TUESDAY 3RD APRIL 2024

Renaissance Capital: Naira 30%

Undervalued,

Cheapest in Africa

Says 2024 turnaround year for Nigeria

Emmanuel Addeh in Abuja

Renaissance Capital Africa says at the March 28 level of N1,303/$, the Nigerian naira is still largely undervalued to its long-term average, to the tune of 30 per cent.

In its “Thoughts from Renaissance Capital Africa” report released yesterday, the firm stated that holders of equities had already seen gains of 20 per cent since the end of February, as the naira strengthened from 1,600/$ to around 1,300/$.

It stated, “We expect a bigger rally to come. In US dollar terms, Nigerian equities are around the cheapest they’ve been in 20 years.”

Stressing that monetary policy had become sensible again, Renaissance Capital Africa explained that portfolio investors could now invest with some confidence that sooner or later, inflation will start to fall.

With Nigeria’s 25-year average rate moved from 900/$ to 1,200/$ in last month’s update, through to this month’s model update, the average rate, it said, was now back at 912/$.

The firm stated, “So at the March 28 level of 1,303/$ the NGN is 30 per cent undervalued to its long-term average. That’s the cheapest in Africa (just decimal places cheaper than Egypt) and only the Japanese yen is cheaper among 80 currencies we look at.

“We expect a surge in March and/or April inflation to erode

that to perhaps 20-25 per cent undervalued. If the NGN stabilises at 1,269/$ - and if inflation was 20 per cent in March 2025, this would take the average rate up to around the same level by March 2025.

“As such, the naira could stay here all year – which is much better return in one-year bonds yielding 18-19 per cent than owning US treasuries at 4-5 per cent.

“Alternatively, the CBN could drive the NGN spot rate stronger, perhaps to 1,100/$ - and then encourage a weaker monthly trajectory for the currency. So, a 10-20 per cent nominal NGN move stronger from here is plausible, and we ought to get a re-rating of the equity market too (as in Pakistan and Kenya).”

On the other hand, it said a worsening current account, higher than expected inflation, and insecurity were obvious risks, stating that if inflation surges to 50 per cent in the next few months, then much of the undervaluation of the naira will disappear.

Renaissance said, “If inflation stayed at 50 per cent into next year, the naira would be become overvalued at 1,300 and would need to sell off again to become competitive. The 18 per cent yield on one-year bonds would not look so attractive if we lose 20 per cent on the currency.

“There are fiscal risks that could lead to higher inflation. The government has an expensive

liability via fuel and electricity prices. The fuel subsidy may have been officially removed in 3Q23, when the fuel price went to around N550 and the exchange rate was more like N700-800/$.”

But on the positive side, it pointed out that the strengthening currency did make the headline fuel price less loss-making for Nigeria.

Also positive for Nigeria, it said, was the first quarter rise in oil prices. “If that could be combined with a rise in oil production too, a bigger current account surplus

will make investors more confident, help FX reserves pick up and again improve investor confidence in the story,” it stated. Renaissance stated that at the beginning of February, when the naira weakened to 1,600/$, there were not many believers in the theory that at a weak enough currency level, money would flow back to Nigeria. However, it explained that it did also require a 400bp rate hike backed by an additional 200bp hike from the CBN, its biggest ever moves.

The report stated, “But the shift has begun. Nigeria is about to give investors a positive return from investment. While we’ve seen this before (e.g. 2017-19) this time it is happening within a new market construct of sensible monetary policy and a floating currency rate that seems credible.

“What Nigeria is doing, when combined with the positive direction of Kenya and Egypt, too, is helping change global perceptions of Africa after a very tough decade indeed.

“Governments are showing they

will undertake painful reforms, they will allow currencies to reflect market realities and these big economies will meet their debt obligations. It is a vital message to send after 2022 painted a more negative picture of the continent’s ability to manage higher global interest rates.”

According to the group, Nigerian equities are about the cheapest they’ve been in a generation, while the currency is the cheapest in Africa. “2024 is a turnaround year for Nigeria and other key frontier markets,” it added.

N110bn Fraud: Anti-graft Group Calls on N'Assembly, EFCC to Expedite Probe of NEMA Officials, Others

Kingsley

Nwezeh in Abuja

The Network Against Corruption and Trafficking Initiative (NACAT) yesterday called on the National Assembly and the Economic and Financial Crimes Commission (EFCC) to expedite the probe of officials of National Emergency Management Agency (NEMA), National Defence College (NDC) the Nigerian Nuclear Regulatory Authority (NNRA), among others, following its petitions against the officials before the House of Representatives Committee on Public Petitions.

FCTA Reclaims 100 Hectares of Land from Encroachers in Abuja

The Federal Capital Territory Administration (FCTA) yesterday reclaimed over 100 hectares of land in Gosa District from encroachers, following a demolition exercise carried out by its Department of Development Control.

The Director of the Department, Mukhtar Galadima, said the exercise was done in collaboration with Economic and Financial Crimes Commission (EFCC) and other agencies to apprehend perpetrators involved in illegal land grabbing activities.

He stressed the need to curb land grabbing cases to prevent

unsuspecting Nigerians from purchasing properties acquired through deceitful means.

He reiterated FCTA's commitment to addressing such incidents, referencing similar actions taken near the Idu train station last year.

He also assured that all illegal fences would be removed to prevent further encroachment. The reclaimed land, allocated to a corporate entity for housing estates, was illegally fenced off by encroachers.

He urged prospective land buyers to conduct due diligence by verifying land allocations with relevant government agencies, including the Department of Lands Administration, Development Control, and Urban

and Regional Planning.

The Secretary of Command and Control at FCTA, Dr. Peter Olumuji, condemned land grabbers for their criminal activities, including falsification of documents and altercation with authorities.

He affirmed that the eight persons arrested during the operation would face legal consequences.

The CEO of Ivory Shelters Nigerian Limited, Hamza Adamu, confirmed the legitimate allocation of the land for mixed-use development, including commercial and residential purposes. He assured ongoing infrastructure development and security measures, emphasizing affordability and client protection.

At a media briefing in Abuja jointly addressed by the Executive Director, Investigation, Tega Oghenedoro, Operations Manager, Stanley Ugagbe, the group said the officials were allegedly involved in gross abuse of public office, among other infractions.

"We have intercepted several financial infractions committed by persons in public office. These infractions include money laundering, massive corruption, gross abuse of public office, owning and running

private companies while in office and false assets declarations contrary to provision of the constitution of the Federal Republic of Nigeria,” it said.

The group further noted the trio of Solicitor General of Nigeria, Mrs Beatrice Jedy-Agba; the Commandant, National Defence College and Mr Olumuyiwa Olotu; Director of Procurement, Niger Delta Development Commission (NDDC), Mr Alex Enebeli, were found wanting in the area of owning

and running private companies while in office.

"All petitions have submitted to the committee. We have also been briefed that the parties indicted have been invited. We urge the committee to remain steadfast in its duties to address the issues as stated.

"While we trust in the mettle and capacity of the NASS Committee, we also wish to draw the attention of the presidency to these infractions as well as the Nigerian public,"it said.

Tor Tiv Reconciles Alia, Akume

George Okoh in Makurdi

The Tiv Traditional Council led by the Tor Tiv, Profesor James Ayatse, has reconciled Governor Hyacinth Alia of Benue State and the Secretary to the Government of the Federation (SGF), Senator George Akume. Alia and Akume had been involved in a silent battle over the leadership of the All Progressives Congress (APC) in Benue state

The crisis, however, peaked when Alia’s supporters inaugurated a rival faction of the APC State Executive Council.

Out of concern, the Tiv paramount ruler, Ayatse, and the Tiv Traditional Council, invited the two parties to sit down and talk things out.

Addressing a press briefing,

Ayatse said the two parties had come to an agreement to resolve their differences amicably.

“The two leaders have agreed to put aside their political differences and work for the progress of Benue.

“Today, I called the Governor of Benue, Rev Fr Alia, and the SGF, Sen George Akume, to discuss with them because of reports that we have received about conflicts between them.

“We have spoken with them. They have told us the issues. We discussed the issues and agreed together. They agreed to bury their differences and work together as a team for the good of the people

“So, all the past differences have been put aside and now we have a fresh start. We shall work

together in unity, in cooperation and agreement for the progress and development of Benue.

“The leaders have made a commitment to keep to their word and ensure that there is peace and unity between them going forward. Yes, they made a commitment. They shook hands and embraced one another. They have promised to work as a team.

“We are happy with the resolutions they took themselves and we believe they have shown commitment. We are their fathers in the land; our blessings have a lot of importance in their activities.

“So, to make such a commitment in the presence of the traditional rulers of the land is very weighty. We do believe that they will adhere to the resolutions that we have reached today.”

Atedo Peterside: Nigerians Must Rise Up against Perpetrators of State Capture Says it is worse than corruption

dike onwuamaeze

The Founder and President of Anap Foundation, Mr. Atedo Peterside, has urged Nigerians to rise up against perpetrators of state capture who according to him, had deprived over 200 million Nigerians the opportunity to enjoy a Nigerian that could work for their advancement and progress.

Peterside, made the call yesterday, in Lagos when he delivered a keynote address at the 4th Nigerian Leadership Colloquium in Honour of Pastor Ituah Ighodalo’s 63rd Birthday with the theme “Mistakes Nigeria Made.”

He described perpetrators of state capture as public officials and business elites that believed that it was their divine right to corner all the resources

of the country and leave the rest of the citizens with handfuls of crumbs.

He stated that the dangerous thing about state capture, which made it worse than corruption, was that it could be achieved and sustained through legal and constitutional instruments.

Peterside said: “We must not give up. Those of us who are not beneficiaries of state capture must make it a priority to fight for the rights of 200 million Nigerians.

“In the meantime we must hold every public officer accountable. Think about it, if we just leave them alone, no whistle blowing, no pressure on them; they will even capture more of the state.

“The rest of us who are not part

of that state capture must constantly get involved in whistle blowing and shouting to the high heavens. It is like holding their feet to the fire. If we do not hold their feet to the fire there will be no change.

“The real enemies are those that are involved in state capture. You can be in APC, PDP or Labour Party and still be my enemy if you are involved in state capture.

“In 2012 when the economy was buoyant they bought Toyota Camry. But in 2023 when the economy has tanked they went for luxury SUVs. It is the same mindset of state capture of people believing that they can capture what they can and the rest of us cannot do anything about it.

“The point I am making is that

those who are enemies of state capture must organise the opposition to be genuinely against state capture.”

He added: “Our task is to seek and encourage the few leaders whose sense of patriotism goes beyond seeking their share of the spoils.

“Indeed we must identify and celebrate the handful who continue to insist that their priority will remain seeking the greatest good for the greatest number of Nigerians.

“We must learn to put our trust in persons who still exhibit genuine belief in social justice and encourage them to deploy both modern and traditional tools to expand their networks and spread across the nation.”

The Chairman of the occasion, General Ike Nwachukwu (rtd),

IMF: Hidden Debts Hurt Economies, Says Disclosure Laws Can Help Ease Pain

The International Monetary Fund (IMF) has stressed the need to address record global public debt.

The IMF in its latest report stressed that, "hidden debt is borrowing for which a government is liable, but which is not disclosed to its citizens or to other creditors."

It stated that while this debt, "is often kept off the official government balance-sheet, it is very real, reaching $1 trillion globally by some estimates.”

According to the report, "while these undisclosed obligations are not large when compared to global public debt topping $91 trillion, they pose a growing threat to low-income countries, already highly in debt with annual refinancing needs that have tripled in recent years.

"The problem is even more pressing amid higher interest rates and weaker economic growth. Accountability, too, is imperiled without accurate information about the extent of borrowing, which heightens the risk of corruption."

It lamented that these potentially dire consequences can be avoided by strengthening domestic legal frameworks as findings from a survey of 60 countries that examined vulnerabilities and loopholes in national laws that hinder transparency had shown."Our new research shows that fewer than half the countries surveyed have laws that require debt management and fiscal reports, while less than a quarter require disclosure of loan-level information—key legal

features for facilitating transparency.

"We also identify four noteworthy vulnerabilities in domestic laws that enable debt to be hidden: a narrow definition of public debt, inadequate legal requirements for disclosure, confidentiality clauses in public debt contracts, and ineffective oversight."

The report stated that, "across the globe, legal requirements for debt disclosure are inadequate. A strong legal basis is crucial to signal that there is a clear requirement to report debt data in a manner that is both timely and relevant for policy analysis, transparency and accountability.

"Strong reporting laws are found in in Benin, Kenya and Rwanda, which define both public debt reporting requirements and the timeframes for these reports.

"Confidentiality in public debt contracts directly hinders transparency. Across the globe, few laws regulate (and limit) the confidentiality of public debt, which hands policymakers wide discretion to label such contracts confidential for national security or other reasons.

"This is exacerbated by the fact that current debt-related international standards and guidelines provide limited guidance on how to tackle confidentiality issues."

The report therefore, "recommend that the law tightly define exceptions to disclosure and the scope of confidentiality agreements. Legislative oversight and other safeguard mechanisms such as administrative or judicial remedies should also be spelled out in the applicable legal

provisions.

"Laws in Japan, Moldova and Poland are among the few that authorise legislative or parliamentary oversight of confidential information.

"The disclosure of public debt may also be inhibited where there is ineffective oversight governance by legislatures and supreme audit institutions (national government audit institutions), which are all important guarantors of accountability.

"Legislative bodies must be able to monitor and scrutinise public debt on behalf of the people and they need to have staff able to read and grasp highly technical reports.

"Several legislatures have a committee system—such as committees on the budget and public accounts—which allows for specialisation among legislators. An example is in the United States, where the Treasury Secretary is required by law to send the annual public debt report not to Congress as a whole, but to two specific committees—House Ways and Means and Senate Finance.

"We also recommend that laws provide supreme audit institutions with the authority and the necessary powers to monitor and audit government debt and debt operations.

posed 38 questions that required genuine attentions in considering and proffering solutions to the “Mistakes Nigeria Made.”

Some of these questions included, “was our unwillingness to renegotiate Nigeria’s continued existence as a country a Nwachukwumistake?”added:

“I believe that the solutions to Nigeria’s and its people’s problems will emerge when we candidly address and answer these questions and many more that will emerge from this colloquium.

“And I also believe that from these answers will come, quite easily, the will to do right by all manner of peoples and interest groups that form the main ingredients of the Nigerian state and country.

“The 2014 National Conference did. That is why all the delegates by consensus made the crucial recommendations to salvage Nigeria. And I strongly recommend that we do not set them aside.

nume ekeghe

The naira continued to gain at both the official window and parallel market with sustained liquidity at the official Nigerian Autonomous Foreign Exchange (NAFEM) and availability of FX to Bureau de Change last week.

The naira at the NAFEM window yesterday closed at N1278.58/$1 compared to N1,309.37/$1 it closed on Thursday the 28th April signifying a N30.79 gain

While on the parallel market, the

“Only by courageously facing the truth can Nigerians and Nigeria begin to heal from the mistakes and hurts of the past and commence the transformation to a better future.”

In his contribution as one of the discussants, Dr. Reuben Abati of ARISE TV News, said Nigeria needed to capture its youths via education in order to have youths that could compete in the future.

Abati said: “We need to capture the youth population via education in a world that has become competitive. This should be a national priority and a national emergency so that we can have youths that can compete in the future.”

Another discussant, Professor Olubukola Oyawoye, said Nigeria’s greatest mistake was that, “we have not outlined our vision and our mission.”

The Celebrant, Pastor Ighodalo, said honest conversation was the only thing that could change Nigeria.

naira sustained gain also when it exchanged at N1,250/$1 compared N1,300 it closed over the weekend representing N50 gain.

The daily turnover declined to $111.18 million after it previously recorded its highest daily turnover since the inception of the window which peaked at $857 million on Thursday. This drop signifies 86.96 decline.

Also, the highest spot rate yesterday was pegged at N1,312 while the lowest spot rate recorded was N1,250.

Group Wants Oyebanji to Declare 'Afe Babalola Day',

gbenga sodeinde in Ado Ekiti

A group, under the aegis of "Ekiti Youths Home Based" (EYHB), has called on Governor Biodun Oyebanji to immortalise the legal icon, Afe Babalola while still alive, by declaring a particular day of every year as 'Afe Babalola Day', and also declare the day, as work-free, in his honour.

The group in a statement issued in Ado-Ekiti, the state capital, and made available to newsmen by it's convener, Ademola Adedayo yesterday, said the call had become necessary, in view of Babalola's "unmatched contributions to the growth and development of the state".

Babafemi Ojudu, a renown journalist and politician, had in about a week ago listed Babalola’s extraordinary life and contributions to education, law, and various sectors in the state as compelling reasons why the state government should declare a day as "Afe Babalola's day" in the state in his Honour.

According to the EYHB statement, Babalola deserved to be honoured with such a special day, considering the good name, as well as reputation he had continually brought to Ekiti in years past. It said apart from playing prominent roles in the creation of

the state in 1996, Babalola had over the years, remained the highest tax payer in the state, as well as largest single farmer, and also the largest employer of labour, after the state government.

" We are proud to note that Afe Babalola has dedicated his entire life to the service of humanity, and has been a trailblazer in promoting education, and empowering the youths in vocations and agriculture", the statement said.

The statement added that Babalola had also succeeded in helping government to reduce high rate of unemployment in the state and country, through his many investments.

It said Babalola particularly drew the world attention to the name of Ekiti, through the establishment of his world-class Afe Babalola University, Ado-Ekiti, (ABUAD).

Besides, the statement noted that Babalola is a leading Nigerian philanthropist, whose benevolent activities to individuals, corporate bodies, associations and institutions, are legendary and unrivalled.

Babalola, who will attain the age of 95 on October 30, 2024, was called to the English bar in 1963 after years of self/private education, and became a Senior Advocate of Nigeria (SAN) in 1987.

UNOCHA HEAd Of OffiCE viSiTS NEMA HEAdqUArTErS...

With N1tn Gross Premium, Agusto & Co Foresees Strong FY 2024 for Insurance Sector Fuelled by FX Gains

Nume Ekeghe

Ratings agency, Agusto & Co. has noted that in the fiscal year (FY) 2023, the Nigerian insurance industry recorded robust performance, with an estimated gross premium income (GPI) surpassing the significant milestone of N1 trillion.

Owing to this, the rating agency in its 2024 Insurance Industry Report titled, ‘The Nigerian Insurance Industry- Navigating the Turbulent Terrain’ released yesterday, noted that despite facing disruptions from the election cycle and policy reforms, the industry sustained its impressive double-digit growth trajectory.

It also added that in FY 2024, elevated investment income was expected to drive growth, notably driven by increased foreign exchange gains on dollar investments and the upward trajectory of interest rates.

It stated: “The Nigerian insurance industry’s estimated gross premium income (GPI) exceeded the N1 trillion mark in FY 2023, as the Industry maintained its double-digit growth trend despite disruptions by the election and policy reforms.

“However, insurance penetration remains low at 0.4 per cent. The uptick in the industry’s premium was driven by strong regulatory support and premium rate adjustments on policies such as fire and good-in-transit.

“NAICOM’s increase in thirdparty insurance for private vehicles from N5,000 to N15,000 and increase in comprehensive insurance cover to not be less than five per cent of the insured sum after rebates and discounts also significantly propelled the growth in GPI.

“The persistent depreciation of the naira also elicited a boost in premiums from foreign currencydenominated policies, particularly oil and gas transactions, to support

the growth in GPI.

“With premiums witnessing a surge, claims paid by the industry also rose as replacement costs and surrender rate soared in 2023 and policyholders reduced ‘out-of-pocket’ settlements.”

The report further stated that the industry’s performance from underwriting operations would improve in the near term with the surge in GPI moderating the growth in claims.

“The industry’s investment returns have been suppressed in prior years owing to investments in some low-yielding asset classes and the low-interest rate environment. However, in 2023, investment income received a major boost as interest rates trended upward, particularly in the second half of the year. The industry also recorded significant foreign exchange gains from investments in Eurobonds, foreign currency placements and USD mutual funds.”

Agusto & Co. also estimated an improved return on investment of 12.2 per cent for the industry in 2023, relative to the 7.3 per cent reported in 2022.

“In 2024, we believe the Industry is positioned to generate higher investment income following the Central Bank of Nigeria’s 400 basis points monetary policy rate hike depicting a surge in interest rates, particularly on government securities and placements which dominate the industry’s investment portfolio.

“The equities market has also garnered the attention of many investors after the NGX’s all-share index posted a 45.9 per cent return in 2023 and went on a bullish run in the first two months of 2024.”

On its 2024 projections, it stated: “ Overall, Agusto & Co. expects performance in FY 2024 to be backed by higher investment

income, particularly from foreign exchange gains on USD investments and rising interest rates.

“Improved underwriting business performance elicited by faster growth in gross premiums relative to claims also supports our expectations.

“Nevertheless, the country is

currently undergoing economic reforms with some policy shifts being implemented. We believe industry operators will have to respond promptly and adequately to changes that might impact operations to stay ahead of the curve and sustain performance.”

Furthermore, it stated that in the

near term, Agusto & Co. expects the conversion to a risk-based capital regime to gain more momentum despite prior delays with the passage of the Insurance Bill.

“We also expect NAICOM to continue implementing policies and guidelines that would improve the Industry’s viability and sustain-

ability. The apex regulator has already released guidelines for the operations of takaful and re-takaful insurance as well as circulars on market conduct and enterprise risk management framework and regulatory sandbox in the last year and we expect more regulatory actions going forward.”

Edo Rolls Out Gains of Obaseki’s Reforms

Okpella Cement, Don Mac, Duport, others lead firms with pioneer status

The reforms initiated by the Governor Godwin Obaseki-led administration have attracted a number of companies into Edo State which now enjoy pioneer status approval from the Nigerian Investment Promotion Commission (NIPC).

According to a statement yesterday, details of the company’s status were released by the NIPC in its Report on Pioneer Status Incentive Application for Third Quarter of 2023 covering July to September, 2023.

The NIPC was quoted to have stated that the release was in compliance, “with the requirements of the Industrial Development (Income Tax Relief) Act Cap I7, Laws of the Federation of Nigeria 2004 and the Pioneer Status (Delegation of Certain Statutory Functions) Order of 2017.”

According to the commission, the companies in Edo State with active pioneer status included Okpella Cement Plc, which employs 570 staff and has invested N178 billion in its operations which span manufacturing of cement, limestone, and plaster in the Okpella axis of the State.

The other companies include:

“Don Mac Limited, which has invested N8 billion in the State and employs 175 staff. It has an active license which spans for 3 years, from 2021 to 2024. The company is involved in the manufacturing of gas cylinders, tanks, reservoirs and containers of metal.”

Other companies in the State processing their applications include Saro Allied Resources and Processing Nigeria Limited, Duport Midstream Company, Greenhills Agricultural Products Limited, Dufil Prima Foods Plc and Flour Mills Nigeria Plc.

The featured companies were those that have invested in the Edo State Oil Palm Programme (ESOPP) and other off-takers in the agribusiness sector. Manufacturing companies such as Don Mac Limited put up a strong following with the volume of investment. This is just as cement manufacturing is captured with Okpella Cement Limited, operated by Dangote Group.

Lecturer and policy analyst at the University of Benin (UNIBEN), Ikponmwosa Nosakhare, was also quoted to have said the development bodes well for the local economy, as it is evident of the State’s dramatic shift from a civil

Gates Foundation Boosts Cowpea Farming in Nigeria

Ahmad Sorondinki in Kano

The Bill and Melinda Foundation is set to support the Nigerian government in the production of quality Cowpea seed as part of its contribution to assist farmers to produce more yields in the country.

Addressing newsmen at a project review workshop in Kano, yesterday, the Bill and Melinda Gates Foundation Senior Program Officer, Lawrence Kent, said with the capacity building initiative, Nigerian farmers would improve their yields reduce dependence on pesticides and improve their livelihood. He said they were in Kano to

support the pest resistance cowpea project which was an effort being led by the Nigerian government working with the African Agricultural Technology.

“This is to bring the new improved insect-resistant cowpea to Nigeria in collaboration with the Institute of Agricultural Research and other projects has led to the development of improved cowpea variety that is resistant to pests.

“As a result, farmers who planted this cowpea will be able to achieve high yield with less dependence on pesticides because the product itself is insect resistant,” he said.

He added: “The Bill and Melinda

Gates Foundation is proud to provide some financial support to the partners here in Nigeria who are now working to reproduce the seeds, both the foundation seed and the breeder seed, but most importantly the certified seed that is produced by eleven different Nigerian seed companies.”

In his remarks, Kano State Commissioner for Agriculture, Danjuma Mahmud, who was represented by the Permanent Secretary of the Ministry, Sadi Ibrahim, said the State was ready to embrace whatever outcome reached at the end of the workshop that would boost the production and enhancement of the cowpea seeds.

“I am here for the workshop on the pest-resistant cowpea seeds held here in Kano. It is a welcome development that this workshop is taking place here in Kano because it is an agrarian state. So anything that has to do with agriculture we are part and parcel of it.

“Whatever the outcome of this meeting we are going to take it and work with it. We will sensitise our farmers on the new technology developed through this variety so that they can be able to adopt the cultivation of that variety to increase food production and ultimately food security in the state,” Ibrahim explained.

service State to an industrial haven.

“The State has taken a turn for the better as the rise of manufacturing, food processing and agribusiness concerns means increased productivity and more jobs for the locals.

“It also means that the graduates from the universities in the State are more likely to find jobs locally. The labour requirements are quite specific so we expect that a lot of

effort would go into supporting the higher institutions in the State,” it added.

He said though a form of investment incentive, the pioneer status policy was engineered to lead to growth and expansion in the local economy in the long run because the companies would boost local capacity and ultimately contribute to economic returns.

Nigerian Students Receding into Illiteracy Due to Lack of Skills, Says Education Minister

Kuni Tyessi in Abuja

The Minister of Education, Prof. Maman Tahir, has revealed that lack of skills has continued to serve as impediment in the lives of Nigerian students and has continued to lead them back into illiteracy.

He said for proper planning to be done in the sector, particularly from basic level, it has become imperative to build a reliable and authentic database that will promote skills acquisition and development and reduce to the nearest minimum, the number out of school children.

Tahir who revealed this in Abuja yesterday during the quarterly citizens and stakeholders engagement, said there's a learning crisis, with students not being able to think.

The engagement was aimed at creating awareness on Federal Ministry of Education's inclusive development efforts. It will also promote mutual understanding with stakeholders and citizens; build and sustain public trust; and improve transparency and accountability in the sector.

The minister assured that by the time the 13 pillars of the education sector roadmap is unfolded and well implemented, Nigerians will experience a different type of education system.

He said: "There's is the need to build a reliable and authentic data base for the sector, promote skills acquisition and development and reduce by a great percentage the number of our of school children.

"The positions of our schools has also contributed to the learning crisis. Our students are receding into illiteracy, thereby we keep having students who cannot think and collaborate among themselves and have digital facilities. That is why we have many out of school children.

"We want to introduce skills at the level of digitization starting from primary schools, and the only way to address the learning crisis is to apply skills. We need to raise children that will be able to think. Education has to start by doing. We have evidence to show that this thing is doable.

"Even enrolment has substantially improved where skills are available. By the time the processes are completed, you will find a different kind of education system. Data is critical and it is essential."

In the same vein, the Minister of State, Education, Dr. Yusuf Tanko Sununu, said there was the need for a strong team approach in addressing the numerous challenges confronting the nation's education sector.

Obi Raises the Alarm over Nigeria’s Rising Debt Profile

Chuks Okocha in Abuja

The presidential candidate of the Labour Party in the 2023 general election, Peter Obi, has once more expressed concern over the nation's rising debt profile, saying N97.3 trillion was on the high side and worrisome.

According to the former Anambra state Governor, even more disturbing was the fact that most of these debts were not deployed for production.

Obi described as dangerous, the use of nearly N10 trillion to

service what he termed unproductive debts.

Explaining further his fears, Obi wrote in his X handle yesterday: "I remain concerned about our borrowings, considering their galloping situation over the years, and its concomitant effects on the economy.

“More worrisome is the fact that there has been no corresponding visible usage or investments as required by the law, to show their impact on the nation.

