My Story,” the recent summit delved into the personal journeys of prominent professionals, offering attendees a glimpse into the factors that shaped their success.

Director of Internal Audit and Risk Management at IHS Nigeria Limited, Mrs. Temitope Yusuff shared her insights on building trust, competence, cultivating meaningful relationships, embracing change, striving for excellence, delivering value, and investing in self as critical cornerstones of success.

Managing Director of GTB Liberia, Mr. Ikenna Anekwe, underscored the significance of intentionality, focus, selfdevelopment, stakeholder management, and investing in others as key enablers of success.

Stockbrokers’ President Pays Tribute to Late Ogunbanjo The President and Chairman of Chartered Institute of Stockbrokers (CIS), Mr Oluwole Adeosun, eulogized the late Honorary Fellow of the Institute, Mr Chris Ogunbanjo for his sterling contributions to the growth and development of the Nigerian capital market.

Ogunbanjo, the father of the immediate past Chairman of NGX Group Plc, Abimbola Ogunbanjo, who was invested as a Honourary Fellow of the Institute in December last year, passed on recently and the late corporate

legal icon was celebrated by the Institute, including the closing gong ceremony on Nigerian Exchange Limited (NGX).

Speaking at a the tribute ceremony in honour in Lagos at the weekend, Adeosun explained that he was actively involved in the incorporation of NGX when it was called the Lagos Stock Exchange at its formative year.

“He served as Chairman of the 120-member Consultative Committee on Company Law – a body set up by the Federal Government in 1989 to advise

it on a new Companies Decree which was promulgated into law in January 1990. Chief (Dr.) Chris Ogunbanjo established a reputation, not only for nurturing many successful industrial ventures in Nigeria but also for promoting education, research and the achievement of a stable society through The Chris Ogunhanjo Foundation. He was actively involved in the incorporation of the Nigerian Exchange Group (NGX) when it was known as Lagos Stock Exchange, ”said Adeosun.

L-R: Head of Marketing Intercontinental Distillers Limited IDL, Mobolaji Alalade; Managing Director, Patrick Anegbe and Head of Sales, Hope Gbagi at the unveiling of the two variants of Teezers and relaunch of the Brand in Lagos... recently

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

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 29TH SEPTEMBER , 2023

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

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

T H I S D AY ˾ DAY, DECEMBER 4, 2023

37

MARKET NEWS

Airtel, Dangote Cement, Five Others Contribute 62.3% to Market Cap KayodeTokede Airtel Africa Plc, Dangote Cement Plc and five other big companies out of 155 listed on the Nigerian Exchange Limited (NGX), contributed about 62.3 per cent or N24.313 trillion to overall N39.052 market capitalisation as of November 2023.

The other companies are: MTN Nigeria Communication Plc, BUA Cement Plc, Seplat Petroleum Plc,

Zenith Bank Plc, and Guaranty Trust Holdings Company Plc. Despite double-dight inflation rate, among other macro economic challenges, the stock market that opened 2022 at N27.915trillion has appreciated steadily by 39.9 per cent or N11.14 trillion to N39.052trillion.

The seven fundamental companies have continued to show resilience, leading to improved profit amid challenging environ-

P R I C E S MAIN BOARD

F O R DEALS

ment this year.

Specifically, Airtel Africa closed November 30, 2023 at N6.76trillion in market capitalisation when it stock price reached N1,800, an increase of 10.09per cent from N1,635.00 per share the stock opened for trading this year.

The telecommunication giant market capitalisation contributes about 17.32per per cent to overall market capitalisation in the period under review. Dangote Cement is

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

QUANTITY TRADED

also the only company with market capitalisation at N5.45trillion, while MTN Nigeria Communication’s market capitalisation stood at N4.99trillion as of November 30, 2023. The stock price of Dangote Cement has appreciated to N320 per share, a growth of 22.6 per cent from N261.00 per share it opened this year, while stock price of MTN Nigeria Communication as of November 30, 2023 was at N238 per share, representing an

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

increase of 10.7 per cent from N215 per share it closed 2022.

BUA Cement’s market capitalisation stood at N3.5trillion when the stock price reached N104 per share as of November 30, 2023 from N97.75 per share.

Meanwhile, the likes of Seplat Petroleum, Guaranty Trust Holding Company and Zenith Bank crossed the N1trillion market capitalisation as of November 30, 2023.

Seplat Energy and GTCO with N1.36trillion and N1.15trillion market capitalisation as of November 30, 2023, while Zenith Bank hits N1.07trillion in market capitalisation as of November 30, 2023. The stock price of Seplat Energy has gained 110 per cent Year-till-Date to N2,310.10 while GTCO’s stock price moved from N23 per share in December 30, 2022 to oN39.00 per share as of November 30, 2023.

N OV E M B E R / 3 0 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

38

MONDAY DECEMBER 4, 2023 • T H I S D AY

MONDAY DECEMBER 4, 2023 • T H I S D AY

39

40

MONDAY DECEMBER 4, 2023 • T H I S D AY

MONDAY DECEMBER 4, 2023 • T H I S D AY

41

42

T H I S D AY • MONDAY, DECEMBER 4, 2023

NEWS

INAUGURATION OF ENUGU INVESTORS NETWORK...

L-R: CEO, Peace Group of Companies, Dr Sam Onyishi; Founder, Signal Alliance Technology Holding, Collins Onuegbu; GMD, Afrinvest West Africa Ltd, Ike Chioke; Secretary to Enugu State Government, Prof. Chidiebere Onyia; Governor of Enugu State, De. Peter Mbah; CEO, Oildata Energy Group, Emeka Ene; and the Chairman, Manufacturers Association of Nigeria, South East Zone, Lady Ada Chukwudozie, at the inauguration of Enugu Investors Network by the governor in Enugu, weekend

Prominent Ondo Indigenes Write CJ, Allege Unconscionable Paralysis of Governance Some prominent indigenes of Ondo State, home and abroad, have written to the Chief Judge of the state, Justice Ayedun Olusegun Odusola, expressing grave concerns about the lack of governance in the state under his watch.

The concerned indigenes are

‘Gbenga Sesan, ‘Yemi Adamolekun, Ademola Adesida, Feyi Fawehinmi, Japhet J Omojuwa, Kayode Ogundamisi, Omokunbi Adeoti, Omolara Gbonigi, and Omoyele Sowore.

In a statement dated November 27, 2023, the indigenes contended

that, Governor Rotimi Akeredolu of the state, had been ill for most of his second term since he was sworn into office on February 24, 2021.

According to them, “This year, he embarked on a well-documented medical leave, handing over executive powers to his Deputy Governor on

June 7. He returned on September 7 and promptly wrote to the State House of Assembly informing them of his return.

“However, due to his ill-health and the poor state of public health facilities in Akure, he has been forced to stay in Ibadan, the Oyo State capital, to

NDLEA Smashes Syndicate Attempting to Smuggle Drugs to Europe, Asia Michael Olugbode in Abuja Attempts by drug syndicates to smuggle illicit substances, including various quantities of methamphetamine and opioids concealed in hems of new jean trousers, buttons, local soap and tins of beverage to Europe, United Arab Emirates and Asia have been thwarted by operatives of the National Drug Law Enforcement Agency (NDLEA) in Lagos.

A statement by the spokesman of the anti- narcotics agency, Femi Babafemi yesterday listed some of the consignments intercepted by the NDLEA operatives of the Directorate of Operations and General Investigation (DOGI) at courier houses in Lagos.

