MONDAY 6TH DECEMBER

Onyeagwu Emerges ‘CEO of the Year,’ Zenith Bank Wins Four Other Awards Named ‘Most Responsible Organisation in Africa’ Dike Onwuamaeze Group Managing Director/ Chief Executive Officer (CEO) of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, has emerged ‘CEO of the Year’ for

a second consecutive year at the Sustainability, Enterprise and Responsibility (SERAS) CSR Africa Awards held in Lagos at the weekend.

According to the judges, Onyeagwu was selected for a

number of reasons, including engendering a culture that promotes the continued investment in social initiatives in support of the United Nations Sustainable Development Goals (SDGs).

Under his leadership, the Zenith Bank's social investments totalled N3.285 billion in 2020, representing nearly two per cent of the bank's profit after tax, a statement explained.

The judges found Onyeagwu

worthy for his commitment to promoting sustainability and responsible business practices in Nigeria, through his frontal leadership of sustainability in Zenith Bank, thereby enabling best industry practices in the

banking sector. They also chose him for his passion for reducing carbon emissions in the bank's operations.

Zenith Bank Plc also emerged Continued on page 8

Electoral Act Amendment: INEC Replies Buhari, Advises President to Assent Bill...Page 12 Monday 6 December, 2021 Vol 26. No 9737. Price: N250

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Outrage as ECOWAS’ Report Uncovers ISWAP’s N18bn Terror Financing Network Kingsley Nwezeh in Abuja L-R: Commissioner for Energy & Mineral Resources, Engr. Olalere Odusote; Commissioner for Establishments, Training & Pensions, Mrs. Ajibola Ponnle, representing the Governor of Lagos State, Mr. Babajide Olusola Sanwo-Olu; Deputy Governor, Financial Systems Stability Directorate, Central Bank of Nigeria and Chairman, Board of Directors, FITC, Mrs. Aishah Ahmad; Managing Director/Chief Executive Officer, FITC, Ms. Chizor Malize; Managing Director/CEO, FCMB, Mrs. Yemisi Edun; Chief Executive Officer, Rand Merchant Bank, Mr. Michael Larbie, and Managing Director/ CEO, Wema Bank Plc, Mr. Ademola Adebise, at the FITC 40th Anniversary Dinner/Awards and the Unveiling of its new brand logo event held at the Lagos Continental Hotel…recently

Outrage, anger, and disgust were some of the responses of security experts and civil society organisations (CSOs) at Continued on page 8

Anger, Dismay Across Nigeria over UK’s Red Listing of Country Hardliners call for retaliation, want British Airways, Virgin Atlantic banned UK's action not supported by science, discriminatory and outrightly racist Insist Omicron did not originate from Africa, demand fairness ȱ ¢ȱ ȱ ȱŨ THE MONDAY INTERVIEW ORJI

"NSIA has never presented its budget to the National Assembly because the federal government is just one out of its MOHAMMED VISITS SANWO-OLU...

812 shareholders" AMINA Deputy Secretary-General of the United Nations, Hajia Amina Mohammed (left), receiving an eyo effigy from Lagos State ȱ ȱŢŠȬŢţ

Governor, Mr. Babajide Sanwo-Olu, during her courtesy visit to the Governor at Lagos House, Marina, on Saturday

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NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 08033506821, 08097777322, 08074010580

BUHARI MEETS SHEIKH AL QASSIM...

L-R: Director ERD Dynamics, Alhaji Bashir Hadejia, the Chairman Manafa LLC Group, H.E Sheikh Mohammed Bin Faisal Al Qassimi, presenting a gift to President Muhammadu Buhari, during a meeting at the Dubai EXPO 2020, in United Arab Emirates (UAE) ...recently SUNDAY AGHAEZE

NNPC Remitted N511.66bn Out of Projected N2.09tn to Federation Account in 10 Months Underproduction, subsidy payment hurting national oil company Emmanuel Addeh in Abuja Of the expected remittance of N2.09 trillion into the Federation Account between January and October, 2021, the Nigerian National Petroleum Company (NNPC) Limited was only able to pay N511.66 billion, about 25 per cent less than the projected

national oil revenue in the review period.

An analysis of the figures showed that for the period under review, the sum of N1.581 trillion was recorded as variance between the budgeted amount and actual sum remitted by the company.

The data was part of the

250 Women Graduate from US Academy for Female Entrepreneurs A diverse group of 250 women at the weekend graduated from the third cohort of the Academy for Women Entrepreneurs (AWE), a US-government initiative that supports women entrepreneurs around the world.

Designed to cultivate entrepreneurial knowhow, AWE helps women entrepreneurs connect with funding opportunities, enhance opportunities for business expansion, and increase the likelihood of entrepreneurial success.

A statement explained that the AWE participants came from a range of backgrounds and levels of business expertise.

It explained that the benefits of the AWE initiative would, continue long after the programme ends, as the participants apply skills learned to their own businesses and become part of a robust network of women business leaders.

The statement said, “Working with local partner, Ascend Studios Foundation, founded

by Inya Lawal, an alumna of the Fortune-U.S. Department of State Global Women’s Mentoring Partnership program, the US Consulate has successfully supported the training of 470 women entrepreneurs through the AWE program to date with plans for future cohorts.

“This year’s participants included 50 repatriated irregular migrants who are in various stages of building their businesses. “Their successful participation has equipped them with the requisite skills and knowledge they need to

take their ventures to the next level while helping them to reintegrate into society.”

US Ambassador, Mary Beth Leonard, was quoted to have explained that the US government supported women’s full and free participation in the economy as they sought to thrive in the workforce, succeed as entrepreneurs, and create stability and prosperity in their communities.

She expressed pride in the graduates, acknowledging their commitment to the successful completion of the program despite the challenges of the COVID-19 pandemic.

Leonard said, “We have been impressed with the enthusiasm of the program’s participants and the expertise of the trainers,” Leonard said at the AWE graduation ceremony held in Ile Ife, Osun State.

“I know that you will carry this training forward, become leaders in your own right, and increase the success of your businesses and those of other women.”

Leonard welcomed the AWE graduates to the US government exchange alumni community, a prestigious and vast network of like-minded and highly regarded professionals across the country.

“I encourage you to take advantage of the exchange alumni group to continue to grow and support each other.”

AWE is centred around a three-month rigorous online course called DreamBuilder, developed by Arizona State University’s Thunderbird School of Global Management and U.S. copper mining company Freeport McMoran.

national oil company's November presentation to the Federation Account Allocation Committee (FAAC).

The section of the document tagged, "2021 Monthly Actual NNPC Oil and Gas Revenue and Distribution to FAAC", indicated that for the entire year, NNPC had projected a total of N2.511 trillion as payment to the three tiers of government. That forecast was largely a mirage, given the severe shortfall posted between January and October.

Whereas the company was supposed to pay N209.30 billion every month into the federation account, the report, which covers its October operations, showed that a paltry N14.85 billion was remitted, representing the least so far released throughout the whole year, apart from April when it remitted nothing.

It wasn't clear how the authorities augmented the shortfall last month, but in November the three tiers of government shared N671.910 billion as FAAC revenue for the month of October, as against N739 billion the previous month.

However, a release from the Federal Ministry of Finance stated

that the amount was inclusive of Value Added Tax (VAT), “augmentations,” exchange gain, and non-oil mineral revenue.

In the month also, the federal government received N284.292 billion, states got N209.838 billion, while the 774 local governments received N156.282 billion.

Oil-producing states received N21.498 billion as 13 per cent derivation of mineral revenues, according to the communiqué released at the end of the meeting.

Under the current sharing arrangement, the federal government takes 52.68 per cent of the revenue shared, states get 26.72 per cent, while the local governments get 20.60 per cent.

Recently, Ekiti State Governor Kayode Fayemi, who is also Chairman of the Nigeria Governors Forum (NGF), lamented that the NNPC had literally not remitted funds into the FAAC in the last four months.

Fayemi added that the failure of the NNPC to remit funds into the federation account was responsible for the decision of his administration, for instance, to slash the subvention of Ekiti State University (EKSU).

A review of the figures released by the NNPC during the November FAAC presentation showed that between January and October, the company was barely able to meet a third of its obligation to the federation.

In January, the national oil company paid N90.8 billion of the N209.3 billion projection; in February it remitted N64.16 billion and in March, the NNPC paid N41.1 billion into the federation account.

But in April, it paid nothing to the three tiers of government; in May it was N38.608 billion; in June it paid N47.16 billion while in July it remitted N67.2 billion.

Things appeared better in August, when NNPC remitted N80 billion to the joint account, but it fell again to N67.533 billion in September, before slumping to N14.85 billion in October.

Although the mandatory cuts imposed by the Organisation of Petroleum Exporting Countries (OPEC) last year initially played a role in the inability of NNPC to meet its obligation to the federation, ageing upstream infrastructure, oil theft and outright sabotage have combined to hobble the country’s oil

production.

Nigeria has been unable to meet even the tapered production quota allocated to it by OPEC, thereby further reducing its total crude oil export, coupled with the subsidy payment, which continues to eat deep into the national oil company’s resources.

On Sunday, THISDAY exclusively reported that NNPC will again make a deduction of roughly N200 billion from the joint federal, state and local government account when the FAAC meets later this month to share the statutory monthly allocation.

A THISDAY analysis of the document detailing the presentation of the national oil company to FAAC in November, indicated that the N200 billion will be the highest amount deducted by NNPC since it resumed payment of petroleum subsidies in February this year.

In all, it further showed that NNPC has removed at least N1.027 trillion from monies accruing to the three tiers of government in the country between February and October as payment for the controversial petrol under-recovery.

Private, Public Sector Leaders Strengthen US-Nigeria Business Ties Leading Nigeria private and public sector leaders have been working to deepen trade and investment ties between the United States and Nigeria.

Speaking at a reception in Lagos, a statement yesterday quoted US Ambassador, Mary Beth Leonard, as celebrating the contributions of the private sector to the US-Nigeria Commercial and Investment Dialogue (CID) in elevating the business climate for improved trade relations.

Leonard said, “The Nigerian and US governments use the Commercial Investment Dialogue as a framework for engagement with businesses and one another.”

She added, “And while the initial round of CID talks has

come to a close, the principles of cooperation and dialogue remain strong between our two countries.”

Leonard applauded efforts of the Nigerian Investment Promotion Commission, the Foreign Commercial Service of the US Mission, and the American Business Council for their determination to make the CID a reality.

“By listening to thoughtful and practical feedback from those engaged in the private sector, our respective governments will continue to identify substantive and concrete areas where we can adjust policy for the benefit of businesses and the citizens who depend upon them,” she added.

Participants of the CID

focused on five priorities areas key to improving trade and investments ties between the United States and Nigeria.

They are infrastructure, agriculture, digital economy, investment, and regulatory reform. Each priority area was co-chaired by the Nigerian and U.S. business representatives who together led the policy discussions.

US and Nigeria companies at the event included Visa, MainOne, American Tower Corporation, Coca-Cola, Zenith Bank, Kimberly-Clark, Capital Alliance, U.S. Soybean Council, and General Electric.

The CID is a bilateral policy instrument focused on trade and investment between Nigeria and the United States.

The first round of the CID commenced in 2017 with the signing of a memorandum of understanding between the US. Secretary of Commerce and the Minister of Industry, Trade, and Investment at that time.

A ministerial-level meeting held in Washington, DC on February 4, 2020, where the participating company representatives presented challenges, opportunities, and recommendations to improve the business climate.

The Foreign Commercial Service of the US Mission seeks to improve the business environment in the markets where they operate and foster economic growth and prosperity through global trade.

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NEWS

Y'ELLOW VISITS CBN...

L-R: Chief Executive Officer, MTN Group, Ralph Mupita; Board Chairman, Mcebisi Jonas; Governor, Central Bank of Nigeria (CBN), Godwin Emefiele; Board Chairman, MTN Nigeria, Dr. Ernest Ndukwe and Chief Executive Officer, MTN Nigeria, Karl Olutokun Toriola, during a courtesy visit to the CBN Governor on the sidelines of the State visit by Cyril Ramaphosa, President of South Africa, at the CBN Headquarters, Abuja…recently

Lagos Releases Full EndSARS Report as Panel Adjudicates on 11 of 65 Police Petitions Approves N36m for compensation of affected officers Emmanuel Addeh in Abuja The Lagos State Government has released the two volumes of the report of the Judicial Panel of Inquiry (JPI), detailing the fallout of the #EndSARS protests in October last year.

The second volume of the Justice Doris Okuwobi-led panel, which is hitting the public space for the first time, showed that of the 65 petitions to the committee by members of the police force impacted by the demonstration, 11 were considered worthy of resolution.

Aside the retired Judge of the Lagos State High Court, Okuwobi, other members of the panel were Ebun-Olu Adegboruwa (SAN), a retired Deputy Inspector General of Police (DIG), Taiwo Lakanu, Patience Patrick-Udoh (Representative Civil Society), ‘Segun Awosanya,Oluwatoyin Odusanya, Lucas Koyejo, Majekodunmi Oluwaseun and Mr. Babajide Boye, who acted as secretary.

The two-volume document were presented to Governor Babajide Sanwo-Olu at the Lagos House, Ikeja, on the 15th of November 2021, but the volume covering the events that took place at the Lekki Tollgate was earlier leaked to the public.

Tagged “Consolidated Report on General Police Brutality Cases,” out of the 11 cases, eight were considered worthy of compensation while three were considered undeserving.

Although awarded various sums, the panel said the funds had been exhausted and therefore appealed to Sanwo-Olu to augment the N400 million earlier made available for the purpose.

The 11 police petitions reviewed by the panel were those of ACP Folashade Daniel, who in a 16-paragraph affidavit prayed the panel for compensation for grievous bodily harm and destruction of her personal properties

during the protests while she was serving as the Divisional Police Officer (DPO) at Orile, Lagos.

Although she added that her Toyota Camry was burnt in the process, the panel awarded N3 million for the bodily injury she suffered while the loss of her property was transferred to the federal government for assessment and payment of compensation.

Other petitioners considered by the panel included ACP Oketunji Sola, ASP Elizabeth

Enadhuze, Iliyasu Muhammed, Shina Olunlade, Gbolahan Olugbemi and Taiwo Kasumu.

Also on the list were David John, who sent in a petition on behalf of his deceased brother, DSP John Ogbene (rtd), Insp. Jennifer Edosonwan, Akiniyi Olumide and Adeyemi Abiodun.

“At the close of hearing and deliberation during the conference, which held on 30th October, 2021, eight of the petitions were found to be meritorious while three were

not awarded compensation.

“The sum of N36, 200,000.00 was awarded as compensation to the deserving petitioners. It is however imperative to note that the panel only awarded for grievous bodily harm or other forms of assault occasioned to them or their immediate family members to the exclusion of all other claims.

“However, due to the exhaustion of the N400, 000, 000 set aside by the state governor as victims compensation fund, the panel was unable to award

the said compensation to the deserving petitioners.

“The panel consequently recommends that the state government approves and release the amounts awarded to the respective petitioners,” the body suggested.

In general, the panel recommended the prompt removal of section 84 of the Sheriff and Civil Process Act of 2004, which it said hinders claimants from fully realising judgement sums given by various courts.

It further called for reinforcement and reinvigoration of the Complaint Response Unit (CRU) of the police force, setting up structures for reporting bad police behaviour, improvement of the general welfare of police, curbing the application of violence by the police and prompt arrest and prosecution of erring officers.

Among others, it further stated that the constitutional timeframe within which suspects must be kept within custody must be observed at all times.

US Foundation, ABUAD Hospital, Others Plan Free Open-heart Surgery Victor Ogunje in Ado Ekiti A Healthy Heart Foundation (HHF), the Afe Babalola University Multi-System Hospital and United States of Americabased VOOM Foundation have gone into a partnership to carry out free heart surgeries for indigent patients in Ekiti and across Nigeria.

The free health intervention programme has been scheduled to take place in the ultra-modern 400-bed ABUAD multisystem hospital based in Ado Ekiti, Ekiti State.

The December edition of the free surgeries in ABUAD Multisystem Hospital is coming on the heels of the high success rate recorded during the September Mission when Clinicians from HHF, VOOM Foundation and ABUAD performed free openheart surgeries on 14 indigent patients between age 18 and 73 years across the country.

A statement by the Director, Corporate Affairs of Afe Babalola University, Ado-Ekiti(ABUAD), Mr. Tunde Olofintila yesterday, ABUAD Multi-system Hospital was chosen as the location for the December edition because of its sophisticated equipment.

The equipment, according to Olofintila include: world-class Cardiac Unit, six Modular Theatres, Toshiba Infinix-cf-i/ mono-plane Cathlab machine,

Intra Aortic balloon Pump, Maquet Vario twin-HL20 HeartLung Machine, Maquet servo air ventilator, Servo-I adult ventilator with compressor, Non-invasive ventilation software, Humidifier, a modern Dialysis Centre consisting of 16 state-of-the-art Dialysis Machines and a modern Blood Bank and Transfusion Service Centre among others.

Olofintila revealed that the Chief Medical Director of First Cardiologist, Lagos, Dr. Yemi Johnson, had earlier commended the quantum of sophisticated medical equipment in the ABUAD Hospital.

He said: “This is my first

visit to Ekiti and the ABUAD Hospital was my first stop. This is really impressive. I can say without any equivocation that this hospital has more high-tech medical equipment than all the hospitals in Lagos put together.

This is most certainly the best equipped hospital in Sub-Saharan Africa.

"The medical mission was initiated to cater for the heath need of indigent Nigerian patients in need of cardiovascular healthcare which is quite expensive and not within the means of most Nigerians. With this initiative, there is increased accessibility to these life-saving

therapies and increase awareness in the community on prevention and treatment of heart diseases."

Olofintila said VOOM Foundation is a US-based team of Surgeons and Clinicians which provides Clinical expertise, free surgeries and major surgical consumables such as Oxygenators and Valves among others for these surgeries.

He added that the HHF was set up to provide care (surgery) to indigent patients and training to willing Clinicians.

"ABUAD Multi-system Hospital was established to provide affordable world-class medicare, quality Medical Education and

put an end to outward medical tourism through which Nigerians fluff away millions of Dollars on medical bills outside the country".

On the competence of ABUAD hospital, Olofintila quoted the immediate past Minister of Health, Prof. Isaac Folorunso Adewole to have said: “This Hospital will offer us what we hitherto believe cannot happen in this country. It will also improve the poor Health Indicators in Nigeria.

"With what I have seen here today, this Hospital matches the best in the world and it will certainly put an end to medical tourism outside Nigeria.”

CJN Swears in 72 New SANs Wednesday As Supreme Court commences 2021/2022 legal year Alex Enumah in Abuja The Chief Justice of Nigeria (CJN), Justice Ibrahim Muhammad, will on Wednesday confer the highly coveted rank of Senior Advocate of Nigeria (SAN) on 72 senior lawyers.

A statement by the apex court's spokesperson, Dr. Festus Akande, noted that the swearing-in, which holds at the main courtroom of the Supreme Court, forms part of several programmes, "outlined to officially herald the 2021/2022

legal year of the Supreme Court of Nigeria."

While noting that the court had already commenced sitting in this new legal year since Monday, 13th September, 2021, Akande explained that the prevailing third wave of Covid-19 and the protracted strike embarked upon by the Judiciary Staff Union of Nigeria (JUSUN) early in the year, which largely slowed down the work of the Legal Practitioners’ Privileges Committee, informed the late conferment of the SAN

rank for 2021.

"Expectedly, during the new legal year ceremony, the Chief Justice of Nigeria will deliver a state-of-the nation’s Judiciary address, which is ostensibly to highlight the performance of the Supreme Court; and by extension, the Nigerian Judiciary in the outgone 2020/2021 legal year", he said.

The Director of Press and Information, recalled that out of the 159 legal practitioners that applied for the rank of Senior Advocate

of Nigeria in the course of this year, 72 were successful at the end of the rigorous exercise, adding that while 10 of the successful candidates were academics, the remaining 62 were advocates.

The Supreme Court commenced its annual vacation after a remarkably successful 2020/2021 legal year on Monday, 25th July, 2021. All the programmes billed to mark the commencement of the new legal year are to start at 10:00am prompt", the statement added.

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PAGE EIGHT ANGER, DISMAY ACROSS NIGERIA OVER UK’S RED LISTING OF COUNTRY Obinna Chima In a policy many have described as racist, misguided and discriminatory, Britain’s ban on Nigerians from travelling to the United Kingdom (UK), while allowing many western countries, where Omicron is also present is sparking fury among Nigerians across the country who are stoutly condemning the British government's action, accusing it of racism. They wonder how the British government came to such drastic measure especially when it is not supported by science.

The same feeling was evident amongst the nation's leaders who have equally expressed shock and consternation at Britain's selective red listing of Nigeria and South Africa, their largest Commonwealth allies.

Rather than seek to work with its Commonwealth allies, Britain decided to isolate these countries' citizens for punishment through the ban.

Britain's outright ban is however in sharp contrast to that of the United States Government, whose response to the Omicron variant, has received sweeping commendation across board, for not banning travellers outright, but insisting they must produce evidence of a negative test result at the point of departure as well as a day-two test result after arrival in their country.

Expectedly, many Nigerians are livid and have started to urge their leaders to reciprocate the poor treatment to the UK by banning their national carrier, the British Airways and Virgin Atlantic flights in addition to British citizens from Africa.

Last week, the South African President, Cyril Ramaphosa, had embarked on a visit to some African countries, a move described by some as an attempt to galvanise African countries to act in solidarity against Britain and her imperialists.

Some officials of the Ministry of Health and NCDC, who spoke to THISDAY in confidence, questioned the data, which formed the basis for the decision by the British government to ban Nigerians.

First, they argued that the British government acted arrogantly by not discussing their discoveries with the Nigerian government. "So, right now, Nigeria is in the dark about what

the action is predicated on.

"The UK, instead, chose to announce the ban without discussing the data in its possession with the Nigerian government," a source said.

Nigeria's health officials who spoke to THISDAY, reiterated that Nigeria has in place, stringent protocol, which it enforces religiously on travellers leaving the country.

It will be recalled that before any traveller could embark on a trip to UK or other countries, not only is that intending traveller expected to fill a passenger location form, he/ she is expected to possess a proof of negative COVID test result. "If this is the case, the Nigerian officials wonder how a passenger, who tested negative at the point of travel from Nigeria could suddenly test positive of COVID-19 upon arrival on UK soil."

But not done with Nigeria, the UK government, yesterday, took further measures against Nigeria as the British High Commission announced that it would pause “making decisions” on visitor visa applications from all red list countries, including Nigeria.

Speaking with THISDAY, a top official in the Ministry of Health and another reliable source at the NCDC, faulted the decision by the UK government.

According to the sources, the action of Britain wasn’t supported by science or data.

One of the sources wondered: “What data did they use in arriving at the decision? Are there people, who are Nigerians that travelled with a negative COVID-19 test and later got into London and tested positive? Did they talk to the NCDC or any Nigerian official? They just went ahead and put Nigeria on the red list.”

Interestingly, a top official in the Presidency revealed that the Nigerian government was preparing to respond to the action by the UK government, insisting that the Presidency was shocked by the ban imposed on Nigeria.

The source said Nigeria was only given one hour notice before its inclusion on the red list, contrary to known international convention, and described the action by the UK government as the height of racism.

“The UK did not talk to the Nigerian government about the red list until one hour before the announcement.

“Is that the way it is done? Are we still in the era of slave trade?

This is a total discrimination against the developing world, particularly, Africans. Africa will have to come together and take a position,” he added.

Continuing, he hinted that Nigeria and South Africa might, have to come together to lead a response. "We should also not allow the British people to come to our countries.

Since their government has banned our people from their country.”

The source, who attributed the spread of the virus to vaccine inequality, pointed out that efforts

by Nigeria and other developing countries to purchase the vaccine was deliberately being frustrated by developed countries, adding that this was one of the reasons Africa was lagging far behind in vaccination effort.

“The developed world produces vaccines and Africa and the other developing countries are willing to pay for it, but they are not willing to sell and they are busy taking second, third doses and even booster shots, while a lot of countries don’t have vaccines and at the same time, threatening us.

“Meanwhile, this Omicron variant did not start from Africa, it started from Europe. So, what have they done to those European countries that the Omicron was also detected in their countries? Did they place them on red list too? The only possible explanation for targeting Africa, is because we are blacks. Racism is at the heart of the policy, nothing more, nothing less,” the source stated.

The UK, at the weekend, had updated its so called Red List, indicating countries prohibited from entering the UK in view of the new COVID-19 variant called “omicron”.

In a move that many have described as rushed, ill advised and lacking scientific basis added Nigeria to its red list, which contains 11 mostly Southern African countries becomes effective from today.

This implies that from today, UK and Irish citizens and residents

arriving from Nigeria must isolate in a government-approved managed quarantine facility for 10 days, and receive two negative PCR tests, as further precautionary action is taken against the Omicron variant.

A temporary travel ban was therefore introduced for all non-UK and nonIrish citizens and residents, who had been in Nigeria in the last 10 days, meaning they would be refused entry into the UK. This does not apply to those, who have stayed airside and only transited through Nigeria while changing flights.

According to analysts, who faulted the action, the Omicron variant has now been found in over 40 countries around the world including many from the European Union but none has been banned by the British Government.

Data analysis from the New York Times, stated that the omicron variant had been reported in Austria, Brazil, Chile, Czech Republic, Finland, France, Ghana, Greece, Hong Kong, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, Nigeria, Norway, Réunion and Romania.

Others were Saudi Arabia, Singapore, South Korea, Sri Lanka, Sweden, Switzerland, Tunisia, the United Arab Emirates, South Africa, Botswana, Zambia, Zimbabwe, Australia, Belgium, Britain, Canada, Denmark, Germany, Iceland, India, Israel, Norway, Portugal, Spain and the United States (16 states of America).

As of November 30, the European Centre for Disease Prevention and Control reported about 33 cases of the Omicron variant across eight countries in Europe, including the Netherlands, Austria, Belgium, Czechia, Denmark, Germany, Italy, and Portugal.

The NPR also claimed that this variant had been found in other areas of the world, from Hong Kong to Israel.

According to a New York Times report, Omicron could had even spread at a convention in New York on November 23, 2021, before South Africa announced it had identified the variant on its soil.

Given these large number of countries with reported/confirmed cases of the omicron variant, it is almost impossible to offer any other

explanation for UK’s banning only black African countries except racism, the source insisted.

The global spread of the Omicron variant, as of Friday, in Africa, Botswana had 19 cases; Ghana – 34; Mozambique – 2; Nigeria – 3 and in South Africa – infections spreading in seven of nine provinces.

Equally, the data showed that Zimbabwe had unspecified number of cases. Similarly, in the Americas, Brazil as of Friday had three cases; Canada – 10; and United States – 10.

In Asia-Pacific, while Australia had reported nine cases as of Friday; Japan – two; India – two; Malaysia – one; Singapore – two; South Korea – six; and Sri Lanka had one case.

In Europe, Austria had one case; Denmark – 13; Finland – one; France – two; Germany – seven; Greece, Iceland, Ireland, and Italy had one case each; Netherlands – 14; Norway – five; Portugal – 13; Spain – five; Sweden – six; Switzerland – two and UK – 42.

In the Middle East, Israel had reported three cases as of Friday; United Arab Emirates and Saudi Arabia, had one each.

The sources also cited the case of India where the Delta variant was first discovered, but the UK government didn’t take stern action it took against African countries over the Omicron.

"This Delta variant was first reported in India around 24 March 2021. By one week’s time (around 1st April), India was reporting over 100,000 new infections a day, and rising. But the UK did nothing. It was not until a full month after (around 23 April 2021) that the UK government added India to the red list.

“Why did it take them only a few days, during which not much has been known about omicron, to add 11 African countries to their red list?”, the source further queried.

“Nigerians are for now so livid about the vaccine colonisation in the world today, this has exposed the hypocrisy in advanced economies against the developing countries,” it added.

Analysts agreed with the position of the WHO Director General who was recently quoted as saying that the high rate of vaccine colonisation had

hurt global cooperation, leading to deglobalisation of the global economy.

Britain Pauses Issuance of Visas to Nigerians Meanwhile, the British High Commission, while announcing its resolve to pause “making decisions” on visitors visa applications from all red list countries, which included Nigeria, said the decision was to support the country’s health system.

The decision was announced in a statement yesterday.

“To support the UK Government’s aim to protect public health from COVID-19 and associated variants of concern (VOC), UK Visas & Immigration (UKVI) will pause making decisions on visitors visa applications in all red list countries, including Nigeria, until travel restrictions are lifted.

“If you apply for a visit visa in a red list country and you meet the UK Immigration Rules, your application will be paused. You will not receive a decision on your visit visa application whilst red list travel restrictions remain in place.

“You will not be able to request a refund of your visa fee once you have given your biometrics at a Visa Application Centre (VAC). If you already hold a valid visit visa and are intending to travel to England as a visitor from a red list country, you will not be allowed to enter,” the statement added.

In a related development, Governor Ned Lamont has confirmed that a fully vaccinated man has marked Connecticut's first case of the Omicron COVID-19 variant.

State officials said the man, who is in his 60s, is from Hartford County. Sequencing performed at the Connecticut State Public Health Laboratory confirmed the presence of the variant.

The man developed mild symptoms on November 27. An at-home COVID-19 test was positive two days later and a molecular test also came back positive on December 1, nbcconnecticut.com quoted Lamont as disclosing.

Lamont also said because of vaccinations, there was less need for COVID-19 restrictions or mandates in the state.

OUTRAGE AS ECOWAS' REPORT UNCOVERS ISWAP'S N18BN TERROR FINANCING NETWORK the weekend following a report by the Inter-governmental Action Group on Money Laundering in West Africa (GIABA) that the terror group, Islamic State’s West Africa Province (ISWAP) moved a whooping N18 billion annual revenue through the Nigerian financial system to fund its activities.

The federal government was criticised for its failure to track the movement of funds by the terrorist groups, Boko Haram and ISWAP, through the country’s financial system. This was despite the trial and conviction of terror sponsors from Nigeria by the United Arab Emirates (UAE) and Saudi Arabia, who also made available intelligence on the convicted terror financiers to Nigeria. The Nigerian government was alleged to have taken no action on the matter.

GIABA is a task force set up by the Economic Community of West African States (ECOWAS).

The organisation is a specialised institution of ECOWAS responsible for strengthening the capacity of member states towards the prevention and control of money laundering and terrorist financing in the region.

The report estimated ISWAP’s revenues, which it put at $36 million (N18 billion) annually, to be larger than that of Boko Haram.

It said much of the revenue came from trading activities and taxation in the Lake Chad region.

But reacting to the findings, security experts were miffed by the failure of the Nigerian government to leverage intelligence on terror financiers supplied by UAE and Saudi Arabia to try to track the circulation of the illicit funds.

Speaking on the GIABA report, Executive Director of the Rule

of Law and Advocacy Centre (RULAAC), Mr. Okechukwu Nwangwuma, deplored the federal government's failure to contain terror financing.

Nwangwuma said, "At a time that the Nigerian government has been in a frenzy embarking on various schemes to regulate the media and non-governmental organisations (NGOs), spending huge resources to purchase equipment to track information about human rights groups and activists with all the measures to track the resources coming to NGOs from international development partners, with all the financial and operational regulatory processes put in place and targeted at organisations involved in development work, it is no longer in doubt that government is obsessed with going after perceived opponents and critical media, while terrorists and their sponsors are allowed to freely transact business without being monitored and arrested.

"I do not know how I can avoid the conclusion that this government is intolerant of, sympathetic to, if not in complicity with, terrorists. People in, or connected to, government appear to be benefitting from the proceeds of terrorist activities.”

Nwangwuma added, "Look at the ease with which terrorists kidnap people in mass and demand and receive billions in ransom.

There are people in high places, including in government, who are the sponsors and beneficiaries.”

In an interview with THISDAY, also, Assistant Regional Vice President, Region 11, ASIS International, one of the largest associations of security management professionals in the

world, Dr. Kabiru Umar, said the report showed the inability of the country's counterterrorism efforts to block funding avenues of the terror groups.

Umar stated, "A good testament to the authenticity of the GIABA report is the inability of Nigeria's counter terrorism efforts to block the funding avenues of the terror groups operating in Nigeria, including ISWAP and JAS. “The report alleged that ISWAP might have generated about N18 billion in Nigeria. That is huge and explains why the group is strong and able to exercise influence."

The GIABA report also stated that the federal government failed

to confiscate assets of terrorists as stipulated in the global anti-money laundering and counter-terrorist financing standards.

However, in his contribution, a former army spokesman, Brig. Gen. S. K Usman (rtd), said government had taken steps to address terror funding, but it was not providing adequate information on such steps.

Usman said, "I am not speaking for government, but I would say that some steps have been taken by government in that regard, for instance, the arrest of BDC operators.

"There is also a challenge of making available information on what government has done with

countering terror financing."

Umar also acknowledged that though government had taken steps to address the issue of terror financing, gaps still remained.

He stated, "The report is, therefore, an independent assessment of how well Nigeria is faring with regards to its commitments to AML/CFT (AntiMoney Laundering/Combating the Financing of Terrorism). It has pointed out several positive achievements but several challenges as well. It is absolutely important that the entirety of MDAs study these report and heed its recommendation.

"From 2019 to date the Nigerian

government has taken some steps that were recommended by the report, such as closer look at the financing of NGOs and of Bureau De Change operators.

“Some vital measures that remain a huge challenge is implementation of AML/CFT measures by some financial and banking institutions, who are a major risk factor within the industry but are yet to buy in."

The report indicted intelligence and anti-graft agencies, notably, the Department of State Services (DSS) and the Nigerian Financial Intelligence Unit (NFIU) for the failure to trace and stop terror financing.

ONYEAGWU EMERGES ‘CEO OF THE YEAR,’ ZENITH BANK WINS FOUR OTHER AWARDS winner in four other categories at the SERAS CSR Africa Awards, carting home the awards for "Best Company in Reporting and Transparency”, "Best Company in Infrastructure Development", "Best Company in Gender Equality and Women Empowerment", and the coveted "Most Responsible Organisation in Africa".

The bank was adjudged the “Most Responsible Organisation in Africa,” winning the overall best sustainability award, for its continued commitment to the tenets of Sustainability and Corporate Social Responsibility within its immediate community and in the society at large.

In addition, the bank emerged as winner in the category for Reporting and Transparency for its consistency in disclosing and communicating its sustainability journey and progress annually vis-a-vis environmental, social, and governance (ESG) goals, in line with the guidelines and protocols set by the Global

Reporting Initiative (GRI), Nigeria Sustainable Banking Principles (NSBP), Nigerian Exchange (NGX), United Nations Global Compact (UNGC), and United Nations Environment Programme Finance Initiative (UNEP FI).

The statement added, “The bank also ensures the assurance of its sustainability report by reputable independent third parties. In 2021, the bank's 2020 sustainability report was assured

by PricewaterhouseCoopers (PwC) and disseminated through the Bank's website for the public and sent to all relevant stakeholders, including the United Nations Global Compact (UNGC).

“In the infrastructure development category, the bank was voted winner for its nation-building initiatives and investments, including supporting efforts towards establishing basic services and functional security, governance, and economic and infrastructure systems, especially in Nigeria.

“As a testament to this and in demonstration of its commitment to the development (often referred to as reform, restructuring and rebuilding) of the Nigeria Police Force for the preservation of law and order, protection of life and property, and law enforcement in Nigeria, the bank supported the Lagos State Security Trust Fund with N500, 000,000 for the provision of security-enhancing facilities and infrastructure. This is in addition to contributions to other state security trust funds.”

Zenith Bank was adjudged winner in the category for the Best Company in Promotion of Gender Equality and Women Empowerment for its Z-Woman initiative, which offers credit facilities to women-owned businesses at a single-digit interest rate and for a gender-balanced workforce (women make up about 50 per cent of employees).

During the reporting period, the number of women and women enterprises supported by the bank,

through the Z-Woman initiative, grew by 88.7 per cent, from 391 in 2019 to 738 in 2020.

The Sustainability, Enterprise and Responsibility Awards (SERAS) is an initiative of TruCSR, which celebrates and promotes investments by corporate organisations in the society through CSR and sustainability initiatives.

It made its debut in 2007, and participation was opened to other countries of Africa in 2016.

The 2021 awards featured 387 projects by 97 organisations across Africa. The SERAS Jury Board consists of global thought and best-practices leaders from around the world, such as Maria Sillanpaa (Finland); Nyasha Gwatidzo (Zimbabwe); Adesuwa Onyenokwe (Nigeria); Amjed Achour (Morocco); Charles Ojei (Nigeria); Ellen Gunning (Ireland); Gina Din-Kariuki (Kenya); Indira Kartallozi (England); Lampe Omoyele (Nigeria); Paul Kapelus (South Africa); and Scott Walker (England).

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NIGERIA WINS PRESTIGIOUS KING BHUMIBOL ADULYADEJ AWARD...

Nigeria's Ambassador to Thailand, Ambassador Oma Djebah (3rd Left) in a group picture with cabinet/senior government officials of Thailand shortly after being presented with the prestigious 2021 King Bhumibol World Soil Day Award, by Her Royal Highness, Princess Maha Chakri Sirindhorn of the Kingdom of Thailand in Roi Et Province, Thailand...recently. The Award was won by Nigeria Institute of Soil Science (NISS), after an evaluation of many Applications from across the globe

Survey: Victimisation Crippled Whistleblower Policy Kuni Tyessi in Abuja A survey on the five years of whistleblowing policy in Nigeria has revealed that the fear of victimisation made the impact of the policy minimal.

The report released by the African Centre for Media and Information Literacy (AFRICMIL) with support from MacArthur Foundation, recently in Abuja, assessed the impact of the whistle-blower policy introduced in 2016 as a tool to fight corruption in Nigeria.

The Acting Executive Director of Dataphyte and survey reviewer, Adenike Aloba, said the survey assessed the level of citizen awareness of the policy and their willingness to expose corrupt practices and to also know the perceptions of government Ministries Departments and Agencies (MDAs).

According to Aloba, the findings revealed that 98.2 per cent of Nigerians perceived corruption as a serious problem and evidence showed that respondents expressed dissatisfaction with the information available to them on whistleblowing policy.

“Findings revealed that legislative protection and monetary reward for whistleblowers were considered as key motivators for potential whistle-blowers.

“Overall evidences from both quantitative and qualitative data showed that while the whistleblowing policy recorded some achievements, its impact in curbing corruption remained minimal.

“This is due to several barriers including, but not limited to lack of legislation protection ,limited funding ,insufficient data ,lack of political will, limited knowledge , poor reporting, controversial compensating mechanisms ,wide spread

retaliation among others,” she said.

Aloba said the survey therefore recommended that the federal government should provide appropriate mechanism to institutionalise the policy in MDAs to enhance implementation.

She said it also recommended that the Ministries of Finance, Budget and National Planning should collate and statistics of whistleblowing cases investigated and evidence of recovered fund and compensation.

She also said the move would encourage the culture of accountability and transparency for potential whistle-blowers.

She urged the executive to collaborate with the National Assembly to ensure that the whistle-blower bill was passed into law.

She called on state governments to embrace the policy and adopt a multi-sectorial approach to institutional it and the National Assembly should review and pass the policy before the end of their tenure.

She also urged the Minister of Finance to ensure that the circular issued to all anticorruption agencies became a policy document to maintain the culture of accountability and transparency for compensation of whistleblowers.

Aloba urged the media to track and report prosecution of whistleblowing cases recoveries, compensations as well as whistle-blowers who suffer retaliation.

On his part, AFRICMIL’s Coordinator, Chido Onumah, said the organisation and MacArthur Foundation, had been working on a project tagged ‘Corruption Anonymous’ (CORA) that was designed to mobilise citizens to key into the whistleblowing policy.

Onumah said to assess its performance over this period, AFRICMIL commissioned a survey in July, targeting 7000 respondents and including key informants in MDAs and unions.

He added that the objective of the survey was to catalogue the data of the impact of the whistleblowing policy in addressing corrupt practices and other wrongdoing in

Nigeria.

“We feel it is important for us to know why people are willing or not willing to blow the whistle and how well the protection mechanism has worked.

“Of course, the protection of whistleblowers against retaliation is key to the effectiveness of any whistleblowing regime.

“AFRICMIL also wanted to

learn from this project how whistleblowing will change the face of Nigeria’s fight against corruption. The goal is to strengthen whistleblowing to become an acceptable tool for exposing corruption and other forms of wrongdoing that endanger society,’’ he said.

Onumah said apart from the survey, AFRICMIL also used the occasion to introduce a safe and secure

whistleblowing platform which was put together in collaboration with the Yar’Adua Foundation.

He said when launched, the platform would offer citizens an avenue to report corrupt practices anonymously thereby enlisting citizens to support the fight against corruption by providing tips or information to anticorruption agencies.

Kidnapping: UniAbuja Mounts 24-hour Security Patrol, Deploys Hunters, Vigilantes Kuni Tyessi in Abuja The Pro-Chancellor and Chairman of University of Abuja Governing Council, Modibbo Mohammed has disclosed that the university has mounted 24 hours security patrol not only within the campus but within the perimeters of the tertiary institution.

The initiative, according to him, was to prevent a repeat of the recent kidnapping that occurred at its staff quarter.

Mohammed who stated this while speaking to journalists in Abuja, one the sidelines of a retreat organised by the University Council for Principal Officers, Deans, Directors and its unions at the weekend, said they would do anything possible to ensure that such incident doesn’t repeat itself.

"We have also employed additional hunters, vigilantes to patrol in areas that are not fenced because it is a very vast land,” he said.

On the staff quarters which was then reported to be in a deplorable state, he said: “Our staff housing is below standard.

