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REQUEST FOR EXPRESSION OF INTEREST (EOI) – NIGERIA DIASPORA FUND PDF Free Download

REQUEST FOR EXPRESSION OF INTEREST (EOI) – NIGERIA DIASPORA FUND PDF free Download. Think more deeply and widely.

Telcos renew push for first tariff

hike in 11 years after rare losses

By Temitayo Jaiyeola

Continues on page 31

TELECOMMUNICATION com-

panies in Nigeria are renewing

their push for an increase in

prices of calls, data, and other

services after multiple failed

attempts in the last 11 years.

In a communique signed by

the Association of Licensed

Telecom Operators of Nigeria

(ALTON) and the Association of

Telecommunication Companies

of Nigeria (ATCON) Thursday,

Samantha Power (l), administrator of the United States Agency for International Development (USAID); with Akinwumi Adesina, president, African

Development Bank (AfDB) Group, after the signing of memorandum of understanding between USAID and AfDB Group to nance women fund

managers in Africa to support women on climate change solutions, held in Washington, recently.

the telcos argued that the cur-

rent prices are insufficient to

maintain their business opera-

tions.

The telecom providers are

advocating for cost-reflective

tariffs, claiming that adverse

economic headwinds are threat-

ening their financial viability.

The operators stated that its

general service pricing frame-

work has not been reviewed up-

ward in the last 11 years because

of regulatory constraints.

“For a fully liberalised and

deregulated sector, the current

price control mechanism, which

is not aligned with economic re-

alities, threatens the industry’s

sustainability and can erode

investors’ confidence,” the tel-

cos said.

This push for higher prices

coincides with MTN Nigeria

reporting a loss due to foreign

exchange losses in 2023 and

Airtel experiencing declining

profits amid an economic down-

turn in the country.

In 2023, Airtel and MTN Nige-

ria lost N1.29 trillion to the naira

devaluation. MTN posted a loss

after tax of N137 billion for the

2023 financial year, even though

its service revenue grew by 22.4

percent to N2.5 trillion. Airtel

recorded a significant drop in

revenue for the nine months

ending December 31, 2023.

The telco’s revenue fell to $1.24

billion from $1.59 billion as the fall in

News you can trust

Friday 26 April 2024

Vol. 21, No 1,666 N500 www.businessday.ng facebook/businessdayonline @businessdayng @businessDayNG

Maize 605.00 0.00% ACI-Points 471.98 2.21%

Sorghum 572.00 4.04% AEI-Points 1,186.36 0.00%

Soybean 600.28 0.00%

Turnover-NGN’ mn

53,205,560.98

99.99x

Ginger 990.00 0.00% Contracts Traded 82,360,00

99.99x

Cocoa 12,500.00 0.00%

EURO BOND 10YR

10.31%

Foreign Reserve $33.30bn

Cross Rates GBP-$:1.26 YUAN -175.72

Commodities ($)

Cocoa Gold Crude Oil

$4,736.00 $5,589.00 $81.55

Commodities Cash Settled Price(NGN-1kg) D-o-D (%) Benchmark Value D-o-D %

OPEN CLOSE %CHANGE

NGX ASI 98,135.42

98,169.30 0.03%

1YR NTB

26.57%

FGN BOND 10YR

19.56%

INVESTMENT ONE

FMDQ Close

Foreign Exchange NTB

Market Spot ($/N) 24-Oct-24

NAFEM 1309.88 -4.57

20.67

Exchange-Traded FX 3M 6M

Futures Rates ($/₦) 31-Jul-24 30-Oct-24

1418.12 1483.62

Cleared USD/NGN NDFs

13M 18M

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1633.32 1760.11

Businesses relieved

as Apapa-Oshodi

Expressway breathes

again

>> Turn to page 30

Investigation:

New multipurpose

ID card raises

concerns amid N80bn

NIMC budget, NIN

registration struggles

>> Turn to pages 14 & 19

Jollof rice hits

N16,955, now a once-a-

month affair

>> Turn to page 30

AHMED Salihijo, former head

of the Rural Electrification

Agency (REA), was fired after

first raising concerns about

financial irregularities within

the agency, BusinessDay’s find-

ings have revealed.

While the official details re-

main scant, sources close to the

investigation have shed light

on how senior officials of REA

are enmeshed in allegations of

corruption that frustrate any

efforts at reform by any chief

executive of the agency.

BusinessDay’s findings

showed Salihijo had first re-

ported irregularities within

the agency’s Treasury Single

How ex-REA

boss was fired for

fraud he exposed

By Dipo Oladehinde

Continues on page 31

FRIDAY 26 APRIL 2024

2www.businessday.ng

FRIDAY 26 APRIL 2024 www.businessday.ng

FRIDAY 26 APRIL 2024

4www.businessday.ng

FRIDAY 26 APRIL 2024 www.businessday.ng

INSIDE

NEWS

6www.businessday.ng FRIDAY 26 APRIL 2024

Labour casts doubt on implementation

of New Minimum Wage in May

Awarri unveils Nigeria’s first multilingual

language model to boost AI

By Anthony Nlebem

THE Trade Union Congress

of Nigeria (TUC) has dis-

missed the likelihood of state

governors collaborating with

the Federal government to

implement a new minimum

wage for Nigerian workers

in May.

Following a National Ex-

ecutive Council meeting,

TUC President, Comrade

Festus Osifo, expressed dis-

satisfaction with the lack of

progress in negotiations on a

new minimum wage with the

Federal government.

Osifo highlighted the fail-

ure of some states in the

Niger Delta region, which

received substantial alloca-

tions from the Federation

Account, to fulfil their obli-

gations of paying the wage

awards or providing pallia-

tives to their workers. Spe-

cifically, he called out Delta,

Imo, and Benue states as the

primary offenders.

Criticizing the approach

of certain state governors

towards fulfilling wage ob-

ligations and distributing

palliatives, Osifo said, “There

is no denying the economic

hardship we are facing to-

day. At the federal level, we

engaged the Federal Gov-

ernment, as you are aware,

since last year, leading to the

signing of the communique

on October 2, 2023.”

“And after that commu-

nique was signed, we also

AWARRI has unveiled Ni-

geria’s first Multilingual

Language Model (LLM)

to boost AI technology in

Africa.

Developed in collabo-

ration with the National

Information Technology

Development Agency

(NITDA), the National

Centre for Artificial In-

telligence and Robotics

(NCAIR), and data.org,

this initiative marks a

significant milestone in

Nigeria’s AI landscape.

The LLM, powered by

Awarri’s Artificial In-

telligence technology, is

designed to be trained in

five indigenous Nigerian

languages.

The innovative ap-

proach aims to build the

largest dataset of native

Nigerian languages, lay-

ing the foundation for the

development of AI models

and applications tailored

to Nigeria’s linguistic di-

versity.

Currently supporting

five of Nigeria’s most spo-

ken languages - Yoruba,

Igbo, Hausa, Pidgin, and

Ibibio - alongside accented

English, the platform in-

vites users to contribute

THE United States Govern-

ment has said that Godwin

Emefiele, a former gover-

nor of the Central Bank of

Nigeria (CBN), and Nnamdi

Kanu, the leader of the In-

digenous People of Biafra

(IPOB) were examples of in-

dividuals arrested arbitrar-

ily and detained by security

personnel.

The U.S noted that

lengthy pretrial detention

has remained a problem,

Emefiele, Kanu arrested arbitrarily - US Govt

REPORT

Pg 8

Pg 27

denying detainees access to

a court and frustrating the

country’s judicial system.

The U.S. Department of

State disclosed this in its

‘2023 Country Reports on

Human Rights Practices:

Nigeria,’ published on its

website on Tuesday.

It said that in the pros-

ecution of corruption cases,

law enforcement and intel-

ligence agencies did not

always follow due process,

Head coach of Nigeria’s

U17 girls team, Bankole

Olowookere, has invited

25 players to camp ahead

of next month’s FIFA U17

Women’s World Cup quali-

fying fixture against Bur-

kina Faso.

The list includes four

goalkeepers, seven defend-

ers, seven midfielders and

seven forwards.

U17 Women’s W’Cup: Olowookere

invites 25 players for Burkina Faso cracker

SPORTS

Pg 38

Harmony Chidi, who

scored five of the 12 goals,

as well as Ramota Kareem

WHEN I assumed the role

of MD/CEO at Eko Elec-

tricity Distribution Com-

pany (EKEDC) in 2022, I

faced significant hurdles,

including ATC&C losses

at 29.87 percent and CE

losses at 82.69 percent.

With my team’s support

and dedication, we began

addressing these challeng-

es, striving for operational

improvements. Over time,

we made notable progress,

COMMENTARY

The transformative impact of Sanda as Eko Disco’s boss

reducing ATC&C losses

to 1 percent and improv-

ing CE to 99.25 percent by

March 2024.

Similarly, EKEDC

achieved its highest-ev-

er monthly collection of

N17.1 billion in January

2024, highlighting our

financial acumen and

strategic vision. It is note-

worthy that these achieve-

ments were recorded

without the need for a

tariff increase. Our focus

on operational efficien-

empowered our respective

state councils to follow up

with their state government

to ensure two things. One,

put in place palliative. Pal-

liative is for the immediate,

palliative is not a permanent

solution to the economic

downturn that we are facing

today as a country, palliative

could solve immediate chal-

lenges, but it will not be able

to meet them in the long run.

Palliative cannot solve our

problems.

“So that is why we were

also yearning for a sustain-

able and robust solution, a

solution that would meet the

yearnings of the Nigerian

workers and indeed the Ni-

gerian masses because that

is why the governments are

elected from the federal to the

local government level.

“We collated report

across the various states in

the country and, in that re-

port, we could see that some

states have been doing well

by translating English

sentences into their local

language through audio

recordings.

Awarri plans to expand

its language coverage to

include more Nigerian

languages in the future.

Silas Adekunle, CEO

of Awarri, emphasised

the significance of this

launch for Nigeria’s AI

development.

“A first for Nigeria,

the launch is a critical

step in the development

of AI in Africa. One of

our goals with the LLM

is to demonstrate the key

role technology can play

in persevering Nigeria’s

many cultures,” Adekun-

le said.

in terms of payment of wage

awards, in terms of putting

palliatives in place and in

terms of putting in place a

more robust and a substan-

tive solution to solving the

issues that we have today as

a country.

“Some of these states that

are worthy to be mentioned

are Borno, Oyo, Lagos, Ka-

duna, Rivers, Yobe, Bayelsa,

Ebonyi, and the Federal

Capital Territory.

“But we have some states

that have done nothing.

Even some states in the Ni-

ger Delta that are receiving

over N20 billion per month,

have literally done nothing

to solve the economic chal-

lenges of today and also put

in place a sustainable solu-

tion for tomorrow.

“And top on that list is

Benue, the state has done

nothing for the workers.

Benue State has done noth-

ing for the masses as well.

Nothing has been done in

Benue.

“And also, there is Anam-

bra State. We were a bit sur-

prised because we felt that if

that state is being led by an

economist, he should be able

to put on his thinking cap.

“Delta tops the list of

states that collect fat alloca-

tion from the Federation Ac-

count. Delta is number one

on that list. It is surprising

to know that the Delta State

governor is doing nothing to

uplift the plight of workers.”

Adekunle further high-

lighted the importance of

data in AI development,

noting that the initiative

will enable the collection

of new datasets in indige-

nous Nigerian languages,

empowering the nation

to develop AI tools with a

profound understanding

of its cultural and linguis-

tic intricacies.

“Data is central to the

development of all AI

models and applications.

The launch will enable

us to capture entirely new

data sets in indigenous

Nigerian languages allow-

ing us as a nation to build

AI tools with a deep un-

derstanding of Nigeria’s

cultural and linguistic

nuances.”

THE seasoned naira devalu-

ation has seen rippled effect

across local and interna-

tional businesses operat-

ing in various capacities

nationwide including the

entertainment business

and for Mdundo, an Africa-

focused music streaming

service its Q3 fiscal report

tells a similar tale.

The Kenyan music start

up, Mdundo, according

to their reports, said that

its revenues have come

in short of forecasts due

to Nigeria’s Naira crisis.

Nigeria is one of Mdundo’s

key markets, along with

Naira crisis hits hard on African focused streaming platform

ENTERTAINMENT

Pg21

Kenya, Ghana, Tanzania

and South Africa which all

accounted for two-thirds

of the company’ monthly

active users (MAUs) as of

last year.

Mdundo, which is listed

on the Danish stock ex-

change and reports earn-

ings in Danish kroner, said

it currently targets revenue

of DKK 12 million to 14 mil-

lion (USD $1.71 million to

$1.99 million) for fiscal year

2023-2024, which ends June

30, 2024.

According to the

reports,this is below its

forecast from mid-2023,

when the company expect-

ed revenue for 2023-2024 to

come in at DKK 17 million

to 21 mil- lion ($2.42 million

to $2.99 million).

“Subscription and ad-

vertising revenue growth

measured in DKK is impact-

ed by a 38 percent decline

Olowookere, who led

the Flamingos to a first-ev-

er World Cup bronze medal

finish in India last year,

saw the girls fire from all

cylinders in a 12-0 rout of

their counterparts from the

Central African Republic

over two legs in Douala and

Abuja in the second round

of the African qualifying

series in February.

leading to the arrest of sus-

pects without appropriate

arrest and search warrants.

According to the report,

Pg23

BUSINESS SOUTH SOUTH

Mission to recover Aba is unstoppable - commissioner

THE mission of Gov-

ernor Alex Otti’s ad-

ministration to recover

and reposition Aba, the

commercial hub of the

State, is an unstoppa-

ble one, driven by his-

tory, commitment and

dedication, says Uzor

Nwachukwu, Abia State

commissioner for Local

Government and Chief-

taincy Affaires.

Nwachukwu, who

was on tour of Aba South

Lo- cal Government

who was impressed with

the ongoing reconstruc-

tion of the Ancient Aba

Town Hall, which was

Area, to oversee ongoing

projects in the area, said

that Aba is important

to every Igbo man, as

it is the industrial hub

of the South East Zone,

regarded as the Japan

of Africa and had in the

past, serviced the South

East and South-South

Zones with innovations,

as well as in commerce,

which makes the city’s

recovery important to

the State Government.

The Commissioner,

FRIDAY 26 APRIL 2024 www.businessday.ng

NEWS

By Temitayo Jaiyeola

TELECOM

Nigeria’s internet usage hits record

high on rising 5G subscriptions

NIGERIA’S internet data

usage surged to a record

in March 2024, new data

from the Nigerian Commu-

nications Commission has

shown.

Data usage rose 8.43

percent to 753,388.77 tera-

bytes (TB) in March from

694,804.54 TB in February,

marking a return to growth

after a recent dip.

The rise is attributed

to a significant increase in

4G and 5G subscriptions,

reflecting the country’s fast

internet capacity.

March saw 5G subscrip-

tions reach 2.72 million,

while 4G subscriptions

climbed to 71.70 million.

This was a marginal in-

crease from the 2.59 million

5G subscriptions and 70.54

million 4G subscriptions

recorded in February.

Meanwhile, 2G and 3G

subscriptions continued to

decline.

Karl Toriola, the chief

executive officer of MTN Ni-

geria, said recently, “5G has

been instrumental towards

servicing digitisation; a lot

of people are shifting their

consumption from tradition-

al voice and circuit switch

services to data services…”

This growth also coin-

cides with rising mobile in-

ternet subscriptions (163.89

million) and broadband

penetration (43.53 percent).

Mobile subscriptions fell

marginally by 0.31 percent

to 219.01 million in March.

Nigeria’s internet us-

age is at an all-time high,

highlighting the country’s

increasing dependence on

digital services and smart-

phone penetration. It surged

from 353,118.89TB in De-

cember 2021 to an average

of over 600,000 TB monthly.

The NCC recently attrib-

uted this growth to the CO-

VID-19 pandemic, which led

to a spike in online activity

and smartphone adoption.

GSMA recently estimated

that smartphone penetra-

tion in the country stood at

52 percent in 2022.

Ericsson has predicted

that data consumption will

continue to rise in Nigeria

until 2028, driven by smart-

phone traffic.

Agreeing, GSMA said,

“The increase in data traf-

fic will be driven mainly by

the growing usage of data-

heavy services, primarily

video streaming and online

gaming.

By Hope Moses-Ashike

ECONOMY

African economies lose $13.7bn

to adverse climate events

AFRICAN economies lost

US$ 13.7 billion to adverse

climate events, following

scant progress in adopting

and domesticating disaster

risk reduction policy in

Africa.

This was revealed in a

report produced by a team

of experts convened by

the United Nations Eco-

nomic Commission for

Africa (ECA), in collabora-

tion with African Union

Commission, the United

Nations Development Pro-

gramme Regional Bureau

for Africa (UNDP-RBA),

and the African Develop-

ment Bank (AfDB) ahead

of the 10th Session of the

Africa Regional Forum

on Sustainable Develop-

ment (ARFSD-10) in Addis

Ababa, Ethiopia.

On the Sustainable De-

velopment Goal (SDG) 13,

the report shows 60 percent

of worldwide climate disas-

ters were recorded in Af-

rica. 12.5 million Africans

were adversely impacted

by climate disasters.

Only 29 countries have

national risk reduction

strategies in Africa. Few Af-

rican countries have main-

streamed climate change

into national plans which

are highly lopsided on

building resilience in the

agricultural sector alone.

Africa is making prog-

ress in 12 of the 17 SDGs,

but the current pace of

progress is insufficient to

achieve the goals by 2030,

according to an expert re-

port on the progress on

Africa Sustainable Devel-

opment.

The report indicates

that progress on the SDG

agendas varies across sub-

regions. West and North

Africa are the best perform-

ers. While East Africa has

relatively low performance.

“None of the subregions

is on track on achieving the

SDGs goals. There is also a

general issue of lack of data

in tracking the progress in

Africa,” says the experts

report.

Antonio Pedro, deputy

executive secretary for

programme support at the

ECA underlined the lack

of robust data as a major

hurdle in tracking progress

accurately. Improving data

systems to effectively moni-

tor and achieve the SDGs is

essential, he stressed.

“Addressing wide-rang-

ing challenges—including

social, political, environ-

mental, and economic—is

essential; specific focus ar-

eas like women’s empower-

ment, peacebuilding, and

security need targeted atten-

tion,” said Pedro, stressing

the need to take advantage

of technological advances,

including artificial intel-

ligence, to target interven-

tions and achieve the SDGs

with greater efficiency.

He said there is a need

to foster domestic resource

ECONOMY

Nigeria’s 1yr T-bill 6 times

oversubscribed despite liquidity squeeze

Guinness Nigeria’s profit surges 27% to N22.2bn

NIGERIA attracted six times

more cash than it planned

to raise from the sale of

one-year Treasury Bills on

Wednesday despite a liquid-

ity squeeze that muted the

interest of local banks.

Investors staked a total of

N725 billion on the one-year

bill versus the N122 billion

that was offered. Nigeria

eventually sold N334 billion

at a yield of 26.1 percent, the

same interest rate as the last

auction.

The oversubscription of

the treasury bill was despite

the liquidity squeeze in the

market. Total subscriptions at

the auction was N757 billion,

the lowest level this year.

“The banks are not so

buoyant in terms of liquid-

ity and couldn’t pull their

weight in the auction, that’s

why subscription levels

were low compared to the

previous auctions and CBN

GUINNESS Nigeria, a bev-

erage alcohol company in

Nigeria and a subsidiary of

Diageo Plc, has recorded 27

percent growth in operating

profit to N22.21 billion.

The brewer recorded 28

percent year-on-year rev-

enue growth to N220.3 billion

compared to N172.5 billion

in the same period last year.

“While the current mac-

roeconomic environment

will continue to present chal-

lenges, I am confident in the

resilience of our business

and our ability to navigate

the volatility,” Adebayo Alli,

had to maintain elevated

yields,” said Oladipo Sam-

uel, portfolio manager at

Lead Asset Management

Limited, an asset manage-

ment company.

More than double of the

N7.8 billion offered in the

91-day bill was demanded,

and N16.5 billion was sold.

The CBN sold a total of

N362.45 billion across all

tenors, more than double

the N142.45 billion it offered.

The yield on the 182-day bills

and 91-day bills were also

maintained at 18.58 and 16.93

percent respectively

Samuel said the market

was tight currently, as the

Standing Lending Facility

window has been over a tril-

lion for the past two days.

The Standing Lending

Facility (SLF) is a line of

short-term credit available

for commercial banks to

draw on when they need to

meet immediate short-term

withdrawals from their cus-

managing director/CEO of

Guinness Nigeria Plc said.

“Our focus remains

steadfast on innovation,

and stepping up operational

excellence to meet our con-

sumers’ evolving tastes and

preferences. Led by our stra-

tegic vision that prioritise

long-term sustainability

and shareholder value, we

are poised to emerge even

stronger.

“The company intensified

its focus on consumer en-

gagement and trade support,

leveraging its digital plat-

forms. Notably, categories

such as non-alcoholic malt,

ready-to-serve beverages,

tomers.

In March the Monetary

Policy Committee raised

the interest rate by 200bps to

24.75 from 22.75 percent and

increased the asymmetric

corridor to +100bps/-300

basis points.

Similarly, Joshua Jo-

seph, fixed income analyst

at CSL Stockbrokers said

that the liquidity in the

market is very low.

“As at close of business

Tuesday, liquidity was a

negative of N800 billion. On

Monday banks tapped into

the SLF window to get about

N1 trillion and that resulted

in the negative we saw,”

Joseph said.

CBN data show that the

SLF was at N1.05 trillion as

of Wednesday.

“A lot of banks have been

borrowing from the SLF

window and when a bank is

exposed to SLF it can’t go for

auctions, because the CBN

won’t allow it,” Samuel said.

and international premium

spirits witnessed substantial

revenue growth, underscor-

ing the effectiveness of these

strategies,” it said.

Guinness Nigeria stated

that it recorded unrealised

forex losses amounting to

N81 billion. “This was attrib-

utable to the continued de-

valuation of the naira, clos-

ing the quarter at N1,351/$1.

“Despite this setback,

recent trends suggest a re-

versal, with the Naira ex-

hibiting signs of stability

in recent weeks, offering a

glimmer of hope for potential

exchange rate gains in the

last quarter of the fiscal year.

By Eniola Olatunji

By Folake Balogun

mobilization through evolv-

ing a better and innovative

tax system. Countries need

to improve institutional

governance, strengthen

data collection, analysis

and reporting and devise

better strategies for debt

restructuring.

The SDGs goals on the

ARFSD-10 agenda are: Goal

1 (No poverty), Goal 2 (Zero

Hunger), Goal 13 (Climate

Action), Goal 16 (Peace,

Justice and Strong Institu-

tions; and Goal 17 (Partner-

ships for the Goals) and

the corresponding goals of

Agenda 2063.

On goal 1 (No poverty),

the report shows that pov-

erty in Africa is dynamic,

deep rooted, and multi-fac-

eted. So, attention should

also be paid to vulnerable

people who are at risk of

falling into poverty.