"At the end of the second quarter (Q2), of 2023, our debt stood at

N87.9 trillion, which was very disturbing to us, because we were at a loss on what we did with the huge debt, especially the over N30 trillion ways and means borrowed by the last administration, which for me, would have been the end of borrowing without any visible and corresponding investment that will benefit the nation.

"Even more worrisome is that between the end of the third quarter (Q3), and the end of the fourth quarter (Q4) of 2023, about N10 trillion was added to our debt profile, which has now

taken our debts to N97.3 trillion, again, without any corresponding visible and verifiable utilisation of such debts, to the and best of my knowledge, is the highest ever borrowed in one quarter.

"Last year, 2023, our total debt service for domestic debts stood at N4.4 trillion and that of external debt service was $3.5 billion, which is about N4.9 trillion. In effect, approximately N10 trillion is now set aside to service unproductive debts.

"The implication is that what we borrowed in a quarter about

N10 trillion and what we spend on debt service, which is also about N10 trillion are each more than the combined budgetary allocation for the four highest priority areas, which are; defence (N3.25 trillion), Education (N2.18 trillion), Health (N1.33 trillion) and Infrastructure (N1.32 trillion).

"My appeal to the government of our nation is to please de-accelerate the borrowing, and let us first re-evaluate to see what has, been achieved with our previous loans so far and be able to make better decisions for the good of

the nation.

"In the New Nigeria of our dream, our scarce resources will not only be duly accounted for but will be productively and prudently managed in moving our nation from consumption to production,”

Obi stressed.

Trump Supporter, Don Hankey, Helps Ex-President Post $175m Bond

Former U.S. President Donald Trump came out of a cliffhanger that could potentially damage his business empire and return to the White House unscathed, courtesy of Don Hankey's Knight Specialty Insurance (a subsidiary of Knights Insurance Group), based in Los Angeles.

The firm helped Trump to post the $175 million bond in his civil fraud trial.

According to Forbes, Hankey is the largest individual shareholder in the internet bank Axos, holding six per cent.

Legal analyst Lisa Rubin said, "The company that underwrote Trump's bond tonight in the NY Attorney General's civil fraud case, Knight Specialty Insurance Co., is owned by Don Hankey, the so-called 'king of subprime car loans'."

Repo

supply while an increasing subsidy burden has weighed on government finances, diverting capital from building roads and spending on health care.

With the latest move, President Bola Ahmed Tinubu, the reports said, wants to cut down on price distortions, which haven’t ended despite breaking the state-owned power firm into 11 distribution companies and several generation firms and selling them to investors.

“The regulator will make any pronouncements based on its discussion with the distribution and generating companies. The presidency cannot say anything at this stage,” Bayo Onanuga, a spokesman for the presidency was quoted to have said, adding that the “electricity sector is hurting.”

The move to raise the tariff follows pressure from Nigeria’s debt-burdened electricity distribution companies that want to charge a cost-reflective price to improve their finances, the people said.

While the country privatised generation and distribution in 2013, tariffs are set by the Nigeria Electricity Regulatory Commission (NERC).

Power firms aren’t allowed to charge enough to recover the cost of distributing electricity, with the government paying the difference as a subsidy to companies in the sector.

The government has in the past said that electricity companies are short of an estimated N2 trillion in capital and need new investors to revive the industry.

The move will also help reduce government spending as it will now only subsidise the poor in rural areas. The intervention gulped around N120 billion naira monthly, before authorities devalued the currency at the end of January, Bloomberg said.

Last month, the International Monetary Fund (IMF) warned that the capping of fuel pump prices and electricity tariffs below cost recovery could have a fiscal cost of as much as 3 per cent of Nigeria’s gross domestic product in 2024.

Nigeria suffers from power blackouts as its more than 200 million people rely on grid electricity of

Knight's chairman, a billionaire, told the Associated Press that Trump used both cash and bonds as collateral for the bond.

“This is what we do at Knight Insurance, and we’re happy to do this for anyone who needs a bond,” said Hankey. He has never met or spoken with Trump, he added.

On Monday, Trump posted the bond, preventing the U.S. government from seizing his assets while he appeals a ruling that he fraudulently inflated the value of his assets to obtain more favourable terms from lenders and insurers.

"This is what we do at Knight Insurance, and we're happy to be able to accommodate the ex-president in this situation," Hankey told ABC News. "I'd say it's more of a business decision, but I happen to be a supporter (of Trump) also. It was a

less than 4,000 megawatts from an installed capacity of 13,000 megawatts despite an abundance of gas and hydro capabilities.

Earlier on Monday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) increased the price of natural gas which is used to generate more than 70 per cent of electricity in Nigeria. Power companies will now have to pay $2.42 per one million British thermal units from the previous rate of $2.18 MMBtu.

Separately, Reuters said that Nigeria plans to axe an electricity subsidy for 15 per cent of consumers to reduce its N3.3 trillion ($2.6 billion) cost, part of a series of reforms to ease pressure on public finances, still quoting Onanuga.

Onanuga said the government was under pressure to allow a price increase in the electricity sector as it only budgeted N450 billion for the subsidy this year.

He did not say when the tariff increase would come into effect, but

of delay.

The company will save Nigeria the much-needed foreign exchange (FX) that would have been expended on importing the fuels, as well as earn the country some hard currency from the supply of products to foreign markets.

Nigeria spends at least 50 per cent of its $30 billion import expenditure on the fuels. This is expected to reduce considerably, following the latest development.

Reuters quoted Dangote's Group Executive, Devakumar Edwin, as confirming the shipping of diesel and jet fuel into the local market.

"We have substantial quantities. Products are being evacuated both by sea and road. Ships are lining up one after another to load diesel and aviation jet fuel," Edwin said.

"Ships load a minimum of 26 million litres, though we try to push for 37 million litres vessels, for ease of operations," he added.

Local oil marketers agreed a price of N1,225 ($0.96) per litre of diesel following a bulk purchase agreement,

relatively low number, and Donald Trump put up all the collateral in cash."

On Truth Social, Trump said, "I've just posted a 175 Million Dollar Bond with the sadly failing and very troubled State of New York, based on a Corrupt Judge and Attorney General who used a Statute that was never used for this before, where no Jury was allowed, my financial statements were conservative and had a 100% perfect caution/ non-reliance clause, there were no victims (except me!), there was no crime or damage, there was only success and HAPPY BANKS."

Born and raised in Los Angeles, Hankey completed his BA and post-graduate work at the University of Southern California in 1965.

Possessing a keen understanding of finance, by age 27, Hankey became

said that when it did the government expected to save close to N1.1 trillion per year.

Nigeria last reviewed electricity tariffs in 2020, Onanuga said, adding the proposed increase would help businesses recover costs and boost investment.

"With the huge subsidy burden and high cost of gas ... the current electricity tariff is not realistic," Reuters quoted him as having said.

Tinubu embarked on Nigeria's boldest reforms in decades last year after he scrapped a popular but costly fuel subsidy and allowed the currency to devalue sharply.

The reforms Tinubu hopes will revive growth in Africa's biggest economy have stoked inflation to more than 30 per cent and worsened a cost of living crisis, angering workers.

Onanuga, the Reuters report stressed, said the government would consider helping generating companies to offset around N1.5 trillion of debt owed to the country's bulk electricity purchaser.

before putting their mark-up, said the head of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi.

The association's members control about 150,000 retail stations across Nigeria, Maigandi was quoted as having said.

The smaller Depots and Petroleum Products Marketers Association of Nigeria said its members were seeking letters of credit to buy petroleum products from Dangote.

"Our members are discussing with banks and these talks have reached advanced stages, when we have our letters of credit, we will begin lifting products," Femi Adewole, the association's executive secretary, said.

The Dangote refinery is touted as the turning point to end Nigeria's reliance on imported petroleum products. Nigeria is Africa's most populous nation and its top oil producer, yet it imports almost all its fuel due to lack of refining capacity.

Equally, global oil benchmark

vice-president of a major investment banking firm, which would later become part of USB Paine Weber. With a family history in the automobile business, Hankey acquired Midway Ford in 1972, and

Otedola emerging the only Nigerians on the list posted by the platform.

Dangote remained Africa’s richest man, recording $13.4 billion as of April 2, 2024, while Adenuga followed with a net worth of $6.7 billion. Rabiu and Otedola, according to the new report, were worth $5.2 and $1.7 billion respectively.

Forbes’ World’s Billionaires list is a ranking of every person on the planet with a net worth of $1 billion US dollars or more as of March 8, 2024.

Dangote, Africa's richest person, founded and chairs Dangote Cement, the continent's largest cement producer and owns 85 per cent of the publicly-traded cement firm, through a holding company, Forbes stated.

Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa, the release said. On the other hand, Dangote's fertiliser plant in Nigeria began operations in March 2022 and Dangote Refinery is gradually ramping up petroleum refining operations in 2024.

Emerging 144 richest billionaire globally, the 66-year-old businessman, has a Bachelor of Arts/Science from Al-Azhar University.

As of yesterday, Forbes stated that Adenuga, 70, is Nigeria's second richest man, who built his fortune in telecommunications and oil production. He is now 409th richest person globally.

His mobile phone network, Globacom, is one of the three largest operators in Nigeria, Forbes said, with more than 60 million subscribers, while his oil exploration

Brent, yesterday rose above $89 a barrel for the first time since October, albeit briefly, as oil supplies faced fresh threats from Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East.

Brent futures for June delivery were up $1.35, or 1.5 per cent, at $88.76 a barrel by 11:40 a.m., after touching a peak of $89.08, Reuters said.

In the same vein, US West Texas Intermediate (WTI) crude futures for May rose $1.27, or about 1.5 per cent, to $84.98 after touching a peak of $85.46, also the highest since October.

A Ukrainian drone struck one of Russia's biggest refineries on Tuesday in an attack that Russia initially said it repelled.

A Reuters analysis of images showing the impact of the attack suggests it hit the refinery's primary oil refining unit, which accounts for about half of the plant's total annual production capacity of 340,000 barrels per day (bpd), though it did not appear to have

the dealership’s business flourished.

During the 1980s, the organisation acquired additional dealerships to its growing portfolio and established a firm foothold in the financial services industry. Today, financial

outfit, Conoil Producing, operates six oil blocks in the Niger Delta, according to the organisation.

Globacom also built Glo-1, a 6,100-mile-long submarine Internet cable to the UK via Ghana and Portugal.

Adenuga also owns 74 per cent of publicly traded oil firm Conoil and just under 6 per cent of publicly traded Nigerian bank Sterling Financial Holding. He has a Master of Business Administration from Pace University, New York, supporting himself as a student by working as a taxi driver. He made his first million at age 26 selling lace and distributing soft drinks.

Rabiu, 63, who is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate, emerged Nigeria’s 3rd richest man, by Forbes estimates. The combined firm, called BUA Cement Plc, trades on the Nigerian stock exchange; Rabiu owns 98.2 per cent of it. He also owns 95 per cent of publicly traded food conglomerate BUA Foods. He set up his own business in 1988 importing iron, steel and chemicals. He’s number 581 globally in 2024.

Also, Otedola, a Nigeria billionaire made his first fortune in commodities before selling his shares in Forte Oil to invest in the energy business, Forbes said.

Otedola, 61, is the chairman of Geregu Power, a power generation business. During 2022 and 2023 Otedola sold down a Geregu stake that was once more than 95 per cent to bring on institutional investors.

He also owns properties in Lagos, Dubai, London and Monaco, and

caused serious damage.

Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC) oil output fell last month, a Reuters survey found, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.

The organisation pumped 26.42 million barrels per day (bpd) last month, down 50,000 bpd from February, the survey, based on shipping data and information from industry sources, found.

Several members of OPEC+, which include OPEC, Russia and other allies, made new cuts in January to counter economic weakness and increased supply outside the group. Producers agreed last month to keep them in place until the end of June.

The biggest output reductions in March came from Iraq and Nigeria, the survey found. Nigerian production declined, with exports falling more sharply, according to

services comprise a major part of the organisation’s success. Hankey said, “We strive to grow revenue every year by at least 20%” and "keep our profit as a percentage of revenue above industry averages.”

holds shares in Zenith Bank and First Bank of Nigeria (FBN) Holdings. He’s number 2,152 in the billionaires ranking.

A record year for 10-figure wealth, Forbes said there are now more billionaires than ever: 2,781 in all, 141 more than last year and 26 more than the record set in 2021.

They’re richer than ever, worth $14.2 trillion in aggregate, it stressed, up by $2 trillion from 2023 and $1.1 trillion above the previous record, also set in 2021. Two-thirds of the list’s members are worth more than a year ago; only one fourth are poorer. Much of the gains come from the top 20, who added a combined $700 billion in wealth since 2023, and from the US, which now boasts a record 813 billionaires worth a combined $5.7 trillion.

China remains second, with 473 (including Hong Kong) worth $1.7 trillion, despite weak consumer spending and a real estate bust that helped wipe out $200 billion in wealth and knocked 89 billionaires from the ranks. India, which has 200 billionaires (also a record), ranks third.

Bernard Arnault still remains worlds richest man, with $233 billion; Elon Musk is second with $195 billion, while Jeff Bezos ($194 billion); Mark Zuckerberg ($177 billion) and Larry Ellison ($141 billion) emerged 3rd, 4th and 5th richest persons globally.

Besides, Warren Buffett ($133 billion); Bill Gates ($128 billion); Steve Ballmer ($121 billion), Mukesh Ambani ($116 billion) and Larry Page ($114 billion) were 6th, 7th, 8th, 9th and 10th richest billionaires in that order globally.

some ship trackers, as the Dangote refinery took in more cargoes.

In the meantime, an OPEC+ ministerial panel is unlikely to recommend any oil output policy changes at a meeting today, five OPEC+ sources told Reuters, as oil prices hit their highest this year.

OPEC and allies, led by Russia, known as OPEC+, will hold an online joint ministerial monitoring committee meeting (JMMC) on April 3 to review the market and members' implementation of output cuts they have already agreed to extend.

Oil has rallied this year, underpinned by tighter supply and attacks on Russian energy infrastructure and war in the Middle East. Brent crude reached $89 a barrel on Tuesday, up from $77 at the end of 2023.

Two of the sources, who asked not to be named because they were not authorised to speak publicly, said they expected a straightforward meeting, citing the earlier decision to extend output cuts. The meeting is scheduled for 1 p.m. Vienna time.

In the spIrIt of ramadan...

CAN Condemns FIRS’ Easter Message to Christians, Demands Retraction, Public Apology

folalumi alaran in Abuja

The Christian Association of Nigeria (CAN) has condemned the 2024 Easter Message of the Federal Inland Revenue Service (FIRS) which it deemed controversial and offensive

to Christians. In a statement, signed by the National Director of National Issues and Social Welfare, Commodore Abimbola Ayuba (rtd), the Christian body expressed concern over the Easter message which read, "Jesus

paid your debt, not your taxes,” which they said juxtaposed the Christian doctrine of redemption with civic tax obligations.

CAN therefore demanded a retraction and public apology from FIRS management, urging national

leaders to uphold respect and unity in public discourse. Furthermore, it urged President Bola Ahmed Tinubu, Minister of Finance Wale Edun, and the Department of State Security Service (DSS) to intervene and guide the

JAMB Uncovers 1,665 Fake A'Level Results by Registered Candidates

The Joint Admissions and Matriculation Board (JAMB) said it has uncovered at least 1,665 fake A’level results during the 2023 Direct Entry (DE) registration exercise.

The Board also said the A’level results verification regime was occasioned by endemic corruption associated with the system, adding that it was intended to restore the integrity of this component of admission process.

The Registrar of JAMB, Prof. Is-haq Oloyede, disclosed the disturbing figures when he received leadership of the National Association of Nigeria Colleges of Education Students (NANCES) in his office.

The JAMB czar revealed that out of this figure, 397 were from Colleges of Education; 453 were university diploma holders, and the rest were other A’level certificates.

He pointed out that it should be of grave concern if no one respects the certificate one is holding; hence, there was need to safeguard the integrity of A’level certificates used to secure admission through measures that would stand the test of time.

According to the JAMB weekly bulletin, the registrar recalled that in the past, when a candidate applied for DE, the Board would simply ask awarding institutions to do the necessary screening and due diligence.

He stated that JAMB was dumbfounded by the startling revelations from Bayero University, Kano (BUK), whereby out of the 148 Direct Entry applications to the institution, only six of the certificates forwarded for processing were genuine.

The Registrar added that it was the discovery of this monumental fraud that prompted the meeting

of critical stakeholders, who met to chart ways of combating the menace.

Part of the measures suggested, he said, was the constitution of an A’level result verification taskforce as well as the creation of a common platform for the verification of A’level results and certificates. He said the platform was reliable and user-friendly, as it only takes five minutes to verify any given certificate.

Oloyede, also disclosed that, to underscore the importance attached to the exercise, the Board has put in place a, “no verification, no admission” policy. While listing 15 institutions that have not suf-

ficiently complied with verification requests from the Board, he stated that the affected institutions, with more than 20 unverified candidates, would have to pre-verify candidates applying with their certificates before they could complete their DE registration process.

According to the registrar, the modification in the ongoing DE registration was that candidates could go ahead and register while the school verifies them at the backend. He, however, declared that the fifteen institutions, which were yet to fully comply, would have to pre-verify holders of their certificates before they complete their DE registration.

Earlier, the NANCES President, Egunjobi Samuel, commended the good work the registrar was doing, particularly in terms of restoring sanity, integrity, and credibility in the nation’s examination and admission processes. He disclosed that the association was at the JAMB National Headquarters to channel complaints from their members about the seemingly intractable challenges they were having in the ongoing 2024 DE registration as well as ask for more DE registration centres. ir members on the rationale behind the verification of certificates, as it was being done with the best of intentions.

FIRS in communicating messages that promote respect, unity, and cohesion.

The statement read in part, “It has come to our attention that the FIRS has released an Easter message that has sparked significant public outcry amongst Christians .

“It is with a profound sense of duty to national unity and respect for religious sentiments that we address the controversial statement "Jesus paid your debt, not your taxes" circulated by the FIRS.

“As a nation that prides itself on religious harmony and peaceful coexistence, we are deeply concerned by the recurrence of provocative messages around religious holidays.

“This year, a public institution, which should be the bastion of exemplary conduct, has been implicated in disseminating content that is widely regarded as offensive and derogatory to the Christian faith.

“Such messages not only threaten the delicate fabric of our national unity but also undermine the efforts of countless Nigerians working towards fostering mutual respect among diverse religious groups.”

It added: “We recognise that the intended message may have been to creatively engage taxpayers; however, the execution has regret-

tably crossed the bounds of cultural and religious decorum.

“While the FIRS' intent may not have been to show irreverence, the impact of the message cannot be ignored. It is imperative to remember that the use of religious symbols and narratives should be handled with the highest degree of sensitivity, especially when intersecting with secular matters.

“The Christian Association of Nigeria advises all public and private organisations to exercise caution and consideration for the diverse religious backgrounds of our society.

“It is crucial that communications, especially from public institutions, are crafted with a clear understanding of the cultural and religious tapestry that defines our nation.

“In light of recent events, we call upon the management of the FIRS to retract the message and offer a public apology for the distress caused. We also urge President of the Federal Republic of Nigeria, Senator Bola Ahmed Tinubu, Minister of Finance, Wale Edun and the Department of State Security Service (DSS) to take cognisance of this incident and to guide the FIRS in adhering to communication strategies that promote respect, unity, and cohesion.”

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) yesterday, stopped activities at the BelemaOil Producing Limited to protest the alleged unpaid salary of workers.

The union also alleged maltreatment and poor condition of service for workers in the past eight years.

The picketing action started yesterday, in front of the headquarters of BelemaOil Company in Port Harcourt, with the aim to draw attention of the company’s management to alleged dehumanisation and withholding of the said workers salary.

Speaking with journalists during the demonstration, the National Auditor 2 of PENGASSAN, Ese Okusi, said all efforts to have the company engaged in discussion with the union to address the concerns of the workers was not yet achieved.

Okusi, alleged that the company engaged the workers without conditions of services attached and with no concern for their welfare.

He advised the management of Belemaoil to as a matter of urgency address concerns of the workers to avoid a mother of all protest by PENGASSAN across the nation.

"We are here in solidarity, to see to the plight of our members in BelamaOil Producing Limited. The management of the company has been reneging in reaching agreement necessary agreement they are supposed to reach.

"Since the unionisation of this branch, and bringing Belemaoil to the table, CBA negotiation has been on and on, when they come, they renege on agreement that have been reached, even to the extent of paying them salary now has become an issue, they

are reneging to pay our members the little token they are supposed to pay them in this branch.

"That is why the national body of PENGASSAN took it up through Port Harcourt zone of our union that this place should be picketed today.

“The position of PENGASSAN is that BelemaOil must come to the table and we are not going to leave this place until we get everything that our members are supposed to get."

He warned that, "If nothing is done urgently, members of PENGASSAN from other branches will come down here to enforce it and even take it to the locations.

"So, the earlier the management comes out to put pen on paper and release funds for those agreements we reached, the better for the company."

On his part, Chairman, PENGASSAN BelamaOil branch, Mr.

Dan Opusingi, said the workers since inception of work in 2016, have been working like slaves without working conditions and denial of their rights.

He said, "Today we are here because we have been maltreated since we started working from 2016, till now, we don't have CBA, a working document that has to do with conditions of service.

"We have engaged our management severally but no result, we are just working like slaves. There is somebody in this system who has been enslaving everybody, he is an Israeli, Amit Levi by name, and we are demanding that he must go, else we will not allow operation of the company.

“Right now, we have already shutdown, if they refuse to allow him go, that means they are not ready to go back to operation.

"We know that few of our locations have been down, and

we have been working with the Zonal executive council to make sure that we go back to operation but till now, we haven't heard from the management."

Opusingi added, "We want to tell the world that, if BelemaOil is ready, let them go back to operation, Idama and Omokiri should go back to production. But our CBA should be signed. They should pay us our 13 months salaries, they should pay us our COVID-19 allowances, among others.

“For eight years now that we have been working, our four years pension and three years for some persons, have not been remitted, casualisation have been taking place and nothing is happening. Our members and workers have been in the field for over 50 days without treatment, no light, no water and if you talk or complain about our welfare, you are sacked. It’s like they are in the prison."

InAugurAtIOn OF AngOlA VIsA ApplICAtIOn CEntrE In pOrt HArCOurt...

Wike: I've Cut Ties with Odili, Calls Rivers Elders Political Vampires

Reveals nothing wrong in appointing 50% of Fubara’s commissioners Declares he would have fled Nigeria if Atiku won 2023 polls

Emmanuel Addeh in Abuja

Former Governor of Rivers State and current Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, yesterday attacked some politicians widely regarded as elders in the state, describing them as “political vampires”.

Wike also said his relationship with one of his predecessors, former Governor Peter Odili, had turned frosty, stressing that as it is today, he has no form of affinity with him.

Odili was one of Wike’s biggest supporters during the latter’s tenure as governor. In return, Wike sang the praises of the former governor to high heavens, even gifting him a house in 2022 on his 74th birthday.

But speaking in an interview with some journalists from four television stations, which was broadcast live, Wike alleged that the elders, including former National Chairman of Peoples Democratic Party (PDP), Uche Secondus, were people who lacked integrity.

He stated, “As it is today, politically, we (himself and Odili) don't have any relationship. No, we don't work together. There are differences. It has nothing to do with a personal thing.“

He added that he and Odili had taken a decision as to which of the feuding parties in Rivers State to support, referring to his faceoff with his successor, incumbent Governor Siminalayi Fubara.

Other PDP leaders in Rivers State, whom Wike accused of “sucking” Fubara, included former Minister of Transportation, Abiye Sekibo; ex-Governor Celestine Omehia; and

former Deputy Speaker of the House of Representatives, Austin Opara. Wike insisted that he kicked all of them from the party because they had become irrelevant.

The elders had a few days ago declared loyalty and support for President Bola Tinubu and Fubara.

Aside the aforementioned, also present at the meeting where the elders declared support for the president and the governor were former Deputy Governor of the state, Tele Ikuru; Senator Lee Maeba; and former Secretary to the Rivers State Government, Dr. Gabriel Pidomson, among others.

But Wike also argued that there was nothing wrong in anyone asking for 50 per cent commissioners’ quota, insisting that if the person former Governor of Akwa Ibom State, Udom Emmanuel, succeeded as governor picked all his commissioners for him, there was no issue if anyone asks for 50 per cent.

Ex-governor of Akwa Ibom State and current President of the Senate, Godswill Akpabio, was Emmanuel’s predecessor. However, they fell out months after the swearing in of the governor at the time.

Wike said, “This is how you know men. Akwa Ibom governor, did he not take every member of Udom’s cabinet? People are terrible. If we say the whole cabinet supported you, but there were also those who were not cabinet members that also supported you.

“So, the best bet is, take 50-50 per cent, so that people don’t feel they have lost out, what’s wrong in that? So that is what you call control? Okay, face your government now,

why are you bothering me?“

The FCT minister also revealed that he planned to flee Nigeria if former Vice President Atiku Abubakar, who contested against the current president, Bola Tinubu, had won the 2023 presidential election.

He stated that he had already prepared his passport before the Supreme Court judgement, and emphasised that he was aware of alleged plots against him for opposing Atiku’s presidential bid.

Wike said, “When we went to Supreme Court, I put my interna-

tional passport in my bag. And I told my wife, look, if we lose this today, I will go from there. So, you take care of this, you take care of that. All these people, I know the whole plot against me.” Asked what he could have done differently to avoid the current impasse, Wike agreed that he made Fubara Rivers State governor, but hinted that in politics, just like in business, people must learn to count their losses and move on.

He stated, “Sometimes, you may invest in business. Sometimes you’re

at a loss. Will you kill yourself? If you kill yourself, will you go back to the business? It’s not every investment you make that you will reap from. Sometimes, personally, I have lost. And that’s the only way I can move forward. I don’t think about it.” He accused the Rivers elders of playing political games and latching onto the governor, like parasites only interested in collecting money and threatening to deal with him. He boasted that in the past, he showed them shege, insisting that none of them has the capacity to run him

down.

“I put him (Fubara) there too...he wants to be on his own with these political vampires who are always sucking, and they want to continue to suck Fubara,” he opined. As for why he continued to interfere in the politics of Rivers State, the minister stated that he must continue to “oil” his political machinery.

“Leave Rivers State; am I from here? Am I from Abuja? I should not oil my political machinery,” he retorted.

Ahead of Crucial PDP NEC, Atiku Returns to Nigeria

Chuks Okocha in Abuja

Ahead of the much-anticipated National Executive Committee (NEC) meeting of the opposition Peoples Democratic Party (PDP), former Vice-President Atiku Abubakar, yesterday, returned to Nigeria.

Atiku, who had been out of the country for weeks, returned in the early hours of yesterday. His son, Abba, said on his X account

The Ambassador Illiya Damagumled National Working Committee (NWC) of the PDP was pressured into fixing the NEC meeting for April 18, having refused to hold the meeting for over one year.

The NEC, the second most influential decision-making organ of the party after the national convention, is expected to meet every quarter as stipulated by the party’s constitution.

The anticipated NEC meeting, according to party sources, is shaping up to be a make or mar one for the party.

Atiku, who is regarded as de facto leader of the party, being the presidential candidate in the last elections, is expected to spearhead other meetings ahead of the NEC meeting.

This comes as agitations have mounted over the poor management of the party against the backdrop of allegations that the party was being controlled by external forces as alleged by former Benue State governor, Senator Gabriel Suswam.

Also, the North Central zone of the party recently called on Damagum to relinquish the acting national chairmanship seat and allow the emergence of a substantive national chairman from the region, where the party originally zoned

CSOs Fault Corruption Allegations Against TCN MD/CEO

The Civil Society Groups for Good Governance (CSGGG)

has dismissed reports that the Managing Director/Chief Executive Officer of Transmission Company of Nigeria (TCN), Engr. Sule Abdulazziz, allegedly bought an exotic car for the Minister of Power as a bribe.

Briefing journalists Tuesday in Abuja, President of CSGGG, Chief Ogakwu Dominic, said the allegation was an attempt to tarnish the image of Ahmed.

Dominic, said the CEO should be commended for initiatives he had brought to reshape the TCN.

