WEDNESDAY 9TH DECEMBER 2020

Barkindo, Sylva, Kyari Chart Way Forward for Oil, Gas Industry Nigeria to save N1tn yearly from deregulation, says petroleum minister Emmanuel Addeh in Abuja Prominent players in the global oil and gas industry, including the Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC),

Dr. Sanusi Barkindo, and the Minister of State for Petroleum Resources, Chief Timipre Sylva, yesterday assessed the state of the sector, agreeing that urgent decisions must be taken to ensure its survival.

Speaking during the virtual 19th Nigeria Oil and Gas Conference, Barkindo, who chaired the occasion, recalled the catastrophe visited on the global oil and gas industry by the COVID-19 pandemic

and oversupply of inventory from April this year, noting that Nigeria’s exports plunged by 77 per cent in just three months.

Also in attendance at the event tagged: “Fortifying

the Nigerian Oil & Gas Industry for Economic Stability & Growth” were the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari; Director of the

Department of Petroleum Resources (DPR), Mr. Sarki Auwalu, Managing Director, Nigeria LNG, Mr Tony Attah and the Executive Secretary Continued on page 9

ARISE Fashion Week Starts Tomorrow, Sets Eyes on Young Designers... Page 8 Wednesday 9 December, 2020 Vol 25. No 9375. Price: N250

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Borders will Be Reopened Soon, Says President Urges governors to work with traditional rulers on security Omololu Ogunmade in Abuja President Muhammadu Buhari yesterday signalled Nigeria's

readiness to reopen its land borders shut in August 2019 to curb commodity and small arms' smuggling.

According to him, since neighbouring countries, have now learnt their lessons with the border closure, there is a

Promises more military platforms

need to review the decision.

But the president, who spoke at a meeting with governors of the 36 states

of the federation, which held behind closed doors in the State House, Abuja did not give a definite time on

when the land borders will be reopened.

Continued on page 9

Buhari, Govs Deepen Grip on APC as NEC Dissolves Party’s Organs Extends caretakers’ tenure by six months Expels former national vice chairman Eta Urges president to shelve meeting with N’Assembly Omololu Ogunmade, Chuks Okocha and Adedayo Akinwale in Abuja With the dissolution yesterday of organs of the All Progressives Congress (APC) at the state, zonal and national levels, President Muhammadu Buhari and governors of the party have tightened their hold on the party.

The APC National Executive Committee (NEC) had risen from its emergency meeting in the State House, Abuja with a resolution dissolving the party’s organs.

The NEC also extended by six months the tenure of the party's Caretaker/ Extraordinary National Convention Planning Committee, headed by Yobe

State Governor, Mr. Mai Mala Buni.

The caretaker committee was raised in June following the dissolution of the National Working Committee (NWC), led by Mr. Adams Oshiomhole, whose suspension plunged the party into a leadership crisis with two factions of the party laying claims to its interim chairmanship.

The caretaker committee, saddled with the task of reconciling factions in the party and organising a national convention that will birth a new party leadership, was given till December 25 to conclude its assignment.

The NEC also announced the expulsion of the party's Continued on page 9

FG to Engage US to Remove Nigeria from Blacklist... Page 5

MEDIA GURUS GET NEW PRESIDENT...

L-R: Former Ogun State Governor, Chief Olusegun Osoba; new President of Newspaper Proprietors’ Association of Nigeria, Malam Kabiru Yusuf; and former President and now elected life patron , Prince Nduka Obaigbena, during the 2020 annual general meeting of the association in Lagos...yesterday abioun ajala

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Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268

FG to Engage US to Remove Nigeria from Blacklist Says no state policy on religious persecution

Olawale Ajimotokan and Michael Olugbode in Abuja The federal government yesterday expressed its readiness to open talks with the United States for the delisting of Nigeria from the religious freedom blacklist.

It also repudiated accusations by the US that it is suppressing religious freedom in Nigeria.

The Ministry of Foreign Affairs, in a statement by its spokesman, Mr. Ferdinand Nwonye, said the engagement would afford Nigeria not only the opportunity to demand the country's removal from the blacklist but to also express its displeasure at Nigeria's inclusion on the list.

The statement was in reaction to Monday's decision by the US to add Nigeria to a religious freedom blacklist, which contains countries with severe religious violations.

It blacklisted Nigeria for “engaging in systematic, ongoing, egregious religious freedom violations.�

Although the US did not state why Nigeria was

blacklisted, the Secretary of State, Mr. Mike Pompeo, who announced the measure, said his country will continue to act when religious freedom is attacked.

He explained that US law requires such designations for nations that either engage in or tolerate "systematic, ongoing, egregious violations of religious freedom."

Apart from Nigeria, other nations on the blacklist include Saudi Arabia and Pakistan, China, Iran, Eritrea, Myanmar, North Korea, Tajikistan and Turkmenistan.

The US State Department in its annual report published earlier this year took note of concerns both at the federal and state levels.

The allegation against Nigeria is that it engaged in mass detention of members of the Islamic Movement in Nigeria, a Shi'ite Muslim group and for disregarding court orders asking it to release the leader of the sect Sheikh Ibrahim el-Zakzaky, who has been in detention since 2015 after a clash between the military and members of the sect in

Zaria, Kaduna State.

But the federal government said Nigeria’s religious liberty has never been in doubt and expressed surprise that the US could designate the country as promoting religious intolerance.

The statement by the Ministry of Foreign Affairs said the nation remains multi-religious and multiethnic as defined by its constitution.

It said: “The Federal Government of Nigeria received the news with surprise, that a secular

country under a democratic government would be so designated. Although the Nigerian state is multireligious and multi-ethnic, the Nigerian constitution expressly states that the government shall not adopt any religion as state religion. “Furthermore, section 38 of the Constitution [as amended] guarantees that every Nigerian citizen is entitled to freedom of thought, conscience and religion including freedom to change his/her religion

or belief and freedom to manifest and propagate his/her religion or belief."

It reaffirmed Nigeria's commitment to ensuring the respect and protection of citizens’ right to religious freedom as well as the promotion of religious tolerance and harmony.

In another statement by Minister of Information and Culture, Mr. Lai Mohammed, the federal government described the allegation as a case of “an honest disagreement between the two nations on the causes

of violence in Nigeria.� “Nigeria does not engage in religious freedom violation, neither does it have a policy of religious persecution,� he said, explaining: “Victims of insecurity and terrorism in the country are adherents of Christianity, Islam and other religions.�

The minister said Nigeria jealously protects religious freedom as enshrined in the country’s constitution and takes seriously any infringement on the people's rights to their faith.

NPC Estimates Nigeria’s Population at 206m James Emejo in Abuja The National Population Commission (NPC), yesterday put Nigeria’s population at 206 million.

The projection came two years after the NPC had estimated the country’s population at 198 million.

The Chairman of the NPC, Mr. Nasir Kwarra, told reporters in Abuja that since Nigeria had not been able to hold a census in the last 14 years, it would be difficult to know the exact population of the country.

He added that the next enumeration area demarcation in Abuja will begin on Tuesday.

He said: “In the absence of an actual census, we formally do projections and we have all along been doing our projections and we estimate that as of 2020, the estimated population of Nigeria is 206 million.�

According to him, only President Muhammadu Buhari is empowered to announce the next census.

Kwarra, however, said he was certain that Buhari would do so soon.

While announcing the commencement of the enumeration area demarcation, Kwarra said about 260 local government areas out of the 774 in the country had been fully demarcated.

He stated that the 11th

phase of the exercise would begin on December 9 and end on January 20, 2021.

He said: “Planning for the census is anchored on the EAD as the basis for estimating both the human and material resources required for the census.

In essence, the success of a credible and accurate census depends very much on the quality and reliability of the EAD.�

Kwarra explained that the EAD is not the enumeration of persons living in the country but a preparatory exercise before the census.

He said the NPC would be assisting the Independent National Electoral Commission (INEC) to create digitised maps of INEC registration areas for the first time as part of the EAD, adding that the collaboration would positively affect future elections. “It is important to state that the latest technology is being deployed for this EAD exercise, including the use of very high-resolution satellite imageries as the base map, the use of GPS for georeferencing and the use of GIS for data management. “Also, personal data assistants (handheld devices/tablets) that include computer software for population estimation are being used for data capture,� he said.

RESTRATEGISING FOR APC ...

L-R: President of the Senate, Dr. Ahmad Lawan; Majority Leader of House of Representatives, Hon. Alhassan Doguwa; and Speaker, Hon. Femi Gbajabiamila, after the virtual meeting of All Progressives Congress’ National Executive Committee in Abuja‌yesterday

FG Dismisses ASUU’s Claim over Timelines for Agreements Says union breached understanding to call off strike by December 9 Onyebuchi Ezigbo in Abuja The federal government has faulted the claim by the President of the Academic Staff Union of Universities (ASUU), Prof. Biodun Ogunyemi, that it has failed to deliver on the timelines on the offers made to the union and that university teachers cannot return to classes on “empty stomach.�

The Minister of Labour and Employment, Senator Chris Ngige, said while it is true that some of the offers made to ASUU have timelines, the timelines have faithfully been complied with.

A statement by the minister's media office

yesterday said: “For instance, the federal government promised to constitute a negotiation committee for the 2009 Agreement and has fulfilled it with the last week’s inauguration of the committee that has Prof. Muzali as chairman.

He said: “The N40 billion Earned Academic Allowances/Earned Allowances have also been processed just as the N30 billion revitalisation fund, bringing it to a total of N70billion. “Likewise, the visitation panels for the universities have been approved by the president but the panel cannot perform its

responsibilities until the shut universities are re-opened. “The gazette is also being rounded off at the Office of Attorney-General of the Federation, while the Ministry of Education is ready to inaugurate the various visitation panels."

According to the minister, the federal government has also agreed to pay salaries, allowances of earned academic allowances/earned allowances using a hybrid payment platform while UTAS is undergoing integrity test at National Information Technology Development Agency (NITDA).

He explained that the federal government has

demonstrated its commitment to fulfill its promises to the union.

The minister said it is false for ASUU to wrongly inform the public that the federal government agreed to pay all withheld salaries before it will resume work. “The truth of the matter is that a ‘Gentleman Agreement’ was reached at the last meeting in which ASUU agreed to call off the strike before December 9, 2020, and the minister, in turn, agreed that once the strike is called off, he would get a presidential waiver for ASSU to be paid the remainder of their salaries on or before December 9, 2020," he said.

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ARISE Fashion Week Starts Tomorrow, Sets Eyes on Young Designers Vanessa Obioha Thirty young designers will be showcasing their works at the 2020 ARISE Fashion Week, which kicks off tomorrow, December 10.

The spotlight on young designers is one of the ways the organisers are grooming a new generation of fashion designers.

"The whole idea is to help assist young designers in building their brands," said Ruth Osime, Co-producer of ARISE Fashion Week at a recent pre-launch event.

"We need a breath of fresh air. We need younger people to get into this space, and be given the accreditation they certainly deserve."

About 150 designers within and outside Nigeria applied out of which 30 were selected. There is also a 25 member-committee who will be part of the judging panel.

With the theme '30 under 30: The New Stars,' this edition will mark the first time the fashion event is awarding monetary prizes to designers. A total of $500,000 will be awarded to

the designers whose creative works will be judged based on aesthetics, presentation and market value.

The prizes will be awarded on the third and final day of the event, Saturday, December 12.

"The good part is the seed money that the young

designers will receive because we know that most of them face financial challenges. We are looking forward to launching brand new designers that will make waves internationally," noted Osime.

For the first time too, the designers will pick their

Analysts at Afrinvest West Africa Limited have reiterated the need for the federal government to be concerned about the country’s rising debt profile, saying it is becoming unsustainable.

The Group Managing Director, Afrinvest West Africa, Mr. Ike Chioke, expressed concern about the nation's debt stock during the presentation of the Afrinvest 2020 Nigerian Banking Sector Report titled: ‘The insecurity challenges of poverty,’ which was launched yesterday.

The report also showed that the Nigerian banking sector is stable and has been positioned for growth with the total banking assets predicted to grow by 14.3 per cent to N54.3 trillion by 2020, with further growth projection in 2021.

Commenting on the country’s debt profile, Chioke said: “Our debt position has risen from N15.7 trillion in 2016 to now approaching N38 trillion estimated at 2020. Another part of the component of debt, which is often not visible to most people, is the ways and means, which is the Central Bank of Nigeria printing money and giving to the government and that has also risen dramatically from N2.2 trillion in 2016, and is currently estimated at N10 trillion in 2020. “They are very worrying numbers because you can see that the federal government’s debt-to-GDP ratio is now at 28 per cent and while that may seem reasonable, by most accounts, it is more worrying when you look at debt sustainability and compare

this edition will not be different. Although it will be virtual and broadcast to a worldwide audience on the new ARISEPLAY streaming service and other ARISE/ THISDAY platforms, viewers can expect iconic designs on the runway.

A long-time partner of

the event and international supermodel Naomi Campbell will be walking the runway as well.

Some of the selected designers to participate in this year's event include Pepper Row, Onalaja, Kenneth Ize, Fruche and Geto.

MISSION TO THE VILLA...

L–R: Governors Kayode Fayemi (Ekiti), David Umahi (Ebonyi), Godwin Obaseki (Edo), Ifeanyi Ugwuanyi (Enugu) Udom Emmanuel (Akwa Ibom) and Hope Uzodinma (Imo) during their meeting with President Muhammadu Buhari in Abuja‌yesterday godwin omoigui

Report Expresses Worry over Nigeria’s N38tn Debt Nume Ekeghe

stylists and models.

Although the focus is on young designers, household names in the fashion industry like Reni Folawiyo and Ituen Basi will be part of the judges as well as international fashion icons.

Known for unmatchable grandeur on the runway,

our debt service to revenue. “In 2016, debt service to revenue was only 44.6 per cent and in 2020 we are looking at debt service to revenue of 84.8 per cent which is a very worrisome number indeed.�

On findings about the banking sector in the report, Chioke expressed optimism about the banking sector.

He said: “Total industry asset, we are projecting that the industry would end the year with N54.3 trillion in assets, climbing 14.3 per cent from 2019. And in 2021, we are projecting a further growth to about N57.8 trillion in industry asset. “In terms of industry deposits, we have seen it rise sharply following significant open market operations (OMO) maturities. So, this year we are looking at about N35.8 trillion of industry deposits and that would continue to climb to N38.1 trillion of deposits into 2021.�

Speaking about the CBN’s minimum loan-to-deposit ratio policy, he said: “When you look at the loan-to-deposit ratio, the CBN threshold is at 65 per cent and quite a number of the tier 1 banks are below that threshold except for Zenith Bank and when you come to the tier 2 banks, only Fidelity Bank, FCMB and Sterling Banks are above with Stanbic IBTC, Wema Bank and Unity Bank below. “So, it tells that the banks are struggling to meet the requirements of this policy and we can understand that because when you look at numbers of NPLs based on first-half numbers you can see that with the threshold

at five per cent. “The CBN recommends bank should not exceed that, but quite a few banks have tended above that number. “Ecobank’s non-performing loan is at 9.9 per cent, FBN Holdings at 8.8 per cent, GTBank’s is at 6.5 per cent and for tier 2 banks, Stanbic IBTC is at 5.2 per cent with the rest below the alignment. “So that can be trouble because that would put into question the demand to increase loans due to LDR but you are doing it in the middle of a troubled economic environment, which means it is more difficult for the borrowers to perform on the loans.�

Also speaking at the event, Senior Vice President and Head of Financial Advisory at Africa Finance Corporation (AFC), Mr. Fola Fagbule, urged the federal government to work on improving investor's confidence in order to attract foreign direct investments.

He said: “What we are dealing with in Nigeria is a crisis of confidence, which is beyond a collapse of global oil prices and COVID-19 pandemic as to reasons why we are having difficulties attracting capital. “We have a fractured situation where there is not even confidence in the sovereign to start with and when you don’t have confidence in a financial arrangement in the way that the sovereign has set itself up to do business in the eyes of the world, domestic commercial market, local capital markets, you can imagine how hard it is for everybody else that is further down the hierarchy to establish that confidence.�

Senate Queries $120m Revenue Loss to Petroleum Products’ Shipment Urges NNPC to patronise indigenous firms Chuks Okocha in Abuja The Senate yesterday expressed displeasure at reports that the nation loses over $120 million annually to the patronage of foreign shipping firms in the shipment of petroleum products.

It has, therefore, directed the Nigerian National Petroleum Corporation (NNPC) to patronise and boost the capacities of local shipping firms.

The yearly capital flights, due to the patronage of the foreign shipping companies came to the fore at an investigative hearing of the Senate Committee on Local Contents had with the NNPC management and Ship Owners Association of Nigeria.

The Senate Committee, headed by Senator Teslim Folarin (APC Oyo Central), discovered at the meeting that the preference for foreign firms by NNPC and other stakeholders in the shipment of petroleum products had resulted in huge revenue losses part of which is $120 million loss to demurrage.

Irked by the arrangement, in a ruling after a marathon debate, Folarin directed that the NNPC should allow local ship owners to operate in the transportation of petroleum products.

He said: "It is very important we patronise indigenous shipping. The whole essence of this investigative hearing is not to trade blame. We understand that they don’t have enough vessels; they don’t have capacity and capacity cannot come from

heaven.

"The GMD of NNPC, Malam Mele Kyari, who is here with us, has the capacity to help build capacity. It is very important that we patronise indigenous shipping companies."

The committee decried the disregard to the Local Content Act, which stipulated, among others, that local firms be encouraged in the conduct of businesses of any public company transactions.

Another member of the committee, Senator Solomon Adeola (APC Lagos West), who is also the chairman of the Senate Committee on Finance, lamented that the failure to carry indigenous shipping companies along has dealt a serious economic blow on the country.

Adeola dismissed submissions that Nigerians do not own vessels that could be patronised.

"There are local vessels owned by Nigerians, it depends on the type of vessels we are talking about. There are two types of vessels," he said.

Kyari, who had informed the committee earlier that there were no indigenous vessels to patronise, assured the Senate that he would assist the local firms to build the required capacity.

"I am going to work to support these companies. We will engage our partners," he said.

In a presentation to the committee earlier, the Ship Owners Association of Nigeria (SOAN), led by its President, Dr. Mkgeorge Onyung, told the committee

that the provisions of the Nigerian coastal and local content laws with regards to the shipping of petroleum products in the downstream sector of the oil industry is being breached in favour of foreign vessels, a situation he stated has encouraged capital flights. “In the 2019/2020 DSDP disposition, a contract valued at 9 billion USD was undertaken. Freight expenditure on Import Tankers was approximately 60 million USD monthly or 720 million USD annually," he stated.

According to him, this involved the average monthly importation of 2.4 billion litres (1.8 million metric tonnes) of gasoline in foreign-owned tankers of 35,000 to 90,000DWT capacity (approximately 40 shiploads monthly).

"Between July and August 2020, 320 foreign tankers arrived Lagos offshore with imported PMS. "This 100% foreigndominated supply chain activity creates no in-country value for the Nigerian maritime industry with no multiplier-effect on other sectors of the economy. Foreign fleet is chartered by NIDAS Marine, NNPC subsidiary, via foreign shipbrokers namely Clarksons, E.A. Gibson, Brassington, Braemer and Affinity," he added.

He said foreign ship owners account for 95 per cent of freight spending associated with this downstream activity which is repatriated overseas as capital flight to the detriment of the local economy.

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PAGE NINE BORDERS WILL BE REOPENED SOON, SAYS PRESIDENT "Now that the message has sunk in with our neighbours, we are looking into reopening the borders as soon as possible," he said.

A statement by a presidential spokesman, Malam Garba Shehu, said the president tasked the governors to work closely with traditional rulers and community members with a view to improving local intelligence gathering and complimenting the work of security agencies.

The statement, which also said the president listened to presentations from governors from each of the six geopolitical zones of the country on the peculiar security challenges confronting their

zones added that in the past, communities identified strange faces and passed information to constituted authority.

The president restated that the West African sub-region is not as safe as a result of the earlier movements of arms across the borders following the death of the former President of Libya, Muammar Gaddafi. “The sub-region is no longer safe, more so with the collapse of the former Libyan leader, Muammar Gaddafi’s regime and the cross border movement of weapons and criminals.

Governors must work with traditional rulers. Try and work with traditional

rulers to boost intelligence gathering," the president said.

Buhari also told the governors that the military will continue to get the support they need to fight criminals, adding that armoured cars and some equipment have been delivered to the military in recent times while training of military personnel are also ongoing and some military aircraft are being awaited. “I am not going to the public to speak about the vehicles and equipment we have ordered. What I can say is that the military received armoured cars and other equipment and they

are training the trainers.

More of such equipment, including military aircraft will come in," he stated.

Buhari spoke on the October #EndSARS protests and how they were hijacked by hoodlums who destroyed private and public property, insisting that no such situation will be allowed again.

He said: “We do not stop anyone from demonstrating, but you don’t set up roadblocks and smash windscreens.

Which government will allow that?’’ Buhari berated the foreign press, particularly the CNN and BBC, saying that their coverage of the violence that

accompanied the protests was unbalanced.

He cited the number of policemen killed, police stations razed and prisons forced open for inmates to escape during the protests to buttress his position. “I was disgusted by the coverage, which did not give attention to the policemen that were killed, the stations that were burnt, and prisons that were opened. (They said we are all at fault. We don’t have the sympathy of anyone. We are on our own)," he stated.

He reiterated his decision never to condone violent demonstrations again because "democracy does not mean confusion or lack

of accountability.’’ Buhari also criticised the Academic Staff Union of Universities (ASUU) for embarking on an eight-month strike and refusing to shift grounds.

He described the lecturers' action as insensitive to the numerous challenges confronting the country. “Government conceded something. The problem is that they refused to look at the problem of the whole country. The Minister of Labour is working hard at it. It is amazing how ASUU will stay out of classrooms for so long. There’s a need for our elites to understand the challenges facing the country," he said.

gas in the short and medium terms. “It is also part of the plan by the federal government to shift from crude oil to gas.

We have initiated efforts to improve gas accessibility and availability and boosting gas-based industrialisation and promoting economic diversification. “With a proven gas reserve of over 200tcf, Nigeria has huge potential on the path to become an industrialised nation with the right policies. The federal government is committed to these programmes which will develop genuine partnerships,� he said.

Sylva added that deregulation will save Nigeria N1 trillion yearly while market forces will continue to determine fuel prices.

Kyari, in his contribution, projected that the demand in the oil and gas industry will remain suppressed substantially till the end of 2020.

But he noted that despite all the forecasts, oil will continue to play a significant role in the energy mix till 2050. “So, it doesn't mean oil will vanish. What it means is that in terms of its significance, in terms of the volumes of contribution, it will reduce

as the years go by. “It is also true that many countries have made significant business decisions in the use of fossil fuel, including the United Kingdom, which has said that no car will run on fossil fuel in the next 10 years. “This portends a huge change in the way we consume fuel and as we progress, many countries may follow. If they do and it has an impact on our production, it means that only companies and businesses that are costefficient and are quick to get to the market will benefit from this environment. “That's why we are bringing down the cost of production so that we will become competitive and we are able to get to market earlier and remain in this game,� he stated.

Also, Auwalu noted that the department is no longer just a regulator, but an opportunity provider and business enabler. “There's no gainsaying that oil and gas is pivotal to our economy because it accounts for 10 per cent of GDP, 65 per cent to 70 per cent in government revenues and over 80 per cent foreign exchange earnings,� he said.

granted the power of waivers to the caretaker committee in accordance with Articles 13.3, sub-section 5 and 13.3 sub-section 6 of the APC Constitution to empower the committee to grant waivers to new entrants into the party so that they can contest elections and enjoy the privileges of party membership.

The waiver will clear the legal hurdles for recent defectors to the party such as former House of Representatives Speaker, Hon. Yakubu Dogara, and Ebonyi State Governor, Chief Dave Umahi, to vie for elective positions on the party's platform.

El-Rufai said NEC also expelled Eta for instituting a suit against the party and ignoring the party's directive to members to withdraw all court cases."

Eta, however, dismissed his expulsion and dared the party.

The governor said the meeting was a combination of both physical and virtual participation of Buhari, all APC governors and members of NEC in the National Assembly.

He added that the council condemned calls by the

Peoples Democratic Party (PDP) for the resignation of Buhari over the increasing spate of insecurity in the country.

According to him, even though security crisis threatening the country is regrettable, it requires

BARKINDO, SYLVA, KYARI CHART WAY FORWARD FOR OIL, GAS INDUSTRY of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote.

Barkindo, noted, however, that in the last couple of months, the oil and gas industry in Nigeria has rebounded by over 116 per cent due to the robust decisions taken by key stakeholders, including President Muhammadu Buhari, who he said played a pivotal role in the OPEC Declaration of Cooperation (DoC) document.

He said: “Nigerian crude oil export earnings plunged by 77 per cent within three months between January and April 2020, but since then they have gradually improved and rebounded by 116 per cent in November compared to April 2020 levels. “The government should be applauded for its quick and robust actions. From the perspective of OPEC, I would also wish to express our deep gratitude to President Buhari, who has long been an advocate of OPEC in its overarching commitment to market stability. “All of us in the OPEC family know the enormous debt of the gratitude we owe President Buhari for the pivotal role he has

played in the Declaration of Cooperation (DoC) process between OPEC and nonOPEC producing countries. “Including, in particular, his interventions at the highest level to secure the decisions at the 10th (extraordinary) OPEC and non-OPEC ministerial meeting in April 2020.�

According to him, the government’s proactive response with economic stimulus packages helped to protect the economy from a more severe contraction.

He added that Nigeria is now regarded as one of the most admired and respected members of OPEC, particularly in the realm of consensus building.

Describing the impact of COVID-19 on the global oil and gas market as unprecedented, the OPEC boss stated that today, the world faces a new wave of infections and renewed lockdowns in many regions.

He stated that with the latest estimations for 2020, overall oil demand will contract by 9.8 mb/d to average 90 mb/d, an overall loss of about 10 per cent.

Barkindo said as part of efforts to revamp the market, last Thursday, OPEC member countries and participants in the DoC decided to reconfirm

the existing commitment of the DoC decision from April 12, amended in June and September 2020, and to gradually return 2 mb/d to the market, with effect from January 1, 2021. “Starting in January 2021, participating countries will adjust production by 500,000 tb/d from 7.7 mb/d to 7.2 mb/d. Additionally, the meeting decided to hold monthly OPEC and nonOPEC ministerial meetings starting in January 2021 to assess market conditions. “It will also determine further production adjustments on a monthby-month basis while the compensation period for overproduction by DoC participating countries was also extended until the end of March 2021 to ensure full compensation,� he added.

According to him, between May and October, participating OPEC and nonOPEC countries contributed to reducing the global supply by approximately 1.6 billion barrels, including voluntary adjustments, which has been key to market rebalancing.

Drawing from the World Oil Outlook (WOO) 2020, he explained that after a large drop in 2020, global primary energy demand is forecast to

continue growing in the long term, increasing by 25 per cent in the period to 2045.

According to him, “The key drivers of this demand are the more than doubling of GDP from $121 trillion in 2019 to more than $258 trillion in 2045 and the addition of around 1.7 billion people worldwide by 2045 to a level of close to 9.5 billion. “We expect oil to retain the largest share of the energy mix throughout the forecast period, providing nearly 28 per cent of global requirements in 2045, followed by gas at around 25 per cent and coal at around 20 per cent. “However, there will be long-term scars from this most recent downturn, including in investment. Our current assessments show that upstream capital expenditure could fall by more than 30 per cent this year, beyond the 23 per cent losses experienced in both 2015 and 2016.�

In his remarks, Sylva stated that Buhari is focused on costcutting measures to enable growth and development of the economy. “For us in the Ministry of Petroleum, we are looking at the National Gas Expansion Programme (NGEP), which will boost the use of natural

BUHARI, GOVS DEEPEN GRIP ON APC AS NEC DISSOLVES PARTY’S ORGANS former National Vice Chairman (South-south), Mr. Hilliard Eta, who had gone to court, seeking a judicial review of the sacking of the Oshiomhole-led NWC. It was also gathered that the NEC queried the summon of the president by the House of Representatives and prevailed on him to rescind his decision to appear before the joint session of the National Assembly tomorrow to brief the lawmakers on what his administration is doing to tackle the worsening insecurity in the country.

With the dissolution of the party's structures, the president, along with the governors, who form the two major power blocs in the party will play dominant roles in picking candidates to fill the various posts when the structures are being reconstituted.

Analysts told THISDAY yesterday that the reconstitution of the party structures will give the president and the governors leverage in deciding how the party’s candidates will emerge ahead of the 2023 general election as they will ensure that only people whose loyalty they can count

on emerge as party leaders from ward to national levels.