Africa still accounts for

over half (54.8%) of global

poverty. Particular at-

tention therefore needs

to be paid to addressing

child poverty – the number

of children living in ex-

tremely poor households,

as about 7 out of 10 poor

children live in Africa. In

addition, lack of access to

clean water, sanitation,

energy, health, and educa-

tion services coupled with

inequality, infrastructure

gaps, climate change, eth-

nic conflicts and limited

employment opportunities

are among the key drivers

of poverty in Africa.

8FRIDAY 26 APRIL 2024www.businessday.ng

…decries pre-trial detention in Nigeria

NEWS

By Wasiu Alli

REPORT

Emefiele, Kanu arrested

arbitrarily - US Govt

THE United States Govern-

ment has said that Godwin

Emefiele, a former gover-

nor of the Central Bank of

Nigeria (CBN), and Nnamdi

Kanu, the leader of the In-

digenous People of Biafra

(IPOB) were examples of

individuals arrested ar-

bitrarily and detained by

security personnel.

The U.S noted that

lengthy pre-trial detention

has remained a problem,

denying detainees access to

a court and frustrating the

country’s judicial system.

The U.S. Department of

State disclosed this in its

‘2023 Country Reports on

Human Rights Practices:

Nigeria,’ published on its

website on Tuesday.

It said that in the pros-

ecution of corruption cases,

law enforcement and intel-

ligence agencies did not

always follow due process,

leading to the arrest of sus-

pects without appropriate

arrest and search warrants.

According to the report,

the Department of State

Services (DSS) detained the

suspended CBN governor

“for investigative reasons”

on June 10 after which a Fed-

eral High Court in Lagos,

on July 25, granted him bail

and ordered he be held at the

Ikoyi Correctional Centre

until the bail was made.

“However, the DSS im-

mediately attempted to ar-

rest Emefiele again, and a

fight reportedly broke out

between DSS agents and

Nigerian Correctional Ser-

vice officers as each group

tried to take Emefiele into

custody,” the report stated.

Meanwhile, the former

CBN governor was released

on bail on November 8 be-

fore he was later charged

with corruption.

Similarly, the report not-

ed that the DSS continued to

detain Nnamdi Kanu, leader

of the Indigenous People

of Biafra, a government-

designated terrorist organ-

isation on national security

grounds.

Kanu was charged on

several counts including

treason, terrorism, and il-

legal possession of firearms.

“In 2017, Kanu fled

abroad after skipping bail,

but was arrested and re-

turned to the country in

2021,” the report stated.

However, in 2022, an ap-

peal court in Abuja dropped

all charges against Kanu

and ordered his release,

which the Federal Govern-

ment appealed.

“On December 15, the

Supreme Court overturned

the appeals court ruling and

stated Kanu faced terrorism

charges, even though Nige-

ria’s secret police had vio-

lated Kanu’s rights during

his arrest and extradition.

Kanu remained incarcer-

ated at year’s end,” the US

said.

The report stated that a

shortage of trial judges, trial

backlogs, endemic corrup-

tion, bureaucratic inertia,

and undue political influ-

ence hampered the judicial

system.

“Some detainees had

their cases delayed because

the Nigeria Police Force

and the Nigerian Correc-

tional Service did not have

vehicles to transport them

to court.

“Some individuals re-

mained in detention because

authorities lost their case

files. In general, the courts

were plagued with inad-

equate, antiquated systems

and procedures,” the US

said.

OPINION

FRIDAY 26 APRIL 2024 www.businessday.ng

Let’s talk about family!

kpa man, was from the lin-

eage of Limans, mission-

aries, and well-educated

men and women, while

my mom was the daughter

of a great trader, Alhaji

Lani Boyi, who built the

first upstairs after the

Ohinoyi. My grandmother

Mama Mariamu’s broth-

er, Alhaji Yunus Ustaz

Abdullah, went on to be-

come Grand Khadi of Kogi

State before his passing.

His brother, the erstwhile

Imam of Okene, and my

father’s elder brother, the

Imam of Emanyi.

On my father’s side, we

have numerous Catholic

priests. I am truly the

daughter of great line-

ages, and I am thankful. I

am surrounded on either

side by the prayers of my

family.

Not everyone is this

lucky. I always tell eve-

ryone who cares to listen

that I have been blessed

with my own family, a

good man as my spouse,

and wonderful children.

Again, not everyone is

this lucky. But what I say

today does not mean we

do not disagree as a fam-

ily, as husband and wife,

as children and parents.

But it’s all about how we

I do for them. Our parents

have since passed, but we

huddle together and try to

speak with each other as

often as we can, no matter

how far we are from each

other.

In all of this, be not

deceived; there will al-

ways be that aunt who

is difficult or a sibling

who plays hardball. There

would always be a child

who grew up feeling un-

loved by their parents and

another who felt aban-

doned. These people be-

come difficult adults, but

they will always surprise

you when, in the middle

of a storm, they are the

ones who come through

for you. Family is an un-

breakable spirit where, at

the end of a global DNA

test, we may find that

we are all related to each

other at the hip.

As you grow older, try

to make peace with that

grumpy aunt or that sour

uncle. Gift them some

fruit and fabric, no matter

how difficult they seem to

be. In the end, that com-

munity spirit and those

family ties that Nigeria

and Africa promote so

well are what would keep

us all centred. Our shared

humanity is what we need

to heal. We all have uncles

who still give us 5,000

naira when we visit, and

those aunties who empty

their barn of corn to gift

you. They still see you as

that 10-year-old who used

to sit on their lap. As they

begin to ebb away, our fa-

thers and mothers, aunts

and uncles, let’s do well

to visit.

Look into their eyes

and bring some light to

their slow gait. Family

is everything. If you do,

do not believe me. Read

“A Day Late and a Dollar

Short” by Terry McMil-

lan, a novel about dys-

functional families, and

be grateful for yours. Me,

I am always grateful for

mine. Believe me!

We see things differently

from them. They are dif-

ferent. They think we are

always judging them, and

the rhetoric is always...

Mummy, you don’t under-

stand. Daddy, you don’t

understand. It’s time to

wear a cap and under-

stand each other.

Last week, at a meet-

ing in an office, we took a

break and chatted about

something else. A young

lady was talking about

how, at each stage in our

lives, we are different

types of parents. She said

I am more patient with

my one-year-old than I am

with my ten-year-old.. We

are very different types of

parents at each stage in

My latest in-law is white

American, and my latest

niece is half Nigerian

and half American. My

children now have an

American cousin, as they

have cousins in our local

government and in our

homestead, where the

palm trees are as tall as

a four-story building and

fresh air is free.

But family is beyond

the physical. It’s the build-

ing of heartfelt relation-

ships, the sacrifices we

make for each other, and

the love that’s enough to

go around. I have siblings

who can go to the end of

the earth for me, and I can

do the same for them. Peo-

ple who look out for me as

I CONSIDER myself a

very lucky woman who

grew up surrounded by

some of the finest groups

of people—my family. My

parents were together

when I could remember.

Both from different eth-

nic backgrounds thrived,

even though I often heard

my mom speak Igala with

her own accent. It must

have been difficult at the

time to marry from across

the river. She, in fact, was

Ebira from the hilly and

beautiful landscapes of

Okene.

My father, a proud An-

“Indeed, family is so dynamic now, and

with migration taking centre stage now,

families are becoming multiracial. My

latest in-law is white American, and my

latest niece is half Nigerian and half

American”

mend, how we heal, how

we communicate, and how

we grow.

At over 60, I cannot say

we have not had disagree-

ments with our children.

our lives, and I agree.

Indeed, family is so

dynamic now, and with

migration taking centre

stage now, families are

becoming multiracial.

Innovation and integrity: The legacy of Darren Davies

Properties in the Nigerian real estate market

seem to have changed the real

estate industry and left a last-

ing impression on those who

want to follow in his footsteps.

“I am humbled to receive

this honorary doctorate,” Mr.

Olowokere added. “It is a privi-

lege to be recognised for my

work, and I am committed to

continuing to contribute to the

growth and development of the

real estate sector in Nigeria

and beyond.”

DDP’s reputation for in-

novation is not merely a tag-

line but a cornerstone of their

operations, evident in their

proactive adoption of cutting-

edge building technologies.

From incorporating sustain-

Sure, snagging “Property

Company of the Year” is a ma-

jor feat. It’s like being crowned

champion after a tough com-

petition. But when it comes

to Darren Davies Properties’

award, one question lingers:

who exactly is doing the crown-

ing? The Nigerian Real Estate

and Property Awards sound

impressive, but are they a

household name within the

industry or more of a local

ceremony? Shedding light on

the judging process would be a

big plus. Were industry heavy-

weights involved, or was it a

more intimate affair? Know-

ing this helps us understand

the weight of the award and

whether it truly places DDP at

the top of the real estate game.

Getting an honorary doc-

torate is a big deal for Mr.

Olowokere. It shows his hard

work and major contributions

to real estate. This award isn’t

just about his leadership; it’s

also about the expertise he’s

gained from years in busi-

ness. It seems like he’s been

working very hard, using in-

novative ideas, and aiming

for excellence throughout his

career. This could make him

a role model for both young

and experienced people in real

estate. His story of success,

from starting with nothing to

reaching the top, is inspiring.

His passion and dedication

able materials and energy-

efficient designs to embracing

smart home automation sys-

tems, DDP consistently dem-

onstrates a commitment to re-

ducing environmental impact

while enhancing the quality of

living spaces. For instance, in

their latest residential develop-

ment project, DDP partnered

with leading architects and

engineers to integrate state-

of-the-art green building solu-

tions, such as solar panels and

rainwater harvesting systems,

showcasing their dedication

to eco-conscious construction

practices.

Moreover, DDP’s commit-

ment to client success tran-

scends mere satisfaction—it

encompasses a holistic ap-

proach to meeting and exceed-

ing client expectations at every

stage of the real estate journey.

Beyond delivering exceptional

properties, DDP prioritises

personalised experiences and

long-term relationships, ensur-

ing that each client’s unique

needs and aspirations are not

only met but surpassed. A

prime example of this dedica-

tion to client success can be

seen in their track record of

delivering projects ahead of

schedule and within budget, all

while maintaining the highest

standards of quality and crafts-

manship. Additionally, DDP

goes the extra mile by offering

comprehensive post-purchase

support and property manage-

ment services, empowering

clients to thrive in their new

homes or investment ventures.

In essence, DDP’s forward-

thinking approach and unwa-

vering commitment to client

success are not just empty

promises but tangible realities

woven into the fabric of their

operations. Through innova-

tive technologies, sustainable

practices, and unparalleled

client-centricity, DDP con-

tinues to set the standard for

excellence in the real estate

industry, enriching lives and

shaping communities one suc-

cessful project at a time.

In the dynamic landscape

of Nigeria’s real estate sec-

tor, Darren Davies Proper-

ties stands tall as a beacon of

innovation and reliability.

Their steadfast commitment to

client success, coupled with a

diverse array of services span-

ning property development,

management, and investment

opportunities, solidifies their

position as a frontrunner in

the industry. By prioritising

strong partnerships and deliv-

ering maximum returns, Dar-

ren Davies Properties emerges

not just as a service provider

but as a trusted ally, ready to

navigate the complexities of

the real estate market with you.

Whether it’s crafting dream

homes, managing valuable

assets, or unlocking lucrative

investment avenues, Darren

Davies Properties remains

steadfast in their dedication

to excellence, ensuring your

real estate journey is met with

unparalleled success and sat-

isfaction.

IN the realm of the real estate

market in Nigeria, accolades

are often seen as the hallmark

of success, and Darren Davies

Properties (DDP) recently

found itself in the spotlight,

adorned with the prestigious

title of “Property Company of

the Year.” Adding to the glam-

our, the managing director of

DDP was honoured with an es-

teemed doctoral degree, further

cementing the company’s place

in the echelons of recognition.

However, beneath the glitz

and glamour lies a crucial ques-

tion: does DDP truly embody

the essence of leadership and

innovation in the industry, or

are these accolades merely re-

flective of surface-level hype? A

deeper examination is warrant-

ed to unravel the true nature of

DDP’s standing within the real

estate landscape, scrutinising

not just its achievements but

also its methodologies, ethical

standards, and lasting con-

tributions to the field. While

awards undoubtedly highlight

excellence, they also beckon

scrutiny to distinguish be-

tween genuine leadership and

fleeting acclaim. Babatunde writes from Lagos

Eugenia Abu is a broadcaster,

writer, trainer, brand and

multimedia strategy expert and

media consultant.

Email: abu_eugenia@

yahoo.com Phone number:

08033109820

By Babatunde Kareem

By Eugenia Abu

TALES FROM THE MAIN ROAD

OPINION

10 FRIDAY 26 APRIL 2024

www.businessday.ng

Emergency healthcare in Nigeria- creating a workable system out of chaos

ry day all over the world

due to ‘Emergencies’.

Unfortunately, Nigeria

is one of the worst places

in the world for anyone

to have a life-threatening

emergency, whether it is

a road traffic accident on

the Kaduna-Zaria road or

a ruptured aneurysm in

the head at home in Enugu.

That fact is a call to

good, rational thinking,

not a charge to precipitate

an ineffectual action.

In the past, there has

been a tendency to look at

issues in a superficial way,

leading to knee-jerk policy-

making. For example, a law

was enacted some time ago

making it illegal, on the

pain of imprisonment, for

any doctor to refuse to treat

a patient with a gunshot

injury. It is true that many

victims of gunshot injuries

die needlessly because it

takes too long before they

finally get to a place where

the skills and equipment

are available to save their

lives. It is also true that

many facilities that could

intervene refuse to do so

because they are afraid of

‘police wahala’. But the

legal prescription is pa-

tently unworkable. Statis-

tically, most healthcare

facilities in Nigeria are

roadside clinics and small,

one-doctor general prac-

tices, which have neither

the skills nor the equip-

ment to deal with gunshot

injuries. Everywhere in

the world, emergency care

ising human and material

deployment, irrespective

of ‘ownership’, would see

the beginning of effective

integrated pre-hospital

services. The only question

would be: who pays for the

service?

The National Health Act

2014, surprisingly, has an

answer. It created a ‘Ba-

sic Healthcare Provision

Fund’ (BHCPF), allocating

1% of federal consolidated

revenue funds annually,

plus additional funds from

elsewhere, for health insur-

ance to the vulnerable and

strengthening primary

health care. 5% of this fund

is dedicated to ‘Emergency

Medical Treatment’ (EMT).

As is usual in Nigeria,

the problem is how to de-

sign a system customised

to real needs on the ground

and achieve maximum im-

pact and efficiency instead

of spawning some new

bureaucracy to ‘follow the

money’.

Funds have been re-

leased annually for BHCPF

since 2019. In 2023, the in-

flow into the account was

25.8 billion naira, meaning

that money for ‘Emergency

Medical Treatment’—both’

prehospital care and in-

hospital care—was more

than one billion naira.

Small, but a beginning.

Each state, too, could add

a similar percentage of its

revenue to beef up the fund

in its locality.

The ideal beginning

is to maximally utilise,

upscale, and coordinate ex-

isting human and material

resources in public and

private hands instead of,

for instance, buying new,

expensive ‘federal’ MICUs.

One of the panellists at

the HFN parley was a win-

some lady—one of only five

certified emergency medi-

cine specialists practising

in Nigeria. She runs a pri-

vate facility in Gbagada, in

the heart of a dense popula-

tion that includes ‘danfo’

drivers and thousands

of commuters. Accident

victims are brought in

daily in droves. There are

other emergencies, such as

children with asthmatic at-

tacks. Some of the patients

pay part of their bills after

the emergency has been

sorted out. Many cannot

or would not. In a month,

she is compelled to write

off up to 7 million naira in

unpaid bills.

She knows it is unsus-

tainable, but what can she

do, she asks rhetorically?

It is a good question to

ask of Nigeria. The right

answer will lead the way

into a brighter healthcare

future.

to life, such as open bleed-

ing, perhaps the setting up

of an intravenous line, and

then the facilitation of safe

medical transportation

to the nearest designated

emergency facility—such

a protocol would probably

be enforceable and could

be the beginning of the

building of a truly work-

able system.

Of course,’safe medi-

cal transport’, which may

range from “a mobile inten-

sive care unit” (MICU) to a

simple van with a trolley

and a nurse or paramedic,

must be available and ac-

cessible. And someone,

somewhere, would have to

pay for it.

There are two key as-

pects to emergency care:

prehospital care and in-

hospital services.

A deliberate effort to

build effective emergency

care in Nigeria, to the best

Ahmed Tinubu, under the

charge of ‘Dr-123’ Leke

Pitan. Edo State has lately

followed suit with a dash-

board and an ambulance

call system, and there are

efforts afoot in other places

to replicate the model.

There is a massive sys-

tem overstretch and a crip-

pling failure to integrate

resources from the public

and private sectors. Pre-

hospital care in a resource-

challenged environment is

not solely a ‘government’

responsibility but an ‘eve-

rybody’ challenge. While

the few ageing LASAMBUS

ambulances have their

work cut out ferrying ac-

cident victims from high-

ways in Lagos, hundreds

of ambulances lie idle and

unmanned in public and

private hospitals. Effec-

tive communication and a

simple functional protocol

coordinating and standard-

LAST week, the Healthcare

Federation of Nigeria held

a one-day conference in La-

gos. Part of the theme was

‘Optimising Emergency

Care Delivery’.

The Healthcare Federa-

tion of Nigeria is a coalition

of private sector stakehold-

ers dedicated to improving

the Nigerian health sector.

‘Emergency’ in the con-

text of health describes any

situation that represents

an imminent danger to

life. Although people often

think about such dramatic

challenges as road traffic

accidents or gunshot inju-

ries, ‘emergencies’ occur

across a wide spectrum of

health conditions. They

may be “medical” or “sur-

gical” and may pertain to

any part of the body. They

may occur anywhere and

at any time. The ‘victim’

may be male or female,

adult or child.

A lot of lives are lost eve-

“Pre-hospital care in a resource-challenged

environment is not solely a ‘government’

responsibility but an ‘everybody’ challenge”

is stratified and regional-

ized, and it is considered

a dangerous overreach for

anyone to function beyond

their competence. On the

other hand, if the respon-

sibility placed on the first

medical stop is limited to

first aid—in the form of

a cursory assessment to

staunch immediate threats

of this writer’s knowledge,

started with LASEMS (La-

gos State Emergency Medi-

cal Services) at its base fa-

cilities in Lagos and Ikeja.

A demarcated pre-hospital

ambulance service (LA-

SAMBUS) was introduced

in 2001 and pushed with

massive public advocacy

by then Governor Bola

Tajudeen Bank-Olemoh, an

Enterprise Transformation Ex-

pert, training SME’S Business

Owners, Stakeholders, and

teams on Agile delivery strate-

gies to effectively transform

and scale their businesses,

writes from Chicago, USA.

teejaybanks@soluhub.net

Olugbile is a writer and psy-

chiatrist.

synthesiz@gmail.com

Digital innovation: The path to Nigeria’s economic diversification

NIGERIA, a nation rich in

resources and diversity, is

charting a new course towards

a non-oil-focused economy,

with digital innovation and

technology emerging as crucial

pillars of this transformation.

Over the past decade, the coun-

try has witnessed remarkable

advancements in technology

that have not only simplified

lives but have also paved the

way for remote work, shaping

the future of Nigerian society.

Among these advancements,

financial technologies such as

USSD and secure e-payment

features have revolutionised

transactions, showcasing the

transformative power of digi-

talization in Nigeria.

A coordinated approach

to expanding Nigeria’s digital

ecosystem

Despite the numerous op-

portunities associated with a

digitised economy, recent data

from Datareportal revealed

that Africa’s largest economy

ranks sixth globally in the

“unconnected” category. “As

of January 2024, Nigeria boasts

103 million internet users,

achieving a penetration rate

of 45.5 percent,” the report read

in part. However, with over 40

percent of the population still

offline, there is ample room for

further expansion.

One of the challenges to

improving internet coverage

in Nigeria is the reluctance of

private companies to lay fibre

optic cables in parts of the

country outside major cities

due to perceived low demand.

Bosun Tijani, Minister of

Communications, Innovation,

and Digital Economy of the

Federal Republic of Nigeria,

acknowledged this, stating,

“The reason why we’re not

there yet as a country is that

private companies will tell you

that there are parts of Nigeria

where, if they invested in lay-

ing fibre optic cables, there

wouldn’t be enough customers

to bring a return on invest-

ment.”

Government initiatives:

To bridge this gap and meet

the growing demand for inter-

net access to enjoy the benefits

of a digitised Nigeria, Tijani

recently unveiled plans for

Project 774 LG Connectivity.

This ambitious initiative aims

to deploy internet connections

across all government institu-

tions, stimulating demand and

encouraging more investment

in broadband infrastructure.

“Project 774 LG Connectivity

will create at least 300 direct

jobs nationwide and poten-

tially more jobs indirectly from

the increase in digital access.

It is aligned with our minis-

try’s strategic blueprint and is

a significant step in achieving

President Bola Tinubu’s man-

date to deliver efficient public

service to our citizens at the

LG level,” Tijani explained.

Through strategic partner-

ships and technology deploy-

ment, Project 774 LG Connec-

tivity seeks to provide local

governments with reliable and

affordable internet access, fos-

tering efficient public services.

The project’s objectives include

promoting transparency in

service delivery, stimulating

economic growth, and enhanc-

ing citizen engagement.

Entrepreneurs driving in-

novation:

Moreover, entrepreneurs,

alongside the government,

are playing a pivotal role in

propelling Nigeria’s digital

evolution, with a strategic

focus on entrepreneurs driv-

ing innovations as well as key

players shaping the nation’s

technology ecosystem. Among

these entrepreneurs, Tajudeen

Bank-Olemoh stands out as

a highly experienced project

management professional, spe-

cialising in delivering versatile

solutions for small to mid-sized

projects across diverse sectors.

With over 15 years of project

management experience, in-

cluding 7 years dedicated to

agile consulting and coaching,

Tajudeen brings a wealth of

expertise to the table. Through-

out his career, he has adeptly

helped organisations trans-

form concepts into actionable

projects with clear goals and

customer-centric delivery.

Passionate about empow-

ering teams, he advocates for

the adoption of lean thinking

and agile principles to achieve

peak system performance. Ta-

judeen’s extensive experience

spans various organisational

challenges, including overcom-

ing resistance to change, man-

aging scope creep, resolving

conflicts, ensuring alignment

between Agile practices and

organisational goals, provid-

ing comprehensive training

and knowledge, boosting team

morale, improving time man-

agement, and scaling Agile

practices. With professionals

like Tajudeen at the forefront

of innovation, Nigeria’s digital

landscape is poised for unprec-

edented growth and transfor-

mation.

Addressing the digital edu-

cation gap:

Despite progress, Nigeria

still grapples with a digital

education gap, ranking 116th

globally in network readiness.

Closing this gap requires a

multifaceted approach involv-

ing both government and pri-

vate sector actions as well as

international collaborations.

Scaling digital innovation in

Nigeria demands a strategy

that combines governmental

and private sector initiatives

with international partner-

ships. Key areas of focus should

include affordable connectiv-

ity, promotion of open data

initiatives, and digitisation

of government services to im-

prove data accessibility and

connectivity.