He said: "Just recently an online media newspaper published a report on the current Managing Director of the Transmission Company of Nigeria where they alleged the MD of buying an exotic car for the Honorable minister of Power as a bribe without recourse to due process.

"This matter has been exhaustively trashed by the management of the TCN that approved the purchase of an official vehicle for the minister as part of the company's responsibility to ensure the minister's office effectively carry out its oversight responsibilities and not on the contrary.

"As CSOs we are duty bound

to investigate any information we receive and ensure none is unjustly punished without appearing sentimental, self-seeking or unpatriotic.

"We have engaged the management of TCN and it is on record that the MD/CEO is a man that has instilled a standing and verifiable tradition of prudent management of scarce resources to which notable achievements have been recorded and will soon become visible as part of the Renewed Hope agenda of the current administration, as the decades of rots in sector cannot be wished away overnight.”

He added: “President Bola Ahmed Tinubu understands the

problems in the power sector and as a diligent and intelligent leader he has done his homework before affirming the continuation of Engr. Sule Abdulaziz in office.

“The MD/C.E.O who is doing his first term in office has been very transparent in the administration of the company. He has introduced several policies that have improved the efficiency of staff and operations in TCN.

"We do not support the current use of intimidation and harassment on the management of TCN as we believe that every Nigerian has the right to ventilate their anger through the Freedom of Information process provided by the law.

the position to in 2021. A former Senate President, Senator Iyorchia Ayu, from Benue State (North Central) emerged national chairman at the party’s last convention. But Damagum, deputy national chairman (North), from Yobe State (North East), was made acting national chairman in 2023 after a court order removed Ayu from office.

Although the agenda of the NEC would be defined by the NWC, sources said the NEC meeting might also decide on what actions to take on “party leaders, who have continued to undermine the party.” Some governors and party chieftains had openly worked against Atiku as PDP presidential candidate in 2023 and also recently reiterated their resolve to support President Bola Tinubu of the All Progressives Congress (APC).

Tinubu Celebrates Awujale on 64th Coronation Anniversary, Olu of Warri at 40

Deji Elumoye in Abuja

President Bola Tinubu has congratulated His Royal Majesty, Oba Sikiru Kayode Adetona Ogbagba II, the Awujale of Ijebuland, on the 64th anniversary of his coronation.

In the same vein, the president has also congratulated His Royal Majesty, Ogiame Atuwatse III, the Olu of Warri, on the occasion of his 40th birthday. The president, according to a statement by his Media Adviser, Ajuri Ngelale, joined the great people of Ijebuland, Ogun State, and Nigerians in totality to celebrate the Royal Father and one of the longest reigning monarchs in Nigeria. He extolled the revered monarch as a fine personification of integrity, wisdom, and authenticity, as well as a prolific repository of Ijebuland's and Nigeria's cherished history.

Tinubu thanked the Royal Father, whom he described as a

"close confidant," for his prayers, support, and wise counsel, and prayed God to grant him the grace of good health, strength and many more prosperous years on the throne of his forefathers.

In another release, also by Ngelale, the president joined the people of Warri Kingdom in celebrating the Renaissance monarch. He extolled his strength of character, clear-sightedness, and zest for peace, progress, and development of Itsekiri land and its people.

Tinubu commended the Olu of Warri for his support for youthcentred initiatives and development programmes, acknowledging Nigeria's youths as the nation's greatest asset.

“As His Royal Majesty marks the milestone birthday, the president wished the monarch good health and strength and many years of prosperity on the throne of his forefathers,” the statement stated.

Commemoration of 2024 World Water day...

L-R: Production Manager, Nigerian Bottling Company (NBC) Limited, Confidence Ebo; Head, Corporate Engagement, Lagos Waste Management Authority (LAWMA), Aramide Olaniyan; Director, Laboratory Services Department, Lagos State Environmental Protection Agency (LASEPA), Olabisi Shonibare; Deputy Director, Sanitation and Hygiene, Ministry of Environment and Water Resources, Lagos State, Caroline Aladekomo; and National Environment Manager, NBC, Mr. Temitope Ogunrinde, at the water sustainability forum organised by NBC in commemoration of 2024 World Water Day held at the NBC Ikeja Plant ... recently.

Army Probes Ikeja Cantonment Explosion, Says No Casualty, Situation Under Control

Troops decimate five bandits, foil kidnap Recover cache of arms, ammunition in Taraba Terrorists abducts 30 children in Katsina community, police rescue 28 Joint operatives neutralise 18 bandits in Plateau

Kingsley nwezeh in Abuja, francis Sardauna in Katsina and Seriki adinoyi in Jos

The Nigerian Army Headquarters, yesterday, said no casualty was recorded during the explosion that occurred at the Ikeja Cantonment.

A statement by the Spokesman of the Nigerian Army, Maj Gen Onyema Nwachukwu, said the explosion was triggered by the burning of refuse and other inflammable debris by a farmer, who cultivated the farmland.

This came as troops of 6 Brigade Nigerian Army killed five insurgents, foiled kidnapping attempt and recovered substantial cache of arms

and ammunition in Taraba State.

Unfortunately, no fewer than 30 young girls have been abducted by gunmen suspected to be terrorists in Kasai community in Batsari Local Government Area of Katsina State.

But the Katsina State Police command has announced the rescue of 28 out of the 30 children abducted by the terrorists in the community.

However, the statement by the army stated that the situation was under control as the Nigerian Army Engineers Explosive Disposal (EOD) team were in the area of the farmland to conduct a thorough investigation into the cause of the explosion.

"This is to notify the general public

that today Monday 1 April 2024, a minor explosion occurred within the Nigerian Army (NA) Cantonment in Ikeja, Lagos. The incident occurred on a farmland near the Mammy Market within the cantonment.

"The explosion is suspected to have been triggered by the burning of refuse and other inflammable debris by a farmer, who cultivated the farmland.

"Fortunately, no casualty was recorded in the incident. However, given that the cantonment was recently cleared and certified free of unexploded ordnances, we understand that there could be concerns among the general public

as a result of the historical antecedent of explosion within the cantonment.

"The Nigerian Army, therefore, wishes to assure the public that the situation is under control as the Nigerian Army Engineers Explosive Ordnance Disposal (EOD) team has cordoned off the area of the farmland to conduct a thorough investigation into the cause of the explosion.

"We urge residents in the general area not to panic and assure them of their safety," it said.

Meanwhile, troops of 6 Brigade Nigerian Army killed five insurgents, foiled kidnapping attempt and recovered substantial cache of arms and ammunition in Taraba State.

Ekiti to Collaborate With FG on Tourism

Minister, hikers storm state for hiking Fubara promises to make Rivers hub for medical tourism in Africa

Blessing ibunge in Port Harcourt and Gbenga Sodeinde in Ado Ekiti

Ekiti State Governor, Mr. Biodun Oyebanji, has expressed the readiness of his government to collaborate with the Federal Ministry of Tourism to harness and develop untapped tourism potential of the state and make Ekiti a leading tourism destination in the country.

Governor Oyebanji revealed this on Monday during the 6th edition of Hike Ekiti Mountain safari, which took place at Abanijorin Mountain and cave, in Iyin- Ekiti.

In attendance at the event were the Minister of Tourism, Mrs. Lola Ade-John; Ekiti State Deputy Governor, Chief (Mrs) Monisade Afuye; Speaker Ekiti State House of Assembly, Rt. Hon Adeoye Aribasoye; and Director General of NIHOTOUR, Alhaji Nura Kangiwa, among other hikers, who recently stormed the state for mountain hiking.

In a related development, the Rivers State Governor, Siminalayi Fubara, has said his administration would make the state the hub for medical tourism destination in Nigeria, and Africa at large.

However, Oyebanji, while speaking said a properly harnessed tourism industry has the capacity to reshape the economy and improve the revenue base of the state.

He stressed that the state

would leverage tourism to attract investment, create jobs, boost the local economy and drive the shared prosperity agenda of his administration.

While expressing his gratitude to the minister for the visit and her commitment to tourism development in the country, the governor said the minister’s commitment speaks to the quality of people working with President Bola Ahmed Tinubu to actualise the renewed hope agenda of the President.

Oyebanji revealed that he has charged the state Bureau of Tourism Development to come up with the state’s tourism development master-plan in alignment with the Federal Ministry of Tourism vision to create an enabling environment for the people to prosper.

“I'm so excited that finally, we are giving life to this programme. It started six years ago and I know and am convinced that if we are going to drive our shared prosperity agenda in Ekiti state, tourism is a critical factor in ensuring that we provide job, create wealth and also emplaced a healthy and productive society.

“As a government, we have charged the bureau of tourism development to create a desirable tourism masterplan for the state, because that is what is going to drive our intervention in the tourism sector and we will further collaborate with

the Federal Ministry of Tourism by ensuring that we align our own plan with their own so that together we can create an enabling environment for our people to prosper.”

Earlier, the minister, Ade-John, who said the purpose of her visit was to encourage and promote the eco-tourism sector of the state, lauded Governor Oyebanji’s commitment to tourism development, especially the creation of a Bureau of tourism.

She maintained that Oyebanji’s determination to prioritise tourism aligns with Tinubu’s led federal government’s resolve to boost the nation’s economy through tourism development.

Meanwhile, the Oyebanji in company with the minister and her team had earlier visited the palace of the Oluyin of Iyin Ekiti, Oba Adeniyi Ajakaye, where they were informed about the various natural endowments in the community as well as the history behind the mountain "Okuta Aba ni Jorin" and solicited government's support in preserving the cultural heritage.

Fubara:

We'll Make Rivers Hub for Medical Tourism in Africa

Rivers State Governor, Siminalayi Fubara, has said his administration would make the state hub for medical tourism destination in Nigeria, and Africa at large.

Fubara, who mentioned this

while speaking with journalists at the Government House, Port Harcourt, on the achievements of his administration in the health sector, explained that to achieve this, his government was seriously paying greater attention to improving healthcare infrastructure and services available to the people.

He said his administration has been able to bridge the gaps between the primary, secondary and tertiary healthcare services in the state.

Fubara maintained that his administration intended to deliver immediate and quality healthcare services to majority of the people, hence, the ongoing reconstruction, rehabilitation and upgrade of all primary healthcare facilities across the state, with a view to integrating them with existing secondary and tertiary institutions.

Beside the construction, renovation and upgrade of primary healthcare centres across the state, he said the capacity of the Rivers State University Teaching Hospital (RSUTH) has been recently improved with the training of personnel, and establishment of critical units, equipped with modern equipment to deliver sterling expertise services to patients.

"We are proud of our modest achievements in the health sector, particularly in the construction of primary healthcare centres.

"In a significant operation aimed at maintaining peace and security in Taraba State, troops of 6 Brigade Nigerian Army killed five violent extremists, foiled kidnapping attempts and recovered a substantial cache of arms and ammunition," it said.

A separate army statement stated that the troops while acting on actionable intelligence on the plan of the extremists to kidnap some church members returning from church programme in Wukari along Tor-Tse and Takum Road acted decisively.

"Troops of 93 Battalion deployed in Wukari swiftly swung into action and tactically laid in wait for the violent extremists and the insurgents in the early hours of today April 2, 2024.

"The troops made contact with the extremist and engaged them in a fierce fun battle leading to the killing of four extremists and recovery of two AK 47 Rifles, one pump action rifle and two AK 47 magazines," it said.

Similarly, on March 27, 2024, troops while on patrol around Chanchanji Ward of Takum Local Government Area came in contact with suspected violent extremists.

"Troops responded with superior firepower leading to the killing of one extremist and recovery of one locally fabricated FN pistol, two rounds of 9mm ammunition and one mobile phone belonging to the criminal," it said.

Terrorists Abducts 30 Children in Katsina

No fewer than 30 young girls have been abducted by gunmen suspected to be terrorists in Kasai community in Batsari Local Government Area of Katsina State.

A resident of the community, Sani Mohammed, told THISDAY in a telephone interview, yesterday, that the hostages were kidnapped at a nearby farmland while searching for firewood for domestic use on Monday.

Mohammed whose son, Adamu, was among the abductees, said the victims were ambushed by the motorcycle-riding terrorists and whisked them away to an yet-to-be identified destination.

“Yesterday (Monday) our children numbering over 30 went to our nearby farms for their usual search of firewood for cooking but they were ambushed by bandits, who were crossing the community to their hideouts.

“They (bandits) kidnapped 30 children that went to the bush in

search of the firewood. We had the voices of our children screaming for help so we mobilised and went there but the bandits overpowered us.”

He explained that efforts by members of the community in collaboration with vigilantes to rescue the abducted children from their abductors were futile because the hoodlums shot sporadically in the air to scare them.

Mohammed said the hooligans marched the hostages pulled from different farmlands into their enclaves because security forces did not arrive at the scene until several hours later despite distress calls to police and Nigerian Army.

He added that Kasai was once a bustling agrarian community but now sparsely populated and roads and farmlands were often avoided because of rampant kidnappings and killings by the criminals.

But the state Police command, has announced that it already rescued 28 out of the 30 children abducted by the terrorists in the community.

The Command's Public Relations Officer, ASP Abubakar Aliyu, in a statement, said the victims were rescued unhurt by operatives of the command deployed to the scene of the incident by the state Commissioner of Police, Aliyu Musa.

“On the 1st of April, 2024, at about 1030 hrs, about 28 girls, who went to the outskirts of Kasai village, Batsari LGA, Katsina State, with intent to fetch firewood, were abducted by kidnappers.

“Upon receipt of the report, the Commissioner of Police, Katsina State Police Command, CP Aliyu Abubakar Musa, psc+, swiftly deployed operatives to the scene, tasked with the unhurt rescue of the victims.

“The abductors, following the escalation of pressure and the concerted actions of the command in collaboration with all relevant security stakeholders in the state, ultimately released all the victims on the same day at about 2240hrs.”

Plateau: Joint Operatives Neutralise 18 Bandits

No fewer than 18 bandits were Monday reportedly killed and many guns recovered when security operatives and vigilantes raided Zurak campani of Wase Local Government Area of Plateau State.

According to sources from the area, the bandits were killed alongside their informants and some traditional rulers, whom the community felt had betrayed them.

Contextualizing the Ogun Devt Survey

In actualizing good governance, the place of data and science cannot be quantified. In line with both local wisdom and global best practices, governments that make a real change in the lives of the people adopt critique as a cardinal feature. Intent on delivering good governance, they are heavily involved in outcome monitoring. According to The Pew Charitable Trusts, many governments have in the past three decades developed systems to measure the performance of programmes that aim to improve key outcomes in areas such as job creation, child safety, and health. These performance management systems, it says, can help policymakers to ensure that publicly funded programmes are achieving the results that constituents expect. In this connection, the decision by the Ogun State government to conduct household surveys towards developing a framework that will assist in planning, management, and evaluation of the multi-dimensional poverty human development index is quite in order.

Among other objectives, the survey, which is expected to transcend the bounds of the National Bureau of Statistics’ (NBS) multi-dimensional poverty index, will give the Dapo Abiodun government an opportunity to assess the impact of the various policies it has been implementing in the last four and half years in such areas as education, health, job creation, empowerment and other social interventions. As observed by the Commissioner for Budget and Planning, Mr. Olaolu Olabimtan, the survey will also enable the state government to properly establish baselines on different data points in the state and allow for the implementation of the various strategies already earmarked for execution.

Olabimtan provides further context: “In the past five years, under the pillar of infrastructure, our administration has brought development to every ward in the 20 local government areas of the state. We have constructed, reconstructed, and rehabilitated over 500 kilometers of roads across all regions in the state in line with the administration’s policy of inclusiveness and determination to abolish erstwhile practices of prior administrations of developing one section of the state at the expense of other sections. Similarly, in the energy sector, the administration has installed over 500 transformers across communities through its Community Electrification Project and has improved power supply in the 20 local government areas. “The

administration has also rehabilitated the Arakanga Waterworks in Abeokuta to ensure a reliable supply of potable water and constructed new water storage facilities as well as expanded the water supply and reticulation network to many streets and neighborhoods in the city of Abeokuta. These completed projects, which are already in use and being enjoyed by residents, will soon be formally commissioned. We are

currently at the planning stage of expanding the reticulation network into new areas within the state while rehabilitating all our Mini Water Works in other parts of the state for improved water supply for our people.”

The benefits of the survey are not hard to decipher. It is perhaps axiomatic that in planning for development, state governments cannot rely exclusively on research by statistical agencies such as the UNDP, NBS, etc. They also have a duty, if they are to radically transform the society, to determine how impactful or otherwise their policies and programmes have been on the populace. Nigerians are well aware of the fact that in the last five years, the Gateway State under Governor Abiodun has initiated certain policies and programmes targeted at reducing/eradicating poverty and improving healthcare conditions and social wellbeing. It has made creating good roads, industrializing the state, opening it up for investment and creating channels of opportunities for the residents an article of faith. This fact has been acknowledged by a welter of agencies that typically endeavour to assist states with their statistics and findings. For instance, last December, Economic Confidential, a subsidiary of PR Nigeria, showed that apart from Lagos, Nigeria’s economic capital, Ogun State is Nigeria’s most economically viable state. The report was compiled from figures released by the Nigerian Bureau of Statistics (NBS) and the Federal Account Allocation Committee (FAAC). A recent report by BudgIT ranked Ogun State in the 7th position in the 2023 overall Fiscal Performance Ranking and the first in IGR improvement in the country, affirming the position of the state as the investment destination of choice. However, it is also important for the state to look inwards and determine how its policies have been faring, as determined by the people themselves. This will enable it to know the areas where improvements are needed. That, to a large extent, is why it initiated this survey meant to produce the indicators needed for the design and monitoring of the implementation of various State Development Plans(SDPs) and transfer capacity to the Ogun State Bureau of Statistics (BoS) to continue implementing annual CWIQ surveys on a regular basis. Handling the project is E-services Nigeria led by Professor Oladoyin Akinyosoye, the immediate past Statistician-General of the Federation and CEO of the National Bureau of Statistics (NBS). The retired Professor of Applied Economics and

Data Management at the University of Ibadan is an accomplished economics researcher and a highly skilled statistician who has impacted younger scholars and practitioners.

The government under Abiodun has provided solar street lights, solar boreholes and solar home kits to rural dwellers, built the Gateway AgroCargo International Airport, which, along with its aerotropolis, is expected to generate over 25,000 jobs; automated business processes to improve efficiency and the Ease of Doing Business Index in the state; renovated and constructed of over 1,200 classrooms and buildings across all 234 wards in the state; rehabilitated, equipped, and staffed 100 primary healthcare centres across the state; boosted the status of women by including them in politics, governance, and economic activities, as well as providing education for girls; grown over 50,000 businesses by women, with investment in women’s empowerment put at N1.5 billion; constructed 4,000 housing units; commenced the construction of 200 units of high-end duplexes at PMB Estate, Kobape, commenced development of Ibara and Idi Aba GRA Regeneration Schemes, the construction of 200 units of Affordable Housing in Gateway Aviation Village, Iperu and 250 units of Affordable Housing in Kobape Phase 3, and 100 units of mixed Housing units at OPIC Estate, Warewa, Isheri.

In the 2024 budget speech, Governor Abiodun spoke of his government’s installation of over 500 transformers across communities, deployment of CNG buses ahead of other states in Nigeria, launching of the Digital Economy Infrastructure Project aimed at providing 5000 kilometers of optic fiber cables across the State, highlighting key physical capital projects like the Lagos - Abeokuta Expressway, Ofada-Owode Road, Lagos Garage - Ikangba - Ilese Road, Ota-Lafenwa-Itele-Ayobo Road, etc; extension of the Lagos Blue Line Metro Rail Project into Agbara and the Lagos Red Line Metro Rail Project to Ijoko and Ifo/ Kajola; introduction of 2 and 3-wheeled electric vehicles in furtherance of its green initiatives, among others. These are, no doubt, highly commendable projects. But it is even more commendable that Abiodun’s government is tracking policy initiatives for optimal delivery of democratic dividends.

•Akinmade is Special Adviser to Governor Dapo Abiodun on Media, Communications and Strategy

Empowering Lifelong Learning: Alison’s Impact in Nigeria

In the bustling landscape of Nigeria, where access to quality education can often be a challenge, one platform is making significant strides in breaking down barriers and opening doors to opportunity. Alison, the world’s largest free online learning platform, is on a mission to democratise education and empower learners across the globe, including Nigeria.

With over 5,000 free courses, including certificate and diploma programmes, Alison has become a beacon of hope for millions of learners worldwide, transcending financial barriers and providing access to invaluable knowledge and skills. In Nigeria alone, Alison has made a profound impact, with impressive statistics reflecting the platform’s reach and influence.

In the past 12 months, Alison has seen a remarkable engagement in Nigeria, with 410,091 students, 113,417 enrolments, and 14,607 course completions. These numbers underscore the platform’s popularity and the growing demand for accessible and quality education in the region.

Among the diverse array of courses offered by Alison, several have emerged as favourites among Nigerian learners. From the ‘Diploma in Caregiving’ to ‘Fundamentals of Quality Assurance’ and ‘Working as a Virtual Assistant’, learners in Nigeria are embracing opportunities to develop new skills and enhance their professional prospects.

A recent survey conducted by Alison sheds light on the motivations and outcomes of learners across the globe. The primary objectives for studying at Alison include personal development (41.50%), upskilling (30.64%), finding employment (21.86%), and seeking promotions (3.91%). Moreover, the benefits reported after studying Alison include personal growth (66.48%), finding new job opportunities (6.17%), getting promoted (2.76%), and receiving salary hikes (0.92%).

Additionally, the survey reveals valuable insights into the learning habits of learners, with 17.75% opting for one course, 50.55% enrolling in 2-5

courses, and 31.71% undertaking 5 or more courses, highlighting a strong appetite for continuous learning and skill development. These statistics underscore the profound impact of Alison’s initiatives in Nigeria, not only in providing access to education but also in catalysing personal and professional growth for learners across the country. Through innovative learning resources, impactful partnerships, and a commitment to lifelong learning, Alison is paving the way for a brighter and more empowered future for Nigerian learners.

As Alison continues to expand its footprint and reach in Nigeria, the platform remains dedicated to its mission of providing accessible and quality education to all. With a focus on inspiring and empowering learners, Alison is poised to make a lasting difference

in the educational landscape of Nigeria and beyond.

Alison boilerplate Alison is the largest free online empowerment platform globally, offering over 5,000 CPD-accredited certificate and diploma courses alongside a suite of impactful career development tools—all at no cost. Since its inception in 2007, Alison has empowered more than 40 million learners and graduated over eight million individuals across 193 countries. Its platform equips learners with essential career tools like a career guide, workplace personality assessment, mental wellbeing assessment, resume builder, an affiliate programme and a learning management system (LMS)—all provided free of charge. Additionally, course creators can publish

custom courses with Alison and earn an income. Alison’s commitment to providing free education to all, coupled with its diverse array of resources and user-centric approach, makes it a leading platform for lifelong learning and professional development.

Alison Provides:

• Free Learning Resources: Over 5,000 certificate and diploma programmes are offered at no cost.

• Psychometric Assessments: Free assessments to identify natural aptitudes and professional strengths, including a mental wellbeing assessment for self-assessment.

• Career Development Tools: A free resume builder adhering to industry standards; a public profile for talent showcasing; and an affiliate programme for revenue generation.

• Learning Management System (LMS): A free LMS used by over 2000 businesses worldwide for upskilling and monitoring employee progress.

• Accessibility: Access courses anytime, anywhere with concise, self-paced courses via the Alison mobile app.

• Flexibility: self-paced courses, limited bandwidth usage, and global subject matter expertise.

• Global Expertise: Access courses designed by subject matter experts worldwide

• Diverse Learning Opportunities: Courses covering a wide range of topics, from business and technology to healthcare and soft skills development, serving working professionals, students, and perpetual learners across various career stages and goals.

• Enhanced User Experience: Features like the study reminder tool, and course retake options promote effective learning.

• Personalised Recommendations: intelligent algorithm-driven recommendations for tailored learning paths and career progression.

• Opportunity for Growth: Learners can retake courses and assessments, fostering perseverance and mastery.

• Tailored Learning Paths: Recommendations align learning objectives with desired career trajectories, accelerating career aspirations.

Sani Squares Up with El-Rufai over Kaduna’s High Debt Profile

John Shiklam writes on the recent outburst by Governor Uba Sani of Kaduna State

from his predecessor, Mallam Nasir El-Rufai and the role he also played in accumulating the debts.

The outburst by Kaduna state governor, Senator Uba Sani, on the huge debt profile of the state has confirmed rumours that all is not well between the governor and his friend and predecessor, Mallam Nasir El-Rufai.

El-Rufai governed the state for eight years from 2015 to 2023 before handing over to his anointed successor, Sani

Indications that the relationship between the duo had broken town, manifested in December, 2023, when the former governor visited victims of the Tudun Biri mistaken drone bombing at the 44, Nigerian Army Referral Hospital, located a stone throw to the Government House, Kaduna.

Despite the proximity of the hospital to the Government House, El-Rufai did not visit the governor to condole him over the incident like other dignitaries who visited the community.

Reasons for the strained relationship between Sani and El-Rufai appear speculative. Some attributed it to disagreement over alleged overbearing influence by El-Rufai in the appointments of commissioners and other aides to the governor.

Others said the sour relationship is caused by scheming ahead of 2027 poll and the governor’s reported romance with El-Rufai’s political rivals, especially in the Presidency.

The governor’s outburst last Friday at a Town Hall meeting tagged, “The State of Kaduna State”, therefore did not come as a surprise to many.

Analysts say the Town Hall meeting, was not just about informing stakeholders about the heavy debt burden that is hampering the activities of the current administration, but to mobilise support for impending political supremacy fight between Sani and El-Rufai.

Addressing the meeting held at the Yar’adua Indoor Sports Hall, Murtala Square Kaduna and attended by traditional rulers, religious leaders, prominent citizens of the states, members of the Kaduna Elders Forum, top government functionaries, labour union leaders, civil society groups, among others, Sani lamented the crippling effect of the huge debts he inherited from the El-Rufai administration, saying it will be difficult for him to pay salaries of workers without borrowing.

“I stand before you today as your Governor to report on my stewardship thus far,” the governor said.

He told the stakeholders that, “Despite the huge debt burden of $587 million, N85 billion and N115 billion contractual labilities sadly inherited from the previous administration,

we remain resolute in steering Kaduna state towards progress and sustainable development. We have conducted a thorough assessment of our situation and are sharpening our focus accordingly.

It gladdened my heart to inform you that, despite the huge inherited debt on the state, till date, we have not borrowed a single kobo”.

He explained that, Kaduna state only receives N3.6 billion from federal allocation after a deduction of N7.2 billion for debt servicing.

“What we received from the federal allocation in Kaduna this month was N3.6 billion out of over N10 billion. The sum of N7.5 billion was deducted from our allocation to service debts. We cannot pay salaries without borrowing. Our salary bill is N5.2 billion. We will have to borrow N2 billion to be able to pay salaries.”

He said he had approached President Bola Tinubu for assistance and the President has promised to help.

“I have taken our cry to the President over these deductions. The President told me that the debt of $556 million is a World Bank debt and there is nothing

he can do about it.

“He however promised to see how he could help us. Some of my governor colleagues have also promised to approach the President to assist Kaduna. In the next three months we will be collecting N3.6 billion from the federal allocation”, the governor said.

Besides the written text he read at the meeting, the governor took time to explain details of the challenges faced by his administration in Hausa language.

He said he swore with the Quran to be accountable to the people by telling them what he met, how much the state is owing and how much is spent on debt payments.

He disclosed that as a result of the financial difficulties, salaries and allowances of government officials and other appointees, including himself and his deputy were drastically slashed upon assumption of office on May 29, 2023.

“I told them (appointees) that we will not buy cars for them because we have no money to buy cars.

“We did not purchase cars for all the commissioners, including the deputy governor, myself and every other appointee. We adopted all these measures because we don’t have the money”, he said.

