MONDAY 1ST APRIL2024

Obaseki, Oborevwori, Yahaya, Ododo, Others Felicitate Christians at Easter

Chuks Okocha in Abuja

Motivated by the outcome of the recent presidential election in Senegal, which produced 44-year-old Bassirou Diomaye Faye as president of that country, former Vice President Atiku Abubakar, has called on opposition political parties in Nigeria to learn from

Remi Tinubu: Getting Nigeria Back on Track is Responsibility of All

Says result of her husband’s programmes are beginning to show

Deji Elumoye in Abuja

Wife of the president, Senator Oluremi Tinubu, has declared that the task of getting Nigeria back on track is a collective responsibility.

Speaking at the weekend at an Iftar she hosted at State House, Abuja, the first lady expressed optimism that the country will be greater. She stated, “Mr. President will do all it takes to make the nation better, that even when we leave here, we will go back to a better Nigeria. “We all have tasks to do to get this nation back on track.”

were on track, and the results were beginning to show.

Mrs Tinubu noted that the various programmes being implemented by the president

Earlier in her remarks, the wife of the vice president, Nana Shettima, urged women to be one another’s keeper. She pointed out that governance was a collective responsibility and urged women to remember the country in their prayers,

especially in these last 10 days of Ramadan.

On her part, the guest lecturer, Professor Rafatu Abdul’Hammed of the University of Abuja, advised women not to forget all they learnt during the Ramadan, saying they should continue in that line.

According to her, living in love, piety, humility and

tolerance will enhance the lives of Nigerians.

Prayers were thereafter offered for the country, President Bola Tinubu, and the world.

Those that attended the Iftar included former first ladies, female justices, wives of governors, female ministers, wives of ministers, and wives of service chiefs.

AT 39.84%, NIGERIA’S STOCK MARKET OFFERS NEAR BEST INVESTORS’ RETURN IN AFRICA

challenges.

Specifically, the NGX ASI, an indicator used to measure the performance of listed firms on the exchange, opened the year at 74,773.77 basis points, implying an increase of 39.84 per cent, to close March 28, 2024 at 104,562.06 basis points.

In Q1, 2023, the overall market performance measured by NGX ASI rose by 5.11 per cent to close at 54,232.34 basis points.

In the period under review, NGX Alternative Securities Market (ASeM) Index gained 135.25 per cent YtD to emerge as the best performing index, followed by NGX Industrial Goods Index, which rose by 78.49 per cent YtD to close Q1, 2024 at 4,28441.20 basis points.

The NGX Banking Index and NGX Insurance Index appreciated by 14.76 per cent and 26.20 per cent YTD, respectively. The NGX

Since the beginning of 2024, the stock market had witnessed an unprecedented rally and increased buying interest, especially in the industrial goods, financial services, and consumer sub-sectors, which continued to trigger massive bargain hunting in large company shares.

Consumer Goods Index also rose by 43.66 per cent YtD to close March 28, 2024 at 1,610.80 basis points.

These pushed the key performance indices and stimulated activities in the market, a development that led to the rating of the stock market as the second bestperforming in Africa, behind the Zimbabwean exchange.

As of the close of trading March 2024, market capitalisation stood at N59.12 trillion, representing an increase of N18.2 trillion or 44.49 per cent from N40.918 trillion it opened for trading this year.

The monthly breakdown of market capitalisation revealed that the stock market in January 2024 gained N14.44 trillion in market capitalisation, while in February, the stock market capitalisation dropped by N650.5 billion, amid corporate earnings by listed companies, as investors divested into the Treasury Bills (T-bills) market.

In addition, the market capitalisation added N4.41 trillion amid mixed corporate earnings by listed companies.

Capital market analysts stated that the stock market performance in Q1, 2024 was against the backdrop of

OBASEKI, OBOREVWORI, YAHAYA, ODODO, OTHERS FELICITATE CHRISTIANS AT EASTER

More Nigerian leaders, yesterday, celebrated the Easter with Christians and advised them to apply the essence of the occasion as lessons for the country.

Edo State Governor, Mr. Godwin Obaseki, urged Christians to reflect on the lessons of Easter celebration, saying they should not lose hope amid the economic headwinds in the country.

Obaseki, in his Easter message in commemoration of the resurrection of Jesus Christ, stated, “I heartily felicitate with our Christian faithful as we commemorate the death and resurrection of our Lord Jesus Christ.

“Easter is a time for reflection, love, sacrifice, renewal and hope. I urge that we use this opportunity to ponder on the lessons and purpose of the celebration and renew our resolve towards achieving a more progressive and prosperous Nigeria.

“As a people, we may have been stretched beyond limits, occasioned by the high cost of living and other economic headwinds, but we must not lose hope. Working together in unity, we can overcome these challenges and place our country on the path of sustainable growth and development.”

Delta State Governor Sheriff Oborevwori also urged Deltans and other Nigerians to show love to one another and be willing to make sacrifices for the greater unity, peace and progress of the country.

Oborevwori, in his Easter message signed by his Chief Press Secretary, Sir Festus Ahon, urged Deltans and Nigerians, in general, to use the Easter season to soberly reflect on what they needed to do as a people in order to guarantee peaceful co-existence, while working towards a better future for all Nigerians.

The statement said, “As Christians, we must reflect on the import of Easter celebrations in our dealings, not only with other Christians, but with people of other faiths and convictions.

“We must eschew bitterness and all forms of violence, because the progress, peace and security of the nation rest squarely on good neighbourliness and peaceful co-existence among Nigerians.”

On his part, Chairman of Northern States Governors'

Forum and Governor of Gombe State, Alhaji Muhammadu Inuwa Yahaya, called for prayers for sustained peace and stability in Gombe State, the northern region, and Nigeria, as a whole.

Yahaya emphasised the significance of unity, brotherhood, and service to God and humanity during and beyond the Easter period.

The governor, who highlighted the essence of Easter as symbolising love, sacrifice, and the triumph of good over evil, urged Christians to reflect on these core principles and integrate them into their daily lives.

He stated, "I extend warm congratulations to our Christian brethren for completing the Lenten Season and celebrating Easter. We are grateful to the Almighty for granting you the strength to go through this significant spiritual journey.

“May the blessings of this period rejuvenate our nation and steer us towards lasting peace, progress and prosperity."

The governor expressed optimism in overcoming prevailing socio-economic and security challenges in the country through collective effort and divine intervention.

Kogi State Governor Usman Ododo urged the people to remain united and resilient in the face of economic challenges.

In a press statement by his Special Adviser on Media, Ismaila Isah, Ododo stated that the promises of renewal and hope associated with Easter would usher in greater prosperity for the people of the state.

He said, "As we gather in families and communities across the state to celebrate Easter, let us dwell on the values of renewal, hope, and unity that define us as citizens of one state.

“Just as the resurrection of Jesus Christ symbolises new beginnings and the triumph of light over darkness, let us embrace the opportunity to renew our commitment to building a brighter future for our beloved state, as exemplified by the Renewed Hope Agenda of President Bola Ahmed Tinubu (GCFR)."

Presidential candidate of Labour Party (LP) in 2023, Peter Obi, celebrated Easter with inmates and admonished them not to feel isolated and finished because, according to him, everyone in Nigeria was in prison and sought the

face of God for freedom and redemption.

In a statement by Chief Spokesman of the Obi/ Datti Presidential Campaign, Dr Yunusa Tanko, said Obi celebrated the Easter mass with prisoners at the Correctional Centre in Onitsha, Anambra State.

He told the prisoners that from the day’s reading, Mary Magdalene, who was the first to discover the resurrected Christ, was once unholy but she was reformed and privileged to discover the rising of Christ even before the Apostles.

"What that means is that being in prison is not the end of life, as they could get corrected and enjoy salvation even before the so-called free people," he said.

During the dancing and praises, Obi discovered a little child of about one year six months, Musochukwu Ejiofor, whose mother was serving in the prison following a N250, 000 business deal that went wrong.

Obi carried the child, who was also in dancing attire like the mother, and celebrated with them and their cultural groups.

Nigerian Southern Senators Forum, in a goodwill message jointly signed by the chairman, Senator Mukhail Adetokunbo Abiru, and the publicity secretary, Senator Asuquo Ekpenyong, said Easter was a time of reflection, renewal, and rejoicing.

The federal lawmakers also commended Tinubu and President of the Senate, Godswill Akpabio, for their efforts at galvanising the country's economy for national development.

They stated, "In the spirit of this joyous occasion, let us embrace the values of unity, compassion, sacrifice and solidarity.

"Let us reach out to our fellow citizens with kindness, understanding, and empathy, especially during these challenging times, while we await the gains of the government's bold reforms and initiatives.

"Let us renew our patriotism and our commitment to building a stronger, more prosperous, and more united Nigeria.”

The senator for Delta Central Senatorial district, Senator Ede Dafinone, called for peace and prayers for victims of Okuama crisis, particularly the families of the dead 17 officers and men of the Nigerian Army and other

civilians, including women and children, as the country marked this year's Easter celebration.

Dafinone said peace was a priceless gift, and appealed for restraint from all actors in the crisis to prevent any further escalation of the violence. He advised that government should allow for an independent and unbiased panel of investigators to probe the incident and bring all the perpetrators to book. Director General of the National Institute for Legislative and Democratic Studies (NILDS), Professor Abubakar Sulaiman, also called on Nigerians to embrace the values of accountability and transparency. Sulaiman said doing so would lead to good governance and genuine development in Nigeria at all levels, adding that the key concepts of accountability and transparency would make democracy thrive further in the country and bring about the aspirations of Nigerians.

Archbishop of Onitsha Catholic Archdiocese, His Grace Valerie Okeke, also celebrated the Easter mass with about 12 other priests inside the Correctional Centre, Onitsha.

Okeke said, in a homily, that if Mary Magdalene could transform to be among the early beneficiaries of Christ’s resurrection, even those in the correctional centre could turn around to be great in the society and before God.

Bishop, Diocese of Kwara, Anglican Communion, Rt. Rev. Sunday Timothy Adewole, urged Nigerians to return their faith on God in order to overcome the various challenges facing the country. Adewole stated this in an interview with newsmen in Ilorin after his Easter message at Cathedral of St. Barnabas, Sabo-Oke, Ilorin, the state capital.

He said, "When the people of the country shift their attention to God, there is no doubt things will work well for us.”

He said the various challenges facing the country, including the economic difficulties, insecurity, and unemployment, would become a thing of the past and the country would move forward if the people returned their focus on God.

He also stressed the need for citizens to sacrifice time, talent, and treasure for the good of the country and humanity, assuring, "Peace will reign supreme across the parts of the country."

mixed corporate earnings by listed companies, the federal government’s reforms in the foreign exchange market, and fuel subsidy removal.

Responding to market performance in Q1, 2024, Vice President, Highcap Securities Limited, Mr. David Adnori, stated that investors traded based on sentiment.

Adnori stated that the emergence of Tinubu as president further energised the stock market, since market participants had confidence in his ability to rejig the economy and implement economy-friendly policies.

Adnori was also optimistic that the stock market might maintain its positive momentum in the second quarter of 2024, against the backdrop of banking sector recapitalisation and expected 2023 corporate earnings by, especially, the banks, first quarter result and accounts for March 31, 2024.

Amid the hike in MPR to 24.75 per cent, capital market experts stated that its impact had created sentiment trading among investors who saw fixed-income market as alternative investment opportunity to hedge against double-digit inflation.

At the second Monetary Policy Committee (MPC) meeting in 2024, Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso,

stated that the committee’s decisions were centred on the current inflationary and exchange rate pressures, projected inflation, and rising inflation expectations.

Cardoso said, “Members were concerned about the persistent rise in the level of inflation and emphasised the committee’s commitment to reverse the trend as the balance of risk leaned towards rising inflation.

“The committee, however, acknowledged the trade-off between the pursuit of output growth and taming inflation, but was convinced that an enduring output expansion is possible only in an environment of low and stable inflation.”

An Investment banker and stockbroker, Mr. Tajudeen Olayinka, stated that the drive by many investors to hedge against inflationary spiral put their buy interests in equity.

Olayinka stated, “And this is demonstrated by simultaneous rise in interest rates and equity prices. Beyond this analogy, economy is still grossly awash with Godwin Emefiele’s N30 trillion illegally printed for the use of former President Muhammadu Buhari’s administration.

“So, there is excess liquidity in the system, chasing fewer profitable investment opportunities in the economy.”

INSPIRED BY SENEGALESE ELECTION, ATIKU RALLIES OPPOSITION TO FORM COALITION

rallied together to remove the Peoples Democratic Party (PDP) from power.

In 2014, the now defunct parties: Action Congress of Nigeria (ACN), All Nigeria Peoples Party (ANPP), and Congress for Progressive Change (CPC), and other smaller political parties formed a coalition that removed the PDP government under President Goodluck Jonathan from office.

Already, Atiku, who was the presidential candidate of PDP in last year’s general election; the Labour Party (LP) presidential election, Peter Obi; and their counterpart from New Nigeria Peoples Party (NNPP), Rabiu Kwankwaso, had been contemplating a coalition to oust APC in 2027.

In a statement highlighting lessons from the Senegalese presidential election, Atiku said, "Against the backdrop of recent military interventions in the West African sub-region, the election of Bassirou Diomaye Faye as Senegal’s President-elect in the election of March 24, 2024 gives hope to the future of constitutional democracy in the region.

"For us in Nigeria and elsewhere, there's a huge lesson to be learnt from the Senegal experience. It is an affirmation that democracy, which is anchored on the supremacy of the ballot, represents the best form of government.

“It is also possible for the electoral umpire to run an election on the basis of the law and its own guidelines that give confidence to all parties and the voters.

“Our experiences in both 2019 and 2023 show clearly that INEC performed below this expectation.

“Whereas in Senegal, the responses of the major actors and the citizens are a validation of the process of the election that voted for President-elect Bassirou Diomaye.”

Atiku added, “It is important to note that last Sunday's election in Senegal follows the trend of that in Nigeria in 2015, that the opposition can, indeed, be victorious in an election conducted by the ruling party.

“And, for the opposition parties, the lessons are in agreement with my persistent call for our opposition parties to forge a coalition that is formidable enough to oust the ruling party if the salvaging of Nigeria is to stand any chance."

The PDP 2023 presidential candidate congratulated the Senegalese president-elect, saying, “President-elect Faye, it is my hope and prayer that your election will not only be hugely beneficial to the people of Senegal but also an inspiration to the rest of us in the West African sub-region."

EASTER SERVICE AT METHODIST CHURCH OF TRINITY...

L-R: Pro-Presbyter, Methodist Church of the Trinity, Tinubu, Lagos, Very Rev. (Dr.)

FG: N7bn So Far Paid Contractor Handling Carter Bridge in Lagos

Umahi pledges to ramp up work on Ekiti roads

Emmanuel Addeh in Abuja and Gbenga Sodeinde in Ado Ekiti

The Minister of Works, David Umahi, at the weekend stated that the contractor handling the Carter Bridge in Lagos has so far been mobilised to the tune of N7 billion for the ongoing repairs of the facility.

The minister spoke in Lagos while

on an inspection tour of the three bridges linking Lagos Mainland with Victoria Island, including the ongoing rehabilitation works on the first section of the 3rd Mainland Bridge.

It was gathered that the project which has a total cost of N25 billion is being handled by Julius Berger.

Umahi also said that the successful completion of the

rehabilitation works on phase one of the third mainland bridge was a clear indication that the Bola Tinubu administration was on course to carrying out comprehensive repairs on other bridges in Lagos.

A statement by the Director of Information in the ministry, Ben Goong, quoted the minister as saying that though the aesthetics of markings and solar lights on the

TCN Alerts on Planned Attack on Abuja Power Facilities, Blames Gas Shortage for Grid Failures

Emmanuel Addeh in Abuja

The Transmission Company of Nigeria (TCN) yesterday said it had information of a planned attack on its facilities in Zuba, Abuja, urging residents to report any suspicious movement around the area to the security agencies.

The TCN also said that until there’s some level of consistent gas supply to Generation Companies (Gencos), managing the grid and minimising grid disturbances may be difficult.

In a statement by the General Manager, Public Affairs of the company, Ndidi Mba, the government-owned TCN stressed that vandalism also remains a major cause of grid collapses in the country.

This year alone, the national grid has suffered two known collapses, throwing the entire country into total blackout.

Also, Gencos have recently blamed their inability to sustain power generating because of about N3 trillion owed them by the federal government. The Minister of Power, Chief Adebayo Adelabu, promised at the weekend that the gradual payment of the debts will begin this April.

“As efforts to stabilise gas supply progress, TCN emphasises the importance of consistent gas availability to sustain optimal power generation and facilitate easier grid management, reducing system disturbances. It is a fact that low power generation substantially increases grid fragility.

“In addition to gas supply challenges, TCN faces various sector-specific hurdles, some impact

other players in the value chain, but invariably affect grid stability.

“Vandalism is a persistent challenge, as clearly seen in the first quarter of 2024 alone, in which five significant vandalism incidents disrupted transmission operations, necessitating emergency repairs and, in some cases, complete tower reconstruction and/or transmission line replacement due to acts of vandalism.

“These highlight the critical need for increased community support and vigilance in protecting transmission infrastructure.

“TCN urges heightened vigilance, for now, particularly in the Zuba area, following alerts of a planned attack on TCN facilities in Zuba.

“We implore residents to remain vigilant and report any suspicious activities around power facilities in the area to safeguard the integrity of our infrastructure and ensure uninterrupted power supply to all.

“Again, we urge everyone, especially those living close to TCN towers nationwide, to please join hands with TCN in safeguarding power transmission towers and cables,” the statement added.

The TCN also acknowledged the efforts of the minister of power , who it said has had a series of meetings with the stakeholders, with a view to removing the bottlenecks hindering Nigeria from having stable and reliable power supply.

The TCN noted that it remains committed to managing the grid and ensuring grid stability amidst ongoing challenges, such as the persistent low gas supply affecting power generation into the nation's grid.

“Our diligent grid controllers work

tirelessly day and night to balance the grid and prevent any kind of disturbance amidst challenges. The recent grid disturbance on March 28, 2024, was promptly managed by our skilled operators, with power restoration achieved in some areas within 21 minutes of the disturbance.

We acknowledge the collaborative efforts of the federal government, particularly the minister of power, who has been working hard to address the root causes of low gas supply.

“The minister has held meetings with Gencos and Gas Companies (Gascos) to secure a higher volume of gas supply and consistency for enhanced power generation,” the statement added.

Oworonshoki end of the bridge was beautiful, the underwater aspects of the project remained the most “complicated and critical.”

He added that the underwater structural damage to the three bridges called for serious concern, but expressed optimism that the Tinubu administration was equal to the task and will confront the challenges head-on.

“He revealed that the contractor handling the Carter Bridge has been mobilised to the tune of N7 billion a couple of days ago, adding that rehabilitation works will commence in the coming days,” the statement stressed.

Also speaking during an interview session with journalists, Chairman Senate Committee on Works, Senator Barinada Mpigi and the Chairman House Committee on Works, Akin Alabi, were quoted as calling on the president to declare a state of emergency on the nation's infrastructure, given the enormity of the challenges on ground.

The chairmen said the situation calls for thinking outside the box, adding that the financial requirements needed to fix the nation's infrastructure is well beyond the capacity of annual appropriations.

The duo however assured that the National Assembly will do everything possible within the

limits of the law to help fund the projects, given their importance in the scheme of things in the nation's commercial nerve centre.

Conducting the minister around different sections of the 3rd Mainland Bridge, the Carter and Eko Bridges, Federal Controller of Works in Lagos state, Olukorede Kesha told the minister that the underwater damage to the three bridges was far more colossal than anyone had imagined.

Kesha also took the minister and members of his entourage to several sections of the Lagos-Calabar Coastal Highway, some sections of the Lagos-Ibadan express way, among other federal projects in Lagos state.

Meanwhile, Umahi has assured the Ekiti State Governor, Mr. Biodun Oyebanji of the federal government’s plan to speed up the construction and rehabilitation of roads in the state.

The minister spoke when he and the ministry’s team, in company with the governor undertook an inspection of some federal roads in the state.

The minister who was received by Oyebanji at the Akure Airport, inspected the Akure- Ikere -Ado dualised road, the Ado- ABUADIjan road that was recently awarded and visited the ABUAD Industrial Park Road, which is a model of

concrete road construction.

Speaking with journalists in Ado Ekiti shortly after the inspection, Umahi said the purpose of the visit was to assess the level of work done on some ongoing roads projects in the state, particularly Ado, Ijan road and Ado – Ikere – Akure road and to also see the state of federal roads in the state.

Acknowledging that the roads are major corridors to other parts of the country, the minister assured that his ministry will ensure timely completion of the roads for the benefit of citizens and economic development of the state.

Speaking about his assessment on the work done on the road, the minister said he was not satisfied with the level of work done on the Akure- Ikere- Ado road, and revealed that the contractor had been invited for further instruction.

“We came to look at some of the ongoing projects in Ekiti state, especially Ado- Ekiti to Ijan road. I didn’t know it was a major corridor that evacuates a lot of commercial produce from Benin to Lokoja and the southern part of the country.

"The governor is very desirous of this road and of course Chief Afe Babalola, we have looked at the roads and we are coming back. My team will give it all the desired attention, that’s what the governor wants,” the minister stated.

A US-based Nigerian author, poet, and clinical nurse, Mrs. Maggie Offoha, has advised Nigerians who plan to relocate abroad due to economic hardship to conduct thorough research before making any decisions. She explained that it is essential to equip oneself with the necessary information about the country of choice to avoid regrets and societal pressures.

Offoha, who has lived in the US for over 22 years, made this call during the official launch of her three books, "Return to Where I Belong," "Dark Shadows on My

Path," and "Poetry for Thought" in Lagos. The books, she said, reflect her experiences abroad and highlight the expectations of any immigrant.

“The experiences gained abroad are the inspiration behind writing the books. They contain my experiences as an immigrant in the US and what those planning to leave should expect. There is a general situation those travelling abroad will face because it is a general principle of life,” she said.

Offoha urged Nigerians to revive the reading culture, especially among the youth, to stay informed about happenings worldwide, calling on the government to invest more in the youth, who are the future leaders

of the country. She cautioned that while reasons presented by youths for emigrating may seem appealing, there are underlying factors that must be considered before leaving the country of birth.

Offoha highlighted cultural differences, loss of identity, and unplanned and unexpected circumstances as some of the challenges that immigrants could face.

She advised those planning to relocate abroad to carry out thorough research of the country to which they are planning to go, to avoid regrets.