They include: Tramadol 225mg concealed in hems of new jeans

trousers heading to Cyprus; shipment of cannabis sativa hidden in heads of dolls going to Dubai, UAE; sachets of tramadol 225mg buried in tins of beverage going to UAE and another set of same drug hidden in local soap also going to UAE. They also include a consignment of methamphetamine concealed in buttons heading to Hong Kong.

Babafemi said a shipment of another illicit substance coming from Florida, USA was equally intercepted at a courier firm while the recipient, Daniel Ogi was tracked by NDLEA officers and arrested at Ajao Estate Lagos in November.

Babafemi also said operatives in Lagos last Friday arrested a drug kingpin, Okechukwu Ogala, 56,

who specialises in exploiting and recruiting young persons to export meth to Asian countries.

He was arrested at Blue Moon Hotel in Okota area of Lagos with 60 wraps of methamphetamine weighing 1.009 kilogrammes In another operation in Lagos, operatives last Friday recovered 393 kilogrammes of cannabis in a shop at Akala, Mushin while a suspect, Justin Enuonye, who deals in Canadian Loud was arrested by the police at Victoria Island and transferred to Lagos Command of NDLEA the same day with 154 parcels weighing 92 kilogrammes.

Babafemi also said a team of NDLEA operatives also intercepted a vehicle at Oyingbo area of Lagos and recovered 108 kilogrammes of cannabis

from it, while 675 kilogrammes of the same substance were recovered from the store of a wanted dealer, Wahab Olota at Adedoja area of Mushin, Lagos State.

In Edo, NDLEA operatives last Wednesday stormed the Ujiogba forest, Esan West local government area where they recovered 5,988 kilogrammes of cannabis already processed and ready for distribution while a 22-year-old, Mson Bunde, (a.k.a Tete Peter Joseph) found in a hut on the cannabis farm was arrested.

He said that no less than 120,000 capsules of tramadol concealed in new sound systems packed in a Jos, Plateau state-bound bus were seized by NDLEA officers acting on intelligence along Onitsha-Awka road, Anambra state last Monday.

PDP CRITICISES FG OVER 1, 411 DELEGATION TO COP28, OBI URGES PRODUCTION, NOT WASTE will come soon enough when we can focus on competing with China on productivity and the miracle of migrating the highest number of its citizens out of poverty over a relatively short time.

"As we have kept emphasising, we must stop waste as an addition to our government and nation. We urgently need to cut the cost of governance and invest in production.

"We need to de-emphasise unnecessary ceremony and showmanship as a mode of government behaviour. We need to tie spending to necessity and national priority pointing out that a New Nigeria is possible but we only need to do the reasonable and the necessary.”

Presidential Aide: Separating the Facts from Fiction Writing against the background of widespread public criticisms, Mr Tope Ajayi stated that It was important to set the record

straight and provide some clarity. below are excerpts: To begin with, the Summit is tagged COP which means Convention of Parties. The ongoing Summit in Dubai with over 97,000 delegates from more than 100 countries around the world is the 28th in the series since the issue of climate change and action took preeminent stage in global affairs.

COP27 took place at Sharm El-Sheikh in Egypt last year.

When the world comes together to take actions on achieving a common goal and proffer collective solutions to a nagging global concern, there are parties involved from government, private sector, civil society, media and multilateral institutions. The people coming together to advance their different agenda and interests from governments, businesses and civil societies are the parties to the convention who represent various shades of opinions and pushing for various mitigating actions.

In Nigeria like so many other countries, interested parties comprising government officials from both the

Federal and sub-national governments, business leaders, environmentalists, climate activists and journalists are present in Dubai. Also participating are agencies of government such as the NNPC and its subsidiaries, Ministry of Niger Delta Affairs, NIMASA, NDDC. Many youth organisations from Nigeria especially from the Northern and Niger-Delta regions whose lives and livelihoods are most impacted by desert encroachment and hydrocarbon activities are also represented. The President of Ijaw Youth Council, Jonathan Lokpobiri, leads a pan-Ijaw delegation of more than 15 people who registered as parties from Nigeria. Among delegates from Nigeria are also over 20 journalists from various media houses.

Their participation is very important. It is not for jamboree as it is being mischievously represented on social media.

It is important to state here that delegates from all countries whether from government, private sector, media and civil society groups attend COP

summits and conferences as parties and the number of attendees are registered against their countries of origin. This does not mean that they are sponsored or funded by the government. It must be said also that the fact that people registered to attend a conference does not mean everyone that registered is physically present.

As the biggest country in Africa, biggest economy and one with a bigger stake on climate action as a country with huge extractive economy, it is a no-brainer that delegates from Nigeria will be more than any other country in Africa.

Among the delegates from Nigeria are UBA Chairman, Tony Elumelu, Abdul Samad Rabiu, Chairman of BUA group, and other billionaires whose businesses are promoting sustainability and climate actions through their philanthropies. These businessmen and women and their staff who came with them to promote their own business interests are part of the 1,411 delegates from Nigeria.

Their trip to Dubai is not funded by the Federal Government.

access the care he needs.

“Any human being can be sick at any point in time and it is certainly not Mr Akeredolu’s wish for his body to have failed him in this manner. In the words of Thomas Fuller, ‘Health is not valued till sickness comes.’

“Therefore, the issue is not that Mr Akeredolu is ill, but that governance has been completely paralysed, gravely impacting the quality of life of approximately 5.3 million residents in the process.

“Furthermore, the leadership he assembled to govern the state has shown a clear inability to step in and provide the much-needed leadership of the state in his absence.”

Listing some of the impacts the governor’s long absence has had on the state, the indigenes noted that it was about time the CJ intervened as an independent arm of government

with such responsibility at such a time.

“In light of this, we call on your Lordship to act in your capacity as the leader of the third arm of government, with independent powers to enforce the law of the land to compel the Ondo State EXCO to act in line with Section 189 of the Constitution and request that the Speaker of the State House of Assembly constitute a medical panel to ascertain Mr Akeredolu’s capacity to govern.

“We have given Mr Akeredolu two months since his return in September 2023, to do the same thing he asked former President Yar’Adua to do in 2010. Since he has failed to act accordingly, we ask your Lordship to act immediately to forestall further crisis in the state,” the statement stated.

Gambari Extols Benefits of Unity Schools, Others

Hammed Shittu in Ilorin

Chairman of the Kwara State Council of traditional rulers, Alhaji Ibrahim Sulu Gambari, weekend, extolled the idea of unity schools, saying federal institutions including unity schools were established majorly to promote Nigeria's unity and its abound diversities.

Gambari made this remarks at his palace in Ilorin, the state capital, when he received the 33rd Passing Out Parade (PoP) of the Nigeria Military School (NMS) Zaria alumni, led by its chairman, Alhaji Aliko Mohammed Aliko, and the chief host of the event and Emir's nephew, Alhaji Umar Bolaji Gambari.

He reiterated that unity schools and other federal establishments were specifically launched to foster unity and oneness of the country.

According to him, since all students would be drawn from across the nation, it was certain that familiarity that would transcend religion and ethnic bigotry would ensued.

He stressed that while at school or at work in case of offices, brotherhood and undying love that would outlive the office or schools would undoubtedly be formed.

"Merely looking at you all, one would unquestionably come to terms with Nigeria's reality; of the reality that one is looking at

Nigeria. That is the essence of creating the school in 1954 by the British government.

"If Nigeria is going to survive, it is a group like yours that would make it survive and if it would break, it is a group like yours that would ensure it," he stated.

He, however, prayed and blessed the group.