“I was made to understand that the deduc-

Reasons for the strained relationship between Sani and El-Rufai appear speculative. Some attributed it to disagreement over alleged overbearing influence by ElRufai in the appointments of commissioners and other aides to the governor. Others said the sour relationship is caused by scheming ahead of 2027 poll and the governor’s reported romance with El-Rufai’s political rivals, especially in the Presidency. The governor’s outburst last Friday at a Town Hall meeting tagged, “The State of Kaduna State”, therefore did not come as a surprise to many. Analysts say the Town Hall meeting, was not just about informing stakeholders about the heavy debt burden that is hampering the activities of the current administration, but to mobilise support for impending political supremacy fight between Sani and El-Rufai.

tion from our allocation will last for six years because the value of the dollar to the naira is high… the dollar was N460 (when the loan was taken), now the official rate of the dollar is N1,300’’, he noted.

Sani said everyday people bring papers for payments of contracts to the commissioner of Budget and Planning, adding some people were even abusing him for failing to complete the projects that were initiated.

According to him, “If I am to complete (the projects), I must pay N115 billion. We don’t have the money, that is the truth. What I am facing is payment of salaries.

“Even if we get some small money, I will use it to construct roads in rural areas so that our rural farmers will have roads to take their farm produce to the market”.

He said recent statistics had shown that 76 per cent of people in rural communities in Kaduna state are poor, stressing that his administration is determined to improve the living condition of rural communities.

“A construction company came to meet me, they asked me to pay them N40 billion, I asked them where do I see N40 billion? If I get N40 billion I will spend it on roads in rural areas,” he said.

The governor expressed disappointment that despite his appeal to contractors who have not been paid, especially the big companies, to be patient and continue working, they have packed their equipment and left the sites.

“I pleaded with them not to go, because they were still working in Zaria and Kaduna. In April 2023, before we came on board, they were paid N20 billion. That loan was taken from our IGR account, it was taken and given to Zenith Bank. Zenith bank deducts between N600 million and N700 million every month from our account”, Sani said.

He maintained that whatever maybe, at the end of the day, a decision must be taken.

According to him ,“those who ran away with our money, must be ordered to come and finish their work or be arrested

“Go to Zaria and Kafanchan, I was in Kafanchan for a programme, we drove with the governor of Bayelsa state, everywhere we drove was dusty. Why will you collect money in April, 2023 and you packed your things and left. Is that how contract is executed?”

Unlocking Solar Potentials through off-Grid Hybrid Power Solutions

Precious Ugwuzor writes on how Daystar Power and RMI are offering new solar-grid hybrid power systems and solutions to commercial and industrial businesses in sub-Saharan Africa, thereby propelling them towards $6.5 billion investment boom

As a leading off-grid power service provider, Daystar Power has been offering hybrid power solutions to commercial and industrial businesses in sub-Saharan Africa through the Daystar Power’s solutions “Solaras-a-Service” (100 per cent solar power) and “Power-as-a-Service” (hybrid power solutions with battery storage) which provide clean and reliable power while significantly reducing clients’ overall power costs.

The overarching objective is that the new Solar-Grid Hybrid Power System would unlock 3.3GW solar potential, propelling nigerian businesses towards $6.5 billion investment boom.

Daystar, RMI Scale Utility-enabled Energy Resources

Daystar Power (“Daystar”, part of the Shell group) and RMI (founded as Rocky Mountain Institute), jointly released a U.S. Trade and Development Agency (USTDA)-funded feasibility study titled, “Scaling Utility-Enabled Distributed Energy Resources for Nigerian Commercial & Industrial (C&I) Customers”.

The report introduces a groundbreaking business model designed for grid-connected hybrid solar power systems, with projections indicating the potential to unlock 3.3GW of solar capacity and attract $6.5 billion in investments.

This study targets 170,000 corporations and industrial manufacturers in Nigeria, offering them substantial cost savings by transitioning from diesel-fired generators to utility-enabled solar systems with backup battery storage.

The study highlights the significant advantages of this new model, not only for C&I customers but also for electricity distribution companies (DisCos). By embracing utilityenabled solar systems, businesses can reduce energy costs, while DisCos stand to benefit from increased revenues through enhanced grid consumption and the connection of new customers to the grid.

“This feasibility study has been in the works for a long time, and we’re elated to announce its results. While Nigeria’s solar industry is taking off, it’s still relatively in its early days, and innovative studies like this are key to deepening the market and adding more value to the business community.

"We can provide even more affordable and reliable power to Nigerian businesses if we team up with distribution companies in close partnerships to solve challenges and eliminate uncertainties in the power value chain,” said Victor Ezenwoko, Daystar Power, Country Head of Nigeria and Ghana.

CPilot group results: C&I customers save on average 26 per cent in energy costs, DisCos see up to 1,000 per cent increase in profitability.

In 2023, Daystar and RMI conducted Nigeria’s first-ever feasibility study to develop custom hybrid solar power systems that integrated with the national grid for 20 C&I customers in Abuja and Lagos, working in partnership with Abuja Electricity Distribution Company (AEDC), Eko Electricity Distribution Company (EKEDC), and Ikeja Electric (IE).

The study found that 17 of the 20 customers saved on energy costs, with an average savings of 26 per cent, while the project portfolio totaled 27 MW in new solar capacity and offset an estimated 25,000 metric tons in CO2 emissions. Under the model, DisCos’ profitability surged up to 1,000 per cent.

Among the 20 customers, The Wood Factory, an Abuja-based furniture manufacturer, became the first to reach close with an agreement signed with Daystar and AEDC on January 19, 2024.

”RMI is very proud to have derisked a pipeline of projects at 20+ C&I customer sites and facilitated the contract signing of the first project of its kind in Nigeria. The business model exemplifies that unlocking sustainable grids and scaling distributed energy systems can go hand in hand and create win-win-win scenarios for

customers, developers, and DisCos.

"It’s time for radical clean energy implementation, and we hope the project will lead to scaling distributed energy resources (DERs) in Nigeria to help improve reliability and reduce reliance on expensive, polluting fuels,” said Suleiman Babamanu, RMI, Nigeria Program Director.

Unique Tripartite Agreement to Drive Collaboration between National Grid, Solar Companies

The business model is based on a tripartite agreement between the customer, Daystar, and the DisCo. Daystar installs and operates a fully-financed hybrid solar system on behalf of Nigerian businesses to provide power supply during daytime peak hours (9 am to 3 pm).

Meanwhile, the DisCos will extend hours of grid power to supply electricity to customers in the evening, night, and early morning hours (3 pm to 9 am). Backup batteries and generators mitigate against any grid outages and outperform generator-only backup systems in cost savings and reliability.

Addressing Grid Infrastructure Challenges

A majority of C&I customers face poor reliability from the grid due to blackouts resulting from a collapse in transmission and distribution networks. Given poor grid services, many customers depend on dieselfired generators as a primary and backup power source and pay energy costs that are three times more expensive than grid tariffs.

Over the last two years, diesel prices have surged in Nigeria, rising from 260 Naira per

liter in 2021 to more than 800 Naira per liter in Lagos and 850 Naira per liter in Abuja at the time of the study in 2023.

Under the tripartite agreement, Daystar will finance upfront grid infrastructure upgrades by deducting DisCo payments (see diagram). With support to solve persistent infrastructure gaps, DisCos have the incentives to prioritize grid supply to C&I customers.

About Daystar Power

Daystar Power is a leading off-grid power service provider, offering hybrid power solutions to commercial and industrial businesses in sub-Saharan Africa. Daystar Power’s solutions “Solar-as-a-Service” (100 per cent solar power) and “Power-as-a-Service” (hybrid power solutions with battery storage) provide clean and reliable power while significantly reducing clients’ overall power costs.

Daystar Power’s clients pay a flat monthly fee or a variable tariff (per kilowatt hour) for premium power services, which include a power audit and assessment of energy needs, a bespoke proposal, installation, and full operation & maintenance.

Clients do not incur any capital expenditure and do not pay up-front costs. By outsourcing the management of their power systems, Daystar Power clients can focus more on running their core businesses.

Founded in 2017, by the African venture builder Sunray Ventures, Daystar Power counts the region’s leading industrial and commercial companies among its client base and is active in Nigeria, Ghana, Côte d’Ivoire, Senegal, Togo, Tanzania, and South Africa. With more than 400 projects completed in seven countries, Daystar has 100MW of power-generating assets.

Daystar Power is part of the Shell Group and contributes to Shell’s Powering Progress strategy to reduce emissions from the products they sell to customers.

About RMI

RMI, founded in 1982 as Rocky Mountain Institute, is an independent nonprofit that transforms global energy systems through market-driven solutions to align with a 1.5°C future and secure a clean, prosperous, zerocarbon future for all.

They work in the world’s most critical geographies and engage businesses, policymakers, communities, and NGOs to identify and scale energy system interventions that will cut greenhouse gas emissions by at least 50 percent by 2030.

RMI has offices in Basalt and Boulder, Colorado; New York City; Oakland, California; Washington, D.C.; Nigeria and Beijing.

Addressing Cybercrime with 'Thrive Online' Campaign

ybercrime poses a grave threat in Nigeria, wreaking havoc on individuals, families, and businesses. Many people think cybercrime is victimless, but ordinary Nigerian citizens are targeted by cybercriminals every day, resulting in significant financial loss as well as loss of access to the online platforms they use for work, education and to communicate with loved ones.

According to data released earlier this year by Kaspersky, the global cybersecurity and digital privacy company, Nigeria recorded the highest number of cyber threats across Africa over the last 12 months, highlighting the severity of the problem.

In response, the THRIVE ONLINE campaign has been helping to keep Nigerian citizens safe online. THRIVE ONLINE provides accessible informatin through its online platform thriveonlinenigeria.com, the Thrive Online Facebook page, and the monthly Thrive Online radio show on Eco FM. The campaign encourages Nigerians to use strong passwords and multi factor authentication to protect their accounts, and it warns against sharing sensitive personal information online or clicking on suspicious links.

The transformational campaign by Thrive Online

THRIVE ONLINE also seeks to make the internet safer by actively working with young people at risk of involvement with cybercrime. By using mentorship programs, collaborations with influencers

and events delivered into schools and community spaces the campaign is redirecting the trajectories of young lives away from crime and towards more positive opportunities.

The THRIVE ONLINE campaign is part of a wider BRIGHTER FUTURES programme backed

by the UK government. The programme has taken significant strides in transforming the lives of vulnerable youths in Ikorodu LGA, Ageronmi Ifelodun LGA, and Ifako Ijaiye LGA. The Brighter Futures program provides skills acquisition programs, community-based initiatives, and mentorship opportunities that empower vulnerable young individuals to build sustainable livelihoods. A notable achievement of the program is its focus on addressing past trauma and improving self-worth among beneficiaries. By doing so, Brighter Futures effectively discourages these individuals from becoming pawns in the game of crime, recognizing that a thriving community relies on the well-being of its members.

Mrs. Blessing Abiri, Lagos state coordinator for the program, emphasized, "Success in preventing serious and organized crime hinges on building resilience and strategically mapping goals to experience transformative life changes. The Brighter Futures interventions have opened beneficiaries up to the impact of a growth mindset and self-confidence to thrive in their communities without fear, empowering them with renewed hope for a bright future."

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ANOTHER ROUND OF BANK RECAPITALISATION

ETIM ETIM contends a highly capitalised banking industry will enhance the resilience and growth of the economy

ARTIFICIAL INTELLIGENCE, UN AND GLOBAL SAFETY

The UN adopts a resolution that will guide players in the use of AI, writes Sonny Aragba-Akpore

EDITORIAL ESCAPE OF THE BINANCE EXECUTIVE

See page 23

MICHAEL OWHOKO argues that allowing a land dispute to degenerate to the level it did is inexcusable

LESSONS FROM THE OKUAMA TRAGEDY

Has Nigeria learnt any lessons from the Okuama massacre? Will the incident repeat itself or offer profound lessons against future experience? In the journey of life, no individual or nation or country is immune from occurrences thrown up by circumstance, which, may be pleasant or painful. Lessons learnt from such experiences are deployed to prevent possible future reoccurrence, failing which, same catastrophe repeats itself.

In context, the gruesome murder of army officers at Okuama in Ughelli South Local Government Area, Delta State, which transcends ethnic emotions and accompanied by wide condemnations, is a confirmation that Nigeria has not, and does not learn from lessons, otherwise, the calamity would have been avoided.

The incident was not the first. It happened previously at Odi, Bayelsa State, Zaki Biam, Benue State, and Gbaramatu, Delta State, yet, it appeared neither the federal government nor the Nigerian Army learnt any lessons therefrom. This is evident from the Okuama saga, a proof of the country’s insensitivity to bloodshed and exposition of poverty in the policy making process.

This notwithstanding, the Okuama calamity has again thrown up another opportunity for lessons to be learned. If Nigeria failed again this time around to learn from these happenings, then the country risks further carnage, which may possibly take a more complex form with unmanageable and unpredictable consequences. It may be too costly for the country’s fledgling socio-economic balance and stability.

Therefore, the lessons are crucial, and should be identified by government and harness as feedback for proactive purposes to forestall future recurrence. It is a tragedy for any country with a relapsing experience not to have a codified strategy encapsulated in a template to resolve related matters. In specific terms, what then are the lessons and takeaways from the Okuama disaster?

Lesson One: To have allowed a land dispute over fishing rights between Okuama and neighbouring Okoloba community in Bomadi Local Government Area, Delta State, to escalate means there were no proactive measures and concerted prompt intervention by the Nigeria Police Force and Delta State Government in response to petitions written by Okuama community.

The community, through its lawyers, I. Ejedegba and Co., had written a petition to the Commissioner of Police in Asaba, Delta State which was acknowledged on January 31, 2O24, while the petition written by Okuama community leaders and addressed to the Delta State Governor was received on February 2, 2O24. This was over one month before the gruesome murder of the military officers on March 14, 2O24.

Since the Police is the first line of defence and statutorily responsible for civil matters, they should have wadded in upon receipt of the petitions to nip the crisis in the bud, aside previous joint meetings among the communities, the Police and the Delta State Government that yielded no solution. Under this development, the Delta State Governor should have been advised to wield the big stick by acquiring the land in

contention for public interest to end the crisis.

Lesson Two: Inviting the Army for a mediatory and peace mission to Okuama for resolution of land dispute between two communities that were not at war, was an error in judgement. The dispute was civil in nature, and it was only when efforts by the Police and the Delta State Governor had failed, and there was evidence of likely escalation into a dangerous dimension beyond the capacity of the Police, that would have warranted intervention by the Nigerian Army. It is not the responsibility of the Army to broker peace in a civil matter.

Lesson Three: Central to the killing of the military personnel in Okuama, is presumably oil. Oil appeared to be the underpinning motive behind the horrendous and senseless killings. Mere land dispute between two communities could not have led to such a mindless massacre. Soldiers are deployed to the Niger Delta region to protect oil facilities, and in the course of this duty, they might have been marked as “enemy” by those profiteering from illegal oil deals.

Those involved in crude oil theft and other illegal activities, including processing of locally refined products might see the Army as obstacle to their business interests. The military high command should have known this, and prepare the soldiers for possible eventuality and collision with entrenched oil thieves. The circumstances of their death showed that the military men were taken unawares. It was likely that crude oil thieves and other vested interests might have planned and taken advantage of the soldiers’ peaceful disposition to unleash mayhem in such a horrific and despicable manner.

Lesson Four: The mass destruction of Okuama by the Army in response to the death of the soldiers without singling out the culprits, was unhelpful, as innocent children, mothers, elderly, the sick and even pregnant women, were either killed, rendered homeless or died while trying to escape. To bring pains on an entire community over the action of a few criminals, is indefensible. Reprisal attack and collective punishment are incompatible with international laws.

Recalled that after destruction of Odi by the Army, the community resorted to litigation and got a favourable judgement, leading to payment of N15 billion out of court settlement, as compensation. Justice Lambi Akanbi of the Federal High Court had condemned the government for a “brazen violation of the fundamental human rights of the victims to movement, life and to own property and live peacefully in their ancestral home.” Since

the Okuama experience is reminiscent of the destruction at Odi, it is likely Okuama may seek redress in the law court for compensation over reprisal destruction of lives and properties.

Lesson Five: As the President and Commander-in-Chief of the Armed Forces of Nigeria, Bola Tinubu’s order to the Army was too hasty and reactionary without taking into consideration, innocent lives in Okuama that were caught up in the web. Granting “full authority” to the military to bring anybody found to have been responsible for the attack to justice, was an obvious blanket licence for the military to invade Okuama.

Instead, the President should have ordered the security agencies and the Police to specifically intervene, identify and arrest the criminal elements in the community, while instituting an independent high-powered panel of enquiry to unravel the causes of the mayhem. A future restraint on the part of the President is imperative to douse tension and minimize further collateral damage.

Lesson Six: The Army’s decision to lock down and lay siege to Okuama without granting access to the Delta State Governor, the Police, humanitarian agencies, and even the press to assess the situation on ground, has given rise to speculations about the plight of the members of the community, particularly the innocent, helpless and indigent persons. This is unhelpful to the image of the Army.

By not allowing access, the Army has unwittingly, open its operations to speculations. For example, it was alleged that the Army killed over 5O persons in Okuama, with other survivors hiding in the bush, including old women, children, the elderly ones and even the sick, with no food to eat and water to drink. This is a gross violation of their fundamental human rights.

To avoid being put on the spotlight, it is imperative for the military to grant access into the community to enable humanitarian agencies and volunteer groups to extend help and assistance to the innocent ones to prevent further fatalities. This will also serve the interest of the Army’s reputation.

Lesson Seven: After the destruction of Odi, initial public sympathy for the military waned. Same is replicating itself at Okuama over the conduct of the Army. The Army, like other federal government agencies, is not a supreme institution that is above the Constitution and the Nigerian State, neither is civilian population subject to military laws. Indeed, the Army is subject to civil authority under Democracy. Therefore, it must change its current tactics at Okuama where it has refused access to the community, assumed sole information provider on goings-on, and subjected civilians to investigation, arrest and detention.

It is hoped that these lessons will serve as reference and guide for the state governments, the Police, the Army and the federal government in handling of related crises to avert future disaster.

Dr. Owhoko, Lagos-based public policy analyst, author, and journalist, can be reached at www.mikeowhoko. com, and followed on X @michaelowhoko.

Email peter.ishaka@thisdaylive.com

TEDITORIAL

ESCAPE OF THE BINANCE EXECUTIVE

Nadeem Anjarwalla should be made to face the consequences of his actions

he federal government last week contacted the International Criminal Police Organisation and issued a warrant for the arrest of an executive of Binance, Nadeem Anjarwalla, who recently escaped from lawful custody. Anjarwalla, along with his colleague, Tigran Gambaryan of the global crypto-currency firm, were both arrested and detained on arrival in the country on 26 February on allegation that their company engaged in currency manipulation. Kept in a ‘safe house’ guarded by security men in Abuja, Anjarwalla fled the country on the pretext of going to the mosque to pray, according to reports.

The escape of the Binance Africa Regional Manager is as shocking as it is worrying. It has exposed serious lapses in the country’s security system. To be sure, there have been other similar escapes across the world, like that of Nissan chief executive Carlos Ghosn who fled a house arrest in Japan to his country Lebanon in 2019. But for Nigeria, it is one too many, especially at a time the country is battling serious challenges both on the security and economic fronts. President Bola Tinubu has made several promises to plug the serial security failures and leaks across board. Yet, everything is looking the same even with all the attempts to make it look different.

and terrorism financiers, some of whom it alleged were using Binance for criminal activities, including money laundering. According to the federal government, Binance is manipulating the country’s exchange rate and in the process weakening the naira against other currencies. The government has noted that over $26 billion was traded on the crypto exchange platform in the previous year. But Binance has refused to share the identities of its top users in Nigeria as well as the transaction history for the past six months.

The federal government must do everything to ensure that those who contributed to the current economic hardship are brought to justice

Binance has pledged to cooperate with Nigerian authorities to resolve these serious allegations. But the company is also alleged to be involved in other financial improprieties. It has been accused of offering services to subscribers on their platform while failing to register with the Federal Inland Revenue Service (FIRS) to pay all relevant taxes. In addition, Binance has been accused of offering taxable services to subscribers on their trading platform while failing to issue invoices to those subscribers to determine and pay their value-added taxes.

In the past few months, the economy has been oscillating between paralysis and meltdown. The Nigerian currency, Naira, has depreciated rapidly against other currencies. That has impacted badly on the living conditions of the people. Nigeria is Africa’s largest crypto economy in terms of trade volume. As the country’s currency suffers from sharp deterioration with the attendant surging inflation many citizens are using crypto to hedge their funds. Reports have linked the online crypto exchange company platform to serious financial crimes and economic sabotage.

In the past few months, the federal government has been cracking down on suspected money launderers

What is more worrying in this saga is that the authorities are acutely aware of the track record of Binance. The detention of Binance officials in Nigeria started months after the crypto exchange platform pleaded guilty and agreed to pay $4.3 billion to settle criminal money laundering charges levied by the United States Department of Justice. Indeed, Binance founder and chief excutive, Changpeng Zhao pleaded guilty and agreed to resign. His criminal trial by the US court is coming up later this month (30 April 2024).

It is therefore a shame that a principal suspect in such a case would be allowed to escape from custody in Nigeria. Beyond apprehending and punishing security officials complicit in Anjarwalla’s escape from the country, the federal government must do everything to ensure that those who contributed to the current economic hardship are brought to justice.

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LETTERS

APC AND OSUN DEBT PROFILE

Yoruba elders are philosophical, often reading into the future through wise sayings and expressions.

One of such expression is "iro ma un tan ina ni, ki leso", literally meaning that lies can only have light but will never bear fruit.

This was the feeling I had moments after reading a document from the Debt Management Office (DMO) that analyzed the debt profile of each of the 36 states in Nigeria and the Federal Capital Territory (FCT). My interest in the DMO document stems from the well-crafted lies by elements in the Osun State chapter of the All Progressives Congress (APC) to sell the impression that Governor Ademola Adeleke has added N10 billion to the state's debt binge in the 2023 fiscal year.

Although, the author of the untruth, one Adebayo Adedeji, showed a lack of understanding of accounting and budgeting documents, his wrong conclusion was taken for a fact by his likes in the APC and spread out to misinform the public. But as fast as his lies and that of his party, the APC could run, the truth, which the DMO document represents, has caught up with it.

According to the DMO document, the domestic debt of Osun as of December 31, 2022, only a few days after Governor Adeleke assumed office, was N148. A year after, precisely December 31, 2023, the debt value has shed about N4bn, as it stood at N144bn. For the foreign debt, the DMO document showed that Osun was indebted to the tune of $91.77m as of December 31, 2022, and by December 31, 2023, the debt had drawn down to $87.24m, representing a reduction of over $7m in the state's external debt.

The clear indication from the above data is that contrary to the false impression that Adedeji and his party tried to sell, Governor Adeleke did not add any kobo to the inherited debt binge. What the numbers clearly tell us is that Osun debt profile has seen a reduction under Governor Adeleke and the insinuation that the governor borrowed N10bn in 2023 is nothing but a fabrication.

The DMO document has further established that Governor Adeleke is a man of his word, which I am sure will unsettle the Osun APC. It is not in doubt that the Osun APC

is not proud of its past and the damages wrought on Osun through reckless financial management and wants the public to believe that Governor Adeleke is doing the same, even if it has to concoct lies.

Beyond this, we have come to learn, through the DMO document and StatiSense data, that the consistent claims that former governor Gboyega Oyetola reduced the Osun debt binge may not be correct. According to StatiSense data, which quoted the DMO as its source, the debt profile of Osun State when Oyetola assumed office in 2018 was N148.1bn and by the time he left office, the DMO quoted the figure of the domestic debt of the state at N148.4bn. What the above clearly indicated was that the debt profile of the state left by Oyetola was as it was when he came to office. The only explanation for this scenario will be that the Oyetola administration concentrated most of the much-touted N91 billion in servicing debt on other commitments, such as the one necessitated by the APFA model.

• Sarafa Ibrahim, Special Assistant to the Osun State Governor

Kayode Tokede

Following the devaluation of the Naira in 2023, which led to foreign currency obligation revaluation by most companies, MTN Nigeria Communication Plc, Notore Chemical Industries and eight others listed companies on the Nigerian Exchange Limited (NGX) declared a total loss of N696.78billion in 2023 as against N546.8 billion profit before tax generated in the 2022 financial year.

Others are: Omatek Ventures Plc, Juli Plc, International Breweries Plc, Nestle Nigeria Plc, Nigerian Breweries Plc, Japaul Gold & Ventures Plc, MTN Nigeria Communication Plc, R.T. Briscoe (Nigeria) Plc and Cadbury Nigeria Plc.

The loss declared by these

Nume Ekeghe

A report by Afrinvest has revealed that banking system liquidity experienced a significant decline of 38.9 per cent month-on-month (M-o-M), settling at N352.0 billion in March.

The decline, the report added, was attributed to substantial outflows from the Standing Deposit Facility (SDF) totaling N196.4 billion, coupled with primary market sales amounting to N3.3 trillion.

“In contrast, average inflows from the Standing Lending Facility (SLF) reached N1.1 trillion, while primary market repayments stood at N1.9 trillion. Consequently, both

companies is on the backdrop of foreign exchange unification policy of the Central Bank of Nigeria (CBN), hike cost of operations, among other macro economic challenges.

According to THISDAY investigations, MTN Nigeria Communication, Nigerian Breweries Plc and Notore Chemical Industries Plc’, were among the top five companies that declared highest losses in 2023 financial year.

Analysis of the companies’ results showed that MTN posted N177.9 billion loss before tax in 2023 from N518.8 billion reported in 2022. This, MTN said, was influenced by N740.43 billion net foreign exchange loss in 2023 from N81.82 billion reported in 2022

In a statement, the CEO, MTN Nigeria, Karl Toriola stated that,

the Overnight Policy Rate (OPR) and Overnight Variable Rate (OVN) surged by 4.3 percentage points each, reaching 27.3 per cent and 28.2 per cent, respectively, “the report stated.

It added, “The Central Bank of Nigeria (CBN) primary market operations included three rounds of Treasury Bills (T-Bills) auctions, offering a total of N660.7 billion across various tenors. Despite the decline in liquidity, investor appetite remained moderate, with the overall bid-to-offer ratio standing at 8.7 times, significantly higher than the previous month’s 3.3 times. Notably, the 182-day instrument attracted the most interest, achieving a bid-to-offer ratio of 12.2 times.

“2023 witnessed a very challenging operating environment characterised by rising inflation, currency devaluation and foreign exchange shortages, complicated by geopolitical disruptions and cash shortages in Q1 arising from a redesign of the naira.

“These factors created severe headwinds for our customers and our business during the year. The inflation rate increased throughout the year, reaching 28.9per cent in December 2023 – the highest reading in 18 years – with an average rate of 24.5per cent.

“This was further exacerbated by higher fuel prices, arising from the removal of the fuel subsidy in May 2023, with the average prices of diesel and petrol up by 66.4per cent and 257.1per cent in 2023 to N1,416.8/ litre and N600/litre, respectively.”

On its part, Nigerian Breweries Plc posted N145.2 billion loss before tax in 2023 from N17.34billion profit before tax recorded in 2022.

The company attributed the loss to N153.33 billion net loss on foreign exchange transactions in 2023 from N26.34 billion net loss on foreign exchange transactions declared in 2022.

Notore Chemical Industries despite dropping its revenue by 33 per cent to N21.55 billion, reported N114.18billion loss before tax in 2023 from N16.04 billion loss before tax declared in 2022.

The agro-allied & chemicals company suffered a N67.69billion exchange difference on bank borrowings in 2023 from N4.08billion in 2022.

As Nestle Nigeria reported N104.03 billion loss before tax in 2023 from N71.11 billion in 2022, International

Breweries declared N97.3billion loss before tax in 2023 from N26.84billion in 2022.

The company declared a net exchange difference on translation of foreign currency-denominated balances of about N195.07billion in 2023 from N8.45billon in 2022 to bring its finance cost to N233.5 billon in 2023, representing an increase of 1005 per cent from N21.14billiion reported in 2022.

“Additionally, the CBN conducted an Open Market Operations (OMO) auction, offering N500 billion across three tenors. The demand was robust, with a bid-to-offer ratio of 2.3 times, resulting in an allotment of N1.1 trillion across all tenors. In the secondary T-Bills market, the average yield rose by 23 basis points month-on-month to 18.6 per cent. This increase was driven by selloffs on various bill tenors, including the 91-day, 182-day, and 364-day bills.”