She explained that most times, there is a lot of loss when people

relocate abroad, such as family, relationships, and properties. She added that children are also caught between two cultures, unsure of their identity.

“Some of us are at a crossroads; that is why I want to tell people planning to relocate abroad to do their research very well. It is not in my position to discourage those who want to leave due to the hostile economy.

“Some of our children are now caught in between two cultures, while some of them do not even know where they belong. Some of these experiences are what I wrote about in the book: ‘Return to Where I Belong’,” she said.

SERAP Asks 36 Governors, FCT Minister to Account for N5.9tn, $4.6bn Loans

Chuks Okocha in Abuja

THE Socio-Economic Rights and Accountability Project (SERAP) has issued a one-week ultimatum to Nigeria’s 36 state governors and the Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, to account for loan agreements and spending details of some N5.9 trillion and $4.6 billion loans obtained by their states and the FCT.

SERAP’s request also includes details and locations of projects executed with the loans.

It also urged them to: “Promptly invite the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC) to investigate the spending of the domestic and external loans obtained by your state and the FCT.”

SERAP’s request followed the disclosure last week by Governor Uba Sani of Kaduna State that the immediate past administration of Nasir el-Rufai left $587 million and N85 billion debt as well as 115 contractual liabilities, making it impossible for the state to pay salaries.

In the Freedom of Information (FoI) request dated March 30, 2024 and signed by SERAP Deputy Director Kolawole Oluwadare, the organisation said that it is in the public interest to publish copies of the loan agreements and details of how the loans obtained were spent.

SERAP said: “Nigerians have the

right to know how their states are spending the domestic and external loans obtained by the governors. Widely publishing copies of the loan agreements and spending details of the loans obtained would ensure that persons with public responsibilities are answerable to the people for the performance of their duties in the management of public funds.

“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter.

If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and your state to comply with our request in the public interest.

“SERAP is seriously concerned that many of the country’s 36 states and FCT are allegedly mismanaging public funds which may include domestic and external loans obtained from bilateral and multilateral institutions and agencies.

“Transparency in the spending of the loans obtained by your state is fundamental to increase accountability, prevent corruption, and build trust in democratic institutions with the ultimate aim of strengthening the rule of law,” it said.

Quoting Nigeria’s Debt Management Office (DMO), it said the total public domestic debt portfolio for the country’s 36 states and the FCT is N5.9 trillion, with the total public external debt portfolio at $4.6 billion.

“Many states and the FCT reportedly owe civil servants’ salaries and pensions. Several states are borrowing to pay salaries. Millions of Nigerians resident in your state and the FCT continue to be denied access to basic public goods and services such as quality education and healthcare.

“Several states including your state are also reportedly spending public funds which may include the domestic and external loans to fund unnecessary travels, buy exotic and bulletproof cars and generally fund the lavish lifestyles of politicians,” the organisation said.

It stated that it was seriously concerned that the domestic and external loans obtained by the states and the FCT are vulnerable to corruption and mismanagement.

“Your government has a responsibility to ensure transparency and accountability in how any loans obtained by your state are spent, to reduce vulnerability to corruption and mismanagement.

“Publishing copies of the loan agreements obtained by your state and the FCT would allow Nigerians to scrutinise them, and promote transparency and accountability on the spending of public funds

including the loans obtained.

“SERAP believes that providing and widely publishing the details of the spending of the domestic and external loans obtained by your state and the FCT would enable Nigerians to effectively and meaningfully engage in the management of the loans,” it added.

The organisers said it believes that the constitutional principle of democracy also provides a foundation for Nigerians’ right to know the details of loan agreements and how the loans obtained are spent.

Citizens’ right to know, it

pointed out, promotes openness, transparency, and accountability that is in turn crucial for the country’s democratic order.

“The effective operation of representative democracy depends on the people being able to scrutinise, discuss and contribute to government decision making, including on the spending of loans obtained by your state and the FCT.

“To do this, they need information to enable them to participate more effectively in the management of public funds by their state government and the FCT,” it said.

Recapitalisation: ProvidusBank in Pole Position to Acquire Unity Bank

James Emejo in Abuja

There are strong indications that ProvidusBank Limited is in talks to acquire a majority stake in Unity Bank Plc.

The move comes amid the new recapitalisation hurdles imposed on banks by the Central Bank of Nigeria (CBN).

THISDAY gathered that the development was part of ProvidusBank’s expansion plan, and importantly a bold initiative to further shore-up its capital base amid the current recapitalisation challenge.

Sources said the odds are in favour of the bank, adding that the deal appeared to have been officially approved recently.

However, it was not yet clear whether the deal would involve an outright purchase or merger of the two entities as Providus remains the only candidate in the bid.

The apex bank recently announced new minimum capital requirements of N500 billion and N200 billion for commercial banks with international and national authorisation respectively. This included a new capital base of N50 billion for banks with regional

New Capital Base: Don't Adopt Uniform CRR for Banks, Expert Urges CBN

Ndubuisi Francis in Abuja

A financial expert and Director, Institute of Capital Market Studies (ICMS), Nasarawa State University, Keffi (NSUK, Prof. Uche Uwaleke has admonished the Central Bank of Nigeria (CBN) to adopt a differentiated Cash Reserve Ratio (CRR) for various categories of banks instead of a uniform rate (currently at 45 per cent) for commercial banks.

CRR is the portion of the cash that the CBN asks respective commercial banking institutions to keep aside and not use for lending or investment purposes.

His admonition is coming amid the apex bank's newly-proposed N500

billion and N200 billion capital base for commercial banks with international and national authorisation, respectively, The CBN had via a circular, last Thursday urged the banks to consider injecting fresh equity capital through private placements, rights issues and/ or offers for subscription; mergers and acquisitions (M&As); and/or upgrade or downgrade of licence authorisation to enable them to meet the new capital requirements.

All fresh capital requirements are to be satisfied by March 31, 2026.

Reacting to the new development in a statement to THISDAY, Uwaleke, a former finance commissioner in Imo State applauded the CBN for

the step. He said: "It is a welcome development that will help strengthen the country's financial system and a potential boost to the stock market

"In view of naira devaluation following unification of exchange rates, the new caliberated minimum capital requirements seem OK unlike the uniform capital base of N25 bn stipulated in 2005.

"Shareholders' funds comprise Paid up share capital plus reserves.

"If my memory serves me right, this was permitted in 2005 but now disallowed possibly from the experience of the last exercise.

licenses.

The fresh capital hurdles were disclosed in a statement issued by CBN acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, adding that all fresh capital requirements are to be satisfied by March 31, 2026.

The central bank also pegged the new minimum capital for merchant banks at N50 Billion, while non-interest banks with national and regional authorisations are mandated to raise their capital thresholds to N20 billion and N10 billion, respectively. The development came days after the CBN urged the financial institutions to expedite action on the recapitalisation to strengthen the financial system.

financing has been struggling for years,” the source who pleaded to remain anonymous said.

Unity Bank commenced operations in January 2006, following the merger of nine banks with competences in investment, corporate and retail banking. It is one of Nigeria’s leading retail banks with 213 business offices spread across the 36 States and Federal Capital Territory.

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

It recently posted negative results in its recently released financials for the 9-month (9M) period ended September 30, 2023.

"The stock market (Option 1) presents the most feasible option as few will likely go the M&A (Mergers and acquisitions) route "Access Bank has already announced it is raising N365 billion via Rights issue.

"I also think the two years period allowed is sufficient to implement recapitalisation."

According to him, a number of banks including FBN, Access and Fidelity had already commenced the process of recapitalisation before now, especially since the CBN Governor made the announcement in November last year.

"I believe the FUGAZ (FBN, UBA, GTB, Access and Zenith) banks with international authorisation will have no difficulty meeting this requirement.

In November 2023, ProvidusBank Limited, a commercial bank founded in 2016, had taken bold steps to acquire Unity Bank as part of the former’s business expansion plan.

THISDAY gathered from a reliable industry source that the arrangement which Unity Bank that had been struggling to beef up its minimum capital requirement since 2017, has termed a business combination, was being monitored by the Central Bank of Nigeria (CBN).

“This has been in the works since June this year and they have been updating the CBN on it. Part of the deal is that Providus must have asked for the isolation of Unity Bank’s bad loans. Unity Bank which is big in agriculture

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

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

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

UMAHI TOURS ADO-EKITI- ABUAD- IJAN EKITI ROADS...

In New Report, Egypt, Nigeria, S’Africa

Emerge Africa’s Most Polluted Nations

Emmanuel Addeh in Abuja

Egypt, Nigeria, and South Africa have emerged Africa’s most polluted countries in terms of air pollution disease burden, amid health consequences and exacerbated impacts on climate change, a new report by Greenpeace Africa and Greenpeace Middle East & North Africa has revealed.

Titled: “Major Air Polluters in Africa Unmasked”, the report investigated the biggest human sources of air pollution across Africa, focusing on major industrial and economic sectors, including the fossil fuel industry.

It stated that every year in Africa, as many as 1.1 million premature deaths have been linked to air pollution.

The report added that Egypt, Nigeria, and South Africa consistently exhibit large disease burdens, with the highest mortality linked to fossil fuel air pollution in these nations.

It highlighted the sparse monitoring of air quality in Africa, revealing that only 19 African countries have legislation incorporating ambient air quality standards, according to the First Global Assessment of Air Pollution Legislation by the United Nations Environmental Programme.

Nigeria’s energy sector and its oil and gas industry are responsible for large amounts of flaring, it said, is the result of development practices in the 1960s and 1970s when there was limited demand for fossil gas and environmental

standards were not stringent.

With no market for the gas produced as a by-product of oil wells, flares were installed as a disposal Nigeria features method. Decades later, it added that Nigeria is in the top 10 continues to flare large volumes . . of fossil gas, quoting previous reports.

“In many parts of Africa a lack of air quality monitoring has allowed pollution to remain hidden. However, there is abundant evidence that African nations face a serious public health crisis from air pollution.

“The root causes of this crisis are the air pollutant emitters. Data from satellites and even fuel sales in each country allow scientists to investigate emission sources,”

Senior Scientist at the Greenpeace

Research Laboratories, Dr Aidan Farrow said.

The report found that Africa is home to some of the worst nitrogen dioxide and sulphur dioxide hotspots in the world, all of which are primarily linked to thermal power plants. The report also found that Eskom, a public utility company that has the government of South Africa as its sole shareholder, operates many of the most polluting plants in South Africa.

Key findings compiled by the report include that: Exposure to air pollution is the second leading risk factor for death in Africa and that achieving World Health Organisation (WHO) guidelines could result in significant gains in life expectancy.

Hunger, Malnutrition Threatening Nigeria's Human Capital Devt, Says Group

Onyebuchi Ezigbo in Abuja

The Civil Society-Scaling Up Nutrition in Nigeria (CS-SUNN) has raised an alarm on the looming consequences of the current food crisis and economic hardship in the country.

It expressed concern that if the situation is not promptly addressed, it could lead to worsening hunger and malnutrition with the attendant negative impact the country's human capital development.

CS-SUNN Executive Secretary, Mr. Sunday Okoronkwo raised the concern during a media roundtable on: “Investing in Nutrition for Human Capital Development in Nigeria” in Abuja He said that nutrition plays a vital role in Human Capital Development (HCD), serving as the cornerstone for the physical and mental well-being of individuals.

He explained that deficiencies in essential nutrients result in malnutrition and adversely impacting both the health and productivity of individuals.

"It is therefore important to recognise that malnutrition not only undermines an individual's health but also exerts a profound toll on economic prosperity, hindering the nation's progress towards achieving its human

capital development goals," he said.

According to Okoronkwo, Nigeria's human capital development vision is for "healthy, educated and productive Nigerians by the Year 2030", with targets across three thematic areas.

He said the recent establishment of a multi-sectoral committee to spearhead the federal government’s human capital development programme signifies a significant step in enhancing Nigeria's human capital index with a renewed focus on health and nutrition, labour force participation, and education, coupled with a comprehensive framework for monitoring and evaluation.

"However, amidst these commendable efforts, there is a pressing concern: the persistent challenge of malnutrition. Despite ongoing initiatives, Nigeria continues to grapple with alarming rates of malnutrition, posing a barrier to unlocking the nation's human capital potential.

"The 2020 Human Capital Index (HCI) of Nigeria according to the assessment by World Bank is currently 0.36; ranking 2 out of 157 countries, reflecting the urgent need for concerted action to address this. In addition, budgetary allocations for nutrition remain insufficient, and release rates are dismally low,” he said.

CS-SUNN underscored the key role of nutrition in driving human capital development, adding that malnutrition not only undermines investments in health and education but also perpetuates a cycle of poverty and underdevelopment.

By advocating a strong nutrition governance, enhanced data availability, and increased domestic financing, CS- SUNN said it seeks to catalyse transformative change and propel Nigeria towards its HCD objectives.

While speaking in an interview with THISDAY,CS-SUNN, Communications Officer, Lillian Okafor said there was need for innovative financing mechanisms to bridge the gap, emphasising the need for increased domestic funding and strategic resource mobilisation.

She said: "For us in Nigeria the burden of malnutrition has continued to impede our efforts to attain high level human capital development target.

“And we have seen that part of the key challenges is poor investment in nutrition. So the essence of this roundtable is to trigger the media to begin to speak up and advocate and call upon our policy makers to ensure that more investments are channelled towards providing better nutrition outcomes for the greater segment of our population.”

She said that this will not only improve the health of the citizens, but also the productivity of the country's workforce.

Okafor specifically called for more investments in the area of maternal and child healthcare, community management of acute malnutrition, nutrition sensitive and nutrition specific interventions, such upgrading skills of nutritionists and ensuring their availability in the hospitals and primary healthcare facilities.

According to her, there is need for funding of sensitisation programmes to educate rural women on the importance of good nutrition practices.

She said that most often even when funds were budgeted, actual releases were not made and as such utilisation is poor and does not address issues intended to addressed.

"We are this opportunity to call on the government of Nigeria to invest in multiple micro nutrient supplements because it is very key to addressing the issue anaemia in women of child-bearing age," she said.

Okafor disclosed that UNICEF has agreed to provide counterfunding for the procurement of micro nutrient supplements to address the problem of anaemia in Nigeria.

Health impact studies, it said, suggest that life expectancy could be improved by up to three years in some African nations if air quality met WHO guidelines.

“According to WHO, exposure to air pollution, including nitrogen dioxide and sulphur dioxide, can cause both short- and long-term health problems. These include heart and lung diseases, pregnancy problems, kidney issues and cancer,” the report added.

The report presents recommendations to address the critical issue of air pollution in

Africa, emphasising the need for investment in clean technologies, especially in the energy sector.

“International institutions share a significant responsibility in sustainably developing the African continent. Many of the causes of air pollution, such as the combustion of oil, coal, and gas, are also sources of greenhouse gas emissions.

“ Policies aimed at reducing air pollution, therefore, offer a win-win strategy for both climate and health, ” the Greenpeace report stated.

Lawmaker Threatens Legal Action against Airline for Alleged Breach of Contract

Francis Sardauna in Katsina

The Chairman House Committee on Interior and member representing Musawa/Matazu Federal Constituency, Hon. Abdullahi Ahmed, has threatened to institute legal action against the management of Air Peace Limited over alleged breach of contract.

The lawmaker, who disclosed this yesterday, said the Nigerian airline had changed his flight from business class to economy class after paying about N12 million from Mallam Aminu Kano International Airport to Jeddah.

Ahmed, who boarded flight P4752 alongside his family to King Abdulaziz International Airport, Jeddah for lesser hajj, said the flight was supposed to depart Kano airport on March 27, 2024, but it was delayed till the following day.

He said: “I paid about N12 million for a business class ticket on 22 March 2024 and we were supposed to depart Mallam Aminu Kano International Airport on March 27 to Jeddah for lesser hajj. But the Air Peace operator changed the ticket to economy class without compensation.

“Unfortunately, they delayed our flight till the next day. This is a clear case of a breach of contract by Air Peace. They should pay back the money otherwise I will be left with no option but to approach the court for a redress.”

He expressed displeasure at the alarming cases of incessant delays,

flight disruptions, and schedule changes without adequate notice to passengers by the management of the Air Peace Limited.

The legislator stated that the current record of flight disruptions, poor customer experience and poor handling of passengers by Air Peace is inhuman, unacceptable and must be tackled immediately.

He explained that the legal action was imperative because the scenario that happened between him and Air Peace is one of the numerous abnormalities customers are forced to suffer in the Nigerian aviation sector.

The Talban-Musawa and Dujiman-Katsina said his planned legal action against the operator of the airline would address the unabated ill-treatment being meted against passengers across the country.

He vowed to work with his colleagues in the National Assembly to ensure that Air Peace and other errant airlines are sanctioned appropriately, noting that it is no longer business as usual.

Another affected passenger, Ibrahim Shehu, called on the Nigeria Civil Aviation Authority (NCAA) and relevant government agencies to intervene and recover money paid to Air Peace by affected passengers.

He also called on the federal government to wade in, and stop the ongoing maltreatment of Nigerians and other travellers by Air Peace and other airlines in the country.

NACCIMA Urges Increased Private-public Sector Partnership, Hails Re-launch of NTFC

The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye, has commended the federal government for the re-launch of the National Trade Facilitation Committee (NTFC), urging increased privatepublic sector partnership to drive economic growth and development in the country. Oye who spoke at the re-launch at the Bank of Industry (BoI) conference room, in Abuja, said it is through partnership that Nigeria can optimise the use of its assets for the greater good.

“It is both an honour and a privilege to stand before you today as we witness the re-launching of the National Trade Facilitation Committee (NTFC) under the auspices of the Federal Ministry of Industry, Trade, and Investment.

“As the President of NACCIMA, I am here to articulate the collective voice of the Organised Private Sector (OPS) and to affirm our steadfast commitment to the goals and aspirations that this committee embodies.

FG Asked to Foster Inclusive Growth for Marginalised Groups

The federal government has been asked to evolved actionable strategies to address the issues of economic exclusion and foster inclusive growth for marginalised groups in Nigeria.

The appeal was made in Abuja at the International Women’s Month Economic Empowerment Summit for ASHWAN and Other Marginalised Groups in Nigeria, with the theme: “Inclusive Economic Growth and Development; A Catalyst for Reducing Vulnerability and

Poverty Among Marginalized Groups”.

The Summit was organised by the UN Women, in collaboration with UNAIDS, National Agency for the Control of AIDS (NACA), Association of Women Living with HIV (ASWHAN), and other partners.

The spotlight of the event was placed on the often-overlooked issue of exclusion faced by women living with HIV, disabilities, older women, and segments of impoverished youth, and actionable strategies to address the issues of economic exclusion and foster

Hajj Fares: Sule Says He’s Consulting with Colleagues to Ensure Intending Pilgrims' Participation

Igbawase Ukumba in Lafia

The Nasarawa State Governor, Abdullahi Sule, has said he is in talks with his colleague governors to see that pilgrims perform this year's hajj in spite of the hajj fares’ increase.

The National Hajj Commission (NAHCON) recently announced an increase in fares for the year 2024 pilgrimage to Saudi Arabia by N1.9 million.

This was after initially pegging the fare at N4.9 million, asking those who had paid the initial amount to add a balance of N1.9 million, to raise the amount to N6.8 million.

However, in a chat with journalists shortly after visiting the NAHCON headquarters of in Abuja Friday, the governor said he was at the office to intervene regarding the recent increase in the

fares for pilgrims from Nasarawa State, as well as the country at large.

He said: "I am also speaking with some of my colleague governors to see what steps we can take. Now that I have first hand information from NAHCON, it gives me the opportunity to be able to share with the governors what we can do to ensure that our pilgrims are able to perform the Hajj this year," he said. Sule commended the NAHCON Chairman on his effort to extend the deadeline for the intending pilgrims to complete the payment for the new rate.

Also speaking, Chairman of NAHCON, Jalal Arabi, said he was encouraged by the visit by Sule, especially since the governor has always shared his knowledge and experience on the way forward.

inclusive growth for marginalised groups in Nigeria.

Speaking at the summit, the UN Women Nigeria Country Representative, Ms. Beatrice Eyong, emphasised the importance of collaborative efforts in achieving gender equality and empowering marginalised communities.

She noted: “Inclusion is not just an act of policymaking but rather essential for the survival of the human race. We are working hard to make ‘Leaving No One Behind’ practical."

Representatives of civil society organisations (CSOs) echoed similar sentiments. Mrs. Esther Hindi, the National Coordinator of ASWHAN, encouraged the need for tailored policies and programmes to address the unique challenges faced by marginalized groups, particularly

“The NTFC, as a vital organ within the framework of our national economic architecture, has a profoundly significant role to play. Trade facilitation is not just about expediting the movement, release, and clearance of goods; it is about creating a more efficient trade environment that is conducive to economic diversification, industrialisation, and job creation.

women living with HIV, women with disabilities, and elderly women.

Executive Director of the African Centre for Leadership, Strategy, and Development, Dr. Otive Igbuzor, in his keynote address, delivered an insightful exposition on the root causes of exclusion, particularly focusing on resource-poor and vulnerable groups.

Igbuzor highlighted the gaps in government policies, including social investment and welfare programmes, and concluded by offering practical strategies and solutions to address these disparities.

The President of the Abuja Chambers of Commerce, in a gesture of solidarity, provided guidance on business and funding opportunities available to the marginalised groups, signalling a commitment to support their empowerment.

“The integration of the Trade Facilitation and Liberalization Sub-Committee of the Presidential Council on Industrial Revitalisation with the NTFC is a strategic move that signals our government's resolve to harmonise efforts and streamline operations.

“Such synergy is critical in the pursuit of the Renewed Hope Agenda, which aims to rekindle the spirit of enterprise, stimulate industrial growth, and engender a more vibrant economy.

“As we stand on the cusp of this revitalisation, let us underscore the importance of trade facilitation in the context of the Nigerian economy.

“The committee is tasked with the formidable challenge of implementing reforms that will enhance our trade protocols, reduce barriers, and improve the ease of doing business. By doing so, we can attract more foreign direct investment, boost our export potential, and create a nexus of opportunities for employment and wealth creation,” he stated.

He added that the chambers of commerce across Nigeria are integral to the journey, explaining that as conduits of commerce and industry, they represent the interests and aspirations of businesses large and small.

Besides, he noted that they provide a platform for the articulation of policy recommendations, the sharing of best practices, and the fostering of partnerships that span the globe.

In essence, he described NACCIMA as the building blocks of the private sector's contribution to national development.