Innovative strategies for im-

proving internet infrastructure

There are effective strate-

gies for navigating limited

internet infrastructure. These

include implementing hybrid

connectivity solutions, de-

veloping localised content,

providing capacity-building

through digital literacy work-

shops, forming partnerships

with local governments, NGOs,

and ISPs, utilising scalable

and adaptable technologies,

focusing on user-centric de-

sign, employing data-driven

decision-making, and conduct-

ing advocacy campaigns.

The role of public-private

partnerships (PPPs):

Leveraging the experience

of countries like Cameroon,

public-private partnerships

(PPPs) can be a game-changer

for Nigeria’s infrastructure

landscape. By bringing to-

gether public sector resources

and private sector expertise,

Nigeria can address critical

challenges in areas like power

generation, transportation

networks, and broadband con-

nectivity. PPPs can incentivize

private companies to invest in

infrastructure development,

leading to a more efficient al-

location of resources and faster

project completion.

Furthermore, success-

ful PPPs in Nigeria can pave

the way for improved policy

frameworks. As public and

private entities collaborate

on infrastructure projects, a

more transparent and busi-

ness-friendly regulatory envi-

ronment can emerge. This, in

turn, attracts further invest-

ment and fosters a culture of

innovation. Looking beyond

infrastructure, PPPs can play

a crucial role in bridging the

digital divide in Nigeria.

By partnering with private

telecommunications compa-

nies, the government can ad-

dress issues like digital literacy

and affordability. PPPs can

support training programmes

to equip citizens with the skills

required to navigate the digi-

tal world. Additionally, these

partnerships can explore in-

novative solutions to expand

internet access in remote ar-

eas, potentially bringing down

costs for users.

In essence, by adopting a

strategic approach to PPPs,

Nigeria can unlock its vast

potential for growth and de-

velopment. By focusing on

infrastructure development,

improved policies, digital lit-

eracy, and affordability, PPPs

can serve as a powerful tool

for inclusive progress in the

digital age.

By Femi Olugbile

HUMAN ANGLE

By Tajudeen Bank-Olemoh

OPINION

FRIDAY 26 APRIL 2024 www.businessday.ng

Sobande is a strategic leader-

ship expert, lawyer, public

speaker, and trainer. He is

the President of Stephens

Leadership Consultancy

LLC, a strategy and manage-

ment consulting rm offering

creative insight and solutions

to businesses and leaders.

Email: contactme@toy-

esobande.com

“However, by understanding their tactics

and implementing preventive measures,

leaders can create a culture of trust and

transparency, rendering these vipers

toothless”

distorted picture, ultimately

undermining your credibil-

ity and progress.

How do you build a snake-

repellent workplace?

The good news is that

workplaces don’t need to be

breeding grounds for ma-

nipulative behaviour. Here

are some practical strategies

to foster a healthier environ-

ment:

-Cultivate a culture of

transparency:

An organisation with

open communication chan-

nels, where concerns can

be freely raised, makes it

harder for serpents to operate

in the shadows. Encourage

dissent and honest feedback,

creating a space where truth

thrives over manipulation.

-Empower your team:

Build a team of critical

thinkers who can sniff out

misinformation and chal-

HAVE you ever felt like you

had been bitten by a meta-

phorical snake at work? You

know the feeling—that sink-

ing sensation after a seem-

ingly productive meeting

leaves you questioning every-

thing that was discussed. Yet

a disquiet settles in your gut.

Did your trusted colleague

offer genuine support, or

were their comments subtly

designed to undermine your

position? Or the sudden re-

alisation that a trusted col-

league has been spreading

misinformation to under-

mine your position. These

unsettling feelings can be a

telltale sign of a “serpent in

the suit,” someone adept at

manipulation who uses lies

and power plays to gain an

advantage in your organisa-

tion.

Workplace manipulation,

often cloaked in charm and

veiled as strategic manoeu-

vring, thrives on misinforma-

tion, power plays, and a cal-

culated disregard for truth.

These “serpents” can inflict

significant damage on mo-

rale, productivity, and even

an organisation’s reputation.

However, by understanding

their tactics and implement-

ing preventive measures,

leaders can create a culture of

trust and transparency, ren-

dering these vipers toothless.

The serpent in the suit op-

erates with finesse, typically

operating in the shadows.

They excel at creating a fog

of confusion, often employing

these common tactics:

-The misinformation ma-

ven:

These individuals are

masters of the half-truth.

They strategically plant seeds

of doubt, subtly disparaging

ideas in casual conversations

or anonymously leaking dis-

torted information, creating

a fog of confusion that makes

it difficult to discern truth

from fiction.

-The power-play puppet

master:

They excel at manipulat-

ing relationships and stra-

tegically pitting colleagues

against each other for their

own advantage. Watch for

sudden shifts in alliances

or unexpected opposition

to your plans seemingly

emerging from loyal team

members.

-The blindsiding bandit:

Their specialty is the

surprise attack. They may

spring loaded arguments dur-

ing important meetings or

ambush you with unexpected

criticism in front of superi-

ors, leaving you off-balance

and struggling to respond

effectively.

-The truth twister:

Snake charmers pos-

sess an uncanny ability to

bend the truth to suit their

narrative. Partial truths,

cleverly worded statements,

and omissions can create a

The serpent in suit: How leaders

can recognise and counter

workplace manipulation

at the workplace?

If you suspect you have

fallen victim to manipula-

tion, don’t despair. Here are

some strategies to help you

navigate the situation and

emerge stronger:

-Confront directly, dis-

creetly:

Choose a private setting

and calmly address the ma-

nipulative behaviour. Focus

on specific instances and

their consequences, using

clear and concise language.

Frame the conversation as

seeking clarification rather

than launching into accusa-

tions.

-Don’t engage in power

plays:

Serpents thrive on dra-

ma. Refuse to be drawn into

emotional debates or retali-

atory power plays. Stick to

the facts, outline your de-

sired outcome, and remain

“No women farmers,

no food! No food on the

table, no nation!”

THIS was the chant I heard

during a recent press con-

ference for small-holder

women farmers in Nige-

ria; it would turn out to

be the motto for the Small-

Scale Women Farmers

Organisation of Nigeria

(SWOFON). The truth

in the message was so

resonant, especially with

statistical data showing

that women farmers are

responsible for over 70

percent of the food produc-

tion in the world. Food

production is just one

of the array of key con-

tributions that women

make towards society’s

sustained survival and

development, and there-

fore their contributions

cannot be ignored. This is

why we cannot stop advo-

cating for women’s inclu-

sion and empowerment

until the exclusion gap is

narrowed and women are

truly seen and prioritised.

The barriers to women’s

inclusion across a range

of issues and topics are

typically linked to sys-

temic limitations, societal

and cultural norms, and

policies that do not incor-

porate a female gender

lens in their formulation.

Focusing on women’s

financial exclusion as the

theme that underscores

the title of this piece, the

2023 Access to Finance

Survey (A2F) by Enhanc-

ing Financial Innovation

and Access (EFInA), re-

vealed that 41 percent of

women in Nigeria are

financially excluded com-

pared to 30 percent of men,

and looking at the gender

disparity in some of the

enablers for financial in-

clusion, such as ID owner-

ship, 36 percent of women

do not own a National

Identification Number

(NIN) compared to 21 per-

cent of men. These figures

reinforce the persistent

data gap between men and

women in Nigeria, which

has, sadly, increased from

10 percent to 11 percent

for financial inclusion

norms that perpetuate

gender stereotypes.”

It is true that shifts in

cultural attitudes and so-

cietal norms are critical;

however, those attitudi-

nal shifts require signifi-

cant and several shifts in

mindsets, which can only

be achieved over the long

term. That said, policy

and regulatory reforms

are known to be pivotal

in shaping and changing

mindsets, which I believe

inadvertently define so-

cietal norms and beliefs.

The power of policies in

shaping societal norms

has been successfully

demonstrated in Singa-

pore with the education

policy reforms that trans-

formed the nation from

developing to developed.

In essence, actively ad-

vocating for policies, leg-

islation, and regulations

that take into account

women’s nuanced needs

and barriers in their de-

sign and implementation

cannot be dematerialized.

In the spirit of uncover-

ing lasting solutions, Mrs.

Aishah Ahmad’s (former

CBN Deputy Governor for

Financial System Stabil-

ity) profound statement

in her write-up on Inter-

national Women’s Day

strongly comes to mind:

“Until we realise that gen-

der inequality is not just

a human rights issue but

also a missed economic

opportunity, Africa may

not achieve the inclusive

growth that it so badly

needs and has thus far

proven elusive.”.

Women are signifi-

cantly vital to economic

growth, but the support

to engender their contri-

butions has truly proven

elusive, especially when

we know that over 7 out

of 10 Nigerian women’s

economic potential (likely

to be micro and small

business owners) remains

unserved or underserved,

according to data from

Women’s World Banking.

Finally, following the

conclusion of another

International Women’s

Month commemoration

in March, let us remember

that in Nigeria, exclu-

sion has a face, and it is

female—a female that is

likely to be poor, likely to

be living in a rural com-

munity, likely to be living

in the North, and likely

to be a small-scale trader

or small-holder farmer.

These are the women that

need our help the most.

I hope that this inspires

you and all relevant stake-

holders to include her.

Exclusion has a face -

and it is female

lenge assumptions. Diversity

of thought not only strength-

ens decision-making but also

helps identify potential blind

spots that might otherwise

make the team vulnerable to

manipulation.

-Develop active listening

skills:

Pay close attention to both

what is being said and what

isn’t. Snake charmers of-

ten betray their intentions

through subtle cues such as

body language, changes in

tone, or hesitant pauses. Ac-

tive listening allows you to

read between the lines and

discern potential manipula-

tion tactics.

-Document everything:

Maintaining clear records

of meetings, discussions,

and agreements becomes

critical when dealing with

a suspected manipulator.

Documentation provides a

factual record and helps hold

individuals accountable for

their words and actions.

-Trust your intuition:

Leaders with honed gut

instincts are invaluable.

Don’t dismiss that nagging

feeling when something feels

off. Learn to trust your intui-

tion and use it as a signal to

further investigate potential-

ly manipulative situations.

What do you do when you

have been bitten by a snake

professional throughout the

encounter.

-Build alliances:

Don’t fight this battle

alone. Confide in trusted col-

leagues for support and seek

their insights to validate your

concerns. A united front is a

powerful deterrent against

manipulative tactics.

-Consider mediation:

Sometimes, external in-

tervention can help clear the

air and identify solutions

acceptable to all parties. A

skilled mediator can facili-

tate a constructive dialogue,

fostering understanding and

preventing further manipu-

lation.

Ultimately, creating a

workplace environment

where manipulation thrives

is a leadership failure. Lead-

ers who prioritise building

trust, fostering open com-

munication, and empower-

ing their teams can create a

snake-repellent culture. By

implementing these proac-

tive strategies and remain-

ing vigilant in recognising

manipulative tactics, leaders

can ensure their organisa-

tions thrive on collaboration,

not subterfuge. Remember,

leadership isn’t a zero-sum

game. It’s about fostering an

environment where every-

one feels valued, respected,

and inspired to contribute

their best selves. When hon-

esty and integrity are the

cornerstones of your organi-

sation, the serpents slither

away, leaving behind a space

where genuine collaboration

and innovation can flourish.

The workplace serpent,

though cunning, is not in-

vincible. Do not allow the

serpents to dictate your lead-

ership narratives; instead,

write a story of collaboration,

trust, and shared success.

The power, after all, lies not

with the serpent’s venom

but with the collective will

of those who refuse to be

manipulated.

Chinasa Collins-Ogbuo is the

Advocacy & Communications

Lead at EFInA (Enhancing

Financial Innovation and

Access) where her primary

mandate is to lead strategic

advocacy and communica-

tions efforts to enable nancial

inclusion deepening In Nigeria.

I4ALL (Inclusion for all) is a

multifaceted advocacy plat-

form afliated to EFInA (En-

hancing Financial Innovation &

Access), with the primary goal

of ensuring that the poorest

and most vulnerable Nigerians

excluded from formal nancial

services are given a pathway

to digital and nancial inclu-

sion.

Websites: https://inclusion-for-

all.org/ , https://a2f.ng/

Email: ccogbuo@ena.org.ng

LinkedIn: https://www.linkedin.

com/in/chinasacollins/

between 2020 and 2023

and for NIN ownership

from 5 percent in 2020 to

15 percent in 2023.

With data like this,

the big question is: why,

after several advocacy ef-

forts, including globally

recognised events such

as International Women’s

Day, do we have a gap

that’s widening instead

of narrowing in Nigeria?

One broad answer may

lie in an article by a UN

Women Delegate tagged

“A Mother’s Call to Ac-

tion” on championing

gender equality. The au-

thor, Caroline Anukem,

who happens to be my

cousin, is a mother of four

girls and a professional

in the field of equality,

diversity, and inclusion.

With these roles, she is

exposed to the challenges

and obstacles girls are

presented with owing to

their gender. Her call to

action is simple yet pro-

found and implementable,

but with likely recognis-

able dividends in the long

term: “We must strive

to create environments

where girls and women

are empowered to pursue

their dreams and aspira-

tions without discrimina-

tion or limitation, and it

requires not only policy

and legislative reforms

but also a shift in cultur-

al attitudes and societal

By Chinasa Collins-Ogbuo

By Toye Sobande

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LEGAL ADVISERS

The Law Union

THE current state of Nige-

ria’s power sector is akin to

a gathering storm, ominous

and foreboding, casting a

shadow of uncertainty over

the nation’s future. It is not

merely a matter of concern; it

is a pressing crisis, a ticking

time bomb demanding ur-

gent intervention. Recent dis-

closures have lifted the veil of

secrecy, revealing a maze of

debt, poor management, and

structural flaws that lie just

beneath the surface.

Like a spider’s web, these

issues entangle the sector,

threatening to ensnare pro-

gress and prosperity in their

sticky threads. Unless bold

and decisive action is taken,

Nigeria risks being plunged

into darkness, not just meta-

phorically but quite literally.

At the heart of the issue

lies the staggering debt bur-

den weighing down twenty-

five generation and distribu-

tion companies, collectively

owing a jaw-dropping 1.493

trillion naira to nine Nigeri-

an banks. This astronomical

figure is not merely a product

of economic misfortune but a

consequence of fundamental

flaws in the sector’s privatisa-

tion process.

The Bureau of Public Enter-

prises failure to conduct thor-

ough due diligence during the

2013 unbundling of the Power

Forum faces a herculean

task in inheriting the sector,

burdened by three catego-

ries of debt totaling trillions

of naira. While the option of

banks assuming control of

Discos appears pragmatic

in the short term, it merely

addresses symptoms rather

than underlying causes.

A more sustainable solu-

tion lies in the government’s

commitment to reprivatiza-

tion through transparent,

competitive bidding pro-

cesses. By attracting finan-

cially robust companies, the

sector can regain its footing

and embark on essential

initiatives such as mass

metering and infrastructure

development.

However, such efforts

must be accompanied by

comprehensive reforms.

This includes revoking li-

censes for underperform-

ing discos and fostering a

conducive regulatory en-

vironment that incentiv-

izes investment and fosters

competition.

Moreover, the govern-

ment must confront uncom-

fortable truths, such as the

counterproductive nature

of artificially low gas prices.

By aligning gas prices with

global averages, the sector

can incentivize uptime and

ensure a reliable power sup-

ply for all Nigerians.

The road ahead is unde-

niably fraught with chal-

lenges, but within these

challenges lies a golden

opportunity for transforma-

tive change. Just as the

telecoms sector underwent

a remarkable overhaul two

decades ago, so too can the

power sector rise from its

current state of disarray to

become stronger and more

resilient than ever before.

However, this transforma-

tion will require more than

mere rhetoric; it demands

bold and decisive action

from policymakers.

They must cast aside the

allure of short-term fixes

and instead focus on craft-

ing sustainable solutions

that prioritise the long-term

interests of the nation.

By investing in robust

infrastructure, fostering a

competitive market envi-

ronment, and implement-

ing transparent regulatory

frameworks, Nigeria can

unlock its electrifying poten-

tial and usher in a new era of

prosperity for all its citizens.

The time for action is

now, and the stakes could

not be higher.

Let us seize this mo-

ment and pave the way for a

brighter, more electrified fu-

ture for generations to come.

Holding Company of Nigeria

(PHCN) paved the way for ill-

equipped companies to secure

licenses they were financially

incapable of sustaining. Many

of these entities, particularly

those in the distribution sector,

resorted to using their licenses

as collateral for bank loans, a

short-term solution that has

now spiralled into a financial

quagmire.

The depreciation and

devaluation of the foreign

exchange market exacer-

bated the situation, trigger-

ing monumental revaluation

losses and rendering previ-

ously manageable loans un-

tenable. What once seemed

like reasonable interest rates

have ballooned into exor-

bitant sums, crippling the

financial viability of these

companies.

Furthermore, the failure

of distribution companies

(Discos) to achieve a bal-

anced equity-to-debt ratio

has hindered crucial invest-

ments in distribution net-

works and prepaid metering,

leaving a significant portion

of the population without

reliable access to electricity.

Compounding these is-

sues is the government’s reli-

ance on intervention funds,

akin to applying band-aids to

a gaping wound, in a desper-

ate attempt to bridge revenue

shortfalls. This short-term

fix, while temporarily al-

leviating immediate pres-

sures, serves only to ob-

scure the deeper structural

deficiencies plaguing the

Nigeria Electricity Supply

Industry (NESI).

It’s akin to putting

a fresh coat of paint on a

crumbling facade, hiding

the cracks but failing to ad-

dress the underlying decay.

This reliance on stop-gap

measures perpetuates a

cycle of dependency, pre-

venting meaningful reform

and innovation from taking

root. Unless the root causes

of revenue shortfalls are ad-

dressed head-on, the sector

will continue to languish in

a state of perpetual crisis,

depriving millions of Ni-

gerians of a fundamental

human need: reliable access

to electricity.

The Nigeria Governors

“Unless bold and

decisive action is

taken, Nigeria risks

being plunged into

darkness, not just

metaphorically but

quite literally”

The power sector’s looming crisis: A call for prudent action

12 FRIDAY 26 APRIL 2024

www.businessday.ng

LEADING WOMAN

FRIDAY 26 APRIL 2024 www.businessday.ng

FOLAKEMI FATOGBE, risk and strategy guru

with a flair for fashion, photography

IN ASSOCIATION

Read the concluding part of

our interview with FOLAKEMI

FATOGBE on our website www.

businessday.ng as she graces

the cover of WOMEN’S HUB for

this week.

Over the last few

decades, the

banking industry

has undergone

a profound

transformation,

driven by

technology,

regulation,

globalisation,

and changing

consumer

expectations

WITH your extensive experi-

ence in central, development,

and commercial banking, how

have you seen the banking

industry evolve over the past

three decades? What are some

of the key changes or trends

you have observed?

I started my mainstream

banking career at the NatWest

group and at the time, I remember

in strategy things we used to talk

about including digital wallets,

cashless banking and so on. It

has certainly been interesting to

see how that has all come to pass.

Over the last few decades, the

banking industry has undergone a

profound transformation, driven

by technology, regulation, globali-

sation, and changing consumer

expectations. Some of the key

changes and trends that I have

observed include:

1. Digital Transformation: The

rise of technology has revolution-

ised banking, with the adoption of

online banking, mobile banking,

and fintech innovations reshaping

how customers interact with banks.

2. Regulatory Changes: Regu-

latory reforms, particularly after

the global financial crisis of 2008,

have led to increased scrutiny

and compliance requirements for

banks, impacting their operations

and risk management practices.

3. Globalisation: Banks have

expanded their global reach, with

multinational banks operating

across borders and engaging in

By Kemi Ajumobi

FOLAKEMI Fatogbe is an accomplished banker and risk

management professional with well-honed leadership skills

derived from over thirty years of professional experience in

central, development and commercial banking, corporate

governance, consulting and entrepreneurship.

Prior to setting up as a double entrepreneur, Fatogbe

served as Special Adviser to CBN Governor Lamido Sanusi

on Risk Management and Banking Reforms. She was also

the bank’s pioneer director of Risk Management. Her sound

strategy and risk management skills were instrumental to

the considerable work that was done at the bank to avert

a banking crisis in Nigeria during and in the immediate

aftermath of the global financial crisis. Notably, `Folakemi

led an international multi-functional team of 70+ forensic

accountants, bankers, lawyers and regulators to review and

assess the books of Nigerian banks as part of that work.

Before joining the CBN, Folakemi’s career antecedents

included senior roles in several international organisa-

tions including: The Bank of England/ FSA, The NatWest

Group, (where she was a corporate banker, and she received

a special commendation from the then MD of Corporate

Banking for her ‘superior strategic insights’), Lloyds TSB

Financial Markets (as a Basel II Risk Consultant), NCR

Teradata (as a Programme Director), where she was able

to successfully marry her banking experience to technology

to create successful new products and generate new revenue

streams for the business. Folakemi is a member of several

boards and Founder/Creative Director of Oyaato.

She holds an MBA in Finance & International Business

from Cardiff Business School and a Bachelor’s degree in

Communication Arts from the University of Ibadan.

international markets, leading to

increased competition and inter-

connectedness.

4. Customer Experience Focus:

Banks have prioritised enhancing

customer experience, offering per-

sonalised services, streamlined pro-

cesses, and 24/7 accessibility to meet

evolving customer expectations.

5. Fintech Disruption: The

emergence of fintech startups has

disrupted traditional banking mod-

els, offering alternative financial

services such as peer-to-peer lend-

ing, robo-advisors, and digital pay-

ments, forcing traditional banks to

innovate and collaborate.

6. Cybersecurity Challenges:

The digitalisation of banking has

also brought about cybersecurity

risks, with banks investing heav-

ily in cybersecurity measures to

protect customer data and prevent

fraud.

7. Sustainability and ESG:

There is a growing emphasis on

environmental, social, and gover-

nance (ESG) considerations within

the banking industry, with banks

incorporating sustainability prin-

ciples into their operations and

investment decisions.

As a risk management profes-

sional, how have you seen risk

management evolve over the

years and what are some of the

major challenges and oppor-

tunities you have encountered

in implementing effective risk

management strategies in the

banking sector?

Over the course of my career in

risk management and banking,

the challenges and opportunities

have varied over time and from

jurisdiction to jurisdiction.

When I set out in risk manage-

ment, there was no such thing as

a chief risk officer (CRO). Risk

management typically operated

under the CFO and certainly

did not have a seat at the table. I

believe that it was the event of

the Basel II, Bank of Interna-

tional Settlement regulations that

were primarily responsible for

elevating risk management from

being seen as some sort of ‘had-to-

have’ compliance type overhead

cost function to a value-adding

business beneficial middle office

function. Why? Because Basel ll

incentivised effective risk man-

agement by linking it to capital.

Hence, Basel Il went a long way in

changing perceptions about risk

management and the need for it.

This led to the emergence of the

role of the independent Chief Risk

Officer with a direct line into the

board of directors. We also saw

the separation of risk management

from audit and the emergence of

board risk committees.