Osinbajo Advises against Dissolution The dissolution, THISDAY gathered, was not without a little drama as Vice President Yemi Osinbajo (SAN) was said to have cautioned the body against it, warning of its legal consequences.

He was said to have advised that the dissolution might be seen as unconstitutional given that the organs had prescribed tenure, warning that a legal challenge to it might succeed.

Buhari was said to have angrily cut him short, saying that was the more reason the caretaker committee should be given more power to deal with litigants within the party.

Osinbajo’s intervention probably led to the facesaving decision to dissolve the organs and constitute them into caretaker committees in an acting capacity.

Gbajabiamila on the Spot A prominent Southwest governor was also said to have put Speaker Gbajabiamila on the spot for allowing the motion

summoning the president to pass, advising Buhari to ignore the invitation.

Although Buni was said to have concluded that the party had decided that Buhari should not appear in the National Assembly tomorrow, Gbajabiamila reportedly interjected and said that it would be the president’s prerogative to determine whether to honour the summon or not.

el-Rufai Briefs But briefing journalists after the NEC meeting, Kaduna State Governor, Malam Nasir el-Rufai, along with his counterparts in Imo and Ondo States, Senator Hope Uzodinma and Mr. Rotimi Akeredolu, said the committee also directed the immediate reconstitution of the dissolved organs in an acting capacity.

"NEC approved the immediate dissolution of the party’s organs at the polling unit, ward, local government, state and zonal levels as well as the non-National Working Committee component of the National Executive Committee as well as their

immediate reconstitution and composition of the dissolved excos to serve in their respective offices in a caretaker committee capacity but excluding the non-NWC members of NEC," el-Rufai said.

He explained that the party extended the tenure of the Caretaker/Extraordinary National Convention Planning Committee of the party by another six months.

The committee had been constituted by the last NEC meeting of the party on June 25 to address lingering crises plaguing the party, and to conduct a national convention of the party within six months with the deadline being December 25.

But about six months after, the committee failed to unveil agenda for the convention, culminating in accusations by some party members that it had deliberately opted not to conduct the convention within the stipulated time in order to elongate its tenure.

But el-Rufai said the tenure of the committee had been extended for another six months, expiring on June 30, 2021 during which it will conclude its assignment.

He explained that the party

Continued on page 10

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WEDNESDAY, Î Ëœ ͺ͸ͺ͸ Ëž T H I S D AY

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NEWS

NPAN Warns against Attack on Press Freedom, Free Speech Association gets new executive as Obaigbena joins group’s life patrons Emmanuel Addeh in Abuja The Newspaper Proprietors' Association of Nigeria (NPAN) yesterday kicked against what it described as the steady attack on the freedom of the press as well as the right of Nigerians to free speech.

Rising from its Annual General Meetings (AGM) at its new secretariat in Lagos during which its new executive was elected, the association also restated the view that citizens hold the right to peaceful protests as clearly guaranteed under the nation’s constitution.

In a statement by its new President, Mallam Kabiru Yusuf, who is the Chairman, Trust Media Limited and Secretary, Mr Mohammed

Idris, Chairman Blueprint Newspapers, the group urged all stakeholders to resist through all lawful means, any attempt to curb press freedom and free speech. “The NPAN views seriously the steady encroachment on freedom of the press and free speech, especially by state actors and urges resistance through all legitimate means to any infringement on press freedom and free speech. “Likewise, the NPAN holds that the right to protest is a fundamental human right that must be guaranteed by the Nigerian state in such a way as to stave off violence,� it stated.

During the meeting, which also saw the emergence of

Chairman Guardian Press Limited, Lady Maiden Ibru, as Deputy President; Mr. Wale Edun, Chairman, The Nations Press Limited as Treasurer and Mrs. Nwaduito Iheakanwa, Managing Director, Champion Newspapers as Publicity Secretary, NPAN urged the federal government to rise to its responsibility of protecting lives and property.

Other members of the new executive include Chairman Daily Times of Nigeria, Mr. Fidelis Anosike, who was elected as the Assistant General Secretary while Ray Ekpu, Sam Nda-Isaiah and Dennis Sami emerged as Ex-Officio members.

However, NPAN's immediate past President,

Prince Nduka Obaigbena, who is the Chairman, THISDAY Newspapers, joined Chairman, VANGUARD Newspapers, Chief Sam Amuka and former Ogun State Governor, Chief Segun Osoba, as life patrons.

Deliberating on the state of the media, nation and the economy, NPAN urged the federal government to rev up its COVID-19 containment measures and procure vaccines anywhere they are available. “The federal government should rise up to its responsibilities of protecting life and property by stamping out terrorism, banditry and kidnapping. “And that the federal government revs its response

to the COVID-19 pandemic by making aggressive effort to procure the vaccines from whatever sources as may be available and vaccinate our citizens against the deadly disease.�

On the state of the Nigerian media, the group said it reflected on the absence of paper culture on the newspaper industry in particular and the Nigerian economy in general.

It urged the federal government to make a conscious effort to revive the newsprint factories in Nigeria towards improving the health of the newspaper business and paper industry.

NPAN added: “In the interim, the government should take the newspaper business as educational

venture and grant zero tariff on paper to promote education and constitutional and civic duty of the media at holding the government accountable to the people. “That the NPAN in particular, pays deserving attention to media education in Nigeria and support the Nigerian Institute of Journalism (NIJ) to achieve the stated objective for its establishment, including an upgrade to a degreeawarding media training institution in the future.�

Looking inwards, the organisation stated that as the media is evolving because of digital intrusion, the NPAN may need to, at the executive council, take another look at the situation and respond as appropriate.

of APC said it welcomed the NEC decision granting additional six-month tenure to the caretaker committee.

In a statement yesterday in Abeokuta, and signed by the Publicity Secretary of the state APC Caretaker Committee, Mr. Tunde Oladunjoye, the party commended "NEC for its bold decision on members still with cases in courts, and advised that those who are yet to comply with the party’s directive asking them to withdraw their cases from courts to do so in order to avoid similar sanctions from NEC.�

towards political oblivion by a political party that has brought so much pain on them," it added.

It urged INEC to declare vacant the seats of all lawmakers elected on the platform of APC at the federal and state levels and conduct by-elections to fill the seats.

The PDP also described as stunning, the attempt by the APC NEC to blame Nigerians for the worsening insecurity in the country.

The PDP said that the APC should respond to Nigerians over its abysmal performance in governance instead of collapsing its structures and trying to indirectly use Buhari as the scapegoat for its alleged failure.

Ologbondiyan, in another statement, said in dissolving its structures, which is apparently a prelude to its reported name change, the APC and its administration have validated the call by Nigerians that Buhari should resign.

BUHARI, GOVS DEEPEN GRIP ON APC AS NEC DISSOLVES PARTY’S ORGANS the collaboration of all to overcome it.

"Finally, the NEC condemns in very strong terms, the call by the PDP leadership and some of their cheer leaders for the resignation of Mr. President. “NEC observes that security challenges, though regrettable, can only be addressed when all interest, civil and military governments and opposition, security forces and indeed all citizens collaborate irrespective of party affiliation. This is not the time to politicise security," he added.

In his speech at the meeting, Buhari said he was satisfied by the performance of the caretaker committee and highlighted some of its achievements.

He added that initiatives of the committee since June had resulted in progress and renewed hope.

He canvassed the need for the party members to rekindle the spirit that led to the success of mergers of 2014, which eventually culminated in the party's victory at the polls by respecting resolutions of the party.

Buhari, who acknowledged the recent defection of Umahi, to the party, said various approaches and strategies, which sustained the mergers and APC's eventual triumph, should be reinvented.

According to him, there were mutual respect and trust among members at the time, pleading with members to rekindle such spirit and make sacrifices aimed at rebuilding the party.

He said: "I want to appeal to all our party members and leaders at all levels to try and make the required sacrifices so that we are able to collectively restore our progressive and democratic political party, which can nurture and give expression to our collective dream of building a strong, united and

developed Nigeria.

"May I use this opportunity to remind all of us of the need to recreate our negotiation secret of 2012, 2013 under our legacy parties. What guided our success to achieve the merger that produced the APC was the respect we were able to have for each other.

"In those times, decisions reached at both formal and informal consultations were respected with trusted initiatives taken and believed that they were needed to produce the required political platform that could guarantee electoral victory.�

Buhari stated that the party's quest for unity should not be subjected to debate, adding that "our shared vision is to ensure that we are able to produce leaders that will not inherit the problems that led to the decision to dissolve our last national working committee."

APC: Dissolution of Party's Structure Not Aimed At Reducing Tinubu's Inuence However, amidst speculations that the dissolution of the party structures was targeted at cutting to size some APC chieftains ahead of the 2023 general election, APC dismissed claims that the decision was aimed at reducing the influence of its National Leader, Senator Bola Tinubu, who is speculated to be nursing a presidential ambition.

He has, however, denied the speculation.

The Deputy National Publicity Secretary of the party, Mr. Yekini Nabena, told THISDAY during a telephone interview that the dissolution was part of the ongoing efforts to reposition the party.

He stated: "There was nothing like that. Nobody is getting back at anybody; nobody is undoing anybody.

It is repositioning the party.

Is it only Lagos State that was dissolved? It was across the whole states, why will anybody now say that is focused on anybody."

He clarified that the state executives that were dissolved have been made to act in an acting capacity.

"Were they (state chairmen) not made acting? They were dissolved and they were all made acting. They are now in an acting capacity."

Eta: My Expulsion, a Nullity Eta has, however, described his expulsion by NEC of the party as a nullity.

He told journalists in a phone interview after his expulsion that the acting National Secretary of the party, Senator John Akpanudoedehe, has no power to convene the NEC meeting.

He stated: "I am already in court. The lawyers amongst them should have told them that they can't make that pronouncement since I am in court.

"Their action is a nullity because it isn't even the NEC of the party that met. Their so-called acting national secretary has no power to convene NEC." But, a group, Concerned APC Members, which has been mounting pressure on the caretaker committee to organise a national convention for the party said the pronouncements

by NEC did not come as a surprise.

The spokesperson of the group, Mr. Abdullahi Dauda, in a telephone interview yesterday, said this was the beginning of another long journey for the party.

He said: "The pronouncement by our party’s NEC did not come to us as a surprise, we knew about the plot long before today. We wish to say it is the beginning of another long journey for our party.

"If those who have hijacked the party think they can frustrate us out of a party so many people came together to build, they should think again because we are not leaving. We as loyal members of this great party will continue to ask our leader, President Muhammadu Buhari, not to allow a few selfish individuals misguide him into taking actions that will destroy this party."

Also, the Enugu State Chairman of APC and the Secretary, Forum of State Chairmen, Dr. Ben Nwoye, told journalists in a telephone interview that the decision of the NEC to dissolve the structures of the party was in the interest of the party.

He explained that by the time the tenure of the caretaker committee ends, the party would be more formidable.

Nwoye stated: "The outcome of the NEC meeting was in the interest of the party to further strengthen the party and further streamline the processes and solidify the party."

When asked if that was the official position of the forum, he said yes.

Also, the Director-General of Voice of Nigeria (VON) and a chieftain of the party, Mr. Osita Okechukwu, commended the decision of NEC to reposition and reinvigorate the party.

Okechukwu, in a statement issued yesterday, described the dissolution of the party structures as a welcome development in the repositioning of the party.

The Oyo State Chairman of the APC, Chief Akin Oke, also said he was not bothered by the dissolution of the executives of the party at all levels.

Speaking in an interview with THISDAY yesterday, he said he heard about the dissolution in the news like any other member of the party.

The Ogun State chapter

PDP Mocks APC, Urges INEC to Deregister Party Meanwhile, the Peoples Democratic Party (PDP) yesterday mocked the ruling party, stating that it is the insurmountable burdens and crisis within the party that led to the dissolution of its structures.

The party called on the Independent National Electoral Commission (INEC) to deregister the APC, saying that with the dissolution of wards, local governments and state chapters, the ruling party has become defunct and dysfunctional.

The main opposition party said no political party can function without its organs in the wards, local governments and states' chapters as the APC has done.

The PDP, in a statement by its National Publicity Secretary, Mr. Kola Ologbondiyan, said the APC, being overburdened by the weight of failure, humongous corruption as well as economic recession, violence, killings and hardship has set Nigerians free by dissolving itself.

"December 8, 2020, has gone into the history of our nation as liberation day, especially given the spontaneous jubilation by Nigerians over this step

APC: PDP Facing Crisis of ConďŹ dence The APC, however, fired back at the PDP, saying it is facing a crisis of confidence as a result of what it described as "its rudderless leadership."

Nabena, in a statement yesterday said PDP's call on INEC to deregister the ruling party showed it as a weak opposition party.

"If the PDP assumes this as its standard of opposition politics, then the country's democracy is in danger," he added.

According to him, with the PDP as the supposed “main opposition� lacking the capacity to provide rigorous and intelligent interrogation of the policies and programmes of the Buhari-led APC administration, the PDP is pushing Nigeria into a one-party state which the APC does not subscribe to.

WEDNESDAY DECEMBER 9, 2020 • T H I S D AY

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T H I S D AY Ëž Ëœ ÍˇËœ 2020

COMMENT

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

NORTHERN ELDERS AND BUHARI Sonnie Ekwowusi argues that it is time to fire the service chiefs

S

eething with anger over the killing of Northerners especially the recent beheading of not less than 43 rice farmers at Garin Kwashebe community, Borno State, by the Boko Haram terrorists, Northerners under the auspices of Northern Elders Forum have given President Buhari a red card to the effect that he should immediately tender his resignation as President of Nigeria for having woefully failed to protect lives and property of the citizenry.

You will recall that under the aegis of One Voice Nigeria (#iStandwithNigeria) thousands of Nigerians including Nollywood actress Mercy Aigbe and Charlie Boy Oputa once staged a peaceful protest around the National Arts Threatre, Iganmu, Lagos with the demand that President Buhari should resign. Prior to that, Nigerians in London trooped out to stage a protest calling for Buhari’s resignation. Prior to 2019 presidential election, President Buhari’s wife Aisha Buhari tweeted that her husband was not qualified to run for a second term. Shortly after the gruesome murder of two Catholics priests and dozens of church worshippers in Benue State last year, the catholic bishops of Nigeria also staged a peaceful protest demanding for President Buhari’s resignation.

Displaying placards some of which read, “Life is a precious gift from God�, “Male and Female He created them�, the bishops, dressed in their bishopric attire, took to the street in protest that Buhari must go. The House of Representatives has for the umpteenth time invited Buhari to appear before it and answer questions on his failure to protect lives and property.

To most foreigners, Nigeria is one hellish place on earth to live in. In fact, the punishment meted out to erring foreign diplomats is to post them to Nigeria. Meanwhile, uncountable Nigerians on Face-book and on WhatsApp social platforms are protesting and demanding that President Buhari should resign because he has failed as a president.

There is cause for alarm. Those who have not realized this are still living in fool’s paradise. At the moment Nigeria is facing the most dangerous existential threat probably since her independence. Northerners in particular have greater reason to panic. The North is a killing field writ large. No single day passes without the slaughter of Northerners. Consequently many Northerners are fleeing their respective villages and abodes especially in Southern Kaduna and Borno State and seeking refuge in Abuja, Lagos and elsewhere in the south.

In both his pre-election and post-elections speeches, Buhari promised to defeat Boko Haram and make Nigeria a better place for all. Now it is obvious that he has failed to live up to his promise. Small wonder the Northern elders have publicly passed a vote of no confidence on him with a specific demand that he should resign. The Northerners are disappointed. They no longer pretend that all is well. They feel betrayed. They feel shortchanged. They feel like orphans.

As the Director, Publicity and Advocacy, of Northern Elders Forum Dr. Hakeem Baba-Ahmed rightly put it last week, life has lost its value under the present Buhari administration.

AT THE MOMENT NIGERIA IS FACING THE MOST DANGEROUS EXISTENTIAL THREAT PROBABLY SINCE HER INDEPENDENCE

President Buhari swore on the Koran to protect lives and property of the citizenry but unfortunately six years down the line there is no iota of evidence showing that he is trying to honour his oath to provide security. Instead of providing security, the president and the parasites surrounding him are giving lame excuses. In every democratic country, leaders like President Buhari who fail to protect their citizens always tender their resignation, said Dr. Baba-Ahmed. Granted that wielding political power is a herculean task, but we have given Buhari six years to see whether he would make a difference. He is giving excuses. But no excuse will exculpate him. He is the President and commander-in-chief of the armed forces of the Federal Republic of Nigeria.

Therefore he cannot pass the buck. The buck stops on his table. Every day people are dying in Nigeria. One American citizen was kidnapped somewhere in Niger Republic. And America deployed some of its best security men to rescue the kidnapped man in Nigeria. In contrast, Nigerians are being killed every day and our government pretends as if nothing is happening, said Dr. Baba-Ahmed.

I cannot agree less with Dr. Baba-Ahmed. Life has lost its meaning in Nigeria. This is sad. It is sadder upon remembering that the end to the killings in Nigeria is not in sight.

To begin with, the war on Boko Haram in Nigeria seems compromised. Till date no Boko Haram terrorist or Fulani herdsman has been arrested, prosecuted in the law court and sentenced to death upon conviction. Instead of prosecuting the Boko Haram terrorists, the government is protecting some of them and even offering them amnesty. Can anything be more treacherous? Chief of Army Staff (COAS), Lt-Gen. Tukur Buratai speaks from both sides of the mouth on insecurity. A couple of months ago, he openly declared that the Nigerian military cannot win the war against Boko Haram by military might alone. He said that only 25% of the war falls within the ambit of the military while the rest 75% falls within the ambit of the civilian populace. He was also quoted as saying “We are fighting the mind. So, can the military fight the mind of the people?� In February 2020, Buratai said that it was difficult for the Service Chiefs to end Boko Haram. In March 2020, he said that the Nigerian army was equal to the task of crushing Boko Haram. In June and July 2020, he said that the task of ending Boko Haram should not be left for the military alone and that Boko Haram terrorism would end when the Nigerian people want it to end. In October 2020, he said that insecurity would soon end because the Nigerian army had more personnel. But last week the same Buratai said that the war against Boko Haram was beyond the scope of Nigerian army and that it would take another 20 years to defeat Boko Haram.

Is this not a big tragedy? If a country’s Chief of Army Staff says that it would take Nigeria another 20 years to defeat Boko Haram, where is the glimmer of hope? If President Buhari has refused to fire the incompetent service chiefs, where is the light at the end of the tunnel?

GROWTH IN THE MIDST OF ASUU STRIKE Amid the shutdown, University of Abuja is enjoying a face lift, writes Dave Omahi Gabriel

T

he 10-month-old strike embarked upon by the Academic Staff Union of Universities (ASUU) and the outbreak of Covid-19 pandemic have seemingly connived to launch assaults on the country, especially the Nigerian universities. In all of these assaults, the students are the worst hit.

While the effect of Covid-19 is much mitigated and life seemed to have relatively come to normal, the strike has lingered for too long, leaving in its trail boredom, redundancy among students, dislocation, distortion of academic calendar and delay in admission of candidates into various universities. It may be hard to recover from these effects, but it could be worse if the physical and infrastructural conditions of universities remain unchanging or decrepit, without any improvement.

The management of any tertiary institution which appreciates the essence of building and maintenance of the physical and intellectual structures of their schools will not only be doing itself a great service, but helping to boost the morale and confidence of staff and students.

One university that can be said to understand this strategy and seems to be preparing itself along this line or refusing to have its development stagnated in the midst of the pandemic and ASUU strike, is the University of Abuja. Since March 2020, at the outset of the Covid -19 outbreak, the management of the university under the leadership of its ViceChancellor, Professor Abdul-Rasheed Na’Allah, has been carrying out impressive development in the institution, so much so that by the time students resume anytime soon, they will notice that the university they left many months ago, is now taking a new shape and wearing a new look. They will notice, for instance, that the university gate on the main campus has been given a face lift; they will also notice that roads are being constructed and renovated.

In fact, as you go around the campuses today, you are likely to see several buildings

dotting the landscape in attractive magnificence. Though a couple of the structures were said to have been started by the previous administration in the university, what is striking is that they are being completed and many new ones are being initiated by the present management of the university.

Using the Internally Generated Revenue (IGR) of the university, the administration of Professor Na’Allah started Academic Conference Centre, installation of street lights and completion of the Institute of Legislative Studies. Other works include extension of electricity from academic core to the Institute of Education, access road from academic core to Agric Farm and Staff Quarters (Appropriation). Through the determination and doggedness of this professor of Comparative Literature, the six primary projects abandoned by the Central Bank of Nigeria (CBN) in 2017 have been recently resuscitated and the contractors mobilised back to site. The projects include Postgraduate School, Postgraduate hostels, ICT centre, Faculty of Science, Faculty of Engineering and Medical Hostel, in Gwagwalada. Perhaps, by far the greater aspect of infrastructural developments are the projects coming through the interventions of TETFUND, an institution which the administration of Professor Na’Allah is leveraging his goodwill to heavily draw support from for the development of the institution. The new constructions that are taking off are the Faculty of Law 500- capacity lecture theatre, academic office complex for Faculty of Law, 150-capacity lecture theatre for Faculty of Veterinary Medicine, Academic Staff Complex for Faculty of Environmental Sciences, Academic Office Complex for Faculty of Basic Clinical Science, and Academic Office Complex for Faculty of Agriculture, all of them advancing rapidly.

Two constructions that have been completed are the academic staff office for Faculty of Veterinary Medicine (Needs Assessment Fund), the Faculty of Management Science Phase II, Departmental Buildings for Faculty of

Pharmaceuticals, Provision of farm house and other associated facilities at the Agriculture Teaching Farm.

Professor Na’Allah had hit the ground running shortly after he assumed office in July, 2019 inspiring staff and students to work towards making the university great. Given the pace at which the management of the university under his leadership is moving, it is only a matter of time before we see more revolutionary changes from the man whose desire has been to make Uniabuja a world class university. And this vision is not far-fetched, because Na’Allah’s legacy at Kwara State University (KWASU), Malete, where he directed the affairs of the institution for 10 years to an enviable point before being appointed to head Uniabuja, speaks for him.

However, commendable as these developments in the university are, so far, they will not immediately make the it an Oxford or Cambridge. But then again, you need to know where the university is coming from to appreciate the heights the vice-chancellor and the university management is probably taking the university.

Established in 1988, University of Abuja started academic activities in 1990, and for so many years, it was cocooned in some blocks of building in Gwagwalada, making critics derogatively describe it as “glorified secondary school,� until 2009, when it was relocated to the main campus. Anyone who has followed the trajectory of the university will arguably submit that series of wrongheaded leadership is largely responsible for why the university is not so highly rated. It has been responsible for its slow pace of development, poor infrastructure, underdeveloped classes, sparsely constructed buildings with poor aesthetics, etc., all of which reasonably hurts your sense of decency and architectural aesthetics.

Chairman of the TETFund Board of Trustees, Alhaji Kashim Ibrahim-Imam alluded to this poor status of the university when he toured it sometime in November 2020. “What I

saw when I went round the faculties was not acceptable for a premier university,� he said, adding that the University of Abuja should be much better than what it is now. And this is the truth. While we revile this present state, at least, we are excited about the heart warming, promising changes taking place. They do point to the fact that if they continue this way, more good things will come. As a student of this university, I am feeling proud that soon I will be feeling unashamed of associating myself with it.

Of course, I see the quality of leadership that the present administration is providing in the University Abuja as desirable, and I think it should be encouraged by well-meaning Nigerians so that these development and changes can continue in this stream.

The support from government now, particularly TETFund, National Universities Commission (NUC) and other government bodies should be steadier and fuller. Even though all Nigerian public tertiary institutions should deserve serious support from the goodwill of these bodies, all hands must be on deck to help change the status of the University of Abuja to the one that befits the only public university in the Federal Capital Territory and invariably into a world class status. Because you can’t continue to have a university in the FCT with unbecoming looks and compares to everything that contemporary university should not be.

I like the confession of the Chairman, Board of Trustees of TETfund, Alhaji IbrahimImam, the day he visited the school. “This is a unique university and I have already announced that we are very concerned about the status of this university and we are going to develop it to a world-class university. I am going to take a personal and particular, partial and bias interest in developing the University of Abuja�. rGabriel is a Law student, University of Abuja

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T H I S D AY Ëž Ëœ ÍˇËœ 2020

EDITORIAL

THE POWER SECTOR CHALLENGE After billions of dollar investments, the picture is not changing

L

ess than a month after the first tariff price increase since 2015, there was a major power outage in Lagos and other major cities across the country last week. The Transmission Company of Nigeria (TCN) indeed confirmed that the national electricity grid experienced multiple tripping, leading to the collapse of the system. But the main concern is that this has become so all-too-frequent that stakeholders wonder whether the authorities can find a lasting solution to voltage stability and manage the increasing question of NIGERIA HAS ONE OF THE HARSHEST ENVIRONMENTS overloading that combine to make FOR DOING BUSINESS AND the power sector ALSO MAKES THE COUNTRY in the country a nuisance.

LESS COMPETITIVE After seven years of privatising electricity, and after billions of dollars in investment, Nigerians are still daily inundated with silly excuses as to why they are in perpetual darkness. Hardly a week passes without either the electricity generation companies (Gencos), the distribution companies (Discos) and the lone transmission company, which is still within government’s control, trading blames.

In the latest report from the Nigeria Bulk Electricity Trading Plc., covering January to September this year, the Discos were owing the market a total sum of N419 billion. With the Discos making a total payment of N121 billion from their N538 billion financial obligation, that represents a 20 per cent remittance although NBET attributes the poor performance to the impact of COVID-19 on the electricity market. But there are other challenges.

It is irritating enough that the little megawatts of electricity generated in the country cannot be evacuated or distributed because of decayed infrastructure. It is even worse that nothing tangible is being done to remedy the situation. At the receiving end most times are the Discos which represent the direct link with the consumers.

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CHRISTMAS IN COVID-19 SEASON

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e have entered into the final stretch of an unusual year and the 10th month of a global pandemic that has turned many lives upside down. Very few people anticipated this year’s offerings, and yet as humans, we have shown our resilience again.

A year bearing early Christmas gift, the beginning of December signals the entry into the Christmas season, and this year seems to be no different despite the pandemic.

In fact, it would be correct to say Christmas mood came earlier than expected, ranging from the show of love that has permeated human existence throughout this pandemic to the unity in diversity this pandemic has brought along with it. And the greatest gift we all expected throughout this year came towards the end of the penultimate month of the year when pharmaceutical

They have been accused of investing too little to improve their networks and services since they took over. They have also been called out for failing to take more power from the grid to their customers, and therefore increasing the volume of power stranded on transmission lines.

Equipment that can monitor the grid and trace system collapse faults within reasonable time is not available.

Instructively, Nigeria has one of the harshest environments for doing business and also makes the country less competitive. China, for instance, spends less than 10 per cent of its production cost on electricity. In Nigeria, it is in excess of 40 per cent, as individuals and businesses have had to resort to self-help through an assortment of generators. As we have repeatedly noted on this page, we need a robust and efficiently managed grid, appropriate incentives to attract necessary investment, and smart regulation to revive the ailing power sector.

The announcement last year of a new policy thrust from Vice President Yemi Osinbajo raised hopes of a new structure that would help the market deliver improvement on the country’s power sector to support domestic and industrial uses. But the plan remains unclear and mirrors the poor management approach that has defined the power sector since its 2013 privatisation. Yet, investments do not thrive in uncertainty, just as money is discriminatory and goes only to where it is guaranteed to work efficiently. While the federal government sounds confident, stakeholders would still want to know what happens to the existing service level agreements it has with the 11 electricity distribution companies (Discos) consummated by the Bureau of Public Enterprises (BPE) during the power privatisation exercise.

The operating business environment in the country does not offer comfort to the investing public that they can recoup their investments or that they can get justice in case of default. Nigeria’s electricity market therefore needs to be cleared of all the man-made uncertainties that bedevil it before any serious investor would look in.

companies announced a vaccine that has proven effective against COVID-19.

Social media is currently filled with programs and plans to celebrate this Christmas by organisations and individuals; and for all the plans made, none is undeserving. Considering how unique this year has been, it wouldn’t be too much to party throughout the 31 days in the month of December labelling it as Christmas parties and rejoicing. However, don’t throw caution to the wind.

As we start the final leg of the year, the events which we all have experienced despite the differences in our race, religion, and ideologies have brought us together, enhanced a sense of belonging, and promoted the act of watching out for others. Hence, on this note, we have no choice than to continue keeping the distance to protect ourselves and loved ones as we navigate the last leg of this pandemic.

Indeed, many of us want

PULL THE OTHER LEG

to party (Detty-this-ember) to celebrate surviving this year and have an outstanding Christmas celebration; however, breaking all the guidelines that have kept us up to this stage would be a disservice to the hard work we have engaged ourselves in since the outbreak of the pandemic.