Earlier, Aliko explained that they were in the state to seek the blessings of the Emir and to showcase themselves in ways and manners that would attract Kwara indigenes and residents to enroll their wards in the school.

"We are here among others to reaffirm that your son, Alhaji Umar Bolaji Gambari, has so many friends and brothers from across the country.

"Today sir, we have come to the great kingdom of Ilorin to come and celebrate ourselves and also to seek your blessings and prayers," he stressed.

In his remarks, the chief host, Gambari said, "We are in Ilorin to hold our Annual General meeting and retreat so as to enable us to forge ahead in the quest of national unity.

"It is also to celebrate our 33rd years that we have left Nigeria Military School, Zaria, in Kaduna State and we have been doing this for past years because our members cut across all the states of the federation."

43

T H I S D AY • MONDAY, DECEMBER 4, 2023

NEWS

GENDER AND INCLUSION SUMMIT...

L-R: Executive Director, Policy Innovation Center (PIC), Dr. Osasuyi Dirisu; Chairman, PIC, Mr. Udeme Ufot; FCT Women Affairs Secretary, Benjamin Laniyi; Minister of state Health and Social Welfare, Dr. Tunji Alausa; Chief Executive Officer, Nigerian Economic Summit Group(NESG), Mr. ‘Laoye Jaiyeola; and Chief Executive Officer, Designate, NESG, Dr. Tayo Aduloju, during the Gender and Inclusion Summit in Abuja ...recently

Fubara: Peace Panacea for Sustainable Devt in Rivers Ijaw youths warn Wike, ask him to leave their gov alone

Sylvester Idowu in Warri and Blessing Ibunge in Port Harcourt Rivers State Governor, Mr Siminalayi Fubara, has urged Rivers people to abide by the tenets of peace as that was the only way to bring about the desired and sustainable development in the state.

This was as the Ijaw Youth Council (IYC) has advised the Minister of the Federal Capital Territory, Nyesom Wike, to allow Fubara concentrate on the development of the state without further distraction.

Fubara, however, assured the people that his administration would not take the love and unflinching support of Rivers people for granted, stressing that he would continue to take cognisance of the collective efforts of all stakeholders to achieve the desired dream of a prosperous state.

The governor made the assertion at the weekend, at Koniju Town in Okrika, during the burial ceremony of the late Amanyanabo of Koniju Town, His Majesty, King Nelson Atubo Oputibeya XI.

Addressing the people, he expressed gratitude over the overwhelming reception accorded him and his entourage by the people of Koniju.

"When my convoy was stormed by the people, it was the support from the youths, women and everybody, and I was happy. I thank you all for your support.

In the spirit of this, I urge you to maintain peace, for it is only when there is peace that the promises we made can be fulfilled."

The governor commended the people of Wakrike Kingdom, particularly, the Traditional Rulers, for the prevailing peace in the area and their unwavering support for his administration.

He further announced that the process of formal gazetting of the Koniju Traditional stool for proper recognition would be made public next week.

Earlier, Chairman of the Koniju Town Council of Chiefs, Adokiye Amiesimaka, described the governor as a son of Koniju Town and thanked him for honouring the burial of the late monarch.

Meanwhile, the IYC has reiterated that Wike should leave Fubara alone, warning that Ijaw

Youths would no longer tolerate more attacks on their kinsman by the FCT minister.

Spokesperson of IYC worldwide, Binebai Yerin Princewill, at a press conference, weekend, said the Ijaw Youths would always stand to defend and support Fubara, an Ijaw man, who has within six months of his administration, brought good governance to the state.

"IYC will always stand to defend and support Governor Fubara who has within six months into his administration as Governor of Rivers State demonstrated a high level of productivity in the Governance of Rivers State. He is handling the state better than he met it.

"It has become imperative we sound this note of warning to Mr Wike because the Ijaw people are tired of tolerating his continuous abusive and undermining shenanigans towards the Ijaw people of Nigeria, who have benevolently offered him nothing other than the name and fame he is enjoying politically today.

"He 'Wike' started his onslaught on our traditional rulers in Rivers State by referring to them as

'small boys', 'living fake lives' and moved forward to abuse our revered Ijaw National Congress (INC) and the Ijaw Youth Council (IYC) by asking thunder to fire them.

"We as a people would no longer tolerate his unprovoked display of hate and anger toward the Ijaw people. It is our advice that Mr Wike jettisons whatever plans he has to disrupt Fubara's

tenure as Governor of Rivers State. Just the way others ruled their tenures without any issue, Fubara should be allowed to rule his people peacefully," the group said.

Kwankwaso is NNPP’s Problem, North-east EXCO, Stakeholders Allege

Segun Awofadeji in Bauchi

The executive committee and stakeholders of the New Nigeria Peoples Party (NNPP), have identified the party’s presidential candidate, Dr Rabiu Musa Kwankwaso, as the problem of the party and thereby justified his expulsion.

A meeting of the North-East subregion at the end of its meeting in Bauchi,weekend, however, reaffirmed the expulsion of Kwankwaso from the party as contained in the communique of their first meeting after the conclusion of the 2023 general election.

According to the communique by the National Vice Chairman, North, Dr Babayo Liman, the

executive committee and the stakeholders of the North-East zone expressed dissatisfaction with the judgement of the Appeal Court against the NNPP and the Governor of Kano State, Abba Kabir Yusuf.

The meeting vowed to continue supporting Yusuf and appeal to all NNPP members/supporters across the country for maximum support and prayers as the matter has gone to the Supreme Court.

They, however, blamed Kwankwaso for all the crisis and the misfortune that had invaded the party, and therefore released the names of acting state chairmen of the zone as Alhaji Usman Isa, Bauchi; Kabiru A Abdul, Taraba’ Alhaji Salmanu Abubakar, 3, Adamawa; Mal.

Babangida Garba, Yobe; Alhaji Aminu Bukan Salihu, Borno; and Mr Ramby Ayaba, Gombe; while Abdullahi Yakubu was the North-East Deputy National Chairman.

The executive committee and stakeholders also reaffirmed the dissolution of Abba Kawu Aliled NWC and passed a vote of confidence in the founder and life member of board of trustees, Dr. Boniface Aniebonan They further reaffirmed the election of Dr. Tope Aluko as Chairman of the Board of Trustees and Mohammed Babayo Abdullahi as Secretary of the Board of Trustees, and reaffirmed the appointment of new NWC under the leadership of Dr Agbo Major.

four pilotage districts.

It said, “In order to mitigate the attendant loss of revenue and surmount the legal impasse created by the dispute, the authority proposed a settlement initiative with INTELS which was submitted to the federal government through the Ministry of Transportation.

“INTELS also made proposal for settlement on behalf of itself and Deep Offshore Services Nigeria Limited.

Protracted negotiations followed and the parties eventually reached a settlement following remarkable concessions by INTELS/Deep Offshore and verifiable gains by NPA/the federal government.”

the 2023 general election described the reported contract restoration as untrue, and added that the new directive would not also benefit him Reacting through his X account, Atiku said, "In January of 2021, I made public the sale of a major chunk of my shares in the Integrated Logistics Services Nigeria Limited (Intels) to Orlean Investment Group, the parent company of Intels.

"The phased sale of those shares that commenced in 2018 reached its peak in December of 2020. Intels also made public my exit from the oil and gas logistics company, meaning that those shares I sold are now owned by a different entity.

"My divestment from the company that I co-founded has not been reversed. Consequently, I cannot by any stretch of imagination be a beneficiary of the reinstatement of the pilotage monitoring business that was taken away from Intels by the federal government.

