MONDAY 25TH OCTOBER 2021 by THISDAY Newspapers Ltd

Presidency Punctures The Economist's Report on Nigeria Says Buhari’s govt busy tackling threats to nation's stability Believes resilience, fortitude of patriotic Nigerians will see country through difficult times Deji Elumoye in Abuja The Presidency yesterday formally reacted to last week's report by London-based

The Economist magazine which said the President Muhammadu Buhari-led administration wasn’t doing enough to address several

challenges confronting the country, especially the rising state of insecurity. According to a statement from the presidency, the

Buhari-led government had been busy addressing the four identified threats to the nation's stability including terrorist attacks, kidnapping,

herders-farmers clashes and activities of the proscribed Indigenous People of Biafra (IPOB) in the South East zone. The Senior Special Assistant

to the President on Media and Publicity, Garba Shehu, in a statement also emphasised that Continued on page 8

First Bank: Battle for Controlling Interest Set to Intensify at Stock Market...Page 6 Monday 25 October, 2021 Vol 26. No 9695. Price: N250

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Lai Mohammed: AbdulRazaq is a Deeply Troubled Soul, Not Qualiﬁed for Public Oﬃce... Pgs55– 57

THE MONDAY INTERVIEW B A K A R E "I don't take my words back. It’s not a prophecy, because if it’s a prophecy, then, I'm saying thus sayeth the Lord. We must separate chaff from grain. I knew I would be the 16th President of Nigeria from age 13" ȱ ȱŢŠȱ ȱŢţ

FAAC Meeting Deadlocked as States, LGs Protest $418m Paris Refund Deductions Governors insist pending cases must first be decided Emmanuel Addeh in Abuja A meeting of the Federation Account Allocation Committee (FAAC) for October 2021, held last Friday, was inconclusive as states and local governments resisted the commencement of deductions in relation to the $418 million judgement debt for “consultancy services,” with regard to the Paris Club Loans refund. In a letter obtained by THISDAY yesterday, the Nigeria Governors’ Forum (NGF) objected to the execution of the judgement until full determination of ongoing litigation on the subject matter. The governors insisted that the deductions were done without their knowledge. Chairman, Forum of Commissioners for Finance of Nigeria, which represents Continued on page 8

DIAMOND ANNIVERSARY IN STYLE... L-R: Chairman, Fidelity Bank Plc, Mustafa Chike-Obi; former Governor of Delta State, James Ibori; Managing Director, Mac-Folly Hospitality Ltd, Chike Ogeah; his wife, Funke; former Governor of Delta State, Dr. Emmanuel Uduaghan and Chairman of THISDAY/ARISE Media Group, Prince Nduka Obaigbena, at Ogeah's 60th birthday lunch in Lagos... yesterday KUNLE OGUNFUYI

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NEWS

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

OLD BOYS ASSOCIATION LECTURE... L-R: Chairman, Bi-Courtney Group, Dr. Wale Babalakin; Ogun State governor, Prince Dapo Abiodun and Africa's ﬁrst professor of Statistics, Biyi Afonja, during the Annual Lecture of Government College Ibadan Old Boys Association held at the Olusegun Obasanjo Presidential Library, Abeokuta... weekend

Wike: We Are Not at War with FG over Tax Collection As senior lawyer pushes for higher taxation of wealthy Nigerians Alex Enumah in Abuja Rivers State Governor, Mr. Nyesom Wike, said at the weekend that the state was not at war with the federal government or any of its agencies. The clarification followed insinuations in some quarters about hostility between the two tiers of government in the wake of the legal dispute over who is authorised to collect Value Added Tax (VAT) in the state. Wike made the explanation at a public lecture on "Taxing Powers in a Federal System." He said Rivers and the federal government were coequals because they derived their life from the constitution. The public lecture was organised in commemoration of the 60th birthday of Senior Advocate of Nigeria, Mr. Ahmed Raji. Wike was represented at the occasion by the Rivers State Attorney General and Commissioner for Justice, Professor Zacheus Adangor. The governor said, "I have heard a lot of comments been made that we are fighting federal government. There is no desire or any intention of the Rivers State government to fight the federal government, but you must remember that in a federal system, the states are not houseboys of the federal government. "The principle of coequality is fundamental to federal arrangement, that principle leads to the principle of autonomy, autonomy leads you to fiscal autonomy and fiscal autonomy leads you to fiscal federalism, and when you put all the principles together, what it means is that each level of government, whether federal or state, is coequal because none derives its life from the other. "They both derive their life from the constitution because they have coequality and every level of government is entitled to have access

to sufficient revenue so that they can carry out its own responsibility without subordinating its will to that of a superior authority. "That is the fundamental aspect of fiscal federalism and until we get it, we will continue this journey of talking and talking without result. But I think that the court has a role to play, the court can lay this crisis and controversy to rest when it makes a pronouncement.” Wike explained that the taxing system being sought

was one that would ensure homogenisation, adding that what operates today is not what was agreed upon at the constitutional conference. "Can we say that the federal government has the power to impose and collect those taxes that the court struck down in Port Harcourt?” Wike queried. "Certainly not, and so for me, we need to resolve this issue through the courts and that is what Rivers State has opted to do and we encourage as many states

as possible to join us in this new revival of the Nigerian federal arrangement so that we can lay some of these issues to rest,” the governor added. The celebrant, Raji, used the occasion to call on the Nigerian government to immediately introduce a new tax policy known as “Wealth Tax,” that would make very rich Nigerians pay tax that would be used to cater for the downtrodden in the country. He said the policy, if introduced and implemented,

would make rich Nigerians to contribute meaningfully to government's purse to bridge the gap between the affluent and super poor in the nation. According to Raji, "It is a fact that the downturn in Nigeria's economy are having harsh and devastating effects on the poor majority Nigerians. The wide disparity between the rich and the poor should be of grave concern to patriotic Nigerians and the way out must be found. "The gap between the rich and the poor is so much and

so offensive that it can lead to breakdown of law and order in any moment. "It is in the interest of justice that the super-rich should shed part of their stupendous wealth to cater for the downtrodden masses before it is too late." The senior lawyer said he opted to use the public lecture to mark his birthday so as to use it to draw attention to some burning issues and challenges that deserve public attention, rather than engage in mere merry making.

MultiChoice CEO Rolls Out Agenda for BON Cable TV company unveils new contents Dike Onwuamaeze Chairman, Broadcasting Organisations of Nigeria (BON) and Chief Executive Officer, MultiChoice Nigeria, Mr. John Ugbe, has promised to work with members to strengthen the organisation. That was as Executive Head, Content and West Africa Channels, MultiChoice Nigeria, Ms. Busola Tejumola, called on budding singers intending to participate in the next Idol audition to be on the lookout, as the organisation unveiled new contents. Ugbe made the promise at the weekend in Abuja, during his investiture as the 14th Chairman of BON. He thanked members of the organisation for electing him, and pledged to work with everyone towards the realisation of the organisation's collective vision. Ugbe, who is the first chairman from the pay television sector, listed the priorities for his tenure. He stated that his administration would be committed to improvement of professionalism among members through training. "Working with local and foreign partners, we will

facilitate training opportunities for our member stations,” he said. He added, “The training programme would be in two layers. The first layer will be to train-the-trainers and the second layer will be the zonal trainings." Ugbe stated that the training programme, which was expected to start from the first quarter of next year, would take in 1,000 members with the figure going up in the second year. The new chairman also said there would be commitment to bringing all broadcasters under the BON umbrella to form a formidable industry group capable of influencing broadcast policies and regulations. "Working with the BON Secretariat, we will initiate an aggressive membership recruitment drive, so that we can achieve the objective of forming a formidable industry group," Ugbe stated. He promised to leverage on MultiChoice's expertise at organising top-notch awards, like the Africa Magic Viewer’s Choice Awards (AMVCAs), to revive the BON Awards, which he said would be a platform for recognising and celebrating the best in the industry.

Ugbe stated that his administration would build on the process of the establishment of the Society of Nigerian Broadcasters, which would set standards for entry, training and code of conduct. This, he explained, will be done through pushing for the passage of the relevant bill at the National Assembly. Ugbe listed other priority areas as industry debt and the digital switchover programme. He thanked his predecessor, Hajia Saa Ibrahim, for leaving behind a virile BON and promised to build on her achievements. Meanwhile, Tejumola spoke during the unveiling of MultiChoice Showcase 2021, with the theme, “Building Africa’s Creative Industry through Storytelling.” She said, “If you know that you can sing, look out for information on audition for Nigerian idol.” Tejumola said MultiChoice had lots of exciting live shows for its customers, including the Friday’s Turn Up, intended to make party goers to stay at home and dance all night to live music, while “Owambe” would cater for social events, like weddings on Saturdays. She said, “Turn –Up Friday is for usual party goers with

a lot of good music, good DJ, and good dancers on the Friday evening. It is a show that is anchored by Dotun. “Saturday is for Owambe. We know how weddings in Nigeria go and we thought why don’t we bring the party element of those kinds of events to your TV screen. It will be on your screens at the end of October. You provide your chops and drinks and we will provide you with the music, with the live bands. “At the end of every year we will be having Nigeria’s festival channels for Carnival Calabar, The Experience, etc. These are few of the live broadcasts that will go on that channel. We got a line-up of events we think everyone will enjoy. “So we are promising you a front row seat at these live events. You may not be able to attend them live but we will make sure that you are able to watch them live on TV. That channel goes on from November 17 all the way to the January 4, 2021. And during this period, you get to watch a mix of movies, lifestyle shows, and festive contents.” Chief Executive Officer of MultiChoice Africa, Ms. Fhulu Badugela, said the entertainment outfit was

“happy to share with you our plans for the next six months. “As you have seen in the past, this event allows us to offer you a front row seat to our upcoming local and international content and new technological developments that enhance your viewing experience. “We look forward to complementary services to ensure that our customers get the best possible content and never run out of exciting shows to see.” Earlier, in his contribution Ugbe, said, “At MultiChoice, our customers are at the heart of everything we do, and we pride ourselves on being the nation’s leading entertainment platform. We know that our success is hinged on the experience our customers have while interacting with our services. “This has informed our deliberate shift to more convenient and responsive digital options. DStv online is a mobile-based service that gives you the same package offering that your DStv subscription offers. It makes entertainment more accessible as you can watch and catch up on your favourite shows on the go.”

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NEWS

THANKSGIVING AND BAZAAR OF ADORATION MINISTRY... L-R: Enugu State Governor, Ifeanyi Ugwuanyi; Ebonyi State Governor, Engr. David Umahi; his wife, Mrs. Rachael Umahi, during the 2021 Harvest, Thanksgiving and Bazaar of Adoration Ministry Enugu Nigeria (AMEN), held at Umuchigbo, Enugu...yesterday

First Bank: Battle for Controlling Interest Set to Intensify at Stock Market Otudeko negotiating with Flour Mills to sell Honeywell Flour to partly pay off his debt to FBN Holdings UK Ekeh preparing to step down next month Obinna Chima As the battle for controlling interest in FBN Holdings Plc deepens, all eyes will be on the company’s share price movement on the Nigerian Exchange Limited (NGX), as the major contenders move to consolidate their hold on the financial institution. Currently, the majority shareholders are Chairman of Geregu Energy Group, Mr. Femi Otedola; Chairman of Globacom, Chief Mike Adenuga; current Chairman of FBNH, Mr. Tunde Hassan-Odukale, and Chairman of Honeywell Group, Oba Otudeko. Some of the major contenders would in the coming days seek to mop up more shares so as to increase their stake in the bank By his acquisition of 1,818,551,625 units of shares of First Bank Holdings Plc (FBNH), amounting to a 5.07 per cent of its total issued capital, Otedola, last week formally became one of the majority shareholders in the bank. The newest investor in the bank, going by his antecedents with the then Forte Oil, does not give up easily and he is an aggressive investor who would stop at nothing to get what he wants. This, according to an industry analyst, means the other majority investors need to prepare for the battle ahead. A statement signed by Company Secretary of the holding company, Mr. Seye Kosoko, dated October 23, 2021, and titled, “Notification of Acquisition of Substantial Shareholdings in FBN Holdings Plc,” informed the bank’s stakeholders about Otedola’s investment in the bank. The statement said, “We refer to our communication to the market dated October 22, 2021, on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the shareholder. “This morning, October 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their client, Mr. Otedola Olufemi Peter, and

his nominee, Calvados Global Services Limited, have acquired a total of 1,818,551,625 units of shares from the company’s issued share capital of 35,895,292,791. Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the company is now 5.07 per cent.” As at March this year, Otudeko was also said to be holding a total of five per cent of the holdco’s total issued share capital. However, inside sources disclosed that Otudeko was currently in negotiation with Flour Mills of Nigeria Plc to sell Honeywell Flour, to partly pay off his loans at FBN Holdings. On his part, Adenuga is said to have been buying more shares and his shareholding was said to be between five and seven per cent. Indications emerged yesterday that Hassan-Odukale and

related parties owned about 5.36 per cent stake in FBN Holdings. The companies include Leadway Assurance Company Ltd, ZPC/Leadway Assurance Prem & Investment Coll Acct, Haskai Holdings Ltd, Leadway Capital & Trust Ltd and LAC Investments Ltd. Others are Leadway Properties &Investment Ltd, Leadway Holdings, OHO Investment/Oye Hassan-Odukale, and Leadway Pensure PFA. But speaking with THISDAY, a leading industry analyst, who pleaded to remain anonymous, said, “The majority shareholders that were there before Otedola came on board were so comfortable; that was why they were not bothered about raising their stakes in the bank. But now that their ranks have been broken, everybody would intensify efforts to remain dominant shareholders. “Clearly, what the majority

shareholders would do in the coming days is to pull shares together from other minority investors with a view that they would represent the interest of these minority shareholders on the board. “So, the question now is, who can pull investors together to be on their bloc? Because the truth is that if they decide to be buying shares from the stock market directly, none of them would be able to have controlling interest in the short term. So, the battle now is on who can galvanise investors to form a bloc.” The source, however, pointed out that in every organisation, there was always going to be one person or a group of people that would exercise control over the management, without which, things won’t be properly defined in the organisation. The expert continued, “That

was the problem we saw in UACN Plc for some years until the emergence of the present majority shareholders. What it does is that it gives stability and that is how it has always been all over the world. So, over the years, at First Bank, there have always a group that has significant control, until the recent intervention by the CBN, which created a lacuna. “So, today Otedola has put himself up to become one of the kingmakers in the bank and now he would have a board position. But if he can galvanise other shareholders and if he is able to mop up substantial shares in the coming days, he might have enough to see him becoming the chairman of the bank.” Notwithstanding, all these would require the approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission.

Meanwhile, THISDAY gathered from a reliable source that going by recent developments in the bank, Group Chief Executive Officer of FBN Holdings, Mr. UK Ekeh, might be preparing to step down from his position next month. It was learnt that Ekeh had indicated his decision not to continue as Group CEO, and had informed insiders that he had done five years as Executive Director of the defunct Diamond Bank Plc, five years as Executive Director of First Bank, and six years as Group CEO of FBN Holdco. The CBN had in April reinstated the Chief Executive Officer of First Bank Nigeria Limited, Mr. Adesola Adeduntan, who was summarily retired by the then Otudeko-led board. Also, the central bank had retained Eke as CEO of FBN Holdings.

AMCON Refuses to Pay N10.5bn Unsecured Arik Debts to Aviation Agencies Says NG Eagle to operate only domestic Services Chinedu Eze The Asset Management Corporation of Nigeria (AMCON) has refused to pay to the aviation agencies N9.6 billion and $2.3 million (totalling N10.5 billion), being five per cent ticket and cargo sales charge owed by Arik Air, when AMCON took over the airline on February 9, 2017. AMCON described the debts as unsecured and blamed the aviation agencies for allowing the debts to pile up without insisting on collecting them or grounding the operations of the airline. AMCON stated this during a recent closed-door meeting between the House Committee on Aviation and AMCON’s representatives to ensure that the corporation liquidated debts owed by Arik before establishing the new airline, NG Eagle. THISDAY learnt AMCON

claimed during the meeting that it was presently the owner of Arik Air, having bought over debts owed by the airline, which it put at over N300 billion. It also insisted that it would only pay post receivership debts. Receiver Manager of Arik Air, Omokide Kamilu Alaba, was said to have explained at the meeting that AMCON decided to establish another airline, NG Eagle, as a non-disruptive exit plan. Alaba disclosed that the airline would be owned 100 per cent by AMCON and it would be a publicly owned carrier with the Ministry of Finance and Central Bank of Nigeria (CBN) as majority shareholders. He said Arik Air would not be under receivership forever, so the exit plan was to establish another airline, as litigations that might follow Arik Air might not allow it to be operated successfully. To avoid international litigation

and possible seizure of the aircraft under the new airline, Alaba disclosed that the airline would only operate domestic services; so it would not add regional or international routes to its operations. The Receiver Manager also explained during the meeting that when AMCON took over the airline, he looked at its accounts and recommended that Arik Air should be liquidated. His reason for the recommendation was because of the huge debts it owed, which he said was higher than its asset ratio by about 50 per cent. AMCON put the assets of the company to over N150 billion, which was against $3.7 billion that was the audited assets of the company by late 2016, under the old management, few months before AMCON took over the company on February 9, 2017. He said government considered

the fact that if the airline was liquidated at that time, it would drastically reduce fleet capacity for scheduled flight operations in Nigeria, so government decided to inject funds into the airline in order to sustain it. A committee was formed at the meeting to restructure the debts owed by Arik Air that would be paid by AMCON and the committee was given one week to complete the assignment. During the meeting AMCON representatives insisted that rather than penalising the corporation for the old debts owed by Arik Air, the aviation agencies should be held responsible. It added that it was a failure of the management of the agencies that the debts were allowed to pile up to the stated amounts. Justifying the establishment of a new airline from the ashes of Arik Air, a former Director General, who was at the meeting

on behalf of Arik Air, told the House Committee on Aviation that there was nothing wrong in establishing a new airline from Arik Air. He compared the plan to that of Bellview Airline, which changed its name to First Nation Airways, saying that Bellview changed its name when it became a liability after a tragic accident, but the establishment NG Eagle was to recover the funds expended by AMCON on Arik Air. However, THISDAY was informed that that before AMCON took over Arik Air in 2017, Deloitte of London had audited Arik Air and put its assets at $3.7 billion. AMCON said it had taken over the debts of Arik Air, but since 2017, it had failed to service debts the airline owed to Bombardier, put at $47 million. This was balance payment for the acquisition of two CRJ 1000 aircraft and four Dash 8, Q400 aircraft.

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FG Will Meet Three Million Barrels Per Day OPEC Quota, Says Sylva PTI graduates 2,297 students Sylvester Idowu in Warri Minister of State for Petroleum Resources, Chief Timipre Sylva, has assured that Nigeria would meet the three million barrels per day quota allocated to the country by the Organisation of Petroleum Exporting Countries (OPEC). Sylva said though the country currently produced about 1.3 million barrels per day, concerted efforts were being made to increase production to meet the OPEC quota. Sylva gave the assurance at the weekend, during the 2021 graduation ceremony of Petroleum Training Institute (PTI), Effurun, Delta State. The minister, who was represented by Permanent Secretary, Ministry of Petroleum Resources, Dr. Nasir Gwarzo, said the Federal Executive Council (FEC) had mandated the ministry to meet the three million barrels per day production within the shortest time possible. Sylva stated, "Some of the strides of the petroleum ministry, one of which is the mandate to increase crude oil production to three million barrels per day. Today, we are producing about 1.3 million barrels per day. The ministry is putting all concerted efforts to meeting the current OPEC quota." Sylva also disclosed that the rehabilitation of Port-Harcourt Refinery and Petrochemical Company was on course, adding that soon, that of Warri and Kaduna would commence as well. On the Petroleum Industry Act (PIA), the minister said the committee set up for

its implementation would ensure that PTI carried out its responsibility of human capital development in the oil and gas sector in the country. "The major stakeholdes like the OPTS, the Petroleum Ministry, the PTDF, NCDMB, the Petroleum Upstream Regulatory Commission and the Mid-stream and Downstream Regulatory Authority will be coopted to ensure that PTI is supported with respect

to policy achievement and funding," he assured. Sylva commended the Principal and Chief Executive Officer of PTI, Dr. Henry Adimula, for the successes recorded by the institute established for training students for the oil and gas sector. Delta State Governor, Senator Ifeanyi Okowa, expressed satisfaction that the quality of training received by the graduating students would put them

in good stead to compete with their contemporaries all over the world. Okowa, who was represented by the Commissioner for Education, Professor Patrick Muoghbare, called on the public and private sector and organisations as well as captains of industry to look inward to graduands of PTI in the bid to resuscitate the ailing oil and gas industry. The Principal/Chief Executive Officer of PTI, Dr.

Henry Adimula, disclosed that a total of 2,297 students were awarded the institute's Diplomas and certificates for 2018/2019 and 2019/2020 academic sessions. Of this number, he said 1,408 were awarded National Diplomas, 1,153 bagged Higher National Diplomas while 16 received the PTI General Welding Certificates. Chairman of the Governing Council of PTI, Mr. Sarki Anwalu, congratulated President

Muhammadu Buhari and the Minister of State for Petroleum Resources for the PIA. He said the Petroleum Training Institute was now better positioned and recognised as a key player in capacity building and competency training in the oil and gas industry. He noted that when the refineries, being repaired, were fully operational, graduates of PTI would be in high demand in the oil and gas sector.

FAAC MEETING DEADLOCKED AS STATES, LGS PROTEST $418M PARIS REFUND DEDUCTIONS state governments at the FAAC meeting, Mr. David Ilofu, signed the document. Owing to the development, the monthly gathering was postponed to allow all pending issues to be sorted out. The letter said, “The FAAC meeting for the month of October, 2021, held on Friday 22nd October 2021, to distribute revenue that has accrued to the federation (federal, state and local governments) was inconclusive. “The October 2021 meeting, which was chaired by the permanent secretary on behalf of the honourable minister, received revenue performance reports from the revenue-generating agencies (Nigerian National Petroleum Corporation, Federal Inland Revenue Service, Department of Petroleum Resources, Nigeria Custom Service, and Ministry of Mines and Mineral Development). “These reports by the agencies and the revenue inflow analysis by the office of the Accountant General of the Federation for the month of October 2021 could not be adopted by the committee. “Members declined approval after consideration of the reports

for the disbursement of the available revenue because of deduction on funds belonging to the local government councils in favour of some consultants for a $418,000,000.00 judgement debt for consultancy services with respect to Paris Club loans refund.” The letter stated that based on available information, the deduction would continue for 10 years or 120 months, contrary to the provisions of Section 162 of the Constitution of the Federal Republic of Nigeria 1999, as amended. The finance commissioners noted that NGF had objected to the execution of the judgement until full determination of current litigation on the subject matter. The document added, “Commissioners for Finance representing states and local government councils did not have prior knowledge of the deduction and coming at a time when states and local governments are in dire straits, it will further worsen the fiscal position of these tiers of government. “Consequent upon these, the meeting was adjourned to allow for further consultations

and resolution of all the issues that had been previously raised by the Nigeria Governors’ Forum (NGF) regarding the assignment that gave rise to the claim and the judgement.” The governors had in August written through their lawyer, Mr. Femi Falana, to the Federal Ministry of Finance, seeking a stay of execution of the judgements of the trial courts on the matter, pending the determination of all appeals. They argued that once an application for injunctive reliefs was pending in a court of law, parties were barred from engaging in any act that could foist a fait accompli on the court in respect of that application or action. The FAAC committee is chaired by the Minister of Finance, Budget and National Planning, while Commissioners for Finance in the states are members, representing the 36 states and 774 local government councils. Other members of the committee, which meets monthly in Abuja to distribute accrued revenue to the three tiers of government, are the Federal Capital Territory (FCT)

Director, Treasury, Accountant General of the Federation (AGF), as well as the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC). In a January letter, President Muhammadu Buhari had approved the payment of the controversial sum to six creditors, in defiance of the issues raised by the 36 state governors on the illegitimacy of the demands by the claimants. The “Category A” judgement creditors included a former member of the House of Representatives, politician and lawyer, Ned Nwoko, who is claiming $142,028,941 via a consent judgement marked FHC/ABJ/CS/148/2017, while Riok Nigeria Ltd, Orji Nwafor Orizu, and Olaitan Bello are laying claim to $143,463,577.76 via a judgement marked FCT/ HC/CV/2129/2014. From the total money, Riok Nigeria Limited has a share of $142,028,941.95, Nwafor is entitled to $1,219,440.45 while Bello has a share of $215,159.36. Ted Iseghoghi, it was learnt, is claiming $159,000,000 through a judgement he obtained in suit number FCT/ CV/1545/2015, while a firm, Panic Alert Security System

Limited, owned by George Uboh, is claiming $47,831,920. The Debt Management Office (DMO) was directed to commence issuance of promissory notes to the creditors by the president, a development the governors have described as suspicious. Claiming to be “consultants” and “contractors,” the creditors are insisting that they helped the state and local governments to recover the funds over-deducted by the federal government from their allocations between 1995 and 2002. In addition, some of the claimants told the courts that they were engaged to execute certain projects in all the 774 local governments in anticipation of payment from refunds, in a deal with the Association of Local Governments of Nigeria (ALGON). Although the council chairmen said the contacts remained mostly unexecuted. Aside the Kayode Fayemi-led NGF, the Minority Caucus of the House of Representatives had also raised concerns over the federal government’s plan to pay the judgement debt, despite pending court cases.

states of Nigeria because the President has insisted upon addressing these decade-after-decade-long issues during his time in office.” It added: "In the north, Boko Haram members – many of whom now fight under the breakaway banner of Islamic State's West Africa Province (ISWAP) - have been pushed back. At the start of the President’s tenure, Boko Haram was launching attacks across the majority of the country – including in southern states and Lagos. “Today they are cornered and confined along with their ISWAP compatriots in our country’s outermost fringes of the border, unable to spread further. "In the south-east, IPOB – which the Economist rightly describes as “delusional” - the arrest and present trial of the terrorist leader of the group is the beginning of its demise. “The president’s administration is redoubling efforts to have IPOB rightfully designated as a terrorist group

by our allies outside of Nigeria – an act which will collapse their ability to transact gains from crime and extortion in foreign currencies. “It is important to remind The Economist and the global media that this group’s aggression and widespread presence on social media does not reflect their public support, for which they have none: all elected governors, all elected politicians and all elected state assemblies in the south-east – which IPOB claim to be part of their fantasy kingdom - reject them completely. "The only government of Nigeria which has ever sought a solution to the centuries-old herder-farmer disputes of the central belt is President Buhari’s administration. The federal ranches programme, launched shortly after the president’s re-election is the first of its kind – and it is working: during the last 12 months clashes have significantly reduced. “The government now calls on state governors to

have the imagination to join forces with the federal administration and expand this programme by making available state lands for those interested, now that its effectiveness has been demonstrated.” Furthermore, it stated that: "The Economist opinionated and reported on banditry and kidnapping in the northwest. While this has been simmering for generations, it is the newest of the organised threats Nigeria faces to her stability. But this too the Economist inaccurately described: “bandits” who have the resources and technology to shoot down a military fighter jet are not bandits at all – but rather highly organised crime syndicates with huge resources and weaponry. “Yet they are essentially no different to Boko Haram in this regard who are now cornered. It will take time, but the president is unwavering in his determination to collapse this challenge to public order.”

PRESIDENCY PUNCTURES THE ECONOMIST'S REPORT ON NIGERIA the resilience and fortitude of patriotic Nigerians would see the country through the current trying times. The statement alluded to Nigeria's problems as identified by the international magazine saying "The Economist is correct: Nigeria faces four key threats to the stability and prosperity of the nation – namely: ISWAP/ Boko Haram terrorism in the North-east; kidnapping and crime in the North-west; herder-farmer disputes in the central belt; and the delusions of IPOB terrorists in the South-east. "The Economist is also accurate to state that they have come to a head under President Buhari and the All Progressives Congress, (APC) administration. Yet they do so, because for so long, under previous administrations, whether military or democratic, tough decisions have been ducked, and challenges never fully met – with the effect of abetting these dangers and allowing them all to fester and grow.

“Today, all four threats are being fought concurrently and it is only this President’s administration which has finally had the will and determination to confront them." The statement further outlined efforts by the Buhari administration to solve the problems that remained unattended to by past military and civilian governments in the country. The Presidency stressed that the present administration since it came into power in May, 2015, had remained resolute and would do everything possible to ensure that the identified threats become history by the time President Buhari finishes his tenure in May, 2023. It added: "The Buhari administration has sought to push back terrorism which has been a threat for more than two decades since the first emergence of Boko Haram. It is only the Buhari administration that has now sought to intervene against the kidnapping and banditry that

has been a simmering threat for far longer. It is only this President’s government which has taken on IPOB, the violent terrorist group which bombs police stations and offices of security agencies, while also threatening those who break their Monday-sit-ins whilst claiming the mantle of forebears who half a century ago fought a civil war. “And it is only the Buhari leadership which has sought – ever, in over one hundred years – to identify the root causes of the herder-farmer clashes and find durable solutions. "The forms may have altered, and the threats posed by each may have waxed and waned, but what has been constant is that administration after administration since independence – whether military or democratic – none sought to fully address these threats to Nigeria as President Buhari’s government does now. “Today, the military is engaged in almost all the

MONDAY OCTOBER 25, 2021 • T H I S D AY

MONDAY, ͺͽ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

PDP Warns against Court Action to Scuttle National Convention Secondus: I’m only seeking justice Chuks Okocha in Abuja The leadership of the Peoples Democratic Party (PDP) National Convention Organising Committee (NCOC), has warned members against any court action that could distract the October 30 and 31 national convention of the party, warning party members to be wary of such disgruntled and misguided folks in its fold. But as the Court of Appeal, Port Harcourt Division, is billed to sit tomorrow to hear the interlocutory motion restraining the party’s convention, suspended national chairman, Uche Secondus, has said he was only seeking justice and was not the one that took the party to court in the first place. Reacting to the case instituted at the High Court in Kaduna to prevent the PDP from holding its convention, Oyo State Governor, Seyi Makinde, who is the Secretary of the planning committee, in a statement released late Sunday night, stated that the party is "using this medium to alert members of party and members of the public that we are aware of the actions of a few misguided PDP members, who have approached the High Court in Kaduna in an attempt to prevent PDP from holding its National Convention on October 30 and 31, 2021." "Notwithstanding their right to approach a court of competent jurisdiction to air their grievances, we maintain that the National Executive Committee (NEC) of the PDP, has acted in good faith in fixing our convention for October 30 and 31. It is not meant to witch-hunt anyone or to truncate anyone’s mandate. "Therefore, we call on all members and supporters of the PDP to ignore this distraction as we prepare to host a convention that will send a clear signal to Nigerians that the PDP is the only party that has the will and the might to rescue Nigeria from the catastrophe that we have been enduring for the past six years. "Therefore, we urge our teeming supporters nationwide to keep the faith as we are taking

all necessary measures to ensure that we will not be distracted from our goal," he said, adding that they were determined to strengthen the party structure and put in the work needed to unify and restore the nation back on the path to economic prosperity and greatness. "We therefore urge all party faithful to continue to rally support as we prepare to host our National Convention on October 30 and 31, 2021," the statement maintained.

But Secondus, in a statement by his media adviser, Ike Abonyi, stated that, "For the avoidance of doubt, the media office wishes to restate that Prince Secondus is really under pressure for justice and would seek it anywhere to save the party from hirelings out to destroy and derail the focus of the party. The truth, which the said news did not state is that Prince Secondus is not in court against the party but was dragged to court instead by person bent on hijacking the

soul of the party." He said the party leaders are aware of who, went to court against it and knows what to do rather than indulging in mind game, adding, "Nothing short of Justice and respect for its servants will save PDP from the hands holding now. "For avoidance of doubt the justice Prince Secondus is seeking is as enshrined in the party constitution, which is Supreme and states clearly how a National Chairman and any

National officer can be sanctioned even where there is a known breach talk less where there’s none." However, buttressing the point that he did not take PDP to court in the first place, Tayo Oyetiba (SAN), said, on 23 August 2021, one Mr lbeawuchi E. Alex and four others jointly instituted Suit No PHC/2183 /CS/202I at the High Court of Rivers State, Port Harcourt Judicial Division against Secondus and the PDP as Defendants.

"On I0 September 202 1, the High Court of Rivers State delivered its judgment in the Suit whereby Prince Uche Secondus was, inter alia, restrained from performing the functions of the office of National Chairman of the PDP,” he said. Oyetiba is expected on Tuesday at the Court of Appeal sitting in Port Harcourt to move a motion to stop the national convention pending the conclusion of the appeal by Secondus.

SECURITY ON THEIR MINDS... L-R: Executive Chairman, Lee Engineering and Construction Company, Leemon Ikpea; Imo State Governor, Senator Hope Uzodinma and Managing Director, Shell Petroleum Development Company, Mr. Osagie Okunbor, shortly after a security meeting with the governor, in Owerri...recently

Lagos Flouts Court Order, Demolishes Rtd Admiral’s Property Wale Igbintade Barely few days after a Federal High Court, sitting in Lagos restrained the Attorney-General and Commissioner for Justice, Lagos State from allocating any portion of a property located at B20, Wole Olateju Crescent, Lekki Phase 1 in Eti-Osa Local Government Area, the state has commenced demolition of the disputed property in violation

of the order of the court. The plaintiffs, Admiralty Fleet Limited (BICS Garden), and a retired Naval officer, Admiral Festus Porbeni had in suit number FHC/L/ CS/1384/21, asked the court to restrain, the Attorney-General of Lagos State, and the Lagos State Special Task Force Unit from allocating any portion of the parcel of land, building or enter into the disputed property

EFCC Grills Ex-Senate President, Anyim Pius Anyim Kingsley Nwezeh in Abuja The Economic and Financial Crimes Commission (EFCC) yesterday commenced the interrogation of a former Senate President, Senator Anyim Pius Anyim, in an alleged case of corruption and diversion of public funds. Anyim, who arrived the headquarters of the antigraft agency in Jabi, Abuja at about 3pm yesterday, was still undergoing interrogation by a team of operatives as at the time of filling this report. Though details of the specific allegations against

the former Secretary to the Government of the Federation (SGF) were sketchy, a source familiar with the case said it may not be unconnected with the corruption and money laundering case involving former Aviation Minister and serving senator, Stella Oduah. Part of the rehabilitation funds to the tune of N780 million were allegedly traced to a company in which Senator Anyim has interest. When contacted, EFCC Spokesman, Mr. Wilson Uwujaren, said he was yet to be briefed.

pending the hearing of the substantive suit. The plaintiffs through their counsel, Messrs. Adetunji Oyeyipo, alongside, Abiodun Olatunji, had in a Motion on Notice for Interlocutory Injunction brought pursuant to section 43 of the constitution 1999 as amended, section 1, 2, and 3 of the lands (title vesting) ACT CAP. L7 LFN 2004, sections 10, 11, 12, and 13 of NIWA Act CAP 47 LFN 2004, order 26 (1) (2) and order 28(1) of the federal high court civil procedure rules 2019, urged the court to restrain the defendants from entering into the disputed property pending the hearing of the substantive suit. Consequently, Justice Osiagor in his order restrained the first and third defendants from entering into the said property for the purpose of forcefully removing the plaintiff or any of the plaintiff's equipment, machinery, structures, and boats pending the hearing and determination of the suit. The judge had also refused the request of the first and third defendants to consolidate the applicants’ Motion on Notice with the Preliminary objection filed by the defendants, stressing that the preliminary objection was not ripe for hearing.

But, Lagos state in defiance of the court order allegedly invaded the premises and demolished the property, and damage some equipment. According to the plaintiffs, sometime in 1996, the second applicant also acquired an additional parcel of land located at Lekki, at Lagos Island Local Government Area, measuring 3239.51 square metres from Lagos State and was granted a Lagos State Certificate of Occupancy in respect of the land. They added that the second applicant in compliance with revenue payment advice received from the second respondent (National Inland Waterways Authority) on December 18, 2006, and on June 14, 2007, paid the sum of N356,500.00 and N120, 000.00 for permit approval fee, inspection fee, shore utilisation and permit renewal, inspection fee and structure for waterways respectively. The plaintiffs averred that on December 4, 2008, the second applicant had applied to the National Inland Waterways Authority for permits to construct a jetty and boat club at Plot 6 BLK A15 off Admiralty Way, Lekki Lagos, which was approved. It further stated that the

Court of Appeal, in a judgment delivered on April 14, 2011, in Appeal No: CA/L/10/09, had affirmed that title to any land within 100 meters limit of the 1967 shoreline of Nigeria and all land reclaimed from or near a lagoon, sea or ocean were vested exclusively in the Federal Government of Nigeria by virtue of the Lands (Title Vesting, ETC.) Act Cap L7 LFN 2004 and the Nigeria Inland Waterways Authority [NIWA] Act Cap N47 LFN 2004. They averred that on September 30, 2021, men and officers of the Lagos Task Force without any prior notice or any valid court order forcefully entered the disputed premises and began marking its equipment, machinery, structures, and boats for removal within 48 hours. She stated that the marking of applicants’ equipment resulted in chaos following which the Lagos State Task Force informed the applicants to come for a meeting on Monday, October 4, 2021. “While we were preparing for the meeting with the Chairman, Lagos State Special Task Force, the Task Force invaded the disputed property with bulldozers, Black Maria vehicles, and trucks loaded with heavily armed

policemen numbering over 50 and without any valid court order immediate demolition of boundary fences and staff quarters housing about 25 staff members and their families,” they added. But, the Attorney-General of Lagos State, and the Lagos Task Force, in their Notice of preliminary objection filed by their lawyer, Adebayo Haroun challenged the jurisdiction of the court to entertain the suit. He argued that the subject matter was not one of the specific matters listed in Section 251 of the 1999 Constitution, which the court is conferred with jurisdiction to entertain. Lagos State maintained that the land has been allocated to a third party who has taken possession and the government only demolished the place because it was being occupied by squatters, miscreants, and hoodlums. The defendants stated that the suit by its nature was a challenge to the administrative actions of officials of Lagos State government under a Law enacted by the House of Assembly of Lagos State and the Lagos State Property Protection Law. They urged the court to strike out the suit as presently constituted.