After the elevation, all the chal-

lenges didn’t necessarily go away

though. Some of the battleground

challenges that risk professionals

still face include:

1. Fighting to be heard and not

just being a lone voice crying in the

wilderness like a John the Baptist.

2.⁠Keepingaheadandincom-

pliance with constantly changing

regulatory requirements across

multiple jurisdictions.

3. Dealing with the increasing

sophistication of cyber threats.

4. Combating money launder-

ing, fraud, and other financial

crimes.

5. Dealing with the risks as-

sociated with market fluctuations,

interest rate changes, and geopo-

litical events.

Opportunities:

1. Leveraging data analytics and

machine learning to enhance risk

identification, modeling, and deci-

sion-making processes to improve

performance.

2. Embracing digitalisation

to streamline processes, enhance

transparency, and improve risk

monitoring.

3. Collaboration opportunities

with fintechs, PSPs and so on.

4. ESG Integration & compli-

ance opportunities.

5. Extending the practice and

integration of risk management

into other industries as a means

of facilitating and hopefully fast

tracking economic development.

In your professional career,

were there specific challenges

or achievements you remember

and want to share?

In my career business and life jour-

ney, I’ve come to accept challenges

as inevitable for growth and the

accomplishment of destiny.

My most poignant challenges

and achievement remain the ones

that happened very early on in

my career because I guess they

were the most impactful in terms

of setting the tone for the way I

would handle challenges and be

inspired to achieve subsequently

in my career. Right out of busi-

ness school, l joined a rather elite

team of corporate bankers at one

ofU.K.’slargestbankintheCityof

London’s financial square mile. At

the time, I had this particular boss

who was shockingly old school,

hence, he was extremely sexist and

sadly also terribly racist. l came

in, young, black and female, and

just out of business school. He was

dismissive of literally every single

piece of work that I produced.

They were two things that hap-

pened to me in that team whilst

working under that particular

boss that would shape the way

I would approach the rest of my

career.

The first was in the form of an

achievement. In corporate bank-

ing strategy, one of the things that

we focused on was on how the mar-

ket was shaping, our competitors

and so on. I remember spending

an inordinate number of hours

analysing competitor activity,

right down to individual product

levels, share and more. The bank

was particularly obsessed with

another large UK bank, who we

seemed to be neck and neck with

on a number of fronts.

Everything we did was about

that particular bank, on my own

steam, I decided to cast the net fur-

ther and bring into our immediate

purview a number of other much

smaller UK banks. The analyses

comprised of a single page on each

UKbankinwhichIanalysedtheir

market share, financial, share and

customer ratings performance,

competitive threat posed and likely

next steps. I concluded by saying

that we needed to shift our strate-

gic focus to the threats posed by the

much smaller Scottish banks given

their superior slate performance

and costumer ratings in particu-

lar. My immediate boss was very

dismissive, but that didn’t stop

me from sharing it with my head

of business, who unbeknownst to

me sent it right up to the MD of

corporate banking without mak-

ing any changes to it. I remember

being both shocked and excited

when I received the summons

that the MD of corporate banking

wanted to meet the brain that was

capable of producing the strategic

analyses that he described as being

‘strategically insightful and rare in

its originality and boldness.’

I received a special commenda-

tion for that work. A really huge

achievement for me at the time.

In that same team, working for

the same boss, I also went through

my first major challenge in my

career. As a fresh graduate out of

business school, we were encour-

aged to seek placements in other

areas of the group’s business. I

secured a three month placement

in Group Market Intelligence. At

the end of the placements, my boss

asked me whether we should ask

for a report on my performance, l

rather naively told him that l didn’t

think it was necessary, but if he

wanted to, l had nothing against

his asking for one.

Apparently he did. l only knew

this because the Head of Market

Intelligence sent me a copy. I

remember being really pleased to

see just how good it was.

However, when it came to per-

formance review and bonus time,

I remember being told that l would

receive a really good bonus that

year. But guess what? At bonus

time, two twin things happened

that would shape my immediate

career trajectory.

As part of the annual perfor-

mance reviews, we were allowed to

review our files. l noticed that the

report from market intelligence

was not in my file. My boss said

it wasn’t there because we hadn’t

asked for one. I told him that l

didn’t have the same recollection

given that l was sent a copy too.

To my immense shock, right in

front of me, he pulled it out of his

drawer, where he had hidden it. I

couldn’t believe my eyes. He said

that he had forgotten that he had

asked for one.

A week or two after that, I

stumbled upon the bonus spread-

sheet for the whole department

that someone had forgotten on

the printer. l was shocked to see

myself at the bottom of the bonus

pile alongside the only other black

member of the team and a col-

league, who though at the same

assistant manager level as us, only

had to bother herself with arrang-

ing pub drinking events. That was

the baptism of fire that made me

realise that it was time for me to

leave that particular table.

INVESTIGATION

New multipurpose ID card raises concerns amid

N80bn NIMC budget, NIN registration struggles

The Federal Government, through the National Identity Management Commission (NIMC), recently announced a new initiative of multipurpose identity cards despite the allocation of N80 billion

earmarked for the agency in three years and the challenges Nigerians face during National Identication Number (NIN) registration. Despite the government’s eorts to streamline identication

processes, Damilola Olufemi writes on the concerns that arise regarding accessibility, accuracy, and the overall impact on citizens’ lives and the economy.

FRIDAY 26 APRIL 2024 www.businessday.ng

Pantami, in

January 2024, while

responding to an

inquiry about why

Nigerians queued up

to secure NIN and

could not be utilised

when needed,

blamed the lack of

NIN utilisation on

security operatives

in the country for not

making eective use

of the NIN-SIM policy

IN 2014, Suliat Oyinkansola ap-

plied for her NIN registration

in Ilesha, Osun State. With just

N100, she was able to complete

the process within two weeks

and get her slip.

At the registration point, she

and other applicants were given

a slip to fill in with their details

before it was filed with their

biometrics into the computer

by NIMC officials.

“Afterwards, we paid N50 for

lamination, and we were told

we should come back after two

weeks to collect the other slip,”

Oyinkansola said.

After two weeks, she went

back and was told to pay anoth-

er N50 for lamination. However,

to her amazement, she and oth-

ers were never given the chance

to cross-check the biodata filled

into the computer system by the

NIMC official to know if it was

correct or not.

Seven years later, when she

wanted to apply for her travel

passport, she realised the in-

formation processed for her by

the NIMC officials in Osun State

had an error.

“I wanted to use my NIN for

my passport, but it was discov-

ered that my date of birth on

my NIN was not the same as

my bank verification number,”

she said.

The NIMC, an agency under

the Ministry of Communica-

tion and Digital Economy, was

established by the NIMC Act No.

23 of 2007 with the mandate to

establish, own, operate, main-

tain, and manage the National

Identity Database (NIDB) in

Nigeria and register persons

covered by the Act.

The NIMC was created to

replace and take over all assets

and liabilities, including the

personnel in both the state and

local government offices nation-

wide, of the defunct Directorate

of National Civic Registration.

The agency also designates

NIN and issues General Multi-

Purpose Cards (GMPC) to citi-

zens of Nigeria and those living

within the country legally.

The Federal Ministry of

Communications and Digital

Economy (formerly known as

the Federal Ministry of Com-

munications Technology) was

created in 2011 to drive eco-

nomic growth through digital

By Damilola Olufemi

for e-passport information.

Additional features include

travel, health insurance infor-

mation, microloans, agricul-

ture, food stamps, transport,

energy subsidies, and more.

“Offline capability that al-

lows transactions in areas with

limited network coverage or

zero infrastructure connectiv-

ity, and functionality as a debit

and prepaid card catering to

both banked and unbanked

individuals,” it stated.

Over N80bn was allocated to

NIMC in three years

Between 2021 and 2024, the sum

of N89,757,681,651 was allocated

for NIMC under the Ministry

of Communication and Digital

Economy.

A check by our correspon-

dent into the nation’s budget

saw that N3,638,619,282 and

5,083,672,183 were budgeted for

the ministry in 2019 and 2020,

respectively, as capital expen-

ditures.

In 2021, the sum of

N7,417,388,441 was budgeted as

capital expenditure for NIMC,

while N12,850,659,251 was ap-

proved as a total allocation.

Findings by Business-

Day Investigations further

showed that the capital expen-

diture of NIMC in 2022 was

N46,533,428,178 with a total al-

location of N52,761,598,360.

The ministry’s capital expen-

diture and total allocation for

the year 2022 were 85,097,358,543

and 86,369,106,211, respectively.

In 2023, the sum of

N2,899,078,983 was allocated

as capital expenditure and

N4,315,355,516 as total expendi-

ture for the ministry.

In the same year, as seen in

the budget, 10,134,770,333 and

24,145,430,040 were earmarked

for NIMC’s capital expenditure

and total allocation, respec-

tively.

Furthermore, in 2024, while

the ministry budget for capital

expenditure was pegged at

289,290,504, its total allocation

was 5,083,396.501.

In all of these, the amount

disbursed to the ministry and

the NIMC agency could not be

ascertained.

However, the budget of

NIMC could not be traced on

the signed or approved budget,

but on the Appropriation Bill,

NIMC capital expenditure is

N9,840,053,026 while allocation

is N22,712,877,325.

Experts speak

Speaking, a public affairs ana-

lyst, Ayo Agusto, opined that

the new initiative multipur-

pose card is not a new form of

registration and would serve

as a means of identity, as well

as putting together all other

forms of national identities.

“It can help to synchronise

all those already existing be-

cause you realise that for some

people, the reason they are get-

ting drivers licence is not that

they want to drive a car but

primarily to have something

that they can use to identify

themselves,” he said.

He, however, expressed that

the government communicates

well about what it wants to

achieve and even the process of

doing it right.

“I wouldn’t envisage a situ-

ation where everyone would

start queuing just like the NIN,”

he said.

Reacting to the effect of the

new initiative on the economy,

Agusto noted that the govern-

ment needs to communicate its

plan for it and the volume of

production.

He further calls on the gov-

ernment to sensitise the people

to the need to have it.

Also, Professor Anthony

Kila, in his reaction, described

the initiative of the card as a

good one if it substitutes all

other national cards.

“We need to be very clear

that the only justification this

new card would have is if it’s

there to substitute for other

cards. Having one card that

can function as other cards is a

basic idea.

“If it’s an additional card, it

is a terrible idea,” he said while

speaking with our correspon-

dent in a separate interview.

He backed Agusto, hoping

the government would make

the application a flexible pro-

cess and that the government

should do everything to avoid

long queues.

“Let us hope you’re not go-

ing to see it crowded, just like

the NIN.

“It has to be something you

can do online by yourself or go

somewhere to do it.

“People should be spending

their time learning, trading,

working, and acting productive-

ly, not queuing for bureaucratic

things.”

In other ways, it is differ-

ent from that and would make

Nigerians go through stressful

processes, which he labels as a

waste of time and productive

resources.

He advised the government

to ensure the card is at no cost

and come up with a clear point

of how it would benefit the

economy and Nigerians.

“I think for the card to be

conceived and approved as a

good intention, the initiatives of

the card need to by themselves

quantify what the advantage is.

“It must be at no cost, and

the government must show us

how the card would make the

economy and lives better,” he

advised.

track terrorists and safeguard

the nation.

I spent over N50,000 to cor-

rect errors made by officials-

For Oyinkansola to successfully

apply for her travel passport,

she visited an Ikeja NIN office

to rectify the error.

The process, according to

her, took about two weeks before

she was able to collect the cor-

rected version.

However, she was only able

to achieve this after paying

money for the processes.

“I spent N40,000 to change the

date of birth on the NIN to be the

same as BVN,” she said.

After she thought the rigor-

ous process had ended, she

began another race of rectifica-

tion.

The bottleneck for her was

when she was notified to go and

modify her NIN because it had

been suspended, adding that this

led to the suspension of her bank

account and mobile number.

“All my bank accounts no

longer work. My mobile number

operators demand that I go to

NIN,” she expressed.

She was curious to ask and

eager to know why because, ac-

cording to her, she never used

it for illegal acts. “I only use it

(the NIN) for SIM registration

and banking operations,” she

told our correspondent.

At all the NIN offices she vis-

ited, she was told it costs N15,000

to rectify it before she can be

able to use it again.

“I was so devastated. The

modification lasted for two

weeks before it was sorted. On

NIN, I used N100 to do it, and I

have spent not less than N55,000

for an error that could have been

avoided by the officials,” she

expressed.

What the NIN was meant to

achieve

According to the NIMC, an

individual’s NIN is used to tie

together all records about such

a person, such as demograph-

ic data, fingerprints, head-to-

shoulder facial pictures, other

biometric data, and a digital

signature in the NIDB, making

it relatively easy to confirm and

verify such an individual’s iden-

tity when they engage in travel

and transactions.

The NIN is used for retriev-

ing an individual’s captured

information from the NIDB,

verification of voter eligibility

during elections, and prevention

of fraudulent or criminal activi-

ties where someone else imper-

sonates another, amongst many

others.

However, many perpetrators

of this act were not able to be

established or found timely. This

became a concern for Nigerians

to question the significance of

the NIN with the data of every

Nigerian.

Disgruntled with the queue,

technical issues

In 2023, Olaitan Matthias conclud-

ed plans to have his NIN registra-

tion as part of the requirement to

apply for an online application

outside the country.

The process, according to him,

took a long time to rectify due to

the technical issues of the system.

“I visited the Edo state reg-

istration centre to get it done.

However, after spending hours in

line, I was told there was a techni-

cal glitch,” he said.

With the aspiration that it

would be resolved as soon as pos-

sible, his hope was dashed after

finding out there was an error

in his name that was wrongly

inserted.

This became a concern for him,

and he began to think of financial

assistance to rectify the error.

He berated the long queue,

technical glitches with the reg-

istration system, and a lack of

clear information on required

documentation.

“I was so pained because I

had spent time and resources all

through before I was able to get it

done eventually. I was only happy

I was able to meet up with what I

wanted to apply it to,” he added.

Lack of NIN utilisation by secu-

rity operatives is problematic

- Pantami

Pantami, in January 2024, while

responding to an inquiry about

why Nigerians queued up to secure

NIN and could not be utilised when

needed, blamed the lack of NIN

utilisation on security operatives

in the country for not making ef-

fective use of the NIN-SIM policy.

“NIN-SIM policy has been work-

ing. However, the relevant institu-

tions fighting criminality are to

be requested to ensure they utilise

it effectively when a crime is com-

mitted. Lack of utilisation is the

problem, not the policy. While

in office, I know three instances

where the policy was utilised, and

it led to the success of their opera-

tions,” he said.

Pantami disclosed on May 25,

2023, on his X handle that only 39

million Nigerians enrolled in NIN

between 2007 and October 2020.

However, Pantami applauded him-

self for the success recorded in the

enrolment of the NIN between two

years and seven months.

“@ProfIsaPantami was directed

to supervise from October 2020 to

May 2023, which is 2 years and 7

months. The enrollment increased

by more than 61 million. Now, there

are over 100 million citizens in the

database,” he posted.

Information about Nigerians

can be retrieved within two

hours

According to the former minister,

the Nigeria Police Force Public

Relations Officer, Olumuyiwa Adejobi,

on April 27, 2023, said information

about every Nigerian can be retrieved

within two hours by the Force.

“Many here think they are untrace-

able. Very funny. I can give the details

of every handle here within 2 hours.

But we need to relate well with people

to get close to them, and we should

know that there are laws guiding our

posts, publications, comments, etc.

online,” Adejobi said while responding

to an X user who alleged the former

inspector general of police, Usman

Alkali Baba, of being corrupt.

However, when contacted by our

correspondent in April 2024 to ask if

the Force has been maintaining such

tempo and how criminals have been

apprehended through the utilisation of

the NIN, the Force PRO did not return

calls or attend to texts sent.

Despite Nigeria’s 33.2 percent infla-

tion rate, FG announces implementing

a new multipurpose national ID.

According to the National Bureau

of Statistics (NBS), the nation’s infla-

tion rate in March 2024 jumped to 33.20

percent compared to the headline infla-

tion rate in February 2024, which was

31.70 percent.

“Looking at the movement, the

March 2024 headline inflation rate

showed an increase of 1.50 percent

points when compared to the Febru-

ary 2024 headline inflation rate,” the

agency stated.

“On a year-on-year basis, the head-

line inflation rate was 11.16 percent

higher compared to the rate recorded

in March 2023, which was 22.04 per-

cent.

“On a month-on-month basis, the

headline inflation rate in March 2024

was 3.02 percent, which was 0.10 per-

cent lower than the rate recorded in

February 2024 (3.12 percent).

This means that in March 2024,

the rate of increase in the aver-

age price level is less than the

rate of increase in the average

price level in February 2024.”

According to the NBS, the

inflation followed the increase

in Nigeria’s interest rate from

22.75 percent to 24.75 percent by

the Monetary Policy Committee

of the Central Bank of Nigeria

(CBN).

Despite the inflation rate

and financial burden on the na-

tion, the federal government,

through the NIMC, announced

on April 5, 2024, the introduc-

tion of a new multipurpose na-

tional identity card that would

provide payment capability for

all social and financial services.

The new initiative, accord-

ing to the federal government,

is a collaboration between the

NIMC, the CBN, and the Nigeria

Inter-bank Settlement System.

“This card will not only

serve as a means of physical

identification but will also grant

holders access to government

and private social services, fa-

cilitate financial inclusion, and

empower citizens to participate

more actively in nation-build-

ing,” it said.

NIMC stated that this feature

is expected to provide vital

financial access to Nigerians

who were previously excluded

from mainstream banking and

financial services.

A key feature of the identity,

according to the commission, is

that the machine-readable zone

conforms with ICAO standards

technology and innovation.

The ministry is mandated to

accelerate the diversification

of the Nigerian economy by en-

hancing productivity in critical

sectors.

In 2010, the NIMC started the

enrollment exercise for the NIN,

which prompted the issuance of

a multipurpose card in 2013.

A non-intelligible number

The NIN consists of 11 non-

intelligible numbers randomly

chosen and assigned to an in-

dividual after enrollment in

the NIDB. The uniqueness of

the number, according to the

NIMC, is that it can never be

reassigned, given, or used by

another person.

The number is used to tie all

records about an individual in

the database. It is used to estab-

lish or verify an individual’s

identity.

Every citizen and legal resi-

dent in Nigeria is eligible to

enrol for their NINs.

Former Minister of Com-

munication and Digital Econ-

omy, Isa Pantami, expressed

in 2020 that security personnel

could utilise the data generated

through the NIN to combat Nige-

ria’s terrorists and insurgency.

The minister who served

under the government of former

President Muhammadu Buhari

had emphasised the relevance of

technology, particularly NIN, to

14 FRIDAY 26 APRIL 2024

www.businessday.ng

We need to be very

clear that the only

justication this

new card would

have is if it’s there

to substitute for

other cards. Having

one card that can

function as other

cards is a basic idea

COMPANIES & MARKETS

By Chinwe Michael

FRIDAY 26 APRIL 2024 www.businessday.ng

THE earnings of Meyer Plc,

one of Nigeria’s major paint

manufacturers, dropped by 40

percent last year, BusinessDay

analysis of its latest financial

statement shows.

The firm’s after-tax profit

fell to N235 million from N393

million in 2022. Its operating

expenses increased by 24 per-

cent to N707 million from N568

million.

Within the same period, its

finance cost also experienced

a significant growth of 114

percent to N4.1 million from

N1.9 million.

Administrative expenses

constituted a significant por-

tion of operating expenses,

reaching N410 million, pri-

marily driven by management

fee expense and performance

costs, which claimed 38.7 per-

cent of the total expenses.

Employee costs and car-

riage inward fees drove the

company’s selling and dis-

THE number of dollar mil-

lionaires in Nigeria declined

by 45 percent, or 6,800, in a

decade, according to the latest

2024 Africa Wealth Report.

The report compiled by

Henley and Partners, a Lon-

don investment migration

consultancy, shows that the

number of dollar millionaires

living in the country fell to

8,200 last year from 15,000 in

2013.

Africa’s most populous

nation also saw the largest de-

cline in private wealth on the

continent within the period.

“Approximately 2,800 left

Nigeria, so the remaining

4,000 would have dropped

out of high-net-worth indi-

viduals’ status due to several

possible reasons including

depreciating currency, busi-

ness closures, etc.,” Andrew

Amoils, head of research at

New World Wealth, said in an

email to BusinessDay.

The other countries that

recorded declines are South

Africa (20 percent), Egypt

(22 percent) and Algeria (28

percent). Mauritius, Morocco,

Namibia, Ethiopia, Kenya,

and Ghana had an increase of

87 percent, 35 percent, 32 per-

cent, 30 percent, 30 percent,

and 26 percent respectively.

“Currency depreciation

and underperforming stock

markets have chipped away

at Africa’s wealth compared

6,800 Nigerians lost dollar millionaire status in 10 years

6,800 Nigerians lost dollar

Meyer’s full-year profit drops 40% to N235m

to global benchmarks,” Dom-

inic Volek, group head of

private clients at Henley &

Partners, said in a statement.

He said the South African

rand fell 43 percent against

the US dollar from 2013–2023,

and even though the JSE All

Share Index, which makes

up well over half of Africa’s

listed company holdings,

rose in local currency terms,

“it was down five percent in

US dollar terms over that

period.”

He added that currencies

in most other African coun-

tries also performed poorly

compared to the dollar over

the past 10 years, with dra-

matic depreciations of over

75 percent recorded in Ni-

geria, Egypt, Angola, and

Zambia.

The Henley and Partners

report, now in its ninth edi-

tion, provides a compre-

hensive review of private

wealth in Africa, including

high-net-worth-individual,

luxury, and wealth manage-

ment trends, as well as expert

insights on investment, the

investment migration sector,

and economic mobility on the

continent.

The wealth categories are

split into millionaires — in-

dividuals with a net worth

above one million dollars;

centimillionaires — individ-

uals with a net worth above

$100 million, and billion-

aires — individuals with a

net worth above one billion

dollars.

“There are currently

135,200 high-net-worth indi-

viduals with liquid invest-

able wealth of $1 million or

more living in Africa, along

with 342 centi-millionaires

worth $100 million or more-,

and 21-dollar billionaires,”

authors of the report said.

They added that Africa’s

‘Big 5’ wealth markets —

South Africa, Egypt, Nigeria,

Kenya, and Morocco — to-

gether account for 56 percent

of the continent’s million-

aires and over 90 percent of

its billionaires.

According to Amoils of

New World Wealth, African

nations are also losing large

numbers of high-net-worth

individuals to migration

which is eroding the conti-

nent’s wealth.

“According to our latest

figures, approximately 18,700

high-net-worth individuals

have left Africa over the past

decade. There are currently

54 African-born billionaires

in the world, including one

of the world’s richest, Elon

Musk, but only 21 of them

still live on the continent.

Most of these individuals

have relocated to the United

Kingdom, the US, Australia,

and the United Arab Emir-

ates,” he said.

Amoils added that sig-

nificant numbers have also

moved to France, Switzer-

land, Monaco, Portugal, Can-

ada, New Zealand, and Israel.