"Therefore, the insinuation that I am a beneficiary of the decision to rescind the cancellation of the contract between Intels and the federal government is untrue and should be seen for what is: mischief."

NPA: NIGERIA’LL SAVE $326.89M FROM AGREEMENT WITH INTELS the Nigerian Ports Authority and INTELS Nigeria Limited executed the managing agency agreement, while a Supplemental Agreement with Deep Offshore Services Limited for the Phase 4B Port Development was also executed in view of the fact that the initial Agreement was suspended.”

NPA further disclosed that the federal government lost enormous revenue in the period it took over the management of pilotage.

It said, “After the expiration of the Service Boat Management Agreement, the Authority took over the performance of the service through various Departments and Divisions.

“However, due to the constraint of not having the requisite technology to monitor the operations, the expected revenue dwindled and it resulted in the drastic reduction of revenue generation for the Authority.

“An analysis of its impact on the authority's revenue showed a sharp decline from $216 million and $209 million in 2014 and 2015 respectively under INTELS agency to $130 million and $99 million in 2020 and 2021, respectively, after take over by NPA. The situation in 2023 is even worse as the collection up to June 2023

was only $55.3 million.”

NPA insisted that the agreement reached with INTELS was done in the national interest, adding that revenue generation would increase as a result of the effort.

While praising Oyetola for working diligently to ensure that the crisis was resolved, NPA said the minister was disheartened by the needless loss of revenue as a result of the impasse, adding that he showed concern and patriotism in resolving the dispute.

While admitting that errors were made by the past management of NPA, the authority stated that prior to the expiration of the Service Boat Monitoring Agreement, it commenced the procurement process for the engagement of service boat operations monitoring agents.

NPA stated, “Several companies submitted bids and the Parastatal Tenders Board of the authority considered the proposals and approved to forward the four companies considered qualified for the next stage of the process to the Ministerial Tenders Board for further procurement processes in line with the requirement of the Public Procurement Act. “The four companies are: Pacific

Silverline Limited, Nexttee Oil and Gas Trading Company Nigeria Limited, ICA Logistics Limited and Ishasha Investments Limited.

“Shortly after the opening of the bids, INTELS Nigeria Limited and Deep Offshore Services Limited instituted a suit no FHC/ CS/L/1058/2020 at the Federal High Court, Lagos against the Authority seeking orders of the Court to restrain the authority from engaging new Service Providers to carry out the monitoring of Service Boat Operations in the Exclusive Economic Zone.

“INTELS further claimed that the authority was in breach of the management agreement and sought reliefs including that the contractual status quo remains. Deep Offshore claimed that the termination of the Managing Agency Agreement will negatively affect process of recovery of the Project cost from the Authority.

“The Federal High Court, Lagos per Justice Oweibo by an Order of Interim Injunction dated 24th July, 2020 restrained the authority from giving effect to the Public Notice calling for Expression of Interest for the provision of the Service Boat Operation from interested entities in line with the Procurement Act.”

The statement stressed that NPA notified INTELS Nigeria Limited vide its letter dated August 5, 2020 of the expiration of the Service Boat Management Agreement on August 8, 2020 and of its intention to take over the provision of the said Service Boat Operation.

It said a public notice was equally issued to all Service Boat Operators requesting them to deal with the various port management on all Service Boat issues.

NPA added that the orders of the Federal High Court should have effectively stalled the procurement process, adding that despite the orders of the court, the authority continued with the procurement process and forwarded the names of the companies to the Federal Ministry of Transportation.

“The procurement process was subsequently put on hold based on the advice from the Federal Ministry of Transportation that the authority should comply with the orders of court,” the statement said.

The authority said it was thereafter sued by the four firms seeking declarative reliefs and an injunction restraining the Authority from awarding the contract in the

Atiku Denies Reversal of Reinvestment in Company Former Vice President Atiku Abubakar denied alleged restoration of INTELS’ Nigerian Port Authority (NPA) contracts that were cancelled by the Muhammadu Buhari administration, saying even his divestment in the company has yet to be reversed.

The PDP presidential candidate in

44

MONDAY DECEMBER 4, 2023 • T H I S D AY

MONDAY DECEMBER 4, 2023˾ T H I S D AY

45

,NEWS

COURTESY VISIT TO EMIR OF ILORIN…

L-R: Chief Host, Nigeria Military School (NMS), Zaria 33rd Passing Out Platoon Alumni Association Annual General Meeting (AGM), Mr. Omar Bolaji Gambari; the Emir of Ilorin, Alhaji Ibrahim Sulu Gambari, and the Chairman,NMS, Zaria 33rd Passing Out Platoon Alumni Association, Mr. Aliko Mohammed Aliko,during a courtesy visit to Emir as part of the activities to mark the association’s 2023 meeting in Ilorin, Kwara State...recently

Lawyers Urge Supreme Court Justices to Resist External Interference in Kano Guber Appeal John Shiklam in Kaduna A group of lawyers, supporting the Governor of Kano state, Abba Kabir Yusauf has appealed to the Supreme Court Justices to resist any form of external interference in the Kano governorship appeal before them.

Addressing a press conference

yesterday in Kaduna, the lawyers, under the aegis of “Abba Yusuf Kabir lawyers forum in the 19 Northern states and Abuja,”said the recent appeal court decision, affirming the nullification of Kabir’s election as governor of Kano state, “is a clear case of miscarriage of justice.”

The appellate court had on November 17, affirmed the judgment of the election petition tribunal which sacked Kabir as the winner of the March 18, 2023,

Ogun State Governor, Prince Dapo

The Chief of the Air Staff, Air Marshal HasanAbubakar, weekend, ordered a probe into the crash of a Nigerian Air Force MI-35P attack helicopter in Port Harcourt, capital of Rivers State.

The air force chief directed the immediate commencement of the accident investigation, “So that we can learn exactly what happened and prevent future occurrences.”

The air force chief also visited Port Harcourt to assess the situation, visit the crew and encourage the personnel of 115 Special Operations Group (115 SOG).

He also directed the commander

of the medical centre, where the surviving crew members were receiving treatment to ensure they were given utmost attention required.

While addressing the personnel of 115 SOG, Air Marshal Abubakar, encouraged them to see the setback as a setup for a resilient comeback, channelling efforts toward thwarting the activities of economic saboteurs and countering oil theft.

“You must, therefore, never be discouraged as the hopes of millions of Nigerians rest on our shoulders.

The realisation of these aspirations is hinged on our ability to combat all forms of criminality that threaten our peace and stability,” he said.

Ekiti SIEC Announces Results for LG Poll 2023 Gbenga Sodeinde in Ado Ekiti

The All Progressives Congress (APC) has won last Saturday’s all 38 chairmanship and 177 councillorship seats in local council election in Ekiti State.

The declaration was made at the situation room of the Ekiti State Independent Electoral Commission (EKSIEC) in Ado Ekiti, where the Returning Officers in all the Local Government Areas and Local Council Development Areas (LCDAs) took turns to present the results of the various

council areas.

Addressing the gathering in Ado Ekiti on Sunday, the EKSIEC Chairman, Justice Cornelius Akintayo (rtd), applauded Ekitikete for the peaceful atmosphere under which the election was conducted.

He also commended the parties that took part in the election for their sportsmanship spirit as well as the staff who worked on the field, the security agents, and the media for a job well done.

the lawyers, Yusuf Ado Ibrahim, said during the press conference that his group was “hopeful that the apex court would do the right thing devoid of any

sentiments…”

He called for the amendment of the Electoral Act to address certain anomalies in the judiciary system to save democracy.