I am ashamed of the sort of accommodation our staff are living in.

“The council has met the Minister of FCT and he has assured us to do something soon. And a delegation will soon go to FERMA to come in and give the university special consideration especially the roads within the mini campus and the residential areas,” he said.

“We will definitely partner with government agencies, we will attract funding and invite investors and discuss with government to build befitting houses that befits a university lecturer status,” he added.

Speaking on the theme of the retreat, “Navigating Myriad of Challenges in Managing Universities in Today’s World,” he said they all have a role in repositioning the university by thinking out of the box to surmount the never ending challenges they struggle to carry out their duties.

The pro-chancellor identified problem of funding and staff attitude to work among reasons for organising the retreat, adding that the session, hopefully would chat a new course for the varsity.

Earlier the Vice Chancellor Prof. Abdul-Rasheed Na’Allah said many factors were fighting against the university, adding that many staff do

not do their duties but collect salary.

He added: “They do not come to work on time, some do not teach while others spend just an hour and leave.

“If we must attain the greatness and if we are ready to serve Nigeria truthfully speaking we must put all these things aside, and stop rumours and allegations. If we ready to move forward we must jettison the past.”

He said the university must be a class of its own and does not need to drag or copy others as it is destiny for other universities to look up to it for excellence and copy them in the concentration of funding, admission, structures and competitiveness , etc.

On his part the Permanent Secretary of Federal Ministry of Education, Sonny Echono said the retreat was put together to explain the separation of powers and roles to avoid conflicts in the university.

He said retreat has proven to be useful and improved governing of universities.

Echono noted that Nigerian universities were faced with challenges of sustainable funding, autonomy, industrial harmony, institutional

ranking, compliance with status regulations and enhanced governance and administration.

He opined that to address and mitigate these challenges, the universities would need to remain proactive and continue to come up with appropriate responses particularly in this knowledge driven era.

“A veritable tool in this regard is regular interface between members of councils and principal officers and other stakeholders involved in management of university,” he said.

On issue of university sustainable funding, he added: “I am of the very strong view that as long as we depend on government budgeting to run university systems, given inadequate priority given to the education sector coupled with other external factors and dwindling resources, expectation from the budgets will continue to remain a challenge.”

He said funding should be determined based on cost in a particular course of study and what it takes to produce a student over the course of duration of that programme and every stakeholder should partake in it.

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OUR CONDOLENCES...

R-L: Chairman, Bi-Courtney Aviation Services Limited, Dr. Wale Babalakin; President, Dangote Group, Alhaji Aliko Dangote, and former President, Airlines Operators of Nigeria, Captain Nogie Meggison, during a condolence visit by Dangote to Babalakin’s country home in Gbongan, over the death of his father Justice Bolarinwa Babalakin in Osun State…recently

Babalakin Will Be Sorely Missed By Me, Says Obasanjo Dangote pays condolence visit James Sowole in Abeokuta Former President, Chief Olusegun Obasanjo has said the late Justice Bolarinwa Oyegoke Babalakin was until his death and for many years, one of his consultation arrowheads and contact points, describing the deceased as a true senior brother, counsellor, mentor, friend and confidant that would be sorely missed by him.

The late Babalakin, was the father of Dr. Wale Babalakin, and one of the country's eminent jurists, who died on Saturday at aged 94.

In a condolence letter to Babalakin's junior, a copy made available to newsmen in Abeokuta

by Obasanjo's Special Assistant on Media, Kehinde Akinyemi, the former president said he so much valued the late Justice, "so very much for his wise and sagacious counsel.”

Obasanjo declared "the Late will be sorely missed by me."

The former President said that, "although we are deeply saddened to hear of his transition, we are comforted by the knowledge that he lived a full, distinguished and useful life of service and devotion to his community, his State, the nation and to humanity.”

"We commiserate with you and the entire good people of Osun State and pray that Allah, in His mercy, will comfort you and other members of his family.

"Justice Babalakin will for long be remembered for his immense contribution to the building of this great nation, Nigeria.

"In all respects, he was a titan: a good man, an inspiring leader and remarkable statesman whose intellect, integrity, hard work and vision impacted significantly on the legal profession.

"He served the nation in many challenging positions, notably as Justice of the Supreme Court of Nigeria from where he retired in 1992.

Lawmakers Query NCDC over Payment of N9bn COVID-19 Intervention Fund to Staff Accounts Quizzes Julius Berger, SETRACO, others over alleged tax evasion Adedayo Akinwale in Abuja The House of Representatives Public Accounts Committee has queried the Nigeria Centre for Disease Control (NCDC) for paying part of the N9 billion COVID-19 intervention fund it received into personal accounts of some of its staff.

The committee observed the anomaly when the Director General of the agency, Dr. Ifedayo Adetifa appeared before it at the weekend in Abuja, to give an account of the agency’s expenditure.

The Chairman of the Committee, Hon. Oluwole Oke observed that from the agency's submissions, parts of the money were paid into the private accounts of some of its staff.

For instance, in 2020, Oke alleged that the sum of N3.955 million was paid to one Kemisalo Odimayo for the establishment of additional sample collection space, while the sum of N792, 000 was also allegedly paid to one Musa Sokodabo for the construction of treatment of isolation and treatment centres in some states.

Oke was of the opinion that there was no justification for paying such amount of money to any staff.

Consequently, the Committee

demanded for all relevant records on how the funds were expended at the next meeting.

Providing details of the agency expenses, Adetifa revealed that between March and December 2020, the agency got N620 million; while from March 2020 to March 2021 it got N5 billion; and from January 2021 to September 2021, it got N3.49 billion from the federal government to combat Covid-19.

On the payment of Covid-19 intervention funds to some staff' accounts, Adetifa referred the query to the procurement officer of the agency, Mr. Dania Augustus, who said money was usually paid to the account of any staff who raised a memo for any expenditure.

He further explained that it was expedient to pay into the private accounts at the time due to the urgency of the Covid-19 response.

Augustus added: "Musa is a desk officer. That is to say he raised memos on issues and treats files and all that. What usually happens is that whoever raises a memo for an activity, when payment is to be made so that accounts can track the record of payment, the initiator of that memo, his name is usually used."

"In all of the positions he held, Justice Babalakin earned the respect and confidence of Nigerians and non-Nigerians by dint of hard work, professional excellence, devotion to duty and resourcefulness,” Obasanjo wrote.

He added: “Indeed, throughout his entire career in the public

service, he demonstrated rare qualities of commitment and courage, always upholding the cherished tradition of the public service and left behind a name that was thoroughly bathed in honour and dignity.

“Justice Babalakin’s name will live forever in the minds and

hearts of those who experienced his warmth, generosity and guidance.

"As a community leader and a prominent patriot, Justice Babalakin earned the respect of his people, not only for the great commitment that he had for the progress of Gbogan, his

hometown, and the rest of Osun State but also for his abiding faith in national unity.

"He exhibited very good leadership qualities, wisdom and wealth of experience which indeed he put to use in the discharge of his responsibility to his community and the nation as a whole.

$10bn Train 7 Risks Suspension as Senate, Saipem Bicker Peter Uzoho The ongoing bickering between the Senate and Saipem Nigeria Limited over alleged violation of the Nigerian Local Content Act in the award of contracts for the delivery of the Nigeria Liquefied Natural Gas (NLNG)'s $10 billion Train 7 project by the latter, may degenerate to the suspension of the multi-billion dollar project, experts have warned.

An oil and gas services expert and Vice Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr. Ranti Omole, gave the warning, pointing out that the progress of the project delivery may be stalled if the Senate exerts its power and forces Saipem to halt further Train 7-related contract awards.

Omole told THISDAY in a phone interview that if that happens, it would have huge negative impact on the nation and NLNG itself, as it would also stall the drive to enhance LNG export and increase the federation’s revenue and other

derivatives from the Train 7 project.

The Senate Committee on Local Content had last Wednesday, accused Saipem of deliberately circumventing Nigeria's Local Content Act by sidelining Nigerian manufacturers in the bidding for the contract awards as provided for in the law.

But Saipem responded by saying that it acted on the instruction of its client –NLNG, adding that all it did was within the scope provided by NLNG which allowed it to source for highly specialised steels not available in Nigeria from outside the country.

It stated that the arrangement was within the finance export scheme between NLNG, South Korea and Italy.

Train 7 is expected to add eight million tonnes of gas supply to the existing 22 million tonnes and ramp up NLNG's production by about 35 per cent.

Contractors for the project are SCD JV Consortium, comprising Nigerian affiliates of Saipem (Italy), Chiyoda (Japan) and Daewoo (South Korea.

Commenting on the Senate’s squabble with Saipem and the implication of that on the project and the Nigerian economy, Omole said, “Now, if the Senate is forcing a stop on future contracts award and project activities, definitely, it will stall the progress of the project and also stall the time to get the gas – NLNG’s export. It will also prolong the time the country wants to get more from LNG export.

“And nowadays, it’s not just for you to get to market, you just need to get to market at the right time because there are quite a number of LNG projects that are pushing out all over the world. So, it’s good for us to get to market early.

“Definitely, the impact will be huge if the Senate stalls the project by forcing a stop on future contract award for the continuous delivery.”

The PETAN vice chairman said the good side of the intervention was that the alarm raised by Senate on the alleged violation of Local Content Act was a warning for

Saipem to ensure compliance and improve their grade level to accommodate more local participation.

He added that the Senate’s alarm was also a warning to all multinational companies in Nigeria that it was no longer business as usual, stressing that contractors may need to further look for where Nigerian companies could do more work by getting technical support from foreign companies whom they partner with in projects execution.

“So, that’s the good side of it.

It’s a warning that it’s no longer business as usual – you cannot sign Local Content Plan and do whatever you like. So, the more there is competence in Nigerian companies and they get involved in projects execution, the better for the economy,” Omole stated.

He argued that the Senate has the responsibility to act if Saipem was not complying with the local content plan of the Train 7 project by not patronising local companies that have the capacities to participate in the project.

Electoral Act Amendment: INEC Replies Buhari, Advises President to Assent Bill Chuks Okocha in Abuja

The Independent National Electoral Commission (INEC) has replied President Mohammadu Buhari’s letter he wrote to the electoral body seeking explanation on some areas in the electoral bill transmitted to him by the National Assembly.

According to a reliable source in the Presidency, it was INEC’s considered opinion that the bill contains substantial provisions that would lay a solid foundation for important improvements in the electoral process.

INEC position was conveyed in its response to the president’s request for the view of the Commission on the Electoral Bill 2021.

In a letter dated November 29th, 2021 and signed by the Chief of Staff to the President, Prof.

Ibrahim Gambari, the president had requested the INEC Chairman and the office of the Vice President, Attorney-General of the Federation, the Minister of Finance and the Inspector General of Police to provide considered views on the bill by Friday December 3, 2021.

Contrary to information in public domain that the president requested for comments on specific sections of the bill, it was gathered that INEC and the ministries and agencies were not requested to comment on any specific clause of the bill or provide cost implication of implementing any clause in the bill.

The source disclosed that INEC highlighted important provisions of the bill capable of deepening public trust, public confidences and overall credibility of the elections and the electoral process.

The commission also highlighted landmark proposals in the bill that would radically improve the quality of elections.

For instance, THISDAY was reliably informed that INEC mentioned that the electronic transmission of results, early submission of list of nominated candidates and the power of INEC to review election results declared under duress or in contravention of electoral laws and guidelines as some of the vital areas in the proposed amendments.

“It is therefore important to take these aspects into consideration in taking the decision to assent to the bill,” the source added.

INEC said in its response that, "An accelerated assent to the bill will facilitate the preparation of major elections such as the FCT municipal area council election, Ekiti and Osun governorship election and the 2023 general elections." It therefore urged the president not to hesitate in signing the bill on electoral reforms.

The president has until December 19, to assent or decline.

The big issue is if the National Assembly goes on recess on December 15, they would resume in the third week of January next year.

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COMMENT

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

A NATIONAL SUMMIT ON COVID-19

A national summit is being convened to discuss strategies of containing the pandemic within the country, write Tajudeen Kareem and Success Nwogu

E

minent medical authorities have expressed support for the National Summit on COVID-19 opening in Abuja today.

They include a former Minister of Health, Professor Onyebuchi Chukwu; former Chief Medical Director, University of Ilorin Teaching Hospital, Professor Abdulwaheed Olatinwo; the Deputy Vice-Chancellor, Research, Technology and Innovation, University of Ilorin, Professor Mikhail Olayinka Buhari, and a former National Chairman of the Association of Public Health Physicians of Nigeria, Professor Tanimola Akande.

They stated that the summit will provide a veritable platform to analyse the strategies adopted by the federal government to fight the coronavirus pandemic which has killed over 5.24 million people across the globe. The forum will examine strategies, innovations and mechanisms in tackling the virus in Nigeria and explore the preparedness to face future challenges.

The Chairman of the Presidential Steering Committee (PSC) on COVID-19, Boss Mustapha said the summit will effectively capture the core elements of Nigeria’s response to end COVID-19 in 2022 and to strengthen Global Health Security. The forum will signpost the end of PSC’s renewed mandate lasting nine months and provide a platform, in the words of Mustapha, “to effectively capture the core elements of the national response”.

At the last count, 28 countries including Nigeria, have confirmed cases of OMICRON variant of COVID-19 in their countries. The World Health Organisation has categorised it as a “variant of concern” and said early evidence suggests it has a higher re-infection risk.

Indeed, the data of COVID-19 onslaught on humanity has been devastating. According to Statista.com, as of November 30, 2021, COVID-19, had spread to six continents, while about 5,225,521 people had died worldwide after contracting the respiratory virus.

Statista.com, gave the death data as: United States of America, 801,326; Brazil, 614,428; India, 468,980; Mexico, 293,950; Russia, 273,964; Peru, 201,144; United Kingdom, 144,810; Indonesia, 143,813; Italy, 133,739; Iran, 129,711; Columbia, 128,473; France, 119,016; Argentina, 116,554; Germany, 101,652 and South Africa, 89,822.

The Nigeria Centre for Disease Control website indicated that as of 2.59pm on Thursday, 2 December 2021, there were 214,270 cases of COVID-19; 207,312 discharged cases; while 2,978 deaths had been recorded in 36 states of the federation and the Federal Capital Territory. It has also detected at least three cases of OMICRON variant of COVID-19.

The National Incident Manager of COVID-19, Dr Muktar Muhammed is convinced that the summit will help PSC to redefine Nigeria’s coronavirus response and build the health security framework for the country. That is why all critical stakeholders are being mobilised for this summit.

The summit will help us to redefine our national COVID-19 response and build the health security framework for the country. That is why we are mobilizing all critical stakeholders, including our development

REMEMBER, NO ONE IS SAFE FROM COVID-19 UNTIL EVERYONE IS SAFE FROM IT. FOR THOSE WHO ARE YET TO GET VACCINATED, I WANT TO POINT OUT THAT OVER SIX MILLION NIGERIANS HAVE TAKEN THE VACCINES, OVER SIX MILLION NIGERIANS CANNOT BE WRONG. SO WHAT ARE YOU WAITING FOR?

partners, for this important National Summit. We are encouraged by the support we have received so far from our development partners and the private sector,” said Dr Muhammed.

Prof. Chukwu suggested that the summit should also address the need for Nigeria to produce its own vaccines even as he emphasised the need for local self-reliance in the health sector. He also wants the forum to discuss the challenges of pandemic control by and in the country and strategies and tactics to stop or mitigate importation and spread within the country.

His words: “There is a need to invite those in research, pharmaceutical industry and those in the academia to discuss how we can produce our own vaccines in Nigeria. If you invite people like that for a summit to brainstorm and also involve those who can finance it, Central Bank of Nigeria, all the banks, financial institutions, I support that. It will show we have a focus and we are thinking of how we can start manufacturing our own vaccine.”

He stated that Nigeria, by itself, cannot end a global pandemic, adding that no single country can. He advised that it is only a global effort and collaboration that has the potential to defeat the pandemic.

“So a national summit may explore the route to the end of the pandemic but no more. A national summit as suggested above may however discuss the challenges of pandemic control by and in the country and strategies and tactics to stop or mitigate importation and spread within the country.

“I expect that the summit should be devoted to addressing critical gaps in the national effort especially vaccine availability and security, personnel, facilities and medicines for treatment, border (land, water, and air) control, the integrity of laboratory testing, and financing of the efforts”, said Prof Chukwu.

Olatinwo, a Professor of Obstetrics and Gynaecology, said the summit should improve capacity for diagnostics, therapeutic and vaccine production in Nigeria.

The Summit is a welcome development towards pushing through to end the COVID 19 pandemic and build back a better resilient health system. It is my candid belief that the summit will be principle led, evidence-based and outcome-driven through the strengthening of health systems, increase human resources for health, partnership and improve capacity for diagnostics, therapeutic and vaccine production,” said Olatinwo.

Buhari, a Professor of Pathology, said the summit should assemble all relevant stakeholders to review the strategies adopted so far in the fight against the pandemic even as he cautioned that the forum should not end as a talk show while observations and resolutions are allowed to gather dust on the shelves.

“I believe it is a welcome development and a right move that will bring together all the important stakeholders under one roof. It will afford the nation the opportunity to review the response, especially the important lessons picked up along the way.

A METER PRODUCING PLANT FOR NASARAWA

The state government has signed an MoU with Marks and Adams Investment Ltd to establish a meter producing plant, writes Morris Ewuga

H

istory was made on December 2, 2021 in Lafia as Nasarawa State government signed a Memorandum of Understanding (MoU) with Marks and Adams Investment Limited to establish a Meter Producing Plant in the state.

The meter plant is an initiative of the reputable Keana-born industrialist, Prince Mark Elayo, Turakin Keana. He is the Chief Executive Officer (CEO) of Marks & Adams Investment Limited.

The Managing Director of Nasarawa Investment and Development Agency (NIDA), Mr Ibrahim A. Abdullahi signed on behalf Nasarawa State government while Prince Elayo signed for Marks and Adams Investment Limited.

They are to jointly cough out $1.5 million for the project -- covering land, equipment and personnel costs. The plant will sit on an hectare of land. This is the first Meter Producing Plant in northern Nigeria and about the third in Nigeria. By its design, the plant has an administrative block, showroom, CKD entrance, meter assembly line, meter calibration, certification & quality control, loading bay and warehouse.

The meter plant line has the capacity to produce 10,000 meters per month. A meter status report produced by the Nigeria Electricity Regulatory Commission (NERC) in 2016 stated that about three million registered power consumers’ accounts were unmetered. The number rose in 2017 to about four million. In 2019, it was five million unmetered electricity consumers. By recent estimates, the metering gap based on customer enumeration data is over 10 million.

Unless the metering gap is closed or narrowed, electric power consumers or producers will not get value for their expenses and as such, no significant investment can crystalise in the sector. The huge metering gap in Nigeria is a major contributor to

the liquidity crisis and continuous poor performance of the power sector.

The project therefore has very promising outputs that can be commercialised as electricity distribution companies, government and owners of housing estates will acquire the meters. In fact, the market opportunity goes beyond Nigeria because the ratification of the African Continental Free Trade Agreement offers Nigerian manufacturers a large pool of consumers across Africa.

With the existence of a power substation, cargo airport in Lafia and Lafia as a gateway to many parts of Nigeria, the meter plant will seamlessly produce its product and build capacity of vocational and technical know-how of the teeming youths of Nasarawa State and beyond.

Marks & Adams Investment Limited is an Engineering and Construction Company that has been in operations since 2011 when it was incorporated as a limited liability entity under the laws of the Federal Republic of Nigeria.

It is registered with the Department of Petroleum Resources of the Nigerian National Petroleum Corporation (NNPC) and the Federal Inland Revenue Service (FIRS). It has a team of qualified and seasoned professionals, with several years of experience in the oil and gas industry as well as reputation for quality and safe service delivery.

With its track record, it has endeared itself to the big oil producing companies and oil servicing companies, construction and engineering companies within and outside the shores of Nigeria.

Messrs. Mark & Adams Investment Limited has been picked by the NERC for the Meter Rollout Plan under the Kaduna Electricity Distribution Company (KAEDC). In November 2017, the company signed a contract with KAEDC to supply 200,000 pre-paid meters to the distribution company’s customers across its four states of operations: Kaduna, Kebbi, Sokoto and Zamfara.

The project cost $45m (N14.1bn). This contract includes a 10-year metering work with KAEDC. We may recall that metering was introduced in Nigeria in 2005 to eradicate customers’ complaints of overbilling and other related matters. Customers have by and large been happy since the introduction of the prepayment metering system. However, there are still concerns. The challenges faced by Nigerians in accessing and using the prepaid metering system are huge.

Repeatedly, government has vowed to tackle the problems yet they are still there, staring power consumers in the face. Some of the challenges are: absence of vending infrastructure, non-tripping of the contractor, the cost of acquiring the meter and delays in receiving and installing the prepaid meters.

These will become things of the past with the plan to build a meter plant in Nasarawa State coming into fruition. The import of this project cannot be overemphasized.

Apparently, it will step up Nasarawa State industrial base, generate huge employment and improve overall standard of living. It will grow the electric power value chain in Nigeria and reduce foreign exchange expenditure.

As the value of the Naira against the dollar continues to tumble, it is time to tackle the importation of the electricity measuring device headlong.

The Executive Governor of Nasarawa State, Engr.

Abdullahi A. Sule has shown tremendous goodwill in this direction. This is commendable. It is left for the investor to now quickly leverage on the refreshing candour of the governor for the timely execution of this project.

Here is a governor with a very cool mien, vision, foresight, ingenuity and forthrightness. He has dealt a blow to criminalities, restoring peace to his people. It is therefore time for the Home of Solid Minerals to experience a turnaround. Investors

should brace up to be part of the success story of the Sule-led administration.

Marks & Adams Investment Limited, being a wholly indigenous concern, knows the yearnings of Nasarawa State people and should not rest on its oars in doing what it can in the interest of the people. The company has the capacity and capabilities to deliver high quality meters, develop acceptable computerization of the Prepaid Metering System and provide continual training to electricity workers.

From all this, apart from helping the people of Nasarawa State and indeed the entire northern region of Nigeria to end the problem of access to prepaid metering system, this project will boost the economy as envisaged by the President Muhammadu Buhari administration and give Nigeria a new lease of life.

As we are aware, electricity has remained the driving force behind all the developmental activities which revolve around industrial, commercial and household systems. Electricity costing and distribution to Nigerians remain the only way to driving the economy.

The meter plant will no doubt increase Nigeria’s metering rate, eliminate arbitrary estimated billing and support Nigeria’s economic recovery by reducing collection losses and increasing financial flows to achieve 100 percent market remittance obligations of the Distribution Companies (DisCos).

It will also improve network monitoring capability and availability of data for market administration and investment decision making.

Since coming to power, Gov Abdullahi A. Sule has not rested on his oars toward making Nasarawa State, a model State in Nigeria and changing the life of his people for the better. This project, when fully executed, will indeed, be a landmark in the annals of his administration.

Ewuga wrote from Lafia

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T H I S D AY • MONDAY, DECEMBER 6, 2021

EDITORIAL FUNDING TERTIARY EDUCATION It’s time to find alternative sources of funding university education

W

hile inadequate funding has been a major problem of the education sector, policymakers have not demonstrated the will to devise a way to address the challenge. The National President of the Academic Staff Union of Universities (ASUU), Emmanuel Osodeke revealed recently that the union turned down federal government’s plan to hike tuition fees in the universities.

Osodeke said government confided in the union of plans to open an education bank and give each student a loan of N1 million annually at five per cent interest rate to sponsor themselves. The students would be required to pay back when they graduate and are gainfully employed.

But ASUU rejected the plan because it did not want to be accused of fighting only for their personal interest.

The issue of a hike in tuition fees in public universities in Nigeria is a sensitive subject. But ASUU, and indeed many stakeholders in the sector, must move with WE NEED THE RIGHT the time. We must find POLICIES THAT WOULD better ways of fixing PROVIDE ALTERNATIVE the university system SOURCES OF FUNDING, broken finance in ATTRACT QUALITY Nigeria. This is essenACADEMIC AND NONtial to resolving their ACADEMIC STAFF, PROVIDE perpetual financial NECESSARY TEACHING AIDS, crisis and ensuring that AND ENSURE CONDUCIVE our graduates compete LEARNING ENVIRONMENT globally in the knowlFOR STUDENTS edge world. And one best way of resolving the problem is through substantial increase in tuition fees.

At present, students in federal tertiary institutions and most states’ public universities pay next to nothing. The institutions depend on the most part on government subventions which are also dwindling in the face of chronic economic crisis in addition to increased students and staff enrolment. The Tertiary Education Trust Fund (TETFund) established as an intervention agency, cannot also be said to have done well – as its interventions would seem not to

Letters to the Editor

have touched on things that are central to the core mission of the university system.

Indeed, a panel on challenges of public universities (otherwise called the Needs Assessment Panel) by the National Universities Commission (NUC) implied in their report sometimes ago that poor funding was a major problem in the universities. Most of the institutions provide less than optimal circumstances for creditably discharging their basic functions of teaching and research. They are no good libraries, decent research laboratories, conducive environment, attractive pay, and modern technological gadgets which facilitate teaching and learning. The increase in the number of schools, as well as the slide in funding, also adversely affected the quality of academic staff.

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

T H I S 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, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGED ENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

nfortunately, things are far worse today. It is an open secret that today, Nigerian universities produce graduates that can neither meet the demands of local employers nor compete in the global labour market. The result is the increasing army of unemployed and unemployable youths roaming the streets of major cities. For a country in hurry to develop, and in dire need of top scientists and engineers to catch up with today’s knowledge economy, Nigeria is too far behind in education.

As a way of addressing the problems, we believe it is time alternative sources of funding were devised. Government could help spread the risks around. There could be financial assistance for poor but bright students in form of scholarships and bursaries, but the issue of tuition must be addressed immediately. Government, according to ASUU, has agreed to offer loans on a more generous terms than banks. Income-based loan repayments make sense, even if the amount proposed by the government can be slashed to a more comfortable figure. The students will also be conscious of what they are studying.

We need the right policies that would provide alternative sources of funding, attract quality academic and non-academic staff, provide necessary teaching aids, and ensure conducive learning environment for students. The best universities in the world attract the best academics and supply global employment market. But someone must bear the cost.

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

TACKLING GENDER- BASED VIOLENCE IN NIGERIA

S

exual and Gender-Based Violence (SGBV), Violence against Women and Girls (VAWG) and Harmful Practices (HP) contribute to the limitation of sexual and reproductive health rights of women and girls in Nigeria. Being primary targets of gender-based violence, women and girls are left with high risks of health issues and outcomes like sexually transmitted diseases and HIV, unwanted pregnancy, unsafe abortion and maternal mortality, female genital mutilation/cutting, among other gynecological issues. Also, Nigeria has one of the highest rates of Vesico Vaginal Fistula due to the prevalence of child marriage.

Sexual and gender-based violence is a significant barrier to the achievement of many internationally recognized rights.

It has immediate and long-lasting global impacts, not just on the health and welfare of individuals but that of the nation as its ripple effect stands as a major public health challenge and barrier to civic, social, political, and economic participation.

According to World Health Organization, sexual and reproductive health rights include the right of women to be free from sexual violence, coercion and the right to the highest standard of sexual health. Sexual health in this context implies a positive approach to human sexuality and includes the freedom from sexual abuse, harassment, protection from sexually transmitted diseases, and success in preventing pregnancy. It takes into ac-

count an individual’s right to have access to reproductive health services and information. The Beijing Declaration and Platform for Action recognizes reproductive rights as an international right and urges State parties to enhance women’s sexual and reproductive health and embrace certain human rights that are already recognized in national laws, international human rights documents and other consensus documents. Nigeria also has a number of policies on reproductive health like the National Health Policy, Maternal and Child Health Policy, National Policy on HIV/AIDS/STIs Control and National Policy on the Elimination of Female Genital Mutilation. However, the level of access to sexual and reproductive health care services in Nigeria remains poor and below internationally acceptable standards despite the efforts made in this regard.

A study carried by the Centre for Social Justice on Sexual and Gender- Based Violence and the Budget (A Review of Federal Capital Territory: 2016-2019) states that the importance of enhancing the enjoyment of sexual and reproductive health right is linked to its positive impact in reducing maternal mortality and morbidity rate in Nigeria and enhancing the right to life and the enjoyment of the highest attainable standard of health care. The study further indicates that efforts at improving access to skilled health care providers for women has not been consistent and there have been retrogressive steps in terms of

decrease in proportions of women getting required care.

For the attainment of sexual and reproductive health, women’s rights to be free from sexual and gender-based violence are to be recognized, respected and fully implemented.

Women must be able to claim full control over these issues that compromise and have a direct impact on their physical, reproductive, psychological and sexual well-being. Also, there is need to address other factors that contribute to the limitation of the rights breached as a result of gender- based violence which includes inadequate levels of knowledge about human sexuality and low reproductive health information and services; discriminatory social practices; and poor representation of women in decision making positions of the health care sector.

Women and girls often lack information on reproductive health issues; therefore, as important as it is for the government and every stakeholder to combat gender- based violence, priority ought to be given to distribution of information, education and access to quality health care. Viewing sexual and reproductive health from a human rights standpoint, it is essential to increase the availability and use of integrated sexual and reproductive health services which includes counseling, rehabilitation and economic empowerment to meet human rights standards.

Kasiemobi Eze, Programme Officer, Centre for Social Justice, Abuja

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MONDAY DECEMBER 6, 2021 • T H I S D AY

MONDAY DECEMBER 6, 2021 • T H I S D AY

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T H I S D AY ˾ THURSDAY DECEMBER 6, 2021

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Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

M O N D AY D I S C O U R S E

In APC, It’s Crises Without End The ruling All Progressives Congress is at war against itself. The crises presently rocking the party, from the ward level to the national rung appears to have defy logic and if not contained, may prevent the party from holding its national convention scheduled for February 2022, writes Adedayo Akinwale

Buhari

T

o say the ruling All Progressives Congress (APC) is now the house of commotion is an understatement. The governing party now wines and dines with crises. The party now juggles from one crisis to the other. From the ward level to the national, it is trouble everywhere. Considering the barrage of court cases, no one knows how long the centre will hold.

Recently, the Chairman of the Progressive Governors’ Forum (PGF), and Governor of Kebbi State, Atiku Bagudu, as well as the Chairman of the Caretaker/ Extraordinary Convention Planning Committee (CECPC) and the Governor of Yobe State, Mai Mala Buni met with President Muhammadu Buhari, where a February 2022 date was picked for the party’s national convention.

Buni assured that all stakeholders would be involved in the choice of the particular date in February for the convention.

Though Buni, when quizzed by State House correspondents, rejected the suggestions of possible extension of the caretaker committee’s tenure, saying “I’m I a jobless person who is always trying to extend his tenure? To do what?

I have my primary responsibility as a governor, to go back to my state and carry out my primary responsibility.

What I’m here to do is ad hoc, and, of course, to reposition the party, and that is exactly what we’re able to achieve.”

Nevertheless, the announcement of February 2022 has not stopped the party from further descent into a deeper crisis.

At the moment, in the ruling party, it is one week, one trouble.

The ‘Sack’ of Buni Committee Soon after the announcement of February 2022 for the conduct of the party’s national convention, the youth wing of the ruling party christened Progressive Youth Movement (PYM-CECPC) led by Mustapha Audu announced the ‘sack’ of the Buni-led committee and inaugurated a new Caretaker committee led by him.

The PYM-CECPC also announced its decision to conduct the national

Buni

convention of the ruling party on February 26 at the Eagle Square, Abuja.

Addressing journalists after the inauguration of the PYM-CECPC, Audu said young men and women of repute have been carefully selected as members of the committee and mandated by all the well meaning young stakeholders of APC to plan and execute the convention before the end of February 2022.

He said the committee was aware of the plethora of issues within the party, stressing that the party has a history of shying away from true reconciliation and in many cases inflicting chastisement on members that should have been rewarded for their effort towards building the APC. Against this background, it said the PYM-CECPC would be setting up a reconciliatory committee to help reconcile aggrieved members within the party.

Audu noted that it was clear that in the last couple of years, the party has been on a regressive course and it was necessary for all well meaning party members to roll up their sleeves and do the needful to ensure that they correct the mistakes that have been made to ensure victory in 2023 for all stakeholders.

He noted that the previous

Akpanudoedehe

CECPC (Buni-committee) was in violation of APC constitution and the Nigerian constitution, but the new CECPC led by him has resolved that constitutional lacuna, saying the party was no longer unprepared for the 2023 general election.

Audu noted, “We are going to conduct the APC national convention and we are going to reconcile the APC and we are going to do it hand-in-hand with all our party leaders. We are not here to chastise any party leader, we are here to forge a way forward.”

“This Caretaker committee sacked the Buni-led committee. So, the previous convention planning committee has been dissolved, they have been disbanded. They no longer represent APC members.”

Ahead of the February 26 convention it announced, the PYM-CECPC also zoned various party offices. It zoned the National Chairmanship position to North, Deputy National Chairman to South - which it said must be 45 years or below.

The group zoned the position of Deputy National Chairman to North and specifically to a female - who must be 45 years or below, National Secretary- South; Deputy National Secretary — North (45 years or below), among others.

There were crises in at least 13 state chapters of the party as at the last count. The states include: Lagos, Bauchi, Imo, Enugu, Plateau, Zamfara, Kwara, Gombe, Ogun, Osun, Oyo, Ekiti and Taraba. There were at least five cases in various courts challenging the eligibility of the party leadership. Of the five pending cases, three were initiated by members of the ruling party while the opposition PDP and the New Nigeria Peoples Party each initiated one

APC’s Reaction The party wasted no time in reacting to development, describing the attempt by the CECPC led by Audu as criminal.

The National Secretary of the party, Sen. John Akpanudoedehe, in a statement said the party would not join issues with a misguided group, noting the focus of the committee was to prepare the ground for a rancour-free convention.

Akpanudoedehe said the purported group and membership are unknown to the party, its structure or as a registered support group.

He added, “However laughable, the criminal attempt of the purported group to usurp the leadership of the President Muhammadu Buhari-led APC now bothers on treasonable felony. Relevant security bodies must now check and address their unscrupulous activities.”

Reactions from APC Youths Though, the Buni-led committee said it won’t join issues with the PYM, but as witnessed during the Adams Oshiomhole-led National Working Committee (NWC), within six days of the purported ‘sack’ of the Buni committee, various youth groups within the party have condemned the factional caretaker committee led by Audu.

Last Thursday, the youth wing of APC berated the leader of PYM, Audu for declaring himself a Caretaker committee chairman. It said the group lacks the constitutional right to preside, speak for or represent any opinion of the youths wing of the party.

The APC North Central Youth Leader, Mr. Terver Aginde, stated while reading a communiqué issued at the end of an emergency meeting of Zonal and State Youth leaders and critical youth stakeholders of APC held at the national headquarters of APC. The APC youth said the emergency meeting was conveyed to address the unwarranted and highly provocative campaign of calumny cum destabilisation launched against key leaders and organs of the party by PYM. The communique said, “That the PYM on Monday, 29th November, 2021 made

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T H I S D AY ˾ THURSDAY DECEMBER 6, 2021

MONDAY DISCOURSE

Gov. Badaru

a very public attempt to overthrow the legitimately constituted leadership of the APC in a manner that can only be described as felonious. The legitimate Youth leadership of the party sees their actions as an insult to the sensibility of all APC members in Nigeria “That the so-called Progressives Youth Movement led by Mustapha Audu does not have any constitutional rights to preside, speak for or represent any opinion of the Wing of the party.”

It noted that PYM appears to be heavily funded by and deeply in the service of vicious vested interests with sole intent on destabilising the APC as a party and would be gratified by a resultant breakdown of Law and Order in Nigeria if not curtailed.

Also, the following day (Friday), the Coalition of APC Youth Support Group in Nigeria and Diaspora (COPY-NG) while addressing a world press conference in Abuja accused the National Youth Leader of the party, Mr. Ismael Ahmed of conspiracy in the recent attempt by the PYM to topple Buni.

The leader of the Coalition, Dr. Aminu Ishiaku challenged Ismael to prove that he was not in cahoot or even remotely related to any of the members of the so-called PYM or their actions.

He stated: “We therefore challenge the National Youth Leader of the party to prove to us that he is not even remotely related to any of the members of the so called PYM or their actions because we take his silence on this matter and lack of action against the people involved as strange.

“We therefore call on the party to investigate the root cause and personalities involved in this unconstitutional power grabbing in the party, and if they are truly members of the party who acted against the law, the party should apply sanctions on them immediately.”

Ishiaku said therefore, the so-called new leadership announced by PYM does not represent the views of the teeming youths that form the foundation and remain the assets of our great party.

Counter Reactions Meanwhile, the Concerned All Progressives APC Stakeholders has alleged that the Department of State Services (DSS) has extended an invitation to the leader of PYM for declaring himself as the faction caretaker chairman of APC. The group in a statement issued by Mr. Aliyu Audu decried the travails of Audu who had been suspended by his Ward Chairman following his recent activities especially for ‘dissolving’ the CECPC led by Buni.

The group said, apparently flowing from the instruction of the CECPC, the chairman of the APC in Ogbonicha Ward of Ofu LGA of Kogi State, Hon. Peter Onoja, in a purported press conference addressed by him, disowned Audu and

Mustapha Audu

said he has ceased being a member of the party.

The group noted that while it disagreed with the method of the movement, particularly in the sacking of a duly constituted committee, it frowned at the response of the Caretaker Committee and purported dissociation of the Ward chairman.

It said, “While we are yet to come to terms with this flagrant disregard for constituted rules and procedures and the diplomacy required at this time, it has been brought to our attention that the Department of State Services (DSS) has extended an invitation to Mustapha Audu, who is the leader of the Progressive Youth Movement to appear before the service.”

It noted that for the leadership of the APC to take such position against a group it has interfaced with at various times, so much as disowning its leader, who was recently a governorship aspirant under the platform of the party, one only imagines how seriously those superintending over the affairs of the party takes their responsibility.

The group said at what point did Audu cease to be a member of the APC? Saying, “Could this be before he paid the sum of N22.5 million to the coffers of the party to contest the governorship primaries of the APC in Kogi State, or after he decided to speak against the continuous stay in office of the CECPC or their refusal to conduct the national convention of the party, especially within the time frame given to her?,’ it queried.

It said the fact that Audu expressed a contrary opinion or embarked on activities that are seen to be against the current leadership of the party does not warrant his being denied his rights as a fullfledged member of the party.

The group wondered what Audu and his PYM said about the current leadership of the party that was not true. It pointed out that apart from the wooing of opposition

Ismael Ahmed

politicians into the APC which has not translated into any meaningful political capital, the CECPC has lost more elections than it has won and has succeeded in creating more crises across the party than it met and meant to resolve.

Also, the factional Chairman of CECPC has said that some members of the recently ‘sacked’ Buni-led Committee are members of the Peoples Democratic Party (PDP) masquerading as APC members.

Reacting to Akpanudoedehe’s statement in an interview with journalists in Abuja, Audu said it was unfortunate that Akpanudoedehe made false allegations against the PYM. He stated: “Senator Akpanudoedehe who made these allegations against young people that have given so much, we were in the APC long before he came to the party. He was a Senator in the PDP and a Minister of State FCT under the same PDP. Two different PDP administrations.

“This is what happens when somebody says the truth, when somebody says there is something wrong in the party, those who are creating those issues are the ones blackmailing them and in all honesty, some of these people are PDP members.”

Audu insisted that it would be difficult for Akpanudoedehe, being a former member of the PDP, to know the people who are APC members.

Aggrieved Members Litigation May Threaten Convention Moreso, there are concerns that the rising court cases against the ruling party may affect the party’s national convention scheduled for February. Aggrieved members from Lagos, Zamfara, Taraba and Kaduna states were either filing or threatening to file cases against the party leadership at both state and national levels.

Not long after the announcement of February 2022 for the conduct of the party’s national convention, the youth wing of the ruling party christened Progressive Youth Movement (PYM-CECPC) led by Mustapha Audu announced the ‘sack’ of the Buni-led committee and inaugurated a new Caretaker committee led by him. The PYM-CECPC also announced its decision to conduct the national convention of the ruling party on February 26 at the Eagle Square, Abuja

At the moment, no fewer than seven cases are pending before the Federal High Court, Abuja challenging either the legitimacy of the Governor Buniled party leadership or the outcome of decisions taken by the committee since its inauguration on June 25, 2020.

There are crises in at least 13 state chapters of the party as at the last count.

The states include: Lagos, Bauchi, Imo, Enugu, Plateau, Zamfara, Kwara, Gombe, Ogun, Osun, Oyo, Ekiti and Taraba.

There were at least five cases in various courts challenging the eligibility of the party leadership. Of the five pending cases, three were initiated by members of the ruling party while the opposition PDP and the New Nigeria Peoples Party each initiated one.

For instance, a factional leader of the Zamfara State chapter of the APC, Senator Kabiru Marafa, has already dismissed plans by the party to hold its national convention in February 2022.

He advised Buni and members of his ‘illegal committee’ not to waste scarce party funds in conducting another illegal act in the name of a national convention without doing the needful.

Marafa noted that APC leaders in Zamfara who were illegally removed from their leadership positions are already in court challenging that decision.

He added, “Some of us are putting our papers together to challenge the very existence of the so-called Caretaker Committee headed by Mai Mala Buni.

The tenure of that illegal committee expired in June, the committee is still there acting illegally and causing trouble all over the place. Buni should take the path of honour and resign while he still has the chance.

“We are heading to court; let the court decide whether our constitution or the APC constitution has any provision allowing a serving governor to hold office and at the same time preside as (a party’s) national chairman. We will challenge every decision taken by this illegal committee since it came into office in June 2020.”