The report also highlighted

that despite a tough past dec-

ade which saw a 20 percent

decline in its millionaire pop-

ulation, South Africa remains

home to over twice as many

high-net-worth individuals

as any other African coun-

try, with 37,400 millionaires,

102 centi-millionaires, and

five billionaires, followed by

Egypt with 15,600 million-

aires, 52 centi-millionaires,

and seven billionaires.

Nigeria sits in 3rd place

with 8,200 millionaires, 23

centi-millionaires and three

billionaires.

Kenya has 7,200 million-

aires, Morocco (6,800), Mau-

ritius (5,100), Algeria (2,800),

Ethiopia (2,700), Ghana (2,700),

and Namibia (2,300), all mak-

ing it into the top 10 wealthiest

countries in Africa.

The report projects that

over the next decade, Mau-

ritius, Namibia, Morocco,

Zambia, Kenya, Uganda, and

Rwanda are all expected to

experience 80 percent+ mil-

lionaire growth.

It said Mauritius, with

its stable governance and

favorable tax regime, is pro-

jected to experience a re-

markable 95 percent growth

rate, positioning it as one of

the world’s fastest-growing

wealth markets.

“Namibia, too, is poised for

impressive high-net-worth

growth, which is forecast to

exceed 85 percent by 2033.

Both Mauritius and Namibia

offer investment migration

pathways to attract global

investors.”

tribution expenses within

the period to increase by 30

percent to N297 million from

N227 million.

On a positive note, rev-

enue witnessed a 64 percent

increase to N2.26 billion in

2023 from N1.37 billion in

2022. Majority of the revenue,

totaling N2.26 billion, was gen-

erated from the sale of paints

amounting to N2.25 billion and

services rendered by applying

N6 million.

Finance income reached

N159 million, up from N82 mil-

lion. The company’s operating

income declined by 160 percent

to N13 million from N51 mil-

lion.

Meyer’s basic and diluted

earnings per share declined to

47 kobo from 79 kobo. Total eq-

uity and liabilities increased to

N1.68 billion from N1.44 billion.

Net cash from operating ac-

tivities demonstrated a modest

increase to N103 million in 2023

from a loss of N153 million in

2022, primarily driven by the

company’s working capital

inflows.

In the reviewed period, net

cash from investing activities

showed a gain of N89 million,

compared to N73 million. On

the other hand, net cash from

financing activities incurred

a loss of N166,000, compared to

N11.4 million.

The closing balance of cash

and cash equivalents at the

end of the period amounted to

N1.52 billion, representing an

increase from N1.32 billion

FRIDAY 26 APRIL 2024

16 www.businessday.ng

FRIDAY 26 APRIL 2024 www.businessday.ng

COMPANIES & MARKETS BUSINESS EVENT

L-R: Diran Fawibe, chairman, International Energy Services, presenting the Energy Bank of the year

award to Chidinma Ugbojiaku, manager, external and government affairs, Heirs Energies; and Kayode

Ekundayo, publisher, Energy Times, at the Energy Times Award, held in Lagos, where Heirs Energies

won Emerging Energy Company of the Year”, award, 2023 in Lagos, recently.

L-R: Folakemi Adekunle, business development associate, Wecyclers; Blessing Obot, credit associate, UPS;

Isemua Oniha, human resource senior admin ofcer, UPS; Michael Umoh, country manager, UPS Nigeria;

Sonia Ugwunna, head, project, SustyVibes; Jane Imo, nance senior admin ofcer, UPS; and Eberechukwu

Okagu, sales/account specialist, UPS, during the recycling collection drive at UPS ofce in Lagos recently.

L-R: Kennedy Oko-Igaire, board member, Institute of counseling in Nigeria (ICN); Tolulope Oko-Igaire,

executive director, ICN; Olufunso Amosun, board member, ICN; Titi Braimah, MD/CEO, Goliath Integrated

Services; and Precious Mmezichukwu, registrar, ICN, at the unveiling of yourwellnessclinic.org, a 24/7 online

therapy platform of ICN.

L-R: Obinna Emeribe, head, pharma sales and marketing, May & Baker Nigeria plc; Ayodeji Aboderin,

executive director, nance; Chidiebere Maduka, 3rd best national customer; Chukwudi Diji, 2nd best na-

tional customer; Patrick Ajah, MD/CEO, May & Baker Nigeria plc; Okey Nwachukwu, overall best national

customer Audion Pharmacy; Emem Essiem, head, human capital development; and Silver Ajalaye, head

pharma plants operation, at the company’s just concluded Customer Forum event, in Lagos.

By Seyi John Salau

PalmPay wants more Nigerians

to embrace digital payments

PALM Pay has urged Ni-

gerians to embrace digital

payments in line with the

country’s push for finan-

cial inclusion as a panacea

to bridge the current pov-

erty rate.

According to the com-

pany, embracing digital

payment options will help

get more Nigerians into

the banking sector, and

reduce the unbanked pop-

ulation of the country.

“This initiative is to

encourage Nigerians to

embrace digital payment

channels for their daily

financial transactions,”

Enakeno Umuteme, head

of marketing communi-

cations at PalmPay said,

during the recent unveil-

ing of the first set of win-

ners in the Eid mobile

bonanza.

According to Umuteme,

the Eid campaign tagged

PalmPay Eid bonanza,

which kicked off on April

10, will run until April

30, 2024.

He said that the cam-

paign is a testament to

PalmPay’s commitment

to driving financial in-

clusion by making digital

financial services more

accessible to millions of

Nigerians.

“This mobile bonanza

is first aimed at rewarding

our users with iPhone 15

Pro and Infinix Note 40

smartphones. However,

the greater objective is to

encourage Nigerians to

embrace digital payment

channels,” Umuteme said.

He disclosed further

that since the start of the

campaign, winners have

been emerging daily by

performing tasks on the

PalmPay App. He said

users carry out tasks like

fund transfers, airtime

and data purchases, bill

payments, and savings.

“Our primary objec-

tive is to reward and ac-

knowledge our loyal cus-

tomers. This campaign

stays true to its promise

of appreciating Nigerians

who are PalmPay users,”

Umuteme said.

18 FRIDAY 26 APRIL 2024www.businessday.ng

By Ifeoluwa Adebayo

NEXIM Bank to empower nano

businesses for export growth

THE Nigerian Export-

Import Bank (NEXIM),

an export credit agency,

has pledged its commit-

ment to empowering

businesses of varying

sizes to participate in the

export sector.

Abubakar Bello, man-

aging director of Nexim

Bank, made this known

during his keynote ad-

dress titled ‘Easy Access

to Export Finance’ in

Lagos recently.

“We are particularly

enthusiastic about doing

business with individu-

als, nano and small busi-

nesses,” he said.

Bello said NEXIM was

prepared to provide ac-

cess to funding to indi-

viduals or businesses

without any discrimina-

tion.

“Accessing finance is

easy as long as the indi-

vidual or business is seri-

ous. We are encouraging

exports, and everybody

seated here can start

generating foreign ex-

change for themselves,”

he added.

He noted that the Ni-

gerian Exporters’ Hub

would help reduce the

risks that hold back ordi-

nary exporters, making

it easier for them to get

funding.

“We are a bank

concerned with devel-

opment, not necessar-

ily profitability. We are

ready to provide access

to funding, and there is

no discrimination. Banks

look at where there are

minimal risks, and some

of those risks have al-

ready been mitigated by

the Hub,” he said.

The push for non-

oil exports aligns with

Nigeria’s well-defined

economic objectives of

diversifying away from

its dependence on oil.

According to Bello, by

supporting new entrants

into the export sector,

particularly small and

medium-sized enterpris-

es, Neximbank hopes to

spur economic growth in

new and vibrant sectors.

Aliyu Sheriff, spe-

cial adviser on Export

Expansion to Nigeria’s

President said there was

a need to prioritise do-

mestic production value

for locally manufactured

goods.

He said Nigeria must

ensure that products

made in Nigeria are rec-

ognised for their quality

and competitiveness on

the international stage.

By Folake Balogun

The Tech Creatives empower marketers

to boost partnerships, innovation

THE Tech Creatives has

empowered marketing

professionals to ensure

collaboration, creativity,

and innovation in tech

marketing.

The community pro-

vides a platform for

tech marketing minds

to share knowledge, ex-

change ideas, and in-

spire each other through

regular events, online

forums, and mentorship

programmes, according

to a statement.

“At Tech Creatives,

we believe that the

magic happens at the

intersection of minds,”

Khadijat Durosinmi,

co-founder of The Tech

Creatives, said in the

statement.

“When tech market-

ing professionals from

different backgrounds

come together, they chal-

lenge each other’s as-

sumptions and spark

new ideas that might

not have emerged other-

wise,” she added.

According to Duro-

sinmi, the community

fosters a collaborative

environment where

members can learn from

seasoned professionals

and industry leaders.

“Collaboration dis-

mantles silos and en-

courages cross-polli-

nation of knowledge. It

allows us to see a prob-

lem from all angles and

arrive at unconvention-

al solutions,” Yewande

Odesanya, co-founder

of The Tech Creatives,

said.

“This inclusive space

welcomes individuals

from all walks of the in-

dustry, fostering a rich

combination of perspec-

tives. By fostering a col-

laborative environment,

The Tech Creatives is

poised to play a signifi-

cant role in shaping the

future of tech market-

ing.”

The Tech Creatives,

which was established

in 2023, is a community

dedicated to empower-

ing tech marketing pro-

fessionals through col-

laboration, knowledge

sharing, and fostering a

culture of creativity and

innovation.

HOTEL

By ?? ????

Four Points by Sheraton

Hotel

(Oniru Chiefatancy

Estate,Lekki) Tel: +234 1 448

9444

Transcorp Hilton Abuja

1 Aguiyi Ironsi Street Maitama,

Abuja

Tel: +234-708-060-3000

The Wheatbaker

#4 Onitolo(Lawrence Road),

Ikoyi, Lagos.

Tel: 01 277 3560

Lagos Continental Hotel

Plot 52, Kofo Abayomi St,

Lagos

Tel: 01 236 6666

Novotel Port Harcourt

Address: 3 Stadium Road

Rumuomasi, Port Harcourt

Rivers State,

Tel: 0809 713 5734

Radisson Lagos Ikeja

#42-44 Isaac John Street,

GRA Ikeja, Lagos

Southern Sun IkoyI Hotel

Address: 47 Alfred Rewane

Road, Ikoyi, Lagos

Tel: +234 1 280 5200 / +234 1

280 0630

Email: ssikoyi.reservations@

tsogosun.com

Radisson Blu Anchorage

Hotel

1A,Ozumba Mbadiwe,Victoria

Island.

Hawthorn Suites by

Wyndham Abuja

1 Uke St, Garki, Abuja.

Tel: +234 9 4603900, +234

Top BusinessDay Partner Hotels

Radisson Blu Hotel Ikeja

#38/40 Isaac John St, Ikeja

GRA100271, Ikeja

Tel: +234-908-780 5555

206 Exclusive Hotel

Plot 206 Oladipo Diya Road

Opposite Olympia Estate

By Games Village Second

Gate Durumi2 Abuja

Royalton Hotels, Abuja

No 16 Gongola street off Mos-

hood Abiola way, Area 2, Garki

Abuja. Email: reservations@

royaltonhotels.com.ng

www.royaltonhotels.com.ng

08187664721, 08162767423,

09152694322

Rockview Hotel Festac

Plot 33, 23 Road, 2nd Avenue,

Festac Town.

Tel: 08178342190,

08178342193,08178342188,

08178342192, 08178342189.

E-mail: salesfestac@rock-

viewhotels.com, Website:

http:www.rockviewhotels.com

La Cour Hotels and

Apartments

Address: 33 Glover Road, Ikoyi,

Lagos and 3 Femi Okunnu

Raoad, Ikoyi, Lagos.

Tel: +234 9120147745/

+234 9120147746, Email:

reservations@lacourhotels.com

20 FRIDAY 19 APRIL 2024www.businessday.ng

Why hotel loyalty programme matters to guests

Rainbow Tourism Group, Grand Metropolitan Hotels

launch hospitality academy, booking engine

RAINBOW Tourism Group

(RTG) and Grand Metropolitan

Hotels (GMH) are delighted to

announce partnership with

Schweizerische Hotelfach-

schule Lucerne, a renowned

Swiss hotel school, to launch

the Swiss African Academy of

Hospitality and Management

(SAAHM).

The hospitality academy

will be a world-class hotel

school based in Harare and

will be focused on catering to

the growing demand for skilled

professionals in the African

hospitality industry.

The partnership between

RTG and GMH joint venture

and the Swiss Hotel School

Lucerne stems from a shared

vision of nurturing talent and

promoting excellence in the

hospitality sector. By leverag-

ing their respective exper-

tise, both organisations aim to

bridge the skills gap in Africa

and equip aspiring profession-

als with the knowledge and

skills needed to excel in the

dynamic hospitality industry.

Through the partnership,

RTG and Swiss Hotel School

Lucerne will jointly develop

and implement a comprehen-

sive training program tailored

to the specific needs of the

African hospitality sector. The

programs will encompass vari-

ous facets of hospitality man-

agement, including customer

service, culinary arts, hotel

operations, event management,

and sustainable tourism prac-

tices.

RTG, with its extensive ex-

perience in the African tourism

landscape, will provide valu-

able insights into the unique

challenges and opportunities of

the region. Swiss Hotel School

Lucerne, well-known for its

world-class hospitality educa-

tion, will contribute its exper-

tise in curriculum development

and training methodologies.

“We are excited to part-

ner with Swiss Hotel School

Lucerne to spearhead the

capacity building of hospi-

tality skills in Africa,” said

Tendai Madziwanyika, chief

executive of Rainbow Tourism

Group. “By combining our lo-

cal knowledge with Swiss Ho-

tel School Lucerne’s renowned

hospitality expertise, we aim

to empower individuals and

elevate the standards of the

African hospitality industry.

The collaboration will not

only benefit aspiring profes-

sionals but also contribute

to the sustainable growth of

tourism in the region. We will

be enrolling university gradu-

ates and capacitate them to

the next level by giving them

practical technical industry

skills and leadership skills to

make them job ready.”

Martin Smura, chairman,

Grand Metropolitan Hotels, ex-

pressed enthusiasm about the

partnership, “We are delighted

to collaborate with Rainbow

Tourism Group to facilitate

the development of hospital-

ity skills in Africa. Our joint

efforts will empower individu-

als to unlock their potential,

enhance career prospects, and

contribute to the overall pro-

fessionalization of the African

hospitality sector. Together,

we will make a lasting impact.”

By Obinna Emelike

WITH the hikes in airfare

and hotel accommodation

in most destinations across

the world, frequent travel-

ers are now having more

financial burdens to bear.

The situation, which is

occasioned by the global

economic realities, espe-

cially rising inflation, has

resulted in some cost-cut-

ting measures by corporate

organisations and even

individuals, giving priority

to essential travel or ‘budget

travels’.

However, people must

travel, especially for busi-

ness and leisure purposes.

Again, the fact that airfare

and hotel accommodation

gulp about 70 percent of

travel budget, makes trav-

eling on budget imperative

now.

But instead of cutting the

accommodation budget, one

can make the most of his

hotel lodging experience

by simply joining a hotel

loyalty programme.

Sadly, most uninformed

frequent travelers hardly

see a reason to join a hotel

reward system, forgoing the

huge benefits from doing so.

Of course, all major glob-

al hotel chains run loyalty

programmes. From Hilton

Honors, Marriott Bonvoy,

Radisson Rewards, Accor

Live Limitless, among oth-

ers, these initiatives are free

to join and enable guests to

earn points anytime they

stay in the hotels that are

covered in the loyalty pro-

gramme network.

For instance, for being

a member of Radisson Re-

wards, members get mem-

ber only rates, which en-

able them to save up to 10

percent on accommodation

cost.

The loyalty programme

is activated in over 600

Radisson hotels under the

Radisson Hotel Group in

Europe, Middle East, Af-

rica, and Asia Pacific.

In Nigeria, five hotels

under the Radisson Hotel

Group participate in the

loyalty programme. The

good thing is that a guest can

redeem his/her points at

any participating Radisson

hotel across the world.

Meanwhile, Marriott In-

ternational, with the largest

loyalty network of over 8,000

hotels across the world, is

offering guests the oppor-

tunity to earn points from

their spending while staying

in the hotel and also redeem

them at any of the participat-

ing hotels.

Some of the benefits of

joining the Marriott Bon-

voy include; guarantee of

the best rate or the lowest

booking rates all the time,

free wi-fi, access to Marriott

Bonvoy™ app and mobile or

contactless check-in with

the app and using the re-

ward points to book a free

night hotel stay or flight

tickets.

Guests who stay three

consecutive nights get 10

percent off the standard

rate, those who stay four

to six nights save 15 per-

cent, while longer staying

guests (from seven nights

or more) enjoy the most of

Marriott Bonvoy with up

to 20 percent discount on

accommodation.

In Nigeria, you can re-

deem the points at any of

the seven Marriott hotels

including; Four Points By

Sheraton Lagos, Four Points

By Sheraton Ikot Ekpene,

Sheraton Lagos Hotel, La-

gos Marriott Hotel Ikeja,

Protea Hotel Lagos Kuramo

Waters, Protea Hotel Ikeja

Select and Protea Hotel Ow-

erri Select.

Same discounts apply to

corporate clients, who can

use the points they earned

during group stay in a hotel

to bargain for cheaper rates

for conferencing facilities.

In his expert view, Mide

Olakunle-Oni, a hospitality

expert, explained that hotel

loyalty programmes can

help frequent travelers to

save on accommodation and

access good deals.

“By becoming a mem-

ber of a hotel reward club,

you can save lots of money

on accommodation. For

instance, by becoming a

member of Marriott Bon-

voy, Hilton Honors, and

others, a guest is constant-

ly reminded of the hotel’s

deals and best prices at all

times,” he said.

According to him, at ev-

ery stay in hotels you are

a member of their reward

system, a guest gains points

that translate into cheaper

accommodation or even

discounted flight tickets.

Also, by tracking hotel

promotions, one can get a

good accommodation deal

if the guest takes advantage

of the promo.

But those who are not

members of any hotel re-

ward system can always

look out for these special

promotions and take ad-

vantage of them because

most hotels sell the rooms

half the price during pro-

motions.

In some hotels within

one’s vicinity that does not

require joining the reward

system, then becoming a

member of the hotel’s exclu-

sive offerings such as pool

club, fitness club, among

others can help you to earn

points that can save money

on accommodation in the

hotel.

So, join a loyalty pro-

gramme and get more value

from your stay by earning

points, which can translate

to discounted rooms and

huge savings, extended stay,

flight tickets, among other

benefits.

ENTERTAINMENT

By Obinna Emelike

By ??

???

Naira crisis hits hard on African

focused streaming platform

By Anthony Udugba

THE seasoned naira devalu-

ation has seen rippled effect

across local and interna-

tional businesses operat-

ing in various capacities

nationwide including the

entertainment business

and for Mdundo, an Africa-

focused music streaming

service its Q3 fiscal report

tells a similar tale.

The Kenyan music start

up, Mdundo, according to

their reports, said that its

revenues have come in

short of forecasts due to

Nigeria’s Naira crisis. Ni-

geria is one of Mdundo’s key

markets, along with Kenya,

Ghana, Tanzania and South

Africa which all accounted

for two-thirds of the com-

pany’ monthly active users

(MAUs) as of last year.

Mdundo, which is listed

on the Danish stock ex-

change and reports earn-

ings in Danish kroner, said

it currently targets revenue

of DKK 12 million to 14 mil-

lion (USD $1.71 million to

$1.99 million) for fiscal year

this is below its forecast

from mid-2023, when the

company expected revenue

for 2023-2024 to come in at

DKK 17 million to 21 mil-

lion ($2.42 million to $2.99

million).

“Subscription and adver-

tising revenue growth mea-

sured in DKK is impacted by

a 38 percent decline in the

Nigerian naira value from

January to March 2024,” the

company said in its report

for fiscal Q3, which corre-

sponds to calendar Q1 2024.

The first time the local

currency closed at over

N1,000 against the green-

back this year was on Janu-

ary 3, 2024, when it tumbled

to N1,035.12/$ at the Nige-

rian Autonomous Foreign

Exchange Market (NA-

FEM). In March the naira

dropped to an all time low

of N1,615)/$ but currently

exchanges at N1,245.

Despite this, Mdundo, in

its reports said its revenue

in Nigeria keeps growing

when measured in naira.

“Furthermore, the nai-

ra’s depreciation reduces

operating costs when mea-

sured in DKK, leading to im-

proved Earnings Before In-

terest, Taxes, Depreciation

and Amortisation (EBIT-

DA) guidance for 2023/24,”

the company added.

“With Nigeria’s sizable

market and vibrant mu-

sic industry, Mdundo sees

long-term potential. Man-

agement closely monitors

the evolving situation in

Nigeria,” the report stated.

Meanwhile, Mdundo’s

user base grew by a 41 per-

cent YoY in monthly active

users (MAUs). The com-

pany reported 34.5 million

monthly active users at the

MultiChoice increases DStv, GOtv

prices third time in one year

MULTICHOICE, a cable TV

provider, announced an in-

crease in prices on various

DStv and GOtv packages

for the third time in almost

a year. Starting from April

2023 to April 2024, the com-

pany has recorded price

increase on three occasions

all attributed to the rising

cost of doing their business.

In a statement ad-

dressed to its subscribers

on Wednesday, April 24,

Multichoice attributed the

latest hike to increased op-

erational expenses and will

be effective from May 1, 2024.

In November 2023, Multi-

FRIDAY 26 APRIL 2024 www.businessday.ng

By Anthony Udugba

Choice hiked prices of DStv

and GOtv prices to the cur-

rent prices due to rising cost

of operating its business.

Almost a year ago the

company increased the

prices of its DStv and GOtv

packages via text message

to its subscribers due to the

response to Nigeria’s rising

inflation in April 2023. The

company said in an internal

memo that the increase was

due to the various economic

challenges impacting the

business operations.

Instances of the price

hike included, The DStv

Premium package price

increasing from N21,000

to N24,500, the DStv Com-

pact+ package from N14,250

to N16,600, the DStv Com-

pact package from N9,000 to

N10,500 and so on.

The statement, which is

titled ‘Price Adjustment on

DStv and GOtv Packages,’

reads in part, “On Wednes-

day, May 1, 2024, we will ad-

just our prices across all our

packages on DStv and GOtv.

“We understand the im-

pact this change may have

on you, our valued custom-

er, but the rise in the cost

of business operations has

led us to make this difficult

decision.

“It remains our mission

to provide the best enter-

tainment and viewing ex-

perience to you and are

committed to continue to

deliver high-quality content

and unparalleled service,”

the statement read.

Recorded price hikes

since COVID

The frequent price hikes

started in September 2020

when MultiChoice raised

the monthly price of its

Premium package from

N16,200 to N18,400. Other

higher packages, such as

Compact Plus and Compact,

were also affected at the

time with subscribers asked

Spotify reports shows user growth,

subscriptions rise, revenue soars Q1 2024

SPOTIFY unveiled its first-

quarter 2024 earnings on

April 23, 2024, reflecting

continued user growth, sub-

scriber gains, and a substan-

tial rise in revenue.