So as you celebrate this Christmas period and embark on making it a memorable one, it is important to note that health officials around the world haven’t “stop the count.� To this end, keep staying safe as you begin to make plans for this Christmas celebration during a pandemic.

Eat well; cook the chicken, take the wine and laugh with your loved ones during this period, celebrate the small wins that you can remember, and stay grateful for beating this arduous leap year called 2020.

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n the local newspaper there was a report of a young man who was observed ‘acting erratically’ and was then found to have cannabis in his pocket although he didn’t think it was his. This was probably laughed at by the police and the judge, although not publicly. Words that could apply include gullibility, naivety or misunderstanding although there might be less generous possibilities.

We have had fake news, misspoken briefings, even some straight out lies but now we have stupid news and the worry is what will be the end of this sequence?

Schooling should include some form of logical thinking or truth evaluation so that people will see what is true.

Students will then be able to see that Astronomy is scientific whereas Astrology is pseudo-science even if it is more fun. They will learn Elvis was a great singer, but he is now dead and has been for quite a while. They will learn that man has walked on the moon, even if it was in a space suit and eventually women will walk there too. They will learn that vaccination is lifesaving, or they may sadly find out that not being vaccinated can be life taking.

There are so many people that are gullible or lack understanding of complex matters that we have much to fear although good schooling and good reporting will help to swing the balance.

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T H I S D AY ˾ WEDNESDAY DECEMBER 9, 2020

MIDWEEKPOLITICS

Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

Success at Lagos East, Kosofe Polls Paints Sanwo-Olu in Good Colours Nseobong Okon-Ekong writes that the success of All Progressives Congress candidates in the Lagos East senatorial and Kosofe II by-elections may be viewed as an endorsement of the policies of Lagos State Governor, Babajide Sanwo-Olu and demonstrates in very clear terms that the APC is the party to beat in the state

T

he eminence of Lagos State as Nigeria’s former capital and the nation’s undisputed headquarters of commerce and industry readily recommend it for attention. Invariably while similar events and activities may be taking place all over the country, an occurrence in Lagos resounds with a loud bang that often reverberates around the country. Therefore, the Saturday, December 5 by-elections may have taken place in 11 states; with six senatorial district contests including Cross River North, Plateau South, Bayelsa West and Bayelsa Central, but all eyes were on the struggle for the senatorial seat in Lagos East; where the two leading political parties, the All Progressives Congress (APC) and the Peoples Democratic Party (PDP) featured candidates whose reputation travelled ahead of them. This, however, did not make the election of other senators less critical or their reputation of no consequence. Many watchers of the polity were equally concerned about the fate of the immediate past governor of Bayelsa State, Mr. Seriake Dickson, who was on the ballot for Bayelsa West.

As it turned out, Dickson was not disgraced. He posted an excellent result, garnering 115,257 votes to defeat his APC rival, Peremobowei Ebebi who polled 17,500 votes.

The by-elections which included contests in various state houses of assembly were conducted in 5,856 polling units spread across 34 local government areas in 11 states to fill up vacancy in the legislative houses.

Flying the PDP flag in Lagos East was successful businessman and serial governorship candidate, Babatunde Gbadamosi. In the APC corner was tested banker and administrator, Tokunbo Abiru, who previously served in the state executive council as a commissioner before taking on the tasking job of the chief executive of a bank. Gbadamosi became a known face in the political sphere of Lagos for running a very robust and idea-based campaign with loads of promises which he advocated during televised debates that won the heart of many Lagosians. Unfortunately, he failed abysmally in the governorship bid. This time around, his proposition to represent one-third of the state in the senate was expected to be successful because of the status of his famous family in Ikorodu, a significant part of the senatorial district. Incidentally, Abiru is also from Ikorodu. At the end of the day, the results in Ikorodu showed who had the respect of his people. The PDP candidate returned home with 3,766 votes, while 19,204 votes were recorded in favour of the APC. The results were no less unfavourable for the PDP in other local government areas that constitute the senatorial district. In Ibeju-Lekki, where Gbadamosi lives and has a thriving real estate business, he posted a very poor number of 937 votes against the Abiru’s 16,336 votes. The PDP recorded its highest number of votes in Kosofe local government area with 2661 votes, whereas the APC had 13,723 votes in the same area. The APC’s jumbo votes of 22,213 were counted in Epe, where the PDP managed to record 1,826 votes.

In Somolu local government area, the APC took a sizeable number of 17,728 votes against 2,067 votes for the PDP.

Abiru

Gbadamosi

The PDP was roundly defeated in all the five local government areas that constitute the senatorial district. Overall result showed that Abiru of the APC had 89,204 votes, while Gbadamosi of the PDP had 11,257 votes. The difference in votes between the two contestants is 77,947.

The by-election witnessed low voter turnout across the LGAs. Statistics from the Independent National Electoral Commission (INEC) reveal that Lagos East senatorial district has 1,261,673 registered voters, but only 104,894 voters were accredited for the election. However, 104,405 voters cast their votes. From that number, 102,336 valid votes were recorded, while 2,067 votes were rejected. Ten other political parties, whose participation was inconsequential, also took part in the election with some of them scoring one digit votes in some local governments.

Lagos State APC candidates;Tokunbo Abiru and Obafemi Saheed were victorious in the contest for Lagos East Senatorial district and Kosofe State Constituency II State Constituency respectively.

The success at the Lagos East senatorial and Kosofe II polls may be viewed as an endorsement of the policies of Lagos State Governor, Babajide Sanwo-Olu and demonstrates in very clear terms that the APC is the party to beat in the state. As this has been a particularly challenging year for many countries in the world, as a result of the scourge of the COVID-19 global pandemic, SanwoOlu’s handling of the health challenge, as the Incident Commander, has been exemplary and may have contributed to the sustained respect and confidence that Lagosians have in him. The Lagos Governor has not only continued to give hope in the face of gloom occasioned

Sequel to the sit-at-home directive to curtail the spread of the novel Coronavirus, Governor Babajide Sanwo-Olu unveiled an economic stimulus package for the indigent and most vulnerable in the society. The stimulus came in food packs distributed to every local government in the state to cushion the effects of the stayat-home directive. The gesture touched, at least, 200,000 households in the first phase, catering for six people per household. Information for the exercise was generated from the Lagos State Social Register as well as the data of 4000 Community Development Associations in 377 wards of the state to identify beneficiaries. The Lagos State government took further step to ensure that the aged and retirees do not suffer undue hardship during the restriction order, as it ensured seamless payment of N1.8 billion bond arrears to 418 pensioners

by the pandemic, he strives to deploy available resources to other areas that demand urgent attention like road infrastructure, education, security, traffic management and waste management to the critical.

Sequel to the sit-at-home directive to curtail the spread of the novel Coronavirus, Governor Babajide Sanwo-Olu unveiled an economic stimulus package for the indigent and most vulnerable in the society. The stimulus came in food packs distributed to every local government in the state to cushion the effects of the stay-at-home directive.

The gesture touched, at least, 200,000 households in the first phase, catering for six people per household. Information for the exercise was generated from the Lagos State Social Register as well as the data of 4000 Community Development Associations in 377 wards of the state to identify beneficiaries. The Lagos State government took further step to ensure that the aged and retirees do not suffer undue hardship during the restriction order, as it ensured seamless payment of N1.8 billion bond arrears to 418 pensioners.

Lagos State was the first to unveil a 70-bed COVID-19 Isolation and Treatment Centre located within the premises of Landmark Exhibition Centre in Eti-Osa Local Government Area of the State. The 70-bed Eti-Osa Isolation Centre was constructed by the Young President Organisation (YPO), Lagos State Chapter and has a dedicated 10-bed intensive care isolation unit, four ventilators, monitors, respirators, mobile x-ray, ultrasound and oxygen facilities. The state also initiated the era of virtual meeting for members of the Lagos State Executive Council (EXCO) meeting – the first-ever virtual meeting in the history of governance in the state.

It was during this period that many landmark achievements were recorded like the short listing of 10 firms out of the 32 eligible companies that responded to the call for Expression of Interest (EOI) and applied for construction of the Lagos Fourth Mainland Bridge.

Emergency response to different cases of explosion in Abule-Ado, Iju and also tanker disaster tasked the ingenuity of the Lagos Governor.

Taking a cue from the Federal Government, in May 2020, the Lagos State government had to revise its 2020 budget by 21percent, from N1.169 trillion to N920.5 billion, to reflect the new economic realities foisted on the world

by COVID-19 and the crisis in the oil market. The Lagos State House of Assembly approved the revised budget in August 2020 with a 10 percent reduction in recurrent expenditure and a 24 percent reduction in capital expenditure.

Even as Lagos remains the epicenter of the pandemic in Nigeria, Sanwo-Olu has earned more admiration with the disclosure that the state’s overall 2020 budget performance improved from 56 percent at the end of the first quarter to 77 percent at the end of the third quarter of 2020.

Such impressive result cannot be ignored because it was recorded at a time when the state became the worst hit during the #ËndSARS campaigns.

The cost of losses that Lagos State had to put up with stands at N1 Trillion, while private businesses lost several billions of US Dollars.

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POLITICS

Periscoping Fayemi, Fashola, Shettima’s Brand of Good Governance The Governor of Ekiti State, Dr Kayode Fayemi recently organised a retreat for his political appointees.

The event featured former Lagos State Governor, Babatunde Raji Fashola and ex-Borno State Governor, Kashim Shettima. The trio identified good governance as the best way to ensure continuity in government.

Victor Ogunje writes on the submissions of the political giants

Fayemi

O

n Thursday, December 2, 2020, Governor Kayode Fayemi organised a retreat for top government functionaries in Ekiti State to appraise the level of development his government has garnered in the last two years. This he thought would help him in formulating helpful and apposite policies that would make him consolidate on the dividends achieved for the next two years before he bows out.

Since 1999, Ekiti is one state that has defied all odds and permutations in succession plan due to its peculiarities. No political party has been able to maintain any stronghold on the state or rule for eight unbroken years . With the deft position he has taken, the governor seems determined to bring a paradigm shift by defying odds to have a successor installed from the All Progressives Congress (APC).

To corroborate this fact, in the 2003 general elections, Otunba Niyi Adebayo of the then Alliance for Democracy was defeated by an underdog, Mr Ayodele’ Fayose of the Peoples Democratic Party (PDP). In a worst scenario, Fayose couldn’t even finish his tenure, as he was impeached in 2006 in a controversial manner.

In the same vein, Chief Segun Oni , who took over from Fayose in 2007 was removed through judicial means in 2010 with Fayemi of the Action Congress of Nigeria ascending the throne.

In a dramatic fashion, Fayose schemed a comeback in 2014 and botched Fayemi’s second term bid. In a manner akin to a payback time, Fayemi also won against all odds in 2018 to mount the saddle as a governor for a second term.

Periscoping the above scenarios, one could easily decipher that Fayemi must be circumspect of the peculiarities of the state and should plan ahead for his succession plan to be successful.

This, the governor seems to have appreciated and started planning ahead to scale the hurdles for his much touted continuity in governance to be entrenched to consolidate the democratic dividends to the populace.

At the retreat, Fayemi brought two experienced former Governors of Lagos, Babatunde Raji Fashola and his counterpart from Borno State, Senator Kashim Shettima to speak on the theme: “Finishing Well, Winning Against all Odds.”

Other experts who spoke at the high level retreat were renowned economist, Dr Ayodeji Teriba and Senator Olubummi Adetumbi, who dealt elucidatively with how to achieve impactful and successful tenure and entrench the culture of continuity in a democratic setting.

Fayemi said going by his past political experiences , that it would be foolhardy to

Fashola take the electorate for granted and that the ‘banana peels’ could only be escaped if he wards off division within his cabinet by disallowing exhibition of covert inordinate political ambitions among appointees and divided loyalty to the policy thrust of government, which rests basically on making lives better for the people.

He added that it was instructive for him to assess how well his government has done in the last two years, so that injecting the culture of continuity through political moves in 2022 would be easier and attainable. He said there was a strongly- established nexus between good governance and continuity , describing the former as a springboard for the latter.

The governor knows the enormity of damage unnecessary cleavages within his cabinet can do to his succession plan and capacity to deliver on his promise. This spurred him to warn members of his cabinet that the next two years are crucial for the administration’s effort at making a difference in the lives of the people as well as building a lasting legacy.

This has made it incumbent on them to remain focused on improving service delivery and actualising the promises made to the people of the state as entrenched in the five pillars of his administration. He also advised those who might be distracted by the pursuit of interests other than the development agenda of the administration to quit honourably.

He branded good governance as a sine -qua- non to the sustenance of progressive governance that would provide the right direction and leadership for the people of state.

According to him, top officials of the govern-

Shettima ment must not allow the collective mission to become impaired by personal pursuit, adding “ where it becomes impossible for anyone to stay in line with the rest of us, those who may want to priotise their next political move above the need to deliver our recurrent mandate would be allowed to seek the permission to excuse themselves so as to have time to focus on their individual ambition.”

Fayemi said: “What we cannot do at this time is to allow division, indiscipline, working at cross purposes to derail the work at hand, there is still a lot to be done in the remaining two years in spite of the many successes we have recorded.”

Governor Fayemi said the retreat, among other things, was held to review, evaluate and reflect on performance in the last two years, devise new strategies for services delivery, align new appointees with the vison and mission of the administration as spelt out in 2019 Iloko Declaration and to review policies in relation to budget, project and programmes.

According to him, the choice of both Fashola and Shettima was made unanimously by the planning committee members who felt Ekiti officials had a lot to gain from the experiences of the two former governors.

The governor too was careful by not mentioning those may likely take the baton from him.

Likewise, he refused to speak about his future in politics after governorship, especially the rumoured 2023 presidential ambition that is no longer hidden.

In his highly witty and philosophical presentation, Fashola hailed the idea of midterm retreat for performance evaluation. He

The choice of both Fashola and Shettima was made unanimously by the planning committee members who felt Ekiti officials had a lot to gain from the experiences of the two former governors. The governor too was careful by not mentioning those may likely take the baton from him. Likewise, he refused to speak about his future in politics after governorship, especially the rumoured 2023 presidential ambition that is no longer hidden. In his highly witty and philosophical presentation, Fashola hailed the idea of mid- term retreat for performance evaluation

appealed to Nigerian leaders to build their stewardships in the minds of the citizens for them to earn respect and enjoy enduring legacies after tenure.

Fashola posited that Fayemi and his team must focus attention on the cardinal objectives of his administration to earn the respect of Ekiti people.

“Nothing can be more successful than self measurement. I urge all of you to keep the word finishing well in mind. You all agreed on a goal, but the question to ask is that can we finish well ? We must ask ourselves especially those having political ambition who may want to place personal ambitions over collective gains.

“What does success mean ? If the five pillar policy thrust is well achieved, then there is success. keep your focus on the agenda of government . Remember that finishing well would mean that you remember that this government is a product of APC, which believes in propagation of ideals of progressivism, Which means continuous improvement of human conditions.

“This is a step towards finishing well. And when you finish well, you will see the credibility of your government with the people and this makes it compulsory that we must stay connected to the people .

“I am not unmindful of the limited resources, but prioritise the needs of the people. You must do things based on public opinion polls and engagements with the people.

“Take critics as challengers, not enemies.

Those who asked you to do more are not ungrateful people. If they ask you to do more, it is a vote of confidence on your person and government.

“Build your stewardship on the minds of the people. How do you react to those that suffered to elect you. How do you react to their messages and calls? Is it with laughter or irritation? All these are issues we must also take into cognisance” .

Sharing his experience as two- term Governor of Lagos State, Fashola charged the political appointees to take ownership of governance and remain focused in delivering the mandate committed to their hands by Ekiti people.

He also urged them to see criticism as necessary ingredient of growth. “When they ask you to do more, see it as a vote of confidence in your ability” he counselled.

Senator Shettima who spoke on “ Making a Choice of Successor”, identified competence, patience, capability, integrity, maturity and acceptability as key factors to be considered in nominating a successor.

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

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T H I S D AY Ëž ÍˇËœ 2020

BUSINESSWORLD R A T E S MONEY MARKET OVERNIGHT OBB

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Group Business Editor Obinna Chima Email obinna.chima@thisdaylive.com 08152447875

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Quick Takes AANI Hails Outgoing NDIC Boss

LAGOS TRADE FAIR

L-R: Vice President/ Chairman, Trade Promotion Board of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Gabriel idahosa; Minister of Industry, TradeandInvestment,Mr.AdeniyiAdebayo;President,LCCI,MĹ•s.TokiMabogunje,andDeputyPresident,Dr.MichaelOlawale-Cole,attheopeningceremony ofthe2020editionoftheLagosInternationalTradeFairatTafawaBalewaSquare,Lagos...recently ETOPUKUTT

Airline Operators Explain Hike in Airfares Chinedu Eze The almost 70 per cent rise in domestic airfares have attributed it to the weakening exchange rate, paucity of operating equipment, high cost of aircraft maintenance and increase in the price of aviation fuel.

THISDAY findings revealed that air tickets for economy class that were being sold between N20, 000 and N30, 000 in July, has now increased to between N60, 000 and N70, 000; while business class tickets that were being sold for N50, 000 is now between N70, 000 and N80,000.

There are indications that fares would increase further as the yuletide draws nearer.

The Chief Executive Officer of Aero Contractors, Captain Ado Sanusi, told THISDAY, that henceforth, tickets would be very expensive and there might not be enough aircraft seats because there is not enough operating aircraft to meet passengers’ demand.

Sanusi said the increase in fares was also a reflection of the dollar scarcity, noting that this was happening at a time airlines were yet to recover from the negative impact of the coronavirus pandemic.

AVIATION “The exchange rate of the dollar has a big impact in the aviation industry because everything we do have dollar component because spares are acquired with foreign exchange, we pay for insurance in dollars because local insurance companies do not have the capacity to insure aircraft fully, so it is expected that tickets will be very expensive. “As we move on there will come a time when there will be no aircraft seats because fewer aircraft will be flying. So currently there is high demand but low capacity; obviously the basic law of supply and demand will apply. “The price of tickets will also increase because of the high foreign exchange, as dollar is now being exchanged for N500, so we expect a disproportionate increase in the price of tickets. “Also insurance premium will continue to rise in Nigeria because after the global rise occasioned by the two Boeing MAX crashes in Ethiopia and Indonesia, the lockdown brought down the cost but it will continue to increase in Nigeria because the local market is not strong enough so we have

to go outside the country to insure and we pay in dollars. “We sell our tickets in naira and we buy dollars to pay for insurance. We have a big elephant in the room and that is the exchange rate issue; the earlier it is solved the better for the economy of this country,�

Sanusi said.

The Chief Operating Officer of Ibom Air, George Uriesi explained to THISDAY that airlines may not have gone beyond their price structure in their ticket sales but because of the high demand of tickets they are sold at the higher prices.

The fare structure is graduated in such manner that the high prices come up when the lower prices are exhausted and this is automatically determined by demand. “I am not aware that there is price increase; maybe, not for Ibom Air. I don’t know what other airlines are doing but at Ibom Air the highest fare for economy class is N50, 000 and business class is N70, 000 and we have not increased fares on any of the routes. It is demand that increases the fares and we have sold all our seats from now till January because there is high

load factor. “Maybe other airlines have increased the price structure to maximise the benefits of the high season. You know that there were no flights for a long time while airlines were maintaining their aircraft and servicing their leases; so this season is an opportunity to take advantage of because after January 15, 2021, we go into another low season till March.

But now people cannot find seats in flights,’ he said.

Uriesi, who was former Managing Director of the Federal Airports Authority of Nigeria (FAAN) also noted the depreciation of the naira exchange rate, saying when place side by side with dollar value six months ago it would become obvious that airlines are not making profits because ticket sold at N50, 000 pre-COVID-19 is more than the value of $100 but today is just equal to $100 dollars; so the airlines are really losing.

Travel expert and organiser of Akwaaba African Travel Market, Ikechi Uko told THISDAY that the high cost of air fares could be attributed to the slow recovery of the aviation industry after Continued on page 24

Ministers, Stakeholders Back NIRSAL’s Agric Commodity Transportation Initiative James Emejo in Abuja Stakeholders have expressed support for the implementation of the Secured Agricultural Commodity Transport and Storage Corridor (SATS-C) which is an initiative of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc), to combat post-harvest losses, create jobs and boost the contribution of the agriculture sector to Gross Domestic Product (GDP).

AGRIC The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, while speaking at a breakfast meeting on the development of the SATS-C policy in Abuja, expressed confidence that the implementation will provide benefits in the areas of strengthening the agricultural supply chain to drive an agroindustrial renaissance.

He said the policy would also facilitate the emergence of a functional supply chain system and commodity exchange as well as ensuring that a single Secured Commodity Aggregation Zones (SCAZ) of a 100,000mt annual capacity will create 25,600 direct jobs, 100,000 indirect jobs and save about $37 million in foreign exchange due to an improved supply chain system.

Among other things, the

minister pointed out that SATS-C would further create the necessary platform to support various agricultural commodity-focused intervention; increase efficiency in commodity handling, leading to a reduction in haulage cost as well as cut post-harvest losses.

He said the initiative will further provide opportunities for the simplification, harmonisation of procedures and standardisation Continued on page 24

TheNigeriaDepositInsuranceCorporation(NDIC)hasbeendescribed as the ‘best parastatal’ in the country under the leadership of the corporation’s outgoing Managing Director/Chief Executive, Alhaji Umaru Ibrahim.

The former Permanent Secretary, Ministry of Finance, Dr. Mahmoud Isa-Dutse said this during a recent valedictory luncheon organised by the Alumni Association of the National Institute (AANI) in honour of the outgoing MD of NDIC whose tenure ends this month.

At the event, Ibrahim was praised by colleagues, friends and wellwishers for his leadership qualities and achievements which included overseeing the corporation’s critical failure resolution interventions in the banking sector that saved thousands of depositors from the loss of their funds to navigating the corporation’s growth to take its prestigious position on the international scene as the Chair of the African Regional Committee of the International Association of Deposit Insurers (IADI).

Isa-Dutse said during Umaru Ibrahim’s tenure, the corporation was outstandingintheimplementationofitsmandatetowardscontributing to the stability of the ďŹ nancial system. He recalled that during his time as Permanent Secretary in the Ministry of Finance, the NDIC remained the most compliant in terms of Corporate Governance and excellence in service delivery as opposed to other agencies that were constantly grappling with numerous internal disputes and challenges.

Group Seeks End to Violence in Africa

A pledge to end all forms of violence and set in motion a grassroots civil society campaign to promote peace was launched recently by a coalition of community activists, artists, victims of war, academics, business leaders and African youth.

Spokesperson for the coalition and a peace campaigner, Emmanuel Jal, said: “We are losing the battle to end hostilities. Ours is a call to action. We have come together from dierent backgrounds and dierent nations to create a positive, global awakening, responding to the AU’s call for pledges for peace. We need every African citizen galvanised to make peace a reality and to rid the continent of war and civil unrest. Peace is you.â€?

The centrepiece of the coalition’s appeal was a short animation endorsed by the African Union Commission called ‘My Pledge for Peace’, narrated by Nigerian actor Folu Storms, Niniola, ZoĂŤ Modiga and Emmanuel Jal, inviting all Africans to show their commitment to peace with a hand gesture and a pledge (#MyPledgeforPeace).

The launch coincides with the conclusion of the African Union heads of state summit this weekend to review progress towards “Silencing the Guns by 2020: Creating Conducive Conditions for Africa’s Development.�

Terrorism, conict and crisis have proliferated in 2020, despite calls from AU and UN leaders for a global ceaseďŹ re. The combined eects have been devastating for the most vulnerable, including refugees, internally displaced persons, returnees and migrants, as well as youth, women, children and the elderly.

Japan’s Household Spending Rebounds

Japan’s household spending rose in October for the ďŹ rst time in over a year, in a sign the economy is gradually emerging from the damage caused by the ďŹ rst wave of coronavirus infections.

AccordingtoReuters,separatedatashowedtheworld’sthird-largest economy expanded more than initially estimated in July-September, thanks to a rebound in exports and consumption from the slump caused by lockdown measures to contain the virus.

But a recent resurgence of infections is clouding the outlook, keeping policymakers under pressure to support a fragile recovery with massive monetary and ďŹ scal stimulus measures.

Prime Minister Yoshihide Suga on Tuesday announced a plan to compile a 73.6 trillion yen ($708 billion) stimulus package that will include 40 trillion yen worth of fresh spending. “Japan’s economy will keep growing in the current quarter but may stagnate or contract in January-March,� if an increase in infections force the government to take stronger steps to contain the virus, said Takeshi Minami, chief economist at Norinchukin Research Institute.

“For the African Continental Free Trade Agreement, we are one of the key supporters because it is something that is good for the continent and is good for our customers�

GCEO, ETI,

Mr. Ade Ayeyemi

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T H I S D AY Ëž ÍˇËœ 2020

BUSINESSWORLD AIRLINE OPERATORS EXPLAIN HIKE IN AIRFARES the Coronavirus pandemic lookdown, the recession and the high exchange rate. “People had expected that the aviation industry would have recovered between August and now but this did not happen; instead of recovery the country was hit by recession and also the devaluation of the naira. “It is now hectic because airlines have to recover their running cost. Unlike hotels where if guests did not come you wait for them to come but airlines must operate their schedule whether there is a full load or there is low turnout of passengers; so they incur losses, which must be recovered,� Uko said.

MINISTERS, STAKEHOLDERS BACK NIRSAL’S AGRIC COMMODITY TRANSPORTATION INITIATIVE

of products and reforms while shortening service delivery time on clearance and haulage in the agricultural commodity supply chain segment in the country.

Specifically, Adebayo said: “This is critical as it will enhance our capacity to improve on the implementation status of the WTO Trade Facilitation Agreement in which Nigeria has only achieved 18.9 per cent.

Also, the One State, One Product Initiative of the Zero-Oil Plan, the AFCFTA Competiveness and overall reduction of post-harvest losses hovering between 15-50 per cent.�

In a landmark collaboration with government agencies, the minister said his ministry will coordinate and provide an enabling platform for policy formulation across the inter-agency cooperation by situating the SATS-C policy as a sub-committee under the existing National Trade Facilitation Committee.

Also, he said the Federal Ministry of Transport will capture and maintain a database of all National Association of Road Transport Owners (NARTO), National Union of Road Transport Workers (NURTW) and other logistics personnel participating under the National SATS-C programme.

NEWS

FG Urged to Establish More Economic Zones Across Nigeria Ugo Aliogo The Organised Private Sector Investors Association of Africa Special Economic Zones Projects (OPSIAASEZ) has called on President Muhammadu Buhari to approve the proposed establishment of the Nigeria Special Economic Zones Projects (NSEZ) in the six geo–political zones and the Federal Capital Territory, (FCT).

It noted that many developed countries have keyed into the initiative and leveraged greatly on SEZs to achieve far reaching economic transformation in their respective countries.

China is a typical example of the developed economy that has taken maximum advantage of the platform, they stated.

Speaking recently during the OPSIAASEZ memorandum presentation to President Buhari, the Chairman, Board of Trustees of the association, Peter Isibor, stated that Africa is endowed with human and natural resources, most of which, are untapped due to paucity of required vision, political will and lack of expected technology to explore and exploit our abundant resources.

He also called on the federal government to approve the establishment of the Nigeria’s PCIG initiated private sector investors’ driven development bank. “PCIG is pursuant to effec-

tive functionality of the NSEZ projects as mandatorily required by the organised private sectors investors association of African Special Economic Zones Projects platform, and the PolyFuel Group Limited’s investment proposal and the request for appropriate provision of ₏120 million sovereign or Bank Guarantee with attendant security, pursuant to the groups proposed investment in Nigeria, as well as PCIG request for a sovereign guarantee of ₏100 million for the PCIG initiated and/or driven Organized Private

Sectors’ Investors Association of Nigeria Special Economic Zones Projects across the six Geo–Political zones and 36 States of Nigeria including Abuja, the Federal Capital Territory, to facilitate the funding for the development agenda of NSEZ,� he stated.

Isibor, further explained that if the continent’s abundant resources are fully utilised, the narrative of Africa as a continent would change drastically for the better.

Continuing, he said: “The untapped status of our human

and natural resources and their under-utilisation has been largely responsible for our chronic backwardness and until this is addressed, Africa will continue to experience degeneration in many spheres of our economic lives. “This fact has been reckoned with by renowned investors in Europe and other progressive continents of the world that have truly dedicated their endowed resources and sufficiently utilised same to address or better their standard of living. “Investors in these countries

have seen the imperative need to cross fertilise ideas and thereby extend their goodwill to the African continent to assist us escape from our socio – economic and political quark mire.�

He maintained that the proposed NSEZ across the 36 States and the FCT, by PCIG initiated programme, in collaboration with the organised private sector investors association of Africa special economic zones, was underscored with the primary purpose by catalysing the country’s vision of industrial revolution.

