BD 20231122

BIG STORY
Nigeria wants to borrow less but

ignores easy revenue sources
By Dipo Oladehinde ally as well as nationally, we
are in no position to rely on bor-
NIGERIA’S path to economic rowing. Our direction for the
prosperity may lie in prioritis- tariff is to reduce the quantum
ing low-hanging revenue-gener- of borrowing or intercept deficit
ating opportunities over debt, financing in the 2024 budget,”
according to experts surveyed Wale Edun, the finance minis-
by BusinessDay. ter, told a joint Senate Commit-
Africa’s biggest economy tee scrutinising the 2024–2026
said it wants to reduce its reli- Medium-Term Expenditure
L-R: Obinna Anyaegbu, executive director, Chisco Group; Ime Enang, executive director, BusinessDay Cen-
ance on borrowing and explore tre for Social and Economic Development; Ope Onaboye, CEO/co-founder, Renda Africa; Ide Dima-Okojie,
alternative means of generating Continues on page 2 head, marketing and communications, DHL Express; Charles Eke, area sales manager, DHL Express Nigeria;
revenue. Yusuf Lawal Othman, national president, Nigerian Association of Road Transport Owners; and Ijeoma Ude,
“Clearly, in the environment Why Nigeria isn’t among investors’ chief marketing and sales manager, BusinessDay, at the BusinessDay Technological Disruptions in Logistics
that we have now, internation- favourite destinations – Page 2 Conference, in Lagos, yesterday. Pic by David Apara
News you can trust * Wednesday 22 November 2023 Vol. 21, No 1,554 N400 www.businessday.ng facebook/businessdayonline @businessdayng @businessDayNG
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Will investment return on FG’s Delayed bill

deprives
insurers of risk-
olive branch to oil majors? based capital
By Modestus Anaesoronye
THE delay in passing the Con-
By Dipo Oladehinde
solidated Insurance Bill is pull-
NIGERIA has withdrawn civil ing the plug on efforts to adopt
claims against energy giant Eni the risk-based capital (RBC),
SpA, and its partners including a recapitalisation model that
Shell, ending a long battle in allows insurance companies to
Italian courts over allegations take risks based on the size of
of corruption in an oil field deal,
but analysts believe this may Continues on page 30
be inadequate to halt the exit
of investors from the country.
A Bloomberg report last Nigerian firms
week said Nigeria’s justice
ministry will waive the claims
raise N807bn as
before Italy’s highest court “un- commercial paper
conditionally” and “with im-
mediate effect”. It also said the up 200%
country will also “irrevocably”
waive the right to any further >> Turn to page 31
legal action in Italy against Eni,
its affiliates, and current and Logistics firms
Continues on page 30
mine gold from
data to optimise
Petrol prices up 164.8%, further
drains cash-strapped Nigerians
L-R: Simbi Wabote, executive secretary, Nigerian Content Development and Monitoring Board (NCDMB); Abdulrazaq Isa, chairman, Wal-
tersmith Group; Heineken Lokpobiri, minister of state for petroleum resources (oil); Olasupo Olusi, managing director/chief executive officer,
cost
– Page 2 Bank of Industry, during the official visit of the minister to Waltersmith Refinery located in Ibigwe, Imo State for status update…recently. >> Turn to page A2
2 www.businessday.ng WEDNESDAY 22 NOVEMBER 2023
BIG STORY
L-R: Doris Anite, minister of industry, trade and investment; Wale Edun, minister of finance and coordinating minister of economy; A.V. Wirtschaft, chairpeson, Afrika-Verein Dee deutschen; President Bola Tinubu; Yussuf Tuggar,
minister of foreign affairs; and Sabine Dall’omo, chairperson, Afrika-Verein Dee deutschen wirtschaft Germany, at the German-Nigerian Business Forum in Germany, yesterday.
Why Nigeria isn’t among Nigeria wants to borrow less but ignores...
Continued from page 1 options available includ-
ing boosting export indus-
investors’ favourite destinations countries to attract invest- the form of jobs. For a country nication company Etisalat and
Framework and Fiscal
Strategy Paper.
For Nigeria, debt is the
easier of the two funding
trial expansions, attracting
foreign direct investment,
unlocking capital through
joint ventures and unlock-
By Folake Balogun options. Exploring revenue ing dead capital.
ment. These smaller countries whose population will surpass UK-based Intercontinental
relative to Nigeria are offering that of the United States by Group. opportunities requires dis- “I have argued that the
NIGERIA has ranked among
the top global places investors investors more than Nigeria 2050 to become the third most The exit of another mul- ciplined planning, honesty, problem is that we are too
should avoid due to its poor is willing to and are therefore populous nation globally, jobs tinational makes the job of time-tested officials, eco- focused on the (small) do-
governance ratings, according stealing a march on the “giant are critically needed,” Charles President Bola Tinubu to lure nomic reforms and consis- mestic market. We should
to the latest World Economic of Africa”. Akinbobola, analyst at Sofi- foreign direct investment tent government policies be focusing on exports,”
Governance Index. For instance, in the lat- dam Capital, said. (FDI) even harder. that can inspire investors’ Seun Smith, a public finance
On Tuesday, the rating est 2023 Rule of Law Index He added: “This minute, “The evidence at hand confidence. analyst, said.
agency graded Africa’s biggest released by the World Justice you are in business in Nigeria, is that Nigeria is extremely
Debt, on the other hand, “As long as the President
economy D, which indicates Project, Nigeria finds itself and the next minute you could harsh to foreign companies
placed 120th out of 142 coun- be out by the stroke of the and that does the country no requires far less rigour and a and his administration con-
poor governance and a level
tries and 23rd among 34 coun- pen of a clueless government favours in its bid to lure new basic commitment to repay. tinue to focus on the very
shy of other economically chal-
lenged countries like Lebanon, tries in Sub-Saharan Africa official who seeks to protect investments and create jobs The problem however is poor, very small domestic
Syria and Yemen. regarding adherence to the his ego more than the jobs of for its teeming youth popula- that the room for more bor- market, then we are never
On the World Economic rule of law. thousands of people. tion,” a senior business leader rowing is fast diminishing, going to make progress,”
Governance Index, Nigeria Countries ahead of Nigeria “Other times a government told BusinessDay. which has made it ever more he added.
was ranked 40.8. For rule of in the Sub-Saharan region in- policy is enough to frustrate FDI inflow into Nigeria has important that the govern- Olisa Agbakoba, senior
law, it got 30.9; press freedom, clude Rwanda, Namibia, Mau- foreign investors and send tumbled in recent years, slip- ment goes the harder and partner and head of the Ar-
52.1; political rights, 53.5; and ritius, Botswana, South Af- them packing. The upside for ping to a 10-year low in 2022.
more demanding route of bitration and ADR practice
corruption, 26.7. rica, Senegal, Ghana, Malawi, these investors is that there Total FDI in the first quarter
The Gambia, Benin, Burkina are growing options in other of 2023 was a paltry $48 million, raising fresh capital rather group at Olisa Agbakoba
Countries with less than
Faso, Tanzania, Kenya, Togo, African markets”. a 69 percent decline from $155 than binge on debt. Legal, said the proposed bud-
100 score are rated poor while
countries with above 100 are Zambia, Ivory Coast, Niger, In August, GlaxoSmith- million recorded in the first Data from Nigeria’s budget for 2024, which stands at
rated high in terms gover- Sierra Leone, Liberia, Mada- Kline (GSK), a British mul- quarter of 2022. get implementation report N26 trillion, can be funded
nance indicators. gascar, Angola and Guinea. tinational pharmaceutical In March, Unilever’s Nige- showed the government in by strategic efforts without
“Don’t invest in countries The WJP report employed and biotechnology company, rian subsidiary said it would 2022 spent a total of N5.65 acquiring debts.
with poor governance. They eight key indicators to as- announced plans to exit Nige- stop manufacturing homecare trillion on debt servicing, “I wrote to the former
can cost you billions and ex- sess countries’ performance: ria, after 51 years of operation and skin-cleansing products as representing 106 percent minister of finance, pointing
pose you to legal and political constraints on government in Nigeria. it sought to make its business
of the total N5.30 trillion out something called ‘MOFI’,
troubles,” the World Economic powers, absence of corruption, GSK’s eventual exit from “competitive and profitable.”
open government, fundamen- Nigeria has been a long time Unilever recorded a foreign revenue generated within Ministry of Finance Incorpo-
Governaance report said.
tal rights, order and security, coming and adds the health- exchange loss of N14.36 billion the period. rated; it holds all the assets
Experts said this develop-
ment alongside other many regulatory enforcement, civil care company to a list of for- in the second quarter of 2023, In the first six months of the federal government.
challenges have spooked for- justice, and criminal justice. eign companies that have up from N1.06 billion in Q1. of 2023, the federal govern- As a result of my letter, she
eign investors out of Africa’s “Nigerians will pay the ul- dumped Nigeria. The company said the re- ment’s total expenditure inquired and came up with
most populous nation. timate price of the country be- The list includes South valuation loss arose from stood at N8.5 trillion while preliminary findings that
That has coincided with coming less of an investment African retailer Shoprite, foreign currency-denominated its revenue amounted to N5.1 Nigeria had N33 trillion. So,
the race by other African destination, particularly in Abu-Dhabi Based-telecommu- balances related to trade loans. trillion, creating a deficit of when you say N26 trillion,
N3.4 trillion. the problem is not that we
While the Federal Gov- don’t have money, but that
Petrol prices up 164.8%, further

The federal government ernment’s debt stock has we do not look for it,” Agba-
said the country has re- tripled to N87.38 trillion in koba told BusinessDay.
corded significant strides the last five years, economic The legal expert also ex-
drains cash-strapped Nigerians

in salvaging the state of the growth has been stuck at plored potential revenue
economy since the reform. around 2 percent when not sources for the President
“The Federation Account contracting. Bola Tinubu-led administra-
is witnessing improved rev- The rising debt level is tion, including areas such
By Abubakar Ibrahim indicating a 164.8 percent in- Prior to the subsidy re- enue inflow since the re- not the only problem. The as space, finance, and mari-
crease from N238.11 in May. moval, petrol prices were moval of fuel subsidy from other worry is that most of time.
THE average retail price of According to the lat- artificially kept low by an average of N650 billion that debt may not have been He said: “I am conducting
petrol has surged by 164.8 est Premium Motor Spirit government intervention. monthly to over N1 trillion channelled rightly, gulped a predictive study to identify
percent since the federal Price Watch report, this However, the government in the last four months,” by recurrent expenditure potential sources of income.
government abolished fuel development is an indi- argued that the subsidy said Wale Edun, minister and debt servicing. For example, we have Elon
subsidies in May, placing a cation of a 222.92 percent was unsustainable and that of finance and coordinating For instance, data Musk, who owns Starlinks,
heavy burden on Nigerian increase when compared a market-driven approach minister of the economy. showed recurrent expendi- with a constellation of satel-
consumers who are now to the N195.29 recorded in would be more efficient. At the opening ceremony ture of N7.1 trillion account lites in low jurisdictional
grappling with significantly October 2022. While the decision to of a two-day retreat for the for 83 percent of total fed- orbits in Nigeria, not con-
higher transportation costs “Likewise, comparing eliminate subsidies was Federal Account Alloca- eral government spending tributing financially. We
and an overall rise in the the average price value with met with criticism from tion Committee on Monday, of N8.5 trillion in the first six have a space agency and
cost of living. the previous month (.i.e. some quarters, the govern- Edun said the economic months of 2023. satellite service users like
Data obtained from the September 2023), the aver- ment maintained that it reforms the administration The lifeline of low-hang- DSTV not making payments,
National Bureau of Sta- age retail price increased by was necessary to ensure the has embarked on since its ing revenue opportunities and I estimate this could
tistics revealed that the 0.71 percent from N626.21,” long-term viability of the inception in May clearly Experts narrowed down amount to around $6 billion.
average retail price of petrol the report said. fuel industry. to a few equity financing
in October was N630.63, Continues on page 31 Continues on page 30
WEDNESDAY 22 NOVEMBER 2023 www.businessday.ng 3
NEWS
ECONOMY CRIME
52 taxes, unresolved N200bn Navy hands over N70m seized

cannabis to NDLEA in Badagry
USSD debt squeeze telcos THE Forward Operating
Base (FOB) of the Nigerian
Navy, Badagry, Lagos, on
close to the Ashipa com-
munity.
“Consequently, the Base
By Frank Eleanya cation Operators of Nigeria, half year ended September ficial market. The removal Monday, handed over 50 Quick Response Team, led
also made similar submis- 30, 2023, compared to the of petrol subsidy has also sacks of cannabis sativa by myself and Base Intel-
THE number of taxes and sions, urging the committee $330 million profit after tax led to a surge in headline worth N70 million to the Na- ligence Officer, Lt. E. U.
levies telecom operators in to quickly address these is- reported in the same period inflation. On Wednesday, tional Drugs Law Enforce- Okorie, proceeded to the
Nigeria are forced to pay sues to avoid revenue losses of 2022. The company said the National Bureau of Sta- ment Agency, (NDLEA) in scene of the crime for inves-
to federal, state, and local in the industry. According the loss was largely driven tistics said inflation rose to Badagry. tigation and possible arrest.
government agencies has to him, the multiple taxation by a foreign exchange loss 27.5 percent in September. On the seizures, Kelly “The team conducted a
increased to 52 from 41, ac- is often a result of multiple of $471 million recorded in Telcos have also not Umoru, the Base Opera- cordon and search opera-
cording to Gbenga Adebayo, regulations. finance costs before tax and been able to get commercial tions officer, FOB, repre- tion in the area,” he said.
president of the Association “The Nigerian telecom because of the devaluation banks to agree they will pay senting Aiwuyor Adams- Umoru said after search-
of Licensed Telecommunica- industry is often faced with of the Nigerian naira in the accumulated debt from Aliu, the commanding of- ing, a total of 50 sacks of the
tion Operators of Nigeria multiple regulations that June. The telco posted $12 USSD charges they were ficer FOB, said they seized suspected products which
(ALTON). usually lead to multiple million profit before tax in yet to remit. In September, the cannabis sativa on were valued at about N70m
Adebayo, who was taxation. As of today, our H1 2023, a decline of 97.7 Umar Garba Danbatta, for- Sunday. were recovered.
speaking at a closed-door members pay taxes to fed- percent from the $516 mil- mer executive vice chair- “On November 19, at “The adjoining commu-
stakeholders’ meeting on eral government agencies, lion reported in H1 2022, as man of Nigerian Communi- about 6.30.a.m, they got nities were also searched
Thursday, also disclosed state government agencies, total finance cost rose to $873 cations Commission (NCC), an intelligence tip-off of but no other products or
that banks were yet to pay and local government agen- million from $358 million. had said the deposit money suspected smuggling activi- suspects were found.
the USSD debt owed to tele- cies. All these taxes impact MTN Nigeria’s nine- banks agreed to pay the ties within our own Area of “Investigations are on-
com operators, which has our members negatively month net profit also debt. He didn’t however say Operations. going in conjunction with
now risen to N200 billion because money earmarked showed a decline as a result when it will be paid. “The intelligence in- other security agencies to
from N120 billion in June. for network expansion must of the steady decline of the Adebayo, ALTON presi- dicated that a boat was identify the drug traffick-
Multiple taxation is seen be redirected to pay illegal naira. The telco’s foreign dent, later clarified that the sighted offloading products ing syndicate and in due
as one of the primary bottle- taxes,” Izuagbe said. exchange loss rose to N232.8 banks merely acknowledged suspected to be cannabis course, arrest and pros-
necks affecting the profit- Operators in the industry billion within the period there was a debt but never sativa at Gbethrome Beach ecute same,” he said.
ability of the telecommuni- have come under immense from N27.9 billion a year agreed they were going to
cations business in Nigeria, pressure recently as a result earlier. pay or when they planned
and efforts by operators of the harsh economic situ- Since the current ad- to pay. While they delayed
to draw the government’s
attention to it have yielded
ation of the country, which ministration announced it paying, the debt had now ECONOMY
exacerbated existing chal- was floating the naira with ballooned to N200 billion.
little or no results.
In a recent communique
lenges. MTN and Airtel, the
two largest operators in the
the goal of unifying the ex-
change rate, the naira has
Stakeholders say the con-
tinued delay in settling the
Abiodun woos foreign
to the Senate Committee on
Telecommunications, Tony
industry, reported losses in
their half-year results.
gone on a downward spiral,
falling to as low as 1,300 per
debt affects the attainment
of the federal government’s
investors to Ogun
Izuagbe, president of the As- Airtel reported a $13 mil- dollar in the parallel market 80 percent financial inclu- By Folake Balogun among others.
sociation of Telecommuni- lion loss after tax for the and about 1,000/$ in the of- sion target. He noted that companies
DAPO Abiodun, governor coming to invest in the state
of Ogun State, has invited would take advantage of its
foreign businesses to take vast agro produce like rub-
advantage of the Special ber, cassava, which Ogun is
Economic Processing Zone the number one producer
and make the state their in the world, palm oil, ca-
investment destination. shew, cocoa, cotton, eggs
He extended the invite and poultry.
while speaking as a guest “We are trying to attract
on CNBC Africa on the side- investors to this processing
lines of the Intra-African zone, more so because we
Trade Fair, organised by have gas, which allows them
Afreximbank, in Cairo, to access power. So, you are
Egypt. sure that your major cost of
“Ogun State has put ev- production, which could be
erything in place to host any power in most instances, is
business venture,” he said. already mitigated.
He said Ogun State has “And I believe that we’ve
the required infrastructure, managed to convince a lot
including accessibility, ac- of our listeners that Ogun
cess to power, and a youth- State, the industrial capital
ful and educated population of Nigeria, the education
to make it investor-friendly. capital of Nigeria with re-
“Now, why are we here serve of youthful popula-
L-R: Gifty Nkrumah, policy analyst, Africa Centre for Energy Policy Ghana; Leo Atakpu, deputy director, African Network for Environmental
and Economic Justice; Chineye Omu, operation officer, Debt Management Office; and Mohammed Attach, national coordinator, Procurement (Cairo)? We are here to at- tion is ready to receive you
Observation and Advocacy Initiative, during the Hybrid National conference on Public presentation of Assessment of Utilisation of Special tract more investors to our and as a government, we’ve
Drawing Rights in Nigeria and Ghana held in Abuja, recently. Pic by Tunde Adeniyi state, particularly as we provided a lot of reforms
pride ourselves on having and policy initiatives to
the required infrastructure, further increase our rating
be it road, rail, or air. We on the ease of doing business
DISASTER have a new airport, unargu- index,” he added.
ably one of the best airports Governor Abiodun also
Flood displaces 650,000 Nigerian children— UNICEF in Nigeria.
“Our airport is situated
spoke on the significance of
the African Quality Assur-
NO fewer than 650,000 Ni- that more than 3.1 million “Nigerian children are climate change also contrib- in our Special Economic ance Centre (AQAC), which
gerian children have been children could be displaced disproportionately affected uted to malnutrition due to a Processing Zone. The zone has been established at the
displaced by flood across by riverine floods over the by climate change. Rising shortfall in food availability. is being supported by Afrex- Special Economic Process-
the country within four next 30 years temperatures, flooding, She said, “And this con- imbank and being operated ing Zone, a development
years, according to Gerida She said Nigeria was the drought, and intense storms tributes to increasing pov- and constructed by a private that he said, is bound to
Birukila, UNICEF chief of second worst country world- are the most serious climate- erty and displacement.” sector player called Arise make Nigeria get value for
field office in Kaduna State. wide in terms of children’s related threats to children According to her, energy LLP,” he said. her agro-produce.
Birukila said this on the exposure and vulnerability in Nigeria. poverty in Nigeria is a cross- “Today, we want people Abiodun noted that Nige-
occasion of the commemora- to the impacts of climate “Among the direct health cutting issue that affects to know about the zone, to ria, before now, was sending
tion of World Children’s Day change, scoring 8.5 out of effects are physical dangers child rights. come and establish process- her agro-produce meant
on Monday in Kaduna. 10 on UNICEF’s Children’s that lead to injury, heat Birukila lamented, “Only ing concerns and factories for export to neighbouring
Represented by Joyce Climate Risk Index (along- stress, diminished access 55.4 percent of the total pop- in that zone, referencing countries like Ghana to be
Eli, the UNICEF’s chief side Chad). to safe water, sanitation ulation in Nigeria benefit the 5,000 other industrial certified as fit-for-purpose.
said that the displacement “Nigeria’s child popula- and hygiene services, and from access to electricity. activities that exist in Ogun “But with AQAC in Ogun
happened between 2016 and tion of more than 110 million an increase in waterborne “While urban areas have State,” Abiodun stated. State, and within the agro-
2021. The theme for this accounts for 10 per cent of diseases such as cholera, much greater access to elec- The governor listed some processing zone, he said
year’s celebration is: “Im- the 1 billion children world- diarrhea and malaria,” she tricity at 83.9 percent, the of the companies in the state agro-produce from Nigeria
pact of climate change on wide who live in extremely said. rural population has to cope to include Lafarge, Nestle, can now be certified fit-for-
children”. high-risk countries from the Birukila added that envi- with just 24.6 percent access. Cadbury, May & Baker, purpose in line with world
Birukila further noted effects of climate change. ronmental degradation and NAN Unilever, and Olam Flours, best practices,” he said.
NEWS
FINANCE
Reps to audit Lottery Trust Fund
for spending 100% IGR
By Joy Odor projects carried out by the
Fund. He added that the
THE House of Representa- Fund spent and incurred
tives committee on finance a deficit of N255 million in
on Monday agreed to ap- 2022 because they had a car-
point an external auditor ryover of liabilities in 2021.
to audit the accounts of the On what the N6.2 bil-
National Lottery Trust Fund lion revenue in 2022 was
for spending 100 percent spent on, Bello said they
of its internally generated intervened in many areas,
revenue (IGR). including education, sports
James Faleke, the chair- development, social ser-
man of the committee also vices, public welfare and
directed the Fiscal Respon- disaster management.
sibility Commission and the He added that the money
Office of the Accountant- was also spent on the run-
General of the Federation ning cost of the Fund and
to also probe the Fund and confounded the lawmakers
submit their reports to the when he said that the Fund
L-R: Emem Bassey, chief medical director, University of Uyo Teaching Hospital; Simi Alabi, Clinical Lead for Population Health, BLMK committee. was also expected to pay
Integrated Care System; Wasiu Adeyemi, representing the minister health and social welfare; Jude Emejulu, professor of Surgery/ Faleke gave the order emoluments, allowances
Neurosurgery, Nnamdi Azikiwe Teaching Hospital; and Ibrahim Wada, Founder of Nisa Medical Group, during the Doctor For Change when Bello Maigari, the and benefits of members of
Conference 2023 in Lagos. executive secretary/CEO of its board, as well as salaries
the Fund, appeared before and allowances of staff.
the committee in the ongo- Faleke said, “It’s like the
HEALTH ing 2024-2026 Medium Term government opened this
Nigeria, others could lose $100trn

Expenditure Framework agency for you and your
and Fiscal Strategy Paper family. That is what you are
interactive session with saying. That is the mean-
ministries, departments and ing. You generated almost
to drug-resistant diseases by 2050 agencies.