Spotify reported 615 mil-

lion monthly active users

in Q1 2024, representing

a 19 percent year-on-year

(YoY) increase. This growth,

however, fell slightly short

of the company’s expecta-

tions, missing the target by

3 million users.

The moderated market-

ing activity employed by

Spotify is attributed to the

normalised growth pattern

following the record-break-

ing performance in 2023.

On the subscriber front,

Spotify witnessed a 14 per-

cent YoY increase, reaching

239 million paid subscribers

in Q1 2024. This growth

was consistent across all

regions, demonstrating

strong user engagement

and platform preference.

Notably, Family and Duo

plans continued to be a key

driver, highlighting the

rising popularity of shared

subscriptions.

Spotify’s Q1 2024 total

revenue surged by 20 per-

cent YoY to €3.6 billion.

Ad-supported revenue also

By Anthony Udugba

experienced a significant

rise of 18 percent YoY. These

figures underscore the effec-

tiveness of Spotify’s moneti-

zation efforts.

Spotify’s financial health

remained robust in Q1 2024.

The company reported a

positive free cash flow of

€207 million and a strong

balance sheet with €4.7

billion in cash, cash equiva-

lents, restricted cash, and

short-term investments.

This financial strength posi-

tions Spotify well for contin-

ued investment and growth.

Gross margin reached

27.6 percent in Q1 2024,

while operating income

improved to €168 million.

These improvements indi-

cate a focus on profitability

without compromising user

experience.

“We’ve talked about 2024

as the year of monetization

and we’re delivering on

that ambition,” said Spotify

co-founder and CEO Daniel

Ek. “Now as we’ve shifted

to focus on strong revenue

growth and margin expan-

sion, we see a clear oppor-

tunity to ensure we are also

continuing to grow at the

top of our funnel.”

Spotify’s Q1 2024 perfor-

mance demonstrates a stra-

tegic shift towards revenue

generation.

to pay N12,400 and N7,900

respectively.

However,MultiChoice

Nigeria later slashed its

prices on February 1, 2021 to

provide relief to its custom-

ers from the recession in

Q4 of 2020 and the impact of

the pandemic. In March last

2022, DSTV hiked its prices

again due to economic chal-

lenges impacting its busi-

ness operations.

end of March 2024, which is

an increase from 24.5 mil-

lion in the same quarter a

year earlier.

In line with its forecasts

from last year.it expects that

number to hit 35 million by

the end of the fiscal year in

June and 50 million MAUs

in 2025.

Beyond that, the com-

pany says user growth “is

expected to slow down,”

and as a result, it’s “shifting

focus from user acquisition

to a stronger focus on im-

proving unit economics for

the current customer base.”

Netflix soars

past subscriber

expectations in

Q1 2024

NETFLIX defied analyst

predictions in its Q1 2024

earnings report, adding 9.33

million paid subscribers

globally. This figure sur-

passed the StreetAccount

consensus estimate of 3.93

million new subscribers.

Growth wasn’t limited to

any specific region. The U.S.

and Canada saw an increase

of 2.53 million subscribers,

while Europe, the Middle

East, and Africa added 2.92

million. Latin America fol-

lowed closely with 1.72 mil-

lion new subscribers, and

the Asia-Pacific region con-

tributed 2.16 million.

Netflix credits a diverse

slate of content for fueling

this surge in subscribers.

The live-action adapta-

tion of ‘Avatar: The Last

Airbender’, the sci-fi se-

ries ‘3 Body Problem’, Guy

Ritchie’s ‘The Gentleman’,

and the latest season of

‘Love Is Blind’ were among

the highlights that capti-

vated audiences.

In a separate announce-

ment, Netflix revealed a

shift in its reporting strat-

egy. The company will

discontinue reporting sub-

scriber totals on a quarterly

basis starting in 2025. This

move suggests a potential

focus on a different key per-

formance indicator (KPI) to

gauge success in the future.

As of March 31, 2024, Netflix

boasts a global subscriber

base of 269.60 million, solidi-

fying its position as a leader

in the streaming industry.

By Anthony Udugba

2023-2024, which ends June

30, 2024.

According to the reports,

Here’s a breakdown of the packages increased :

DStv Premium from N29,500 to N37,000

DStv Compact Plus from N19,800 to N25,000

DStv Compact from N12,500 to N15,700

DStv Confam from N7,400 to N9,300

DStv Yanga from N4,200 to N5,100

DStv Padi from N2,950 to N3,600

DStv HDPVR from N4,000 to N5,000

GOtv Supa+ from N12,500 to N15,700

GOtv Supa from N7,600 to N9,600

GOtv Max from N5,700 to N7,200

GOtv Jolli from N3,950 to N4,850

GOtv Jinja from N2,700 to N3,300

DStv Access Fee from N4,000 to N5,000

GOtv Smallie from N1,300 to N1,575

SOCIAL LISTENING

IN a bold treatise, Dr Efosa

Ojomo challenges West-

ern companies who divest

from Africa after a blimp

in fortunes, saying they

misread the continent. He

notes the current round of

divestment following the

disappointment of com-

panies lured by the Africa

Rising narrative. He as-

serts, “Africa has never

lied to anyone about what

it takes to do business on

the continent. The conti-

nent has never promised

an enabling business en-

vironment nor guaranteed

ease of business.”

Ojomo co-authored the

epochal and successful

book The Prosperity Para-

dox: How Innovation Can

Lift Nations Out of Poverty

with Prof Clayton Chris-

tensen. The article was so

appealing that Kennedy

Anyiam-Osigwe posted it

on the Credibility Group

WhatsApp platform.

Questioning the West’s Second

Divestment from Africa

“A ground breaking commentary on what Nigerians are saying on social media”

22 FRIDAY 26 APRIL 2024www.businessday.ng

Yahaya Bello: South-East citizens

must ask questions now

Preparing the yams for the New Yam Festival

Dimensions of the Yahaya

Bello versus EFCC case

Boycott Turkish Airlines for

maltreating Nigerians?

Ojomo argues that

Western companies should

re-examine their African

involvement and choose a

long-haul approach. They

should also commit to

creating the markets for

whatever they want to sell

in Africa.

“First, by almost any

metric that measures pros-

perity, the quality and

predictability of a nation’s

institutions, the pervasive-

ness of corruption (or at

least the perception of it),

or the level of infrastruc-

ture, African countries

tend to rank dead last.

Whatever gains the con-

tinent has made are mar-

ginal, especially compared

to the gains many Asian

countries, which African

ones are often compared

with, have made.”

Ojomo adds, “Doing

business in Africa is hard.

And it should be. Not be-

cause there’s something

FOR South-East citizen

Arc Daniel Enesi, the mes-

sage of the Yahaya Bello

case if for citizens to ask

questions about regional

governance. He submitted.

#AskQuestionsNow

HE Governor Soludo,

THE pastoral directive by

the Bishop of Ekwulobia

SOCIAL media is dimen-

sioning the case of EFCC

versus Yahaya Bello,

which is currently trend-

ing. There are memes and

cartoons of the former

governor escaping as a

female. Others explore

the ramifications of the

revelations by the EFCC

chairman, Mr Ola Olu-

koyede, about the deposit

of $720 000 fees Bello al-

legedly paid to a school

abroad.

One netizen calculated

then remarked, “How

much is $720,000 in naira

sef.

Let’s check. Almost

N1B as ur child’s school

fees to another country.

what is wrong with the

black man and his mind?

THAT is the bold call on

some WhatsApp platforms

following a video of a Ni-

gerian lady forced into a

21-hour layover without

accommodation or access

to Istanbul by Turkish Air-

lines. Her offence was car-

rying a Nigerian passport.

She watched people with

passports from other coun-

tries enter the lounges and

get accommodation from

the airline and similar

treatment.

The lady cried: “You

have no access to Istanbul.

You must get a Consulate

particularly wrong with

Africa but simply because

of the stage of Africa’s

development. Most things

in Africa–from education

and healthcare to infra-

structure and institutions–

should be hard. One reason

for this hardship is how

much the continent has to

spend on fixing itself.”

How can multinational

companies succeed in Af-

rica? _” By understanding

what the business envi-

ronment resembled when

today’s wealthy countries

were poor and commit-

ting to market creation.

Unfortunately, without

that level of commitment,

I’m afraid we will be here

in ten years talking about

another mass exodus of

multinational companies

from Africa.”

https://www.chris-

tenseninstitute.org/blog/

the-great-miscalculation-

and-exit-of-multinationals-

in-africa-again/

visa instead of the ones

at the airport.” She que-

ried, “How did we get here,

where our passports are

scorned while other people

get free stuff, free accom-

modation, andmore?”

Unfortunately, the vid-

eo does not identify the

passenger or have a date.

The WhatsApp platform

screamed: “This is calling

on all Nigerians to boycott

Turkish Airlines until

they learn to give us the

respect we deserve. By our

sheer numbers, if no Nige-

rian makes a booking on

Turkish Airlines for just

a few months, their entire

operations will feel

it, not just the Nigerian

route. Nigerians, we don’t

have any

government looking

out for our interests, but

with our sheer numbers

(given to us by

God), we can stop some

of these ‘man’s inhuman-

ity to man’ wickedness

being

meted out to us. Rise,

Nigerians, we can stop this

wickedness. No booking

Turkish

where are Anambra State

funds? Thank you for your

work, but sir, can you com-

pare what is coming in

with what Ndi Anambra

are getting?

HE Governor Alex Otti,

God bless you for the ur-

in Anambra State on the

farming season is trend-

gency and passion with

which you are lifting Abia.

Every sensible person is

happy with you, but sir,

what is Abia's

financial situation?

Talk to us now.

HE Governor Francis

Nwifuru, God bless you

oga. But please where is

Ebonyi headed under you?

Can Ebonyi people be made

to understand the financial

situation of Ebonyi State?

HE Oga Governor Peter

Mbah. Your Excellency,

what you are doing to solve

the water problem in Enu-

gu City is commendable.

God bless you, sir. But

please, where are Enugu

State funds? Is this all?

I have no questions for

Hope Uzodimma. Abso-

lutely none.

LET US ASK QUES-

TIONS NOW.

ing toward a reboot and a

return to the farms.

FRIDAY 26 APRIL 2024 www.businessday.ng

BUSINESS SOUTH SOUTH

By Ben Owel, Port Harcourt

By Godfrey Ofurum, Aba

Mission to recover Aba is

unstoppable - commissioner

THE mission of Governor

Alex Otti’s administration

to recover and reposition

Aba, the commercial hub of

the State, is an unstoppable

one, driven by history, com-

mitment and dedication,

says Uzor Nwachukwu,

Abia State commissioner

for Local Government and

Chieftaincy Affaires.

Nwachukwu, who was

on tour of Aba South Lo-

cal Government Area, to

oversee ongoing projects

in the area, said that Aba

is important to every Igbo

man, as it is the industrial

hub of the South East Zone,

regarded as the Japan of

Africa and had in the past,

serviced the South East

and South-South Zones

with innovations, as well

as in commerce, which

makes the city’s recovery

important to the State Gov-

ernment.

The Commissioner, who

was impressed with the

ongoing reconstruction

of the Ancient Aba Town

Hall, which was destroyed,

by hoodlums, during the

October 2020 #ENDSARS

Protest”, commended Uche

Wogu , mayor of Aba South

LGA, for a job well done,

stressing that the State

Government will invest

more into ensuring that

all the landmark centres

like the Aba Town Hall are

recovered.

“Currently we’re on Lo-

cal Government Area proj-

ect tour. I’ve finished with

Obingwa and now in Aba

South Local Government

Area, to inspect the projects

been executed under the

leadership of Uche Wogu,

as funded and supported

by Abia State Governor,

Alex Otti.

“One of the major proj-

ects in Aba South is the

recovery of the Aba Town

Hall. This Town Hall rep-

resents a whole lot for the

Aba people. It’s a heritage

site for our people and the

symbol of our pride, as

inherited from our fathers.

It’s equally our city centre-

the Enyimba City centre.

“So, we are here to see

how the project is progress-

ing. I think so far, the May-

or is doing well and we will

invest more to ensure that

in less than no time, we

would recover this place.

From the design we have,

there’ll be a lot of innova-

tions and the introduction

of new things to meet the

realities of the new dis-

pensation. A couple of new

things will be introduced

and I want our people to

wait and take that home,

as part of the surprises,”

Nwachukwu said.

Wogu, mayor of Aba

South LGA, said that aside

from the recovery of Aba

Town Hall, which many

have expressed joy for, his

administration will submit

more proposals for other

projects, which will be ex-

ecuted to reposition Aba

South, which is in the heart

of Aba metropolis.

“A whole lot of things

are bad and will be put back

in shape, by God’s grace.

Within this decretariat to

the chairman’s office, we

have a whole lot to put back

in shape, so we will come up

with more proposals.

“The contractors are

doing well, I’m impressed

with what they’re doing.

I’m sure that when they

finish the town hall it will

be a good place to behold.”

On the growing number

of beggars in Aba South,

Wogu said that Aba South

and Aba North Local Gov-

ernment Areas will col-

laborate with the State

Government to find a last-

ing solution to it.

“It’s an issue I’ve taken

up with the Mayor of Aba

North and the social wel-

fare department is looking

at it. The State and Local

Government will collabo-

rate to work out something

soon, to see how we can

tackle the issue properly

without causing problems,”

Wogu said.

No road under construction in Abia

was washed off by flood, says Oti

ABIA State Government

has said that there is no

truth in a recently circulat-

ing video on social media

that storm water washed off

one of the newly construct-

ed roads, by the Governor

Alex Otti-led administra-

tion.

Don Otumchere Oti,

State’s commissioner for

Works, stated this Wednes-

day, while inspecting the

ongoing reconstruction

of Pepples Road and other

roads in Aba, the State’s

commercial hub.

Oti, who conducted

journalists round some of

the project sites in Aba,

said that no section of the

Pepples Road, which is still

under construction, was

washed off by flood.

The Commissioner ex-

plained that the section

of the road work affected

by storm water was only

the part where loose stone

base was laid without pro-

tection.

“As you can see, the road

was not washed off. The

area impacted by the storm

water is the section that has

not been protected. Even at

that, you can see the road

standing solidly. We have

gone round and we have

taken note of some aspects

of the work to improve upon

to further protect the road.

“We just had stone base

on the road and you know

this is a loose material and

if you have this loose mate-

rial and there is a flood on

it, what do you expect that

would happen? The flood

would carry the material.

So, the road is still under

construction.

“When you look at the

road, you can see that the

flood is coming from the

right hand side, and I have

just seen that the catchment

area of the drain that is

servicing this area is large.

So we will address the issue

and make sure that this

kind of thing doesn’t hap-

pen again.

“I am here to inspect

it personally and to see

whether there is anything

necessary for us to do to

make sure this doesn’t oc-

cur again. Obviously we

have seen it and we are

going to apply necessary

remedial measures to en-

sure that in future, we don’t

have this kind of problem.

But of course, the problem

would not have arisen if the

road had been completed.

“This is just a loose ma-

terial. It’s not protected. By

the time we complete the

road and ensure that all the

sections are protected this

kind of thing cannot hap-

pen,” the Commissioner

enuntiated.

Uzor Nwachukwu

Group seeks stakeholders

collaboration to slow climate change

ASHOKA Africa, a non-

profit organisation, has ad-

vocated for synergy between

oil host communities, oil

and gas companies, and the

government to find lasting

solution to environmental

challenges, faced by Nige-

rians.

The group made the plea

in a stakeholders seminar,

held in Port Harcourt, the

Rivers State capital.

Angelou Ezeilo, co-pres-

ident, Ashoka Africa, said

that the essence of the semi-

nar was to bring all stake-

holders to work together to

solve environmental prob-

lems, mostly in the area of

climate change.

According to her, Asho-

ka Africa is a non-profit or-

ganisation that statutorily

carries out advocacy on the

environment and other is-

sues, as it affects humanity.

She maintained that the

youth should be included

in policy formation in the

issue of climate change, not-

ing that collaboration of all

stakeholders, especially the

youths, will facilitate the

solution of environmental

challenges.

The co-president, Ashoka

Africa, appealed to govern-

ment at all levels, to create

adequate awareness and

support environmental-

ists and non-governmental

organisations to educate

the communities about the

issue of climate change.

Mina Ogbanga, a guest

speaker, who spoke on the

topic “Inaction and its re-

sulting impact”, stated that

community participation

is a key for climate justice

and environmental sustain-

ability.

She observed that youths

are important stakeholders,

because they have the capac-

ity and the strength to drive

the solution that is needed

to reduce environmental

challenges.

By Godfrey Ofurum, Aba

Akwa Ibom electricity

regulatory board bill

passes second reading

A bill for a law to make pro-

visions for electricity gen-

eration, transmission regu-

latory board and for other

matters connected there-

with, has scaled through

second reading on the floor

of the Akwa Ibom State

House of Assembly.

According to Udobia Fri-

day Udo, who represents Edit

Eket /Ibeno State constitu-

ency, the bill seeks to provide

an ideal and legal framework,

leveraging on the modest

way of the decentralisation

of electric power sector in Ni-

geria, to accelerate roadway

in power generation capacity

and to improve utilisation of

generating power, through

increased investment in new

and efficient power genera-

tion technology and strength-

ening the existing power plant

in the State.

In his lead debate, Udo-

bia said that it was another

milestone in the “ARISE

Agenda” of Governor Umo

Eno, as a new regime of State

electricity market will give

the State, a unique opportu-

nity to address the perennial

challenges affecting optimal

electricity supply within the

State without waiting for the

Federal Government.

Furthermore, he reiter-

ated that the bill is a trans-

formative development in

the power sector, which will

improve energy access deliv-

ery and supply of electricity

to residents of Akwa Ibom

State, and ensure less clear-

ance on the national grid

and effectively capturing on

served and unserved area of

the State.

Speaking seperatly, Oto-

bong Bob, deputy speaker

and Kufreabasi Edidem, said

that the bill when passed will

enable Ibom Electricity Board

to take charge of Electricity

infrastructure for the gen-

eration and distribution of

electricity for the good of the

people of Akwa Ibom.

Meanwhile, Udeme Otong,

speaker, Akwa Ibom House of

Assembly, has committed the

the bill to the House Commit-

tee on special projects moni-

toring and implementation,

for further legislative actions

and report back to the house

in two weeks.

In another development,

the House has directed the

Clerk of the House, Nsikak-

Abasi Orok, to communicate

to Governor Umo Eno, for

his administration to con-

sider revisiting and com-

pleting, at least one com-

ponent (The International

Convention Center) of the

Ibom Tropicana Project for

the benefit of the State.

This resolution followed

adoption of a motion brought

before it by Moses Essien,

member representing Ibiono

Ibom State Constituency, on

the “Urgent need to revisit the

development and completion

of Ibom Tropicana Center”

According to the motion,

Essien, said that the Ibom

Tropicana and Entertainment

Center, lying in the heart of

Uyo metropolis was conceived

to boost tourism and for the

benefit of Akwa Ibom people

in 2008, during the administra-

tion of Godswill Obot Akpabio.

By Aniefiok Udonquak, Uyo

Oti, who traced the prob-

lem of the flooding to the

large catchment area of

the access, assured of mea-

sures by the State Govern-

ment to ensure that the

road is properly done.

According to the Com-

missioner, “The catchment

area of this road is large.

The water that is coming

from the right hand side

is carrying a lot of rubbish

to this place. If you look at

the right hand side, you

will see all the things the

flood is bringing from vari-

ous places. So, it is another

thing we need to watch.”

He described as unfor-

tunate the attitude of some

individuals, who are alleg-

ing that the road had been

washed off, saying that they

obviously never knew how

terrible the experience of

the residents was, before

Governor Otti approved the

reconstruction of the road.

INSIDE ABUJA

THE Financial Reporting

Council (FRC) of Nigeria has

reaffirmed its commitment

to adopting and implement-

ing global valuation stan-

dards to bolster investor

confidence and enhance the

country’s competitiveness

on the international stage.

Rabiu Olowo, Executive

Secretary and chief execu-

tive officer of the Financial

Reporting Council (FRC),

stated this during a courtesy

visit of Nicholas Talbot, CEO

nation’s economic growth

goals.

“So, for us, it’s at the core

of our mandate and we’re

very excited to have them

here. You know, the work

that valuation professionals

do, it’s absolutely significant

to the economy, whether you

have valuation of assets, re-

ceivables or anything of its

kind, you find that it’s key

to every financial reporting

principle and also the gover-

nance process.

“So, at the end of the day,

once investors have confi-

an essential outcome for the

collaboration currently being

undertaken by the Agency

and must be supported by

relevant bodies, to provide an

enabling policy environment,

access to finance, appropriate

incentives and innovation

capacities.”

He also commended NAS-

ENI for being identified as

one of the federal govern-

ment’s agencies that has all it

takes to empower and create

job opportunities for Nigerian

youths, to make the country

self-reliant in manufacturing

and digital economy.

Ayo Omotayo, the Direc-

tor-General of NIPSS, who

led the delegation, said Nige-

rian youths can be empow-

ered through translation of

NASENI’s innovations to

finished products and urged

the agency to strengthen the

collaboration between the

two organizations.

THE Federal Capital Terri-

tory Internal Revenue Service

(FCT-IRS) has pledged its con-

tinuous support to relevant

agencies of the Federal Capi-

tal Territory Administration

(FCTA) to foster synergy

aimed at boosting revenue

generation in the FCT.

Haruna Abdullahi, the

Acting Executive Chairman

of the Service, made the prom-

ise while handing over office

furniture and desk computers

to the Department of Devel-

opment Control through the

Coordinator of the Abuja

Metropolitan Management

Council (AMMC) in Abuja.

Abdullahi said conversa-

tion has been ongoing with

the Development Control in

terms of how the FCT-IRS

could support them to en-

hance their operations and

further strengthen the col-

laboration between the two

organizations

of International Valuation

Standard Council (IVSC) to

the council in Abuja.

The FRC boss who high-

lighted the importance of

aligning Nigeria’s valuation

standards with global best

practices, emphasized the

role of valuation profession-

als in upholding financial

integrity.

He said the council’s

dedication to this endeavor

stems from its recognition

of the crucial link between

credible financial reporting,

investor confidence, and the

BELLO Matawalle, Minister

of State for Defence, has

commended the ongoing on-

slaught by the Armed Forces

of Nigeria targeted against

terrorists in Zamfara, So-

koto, Katsina and Kaduna

States, pointing out that

their days are numbered

and that the nation would

once again begin to enjoy

THE National Agency for

Science and Engineering

Infrastructure (NASENI)

and the National Institute for

Policy and Strategic Studies

(NIPSS) are set to collaborate

to enhance Nigeria’s digital

economy footprints, empow-

ering and creating jobs for

millions of youths.

Khalil Suleiman Halilu,

Executive Vice Chairman

and Chief Executive Officer

(EVC/CEO), NASENI, dis-

closed this while welcoming

participants of the Senior

Executive Course (SEC) 46

of NIPSS who were at the

Agency on a Strategic Institu-

tion Study tour on Monday,

in Abuja.