Our National Challenges Surmountable, Abiodun Tells Spiritual Leaders James Sowole in Abeokuta

has described the role Air Force Chief Orders Abiodun, of spiritual leaders in the quest solving the array of Nigerian Probe of Air Crash in Rivers ofchallenges as indispensable and KingsleyNwezehinAbuja

governorship election in the state.

Kabir is challenging the judgment of the appellate court at the Supreme Court.

However, the spokesperson of

of great importance, urging them to be patriotic and selfless.

The governor stated this during the induction service of the 6th LAWNA Territorial Chairman and National Vice President, Pastor Gabriel Okpako Uyeh and the 2nd LAWNA Territorial Vice Chairman, Pastor David Ajibade, at the Apostolic Church, Nigeria, LAWNA Territory, Lagos State.

Abiodun highlighted the ongoing efforts to improve the country’s economy and emphasized the church’s significant role in this endeavour.

He called on the new chairman and vice chairman of the church to serve God and also look after the church under their care.

Abiodun, who was represented by his Commissioner for Budget and Planning, Mr.Olaolu Olabimtan, disclosed that the appointment of the two men of God was a testament to their unwavering faith, dedication and commitment to the principles and practices of the church.

Tinubu ‘ll Not Tolerate Destruction of Farmlands by Herdsmen, Igboho Tells Miyetti Allah Kemi Olaitan in Ibadan Yoruba nation activist, Sunday Adeyemo, popularly known as Sunday Igboho, yesterday, took on the National President of Miyetti Allah, Kautal Hore, Abdullahi Bello Bodejo, for dismissing

his recent quit notice to Fulani herders to vacate the South-west.

He said the nation’s constitution does not support mindless killings of farmers, vicious rape of their wives and destruction of farmlands, which were rampant

during the immediate past administration of ex-President Muhammadu Buhari, stressing that President Bola Tinubu would not tolerate such unwholesome acts.

Adeyemo while apparently reacting to a report credited to Bodejo in the media,

contended that “some alleged killer Fulani herders must be stopped from re-igniting tension and atmosphere of insecurity in any part of Nigeria, most especially in the agrarian communities and settlements in Yorubaland by the security agencies.”

Govt Urged to Tackle Rising Cases of Gender Based Violence amongst Undergraduates BlessingIbungeinPortHarcourt

The National Association of Seadogs (NAS), Olympus Marino Deck, has called on government at all levels to urgently tackle the rising cases of Sexual and Gender Based Violence (SGBV) amongst undergraduates in tertiary institutions in Rivers State.

The group made the call while speaking with journalists at a sensitisation programme on SGBV organised in collaboration with We The People, Gender and Development Action (GADA) and Rotary Club, for students.

The students were selected from the Rivers State University,

University of Port Harcourt and Captain Amadi Polytechnic.

Speaking with THISDAY, the Second Mate, NAS, Mr Ilochi Nnamdi, said the programme was organised in commemoration of the International Day For the Elimination of Violence Against Women. Nnamdi, who disclosed

the theme of the programme as “Sexual and Gender Based Violence; The Rise in Femicide, Linked To Intimate Partner Violence Among Undergraduates In Råivers State”, expressed that the recent surge in SGBV and killings of undergraduate students in Rivers has reached an alarming and distressing level.”

Wives of Nigeria Military School Alumni Donate to Orphanages in Kwara Hammed Shittu in Ilorin Wives of the Nigerian Military School(NMS) , Zaria, 33rd Passing Out Platoon Alumni Association at the weekend in Ilorin, Kwara state capital donated palliatives to orphanage and less privileged children in the state.

They said that, the gesture was to show concern to the orphans and to alleviate their sufferings.

Speaking in Ilorin during the visit to the Kwara state Orphanage and Children Reception Centre, the leader of the group, Mrs. Nneka Ikeagwu, stated that the orphans and less privileged

children deserves support so as to help them have a new lease of life in the society.

She decried the abandonment of the orphans and less privileged children in the society.

Ikeagwu, who was accompanied to the centre by 35 other wives said that, “We

are in Ilorin, Kwara state capital with our husbands to hold annual retreat and reunion of the Alumni Association of the Nigerian Military School, Zaria, 33rd Passing Out Platoon and decided to pay a visit to the Kwara state Orphanage and Children Reception Centre in Ilorin.

Bridge Credit Conducts Cancer Screening for Police Personnel in FCT Kingsley Nwezeh in Abuja

Federal Capital Territory Police

Speaking to newsmen, the

to approved institutions. We are

institution at the weekend conducted a cancer screening test for the personnel of the

file, who turned out in numbers for the exercise at the Garki II police headquarters in Abuja.

institution.

“We are a consumer lending company that gives salary loan

cancer screening for the women and prostrate cancer screening for the men,” she said.

Brand Communications Officer here today to have our CSR for Monarch Tasks Parents on As part of its corporate social Command.

The cancer screening test of the Beidge Credit, Barbara Year 2023. The CSR this year is (CSR) initiative, involved male and female Alufa, said the exercise was focused on the health of our Education of Children responsibility Bridge Credit, a financial personnel, officers and rank and part of the CSR of the financial customers. We are doing cervical

LaleyeDipoinMinna

Chairman of the Niger state Council of Traditional Rulers and the Etsu Nupe Alhaji Yahaya Abubakar has tasked parents on the education of their children even as he strongly suggested that commercial education of the wards should be emphasised to make them self employed after graduation.

Alhaji Abubakar also urged wealthy individuals and corporate organisations to support governments in the provision of

educational facilities.

He made the suggestions in a message to the inauguration of a four classroom block with offices and modern toilets built at N27 million by Sunti Sugar Company and donated to Saint Mathias Anglican school in Kusogi community in the Mokwa local government area of Niger state.

The monarch said priority attention should now be on commercial education so as to reduce the search for white collar jobs by graduates.

APC Chieftain Commends Tinubu on 50% Subsidy on Agric Inputs Yinka Kolawole in Osogbo A chieftain of the All Progressives Congress (APC) in Osun State, Mr Olatunbosun Oyintiloye, has commended President Bola Tinubu, for the approval of 50 per cent reduction in the cost of agricultural inputs for farmers

for the commencement of dry season farming in the country.

Oyintiloye said that the subsidy on farm inputs by the president would go a long way in assisting farmers to increase production and boost food availability despite present high inflation in the country.

The APC chieftain said this while speaking with journalists yesterday in Osogbo.

The Minister of Agriculture and Food Security, Senator Abubakar Kyari, had on November 25 said the federal government will support 250,000 wheat farmers with a 50 per cent input subsidy

to cultivate about 250,000 hectares during the dry season.

Kyari, disclosed this during the flag-off of the 2023/2024 dry session farming under the National Agricultural Growth Scheme and Agro-pocket Project at Kadume Village, Hadejia Local Government Area, Jigawa State.

MONDAY DECEMBER 4, 2023 ˾ T H I S D AY

46

NEWS XTRA

CP Calls for Immediate Investigation into Attack on REC’s Quarters in Kogi Ibrahim Oyewale in Lokoja

The Commissioner of Police, Kogi State Police Command, Bethrand Onuoha, has ordered for a thorough investigation into the attack on the quarters of the Kogi State Resident Electoral Commissioner (REC).

This was contained in a statement issued and signed by the state Police Public Relation Officer, William Aya, copy of which was made available to journalists in Lokoja at the weekend.

According to him, “The Command received distress

call on December 1, 2023, at about 0311hrs on the attack by suspected armed hoodlums who stormed the quarters of the REC and started shooting sporadically.