CIBN FELLOW

L-R : Executive Director Wema Bank, Wole Akinleye; Mrs. Adebise; Managing Director Wema Bank, Mr. Ademola Adebise, Deputy Managing Director, Mr. Moruf Oseni and Chief Financial Officer,Tunde Mabawonku, at the investiture of Wema Bank MD/CEO as a fellow of the Chartered Institute of Bankers of Nigeriaataceremony heldinLagos...recently

Adapt to Covid-19, Climate Change, NEMABoss Urges Nigerians Kasim Sumaina in Abuja The Director General, National Emergency Management Agency (NEMA), Muhammadu Muhammed, has stated that confronted with the rising cases of disasters globally resulting in huge human, environmental and material loses to communities; the process towards attaining sustainable development and the achievement of the Sustainable Development Goals have slowed down.

He, therefore, urged Nigerians

to adapt to the new situation which Covid-19 and climate change has introduced so as to avoid devastating consequences.

Speaking in Abuja at a workshop for NEMA staff on integrating climate change and Covid-19 vulnerability assessment and adaptation planning for disaster risk management in Nigeria, he said impacts of climate change and Covid-19 cut across all boundaries either spatial/ geographical, economic, political technological or social and cultural. He opined that the risk and dynamics of the pandemic

and climate change vulnerability, “has given us the warning that we have to quickly adapt to the new situation or we suffer the devastating consequences.�

According to him, “Climate change has added yet another stress to those of environmental degradation and rapid unplanned urban growth, further reducing communities’ abilities to cope with even the existing levels of weather related hazards.�

He noted that increased drought in some regions will likely lead to land degradation, damage to crops or reduced

yields, more livestock deaths, and an increased risk of wildfire.

Such conditions Muhammed said, “Would increase the risks for population dependent on subsistence agriculture, through food and water shortage and higher incidence of malnutrition, waterborne and food-borne diseases, and may lead to displacements of populations. “As we grapple with the consequences of climate change, the world is faced with another global pandemic which has complicated the process of managing disasters and created an incident within

another incident.�

He advised therefore that, “as a nation we cannot continue in our traditional ways of managing disasters, but we have to evolve the process of disaster risk reduction and adaptation to hazards in a daily basis. “Covid-19 has led to huge economics losses, death and distortion in human pattern of life.

Effort to address the two incidents calls for capacity development of Disaster Risk Managers. Hence the reason for this workshop. “This workshop therefore, will provide analytical and

Group Urges FG to Replicate Abuja Integrated Transport System in States Kasim Sumaina in Abuja

Group Business Editor

ĂŒĂ“Ă˜Ă˜Ă‹ Ă’Ă“Ă—Ă‹ Capital Market Editor

Goddy Egene

Comms/e-Business Editor

Ă—Ă—Ă‹ Ă•Ă™Ă˜Ă”Ă“ Senior Correspondent

Ă‹Ă’Ă?Ă?Ă— Ă•Ă“Ă˜Ă‘ĂŒĂ™Ă–Ă&#x; (Advertising) Correspondents

Ă’Ă“Ă˜Ă?ĂŽĂ&#x; äĂ? (Aviation) ĂœĂ™Ă—Ă™Ă?Ă?Ă–Ă? ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ (Maritime) Ă‹Ă—Ă?Ă? Ă—Ă?ÔÙ (Finance) ĂŒĂ?ĂœĂ? åÙÔÓ (Insurance) Ă’Ă“Ă˜Ă?Ă—Ă? Ă•Ă‹Ă?Ă™Ăœ (Energy) Emmanuel Addeh (Energy) Reporters

Ă&#x;Ă—Ă? Ă•Ă?Ă‘Ă’Ă? (Money Market) Ă™Ă?Ă‹ Ă–Ă?Ă•Ă’Ă&#x;ÙÑÓĂ? (ICT) Peter Uzoho (Energy)

The federal government has been advised to as a matter of urgency replicate the Abuja Integrated Transport System in other parts of the nation to make the subnational governments attractive to investors.

The Group, Afri-China Media Centre, noted that government across board investment in transport infrastructure is where the

future and economic growth lies.

The Executive Director, AfriChina Media Centre, Mr. Ikenna Emewu, disclosed this recently at the public presentation of a book on Abuja Integrated Mass Transport System in Abuja.

Emewu said the integrated transport system that has been put in Abuja by the China Civil Engineering Construction Corporation (CCECC) has become a standard.

According to him, “with a population of about 200 million people and target of growing her economy, it would be futile that Nigeria relies on just road transport to ease movement of people and goods, with a focus on growing the economy.

It wouldn’t lead the country anywhere towards economic advancement.�

The document he reveal, highlights some of the projects

that were built by CCECC and the federal government through financing agreement with the China EXIM Bank.

The projects include the railway linking Abuja to Kaduna; the Abuja metro railway service that was completed in 2018 and the new Abuja airport terminal.

He stated further that the integrated mass transport project is a prove that Abuja has set out on the course of

growth and economic expansion in tourism, services, retailing and distribution, hospitality, healthcare, education and other aspects of the economy.

Noting the gains associated with the integrated mass transportation in Abuja, he said, “Some other cities of the nation would be on their way to economic growth if the same integrated system is worked out there.

FG Offers N474.8m Grant to Rural Dwellers in 10 Imo LGAs Amby Uneze in Owerri In line with the policy of lifting 100 million vulnerable Nigerians out of poverty through its Conditional Cash Transfer scheme of the National Social Investment Programme (NSIP), the federal government has granted rural women in Imo state the sum of

N474,890 million.

The government also registered 11,697 per cent in 10 out of the 27 local councils of the state.

Disclosing this in Owerri, the state capital recently, the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouk, said the federal government has the

intention of uplifting the lives of the beneficiaries. The intervention is expected to enhance households’ consumption; lead to improvement in health and nutrition; improve school enrolment and attendance of their wards; enhance environmental sanitation and management; and enjoy sustainable livelihood. The

event which witnessed disbursement of N20, 000 each, to the selected poor rural women in the state, she said: “Already, the Federal Government has enrolled 11,697 under the Conditional Cash Transfer. Those beneficiaries have received a total of N474, 890 million since the inception in 10 Local Government Areas

of Imo state.�

According to her, the aim also included, “aimed at uplifting the most vulnerable groups out of poverty; protecting and promoting the plight of the poor and vulnerable in the country as a strategy for enhancing social inclusion of tje most vulnerable in society.�

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Examining FG’s Move on Unclaimed Dividends Goddy Egene writes that the plan by the federal government to set up a trust fund through the Finance Bill to manage unclaimed dividends in the nation’s capital will be counterproductive and should not be allowed by lawmakers

D

oing business in Nigeria is difďŹ culty due to the poor state of infrastructural facilities. Companies operating in the country provide virtually all they the need to run smooth operations.Amidst the infrastructural challenges and other high cost of operations, companies strive to make proďŹ t and declare dividends for their shareholders.

Over the years, the dividends paid by companies have sustained many investors and have also encouraged them to remain in the market. However, unclaimed dividends have remained an issue in the market just like other climes. It is estimated that there are about N150 billion in the market.

But given the fact it is global issue, Nigerian legislations made adequate provisions on how to treat unclaimed dividends. For instance, the Companies and Allied Matters Act (CAMA), stipulates a 12-year statute of limitation, unclaimed dividends should be ploughed back into the company that declared it.

Also, regulators and operators in the financial markets have been working together to ensure that unclaimed dividends are reduced considerably.

For instance, regulators such as the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) have initiated the Electronic-Dividend Mandate platform, which is being fully supported by trade group’s self-regulatory organisations and other stakeholders in the market. Already, these effort have started to yield positive results.

Instead of the federal government to further support efforts to ensure that unclaimed dividends get back to the owners and ensure a reduction going forward, the government is planning to hijack the unclaimed dividends.

The plan to take over the over N150 billion is being hatched through the Finance Bill 2020. In part V of the bill, the government intends to set up an Unclaimed Dividends Trust Fund.

According to the government, in section 39 (a) of the bill, from the commencement of this Act, any unclaimed dividends of a public limited liability company quoted on the Nigerian Stock Exchange (NSE), or other such stock exchange, which has remained unclaimed for a period of not less than three years from the date of declaring the dividend shall be transferred immediately to the Unclaimed Dividends Trust Fund, provided that unclaimed dividends that have been transferred to the reserves of the company having remained unclaimed for more than 12 years before the commencement of this Act shall so remain transferred in the company’s reserves; “All unclaimed dividend that has remained unclaimed for a period of not less than 12 years shall lapse into government revenue and shall be transferred from the Unclaimed Dividends Trust Fund to the Federation Account as Federation Revenue,� the government added.

This provision in the Finance Bill has attracted wide condemnation from shareholders, market operators and other stakeholders and they have urged law makers not to pass the bill with this provision. Securities dealers, shareholders and registrars, among others have raised their voices against the proposal.

Investors and experts have insisted that unclaimed dividends should be reinvested in companies as retained earnings to grow their businesses and generate employment instead government managing them. They also contended that the take-over of unclaimed dividends by government is not necessary since market regulators, through various initiatives, were taking steps to ensure that unclaimed dividends were reduced to the barest minimum.

According to stakeholders we are witnesses to scandals and massive stealing in government agencies set up to administer pension funds.

The Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Chief Onyenwechukwu Ezeagu, said the proposal was unnecessary because capital market regulators and operators had leveraged technology to put in place many initiatives that are already addressing the issue of unclaimed dividends.

He said the initiatives include: dematerialisation of shares which entails upload of quoted companies’ shares in the Central Securities Clearing System (CSCS) for ease of reconciliation, adoption of E-Dividend and E-Mandate, consolidation of multiple accounts, identity management engagements, and introduction of electronic Initial Public offering (e-IPO).

Others are the adoption of Minimum Operating Standards (MOS) for operators to enhance efficiency;

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed intensified investor education, continuous stakeholders’ engagements, process reform and streamlining and know your customer (KYC) update on clients’ accounts among others. “Generally, the incentives for savers and capital providers in the capital market is the expectation of dividends and capital appreciation. It is therefore our considered view that the proposed legislation, if passed, will be a great disincentive to savings, long-term capital mobilisation and serious disruption of the Nigerian economy since it will take away the only expectation of investors in the market,�

Ezeagu said.

Also speaking, the President, Chartered Institute of Stockbrokers (CIS), Mr. Olatunde Amolegbe, described the bill as objectionable at this stage of the market.

He said the SEC would always ensure that unclaimed dividends are transferred to capital reserves of the company for restricted utilisation such as capital expansion and issuance of bonus shares to the company’s shareholders.

Another securities dealer and the Chief Executive Officer, Wyoming Capital, Mr.Tajudeen Olayinka, expressed dismay at the bill. “If passed by the National Assembly, would amount to deleveraging the banking system, whose stock-in-trade is cash, while at the same time, putting too much pressure on public companies’ additional source of finance. Capital formation and investor confidence are at stake as well,� he said.

Shareholders under the aegis of Independent Shareholders Association of Nigeria (ISAN), have said the underground moves to take over the funds must not be allowed, stressing that the government lacks powers to manage funds belonging to private sector investors. “Dividends are private wealth of investors, either individuals or corporate entities. The idea of converting such private wealth to federal wealth negates the relevant provisions of the rights to own property as guaranteed by the 1999 constitution. Our opinion, is that S39 to the extent of its inconsistency with S44 of the 1999 constitution (as amended) is null and void. The law expressly states that there shall be no forceful takeover of any private move-able property of any Nigerian without due and appropriate compensation and or valid court order,� the shareholders said.

ISAN explained that dividends are only available to investors after “the company has paid a host of taxies, including companies income Tax Act(CITA),Educational Trust Fund(ETF) and other taxes are paid to the federal government -including 10 per cent withholding tax on the shareholders for every dividend declared.� “The statute of limitation provides for expiration of debts after six years. CAMA 2020 by S432 increased the limitation to 12 years. Is government by any chance taking the position that the statute of limitation is unconstitutional?�Government lacks the capacity to manage the funds and has demonstrated a lack of capacity to administer funds.

Imagine a shareholder with an unclaimed dividend of about N1, 000 to write /go to Abuja just to make a claim of the unpaid dividend. The stress and bureaucratic bottleneck is too cumbersome and will not solve the unclaimed dividend problem,� the shareholders said.

They stressed that it is important to know that dividends are distributable earnings to shareholders. “Dividends, whether cash dividends or share dividends also known as bonus should belong to the shareholders and not to the company who distributed them or the government. Therefore, every effort must be made to ensure that the shareholders get their dividends from their hard earned investment and should not be denied what rightfully belongs to them. “Leaving the management of the Fund in the hands of government will create biggest bureaucratic bottleneck for such shareholders to claim such dividends in future. Also, creation of Unclaimed Dividends Trust Fund will usher in nepotism and corruption in the appointment of those that will manage the fund to the detriment of shareholders/ beneficiaries,� the shareholders declared.

The new provision conflicts with the previous one in Companies and Allied Matters Act (CAMA) that guarantees a 12-year statute of limitation on unclaimed dividends, after which the fund would be ploughed back into the company that declared it,� they said.

In the opinion of the President of the Institute of Capital Market Registrars (ICMR) and Chief Executive of Coronation Registrars Limited, Mr. Seyi Owoturo, the federal government should come up with a holistic legislation on unclaimed financial assets across the economy with the viewing to managing them for the benefit of all instead of isolating unclaimed dividends in the capital market through the finance bill.

According to him, a research carried out four years ago showed that there is more than N1 trillion unclaimed in the country and asked government to approach the National Assembly with a bill that would be passed as unclaimed assets law in Nigeria.

Owoturo said: “We did a study about four year ago that estimated the value of on unclaimed financial assets to be more than N1 trillion. The problem that I see is that the government shouldn’t be using the Finance Bill to takeover unclaimed assets. It should go to the National Assembly and do an unclaimed assets law. Let us face unclaimed assets generally. There are unclaimed (banker’s) cheques that are issued by companies. In Britain these cheques will go to the Crown while in the United States of America (USA) they will go to the state of the intended beneficiary’s last known address.

There are also unclaimed insurance benefits and dormant bank accounts that were estimated at over a trillion Naira four years ago. The unclaimed dividend is only about N150 billion. Really if there is a problem, it certainly is not unclaimed dividends.

The real problem here is that they abound all over the place.�

He explained that the enactment of a holistic unclaimed assets law would also resolve the potential conflict that would arise from the finance bill which stipulated that the unclaimed assets would revert to the government after 12 years while the amended Company and Allied Matter Act 2020 stated that unclaimed dividend should revert to the company. “Where will the money go? All over the world, countries seek to institute discipline and transparency around unclaimed assets by letting them go

to either the sovereign or the state governments.

But what the bill is saying is that after 12 years it would not revert to the company as stated by CAMA but to the government,� he said.

Speaking in the same vein, Prof. Uche Uwaleke of the Nasarawa State University, said Nigeria should emulate countries like Uganda, Kenya, the United Kingdom and USA that have specific legislations that govern the treatment of unclaimed assets in their respective jurisdictions.

Uwaleke advised against the involvement of the Accountant General of the Federation and the Ministry of Finance in the management of the trust fund that would shepherd the unclaimed dividends when they became statue barred.

He said: “What I do not support there is bringing in the Ministry of Finance and the Accountant General to the management of the trust fund. I think that the trust fund should be managed by the stakeholders themselves so that registrars should be part of its management.

He also asked: “What about the unclaimed dormant accounts that also run into billions?� and warned against the anticipated moral hazard that might ensue if companies are allowed to take over the unclaimed dividend. “There is this issue of moral hazard in some countries where these funds return to the companies in the sense that if unclaimed dividends should return to the companies after a period of time there will be n incentives for those companies to be chasing the real owners to come for those dividends. “So my recommendation is that it should not be limited to dividends alone, it should also cover dormant bank accounts. I think that the idea that government should takeover unclaimed assets is in line with what obtains in other jurisdictions,�

Uwaleke said.

To the Registrar/CEO of Institute of Capital Market Registrars (ICMR), Mr. Jonathan Eborah, unclaimed dividends represent the least unclaimed funds across all jurisdictions. “There are only two countries whose unclaimed benefits fall below the Trillion Naira threshold and they are Nigeria’s unclaimed dividends at N158.44billion and the US’ unclaimed pension benefits of N114 billion. This indicates that there are unclaimed dividends in Nigeria and unclaimed pension benefits in the US, but they are comparatively insignificant to what obtains in their respective classes in other nations and in other classes. For Nigeria, with total dividend payout of 94.84 per cent between 2009 and October 2019, it appears that the effort by the stakeholders to reduce unclaimed dividends is yielding results,� he said.

Eborah suggested the way to handle the reduce the unclaimed dividends instead of moves by the government to take over its management.

According to him, there must be an understanding that unclaimed dividends (like other unclaimed funds) is a global phenomenon. “The multiple subscription initiative by the capital market community should be sustained to reduce unclaimed shares which will ultimately further reduce unclaimed dividends. The SEC should insist that every new entrant to the capital market must be fully known and provide all that is required for electronic payment. ICMR should establish a Special Depository licensed by the SEC with the responsibility to locate owners of unclaimed accounts or their next of kin and encourage them to activate their claim, take up insurance cover over the funds, and manage the funds which shall remain with the registrars,� he said.

He said this would will become a Nigerian model which may be adopted by other countries, stressing that ICMR (The special Depository), will have a role in addressing the issue of unclaimed dividend funds by collecting data from registrars, building and maintaining infrastructure frameworks that will help reconnect members with their unclaimed funds so as to solve, or lessen the issue of unclaimed dividend/funds on a continuous basis. “There should be a continuation of public enlightenment by the SEC, the special Depository and other stakeholders. Finally, banks should encourage and assist their customers to embrace the electronic dividend registration,� he said.

On their part, ISAN suggested that government should make it easier for the estate of deceased shareholders to obtain probate/administration via the courts and that banks should help in ensuring ease of executing probate/letters of administration as way to tackle unclaimed dividends in the country.

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Malize: Collaboration, Key Growth Components for Businesses The Managing Director/Chief Executive Officer of Financial Institution Training Centre, Ms. Chizor Malize, in this interview talks about the organisation’s strategy as well as its contribution towards manpower development in the country. Dike Onwuamaeze brings the excerpts: FITC Executive Education Institute, the FITC Board Leadership Institute, the FITC Youth Connect Programme with several digital learning solutions including webinars, summits and a global cyber security conference reaching six continents and over forty countries, with over one thousand participants. We also expanded our offerings on our insight and advisory portfolio to include technology advisory, service strategy and organization resilience models.

Soon, the Financial Institution Training Centre (FITC) will mark its 40th anniversary. Give us an overview of the impact of the organisation on the development of ďŹ nancial training in the country?

The FITC is a world-class innovation-led knowledge organisation that is committed to leading the advancement in knowledge content that is creatively designed to strengthen the Nigerian financial system. Under the direct supervision of the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) and the Nigerian Bankers Committee, the FITC was established to provide innovative knowledge solutions and capacity building programmes that develop and strengthens resources for the Nigerian financial services sector. For close to 40 years, the FITC has been an innovator from the start, enabling people and organisations to excel.

With our expertise, we help individuals, and their organisations release the power of their potentials through knowledge solutions that drive superior performance. We work with our stakeholders predominantly in the Nigerian financial services sector to design and implement solutions for capacity development through learning, organisational structure design and business performance strategy development.

Through our FITC advisory portfolio, we equip leaders and organisations with knowledge-based research, developing cutting edge strategies that convert opportunities into value. We help these organisations hire the right people and advise them on how to develop potentials and motivate their workforce. In doing so over the years, we have helped professionals in the Nigerian financial services sector to navigate and advance their careers while building on our member firms’ successes through our clear vision, strong corporate values, and our culture of excellence.

The COVID-19 pandemic arrived with remarkable disruption in business and social relationship. How has the institution coped with its challenges to be able to render ďŹ nancial training services?

The world is currently recording rapid and accelerated changes predominantly driven by technology. Consumer preferences and behaviours are also changing. All of these are transforming the way that we live today.

To survive and thrive, proactive organisations must seek to transform how they operate. At the FITC, part of our strategy for remaining in our leadership position was our visionary and proactive steps to become agile. Our early embrace of enterprise agility as part of our corporate strategy even before the COVID-19 pandemic disease, equipped us to proactively adapt to the impeding changes the VUCA times presented. Embarking on an agile transformation as a new way of thinking was for us a key catalyst for our transformative work over the last few months. Beyond technology, we applied the principles of agility across our entire organisation from process innovation, new programme development, customer relationship management and consumer insight analytics.

We responded swiftly to our stakeholders learning and knowledge needs, increased our speed of execution with remarkable improvement in our productivity. Even in the mist of the global crisis, we recreated new and innovative knowledge programmes that kept individuals and organisations we serve highly informed, updated, and equipped for a post COVID-19 era. We developed and launched additional knowledge portfolios such as the FITC Executive Education, FITC Board Leadership, and the FITC Youth Connect Programmes with several digital learning solutions including webinars, summits and a global cyber security conference reaching 6 continents and over forty countries with over one thousand participants.

On our insight and advisory portfolio, we expanded our offerings to include technology

In your opinion, what role can partnerships and collaboration play in stimulating growth and performance for organisations at this time and what will be your advice to other business leaders in this regard?

For today’s business leaders, finding opportunities in an increasingly interlinked world partnerships and collaborations have become key growth components. Organisations often pursue partnerships and collaboration with other entities with complementary capabilities.

For instance, in pursuit of our world class aspiration, we seek valuable partnerships with visionary organisations with common intent.

Through our collaborative approach to market, we have partnered with institutions like the International Finance Corporation (IFC), the Association of Chartered Certified Accountants (ACCA), the African FINTECH Association, SAS Institute South Africa, the West Africa Bankers Association, (WABA), the Nigeria Inter-Bank Settlement System (NIBSS), the Central Bank of Nigeria, (CBN), the Financial Reporting Council of Nigeria (FRC) and the Nigeria Deposit Insurance Commission (NDIC).

Through partnerships, we have focused on priorities that enrich our offerings such as robust and top-rated faculty, enriched learning content and shared infrastructure. We work collaboratively with top notch organisations to develop new capabilities that foster alignment of strategies, create mutual benefit and competitive advantage. This has helped us to exponentially maximise our business performance. Forward thinking organisations must therefore, seek for and leverage opportunities from partnerships and collaborations.

Malize advisory service strategy and organisation resilience models. We combined stability and dynamism to build systems and teams that are radically efficient thereby driving increased speed, flexibility, and performance even in the heat of the global pandemic.

What has been the FITC’s strategy to successfully lead transformative change and innovation in a time of crisis?

The COVID-19 pandemic overturned nearly every aspect of our lives, personally and professionally. It caused changes in the way organisations interact with their customers, how customers make decisions on products or services and consumer consumption patterns. These swift and rapid changes were also recorded amongst consumers of learning and knowledge solutions. At the FITC, we saw these changes as opportunities emerging from the crisis. With vision and actionable steps, we very quickly converted them to value to our diverse stakeholders. We adapted our core to meet shifting customer needs predominantly driven by remote learning, launching broad

We recognise that our people are our greatest assets and competitive differentiator, and we focused on building capabilities right from the top, middle management, and our front-line employees

based innovative digital learning programmes such as webinars and summits keeping our stakeholder highly engaged, informed, refreshed, and equipped. Through our innovation mind-set, deep market insight and a world-class approach to programme design thinking, we redesigned all our learning solutions by infusing our programme curriculum with more relevant contents that address the future of work and the future need of businesses. We identified and created new learning opportunity areas such as the FITC Executive Education and the FITC Board Leadership programme. The programmes were designed to meet the learning needs of senior leadership of organisations such as senior managers, general managers, directors and C-suites executives. These programmes are rich in content, with global benchmarks and quality faculty comparable to the best business schools in the world. As a client-centric organisation strategically focused on developing talents across diverse organisational skill levels, we filled the knowledge gap required under shifting global business conditions, building executives who are exceptional leaders, confident decision-makers, skilled strategists, global thinkers and effective change agents.

Even as the world was overwhelmed by the COVID-19 pandemic, the FITC was building the foundation for post crisis growth for our member firms and their organisations.

Can you share some of the innovative programmes introduced by the FITC to support organisations in the face of the COVID-19 pandemic?

Amidst the global crisis, we recreated new and innovative knowledge programmes that kept individuals and organisations we serve highly informed, updated and equipped for a post COVID-19 era. We developed and launched additional knowledge portfolios such as the

The FITC advisory portfolio is currently one of your new and leading product innovations; can you shed more light on this service offering?

Through a re-engineered FITC advisory portfolio, leaders of African organisations and beyond are equipped with knowledgebased research and cutting-edge strategies that convert opportunities into value for their organisations. We help these organisations hire the right people and advise them on how to develop potentials and motivate their workforce. In doing so, we help professionals in the Nigerian financial services navigate and advance their careers while building on our member firms’ successes through our clear vision, strong corporate values, and our culture of excellence.

As one of the premier knowledge institutions in Nigeria, what is the FITC doing to retain its market positioning, leadership and dominance?

Our strong market positioning as the leading knowledge organisation from out of Africa is reflected in our robust knowledge content top rated faculty and consultants. Our knowledge programmes and solutions have been accessed in over six continents and 48 countries of the world with a large African footprint, impacting positively on over ten thousand organisations globally. We recognise that our people are our greatest assets and competitive differentiator, and we focused on building capabilities right from the top, middle management, and our front-line employees. We developed employee engagement programmes that foster leadership, personal growth, teamwork and an enterprise mindset thereby catalysing organisation-wide transformations and accelerating business performance and growth.

T H I S D AY Ëž ÍˇËœ Í°ÍŽÍ°ÍŽ

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Roepke: There are Significant Opportunities for Soybean Market in Nigeria As the Regional Director of Sub-Saharan Africa for the U.S. Soybean Export Council, Kevin Roepke is chiefly responsible for the strategy and implementation of market and trade development for the organisation within the region. In this interview with Oluchi Chibuzor he speaks about the work of the council as well as efforts to strengthen relationship with Nigeria. Excerpts: nutritionists and local academic resources. This includes demonstration equipment used to show the production of soy. We will be able to expose participants to all the available options in the production of high-quality soymeal and soy.

These Centres will build help awareness of the benefits of soy in animal feed, aquaculture and human consumption through teaching and highlighting best practices: There will be an emphasis on providing opportunities for stakeholders to directly experience these practices in a real-world setting that is relevant to the local market and at a commercial scale. SECs will also build and facilitate business relationships and links between local and international businesses. These Centres will not only educate and train but they will also build and facilitate relationships while also supporting the soybean value chain in Nigeria.

What effect will the AfCTA agreement have on the U.S. Soybean Export Council’s operations within Sub-Saharan Africa?

First, for our industries to be successful and stable, free and reciprocal trade is needed.

Second, Nigeria is already one of the largest wheat importers and a rapidly growing poultry importer. The U.S. Soy industry can leverage these commercial relationships to model a robust soy supply chain. Conversely, Nigeria is plagued with low purchasing power, low life expectancy (55 years) and a critical lack of infrastructure.

USSEC’s strategy is to create long-term relationships in the region that will enable the U.S. and partners to seize opportunities and be successful. One of the ways we plan on doing so is by establishing a SoyExcellence Centre in Nigeria. This will be the technical and policy pillar to advance the region’s soy supply chain.

Currently, there is a Soy Excellence Centre in Egypt. There are significant opportunities to drive growth in Nigeria. At the end of the day, our strategy at USSEC is to create long-term and lasting relationships so that we all can benefit.

And as we move ahead into 2021 and beyond, our goal in the U.S. is to continue to make our partnership even stronger and remain a consistent supplier to your industry and your customers.

How does USSEC intend to strengthen its trade relationship with African countries amidst the Covid19 pandemic; also, considering the forecast of a second COVID-19 wave, would there be expectations of increase in demand of soybeans or a reduction?

As we continue to navigate these unprecedented times, it’s more important than ever that we demonstrate to current and potential international customers the strength of our farmers and benefits of buying U.S. Soy. Homeland Security deemed agriculture as ‘critical infrastructure’ amid the COVID-19pandemic, and our farmers take their jobs to globally provide food, feed, fuel and fibre, very seriously. Agriculture and farmers have weathered some of the world’s most difficult seasons and obstacles but survived and overcame. The last few years have been some of the most challenging on record, but farmers maintain their commitment to doing everything they can to provide soy for food, fibre, fuel and other products. The same applies for COVID-19, but we’re resilient and moving forward.