Halilu said strengthening

the capacity of key stakehold-

ers in Nigeria to access, adopt

and scale up technologies is

Reps panel, NACCIMA move to boost

Nigeria’s business environment

FRC reaffirms commitment to bolster investor

confidence through global valuation standards

Matawalle commends Armed

Forces for onslaught on terrorists

NASENI, NIPSS to collaborate for

enhanced digital economy, Job Creation

Revenue: FCT-IRS pledges

continuous support to stakeholders

Cosmopolitan University to start

law programs in September

THE House of Representa-

tives Committee on Com-

merce has affirmed its com-

mitment to collaborate with

the Nigerian Association

of Chambers of Commerce,

Industry, Mines, and Ag-

riculture (NACCIMA) to

enhance Nigeria’s business

environment, particularly

in the commerce and trade

sector.

Ahmed Munir, Chair-

man of the House Commit-

tee on Commerce, expressed

the Committee’s dedica-

tion to working on policies

and laws aimed at making

that the essence of the col-

laboration with NACCIMA

is to harness valuable con-

tribution to help close

some loose gaps in its ef-

forts at changing the exist-

ing narratives and moving

the country forward.

On his part, Dele Kelvin

Oye, NACCIMA, National

President cited the success-

ful collaboration between

governments and Chambers

of Commerce in countries

such as Germany, Singa-

pore, and the United States,

which has been instrumen-

tal in achieving high rank-

ings on the Ease of Doing

Business Index.

24 FRIDAY 26 APRIL 2024www.businessday.ng

Nigeria’s business envi-

ronment more favorable.

He stated this on Tuesday

during a stakeholder forum

convened by the Commit-

tee and NACCIMA, aimed

at propelling the commerce

and trade sector forward.

Munir, emphasized the

commitment of President

Tinubu to enacting and re-

vising laws and policies vi-

tal for the nation’s economic

rejuvenation. He affirmed

that the Committee is set to

deploy every legislative tool

to make a tangible impact.

“Our dream is to have a

Sector that will be friendly

to business men and women

as well as foreigners and we

know that your input today

will make it happen. We

pledge to deploy every legis-

lative instrument available

in making a difference”, he

said.

We all agree that this

administration has taken

some measures in order to

get our dear country back

on track. And to achieve

this, there are so many laws,

policies, etc. to be put in

place and or review. So, it is

very crucial for us to brain-

storm and device strategies

and workable solutions and

ideas to close in some gaps”,

he added.

The Chairman explained

ONE of the newest universi-

ties in Abuja, Cosmopolitan

University has announced

plans to start offering law

courses from September,

this year as the institution

celebrated its first matricu-

lation.

Carl Adams, vice chan-

cellor of the institution who

said this while addressing

the pioneering cohort of

students, highlighted the

importance of the occasion,

commending the ambition,

vision, and courage of the

university’s founding mem-

bers in establishing a pre-

mier educational institution

in Nigeria.

According to him, the

event symbolizes a culmi-

nation of efforts to create a

learning environment that

fosters academic excellence,

innovation, and community

engagement.

By Godsgift Onyedinefu

By Favour Okpale

By Ladi Patrick-Okwoli

By Joy Jimoh

By Favour Okpale

R-L: Khalil Suleiman Halilu, Executive Vice Chairman/CEO of National Agency for Science and Engineering Infrastructure (NASENI),

presenting a souvenir to Abdullahi A. Sule, Executive Governor of Nasarawa State, during a courtesy visit at NASENI Headquarters in

The vice chancellor im-

plored the matriculating

students to reflect on their

academic journey thus far

and embrace the opportu-

nities that lie ahead. With

a focus on excellence in

teaching and learning, he

said that the Cosmopolitan

University aims to equip its

students with the skills and

knowledge necessary to ex-

cel in their chosen fields.

Speaking further, he

said one of the notable ad-

ditions to the university’s

infrastructure is the Cos-

mopolitan Supercomputer

Cluster, which promises to

provide students with ac-

cess to high-end computing

facilities typically found in

the corporate world. This,

he said, underscores the

university’s commitment

to offering cutting-edge re-

sources and preparing stu-

dents for the demands of the

modern workforce.

“We feel it is high time

we started, we have to begin,

you know, baby steps and this

small number of computers

we are about to present to you

is nothing compared to what

we intend to do and what our

vision is for the Department

of Development Control and

other relevant agencies in

the FCT. This is very little in

terms of what we hope to be

doing to boost revenue in the

territory.

“We are glad to be here

and it is also an opportunity

to meet you personally to con-

gratulate you on your recent

appointment as the Coordi-

nator AMMC” the chairman

stated.

In his remarks, the AMMC

Coordinator, Felix Amechi

Obua expressed appreciation

to FCT-IRS for the kind ges-

ture and pledged to continue

working in synergy with

the service with a view to

enhance revenue generation

in the FCT.

dence in the business that

we do here and how we value

our balance sheet, it will

promote that confidence.

And at the end of the day,

it’s going to have a catalytic

effect on the economy. And

our hopes of achieving the $1

trillion economy will only be

a matter of time.”

Olowo added that the

establishment of a Director-

ate of Valuation Standards

in the council was aimed

at ensuring that Nigerian

businesses adhere to inter-

national benchmarks for

transparent reporting.

uninterrupted peace.

The Minister applauded

the Nigerian Armed Forces

for their precise air strikes

targeted at the terrorist

strongholds in Zurmi,

Gusau, and Maradun local

government areas, which

resulted in the elimination

of numerous terrorists and

the destruction of their in-

frastructure.

Matawalle, in a press

statement signed by Hen-

shaw Ogubike, director in-

formation and public rela-

tions also commended the

Armed Forces of Nigeria

for the clearance exercise

in Zamfara, Sokoto, Katsina

and Kaduna.

“With prayers and sup-

port for our Military, very

soon the Military will clear

these states free from bandit

attacks,” he said.

He explained that with

Military precision they

successfully identified and

neutralized the camps of

prominent terrorist figures

like Abdullahi Nasanda and

Mallam Tukur.

“We appreciate and com-

mend the untiring efforts of

our gallant servicemen and

women who participated in

this operation with utmost

dedication and precision,”

he said.

FRIDAY 26 APRIL 2024 www.businessday.ng

LIVE @ THE EXCHANGES

26 FRIDAY 26 APRIL 2024www.businessday.ng

Stock market rises

marginally by 0.05%

AFTER consecutive ses-

sions of profit-taking,

Nigeria stock market

moved slightly higher

by 0.05 percent on Thurs-

day.

Investors interest in

Transcorp Hotels pushed

the market higher. The

stock led the league of

advancers after its share

price increased from

preceding trading day’s

By Iheanyi Nwachukwu

IN the recently released

Top 100 Career Women

by 9to5Chick, the pre-

mier career development

platform highlighted the

success of professional

women, recognised for

spectacular contribu-

tions to the tech industry.

The annual list show-

cases the outstanding

accomplishments and

contributions of female

leaders in entrepreneur-

ship, governance and

policy, STEM, FMCG and

corporate roles across

the African landscape.

In a male-dominated

sector, many women are

beginning to rise to take

up various top leader-

ship positions in organi-

sations.

From robotics to fin-

tech, women are making

waves in their indus-

tries. By broadcasting

their success to such a

wide audience, 9to5Chick

hopes to remind women

and girls that their con-

tributions to humanity

are both possible and val-

uable.

According to the presi-

dent of the 9to5Chick,

Glory Edozien PhD “All

across corporate Africa,

women are doing phe-

nomenal work. However,

from institutional struc-

tures to social constructs

hold us back from being

seen and rewarded for

the work we do. This is

why for the last 4 years,

Here are African tech leaders who made

9to5chick’s Top 100 Career Women list

low of N87.93 to N96.50 to

N8.57 to 9.75 percent.

Analysts said the

market has seen limited

catalysts-trading first

quarter (Q1) earnings

release that would alter

the prevailing negative

sentiment as investors

continue to lock-in gains.

At the close of trading

on Thursday, the Nige-

rian Exchange Limited

(NGX) All-Share Index

(ASI) and Market Capi-

talisation appreciated

from preceding day’s

lows of 98,121.3 points

and N55.494trillion

to 98,169.3 points and

N55.520 trillion.

In 7,417 deals, in-

vestors exchanged

297,202,321 shares worth

N6.516billion. The stock

market’s year-to-date

(YtD) return also in-

creased to 31.29 percent.

L-R: Sehinde Adenagbe, 1st vice chairman, Association of Securities Dealing Houses of Nigeria (ASHON);

Sam Onukwue, chairman of governing council; Ugochi Obi, head, NGX X-Academy; and Charles

Egbunonwo, council member, ASHON, during the opening ceremony of a two-day workshop on “Market

Liquidity, Insights, Challenges and Solutions”, jointly organised by ASHON and NGX, in Lagos, yesterday.

at 9to5Chick we have fo-

cused on amplifying the

work of African career

women on the conti-

nent.”

The 2024 list features

women from 5 African re-

gions across 18 countries

who have been evaluated

based on the influence

of their role, their lead-

ership excellence, per-

sonal accomplishments,

dedication to knowledge

sharing, and commit-

ment to fostering inclu-

sion. The breakdown of

the representation from

the different African re-

gions consists of West

Africa (60), East Africa

(18), Southern Africa (15),

Central Africa (1), and

North Africa (6).

The women from the

technology space who

were recognised include:

Mirna Arif, General

Manager, Microsoft

Egypt (Egypt) who has

over 20 years of experi-

ence in the technology

industry, having worked

for multinational organi-

zations and public sector

entities across Europe,

the Middle East, and

Africa. Prior to joining

Microsoft, Arif held sev-

eral senior positions at

GE Oil & Gas, Emerson

Automation Solutions,

and Surface Business

Group. Under Arif’s

leadership, Microsoft

Egypt has made signifi-

cant progress in helping

Egyptian businesses and

the country embrace the

digital future.

Ogochukwu Onwu-

zurike, Country Man-

ager Truecaller (Nigeria)

who is a trailblazer in

business strategy, con-

tributing significantly to

the success and growth

of ventures. She was rec-

ognized for her strategic

prowess at Truecaller in

scaling operations, navi-

gating regional launches,

engaging commercial

partners, and building

high-performing teams

for enhanced productiv-

ity.

Charity Wanjiku,

Senior Project Manager,

EA, Africa Data Centres

(Kenya), is renowned for

leading multicultural

teams and projects in

mission-critical infra-

structure, sustainable

building, and has been

recognized by Forbes as

one of the “Top 50 Wom-

en in Tech in the World”

in 2018 and honored as an

“African female tech en-

trepreneur” by the World

Economic Forum in 2017.

Aalaa Gamal, Re-

gional Manager, Flutter-

wave (Egypt) . She has

extensive experience

across banking, career

tech, and now Fintech.

She has supported and

led the launch of projects

and products in various

international markets in

the MENA Region.

NEWS

By Tinuade Sanda

COMMENTARY

The transformative impact of Sanda as Eko Disco’s boss

WHEN I assumed the role

of MD/CEO at Eko Elec-

tricity Distribution Com-

pany (EKEDC) in 2022, I

faced significant hurdles,

including ATC&C losses at

29.87 percent and CE losses

at 82.69 percent. With my

team’s support and dedica-

tion, we began addressing

these challenges, striving

for operational improve-

ments. Over time, we made

notable progress, reducing

ATC&C losses to 1 percent

and improving CE to 99.25

percent by March 2024.

Similarly, EKEDC

achieved its highest-ever

monthly collection of N17.1

billion in January 2024,

highlighting our financial

acumen and strategic vi-

sion. It is noteworthy that

these achievements were

recorded without the need

for a tariff increase. Our

focus on operational effi-

ciency led to the lowest-ever

energy leakage-blocked

(ATC&C) losses, highlight-

ing our commitment to

excellence. In this time,

we also launched the fast-

delivery mass metering

programme (Mobile MAP

Initiative) under 72 hours,

resulting in the delivery

of over 80,832 ters. This

further demonstrates our

dedication to enhancing

our customer service and

satisfaction.

Upon assuming of-

fice, I inherited substan-

tial loans and over N3.6b

owed vendors for goods

and services already ren-

dered. This exacerbated

the company’s liquidity

challenges, but I took on the

responsibility to address

these debts. They included

a CBN Metre loan amount-

ing to N4,693,706,837.72, a

CBN operating expendi-

ture (OPEX) ramp-up loan

totaling N29,525,442,959.40,

and a CBN capital expen-

diture (CAPEX) loan of

N14,487,447,715, all of which

were originally intended for

capital projects that were

later abandoned. Although

much of the loan disbursed

had little economic value to

EKEDC, I urged my team to

stay focused and resilient

as we oversaw the repay-

ment of these loans, taking

decisive steps to alleviate

the financial strain on the

company.

Despite the challenges I

encountered, one of my first

impactful decisions was to

raise staff salaries by 25 per-

cent. This was a significant

move, as it was the first

increase of this magnitude

in over a decade at Eko

Electricity Distribution

Company (EKEDC). This

action was taken while we

kept operational expenses

in check and expanded our

fleet by 150 new vehicles,

enhancing our capacity

to respond to service calls

more efficiently.

To achieve my vision of

a unique corporate identity

grounded in local context, I

designed a comprehensive

engagement strategy that

reflected my dedication to

corporate leadership and

stakeholder growth. This

involved restructuring

customer and community

interactions, establishing

a 24/7 rapid response squad

to expedite fault resolution,

implementing strategies to

improve brand positioning

and service delivery, and

creating inclusive, impact-

ful, and sustainable corpo-

rate social responsibility

programs. These initiatives

were part of our innovation-

driven approach, which led

to exceptional outcomes

and a surge of activities

focused on fostering posi-

tive change.

Furthermore, Eko Elec-

tricity Distribution Com-

pany (EKEDC) achieved

ISO 27001 certification,

highlighting our commit-

ment to data protection and

security. Our partnership

with VI Power enabled us to

boost power supply to cus-

tomers on the island, dem-

onstrating our dedication

to customer satisfaction.

Our strategic investments

in infrastructure, includ-

ing the acquisition of sta-

tistical metres to monitor

all existing feeders, have

significantly reduced losses

and enhanced operational

efficiency. This approach

translated into a 99.2 per-

cent complaint resolution

rate year-to-date in 2024.

I came to EKEDC with

a clear focus on zero toler-

ance for mediocrity and cor-

ruption, emphasising the

pursuit of excellence that

has shaped my leadership

style. To align everyone

with our vision, I priori-

tised effective communica-

tion among all stakehold-

ers. This commitment led

to EKEDC ranking first in

market remittance for Q3

2023, a notable rise from

3rd place in the previous

quarter.

My achievements have

been acknowledged with

several prestigious awards,

including The Peak Per-

former CEO of the Year

(2023) and Vanguard’s En-

ergy Icon of the Year (2023).

Additionally, the Nigeria

House of Dreams Parlia-

ment recognised me as the

most proactive female per-

sonality in the power sector

of Nigeria (2023). Addition-

ally, and most prestigious-

ly, I served as a member of

the power committee set up

by the Presidency under the

renewed hope agenda of His

Excellency, President Bola

Ahmed Tinubu.

Similarly, before my ap-

pointment as MD EKEDC, I

was honoured with numer-

By Godsgift Onyedinefu

LEGAL

Court orders arrest of ex-NILDS DG

over corruption charges

A Federal High sitting in

Apo, Abuja, has ordered

the arrest of Ladi Aisha

Hamalai, former director-

general of the National

Institute for Legislative

and Democratic Studies

(NILDS).

The order of arrest is

over her failure to appear

in the corruption case

preferred against her by

the Independent Corrupt

Practices and Other Re-

lated Offences Commis-

sion (ICPC).

The court presided

over by Justice Oba is-

sued the warrant on Mon-

day, April 22, 2024 for the

arrest of the professor

following her repeated

failure to show up in the

court.

The ICPC in a state-

ment on Thursday, said

its counsel had informed

the court that this is the

fourth consecutive time

that the former DG of

NILS failed to honour

the invitation of the com-

mission to appear in the

case having been properly

served.

In the suit charge num-

ber: FCT/HC/CR/312/23,

the ICPC is accusing Ha-

malai of using her office to

confer corrupt advantage

upon herself requesting

the sum of N12 million

to rent a guest house for

her office but using the

amount to purchase a

property for herself at

Gwarimpa area of Abuja.

The commission, in a

four-count charge also ac-

cused the former DG of

By Amaka Anagor-Ewuzie

ECONOMY

CBN hikes Customs FX duty

rate by 11.1% as naira slumps

THE Central Bank of Ni-

geria (CBN) has raised the

exchange rate for paying

Customs duties at the na-

tion’s seaports by 11.1 per-

cent in response to the crash

in the value of naira against

the dollar in the foreign ex-

change market.

The apex bank raised the

Customs FX duty rate from

N1,150.16/$ to N1,277.526/$

on Thursday, April 25, ac-

cording to information

obtained from the official

trade portal of the Nigeria

Customs Service.

This represents an 11.1

percent rise in rate when

compared to the old rate of

N1,150.16/$ previously used

for opening Form M, and

an increase of N127.366 on a

dollar needed to clear goods

at the port.

This means that import-

ers opening Form M today

will require more money to

pay import duties compared

to the importers who opened

Form M earlier in the week.

BusinessDay reports that

the naira on Thursday fell to

N1,400 against the dollar on

the black market, following

renewed demand pressure

in the foreign exchange

market.

With the current ex-

change rate, the naira has

lost 19.64 percent in two

weeks when compared to

N1,125 per dollar quoted on

April 12, 2023, on the parallel

market, popularly called the

black market.

At the Nigerian autono-

mous foreign exchange mar-

ket, the naira depreciated

to N1,308.52 per dollar on

Wednesday.

Reacting to the rapid

fluctuation of the exchange

rate, Eugene Nweke, a

freight forwarder, said the

high import value and clear-

ing cost in Nigerian ports is

exacerbating inflation.

According to him, the

foreign exchange rate is af-

fecting the volume and cost

of doing business at the port.

Urging Customs to sus-

tain a fixed exchange rate re-

gime to help create a stable

value of products, he called

on the government to tailor

monetary policies in a man-

ner that doesn’t suffocate

the industry.

FRIDAY 26 APRIL 2024 www.businessday.ng

ous prestigious awards,

which highlight my dedi-

cation to excellence, ac-

countability, and innova-

tion in the power sector.

Some notable recognitions

include the USAID Cer-

tificate of Achievement for

my ongoing partnership

with the USAID Engender-

ing Industries Intensive

Programme since 2015, the

NECA Employers Excel-

lence Award Winner in the

Electricity Distribution

Sector for 2021, the AFRI-

SAFE CEO of the Year in

2022, and the African Prize

for Leadership Excellence:

Power Personality Leader-

ship Prize in 2017. I also

received the Eko Electric-

ity Distribution Company

MD/CEO Executive Award

in 2018 for “being on time

every time.” Most recently,

I was awarded the Distribu-

tion Company (Disco) of the

Year 2023 by the Energy

Times.

While rumours have

been circulating, alleging

that my appointment as

MD/CEO had been termi-

nated due to poor perfor-

mance, I want to clarify that

this is a misrepresentation

and not accurate feedback

on our performance. In fact,

I have consistently received

accolades from the board,

recognising my leadership

and my management team’s

strong performance.

For instance, on March

6, 2024, I received commen-

dations from the Chair-

man, Human Resources

and Corporate Services,

Tunji Owolafe, following

my correspondence about

EKEDC’s compliance with

market obligations, where

he praised the performance

of my team. He wrote in an

email, “Dear MD, this is

very good news. Congratu-

lations and well done to

you and your team.” I had

previously received similar

accolades from Dr. Tunji

Owolafe and the Board

Chairman, Dere Otubu,

on December 5th and 6th,

2023, for our strong No-

vember performance. He

wrote, “Congratulations

to you and your team for

the good performance in

November.” These emails

are available as evidence of

the positive feedback I have

received.

What started as an in-

vestigation to address fraud

and complicity in ghost

worker activities by three

of our executive manage-

ment team has now escalat-

ed into cyberbullying and

slanderous attacks against

my person. Rather than

addressing the actual issue,

there is an effort to distract

by spreading unfounded

rumours. I believe that

ethical journalism should

be based on the principles

of truth, objectivity, and

fairness rather than falla-

cies that are solely based on

rumours and propaganda.

Hence, I need to clarify

this situation and counter

all false claims against me.

I want to state that I

have served diligently and

efficiently at EKEDC with

the utmost integrity and

worked to sanitise the sys-

tem for optimal productiv-

ity and quality service de-

livery. I have also worked to

enhance the assets and net

worth of our stakeholders

with transparency, integ-

rity, and fairness and con-

sistently acted in the best

interests of EKEDC and all

its stakeholders.

I remain committed to

upholding the values that

have guided my leadership.

I thank everyone who has

supported me throughout

this journey, and I look for-

ward to continuing to serve

with the same dedication

and professionalism that

have defined my career.

Dr Tinuade Sanda is the former CEO, EKEDC

requesting for another sum

of N29 million for the fur-

nishing of the building as

government guest house.

Michael Adesola, the

ICPC prosecutor told the

court that the former

DG was served the ar-

raignment notice but was

surprised she was not in

court.

Olayemi Afolayan,

counsel to Hamalai, in-

formed the court that her

client was sick, hence the

absence.

Justice Oba, however,

ruled that having failed

to appear in court, the

ICPC should effect the ar-

rest of the former DG and

produce her in court at the

next adjourned date.

The matter has since

been adjourned till Sep-

tember 9, 2024.

28 FRIDAY 26 APRIL 2024

www.businessday.ng

By Anthony Nlebem

BUSINESS OF SPORTS

Who earns more? Here is how much each Who earns more? Here is how much each

Man United player earns weeklyMan United player earns weekly

€

MANCHESTER United’s payroll

reflects their commitment to hefty

player wages, with eight players

earning at least 200,000 per week.

This lavish spending has drawn

substantial scrutiny, especially

regarding the club’s player recruit-

ment strategy and their struggle to

uphold the illustrious standards set

during Sir Alex Ferguson’s tenure.

In this week of BusinessDay

Business of Sports, we take a look

at Man United’s payroll and the

weekly wages of each player for the

2023/24 season.

Casemiro

Weekly Wage- 350,000

Casemiro is the highest-paid player

in the Man United squad, earning

350,000 in weekly wages, far more

than any of his teammates.

His arrival from Real Madrid in

the summer of 2022 marked a sig-

nificant addition to the Red Devils

squad.

Raphael Varane

Weekly Wage- 340,000

Raphael Varane’s move to Manches-

ter United in the summer of 2021 was

initially viewed as a savvy acquisi-

tion, considering his stature as a

former Madrid superstar. However,

the 30-year-old has struggled to live

up to expectations at Old Trafford.

Compounded by his hefty

340,000-per-week contract,

Varane’s performance has not jus-

tified the significant investment

made in him.