In addition, aggrieved party members in Bauchi State who instituted the case with suit number: FHC/ABJ/ CS/841/2021 between Babaji Abdullahi and six others vs the APC and five others, insist on going ahead with the suit.

Abdullahi, who filed the suit in Abuja, said they were still in court because the party leadership had not shown cause to warrant a withdrawal.

According to him, “You cannot beat a child and deny him the right to cry. We were unjustly treated and we intend to pursue this case until we get justice.”

While the plethora of crises the ruling party shows no sign of abating, it remains to be seen if the February 2022 convention will hold considering the number of cases against the ‘sacked’ Buni committee.

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T H I S D AY • MONDAY, DECEMBER 6, 2021

THE MONDAY INTERVIEW

UCHE ORJI: We’ve Earned Global Acclaim Via Accountability and Transparency After over nine years as the Chief Executive Officer and Managing Director at the Nigerian Sovereign Investment Authority, Mr. Uche Orji is spending his last “less than a year in office”, reflecting on the journey so far. With his manifestly progressive and brilliant mind, he definitely needs no one’s validation about his successes and the obvious room for improvement in the management of the nation’s sovereign wealth fund, an initiative of the government of the federation, into which surplus income produced from the nation’s excess oil reserves, is deposited. The NSIA as an idea, was brought into the force of law to invest the savings gained on the difference between the budgeted and actual market prices for oil to earn returns that would benefit future generations. With an initial US$1 billion in seed capital, NSIA, on the watch of Orji, has grown in leaps and bounds, evidenced by its interventions, not just in savings, but in many of its critical interventions across the country. Thus, taking THISDAY on a short trip of the situation report, Orji is confident that with the structure he’s put in place, “The Authority” as the NSIA is otherwise called, would survive many generations to come. Excerpts: It’s been nine years since you started work at the NSIA. What has the journey been like and have you been able to marry your goals and objectives with the results so far?

Yes, to some extent. I will say on a scale of 1 to 10, we are not at 10 of course. There have been many things that have disrupted the plans, but in the main, I think we are executing two plans.

I would like to describe this by looking at things that are still not yet done, vis-a-vis the things that were done. But before we even do that, let us assess the objective. When the NSIA started, many of you would remember, it was born in controversy. There were issues as to whether it was legal or not legal; whether it would survive or not survive and it was a topic in the newspapers every single day at the beginning and even today, there are still issues around the legislation that are still controversial. But at that point, we set our goal that the organisation would survive or fail based on its investment performance and its impact.

No doubt, today, we have a clear strategy

of what we really wanted to accomplish.

That was number one. Number two, we also believed the organisation would gain credibility, not by being everywhere talking all the time, but by actually showing than telling, that you need to show what you have done, then, you can talk about it, because Nigerians are tired of propaganda.

They are tired of just being told tales. We needed to also earn global respect through accountability and transparency and change the narrative around the public sector in the country. We needed to attract smart people and build a small and effective organisation.

So these were some of the clear goals we set out in terms of what I would want to call broad organising principles as to what it was going to take to stabilise and build the organisation. And once those foundational factors were dealt with, then, you can now grow the organisation.

And I think on those core organisational structures, we have been able to achieve

them. We have a lot of smart people and we have built, to some extent, an organisation that is seen in some ways as internationally transparent and credible. On the Sovereign Wealth Fund (SWF) institute ranking of internationally transparent and accountable organisations, we are in the second quartile, which is not a bad place to be for a Nigerian entity. Actually we are in the top bracket of the second quartile by scoring. I think we have also shown performance in the period we have invested. I cannot think of any quarter that we have lost money, we have been consistently profitable through the years. And then, in terms of impact, you have seen our footprint in agriculture, road infrastructure, to healthcare, to financial servicing infrastructure companies, to more recently now, to social impact like education.

So, there is a lot of impact in my opinion.

Let us also be mindful of the fact that we don’t have a huge capital base but there are enough seeds and enough direction of

the strategy for people to start to feel confident and comfortable about what the organisation can become. If you want to ask me that question again in another five years, I am given to looking at what has not yet been done but it is also important to also acknowledge that in the main, we have put all what is required in place for the organisation to now thrive.

From that corner, your agency is supposedly central to the political economy in a sense and being the pioneer leader, what would you say actually prepared you for this assignment?

There are probably three or four things that I will speak to. The first is that I had the privilege of working in some of the most diverse and complex organisations in the global financial market. I worked at Goldman Sachs Asset Management in London and I managed the global technology sector. We invested anywhere from San Francisco to Taiwan Continued on page 21

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T H I S D AY • MONDAY, DECEMBER 6, 2021

THE MONDAY INTERVIEW

UCHE ORJI

NSIA Runs a Flat, Open Structure that Eliminates Big Man’s Syndrome and everything in-between. Secondly, I had actually gone on to be a sales analyst, which forced you to think deeply about certain sub-segments of the economy and my sector was privileged to have been ranked number one in Europe and also to be ranked number three in the United States. In the semiconductor sector, that doesn’t happen.

Franchises don’t travel across countries. So we were very fortunate to do that. And to do that, one of the things I have always felt was important was the ability to have a small and effective team and build it very quickly.

The team that we put together in London, from nowhere became number one within 18 months. When you say number one, let me put it in perspective for you. At JP Morgan in London, we were up against almost 85 big investment firms and in the US, there are over 200 investment firms.

So to me, to be number three or number one is not a joke. But it was all down to the people that I worked with, hiring the smartest people that you can find, motivating them, turning them into leaders in their own sectors. And, quite frankly, building a work culture that does not have any big man. At the NSIA, you would see me with my staff arguing. This is an analyst who just came out of school and I am having an argument with him, which is fine, because you encourage them to think; you encourage them to stand their ground; you encourage them that in an investment process, it is one man, one vote and everybody has a voice and should speak.

So, if you really want to see a flat structure in action, come and see NSIA. I sit on the floor with everybody else. My office is almost like your newsroom – we are all interacting always, and it’s all glass doors. On a typical day, you can’t even tell who the managing director is. You should not be able to tell, because it is really what it takes to build an investment DNA in an organisation.

Those are the things we set out to do. Of course, we are still working in the political economy as you put it. In summary, first, it was the exposure that one was privileged to have: I worked in London, Asia, New York and San Francisco. There is hardly anybody who manages money today globally that I do not know and this is just purely the privilege the job offered me. Secondly, the semiconductor sector is the single-most complex sector and it touches everything in the world.

It is a very volatile fast-changing sector that forces you to learn and have the ability to make decisions very quickly. So it was quite a broad experience that I had. But before all of that, talking about what prepared me for this role, I grew up in Nigeria. I was telling somebody recently about how Lagos changed my life as a person. Till today, I wake up at 4am every day since 1991. This is no joke, because when I moved to Lagos, I was living on the mainland and that was before the Third Mainland Bridge was opened. So you can imagine, if I wasn’t leaving my house at Isolo very early to enter my car and start going to work very early.

You realise that some of those things that used to look like punishment, really shaped you. So when you now turn up in certain environments, you are really prepared.

For me, it was a very good preparatory experience. And the organisations I had worked with in my early days in this country, Arthur Anderson, which is now KPMG and I worked with Diamond Bank, when it was a start-up. Pascal Dozie was one of those, who actually affected my life, because the way he ran the organisation is similar to the way I run the NSIA today –a flat and open structure – so you learn some of those things over time. Preparation-wise, building teams, working in complex environments, dealing with complex sectors and managing stakeholders across the board were some of those things that prepared one. But having said that, Nigeria is a whole different kettle of fish.

A few weeks ago, the House of Representatives’ Committee on Finance threatened to block budgetary allocation to NSIA, if it failed to present its 2022 budget proposal to the National Assembly for consideration and passage. That incident was widely reported in the media. Why will the NSIA not present its budget to the lawmakers for consideration, like other government agencies?

Let’s establish four things. Number one, we had never submitted the NSIA budget to the National Assembly. The relationship between the NSIA and the National Assembly is very simple. The National Assembly represents the federal house. The NSIA is owned by the federal government, the state governments and the local governments. So the federal house represents one shareholder and the state Houses of Assembly and local governments all represent other shareholders too. So if you are going to present your budget to one out of the group of shareholders, you need to take it to others too. You need to understand that it is a matter of principle of shareholder relationship with an organisation. You are one of 812 shareholders.

There are 774 local governments, there is FCT

“At the NSIA, we submit ourselves to six audits in a year. Four by PwC, one by the Auditor General of the Federation and one by the Accountant General. Now, on top of that, we have Deloitte as a special auditor” and the local councils and there is the federal government.

But aren’t the National Assembly members representatives of the states as well?

Correct. When the NSIA law was passed, every single state House of Assembly had to pass the law. Everyone has a share certificate.

Secondly, the law of the NSIA was passed by the National Assembly and that law gave the power to the board. And in making sure there is representation, the board of the NSIA has members representing each geo-political zone. Thirdly, where in the law does the NSIA budget really fit? The NSIA is supposed to manage money in excess of the budget. So where is it going to fit if it is anything in excess of the budget? Fourthly, for us, if you put the budget of the organisation in a working environment, once the budget is passed, it becomes law and once it becomes law, you can’t adjust to the market environment anymore. But the most important thing is we have had this debate with the National Assembly for nine years.

This debate did not start today. We had this debate with the David Mark-led National Assembly; the Bukola Saraki-led National Assembly and we are having it again. But it is a matter of principle. If you abdicated the right to controlling the budget to the board by law, if you want to change it, you pass the same law. When the NSIA law was being passed with all the states, it was agreed that this is how it should be done. Even in the complaint that the lawmakers wrote, they said NSIA was relying on its law. Let me be clear, this is not a fight, it is not a discussion that started today. But you also look at the NSIA, we publicly announce our accounts. We have it audited by PwC and it is published within, maximum, 100 days to the end. We say 90 days but it is a very

complex organisation, sometimes things slip a little bit. And we work very hard to make sure that before the end of March and latest April, the accounts are published.

We have a detailed annual report on every single thing. The budget is passed by the board latest by December. When we had this discussion with the last Assembly, the decision was that they were going to amend the law.

There is an amendment of the law ongoing, so asking for it to change before you pass the law doesn’t even make any sense. So we would have continued dialogue to explain that it is what you do with shareholder groups. The federal house represents one shareholder. As I said, if you go to the federal house, what stops Ekiti State from saying come and present the budget? What stops Bayelsa from also saying we should come and present the budget?

They can, because they are all shareholders.

The states, in aggregate, own 52 per cent of the NSIA, the federal government owns 48 per cent of the NSIA. So it is a shareholder relationship. The NLNG is owned in the same way. Do you go to the National Assembly with the NLNG budget? The point I am making is that you need to recognise the power of the constituent parts of the organisation. As I said, technically, the NSIA is supposed to manage anything in excess, which is after the budget has been passed, it is the excess revenue that you put in a purse that is managed by NSIA. So if you are going to put it as part of the budget, it is not supposed to be there.

Why do you think they are concerned about seeing your budget?

I don’t know, but you can see the accounts.

You can always look at the accounts.

Historically, you can look at returns earned by the organisation.

The NSIA has the Stabilisation Fund, the Future Generations Fund and the

Nigeria Infrastructure Fund. Can you explain each of them and how they are performing?

The NSIA is the most complex, small, sovereign wealth that the world has ever seen. And I say that because, when you have a sovereign wealth fund, you have two things that they probably do.

Sovereign wealth funds the world over tend to do stabilisation and savings. They don’t invest in the local market. Ours is that we have stabilisation, we have savings and we have domestic investment.

And they are all different funds. First of all, they are ring-fenced. Any money we put in the Stabilisation Fund cannot be taken out and put in the Future Generations Fund. That will be against the law.

And once it entered into that fund pool, you cannot take it out to another fund pool. The Stabilisation Fund was designed to provide stabilisation. If you noticed, last year, when there was a budget crisis, the government called $150 million from the Stabilisation Fund from the NSIA. And we gave it to the government.

It was designed that we return that money within seven days of demand. The law says that the Minister of Finance shall have the right to call once she proves the need. And of course, there was COVID-19. She got approval from the necessary authorities and we provided the money. So the Stabilisation Fund is very short-term in nature in terms of how it works and as a consequence, it is not a high-return fund. I think last year, we did about six or seven per cent on that fund. We just want that fund to earn United States inflation. So the US inflation last year was something about one or two per cent. That fund was designed to almost be like a check-in account such that whenever the government needs money, it can call for it and it is available.

The Future Generations Fund is really the heart of the NSIA. It is the heart of investments and savings for future generations. Here, we invest everywhere from global capital market, equities, debt instruments, private equities, venture capital, commodities and other assets. It is a diversified investment that we make on that, and it is doing okay. Last year was one of our best-performing funds and this year, it would be one of the bestperforming funds as well. I made it clear at the beginning of last year when I was on Arise News, your sister organisation, that we will not earn the same level of returns as we did in 2020. And that is just because last year was an exceptional year for us. We made N160 billion last year. This year, so far, it is looking okay but I am still not certain about this year. We will not be anywhere near N160 billion at all, that, I can assure you.

If we are close to that, I will clap but as of September, we were at N119 billion, which is still not bad. We are in a business, where everything can unravel in one month. I am still hoping that this year, we will close around N130 billion, maybe.

If things hold together as they are, then, we could be okay at around N130 billion or N135 billion.

But I wouldn’t want to take that number to the bank, because we still have a very delicate, over three weeks to the end of the year. It is really delicate because so many things are likely to go wrong. The Nigeria Infrastructure Fund (NIF) is doing okay. That is the fund that is involved in infrastructure – from toll roads, to agriculture to healthcare, financial marketing infrastructure.

Many of you don’t know this, but the NSIA developed the Development Bank of Nigeria; the Nigerian Mortgage Refinancing Company.

The NSIA sponsored and founded Infracredit; developed the Family Homes, the NSIA is the strategic second-largest shareholder in NG Clearing.

These are all financial market companies. So the NSIA has been very active. Of course, healthcare, the toll roads, second Niger Bridge, Abuja-Kano road, Lagos-Ibadan expressway.

The NSIA is part of the agencies that worked on the establishment of the InfraCorp. What is the update? Has the company commenced operation and how does it intend to go about its funding?

Infracorp is one of those we refer to as financial market infrastructure. The infracorp is sponsored by the Central Bank of Nigeria and the NSIA sits on the board, as an investor and a co-promoter of infracorp. We concluded the process of setting up the board in September; we have just concluded the process of hiring a managing director and we have appointed four asset managers. Think about it this way, in the NSIA, under our Future Generations Fund, we have many asset managers.

I think we have more than forty asset managers, who we look at and say okay, you are a smart guy, develop a strategy and we have an advisory board with an oversight role. So Infracorp is going to be another group of fund managers and the NSIA as an investor will sit on the board. Their job is to take some seed capital from Infracorp and then go on to raise other capital. That is how Infracorp was set up. Setting up these businesses is a little more difficult, but we are almost there.

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THE MONDAY INTERVIEW

UCHE ORJI

NSIA has Never Submitted its Budget to National Assembly A lot of major milestones have been achieved.

Asset managers have been appointed, the board has been finalised, the managing director has also been finalised and I think it is quite advanced in terms of the first investment we are about to make. So things are picking up.

Earlier this year, you said the NSIA was going to raise a debt instrument and specifically you mentioned the Sukuk. It’s already the last month of the year and no one has heard anything about the planned fund raising?

It has to do with the projects for which we wanted to raise the fund, particularly some of the Presidential Infrastructure Development Fund (PIDF) projects. We have actually found that Infracorp is going to take up some of that funding and some of the projects. We realised that we didn’t need to go to the market in the measure we had wanted to and we are seeing a new approach to funding.

We are still coming to the market but it depends on what market you are talking about. We have got an investor group through the Infracorp, that addresses some of the areas of need. So it reduces the need to go to Sukuk, but we will still come.

And the quantum of money we need to raise is now significantly lower, because what is clear is that Infracorp is now in a position to take up the significant pool of funds we needed to raise. We are still going to come to the market and whether it is Sukuk or other forms of capital, it is still being developed. Sukuk at that time felt right but at the time also, remember that Infracorp hadn’t actually begun to take off.

From what I have seen of Infracorp and the commitments we have signed with Infracorp, it is actually going to help us reduce the need to raise a huge amount of money from the market.

We will still come to the market. I can’t tell you exactly how much but I think the timing is certainly going to be next year and that is because we are seeing a significant quantum of capital coming from Infracorp into our projects. So you are right.

I had a plan in the first quarter of this year to

come to the market, because if we didn’t raise that money, we were not going to continue with the Lagos-Ibadan, Abuja-Kano roads and the second Niger Bridge. But Infracorp is now stepping into that gap and reducing the size of capital we need. So for Infracorp’s first investments, the commitments we have signed already are going to be to first invest in the PIDF projects.

That reduces our need to go to the market, but it doesn’t eliminate it. We are still going to come to the market just for the shortfall on the road project. We are likely to come to the market also because of a few things you might see announced very soon, that may see us coming to the market a little bit for healthcare and perhaps, a little bit for innovation fund. It has been pleasantly surprising for me to see the role that Infracorp can play and has reduced the need for us to go and raise debt, when we can raise equity. It has been a nice outcome, but we had a plan in the first quarter, which has pleasantly turned out to be better because Infracorp is now able to step into some of the gaps for us and reduce the quantum of capital we needed to raise. We need to absorb that capital first and then see what we need to spend.

Where is the NSIA on the Nigeria Innovation Fund and are you planning of raising equity or debt and how soon?

The NSIA will seed it with its own equity and we are in the market for both equity and debt. But first of all, it is equity we are looking for. Now, if there is an advanced project that carries some debt, you don’t want to multiply the risks by taking on debts. But if there are businesses that are already able to operate, we can stomach that. Funny enough, the first investment we are making is actually a debt investment in the data sector. But it is a combination of both equity and debt, depending on the business. Where we are

now is twofold. We have actually started to put together the partners that will help us in analysing and understanding this innovation sector. We have finished the piece of research and recently, to really understand the market space and how to approach it.

That research was published and presented to us two months ago. The preparatory process has taken a little bit longer than it was likely to take, frankly. But it is better to be properly prepared than rushing and making mistakes.

We have made our first investments, hopefully, that gets signed off soon. The board approved this investment about seven months ago, but it is just the whole back-and-forth issue. The other thing we have done is that we have invested a lot in venture capital funds, who are also now sourced. It means for them to go out and look for some of these innovation objectives. The third thing we are doing right now is we are pulling together the partners.

We are going to go out soon to get them approved and once they are approved, the fund will start to run.

Finally, we usually start with our own capital and then we invite partners to join us. Like in healthcare, we started with our capital and now we have many people wanting to give us funds to do healthcare. I know there are lots of expectations and there should be because we see a golden opportunity for Nigeria to level up against the rest of the world when it comes to technology. My vision of innovation especially in information technology (IT), because when they say innovation, it’s always IT people focus on, but their IT is in industrial, agriculture and many other things. But let’s talk about IT, which is an area I am familiar with. I see a revolution in terms of the development of IT with things like business processes that are going to India coming to Africa. Nigeria is just a place.

With the right investment, a child can live in Yaba and work in San Francisco, which is

really what is happening now. So we need to just scale that up and give them the right investment.

This place could become the data centre hub for West Africa. So, be expectant. Unfortunately, the preparation has been slower and a little bit more challenging, but we will get there.

Where is the NSIA on the Second Niger Bridge and are you on track to meet the 2022 timeline?

If you go there, I can 100 per cent assure you that by the end of April 2022, you will see a bridge but you can’t use it yet. All the last decking would have been done, what would be left are the access roads. Where are we on the access roads? The access roads were not part of the NSIA’s original scope, it was only added to us at the beginning of this year. We only recently raised the money to cater to the access road. The contractors from the Ministry of Works are yet to sign the agreement, but the funding is now ready. The access roads work will start off expeditiously once the contract is signed, but the funding will not be a problem.

Even if the access roads are not entirely ready because of the swampy area (you have to sand fill and all that), there is a bypass with which the bridge can be used. I am happy to tell you that you will be using that bridge hopefully before the end of next year.

What is the level of the NSIA’s involvement in the construction of the Lagos-Ibadan expressway which a lot of people believe is taking too long to complete?

Funding is not the issue, it has never been the issue. There are a number of implementation challenges here and there. The problem with the Lagos-Ibadan Expressway is that it is the most trafficked road in West Africa and you are rebuilding it while other people are using it.

Unlike the Second Niger Bridge, which is a whole Greenfield somewhere in the swamp, this one is insane. I know people say it is taking too long to complete, but you know that the road has been on the drawing board for a very long time. We have only been involved in it in the last three years. If you drive the road, let’s assume you have one magical hour, when there is traffic, if you drive the road, you will hardly see any pothole on that road. You can take-off from Ojodu-Berger and just move smoothly to where you are going.

So we have done the road, and it is 77 per cent completed. What is holding us up is what? Toll stations.

That one is a nightmare: overhead passes, serious issues, pedestrian bridges – these are the things and on that, noted, for every moment you put a cone to repair something, the traffic spills from Third Mainland Bridge. Since we got involved in it, there is no week that passes that somebody does not abuse us. But as I said, that road when you drive it now, there are not many places where you will see a pothole. The actual pavement has been done, we have done something, and it is just all these finishing touches that are left. Again, I think you will never appreciate a road until you see road markings and sign posting. But what is going to create a nightmare for many of you is the toll plaza.

That construction will create problems. I am not going to sugarcoat it for you, in the next 12 months, you will still have to bear pain on that road. But everybody I know is always grateful to say that they did not experience potholes when they drive on the road. Each of those roads is one meter excavation, so those roads are built with a 20 years’ warranty. So we are getting there, but when you are using a road that has 40,000 vehicles a day and you are repairing it, it is like living in a house and repairing the house. You live inside the house and they are knocking your roof off, it is horrible. My job and the job of the NSIA is that we are financiers, but for deep technical issues, you should go to the employer, which is the Ministry of Works.

Do you have a completion date for the road yet?

We do. As I said, we are 77 per cent completed as of last week. So we have 23 per cent to go.

Let’s talk about the repairs on the East-West, is the NSIA involved?

No, not any more.

“We are cautious going into next year, for a number of reasons.

The first reason is because I still think that global inflation will continue to be a challenge for the world and to some extent, a challenge for the NSIA, because it will ripple through asset prices and could create some real uncertainty for investors”

Why? It was part of the original PIDF agreement, but last year, there was a request and the president granted that request to return it to the Ministry of the Niger Delta, which we did. We returned the government’s cash contribution to us which was about N20 billion, that was returned to the Federal Ministry of Finance for onward transmission to the Federal Ministry of Niger Delta. So the NSIA is not part of it.

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THE MONDAY INTERVIEW

UCHE ORJI

NSIA is Most Complex, Small, Sovereign Wealth Ever Seen It appears the federal government is ceding a lot of roads to the NSIA, why is that?

They are not a lot. We have only been involved with Abuja-Kano road, Second Niger Bridge, LagosIbadan expressway. East-West road originally was not brought to us.

But more responsibilities are still being given to the NSIA? There are good reasons for that, and for that, we are grateful, at least, it speaks to the fact that we have won the support of our major shareholders despite all the things that we get bashed around for.

Some are wondering why the huge government borrowing for same road projects if the NSIA is doing all of these?

In terms of the borrowing plan of the government, I really can’t speak on that. As you very well know, there are many other aspects of the economy.

We are just dealing with a small aspect of the broad scheme of things. I am not the Minister of Finance, I am not in the Debt Management Office and those people have much bigger issues to deal with than I have to. I don’t have to deal with petroleum subsidy, I don’t have to deal with funding the states and local governments, and I don’t have to deal with all of that. They are universal issues and you need to respect their own universal responsibility compared to my own responsibility.

However, on borrowing, I have a philosophy and I think we need to understand that borrowing is a very strategic issue and every government that is successful needs to manage it well. What is the Gross Domestic Product (GDP) of Malaysia? What is Malaysia’s external debt stock? $200 billion. What is Malaysia’s government revenue? $50 billion.

The most important question to ask is whether the debt is reducible. If you are borrowing to eat, that is a poor man’s way of borrowing. But if you are borrowing to invest and build things that can make the country develop, that is the right way to develop. The United States is one of the most indebted countries in the world as is Japan, China, and Malaysia. So it is not debt that is the problem, it is what the debt is designed to do. I see no reason why we cannot sit down and say we want to build 50 strategic industries. Gas processing is here. We need to build roads, railways, because if we don’t do that, we will never have productivity.

I understand the whole borrowing thing but I like to encourage you to just take your time and look at Malaysia. Let’s not mention Japan and others, let’s talk about countries at our own level. Look at Malaysia, look at their debt, look at Indonesia and look at their debt. So, it is not so much about debt, it is about how it is used. That, I think, is the most important thing.

NAFDAC Director General recently said Nigeria has met the World Health Organisation’s conditions for local vaccine production. Is the NSIA considering investing in domestic vaccine production?

Yes, we are. Earlier today, I was speaking about pharmaceuticals as an area of interest for the NSIA. We have gone quite far in our discussions on everything from vaccines to drug manufacturing.

Pharmaceutical is extremely important. Last year showed us that the most important thing in life is food, medicine and shelter, everything else is extra, and clothes to wear. But food and medicine are very important. Secondly, it showed us how dependent we were on the global trade of medicine.

Thirdly and more importantly, is that we have such a competitive advantage in medicine as a country and we are not using it. So those were the messages of last year and we must do something about it. Why do we have to import every antieffective from India? Malaria, Augmentin, these are generics that you can make easily. We should be supplying the entire West and Central Africa.

So generally, what is your investment in the healthcare sector?

It has been good. You know we built the first world-class cancer center here in Lagos. It is called NSIA LUTH Cancer center. We have one in Umuahia and Kano. Now, our board just approved the plan for us to build 22 centers across the country. We are starting the procurement for the equipment very soon and we are asking all the big equipment manufacturers to bid.

What has been the experience from your investment in agriculture?

There are three or four things we started in agriculture. The first is the Presidential Fertilizer Initiative, we are managing that and it has been truly successful. The Presidential Fertilizer Initiative started in 2017, and we managed all of the fertilizer procurement and distribution for the country.

And that has been hugely successful. Before the Presidential Fertilizer Initiative was announced, fertilizer was like N13, 000 per bag and within the first 12 months of being in the programme, the price of fertilizer went down to N5,000. There was seven million of excess fertilizer. And we had at the end of the first year more than 11 companies

“This debate did not start today. We had this debate with the David Mark-led National Assembly; the Bukola Saraki-led National Assembly and we are having it again. But it is a matter of principle. If you abdicated the right to controlling budget to the board by law, if you want to change it, you pass the same law” participating. Today, we have 52 companies participating. There was no fertilizer shortage in the country last year and the entity that we used to run it made profit last year. So it has been a complete change of what we understand of the fertilizer market today.

That is number one. Secondly, we have made a direct investment in agriculture. We partnered with a company called UFL, which is based in South Africa and we created a fund for agriculture investing in Nigeria. Our first farm is in Nasarawa State and it is something to behold. We are able to do about six to seven tons per hectare, whereas the average Nigerian farmer does two and now we are going to do 10 to 12 tons per hectare. It is a joint investment: 50-50 with this whole mutual company and the NSIA. So we are planning to do a lot more in Kaduna, Edo, Abia, Oyo, and there are quite a number of states on our horizon. Thirdly, we are working alongside the African Development Bank to manage the funds, hopefully, we will sign that next week for the Special Agriculture Processing Zones. So in agriculture, we are very active.

Has your farm in Nasarawa State been impacted in any way by the activities of bandits?

We don’t have any issues with that. We have a very good relationship with the community and we don’t expect that to happen.

So what are the expectations for the NSIA in 2022?

I still think we will continue to deal with what is technically an uncertain environment.

We are cautious going into next year, for a number of reasons. The first reason is because I still think that global inflation will continue to be a challenge for the world and to some extent, a challenge for the NSIA, because it will ripple through asset prices and could create some real uncertainty for the investors. That is the first point I want to make, and as such, I believe that quite a number of asset classes that have done well will struggle next year.

The second thing is that I think we will have a less accommodative market environment than we have had in the last two to three years. And I am not trying to manage expectations, I am just trying to give you the facts. I am going into next year a lot more cautious than I have been in the last two years. I was cautious this

year compared to last year. Last year, I was extremely bullish. Even in the middle of the COVID-19 pandemic, markets were falling and we were buying. So that was why you saw our profit skyrocketed. We went bullish last. We went from about N30 billion profit to N160 billion. And for a while, it took a lot of courage because it didn’t work out but it was actually from the third quarter all those investments started turning out right.

There are speculations that you are considering succeeding the current governor of your state, Abia State. Is that true?

There is absolutely no truth in that whatsoever.

This is the first time somebody from the mainstream media is asking me this and that tells you it is serious. I will tell you point blank, I have never hidden what I am going to do next. I have had the privilege of running the NSIA for nine years. October next year, my term of office will expire and we are going to work through it after which I will go back to what I was doing before. I had a career before this. I am a professional and I don’t understand politics. And so, I have never had any political interest at all.

So let it be on record, it is not a business I understand. If you give me your asset to manage for you, that is fine, but this other one (politics), it is not something I know how to do and it is complicated. There are other ways to contribute. Sitting down to manage the NSIA and the international community trusts you is not an easy task. Many people don’t know that the United States government decided that the NSIA would be the one to hold the returned assets. Do you understand how much due diligence that took? So that is what I know how to do, but politics is not for me.

You are obviously leaving office next year, are you prepared?

We are preparing the NSIA for the transition.

But are you ready to leave office?

I have been ready for a long time, because I think the organisation is on the right path and we have groomed a whole bunch of people and structure. I like to think it is a well-built organisation.

You sounded excited to say you were ready to leave office next year, does it

mean you were not enjoying what you were doing?

No. What I mean is that, first of all, we have a solid board. We have a lot of people in the organisation. The strategy is clear. There are a number of things we still need to execute but it has always been in the plan. I don’t own the business. So you put the plan in place and you run the organisation. When you have a date that you have known from the beginning, you put your plans together and you run it exactly to that, it is as simple as that. As I said to you, what I have done, I have done in the same line of work for the last almost 30 years.

With the nine years you have put into the job, are you proud of yourself?

We could have done more. We could have done much more. If we had been given the assets that were discussed at the beginning, if the NSIA had $10 billion in the bank, it could have been a different world. Everyone is thinking, wow, look at the things you guys have done.

But with the assets we have, I think I am very proud of what we have accomplished. But we could have done a lot more and quite frankly, that the NSIA was mired in controversy in the beginning - the period when oil prices were very high - and was not given enough money to take off fully - was a wasted opportunity.

First of all, don’t take this wrongly, we got more capital in a recession than we got when there was money! If the NSIA had $10 billion dollars and the current run rate of our returns is roughly 10 to 12 per cent, which is $1.2 billion in returns. That goes a long way. That builds you one Lagos-Ibadan expressway in a year. That builds you two Second Niger Bridges every year. Here we are, our returns are $150 to $200 million which is not enough. The opportunity to have sown a big seed was not utilised. So in your personal life, investing should be a discipline. Do you want to eat the seed today or you want to plant it and harvest the crop later? It is a choice.

Is the returned late Abacha’s loot part of the funds the NSIA is investing?

Correct! There’s $312 million returned to us.

Now, that fund is monitored differently. We have the US government involved, two civil society groups called CLEEN Foundation, you have a special auditor involved and every month or every quarter, we have discussions with all of them and we go on sight visits.

So the oversight is double in terms of that fund. At the NSIA, we submit ourselves to six audits in a year. Four by PwC, one by the Auditor General of the Federation and one by the Accountant General. Now, on top of that, we have Deloitte as a special auditor. We also have the Federal Ministry of Justice and they went with engineers to see what you have done. They measure and approve before we pay. So it is something that is really looked at intensely by all parties involved.

24

MONDAY DECEMBER 6, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY, DECEMBER 6, 2021

25

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

N O V E M B E R

S & P INDEX

1 9 , 2 0 2 1

S & P INDEX

EXCHANGE RATE

OBB

9.00%

CALL

4%

INDEX LEVEL

564.02%

1/4 TO DATE

5.82%

N413.03/ 1 US DOLLAR*

OVERNIGHT

10.75%

1-MONTH

6%

1-DAY

–0.17%

YEAR TO DATE

– 15.85%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.19%

Value of Banks’ Stocks Dwindle by N81.04bn on Weak Earnings, FX Challenges Otedola, EIB news lift FBN Holdings, ETI Zenith Bank down N26.6billion

Kayode Tokede Amid foreign exchange challenges, weak corporate earnings and foreign investors exit, the value of listed banks’ stocks on the Nigerian Exchange Limited (NGX) tumbled by N81.04billion in the first 11 months on 2021.

As at the close of trading in November 2021, the overall market capitalisation of 14 listed banks on the NGX was at N3.53trillion as against N3.6trillion it opened for trading this year.

Consequently, the NGX banking index between January and November 2021 also dropped by 0.6 per cent to close at 390.78 basis points from 393.02 basis points when

the stock market opened for trading.

The decline in the banking index is contrary to the domestic market benchmark this year, with the NGX All-Share Index in the 11 months under review appreciated by 7.4 per cent to 43,248.05 basis points from 40,270.72 basis points the stock market opened in 2021 for trading.

A capital market analyst, Mr. Rotimi Fakayejo noted that banking sectors on NGX witnessed mixed sentiment trading as investors’ trade in stocks with improved corporate earnings, dividend pay-out and expectation of impressive yield.

He noted that the macro economy challenges coupled foreign exchange bottleneck and double-digit inflation have also compounded investors’

dumping banking stocks for money market instruments, fundamentals oil/gas and telecommunication companies on the NGX. The interbank market of foreign exchange market of the Central Bank of Nigeria (CBN) in 11 months depreciated by 8.3 per cent to close November at N41166 (central price) against the dollar from N380 against the dollar it opened in 2021.

Meanwhile, out of the 14 listed banks’ stocks on the NGX, seven recorded decline in stock prices in 11 months under review as investors’ trade the banking stocks with caution.

Analysis of trading numbers revealed that FCMB Group leads the banking sector in most impressive

appreciation in 11 months, gaining 1092 per cent or N56.24 billion in market capitalisation when it opened at N0.26 per share to N3.10 per share, followed by FBN Holdings and ETI that gained 67 per cent and 39.2per cent respectively.

FBN Holdings and ETI gained N172.3billion and N43billion in market capitalisation in the 11 months under review.

The stock of FBN Holdings Plc has witnessed a steady increase to N11.95 from N7.15 the market opened for trading, following the announcement that Femi Otedola had acquired 5.07 per cent stake in the company.

As a result of signing a long-term credit agreement with the European

Investment Bank (EIB), ETI that has not paid out dividends for many years, closed November 2021 at N8.35 from N6.00 it opened for trading.

Access bank’s market value added N37.3 billion; Fidelity Bank, N289.7million; Jaiz Bank Plc, N345.4million; Wema Bank Plc, N3.86billion The likes of Guaranty Trust Holdings Company Plc (GTCO), Zenith Bank Plc, United Bank for Africa Plc, Stanbic IBTC Holdings Plc, Sterling Bank Plc, Union Bank Nigeria Plc, among others have depreciated in market value in 11 months under review.

The stock price of GTCO and Stanbic IBTC Holdings depreciated

by 7.75 per cent and 6.05 per cent to close November 2021 at N24.60 and N44.05 respectively in 11 months.

As gathered, GTCO market value dropped by N228.09billion; Zenith Bank, N26.6billion; UBA, N20billion; Union Bank of Nigeria, N23.3billion; Sterling Bank Plc, N16.12billion Stanbic IBTC Holdings, N78.4billion, and Unity Bank Plc, N1.4billion THISDAY can report that despite a pessimistic start to the year, the Insurance index performance has gained N1.75trillion in 11 months, influenced by sector’s recapitalization by regulating body and impressive corporate earnings by the likes of Consolidated Hallmark Insurance, Continued on page 28

AfDB: Africa Needs $484.6bn in ThreeYears to Bridge Financing Gap Gilbert Ekugbe According to the African Development Bank’s (AfDB’s) estimate, African governments would require additional financing of about $484.6 billion within the next three years to close the financing gap and emerge more resilient from the Covid-19 crisis.

AfDB recommended an aggressive push by African governments to

urgently implement reforms that tackle illicit fund outflows, improve management of indigenous resources and invest in human capital.

Policy makers at 2021 African Economic Conference (AEC) said: “It is up to African leaders to build solid institutions that will stop illicit fund outflows and money laundering. The money from Africa needs to serve primarily the African continent. That is the best way to contribute to the

financing of the African continent in the wake of the pandemic.”

The 16th edition of the African Economic Conference is being held in a hybrid format, with key delegates gathering in the Cabo Verde island of Sal as well as virtually.

The conference brings together a wide range of stakeholders, including policymakers, development institutions, the private sector, and researchers, to discuss ways

to sustainably grow the continent’s development funding sources.

Speaking during a ministerial dialogue on leadership, Cabo Verde Deputy Prime Minister and Minister of Finance Olavo Correia supported calls for the renegotiation of debt to ease the devastating impact of the pandemic on developing nations.

He cited the Cabo Verde economy’s reliance on migrant remittances and services such as

tourism, noting that 60 per cent of the country’s fiscal revenues go to service debt.

“We cannot have an economy that works only to pay its debts.

Solutions should go beyond debt pardons. Governments must also be rational in their public expenditures and account to the people for each dollar spent,” Correia added.

On his part, the Finance Minister of the Democratic Republic of the

Congo, Nicolas Kazadi, called for higher investment in human capital to create sustainable wealth.

He said Africa must use the experience of the Covid-19 crisis to relaunch economic growth, working with the private sector and development partners.

“We must enable the private sector to act and reduce poverty.

The public sector should act as the catalyzer,” he said.

M A R K E T D ATA A S AT F R I D AY, D E C E M B E R 3 , 2 0 2 1 FGN BONDS DESCRIPTION 9.091 FGNSB 11-DEC-2021 13.402 FGNSB 12-DEC-2021 7.144 FGNSB 15-JAN-2022 13.125 FGNSB 16-JAN-2022 16.39 27-JAN2022

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

100.11

4.14

-0.47

NTB 13-Jan-22

3.69

3.71 0.00

100.23

4.13

-0.46

NTB 27-Jan-22

3.85

3.87 0.00

100.40

3.71

-0.03

NTB 10-Feb-22

4.00

4.03 0.00

101.11

3.70

-0.02

NTB 24-Feb-22

2.45

101.88

3.56

0.12

NTB 10-Mar-22

2.98

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS DEC 29 2021 421.18

2

NGUS JAN 26 2022 422.61

3

NGUS FEB 23 2022 424.04

2.46 0.00

4

NGUS MAR 30 2022 425.46

3.00 0.00

5

NGUS APR 27 2022 426.89

C Ps MATURITY

Discount Yield

Change (%)

CMBL CP XIV 6-DEC-21 MREP CP XXXVII 14-DEC-21 MTNN CP IV 17DEC-21 FDHC CP I 17DEC-21 PARP CP II 30DEC-21

6.39

6.40

-0.53

13.77

13.82 -0.43

7.44

7.46

-0.39

7.44

7.46

-0.39

5.68

5.70

-0.23

26

MONDAY, DECEMBER 6, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

L-R: The Commissioner for Energy & Mineral Resources, Lagos State, Olalere Odusote; Commissioner for Establishments, Training & Pensions, Mrs Ajibola Ponnle, representing the Governor of Lagos State, Mr Babajide Olusola Sanwoolu; Deputy Governor, Financial Systems Stability Directorate, Central Bank of Nigeria (CBN) and Chairman, Board of Directors, FITC,Mrs Aishah Ahmad; Managing Director/Chief Executive Officer, FITC, Ms. Chizor Malize; Managing Director/CEO, FCMB, Mrs Yemisi Edun; Chief Executive Officer, Rand Merchant Bank, Mr Michael Larbie and Managing Director/ CEO, Wema Bank Plc, Mr. Ademola Adebise, at the FITC 40th Anniversary Dinner/Awards and the Unveiling of its New Brand Logo Event held in Lagos... recently

Airport Concession: Bi-Courtney Appeals to F G f o r R i g h t o f F irs t Ref u s al Eromosele Abiodun Bi-Courtney Aviation Services Limited, (BASL) has called on the federal government to grant it right of first refusal in the planned concession of airports across the country having shown that it has capacity and expertise to run an airport.

Also, Bi-Courtney said the plan by the federal government to lift 100 million Nigerians out of poverty in the years ahead will be jeopardized if foreigners are allowed to take over critical government assets and employ their own country men rather than employing Nigerians.

Speaking to news men in Lagos, Group Executive Director, Resort International Limited, Mr Luqman Balogun said having managed MMA2 successfully for 14 years, Bi-Courtney has proven beyond reasonable doubt that it has the capacity to deliver.

Bi-Courtney, he added, has a robust plan to develop the infrastructure at the aiport if given the chance to run it.

Part of the plan, he revealed, is to build a monorail between local and international airport to aid seamless movement between the airports.

He called on the federal gov-

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

ernment to give Bi-Courtney the needed support to turn around the aviation sector in the country.

According to him, Bi-“Courtney has successfully operated MMA2 for 14 years, this is despite the fact that the Airport Authority of Nigerian (FAAN) has refused to abide to the concession agreement by operating the General Aviation Terminal (GAT).

There are four airports about to be concessioned, the federal government should support local investors who have shown capacity to turn the industry around. We have shown that we can manage the airport because we have done so for 14 years. The federal government should also consider national security in concessioning the airports. Nigeria is a unique environment, many foreigners have come here and failed we don’t want a repeat on this failure at the airport. This is why are a

appealing as stakeholders to be given the chance to manage the international airport.”