MONDAY OCTOBER 25, 2021 • T H I S D AY

MONDAY, ͺͽ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWSXTRA

Devastated by Loss of Two Kids, Notorious Bandit Leader Surrenders in Niger Relocates to another village Francis Sardauna in Katsina and Laleye Dipo in Minna Apparently shattered by the loss of two of his sons to the superior power fire of the Joint Security Task Force, a notorious bandit leader in Shiroro Local Government Area of Niger State, Alhaji Namata, has reportedly laid down his arms in exchange for peace. In addition, and perhaps, out of shame, THISDAY gathered Namata, has immediately relocated to Dandawa village in the Munya Local Government Area of the state with other surviving members of his family. This is as the Conference of Speakers of state legislatures in Nigeria, at the weekend, called on President Muhammadu Buhari, to designate bandits and kidnappers as terrorists. This was the result of their about nine hours brainstorming on how to end security challenges afflicting the country. However, in Niger, Namata was said to have turned over a new leaf at weekend in the Iburo community of Shiroro council area of the state, where he had led several of his men to unleash terror on innocent villagers after his two sons and some members of his gang were neutralised by the task force. Namata, as a result, also gave up two AK 47 rifles to men of the Task force. According to a report from the area, Namata and his group had been responsible for the several attacks in the area and his turning over a new leaf could bring some respite to the communities that have been under his siege for some time. Sources, who hinted at his relocation, also added that he was into rearing cattle before going into Banditry. But members of the Dandawa community have pleaded with the security agencies to place the "repentant bandit" on close watch. Though some officials of the task force confirmed the development, THISDAY could not get the Police Public Relations Officer of the Niger

State Command, DSP Wasiu Abiodun, to speak on the matter. But the forum of speakers, while explaining that the declaration of the bandits and kidnappers as terrorists would pave the way for the Nigerian military, police and other security agencies to attack and kill the hooligans without any major consequences in international law. The forum, in a communiqué

President Muhammadu Buhari will today depart for Riyadh, Saudi Arabia, to participate in a three-day investment conference organised by the Future Investment Initiative Institute. During his stay in Saudi Arabia, the president is also expected to perform the lesser Hajj before returning to Abuja, the nation's capital, on Friday. Buhari, according to a statement issued yesterday by his spokesman, Garba Shehu, would be joined at the fifth edition of the flagship investment event by business executives from Nigeria, bankers, captains of industry, and energy experts to discuss issues on the future of investments across the globe. The three-day event, with the theme, “Investment in Humanity,” would host global executives and asset managers. It would deliberate on progress and prosperity with energy; true final frontiers in investments; science in action; and impact of

read by its Chairman and Speaker of the Bauchi State House of Assembly, Abubakar Suleiman, at the end of its third annual meeting held in Katsina, the Katsina State capital, said their intervention had become necessary. According to him, the meeting with the theme: ‘The Menace of Insecurity in the Country and the Role of State Assemblies to Restore Peace and Order’, and drew

speakers from the 36 states of Houses of Assembly, aimed at discussing and proffering solutions to the nation’s security challenges. "The conference call on the federal government to declare bandits and kidnappers as terrorists to enable security agencies to fight the criminals. This is not only to serve as deterrent to others but also to become the solution to security challenges facing the country.

"The conference while commending the governors, who have given assent to the fund management bills passed by respective state assemblies called on other state governors who are yet to do so to give assent to the bill for effective and efficient implementation of financial autonomy across the nation," he said. Seleiman, while reading the 5-point communiqué, noted that the conference decried

the spate of insecurity in the country and resolved to work out legislative frameworks to complement the effort of the federal government in fighting the hoodlums. He added that the conference also resolved to make relevant laws to address fundamental issues that could bring insecurity in the country to an end as well as create employment for the unemployed youths.

DINNER IN RIYADH... L:R: Saudi Arabian Minister of Energy, Abdulaziz Bin Salman Al Saud receiving a gift from Minister of State Petroleum Resources, Chief Timipre Sylva, at a dinner held in Sylva’s honour by the Saudi Government, in Riyadh, Saudi Arabia... recently

Buhari Departs Abuja for Saudi Arabia Today Deji Elumoye in Abuja

Speakers urge Buhari to designate brigands, kidnappers terrorists

climate change on communities among others. On the president's entourage are the Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami; Minister of State for Foreign Affairs, Ambassador Zubairu Dada; Minister of State for Petroleum Resources, Chief Timipre Sylva; National Security Adviser, Maj. Gen Babagana Monguno (rtd); Director General of National Intelligence Agency, Ambassador Ahmed Rufai Abubakar; Managing Director of Nigerian Sovereign Investment Authority, Uche Orji, and Chairman, Nigerians in Diaspora Commission, Hon. Abike Dabiri-Erewa. According to the statement, some other participants to attend the investment summit from the private sector include: Alhaji Mohammed Indimi, Alhaji Aliko Dangote, Tope Shonubi, Wale Tinubu, Alhaji Abdulsamad Rabiu, Hassan Usman, Omoboyode Olusanya, Abubakar Suleiman, Herbert Wigwe and Leo Stan Ekeh.

FG Prepares for Sale of Forfeited Assets, Vets Over 600 Valuers Emmanuel Addeh in Abuja The federal government has begun the process of screening 613 independent valuers expected to manage the sale of illegally acquired assets, which have now been permanently forfeited to it in about 25 locations throughout the country. Speaking in Abuja, at the weekend, Chairman of the Interministerial Committee on Disposal of Forfeited Assets, Mohammed Etsu, announced that the body adopted a competitive bidding process for the engagement, anchored on transparency and international best practices. The Attorney-General of the Federation, Abubakar Malami, had in November 2020 inaugurated the inter-ministerial committee to dispose of all the looted items. He stressed that the initiative was a result of the President Muhammadu Buhari’s directive on the need for efficient management

of the assets. The minister added that the committee was responsible for the development of its targets in order to measure its performance, and respond to asset management audit and asset performance reports. Of the total proposals for the consultancy services received at the expiration of the deadline, 284 submitted bids for valuation of developed landed properties, including residential, commercial, institutional and underdeveloped plots of lands for disposal. According to the committee, while 229 proposals were received for valuation of plants, machinery, motor vehicles, furniture and equipment, 75 companies submitted a bid for valuation of water vessels for disposal, and 25 companies presented bids for valuation of jewelleries, ornaments and clothing materials for disposal. In line with the federal government’s anti-corruption drive, Etsu, who is also the Solicitor-

General of the Federation, stated that the committee would ensure a harmonised and transparent process to safeguard the recovered assets by relevant agencies. He stressed that the subcommittee on valuation and due process had earlier conducted the technical evaluation of the bids received from interested valuers, stressing that only clothing materials are available for valuation at the moment. He pointed out that jewelleries were still subjects of litigation and therefore were not part of the process for now, reminding the successful valuers of the need to be thorough. Speaking also, Head, Assets Recovery and Disposal Unit, Office of the AGF, who also doubles as the Secretary of the Inter-ministerial Committee, Ladidi Mohammed, said the consultancy fees would be based on an agreed percentage from the proceeds of the disposed assets.

In his remarks, Chairman of the Media Committee, David Ugolor, said the cooperation of the media and the independent valuers remained crucial to the successful management of the process. Ugolor stated, “I am imploring the media and all independent valuers participating in today’s event to accord their maximum cooperation, to ensure that this is conducted with utmost transparency. “While appreciating the efforts and dedication of the inter-ministerial committee members, as well as the secretariat, I enjoin the qualified independent valuers present today to execute the process with dedication and sincerity, for a better Nigeria. “In the same vein, I implore all media present to report based on ethical principles to ensure that all eligible participants are given equal opportunity through the ballot system.”

MONDAY OCTOBER 25, 2021 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 25, 2021

COMMENT

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

CAN ZONING ARRANGEMENT PRODUCE AN EFFECTIVE LEADER? Ejeviome Eloho Otobo and Oseloka H. Obaze argue that at the level of Nigeria’s political development, zoning can help overcome many barriers

head of the 2023 presidential elections the clamour for the zoning of the presidency has intensified. The zoning arrangement in the fourth Republic has a unique historical antecedent. Its genesis can be traced to the annulment of the June 12, 1993 presidential elections. The annulment not only led to a major political upheaval, but also created a deep sense of injustice on the part of the geo-political zone section from whence the winner came. To assuage the ensuing sense of grievance, the two main political parties that emerged to lead the transition from the military to civilian rule in 1999, reached a consensus that allowed the presidential candidates from the two major parties to emerge from the South-West geo-political zone. Thus, zoning in its current incarnation was born. There was, however, a precursor to the current arrangement. During Second Republic there was an informal albeit determined effort to zone high elective positions --President, Vice-President, Senate President, Deputy Senate President and Speaker of the House of Representatives and the Deputy Speaker --to the various geo-political zones in order to reflect federal character and inclusive politics. The early years of the Fourth Republic also adopted that practice. Federal character principle was introduced not to appease any group but to promote national cohesion and promote a sense of belonging to citizens from all parts of the country. While federal character is entrenched in the 1999 Constitution (as Amended) zoning is not. Nonetheless, both are predicated on the same central organising principle, namely, political inclusivity and national cohesion in a secular, multiethnic, multi-religious and multicultural mosaic, in order to achieve fair and equitable representation. Whilst zoning may have emerged as a product of necessity; it represents in its expediency, a pragmatic response to nation-building. There is growing evidence that countries that have made much progress in nation-building achieve greater strides in economic development. This is mainly because such countries would have achieved consensus on, and developed institutional and political arrangements for, creatively managing their diversity. The outbreak and persistence of multiple security challenges in Nigeria in the past few years, is proof if any was needed, of Nigeria’s dismal record in national-building. Along with national security and economic management, nation -building is one of the most important tasks of political leaders, especially the president in a country such as Nigeria. Nation building requires striking a balance between efficiency and equity. Unfortunately, Nigeria’s political processes lack both. The principle of zoning is designed to ensure that no part of the country is ever permanently excluded from power and that no national party is perceived as representing one section of the country. Despite its many advantages, in particular, as regards nation building, zoning remains a contested arrangement in Nigeria. Why is that case? And can zoning produce an effective leader? The three main arguments advanced by those opposed to zoning are that it undercuts the freedom to choose; fosters mediocrity on the nation at the highest level of government; and deprives the nation of effective

WHILST ZONING MAY HAVE EMERGED AS A PRODUCT OF NECESSITY; IT REPRESENTS IN ITS EXPEDIENCY, A PRAGMATIC RESPONSE TO NATION-BUILDING. THERE IS GROWING EVIDENCE THAT COUNTRIES THAT HAVE MADE MUCH PROGRESS IN NATION-BUILDING ACHIEVE GREATER STRIDES IN ECONOMIC DEVELOPMENT

leadership. These arguments have limited validity. Zoning does not eliminate the freedom to choose. Instead, zoning is a creative equitable power rotation in the spirit of nation building. In the 1999 presidential electoral contest, the South-West produced two formidable candidates, who could not be adjudged mediocres by any stretch of imagination. The administration that came to power in 2007 marked the first time that Nigeria had two leaders with advanced degrees and considerable governance experience at the state level. But there is an unstated reason why some oppose zoning: to preserve power for themselves or their group. To such power-huggers, nation building and promoting inclusivity rank very low in their political considerations. To be certain, some Nigeria leaders have displayed huge nepotic tendencies. This may be attributed to the provisions of Article 131 (d) of the 1999 Constitution that set the educational qualification “at least the school certificate level or its equivalent.” There are many obvious limitations in thought, knowledge and cosmopolitan orientation that come with that low level of educational attainment. This is a provision that should not have found place in the Constitution of Nigeria drawn on the eve of the 21st century. This elicits a heady question: Can zoning arrangement produce an effective leader? Three core issues need to be considered. First, there is no geopolitical zone that cannot boast of prima facie qualified and competent presidential candidates. Second, effective leadership is a function of skills, knowledge and experience. By failing to rotate political power, the country deprives itself of the experience and expertise of such persons. Third, Nigerian leaders and citizens evince much pride when their compatriots make progress in the political and other spheres in foreign countries. Yet, these same people could be deemed unworthy to lead the country, mainly because of their geo-political zone. This calls to mind an assertion made about President Barack Obama –that in Kenya, he could not have become a president because of his region of origin. At this juncture in Nigeria’s political development, zoning can help overcome whatever such barriers may be. It is worth recalling that the 1994 draft Constitutional Conference report which was signed by Sani Abacha in 1995 proposed an arrangement under which each of the six zones would have had the presidency for five years, with a review of the arrangement after 30 years. That arrangement faltered due to the sudden leadership changes towards the end of the political transition. But in essence, it reflected a profound commitment to nation-building. This shows that just over quarter of century ago, there was an elite consensus on this issue that has become controversial. Nigeria has now reached the fork in the road on its political journey. To move forward in the spirit of reconciliation, the South East should be given the opportunity to present the candidates for the 2023 presidential elections. As the draft 1994 report envisaged, the time will come to review the zoning arrangement. That time is not now. Otobo is a Non-Resident Senior Fellow at the Global Governance Institute, Brussels while Obaze is Managing Director and Chief Executive Ofﬁcer, Selonnes Consult in Awka.

LAWAL AND MANAGEMENT OF MILITARY PENSIONS Sabiru Lawal has instilled a culture of integrity and transparency at the board, writes Jackson Ali

t’s been one full year since Commodore Sabiru Abayomi Lawal assumed duty as the 28th Chairman of the Military Pension Board (MPB). His tenure officially took off on September 18th, 2020. Managing pensions in Nigeria has over the years proved difficult. And this is not limited to military pensions. Most retirees of ministries, departments and agencies have had to endure insufferable conditions to get their gratuities and pension. In some cases where they are paid, they are delayed for years on end. Several studies and researches carried out on Nigerian pension management have returned the same verdict – it is fraught with challenges, mostly administrative. The administrative challenges include inadequate personnel; lack of biometric data capturing machines resulting in poor automation of processes; too many pensioners on the payroll, some of which are ghost pensioners; corruption underscored by embezzlement of pension funds. These have remained sore points in the nation’s pensions administration. Obviously, Lawal may have understudied these flaws as he came prepared for his brief. He didn’t have to learn the ropes. Pronto, he set out to rev up the human capital capacity at the board through a new order of orientation and re-training of staff. He introduced automation not only to hasten the processes but also to clean up the register of pensioners, ridding it of ghost pensioners, a syndrome that has over the decades blighted pension management across board in the nation’s public sector. It’s often said that leadership is about having a vision and pushing through the vision against all odds. This is what Lawal has done. When he mounted the saddle as the Chairman of the MPB, he promptly announced his vision and mission in sync with that of the board. Ever since, he has kept faith to his vision of automating the administration and management of military pension in Nigeria. One of

such measures being undertaken is his determination to electronically verify Nigerian military pensioners within and outside the country. Lawal believes that automating the processes will help eliminate multiple human errors and unwholesome incidents that had dogged the operation of the board and stymied its efficiency at delivering the right service to the nation’s retired gallant military personnel both at home and in the Diaspora. One noticeable departure from the past and which attests to the reformation of the military pension within the past one year is improvement in the prompt and regular payment of retirement benefits. This takes its bearing from the computerization and re-organization of gratuity and pensions payment system. This has helped to eliminate the hitherto needless delays in payment and processing of refunds of contributions made by military personnel to the Contributory Pensions Scheme. Lawal has proven that effective management of pensions in the 21st century especially with the benefits of technology is possible in Nigeria. The introduction of the NOK (Next-of-Kin) Indemnity Form to prevent continuous payment of pension to deceased pensioners is yet another masterstroke which showed his understanding of the challenges that have over time frustrated the process. Globally, serving in the military evokes a sense of patriotism and national commitment on the part of the officer. This is why serious nations don’t toy with after-service welfare of their veterans. Lawal has introduced this time-tested global best practice of catering for veterans by improving the synergy between the board and the veteran bodies. It was, therefore, no surprise when the Senate Committee on Establishment and Public Service recently commended the board for its promptness in the payment of pensions and gratuity to retired military personnel, in addition to timely payment of death benefits to the Next-of-Kin (NOK) of deceased

military personnel. Ordinarily, this was one of the reasons the board was set up. But that has not been the routine. Delay in payment of military pensions has been the enduring feature of the board. This explains why doing the right thing as Commodore Lawal did is attracting the headlines. The bottlenecks have been removed via human capital and infrastructure reforms. And we no longer see long queues of military retirees or their dependants litter the streets of Abuja just to collect elusive pensions. Some have dropped dead on such queues. Some, too sick and weak to stand the rigours and drudgery of the pension exercise, have collapsed while waiting. That’s not how to treat the body of persons who risked their lives, got disconnected from their families and sacrificed their social lives just so the rest of us can live in peace. Lawal’s revolutionary reforms have helped to cushion the pains of dependants losing loved ones in the line of duty. The Chairman, Senate Committee on Establishment and Public Service, Senator Ibrahim Shekarau, did not hold back words as he gushed in gratitude and unvarnished commendation for Lawal and his team during the Committee’s oversight visit to the board’s head office in Abuja on 3 June 2021. Senator Shekarau said with a tincture of certitude that Nigerians were grateful to the leadership of the board for not only promptly paying pensions and other benefits, but also for reorganizing the gratuity and pensions payment system, thus eliminating unnecessary delays which hitherto characterized the system. The senator who should know, having excelled as a civil servant and administrator and now a politician, said Lawal’s reorientation of staff and reorganisation of the board has repositioned it for nimble-footed efficiency and saved Nigerians the embarrassment of seeing military retirees loitering the streets of Abuja, begging for their entitlements to be paid after serving their country meritoriously

for many years. There is so much about a working pension system especially for the military. This has become even more essential these recent years when the nation is embroiled in an insurgency war with persons not easily identifiable. During this period, not only has the nation lost top military personnel through retirement, she has also lost young and active ones in the course of the insurgency battle. The demands of this internal war and the need to meet with the United Nations prescription for army personnel to population ratio means that the nation must ramp up recruitment of young men and women to join the military. For this mandate to be met, prospective candidates wishing to make a career in the military must first know and be convinced that should the unexpected happen while in active service, the persons they left behind would not have need to go through insufferable conditions of life. In one year, Commodore Lawal has engendered a culture of integrity, transparency and accountability at the MPB, and the staff attest to this. The Senate says so and military pensioners tell it across the nation. Even his seniors in the military say he was never one to fall short of expectation. They say so because of his pedigree of sterling service and scholarship. He flaunts a Bachelor of Science degree in Economics from the Nigeria Defence Academy, a Master’s degree in Business Administration (Finance) from the University of Lagos, Certificate in Public Financial Management in a Changing World from Harvard Kennedy School of Executive Education, USA. He is a member of the Institute of Cost and Management Accountants, Institute of Chartered Economists of Nigeria, the Nigerian Institute of Management (NIM) and the Association of National Accountants of Nigeria. All this has made him a game-changer in pensions management. Ali, a public policy strategist, wrote from Lagos

T H I S D AY • MONDAY, OCTOBER 25, 2021

EDITORIAL 20 YEARS OF IOM IN NIGERIA The IOM has done remarkably well for Nigeria

s the International Organisation for Migration (IOM) begins to mark the 20th anniversary of its presence in Nigeria, we cannot but commend this United Nations agency that promotes the universal principle that safe, humane, and orderly migration benefits migrants and society. For the past two decades, the IOM has supported the efforts of Nigeria to strengthen governance and harness the development potential of well-regulated migration through development of National Migration Policy and Migration Labour Policies. The IOM has also provided, on regular basis, relevant information for migrants in transits, the available legal channels as well as the rights and obligations of migrants while helping to establish three Migrant Resource Centres (MRC) in Benin, Lagos, and Abuja. The IOM commenced operations in Nigeria in August 2001, upon the signing of the cooperation agreement with the federal government which permits the agency to implement programmes related to the migration of persons. These include resettlement THE IOM HAS ASSISTED of internally displaced MORE THAN 22,500 persons, rehabilitation STRANDED MIGRANTS and integration of BACK TO NIGERIA IN returnees and persons COORDINATION WITH THE returned from abroad, FEDERAL GOVERNMENT. counter measures on MAJORITY OF THESE human trafficking and RETURNEES HAVE child slavery, migraRECEIVED REINTEGRATION tion health services COUNSELING OR and activities which BUSINESS SKILLS comprise of technical TRAINING assistance on migration matters. In these and other programmes, the agency has been of tremendous assistance to the country. In recent years, the IOM has spent huge sums of money to evacuate back home hundreds of Nigerians most of whom were trafficked to Libya enroute Europe with promises of better life. Aside the uncountable numbers who regularly lose their lives on the Mediterranean Sea while being trafficked abroad or engaged in illegal migration, there have been stories of trafficked victims compelled to undergo rituals, including eating chicken hearts, and drinking blood containing worms and powdering incisions. With opportu-

Letters to the Editor

nities to return, IOM has offered thousands a second chance with the provision of essential services for reintegration into their communities and rebuilding their lives.

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

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

ince 2017, the IOM has assisted more than 22,500 stranded migrants back to Nigeria in coordination with the federal government and majority of these returnees have received reintegration counseling or business skills training. Many have successfully been supported with income generating micro-businesses. The IOM has also embarked on public awareness campaigns, including community theatre and community dialogue on the dangers of irregular migration and human trafficking. The individual reintegration programme of the IOM allows for a more comprehensive package tailored to the migrant’s specific needs and vulnerabilities while the collective reintegration programme enables capacity building and local ownership in which returnees from the same community come together to create a microbusiness. This business model that has helped thousands will allow for multiple returnees to start income-generating activities to sustain themselves and their families. The agency has also provided institutional support for the Nigeria Immigration Services (NIS). Hundreds of their officers have been trained on Migration Information and Data Analysis System (MIDAS) by the IOM that has helped to install tracking systems in 14 land borders, five airports, two seaports and four state command offices across Nigeria. It is also noteworthy that since 2015, the IOM has been supporting the federal government response to the humanitarian crisis in the North-east because of the Boko Haram insurgency. IOM gathers extensive data with its Displacement Tracking Matrix (DTM) through biometric registrations and population flow monitoring to inform the humanitarian community on displacement and about the needs of victims. DTM not only underpins humanitarian activities in the Northeast, it provides development partners with up-to-date information on mobility trends as well as recommend appropriate immediate and long-term responses. As an agency on the frontline of helping to “assist in the search for practical solutions to migration problems and to provide humanitarian assistance to migrants in need, including refugees and internally displaced people,” the IOM Nigeria Office has a lot to celebrate in 20 years of service to the most vulnerable of our society.

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

OYO: ONE JAILBREAK TOO MANY

he trend of attacks on Nigeria Correctional Service is worrisome. In 2021 alone, more than 3,000 inmates were illegally set free in three jailbreaks. On September 13, 240 inmates were reportedly freed after gunmen struck at a detention facility in North central Kogi State with explosives. On April 5, at least 1,800 were freed in the southeast Imo State; and now, about 800 have been freed in Southwest Oyo State, based on media reports. Although the authorities have managed to re-arrest some inmates, most are roaming the streets today. Aside from the grave security concerns, the jailbreaks are already becoming an embarrassment to Nigeria in the international community. All three recent jailbreaks have similar patterns of execution. They were reportedly done by ‘unknown gunmen’ with explosives. This trend highlights that the nation may be facing a new dimension to its fight against terrorism which seeks to turn loose criminals for recruitment. It would also be valid that some group of people with a motive to spite the government are targeting correctional facilities. Both have a record in our history. According to a report by The Nation newspapers on prison breaks in Nigeria, the first jailbreak occurred in Bauchi on 7 September 2010 with 721 freed inmates, leaving five dead, and six injured. In the Kogi prison incident of 2014, about 144 inmates were freed, leaving one officer dead. These were both linked to the Boko Haram sect. Other jailbreaks were either attributed to unknown gunmen or armed robbers until 2020, when the peaceful protest against police brutality - #EndSARS, got infiltrated and led to a flurry of attacks on prisons in Edo and Ondo States, freeing about 2,051 inmates. These showed that incidents of jailbreaks are

perpetrated by men of the underworld and put the red light on the peaceful and harmonious existence of the people and country. But it bothers the mind that the Nigeria Correctional Service has largely cut a nerveless figure. These tragedies were majorly helped by ineffectiveness. For a Service supposedly reformed two years ago to reflect the modern and sophisticated method of the justice system, there is no pointer to any improvement. For instance, there is no trace that the Service took lessons from the previous attacks across the country and had worked on practical plans and strategies to curtail them yet. It is also obvious that weak collaboration between the Service and other agents in the justice sector such as police and courts, persist. However, this is not a time for fault-finding. The peace and justice cause will require tremendous commitment from all: the president, leadership of the correctional service and the police, and the public, too. But the trend is scary. The Nigeria Correctional Service Act 2019 empowers an officer to “use firearms and weapons against an inmate engaged in any combined outbreak, or any attempt to force, or break open the gate or perimeter wall of a custodial Centre.” Therefore, facilities across the country should be officially briefed to get ready against invasion at any point in time in this period. One reason commands get breached is that they are ill-equipped. Officers give a weak fight against external attacks due to a lack of ammunition. President Buhari should provide the NCS with all the help they need to discharge their duties of safe custody. Ibraheem Abdullateef, Executive Director, Torchbearers Impact Network

ATTACK ON THE ABUJA-KADUNA TRAIN

he report on how bandits attacked a train on transit from Abuja to Kaduna last week has further buttressed the audacity and cruelty of these criminals. The Kaduna-Abuja road has become too dangerous to motorists, compelling them to look for alternative routes. Many travellers have been forced to patronize the train transport service believing it to be safe. With the exception of few hitches, there had been no report of bandits’ attack since the train service was launched. But with the unfortunate attack and destruction of rail tracks, the train service which is patronised by the ordinary people is no longer safe. Are there other alternatives for travellers to the nation’s capital now? Some people may suggest air transport. But how many people can afford the ticket? Even though the tracks had been fixed the bandits or whoever attacked the train last week may likely return, hence the need for the train services to be fully monitored. There is need to safeguard it through adopting proactive security measures. Ibrahim Mustapha, Pambegua, Kaduna State

MONDAY OCTOBER 25, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY OCTOBER 25, 2021

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

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

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

Cloud of Uncertainty Hovers Over Anambra Governorship Election As the orgy of violence continues in Anambra State, David-Chyddy Eleke considers its implication on the impending Anambra governorship election on November 6

Buhari

little over one week to the Anambra State governorship election, there are genuine concerns on whether the election will go ahead as scheduled owing to the spate of violence in the South-east region. Will this season of brutality lead to a postponement of the election? Many believe that the election is already seriously threatened. These threats have been consistent and unrelenting in the last few months. The recent succession of attacks have renewed doubts about the election. Many of these attacks have been linked to the Independent People of Biafra (IPOB), however, the group which wants a sovereign state of Biafra, independent of Nigeria, constantly denies involvement. Therefore, the sequence of viciousness unleashed on the populace have been blamed on faceless “unknown gunmen.” In 2017, IPOB in similar fashion had announced a boycott of the governorship election in the state, but the election went ahead as scheduled. Uncertainty about the coming election started building up last March, when some unidentified gunmen stormed the home town of Prof. Chukwuma Soludo, Isuofia in Aguata LGA of Anambra State and attacked a gathering where he was speaking with young people about his vision for the state. Soludo is the candidate of the All Progressives Grand Alliance (APGA) for next month’s election. The gunmen came at a time when Soludo was still struggling to get the ticket of APGA. Before the attack on Soludo, there were sustained attacks on establishments owned by the Federal Government, including police stations, correctional centres and damage of vehicles belonging to government, including attack on INEC. The attack on Soludo, however, gave the orgy of barbarity a political coloration, leaving all with the question of whether the election would hold or not. In the last few weeks, the level of insecurity in the state has become alarming. It came to a disturbing climax penultimate week when Dr. Chike Akunyili, the widower of the late former Minister of Information and former Director General of the National Agency for Food and Drug Administration and Control (NAFDAC), Prof. Dora Akuny-

Obiano

ili, was murdered in a most gruesome manner, along with eight others. Before the Akunyili murder, in Ajalli, Orumba North Local Government Area, a police station was attacked and two policemen killed. Also, the vehicles of a member of the House of Representatives and former Peoples Democratic Party (PDP) governorship aspirant, Hon. Chris Azubogu were attacked, and one of his drivers killed. The gunmen also set ablaze the offices of the Department of State Services (DSS) and Federal Road Safety Corps (FRSC) in Nnewi, Anambra State, leaving two people dead in their trail. Also set ablaze was the Nnewi country home of a Lagos-based chieftain of the All Progressives Congress (APC), Mr. Joe Igbokwe, and the home of another prominent son of Nnewi and former minister, Dr. Chu Okongwu, which was also invaded and burnt. In most of the incidences, eyewitnesses have pointed at the separatist group; Indigenous People of Biafra (IPOB), even though the group has been struggling to extricate itself. Overwhelming evidence at the scene of attacks and information from terrified victims claim that the heavily armed groups always pass one message to those who manage to escape alive: ‘tell the concerned authorities that there will be no election in Anambra State.’ Away from IPOB, the APGA and APC have been engaged in a war of words

over who is responsible for the attacks in the state. The APC accused APGA of not doing enough to stem the tide of insecurity in the state. Senator Andy Uba, the party’s governorship candidate accused Governor Willie Obiano of having a hand in the increasing violence in the state for the purpose of putting off the scheduled election. Uba said with the huge monthly security vote collected by the governor and his wife, the security of the state ought to be better managed. Uba who spoke through the media director of his campaign organisation, Hon. Afam Ogene said: “Each time Gov. Obiano clownishly adorns himself in military camouflage, does he do so for mere comic display?” But in a swift response, APGA stated that by accusing Governor Willie Obiano of having a hand in insecurity in the state, the APC was indirectly accusing President Muhammadu Buhari of ineptitude, since the president is the Chief Security Officer of the country. The state Commissioner for Information and Public Enlightenment, Mr. C. Don Adinuba who also doubles as the Director of Media and Publicity of the Soludo Campaign organization, argued that the “Anambra APC indicts President Buhari anytime it comments gratuitously on a negative security development in the state. President Buhari, not Governor Willie Obiano,

In most of the incidences, eyewitnesses have pointed at the separatist group; Indigenous People of Biafra (IPOB), even though the group has been struggling to extricate itself. Overwhelming evidence at the scene of attacks and information from terrified victims claim that the heavily armed groups always pass one message to those who manage to escape alive: ‘tell the concerned authorities that there will be no election in Anambra State.’

is the Commander-in-Chief of the Nigerian Armed Forces and head of all security agencies in the country. Security is on the Exclusive List of the 1999 Constitution, as amended. “Each of the 36 state governors in the federation is merely the titular chief security officer of his state. No governor has control over the police force or the Department of State Services or the Nigeria Security and Civil Defence Corps (NSCDC) in his state, let alone any of the Armed Forces. Even the Anambra Vigilante Group (AVG) is supervised by the state police command, like any other state vigilante service,” Adinuba explained. As the brickbat continues, there have been arguments about whether there will be election in the state or not. Attorney General of the Federation, Mr. Abubakar Malami (SAN) reacting to this said the federal government was determined to ensure that elections hold, and that even if it means imposing an emergency rule in Anambra, it will not hesitate. Malami was roundly condemned for the statement, with many stating that he has an ulterior motive by making such utterance, especially, being that he is a member of the APC campaign council in the state. Governor Willie Obiano who visited President Muhammadu Buhari on the issue a day after the comment said: “I was warmly received today at the State House in Abuja by President Muhammadu Buhari. I reported the statement credited to the Attorney General and Minister of Justice, Abubakar Malami to him. The Minister had threatened that the federal government will impose a state of emergency on Anambra State over security challenges. “The President assured me and Ndi Anambra that the Federal Government is not contemplating taking such drastic action. Rather, President Buhari said that the Federal Government will increase its support to security agencies operating in Anambra State to contain the challenges. Among other measures, the President said that there will be more booths on the ground.” Obiano said that President Buhari frowned at those who use his name and that of the Federal Government to intimidate Anambra voters. “We also discussed the November

T H I S D AY ˾ MONDAY OCTOBER 25, 2021

MONDAY DISCOURSE

Baba Usman

6, 2021 Anambra gubernatorial election. President Buhari assured me that he will not support intimidation of the electorates in any form, and promised that the Federal Government will support INEC and other agencies connected with the election to ensure the conduct of a free, fair and credible Anambra gubernatorial elections.” On the posibility of elections holding in Anambra State, the Federal Government has responded by launching operation Golden Dawn, not only for Anambra State, but for the entire South-east. THISDAY confirms that there is massive presence of the military and mobile police operatives in all corners of Anambra State. Meanwhile, in Anambra State, there is no indication that the people are afraid to participate in the election. THISDAY observed that instead, the people are eager to participate in the forthcoming election. Hon Emeka Aforka, a member of the House of Assembly, who spoke to our correspondent said there is no violence in the state that is enough to stop the people from voting, adding that his constituents are already eager to participate in the election. He said: “Anambra has not recorded over 15 deaths since the new scale of violence erupted over the state. For a state that has for the past seven years enjoyed well-deserved reputation of being Nigeria’s safest and most peaceful state. “Anambra has not recorded a fraction of casualties in places like Borno, Zamfara, Katsina, Benue, Plateau, Yobe, Niger, Adamawa, Taraba, amongst others, where terrorists have killed several thousands of civilians and attacked military formations. The bandits operating in the Northern part of the country have even brought down some sophisticated combat aircrafts, but these incidents did not stop elections from holding in the troubled Northern states in 2019? “Is the number of victims of the politically motivated violence in Anambra State anything near what the nation has seen even in such states as Imo and Ebonyi controlled by the ruling All Progressives Congress (APC)? Why hasn’t Malami considered a state of emergency in these APC-controlled states? Anambra will hold its election, and it will be peaceful,” he declared. Sharing a similar opinion, human rights lawyer, Mr. Kelechi Eze told THISDAY, “Let us assume that the insecurity continues, have there not been elections in other states in the North, even in the heat of terrorists attacks? I am very confident that elections will hold in Anambra. The state governor has said he is ready for the election, the APGA, APC and even PDP have also said same. So, is it people from other states, as the Anambra Governor, has said that will come and destabilize what we are doing here? It is a one-state election, and so all focus would be here. I think the Federal Government can also mobilize to ensure that the state is better protected for the election.” Every indication, however, points to the fact that nothing will stop the conduct of the election, as both the Independent National Electoral Commission (INEC) the Federal Government have given their commitment to go ahead with the election.