“The police guards on duty at the residence engaged the hoodlums in a gun duel and denied them access to the premises.

“Meanwhile, the Sienna bus they came with was seen burnt to ashes at the frontage of the house. Immediately, the Commissioner of Police deployed a reinforcement Team of Tactical Operatives

to the scene while trailing the hoodlums. He commended the guards on duty for their bravery and diligence.

“The commissioner while condemning the attacks, tasked the Deputy

Retirees of Chevron Nigeria under the umbrella of Pensioners of Chevron of Nigeria (PenCoN) have asked the multinational company to respect the laws regulating pension in Nigeria by involving them in the administration of their pension fund.

Speaking at a press conference

in Lagos at the weekend, the executives and members of the association decried Chevron’s continued refusal to recognise their over 1,000 member association in the administration of their pension fund, saying the action of the multinational constitutes a flagrant disregard of their rights of association and choice to determine how their pension fund is administered.

Gbenga Sodeinde inAdoEkiti Ekiti State Governor, Mr Biodun Oyebanji, has advocated better and improved living standard for Persons With Disabilities (PWDs), noting that God has not created

The President of PenCoN, Omare Jonathan, in his address noted that for almost three decades, Chevron forced fitted its retirees into a union, Chevron Retiree Association of Nigeria (CRAN), registered as a limited liability company and not as a trade union or pressure group, and had since been determining how their pension fund is managed without their input.

Paimo Afonja, Omotosho, Others to be Honured at PERAAwards The seventh edition of the Pacesetters Entertainment and Recognition Awards (PERA) has been scheduled to hold in Ibadan, Oyo State on Sunday, December 10th, with special recognition awards for some veteran actors in the movie industry, including Chief Lere Paimo, Adeyinka Afonja, and

Remi Omotosho, among others.

In a press release, the organisers said that the special recognition awards were for the outstanding contributions of the individuals in their respective fields.

Executive Producer of PERA, Mr. Rotimi Martins, better known as Alariwo of Africa, explained: “We believe in a verse from our

justice.

“The CP, while assuring the good people of Kogi State of the Command’s unwavering commitment to guarantee the safety of lives and property of all law abiding citizens,

urged them to collaborate with the security agencies by way of volunteering credible and timely information on the activities of criminal elements in the state to enable prompt and commensurate response.”

No One is Without Potential, Oyebanji Declares at Inter’l Day for PWDs

Chevron Retirees Cry Out over Alleged Pension Mismanagement Wale Igbintade

Commissioner of Police in-charge of Criminal Investigation Department (CID) to commence investigation with a view to apprehending the perpetrators and bringing them to deserved

national anthem that says the labour of our heroes past shall never be in vain.”

According to him, recognising Paimo for his contributions to the movie industry in over 50 years, Eda, as he is known on stage, and a movie icon, deserved to be celebrated while alive and not when he’s gone

anyone to be useless or without potential.

Oyebanji, who stated this yesterday at an event commemorating this year’s International Day for Persons With Disabilities held at Jibowu Hall, Government House, Ado Ekiti, assured persons with disabilities that his government would continue to make policies that would bring them at par with other citizens as regards fulfilling their God-given talents and potential.

He added that his administration would not relent in prioritising their welfare.

The event which was attended by the Speaker, Ekiti State House of Assembly, Rt. Hon. Adeoye Aribasoye; his deputy, Rt. Hon. Bolaji Olagbaju; Secretary to the State Government, Dr Habibat Adubiaro; members of State Executive Council and House of Assembly was themed: “United in action to rescue and achieve the SDG’s for, with and by persons with disabilities.”

The governor noted that the remarkable and landmark improvement in the lives of Children in the Government Special schools has shown that

his administration had not made mistake by taking the affairs of persons with disabilities out of the Ministry of Education and creating the office of Special Education and Social Inclusion.

He highlighted some of the interventions in the special schools to include, several ongoing projects such as renovation of hostels and classrooms, adding that his administration has given approval for employment of 17 therapists and 91 permanent support staff, which may include qualified people with disabilities and single mothers with children with disabilities.

Tinubu Redeploys 135 Directors, Deputy tries ors, Others to New Minis Direct No fewer than 135 directors, Secretary, Career Management The memo read: “I am directed deputy directors, assistant directors and other officials in the Federal Civil Service have been redeployed to new Ministries, Departments and Agencies(MDAs).

The redeployment of the affected 135 civil servants was contained in a memo by the Office of the Head of Civil Service of the Federation dated November 30, 2023.

The memo, tagged: “HCSD/ CMO/EM/CPA/908/III/154” and signed by the Permanent

Office of the OHCSF, Marcus Ogunbiyi, was addressed to the Chief of Staff to the President, Femi Gbajabiamila; the Secretary to the Government of the Federation, George Akume; the Chairman of the Federal Civil Service Commission; the Chairman of the Economic and Financial Crimes Commission, the Chairman of the Independent and Corrupt Practices and Other Related Offences Commission, and all permanent secretaries, among others.

to convey the approval of the Head of the Civil Service of the Federation for the deployment of the following officers in the Federal Civil Service. Please note that all deployed officers must be accepted and documented by the respective ministries as rejection of officers would not be condoned by the Office of the Head of Civil Service of the Federation. All handover and taking-over processes must be completed on or before Thursday, 7th December 2023.

47

T H I S D AY ˾ , DECEMBER 04, 2023

MONDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Leverkusen’s Boniface Strikes Again to Snatch Draw with Dortmund

Duro Ikhazuagbe with agency report

Super Eagles forward, Victor Boniface, rescued Bayer Leverkusen from what would have turned out their first defeat of the season when barely 11 minutes from regulation time, he snatched a precious equaliser to end the game 1-1 draw with Borussia Dortmund.

And so, Boniface’s equaliser keeps Leverkusen on top of the Bundesliga with 35 points from 13 matches, three points ahead of defending champions Bayern Munich, who have a game in hand.

The goal also cap a productive week for the Nigerian striker as he similarly scored in a 2-0 win at BK Hacken of Sweden in the UEFA Europa League midweek.

Interestingly, it was Dortmund that got the curtain raiser when Julian Ryerson scored just five minutes into the game and the visitors looked set to be the first side this season to beat Leverkusen in any competition.

With the clock running down, Leverkusen manager Xabi Alonso brought Patrik Schick from the bench and the move paid immediate dividends, with the Czech attacker finding Boniface for the equaliser.

The draw means Leverkusen end the round three points ahead of Bayern Munich on the ladder, although the Bavarians have a

B U N D E S L I GA game in hand after Saturday's match with Union Berlin was postponed due to heavy snowfall.

Fresh from Tuesday's 3-1 win at AC Milan which secured progress to the Champions League knockouts, Dortmund burst out of the blocks, taking the lead after just five minutes through Ryerson.

With his back to goal, Niclas Fuellkrug held the ball up perfectly before back-heeling to Ryerson, who threaded the ball into the goal.

Leverkusen turned up the heat for the remainder of the opening half but could not find an equaliser, Florian Wirtz's 45th-minute stunner being ruled out by VAR for a narrow offside.

Dortmund held firm amid relentless Leverkusen pressure in the second-half, before Alonso sent on Schick, who had only played one minute in the league this season.

The Czech striker helped Leverkusen equalise less than a minute later, sliding a ball through the Dortmund defence to Boniface, who tapped home from close range.

Earlier on Sunday, a second-half goal from Austria striker Michael Gregoritsch took Freiburg to a narrow 1-0 win at struggling Mainz.