Soybean farmers intend to serve as an example to others. By continuing their work safely, sustainably and effectively, soybean farmers will be an example to others of how to stick to doing what they do best, even in the most trying times. Looking ahead, we are optimistic for what’s on the horizon. While our soybean farmers are doing their job of providing a sustainable and high-quality product, U.S. Soy is working tirelessly to provide stability by building demand and expanding global market access for U.S. soybean products. Amidst the pandemic, USSEC will continue to connect global customers near and far. Having virtual meetings like the African Trade Exchange is a part of our plans to connect and highlight how the U.S. is a consistent trade partner with cutting-edge sustainability initiatives, and defined quality advantages.

With virtual formats, we can continue to provide our African partners to quality content, interactive sessions and valuable experiences.

While in-person meetings and face-to-face conversations will always serve an important purpose, our increased use of technology and virtual events have allowed us to build and grow relationships.

How can technology and innovation drive the soybean value chain in Nigeria and how is USSEC supporting the soy value chain in Nigeria?

Roepke At the U.S. Soybean Export Council, our global team is laser-focused both on existing relationships abroad and investing in new ones to evolve emerging markets, identifying factors like growing populations, improving economic conditions and addressing protein deficiency among populations. In addition, this farmer-led organisation works every day to ensure continued market access for U.S. soy in various markets around the world.

Sub-Saharan Africa and Nigeria are part of USSEC’s long-term strategy to build a strong pipeline of demand for U.S. Soy. The population of this region exceeds one billion people, with predictions to double by 2050, making it one of the most substantial frontier markets in the entire world. At USSEC, we believe this region holds tremendous potential. It is a great example of where we see a future for U.S. Soy. For Example, because of its growing population and low consumption of soy, Nigeria has been identified as a market that represents a growth opportunity for U.S. soy. Encouraging soybean and soybean related product consumption. Our partnership can turn the country into one of U.S. soy’s top three growth markets by2030.

Right now, Nigeria’s population is projected to reach 264 million people by the year 2030.

In 2016, Nigerian consumption of soy and soyrelated products was one kg/person per year compared to an average of 55 kg/person per year in similar markets. Nigerian agriculture is also primarily rain-fed and characterised by low productivity, low technology and high labour intensity. However, the poultry and aquaculture sectors in Nigeria are projected to grow on average by 50 percent per year between 2015 –2020, while soybean production growth will average less than three percent per annum. In short, this means the country’s soybean supply shortfall will continue to widen. Nigeria will increasingly continue to depend on imports to satisfy this growing demand. While accurate data is still difficult to get, Nigeria produces around

600,000 metric tons (MT) of soybeans each year, and another 400,000 MT or so come across the border from neighbouring Benin. Depending on credit availability and many other factors, USSEC estimates that Nigeria could become a 2to 4 million metric ton (MMT) market for U.S. Soy in the medium to long-term. At this time, the country crushes about 1 MMT/year.

We also estimate an almost immediate need for 50 to 100,000 MT to fill the current demand gap. In MY 2018/19, U.S. soybean meal sales to Nigeria’s poultry sector were between 31,000 and 50,000 MT. One such shipment of whole soybeans, initiated in August 2018, was valued at$15.461 million. Raw material insecurity is also causing poultry producers and crush facilities to approach additional growth to address future demand with caution. These numbers show how the need for a high-quality protein product in Nigeria, like U.S. Soy, will be vital as this region’s population continues to grow. Our soybean farmers are prepared to meet this need and demonstrate to Nigeria how U.S. Soy delivers proven, consistent quality, reliability and value to earn its role as a trusted partner around the globe. There are significant opportunities for U.S. Soy and Nigeria to collaborate and drive growth. One example is Soy Excellence Centres.

With Soy Excellence Centres, we will be able to leverage relationships, conduct training and connect buyers and sellers.

Soy Excellence Centres (SECs) will play an important part in U.S. Soy’s efforts to expand markets: One of the ways we are working to build demand for U.S. Soy is through SECs. The U.S. Soy industry is working to establish these centres throughout Sub-Saharan Africa starting with one in Egypt and a future site planned for Nigeria. The goal of SECs is to have them become a one-stop shop for industry training. These centres are designed to provide training, resources and education to all members of the soy value chain. They will target farmers, animal protein integrators, feed millers, animal

How is USSEC giving back to societies in which it operates?

Our work to build preference for U.S. soy is more important than ever. Soy production is growing worldwide, and we continue to work across borders, industries and disciplines to find and develop markets for U.S. soy products.

The U.S. Soy industry is proud to offer reliable supply, cost-effective commodities, complete nutrition and sustainably produced soy.

Sub-Saharan Africa is currently the sixth largest destination of U.S. feed and grain exports, with Nigeria Being the largest destination within the region. According to the USDA, soybean and soybean meal feed use in the region are projected to increase by 59 per cent and 35 per cent, respectively, until 2029. These numbers represent an opportunity for boosted demand in the U.S. Soy. The need for a high-quality protein product like U.S. soybean meal will grow even more vital as this region’s population continues to grow. Our farmers are prepared to meet this need and show how U.S. Soy delivers proven, consistent quality, reliability and value to earn its role as a trusted partner around the globe.

Earlier this year, a new comprehensive study reinforced U.S. Soy’s reputation as a global leader in nutrient density and economic value. A meta-analysis of eighteen different studies with 1,944 samples quantified the relationship between country of origin of the bean and the chemical composition and nutritive value of the soybean meal. The analysis proves that U.S. soybean meal not only has an advantage relative to higher sucrose levels, superior amino acid profile, higher digestibility, increased metabolisable energy and lower fibre content (when compared to other origins) but it also has a price advantage. All of which can be beneficial to the Sub-Saharan Africa region.

What sort of policies and regulations would be essential for African governments to implement in order to drive rapid development of their agricultural value chains?

Lack of credit and under-utilisation of GSM credit guarantees have been long-standing constraints on sales of U.S. soy products to Africa. As part of its initiative to develop the multimillion-ton market for U.S.Soy in Africa, USSEC brought together key stakeholders this past September to address the credit issues head-on. On September 30, Nigerian banks, leading Nigerian supply chain executives, and Foreign Agricultural Service (FAS) administrators came together with U.S. soy industry representatives from USSEC and the American Soybean Association’s (ASA) World Initiative for Soy in Human Health (WISHH) during a virtual roundtable to discuss barriers to the use of U.S. Department of Agriculture (USDA) credit guarantee programmes in Nigeria and other emerging African markets. USDA export credit guarantee programmes can help make commercial financing available for imports of U.S. Soy and other food and agricultural products on deferred payment terms.

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PFAs Restate Commitment to Deepen Pension Industry Stories by Ebere Nwoji Pension Fund Administrators (PFAs) have expressed their commitment to deepen pension penetration in the country.

The managers said they will do this through increased awareness and sensitisation of members of the public, especially employers on the need to join contributory pension scheme.

President, Pension Fund Operators Association of Nigeria (PenOp), Mr. Wale Odutola, stated this during a virtual media retreat organised for journalists recently.

Odutola, who is also the Managing Director/Chief Executive Officer of ARM Pension, said the operators plan to change the narratives of the pension industry.

While applauding the level of adoption of the CPS in both public and private sectors, he said, the growth in number of subscribers to about 10 million and asset base of over N11 trillion, was an indication of work being carried out by both the National Pension Commission(PenCom) and pension operators in the country.

Within those years, he said, the scheme has no record of fraud

or mismanagement of funds, promising that operators will continue to improve on this feat.

PenOp, according to him, was committed to expanding the scope of the sector through increased enlightenment campaigns directed at the current and potential contributors; more engagement with various employer groups and other stakeholders as well as ensuring increased investment opportunities, hence, leading to improved investment returns on pension assets for stakeholders.

Odutola, said PenOp would continue to work with PenCom and other relevant agencies

on enforcement of CPS in the country, adding that, the transfer window has come to improve the service delivery of the industry.

He said the association will continue to partner the media to increase awareness and to deepen the knowledge of the scheme and uptake by the younger population as well as encourage informal sector’s participation.

According to him, “Our corporate and branding committee has mapped out various plans and activities and we intend to engage our media partners more in the incoming years

in driving our objectives and ensuring the fulfillment of our goals aimed at ensuring improved services delivery capacity of our members.�

To ensure ethical compliance, the PenOp President said, they will continue to subscribe to the tenets and constitution of the association to encourage healthy competition and good relationships amongst members.

On conflict resolution, he said, the association has put, in place, a system in this regard, noting that “there are provisions for dispute resolution and a system to deal with perceived or confirmed cases

of unhealthy competition.�

Delivering her Welcome Address at the virtual media retreat, the Chairman, Brand and Communication Committee, PenOp, Mrs. Amaka Andy-Azike, who is also the Managing Director/ CEO, Fidelity Pensions, said her association was embarking on several awareness campaign, in conjunction with PenCom to promote micro pension scheme and also enlighten the public on what the Retirement Savings Account Transfer System (RTS) stands for and how they can leverage on the window to switch to the PFAs of their choice.

CHI Pledges Support for CIIN Building Project The Group Managing Director/ CEO, Consolidate Hallmark Insurance (CHI), Mr. Eddie Efekoha, has said his company will through financial support see to the continuation of work at the permanent building of the Chartered Insurance Institute of Nigeria (CIIN) whose foundation was laid 33 years ago.

Efekoha, who is the immediate past president of CIIN, stated this recently when the executives of CIIN paid a courtesy visit to his company’s headquarter in Lagos.

He noted that though the insurance industry is going through tough times presently, the company will support the project to ensure that the dream of having a befitting edifice for CIIN is realised.

The CIIN building project, which has long been abandoned because of funding issues, is located in Victoria Island, Lagos, and is estimated to gulp N2 billion to complete it.

Speaking on the need to complete the project despite all odds, Efekoha said, “We are all aware that the industry is undergoing recapitalisation at a critical time that there is paucity of fund in the

industry. Claims are piling up, and businesses are not forthcoming in insurance because they too are going through tough times, hence, could not insure and in all these, companies must recapitalise to survive, hence, our survival is paramount.�

Emphasising his company’s willingness to see that work commences at the site, Efekoha said, “so we will look into it, after surviving. We can’t be too specific on the amount, but we will support the initiative.�

He appealed to other companies to support the CIIN building project to ensure that the educational arm of insurance industry has a good building it can call its own and generate revenue from it. n his response, the incumbent CIIN president, Mr. Muftau Oyegunle, thanked CHI for the kind gesture, and said, his administration had to revisit the building project which started in 1987.

He expressed belief that the project remains a legacy of the insurance industry and must be supported by stakeholders in the industry.

Crown Premium Gets Brand Ambassador Raheem Akingbolu One of the leading Nigerian pasta brands, Crown Premium Pasta, has unveiled a Nollywood actress and movie producer, Chioma Akpotha, as its brand ambassador. The actress was unveiled by Crown Flour Mill Limited, the makers of Crown Premium Pasta, at a contract signing event held recently Lagos.

Speaking during the unveiling ceremony, the actress said: “Like all other amazing brands under Crown Flour Mill Ltd, Crown Premium Pasta is a healthy and great quality product made to delight every family. There’s truly nothing greater than getting to be a part of something one truly loves and uses personally. “I’m really excited to be representing the Crown Premium Pasta range of delicious pasta products which are non-sticky, delicious and healthy to consume. Full of health and nutrition, Crown Premium Pasta products are made from durum wheat (which contains high level of protein) and they also contain vitamins and micronutrients.�

Explaining why she decided to work with the brand, the actress said, “Chioma Apkotha is a premium family brand. I share the same DNA with Crown Premium Pasta which is also a premium family brand. It’s a perfect fit. I also align with the company’s mission to provide top quality food products at accessible prices to the Nigerian consumers.�

The actress’ career in Nollywood began in 2000 when she featured in the movie ‘The Apple’. She has since featured in over 350 movies and has six movie production credits under her belt.

With the new deal, she is expected to promote Crown Flour Mill’s Crown Premium pasta brands comprising Crown Premium Spaghetti, and Crown Premium Twist Cavatto Macaroni, to her family, friends and everamazing fans in Nigeria, whom she fondly calls “My Omafam�.

Commenting on the appointment of Chioma Akpotha as Crown Premium Pasta’s brand ambassador, Business Head (B2C), Crown Flour Mill Limited, Mr. Nitin Mehta said.

REWARDING CUSTOMER LOYALTY

L-R: National Assembly Liaison Lead, Dangote Industries Limited, Alhaji Abdulrahman Abubakar; one of the Star prize winners, Obafemi Olorunmolu Jonah, and Regional Director, North Central, Dangote Cement Plc, Mr. Dolapo Alli, during the cheque presentation in Abuja‌ recently

Stanbic IBTC Establishes Life Insurance Subsidiary Stanbic IBTC Holdings Plc said it has obtained all required regulatory approvals as well as a license from the National Insurance Commission (NAICOM) to establish a wholly-owned life insurance subsidiary.

The company is to be known and referred to as Stanbic IBTC Insurance Limited (SIIL).

The company was among five new insurance companies whose

licenses were handed over to their respective management by NAICOM in Abuja penultimate week.

A statement from the Stanbic IBTC said the establishment of the new subsidiary essentially complements the bouquet of product offerings

by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. “In this regard, SIIL will aim

to facilitate long term insurance for already financially included individuals and will seek to become the preferred insurer in the Life Insurance Business�, the company said. The statement, said Stanbic IBTC Holdings, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars - corporate and investment banking, personal

and business banking and wealth management.

The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1 per cent shareholding.

In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets.

Olanipekun: My Position as Receiver/Manager of KANN Valid Peter Uzoho Senior Advocate of Nigeria (SAN), Mr. Bode Olanipekun, has stated that his position as the receiver/manager of KANN Utility Company Limited remains valid.

KANN was recently in the news for the purported withdrawal and replacement of certain directors of Abuja Electricity Distribution Company (AEDC) Plc, its portfolio company.

Olanipekun in an advertorial on Monday, in reaction to the

developments, maintained that he was the duly appointed receiver and manager of KANN. He warned the, “general public, all secured and unsecured creditors, debtors, shareholders.

Officers, employees, agents and all contact counterparties of AEDC and KANN,� to avoid the risks of dealing with any other person on matters of KANN and AEDC other than him.

He said he was appointed as the receiver and manager overall of the assets and undertakings KANN by a deed of appointment

on January 29, 2020, adding that the order in aids of the receivership was made by the Federal High Court Lagos, on February 19, 2020. Olanipekun also said, “Further to my appointment, all powers of the board of directors of KANN in relation to all its assets and undertakings (including, for the avoidance of doubt, its controlling shareholding in AEDC) have ceased and have been conferred on me, in my capacity as the Receiver/Manager of KANN. “The purported withdrawal and replacement of the directors of

AEDC was undertaken without my involvement or consent. It also constitutes an attempt to interfere with and disrupt the ongoing receivership and is therefore illegitimate and at variance with the subsisting order of the Federal High Court.�

He added that, “whilst actions are being taken to rectify the situation and ensure that the relevant actors face consequences, I must hereby reiterate that my position as Receiver/Manager of KANN remains valid and in full effect, under the protection of the law.

More Winners Emerge in Pure Bliss Promo Nosa Alekhuogie The ongoing Pure Bliss Millionaire Promo, which has produced seven millionaires and other categories of winners recently produced another millionaire and an iPhone winner.

The winners were presented with cash and smartphone prizes

in Lagos, during the prize presentation ceremony, witnessed by journalists and organised by OK Foods, makers of Pure Bliss and other brands of biscuits.

Speaking during the prize presentation, Brand Manager, OK Foods, Oluwaseyi Aderibigbe, said N60 million was set aside as prize for

various winning categories in the Pure Bliss Millionaire promo.

OK Food presented a cash prize of N1 million to Ogor Ann Obiageri, an entrepreneur based in Lagos and one iPhone 11 to Adams Deborah, a first year student of Sociology from the University of Lagos.

According to Aderibigbe, winners emerged by purchasing the Pure Bliss biscuit and sending the code they found inside the pack to a designated number. Customers who participate stand the chance of winning various items, including cash prize of N1 million.

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EDUCATION Seplat: Boosting Education in Edo, Delta through Quiz Challenge, Empowering Teachers, CIEs With a huge investment in education, Seplat Petroleum Development Company Plc, in a joint venture with the Nigerian Petroleum Development Company, aside addressing Sustainability Development Goal 4 through its Pearls Quiz Challenge, is also training teachers and Chief Inspectors of Education as part of efforts to continue to deepen its drive for quality education in Edo and Delta States. Adibe Emenyonu reports

I

n 2012, SEPLAT had a Joint Venture (JV) partnership with the Nigerian Petroleum Development Company (NPDC) to inspire excellence in students of public and private secondary schools in their host states.

The organisation has through the PEARLs Quiz initiative, provided scholarships to 63 students, executed projects valued at over N30 million in more than eight schools, given out four brand new 16-seater buses, as well as consolation prizes to the last seven schools every year since inception.

The organisation recently concluded the quiz challenge, a Corporate Social Responsibility (CSR) programme in its host states- Edo and Delta.

The 2020 edition commenced over six months ago when a total of 574 schools started vying to reach the much-coveted final stage of the competition. After rounds of rigorous and challenging stages of the competition, four schools emerged and advanced to the last step.

St. Michael College, Benin City, Edo State and Mc Nell Academy Secondary School, Sapele, Delta State competed for the first and second place trophies; while St. John’s Academy, Oleh, Delta State and Gloryland Secondary School, Igarra, Edo State, vied for the third place.

It was excitement all the way at the Imaguero College Hall in Benin City, which was filled with students and dignitaries from different apparatus of the government of both states and select community leaders. The four schools held the audience spellbound with their exhilarating performance. St. Michael College, Benin City emerged the overall winner of the competition, while Mc Nell Academy Secondary School, Sapele, Delta State and Gloryland Secondary School, Igarra, Edo State, emerged second and third positions respectively.

The thrilled schools and students went home with exciting prizes with the first prize school winning N7 million project-based cash and N100,000 scholarship to the three students that represented the school. The second prize of N3 million project-based cash and N75,000 scholarship went to the school and three winning students respectively. The third prize of N1 million project-based cash and N50,000 scholarship went to the school and three winning students respectively. Teachers of all qualifying schools were not left out, as they also got attractive prizes.

In his remarks, the SEPLAT CEO, Roger Brown expressed delight that through the programme, 45,140 students have been positively impacted.

He added that many schools’ infrastructures have received a boost with projects such as language laboratory, three roofing projects, block of classrooms, interlocking stones for entire school premises designed to stave off erosion, five computer laboratories deployed in different schools and four brand new school buses, among others.

According to him, “this programme rekindles the spirit of academic excellence and healthy competition in our youths by motivating,

A cross-section of teachers during the SEPLAT Teachers Empowerment Programme (STEP), held recently in Edo State encouraging and rewarding the scholarship spirit in them as they inculcate the principles of teamwork and hard work.�

The General Manager, External Affairs and Communications at SEPLAT, Dr. Chioma Nwachuku, said the quiz competition was designed to rekindle the spirit of healthy competition in youths by motivating, encouraging and rewarding the ethos of scholarship while providing them the right platform to prepare for their examinations.

Little wonder that students in Delta and Edo States have maintained high pass rates in external examinations such as the West African Examination Council (WAEC).

She noted that promoting educational excellence remains a cardinal objective of SEPLAT, hence the various educational programmes in its host communities.

Nwachuku said the outcome over the years had shown the need to encourage the students to continue their display of brilliance, intelligence and talents.

She commended the schools and students that participated in this year’s quiz; despite the prevailing pandemic, noting that the turnout showed the resilience and can-do spirit for which the SEPLAT PEARLs quiz participants are known for. “In deploying the programme this year amid the COVID-19 pandemic, we had to become innovative and had all the schools write the qualification test online with Seplat providing data for all. Five hundred and seventy-four schools took the test, and 104 (52 from both states) progressed to the next round.�

The NPDC official, Mr. Efifia Chu, Deputy Manager, SEPLAT JV, thanked all participants

for taking advantage of the SEPLAT PEARLs Quiz which promotes a critical Sustainable Development Goal and promotes healthy competition among students.

As part of efforts to continue to improve on its corporate social responsibility and deepen its drive for quality education, the organisation also trained 100 teachers and 43 Chief Inspectors of Education (CIEs).

The beneficiary teachers and CIEs were drawn from secondary schools in Delta and Edo States where the company operates.

The training which comes under the company’s education programme, was targeted at secondary school teachers tagged, ‘SEPLAT Teachers Empowerment Programme (STEP).

It is an initiative aimed at promoting teachers’ creative thinking, allow for higher student engagement and to also offer a well-rounded education for recipients of the programme.

The programme was a five-day residential workshop introductory phase that will kick-off a six-month programme specifically designed for teachers by providing them training on teaching applications for Science, Technology, Engineering, Arts and Mathematics (STEAM), as well as leadership and self-improvement training.

Speaking at the end of the training workshop in Benin City, Brown said the company has invested significantly in the various educational programmes as part of its CSR which support Sustainable Development Goals (SDG4) because of the strong belief that education is the bedrock of any national growth.

According to him, “worldwide, having a team of competent teachers is a critical success factor for achieving quality education.

“Our STEP programme therefore aims to enhance teachers’ competencies and empower them with the knowledge and skills to deploy STEAM, among other benefits.�

He noted that the STEAM education is crucial in creating a strong educational foundation for students pursuing careers in science, technology, engineering, arts and mathematics.

Brown also disclosed that the first set of Seplat trained teachers will graduate by first quarter of next year, adding that 389 teachers from schools in Edo and Delta States sat for the qualifying test online and a total of 100 were selected to be trained with 75 per cent from public schools and 25 per cent from private schools.

Earlier in a her opening speech, Nwachuku expressed delight with the valuable role the firm is playing to enhance the quality of education with the many programmes lined up through its CSR initiatives.

She said with this, the organisation now has series of events lined up to address the entire value chain, pointing out that a total of 100 teachers and 43 CIEs from the host states were beneficiaries of the maiden edition. “Our programmes now cover improving school infrastructure, enhancing academic performance of students and building the skills and competencies of teacher,� Nwachuku said.

Also, officials of Edo and Delta States Ministry of Education who were present, spoke glowingly of Seplat, and expressed their willingness to collaborate with the organisation on all its education programmes because of the multiplier effects it would have on secondary education.

Highlight of the event was the distribution of lPad to each of the trained teachers and CIEs.

226 Tertiary Institutions to Access N500bn from TETFund in 2021 Hammed Shittu in Ilorin The management of the Tertiary Education Trust Fund (TETFund) has disclosed that about 226 tertiary institutions in the country would access N500 billion from the fund in 2021.

It said the fund set that target of N500 billion as education tax for the Federal Inland Revenue Service (FIRS) in 2021 “considering the magnitude of challenges facing tertiary education in Nigeria.�

The Chairman, Board of Trustees of TETFund, Alhaji Kashim Imam disclosed this in Ilorin,

Kwara State, during an inspection tour of all the TETFund site projects executed at the University of Ilorin, Kwara State Polytechnic, Ilorin, Kwara State University, Malete and Nigeria Army School of Education, Sobi Barrack, Ilorin.

The inspection tour was on the sidelines of the joint interactive session, organised by the fund, in conjuction with the FIRS for education stakeholders in the North-central Zone of the country, in Ilorin.

Imam said the fund is committed to improving the quality and standard of education of the nation’s universities, adding that the BoT

under him is determined to prove that “public agencies must, should work and must work to get results. “The synergy between the FIRS and TETFund is vital to the transformation that is evident in our public tertiary institutions nationwide. “This was achieved as a result of joint delivery of complementary services by providing amiable and lasting solutions to our beneficiaries. In addition, the successful strategic partnership over the years can be attributed to the strong, relentless commitment and cooperation by the leadership of both organisations and our zeal

to improve Nigerian education nationwide.�

In his remarks, the Executive Secretary of TETfund, Prof. Suleiman Bogoro, represented by the Director of Finance, Idris Saidu, said the fund is “striving to change the narratives by taking practical steps to put the nation on a revolutionary path of a knowledge-based economy.�

He said the agency is committed to impact on the nation’s tertiary institutions comprising 226 federal and state universities, federal and state polytechnics and colleges of education for improved infrastructure components.

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EDUCATION

NINLAN Seeks TETFund’s Lifeline to Produce ABUAD Student Denies Cyber Bullying Science Teachers in Indigenous Languages Female Colleague Emmanuel Ugwu in Umuahia

A student of Afe Babalola University, Ado-Ekiti (ABUAD), Mr. Oyedele Akinsola has called on the public to disregard the rumour in circulation that he engaged in cyber bullying of a female colleague in the institution.

Akinsola said he was never in anyway part of the suspects that engaged in such offence. “My attention has been drawn to the story of a supposed Blackmailer Gang existing at ABUAD. The news was credited to NAN and widely circulated by various Nigerian dailies. “I was erroneously mentioned as a member of the alleged gang. I hereby categorically state that I was not involved in any blackmail deal,� he said.

Narrating his side of the story, Akinsola said: On October 26, 2020, I was invited and taken into custody by ABUAD Student Affairs/ Security Department. The invite was based on a case of blackmail purportedly referred to the university by Akin Fadeyi Foundation. “My invitation was based on my close relationship with the alleged blackmail victim, a fellow student in the university.

My relationship with the victim

started in our first year in the university and grew to the level of sharing private details. “In the course of our relationship, the victim shared her picture with me.

Unfortunately I lost my phone on the university premises and this was reported at the Security Department of the university, but yet to be recovered till date. While in the university’s Student Affairs/ Security Department custody, my new phone was seized, ruminated and yet to be returned. “It is on record that nothing incriminating was found on my phone. Investigations carried out led to identification/arrest of the alleged blackmailers, who have subsequently been charged to court. “If Akin Fadeyi Foundation and/or its executive director had checked the investigation report with the university, it would have been revealed that I was not indicted and the public embarrassment I suffered could have been averted. “I enjoin the public to debunk the purported rumours spread across the globe that I was ever part of the suspect that perpetrated the cyber bullying act,� Akinsola said.

The National Institute for Nigerian Languages (NINLAN), Aba, has decried its faltering efforts to produce teachers who will teach science subjects in indigenous Nigerian languages.

Basically, the project, which has been ongoing for several years is being hampered by unavailability of funds in spite of its inherent benefits to the country’s quest for technological advancement.

As a way out of the funding problem, which has generally affected the realisation of the overall mandate of the institute, the Executive Director, Prof Obiajulu Emejulu has appealed for the inclusion of NINLAN among the tertiary institutions accessing funds from the Tertiary Education Trust Fund (TETFund).

He made the appeal when he received in audience, members of the Education Thematic Committee

of TETFund, led by its Chairman, Prof Biodun Ogunyemi, the President of the Academic Staff Union of Universities (ASUU).

Emejulu explained to the Ogunyemi committee that the role and mandate of the institute are crucial to the realisation of the academic, technological and economic dreams of Nigeria. “The institute is in the process of training students who will graduate to be teachers of sciences using their mother tongue,� he said, adding that the innovation would contribute significantly in advancing the educational, scientific and economic status of Nigeria.

He therefore urged Ogunyemi and his team to see the need to recommend for NINLAN to be mainstreamed in TETFund stakeholders as it would boost the institute’s contribution to national development.

According to him, by

accessing TETFund grants, NINLAN would be in good stead “to vigorously and successfully pursue and conclude its various researches that would immensely advance the country’s fortunes.�

In his remarks, the Deputy Executive Director of NINLAN, Prof. Solomon Oyetade, corroborated the executive director, explaining to the TETFund team that the idea of teaching science and technology in indigenous languages is not a tall order as some think. “It is possible to teach the sciences in indigenous languages, and that makes for easier understanding by students,� he said.

Oyetade, a linguist, further explained the benefits of teaching pupils in their mother tongue than in a learned, foreign language.

He cited the Asian Tigers, whose economic revolution was as a result of their teaching science and technology in their respective

mother tongues.

He noted that Nigerian experts had also proved the catalytic effect of indigenous languages on advancement in science and technology, citing “the positive result� from an experiment carried out in the 1980s at Ife, by a former Minister of Education, Prof. Babatunde Fafunwa of blessed memory.

In his response, Ogunyemi expressed positive disposition to the request made by NINLAN and advised the executive director to send the necessary formal proposal to the relevant authorities for consideration.

Prominent academics who were part of the team included a former Vice-Chancellor, Federal University of Technology, Owerri (FUTO), Prof. Chigozie Aziagbaka; president of the Nigerian Academy of Letters, Prof. Francis Egbokhare; and Technical Director of the TETFund Committee, Dr. Andy Iheme.

EKOEXCEL Showcases e-Learning Devices to Enhance Leaning Funmi Ogundare Following the official launch of the Project Zero initiative by the Lagos State government, which witnessed the distribution of 450,000 MP3 players, e-learning devices which contain pre-recorded lessons that would enhance learning for public primary school pupils in the state, EKOEXCEL recently held a demonstration session showcasing the utility of the devices.