Malami

President Muhammadu Buhari last Thursday vowed that he would not allow anything or anyone to disrupt the forthcoming governorship election in Anambra State. He made the declaration during a National Security Council (NSC) meeting in Abuja with the service chiefs, where the election and rising cases of violence were the focus of attention. Buhari, speaking through the National Security Adviser (NSA), Major General Babagana Monguno (rtd), gave marching orders to the security agencies to apply overwhelming force, if necessary, to protect the November 6 governorship election and ensure it was not interrupted by non-state actors who have been heating up the polity. Monguno disclosed the President’s directive to journalists at the end of the security meeting. Monguno said besides the fact that the people of Anambra State deserve to elect a governor of their choice, the Federal Government would not let non-state actors set a wrong precedent in the country’s electoral experience. “The president has directed that under no circumstances will anything be allowed to stop the elections from taking place successfully. The people have a right to vote, they have a right to select their leader, and no group or individual will be allowed to stimulate anarchy and chaos, leading to murderous activities. The president has made it very clear that the armed forces, security agencies, and law enforcement agencies must make sure that the elections take place. If it means overwhelming the entire environment with the presence of security agencies. “There are so many implications for elections to be sabotaged by non-state actors. In the first place, we are in a democracy. Secondly, it is important to note that if these non-state actors should succeed in destroying the potential for orderly elections, then it is natural that other parts of the country will also want to copy this situation. The problem here is that in as much as the government wants to conduct peaceful elections, there are non-state actors who have been heating up the polity, who have made all kinds of attempts to stymie orderly elections for next month. “The mere thought that a group of

non-state actors want to portray his government as not being able to be firm is totally out of the question. The tail cannot wag the dog, it is totally unacceptable and, again, we in the security and intelligence community have been trying as much as possible to talk with the leadership in the Southeast, to make them aware of the fact that President Buhari is not averse to the aspirations of the people of the South-east,” the NSA added. He stressed, “So long as whatever they desire to achieve, they do it through the normal prescribed manner, either legislative, legal, or whatever. For as long as it is within the confines of legitimacy, President Buhari does not have a problem with that. But any action that is outlandish, any action that typifies roguery, the usurpation of the authority of the state is not going to be tolerated. “Again, we’re also mindful of the fact that Nigerians, being what they are, also need to understand that if these non-state actors should go out on a limb and extend the frontiers of violence, and begin to kill people, there is a possibility that reprisal attacks can take place in other parts of the country, which is what we do not want to happen. So, we’re working with the community leaders, with the governors and everybody to ensure that they bring their people, restrain them on the leash.” As the November 6 date for the election draws close, indications are that all is set for the election. Though there are renewed fears that even though the leader of the IPOB, Nnamdi Kanu was brought to court last week, the refusal to grant the request of his lawyers for him to be remanded in Kuje Prison instead of the DSS detention centre or his release has sparked off another round of violence. Already, IPOB has declared one week sit-at-home protest from November 5 to November 10, to prevail on the Federal Government to release Kanu. As the November 6 governorship election date is enveloped in the IPOB sit-at-home period, the implication is not lost on both the populace, the federal and state governments, INEC, the media and other critical stakeholders. Apparently, the exercise is targeted at the

Despite the threat posed by the new order, stakeholders in Anambra believe that the election would hold. Human rights lawyer, Mr. Kelechi Eze said the worst that the separatist group can do is to cause voter apathy. He said the IPOB threat was not capable of stopping the election. He said: “I still do not think that the threat is capable of stopping the election. The best that the IPOB can achieve with this order is to cause voter apathy

Anambra governorship election. The group in a new press statement by its Media and Publicity Secretary, Emma Powerful said: “Following the adjournment of our great leader Nnamdi Kanu’s court case to 10th of November 2021, by the Federal High Court, Abuja, we the great movement and family of the Indigenous People of Biafra wish to inform Biafrans, friends of Biafra and lovers of freedom that IPOB will lock down Biafraland from 5th of November to 10th of November except Sunday, November 7th, a day our people worship the Almighty God if the Nigeria Government fails to release our leader unconditionally before 4th of November 2021. “Our leader, Nnamdi must be released unconditionally on or before November 4, 2021 because he has not committed any offense known to any law. Failure to release our leader on or before November 4, 2021, our one week sit-at-home begins on November 5, 2021 till November 10. Although we quite understand the pains and adverse effects of this option on our people, we are compelled to take it to achieve a better purpose in the collective interest of Biafrans. We have taken time to analyze what transpired on October 21 when our Leader was arraigned in court and discovered that the Federal Government is not sincere and only wants to humiliate him and keep him perpetually in DSS custody to rot there. “We all saw how lawyers, journalists, Igbo delegates and respected traditional rulers and other people who came from all around the world to witness his court case were restricted and denied access into the court premises by security agents who kept them outside under the scorching heat of the sun. What a humiliation and wickedness! We cannot accept that anymore. We can never allow Nnamdi Kanu to be tried secretly and we can never also allow him to be tried under Sharia law under any guise. Nigeria must follow international laws in handling our leader. “Unless the Federal Government releases him unconditionally before November 4, we shall sacrifice one week for him as a warning protest to convey to our oppressors that Nnamdi Kanu represents over 70 million Biafrans. He is innocent of all the charges preferred against him. As long as he is in detention our individual businesses do not matter so much because he is suffering for us all and we can’t abandon him. We seriously regret the inconveniences this may cause our people but it’s a necessary sacrifice we need to make until we have our full independence. Nobody resident in Biafra land is expected to flout this directive as doing so amounts to challenging the will of the people on the Biafra project,” the release stated. Despite the threat posed by the new order, stakeholders in Anambra believe that the election would hold. Human rights lawyer, Mr. Kelechi Eze said the worst that the separatist group can do is to cause voter apathy. He said the IPOB threat was not capable of stopping the election. He said: “I still do not think that the threat is capable of stopping the election. The best that the IPOB can achieve with this order is to cause voter apathy,” he said.

T H I S D AY ˾ MONDAY, OCTOBER 25, 2021

THE MONDAY INTERVIEW

TUNDE BAKARE:

I Won’t Beat My Chest in Criticism Until I’m on That Seat and Do Better The appointment with Pastor Tunde Bakare, serving overseer at the Citadel Global Community Church, was almost jinxed. The odds were rather unkind. First was the change in the initial date and time, which had sent an obnoxious feeling about its feasibility. And finally, when the rescheduled date came, something else came up. The man of God had been slightly indisposed and the facilitators did not want that mentioned to THISDAY. Their reasons were genuine. Having flown to Abuja from Lagos, a ‘No’ would have been devastating. Yet, they were not clear with how to manage the situation except that they tagged along with the understanding that something would give, ultimately. But Pastor Bakare did the magic. They wouldn’t come all the way from Lagos and return without the interview, he seemed to reckon. “I’ll do this”, he said with an air of authority to his visibly uncomfortable aides, who would rather he took a deserved rest. But a few minutes into the grilling session, the man of God got his groove back and the interaction went on as heated as it was envisaged. Excerpts:

In the past few months, you have been delivering state of the nation addresses from the pulpit. A lot of people have taken issues as to whether the pulpit is the right platform to project political statements and agenda. Is it right? Those who do so are ignorant of our priesthood. There are three levels of priesthood in the Bible. The first is the Melchizedek priesthood, second is Aaronic priesthood and before Aaronic priesthood was the Priesthood of Midian. The principle of Midian is structure, strategies and systems. It was Jethro, the father-in-law of Moses, who taught him how to delegate, not to kill himself. So when you see systems, structure and strategies within a church, it is the Midian Priesthood. Aaronic priesthood was not mixed with politics at all or else they would destroy themselves. They were supposed to face strictly priesthood, but Jesus’ priesthood is after the order of Melchizedek. He was a king and a priest. Therefore, you can’t separate one from the other. The Prophet Isaiah said the Lord is our lawgiver; the Lord is our judge. All the three arms of government are vested in him. Unto us a child is born, unto us a son is given, the government shall be upon His shoulder. In fact, according to Romans 13, those who are

in the government are called ministers of God, so our Priesthood is Melchizedek. It is a lack of understanding that makes them say it’s not the right place or he’s mixing politics with what he’s doing. I’m just declaring the word of God as it affects any nation, including ours. The most topical issue now is 2023 and you have given indication that you are ‘number 16’ basically. In fact, that you will be number 16. What preparations are you putting in place to realise this prophecy? I don’t take my words back. It’s not a prophecy because if it’s a prophecy, then, I’m saying thus sayeth the Lord. We must separate chaff from grain. I knew I would be the 16th President of Nigeria from age 13. Do you still believe it? Very much so. And there are living witnesses that I told as a young man. The day President Muhammadu Buhari visited my father’s house, I showed him the 16 steps. Right from the ground floor and he built that house in 1922 and that’s where they were buried. It’s clear in my spirit.

But let me also say to you, it is not a ‘do or die’ affair for me. You asked what preparations have I put in place? I will ask you a simple question in return. What preparation did Olusegun Obasanjo put in place to become the PDP candidate? His name Obasanjo answered for him. I don’t know who in his family had laboured. He just came to inherit the fruit. He wasn’t in the forefront; it was Brig. Benjamin Adekunle, who was 3rd Marine Commando, but it was to him they delivered the surrender note. The man who did the work was somewhere. Again, he was in prison. He was released. He didn’t know when PDP was being formed. He inherited it. And again, General Ford was not even in America, he was not the vice presidential candidate for Richard Nixon. His vice president dropped and they called him to just come and be vice president, not knowing that he would be president eventually. There are those who will spend all their lives putting structures, strategies, everything in place, but one thing about this country you must recall is that, not that we do not have structure, not that they are not needful; they’re

important. But if you spend all your life putting all the structures in place, you may not even get it in Nigeria. We can go back to Shehu Shagari. He had got the form for the senate. He was going to the senate when they beckoned him to be president. Umaru Yar’Adua had finished his two terms in Katsina. He was going back to Ahmadu Bello University to resume lecturing when Obasanjo said, you are the next president. And there are those who had laboured all their lives and it is like a tantalizer: you see it, but you don’t eat out of it. So I keep my powder dry. We know those we are going to reach out to. And we are doing that by God’s grace. Aside the two main political parties, there’s hardly anybody that can get the presidency without going through either the APC or the PDP platform. So curiously, how do you intend to go about your ambition? How do you know I am not a member of the party? Where did you get that from? I moved the motion for the merger of the APC at the Eagles Continued on page 21

T H I S D AY ˾ MONDAY, OCTOBER 25, 2021

THE MONDAY INTERVIEW

TUNDE BAKARE

I’ve No Regrets Mobilising against Jonathan’s Subsidy Removal Square. Someone was telling me, a brother of mine recently, that Pastor Tunde Bakare is about to join our party. We work behind the scenes.

listen to my last lecture on the state of the nation. Apart from the concentric circles, I also dealt with power hubs. Leave my constituency, we are working. In the month of November by God’s grace, we’re pulling people together to discuss the role of the church in nation building. A lot is going on. Don’t think they are apolitical, they’re not. Some of our leaders are not just as politically savvy as they should be. But you don’t judge them harshly or wrongly, because no man can give what he does not have. You only walk in the light that you have. If you have believed the message that Jesus said, My kingdom is not of this world, there’s no way you want to step into politics, because you believe that. But you may have read half of the message and you will have called that inconsistent about Jesus, because in Revelation, he now said all the kingdoms of this world have become the kingdom of our God and of his Christ and he shall reign forever. So if you read this part that says my kingdom is not of this world, and then you see ‘for God so loved the world’, you will say it’s inconsistent. Whenever God wants to have controversy with his people, he will raise someone to start that controversy. And you will think it is that man that is controversial? No. Read the book of Nehemiah, it says God will have controversy with his people. Isn’t God controversial?

Now, shouldn’t this be called inconsistency? At some point, you practically told the world that what Tinubu had taken, he would vomit. At another instance, you stood up and asked which other person had done as much as Tinubu to deserve the highest prize. That’s some mixed messaging and it’s confounding. There’s no mixed messaging. In every good person, there are bad sides and in every bad person, there are good sides. You can’t run your car with just one battery terminal. The two terminals must be there. I remember what led to that message. I had said everything that anybody could say about Tinubu, but then, I began to see that the leaders, who are making derogatory remarks about him, I’ve seen them also getting some support from him and not returning them. Almost everything he’d taken, he has also returned. How do you mean? You see, there are some things that Tinubu has done. How he fought PDP from capturing the whole of Southwest is remarkable. And how he used whatever resources he was getting, either from Alpha Beta or any other source, to secure Ogun, Oyo, Ekiti, Osun and even Edo. Remarkable! He didn’t get Ondo during Mimiko because I said if he came second in Ondo, then God has not called me and we walked the talk. We supported Mimiko in every way we could. I was there because I felt this widespread cancer was growing and a time is coming when he’ll become the only force to reckon with. We must have an alternative platform in the southwest. So I’d said everything that would be said that was negative about him. Something then happened. A group of people, leaders in Yoruba land were going to have a conference regarding Yoruba position. When they visited me at home, I asked them, have you considered Tinubu, because I don’t know how you are going to structure this without Tinubu? So they visited him and he gave them two conditions. One, if they believed in a referendum and two, if they believed power must come to the south or something like that. In any event, the day they chose to do their own event, Tinubu also ran his own event in Ibadan. So they cancelled theirs. And they couldn’t go on with it. Now, they thought he did something bad. I could see it. But I warned them years before that this man is becoming a mighty Iroko and you’re not dealing with it now. He would become a force to reckon with that you all have to go and bow to him. And what led to that, there is part two of that message, which nobody pays attention to. In all the wrong judgments we have about Tinubu, ignore his character flaws, because you’re also eating from his table, some of our top leaders are eating from his table, benefiting from him. He has done so much good for them. I didn’t say he bought them, but if they’re benefiting from him, then, don’t deride him. Don’t say his mother is from Iragbiji, his father from Okesuna. A man may not be able to choose his father and mother, he can choose his role model. If I were Tinubu, I would have said to the whole world long before now, ‘Abibat Mogaji adopted me’. Simple. But what does this say about a person’s background? So I pick Jephthah, son of a harlot. When war broke out, they went to call him: “Come and be our leader”. He said except you make me king because you rejected me before. And we saw the second part was David, who fled from Israel to the land of the Philistine. Anywhere, any village, any city they will go to, with 600 armed men, they killed everybody. It was almost “David-Haram” Almost two thirds of the Book of Psalms is written by him today. Every saint has a past, every sinner has a future. That was the real message and in that message, I did not endorse his lifestyle, I did not endorse his politics. But nobody picked that up. The parts that suited them best, they started using it to advertise for him in 2023. I wish them well. We will meet in the public square. Sometimes you get angry with Buhari about his choices and then you even said you won’t talk to him again. But recently you visited him and was seen elbow-bumping. Isn’t this another inconsistency? Well, Pastor Bakare is a human being like you. Have you disagreed with your wife and say you won’t eat her food? When night time comes, you will know who is the captain. Any friendship that ends never started. What I was demonstrating there is that you do not sacrifice truth on the altar of friendship. That’s all. You have also complained and lamented the state of the nation. But after your meeting, you sort of backtracked. Not at all. I didn’t want to grant any interview to start with. I didn’t backtrack at all. They (journalists) started talking about 2023. And I said most people don’t know that 2021 will come before 2023 because I have said there will be a change of guards in 2021. Many people think I said change of government. I chose my words. What does that mean? You can change your guards in front of your gate, you don’t change the landlord. I answered their question based on 2023. They asked: are you throwing your

You have been somewhat critical of this administration at different times. But when Goodluck Jonathan was president, you did not just speak against him, you mobilised against him. Now, when it is convenient, you criticise Buhari and then go back to the Villa. Why are you not mobilising against this government? That’s a wonderful question. President Jonathan is alive. Even after mobilising against him, how many times did I go back to the Villa, encouraging him and why did I mobilise against him? Looking back now, he wanted to remove the subsidy. Maybe it would have been better off. It was the approach. He said we will go and hold town hall meetings to tell Nigerians about the reasons why I want to do this. And they did one meeting in Lagos. My friend, the 14th Emir of Kano, Sanusi Lamido Sanusi, was there to explain. Ngozi Okonjo-Iweala was there to explain and Dieziani Allison-Madueke. On January 1, he announced and I said Mr. President, you have not gone around to tell anybody this and he said that’s what we’ll do and I said, we will meet in the public square.

“I do not excuse the lack of vibrancy that Nigerians are talking about, I do not excuse it and we must not sweep it under the carpet. But I’m saying evil communications corrupt good manners.Who do you surround yourself with? I would like to surround myself with achievers. People, who have done something with their lives, who hate covetousness” hat in the ring? And I said this hat, I can’t throw it everywhere. It’s too expensive. But the truth of the matter is that all that is in my heart, I have shared with the president concerning my future and it’s between us both. Does the President sometimes misread some of your statements or messages? Many people don’t know President Buhari. He does not mind being told the truth. But he’s also a man of his own mind, no matter what you tell him. Some of us don’t have all the facts that he has, all the security reports that he has, and we see things from our own angle. And before you hear one thing in the public space, I’ve said 100 behind the scenes. In fact, some of the elders and leaders said I kept quiet for so long, because they filled my pocket. And I came out and said President Buhari has given me money twice in his life. During the anti-corruption campaign when I followed him to the UK, I had some people that I put in the hotel and they were part of my research team. He sent 5,000 pounds to me and he said it’s not an estacode, because he knows I won’t take it. And well, I know what I did with that money. I just put it in five envelopes and distributed it around these people. And he sent N5 million to the citadel that we are building. Yes, I have said it publicly. I didn’t request for it. He said, I want to identify with my friend’s project and he gave me. Okay. You can then go and check if there’s any other thing between me and anybody. When they saw the citadel, they just thought nobody can do this. There must be something. So when I spoke, they said we thought you had been bought and I said nobody has what it takes to buy me, because the price that was paid for me is

the price that cannot be matched by any person. Jesus paid for it, not any other human being. Are you genuinely interested in running for presidency, because we don’t know what your feedback says? Many Nigerians do not think you are actually serious, not that you are not qualified. But that you are not serious about wanting to be number 16. You are the people with feedback and feedback is necessary, whether it’s negative or positive. Nobody thought David qualified to be king. His own father did not even invite him when Samuel came and said one of your sons will be king. They didn’t call him at all. They called the first seven. It was after those seven that they said, is there still anyone? Then he said, he will not sit down until he comes and when he came and God said this is him. The Bible is not a religious book to me, it is my GPS. I use it to navigate this world. The race is not to the swift, the battle is not for the strong. If the battle was for the strong, Goliath would have won against David. And those who say feedback or no feedback, let’s wait if it’s mere propaganda. Time will tell. What would determine 2023 will start in 2021 and we have three months to go. You play a prominent role in Christendom and Christianity is such a large body. Why is it difficult to mobilise the body of Christ for an expedient political cause? A deep river flows in majestic silence. They called something Abetu in my younger days. Abetu is a small stream and it is everywhere. But a deep river is flowing and you won’t even know it’s flowing. A lot is going on underground right now. You

Do you regret mobilising against that policy decision? I have no regrets. His style was what we kicked against. And we said don’t kill Nigerians, kill corruption. Do you know things I did behind the scenes? What are the things that led to it? Unfortunately, my brother Yinka Odumakin, is late now and Oronto Douglas is also late. He met with us at a Chinese restaurant and said what can he do? I said whether you call it sovereign or anything, constitute a conference, let Nigerians speak. And eventually, the Southwest people said I should represent the Southwest, and I went to that conference. The chairman of my committee was Gen. Ike Nwachukwu. What he sent to me after the conference, I have kept for my biography. Almost all throughout the conference, I was seeing him day and night. Let me say this publicly, I don’t talk about what I do. When I saw crisis coming regarding that election, President Jonathan said, the South-west was against him. I said, they are not against you. So I went straight to the British High Commissioner, now Sir Andrew, in the House of Lords. He called his counterpart in the Canadian embassy and found ways around the problem that was looming. In one day, I was at the villa three times, in the house of the British High Commissioner three times and with Buhari three times. I was going back and forth amongst them. Yes, God is my witness. Buhari is alive. The conclusions were three. One, if he lost the election and went and there’s no trouble, he will not be seen as an election loser. He will be seen as a constitutional change agent. That’s number one. Number two, if there are no human rights abuses, nobody will harass him. Number three, he will become a peace ambassador to represent anywhere there is democratic struggle. I eventually invited Kofi Annan also. I will write my memoirs, everyone will write their own history. And President Jonathan said to me, he would not go for the handover parade, they could stone him there. I said if they stone you, may the stone be upon me. You must go there like a gallant soldier. I don’t know how many Nigerians visited him after he lost power. I did. The trouble between him and Diepreye Alamieyeseigha, I got involved and I reconciled them. There’s a lot to say. But people don’t know. But you don’t carry banners. You are an important voice in the polity and you have far reaches. Frankly, what’s your assessment of this government in the last six years? We learn from our elders, we learn from the Holy Spirit and we learn from the book. I will go to one of my elders, a force to reckon with even in death. Chief Obafemi Awolowo would speak the truth and Continued on page 22

T H I S D AY ˾ MONDAY, OCTOBER 25, 2021

THE MONDAY INTERVIEW

TUNDE BAKARE

Our Problem Is We Put Democracy Before Development back it with data. With one sentence, he killed the census conducted at that time, “That the recently concluded census is an exercise in futility’’ and so on and so forth. That was the end of that census. When Ibrahim Babangida came to power and they said, you are not saying anything about him. He said no man has shown me greater respect like him. I’m not criticising him. Okay, if a man or a nation has gone in the wrong direction for 40 to 50 years, you have to reverse first and start going back. Our expectations were very high. Sometimes, I have sat down to think that, ah, as president, has Buhari not demystified himself, because the expectations of Nigerians were very high when he was coming to power. To start with, the kind of ill health he had, he had never had such a thing and that affected grossly the first term. That ill health was a major thing. That he is still alive today is a miracle. If you put all the six years he has spent, other than infrastructure development, the promise he made to the public concerning Boko Haram or security, we know it has gone worse, as far as I am concerned. They say it’s not as bad as we think. But I need to be convinced. The rail track, a few days ago to Kaduna, they bombed it. When my brother, Nasir el-Rufai said I should take the train to Kaduna, I said I will wait. They are trying their hardest, but no matter from which angle you’re looking at it, whether it is economic, whether it is politics, whether it is security, you will have something negative to say. But it is easier to be critical than correct. I will not beat my chest until I sit on that seat and do better. Some people will take issues with that, because you beat your chest and condemned things in the past and spoke frankly. I have spoken frankly to him, privately and publicly several times. I can send you the state of the nation I gave in the past three years. I would never sacrifice truth on the altar of friendship. That would be dangerous for all of us. President Jonathan is not my enemy by the way. He has never seen me as one. He knew what I stood for and he wrote on my 60th birthday. He (Jonathan) said pastor Bakare does not mind whose ox is gored. President Buhari also wrote that I have chosen to be on the side of justice and truth and that I am willing to pay any price for it. Anyone who hates his brother is a murderer and the life of Christ does not abide in him. If a policy is wrong, I will say it just as I have done. I said the day they invaded Sunday Igboho’s house that it was beastly, because he’s a free citizen and he’s organising people and you have no right to go into his house and destroy it. You could arrest him if he had done something wrong and prosecute him. A lot of people have started to wonder how a general, said to have chased criminals to Chad, hasn’t chased any out of Nigeria. But a lot of people are also saying he’s treating these people with kid gloves, because he’s sentimental to them. Nigeria’s problems are hydra-headed. When he said I am for everybody and for nobody the day he was sworn in and moved the operational base to the warfront, I am sure he also assumed that in no time, the battle would be won. Then they came up with

“we have technically defeated them” until the thing began to grow worse. That general you are talking about was in his 40s during the Chad (Maitasine) episode. In fact, God used him to save my life during that episode. I was in Kano. My friend and I were doing youth corps service and what we had left in the house were about 16 pieces of potatoes, because nobody could move. Until the fourth day, when we started hearing Jos, Jos and we just jumped into the vehicle and found ourselves in Vom outside of Jos, the veterinary institute. That was where I spent Christmas in 1980. If he didn’t tackled Maitasine, they would have killed us. Right now, it’s not only Boko Haram you are dealing with. You are dealing with ISWAP invaders, who have come in from other West African countries. You are also dealing with those who brought guns from Libya, according to what they say. I am not there. That’s what I read in the papers. I’ve had one or two occasions of asking the president and let me tell you this, because it’s not everything that one says. Despite my long association and relationship with Nasir el-Rufai, I have only been in Kaduna twice since he became governor. The first day, when he started work, I went to pray for him, because I saw some revelations, which I shared with him. The second time was after I’d gone to Southern Kaduna to organise the elders and Christians there and brought them face to face with him so that we will have a lasting solution. One of those there was Emmanuel Kure. I travelled from here with security front and back and we fixed a date and we met. When I went to the president, I said this should not be happening. Do you know he dispatched a battalion or whatever it is called, to go there, and quell all the trouble there. And the Fulani leaders came to that meeting and said, kill our sons, except you kill them, you will not have peace. Yes. Why? They said because they have nothing to inherit from us anymore. In the past, they knew they would inherit our cows, but the cows are no longer ours, they belong to the military top brass. We are just working for them and our children have found out that crime proceeds pay more than what they will get from cows. If you don’t kill them, you will not have peace. They said that. I was in that meeting. And Emmanuel Kure said, please, don’t kill them, we will preach, we will pray and seek solutions. They must not be killed. Every life is important, which is good, because he is a preacher. That’s what preachers should do. But the man who dispatched the military immediately said, look whatever it is, maintain peace there. And what that means is, whatever it is, eliminate those who are causing destruction. But the Christian community said, don’t

you. And I’m not for killing people. We will find a solution to what is causing the problem. I’ve just told you one thing today, the fathers of those boys holding arms said if you don’t eliminate them, there cannot be peace. They have no respect for us anymore. They know they’re not going to inherit anything from us and they have found out that the proceeds of crime are more than what they could get from cows. This is the challenge we face. The government is weak in both the economy and the fight against corruption, which was meant to be the president’s first priorities coming into office. You don’t think that all these boil down to a lack of capacity? Three things you need as a leader: Capacity, competence and character. If you have the first two and you don’t have character, you will soon wreck yourself. Please, tell me, how do you define capacity? He’s been a soldier all his life. I can tell you this as a joke. I hope it will not be misconstrued. Publicly, when I was his running mate, he said Pastor Bakare has preached every day of his life (I wasn’t preaching every day), and he said he has written sermons every Sunday; he has preached on national television, please, let me speak before him, because if he speaks before me, it is finished. But that doesn’t mean he can’t express himself. Until the Duke (Prince Nduka Obaigbena) assembled a team to go interview him, he was not speaking to anyone. In strict confidence, my wife and I visited him in London after the 2019 election. And he said to me, Nigerians are about to know who Muhammadu Buhari is. My health challenge is no longer an issue. We have won this election. Abubakar Atiku, who filed a case, the matter has been resolved in my favour, I am going back to give the best to my nation. If you saw me when I was going to my car that day, I was 10-foot taller, because I took those words seriously. And if there’s anything we keep talking about behind the scenes and publicly, it is his legacy. What will be said about you and your administration? I wrote papers upon papers. I took friends along and he will shake their hands vigorously and say “you will not regret your coming’’. When I was dealing with the last state of the nation lecture, I said, now I know that it is better to be on the seat of power than to be in the room, because in that room, when you come in and you believe what you think, that these are the low-hanging fruits that will make the difference. But as you’re stepping out, others are coming in to rubbish whatever you have planned. It only takes one rotten apple to destroy an apple cart. That’s what makes it look like a lack of capacity. And when I said to you, define capacity, the president can’t do all things. The reason there must be a changing of the guard is no matter how hot you are, if you’re surrounded by wet blankets, they will soon quench your fire.

“If a man or a nation has gone in the wrong direction for 40 to 50 years, you have to reverse ﬁrst and start going back. Our expectations were very high. Sometimes, I have sat down to think that, ah, as president, has Buhari not demystiﬁed himself, because the expectations of Nigerians were very high, when he was coming to power”

Some 483 days to the end of this government, there is no time to render the service he wants to give to the country. Whatever he wants to do to make a difference is slipping away fast, because there’s no time. The people don’t feel him. No one can travel anywhere safely by road. This is not the Nigeria he promised us. Why is it so bad? In my village, they say the poor man cannot sleep, because he’s hungry and the rich man also cannot sleep, because the poor is still awake. The purpose of government is the welfare and security of people. When not felt or seen, you can as well roll up that government and put it in the dustbin of history. But unfortunately, what I’ve seen so far is, I look at the calibre of people around the president. I’m talking about his ministers, his directors of MDAs, etc. and because the president is one man, those you surround yourself with matter. Look, this is a man who worked with just one person called Tunde Idiagbon and they shook this country. I am not saying they did everything right. I was listening to Lee Kwan Yew (former Singapore Prime Minister) and his high-handedness. Our problem is we put democracy before development. And the military power he exercised in those days, he can’t now, even if he wanted. Imagine how shocked he was when he learnt of budget padding. They will take this budget to the National Assembly and they will add things to it, and he couldn’t do anything or else they will not pass the budget. You have mentioned insecurity, you have mentioned corruption. You don’t even understand what corruption is, unfortunately. The Bible says in Romans chapter 8, that the whole earth is groaning in the grip of corruption awaiting the manifestation of the sons of God. If the church is the salt of the earth, and the light of the world, that should be our major focus. You are an ambassador of your family, whether you like it or not. You come from a family. But when we gather in a church, we become what the Bible calls a holy nation. Where is the impact of those who call the name of Christ in government today? I do not excuse the lack of vibrancy that Nigerians are talking about, I do not excuse it and we must not sweep it under the carpet. But I’m saying evil communications corrupt good manners. Who do you surround yourself with? I would like to surround myself with achievers. People, who have done something with their lives, who hate covetousness. I want to see a day when people go into government, not because of what they can get, but what they can give, because power is for service, not for sale. And if a man is surrounded by those who are diverting public funds into their private use and what have you and he’s not doing anything with them, eventually, the buck ends on your table. Show me your friends. I’ll tell you who you are. Please answer this question as frankly as possible. The president is a sectional leader, he’s nepotistic in his choices, in his thinking and he does not have any regrets about this. Do you talk to him about it? Let’s not compare apples with oranges. When the trees are growing, they may look alike. When the fruits are produced, they’re different. A person like Obasanjo, who had been military president, has been civilian president and he ran Ota leadership forum for a very long time, bringing heads of state and what have you to Ota. In one of those days, I received a call from Obasanjo. He called me because of then President of Zambia, Kenneth Kaunda. And he said Kaunda has come to Ota forum and he would like to see you before he will speak. Now, what happened, we met at London Metropole, I was on my way to Hong Kong to minister. And his suite was opposite my suite. And he invited me and I gave him the word of the Lord that was revealed to me concerning him. He got to his country, found it so and he said you have a gem here and I gave him my card. That was why he called. I went there to pray with President Kenneth Kaunda. As I was coming out of his room, there was Obasanjo. Now, I am laying the foundation to your question. I wouldn’t tell you what role I played when he was in prison. That day will come. There are witnesses. Neither will I tell you the role it pleased God that I played to reconcile him with Yoruba leaders. That is it. It was that day he said if anyone had told him that pastor Bakare will do this, I would have doubted it. I don’t put it in the public space, especially when working privately. I’ve seen Kilimanjaro, I’ve seen Mount Everest, I’ve seen all the seas in this country, but I have never seen a photograph of God displayed on them so you will know that He created it. So I work behind the scenes. Now to answer your question, he (Obasanjo) also contested for the Secretary General of the United Nations, look at the exposures that he had and the wide horizon that was his. Difficult as it is, a man can only work with the people he knows. There are people in every state and in every geopolitical zone that would have enriched his cabinet. Let’s start from his cabinet. That’s compulsory, you have to bring people from every state. But outside of that, don’t underestimate the skillfulness or the ability of the north to manage power and to concentrate it and to make sure that Continued on page 23

T H I S D AY ˾ MONDAY, OCTOBER 25, 2021

THE MONDAY INTERVIEW

TUNDE BAKARE

If I Were President, I’d Sit with Secessionists Bandits Are Criminals, No Negotiation

anybody that wants to take part of that will have to sit down and negotiate with them. You look at the Supreme Court, for example, that’s part of my constituency. And you see that the line-up of those who are the highest at the supreme court level are one generation succeeding another, because while you and I as lawyers are pursuing SAN in Abuja, and pursuing big money, they start planting their own sons in the magistrates’ courts, in courts of appeal and promote them there. In the past, in the part of the country I came from, being in the army was for thugs, who are difficult. If you are going to promote someone to chief of army staff or chief of naval staff, he has to be according to their ranking. So if they have put their own people like a tortoise, because you remember the race between the hare and the tortoise. I will be honest with you. It depends on your horizon and power has a way of making you feel insecure around people that you really don’t know well. I am not saying it’s right. But you look at a person’s background, exposure and experience. Lawyers say it this way: Nemo dat quod non habet (you cannot give what you don’t have). There are two critical issues that are dominating the polity currently. Power shift to the south and rotational presidency and you have kicked against this, stating that it breeds incompetence. How exactly do you mean? Well again, this is a problem of the press. They take what they like and they leave what they don’t like. What I said was that first and foremost, rotational presidency is not in our constitution. But if politicians have agreed among themselves, they will have to be true to whatever they have agreed upon. If you’re looking for capacity, competence and character, you have such people in every part of the country. The best, the most competent and the fittest should be the one that should occupy this seat from now on, or else we’re not going anywhere. It will be doldrums forever. That was my position. There are secessionist agitators everywhere. You have Igboho, who wants Oduduwa republic, you have Nnamdi Kanu, who wants Biafra. A lot of people have attributed the rise of these guys to the style of governance of the current occupant of that position. Isn’t there truth to this? Solomon lamented in the book of Ecclesiastes. He said all this wealth that I’ve gathered and heaped up, who knows who will inherit it, maybe he will be a fool. And maybe God heard him and answered him, gave him Rehoboam as a son, and the kingdom split in his face. Rehoboam, the people of Israel came to him and said, your father oppressed us. We are not asking you not to be king but reduce this oppression, so that we can serve you. And he said, come back in three days. He went to the elders who served his father and they said, please hearken to these people now and they will serve you forever. Then he went to the yuppies around him and they told him, you are going to be showing that you are weak if you do that. You have to tell them who you are, that you’re made of sterner stuff. So the third day came. And he said, “My father beat you with whips, I’ll beat you with scorpion. My small finger is stronger than the loins of my father.” And they said to him, to your tents oh Israel. We have no portion in the tent of Jesse. Any constitution that will not bend will break. Power of the people is stronger than the people in power. And that’s why we must stir up this nation. That’s what “Nigeria for Nigerians” is all about. And I’ve presented that to the president already. I don’t want him to hear it or see it on TV. We will mobilise this nation like never before. Is that another Save Nigeria Group? It’s stronger and more powerful than the SNG. I remember when SNG started, we had the first march in Abuja, people said you think this is a crusade. One person there said, mobilise me to take four vehicles to Ado-Ekiti and we will bring people to Abuja. And I said, you don’t need to do all that. Another brother said we have been in the trenches, are you sure you know how to organise this? I said you will see that the rest of us are not lazy either. I have criss-crossed this nation and by the grace of God, when the day came, we pushed the button. Vincent Ogbulafor, who saw the people and said it was a parade was removed as PDP chair and the rest is history. We had the doctrine of necessity. My friend, Fola Adeola, said any man fighting for those who cannot fight for themselves is a fool. Nigerians don’t want to fight for themselves because there are things that have dented their psyche but we will restore hope and make them understand that the power is in their hands. We will let them see what they can do with it. When our leaders in the church began to shout get your PVC, I laughed because you are putting the cart before the horse. You will not go forward, you will go backwards. You are not interested in who comes out in the primary. If the two parties produce two devils, you have to choose one with your PVC. Get involved from local government, states. We have the number.