He said FAAN continuous running of the GAT is wrong because FAAN cannot be an operator and a regulator in the same sphere.

“This clearly creates a conflict of interest situation. First, it enables FAAN to have the power to suppress the business of other private companies using regulatory powers.

Second, it enables FAAN to be able to compete with private companies and businesses using government funds, “the statement added.

Bi-Courtney said the Build, Operate and Transfer (BOT) concession between it, the Federal Government of Nigeria and the Federal Airports Authority of Nigeria spanning 2003 to 2017, lead to a loss of over 50 per cent of passenger traffic due to FAAN’s operation of General Aviation Terminal (GAT) and over N14.4 billion of available revenue

from passenger flights.

“In total, Bi-Courtney Limited has suffered over N50 billion in business losses since 2007. The situation has led to the inability to meet loan repayment obligations to banks from the earnings of MMA2. Based upon the rights conferred on BCL by the concession agreement, we raised funds privately and borrowed money from banks to build the terminal,” the statement added.

BASL stated that the FAAN Act provides for a governing board for FAAN, but stated that there has been no board for FAAN for the last five years.

“In the absence of a Board, it is noteworthy that an interim board presumably has been in charge of FAAN for the last five years.

This position is anomalous. The tenure of the governing board as provided in section 2(2) is four (4) years. Based on this, we cannot have an interim board that has

been in place for five (5) years purportedly to act for the board.

This is unlawful. In the same vein, the purported Section 26(1) of the FAAN Bill which expects FAAN to discontinue the use of any airport maintained by FAAN must clearly provide that this provision cannot apply to airports and terminals that are owned by private institutions, “Bi-Courtney added.

The concession company also recommended that the regulation and management of airports and airport terminals should be separated, stressing that the regulation of airports should be handled by an independent body or regulator and not an agency which is also an operator or competitor in the sector.

Balogun added that FAAN truncated the concession and continues to violate the agreement, most notably with the redevelop-

ment of GAT in contravention of the exclusivity clause in the agreement with Bi-Courtney.

“GAT reduced by 50 per cent the revenue of MMA2, which was intended to process 4 million passengers annually. This action severely impacted our revenue projection to recoup our capital outlay and pay our obligations.

We are indebted to our bankers and FAAN due to the 50 per cent loss in revenue In this regard we always are willing to have a reconciliation meeting with FAAN, unfortunately as with the concession any meeting or agreement is not adhered to, thus the current impasse. We are constantly trying to resolve the many areas of conflict regarding the concession. and we always reach out for just intervention in order for BASL to create the aviation hub Nigerians truly deserve,” BASL stated.

LCCI: Nigeria May Exceed N6.25trn Budget Deficit in 2022 Dike Onwuamaeze The Lagos Chamber of Commerce and Industry (LCCI) has warned that the federal government’s deficit financing in 2022 might exceed the projected N6.25 trillion due to low public revenue mobilisation in the economy.

The LCCI made this observation during its 133rd Annual General Meeting (AGM), where it attributed the weak component of the Foreign Direct Investments (FDIs) in the first half of 2021 capital importation to foreign investors’ declining interest in bringing their FDIs to Nigeria.

The President of the LCCI, Mrs.

Toki Mabogunje, said in her presentation of the chamber’s 2011 Annual Report that Nigeria might not meet the ambitious revenue target of N10.

13 trillion it set for itself in 2022.

Mabogunje said: “If we do not meet our revenue target, which looks too ambitious, the deficit financing for the will likely be higher.”

The revenue projection in the proposed 2022 budget is N10.13 trillion based on $57 per barrel crude oil price and the production of 1.88 million barrels per day at N410 per United States dollar.

She also cautioned the federal government on the country’s growing debt profile, which rose to N35.5

trillion in June 2021.

She stated that Nigeria “needs more revenue rather than borrowing to finance its budget,” which it could realise by packaging its national “assets to attract equity investments that can raise revenues for the government instead of borrowing.”

The chamber, however, said that “since the government sees borrowing as part of its financing options, we advise that such borrowings are sourced from the cheapest lenders and tied to fund critical infrastructure that in turn drive the economy to generate more revenue.”

The chamber noted that Nigeria attracted $2.78 billion foreign capital,

which was made up of $1.91 billion and $875.62 million in the first and second quarter of 2021 respectively, however, only $232.74 million, representing 8.4 per cent, came via FDI while $1.53 billion, representing 54.8 per cent, came via portfolio investment and $1.03 billion came through other investments.

It said: “The low FDI component of aggregate capital inflows reflects weak investor confidence in the Nigerian economy, particularly the real sector on the back of policy inconsistencies, harsh operating environment, foreign exchange uncertainties and inadequate public infrastructure among others.

“With worsening security perception about the country, foreign investors are not interested in bringing in FDIs to Nigeria.”

The chamber, however, said that Nigeria would end the 2021 fiscal year on a positive growth rate.

“We believe the economy will end the current year 2021 in a positive growth territory within the region of 2.0 per cent and 2.5 per cent. Achieving faster recovery requires the fiscal and monetary sides of the economy to promote growth-enhancing and confidence-building policies that would encourage private capital flows to the economy,” it said.

NIBSS: BVN Enrolment Rises to 51.19m Kayode Tokede

The total number of Bank Verification Numbers (BVN) so far issued by concerned financial service institutions in Nigeria has climbed to 51.19 million as at November 28, 2021 out of about 111.54 million total active bank accounts as at May 2020.

The above implies that 60.34million or 46 per cent of bank customers are yet to link

their accounts to BVN. Speaking with THISDAY, the Managing Director, Highcap Securities Limited, Mr. David Adnori said the 60 million gap in bank’s customers yet to register their BVN calls for concerns.

He, however, encouraged bank customers to update their accounts with BVN in order to drive financial inclusion of the Central Bank of Nigeria (CBN).

To address the challenge and

complement the existing means of identification of customers, which include: the driver’s license; the international passport; the national identity card; and the permanent voter’s card; the CBN, in collaboration with the Bankers’ Committee, launched the BVN project in February 2014.

The BVN is expected to also minimize the incidence of fraud and money laundering in the financial system, as well as enhance financial

inclusion.

The implementation of the BVN initiative, which started with the customers of Deposit Money Banks (DMBs), has been very successful.

The apex bank in 2019 maintained that it will get the number of people enrolled on the BVN system to 100 million over the next five years.

The Bankers’ Committee had also unveiled a new plan that

requires classification of BVN into two – BVN Premium and BVN Lite.

CBN governor, Godwin Emefiele, said BVN Premium will cover customers that can provide the 18 basic requirements for a complete BVN enrolment, while the BVN Lite will require minimal documentation like name and phone number for bank customers, especially those in rural areas that do not meet the full requirements.

T H I S D AY ˾ MONDAY, DECEMBER 6, 2021

27

BUSINESSWORLD

STATUS REPORT

Vitafoam: Cost of Sales Reduces Profit

Kayode Tokede

V

itafoam Nigeria in its unaudited result and accounts for full year ended September 30, 2021 recorded significant increase in revenue but a double-digit growth in cost of sales reduced profits.

The foam-manufacturing company also recorded growth in its total operating expenses, another financial parameter that further highlights severe business operating environment faced by companies operating in the country.

Vitafoam Nigeria reported 50.9 per cent increase in revenue to N35.4billion in 2021 unaudited result and accounts as against N23.44billion reported in 2020.

The breakdown revealed that locally generated revenue was up by 51.23 per cent to N34.5billion in 2021 from N22.83billion in 2020, while revenue generated outside Nigeria rose by 38.6 per cent to N853.87million in 2021 from N615.93million in2020.

The company’s primary geographical segment is Nigeria and over 99.9per cent of the sales of the company are made in Nigeria.

The company has continued to grow its revenue with improved sells in polyurethane/reconstituted foam (mattress, cushions, pillows, sheetings) and allied products that conforms with international standards, and applicable statutory.

The company had attributed its steadily impressive performance to continuous investment in innovative products and services across its businesses.

Despite the inclement operating environment, Vitafoam has remained resilient with an average gross margin of 37.90 per cent in the last five years and the company’s shares is one of the most sought after on the Nigerian Exchange Limited (NGX) due to track record of consistent profitability.

It stocks price Year-Till-Date gained 181 per cent to close at N21.9 as at December 3, 2021 from N7.80 it opened for trading in 2021.

INNOVATIVE PRODUCTS

The Group Managing Director, Vitafoam Nigeria, Mr. Taiwo Adeniyi had explained that company was no longer just about manufacturing of rigid foams but had developed other innovative products through its subsidiaries in Nigeria and overseas.

From the profit & loss figures, Vitafoam cost of sales rose by 69 per cent to N21.01billion in 2021 from N12.43billion reported in 2020.

Cost of goods sold was driving force behind Vitafoam Nigeria growth in cost of sales as it gained 69 per cent to N20.9billion in 2021 from N12.36billion in 2020, while Labour Cost rose by nearly 13 per cent to N80.8billion in 2021 from N71.77billion in 2020.

The interplay between revenue and cost of sales dragged gross profit in 2021 to N14.37billion, an increase

of 30.4 per cent from N11.01billion reported in 2020.

Vitafoam Nigeria’s non-core business transactions closed unaudited 2021 at N415.34million in 2021 rom N648.98million in 2020.

As regards operating expenses, the company reported 22 per cent increase in administrative expenses to N5.02billion in 2021 from N4.13billion in 2020 as Distribution expenses rose by 24 per cent to N6.4billion in 2021 from N5.18billion in 2020.

Administrative and distribution expenses plunged the company’s total operating expenses in 2021 to N6.43billion from N5.18billion in 2020.

On finances, Vitafoam Nigeria finance income moved from N106.51million to N251.48million in 2021, while finance charges increased by 136 per cent to N717.23million in 2021 from N930.17million recorded in 2020.

For the unaudited results under review, the group profit before tax rose by 35 per cent to N7.89billion in 2021 from N5.84billion reported in 2020.

The group paid a tax worth N2.56billion in 2021 from N1.73billion in 2020 to position profit for the period to N5.33billion as against N4.11 billion reported in 2020.

COST EFFICIENCY

Meanwhile, the company in 2020 financial year drew on increasing cost efficiency to optimise modest revenue growth into significant improvement in profitability.

The growth enabled the company to increase dividend payouts by about 67 per cent while providing four-fold assurance on dividend sustainability.

With the exception of a tint of increased gearing, the foam-manufacturing group recorded a well-rounded performance with considerable improvements in revenue, profitability, returns and balance sheet strength.

Audited report and accounts of Vitafoam Nigeria for the year ended September 30, 2020 showed that revenue growth of 5.2 per cent while 8.1 per cent drop in cost of sales and 11.4 per cent reduction in finance cost boosted the overall bottom-line performance.

With 8.4 percentage points added to underlying profit margin, the board of directors increased dividend payout by 67 per cent, putting the company’s yield considerably above current rates in the fixed-income markets.

At N7.25, the net assets per share provided a base for possible further re-pricing of the company’s shares at the stock market. Vitafoam recorded well-rounded profitability with modest sales growth, despite the adverse impact of COVID-19 pandemic.

Revenue rose by 5.2 per cent from N22.28

billion to N23.44 billion. Cost of sales dropped by 8.1 per cent from N13.52 billion to N12.43 billion. Gross profit thus rose by 25.7 per cent from N8.76 billion to N11.01 billion.

Administrative and marketing expenses increased by 10 per cent to N5.18 billion in 2020 as against N4.71 billion in 2019. Non-core business income rose by 52 per cent from N491 million to N745 million. Interest expenses reduced by 11.4 per cent from N1.05 billion to N930 million.

With these, profit before tax rose by 61.5 per cent from N3.5 billion to N5.6 billion. After taxes, net profit also jumped by 72 per cent from N2.39 billion to N4.11 billion.

Basic earnings per share thus increased from N1.82 to N3.05. Net assets per share rode on the back of high retained earnings to N7.25 in 2020, 54.3 per cent above N4.70 recorded in 2019.

With the expansive growth in the bottom-line, the board of the company has recommended distribution of N979.4 million as cash dividends for 2020, 64.5 per cent above N595.4 million paid for the 2019 business year. This implied a dividend per share of 70 kobo for 2020 as against 42 kobo paid in 2019.

Underlying ratios showed similar positive outlook. Gross profit margin increased from 39.3 per cent to 47 per cent.

Pre-tax profit margin- which measures average profit per unit of sales and serves as a major indicator of profitability, leapt to 24.1 per cent in 2020 as against 15.7 per cent in 2019. Return on total assets improved from 25.3 per cent to 26.1 per cent.

Return on equity also increased from 40 per cent to 45.4 per cent. Even with the increase in dividend payout, the sustainability improved with a dividend cover of 4.36 times in 2020 as against 4.33 times in 2019.

STRONGER BALANCE SHEET

Group total balance sheet size grew by 56.5 per cent from N13.82 billion in 2019 to N21.64 billion in 2020. Total assets growth was driven by significant increases in current and non-current assets.

Total liabilities also rose by 60.4 per cent from N7.85 billion in 2019 to N12.6 billion in 2020. While the paid up share capital remained unchanged, total equity funds rose by 51.4 per cent from N5.97 billion to N9.04 billion.

With 35 per cent increase in bank loans, the group’s financing structure showed slight increase in leverage, though the internal financing structure remained considerably high.

The proportion of equity funds to total assets dropped from 43.2 per cent in 2019 to 41.8 per cent

in 2020. Long-term liabilities/total assets ratio declined from 56.8 per cent in 2019 to 58.2 per cent in 2020.

Current liabilities also increased to 39.8 per cent of total assets in 2020 as against 37.3 per cent in 2019.

Debt-to-equity ratio declined to 46.3 per cent in 2020, as against 35.9 per cent recorded in 2019.

Staff productivity and cost efficiency improved considerably during the year, providing the headroom for increased profitability and returns to shareholders.

Total number of employees increased from 607 persons in 2019 to 652 persons in 2020. Total staff costs also improved from N1.92 billion to N2.05 billion.

Average contribution of each employee to pre-tax profit rose from N5.76 million in 2019 to N8.66 million in 2020. Average staff cost per head however slipped marginally from N3.16 million in 2019 to N3.14 million in 2020. Total cost of business, excluding finance charges, in relations to sales improved from 81.8 per cent in 2019 to 75.1 per cent in 2020.

MODEST LIQUIDITY

The liquidity position of the company improved considerably during the period with better financial coverage and working capital. Current ratio, which relates easily available finances to similar liabilities, increased from 1.6 times in 2019 to 1.8 times in 2020. The proportion of working capital to total sales improved from 12.8 per cent to 30.8 per cent. Debtors/creditors ratio stood at 111.1 per cent in 2020 compared with 245.5 per cent in 2019.

The latest audited report showed resilience and underscored the focused investments and expansions in value-adding businesses. In the increasingly competitive and constraining business landscape, companies with diversified products and long-established cost management structure stand greater chance of winning the headwinds.

There is considerable untapped potential in the group’s emerging protective and insulation businesses while the foam, bedding and furniture businesses are in strong market-leading positions. Expected boost in intra-Africa trade should further open up opportunities to scale up market share.

Vitafoam Nigeria is Nigeria’s leading foammanufacturing group. Incorporated on August 4, 1962 and listed on the Nigerian Stock Exchange (NSE) in November 1978, Vitafoam is a wholly Nigerian-owned company with highly diversified shareholding structure.

Vitafoam engages in manufacturing and distribution of flexible, reconstituted and rigid foams, all in various forms and designs that make the group a one-stop cushion supermarket. It had recently integrated a wide range of furniture designs and related products, providing the group a lifelong value chain of birth, education, work and leisure. With subsidiaries in Ghana and Sierra Leone, other subsidiaries in Nigeria include Vita Blom, Vita Visco and Vitapur.

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PERSPECTIVE

A Look at Amaefule’s Technology and Development –An African Perspective Udeme Nana

E

verest Amaefule’s fresh and insightful book with nine chapters would provide several talking points in years to come.

In putting the work together, Amaefule has become a member of a select group of “beat reporters” in journalism practice who evolved into thinkers having drawn from their experiences, exposure and education to add more value in their field to the society.

If the status of someone who endorses a book confers importance on such an intellectual effort, then Technology and Development - An African Perspectiveis a top draw because Professor Umar Dambatta, the Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission, NCC, is no mean man.

As if that was not enough, the preface is authored by one of the most engaging scholars of mass communication, Professor Charles Okigbo, a well-respected mentor to some of us - now an emeritus professor of mass communication and strategic communication, North Dakota State University, United States of America. Okigbo was one of our favorite teachers back then while he taught at the University of Nigeria, where Amaefule earned his first degree in mass communication.

The foreword by Mr. Joseph Adeyeye, Executive Director, Digital Operations and Publications, Punch Newspapers, is not just an enduring validation of diligence at work but serves as a detailed blurb which introduces the publication.

The book opens with the triple earth shaking events of 1989: the release of Nelson Mandela from prison after almost three decades, the development of the world wide web (www) and the fall of the Berlin Wall. What an incredible year, against the background of a divisive world order best known for cut throat competition and mistrust.

Those historical incidents set the stage for a prospective brand new world signposted by globalisation, openness, freedom and efforts at

integration of humankind into an emergent global community with a reduced level of strive between the major super powers in the world at that time.

The book reviews past concerns about media imperialism and the clamor for balance, primarily by Africa countries highlighting that the invention of the internet and the world wide web has, rather than bridge the gap, widened it in favour of providers of information and consumers who have become ‘net importers of information’.

This shows that the old world order is still the prevalent circumstance. The gap even seems to be wider.

In the second chapter, the author focuses on the collaboration between the military and the academia in bringing about innovations with the support of the political leadership.

Are there prospects for such a symbiotic relationship? Is it possible to have a meeting of vision and mind among political leaders, bureaucrats, business people and academia to fast track attempts to leapfrog into a higher level of development?

The author underscores how rivalry between the two superpowers at that time inspired research and development efforts.

Amaefule would like African nations to draw lessons from America’s approach to the Union of Soviet Socialist Republic (USSR) relations “while the United States had to search for counter technologies that could dwarf the threats of the USSR”, Africa is still enmeshed in the woods struggling against poor management of resources in different sectors.

The succeeding component sets the tone for Africa to identify talents and competence, tap and harness quality human resources, recruit personnel and put them in the right places. A case study of the United States and South Korea influence his advocacy for Africa to seek for homegrown solutions rather than ‘deceive ourselves that others

can do it for us’.

The segment that follows lends credence to the legend that “necessity is the mother of invention” while reviewing the drive which led to the innovation of the world wide web as distinct from the internet. He reflects on their origins, their evolution, their strengths and weaknesses in comparison to the traditional media. This part exposes the author’s full grasp of the various issues in his field of practice.

Another division clearly brings out the major characteristics of the internet, it’s uses, immense potential for good noting that it ‘is the most democratic modern medium available for development’.

However, life is not that straightforward because although the internet is a force for good, the flip side is ugly: it promotes crime, eavesdropping, invasion of privacy. Access is not as universal as assumed because of poverty, poor power supply, high cost, fake news and stories. The internet serves as both the fastest, most robust means of mobilization for good and bad causes. It has become a useful tool for both patroits and terrorists.

The exploits and successes recorded by Boko Haram, ISWAP, bandits, kidnappers and other insurgents point to the down sides of these technological innovations.

The discourse on historical epochs in development examines various themes in development philosophy through the years and sets an agenda for a discussion on such theories as modernisation, Marxism, dependency, post-development. The author argues that both the developed countries and developing countries of the world situated in the Northern hemisphere and in the opposite direction need development ‘from the industrialised America to the remotest village in Nigeria’.

In chapter seven, ‘Participation as a new salt in development literature’, the author highlights the imperative for general

participation in development initiatives. An interesting perspective is discussed under ‘critical issues in rural development which the author sees as’ the totality of the strategies aimed at improving the standard of living or welfare of a rural population’ albeit in Nigeria, ‘most efforts at rural development had concentrated on the development of agriculture’.

In the final section, Amaefule highlights the importance for a shift to participatory communication which facilitates exchanges between different stakeholders to address a common problem.

He examines some models of communication like Shannon and Weaver’s Sender - Media - Channel - Receiver (SMCR), Diffusion of Innovation, Transmission model, Social Marketing approach of Kotler, Entertainment-Education and Media Advocacy models as useful in promoting development communication.

All in all, the 140-page book is rich. It is a well-articulated contribution to the literature on technology and development.

Amaefule is a relentless go-getter. Although he found himself in a sector which was at infancy in Nigeria, he has grown into it and mastered the issues on that ‘beat’. His contributions in the pages of the book exposes him as a keen observer of his environment.

This new book will connect generations of people who were unaware of the deep ideological divide promoted by the US on one hand, the USSR and their allies to those who lived in that Era. I commend the author’s efforts and recommend this book to administrators, scholars and general readers because it would help them to shape and sharpen their thoughts on the subject matter. It is a useful addition to the literature on the World Wide Web, The Internet and Development Communication as it will provide readers with a deeper and more understanding of the issues. t %S 6EFNF /BOB B NBTT DPNNVOJDBUJPO TDIPMBS BOE XSJUFS JT UIF 'PVOEFS 6ZP #PPL $MVC

MultiChoice, Access Bank, X3M Ideas, Dentsu MCGarryBowen, Others Others Win Brandcom Awards Clinch Trophies at 2021 LAIF Awards Brands under the corporate entity of MultiChoice, Seven-Up Bottling Company (SBC), The LaCasera Company, Access Bank and others stood out like stars at the Brandcom Awards 2021 for their outstanding performance in their industry.

Also, four industry achievers were honoured, and they were all inducted into the Brandcom hall of fame.

The four doyens are Seni Adetu, Founder/GCEO, First Primus West Africa Limited; Udeme Ufot, Group Managing Director, SO&U; Yomi Badejo-Okusanya ,Group Managing Director, CMC Connect Burson Cohn & Wolfe; and Ayo Oluwatosin, Group Managing Director, Rosabel Group.

The Brandcom Award, which is in its third edition was held in Lagos and had the crème de la crème of the industry. It was a night of fun and laughter and can

best be described as a night of prestige, integrity and credibility.

For the Corporate brands award category, MultiChoice’s DSTV emerged Most Outstanding Brand of the Year as well as The Most Outstanding Pay TV Brand of the Year.

Similarly, its TV Reality show, Big Brother Naija emerged Most Engaging TV Content of the Year; as well as The Most Engaging Reality TV Show of the Year.

Seven-Up Bottling Company (SBC) brands also won big with Pepsi emerging the Most Outstanding Carbonated Soft Drink Brand in Consumer Engagement; also for its ‘for the love of it’ campaign, Pepsi clinched the Most Outstanding CSD Campaign of the Year; Superkomando Energy Drink won Most Outstanding Brand Launch of the Year; and 2sure Soap & 2sure Liquid wash emerged Most Outstanding Brand Extension of

the Year.

The LaCasera Company brand, Smoov emerged Most Outstanding Chapman Drink Brand of the Year; Nirvana campaign on ‘Headline of Innocence’ clinched Most Outstanding Social Impact Campaign of the Year; La Casera won Most Outstanding Brand Refresh Campaign of the Year; and Bold Drink won Fast Rising CSD Brand of the Year.

Access Bank Plc also won big, clinching Best Brand in Sustainability; Most Outstanding Sustainability Team of the Year (Financial Services); and Most Outstanding SME Friendly Bank of the Year.

Some of the agencies that excelled at the awards include: Noah’s Ark named Most Outstanding Creative Advertising Agency of the Year; while GDM Group emerged Most Outstanding Marketing Innovation Group of the Year among others.

It was a night of honour, glitz, glamour, and celebration of creative excellence at the 2021 edition of the Lagos Advertising and Ideas Festival (LAIF) Awards by the Association of Advertising Agencies of Nigeria (AAAN) as X3M Marketing Ideas Limited, Dentsu MCGarrryBowen Limited, Insight Publicis Limited and Noah’s Ark Communications Limited win big at the event.

The award ceremony which was held on Saturday, November 20, 2021, at the Landmark Event Centre, Victoria Island, Lagos saw the Steve Babaeko-led X3M Marketing Ideas Limited emerge as the topmost ranked agency with 9 Gold, 16 Silver, and 8 Bronze. The Agency was also named the 2021 Agency of the Year.

Dentsu MCGarryBowen

came second on the medals table carting home 2 Gold, 14 Silver, and 12 Bronze while Insight Publicis and Noah’s Ark emerged third and fourth respectively. Insight Publicis won 3 Gold, 5 Silver, and 4 Bronze while Noah’s Ark Communications won 4 Gold, 6 Silver, and 6 Bronze.

Delivering his remarks at the event, the Special Guest of Honour, the Governor of Lagos State, Mr. Babajide Sanwo-Olu who was represented by the Commissioner for Establishment, Training, and Pensions, Lagos State, Mrs. Ajibola Ponle, commended the organizers for consistently making the event a reality.

While assuring AAAN of his administration’s commitment and support toward the success of the industry, Sanwo-Olu noted that the advertising industry, by their

creative works, has contributed immensely in putting not only Lagos state but Nigeria on the global map.

In his welcome remarks, The President of the Association of Advertising Agencies of Nigeria(AAAN), Mr. Steve Babaeko, noted that the LAIF Awards remain the biggest platform to recognize and reward creativity in Nigeria.

Also speaking at the occasion, Chairman of the LAIF Awards Management Board, Mr. Lanre Adisa, explained that the 2021 edition of the award which is the 16th edition of the Festival received over 350 entries from a total of 21 Agencies. He disclosed that the entries submitted are creative works of the Agencies on 40 brands while about 28 jurors worked on the entries to determine the best works for the honours.

badly amid decline in 11 months of 2021, stressing that the low priced insurance stocks has created room for retail investors to take position.

“Most retailers are taking profit in the financial institution stocks as some of their prices are low.

Retail investors are moving from those companies that are not paying dividends to dividend paying stocks as most of them are not attractive.

“Market in 2021 has witnessed mixed performances and investors are taking profit to reposition their portfolios against next year.

Institutional investors do not trade in insurance stocks due to low prices. The recapitalisation has also boosted some of these companies this year and we might likely see a merger once the suspension is

lifted.

“However, the potential in the sector has not been tapped as key drivers have not performed to attract more inflows into the sector.

The decline in financial institutions’ stocks is all about how the market operates and it does not call for panic trading, ”he said.

Analyst at PAC Holdings, Mr. Wole Adeyeye said: “Investors dumped some insurance stocks that may not meet the new capital requirement, despite the suspension of the planned recapitalisation of the sector by NAICOM. Also, most investors dropped insurance stocks, between January and September, due to late filing of quarterly financial statements and poor earnings of some insurance companies.”

VALUE OF BANKS’ STOCKS DWINDLE BY N81.04BN ON WEAK EARNINGS, FX CHALLENGES AXA Mansard Insurance Plc, LASACO Assurance Plc, among others.

On a flip side, the NGX Insurance Index has depreciated by 0.99 per cent to close at 187.62 basis points as at November 2021 from 189.50 basis points it opened this year.

A total of eight insurance stocks traded flat at N0.20, while nine appreciated in prices. In addition, AIICO Insurance Plc, Cornerstone Insurance Plc, Linkage Assurance Plc, Mutual Benefits Assurance Plc, and Sunu Assurances Nigeria Plc depreciated in stock prices in the 11 months under review.

Further findings by THISDAY revealed that Consolidated Hallmark Insurance, Custodian Investment Plc, Lasaco Assurance Linkage, Assurance Plc, Prestige Assurance Plc, and AXA Mansard Plc are the

only six companies that declared 2020 dividend to shareholders.

By market capitalisation, AXA Mansard Insurance added N917.14billion, while Coronation Insurance gained N599.79billion in 11 months. The likes of LASACO Assurance also appreciated by N361billion by market capitalisation as Regency Assurance Plc gained N545.63billion in the months under review.

In December 2020, the House of Representatives asked the National Insurance Commission (NAICOM) to suspend the December 31, 2020 deadline, while two legal actions in Abuja and Lagos, instituted against the regulator, were still pending in courts.

This, coupled with the court actions, led the commission to suspend the first phase of the

recapitalisation, leaving the second phase scheduled to end

by September 2021.

However, some insurance companies had declared on their own that they met the requirements before the first phase of the recapitalisation was suspended. While the second phase was still pending, some companies had also assured their shareholders of meeting the regulatory requirements.

Analysts have expressed that the decline in financial institutions stocks is a wakeup call for retail investors to take position, stressing that the price tends to appreciate since the capital market is long-term investment.

They noted that NAICOM suspension of the recapitalisation exercise played a critical role on listed insurance companies stocks on NGX, stressing that retail investors were taking position

when NAICOM announced its policy on recapitalisation.

Commenting on insurance companies’ performance in 11 months, the Head, Retail Investment, Chapel Hill Denham, Mr. Ayodeji Ebo attributed mixed performances in the sector to inactivity amid the suspension of the recapitalisation exercise.

According to him: “The recapitalisation was supposed to increase insurance companies to take over bigger transactions but with the suspension, most of them are still dealing with traditional insurance products.

Investors expectation is blink within that sector.”

On his part, the Chief Operating Officer, InvestData Consulting Limited, Ambrose Omorodion said the sector has not performed

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SEC Urges Policymakers to Leverage on Technology to Deepen Financial Inclusion Kayode Tokede The Securities and Exchange Commission (SEC) has called on policymakers and capital market stakeholders to leverage technology to expand access to financial services and deepen financial inclusion.

The Director-General of SEC, Mr Lamido Yuguda, said this at the 2021 Capital Market Correspondents Association of Nigeria (CAMCAN) workshop held in Lagos at the weekend.

Yuguda said technology would continue to play a critical role in expanding access to affordable financial services.

Yuguda, who was represented by the Executive Commissioner, Operations, Mr Temidayo Obisan, said aside expanding access to affordable financial services, it also provides cost effective means of reaching the untapped market, especially in the rural areas.

According to him, there are over 191 million and 140 million active mobile subscribers and active data subscribers in Nigeria as at October 3, 2021.

Yuguda stressed on the need for participants in the market to leverage technology to close the huge financial inclusion gap that currently exist in that market and bring the unbanked into the financial space.

He pointed out that closing this gap would help reduce the cost of providing financial transactions as

it involves little or no infrastructure cost and offers the highest outreach.

“Leveraging technology to offer financial service has advantage over traditional means because it breaks down geographical constraints. It also simplifies the means of serving existing customers for example through the use of mobile banking agents to perform banking transactions.

“Financial institutions are increasingly using electronic channels to onboard clients and address customers queries and bring financial product offerings to the prospective users,” he said.

On measures adopted so far by the commission to boost financial inclusion in Nigeria, Yuguda said SEC is currently working with the Fund Managers Association of Nigeria (FMAN) to accelerate financial inclusion to collective investment schemes.

He added said the commission is proposing a hackathon challenge to help develop a comprehensive suite of mobile internet-based services targeted at having an end-to-end processes of the entire capital market.

Also speaking at the event, the Deputy Director, HOD Securities and Investment Services of SEC, Mr Abdulkadir Abbas, said there was a need for an active collaboration of all market stakeholders to help drive the initiative.

According to him, adoption of technology can help open up

the capital market and bridge the gap of the unbanked, which has created room for the proliferation of unregistered outlets that have

continued to swindle investors of their resources in the market.

He said: “Average age of participation in capital market is 53 years

where as the power is in the youths.

We need to bring these youths to play on the capital market.

“We need market infrastructure to

drive this initiative and some tools to help onboard people in the rural areas. We have these requirements, it is the starting point,” Abbas said.

WEPSS BENEFICIARIES…

L-R: The Managing Director of INTELS Nigeria Limited, Mr. Pasquale Fiore; the Best Graduating Student, Class of 2021 Batch B of INTELS Women Empowerment Project Scheme Synergy (WEPSS), Faith Adaise; and the Project Manager of WEPPS, Nancy Freeborn; during the graduation ceremony of 40 WEPSS beneficiaries at the WEPSS Centre, Federal Lighter Terminal, Onne Port, Rivers State, on Wednesday.

LCFE Partners Heritage Bank for Air Peace Denies Charging Higher Fares on South East Routes Investment in Wheat Production Chinedu Eze

Gilbert Ekugbe Lagos Commodities and Futures Exchange (LCFE) is in partnership with Heritage Bank PLC to create a structure for trading on wheat contracts and its allied products, following the ongoing intervention of the Central Bank of Nigeria (CBN) to position the country as a net exporter of wheat Already, the apex bank’s intervention to address the perennial imbalances in wheat production in Nigeria, has led to its disbursement of N41 billion to Participating Financial Institutions (PFIs), including Heritage Bank for production of quality wheat through accredited Anchor borrowers.

Addressing members of the Commodity Ecosystem Operators at the weekend, the Managing Director, LCFE, Mr Akin Akeredolu-Ale explained that the Exchange’s primary function was to create a structured platform for fungible tradable instruments that are derisked by way of forward contracts through commodities products in agriculture, mineral resources, oil, and gas where issuers can also write an array of contracts.

He commended the Central Bank of Nigeria and the Securities and Exchange Commission (SEC) for the current initiative on wheat production and creation of enabling environment for development of the commodities ecosystem respectively.

“LCFE is delighted to have a partner in Heritage Bank for the development of the Commodities Ecosystem. We are committed to partnering with the bank to develop the wheat value chains by aggregating farmers, their commodities, and data for the overall development of the wheat Value Chain. Our involvement is in the primary input. The Exchange would continue to provide the necessary support to Heritage Bank through the alignment of various stakeholders and partners, ”said Akeredolu-Ale.

The former Executive Director, Lake Chad Institute of Research, Dr Oluwasina Olabanji lamented that Nigeria spent $2 billion annually on wheat importation due to insufficiency in commercial quantities and poor quality of primary input. According to him, given the diverse uses of wheat, any country that lacks capacity to produce the commodity for consumption and sales is bound to face balance in trade challenges.

He however expressed optimism that the apex bank’s intervention would address the challenges facing wheat production, boost investment opportunities in Agriculture, enhance foreign exchange earnings and provide jobs for the country’s teeming unemployed youths.

Heritage Bank’s Divisional Head, Agribusiness, Natural Resources and Project Management, Mr Olugbenga Awe stated that Heritage Bank was committed to promoting development of agricultural value chains in Nigeria.

According to him, the bank’s involvement in the sector dated back to many years ago and it has always been at the forefront of ensuring overall growth and development of commodities products in Nigeria.

“The CBN’s Governor, recently announced the apex bank’s N41billion intervention in wheat production in Nigeria for commodity associations and anchor companies.

Heritage Bank is pleased to work with CBN and other stakeholders such as wheat farmers association of Nigeria, wheat farmers, processors and marketers association of Nigeria, lake chad research institute and other development partners, flour mills of Nigeria and several seed companies and others to support over 100,000 farmers in wheat production. We are glad to work with LCFE to ensure its sustainability and deepen investment opportunities in agricultural commodities, solid minerals and energy space, ”Awe said.

Nigeria’s major carrier, Air Peace has denied charging high fares on South Eastern routes and frowned at those from the region mounting campaign of calumny against the airline.

In a statement signed by the airline management, Air Peace said that it does not have different price regime for different parts of the country, explaining that prices of tickets are determined by the demand.

“The attention of Air Peace has been drawn to the orchestrated attacks on the airline on social media. It has become a pastime for our brothers from the South East to attack Allen Onyema and Air Peace, for their selfish ends. Air Peace does not discriminate against the South East. It is the same fare that is loaded for all the routes all over Nigeria.

“Our fares start from N23, 000, and progresses to N60,000 which is our highest Economy Class fare.

For a 136-seat capacity aircraft(12 Business and 124 Economy), the fare is allocated thus: N23,000 - 10seats; N27,500 - 20 seats; N30,000 - 25seats; N33,000- 15seats, N35,000 - 15seats; N42,000 - 10 seats; N47,000- 5seats; N50,000 - 5seats, N55,000 - 5seats and N60,000 - 14seats.

“These fares are loaded into the system for all Air Peace destinationsNorth, East, South and West. No discrimination. If the first 10 seats of N23,000 fare finishes, the system will automatically start showing the next fare which is N27,500. If the allocated seats on this are booked, it will migrate to the next until it gets to the last 14 seats pegged at N60,000,” the statement said.

The airline also explained that as the aircraft gets more passengers, the higher fares start showing up, noting

that the Eastern routes, because of traffic, get sold out faster than some places thereby showing higher fares earlier than others, adding that other destinations, though slower, would also pay the same higher fares as the aircraft gets filled up.

“It is highly mischievous of anyone to be accusing Allen Onyema and Air Peace of ethnic favouritism.

It has become habitual for people to try to make themselves popular by attacking the airline. To feather their parochial interests, these propagandists say we favour the North.

They published on social media a fare of N95,000 to Owerri and a fare of Kano showing N35,000 for the same date. Quite misleading.

“The N95, 000 fare is not our Economy fare but our Business fare. It is deceptive for anyone to deliberately bring out our highest Business fare for Owerri and juxtapose it against a Kano Economy fare

selling at the time, thereby making the unsuspecting reader to think that the Owerri passenger is paying N95,000 for the same class of ticket which the Kano person was paying N35,000 for, ”the statement said.

Air Peace said that its fares are the cheapest in Nigeria “for our type of aircraft. Even in Christmas season, we do not increase fares. The maximum N60,000 Economy ticket is there all year. During Christmas, you fly empty planes back to Lagos from the South East, yet we keep to our all year round Economy fare of N60, 000.”

“Air Peace came on board when there was paucity of flights in the South East and provided several flights, making transportation easier for the Easterners. The airline also has in its employ over 2000 Igbo people in an industry where they were not adequately represented before our entry, ”the airline said.

INTELS Graduates 40 Women Empowerment Beneficiaries, Donates 1,000 Garments to Breast Cancer Foundation Forty women have graduated from the Class of 2021 Batch B of the Women Empowerment Project Scheme Synergy (WEPSS), a Corporate Social Responsibility initiative of INTELS Nigeria Limited.

INTELS established WEPSS in 2013 to empower 5,000 community women over a 20-year period through traIning in fashion design and tailoring. The beneficiaries are trained in two batches every year.

Since inception eight years ago, about 1,500 women drawn from various communities across the country have benefited from the empowerment scheme.

During the graduation ceremony held on Wednesday at the WEPSS Training Centre, Federal Lighter Terminal, Onne Port on Wednesday, INTELS also donated 1,000 garments to Engraced Life Foundation, a nongovernmental organisation dedicated to supporting girls and women in their fight against breast cancer.

The Managing Director of INTELS Nigeria Limited, Mr. Pasquale Fiore, presented the garments to the Founder of Engraced Life Foundation, Ethel Olomu.

Olomu, who is a Stage 4 breast cancer survivor, expressed appreciation to INTELS for the gesture, which she said would support the foundation’s vision of giving “someone the chance to live again”.

Fiore said the company has always offered support to those in need through its various CSR programmes.

Speaking in his address to the graduating students, Fiore said the Women Empowerment Project Scheme Synergy (WEPSS) is part of the vision of the Group Chairman of INTELS to support and empower Nigerian women.

“We are here to celebrate the trainees who have successfully completed their training in the WEPSS facility and to bid them

farewell as they begin their journey into a new phase in their lives.

“As some of you may already be aware, this facility was set up at the instance of our Group Chairman as part of our Corporate Social Responsibility, targeted at the women of the communities where we operate.

“We are delighted that within the eight years of its operation, from November 6, 2013, WEPSS has successfully trained over 1,500 women, many of whom are presently earning a living from the skills acquired from WEPSS. “I urge those of you graduating today to make the most of the training and knowledge you have acquired. Clothing is one of the basic necessities of life and will continue to be in demand.

Knowledge is power, ambition is a driver. You can start on a small scale and over time build up your business, ”Fiore said.

He commended the “team running the affairs of WEPSS for their good performance over the years” and encouraged them to “continue with the good works”, assuring them of the support of the management.

Also speaking, the General Manager, Legal and Corporate Services of INTELS Nigeria Limited, Amaopusenibo Mike Epelle, said WEPSS has become one of the best training facilities for tailoring and fashion design in Nigeria.

He also said that the company has contributed immensely to its host communities through various Corporate Social Responsibility initiatives. The initiatives, according to Epelle, include granting scholarships and employment to indigenes, support for sports and community development programmes, building of roads, provision of street lights, markets and civic centres, among others.

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Edo Tech Park: EdoJobs, Decagon Opens Application for ‘Onramp’ Programme Extension Eromosele Abiodun The Edo State Skills Development Agency, in partnership with Decagon, has urged Edo indigenes to apply for the twoweek ‘onramp’ programme to prepare youths for placement in the state’s elite software engineering and leadership training institute, the Edo Tech Park. Managing Director of Edo State Skills Development Agency (EdoJobs), Mrs. Ukinebo Dare, urged indigenes of the state to take advantage of the opportunity to become world-class

developers at no up-front cost.

She said the two weeks training programme will begin today, noting that upon successful completion of the two weeks programme, the successful candidates are guaranteed a slot into squad 10 of the Edo Tech Park Programme, alongside other selected candidates.

Ukinebo urged interested applicants to register by visiting https://decagon.institute/edo, adding that the programme is part of the commitment of the Governor Godwin Obaseki-led administration to make Edo a

hub for Information Communication Technology (ICT).

She added that the plan is to produce at least 15,000 worldclass software engineers in the state within the next five years at the park.

She noted that Decagon, which is the partner of the state government on the Edo Tech Park project, will screen and shortlist successful candidates to qualify for the six-month Edo Tech Park programme, which comes with job placement opportunities with companies in Africa, US and Europe.

PSBs Critical to Nigeria’s Financial Inclusion Drive, Says Mracajac Emma Okonji The Chief Executive Officer, 9PSB, Branka Mracajac has stressed the importance of Payment Service Banks (PSBs) in supporting the Nigeria’s financial inclusion drive.