Speaking at the ceremony in Lagos, the Director, School Management, EKOEXCEL, Mrs. Sonia Ivie described the devices as parents friendly and grade appropriate, adding that the pre-recorded lessons will be regularly updated to make learning at home easier and more accessible for children.

According to her, “this is the largest ever e-learning drive in Africa by the Governor Babajide Sanwo-Olu administration, which has set a new record in public primary school education presenting them with an e-learning MP3 device to enhance pupils’ learning on an individual basis, learning at their own pace and even ahead of teachers’ instruction.�

She said the device is digitally portable with battery powered MP3 players (plus headphone and recharging cable) and memory card, adding that it has been distributed to all pupils at the primary school leve. “The EKOEXCEL branded players are easy to use and

durable with the opportunity to replay lessons. Players do not require internet connectivity and are not network dependent and are reusable.�

She appealed to parents to help their children to use it effectively, adding that it comes with workbooks to assist them with assignments given to them by their teachers.

In his remarks, the Education Secretary, Kosofe Local Government Area (LGA), Mr. Tunde Soleye appealed to parents to cooperate with the government so that their children can effectively use the devices. “We can only do our own bit by introducing an initiative and providing the facilities that will enhance learning,� he said.

The Chairman, Nigeria Union of Teachers (NUT), Lagos branch, Adedoyin Adesina commended the government for investing in the welfare and educational development of the children, who he described as the future leaders.

He urged parents to complement the efforts of the teachers in the school and assist their children to take advantage of the MP3 players provided by the government. “The MP3 players will give Lagos State pupils’ access to learn at their own time and schedule.

Participants at the demonstration were representatives of the Lagos State Universal Basic Education Board (LSUBEB), education secretaries and parents.

L-R: HOS, Social Mobilization, Mr. Akande; Chairman NUT, Lagos State branch, Mr. Adedoyin Adesina; Education Secretary, Kosofe Local Government, Babatunde Shoneye; and Head Teacher, St Agnes Primary, Maryland, Mr. Orisaheyi Akinwole, during the demonstration session, showcasing the utility of the EKOEXCEL MP3 e-learning devices in Lagos ... recently

Scripture Union Restates Call for Return of Schools to Missions James Sowole in Akure A faith-based organisation, Scripture Union has stated that the return of missionary schools to missions remains one of the solution to the moral decadence among youths and declining academic performance among students.

The National Chairman, Professor Madu Iwe said this in Akure, Ondo State, at the 2020 National Daily Power Quiz Competition Final for youths The 2020 final of the competition with the theme ‘Raising a Godly Generation of Children and Youths of Character and Influence’, was held at the Regional Headquarters of the organisation in Akure.

The competition involved Christian youths, irrespective of church denomination as the organisation is nondenominational.

Iwe, who was represented by the Osogbo Regional Chairman, Prof. Lanre Ipinmoroti, said missionary schools make mentoring of youths easier, particularly with the boarding facilities.

The chairman, who said he was a beneficiary of the mission school, said many of those that attended those schools were sound not only academically, but also morally and in terms of mind development because they were exposed to a lot of developmental activities. “It was not just caging of young ones from the 8:00am-2:00pm thing. In the evening, the boarding house masters and adults from outside came around to relate with us to let us understand the bible and fellowship with us. The school also engages us in sporting activities. “But we discovered that by the time the government

took over, there was no plan as it was when the schools were being run by the missions for moral aspects of education. “All that government is interested in is academic performance of these students. So we have seen a sharp decline in the moral standard of these students as a result of government takeover. “As Scripture Union, we feel that government should allow these mission schools to exist so as to teach young ones. As a ministry, we have also encouraged many of our formations to start primary schools and secondary schools so that we can have opportunities of controlling what happens at that level so that we can assist in the building of characters of these young ones. “We really want to propose again that govern-

ment should if they cannot handover all the schools to missions, they should return those that were taken over from the missions back to the owners.

Experience has shown that these schools were better run by the missions than the government,� Iwe said.

A total of 12 youths participated in the 2020 final competition, which had two finalists from each of the six geo-political zones of the country.

Iwe said the competition usually starts from the local government level to the state level before it gets to the regional level and final level, which is national.

At the end of the 2020 quiz competition, Madubike Amarachukwu from Abuja Region came first, while Odeh Daniel from Lagos Region was the first runnerup and Udo Daniel from Enugu Region came third.

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T H I S D AY Ëž EMBER 9, 2020

EDUCATION

Wilson: Why We Chose ‘Learning beyond Limits’ as this Academic Year’s Theme In this interview with Uchechukwu Nnaike, the Deputy Director of Education at Greensprings School, Lagos, Dr. Barney Wilson, explained why the school adopted the theme ‘Learning beyond Limits’ for the 2020/2021 academic year, and how it adapted to the new normal while ensuring that there was no learning gap during the COVID-19 lockdown

W

hat is the idea behind having a theme every academic

year?

By having a theme every year, it allows us to go deeper and deeper into what we do, which is learning. It brings us together as a community, gives us a common language, makes us focus and gives us a direction. It’s just like a catapult that drives us to the next level.

How did the theme for last year impact the school community?

Last year’s theme was ‘Rigour: Pushing Harder, Working Smarter’. Rigour is about intensity and what that did for the school was to encourage our students to learn at a deeper level. Our students not only get theoretical knowledge, but also learn how to apply the knowledge. As an example, for our students learning maths, rigour is encouraging them to learn more about topics so that they can apply it and understand it in context. It is about being more intentional and understanding what is being taught so that they can apply it later.

The theme took our students from just learning things that were in the textbooks into knowing that they know what they know and that they know that they know it- when it comes to what they are learning.

Could you explain the theme for the 2020/2021 academic year?

We are continuing with “Rigour,� but in a slightly different direction. The new

theme is ‘Rigour: Learning beyond Limits’. In this context, the limit can be the classroom, textbook or syllabus. When we say learning beyond limit, we mean we want our students to think of how what they are learning is connected to the bigger picture; giving them the opportunity to explore how they can use what they are learning to collaborate with fellow students who are not on-site; thereby having the ability to connect to a global project. We want our students to think about how what their learning fits into the bigger body of knowledge.

Learning beyond Limits means making our students think beyond the grade and to realise that grade is not as important as the contents and the context of the things they are learning. It is about the students owning their learning and understanding that there is a bigger picture and that they are not confined to learning only the things in the textbooks.

They can get additional books or go online so that they can master the subject and be more versed when they need to apply their knowledge.

In all, it is to make our students think beyond the limits they may have put on themselves or the teacher may have put on them. It is the expectation of making them believe they are part of something bigger.

What inspired the theme ‘Learning beyond Limits’?

Before COVID-19 and the EndSARS protest in Nigeria, students primarily learned in the classroom. But when the events happened, we created a robust online platform, which

Wilson allowed students to learn from home. This gave them more learning options, and those limitations were no longer there.

When all these events went down, our platform helped students across the world to learn beyond limits, and we now have students logging in from not just Nigeria, but also from Canada, United Kingdom and United States of America.

They are all learning on our platform beyond their own limitations.

Also, we are ready to react and be proactive in any situation. Let’s say, for example, the government calls for another lockdown, we now have a platform that can sustain 100 per cent online learning. We also currently have hybrid learning options, whereby some students can learn on-site, while their counterparts learn online simultaneously.

Learning beyond limit is key.

For example, students in the US have a natural curiosity about Nigeria, but many of

them may not get the chance to visit the country. Nigerian students may have a natural curiosity about China, but may never get a chance to travel to China. Students should be able to talk to one another and learn together. So, we want to create an avenue, maybe project-based or curriculum-based, where students are more global and therefore would be able to see beyond the limitations of the classroom and syllabus.

What should parents expect from the school?

Greensprings School is the place to be. We are an academic and scholarly institution. We want to be seen as competent in what we do, and as a school that’s thematic, you can also expect quality from us. Our students are scholars, our teachers are scholars, and we are a learning community that embraces new ideas. We go beyond expectations so that we can reach another level of excellence.

Foundation Donates Educational Materials to School Children Funmi Ogundare The Daniel Ogechi Akujobi Memorial (DOAM) Foundation recently put smiles on the faces of pupils of Ibafon Primary School, Ajegunle and Local Government Primary School, Bayeku, Ikorodu through the donation of school bags equipped with books and other educational materials.

Speaking at the brief presentation in Lagos, the founder and mother of the late Daniel in whose name the foundation was founded, Mrs. Chinwe Sotonye Akujobi expressed delight that the pupils are happy to take home things that would make them stay in school.

She said the impact is much as without education, the pupils may not achieve much in life.

“Everything is not about food alone, but we have to prepare them for school as without education, you may not move forward.�

She recalled how her son, who was 13 years old at that time died when the vehicle they were in had a fatal accident 15 years ago when she was taking him to school in Ogun State, adding that he was a generous boy who loved to help the less privileged. “He loved giving out to children and those who are less priviledged. In the church one day, we were surprised to see that the money he was supposed to give as offering was given to a poor man sitting at the gate of the church. I took him to see the reverend father at that point and he said as long

as you are offering to the poor, you are offering to God.�

She said with that, the family was moved to have a legacy named after him to help the less priviledged in the society by establishing the foundation.

She thanked some of the sponsors, including Pentagon Plastics Industries Limited, Niger Biscuit Company Limited and Sacvin Nigeria Limited for their support towards the donation of the materials.

The Head Teacher of the school, Mrs. Rosaline Nwajah thanked the foundation for the initiative, saying that the move was in line with the ‘Leave No Child Behind’ initiative of the Lagos State government. “The initiative will spur them to come to school.�

She said if that kind of

initiative was introduced to people that are out of school due to one reason or the other, it would make them come to school rather than hawking on the streets. “I know a boy who hawks fish every morning and if you call him to come to school, he will run away. If this kind of initiative had been introduced to people like that, it will ginger him to go to school.�

The Education Supervisor, Ajeromi Local Government, Saheed Ojora, described the initiative as a welcome idea, as it will boost the morale of the pupils to come to school and read more. “We appreciate what the foundation has done and we are still looking forward to partner with them.�

Edun: COVID-19 Created Avenue for Innovative Approach in Learning Peace Obi The outbreak of COVID-19 caught the world unawares. Neither the governments nor the private sector operators in different sectors of the global economy were prepared for what eventually became a universal and unsparing experience.

While the lockdown measures adopted by governments in a bid to contain the spread of the deadly disease negatively impacted businesses and economies, it however gave rise to some new and innovative approaches in service delivery.

The journey into the new normal began in earnest. There was a swift change in the pace of technology adoption in commerce, goods and service, teaching and learning processes.

Interestingly, Nigerian educators braced the challenge and utilised various models to keep students engaged even as the school gates remained shut.

Speaking on the models Grace School adopted while the deadly virus ravaged the world, the Executive Director, Mrs. Olatokunbo Edun said the school embarked on several measures to accelerate learning and delivery of qualitative teaching for its students. She said COVID-19 outbreak made the management and parents truly appreciate the school’s proactive steps and dynamism in teaching and learning. “Before the advent of COVID, we actually prepared about the possibility of setting up online learning for our students. We started the test run before lockdown and obviously, it launched the school into a new era. We already had things in place and the process commenced with the training of all our teachers. Though there were some teething problems associated with such novel ideas, we were able to overcome. “We had to adopt three approaches as students were not forced to come to school. The three learning methods are online, hybrid, which involves three days in school, two at home and fiveday physical attendance in school.� She disclosed that questionnaires were administered to elicit parents’ choice on what they want for their children. “The fees were different and they had choices.

Basically, learning remains the same thing but it is now left to parents to supervise their children,�

Edun explained.

Speaking on the impact of COVID-19 on the global

economy, the educator said schools were most hit by the pandemic.

She however noted that it has also given rise to the undeniable change being witnessed in the approach corporate and informal sectors now adopt in their service delivery.

According to her, despite the raging of the COVID-19 at the time, innovative educators kept teaching and learning ongoing through various approaches. “During the time, we maximised our technology adoption and invested heavily in data and other enablers. We also had to procure germicidal lamps and they came through courier in order to facilitate speedy delivery.

We obtained the lamps before school resumed and they were faced in all the classrooms. We also invested a lot of funds in sanitizing the entire school compound. We had to invest huge funds with a view to cushioning the effects of COVID-19. The school had to stop some extra-curricular activities to aid social distancing.�

The director added that the innovation adapted

by Grace School to aid learning and facilitate the teaching process also came with its challenges.

She hinted that while the students took the time to get accustomed to it, some parents were not patient enough during the period, adding, “it eventually became a success. “They enjoy the system better through interactions and engagement session with their peers online.

It is impressive to note that some of the students even in the primary school developed their own videos and started their own YouTube channels.

The students are more independent and more technically sound. The investment in ICT has impacted positively on our students, as well as our teachers. The role of technology cannot be underestimated in view of its relevance to accelerate the learning process,� she stated.

Edun, who called on parents to be alive to their roles in the education of their children, warned that the desired result cannot be achieved without parents’ active involvement. “A lot of Nigerian parents have abandoned their functions to the school. It should be noted that the school is meant to reinforce the training parents give their children. Parents should not abdicate their responsibilities to the school.�

37

WEDNESDAY DECEMBER 9, 2020 • T H I S D AY ADVERTORIAL

38

T H I S D AY ˞ ͡, 2020

CITYSTRINGS

ĂœĂ™Ă&#x;Ăš Ă?Ă‹ĂžĂ&#x;ĂœĂ?Ă? ĂŽĂ“ĂžĂ™ĂœË? Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă? äĂ?Ă™ĂŒĂ“ Ă—Ă‹Ă“Ă– Ă?Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă?Ë›Ă?äĂ?Ă™ĂŒĂ“ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ă™Ă—Ëœ ͙͖͓͓͖͓͔͓͖͑͒

Campaign against Racism, Racial Inequality Chiemelie Ezeobi writes that the Centre for Black and African Arts and Civilisation recently held a conference to discuss racism, racial inequality and the struggles of the global African for survival in the 21st Century

DG Centre for Black and African Arts and Civilisation, Hon Oluwabunmi Ajao

A

rguably, no serious discourse on the historical development of Global Africa would be complete without a critical analysis of the subject matter of race and racism.

It was in bid to discuss this that the Centre for Black and African Arts and Civilisation (CBAAC) recently held an international conference where it invited prodigious scholars and policy makers to tersely interrogate these issues under the following sub-themes like the Concepts and Theories on Race and Racial Relations; Historical and Global Perspectives on Racism and Racial Inequality The Global African and the Problem of Racial Inequality; and Globalisation and the Upsurge in Identity Consciousness The New World Order, Global Africa and the Racial Question.

Others include the Pan-Africanism and Black Identity in the 21st Century; Literary Representations of the Global African Woman and the Gender Question in the 21st Century; Racism and Global African Economic Development in the 21st Century; Making Black Lives Matter in the Global System of the 21st Century; Afro-phobia and the Dynamics of Race Relations The Media and the Challenges of Xenophobia in 21st Africa; Afro-optimism and the Future of the Global African: The African Union, Afro-phobia and the Prospects of Pan-Africanism in the 21st century and Black Education and Pan Africanism in the 21st Century.

The international conference which was themed “Racism, Racial Inequality and the Struggles of the Global African for Survival in the 21st Century� the international conference was held at the Nigerian Institute of International Affairs (NIIA), Lagos, but was viewed globally virtually.

While the moderator, Dr. Tola Odumakin, introduced the conference, the DG CBAAC, Hon Oluwabunmi Ajao took the welcome address and the Chairman, CBAAC Governing Board, Abom Tony Ibana also addressed them gathering before the Keynote Speaker, Professor Abdul Karim Bangura of the Centre for Global Peace, Washington DC, USA spoke.

Chairman, CBAAC Governing Board, Abom Tony Ibana Esu

Concept According to CBAAC, Africa, the acclaimed cradle of human civilisation and her peoples have suffered and continue to suffer these phenomena with grave consequences on its capacity for self-realisation in an increasingly competitive world. “While the dominant narrative is that racism and racial inequality are phenomena from which all races also suffer, the experience of the Global African is unique in several respects. For instance and at the outset, some of the basic ideas that foregrounded the enslavement of Africans and their subsequent displacement from their homeland in the continent of Africa between the 15th and 19th centuries to other parts of the world were racist. “Although an essentially economic phenomenon which generated stupendous prosperity for the West, slavery and slave trade also created the objective conditions for the underdevelopment of Africa.

This is in addition to the fact that throughout the over four hundred years it lasted, Africans suffered the worst forms of dehumanisation in the history of humankind. “Again, during the nineteenth, colonisation orchestrated the sanguinary conquest and sequestration of lands, labour and valuable resources in a most violent manner that left Africa and Africans at the mercy of the colonialists. Based on the structures of what the late Professor Ali Mazrui calls "domination and damnation", colonialism left Africa oppressed, exploited, traumatised and marginalized in the global system. “The inequality that characterised the relations of subordination and super-ordination under colonialism afflicted collateral damages on the African personality, further implicating Africans' self esteem. By the time of independence therefore, African countries were integrated into the post 1945 bi-polar world system as late-comers and invariably pawns in the hands of the dominant powers. “Furthermore, arising from the disappointing performance of independent African countries and the multilayered development challenges they continue to grapple with, the image of the Global African has suffered protracted misrepresentations and prejudices, segregation

Keynote Speaker, Professor Abdul Karim Bangura of the Centre for Global Peace, Washington DC, USA

discrimination and criminalization, as well as the variegated abuses associated with these; with the consequence that the African is afflicted with self-contempt, selfdoubt and lack of self-esteem. “The broad canvas painted above has refocused legitimate concerns on the fate of the Global African in the context of the New World Order and the globalisation process on the one hand, and on the other, the upsurge in racism, inter-racial antagonism and violence. “Why is the Global African almost always the victim of the most malevolent racism since the 15th century? What is the nexus between the racial inequality suffered by the Global African and the developmental failures of countries in Africa?

How and in what ways have the intersections between race, racism and racial inequality contributed to the fluidity and restiveness of the world order in the 21st century?

How has the global media engaged discourses on race and racism against the Global African?

Addressing the Twin Evil of Racism, Racial Inequality In her welcome address, CBAAC DG, Hon Oluwabunmi Ajao, charged Africans to rise up against the twin evil of racism and racial inequality in order to foster peace, unity, progress and development in the continent and the world at large.

She noted that the choice of the theme was informed by the recent upsurge in the cases of racism and racial inequality across the globe, especially against Blacks and people of African descent. “Racism is a denial of human dignity because it directly impacts on the full enjoyment of an individual’s human rights, and in particular the right to equality. Racism and racial inequality are pervasive actions that manifest in the form of hate, abuse and violence. “The recent Black Lives Matter campaign across the world sprang up and gained momentum as result of the ill treatment being meted against black people, which often times result in the unfortunate loss of lives. We must all rise up and speak against the twin evil of racism and racial inequality. “It is against this backdrop that CBAAC as a Pan-African cultural

organisation is lending her voice against the vices of racism and racial inequality against Black people in the world. As a matter of importance, the centre would continue to collaborate with allied institution to promote the interest of Black people all over the globe. “It is for this, and many other reasons that we have commenced discussions to collaborate with the Nigerian Diaspora Commission (NiDCOM) on programmes that would effectively recognise and promote the dignity of the Blackman globally.

In his address, Chairman, CBAAC Governing Board, Abom Tony Ibana Esu, first commended the DG CBAAC for taking it upon herself to continue with the tradition of excellence for which CBAAC is known.

He said: “We are gathered from all across the globe to interrogate a very disturbing issue that African peoples have had to grapple with in their quest for survival. The issues of racism and racial inequality, racial discrimination and inequality against the Black people have become a reoccurring decimal, in spite of all the achievements which Africans and peoples of African descent have recorded and attained in all the facets of life. “Achievements of Africans and people of African descent in science and technology, social sciences, sports and entertainment, peace and security, their effort and contributions have at best received very disappointingly little or no recognition. “More worrisome is the fact that the 21st century in most parts of the globe has witnessed a downturn in race relations. Resurgent racism and profiling of Black and African peoples have continued to exacerbate the gulf in race and race related issues all over the world.�

CBAAC keynote speaker, Professor Abdul Karim Bangura of the CODESRIA College of Mentors, Dakar, Senegal and American University’s Center for Global Peace Washington DC, USA, who spoke on “ai-[t] m’ sĂĽati: An Ancient Kemetian Analysis of the Convenient and Inconvenient Truths of Racial Discrimination against and among Global Africansâ€? stressed that Africa has never needed the world, rather the world has always needed Africa.

39

T H I S D AY Ëž ÍˇËœ 2020

CRIME&SECURITY

NAF’s Infrastructural Renewal Gets Boost with New Accommodation for Airmen Stories by Chiemelie Ezeobi

T

he nationwide infrastructural renewal embarked on by the Chief of Air Staff (CAS), Air Marshal Sadique Abubakar, recently received a boost with the inauguration of two newly renovated accommodation at Sam Ethnan Air Force Base, Ikeja, Lagos.

The new accommodation of the two 36 by one Airmen Quarters is just one of series of infrastructural developments aimed at improving both the working and living conditions of NAF personnel in the last five years.

The CAS, who was represented by the Air Officer Commanding (AOC), Logistics Command, Air Vice Marshal Lawal Alao, while congratulating the beneficiaries of these accommodation facilities, urged them to use it with all sense of responsibility for optimal performance.

He said: “I am delighted to be here with you once again as we commission yet another two newly renovated airmen accommodation for NAF personnel in Lagos. The projects being commissioned is in continuation of this administration’s infrastructural renewal of Sam Ethnan Air Force Base (SEAFB), Ikeja. “We are not unaware of the myriads of accommodation and infrastructural challenges facing SEAFB. Thisis why despite the limited resources available we continue to, on an annual basis, renovate some blocks of airmen accommodation while some are built for the officers. “Similar projects like these are also continually being carried out in all NAF Bases to ensure the provision of decent andconducive accommodation for all our personnel. This is because providing such decent accommodation is one of HQ NAF’s policy thrust. As such, we will not relent until this is fully achieved. “As this administration continues with infrastructural renewal in all NAF Bases towards the achievement of a decent and conducive environment; I enjoin you all to rededicate yourselves and continue to add value towards making the service more relevant and effective in addressing the current and future security challenges in the country. “As I mentioned earlier on, resources

OďŹƒcer Commanding (AOC), Logistics Command, Air Vice Marshal Lawal Alao, anked by other senior oďŹƒcers at the inauguration

One of the newly renovated Airmen Quarters at Sam Ethnan Base, Ikeja

are not readily available to satisfy all our needs as a fighting force. Nevertheless, the Commander in Chief of the Armed

Forces, President Muhammadu Buhari has continued to ensure that our needs are prioritised.�

The boost in personnel welfare has thus ensured efficient and effective service delivery in the NAF.

Stakeholders to Proffer Solution to COVID-19 Induced Security Challenges at Crime Reporters Lecture Top security practitioners, politicians, business executives, traditional rulers and many others from different walks of life are expected at the 29th edition of the annual lecture/award ceremony of the Crime Reporters Association of Nigeria (CRAN).

The epoch making event is billed to hold on Thursday, December 10, 2020 at Sheraton Hotel and Towers, along Mobolaji Bank Anthony Way, Ikeja, Lagos.

In a statement by the Chairman, CRAN Lecture/Award Organising Committee, Mr. Emmanuel Edom, this year's lecture has its theme as "MANAGING COVID-19 INDUCED SECURITY CHALLENGES. The lecture would be delivered by Mr. Dennis Amachree, a former chieftain of the Department of State Service (DSS) and currently a private security consultant, while the Chairman of the Day is Mr. Bone Chinye Efoziem, the MD of Strict Guards Security.

Like in previous events, this year's event would also feature the recognition and honouring of personalities who have distinguished themselves in various sectors of the economy.

Among them are personnel of the nation's security agencies, private security companies, banks, agencies and business

organisations.

The Special Guests of Honour are the Minister of Police Affairs, Alhaji Mohammed Dankyadi; Lagos State Governor, Babajide SanwoOlu; and Inspector General of Police, Mohammed Adamu, while the Guests of Honour include Chairman NDLEA, Colonel Mohammed Abdallahi (Rtd); and AIG Zone 2 Command, AIG Ahmed Iliyasu.

The Lagos State Commissioner of Police, Hakeem Odumosu is the host while the Royal Father of the Day is Oluwo of Iwo Land, Osun State, HRM Oba Abdul-Rasheed Adewale Akanbi, Telu 1, with appearances from CRAN Special Patron, Colonel Kingsley Umoh; CEO Halogen Security Limited, Mr. Wale Olaoye; GMD UBA, Mr. Kennedy Uzoka and GMD Zenith Bank Plc, Mr. Ebenezer Onyeagwu.

According to Chairman, Planning Committee, over the years, CRAN through its annual lecture has provided the platform for issues of national importance to be discussed and solutions proffered, which has invariably assisted the authorities in taking some policy decisions.

This year, he opined the objectives would not be different!

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T H I S D AY Ëž ÍˇËœ 2020

BUSINESS/MONEYGUIDE

Remote Working: HR Practitioners Urged to Re-strategise Bennett Oghifo The success of remote work environment has meant that a number of organisations are now looking at making this a more permanent shift in the future.

The way people work has been irrevocably changed by the challenges faced with the uncertain created by Siwar Zein, Human Resource Director, and Microsoft Middle East & Africa Emerging Markets. “The workforce is changing, and HR practitioners must change with it. Today, you will find more people working from their homes than in office spaces as organisations have shifted towards a fully remote or hybrid work model in order to overcome the limitations placed upon them by the need for social distancing and other measures to curb the spread of COVID-19.�

The HR director quoted a LinkedIn survey which found that, “while 43 per cent of respondents are now currently working remotely, a whopping 45 per cent of them are looking to continue with remote work

post-COVID-19 and create a more fluid and flexible way of working.�

However, the move towards remote work has meant that employees need a new support system in place to cater to the changed, and unique, needs that spring from working from home.

This necessitates a reimagining of the functionalities of every organisations’ human resources (HR) department and an overhaul in its systems, processes, and guidelines, he said. “HR professionals are responsible for managing the entire employee lifecycle.

This ranges from recruiting to onboarding, training, employee development, morale and engagement programmes, workplace conflict resolution, company reorganisations, and much more. “But, in a remote environment these factors don’t play out in much the same way. For example, building manager capability, HR professionals need to review at the way they approach the management and support of their workforce within the context of

a new way of conducting work. “Motivation building, maintaining team engagement and now more importantly demonstrating inclusive practises in day to day engagements as they navigate the hybrid workplace, will be key areas that HR professional will need to collaborate and support people managers in organisations.�

He said employees also need greater support as remote models could lead to an increased or decreased workload, a push for productivity that could lead to burnout and increased anxiety. Remote work can have a significant impact on an employee’s wellbeing if the correct systems aren’t in place to help them adjust to this new environment and find balance as they experience a blur between the work and home environment while also handling household responsibilities in a constantly connected space. Essentially, there is no clear break between work and personal time in the way we experience it when packing up and leaving the office to go home.

Anchor Insurance Pays N957m Claims in 10 months Ebere Nworji Anchor Insurance Company Limited said it paid a total of N957 million claims to its policy holders in the past 10 months.

The company’s Managing Director, Mr. Ebose Augustine, giving a breakdown of the claims paid according to the classes of insurance, said N204.3 million was paid to affected customers under the oil and gas class of business.

He also said general accident took N197.5 million claims, while motor insurance took N197.4 million.

According to Ebose, loss of employment insurance scheme took N108.6 million, while N89.1 million went to those affected under the engineering class.

According to him, others included marine insurance where affected claimants received N63.2 million, fire class was N33.1 million

and bonds - N27.7 million respectively.

He further disclosed that Covid-19 pandemic affected businesses and lives which gave rise to high cases of claims demands on insurers. “We at Anchor Insurance had our own fair share of the claims report, especially the loss of employment insurance scheme but we are equal to the task as the primary duty of any insurance company is to pay claims,� he said.

Elumelu to Speak at EU-Africa Forum The government of Estonia has invited the Chairman of Transnational Corporation of Nigeria and Heirs Holdings, Mr. Tony Elumelu, as one of the panelists in an online cross-continental hackathon titled: “EU-Africa: The Post Crisis Journey.�

The conference will take place on December 10th, 2020, according to a letter from the Minister of Foreign Affairs, Republic of Estonia, Unnas Reinsalu.

Reinsalu, in the letter, stated that the founder of the Tony Elumelu Foundation will participate as a panel member of the hackathon together with the president of the Republic of Estonia, Mrs. Kersti Kaijulaid. “The aim of the hackathon is to accelerate socioeconomic

development through innovative digital solutions. The teams that will work on the problems, will be African-European joint teams — a format that will further strengthen African-European cooperation on a personal and professional level. “The challenges that the teams will seek digital solutions to, have been selected by the African Union and the Estonian team in cooperation with Smart Africa.