“ He has done so much good for them. I didn’t say he bought them, but if they’re beneﬁting from him, then, don’t deride him. Don’t say his mother is from Iragbiji, his father from Okesuna. A man may not be able to choose his father and mother, he can choose his role model. If I were Tinubu, I would have said to the whole world long before now, ‘Abibat Mogaji adopted me’. Simple” Nigeria is threatened on all fronts. From the security challenges, the secessionist agitators and then the religious guys like El-Zakzaky. Where is the nation headed? Only one thing can solve that problem. When there is fairness, when there’s equity, when there’s a sense of belonging, when you treat a citizen with respect, where the office of the citizen is as important, if not more important than the office of the president. That is what will solve the problem. Until then, if you lead a sectional government that everybody thinks you are pro-north or pro-south, people will agitate. Those who want to go are saying, we are not better off here, this union is creating trouble for us. And I’m glad for what the former running mate for Moshood Abiola, Ambassador Kingibe, said. He said that our unity is negotiable. And in my address, I said what they’re saying to us is our disunity is non-negotiable, because we’re already disunited, and you’re saying we should not go by force or coercion. But you can’t oppress people forever. Israel came out of Egypt, the 12 tribes separated into northern and southern Israel, Southern Sudan, the whole of the USSR. You can’t force people against their will as to what they think is right for them. But if there’s fairness, if there’s equity, if there’s justice, all the attributes of good governance are in that one passage I read earlier: Unto us a child is born, unto us a son is given. All the seven principles of good governance are there. I have told you that for me, the Bible is not a religious book. I hate religion with passion. The word religion is from the Greek word religio, it means to return to bondage. Jesus did not come here to start religion, He came here to start a relationship with God. They are two totally different things. So when you stand at the altar, what are you doing if it’s not religion? I’m giving them the truth. “I am the way, the truth and the life.” Educate the people more on this. Is the Bible not the constitution of Christians? The constitution of Christianity is in Matthew chapter five called the Beatitudes. The Bible has both the Old Testament and New Testament. Because two books are involved, that’s why it is called “Bible”. The New Testament is to fulfil, the Old Testament contains the new, the new enfolds and unfolds. There are some sacrifices you don’t

need to perform anymore because of the ultimate sacrifice of Jesus. If you think the Bible is about religion, listen to James, the brother of Jesus, the apostle, what he calls pure religion. Do you know what he calls pure religion? He didn’t just define it, he said pure religion is visiting the widows and the fatherless and keeping yourself unspotted from the world, that’s when you are doing it. It’s not on the camera. Dressing up on Sunday, going to church, dressing up Monday to Friday, praying five times a day does not make you a better person. It makes you a religious person. That’s all. The permutations for 2023 are still somewhat fluid. There are three scenarios people say might play out: chances of power being retained in the north, Muslim-Muslim ticket and a Government of National Unity (GNU). Do you share some of these views? The way our country is constituted right now, no matter who wants to lead this country (I don’t like the word rule, because I’m not subject to any person), one of my friends while he was in exile said, “Why I want to rule Nigeria”. He had a word for me and I asked him who will be your subjects? Anyone that wants to lead this country right now will have to negotiate with the north and the north has a way of giving you the crown and holding the sceptre and if that’s going to change, our glorified death certificate called the Nigerian constitution must have to go through a rejig. I honestly will say, almost all the things that were going for the north in the days of Ahmadu Bello are no longer there. The textile industries where they dominated are not there anymore. The groundnut pyramids, etc. And what they have is what they hold. They have power. Nigeria is structured in such a way that no section can win an election by itself. The southerner cannot win an election without reaching out to the north and the northerner cannot win the election without reaching out to the south. Three times, including the time I ran with President Buhari, he lost the elections. He didn’t believe it. He believed that it was rigged. And I told him, look, with due respect, the best may not win because you do not know how to reach out to the rest of the communities that constitute the nation. How do you get 25 percent in two-thirds of states in Nigeria? You are just

a local champion in the Northwest. Northeast, South-south and Southeast must come into agreement or northwest and southwest. That’s how you win. I do not think the north will say, come and take it, we are giving it to you. This is what they live on. Economy in the north, for example, is civil service. Civil servant that is paid monthly salary to go buy things from the market. And when they are not paid, they take it on credit, and they keep on giving them that credit waiting for the day they will be paid. So if you have a civil service, there’s a power structure that supports it. We’ve travelled far and wide in this nation. I’m of the considered opinion that you use what you have to negotiate what you want, because this life is not fair. You don’t get what you deserve, you get what you negotiate. But you must negotiate in such a way not from the position of weakness, you negotiate from a position of strength. And now what constitutes strength in politics. Democracy is a ruthless game of numbers. Twenty three million people are students in our country, of voting age, according to the last electoral register. But do you know they’re disenfranchised anytime there’s an election, because they registered on their campuses, and they shut down the campuses when the election is on. Now, those are things that many people do not know in Nigeria. We sat down to study it, and we are going to bring change to that. Housewives are 6 million people. No president in recent history had 23 million votes. Well, what Buhari used to negotiate with the Southwest were the 12 million-plus people that he had. So if someone can come up with 22 million votes, because that particular segment believes his message, then, you go to negotiate with strength. And you have to give unto Caesar, the things that are Caesar’s and you have to give unto God the things that are God’s. Can I tell you that, that answer is not pretty straightforward? Someone will say, well, some things belong to Caesar, give to Caesar, some things belong to God, we give what belongs to God. That’s not what Jesus said, or meant. They said, shall we pay tax, or not. He said, Why are you trying to tempt me. Give me a coin, and asked, whose image or superscription is on this coin? They said Caesar’s. Then He said give to Caesar what belongs to Caesar, and give to God what belongs to God. So if we use image to determine what belongs to Caesar and use image to determine what belongs to God. And God created mankind in his image, including Caesar. The critical factor in 2023 would begin in 2021 and it’s the God factor. Time is running out on 2021, so how will it start? There’ll be a changing of the guard. Go and write it down. I don’t care, but by 31st of December, there’ll be a changing of the guard. Is that a prophecy you can be held to? I know it in my heart. There’ll be a changing of the guard very soon. And it is the by-product of it that will do 2023. NOTE: Read the full interview online on www.thisdaylive.com

MONDAY OCTOBER 25, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY, OCTOBER 25, 2021

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

O C T O B E R

S & P INDEX

2 2 , 2 0 2 1

S & P INDEX

EXCHANGE RATE

OBB

9.00%

CALL

INDEX LEVEL

564.02%

1/4 TO DATE

5.82%

N413.03/ 1 US DOLLAR*

OVERNIGHT

10.75%

1-MONTH

1-DAY

–0.17%

YEAR TO DATE

– 15.85%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.19%

NGX Insurance Index Records -9.82% YTD Performance on Stalled NAICOM Recapitalisation Policy, Poor Earnings Investors’ dump insurance stocks Niger Insurance, others fail to submit 2020 audited results

Darasimi Adebisi The Nigerian Exchange Limited (NGX) Insurance Index posted its worst performance of -9.82 per cent Year-Till-Date (YTD), amid numerous factors contributing the sector moribund state. Analysis of stock market performance showed that while other indices on the NGX appreciated in YTD performance, as at the close of market last week, the insurance index remained moribund despite

the recent bullish trajectory recorded on the bourse. Experts blame factors such as the suspension of the planed recapitalisation of the sector by the National Insurance Commission (NAICOM), listed companies’ failure to meet post-listing requirement of filing of result and accounts as at when due and poor earnings, which negatively impacted investors Returns on Equity (ROI) for the situation. According to capital market analysts, the late filing of results

and poor earnings has affected investors’ sentiment on insurance stocks. They expressed that the weak dividend pay out by these companies also contributed to weak investors’ sentiment on listed insurance stocks on the NGX. Further analysis of the equities market performance showed that while the NGX All-Share Index (ASI) closed higher last week at 41,763.26 basis points from 40,270.72basis points it opened this year, the NGX

insurance index dropped by 18.61 basis points to close at 170.89 basis points from 189.50basis points it opened this year. Also, out of the 25 insurance companies listed on the NGX, five of them have not submitted audited result and accounts for full year ended December 31, 2020 to investing public, while the majority were sanctioned for the late filing of quarterly or full year results on the exchange. For instance, the likes of Niger

Insurance Plc, Goldlink Insurance Plc, Standard Alliance Plc, International Energy Insurance Plc, and Staco Insurance Plc have not submitted 2020 audited result and accounts to the exchange. THISDAY findings revealed that Consolidated Hallmark Insurance, Custodian Investment Plc, Lasaco Assurance Linkage, Assurance Plc, Prestige Assurance Plc, and AXA Mansard Plc are the only six companies that declared 2020 dividend to shareholders.

The dividend declared by these companies impacted on their stock price on the exchange tremendously as it boosted renewed investors’ interest to take position and confidence in their directors. For example, AXA Mansard Insurance that declared 0.055 dividend for 2020 financial year witnessed a stock price appreciation of 120 per cent to close last Friday at N2.31 from N1.05 it opened for trading. Continued on page 26

FG Decries Low Investments in Renewable Energy, Says Gas Transition May Require Costly Policy Decisions James Emejo and Sonia Mayomi in Abuja The federal government has expressed worry over what it described as inadequate investments

in renewable energy to support the country’s intended accelerated transition from fossil fuels, which currently satisfy 83 per cent of primary demand for energy. The government pointed out that

while investments in fossil fuels had declined by 40 per cent since 2015, there is no requisite ramp up in renewable energy. Speaking at the World Energy Day Discourse held over the weekend at

the Abuja Chamber of Commerce and Industry (ACCI), Nigeria’s Vice President, Prof Yemi Osinbajo admitted that the planned transition would not be as easy and seamless as envisaged without having to make

difficult choices. He said, “The risks of trying to make 30-year commitments to reaching net-zero were plain and apparent for all to see. The Economist reported that since May the combined

prices of oil, coal and gas increased by 95 per cent. It was also reported that Britain has turned back on some coal-fired power stations. Continued on page 26

M A R K E T D ATA A S AT F R I D AY, O C T O B E R 2 2 , 2 0 2 1 FGN BONDS DESCRIPTION 10.296 FGNSB 13-NOV-2021 13.390 FGNSB 14-NOV-2021 9.091 FGNSB 11-DEC-2021 13.402 FGNSB 12-DEC-2021 7.144 FGNSB 15-JAN-2022

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

100.42

3.20

-0.08

NTB 11-Nov-21

3.25

3.25 0.00

100.63

3.21

-0.07

NTB 25-Nov-21

3.35

3.36 0.00

100.74

3.64

0.09

NTB 13-Jan-22

3.73

3.76 0.00

101.35

3.65

0.09

NTB 27-Jan-22

4.29

100.68

4.17

0.29

NTB 10-Feb-22

4.34

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS OCT 27 2021 420.93

NGUS NOV 24 2021 422.38

NGUS DEC 29 2021 423.83

4.34 0.30

NGUS JAN 26 2022 425.28

4.39 0.07

NGUS FEB 23 2022 426.73

C Ps MATURITY

Discount Yield

Change (%)

CMBL CP XII 31OCT-21 CMBL CP XVII 15-NOV-21 FSDH CP III 16NOV-21 NBRP CP XIV 25NOV-21 PARP CP IA 26NOV-21

4.05

4.06

-0.15

5.12

5.13

-0.07

6.49

6.52

-0.06

6.08

6.12

-0.01

8.80

8.88

0.00

MONDAY, OCTOBER 25, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

ENHANCING STAKEHOLDERS’ VALUE…

L- R Board Member, IBOM ICON Hotel and Golf Resort, Pastor Imoabasi Jacob; Attorney General and Commissioner for Justice, Akwa Ibom State, Uko Essien Udom, SAN; Principal State Counsel, Oﬃce of the Attorney General and Commissioner for Justice, Akwa Ibom state, Mrs. Utomobong Inyang; Board Chairman, IBOM ICON Hotel and Golf Resort, Udeme Ufot; CEO, ICON Hotels Group Africa, Fred Maina; Commissioner for Culture and Tourism, Akwa Ibom State, Orman Esin and CEO, ICON Hotels and Resorts Nigeria, Adetope Kayode, during the board meeting for IBOM ICON Hotel and Golf Resort in Uyo… recently

MTN to invest N89.999bn Series II Bond Proceeds in Network Expansion, Paid N93.66bn Tax in 2020 Emma Okonji and Raheem Akingbolu Following approval from the Securities and Exchange Commission (SEC), MTN Nigeria has launched the book build in respect of the Series II 10-Year Fixed Rate Bond (Series II Bond), and have concluded plans to invest the proceeds from the book launch, which amounts to N89.999 billion, in its network expansion drive. The telecommunications company had successfully raised N110.001 billion through the Series I bond in May 2021 and is set to raise N200 billion through Series II. This is just as the company has revealed that it has paid over N93.66 billion in taxes to the Federal Government of Nigeria for the fiscal year 2020. The effort, it stated, is in line with its commitment to fulfilling its civic responsibility and stimulating economic growth and infrastructure development in the country. In a recent interview with Arise News, the broadcast arm of THISDAY Newspapers, the Chief Financial Officer, MTN Nigeria, Modupe Kadri, elaborated that MTN, throughout the years, has remained consistent with performing its civic responsibility. Kadri stated that the bond issuance would reinforce MTN Nigeria’s strategy of diversifying its funding sources. According to him, “As part of its expansion drive for its Ambition 2025 initiative, and its new growth

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

strategy, the proceeds will be used to finance the existing obligations and put into the network for critical network infrastructure to drive network expansion. “We are coming out of a pandemic, so interest rates are generally down. We have existing facilities with the banks, which were based on floating rates. Naturally as the rates went down, so did finance costs. We took advantage of the low rate in the market to also establish a Commercial Paper (CP) programme, which was oversubscribed, and we decided to put this bond programme in place

knowing fully well that the rates are not likely to remain at those levels. So, it is better to have a long-term view because our business is highly capital intensive and that means you have to try to match those returns to your annual outgoings. This is what we are trying to do with the structuring of the bond programme.” He further explained that some proceeds gotten from Series II Bond would be used for the expansion of 4G network as there has been an increase in data usage following the COVID-19 lockdown. The telco also intends to increase its overall

coverage and expand to the rural communities to avail everyone an opportunity for digital connection using the MTN network. Kadri also expressed the telco’s intention to further grow its digital businesses. “Proceeds will also be used to position our Fintech and digital businesses for accelerated growth and to unlock their full value. In addition to this, MTN will continue to sustain an expense efficiency programme to strengthen its financial position and support margins,” Kadri said. Highlights of the interview, were

the plans by MTN to roll out its 5G network in Nigeria to advance the technology and help the government meet its broadband-based targets. The 5G technology is the next generation of wireless network technology that will expand the scope of mobile technology beyond the capabilities of Long Term Evolution (LTE) technology. “Our Board of Directors approved participation in the Road Infrastructure Tax Credit (RITC). This was a response to the Federal Government’s drive to encourage private-public partnership in the

rehabilitation of some key critical roads infrastructure. “For us at MTN, one of the things we uphold is a civic responsibility. In as much as you are running a business that is thriving it’s only fair that you pay your share of taxes as long as the taxes are qualified within the ambit of the law. And so in our case, it’s more like a civic responsibility, so when the government approached us to pay taxes in advance, we complied. In 2019, we paid about N46 Billion and N96 Billion in 2020, well ahead of the statutory deadlines.”

Finance Minister Urges Insurance Sector Operators to Leverage on FG Support to Boost Sector Image Ebere Nwoji The Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, has urged insurance sector operators to leverage on the current support of the sector by the federal government to boost the image of the sector by impressing in the heart of the general public and businesses the value of insurance as a financial instrument for protection and sustainability. The Finance Minister, also wants the leadership of all arms of the

insurance sector to see the on going support of government to the insurance industry as a challenge to boost the image of the sector and move positively closer with a view to increase its visibility through efficient service delivery. Amned, who spoke as a Guest of honour at the investiture of Oluwarotimi Edu as the 21st President and Chairman, Governing Council of Nigerian Council of Registered Insurance Brokers (NCRIB), held in Lagos charged the insurers to sustain and improve upon the harmonious working

relationship between the NCRIB and other stakeholders in insurance industry. “This will in turn improve the fragile image and perception of the sector by the populace. The incoming President and Chairman in Council of the NCRIB, Mr Rotimi Edu, your deep knowledge about the industry, versatility and pedigree and recently a graduate of National Institute for Policy and Strategic Studies (NIPSS) which earned you membership of the Institute (mni) certificate gives me the confidence that the

council under your leadership will be a formidable partner to your regulator the National Insurance Commission and the government in the implementation of its various policies and initiatives, “she said. She said the federal government was not unaware of the challenges confronting businesses including the insurance sector adding that the government is doing so much through various initiatives and policy rearrangements to ensure stability in the system. “The world has moved many places ahead of Africa in so

many fronts in insurance practice and governance. The insurance sector is a knowledge-based industry which must take issue of training of its members seriously in order to update itself with current realities across the globe. According to the Finance Minister, by training and retraining the sector can adequately equip practitioners with modern techniques and practice from the traditional ways of doing business to more robust, all-inclusive and diversified channels of reaching our huge potential client, “she added.

FG DECRIES LOW INVESTMENTS IN RENEWABLE ENERGY, SAYS GAS TRANSITION MAY REQUIRE COSTLY POLICY DECISIONS “I surely believe that the energy transition was not meant to make energy less available and unaffordable. These events if not handled carefully may turn global public sentiment against climate change policies.” Represented at by the Minister of State for Power, Mr. Goddy Jedy-Agba, Osinbajo said the current challenging environment was as a result of a number of critical factors.

He said cost cutting in the energy industry had been exacerbated by the demand drops caused by the COVID-19 pandemic adding that investment in energy to meet net zero targets had also been insufficient. He said, “We cannot execute this transition without gas. This particularly impacts Nigeria as in some respects we are more of a gas country than even oil. DPR reported in June that we have 207 trillion

cubic feet of proven gas reserves. The world cannot move to electric cars overnight, the world cannot expand renewables without stable baseload. Gas enables this transition with options for auto gas on vehicles and even more importantly gas power to replace dirty coal plants across the world. Gas is cleaner than coal or oil and initially was touted as a critical transition fuel. Later, climate change

policy (particularly in the West) began to turn against gas with very strict policies from many lenders against even funding upstream, midstream or downstream Gas projects. This has created the proverbial “Chickens coming home to roost” scenario we face today with insufficient gas investment without commiserate replacement by renewables leading to scarcity and high prices.”

Osinbajo, however, pointed out that the Buhari-led administration had been at the forefront of the discussion on energy transition and had provided thought leadership on the position of gas in the new world. He said Buhari had led key actions and supported the federal government to lead local and global discussions on the position of gas in the new world order.

NGX INSURANCE INDEX RECORDS -9.82% YTD PERFORMANCE ON STALLED NAICOM RECAPITALISATION POLICY, POOR EARNINGS A member of the AXA Group, the company had recorded 56 per cent growth in profit after tax of N4.54billion in its 2020 audited results, up by 56 per cent from N2.91billon in 2019. In the same vein, Consolidated Hallmark Insurance that declared total dividend of N0.02 saw its stock price gaining 115.63 per cent YTD to close at N0.69 from N0.32 the stock opened for trading in 2021. The stock price of Lasaco Assurance Plc gained the highest in its YTD performance to N1.2, a 242.9 per cent increase from N0.35 it opened for trading this year. In other words, shareholders of Lasaco insurance received N0.10 for

each unit of shares owned. The insurer raked in a post-tax profit of N679.357 million from earnings in a year the COVID-19 pandemic brought the shutters down on businesses and forced global financial services industry to mostly conduct operations away from the office. Notably, the sector has not tapped into the claim of Nigeria being Africa’s largest and most populous economy. Insurance penetration in Nigeria has been abysmally low; less than one per cent when compared with some African countries, such as South Africa (16.99 per cent), Kenya (2.8 per cent), Angola (0.8 per cent) and Egypt (1.2 per cent).

Analysts attributed the insurance index performance to weak earnings and lack of dividend pay out to shareholders by insurance companies. According to Vice President, Highcap Securities, Mr. David Adnori: “Domestic investors are interested in companies that pay dividend. As you likely know, most of the listed insurance companies do not pay dividend. “Despite the fact they don’t pay dividend, investors also see their staff moving around with flashy cars and directors drive expensive care. Investors are of the option that investor’s money are diverted by directors of these insurance companies. “

He noted that the insurance sector recapitalisation is not a major factor contributing to the weak investors taking position in the sector stocks, stressing that:” Low profitability and low returns to investors are key contributing factors to investors dumping the insurance stocks on NGX.” On his part, the Managing Director, Afrinvest Research & Consulting, Mr. Abiodun Keripe expressed that low focus in the insurance sector, coupled with insurance sector recapitalisation are major issues affecting the NGX Insurance Index. He said, “The recapitalisation stands a chance to make insurance companies better and capitalised

to be able to take more risk and penetrate the different sectors of the economy. The economy we found ourselves with high level of misery, unemployment inflation rates translates into an average Nigerians inability to buy insurance products. All of these factors are key contributing issues affect the sector and NGX insurance Index in its YTD performance. These companies’ growth has been very lukewarm over the past few years. “There is no way those sentiments will not feed-in into trading the stocks of these companies on the NGX. However, I must give it to them as their stock price appreciated during the COVID-19 lockdown.

T H I S D AY ˾ MONDAY, OCTOBER 25, 2021

BUSINESSWORLD

STATUS REPORT

Unilever Nigeria: On the Road to Proﬁtability?

Darasimi Adebisi

n the heels of growing revenue, and reduction in impairment loss on trade and intercompany receivables, Unilever Nigeria Plc recorded growth in profit and may return to profit in 2021 full

year results. The company with the growing profit in years ahead might commence dividend payout to shareholders as its failed in paying shareholders dividend between 2019 and 2020. Previous years dividend to shareholders revealed that the Directors in 2018 financial year recommend to the shareholders, payment of N8.62billion that is, 1.50 Naira gross per share dividend. In 2017, the directors recommend to the shareholders the payment of a dividend in respect of the year ended 31 December, 2017, of N2.87billion that is, 50 kobo gross per share and in 2016, the directors had recommend to the shareholders the payment of a dividend N378.3million that is, 10 kobo gross per share. However, the household company in its nine months unaudited result and accounts for period ended September 30, 2021 recorded 31.3 per cent increase in revenue to N58.72billion as against N44.73billion in prior nine months of 2020. The household company was able to grow revenue domestically in the period, as its strategically positioned to capture market shares. Drivers’ of Unilever Nigeria’s revenue comprises of Food Products and Home & Personal Care. Analysis of its results showed that revenue from Home & Personal Care rose by 44 per cent to N28.3billion in nine months of 2021 from N19.6billion in nine months of 2020, while revenue from Food Products gained 21.4 per cent to N30.5billion in nine months of 2021 from N25.1billion recorded in nine months of 2020. The growth in revenue matched with the company’s 101 key distributors, and one key distributor accounted for more than 10per cent of the Company’s revenue. Cost of sales for the period rose by 23 per cent to N42.9billion in nine months of 2021 from N34.85billion in nine months of 2020 to position gross profit at N15.9billion in nine months of 2021, a 61per cent increase from N9.88 billion recorded in nine months of 2020. Consequently, the company’s proportion of CoS/ Revenue closed nine months under revenue at 72.89 per cent as against 73.49 per cent in prior nine months under review.

OPERATING EXPENSES

In the unaudited result and accounts, the company’s Total Operating expenses rose by 28 per cent to N14.98billion in nine months of 2021 from N11.7billion recorded in nine months of 2020. The growth in OPEX was driven by 28.8 per cent increase in Marketing and administrative expenses to N12.4billion in nine months of 2021 from N9.63billion in nine months of 2020, while Selling and distribution expenses rose by 24 per cent to N2.58billion from N2.08billion in nine months of 2020. Brand and marketing was the major contributing factor to the company’s Marketing and administrative

expenses growth in the period, followed by Royalties and Service Fees and overhead. Brand and marketing rose by 72.6 per cent to N4.66billion from N2.7billion in nine months of 2020, while Royalties grew by 58.99 per cent to N1.43billion from N898.67million recorded in nine months of 2020. In addition to brand and marketing expenses, the company recorded N6.32billion overheads in nine months of 2021 from N6.03billion recorded in nine months of 2020. Unilever Nigeria’s impairment loss on trade and intercompany receivables, however, dropped to N205.43million in nine months of 2021 from N429.4million in nine months of 2020. On finance management, its finance income recorded N133.03million in nine months of 2021 from N34.64million in nine months of 2020 to eventually supported growth in profits.

BOTTOM LINE

The bottom line results showed Profit before taxation of PZ Cusson migrating from N2.03billion loss in nine months of 2020 from N286.6million recorded in nine months of 2021. With tax expenses of N367.98million in nine months of 2021 from N491million in nine months of 2020, the company’s profit closed the nine months under review at N367.98million from a loss of N1.54billion recorded in nine months of 2020. The nine months results showed a recover for the company as its full year result and accounts marked its recent performance to underline challenging business environment most listed are facing. The company maintained its poor performance for the second consecutive year amid making provision for bad trade receivable. The household company reported N1.08billion impairment loss on trade receivables in its financial year ended December 31, 2020 unaudited results as against N721.85million reported in full year ended December 31, 2019. The household company had reported impairment loss on trade receivables that grew by 131.8 per cent to N721.85 million in 2019 from N311million in 2018. As the company continued to make provision for its trade receivable, our correspondent gathered that trade and other receivables dropped by 17.2 per cent to N19.9billion in 2020 from N24.13billion reported in 2019. Unilever’s revenue increased by 1.34 per cent to N61.57billion in 2020 as against N60.76billion reported in 2019. The multinational company had report 40.2 per cent and 35.9 per cent y/y decline in revenue in Q2 2020 and H1 2020 results respectively. Unilever’s reported revenues from two major segments, Food Products, and Home & Personal Care. Each division showed mixed performance in the year under review.

ESSENTIAL FOOD SEGMENT

As expected, the more essential Food segment gained nine per cent to N34.7billion in 2020 as against N31.91billion reported in 2019 while

Home and Personal Care (HPC) segment dropped by about seven per cent to N26.9billion in 2020 from N28.8billion reported in 2019. Unilever reported decline in its HPC revenue, to signal severe competition going in the Fast-Moving Consumer Goods (FMCG) market 2020 year amidst weak consumers’ purchasing power, coupled with double-digit inflation rate. Beyond the obvious challenging operating conditions that characterized the period, amid lockdown in the two states where the company’s factories are located (Lagos and Ogun state) in April and May-2020, management’s decision to tighten credit terms in 2020 in order to address rising trade receivables and excess stock-in-trade, remains a key driver of losses reported in 2020. Overall, competition in the trading environment remained intense, during the period amid declining purchasing power mar the company 2020 performance and the management might not declare dividend. In Nigeria, Unilever operates in an FMCG market that is dominated by other big names like Nestle Nigeria Plc and Cadbury Nigeria Plc. The stiff competition this entails, coupled with other factors such as high operating costs and a difficult economy, caused the company’s underperform in the period under review.. The 2020 results reflect challenging trading conditions and the management decision in third quarter to prioritize tightening of credit terms and minimize exposures on trade receivables. The adverse impact on revenue spill over into subsequent quarters.

COST OF SALES

Amid increase in revenue, the company’s cost of sales also dropped by 11.6 per cent to N47.79billion in 2020 from N54.09billion in 2019, thanks to lower commodity prices induced by the COVID-19 pandemic as well as weaker production activity on the back of weaker demand. This brings the company’s gross profit to N13. 8billion in 2020, 106.5 per cent higher than N6.67billion reported in 2019. Similarly, COS/Revenue increased from 89.02 per cent to 77.6 per cent in 2020. Unilever Nigeria’s OPEX dropped by 3.39 per cent to N15.8 billion in 2020 from N16.4 billion reported in 2019. The breakdown revealed that Selling and distribution expenses declined by 10.5 per cent to N2.82billion in 2020 from N3.15 billion in 2019, as did marketing and administrative expenses which collectively stood at N12.99 billion; representing a 1.68 per cent reduction compared to N13.2billion in 2019. For the year under review, Unilever Nigeria reported 20.4 per cent decline in finance income to N1.47 billion in 2020 as against N2.86billion in 2019 while finance costs dropped by 73 1 per cent to N223.3million compared with N824.15million reported in 2019.

In the year under review, the company reported a loss before taxation of N1.96billion in 2020 as against N8.64billion reported in 2019. Unilever Nigeria paid N363.9 million tax in 2020 as against N4.42billion in 2019 to position 2019 loss of N1.59 billion in 2020 as against N4.2 billion reported in 2019. Due to the foregoing, it is not surprising that the company’s earnings per share attributable to shareholders closed at negative N0.28 in last year as against N.74 in prior year. Total assets not left out from 2020 FY weak performance Unilever Nigeria’s total assets also showed weaker performance over decline in current assets that includes Inventories, trade and other receivables. For the year under review, the company reported 18.4 per cent decline in total assets to N97.96 billion in 2020 as against N103.7 billion in 2019. As current assets dropped by 2.4 per cent to N69.7billion in 2020 from N71.5billion reported in 2019, Non-Current Assets moved from N32.22billion in 2019 to N28.23bnillion reported in 2020. Meanwhile, total equity also dropped by 2.4 per cent to N64.94billion in 2020 from N66.53 billion reported in 2018. Given the stability of both selling prices and the naira exchange rate during the period, we should mention that production costs, and consequently gross margin rose to 22.37 per cent in 2020 from 10.98 per cent in 2019.

FOOTPRINT IN EMERGING MARKETS

Unilever is one of the world’s leading suppliers of Beauty & Personal Care, Home Care, and Foods & Refreshment products with sales in over 190 countries and reaching 2.5 billion consumers a day. Over half of the company’s footprint is in developing and emerging markets. Unilever has around 400 brands found in homes all over the world, including Close-Up toothpaste, Pepsodent toothpaste, LUX beauty soap, Lifebuoy soap, Rexona, Vaseline lotion and Vaseline Petroleum Jelly in the Personal Care division of the business; Lipton Yellow Label Tea and Knorr bouillon cubes in the Foods division; and OMO Multi-Active Detergent, Sunlight washing powder, Sunlight washing bar soap and Sunlight Dish washing liquid and Sunlight Multipurpose washing liquid in the Home Care division. Other Regional and local jewels include the Pears Baby Products range, Glen Tea and Royco bouillon cubes. The Company provides sources of income to tens of thousands of Nigerians who are shareholders, distributors, suppliers, service providers and employees. However, it is very critical that the company maintain its impressive performance to boost investors’ confidence and declare dividend. The management of Unilever needed to find means to grow topline to further compete in the FMCG sector and gain more market shares. There are bound to be tough decisions in the coming last quarter of 2021 to grow revenue and profit in order to commence dividend payout to shareholders by 2022 financial year.

T H I S D AY ˾ MONDAY, OCTOBER 25, 2021

BUSINESSWORLD

NEWS

Philip Morris Advocates for Alternative Product to End Combustible Smoking Nume Ekeghe Philip Morris International (PMI), has sressed the need to end combustible smoking in the country in order to have a smoke-free future that encourages sustainable products. This, according to them, is to reduce smoke-related diseases associated with over 6000 chemicals in tobacco smoke with 100 being classified as intoxicants. Speaking at a media conference in Lagos, the head of Scientific Engagement, for Middle East Africa, PMI, Ignazio Suarez, noted that the firm, which has been operating in Europe and other continents has decided to storm the African market with varieties of improved tobacco products. He said their product, which is aimed at providing alternatives to smokers shall be made available to the Nigerian market when all

necessary processes and procedures with regulatory agencies as well as public enlightenment are met. According to him, “ The essence of our product is not to stop smoking but to reduce risk involved with new products with less toxicants.” He, however, stressed that as an international company they have invested over $8.1 billion in smoke-free products that are thoroughly researched with over 430 experts for scientific-evidence. “The best thing in tobacco management is cessation, but our products through a six months trial showed all co-primary endpoints shift in the same direction as when a user embraces cessation. “For those who are ready smoking, we have varieties of Electronic Heated Tobacco Product (EHTPs) without combustion and less nicotine and intoxicants that

are globally competing in the international markets, “he noted. He added that the utility derived from this product of research and development is more fascinating than what has been evoked. For the Director External Affairs, PMI, Harouna LY, the company remained committed to promote a smoke-free future, to discourage people from smoking combustible products, especially those within the legal age allowed by law. “We need a find the enable

environment to do so through taxation, policy, standardization as we in the business of finding alternative for the one billion people and if there is no right stimulus the journey cannot be achieved. “Our investment is tended towards converting our factories from combustible to non-smoke free world. Our environmental footprint cuts across from seedling to end users as we are only the company to pledge to move away from combustible to smoke- free

products, ”he said. He added that the firm is still in the process of meeting the requirements of Nigeria regulatory bodies and other necessary steps before proper launch. According to him, the aim is to see a society free of combustible smoking because it is very difficult to stop smoking entirely. Meanwhile, the Director External Affairs, Pan African Enterprise, PMI Duty Free, MEA, Ms. Mojisola Akpata, acknowledged the need for

regulatory agencies in the country to ensure that youth and non-smokers should not take tobacco products. She said, “We are advocating for a situation where regulatory agencies in the country will engage in post market surveillance as we want the right standards and policy for the industry we operate in. With the right regulatory encouragement and support from civil society, we can deliver a smoke-free future more quickly than relying on traditional measures alone.”

Lekki Port Reaches 66% Construction, on Schedule for Completion Managing Director, Lekki Deep Sea Port, Du Ruogang has revealed that construction at the site has reached 66 per cent completion. He disclosed this during an recent inspection visit by a delegation from Lagos State Government led by the Honourable Commissioner for Commerce, Industry and Cooperatives, Dr Lola Akande. The project, Ruogang said, is on course and on schedule for completion adding that the EPC contractor, China Harbour Engineering Company (CHEC) is working round the clock to ensure timely completion and to deliver a world-class port that would be the deepest port in Sub-Saharan African region. “Our primary focus is to continue to make progress on the construction of the port as well as make preparations for the commencement of port operations. We are happy to report that we are at 66% completion, and efforts will be intensified to meet our deadlines, ”he said. He expressed confidence that the project would be delivered by the third quarter of 2022 as scheduled. Ruogang thanked the Lagos State Government for its immense support thus far and he assured the Honourable Commissioner that China Harbour Engineering

Company and Tolaram (the promoters) are fully committed to delivering the first deep sea port in Lagos State, given its importance in attracting investments and the positive economic impact for the state and the country in general. In his presentation on the status of the construction, the Chief Technical Officer of Lekki Port, Mr. Steven Heukelom gave a breakdown of the construction work stating that dredging and reclamation has reached 75.75 per cent, Quay Wall & Breakwater is now at 69.96 per cent and 72.92 per cent respectively, while the landside infrastructure development is now at 45% completion. In her remarks, the Commissioner commended the management of Lekki Port and its promoters, for the level of work done so far on the construction of the port. “I want to use this opportunity to convey the message of the Governor to your team on the great work you are doing. The Governor is highly impressed with the progress of work and has asked me to commend you for the great work you have done, ”she said. Akande was accompanied by the Special Adviser to the Governor on Commerce & Industry, Oladele Ajayi and the Managing Director of Lekki Worldwide, Dr. Tunde Sodade amongst others.

Purple Partners Ascott to Introduce Citadines to Nigeria Sunday Ehigiator Purple and The Ascott Limited has announced a strategic partnership that will see both parties collaborate to deliver Nigeria’s first professionally managed Apart’hotel. The company in a statement said Purple’s upcoming mixed-use oasis, Citadines Purple Lekki will play host to this new, refreshing living experience, which blends the convenience and hospitality of traditional hotels with the comfort of being in your very own home. “This partnership will introduce and formalize the Apart-Hotel concept to the Nigerian market through its first offering, Citadines PurpleLekki Lagos. This novel location will consist of approximately 150 units broken up into one-, two-, three- and four-bedroom furnished Apart-Hotel suites, all benefitting from world-class management services, stunning ambience, design and build quality. “Citadines Apart’hotel is the industry leading hospitality brand that defines the Apart’hotel concept, with a network of more than 770 serviced

residences and hotels worldwide. Citadines Apart’hotels offer the flexibility and practicality of a serviced residence with an infusion of locally influenced hospitality. The feature rich environment of Purple Lekki, which contains elements of retail, co-working, entertainment, cuisine, and arts and culture, provides the ideal setting for this product, “it stated. “The Apart’hotels will sit atop the Purple Lekki mixed-use centre, boasting a world of fun, shopping and work within the same building. With Purple’s typically intelligent spatial design, the residences have been demarcated from the activity below, creating a peaceful enclave in the heart of the bustling Lekki axis. “The Citadines Apart’hotel brand is the jewel of The Ascott Limited; a Singaporean Hospitality Group with a portfolio that spans more than 190 cities across over 30 countries in Asia Pacific, Central Asia, Europe, Middle East, Africa and USA. Citadines Apart’hotels are known internationally for modern comforts, business connectivity and customized services, which ties in perfectly to Purple’s design, “it added.

A NEW EXECUTIVES…

L-R: Ist Vice Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Shehinde Adenagbe; Chairman of ASHON, Sam Onukwue; 2nd Vice Chairman, Ifeyinwa Ejezie and immediate past Chairman, Chief Onyenwechukwu Ezeagu, during inauguration of Onukwue as the Chairman, ASHON… weekend

Ecobank Reiterates Commitment Towards Promoting Mental Health Awareness Nume Ekeghe and Oluchi Chibuzor Ecobank Nigeria has reiterated its commitment towards promoting mental awareness in the country for its staff, customers and initiatives that promote workplace safety. This, according to the bank, is necessary in view of the enormous stress the people encounter while trying to play their part in the nation’s economy. The Managing Director, Ecobank Nigeria, Mr. Patrick Akinwutan in his welcome address disclosed this at the Ecobank Day event that happened across 36 countries with the theme

‘Mental Health Time To Act’. He noted that every year the bank takes out time to look at areas where they can support the community much better, noting the need for people to exercise more sensitivity to be supportive towards improving better mental health. He maintained that in the last three years they have talked about supporting and enhancing cancer, how to eradicate malaria and had also looked at how to be fit in terms of health. According to him, “This year, we want to focus on how we support one another to improve on our mental health. It is something we

should be open to talk about; it is something that we should be able to share our concerns so that each of us can be sensitive to how we support one another and to manage the stress available in our environment. “So, this year, we are focused on mental health. We all know that Nigeria is a country with about 200 million people. There is a lot of stress on us all; day to day activities often unleash a lot of stress on quite a lot of our colleagues across the country, ” he said. He, however, emphasised that banking Itself as a profession does have the capacity to put people

under stress, both the bank workers, fellow Ecobankers and indeed their customers. “At Ecobank, I encourage all my colleagues to speak out to their colleagues through written communication, WhatsApp, text message, even if it is an anonymous call. We want to know if there is anything in the environment that could have a negative effect on your journey to better mental health, ” he advised. On her part, the Executive Director, Commercial Bank, Ecobank Nigeria, Carol Oyedeji, urged colleagues to find a way to balance work with other aspects of their life.