According to Mracajac, PSBs offer last mile delivery of financial solutions to the unbanked, under-banked and underserved who in most cases are neglected due to geographical and infrastructural barriers.

Mracajac made this known, while delivering a keynote presentation, themed: ‘The Role of Payment Service Banks within the Financial Ecosystem in Nigeria’, at the 2021 Committee of e-Business Industry Heads (CeBIH) retreat, which held recently in Abeokuta, Ogun State.

According to her, Nigeria made considerable progress in developing a strong financial inclusion framework, but a lot still needs to be done in ensuring that the common man isn’t left out of the financial ecosystem.

“From 2012 we have seen an appreciable progress in the country’s financial inclusion implementation journey. No doubt, the licensing of Payment Service Banks is impacting significantly on the inclusion drive. As at today, we are seeing

an increase in the numbers of those who are financially included. However, more than one in every three Nigerian adults remain completely financially excluded. It’s a huge number that needs to be addressed and at 9PSB, we are committed to providing access to everyone, especially to the neglected and underserved population through our network of agent partners,” Mracajac said.

She pointed out that 9PSB invested in initiatives that support financial literacy, which according to her, remained a key success factor in driving financial inclusion. She further said in addressing the issue of access, focus should also be on getting the vast majority of the Nigerian population to be financially literate. “When people are informed, they make sound and healthy financial judgments that increase their finances. Currently, we conduct mass financial literacy awareness and sensitization campaigns through our agent network, and we intend to do more in this regard,” she added.

She further emphasised the need for collaborations among industry stakeholders to deliver seamless and enhanced financial services that are diverse and address specific needs of

every market segment. “We recently went into a partnership agreement with Flutterwave to create a seamless payment ecosystem. With the partnership, we are aggregating and simplifying transactions for banking agents, merchants, and consumers; Simply put, they now have a single point of entry to enjoy the various products and services provided by Flutterwave and 9PSB.” she explained.

Deputy Governor of Ogun State, Mrs. Noimot Salako-Oyedele, disclosed that the state government was looking to collaborate with Fintech players to ease cash transfer services in the state. She challenged participants at the retreat to come up with solutions that will help support financially excluded Nigerians not just in the state but across the federation.

In her response to the deputy governor, Mracajac listed some of 9PSB’s value propositions for states to include social investment programmes to support states’cash transfer initiatives for vulnerable groups, partnering with State Governments to strengthen their various financial inclusion initiatives, as well as solutions for state revenue collection and disbursement.

Ghanaian Hospitality SectorTarget Nigerian Clients Chinedu Eze As more Nigerians choose African destinations for holidays, Ghana, Gambia, South Africa and others have become their preferred choice and in turn, these countries are rebuilding and rejigging their hospitality sector to meet the expectations of their new clientele.

Reports indicate that Nigerians constitute the highest number of foreign clients who patronise

Ghanaian hotels.

This explains why Alisa Hotels, one of the leading hospitality outfits in Ghana has offered Nigerians, especially those in the travel and tourism business its unique services tailored to meet the taste, targeting travellers, holiday makers, business men and women looking for something different from the usual.

The beautiful hotel chains located in North Ridge and the new one soon to be opened in Tema, Ghana

is one of the trusted hotel brands in Ghana in terms of quality service delivery, conferencing, complementary airport transfer, tennis court, health, fitness and wellness centre.

A team from the hotel visited Nigeria last week and attended the17th Akwaaba African Travel Market at the Eko Hotels and Suites in Lagos, where it unveiled the hotels unique selling point which distinguishes them from other hotels in Ghana.

Solewant Showcases Cutting-edge Technologies Peter Uzoho Solewant Group, a major original engineering equipment manufacturer and oil services firm has showcased its cutting-edge Pipe Coating and Fabrication facility and capabilities to its teeming clients, prospects, financial partners and the general public.

At its 2021 Business Open Day, an annual programme held to celebrate the companies successes, which was held at the Solewant Fabrication Yard in Eleme-Onne, Rivers State, the company assured its partners of continuing topnotch service.

Highlight of the event was the touring of the company’s facilities including the polyethylene and polypropylene pipe coating plant, concrete weight coating plant, the fabrication shop and the state-of-the art laboratory, by the guests and clients.

The Group Managing Director

of Solewant Group, Mr. Solomon Ewanehi, who led the company’s staff and partners to celebrate the day, said the occasion was an opportunity for the partners to view the upgrades done in the facilities in the last five years since the pipe coating facility was inaugurated.

“Open Day is our clients service day. It is important to appreciate our clients for the support and patronage and to thank God for His grace. I thank everyone that contributed to the growth of Solewant Group.

“With prayers like this, we are strong and healthy to carry out our operations. We pray that we have more jobs to run the facility, he said,” Ewanehi stated.

The Group Executive Director, Solewant Group, Aganren Matthew, said the journey for the company had been tremendous, adding, “it is natural to always ask for more”.

Acknowledging that there had been challenges along the line, he said the company had always overcome them.

On his part, the General Manager-Technical, FJC- Solewant Group, Mr. Joseph Igbinosa, said the Open Day was meant to give glory to God for his mercy these five years and appreciate the group’s customers.

The Chairman, Host Families Landlord Association and former Eleme Local Government Council Chairman, Chief David Saloka, who disclosed the role he played in securing the site for the Solewant Industrial Area, expressed his conviction that the company would record profitability in the next two years.

Extolling the virtues of Ewanehi, Saloka pointed out that Solewant, which is full of innovative ideas, would record phenomenal success.

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BUSINESSWORLD

NEWS

Rite Foods Pledges Commitment to Talent Promotion, Devt Gilbert Ekugbe Rite Foods Limited has reaffirmed commitment to supporting talent promotion, development and growth of Nigeria’s entertainment industry.

The Assistant Brand Manager, Beverage and Bakery, Rite Foods Limited, Boluwatife Adedugbe, in a statement to herald its sponsorship for the most anticipated music reality TV show, urged all

musical talents in the country to audition for the show.

“With the Bigi brand, we will continue to espouse talent discovery in music through platforms like the Nigerian Idol for young talented singers to find expression and become megastars. We therefore call on all young musical talents in Nigeria to audition for season seven of the Nigerian Idol and get a shot at the limelight, while

also enjoying the refreshing musical journey with Bigi,” she said.

The Nigerian Idol season 7 will come to an exhilarating climax on Sunday, May 22, 2022 with over 50-million-naira worth of prizes awaiting the winner.

The truly world class and proudly Nigerian brand will for about fifteen weeks, refresh and revitalise all contestants who will appear for season 7

Coderina, SAP, NLN Launch INClusive STEAM Libraries Project Emma Okonji Coderina Education and Technology Foundation in collaboration with SAP and National Library of Nigeria (NLN), has launched INClusive STEAM Libraries Project aimed at evolving libraries across Nigeria to become venues for informal Science, Technology, Engineering, Arts and Math (STEAM) centers to provide the youth with lifelong learning skills and competencies.

The collaboration seeks to address Africa’s skills gap in the age of technology.

The partners cited the World Economic Forum, as saying: “The root of unemployment is not only lack of jobs; a key underlying issue is also the inadequately educated workforce. And this challenge is likely to be amplified in the coming years due to the Fourth Industrial Revolution, characterised by fast-paced technological progress combined with other socio-economic and demographic changes, which will further transform labor markets.”

They stressed that the time to address skills shortages is now, adding that education must be aligned to the pace of change and expanding skill needs of

Industry 4.0, be it formal or informal.

The goal of the Inclusive STEAM Libraries project is to create an enabling environment for every young learner including and out-of-school and unemployed youth, or those looking to gain job-readiness skills where they can visit to gain practical hands-on, minds-on learning experience in coding, robotics, 3D printing, Artificial Intelligence, Machine Learning, Web and App Development and other 4IR skills and competencies, while also being provided with information, opportunity and choices to prepare them for the future of work or entrepreneurship.

Speaking during the project launch in Lagos recently, the Deputy Director/ Head of Branch National Library of Nigeria, Lagos State, Mrs. Obianuju Onuorah, expressed delight over the project, which she said would boost hands-on experience among student community in the library.

She said although for ages library is known as a ‘silence zone’, but NLN is moving along with trends in the world hence the creation of digital sections.

Onuorah who described the initiative as ‘very good initiative’, further said: “I believe strongly that the students and

staff will benefit from it. Initially, the Library is seen as a very quiet place; where you come and read. However, as the reading culture changes, the library has become an inter-disciplinary community. We have to move along with trends in the world. So, in the library now you have the digital section.

“Also, we have discovered that students do not appreciate long reading.

They prefer the hands-on experience and that is why the National Library of Nigeria (NLN) has created the digital section where we catch them young.

The only difference in the library is that the students are monitored to avoid abuses or misuse of the digital tools.

“So, I am very happy with this initiative because it will benefit our community, especially those that ‘do not like to read’, they will benefit more with the hands-on experience.”

Onuorah also said NLN was interested in promoting STEAM “because its mandate is to make sure the Nigerian society reads. So we organise readership promotion campaign through which we sensitise the general public, especially students and pupils on the need to read. We believe that when we catch them young they will grow with it”.

of the music contest, starting

from auditions to theatre week

and the live performances.

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MONDAY DECEMBER 6, 2021 • T H I S D AY

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BUSINESSWORLD

NEWS

Experts Move to Curtail Cyber Security Threats to Businesses Emma Okonji Following the increasing rate of cyber security threats to businesses in West Africa, Nigeria inclusive, cyber security experts from across West

African countries, who attended the ESET Security Day 2021 conference, which held in Lagos recently, have called for strict adherence to cyber security measures that will address the challenge.

Recently, enterprises are facing increasing cyber security threats, which call for improved security tools that can be smoothly integrated into increasingly complex and diverse networks and critical infrastructure.

Bayelsa, C’River Oil, Gas Parks for Completion in 2022

Emmanuel Addeh in Abuja

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has revealed that the oil and gas parks in Bayelsa and Cross River would be completed next year.

Speaking at the 10th Practical Nigerian Content (PNC) Conference in Yenagoa, Bayelsa State, which ended yesterday, Wabote stressed specifically that the projects would be commissioned by the fourth quarter of 2022.

He emphasised that the provision of reliable power generation and distribution was one of the key requirements to commence

Coderina, SAP, NLN Launch INClusive STEAM Libraries Project Emma Okonji Coderina Education and Technology Foundation in collaboration with SAP and National Library of Nigeria (NLN), has launched INClusive STEAM Libraries Project aimed at evolving libraries across Nigeria to become venues for informal Science, Technology, Engineering, Arts and Math (STEAM) centers to provide the youth with lifelong learning skills and competencies.

The collaboration seeks to address Africa’s skills gap in the age of technology.

The partners cited the World Economic Forum, as saying: “The root of unemployment is not only lack of jobs; a key underlying issue is also the inadequately educated workforce. And this challenge is likely to be amplified in the coming years due to the Fourth Industrial Revolution, characterised by fast-paced technological progress combined with other socio-economic and demographic changes, which will further transform labor markets.”

They stressed that the time to address skills shortages is now, adding that education must be aligned to the pace of change and expanding skill needs of Industry 4.0, be it formal or informal.

The goal of the Inclusive STEAM Libraries project is to create an enabling environment for every young learner including and out-of-school and unemployed youth, or those looking to gain job-readiness skills where they can visit to gain practical hands-on, minds-on learning experience in coding, robotics, 3D printing, Artificial Intelligence, Machine Learning, Web and App Development and other 4IR skills and competencies, while also being provided with information, opportunity and choices to prepare them for the future of work or entrepreneurship.

Speaking during the project launch in Lagos recently, the Deputy Director/ Head of Branch National Library of Nigeria, Lagos State, Mrs. Obianuju Onuorah, expressed delight over the project, which she said would boost hands-on experience among student community in the library.

She said although for ages library is known as a ‘silence zone’, but NLN is moving along with trends in the world hence the creation of digital sections.

Onuorah who described the initiative as ‘very good initiative’, further said: “I believe strongly that the students and staff will benefit from it. Initially, the Library is seen as a very quiet place; where you come and read. However, as the reading culture changes, the library has become an inter-disciplinary community. We have to move along with trends in the world.

operations at the park.

The executive secretary noted that to guarantee this, the board signed an agreement at the second day of the PNC with the Gas Aggregation Company of Nigeria (GACN) and INFINI Power Limited for provision of reliable power to the two industrial parks.

He listed other plans of the board for 2022 to include the completion of the engineering design of Brass Island Shipyard and commencement of roadshows to secure investment partners.

Other scheduled programmes, according to him, include the commissioning of the 2,000 barrels per day Atlantic Modular Refinery in

Brass and commissioning of the 400,000 per year Rungas LPG composite cylinder manufacturing plant in Polaku, Bayelsa State.

Wabote stated that the board also plans to commission the 48,000 litres per day base oil production plant located in Omagwa Rivers State and commission the 30MMscf Nedo gas processing plant and the 300MMscfd gas hub tied to the OB-3 pipeline in Kwale, Delta state.

Speaking further, he announced that the board has acquired land for the construction of 200-room NCDMB conference hostel accommodation in Yenagoa for delegates and guests to the various conferences hosted by the board.

The experts were of the view that to further address the challenge in a comprehensive manner, businesses must deploy Endpoint Detection and Response (EDR) to ensure their entire platform is secured.

Speakers at the conference called on both the government and the private sector operators to always secure the third-party data in their possession and comply with data protection regulations.

Managing Director, ESET West Africa (Anglophone countries), Mr. Olufemi Ake, said the conference, which started since 2011, aimed to educate subscribers and partners in West Africa on most issues that are currently trending around cyber security threats.

“We also viewed ESET Security Day 2021 to get closer to our subscribers and prospective customers.

We also learned from them as they shared experiences in the corporate world in respect to security”, he said.

Speaking on ESET’s strides to protect its users from the rampaging cyber traitors, he said that with one billion users protected by ESET it

is a great testament to the robust solutions and legacies products the company has built over the three decades ago.

“We have over a billion users that we secure globally currently. If you consider the fact that we have an agreement with Google to secure the backend of Chrome, you can deduce that with the number of Google Chrome users that amounts to over half a billion. So, we make bold to say that we have over one billion people that trust us to secure their devices. We are excited about this,” Ake said.

Expert in Cyber Security Risk Management, Daniel Adaramola, said while compliance to regulatory standards remained important, the key driver of information security is the need to protect against constant threats to an organization.

“Regulatory compliance is done when the third party is satisfied.

Information security is a carrot as it motivates the company to protect itself. There are also questions as to whether cybersecurity should be driven by government

bodies,”Adaramola said.

A Cyber Security Risk Consultant, Fowler Oriyomi, talked about Managing Hybrid Systems in an enterprise environment, noting that as companies race to the cloud to improve efficiencies, reduce costs, and foster flexibility and agility, they are creating a patchwork of different cybersecurity protocols.

Oriyomi described the modern post-COVID company as “one million-armed octopus in thousands of locations and every arm is a digital access point that can be compromised by script kidders, social hackers, professional criminal hacking organisation or even nation-state actors.”

Senior Digital Security Associate at Co-Creation Hub, Habeeb Adebisi, advised organisations to intensify their cybersecurity defense approach.

He said it is regrettable that most people, including businesses, ignore security advisories and end up paying huge penalties as research finding indicates 90 per cent of organisations in Nigeria have suffered breaches.

T H I S D AY ˾ MONDAY, DECEMBER 6, 2021

HOMES&DESIGN Number One Tower’s Rise from Ruins of Iconic IMB Glass House

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HOMES&DESIGN

From Iconic IMB Glass House t o N u m b e r O n e To w e r

The all-glass building facade of the iconic IMB headquarters, a frontline bank, back in the day, was so beautiful a prominent chief was almost certain it attracted mermaids who came to take a better look at it, periodically.

Unfortunately, in the process, these ocean queens, according to the chief, rode on the waves of the Atlantic Ocean, causing perennial surge from the beloved Bar Beach right across to the Ahmadu Bello Way stretch, spilling into the bank’s complex and other buildings, including state governments’ liaison offices. Time passed, and the IMB edifice became decrepit. It is now being redeveloped into a tower known as Number One by Craneburg Construction Company (Craneburg), a Nigerian privately-owned firm, Bennett Oghifo writes

T

he former IMB Plaza was a head-turner, a lovely sight to behold, and no building short of that stature will befit the space, and that is what propels the promoters of Number One, an exquisite building that takes its place.

At the time of the Plaza’s construction in 1985, Ahmadu Bello Way, the coastal highway on the southern edge of Victoria Island, ran along the Bar Beach. Since then, the Eko Atlantic land reclamation project has pushed the seashore southwards by just over a mile. The newly created land is divided-up as development plots and will alter the character of the immediate area quite considerably in the coming years, Craneburg said.

The Number One building, a seven-floor complex, will see the former IMB Plaza

being transformed into an architectural Marvel at the corner of Ahmadu Bello Way and Akin Adesola Street, according to Craneburg.

The iconic IMB structure once stood as one of Lagos’ revered and prominent monuments with a unique blue-glazed pyramidal facade and has been a distinct feature of the city’s main business district since 1984 but has deteriorated over the years and diminished in commercial value.

Craneburg began renovation of the building in April 2018, involving reconfiguration and regularising the stepped arrangement of floors to create a more cubic but still dynamic and textured façade along with a full upgrade of the building‘s fit-out and

facilities. The interior façades in the reception area will also be improved.

Commercially lettable floor space has been increased from 5,500m2 to 8,900m2 GLA. The transformation of the building will deliver a contemporary design that can provide for the needs of new and growing businesses in Africa’s largest commercial hub. Craneburg also has established a track record in delivering high-quality developments, officials said.

“With an experienced construction team in-house, we specialise in working in a joint venture with partners and stakeholders to unlock opportunities.

“Clients turn to Craneburg to solve their toughest engineering challenges: a city bridge, feasible mixed-used

buildings, the most energy-efficient buildings, the most sensitive and secure facilities. The scale and ambition of these projects require close collaboration between multiple disciplines,” stated the firm.

It connects core engineering services with specialty expertise to address extreme conditions and threats, achieve higher levels of performance, safety, and reduce construction and operating costs. Craneburg stands by “our clients” as technical experts throughout the development cycle, from initial site studies to design to construction and commissioning.

“We collaborate with planners, architects, consultants, program managers, and construction managers to deliver highperformance buildings, infrastructure, and communities,” the construction company added.

MONDAY, DECEMBER 6, 2021 ˾ T H I S D AY

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BUSINESSSPECIAL

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

Time to Eliminate Fuel Subsidy Obinna Chima writes on the need for the federal government to muster the courage to end the country’s fuel subsidy regime where a huge chunk of its spending is devoted to

I

n the past few days, the age-long debate over the removal or continued retention of the subsidy on premium motor spirit (PMS) also known as petrol, which encourages wastage, corruption and hamstrings the economy, has reemerged.

While the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, other top government officials, governors and even the World Bank have raised the alarm that the country cannot continue with the fuel subsidy regime, members of the organised labour appear to be thinking otherwise.

Indeed, the removal of the subsidy on petrol remains a critical free-market reform and it would be beneficial to the finances of the government and the overall economy.

Many believe it would boost investments in the downstream sector of the oil and gas industry and free revenues for the government to provide essential services.

Considering the burden of removing N250 billion monthly from the federation account, in a country that is presently faced with a major revenue shortfall, Kyari warned that going forward, “the NNPC may have to start invoicing the federation to be able to maintain subsidy.”

He pointed out that while all over the world, subsidies are introduced to bring cost control and less pains to citizens, in Nigeria, the fuel subsidy regime has become a major fiscal burden that must be eliminated.

The NNPC boss explained: “Today, we are evacuating about 60 million litres of gasoline from all the depots in the country. It is not national consumption and it is very understandable because of issues such as cross-border smuggling.

“As long as you have arbitrage, traders don’t see it as a crime, they just take advantage of that and exploit it. What we are dealing with is about N243 billion of fuel subsidy monthly. So, there is no magic around that.

“This is the reality that we are facing. Going forward in 2022, we simply cannot afford this, we just don’t have the resources. As a matter of fact, the NNPC may have to start invoicing the federation to be able to maintain subsidy.

“When you take out N243 billion from your total income every month, you are not able to fund your operations and so you can’t meet your other fiscal obligations. Clearly, there is a challenge in the ability to pay. So, there is a reform going on, particular in the energy sector and no one can stop.”

According to Kyari, fuel subsidy should be removed, and the funds deployed to areas of the economy particularly road infrastructure and education that need funds.

He stressed that the policy remains a misallocation of resources and it benefits mainly people who don’t need it - the rich.

“What we need is investment that upgrades the general good of the society and provide access and opportunity for social mobility for the poor.

The savings would be better deployed to education or upgrade of the critical infrastructure in the country,” the NNPC boss added.

More so, the World Bank has warned that further delay in removing the fuel subsidy which had been described as a major drain on the economy could see the federal and state governments unable to pay salaries from 2022.

The Lead Economist, Nigeria Country office of the World Bank, Marco Antonio Hernandez, painted a gloomy picture of Nigeria if the country decides to continue with the controversial fuel subsidy.

Therefore, Hernandez urged Nigeria to remove subsidy on PMS in February 2022, as prescribed by the Petroleum Industry Act (PIA), saying further delay could worsen the precarious revenue situation confronting the country.

He further warned during the recent unveiling of the Nigeria Development Update, that the present fiscal condition of the sub-national governments would take a turn for the worse in 2022 with 35 of the 36 states unable to meet their financial obligations.

Hernandez stated that a situation where about N250 billion goes into fuel subsidy monthly was unsustainable as the paucity of revenue confronts the country, especially the sub-national governments.

Hernandez who provided insights into the report of the World Bank, titled “Time for Business Unusual,” stated that should the current revenue challenge continue till 2022, only Lagos State would be able to meet its financial obligations.

The report pointed to mounting fiscal pressures due to lower-than-expected revenues in 2021 and the rising cost of PMS subsidy.

According to the report, in contrast to past periods of high oil prices, the Nigerian government has this

President Muhammadu Buhari time not been able to fully benefit from the oil boom because oil production has fallen below Nigeria’s estimated capacity and the Organisation of Petroleum Countries (OPEC) quota due in part to rising insecurity and the higher cost of the PMS subsidy.

It stated: “In 2022 the federal government plans to spend about N3,000 ($7) per person for health, while the cost of the PMS subsidy for next year could reach N13,000 ($32) per person. Not only is the PMS subsidy costly, but it mainly benefits richer households.

“Nigeria has the opportunity to establish a “compact” with citizens that eliminates the subsidy and uses the savings to provide targeted cash transfers to lower-income-households, invest in job-creating programs, and improve its fiscal position.”

It stated that the insufficient supply of foreign exchange (FX) issues related to the predictability of exchange rate management, the unsustainable subsidy on premium motor spirit (PMS), burdensome trade restrictions, and the sizeable fiscal deficit financing by the Central Bank of Nigeria (CBN) are undermining the business environment, compounding underlying constraints on domestic revenue mobilisation, foreign investment, human capital development, and the delivery of public services.

The report noted that despite a strong initial recovery and resurgent global oil prices, Nigeria’s pre-crisis challenges were threatening its post-crisis recovery, highlighting the need to depart from business-as-usual policies.

“Even though Nigeria’s economy exited a pandemic-induced recession, several challenges persist including double-digit inflation, declining incomes, and rising insecurity.

“While the government took bold policy measures to mitigate the impacts of the COVID-19 crisis, the reform momentum has slowed which hinders Nigeria’s ability to reach its growth potential,” World Bank Country Director for Nigeria, Shubham Chaudhuri said.

Also, the Governor of Kaduna State, Mallam Nasir El-Rufai wondered why the country would continue to allocate more monies to fuel subsidy compared with the allocations to education, roads and the health sectors.

“Is subsidising petrol more important than our health as even in a year we spent significant amount on health due to the pandemic, the budget for subsidy was still higher? Does it make sense?

“Is subsidising petrol about thrice as educating our children and preparing them for the future more important? The capital budget for roads is five times less than our budget for subsidy.

We have to ask ourselves as Nigerians whether this makes sense at all,” he added.

According to El-Rufai, “this is the first time in Nigeria that oil prices are rising globally, yet, there is no windfall. In fact, we are getting less.

Why? Because according to Kyari, subsidy is taking N250 billion per month.”

Kyari He disclosed that this month, what the NNPC paid to the federation account, as part of its contribution to the amount to be shared by the Federation Account Allocation Committee (FAAC), was only N14 billion as against the N120 billion stipulated in the budget, and, “with the threat that next month they would ask the federation account to give them a cheque to cover subsidy.”

“So, we have to ask ourselves if this subsidy still makes sense. Who is benefiting from it other than the smugglers and neighbouring African countries and some rich people? We have to stop this thing that will bring Nigeria to its knees,” the state governor added.

Expressing support for the federal government’s plan to phase out the fuel subsidy regime, about 82 Civil Society Organisations (CSOs) under the aegis of Civil Society Coalition for Economic Development (CED) advised President Muhammadu Buhari to forge ahead with the plan.

The coalition gave the commendation in a seven-point communique issued at the end of a conference of the coalition in Abuja at the weekend.

In the communique by the convener, Yusuf Dan Maitama and the Secretary, Badaru Ayewoh, the coalition said it was a right step in the right direction.

The coalition noted that the subsidy regime was unsustainable, saying the best way to tackle the problem was to remove subsidy.

According to the communique, the conference, titled: “Fuel Subsidy Removal in Nigeria”, was deliberately chosen in view of the realities of the times.

He said if the money being paid as cost of fuel subsidy was channeled into provision of infrastructure and other social sectors of the economy, there would be growth and development.

They further recommended that fuel subsidy regime be stopped from January 2022, saying the subsidy regime was a major challenge forcing the federal government into external borrowing.

“The fuel subsidy regime was a capitalist and elitist policy that services only the top-heavy, hence, successive governments found it difficult to implement their economic policies,” the communique added.

They pleaded with the organised labour not to embark on strike on account of ending subsidies.

The urged the federal government to forward a budget for N5000 grants to be disbursed to citizens to cushion the effect of fuel subsidy removal in 2022.

“The federal government should end fuel subsidy regime effect from January 1, 2022 in order the save N250 billion monthly as the economy of Nigeria has become very fragile given the financial burden orchestrated by the subsidy regime.

“That Nigeria is a monolithic economy as such, revenue earnings must be jealously guarded and which should be channelled into

road construction, power, education, health and development of its youth.

“The organised labour should be considerate and not to embark on strike action in the circumstance that the Federal government has ended fuel subsidy regime, given the reversal of huge resources back into the federal government coffers.

“The federal government, private and public sectors should embark on sensitisation of Nigerians on the need for immediate removal of fuel subsidy in order to save the nation from further financial hemorrhage.

“The federal government should forward the budgetary provision of N5, 000 grant to citizens to cushion the effect of fuel subsidy removal to the two arms of the National Assembly for legislative debate before the passage of 2022 budget.

“The civil society coalition commends the Group Managing Director of Nigeria National Petroleum Corporation (NNPC) Limited for his commitment to the stability of the oil and gas industry in Nigeria,” it added.

However, Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, expressed optimism that recent developments in the oil sector, such as the Petroleum PIA 2021, the full reactivation of the four public refineries in the country, and the completion and coming on stream of the three private refineries under construction in 2022, would significantly boost contribution from the sector to economic growth.

According to her, subsidies’ regime in the sector remained unsustainable and economically disingenuous.

She disclosed that ahead of the date set aside to completely eliminate fuel subsidy, the government was working with its partners on measures to cushion potential negative impact of the removal of the subsidies on the most vulnerable at the bottom, which she estimated to be 40 per cent of the population.

“One of such measures would be to institute a monthly transport subsidy in the form of cash transfer of N5,000 to between 30 – 40 million deserving Nigerians.

“As a government, we remain committed to our broad objectives of stimulating broad-based growth through diversification and the active participation of the private sector to ensure that our growth is inclusive.

“We will continue to prioritise investment in critical infrastructure needed to unlock production and supply constraints, to create adequate productive employment and preserve jobs, and to ensure macroeconomic stability and promote poverty reduction and equity.

From the foregoing, there is need for members of the labour unions and other stakeholders to see the dangers ahead and support the federal government in its resolve to scrap the fuel subsidy as prescribed in the PIA which had been described as a gamechanger for the country. Ending the fuel subsidy regime willultimately create the right environment for private sector participation in the refining business, bring transparency in the pricing of petroleum products and free up funds for the development of basic social amenities.

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BUSINESS SPECIAL

ANALYSIS

Boost for Students’ Entrepreneurial Skills Obinna Chima writes on the expected benefits of the recently launched Tertiary Institutions Entrepreneurship Scheme

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igeria’s high unemployment rate which stood at 33.3 per cent as of the fourth quarter of 2020, as well as the rate of poverty, mean that the country is effectively seating on a massive keg of gun powder.

Of the particular interest is the fact that unemployment rate among young people (15 to 34 years), according to figures from the national statistical body, increased to 42.5 per cent from 34.9 per cent while the rate of underemployment for the same age group declined to 21.0 per cent from 28.2 per cent.

Certainly, rising unemployment fuels poverty and has largely been attributed to rising incidence of civil unrest and criminalities in the country.

That is why there has been increasing call for governments at all levels to do more in the area of entrepreneurial studies as well as empowering students with entrepreneurial spirit so as to better prepare them as employers of labour outside the ivory towers.

Globally, entrepreneurs play significant roles in economic transformation, contribute massively to innovation, wealth creation and in improving the standards of living in any nation.

Clearly, this was why the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, recently launched the apex bank’s N500 million Tertiary Institutions Entrepreneurship Scheme (TIES).

The intervention scheme is expected to help address the challenge of lack of access to finance opportunities for students with entrepreneurial spirits in tertiary institutions.

According to the CBN governor, the intervention would create an enabling business environment that supports innovation and enable the youth to unleash their entrepreneurial potential, by redirecting their focus from seeking white-collar jobs to embracing a culture of entrepreneurship.

It is also expected to create the environment to provide support in re-orientating, training, and providing a financing model apt to the peculiarities of the sector within which the businesses operate.

He explained that the intervention consisted of three main components, including term loan, equity investment, and development grant.

Emefiele, at the launch of the scheme in Abuja, urged government at all levels to evolve policy measures to support entrepreneurial development among the youth in the country adding that this was particularly crucial given that about 600,000 students graduate yearly from Nigerian tertiary institutions without commensurate employment opportunities in both the public and private sectors.

The ceremony also witnessed the inauguration of the Body of Experts (BoE) by the CBN governor. The body, chaired by the Group Managing Director/Chief Executive, Sterling Bank Plc, Mr. Abubakar Suleiman, among other professionals, seeks to evaluate and rank entrepreneurial presentations made by the tertiary institutions under the development (grant) component.

Emefiele said members of the body were professionals of impeccable standing, drawn from the academia, professional bodies, and industry. He said part of their job was to recommend projects with high potential and transformational impact for grant awards.

He said the official launch of the TIES and subsequent inauguration of the BoE for the scheme’s development component was a testimony to the important role the youth play in building new blocks for economic growth, particularly as national growth was highly dependent on strong and competitive businesses.

He said bridging their financing gaps and enhancing access to low-cost credit to drive development of business was a task that could only be addressed by an innovative financing model that correlates with the complexity and dynamics of these small businesses.

Speaking on the genesis of the scheme, Emefiele said, “As you are all aware, at the occasion of the 51st convocation of the University of Lagos, in July 2021, I delivered the convocation lecture, titled, ‘National Development and Knowledge Economy in the Digital Age: Leapfrogging SMEs into the 21st Century.’

“At that event, I promised that the central bank would seek fresh collaboration with the nation’s tertiary institutions to develop entrepreneurship programmes, and to support – through the provision of access to finance – graduates and undergraduates who have bankable ideas, to bring the ideas to fruition.

“Engagements have been on-going between the central bank and the leadership of some

CBN Governor, Godwin Emefiele of our tertiary institutions regarding the framework for an innovative financing model that will support entrepreneurship development among our graduates and undergraduates.

“This launch of the Tertiary Institutions Entrepreneurship Scheme today, is a culmination of the engagements and fulfillment of that promise.”

Emefiele said the scheme was designed to address three verticals of the segment namely, term loan component, which provides direct credit opportunities to graduates of Nigerian polytechnics and universities of not more than seven years post-graduation.

He said an applicant, if successful, should be eligible for a maximum of N5 million for an individual, sole-proprietorship or small company; and a maximum of N25 million for a partnership or company.

The tenure of the facility is a maximum of five years, with a one-year moratorium, and at an interest of five per cent per annum, which shall revert to nine per cent from March 2022.

The pilot phase of the scheme is presently being implemented through the Bank of Industry (BOI) with the development of an application portal and processing of submitted applications.

The equity investment component is designed to support start-ups, existing businesses requiring expansion, and ailing businesses seeking resuscitation, and shall be implemented under the bank’s AGSMEIS equity window.

Emefiele said the scheme would make it easy for youths to access credit and create jobs for themselves and others.

He warned that the finance to be provided was not a grant but a loan, which should be used for the intended purposes, adding that entrepreneurship remained an integral part of any economy and remarked that entrepreneurs play a key role in driving growth and innovation, which in turn results in job creation.

He explained that this was in line with its mandate of ensuring monetary and price stability, and its developmental mandate of ensuring inclusive growth in the economy, noting that the central bank had introduced several programmes to create an ecosystem that allowed the flow of affordable credit to the real sector.

The CBN Governor noted that these interventions were industry-led and designed to support the resilience of targeted priority sectors and segments for growth and job

creation.

Emefiele said, “With an estimated population of 213 million, out of which two-third are youth, aged under 35 years, the nation is faced with a historic opportunity, particularly as the demography continues to create clear evidence of their relevance to economic development, as accentuated by the global recognition of Nigerian tech start-ups and continued growth of businesses in the technology space owned by the youth.

“In realisation of this, the CBN has introduced several innovative financing programmes designed to extend low-cost financing to youth entrepreneurs across the country. These interventions have continued to receive resounding commendations, as they have proven effective in extending credit to youth entrepreneurs across the country.”

Under the scheme, the investment limit shall be subject to the limit prescribed by the AGSMEIS guidelines and the investment period not more than 10 years.

Emefiele also noted that the development grant component was aimed at raising awareness and visibility of entrepreneurship among undergraduates of Nigerian tertiary institutions. He explained that here, polytechnics and universities in the country shall compete in a national biennial entrepreneurship competition where undergraduates are presented by the tertiary institutions to pitch innovative entrepreneurial or technological ideas with transformational potential.

According to him, three top institutions at the regional levels shall proceed to the national level, where the top five shall be awarded grants ranging between N120 million and N250 million.

He insisted that the grant awards should be used by the tertiary institutions solely for the development of the award-winning ideas.

Emefiele added: “As you are all aware, at the occasion of the 51st convocation of the University of Lagos, in July 2021, I delivered the convocation lecture, titled, ‘National Development and Knowledge Economy in the Digital Age: Leapfrogging SMEs into the 21st Century.’ At that event, I promised that the central bank would seek fresh collaboration with the nation’s tertiary institutions to develop entrepreneurship programmes, and to support – through the provision of access to finance – graduates and undergraduates who have bankable ideas, to bring the ideas to fruition.

“Engagements have been on-going between the central bank and the leadership of some of our tertiary institutions regarding

the framework for an innovative financing model that will support entrepreneurship development among our graduates and undergraduates.

“This launch of the Tertiary Institutions Entrepreneurship Scheme today, is a culmination of the engagements and fulfillment of that promise.”

Highlights of the event included the presentation of commemorative cheques to five youth entrepreneurs whose proposals were found worthy of CBN’s financing under the pilot scheme.

Speaking during the launch of the initiative, Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, hailed the efforts of the Central Bank to ensure that the economy remained afloat despite the disruptions occasioned by the COVID-19 pandemic.

Represented by the Director, Public Affairs and Bilateral Relations, Office of the SGF, Mr. Olakunle Fashina, Mustapha said, not only would the TIES boost economic growth and reduce graduate unemployment but it would also provide well-grounded incentives for the ever-growing graduate population.

Also, on his part, Minister of Education, Mallam Adamu Adamu, described the intervention as a laudable effort by Emefiele to promote entrepreneurial skills in the ivory towers. He said the CBN was playing a significant role in laying a solid foundation for technological development in the tertiary institutions.

The Minister, who was represented by the Ministry’s Director, University Education, Mrs. Rakiya Iliyasu, said no country could make appreciable growth in sound technological innovation and sustainable development without developing its real sector.

Emefiele said the scheme was designed to address three verticals of the segment namely, term loan component, which provides direct credit opportunities to graduates of Nigerian polytechnics and universities of not more than seven years post-graduation.

He said an applicant, if successful, should be eligible for a maximum of N5 million for an individual, sole-proprietorship or small company; and a maximum of N25 million for a partnership or company.

The tenure of the facility is a maximum of five years, with a one-year moratorium, and at an interest of five per cent per annum, which shall revert to nine per cent from March 2022.

The pilot phase of the scheme is presently being implemented through the Bank of Industry (BOI) with the development of an application portal and processing of submitted applications.

According to him, three top institutions at the regional levels shall proceed to the national level, where the top five shall be awarded grants ranging between N120 million and N250 million.

He insisted that the grant awards should be used by the tertiary institutions solely for the development of the award-willing ideas.

Speaking in an interview with THISDAY, some of the beneficiaries attested to the fact that there were no intermediaries in the application and selection processes for accessing the funds and vowed to make good use of the opportunity to expand their enterprises and create more jobs.

One of the beneficiaries, Miss Aisha Suleiman, a graduate of Applied Biology from the Bayero University, Kano, who is into cashew production said the facility will help her acquire machinery to boost production and employ addition hands.

She said there was no interference, adding that she got the link to the portal from a friend. She said her good business plan could have brought her good fortunes.

Also another of the beneficiaries, Mr. Simeon Odogbane, who is the Chief Executive, Gbane Business Enterprise, said he was into Communications and Point of Sale (PoS) services.

He said the CBN support would enable him “go on business expansion, as well as expansion of labour force and profit maximisation.”

It is expected that the intervention would create a paradigm shift from the obsession for white-collar jobs among graduates, promote entrepreneurship and help reduce the level of unemployment among the country’s huge youth population.

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BUSINESS SPECIAL

INTERVIEW

Yusuf: Our Focus in 2022 Shall Be to Increase Nigeria’s Non-oil Exports The Director, Development Finance Department, Central Bank of Nigeria, Mr. Philip Yila Yusuf, in this interview monitored on Arise News Channel, sheds more light on the bank’s interventions. Excerpts: Tell us more about this new entrepreneurship scheme for universities and polytechnics’ graduates? his scheme is a culmination of the promise made by the Governor, Mr. Godwin Emefiele in July this year at the University of Lagos that the central bank would work with tertiary institutions to unleash the potential that we see in our young graduates. So, what we have done over the last six months was to work with these institutions to create a framework or a window for our young graduates - those who are in school and those who have left school, to be able to access innovative financing for them to be able to unleash the potential they have and contribute to national development.

The framework that was released has three components. One is the term loan; another is the development component and the equity component, for us to be able to invest in these businesses.

What makes this scheme or intervention unique?

What makes it unique is the fact that this is the first time that you are getting our youths uncollateralised loans in the case of the term loan component at single digit interest rate. You also have the fact that there is also an equity investment component. So, we will be able to invest in either startups or businesses that need financing. And also most importantly the last part which is also a grant, we are providing grants to some of the tertiary institutions who have bankable ideas that can easily be monetised.

So, they will go and pitch their ideas and we will select the top five and we will give them between N250 million and N120 million for them to be able to either monetised their ideas or try and do some breakthrough research.

Six months ago, one of the universities in the country approached us and talked about the fact that they could provide maize seeds that can do close to eight tonnes per hectare.

Before the Anchor Borrower Programme, across the country we are doing between two and three tonnes per hectare for maize. But they are ready to push that envelop to eight tonnes per hectare. So, you can imagine the amount of output that would be cultivated across the country. So that just gives you the kind of idea that can be bankable. So, we are giving the loan at single digit interest rate and if you recall, post-COVID was still in the regime of five per cent. So this term loans are going to be given at five per cent for individuals who want to access, they can take a maximum of N5 million at five per cent. There is one year moratorium for the loan and duration of five years.

Our graduates can also come together into a partnership and we are already seeing a lot of that for those who have applied and they can take up to a maximum of N25 million for five years and there is a moratorium of one year on the principal. We have democratised the process, so all they need to do is go to the central bank’s website, they will see the link to the intervention, and then they apply, upload their certificate. We are not asking you for any collateral, just your NYSC discharge certificate, and then you put in your proposal.

We will evaluate all that and then if you are successful you would get the loan.

Five were successful and the central bank governor presented cheques to them last week.

We will go through the process, select those we believe deserve this term loans and then disburse to them. It is a very simple process, throughout the stage of the application, they

T

monetised and indeed once they are selected, we will give them this grant. This grant will not be given as bullet payment, but we will follow progress as they monetise these ideas.

So that at the end of the day, we believe that whatever ideas come out can contribute to national output. For the three different sub-set of the entire scheme there is a robust framework in place to be able to ensure that it goes well.

“There is a wide variety of mechanisms that we have put in place. The first thing we have done is to try as much as possible to democratise the process. So our graduates are smart, they have access to different channels and computers so they can apply online. “

The year 2021 is gradually coming to a close, give us a bit of a rundown of your department activities so far for the year?

2021 has been a very good year. So I will start with agriculture. We have continued the flagship programme of this administration, complimenting the efforts of the fiscal authorities around our Anchor Borrowers’Programme.