“The question of why government and the private sector must collaborate is one that bears no ambiguity. In a world of finite resources and unending challenges, it is through partnership that we can optimise the use of our assets for the greater good of Nigeria.

“The public sector provides the regulatory framework and policy direction, while the private sector brings to the table innovation, efficiency, and execution capability. Together, we form a formidable force that can transform visions into tangible realities,” he pointed out.

The NTFC, with its renewed vigour and strategic focus, he said, stands ready to play its part in this transformative journey.

“It is our time to demonstrate what is possible when government and private enterprise unite towards a common goal. Let us move forward with a sense of purpose, a commitment to excellence, and a vision for a Nigeria where trade is a cornerstone of our national success,”

200 Small Scale Entrepreneurs Benefit From Olawepo-Hashim Foundation's N10m Grant

Folalumi Alaran

A non-profit humanitarian organization, The Gbenga Olawepo-Hashim Foundation has set aside 10 million naira as grants to 200 smalescale entrepreneurs in Abuja as part of its Economic Empowerment Programme for vulnerable people in the society.

The Foundation, promoted by a former Presidential Candidate and Chieftain of the All Progressives Congress, Mr Gbenga OlawepoHashim gave fifty thousand naira to each of the 200 beneficiaries

In his speech at the event,

Olawepo-Hashim explained that his gesture which is to give back to the society has no relationship with his political aspirations.

According to him, "I have been doing this for decades. I have a passion to make society better. That was why I was involved in student unionism in those days. I was also involved in the Committee for Defence of Human Rights (CDHR) and now I'm a businessman. So, one way to intervene is in the area of economic empowerment. "What I can do at this time when things are really bad is to

show love to underprivileged people in particular, and that we have been doing for decades. We have done training of young people in this digital acquisition over 1000 of them. So this is going to be continuous thing."

One of the beneficiaries, Luka Dakwoyi, in his remarks, urged the rich in the society to emulate the APC chieftain, saying there are many Nigerians out there in need of succor as the state of the economy bites harder. Not a few of the participants at the event commended gesture of the Olawepo-Hashim

Foundation and called on well meaning Nigerians to emulate the non-partisan approach of Mr. Olawepo-Hashim towards ameliorating the plight of the less privileged.

According to Statista.com, in 2022, an estimated population of 88.4 million people in Nigeria lived in extreme poverty.

The number of men living on less than 1.90 U.S. dollars a day in the country reached around 44.7 million, while the count was at 43.7 million for women. The Nigeria Bureau of Statistics, NBS puts its own figure at 133 million.

MONDAY DISCOURSE

INEC Steps Up Preparation for Scheduled Guber Polls in Edo, Ondo

Adedayo Akinwale writes that the Independent National Electoral Commission is engaging critical stakeholders in the electoral process ahead of the fast approaching governorship polls in Edo and Ondo States.

The Independent National Electoral Commission (INEC) last week held its regular quarterly consultative meeting with major stakeholders in the electoral process including political parties, civil society organisations and the media.

The quarterly meeting was the first since the conclusion of the by-elections and courtordered re-run polls held in February, 2024 in 26 States of the Federation.

The main focus of last week’s meeting was the off-cycle governorship elections in Edo and Ondo States. The Edo State Governorship election is scheduled to hold on Saturday 21st September, 2024; while the Ondo State Governorship election is scheduled for Saturday, 16th November, 2024.

Already, party primaries for the Edo State Governorship election have been concluded. By the timetable and schedule of activities for the election, political parties have 20 days to upload the list and personal particulars of their candidates to the commission’s dedicated portal.

INEC chairman, Prof. Mahmood Yakubu, who presided over the meetings said the commission has trained party Liaison Officers and established a Help Desk for political parties. He said the dedicated portal opened on 4th March 2024 and expectedly will automatically shut down at 6pm on Saturday, 24th March 2024.

According to him, two weeks after it was opened, not all the parties had uploaded their nominations to the portal.

To this end, the Commission called on the political parties to keep to the commission’s schedule of activities and avoid last minute rush that might undermine their ability to successfully nominate their candidates.

“There will be no extension of time beyond the deadline already published in the Timetable and Schedule of Activities for the election, to enable us publish the personal particulars of candidates (Form EC9) on 31st March 2024 as required by law,” Yakubu warned.

Moreso, for the Ondo State Governorship election, party primaries will commence on 6th April 2024, and end on 27th April 2024. So far, 16 out of 19 political parties have indicated interest in participating in the election.

Yakubu said: “I urge political parties to adhere strictly to your proposed dates and modes of primaries. Frequent changes as we witnessed recently during the Edo primaries are not only disruptive but costly. The Commission cannot mobilise, demobilise and remobilise our officials for the monitoring of party primaries at the convenience of political parties.

“Parties should stick to their proposed dates and modes of primaries for certainty and optimal deployment of resources. Similarly, political parties should avoid acrimonious primaries. Increasingly, the conduct of parallel primaries and the emergence of multiple candidates is a frequent occurrence.

“So too is the tendency to grant waivers to candidates who were a few days earlier card-carrying members of other political parties and nominating such persons to the Commission as their candidates for election. Some of these infractions lead to unnecessary litigations among party members in which the Commission is always joined as a party. The legal fees and cost of producing Certified True Copies (CTCs) of documents can be used more productively in other electoral activities by both the political parties and the Commission. We must find a solution to this situation.”

Responding to Yakubu’s remarks, the Chairman, Inter Party Advisory Council (IPAC) and Chairman Allied People’s Movement (APM), Yusuf Dantalle said there should be no excuse for poor performance in the forthcoming off cycle elections in Edo and Ondo states.

He assured that IPAC would constantly engage INEC and major stakeholders to ensure

the success of these elections and will be there for mobilisation of voters, sensitisation and monitoring of polls.

Dantalle was of the opinion that it is their duty as political leaders to ensure the elections meet international best practices and also hold critical stakeholders accountable.

According to him, vote selling and buying, thuggery, voter apathy and intimidation of electoral officials particularly to declare results under duress are still issues militating against the conduct of credible polls in Nigeria.

Dantalle added that the current leadership of IPAC would live up to its mandate to ensure an environment conducive for the conduct of successful elections.

IPAC, he said, would set up a Constitution and Electoral Act Amendments Committee to review glaring irregularities in recent elections and make proposals to the National Assembly in its ongoing Constitution and Electoral Act amendments.

His words: “Accordingly, IPAC will set up a Constitution and Electoral Act Amendments Committee to review glaring irregularities in recent elections and make proposals to the National Assembly in its ongoing Constitution and Electoral Act amendments.

“In this regard, IPAC will be proactive to ensure that the Edo and Ondo States gubernatorial elections meet the expectations of Nigerians and international community.

The quarterly meeting was the first since the conclusion of the by-elections and court-ordered re-run polls held in February, 2024 in 26 states of the federation. The main focus of last week’s meeting was the off-cycle governorship elections in Edo and Ondo States. The Edo State Governorship election is scheduled to hold on Saturday 21st September, 2024; while the Ondo State Governorship election is scheduled for Saturday, 16th November, 2024. Already, party primaries for the Edo State Governorship election have been concluded. By the timetable and schedule of activities for the election, political parties have 20 days to upload the list and personal particulars of their candidates to the commission’s dedicated portal.

“There should be no excuse for poor performance. IPAC will constantly engage INEC and major stakeholders to ensure the success of these elections and will be there for mobilization of voters, sensitization and monitoring of polls.”

During the engagement with CSOs, the Commission called on them to engage with political parties and observe their primaries.

The commission said by doing so, the CSOs would strengthen their advocacy for inclusivity for groups such as women, youths and Persons with Disabilities (PwDs) that are under-represented in elective offices at National and State level.

Yakubu said: “Turning to Ondo State, political parties will commence their primaries for the Governorship election in the next two weeks. Sixteen Political Parties have indicated interest in participating in the election.

“I urge Civil Society Organisations (CSOs) to engage with Political Parties and observe their primaries just as you engage with INEC and deploy observers to the main election conducted by the Commission.

“By doing so, you will strengthen your advocacy for inclusivity for groups such as women, youths and Persons with Disability (PwD) that are under-represented in elective offices at National and State level.”

The INEC Chairman said while some of the CSOs have submitted their reports on the 2023 elections, some have not. He noted that some of the reforms and innovations introduced by the Commission over the years were drawn from their observation reports.

His words: “However, while many of you have submitted your reports, some accredited observers are yet to do so for the general election, supplementary elections, off-cycle elections, by-elections and re-run elections.

“May I therefore seize this opportunity to remind those that are yet to submit their observation reports that it is mandatory to do so being one of the conditions for eligibility to observe future elections. Going forward, the Commission will operate strictly on the policy of “No Observation Report, No Accreditation.”

While meeting with the security agencies, the Commission demanded that security agencies should start security preparations very early ahead of the Edo and Ondo State governorship elections.

Interestingly, both Edo and Ondo States have 18 Local Government Areas each. While Edo has 2,501,081 registered voters, 192 Registration Areas/Wards and 4,519 Polling Units; Ondo State has 1,991,344 registered voters, 203 Registration Areas/Wards and 3,933 Polling Units.

However, the terrain differs in the two states, while there are a few riverine locations in Edo State, two Local Government Areas in Ondo State (Ese Odo and Ilaje) are predominantly riverine.

According to Yakubu: “It is important to start security preparations very early. In particular, the number of personnel and other assets to be deployed to strategic locations should be determined and mobilised early enough.

“It was this proactive approach that led to the successful conduct of the last Governorship election in Edo State on 19th September 2020 and in Ondo State on 10th October 2020.

“There were no security incidents, materials were delivered promptly, logistics deployed smoothly, polling units opened on time, voters attended to efficiently and results collated and announced transparently.

“Let us replicate the successful conduct of the last Governorship elections in Edo and Ondo States. In fact, working together, we should ensure that the 2024 Governorship elections in Edo and Ondo States are an improvement on the success story of 2020.”

Like the usual practice, the engagements with critical stakeholders will continue till the elections are held.

www.thisdaylive.com

opinion@thisdaylive.com

IN DEFENCE OF THE BUHARI ADMINISTRATION

Aisha W. Ibrahim argues that the administration did not print money aimlessly as being touted

EDO 2024 GUBERNATORIAL ELECTION OUTLOOK

The joint ticket of Asue Ighodalo and Osarodion Ogie will be difficult to beat, reckons Austin Isikhuemen

EDITORIAL AND THE BORROWINGS CONTINUE...

THE BATTLE AGAINST INFLATION

Is the CBN using the right tools? asks Nick Agule

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 294th meeting on the 25th and 26th of March 2024. At the end of the meeting, the MPC diagnosed the pressure remain the strong exchange rate pass-through to domestic prices; rising cost of transportation; high cost of energy and other production inputs; lingering insecurity, especially in food producing areas; and the main cost-push and not demand-pull.

are expected to choose savings (to take advantage of high interest rates) over consumption, thus demand is lowered.

In the light of the causative factors of members came to this decision point:

“…either progressing with its tightening cycle or hold, to observe the impact of the previous rate hike and adjustment of the

But inexplicably, and for reasons not made clear, the members despite the data above decided to continue with tightening therefore increased the Monetary Policy Rate (MPR) by 200 basis points (2%) with an increase from 22.75% to 24.75%. Between 27th February 2024 and 26th March 2024 (a period of one month), the MPR has increased by 600 basis points (6%) from 18.75% to 24.75%.

Examining the impact of this huge jump following data:

One, for the seven months (July 2023 –January 2024) preceding the February 2024 MPC meeting, MPR remained the same at rose from 24.08% to 29.9% an increase of 5.84% which averaged 0.83% per month.

2Two, after the MPC hiked rates by 400 basis points (4%) in February 2024 from from 29.9% to 31.72%, an increase of 1.8% in just one month!

Three, it’s clear from the above data variation with MPR whereas the objective of variation with MPR.

Four, given the scenarios above, it would appear that the MPC is hiking MPR not exchange rates and Foreign Portfolio Investment (FPI). An examination of these two objectives is needed.

Foreign Portfolio Investment (FPI). There is a point that if interest rates are raised interest rates), it will attract FPI. But there are questions with this approach: If the MPC is concerned about money supply in the Nigerian economy and have taken policy measures to mop up liquidity – increased MPR, increased CRR, sold treasury bills, etc – why is the CBN now targeting FPI which will consequentially increase liquidity?

Two, where will the monies brought in by the FPIs at such high interest rates be invested to generate enough returns to service the investments and still break-even?

Three, while it seems the CBN is concerned with naira money supply, the CBN seems to be wooing those who will supply foreign

money to the economy. It appears therefore that the CBN is targeting foreign exchange FPI because the more foreign exchange (FX) e.g. dollars brought in, the better the value of the naira. So let us look at the exchange rate. Exchange Rate. The CBN is concerned with exchange rate stability, and they should because it is one of their core mandates. But stability does not necessarily mean a strong naira. The naira can be weak and still be stable. What investors dislike is wide variations (instability) in the value of a currency. Even if a currency is weak but stable, investors can plan on it and will work with it. The rate of exchange between the USD/GBP was at a time 2/1 but these days it’s 1.25/1 but the Bank of England is not breaking the bank of foreign reserves to defend the GBP! Rather there is high stability because this 1.25/1 rate has hovered around this mark for nearly 10 years without wide variations. This is the objective of a central bank!

from a strong naira which appears to be the holy grail of the CBN now? The only importers! So, the question is, should the CBN be encouraging importation by making the naira strong? And given that this defence of the naira is coming at the expense of our foreign reserves, is it worth it? A weak and stable naira will discourage imports and encourage exports because Nigerian goods and services will become cheaper and more attractive to foreign buyers. As more foreign buyers become interested in Nigerian goods and services, our local industry will begin to boom to meet up with the demand (local and foreign) for our products! It only takes environment to make this happen!

Recommendations: a, The CBN should stop rise for over 12 months with successive MPR increases. This is evidential that interest rate It is time to apply the breaks and watch what happens in the next few months. b, the CBN for the Nigerian economy? output, and high unemployment? Or d, Low low unemployment?

option ‘b’ will do Nigeria far better.

And the CBN can achieve option ‘b’ without FPI by lowering in a measured way the CCR and MPR so that Nigerian banks can lend to the real sectors of the economy

to boost output and create jobs. There is no point keeping Nigerian banks’ deposits in CBN’s vaults while courting FPI.

The CBN should apply a corridor between lending and deposits by deposit money banks. A 500 basis points corridor for example will mean if a bank takes in savings at 5% interest, they cannot lend at more than 10%! The current practice where banks take in deposits at below 5% but lend at over 30% is counterproductive and only generates of the larger economy!

The CBN should engage in Quantitative Easing (QE) by printing money but SOLELY for capital projects. For example, if the CBN prints money for agricultural revolution (mechanisation, land clearing, improved seedlings, fertiliser plants, irrigation, processing facilities, marketing and retail outlets, storage facilities, roads/ rail infrastructure to ease transportation etc.) Nigeria will emerge by achieving not only food security, but food will become a major export earner even more than crude oil and millions of high-quality jobs will be created in the process. There are nations banning the use of hydrocarbons, but no nation can ban the use of food!

The CBN must aggressively pursue the unbanked and bring them into the banking net. The FinTechs are doing a lot here and need the support of the CBN. Because monetary policy in a cash economy loses outside the banking system which is part of money supply is not easily mopped up with tightening.

The CBN should slow down on chasing to encourage direct investments like the telecoms where the MTNs and co brought in their money not to invest in government securities to earn high interest rates but committed the monies to building telecoms infrastructure across the nation to earn be adopted to build our power, agriculture, infrastructure.

Rather than chasing dollar hot money by raising interest rates thus strangulating local industry, the Nigerian government should stop the stealing of our crude oil and there FPI can bring in. It is on record that about one million barrels of crude oil are stolen daily. At the current price of $85 this will generate Nigerian government has capacity to stop this criminality.

Economic policy coordination is a sine qua non to jumpstart the economy because lungs in a body, they must breathe in and out together for the body to survive. It is therefore excellent news and highly commendable that President Tinubu has created the Presidential Economic Coordination Council headed by himself and the Economic Management Team Emergency Taskforce headed by the Minister of Finance and Coordinating Minister of the Economy. These structures should hit the ground running to get our economy out of the woods.

Agule, FCA, nick.agule@yahoo.co.uk

Email

EDITORIAL AND THE BORROWINGS CONTINUE...

The spate of borrowing is excessive

Already battered by high levels of socio-economic stress, Nigeria’s ever rising debt portfolio is causing increasing anxiety. Unfortunately, authorities in Abuja and the 36 states have continued to sneer at genuine concerns as the loans keep piling up, raising the spectre of another debt trap in future. Going by

10.7 per cent in the last quarter of 2023: from N87.91 trillion at the end of September to N97.34 trillion by December 31, indicating a N9.3 trillion rise. The stock comprised the debt incurred by the federal,

in the last quarter of 2023.

What recent debt data point to is the precarious country. The humongous servicing leave little or nothing to execute capital projects. The federal government expended the sum of N4.38trn on domestic debt service in the external debt obligations of the federal, state We concede that the last administration under by sundry challenges. But it is also common debt accumulation to a dizzying height. As of 29

increased domestic debt from N8.84trn in December debt rose from $7.35bn in December 2015 to $37.2bn incur more debt, the Buhari administration did not only desecrate the spirit and letters of the Ways and

of about N30trn.

What is more disturbing is that the federal and subnational governments have been complicit in profligacy. With a retinue of aides, bloated bureaucracy and immodest lifestyles, public funds are frittered away at every opportunity

Unfortunately, despite earlier assurances by President Bola Tinubu and some of his cabinet administration, Nigeria secured a total of $1.95bn loans from the World Bank. Last December, the Senate also approved and €100mn as part of the of the federal government. continue, debt service and foreign exchange challenges to boot.

had ballooned to a staggering N77trn. the Buhari government raised total revenues of of N33.97trn. To close the gap, the government

Letters to the Editor

What is more disturbing is that the federal and subnational governments have been complicit bureaucracy and immodest lifestyles, public funds boosting internally generated revenue mechanisms. adhere to the provisions of extant legislations Responsibility Act 2007 and Central Bank of Nigeria

heed that counsel.

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

LETTERS

A NEW DAWN AT NATIONAL LOTTERY TRUST FUND

Throughout history, no institution has achieved any unplanned and hurried actions or even inactions

under the leadership of its executive secretary, Dr.Bello interventionist agency and changing its narratives so that it can achieve its mandates. It is therefore not surprising to hear many analysts and public commentators say that in-

proceeds of funds accruing from the proceed of remittances to the federal government through gaming to intervene in areas of needs in the country.

Based on the prevalent knee-jerk approach to developmental interventions of the past in the country by the federal -

so that it can carry out its mandates as prescribed in the ento the satisfaction of Nigerians as there are no longer roomto the less privileged in society. -

the management of the agency led by its executive secretary, -

President Bola Ahmed Tinubu. The present management of the agency led by the executive secretary communicates their strategies transparently and are ready to take responsibility for its outcomes. The open communication in the agency about the challenges and setbacks is helping to man-

age public expectations and building trust in the agency.

in Nigeria because of the transparent manner it is carrying out its duties, devoid of sectional or political considerations. This is a rapid departure from the past.

area of needs in the country. Areas such as health, sports, education, and culture have felt the impacts in all its interventions.ing sure today is adaptable to changing circumstances and the nation.

of its adoptions of a balanced and systematic approach in addressing its challenges.

Empowering the Next Generation: Breaking Stereotypes in

In Nigeria, gender stereotypes in media and advertising have long been entrenched, perpetuating harmful norms and limiting the potential of women.

According to recent surveys, a staggering 54% of respondents believe that Nigerian media, including television, advertisements, and public communication, only depict women and men in certain roles.

Additionally, almost 40% of people believe that men should be paid more than women for the same job—an alarming testament to the prevalence of gender inequality in our society.

As the world celebrated Women's History Month this March, it was a moment to reflect on the progress made towards gender equality and the steps needed to create a more inclusive society.

At the recent Unstereotype Alliance Global Member Summit, held at the United Nations Headquarters, Mrs. Amina Oyagbola, the Founder of Women in Successful Careers (WISCAR), delivered a compelling speech on "Educating the Next Generation of Advertisers.” This year's theme, "From Z to Alpha: Learning Initiatives to Break Stereotypes," underscores the importance of empowering the next generation of leaders and dismantling harmful stereotypes.

Her insights shed light on the critical role mentorship and education play in breaking down barriers and fostering inclusive workplaces within the advertising industry.

In her address, Mrs. Oyagbola emphasized the significance of the Unstereotype Alliance's new initiative, the NextGen Education Initiative, in shaping the future of advertising.

This initiative aims to engage and strengthen the professional pipeline, empowering aspiring industry leaders with the skills and knowledge needed to challenge stereotypes and drive positive change.

Through structured mentorship programs and advocacy efforts, organizations like WISCAR are at the forefront of promoting gender equality and inclusivity.

WISCAR's collaborative approach and successes in talent development and stereotype dismantling serve as a beacon for the industry. By providing mentorship opportunities and fostering collaboration across diverse backgrounds, WISCAR has been instrumental in creating a more equitable and inclusive advertising landscape.

Mrs. Oyagbola highlighted the need for a global framework adaptable to

local contexts, ensuring that education, mentorship, and advocacy efforts effectively address the unique challenges faced by aspiring advertisers.

For over 16 years, WISCAR has championed the cause of women's inclusion and advancement through mentorship and strategic partnerships. Their initiatives, such as the WIN with WISCAR Mentoring Programs, have empowered over 15,000 women for leadership roles across various sectors,

dismantling barriers and stereotypes in the workplace.

At the core of WISCAR's initiatives lies the promotion of diversity and inclusion. They ensure that opportunities for growth are accessible to all without discrimination, enabling an environment where every individual, regardless of gender, race, or background, can thrive.

Acknowledging the talent crisis facing the advertising industry, WISCAR plays a vital role in addressing this issue through its collaborative approach. Their insights can inform a global

Advertising

framework for talent development and inclusion, ensuring that individuals from diverse backgrounds have equal opportunities to succeed.

WISCAR's collaboration with UN Women and other strategic initiatives, such as the EU-UN Spotlight Initiative and the Private Sector-Led GBV Fund, demonstrates the power of partnerships in driving societal change. These initiatives aim to increase awareness, advocate for legislative change, and strengthen support for gender equality.

WISCAR's belief in the power of intergenerational mentoring, is exemplified by initiatives like the Intergenerational Beijing +25 Mentorship program. By facilitating knowledge transfer and fostering structured mentoring relationships, WISCAR contributes to the development of future leaders and activists, by empowering women to step into leadership roles and become agents of change in their communities and beyond.