Afrinvest added: “In the month of March, system liquidity declined 38.9 per cent m/m to settle at N352.0bn as outflows from SDF (N96.4bn) and primary market sales (N3.3tn) outweighed average inflows from SLF (N1.1tn) and primary market repayments (N1.9tn). Consequently, OPR and OVN rates went up 4.3ppts m/m apiece to 27.3 per cent and 28.2 per cent, respectively.

“In the primary market, the CBN conducted three rounds of T-Bills auctions with a total offer of N660.7bn across the 91, 182, and 364-day

Despite the anticipation of N148.4 billion and N80.0 billion worth of maturities from T-Bills and OMOs in April, analysts foresee a sustained bearish performance. They attribute this projection to ongoing monetary policy adjustments and reforms by the CBN aimed at strengthening the financial system’s resilience.

The Managing Director and CEO of Nestlé Nigeria, Mr. Wassim Elhusseini in a statement said, “The devaluation of the Nigerian Naira in 2023 which led to a revaluation of our foreign currency obligations undoubtedly impacted our financing cost and consequently the profit after tax. However, we remain optimistic of our capacity to overcome the current economic difficulties and emerge stronger.

instruments. Investors’ appetite was moderately strong, with the overall bid-to-offer ratio at 8.7x, relative to 3.3x in February. The 182-day instrument enjoyed the most buy interest with bid-to-offer ratio of 12.2x (February: 0.8x). Trailing, the 364-day instrument had a bid-to-offer ratio of 8.8x, while the 91-day instrument was the least competitive, with a bid-to-offer ratio of 5.4x.

“Overall, stop rates for the 91, and 182-day instruments declined 76bps and 50bps, respectively to settle at 16.2 per cent and 17.0 per cent while the 364-day instrument gained 2.1ppts to print at 21.1 per cent from the prior month. Elsewhere, the CBN held an OMO auction,

“In June 2023, the apex banking regulating body adopted a more liberal foreign exchange management system and reintroduced the ‘willing buyer, willing seller’ model. This has resulted in a 96.7per cent unfavourable movement in the exchange rate against the US dollar from N461.1 against the dollar in December 2022 to N907.1 against the dollar (Nigerian Autonomous Foreign Exchange Market (NAFEM) rate in December 2023. This development contributed meaningfully to the upward pressure on the cost of doing business in Nigeria and these companies suffered worst performance in a decade.”

totalling N500.0bn across three offerings (95-day: N75.0bn, 179-day: N75.0bn, and 361-day: N350.0bn). Demand was strong (bid-to-offer: 2.3x), and resultantly, the CBN allotted N1.1tn across all tenors.

“In the secondary T-Bills market, average yield rose 23bps m/m to 18.6 per cent, following selloffs on the 91 (up 21bps to 15.5%), 182 (up 15bps to 17.9%), and 364- day bills (up 34bps to 22.3 per cent). Despite, the N148.4bn and N80.0bn worth of maturities expected from T- Bills and OMO maturities in April, we anticipate the bearish performance to be sustained in line with monetary policy adjustments and reforms by the CBN.”

Pros and Cons of Banking Sector Recapitalisation

n ume e keghe writes on the recent directive by the Central Bank of Nigeria on banking sector recapitalisation, its gains and concerns

The recent move by the Central Bank of Nigeria (CBN) to revise the minimum capital requirements for Nigerian banks marks a pivotal step in fortifying the resilience and stability of the country’s banking sector.

Aimed at addressing the challenges posed by currency devaluation and aligning with international regulatory standards, this recapitalisation initiative holds significant implications for the financial landscape in Nigeria.

The directive, disclosed in a statement by CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, mandated commercial banks with international authorisation to maintain a minimum capital base of N500 billion. Similarly, banks with national authorisation are required to uphold a minimum capital threshold of N200 billion, while those with regional licenses must maintain a capital base of N50 billion.

The CBN’s announcement came on the heels of recent urgings for financial institutions to expedite action on recapitalisation to bolster the country’s financial system.

Signed by Director of the Financial Policy and Regulation Department, Mr. Haruna Mustafa the circular stipulates a 24-month compliance window commencing from April 1, 2024, and ending on March 31, 2026. This timeline underscores the regulator’s commitment to facilitating a smooth transition for banks to meet the new capital requirements. The recapitalisation initiative, initially disclosed by CBN Governor Mr. Olayemi Cardoso, underscores the regulator’s strategic vision to enhance banks’ resilience, solvency, and capacity to support Nigeria’s economic growth. To meet these requirements, banks are encouraged to explore various avenues, including equity capital injections, mergers and acquisitions, and license authorisation adjustments.

Importantly, the CBN clarifies that the minimum capital shall comprise paid-up capital and share premium only, excluding retained earnings from the computation. While this exclusion may pose challenges for some banks accustomed to including retained earnings in their shareholders’ funds, it aligns with the regulator’s focus on injecting fresh capital and ensuring the quality of capital.

Furthermore, banks are reminded of the importance of strict compliance with minimum capital adequacy ratio (CAR) requirements, with breaches necessitating additional capital injections to rectify positions. The directive also extends to new banking license applications, which must meet the revised capital requirements.

In response to the directive, banks are expected to submit comprehensive implementation plans by April 30, 2024, outlining strategies for meeting the new capital thresholds. The CBN pledges to monitor and enforce compliance within the specified timeline, ensuring a seamless transition for the banking sector.

The implications of these regulatory changes are profound, particularly for existing banks recalibrating their capital structures to align with the new requirements. With paid-up capital and share premium as the primary components of minimum capital, banks must strategize effectively to raise the requisite funds. This is evident in the significant capital adjustments projected for banks across various authorization categories, necessitating proactive measures to meet regulatory standards.

As the banking sector embarks on this journey of recapitalization, collaboration between regulators, banks, and stakeholders will be crucial. By fostering transparency, innovation, and strategic alignment, the industry can navigate these changes effectively, paving the way for a more robust and resilient financial ecosystem in Nigeria.

StRategiC ViSion

At its core, the CBN’s recapitalisation directive underscores a strategic vision to enhance the robustness of the banking system and its capacity to support economic growth. By setting differentiated minimum capital thresholds based on banking authorisation, the regulator seeks to instil confidence in the financial markets, mitigate systemic risks, and elevate the competitiveness of Nigerian banks on the global stage. The prescribed compliance timeframe of two years underscores the urgency of action, urging banks to proactively chart a course toward compliance and strategic resilience.

naVigating CaPital injeCtion

DynamiCS

Industry experts, commend the emphasis on injecting fresh capital into the banking system, citing its resonance with international best practices and the imperative to counteract the erosion of capital value amid currency devaluation. However, concerns raised regarding the exclusion of retained earnings from the capital base calculation underscore the need for a nuanced approach to capital augmentation. Balancing the imperative for fresh capital infusion with the optimisation of existing resources will be critical for banks seeking to meet the revised thresholds efficiently.

Speaking to THISDAY, The Special Adviser to the Senate Committee on Banking, Insurance, and Other Financial Institutions, Uche Uwaleke, contextualised the move by recalling the CBN’s previous capital base adjustment in 2005. Uwaleke highlighted the adverse impact of currency depreciation on banks’ capital base in dollar terms, necessitating the recalibration to enhance competitiveness on the global stage.

He emphasised the need for fresh capital injection, which he envisioned would proffer a safer and more resilient

banking system in line with international standards.

He said: “For banks with international authorization, that has had the effect of eroding capital base in dollar terms and these banks wouldn’t have the base to compete internationally so there is a need to ramp up the base of banks.

“In 2005 the CBN had allowed the entire shareholders’ funds to constitute the capital base. Shareholders’ funds comprise of share capital, share premium, and reserves of banks. All of that are to belong to shareholders and these reserves can either be revenue reserves or from retained earnings over the years. What the CBN is saying now is that for this recapitalisation, all we want to allow is paid-up share capital. The emphasis is on bringing in fresh capital and I think it would go a long way to strengthen the financial system and ensure that banks have enough capital to absorb losses because the whole idea of capital is to serve as a buffer.

“Going forward our banks are going to safer, stable, and sound. I am sure the idea is to have a more resilient banking system again this is in line with international standards.

“If the CBN had allowed retained earnings, a number of our banks today already have shareholders’ funds in the excess of N500 billion. The CBN is focusing on the injection of fresh capital, core capital, and also after the quality of capital. If you include revenue reserves, some of the reserves may be associated with high-risk assets or speculative ventures which would have an effect of diluting the capital and that is why the focus on core capital.”

On his part, the immediate Past President of the Chartered Institute of Bankers of Nigeria (CIBN), Uche Olowu, lauded the initiative as a timely intervention to address capital erosion amid currency devaluation.

Olowu anticipated a high compliance rate among banks within the 24-month window, with some likely opting for mergers or regional focus to navigate the evolving landscape. He said: “There was a devaluation in the naira and that devaluation means Nigerian banks’ capital has been eroded and most banks, also do corresponding banking with external parties domiciled all over the world. So, you need to confer that assurance and that confidence.

“It has been expected because when capital has been eroded by devaluation, you need to need to shore-up your capital. It is designed to help banks do better. I think it is a welcome development.”

He added that having a 24-month window at least five or six banks would meet it easily.

“Within this window, we should expect at least 75 per cent of the banks would meet the target while the others may merge,” Olowu said.

Speaking, the Group Chief Executive Officer, Cowry Asset Management, Johnson Chukwu, scrutinized the exclusion of retained earnings from the capital base calculation, advocating for their inclusion to incentivise banks to recapitalise without incurring additional costs.

Chukwu urged the CBN to align the new capital requirements with industry dynamics to facilitate a seamless transition.

He said: “For international banks to have a capital base of N500 billion is an average of $500 million and for local banks to have a capital base of N200 billion is about $200 million. And if you look at

the calculation as at the last time and now is about the same.

“Given the devaluation of the currency overtime and given the size of transaction tickets of banks today, the new capital requirement is not out of place. On increasing it, many of the international banks may have a capital base that handles the new capital requirement. Many of them may go to the capital market to raise additional capital.

“The only adjustment the Central bank needs to do is that the new capital requirement should include the retained earnings of banks. Because if you exclude retained earnings, you will incentivize banks to incur costs to recapitalise.”

“The retained earnings of banks should be recognised by the CBN as share capital so they don’t pay dividend and bring back the money for rights issues. The only adjustment I would recommend is to allow retained earning count.”

On his part, the Head of Financial Institutions Ratings at Agusto & Co, Mr. Ayokunle Olubunmi, noted CBN’s decision to solely rely on paid-up capital for regulatory capital qualification. He expressed concerns over the exclusion of retained earnings, underscoring the potential challenges in raising additional capital for banks.

He said: “Everyone was expecting the CBN to increase the minimum capital requirements However, nobody thought the CBN would go this route by only allowing their paid-up capital to be used for qualification as base regulatory capital.

“Based on the circular of yesterday, almost all the banks need to raise additional capital. Although some of their shareholders funds are in excess; however, CBN is excluding retained earnings which is a major controversial issue.”

“One of the major concerns is CBN excluding retained earnings for composition of regulatory capital, the only thing that can make sense is that CBN wants them to bring in fresh funds. And if you look at the top banks some of them would need to bring in as much as N200 to N300 billion which is a huge ask.

“Some think that CBN wants the banks to bring in foreign investors because getting such an amount in the Nigerian market might be challenging.

“We think there may be some discussion within the CBN and we anticipate that the CBN may allow retained earnings. However, if CBN maintains they are only allowing paid-up capital, there would be a lot of realignment in the industry, “he said. He added that within the provisional period, banks would begin to raise capital. He said: “Banks need to raise capital. They need to do rights issues and they’ll need to start talking to their shareholders on how much additional share capital existing shareholders would be willing to bring forward and if existing shareholders can’t take them to the finish line, they should start courting the institutional investors or new investors that have the capacity to support the banks.”

ReSPonSeS anD maRket DynamiCS

In response to the regulatory mandate, Nigerian banks are poised to undertake a spectrum of strategic initiatives aimed at bolstering their capital bases and

ensuring regulatory compliance. Mergers, acquisitions, and strategic partnerships may emerge as viable avenues for consolidating resources, optimising operational efficiencies, and enhancing market competitiveness.

Concurrently, banks are expected to explore diverse capital-raising mechanisms, such as rights issues, private placements, or debt financing, to fortify their capital buffers within the prescribed timeframe.

Based on the revised computation method considering paid-up capital and share premium, several banks, both international and national, face significant capital adjustments to meet the new regulatory standards set by the CBN.

For international banks like Access Bank, which currently boasts a minimum capital of N251.81 billion, the new requirement of N500 billion necessitates raising an additional N248.19 billion. Similarly, Ecobank, with a minimum capital of N353.51 billion, must secure an extra N146.49 billion to comply with the updated regulations. Other major players in the international banking arena, such as First Bank of Nigeria Holdings (FBNH) Plc, FCMB, GTB, and Fidelity Bank, face substantial capital raises ranging from N248.66 billion to N384.70 billion to meet the new thresholds.

Among national banks, Stanbic IBTC, with a minimum capital of N109.26 billion, is required to augment its capital by N90.74 billion to reach the N200 billion threshold. Similarly, Sterling Bank, currently standing at N57.15 billion, needs to secure an additional N142.85 billion to meet the new minimum capital requirement.

Furthermore, other international banks like UBA, with a minimum capital of N115.82 billion, and Zenith Bank, with N270.75 billion, face capital shortfalls of N384.18 billion and N229.26 billion, respectively, under the new regulatory framework.

These adjustments underscore the significant capital challenges that banks, both domestic and international, must address to ensure compliance with the CBN’s stringent requirements.

engaging inVeStoRS anD

StakeholDeRS

The recapitalisation drive is likely to catalyse heightened investor interest and stakeholder engagement within the Nigerian banking sector. Institutional investors, in particular, are poised to play a pivotal role in providing the requisite capital infusion, thereby influencing banks’ strategic direction and growth trajectory. The potential inclusion of retained earnings in the regulatory capital calculation could shape investor sentiment and market dynamics, influencing investment preferences and risk perceptions across the banking sector.

RegulatoRy ComPlianCe

As Nigerian banks navigate the intricacies of regulatory compliance and strategic adaptation in the wake of the CBN’s recapitalisation directive, collaboration and synergy between regulators, banks, and investors will be paramount. By adopting a holistic approach encompassing prudent capital management, strategic risk mitigation, and stakeholder engagement, banks can not only enhance their financial resilience but also serve as catalysts for sustainable economic growth and development in Nigeria. The recapitalisation drive, far from being a mere regulatory mandate, represents a transformative opportunity to fortify the foundations of Nigeria’s banking system and position it for long-term stability amidst evolving market dynamics.

Insurance Sector’s 14-years Journey to N1tn Premium Income

Fourteen years after insurance sector regulator mandate to transform into N1trillion market from N164 billion, the taeget was finally achieved in Q4 2023. e bere Nwoji explains what made it possible.

Recent announcement by the National Insurance Commission (NAICOM), that the insurance sector at the close of business last year (Q4 2023 ) achieved a premium income of N1.003 trillion is a cheering news to the sector operators and a realisation of target set by the regulator for operators 14 years ago.

It was indeed a realisation of operators’ dream of transforming the insurance market from N164 billion annual premium then to a trillion Naira market.

NAICOM had in earnest search for an initiative that will unveil the Nigerian insurance industry to the world for patronage and investment opportunities, launched an initiative tagged Market Development and Restructuring Initiative( MDRI).

It was a medium term plan of the commission targeted at driving insurance penetration in Nigeria.

The commission planned the launch and implementation of the initiative in two phases saying the first phase would span between 2009 to 2012 while the second stage would span from 2012 to 2017.

The target by the then NAICOM Chief Executive Officer, Fola Daniel, was that through the successful implementation of the two phases of the initiative, Nigeria insurance sector would join the prestigious club of global insurance markets that pride themselves in multiple trillions of their currency in terms of premium income generation which positions the sector in other climes as parent body of the banking sector.

MDRI obJectIveS

Some of the objectives of the initiative according to NAICOM, were to ensure the deepening of the insurance market and moving the industry’s gross premium form the then N164 billion level to NI.1 trillion 2012.

The initiative, according to NAICOM, also has the objectives of creating 50,000 jobs in Nigeria through the insurance agency system, fight against fake insurance institutions and ensure enforcement of compulsory insurances.

NAICOM, had since the launch of the MDRI with the aforementioned objectives been struggling to hit this much dreamt trillion Naira premium income but had remained far from its achievement until Q4 last year when the industry’s premium hit N1.003 tn mark.

Q4 2023 RePoRt

In a statement titled, “Market Performance at a Glance-Q4 -2023,” released by the Directorate of Research, Statistics and Publications, the Commission said, “The insurance industry of Nigeria has sustained its progressive trend of positive market performance at the close of 2023 fourth quarter, recording a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

The commission gave a breakdown of how the premium was generated saying the nonlife business accounted for 61.3 per cent of all premiums written during the year while the life segment contributed 38.7 per cent, valued at N388.1 billion.

The statement further said the market also recorded a retention of about 87.7 per cent for the life business, just about 54 per cent for non-life while the aggregate market average retention stood at 66.7 per cent during the same period.

According to NAICOM, major growth drivers in the non-life segment of the market were oil & gas and fire insurances, which contributed 27.3 percent and 24.1 percent respectively. Motor insurance contributed N114.8 billion, general accident generated N59.1 billion , marine N69.1 billion .

Net motor insurance premium stood at N100.3 billion, fire N75.3 billion, general accident 39.0 billion marine 33.5 while oil and gas stood at N54.6 billion .

The commission said in terms of market performance percentages, motor insurance polled 66.5 percent, fire polled 46.9 percent, general accident 6.7 percent, marine 30.9 percent oil and gas 25.5 percent .

Talking in terms of claims settlement for the period, the Commission said, “Direct reflection to the ongoing regulatory measures regarding claims settlement, the life business recorded about 95 per cent of net claims to the total recorded claims during the year while the market average stood at about 71.4 per cent of the N536.5billion gross claims reported at the close of fourth quarter, 2023.”

The Commission further noted that in a direct reflection to its “no-premium no-cover” policy, the outstanding premium has continued to decline,

as the industry posted just 1.6 per cent outstanding of all the premiums generated in the market during the period.

It further said that within the period under review, total assets of the sector stood at about N2.67trillion while capitalisation stood at N851billion in 2023.

Giving a break down of claims payment by various classes, the commission said motor insurance class paid gross claims of N32.1 billion and net claims of N31.0 billion, fire insurance class paid gross claims of N61.5 billion and net claims of N41.3 billion, general accident paid gross claims of N22.3 billion and net claims of 17.0 billion, marine class had a gross claims of N16.9 billion and net claims of 12.0 billion while oil and gas class had gross claims of N157.1 billion and net of N54.6 billion.

In terms of market size and market capitalisation, NAICOM said non -life had N1.669 billion assets, life had N1.00 billion bringing the market aggregate to N2.673 billion.

Market capitalisation wise non -life has N670.2 billion, life has N180.9 billion bringing the aggregate to N851.0 billion.

In terms of outstanding premium, for non -life, outstanding premium stood at just 2.5 percent of the total premium, life 0.2 percent bringing the aggregate of outstanding premium for the industry in the period under review to 1.6 percent.

Fola DaNIel ReSPoNDS

In a brief telephone chat with the former Commissioner for Insurance, Mr Fola Daniel whose regime in NAICOM set the trillion Naira premium market target, said though he has not read the NAICOM’s 23 fourth quarter report and could not speak on speculations; but stressed that it was an achievement worth celebrating.

“I will celebrate it if it is true. Honestly I have not read it myself and I am no longer in NAICOM and cannot speak based on speculation but if I read it and it is true, it is an achievement worth celebrating,” Daniel said.

Two years ago when THISDAY contacted him on his feelings on the fact that between 2009 when the target was set and 2021 the industry was still at N500 billion premium margin and his advice on how to realise the dream, Daniel had said, “The trillion -Naira goal remains achievable with rapid fueling of the economy, focus on agricultural sector, the exploration of hitherto mineral resources and a growing population , the attainment of industry trillion -Naira will be a reality rather than a mirage.”

He said he believed that the regulator and the industry players were more determined than before to take the industry to the trillion- Naira size, adding that it was doable if all stakeholders play their expected roles diligently.

“The potential of the Nigerian insurance market are phenomenal,if viewed from the demography, economic resources and other measurable parameters.The fundamentals are strong to support sustainable growth of the industry,” he said.

NaIcoM ReFoRMS

Speaking on the development, Commissioner for Insurance, Sunday Thomas said various reforms embarked on by his administration has successfully taken the industry to a new landscape. Thomas said NAICOM had taken some major reforms that contributed to the trillion naira premium income achievement.

“For instance late December 2022 the Commission had announced 200 per cent increase in third party motor insurance from N5000 to N15000, saying it would take effect from January 1, 2023.This came after over 20 years of non increase in the compulsory Motor Third Party insurance policy, “he said.

NAICOM equally raised the claims and cost of insurance on all classes of motor insurance, including motorcycles.

It also set up seven point transformation agenda for the sector.

In doing this, Thomas said over the next

decade (2024-2033), the industry would seek to continue its transformation journey along the following seven strategic thrusts with the objective of achieving the corresponding goals.

He listed the agenda as: transforming the regulatory environment to sustain the industry growth transition to risk-based capital model, promoting insurance awareness and adoption, broadening insurance product offerings and improving effectiveness of distribution channels

Others are; enhancing digitalisation of the insurance industry, deepening the industry’s talent pool and capabilities and supporting Nigeria’s economic transformation and sustainability agenda.

Thomas said NAICOM under his leadership had remained resilient and focused on implementing initiatives that would foster development of the Nigerian insurance industry and align its fortune with that of the nation as the Africa largest economy.

Odunuga-Bakare Condemns Systemic Barriers to Opportunities for Women in Real Estate

The Special Adviser to the Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare has said she intends to tackle systemic barriers that hinder women’s access to real estate opportunities by raising advocacy on fair housing policies, promoting female representation in leadership roles within the industry, and fostering mentorship programmes for aspiring

women in real estate.

Odunuga-Bakare made this case for gender equality and the promotion of women’s inclusion in the real estate sector while speaking at the Female Lawyers in Real Estate Practice (FELIREP) webinar, held in Lago recently.

She emphasised the importance of collaboration among stakeholders to create an inclusive and equitable real estate ecosystem for all.

She said the state government

is determined to achieve a society where women are not just participants but leaders in the real estate sector, assuring that together, they would build a future where women thrive in the world of real estate.

Drawing from her experience as a top government official, she outlined steps that could be taken to promote women’s empowerment, from education and training programmes to mentorship and sponsorship

initiatives.

She also highlighted the critical role of government in driving gender equality, emphasising the need for targeted policies and initiatives to level the playing field for women in real estate.

While noting that women still face disparities in rights, opportunities, and resources compared to men, OdunugaBakare stated that registering with the Lagos State Real Estate Regulatory Authority

(LASRERA) was crucial for maintaining sectoral integrity.

She said, “As Lagos State thrives as Nigeria’s commercial hub, adherence to international standards in the real estate sector is imperative. Compliance with the Lagos State Real Estate Law will attract both local and international investment, contributing to the state’s GDP and livelihoods.

“Promoting women’s inclusion is in the present administration

T.H.E.M.E.S Plus Agenda. These may not be in real estate, but the initiative is for the wellness of women and youth across the State.”

She, therefore, urged participants at the meeting to join her in the fight for gender equality in real estate, just as she called on her fellow professionals, policymakers, and stakeholders to work together to create a more inclusive and equitable industry for all.

Izoma Phillip Asiodu, Our Icon, Contributes to Conservation of Natural Environment, Says Onoja

The Nigerian Conservation Foundation (NCF) would not be as strong as it is today, if not for the likes of Izioma Phillip Asiodu, the Foundation’s President Board of Trustees, the Director General NCF, Dr. Joseph Onoja has said.

Onoja stated this at a dinner in honour of Chief Asiodu, who turned 90 years recently.

“Izoma Phillip Asiodu, as we call him our icon, has contributed so much not just to national development, not just exemplary administration, but also to the conservation of our

natural environment. And this is NCF’s little way of saying thank you to him at 90.

Onoja said, “The Nigerian Conservation Foundation will not be as strong as it is today, if we don’t have the likes of Izioma Phillip Asiodu as our president,

the president Board of Trustees. NCF was founded in 1980 by Chief SL Edu and his friends. After the demise of Chief SL Edu, we needed somebody who will continue with the strides that NCF was making, and there we had Izoma Phillip Asiodu who took on the responsibility

as the President of the Board of Trustees. And we have moved NCF from that point onwards and we have made so much improvement. He has made so much impact and that is why today, we are here to celebrate in our little way, to say thank you for all the things he has done.”

Edge FM Plans Excellent Standards in Facility Management

The promoters of a new facility management company, Edge FM, have said they are committed to the provision of excellent standards in the sector.

At the unveiling of the company in Lagos recently, the Chief Executive Officer of Edge FM, Mr. Peju Fatuyi said, “We tailor our services to our clients’ needs for unique experiences.

“What we are doing here today is the public presentation of our organization; we want people to know what we are doing in the facilities management space. It is to show how we give services to our clients to make sure they get value for their money. We do this by making sure that all their

assets are properly managed and provide solutions which is what we tag in our motto as transformational excellence.”

Fatuyi said they do their job differently, adding that “what is unique about us is that we are able to address each client on his unique needs; we are able to adapt to what they need and we give them solutions that are not just reliable but also sustainable.

“We are doing this with a workforce that is proudly local with excellent skill. We are doing all these with innovative technology. In our service delivery, we are conscious of sustainable practices. We are here for impact, making sure that our services impact our clients positively, giving them value accretion, including the

value of their properties. We are making sure that we impact our environment by making sure that the impact of our services on the environment is minimal. We are also making sure that in the localities where we work, the workers are trained and upskilled in order to give value to our clients.

“Most people spend over 80 percent of their days inside buildings and so the state of your building has an impact on your health, whether you are aware of it or not. This is why it is good to have a good working environment which has to be maintained regularly.

“What we do when we get into a place, what wwe do is to identify what is most important for you which helps to ensure that people in that space are

most productive. Based on that we prioritise the services we deliver to our clients. We tailor our services to the needs of our clients in order to give them unique experience

“We are not ignorant of the economy or the environment in which we function which is why prioritising is very important. Everybody’s needs differ. For some people, it is power, for others it is making sure that the air which they breathe within their space is pure and healthy. We ensure that whether you work in the office or from home, the environment is conducive for optimum productivity. All these are largely dependent on how the buildings in which our clients work are properly maintained. We can’t underestimate the impact of making

sure that the facilities within the working environment such as the staircase or lift or fire safety. For each client, we look at his building, assess it and give him the solution that is tailored towards that client’s property needs.”

On the energy challenge, she said, “Energy is something that is very important and we cannot do without. The rising cost of diesel is unfortunate and we do not know when it is going to drop. It is all the more challenging now that the economy is struggling.

“What we do in this circumstance is to sit down with all the stakeholders, discuss and come up with solutions that are workable for them. We do propose to them that they have to move away from

being largely dependent on diesel. They can explore opportunities of having a solar power system. They should go for systems that do not consume so much energy. We also advise our clients to make sure that they measure what they consume. This is to enable them to check themselves. Some people have the habit of going to the toilet and leaving the light on. Leaving the tap running is also another bad habit because it make you pump more water and this impacts on the amount of diesel or energy consumed.

“We work with the stakeholders who are not just the owners, but also the users of the building. We engage them on the need to achieve that level of comfort they require without puncturing their pocket.”

Shettima Hails Pivotal Role of Youths, Creativity in Shaping Nigeria’s Future

Bennett Oghifo

Vice President Kashim Shettima has hailed the pivotal role of youths and creativity in shaping Nigeria’s future, declaring that innovation is the driving force behind the nation’s manufacturing sector and its boundless potential. He spoke recently at the official launch of the National Design and Innovation Competition in the Presidential

Villa, just as the event raised high expectations from a leading furniture design and manufacture company, Abuja Furniture Production, (AFP), a subsidiary of Julius Berger Nigeria Plc.