It has been very successful this year. I keep talking about maize. For the first time we had record harvest of maize. Typical consumption in Nigeria is about 12.5 million metric tonnes, we typical do between nine metric tonness and 10 million metric tonnes. But this year we have pushed the envelope and that is as a result of the effort of Governor Godwin Emefiele in saying that we will no longer give forex for the importation of maize. A lot of our farmers have moved into cultivation of maize across the 36 states of the federation. So, you see record harvest for maize.

Apart from taking loans to be able to support our small other farmers, we have brought in a bit of ingenuity. Instead of collecting cash, we collect these output, put it in a strategic reserve and we use that to moderate prices pending when the Nigerian Commodity Exchange is restructured and we can hand that over to them. Paddy rice is also available, you can see mills springing up all over the country trying to mill a lot of all these paddy rice that is available. So, on the Anchor Borrowers’ side, on the agricultural side, we had good harvest and we thank God there has not been a lot of flood this year, if any, so you see record harvest and that has contributed to output.

If you look at third quarter GDP, agriculture, especially crop production grew a bit.

On the energy side, working with the fiscal authority, we will continue to support the Nigerian Electricity Supply Industry with wide varied interventions we have. On national mass metering, on phase zero, we set a target of one million meters, we have done over 890, 000 meters. We have provided funding for that.

We have also been supporting the Discos on both their operating expenditure requirements, and also we will be supporting NBET on the payment assurance facility. On the energy side, more stable power, we have brought in more capacity online. SMEs, yes, we have continued to support that we our targeted credit facility (TCF) post-COVID. As at today we have disbursed close to N360 billion to over 750, 000, both SMEs and households. That has really contributed to consumption. Fourth quarter last year, the TCF was partly responsible for our exit from recession. We would continue to not only do the TCF but AGSMEIS. At the last MPC, you must have seen that the efforts of the monetary authority was commended on the various interventions around the SMEs space.

Health is also very important as you talked about the new variant of COVID that has come out. We have disbursed over a N107 billion to both hospitals and pharmaceutical industries to try and expand their lines.

MRI machines are being brought in, CT Scans, two cancer centres that we have funded in Lagos and we can clearly track and see exactly what they are doing. Key focus for 2022, export forms only two per cent of our portfolio as at present. Recently, the governor unveiled the ‘100 for 100,’ which is really around how we can domesticate production and also look at how we can generate non-oil exports. So, even though export is just two per cent of the pie, we are looking at how we can increase that in 2022 using the ‘100 for 100.’ It has been a year where we have had to push ourselves to the envelop especially on the agric side, but literally it is good news overall.

Yusuf will be communicated to on the status of their application and when they are successful, they will get the funding through any participating financial institution of their choice.

What are the mechanisms the CBN has put in place to ensure the success of this scheme?

There is a wide variety of mechanisms that we have put in place. The first thing we have done is to try as much as possible to democratise the process. So our graduates are smart, they have access to different channels and computers so they can apply online. You don’t need to walk into any bank, you could just apply online, upload your certificate and at every stage of the process is communicated to you. We also have a very robust evaluation mechanism in place to be able to select those ideas that are bankable. So businesses around agric, creative sector, IT, will be evaluated, selected, and then they will be given various sums of money.

That is for the term loan component, through any participating financial institution of their choice. Then at the end of the day there is also a robust merger and acquisition framework in place that the central bank uses to evaluate all the interventions that

we give. So, we will definitely be following up with the businesses the various channels that we have. We have developed finance officers across the country, so we visit them, try as much as possible to see how they are doing and if they have challenges, we will try as much as possible to help them sort out those challenges. Those are the various platforms and mechanisms we have in place to ensure that these graduates not only collect these term loans, they use them for the purposes that they are meant for and in did they contribute to national output.

For the equity component which we will be starting in April, there is the quasi-equity type of intervention we will be doing through the bankers’ committee platform. We will invest in startups; every year five per cent of the profit after tax of each deposit money banked is pooled into a fund, 45 per cent of that is supposed to be given out as debt, 50 per cent of that for the equity component. We will look at these businesses, two fund managers would be appointed, and they will look at these businesses and invest up to a maximum of N2 billion for the businesses, up to a maximum of the 40 per cent shares of the business. And that will last for 10 years then they will exit from those businesses.

Then I talked about the development component, there is a body of experts that has been appointed, led by the Managing Director of Sterling Bank, and 10 other Nigerians, both from the banking community and also we have some representative from National University Commission and other government Ministries, Departments and Agencies. So they will evaluate all the proposals that the universities and the polytechnics send and then then select the top five bankable ideas that can be

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T H I S D AY ˾ THURSDAY DECEMBER 6, 2021

CITYSTRINGS

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

Cry from Lagos Estates Submerged by Water Following the release of water from Oyan Dam in early September by the Ogun-Osun River Basin Authority, residents of Elias and Unity Estates, Owode-onirin area of Lagos state whose properties have all been submerged by the water, are currently beckoning on government for quick interventions, Sunday Ehigiator brings report

A teenager paddling a floater at Elias Estate

Another street submerged by water at Unity Estate

O

ne can’t ignore the dreadful sight of dead animals, and stranded livestock, as we manually paddled our canoe on a tour around the estates.

It was a three-hour tour of an estate you could have only been able to trek or in a vehicle, even within a shorter time if you had visited in August, 2021.

Elias estate, also known as God’s First CDA, and Unity estate, are known for their serenity and modern houses. Together, they consist of over 1,500 houses with no fewer than 50,000 people.

Many residents of the estates have abandoned their homes to seek harbour in a safe area outside the estate. Those still remaining have to contend with the water whenever the need to go out arises.

They are now learning to cope with the harsh conditions they have found themselves in since September 2, 2021.

With no lifejackets, residents are faced with a daily risk of transporting through the water to the linking entrances at Ikorodu road on floaters and few manually-paddled canoes operated by underage children for N100 per head.

It seems to be a yearly occurrence the residents are now used to as one could tell from observation that the floaters had long been kept safe somewhere over the years, in anticipation of this moment.

The water did not only submerge houses, but also vehicles. Many whose vehicles are still intact can no longer access their houses with their vehicle. While some now park along the Ikorodu express way, most now leave their vehicles at work or with family staying outside the estate.

Cry for Help Speaking with THISDAY, a resident of the estate, Mr. Isaac Osanekwe said, “I have been living here for a long time. The situation is even better this year compared to previous years.

“This water is from the recently opened Oyan dam. They open it every year and this is the havoc it causes in our community. Past years it used to be the worst. The water would even get to chest level at this area that is close to the road, which is even the safest.

“But this year, it’s those living far inside that are seriously affected. Here it’s just about the knee level. The reason is that before the Dam was opened, many houses around here had mobilised and sand filled their streets.”

Also speaking, another resident of the community who simply identified herself as Mrs. Mary said, “We are tired of all this.

Yesterday as I was returning home, with my baby on my back, we fell from the floater into the water.

“Floaters are solid foams. They are not like a canoe; they can’t stand the current of the water. It was people that quickly jumped into the water to save me and my child.

“I don’t know why the government cannot find a lasting solution to this water that always floods our area every September once they open the dam. The most painful thing is that rain doesn’t flood our area this much, it’s majorly the dam.

“It’s usually as if they channel all the water they released to this place. The river around us- the canal can’t contain the water, so it spills the moment it’s full.”

and also barricade it round in a way that water cannot spill from it to the landed area anymore.”

A motor way submerged by water at Elias Estate For Mr. Olajide Saheed, also a resident, he is more concerned of the safety of primary and secondary school children in the estate who had just resumed school for a new session on September 13.

“Schools have resumed. With this water how do we take our children to school? Schools within the estates have also been submerged by water, even the proprietors can’t even access the school to talk to more children.

“And with this water, you can be rest assured that many of our children would soon start getting sick of waterborne illnesses. We are begging and calling on the government to come to our aid, please save our souls.”

How Government Can Intervene Speaking on how the government can intervene, Saheed said there was a need for the government to help them with a good drainage system and also sand fill the community.

According to him, “the main challenge here is that this community is below sea level. There needs to be a lot of sand filling before we can have est of mind.

Although some of us have tried our best, it's a capital intensive project.

“This is where we need the government's help. When the water goes, I want you to come and go round the estate, not even on the drainage system here.

There is no way water can go out since there is no drainage system.

“We need a good drainage system that

can channel water to the canals close by.

If it’s just on main drainage that cuts through the beginning and end of the state, it would be fine.

“We the community members can then mobilise to put drainages in our streets.

But the first thing to do is to sand fill the estates.”

Also speaking on how the government can help with a long lasting solution to the issue, Osanekwe recommended that the river banks around the community should be properly barricaded in a way that contents from the river can no longer spill to the community.

He said, “first you need to understand that this community is a very strategic one that if the government really wants to explore, it can be very beneficial to the government especially in the area of freeing up traffic in Lagos state.

“It is just a river that separates this estate from Agility (a community in Mile 12 area of Lagos state), and then Ikeja.

Government should explore the option of creating an overhead bridge across the water to link to Agility, and then Ikeja.

“Then they should fix our roads and drainage. This will not only solve the problem of annual flooding from the dam, but also open up faster and better alternative routes for people going to Ikeja, or entering or leaving Lagos from Ikorodu.

“Also, that river where the water spills from isn’t deep enough. Government has the equipment to dig it further beneath

I don’t know why the government cannot find a lasting solution to this water that always floods our area every September once they open the dam. The most painful thing is that rain doesn’t flood our area this much, it’s majorly the dam

Oyan Dam Water Release On July 19, 2021, the Ogun-Oshun River Basin Development Authority raised the alarm that it will release a large volume of water from the Oyan dams to cities in both Lagos and Ogun States.

A statement by the Managing Director, Ogun-Oshun RBDA, Olufemi Odumosu revealed that an average of 7-9 million cubic meters (mcm) would be released per day in September.

He said this was intended to create maximum space in the reservoir to impound more water and release it at a controlled average rate of 13-15 million cubic meters (mcm) per day.

Odumosu explained that the multipurpose uses of the Oyan dam include bulk water supply to Ogun and Lagos States, irrigation infrastructure for agriculture, aquaculture cage fish farming, flood control and hydropower generation potentials.

According to him, “In August, 2021, our releases may be reduced to the range of four to six million cubic meters (mcm) per day with a mind of maintaining water level below 57.50metres above the main sea level.

“In September, 2021, we may likely increase our water releases to an average of seven to nine million cubic meters (mcm) per day while at the same time preparing for the main flood in October.

“In October, 2021, we intend to maximise the created space in the reservoir to impound more water and release it at a controlled average rate of 13 to15 million cubic meters (mcm) per day or less.

“This is to allow other major and uncontrolled tributaries to River Ogun discharge into the sea while our impounded water will be released gradually at an average rate of one to three million cubic meters (mcm) per day till November and December 2021 when the gates may be likely closed for the year 2021.”

Although Odumosu implored the government of Lagos and Ogun state to take proper measures necessary to mitigate the effect of the water release especially in prone areas within the state, nothing seems to have been done in this community.

Reports on Sinking Lagos Recently, there has been a series of reports and projections about cities in Lagos who experience flooding at least once a year, being submerged by water in the not-too-distant future.

According to a report published in the journal, Nature Communications, by Climate Central, a scientific organisation based in New Jersey, United States, it predicted that half of 300 million people currently living in areas that are flooded at least once a year, would be submerged by high tide line by 2050.

Also, the Nigerian Conservation Foundation (NCF) not long ago, raised the alarm that Lagos and other coastal cities that are less than one metre above sea level could be submerged by 2050 if the ocean surge continues.

With the current situation of water at Elias and Unity estates, against the backdrop of this report, the responsibility therefore lies on the government to take necessary measures towards ensuring lives and properties are not lost to water in the state.

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T H I S D AY ˾ THURSDAY DECEMBER 6, 2021

CRIME&SECURITY

French Ambassador Commends Nigerian Navy on Curbing Maritime Insecurity in Gulf of Guinea Stories by Chiemelie Ezeobi

T

he French Ambassador to Nigeria, Her Excellency, Mrs Emmanuelle Blatmann recently scored Nigerian Navy (NN) high in curbing maritime insecurity, especially piracy in the Gulf of Guinea

(GoG).

According to the Western Naval Command (WNC), Command Information Officer, Commander Edward Yeibo, the Ambassador gave the commendation when she paid a courtesy call on the Flag Officer Commanding (FOC) WNC, Rear Admiral Jason Gbassa.

In her speech, she stated that the visit was an upshot of a recent bilateral agreement between the French President, Emmanuel Macron and President Muhammadu Buhari, to increase defence, particularly naval cooperation in the fight against piracy and other forms of criminality in Nigeria Maritime Domain.

She also said the French President considers the purchase of OCEA ships from France as a trust that the Nigerian government repose in her country.

This was just as she extolled the increased cooperation between Nigeria and France since 2014 and ssured that her tenure will work towards improving same.

Blatmann, who was a former ambassador to Sudan, further stated that her visit was to acknowledge the relationship between both countries as well as appreciate the cooperation.

Recalling that President Buhari recently called on the international community to be more active and aggressive in maritime security response, she disclosed that she is looking forward to more collaboration through the EU’s Gulf of Guinea Maritime Security Strategy and Action Plan when France will be in full control in 2022.

Given that the visit was her first engagement with the Nigerian Defence since she assumed office in October 2021, she asserted that “I am

French Ambassador to Nigeria, Her Excellency, Mrs Emmanuelle Blatmann and FOC West, Rear Admiral Jason Gbassa, with her entourage and other senior naval officers particularly excited for the opportunity to visit NNS LANA which is deployed for good use by the Nigerian Navy".

In his response, the FOC reiterated that Nigeria and France have had a long existing human as well as trade relationships and collaboration, adding that the visit is an attestation of the all important relationship.

Rear Admiral Gbassa also expressed his gratitude to the French government for her continuous support to Nigerian Navy’s fleet recapitalisation and reorganisation efforts, training of personnel and joint naval exercises like Ex Grand African Nemo in the Gulf of Guinea.

Stressing that he will be looking forward to increased partnership when France takes

over EU’s leadership in 2022, the FOC added that "it is heartwarming that the French Government is committed to Nigeria’s recapitalisation and training efforts".

Meanwhile, when the ambassador was onboard Nigerian Navy Ship LANA (A499), which arrived Nigeria from France in May 2021, was requested to facilitate additional billets for technical training for NN personnel with the ship builder, OCEA and International Hydrographic Organisation’s accredited categories A & B training in Hydrography, Oceanography and Cartography as well as accreditation of Nigerian Navy Hydrographic School, Port Harcourt.

On this, the FOC asserted that since the

arrival of the Nigerian Navy Ship LANA, the service has deployed her in various missions such as oceanographic and hydrographic survey, search and rescue as well as patrols.

Other missions which the ship conducted successfully include; ship to ship towing, helicopter winching operations as well as delivering assistance and supplies to other ships.

He also acknowledged the support by France to the Yaounde Code of Conduct especially the Yaounde Security Architecture for Regional Information Sharing System.

The ambassador was accompanied by the French Consul General, Madam Laurence Montmayrant; Defence Attache, Colonel Guillaume Dujon; and the Naval Advisor, Commander William Tostern.

...As FOC West Harps on Selflessness as Core of Military Service The Flag Officer Commanding (FOC), Western Naval Command (WNC), Rear Admiral Jason Gbassa, recently harped on selflessness as core of military service.

The FOC made this assertion at the end of the three-day sixth Annual FOC Golf Tournament, which took place at the Dolphin Golf Club, Navy Town Ojo, Lagos.

According to him, the objective of the tournament is to use the game of golf to foster interaction and understanding between our civilian and military communities for national cohesion and development amidst prevailing security concerns in the country.

"The dynamics of our realities today has shown that no single individual or organisation has the magic wand for the myriads of challenges the contemporary world presents.

"We live in a world that is increasingly difficult to succeed in any undertaking if you fail to forge alliance. And so, one of the age tested means of building bridges is through the use of sport because of its important role in the life of an individual, organisation and nation.

"While golf is considered a sport of the elite, I think it is more of a cerebral or mind game than a physical game as it looks to be. And so for the golfers, the play is, of course, to win against himself more than anything else.

"For me, winning against oneself is eliminating one's handicap or what I will rather call conquering oneself. Anyone who cannot conquer himself/herself, cannot become self-

Rear Admiral Gbassa teeing off less. Selflessness is a virtue at the core of military service.

"I have also discovered that the game of golf amongst other things help imbibe three basic characters which are humility, empathy and patience.

"If you are not humble you cannot serve, if you cannot empathize, you cannot foster friendship and if you are

not patient, you may find it difficult to be loyal. These are all values essential for duty and service to the nation.

"Thus, every opportunity and avenue to promote these qualities is considered a worthy course to me. Hence, my commitment to the Dolphin Golf Club through sponsoring this tournament," he said.

While congratulating the golfers for

the spirit of sportsmanship they displayed in the days of the tournament, he said their conduct and zeal have been exemplary.

"Beyond the prizes won, I know that comradeships that can stand the test of time must have been built and I hope it is sustained over time.

"To other members and well wishers, let me reassure you that the Western Naval Command will always be there to provide necessary conducive environment for legitimate activities to thrive in our Area of Responsibility. " I must therefore appreciate the CNS, Vice Admiral Awwal Gambo for providing direction on which all our activities in the command are hinged.

"Furthermore, let me appreciate our sponsors and supporters for this tournament. Without your generosity, this tournament could not have been a success. I will also like to thank the organisers for their tireless effort at ensuring that the event was held hitch free," he added.

Describing the tournament as successful, Captain of the Dolphin Golf Club, Kronaka Uti, said 100 participants played this year, compared to only about 70 participants in 2020.

He said: "The Nigerian Navy has the highest number of professionals playing in Nigeria today- about 10 professionals, and they showcased their latest techniques at the tournament."

The winners in different categories were presented with their respective gifts while some others won consolation prizes.

Army Officers Empowered with Leadership, Managerial Skills for Optimal Performance Rebecca Ejifoma Fifty lieutenant colonel and colonel of the Nigerian Army were recently empowered with leadership and managerial skills to help them achieve their mandates at their various commands.

This was the thrust of the second phase of the three-day Leadership Development Seminar 2021, at the Nigerian Army Cantonment, Apapa.

It was held in conjunction with the Nigerian Army School of Finance and Administration (NASFA) and the Nigerian Institute of Management (Chartered).

The special guest of honour and Commander Corps of Signals, Major General Abiodun Owolabi, acknowledged the imperative of leadership skills

among the officers.

"We all know that the challenge of leadership is what is important in all organisations. And every organisation that gets its leadership right is bound to achieve its mandate," he noted.

He said this leadership development seminar is one of the measures designed to achieve the Chief of Army Staff's vision.

The vision, he listed, is to have a professional Nigerian Army ready to accomplish assigned missions within a joint environment in defence of Nigeria.

"We are aware that at every level - both at the junior, middle cadre and senior levels, leadership is what motivates and drives

an organisation to achieve its mandate.

"That is the core importance of the seminar being organised for our middle cadre officers."

According to Owolabi, the theme, “Strategic Management for Gaining and Sustaining Competitive Advantage” reveals the army's drive in the development of leaders with cognitive abilities for management of humans and material resources.

Meanwhile, the capacity building workshop further aims to help the career progression of its personnel, equip them with the right skills, values and orientation needed for effective and efficient use of global best practices and decision-making.

In his welcome address, the Commandant, NASFA, Brigadier General Felix Ohunyeye, highlighted some of the topics for this phase.

They included strategic analysis under risk and uncertainty, value chain analysis, SWOT and PESTLE analysis, strategic planning process, gaining and sustaining competitive advantage in business, and Aligning the different parts of your organisation for maximum performance.

Ohunyeye emphasised: "It is pertinent to note that these selected topics are very important tools of defence, strategic management towards effective higher communications and a good understanding of the operational joint environment for ease of achieving NA’s constitutional roles and objectives."

44

T H I S D AY ˾ ˜ DECEMBER 6, 2021

BUSINESS/MONEYGUIDE

Strong Wheat, Diary Demand Drives Up FAO Food Price Index Oluchi Chibuzor The Strong demand for wheat and dairy products has continued to drive the barometer of food commodity prices in international markets up for the fourth consecutive month in November, the Food and Agriculture Organization of the United Nations (FAO) reported.

According to the UN’s body, the increase reflected strong demand amid tight supplies, especially of higher quality wheat, while prices were also supported by concerns about untimely rains in Australia and uncertainty regarding potential changes to export measures in the Russian Federation.

FAO disclosed this in a statement recently, forecasting global trade in cereals in 2021/22 to increase by zero point seven percent to 480 million tonnes, with an anticipated two point two percent expansion in world

wheat trade more than offsetting a likely contraction in coarse grains trade. The statement adds that: “The FAO Food Price Indexaveraged 134.4 points in the month, its highest level since June 2011 and one point two percent higher than during October. The index, which tracks monthly changes in the international prices of commonly-traded food commodities, was 27.3 percent higher than its level in November 2020.

“The FAO Dairy Price Index led November’s aggregate rise, increasing by 3.4 percent from the previous month. Strong global import demand persisted for butter and milk powders as buyers sought to secure spot supplies in anticipating of tightening markets.

“The FAO Cereal Price Index increased by three point one percent in November from the previous month and was 23.2

percent higher than its year-ago level. Maize export prices rose slightly and international rice prices remained broadly steady, while wheat prices hit their highest level since May 2011,” the statement stated.

For the FAO Sugar, Price Index was one point four percent higher in November than in October and nearly 40 percent above its level in November 2020.

According to the report the increase was primarily driven by higher ethanol prices, though large shipments from India and a positive outlook for sugar exports by Thailand tempered the upward pressure on quotations.

While, FAO Vegetable Oil Price Index declined by zero point three per cent from a record high reached in October, it reflected lower values for soy and rapeseed oils as well as lower crude oil prices. International palm oil prices remained firm.

LOCAL CONTENT CHAMPION

L-R: Branch Manager, UBA , Eleme, Port Harcourt, Chidimma Nwachukwu; Profit Centre Manager, UBA, Eleme, Peter Olaniyan; Group Executive Director, Solewant Group, Matthew Anganren; Group CEO, Solewant Group, Solomon Ewanehi; Branch Head, Globus Bank, Port Harcourt, Emeka Njoku; and Relationship Manager, UBA, Eleme, Edoama Green, during the annual Business Open Day of Solewant Group held in Port Harcourt .....recently

MARKET INDICATORS

Unity Bank to Empower Over 5m Women MSMEs in South West Nume Ekeghe Unity Bank Plc is set to engage no fewer than 5 million Micro, Small and Medium Enterprises (MSMEs) being operated by women in the South West region as the bank launches Yanga Account in Ibadan.

Unity Bank officially launched the Yanga Account in Abuja recently where the veteran Nollywood actress was unveiled to the target market as Brand Ambassador to specifically promote women MSMEs and create a unique proposition for Yanga Account and the Brand in the market.

The bank in a statement noted that Yanga Account is a complete suite of services designed to promote financial

inclusion among women through stress-free savings and investment, access to the services of dedicated Sales Agents, Agency Banking services close to the location of their businesses, special business seminar and training on how to grow business, access to microloans, customized debit cards and other bundled ebanking products.

Speaking at the event the Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs. Tomi Somefun stated, “Yanga Account heralds a new dawn for my fellow women operating businesses in South West Nigeria,” noting that “the Yanga account is open to all market women in farming, fashion design, tailoring, frozen food, pastry and baking,

cosmetics, jewellery designs and making, skincare, eateries and restaurants, etc. whether living in the communities or cities”.

Also speaking, the Bank’s new brand ambassador, King of Boys star, Sola Sobowale invited all Nigerian women who operate businesses in the South West to embrace the incredible opportunities offered by the Yanga account to grow their businesses.

On his part, Group Head, Retail, SME Banking and E-Business, Unity Bank Plc, Mr. Funwa Akinmade said: “Female-led MSMEs in South West Nigeria continue to play pivotal roles in the contribution of the MSMEs to the economy of Nigeria and that has informed this special activation of Yanga account in Ibadan today.

Firstbank Launches Promo, Rewards Firstmonie Wallet Customers Users of Firstmonie Wallet, the mobile-friendly wallet application

by FirstBank are in for an exciting time as they are being rewarded for their continued patronage of its services in a two-month campaign, tagged Transact and Win promo.

Various prizes including, N10, 000.00 cash prizes, iPhone, standing fans, bags of rice, power generating sets, air conditioning systems and LED Televisions will be won in the course of the two months campaign.

Eligibility for the respective prizes is dependent on the frequency of use of the Firstmonie Wallet. The higher the number of transactions performed on the mobile-friendly wallet, the

higher the chances of winning.

N10,000.00 is up for grabs by 200 customers for transaction counts of 1 – 15 within the month; 106 25kg bags of rice and 100 units of standing fans are to be won for 16 – 30 transactions consummated with the Firstmonie Wallet; 4 units of power generating sets, 2 units of Air Conditioning systems and 2 units LED Televisions will be given to customers that carry-out 31 – 50 transactions while 4 units of iPhones would be won for over 50 transactions carried out with the app.

Speaking on the campaign, the Group Executive, E-Business and Retail products, Mr Chuma Ezirim said, “this promo is hinged

on the need to appreciate our customers for their patronage, especially as we have had an increased engagement and usages of the various services offered by our mobile-friendly wallet product. We are truly enthralled with the prizes up for grabs, as it also translates to rewarding our customers in the spirit of enabling dreams of the Bank’s December-is-a-Vybe campaign.

“Firstmonie Wallet is your friendly e-wallet to pay for your utility bills, buy airtime and data, transfer and receive money from any account seamlessly and conveniently and much more. It is your wallet with many more possibilities.”

Wema Bank Signs Davido as Brand Ambassador Nigeria’s leading digitally driven financial institution, Wema Bank has announced the signing of globally acclaimed musician, David Adeleke popularly known as Davido as Brand Ambassador for its digital bank, ALAT By Wema.

The bank formalised the partnership at a ceremony over the weekend when the musician signed the dotted lines.

A few weeks ago, the multiple award-winning artiste raised

N200 million when he posted his ALAT account before his 29th birthday and asked industry friends to donate. Subsequently, he personally contributed N50 million and announced plans to donate all funds raised to orphanages across the country.

Last Friday, the innovative and customer-centric bank and the musician affirmed their partnership with Davido’s announcement as Brand Ambassador at its corporate

headquarters in Lagos.

Speaking at the ceremony, the Managing Director/CEO, Wema Bank, Ademola Adebise, lauded Davido’s artistry, including his body of work and generosity, noting that it takes a genuine altruist to do what he did by giving away all the donations.

He added that Davido’s announcement as their Brand Ambassador affirms the bank’s strategic repositioning efforts and its youth-centric focus.

MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

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

45

T H I S D AY ˾ ˜ ʹ˜ ͰͮͰͯ

Onyema: Central Counterparty Aims to Transit Capital Market to Era of Possibilities Kayode Tokede The Nigerian financial services sector is agog as all is now set for the formal launch of NG Clearing Limited, the first central counterparty (CCP) in West Africa.

The launch of NG Clearing precedes the trading of the first exchange-traded derivatives in the Nigerian Capital market and opens new opportunities for investors, stakeholders, and other players in Nigeria’s capital

market.

The Chairman of the Company’s Board of Directors, Mr. Oscar Onyema, in a statement said CCP represents the maturity and transition of the Nigerian capital market to a new era of clear possibilities, calling on market stakeholder to join in the celebration of CCP in Nigeria and the first out of West Africa as an epochal achievement.

As the premier CCP in Nigeria, NG Clearing will facilitate the

P R I C E S MAIN BOARD

F O R DEALS

clearing and settlement of exchange-traded derivatives, manage counterparty risk, reduce systemic risk, and promote the safety and integrity of Nigeria’s capital market.

Since its incorporation in 2016, NG Clearing has achieved many first-of-its-kind milestones. A major milestone is the development of a world-class clearing and settlement system to enable seamless and safe clearing of derivatives across multiple asset classes and

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

trading venues. NG Clearing also obtained approval from the Securities and Exchange Commission to provide CCP services in Nigeria.

Recently, as an affirmation of the Company’s global outlook, NG Clearing joined CCP12, the global association of central counterparties.

Speaking of NG Clearing’s role as a CCP, the Company’s Chief Executive Officer, Mr. Tapas Das, noted that “across the world, CCPs have emerged

T R A D E D MAIN BOARD

A S

to strengthen financial markets, propelling them to growth and reinforcing existing layers of market safety. We have left no stone unturned in ensuring that Nigeria’s first CCP is positioned to become the most trusted CCP in Africa.”

As part of the build-up to the launch of NG Clearing, the Company has been engaging capital market stakeholders on derivatives clearing and settlement, and the role of a CCP.

O F

On the Company’s engagement with stakeholders, the Chief Operating Officer, Mr. Ayokunle Adaralegbe, explained that “as a novel niche, we understand that there is a knowledge gap in the market and the core of our strategy is stimulating the market with high-level training sessions that demystify derivatives clearing.”

Adaralegbe also noted that the Company will expand the training engagements to the public soon.

0 3 / 1 2 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

46

T H I S D AY • MONDAY, DECEMBER 6, 2021

Monday, December 6, 2021 ŽŵĞƐƟĐ

ƋƵŝƟĞƐ

DĂƌŬĞƚ͗

hŶĚĞƌǁŚĞůŵŝŶŐ

WĞƌĨŽƌŵĂŶĐĞ Ăƚ ƚŚĞ >ŽĐĂů ŽƵƌƐĞ͙ ^/ ĚŽǁŶ Ϯ͘ϲй

THISDAY AFRINVEST 40 INDEX

ǁͬǁ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Last week, bearish performance dominated on the

Ticker

THISDAY AFRINVEST 40

1,841.18

-0.08%

955.00

0.5%

33.9%

74.50

0.0%

10.4%

-3.7%

24.10

-1.6%

6.7%

-25.5%

ůŽĐĂů ďŽƵƌƐĞ ĂƐ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ĐůŽƐĞĚ ŶĞŐĂƟǀĞ on all trading sessions. Accordingly, the NGX AllShare index shed 2.6% w/w to 42,167.91 points while

Price Previous Current Change Price YTD Weighting Change

Current Price

1 Airtel Africa PLC 2 BUA Cement Plc 3 Guaranty Trust Holding Co PLC 4 Zenith Bank PLC

Price Change Index to Date

ROE

ROA

P/E

5.2x

P/BV

Divindend Earnings Yield Yield

25.4%

84.1%

15.0%

3.5%

12.1%

12.1%

14.7%

5.2%

0.7x

5.4%

16.3%

-3.7%

19.1%

11.2%

35.8x

6.7x

-25.5%

24.8%

3.9%

3.6x

0.9x

12.4%

27.4% 31.4%

1.9% 2.8%

23.50

-0.2%

6.1%

-5.2%

-5.2%

20.9%

2.8%

3.2x

0.6x

12.8%

280.00

0.0%

6.6%

14.3%

14.3%

40.4%

16.7%

13.9x

5.4x

6.3%

7.2%

167.00

-1.3%

4.6%

-1.7%

-1.7%

179.2%

14.1%

12.0x

18.3x

6.3%

8.3%

1,395.00

0.0%

3.5%

-7.3%

-7.3%

106.8%

15.6%

27.1x

31.8x

4.3%

3.7%

24.65

0.4%

3.7%

17.1%

17.1%

11.6%

8.4%

9.2x

1.0x

4.1%

10.8%

8.90

-1.1%

2.9%

5.3%

5.3%

17.0%

1.4%

2.5x

0.4x

9.6%

40.1%

7.90

0.0%

2.4%

-8.7%

-8.7%

2.0x

0.4x

7.0%

50.3%

11.80

-2.1%

3.9%

65.0%

65.0%

0.6x

3.8%

18.2%

12 Nigerian Brew eries PLC 13 Stanbic IBTC Holdings PLC 14 International Brew eries PLC

46.95

0.0%

1.7%

-16.2%

37.00

0.0%

1.9%

-2.0%

4.90

2.1%

1.2%

28.95

-0.2%

1.1%

^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ďĞĂƌŝƐŚ ĂĐƌŽƐƐ ŽƵƌ ĐŽǀĞƌĂŐĞ

15 Flour Mills of Nigeria PLC 16 SEPLAT Energy PLC

650.00

0.0%

1.6%

ĂƐ Ăůů ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ŶĞŐĂƟǀĞ͕ ƐĂǀĞ ƚŚĞ /ŶƐƵƌĂŶĐĞ

17 11 PLC 18 Okomu Oil Palm PLC

ŝŶĚĞdž ǁŚŝĐŚ ƌŽƐĞ ϯ͘Ϭй ǁͬǁ ĚƵĞ ƚŽ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ

19 Fidelity Bank PLC 20 Ecobank Transnational Inc

NEM (+18.4%) and LINKASSURE ;нϵ͘ϴйͿ͘ ,ŽǁĞǀĞƌ͕

21 Dangote Sugar Refinery PLC 22 FCMB Group Plc

YTD return moderated to 4.7%. The top traded ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ & E, (265.6m units), E/d,

5 Dangote Cement PLC 6 MTN Nigeria Communications PLC 7 Nestle Nigeria PLC

(85.1m units), and ^^ (80.5m units) while & E,

8 Lafarge Africa PLC 9 Access Bank PLC

(േ3.1bn), E/d, (േ2.0bn), and ^ W> d (േ1.1bn) led

10 United Bank for Africa PLC 11 FBN Holdings Plc

ďLJ ǀĂůƵĞ͘

the AFR-/ d index recorded the most losses, down ϲ͘Ϭй ǁͬǁ ŽŶ ĂĐĐŽƵŶƚ ŽĨ ĞdžƚĞŶĚĞĚ ƉƌŽĮƚ-taking in MTNN (-12.1%). Trailing, the Kŝů Θ 'ĂƐ and ĂŶŬŝŶŐ ŝŶĚŝĐĞƐ ƐŚĞĚ ϰ͘ϱй ĂŶĚ Ϯ͘ϯй ǁͬǁ ƌĞƐƉĞĐƟǀĞůLJ ĚƌŝǀĞŶ by sell pressure on SEPLAT (-6.5%), OANDO (-8.7%), GTCO (-3.6%), and ZENITH (-ϯ͘ϱйͿ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ƉƌŝĐĞ

ĚĞƉƌĞĐŝĂƟŽŶ

ŝŶ

E'^h' Z

;-2.7%),

HONYFLOUR (-11.6%), and WAPCO (-1.4%) dragged the ŽŶƐƵŵĞƌ and /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ indices lower by Ϭ͘ϲй ĂŶĚ Ϭ͘ϭй ǁͬǁ ƌĞƐƉĞĐƟǀĞůLJ͘

10.6%

1.0%

5.5x

-16.2%

5.3%

1.9%

43.3x

2.3x

2.3%

2.3%

-2.0%

15.4%

2.0%

8.5x

1.4x

11.1%

11.8%

-17.6%

-17.6%

-10.3%

-3.9%

11.3%

11.3%

4.5x

0.7x

5.7%

22.4%

61.6%

61.6%

3.4%

1.9%

15.0x

0.5x

6.4%

6.7%

;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ͕ ǁĂŶĞĚ ƚŽ Ϭ͘ϰdž ĨƌŽŵ Ϭ͘ϴdž ƌĞĐŽƌĚĞĚ ůĂƐƚ ǁĞĞŬ ĂƐ ϭϳ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ ϰϲ stocks that declined. The top outperformers for the week were E D (+18.4%), D z Z (+10.0%), and >/E< ^^hZ (+9.8%)

while

hW (-18.8%),

&dE K K (-12.5%), and DdEE (-12.1%) led the

23 Sterling Bank PLC 24 NASCON Allied Industries PLC 25 Transnational Corp of Nigeria 26 Presco PLC 27 Unilever Nigeria PLC 28 PZ Cussons Nigeria PLC 29 United Capital PLC 30 Guinness Nigeria PLC 31 Custodian and Allied Insurance 32 AIICO Insurance PLC 33 TotalEnergies Marketing Nigeri 34 Julius Berger Nigeria PLC 35 Wema Bank PLC 36 Union Bank of Nigeria PLC 37 Oando PLC

142.00

0.0%

1.2%

56.0%

56.0%

38.8%

25.2%

9.7x

3.4x

5.4%

10.3%

2.50

0.0%

0.7%

-0.8%

-0.8%

12.0%

1.1%

2.2x

0.3x

8.8%

45.2%

8.00

0.0%

0.9%

33.3%

33.3%

1.5%

0.1%

26.5x

0.3x

16.00

-1.2%

0.5%

-9.1%

-9.1%

3.00

0.7%

0.5%

-9.9%

-9.9%

1.47

0.0%

0.3%

-27.9%

-27.9%

10.1%

0.9%

14.00

0.0%

0.3%

-3.4%

-3.4%

21.3%

0.98

-1.0%

0.4%

8.9%

8.9%

87.80

0.0%

0.3%

23.7%

23.7%

13.75

0.0%

0.2%

-1.1%

-1.1%

5.95

0.0%

0.2%

12.3%

12.3%

9.4%

3.2x

0.3x

3.4%

6.9%

13.2x

2.6x

2.9%

7.6%

11.1%

2.3%

5.2x

0.5x

1.0%

19.2%

2.1x

1.1%

-1.3%

-0.8%

5.0%

1.2x

31.3%

-1.1% 4.2%

9.90

3.1%

0.4%

110.2%

110.2%

0.0%

0.4%

91.1%

91.1%

8.1%

3.8%

12.9x

1.0x

1.3%

7.7%

7.70

0.0%

0.2%

31.6%

31.6%

24.7%

7.5%

3.8x

0.9x

7.6%

26.4%

7.2%

1.1%

411.1x

0.8x 2.0%

20.3%

2.2x

7.3%

0.74

-2.6%

0.3%

52.8%

54.2%

216.80

0.0%

0.3%

66.8%

66.8%

24.80

0.0%

0.2%

40.7%

40.7%

20.7%

2.5%

4.3x

0.8x

1.7%

23.1%

0.80

0.0%

0.1%

15.9%

15.9%

13.7%

0.8%

3.8x

0.5x

5.0%

26.5%

3.3%

0.0%

7.1%

0.8%

5.4x

0.5x

5.3%

0.0%

0.1%

24.3%

14.5%

2.6%

2.0x

0.3x

4.7x

0.6x

24.3%

0.2%

4.9x

62.50

0.0%

0.1%

0.0%

0.0%

-41.3%

-9.2%

52.95

0.0%

0.1%

-4.4%

-4.4%

14.8%

10.1%

5.38

0.0%

0.0%

49.4%

49.4%

18.7% 50.5%

2.3x

-20.3% 2.0%

21.4%

0.9x

T o p 10 T r a d e s b y V o l u m e

T ic k er

P ric e

P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

UP D C

0.99

10.0%

GT C O

24.0

-1.6%

LIN KA SSUR E

0.56

9.8%

M B EN EF IT

20.2

0.0%

N EM

2.25

9.8%

A C C ESS

18.7

-1.1%

P R EST IGE

0.51

8.5%

ET I

9.4

0.0%

A C A D EM Y

0.39

8.3%

UC A P

9.4

3.1%

UB N

4.75

3.3%

Z EN IT H B A N K

8.0

-0.2%

UC A P

9.90

3.1%

A IIC O

7.6

-2.6%

M A N SA R D

2.15

2.4%

F ID ELIT YB K

7.6

0.0%

IN T B R EW

4.90

2.1%

F LOUR M ILL

6.8

-0.2%

N GXGR OUP

17.00

1.2%

FB NH

6.4

-2.1%

T o p 10 L o s e r s T ic k er

ĨƌŝŶǀĞƐƚ tĞƐƚ ĨƌŝĐĂ >ŝŵŝƚĞĚ

3.8%

1.6x

36.30

4.60

38 Notore Chemical Industries Ltd 39 Beta Glass PLC 40 Transcorp Hotels Plc

laggards. This week, we expect the hunt for bargains ƚŽ ĚƌŝǀĞ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ ŵĂƌŬĞƚ͘

-11.6%

0.0%

T o p 10 G a i n e r s

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ

0.9x

P ric e

T o p 10 T r a d e s b y V a l u e P ric e C hg %

T ic k er

Value

P ric e C hg % -1.6%

F T N C OC OA

0.35

-7.9%

GT C O

581.6

C H IP LC

0.44

-6.4%

A IR T ELA F R I

216.2

0.5%

C H A M P ION

2.40

-5.9%

F LOUR M ILL

193.9

-0.2% -0.2%

C OUR T VILLE

0.37

-5.1%

Z EN IT H B A N K

189.1

CHA M S

0.21

-4.5%

A C C ESS

168.3

-1.1%

UN IT YB N K

0.51

-3.8%

M TNN

160.0

-1.3%

H ON YF LOUR

3.50

-2.8%

N EST LE

139.5

0.0%

A IIC O

0.74

-2.6%

WA P C O

132.2

0.4%

FB NH

11.80

-2.1%

SEP LA T

98.4

0.0%

R OYA LEX

0.53

-1.9%

UC A P

91.8

3.1%

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ĚĞĚŽLJŝŶ ůůĞŶ ͮ ĂĂůůĞŶΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ZŽŵďĞƌƚ KŵŽƚƵŶĚĞ ͮ ƌŽŵŽƚƵŶĚĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

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ĂŵŝůĂƌĞ ƐŝŵŝLJƵ ͮ ĚĂƐŝŵŝLJƵΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

47

MONDAY DECEMBER 6, 2021• T H I S DAY

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

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

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

floor of the Nigerian Stock Exchange.