The committee chairman
informed that the audit
N2.5 billion and you spent
the N2.5 billion to the kobo.
You generated N2, 49 billion
from one source and then
report would be made avail-
By Godsgift Onyedinefu medicines become ineffec- Over 99.5 percent of antimicrobial stewardship,
able to the House for further expended the exact same
tive and infections become AMR–related deaths are and awareness programmes
action. amount. And you put perfor-
UP to $100 trillion of glob- increasingly difficult or among children under five. across the country creating
Earlier in his presenting mance, 100 percent.
al gross domestic product impossible to treat. Recent studies show that awareness of AMR among
on remittances to the Fed- “We are going to carry
could be lost due to Antimi- The WHO disclosed that more people die directly healthcare professionals,
eral Government, Bello told out a status enquiry on
crobial Resistance by 2050, there are 15 priority anti- from AMR than from HIV/ farmers, and the public.
the committee that the Fund the Nigerian Lottery Trust
with Nigeria and other low biotic-resistant pathogens AIDS, malaria, or any form The Centre informed
has so far in 2023 generated Fund. Status enquiry means
and middle-income coun- causing the greatest threat of cancer other than lung that the National Antimi-
N2.49 billion of which the en- we are going to bring in an
tries (LMICs) being the to human and animal health cancer. crobial Resistance Techni-
tire sum had been expended external auditor to audit
most negatively impacted. and 4 of them have been In Africa, the burden of cal Working Group (AMR-
on various projects. your accounts, your books,
The Nigeria Centre for detected in Nigeria. death attributed to AMR TWG) joins the global com-
Bello said the money all your income and expens-
Disease Control disclosed The NCDC emphasised was highest in western Afri- munity to raise awareness
was raised from statutory es from day one to date. We
this in a statement to the that the impact of AMR on ca, at 27.3 deaths per 100,000 of the dangers of misuse or
remittances from licensees would send our report to the
World Antimicrobialà the economy, health sys- making it a super region for overuse of antimicrobials
and permit holders, saying plenary and if you are found
Awareness Week (WAAW) tems and the attainment death due to drug-resistant and promote collaboration
N6.28 billion was gener- guilty, you will be made to
on Monday. of the Sustainable Devel- pathogens. across sectors to preserve
ated in 2022, but the amount refund all expenditure,”
According to the World opment Goals (SDGs) are Antimicrobial agents are the efficacy of these critical
was also spent on various he said.
Health Organisation (WHO), enormous. essential for food security medicines.
AMR occurs when bacteria, Every year, antimicrobi- and the global consump- It stressed that fighting
viruses, fungi and parasites al resistance (AMR) directly tion of antimicrobials is AMR is a global endeav-
change over time and no causes 1.27 million deaths projected to rise by 70 per- our that must be addressed SPORT
longer respond to medicines and is associated with an ad- cent by 2030 and will affect through a One Health ap-
making infections harder to
treat and increasing the risk
ditional 3.7 million deaths.
LMICs, including Nigeria,
sustainable food production
systems if nothing is done.
proach, and to effectively
curb the menace, all sectors
NFF too broke to sack Super
of disease spread, severe ill-
ness and death. As a result
bear the brunt of this bur-
den, accounting for nearly
Since 2017, Nigeria has
some strides in its response
must join forces and encour-
age the prudent use of anti-
Eagles coach Pereiro
of drug resistance, antibiot- 90 per cent of the direct to AMR. There is now an microbials and preventive By Anthony Nlebem putting their chances of
ics and other antimicrobial death toll, the centre stated. AMR surveillance network, measures. playing at the 2026 FIFA
DESPITE Super Eagles’ World Cup in dilemma.
shambolic performance The result means Nige-
OIL for the 2026 World Cup ria are second in Group C
qualifiers against Lesotho with just two points from
Subsidy removal: FG records N1trn monthly revenue - Minister and Zimbabwe, the Nigeria
Football Federation (NFF),
two matches and mounts
pressure on Super Eagles
WALE Edun, minister of able. burden the taxpayers by rates. has disclosed that the fed- coach Peseiro as the Por-
finance and coordinating According to him, the introducing so many new “Government is bent on eration is financially handi- tuguese tactician has been
minister of the economy, subsidy regime eroded rev- taxes. What is necessary ensuring that the economy capped to sack Jose Peseiro blamed for his team’s poor
says that the federation enues that should have to be done is to broaden bounces back to normal as and pay the Portuguese his performance and fans have
account is witnessing im- been available to fund vi- the tax base, simplify and we continue to consolidate severance package, accord- called for this sack.
proved revenue inflow able expenditures that were streamline tax administra- on recovery efforts with fo- ing to NFF executive com- “If we had the money to
since the removal of sub- critical to the well-being of tion for ease of collection,” cusing on achieving inclu- mittee member Nse Essien. pay for compensation, we
sidy from an average of the populace. he said. sive economic growth and Recall that Nigeria failed would be willing to relieve
N650 million monthly to The minister said the Edun added “Among the development,” he added. to qualify for the 2022 FIFA him of his job. We’re not
over N1trillion in the last present administration was prior activities of this gov- Edun said that Presi- World Cup in Qatar and happy,” NFF member Es-
four months. mindful of the needs and ernment after coming into dent Bola Tinubu-led ad- have managed to earn just sien told reporters.
The minister stated this welfare of Nigerians and office, was the constitution ministration has put in two points in their first two “Everybody is asking for
on Monday in Asaba at the assured that it would con- of a Presidential Committee place structured palliative qualifiers after playing two the sack of the head coach.
opening ceremony of a four- tinue to implement peoples of Fiscal Policy and Tax measures to cushion the draws against Lesotho and It’s unfortunate that from a
day retreat organised for oriented policies. Reforms. The committee economic consequences of Zimbabwe. possible six points, we only
members of the Federation “We all know that has submitted an interim the ongoing reforms. The three-time African have two points. We’re in a
Account Allocation Com- achieving tax revenue to report which is full of op- Governor Sheriff Obor- Champions played a 1-1 very precarious situation.”
mittee (FAAC) Gross Domestic Product timism’’. evwori of Delta State, in his draw against Lesotho in The 2026 FIFA World
Edun, represented by (GDP) target of 22 percent The minister also noted remarks, tasked the Federal Uyo on November 16 and Cup qualifiers resume in
Okokon Udo, the perma- and tax to GDP of 18 per that the present adminis- Government to muster the were held to another 1-1 June 2024 with Nigeria
nent secretary, finance, cent by 2026 are parts of the tration was not oblivious political will by putting the draw by Zimbabwe in the hosting South Africa, cur-
special duties, said the gov- cardinal objectives of this of the untold hardship faced necessary policy and insti- 2026 FIFA World Cup Afri- rent leaders of Group C,
ernment had for a long, administration. by Nigerians, following the tutional framework in place can qualifying series Day before travelling to an away
realised that petroleum “However, we appreci- removal of fuel subsidy, and to diversify the nation’s 2 at the Huye Stadium in game against Benin Re-
subsidy was not sustain- ate the need not to over- harmonisation of exchange economy. NAN Rwanda on November 19 public.
OPINION
Improving border governance for Nigeria’s economy and national security
viser, highlighted the gov- of authorized people and face in Nigeria owing to Integrated border man- The hallmark of good
ernment’s plan to set up a goods, and preventing our vast border fronts. agement: The Balance be- border management is
dedicated border security smuggling, human traf- However, while adopting tween Globalization and preventing illegal migra-
force to address Nigeria’s ficking, and infiltration. smart border manage- National Security tion, smuggling, and in-
porous borders during the As a security function, ment aligns with global Globalization demands filtration of insurgents
2021 Paris Peace Forum. the free movement of and terrorists. Although,
Although concrete steps people, goods, and ideas. efficient border manage-
in this direction are yet to Although, efficient border management is not However, the increas- ment is not just a matter of
be fully realized, acknowl- just a matter of security; it is fundamental to ing threats at the border security; it is fundamental
edging the necessity for require heightened vigi- to Nigeria’s economic
improved border manage- Nigeria’s economic prosperity and should be lance and robust controls. prosperity and should be
By Adebayo Adeleke
ment is a crucial first step. a top priority for Tinubu’s presidency Striking a balance be- a top priority for Tinubu’s
The recent deployment tween economic prosper- presidency.
of fully armed tactical ity and border security is Borders are central to
personnel by the Nigeria it calls for coordination economic trends, Nigeria crucial for Nigeria. national security and the
Security and Civil De- and concerted action faces unique challenges. Border management smooth flow of trade be-
WHEN President Buhari fence Corps (NSCDC) to by various government This means that simply is an integral part of cause goods cannot move
imposed border closure secure borders with the agencies to secure our having infrastructure military security and de- between countries unless
in 2019, it was perceived Niger Republic through frontiers and safeguard and technology is insuf- mands proactive intel- they pass through their
as the solution to Nige- Katsina State is a positive our nation from the risks ficient; there is a need for ligence, inclusion of tech- borders. However, secu-
ria’s perennial insecurity development. However, involved in the movement a comprehensive strategy nological advancements, ritizing border govern-
and economic challenges, with over 1400 illegal bor- of goods and people from that includes geopolitical, and coordinated action by ance in Nigeria requires
though it was with mixed der routes, 86 official land Nigeria to other African social, and economic con- bureaucrats, politicians, a multifaceted approach.
results. Despite the gov- borders, and 14 seaport countries and vice versa. siderations. economic agencies, secu- Acknowledging the short-
ernment declaring the border control posts, ad- To manage Nigeria’s bor- Nigeria has a very rity personnel, and other comings of past policies,
policy a success, sever- dressing the multifaceted ders effectively, it is re- large and complex bor- related stakeholders of embracing smart border
al studies and national challenges requires more quired to take a holistic der, which it shares with the nation to safeguard management, and foster-
realities suggested that than isolated efforts. approach, considering the the Niger Republic to the our borders from any sort ing international coop-
the closure fell short of Understanding smart terrain and relationships North, Chad, and Cam- of infiltration and attack. eration are vital steps
achieving its intended border management it has with its neighboring eroon to the East, the Gulf toward ensuring national
purposes. A critical factor Coordinated border countries. of Guinea and the Atlantic security and economic
contributing to this fail- management encompass- A competent border Ocean to the South, and prosperity. Policymakers
ure was identified as the es a range of activities management system the Benin Republic to the must therefore recognize
inadequate governance of beyond physical closure, calls for the tight cou- West. The varied terrain, the interconnected nature
national borders. including the regulation pling of technology and climatic conditions, and of border management
Retired Maj.-Gen. Ba- of legal and illegal im- infrastructure that is diplomatic relationships Adeleke, a supply chain and challenges and work col-
bagana Monguno, the for- migration, ensuring the capable of handling the add layers of complexity, security expert, writes from the laboratively to address
mer National Security Ad- safe and secure movement geopolitical, social, and demanding more than just diaspora them effectively.
economic challenges we technological solutions.
Oil companies still have vital role to play in African Energy

By NJ Ayuk erations in both North and quota and contending with transition initiatives, the great promise as well. Con- they left off.
sub-Saharan Africa. a decline in production, the two companies have made sidering just the BP-Kosmos By taking on ventures
But we are also seeing NNPC announced a substan- progress on these efforts, Yakaar-Teranga discovery like the re-development
increased activity by inter- tial reduction of its standard meeting in Algiers as re- in Senegal, BP and Kosmos’ of declining wells to boost
national NOCs (INOCs) and contract negotiation period cently as October 2023 to Orca discovery in Mauri- production, these smaller
independent companies in from three years to just six discuss fugitive gas emis- tania, and Eni’s Bailene companies are helping to
BEHIND every discovery,
Africa. These entities are months. sion detection and flaring- discovery off the Ivory Coast satisfy the increasing global
final investment decision
also contributing to the Formalising the new down options at Sonatrach’s amount to 3.6 billion barrels demand for fossil fuels while
(FID), and first oil an-
overall success of Africa’s terms in an agreement natural gas fields. of oil equivalent, with ad- offering continued support
nouncement in our conti-
fossil fuel industry. signed with oil majors Shell, Other recent develop- ditional sites in Ghana, Ga- to host communities facing
nent are companies of all
National oil companies Chevron, Eni, ExxonMo- ments include the Memo- bon, and Angola, this region the perils of abandonment
sizes, advancing our energy
in leading roles bil, and TotalEnergies, the randum of Understanding is an exploration hot spot. otherwise, and their cu-
industry and bringing Afri-
As our new outlook re- NNPC hopes they will help established between Nor- As exploration is crucial mulative efforts add up to
cans closer to realising the
port explains, we expect expedite foreign investment way’s largest oil and gas to sustainability for Africa’s a significant percentage of
energy security and pros-
African NOC flow rates to in Nigeria’s hydrocarbon producer, Equinor, and Lib- oil and gas industry, the Africa’s energy economy.
perity that their petroleum
reach approximately 2.63 sector. With $13.5 billion ya’s NOC. The agreement AEC is pleased to report As documented in our
resources represent.
million barrels per day (bpd) secured at present, Nigeria includes plans to evaluate active exploratory drilling 2024 outlook report, the
Collectively, these com-
of liquids and 13.55 billion aims to reach a production Libya’s maritime region in schedules over the next 24-month period of 2023-2024
panies are validating the
cubic feet per day (Bcf/d) level of 2.1 million bpd by the Mediterranean for its oil two years, with oil majors will see INOCs like Equinor,
African Energy Chamber’s
of gas in 2023. In 2024, while December of next year. and gas potential and extend operating in Algeria, Egypt, PetroChina, the China Na-
(AEC’s) long-held assertion
we expect NOCs’ total liquid Amidst the Angolan oil oil and gas sector training to Nigeria, and Namibia as the tional Petroleum Corpora-
that the African continent
product to drop to 2.57 bpd of and gas industry’s return local personnel. main drivers behind these tion (CNPC), and several
represents the next frontier
liquids, we are forecasting a to a more prosperous posi- Oil majors advancing efforts. more responsible for three-
for energy exploration and
significant increase in their tion, which this year saw exploration Filling voids and capital- quarters of all INOC liquids
production.
natural gas production: to the nation outpace Nigeria, In March of this year, in ising on opportunities output in Africa. In the same
Despite concerns over
14.17 Bcf/d. taking the top spot among partnership with Shell and Where international cor- time frame, we project that
corporate divestment from
Of all the NOCs operat- Africa’s largest oil produc- QatarEnergy, Namibia’s porate divestment from independents like the APA
the African oil and gas sec-
ing across Africa, the ef- ers, Sonangol brokered a national petroleum corpo- Africa’s oil industry is oc- Corporation, Marathon Oil,
tor in recent years — moves
forts of just four amount to deal with the China Nation- ration, Namcor, publicised curring, smaller players are Wintershall DEA, Perenco,
made largely in an effort
the lion’s share of the total al Chemical Engineering a third oil discovery in the taking up the slack. Seplat Energy, Tullow, and
to conform to expanding
supply. Estimates predict Company (CNCEC) outlin- Jonker 1-X well in the Or- Whether under public ConocoPhillips will col-
global ESG expectations —
that, together, Sonatrach of ing the development of a ange Basin off Namibia’s pressure to decrease emis- lectively produce the third-
international oil companies
Algeria, Angola’s Sonangol, refinery in Lobito. With a southern shore, adding to sions and focus on sustain- highest natural gas output.
(IOCs) and African national
Libya’s National Oil Cor- projected production rate the sizeable discoveries able development goals or As the AEC continues to
oil companies (NOCs) con-
poration, and the Nigerian of 200,000 bpd and a slated made by Shell and France’s stakeholder pressure to sell advocate for a thriving Af-
tinue to be the key driving
National Petroleum Com- completion date in 2026, the TotalEnergies in the Graff- off mature fields in pursuit rican energy industry and
forces behind Africa’ short-
pany (NNPC) Limited will refinery should eventually 1X and Venus-1X wells in of higher returns, as oil encourage investment in
term supplies, hydrocarbon
be responsible for 85 percent reduce Angola’s reliance 2022. Namibia expects to and gas majors pull away our continent — just as we
potential, medium-term
of liquids and 88 percent of on imports for gasoline and see first oil from these finds from portions of their op- encourage every hydrocar-
production, and spending.
natural gas produced by diesel. by 2030. erations, INOCs and wholly bon-bearing African nation
As detailed in the African
African NOCs between 2023 In Algeria, Sonatrach At the Angola Oil and independent entities remain to engage in uncomplicated,
Energy Chamber’s (AEC)
and 2024. has been working with Ital- Gas 2023 conference and eager to take over where mutually beneficial trade
newly released report, “The
The prominence of oil ian multinational energy exhibition in September, negotiations — our own
State of African Energy 2024
and gas production in the company Eni on natural Melissa Bond, Managing optimism grows.
Outlook,” NOCs collectively
nations that these NOCs gas production and the ex- Director for ExxonMobil For the AEC, each out-
hold the continent’s larg-
represent is due in part to port of liquefied natural Angola reported 18 new look report we publish in-
est working interest share
an open and cooperative ap- gas (LNG) to Europe. Since discoveries in Block 15 and dicates that the African oil
of African hydrocarbon
proach to development and signing a Memoranda of In- plans for further drilling in and gas industry is secure,
potential and supplies due
a commitment to progress tent in January of this year the Namib Basin next year. strengthening with time,
to their involvement in
shared between them. outlining future joint pro- Numerous oil and natu- and well on its way to be-
upstream operations while Ayuk is executive chairman,
In September 2023, hav- jects, including upstream ral gas discoveries in West coming an invaluable asset
IOCs hold the second largest African Energy Chamber
ing failed to meet its OPEC decarbonisation and energy Africa continue to show to the global energy market.
share from their legacy op-
OPINION
How to practically bridge the housing gap in Nigeria

housing ministry intended to comprehensive and up-to- the barest minimum so as to be the number one target. was established. NMRC is a
go for social housing schemes date plan or map showing eliminate corrupt practices, Promises by local cement wholesale secondtier finan-
to provide decent and afford- land use pattern and struc- enhance the government’s manufacturers to reduce the cial institution which refi-
able houses to cater to the ture of ownership in most credibility, and make it easi- price of the product has not nances portfolios of mortgage
housing needs of Nigerians. areas of Nigeria. These are er for investors and property materialised. On the flip side, & commercial banks rather
Like past initiatives of fundamental issues with land owners to do the right thing the forex crisis should be than originating individual
the government, these ideas laws in Nigeria that must be without cutting corners. looked into. More than 60% mortgages and will cater for
sound good and the outlook fixed immediately. The review of the prop- of materials used for building financial institutions rather
should easily excite Nigeri- Ease land title processing erty registration process and construction are imported than individual borrowers.
ans. However, professionals In many states in Nige- introduction of simplified into the country. The free fall The idea was to activate a
in the mortar and bricks of the Naira to the Dollar has vibrant mortgage culture in
By Segun Oshundairo
business like myself would
argue that until real issues
Review of the property registration made things worse. It should
be fixed.
Nigeria and ensure continu-
ous liquidity for mortgage
in the real estate sector are process and introduction of simplified Activate a vibrant and banks. Much success has not
addressed, this renewed hope functional mortgage culture been recorded in this regard
IN the last three decades, the imitative of the government means of registration would make the In many advanced socie- and it must be looked into.
housing deficit in Nigeria
has risen to an extremely dis-
to bridge the housing deficit
will fail woefully like other
acquisition of land titles, deeds, and ties, real estate financing and
homeownership is driven
See housing as social in-
vestment
turbing level. Available data plans in the past. To practi- approvals less cumbersome by a vibrant and functional Ultimately, the govern-
shows that in 1991, Nigeria’s cally reduce the housing gap mortgage system. Mortgage ment must see provision
housing deficit was 7 million. in Nigeria, the government is made available and acces- of housing for vulnerable
It rose to 12 million in 2007, must immediately address ria today, getting approved means of registration would sible to all irrespective of the Nigerians as a form of social
14 million in 2010, and 20 mil- some fundamental issues. government title for real es- make the acquisition of land income levels. It also ensures investment and not a means
lion units in 2018, and in 2023, Review existing land laws tate investment has become titles, deeds, and approvals that prospective lenders get to make money or generate
Nigeria now has an estimated The Land Use Act, 1978 extremely difficult and frus- less cumbersome, and con- good repayment tenure and revenue. The models used
28 million housing deficit. was enacted originally to en- trating. More troubling is the tribute to the growth of the interest rates. The current by the Late Alhaji Lateef
There are real estate experts ergize economic development bureaucracy and bottlenecks housing sector in Nigeria. interest rate for mortgage Jakande can be reviewed
who say the housing deficit in in Nigeria by ensuring effec- around the processes. Address rising prices of loans in Nigeria is between to fit into our current reali-
Nigeria is well over 50million tive and equitable utilization Recently, the Lagos State building materials 18% and 25%. That cannot ties. It is unacceptable to see
depending on the indices of of land and land resources. Governor, Mr Babajide San- The number of abandoned help to bridge the housing many working class Nige-
data collection. It was also to reduce the wo-Olu, assured the leader- real estate projects have con- gap as most Nigerians cannot rians finding it difficult to
Recently, the Permanent high cost of land required for ship of the Lags Chamber tinued to rise across the coun- access it. get on the property ladder.
Secretary, Federal Minis- industrial estates and mecha- of Commerce and Industry try. It is now a common thing The mortgage system in Currently, the average low
try of Works and Housing, nized agriculture. However, that his administration will to see developers stop their Nigeria needs to be restruc- income earner does not have
Mahmuda Mamman said the land management in Nigeria fast-track the approval for construction project halfway tured to really meet the needs a space on the property lad-
Federal Government plans to since the enactment of the the Certificate of Occupancy due to the high cost of build- of those who cannot afford der in Nigeria.
assist vulnerable Nigerians Act has become more cum- of the land allocated to the ing materials. The cost of a home, that is, low-income A middle income earner
to own houses to bridge the bersome and regressive to the organisation for the construc- the average building mate- earners. Many Nigerians can only squeeze in. A guar-
housing gap in Nigeria. Mam- process of homeownership tion of the trade fair and rial has risen by over 100% who are low-salary earners anteed place on the property
man made this disclosure for Nigerians. exhibition centre. or more in the last twelve cannot afford the short-term ladder for low and middle in-
while speaking with jour- What the Act has created Many real estate investors months. Something must be financing provided by mort- come earners can only come
nalists on the first day of the instead, is a lack of uniform- in Lagos will be happy if the done about this immediately. gage banks, hence the hous- when and if the government
12th meeting of the National ity in the laws governing Lagos State Governor can The production of building deficit in the country. goes into mass housing initi-
Council on Housing and Ur- land-use and ownership in fast-track their own title ap- ing materials locally should The National Housing Fund ates driven with the orienta-
ban Development which took Nigeria. It has also led to plications too. Real estate in- be encouraged under the Scheme (NHF) should be tion that it is a form of social
place in Kaduna State. uncontrolled speculation vestment without proper tile supervision of expert engi- reviewed to help low-income investment.
The theme for the 12th in urban land, problems of documents gets practically neers who will ensure that salary earners get onto the Create robust private sec-
council meeting was “Har- access to land rights by Nige- stalled. In Lagos and other only high-quality materials property ladder. tor partnerships
nessing local and interna- rians on equal legal basis and parts of the country, real are used alongside the lat- The government should Currently, more than 90%
tional credit schemes as a fragmentation of rural lands estate investors especially est building techniques, to look into proper mortgage of housing units produced
panacea for affordable hous- arising from the application those operating in the private ensure the safety, longevity, refinancing. In June 2013, in Nigeria are facilitated by
ing infrastructure develop- of traditional principles of sector are sometimes left and quality of the finished the Nigeria Mortgage Refi- the Private Sector. A lot still
ment under the “Renewed inheritance and social re- frustrated from extremely product. nancing Company (NMRC) needs to be done to ensure
Hope Agenda.” The Perma- sistance from local non-state cumbersome and expensive Mass production of locally and support the private sec-
nent Secretary is quoted to actors. land title processes. manufactured building mate- tor to do more. Governments
have said: “The National Another major problem This must be resolved for rials under expert guidance at all levels in Nigeria must
Housing Scheme Programme in the housing sector which any meaningful progress to would reduce construction look for credible private real
by the ministry would assist can be linked to the Act is be achieved in the area of costs, and housing costs, and estate developers to work
the vulnerable population inadequate information/ Nigeria’s housing deficit. It ultimately ease the operation Oshundairo is the CEO of Arc- with. Partnerships that make
of the country in affording data for land use planning is simple: the property reg- of building and construction View Investments Limited; one land and finance available to
a roof over their heads and and management in Nigeria. istration process in Nigeria companies in building more of Nigeria’s leading real estate them at heavily subsidized
this would in turn bridge the A number of field investiga- needs to be simplified, and homes thereby contributing development companies with rates will help them deliver
gaps in the housing sector.” tions by experts reveal lack digitalised, thereby reduc- to bridging the housing defi- special focus on the delivery of more affordable homes to
He further explained that the of data on land use and no ing human participation to cit in Nigeria. Cement should affordable homes Nigerians.
Taiwan: The missing link in the Interpol network

By Andy Yih-Ping Liu ment to crime prevention same time, as transnation- efits from its strategic providing technological in Interpol’s General
and intelligence sharing, al crime flourishes in this geographical location, support, Taiwan could Assembly would enable
and unjustly excluding era of globalization, Tai- ensures global security, greatly enhance Inter- its police authorities to
INTERPOL, the Interna- my country from Interpol wanese passports, which and fosters strong interpol’s ability to respond to interact with counter-
tional Criminal Police activities. The exclusion enjoy visa-free access to national collaborations. emerging criminal trends parts from other nations,
Organization, plays a vital of Taiwan from Interpol 145 countries and territo- As the world’s 21st-largest and effectively tackle the fostering collaboration
role in coordinating law is a significant setback ries, have become prime economy and 17th-largest challenges posed by tech- and enhancing global col-
enforcement efforts across for the organization’s mis- targets for transnational exporter, Taiwan serves nology-driven crimes. lective ability to combat
countries. However, the sion to coordinate law en- criminals. This is a global as a crucial link between Moreover, Taiwan’s transnational crime. By
exclusion of Taiwan, a forcement efforts globally. threat that should not be Northeast and Southeast strategic geographical supporting Taiwan’s par-
nation that’s law-abiding Taiwan’s outstand- underestimated. Asia, functioning as a location grants it a unique ticipation in Interpol’s
with immense potential, ing capacity to carry out According to the 2023 hub for the flow of people, advantage in supporting General Assembly, the
from the organization border security checks safety and crime rankings goods, and capital. Interpol’s activities in world takes a significant
significantly undermines and combat transnational by the database website Taiwan’s advanced East Asia. Taiwan plays a stride towards achiev-
its crucial work. crimes such as terrorism Numbeo, Taiwan ranked technology and expertise crucial role in identifying ing this goal. Therefore,
This exclusion is det- and human trafficking third for safety out of 142 can also make a signifi- and disrupting criminal Taiwan’s participation
rimental because China is severely hampered by countries evaluated. It cant contribution to Inter- operations, thereby en- in Interpol is not merely a
marginalized Taiwan’s its lack of access to real- also had the third-lowest pol’s capabilities in com- suring regional and global matter of national interest
role within the organiza- time criminal intelligence crime rate among all coun- bating modern-day crime. security. but a crucial step towards
tion under the guise of shared through Interpol’s tries, surpassing other Taiwan is renowned for Taiwan’s involvement strengthening global se-
“political issues”, and I-24/7 system and its stolen Asian nations. Taiwan its expertise in prevent- curity. By rectifying the
consistently ensured and lost travel documents has made significant con- ing cybercrime, address- historical injustices that
Taiwan’s exclusion from database. This means that tributions to international ing technology-related have hindered Taiwan’s
vital exchanges of intelli- crime prevention. It pos- offenses, and investigat- Yih-Ping Liu is the repre- involvement, the world
meaningful participation
gence are often out of date sesses advanced technol- ing financial crimes. By sentative of Taiwan Mission in can harness its expertise
in Interpol, thereby creat- Nigeria
ing a significant impedi- and incorrect. Yet at the ogy and expertise, ben- sharing its knowledge and and resources.
OPINION
Why Godwin Emefiele Securing our people