NCS, FOU Seizes Contraband Worth N723.28m The Nigeria Customs Service (NCS), Federal Operations Unit (FOU), Zone A, Ikeja, Lagos has announce that it seized several illegally imported items valued at N723.28 million. Announcing the seizure in Lagos, Acting Controller of the unit, Deputy Comptroller Ejibunu HK said the mandate of FOU ‘A’ as a critical enforcement arm of the NCS, particularly in the South West Zone is importantl to achieving the set goals of the service. “Besides stemming the tide of smuggling in the Zone, the Unit stands as a Police providing the much needed security to other Customs Area Commands across the Zone, there is also the implementation of Government Fiscal Policies, Facilitation of Legitimate Trade and inter Agency function. “From the foregoing, you will quite appreciate the enormity of the task that lies ahead of us. It is on that premise we have remained resolute not to toy with the confidence reposed on us by the CGC – Col. Hameed Ibrahim Ali (Rtd) and his Management,

“he stated. “Recently, I took you round the seizures made in few days after assumption of office. Today’s announcement is a clear testimony of the Unit’s continuous readiness to make South West Zone a non fertile ground for smuggling to thrive. Hereunder is the list of 28 seizures for the last three weeks: 8,000 bags of smuggled rice at 50kg each 1,419 jerrycans of vegetable oil 1,301 bales and 128 sacks of secondhand clothing 233 bundles of wrapper 621 cartons of expired medicaments 635 cartons of wine 1,046 pieces of used tyres 21 cartons of cutlasses at 60 pieces each 531 pieces of used compressor 986 cartons of chocolate biscuit 229 wraps (114.5kg) of Cannabis sativa (Indian hemp) 856 Jerrycan of PMS at 25 litres each 1,516 cartons of frozen poultry products 751 pieces of AAA cartridges (70MM) of live ammunition 18 units of motorcycles Inclusive of 80 means of conveyance. All with a duty paid

value (DPV) of N 723,288,244.75 “The aforementioned seizures were effected at different flash points in the Zone prominent among them being Ado-Odo, Idogo, Sokoto-Ijoun, Ohunbe, Ilaro, Atan, Abeokuta/Sagamu Interchange, Ijebu-Ode in Ogun State, Iseyin, Igboora, Igbeti in Oyo State, Gbaji, Agbara in Ogun State and of course the creeks, “he said. He revealed that smugglers have resorted to massive use of motorcycles to smuggle parboiled rice at 50kg each using bush paths not accessible to vehicles. “Cumulative seizure of such means of conveyance is over 100 units in our custody. Another challenge that has remained unabated is the issue of ambush attacks of officers unprovoked. Just on Saturday 16th October, 2021, my patrol team ran into a convoy of more than 24 vehicles laden with smuggled rice and they were able to intercept 12 along Abeokuta/ Sagamu Interchange. As the officers made their way to Lagos, over 300 smugglers and hoodlums had mobilized and attacked the officers with pump-action rifles as well

as cutlasses, pebbles and bottles. “In the process, the patrol vehicle was riddled with bullets wounds while the windscreen was shattered. The aftermath of the attack was the forceful retrieval of 8 of the 12 intercepted vehicles and injuring of 2 officers. You can now see what we face every other day. “One thing is very certain; we remain undaunted in the pursuit of our mandate no matter the level of attacks on my operations in the field. Let me sound a note of warning to smugglers. No man has the monopoly of violence. We have the backing of the law to bear arms; and to that extent, we will not hesitate to deploy the Rules of Engagement in such dangerous circumstances. Parents should warn their wards on the dangers of smuggling, “he said. Within the period under review, he said a total of 37 suspects were arrested for various offences. “Six of the suspects are already charged to Court, 12 on Administrative Bail while 19 are still in our custody either waiting to be charged to Court or be released through Bail.

MONDAY OCTOBER 25, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY, OCTOBER 25, 2021

BUSINESSWORLD

NEWS

‘Despite Current Security Threats, Nigeria Guarantees Robust Tourism Destination’ Chinedu Eze With thousands of natural and man-made tourist sites, Nigeria would be a major tourism destination in Africa in near future, Chairman, Dover Hotel, Jackson Abbah has said. He said that the current security threat in the country is a passing phase, which would usher great

opportunities in the travel and hospitality industry, remarking that Nigeria would become a huge international attraction, being home to highly intelligent people on earth. Besides insecurity, Abbah noted that the world’s progress was set back by the economic devastation of COVID-19, which adversely affected the travel and hospitality industry globally.

SON Reaffirms Commitment to MSME Development Gilbert Ekugbe The Standards Organisation of Nigeria (SON) has reaffirmed its commitment to supporting Micro Small and Medium Enterprises (MSMEs) in the country, noting that the MSME sector plays a significant role in job opportunities for the nation’s teeming unemployed youths. The Director General, SON, Farouk Salim, noted that SON would continue to encourage, build and guide local producers of goods and services on quality assurance and quality control. Salim gave the assertion during a presentation of the MSMEs Clinics Award in Abuja recently. He commended the Vice President, Prof. Yemi Osinbanjo for the initiative of the MSMEs Clinics, an initiative to strengthen the MSMEs in the country through government agency’s interventions and also the award for best MSMEs, stating that it is a good reward and recognition system for our teeming small scale manufacturers’ growth. He recalled that at the Award ceremony earlier in the year, he was personally elated seeing Zainab Ismaila the Managing Director ZIA Spices receiving her award and prize money especially from that part of the country, positioning her as an industrious woman who has done well to achieve the award. Salim further encouraged her as an employer of labour, to see herself as a role model to other women by sharing her experiences with the female folk in the North

East and Nigeria as a whole. The SON boss also revealed that SON is currently building capacity for Halal standards, stating that products tested, measured and certified with Halal Standards by SON, will help scale up products for export to countries recognising the standards, and help to improve the Nigerian Economy immensely. In her response, the MD of ZIA Spices, Mrs. Zainab Ismail expressed gratitude to SON and Gombe State Office for their support and guidance on standards, quality assurance and good manufacturing practices, encouragement, that helped her to become a winner amongst other entrepreneurs. Zainab also thanked SON for the donation of a 10 KVA generator, as it will go a long way in solving power problems in her small scale productions, promising to continue to adhere to standards and being an ambassador of SON. The Regional Coordinator North East Adamu Abba Bauchi in his remarks commended the DG for his support to the regional office, he also extolled the Gombe State Coordinator for the support given to the MSMEs in the state especially the award winner, ZIA Spices. The State Coordinator, James Yakzum stated that out of many entrepreneurs, approached by the office, ZIA spices followed all the procedures given by SON on quality assurance and quality control, hence their achievement of the MSMEs Clinic Award.

Nigerians Fly African Flag at Global Mental Health Event Nosa Alekhuogie Nigerian creators made the country proud as they became the only participating African nation in a 24-hour Global Mental Health Awareness Day event on the social audio app, Clubhouse. The event, which held virtually on Clubhouse, brought together, mental health experts, creators and interventionists from across the globe to raise awareness on the challenges of mental health and provide communities with mindful sensibility in dealing with mental health issues. The theme to mark the Mental Health Awareness Day: “Mental Health in an Unequal World” also doubled as the theme of the event. With Clubhouse using it’s voice chatroom platform, the event ran for 24-hours, reaching the milestone as the first of its kind to attain this feat and making it possible for participants to join in at various hours while the event lasted. The event hosted fifteen countries with Nigerian creators being the only contributors from the African continent. While creators unanimously

agreed that the COVID-19 pandemic worsened mental health problems for the youth because mental health was not integrated as part of the pandemic response, speakers from various continents spotted challenges peculiar to their region and interventions, which they said could be taken to support communities going forward. Speaking at the event, Founder of Mentally Aware Nigeria Initiative (MANI), Victor Ugo, stated that young Nigerians were continuously being exposed to risk factors that predispose them to mental health problems and that there is an inherent and somewhat inherited despondency in them due to a lack of investment in mental health services. Ugo explained that the programme was targeted at preventing mental health problems like depression, anxiety and substance use and abuse disorders. Founder and Executive Director at Love, Peace and Mental Health Foundation (LPM), Sheifunmi Yusuf, said high expectations were placed on young Nigerians and a large number of young people living with depression, anxiety and other mental health conditions.

He suggested that rather than go through the rigorous process of quarantine abroad a new trend of embarking on internal travels for holiday has emerged, creating business and revenue boost for local hotels. Abbah said hindrances in international travel have forced Nigerians to look inwards and they have found out that there are indigenous hotels in Nigeria: Lagos, Owerri, Kano and Abuja with standard competitive facilities obtainable with what they have abroad, adding that it is equally cheaper to enjoy these facilities

in Nigeria than travelling abroad. “Now because of COVID-19 there’s a new trend going on, because people are frustrated by the protocols of quarantining when they travel to other countries. What are they doing then? They now embark on internal travels; people are now taking themselves from the East to the West, from Abuja to Lagos, etc and they lodge in hotels, it’s more like a vacation for them whether it is one week or one month. “It is also cheaper for them in terms of cost; they save cost, air ticket going abroad and most

travellers are now realising that the facilities that they could enjoy in hotels abroad can also be found in hotels in Lagos and Abuja, Owerri and Kano; quality hotels at rates that are far cheaper,” Abbah said. He said that upsurge in the establishment of hotels all over the country even with high patronage is expected as long as human beings travel from one point to another because they would definitely need a place to lodge to transact their businesses. “As long as human beings travel; leave their location whether for a business or leisure the fact

REAL ESTATE STAKEHOLDERS…

remains that they will continue to consume hotels. You do not carry your accommodation to the next travel place and it is not all the time you go to a location that you’re going to see a relative or friend that can accommodate you; so you are forced to patronise the hotel which is created mainly for that purpose. “So what you see happening is that people get into a town for a burial ceremony, naming ceremony or business, they need a place to stay and depending on their budget they will look for a place that is relative to their budget,” he said.

L-R: Executive Director Sales, Lifepage Real Estate Investment Company, Ajilore Francis; Chief Executive Oﬃcer, Oladipupo Clement; Chief Operating Oﬃcer, Taiwo One; Financial Controller, Sola Adebayo and Executive Director, Product Development, Opeoluwa Oni, During a press conference on the company’s activity in Lagos... recently

MONDAY OCTOBER 25, 2021 • T H I S D AY

MONDAY OCTOBER 25, 2021 • T H I S D AY A D V E R T O R I A L

MONDAY OCTOBER 25, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY, OCTOBER 25, 2021

HOMES&DESIGN

THE PACIFIC LAGOS: A MERGER OF RESIDENTIAL AND COMMERCIAL TOWERS

MONDAY, OCTOBER 25, 2021 ˾ T H I S D AY

HOMES&DESIGN

Pacific Lagos: Unveiling the Work-Live-Play Towers nn The Pacific Lagos is a 14-storey twin tower designed as a truly luxurious lifestyle facility in Victoria Island, Lagos, by Global Property Partners (GPP), a commercial and residential real estate development firm. It is promoted by Cavalli Business and Investment Group, with Emmanuel Odemayowa as the Chief Executive Officer. Bennett Oghifo writes he Pacific Lagos, a fine piece of real estate, is strategically located on Ozumba Mbadiwe Road in Victoria Island, a central business hub of the historically rich and culturally diverse city of Lagos. Its magnificent, modern, and classic architecture echoes the spirit of a vibrant urban neighbourhood with breathtaking views of the Lagos Lagoon. Ozumba Mbadiwe road is known for hosting several architectural masterpieces in Lagos. “Our Villa will join the ranks as one of the best architectural pieces in Lagos with its top-notch aesthetical design conceived by one of Nigeria’s architectural great minds,” said the Chief Executive Officer of Cavalli Group, Mr. Emmanuel Odemayowa, at the exquisite project’s groundbreaking. The Pacific Lagos would provide a ‘work, live and play’ environment “comparable with the best internationally,” as its concept came from mixed-use developments in some of the world’s leading economies. He said the group had completed various real estate projects across Lagos. The Pacific Lagos was a product of many years of research, brainstorming, and planning

towards building “a vertical mixed high-rise structure” that would meet the diverse lifestyle needs of its residents in terms of convenience, access to the commercial nerve centres of Lagos, and premium facilities. Odemayowa also said the proposed high-rise project was in line with the Cavalli Group’s vision of helping to reduce Nigeria’s severe housing deficit through the development of real estate conceived on international standards. The Pacific Lagos is a prestigious two distinct luxury tower with a unique blend of commercial, luxury residential, and play space development. It has commercial and exclusive hotel apartments and features three levels of parking space, a recreational floor, 10 suspended office space floors on the commercial block, and 12 floors of world-class one and two-bedroom hotel apartments on the residential block. The developer infused a recreational floor with a gymnasium, spa/massage, games room, shopping mart, restaurant, and bar. There is a terrace sit-out for

outdoor viewings. There are 10 floors of ultra-modern open office spaces; three floors (ground floor, first and second floors) exclusively designed as car park zone. According to the promoters, the Pacific Lagos is designed for premium, exclusive taste. It guarantees value at a unique upscale location; generous parking spaces, breathtaking landscaping, and ultra-modern elevator; acoustical space planning for noise control. There are 10 floors of premium and functional office spaces with unique architectural designs; luxurious amenities and flexible layout with best-in-class interior designs; ultramodern facilities designed for optimal efficiency, functionality, and comfort; open-plan office design combined with structural capability, quality craftsmanship, and functional layout. Residential space has world-class one and two hotel apartments, classic living room and dining area, fitted designer kitchens (with appliances, cabinetry, and accessories), beautiful floor designs finished with a combination of

marble and high-quality tiles, and top-grade quality bathrooms. Recreational facilities are on the third floor will truly delight residents- this floor is where all the fun happens. The facilities, including large terrace space for outdoor relaxation, are guaranteed to make both office, and residential occupants feel at home. It is uniquely designed, and wellpositioned windows on the floor allow for optimal ventilation and panoramic views of Victoria Island, Ikoyi, and Lagos Island. “This floor is equipped with gym, restaurants, swimming pool, and bars, shops, generous spaces for indoor games, and all you need to relax and enjoy because you truly deserve the best,” Odemayowa noted. Also launched was the Pacific Mutual Investment Plan, a product GPP said it introduced to offer flexible investment options for The Pacific Lagos from as low as N10 million. The projected completion period for The Pacific Lagos is 36 months (2022). Investors were assured that the GPP had financial arrangements to meet this target date, but nobody factored in the COVID-19 pandemic.

MONDAY, OCTOBER 25, 2021 ˾ T H I S D AY

BUSINESSSPECIAL

Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078

Ohuabunwa: Nigeria Has Opportunity to Pla y M ajor Role in A fC F TA The President of the Pharmaceutical Society, Mr. Sam Ohuabunwa, in this interview says the federal government must create an enabling environment in order to attract investments, diversify the economy and eliminate poverty. Dike Onwuamaeze brings you the excerpts: What is your view about the state of Nigeria as a nation? igeria is a troubled state and buffeted by too many things that have made the environment difficult to operate in. Business needs a stable environment. It operates better in an environment where policies are predictable and stable; where there is consistent implementation and enforcement of law and order. It needs an environment where there is the facilitation of business in terms of safety of life and property and the ability for people to move and conduct economic interactions without let or hindrance. It operates in an environment where the microeconomics stability and inflation and interest rates are under single-digit or do not deteriorate speedily. If you put Nigeria against the things that I have mentioned you can see that we are very far from being an ideal environment that meets what I call a satisfactory standard for economic growth. So the economy is tough for businesses and the citizens too. The Nigerian economy is one that should be promising because there are too many things that are in short supply in the country from infrastructure to utilities to quality education, to quality healthcare and quality housing. They are all in short supply. So, ordinarily, it should be attractive for a booming economy. But we do not seem to have gotten it right with the things that create the environment that can attract investments that will ignite and galvanise the output that is required to realise those kinds of positive things. Where are we missing the point? We are missing the point for not understanding how investments are attracted. Our focus is not right. For me, the principal thing for an economy to grow is that there are both domestic and foreign investments. So, our major activity should be how to attract investments. I want to assure you that domestic investment is not being properly nursed, supported, or rewarded. Foreign investments are not being sufficiently attracted not just by what we say but by what we do. So we are not getting it right. Take for instance the issue of security. If you are a foreign investor and hear about all these insecurities in Nigeria will you come? There are too many things that are unpredictable in our clime but business thrives in regions with predictability and stability. Our environment and policies are not stable and find it difficult to attract the requisite investment. Remember my word “investment” and I will be repeating it in this interview that investment is the starting point for economic growth and development in any clime. And our country is not yet paying adequate attention to this.

something that consumes them. That is because of the lack of a fundamental understanding of how to grow an economy. It hurts me and the people that think as I do. We have people leading us who seemed not to understand how to compete globally and how to make Nigeria a great economic nation.

What is the state of the pharmaceutical sector in Nigeria? It is today a sector in transition and where growth is very limited. A sector that is excessively dependent on importation of inputs into local manufacturing and importation of finished goods for both pharmaceutical and other healthcare products. There was a national drug and health policy where it was stated that 70 per cent of the pharmaceutical products consumed in Nigeria should be produced locally by the year 2005. But as I speak to you we are just managing to do about 40 per cent or thereabout in 2021. The reasons are one, low capital aggregation for major investment; two, policy instability; three, lack of incentives to the industry and the fourth is lack of local patronage. These are caused by so many things. One, we have unfavourable cost profile. Nigeria remains a high-cost environment and under the World Trade Organisation where trade is now open, many local manufacturers are at a disadvantage when it comes to competing with cheaper imports from other countries. Local manufacturing is struggling to be able to produce at a competitive price, which has remained a tough order. This is a disincentive to local manufacturing as others are importing these goods at lower prices and sell them at higher margins without the headache of manufacturing. That is where the policy regulatory side comes in. We believe that NAFDAC is trying to look at this and with the new effort by the Central Bank of Nigeria (CBN) to support the local healthcare industry there can be a reversal in terms of increase in capacity and capability. Secondly, regulatory support is needed to ensure that products that shouldn’t be imported

In which way do you think that the government will help to accelerate industrial growth in the country? We should first understand the role of industry in building local GDP, creating opportunities for labor deployment and generation of income to the purse of the nation. We need to understand that and when we do it will be reflected by our policies to promote industrial output. I can tell you that there is lip service being paid to some of these. We need to get leaders who understand the subject and can speak to us in a manner that make us feel that they do. Two, they need to understand the things that drive the industry. If they did then they will know that industry survives in a predictable environment. They will create an enabling environment and create such a pressure coefficient that will drive investments to Nigeria because it is an investment that is used to create industry while the industry is used to create jobs. It is jobs that will create wealth and it is wealth that will drive away poverty. It is a matter of understanding. How has CBN policy improved lending to the economy? There is a high level of lending to the private sector. Money is much more available than it used to be. However, it is still expensive. We thank God for the CBN and the Bank of Industry. If not for them we will still be borrowing money at commercial rates of about 25 per cent, which is not the kind of rate that will make industries survive. I think the CBN and the BoI have seen this issue and have come to the rescue of the industry. I must say that they are doing well.

Mr. Sam Ohuabunwa, President of Pharmaceutical Association of Nigeria should remain not imported. How is the pharmaceutical sector coping with the current foreign exchange squeeze? The industry is in a bad shape. I made a reference to the CBN’s N100 billion loan to the pharmaceutical industry. As I speak to you some companies are still unable to convert the money into FX to buy machineries and equipment. We have complained to the CBN and they seem to have understood us. Hopefully, when it does the second tranche or third tranche of this healthcare intervention it may take that into consideration. Emzor Pharmaceuticals announced that it would start to manufacture Active Pharmaceutical Ingredients (API) locally. How will this impact the industry? That is part of the things we are looking for. There are three areas we think that we need help in Nigeria. One, we do not have plants that do active pharmaceutical ingredients (API), so if Emzor starts it that will be a very big breakthrough for the industry because we will now have what they are going to produce locally. It is a great move. Number two is that we cannot make vaccines locally. Three, we have a very low capacity for making sterile or injectable products that go into the vein. These are the key areas the industry needs help. The last area, which is low-hanging fruit, is in the area of taking medicine from natural plants and converts it into pharmaceutical products that can be used. The National Institute for Pharmaceutical Research and Development (NIPRD) is pushing how we can develop medicines from natural plants. That is another area focus is being put. How did the Nigerian pharmaceutical industry survive the COVID-19 disruption? First, the industry was shocked, which was

not completely unanticipated. We predicted that if the government of Nigeria does not take medicines as a serious national security issue there may come one day we will be at war or any other thing that could block our access to essential raw materials. I think that it was in 2018 that the PSN had a conference with the theme: “Local Availability of Medicines as a National Security Issue.” But this happened in 2020. From the industry’s point of view there was a shock but thank God it did not last too long and the industry began to recover. How do you see the pharmaceutical industry competing under the AfCFTA environment? Ordinarily, we should be a force to reckon with. I used to be the president of the West African Pharmaceutical Manufacturers Association and I know that Nigeria was providing up to 70 per cent of pharmaceutical production in West Africa. That showed that in Africa we should be a significant producer today and also a big market. So Nigeria has an opportunity to play a major role in the AfCFTA. We have a better-developed industry outside South Africa and Egypt than many other countries in Africa. Nigeria has opportunity but that opportunity is not guaranteed if we do not ramp up. We are complacent and happy just selling oil and gas. If we are an export conscious driven country the environment will be different. If I am to be the president of Nigeria and we have this opportunity, it is going to consume us. Nobody should be talking about any other thing because our greatest economic problem arises from overdependence on oil and gas where 80 per cent of our FX comes from and until we diversify our foreign exchange sources our economy will never have sustainable growth. And this AfCFTA is a great opportunity waiting for us to take but our responses are very, very lackluster. Our leaders do not have the understanding… it is not

How are the Standard Organisation of Nigeria (SON) and the NAFDAC accelerating industrial growth? We are lucky that we are beginning to get people who seem to have a better understanding of how the industry runs. But we still haven’t gotten to the optimum level. We need a businessman to run NAFDAC. We need a businessman to run the SON. We have good people there who are professionals, professors, and credible. But there is always something called experiential learning. As an industrialist who has borrowed money from the bank and knows that my bank charges me interest on Saturdays and Sundays and public holidays, I will be more sensitive in granting approvals. But the people who are running these places have their systems and you cannot rush them. You do not see that business urgency in the people who are running these places. The system is not yet sensitive to economic development and industrial development. What is your New Nigeria Group all about? We are leading a movement. Our mission is to recruit people like us to come and take on the reins of governance in our nation and change the narrative and move us away from this perpetual economic situation that I have spoken of. We have come to the conclusion that what we lack is appropriately enlightened leadership detribalised, sacrificial, competent, and courageous to do what should have been done. Our problem is a lack of vision. The Bible said that the people perish where there is no vision. We have no vision as of today. In creating this vision we know what the media should be doing, what the pharmaceutical industry should be doing, what the entertainment industry should be doing. So that we can say that by 2030 we would have moved from being a third world to the first world. We must have a step-by-step detailed plan on how to get there. This plan will be inclusive of every segment of Nigeria.

T H I S D AY ˾ MONDAY, OCTOBER 25, 2021

BUSINESS SPECIAL

PERSPECTIVE

CBN’s Centres of Excellence Initiative in Nigerian Universities Jennifer Daniel

he Central Bank of Nigeria (CBN) under the leadership of Mr Godwin Emefiele has made knowledge-based economy one of the main planks of his administration. In achieving this, he is paying an unrestrained attention to the positive impact such policy thrust is capable of having on the youth who form the bulk of the employable segment of the society. Also, it is to be understood why he has made it a point to take the policy to the university system where these young minds are nurtured and groomed. This informed the decision to set up centres of excellence in the nation’s tertiary institutions. To add verve to that worthwhile policy, (CBN) embarked on the establishment of dedicated, special purpose education facilities in existing tertiary institutions as projects meant to shore up the capacity of those universities as part of effort to make them more relevant to the changing times. The model is designed as CBN Collaborative Postgraduate Programme (CBN-CPP). In initiating these projects, especially in tertiary institutions across the country, Emefiele is deliberately drawing attention to the fact that Nigerian universities have been facing myriads of problems ranging from inadequate financing to deteriorated infrastructure, autonomy, among others. These encumbrances tend to limit the capacity of the institutions in the country to compete at the global stage. A respected authority in the ranking of universities globally, Webometrics, stated that no Nigerian university is in the top 1000 in the world. In fact, the highest ranked Nigerian university, according to the organization, is the University of Ibadan which was ranked 1,258 globally and number 18 on the continent of Africa. The CBN Centre of Excellence project was conceived as a world class postgraduate school focused on various business and finance disciplines in some of the beneficiary institutions. The facilities and infrastructure at Centre have been designed as state-of-the-art complexes comprising a faculty building and hostel building. The pilot Phase of the project which started in three premier universities covered the Universities of Nigeria, Enugu Campus, University of Ibadan; Ibadan and Ahmadu Bello University, Zaria, with six universities to be picked from each of the six geopolitical zones. In conceiving the project, the aim of the bank was and still is to ensure students at postgraduate levels

Emeﬁele in Economics, Accounting, Banking and Finance, Business Administration and Statistics study in a serene environment that would stimulate effective learning with a view to building human capacity for the financial services sub-sector. The Central Bank of Nigeria is pumping in a whopping sum of N63 billion into these Centres of Excellence in nine Federal Government owned universities across the country to enhance postgraduate studies in financial related courses and the Tertiary Institutions Entrepreneurship Scheme (TIES) to train and finance entrepreneurship ideas of Nigerian university graduates. Inaugurating one of the centres of excellence at Ahmadu Bello University (ABU), Zaria recently, Emefiele said that the project was part of the apex bank’s intervention in education. He explained that the centres would be delivered in phases and the first phase, which comprised

the University of Nigeria, University of Ibadan and Ahmadu Bello University, Zaria have been completed and ready for use by the institutions. He said that the others, nearly completed, are those in University of Lagos, University of Port Harcourt, University of Jos, Bayero University, Kano and University of Maiduguri. Emefiele stressed that education and health were the bedrock of any nation’s development and there was the need to invest in them. The centres, with 500-capacity auditorium, ICT facilities and e-Library, are designed to compete with any business school globally. They will also run programmes such as Forensic Accounting, Global Financial Market, Risk and Compliance Management. The CBN is committed to an effective and efficient management of the facilities to forestall decay. Part of this management process will involve the engagement of accounting specialists and practitioners working in central banks across the world with the intention of tapping from their wealth of experiences which will be brought to bear on the centres. The CBN Centre of Excellence, Ahmadu Bello University, for instance is situated on a 360-seat capacity auditorium, a telepresence room, seven lecture theatres, six lecture rooms with a total seating capacity of 544 and six tutorial rooms with 240-seating capacity. There are also two cafeteria/ kitchens with a seating capacity of 96; 32 offices to seat 59 staff, a 68-seating capacity library and a 50-seating capacity ICT Centre. The facility also has a hostel accommodation comprising 66 single rooms and 33 double rooms that are all fully furnished. The hostel also has a gymnasium, seven common rooms, two meeting rooms, 13 laundry rooms, two communication rooms and two Hall Chairman’s Suites. The service building houses two 1100KVA generators, two IMVA Transformers, three chillers for air conditioning and two firefighting pumps. External works consist of a gate house, fence, external landscaping, sit-out, water fountain and parking lots. At the commissioning of the edifice, Emefiele said the bank’s involvement in the funding and infrastructural support in the educational sector was borne out of the conviction that an educated workforce played a critical role in the advancement

of the Nigerian economy and the society in general. In his words, the bank’s analysis of the factors responsible for the growth of successful economies, indicated that investment in education played a prominent role in driving innovation and growth in advanced and emerging economies, while also contributing to significant reductions in inequality. Hence, being a knowledge-driven organisation, the apex bank has to ensure the sustenance of improvements in institutions of higher learning across the country. According to Mr Emefiele, the Centre of Excellence project was also designed to accommodate the Central Bank of Nigeria Collaborative Postgraduate Programme (CBN-CPP), which he described as a child of necessity in the Bank’s intervention programme in the educational sub-sector. The project was conceived to produce a critical mass of skilled professionals that will be able to apply their knowledge towards supporting growth and continued innovation in our nation’s financial sector and the economy in general. “This was against the recognition that the dearth of skilled manpower constituted a binding constraint towards making Nigeria the number one hub for economic activity in Africa, ‘’ he added. Emefiele disclosed that CBN, working closely with all the participating universities, is taking steps to ensure that this investment yields considerable benefits. Specifically, he said the curricula for the target disciplines had been reviewed and harmonized across board to ensure students are provided with the optimum level of knowledge relative to their peers in other parts of the globe. “We believe that the Centres of Excellence will help support the government’s efforts towards reducing the incidence of brain drain, and curtail the huge foreign exchange being spent on school fees for Nigerians studying in other countries,” Emefiele said. Experts, involved in these projects are optimistic that the universities will take maximum advantage of the world class facilities provided by the Bank to challenge their counterparts in London, New York and Dubai in the provision of training programmes in banking and finance-related disciplines for the global business community. t %BOJFM JT BO JOWFTUNFOU BOBMZTU CBTFE JO ,BEVOB

Heirs Insurance, Life Reaffirm Commitment to Service Excellence

igital insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) have affirmed their commitment to service excellence. Speaking at a jioint media parley organised by both companies in Lagos at the weekend, their executive management stressed that digital and product innovation, financial inclusion, and service excellence were hallmark of their insurance play, offering value to all stakeholders. The meeting was hosted by the Acting Managing Director/Chief Executive Officer, Heirs Insurance, Dr. Adaobi Nwakuche and MD/CEO, Heirs Life Assurance, Niyi Onifade, alongside their Executive Directors, Dr. Japhet Duru and Wasiu Amao respectively. The team spoke extensively about the successes of both companies in the past five months since their launch and their ambition of digitalising and simplifying insurance. In the area of customer service excellence, both companies aligned on being customercentric in their approach, matching global best practices with the needs of Nigerians to guarantee customer satisfaction. In line with this, both companies recently launched their respective websites, through which the insuring public could purchase products in mere minutes. Claims, which is perhaps the most significant bottleneck in the industry, has also been simplified with the setup of a claims portal through which customers can lodge claims and get their claims settled in 24 hours upon receipt of documentation. In terms of product innovation, Heirs Insurance and Heirs Life’s products are ingrained in the reality of the insuring public rolling out plans for families, businesses, entrepreneurs, couples and more to add value to the lives

Ag. MD/CEO, Heirs Insurance Limited, Dr. Adaobi Nwakuche

MD/CEO, Heirs Life Assurance Limited, Niyi Onifade

of Nigerians. Both companies’ Managing Directors spoke about their stance on financial inclusion, committing to actively drive insurance education across a broad audience, as well as introducing affordable products that cost as low as N1, 000 per year. On regulatory expectation, the companies reinforced their commitment to working

in accordance with the vision set by the insurance regulatory body, NAICOM. The close association of both companies to Heirs Holdings, a renowned conglomerate with a history of success across various industries, indicates how much priority Heirs Insurance and Heirs Life place on staying in line with regulatory expectations. “We have a couple of announcements we

will be making in a few weeks that affirm these positions. We will never disappoint our customers,” Onifade said. “Simplicity is our mantra. Secondly, if you make insurance accessible, people would buy, which is what we are doing. So, you can interact with us in different ways – mobile app, online and so on. Also, we make insurance reliable. What is most important to a customer is the payment of his or her claims, which is where reliability comes from. “So, for a customer to rely on you and have confidence in you, you must have the financial capability. Today, I can tell everybody that Heirs Insurance is well capitalised,” he added. According to him, everything both firms do are backed up by technology. On her part, Nwakuche said: “Rest assured that we are taking insurance across Nigeria to the hinterlands. We are firmly committed to our mission. We know that the economy is hard and people need insurance, we are here to bridge that gap by offering products that are convenient. We want to change the face of insurance in this country, go to those places where the industry may not be able to go to, because of liquidity and capacity.” With a paid-up share capital of N10 billion and N8 billion, respectively, HIL and HLA commenced full operations with a workforce of astute and experienced professionals and a robust financial capacity. Top-notch Reinsurers back the companies to provide second-layer security for clients’ insurance portfolios. Both companies are subsidiaries of Heirs Holdings, a pan-African investment group with presence across twenty-three countries worldwide.

MONDAY OCTOBER 25, 2021 • T H I S D AY

T H I S D AY ˾ Ͱͳ˜ ͰͮͰͯ

CITYSTRINGS

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Echoes of Pain as Trademore Estate Residents Count Loses Two months after flood ravaged Trademore Model Estate, off Abuja International Airport Road and claimed four lives, damaged 166 houses and swept away over 26 vehicles, including an articulated towing van, residents, who are still lamenting their loses, have accused the authorities of ignoring their pain, Olawale Ajimotokan reports

Trademore Estate

rademore Estate has remained like a ghost-town struggling to regain its vibe several weeks after a deadly flood swept through its plains and flooded many buildings in the estate. The scale of devastation wrought by the overflowing waters on the night of September 9 was frightening to say the least. Weeks later, the agony of the episode that caught residents unawares is still haunting the community as many dwellers have either relocated while some businesses are yet to recover from the shock. Many buildings were damaged by the flood while many house owners are still cleaning household items that were soaked in muddy waters. Perennial flooding has become a yearly spectacle in the community that lies off Emmanuel Mbaka Boulevard, which is not too far from the road that leads to the international airport. This year’s deluge claimed four lives, damaged 166 houses and swept away over 26 vehicles, including an articulated towing van. One of the deceased persons, who lived at a nearby Riverpark Estate, was visiting a pharmacy when he was unfortunately washed away by the flood. Residents said he was swept off in his Range Rover when he tried to drive through the swelling flood in spite of warning by those present against defying the surging water. His body was later recovered from the submerged car the following day during a rescue operation carried out by the National Emergency Management Agency (NEMA) and FCT Emergency Management Agency (FEMA). Similarly, a man and his two children were drowned in the flood in Phase 1 of the estate. According to residents, the man was frantically trying to save his children when he was overpowered by the gushing water. In fact, the estate’s divisional police headquarters, which is very close to the estate gate at Phase 1 was not salvaged by the torrent. It was gathered that police officers scampered over the fence and abandoned the station while many suspects in custody were freed when the police station was submerged by water. Counting Loses In the official account of the incident, the

Road damaged by the ﬂood Director-General, FEMA, Abbas Idriss, said the rescue operations began from September 9 through September 13. He said over 26 vehicles, including an articulated towing van were swept away by the flood. Apart from that, the tarred road that provided access to Trademore Estate was completely washed away by a deluge of floodwater. He said the bodies of the victims were recovered and handed over to their various families for burial. A statement by Idris said: “Following long hours of heavy rainfall on Sunday 12th September 2021, Trademore, Light Gold, Wisdom Estates and Lugbe community of the Federal Capital Territory were heavily flooded- resulting to loss of lives and much property affected in and around the Estates FEMA has established, in the course of rescue operations, which began from 9: 00 p.m. of 12th September 2021 up to 13th September 2021 that four persons lost their lives to the flood and the recovered bodies have been taken by family members for burial. “Also, over 26 vehicles- including an articulated towing van were swept away by the flood, besides a tarred road in Trademore Estate that was completely washed away as a result of the strength of the floodwater. “These losses are a summary of the impact of the flood on the affected locations. In total, 166 houses were affected. The agency is still estimating the volume of losses suffered as a result of this flood. In light of this unfortunate incident, I wish to convey the deepest sympathies of the Minister of the Federal Capital Territory- Mallam Muhammed Musa Bello, to the residents of Trademore Estate, Light Gold Estate, Wisdom Estate, Lugbe Community, affected individuals and families- including those of surrounding communities, over the loss of lives and property”.

FEMA urged all residents to avoid dumping refuse in drainages, clear all surrounding drainages and other blockages that obstruct the free flow of water to reduce flood risk and its negative consequences, avoid driving or walking through flood water and locate to higher ground before being threatened by flood water for those who are living along the river banks. Allegations of Neglect But the Chairman, Trademore Phase 2 Estate, Uchechukwu Moses has accused both the federal government and the FCT Administration of not empathising with the community after the flooding incident. Moses, who is a telecoms engineer, said the authorities have failed to provide succour in form of palliatives and other assistance to the victims and their families. He berated NEMA of failing to fulfill its assurance that it would set up a committee that would co-opt some of the estate’s representatives to discuss matters affecting them in order to find a lasting solution to the problem of the estate. “To be very honest, nothing has really changed up till now since the community was flooded. I remember that the NEMA director promised that they would set up a committee and we would be part of that committee so that we can be part of whatever decision. But up till now, we have not heard anything. Neither has the government considered giving palliatives to those who suffered destruction brought by the flood,” Moses said. He said that estate leaders met with the FCDA Director of Development and Control to find a lasting solution to the perennial flooding that has been afflicting the community in the past years. Instead, he said the authority accused the residents of distorting the urban and

Four persons lost their lives to the ﬂood and the recovered bodies have been taken by family members for burial. Also, over 26 vehicles- including an articulated towing van were swept away by the ﬂood

regional planning rules and regulations by erecting structures on waterways, thereby provoking the flood. Moses asked the authority to stop passing the buck and instead provide a hydrology survey report that will reveal the source of the water that led to the flooding as well as prove if the water has a clear route. He also said there was a need for the setting up of a committee to effect a thorough survey analysis. Moses averred that the members of the estate were also authoritatively informed that on the fateful day, a dam was released from the upstream Galadima area. He wondered that before a dam is released there should be an assurance that the water will have a clear route where it will empty its contents without causing any collateral damage along its course. The resident chairman also insisted that there is no path for the water to follow beyond Trademore Estate. He attributed the lack of provision for a water channel as the reason why the entire community is always flooded by stormwater when there is heavy rainfall. Moses ascribed the problem to the presence of a funnel-like exit where the water is channeled across the Umar Musa Yar’Adua express Road, noting the error needed to be corrected to mitigate further disaster. He said: “When the water gets to that point it starts building up and begins to recede instead of running because the volume of the water at that point is always much due to the narrowness of the channel”. He urged the Development and Control to fix the error by creating a path for the water to save the residents from further loss of lives and assets in the next raining season. Moses, who lamented that his house was submerged by the flood, said he is still haunted by the experience which destroyed his electronics, household items and academic certificates. He said the residents whose losses to the flood this year could not be quantified are worried about what awaits them next year if nothing is done to put the perennial crisis in check. “It has become a yearly occurrence. Last year, one person died, while four lives were lost this year. Although the officials of development and control have assured us they will work with us, we are scared it may be worse next year if this trend is not arrested,” Moses said.