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

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

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 02Dec-2021, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 161.85 163.25 -0.02% Afrinvest Plutus Fund 100.00 100.00 9.15% Nigeria International Debt Fund 317.84 317.84 -17.07% Afrinvest Dollar Fund 100.58 101.63 -8.98% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 9.98% AIICO Balanced Fund 3.25 3.31 -5.75% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 8.66% Anchoria Equity Fund 135.79 137.46 2.09% info@anchoriaam.com Anchoria Fixed Income Fund 1.14 1.14 -14.10% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.13 20.73 10.97% ARM Discovery Balanced Fund 449.17 462.71 12.19% ARM Ethical Fund 39.71 40.91 17.81% ARM Eurobond Fund ($) 1.07 1.08 -2.14% ARM Fixed Income Fund 0.99 0.99 -5.59% ARM Money Market Fund 1.00 1.00 8.55% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 107.61 107.61 5.80% AVA GAM Fixed Income Naira Fund 1,058.20 1,058.20 5.82% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.03 2.03 -3.47% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.21 2.25 1.81% mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.04 1.04 5.11% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 9.55% Paramount Equity Fund 16.79 17.10 5.01% Women's Investment Fund 138.46 140.03 4.03% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.85% Cordros Milestone Fund 130.74 131.54 11.57% Cordros Dollar Fund ($) 110.09 110.09 5.58% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 8.01% Coronation Balanced Fund 1.24 1.26 3.58% Coronation Fixed Income Fund 1.42 1.42 -10.59% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 6.93% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 7.62% EDC Nigeria Fixed Income Fund 1,170.39 1,194.27 1.86% assetmanagement@emergingafricafroup.com EMERGING AFRICA ASSET MANAGEMENT LIMITED Web:www.emergingafricagroup.com/emerging-africa-assetmanagement-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 7.93% Emerging Africa Bond Fund 1.04 1.04 3.48% Emerging Africa Balanced Diversity Fund 1.11 Emerging Africa Eurobond Fund 104.26 FBNQUEST ASSET MANAGEMENT LTD Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price FBN Bond Fund 1,379.55 FBN Balanced Fund 172.15 FBN Halal Fund 114.84 FBN Money Market Fund 100.00 FBN Dollar Fund (Retail) FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund

121.97 146.75 Bid Price 1.00 3.99 1.71 1.20

1.11 10.25% 104.26 4.22% invest@fbnquest.com Offer Price 1,379.55 173.40 114.84 100.00

Yield / T-Rtn 11.41% 3.35% 9.25% 9.13%

121.97 3.96% 148.72 11.26% fcmbamhelpdesk@fcmb.com Offer Price 1.00 3.99 1.75 1.20

Yield / T-Rtn 7.27% 3.24% 12.41% 5.83%

FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund N/A N/A N/A Coral Income Fund N/A N/A N/A Coral Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.75% Vantage Balanced Fund 2.84 2.90 -0.52% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 155.50 155.78 0.00% Vantage Equity Income Fund (VEIF) - June Year End 1.25 1.29 -0.76% Vantage Dollar Fund (VDF) - June Year End 1.06 1.06 3.94% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.48 1.50 8.33% Lotus Halal Fixed Income Fund 1,152.36 1,152.36 7.99% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.45 11.53 9.47% Meristem Money Market Fund 10.00 10.00 10.14% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 101.28 101.29 7.53% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.83% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.58 1.61 13.16% PACAM Fixed Income Fund 11.09 11.11 -8.71% PACAM Money Market Fund 10.00 10.00 7.73% PACAM Equity Fund 1.44 1.45 -8.91% PACAM EuroBond Fund 111.59 113.83 1.77% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 129.25 131.61 10.45% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.06% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,347.90 3,379.62 4.18% Stanbic IBTC Bond Fund 235.05 235.05 4.54% Stanbic IBTC Ethical Fund 1.24 1.26 5.93% Stanbic IBTC Guaranteed Investment Fund 311.57 311.57 5.74% Stanbic IBTC Iman Fund 235.19 238.75 7.78% Stanbic IBTC Money Market Fund 100.00 100.00 7.73% Stanbic IBTC Nigerian Equity Fund 10,906.61 11,062.58 3.93% Stanbic IBTC Dollar Fund (USD) 1.29 1.29 4.96% Stanbic IBTC Shariah Fixed Income Fund 116.58 116.58 4.95% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 105.71 105.71 UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.32 1.34 2.94% United Capital Bond Fund 1.95 1.95 6.26% United Capital Equity Fund 0.91 0.93 14.13% United Capital Money Market Fund 1.00 1.00 8.98% United Capital Eurobond Fund 121.83 121.83 6.40% United Capital Wealth for Women Fund 1.07 1.09 4.94% United capital Sukuk Fund 1.07 1.07 7.03% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 12.93 13.05 8.99% Zenith ESG Impact Fund 14.45 14.60 18.38% Zenith Income Fund 24.77 24.77 3.21% Zenith Money Market Fund 1.00 1.00 6.60%

REITS NAV Per Share

Yield / T-Rtn

124.98 54.20

10.62% 7.24%

Bid Price

Offer Price

Yield / T-Rtn

13.90 126.95 101.27 17.57 21.29

14.00 130.10 103.49 17.67 21.39

5.18% 5.57% 2.07% -4.04% 15.07%

Fund Name SFS REIT Union Homes REIT

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

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.77 5.42 17.44 1.00 21.82 157.60

3.87 5.52 17.64 1.00 22.02 159.60

0.70% -4.56% 7.75% 7.72% 6.29% -15.10%

NAV Per Share

Yield / T-Rtn

107.28

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

48

T H I S D AY ˾ THURSDAY DECEMBER 6, 2021

FEATURES

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

Quest for Justice as Death Snuffs Flying Dream of Dowen Teen, Sylvester Oromoni Chiemelie Ezeobi and Sunday Ehigiator report that as the death of Sylvester Oromoni, a 12-yearold student of Dowen College, Lekki, Lagos, continues to ripple and generate conversations about bullying, his bereaved family and indeed Nigerians have embarked on a quest for justice

Dowen College

Y

our dreams are valid they say but for 12-year-old Sylvester Oromoni, his never did materialise despite best efforts by his parents to send him to a prestigious school in Lagos to lay the pathway to realise such laudable dreams.

All he wanted to be was a pilot! That was all!

He wanted to soar the skies like the bird and communicate with the winds as they guide his wings to fly. His dreams were pretty valid until his life was snuffed out in a gruesome manner.

Sylvester was a student of Dowen College in Lekki Lagos. He was sent to the school from their Warri, Delta State base, without misgivings given that his four other siblings had schooled there including his immediate elder sister who is still a student there. No one ever envisaged his own would be different. He died!

Cut in His Prime For Sylvester, his dream to be a pilot came to a screeching halt on December 1, 2021 when he gave up the ghost after days of acute pains and agony.

Shedding light on what happened, the bereaved father, Mr. Sylvester Oromoni Snr. said the school called on November 21 to notify them that their son was in the school clinic, injured. Since they were all in Warri, they sent a family friend to pick him up and take him to the hospital.

Prior to the guardian visiting the school, they weren't necessarily worried as they all thought it was something minor. But when the man got there, he informed them that from the nature of the injury, it was doubtful if injuries sustained were from football as the school claimed.

Sylvester couldn’t stand because his waist was bent and swollen along with one side of his belly and his mouth was black. To ascertain things, the eldest son of the family, who had flown in from London to Warri, flew to Lagos and on sighting his younger brother, raised an alarm.

Treatment commenced immediately and it was one of such days that Sylvester, who could only manage one hour sleep when sedated, opened up and revealed that he neither played ball nor tripped, rather five boys barged into his room, put off the lights, and assaulted him.

They reportedly beat him and even stepped on his ribs continuously. They also threatened to kill him or any of the junior students all if they spoke of what happened. In fact, they were the ones that said he must claim he injured while playing football, a claim they felt would fly given his love for all things soccer.

The bereaved father said before he could return to Warri towards facilitating his transfer to the teaching hospital, he died. But for the young lad who loved playing soccer and PS5 games, the days preceding his death were filled with

The deceased and his parents agony and pain as he writhed endlessly.

The bereaved father said they took him to the hospital where blood tests and an X-ray were conducted and he also underwent typhoid/malaria treatments but his lips started peeling, adding that he suffered liver enlargement due to congealed blood.

Culprits While the grief was still raw, cousin to the deceased, one Perrison Oromoni, took to social media to call out the names of some students of the school whom he accused of being responsible for the harassment and the eventual death of Sylvester.

According to the cousin, the deceased had mentioned the names of five boys- four in senior secondary school two (SSS2) while one is in SSS1 (names withheld).

The family also alleged that the deceased was battered and brutalised because he reportedly refused to join their cult group.

The culprits also allegedly fed him a liquid substance touted as “ chemical” for refusing to join the group.

The family said series of tests and Xrays conducted on him showed that he sustained internal injuries from beatings he received from the students.

Family Takes Case to Social Media Save for Perrison, the matter wouldn't have gone public. A heartbroken Perrison had narrated how his late cousin was allegedly battered on November 21 in school and he was picked up on the 27th by a guardian before he eventually died days later.

Despite his strong disposition, the father of the deceased, whom he named after himself, was heartbroken, not just by the death of his son, but the way and manner he died in a cruel way.

Lamenting that the school should be more concerned about going after the boys named as the assailants before death, he said they chose to issue a press release

about the injuries sustained gotten from football. He challenged the school to provide those who allegedly played said football with the deceased- a challenge the school is yet to take.

Earlier Suspension In one of the interviews where the father spoke, he said the suspects mentioned were also reported to the school last term when they bullied the deceased and collected all his foodstuff; clothes.

They had also told him to describe the sister’s privates and when he refused he was bullied.

According to the bereaved father, after the incident of bullying was reported to the school, his hostel was changed but the bullying persisted. He said they thought of changing school for him but later deferred it as the elder sister was still a student there.

School Reacts Reacting to the allegations, the school issued a statement signed by the school principal, Adebisi Layiwola. The statement reads in part; “On the 21st day of November 2021, one of the hostel parents reported to the management that the young boy was injured while playing football. The resident registered nurse immediately administered first aid on him and after he expressed relief, was released to return to his hostel room.

“He was in class on Monday 22nd day of November 2021, but during school hours one of his friends accompanied him to the Sick Bay where he complained of some pain in his hip. The doctor examined him and prescribed Ibuprofen for the pain, while the nurse massaged his leg, after which he felt a bit better.”

The statement claims that in accordance with the school’s policy, “the resident doctor called the deceased’s mother reporting the incident and requesting that she should come for him so that he could get further

This conversation is not about boarding school versus day school and which one is better or worse. Reducing such a tragic occurrence to that debate waters down this very serious situation that claimed the life of a child. This is about abuse and the ways our systems and society continue to fail Nigerian children

medical attention”.

“The mother, however, said she was not in Lagos while she spoke and prayed with him on the phone and promised to send the guardian to pick him up immediately for further medical attention.

“When the guardian failed to show up, the next day on the 23rd of November 2021, the doctor called the mother again and this time, she assured that his guardian would pick him from school.

"The guardian later showed up and took the deceased for X-ray, the result of which it said revealed that no part of the boy’s body was broken or injured”.

“The resident doctor also called the mother later in the week to check up on his progress but she informed the doctor that he was sleeping at the time. The Principal also spoke with the mother on the phone to enquire about his progress and she reported that he was having a massage and gave the phone to him to speak with the principal.

"It was therefore with a rude shock that it received the news of the student’s death and the accompanying allegations."

Family Releases Evidence of Mishap Angered by the press release and the continuous attribution of football as the cause of injury leading to death, the bereaved family released more visual evidence to back their claims.

Perrison, still on Twitter, shared some last minute videos of Sylvester before his demise, which showed the deceased in great distress.

Aside the pain and agony he was going through, he had sore all over his mouth.

In the said video, the deceased could barely sit up or lie down. He kept crying as he writhed in pain. Perrison wrote, "he couldn’t raise a leg or an arm. He kept complaining about his throat and stomach. Said he was given something to drink. God help us. Will a boy in this state lie about what happened to him? Dowen College should tell us what happened to my cousin.”

Aborted Planned Protest When the video surfaced online, the already boiling anger exacerbated to rage as many Nigerians planned to storm the school the next morning. Made aware of the plans, the bereaved family had called for peace.

Ministry of Education Visits School With the hullabaloo generated by the case, officials of the office of the Education Quality Assurance unit of the Ministry of Education visited the school last Thursday and were conducted round the facilities to aid their assessment.

The delegation comprised top-level management

49

T H I S D AY ˾ THURSDAY DECEMBER 6, 2021

FEATURES of relevant ministries, departments and agencies of government and the police.

Indefinite Closure by LASG Stepping in officially, the Lagos State government ordered the indefinite closure of Dowen College pending the outcome of an investigation into the death.

While calling for calm, the Commissioner for Education, Mrs. Folasade Adefisayo, who announced the closure after a meeting with the school management and staff, said no effort will be spared in getting to the root of the incident.

School Moves Classes Online Despite Closure In a move many have termed defiant, the school while acquiescing to the physical closure of the school, simply moved classes online. This was disclosed in a mail sent by the school to parents. The Lagos State government is yet to react on this.

A part of the mail read thus: “we wish to inform you that further to our meeting at the Ministry of Education the school will be shutting down all physical activities till further notice.

All learning will move online in the interest of safety and transparency."

Myriad of Controversies Since the news broke, so many controversies have popped up. First the families of the accused boys were said to have gained access to the school as early as 5am to cart them away.

Also, the bereaved family had also alleged that two of the five boys have been flown abroad immediately without recourse to investigation.

Also, almost all the social media handles of the school principal and staff mentioned have either been deleted or the comment section turned off.

This was given the avalanche of curses written on the pages. The school has also turned off their comment section on Instagram.

In another development, the mother of one of the accused boys had in a leaked memo, warned the school not to involve her son in the matter.

Also, the press release issued by the school was deemed controversial given their insistence that the deceased sustained injuries on the football field and not by beating.

Independent Investigation by Nigerians It's often jocularly said on Twitter that Nigerians would give the FBI a run for their money any day. The teen's death once again proved that joke true as Nigerians went digging for the background details of the accused boys. In less than two days, they had brought up information about the boys and their respective families.

Unanswered Questions After the press release by the school and the subsequent videos showing Sylvester's painful state before he died so many unanswered questions begging for answers popped up. Why were similar complaints about bullying not taken seriously? Where were the house masters when the said boys invaded the deceased's corner of the dormitory and proceeded to stamp on him on the lungs repeatedly? Why was there no trust that the school system would protect him if he said the truth about his condition?

Why was there no CCTV camera on the football premises? What kind of football would inflict such an injury on the promising young lad?

Delta Governor Steps In Owing to the several tags for their governor to intervene, Delta State Governor, Dr. Ifeanyi Okowa reached out to the bereaved family.

In a press release issued, the governor said: "I spoke to Mr. Sylvester Oromoni, the father of late Sylvester Oromoni Jr., the Dowen College student who unfortunately died under very controversial and unclear circumstances.

"During the call, I expressed my agreement with the decision of the Lagos State government to launch an investigation into the death of Sylvester, a native of Warri South LGA in Delta State.

"As a government that places priority on the lives of our citizens within and outside the state, we are determined to pursue this case to the end.

The matter must be investigated, perpetrators apprehended, punished, and made an example of, to serve as a very strong deterrence against future occurrences.

"As we continue to watch this case closely, we extend our prayers and support to the Oromoni family. As they mourn the loss of their young son, I pray that Almighty God gives them the strength that they need at this difficult time Amen."

His posthumous birthday cake

Quest for Justice With the hashtag JusticeForSylvester trending for days unending, the clarion call for all is that he gets justice and the culprits prosecuted. Aside the bereaved family, the gruesome death of the teen had expectedly drawn reactions from all, with most calling for accountability and prosecution of those culpable. From government organisations to civil society organisations, celebrities, politicians and even the common Nigerian had one cry- justice.

Former Presidential elections candidate for the Peoples Democratic Party (PDP), Atiku Abubakar said: " We shall be failing in our duties as parents/guardians, administrators, security agencies and government if we do not get to the bottom of the case of late Sylvester Oromoni. It is beholden upon us to enthrone a safe environment in our schools."

Lending their voice to Mirabel Centre in a post on their Instagram page wrote, "Media reports that the Lagos State Government has shut down Dowen College indefinitely.

That's a good first step, but it cannot be allowed to end there. We must continue, with this same deep energy, to demand justice for a child who still had his entire life ahead of him."

In the same vein, Amnesty International wrote " December (...sic) 4, 2021, Sylvester Oromoni would have been celebrating his birthday. The Lagos State authorities must investigate the incidents leading to Sylvester's death and ensure no child goes through what he endured. Schools must be places of safety."

Online Petition Garners Votes An online petition started on Change.org has already garnered 66, 678 votes- just a few thousand votes away from the required 75,000 votes to make it one of the top signed voted.

Started by Irede Foundation, they asked questions like "did the school do enough to protect Sylvester; how were the injuries that led to his death sustained; and was the school negligent in protecting its students?"

While stating that there are so many questions and not enough answers, they charged the police "to act immediately and investigate the circumstances and events that led to his death. We’re asking the Lagos Commissioner for Education, Folashade Adefisayo and officials of the Lagos State Universal Education Board, and

Late Sylvester Oromoni the Federal Ministry of Education to probe allegations of bullying and negligence?

"We’re asking for a thorough and transparent investigation and prosecution of those found to be culpable in this tragic incident. Social protection is particularly important for children, in view of this crime, we also throw in our concern for children with disabilities to ensure the protection of children is inclusive of them. Justice must be served and seen to be served for 12 year old Sylvester and his family."

Conversations on Boarding One thing that this unfortunate incident dredged up was ills perpetuated in boarding houses.

Instances abound of students who were either molested, bullied and even tortured by fellow students all in the name of keeping up with the boarding school tradition of toughening them up. Also recorded are cases whereby the teacher molest the students under their care.

For many, Sylvester's death has reopened the conversations on failing school structures and boarding facilities, as well as cases of children who are being bullied daily but are unable to speak out.

But Mirabel Centre would rather not tow that line of thought. According to them, "this conversation is not about boarding school versus day school and which one is better or worse. Reducing such a tragic occurrence to that debate waters down this very serious situation that claimed the life of a child.

"This is about abuse. And the ways our systems and society continue to fail Nigerian children. When there is no accountability, we tell other abusers that they can commit crimes and also get away with it."

Like Sylvester, Like Keren, Others Another conversation that has stirred up with Sylvester's death was that of 14-year old Keren-Happuch Aondodoo Akpagher, a student of Premier Academy, Lugbe, Abuja. THISDAY had done a story on her death in June this year. Headlined "Who Raped Keren, Leading to her Death".

She was allegedly raped in her school - a situation that eventually led to her death.

Her mother, Mrs Vivien Akpagher, who is still on a quest for justice many months later, said her daughter was sexually assaulted and later died of complications as a result of a condom left in her private part.

According to her, Keren slipped into depression when she came back home

While diligent investigation is ongoing, members of the public are advised against taking the law into their own hands. They are also enjoined to refrain from comments that could jeopardise investigation

and eventually died few days later in the hospital. She was picked up by her mother on June 22, 2021 because she was sick. At the hospital, it was discovered that she had been raped, condom left in her vagina, which had caused an infection that resulted to sepsis and trauma that led to her demise.

Adjudged to be godly, intelligent and a reserved girl, a fact attested to by the management of the school, the deceased, before her death, had marked a portion in her Bible- "For what I have dreaded has come upon me, And what I have feared has befallen me. "I have had no peace, no quiet, no rest, but trouble keeps coming".

This text was taken from Job 3 vs 25, 26.

With her death, her dream of becoming a nurse to nurture the sick ended with her, leaving her family broken hearted and the society at large bereft of one that might have made a difference.

Posthumous Birthday and a Promise Kept In an interview that surfaced online, the deceased's father was quoted as saying; “My son suffered. His birthday is next tomorrow (Dec 4). I’ll celebrate it. I’ll have a cake baked.

I’ll cut it on his behalf".

On December 4, he kept to his promise- in fact, the whole family did. In between trying to maintain a stoic mein and honouring the memory of their peace loving son, the family cut his birthday cake (a pilot's cake with an aircraft to boot) while singing.

The video which surfaced online broke a million hearts and left many teary. It also wound up many emotions which intensified Lagos Police Commence Investigation Given the public outcry that has refused to die down, the Lagos State Police Command said it was commenced investigation even though the family was yet to formally report to any division.

The state Commissioner of Police, Hakeem Odumosu, was said to have initially directed the Divisional Police Officer, Maroko Division under whose jurisdiction the place of incident was, to immediately visit the school to carry out initial investigation into the incident.

According to the state Spokesman, Adekunle Ajisebutu, the DPO had immediately commenced investigation before the CP moved the case to the Homicide Section of the State Criminal Investigation Department (SCID), Panti, Yaba, given the severity of the case.

In a statement made available to THISDAY, the CP said: "Members of the public, particularly the deceased's bereaved parents, friends and relatives, are assured that the Lagos State Police Command has deployed all available human and material resources at its disposal to unravel the circumstances surrounding the sad and unfortunate incident.

"While diligent investigation is ongoing, members of the public are advised against taking the law into their own hands. They are also enjoined to refrain from comments that could jeopardise investigation."

While commiserating with the bereaved family, the CP equally assured that the outcome of police investigation would be made public in due course.

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FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Putin Arrives India Today As Russia Delivers Missile System Russian President Vladimir Putin arrives in India Monday for a summit as Moscow begins the delivery of air defence missile systems to India that could spur US sanctions.

India’s $5.4 billion deal with Russia to purchase S-400 air defence missile systems highlights New Delhi’s challenge in maintaining its partnership with Moscow, even as it embraces closer strategic ties with the United States.

While Washington has often warned

New Delhi that the purchase of five long-range surface-to-air missile systems from Russia runs counter to 2017 US legislation, India’s consistent message has been that its national security interests guide its defence purchases.

“The government takes sovereign decisions based on threat perceptions, operational and technological aspects to keep the armed forces in a state of readiness to meet the entire spectrum of security challenges,” Minister of State

for people vaccinated with Russia’s Sputnik jab to enter the country in a move that will enable Muslims to take part in religious pilgrimages, the vaccine’s developers said Sunday.

“The Kingdom of Saudi Arabia has granted approval for entry of individuals vaccinated with the Russian Sputnik V vaccine starting from January 1, 2022,” the Russian Direct Investment Fund Saudi Arabia Approves Entry of (RDIF), which financed the development Tourists Jabbed with Sputnik Saudi Arabia has granted approval of Sputnik V, said in a statement.

The decision, said the fund, “will enable Muslims from all over the world vaccinated with Sputnik V to participate in the Hajj and the Umrah pilgrimages to Islam’s holiest sites in the cities of Mecca and Medina.”

Foreign tourists vaccinated with Sputnik will still be required to quarantine for 48 hours and take a PCR test.

Saudi Arabia has joined more than 100 countries accepting visitors vaccinated with Sputnik, the RDIF said, adding that only 15 countries, including the United States, currently require travellers to be jabbed with vaccines other than Sputnik.

The hajj — a must for able-bodied Muslims at least once in their lives — typically packs millions of pilgrims into congested religious sites and could be a major source of contagion during the pandemic. for Defense Ajay Bhatt told Parliament Friday.

India says it needs the S-400 system to counter the threat from China — it is expected to be deployed along disputed Himalayan borders where troops from both countries have been locked in a standoff since last year.

Israeli Police Questioned on Palestinian Attacker’s Shooting Israel’s Justice Ministry said Sunday

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FOREIGN DESK that two police officers were brought in for questioning following the shooting death of a Palestinian who had stabbed an Israeli man in east Jerusalem.

Israeli police released a surveillance video in which the attacker can be seen Saturday stabbing the ultra-Orthodox Jewish man and then trying to stab a Border Police officer before being shot and falling to the ground. Police identified the attacker as a 25-year-old from Salfit in the occupied West Bank. Police could later be seen carrying the body away on a stretcher.

A widely circulated video shot by a bystander appeared to show an officer from Israel’s paramilitary Border Police shooting the attacker when he was already lying on the ground, and another appeared to show police with guns drawn preventing medics from reaching him, prompting calls for an investigation into possible excessive use of force.

The shooting drew comparisons to a 2016 incident in which an Israeli soldier was caught on camera shooting a wounded Palestinian attacker lying on the ground.

Myanmar Junta Leader Meets Suu Kyi Party Chief Myanmar’s junta chief sat down with a prominent senior figure of Aung San Suu Kyi’s ousted party on Sunday, the first significant meeting since the February coup.

The military deposed Suu Kyi and her National League for Democracy party from power, pushing many of her closest political allies to hide while others were arrested.

The junta has alleged electoral fraud in last year’s poll as a justification for the putsch, but much of the country is in open revolt, calling for a return to democracy.

On Sunday, Junta chief Min Aung Hlaing met with longtime politician and NLD stalwart Tin Oo, who has recently receded from the political landscape due to old age and poor health.

“Min Aung Hlaing told U Tin Oo that health treatment could be provided if necessary, and his army hospital will help,” the junta’s information team announced.

Several Killed as Myanmar Forces Ram Car into Protesters Five people were killed and at least 15 arrested after Myanmar security forces in a car rammed into an anti-coup protest on Sunday morning in Yangon, local news portal Myanmar Now reported.

Witnesses on the scene told Reuters dozens had been injured. Photos and videos on social media show a vehicle that crashed through the protesters and bodies lying on the road.

According to Reuters, another protest was held in Yangon in the afternoon despite the morning violence.

Anti-military protests are continuing despite the killing of more than 1,300 people since the February 1 coup. The scattered protests are often small groups voicing opposition to the overthrow of an elected government led by Nobel laureate Aung San Suu Kyi and the return of military rule.

The opposition’s shadow government said it was heartbroken to see peaceful protesters crashed and shot to death.

Gambian President Barrow Set to Win Presidential Election Gambia’s incumbent president, Adama Barrow, was on course for a resounding election win on Sunday, partial results indicated, that could help to draw a line

Indian Forces Mistakenly Kill Civilians At least 14 tribal civilians and one security personnel were mistakenly killed when Indian forces opened indiscriminate fire in the remote northeastern state of Nagaland, government and military officials said Sunday.

Indian Home Minister Amit Shah said he was “anguished” at the news of civilians being killed in the incident late on Saturday night.

Nagaland’s chief minister Neiphiu Rio told Reuters a probe would be conducted and the guilty punished in the incident, which he ascribed to intelligence failure.

At least a dozen civilians and some members of the security forces were injured in the attack, under recent political turmoil.

Saturday’s vote was the first in 27 years without disgraced former president Yahya Jammeh, who lives in exile in Equatorial Guinea after refusing to accept defeat to Barrow in 2016.

Jammeh, whose 22-year rule over the tiny nation of 2.5 million people was characterised by killings and torture of political opponents, had tried to persuade supporters to vote for an opposition coalition in telephoned speeches that were relayed to campaign rallies.

But his lingering influence was not enough to dent Barrow’s showing.

The president, who only needs to win more votes than the second-placed candidate, won 36 of the first 41 constituencies announced, taking 315,547 votes.

His nearest rival, political veteran

said a federal defence ministry official based in New Delhi.

Locals in Nagaland have frequently accused forces of wrongly targeting innocent locals in their counterinsurgency operations against rebel groups.

The incident took place in and around Oting village in Mon district, bordering Myanmar, during a counterinsurgency operation conducted by members of the Assam Rifles, a part of Indian security forces deployed in the state, said a senior police official based in Nagaland.

Firing began when a truck carrying 30 or more coal-mine labourers were passing the Assam Rifles camp area.

Ousainou Darboe, had 133,177 votes, with four other candidates far behind.

Only 12 constituencies remained to be announced.

The election was seen as a test of Gambia’s democratic progress and ability to leave the Jammeh era behind.

Barrow’s first term was marked by the coronavirus pandemic, which damaged an economy that relies heavily on tourism and exports of peanuts and fish.

Pope Calls Neglect of Migrants ‘Shipwreck’ on Lesbos Visit Pope Francis on Sunday returned to the island of Lesbos, the migration flashpoint he first visited in 2016, calling the neglect of migrants the “shipwreck of civilization,” reports AFP. The pope has long championed the cause of migrants, and his visit

comes a day after he delivered a stinging rebuke to Europe, which he said was “torn by nationalist egoism.”

“In Europe, there are those who persist in treating the problem as a matter that does not concern them,” the pope said as he spent some two hours at Lesbos’ Mavrovouni camp where nearly 2,200 asylum seekers live.

On the second day of his visit to Greece, he met dozens of child asylum seekers and relatives standing behind metal barriers and stopped to embrace a boy called Mustafa.

People later gathered in a tent to sing songs and psalms to the pontiff.

Pope Francis warned that the Mediterranean “is becoming a grim cemetery without tombstones” and that “after all this time, we see that little in the world has changed with regard to the issue of migration.”

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NEWS

EU DELEGATION'S COURTESY VISIT TO NB...

L-R: Brewery Manager, Nigerian Breweries Plc (NB Plc), Utibe-Abasi Utuk; Corporate Affairs Director, Sade Morgan; Sales Director, Uche Unigwe; EuroCham President and Deputy Managing Director, Weststar Associates, Mary Ojulari; Managing Director, NB Plc, Hans Essaadi; Ambassador of the European Union to Nigeria and to the ECOWAS, Samuela Isopi and Chairman, NB Plc, Kola Jamodu, during a courtesy visit of the European Union delegation to NB Plc in Lagos...recently

2023: Persuade Other Zones for Presidency, Anyim, Ezeife Urge S’East Ex-senate president: It’s not a right, it’s not legal Former governor: We’re ready to kneel and beg for it CSOs to match to UK, US embassies over electoral bill Chuks Okocha in Abuja A former Secretary to the Government of the Federation, Senator Anyim Pius Anyim, a former governor of Anambra State, Chief Chukwuemeka Ezeife, and a host of other stakeholders, have advised the Southeast zone to persuade other geo-political zones to support them to achieve a presidency of the Igbo extraction in 2023.

They said this on Saturday at the United For Better Nigeria Initiative (UBNI) National Convention in Abuja.

This is as a coalition of several civil society groups, has hinted of a plan to match to the embassies of the United Kingdom and the United States as part of pressures on President Muhammadu Buhari to sign the electoral bill as passed by the National Assembly.

However, Anyim, while speaking at the UBNI convention, said it was neither a right nor legal for the southeast to demand Igbo presidency in 2023.

He said the Igbo had to persuade other zones to support their dream if they would produce a president in 2023.

According to the former senate president, who has also indicated interest to contest the PDP presidential ticket. “Is it right for the Southeast to produce the next president? My answer is legally no, and the reason is that the constitution is clear; the constitution says every Nigerian of 40 years is entitled to aspire for that office.

“On the other side, morally, is it right? Is it an entitlement? I will say yes, because the federal character principle enshrined in the constitution encourages rotation.

“The reason I have to make this clarification is that when the right you have is not legal, the only approach and the instrument you have is persuasion.

“So, the approach, the language will be to persuade others to see reason with you that morally, they should support you to take a turn since it rotates.”

Anyim, therefore, encouraged the Southeast that as they go ahead advocating Igbo

presidency, it should be with an attitude of persuasion.

In like manner, Ezeife said the kind of Nigeria God wanted, when He created Nigeria was for her to develop into a superpower among nations, and raise respect and dignity for all blacks on earth.

He said one of the ways to achieve the feats the nation wanted was to carry everybody along without discrimination.

“So, I found Hausa, Yoruba, Igbo and other groups in this place talking about the need for federal character. If you do it that way, there will be unity; if there is fairness, equity, justice, you will have unity and progress.“In the absence of those, you see where we are now. It is not a matter of giving us president, we don’t give, you have to work for it. The Igbo does not prostrate.

“The Igbo man does not keel but this time, we are prepared to kneel down to every part of Nigeria, every group, every ethnic group in Nigeria, we are prepared to even prostrate, because we believe in this country,” he said.

Ezeife noted that the Igbo people had contributed greatly to the development of Nigeria in terms of infrastructure, intellect and business, adding that, it was time to give the Igbo people the chance to build Nigeria to the standard God wanted it.

Coordinator-General of UBNI, Mrs Nkolika Mkparu, said there was a feeling of political marginalisation after over a century (by 2023), that the Southeast region was yet to produce a president.

Mkparu said UBNI, a nonpartisan political advocacy group, which had been involved in enlightenment for a united Nigeria deemed it fit to beam searchlight on the issue.

“The truth of the matter is that our strongest strengths are from the north, our great leaders are from the north, so we are working with the whole nation with the understanding that inclusiveness is what will lead Nigeria to a better future.

Inclusiveness that will bring us together in one union is what

will bring our country together.

“Nigeria is huge enough for everybody. Nigeria has the capacity to hold everybody, Nigeria has the intellectuals, Nigeria has all it takes to lift the county. All we are asking for is to give the southeast also a chance to lead.

“All the other parts have tried. South-south has tried, North has tried, South-West has tried since over 50 years now, so, we are hoping that we should be allowed to try.”

The guest speaker, Prof.

Mutiullahi Olasupo, who is the Director of the Institute for Peace Leadership and Development Studies, University of Abuja, said it was right for the Southeast to produce the next president in the interest of peace and natural law of justice.

He said it was imperative for all Nigerians to exclusively resolve to see the Igbo presidency achieved in 2023, adding that the same mechanism that produced former President Olusegun Obasanjo in 1999, should also repeat itself by 2023, to produce

a president from the South-East.

“Out of all the six geopolitical zones in this country, it is only the southeast that has not produced the president in this country. Does that mean that the South East is not being recognised as a geopolitical zone in Nigeria?” he asked.

Meanwhile, a coalition of several civil society groups, in a statement titled, “Electoral Bill: 2-Days of Civic Action. Let's Rise and Defend our Democracy", said they had slated Wednesday and Thursday, 8th and 9th of

December, 2021, for protests to compel President Muhammadu Buhari to sign the electoral bill as further delays might be dangerous Venue for the two protests are the US/UK Embassy Central Business District, Abuja, beginning from 7:00am in the morning "Let's prevail on Mr. President to assent to the Electoral Bill and stop further delay. Nigerians want it signed now. Allow the will of the people rather than few politicians," the group stated.

Buhari, Obasanjo, Atiku, Others Mourn General Wushishi Deji Elumoye, Chuks Okocha, Kingsley Nwezeh in Abuja, James Sowole in Abeokuta and John Shiklam in Kaduna President Muhammadu Buhari, former President Olusegun Obasanjo, former Vice President Atiku Abubakar and many other prominent Nigerians, yesterday, mourned Nigeria's former Chief of Army Staff, Major General Mohammed Inuwa Wushishi (rtd), describing his demise as the sad loss of "a thoroughbred professional soldier, an officer and a gentleman,whose contributions to the fatherland are immeasurable."

Buhari, in a release by his spokesman, Garba Shehu, said, "General Wushishi had a distinguished military career and we are proud of his impressive service to the country.General Wushishi was an epitome of discipline and dedication to service, and he was a role model for both the officers and the rank and file."

The president, however, extended his condolences to the family of the deceased, the Nigerian Army, as well as the government and people of Niger State.

On his part, Obasanjo, who expressed shock over Wushishi’s passing in a release by hisSpecial Assistant on Media, Kehinde Akinyemi, extolled the virtues of the late Chief of Army Staff, which included building an efficient and effective Army.

Obasanjo, who was in Gambia monitoring the presidential election in his capacity as the Chairman of the Commonwealth Election Observers Mission, said, "late Lt-Gen Wushishi had a distinguished career in the Nigerian Armed Forces which he joined in 1961.

"There is no doubt that the whole nation and in particular the Nigerian Armed Forces would deeply mourn the passing of this outstanding soldier, a patriotic Nigerian and a humane gentleman.

We are comforted by the fact that throughout his lifetime, he achieved so much for the country and attained the peak of his chosen career through diligence, hard work and dedication to professionalism.

"In and out of service, he showed humility and love for his colleagues and the nation and contributed to national development as a private businessman and a provider of employment for many of our people. Little wonder therefore that his efforts were rewarded with the revered national honour of Grand Commander of the Order of the Niger, GCON. "It is unfortunate that the country has lost Lt-Gen. Wushishi (rtd.) at a time it still expected to reap from his wide experience. We pray Allah to grant the soul of Lt-Gen. Wushishi a peaceful rest, and the family, the good people of Niger State and the entire

nation the courage to bear the irreparable loss," Obasanjo said.

Atiku, who also mourned Justice Bolarinwa Babalakin, in a press release by his media office, said the death of the two great Nigerians one day apart was a great loss to the country.

He describes the late legal luminary, Babalakin, as someone who contributed immensely to the law profession in Nigeria, both at the Bar and Bench, and remarked that "the legacies he left behind will remain indelible for a long time to come."

On Wushishi, he said he had an outstanding military career, lived a worthy life and carried himself with dignity as an ambassador and icon of the great people of Wushishi in Niger State.

The Arewa Consultative Forum (ACF), while mourning Wushishi (rtd), in a statement by its spokesman, Emmanuel Yawe, lamented that with his death, “the number of those, who selflessly sacrificed their lives to keep Nigeria one is fast depleting.

“We woke up this morning in the ACF family with the sad news that one of the founding fathers of our forum, General Inuwa Wushihi died yesterday night (Saturday in London).

General Wushishi is considered a pillar of strength in the ACF, because of his love and services for the north, for Nigeria and for humanity generally”.

The ACF said Wushishi was

“a gallant officer, who received good military training both in Nigeria and abroad, rose to the rank of Lietenant General on merit and was appointed Chief of Army Staff by President Shehu Shagari in 1981, an office he held untill the end of that government in 1983.”

Describing him as a detribised Nigerian and an unwavering believer in democracy, ACF said, “In retirement, he devoted himself to noble causes for the unity and progress of Nigeria.

One of such causes is the ACF, which he played a prominent role in putting together in its early years about twenty years ago.

Minister of Defence, Maj Gen Bashir Magashi (rtd), at the weekend, also said the death of the second republic army chief, who served from 1981 to 1983, was a big loss to the armed forces in particular and the nation at large.

A statement by the minister's office, condoled with the immediate and extended families of the late Gen Wushishi, urging them "to take solace in the Almighty Allah, who giveth and taketh at the appointed time and place which he said is beyond human control".

According to him, "The fact that he lived a fulfilled life in service to God and country were enough consolation to return absolute thanks to Almighty Allah by saying Alhamdulilahi".

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NEWS

Five Varsity Students Arrested with Drugs in Borno, Adamawa Man arrested for ingesting 96 pellets of cocaine Michael Olugbode in Abuja Five university undergraduates are among suspects arrested for drugs offenses in raids across nine states by operatives of the National Drug Law Enforcement Agency (NDLEA) in the last one week.

Also, a 44-year-old father of three, Gabriel Anthony, was arrested for ingesting 96 pellets of cocaine, which he excreted while in the custody of the agency.

A statement yesterday by spokesman of the anti-narcotics organisation, Femi Babafemi, said students of American University of Nigeria, Yola, Adamawa and University of Maiduguri, Borno state are among suspects arrested for drug offences in raids operations across nine states in the last week.

Babafemi said two of the students; Emmanuel Thlama and Jonah Joshua were arrested with 16.8 kilogrammes cannabis in the night of 30th Nov when operatives raided a settlement opposite Gate 4 of the University of Maiduguri.

He said the other three, all AUN undergraduate students are Ekene Asher; Daniel Alkali and Emmanuel Smooth, who were arrested at 11:30pm on Thursday 2nd Dec. after taking delivery of Loud, a strong variant of cannabis ordered by Ekene for them to smoke.

He said earlier, same day, operatives also intercepted a motorised concrete mixer truck used to conceal 2000.6 kilogrammes of cannabis, loaded at

Ogbese, Ondo state. Two suspects arrested with the drugs are Nborgwu with both claiming they have spent a month on the road from Ondo state hoping

to deliver the consignment in Mubi, Adamawa before they were arrested at Girei in Girei local government area of the state.

Babafemi also revealed that in

Oyo state, operatives intercepted 608.4 kilogrammes of cannabis sativa concealed in a black Toyota Sequoia SUV with registration number Lagos MUS 553 GN

and parked around toll gate area, Ibadan-Ife expressway, Egbeda LGA, Ibadan on Friday 3rd December, adding that the following day, operatives equally

ALAT’S NEW BRAND AMBASSADOR…

L-R: Lawyer and Business/Legal Manager, to Nigerian Music Superstar, Mr. David Adeleke(Davido), Mr.Bobo Ajudua; Managing Director/CEO, Wema Bank, Ademola Adebise; Davido, and Deputy Managing Director, Wema Bank, Mr. Moruf Oseni at the official unveiling of Davido as ALAT's new brand ambassador in Lagos…recently

North Central Hunters' APC Will Be Swept Out Of Office In 2023, Gana Boasts Command Declares War on Terrorists Sylvester Idowu in Warri

Ibrahim Oyewale in Lokoja Apparently worried by the growing insecurity in the country and the threat to the North Ccentral zone, Nigeria Hunters Commission(NHC), has declared a total war against terrorists and criminals in the zone.

North-central Zonal Commander of the NHC, Abdulhakeem Ibrahim, told newsmen in Lokoja yesterday after a marathon meeting with hunters and vigilance groups that the volunteers have resolved to face the invading marauder headlong.

Ibrahim disclosed that the volunteers group has resolved to set up counter terrorism and crime outfits that will report to the appropriate authorities after operations.

He explained that the

outfit has village, district, local government and state structures within the zone for coordinated and effective communications at all times in view of the suprises usually posed by the assalainants.

The zonal commander also said interstate collaborations on surveillance of attackers and re enforcement of men during eventuality have been agreed upon in order to arrest escaping culprits and criminals across the states in the zone and the FCT. As part of the resolution, each state is to provide not less than 200 hunters, vigilance personnel and volunteers that will form the zonal command, while each local government is expected to send two intelligent personnel to the state command for effective administration and communication.