Victor Boniface...sandwiched between FC Heidenheim goalkeeper, Kevin Muller (right), and an unnamed defender, during a previous Bundesliga game...recently

Ghana’s Dreams FC Turn Klopp Wowed By Beautiful Goals Nightmare for Rivers Utd Nigeria’s last team standing in the continent, Rivers United FC, were beaten 2-1 by Dreams FC of Ghana in a CAF Confederation Cup Group C game in Kumasi on Sunday evening.

Dreams were running away 2-0 winners before Alex Oyowah halved the deficit in stoppage time.

The Ghana FA Cup winners scored in either half.

Rivers United are third in the

CAF CONFED CUP standings with three points. Club Africain of Tunisia are leading the group with six points from two matches after a 3-1 win at APC Lobito from Angola yesterday.

Rivers United will welcome Club Africain on Sunday, December 10, in continuation of the competition.

in Liverpool, Fulham Thriller "I don't think I ever saw a game with this amount of beautiful goals."

That was what Liverpool manager, Jurgen Klopp, told Sky Sports after his side held their own Goal of the Month competition with four sensational strikes in a thrilling 4-3 win over Fulham.

The goals started with Trent

PREMIER LEAGUE Alexander-Arnold, who gave Liverpool an early lead with a brilliant free-kick which ricocheted in off both the crossbar and Fulham goalkeeper Bernd Leno.

Alexis Mac Allister then hit a thunderous effort from range into

the top corner. And, with Liverpool trailing 3-2 in the 87th minute, Wataru Endo curled in an excellent equaliser.

Seconds later, in front of an ecstatic Anfield crowd, Alexander-Arnold completed the catalogue of sensational strikes with a clinical finish.

"Today (Sunday) we scored four worldies and were lucky in the end to win the game, and that tells you

I Want to Repeat History at GOtv Boxing Night 30, Says Black Tito The first female boxer to win the Mojisola Ogunsanya Memorial Trophy at GOtv Boxing Night, Bolatito “Black Tito” Oluwole, has boasted that her aim is to retain the trophy at the 30th edition of the boxing showpiece, on December 26.

Her national cruiserweight challenge fight against Blessing Abisoye, is one of the six bouts scheduled for the event, at the Tafawa Balewa Square, Victoria Island, Lagos.

She won the trophy as the best boxer at GOtv Boxing Night 29, after defeating Celina ‘Pretty Assassin’ Agwu, via a unanimous decision, to win the national female cruiserweight title.

Speaking from her training base in Lagos on Sunday, ‘Black Tito’ said the injury she sustained during the title fight has fully healed, and she's in top shape for the fight.

“I dislocated my shoulder during the fight against Celina, and the hand is fully healed now. I was elated to make history.

“It was the best night of my career so far, and I would love to have that feeling again. My aim is to win the Mojisola Ogunsanya Memorial Trophy again, and of course, the cash prize that comes with it,” she said.

‘Black Tito’ has won all of her eight professional bouts, with a

record of five knockouts, while Abisoye has a record of one win and one defeat from her two professional fights.

Also scheduled for the night is a West African Boxing Union (WABU) super welterweight title bout between Taiwo "Gentle Boy" Olowu, and Ghanaian boxer, Michael Ansah. Arabambi Ojo and Ibrahim “Golden Boy” Opeyemi will face each other in national bantamweight challenge bout, Sifon “Best” Iwatt and Saheed Azeez will battle for the national super flyweight title, Ayanfe Adeoye will face Ahmed Ganiyu in a national light welterweight category bout, while Abdulafeez “Big Name” Osoba will square up against Christopher Ucheji, in the national super welterweight category.

everything," Klopp added to BBC Match of the Day. "Four goals I have never seen before in one game like this to be honest."

Fulham manager Marco Silva was equally perplexed.

"It was great, great goals every time," he told BBC Match of the Day. "Normally that doesn't happen.

They scored four great goals from long distance."

RESULTS Premier league Bo’mouth Chelsea Liverpool West Ham Man City

2-2 Aston Villa 3-2 Brighton 4-3 Fulham 1-1 Cry’Palace 3-3 Tottenham

Bundesliga Mainz 0-1 Freiburg Leverkusen 1-1 Dortmund Augsburg 2-1 E’Frankfurt

NPFL

Trent Alexander- Arnold celebrating his winning goal for Liverpool against Fulham...yesterday

Gombe Bayelsa Remo Shooting Sporting Rangers

2-5 K’Pillars 2-2 Abia War 1-0 Plateau 0-0 Heartland 1-0 Katsina v Rivers Utd (PP)

Nigeria Clinch Gold, Silver at 36th World Military Wrestling Championship Kingsley Nwezeh in Abuja Nigerian Military Wrestlers at the on-going 36th World Military Wrestling Championship at Baku, Azerbaijan at the weekend clinched gold and silver medals respectively.

The feat was achieved by female wrestler, Corporal Hannah Reuben, who beat her Italian contender

in the 68kg weight category of women's freestyle wrestling to lift the gold medal.

A statement issued by the Director, Defence Information (DDI), Brigd Gen Tukur Gusau, said the wrestling team made an indelible mark on the global stage, setting a record and garnering widespread acclaim.

The medal was presented to Cpl Reuben by the Vice President of the International Military Sports Council (CISM), Mr. Dirk Shwede.

The statement noted that this was the first time the Armed Forces of Nigeria secured a gold medal since participating at the CISM World Wrestling Championship.

Another commendable perfor-

mance was by Lance Corporal Ojolaide Esther who won silver medal in the 72kg weight category earlier at the event.

The Chief of Defence Training and Operations, Maj Gen Emmanuel Onumajuru,vwho represented the Chief of Defence Staff, Gen Christopher Musa and the Director of Sports, Defence

Headquarters, Air Vice Marshal Abidemi Timothy Marquis, were present to witness the glory.

The senior officers respectively maintained that the historic victory wouldn't have been possible without the unwavering support of the Chief of Defence Staff, acknowledging his crucial role in the team's success.

75

TR

Monday, December 4, 2023

UT H

& RE A SO

N

Price: N250

MISSILE Afenifere to Judiciary, FG “A country whose Judiciary cannot be trusted to interpret laws with high degree of certainty and its judgment constantly enmeshed in needless controversy cannot expect the confidence of foreign investors in its economy. Now at the central stage is the time for President Tinubu to step forward with the requisite political determination to live for history and mobilise Nigerians to truly enact for ourselves an autochthonous federal constitution" –Afenifere Secretary General, Sola Ebiseni, expresses disdain over controversy in Kano guber election verdict, calls for true federalism.

87 +

5( $ 6 2

1

\HDUV 4*/$&

MAHMUDJEGA VIEW FROM THE GALLERY

No North or South on Niger M

inister of Foreign Affairs Ambassador Yusuf Tuggar was heard on the BBC Hausa service recently saying that Nigeria has been applying quiet pressure on Niger Republic’s military rulers to release former President Mohamed Bazoum and his family members and allow them to leave the country and resume normal lives abroad. Bazoum, his wife and son have been detained for five months now. Tuggar seemed to imply that Nigeria no longer insists that the soldiers who seized power in Niger Republic last July must restore Bazoum to power. The Federal Government’s new line of pressure is important because Nigerien soldiers have a sorry record of detaining toppled rulers. When Colonel Seyni Kountche toppled President Diori Hamani in 1974, he was detained until he went blind and died in Morocco in 1989.

Despite that apparent softening of stance, the junta led by General Abdurrahmane Tchiani has so far refused to accede to this watered-down demand. I can only speculate as to the reasons why. Could be that Tchiani fears what Bazoum could do from abroad.