Vice President Shettima who emphasized that “the future belongs to the youth and the creatives,” said, “Nigeria’s youthful population, with an average age of just 19 years old, is an age group that is pregnant with ideas for innovation and for the social and economic transformation of Nigeria.”

He said, “Innovation drives manufacturing, adding that Nigeria is brimming with possibilities and opportunities.”

The National Design and Innovation Competition which aims to spur entrepreneurship and creative ventures among Nigeria’s burgeoning youth population is organised by the Interior Designers Association of Nigeria (IDAN) in partnership with the Bank of Industry (BOI), Wema Bank and other related industry sector players.

The Vice President pledged federal government’s support for youth aspirations and entrepreneurship, commending the financial institutions’ backing

of the creative sector.

In her remarks, leader of the delegation and Founder of the Interior Designers Association of Nigeria (IDAN), Titi Ogufere, announced plans by IDAN and the Design Innovation Hub of Nigeria, in collaboration with the Federal Ministry of Arts, Culture, and Creative Economy to train one million youths in furniture, product and industrial design.

“This initiative which aims to equip aspiring creatives with the necessary skills and access to training will feature design competitions and workshops where participants can showcase their prototypes and work with top Nigerian manufacturers like Julius Berger’s AFP, among others,” she said.

Suggesting that the development will no doubt throw up high expectations from the world on AFP, Ogufere: “We are used to AFP and what good furniture the company can do. It easily excels in trendy

and enduring office and home furniture and AFP’s fast pace at adjusting to customer’s needs is legendary.”

AFP, an award-winning furniture brand provides bestin-class furniture solutions for residential homes, corporate offices, and the hospitality sector in Nigeria. The company offers cutting-edge products that deliver creative, inviting and stunning spaces required to make customers’ property stand out.

AFP commenced operation in 1991 and has excelled at collaborating with clients to understand their unique requirements, serving to bring their ideas to life.

The company‘s factory houses heavy-duty computerized machines, tool and equipment with which all products are manufactured and assembled utilizing a wide range of indigenous materials, supplemented with non-local resources when necessary.

Crime&Punishment

SERAP Seeks Establishment of Legal Framework for Human Rights

The Socio-Economic Rights and Accountability Project (SERAP) has called on the Federal Government to review laws like the Official Secrets Act, Criminal Code Act and Cybercrime Act for potential free speech and press restrictions and amend the laws in line with international human rights.

The group also called for strengthening the independence of

Wale igbintade

The Lagos Division of the Court of Appeal has upheld the judgement of the Lagos High Court, which sentenced two officials of Keystone Bank, Anayo Nwosu and Olajide Oshodi, to five years’ imprisonment over N855m fraud.

The appellate court in two separate judgments held that the lower court was right in handing down the sentencing on the defendants having found them guilty of corruption charges.

In her lead judgment, Justice Folasade Ayodeji Ojo held that the two appeals filed by Nwosu and Oshodi against Justice Kudirat Jose’s conviction lack merit.

Other members of the panel, Justice Olukayode Bada and Justice Paul Bassi, aligned with the lead judgement.

The appellate court resolved the three issues formulated for determination favouring the

regulatory bodies like the National Broadcasting Commission (NBC) and the Nigerian Press Council (NPC) to ensure impartial regulation and promote self-regulation within the media. It argued that the recent decision of the Federal High Court on the powers of the NBC is a step in the right direction.

This was disclosed by Dr Bunmi Afinowi of the Faculty of Law, University of Lagos (UNILAG), during the SERAP report titled, ‘State of Civic Space in Nigeria’ at a forum in Ikeja.

While commending the government for the steps taken so far, Afinowi stated that the government should encourage diverse representation in the NBC and NPC, including journalist unions, civil society, and academia.

Afinowi said, “The judiciary has a role to play in this regard by ensuring that it upholds the rule of law and safeguards fundamental human rights as recognised and enshrined in the Constitution.

“Bodies like the National Human Rights Commission, the Nigeria Union

of Journalists, and relevant civil society must ensure prompt and thorough investigations into the attacks on journalists and hold perpetrators accountable.”

Afinowi advocated for professional bodies and civil society to encourage coalitions and ensure adequate funding, capacity building, and technical support for civil society organisations working on media freedom and human rights issues.

Afinowi added that the federal and state governments should tolerate

criticisms and perceived critical views expressed by Nigerians.

SERAP further asked the attorney general of the federation (AGF) to push for the immediate amendment of the Cybercrimes Act and other repressive legislation and bring the laws in line with the Nigerian Constitution of 1999 (as amended) and international human rights obligations, including under the African Charter on Human and Peoples’ Rights and International Covenant on Civil and Political Rights to which Nigeria is a party.

Other stakeholders called for protecting civic space, which was regarded as a special prerequisite for increasing growth, good governance, the rule of law, and sustainable development.

Shingu said civil space was seen as a core open democracy. Noted that citizens and CSOs can meet, advocate, organise and exercise their fundamental civil rights when civic space is protected.

“As we gather here today, we are reminded of the fundamental principles of our democracy, which are freedom of association, assembly and expression,” said Shingu.

Akin Rotimi Jnr, the House Committee on Media and Public Affairs chairman, said no amount of introspection on the civil space would be too much or too little.

Rotimi said civil society could be improved in numerous ways, citing inclusivity and diversity in broader society.

Economic and Financial Crimes Commission (EFCC). Justice Jose had, on December 9, 2019, jailed Nwosu and Oshodi on an amended 15-count charge of conspiracy and obtaining money by false pretence brought against them by the EFCC.

The judge sentenced them to five years imprisonment, each for counts 1, 3, 4, 7, 9, 10, and 13 of stealing.

Jose also convicted an Indian businessman, Ashok Israni, of his company, NULEC Industries Limited and Keystone Bank Limited, in her judgment. The company and the bank were ordered to pay the federal government a fine of N20 million on counts one, 10 and 13.

But four months after their conviction, they were released from prison by officials of Kirikiri prison, allegedly on the directive of the Lagos government, despite the pendency of their appeals before

the appellate court.

However, dissatisfied with the lower court’s verdict, the duo approached the upper court arguing that their right to a fair hearing was breached because the further amended charge was introduced after the close of evidence.

They also argued that the lower court went outside its jurisdiction by exceeding the maximum punishment prescribed by Section 390 of the Lagos State Criminal Code Law, Cap. 17, Vol. 2, Laws of Lagos State under which they were charged.

The appellants also contended that the entire transactions leading to their conviction were purely civil and between third parties different from him.

But the EFCC, through its lawyer, Rotimi Jacobs, argued that appellants did not challenge the further amended charge during the trial and that the Criminal Code Law of Lagos State permits the

court to sentence a convict up to 5 years imprisonment if the thing stolen is worth N1,000.

In her lead judgment, Ojo held that the trial court complied with the procedure laid down by law when a charge is amended and that the appellant’s argument that the amendment to the charge breached their right to a fair hearing was without merit.

The Justice also held that the amount involved in the charge is more than N1,000 and contained criminal allegations of “stealing by conversion, publishing of false statement, etc., which are offences clearly defined under the Criminal Code Law of Lagos State.”

She also stated, “I have carefully examined the appeal record, and I agree with the lower court that the ingredients of counts one and three of the Amended Information were established by the first respondent (EFCC).

In his remarks, Simon Shingu, who represented the Secretary to the Government of the Federation, said that promoting and protecting civic space were regarded as special prerequisites for increasing growth, good governance, the rule of law and sustainable development.

In her opening remarks, Mrs. Funmi Falana, SAN, who represented her husband, Mr. Femi Falani, SAN, said, “Democracy is not just about voting but also entails the right of the people to determine how they are to be governed as provided by the law.”

Wale igbintade

Justice Daniel Osiagor of the Lagos Division of the Federal High Court has dismissed a fundamental human rights suit filed by two lawyers, Jama Onwubuariri and Joseph Iwunze, alongside their company, Truck Tech Platforms Limited, against the inspector general of police, Lagos police commissioner and a shareholder in the company Temidayo Adeboye.

Osiagor dismissed the suit, holding that the applicants could not stop the police from performing their statutory duty.

(Ikeja), over a civil dispute arising from control and management of the third applicant, is illegal, unconstitutional, and a breach of the applicant’s fundamental rights under sections 3, 35 and 41 of the Constitution.

affected the demand and supply, which later became the bone of contention.

The businesswoman was first arrested in 2019.

EFCC had alleged that the defendant fraudulently converted and stole N57.6 million of AYM Shafa Ltd’s property meant for the supply of diesel, which she failed to supply.

Ebun-Phillips had pleaded not guilty to the charge following her re-arraignment on March 23, 2023.

Ebun-Phillips, in continuation of her defence, told the court that her company, Omritas Energy Ltd, could not get the drivers of the nominal complainant, AYM Shafa Ltd, to load its supply of diesel due to the price crash from N160 per litre to N140 per litre then.

She said the drivers of AYM Shafa Ltd pulled out of her depot, refused to load, and protested the base amount of the diesel.

The witness said following the AYM Shafa drivers’ refusal, the diesel stayed with her company for more

The EFCC also alleged she issued a Diamond Bank cheque for N14,2 million payable to the company, which, when presented for payment, was dishonoured on the grounds that no sufficient funds were standing to the credit of the account.

than 60 days, and she was paying for the demurrage. She told the court that she eventually sold the diesel after the market price crashed further to N105 per litre, and her company had already accumulated a loss.

Ebun-Phillips told the court that after she had sold the product, she received a letter with a seven-day ultimatum from the Head of Legal for AYM Shafa Ltd, Christian Ekemezie, to refund AYM Shafa Ltd the money it paid for the diesel it did not load.

The witness said that after the 7-day ultimatum elapsed, she received a summons from the Ikoyi Division of the Federal High Court, ordering her to close down her company, which she had challenged in court and had thrown away.

However, Ebun-Phillips said while at the court, the EFCC petitioned her about owing AYM Shafa and detained her for 13 days only to free her after she agreed to pay back the amount bit by bit.

Addressing the EFCC’s allegation of fraud, the defence counsel, Akin Olatunji, called for an exhibit from the court which was read out by the witness to contain a mandate card bearing the name and signature of her late husband and chairman of Omritas Energy Ltd, Oluwasegun Philips.

Justice Ismail Ijelu adjourned the matter to May 7, 2024, for the cross-examination of Ebun-Phillips by the prosecution and the continuation of the defence.

The applicants (Onwubuariri, Iwunze, and Truck Tech Platforms limited) in their Originating Summons in suit No, FHC/ L/ CS/ 1423/ 2022, had dragged the IGP, the police commissioner, officer in charge monitoring unit, the police command in Lagos and Temidayo Adeboye before the court.

They asked the court to declare that the first and second respondents and other officers under their control have no statutory or constitutional power to interfere in a dispute amongst shareholders arising from or relating to shareholding ownership, management and control of the 3rd applicant, a private company.

They also prayed for a declaration that the harassment, invitation and arrest of the first and second applicants by the police commissioner’s monitoring team, Lagos command

Besides, the applicants prayed for a declaration that the fourth respondent’s (Adeboye) petition against the applicants, to the first respondent, when the same Adeboye had instituted several civil suits marked FHC/L/ CS/414/2022, NICN/LA/113/2022, and FHC/L/CP/1158/2022, was a gross abuse of court processes, forum shopping, and a breach of their fundamental rights to carry on business and therefore constitutes a violation of the applicant’s fundamental right guaranteed under sections 34, 35 and 41, of the constitution.

The fourth respondent, Temidayo Adeboye, had petitioned the police over alleged stealing of shares, forgery of the company register, and falsification of entries in the company’s register.

Osiagor, in his judgment, held that in a comprehensive police investigation that culminated in the O/C/legal conclusion, stated, “It is our legal opinion that while parties may adopt a civil approach at the Federal High Court to dissipate with their civil proceedings, Jama Onwubuariri and joseph Iwunze are culpable for criminal act for falsification, obtaining credit by false pretence or other fraud.

Owolabi: Why Female Students Should be Positioned for Global Impact Before Graduation

Mrs. Atinuke Owolabi is the 10th chairperson of the Association of Professional Women Engineers in Nigeria, Lagos Chapter, inaugurated recently. In this interview with Funmi Ogundare, the fellow of the Nigeria Institute of Mechanical Engineers, highlighted the efforts made by the association to empower girls and female students, to position them for global impact

Your administration has lined up the 2023-2025 strategic plans.

What is the motivation behind the plans?

People usually say that when you empower women, you are feeding the nation. In APWEN, our core aim is to promote engineering careers for girls. People assume that the engineering profession is a male-dominated discipline. We also need to position our girls. I studied engineering in school, but then, in the classroom, there were very few women. And I asked if the girls see women engineers who can inspire them and they can actually emulate and know that they too can be role models. There is a girl in my church who is currently in 400 level studying Mechatronics Engineering.

She decided to study engineering because of me. So, she sees me as her role model. The aim of the strategic plan is to continue to encourage our girls who have the capacity to take an interest in STEM subjects and see engineering as a career, not just for men alone. For instance, I have a STEM club for school pupils from basic four to six. This is our third year of running the club, where we mentor and equip the pupils with skills such that by the time they get into secondary school, they will have a mindset change towards studying engineering because we have introduced them to hands-on activities.

Anywhere I see myself, I promote engineering as a career and I try to enlighten the girls on different aspects of engineering, such as computer, mechanical, electrical, chemical, software or robotics, which they don’t know about. Recently, we were in Ajegunle for the International Day for Women and Girls in Science, I met the Chairman of the local government and explained to him that if they really want development for the community, they have to key into STEM. As a result, he decided to partner with APWEN to organise the programme.

After we mentored the girls, they said they never believed they will be able to further their education after their secondary school, because they believed that education is a scam. Right there, we offered them free UTME forms and we showed them the different disciplines of engineering. They read the brochure and chose the ones they felt they could thrive in. We were able to change their orientation that education is not a scam. We

gave UTME forms to 40 girls and 10 boys 10.

So hopefully, in the next 7 to 10 years, the Ajegunle community will be having 30 or more engineers. They need the exposure so as to produce professionals who will bring development into the community and be able to network with others. I have an engineering firm and I plan to bring more girls into the profession who will be relevant and people could emulate.

Did these efforts spur APWEN to establish Artificial Intelligence for Girls in Engineering Club?

We felt that the world is gradually tilting towards technology and artificial intelligence. Should we neglect our girls? Already, the boys are positioning themselves towards technology, so where are we going to place our girls? We need to bridge the gap quickly. How do we do it? We had to set up a club where they will be introduced to different tech skills such as artificial intelligence, cloud computing, Data Analysis, Internet of Things, among others, as well as communication and entrepreneurial skills because we need to catch them young and position them.

Oronsaye Report: ANCOPSS

Olawale Ajimotokan in Abuja

The All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS) has appealed to President Bola Tinubu to save the National Senior Secondary Education Commission (NSSEC) from being scrapped, as recommended by the Oronsaye report.

In the field of technology, how many girls do we have? There are more boys in the field.

So we needed to set up the girls to bridge the gap and equip our girls. In the club, the girls are already coming up with innovations. One of them just built a robot car and told me she got an internship with an Indian company. When I train them, I tell them that they need to position themselves by being visible on Instagram, for instance. Through this, companies are contacting those I trained. We are equipping another set and I know that in the next five years, our girls will be complementing the efforts of the boys.

APWEN recently built a technology and innovation hub at the University of Lagos and installed a solar system at the female engineering hostel of Lagos State University, Epe campus; what is the motive behind this?

Late last year, we reached out to the dean of the school in UNILAG to complain that the female students may not be able to thrive in the world of work if they are only taught theory and that we needed to position them for them to be equipped before they graduate. So, we were given the go-ahead to set up a research technology and innovation hub. We were given a 200-capacity hall to set up the hub. In the hall, we will be having a resource centre and e-library, and the desktops will be equipped with engineering software and resources.

We also plan to partner with some foreign universities and associations, such as the Institute of Electrical Electronics and Engineering (IEEE) and Coursera, so that students can have materials that will be useful for their research work. We are trying to ensure that they do projects that will make a global impact. If we don’t start now by impacting the female engineering students before they graduate, they will begin to struggle because they will not see that engineering is lucrative. That is why we set up the technology and resource hub.

With tech trends and different resources, you are already interacting with the international community. Companies will be looking out for you because they know you are bringing on board your skills. So if they don’t put them on the right footing, how would they be able to get there? We are also going to be training them on leadership and managerial

skills. There are so many risks out there, so how would you be able to comport yourself or control yourself? That is why we need to equip our girls before they graduate; hence, mentorship is key. At the LASU Epe campus, we installed a solar system at the female hostel because they complained that they had a power issue. These are the things we should be doing and advocate for change for them.

What is your view about gender integration in the workplace and creating an enabling environment for better productivity for women?

In order for women to have better productivity in the engineering space that is already perceived to be male-dominated, how do you encourage them to come into the field? You need to challenge the women because they are very resourceful. They should, firstly, eradicate the perception that the engineering field is for the men folk. In recruiting women, organisations must create an enabling environment for them. For instance, there should be a crèche close to the workplace so they can keep their babies for them to be productive. Also, when you talk about diversity, they need to look at the roles that the women can fit in to make the company grow. So, they should challenge the women and not constrain or restrain them.

Women are better managers, focused and committed. Women’s voices should be heard. The president should bring more women, especially professionals, on board because they have a lot to contribute, and they are guided by the ethics of the profession. For instance, professionals who are into politics value their people. I am an engineer and a politician. During the election, we went around to campaign and people believed in us.

So when the appointment comes, the women should be considered in order to make impact and we can bring our expertise on board. We really want to develop our country because we believe in good governance. That is why I will encourage professionals to come into politics because you can contribute meaningfully and ensure that the decisions made impact your people.

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

Begs Tinubu Not to Scrap NSSEC

The national president of the union, Muhammad Musa, who made the appeal in Abuja, stated that without the commission, standards and quality would irredeemably deteriorate in senior secondary schools across the country.

He said scrapping the commission would destroy the secondary education sector and frustrate the good structure already put in place.

The Oronsaye report recommended merging, subsuming, and scrapping several agen-

cies. It listed NSSEC among those to be scrapped, and its functions were transferred to the Department of Basic and Secondary Education of the Federal Ministry of Education.

Musa, who is the president and principal of Unity College, Nguru in Yobe, warned that if the recommendation of the Oronsaye committee were carried out as it concerns the commission, it would end the current sustained collaborative efforts between NSSEC and the states for repositioning the schools.

“It is at the senior secondary education level that learners are provided with skills to be useful to self and the society.

The scrapping, if done, will leave senior secondary education and Technical Vocational Education and Training as the only subsector without an intervention agency,” he said.

Starfield Schools Emphasise Integrity, Fair Play at 11th Inter-house Sports

The Head of Starfield Schools, Mrs. Juliana Eigbe, has advised students to uphold the spirit of sportsmanship in all sporting activities.

Speaking at the 11th interhouse sports competition of Starfield Primary and Secondary Schools held at Agege Stadium, Lagos, Eigbe urged the students to make the competition a reflection of the school’s unity, friendliness, and shared love for sports.

She said that as students compete in various sporting events, they should remember that the essence of sports lies in victory and the value of teamwork, dedication and fair play.

The head of the school urged the students to do their best, compete with integrity, and support fellow housemates.

The chairwoman of the event, Mrs. Abosede Ogun-

sile, said school inter-house helps promote academic performance and sharpen students’ skills. She advised schools to engage students in sporting activities and that new talents can be discovered through such exercise.

The Director of Studies, Mr Chris Eigbe, said the students exhibited unity, sportsmanship, camaraderie and fairness during the various events.

In her remarks, the principal

of Starfield College, Mrs. Sara Oyinloye, said that sports are good for a child’s total well-being, and thus, schools should promote sporting activities.

Oyinloye urged schools in the country to accord sports priority, adding that people in sports are making huge money. She tasked the competitors to carry forward the spirit of sportsmanship, resilience, teamwork and excellence.

Results for the primary school event showed that the White House emerged as the winner with 10 gold, nine silver, and nine bronze medals. Second place went to Navy Blue House with 10 gold, nine silver, and eight bronze medals. Red House came third with eight gold, four silver, and eight bronze medals, while Sky Blue placed fourth with four gold, ten silver, and eight bronze medals.

Blue House won the competition in the secondary school category with 12 gold, seven silver, and four bronze medals. Red House followed with six gold, six silver, and two bronze medals. Green House placed third with five gold medals, seven silver medals, and ten bronze medals, while Yellow House got two gold medals, five silver medals, and nine bronze medals for fourth place.

Evergreen Schools Boss Seeks to Bridge Gap in Nigerian Education

Funmi Ogundare

Mrs. Doris Chinedu-Okoro, founder and CEO of Evergreen Group, a conglomerate of schools, has stressed the need for school owners to equip themselves with creative knowledge to prepare children for the future adequately.

She said this would help close the huge education gap that has been created.

She said teachers must keep abreast of what is happening globally rather than stick to the traditional teaching style.

Chinedu-Okoro, a lawyer, recently stated this during a virtual interview with THISDAY.

She emphasised the maiden edition of the South East Educators Conference, scheduled for April 18 and 19 at the Nike Resort, Enugu. The conference aims to bring together a diverse lineup of speakers from across the globe to share their expertise and insights in the field of education.

She described the education sector as very dynamic, saying that if educators are not on their toes to meet current realities, they will be left behind.

She recalled her sojourn into the field of education and how she had to keep abreast of best practices in the sector by attending several roundtable dialogues for school owners in Lagos,

adding that she is renewed each time.

Chinedu-Okoro, passionate about quality education, expressed optimism that school owners and other stakeholders will shift their thinking after the conference.

She regretted that the country’s education landscape seems imbalanced, saying that some parts of Nigeria move towards what is obtained globally, unlike the South-East, which is still witnessing challenges.

She recalled attending a technology fair in London last year and saying that Nigeria is still far behind in terms of what is obtained there.

The founder expressed delight that the Enugu State government and other southeast governors are willing to participate in the conference to ensure best practices in education.

She promised that the conference would be followed up to monitor and sustain it through a programme tagged ‘Digitalising Education in Enugu State’ so that schools could do the right thing.

She advised the government to ensure private sector participation in the scheme of things, saying that they could not do it alone.

The Chief Executive Officer of Edumark Consult, Mrs. Yinka Ogunde, also recalled attending the technology fair in London and saying that she left feeling miserable.

I’ll Make ABUAD First Class University, Says Afe Babalola

Gbenga Sodeinde in Ado-Ekiti

The founder of Afe Babalola University, Ado-Ekiti (ABUAD), Aare Afe Babalola has restated his determination and commitment to making the institution a first class university in Nigeria and globally.

Babalola stated this at the opening ceremony of a two-day Faculty Advancement and Success Training Series on ‘Modern Teaching Methods and Pedagogy’, organised by the office of the Vice-Chancellor of the university, Professor Smaranda Olarinde.

Addressing journalists, the legal icon expressed confidence in the university lecturers, describing them as intellectual teachers whose ways of impacting knowledge into students are extraordinary and second to none.

“My duty is to make ABUAD a first class university but this cannot be achieved without having first class teachers that we have in this institution,” he said.

Speaking on how to be a good teacher, the legal luminary said, “Don’t teach in verbatim as it is in the lesson note, make it an interactive teaching which is the modern way.

“A teacher must be mastery

Conrad Challenge: Greensprings Defends Top in Nigeria Title, Wins $7.2m Scholarship, N2.5m Cash Prize

Uchechukwu Nnaike

For the second consecutive year, three students of Greensprings School have brought honour to their school and country by securing the overall best-in-Nigeria position in the final stage of the 2024 Conrad Challenge.

The winners, Idara Attah, Imabong Apkan-Chinyere and Mirabel Njoku, competed as “Team Lavendaire” and emerged the winner for creating an innovative phone application ‘Juiceitup’. The app uses an AI algorithm to recommend personalised juice-making ratios from various fruits to aid patients’ recovery from illnesses.

Their innovative project earned them scholarships valued at $894,000 and a cash prize of N1,500,000. In addition to Team Lavendaire’s achievement, nine other teams from the school who made the finals have received $6,400,000 worth of scholarships

with the first runner-up team of the competition, also from the school, getting a cash prize of N1,000,000.

The students’ accomplishment came just a year after another trio from Greensprings, Segun Balogun, Adewale Saliu, and David Onukwugha, attained the overall best-in-Nigeria position in the 2023 Conrad Challenge and represented Nigeria at the Global Conrad Summit at NASA’s Johnson/ Kennedy Space Center, USA.

In a statement by the school, the Assistant Principal of Enhancement, Mr. Afolabi Amusan said “we were mindful of our position as the national winner from 2023, so we went into this year’s challenge to defend our title. At the finals, we presented 10 teams of 35 students who had qualified from the initial stages of the competition. These students were coached and supported by a team of hard working and dedicated

teachers led by two of the school’s teachers, Mr. Aleilo and Mr. Raimi.”

He added: “The finalists took their performance a notch higher than the previous year. While Team Lavendaire clinched the overall best-in-Nigeria award, some of the other teams won awards like first runner-up and best in Energy and Environment, which was received by Team Mono; best in Aviation and Aerospace by Team Kryptonite; and best in Cyber Technology and Security won by Team Unit.”

Amusan disclosed that, in addition to their cash prize and scholarships, Team Lavendaire will represent Nigeria in the 2024 Conrad World Summit in April at The Space Center in Houston, USA.

He added that other teams, such as Team Mono, the first runner-up received a cash prize of N1,000,000, while each member of the nine finalist

teams was awarded $80,000 in Menlo College USA, $60,000 in Lewis and Clark College USA, and $60,000 in Clarkson University USA, making a total of $6,400,000 worth of scholarships for the students.

The Executive Director of Greensprings, Mrs. Lai Koiki, congratulated the students on the feat recorded at the Conrad Challenge, and commended them and their mentors for their hard work and dedication.

The school’s Deputy Director of Education, Mrs. Feyisara Ojugo, expressed satisfaction with the students’ achievements, saying, “this news is worth celebrating. We are very proud of the hard work and effort that went into this year’s challenge. Our sincere appreciation goes to the team of teachers/coaches that worked with our students - Mr. Aleilo, Mr. Raimi, Mr. Oluwadara, Mr. Opasina, Mr. Adadu and Ms. Paseda.”

of subject, he must take teaching as vocation. A good teacher must be computer literate by using modern teaching method to impact knowledge into the students. He must engage in research and must be a master of the subject matter.”

In her lecture, ‘Education for National Development: Promoting Creativity, Innovation, and Entrepreneurial Teaching and Learning’, the Secretary to the Government of Oyo State, Prof Olanike Adeyemo, advocated for the availability of business and technological incubator hubs.

According to her, this will pave the way for collaborative and entrepreneurial facilities that support the development of ideas from basic concepts into viable business ventures.

The SSG, the pioneer deputy vice-chancellor (Research, Innovation and Strategic Partnerships, 20172021) at the University of Ibadan, harped on innovative teaching and learning techniques to enhance lecturers’ creativity.

She also urged Nigerian teachers to familiarise themselves with technological tools, brainstorming sessions, and teamwork, where constant creativity, innovation cum novel ideas can be launched and tested.

YWCA Takes Cancer, Healthy Lifestyle Awareness to Lagos Community

Uchechukwu Nnaike

The Lagos Central Group of the Young Women’s Christian Association (YWCA), recently organised a cancer awareness and lifestyle support outreach at Sabo Market, as part of activities to commemorate this year’s World Cancer Day.

The event featured lectures on cancer and general wellness, free lifestyle disease screening; free liver and kidney check; free cervical and prostate cancer screening; free reading glasses, among others.

According to the ViceChairperson, YWCA Lagos branch, Dr. Olatokunbo Oseni, who is the President of the Lagos Central Group, this year’s programme with the theme ‘Closing the Cancer Care Gap’, was targetted at people who do not have access to the regular screening that helps to fight cancer at the early stages. She stressed the need to find and repeatedly check for things that can be managed before it becomes full-blown cancer.

Oseni advised people to imbibe the culture of checking their health regularly, like an annual medical check-up, and to make the necessary lifestyle changes to avoid diseases. She also emphasised healthy living and diet, saying that people should let food be their medicine, not medicine be their food.