Former Minister of Information and National Orientation, Professor Jerry Gana, has said the ruling All Progressives Congress (APC) would be swept out of office in 2023.

Gana maintained that the ruling party had committed a lot of injustices against humanity and that Nigerians

The Niger Delta Youth Council (NDYC) has advised government to ensure justice for Sylvester Oromoni Jnr., a student of Dowen College, Lekki, Lagos, who was reported dead.

The group gave the advice in a statement jointly signed by NDYC National Coordinator, Mr Ejator Abido, and Director for International Relations, Mr.

them to create a culture of mutual respect and peaceful coexistence.

"Be honest and speak the truth always. Truth is the foundation of all knowledge.

It can liberate a society. Good leaders do not emerge; they are raised, groomed and nurtured. We should celebrate good leaders. Be a leader with a good reputation," he said.

Collins Achakpekri yesterday in Abuja.

The News Agency of Nigeria (NAN) gathered that Oromoni was reported dead on Wednesday, December 1, by a Twitter user, @perrisonoromoni who claimed to be the deceased’s cousin.

According to @ perrisonoromoni, the deceased

was bullied and beaten by fellow students which led to his death.

However, Dowen College, in a statement, denied all allegations, stating that Oromoni only complained of body pains from playing football.

But the group called for stricter government regulations of public and private schools to guarantee the safety of pupils

and students.

The council said that the alleged ugly incident that led to death of Oromono Jnr. could be happening in other schools as well.

The group pledged to partner with relevant security agencies to fish out school administrators that compromised safety of their pupils and students.

706,189 Illegal Admissions: JAMB Bars CBT Centres from Selling UTME e-PINS

Kuni Tyessi in Abuja

Following the recent approval of the Anambra International Cargo and Passenger Airport by the Nigerian Civil Aviation Authority (NCAA), Nigeria's leading airline, Air Peace, has announced the commencement of scheduled flights into the airport on Tuesday, December 7, 2021.

Air Peace's Spokesman, Stanley Olisa, stated that Anambra people can heave a sigh of relief as they can now fly directly from Lagos and Abuja into the Umueri where the airport is located, adding that the airline would kick-off

Seriki Adinoyi in Jos

with four flights per week.

"This is great news for the people of Anambra State as we are launching four flights weekly into the new airport on Tuesday. For a start, we shall be operating on Tuesdays, Thursdays, Saturdays and Sundays, and as operations gather momentum, we shall increase frequencies to daily flights".

Olisa, who said that passengers can start booking on Air Peace's website www. flyairpeace.com or its mobile app, stressed that the airline plans to connect Anambra to other cities not only Lagos and Abuja.

and stressed the need for a change of attitude in order to move the nation forward.

The former minister urged Nigeria youths to imbibe the culture of truth and honesty in all their dealing since truth and honesty were the hallmark of good leadership.

He challenged the youths to show interest in politics and good governance and advised

Niger Delta Youths Advise Govt to Ensure Justice for late Sylvester Oromoni

Air Peace Begins Flight Service to Anambra December 7

Chinedu Eze

were fed up with their leadership.

Gana bared his mind over the weekend in Effurun, near Warri, where he delivered a lecture titled "Raising 21st Century Leaders for Nigeria" at Youth Arise Conference 2021.

He lamented that there were too many hypocrites in and out of offices in the country

After uncovering 706,189 illegal admissions by universities, polytechnics, colleges of education and other related institutions, the Joint Admissions and Matriculation Board (JAMB) said it would soon clear the backlog of those admissions conducted

by tertiary education institutions in the country.

Speaking to journalists in Abuja yesterday, JAMB’s Registrar, Professor Ishaq Oloyede, said the move is to rescue students who have the requisite qualifications but were admitted illegally.

"On the issue of illegal admission that we want to put

a halt to, we want to clear the backlog and ensure that those of them who have been improperly admitted but have the minimum qualification are rescued.

"We want to continue the campaign to discourage those who are committing such illegal action to stop doing such," Oloyede said.

On the 2022 Unified Tertiary Matriculation Examination (UTME), Oloyede said the board has decided to adopt a cashless system in the registration process, adding that JAMB would also prohibit Computer Based Test (CBT) centres from selling e-PINs to guard against extortion of candidates.

Plateau Harmonises Tax Collection to Encourage Payers The Plateau State Government has decided to harmonise its tax collection in a manner that would make payment compliance easy for citizens and promote ease of doing business with the state government.

To this end, harmonisation sub-committee of the Revenue Council headed Mr. Ibrahim Puri, an Executive Director with UBA, held a stakeholders engagement between the state government and local government for the purpose of consolidating collection efforts and for the smooth

implementation of the Plateau State Property and Land Use Charge Law 2021.

Addressing the stakeholders, Puri intimated the chairmen of the local governments of what other states are doing to ensure that the revenue profile of the state increased, which would be of immense benefit to the

economic development of the local governments.

He said that for purpose of ease of administration and collection, the Property and Land Use Charge Law 2021 harmonised and consolidated property evaluation charges, ground rent, and tenement rate as Land Use Charge.

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Agabi: Nigeria’s Present Democracy Worse than Dictatorship Olusegun Samuel in Yenagoa A former Attorney General of the Federation and Minister of Justice, Kanu Godwin Agabi, has said Nigeria’s present form of democracy is worse than the worst form of dictatorship,because the presidential system of government gave too much power to the executives.

Agabi, who spoke in Yenagoa at the first inaugural lecture for the late first indigenous Chief Judge of old Rivers State, Hon. Justice Ambros Allagoa, said it was obvious that Nigerians have a total misconception of democracy.

He said democracy could not survive or thrive in a country, where citizens were not given equal rights and opportunities, because only a few had always decided who ruled.

"The presidential system of government is actually a dictatorship under the constitution. This is because all executive powers are vested in one man, either the president or the governor.

"We elected that system, because they were tendencies towards division in the nation and it was hoped that after investing all these powers in

one person, they will use that power to go ahead and build the nation together.

"That was the expectation of those, who vested the executive

powers in one person. If that power is not exercised or if it is wrongly exercised, the nation will have problem and that's where we are; that's the

environment," Agabi stated.

He, however, said, "Well, what has transpired so far it must be obvious that what we have a total misconception

of democracy. Our democracy has been characterised by the assimilation of the opposition, which has given rise to a culture of flattery.

COURTESY VISIT…

Former Kano State Governor, Senator Ibrahim Shekarau (left), and former Lagos State Governor, Asiwaju Bola Tinubu when Shekarau visited him in Lagos…yesterday

Kaigama Backs Ceding Elective SERAP Wants Court to Stop Buhari, Others from Shutting Down Telecoms Political Offices to Women Udora Orizu in Abuja

Onyebuchi Ezigbo in Abuja

The Catholic Archbishop of Abuja, Most Rev. Ignatius Kaigama has expressed support for a constitutional provision allowing certain percentage of political offices for women.

While delivering his Homily at the St. Charles Lwanga Parish Church Dedication in Apo, Abuja, Kaigama, said women must be given a chance to be part of the vision and dreams of our nation.

He also said women must be given political muscle and quality education for both their personal and national development.

"Women are our mothers, sisters, daughters and friends; they are to be loved not used or abused. We must encourage and support them to acquire good education and harness their capacities and abilities to contribute their quota towards societal growth and development.

"In other words, there should be more involvement and participation of women in our political, economic and social life. But more importantly, in

Nigeria, the men must allow a good percentage of political offices to the women, since the competition is so stiff and because of the dominance of masculine culture, women are always at a disadvantage.

"The women must be given political muscle and quality education for both their personal and national development. From empirical evidence, we know in the Church that women are very strong pillars," he said Kaigama said the Justice, Peace and Development (JDPC) and Education Commissions of the Catholic church was ready to complement government effort on women empowerment if faith-based organisations would be given opportunity to participate where important plans and policies about these matters are being made.

Kaigama added: “Women must be given a chance to be part of the vision and dreams of our nation".

According to him, the Catholic Women Organisation (CWO), the Zumunta Mata and teenage girls have demonstrated through the years that they are strong pillars in the church.

Produce Killer of Truck Driver, Oyetola Charges CP Yinka Kolawole in Osogbo Governor Adegboyega Oyetola of Osun State has condemned the alleged killing of an unarmed truck driver by a policeman in Ota Efun area of Osogbo, at the weekend.

In a statement the Governor also called for the investigation of the circumstances leading to the event, just as he charged the State Commissioner of Police (CP) to produce the alleged killer and make him

face the full wrath of the law.

While commending the youths of the area for not taking the laws into their own hands, Oyetola assured that Government would ensure justice is done.

He sympathised with the family of the deceased, his employers and friends, saying that as a government, “we are resolved to do everything possible to protect citizens from actual and potential Threats.”

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the court for an order of perpetual injunction to restrain President Muhammadu Buhari and the Minister of Communication and Digital Economy, Isa Pantami from unlawfully shutting down telecommunication networks in any part of the country.

The Nigerian Communications Commission (NCC)

recently ordered telecom operators to suspend all telecommunications networks in some states, including Zamfara State, and at least 13 local government areas of Katsina State purportedly to check banditry/terrorism.

However, in the suit with number FHC/ABJ/ CS/1323/2021 filed at the Federal High Court, Abuja, SERAP asked the court to determine whether the shutting down of telecommunication

networks in any part of Nigeria by the Buhari administration was unlawful, and a violation of the rights of access to correspondence, freedom of expression, information and the press.

The suit, which has been assigned to Justice Ahmed Mohammed at Court 4, was fixed for hearing on January 11, 2022.

SERAP argued that the Buhari administration had constitutional and international

legal obligations to enable access to the internet for all, as access to the Internet is inextricably linked to the exercise of freedom of expression and information.

While agreeing that the authorities have a legal responsibility to protect, ensure and secure the rights to life and property, SERAP however said any such responsibility ought to be discharged in conformity with constitutional and international human rights standards.

Oshiomhole Commiserates with Lucky Igbinedion on Mother's Death Adibe Emenyonu in Benin City The immediate past National Chairman of the All Progressives Congress(APC) and ex- governor of Edo State, Mr. Adams Oshiomhole, has expressed shock at the death of Madam Maria Oredola Igbinedion, mother of his predecessor, Chief Lucky Nosakhare Igbinedion.

In a press statement signed by his media aide, Victor Oshioke, Oshiomhole condoled with the former governor and his family

over the death of their mother.

"I received with shock, news of the unfortunate passing of your beloved mother, Madam Maria Oredola Igbinedion at the age of 85 years.

"Mama was known to be a very peaceful and empathic person who sympathized with those that suffered misfortune, gave encouragement to those in despair and shared whatever she had with those in need within her community. It is pertinent therefore that at this very traumatic period for your

family, we also share in your pain.

"As mortals, it is difficult to come to terms with the loss of such a kind hearted, deeply pious and beneficent matriarch, who in spite of her age, was still full of life and a veritable bastion of support for her children and entire community.

"Your mother may not have lived till the fullness of our desires for her life, yet she lived a fulfilled life of service to humanity through her numerous community

engagements, nurtured her children to greatness and had a good relationship with God. "On behalf of my family I offer our sincere condolences at this most challenging time while praying that mama finds eternal rest in heaven.

"Also I pray that God send forth His grace upon you, your siblings, your father and extended family that she left behind. Be assured that we have you in our prayers and share in your grief at this most difficult time", Oshiomhole said.

Nigeria Needs Credible Population Data for Devt, Says NPC Victor Ogunje in Ado-Ekiti Ahead of the 2022 National Population Census (NPC), the commission has promised to give Nigerians a credible , reliable and dependable population statistics that can help governments in proper planning for national growth

and development.

To actualise the dream, the Federal Commissioner representing Ekiti at NPC, Hon. Ayodeji Ajayi, charged staff, officials and management team that will be participating in the pre-test exercise, to be professional and patriotic in discharging their duties.

The NPC Commissioner spoke in Ado-Ekiti on Friday while declaring open a training workshop for the trainers, enumerators, supervisors and controllers that will be participating in the second census pre-test exercise slated for December 2021.

According to him, the exercise which will be conducted in all the 36 states of the federation simultaneously, including Abuja the Federal Capital Territory, is a follow up to the one earlier conducted by the Commission earlier this year.

Abia APC Steps Up Voter Mobilisation, Enters 184 Wards Emmanuel Ugwu-Nwogo in Umuahia The Abia State Chapter of the All Progressives Congress(APC) weekend stepped up its mobilisation drive across the state as it sent out over 700 special mobilisers into the field to fish for voters and prospective members across all the 184 wards of Abia.

They were given the task of going into all the 184 wards in Abia to sufficiently mobilise voters to believe in the party's message of liberation of Abia from maladministration, which has festered like malignant tumour over the past two decades.

Before embarking on their assignment, the special mobilisers were assembled on Saturday and

fired up at a stakeholders meeting of the party held at Nkpa in Bende Local Government of the state.

The special mobilisers comprised chairman, secretary and organising secretary from each of the 184 Abia wards; local government party chairman, secretary and organising secretary from each of the 17 Councils, members of the State Executive

Committee as well as some selected party members.

Addressing the gathering, leader of Abia APC, Chief Ikechi Emenike said that the enormous task ahead required that the party must be alive and visible in every ward, adding that voters must be made to know and understand the party's plans to set Abia free from backwardness.

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Senate Uncovers N34bn Placed By PEF in Fixed Account without Remitting Interest Deji Elumoye and Udora Orizu in Abuja The Senate has uncovered N34 billion allegedly placed in fixed deposit account by the Petroleum Equalisation Fund (PEF) management without remitting interest of N182 million.

The discovery by Senate Public Accounts Committee (SPAC) chaired by Senator Matthew Urhoghide was based on the 2016 Auditor General of the Federation's (AuGF) report which is currently being considered by the Committee.

According to the report, the agency only remitted N82 million pocketing N100 million from the interest of N34 billion in various banks.

The query read: "At the Petroleum Equalisation Fund (Management) Board, it was revealed that in 2015, the Board placed the sum of N34,003,057,534.22 in fixed deposit accounts in various banks which yielded interest in the sum of N182,400,810.74.”

However, the Board remitted only the sum of N82,263,824.31 to the Consolidated Revenue Fund, leaving a balance of N100,136,986.43 unaccounted for.

This act was in contravention of the provision of Financial Regulation 222 which stipulates that “Interest earned on bank

accounts must be properly classified to the appropriate revenue head of Accounts and paid to the Consolidated Revenue Fund.

"The Executive Secretary should remit the outstanding

interest yield of N100,136,986.43 immediately to the Consolidated Revenue Fund and furnish evidence of remittance for my verification.

Failure to comply should attract appropriate sanctions in

line with Financial Regulation 3112 which stipulates that “where an officer fails to give satisfactory reply to an audit query within 7 days for his failure to account for government revenue, such

officer shall be surcharged for the full amount involved and such officer handed over to either the Economic and Financial Crimes Commission (EFCC) or Independent Corrupt Practices and Other Related

Offences Commission (ICPC)."

PEF management, however, failed to appear before the Committee last week as there was no any letter to justify their absence at the Investigative hearing.

WELCOME TO SAINT LUCIA ISLAND…

Former Presidential Spokesman to Dr. Goodluck Jonathan, Mr. Reno Omokri(right), being welcomed to Saint Lucia Island by the Minister for Equity and Social Justice, Mr. Joachim Henry…recently. Omokri is shooting a documentary on the island

Group Sues Malami, APC, PDP Bicker over Osinbajo’s Visit to Niger Dikio over Amnesty Training Centre Looting Laleye Dipo in Minna

Olusegun Samuel A peace advocacy group, the Movement for Sustainable Development of the Niger Delta (MSDND) has dragged the Minister of Justice and the Attorney-General of the Federation, Abubarkar Malami, the Interim Coordinator of the Presidential Amnesty Programme, Col. Milland Dixon Dikio (rtd.), the and 17 others to court over the disputed issue of payment of N1.8 billion money for the purported supply of equipment to the looted Amnesty Training Centre in Kaima, Bayelsa State.

Also included as defendants are fifteen companies involved inthe supply of the looted equipment to the Presidential Amnesty training centre revalued at over N1.8billion.

The MSDND, in the suit numbered FHC/PH/CS/177/21 filed at the Federal High Court sitting in Port Harcourt, Rivers State, is seeking the declaration of the court that by the Amnesty office (2nd and 3rd Defendant) are statutory required to by the provisions of the public procurement Act,2007 to make publications of any contract capable of been awarded in the presidential Amnesty programme and that the award of contract to the 5th to 19th defendants by the Amnesty office during the administration of Prof.

Charles Dokubo is in breach of part 4 section 25 to 38 and part VIII section 44 to 52 of the Public Procurement Act,2007 and therefore illegal, unconstitutional, null and void abinitio.

UNILAG Lecturer Wins $1,000 for Best PhD Thesis in Africa Uchechukwu Nnaike The Institute of African and Diaspora Studies, University of Lagos (UNILAG), is set to reward Dr. Felix Ajiola with a grant of $1,000 for emerging the winner of this year's Rahamon Bello Best Thesis Award.

The award was instituted last year by a former ViceChancellor of the university, Professor Rahamon Bello, for the best PhD thesis in Africa.

Ajiola's PhD thesis is titled, 'Cocoa Production and Rural Development in Idanre, South Western Nigeria (1900 to 1996)', PhD (2021), University of Ibadan.

Though he currently teaches History at UNILAG, he obtained his PhD from the University of Ibadan.

The Deputy Director of the institute, Dr. Feyi AdemolaAdeoye, who announced this while briefing journalists in Lagos, said Ajiola defeated 23 others from universities in Nigeria and Africa, to win the coveted prize.

She said the first runnerup is Dr. Joseph Kunnuji, with thesis: 'A Chronicle of Cultural Transformation; Ethnography of Badagry Ogu Musical Practices', PhD (2021), Ethnomusicology, University of Cape Town, South Africa.

The All Progressives Congress (APC) and the main opposition party, the People's Democratic Party PDP(PDP) have engaged each other in war of words over the visit of Vice President Yemi Osinbajo to Niger state last weekend.

Professor Osibanjo was in

Bida as a special guest at the turbanning of four illustrious sons of the emirate by the Etsu Nupe and Chairman of the Niger State Council of Traditional Rulers Alhaji Yahaya Abubakar.

However, the PDP in a statement said the ruling APC government in the state did not make a hype of the visit because it had no project that the VP would

have inaugurated.

State Chairman of PDP in a post on Saturday also accused the APC government of non-performance, saying the government during the last visit of Professor Osinbajo to the state was made to inaugurate uncompleted drainage system.

"As though that is not enough undoing, the Vice President, Yemi

Osinbajo was not shown any project or land mark achievement by either the government or the APC legislators to inaugurate in Bida.

Beji said :"The PDP promises to bring back the days of projects, development, vision and mission with clear cut articulate policies to reset the state back to its glory from 2023."

Fire Outbreak Destroys Multi-million Naira Properties in Kwara Hammed Shittu in Ilorin Properties worth millions of naira were yesterday gutted by fire following electric surge that happened in one of the shops opposite state Arts and Culture center, Ilorin, Kwara state capital.

During the incident, six shops at the centre were seriously affected as the goods already

bought by the owners of the affected shops for Christmas selling were destroyed.

It was gathered that the incident which happened at midnight had destroyed all goods in the shops before the operatives of the State Fire Service could get to the scene on a rescue mission.

Speaking with our reporter,

one of the victims, Mrs Anifat Adetoro, who sells unisex readymade clothes, fashion accessories and claimed to have restocked goods two days ago to enable her to sell the December market met her shop totally destroyed.

She said: “I just bought new goods a few days ago to enable me to meet up with December demands, i received a call from

one of my neighbours around 5:23 am when I woke up to perform early morning prayer, and I was told that fire have burnt our shops and we met operatives of Fire Service on ground trying to quench the inferno as at the time we got here, if not for them, almost all shops in this building would have destroyed.”

Enugu Trains 114 Indigents in Rural Areas on ICT Enugu State has successfully trained 114 indigent girls, women and boys in information communication technology (ICT) at the newly established State Tech Hub and Youth Innovation Centre in Obollo Afor, Udenu Local Government Area of the state. Speaking during the graduation of the beneficiaries,

the General Manager of the Obollo Afor Tech Hub and Youth Innovation Centre, Dr. Emmanuel Uba Nwani, disclosed that one of the cardinal aims of Governor Ifeanyi Ugwuanyi’s administration in establishing the centre was to empower the girl-child by exposing them to the digital world through knowledge

of computer applications and other digital intricacies, to enable them to earn a living and be self-reliant in future.

Nwani, who noted that the five-week training was conducted free of charge at the cost of the state government in collaboration with Tech 4 Development, explained that the pupils and

women were exposed to graphic design, software development, web designing and solar energy installation, among others.

The GM, who presented certificate of participation to the beneficiaries, urged other pupils in the area to develop interest and avail themselves of the opportunity.

APC Sweeps All Seats in Ekiti LG Polls Victor Ogunje in Ado Ekiti The ruling All Progressives Congress (APC)has swept all the 35 available chairmanship seats and 176 of the 177 councilorship seats in the Saturday's local government elections held in Ekiti State.

The elections were held across the 16 local governments and the 19 Local Council Development Areas

as well as the 177 wards.

The main opposition party, the People's Democratic Party(PDP), had boycotted the election ,claiming that the APC is incapable of organizing any free and fair election , devoid of violence.

Six political parties that participated are: Action Alliance (AA), African Democratic Congress (ADC), All Progressives

Grand Alliance (APGA), All Progressives Congress(APC), National Rescue Movement(NRM), and Young Progressives Party (YPP).

Declaring the results yesterday, the Chairman of the State Independent Electoral Commission, Justice Jide Aladejana, said the APC also won 176 out of the 177 councilorship seats

available in the elections .

Aladejana said councilorship election in Erinjiyan ward has been postponed due to alleged violence that broke out during the poll in the town.

He appreciated the security agencies and the staff of the commission as well as the Ekiti electorate for participating in the poll and cooperate for the successful conduct of the elections.

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MONDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Dare Says Consultations Ongoing over Rohr's Future on Eagles Job Olawale Ajimotokan in Abuja Minister of Youth and Sports, Mr Sunday Dare, has revealed of on-going consultations over the fate of under-fire Super Eagles Head Coach, Gernot Rohr.

The future of the German coach has been a subject of intense speculations following the drab 0-0 outing by the Super Eagles against Cape Verde in a World Cup 2022 qualifying match in Lagos on November 16.

Dare, who spoke with reporters in Abuja over the weekend, confirmed holding a tripartite meeting on Thursday last week with Nigeria Football Federation (NFF) President, Amaju Pinnick and General Secretary, Dr Sanusi Mohammed to review development around the gaffer.

"Yes, we had a meeting on our journey to the Africa Cup of Nations and also on the march to the World Cup. The meeting with the NFF was to review developments around the technical coach and also around the issues that have dominated the public space since we played Cape Verde, " Dare said.

The minister said that although the parties failed to take a final decision on Rohr, he promised that

decision taken would be in the interest of the country and the national team.

He also insisted that the sporting authority would still need to resolve all the fundamental factors within a couple of days before arriving on a decision on the future of the 68-year old coach.

"It is within a couple of days before we will come to a decision. We don't want to be stampeded; the NFF has a responsibility. They also have experts that they will consult and they will check what needed to be checked and then come back finally with a decision, which I believe at the end of the day will serve the best interests of our football development," Dare said He added that the resolution of the Rohr saga will also be guided by factually, history, best practices and will be devoid of sentiment.

"We shall be properly guided by history, particularly what happened in the past. We know the history of Nigerian football and history of coaches. We don't want to make mistakes made in the past, but we want to make sure that whatever we do this time will be a decision based on factuality and on best practices for the interest of our football development ".

L-R: The Permanent Secretary, Federal Ministry of Youth and Sports, Ismaila Abubakar; Executive Director, Stakeholder Management and Corporate Communications, Dangote Group, Mansur Ahmed; Minister of Sports, Sunday Dare and Special Adviser to President on Sports, Daniel Amokachi taking a feel of the renovated pitch of MKO Abiola National Stadium in Abuja...at the weekend

Newly Renovated MKO Abiola Stadium to Host FEC, NASS Novelty Match Olawale Ajimotokan in Abuja After formally handing over the refurbished pitch of the Moshood Abiola National Stadium, Abuja to the Federal Ministry of Youth and Sports at the weekend, a novelty football match between the federal executive council (FEC) and the legislative arm of government (NASS) has been listed to hold

there on Thursday.

Sports Minister, Sunday Dare who received the refurbished facility from the contractors that handle the project disclosed that the first match on the regrassed pitch will be between the legislative and the executive arms of government this week The Stadium was renovated under the Adopt-a-Pitch Initiative that aimed at using

private collaborations to enhance the development of sportsmen in the country.

The Executive Director, Stakeholders Management and Corporate Communications, Dangote Group of Companies, Mansur Ahmed handed over the facility on behalf of the conglomerate to the Sports Minister.

Ahmed stated that his

company was committed to lifting the Moshood Abiola National Stadium to an international standard because of the tremendous impact sports has had on the stability and unity of the country.

He said Dangote Group of Companies carried out the renovation of the foootball pitch and digital score boards of the National Stadium in order to

Falconets Thump Hosts, Congo, 4-0 in Brazzaville Two–time World Cup silver medallists Nigeria continued from where they left off in the second round by hammering hosts Congo 4-0 in the first leg of their FIFA U20 Women’s World Cup African qualifying third round fixture in Brazzaville yesterday.

Goals by Mercy Idoko in the 38th minute, Flourish Sebastine (47th minute), Esther Onyenezide (50th minute, from the penalty spot) and Deborah Ajibola (55th minute) condemned Congo, conquerors of Egypt, to counternancing a near-hopeless situation in the return leg.

The girls of Chris Danjuma completely dominated proceedings at the Stade Alphonse Massamba-Debat, and could have been up earlier than the 38th minute when Mercy Idoko, who accounted for four of the 11 goals that drowned Central African Republic, put them in front against the hosts.

To reach the third round, the

UNDER-20 WORLD CUP Falconets had thumped their counterparts from Central African Republic 7-0 in their first leg encounter in Douala,

before wrapping things up at a stroll in Lagos, with a further four goals to the kitty.

Congo drew 1-1 with Egypt’s

U20 girls in Cairo and then won the return 3-1 in Brazzaville to be eligible for the fixture with the Falconets.

The second leg will hold at the Mobolaji Johnson Arena, Lagos on Saturday, 18th December.

Falconets celebrating their 4-0 drubbing of Congo in Brazzaville...yesterday

boost sports development in the country.

The renovation carried out by local contractors, Aron Nigeria, made use of pure dynasty pas palum, which is also the one being used for Qatar, 2022 as well as latest digital technology for the scoreboard.

Dare, who reiterated the commitment of the President Muhammadu Buhari-led Administration to the development of youth and sports in Nigeria, assured stakeholders that the ministry will continue to

use its Public Private Partnership (PPP) initiative to woo private interests in the rehabilitation and renovation of all the national stadiums in the country.

In his remarks, the Special Adviser to the President on Sports, and former Super Eagles star, Daniel Amokachi has charged the Dangote Group to consider extending the period of maintenance beyond two years, stating that after expending $1million to renovate the facility, long-term maintenance is paramount.

Al Masry Knock out Rivers Utd from Confederation Cup One of Nigeria’s clubs in continental campaigns this term, Rivers United FC crashed out of the CAF Confederation Cup yesterday in Alexandria, Egypt.

An early goal from Abdel Latif Grendo gave Masry a precious 1-0 home victory to reach the Confederation Cup group stage.

The victory overturned Rivers United’s 2-1 home win in Port Harcourt penultimate Sunday as Masry went through on the away goal rule.

Masry started the game with an early pressure that resulted in a deserved lead after 12 minutes when a powerful shot from midfielder Farid Shawki was

blocked by Rivers United keeper, with the ball falling to Grendo to slot home from close range.

Masry then hardly threatened until the early stages of the second half when a free kick from Mostafa Soltan hit the post, with Nigerian striker Austin Amutu’s poor follow-up effort denied by the keeper from six yards out.

A minute later, Amutu raced clear on goal but missed the target as Masry failed to kill off the game.

The visitors created some danger towards the end but Masry held on to seal their place in the group stage of Africa’s second tier club competition.

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SPORTS

Newcastle Deny Offering Emenalo Sporting Director’s Job Newcastle’s Co-owner, Mehrdad Ghodoussi, has denied a report that Michael Emenalo was offered a sporting director role at St James' Park.

A report in UK’s The Telegraph at the weekend claimed Emenalo, the former Chelsea and Monaco technical director, had turned down a similar role at Newcastle.

But Ghodoussi tweeted yesterday: "Contrary to a newspaper report, Michael Emenalo was never offered the

job of sporting director or director of football at Newcastle United."

Emenalo has been out of work since leaving Monaco in 2019.

Before moving to the Ligue 1 club, the former Nigeria defender spent seven years at Chelsea.

Ghodoussi is a part-owner of PCP Capital Partners, which holds a minority stake in Newcastle and was part of the consortium - led by Saudi Arabia's Public Investment Fund - that completed its £300m takeover of the club

in October.

Newcastle's search for a sporting director is ongoing, while they are also looking for a replacement for Lee Charnley, the former managing director.

A lot being has been said the last few weeks about Michael Emenalo and Newcastle.

The consortium's only major personnel decision so far was to sack Steve Bruce, who left his role as manager just under two weeks after the takeover.

Michael Emenalo...Newcastle chief refutes offering him sporting director role

Fred Gives Rangnick Winning Star at Man Utd

Fred (second right) fired Manchester United’s winner against Crystal Palace...yesterday

Manchester h United d made d a winning start to life under interim boss Ralf Rangnick thanks to Fred's 77th-minute winner.

A more energetic United display looked like going unrewarded against a dogged Crystal Palace outfit until Fred struck first-time from Mason Greenwood's lay-off to send a superb 20-yard effort curling over Vicente Guaita and into the top corner.

It was only Fred's second goal of the season - and the first time since the middle of September that United have recorded backto-back league wins.

Until the Brazilian's effort, Rangnick's side created numerous decent chances, without really looking as though they were going to score and Guaita would probably have saved an Alex Telles free-kick that skimmed the bar had it been on target.

Indeed Palace, who were looking to win for a third successive season at Old Trafford, came close themselves when Jordan Ayew turned James Tomkins header across the face of goal and narrowly wide of the far post.

The victory meant that

Rangnick k emulated l d three h off United's other four new managers since Sir Alex Ferguson retired in 2013 by winning his first match at the helm, with Louis van Gaal the only man to fail.

Fred was one of the major focuses for criticism during Ole Gunnar Solskjaer's reign as manager, which ended last month.

As Michael Carrick pointed out during his three-match spell as United's caretaker manager, the midfielder is a mainstay of a Brazil team that dominated World Cup qualification in South America.

Yet he has never given any indication, through either goalscoring or chance creation, that he is worthy of the £47m United paid for him.

Quadri Aruna made a big splash yesterday at the the World Table Tennis (WTT) Cup Finals in Singapore, by recording a record 3-1 (7-11, 11-1, 14-12, 11-5) win over world No.8 Liang Jingkun of China in the Round of 16 of the Men’s Singles to advance to the quarter finals of the competition.

Aruna is playing in Singapore on the back of an historical outing at the World Championships in Houston where he became the first African to reach the quarter finals of the world table tennis championships and the first African to rise up to No.13 in the world.

Going into the match, the highest ranked African player trailed Jingkun 0-2 on head-to-head from losses to the Chinese at the 2018 Korean Open and the World Team Cup in 2019 but Aruna successfully got his pound of flesh early on Sunday morning.

“I kept fighting and I did not give up. I tried my best and it worked out for me in the end. I also think it’s my positive mindset that made me do well too.” said Aruna.

“I’m very happy and excited, I think I’m just so lucky in this match, everyone is so tired from

the championships in Houston and I can see he is tired also. I kept my cool, and it actually worked for me. I put several balls to the table and he made a lot of errors,” he added.

Having lost the first 7-11 to trail 1-0 on games, Aruna began the 2nd set in flying colors, by winning 11 straight points to swiftly even the games 11-1 for 1-1.

Unlike his Chinese opponent who had the technical support of his coach, Aruna didn’t have anyone in his corner to render such support at intervals, but that didn’t deter his mindset as he self-motivated himself to get back to the table and continue his fight to win every ball.

The remaining 2 games wasn’t a cakewalk for Aruna, he was pressed so much by Jingkun in the tail end of the game, as the Chinese saved a match point at 11-10but Aruna showed great fighting spirit to make sure Jingkun didn’t claw his way back into the match, deploying his backhands to win big points take it 14-12.

The Nigerian will face Brazil’s Hugo Calderano in quarterfinal after the Brazilian beat China’s Lin Gaoyuan 3-0 in round of 16.

RESULTS Premier League Leeds Man Utd Tottenham Aston Villa

2-2 1-0 3-0 2-1

Brentford Cry’ Palace Norwich Leicester

OduwoleUpsetsJigheretoWinChampion of Champions Scrabble Tourney Quadri Aruna in Record Win at WTT Cup Finals

National champion, Olatunde Oduwole, yesterday upsets World Number 4 ranked former world champion, Wellington Jighere, to win the Champion of Champions Championships scrabble championship in Benin City.

For his efforts, Oduwole was rewarded with the star prize of N500,000 and a giant trophy. Douglas Ese won the youth event.

At the three-day event which held inside the multi-purpose hall of Prestige Hotel, 44 players battled for honours in the winner-takes-all championship.

Speaking after his epic victory, Oduwole admitted that it was a tough final game against Jighere.

"It was a crunchy final but I had better tiles to decide the game. I was very lucky to have won," stressed Oduwole.

"It's not easy playing against a world champion. We've met on different occasions and its anybody who wins that decides the tournament. I could have lost today (Sunday) but I won because I was destined to win and not because I did anything extraordinary."

On the standard of the

competition, Oduwole added, "It was a marvelous championship with very stiff opposition.

"I struggled from Table 17 and 16 at some point and thought it was all gone. But I crawled to the fore of the event and I maintained my position to win."

President, Nigeria Scrabble Federation, Olabatoke Aka, expressed delight at the height the sport had attained globally.

Chairman of Edo State Sports Commission, Godwin Dudu-Orumen, who was a special guest on the final day of the competition, said, "We

are proud of the Champion of Champions competition.

"Scrabble produces good people, sound minds in sound bodies. We (Edo State) will take the sport to schools, starting from secondary schools, and we will continue to support the sport."

Chairman, Edo State Sports Commission, Godwin Dudu-Orumen (centre) presenting the winner's trophy to Olatunde Oduwole at the Champion of Champions scrabble tourney in Benin City ...on Sunday

Monday December 6, 2021

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MISSILE

Onaiyekan to FG on Almajirai “We have a major issue right now in the North about the Almajiri system. These are young boys mainly who have been abandoned by their parents. Many of them end up as Boko Haram terrorists. If we say that security is very difficult, this is one of the reasons. Right now, where are all the criminals coming from?”

– Archbishop of Abuja, Cardinal John Onaiyekan, urging the Federal Government to tackle the Almajirai menace to end insecurity.

MAHMUDJEGA Computer, Please Add These Up VIEW FROM THE GALLERY

A

s last week ended, the House of Representatives was reported to have invited INEC Chairman Prof Mahmoud Yakubu to brief it on the estimated cost of holding direct political party primary elections ahead of the 2023 polls. MPs were irked by the figure of N500 billion being bandied about in the media as the estimated cost of direct primaries, which is mandatory under the amended Electoral Act. N500 billion looks huge, more than a quarter of the amount being spent this year to subsidise petrol. But,is this the estimated cost to INEC alone, or does it include the cost to political parties, to aspirants, to security agencies, to the media, to election observers, to party members who will vote, and to other citizens who may not vote but must still bear some costs on the days of the primaries?

Each one of these is a cost. If National Assembly wants to calculate the total cost to the nation of holding direct primaries, it must disaggregate them, calculate each cost, and then get an IBM computerto add them all up.

Maybe it wouldn’t cost INEC all that much. After it deregistered 74 political parties in February last year, there are now only 16 left, down from 90 during the 2019 election. INEC must monitor the primaries of all of them. Even if each party restricts its direct primary to the wards, we are talking of16 parties multiplied by 9,000 wards, which is 144,000 centres.

Assuming INEC deploys two monitors per each centre during each party primary, that means 288,000 monitors. Multiply that by the amount of money the commission will give to each monitor and the cost of transporting them to their respective centres, plus the supervisors. There aren’t enough Youth Corpers in Nigeria to be drafted for this task.

If, instead of wards, some parties decide to hold direct primaries in each polling unit, 176,846 of them,then INEC needs even more monitors. The good news is that only two parties are likely to hold primary elections in all the wards in the country. A few more parties will be able to hold primaries in some states, those too not in all the local governments, not to mention the wardsor polling units.

Things get more complicated for political parties. First of all, a party needs a register of members. Producing an authentic register of party members is as involving as INEC registration of voters. Ideally, a party must open a registration center in every polling station or ward, over several days or weeks, and must transport, feed, equip and secure the registration officers. APC attempted to produce such a register earlier this year. Some APC members said the register it compiled was analogue, not digital; that it still leaves room for manipulation by party officials and it

Yakubu is difficult to continuously update. It is still better than nothing.

To organize direct primaries, a party must recruit, train, equip and deploy two or three party officials in every ward or polling unit, provide them with food, transportation and some stipend.

Its ward level officials could do this, but Nigerian parties prefer to send independent teams to conduct primaries in order to reduce the possibility of bias.

What happens when a registered political party is unable to conduct direct primaries in such a manner?

It could then be excluded from the elections, which is unfair because some registered political parties are made up of as many as one person. There was this Nigerian businessman who said he is the CEO, Accountant, Auditor, Operations Manager, Admin Officer and Security Officer of his firm. “If you see

me talking to myself, I am holding a management meeting.” INEC, if you see a Nigerian party leader sitting alone in his house and shouting at himself, he could be holding direct primaries.

Things get trickier for aspirants, who are in tens of thousands all over the country. An aspirant must provide at least oneobserver at every polling centre.

Observers hardly do this work for God, so you must provide for their transport and food, plus a stipend for his not plying his trade that day.

That is only a small part of it. An aspirant must mobilise his or her supporters at each polling centre. You need many posters per polling centre, to pasteat the centre and in all the approaches to the polling centre, lest voters forget you.

Especially in urban areas, you must transport your supporters to the polling centre. In Nigeria, “supporters” are very uncommitted, as the NRC chairman for Ondo Local Government told me in 1992.

He said, “Your supporter will say, what is my gain if I take my own money to join vehicle just because I want to vote for somebody?”

An aspirant must properly motivate his or her election agent, otherwise your opponent could motivate him to look the other way while figures are being padded.A serious aspirant must settle party officials at every level, even if not to rig for you, at least to prevent them from conniving with your opponent to rig you out.

If you are a serious aspirant, you need thugs to guard every polling centre. You cannot afford to take chances because your opponent could deploy thugs to scatter the crowd where you are most popular. Malam Adamu Ciroma once said that “election rigging is a self-fulfilling prophecy. You believe that your opponent will try to rig you out, so you take steps to prevent him from rigging you out and you end up rigging him out.”

There was this Nigerian businessman who said he is the CEO, Accountant, Auditor, Operations Manager, Admin Officer and Security Officer of his firm. “If you see me talking to myself, I am holding a management meeting.”

INEC, if you see a Nigerian party leader sitting alone in his house and shouting at himself, he could be holding direct primaries

You must settle the DPO so that his men will look the other way while your thugs roam the streets. If properly motivated, DPO’s men could fire tear gas and chase away voters suspected to be sympathetic to your opponent. An aspirant must also find ways to ensure that media reporters and NGO observers do not report negative things about the places where he won.

Voters do not just enter the polling station unmotivated to vote for you.

Never mind the authorities’ alleged drive to end vote buying. If you are serious about winning an election in this clime, your agent will tell you that you must bring kayan aiki,that is, working materials. These include rice, salt, sugar and soap for the voters before they go into the polling booth.In 1999 senatorial election, my reporter at New Nigerian told me that one candidate had a woman mobiliser called Hajiya Tasallah, who set up her own booth adjacent to the NDA polling unit in Kaduna. She apparently bought over the presiding officer and all the security agents.Whenever a person came up to vote, the presiding officer will ask him if he had seenHajiya Tasallah.

He will be directed to her booth and emerge minutes later with a polythene bag, before the presiding officer will give him a ballot paper.

Factor in the costfor security agencies.

INEC, which is on First Line charge, has more money than the police, which is expected to secure every polling centre when each and every party is holding direct primaries. There aren’t enough policemen to post one cop to each centre, and several policemen are needed to provide a measure of security at each centre. Meanwhile, police have insurgents, bandits, rustlers and secessionists to worry about.

The mass media too will incur a lot of costs.Mediahouses do not have to cover every single polling centre, so an editor usually ignores the small parties and concentrates on the big ones. The danger there is that you do not know where a good story will break, such as the man who was caught with a live tortoise strapped to his belly at a UPN state congress in 1983. NGO election monitors too will incur a lot of costs, even if they do only a random sample of polling centres.

Then there is thecost to the voters.

Millions of party members will have to abandon their jobs for the day and go and line up to vote in party primaries.

Other citizens who are not interested in voting will still keep away from the streets because of the high possibility of trouble.

Even now, with a year to the primaries, we have seen intra-party fighting with the burning of rivals’ offices in Kano.

An IBM computer should kindly add figures to all these costs and arrive at the total cost of direct primaries. What is the gain? So that individual party members will vote, when they are no better than convention delegates.

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