At its core, WISCAR's mentorship initiatives serve as a cornerstone, demystifying gender roles, challenging stereotypes, and dismantling barriers that hinder women's progress. As we celebrate International Women's Day, WISCAR reminds us to challenge the status quo and embrace diversity. They're leading the charge for a fairer world alongside the Unstereotype Alliance.

With a focus on changing systems, not just individuals, WISCAR will continue to advocate for policies that promote gender equality and challenging discriminatory practices. Together with the Unstereotype Alliance, they're aiming to build a future where everyone, regardless of gender, can thrive.

About WISCAR

WISCAR is committed to empowering and enhancing the capabilities of professional women to contribute to the creation and growth of developmental enterprises in Nigeria. This is achieved through its bespoke and well-structured mentoring programmes that provide strategic career guidance, inspiration, and support to career women.

WISCAR has equipped over 15,000 professional women and men with relevant skills and competencies to effectively manage their careers, assume leadership positions, and contribute to nation-building.

Now in its 15th year, WISCAR is continuing its tradition of annual outreach and advocacy to working women aimed at developing women through leadership training and mentoring for professional development, leadership success, and overall well-being.

Groups Collaborate to Strengthen Sensitisation on Gender-based Violence

Anot-for-profit organisation, Leadership Initiative for Youth Empowerment (LIFE) with the support of the African Women Development Fund (AWDF) is implementing a 32-month project to strengthen sensitisation on effective response to Gender-Based Violence (GBV) in Lagos.

The project, which is the third in the series of projects organised by LIFE, is scheduled to run from 2023 through 2025 with a focus on the Oshodi-Isolo Local Government Area of the state.

According to LIFE Co-Founder, Mrs Abiodun Rufus Unegbu, the initiative is aimed at upscaling leadership of female survivors for effective genderbased violence response and access to justice.

Unegbu, who was represented by

the Programmes Officer, LIFE, Ms Ogechi Stephen, said that the organisation also secured funding from the Amplify Change Project to improve the protection of survivors through the invocation of the Violence Against Persons Prohibition Law 2015.

She said: “The project's overall goal is to improve protection from sexual and gender-based violence for young girls and women through the Violence Against Persons Prohibition Law (VAPP) 2015 Law of the Federal Republic of Nigeria.

“The project trains community advocates drawn from existing community groups and local institutions to raise awareness on the provisions of the law for protection from rape, female genital mutilation, domestic

violence, and female trafficking among grassroots communities in Oshodi-Isolo Local Government Area.

“We will impact the relationship between community members, the police and key government agencies that work in the field of gender-based violence.

"We will also work to empower beneficiaries with a specific understanding of the legal requirements and reporting procedures to guarantee that communities take a more active role in reporting incidents of sexual and gender-based violence to the police and act as change agents in their local communities.”

She shared that the project targets training 80 community champions who will return to their communities and conduct knowledge transfer sessions to reach 8000 community members in 4 months in Oshodi-Isolo LGA.

On her part, the Monitoring and Evaluation Officer for LIFE, Ms Oluwatoyin Mokwe, noted that part of the challenge encountered by the organisation is the unwillingness of victims to speak out about their challenges.

“We have a lot of unreported cases. When. If a person is being raped, for instance, people don't concentrate on the actor or the perpetrators but attack the victims and ask questions like, "what is Didi you wear? Why did you go there? So there is a tendency for them to keep quiet rather than speak out.”

Stephen assured that through its engagement with the Ministry of Justice and the Nigeria Police, it hopes to ensure that victims get justice and the voices of female survivors are amplified to curb cases of violence against women.

BUSINESS WORLD

Kayode Tokede

Amid excess liquidity, Nigerian banks and merchant banks in the firs quarter of this year, borrowed a sum of N30.45 trillion from the Central Bank of Nigeria (CBN), an increase of 514 per cent Year-on-Year (YoY) from N4.96 trillion in first quarter of 2023.

The CBN provides the Standing Lening Facility (SLF), a short-term lending window for banks and merchant banks, to access liquidity to run their day-to-day business operations.

THISDAY analysis i=of CBN data revealed that banks and merchant banks borrowed N2.75 trillion in January, a 419.95 per cent YoY

Nume Ekeghe

The Central Bank of Nigeria (CBN) has disclosed that banks’ credit to the private sector rose by 93.77 per cent Year-on-Year (YoY) to N80.86 trillion in February 2024 from N41.75trillion reported in the corresponding period of 2023.

The CBN who disclosed this in its money and credit statistics noted that credit to the government increased YoY by 19. 30 per cent from N28.43 trillion in February 2023 to N33.92 trillion recorded in February 2024

increase from N528.16 billion in January 2023, while in February 2024, a total of N5.97 trillion was borrowed by banks through the SLF, a significant increase of 1,214 per cent YoY from N453.7 billion February 2023.

In addition, banks and merchant banks borrowed N21.74 trillion from CBN in March 2024, a growth of 446.9 per cent YoY growth from N3.98 trillion borrowed in March 2023.

Experts attributed the increasing banks borrowing from CBN to dwindling Naira at the foreign exchange market, coupled with rising inflation and apex bank mopping up excess liquidity in the financial sector.

Reacting, the Chief Executive Officer of the Centre for Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf stated that, “This is a reflection of liquidity pressure some of the banks are going through. The facility is typically short term.

“This may not necessarily indicate that the banks are stressed or unstable. Meanwhile, the recapitalisation of banks is long overdue. The minimum capital requirements of N25 billion is no longer adequate, if discounted for inflation.”

On his part, The Vice President Highcap Securities, Mr. David Adnori, said, “The development points to lack of liquidity on the part of banks. Monetary policy has

been tightening and this has led to low liquidity. It is cheaper for banks to borrow from the CBN. This development is not positive but negative. We cannot continue to tighten because it will reflect of economic growth.”

Part of measure adopted by the CBN to tighten liquidity in the financial system was when the Monetary Policy Committee of the CBN in March 2024 unanimously narrowed the asymmetric corridor to +100/-300 basis points around the Monetary Policy Rate (MPR).

The MPC of the CBN voted to raise the MPR significantly to 24.75 per cent at its second meeting in 2024, higher than our expectation of 150 basis points.

Notably, the meeting reflects the committee’s commitment to ensuring price stability and managing inflation expectations in the near term.

The committee voted to retain Cash Reserve Requirement (CRR) at 45.0 per cent and retained the Liquidity ratio at 30per cent.

Furthermore, they adjusted the CRR of merchant banks from 10 per cent to 14.0 per cent

The data also revealed that banks and merchant banks deposit with CBN dropped by 7.29 per cent to N1.6 trillion in Q1 2024 from N1.73 trillion in Q1 2023. Banks and merchant banks use Standing Deposit Facility (SDF) to deposit excess funds with the apex bank and it comes interest.

SDF is an overnight deposit facility that allows banks to park excess liquidity (money) to CBN and earn interest.

The CBN governor, Mr. Olayemi Cardoso had announced that the removal of the cap on remunerable SDF is to increase activity in the SDF window and manage liquidity. In January 2024, Banks and merchant banks deposited N1.07 trillion with CBN, an increase of 83.37 per cent YoY from N584.79billion in January 2023, while in February 2024, it stood at N330.72billion, a decline of 50.6 per cent from N668.9 billion in February 2023.

Transitioning into February 2024, there was a marginal uptick in credit, reaching N80.86 trillion. This modest increase of approximately 0.51 per cent hinted a steady pace in financial transactions, underscoring continued stability in the financial sector and laying the groundwork for further economic expansion.

Reflecting on the preceding year,

Analysis of the numbers showed that in January 2024, the Nigerian financial landscape witnessed a significant starting point, with credit activities at N76.29 trillion. This marked a notable increase from the previous year, setting a robust foundation for lending operations and indicating a positive trajectory for economic growth.

a breakdown for 2023 revealed a series of fluctuations in credit activities. Starting from January 2023, the credit landscape began at N41.54 trillion, providing a foundation for financial activities.

This figure set the stage for subsequent months, indicating the baseline for lending operations.

February 2023 saw a marginal uptick, with credit increasing to N41.75 trillion, marking a modest rise of approximately 0.51 per cent and setting the tone for the following months.

April 2023 maintained the positive momentum, with credit figures climbing to N43.66 trillion, marking a further increase of approximately 1.51 per cent.

As the months progressed, May 2023 brought another boost, with credit soaring to N44.79 trillion, signifying a rise of about 2.57 per cent and reflecting a robust financial environment and an expanding private sector. June 2023 witnessed a significant leap, hitting N52.81 trillion, indicating a substantial increase of around 17.92 per cent.

March 2023 witnessed a more pronounced surge, reaching N43.01 trillion, suggesting a substantial increase of about 2.99 per cent.

Analysts attributed this surge to heightened economic activities or strategic investments.

July 2023 continued the upward trend, recording a credit figure of N56.46 trillion, representing a growth of approximately 6.95 per cent and pointing towards sustained economic optimism. August 2023 saw a marginal rise to N56.95 trillion, reflecting an increase of about 0.86 per cent and suggesting stability and ongoing economic transactions.

September 2023 demonstrated a more substantial increase, with credit reaching N59.51 trillion, marking a rise of about 4.49 per cent and hinting at sustained confidence in the economic landscape. October

2023 witnessed a notable surge, hitting N63.57 trillion, suggesting a buoyant economic environment and heightened demand for credit.

November 2023 experienced a dip in the credit figure, recording N59.74 trillion, indicating a decrease of about 6.02 per cent and possibly reflecting a temporary adjustment in credit activities or a response to specific economic factors. Closing the year on a high note, December 2023 showcased a robust credit figure of N62.52 trillion, marking an increase of about 4.66 per cent and highlighting the resilience of the financial sector despite fluctuations throughout the year.

Interswitch to Revolutionise Energy Sector, Reduce Wastages with Tech So lution

Interswitch, an integrated payment company and technology solution provider is set to revolutionise the oil and gas sector with technology solution that will block wastages and improve efficiency and profitability in the sector.

Interswitch made this known at a summit it organised in Lagos recently, with the theme: “Fuelling the Future-Harnessing Digital Transformation in the Energy Sector.”

In her opening speech, the Managing Director at Interswitch, Chinyere Don-Okhuofu, said the objective of the summit was to bring industry stakeholders to discuss new trends in the technology sector that would help the energy sector reduce wastages and grow profitably.

“Interswitch Energy stands as

a testament to its unwavering commitment to bring about disruptive changes in the energy sector through innovation and we invite everyone to join us in embracing the future of the energy sector. Let’s come together in a collective endeavour to shape the industry, an industry that thrives on the principles of innovation and sustainable growth,” DonOkhuofu said.

In his keynote address, Managing Director, Falcon Communications, Prof Joe Ezigbo, said the oil and gas sector, which once relied on traditional methods of operation, now has the opportunity to leverage digital technology to optimise its operations and Interswitch has come up with technology solutions that put an end to wastages in the oil and gas sector.

“Operational efficiency is

the lifeblood of oil and gas industry. Digitalisation empowers companies to harness the power of data and automation to streamline processes, optimise production and minimise waste. Sensor networks and Internet of Things (IoT) devices gather real-time data, which is then analysed, using big data analytics to identify trends, predict equipment failures, and optimise tasks, while machine learning automates decision making, freeing up human capital for higher-level analysis,” Ezigbo said.

He recommended that government and energy companies should allocate resources for digitalisation initiatives, which according to him, will involve funding research and development of domestic digital solutions alongside partnerships with established technology firms.

Tova Africa Launches Microcredit Financial Institution

A world-class social entrepreneurship organization in the country, Tova Africa, has launched a microcredit financial institution, Tovacredit Limited, to break the yoke of poverty among indigent women and youths.

The Chief Executive Officer (CEO), Tova Africa, Mr. Tosin Bakare, while speaking with journalists in Ibadan at a prelaunch press conference, said the new financial scheme is out to empower the downtrodden

by meeting their microcredit needs through thrift, loan and investment.

According to him, the scheme with Welcome to Prosperity as its slogan, would create a great savings, loan and investment community towards having Family of Millionaires in one of the slums of Ibadan, disclosing that any loan obtained will attract an interest of five per cent.

While assuring that the company would treat its customers as real human beings,

Bakare said the maximum amount that could be borrowed for now is N200,000, stating that this will increase when there are many customers.

He said, “Tovacredit Limited is an Afrocentric financial institution designed to empower the downtrodden especially indigent women and youths with entrepreneurial/vocational skills by meeting their microcredit needs and providing them with innovative trainings and strategic investment opportunities to enable them thrive and prosper.”

NGO Trains 100 Women on Digital, Data Skills

Hammed Shittu in Ilorin

A non-profit organisation based in Kwara state, Webfala Digital Skills for All Initiative (WDSfaI) has said that it has trained 100 women on digital and data analysis under the first cohort of its SafeHer training programme.

Speaking at the graduation ceremony of the beneficiaries in Ilorin, the Executive Director of WDSFaI, Mrs. Nafisat Bakare said the SafeHer programme sought to empower women and girls with relevant digital skills that will guarantee them self-reliance and protect them against Sexual and Gender-Based Violence (SGBV).

She stated that under the programme, the graduates

received comprehensive free hands-on training in Software Development, Product Design or Data Science, adding that they also received training in soft skills, such as communication, teamwork, and branding.

While congratulating the graduating fellows, Bakare encouraged them to stay curious and be open to new experiences, noting that “the world is constantly changing, and it is important to stay flexible and adaptable”

She said, “There will be challenges and obstacles along the way, but with perseverance and a positive attitude, you can overcome anything.”

“I want to encourage you to continue to strive for excellence and to pursue your goals with passion and drive. The skills and knowledge you have gained

How Strong Corporate Governance Safeguards Pension Funds in CPS

The Nigerian pension landscape has undergone a remarkable transformation since the advent of the Contributory Pension Scheme (CPS). One of the fundamental aspects that underpin the success of the CPS is the emphasis on sound corporate governance practices in the pension industry.

The National Pension Commission (PenCom) has issued Guidelines on Corporate Governance for Pension Fund Operators (PFOs). The guidelines are a set of principles based on best practices, which were intended to guide Pension Fund Operators on the structures and processes for achieving optimal governance practices. The guidelines were issued pursuant to the Nigerian Code of Corporate Governance 2018.

PenCom to impose appropriate sanctions. Consequently, all operators in the pension industry are held accountable for their actions, further strengthening the system’s credibility.

To safeguard the interests of pension contributors, the PFCs are tasked with the safekeeping of pension funds and assets. Furthermore, every PFA must maintain a statutory reserve fund from its earnings as a contingency fund to meet potential liabilities.

Group Business Editor

Eromosele Abiodun

Deputy Business Editor

Chinedu Eze

Comms/e-Business Editor

Emma Okonji

Asst. Editor, Money Market

Nume Ekeghe

Senior Correspondent

Raheem Akingbolu (Advertising)

Correspondents

Emmanuel Addeh (Energy)

KayodeTokede(CapitalMarkets)

James Emejo (Finance)

Ebere Nwoji (Insurance)

Reporters

Peter Uzoho (Energy)

Ugo Aliogo (Development)

through the ‘SafeHer programme’ will serve you well in the years to come.

“As you embark on the next chapter of your lives, remember that you have the knowledge and skills to create meaningful change in the world around you as the future is full of possibilities,” she added

Among the graduates was a 62-year-old woman, Mrs. Adeola Ayano, who learnt Software Development, reflecting the organisation’s commitment to inclusivity.

On her part, Aisha Ibrahim, who graduated from the Data Science track, expressed gratitude to the organisers for providing her with the opportunity to gain Data Science skills, saying that she had always wanted to learn the skills but had no money to enrol for the training.

The Alternative Bank Launches Water Project for Ramadan

Nume Ekeghe

In a bid to combat water scarcity and elevate the standard of living for underserved communities, the Alternative Bank has announced the launch of the Quench Project.

Timed to coincide with the month of Ramadan, this initiative is set to revolutionise access to potable water by funding and constructing boreholes, ensuring communities have clean and safe water for drinking, sanitation, and agricultural activities.

In a statement announcing this initiative, the Managing Director of The Alternative Bank, Hassan Yusuf, said: “Water is the essence of life, a basic human right that remains out of reach for countless people, especially women and children. The Quench Project stands as our commitment to changing

this harsh reality, with our efforts beginning this Ramadan.”

Recognising the dire consequences of water scarcity on health, education, and economic prospects, the Quench Project transcends mere advocacy, embodying a steadfast commitment to nurturing life and prosperity in the regions most afflicted. In an unprecedented move, The Alternative Bank will match each donation received, magnifying the impact of the collective generosity of donors.

Speaking further, Quench Project Coordinator at The Alternative Bank, Medinat Kareem added: “The ethos of Ramadan is significant to the impact this initiative would achieve, which is hinged on the desire to create meaningful and enduring change for the people in our communities.”

Strong corporate governance has been at the centre of the success of the CPS in Nigeria. Under the watchful eye of PenCom, the requirements for licensing Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) have been meticulously defined, ensuring that only those who meet the highest standards are entrusted with the management and custody of pension funds and assets.

The PRA 2014 mandates that the Chief Executive Officer, Directors, and Management Staff of pension operators cannot assume their roles without the prior written approval of PenCom. Moreover, they must execute the code of conduct provided by PenCom, fostering a culture of transparency and ethical conduct.

PenCom conducts routine and target examinations of PFAs and PFCs. During these visits, PenCom examiners meticulously review the records of pension operators to ensure strict adherence to the provisions of the PRA 2014 and all other regulatory instruments.

The Act also addresses potential conflicts of interest. PRA 2014 prohibits a PFA from keeping any pension fund assets with a PFC in which it has any business interest, shares, or relationship. This measure safeguards against any unfair practices and maintains the integrity of the pension system.

If any PFA, PFC, or related body is found to be non-compliant during examinations, the PRA 2014 empowers

To prevent any misuse of pension funds, the PRA 2014 prohibits the direct borrowing or lending of pension funds. However, PFAs can invest pension assets in approved financial instruments, such as Treasury Bills and Bonds issued by the Central Bank of Nigeria (CBN) or the Federal and State Governments implementing the CPS.

PenCom is also empowered to order special investigations of PFAs, PFCs, or any related entities if there are strong concerns, in order to protect the interest of Retirement Savings Account (RSA) holders. To ensure strict adherence to the PRA 2014 and internal regulations, every PFA and PFC must employ a compliance officer. The officer monitors compliance, reports non-compliance issues, and liaises with PenCom when necessary.

It is imperative to note that under the CPS, the Board of the PFOs are responsible for monitoring adherence to corporate governance rules to ensure that breaches are effectively sanctioned. The Board may delegate the function to one of its committees. Directors, top management, and all employees are always obligated to comply with the provisions of the Guidelines on Corporate Governance issued by PenCom for PFOs in Nigeria.

In conclusion, corporate governance under the Contributory Pension Scheme is a cornerstone of trust, transparency, and accountability. PenCom’s robust regulatory framework ensures that only qualified entities manage pension funds and assets, safeguarding the interests of contributors and retirees. By upholding the highest standards of corporate governance, Nigeria’s pension industry remains a model of reliability and security for the nation’s workforce.

Anambra Govt’s Partnership with Private Sector Yields Dividend

The decision by the Government of Anambra State to collaborate with the private sector has begun to yield result as a good number of foreign investors are currently in talks with the government on the areas they are interested in.

A competent source close to the government volunteered that the foreign investors have signified interest in the oil and gas and power, transportation sector amongst others.

The sources dislcosed that the talks are in advance state, revealing that the investors are impressed with the government’s transparency and desire to improve the lives of the people.

The move to open the state for investors with a view to adding value to the economic potentials of the state has also impacted on the social lives of

the people of states as Hello Energy Limited, with its subsidiary called HelloGas, recently built and donated the first 3D lighted Roundabout as a Corporate Social Responsibility (CSR) Project. Corporate Social responsibility is a means by which companies make concerted effort to operate in ways that enhance rather than degrade society and the environment.

According to one of the residents in the Fegge area of Onitsha that spoke on the development said that this is the first time in their lifetime that they are experiencing such social impact in the state.

“We have never had it this good in this state. I am glad I voted for the current governor, a man we trust to turn the fortunes of Anambra state around, “he said.

Sovereign Finance Empowers Investors with Investment Strategies

Nume Ekeghe

Sovereign Finance Company Limited in its continuous bid to equip its clients and investors on investment strategies recently hosted a highly successful webinar, titled; “Sustainable Investment Strategies for Changing Times,” marking the commencement of their webinar series for the year.

The virtual event featured esteemed members of the firm’s top management alongside distinguished experts in finance and business.

The webinar aimed to explore emerging trends in the investment landscape and underscored the significance of adapting investment strategies to evolving market dynamics.

Managing Director, SFL, Mr. Olusola Dada, in his presentation, noted that in today’s rapidly changing environment, investors must stay informed and agile to successfully navigate uncertainties and optimize investment portfolios.

He argued, “Spreading investments across various assets or asset classes is crucial to reduce risk.” This approach, he remarked, lessens the impact of a decline in any single investment, especially during uncertain times like economic downturns or market volatility.

Dada recommended four sustainable investment areas, namely defensive sectors, diversified portfolios, real estate investment trusts (REITs) and emergency savings and liquid assets.

He said: “Investors should consider investing in defensive sectors that are less sensitive to economic downturns, such as healthcare, utilities, and consumer staples. These sectors tend to have more stable demand for their products and services regardless of economic conditions.”

On strategies for sustainable investments, Sovereign Finance recommended navigating uncertainties with diversification, Chief Operating Officer, LiquidCrest Microfinance Bank, Mr. Temidayo Osanyintade explained that diversification is a proven investment strategy that involves spreading investments across different assets or asset classes to reduce risk.

“By diversifying your investments, you spread risk across various assets, reducing the impact of a decline in any single investment. During uncertain periods, such as economic downturns or market volatility, having a diversified portfolio can help cushion the impact of adverse events,” he added.

On his part, the President of the Fegge Landlords Association and a resident in Fegge, Ndubisi Umezulike said that the Fegge community is happy with the partnership in infrastructural development.

He said that Hello Energy has

re-developed the popular EbeAkpulo-Onye-Army Roundabout Fegge into a tourist attraction with an attractive 3D monument called The Cube. Chief Ndubisi Umezulike said that the area used to be an eyesore, but Hello Energy in partnership with the

Governor has made the area look beautiful once again.