shouldn’t go down alone
gions and with each headed pectations. With these chal-
round tripping the dollars from across the land and the Jonathan by a Police Commissioner. lenges and many more in
one market to the other. Every administration went on over- However, there are certain mind, just how well should
morning, they would wake up drive to counter the damage the territorial police service we realistically expect our
with calculators to compute Obasanjo letter caused. It was a units that have a national policemen and women to
the billions of Naira they were mortal blow to Jonathan, then
making in profit. Is the EFCC not already perceived as the weakest role, such as the Specialist secure the people?
aware of this? If Emefiele turns Nigerian leader ever. Operations directorate of the A report published by Si-
out to be the only person tried Jonathan was livid with Metropolitan Police. Nigeria mona Varella for Statista on
By Etim Etim out of the lot that participated in rage with Sanusi and he wasted is urgently in need of a police February 24, 2021, corrobo-
what he did and benefitted from no time in forcing him out system that will engender rates what most Nigerians
him, it would seem that he is a of office. But surprisingly, By Dapo Akande
timely decisions. already know, which is that
victim of grand vindictiveness. he did nothing to NNPC or
Have his friends and associ- his oil minister, Mrs Diezani Having indigenous po- political instability, citizen
IT is a bit of a relief that Godwin
Emefiele is finally having his ates intervened on his behalf? Allison-Madueke, who was licemen serve their locality alienation, terrorism and
day in court. He now has the op- Where is Jim Ovia; James then swimming in her own is not an idea that’s entirely violence define the Nigerian
portunity to defend himself, and Ibori; Udom Emmanuel and all ocean of corruption scandals. THE Nigerian Police Force alien in Nigeria as this was crime scene. Nigeria was
possibly prove his innocence. He his other powerful friends and So, when Emefiele was ap- was established in 1930 and the case until the Aba Wom- also recently included in
is facing a six-count illegal pro- associates in the banking and pointed in 2014 to replace Sa-
oil industries? Where are those nusi, I understand that he was
currently consists of 371,800 en’s Riots of 1929. The change the list of countries with the
curement charge in which he’s
accused of awarding a contract in government and business warned by Jonathan’s officials men and women, with 36 came when policemen, given least peace in the world, ac-
for the purchase of 43 vehicles who wined and dined with him that if he did not ‘cooperate’, Commands across the coun- orders by the colonial gov- cording to the Global Peace
worth N1.2 billion between 2008 when the goings were good? he would meet the same fate try. That is one in each ernment to shoot defense- Index. It is now the 17th least
and 2020 to a female staff of Why have they abandoned that befell Sanusi. In other state. The 36 Commands less women, could not bring peaceful state in the world.
the bank, Sa’adatu Ramallan him now? Where is Emefiele’s words, Godwin Emefiele went are grouped into 12 zones themselves to obey. They In addition, Nigeria now
Yaro, in violation of Section 19 wife, by the way? Why has she into office as our fifth CBN
not been showing up in court Governor frightened, fearful but have only 7 different refused to kill their kinsmen ranks as the third country
of Corrupt Practices and Other
Offences Act 2020. The law bars to support him? Or has she left and intimidated given what administrative organs. The in cold blood, so to break most affected by terrorism,
public officials from awarding the country? You know, some his predecessor went through. Force has over 2000 stations this impasse, the colonial based on the Global Terror-
contracts to themselves, their re- women can’t face trouble. Villa officials were constantly spread across the country masters drafted policemen ism Index. The same report
lations or their staff. In his initial I saw Godwin Emefiele in hammering into his head that and its head is the Inspector from Lagos to come and do disturbingly rates Nigeria as
arraignment in August on the the court premises the other ‘’you must be loyal to Oga o’’, General of Police. the dirty job. That marked the country with the second
same offence, the former CBN day, and I shed tears for him. and he took it to heart. And
For a population of 220 the beginning of deliber- highest risk of genocide in
Governor faced nine charges,
the vehicles were worth N6.9 million, the size of the Nige- ately posting an Okon from Africa and sixth highest risk
billion and Mrs Yero and her But why is Emefiele facing his rian Police Force is hugely Cross River State to serve globally.
company, April 1616 Investment
Company Ltd, were co-accused.
predicament alone? Where are his inadequate. That they are ill
equipped and their welfare
in Gombe and sending an
Ogunaike from Ogun State
If our governments, both
national and subnational,
By dropping her and her colleagues in the Bank, his bosses and under successive govern- to serve in Anambra. The sincerely desire to secure
company from the current
charges, it is likely that Mrs the cabals in the Villa who benefitted ments has been appalling British had their own self- the people and induce an
only adds to the country’s ish reasons for employing atmosphere of genuine peace
Yaro has agreed to serve as the
prosecution witness against
from his years of service? precarious security situa- this strategy which clearly in the country, it behoves
Emefiele, indicating that the
that explains why he willingly
tion. Nigeria’s current ratio doesn’t serve the nation’s them to gain the trust of the
government wants to send He looked gaunt, tired, desolate
and helpless. This was once the opened the CBN vault to Aso of 180 policemen to every security interest but like in populace by entrenching a
him to jail by all means. When 100,000 citizens makes the case of so many policies culture of good governance.
CEO of the largest bank in the Rock and PDP officials to take
an accused person becomes a
prosecution witness (PW), it is country; an influential voice as much dollars as they could to nonsense of the United Na- which blatantly don’t serve Nigerians of all tribes and
who could move the market and prosecute the 2015 presidential tions recommended ratio the public interest, the politi- creeds need to come together
usually in return for a favour,
set stock prices flying; a man elections. Until this day, I can’t of 300:100,000 but that’s not cal will has been lacking to to forge a national ideol-
which may be dropping of all
who easily signed off on a billion- seem to understand why it is
or some of the charges. The all. For years, there has make the necessary change. ogy. A community of people
naira credit to a customer and so easy for the CBN Governor
implication is that the prosecut- been a clamour for State We hear regular tales lacking a common ideology
a man who was an influential to withdraw so much foreign
ing authorities (EFCC, in this Police forces to replace the of our policemen having to that binds them together
presence in the banking indus- exchange cash from the CBN
case) will have more evidence
try and the Bankers’ Committee on the orders of the President. unwieldy unitary system spend their own money to and propels them towards
against the defendant and a
meetings. For six months now, Has the practice stopped? that we currently run; where buy their uniforms and it is a common goal, will move
greater chance of winning the
he’s been in detention apart I was surprised that Presi- instruction must first be alleged that they also bear in opposing directions and
case. Mrs Yaro will tell the court
from a one-week break granted dent Buhari, who came to of-
everything she knows about the sought from the Inspector the cost of fuelling the police no matter how often they
by the court in November. He fice in 2015 as anti-corruption
contract and the involvement General stationed in Abuja. vehicles that they are offi- sing the national anthem or
has been in Kuje prison since czar, did not prosecute Eme-
of the former CBN governor. I
pity Emefiele because he could last week, pending when the fiele for being complicit in this The rationale for each cially assigned to use. This recite the national pledge,
court would consider his bail massive looting of the CBN. state to have its own police cannot but sink further the a sense of togetherness and
be facing a prison sentence of
application this week. His fall is I wrote about it, but nothing force is hinged on several morale of someone whose true progress will forever
over 10 years without an op-
one of the greatest tragic events happened. Unknown to me,
tion of fine. I have spoken to a
a more massive ‘looting op-
arguments but two of them take home pay is already remain a pipe dream. The
few senior staffers in the CBN in recent memory, and it holds
some lessons for some public eration’ was to unfold under are; first, for easy and better disgracefully low. It would British have their liberal
who have hinted that the said control as the State Gover- be foolhardy of anyone to welfarism just as the Ameri-
officials who believe that they the new President. A powerful
Mrs Yaro is related to a former
governor of Kaduna State and are too powerful. three- man cabal emerged and nors can then be their state’s expect such a person to be cans have their American
But what led to his fall and it quickly designed a round chief security officers not willing to make the ultimate Dream. What is the Nigerian
she was hired into the bank
what lessons can we learn? Poor tripping scheme and made bil- just in name but also in prac- sacrifice in service of his Dream? Once we’re able to
“to pursue business agenda”.
judgement and lack of character lions under President Buhari.
“I have spent over 28 years in tice. Second, those recruited country, if circumstances formulate this and live by its
to stick to what is right. Eme- Again, Emefiele was a willing
this bank, and I don’t know her. would predominantly be call on him to do so. Stories creed, a newfound unity and
fiele came to the CBN in June tool in their hands because they
She must be one of those people indigenes or residents of sense of hope for the future,
hired by the former governor 2014 after President Goodluck too kept telling him that ‘’the of policemen saying they
Jonathan had intimidated, har- President is in the know and he the state, which would auto- cannot leave their station will evoke a far greater sense
as contract staff for specific
assed and forced out Mr. Sanusi is part of it’’. It was a big bazaar! matically place them in the to help citizens in distress of patriotism amongst the
agenda”, a director told me over
Lamido Sanusi for his courage, By the time Emefiele com- best position to gather Intel- people. A man committed to
lunch last weekend.
pleted his first five-year term in
because they don’t have fuel
But why is Emefiele facing boldness and outspokenness.
As CBN Governor, Sanusi had June 2019, he too had become a ligence about crime. in their vehicles abound. the ideals of his nation will
his predicament alone? Where Policing has far more to Faced with the unfair pres- never use his own hands to
written to President Jonathan powerful and wealthy member
are his colleagues in the Bank,
his bosses and the cabals in in 2013, informing the President of the cabal and an insider in do with gathering timely sures of paying out of pocket bring it down. He will protect
that the NNPC was not remit- the Villa. It was therefore not and reliable intelligence for services the police force it with everything he has. It
the Villa who benefitted from
ting crude oil sales proceeds difficult for them to sell the which helps law enforce- is meant to provide free was the insightful Lee Kuan
his years of service? Clearly,
into the consolidated federation idea of running for President
Emefiele did not run the bank
to him. He was told that ‘’Oga
ment agents to apprehend for them, coupled with an Yew, father of modern day
alone. What of the four deputy account as stipulated by the Con-
stitution. Nigerians had always wants him’’. The campaign was criminals and to nip planned abysmally low salary that Singapore, who decided that
governors who worked with criminal operations in the is seldom paid on time, it is the best way to arouse a deep
suspected that the NNPC was a well funded and the media ads
him? Are they so honest and
clean that nothing could be leaking basket when it comes ran into billions. I wrote two bud before they take place almost a fait accompli that sense of duty and patriotism
to our commonwealth, but the articles asking him to stop the than about noisy bragga- they would resort to corrupt in the hearts of the officers
found against them? What of
government did not nothing. charade, but like a drunken docio that doesn’t produce practices such as taking and men of the newly formed
those powerful cabals who
That December, former Presi- sailor, he paid no attention.
were so close to the former results. Evidence that this bribes and extorting from Armed Forces of Singapore,
dent Obasanjo wrote Jonathan You may not take a heed to the
president that they used their system of decentralization members of the public to was to make them feel that
a stinker of a letter, accusing admonitions in my articles, but
influences to benefit massively is more profitable than what they had a tangible stake in
from the arbitrage created by the President of cluelessness sooner or later, I will always be survive and meet up with ex-
and making reference to the borne out. Truth is constant! Nigeria practices can be seen the nation. And he could not
the dual exchange rates? Why
Sanusi letter, which was not The eventual crash of Eme- in the US, where they have so think of a better way to in-
are they not facing any charge?
made public then. Obasanjo ac- fiele’s presidential bid angered many layers of police - coun-
What of the former President duce this sense of ownership
cused Jonathan of doing nothing him to no end, and he thought of Akande, Editor in Chief of
himself? Was he not aware of ty police, state police and the in the national project than
about the missing billions from nothing else than to stop the am-
what was happening inside the Federal police, better known
EduTimes Africa magazine is
to make them landlords. The
the NNPC. There was outrage bition of the leading contender
CBN? Was he not aware of the a Surrey University graduate
huge profits the cabals were
in that race. There began his as the Federal Bureau of In- result of introducing highly
downward spiral to where he with a Masters in Professional
making just by buying FX in vestigation (FBI). In the UK innovative policies soon
is today. He was essentially con- too, there is no centralized Ethics. An Institute for National
made it possible for these
the official market and selling
sumed by greed, graft, anger, Transformation alumni, he has
them in the unofficial market?
envy and his inability to make
police system as the country military men to own and live
These people were so wealthy authored two books, The Last
sound judgement in the face of is policed by different terri- in their own house. He was
that one of them bought a bank torial police services. As at Flight and Shifting Anchors.
proved right.
and a mobile telecommunica- Etim, a social commentator contending interests. His story
Contact: dapsakande25@
tions company without moving is the biggest tragicomedy of the 2013, there were 45 of them, Changing the nation...one
writes from Lagos Fourth Republic. gmail.com
from his chair. All they did was serving in independent re- mind at a time
EDITORIAL
PUBLISHER/EDITOR-IN-CHIEF
Frank Aigbogun Need for Nigeria to domesticate renewables value chain
EDITOR Nigeria has an abundance tion in the oil and gas indus- related costs, coupled with a tems will be made reap the
Tayo Fagbule of sunlight, wind, water, and try by prescribing minimum Without local number of government sub- economic benefits by way of
with the rise of renewable thresholds for the use of local sidies granted to photovoltaic local job creations and con-
energy sources as the next big services and materials for the manufacturing of solar companies and organisations tribution to infrastructural
DEPUTY EDITORS deal, the country has a chance promotion of technology and panels, photovoltaic in countries such as the Peo- developments.
Lolade Akinmurele to leapfrog its economic devel- skill to Nigerian labour in the ple’s Republic of China and The Federal Government
John Osadolor, Abuja opment but there is a caveat. oil and gas industry.
(PV) batteries, and the United Kingdom. of Nigeria boasts of creating
Without developing local Nevertheless, Nigeria has other essentials, The average cost of en- 250,000 jobs through the five
NEWS EDITORS manufacturing capacity for an abundance of sun, water, the country will be ergy generated by large-scale million solar home systems
renewable energy components and wind but to harvest these solar plants is around $0.068 drive. But it exports more
Femi Asu (print) in Nigeria, the mistakes in the energy resources, the country exporting jobs to China kilowatts per hour (kWh), jobs abroad than it creates
Temiloluwa Bamgbose (online) country’s oil and gas sector will imports literally all the compo- where these renewable compared to $0.378 ten years locally due to the absence of
again rear up their ugly heads nents and equipment required. ago and the price fell 13.10 local manufacturing capac-
in the management of this Without local manufacturing energy components percent between 2018 and 2019 ity for renewable energy
CHIEF MARKETING & SALES growing energy source. of solar panels, photovoltaic and equipment are alone, according to figures by components.
For decades, Africa’s big- (PV) batteries, and other es- the International Renewable China, currently the
MANAGER gest oil producer has extracted sentials, the country will be made Energy Agency. world’s leading producer of
Ijeoma Ude and exported crude oil without exporting jobs to China where However, in Nigeria, the solar PV equipment as well
local value addition. these renewable energy com- cost of solar installations has as the largest installation
GM BUSINESS DEVELOPMENT (North) Consequently, it imports ponents and equipment are able energy components and refused to fall because there market accounted for 2.20
Bashir Ibrahim Hassan refined petroleum products to made. This repeats the story in equipment will be dependent are no large economies of million jobs or more than half
meet domestic demand because the oil and gas sector where the on ancillary industries such scale to drive local manufac- of global sector employment.
there is no local capacity to country has for decades failed as glass making, an alumini- turing and push prices down. By comparison, the United
ADVERTISEMENT MANAGER refine them. Nigeria imports to make locally the essential To fix Nigeria’s energy States is currently home to
um-manufacturing base, and
Queen Nkwocha practically all the technology pieces of equipment required access to rare earth elements supply challenge the Federal around 240,000 solar energy
and equipment required for and to build an ecosystem or minerals. Government under the Eco- jobs, according to the 2019
FINANCE MANAGER the exploration and produc- that ensures technology is At the moment, most of nomic Sustainability Plan jobs report by the Interna-
Adedayo Adetoye tion of oil. transferred. Nigeria’s domestic demand for (ESP) intends to install solar tional Renewable Energy
Even though the Nigerian Without value addition glass as a result of infrastruc- home systems in five million Association (IRENA).
Content Development and through local application of the ture development is imported. homes coordinated by the It is a game of numbers
COPY SALES MANAGER Monitoring Board (NCDMB) technology and manufacturing Rural Electrification Agency and volumes. Local manufac-
Meanwhile, local manufactur-
Florence Kadiri has committed to changing of the equipment vital for building of solar panels consumes in partnership with private turing of these solar compo-
this narrative in the oil and gas ing a sustainable renewable large quantities of photovol- companies. This relies on nents and equipment is about
DIGITAL ADVERT SALES MANAGER sector, it is important to realise market, Nigeria will simply taic glass, which is used in low-cost, single-digit interest upstream of the sector. As-
that if Nigeria does not develop be exporting jobs to China and solar modules that produce loan facilities from the Central sembling solar components
Linda Ochugbua the capacity to make compo- other parts of the world. Bank of Nigeria. is the mid-stream and solar
solar energy. There is a negli-
nents and equipment required Government has to get gible local ecosystem for this. Since Nigeria does not installation is downstream.
for renewable energy, it will be serious with de-risking the The cost of solar power manufacture solar energy For local manufacturing,
EDITORIAL ADVISORY BOARD exporting jobs to countries that sector if they want to avoid the panels is dropping at a stag- systems equipment and com- that is, for the upstream to
Imo Itsueli have built the capacity. mistakes that were made in the gering rate worldwide, as ponents it will rely on imports take off there have to be many
The main purpose of the oil and gas sector. a result of the narrowing to fulfil this demand. The local players in the mid-stream
Mohammed Hayatudeen
local content act of 2010 was to A thriving local manufac- gap between solar energy economies of the countries demanding for these solar
Afolabi Oladele increase Nigerian participa- turing industry for renew- where these solar home sys- components and equipment.
generation costs and other
Vincent Maduka
Opeyemi Agbaje
Amina Oyagbola
Bolanle Onagoruwa
Fola Laoye
Chuka Mordi
Akinsola Johnson
Juliet Anammah
Charles Anudu
Tunji Adegbesan
Eyo Ekpo
Wiebe Boer
Paul Arinze
Ivana Osagie
Boye Olusanya
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Haruna Jalo-Waziri
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AGRIBUSINESS In association with
Price of rice to surge 32% – AFEX September.

By Damilola Odifa
Beyond rice, the report
AFEX, Africa’s leading by AFEX made projections
commodities player, has on price outlook for maize,
projected that the price of sorghum, cocoa, and soy-
rice - Nigeria’s most con- bean.
sumed staple will surge 32 For maize, the report
percent to further amplify stated that the average
a cost of living crisis in the price of maize will increase
country. by 5 percent going forward,
The commodity ex- soybean by will increase by
change company in its new approximately 9.8 percent,
Wet Season Crop Produc- while sorghum prices will
tion Report 2023 also antici- increase by 20 percent.
pates an increase in prices The report noted that
across all commodities, cocoa prices will increase
with rice experiencing the by around 70 percent year-
highest increase. on-year, “due to continuous
Coming right ahead of decline in production vol-
the yuletide season, foods ume of cocoa amidst strong
such as jollof rice, which international demand for
is a common feature on Nigeria cocoa.
the Christmas menu, will The report also ex-
cost the average Nigerian pressed concern that input
more this year than it did lending remained a major
last year, as rice price is challenge in the country
projected to jump. the surge is the low opening 2023, our forecast suggests their access to this dietary rice, have been increasing as banking sector credit to
The report said, “While stock amid reduced supply that the price of paddy rice staple. rapidly in Nigeria in the agriculture stood at barely
there is an expected in- of the commodity in the is likely to stabilize within Rice stands out as the past few years. In the latest 6.16 percent in 2022.
crease in production (of international market. the range of N480,000 to most critical food crop for inflation report by the NBS, The report further iden-
paddy rice) by approxi- “This price surge is N500,000/metric ton,” it individuals in low- and food inflation quickened tified food insecurity and
mately 4 percent, we antici- anticipated to commence added. lower-middle-income coun- to 31.52 percent in October food inflation as major
pate a potential surge in the from a higher initial base Families dependent on tries. Over 3.5 billion people 2023 from 30.64 percent in challenges confronting the
price of paddy rice by up to price, starting at around rice as their primary sus- rely on rice for more than September. country with a 5.7 million
around 32 percent.” N400,000/metric ton at the tenance face an uncertain 20 percent of their daily ca- The NBS also notes that metric ton deficit across
According to the report, onset of the fourth quarter. future as the prospect of loric intake, the AFEX said. rice prices increased by an human consumption and
the driving force behind “By the third quarter of inflated prices threatens Food prices, especially average of 60.59 percent in agro-processing.
OAU, COL train Osun vegetable Kogi, Kwara, Lagos lead

farmers on digital agric states in rising food prices
By Damilola Odifa sistant director of ARM- that they can afford, for By Damilola Odifa previous month, accord- month of October.
TI, who was representing them to move forward in ing to the Consumer Price According to the NBS,
THE Commonwealth of Olufemi Oladunni, direc- this digital era. RESIDENTS of Kogi, Index (CPI), which meas- the contributions of items
Learning (COL) in part- tor-general, ARMTI, en- In the same vein, Toyin Kwara, and Lagos states ures changes in prices of on the divisional level to
nership with Obafemi joined vegetable farmers to Ojo, senior lecturer at the paid highest for food in goods and services. the increase in the head-
Awolowo University (OAU) corporately work together department of agricultural October, following the The CPI report shows line index are food and
and the Agricultural and as a society to go far and extension and rural devel- surge of inflation to 27.33 that food and non-alcohol- non-alcoholic beverages
Rural Management Train- achieve Sustainable Devel- opment, OAU, lectured the percent, and food inflation ic beverages contributed (14.16 percent), housing,
ing Institute (ARMTI), has opment Goals(SDG). farmers on “Digital Com-
to 31.52 percent, latest Na- the most (14.16 percent) to water, electricity, gas and
trained over 70 vegetable He said that vegetable munication for Profitable
tional Bureau of Statistics the increase in headline other fuel (4.57 percent);
farmers in Osun on digital producers were brought Vegetable Marketing”.
together under the coop-
(NBS) data on inflation inflation. clothing and footwear
agricultural solutions. Ojo advised vegetable
This was done at the erative society over the farmers to market their shows. Food inflation rose (2.09 percent); trans -
Training and Capacity years, but now want to vegetables through com- According to the NBS, 31.52 percent in October port (1.78 percent); and
Development Workshop promote digital coopera- puters, websites, E-mails, food prices rose the high- from 30.64 percent in the furnishings, household
recently at OAU, Ile-Ife, tive formation. blogs, infographics and est in Kogi State by 41.74 previous month. equipment and mainte-
themed, ‘Scaling-up Life- He added that they want video chat that would give percent, followed by “The rise in food infla- nance (1.37 percent).
long Learning for Farmers to invest in more farm- them visibility and more Kwara at 38.48 percent. tion on a year-on-year Others are education
on Digital Agricultural So- ers that can have digital customers online. Lagos came third as basis was caused by in- (1.08 percent); health (0.82
lution for Vegetable Farm- window platforms; be able He said that through food prices spiked 37.37 creases in prices of bread percent); miscellaneous
ers in Southwest Nigeria to leverage information, digital communication, percent. and cereals, oil and fat, goods and services (0.45
Towards Achieving the assess high-quality seeds, they would have market “In October 2023, food potatoes, yam and other percent); restaurant and
SDG Goals’. and deal with pests and access and price transpar- inflation on a year-on- tubers, fish, fruit, meat, hotels (0.33 percent); al-
Akanni Akinyemi, diseases affecting their ency, access to market year basis was highest vegetables, milk, cheese, coholic beverage, tobacco
deputy vice-chancellor of food security. information, supply chain in Kogi (41.74 percent), and eggs,” the NBS said. and kola (0.30 percent);
research and innovation “Vegetable farmers can efficiency, and climate Kwara (38.48 percent) and The rising prices of recreation and culture
development at OAU, rep- come together under the information. Lagos (37.37 percent),” food and other goods and (0.19 percent) and com-
resenting Simeon Bamire, digital platform and use Other benefits include the report stated, “while services are putting a munication (0.19 per-
the vice-chancellor, said computer, technology to e-commerce for vegetable Borno (24.41 percent), Ke- strain on consumers’ cent).
that innovation, technology network their produce sales, empowering women
bbi (24.90 percent) and budgets, making it in- On a month-on-month
and science should be made and discuss the challenges and youth in vegetable
Jigawa (25.10 percent) creasingly difficult for basis however, October
to power agriculture for ef- facing them, which experts farming, building an on-
will provide solutions to line presence for increased
recorded the slowest rise many to afford basic ne- 2023 food inflation was
fective benefits.
“I think the whole es- thereafter. visibility, leveraging social in food inflation on a year- cessities. highest in Yobe (5.35 per-
sence of the training was He noted that the youths media, mobile apps for im- on-year basis.” A recent survey by cent), Sokoto (3.68 per-
how to use science, tech- will not farm with hoes and mediate supply. The inflation rate, SBM Intelligence found cent) and Jigawa (3.45
nology, and innovation cutlasses, stressing that He charged them to use largely driven by food that Nigerians were percent), while Edo (0.95
to power agriculture in technology is the way to go. the gainful knowledge of prices, quickened in Oc- spending 97 percent of percent), Katsina (1.03
such a way that we can be Popoola urged the veg- the workshop to key into tober for the 10th consecu- their monthly income on percent) and Rivers (1.10
food sufficient,” Akinyemi etable farmers to rise to digital communication tive month in 2023. food, with Kogi, Kwara, percent) recorded the
said. the task ahead of them by for Profitable Vegetable It rose to 27.33 percent and Lagos residents be- slowest rise in inflation
Also, Peter Popoola, as- purchasing smartphones marketing. from 26.72 percent in the ing the worst hit for the on month-on-month basis.
COMPANIES & MARKETS