The hackathon will be followed by a post-hackathon matchmaking event, which aims to bring the teams together with all the help they need to bring the solutions developed during the hackathon into real life. There will also be a frilly online post-hackathon mentoring program, with mentors both from African and European

countries.� According to the letter, in addition to participating, with the president of the Republic of Estonia, Elumelu is also deliver a video with an inspirational message to the participants.

The African-European online hackathon program aims to find innovative solutions to socio-economic problems that have been further escalated by the outburst of the COVID-19 pandemic. The program was put together in collaboration with Estonia Ministry of Foreign Affairs Development Cooperation and African Union, Irish Aid, Luxembourg Aid and Development, Ministry for Foreign Affairs of Finland and Polish Aid and implemented by Garage48 and Smart Africa.

Polaris Complies with CBN’s Directive on Diaspora Remittances Polaris Bank said it has commenced payment of US dollars to all beneficiaries of money transfer across all its branches in Nigeria.

According to a notice from the bank sent to its customers, beneficiaries of money transfer can now receive their remittance in US dollars in cash or directly into a domiciliary account in the bank.

The service is also open to both account and non-account holders alike.

The amendment to the

payout policy was in line with the Central Bank of Nigeria’s recent directive which allows recipients of money transfer from anywhere in the World to receive their funds in US dollars from any branch of the Bank in the country.

Polaris Bank’s Group Head, Product and Market Development, Mrs. Adebimpe Ihekuna further disclosed that all beneficiaries are able to receive their funds conveniently in dollars within minutes with a valid identification, including

BVN. She urged Nigerians in the Diaspora and their beneficiaries to take advantage of the seamless remittance dollar cash payout option service in the Bank to receive their transfers this festive season.

Ihekuna, explained that Polaris Bank has existing relationship with all leading and licensed global money transfer operators, which makes it easy for Nigerians to receive money through the Polaris Bank.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JULY 2020 Money Supply (M3)

36,822,751.47

-- CBN Bills Held by Money Holding Sectors

3,476,121.25

Money Supply (M2)

33,346,630.22

-- Quasi Money

120,764,479.02

-- Narrow Money (M1)

12,582,151.19

---- Currency Outside Banks

2,002,026.89

---- Demand Deposits

10,580,124.31

Net Foreign Assets (NFA)

7,637,137.23

Net Domestic Assets(NDA)

29,185,614.24

-- Net Domestic Credit (NDC)

39,711,115.95

---- Credit to Government (Net)

19,521,851.08

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

-130,189,264.87

--Other Assets Net

3,472,017.70

Reserve Money (Base Money

13,421,827.07

--Currency in Circulation

2,395,917.03

--Banks Reserves --Special Intervention Reserves

11,025,910.04 317,234.17

Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

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

Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT FRIDAY, 4 DECEMBER 2020

The price of OPEC basket of thirteen crudes stood at $48.35 a barrel on Friday, compared with $47.46 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), ZaďŹ ro (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).

SOURCE: OPEC headquarters, Vienna

41

T H I S D AY Ëž ÍˇËœ Í°ÍŽÍ°ÍŽ

Fidelity Bank to Raise N75bn through Bond Sale Goddy Egene Fidelity Bank Plc has started to raise N75 billion to support small and medium enterprises (SMEs), retail business as well as investments in technology and infrastructure. The financial institution is issuing N75 billion Series 1, 10 year Fixed Unsecured subordinated bonds under its N100 billion bond issuance programme. The offer opened on Monday December

7 and is expected to close on Monday December 14, 2020.

According to market analysts at Afrinvest West Africa, Fidelity Bank Plc is a top Tier-II Bank that has carved a niche in financing the all-important small and medium scale enterprises (SMEs) and select corporate banking businesses with the attendant positive impact on entrepreneurship and employment growth in Nigeria amongst others. “The bank has a digital-led retail strategy that provides its

P R I C E S MAIN BOARD

F O R DEALS

customers with several e-channel service options and a virtual assistant currently ranked the Best in the KPMG 2020 Digital Channels Assessment. Fidelity Bank has a strong corporate governance structure and a solid and stable executive management team with robust history of superior financial performance and returns,�

Afrinvest West Africa said. The strong corporate governance and succession plan reflected recently when Mrs. Nneka Onyeali-Ikpe,

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

QUANTITY TRADED

VALUE TRADED ( N )

was appointed to take over as managing director/chief executive officer of Fidelity Bank Plc from Mr. Nnamdi Okonkwo, who will retire effective December 31, 2020.

Onyeali-Ikpe last week assured capital market operators and other stakeholders of sustained impressive financial performance by the bank going forward. The incoming MD/ CEO who thanked Okonkwo for laying a solid foundation for her and the new team, to take the

T R A D E D MAIN BOARD

A S

bank to greater heights, said: “We will continue to deliver superior returns and to do this, we will rely on the active support of the market and all stakeholders.�

The doyen of the stockbrokers, Mr. Rasheed Yusuf commended the bank for the sustained financial performance and successful transition. “It’s cheering news to us in the stockbroking community and the market that the new MD was appointed from within. Fidelity is a well-known

O F

brand with high expectations from us. You have been meeting our expectations, but we want more.

We are eagerly looking forward to when you will become a Tier 1 bank. Please be assured that the market will give you all the required support,� Yusuf said.

Meanwhile, trading at the stock market remained bearish for the second day as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) 0.01 per cent to close at 35,033.74.

0 8 / 1 2 / 2 0 2 0 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

42

WEDNESDAY DECEMBER 9, 2020 •T H I S D AY

WEDNESDAY, DECEMBER 9, 2020 ˾ T H I S D AY

43

MARKET NEWS

Niger Insurance Records N606m Premium, N50m Loss in Six Months Goddy Egene

recorded gross written June 30, 2020, down from at N564 million compared at N636 million in 2020 as premium of N606 million N1.117 billion in 2019. Net with N954 million, while total against N604 million in 2019.

Niger Insurance Plc has for the six months ended underwriting income stood underwriting expenses printed Niger Insurance end posted a A Mutual fund (Unit Trust) is an investment floor of the Nigerian Stock Exchange.

Offer price: The price at which units of a trust or vehicle managed by a SEC (Securities and A REIT (Real Estate Investment Trust) is an ETF are bought by investors.

Exchange Commission) registered Fund Manager. investment vehicle that allows both small and Bid Price: The price at which Investors Investors with similar objectives buy units of the large investors to part-own real estate ventures (eg. redeem (sell) units of a trust or ETF. Fund so that the Fund Manager can buy securities Offices, Houses, Hospitals) in proportion to their Yield/Total Return: Denotes the total that willl generate their desired return. investments. The assets are divided into shares that return an investor would have earned on An ETF (Exchange Traded Fund) is a type are traded on the Nigerian Stock Exchange. his investment. Money Market Funds report of fund which owns the assets (shares of stock, Yield while others report Year- to-date Total bonds, oil futures, gold bars, foreign currency, GUIDE TO DATA: Return. etc.) and divides ownership of those assets into Date: All fund prices are quoted in Naira as at 07- NAV: Is value per share of the real estate shares. Investors can buy these ‘shares’ on the Dec-2020, unless otherwise stated. assets held by a REIT on a specific date.

loss of N49.8 million in 2020 compared with profit after tax of N63.3 million in 2019.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund N/A N/A N/A ACAP Income Funds N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 1.91% AIICO Balanced Fund 3.76 3.89 53.59% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.90% Anchoria Equity Fund 128.00 128.46 20.37% Anchoria Fixed Income Fund 1.45 1.45 21.38% 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 17.90 18.44 16.85% ARM Discovery Balanced Fund 397.51 409.49 15.08% ARM Ethical Fund 33.54 34.56 15.35% ARM Eurobond Fund ($) 1.21 1.22 21.70% ARM Fixed Income Fund 1.13 1.13 12.85% ARM Money Market Fund 1.00 1.00 1.22% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.25 2.25 20.82% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.23 2.27 45.70% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 1.39% Cordros Milestone Fund 2023 126.51 127.29 Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) 108.44 108.44 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 1.18% Coronation Balanced Fund 1.10 1.12 19.06% Coronation Fixed Income Fund 1.73 1.73 30.35% 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 0.90% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 1.28% EDC Nigeria Fixed Income Fund 1,211.85 1,229.79 9.36% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,473.29 1,474.99 24.09% FBN Balanced Fund 181.01 182.37 23.29% FBN Halal Fund 111.34 111.37 11.34% FBN Money Market Fund 100.00 100.00 1.39% FBN Nigeria Eurobond (USD) Fund - Institutional 120.96 121.34 7.15% FBN Nigeria Eurobond (USD) Fund - Retail 121.14 121.51 6.77% FBN Smart Beta Equity Fund 147.24 149.50 13.15% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 2.00% Legacy Debt Fund 3.86 3.86 5.65% Legacy Equity Fund 1.47 1.50 30.18% Legacy USD Bond Fund 1.13 1.13 4.71% 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 Growth Fund N/A N/A N/A Coral Income Fund N/A N/A N/A FSDH Treasury Bills Fund N/A N/A N/A GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 1.72% Nigeria Entertainment Fund 127.02 127.55 17.98%

GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL 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 2.01% Vantage Balanced Fund 2.84 2.90 29.79% Vantage Guaranteed Income Fund 1.00 1.00 7.50% Kedari Investment Fund (KIF) 155.62 156.53 8.62% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.60 1.63 29.50% PACAM Fixed Income Fund 12.11 12.21 7.51% PACAM Money Market Fund 10.00 10.00 2.10% PACAM Equity Fund 1.52 1.53 PACAM EuroBond Fund 108.73 111.07 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 133.73 136.75 9.40% 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 1.01 1.01 8.70% 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 2,521.35 2,532.80 24.53% Stanbic IBTC Bond Fund 210.33 210.33 6.30% Stanbic IBTC Ethical Fund 0.88 0.89 23.89% Stanbic IBTC Guaranteed Investment Fund 273.87 273.95 7.40% Stanbic IBTC Iman Fund 154.92 156.64 29.72% Stanbic IBTC Money Market Fund 100.00 100.00 39.00% Stanbic IBTC Nigerian Equity Fund 7,674.15 7,756.30 21.69% Stanbic IBTC Dollar Fund (USD) 1.22 1.22 5.27% Stanbic IBTC Shariah Fixed Income Fund 110.79 110.79 6.31% UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.36 1.38 13.81% United Capital Bond Fund 1.88 1.88 8.69% United Capital Equity Fund 0.84 0.86 18.99% United Capital Money Market Fund 1.00 1.00 2.25% United Capital Eurobond Fund 116.64 116.64 6.67% United Capital Wealth for Women Fund 1.07 1.07 1.48% 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 Equity Fund 12.06 12.20 17.34% Zenith Ethical Fund 13.46 13.57 15.74% Zenith Income Fund 24.90 24.90 9.59% Zenith Money Market Fund 1.00 1.00 1.81%

REITS NAV Per Share

Fund Name SFS Skye Shelter Fund

Yield / T-Rtn

120.00

6.88%

52.10

0.10%

Bid Price

Offer Price

Yield / T-Rtn

11.53 115.89 87.57

11.63 115.89 89.21

36.87% 21.38% 16.58%

Union Homes REIT

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

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697

funds@vetiva.com Bid Price

Offer Price

N/A

N/A

N/A

Vetiva Consumer Goods Exchange Traded Fund

N/A

N/A

N/A

Vetiva Griffin 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

N/A

N/A

N/A

NAV Per Share

Yield / T-Rtn

107.71

13.11%

Fund Name Vetiva Banking Exchange Traded Fund

Yield / T-Rtn

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.

44

WEDNESDAY DECEMBER 9, 2020 ˾ T H I S D AY

NEWSXTRA

House Asks NAICOM to Suspend Deadline for Recapitalisation of Insurance Companies Udora Orizu in Abuja The House of Representatives yesterday directed the National Insurance Commission (NIACOM) to suspend the planned December 31, 2020 mandatory deadline for the first phase of 50% - 60% of the minimum paid up share capital for insurance and reinsurance companies.

The House said the suspension would last for six months from January to June 2021 to cushion the efforts of COVID-19 and other unforeseen circumstances on the insurance industry.

The resolution followed the adoption of a motion of urgent national importance, titled, ‘Need to Suspend the Proposed Recapitalisation of Insurance Companies, Insurance Intermediaries and Other Players in the Insurance Sector, especially in View of the COVID 19 Pandemic and the Economic Recession,’ sponsored by Hon. Benjamin Okezie Kalu and 15 other lawmakers.

Moving the motion, Kalu recalls that NAICOM issued a circular dated May 20, 2019 on the minimum paid-up share capital requirement for insurance and reinsurance companies.

This circular, he said effectively increased the minimum paid up share capital for insurance and

reinsurance companies and the original deadlines were May 29, 2019 for new companies, while, June 30, 2020 was to apply to existing companies.

He listed the changes to the minimum paid up share capital as follows, ‘Life Insurance N2 billion to N8 billion, General N3 billion to N10 billion, Composite N5 billion to N18 billion and Reinsurance Nio billion to N20 billion, which was later moved to December 31, 2020.’

The lawmaker noted that as a result of the COVID-19 pandemic, the deadline was moved by NAICOM, via Circular NAICOM/DPR/CIR/25-04/2020 and dated 3 June 2020.

Kalu expressed concerns that if NAICOM is allowed to proceed with its programme as planned, it could negatively affect the economy and slow down the recovery process.

He said: ‘’In the Circular, NAICOM introduced a two phased recapitalisation programmes, wherein, 50 percent of the minimum paid up share capital for insurance companies must be met by 31 December 2020 and 60 per cent for reinsurance companies must be met on the same date. Total compliance with the total minimum capital requirement must be achieved on or before 3September 30, 2021.’’ ‘’In addition to the negative

EFCC Quizzes Former Kwara Governor, Ahmed The immediate past governor of Kwara State, Abdulfatah Ahmed, has been invited to the office of the Economic and Financial Crimes Commission (EFCC) for interrogation, THISDAY has learnt.

Ahmed governed the state between 2011 and 2019.

The former governor, in a short statement yesterday to Premium Times, said the invitation was to clarify specific transactions and decisions taken while steering the ship of the state.

“Yesterday, I was at the Ilorin Zonal office of EFCC on invitation.

During the session, I clarified specific budgeted transactions and board-approved decisions of a government body while I was governor. No allegation of fraud was made against me. I have since returned home,” he wrote.

Ahmed’s successor, Abdulrahman Abdulrazaq, had inaugurated panels to probe the sales of state-owned properties and assets starting from 1999.

He also inaugurated another panel to look into the finances of local governments and their

activities since 1999.

These panels have indicted some officials under the previous administrations.

Also, the former Commissioner for Finance under Ahmed, Ademola Banu, was arraigned for alleged N411 million money laundering.

He was arraigned alongside Travel Messenger Company Limited and one Olarewaju Adeniyi, on nine counts before Justice Babangana Ashigar of the Federal High Court, Ilorin.

Also, the immediate past chairperson of state Scholarship Board, Fatimah Yusuf, and two others who were allegedly involved in bursary fraud, were arraigned before Justice Sikiru Oyinloye of the State High Court, Ilorin.

According to the EFCC, the trio were arraigned on a sevencount charge for their alleged involvement in bursary fraud in the state, to the tune of N50 million.

However, none of those mentioned had been convicted.

Buhari Sacks NDE’s DG Omololu Ogunmade in Abuja

7.

President Muhammadu Buhari has sacked the Director-General of the National Directorate of Employment (NDE), Dr. Nasiru Mohammed Ladan Argungu.

A statement by presidential spokesman, Malam Garba Shehu, last night, said the directive sacking Argungu, which was issued on Friday, December, 4, 2020, became effective on Monday, December

According to the statement, the supervising minister of the agency who is the Minister of State for Labour and Employment, Festus Keyamo, had been directed to name an acting director-general among the most senior directors of the agency on the basis of competence and seniority to take over from Argungu until the appointment of a substantive director-general.

economic impact of the COVID-19 pandemic, the Nigerian economy was just announced to be officially in a recession. This signifies that there will be significant slowdown in economic activities and the liquidity position of both the government and businesses are seriously impacted, albeit, negatively. ‘’In times as this, the best

move by the government and by regulators is to push more liquidity into the economy in a bid to stimulate economic activities, encourage spending and prevent job losses as well as support the indigenous businesses in the country. This is pertinent because in addition to the impact of the COVID-19 pandemic, the industry was also

affected by the aftermath of the #EndSARS protest in which several insured properties were affected and to this effect, most of these insurance companies have tons of liabilities to settle in order to fulfil their obligations so as not to deny the rights of these affected insured persons. ‘’These are the types of

fiscal, monetary and regulatory approaches that are being adopted in most countries.

Hence, it may not be suitable at this time for NAICOM to even proceed with its planned phased recapitalization programme because of the overall impact it may have on the already fragile economy and the insurance sector.’’

CLIMATE MATTERS...

L-R: Country Director, Agence Francaise, Mr. Pascal Grangereau; Franch Ambassador to Nigeria, Mr. Jerome Pasqvier; and Minister of Environment, Alhaji Muhammad Mahmood-Abubakar, during the fifth anniversary of the Paris Agreement with the ministry on Climate Change, in Abuja...yesterday

Presidency Laments Rising Food Prices Amidst Harvest Admits farmers pay bandits, insurgents to access farms James Emejo in Abuja The presidency yesterday expressed frustration that prices of food commodities have continued to increase in spite of the harvest season.

Also, in its first public admission to the reality currently faced by farmers particularly in the Northeast, the presidency said it now knew security challenge that farmers “pay ransom to harvest their farms, they have to promise a portion of their harvests so that bandits and insurgents would allow them to go and harvest their farms”.

Senior Special Assistant to the President on Policy Development and Analysis, Ibrahim Bapetel Hassan, said the combined negative effects of COVID-19, recession and insecurity had created “very frightening

proposition for food insecurity in this country”.

Speaking at the opening of a three-day workshop on postharvest handling techniques, in Abuja, themed: ‘Mitigating Against Severe Food Scarcity through Simple, Efficient and Inexpensive Post Harvest Handling Techniques’, which was organised by Farms Flowers and Allied Products Initiative (FFAP), the presidential aide stated that it is the first time that increase in food prices would persist during harvest time.

Represented by Alhaji Ahmad Sagol, Hassan said: “I am very worried and I tell you that everybody who is responsible as a leader in this country at all levels - federal, states and local governments - must be worried.

“The combined negative effect of COVID-19, recession and

security challenges have come together to create very frightening proposition for food insecurity in this country.

“Anybody who thinks that talking about food insecurity is just academic...needs to be examined. The truth is that I have lived long enough in this country to realise that this the first time in the history of Nigeria that food prices have refused to go down at harvest time.”

He said: “This is the danger that is facing us today. This is the first time in the history of this country that more than 70 per cent of farmer have received buyers for their farms to buy it before it is harvested; meaning that this is a year where if we are not careful, comfortable people will end up going to the streets to beg for food to feed their families.

So we cannot afford one-grain

wastage.

“Someone would say when last did you see a bag of onions.

In our own life time, we know that when the weather is cold, prices of onion would somehow go up but it has never gone up at the level it has gone up today.

“So, that is just one item, there are many items that are going off the shelves gradually and we are just sitting down comfortably for those of us that are in the cities- we do not know the crisis our brothers and sisters go through in the rural areas.”

According to him:”And to add salt to injury, they now have to face security challenges...they have to pay ransome to harvest their farms, they have to promise a portion of their harvests so that bandits and insurgents would allow them to go and harvest their farms.”

House Summons AuGF over $36.1m World Bank Loan Udora Orizu in Abuja

The House of Representatives Committee on Public Accounts yesterday summoned the Acting Auditor General of the Federation, Mr. Aghughu Adolphus, over $36.1million World Bank Assisted Fiscal Governance and Institution Projects to the office of the Auditor General of the Federation.

The committee Chaired by Hon. Wole Oke, gave the order at the resumed investigation of the World Bank Assisted loan, following the absence of the Acting Auditor General of the

Federation as the team led by a Deputy Director, Mr. Babalola Olanrewaju, could not explain to the parliament the rationale behind taking the loan in the first instance.

According to Oke, “We want to know what the loan was meant for before going to sign for it? What was your procurement plan before arriving at that figure? Or is it a reward? We need to know the programme plan how you want to utilise the loan. The Acting Auditor General of the Federation, we are aware of his journey but there is no need to hurry about it, let

him cause appearance before the committee on next week Tuesday to come and explain the rationale behind the loan and to provide other vital information about it.

“Let him come and brief us properly, it is a loan that will be paid back and the next ten years now, you will leave the service of the federation, your children and our children will be the one that will be repaying the loans to our creditors, that’s why the man himself has to come and explain to the parliament personally.

“We knew the efforts we made about getting to the root of the

loan, we knew how many battles we fought about it, the office of the Auditor General of the Federation is starved with funds, the place is under staffed, yet that huge amount is hanging somewhere, this not acceptable “The office of the Auditor General of the Federation is saddled with the responsibility of auditing all the Ministries Departments and Agencies (MDAs) of the federal government for accountability and to boost anti corruption crusade of the President Muhammadu Buhari.”

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WEDNESDAY DECEMBER 9, 2020 ˾ T H I S D AY

NEWSXTRA

Whenever Your Life is in Danger Shoot, IG Tells Policemen Benjamin Nworie in Abakaliki The Inspector General of Police (IG), Mr. Mohammed Adamu, yesterday advised the officers of the Ebonyi State Police Command to use their firearms whenever their lives are in danger.

The IG, who stated this at the command’s headquarters, Abakaliki, during when he embarked on a one-day working visit to the state, added that police officers were special breed of Nigerians charged with the responsibility of protecting lives and property of citizens of the country.

Adamu, who was not pleased with the number of deaths recorded by the police and the destruction of police stations during the last #EndSARS protests, stressed that such violent protests would never be allowed to happen again in the country.

He directed men and officers of the Nigerian Police to use maximum force to suppress any form of violent protests, following laid down rules of engagement.

He called on police officers not be demoralised following the negative impact that occasioned the #EndSARS protests as the police high command had put modalities in place to ensure improvement in the welfare of all serving and retired officers.

He said: “When your life is danger you, use your fire arm.

You are not meant to kill but

to maim. Shoot the suspect on the leg not on the heart. “#EndSARS protests created a lot of problems for the Nigerian Police and the country. This protest came as a result of what many people have yearning about. “The #EndSARS started as a result of fake news provided by the social media. There have been lots of reforms has been putting in place.

“The #EndSARS protests started from Delta, to Lagos and other parts of the country. The motive behind the protests was not endsars but attack on government.

Police provided them cover. Their aim was not peaceful protest as it turned violence few days after.

The reason was to attack the police that can protect the citizens and corporate offices in the country.

“Police has the capability to prevent loss of lives. We are meant to protect and not to destroy lives. It was through maximum restraint we saved the country from anarchy. We proved that during the protests, the police can be trusted.

“The president supported the police and the governor’s forum, saying that we love our police.

What happened because of attack on police, has the tendency for the police to be demoralised as banks, companies, private and public properties were destroyed.

“Other sectors were attacked; police was not only the worse hit.

Nigeria police will never again accept such type of violent protest.

If you want to protest we will

Terror-war: Military Seeks Information from North-east Residents Kingsley Nwezeh in Abuja The military high command yesterday sought more credible information from North-east residents to enable it contain insurgency.

Military authorities had raised issues with insufficient information on insurgents by local communities, whom out of fear, prefer to interact with insurgents and suppress intelligence on the movement and activities of terrorists.

Speaking at a recent media briefing in Abuja, Coordinator of the Directorate of Defence Media Operations (DDMO), Major General John Enenche, said the 43 farmers slaughtered by insurgents in Zabarmari in Borno State had attended a meeting called by the insurgents before their execution, a meeting which he said was not the first time.

This is coming as troops of Operation Fireball in collaboration with the Civilian Joint Task Force (JTF) yesterday killed four insurgents in Magumari Village in Borno State.

The update issued by the Acting Director, DDMO, Brigadier-General Bernard Onyeuko, urged North-east residents “to avail the troops with credible information that will help in the execution of the operation”.

It assured them of the military’s determination to

rout terrorists from the zone.

“The entire populace of the North-east region are hereby assured of the Nigerian military high command’s determination to finally rout the remnants of Boko Haram and the Islamic State’s West Africa Province criminals from their enclaves in this zone.

“They are also encouraged to avail the troops with credible information that will help in the execution of the operation,” it said.

The military update said following actionable intelligence on the activities terrorist group, Boko Haram, troops of 222 Battalion in conjunction with elements of Borno State Civilian Joint Task Force conducted an aggressive fighting patrol to the general area of Margumari village.

It said troops made contact and immediately engaged some marauding Boko Haram criminals lurking in the area.

“During the brief but decisive encounter, four Boko Haram criminals were neutralised while one FN Rifle, one AK 47 Rifle, two FN Rifle magazines and four AK 47 Rifle magazines were captured from the fleeing criminals.

“Additionally, 29 rounds of 7.62mm NATO ammunition, 39 rounds of 7.62mm special ammunition, two motorcycles, motorcycle repair tools and one Tecno phone were also captured,” it said.

provide security but it should be within the law.

“We shall suppress violent protests with maximum force and follow the rules of engagement.

Police officers are special breed of Nigerians specially trained. When your life is danger, you use your

firearm. You are meant to maim and not to kill that person.

“The officers that died did not die in vain. We have promoted them and look into the issue of compensation. Welfare issues will be addressed including myself.

We have health insurance scheme.

“In January, 2021, there will be renovation of barracks and new ones will be built. Let us not be demoralised. Follow the rules of engagement. Go out with the authority that backs you in line with the constitution.”

In his welcome address, the

state Commissioner of Police, Mr. Philip Sule Maku, stated that the command lost four police officers, 11 police structures, a total of 20 vehicles as 14 police officers sustained varying degrees of injury in the cause of the #EndSARS protests in the country.

BOOK PRESENTATION...

L-R: Book Presenter, Senator Uba Sani; Author, Mr. Omano Edigheji; Kaduna State Governor, Mallam Nasir el- Rufai; and wife, Ummi , during a book presentation titled: ‘Nigeria Democracy without Development How to Fix It’ in Abuja ... yesterday

FAAN Remits N2bn to Consolidated Revenue Account Chinedu Eze The Federal Airports Authority of Nigeria (FAAN) yesterday disclosed its revenues and expenses for the year 2020, revealing that it remitted N2billion into the Consolidated Revenue Fund (CRF) account between January and September 2020.

The Managing Director of FAAN, Captain Rabiu Yadudu, made this known when members of the House of Representatives Committee on Aviation visited the agency in Lagos, saying that the management operates in financially austere environment and therefore does not have any operating surplus currently.

Yadudu used the opportunity of the visit to appeal to the committee to expedite action on legislations that would help the

agency fast track its operations across the country’s airports, including exempting the agency from paying operating surplus to the government coffers.

“FAAN does not have operating surplus. However, between January and September 2020, the authority has remitted about N2 billion to the Consolidated Revenue Fund (CRF) account. The authority is also mindful of the National Assembly committees on Aviation in ensuring that FAAN is exempted from payment of operating surplus to the federal government.

Exception of FAAN will guarantee that the revenue generated by the airports is transparently reinvested wholly in operating and developing airport facilities in compliance with International Civil Aviation Organisation (ICAO) standards and recommended practices on

airport generated revenue,” he said.

According to the FAAN boss, as at September 30, 2020, the organisation generated a total of N30,084,235,670, during the nine months target set, out of which N27,967,455,341 was actual collection.

“From this amount, N17,610,732,427 was from Aeronautical source of revenue, N5,776,622,874 from non-aeronautical sources and N5,242,434,128 recovered from outstanding debts owed. From January to September 2020, the revenue target of Aeronautical source was N38,988, 439,354 and actual generation totaled N17,823,332,992 out of which N17,610,732,478 is actual collection giving a percentage performance of 98.81 on revenue collected over generated.

“The authority is shifting focus from Aeronautical sources of revenue to non-aeronautical,

FAAN is presently operating at only about 30 per cent of its preCOVID-17 capacity. The authority has set up a revenue task force to aggressively drive revenue, follow up on outstanding debts owed and explore all possible investment opportunities”, he said.

He called on the lawmakers to give accelerated attention to the agency’s budget saying, “The 2021 IGR budget was submitted to the committee for consideration, we believe that early consideration and passage will enable achieve better in 2021.”

Yadudu explained that Nigeria is expected to be a hub in West/Central Africa sub-region, but this could only be met through more funding for provision of modern infrastructure and technology.