Managing Director and CEO of Hello Energy, Barrister Okide

Kenneth Ezigbo, said that Hello Energy’s Corporate Social Investment (CSI) strategy focuses on activities that will make local communities sustainable again.

Hello Energy is proud to have partnered with his excellency Governor Soludo in delivering an ultra-modern roundabout project that has brought so much joy and inspiration to the Fegge community.

Sterling Bank, EAS Empower SMEs on Sustainable Exports

Sterling Bank Limited, has partnered with Export and Sell Nigeria Limited (EAS) to propel small and medium-scale enterprise (SME) operators into the realm of scaleable exports.

The collaboration unfolded through an intensive four-day capacity-building boot camp, attracting an impressive turnout of over 130 export-ready business participants.

Group Head of Agric and Solid Minerals Finance at Sterling Bank, Dr Olushola Obikanye, in Lagos recently reiterated the imperative for capacity building, citing three pivotal factors crucial for the

flourishing of the agricultural sector in Nigeria to flourish.

Obikanye underscored Nigeria’s need to ensure that domestically produced goods secure access to well-structured markets primed for their uptake, affirming the bank’s unwavering commitment to collaborative endeavours aimed at co-creating products and devising innovative solutions to bolster the private sector’s vitality within the agricultural domain.

He remarked, “Given agriculture’s significant GDP contribution, SMEs represent the most viable intervention avenue in the sector, transcending traditional

industry players.”

Head of the Commercial Banking Division at Sterling Bank, Mr Akporee Idenedo, elucidated the bank’s broader vision, highlighting its aspiration to foster wealth creation and enrich livelihoods through proactive initiatives.

“Our conviction lies in the belief that nurturing entrepreneurship leads to wealth generation, and our export conference serves as a pivotal avenue to realise this vision. Given agriculture’s intrinsic link to exports, this platform underscores our commitment to empowering lives, generating wealth, and

contributing to Nigeria’s socioeconomic advancement, “he said.

Head of SME Products at Sterling Bank, Bolanle Tyson shed light on the boot camp session as a follow-up to the inaugural “Export to Wealth” conference, a collaborative effort between the bank and EAS.

She revealed that the extensive participation in the event exemplifies the burgeoning interest among businesses eager to tap into export opportunities, highlighting the meticulous review of participants’ products to ensure compliance with export and import standards.

VFD Group Harps on SplitXchange to Develop Alternative Finance

Dike Onwuamaeze and Kayode Tokede

VDF Group Plc has stressed on the need for increased financing for the entertainment and media industry to boost foreign exchange earnings and economic development.

The Managing Director of Splitar Limited, Mr Folagbade Adeyemi, recently stated this while speaking at the Capital Market Correspondents

Association of Nigeria (CAMCAN) quarterly Forum, sponsored by VFD Group Plc.

Adeyemi noted that the group is actively pursuing an exchange platform tailored to the media and entertainment sector, offering diverse investment opportunities for both domestic and international investors.

He disclosed that SplitXchange, currently in development stage by the group, would offer a platform for financing the media and

entertainment industry, among other alternative assets.

Adeyemi noted that seeing the huge potential in the alternative assets, Splitar Holdings through the Split Exchange, would drive the alternative assets space with its revolutionary digital exchange.

With Nigeria’s estimated population at 208.8 million people, Adeyemi highlighted the increasing demand for Nigerian content.

Speaking on the theme:

“Beyond Tradition: Increasing Relevance of Alternative Assets in Capital Market,” Adeyemi lamented the absence of robust funding pillars in the country.

Adeyemi noted that funding for the Nigerian entertainment sector primarily originates from outside the country.

According to him, the new market in alternative assets, include Arts and Commodities, Real Estate and Entertainment and Media (E&M).

Abioye Recognised Among Top 50 Most Valuable Personalities

Fintrak Software, Nigeria’s leading indigenous software development firm specializing in financial software, has announced the recognition of its Group Managing Director, Bimbo Abioye, at the prestigious “Top 50 Most Valuable Personalities in Nigeria’s Digital Economy” event.

The ceremony, held in Lagos State recently, celebrated Abioye’s outstanding contributions to the nation’s digital landscape.

Despite his absence due to commitments in an Eastern African country, Mr. Bimbo Abioye was represented by Ladi Ipaye, who graciously accepted the award on his behalf. The accolade underscores Abioye’s remarkable achievements and relentless dedication to advancing Nigeria’s digital economy.

Reflecting on Abioye’s impact, Ladi Ipaye remarked, “Bimbo Abioye has spearheaded Fintrak’s

transformation into a powerhouse within the fintech ecosystem, elevating the firm from a modest consultancy to an international leader in software development, particularly in the financial sector.”

Abioye’s visionary leadership challenged the dominance of foreign banking solutions in Nigeria, championing the superiority of locally developed software. By delivering tailor-made solutions aligned with regulatory standards

and global best practices such as the International Financial Reporting Standard (IFRS), Abioye reshaped the industry’s landscape.

Moreover, Abioye’s influence extends beyond national borders, with Fintrak’s footprint expanding across Africa. By fostering capacity building initiatives, Abioye emerges as a Pan-Africanist, nurturing talent not only within Nigeria but also in neighboring countries like Benin.

Amid Challenges, Transcorp Hotels Sustain Dividend Pay-out

Transcorp Hotels Plc sustained its profitability momentum in 2023 audited financial year and dividend payout to shareholders amid domestic macroeconomy challenges.

The company in financial year ended December 31, 2023 declared a resounding performance, driven by the management’s effective management and innovations.

The Group declared N41.45billion revenue in 2023 financial year, an increase of nearly 36.2 per cent from N30.44billion in 2022, driven by 64.4 per cent and 31.45 per cent contribution from Rooms and Food & Beverage, respectively in 2023.

The top hospitality company’s growth in revenue is on the backdrop of the management expansion in key business segments such as its Rooms service in Transcorp Hilton Abuja and Transcorp Hilton Calabar as both remain the first-choice destination for high-profile guests, and catering to guests from all over the world for any travel need including business and leisure.

The group’s cost of sales rise to N11.67 billion in 2023, an increase of 34.1 per cent from N8.7billion reported in 2022.

Transcorp Hotels spent N3.87billion spent maintaining room in 2023 from, while amount spent on food and beverages stood at N7.55 billion in 2023 from N4.85 billion and other operating cost stood at N251.54millon in 2023 from N482.97 million reported in 2022.

This brings the group’s gross profit to N29.79billion in 2023, an increase of 37 per cent from N21.74billion reported in 2022.

In the year under review, Transcorp Hotel gross profit margin stood at 71.85per cent from 71.41per cent in 2022.

OPERATING EXPENSES

As operating expenses stood at N17.26billion in 2023, an increase of 24.5per cent from

N13.86billion in 2022, as operating profit grew by 49.9 per cent to N13.14billion in 2023 from N8.77billion in 2022.

The group’s operating expenses was driven by N2.55 billion management cost in 2023 from N1.82billion in 2022 and N2.43billion energy costs in 2023 from N2.03 billon reported in 2022.

In the year under review, the group declared N3.9 billion finance cost, a decline of 5.7 per cent from N4.14billion reported in previous year, while finance income grew significantly to N241.86 million in 2023, an increase of 2727 per cent from N8.6millon posted in 2022.

The breakdown of finance cost showed a N3.12 billion interest on debts and borrowings in 2023, representing a decline of 4.7per cent from N3.27 billion in 2022, while Interest on Intercompany loan payables stood at N1.01 billion in 2023 from N809.2 million declared in 2022.

The group’s bottom-line performance showed a resilient result and accounts with N9.48billion profit before tax in 2023, an increase of 104.6 per cent from N4.663billion inn 2022.

The substantial growth in profit before tax can be attributed to the higher growth in revenue relative to the growth in cost of sales.

With about N3.23billion tax expenses in 2023 from N1.77 billion in 2022, Transcorp Hotels closed 2023 financial year with N6.25billion profit after tax in 2023 as against N2.86 billion reported in 2022.

Amid impressive 2023 performance, the Board of Directors recommended an interim and final dividend of N2.05 billon (2022: N1.33 billion) equivalent of 20 kobo per ordinary share for the year ended 2023.

TOTAL ASSETS

The Group’s total assets increased to

N126.09 billion in 2023, a growth of nearly five per cent from N120.5 billion in 2022.

The breakdown of total assets showed that Non-current assets stood at N108.25billion in 2023, a decline of 1.9 per cent from N110.41 billion in 2022, while current assets rise to N17.84 billion in 2023, representing an increase of 77 per cent from N10.08 billion reported in 2022.

As Transcorp Hotels non-current liabilities dropped by nearly five per cent to N26.99 billion in 2023 from N28.39billiion in 2022, its current liabilities grew by 10.3 per cent to N32.3 billion in 2023 from N29.31 billion reported in 2022.

This brings total liabilities to N59.3 billion in 2023, an increase of 2.77per cent from N57.7 billion reported in 2022.

The proportion of total liabilities/total assets stood at 47.03 per cent in 2023 from 47.89 per cent in 2022.

In the period under review, the group’s total equity stood at N66.8 billion, representing 6.38per cent increase from N62.8 billion in 2022, driven by N49.3 billion retained earnings in 2023 from N45.21 billion in 2022.

PLANS FOR 2024 FY

Transcorp Hotels planned to commission a 5,000-seater capacity event centre in Abuja by the first quarter (Q1) of 2024. Transcorp Hotels also plans to build a five-star hotel in the upmarket Ikoyi neighbourhood of Lagos. The decision, the CEO had noted earlier this year is part of the broad plan to sustain post-pandemic recovery after covid lockdowns tipped the hospitality firm into a brief but substantial loss in 2020.

The facility is planned as a 300-room hotel towering 20 storeys alongside a 21-storeyed office block, with construction cost estimated at $110 million.

“We are expanding to Lagos, Ikoyi Glover and this is going to be phenomenal, a five-star hotel that offers accommodation, event space, restaurant, health & fitness, everything,” she had said.

Note that the shareholders of Transcorp Hotels resolved at the company’s annual general management in April to sell off its 100 percent equity stake in Transcorp Hotels Calabar Limited, which has been racking up losses for at least the last two years.

In 2023 financial year, the continued to maintain its strong leisure business, setting the pace with excellence in the delivery of both business and leisure offerings, as the importance of the leisure segment expands in the industry.

The Managing Director/CEO of Transcorp Hotels, Dupe Olusola had stated that “This consistent financial upswing reinforces our dedication to excellence and resilience in the face of economic challenges. We have remained nimble, adapting quickly to meet the dynamic preferences of our guests”.

According to Olusola, the Company continued to experience strong performance in its International Business Travel segment, as it took advantage of renewed investor confidence in the Nigerian economy as a new government resumed office.

Transcorp Hotels also continues to maintain its strong leisure business, setting the pace with excellence in the delivery of both business and leisure offerings, as the importance of the leisure segment expands in the industry.

Transcorp Hotels is one of Africa’s leading hospitality companies, committed to redefining hospitality standards.

The Company’s hotels include the award-winning Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura by Transcorp Hotels, an online platform for booking homes, hotels and memorable lifestyle experiences.

Gwadabe: Naira Gained N660 Since BDCs’ Return to FX Market

Gilbert Ekwugbe

The Association of Bureaux de Change Operators of Nigeria (ABCON) has lauded the decision

of the Central Bank of Nigeria (CBN) to recall Bureaux De Change (BDCs) into the mainstream FX market as a major factor in ongoing exchange rate stability.

Aella Now Aella Microfinance Bank,

Pledges

Enhanced Financial Solutions

Aella has announced its official name change from Aella Credit to Aella Microfinance Bank.

In a statement, it noted that the strategic move is in line with Aella’s commitment to innovation and delivering inclusive financial services to the average Nigerian.

The Aella Group was founded by Akin Jones, started in 2015.

The fintech which currently boasts of over 2 million users in Nigeria, is backed by US venture funds such as Y Combinator, 500 Global, Zeno Ventures, and Gluwa Capital among others.

In remarks, Managing Director of Aella Microfinance Bank, Sosthenes Oluwaseun, expressed excitement about the rebranding stating why it is such an important decision, especially

in today’s economic climate.

According to Oluwaseun, “This transition to Aella MFB is proof of our dedication to innovation and constant reinvention. And this is more than just a name change. Our users will now have access to better banking experiences.

He said, “Widely known for empowering Nigerians with accessible and low-interest loans, the managing director emphasized the company’s dedication to safeguarding users’ funds, highlighting Aella’s adherence to regulations set by the Central Bank of Nigeria (CBN).

“The transition to becoming Aella MFB guarantees extra safety for our users’ money. We now have stricter measures in place to control fraudulent activities.”

In a statement, ABCON President, Dr. Aminu Gwadabe, said aside monetary policy tightening that led to interest rate hike and more investment in government instruments and clearance of $7 billion forex backlog forward commitments, the recall of the BDCs has significantly boost dollar liquidity at the retail end of the forex market.

Gwadabe said the success story is unending as naira trades at N1,255/$ on Saturday, even lower than N1,269.765 rates BDCs were advised to sell.

Describing the ongoing market

development as revolutionary, Gwadabe said stable naira will attract more foreign portfolio inflows to the economy.

He said the naira has appreciated from February low of N1,915/$ to N1,255/$ representing N660 gain, which is significant by all measures.

Gwadabe therefore expressed ABCON’s gratitude to the CBN governor, Olayemi Cardoso and other related agencies for the recognition of BDCs as the third leg of the foreign exchange market and an effective exchange rate transmission mechanism in

forex management.

“The reconsideration of the BDCs into the main stream foreign exchange market has not only demystified illegal economic behaviours such as hoarding, rent seeking, round tripping and FX holding position, but also led to the emergence of exchange rate convergence,” he said.

Gwadabe said that the stability in exchange rate has already started to have positive impact on the prices of goods and services. For instance the price for international school fees has dropped by 15 per cent; cost of

medical tourism reduced by 20 per cent and prices of air fares for local and international trips dipped by 25 per cent.

He said: “The current developments in the foreign exchange market has started reigning in inflation as prices of most necessities are becoming relatively lower in the market. In a most serious note, the positive impacts include also heighten confidence of the public in the local currency as it eliminates currency substitution behavior which hitherto being adding pressure on our local currency.”

Truck Call Up Technology Set for Deployment at Lekki Port

The Lagos State Government and the promoters of Call Up Technology (Traffic Management system) have concluded plans to deploy the truck ‘Call Up System’ to the Lekki - Epe axis with a view to manage the traffic that is already building up in the port corridor.

Speaking at a stakeholders meeting held at the office of the Lekki Free Zone Development Company, Lagos State Commissioner for Transport,

Mr. Seun Osiyemi said the government cannot wait to start the management of the traffic situation along that axis following the indiscriminate parking by both container trucks and tankers on both sides of the road.

Osiyemi who went on a tour of the Free Zone, also said the state government is considering use of the waterways to evacuate bulk, dry and liquid from the port.

Osiyemi said companies

operating within the Zone must to join hands with the government to open this axis as soon as possible.

Speaking, the Deputy Managing Director of the Lekki Free Zone Development Company, Mrs Bolatito Ajibode said that the Zone was the only place left in that axis for investors to acquire land as over 3,000 hectares of land are available for use in the zone.

Also speaking during the tour, the Managing Director of the Call

Up Technology, Mr. Tim Koleolu said operators of terminals with truck parks within the red zonefrom Eleko Junction inwards- will be unbundled on the Callup system for ease of administration and proper traffic management.

Koleolu also said that their hardwares have been deployed at the Lekki Deep Seaport, Lekki Free Trade Zone and all the approved parks that are ready for operations.

HOMES & DESIGN

Mobil’s Square-shaped Tower, Secure, Functional

Mobil Oil Nigeria Ltd spared no expense to deliver its iconic headquarters building in Victoria Island, Lagos. The beautiful tower is not only functional but also keeps the users secure. Bennett Oghifo writes

The Mobil headquarters building is a 12-storey, square-shaped tower divided into four sections with a beautiful atrium in the middle.

The architect’s introduction of an atrium (a large open-air or skylightcovered space surrounded by a building) in the tower was a deliberate move. Atria were a common feature in Ancient Roman dwellings, providing light and ventilation to the interior.

Modern atria, as developed in the late 19th and 20th centuries, are often several stories high, with a glazed roof or large windows, and often located immediately beyond a building’s main entrance doors (in the lobby).

Atria are a popular design feature because they give their buildings a feeling of space and light. The atrium has become a key feature of many buildings in recent years. Atria are popular with

building users, building designers and building developers. Users like atria because they create a dynamic and stimulating interior that provides shelter from the external environment while maintaining a visual link with that environment. Designers enjoy the opportunity to create new spaces in buildings, and developers see atria as prestigious amenities that can increase commercial value and appeal.

There is a rich use of the atrium in Mobil’s tower, and it lights up the centre court, where artefacts from the museum’s collections are displayed, per an agreement with the National Museum of Nigeria.

The four sides are connected by circular towers containing elevators, fire escapes, and restrooms.

There are 10 floors of office space, in addition to underground parking and a top floor where the air handling units are located.

FOCUS

Five Years of Triumph: Ebenezer Onyeagwu’s Zenith Era

Come 31 May 2024, the curtain will be drawn over the eventful five-year term of Dr Ebenezer Onyeagwu, as the managing director/chief executive of Zenith Bank Plc when a new chief executive, Adaora Umeoji will step in to take charge.

Definitely, it’s going to be the end of a momentous tenure. This is because, in the grand tapestry of corporate stewardship, Ebenezer Onyeagwu’s five-year reign as the venerable chief executive of Zenith Bank Plc unfurled as a symphony of transformative prowess, imbuing the institution with a resplendent aura of innovation and excellence. Like a masterful conductor, Onyeagwu orchestrated a melodic journey of growth and prosperity, guiding Zenith Bank to unparalleled heights of success.

Under his ethical leadership, Zenith Bank blossomed into a beacon of financial ingenuity, pioneering groundbreaking initiatives that redefined the banking landscape. Through a harmonious fusion of strategic vision and unwavering dedication, Onyeagwu, who is respected for his impeccable character, steered the institution towards unprecedented achievements, weaving a narrative of triumph and distinction.

With a laurel-strewn path tracing his tenure, Onyeagwu’s tenure heralded a cascade of accolades and honours, each emblematic of Zenith Bank’s unrivalled stature in the Nigerian financial arena. From prestigious industry recognitions to coveted awards for corporate excellence, the accolades bestowed upon Zenith Bank under his stewardship served as a testament to Onyeagwu’s visionary leadership and unwavering commitment to excellence.

In the annals of banking history, Ebenezer Onyeagwu’s tenure as the chief executive of Zenith Bank Plc shall forever stand as a testament to the transformative power of inspired leadership, a golden epoch where innovation, integrity, and excellence converged to sculpt a legacy destined to endure for generations to come.

He doesn’t make noise, even with the bank’s stellar performance under his watch, no wonder analysts say this is the kind of achievement which every officeholder should emulate even if it is difficult to surpass the incredible performance he is leaving behind.

Changing the Narratives

That he brought to his job strategic thinking, inspirational leadership, and energetic and entrepreneurial skills to the job is not in doubt as the figure of success speaks for itself.

Like a captain of a ship ready to sail, Onyeagwu began to change the fortune of Zenith Bank in 2019 when he assumed the office of the chief executive of the bank. For instance, the bank, the Zenith Bank’s share price was N18.60 in 2019 when he took over, while market capitalisation was N584bn, however as at the time of leaving office, he had grown the bank’s share price to N39 with market capitalisation rising to N1,22trillion.

Apart from GTB, which grew its market capitalisation significantly from N874bn in 2019 to N1,192trillion in 2023, no other tier-1 banks were able to go near the feat of Zenith Bank in that period.

An analysis of these banks shows that while Access Bank, which posted a market capital of N289billion in 2019 was able to raise its performance to N777bn in 2023, UBA grew its market capitalisation from N245bn in 2019 to N877bn in 2023 while First Bank’s market capitalisation rose from N221 in 2019 to N845billion in 2023.

In 2019 when Onyeagwu took the rein of leadership, Zenith Bank’s gross loan was N2,462trillion but as of Q3, 2023, it had risen to N6,101trillion, while its customers’ deposits tripled from N4,262trillion in 2019 when he came on board to N13,383trillion as of Q3, 2023.

The bank’s superlative performance under his watch also manifested in the total assets which significantly rose to N18,160 trillion in Q3, 2023 from N6,347 trillion it posted in 2019.

In 2019 when he assumed the position of chief executive of the bank, the bank’s shareholders’ fund rose from N942 billion in 2019 and increased to N1,919 trillion in Q3,2023.

In terms of the bank’s major income statement lines, the outgoing chief executive can be described as an achiever. For instance, in 2019 when he came on board, the bank’s gross earnings, profit before tax and interest income for 2019 were N662 billion, N243 billion and N232 billion respectively. As of Q3, 2023, the tide has changed and the bank’s income statement showed a gross earning of N1,329 trillion, profit before tax of N505billion and interest income of N607billion respectively.

It is noteworthy that the non-financial

performance indicators also grew to support the financial indices. For instance, its customer base rose from 9,575,733 in 2019 to 33,069,875 in 2023.

To show its seriousness as a big player in the retail end, the bank performed very well in terms of card issuance during the period. The number of cards issued in 2019 was 7,880,411. This was improved upon in the course of the years as it ballooned to 25,653,330 in 2023.

The bank which released 41,536 POS terminals in 2019, grew exponentially to 413,183 in 2023. It recorded zero agent bankers in 2019, but by 2023, 105,810 agents had been registered.

The bank’s branches slightly increased from 430 in 2019 to 447 in 2023. During his tenure, the bank placed a premium on staff strength as the number of male staff grew from 3,776 in 2019 when he resumed as the CEO of the bank in 2019 to 4,049 in 2023. On the other hand, the number of female staff members rose from 3,441 to 3,993 last year.

Harvests of Awards

If Onyeagwu is to be rated based on awards conferred on him during his stewardship as the chief executive of Zenith Bank, he surely has enough to show for the five-year tenure. It is to his credit that Zenith Bank under his leadership won many awards back to back in 2019, a feat he was able to sustain and surpass to date. In 2019, he led the bank to win the award of the Best Commercial Bank

in Nigeria by World Finance, apart from the fact that it was named the Biggest Bank in Nigeria by Tier-1 capital by The Banker Magazine, which also named Zenith Bank as the Most Valuable Banking Brand in Nigeria.