Cadbury’s cocoa revenue grows by 180% in foreign markets
By Olamide Ologunagbe tion globally, trailing 2024. N1.04 million. decrease, is attributed nine months showed a
behind Ivory Coast, The overall revenue Despite these positive to increased operating negative value of N8.72
Cadbury Nigeria Plc, a Ghana, and Indonesia, for the company amount- aspects, the chocolate costs and the impact of billion, indicating that
Mondelēz International with production figures ed to N59.2 billion from maker recorded a loss the naira devaluation the company is not gen-
subsidiary has record- of approximately 2.2 the N30 billion recorded of N10.24 billion in profit Cadbury’s operating erating sufficient cash
ed a 180 percent surge million MTS, 800,000 in the same period in during the first nine expenses surged by 32.3 from its core business
in revenue from cocoa MTS, and 739,483 MTS, 2022. Refreshment bever- months of 2023, com- percent, reaching N6.34 activities to cover its
products in other mar- respectively. Nigeria’s ages account for 69.3 per- pared to the profit of billion in the period operating expenses.
kets apart from Nigeria. cocoa production stands cent of the total revenue. N12.8 billion recorded in under review, compared The net cash used
The chocolate confec- at 340,000 MTS, with a The biscuit arm the same period in 2022. to N4.80 billion in the in investing activities
tionery reported N2.83 targeted increase to launched just a year ago, This decline, amount- corresponding period also recorded a negative
billion in cocoa revenue 500,000 MTS by the year generated revenue of ing to a 463.7 percent of 2022. value of N889.6 million,
during the first nine The increase was no- compared to a nega-
months of 2023, up from tably influenced by the tive N978.3 million in
N1 billion in the same selling and distribution the same period of 2022,
period in 2022. expenses, contributing indicating that that
This revenue encom- N5.07 billion, up from the company has spent
passes the manufactur- N3.93 billion in 2022, more cash on its invest-
ing and sale of cocoa while administration ing activities than it has
powder, cocoa butter, expenses settled at N1.29 received from them
cocoa liquor, and cocoa billion, a rise from N869 Net cash generated
cake. million in 2022. from financing activi-
In the Nigerian mar- The company’s net ties grew to N24.73 bil-
ket, revenue from cocoa finance income experi- lion in the nine months
products for the nine enced a significant de- of 2023, a notable in-
months stood at N370.8 cline, turning into a cost crease from N5.19 billion
million, an increase of N19.89 billion from a recorded in the same
from the N179.28 mil- gain of N712 million in period of 2022.
lion recorded in the cor- 2022, primarily due to a As of September 30,
responding period 2022. foreign exchange differ- cash and cash equiva-
L-R: Ismail Rufai, head, financial advisory, One 17 Capital Limited; Omar Shaikh, MD, Islamic Financial ence loss of N21 billion. lents amounted to N41.54
BusinessDay had ear-
Council UK; Garba Mohammed, executive director, 6thBank; Muhammad Kabiru Ahmed, chairman and
lier reported that Nige- president, Society for Corporate Governance Nigeria; and Alhassan Abdulkarim, executive director, Jaiz
Net cash used in/ billion, up from N23.84
ria is currently ranked Bank plc North, during 6th African International conference on Islamic Finance, theme “Towards a Just generated from operat- billion recorded in the
fourth in cocoa produc- Transition” in Abuja. Pic by Tunde Adeniyi ing activities for the same period of 2022.
Zazuu, African-focused fintech, Philanthropists donate $434m to social

impact sector in five years
shuts down over funding By Hope Moses-Ashike sector. conversations about tax
Their collective goal incentives. He empha-
By Dipo Oladehinde ABOUT 31 Nigerian phi- was to explore innovative sized the potential impact
neurs, Kay Akinwunmi ing the groundwork for
(CEO), Korede Fanilola future growth.” lanthropists have given a strategies aimed at foster- of incentivizing corpo-
ZAZUU, a U.K.-based (COO), Tosin Ekolie However, the com- total of $434.17 million in ing a robust philanthropic rate social responsibil-
and Africa-focused fin- philanthropy in the last network in Nigeria, am- ity and infrastructure in-
(CTO), and Tola Alade pany said due to a
five years. plifying and deepening vestments, stating that it
tech startup has shut- (CDO), Zazuu is an end- tough funding climate, A new report released their initiatives’ impact. could alleviate challenges
tered due to its inabil- to-end money transfer it failed to secure a at the African Philan- In a thought-provoking faced by nonprofit or-
ity to raise additional marketplace that low- growth funding round thropy Forum (APF) in keynote address, Aigboje ganizations and enhance
funding. “We failed to ers the cost of remit- despite exploring every Lagos showed that the Aig-Imoukhuede, Co- the overall philanthropic
secure a growth fund- tance payments into option before making minimum dollar amount Founder of Tengen Fam- landscape.
ing round. We explored Sub-Saharan Africa. the decision. given by a philanthropist ily Office and Chairman Mac-Ikemenjima out-
every option before tak- The company said “Massive thanks to ranges from $922 to $1,317. of the Aig-Imoukhuede lined the Ford Founda-
ing this difficult deci- it is the world’s first our brilliant team, our The median donation Foundation, highlighted tion’s commitment to
sion,” the company said cross-border payment customers who stuck amount was $197, 394, the pivotal role of devel- understanding philan-
in a statement. while the average dona- opment in propelling na- thropic giving in Nigeria,
marketplace that allows with us, our inves-
tion was $14, 005, 485. tional progress. aiming to break down
Recall that last year, customers to find the tors, and partners who The research also Aig-Imoukhuede barriers and leverage tax
Zazuu raised $2 million best rates across multi- bought into our vision. found philanthropists stressed the necessity of incentives to encourage
to deepen its cross-bor- ple financial providers, Your belief in us kept to be highly engaged in addressing the root causes private giving.
der payment offering view the real costs of a us going. the private and corpo- of challenges in Africa, ad- He acknowledged the
and also build what it transfer before sending, “Sure, it stings. But rate type of philanthro- vocating for sustainable untapped potential for
described as the world’s and track a transfer we’re walking away py, where 30.1 percent solutions over temporary organized civil society
first non-biased pay- from source to recipi- with our heads high, of philanthropists were fixes. He underscored and non-governmental
ment platform. ent. proud of what we built reported to fundraise or the significance of state organizations to benefit
The fundraising “To our friends and and the lessons learned. carry out resources mobi- support for sustainable from a structured system
round saw participa- lisation through strategic interventions in social of incentives.
supporters, we have We’re still all about
partnerships, 25.5 percent housing and education. The Lagos convening
tion from Launch Af- some difficult news to making financial ser- seeking gant through mul- During the session, it provided a platform to un-
rica, Founders Factory share. Zazuu will be vices fair and accessible tilateral organisations became evident that while veil the findings of Nige-
Africa, Hoaq Club, and closing its doors,” the for all. We are so grate- and 19.2 percent asking there exists a culture of ria’s Philanthropy Ecosys-
other investors includ- company said. ful to have shared this individuals to give. Fam- giving on the continent, tem Mapping exercise. This
ing CEO of Kuda, Babs “When we started Za- experience with you,” ily contributions at 13.2 a major hurdle lies in comprehensive study sheds
Ogundeyi. zuu, we aimed to make the startup said. percent was another. the informal nature of light on the demographics
Announcing it in international money The startup, in July The event with the giving, which often goes of philanthropists, explor-
a LinkedIn post, the transfers fair for Afri- last year, announced theme,”Catalyzing Local unrecorded. ing factors such as age,
startup attributed the cans. With the support it secured $2 million to Philanthropy for Social Dabesaki Mac-Ikemen- gender, and religious affili-
shutdown to its inabil- Impact.” convened phi- jima, senior program of- ation. The report revealed a
of our investors and deepen its cross-border
lanthropists, private and ficer for West Africa at the multigenerational engage-
ity to secure a growth team, we made huge payment offering and corporate foundations, as Ford Foundation, urged ment in philanthropy, with
funding round. strides securing regula- also build the world’s well as Small and Medium Nigerian philanthropists significant contributions
Founded in 2018 by tory approvals, building first non-biased pay- Enterprises (SMEs) en- to broaden discussions on from Gen X, Baby Boomers,
four Nigerian entrepre- our products, and lay- ment platform. gaged in the social impact philanthropy to include and Gen Y.
Business Event
COMPANIES & MARKETS
C&I Leasing’s gross earnings hit N16bn in Q3
By Amaka Anagor-Ewuzie tion (EBITDA) as against N7 ing to the OECD’s Economic
billion recorded in the same Outlook. Uncertainty over
C&I Leasing Plc, a trans- period in 2022. the evolution of the war
portation logistics solutions Ugoji also announced in Ukraine, and the recent
company, has announced that the group recorded a 12 happens between Israel
a nine percent growth in percent increase in profit and Palestine can smear
gross earnings in the third after tax of N414.1 million the GDP with a growth rate
quarter of this year. year-on-year which was from 3 percent in 2023 to 2.9
According to the compa- achieved through a combi- percent in 2024.
ny’s third-quarter financial nation of top-line growth, “Africa’s GDP is expect-
report, the gross earnings cost reduction initiatives ed to grow from $2.98 tril-
grew nine percent to N16.3 and optimal utilisation of lion in 2022 to $3.144 trillion
billion year-on-year and it assets. by the end of 2023. Major
was driven by the growth of According to him, ba- contributors to the GDP in
its marine business which sic earnings per share of Africa are Nigeria, South
accounted for 69 percent of 42 kobo increased by 221 Africa and Egypt; this is L-R: Henry Akpede, vice chairman, Lagos Advertising and Ideas Festival (LAIF) Management Board;
total gross earnings for the percent YoY due to higher due to their population size, Lekan Fadolapo, director-general, Advertising Regulatory Council of Nigeria; Colette Otusheso, head,
9-month period. earnings, adding that year- natural resources and level event and public relations committee, LAIF Management Board; Jay Chukwuemeka, chairman, LAIF
Speaking during the facts to-date growth in total assets of economic development,” Management Board; and Lanre Adisa, executive board member, Association of Advertising Agencies of
behind the figures briefing increased by 25 percent to he said. Nigeria, during the 2023 LAIF Awards, in Lagos.
in Lagos, Ugoji Lenin Ugo- N72.1 billion, largely driven He further pointed out
ji, chief executive officer/ by assets being held in cur- that inflationary pressures,
managing director of C&I rencies other than local. as well as exchange rate fluc-
Leasing Plc, said its net op- He said the Capital Ad- tuations, have been issues
erating income increased by equacy Ratio increased 800 the company continues to
10 percent to N8.5 billion in basis points to 35 percent deal with, adding that meas-
the first half of 2023, which on the back conversion of a ures are in place to ensure
is an increase from the N7.6 $10 million convertible note; the company hedges against
billion reported in the third total assets witnessed a 25 such uncertainties as an
quarter of 2022. percent increase to N72.1 increased focus is now be-
He said there was an billion in Q3. ing given to non-asset-based
eight percent increase to “The global economy has revenue options to create a
N7.5 billion in Earnings witnessed turbulent few counterbalance for low asset
Before Interest, Taxes, De- years and a weak recovery utilisation caused by shrink-
preciation, and Amortiza- seems on the cards according demand for the assets.
Kebbi govt partners WACOT limited

to boost domestic rice production
By Cynthia Egboboh, Abuja (TGI) Group, remains com- state under its corporate social
mited to producing quality and responsibility projects, would
THE Kebbi state government nutritious rice to meet Nige- continue to boost Nigeria’s food
has partnered WACOT Rice ria’s needs. security. L-R: Olusegun Dada, CEO/founder, ZojaPay; Olu Akanmu, CEO, Phillips and Samuel Ltd; Babatunde
Nigeria Limited to boost do- He said, “The successful In his remarks, Umar Fajemirokun, MD/CEO, AIICO Insurance and chairman of the occasion; and Dotun Adekunle of Flutter-
mestic rice production under pilot of the rice fortification Abubakar, the deputy Gover- wave, during the launch of ZojaPay, a Digital Financial App, in Lagos.
the Promoting Rice Fortifi- project is a significant stride nor of Kebbi State, reaffirmed
cation in Nigeria (PRiFN) towards a healthier, stronger the commitment to forging
project. Nigeria. We are immensely strategic partnerships with key
Speaking at the launch of proud to have played a central stakeholders in the fortification
the project in Abuja, Neeraj role in this initiative to bring value chain.
Kumar, the managing director fortified rice to Nigerians. He said, “This stakeholder
of WACOT Rice said that the “On the project, the Ke- partnership aims to enhance
project aims to support the re- bbi State Government worked the value of rice production
alization of the federal govern- with WACOT Rice, producers through micronutrient forti-
ment’s goal of fortifying rice of Big Bull Rice and Patriot, fication, resulting in multiple
as part of the national strategy among others, to demonstrate victories for our state. Not only
for combating micronutrient the feasibility of rice fortifica- does this endeavour boost local
deficiency in the country. tion in the country.” production and economic de-
For him, WACOT Rice Ni- He assured that WACOT velopment, but it also promotes
geria Limited, a subsidiary of Rice, which has made tremen- the consumption of nutrition-
Tropical General Investments dous contributions to Kebbi ally enriched food.”
Energy Institute pushes for a sustainable,

greener future in Africa
By Amaka Anagor-Ewuzie achieved by the public Modern Workplace’.
sector alone. The sessions brought L-R: Dalhatu Jumare, head, department of local government and development studies, Ahmadu Bello Uni-
THE Energy Institute has Nick Wayth, Fellow together industry ex- versity (ABU), Zaria; Umar Yaya, MD, Ahmadu Bello University Consultancy Services, ABUCONS; Habiba
through its annual En- Energy Institute (FEI) perts, thought leaders Suleiman, group head, strategic partnerships, TGI Group; and Krishna Yadav, head, procurement, West
ergy Sustainability Con- and chief executive offic- and stakeholders to ex- African Soy Industries Limited, during the signing of a memorandum of understanding between TGI Group
ference initiated impor- er of the Energy Institute plore innovative solu- and ABU, Zaria, on research and data development in Zaria, recently.
tant conversations and said there is an urgent tions and address chal-
collaborations to shape a need to address energy lenges in the pursuit
sustainable and greener demand in West Africa. of sustainable energy
energy future for Africa. According to Wayth, practices.
Themed ‘Driving En- West Africa’s energy It also delved into key
ergy Transition in Africa: demand is growing faster insights from the 72nd
Policy Reforms, Technol- than the rest of the con- annual Statistical Re-
ogy, and Resilience for tinent, which calls for view of World Energy,
Delivering Energy Secu- urgent sustainable solu- providing a comprehen-
rity,’ the conference, was tions. sive analysis of global
held in Lagos between Osten Olorunsola, FEI energy data for 2022. This
November 13th – 14th, and chairman of the En- session focused on the
2023. ergy Institute Nigeria repercussions of global
Speaking on the inau- said there is a need for trends for Africa, offer-
gural day, Olu Arowolo nations to adopt sustain- ing insights into their
Verheijen, special advis- able practices in response implications for the Af-
er to Nigeria’s President to current energy trends. rican energy sector.
on Energy, pointed out The conference also The event served as
the need for collabora- featured dynamic panel a platform for robust
tion between the public sessions addressing cru- knowledge-sharing and
and private sectors in cial topics such as ‘The networking, and it at-
achieving sustainable Price Tag of Inclusive tracted a diverse array L-R: Tunde Babawale, provost, Anti-Corruption Academic of Nigeria; Tunde Adeoye, member, board of direc-
energy goals. Energy Security’ and of attendees, including tors, Akin Fadeyi Foundation; Bolaji Owasanoye, former chairman, Independent Corrupt Practices and other
According to her, the ‘Disrupting the Gender policymakers, industry Related Offences Commission; Kole Shettima, director, The MacArthur Foundation Africa; and Joe Abah,
journey towards sustain- Gap: Embracing Allyship leaders, scholars, and country director, Development Alternative Incorporated, during the 2023 behavioural change conference and
able energy cannot be and Sponsorship in the advocates. exhibition “Fostering a corruption free Nigeria” in Abuja. Pic by Tunde Adeniyi
BANKING
How banking sector performed in 2022 - Afrinvest
Stories by Hope Moses-Ashike look is quite positive. You can see
from the numbers, the banking
IN 2022, the world grappled with sector has continued to grow quite
high inflation and Central Banks’ aggressively, despite a more sort
responses through interest rate of tepid growth from the general
hikes to tame consumer price economy.”
increases. He said whereas Nigeria has
Notwithstanding, the global averaged about 2 to 3 percent
economy was resilient with a growth over the last few years,
growth of 3.5 percent. However, the banking sector is averaging
Nigeria experienced a slight slow- about 19 percent growth in terms
down in GDP growth, reaching of assets, and that profits have
only 3.1 percent compared to 3.4 been quite impressive.
percent in 2021. Meanwhile, the “You can see the numbers as
financial services sector posted they report. Look at UBA num-
a more robust 17.2 percent GDP bers recently. So the banks are
growth (10.5% in 2021). able to ride on the momentum
In its 2023 banking sector re- of potential and particularly in a
port, Afrinvest West Africa noted situation where the government
that profitability was impacted continues to borrow, the banks
by rising operating expenses can also use the liquidity to take
(OPEX), which squeezed profit advantage of those opportuni-
margins. Consequently, the com- ties,” he said.
bined gross earnings of banks In his presentation, Abiodun
within Afrinvest’s coverage uni- Keripe, managing director, Afr-
verse saw a 24.6 percent growth invest Research and Consulting,
in 2022, reaching N7.1 trillion. noted that the monetary policy
However, pre-tax profit (PBT) and strategy under the Central Bank
profit after tax (PAT) increased of Nigeria (CBN) era failed to
by only 20.6 percent and 9.1 per- preserve the institution’s primary
cent, respectively, a slower pace analysts at Afrinvest said. “Although CAR remains above margin moderate to 27.1 percent objectives, and the outcome of
compared to the prior year’s 25.6 Notably, the industry’s aver- the regulatory threshold, we in the fourth quarter (Q4) of 2022. this hampered banks from fully
percent and 22.0 percent growth. age non-performing loan (NPL) recommend industry recapitalisa- “All in all, the performance optimising their potential.
“In terms of asset creation, ratio improved to 4.2 percent in tion to mitigate the impact of in- of the banking sector failed to He highlighted the five policy
the loan books of our coverage 2022 from 4.9 percent, thanks to flation and currency devaluation inspire a solid outing on the do- metrics under which banking
banks expanded 6.3 percent to more robust credit risk manage- on capital to enhance global com- mestic bourse owing to regulatory sector operated in the last era to
N30.0 trillion in 2022, reflecting ment practices by banks. How- petitiveness,” the report stated. policies and the global trend of include price stability, exchange
CBN’s efforts to increase credit ever, impairment charges rose For the non-interest Banking rising benchmark interest rates. rate management, monetary poli-
accessibility. This expansion by 61.5 percent in 2022, partly due segment, its growth potential Resultantly, the NGX Banking-10 cy anchor strategy, government’s
was supported by an 18.8 percent to Nigerian banks’ exposure to remains enormous and under- index rose 2.8 percent in 2022 un- banker, and banking regulation.
growth in deposit bases, reach- Ghana’s sovereign debt default. pinned by factors, such as a large derperforming the broader mar- According to him, the banking
ing N63.2 trillion, as banks com- Meanwhile, industry Capital Ad- population with an interest in ket’s 20.0 percent appreciation for sector’s total asset grew by 16.1
peted fiercely to attract deposits. equacy Ratio (CAR) experienced a non-interest products and favour- the year,” the report noted. percet to N85.1 trillion in 2022
Furthermore, aggregate credit slight decrease of 64bps to 20.8 per- able regulatory support for the Speaking at the official un- from N25.8 trillion in 2014.
extended to the private sector cent (ex. Ecobank Transnational industry. However, the negative veiling of the report in Lagos, The sector posted N1.2 trillion
increased by 9.7 percent in 2022, Incorporated & Unity Bank) due pass-through of elevated operat- recently, Ike Chioke, Group man- profit after tax in 2022, represent-
a decrease from the 19.7 percent to a faster increase in the risking costs amidst high inflation aging director of Afrinvest (West ing an increase of 10.8 percent
growth in the previous year,” weighted assets by 9.7 percent. has seen the industry’s net profit Africa) Limited, said, “The out- over N0.5 trillion recorded in 2014.
Afreximbank’s Oramah wins Zik prize in leadership Polaris Bank promotes financial inclusion
THE President of the African “The scale of the Bank’s in- Also honoured at the cer-
through customer rewards scheme
Export-Import Bank (Afrexim- tervention in support of African emony were Zambian President POLARIS Bank Limited has intensi- event; as well as participation of
bank), Benedict Oramah, was countries at times of global crisis Hakainde Hichilema as win- fied its drive in promoting financial over 1221 customers through the
on Sunday in Lagos awarded the is unprecedented,” he said, add- ner of the Zik Prize in Political inclusion by rewarding its loyal bank’s virtual network and social
2021/22 Zik Prize in professional ing, “It introduced, in year 2020, Leadership. Governor Godwin customers who participated in the media handles.
leadership by the Public Policy the Pandemic Trade Impact Miti- Obaseki of Edo State, Nigeria, bank’s savings scheme. One of the lucky millionaires
Research and Analysis Centre gation Facility, with disbursed who received the Zik Prize in Consequently, five lucky Nigeri- commended the bank for putting in
(PPRAC). funds at more than US$7 billion, Good Governance; Taiwo Afo- ans recently hit a fortune when they place the promo at this time which
In a citation, Pat Utomi, head and, in year 2022, the Ukraine labi, Chairman of SIFAX Group, emerged millionaires in the ongoing he said was relevant saying “Thank
of the PPRAC Zik Prize selection Crisis Adjustment Trade Financ- awarded the Zik Prize in En- Polaris Bank Save & Win Promo. you to Polaris Bank for making me
committee, said that Oramah is ing Programme for Africa, a trepreneurial Leadership; and The live quarterly draw of the a millionaire. I never expected this
being recognised for his remark- US$4 billion programme of credit Hajiya Aisha Atiku Baguda, who promo which took place in Lagos, surprise. This money definitely
able piloting of Africa’s premier facilities to manage the impacts was honoured with the Zik Prize further underscored the bank’s came in at the right time, I will tell
multilateral financial institution of the Ukraine crisis on African in Humanitarian Leadership. dedication to fairness in all its pro- my friends to open accounts with
to deliver on its mandate of boost- economies and businesses”. Past recipients have included motions and activities. Polaris Bank and participate in the
ing economic expansion in Africa, Speaking after receiving the notable leaders like President The development is in line with promo so we can all become mil-
by financing and promoting in- award, Oramah said that he Jerry Rawlings of Ghana, Presi- the bank’s commitment to reward- lionaires.”
tra- and extra-African trade and cherished the honour bestowed dent Nwalimu Julius Nyerere of ing its loyal customers across the Speaking at the live draw event,
accelerating industrialisation.” on him because he valued the Zambia, former OAU Secretary nation. the representative from FCCPC;
“A key promoter of the Af- principles, philosophy and val- General Salim Ahmed Salim, The winners emerged through a Susie Onwuka said, “We’ve been
CFTA as Africa’s pathway to ues of Azikiwe who lived an President Sam Nujoma of Na- draw exercise which was witnessed monitoring Polaris Bank since
industrialisation, he championed extraordinarily exemplary life. mibia, President Nelson Mandela by its representatives and relevant the promo started and it has been
the introduction of a Pan-African “Azikiwe and his colleagues of South Africa and President Agencies of government; Federal fair, they comply with rules and
Payment and Settlement System fought tirelessly, with courage, Yoweri Muzeveni of Uganda. Competition & Consumer Protec- guidelines. Customers should feel
that was adopted by the African intellect, and determination for The Leadership Awards were tion Commission (FCCPC), National free and confident to participate in
Union as the payment and settle- the independence and political instituted in 1995 in honour of Lottery Commission (NLRC) and the promo”.
ment platform to underpin the emancipation of our continent,” late Nnamdi Azikiwe, first Presi- Advertising Regulatory Council of During the unveiling of the lucky
implementation of the AfCFTA. said Oramah. “What they did was dent of Nigeria, to recognise and Nigeria (ARCON) who confirmed millionaires, Polaris Bank’s Chief
He has also led the onboarding just the beginning of the journey. encourage outstanding leader- that the 5 lucky winners were Digital Officer (CDO), ‘Dele Adey-
of 500 of the continent’s 600 regu- The true emancipation will occur ship on the African continent selected across Nigeria’s various inka also expressed the bank’s com-
lated commercial banks into its when we attain economic inde- and in the African Diaspora. It regions spanning the geo-zones mitment to encouraging a culture of
Afreximbank Trade Finance Fa- pendence. As a leader of one of was not held in 2022 as a mark Each winner received a cash savings among its customers. “The
cility, placing it in the vortex of the continent’s key institutions of respect to the passing of two prize of N1,000,000. During the draw, Polaris Bank Save & Win promo is
the most extensive bank messag- created to help deliver develop- members of the Advisory Board, the lucky winners were called at not just about rewarding custom-
ing network on the continent,” ment, I’m mindful of the role that Prince Emeka Obasi and George random using a hybrid media tech- ers; it’s also about encouraging our
continued Utomi. we play.” Obiozor. nology which enabled in-premises customers to save for the rainy day”.
INSURANCE TODAY
ARM Pension secures
residential mortgage funding
for 24 contributors
By Modestus Anaesoronye Managers significantly con-
tributes to socio-economic
ARM Pension Managers, a development by increasing
leading Pension Fund Ad- homeownership opportuni-
ministrator (PFA) in Nige- ties and improving housing
ria has secured funding for affordability.
over 24 contributors to ac- This milestone, the com-
quire residential mortgage. pany said underscores ARM
In this vein, the com- Pensions’ dedication to se-
pany has disbursed a total curing members’ financial
of N258, 162,261.56 in pension futures and enhancing their
funds to the 24 esteemed overall well-being.
clients. Wale Odutola, managing
In what the PFA de- director of ARM Pensions,
Tope Smart, chairman, NEM Insurance Plc (Front) leading the staff in the company’s fitness exercise along Ikorodu-Road Lagos recently
scribed as ground breaking commended the team’s dedi-
development within the fication and efficiency in
Why you need health insurance

nancial sector, it noted that implementing this trans-
this strategic move empow- formative initiative.
ers customers to utilize their He emphasized ARM Pen-
pension assets as valuable sions’ unwavering commit-
for critical illness