One of the facilitators, Dr. Oluwayemi Banjoko, described cancer as the second leading cause of death worldwide. She said though there is no proven cause of cancer, people can be

predisposed with some risk factors that they can minimize to help them prevent or avoid cancer. She stressed that cancer can be prevented if people go for regular check up and ensure that whatever is wrong with them is detected on time when it can be treated.

According to her, some of the lifestyle changes that can reduce the risk of cancer include, avoiding smoking and alcohol intake, engaging in regular exercise, eating nutritious and colourful diet.

MDCN Inducts 25 Graduating Medical Doctors in Bauchi

Segun Awofadeji in Bauchi

The Medical and Dental Council of Nigeria (MDCN) recently inducted 25 graduating medical doctors of the Abubakar Tafawa Balewa University (ATBU), Bauchi.

Speaking during the induction ceremony, the Registrar, MDCN, and Dr Fatima Kyari informed the doctors that they were not celebrating an arrival

to their destination but the commencement of the journey into their medical practice. She said the council would register them after the induction ceremony and provide them with the provisional registration.

“You are required to utilise the PR to create accounts individually on the MDCN centralised housemanship placement portal and subse-

quently return there to select the available hospitals of your choice for your mandatory housemanship training of two years,” she said.

The guest lecturer, Prof. Mohammed Shehu, urged the young doctors to respect their patients’ human dignity and rights. He also advised them always to uphold professionalism and honesty and to shun self-

advertising unless permitted by the law and ethics codes of the profession.

In his remarks, Alhaji Yakubu Abdullahi, Senior Special Adviser on Unlocking Healthcare Value Chain to the Coordinating Minister of Health and Social Welfare, said the federal government is working tirelessly to provide a conducive environment in the health sector.

Sterling Bank, AFREXIMBANK Debuts Tradelink to Transform Supply Chain Financing

Nume Ekeghe

Sterling Bank Plc, in partnership with the Africa ExportImport Bank and Woodhall Capital, has launched AFREXIMBANK Tradelink, a new and innovative digital solution for supply chain financing in Nigeria.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, applauded the collaborative effort between Afreximbank and Sterling Bank to launch a novel supply chain financing initiative in Nigeria.

The initiative, according to the CBN, holds the potential to empower SMEs and propel sustainable economic growth.

The innovation was launched under the aegis of the Africa Trade Gateway (ATG), to provide banks across the continent with the tools to gather market information, connect buyers and sellers across the continent, and facilitate payments in local currencies across African

countries.

Managing Director of Sterling Bank, Abubakar Suleiman, commented: “Sterling Bank is committed to meeting the trade finance needs of Nigerian corporates and their suppliers and we are proud to introduce this much-needed product in partnership with Afreximbank for the benefit of Nigerian businesses.”

His comment was presented to the gathering of industry stakeholders by Olufunmilayo Lewis, Group Chief Risk Officer for Sterling Financial Holdings Company Plc.

He said, “The impact of our initiative extends far beyond individual businesses. At its core, our Supply Chain Finance Product acts as a catalyst for economic growth and stability, not only in Nigeria but across the continent. By fortifying the financial health of suppliers, we stimulate economic activity, foster job creation, and drive sustainable development.”

Commenting, Director & Global Head of Trade Finance, Afreximbank, Gwen Mwaba, said: “The launch in Nigeria is a first step in Afreximbank’s plans to introduce payables finance across Africa in partnership with leading African financial institutions. The product, which will deploy world-class technology and a collaborative delivery model, aligns with the bank’s vision of Transforming Africa’s Trade, and will contribute towards the achievement of the Bank’s strategic objective of reducing the trade-finance gap in Africa, especially for the SME segment.”

The CBN Governor, Olayemi Cardoso, applauded the collaborative effort between Afreximbank and Sterling Bank to launch a novel supply chain financing initiative in Nigeria. This initiative, according to the CBN, holds the potential to empower SMEs and propel sustainable economic growth.

DataPro Chief Says Credit Culture Key to Economic Revival

Amidst the push for the economic turnaround in Nigeria, the Chief Rating Officer of DataPro Limited, Mr.Oladele Adeoye, has stressed the need to accelerate the Credit Culture in Nigeria as a way of promoting economic growth.

He said that the Nigerian economy will grow faster if more MSMEs have better access to credit and more importantly know what to do to prepare themselves for accessing the capital market.

Speaking at the second edition of the company’s annual media training programme tagged,

“Credit Rating and Investigative Journalism,’’ Oladele noted that the capital market is not about equities, shares and the stockbrokers alone.

“It is also the Debt Sub sector that provides a very veritable, viable and alternative funding channel for entrepreneurs and business owners,” he said.

According to him, poverty and unemployment in Nigeria can be greatly reduced if we become a producing country instead of one that is import-dependent.

In his presentation, Adeoye explained that the rating process is not an audit exercise but the

analysis of the financial, business, management, regulatory and sustainability of an entity in order to determine its credit worthiness.

He noted that the role of the media should not be limited to reporting the news or advocacy issues alone but also about promotion of good corporate governance, ethical values and conduct that can positively impact business life and operations.

He nudged the media to provide timely and accurate information that can save the integrity of our financial markets through investigative journalism.

NICA Urges Credit for Indigenous Goods

Nume Ekeghe

Nigeria’s statutory body for the control, supervision, and regulation of the credit management profession, the National Institute of Credit Administration (NICA), has canvassed credit availability to promote made in Nigeria goods.

The Registrar/Chief Executive Officer of NICA, Prof Chris Onalo, in a statement, noted that access to funds through credit will increase the production of quality and quantity of locally made goods that will be able to compete better with foreign goods.

He said: “Buy today, pay

tomorrow, is the route for decent living as this pre-disposes citizens to good things of life, leading ultimately to the availability of quality and less- priced made in Nigeria goods and services, culminating in a healthy competition among product producers, as well as sustainable revenue generation to government, among others,” he said.

The professor said using credit to produce and sell more goods and services will keep the nation’s production machines running round the clocks, which in turn, creates jobs and wealth for the nation.

As a national statutory body

for credit management profession, he said, NICA will work together with its network and other bodies, to ensure positive change within the credit industry.

He noted that globally, credit economy is known for promoting the culture of integrity and honesty in business or any form of commercial dealings.

Onalo said NICA will maintain constructive advocacy for national rebirth in terms of trust, integrity and honesty characteristics.

The much desired and anticipated good standards of living in any country and Nigeria in particular, he explained, calls for respect for due process.

Convicted, Four in Police Net forVandalising EEDC Property

Last week at the Federal High Court of Nigeria in the Awka Judicial Division holden at Awka, Anambra State, the duo of Chinonso Chinaemelu, 27-year-old and Okoye Chisom Christian, 20-year-old were sentenced to one year imprisonment respectively for vandalizing a distribution substation belonging to the Enugu Electricity Distribution Company Plc (EEDC). This development was made known by the Head, Corporate Communications, EEDC, Mr. Emeka Ezeh in a statement.

Ezeh said the culprits were arrested November 29, 2023, by Abatete local vigilante group while attempting to vandalize the distribution substation within the locality. Ezeh also confirmed that in the same week, a couple identified as Mr & Mrs Ebuka Umeh were arrested by some members of Isuorji community neighborhood security in Orlu, Imo State, when Ebuka’s wife was attempting to pick the vandalized items from a distribution substation belonging to EEDC with their motorcycle. It was gathered that the couple attacked the substation for three days.

In his confessional statement, Ebuka testified that the vandalized items were sold to scrap dealers. The suspects were handed over to Orlu Police Division for proper investigation while effort is on to arrest the scrap dealers.

In a related development, a vandal suspect identified as Chukwuebuka Ezike who hails from Umunachi in Orsu Local Government Area, Imo State was arrested by Umuezinachi community neighborhood watch while he was cutting aluminum conductor around Orie Uguiri Market.

Money Market Indicators (in Percentage)

The price of OPEC basket of twelve crudes stood at $81.30 a barrel on Tuesday, compared with $79.70 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Transcorp Power Reports N30.23bn Profit, Declares N3.13 Dividend

Transcorp Power Plc has announced N30.23 billion profit in audited result and accounts for the full year ended December 31, 2023, a growth of 75 per cent from N17.28 billion reported in the 2022 financial year.

On the backdrop of improved profits, the board of directors of Transcorp Power recommended a dividend of N3.13 for 2023 financial year.

Key financial parameters that impacted on profit was 57 per cent growth in revenue to N142.12

One of the power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc on the Nigerian Exchange Limited (NGX) also declared N52.76billion profit before tax, an increase of 84 per cent from N28.62 billion reported in 2022.

billion in 202 from N90.35 billion reported in 2022.

Commenting on the results, Managing Director/CEO of Transcorp Power, Peter Ikenga attributed the substantial growth to the Company’s strong operational capabilities and effective business strategies.

“We are proud of the significant progress we have made in delivering value to our shareholders and

other stakeholders. This performance is a testament to the dedication and hard work of our team, as well as our focus on operational efficiency and ingenuity,” Ikenga stated.

With earnings per share standing at N92.25, Transcorp Power continues to deliver significant returns to its investors, reaffirming its position as a leading player in the power

sector. The Company which was listed on the main board of the Nigerian Exchange Limited on March 4, 2024, has continued to enjoy impressive market confidence.

In line with its commitment to shareholder value, the Board of Directors has proposed a final dividend of N3.13 to shareholders. This dividend payout reflects the Company’s strong financial

position and underscores its dedication to rewarding shareholders for their support and investment in the Company.

Transcorp Power continues to strengthen its position as a leading player in the power sector, with a focus on delivering reliable power solutions to meet the evolving needs of its customers and stakeholders, in line with its purpose of improving lives and transforming Africa.

PRICES FOR SECURITIES TRADED ASOF APRIL 2 /28/24

Thisday Afrinvest Index down 12bs

Thisday Afrinvest 40 index lost 12bps to print at 4,595.95 points due to price depreciation in TRANSCORP ( 1.4%), FBNH ( 1.9%), and STANBIC ( 1.8%). Cumulatively, these stocks account for 11.6% of the index.

Bearish Start to April ASI down 4bps

The local bourse started the week on a negative note as the NGX ASI shed 4bps to 104,518.14 points, following sell pressure on FBNH ( 2.0%), WAPCO ( 2.8%), and STANBIC ( 1.8%). However, YTD return remained at 39.8%, while market capitalisation dipped 4bps to ₦59.1tn. Activity level faltered as volume and value traded dipped 12.5% and 13.8% to 545.5m units and ₦14.6bn, respectively.

Mixed Sector Performance

Performance across the six sectors under our coverage was mixed, albeit negatively tilted, as three indices lost, two gained, while the Oil & Gas index closed flat. The Banking and Industrial Goods indices shed 0.1% apiece, following price decline in FBNH ( 2.0%), STANBIC ( 1.8%), and WAPCO ( 2.8%).

Trailing, sell pressure on NB ( 4.6%) dragged the Consumer Goods index lower by 1bp. Conversely, the Insurance and AFR ICT indices gained 1.4% and 1bp respectively, owing to price appreciation in AIICO (+9.7%), WAPIC (+3.0%), and CHAMS (+9.9%).

Outlook

Investor sentiment, as measured by market breadth, weakened to 0.07x from 0.34x in the prior session as 23 stocks advanced, 17 declined while 82 closed flat. Today, we anticipate an extended bearish outing on the back of weak investor sentiment.

Corporate Disclosure

Yesterday, Nigerian Aviation Handling Company (NAHCO) announced a final dividend of ₦2.54kobo per ordinary share for period ended, 31st December 2023. The final dividend would be paid to shareholders whose names appear in the register of Members as at the close of business on Friday 10th May 2024.

Likewise, TRANSCORP POWER Plc (TRANSPOWER) published its audited earnings for 2023 its first since listing a month ago. The power firm grew gross earnings and PBT by 57.3% and 84.8% y/y to ₦142.1bn and ₦52.8bn, respectively. Consequently, management approved a final dividend of ₦3.13 per share to be paid on a date to be announced soon.

Friday, March 22, 2024

THISDAY AFRINVEST 40 INDEX

Building is Good, but Building for Sustainability is Even Better

Irecently came across a quote by Kurt Vonnegut, Jr., which resonated deeply with me and spoke to the crux of this article - "Another flaw in the human character is that everybody wants to build, and nobody wants to do maintenance."

Climate change and its attendant issues have received more attention in the past decade than ever. The worldwide dialogue on the sustainability of systems and the environment has further intensified due to this growing trend. These discussions have led to the emergence of the energy transition, a critical action required to mitigate the effects of global warming. On the other hand, Africa has found itself on the other side of the divide due to the divergence of priorities from the Global North. The African continent is in a peculiar position in the global energy transition journey. Significant issues, including a shortage of infrastructure, low access to energy, and extreme poverty, contradict the climate agenda.

The global north should not sacrifice Africa's need for accelerated infrastructure development at the altar of the energy transition. Nevertheless, the accelerated growth we aspire to must be built on the tenets of sustainability. Therefore, Africa must find the sweet spot between driving the shift to cleaner energy sources for the long term and meeting its pressing energy and infrastructure needs. Whatever the ambition, the freedom to channel mineral and natural resources towards the development of the countries remains paramount to developing economies.

"Without ambition one starts nothing. Without work one finishes nothing…”- Ralph Waldo Emerson

However, despite the prolific resources the continent is blessed with, the most zealous of ambitions will not evolve beyond mere potential without the right levers to drive sustainable implementation. Therefore, Africa's inability to absorb or handle the sometimes-devastating effects of climate change is indicative of an even bigger problem. Consequently, while these arguments for climate change have their merit and cannot be ignored, one must consider, through the lens of truth and pragmatism, the real reasons behind the continent's struggle to mitigate or adapt to the effects of climate change.

Several issues threaten the realization of the lofty roadmap to Uhuru. Notable amongst them is the absence of maintenance culture, which stems from a lack of accountability and a degree of nonchalance that varies from country to country. This absence of a maintenance culture has resulted in large-scale mismanagement of resources and taxpayers' funds. It significantly contributes to the infrastructure deficit holding our

development aspirations hostage.

One would quickly observe that many of the countries that are rife with poor maintenance culture also suffer from high levels of poverty and social stratification. This high poverty level raises the tendency for people to defer to persons of status and wealth regardless of how it was attained. Unfortunately, the command of authority based primarily on financial status tends to go hand-in-glove with a lack of accountability. Wealth becomes the essence of power.

"The sky is not the limit. Your mind is." – Lynette Simeone

Beyond the absence of accountability, another phenomenon holding back our industrialization aspirations is our cultural and often unsubstantiated beliefs passed down from generation to generation. These beliefs usually discourage scientific investigation and experimentation, which are critical to innovation. In these parts, expeditions and other forms of research are considered to be needlessly dangerous missions. Where these beliefs defy logical reasoning, we tend to try and substantiate them with spiritual ideologies held as sacred and too weighty for rationalization. For example, the concept of land reclamation and the belief that cities should never be built on water because "water must find its level."

The original saying is, "Water seeks its own level." The saying references the scientific principle that the surface of water placed in a container will

remain at the same level on all sides, provided the container is balanced on an even surface. That same saying found its way into the dynamics of human relationships, used in the context of the belief that humans tend to attract others on a similar path or station in life. This saying has since found its way into our thinking around land reclamation and the spheres of possibility, e.g., the Eko Atlantic City Project in Lagos State. Based on this saying, many have voiced concerns about this land reclamation project and its susceptibility to adverse climate conditions.

However, evidence to the contrary suggests that land reclamation, if done correctly, can fast-track development and that we can sustainably build cities on water. Take, for instance, the Netherlands. At least 20% of the country's land mass was reclaimed from the sea. This reclamation work, an example of which is the Zuiderzee Project, has been pivotal to the nation's development and constitutes a significant reference point in hydraulic engineering of the twentieth century. Similarly, in the United Arab Emirates (UAE), we have examples of the Palm Islands, Burj Al Arab, and Dubai Marina, all built on reclaimed land. Perhaps the problem then is not the water, but the durability and quality of the technology deployed, coupled with our poor environmental practices.

"The tongue cannot claim to be ignorant of what the teeth are doing" – African Proverb

As a people who genuinely desire progress, we need to understand our role in creating the problem. We cannot continue to play "ignorant" while blaming "climate change" for problems we created for ourselves. Take, for instance, the 2022 and 2023 flash floods across Nigeria. To address this issue, some State Governments embarked on an exercise to demolish structures built on the canal routes. While the action may be commendable and necessary, it begs the question, who sold the land to the offenders? Who approved the building plans? Are we addressing the problem from the root cause?

Over the years, we have also had significant flooding incidents that seriously hampered food security and logistics from one part of the country to another, incidents that have been attributed to rising sea levels and climate change. However, we could have avoided or at least mitigated the effect of some of these incidents through proper planning based on scientific and economic data/projections. Preventive and corrective maintenance of existing environmental infrastructure, e.g., dams and waterways, would go a long way in managing disasters that we attribute solely to climate change. In contrast, lack of maintenance is a significant contributor.

"Do not let what you can't do keep you from doing what you can do" – African Proverb

According to www.statista.com, Africa will experience significant population growth in the coming years. The continent's population has increased annually in recent years, growing from around 811 million to just over 1.37 billion between 2000 and 2021. The population is projected to reach nearly 2.5 billion by 2050 due to a largely youthful population and high fertility, which will compensate for the high mortality rate. The Government can only plan for or meet a nation's infrastructure by considering the population and attendant growth projections. The current infrastructure in much of sub-Saharan Africa is grossly inadequate for the current population, let alone future projections. What, then, are we doing to intentionally drive the infrastructure and socio-economic growth required to meet future needs? Even more importantly, do we have the structure and accountability mindset to maintain these public assets as they come on stream?

The man in the mirror

We must remember that the highest form of learning is "unlearning". Unlearning bad habits such as clogging the drain systems with waste, misuse, and destruction of public assets & facilities as an expression of frustration, lack of maintenance planning and implementation, etc. But before you give yourself a pass mark claiming not to do any of the above if you are renting property, whether for a home, office, or business, how well are you taking care of that property? Do you treat it like it's yours or do you have a "your headache, not mine" mindset? Do you support or join hoodlums in vandalizing public assets as an expression of frustration, thereby wasting taxpayers' contributions? Destroying these amenities means taxpayers' funds will be used repeatedly to solve the same problems, thereby delaying further development.

"A twisted hand cannot grip well" - African Proverb

No matter how well-intentioned, the level of efficacy of the solutions will only be as good as the underlying governance framework on which it is established, the actual implementation of well-laid-out plans, and the sincerity of purpose-driving action. If we solve problems but cannot sustain the solutions implemented, have we solved the problem? It is, therefore, essential to maintain a clear end-to-end process, whatever the strategy adopted. This will ensure we channel scarce resources in a manner that will yield sustainable results for the long term and help us break out of the pattern of constantly having to play catch up with the rest of the world.

-Ejiro Gray is Director at Sahara Group Foundation.

Amb. Richy E. Onolememen: When a Captain of Industry Ventures Into Real Estate

There is a popular saying that he who is not courageous enough to take risks will accomplish nothing in life but that is not the tale of Amb. Richy E. Onolememen. He was courageous enough to take the risk and he has achieved many more in his life. His success was not an accident. He worked hard for it both within and beyond the shores of the country. He delved into many businesses and all thrived.

Today, he celebrates his golden jubilee age as an achiever and philanthropist

This Uromi, Edo State indigene is a Realtor, Entrepreneur, and Philanthropist. He is an astute Managing Director with more than 19 years of experience in handling complicated problems that may endanger firm profitability and longevity by offering creative solutions that result in considerable expenditure savings.

Acted as advisor to investors, with a track record of success in persuasion and negotiation regarding the most appropriate business strategies.

Now, he is the chairman of Guidotti Group,

a business that engages in real estate, construction, facility management, hospitality and consultancy.

Aside from Guidotti Group, he also owns Solid Made Ltd, Urban

Bubble Ltd, Goorchy Properties Nig Ltd, Hotel Guidotti and Whitehart Hotel & Apartments. He also has business ventures outside the shores of the country. In the United Kingdom, he owns a wholesale/ retail business called JK Cash & Carry Ltd and also served as a Director in Ades Salford Manchester, UK Ltd for 4 years. Before then, he spent 5 years working as an employee for Nigeria’s Defence Health Maintenance Limited.

Now he has moved into real estate. Speaking on the new venture, he mentioned where the motivation came from, “the enthusiasm, the next task, the inventiveness, and, of course, the WOW moments that accompany client happiness, particularly during expeditious project deliveries. Yes, they do help to motivate me.”

Speaking of Guidotti Group, he said that the firm, “it’s a leading premium building construction company dedicated to giving people a better and easier way to invest in properties with over 19 years of experience and we have been delivering high-quality projects to our clients.

“Not excluding estate development, we provide necessary building and facilities

management services that support your facilities and estates under a cost-effective maintenance compliance programme.

“At Guidotti Group, we are committed to giving the latest architectural designs that will suit your personnel and practices with safety, stability and a healthy home”, he added.

He said the journey of a realtor is a different ball game.” To be completely honest with you, I experienced both good and bad things in my life, but every experience I had also helped me learn a valuable lesson and got me ready for the next phase of my career - yes, it was necessary to mould me into the person I am today,” he stated.

Speaking on the result of the new venture, he said, “Working with Guidotti Group will broaden your horizons with our well-mannered professional team, various insurances covered, pension, and other benefits, among other mouth-watering advantages.

“Regarding our valued clients, there are many assurances that accompany our business, but you can count on a timely and satisfactory project that will leave you with nothing but referrals.”

CourteSy ViSit...

Professor Kingsley Moghalu, Chairman, Africa Private Sector Summit and former Deputy Governor of the Central Bank of Nigeria, with Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation, after a visit by Prof. Moghalu to Dr. Okonjo-Iweala at the WTO Headquarters in Geneva, Switzerland...recently

No Political Disagreement, Religion, Turmoil Can Divide Nigeria, Akpabio Says

Barau: Our nation will be Eldorado in short time

Sunday Aborisade in Abuja

President of the Senate, Godswill Akpabio, has assured Nigerians that religion could not pit the citizens against one another.

He stated this in Abuja after he had Iftar (breaking of fast) with his Muslim colleagues.

The occasion was also attended by some senators, who were of the Christian faith.

"Religion cannot divide us. It was not a mere coincidence that the Christian Lenten and Muslim Ramadan periods came up again same time," he said.

He explained that the coincidence was to show that even though Muslims and Christians have different religions, they both have only one God, the Supreme God.

Akpabio said, "I want to congratulate all of us for breaking fast today and thank Almighty Allah for keeping us alive to see this day and pray that He will continue to protect us and continue to look after our health, look after our families through this Ramadan period and also use this opportunity to congratulate you on the Easter celebration.

"It is not a coincidence that God is merging the fasting of the Muslims and that of Christians together. This is about the second or third time it is happening.

"The intention is to show that we may have different religions,

but we have only one God and that God is the Supreme God that looks after all of us.

"So to the glory of God, the invitation was for those of us who are still around. Those who have not yet gone to Saudi Arabia, particularly for these last 10 days of Ramadan, that we should meet and break the fast together.

"And of course, we also invited the Christian Senators to come. For them, it's a celebration of the Easter period. Coming together is all that we need.

"We need to continue to work together as brothers and sisters of the one Almighty God, for the benefit of our dear country. Religion cannot divide us. No matter the turmoil, no matter the political disagreement, even families do disagree.

"We must bear one thing in mind, that we are serving humanity and we are serving humanity through Almighty God and that one day, we shall leave this world to go and account for our deeds while we were on earth. I think that is the guiding principle.

"For every human being, there is a time to be born. There is a time to go. And this period of Ramadan, this period of Easter, reconnect us with God so that we know that we are not in this world for nothing.

"He sends us here for a purpose and that purpose is to live in peace with one another, love one another,

pray together, work for one another to ensure progress for humanity.

"So, on departing, we would have left legacies, an imprint that, yes, we were here and others will take over from us. My prayer tonight is that God should enable us to leave a better future for all Nigerians."

Responding on behalf of other senators, the Deputy Senate

President, Barau Jibrin, thanked the Senate President for inviting them to Iftar with him.

He said, "We are really grateful. This invitation is a demonstration of the care that you have for all Senators of the Federal Republic of Nigeria. We all know you as a very caring leader, someone, who cares about the welfare of all Senators.

"This invitation has reinforced what we know about you. There is an adage in Hausa language that says: inviting you to come is more delicious than the food.

"So when we heard about the invitation, we were very happy that you have us in mind and that you are very caring. So we thank you very much.

"May the Almighty Allah continue to be our guide, continue to support us as we work with the Executive arm of government to face the challenges we have and by the grace of God, we are going to change our challenges to prosperity. Within a short time by the grace of God, this country will become a land of Eldorado," Barau said.

Borno Leaders Reject Planned Army Varsity Merger with NDA

Say it's counterproductive

Sunday Aborisade in Abuja

The Borno Concern Citizens (BCC), has expressed its displeasure to President Bola Ahmed Tinubu and the National Assembly, over federal government’s plan to merge the Nigerian Army University Biu (NAUB) with the Nigerian Defence Academy (NDA) Kaduna.

The Borno elders said doing so would be counter productive.

The BCC has consequently written President Tinubu and the National Assembly leadership through the committee set up by the federal government to implement

the Oronsaye report.

The committee was supposed to lead the merger of federal government agencies.

The panel has commenced its work, but the Borno Concern Citizens insisted that mixing up the civilian population from the Nigerian Army University Biu with the NDA would be counterproductive.

The appeal letter was signed by the Dan Masanin Biu, Alhaji Muhammad Ibrahim, for the Borno State Concerned Citizens.

The elders said they were bringing up the issue now in order not

to obfuscate the whole process.

The letter appealed to the Committee to reconsider the proposed merger of the Nigerian Defence Academy and the Nigerian Army University Biu and allow each to play its distinctive role in the overall interest of the nation.

The NDA was established on January 5, 1964, through the merging of the Royal Military Forces Training College (RMFTC), which is the training Institution for the Army; and the Nigerian Military Training College (NMTC), which was responsible for training officers for the Nigerian Army, Navy and

Guber Poll: Ondo Needs Experienced Captain in Governance, Says Kekemeke

Fidelis David in Akure

National Vice Chairman, Southwest, of the All Progressives Congress (APC), and aspirant in the forthcoming governorship election in Ondo State, Isaac Kekemeke, yesterday, said the state was facing a tough whirlwind and needed an experienced captain thoroughly schooled in party administration and governance.

The pioneer Chairman of the National Examination Council (NECO), stated this at a press conference and public presentation

of his agenda at the NUJ Press Centre, Akure.

The former Secretary to the State Government (SSG), ex-Attorney General and Commissioner for Justice, former Commissioner for Works, and former member of the State House of Assembly, revealed that his vision to govern the state was to work with all patriots to create a prosperous and peaceful state, where citizens would be productively engaged to enable them live meaningful, comfortable and decent lives.

Speaking weekend in Akure at an

interactive session with Association of Retired Permanent Secretaries and Retired Senior Civil Servants in the state, he said he was contesting the election to enable him genuinely and committedly utilise the people’s resources to directly impact their lives in a visible and sustainable manner.

"I have a sole aim, to make government seeable, touchable and feelable, so much so that the pain of one will be the pain of all. It has always been my belief that the only business of government is ensuring the wellbeing and

welfare of the people, therefore, the theme of the campaign was, ‘The People First’. "Today, more than ever before, our dear State is in dire need of experienced leadership armed with the vision, mission, aim, programmes, goals, objectives and core values that we put forward. There is no iota of doubt that we are even better equipped than we were four years ago. "It is obvious to all that our state is politically challenged and is thus frequently in the news zone for the wrong reasons. The ship of state

faces a tough whirlwind and needs an experienced captain thoroughly schooled in party administration and governance.

"I dare say, as always, that the envisioned progress of our dear Sunshine state can only be realised through perceptive and deliberate efforts of party men, women and citizens, who see beyond the limiting haze of ‘prebendal politics’ to the noble and elevating Ideals of development politics. We should not be conditioned to the reflexes of religion, tribe and fleeting monetary gains.”

the Air Force.