Fayemi: Without Development, It will Be Difficult to Sustain Democracy Alex Enumah in Abuja Ekiti State Governor, Dr. Kayode Fayemi, yesterday said without development, it would be difficult to sustain democracy.

Fayemi spoke in Abuja at the launch of the book “Nigeria Democracy without Development: How to Fix It”, only development can drive democracy.

He in an environment where there is poverty and lack of consensus, it will be difficult to really talk about democracy.

Represented by Senator Olubunmi Adetunmbi, the Ekiti governor said democracy could only be sustained by people who are happy.

He said: “I think in my view, development will deliver democracy and not the other way round because in an environment where

you have poverty, lack of consensus, vision for the people and nation, it is difficult to rarely talk about democracy.

“Without development, it is difficult to sustain democracy because democracy presupposes that people are interested in enforcing freedom and participation in governance through contribution of representation. But how do you do this while majority of the people are not even able to put food on their table.

“Democracy can only be sustained by people who are happy, who can foresee a future for themselves and their children’s future.

“And because of the current stability they enjoy, they want to use the instrument of democracy to sustain that.

“I hold the view that to have

a democratic state, we first and foremost must succeed as developmental state because it is when we get rid of poverty, illiteracy and insurgency that you can talk of democracy.

“It is only when these human calamities are taken away from a polity of a geographical location, that is the only time you can say that democracy can work.

“Unfortunately, we believe that democracy in our country will lead to development, and that has been the state of Nigeria since independence.

Fayemi urged the Federal Government to invest more time towards solving the nation’s developmental deficit.

“That is why I believe that any government, including the current government needs to invest more time, more thinking and

will bring all hands on deck so that we can solve the problem of developmental deficits,” he added.

Governor Nasiru El-Rufai in his short remarks, said it is a paradox to have democracy without significant progress.

He said, “I think it is a book that tries to explain a paradox on how you could have democracy but without significant progress.

“Most of the countries that we have seen register significant progress moving from low income to middle income in the last 59 years are states that have practiced this.

What the author, Dr. Omano Edigheji, has done is to articulate this argument for development to drive democracy and everything else in a compact written in this book.”

WEDNESDAY DECEMBER 9, 2020 ˾ T H I S D AY

46

24 HOURS...

24 HOURS...

Senate Considers Bill to Blacklist Loan Defaulters Chuks Okocha in Abuja The Senate yesterday considered a bill seeking to improve credit repayment culture, reduce nonperforming loans in the banking sector, streamline loan recovery watch-list consistent loan defaulters with the view to track and blacklist them.

The bill which scaled second reading was referred by the Deputy Senate President, Ovie Omo-Agege, who presided over plenary, to the Committee on Banking, Insurance and Other Financial Institutions for further legislative work.

Sponsor of the piece of legislation, Senator Mohammed Sani Musa (APC – Niger East), in his lead debate noted that “the core of the financial system of any country are the commercial banks, because they have the potential to apply the full weight of their credit facilities for the development and growth of the country’s economy.”

According to the lawmaker, “credit is seen as the blood stream of the banking business”, adding that, “the situation in Nigeria demands an injection of a healthy bank credit and recovery system that will effectively fasten the pace of growth.”

Musa, however, explained that the need for the introduction of the bill was intended to insulate commercial banks and financial institutions from “bad borrowers” that constantly default on loan repayment.

“Before the deregulation of our banking system, the ability of our banks to recover loans has been the bedrock behind the collapse of many commercial banks with a dire consequence to many innocent account holders, which have resulted in collapse of their businesses, loss of savings and even death.

“In many instances, most economies have consequently experienced high level and increasing rates of unemployment as a result of such negligence’s of the credit system.

“Today, the situation in Nigeria has become very serious and seemingly intractable and thereby frustrate our effort as a nation toward private driven economy as well as economic diversification and growth.

“In light of the above, there is only one obvious option left for any country where policy measures failed, which is to urgently enact legislation that will address the problems once

and for all,” the lawmaker said.

Meanwhile, the Upper Chamber also yesterday considered two bills seeking to establish the Nigerian French Language Village; and the Federal University of Ankpa, Kogi State.

Both bills which scaled second reading are sponsored

by Senator Olamilekan Solomon

Adeola (APC – Lagos West); and Senator Jibrin Isah (APC – Kogi East).

Leading debate for the establishment of the Nigeria French Language Village, sponsor of the bill, Senator Adeola noted that the village provides the mandatory year-long Language

Immersion Programme for all undergraduates of French Language Studies in Nigerian Universities and Colleges of Education.

According to him, the village which has been an active teaching, research, learning, immersion and acculturation Centre, will

receive legal backing with the passage of the bill into law by the National Assembly.

The Deputy Senate President, Ovie Omo-Agege, after both bills were considered by the Upper Chamber, referred them to the Committee on Tertiary Institutions and TETFUND for further legislative work.

GIVING BACK TO THE COMMUNITY...

L-R: Paramount Ruler of Yewaland, Oba Kehinde Olugbenle; Chairman, Nigeria Deposit Insurance Corporation, Mrs. Ronke Sokefun; Representative of the Special Guest of Honour, Senator Ibikunle Amosun; Ambassador-Designate, Mr. Sharafa Ishola; and Senator Felix Kola Bajomo, during the inauguration of the 200-seater ICT Centre donated by Sokefun to the Comprehensive High School, Ayetoro …

Monday

Senate Moves to Amend Medical and Dental 2023: Rotation of Presidency Law Divisive, Says Olawepo-Hashim Practitioners statutory provisions for such Services, Sir Samuel Manuwa for further legislative work.

The Senate has began the process Emmanuel Addeh in Abuja

A presidential candidate in the 2019 general elections and businessman, Mr. Gbenga Olawepo-Hashim, has said that rotation of the presidency in 2023 would further divide the country.

Olawepo-Hashim argued that what the country needs is a good leader from any region, who is prepared and capable of promoting the socio-economic development of the country, rather than on the basis of zoning.

According to the businessman, those who want power must construct a national platform and build national consensus through the programmes.

In a statement in Abuja, the Kwara-born politician said that Nigeria needs a president that will unite the country, secure it and transform its economy from an under-developed economy to a modern, productive one.

He maintained that the election of the next president should not be based on tribe, religion or region, but on an ability to support the all-round social and economic development of Nigeria.

He added that whoever will emerge must be able to provide sustainable employment opportunities for Nigeria’s massively unemployed youths.

“Nigerians from everywhere in the country are always ready to vote for a good president when they see one. Without any zoning in 1993, the late Chief Moshood Abiola got votes from Kano against Alhaji Bashir Tofa, his main opponent, who hails from Kano,” he maintained He also recalled that in 1999 despite the fact that President Olusegun Obasanjo’s home base, the southwest, did not vote for him, he still became president, based on of votes from the six regions.

“The talk of zoning of the

presidency is therefore, a false narrative, divisive and inimical to national development,” he stressed.

Olawepo-Hashim posited that the notion of “ it is our turn” will make leaders not to be accountable for their actions since when they are questioned, their ethnic base and constituents would gather to defend them.

He added: “This phenomenon is dangerous for national unity, cohesion and national development, and more importantly, rotating the presidency is a pedestrian diversion from the current subject of devolution and decentralisation of power from the over centralised centre to the federating states in Nigeria.

“Nigeria would not just become a just and equitable federation, simply because a southerner is exercising the over-bloated power at the centre.

“It will be more equitable and efficient when the powers are devolved more to the states, regardless of who occupies the office of the president.

“Most of the people talking of how Obasanjo, a southerner became president in 1999, were not there in the PDP. They are over-simplifying issues. I was one of the conveners of the PDP in 1998.

“I know the proper context for what was done. It was not as if other people from other zones did not contest against Obasanjo. Alhaji Abubakar Rimi contested against him in 1999 from Kano; also Dr. Alex Ekwueme.

“In 2003, Chief Barnabas Gemade from the north contested against President Obasanjo, ditto for Buhari in 2015. Chief Rochas Okorocha from the southeast contested against him.

of amending the Medical and Dental Practitioners Act which was last amended 28 years ago, with the introduction of the Medical and Dental Practitioners Bill 2020, presently before the Upper Chamber.

The piece of legislation which scaled second reading on the floor during plenary on Tuesday seeks to review the legal framework for the regulation of Medicine and Dentistry in Nigeria.

Sponsor of the bill, Senator Ibrahim Yahaya Oloriegbe (APC – Kwara Central), while leading debate on the bill, recalled that the Medical and Dental Practitioners Act M8 Laws of the Federation of Nigeria 2004, was enacted in the Military administration in 1998.

According to the lawmaker, since 1998 the Act was amended by the same military administration in 1991 and 1992.

“The regulation of Physicians and Dental Surgeons in Nigeria historically preceded indigenous

functions.

“The regulation started from pre-colonial administration (1472 to 1789). This was followed by the establishment of the West African Medical Service which originated from the Royal West African Frontier Force, WAFF 1902.

“The actual regulation of the conduct of medical and dental practitioners started in Nigerian with the establishment of the Medical Practitioners Disciplinary Board in the Colonial Department of Health for the medical personnel whose names were on the register of the General Medical Council in England.

“The Director or Medical Services, was its Chairman. This was the position of statutory regulation of the professions of medicine and dentistry until independence in 1960.

“Indeed, indigenous statutory provisions came into being through the efforts of the first Nigerian Inspector of Medical

which culminated in the promulgation by the Federal Parliament of the Medical and Dental Practitioners Act which became operational from 18 December 1963.

“This law established the Nigerian Medical Council, the first regulatory body for Medicine and Dentistry in Nigeria. The Nigerian Medical Council was succeeded by the Medical and Dental Council of Nigeria, a statutory creations of the Military Decree No 23 of 1988, now Cap M8 LFN 2004.

“Since 1992, precisely 28 years ago, when it was amended, several attempts were made by the stakeholders to review the legal framework but non of the attempts have succeeded,” Oloriegbe said.

The bill after consideration was referred by the Deputy Senate President, Ovie Omo-Agege, who presided over Tuesday’s plenary, to the Committee on Health (Secondary and Tertiary)

In a related development, the Senate has considered a bill to boost infrastructural development in rural communities through the establishment of an Agency with the function of fostering environmental and ecological sustainability.

The Bill which is titled: National Integrated Community Development Agency Bill, 2020, is sponsored by Senator Stella Oduah (PDP – Anambra South).

Leading debate on the bill, Oduah noted that over twothirds of Nigeria’s population reside in rural areas, adding that, “poverty in the country is wearing a rural face.”

According to the lawmaker, statistics show that from 28.3 percent in 1980, poverty among the country’s rural population which grew to 51.4 percent in 1985, increased to 69.8 percent in 1996.

Maina’s N3bn Net Worth Companies Didn’t Engage in Any Business, Says Witness Kingsley Nwezeh in Abuja The ninth prosecution witness (PW9), Rouqayyah Ibrahim, a detective with the Economic and Financial Crimes Commission (EFCC), yesterday December 8, continued her testimony before Justice Okong Abang of the Federal High Court, Abuja, revealing how former chairman of the Pension Reform Task Team, Abdulrasheed Maina, received diverted funds in dollars even while he was a fugitive in Dubai, and operated companies with N3 billion net worth that engaged in nothing.

“We discovered that some

of the funds, of which over 90 per cent were cash payment and deposits into the accounts were withdrawn in cash and laundered by the defendant. Some of these funds were converted to dollars and handed over to the defendant even while he had absconded to Dubai”, the witness said.

The witness also disclosed that the defendant purchased two houses in Abuja, at the cost of $3.4 million, one in Jabi, in the name of Common Input for $2million cash from one Adamu Modibbo (now late), using his account officer, Khalid Biu to pay.

The other, she disclosed was purchased in the name of one

Dr. Abdullahi Faisal at the cost of $1.4million also paid in cash in the name of Khalid Biu. “To be able to understand what really happened, we carried out a discreet investigation on the defendant, the reason for this, was to determine if the defendant or his associates companies had concealed incomes that were not accounted for and to determine if the defendant was benefitting or receiving money from that concealed income”, she said.

Through the investigations, the EFCC, she said, discovered that Maina’s net worth ran contrary to his declared assets.

“We were able to established

that the defendant while being the Chairman of Pension Reform Task Team, recruited staff of the Head of Service, whereby he requested them to provide accounts, some personal, some corporate, including persons who were not staff of the Head of Service and money was paid into the accounts for non-existent biometric contracts, non-existent collective allowances and other illegal payments, which were later withdrawn by the individuals after converting the sums to foreign currency before handing the monies over to Maina,” she said.

47

Ëœ Î Ëœ ͺ͸ͺ͸ Ëž T H I S D AY

WEDNESDAYSPORTS NWFL Partners UN Women as Amazons, FC Robo Kick Off New Season

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

Duro Ikhazuagbe As the 2020/2021 Nigeria Women Football League (NWFL) Premier League season kicks off today with the opening game between Nasarawa Amazons and FC Robo of Lagos at the Lafia Township Stadium, history will be made as the country’s women’s game partners the United Nations Women.

It is the first of its kind in the history of Nigerian football.

The UN is using the NWFL platform to drive its #SafeHome Campaign.

The platform will enable the Nigeria Football Federation and UN Women to advance issues pertaining women’s rights and gender equality in football and sports, and also to harness the influence of footballers to address prevention of violence against women and girls.

The UN Women Country Representative, Ms. Comfort Lamptey, and her team are

expected to be present at this historic, groundbreaking event in Lafia, Nasarawa State.

The new season starting today with a total of eight fixtures spread across the country is a straight league format that would see robust action for 26 weeks with a total 182 matches.

The eventual champion and runners up, will qualify to represent Nigeria in the inaugural CAF Women Champions League.

The fixture in Lafia between Amazons and Robo is a replay of the 2018 edition that ended goalless.

The host team under the watch of Falconets coach, Christopher Danjuma will be going into the match today without their ever-reliable forward, Anam Imo, who moved to Rosengard of Sweden. Imo is currently on loan at Pitea, another Swedish outfit.

FC Robo too are going to be without the presence of their Captain Rasheedat Ajibade, a

one-time joint-top scorer of the NWFL Premier League who took her trade to Norway’s Avaldsnes in search of greener pastures.

Another star also missing from the FC Robo line up today is Chidinma Okeke who is now with Real Madrid CFF in the Spanish topflight.

With so much support from the Nasarawa State government, and the experience of Coach Danjuma, the Amazons will definitely want to hit ground running in this opener at home.

However, wether the visitors from Lagos will want to give up easily in this all important opening game remains to be seen.

Their coach, Emmanuel Osahon, is a great grassroots tactician. He must have replaced both Ajibode and Okeke with players worthy to put on the blue and white colors of FC Robo.

The bench of both teams may turn out the ultimate decider of this clash in Lafia this afternoon.

Rohr Thumbs up Real Madrid Academy in Port Harcourt

Insists facilities good enough to rival big clubs in Europe Super Eagles’ Head Coach, Gernot Rohr, has said that the Real Madrid Academy in Port Harcourt can be compared with any of the best academies across the world.

Rohr, who showered encomiums on the structures, intentions, and executions made so far on the prestigious academy, stated this at the weekend when he inspected the facility.

After a comprehensive tour around the four different blocks of the Academy situated in the same surroundings as the Yakubu Gowon Stadium, Elekahia, Port Harcourt, Rohr could not hold back his admiration for the project and the facilitator, Governor Nyesom Wike.

Rohr who was conducted round the facility by the Special Adviser to Governor Wike on the Real Madrid Academy, Barrister Chris Green, had in company Nigeria Football Federation (NFF) Technical Director Austin Eguavoen and Super Eagles’ Team Secretary, Dayo Enebi Achor.

According to him, “The infrastructures are high level, it’s like in Europe and you

can compare with one of the best academies in Europe like they have in Spain; Madrid, Barcelona and Valencia or in France in Paris (PSG) and in Germany in Bayern Munich. “I think they (Real Madrid Academy, Port Harcourt) are ready to start this programme with these wonderful structures and also with the good pitch.

It will be very interesting to see what they can do. “I think the Governor has done great work and now they have to select the best players and bring some good players in a few years to the future,� said the 67-year old expatriate coach.

Aside from the outdoor facilities comprising of a football pitch and well-constructed swimming pool among others; Green took Rohr and his contingent round the academic blocks which house classrooms, staff rooms, student hostels, ICT rooms, Biology, Physics and Chemistry laboratories, Dining Halls and other meticulous provisions provided for in the well thought out structure.

Rohr specifically expressed delight in the academic aspect of the Real Madrid Academy.

Man Utd Knocked out Champions League Manchester United’s season suffered a huge blow as a 3-2 defeat at German side RB Leipzig knocked them out of the Champions League.

Needing just a draw to progress to the last 16, Ole Gunnar Solskjaer’s side conceded twice inside 13 minutes to leave their hopes in tatters before RB Leipzig added what ultimately turned out to be the killer third with 20 minutes left.

United staged their now customary second-half fightback thanks to a Bruno Fernandes penalty and Harry Maguire header, but ultimately fell short.

RESULTS Chelsea 1-1 Krasnodar Rennes 1-3 Sevilla Lazio 2-2 Club Brugge Zenit 1-2 Dortmund Barca 0-3 Juventus Dynamo 1-0 Ferencvaros PSG v Basaksehir (Aban.)

Leipzig 3-2 Man Utd TODAY B’Munich v Lokomotiv Salzburg v Atletico Inter Milan v Shakhtar R’Madrid v Mo’gladbach Man City v Marseille Olympiacos v Porto *Ajax v Atalanta *Midtjylland v Liverpool (All matches 9pm except * @6:55pm)

L-R: Super Eagles’ Head Coach, Gernot Rohr; Special Adviser to Rivers State Governor on Real Madrid Academy, Barrister Christopher Green and Nigeria Football Federation (NFF) Technical Director, Austin Eguavoen during Rohr’s tour of the facilities in Port Harcourt... last weekend

Nigeria Cricket Federation Unveils New Sri Lankan Head Coach In the quest to grow the sport to meet global standard, the Nigeria Cricket Federation (NCF) has unveiled a Sri Lankan, Asanka Gurusinha as the New Head Coach and High Performance Manager of cricket in the country.

Gurusinha was picked ahead of 32 other top coaches who applied for the Nigeria’s top job.

Speaking shortly after he was unveiled at the Media Centre of the MKO Abiola Stadium in Abuja yesterday

by Maria Whophil, a Deputy Director with the Ministry of Youth and Sports Development, Gurusinha admitted that the interview session was the most

thorough and rigorous since his coaching career. “I am very excited to take up this job and I am really looking forward to the best we can achieve with the level of enthusiasm, talent and support that the Nigerian Cricket Federation has shown,� stressed the top coach whose switch to Nigeria trended on the social media platform globally yesterday.

Whophil, who represented the Minister of Youth and Sports Development, Mr Sunday Dare, at the event said Sports Ministry was full of commendations for the board of the Nigeria Cricket Federation, stressing that their

vision and dedication to duty since they were sworn in was second to none. “Since a little over three years that this board came into office, we have seen their passion and vision to grow the game, especially their interest in grassroots development.

This drive tallies with the direction of the Ministry which explains “why we have been giving the much needed support to your programmes. “The unveiling of Asanka Gurusinha today was a tedious process, and we are glad that it came through. “I want to implore all stakeholders, especially sponsors,

partners and supporters of the game of cricket to rally behind the board and Asanka to make sure we make a success of this process,� She noted.

President of the NCF, Professor Yahaya Ukwenya, said the hiring of Gurusinha was very deliberate and is a key agenda of his board’s five strategic imperatives. “We have been promoting the game at all levels; upgrading Infrastructures; engaging strategic partnership; improving the quality of players and officials and maintaining appropriate governance and finance structures as our key goals for this administration.

Pinnick Presents Mini-stadium, Volleyball Court to Hussey College President of the Nigeria Football Federation, Mr Amaju Melvin Pinnick signed off his 50th birthday celebrations in grand style at the weekend with the presentation of a brand new football pitch (complete with a 250-seater pavilion), a volleyball court, and two blocks of classrooms to his Alma Mater, Hussey Model College, Warri, Delta State.

Speaking on the reason for the donation of the sports facilities, Pinnick stated that it is a move to resurrect the glory days of

the institution which saw it produce great football stars who had stints with the national teams, and also to encourage the discovery of new talents. “Hussey College is known to have produced a high number of players for the various Nigeria National Teams in the past but that trend has long ended and the donation and presentation of these facilities is to bring that tradition back. “I believe proper education goes hand-in-hand with the development of sports in schools,

and that is the reason we have seen school sports help change the lives of so many people,�

Pinnick stated.

Also speaking, Delta State Governor, Dr Ifeanyi Okowa, who was represented by his Chief of Staff, Olorogun David Edevbie, commended the gesture

by Brownhill Foundation and also charged the school to put the facilities into good use and ensure properly maintenance. “This is a very good gesture and I must commend Mr Pinnick and his Foundation

for this laudable project. A lot of people don’t understand what sports have become. In the more developed nations, sport is seen as big business.

I believe it is not only Hussey College that will benefit from this project; the whole of Delta State will,� Edevbie posited.

Chairman of the Old Students Association of Hussey College, Emmanuel Ogidi also joined in the commendations whilst encouraging the students to ensure they protect and help maintain the facilities.

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Wednesday December 9, 2020

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Buhari to ASUU “Lecturers had not taken into consideration the larger challenges facing the country. Government conceded something. The problem is that they refused to look at the problem of the whole country” – President Buhari expressing displeasure over the ongoing strike by members of the Academic Staff Union of Universities.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

To Be Accountable on Security

A

ccountability in matters of security will be brought to the fore again tomorrow when President Muhammadu Buhari addresses a joint session of the National Assembly.

The situation of the country warrants the sombre request from the House of Representatives to which the President has appropriately responded.

It appeared there was a synchrony of purpose as tomorrow’s address was preceded yesterday by a meeting of the President and the governors with security on the agenda.

The governors had met earlier with security as a top item on their agenda.

Nothing less should, of course, be expected in the circumstance.

The grave moment in the nation therefore provides a great opportunity for a critical and honest review of things before they degenerate further going by the trends.

That’s why those who initially objected to the invitation of the legislators to the President seemed to have missed the point.

Even up till yesterday, some politicians still insisted that the NASS should have sent a delegation to Aso Rock for a “confidential briefing” because security is the subject.

Certainly, no one expects the President to be revealing operational details or intelligence stuffs in his address. Tomorrow’s meeting is, of course, not in the mould of the meeting of the National Security Council.

However, there should be no excuse for those in charge of defence and security not be accountable. At the level of policies and general direction, security is a matter for vigorous discussion and examination.

After all, during elections politicians present their agenda on security as contained in their manifestoes. If promises on security could be made publicly, those having the constitutional mandate of ensuring security should also be held accountable publicly.

In mature liberal democracies, defence review is always a matter intense policy debate. Non-military experts and other interest groups are often involved in the process. It was in this tradition that the Nigeria’s National Security Strategy (NSS) was put together. And rightly so.

The document prepared by the office of the National Security Adviser (NSA) has received some spirited reviews.

In a period of worsening insecurity, all eyes would rightly be on the commanderin-chief. Yes, universally military and security chiefs do not openly discuss their operations for obvious tactical reasons.

However, the strategic direction and goals of a nation (especially one that is bedevilled with insecurity of Nigeria’s magnitude) should be a matter of public discourse.

The national parliament is therefore a suitable venue. Even countries that are military powers and in which the security questions have a huge external component, the strategic direction and reviews are matters of public interest.

The essence is to determine whether the national purpose is being served.

There is, therefore, no basis for mystifying

Buhari security and defence when it comes making officials accountable especially in a period of rising insecurity.

The constitution makes security a primary duty of government. It is not asking for too much to hold the government to account on this score.

Members of the public do not have to be privy to technical details to be concerned about the lack of adequate coordination among the 27 defence and security agencies and departments. The Nigerian defence and security systems are notorious for inter-agency mistrust and needless rivalry.

Sometimes they engage one another in combat instead of fighting the criminals. It is even more worrisome when disharmony is reported at the highest level.

For instance, recent reports of bandits compelling farmers to pay levies for access to their farms makes the whole security question more urgent. Perhaps, nothing could be more lethal than a combination of food insecurity and physical insecurity.

Experts are predicting starvation as the possible fate of millions if the reign of bandits continues unchecked. Now, it it is alleged that some of the bandits are non-Nigerians strolling through the borders armed. Whatever happened to the coordination of the police with SSS, immigration and customs? For it is highly distressing that communities could be so cheaply and routinely invaded by bandits. Were there any intelligence reports on the free movement of the bandits in the markets and farms of the north

There is no basis for mystifying security and defence when it comes to making officials accountable especially in a period of rising insecurity

west or kidnappers and armed robbers in the south? The helplessness of those so brutally attacked cannot be rationalised under any guise by the officialdom. If some of the bandits are foreigners, how did they pass through the “closed” borders with sophisticated weapons? The gory reports are further complicating the matter. What’s happening to the security at the nation’s borders? It is scary to contemplate that some parts of the country could be turned into ungoverned spaces.

The President could address these among other general issues without putting the defence and security system at any risk.

After all, the role of the commander-in-chief is to inspire the agencies and boost the public confidence in them to perform the task at hand. The commander-in -chief as the overall coordinator on security should be assuring the public that there is enough coordination among those in charge So by responding to the invitation from House of Representatives, Buhari is only honouring a time-honoured institution.

It would be helpful if all the institutions are kept alive and the dormant ones are awoken to fulfil their purpose. One of such institutions is the Nigeria Police Council established by the constitution.

It is relevant in this situation because the challenge at hand is that of internal security, which is the duty of the police.

Members of the council are the President, who is the chairman; the state governors; the chairman of the Police Service Commission (PSC); and the InspectorGeneral of Police.

The council is responsible for “the organisation and administration” as well as the “general supervision” of the police. This function, of course, excludes operational and management matters of the police. Significantly, the council has the job of “advising the President on the appointment of the Inspector-General of Police.”

So the situation of the governors as chief security officers of their respective states may not be as helpless as it is being generally presented by the governors and perceived by the public. That is if this forum created by the constitution is made to function properly.

Again, it is a matter of accountability.

Why has the council not been meeting regularly in view of the huge security tasks assigned to it by the constitution?

Meanwhile, no one has offered the public any explanation about the operation (or lack of operation) of the council.

In fact, the council ought to be meeting more frequently at this time so that governors could influence things more in respect of policing. It is not enough for the governors to wring their hands on matters of policing. It is not for nothing that the constitution created the Nigeria Police Council.

The point at issue here is that while the clamour for state police gathers momentum, governors should also look at the openings in the system as it is now to bolster their capacity for governance. The governors should not wait for the constitutional review that could produce state police before

optimising the existing institutional resources in tackling rising insecurity.

In other words, yesterday’s meeting should be a routine one on proper policing for the purpose of internal security. It should not be an occasional one at the request of the governors. Intriguingly, the governors even thanked the President for granting their request for the meeting “at a very short notice.”

The governors have a huge responsibility as the immediate authorities to whom the people could turn in matters of security.

Governor Babagana Zulum of Borno State has been putting himself in the harm’s way to give exemplary leadership in the face of terrorist attacks.

Hence the governors should take it as matter responsibility to look at the limited powers they have in the constitution in respect of police. Policing is so crucial to finding a solution to the problem of insecurity at present. In any case, the governors are not members of the National Security Council. The governors preside over the security councils in their respective states. The heads of defence and security formations and agencies located in the states are members of the security councils.

Doubtless, some of the killings taking place daily the country constitutes a categorical challenge not only to the police, but the whole of the justice sector.

Whether the killing is done by bandits, or armed robbers, a credible system should be able to account for every life lost and ensure that justice is done. It is the least expected from a social order with integrity.

It would be useful for the various security agencies to draw lessons from the recent round of violence.

The abandonment of the culture of accountability is surely a part of the problem.

Buhari has a good opportunity tomorrow to put accountability on display as he addresses the obvious problem. Lawlessness reigns supreme in the land. Human lives have been reduced to mere statistics. There are headlines about casualties, but there is hardly any report of those arrested and prosecuted for the mass murders of farmers and villagers’ There is, therefore, no basis for mystifying security and defence when it comes making officials accountable especially in a period of rising insecurity in the land.

Public accountability requires that the police should explain to the nation what is being done about mass killings. The true nature of the crisis has hardly been unravelled. Some well informed persons have suggested that some foreign terrorists might have invaded Nigeria. Who are these invaders? How are they armed? What is their mission? These are questions for which the public expects answers from those in charge of security in the spirit of democratic accountability.

In a sense, the President’s meeting with the governors yesterday and tomorrow’s proposed speech at the National Assembly should be the beginning of a new approach to solving the problem. There should be more of such engagements and national coordination in this climate of insecurity.

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