resource towards securing ment to supporting eligible
residential mortgages. members in realising their
Aligned with the 2022 di- homeownership dreams by
rectives of the National Pen- granting access to a portion
By Modestus Anaesoronye enabler of wealth. Health effective in managing large, discussed the critical role of sion Commission (PenCom), of their pension savings.
insurance covering named ongoing, and expensive health insurance in trans- ARM Pension Managers With a history of excel-
TAKING out insurance for illnesses, injuries, or condi- treatments that most people forming Nigeria’s economy enables Retirement Savings lence, ARM Pension Man-
critical health conditions tions provided funds for the would struggle to afford.” by building more resilient Account (RSA) holders to agers consistently ranks
have been identified as treatment or management “Similarly, permanent lives. Wole Famurewa, allocate 25 percent of their among the top performers in
key in improving general of conditions that might health insurance, or PHI, CNBC Africa Anchor, mod- accumulated pension bal- Nigeria’s pension industry.
health and freeing oneself otherwise destroy a person was a fantastic tool. Ensur- erated the panel and Ade- ances for residential mort- The organization remains
from the shackles of de- financially. ing that disability didn’t bowole Adesona, executive gage equity. dedicated to providing su-
pendency and debt. Even where people wipe out one’s income or director of Coronation Life The RSA-Backed Mort- perior service, value, and
Experts who spoke in a were able to make a plan render people dependent on Assurance Ltd set the tone gage initiative exemplifies upholding professionalism.
recent live webinar hosted to deal with illnesses as their employers, relatives, of the discussion. ARM Pensions’ commit- ARM Pension Managers,
by Coronation Life Assur- they arose, over a lifetime, or friends, was possible Opening the discussion ment to innovative financial operating as a licensed Pen-
ance pointed out the criti- money spent on managing with PHI as it makes provi- to all panelists, including solutions and homeown- sion Fund Administrator
cal role of prevention in ill health was money that sion for the payment of an questions from the webinar ership empowerment, ad- (PFA) in Nigeria since 2005,
managing health costs and could be better be invested agreed income in the event audience, highlighted the dressing Nigeria’s housing has gained a reputation for
outcomes. elsewhere, such as in edu- of permanent disability dire need for education on deficit. its unwavering commitment
According to them, lack cation, housing, building through accident, ill-health, medical health insurance in By facilitating access to to innovative pension solu-
of knowledge was the big- businesses, or saving for or sickness.” Nigeria. Participants also 25 percent of pension sav- tions tailored to meet the
gest challenge many Nigeri- retirement, Akolade said. Other discussants at the pointed out that the absence ings for residential mort- ever-evolving needs of its
ans face, since N10 million Akolade believed that event includs Yomi Sule, of any formal government- gage equity, ARM Pension customers.
critical illness cover could critical illness insurance founder and MD of Tillit managed health insurance
actually be secured with as- was a powerful tool for pre- MSME Microservices; Ade- scheme in Nigeria placed
serving and building wealth. kanla Desalu, aka ‘Deza
low-as N10, 000.00 premium.
Abdul-Rasheed Akolade, “Covering named dread dis- the Great’, nollywood actor
an even larger burden on
the country’s insurance
NEM Insurance sees healthy
assistant director of Un-
derwriting and Marketing
eases, such as heart attack,
stroke, cancer, coronary
and producer, professional
banker and financial advi-
sector as it sought to de-
velop affordable products
workforce driving productivity
at Africa Re who was the bypass, major organ trans- sor; and Kehinde Grillo, to help ordinary people By Modestus Anaesoronye very healthy.
keynote speaker described plants, or kidney failure, head of Partnership at Coro- shoulder their healthcare He said, “We are quite
health insurance as a key critical illness cover was nation Life Assurance Ltd., responsibilities. NEM Insurance Plc over the intentional about this fit-
last six year developed the ness work and that was why
culture of holding fitness when we were constructing
Ahmed Salawudeen, SICL lead the pack walk two times in a year
as part of the company’s
efforts to promote healthy
this building, we deliberate-
ly included a Gym-Center so
that our staff can take time
at Business Day BAFI Awards workforce as critical for in-
creased productivity.
to walk-out and refresh dur-
ing the week. We believe
By Modestus Anaesoronye profile guests such as sen- ance categories since the edged as the Dean of Insur- According to the com- this will go a long way to im-
ior executives from lead- first edition of the awards ance Brokers in Nigeria. pany, that is also part of its pact positively in the health
THE eagerly anticipated ing companies in the real held in 2013. He is carrying forward contribution to promoting of our workforce.
11th annual Banks and sector of the economy and In naming SICL as the the torch of excellence lit insurance education and “Our fitness work is
Financial Institutions advisors in professional Insurance Broker of the decades ago by pioneers awareness, which helps to held twice, the first one is
(BAFI) Awards organised services. Year, the Judges Commit- such as Talabi Adebayo increase penetration and up- in March while the last one
by Business Day held at the At the event held in La- tee noted that the company “TA” Braithwaite, Femi take of insurance in Nigeria. for the year is held between
high-end Lagos Continen- gos, Standard Insurance “has sustained a client Johnson, J.A. Thomas, The event, which held October and November. We
tal Hotel has recognised Consultants Limited (SICL) retention rate of over 95 John Akinwunmi George Saturday and second for use this avenue to keep fit
Standard Insurance Con- dusted its competition to per cent, while clawing and Sonny Iwedike Odog- the year started from its and promote insurance edu-
sultants Limited (SICL) as win the coveted Insurance greater market share in a wu, who wrote their names corporate headquarters cation and more awareness
Insurance Broker of the Broker of the Year Award. highly competitive market in gold. on Ikorodu Road through for the industry in general.”
Year and its founder, Pro- It recognizes a broker that and sagging economy. Its According to Business- Maryland and back to the NEM Insurance was in-
fessor Ahmed Salawudeen has demonstrated sus- investments in technology Day, “a Lifetime Achieve- Ikorodu road office. corporated in 1970 as a Ni-
for Lifetime Achievement tained business expansion, and aggressive pursuit of ment Award is conferred Tope Smart, chairman gerian company in compli-
Award in Insurance successful implementation large corporates are ena- on an individual who has of the company said this is ance with the Companies
The BAFI Awards are of transformative business bling it to capture both re- made outstanding con- part of the company’s tra- Decree of 1968; the company
the industry standard for strategies, and notable im- tail and institutional client tributions to a sector’s dition aimed at building a became quoted on the Nige-
business excellence and cli- provements in client ser- layers.” progress, impact and up- healthy workforce, which is rian Stock Exchange in 1989
ent service in financial service as well as retention Icing was added on the liftment of professional expected to impact positive- following the privatization
vices in Nigeria. over the coverage period. cake by a Lifetime Achieve- standards.” ly on out productivity. by the Federal Government
As has been the tra- The award represents a ment Award in Insurance This year marked the He said “Is our tradition of Nigeria. The company,
dition, the glamourous hat trick for SICL, which conferred on its founder, first time that Business- to promote healthy work- which has contributed im-
awards ceremony attracted won it in 2021, and 2022. Professor Ahmed bin Day conferred a Lifetime force and we believe our mensely towards the growth
top executives from the This feat has never been Salawudeen. Achievement award on a workers must not only be of Insurance Industry in
financial services sector, achieved by any other com- Salawudeen is an indus- personality in the Insur- intelligent and profession- Nigeria, was into Life and
who were joined by high- pany in any of the insur- try veteran widely acknowl- ance industry. als alone, but they must be Non- Life business.
FINANCIAL INCLUSION
& INNOVATION
Keystone Bank: Promoting financial

inclusion through empowerment of SMEs
By Bunmi Bailey prove the lives of female owned were winners as they all had in-
Micro, Small, and Medium En- novative products and services
GLOBALLY, access to finance terprises in Mbaise, Imo state. for the market. He added that
is a critical success factor in “The programme is aimed the vision of the bank was to
the growth and development at providing practical support impact 200 startups annually
of micro, small and medium to hard-working women in and up to 1,000 startups in the
enterprises (MSMEs). the community by enhancing next five years through the
Financial inclusion on the their entrepreneurial skills programme.
other hand is the availability and economic prospects,” Helen “As you know, capacity
and equality of opportunities Maiyegun, directorate head, building remains key for the
to access financial services. Lagos and West at Keystone growth and development of
It helps individuals and busi- Bank, said. SMEs, because SMEs in eve-
nesses to access useful and af- She said the collaboration ry part of the world are the
fordable financial products and between the Bank and WHAIa- livewire of the economy.
services that meet their needs. frica exemplified the dedication “That is why as a bank, we
Available statistics show of the bank to promote sustain- shall continue to lend our sup-
that in developed countries, able economic growth and es- port towards the growth of the
MSMEs are the major drivers of tablish a favorable atmosphere sector,” he said.
growth in their economies. The for women to flourish in their The bank has also empow-
existence of an environment individual businesses through ered 40 Nigerian youths by en-
that is conducive to doing busi- the integration of financial rolling them on a digital skills
ness is very important in this literacy and entrepreneurial training programme.
regard and partly responsible expertise. The programme tagged ‘The
for this development in devel- “As the women embark on Keystone Bank Digital Skills
oped countries. their entrepreneurial journey, Training Programme’ was
In Nigeria, Africa’s most armed with newfound knowl- hinged on the bank’s Corpo-
populous nation, the MSME edge, skills, and financial sup- rate Social Responsibility pillar
sector contributes 50 percent of Olaniran Olayinka, MD/CEO, Keystone Bank Limited
port, their success will serve as which is youth empowerment to
the GDP and has provided over a testament to the transforma- address the current need for job
48 percent of all employment utilized savings, while only support their businesses. tive power of partnerships and creation and the acquisition of
opportunities in the country, three percent opted for loans. “We are thrilled to witness community-driven initiatives.” the skills of the future.
according to the United Na- That is why in order to chart the transformative impact of The women were equipped The beneficiaries who are
tions Industrial Development a course towards analysing the the Employee Volunteering with interactive and practical university undergraduates,
Organisation. barriers that MSME face in the Scheme initiative. By provid- comprehensive training on National Youth Service Corps
However, many of the 39.6 country, Keystone Bank Lim- ing women with the necessary financial literacy and insights members and fresh graduates
million businesses have been ited, one of Nigeria’s leading tools and support, we are not to effectively manage their were impacted with digital
struggling to survive in recent lenders has continued to expand only empowering them but also finances and foster sustainable skills consisting of web devel-
years owing to the fallout of its support for MSMEs across contributing to the economic business growth. They were opment, designs and digital
the COVID-19 pandemic, the the country. growth of the communities we also given money to upscale marketing.
Russia-Ukraine war, petrol The bank has embarked serve,” Izore Bamawo, group their businesses. Apart from empowering
subsidy removal and the naira on several initiatives to train head, marketing & Corporate Last year, Keystone Bank women and businesses, employ-
devaluation. SMEs on financial literacy and Communications at Keystone awarded three business owners ees of the Bank trained over
Small business operators bookkeeping to enable them Bank, said. with N9 million in its Startup 1,600 students across 37 schools
have been grappling with a com- take control of their financial She added that the scheme Advantage programme to tackle in financial literacy.
bination of issues, including future and tap into the opportu- is an integral part of the bank’s unemployment and encourage The students were imparted
poor power supply, rising bor- nities in the financial industry. corporate social responsibility entrepreneurs in the country. with knowledge and skills to
rowing costs, soaring inflation, Keystone Bank’s SME fi- strategy which encourages the The programme which was improve and manage their fi-
restrictive economic policies, nancing strategy is delivered employees of the bank to be in partnership with Kleos Ad- nances at an early stage. They
foreign exchange volatility and through a multi-faceted ap- involved in voluntary socially visory, a consulting firm in were also taught the importance
tax multiplicity. proach that includes robust impactful activities. Nigeria, created an opportunity of earning money and also the
According to the Small and business advisory, practical Again, the bank’s Women for innovative SMEs and tech guidelines to adopt a saving
Medium Scale Enterprises De- handholding and guidance of Economic Empowerment Com- start-ups to connect with po- culture.
velopment Agency of Nigeria, aspiring and existing entrepre- mittee recently partnered with tential investors, tech thought The bank believes that finan-
80 percent of SMEs in Nigeria neurs to building sustainable Whispering Hope Africa Ini- leaders and hear their success cial literacy is important at an
fail before their fifth anniver- businesses. tiative (WHAIafrica), a capacity stories first-hand, vis-a-vis the early stage and that the initia-
sary due to harsh economic The bank’s SME package building organization to im- knowledge and skills needed to tive will help children imbibe
environments, lack of access leverages partnerships, value fast-track their businesses to a saving culture while making
to capital, and poor business add offerings, and cost saving the next growth phase. responsible financial choices
practices, which have stunted banking services to support its The Bank kept 30 MSMEs and and decisions thereby affecting
the growth and transition of customer’s business growth. startups through a three-month their future positively.
micro-businesses.
“There are obstacles in the
For instance, the employees
of the bank in June through
The young investor readiness programme
designed to have groups as well
In 2012, Nigeria developed its
first financial inclusion strat-
business environment that act
as constraints to the survival of
its initiative tagged, ‘The Key-
stone Women Empowerment entrepreneurs are as one-on-one mentoring and
coaching sessions.
egy with the target of bringing
up to 80 percent of its population
thinking outside
business in the nation, despite Programme’ donated grinding The three successful partici- into the financial system by
the economic expansion and machines to over 600 women pants who won N3 million grant 2020, according to Enhancing
the possibility for economic across Nigeria alongside a cash
the box to provide
each to support their business Financial Innovation and Ac-
prospects,” it said. token to tackle unemployment. operations were Oluwatobi Oy- cess (EFInA), a financial sector
Another recent report The first set of the women etimein (XDCManufacturing), development organisation.
showed that over 75 percent of
small firms in the country were
who received the support were
drawn across four cities in the
innovative Uche Udekwe (Natal Cares)
and Chioma Ukpabi (Kahdsole
But the country failed to
meet the target as financial
affected by rising cost of inputs,
while half of them faced fluctua-
country, namely Abuja, Cala-
bar, Asaba, and Port Harcourt.
solutions to Designs).
“The young entrepreneurs
inclusion grew to 64.1 percent
in 2020 from 63.2 percent in 2018.
tions in demand.
In examining small busi-
According to the technology
driven bank, the grinding ma- prevalent issues were thinking outside the box
to provide innovative solu-
The World Bank’s 2021 Glob-
al Findex report also showed
in the country
nesses in low-income neighbor- chines will enable the benefi- tions to prevalent issues in the that Nigeria’s banked popula-
hoods of developing countries, ciaries to improve productivity, country,” Anayo Nwosu, Group tion increased by 15.6 percent-
the report found that, among build their customer bases, and Head, Retail, SME, and value age points to 45.3 percent. This
firms tackling increased input increase their income levels chain at Keystone Bank said. implies that almost 56 percent of
costs, the majority, 48 percent while the cash will help them to He said all the participants Nigerians are unbanked.
MARITIME BUSINESS
NPA warns truckers over illegal container PTML to receive largest container-
RORO ship in West Africa
stripping along Tin-Can road By Amaka Anagor-Ewuzie
THE Port Terminal

Nigeria’s maritime sec-
tor and for PTML, as it
showcases the terminal’s
By Amaka Anagor-Ewuzie cess roads which results ity of non-renewal of land yards’ are receiving accel- Multipurpose Limited advanced capabilities
in traffic disruptions and leases for recalcitrant of- erated attention, signaling (PTML), Nigeria’s largest and its role as a leading
DETERMINED to sustain attendant chaos. fenders. a shift from illegal road- multipurpose roll-on-roll- multipurpose logistics
traffic orderliness along He said the NPA will Bello-Koko said that side stripping. off (RORO) terminal, said hub in the region.
the port corridor, the Ni- intensify its vigilance these stringent measures On the sustainability of it is perfecting plans to “The arrival of
gerian Ports Authority and monitoring to nip the are geared towards main- the measures put in place receive the largest Con- ‘GREAT LAGOS’ at
(NPA), has issued a stern negative trend in the bud. taining orderliness and by the NPA to stop contain- tainer-RORO (CONRO) PTML is not just a rou-
warning against illegal He said that such un- safety within the port er stripping, he said, the ship ever to visit the sub- tine port call; it is a tes-
stripping of containers region on November 30, tament to the terminal’s
announced on-the-spot environment. NPA has collaborated with
along the port access road. 2023. cutting-edge facilities and
visits would become more Addressing the scar- other government agen- The mega ship named its readiness to handle
The Ports Authority frequent and would be city in some of the strip- cies and the Lagos State MV GREAT LAGOS, the new generation of
threatened that truckers followed by regular stake- ping yards, he attributed Government to ensure that owned by the Grimaldi mega-vessels. It’s also a
caught in the act stand the holder engagements to the low volume to the im- such unhealthy practices Group and launched in testament to the port’s
risk of being delisted from continuously improve the pact of global economic no longer take place along April this year, is a mar- capability to handle ves-
the Electronic Call-up Sys- seamless operations of the upheavals on cargo flow the port access road. vel of modern engineer- sels of such magnitude,
tem (eto) platform man- eto platform. and reiterated that a busi- Similarly, the NPA boss ing and environmental further positioning Nige-
aged by the Truck Transit He also warned that ness downturn cannot be also announced that the consciousness, stretching ria as a key player in the
Park (TTP) Limited. stripping yards that vio- justification for illegality. NPA has rolled out a Stan- 250 meters in length with global shipping industry.
Container stripping a beam of 38 meters and “The ‘GREAT LA-
late the operational rules He however disclosed dard Operating Procedure deadweight of over 45,000 GOS’ leads the way in
is the unloading or un- will face temporal shut- that proposals for well- (SOP) for barge operators, tonnes. eco-friendly maritime
packing of cargo from the downs for first-time of- equipped stripping yards, adding the SOP will serve as The ship has the capac- transport. Its advanced
container. fenders and the possibil- referred to as ‘devanning a guideline to all operators. ity to transport 4.7 kilo- design and technology
Mohammed Bello-Ko- metres of rolling freight, significantly reduce envi-
ko, managing director 2,500 Car Equivalent ronmental impact, align-
of the NPA, issued the Units (CEUs), and 2,000 ing with global efforts to
above warning in Lagos Twenty-foot Equivalent combat climate change
at the weekend when he Units (TEUs). and protect marine eco-
paid an unscheduled visit MV GREAT LAGOS systems,” Russo said.
to Tin-Can Island Port to is the second of the G5- He said to receive the
class of ships recently GREAT LAGOS, PTML
inspect designated con- launched by the Grimaldi has invested over $20 mil-
tainer stripping yards Group and named after lion to extend its Berth 11,
and the port access roads Nigeria’s commercial equipping it with deeper
to ensure trucks are not capital, which it has berths, expanded storage
loitering. served for many decades. areas, and acquired state-
Bello-Koko said ille- “The vessel sets a new of-the-art cargo handling
gal container stripping benchmark in the ship- equipment.
constitutes a menace and ping industry,” Ascanio “This transformation
adds to traffic conges- Russo, managing director positions PTML as one
of PTML, said. of the most advanced
tion along the port access
He commended the logistics terminals in
when undertaken outside Nigerian Ports Authority West Africa, capable of
designated yards. (NPA) for the support it handling a diverse range
Ac c or d i n g t o h i m , gave towards receiving of cargo types including
it also creates room for L-R: Yewande Abiose, head of Strategic Partnerships at Energy Institute UK; Osten Olorunsola,
chairman of Energy Institute Nigeria; Olu Arowolo Verheijen, special adviser to the President on
the vessel. bulk, break-bulk, con-
trucks to park indiscrimi- Energy, and Tony Attah, immediate past MD/CEO of Nigeria NLNG, at the Energy Institute’s an- Russo said the visit tainerised, and Roll-on/
nately along the port ac- nual Energy Sustainability Conference (ESC 2023) held in Lagos recently is a landmark event for Roll-off (RoRo) cargoes.
Examining Shippers Council’s performance under Jime as Executive Secretary

By Amaka Anagor-Ewuzie stand the mandate of the He expressed worry port services by monitor- to ensure efficiency, and the introduction of SOP,
Council and was seen run- that the Council has no ing and deepening engage- the development is at its there had been a signifi-
WHEN ex-President Mu- ning with it, a few were of power to enforce because ments in the area of dis- conclusive stage. cant reduction in demand
hammadu Buhari appoint- the opinion that the Coun- it was not given any teeth pute resolution between The Council, has in for bribes at the land side
ed Emmanuel Jime as the cil would have fared better to bite as it should be as the shippers and service pro- recent times, taken the of port operations.
Nigerian Shippers Council if he had allowed more port economic regulator. viders including shipping implementation of the According to him, a lot
(NSC) executive secretary time to finish some of his On his part, Eugene companies and terminal Nigerian Ports Process has also changed in terms
in June 2021, industry close good initiatives. Nweke, former national operators. Manual (NPPM), one of of cargo clearance at the
watchers were skeptical Assessing NSC in the president of the National The Council was able the frameworks through port.
of his ability to maintain last two years, Mark Association of Govern- to stand its ground on the which the NSC has been Through the operation
the standards already set Walsh, managing director ment Approved Freight provision of cost-effective able to maintain its over- to clear the port corridor,
by Hassan Bello, his pre- of ENL Consortium, said Forwarders, said the services at the port by sight as a port economic the PSTT under Jime’s
decessor. the Shippers’ Council has Council is not a revenue- controlling the charges regulator, to an enviable leadership was able to re-
Jime assumed office and done well. driven agency, which is imposed on shippers by height. store sanity to the port
started studying his envi- “The Council has been why people would not of- service providers with an NPPM was established access road, which has
ronment before lunching working directly with ter- ten see what it is doing. aim to avert incidences as a Standard Operating further reduced the rate
out his initiatives, which minal operators and ship- “The mandate of the of arbitrary charges or Procedure for the port and of extortion and made it
was made easier by the ping companies to move Council is to protect ship- overpricing. it enabled the establish- easier for truckers to do
experience garnered from the industry forward. I pers’ interest. They create It challenged the in- ment of the Port Standing their daily business.
being a former managing think they have been in- a friendly environment for volvement of the Maritime Task Team (PSTT) to drive Another area in which
director of the Nigerian volved with the terminal shippers and other port Command of the Nigerian compliance with the provi- the Council recorded
Export Processing Zones operators, they monitor users to do their business Police Force in cargo clear- sion of the NPPM. success is in the area of
Authority. the terminal operators, by promoting quality ser- ance at the port, which Under Jime, PSTT, improved export system
Two years on the saddle, and they need to be com- vices,” he said. according to port users is a sub-organ of the NSC, hitherto impaired by the
the primary assignments mended,” he said. As the port economic contributing to delays in heightened port efficien- unwarranted bottleneck
of the NSC as the port eco- Olayiwola Shittu, a for- regulator, the Council un- cargo delivery to import- cy. It has improved the that encourages extortion.
nomic regulator and the mer national president der the leadership of Jime, ers’ warehouses. turnaround time of vessels In 2022, Nigeria made
driver of the shipping busi- of the Association of Ni- achieved a certain level of It also joined forces and reduced corruption progress with the volume
ness have, to the surprise geria Licensed Customs interventions that gave it with the Nigerian Ports through joint boarding of of exports due to the PSTT
of many, gained enviable Agents (ANLCA) said the a fair sense of control even Authority to ensure the vessels and joint examina- activities which helped
traction in all indices of Council started reaching though not in absolute development of the Port tion of cargo. clear the port access roads,
performance. out to stakeholders in the terms. Community System to Soji Apampa, the CEO of especially the Apapa-Ijora
While most stakehold- industry for consultation For instance, the Ship- harmonise and bring all the Maritime Anti-corrup- end of the Lagos port axis
ers are of the view that and cooperation under his pers’ Council was bullish stakeholders at the port tion Network (MACN), said to enable seamless export
Jime was able to under- administration. on promoting efficient under a single platform in a recent forum that since movement into the port.
GOVERNANCE MARKERS
IN THE AFTERMATH OF
#BayelsaImoKogiDecide
Every electoral season is an opportunity to put the performance of the incumbent administration under critical lenses to identify
the gaps and concerns related to the delivery of good governance.
With the announcement of the controversial results of the November 11th guber elections, the winners have daunting tasks
ahead of them with their respective states grappling with the challenges of government failure.
CRITICAL ISSUES THAT NEED TO BE ADDRESSED BY THE INCOMING ADMINISTRATION
Flooding Insecurity IGR Poverty Rate Unemployment