NAUB on the other hand, was established in 2018, with a special mandate as a hub for innovation and technological development for the Nigerian Defence sector and the nation, in order to meet the rapid development in the dynamics of modern warfare and other ancillary matters, which came years after the Oronsaye report.

Part of the Borno elders letter read: “Further aware that in establishing NAUB, due process and rule of law were strictly adhered to and approvals were sought from the National Universities Commission (NUC), the Federal Ministry of Education and the Federal Executive Council (FEC) at its meeting of 11th April 2018.

"The development later culminated in an Act of National Assembly accented to by the President on the 1 April, 2021. Subsequently the Act was published on 7th April, 2021 in a gazette No.110 Vol.108 Nigerian Army University, Biu (Establishment) Act 2020.

“Also notes that the vision of the University as conceptualised is to become a solutions centre in technology, research and development for the promotion of self-reliance, creativity and innovation in addressing the educational challenges of the Nigeria Army, Military as well as the nation.”

UNVEILING OF TITUS SARDINE AMBASSADOR…

L-R: Titus Sardine Brand Manager, Chukwuebuka Jacob; Omoye Ebodaghe; former Big Brother Naija House Mate, Cynthia Nwadiora(Cee-C); Corporate Communications Manager, Ekulo Group, Gift Nwachukwu, and Director, Ekulo Group, Emeka Okonkwo, during the unveiling of Cee-C as Titus Sardine ambassador in Lagos… recently

‘Hustling for Quick Money Ruining Skilled Work in Nigeria’

A Chieftain of the Peoples Democratic Party (PDP) in Delta State, Chief Sunny Onuesoke, has raised the alarm over the gradual extinction of skilled or artisanal workers in Nigeria because of the craving for quick money.

Onuesoke in a statement issued in Warri, Delta State,

yesterday, noted that the country is undergoing shortage of artisanal workers because the youths now prefer making money through internet fraud or other quick means to learning a trade or going to school.

According to him, “Artisan or artisanal workers are fast depleting. There are shortages of skilled workers to support

the growth and development of the economy.

“No mechanic, no electrician, no plumber, no carpenter and others. It is amazing that artisan

workers come from Cotonou, Togo, and other West Africa countries to build our POP and carpentry work for us. The children do not want to learn

skilled works. They classify education as scam. They want to indulge in making quick money.

“Even now, no child wants to become a mechanic, plumber,

electrician or technician. Right now, there are shortages of artisans and support crews because the children do not want to go back to school.”

Ex-YPP Candidate Dumps Party, Declares Support for Soludo

David-Chyddy Eleke in awka

Eight Former PDP Council Chairmen,

Defect to APC in Edo

Adibe Emenyonu in Benin-city

Ahead of the September 21 governorship election in Edo State, eight former local government council chairmen have defected to the All Progressives Congress (APC), pledging their support for the party and to work for its victory.

They are John Osi Akhigbe, former Etsako Central Local Government Area chairman; Dr. Josie Ogedegbe, Igueben; Frank Ilaboya, Owan West; Andrew Osigwe, Owan East; Napoleon Agbama, Uhunmwonde; Scott Ogbemudia, Ovia North East;

Austin Okoibhole, Esan North East, and Mrs. Ruth Osahor, Esan West.

The ex-chairmen, who were previously in the APC but defected with Governor Godwin Obaseki in 2020 to the Peoples Democratic Party (PDP), were received at the Benin-city residence of the leader of the party, Senator Adams Oshiomhole in company of the APC governorship candidate, Senator Monday Okpebholo; his running mate, Dennis Idahosa, and the acting state Chairman of the party, Emperor Jaret Tenebe.

Sokoto Denies Taking Loan to Execute Projects

Onuminya Innocent in Sokoto

The Governor of Sokoto State, Ahmed Aliyu, has denied taking any foreign loan to executive developmental projects in the state. He made this known while reacting to a BBC Hausa Service report aired yesterday in which Sokoto was listed among the Northern States that have taken loan to execute developmental projects.

A former House of Representatives candidate of the Young Progressives Party in the 2023 general election, Stanley Chikaodili Okeke, has dumped the party for All Progressives Grand Alliance (APGA).

Okeke, who ran to represent Idemili North and South Federal Constituency, joined APGA, citing Anambra State governor, Prof Chukwuma Soludo’s performance as reason for his action.

He announced his resignation from YPP during a meeting with his supporters and political allies across the federal constituency, in his country home at Nkpor, during the Easter holiday.

He appreciated his supporters for their loyalty and steadfastness over the years and for sticking with him even when it appeared all hope was lost. He assured them that he would continue to reciprocate their support and loyalty, stating that the bond he has with them will continue to grow in leaps. “After very extensive

consultation across the board, I wish to announce my resignation as a member of YPP. I thank the leadership of the party for their support over the years. However, the dynamics of Anambra politics necessitate that I move on at this point and support collective decisions that enhance the growth of our state.

Court Remands Four Suspects for Criminal Conspiracy Theft , Impersonation

Ibrahim Oyewale in lokoja

“Let me make it categorically clear that I have never taken any loan from anybody since we came on board.

“I was shocked when I heard my state being listed among the northern states that have collected foreign loan in order to develop their states.

“The BBC report was indeed misleading, and I expect them to verify the information they claimed to have gotten from the Debt Management Office before going on air.

In a statement issued by his Chief Press Secretary (CPS) Abubakar Bawa, the governor expressed dismay over the inclusion of Sokoto State among the Northern states in the loan issue said his administration has never received any loan from anybody from within or outside the country.

THISDAY Correspondent Loses Mother

The death has occurred of Mrs. Felicia Abidemi Sowole, the mother of the Ogun State Correspondent of THISDAY Newspaper, Mr. James Sowole.

According to a statement issued by the family, the matriarch, Mrs. Sowole, died on March 25, 2024, at the age of 95 years, and has been buried after a funeral service held at St Michael Anglican Church in Obantoko, Abeokuta, the Ogun State capital.

Mrs. Felicia Abidemi Sowole

The three accuses were arrested in connection with the recent attacks on the students populated communities and dispossessing of valuables such as smart phones, computers and other items

The suspects, Abbas Salisu

A Magistrate Court remanded the three suspected thieves who were terrorising students communities of Adakolo , Felele , Bassa Village and Crusher in the outskirts Lokoja, kogi State capital. Also another suspect was also remanded for impersonation , extortion and fraud.

who admitted to have stolen 33 phones , Gimba Ibrahim and Mamud Lawal Kwara who claimed to be phone technicians, allegedly bought stolen phones from the prime suspect were arraigned by the Department of State Service before the Chief Magistrate Court in Lokoja

yesterday.

The Prosecution counsel, Olanrewaju Yahaya, who filed the case before the Magistrate Court, urged the court to remand the accused persons at in the custody of Koton Karfe Mediun Correctional centre pending the investigation of the case.

Adeleke Enforces New Retirement Age for Teaching Profession

Yinka Kolawole in Osogbo

Governor Ademola Adeleke of Osun State has approved the immediate enforcement and implementation of new retirement age and length of service for the teaching profession, directing action to restore normalcy across schools in Osun State.

According to a circular issued on Monday from the Office of the Head of Service, Mr. Ayanleye Aina, all those interested in enjoying the new retirement age must comply with the guidelines as stipulated.

Consequently, the Ministry of Finance and the State Universal Basic Education Board(SUBEB) have been directed to stop forthwith, the payment of salaries to those who have been enjoying the new retirement age without fulfilling the conditions attached.

The circular reads as follows:

“I wish to refer to our circulars Ref. Nos. SMD.61/VOL.III/36 dated 31st May, 2022 and SMD.61/Vol.IV/52 dated 20th October, 2023 on the above subject, and reiterate that the conditions stated in the aforementioned circulars still subsist.

Community Appeals to Makinde over Harvest of Deaths in Ibadan River

Kemi Olaitan in ibadan

Residents of Gege area in Ibadan South-west Local Government Area of Oyo State, have cried out to Governor Seyi Makinde to save them from untimely deaths posed by Gege River.

Segun Awofadeji in Bauchi

Some parents in Toro Local Government Area of Bauchi State have commended Senator Shehu Buba, who represents Bauchi South in the Senate, for paying the 2023/2024 Unified Tertiary

The residents disclosed that a former member of the House of Representatives, Hon. Folake

According to the residents, the river has a deep ditch behind the popular Gege meat market, adding that the top of the deep hole is covered with all manners of waste, making unsuspecting passers-by fall into the deep hole. They stated that corpses of victims surface three or four days later, calling on Governor Makinde to visit the area and do something urgently to avert more deaths.

Olunloyo-Osinowo, did some work on the river but could not finish before the end of her tenure at the National Assembly while her successors, Hon. Saheed Fijabi and Hon. Stanley Adedeji did not continue with the project.

Parents Commend Bauchi Senator for Paying UTME Fees for 150 Science Students

Matriculation Examination (UTME) fees for 150 science students in the area.

The parents made the commendation in Toro yesterday at the end of the Computer Based Test (CBT) training, organised for the students by the senator.

According to them, the gesture would not be easily forgotten as it came just at the time they were struggling to make ends meet, and could hardly sort for the payment.

One of the parents, Yakubu Baka, expressed happiness that his son, Isa Yakubu, was one of the students that benefited from the gesture.

He said: “I am happy that my son is among those who were chosen, even though I had the intention of paying, I haven’t until the senator came to my rescue.

Aregbesola: Omoluabi Caucus Drags Oyetola’s Aide to DSS, Police

A caucus of the All Progressives Congress (APC) in Osun, the Omoluabi Progressives Congress has asked the Department of State Security (DSS), the Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC) to thoroughly investigate comments made by the media aide to the Minister of Marine and Blue Economy, Adegboyega Oyetola, Mr. Ismail Omipidan, which posed a security threat to the immediatepast Minister of Interior, Ogbeni Rauf Aregbesola.

The Organising and Publicity Secretary of the Omoluabi

Progressives, Abosede Oluwaseun, disclosed the development to newsmen in Osogbo, yesterday. Oluwaseun said the caucus is worried about the comments made by the former governor’s spokesperson, urging the security agencies to investigate the motive behind the statement in one of Omipidan’s articles released last Friday. The caucus reiterated that it will continue to take steps to guarantee the safety and security of its members, urging law enforcement agents to wade-in and probe the situation.

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Super Falcons’ Camp Bubbles to Life With Arrival of Key Stars

The Super Falcons training camp in Abuja is now alive and kicking after more players reported ahead of Friday’s crunch 2024 Paris Olympics playoff against

South Africa. Goalkeeper Chiamaka Nnadozie, on-form Juventus midfielder Jennifer Echegini, World Cup stars

Osinachi Ohale, Toni Payne and Christy Ucheibe have now joined early birds like Rasheedat Ajibade and Tochukwu Oluehi in camp.

Deborah Abiodun, Monday

Gift and Uchenna Kanu have also come in.

The team trained Tuesday in Abuja, while they will train twice today behind closed doors.

Victor Boniface Back from Injury for Leverkusen’s German Cup

Femi Solaja with agency report Nigeria and Bayer Leverkusen striker, Victor Boniface, who missed the last Africa Cup of Nations in January and February, will be back in the squad for today’s German Cup semi-final against Fortuna Dusseldorf following a three-month injury absence, coach Xabi Alonso announced yesterday.

The 23-year-old underwent surgery on an adductor muscle injury in January after being injured while preparing with the Super Eagles for the Africa Cup of Nations.

“We are in a super situation. We have no injuries and a full squad. Boni (Boniface) is also back in the squad,” Alonso told a press conference, with the Bundesliga leaders in the hunt for three trophies this season.

Asked how long Boniface could play in the game, Alonso said: “Not 90 minutes. 45 maybe not. But maybe 30. He has done a good recovery and has trained well. He has a strong mentality to come back. He can’t wait to

get back.”

Boniface had scored 10 goals and set up another seven in the Bundesliga before his injury.

Leverkusen are on course for a first ever Bundesliga title with a 13-point lead over second-placed Bayern Munich and seven games remaining.

They are also through to the Europa League quarter-finals having gone 39 matches unbeaten across all competitions this season.

“We have to take it one game at a time. That’s the way we have done it until now and we will not change that,” said the Spaniard, who confirmed last week he would be staying at Leverkusen despite interest from major European clubs.

“We have done a lot but have won nothing so far. We still have a lot of work to do. We have done a few things well to get here but we should not speak too early.”

“We have to remain focused and that is the message I give my players and they know it,” he said.

Saarbruecken will face Kaiserslautern in the other semi-final on Tuesday.

Okpekpe Race Organisers

Renew Partnership with NB Plc, Development Bank

Organisers of the Okpekpe international 10km Road Race, the first World Athletics label road running event in West Africa say Nigeria's pioneer and largest brewing firm, Nigerian Breweries Plc and Nigeria’s primary development finance institution set up to promote growth and sustainability, Development Bank of Nigeria (DBN) have once again thrown their weight behind the historic race.

Race Director, Zack Amodu, said in a statement yesterday that the two companies have extended their partnership with the first road race in Nigeria to have its course measured by a World Athletics accredited course measurer. Okpekpe race is celebrating 10 years of world-class road running event in Nigeria.

“We are dlighted the two companies have renewed their commitment to see that we dliver another world-class event worthy of our gold label status,” said Amodu who disclosed Nigerian Breweries Plc and Development Bank of Nigeria, DBN, have been part of the success story of the event.

“Nigerian Breweries Plc is coming in as the official malt drink while DBN is the official bank of the road race. We are thrilled that such socially responsible corporate organisations have thrown their weight behind us yet again. This is a testimony to the growing popularity of the Okpekpe road race.'

Amodu said Nigerian Breweries Plc, as the official malt drink of the race, would refresh athletes, spectators and officials with its two classic brands, Amstel Malta

and the ZAGG Energy Malt.

“The support from Nigerian Breweries (since 2017) and Development Bank (since 2018) has seen the race grown from becoming the first World Athletics Label road race in West Africa to the first gold label 10km road race in Nigeria.

“We are indeed delighted to have the two companies on board yet again as we strive to become the first road race in Africa to be granted a Platinum status.”

In 2015, Okpekpe 10km Road Race became the first road race in West Africa to be granted a World Athletics label status, which means it is regarded as one of the world’s leading road races.

This came eight years after World Athletics began the classification of road running events.

Meanwhile this year's edition, the 10th in the series will hold on May 25, 2024 in Okpekpe town in Edo state.

Last year, the duo of Kenya's Daniel Ebenyo and Kazakhstan's Carolina Kipkirui set new course records to win the respctive men and women's title.

Ebenyo crossed the finish line in 28.28 to set the new course record at the event.

Another Kenyan, Brian Kwemoi, was second in 28.40, while 2022 winner, Ethiopian Yasin Hagi returned in 29:34 to place third.

The women’s race produced also new champion as Kipkirui ran a new 32:38 course record to win while Kenya’s Ludwina Chakintic (32:53) and Ethiopia’s Betukan Welder (32:58) emerged second and third respectively.

Bay FC star in the USA’s Women Soccer League, Asisat Oshoala, is due to arrive Thursday.

The Super Falcons will host the first leg of the playoff against South Africa on Friday with the return leg in Pretoria five days later.

The overall winners of this tie will qualify for the women’s football event of the summer Olympics in Paris.

Luis Enrique Happy with Mbappe Ahead of French Cup Semis

Paris Saint-Germain coach Luis Enrique said yesterday he was "very happy" with star attacker Kylian Mbappe during a press conference on the eve of his side's French Cup semifinal clash with Rennes, as he downplayed rumours of a rift.

Following Mbappe's announcement to the club in February that he would leave Paris at the end of his contract this summer, the Frenchman has seen his playing minutes reduced and he looked visibly unhappy when substituted off with half an hour to play in PSG's 2-0 win at Marseille on Sunday.

Asked about Mbappe's attitude when leaving the pitch at the Velodrome, PSG's Spanish coach Luis Enrique said: "What's curious is everything that's being said based on a piece of false news.

"Someone has invented an insult (based on a lipreading of a video showing Mbappe as he made his way off the pitch) and then from that comes all kinds of speculations."

After the match, Mbappe posted a photo on Instagram of himself walking off the field under the rain, holding the captain's armband in his hand – in the absence of Brazilian defender Marquinhos, the attacker was PSG's captain on the night.

"I'm taking it all in my stride. I'm very happy with all my players,

Kylian included, he's always behaved admirably," said Luis Enrique at Tuesday's press conference.

Ahead of PSG's fixture with arch-rivals Marseille, the Spaniard said Saturday in an interview with Prime Video that Mbappe "can still change his mind" about leaving.

Although heavily linked to Spanish giants Real Madrid, Mbappe has still not announced where he will play football next season after his

current contract expires with PSG.

Still in contention for three titles – the French league, French cup and Champions League – PSG now enter a crucial phase of their season.

On Wednesday, they will welcome Rennes to the Parc des Princes where they are favourites to book a place in the French Cup final on May 25 in Lille.

"We're all in the same boat, sailing and seeking success," said Luis Enrique of his side's treble quest.

"I'd love this to end well for PSG, for Kylian, for everyone."

On Tuesday, Lyon host seconddivision Valenciennes in the first semifinal tie of the French Cup with the winners facing either PSG or Rennes in May's showpiece final.

The following Wednesday, Luis Enrique's former side Barcelona visit PSG for the first leg of their Champions League quarterfinal tie.

IBA Loses Appeal in CAS Over IOC’s Decision to Strip it of Status

The International Boxing Association's appeal against the removal of its status as the sport's world governing body has been rejected.

The IBA was stripped of the status by the International Olympic Committee in June 2023 and took the appeal to the Court of Arbitration for Sport.

Cas said the IBA had not made enough change in financial transparency, integrity of officials and its culture.

"As a consequence, these three elements justified the IOC's decision,"

it said. The IOC's executive board recommended the move after the IBA failed to meet set reforms following its 2019 suspension over governance issues and alleged corruption.

IOC members backed the recommendation with 69 of 70 valid votes.

Last year, in response to the vote, the Russian-led IBA accused the IOC of making a "tremendous error" and compared the move to Germany's actions in the Second World War.

The IBA has not yet reacted to Cas' decision, which was released

on Tuesday.

Boxing at the Tokyo 2020 Olympics was organised by the IOC amid concerns over the IBA's finance, governance, ethics, refereeing and judging, and the Olympic body will be in charge again for Paris 2024.

In April, World Boxing- a breakaway international federation - was formed.

Last month World Boxing said it will seek recognition from Olympic organisers to replace the IBA and keep the sport on the programme for the 2028 Games in Los Angeles.

MISSILE

North Group to Buhari, Region

“We must put our house in order and tell ourselves the bitter truth. Security challenges which we hoped that Former President Buhari would have dealt with, got worst. The North does not need political power, but infrastructural and educational development by a leader who cares for the region” --Convener,ArewaThinkTank(ATT), MuhammadYakubu,beratesformerPresidentMuhammaduBuhariadministration’s impactontheNorthandthenationasawhole.

Kayode Komo LA fe

kayode.komolafe@thisdaylive.com 0805 500 1974

The Thoughts Behind Policy

For those seeking the underlying logic to the politics of the Federal Capital Territory (FCT) minister, Nyesom Wike, and his disposition to policy, the yesterday edition of his signature media chats might provide some clues.

As an aside, it should be remarked that the Wike Media Chat has evolved as a peculiar form of projects’ advertisement which has its provenance in the politician’s days as the governor of Rivers state. It’s done in the Wike style!

A member of the yesterday panel of interviewers, Chamberlain Usoh, of CHANNELS Television asked Wike a question on the availability and affordability of healthcare delivery in the FCT. The interviewer pointed to the problem of few bed spaces and the lack of health insurance for the poor among other issues.

Here is Chief Wike’s reply to the question of making healthcare available to the poor: “…When you say affordable (it shows) that we live a life where things (are) free for (everybody). We are not in a socialist regime. We are not…” Wike also dismissed the idea of the urgency of increasing bed spaces saying that what mattered was bringing in standard equipment to the hospital. Remarkably, the minister used words such as “plan,” “conception” “standards” “costs” etc. in the course of the conversation. These are, of course, familiar words often used in the process of policy making and implementation.

Meanwhile, Wike, who likes to be addressed as “Mr. Project,” is expected to implement the N1.1 trillion budget for the development of FCT. And to imagine that universal healthcare coverage would not be a priority in the implementation of a N1.1 trillion budget!

Now, that is not the path of development.

As a matter of fact, Wike earned the sobriquet of “Mr. Project” in his days as Rivers state governor when for almost a year he staged spectacles to “commission projects.”

The minister also spoke about some infrastructural projects in the course of the yesterday media chat. Wike’s response to the question of his policy in the health sector of the FCT is reminiscent of what a former governor told this reporter some years ago : he said what happened in the states including his own was “governance by projects.”

Now, there is something fundamentally problematic about the concept of development on the part of a minister who doesn’t prioritise the affordability of healthcare delivery to the poor in a country in which it is estimated that 63% live in multi-dimensional poverty. Healthcare is a major pillar of human development. Without the micro impact of human development especially on the majority poor, all the multi-trillion contracts for infrastructure will achieve little or nothing in advancing human progress in the society.

At least on record, Wike is a member of the Peoples Democratic Party (PDP), an organisation which cannot be accused of being socio-democratic in ideological preferences. However, Wike is today a minister in a government of the All Progressives Congress (APC). By definition, a government of APC at any level should prefer progressive options in policy-making. Progressive politics in Nigeria today is nothing if it is not an anti-poverty politics. For poverty and inequality constitute the bedrock of the problem of the Nigerian society at present. Experts of various hues have drawn an organic link between poverty and insecurity. In other words, insecurity cannot be ultimately tackled without eradicating poverty and reducing gross inequality. So it is never progressive for any politician to say that making a case for

affordable healthcare is akin to expecting “to have everything free.” To dismiss universal healthcare coverage, a central question of human development, is far from being progressive in the present Nigerian condition. Contrary to Wike’s policy proposition, universal healthcare is not necessarily an agenda of a “socialist regime.” Universal healthcare is available in many capitalist countries in different forms. For instance, despite its imperfections the British National Health Service (NHS), a heritage of the welfare state, is cherished as a national institution and defended by Britons across the political and ideological spectra. Yet, Britain is not a socialist state. Here in Nigeria, the National Health Insurance Authority (NHIA) Act (2022) and the FCT Health Insurance Scheme established with the instrument of the FHIS Act of 2020 were enacted for the ultimate purpose making healthcare affordable to all. In fact, the goal of FHIS is to reengineer the health care funding mechanism to achieve universal health coverage in the FCT. And these are no laws made by a “socialist regime”!

For Wike, the practical politician, ideological debates about policies may be a luxury. All the “action man” would be concerned with is to award contracts for infrastructural projects and supervise their execution for delivery according to schedule.

In the process, little attention is paid to the organising principle of the execution of these projects within a broad concept of development. Perhaps, unknown to the minister, the implication of his laissez faire attitude to universal healthcare coverage is that market forces should determine the access to quality healthcare.

Today’s column is making the foregoing reference to only an aspect of the Wike media chat just to illustrate the point that there are indeed thoughts behind policy-making. These thoughts emanate from the worldviews of the policymakers. Wike is not alone in not prioritising the social sectorheath, education, social housing, mass transit etc. in policy-making.

One of the consequences of this orientation of officialdom is the socio-economic injustice that has ravaged the land for decades.

Some Nigerian politicians and pundits alike glibly proclaim the end of ideology. Yet ideology is alive and shaping policies around the world. To be sure, those making choices for the society in the policy arena may not be fully conscious of their ideological options, much less articulate the ideology. Some of those who are conscious of their ideological choices deny their ideologies because their choices are simply indefensible. Policy dispositions that could worsen poverty are no more defended even by right-wing ideologues. Unlike their socially ruinous economic prescriptions of the 1980s, even the World Bank and the International Monetary Fund (IMF), the chief enforcers of global capitalism, have since adopted anti-poverty tone in their policy prescriptions for the poor countries of the world.

Doubtless, policy-making in Nigeria cannot not be said to be an exercise in a vacuum of ideas. Think tanks and other non-governmental organisations abound with harvest of ideas. For instance, for 31 years now the Nigerian Economic Summit Group (NESG) has provided a forum for dialogue among private sector players and public sector officials on the shape and future of the Nigerian economy. But the question persists: to what extent have the ideas generated on the platform of NESG influenced policies of successive administrations? The same question could be posed in respect of the Ibadan-based Nigerian Institute of Social and Economic Research (NISER), which is publicly funded for the production of ideas and information to illuminate the process of policy-making. The question of the impact of these institutions and many others on policy is certainly not a rhetorical one. The question has to be definitely answered to make progress.

Talking about the ideological influences on policymakers, Nigeria is yet to fully develop the culture of a well-defined ideological direction pushed by men of ideas. In history, leaders had thinkers widely acknowledged to have influenced their policy directions. The ideas in favour governmentintervention proposed by the eminent economist, John Maynard Keynes, had a lot of influence on President Franklin D. Roosevelt’s New Deal during the Great Depression. If Roosevelt was influenced by Keynes, Prime Minister Margaret Thatcher was ideologically inspired in the opposite direction by the Austrian-born British economist Friedrich von Hayek, a free-market economist who believed that government control of the economy was akin to “totalitarianism.” The monetarist economist and Nobelist Milton Friedman was the oracle of the Chilean economic experiment under the maximum ruler, President Augusto Pinochet. The foregoing are, of course, liberal and conservative examples. Things are more explicit on the Left. For example, despite the cynical western comments about China becoming a capitalist country, the leadership of the country is still guided by the “Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era “

In fact, Keynes, regarded in liberal circles as the greatest economist of the 20th Century put the matter

“It would be more difficult for a poor country to lift its people out of poverty significantly when universal healthcare coverage and basic education are reduced to commodities”

of ideas behind policy like this: “Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.”

It is, therefore, noteworthy that the current economic managers of Nigeria are giving some thoughts to planning as a signpost to policy-making. The other day, those in charge of fiscal and monetary policies appeared before the Senate to brief the lawmakers on the economy. One of them, the minster of budget and economic planning, Senator Abubakar Atiku Bagudu, instructively drew the nation’s attention to the organising principle of economic management in Nigeria. He referred his audience to the national economic objectives enshrined in the Section 16 (2a) in the Chapter II of the 1999 Constitution, According to the provision, the state shall among other things ensure the “the promotion of a planned and balanced economic development.”

So planning is fundamental to economic development of Nigeria.

From the East to the West on the globe governments plan economies to meet their respective national objectives. China couldn’t have achieved its economic progress without planning. This is one riddle that is hardly understood by even the experts in the West when they assess the development of China. The economic managers of China employ the market to serve their defined purpose. They do not surrender their economy to market forces in some sectors. China couldn’t have implemented the most successful poverty reduction programme in economic history by blindly surrendering its social sector and other crucial areas of its economy to market forces. It would be more difficult for a poor country to lift its people out of poverty significantly when universal healthcare coverage and basic education are reduced to commodities.

It goes against the grain of poverty eradication to throw sectors such as health and education to market forces. Yes, market forces are applied in capitalist societies. But the market has its limit especially in a poverty-ridden society: there are sectors in which market forces should not even be contemplated. Instead, of the reckless embrace of the market, policymakers should strive to plan for the common good.

Nigeria should plan its way out of poverty. And that is not a job for market forces.

There are even liberal voices offering a word caution on the matter of jettisoning planning for the market.

For example, a South Korean economist, Ha-Joon Chang admonishes in his famous book, “23Things TheyDon’tTellYouAboutCapitalism,” as follows: “The question … is not whether to plan or not. It is what appropriate levels and forms of planning are for different activities. The prejudice against planning, while understandable given the failures of communist central planning, makes us misunderstand the true nature of the modern economy in which government and market relationships are all vital and interact in a complex way. Without markets we end up with inefficiencies of the Soviet system. However, thinking that that we can live by the market alone is like believing that we can live by eating only salt, because salt is vital for our survival.” Chang is by no means a socialist. He actually believes in the superiority of the capitalist economy. But he is rational enough to deploy his scholarship to warn against the excesses of the system.

Those who have the responsibility of making economic policies should be suggestible enough to ponder this point.