To prove that the chains of awards bestowed on Zenith Bank under Onyeagwu’s watch for five years was not a fluke, the bank was named the Biggest Bank in Nigeria by Tier-1 Capital by the Banker Magazine in 2023. It also made the list of World Finance 100 list, which also named Zenith Bank as the Best Commercial Bank, in Nigeria and Best Bank in Corporate Governance in Nigeria. It was named Best Bank for Digital Solutions, Nigeria by Euromoney in 2023.

For his recognition, Onyeagwu was named the Bank CEO of the Year in 2022 and 2023 by Businessday and Leadership newspapers. In 2023, he was crowned the Best Banking CEO of the Year, Africa by International Banker, while Businessday and Telegraph newspapers named him as the Bank CEO of the Year in the same year.

Onyeagwu replaced Mr. Peter Amangbo, whose tenure expired on May 31, 2019. as GMD/CEO. He is a vastly experienced banker and financial expert, trained in reputable institutions of learning in Nigeria, the United Kingdom and the United States of America.

He is a graduate of Accounting from Auchi Polytechnic where he obtained the Ordinary National diploma in 1984 and Higher National Diploma in 1987. He qualified as a Chartered Accountant in 1989 while he was still undergoing the compulsory National Youth Service Corp (NYSC) post-graduation and was named a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) in 2003.

He is an alumnus of the prestigious University of Oxford, England, from where he obtained a Postgraduate Diploma in Financial Strategy and a certificate in Macroeconomics. He also undertook extensive executive-level business education at Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, the Harvard Business School of Harvard University (all in the United States) and Lagos Business School of the Pan African University, Nigeria.

He has nearly 30 years of experience in the banking industry in Nigeria. He joined Zenith Bank Plc in 2002 as a Senior Manager, in the Internal Control and Audit Group of the bank. His professionalism, competence, integrity and commitment to the set objectives of the bank saw him rise swiftly between 2003 and 2005, first, as Assistant General Manager, then as Deputy General Manager, and eventually as General Manager of the bank. In these capacities, he handled strategies for new business and branch development, management of risk assets portfolios, treasury functions, strategic top-level corporate, multinationals and public institutional relationships, among others.

He was named Executive Director of the bank in 2013 and was put in charge of Lagos and South-South Zones as well as strategic groups/business units of the bank including Financial Control & Strategic Planning, Treasury and Correspondent Groups, Human Resources Group, Oil and Gas Group, and Credit Risk Management Group, etc. He was named Deputy Managing Director of the bank in 2016.

AFRICAN PRUDENTIAL RENDERS ACCOUNT TO SHAREHOLDERS...

APC: We’re Ready to Review Suspension, Expulsion of Nnamani, Chime, Others

Gideon Arinze in Enugu

All Progressives Congress (APC) Stakeholders in Enugu State have announced plans to reintegrate members of the party, who were previously suspended or expelled.

Enugu APC had shortly after the 2023 general election suspended and or expelled some

prominent members of the party over alleged anti-party activities.

Among those either expelled or suspended were former Senate President Ken Nnamani, former Minister of Foreign Affairs, Geoffrey Onyeama; former Governor of the State, Sullivan Chime and former Speaker of the State Assembly.

Others were Eugene Odoh, former Director General of Voice of Nigeria (VON), Mr. Osita Okechukwu; former state party chairman, Ben Nwoye; and recently, the member representing Enugu State in the Federal Character Commission (FCC), Mrs Ginika Tor.

However, in a communique released at the end of their meeting yesterday and read by

the party's state secretary, Robert Ngwu, the stakeholders said the review of the suspension or expulsion of any member would be "contingent on sincere repentance and abandonment of sabotage instincts, fifth columnism, anti-party acts, and all divisive actions." They noted that the decision to review was informed by the

Investors Trooping to Nigeria With Job-creating Opportunities, Senate Leader Says

Minority caucus calls for sober reflection

Sunday Aborisade in Abuja

Leader of the Senate, Senator Opeyemi Bamidele, has assured Nigerians that investors were already arriving Nigeria with job-creating opportunities due to the reforms undertaken so far by the President Bola Tinubu administration.

need to further rebuild the party because politics was a game of numbers and everyone was important to achieve success.

The stakeholders unanimously passed a vote of confidence on the State Executive Committee (SEC) led by the State Chairman of the APC, Ugochukwu Agballah and the leader of the Party in

the state, Minister of Innovation, Science and Technology, Uchenna Nnaji.

"Their leadership was credited for the strategic enhancement of the party's position within the state,” the statement stated, adding that the meeting served as a platform to reaffirm that the party at the state level is united with no factional divisions.

Otti: No Sacrifice is Too Big for People's Welfare, Good Governance

Emmanuel Ugwu-Nwogo in Umuahia

Bamidele, disclosed this yesterday in a statement by his Directorate of Media and Public Affairs. The principal officer urged Nigerians, as they continued to celebrate Easter to remember the leadership of the country in their prayers. He specifically urged the people to pray for divine wisdom and direction for the nations leaders to pilot our affairs to a safe location.

with job creating opportunities, while the National Assembly is prepared to give the President all the needed legislative backing to ensure that the sacrifices of Nigerians are soon rewarded," he said.

"Investors are currently trooping into the country

Meanwhile the Minority Caucus of the Senate has urged Christians to engage in sober reflection over the social and economic challenges currently confronting the country.

Kogi Govt Berates SDP over Allegation of Attack on Witnesses

Ibrahim Oyewale in Lokoja

Kogi State government has debunked the allegation of attack on the SDP witnesses in the on going tribunal, reiterating its commitment to provide adequate security to all the citizen of the state irrespective of party affiliations.

Addressing journalists, weekend, Commissioner for Information and Communications, Kingsley Fanwo, stated that the State government has not received any information about the baseless allegation of attack on the witnesses.

"Our attention has been drawn to a headless allegation by the Social Democratic Party to the effect that the State Government allegedly attacked their SDP witnesses in the ongoing tribunal case, where the SDP is challenging

the victory of the All Progressives Congress in the November 2023 Governorship Poll.

"The allegation drifted into the abyss further by claiming that supporters of the thoroughly defeated candidate of the Social Democratic Party in the election, one Muritala Ajaka were attacked.

"We wouldn't have bothered to respond to the barking of the SDP and its leadership as the State Government is busy with governance; but it is important to set the record straight and address the minds of the public to the tradition of lies by the SDP.

"The Kogi State Government under the leadership of His Excellency Alhaji Ahmed Usman Ododo, the democratically elected Governor of the State will be undaunted in its resolve to serve the people of the state rather than be entangled in the propaganda

festival by the jobless and idle SDP.

"The Kogi State Government is unwavering in its stance on security and constitutionalism as the basic minimum in ensuring a peaceful and secured state. It is important to enlighten the SDP to the fact that the case at the Tribunal is between parties of which the State Government isn't one. It is the responsibility of the Government to protect all citizens irrespective of their political or religious persuasions.

"To this end, the State Government did not receive any report of politically stirred crisis and therefore surprised at the blatant, false, spurious and pedestrian claims by the Social Democratic Party in the party's usual way of whipping up sentiments and spreading falsehood to win public sympathy.”

The Senate Minority Leader, Senator Abba Moro, in a statement, urged Christians in privilege positions to imbibe the spirit and character of Jesus Christ as they celebrate Easter.

"Easter is a period of sober reflection by Christians, to look deeper into their relationship with God, who sent His one and only begotten Son to die for the sins of the world.”

Governor Alex Otti of Abia State has said that good governance must be made to take root, nurtured and translated to improved welfare of the people so that the message of Easter would find real meaning in their lives.

He stated this in his maiden Easter message to the people of Abia since he assumed office, to mark the 2024 celebration of the sacrificial death and triumphal resurrection of Jesus Christ for the salvation of mankind.

In the message he entitled "To live the ideals of the risen Christ", Otti insisted that "no sacrifice is

too big" to be made in order to improve the lives of the people, hence the welfare of the masses must take precedence.

He argued that if Christ could empty himself to save humanity form eternal damnation, no sacrifice should be considered "too big" to improve the lives of the very people for whom Jesus died.”

According to him, the programmes and projects of his administration have been anchored on enhancing the welfare of the people thereby reflecting the ideals of the risen Christ.

"Our objective is always clear: to improve the lot of the average person who lives or does business in Abia," he said.

Flooding: PEPSA Kicks-off Campaign on Drainage Clearing in Plateau

Seriki Adinoyi in Jos

Ahead of the rainy season, Plateau Environmental Protection and Sanitation Agency (PEPSA) has commenced its annual waterway distillation in Jos-Bukuru metropolis to address drainage blockages and safeguard public health.

At the kick-off event, PEPSA's Director, Samuel Dapiya underscored the need for unobstructed drainage systems in averting floods and curtailing spread of diseases. He said, "These blocked drains not only hinder the smooth flow of water, leading to potential flooding, but also serve as breeding grounds for vectors and rodents, posing significant health risks to humans. So, this campaign is not just about preventing floods by ensuring water flows freely; it's also about safeguarding public

health."

While appreciating the agency's dedication, Dapiya observed that it is made up of a team of 120 staff and volunteering youths from various communities who will be working on cleaning approximately 115 kilometers of drainage systems across the state.

"The main objective of the campaign is to improve the community's health and environment. With the help of over 120 staff members and volunteer youths, PEPSA is committed to making a positive impact on public health and the environment", he noted.

Dapiya urged the public to stop throwing waste into drains and instead use designated waste disposal sites, stressing that the harmful consequences of improper waste disposal on society is enormous.

He also praised Governor of the state, Barr. Caleb Mutfwang for supporting efforts to promote environmental sustainability.

Commending the efforts of the state government through PEPSA, the North Central Zonal Director of the National Environment Standards and Regulation Enforcement Agency (NESREA), Mr. Appiah Jude, stressed the environmental impact of indiscriminate waste disposal and highlighted the importance of awareness and cooperation in effectively addressing environmental challenges.

He said, "Environmental issues are not selective; they affect each and every one of us. It is imperative that we engage in robust awareness campaigns to ensure that everyone understands their role in preserving our environment".

LAFARGE AFRICA ANNUAL CUSTOMER AWARDS...

L-R:

Lukman: Sani's Outburst over Kaduna’s Alleged Debt Suggests Feud with el-Rufai

I was insulted for saying no to loans, says Sani

A former National Vice Chairman, North-west of the All Progressives Congress (APC), Dr. Salihu Lukman, has said the recent outburst of Governor Uba Sani on the debt profile of the state suggested a strong disagreement and breakdown of relationship with his predecessor, Mallam Nasir El-Rufai.

Sani had at a town hall meeting in Kaduna, on Saturday, March 30, 2024, raised the alarm over the huge debt he inherited to the tune of $587 million, N85 billion, and 115 contractual liabilities from the administration el-Rufai.

He added that because of this huge burden, out of N10 billion due the state from federal allocation, N7 billion was deducted, which leaves only N3 billion, saying with such reality, the state was finding it difficult to honour its monthly salary obligation

of N5.2 billion to its workers.

Lukman, in a statement titled "Kaduna State Political Theatrics" while acknowledging the challenging reality facing the state, said it was important that the issue was not reduced to the politics of blame game and loud noise-making with praise singers on both sides defending their benefactors.

He was of the opinion that the issue of the huge debt burden of Kaduna State was a public secret, adding that it was a matter that was very known to Sani.

The APC chieftain stressed that although there could be new insight that he must have encountered after taking over as governor, he believed that he came well-prepared and ready to deal with the challenges and move Kaduna State forward from where El-Rufai left it.

Lukman noted that part of the objective of the town hall meeting could as well be to mobilise the people of Kaduna State to support the initiatives

of Kaduna State government.

"Unfortunately, as it is, the report seems to be sensationalised, suggesting the reality of strong disagreement and breakdown of relationship between Mallam Nasir El-Rufai and Mallam Uba Sani, which could as well be the case.

"I make this point cautiously having practically lost contact with both Mallam Nasir El-Rufai and Mallam Uba Sani since my resignation as National Vice Chairman (North-West) in July 2023.

“I was only privileged to meet Mallam Uba once and there after couldn’t speak with him in any form. I only encountered Mallam Nasir once during the birthday reception of Chief Bisi Akande at the Presidential Villa and we only greeted and moved on.

"This notwithstanding, I can’t claim ignorance about some of the dynamics playing out in Kaduna State. I am aware of the growing animosity between Mallam Nasir and Mallam Uba,

or at least I hear some of it from sources close to both of them.

"However, given the reality that I am not close to both Mallam Nasir and Mallam Uba, I opted to keep my distance and not meddle into a dispute between two very close friends.

“My expectation was that they will resolve the matter. Sadly, this doesn’t appear to be the case. I think, people close to Mallam Nasir and Mallam Uba are also not helping matters."

Meanwhile, a former senator, who represented Kaduna Central senatorial between 2015 and 2019, Shehu Sani, has said he was insulted for rejecting the $350 million World Bank loan the Nasir el-Rufai administration sought.

Reacting to the governor's comments on the huge debt profile of the state in an interview with journalists, Sani said if his advice was heeded, the state would not have found itself in the present predicament.

NDLEA Intercepts Qatar-bound Illicit Drugs Hidden in African Salad, Vegetables

Michael Olugbode in Abuja

Operatives of the National Drug Law Enforcement Agency (NDLEA) have detained a 35-year-old lady, Chidinma Agbazue, after she was caught attempting to export 20 parcels of cannabis sativa weighing 10.7 kilogrammes concealed in African salad popularly called Abacha and dried vegetables to Doha, Qatar through the Murtala Muhammed International Airport, Lagos A statement by the spokesman of the anti-narcotics agency, Femi Babafemi, yesterday, stated that the NDLEA officers at the Lagos airport working in partnership with men of the Department of State Security (DSS), Thursday, intercepted Chidinma, an outbound passenger from Lagos to Doha, on Qatar Airways during clearance of passengers at the screening point of terminal 11 of the MMIA.

He said preliminary investigation revealed that Chidinma was based in Qatar but returned to Nigeria last December for Christmas celebration. She said preparatory to her return to Doha, she lodged at Club Dice Hotel in Ikotun area of Lagos, where the consignment was handed over to her for trafficking to the Arab country.

Babafemi also said two suspects: Monday Okeke and Chigozie Emeka were last Tuesday arrested by NDLEA operatives in Oniwaya, Yaba and Agege area of Lagos, where they recovered from them 842,560 pills of opioids especially tramadol in addition to 15 litres of codeine syrup and 596 grammes of Molly.

He said attempt by Okeke to bribe the NDLEA officers with N5 million cash was rebuffed while the money was documented as part of exhibits to prosecute the suspects in court.

In Bayelsa State, the bid by three suspects: Ebuka Eze, 31; Ugochukwu Okoro, 44; and Kingsley Uzim, 27, to smuggle opioids including codeine, molly, tramadol and diazepam weighing a total of 73.425 kilogrammes to the creeks in Southern Ijaw area of the state was thwarted last Wednesday by NDLEA operatives at Swali jetty, Yenagoa where Ebuka and Ugochukwu were arrested while Uzim was nabbed at Amasoma in a follow up operation.

He revealed that the drugs were concealed in jumbo sacks and conveyed to the jetty in a tricycle.

Also arrested with 137 blocks of cannabis weighing 71 kilogrammes during a raid at Orile Imo, Ogun state last Friday were two suspects: Eniola Muyideen and Bankole Shuaib.

NDLEA operatives in Taraba State recovered 39,980 pills of

tramadol from a suspect, Abubakar Mohammed, 33, in Lankaviri village, and another suspect, Apaji Vincent, 29, arrested in Wukari last Thursday l with 131 kilogrammes cannabis sativa.

In Abia State, Nwachukwu Chinedu, 28, was arrested last at Akara Ahuba, Isikwuato local government area by NDLEA officers. Recovered from him include 46.65 kilogrammes cannabis and different quantities of tramadol, methamphetamine and rohypnol as well as N71,500 monetary exhibit.

In Ondo State, at least, 127.5 kilogrammes cannabis loaded in a Volkswagen Vento saloon car marked NTT 215 AA was recovered along Isua/Kabba road, Idoani area of Ose local government area, while a 30-yearold female suspect, Chinasa Christopher was arrested with 400 bottles of codeine syrup in Sabon Gari area of Kano.

Sani and two other senators from Kaduna state - Suleiman Hunkuyi (APC Kaduna North Senatorial zone) and Danjuma Laah (PDP, Kaduna South Central Senatorial zone), rejected moves by el-Rufai to take the $350 million World Bank loan.

Sani and Hunkuyi eventually lost their bids for re-election and were replaced by Uba Sani and Suleiman Kwari, who lobbied for the approval of the loan.

In May 2018, el-Rufai had while flagging off campaign for local government elections in Kaduna, rained curses and insults on Sani, Hunkuyi and Laah for rejecting the loan and had called on the people to “shave their beards and heads" whenever they come to Kaduna.

According to Sani, the hour of reckoning has come for every citizen of the state.

"I was insulted for saying no to that loan. The hour of reckoning is here to every

person in Kaduna State. Just like the way Lot (in the Bible) warned people, prophets of the past warned people, but they refused to hear and then you see perdition and affliction.

"In the same way, I warned the people of this state, but they were told that that the money will bring paradise - land of milk and honey. Today, you can see the problems at hand as far as that loan was concerned.

"If you look at it, what I said about this state, there has never been any of my prediction that has not come to pass. Today, the state is strangulated because of that money which we couldn't pay.

"We borrowed $350 million when the naira was N400 to the dollar and we are going to pay when the naira is what it is today. If people heeded to what I had said and understood me and agreed with me, we couldn't have been where we are today," he added.

Ondo Guber: PDP Sets Up Screening Appeal Panel

Chuks Okocha in Abuja

The National Working Committee (NWC) of the Peoples Democratic Party (PDP), has set up the Ondo State Governorship Screening Appeal Panel to hear appeals arising from the screening of aspirants for the upcoming governorship primary election in the state.

This was contained in a statement by the party’s National Publicity Secretary, Hon. Debo Ologunagba, in Abuja, yesterday.

The screening appeal committee is scheduled hear appeals from aspirants who are unsatisfied with the verdict of the Screening Committee.

Meanwhile, there were speculations that two out of the seven PDP aspirants for the election were, last week, not cleared to contest the party’s primary by the Senator Sam Egwu-led 8 man panel.

The Appeal Panel is scheduled to entertain petitions on Wednesday, April 3rd 2024, at the NWC Hall, Wadata Plaza, PDP National Secretariat, Abuja FCT, at 10:00am.

Members of the 13 member Appeal Panel were Ex-Adamawa State governor, Boni Haruna (Chairman), Hon. Adewale Aribisala – (Secretary). The members were Hajiya Hadiza Adado, Mrs. Nosa Aladeselu, Onwe Solomon Onwe, Hajiya Zainab Maina, Ajisafe Kamoru Toyese (NVCSW), Chief Ali Odefa (NVCSE), Chief Dan Osi Orbih (NVC-SS), Dr. Emmanuel Nkavoa Bovoa (NVC-NE) and Hon. Theophilus Dakas Shan (NVC-NC). Others were Senator Bello Hayatu Gwarzo (NVC-NW), Hon. Abdulmaleek Abduraheem Danga, and Bimbo OgunleyeAdmin Secretary.

Failed US Gaza Resolution at UN Biased, Says Palestinian Ambassador

Michael Olugbode in Abuja

The Palestinian Ambassador to Nigeria, Abdullah Shawesh, has described as biased the failed United States resolution on Gaza.

Shawesh, who spoke to journalists at the weekend during his weekly briefing on the ongoing Israeli attacks on Gaza, also alleged that Israel has violated Ramadan ceasefire agreement, He said U.S was biased in its resolution as it failed to call for immediate ceasefire.

Shawesh said, "On Friday, March 22, the USA presented a resolution before the Security Council, which did not pass due to a veto. In this regard, and

despite many other criticisms, I would like to highlight the following points:

"The US resolution failed to call for an immediate ceasefire that the Secretary of State Blinken told the media day before tabling it on the Security Council as the magic stick to put an end to the human suffering in Gaza.

"The US resolution fell short of condemning the ongoing Israeli massacre against the Palestinian people. Instead, it gave Israel the green light to continue its textbook genocide.

"The US resolution incubated all the Israeli claims about October 7 even before any independent fact finding mission or inquiry mission

NGO Calls for Nigerians' Active Involvement in Judicial Appointments

Kuni Tyessi in Abuja

Citizens' Gavel, a non-profit organization has called for the active involvement of Nigerians in the ongoing judicial appointment process, noting that the integrity of the nation's democracy is not solely determined by electoral outcomes but equally by the judicious selection of judicial officers.

According to the group, the appointment of 12 out of 24 nominated judges is a crucial phase for the nation's democratic journey as more people will be vested with powers to uphold justice, maintain the rule of law, interpret laws, review the constitution, resolve disputes and protect the rights of ordinary Nigerians, all of which directly impact the lives of all.

In a statement signed by its head of communications, Nelson Olanipekun, the organization insisted on the necessity of basing judicial selections on merit and established integrity to arrest the current degradation and fortify the foundations of justice in the nation.

He said to this effect, the organization invites the Nigerian public to exercise their civic duty by thoroughly examining each individual's profile. Concerns

regarding any appointee's character, conduct, or impartiality should be formally addressed through a petition to the National Judicial Council (NJC).

Also, with respect to judicial accountability, the group has condemned the prevalence of decadence in the Nigerian Judicial System, which has been noticeable in recent years.

"To nip this decadence in the bud, Citizens' Gavel urgently beckons the people of Nigeria to exercise their democratic right to a transparent and accountable process in appointing judges.

"The NGO insists on the necessity of basing judicial selections on merit and established integrity to arrest the current degradation and fortify the foundations of justice in the nation.

"Moving forward, the group urges the Nigerian judiciary to dispense equal consequences for action, such that everyone plays by the same rules stipulated by the constitution, regardless of status, tribe, religion or name, just as is obtainable in developed, democratic countries."

Leading the charge for judicial accountability, Citizens' Gavel has so far meticulously compiled and presented the profiles of the identified twentyfour appointees.

established by independent intergovernmental body came up with final report on what happened on that day.

"The US resolution mentioned the 132 Israeli hostages in Gaza but did not say a word about the more than 7,000 abducted and Palestinian hostages in Israeli concentration camps and prisons, all of whom are subjected to torture, degradation, and ill-treatment, resulting in the deaths of 12 of them so far.

"This is a clear form of racism and white supremacy, prioritizing the lives of Israelis over the lives of Palestinians.

"The US resolution deliberately did not mention any single words on the UN body, UNRWA, which is the most expert and capable body to tackle the humanitarian crises in Gaza, in clear complicity to support the Israeli occupation request to dismantle it. When it came to the humanitarian assistance to the Palestinian, no one can deny the crucial role that the UNRWA played since Al-Nakba 1948.