( NBS, 2022) Rate
( AS OF 2020 )
BAYELSA
Over 71% of the
people in Yenagoa
experienced
Pipeline vandalism,
cultism, illicit oil
refining, and
Internally
Generated
Revenue (IGR)
89% 37%
flooding in 2022. kidnapping are contributed a an indictment for
among the criminal meager 8% to a state with the
activities that take the state potential to create
place in Bayelsa revenue between jobs for its
State. Some 2020 to Q3 2022. citizens.
suspected cultists
Duoye Diri use the Oloibiri oil
field as a shelter.
Re-elected
IMO
Flood and erosion
impacted 33
communities In
Rising crime rates,
with Okigwe,
Oguta, and Orlu
IGR contributed a
meager 15% of
the state's
41% 57%
Ohaji-Egbema local governments revenue between
LGA in 2022. as epicenters of 2019 to Q3 2022.
kidnappings.
Hope Uzodinma
Re-elected
KOGI
In 2022,
12 out of 21 local
governments
Rising security
concerns such
as armed banditry,
IGR contributed a
meager 23% of
the state’s
16% 39%
in the state were kidnapping, and revenue between
flooded. conflicts between 2015 to 2022.
farmers and
herders most
especially in
Dekina LGA.
Ahmed Usman
Ododo
Newly Elected
! It is important that beyond the ballot box, citizens protect their votes and hold elected
representatives accountable to good governance by every necessary and legal means.
#RSVP #OfficeOfTheCitizen
Source: EiE Research, National Bureau of Statistics (NBS)
FEATURE
Closing Nigeria’s metering

gap - A decade of progress
By Chantelle Abdul enie focuses on smaller
communities, such as
IN the face of current
estates, introducing in-
global energy challeng-
novative vending sys-
es, with demands on
tems for efficient energy
the rise and the urgent
management.
need for sustainable so-
Empowering the Na-
lutions, the role of smart
tion for Growth
metering has emerged
Beyond the provision
as a critical piece in
of smart meters and sus-
the puzzle. As countries
tainable energy options,
work to improve their
Mojec’s vision extends
electricity services
to catalysing a profound
while reducing carbon
ripple effect across the
emissions, they require
business, social, and
innovative solutions to
holistic landscape of
tackle current issues
the nation. By ensuring
and create a sustainable
widespread access to
and efficient future.
smart meters, Mojec is
Smart metering, with
not just revolutionising
its potential to revolu-
energy consumption; it
tionise the way energy
is sowing the seeds for
is monitored, consumed,
economic growth.
and managed, has
Accurate and trans-
emerged as a linchpin in
parent energy transac-
this quest for a resilient
tions, made possible
energy infrastructure.
through smart metering,
With their ability to
foster a conducive envi-
provide real-time data,
ronment for businesses
enhance grid efficiency,
to thrive. This empow-
and empower consum-
erment is not confined
ers, Smart meters are
to the corporate realm;
positioned as key tools
has increased from ap- Mojec seeks to not only cent milestone achieve- Mojec’s commitment it permeates society, of-
in achieving a more sus-
proximately 3,000 MW address the immediate ment of installing over to driving sustainable fering individuals and
tainable and responsive
to just over 4,000 MW, challenges in the Nige- 2,000,000 meters across energy practices ex- communities the tools
energy ecosystem.
it remains far below the rian Electricity Supply Nigeria. This accom- tends beyond its flagship to make informed energy
At the fore of this
Federal government’s Industry (NESI) but also plishment holds more achievements in smart decisions. The societal
transformative wave in
pre-privatisation target contribute to the global significance than just metering. The company impact is evident in im-
Nigeria is Mojec Power
for NESI in 2020, which conversation on sustain- numbers; it represents has strategically diversi- proved living standards,
Group, which offers a
was 40,000 MW. able energy practices. a concrete step towards fied its presence in the as transparent billing re-
vision that extends be-
But it is not all gloom The Milestone of closing the metering power industry, show- duces financial burdens
yond borders and of-
and doom, as the country over 2,000,000 Instal- gap and ushering in an casing a forward-think- on households.
fers a transformative
has made some com- lations era of efficient energy ing approach towards Moreover, by embrac-
approach to the global
mendable strides in the Mojec’s unwavering consumption. As the eco-friendliness and ing innovation in the
energy landscape.
smart metering drive dedication to this vision world grapples with the sustainability. Among energy sector, Mojec
The year 2013 marked
— catalysing positive is evident through its re- necessity for accurate its notable initiatives is contributing to the
a new beginning in Ni-
changes in the nation’s and transparent ener- is Virtutis Solaris, a nation’s technological
geria’s energy sector,
energy sector. gy measurement, this renewable energy sub- advancement, position-
transitioning it from the
Smart metering, achievement serves as sidiary that stands at the ing Nigeria on the global
era of the Power Hold-
championed by Mojec, a beacon of hope, dem- forefront of combating map as a leader in smart
ing Company of Nigeria
plays a crucial role in onstrating the potential energy poverty and pro- and sustainable energy
(PHCN) to a system of
reshaping the relation- of smart metering on a moting environmentally solutions. Mojec’s holis-
private investor owner-
ship between consumers significant scale. conscious power solu- tic approach to empow-
ship and participation.
However, the progress in and utilities. These in- Powergenie While Nigeria pos- tions. Through Virtutis erment transcends the
confines of the energy
the Nigerian Electricity telligent devices enable focuses sesses the capacity to Solaris, Mojec is actively
sector but is a vital con-
Supply Industry (NESI) seamless communica- generate more electric- contributing to a greener
post-privatisation has tion, allowing Distribu- on smaller ity, persistent issues like future by harnessing the tribution to a brighter
and more empowered
not fully met the high tion Companies (Discos) communities, chronic underinvest- potential of renewable
future for the nation.
expectations outlined to monitor activities and ment in transmission resources.
in the National Elec- enabling consumers to such as estates, and distribution still Mojec Plastics, with a
tricity Power Policy, purchase energy tokens introducing exist. Mojec’s vision is daily production capac-
2001 (NEPP), the Electric conveniently. crystal clear—aiming to ity of 200,000 units, spe-
Power Sector Reform The outcome is the innovative ensure that between 80 cialises in manufactur-
Act, 2005 (EPSRA), now elimination of estimated vending to 95 percent of Nigeri- ing meter boxes and ac-
the Electricity Act 2023, billing, ensuring that ans gain access to meters cessories, serving both
and the Road Map for consumers are billed systems for in the coming years. local and pan-African
Power Sector Reform, only for the energy they efficient energy This ambitious goal markets. Meter Service
2010. actually use. Utilities, on aligns with the creation Hub (MSH) addresses
A decade after privati- the other hand, benefit management of comprehensive cus- technical challenges in
sation, Nigeria faces the from increased revenue, tomer profiles and the the Nigerian Electric-
formidable task of en- reduced energy theft, delivery of personalised, ity Supply Industry,
suring electricity access and a more efficient value-added services to contributing to market-
for more than 90 million approach to customer meet individual needs. ing, sales, and partner-
citizens. There’s still a interactions. Through Diversification for ships with Distribution Chantelle Abdul is Group
lot of work to be done. its leadership in smart a Sustainable Tomor- Companies and other Managing Director/CEO
Although grid capacity metering solutions, row stakeholders. Powerg- of MOJEC International
GOVERNANCE
Managing elections in Nigeria

By Mike Umogun
ELECTION period in many

countries are usually tense
not for the electorate but for
the politicians and associates
who may lose or retain their
position after the exercise. The
electorate play the jury as the
politicians submit themselves
for appraisal.
On election day. No ambu-
lances, no visit to intensive
care unit , no fighting but a
true atmosphere of carnival and
expectations.
Since the first republic (post
independence) until now elec-
tion weekends in Nigeria are
tense , violence prone , people
relocate to safely , some people
would actually grab their green
passport and go anywhere in
Europe and watch proceedings
from afar and the economy is
awash with money that politi-
cians have claimed is in short
supply prior to the election.
Elections are generally not well
mànaged in Nigeria. Experts
have concluded that there is
a disconnect in our election
system as a whole. Our big-
gest problem is that of election elections that have just been system be used as some part front IPOB should they nudge during elections. This can cre-
rigging and voter apathy. Our concluded in Bayelsa , Kogi and of the country are not digital the people to stay away from the ate a conducive atmosphere for
military are kitted for elections Imo state(s) election ready and should not election because the government citizens to exercise their voting
as if they are the Israeli Defense To address the problem of be dragged into what they are have severally failed to provide rights without fear.
Forces on the hunt for Hamas. election mismanagement es- not ready for. This is an option security cover needed during
Citizens are discouraged from pecially rigging, various solu- that must be considered mov- such periods. 5. Independent Election
participating in a militarised tions have been proposed and ing forward. Monitoring: Allowing inde-
civil exercise. implemented in Nigeria but the 3. Voter Registration and pendent domestic and inter-
results have not been encourag- 2. Voter Education and Identification: Implement- national election observers to
Election Rigging: ing. These include: Awareness: Educating voters ing robust voter registration monitor the entire electoral pro-
Election rigging refers to about their rights, the impor- mechanisms and using proper cess can help detect and report
the manipulation of electoral 1. Electoral Reforms: One tance of free and fair elections, identification methods can any irregularities or instances
processes to favour a particular of the key solutions is to imple- and the consequences of election help prevent voter impersona- of rigging. Their presence can
candidate or party, geo political ment comprehensive electoral rigging can help empower them tion and ensure that only eli- also serve as a deterrent to
zone , religion and undermining reforms that aim to enhance to resist manipulation attempts. gible voters participate in the those intending to manipulate
the principles of democracy the transparency, credibility, Voter education programmes electoral process. Our system the elections.
and fair competition. In Nige- and fairness of the electoral can also promote civic participa- obviously need a blend of digital
ria, election rigging has been process. These reforms may tion and encourage citizens to and analogue options to get our 6. Legal Accountability:
a persistent issue that hinders include updating electoral report any irregularities they elections right. Ensuring that there are conse-
the credibility and legitimacy of laws, strengthening institu- witness during the electoral pro- quences for those found guilty
elections for over five decades tions responsible for organiz- cess. However the involvement 4. Security Presences: De- of election rigging is crucial.
and getting worse. ing elections, and introducing of armed gangs and groups have ploying adequate security per- Establishing and enforcing
Some common forms of elec- electronic voting systems. It discouraged robust discussion sonnel to polling stations can strict penalties for electoral of-
tion rigging in Nigeria include has been suggested that a mix and participation. For instance, help deter acts of violence, fenses can discourage potential
ballot box stuffing, ballot box of both digital and analogue citizens would not like to con- intimidation, and coercion perpetrators and contribute to
snatching , voter intimidation, the integrity of the electoral
voter suppression, tampering process.Persons involved in
with election results, harass- election malpractices walk free
ment and intimidation of elec- once results are published this
toral officials and bribery of must change to deter future
electoral officials. These prac- episodes.
tices undermine the will of the Final Word: It is worth not-
people and can lead to political ing that addressing the problem
instability and conflict. of election rigging requires
These problems have un- a multi-faceted approach, in-
dermined the credibility of volving political will, strong
governments in Nigeria and institutions at the national and
have tarnished the legitimacy state level, and active citizen
of such government overseas. It engagement. Implementing
has also given room for the mili- these solutions can help foster a
tary to forcefully encroach in democratic culture and ensure
civil matters and governance. that the will of the people is
Diverting their focus from their respected in Nigeria’s electoral
defensive duties in the service processes. May we not be tod-
of the country. dlers at this subject forever.
It has been suggested that
INEC is usually overwhelmed Michael Umogun is a Chartered
by the general elections but the Marketer with interest in public
same can be said of the off cycle policy matters.
Harvard
Business MANAGEMENT DIGEST
Review
Research: Firms with diverse boards

achieve higher esg ratings
By Ethan Moon
While the environmen-

tal, social and governance
(ESG) concept has gained
traction among businesses
and regulators, the focus
often leans heavily toward
the environmental and
social elements. The rela-
tive lack of attention given
to governance issues is
paradoxical since effective
governance is paramount
to ensuring responsible
business practices and ac-
countability.
I examined 15 years of
data from the S&P 1500 to
determine if the diversity
of a firm’s board of direc-
tors influences its envi-
ronmental rating from
MSCI, one of the leading
ESG data providers in the
United States. After con-
trolling for a host of fac-
tors including firm perfor-
mance and the size of the what they saw. She went on to tell me just about improving di- dates used outside the
board, I found that a 10 per- One of the themes that that “people are impacted versity, but embracing the United States. Such man-
centage point increase in came up again and again by their environment and host of benefits that come dates may allow legisla-
the proportion of females in interviews was the the cumulative experi- along with it. Leadership tors to influence overall
on a board — roughly idea that diverse directors ence they’ve had. Being diversity may bring broad- sustainability in the pri-
equivalent to 1 additional bring their lived experi- female or being nonwhite, based benefits to society vate sector. One respon-
female director — is cor- ences to the board room. you’ve had a different by promoting sustainable dent told me that “you
related to a 17.5% increase One female director talk- experience, so you will business practices. Thus, can’t bring in one person
in a firm’s environmental ed about how her experi- process things different- shareholders interested onto a board to change ev-
rating. I also found that ence as a mother made ly.” Another respondent in improving their compa- erything. ... Being a change
a similar increase in the her acutely aware of her echoed a similar point: ny’s ESG positions should agent amongst embedded
proportion of Black direc- company’s messaging to “You do see women and so- also focus on promoting leadership doesn’t work.
tors is associated with an families with children. cial minorities with a very diversity of its leadership You’ll lose. You need at
18.4% boost in MSCI envi- strong voice because they teams. least three. Otherwise,
ronmental scores. themselves understand your voice gets drowned
Acknowledging that the issues, and they them- BUSINESS LEADERS. out. … You get marginal-
no single ESG metric selves are the product of Business leaders ought ized.” Taken as a whole,
can fully encapsulate the “you can’t bring in working through corpo- to bolster minority direc- the implementation of
complexities of sustain- one person onto rate structures that are tors and give them the diversity rules would ac-
able business practices, a board to change not as supportive as they space to champion issues celerate levels of diver-
these results suggest that needed to be.” Overall, they care about. One per- sity, bring positive envi-
board diversity tangibly everything. ...
my interviewees seemed son told me that in her ca- ronmental benefits and
and positively affects a Being a change to believe that the results reer, white men had been ensure minority directors
firm’s environmental sus- agent amongst were driven by the fact her strongest advocates have a strong voice in the
tainability. Although this embedded that minority directors and were a major reason boardroom.
relationship has been sug- are more likely to bring up for her success. Minor- Overall, there is a big
gested before, no one has leadership doesn’t
ESG issues, a consequence ity business leaders can opportunity for stakehold-
been able to nail down work. You’ll lose. of gender and racial struc- be overshadowed in small ers to improve both lead-
empirical estimates with You need at least tures in the United States. numbers, so ensuring that ership diversity and envi-
such a large dataset. To three. Otherwise, My findings hold impli- they have collegial sup- ronmental performance.
get a better understanding cations for various stake- port to express their opin- The spillover benefits that
of my findings, I showed your voice
holders navigating ESG ions may strengthen the come with improved di-
my results to several busi- gets drowned and diversity, equity and results I find even more. versity make a strong case
ness leaders from a social out. … You get inclusion (DEI) today: for placing DEI at the front
minority background and marginalized REGULATORS. of any business agenda.
asked them to share their SHAREHOLDERS. Regulators might consider
thoughts on what was Shareholders should un- ways to promote board
causing them. Interesting- derstand that DEI is not diversity similar to man- Ethan Moon is an associate
ly, few were surprised by consultant at Bain & Company.
INTERNATIONAL NEWS
Israel battles Hamas near another Gaza
hospital sheltering thousands
ISRAELI forces pressed their whose body was recovered
offensive against Hamas in in Gaza, had been wounded
northern Gaza on Monday, in an Israeli strike on Nov.
battling militants around a 9 that killed her captor, but
hospital where thousands of was then killed by a Hamas
patients and displaced peo- militant in Shifa.
ple have been sheltering for The military has previous-
weeks, raising Palestinian ly released images of several
fears of another painful stand- guns it said were found inside
off and evacuation of a medical an MRI lab and said that the
facility. bodies of two hostages were
A medical worker inside found near the complex.
the facility and the Health The Associated Press was
Ministry in Hamas-run Gaza not able to independently con-
said a shell struck the second firm the military’s findings.
floor of the Indonesian Hos- Hamas and hospital staff
pital, killing 12 people. Both have denied the allegations
blamed Israel, which denied of a command post under
firing a shell at the hospital, Shifa. Senior Hamas official
saying its troops returned fire Osama Hamdan dismissed the
on militants who had fired on latest announcement, saying
them from inside the 3.5-acre “the Israelis said there was a
compound. command and control center,
The advance came a day which means that the matter
after the World Health Organi- is greater than just a tunnel.”
zation evacuated 31 premature Three in four people
babies from Shifa Hospital in displaced
Gaza City. At least 28 were Israel has repeatedly or-
transported to Egypt on Mon- dered Palestinians to leave
day. More than 250 critically ill northern Gaza and seek ref-
or wounded patients remain uge in the south, which has
stranded at the compound amount to collective punish- on Monday with equipment in Shifa, which can no longer it said was a tunnel discov- also been under aerial bom-
that Israeli forces stormed ment of the territory’s 2.3 mil- from Jordan to set up a field provide most treatment after it ered at the hospital, 55 meters bardment since the start of
days ago. lion Palestinians. hospital. Jordan’s state-run ran out of water, medical sup- (60 yards) long and about 10 the war. Some 1.7 million
Gaza’s hospitals play a Marwan Abdallah, the media said the hospital in the plies and fuel for emergency meters (33 feet) below ground. people, nearly three quarters
prominent role in the battle medical worker at the Indo- southern town of Khan You- generators. It said the tunnel ended at a of Gaza’s population, have
of narratives over the war’s nesian Hospital, said Israeli nis would be up and running Israeli forces battled Pal- blast-proof door with a hole been displaced, with 900,000
brutal toll on Palestinian civil- tanks were operating less than within 48 hours. estinian militants outside its in it for gunmen to fire out of. packing into crowded U.N.-
ians, thousands of whom have 200 meters (yards) from the Claims about Shifa gates for days before entering Troops have not opened the run shelters, according to
been killed or buried in rubble hospital, and that Israeli snip- Babies evacuated from Shi- the facility on Wednesday. door yet, it said. the U.N.
since the conflict was sparked ers could be seen on the roofs of fa hospital arrived in Egypt, Four babies died in the two Israeli forces also released Strikes in the Nuseirat
by Hamas’ Oct. 7 rampage into nearby buildings. As he spoke according to the country’s days before the evacuation, security camera video show- and Bureij refugee camps
southern Israel. In the wake over the phone, the sound of state-run media, after the Pal- according to Mohamed Za- ing what they said were two Monday killed at least 40
of the assault, Israeli leaders gunfire could be heard in the estinian Red Crescent rescue qout, the director of Gaza foreign hostages, one Thai people, according to hospital
vowed to eradicate Hamas, background. service said it was transport- hospitals. and one Nepalese, who were officials, and residents said
destroy its ability to rule Gaza Abdallah said the hospital ing 28 premature babies across Israel’s army said it has captured by Hamas in the dozens more were buried in
and uproot its militant infra- had received dozens of dead the border. It was not imme- evidence that Hamas main- Oct. 7 attack and taken to the rubble. Bundled against
structure. and wounded in airstrikes and diately clear where the other tained a sprawling command the hospital. Hamas said its a chilly wind from Gaza’s
Israel says Hamas uses shelling overnight. three babies who were evacu- post inside and under the fighters brought them in for approaching winter, a line of
civilians as human shields and In a separate development ated from Shifa were. hospital’s 20-acre (8-hectare) medical care. men prayed over more than a
that it operated a major com- that could relieve some of the Following that evacuation, complex, which includes sev- The army also said an dozen bodies on the grounds
mand hub inside and beneath pressure on Gaza’s collaps- over 250 patients with severely eral buildings. investigation had determined of the nearby morgue in Deir
Shifa. Critics say Israel’s siege ing health system, dozens of infected wounds and other On Sunday, the military that Israeli army Cpl. Noa al-Balah before loading them
and relentless bombardment trucks entered from Egypt urgent conditions remained released a video showing what Marciano, another captive onto a truck. (AP)
UN report says world is racing to well past warming

limit as carbon emissions rise instead of plunge
THE globe is speeding to 2.5 tember, the daily global reaching that longer term about 1 billion metric tons,
to 2.9 degrees Celsius (4.5 average temperature ex- limit in early 2029 without Olhoff said.
to 5.2 degrees Fahrenheit) ceeded 1.5 degrees Celsius dramatic emission changes. That sounds like a
of global warming since above mid-19th century To keep that from hap- lot, but the world in 2022
pre-industrial times, set to levels on 86 days this year, pening, the countries of the spewed 57.4 billion metric
blow well past the agreed- the report said. But that world have to come up with tons of greenhouse gases
upon international climate increased to 127 days be- more stringent goals to cut and to limit warming to the
threshold, a United Nations cause nearly all of the first emissions of carbon dioxide 1.5 degree mark emissions
report calculated. two weeks of November and implement policies to in 2030 have to be down to 33
To have an even money and all of October reached act on those goals, Olhoff billion metric tons. That’s
shot at keeping warming or exceeded 1.5 degrees, said. an “emissions gap” of 24
to the 1.5-degree Celsius according to the European In the past two years billion metric tons.
(2.7 degrees Fahrenheit) climate service Copernicus. only nine countries have United Nations Sec -
limit adopted by the 2015 That’s 40% of the days so far come up with new goals, retary-General Antonio
Paris climate agreement, this year. so that hasn’t moved the Guterres said “the emis-
countries have to slash On Friday, the globe hit needle, but some countries, sions gap is more like an
their emissions by 42% 2 degrees Celsius (3.6 de- including the United States emissions canyon — a can-
by the end of the decade, grees) above pre-industrial and those in Europe, have yon littered with broken
said the U.N. Environment levels for the first time in put policies in place that promises, broken lives and
Programme’s Emissions recorded history, according slightly improved the out- broken records.”
Gap report issued Monday. to Copernicus Deputy Di- look, she said. That’s why the report
Carbon emissions from rector Samantha Burgess. Anne Olhoff of Denmark’s a roar.” The United States’ Infla- said the chance of keeping
the burning of coal, oil and “It’s really an indication climate think tank Concito. The 1.5-degree goal is tion Reduction Act, which warming at or under 1.5
gas rose 1.2% last year, the that we are already seeing “Based on what science based on a time period has $375 billion in spending degrees is about one-in-
report said. a change, an acceleration,” tells us, this is just like a measured over many years, on clean energy, by 2030 seven or about 14%, “very,
Through the end of Sep- said report lead author whisper. What will be in not days, scientists said. would reduce yearly emis- very slim indeed,” Olhoff
the future will be more like Earlier reports put Earth sions of carbon dioxide by said. (AP)
INTERNATIONAL NEWS
A Montana farmer with a flattop and ample lobbyist

cash stands between the GOP and Senate control
AFTER 17 years in the U.S. has largely been one of ne- cratic stronghold of Butte,
Senate, Democrat Jon Tester cessity. With West Virginia where a group of activists
is a well-known commodity Democratic Sen. Joe Man- pressed him repeatedly to call
in Montana — a plain-spoken chin’s decision against seek- for a cease-fire in the Israel-
grain farmer with a flattop ing another term, Tester has Hamas war. The lawmaker,
and a carefully cultivated become a top target for Senate who heads the Senate Appro-
reputation as a moderate. Minority Leader Mitch McCo- priations subcommittee on
The 67-year-old lawmaker nnell, R-Ky., and his massive defense, rebuffed their pleas,
smiled and laughed his way fundraising operation. saying Israel had a right to
through the crowd at a Vet- McConnell’s aspirations defend itself against the Oct.
erans Day event in Bigfork, to again be majority leader 7 attack by Hamas.
a small town on Flathead could get bogged down if a That rankled Noah Sohl
Lake where the population primary fight develops be- of Missoula, who said he
has surged in recent years. tween his anointed candidate twice voted for Tester and
He chatted with veterans in Montana, U.S. Navy SEAL supported the Democrat’s last
who supported him and some Tim Sheehy, and U.S. Rep. reelection by making phone
who didn’t, then stood be- Matt Rosendale, one of the calls and registering voters.
hind a lectern in the Bigfork far-right House members The nursing student drew a
High School gymnasium to who ousted fellow Republican straight line between dona-
promote his biggest recent ac- Kevin McCarthy of California tions to Tester’s campaign
complishment: expanded fed- as House speaker. Dozens of by defense industry lobbyists
eral health care for millions state lawmakers have encour- and Tester’s opposition to a
of veterans exposed to toxic aged Rosendale to enter. He cease-fire.
smoke at military “burn pits.” ran against Tester in 2018 and After becoming the pan-
Tester has survived three lost despite a huge push from el’s chairman in 2021, Tester
close elections and a changed then-President Trump. received more than $160,000
national political landscape to Republican unity next in contributions from em-
emerge as the lone Democrat tial election. Northwest. donating to me. Even from November would narrow ployees and committees rep-
still holding high office in Tester entered the Sen- Still, authenticity is hard- within the state of Montana, Tester’s path to victory, es- resenting the defense indus-
Montana. The 2024 election ate after selling Montana er to sell when you’ve become I can’t tell you who donates to pecially if he’s branded as a try. The donations came at a
brings possibly his stiffest voters on his authenticity, a top Washington fundraiser. me because I don’t look at that Washington insider. As he’s crucial juncture for both the
challenge yet: Republicans, and the former high school He’s taken in almost $20 mil- list,” he said in an interview. gained seniority and influ- defense budget and Lockheed
just two seats short of Senate band teacher’s message hasn’t lion for next year’s election, “It’s not important. I trust that ence — and as election spend- Martin, which benefited from
control, are expected to spend changed much. He still min- ranking Tester sixth among those people believe in me and ing nationwide has exploded $1.8 billion for the F-35 fighter
tens of millions on attack ads gles comfortably with union Senate candidates nation- I’m going to continue to do the — the flood of campaign cash jet that Tester’s subcommit-
painting him as a Washington members, ranchers and vet- wide, according to Federal same job.” that’s flowed toward Tester tee pushed as part of a mili-
insider tainted by lobbyist erans, has a record of work- Election Commission data His campaign reports re- has left him vulnerable to tary spending package.
cash. ing on their behalf, and says through September. Tester veal abundant lobbyist cash, attack. Sohl pledged not to help
Ousting Tester also would his heart remains firmly in insisted that the money hasn’t the kind that rarely comes The potency of the au- Tester this election if he
cement a Republican lock on his sparsely populated state, changed him, that he doesn’t from people who don’t want thenticity issue even within won’t change his stance on
a state that voted overwhelm- a vast expanse that spans even know where it all comes something, and yet the law- his own party was on display a cease-fire. Sohl acknowl-
ingly for Republican Donald from the arid Great Plains to from. maker’s journey from out- during a recent town hall edged that could benefit Re-
Trump in the 2020 presiden- the lush forests of the Pacific “I can’t tell you who’s sider to fundraising behemoth hosted by Tester in the Demo- publicans. (AP)
Microsoft hires Sam Altman, and OpenAI’s new

CEO vows to investigate his firing
MICROSOFT on Monday ly known as Twitter, that he around OpenAI’s mission all of the signatures were
hired two leading executives was “extremely excited” to to safely build AI that is from OpenAI employees.
from the company that cre- bring on the pair and looked “generally smarter than A company spokesperson
ated ChatGPT after one of “forward to getting to know” humans.” confirmed that the board
them was abruptly fired by the new management team OpenAI last week de- received the letter.
OpenAI, the startup whose at OpenAI. clined to answer questions A Microsoft representa-
chatbot kicked off the era of In a reply on X, Altman about Altman’s alleged lack tive said the company would
generative artificial intel- said “the mission contin- of candor. Its statement said not comment beyond its
ligence. ues.” Brockman posted: “We his behavior was hindering CEO’s statement.
The developments fol- are going to build something the board’s ability to exer- After Altman was pushed
lowed a weekend of drama new & it will be incredible.” cise its responsibilities. out, he stirred speculation
that shocked the AI field OpenAI said Friday that A key driver of the shake- about coming back into the
and fueled speculation about Altman was pushed out after up, OpenAI’s co-founder, fold in a series of tweets.
how the changes would a review found he was “not chief scientist and board He posted a selfie with an
shake out at OpenAI, which consistently candid in his member Ilya Sutskever, OpenAI guest pass Sunday,
named a new chief executive communications” with the expressed regrets for his saying this is “first and
on Friday and then replaced board of directors, which participation in the ouster. last time i ever wear one of
her on Sunday. The newest had lost confidence in his “I never intended to these.”
CEO vowed to investigate ability to lead the company. harm OpenAI. I love every- Hours earlier, he tweet-
the firing of co-founder and In an X post Monday, thing we’ve built together ed, “i love the openai team
CEO Sam Altman, one of the OpenAI’s new interim chief and I will do everything so much,” which drew heart
world’s most sought-after executive, Emmett Shear, I can to reunite the com- replies from Brockman and
experts on AI. said he would hire an in- pany,” he said Monday on X. Mira Murati, OpenAI’s chief
Former OpenAI Presi- dependent investigator to Hundreds of OpenAI technology officer who was
dent Greg Brockman, also look into Altman’s ouster employees signed a letter initially named as interim
a co-founder, quit in protest and write a report within that began circulating ear- CEO.
after Altman was fired. 30 days. ly Monday calling for the It’s not clear what
Microsoft, which has “It’s clear that the pro- the next month to “reform the organization,” includ- board’s resignation and Alt- transpired between the an-
been a close partner of the cess and communications the management and leader- ing “significant governance man’s return, according to nouncement of Murati’s
company and invested bil- around Sam’s removal” ship team in light of recent changes if necessary.” a copy of the letter obtained interim role Friday and
lions of dollars in it, an- were handled “very bad- departures into an effec- He noted that the reason by The Associated Press. Shear’s hiring, though she
nounced that Altman and ly,” wrote Shear, who co- tive force” and speak with behind the board removing The copy showed that was among several employ-
Brockman would lead its founded Twitch, an Ama- employees, investors and Altman was not a “specific the number of signatures ees Monday who tweeted,
new advanced AI research zon-owned livestreaming customers. disagreement on safety.” It amounted to a majority of “OpenAI is nothing without
team. service popular with video After that, Shear said was likely a reference to the the company’s 770 employ- its people.” Altman replied
Microsoft CEO Satya gamers. he would “drive changes in debates that have swirled ees. The AP was not able to to many with heart emojis.
Nadella wrote on X, former- He said he also plans in independently confirm that (AP)
9 DECEMBER 2 023 | 6PM