T H I S D AY ˾ Ͱͳ˜ ͰͮͰͯ

CRIME&SECURITY

Assessing Western Naval Command's Operational Capabilities

CRIME SITUATION REPORTS

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visit, Gagdi said he was impressed with the achievements of the command, adding that "the momentum has BMXBZT CFFO DIFDLFE 5IF TQFFE IBT BMXBZT been on the increase in terms of performance, so UIJT JT XIBU * DBO TBZ GPS the few places we have WJTJUFE UIJT NPSOJOH * can say there has been an increase in the speed limit." He further said the committee would ensure that special consideration was given to the navy in terms of having access to funds considering their performance. Earlier, while briefing the members of the comNJUUFF UIF 'MBH 0GàDFS $PNNBOEJOH '0$ 8/$ 3FBS "ENJSBM Jason Gbassa, reiterated the commitment of the command to secure the maritime domain, adding that it was therefore pleasing that the visit would HJWF UIF MBXNBLFST BO insight to areas that needed intervention. )F TBJE i0WFSTJHIU

WJTJUT TVDI BT UIJT * CFMJFWF BSF designed to further strengthen institution processes and procedures, so that where things are not done properly, they can be corrected. i* BN UIFSFGPSF DPOàEFOU UIBU this visit will further give you a CFUUFS VOEFSTUBOEJOH PG UIF XPSLJOH PG UIF OBWZ BT GBS BT UIF 8/$ JT DPODFSOFE JO PSEFS UP LOPX UIF areas of possible intervention." 0O UIF TFDPOE EBZ PG UIF PWFSsight function which was tailored towards harnessing dialogue with NBSJUJNF TUBLFIPMEFST UIF DPNNJUUFF TBJE UIF NFFUJOH XBT UP NBLF TVSF UIBU BMM SFMFWBOU TUBLFIPMEFST XPSL UPHFUIFS XJUI UIF OBWZ UP ensure that they provide a safe and secured environment for maritime businesses to thrive and contribute to national development 8IFO UIF DVSUBJOT ESFX DMPTF BMM parties left with a feeling of hope, FTQFDJBMMZ UIF NBSJUJNF TUBLFIPMEFST who opined that a better equipped navy would translate to a safer and adequately protected maritime space. 'PS UIF OBWZ PO UIF PUIFS hand, their hope for an increased budget that will meet their need for adequate platforms and other necessities was buoyed while the committee left with the satisfaction that expended funds were channelled rightly, thus bolstering their confidence to advocate for more.

BENEFITS OF DRONES FOR SECURITY $PTU 4BWJOHT 5IF DPTU PG B ESPOF program is substantially less than other traditional methods of aerial JNBHJOH 5IFSF BSF JNQPSUBOU EJTUJODtions regarding the ultimate imaging requirements, but when considering essential unit cost, the differences BSF SFNBSLBCMF 3FNPUF .POJUPSJOH %SPOFT JO security applications contain a unique ability to access distant and difficult UP SFBDI BSFBT NPSF RVJDLMZ UIBO IJSFE QFSTPOOFM 5IJT JT QBSUJDVMBSMZ VTFGVM when staff security is limited within facilities such as large plant operations or areas containing expensive inventory at a distance. -PX -JHIU 0QFSBUJPOT 5IF JOUSPEVDUJPO PG '-*3 'PSXBSE -PPLJOH *OGSB3FE BOE PUIFS OJHIU vision imaging utilities in addition to their reduction in price over the last few years has removed the limitation PG BGUFS EBSL TVSWFJMMBODF GPS TFDVSJUZ UFBNT $PNQFUJUJWFMZ QSJDFE ESPOFT come equipped with night vision optics allowing facility security to NPOJUPS EBSLFOFE BSFBT GSPN B àYFE location. 2VJFU .PEFSO ESPOFT EFTJHOFE for security often include vibration dampening and brushless motors, cutting the noise levels to roughly half of sound other drones produce, which provides a clear advantage when monitoring is called for in response to intrusions at or around a given facility. 3BQJE 3FTQPOTF %SPOF PQFSBtion provides another substantial benefit when security personnel are called to respond to distant locations. Delayed response may allow an intruder time to exit a scene unidentified, resulting in loss and a missed opportunity for apprehension. Drone coverage in a fraction of time presents a much greater possibility of evidence gathering and potential arrest. 3FUVSO PO *OWFTUNFOU .PSF organizations using drones for security purposes are recognizing the benefits, and generally agree that the advantages outweigh the costs PG VQLFFQ 4FDVSJUZ QFSTPOOFM BSF finding new ways to improve their department functionality and believe that drones hold a solid segment to the future of their industry. DEMERITS FOR DRONES r *U DBO POMZ CF VTFE PVUTJEF VSCBO areas r JU JT WFSZ FYQFOTJWF r JU DBOOPU CF VTFE BU DMPTF SBOHF r JU DBOOPU CF VTFE GPS TNBMM GBTU moving targets

HOW DRONES CAN HELP 5IFSF BSF NBOZ XBZT ESPOFT can help enterprise security teams UP NBOBHF UIFJS SJTL NJUJHBUJPO efforts more efficiently, safely and DPTU FGGFDUJWFMZ JODMVEJOH 3JTL BTTFTTNFOUT &OUFSQSJTF security personnel can use drones to find gaps and vulnerabilities UIBU XPVMEO U OPSNBMMZ CF TFFO drone really changes the dynamic of how you position your security countermeasures. *OTQFDUJPOT 4FDVSJUZ UFBNT DBO now inspect and monitor roofs and other high places from the ground with drones. &YFDVUJWF TFDVSJUZ i*G ZPV IBWF BO FYFDVUJWF QSPUFDUJPO UFBN UIBU T operating in remote locations, they could potentially utilize a drone to do forward observation of routes and to identify any potential issues that are FO SPVUF XIJMF UIFZ SF ESJWJOH UIFJS QSJNBSJFT BSPVOE u "DFWFEP TBZT 4FDVSJOH SFNPUF BTTFUT *G ZPV SF trying to secure hundreds of acres of land or animals out in the pasture, drones are a great way to watch GPS QPBDIFST PS QSFEBUPST 5IFZ DBO DIFDL PO NBDIJOFSZ QJQFMJOFT wind farms and other infrastructure in remote areas. 4BGFUZ " ESPOF DBO VTVBMMZ HFU UP a prison fight, an intruder and other potential problems faster than an PGàDFS DBO BOE BTTFTT UIF SJTL TP QFSTPOOFM LOPX CFUUFS IPX UP SFTQPOE Drones also have the capability to analyze images and use audio and video sensors to listen for gunfire, explosions. 3JTLT BOE $IBMMFOHFT PG %SPOFT "MM PG UIFTF QPUFOUJBM CFOFàUT BOE BEWBOUBHFT EPO U DPNF XJUIPVU UIFJS TIBSF PG SJTLT BOE DIBMMFOHFT especially when it comes to the complexities of enterprise security. %BUB UIFGU %SPOFT BSF BMTP KVTU BT WVMOFSBCMF UP IBDLFST BOE TFDVSJUZ WVMOFSBCJMJUJFT BT BOZ PUIFS *OUFSOFU PG 5IJOHT *P5 EFWJDF JT XIFUIFS UIFZ SF JO áJHIU PS OPU -PTT PG DPOUSPM 5IJT DBO IBQQFO FJUIFS CZ TPNFPOF IBDLJOH BOE UBLJOH control of the drone or from system GBJMVSF PS GSFRVFODZ JOUFSGFSFODF 5IF QPUFOUJBM GPS B IBDLFS UP VTF UIF ESPOF for malicious acts is possible. $PMMJTJPOT 1FSIBQT UIF CJHHFTU safety threat from drones is potential collisions with airplanes. “Even birds DBO UBLF EPXO QMBOFT CVU VOMJLF B CJSE UIF ESPOF EPFTO U HFU DIFXFE up so easily by the engine,” say FYQFSUT i5IFTF ESPOFT CFDBVTF PG the hardened materials on many of them and the velocity at which they NPWF DBO UBLF EPXO B QBTTFOHFS QMBOF u 5IF NPTU BU SJTL BJSDSBGU BSF POFT UIBU áZ CFMPX GFFU MJLF IFMJcopters, agricultural planes and any BJSDSBGU UIBU T UBLJOH PGG PS MBOEJOH TBZT "($4 -JNJUFE CBUUFSZ QPXFS &YQFSUT say most of the commercial drones DBO áZ GPS NJOVUFT BOE SVO PVU PG power, however they are building charging stations where the drone can basically sit down on a charging QPJOU BOE DIBSHF JUTFMG BOE UBLF PGG BHBJO BT UIFSF T B XIPMF JOEVTUSZ of companies building chargers.” -Moronfolu is a seasoned security consultant with many years of security and policing experience. FELLOW, Fourth Estate Professional Society (FFPS), he has also partaken in peace keeping operations within and outside the country and has flair for general security education.

T H I S D AY ˾ ˜ OCTOBER 25, 2021

BUSINESS/MONEYGUIDE

NADDC Boss: Nigeria Earning FX from Indigenous Car Exports James Emejo ÓØ ÌßÔË

The Director General, National Automotive Design and Development Council (NADDC), Mr. Jelani Aliyu, has disclosed that the country has started to earn foreign exchange through exportation of locally manufactured vehicles. Specifically, he said indigenous automobile company, Innoson Motors, had already commended export Made -in Nigeria vehicles to Mali. Aliyu, at the recently concluded annual conference of Commerce and Industry Correspondents Association of Nigeria (CICAN) added that the the council had gone a step further in leveraging on electric-powered vehicles. He pointed out that some local automobile companies had also commenced production of gas-powered vehicles as part of measures to support the federal government’s National Gas Expansion Programme.

The NADDC boss said the country currently has the combined capacity to produce over 400,000 vehicles per an um given the number of car manufacturing firms in operation. He said the innovations introduced by the council had ensured value addition in the industry, fostering the assemblage and production of vehicles in the country. He stressed that the first electric vehicle was launched earlier in the year adding that the council had gone a step further in leveraging on electric-powered vehicles. On the challenges of power supply in the country as well as its likely negative impact on the electric- powered cars, Aliyu said the country ought not to be defined by its challenges. He said, “We are bigger than our problems. We must be defined by our dreams and aspirations and by what we can achieve.”

He also disclosed that the Usmanu Danfodiyo University, Sokoto and the University of Lagos had developed solar-powered vehicles, adding that the University of Nigeria, Nsukka (UNN) had also commenced production of environment-friendly, solarpowered automobiles. Aliyu noted that African Continental Free Trade Area Agreement (AfCFTA) presented enormous opportunities for the automotive industry to access wider markets for the benefit of the economy. Meanwhile, CICAN in a communiqué issued at the end of the conference, themed: “The Role of Nigeria’s MSMEs, Exports, Commodities, Trade and Investment in Stabilising the Post-COVID-19 Economy: Issues and Challenges”,/ identified issues impacting the trade, investment and industrial sub-sectors of the economy.

MARKET INDICATORS

Fairmoney Receives Investment Grade Rating from GCR MyCredit Investments Limited also known as FairMoney Nigeria has been assigned an investment grade issuer rating (BBB/A3/ Stable) from Global Credit Ratings (GCR). FairMoney Nigeria, a digital bank, obtained the investmentgrade ratings, BBB (NG) Long Term, and A3 (NG) Short Term, with a stable outlook from Global Credit Rating (GCR). The company in a statement said the assigned ratings were driven by FairMoney’s ungeared position, robust liquidity, resilient balance sheet, sound underwriting practices, and a strong growth trajectory since its inception, according to a statement by the company. “This stable outlook rating reflects GCR’s expectation that MyCredit Investments Ltd.

is evolving and will show strong overall performance metrics over the medium term. GCR further noted that cash flow and leverage was a positive rating factor and business growth is expected to remain steady over the next 12 - 18 months. “Over time, FairMoney Nigeria has significantly grown its loan book whilst showing strong profitability. Non-performing loans have been maintained at a stable yet declining rate over the last year of operations. This is a testament to the company’s advanced underwriting practices which has positioned it as the leading digital lender in Nigeria, “it stated. Commenting on the ratings, Co-Founder & CEO of FairMoney, Laurin Hainy, affirmed that the ratings reflect FairMoney’s resilient business

model, international best practices, strong management team and a diversified employee base. “The milestones achieved since our incorporation within the digital banking space indicates that the Group is on track to achieving its vision of building the leading Neo-bank in emerging markets,” he stated. Laurin added that the company is focused on superior customer satisfaction and ensuring enhanced value for investors. “As a customer-first organisation we are proud that this rating will create yet another win-win situation in the Nigerian market. FairMoney will be able to further serve our customers while providing a solid and secure investment target to institutional investors in our home market Nigeria.”

Onukwe Succeeds Ezeagu as ASHON’s Chairman There was a change of baton at the Association of Securities Dealing Houses of Nigeria (ASHON) at the weekend, as Mr Sam Onukwue emerged the new Chairman, following statutory retirement of Onyewenchukwu, after five years of meritorious service. Under the new change of leadership, Mr Sehinde Adenagbe, the Second Vice Chairman and Ms Ifeyinwa Ejezie, the Public Relations Officer, also scaled up the corporate ladder to emerge the First and Second Vice Chairman respectively. Prior to his election as the Chairman of ASHON at the Association’s hybrid Annual

General Meeting at the weekend, Onukwue was the First Vice Chairman. He had also served as the Assistant Financial Secretary, Financial Secretary and General Secretary. Addressing the shareholders at the meeting, Ezeagu highlighted some of the spectacular achievements during his tenure: “ Without the risk of immodesty for blowing one’s trumpet, it is considered important at this grand occasion to put on record the few things we were able to achieve. These include but not limited to creation of visibility for the Association as a respected voice in Capital Market issues, widening the scope

of income generating activities for our members outside the NGX and NASD platforms by promoting the Lagos Commodities and Features Exchange, our representatives negotiated with the relevant parties on the Demutualization of NGX Group and our members got a favourable share of 78 per cent holding, the presentation of the Position of the Association during the Joint Public Hearing on the Demutualization Bill and Unclaimed Dividends at the National Assembly, meetings with Market Elders, Past and Present Chairmen of NGX Council on the way forward for the market amongst others.”

TGI Supports 49th MAN AGM, 50th Anniversary Tropical General Investments (TGI) Group, a global conglomerate and leading contributor to the Nigerian economy, has thrown its weight behind the 49th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN). The AGM, which commenced today in Abuja, commemorates the 50th anniversary of the manufacturers’ body and continues until Wednesday, October 27. It will feature activities including the daily Made in Nigeria Exhibition (MANEXPO 2021), lecture, interaction with Director-General

of the World Trade Organisation (WTO) Dr Ngozi Okonjo-Iweala, and the 50th MAN at 50 dinner/ award night. TGI, the parent company of WACOT Rice, TGI Distri, CORMART, WACUB and several leading brands in fast-moving consumer goods, agricultural inputs, industrial chemicals, homecare products, pharmaceuticals, and other business interests, supports all activities. Explaining TGI’s support for the 49th AGM and 50thanniversary celebrations,

Corporate Affairs Director, TGI Group, Sadiq Kassim, said that it demonstrated its commitment to MAN and its activities. He said, “As a member of the foremost manufacturer’s body, we are proud to be part of MAN’s strides in the past 50 years. We are happy to identify with MAN and further advance its cause through this sponsorship. This is a landmark celebration that involves us all so, it was the most logical thing to do, and we affirm that we will not relent in our support for MAN and all its activities.”

MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ ˜ Ͱͳ˜ ͰͮͰͯ

Bargain Hunting in BUA Cement, Others Lift Stock Market by N165bn Darasimi Adebisi

The stock market of the Nigerian Exchange Limited (NGX) appreciated by N165billion in its Wee-on-Week performance as investors renewed interest in Nigerian Exchange (NGX) Group, Nigerian Breweries Plc, BUA Cement Plc, Total Nigeria Plc and Stanbic IBTC holdings Plc. The stock market witnessed four days of trading activities

as the Federal Government declared a day public holiday to commemorate the Islamic festival of Eid-il-Maulud. The overall market capitalization rose by 0.78 per cent or N165billion in its week-on-week (w/w) from N21.625trillion it opened for trading activities to close at N21.794trillion last week. Consequently, the NGX All-Share Index also appreciated by 0.78per cent or 325.11

P R I C E S MAIN BOARD

F O R DEALS

basis points w/w to close at 41,763.26 basis points from 41,438.15 basis points the stock market opened for trading. As a result, the stock market in its Month-till-Date (MTD) and Year-till-Date (YTD) return increased to +3.8per cent and +3.7per cent, respectively. Analysing by sectors, the Industrial Goods appreciated by 2.6 per cent, while to Oil and Gas gained 1.4per cent and Banking appreciated by 0.7

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

per cent indices posted gains. The Insurance index depreciated by 1.3 per cent and Consumer Goods down by 1.1 per cent in W/w stock market performance.. As the stock market commenced last week on a sluggish note, positive sentiments resurfaced later in the week as investors hurt for attractive dividend-paying stocks on the NGX. For instance, the Nigerian

T R A D E D MAIN BOARD

A S

Exchange Group appreciated 23.94 per cent or N4.25 to close at N22, while BUA Cement gained 6.67 per cent or N4.50 to close N72.00. Nigerian Breweries Plc also gained 7.41 or N3.55 to close last week at N51.45 from N47.90 the stock market. Among the top losers last week was Royal Exchange Plc that dropped by 17.19 or N0.11 to close at N0.53, while Universal Insurance depreciated by 9.09 per cent or N0.02 to

O F

close w/w at N0.20.

The Initiates Plc also dropped by 8.51 per cent or N0.04 to close last week at N0.43 and Academy Press was down by 8.33 per cent or N0.03 to close at N0.33 per share. However, the activity levels were weaker than the prior week, as trading volumes and value declined by 45.6per cent w/w and 42.9per cent w/w, respectively.

2 2 / 1 0 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

˾ MONDAY, OCTOBER 25, 2021

Monday, October 25, 2021 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ dŚĞ ƵůůƐ ^ƵƐƚĂŝŶ 'ĂŝŶƐ… ^/ ƵƉ Ϭ͘ϰй ǁͬǁ

THISDAY AFRINVEST 40 INDEX

Last week, the local bourse sustained gains on all trading sessions, save Monday due to bargain

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Ticker

THISDAY AFRINVEST 40

1,764.46

0.11%

770.00

0.0%

28.5%

72.00

0.0%

10.5%

-6.9%

28.50

-1.7%

8.3%

-11.9%

ŚƵŶƟŶŐ ĂĐƟǀŝƟĞƐ͘ ĐĐŽƌĚŝŶŐůǇ͕ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞǆ ƌŽƐĞ Ϭ͘ϴй ǁͬǁ ƚŽ ϰϭ͕ϳϲϯ͘Ϯϲ ƉŽŝŶƚƐ͘ ^ŝŵŝůĂƌůǇ͕ zd ƌĞƚƵƌŶ ĨƵƌƚŚĞƌ ŝŵƉƌŽǀĞĚ ƚŽ ϯ͘ϳй ĂŶĚ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƌŽƐĞ േϭϲϵ͘ϳďŶ ǁͬǁ ƚŽ േϮϭ͘ϴƚŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚǇ ǁĞĂŬĞŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĨĞůů ϯϭ͘ϭй ĂŶĚ Ϯϳ͘ϰй ǁͬǁ ƚŽ ϱϭϬ͘Ϯŵ units and േϱ͘ϵďŶ ƌĞƐƉĞĐƟǀĞůǇ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďǇ ǀŽůƵŵĞ ǁĞƌĞ & E, ;ϰϮϭ͘ϱŵ ƵŶŝƚƐͿ͕ dZ E d ;ϭϬϱ͘Ϯŵ ƵŶŝƚƐͿ͕ ĂŶĚ ^^ ;ϭϬϬ͘Ϯŵ ƵŶŝƚƐͿ ǁŚŝůĞ & E, (േϱ͘ϭďŶͿ͕ E ^d> (േϭ͘ϯďŶͿ͕ ĂŶĚ DdEE

1 Airtel Africa PLC 2 BUA Cement Plc 3 Guaranty Trust Holding Co PLC 4 Zenith Bank PLC 5 Dangote Cement PLC 6 MTN Nigeria Communications PLC 7 Nestle Nigeria PLC 8 Lafarge Africa PLC 9 Access Bank PLC 10 United Bank for Africa PLC 11 FBN Holdings Plc 12 Nigerian Brew eries PLC 13 Stanbic IBTC Holdings PLC 14 International Brew eries PLC 15 Flour Mills of Nigeria PLC 16 SEPLAT Energy PLC 17 11 PLC 18 Okomu Oil Palm PLC

(േϭ͘ϮďŶͿ ůĞĚ ƚƌĂĚĞƐ ďǇ ǀĂůƵĞ͘

ŝŶĚŝĐĂƚŽƌƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ĐůŽƐĞĚ ŝŶ ƚŚĞ ŐƌĞĞŶ͘ ZĞƉĞĂƟŶŐ ůĂƐƚ ǁĞĞŬ’s trend, the /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ and Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ Ϯ͘ϲй ĂŶĚ ϭ͘ϰй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ ĚƵĞ ƚŽ ďƵǇŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ h D Ed ;нϲ͘ϳйͿ͕ t W K ;нϯ͘ϳйͿ͕ ^ W> d ;нϭ͘ϲйͿ͕ ĂŶĚ dKd > ;нϲ͘ϮйͿ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ƚŚĞ ĂŶŬŝŶŐ and &Z-/ d ŝŶĚŝĐĞƐ ƌŽƐĞ Ϭ͘ϳй ĂŶĚ Ϭ͘ϯй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ following ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ ^d E / ;нϱ͘ϭйͿ͕ & D ;нϭ͘ϯйͿ͕ ĂŶĚ /Zd > & ;нϭ͘ϯйͿ͘ ŽŶǀĞƌƐĞůǇ͕ the /ŶƐƵƌĂŶĐĞ and ŽŶƐƵŵĞƌ 'ŽŽĚƐ indices declined

23 Sterling Bank PLC 24 NASCON Allied Industries PLC 25 Transnational Corp of Nigeria 26 Presco PLC 27 Unilever Nigeria PLC

32 AIICO Insurance PLC 33 TotalEnergies Marketing Nigeri 34 Julius Berger Nigeria PLC

ŽīƐ ŝŶ D E &/d ;-ϲ͘ϳйͿ͕ t W/ ;-ϰ͘ϬйͿ͕ ĂŶĚ

hZz ;-ϱ͘ϵйͿ͘

ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ǁĞĞŬ ĂƐ ϯϯ ƐƚŽĐŬƐ ŐĂŝŶĞĚ ǁŚŝůĞ ϯϮ ůŽƐƚ͘ dŚĞ ƚŽƉ ŽƵƚƉĞƌĨŽƌŵĞƌƐ ĨŽƌ ƚŚĞ ǁĞĞŬ were

ZKz > y (-ϭϳ͘ϮйͿ͕

hE/s/E^hZ (-ϵ͘ϭйͿ͕ ĂŶĚ Dz (-ϴ͘ϯйͿ ůĞĚ ƚŚĞ ůĂŐŐĂƌĚƐ͘ dŚŝƐ ǁĞĞŬ͕ ǁĞ ĞǆƉĞĐƚ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ ƚŽ ƌĞŵĂŝŶ ƵƉďĞĂƚ ĂƐ ŝŶǀĞƐƚŽƌƐ ƚĂŬĞ ƉŽƐŝƟŽŶ ĂŚĞĂĚ ŽĨ ƵƉĐŽŵŝŶŐ Yϯ͗ϮϬϮϭ ĞĂƌŶŝŶŐƐ ƌĞůĞĂƐĞƐ͘

15.0%

3.5%

-9.6%

12.3%

4.4%

0.8x

5.1%

ot Applicable

2.1%

14.4%

-6.9%

19.1%

11.2%

34.6x

6.5x

-11.9%

24.8%

3.9%

4.3x

1.1x

10.5%

23.0% 29.7%

2.9%

0.8%

21.8%

2.9%

3.4x

0.7x

12.0%

14.3%

44.7%

17.5%

14.1x

6.1x

6.0%

7.1%

174.00

0.0%

5.0%

2.4%

143.0%

12.4%

14.0x

17.7x

6.0%

7.1%

1,405.00

0.0%

3.7%

-6.6%

143.5%

17.1%

28.5x

48.8x

4.3%

3.5%

25.00

0.4%

4.0%

18.8%

9.9%

7.1%

11.2x

1.1x

4.0%

8.9%

9.50

0.0%

3.2%

12.4%

18.3%

1.5%

2.5x

0.4x

8.9%

39.2%

2.3x

0.4x

6.5%

43.3%

10.6%

1.0%

5.7x

0.6x

3.7%

17.5%

8.40

0.6%

2.6%

-2.9%

12.25

1.2%

4.2%

71.3%

51.45

0.0%

1.9%

-8.1%

5.6%

2.2%

43.1x

2.4x

1.9%

2.3%

41.00

3.8%

2.2%

8.6%

17.4%

2.1%

9.4x

1.3x

10.0%

10.6%

-11.4%

-4.5%

4.85

0.0%

1.3%

-18.5%

29.10

-0.7%

1.2%

11.9%

731.50

1.6%

1.9%

81.8%

0.9x

-13.2%

0.7x

5.7%

3.1%

1.7%

19.3x

0.6x

5.6%

5.2%

-100.0%

125.40

0.0%

1.1%

37.8%

37.4%

23.6%

9.3x

3.2x

5.6%

10.8%

2.70

-0.7%

0.8%

7.1%

12.7%

1.2%

2.3x

0.3x

8.1%

42.6%

7.55

3.4%

0.9%

25.8%

1.5%

0.1%

25.0x

0.3x

18.00

0.0%

0.6%

2.3%

25.6%

12.1%

6.9x

1.6x

8.3%

14.4%

4.0%

3.10

-1.6%

0.5%

-6.9%

1.53

0.7%

0.3%

-25.0%

8.9%

0.8%

3.9x

0.3x

3.3%

14.65

-5.5%

0.4%

1.0%

20.7%

5.9%

14.6x

3.0x

2.7%

6.8%

1.02

0.0%

0.4%

13.3%

-1.3%

-0.3%

0.6x

1.0%

-2.1%

89.00

0.0%

0.4%

25.4%

2.2x

2.3%

14.50

9.8%

0.2%

4.3%

-4.2%

-2.7%

1.3x

5.90

9.3%

0.2%

11.3%

4.8% 25.9%

-3.3% 4.2%

9.20

0.0%

0.4%

95.3%

2.1x

7.6%

29.50

1.0%

0.3%

55.3%

1.7%

0.8%

51.1x

0.9x

1.5%

2.0%

8.00

1.9%

0.3%

36.8%

24.7%

7.5%

3.9x

0.9x

7.0%

25.4%

21.6%

3.3%

4.0x

0.4x

0.94

1.1%

0.2%

-16.8%

204.90

6.2%

0.3%

57.6%

25.00

-2.0%

0.2%

41.9%

18.3%

2.4%

5.0x

8.7%

0.0%

0.1%

-1.0%

0.0%

1.8%

0.2%

35.1%

25.0%

6.5x

2.0%

15.3%

0.8x

1.6%

19.9% 23.5%

8.7%

11.7%

0.7%

4.3x

0.5x

5.3%

-100.0%

7.5%

0.9%

5.5x

0.6x

5.0%

35.1%

14.5%

2.6%

2.2x

0.3x

5.4x

0.7x

62.50

0.0%

0.1%

0.0%

-38.7%

-9.5%

52.95

0.0%

0.1%

-4.4%

12.8%

8.7%

5.97

0.0%

65.8%

40 Transcorp Hotels Plc

18.1% 46.5%

2.1x

-21.2% 2.0%

18.4%

1.0x

T o p 10 T r a d e s b y V o l u m e

T o p 10 G a i n e r s T ic k er

P ric e

P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

C UT IX

6.05

10.0%

FB NH

51.9

-0.8%

UN ILEVER

14.50

9.8%

ET I

20.0

2.1%

A B CTRA NS

0.34

9.7%

T R A N SC OR P

14.6

0.0% 0.0%

T OT A L

5.90

9.3%

A C C ESS

13.0

204.90

6.2%

F ID ELIT YB K

12.5

-1.1%

0.47

4.4%

UB A

11.3

0.0%

ET ER N A

8.00

3.9%

N GXGR OUP

8.2

9.8%

ST A N B IC

41.00

3.8%

UA C N

6.5

0.5%

ET I

7.55

3.4%

Z EN IT H B A N K

6.2

0.0%

F T N C OC OA

0.49

2.1%

UC A P

5.9

-3.2%

T o p 10 T r a d e s b y V a l u e

T o p 10 L o s e r s T ic k er

T ic k er

Value

P ric e C hg %

P ric e

P ric e C hg %

N EM

1.92

-8.6%

A IR T ELA F R I

722.2

1.3%

IKEJ A H OT EL

1.06

-7.8%

FB NH

628.3

-0.8%

22.00

-6.6%

M TNN

458.4

1.2%

WA P IC

0.48

-5.9%

N GXGR OUP

192.8

9.8%

N A SC ON

14.65

-5.5%

Z EN IT H B A N K

153.7

0.0%

VER IT A SKA P

0.22

-4.3%

N EST LE

145.5

0.0%

R OYA LEX

0.53

-3.6%

ET I

143.7

2.1%

J A IZ B A N K

0.60

-3.2%

A C C ESS

124.2

0.0%

0.44

-2.2%

GT C O

94.2

-2.0%

25.00

-2.0%

UB A

94.1

0.0%

N GXGR OUP

J A P A ULGOLD J B ER GER

Afrinvest West Africa Limited

76.4%

-9.6%

6.8%

5.00

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h^dK / E ;нϵ͘ϲйͿ ǁŚŝůĞ

5.6x

Divindend Earnings Yield Yield

6.9%

37 Oando PLC 38 Notore Chemical Industries Ltd 39 Beta Glass PLC

P R EST IGE

;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ǁĞĂŬĞŶĞĚ ƚŽ ϭ͘Ϭǆ ĨƌŽŵ ϯ͘Ϯǆ

P/BV

0.2%

0.75

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ

P/E

0.0%

35 Wema Bank PLC 36 Union Bank of Nigeria PLC

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ROA

25.00

28 PZ Cussons Nigeria PLC 29 United Capital PLC 30 Guinness Nigeria PLC 31 Custodian and Allied Insurance

ROE

20.2%

0.0%

21 Dangote Sugar Refinery PLC 22 FCMB Group Plc

Price Change Index to Date

280.00

19 Fidelity Bank PLC 20 Ecobank Transnational Inc

WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ďƵůůŝƐŚ ĂƐ ϰ ŽĨ ϲ

Price Previous Current Change Price YTD Weighting Change

Current Price

Brokerage

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com

Rombert Omotunde | romo-

Abiodun Keripe |akeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu | dasimiyu@afrinvest.com

MONDAY OCTOBER 25, 2021• T H I S DAY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 21Oct-2021, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 163.78 165.22 1.18% Afrinvest Plutus Fund 100.00 100.00 7.88% Nigeria International Debt Fund 316.20 316.20 -15.98% Afrinvest Dollar Fund 105.89 106.94 -4.32% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 10.16% AIICO Balanced Fund 3.30 3.36 -4.31% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 8.65% Anchoria Equity Fund 140.50 142.28 5.63% info@anchoriaam.com Anchoria Fixed Income Fund 1.13 1.13 -14.76% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.59 21.21 13.53% ARM Discovery Balanced Fund 448.71 462.24 12.07% ARM Ethical Fund 39.69 40.89 17.74% ARM Eurobond Fund ($) 1.09 1.09 -1.00% ARM Fixed Income Fund 0.98 0.99 -5.95% ARM Money Market Fund 1.00 1.00 8.21% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 106.87 106.87 5.07% AVA GAM Fixed Income Naira Fund 1,044.97 1,044.97 4.50% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.07 2.07 -4.93% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.23 2.27 3.23% mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.03 1.03 4.02% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 9.18% Paramount Equity Fund 17.35 17.67 8.49% Women's Investment Fund 141.44 143.10 6.29% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.62% Cordros Milestone Fund 2023 123.83 124.67 Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) 109.31 109.31 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 7.40% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 8.07% EDC Nigeria Fixed Income Fund 1,167.64 1,187.94 1.48% assetmanagement@emergingafricafroup. EMERGING AFRICA ASSET MANAGEMENT LIMITED Web:www.emergingafricagroup.com/emerging-africa-assetmanagement-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 7.92% Emerging Africa Bond Fund 1.03 1.03 2.39% Emerging Africa Balanced Diversity Fund 1.12 Emerging Africa Eurobond Fund 103.88 FBNQUEST ASSET MANAGEMENT LTD Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price FBN Bond Fund 1,432.67 FBN Balanced Fund 196.97 FBN Halal Fund 113.70 FBN Money Market Fund 100.00 FBN Dollar Fund (Retail) FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund

127.33 173.09

1.12 11.77% 103.88 3.84% invest@fbnquest.com Offer Price 1,432.67 198.33 113.70 100.00

Yield / T-Rtn 11.46% 4.95% 9.32% 9.02%

127.33 4.05% 175.37 14.49% fcmbamhelpdesk@fcmb.com

Bid Price N/A N/A N/A

Offer Price N/A N/A N/A

Yield / T-Rtn N/A N/A N/A

N/A

FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund N/A N/A N/A Coral Income Fund N/A N/A N/A Coral Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 6.70% Vantage Balanced Fund 2.89 2.95 1.09% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 154.21 154.49 -0.83% Vantage Equity Income Fund (VEIF) - June Year End 1.27 1.32 1.22% Vantage Dollar Fund (VDF) - June Year End 1.06 1.06 3.66% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.47 1.49 7.64% Lotus Halal Fixed Income Fund 1,141.95 1,141.95 7.09% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 12.03 12.12 15.07% Meristem Money Market Fund 10.00 10.00 10.30% enquiries@norrenberger.com NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 100.38 100.39 7.02% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.33% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.56 1.59 13.31% PACAM Fixed Income Fund 11.19 11.20 -7.94% PACAM Money Market Fund 10.00 10.00 6.62% PACAM Equity Fund 1.46 1.48 -7.49% PACAM EuroBond Fund 112.39 114.46 2.42% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 135.23 139.58 10.38% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.06 1.06 10.11% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,403.37 3,439.30 5.96% Stanbic IBTC Bond Fund 234.00 234.00 4.07% Stanbic IBTC Ethical Fund 1.28 1.30 9.32% Stanbic IBTC Guaranteed Investment Fund 309.35 309.35 4.99% Stanbic IBTC Iman Fund 236.73 240.34 8.49% Stanbic IBTC Money Market Fund 100.00 100.00 7.45% Stanbic IBTC Nigerian Equity Fund 11,071.23 11,230.91 5.51% Stanbic IBTC Dollar Fund (USD) 1.28 1.28 4.36% Stanbic IBTC Shariah Fixed Income Fund 116.10 116.10 4.52% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 104.67 104.67 UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.35 1.37 5.06% United Capital Bond Fund 1.93 1.93 5.41% United Capital Equity Fund 0.92 0.95 15.69% United Capital Money Market Fund 1.00 1.00 8.81% United Capital Eurobond Fund 121.02 121.02 5.71% United Capital Wealth for Women Fund 1.09 1.11 6.79% United capital Sukuk Fund 1.07 1.07 6.61% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.17 13.29 10.97% Zenith ESG Impact Fund 14.74 14.90 20.79% Zenith Income Fund 24.56 24.56 2.38% Zenith Money Market Fund 1.00 1.00 5.95%

REITS NAV Per Share

Yield / T-Rtn

124.98 53.78

10.62% 6.44%

Bid Price

Offer Price

Yield / T-Rtn

13.94 131.44 103.07 17.94 21.99

14.04 134.71 105.32 18.04 22.09

5.48% 9.31% 3.88%

Fund Name SFS REIT Union Homes REIT

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund MERGROWTH ETF MERVALUE ETF

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Grifﬁn 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.94 5.54 17.78 1.00 21.56 156.91

4.04 5.64 17.98 1.00 21.76 158.91

5.20% -2.39% 9.76% 0.00% 5.04% -15.44%

NAV Per Share

Yield / T-Rtn

107.40

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

T H I S D AY ˾ Ͱͳ˜ ͰͮͰͯ

FEATURES

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

In Anambra, #EndSARS Victims Wait for Godot David-Chyddy Eleke reports that the pledge by the Anambra government to give redress to victims of police brutality in the state after the inauguration of the #EndSARS Panel is yet to be fulfilled one year after

Anambra EndSARS panel during a sitting

‘W

aiting for Godot’ is a play written by Samuel Beckett. The theme of the work tries to espouse a condition where people in their hopelessness rely on illusions, such as religion, to give hope to a meaningless existence. For the very many victims of the Special Anti-Robbery Squad (SARS) in Anambra, their wait for the compensation meant to be recommended by the Anambra State Panel of Inquiry into Police Brutality and other related offences, better known as the #EndSARS panel, may have been too long that it could be equated to Beckett’s ‘Waiting for Godot’. In October last year, a nationwide protest that occasioned huge destructions in various towns across the country commenced. It was tagged ‘EndSARS protest’, and not even the preachments of the dangers of COVID-19 pandemic could stop the large gatherings of youths, who assembled in many towns across Nigeria to protest police brutality, especially as it concerned youth harassments by SARS operatives. The #EndSARS proponents later won, as the then Inspector General of Police, Mr Adamu Mohammed, disbanded SARS operatives all over the country. There was also a recommendation for states to set up Judicial Panels of Enquiry to find out ways that operatives overreached themselves to compensate victims and punish erring persons. Inaugurating Anambra Panel In Anambra, Governor Willie Obiano was one of the first governors to set up a panel of inquiry into police brutality. On October 20, 2020, Obiano inaugurated a 37-man Judicial Panel of Inquiry on SARS brutality in the state. The committee was charged to look into various allegations of police brutality and the extrajudicial killings carried out by the defunct SARS. The members were drawn from various strata of the society, including youths, students, religious and rights organisations, and chaired by Retired Justice Veronica Umeh. Inaugurating the panel, Obiano promised to continue protecting lives and properties to ensure sustained peace and security. Obiano said the panel would receive and investigate the complaints of police brutality relating to torture, high-handedness, and alleged

been set aside to compensate victims whose cases were found to be true, according to the panel's recommendation. THISDAY investigation showed that in all, the Anambra panel received a total of 311 petitions, making it the panel with the highest petition in the entire country. The number of petitions it was learnt also made it difficult for the panel to complete its work on time, especially as some panel members had expressed disenchantment with the government over the funding. A source said the original proposal was for members of the panel to receive stipends every sitting, but close to one month of sitting, "it became clear that the government was not ready to fund the sitting of the panel, and that was where the rancour began."