"It is important to note that the US Congress voted not to resume funding for UNRWA until at least 2025, a move welcomed by Israel, which declared that the UN agency will not be part of Gaza's future.

“The US did not mention Israel as the occupation power except one time in the context of the two-state solution."

He also accused the Israeli authorities of not respecting UN resolution which called for ceasefire during the ongoing Ramadan.

He said: "On Monday, March 25, the Security Council adopted the Resolution 2728 calling for an immediate ceasefire during the month of Ramadan. While the ink on the resolution is not yet dry, Israeli cannon barrels are still firing and claiming more innocent Palestinian lives.

"On a practical level, this means Israel has turned its back on the Security Council. Israeli pushback on the UN ceasefire resolution, and the war minister Yoav Gallant said Israel has no moral right to stop the war in Gaza.

"The Israeli occupation

authorities have continued their aggression, restrictions, and repressive measures in the occupied West Bank since the beginning of the holy month of Ramadan.

"They have deployed more than 24 military battalions there, imposed a comprehensive siege, cut off ties with partial sieges on all regions and towns, deployed over 750 checkpoints, installed more iron gates, and forced citizens to travel on bumpy roads that consume their time and money."

He condemned the continue sales of weapons to Israel, saying that according Mary Lawlor - UN special rapporteur on human rights defenders: “There is no moral argument that justifies the continued sales of weapons to Israel. Over the past six months, Israel has unequivocally proven that it uses Western and foreign weapons indiscriminately against the Palestinian people. Why does the West continue to supply them?”

He also asked everyone to pay attention to the UN Secretary

General, António Guterres words that: “Palestinians in Gazachildren, women, men – remain stuck in a non-stop nightmare. Communities obliterated. Homes demolished. Entire families and generations wiped out. With hunger and starvation stalking the population. It is monstrous that after so much suffering over so many months, Palestinians in Gaza are marking Ramadan with Israeli bombs still falling, bullets still flying, artillery still pounding, and humanitarian assistance still facing obstacle upon obstacle.”

Shawesh said: “According to the Palestinian Ministry of Health as of Sunday, March 24, approximately 32,200 Palestinians have been killed by the Israeli occupation forces. Among the victims, 72% were women (around 8,800) and children (approximately 13,750). Additionally, around 74,500 Palestinians have been injured, with a majority being women and children. It is estimated that more than 8,100 people are missing under the rubble.

Researchers to Unveil Strategies to Achieve Tinubu’s 8-Point Agenda

Michael Olugbode in Abuja

Researchers in the country are set to unveil strategies toward achieving the eight priority agenda of President Bola Tinubu.

This was the outcome of the National Research, Development and Innovation Coordination Summit. The summit was convened and facilitated by Research for Impact, Knowledge Economy, and Sustainable Development (RIKE-SD) and organised by West and Central Africa Research and Education Network (WACREN) with financial support from Foreign Commonwealth Development Office, UK.

Speaking at the closing of the summit in Abuja at the weekend, the Global Impact lead, Research for Impact Knowledge Economy and Sustainable Development ( RIKE SD), Dr. Mustapha Popoola, said the group of researchers plan to provide workable solutions to pronouncements of the president,

especially his eight-point agenda.

The blueprint, according to him, would be presented to President Tinubu by 29 May 2024 when he marks a year in office.

Mustapha said the private sector-driven innovation aimed at tackling various challenges bothering the country through Research, Development and Innovation.

Mustpha stressed that the initiative aimed at moving the president’s pronouncements from an instruction to practical implementation.

He said: "Over the decades there has been the same problem, problem of research is not making money, research commercialization problem, everything people have been talking about RDI whereas, Mr. Presidents, in his wisdom has actually directed the need for us to institutionalize research development or innovation across board.”

He noted that as it happens in

other climes, when a presidential pronouncement is made, it gives life and it is actually a national direction, and researchers in Nigeria have taken the steps to follow the president’s directive.

He said: "So we take it and in taking it we are making sure that we are taking it to the next level.

So the first thing we want to do is to interrogate the Presidential priority areas, eight of them.

"So it's like we are using the directory of the president using the toolkit that we have with us as a people before and as experts to now provide solution to the agenda been set for the country by Mr. President.

"So for the past three days, we have actually been doing that. And we have our working groups who are actually going to be reconstituted as the national think tank for the presidential priority areas.

"We are saying for the first time, we are launching out Research,

Development and Innovation think tank that will be looking at the agenda of Mr. President, and particularly the priority areas.

"So in this room, we have eight groups that have been working on for the past 48 hours on this agenda. And the next thing is for us to allow going to the phase of evidence and synthesis, and come back with solutions to our national problems that are under each of the agenda.

"And to actually get that one down to Mr. President, for implementation, and see those that need to go to the private sector."

He said the idea would be demand driven with emphasis on end users of the research work Mustapha added: “That is, we are actually looking at the end users of those research which are the communities. So the communities are going to be on display, but as a new approach to make sure that we deliver results.

CELEBRATING EASTER SUNDAY…...

L-R: The new Attorney General of Ondo State, Kayode Ajulo, SAN; Primate of the Church of Nigeria Anglican Communion, Most Rev’d Henry Ndukuba; Director, Media in the Primate Office, Folu Olamiti, and a legal practitioner, Ola Kumuyi, after Easter Sunday Service at the Cathedral Church of Advent Gwarinpa in Abuja…yesterday

Police Arrest ‘Cleric’ with Human Parts, Nab Notorious Motorcycle Snatcher

Operatives of Ondo State Police Command have arrested a cleric, Mr. Oluwafemi Idris, for alleged unlawful possession of human parts.

This is just as the command arrested a notorious motorcycle snatcher, Mr. Babalola Dolapo, whose operational zone cut across Ondo town, Akure, Ekiti, Ilesha and Ife town in Osun State.

The State Commissioner of Police, CP. Abayomi Oladipo, said that the police got an intelligence from a reliable source in January 2024 that Idris, popularly known as Alfa,

NECO to Conduct SSCE in Saudi Arabia

KuniTyessi inAbuja

The National Examinations Council (NECO) has concluded arrangements to conduct the Senior School Certificate Examinations (SSCE) Internal in the Kingdom of Saudi Arabia.

This follows the successful accreditation of Nigeria International School, Jeddah, by a delegation led by the Minister of State for Education, Dr. Yusuf Sununu, and the Registrar of NECO, Prof. Dantani Wushishi.

kept human parts in his house and intends to use them for ritual purposes. According to Oladipo, the police swung into action and

apprehended the suspect while human parts, including hands, three kidneys, three hearts, spine and tongue were found in his possession

when a search was conducted in his house at Akoko. “The suspect claimed that he is an Islamic cleric and some of the human parts were supplied

by his friend, an Alhaji, who is also a cleric and one Samuel Kutelu while he supplied one Babatunde Kayode (an Oluawo) three human heads.

Tinubu Urged to Ease Hardships to Save Nigerians from Heart Attacks

Emmanuel Ugwu-Nwogo in Umuahia

Sununu, in his address, enjoined the staff and students of the school to continue to be good ambassadors of Nigeria not only in Saudi Arabia but in the entire Gulf States Cooperation Council.

He explained that after a careful assessment of the school’s learning facilities such as examination halls, class rooms, laboratories, library, curriculum and syllabus as well as the general security of the school, the Nigeria International School Jeddah was found worthy of consideration as an International Centre for NECO SSCE Internal, and was consequently granted full accreditation.

A statement signed by the acting Director, Directorate of Information and Digital Communication of NECO, Azeez Sani, last Saturday, said during the visit, the delegation undertook an assessment of the school facilities and had an interactive session with the management and staff of the school.

Cleft Lip Patients Get Free Surgery in Delta

SylvesterIdowuinWarri

Teem Clinic Dental Services Limited and a renowned international charity organisation, Smile Train, would embark on an initiative to provide free medical surgery for children suffering from cleft lip and cleft palate sickness in Effurun, Warri, and environs in Delta State.

The initiative, which would kick off on April 10, would address cleft Lip/cleft palate which is a congenital condition in which the upper lip fail to form properly thereby creating a hole in the upper lip while cleft palate is a condition where there is an opening between the mouth and the nose such that when the child swallows food, it comes from the nose.

Addressing journalists over the

Determined to help the most vulnerable in society cushion the effects of the current economic hardship, Dufil Prima Foods Limited, makers of Indomie Instant Noodles has continued its nationwide provision of free lunch to school children.

The initiative has also seen the company donate free cartons of the product to the less privileged in Ajegunle and Oworonshoki communities of Lagos State recently as it hopes to feed at least two million Nigerians.

According to the company, the initiative carried out in partnership

weekend, the Chief Executive Officer of Teem Clinic Dental, Dr. Etetefia Mabel, disclosed that the three-day event underscored the commitment of her facility with Smile Train to making the essential medical services to underserved populations who suffers a lot of stigmatisation and total neglect as a result of the disease.

“The initiative will offer a wide range of surgeries to correct defects in cleft lip/cleft palate at no cost through the generous support of Smile Train and the dedicated team of professionals at Teem Clinic Dental Services which have successfully carried out surgery on over 10 who are happily living in our society today free from that congenital condition which made life not worth living,” she said.

with several non-governmental organisations, was flagged off with the donation of over 200 cartons of Indomie noodles to residents in the Ojodu area of the state.

The latest donations carried out in partnership with ‘Dreams From The Slum Empowerment Initiative’, an Ajegunle-based NGO and Lagos Food Bank Initiative in Oworonshoki, witnessed the provision of free Indomie noodle meals to all students and pupils of four schools in the Ajegunle area, as well as the distribution of free cartons of Indomie Noodles to hundreds of Nigerians in the two communities.

President Bola Ahmed Tinubu has been urged to take effective measures that would ease the present hardships to minimise the growing incidents of heart attacks and suicide tendencies.

The Methodist Bishop of Umuahia East, Rt Rev Ikechukwu Emezi Nkulo, made the call in his 2024 Easter message with the theme: ‘Easter Amazement’, made available to journalists in Umuahia, Abia State.

Quoting medical experts, the cleric noted that aside from the normal causes of heart attacks, the present hardships in the land coupled with horrendous news of killings and kidnappings were “bringing about many heart related diseases and sudden deaths.

“A medical expert has emphatically observed that the heart of many Nigerians has been under constant attacks with news of insecurity, including kidnappings, which is now out of control, banditry, brutality, severe economic woes, ritual killings, and organ harvesting across the country.”

Bishop Nkulo listed other heartrending “national embarrassments”

that have impaired the health of many people and made them vulnerable to heart-related health issues, including extortion by law enforcement agents, failure of EFCC to prosecute corrupt politicians, galloping inflation, depreciation of naira.

Embarrassing exchange rate, hike in petrol pump price, high cost of goods, crippling transportation hikes, among others.

Suspected Thief Killed in Kwara over Attempt to Steal Motorbike

Hammed Shittu in Ilorin

A suspected thief was at the weekend killed by residents of Apalara in Ilorin West Local Government Area over an attempt to steal a motorcycle.

The incident, according to THISDAY, occurred on Saturday around 9:00 p.m. when the suspect boarded the motorcycle.

According to a resident of the area who sought anonymity, “The suspect was apprehended

after a failed attempt to slaughter the motorcycle owner from the back.

“They both fell and the suspect tried to run with the bike but was given a hot chase by some residents who used

Edo Guber: Senatorial Leader Declares Support for LP

Adibe EmenyonuinBenin-city

every available objects around to beat him until he died.”

When contacted yesterday, the spokeswoman of the state Police Command, Toun EjireAdeyemi (DSP), confirmed the incident.

Candidate, Akpata

The senatorial leader of the Labour Party (LP) in Edo Central, Edo State, Chief Friday Ibadin, has declared his full support for the governorship candidate of the party, Mr. Olumide Akpata. He also denied any plans to defect to the Peoples Democratic Party (PDP) or support the candidate of the party, Asue Ighodalo. Ibadin made the declaration while reacting to a viral video where the PDP governorship candidate, Ighodalo, in company of the former Speaker of the Edo State House of Assembly, Friday Itulah, paid him a visit which was interpreted to mean that he has decided to dump the LP and defect to the PDP to support Ighodalo. Besides, it was also rumoured that Ibadin, a retired Commissioner of Police, has collapsed the Obidient Movement structures to the PDP to help Asue Ighodalo win the gubernatorial election.

However, Chief Ibadin explained that being a traditional man and an in-law to the former Speaker, Itulah, his responsibility was to open his doors to any visitor, especially as Itulah is his in-law, adding: “As a traditional man and host, my duty was to open my doors to them.”

Group Seeks More Interventions for PWDs in Education, Healthcare

Gbenga Sodeinde in Ado Ekit

Justice Development and Peace Initiative (JDPI) of the Catholic Diocese of Ekiti has called on the Ekiti State Government to intervene in the needs of People With Disabilities (PWDs) in the areas of education, healthcare and accessibility to public buildings.

The group made the call yesterday in Ado Ekiti at a one-day meeting with PWDs and other stakeholders organised by JDPI with support from Miseror IHR Hilfswerk.

According to the JDPI Director in Ekiti State, Rev. Fr. Emmanuel Akingbade, the PWDs during the validation for Citizens Agenda sought government’s intervention to end the plights of its members in the state.

He noted that the PWDs hailed the state government for the provision of free education in secondary schools but demanded more in healthcare and accessibility to public buildings.

“Today’s meeting is for PWDs within the context of their right. This is not the first time we are meeting with them; this meeting is for us to consolidate with early conversations we have had with them.

Eno Urged to Revisit Abandoned Use Ikot Amama Road Project in Ibiono Ibom LGA

Okon Bassey in Uyo

Akwa Ibom State Governor, Umo Eno, has been tasked to revisit the abandoned Use Ikot Amama road project in Ibiono Ibom Local Government Area,

which was initiated more than 10 years ago by the Governor Godswill Akpabio administration, but left undone.

The lawmaker representing Ibiono Ibom state constituency, Hon Moses Essien, made the

call while interacting with journalists last Friday in Uyo on the development challenges facing his constituency. He underscored the importance of the road to the socio-economic development of the state, stressing

that the construction of the road was significant to the realisation of the Arise Agenda of the present administration in view of the rich natural resources and the vast arable land that abound in the community.

2024 Hajj: Bauchi Gov Approves N900,000 Subsidy for Intending Pilgrims

SegunAwofadejiinBauchi

The Bauchi State Governor, Senator Bala Abdulkadir Mohammed, has agreed to pay 50 per cent of the additional increment of the 2024 Hajj exercise fare for the intending pilgrims from Bauchi State. To this end, Bauchi State

Government would pay a subsidy of N959,000 for 1,652 intending pilgrims from Bauchi State totaling over N2.5 billion to bring sucour to the Hajj exercise. The Bauchi State’s Commissioner of Religion Affairs and Community Orientation, Mr. Yakubu Ibrahim Hamza, stated this during the

weekend at the Government House, when he briefed newsmen on the development. Hamza explained that benefiting intending pilgrims comprised those who have already paid the increment and those who are yet to commit to the development as well as those who were being awarded Hajj slots by the state government.

In a remark, the Executive Secretary of the State Pilgrims welfare Board, Mr. Abdulrahman Ibrahim Idris, explained that intending pilgrims who have registered and paid the initial total deposit of N4.7 million and N4.5 million with the State Pilgrims Board will now deposit N959,000 out of the N1.9 million increase.

BANKING SECTOR RECAPITALISATION: MUCH ADO ABOUT RETAINED EARNINGS

additional qualifying minority interest and regulatory adjustments. CET1 and AT1 are classified as Tier 1 Capital for banks on a going concern basis. Then there is Tier 2 Capital which is gone-concern capital and applies to banks that have failed. Tier 2 instruments must absorb losses before depositors and general creditors do so.

While it must be acknowledged that Basel III is not legally binding in any jurisdiction, and as earlier indicated, the CBN is not a member of the BIS in Switzerland, Basel III was intended to form the general basis for national or regional rulemaking for regulatory capital. Nonetheless, as with Basel I and II, even BIS members have taken different approaches to implementing Basel III. Some regulators have even gone as far as arguing that the rules apply to banks with $100 billion in assets or more. This in effect addresses any concerns raised by some market analysts at the weekend that the CBN was not complying with Basel III reforms in its latest recapitalisation programme. Besides, no Nigerian bank can boast of a balance sheet size of $100 billion in assets. Despite all their sound and fury, not one of them comes close!

Basel III aside, no Nigerians banker worth his or her salt can say that they did not see the recapitalisation programme coming. They did not need a Cardoso (or Cardi-B as he is often called in social media circles) to tell them that their banks had to initiate measures to raise fresh capital. For instance, Access Holdings Plc, in its 2023 financial accounts that was released 24 hours before the CBN circular, announced its intention to raise N365 billion through a rights issue in 2024. There was also speculation among market analysts two weeks earlier, that Guaranty Trust Holdings Plc (GTCO), which is yet to release its 2023 accounts was toeing the same path with a capital raise of N350 billion to N500 billion.

Effectively, bankers who did not have their heads buried in the sand already knew that the naira devaluation and spiralling inflation had wreaked havoc on their risk assets, notwithstanding the supernormal profits that they declared in the second half of 2023 due to FX revaluation gains. Buttressing this, Cardoso last December revealed that due to the impact of the forex unification policy and efforts to remove the subsidy on petrol by the federal government, banks had breached some of the key metrics such as single obligor limits, resulting in the erosion their capital. It also led to a deterioration of their asset quality that could easily clog up banks’ balance sheets with non-performing loans. And as any banking system regulator knows, low asset quality affects banks’ capital and therefore their soundness.

But what the banks did not anticipated was that the CBN would not allow them to use their shareholders’ funds, which has retained earnings as a key component, as the basis for computing revised capital requirements. Unsurprisingly, since the release of the circular, there’s been disquiet in the banking sector as Nigerian lenders and their shareholders absorb the enormity of the daunting task over the next two years. Add to this a seminal WhatsApp group dedicated to all things markets that I belong to, which almost blew a gasket at the weekend as members heatedly debated the merits and demerits of the non-inclusion of retained earnings in the new capitalisation requirements for banks.

Had the CBN allowed the banks to use shareholders’ funds as a basis for the new capital base, most, if not all banks, would have carried on with business as usual because the retained earnings on their balance sheets already exceeded their paid-up capital and

share premium combined by several hundreds of billions of naira. As things stand, some Tier 1 bank holding companies and banks have retained earnings in excess of N500 billion – the new capital base threshold for international banks. These are Access

Holdings – N715.13 billion, FBNH Plc – N608.73 billion, UBA Plc – N750.81 billion and Zenith Bank Plc – N894 billion, while GTCO at N424.50 billion is not far off. By implication, if banks’ retained earnings are added to their current paid-up capital and share premium, they would meet and exceed the new minimum capital requirements stipulated by the CBN.

Another concern that came up was that with the exclusion of retained earnings, the options given by the CBN for fresh capital injection through either private placement, the issuance of new shares (or public offers) and/or through mergers and acquisitions was dilutive for existing shareholders of the banks. One of the first persons to throw the first salvo over the new recapitalisation guidelines released by the CBN was Mustapha Chike-Obi, Chairman of Fidelity Bank Plc and Chairman of the Bank Directors Association of Nigeria ((BDAN), who was quoted on Arise News Channel on Friday morning as stating that the non-inclusion of retained earnings would not work and called on the CBN to provide additional clarification on the issue.

Similarly, Johnson Chukwu, CEO of Cowry Assets Management Limited, faulted the exclusion of retained earnings and advised the CBN to align the new capital requirements with industry dynamics to facilitate a seamless transition. According to him, the exclusion of retained earnings will result in banks incurring recapitalisation costs, adding that this would force banks to declare cash and bonus dividends for their shareholders and undertake rights issues.

Other market analysts further posited that the exclusion of retained earnings from new capital requirements for banks would put them under pressure, given the huge amounts lenders would have to raise in an environment where capital is already constrained. According to one such analyst, “You have a situation where the CBN has adopted a contractionary monetary policy stance with high interest rates and is issuing OMO bills at 27%. This was done to curb inflation, attract foreign portfolio investors into the market and thereby improve FX liquidity. As such, capital is constrained in the country due to the tight monetary stance of the CBN. So how are banks expected to raise an estimated N3 trillion to N4 trillion to meet the new capital thresholds? This is just contradictory.”

He also wondered what the of objective of the CBN was, asking if it is to improve capital buffers of banks and strengthen their ability to fund big ticket transactions to grow the economy, how will this be achieved with the high interest rates on treasury bills that have crowded out the private sector? “In addition, with the Cash Reserve Ratio (CRR) at 45% and Liquidity Ratio at 30%, how are the banks expected to lend money to their customers. So, if the banks raise fresh equity capital, are they going to continue lending to government?” he asked.

Though it is true that the CBN’s contractionary stance is at variance with its decision to compel banks to raise fresh equity capital, it will be shortsighted for anyone to think that the current monetary tightening will be remain in place for an eternity, as the policy measures are short-term in nature. Like any central bank, once the CBN determines, say12 months from now, that inflation is beginning to recede and FX stability has been achieved, it will begin to lower interest rates and loosen its stance on CRR

UNITED STATES OF NIGERIA?

platypus, spiny echidnas and even some saltwater crocodiles to create the true feel of a Commonwealth.

Since our Navy has not been able to stop oil theft, if we release a few saltwater crocodiles in the Bayelsa creeks, who will go there to puncture a pipeline?

Or even, we can borrow the idea from the Commonwealth of Independent States [CIS] that was created when the Soviet Union disintegrated in 1991. It was a most peaceful arrangement; the former Soviet Republics all agreed that Russia should take all the USSR embassies around the world, take all the nukes, and also take the USSR’s permanent seat in the UN Security Council. It is a very good lesson in peaceful resolution and if we become the Commonwealth of Nigeria, we will learn to share critical things peacefully. Not like now, when we bicker over everything from census to IGR to VAT to onshore/offshore dichotomy to open cattle grazing to selection of Super Eagles squad to uploading election results on IReV.

Or maybe we can go to the heart of Europe, borrow a system from the Grand Duchy of Luxembourg and rename ourselves Grand Duchy of Nigeria. Why, we could quickly build our GDP per capita to become one of the highest in the world, but first we must agree on which family will provide the Grand Duke. My own suggestion will be the family of King Jaja of Opobo, or if we can’t agree on that, let us assemble the families of the greatest chiefs we have had in Nigeria’s history and arrange them in a line of succession like that of the Olubadan. When one dies, every other one moves up the line of until it comes to his turn. Emi l’okan, kind of.