LAGOS CONTINENTAL HOTEL
OVERVIEW
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outstanding organizations in Nigeria’s real sector for their sustained commitment to excellence in
enterprise.
The Awards honour private sector leaders who have:
• Made significant contributions to the Nigerian economy through jobs creation, national development
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Sponsorship and partnership inquiries

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NEWS
Delayed bill deprives insurers of risk-based...
Continued from page 1 pleted by the end of 2024.
Ebelechukwu Nwa-
their capital. chukwu, chairman of the
The Consolidated In- sub-publicity committee
surance Bill, which has of the Insurers Commit-
been in the pipeline for tee, said after a meeting
over 13 years, seeks to in Lagos that RBS was
create the regulatory en- ongoing.
vironment that allows the She said: “As you
regulator, the National know, the regulators had
Insurance Commission visited a lot of offices and
(NAICOM), to implement we noticed some excep-
risk-based capital among tions from the visit, for
other critical market re- example the use of unli-
forms. censed agents, and the
Rasaaq Salami, head regulator has spoken to
of corporate communica- us very strongly about en-
tions and market develop- suring that all the agents
ment at NAICOM, said the or brokers we use are
industry is at the finalisa- licensed.
tion stage of risk-based “The regulator said
supervision (RBS), after we should make sure
which it will advance to that their licenses are up
RBC and other critical to date and renewed as
reforms that have been against doing business
incorporated in the insur- with brokers who are not
ance industry’s 10-year registered or operating Abiola Arogundade (l), senior special assistant to the President on technical, vocational and entrepreneurship education;
strategic growth plan. with expired licence, call- and Sharmini Devi Gopal, Malaysian Charge d’Affaires to Nigeria, during a meeting to explore new partnerships and open
Salami said: “For the ing for self-regulation as doors for international collaboration in vocational training, in Abuja, recently.
risk-based supervision, foundation for risk-based
we are progressing, em- supervision.”
phasising the exhaustive She also noted that the with the National Assem- Association (NIA) had in The association hinged has been a major point of
nature of the exercise Consolidated Insurance bly to make sure we have a presentation at a public its position on a 2013 re- the association’s engage-
which is leading to the Bill is important to the that bill passed. hearing on the bill during port by the International ments with the commission
commission’s RBS team industry, saying efforts “There are lots of is- the 9th National Assem- Monetary Fund (IMF) that during the last recapitalisa-
engaging each of the in- were being made by the sues we discussed, but the bly said that in adopting prescribed the risk-based tion exercise.
surance companies and regulator to ensure that strongest part is how im- risk-based capital ade- capital model as the most “We are convinced that
evaluating their position the bill is passed as soon portant RBS and RBC are quacy template, it took suitable for the Nigerian the risk-based capital ad-
as foundation for kick-off as possible. to our operations. Those cognisance of the need to insurance market. equacy template is the
of the reform.” She said: “We took two concepts are recom- consider insurance risk, It said at the time: “When best fit for the insurance
He said the commence- some conversations on mended very strongly as market risk, credit risk the bill is eventually signed industry in Nigeria, espe-
ment of RBC depends on the Insurance Bill and how part of the 10-year Nigeria and operational risk as into law in line with this cially given the fact that
the completion of RBS, important it is to be passed Insurance Industry Stra- well as the need to apply proposal, it will lay to rest the 2013 IMF Report has
expressing the hope that and the regulator assured tegic Growth Plan.” such capital charges on the contentious issue of the prescribed it and the com-
this stage would be com- its continued engagement The Nigerian Insurers assets and liabilities. definition of capital which mission agreed with it.”
sor of petroleum economics, ment fee.

Will investment return on FG’s olive... said the implementation of “The federal government Nigeria wants to borrow less but ignores...
the PIA has been so slow and should consider reviewing tive, in 2021, 12 of the PSC
Continued from page 1 would spur oil majors to re-
short-circuited, adding that the deductions from oil profit Continued from page 2
sume operations in both the
the committee implementing to ensure they are clearly oil blocks made production,
OPL 245 and several other “In the maritime sector,
past officers in regard to the law was sidetracked in delineated. If the intention while 17 blocks did not pro-
fields that have been aban- Apapa port has the poten-
rights for the field known resource mapping, especially is to have one 30 percent reduce.
doned by international oil tial to generate N20 billion
as Oil Prospecting Li- companies (IOCs).
for the PIA institutions. tention that covers both the The report showed that
“The suboptimality of management fee and the FEF, a day, but achieving this
cence (OPL) 245. But analysts say the issue there were also six inactive
PIA is majorly because the the wording should be re- would require a program to
Operations at the oil- is more nuanced. Ending the blocks, bringing the total
new institutions were indi- phrased to reflect this clearly. revitalise Apapa and its en-
rich block have been halted civil action “is a very good
rectly handed over the task Alternatively, if separate 30 number of both inactive oil
for more than a decade by a step, especially when you virons. This would involve
of human resources mapping percent retention is required, blocks and those that did not
series of trials and competing consider that the asset is an investment of $6-8 billion
to the defunct institutions; the language should be re- produce crude during the
legal claims. The area is con- very prolific,” Ayodele Oni,
the old Petroleum Products vised accordingly,” it said. for road improvements, con-
sidered to be potentially one of energy lawyer and partner review period to 23.
Pricing Regulatory Agency Beyond the regulatory sidering Ajegunle, originally
the richest concessions in the at Bloomfield Law firm, said. Owowo oil field discov-
became the driver of the uncertainties, experts said reserved for a port, is now
country, with recoverable re- “No one was going to invest the country’s oil production
ered in October 2012 by Unit-
Authority and the defunct a thriving city. However,
serves of 560 million barrels, with the dispute until the has been blighted by large- ed States oil giant, ExxonMo-
Department of Petroleum some opportunities can be
according to Eni’s estimates. same was resolved.” scale theft and vandalism, bil Corporation, with about
Resources indirectly drives explored.”
In 2011, Shell and Ital- He said: “However, that
the Commission,” he said. as well as decades of under- one billion barrels of oil in
ian oil giant Eni paid $1.1 alone is not sufficient to drive investment in infrastructure. According to him, in the
Most stakeholders ap- the Owowo field, offshore
billion for OPL 245, an oil the sort of activities we expect To change the narrative, financial services sector,
peared to also be voting in the Nigeria, is still idle.
block located on the southern in the industry. Investors want they advocated for indig- there are significant finan-
direction of a single regulator
edge of the Niger Delta alleg- to be sure there is certainty
as they canvassed for a merg- enous Nigerian oil producers Other experts pinpoint
edly knowing that the money and clarity. They want to be cial opportunities, but it re-
er following the loopholes who currently pump about the importance of Nigeria
would go to a front company clear that they can monetise quires thoughtful planning
and battle for supremacy be- 10 percent of national output upping its game in a bid
secretly owned by a former their investments and enforce and have invested billions of
and strategic thinking.
ing witnessed between the Ni- to unlock the N180 trillion
Nigerian oil minister, Dan their investment rights. dollars in the past 10 years, “There are numerous
gerian Upstream Petroleum trapped in dead or idle gov-
Etete, who had been con- “If all these elements are to play a bigger role in the avenues for funding that we
Regulatory Commission and ernment assets.
victed for money-laundering. not clearly and unequivo-
the Nigerian Midstream sector dominated by IOCs. can explore,” Agbakoba said.
Etete was accused of cally present in the country, Nigeria has as much as
Downstream Petroleum Reg- Meanwhile, as Nigeria Experts said inactivity
awarding himself the block then we won’t see the sort ulatory Authority. struggles to attract invest- N180 trillion trapped in dead
while in office under the of volume of activities we in untapped oil fields pres-
This comes as the Nigerian ment into its energy sector, assets mostly in real estate,
former military dictator Sani want in the industry. With Extractive Industry Trans- Namibia, a country of less
ents another opportunity for
Abacha, through Malabu the PIA (Petroleum Industry according to PwC’s esti-
parency Initiative (NEITI) than three million people, is Nigeria to tap into its huge
Oil and Gas, a company he Act), we now have a measure mates. Unlocking that capi-
insisted that the provision in emerging as a global explo- potential and cement its
owned. of certainty but still require tal could be a game changer
section 64 (m) of the PIA that ration hotspot over the past place as the largest producer
Eni, Shell and some of more regulatory certainty, makes the Nigerian National two years, primarily due to for a cash-strapped govern-
their former and current especially around the Com- and exporter of petroleum in
Petroleum Company Limited deepwater discoveries by ment whose debt service
managers had already been mission and the Authority.” Africa and one of the 10 larg-
(NNPCL) the supplier of last industry giants such as Shell cost is forecast by KPMG, a
definitively acquitted last Experts who spoke to Busi- resort and that all associ- and TotalEnergies. est producers in the world.
year in a criminal case in nessDay said the projected consulting firm, to gulp 100
ated costs to be borne by the Additionally, major oil BusinessDay’s findings
Milan, in which they were ac- gains expected from Nigeria’s per cent of its revenues this
federation is capable of being companies like Chevron, showed no fewer than 23
cused of knowing that much oil and gas sector following misinterpreted as it was in the ExxonMobil, and Galp Ener-
year, up from 96 per cent
of the $1.1 billion they paid the passage of the PIA have oil blocks managed by both
old practice of deducting from gia have initiated exploration in 2022.
to acquire OPL 245 would be remained a mirage as poor international and local oil
revenue source. and appraisal activities in “A list of corporate as-
distributed as bribes. implementation leaves prin- companies, which are under
NEITI noted that section the region. sets (just over 70 entities)
Even after that verdict, cipal actors in a battle for 64 (C) and 9 (4) of the PIA Nambia’s state-owned oil Production Sharing Con-
a civil suit continued, with supremacy and revenue. have been identified and pre-
provides for a 30 percent company believes that this tracts (PSC) with the Nige-
Nigeria seeking combined “Officials at both regu- liminary data captured for
deduction from profit oil series of discoveries could rian National Petroleum
compensation of $3.5 billion latory agencies and other and profit gas by NNPCL for position the country among them,” Armstrong Takang,
from Eni and Shell, claim- agencies still demand bribes Company Limited, failed
frontier exploration fund and the world’s top 15 oil pro- managing director of MOFI,
ing the amount reflected to attend to licences and ap- to produce crude or were
NNPCL management fee, but ducers by 2035, offering the which has set a target of
the real value of the licence provals, and the delay in the does not provide clarification nation a unique opportunity
inactive.
purchased in 2011 by the two process and bureaucratic raising N100 trillion from
as to what percentage goes to double its gross domestic According to a report by
companies. obstacles did not change,” a the country’s idle assets,
for frontier exploration fund product per capita in less Nigeria Extractive Indus-
Nigeria is betting that the senior industry source said. (FEF) and NNPCL manage-
said in an emailed response
withdrawal of the lawsuit Wumi Iledare, a profes-
than a decade. tries Transparency Initia-
to BusinessDay.
NEWS
Millions of Nigerian girls at risk over cervical cancer vaccine pushback

•76% see vaccine as a threat to health – Report
nobody knows the side effects mation and misconceptions
of this vaccine. So we can’t about the HPV vaccine.
invite more problems.” He said the government has
into national routine immuni- Despite efforts by health- According to the National At the Bakin Ado Primary not done enough to raise aware-
By Godsgift Onyedinefu, Abuja School in Nasarawa State, nine- ness about the vaccine, which
sation in October, but findings care workers deployed across Primary Healthcare Develop-
show that most parents in local states, reluctance remains ment Agency, cervical cancer year-old Nasiba Ahmed (not has created gaps for misinfor-
MILLIONS of young Nigerian real name) refused to take the mation and false information
girls could be risking contract- communities are preventing a significant hurdle. False kills 22 women in Nigeria every
their daughters from taking and misinformation have cre- day out of 33 reported cases. vaccine when public health of- to spread.
ing the deadly cervical cancer ficials visited her school to ad- He said the introduction of
as many of them refuse to take the vaccine. ated doubts and safety con- The country contributes an
HPV vaccine, according to cerns around the vaccine. Low estimated 12,075 new cases of minister it. “My mother asked information on HPV vaccina-
the potentially life-saving Hu- me not to take any vaccine,” tion should have started at least
man Papillomavirus (HPV) experts, offers protection for awareness among Nigeria’s global cervical cancer, with
young girls against the second rural poor is also a major chal- 8,000 deaths annually. she said without providing any six or seven months ago.
vaccine, BusinessDay has reasons. Tomori expressed worry
learnt. most common cancer in Nige- lenge. Sharing her concerns with
ria, which has killed thousands The International Agency BusinessDay, Ucheoma Uden- Recently, Adefesoye Akin- that the government’s current
HPV infection has been pelu, director of disease control efforts are coming too little
identified as a high-risk fac- of women. for Research on Cancer 2023 si, a petty trader in the Bwari
With the immunisation factsheet estimates that 60.9 area of Abuja, said she is not and immunisation at the Ondo and late.
tor implicated in 95 percent State Primary Healthcare De- Health experts warned that
of cervical cancer cases, by programme, the government million Nigerian women aged sure about the safety of the
is targeting over seven million 15 to 19 are at risk of developing vaccine and will not let her velopment Agency, said that the consequences of not tak-
infecting cells in the cervix, ahead of rollout in the state, ing the HPV vaccine extend
changing, and causing them girls aged nine to 14, the largest cervical cancer in the absence daughters take it. “We don’t
number in a single round of of cost-effective strategies to know what the vaccine is all there were already myths and beyond individual health. Po-
to replicate and multiply in an misconceptions circulating tential surge in cervical cancer
uncontrolled manner. HPV vaccination in the Afri- scale up prevention and early about or the origin. They said
can region. detection, such as vaccination. it was brought into Nigeria, but around the vaccine. cases could strain an already
The Nigerian government “There is a rumour going burdened local healthcare
integrated the HPV vaccine on in the state that the federal system, leading to increased
government and some presi- treatment costs and a higher
dents in the world want to use demand for limited healthcare
the vaccine to cause a drastic resources, they said.
reduction in the population A 2023 journal by the
of the world and that whoever American Society of Clinical
takes the vaccine is going to Oncology shows that an alarm-
die,” he told journalists. ing 90 percent of the global
A particular school in the cervical cancer incidence and
local community in the state mortality occur in low- and
reported that up to 90 percent middle-income countries such
of parents during the recent as Nigeria, with women of low
Parents Teachers Association socioeconomic status bearing
refused to authorise that the the greatest burden.
vaccine be administered to Adaobi Onyechi, a public
their daughters. health expert, emphasised
BusinessDay gathered that the significance of addressing
many parents, especially those these concerns. “The HPV
living in rural areas and the vaccine is the most critical
most vulnerable ones, lack tool in preventing cancer, and
awareness of the vaccine and we need to work collectively
its benefits, while others worry to overcome these challenges.
about possible side effects and Educating parents, dispelling
safety concerns. myths, and ensuring equitable
A recent HPV vaccine access to the vaccine are essen-
awareness and willingness poll tial steps.”
conducted by Sydani Institute Emily Kobayashi, head of
for Research and Innovation the HPV program at GAVI,
of Sydani Group showed that said in an interview with Busi-
76 percent of respondents be- nessDay that there are hard-
lieve that HPV is a threat to to-reach areas in Nigeria that
girls’ health. A total of 4,074 could impede vaccine uptake.
caregivers were asked across She highlighted myths and
eight states in the country misconceptions that make
including Abia, Adamawa, people hesitant and suggested
L-R: Victoria Engels, investment manager; Michael Hoelter, head, Universal Green Energy Access Programme; Chuka Bayelsa, Enugu, FCT, Jugawa, that the Nigerian government
Emerole, treasurer and head, Wholesale Bank; and Farouk Gumel, chairman, Union Bank of Nigeria, after signing a Adamawa, and Taraba. must proactively act to over-
partnership agreement on renewable energy with Universal Green Energy Access Programme (UGEAP), at the 10th According to the survey, come these obstacles.
Nigerian-German Business Forum held in Berlin, Germany, yesterday. 13 percent of respondents lack She said there have been
awareness, 15 percent are wor- no serious reported adverse
ried about the side effects, 15 effects associated with the vac-
percent cited safety concerns cine following rollouts in other
Nigerian firms raise N807bn as

and 12 percent say they don’t countries.
trust the vaccine. Meanwhile, in response to
A key concern cited by par- the low awareness and hesi-
ents is about the safety of the tancy throughout the nation,
commercial paper up 200%

vaccine as misinformation and the wives of Nigeria governors
rumours regarding potential have pledged to work with pri-
side effects have fuelled doubts. mary health workers and the
Oyewale Tomori, a re- Ministry of Health and Social
nowned virologist and former Welfare on a comprehensive
vice chancellor of Redeemer’s awareness campaign to address
By Dipo Oladehinde nies would rather opt for CPs competitive and sustainable,” Flour Mills of Nigeria suc- University, saidnNigeria needs the resistance being encoun-
because they can be cleared he added. cessfully completed two deals to actively counter false infor- tered at the grassroots level.
IN a bid to meet their working from their balance sheets in According to Wole Adey- at different issue yields of
capital requirements and fund a year whereas issuing stocks eye, a financial analyst, most 14 percent and 11.2 percent,
would require reducing the companies see CPs as one of recording a total outstanding
future expansion plans, many
more firms have tapped the ownership proportion of the the cheapest ways to increase value of N106 billion, while Petrol prices up 164.8%, further drains...
debt market as the issuance of current shareholders. their capital since yields on Dangote Cement rounded out impact. These measures
commercial papers in Nigeria “The commercial paper short-term instruments are the top three firms recording Continued from page 2
market experienced a surge in relatively low compared to an outstanding value of N40.3 include providing financial
surged by 200 percent as of outlined the right steps to assistance to vulnerable
November 17, 2023. activities as companies sought other instruments. billion at an issue yield of 12.5
Data from FMDQ Group to address their working capi- “Commercial papers typi- percent. the transformation of the households and implement-
showed there were 124 com- tal and financing needs,” ana- cally do not create a lien on Sterling Bank recorded an country’s economy. ing policies to promote the
mercial paper issuances 124 lysts at Meristem said. the company’s assets, and this outstanding value of N33.82 He said that the govern- use of alternative fuels.
valued at N807 billion, com- Ambrose Omordion, chief creates room for enhanced billion at an issue yield of ment is not oblivious to the Meanwhile, Zamfara
pared to 73 issuances with a operating officer of InvestData operational flexibility,” Adey- 13.5 percent as at March 2023;
Consulting Limited, said the eye said. Stanbic IBTC Holdings raised untold hardships faced by Ni- State had the highest av-
total value of N251 billion in the erage retail price for the
full year 2022. issuance of CPs has become the The top 10 CP issuers in N37.10 billion at an issue yield gerians following the removal
“The short-dated nature new trend in the Nigerian capi- the first nine months of this of 12.1 percent and 5 percent of petroleum subsidy and har- product at N659.38; Gombe
of CPs provided comfort for tal market used by companies year were MTN Nigeria Com- respectively. monisation of the exchange and Borno states were next
issuers to refinance and raise to finance their operations. munications Plc, Flour Mills of Dufil Prima Foods recorded rate, affirming that “all the with N658.33 and N657.27,
new capital while navigating “It is cheaper for companies Nigeria Plc, Dangote Cement, an outstanding value of N28.85
sacrifices will not be in vain respectively.
uncertainty in the period,” said to raise capital through the Sterling Bank Plc, Stanbic billion at an issue yield of 15
commercial paper markets IBTC Bank, Dufil Prima Foods percent, while Nigerian Brew- as the government is bent on According to the report,
analysts at Afrinvest Securities
Limited. than borrowing from com- Plc, Nigerian Breweries Plc, eries raised N27.13 billion in ensuring that the economy Lagos, Oyo and Delta states
Commercial papers (CPs) mercial banks because bank Rand Merchant Bank of Nige- CPs at a rate of 14 percent. bounces back to normal as had the lowest average
are money-market securities lending comes with higher ria, CardinalStone Partners Rand Merchant Bank is- we continue to consolidate the retail prices for petrol, at
issued by large corporations to interest rates,” Omordion said. and Coleman Technical Indus- sued N28.13 billion in CPs in recovery efforts on achieving N590.95, N592.19 and N599.38
obtain funds to meet short-term “In addition, interest on the tries Limited. two issuances at the rate of
debt is normally tax-exempt MTN Nigeria, which car- 12.3 percent and 13.3 percent inclusive economic growth respectively.
debt obligations like payroll and development”. “Lastly, on the Zonal pro-
and are backed only by an issu- and can be deducted from the ried out three transactions at respectively.
ing bank or company’s promise company’s tax return, lower- an issue yield of 13 percent, Coleman Technical Indus- In addition, the govern- file, the North-East Zone had
to pay the face amount on the ing the actual cost of the loan recorded an outstanding value tries and Cardinal Stone Part- ment has acknowledged the highest average retail
maturity date, which is usually to the company. Thus, com- of N197 billion, leading the pack ners recorded outstanding the challenges posed by the price of N644.16, while the
in 270 days or less. mercial papers impact the for Nigerian companies as of values of N21 billion and N20 rising petrol prices and has South West Zone had the
Analysts say some compa- ability of companies to remain November 17, 2023. billion respectively.
taken steps to mitigate the lowest price of N616.81.”
WEDNESDAY 22 NOVEMBER 2023 www.businessday.ng A1
A2 www.businessday.ng WEDNESDAY 22 NOVEMBER 2023
NEWS
BUSINESSDAY’S CONFERENCE
Logistics firms mine gold

from data to optimise cost
By Eniola Olatunji and stand that it is better to have on areas with high demands
Anthony Udugba various classes of offerings of their goods, and customers
to different riders hence with the most demand for
DESPITE the soaring cost why we launch the economy their goods all this informa-
of doing business, logistics category which helps our tion helps small business
businesses are leveraging riders that cannot afford the optimisation, so they can
data to grow sales. price increase, to now afford focus on key areas to channel
“Data has been very in- our services,” Omosebi said. their product too,” he said.
strumental in navigating He mentioned that data- A research BARC BI-sur-
the troubled waters. It has driven insights have enabled vey, one of Europe’s leading
helped us to better optimise the company to optimise analyst firms for business
pricing, earnings, and even pricing. According to him, software, focusing on the ar-
visibility; so our drivers recognising the impact of eas of data, business intelli-
earn better,” said Joseph fuel costs on profitability, gence showed that 58 percent
Omosebi, fleet operations Bolt introduced vehicles run- of organisations base at least
manager, Bolt Nigeria. ning on Compressed Natural half of their regular business
Omosebi spoke at Busi- Gas (CNG) and Liquefied Pe- decisions on gut feel rather
nessDay’s Technological troleum Gas (LPG) in Abuja, than on data and informa-
Disruption in Logistics Con- offering drivers significant tion. ‘Laggard’ companies
ference on Tuesday in a savings of up to N60,000- base 70 percent of their deci-
panel session titled ‘The role N70,000 weekly sions on gut feel, while ‘best-
of technology in the logistics Ope Onaboye, co-founder in-class’ companies base 60
business’. of Renda Africa, a firm that percent of their decisions on
The logistics sector has handles storage, inventory, relevant information.
had to navigate several and track delivery for e- It said this illustrated a
economic challenges. The commerce businesses, said clear link between using data
announcement of the pet- that it has been able to offer and information for decision-
rol subsidy removal by the more value to its customers making and being able to
president led to a significant through data. achieve a strategic advan-
surge in fuel prices across Onaboye said for their cus- tage over the competition.
the country, with an average tomers, using data to identify The experts at the event
increase of 174.6 percent. new market trends, customer agreed that to improve Ni-
The rise in fuel prices preferences, and product de- geria’s logistics sector and
resulted in higher transpor- velopment strategies is impor- match its Western counter-
tation costs for both private tant to enable them to make parts, technology must be
and public individuals. Ride- better decisions. adopted more widely. They
hailing services were not left “Has a logistics company also emphasised the need for
out as most of their drivers trading for over two years a stronger regulatory frame-
demanded a 200 percent in- to over 50,000 customers his- work, consistent policies,
crease in fare price. torical data allows us to help and better infrastructure to
“Data helped us under- our customers with insights boost the sector’s growth.
MARITIME
Nigeria projects $10bn revenue
from national shipping line
By Favour Okpale, Abuja The minister said that generated seaborne trade.
the sector could be trans- “The ministry’s decision
THE Nigerian government formed through the PPP to consider the re-establish-
is projecting to earn over models of synergy between ment of a National Shipping
$10 billion annually from the private sector’s efficien- Line, through a strategic
the National Shipping Line cy and the public sector’s PPP arrangement, is borne
it is planning to re-establish. oversight which will spur out of our desire to capture
It says the shipping will also growth and open opportuni- a substantial share of the
engender growth and fur- ties for local players in the estimated $10 billion annual
ther unleash the potential of sector. ship charter market within
the country’s marine sector. According to him, the the country. Let me hasten
Adegboyega Oyetola, additional value for local to say that this initiative
minister of marine and players particularly, in- will not seek to impede the
blue economy, said this at cludes ship construction, growth of local players but
a maritime stakeholders’ maintenance, and repairs rather provide an avenue
roundtable in Abuja, where as this would enable local for them to create and ex-
he unveiled the Federal businesses to better lever- tract more value from the
Government’s plan to re- age the Cabotage Act, which sector, especially through
establish the national ship- gives Nigerians the exclu- ship construction, mainte-
ping line. sive right to control locally nance, and repairs.”
Oyetola, in a statement
signed by Olujimi Oyetomi,
CHANGE OF NAME CORRECTION OF NAME
director of press and public
I, formerly known and addressed I, formerly known and
relations in the ministry,
as Miss Onyemaechi addressed as Kekeh
said the shipping line would Chinyere Miracle, now wish Chibunna David, now wish
operate on a public-private to be known and addressed as to be known and addressed
partnership (PPP) model to Mrs Nlebem Uchechukwu as Kekeh Chibunna. All
fashion out strategies and Chinyere Miracle. All former former documents remain
policies that will drive de- documents remain valid. valid. General public should
velopment in the maritime General public should please
please take note.
sector. take note.
CHANGE OF NAME CHANGE OF NAME CHANGE OF NAME