This ruggedly good-looking Nigerien Arab is charismatic, friendly, easy-going, and in his two years in power, earned respect in West Africa, all over Africa and beyond. He was, variously, his country’s Foreign and Interior Minister, so he must have a large network of contacts all over the place. In exile, he could foment trouble, if he is so inclined.

But this needs not be so. Tuggar made it clear in his interview that Bazoum is not necessarily expected to settle down in Nigeria, which Tchiani could view as preparatory to returning him to power in Niamey by military force. Nor will it be the first time that a former Nigerien ruler will settle down in Nigeria. In 1999 when Colonel Daouda Malam Wanke handed over power to civilians in Niamey, he said he was coming to live in Argungu, Kebbi State, because he traced his family’s ancestry to the town. He later returned home to Niger and died in Niamey in 2004. Besides, Tchiani could negotiate some conditions for releasing Bazoum.

It is true that most of present-day Argungu Emirate in Kebbi State and large swathes of south-western Niger Republic once belonged to the same old West African empires going back to Songhay. In 1996 when Colonel Ibrahim Bare Mainasara seized power in Niger Republic, I at first thought “Bare” was some kind of French name. I soon learnt that it is the Hausa word Ba’are, i.e. person from the North. In two local governments of Argungu Emirate today, the people are known as Arawa, i.e. people of the North, plural of Ba’are. So, the ethnic affiliations are well established.

Which is why, when this Niger Republic coup exploded on our hands four months ago, many people in Northern Nigeria felt that our Presidency and ECOWAS should

Tuggar

have treaded softly and, in particular, should not have threatened military action before diplomacy and economic sanctions are exhausted. It is noticeable that ECOWAS leaders have since become rather silent on the military option, even though they never officially took it off the table.

Instead, it is Tchiani and his colleagues who have been daring the regional leaders and making moves that could make military action of some sort inevitable. Forging an alliance with other military-ruled entities in Mali and Burkina Faso was open provocation to ECOWAS. Courting the late Russian mercenary leader Yevgeny Prigozhin was another provocation. Even if ECOWAS does not move soldiers into Niger, the French, who Tchiani threw out from military bases in Niamey and northern Niger, certainly have the capacity and, historically, the inclination to do so. In any case, after pushing out the French and Americans, the Nigerien coupists have no realistic alternative plans to stop terrorists and Jihadists from southern Libya and the Maghreb from having free reign in the northern and south eastern parts of their territory. Never mind that French and American bombing of Libya that toppled Muammar Gaddafi in 2011 created the terrorist situation in the first place.

Right now, the security situation in Niger Republic has deteriorated, with armed tribal and political factions posting threats of breaking away and carving their own niches. Reports recently were that Tchiani withdrew troops from the Joint Multinational Force in the Chad Basin that is fighting Boko Haram, ISWAP and other terrorist groups.

Although the action was attributed to “financial difficulties due to sanctions” imposed by Nigeria and ECOWAS, the real reason seemed to be regime safety, i.e. redeploying all the troops into and around Niamey in order to safeguard against possible counter-coups.

It was not clear if Tuggar and Nigerian government’s emphasis on the release of Bazoum, which appears to be a softening of position from insistence on the full restoration of democratic governance, is also the stance of ECOWAS. A Summit Meeting of the Authority of Heads of State and Government of ECOWAS is billed to take place in Abuja next Sunday.

Since President Bola Tinubu is its chairman as well as host of the meeting, his stance on the issue could carry much weight, but other regional leaders must have their own views. Continued military rule in Niger, with no target date for a return to democratic rule, poses a threat to constitutional rule in the entire region, and in Africa as a whole.

Some Africans are likely to say that democratic rule across the continent has not produced stellar results. Maybe so, but dictatorship did not produce stellar results either. From the 1960s to 1990s, most African countries were under one form of dictatorship or another, but not one of them proved to be a Lee Kuan-Yew, Suharto or Park Chung-hee. What is certain is that military rule in Africa promises instability.

Probably a majority of African coups since 1960 have been soldiers toppling soldiers, not soldiers toppling civilian regimes. One good psychological thing about a civilian ruler is that, however much you dislike him, you can see an end date to his tenure. Soldiers in power in Africa, Asia, South America and, not too long ago, in parts of Europe as well, tended to rule interminably, thereby attracting another coup.

So, the Federal Government of Nigeria has every reason to keep this Niger Republic matter on the front burner. If that country were to slide into chaos, we would be among the first to feel the heat. When a terrible drought enveloped the entire Sahel region in 1973-74, millions of Niger Republic citizens poured into Nigeria and many of them never went back. Political chaos could easily bring the same results.

The strangest aspect of this matter is that the concern shown by President Bola Tinubu for the situation in Niger Republic is being misinterpreted by many people in the North, led by some fiery clerics. Only last week, Senator Abdul Ningi of Bauchi, allegedly on behalf of Northern senators, took the same line by urging our government to tread softly, restore electricity supply to Niger and not wreck the old historical ties between Northern Nigeria and Niger Republic. He however called for a transition to civil rule program in the country.

The assumption being made is that President Tinubu does not appreciate the depth of “historical ties” because he is a southern Nigerian. This assumption is both

erroneous and dangerous. Anyone who ever gets to become president of Nigeria must come from somewhere, and his part of the country would have immediate neighbours, which he could be more familiar with than our other neighbours.

Now, Nigeria has land borders with four countries, namely Benin Republic, Niger Republic, Chad and Cameroun, plus maritime boundaries with Sao Tome and Principe.

In the matter of deep historical ties, we can also count Ghana, Sudan, Equatorial Guinea, Congo, probably also Libya, Egypt and Saudi Arabia among our neighbours.

Should we therefore accuse any Nigerian, much less the president, of appreciating some neighbours less than others? It is a double-edged sword. Only recently, former President Buhari was accused of embarking on the Kano to Maradi rail line because he had a soft spot for Niger Republic.

Allegations about leaders’ soft spots reminds me. In 1993, when General Babangida annulled the June 12 election, one of the allegations he made against Chief M.K.O. Abiola was that, if he was allowed to become president, he was a businessman with soft spots for some sectors such as telecoms, being the former head of ITT Nigeria. I was a young man then, but I wrote in Citizen magazine that it was a strange allegation because “anyone who ever gets to become President of Nigeria must have lived some kind of life before and must have developed a soft spot for something.

We cannot stop a president from having soft spots, but we must rely on institutional checks to ensure that he does not unduly confer it with favours.”

It is a great disservice to national peace and cohesion for some elements in Northern Nigeria to seek to torpedo our government’s foreign policy goals by whipping up sentiment about historical, economic and cultural ties with the people of Niger Republic. Certainly these exist and we cherish them, but that is precisely why we wish good for Niger Republic and do not want a political order to persist in the country that could lead to instability.

General Tchiani will not even commit himself to a quick transition to constitutional rule program. Even if, like IBB, he will later amend it 92 times, according to late Chief Gani Fawehinmi’s count. A member of the first three-man Nigerian delegation that met Tchiani the day after the coup said when they asked him why he overthrew Bazoum, he said he and his men had been diligently guarding the president but that he did not take good care of their welfare.

Was that it? While it is good to take care of the welfare of the people who guard you, it is also necessary to take good care of the welfare of all Nigeriens and the security of all Africans, first of all by ensuring peaceful constitutional rule. When ECOWAS leaders meet in Abuja on Sunday, they should maintain the pressure on Tchiani to restore constitutional rule in Niger Republic.

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja .

All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3085 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com