Or maybe we should go the whole hog, borrow from Saudi Arabia and create a Kingdom of Nigeria. The beauty of this system is that unlike the Grand Duke who is a ceremonial monarch, we will have a King who is an absolute monarch. As soon as we

and the liquidity ratio, by which time the banks will be recapitalised or nearing recapitalisation and ready to create new risk assets for economic growth. Yet, for the CBN’s monetary policy to succeed, a lot of action will still be required from the fiscal side which has continued to run an expansionary budget and has failed to implement measures to address structural bottlenecks that are adding to Nigeria’s economic woes.

But even as bankers and market analysts at the weekend were losing sleep over the exclusion of retained earnings, CBN officials countered that there was either an absence of sincerity on the true position of things in the banking sector or there was pervasive ignorance. A CBN official who spoke to this writer off the record, dismissed the retained earnings of several banks, calling them mere accounting entries that are not worth the paper on which they are written. According to him, a lot the banks had been granted forbearances over the years and if the forbearances are withdrawn by the CBN, their retained earnings will be wiped out. He said total forbearances in the industry were roughly the capital the central bank is asking the banks to raise.

Providing further insight, he said almost all banks in the country have massive exposures to defaulting debtors, particularly in the energy sector (power sector and oil and gas loans), that they have scant hope of recovering. “These are loans that were given out 10 years ago to power sector investors during the privatisation exercise that have not been recovered. Then there are loans that were given to local oil and gas companies to acquire the assets of oil multinationals. All these loans are impaired, and the banks have little or no hope of recovering them. Yet, the CBN kept rolling over the forbearances to give the semblance of financial system soundness and stability. This was what Cardoso inherited from his predecessor Godwin Emefiele who was very lax with the forbearances that he gave to the banks, and they were too many of them,” the official disclosed.

The official said that save for the foreign banks – Citi Bank, Standard Chartered Bank and Stanbic IBTC – and to a lesser extent a few local banks such as GTBank, Zenith Bank and perhaps Access Bank, all the other banks have significant exposures to bank debtors whose non-performing loans (NPLs), running into trillions of naira, have not been written off against their income. He added that withdrawing the forbearances in one fell swoop would be injurious to the system, so the best route is for banks to raise fresh capital and for the CBN to allow them to bite the bullet in a phased manner.

However, a few market analysts who sensed that the CBN has no confidence in the retained earnings of several banks, are questioning why the regulator cannot simply isolate banks that are under forbearance and allow the few without forbearance to count their retained earnings against capital. They were of the view that the blanket decision to disregard a significant portion of the book value of the banking system would amount to discrediting the financial statements of banks that external auditors and CBN examiners had approved over the last couple of years. They also felt that the CBN should tighten and monitor the calculation of risk weighted assets (RWAs) of banks so that they are not fictional, and once this is done, the CBN should focus on capitalisation of ratios. (RWAs are bank loans and other assets, weighted according to risk.) Furthermore, they recommended the exclusion

become a Kingdom, our oil reserves could go up from a paltry 37 billion to 266 billion barrels. Even though Kingdom of Saudi Arabia produces about 11 million barrels of crude oil a day, it has enough reserves to last another 221 years at current production levels, all because it is a Kingdom. I think we should

try it; with that kind of money, no one will attend Federation Account Allocation Committee meetings again because states will still be struggling to spend last year’s money. Actually, if not because the British came here and disrupted our local plans, we would have an Empire

of some part of retained earnings such as unrealised gains on assets and FX revaluation gains.

Responding, the central bank official said CBN examiners had been acutely aware of the problem of rising NPLs and made recommendations to several banks to raise fresh capital in their respective examination reports, but their recommendations were ignored by both the banks and CBN executives. “Instead of being a proper regulator, the CBN became an enabler by not enforcing its own prudential guidelines,” he said. The CBN official added that the hot air being blown by banks over retained earnings was misplaced because the bulk of it was not cash and the objective of the central bank is to inject fresh cash into the balance sheets of banks.

“If they have confidence in their retained earnings, the banks should pay them out as dividends to their shareholders. But realistically, they cannot do so because a lot of these retained earnings have gone into various aspects of their balance sheets and are probably part of their risk assets which are impaired, they are also probably part of their fixed assets which you cannot immediately liquidate. So, it is difficult to include such retained earnings as part of their capital because it’s not actually cash. And since it is the CBN’s objective is to create new risk assets by way of loans, this can only be achieved through fresh cash injections,” he explained.

In addition, CBN is not unaware that the supernormal profits arising from FX revaluation gains that a lot of banks will declare for the 2023 financial year are not cash backed, so for them to pay dividends, they would have to do so from depositors’ funds. Banks can get away with it, according to Ugochukwu Obi-Chukwu, Founder/ CEO of Nairametrics, “Because banks’ cashflow statements include depositors’ funds, so it is fungible and often impossible to know what funds the banks are paying out.” This interchangeability of shareholders’ funds with depositors’ funds on the financial statements of banks, renders it difficult for the public to know when a bank is distressed just by looking at its financials. It is for this reason, Obi-Chukwu noted, that central banks can only detect looming bank failure when they conduct stress tests. This, he added, reinforces Emefiele’s position when he oversaw the CBN that banks are not owned by their shareholders but by depositors because they have a significantly higher stake in banks and must be protected at all cost. In essence, without depositors, shareholders have no banks. Well, as the banking sector recapitalisation exercise slowly but surely kicks off from today, it is expected that so many issues will be thrown up for the CBN and banks to wade through. Although it is uncertain that the central bank will back off from the non-inclusion of retained earnings to the revised capital base for banks, it will be advisable for the regulator to revisit the 30-day deadline given to banks to submit their implementation plans for recapitalisation.

For one, the Companies and Allied Matters Act (CAMA) renders the 30-day target unrealistic, as the Act stipulates that any changes to a company’s equity structure must get the approval of its shareholders. Two, a company’s shareholders can only meet by way of an annual or extraordinary general meeting after its board of directors must have met and considered the alterations to the equity structure. Three, to convene an AGM or EGM, at least 21 days notice must be given, to enable shareholders attend and approve or reject the changes to the capital structure.

of Nigeria by now. The great Kwararrafa armies would by now have subdued most of the territories and one mighty Aku Uka would be ruling from Wukari. Our own will by now have rivalled the Roman Empire, British Empire, Persian Empire, Mongol Empire, Empire of Japan which existed until 1947 and all the Islamic Caliphates. We will only assure our African neighbours that unlike the Empire of Japan, we will not go sacking territories and raping women, such as the 1937 Rape of Nanking, when Japanese troops raped an estimated two million Chinese women within a month.

Maybe we could borrow a leaf from the Persians, one of the world’s oldest civilisations, and create an Islamic Republic of Nigeria, complete with holy cities, Revolutionary Guards and centrifuges for enriching uranium. But since Christian Association of Nigeria [CAN] is certain to make a howl of protest, we could do an amalgam, say, create an Islamic Republic/ Holy See of Nigeria, complete with a synagogue for Nigerian Judaists, an Amritsar-style Golden Temple for Nigerian Sikhs and an Angkor Wat-style temple for Nigerian Buddhists.

I know that Nigerian Leftists are fretting at all these suggestions. The only thing that will satisfy them is for us to borrow a leaf from China and transform into a Peoples Republic of Nigeria. A one-party state is better for us. What did we gain when, a decade ago, INEC had more than 90 political parties in its register? Okay, which party should we install into the role of the Communist Party of China? Is it APC, PDP, LP, NNPP, APGA or which one? Which one of them has anything resembling an ideology, a towering founding father such as Mao Zedong, a glorious history such as The Long March, a 65-year experience in governance, Confucian-like ethics including death penalty for corruption, and a national development program with laser focus such as CPC’s and Xi Jinping’s?

Rivers Utd Claim Slim Win over USM Algers

Ajibade, Others Jet into Abuja for Motherof-All Battle with Banyana Banyana

Captain and chief motivator, Rasheedat Ajibade, are among the early birds as Nigeria’s Super Falcons camp opened yesterday in Abuja for the African final qualifying fixture for this year’s Women’s Olympic Football Tournament against the Banyana Banyana of South Africa.

The two teams, arguably the best women's football squads on the African continent, are at each other’s jugular for one of the two tickets from Africa for the Paris 2024 Olympics women’s football, with the first leg taking place at the MKO Abiola National Stadium, Abuja on Friday. The return leg is scheduled for the Loftus Versfeld Arena in Pretoria five days later.

Ajibade, whose savvy, skill and sapience helped the Falcons to the Round of 16 at last year’s FIFA Women’s World Cup in Down Under, will be joined in the roost by home-based goalkeeper Linda Jiwuaku and defender Jumoke Alani (drafted in following injury to Saudi Arabia-based Ashleigh Plumptre) as early birds.

Young defender Shukurat Oladipo, veteran goalkeeper Tochukwu Oluehi, Japan-based

OLYMPIC QUALIFIER

Chidinma Okeke and Spain-based forward Gift Monday are expected in camp early this morning. The rest of the squad will be in by Tuesday, though USA-based African queen Asisat Oshoala is not expected until Thursday.

South Africa’s delegation, including 24 players, will land in Abuja this evening.

The Super Falcons are extra-motivated for this fixture, having not beaten the Banyana in regulation time for many years now, and having watched as the South Africans carted away the Women Africa Cup of Nations trophy in Morocco last year after the Banyana edged them 2-1 in a group phase match.

Nine-time African champions Nigeria still call the shots at that level though, with nine of 12 titles contested so far, and with a squad brimming with youth and experience, and the bounce of having been Africa’s best performer at the last World Cup finals – unbeaten in regulation time until their exit via penalty shootout defeat to England.

In 2018 when they won their ninth title, the Banyana were the victims after a penalty shootout at the Accra Sports Stadium.

Both legs of the fixture are of potentially explosive quality.

Nigeria will bank on the bravery of goalkeeper Chiamaka Nnadozie, a rearguard expected to include World Cup stars Osinachi Ohale and Michelle Alozie (and perhaps returnee Chidinma Okeke and newbie Oladipo), a midfield of no-nonsense duo of Halimatu Ayinde and Christy Ucheibe (spiced with the nifty Ajibade and the sticky Deborah Abiodun) and a fore-line of Esther Okoronkwo and Uchenna Kanu (with Gift Monday, Omorinsola Babajide and returnee Chiwendu Ihezuo also available).

INVITED FALCONS

Goalkeepers: Chiamaka Nnadozie (Paris FC); Tochukwu Oluehi (Shualat AlsharqiaFC,SaudiArabia); Linda Jiwuaku (Bayelsa Queens)

Defenders: Osinachi Ohale (Pachucha Club de Futbol, Mexico); Jumoke Alani (Edo Queens); Shukurat Oladipo (FC Robo Queens); Michelle Alozie (Houston Dash, USA); Nicole Payne (Portland Thorns FC, USA); Chidinma Okeke (Mynavi Sendai Ladies, Japan)

Midfielders: Deborah Abiodun (UniversityofPittsburgh, USA); Halimatu Ayinde (FC Rosengard, Sweden); Christy Ucheibe (SLBenfica, Portugal); Jennifer Echegini (Juventus Ladies, Italy); Rasheedat Ajibade (Atletico Madrid FC, Spain); Toni Payne (Sevilla FC, Spain)

Forwards: Omorinsola Babajide (CoastaAdeje Tenerife Egatesa, Spain); Esther Okoronkwo (ChangchunFC, China); Ifeoma Onumonu (SLC Utah, USA); Asisat Oshoala (Bay FC, USA); Uchenna Kanu (Racing Louisville, USA); Gift Monday (Coasta Adeje Tenerife Egatesa, Spain); Chiwendu Ihezuo (Pachucha Club de Futbol, Mexico)

Femi Solaja

Nigeria’s surviving team in this season’s CAF Confederation Cup, Rivers United, claimed a hard-fought 1-0 victory over Algerian giants USM Algers in the quarter-final first-leg match yesterday.

The former NPFL champion had welcomed Algeria’s USM Algers to the Godswill Akpabio Stadium in Uyo and needed a win to make the return leg a bit comfortable but could only nick in one goal.

Rivers United dominated the game from the blast of the whistle, and they got into the lead after just ten minutes after a brilliant move.

The Port Harcourt -based side had a corner, and instead of sending a cross into the

CONFED CUP

area, Sadiq Adamu passed to Augustine Okejepha, who was lurking outside the box. The forward took no prisoners, as he struck the ball with venom to send it into the right corner of USM Algers’ goal.

After scoring, Rivers United did not rest on their oars, as they kept pushing for more goals. However, they just lacked the cutting edge. They registered 30 goal attempts, but because of their profligacy, they had to settle for the slim win.

Rivers United will travel to Algiers next Sunday for the second leg, and it promises to be a stern test for them with the Algerians having history of always consolidating at home.

Golf: Olapade Takes Custodian Title in Style at Lakowe

Ikoyi Club’s Sunday Olapade, last Friday won the 2nd Custodian Golf Classic at the Lakowe Lakes Golf Club in Lagos, to record his first win on the Professional Golf Developmental Tour.

He shot 73, 68, 73 (214), two under par, to pocket the N3 million star prize at the 54 holes affair.

“It was a tough event, given the quality of the players on the field. I think hard work paid off for me, and I want to thank God for this opportunity to win this event,” Olapade said after holing out the winning put at Lakowe.

Wole Oshin, the Group Managing Director of Custodian Investment, said that the event is an avenue to show support for the abundance of talent in professional golf in the country.

“This event is our platform to support professional golf. We believe other corporates and individuals can see the potential in them through the light events like this shine on them,” he said.

He also underscored that the purse of this year’s event was raised by a hundred percent to N20 million from N10 million at the first edition of the Custodian Classic in Ikoyi Club last year.

“The purse was increased to N20 million this year in response to the high number of foreign players request to be part of the event from the entries and data analyzed from the first edition.”

Ghana’s Augustine Manasseh led the foreign players' charge for the title that ended him at 222 (+6) after the 54-hole play, which could only fetch him a joint fourth-place finish alongside Otukpo-based George Inalegwu.

Nigeria’s former number one, Kamalu Bako who topped the event’s leaderboard with a 68, four under par on the opening day, struggled to a second-place finish with four strokes adrift of Olapade’s winning score. Francis Epe, current PGD Tour leader, placed third with 224, four over par finish, suffering the same fate.

PGD Tour's Commissioner, Femi Olagbenro, said that the Tour is gaining momentum, and they are working to raise the deliverables for all stakeholders.

“We are bringing freshness to the Tour on so many fronts, the tweaks we are working on with the venue and trying to onboard new sponsors while ensuring all parties get the right value for their investment,” he concluded.

Obi to Labour Party

“IamstillamemberoftheLabourPartyandIdon'tandwillneverengage in anti-party activities.We want the party to work and pursue what we set outtodoandthatistochangethecountry.Weshouldnotlosethatfocus andfaceminorissuesthatwilldistractus.WepromisedtobuildNigeria,we did not promise to build a new Labour Party" -LabourParty2023Presidential Candidate,PeterObi,threatensto drop the party

ijeoma.nwogwugwu@thisdaylive.com

Banking Sector Recapitalisation: Much Ado About Retained Earnings

After weeks of anticipation, the Central Bank of Nigeria last Thursday released a circular reviewing the minimum capital requirements for all commercial, merchant, and non-interest banks operating in the country. The review came exactly two decades after a former Governor of the CBN Prof Chukwuma Soludo raised the minimum capital requirements for banks from N2 billion to N25 billion, and three months after the current governor Yemi Cardoso, gave banks a heads up that they would have to raise fresh capital to serve as buffers against risk assets on their balance sheets, prevailing economic headwinds, and bolster their ability to handle big ticket transactions.

Under the current review, commercial banks with international banking licences would have to raise their minimum capital to N500 billion, national banks to N200 billion, regional and merchant banks to N50 billion, non-interest national banks to N20 billion, while non-interest banks will have to meet a new minimum threshold of N10 billion. To meet the new capital requirements in two years, the CBN directed banks to consider the injection of fresh equity capital through private placements, rights issues and/or offer for subscriptions. They

could

MAHMUDJEGA

VIEW FROM THE GALLERY

However, the clincher in the circular was the central bank’s definition of what it meant by minimum capital. It said minimum capital shall comprise of paid-up capital and share premium only and shall not be based on shareholders’ funds. CBN further excluded Additional Tier 1 (AT1) Capital for the purpose of meeting the new minimum capital requirements by banks. Shareholders’ funds refer to the net worth of a company after all its liabilities have been deducted from its assets. It comprises the share capital and retained profits or earnings that have been reinjected into the business by its shareholders. AT1 Capital, on other hand, are debt securities or instruments that have no fixed maturity. They usually comprise preference shares or high contingent convertible securities.

By excluding shareholders’ funds and AT1 Capital, the CBN prioritised direct cash injections into the banks over accounting entries to satisfy recapitalisation requirements. Also, though not a member of the Bank for International Settlements (BIS) in Basel, Switzerland, whose mission is to support global central banks’ monetary policies and financial system stability, the CBN by its recapitalisation guidelines deviated from the Basel III criteria for regulatory capital.

Basel III reforms were introduced in December 2010 after the global financial crisis of 2007-2009, which revealed several weaknesses in the capital bases of existing banks, as definitions of capital varied widely between jurisdictions, regulatory adjustments were generally not applied to the appropriate level of capital, and disclosures were either deficient or non-comparable. These factors contributed to the lack of public confidence in capital ratios during the global financial crisis. To address these weaknesses, the Basel Committee on Banking Supervision (BCBS) published the Basel III reforms with the aim of strengthening the quality of banks’ capital bases and increasing the required level of regulatory capital. In addition, the BCBS instituted more stringent disclosure requirements.

Under Basel III, components of regulatory capital for banks comprise Common Equity Tier 1 (CET1) Capital made up of common shares and stock surpluses, retained earnings, other comprehensive earnings, qualifying minority interest and regulatory adjustments; as well as Additional Tier 1 (AT1) Capital, which is the sum of capital instruments meeting the criteria for AT1 and related surplus,

Continued on page 30

United States of Nigeria?

There were many of them, but the most interesting suggestion to come out of Nigeria in the past week was one by President of the Africa Development Bank (AfDB) Akinwumi Adesina to change this country’s name from Federal Republic of Nigeria [FRN] to United States of Nigeria, USN. Speaking when he received the 2024 Obafemi Awolowo Prize for Leadership, Adesina urged that the country be restructured and also rebranded. No wonder that this man is Africa’s top banker. This suggestion of his will solve many problems all at once. It will immediately end the Japa syndrome; why should people hide in trucks to cross the Sahara and board dinghies to cross the Mediterranean in order to get to Europe and USA when they are already living in USN which, alphabetically speaking, is higher than USA?

All the people who have been advocating for a restructuring of Nigeria in the last fifteen to twenty years have been short on the specifics. Beyond shouting themselves hoarse, no one has as yet tabled a blueprint of how the country should look like when it is restructured. Or, as some people say, when the 1999 Constitution is replaced by a “people’s constitution.”

Well, changing our name to USN will immediately provide us with a ready template to follow. To begin with, we can remake the preamble to our 1999

Constitution in American style and say, “We the People of Nigeria, in Order to form a more perfect Union, establish Justice, ensure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of Nigeria.” In case some people are still not satisfied, we can arrange for a US-style Constitutional Convention to adopt it, with Lokoja standing in for Philadelphia.

You know what? We have to increase the number of our states from 36 to 50 in order to give real meaning to a United States of Nigeria. There are some people in Nigeria who have never rested since 1996 and are still advocating for the creation of more states. This is their chance. Except for West Virginia, USA did not create new states out of existing ones. Instead, it gobbled up new territories variously from British, French and Spanish colonies, from Mexico, and from Native American lands, in the process killing all the bison. In order to become a real USN, we can gobble up some Yoruba-speaking parts of Benin Republic, quickly admit Cameroun’s secessionist Ambazonia region, regain Bakassi Peninsula from Cameroun, the Browntree Agreement be damned; seize all the Lake Chad tumbus from Chad and cross the Gulf of Guinea to swallow up Sao Tome and Principe, AU Charter be damned. In case the UN Security Council passes a resolution against

us, we can borrow a leaf from Israel and ignore it.

If it is capital of USA’s Washington, District of Columbia, we already have our Abuja, Federal Capital Territory. Because they located their own on the Potomac river, we located our own beside Aso Rock. They boast of White House, Capitol and US Supreme Court; we have our Three Arms Zone. They boast of Lincoln Memorial; we have our Eagle Square. If it is Pentagon, we can quickly rename our Ministry of Defence’s Ship House to Octagon, which is more than Pentagon. We should also rename our Central Bank of Nigeria to United States of Nigeria Federal Reserve. That will immediately make the naira to reach one-to-one parity with the US dollar.

My only fear for Adesina’s suggestion is that changing our name to USN will not end IPOB’s secessionist agitation. It could instead fuel it, because some people will go into History books and discover that from 1861 to 1865, there was something called the Confederate States of America, which pulled out of the United States. We could therefore have a Confederate States of Nigeria [CSN] pulling out of USN, with Simon Ekpa as the Nigerian Jefferson Davis.

Which reminds me. If transforming into a United States of Nigeria will not satisfy some advocates of restructuring, we should consider changing into a Dominion instead, a la Dominion of Canada. Since 1963 when we became a Republic, rancor has always

followed our choice of Heads of State, so it will be a good idea to go and beg King Charles to resume as our Head of State from where his mother left off. We can then change our name to Dominion of Nigeria.

Or maybe a confederation will satisfy some Nigerians. We can borrow from the Swiss Confederation and change our name to the Nigerian Confederation, which will take care of many things such as resource control. If it is Alp mountains and Lake Geneva that Switzerland has, we also have Obudu and Zuma mountains and a portion of Lake Chad. If it is Swiss Army knife, who said our armed robbers cannot make it in their underground small arms factories? Even the watches that Switzerland was famous for, there was this story on CNN many years ago that “time is running out on the Swiss watch industry.” If we don’t want to restructure into a Confederation, at least we can borrow a leaf from Commonwealth of Australia and rename ourselves Commonwealth of Nigeria. Why not? If it is because Australia has a mostly arid mainland and some quirky islands such as Tasmania, we also have some arid mainland areas and a lot of Lake Chad islets presently on lease to ISWAP and Boko Haram. We can rename parts of Benue State to Outback so as to match Australia, and we can bring in some kangaroos, duck-billed

Continued on page 30