I, formerly known and I, formerly known and I, formerly known and
addressed as Mr Nwaegbu addressed as Emeka addressed as Fatima
Magnus Ugonna, now wish Ohiaeri, now wish to be Ahmed, now wish to be
to be known and addressed known and addressed as known and addressed as
as Dominic Magnus Tijjani Fatima Ahmed. All
Nnaemeka Ohiaeri. All
Ugochukwu. All former
former documents remain former documents remain
documents remain valid.
General public should please valid. General public should valid. General public should
take note. please take note. please take note.
WEDNESDAY 22 NOVEMBER 2023 www.businessday.ng A3
NEWS
MINING POLITICS
FG revokes 1,633 mining licences Why I approved ‘controversial’ naira

redesign policy - Buhari opens up
over non-payment of service dues …admits his govt may have been hijacked
By Tony Ailemen, Abuja we came in, especially in the
the government its due by defaulting in the payment Alake further stated Northeast? Most parts of the
By Cynthia Egboboh, Abuja
failing to pay their annual of the annual service fee. that the philosophy of the FORMER President Mu- Northeast were in the hands
THE Federal Government service fee. It is indeed “The mandatory 30 days Nigerian Minerals and hammadu Buhari has of what they called Boko
has revoked the operating a reasonable conjecture expired on November 10, Mining Act 2007 was to opened up on why he en- Haram; whatever way they
licences of 1,633 mining that such a company will 2023. Only 580 titlehold- establish a rational sys- dorsed the controversial may want to interpret it.”
title holders, for failure to even be more unwilling to ers responded by settling tem of administering titles naira redesign policy intro- He recalled that the goals
pay annual service dues. pay royalties and honour their indebtedness. With transparently and com- duced by the Central Bank were to fight insecurity, re-
Dele Alake, the minister its tax obligations to the this development, the MCO prehensively to ensure a of Nigeria (CBN) under the vive the economy and fight
of solid minerals, disclosed government. recommended the revoca- seamless transition from now-sacked Godwin Eme- corruption. “These were the
this during a press confer- “The amount the com- tion of 1, 633 mineral titles, reconnaissance to explora- fiele as governor. goals I set for myself.” He re-
ence in Abuja on Tuesday. panies are being asked to including 536 exploration tion and from exploration Buhari, in his first in- called how Boko Haram had
Alake said the move was pay is peanut compared to licences; 279 quarry licenc- to mineral extraction. terview since he left office infiltrated several states,
aimed at sanitising the sec- their revenue projections.” es; 787 small-scale min- He warned all illegal on May 29 this year, said including Lagos, Kaduna,
tor and freeing up space for The minister stated that ing licences, and mining miners to deviate from the he endorsed the naira re- Abuja and other strategic
new investors who will live in compliance with the Ni- leases, 31. Act or face the wrath of design in the twilight of his places in the country. They
up to expectations. gerian Minerals and Min- “In line with the pow- the law. administration in order to were causing a lot of havoc.
According to him, holding Act 2007, the Mining ers conferred on me by the He also explained that “protect his integrity and If there is no security, there
ers of exploration titles are Cadastre Office on October NMMA 2007, Section 5 (a), sites revoked may not be to show Nigerians there was will be no economy”
expected to pay N1,500 per 4, 2023, began the process I have approved the revo- granted back to the former no shortcut to success.” Buhari insisted that due
cadastral unit not exceed- of revoking 2,213 titles, cation of the 1,633 titles. I holder as their chances In the interview aired to the success recorded in
ing 200 units, while those including 795 exploration hereby warn the previous of owning mining sites in on the NTA on Monday, the the areas of security, Nige-
holding titles covering titles, 956 small-scale min- holders of these titles to the country may be jeop- former president also admit- rians have developed more
more than 200 units pay ing licences, 364 quarry leave the relevant cadaster ardised. ted that his administration interest in their country and
N2,000 per unit. licences and 98 mining with immediate effect as “Those that fall into the must have been hijacked are now investing more. He
He decried the failure leases. security agencies shall category of illegal miners along the line. He, however, added that Nigerians were a
of companies to pay as at Thes e , acco rdin g t o work with the mines in- are always found wanting, noted that his eight-year ad- difficult set of people to gov-
when due, noting that, “It him, were published in spectorate of the ministry and they are not licensed. ministration was able to sta- ern, maintaining that they
is indeed very unconscio- the Federal Government to apprehend any defaulter We warn all illegal miners bilise the nation’s security. knew the right thing to do,
nable for corporate bodies Gazette No. 178, Volume found on any of the areas to deviate from such acts or Asked if he missed any- but would mostly refuse to
making huge profits from 110 of October 10, 2023, with where titles have been face the wrath of the law,” thing since he left office, do so because they thought
mining to refuse to give the notice of revocation for revoked,” he said. he said. about six months ago, he they knew better than the
said that he “missed noth- person on the saddle.
ing” adding that he now has The former president
firm control over his time. in his assessment of his
“I looked for the position, cabinet and the integrity
I was lucky I got it. I now of many of the people who
can wake up when I like and worked with him for the
come out when I like, I go to eight-year administration,
my farm and also do some said “It was their problem”,
exercise” querying what the persons
Reflecting on his achieve- who criticised him fiercely
ments while in office, he re- had done at their individual
called that he may not have levels to fight corruption.
achieved all his goals, but When asked if he agreed
added that Nigerians must that there was a cabal that
reflect on the conditions hijacked his government,
the nation was in when he he said “It must have been”,
assumed office in 2015. but added that he wasn’t
“I would like Nigerians sure anybody flouted the
to reflect. What was the con- rules and was allowed to
dition of the country when ‘walk away’.
AWARD
X3M Ideas wins ‘Agency of
the Year’ at LAIF Award
By Folake Balogun got a silver, Showmax “No
one tells a story like we do”
X3M Ideas, a creative agen- got 4 silvers and a gold. The
L-R: Victor Olannye, registrar/chief executive, Chartered Risk Management Institute of Nigeria (CRMI); Ezekiel Oseni, president; Abraham
cy, has emerged overall agency creative work for
Adewale Osinubi, dean, School of Postgraduate Studies, University of Lagos (UNILAG); Gboyega Ehinmowo, sub-dean, School of
winner at the 2023 Lagos Nirvana’s “Lyrics of Inno-
Postgraduate Studies; and Magnus Nnoka, former president, CRMI, during CRMI executives’ visit to UNILAG in Lagos, yesterday.
Advertising and Ideas Festi- cence” - got a Gold, a silver
val (LAIF) Awards with 276 and a Bronze while FNM’s
points ahead of its closest “My Kitchen” got a silver,
agency, Noah’s Ark which Migo got a gold and a Bronze.
POLITICS secured 255 points. Other X3M Ideas work
that gave it the victory in-
LP senators kick as Akpabio names new minority leaders Insight Publicis Limit-
ed garnered 234 points to clude Jameson in Design for
its Independence Day pack,
take the 3rd position in the
By Godsgift Onyedinefu, Abuja sacked by the Appeal Court. Tony Nwoye, a sena- Senator Abba Morro, it will highly competitive awards which got two silvers. LPM’s
Immediately after the tor representing Anambra be unfair for me to ignore the ceremony. “Voices in my Air” got a gold
THERE was uproar dur- announcement, lawmakers North, said it was unfair majority signatures. At the In the breakdown of the and two silvers in radio and
ing plenary at the Senate from the minority caucus for Akpabuo to determine same time, it would be unfair award, X3M Ideas clinched New media. Then the rest
on Tuesday after Godswill raised objections to the an- their leaders. to see someone who has the 15 Gold, 20 Silver and 7 of the Golds 11, silvers 9,
Akpabio, the president, nouncement. “It is unfair. Are we your majority and I wouldn’t an- Bronze while Noah’s Ark and Bronze 5 were shared
announced Abba Morro Okechukwu Ezea, a sen- slaves? Why will the Senate nounce him, it doesn’t matter won 12 Gold, 16 Silver and 17 between The Extra Step
of the Peoples Democratic ator representing Enugu president be picking leaders your personal reservations, Bronze. Insight went home Initiative’s “Soot Life Expec-
Party (PDP), represent- North said, “It is unfair for us? You have done your I just want to plead with my with 9 Gold, 16 Silver and tancy”, Loritem’s “Wasteful
ing Benue South as the and against the spirit of worst. You have pushed us colleagues to understand 15 Bronze. 19 other creative Culture” and Newsrooms
minority leader, and Osita Nigerian constitution”. He to the wall”, he yelled. that my job is not to take in- agencies participated in the vote to predict.
Ngwu, also a PDP senator, was not happy that PDP Afterwards, Akapbio dividual opinion, but to work competition, including Leo Steve Babaeko, CEO at
representing Enugu West, senators had dominated the asked the minority to put on the basis of truth. Burnet Limited, which took X3M Ideas, reacting to the
as minority whip. minority leadership. their house in order first, So, this issue of minority the 4th position with 9 Gold, various awards won by the
Morro takes over from He also noted that the saying he was only working leader or minority whip 4 Silver and 4 Bronze which victory, described it as an-
Simon Mwadkwon, while process for choosing mi- with what he was given. is for now rested until we gave the agency a total of 117 other wake-up call to his
Ngwu replaces Darlington nority leaders has not been ‘In my front, I have two produce an alternative pa- points. team to continue giving their
Nwokocha of the Labour completed among the mi- papers, the majority of the per in the future”, Akpabio In the final analysis, X3M best to any brief that comes
Party. Both senators were nority caucus. senators have signed for declared. Ideas’ Glo “School teacher” before them.
A4 www.businessday.ng WEDNESDAY 22 NOVEMBER 2023
LIVE @ THE EXCHANGES

Nigeria’s financial market: FX, local
Stock market fails investor capacity weigh down progress

Continued from back page
to stay on loss path

the millennia. Balance scoring pillar and there-
of payments imbalances fore requires policy-
continue to plague na- makers’ attention. The
tional treasuries, and score is suggestive of the
reserve holdings are lower ability of institu-
usually limited consid- tional investors such as
ering the continent’s ap- pension funds to drive
petite for foreign goods. Nigeria’s capital market
NIGERIA’s equities mar- The Nigerian Exchange Learn Africa rallied from N13.80 to N15.15, up growth. Per capita as-
by N1.35 or 9.78 percent. Access to foreign
ket failed to sustain previ- Limited (NGX) All-Share most from N2.80 to N3.08, exchange is a major sets under management
ous day’s loss after rising Index (ASI) and its market adding 28kobo or 10 per- Unity Bank, Univer- (AUM) and assets under
sal Insurance, Mutual challenge to economic
by 0.08 percent or N32bil- capitalisation increased cent. It was followed by actors in Nigeria and be- management as a ratio
lion at the close of trading from preceding day’s Mecure which rose from Benefit, Japaul Gold and of domestic financial
Veritas Kapital Assur- yond in general, and to
Tuesday. lows of 71,008.7 points and N6.30 to N6.93, adding the development of the market assets are the
ance were actively traded
Insurance, banking and N39.050trillion respective- 63kobo or 10percent. financial market in par- key indicators of this
stocks on Tuesday.
industrial stocks helped ly to 71,066.64 points and Also, NNFM went up ticular. Historically, the pillar. During the de-
In 6,549 deals, inves-
market to reroute north N39.082trillion. This year’s from N26.25 to N28.85, add- supply side has not been cline in commodity pric-
tors exchanged 491,397,660
after the negative take off return increased to 38.66 ing N2.60 or 9.90percent, shares valued at able to keep up with de- es, as aforementioned,
this week. percent. while Cadbury increased N3.221billion. mand. The most recent currency depreciation
episode was in part occa- brought about by deteri-
sioned by the nosedive orating current account
of commodity prices be- deficits had a negative
FG sees Caverton becoming hub for tween 2012 and 2016. Oil- impact on asset valua-
dependent Nigeria lost tion. This development
much-needed foreign ex- did not bode well for this
metric. Thus, there is a
aircraft maintenance in Africa

change and had to draw
on foreign reserves to correlation between this
defend the naira. In fact, pillar and that of access
Nigeria’s reserves fell to foreign exchange.
CAVERTON can become Notably, diversification
the hub for aircraft main-
by $7 billion between
2012 and 2017. Notice- into new products is
tenance in Africa looking not allowed for pension
at the facility it has on ably, foreign exchange
liquidity, gauged by funds in Nigeria. Addi-
ground, said Nigeria’s tionally, the maximum
Defence Minister, Mo- foreign exchange trades
in the interbank mar- amount of AUM that
hammed Badaru Abuba- can be allocated to un-
kar. ket, improved from $5.6
billion in 2018 to $7.8 secured securities and
The Minister noted stocks is 25%. As protec-
this on Tuesday dur- billion in 2019, with a
tive as these provisions
ing the facility tour of rebound in oil prices.
are of AUM, they appear
Caverton Helicopters’ However, such modest
to be retarding market
Maintenance, Repair and improvements in mar-
growth.
Overhaul (MRO) situ- ket liquidity dwarf the
Conclusion
ated inside the expansive active foreign exchange
The ability to com-
premises of Murtala Mu- markets of South Africa
mand, attract, and ef-
hammed lnternational ($1.7 trillion), Kenya
fectively deploy interna-
Airport, lkeja Lagos. ($34 billion), and Ghana tional capital is essential
He also during the fa- ($29 billion) for the same to the prosperity of any
cility tour commended period. Although capital nation. The influx of for-
Caverton Helicopters L-R: Chief Operating Officer, Caverton Offshore Support Group, Rotimi Makanjuola; Chairman, Caverton control policies subdue eign direct investment
management for their vi- Helicopters Ltd, Bello Gwandu, Minister of Defense, Mohammed Badaru Abubakar; Permanent Secretary FX volatility and there- (FDI) into Africa contin-
sionary and foresight in Ministry of Defence, Ibrahim Kana and Chief Executive Officer, Caverton Offshore Support Group, Olabode by keep reserves stable ues to be confined to a
bringing the state of the Makanjuola during Minister’s Visit to the Caverton Maintenance, Repair and Overhaul Facility (MRO) temporarily, volatility small number of nations
art facility to the country, at Murtala lnternational Airport, Ikeja on Tuesday, November 21. always lurks nearby in that work diligently to
thereby promoting the the shadow of disequi- create an environment
economic growth and de- we go abroad to buy will him Kana said “While we able Minister of Defence librium. In their bid to conducive to attracting
veloping human capital. be produced locally. And were on the tour of the for the Federal Republic curtail foreign exchange such investments. That
Badaru, who was the from what I have seen facility, my Honourable of Nigeria, His Excel- volatility, central banks said, this year has seen
second Minister to visit with you, we can partner Minister said to me in lency Mohammed Ba- are prone to the imposi-
Caverton within a month, daru Abubakar (MON), actions taken by the
in areas of air assets,” Hausa: ‘Seeing is believ- tion of administrative CBN to enhance foreign
said he was impressed by the Minister appreciated ing’. He came to Lagos Sardauna Ringim and controls over goods sub-
achievements of the com- Walin Jahun.” exchange accessibility.
Caverton Helicopters. to see what is on ground ject to import restric- It brought the various
pany. On ground to receive especially at Caverton” in Makanjuola told tions and export repatri-
He said, “Our dream his guest about Caver- foreign exchange mar-
the minister on Tues- his getting set for the mil- ation rules. The Central
in the Ministry of De- ton Offshore Support ket segments together
day were the Chairman itary industrial complex Bank of Nigeria picked a
fence is to produce all the Group, which he said to under the investor and
Caverton Helicopters, take off. leaf from this playbook,
equipment that we need Mallam Bello Gwandu, be a listed company on exporter window. More
“He came, he saw and as did the Bank of Ghana
for Defence in Nigeria Chairman of Caverton the Nigeria Stock Ex- so, a bilateral agreement
he is impressed by what (BoG) in 1971 and 2014.
and, here at Caverton, I Marine, Akin Kekere he saw. He is a talk-and- change. with a multilateral insti-
As it became known, tution like Afreximbank
have seen proofs of assur- Ekun, Chief Executive Of- do minister and will be According to him, additional issues were
ance that we can partner ficer, Caverton Offshore ready to work especially the Group “takes great for billions of dollars to
brought on by the un- shore up reserves has
to do it. Support Group (COSG), with you,” he said. pride in being the lead- stable foreign exchange
“I assure you that you Olabode Makanjuola, and In his welcome ad- ing offshore support been reported. It might
market and the hold-ups also help to relieve pres-
have what it takes to pro- Chief Operating Officer, dress, the CEO, Olabode logistics company in
in the repatriation of sure on the naira to in-
duce what we need and Rotimi Makanjuola and Makanjuola described Nigeria” with its sub-
foreign currency out of centivize multinational
we will partner. other top management the day of visit as special sidiaries, Caverton
“We are working tire- Marine and Caverton
Nigeria. External dis- corporations that aren’t
staff. because for the honour ruptions—results from
lessly to make sure that In his remarks, the of “hosting a very dis- Helicopters, equally listed on the Nigerian
in the next four years, positioned as leaders in the Russia-Ukraine Stock Exchange (NGX)
Permanent Secretary, tinguished guest in the
most of these equipment their respective fields. conflict and global mon-
Ministry of Defence, Ibra- person of the Honour- to do so. More so, policy
etary tightening—have
initiatives and direction
further complicated this
must be deliberate, tar-
predicament. Capital
geted, and not myopic
Seplat CEO wants Africa to reposition energy industry for future outflows have impacted
a significant portion of because the universe is
Africa and Nigeria as governed by laws, the
ROGER Brown, Chief Nigerian Association of He urged African tioning the oil and gas a result of flight safety. least of which is the in-
Executive Officer, Seplat Petroleum Exploration- countries to accept the sector for the future re- Thus, a less desirable visible hand.
Energy Plc has said that ists (NAPE) Internation- fact that energy has a key quires the understand- score of 44.1% was re-
Africa should reposition al Conference and Exhi- role to play in the future corded in terms of ac- Adjei is a banker with
ing of certain fundamen- Aztec Microfinance
the energy industry for bition. Brown delivered of the continent, and the cess to foreign exchange
the future and become integration of the energy
tals including accepting Bank Limited (FCT-
a stakeholder contribu- over the review period.
much more efficient with tion to the theme “Repo- value chain is essential the fact that the sector At an average score
Abuja) and an alum-
its energy resources. for the continent’s an- will have a key role to nus of Commonwealth
sitioning the Oil & Gas of 37.7%, the capacity of
The Seplat Energy ticipated progress. play well into the future Scholars and Fellows,
Industry for Future En- local investors stands
UK.
CEO said this at the 41st ergy Dynamics”. Brown said: “Reposi- – particularly in Africa. out as Nigeria’s worst
www.businessday.ng sign up for https://bit.ly/bdnewsletters WEDNESDAY 22 NOVEMBER 2023
INSIGHT
Nigeria’s financial market: FX, local investor
capacity weigh down progress
By Samuel Koranteng Adjei foreign investor confidence. able public debt profile and a
Fig 1. Nigeria’s 7-Yr Historical Score This pillar moderated the sound banking sector made
FINANCIAL market infra- country’s financial market up for poor economic growth.
structure and private capital performance for two consecu- Equally contributing to the
from Africa and beyond are tive years whilst the others average score of 68.4% for this
crucial to Africa’s progress. struggled. The pillar averaged pillar is the periodic provision
The growth of financial mar- 88.9% between 2017 and 2023. of macroeconomic data and
kets enables both domestic This pillar is the highest scor- monetary policy communique
and international investors to er for Nigeria and highlights by the regulatory authorities.
gain entry into rapidly devel- a transparent and regulated Nigeria’s alignment with
oping African nations. investing environment. The international legal and con-
The Absa Financial Mar- adoption of international ac- tractual standards, leading to
kets Index (AFMI) monitors counting conventions such the use of master agreements
the progress of indexed Afri- as International Financial Re- developed by the Interna-
can nations and highlights porting Standards (IFRS), the tional Swaps and Derivatives
the influence of policymakers, move by regulators to phase Association (ISDA), as well as
regulators, and market par- in Basel III capital framework the Global Master Repurchase
ticipants on the sustainable in bank capital adequacy Agreement (GMRA) and Glob-
development of their respec- requirement equally con- al Master Securities Lending
tive financial markets. The tributed to the higher scores. Agreement (GMSLA), serves
index employs both quantita- Policy moves that helped the to strengthen the legality and
tive and qualitative analysis to market included extending enforceability of rules in its
traded one place down in 2019 Sustained development
rank financial markets based the exemption from withhold- financial market. Netting-
to sixth. The drop in place was Generally, Nigeria’s financial
on the following six pillars: ing taxes on capital market off provisions made by the
attributed largely to its mul- market performed well in
market depth, access to for- transactions and modifying Companies and Allied Mat-
tiple exchange rate reporting. four out of the six scoring pil-
eign exchange, market trans- the tax system to increase the ters Act of 2020 and the Banks
The ranking rallied up to third lars of AFMI. Market depth,
parency, tax and regulatory revenue base while enhanc- and Other Financial Institu-
in 2020 with a score of 65%, market transparency, tax
environment, capacity of local ing the effectiveness of ad- tions Act of 2020 boosted the
buoyed by an enhanced con-
investors, macroeconomic score for the legal standard
tractual and legal framework Table 1. Nigeria’s Pillar specific rankings (2017-2023)
environment and transpar- and enforceability pillar. The
(close-out netting) in its repo
ency, and legal standards and score catapulted from 42% in
and derivative markets. Even
enforceability. The index has 2018 to 87% in 2020, signifying
though the country averaged
become an important tool for the importance of investor
65.8% between 2021 and 2023, it
institutional investors and confidence in standardized
held on to its third-place spot.
African countries at large in and enforceable contractual
This was made possible by
assessing their performance obligations. The strides made
its attractive regulatory and
relative to their counterparts. by the Central Bank of Nigeria
market environment and the
A review of the continent’s (CBN) in recognizing netting
adoption of standard master
financial markets through the arrangements for transac-
agreements, which encourage
index’s lens shows the dynam- tions using the aforemen-
investor confidence. Nigeria’s
ics of policy initiatives at play tioned global standard agree-
overall scores over the seven-
in each financial jurisdiction. ments culminated in Nigeria
year review period average
Notably, South Africa has averaging a score of 92.8%
62.8%. The policy initiatives
been the dominant financial post-2018. However, a much
and conditions that have con- and regulatory environment, ministration and regulation.
market over the seven-year higher score would not have
tributed to Nigeria’s financial macroeconomic environment Tax treaties and double taxa-
period, with all scoring factors been out of reach except for
market performance since the and transparency, and legal tion agreements with over
influencing her position posi- the lack of a well-established
maiden edition of AFMI are standards and enforcement a dozen nations and rising
tively. Mauritius, Namibia, insolvency framework.
discussed below within the constitute the golden geese of company ratings also boost
Botswana, and Kenya con- framework of the index. Nigeria. The country consis- market growth. Incentives
sistently jostle for a place in Emerging market challeng-
tently scored 50% and above for Environmental, Social and
the top five. Nigeria, Africa’s es
and averaged 61.3% for the Governance (ESG) asset issu-
biggest economy, on the other Most, if not all, governance
depth of its financial market ance and ESG integration into
hand, has been ranked third mechanisms in Sub-Saharan
except in 2017. The depth of the financial market standards
on the continent since the Africa have failed at the eco-
financial market is measured are further initiatives.
COVID-19 pandemic crisis. A Nigeria, Africa’s in terms of the equity and Incremental scores over
nomic structural retooling re-
quired post-independence for
bronze medallion is fine, but biggest economy, bond market sizes as well as the seven-year period were re-
sustained economic growth.
why settle for it when gold liquidity. The small but highly corded for the macroeconomic
is more desirable? Bringing
on the other active equity market, the environment and transparen-
The commodity-led (less-val-
to the fore the factors deny- hand, has development of sukuk bonds, cy factors. It is one of two pil-
ue) export-led economies in-
herited in the 1950s and 1960s
ing Nigeria a pole position is been ranked and the plethora of products lars in which Nigeria scores
have not changed much. De-
the spirit of this brief. After such as equities, corporate 50% and above for the indica-
all, after rebounding from a
third on the bonds, government bonds, FX tors measured in three key ar-
pendency on revenue accruing
sixth-place finish in 2017, Ni- continent since swaps, currency futures, and eas of economic performance
from such commodities as co-
coa, gold, and oil to implement
geria’s financial market has the COVID-19 ETFs on the market position (GDP growth and export com-
the many post-independent
stagnated at third place for the Nigeria well with respect to petitiveness), financial risks
past four years.
pandemic market depth. The existence (debt profile and health of the
development plans without
crisis. A bronze of a functioning primary and banking sector), and macro
strategic risk management
cost the continent a decade of
Nigeria’s scorecard (2017- medallion is fine, secondary market for gov- transparency (transparency
economic retrogression. The
2023) ernment instruments also in monetary and fiscal policy
Nigeria’s financial market
but why settle for contributes positively to the communications). Negative
rampant military takeovers of
ranked sixth in the inaugural it when gold is market’s development. economic growth (recession)
the 1970s, usually with a rheto-
ric to fix the economy, were
edition of AFMI with a score more desirable? The transparency of Nige- coupled with a subdued oil
a dire result of such failures.
of 53%. An improved score of ria’s financial market along- price were major pain points
61% positioned the country Not much has changed since
side the tax and regulatory for Nigeria over the review
at fifth in 2018. The country environment fosters local and period. Nonetheless, a sustain- Continues on page A4
Published by BusinessDAY Media Ltd., 6A George Street, off Mobolaji Johnson Avenue, Ikoyi, Lagos, Nigeria. Advert Hotline: 08033225506, 08033042209. Subscriptions 01-2950687, 07045792677. Newsroom: 08164361208
Editor: Tayo Fagbule. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.

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