Governor Obiano extrajudicial killings by SARS and police in the state, as well as evaluate evidence, present circumstances, and other surrounding issues and draw conclusions as to the validity of the complaints, and also recommend appropriate sanctions and proffer solutions/recommend compensation and other remedial measures, where appropriate to the state government. The panel was given one month to submit its report.

Terms of Reference The report was supposed to be submitted to the government on November 19, 2020. But as of October 2021, nothing has happened, just as the victims of police brutality, who suffered a lot of ill fate at the hands of SARS operatives, have continued to wait for either financial compensation or otherwise. Obiano, after the inauguration of the panel, announced that N200 million had

The notorious Special Anti-Robbery Squad (SARS), Awkuzu, and numerous other police outfits in Anambra State have become infamous around the world for outrageous, unconscionable, and iniquitous violations of the fundamental rights of Nigerians, including the right to life

Withdrawal from Panel by Coalition of Youth Groups On that basis, a coalition of youth groups withdrew from the panel, doubting the government's interest to treat the main cause of the #EndSARS protest. In a press conference in Awka, the coalition of youth groups represented by Ifediora Chijioke Esq., Henry Chibuike Ugwu, Mr. Osonwa Chukwuka, Ebelechukwu Ngini, and Kas Chibuike Obiwuzie, who addressed a press conference in Awka, said they were compelled to resign from the panel because government showed that it does not have the interest of those killed and brutalised at heart. "It is imperative to mention that Anambra State, under your (Obiano) watch and that of your predecessor, was the cynosure of police brutality, extortion, and even extrajudicial killings in Nigeria. The notorious Special Anti-Robbery Squad (SARS), Awkuzu, and numerous other Police outfits in Anambra State have become infamous around the world for outrageous, unconscionable, and iniquitous violations of the fundamental rights of Nigerians, including the right to life," said the coalition in an open letter sent to the Anambra governor. "We were impressed when the government constituted the panel to investigate cases of police brutality and recommend compensation to victims, among other points in its terms of reference. Sadly, the sittings of the panel were characterised by inefficiency and poor organisation because the Anambra State government failed woefully to adequately provide for logistics for anything at all involving the proceedings of the panel.

T H I S D AY ˾ Ͱͳ˜ ͰͮͰͯ

FEATURES

Youth representatives in a press conference to dissociate themselves from Anambra Panel There was no funding to enhance clerical or secretarial functions of the panel, no provision for security or witness protection." The youth coalition accused the Obiano government of having no regard for human rights abuse victims, insisting that the government "has totally ignored the panel" only set up to play to the gallery. It added that many victims of abuse of police powers and other interested stakeholders have been communicating with the panel’s secretariat or its members to know why the panel is no longer sitting despite more than 250 petitions that have been unattended to. "All these inquiries have failed to yield concrete answers. The government, despite being aware of the interest of the public, is showing no signs of interest in the activities of the panel. We firmly refuse to be pawns in the game of the government, so we hereby resign our appointments into the Anambra State Panel and completely dissociate ourselves from all the charade," the coalition further noted. Meanwhile, THISDAY gathered that some members of the panel continued, even in the face of the reluctance of the government to fund the panel. "You were all there when the youths backed out of the panel. I do not blame them because they are youths," said a member of the panel who spoke on the condition of anonymity. "As for some of us, we have passed doing things for society only because we will get paid, so we decided to continue." On why despite being given just one month to submit its report, close to one year after, its report on recommendations were yet to be out, the panel member said: "It's true that the governor gave one month to complete the task, but you know quite well that Anambra has the highest number of petitions, because SARS brutality was prevalent here, so he gave us another one month, and when we couldn't finish he added another three months." Continuing, the panel member pointed out, "Do not also forget that we had both logistics problems and others. The panel chairman had just lost and buried her father before she was appointed, then again, she lost her mother and yet again her brother, and these devastated her and also slowed down our work. You also know that we have to do a lot of investigations about the claims of the petitioners before we can make recommendations." Data on Police Brutality A report released by a human rights group, International Society for Civil Liberties and the Rule of Law (Intersociety), in September 2021 and signed by the chairman of the Board of Trustees of the group, Mr Emeka Umeagbalasi, alleged that in Nigeria, between 2015 and 2020, over 1,300 people were killed, 1,500 others injured, while thousands died indirectly from police brutality, about 10,000 were unlawfully arrested, while about 3,000 disappeared mysteriously and cannot be accounted for. The group stated that Anambra alone has a lion's share of the number quoted. Victims Recount Bitter Experience The group’s report could have been corroborated by the number of petitions received in Anambra State by the #EndSARS Panel, especially with the very gory pictures of torture painted by some of the petitioners. Among the many petitions brought before the panel was Mrs Amala Uju Nwabudu's, a resident of Umuanugo, whose husband of six years, Emmanuel, disappeared after

Mrs. Amarachi Johnson, whose husband was abducted by SARS and later disappeared (staff) were caught in the web.” Lost Hope More nerve-chilling testimonies were entertained at the panel, just as many of them are to date awaiting monetary compensation as to be recommended by the panel. THISDAY caught up with Justin Nwankwo and asked if he was still hopeful about getting compensated for all his troubles. “The Anambra EndSARS Panel was very encouraging when they started, and we, the victims of Awkuzu SARS, were very hopeful, especially upon presentation of our petition to the panel, but we do not seem to have hope any longer," said Nwankwo. “What is happening now and the delayed justice therein is not what Anambra State government under Chief Willie Obiano should hand over to a new government. Let justice delayed not become denied in the EndSARS Panel. I am expecting a perfect and justiciable closure of that ugly chapter in my life.”

CSP Nwafor (Rtd) under whose watch SARS Akwuzu committed alleged atrocious acts SARS operatives arrested him at Awkuzu. She said her husband was simply invited for questioning by the operatives, which was the last time she saw him. Her attempt to get the operatives to say what fate had befallen her husband irked them to the point of accusing her of running guns for her husband, which he used to perpetuate ‘kidnapping business’. She was later arrested and intimidated into silence and could only speak after she heard of the constitution of the #EndSARS panel. Another victim, Dr. Justin Ogo Nwankwo, while appearing before the panel, told the story of how SARS operatives ruptured his scrotum in the process of torturing him after arresting him for a crime he knew nothing about. He said: “The incident happened in 2013. I was the manager of Upper Class Hotel in Onitsha, and I was also a PhD student then. We had rented out one of our rooms to a guest, who was properly checked in." Nwankwo added, “In the morning, policemen came and searched the hotel and discovered some skulls in room 102, and the guest to whom we rented the room was not there. We told them that we duly recorded the guest before check-in, and that same morning, we had taken our manifest of all people who were guests to the CID department as was the practice, but they refused to listen." “We urged them to investigate the guest as only he could tell how the skulls got

there, but there were more interested in parading us as kidnappers and human parts dealers. I had brutality, torture, and a near-death experience for 81 days in the SARS office, Awkuzu, and I almost died. We (staff of Upper Class Hotel) were detained, tortured, and released without any charge. I sustained damaged testicles and ruptured scrotum, with lots of bodily harm. I am seeking compensation for the demolition of the hotel and for my name to be cleared and my properties paid for.” He alleged that immediately after they were arrested, no investigation was carried out, nor any panel set, but the then state governor, Mr Peter Obi, ordered the hotel's demolition on the same day. “The police knew that no one was missing in that room, the man who rented the room had a name, and the manifest was submitted to the police. The person who brought the skull is the person who should be investigated. Under one day, there was an executive, a judiciary, and all investigation carried out in one day, and the hotel was demolished, all in one day," he explained. “We were paraded to the world as people selling human parts and taken for torture. That to me as a PhD student then was enough blacklisting. They know you cannot, as hotel management ask to search the bag of guests. Our instinct is clear, and we know that it was a plant. The hotel owner (Mr Bonaventure Mokwe) was set up by his adversaries, and we

What is happening now and the delayed justice therein is not what Anambra State government under Chief Willie Obiano should hand over to a new government. Let justice delayed not become denied in the #EndSARS panel. I am expecting a perfect and justiciable closure of that ugly chapter in my life

Report Set to be Presented to Government Meanwhile, the panel chairman, Justice Veronica Umeh (retd.), who spoke with THISDAY, said the panel had concluded its work and that the report would be presented to the governor soon. “What you are asking for will be ready soon. You know we had the highest number of petitions in the country, and we had to take time to sit on all of them. So, the report is almost ready, so just wait, and we will present it to the governor, and it will be ready for all to see," Umeh told THISDAY. “You must also note that we as a panel has the powers to make recommendations, but the report is not final because another white paper committee will be set up to look at the findings and recommendation. Ours is to make recommendations, but the government may decide to pay more than we recommended to a particular person or to slash what we recommended. As of now, we already have a draft of our reports, and anytime from now, we are submitting it. Also, note that some of the atrocities meted on people may not be left like that. The attorney general may have to take it up and prosecute some people, depending on our recommendation." Considering that the Anambra governor has just five months to the end of his tenure, one may wonder if his white paper committee could be constituted and recommendations paid to victims of police brutality and erring police officers dragged to court for prosecution before the end of his tenure. One name that remained recurring in most of the petitions as far as police brutality in Anambra was concerned was that of CSP James Nwafor, who was the SARS commander during the period most of the atrocities were committed. Many believe that Nwafor has a question to answer regarding the disappearance of most people arrested by him during his period as commander. Anambra Government Keeps Mum on Compensation THISDAY visited Dr Uju Nworgu, the commissioner for Justice and Attorney General in Anambra State, on what plans she has to ensure that victims get redress through the prosecution of Nwafor and other officers like him, and also the hope that Governor Obiano will be able to pay compensation to victims before the end of his tenure, but she was said not on seat. She did not reply to calls and text messages as of the time of filing this report.

MONDAY OCTOBER 25, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY, OCTOBER 25, 2021

INTERVIEW

Lai Mohammed:

AbdulRazaq is a Deeply Troubled Soul, Not Qualiﬁed for Public Oﬃce

It was only a matter of time before the Minister of Information, Culture and Orientation, Alhaji Lai Mohammed, addressed some concerns in the local politics of Kwara State, especially, after penultimate Sunday’s explosive interview by Governor AbdulRahman AbdulRazaq, who not only called out the minister but levelled otherwise destructive allegations against the government’s mouthpiece. Quite expectedly, in this right of reply with THISDAY, the minister has responded, perhaps, to set the record straight even though it appears the last may not have been heard of the brickbats. Excerpts: You have been at the centre of the crisis in your state. What really is the problem between you and your governor because there appears to be some kind of cold war between the two of you? Where did things go wrong? I think that’s a good place to start, because you actually hit that nail on the head. You see, the truth of the matter is that the governor of Kwara State was never part of us. And I say this with all sense of humility. I am a founding member of the All Progressives Congress (APC). He only came to join us in 2018, when Dr. Bukola Saraki went back to join the Peoples Democratic Party (PDP). So you can see that this is where the real problem is. He does not understand what our own brand of politics stands for. And when you look at his own background too, you begin to understand better why there’s this problem between me and him. You see, in his own words, he said two things which are very significant, and which actually describe him and point to his character. One, he said he is a person that can stay in a place for 10 days, without talking to anybody, which means a person like that has no business being in politics. A person like that should not be elected to any office at all, talk more of being a governor. This is because as a politician, you engage on a continuous basis, you consult. As a politician, you carry people along. So when a man confesses and admits himself, that ‘my nature is that I can stay in one place for 10 days, and I won’t talk to anybody’, then you begin to understand the kind of problem you have. That kind of person has no business being in politics at all. Now, he said something that frightened me. He said he tore to shreds the manifesto of the party and he’s implementing his own.

So that person again, has no business being returned on the platform of the same party. What the party stands for is the manifesto. But you practically disowned that manifesto when you came to power. No, that’s a different ball game. But for a governor, who was elected on the platform of that manifesto to say he tore it to pieces? Honestly, I’m being very restrained. I see the governor as a deeply troubled soul. Honestly, because it takes a deeply troubled soul to make the kind of statements he is making. You see, why I’m saying this is because when I look back at the history, how he came in and what he’s doing today, I get a bit concerned about his person, and I get much more worried about the party itself. Let’s situate these things in the proper context of when he came in. As I explained, he came in only in 2018. And when he came in 2018, he came in shortly before the bye-election. When we chose him as a candidate for our party, people were very worried and concerned that they hoped we were not making a mistake. That this candidate of yours, his political history is that he might get a ticket, and just disappear like he did in 2015. In 2015, he was the senatorial candidate of the PDP in Kwara Central and as soon as he got the ticket, he simply disappeared. The records are there. You can talk to anybody who was in PDP in 2015. How do you mean he disappeared? He became incommunicado. Nobody could reach him and of course he did

the same thing when he got our ticket in 2019. He did the same thing. He got a ticket in 2019 and all of a sudden, he became incommunicado and nobody could reach him. As a matter of fact, we had to go to Lagos, to all the leaders of the party to complain, to say look, the candidate you have given to us, we don’t see him again. But it seemed that we’re all resolved that in spite of him, we’re going to win the election. So when I read in an interview that he was the most popular person, he did not need anybody, I just chuckled to myself. This is because, in the first instance, he has contested elections several times in Kwara State. Let him tell us what results he had in 2011 and 2015. Now, I’m going to come back to that. I think he made heavy weather of campaign contributions. Number one, I think it’s very reckless on the side of any mature politician to start talking about who gave what for an election. I think it shows a lot of recklessness, inexperience and desperation. Now, the truth of the matter was that the impression he gave the party leaders was that he was a very wealthy man. That was the dummy he sold to the party leaders. The party leaders bought it because at the time we went for elections in 2018/2019, Kwara State was in a very hopeless stage for the APC. Hopeless in the sense that all the electoral structures from governor to senator to house of reps members were all in the PDP. As a matter of fact, of the 24 members of the house of assembly, only one was APC. All the commissioners were PDP,

all the council chairmen were PDP, all the councillors were PDP. The task before the party was much. Saraki was going to roll out everything to make sure he won. So we would need somebody with a deep pocket as a candidate to match him. He sold that dummy to everybody. And you didn’t cross-check? You know they say oja okun kun in Yoruba, we say it’s night market kind of, and he convinced them and they sold to us and we all bought it, but as soon as he got the ticket, we realised that he had no money at all and that’s why it now dawned on me that I had to go out and raise funds. He set up a 200-man campaign committee for his governorship, which he sent to me, which I approved but he did not even give us one penny to run it. He didn’t fund it and this is a man who ran a governorship campaign. He had no office. He was using one of the aspirants’ office. That is the truth of the matter. Let him tell us the address of his office. We started campaigning for political supremacy in Kwara long before he joined us. Now, if you remember the national convention of APC in 2018, I had to do anti-party, because I was convinced that the senate president (Saraki) was going to leave us. He was already hobnobbing with the PDP and what I saw on the ground was that he was only staying in the APC to hijack the structure of the APC. And from there, leave for the PDP and leave his people behind. If you remember, even after he left, the state chairman of APC, who was actually a ‘PDP man’, said he was in APC, and took us to court. I formed a parallel EXCO, because I knew he was going to leave, but because I also knew that I could not use APC since the national EXCO of APC recognised the then elected officials of APC in the state. So I had to use the Buhari/Osinbajo campaign platform. That was what I used before he came to start galvanising and mobilising our people. The witnesses are alive. One is Rotimi Amaechi, who then was the DG of the Buhari campaign organisation. We invited him to come and launch our situation room. At the same time, he came to launch over 2,300 canvassers. We call Continued on page 56

T H I S D AY ˾ MONDAY, OCTOBER 25, 2021

INTERVIEW

He is Infantile, Reckless and Desperate them polling units’ canvassers. We invited Festus Keyamo, who was the spokesperson for the campaign organisation to also come to Ilorin to give a lecture. It was precisely that structure that was now resorted to when Saraki left the party. People must understand this. It was the same parallel structure that I formed with Bashiru Bolarinwa that was now adopted by Adams Oshiomhole, when Saraki’s people left us. But people don’t understand this. Where was he then? He was still in PDP all this time. There is this belief that because you played this role in getting him into office, sometimes you will claim you installed him as governor, that you want to dictate to him how he should run the affairs of the state and that’s the source of the problem. You see, Abdulrahman Abdulrazaq has given us over a thousand reasons why we have these problems and it depends on which side of the bed he wakes up from. At one point in time, he said he believed that I was the one that leaked the story about his lack of a school certificate. At another forum, he said it was because I blocked resources belonging to him. At another forum, he said I was working to undermine his candidature. The truth of the matter is that I am single-handedly, with a lot of my colleagues in Kwara State, responsible for the success of APC in the state. You see, when you’re looking at the success of the APC, it’s not only about the governorship, we won not only governorship. We won the presidential election, we won all the senatorial seats, six house of reps seats. We won 24 House of Assembly seats. So if you see what happened in Kwara, the people in Kwara wanted a change. It is not because they voted for anybody. They wanted a change. And that change, I’ve been very fortunate enough to have coordinated the activities. But for him to say it’s because I want to pocket him, he is somebody that is troubled. Is it really true that he doesn’t have a certificate? I don’t know about that, all I know is that there was this controversy, and he accused me of being behind it, which was completely not true. Let’s keep that till another day. This is a man who formed his cabinet, without even consulting me. Yes. I was not consulted and I’ve never complained to anybody. Does that look like somebody who wants to control the governor? He made heavy weather of the fact that I did not recognise the speaker when I saw him. Of course, that was the first time I was seeing him. In 2018, as soon as Saraki left us, Oshiomhole called me and asked me in his very direct manner: do you want to run for governorship of your state and I said no sir. I said for two reasons sir. I said that it would be morally unconscionable for me, an Igbomina man from the same south senatorial district of Kwara State, to succeed another Igbomina man, who had spent eight years in office. We are the same clan, same ethnic group. I said I will spend all my time fighting and arguing for the legitimacy of it. Secondly, if I run for office, I’ll be distracted. I will not be in a position to coordinate the activities of everybody. I will just be interested in my governorship election, and he (Oshiomhole) thanked me for it. I thank God my strategy worked. All politics is local and I ensured that I did not impose any candidate anywhere for any office whether senatorial, reps or house of assembly. So my strategy was, look, whoever you are bringing, make sure you can deliver him. If you cannot deliver him, I will hold you responsible because you chose him, he’s your choice. That’s what I did, including my own, I mean the House of Assembly member representing me. All I did was provide the logistics to support you. Okay, so how would I know somebody from Baruten for instance, who was chosen, who was first elected through the assembly, and you did not call even meetings of elders to say, this is how we are going to distribute offices? The speaker will come from A, the deputy speaker from B. How do you expect me to know your speaker when you’ve made it impossible for even any meeting to hold between you and the leaders? Make no mistake about it. The problem in Kwara is not between Lai Mohammed and Abdulrazaq. He has problems with the Honourable Minister of State for Transportation,

“I want to put on record that when the president came to Kwara State, he was nowhere to be found. It was in the morning of the presidential arrival that I met him at the airport. Even the ankara that he wore, I provided the money for it. I sent it to his house” Senator Gbemi Saraki; he has problems with the chairman of the party; he has problems with the leaders of the party, as well as with the aspirants or the party. And I want people to see this as the real problem. I mean, let’s even assume without conceding that Lai Mohammed is a bad person, are all these people also bad? So it is important to understand what’s going on. But the story in town was that you actually said no to running for governor, because you were not sure your party would win, and that eventually, when he won, you felt you miscalculated and constituted a major stumbling block in his way. Absolute rubbish! It’s even inconsistent. Look, even when Saraki was still there as senate president, we ran a bye-election in my own federal constituency, against all odds and we won. And that was the litmus test for APC. I remember a serving governor who is today a serving senator. He gave me a call when results were coming in and said, Alhaji Lai, what am I hearing? Is it true? He said, I hear that the APC might win the House of Reps election. I said yes, it’s true, sir. I said but the results are not complete, but from what we can see, we are going to win. He said please call me when the results are complete. I forgot to call him in the euphoria and he called back to say congratulations, let me make a confession today. I was told not to support you, that you cannot win that election, that you were a Lagos politician. So when you asked me for money, I did not give you. He (Saraki) was a sitting president when we won. There was a sitting governor when we won. Otoge was an idea whose time had come. Even in areas we did not campaign, people were campaigning for us. So as I said, it depends on which side of the bed the governor wakes up from, that is what he will say about the problem between me and him.

Are you saying you did not at any time try to be his godfather? I’ve been in politics for how long. With all sense of humility, since 1989, I have been very active in politics. At what point in time did I want to become a godfather? Was it when the cabinet was being constituted and I was not even consulted? Did I send you a list, or names of people to make commissioners? I told you this man is a deeply troubled soul and I’m serious. How about the allegation that you collected N100 million and never remitted it? And he said, should you react or deny it, he would prove it, and even say more. Am I a post office? The businessman that he said gave me the money, doesn’t he know him? Did the man say he gave me money to go and give him? As I said, it’s extremely infantile, reckless and desperate for a politician to start talking about who gave what for a political campaign. I mean, it’s the height of desperation. It’s the height of recklessness. It’s the height of immaturity and that’s exactly why I say this guy ought not to even be a councillor. I’m serious. I raised funds from friends and associates to execute the 2019 campaign in Kwara state. These funds were raised for governorship, national assembly elections and presidential election. It’s on record that I received no penny from him to execute his own election. If he contributed, he contributed to his own pocket, not to my pool. I’m saying it and I challenge him. Did he give any money to the party for any logistics during the election? I’m going to give you a copy of the press release by the party, that the only person relied on for logistics was Lai Mohammed. I challenge him. I want to put on record, that when the president came to Kwara State, he was nowhere to be found. It was in the morning of the presidential arrival that I met him at the airport. Even the ankara that he wore, I provided the money for it. I sent it to his house. Let him tell us

who saw him when the president was coming to Kwara State for presidential campaign. I was told he arrived the previous night and was talking about me trying to dehumanise him. Is that not a very petty mind? As I said, I raised funds for all the four elections from friends and associates. I can say it on record that I gave money, because I know what happens on election day. And I’m glad that many of them have not denied it. So when you talk about money, ask him: did he give one penny to the party for the election? How did he think he won the election? I raised money from friends, from family, from associates. Some of your loyalists have asked the governor to account for about N1 billion given to him. How is it possible for the party to route money through him without you knowing? Of course, he was the candidate. The party will give money directly to the candidate. Remember the two times that the party gave us money. They set up a committee which I was a part of and I was not even interested. Yes, the party will give each candidate money, because at the end of the day he is supposed to be the candidate. But in a good setting, the candidate will come back and say, here’s how much the party has given me. You see, not only do I have the record of what I raised, I also have records of what I disbursed to the party and I can say here that I gave more to the party than what I was able to raise, because even my own finances were thrown into it. For me, it’s all about winning and you can’t quantify electoral victory. You will remember that in his interview, the governor alleged that I never campaigned for him. This video is proof that he was lying. Make no mistake about it. Governor Abdulrahman Abdulrazaq’s reticence has nothing to do with humility. Rather, it stems from a deep sense of inferiority complex and a lack of intellectual capacity. The governor also spoke about second-hand vehicles and motorcycles, which were donated to us for the 2019 elections. The truth of the matter is that 20 vehicles and 500 motorcycles, all brand new, were donated to us for the elections. They were not second hand as he claimed. Of the 20 vehicles, one was given to each senatorial and House of Reps candidate; one each for the youth leader and the women leader of the party; one each for the party chairman and secretary and the rest for the Buhari/ Osinbajo campaign organisation. Even the governor’s factional secretary is currently in possession of one of the cars. Of the 500 motorcycles, each of the 193 wards got two. Also, one each was given to the canvassers of Continued on page 57

T H I S D AY ˾ MONDAY, OCTOBER 25, 2021

INTERVIEW

The Kwara Governor Danced Naked in That Interview the Buhari/Osinbajo campaign organisation in the 193 wards while others were given to the leaders and aspirants of the party. But it may be correct to say you started this confrontation, because there was an open rally somewhere in the state where you openly spoke against him that he was a one-chance governor. No. That was two months ago. That was the opening of our office in Kwara state. But should you as an elder in the party go that route? You see, ask yourself, what led to it? What led to it was the interview he granted through his deputy governor. The deputy governor went to represent him at a party, and then raised the issue that money was given to me, and I did not give it to him. That was the genesis of it. Until then, nobody heard me talk about him. Even with all the brickbats he was throwing, I just decided I was going to be above all the nonsense. Now that the gloves are off, are both of you not putting the party in serious danger, especially considering that elections are coming? I’m one worried for the party. And I think the party has to stand up and face reality. You see, the party should not shy away from allotting blame where it is due. Today, it may be Kwara State, tomorrow it could be another state. Anywhere the umpire does not do what it ought to do, either because it’s nasty or it’s painful, will always result in these kinds of things. Several times I wrote, accompanied with pictures, figures, I explained during the registration. Not only did I write, I accompanied it with evidence as to why people were disenfranchised. They called meetings between me and him with the Niger State governor and every time, I went there, I went to see him and I said, listen you are the governor. All these your complaints that X does not like you, even if they don’t like you, you have won. I went that humble to say, let’s build the state together; don’t allow any kind of distraction. You want to run this state, you don’t need this and he thanked me. Then he went and told two governors that, yes, it’s true what I have said, but that he would be betraying his followers if he followed what I told him to do. Let me tell you, in the meeting with the governor in the house of the Governor of Niger State were myself, the chairman, the speaker and that was the day he said I didn’t recognise the speaker. At the end of the day, it was clear to everybody that this matter was in the governor’s court. We decided to meet the

next day and I told him I will come and meet him in his residence. I had two hours of only me, him and God. That was about March this year. We talked and he agreed with me in everything, but went back because his supporters would feel betrayed. Now, just to answer your question, after that, the issue of registration came, and of course, I went and complained, collected all the evidence, sent to the national secretariat, based on which they now sent another team on fact-finding. The team came back and confirmed everything we said. Until today, they have been unable to go back to do fresh registration. There was even a time they called both of us – myself, himself, the supporters, they said they were going to refer the matter to the north central zone. It can’t be true to say that I did not make enough efforts. I bent backwards to accommodate him. With election fast coming, what do you think are the implications? Are you not worried? I told you that the party must do the needful. You see, in politics, 1,000 friends are not enough. One enemy could be too many. So, what’s the way forward? The party must do the needful. Are you saying the interview by Governor Abdulrazaq has shut the door on reconciliation? I won’t say that. But I will say it has made reconciliation even more difficult. For example, he talked about me not being able to win elections in my ward. And as I said, the records are there. Between 2003 and today, when I ran for election, I’ve never lost in my ward. We want him to show us his own result in his ward. Two, he said I’m a Lagos politician. But he knew I was a Lagos politician, when he ran to me in 2011?

He knew I was a Lagos politician when he was sending emissaries to me to take the ticket of the party? Sometimes, I will send him to Mr Williams and Mr Adeyemi and I said sometimes, when I can’t see him, I will ask him who to see. My house in Kwara, in Ilorin became a Mecca. But you’re said not to have a house in Kwara. Even when I was campaigning in 2003, I had a house in Ilorin. If in 2003, I had a house in Ilorin, how about 2019? My house in Oro was a Mecca for all of them. How many times did he come to my house in Oro when we won the by-election? The victory celebration took place in my village. He could not come because they had a meeting in Abuja. His elder brother was there. His campaign DG was there. Now, it’s the same house he says I don’t have, that he reported to almost every other day from Ilorin? Again, you ask yourself, is that not petty even if it is true? Even if it is true, I do not have a house, how does that come into this matter? But as I said, he accused me of zero electoral value. Well, I say that my records in every election, even in opposition, I have always won my ward. And again, that interview has done him a great disservice. If there is anybody who was fraudulent, I think it is him. Fraudulent in what sense? In the run-up to the by-election, I raised N100 million and asked the donor to give it directly to the candidate, Ajulo. When I got home, the party chairman said they needed money to train agents and to meet other logistics, I think it was about N26 million. And I told Ajulo (the candidate), give the chairman N26 million, come back tomorrow to discuss how we are going to use the balance for logistics. I did not see him again after that. He disappeared.

“Make no mistake about it. Governor Abdulrahman Abdulrazaq’s reticence has nothing to do with humility. Rather, it stems from a deep sense of inferiority complex and a lack of intellectual capacity”

So I got worried and went to Ilorin and I met my sources and told them here’s my problem. This was the eve of the election. They assured me they will raise money. About 5pm, they called me and said, look, they were able to raise only N50 million. And I called my treasurer and asked how much do we have and he told me. I now called somebody and I said, we need N50 million tomorrow. The person said, I have it but there’s no way it can get to you in Ilorin. Borrow it from anybody. I will pay you. So I went to AA (Governor Abdulrazaq), and I said, loan us N50 million. As soon as the election is over, I will repay it. But he sent N48.150 million. We won the election, the person refunded the N50 million to him. Unknown to us, it was him and Ajulo that hatched that plan. The money he loaned us was part of the N74 million he never returned. How did we know? It was the wrappers, but it didn’t make sense to us at that time. I called Ajulo, unfortunately, people who were coming from his village to celebrate, had an accident and we lost seven people. At that point, I could not start asking for the balance of the money. But now, from his own interview, it’s clear that it was a ploy between them. In other words, he made a profit from our money. This is our money, they loaned it to us, we paid them back. It is complicated but that’s the honest truth. So it is not for him to start talking about dishonesty. If anybody was fraudulent, it’s him. I said that he should come, he and Ajulo should come and explain the balance of N74 million. Who did they give it to? Out of the N100 million delivered to Ajulo, he gave the chairman N26 million. What happened to N74 million? Till tomorrow, we are still waiting for that money. This man set up a campaign committee he could not fund. So who was supposed to fund it? Are you outraged by the weighty allegations in that interview? They are not only fake, they are deep fake. I am outraged, not only for myself but for the party and for the innocent people that have been, you know, rubbished. There’s nowhere in the world, you publicly discuss sources of your campaign money, or how it is spent. I’m worried by his recklessness and desperation. Do you regret your decision to support him? No. Even when you claimed he was not qualified to be a councillor? or me, it was about APC winning regardless. That election was won not because of his popularity, because he had none; not because of his credibility, he had none. It was won because of the efforts of our leaders. And you see, going back to history, AA in every party he had been has always divided them like this. He did it in ACN in 2011. When they came in 2018, they were divided between Akogun faction and Fagbemi faction and he was the one at the centre of all of it. And you didn’t know all these? Yes, but we wanted to win elections. Do you envisage that the way things are going, it might degenerate violently between your supporters and his? Frankly, I do not see it. I have a support base that is firmly on the ground and who do not seek the moment and even when provoked, they are unlikely to actually react. You see, they are the owners of the party. You don’t piss into your own house otherwise the amount of provocation that he has done during the last two years is enough for Kwara to have erupted. But my people are so mature, so disciplined, so pro-party. You don’t see the party chairman react to him despite the fact that he has completely marginalised them. Even now, it’s more of a reaction to him. You will never see the party chair abusing him despite the fact that he has never given them patronage. If he’s on ground, how come he has been unable to depose the chairman? For the record, until he used the caretaker committee, as we speak today, how many members of the EXCO are with him? How many are with the chairman, Bolarinwa? He has just danced naked in that interview. I think his handlers have done a very big disservice by exposing his underbelly.

MONDAY OCTOBER 25, 2021 • T H I S D AY

NEWS

Anambra Poll: INEC Meets SecurityAgencies Today over IPOB’s Threat PDP accuses APC, Malami of inflaming passion through Kanu’s media trial Chuks Okocha in Abuja Following threats and sit-at-home order by the Independent People of Biafra (IPOB), the Independent National Electoral Commission (INEC) will today meet all the security agencies in the country on how to step up initiatives in the November 6 governorship election in Anambra State. But the PDP Committee on Publicity on the Anambra election, Ken Okolougbo, has accused the All Progressives Congress (APC) and the Minister of Justice and Attorney General of the Federation, Abubakar Malami, of accentuating the insecurity in the state through media trials of the leader of Kanu. INEC, however, said it would meet all security agencies on election matter on Monday. The meeting between INEC and the election security agencies will commence 2pm today.

Okolougbo, while addressing the matter, has urged the APC and Malami to stop the media trail of Nnamdi Kanu, adding that the media trial was contributing to the increased and inflaming of insecurity in the state. "The Attorney General of Nigeria is the chief prosecutor with all prosecutorial powers. He should go to court and adduce all his evidence against Nnamdi Kanu and stop the media trials that is exacerbating the insecurities in the state. "Section 136 of the evidence act said he who allege must prove. Let him go to court and prove all his allegations and stop media trials that is already inducing fears among the Anambra State voters" "The media trials by Malami have caused great security crisis in the state, which could result in voter apathy. The funniest thing is that the APC is not campaigning at all in the

wards and local governments of the state. It is only the APGA and the PDP that are

campaigning. "What is the APC up-to? Could it be to use the media

trials to scare voters away and use that opportunity to rig the gubernatorial

elections. We are disappointed at Malami," he said.

COURTESY VISIT…

The Consul General of the People's Republic of China, Chu Maoming (left), receiving honorary plaque from the National President, Nigerian Association of Chambers Of Commerce Industry Mines and Agriculture (NACCIMA), John Udeagbala at the Chinese Consulate in Lagos…. recently

Fed Poly Bauchi Sacks Two Killed as Gunmen Attack Police Station in Ebonyi a gun battle. other was critically injured but rifles/other incriminating items Two Lecturers for Alleged Benjamin Nworie in Abakaliki during Garba in a statement issued is responding to treatment in were recovered while others escaped with bullet injuries. Barely one week after suspected by the state Police Public the hospital. Sexual Harassment Odah said: "A yet-to-be "Regrettably, one Police gunmen attacked Ohaukwu Relations Officer (PPRO), DSP

The Governing Council of the Federal Polytechnic, Bauchi has approved the dismissal of two lecturers, Malam Abubakar Baba and Mr. Adebusoye Sunday over allegations of sexual harassment levelled against them. The Rector, Mr. Sunusi Gumau, announced their dismissal while briefing newsmen at the end of the 98th meeting of the council, yesterday in Bauchi. Gumau said that the decision was reached after thorough investigation of the matter by a committee set up by the institution. He said that Baba was a lecturer in the Department of Nutrition and Dietetics while Mr. Sunday was a lecturer of the Department of General Studies. “This is the final verdict of all that has been making waves in the media concerning the issue of our staff reported on alleged case of rape. “This issue of Abubakar Baba came up on the August 4, 2021. In the rules of the Polytechnic, if an

issue of this magnitude happens, the complainant has to write and immediately she wrote. “I asked the staff to be queried. When we queried him, the suspect replied and the reply was not satisfactory, and we established a committee to investigate the matter thoroughly to logical conclusion. “We did that and after the committee submitted its report, the Senior Staff Appointment and Disciplinary Committee met, invited the suspects, cross examined and we made our recommendation to the council. “Today; the council has finally approved the dismissal of Abubakar Baba from the services of the Federal Polytechnic, Bauchi,” said the Rector. Sanusi further revealed that Sunday was equally dismissed from the service of the Polytechnic with immediate effect. The rector said that concrete evidence had been established against Sunday for sexually assaulting his student.

Global Terror Financing Watchdog, FATF Adds Turkey on 'Grey List' Ndubuisi Francis in Abuja Few days after the Turkish President, Recep Tayyip Erdogan solicited for Nigeria's collaboration with his country in the fight against terrorism, the global finance watchdog-Financial Action Task Force (FATF), has added Turkey to its 'grey list' over the country’s failure to make sufficient efforts to fight money laundering and terrorism financing. Mali and Jordan were also added to the 22-nation grey list. FATF at the weekend, also outlined what it called a, "multi-pronged approach"

to collection of beneficial ownership information in a direct response to the recent Pandora Papers in which a number of prominent Nigerians featured in. The inclusion of Turkey, Mali and Jordan on the grey list meant that they would now be subjected to increased monitoring, alongside others, including Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Haiti, Jamaica, Malta, Morocco, Myanmar, and Nicaragua. Others are Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Turkey, Uganda, Yemen, and Zimbabwe.

Police Division in Ebonyi State, another set of hoodlums yesterday attacked Unwana Police Division in Afikpo North Local Government Area of the state. The state Commissioner of Police, Aliyu Garba, who confirmed the Unwana attack, disclosed that a police officer and one of the gunmen died

Loveth Odah, lamented that the suspected gunmen numbering over 35 invaded the Uwanna divisional police headquarters and started shooting at the policemen on duty. The PPRO claimed that the gunmen killed one Police Inspector, whose name was yet to be identified as at the time of filling the report, while

identified gunmen numbering about 35 attacked Unwana Divisional Headquarters in Afikpo North LGA of Ebonyi State, shooting sporadically at the policemen on duty, who immediately repelled the attackers. "The officers on duty during in the gun battle killed one of the hoodlums and two AK-47

Inspector attached to the Division was fatally wounded while other, who is critically injured, is responding to treatment in the hospital. However, the police facility/ operational vehicles are intact.” The commissioner revealed that the deceased suspect had been on the police wanted list for various attacks on police

Ali Seeks Improved Infrastructure at Nigerian Universities Hammed Shittu in Ilorin The Chairman, Association of Private and State Universities in Nigeria and legal luminary, Mallam Yusuf Ola-Olu Ali, has said if Nigeria wants its universities to be counted among world class universities, the infrastructure base of the country needs to be improved upon. Ali said apart from this, the

government needs to increase budgetary allocation to the education sector. Speaking as a guest lecturer at the 36th Convocation Ceremony of University of Ilorin over the weekend, the legal luminary said: "The present situation in infrastructures at the nation's universities calls for an urgent need for our governments to make available enough funds for the rehabilitation of existing

facilities." He said that, "Governments should intensify efforts in providing more physical facilities in the universities. "Besides, corporate bodies, philanthropists and alumni associations should also assist in the provision of these facilities to aid effective teaching-learning activities in order to achieve the academic goals of university education

for national development." Ali added, "There is need for a serious expansion of physical facilities and equipment to meet the increasing student population. "Also important is the need to take serious look at maintenance culture, which is lacking in an average Nigerian, as this will go a long way to reduce the rate of decay of the existing facilities.

FCCPC Probes Five Shipping Firms over Alleged Hike in Freight Rates James Emejo in Abuja The Executive Vice Chairman/ Chief Executive Officer, Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, yesterday said the commission has established a case against five shipping companies allegedly involved in influencing high freight rates including the associated costs to the country.

He said the commission had also executed a judicial search warrant and order of the Federal High Court to search and gather evidence in furtherance of an open and active investigation of potential infringements of the Federal Competition & Consumer Protection Act 2018 (FCCPA) by the affected firms. In a statement, he was quoted to have also said initial intelligence had indicated that the, "five

companies identified in the warrant, as well as others who were neither subject of the warrant nor targets of the search, have over a period of time, within and outside Nigeria participated in, or coordinated anti-competitive conduct that materially affect or distort the market in Nigeria, including preventing fair competition, and engendering continuing high freight rates and associated costs to, and in

Nigeria." He said prior to the execution of the search warrant and order of the court, the FCCPC had gathered credible and actionable intelligence sufficient to establish probable cause and reasonable basis for the court to issue a warrant and enter an order permitting executives and operatives of the commission to conduct a search of the companies named in the warrant and order.

Police Nab Three Suspected Kidnappers in Kogi, Recover Arms The Police in Kogi have arrested three suspects believed to belong to a gang of kidnappers terrorising motorists on ItobeAnyigba highway. They are Danlami Shauibu, Kabiru Amodu and Adejoh Tijani all of Adumu village in Ofu Local Government suspected to be responsible for series of kidnappings in the area.

A statement signed by DSP William Ovye Aya, Police Public Relations Officer (PPRO) at the weekend, in Lokoja, said that the suspects were arrested by Police operatives attached to Itobe Division in Ajaokuta Area Command. Aya said that Danlami Shauibu and Kabiru Amodu were initially arrested on October 16, by a Police team, following an

intelligence-led operation. He said the operation was conducted to curb criminal activities, especially high volume of kidnappings in Itobe and its environs particularly, the ItobeAnyigba highway. The PPRO revealed that during preliminary investigations, one of the suspects gave useful information that led to the arrest of the third suspect, Adejoh Tijani

of the same address on Oct. 22, at about 8:30am. The Kogi Command’s image maker said upon a search of their houses, the Police recovered one cut to size single barrel gun and a locally made pistol. Other items recovered, according to him, were one POS Machine, one battle axe, a face mask, five live cartridges and assorted charms.

MONDAY OCTOBER 25, 2021 • T H I S D AY

NEWS XTRA

Insecurity Posting Negative Devt Indices, Say Editors The 17the All Nigerian Editors Conference has called for healthy and harmonious collaboration between the media and the security agencies in the fight against insecurity across the country, saying the problem of insecurity was taking a huge toll on societal life and posting negative development indices in several areas. The conference also said peace and development, which were germane to further advancement of Nigeria, could not thrive in times of crises, stating that governments at all levels had a huge responsibility to defend, protect and provide for its citizens The conference put together by the Nigerian Guild of Editors (NGE), and held between Thursday, October 21 and Friday, October 22, 2021, in Abuja, with the theme, “Media in Times of Crises: Resolving Conflict, Achieving Consensus,” however, came up with some resolutions. A communique signed by NGE’s President, Mustapha Isah, and the General Secretary, Iyobosa Uwugiaren, claimed the conference was attended by 350 editors, security chiefs, and other stakeholders, and that the prevalent insecurity challenges, which have seen terrorists, bandits, armed herdsmen and other criminal elements holding the nation to ransom as well as threaten its

survival and development, have the potential to tear the country to shreds. “The problem of insecurity confronting the country is taking a huge toll on societal life and posting negative development indices in several areas. That the insecurity crises stem from leadership failure that has bedevilled the country

for many years. “There are fears in some quarters that editors and media professionals seem to have taken sides in the raging crises. That journalists and security agents, who are first line responders to every flash points appear locked in mutual suspicion,” the statement stated. While noting that journalists

were often times impaired and harassed by security agents from carrying out their professional responsibilities, the conference said peace and development, which were germane to further advancement of Nigeria could not thrive in times of crises The conference, therefore resolved that, “Governments at

all levels have a responsibility to defend, protect and provide for its citizens. That agitations for selfdetermination, which are raging in the South-east, South-west and the South-south regions do not augur well for the unity of the country. “The conference called for an end to raging insecurity so that citizens can conduct their normal lives in an

atmosphere of peace and concord. That there’s need for healthy and harmonious collaboration between the media and the security agencies in the fight against insecurity. There is a need for security agents to appreciate the role of Journalists and media professionals and refrain from anything that will abridge it,” he said.

SIGNED AND SEALED…

L-R: Senior Head of Marketing, Shalina Heathcare Nigeria, Mr. Samdeap Sahu; Head of Business, West Africa, Shalina Healthcaree Nigeria, Mr. Arum Raj; New Host of Shaltoux "My Voice My Identity Singing Challenge," Mr.Adebola Adams (VJ Adams); Head of Consumer Business, West Africa, Shalina Healthcare Nigeria, Mr. Suresh Karuppiahsamy and the Country Brand Manager, Shaltoux, Mrs. Busayo John, at the contract signing ceremony with VJ Adams in Lagos…recently DAN UKANA

NDLEA Intercepts 2,060kg Glo Berekete Offers Customers 700% Bonus, Other Benefits Heroin, Others in Lagos, Ondo, Edo, Kano Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted over 2,060 kilogrammes of assorted drugs including heroin, methamphetamine, cannabis, tramadol and rohypnol. The interceptions were made in operations at the Murtala Muhammed International Airport (MMIA) Lagos as well as Ondo, Edo, Kano, Kaduna, Plateau and some courier companies. The Spokesman of NDLEA, Mr. Femi Babafemi, said in a statement yesterday that two consignments of heroin weighing 4.4 kilogrammes and

550 grammes were intercepted on October 6 and 15 respectively at the cargo shed of the Murtala Muhammed International Airport (MMIA), Ikeja. The 4.4 kilogrammes was seized at the SAHCO import shed of the airport when it was discovered inside bags of granulated sugar and flour from Johannesburg, South Africa via Addis Ababa to Lagos on an Ethiopian Airlines flight. Two suspects, Chukwuemeka Ugochukwu, a freight agent that cleared the consignment and one Kabiru Aminu, a stock keeper that was to collect the cargo for onward distribution to recipients were arrested for further investigation.

Globacom said it has repackaged its customer-centric offering, Berekete, to give unlimited value to millions of subscribers on its network. A statement explained that now known as Berekete Plus Plus, the plan allows customers to talk endlessly to friends, loved ones, and business partners. According to the telco, it also gives an opportunity for quality browsing time, massive downloads, and the opportunity to watch movies on Glo TV, thus satisfying their browsing and talking needs from the same recharge. “With the plan, every new customer gets a welcome bonus of

N1, 000 upon successful activation of their lines, which involves registering the SIM, recharging with a minimum of N100, and making a first call. “The welcome bonus includes N800 to call all networks at the rate of 75 kobo per second, while N200 will be used for data, which equals 200MB data. The welcome bonus is however a one-off benefit. “Berekete Plus Plus customers will also enjoy a 700 per cent bonus (400% for voice and 300% for data) on every recharge, to call all networks in Nigeria. “In addition to the benefits above, new customers on the

plan will also enjoy additional data bonus on first recharge of the month, every month for six months. The Berekete Plus Plus package also includes up to 100 per cent bonus on every data plan purchased by customers every month for four months,” it added. According to the statement, new customers on the Glo network have the opportunity to get on Berekete Plus Plus platform by default, while existing prepaid customers could subscribe to the plan by dialing *777# after which they would instantly be able to enjoy the 700 per cent bonus on all recharges.

“They will, however, not be entitled to the one-off welcome bonus. A recharge of N100 comes with N400 voice bonus for calls to all networks as well as 100MB data bonus on first recharge of the month for browsing. “Similarly, N500 recharge gives 550MB data bonus on first recharge of the month and N2, 000 voice bonus for calls to all networks. “Also customers recharging with N1, 000 will be rewarded with N4, 000 voice bonus for calls to all networks and 1,100MB data bonus on first recharge of the month,” it added.

CLO Urges Anambra Govt to Implement Anti-Open Grazing Law David-Chyddy Eleke in Awka The Civil Liberties Organisation (CLO), Anambra Chapter, has urged the Anambra State Government to ensure full implementation of the newly signed anti-open grazing law in the The CLO, in a statement

signed by its chairman and secretary respectively, Mr. Vincent Ezekwueme and Mr. Chidi Mba, commended the Governor of Anambra State, Mr. Willie Obiano, for signing into law the bill, which was recently passed by the state house of assembly. In a statement that was titled “Live and Let Live,” te group

described the law as the most life-saving and people-oriented law enacted by the Anambra State House of Assembly. It however charged that: "The law should not be rhetoric or political statement, rather the government and security agencies should ensure strict and judicious implementation of the law."

The CLO further extolled the assembly for the courage and wisdom in living up to the yearnings and aspirations of Anambra people, while adding that religious implementation of the law would improve peaceful and harmonious coexistence of farmers-herders and entire residents of the state.

State has ordered that ClosedCircuit Television(CCTV) cameras be installed in all the correctional facilities in the state. Makinde gave the order yesterday when he visited the Abolongo Correctional Centre, Oyo, that was attacked on Friday night by unknown gunmen, where a majority of the inmates escaped.

accompanied by top government functionaries on the inspection, directed that the security cameras be linked with the state security situation room. He said that his government would take immediate steps to protect the facility and also directed that the main road leading to the place be immediately graded.

public, especially residents of the state, to be calm. “This is shocking, unfortunately; we lost a soldier and an Amotekun operative, also another person is on danger list at the University College Hospital, Ibadan, as we speak. “In the main, investigation is still ongoing and we cannot say precisely whether this is an

a wider issue that we have to deal with. “But whatever the case is, we have made an assessment and taken some immediate decisions. “We have challenges around the country; banditry, insurgency, and terrorism. “And we can only deal with those issues when we have the people in alignment with what the leadership is trying to do.

Order Publication of NDDC Forensic Report, Jailbreak: Makinde Orders Installation of CCTV in Oyo Prisons Group Tells Buhari Governor Seyi Makinde of Oyo The governor, who was He appealed to the general isolated event or the beginning of The Abia State Anti-Corruption Network (ASACN) has written to President Muhammadu Buhari, asking him to order the publication of forensic audit report on Niger Delta Development Commission (NDDC) to enable the correction of its past mistakes. The network of Civil Society Organisations (CSO) in Abia released copies of the letter to newsmen at a press briefing held in Aba, Abia at the weekend. The group was led by Nelson Nwafor of the Foundation for Environmental Rights, Advocacy and Development (FENRAD) and Henry Nwaigwe of Ndoki Youth Federation. The group said government needed to act on the report released recently by the Ministry of Niger Delta Affairs

and presented to the AttorneyGeneral of the Federation through Godswill Akpabio, the minister. They said the report, which covered 18 years from 2001 to 2019, revealed how 13,777 contracts awarded were abandoned in spite of the commission receiving N6 trillion in budgetary allocations. With the huge sum it received, the commission operated 362 bank accounts yet it did not deliver the dividends it was expected to deliver to the oilbearing areas. “We demand that in line with the mantra of transparency and integrity which this administration upholds, the President should direct that the details of the said contracts leading to the 13, 000 abandoned be published.

Soldier Detained over Alleged Assault on Female Nurse in Kwara Hammed Shittu in Ilorin The 22 Armoured Brigade of the Nigerian Army, Sobi Cantonment, Ilorin, Kwara State, has detained a soldier for allegedly beating a female nurse at the state Sobi Specialist Hospital in Ilorin. Already, the soldier is currently

undergoing interrogation for the act. The incident, according to THISDAY checks, led to the fracture of the leg of the nurse. THISDAY investigations further revealed that the incident happened over the weekend when the soldier took his

pregnant wife to the hospital for delivery. It was gathered that upon accepting the soldier's wife into the labour room by the nurse, the nurse asked the soldier to look for certain delivery packs for delivery. Sources said instead of looking

for the delivery packs, the soldier told the nurse that he would not be able to do so because the state government has provided such at the hospital for pregnant women who might have come for their delivery at the hospital since it is a state government-owned health institution.

MONDAY, ͺͽ˜ ͺ͸ͺ͹ ˾ T H I S D AY

MONDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

David Alaba Scores First La Liga Goal as Real Madrid Win El Clasico Former Bayern Munich defender, David Alaba, scored his first Spanish La Liga goal yesterday as Real Madrid defeated Barcelona 2-1 in a new-look El Clasico to go top and leave Ronald Koeman's side down in eighth on the log. It was the first Clasico without Barca icon Lionel Messi or Real legend Sergio Ramos - who both joined Paris St-Germain in the summer since 2004. Alaba started and finished a counter attack for the first and Lucas Vazquez got a second in added time. Sergio Aguero scored his first Barca goal but it was almost the last kick. Alaba's goal was the best of the game. The former

Bayern Munich defender won the ball from Barca striker Memphis Depay on the edge of his box before starting a counter-attack. He finished it off by running onto Rodrygo's pass before slamming a shot across home keeper Marc-Andre ter Stegen into the far corner. It was his first goal for Real Madrid, who he joined in the summer, on his El Clasico debut. The final two goals came in injury time with Vazquez tapping in after Marco Asensio's shot was saved by Ter Stegen. Substitute Aguero buried Sergino Dest's cross, in what was only Barcelona's second shot on target, but the final whistle went seconds later.

Super Falcons Qualify to Play Côte d’Ivoire in Final Round 2 0 2 2 W O M E N A F C O N Q UA L I F I E R The Super Falcons fought a tough battle to edge out Ghana’s Black Queens and reach the final round of the qualification series for next year’s Women Africa Cup of Nations to be hosted by

David Alaba scored his ﬁrst Spanish La Liga as Real Madrid defeat Barcelona 2-1...yesterday

Mixed Fortunes for Nigerian Clubs in CAF Campaigns Rivers Utd crash out, Enyimba progress into playoffs round Duro Ikhazuagbe Nigeria’s poor run in inter-club campaigns in the continent climaxed yesterday with the elimination of Rivers United FC

from this year’s CAF Champions League. The Pride of Rivers went down after a 1-0 defeat against Sudanese club Al Hilal at the Suez Canal Stadium. Al Hilal

won the contest 2-1 on aggregate. The Sudanese club held Rivers a United to a 1-1 draw in the first leg last weekend in Port Harcourt. With the defeat, Rivers United

will now compete in the play-off round of the CAF Confederation Cup. Nigeria’s other representatives in the CAF Confederation Cup, Bayelsa United were defeated 4-0 by Tunisian club CS Sfaxien in the second leg of their first round tie on Saturday to crash out 4-1 on aggregate. The Bayelsa State owned team won the first leg in Yenagoa penultimate Sunday by a slim 1-0 victory before crashing out at the weekend. Nigeria’s second representatives in the CAF Confederation Cup, Enyimba FC of Aba

however proved to be worthy ambassadors as they defeated Senegal’s Diambars 3-0 yesterday to progress into the play-off round. Playing before their home fans in Aba yesterday, the People’s Elephant won the two-leg contest 4-0 on aggregate having defeated Diambars 1-0 in the first leg last weekend away in Senegal. Tosin Omoyele fired Enyimba into the lead in the opening minute. The hosts wasted a number of goal scoring chances before Victor Mbaoma added the second a minute after the half hour mark.

Morocco. A lone goal defeat in Accra yesterday evening meant the nine-time African champions survived with a 2-1 aggregate win over their hosts. Both teams finished with 10 players after Ghana’s captain Portia Boakye was dismissed for a second bookable offence, and minutes after, Nigeria’s left back Glory Ogbonna was expelled by Ivorian referee Zomadre Sonia Kore. The lively Princella Adubea got Ghana’s goal midway into the second half as the Super Falcons were expecting adherence to fair play principle. Afterwards, captain Asisat Oshoala missed an opportunity to draw Nigeria level. With the strong scent of blood, the Black Queens launched onslaught after onslaught but could not get the goal that would have tied the fixture and make penalty shootout inevitable at the Accra Sports Stadium. The Falcons progressed to the final round where they play the Lady Elephants of Cote d’Ivoire in February 2022.

SportsMinisterPutsSecurityAgencies on the Alert over Bash Ali’s Threats Insists going ahead with the N5bn charges against the former boxer

Rivers United FC (in blue jersey) went down against Sudanese Al Hilal...yesterday

The Minister of Youth and Sports Development, Mr. Sunday Dare, has called on security agencies in the country to be on the alert following threats from an ex boxer, Bash Ali to cause mayhem at the ministry. At the weekend, a video message posted by the boxer, where he threatened violence against officials of the ministry went viral on the social media. But in a press statement issued by Toyin Ibitoye, the Special Assistant on Multimedia to Minister of Youth and Sports Development, confirmed that the ministry was acting on the threat. “The attention of the minister of Youth and Sports Development has been drawn to a video circulating online in which controversial boxer, Bash Ali, made defamatory,

false and unsubstantiated allegations against his person. “This recent video is irrespective and in disregard of a pending libel suit initiated by the Minister claiming damages to the sum of N5billion against Bash Ali for defamatory allegations made in the past. “Apart from aggravating the previous defamatory acts, in the present video, Bash Ali has threatened violence and disruptive acts against a functional unit of the Federal Government of Nigeria. “As a responsible public office holder, the Honourable Minister will not sit back and allow the threats materialize. “If Bash Ali could have the effrontery to make and publicize a video where he not only made allegations against the person

of the Hon. Minister, but also threatened to halt the operations of the Ministry of Youth and Sports development, then, it is compelling that the security agencies are put on alert so as to avoid a future situation of regret where things are taken for granted,” Ibitoye said in the statement. The SA Multimedia stressed that despite this new threat, “the Hon. Minister will continue to diligently press his libel claims against Bash Ali and will also seek further remedies that the laws of the Federal Republic of Nigeria avail him.” Already, the minister has contracted Bode Olanipekun, SAN of the law firm of Wole Olanipekun & Co to continue with the prosecution of the case.

MONDAY, ͺͽ˜ ͺ͸ͺ͹ ˾ T H I S D AY

SPORTS

Salah Fires Hat-trick as Liverpool Humiliate Man Utd 5-0

Liverpool humiliated Manchester United and their under-pressure manager Ole Gunnar Solskjaer as they handed out a 5-0 thrashing in front of a stunned Old Trafford fans. On a day of acute embarrassment for United and Solskjaer, 10 years and one day since they lost 6-1 at home to Manchester City, Liverpool emphasised the vast gulf between the sides in brutal fashion.

PREMIER LEAGUE

Mohamed Salah was predictably their main tormentor in Chief as the Egypt forward claimed a hat-trick, the first of which meant he had scored for the 10th successive game. Solskjaer cut a dejected figure as he and his players faced the full fury of their own fans, especially at half time, after an

insipid and disorganised display. The worrying signs were there for United after five minutes as Liverpool sliced them open when Salah set Naby Keita through to score at the Stretford End. Diogo Jota then slid in at the back post unmarked to add a second from Trent AlexanderArnold's delivery eight minutes later. Liverpool were tearing United apart and the irresistible Salah got

his first when he thumped the ball into the roof of the net from Keita's cross then beat David de Gea with a low effort to give Jurgen Klopp's side a four-goal half-time lead. Many Manchester United fans left at the break and Solskjaer response was to send Paul Pogba on for Mason Greenwood, but on a day when nothing went right for United even that mainly cosmetic move backfired horribly.

Salah raced on to Jordan Henderson's superb pass to complete his treble five minutes after the break then Pogba was sent off for a reckless lunge at Keita that saw Liverpool's midfielder taken off on a stretcher. The rest was a formality as Liverpool cruised to victory in front of thousands of empty red seats deserted by the home supporters.

RESULTS Premier League Brentford 1-2 Leicester West Ham 1-0 Tottenham Man Utd 0-5 Liverpool

La Liga Sevilla 5-3 Levante Barcelona 1-2 R’Madrid Real Betis 3-2 Vallecano

Serie A Inter Roma Verona Atalanta

1-1 0-0 4-1 1-1

Juventus Napoli Lazio Udinese

Bundesliga Cologne 2-2 Leverkusen Stuttgart 1-1 U’Berlin Bochum 2-0 E’Frankfurt

Adigun to Contest IOC’s Athletes’ Commission Seat at Beijing 2022 The International Olympic Committee (IOC) has accepted the application of the Technical Director of Bobsled and Skeleton Federation of Nigeria, Dr. Seun Adigun, to contest election into the IOC Athletes’ Commission for the Beijing 2022 Winter Olympics Games. A specialist in the 100metres hurdles, who represented the University of Houston in track and field, Adigun dominated the scene and became a three-time national champion, two-time African champion and represented Nigeria at the London 2012 Olympics Games. Adigun's quest for election into the prestigious panel comes following her pioneering role in setting up the Bobsled and Skeleton Federation in Nigeria. From her experience as a rookie Brakeman in the United States of America's Bobsled team, she stepped up to contribute to the formation of Africa's first ever Bobsled team. In 2018, she made history with Nigeria at a historic outing in Pyeongchang, South Korea, during the Winter Olympics Games. The feat earned her the status of Africa's first summer and winter Olympian. Adigun, who has focused on promoting the sport in Nigeria

since her retirement, speaks on the development; "it is truly an honour to be accepted as an IOC Athletes’ Commission candidate at the 2022 Winter Olympic Games. “I believe my passion and experience as the first summer and winter Olympian for Africa will add immense value to the organisation. “If I am elected to the Commission, I will be dedicated to uplifting the Olympic values, and advocating on behalf of all Olympians and future Olympic needs. I will also ensure the continued representation and inclusion of Africa". Back home, her quest for the IOC Athletes’ Commission has received support from the Nigeria Olympic Committee (NOC) and the Nigeria Olympians Association (NOA). Outside of the work, Adigun commits to Olympic sports development in Nigeria, she is also a practicing Doctor of Chiropractic Medicine and a Biomechanist, who focuses on injury prevention and rehabilitation treatments. The election into the IOC Athletes’ Commission for the Winter Olympics holds during the Beijing 2022 Winter Olympics.

Mohamed Salah...ruthless against Manchester United at Old Traﬀord

Sanwo-Olu’s Aides Organise Youth Cup to Curb Restiveness in the State Segun James As part of their contributions to combat restiveness among youths in the state, Senior Special Assistants to Governor Babajide Sanwo-Olu have come together under the BOS Academy to organise the first edition of the BOS Youth Cup. The maiden edition of the BOS Youth Cup would focus on a football competition for youths under-21 years across all Local Government Areas (LGAs) and Local Council Development Areas (LCDAs) within the State. The BOS Youth Cup like other youth-based strategies of Lagos State Governor, Mr. Babajide Sanwo-Olu, is one of the opportunities for the youths of the State to explore, achieve their potentials and come into the limelight, as well as unlocking the doors for discovering budding

talents and serve as a catalyst for the development of the local league and forming the pivot for recruitment into our National team. The competition will also empower many youths and further create business opportunities for other stakeholders with a multiplier effect on the State’s economy in line with the vision of the Babajide Sanwo-Olu led administration to actively engage the teeming youths of Lagos State for a more robust economic development. Speaking at a press conference held yesterday at the Bagauda Kaltho, Alausa, Ikeja, to kick off the football competition, the Senior Special Assistant to the Governor on Sports, Mr. Anthony Adeyinka Adeboye, disclosed that online registration was already ongoing through a dedicated website www.bosyouthcup.com.

Adeboye, who expressed optimism that latent talents would be discovered that would impact positively on not just the youths alone, but also on the State in the long run, said the final stage of the BOS Youth Cup would take place at the Mobolaji Johnson Sports Arena, Onikan, with Governor Sanwo-Olu himself handing the trophy to the winning team. Adeboye said the ‘BOS Youth Cup’, which is one of the key programmes under Governor’s ‘THEMES’ developmental agenda strategically put in place ‘For a Greater Lagos’, will directly have positive impacts on individual families, the communities and the State at large. Speaking on the modalities for selecting players, the Chairman of the Lagos State Football Association Technical Committee, Mr. Dotun Coker,

said trials for the tournament would commence from this week to select players representing each local council, while the grand finale of the competition would hold at Mobolaji Johnson Sports Arena, Onikan. In his remark, a 1996 Olympic Gold medalist in football and former Super Eagles goalkeeper, Mr. Joseph Dosu, thanked Governor Sanwo-Olu for prioritising sports development, commended the SSAs for the tourney and expressed hope that it would lead to the discovery of talents just like his. He also commended the commitment of the Governor for bringing the national team back to play at the Teslim Balogun Stadium, Surulere and the Mobalaji Johnson Stadium, Onikan, adding that the development has revived football in Lagos.

Seun Adigun...gunning for a place in IOC’s Athletes Commission

Monday October 25, 2021

UT H

& RE A SO

Price: N250

MISSILE

CAN TO President Buhari “The security architecture has been compromised. The bitter truth is we have never had it this bad. The earlier the government realised this, the better for us. We are calling on President Muhammadu Buhari to ask the National Assembly to amend the Constitution to allow for State Police as it is being done in other climes” – Christian Association of Nigeria General Secretary, Mr. Joseph Daramola Bade, calling the federal government to wake up to its responsibility of securing the people.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Nigeria’s Budget 2022: Nice Try, But... “It is not enough to be up to date; you have to be up to tomorrow” –David Ben-Gurion, Israeli Statesman

n October 7, 2021, the President presented the 2022 budget, to the joint session of the National Assembly. It was christened “Budget of Economic Growth and Sustainability”. For the third year running, the Presidency has been able to present the national budget early enough to enable the statutory, full January to December implementation period. In compliment, this has been a departure from previous practice where budgets get approved, sometimes by the middle of the relevant year. In addition, it also gives clarity to policy makers and helps all stakeholders to effectively plan. The total proposed size for the 2022 budget is N16.4 trillion as against current year’s budget of N14.6 trillion. In nominal terms, this represents a 12.5% increase. From the figures provided, total proposed revenue is N10.1 trillion as against the current year’s N8.1 trillion, representing a 25% increase. From the above figures, a deficit of N6.25 trillion, marginally lower than current year’s deficit of N6.45 trillion is envisaged. This deficit is expected to be financed by new borrowings, privatisation proceeds and drawdown on existing approved loans for specific projects. Recurrent expenditure, less debt service is budgeted at N6.83 trillion, 60% of which, or N4.11 trillion, is for personnel cost. Capital expenditure on the other hand, is budgeted at N4.89 trillion, representing 30% of total expenditure. The provisional 2022 budget stands on the following assumptions: 1. Benchmark crude oil price of $57 per barrel as against that of the current budget set at $40 per barrel 2. Oil production of 1.88 million barrels per day, which is almost the same with current year’s budget of 1.86 million barrels per day. 3. Exchange rate of N410.15 as against current year’s rate of N379 per dollar 4. Target inflation rate of 13%. Current year’s budget rate is 11.95% 5. GDP growth rate of 4.2% as against 3% rate of 2021. We shall return to these figures shortly. In his presentation, the President explained the huge spending on the back of the current security challenge and the post-recession economic recovery and growth. He went further to state that the country is facing a revenue challenge rather than a debt sustainability challenge. Clearly, this assertion is against what many analysts believe. The government, therefore, hopes to grow revenue as per the GDP ratio quite significantly during the period; from 8% to 15% by 2025. To achieve this daunting goal, the president unfolded a few strategies which include, enhancing tax and excise revenues; reviewing tax waivers and concessions policies; improving Customs revenues using technology, and preserving the revenues derived from the oil and gas sector. It is our contention that while every move to improve the revenue base of the country is welcome, until the diversification of the revenue sources becomes effective, a lot of impact will not be made on the economy. Total revenue from oil and gas currently stands at about 80% of our foreign currency earnings putting the country at great risks of oil price and quantity shocks. The budget under review provides that out of the estimated total revenue of N10 trillion, oil and gas alone would account

Buhari for over N3 trillion or 30% of the revenue. In terms of absolute numbers, the 2022 budget is the largest so far. Not too long ago, we saw budget figures of N6 trillion in 2016 which went up to N8.9 trillion in 2019 and further rose to N10.6 trillion in 2020 and later revised to N10.8 trillion largely due to the impact of Covid 19 pandemic and then N13.08 trillion in 2021. So, the projection of N16.4 trillion is large on the face of it. However, this same budget assumes an inflation rate of 13%, up from an inflation rate of almost 12% in the current year. Therefore, an increase in absolute figures of 12.5%, basically leaves the numbers unchanged. So, in real terms, the 2022 budget is not any different from the 2021 budget. Now applying this number to the population which is estimated to be growing at close to 3% leaves the expenditure per head dropping when applied on a yearly basis. On the assumptions made for the 2022 budget estimates, we consider that the benchmark price of $57 per barrel is very realistic. Given the current price regime of over $80, which from all indications will remain for a while, this benchmark would leave the economy with significant surplus, which would accrue to the Excess Crude Account (ECA). However, given the average production level in the current year, which stands at about 1.2m barrels per day, it may be difficult to expect that the projection of almost 1.9m barrels per day would be met. The benchmark exchange rate at N410.15 is only realistic to the extent that it is the official rate considering that the rate at the unofficial market is gone beyond N570 per dollar. Besides, if the report that some key members of government are calling for further devaluation of the Naira is anything to go by, then the benchmark rate may not hold for most of 2022. Target inflation and GDP growth rates also appear not to be realistic as we can see from average inflation rate of 17% this year and average GDP growth rate of about 2% at the moment. Drilling down further, 70% of the budget is expected to go into Recurrent expenditure while 30% would go into Capital expenditure. This allocation formula remains the albatross of the Nigerian economy. Recurrent expenditure basically has to do with payment of salaries and allowances of public workers and their

dependants, whose number is no more than 1 million people, while the rest of the close to 200m people would be impacted by just 30% of the budget by way of Capital expenditure. This column maintains that there is a need for an urgent and serious conversation around this issue. Even if the revenue of the country miraculously doubles, and this matter is not addressed, the country will make little or no progress. Other than salaries and allowances, there are also humongous numbers that must be interrogated. These include statutory transfers to the National Assembly, Judiciary and other agencies of government totalling N768b. N2.3b is to be set aside for the entitlement of former Presidents and military heads of state. Another N4.5b is for retired Heads of Service and Permanent Secretaries. There is also a N1b set aside for severance benefits for retired Heads of government agencies and parastatals. The defence budget of N2.4 trillion is only defensible given the security situation in the country. However, it must be noted that some of the major causes of insecurity would include the rising level of poverty, the high rate of unemployment and the lack of economic opportunities experienced by a growing number of the youth population. Everyone agrees that it is better to repair a pothole than to spend money building a clinic that will treat the victims of the gaping pothole. There is still the big elephant in the room, which is the debt profile of the government. Like has been highlighted earlier, embedded in the budget is a deficit of N6.25 trillion to be financed by debt. Also provided for, is a N3.6 trillion budget for debt service. This represents 22% of expenditure and 36% of total revenue! It is important to remember that as at June 30, 2021, Nigeria’s total debt stock stood at N35.5 trillion or $86.6b. While these numbers are disconcerting on their own, there is a more fundamental issue of revenue shortfalls which have been the experience of the country in the last few years. On the average, the country has only been able to deliver about 60% of its statutory revenue budget. What this automatically means is that the country has consistently busted its proposed deficit ceiling as its recurrent expenditure has always been met. Logically, the casualties of this short performance are capital expenditure and deficit financing. All these point to the fact that by the end of the budget period in 2022, the country may witness much more than the 36% of revenue going into debt servicing. The jury is still out as to the long-term sustainability of this practice. We leave that to the imagination of the perceptible public. Beyond infrastructure which got a proposed spend of N1.45 trillion, the other areas that are of primary importance to the ordinary Nigerians are Education and Health. These two got N1.29b and N820b respectively. These numbers represent 0.8% and 5% of the budget respectively. In terms of the healthcare budget, it is important to remind us that in 2001, heads of government of the African Union, gathered in Abuja and committed to allocating a minimum of 15% of their annual budgets to healthcare. Some African countries have since complied. Ironically, the host country of the meeting where that decision was taken has only complied in breach! If not for the pandemic, the likelihood of getting the allocation up to the present 5% would have been very bleak. There is no doubt that the country has a big problem. This problem is structural and must

be resolved for the economy to start moving again in the right direction. The country has a problem with productivity. A situation where the country, for more than half a century, relies on a single product which the populace adds little or no value to for a large chunk of its foreign exchange earnings is not sustainable. No matter what it takes, the country needs to expand her productive base by getting more people to participate in economic activities. The poor participation in economic activities can be seen by a mere look at the GDP per Capita which was about $3000 in 2014 but has dropped to about $2000 today. The contradiction is that while the population is growing at about 3% per annum, GDP in some years have declined or at best remained flat for many years. The large population should ordinarily be a blessing in terms of labour force and larger demand market, but Nigeria’s has remained a burden as more people are thrown to the labour market with very little demand power. Theoretically, an expansionary budget should stimulate growth by way of creating jobs, increasing output, reducing poverty and even improving infrastructure for further growth. However, with increasing budgetary allocation on a yearly basis, poverty seems to be increasing with it. Presently, poverty rate stands at 44% as against 38% in 2015, and unemployment continues to soar at close to 35%. The major reason why increased spending doesn’t seem to stimulate the economy is that the spending is not on the right items. Increasing cost of governance and recurrent expenditure generally fuels inflation, impacting cost of living. So, it is recommended that the government must prune down its spending particularly in the recurrent space. Even with the little spending in Capital expenditure, the budget has always had many disparate and fragmented projects and spending on them, does not impact the economy positively. The spend in the transportation sector, particularly rail has started making impact on the economy. Government must spend on creating the enabling environment to spur the private sector to produce locally for consumption and export. The vexed issue about ‘under recovery’, a euphemism for subsidy by the NNPC, continues to gulp a major part of the budget. This column had called on the government to use the opportunity of the massive fall in oil prices in 2020 to finally draw the curtain on subsidies. This call was not heeded at that time and the country has once again experienced an increase in oil prices which is good on one hand but poses its own challenge as subsidies rise. According to estimates coming from the Ministry of Finance, the country would spend a whopping N1.8 trillion on subsidies by the end of this year. Consumption is another factor that is rising. There is no agreement on the total daily consumption of PMS by Nigerians but those who should know argue that genuine consumption is around 30 to 40 million litres per day. However, according to the NNPC, consumption increased to 103 million litres per day as at May this year. Meanwhile DPR has put the actual daily consumption at 38.2m litres per day as at last year. The only way to tame this monster is to do away with subsidy. We cannot conclude this discussion without acknowledging the state budgets. However, beyond the “Quabalistic” budget that runs into trillions of Naira, (despite how much of it is implemented), other states average about N100B and therefore are unable to significantly affect the outcome of this analysis.

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