Marcus Rashford

Weekly Wage - 300,000

Marcus Rashford’s new deal with

United was initially hailed by

football pundits as a well-deserved

reward for his contributions on the

pitch. However, the current cam-

paign has presented a contrast to

that sentiment, as the Englishman

has struggled to replicate his previ-

ous form. Despite his hefty

300,000-per-week contract, Rash-

€

ford has experienced a downturn in

his performances and subsequently

fallen out of favour with Ten Hag.

Anthony Martial

Weekly Wage- 260,000

Anthony Martial’s trajectory at

Manchester United has been a far

cry from the promising start he

once had. Once hailed as one of the

most talented young strikers in the

world, Martial’s performances have

failed to live up to expectations in

recent years. His struggles to make

a significant impact in front of goal

have been a source of frustration

for both fans and the club alike.

Despite his hefty 250,000-per-week

contract, Martial has struggled to

justify his wages with consistent

performances on the pitch

Mason Mount

Weekly Wage- 250,000

Mason Mount’s arrival at Ma United

from Chelsea came with anticipa-

tion, accompanied by a hefty price

tag that instantly elevated him

among the club’s highest earners,

pocketing £250,000 weekly wage.

Bruno Fernandes

Weekly Wage- 240,000

Bruno Fernandes has undoubtedly

been a stellar addition to Manches-

ter United, emerging as one of

the club’s standout players and a

key driving force in midfield. Fer-

nandes’ weekly salary of 240,000 ap-

pears relatively modest compared to

the earnings of certain other players

at Old Trafford. Given his pivotal

role and consistent performances.

Antony

Weekly Wage- 200,000

Since Antony’s arrival at Man-

chester United from Ajax, his per-

formance on the pitch has failed

to live up to the high expectations

placed upon him, leading to criti-

cism from sections of the club’s

fanbase. As one of the highest earn-

ers at Old Trafford, with a weekly

wage exceeding 200,000, Antony’s

struggles to make a significant

impact have only intensified the

scrutiny surrounding his presence

in the team.

Harry Maguire

Weekly Wage- 189,000

If you had suggested that Harry

Maguire would be playing like he’s

worth the 190,000-per-week sal-

ary he is on. The Englishman has

spent the majority of his time at

Old Trafford but found a new form

this season

Luke Shaw

Weekly Wage- 150,000

Luke Shaw has emerged as one of

the most solid and consistent per-

formers at the club, a turnaround

that many might not have predicted

after his challenging early seasons

at Old Trafford. His resurgence

earned him a 150,000-per-week deal

just this summer until 2027.

Christian Eriksen

Weekly Wage- £150,000

After showcasing his ability to compete

in the Premier League Man United

signed Christian Eriksen on a free

contract in the summer of 2022, placing

him on a 150,000-per-week. However,

this investment has not transformed

into a positive result, as the Danish

midfielder has exhibited signs of ageing

this campaign.

Victor Lindelof

Weekly Wage- 120,000

Victor Lindelof’s journey at the club has

been rather unassuming. Despite lack-

ing the aura of a star player, it’s quite

astonishing to discover the hefty pay-

check he commands. Joining the team

in 2017, he secured a contract extension

in 2019 with 120,000 per week wage.

Lisandro Martinez

Weekly Wage- 120,000

One of Ten Hag’s initial signings, Lisan-

dro Martinez, had previously worked

with the Dutch manager at Ajax, and

currently earns 120,000 weekly wage

and has proved himself more than de-

serving of this deal, showcasing himself

as a reliable centre-back.

Andre Onana

Weekly Wage- 120,000

Andre Onana was signed to replace

David de Gea after previously working

closely with Ten Hag at Ajax. Despite

being on a weekly salary of 120,000,

which is significantly lower than what

the Spaniard was earning at Old Traf-

ford, Onana’s arrival was seen as a

cost-effective solution for Manchester

United.

Kobbie Mainoo

Weekly Wage - 10,000

Amad Diallo

Weekly Wage - 28,000

Altay Bayinndir

Weekly Wage- 35,000

Tom Heaton

Weekly Wage- 45,000

Alejandro Garnacho

Weekly Wage- 50,000

Scott McTominay

Weekly Wage - 60,000

Jonny Evans

Weekly Wage- 60,000

Sofyan Amrabat

Weekly Wage- 65,000

Rasmus Hojlund

Weekly Wage- 85,000

Diogo Dalot

Weekly Wage- 85,000

Aaron Wan-Bissaka

Weekly Wage- 90,000

€

FRIDAY 26 APRIL 2024 www.businessday.ng

Businesses relieved as Apapa-Oshodi

Expressway breathes again

FOR the first time in a de-

cade, commuters and port

users can now access Tin-Can

and Apapa Ports through the

Apapa-Oshodi Expressway,

all thanks to the authorities

that sacked tankers, trailers

and rent-seekers from the main

artery into ports in Lagos.

In the past, the Mile 2 to

Tin-Can Island part of the

Apapa-Oshodi Expressway

had been under the clutches

of uncoordinated truckers and

rent-seekers that profit from

the daily gridlock on the road

through the collection of illegal

tolls from truck drivers that do

business at the port.

Before now, businesses and

port users reported losses in

both health and money terms

as containers leaving the port

to importers’ warehouses were

delayed for days or weeks in

some cases, port users also

spent hours on the road while

truckers were forced to pay il-

legal fees to unauthorised rent

collectors.

The unfortunate ones, on

the other hand, lost their lives

while riding bikes popularly

known as okada in between

trucks and tankers.

Today, the above scenarios

have become a thing of the past

as the road which is notorious

for traffic congestion is now

free from gridlock enabling

commuters and haulage opera-

tors to drive through with ease.

“History was made by the

Lagos State Government and

the Nigerian Ports Author-

ity (NPA) with the sacking of

trailers and truckers from the

Apapa-Oshodi Expressway.

These days, I take a vehicle at

Cele bus stop and in less than

20 minutes, I will be in Apapa,”

said Sandra Omo, a clearing

agent.

Omo told BusinessDay that

she has not used a bike to go

to Apapa since the road was

cleared earlier in March.

According to her, the new

development is beginning to

translate into gains for the

port industry as truckers no

longer demand extra money to

settle rent-seekers who mount

checkpoints on the road.

When BusinessDay visited

the Apapa-Oshodi Expressway

this week, it was discovered

that the road was free from

congestion and that motorists

including port users can now

access Tin-Can and Apapa

Ports from Mile 2 without hav-

ing to go through Boundary in

Ajegunle or other alternative

routes.

Also, it took less than 20

minutes to commute from the

Cele bus stop to Tin-Can and

Apapa Wharf. Only a few tank-

ers were seen going into the

tank farms between Sunrise

and Coconut using only the

service lane while the entire

expressway was left open for

other road business.

It was also discovered that

trading and other bus stop

activities that usually clog the

road had disappeared as shan-

ties and hawkers were taken

off the road.

Dera Nnadi, Customs Area

Controller of Tin-Can Island

Port Command, said the Mile

2- Tin-Can corridor has not

been in use for several years

because of the menace of truck

drivers leaving their vehicles

on the major road.

He commended Babajide

Sanwo-Olu, governor of Lagos

State for the political will to

ensure the exercise succeeded

after several years of facing

challenges on the pot corridor.

He added that the opening

of the Tin Can corridor will

increase cargo throughput,

enhance trade facilitation, and

ensure more revenue collec-

tion for the government.

“The good thing now is that

the road has been cleared and

the heaps of refuse removed

for us to have sanity around

the port corridor,” Nnadi said.

Also, Bala Mohammed, a

haulage operator, gave kudos

to the duo of Nigerian Ports

Authority and Lagos State

Government for clearing the

Augean stable of Tin-Can.

This, according to him, led

to gridlock, the creation of

extortion points and shanties

that were polluting the en-

vironment, and harbouring

non-governmental extortion

By Amaka Anagor-Ewuzie

NEWS

DIESEL and aviation fuel pric-

es are yet to budge in Nigeria

after the recent price cut by

the Dangote Refinery owned

by Africa’s richest man.

The mega refinery, backed

by Aliko Dangote, announced

price cuts to diesel and aviation

fuel prices Tuesday, but the

market price of both products

have stayed the same since then

with marketers claiming they

were still offloading old stock.

The delay is frustrating

several businesses, including

airlines, that can’t wait to buy

the products at a cheaper rate.

Emeka Okafor, who runs a

consulting firm in Lagos and

relies on diesel generators due

to persistent power outages,

shared his frustration.

“Dangote announced a

price cut, but when I ask my

people to buy diesel, the price

is still the same. How can we

survive like this?” he asked.

Okafor explained that the

high cost of diesel has forced

him to raise his service fees,

putting a strain on his custom-

ers’ wallets as well.

“The reasons behind the slow

trickle-down effect are unclear.

Some speculate that retailers are

waiting to exhaust their existing

stock bought at higher prices be-

fore offering the discounted rate,”

Abubakar Lawal, a diesel truck

driver who operates at indepen-

dent marketers’ depot facilities at

the Apapa terminal said.

High diesel prices

A survey by BusinessDay

showed diesel was selling at an

average rate of between N1,350/

litre and N1,450/litre despite the

price cut by the Dangote refinery.

In some fuel stations along

the Ijegun axis of Lagos State, it

was observed that the product

sold for N1,350/litre.

An outlet belonging to Mo-

bil along Isheri Ijegun road in

Alimosho area of Lagos State

sold the product for N1,350/litre.

A filling station of the Nige-

rian National Petroleum Compa-

ny Limited along Egbeda-Idimu

road also dispensed diesel at

N1,350/litre on Wednesday.

TotalEnergies filling station

at Isolo road also sold diesel at

N1,350 while NNPC Ltd at Ikoyi

Road sold diesel for N1,300.

Dangote had announced a

partnership with MRS to dis-

tribute the products but most of

the MRS stations surveyed by

BusinessDay were not selling

the product at the time of filing

this report.

Aviation fuel

Apart from diesel, airfares

across local destinations in Ni-

geria remain high as the price

of aviation fuel has also stayed

the same.

“Ticket prices have not been

reduced at all. We still book tick-

ets at a very expensive rate. All

we just keep hearing is that avi-

ation fuel price has reduced, yet

ticket prices have not changed,”

Ndukwe Ginika Ogechi, CEO

Geena Travels And Tours Ltd

also told BusinessDay.

Ogechi said that since avia-

tion fuel constitutes a major

operating cost for airlines, she

expected that ticket prices will

reduce but that has not been

the case.

BusinessDay’s findings

show that aviation fuel cur-

rently accounts for 45 percent

of airlines operating costs, the

single largest cash guzzler.

Data surveyed by Business-

Day showed when aviation fuel

increased to N200 per litre, air-

lines operated a B737 aircraft at

a cost of about $6,000.

Findings show that with

the current exchange rate and

increase in aviation fuel, which

currently costs about N1,500

per litre, airlines operate a B737

aircraft for over quadruple that

amount.

A one-way economy class

ticket from Lagos to Abuja

which cost N55,000 a few months

ago now costs between N100,000

to N140,000 on Air Peace; N90,000

to N150,000 on United Nigerian

Airlines; N75,000 to N130,000

on Dana Air and N150,000 to

N190,000 on Ibom Air.

A one-way economy class

ticket from Lagos to Abuja

which cost about N50,000 some

months back now costs N105,000

to N150,000 on Air Peace,

N95,000 to N130,000 on United

Nigeria Airlines, and N165,000

to N200,000 on Ibom Air.

A one-way economy class

ticket from Lagos to Port Har-

court which cost about N55,000

some months ago, now costs

N105,000 to N170,000 on Air

Peace, N85,000 to N120,000 on

United Nigeria Airline, N65,000

to N135,000 on Dana Air, N96,000

to N130,000 on Ibom Air and

N86,000 to N160,000 on Arik Air.

An airline operator who

would not want his name men-

tioned told BusinessDay that

marketers sell to the airlines,

as airlines cannot buy aviation

fuel directly from Dangote since

Dangote is not an authorised

fuel marketer at the airport.

The operators said that while

fuel prices are not fixed, the

prices are dependent on volume

discussion as airlines that buy

more get some level of discount.

He however noted that the

average price for aviation fuel

is N1,500 per litre.

Marketers’ response

When asked to explain why

marketers were still selling the

commodity at between N1,350/

litre and N1,450/litre, the In-

dependent Petroleum Market-

ers Association of Nigeria

(IPMAN) said it was because

many dealers were still offload-

ing the old stock which they

bought at N1,225/litre.

“The price reduction by

Dangote refinery will not re-

flect at the pumps immediately

because he started selling at

the rate of N1,225/litre. Many

marketers bought at that price

and are still selling that stock,”

Abubakar Maigandi, national

president of IPMAN said.

He added, “So there is no

way they can be able to reduce

the price to below their cost

price. But with time, the price

of the product at the filling sta-

tions will reduce and normalise.

Tunde Ayeni, an oil mar-

keter with a major depot said

the reduction in prices from

Dangote refinery won’t be seen

at the pumps for now because

most marketers have stocks

they bought at N1,225/litre.

“With time, the price will

drop. Already, pump price has

dropped from N1,600 per litre to

around N1,300 to N1,350, depend-

ing on the location, so it will take

a bit more time,” he said.

Dangote crashes prices

The Dangote Petroleum Re-

finery, on Tuesday, announced

a further reduction in the

prices of diesel and aviation

fuel to N940/litre and N980/

litre respectively.

The price change of N940

applies to customers buying

five million litres and above

from the refinery, while the

price of N970 is for customers

buying one million litres and

above,” the firm stated in a

statement issued by its spokes-

person, Anthony Chiejina.

He explained that the new

price aligned with the com-

pany’s commitment to cushion

the effect of the economic hard-

ship in Nigeria.

Diesel, aviation fuel yet to

reflect Dangote’s price cut

By Dipo Oladehinde, Ifeoma

Okeke-Korieocha & Faith Esho

L-R: Lucky Aiyedatiwa, governor, Ondo State; Vice President Kashim Shettima; Wale Edun, minister of nance and coor-

dinating minister of the economy; Climent Buari, representing governor of Central Bank of Nigeria; and Abubakar Sulei-

man, managing director and CEO of Sterling Bank Limited, during the National Stakeholders Workshop on Economic and

Financial Inclusion in Abuja, yesterday.

Jollof rice hits N16,955, now

a once-a-month affair

THE average cost of preparing

a pot of jollof rice for a Nigerian

family of five has quadrupled

in the last eight years largely

as a result of the depreciation

of the naira, according to a new

Jollof Index report.

This means a minimum

wage earner in the country can

only cook jollof once a month

on their N30,000 salary.

The report, titled ‘Crisis

at the Table’, by SBM Intel-

ligence, an Africa-focused geo-

political research and strategic

communications consulting

firm, shows that the cost of

preparing a pot of the popular

Nigerian delicacy rose by 314.9

By Bunmi Bailey percent to N16,955 in March

2024 from N4,087 in July 2016.

Further analysis shows

that the cost increased by 29.4

percent within six months

(October-March).

“The primary trigger for

this increase was the naira

depreciation, which moved

from a monthly average of

N796 to a dollar in October

2023 to a monthly average of

over N1,513 in March 2024.

This severely affected food af-

fordability, particularly as the

country still largely depends

on food imports to meet its food

demands,” the report said.

It said for example, the

price of a bag of rice increased

from about N56,000 in October

to approximately N87,000 in the

first week of March.

“These price increases oc-

curred against unresolved

long-standing issues driving

food prices up, such as conflicts

in food-producing regions, re-

duced arable land, climate vari-

ability, and increased energy

costs (electricity and fuel),” the

report added.

Using the Jollof Index, SBM

illustrates how food prices

have changed overtime. The

data gathered monthly from

13 markets spread across the

country’s six geopolitical zones

is computed using the costs

of the ingredients. It does not

include December because of

seasonal variations that cause

price hikes.

The ingredients that make

up the index are rice, groundnut

oil, chicken or turkey, beef, sea-

soning, pepper, tomatoes, salt,

and onions. While the index has

treaded close to food inflation

since collection began in 2016,

it has provided a simple way of

communicating the realities of

inflation to the Nigerian public.

“The rising cost of Jollof il-

lustrates the devastating effect

that inflation is having on food

consumption. Key inputs in pre-

paring the delicacy are mostly

imported and the weakened

naira has made imports more

expensive,” Ikemesit Effiong,

partner and head of research at

SBM Intelligence, said.

He added that the continu-

ing challenges and the infra-

structure deficit remain impor-

tant risk items hampering crop

production and that the lack

of political will to effectively

tackle insecurity means that

Nigerians will continue to pay

30 FRIDAY 26 APRIL 2024

www.businessday.ng

Continues on page 31

Continued from page 30

Jollof rice hits N16,955, now a once...

Continued from page 1

How ex-REA boss was fired for fraud...

Continued from page 1

Telcos renew push for first tariff hike in...

Continued from page 30

Businesses relieved as Apapa-Oshodi...

NEWS

L-R: Kuby Uyanga, director division F, Toastmasters International; Unekwu Nwaezeapu, area 16 director, division F; Ehiabhi

Francis; Rashidat Saliu-Bello, both are tutor and trainers; and Kayode Yussuf, programme quality director, District 94,

during their visit to the BusinessDay head ofce in Lagos, yesterday. Pic by Olawale Amoo

FRIDAY 26 APRIL 2024 www.businessday.ng

the naira affected its conver-

sion rates in Nigeria.

Rising inflation and cur-

rency devaluation necessitate

higher tariffs, Karl Toriola,

MTN Nigeria’s chief executive

officer, noted in the company’s

nine-month report for the pe-

riod ended September 2023.

Toriola said that the com-

bined effects of naira devalua-

tion, higher general inflation, en-

ergy costs, and the introduction

of the 2023 Finance Act VAT on

tower leases resulted in higher

operating expenses in 2023.

Telcos have intensified calls

for a price review since 2022

when ALTON wrote to the Ni-

gerian Communications Com-

mission for regulatory approval

to raise tariffs by 40 percent due

to surging diesel prices and

economic headwinds.

If this request had been ap-

proved, the floor price of calls

would have jumped from N6.4

to N8.95 and the price cap of

SMS from N4 to N5.61.

A BusinessDay analysis

shows rising diesel prices (up

50 percent) threaten Nigeria’s

telecom infrastructure.

Telcos’ spending on die-

sel rose to N50.28 billion (at

N1,257.06 per litre) in February,

a 50.20 percent increase from

the N33.48 billion (at N836.91/

litre) spent in the same period

of 2023.

Diesel is crucial for power-

ing telecom infrastructure, like

base stations. Industry data

estimates that operators use

an average of 40 million litres

of diesel per month to power

telecom sites.

As of the end of 2022, the

NCC said there were 34,862 tow-

ers and 127,294 base stations

in the country. According to

the commission, the telecoms

industry spent N2.09 trillion on

operational costs in 2022.

These firms also took their

clamour for higher call and

data tariffs to the House of

Representatives in 2023. In

2022, some telcos increased

data prices by about 10 percent.

However, these prices were re-

versed, and sources close to the

matter noted that the reversal

was due to political influences.

During the inaugural meet-

ing of the Presidential Com-

mittee on Excise Duty for the

Digital Economy Sector in

2022, Isa Pantami, the former

minister of Communications

and Digital Economy, said he

kicked against more than 15

attempts to increase the price

of telecom services within

three years.

Considering this, ALTON

and ATCON, in their communi-

que on Thursday, asked for the

sustenance of independence in

the regulatory landscape to safe-

guard against undue influence

and unwholesome incursion

into the NCC’s domain.

Raising telecoms prices

will further stress Nigerians

already contending with a

severe cost-ol-living-crisis.

Inflation hit an all-time high of

33.2 percent in March, and the

naira has depreciated steeply

against the dollar since the

turn of the year. The currency

has been devalued twice since

last June, leading to an over 60

percent loss in its value against

the dollar.

Gbenga Adebayo, president

of ALTON, noted that while the

cost of living has worsened,

the price of connectivity must

increase in a measured way

for people to enjoy its benefits.

“We need to find a long-

term, sustainable, and manage-

able solution to this problem.

Prices will need to rise, but

action needs to be taken in a

measured way, through sus-

tainable conversations and

partnership with the govern-

ment. It is time to address this

head-on,” he said.

The possibility of a tariff

increase depends on the NCC,

which is reportedly conducting

a cost-based study to determine

if it would approve price incre-

ments for telcos.

Account (TSA) disburse-

ments to the Office of the

National Security Adviser

(ONSA) as early as August

10, 2023.

Between August and Sep-

tember 2023, the Economic

Financial Crimes Commission

(EFCC), Independent Corrupt

Practices and Other Related Of-

fences Commission (ICPC) and

the Public Accounts Committee

of the House of Representatives,

in different invitations, inter-

rogated some top officials of

the agency.

Documents reviewed by

BusinessDay showed suspi-

cious payments, totalling about

N1.2 billion, were found to have

been paid to the personal bank

accounts of six officials of the

agency’s finance and accounts

department between March

and July without justification.

These disbursements re-

portedly include Asuni Ami-

nat - N202 million; Musa Ka-

raye – N126 million; Ogunjobi

Folorunsho - N1 million; Okoli

Henrietta - N212.9 million; Em-

manuel Titus - N211.3milllion;

Shehu Laure - N249.8million and

Usman Ahmed - N215.9 million.

Insiders told BusinessDay

that the alleged mastermind

behind the theft is Abubakar

Sambo, director of accounts

at REA.

“While Salihijo reportedly

initiated the suspension of

Sambo’s co-conspirators follow-

ing Public Service regulations,

the dismissal process awaited

ministerial approval,” a senior

source told BusinessDay.

“However, before this ap-

proval could be reached, Sali-

hijo and his team were termi-

nated, allegedly on suspicion

of the same offence they had

exposed,” the source said.

Documents showed Sambo

allegedly used his position to

authorise “suspicious pay-

ments” through the Govern-

ment Integrated Financial

Management Information

System (GIFMIS), a financial

portal overseen by the coun-

try’s Accountant General of the

Federation (AGF).

“While the investigation

into the missing N1.2 billion

is ongoing, Salihijo, who

launched the internal probe

and reported it to anti-corrup-

tion agencies, and another

executive, Olaniyi Netufo, who

led the internal disciplinary

committee, are now facing

accusations themselves,” a

source told BusinessDay.

“During the sittings of the

committee, all of the accused of-

ficials denied any wrongdoing,

insisting they simply followed

Sambo’s directives,” the source

added.

A leaked document seen by

BusinessDay showed two of-

ficials of the department, Ogun-

jobi Folusho and Yakeen Nuru-

deen, both of whom received N1

million each, said they were told

it was for their welfare.

They also accused Usman

Kwakwa, Sambo’s personal

assistant, of collecting N300,000

cash from them, leaving them

with N700,000. Both of them

(who were not among the six

main beneficiaries) have re-

funded the money to the ICPC’s

recovery account, documents

seen by this newspaper showed.

In his response to the query

seen by BusinessDay, Nurudeen

said that Sambo asked all the

Finance and Accounts staff, in-

cluding National Youth Service

Corp (NYSC) members posted to

the department, to provide their

respective account numbers to

Kwakwa for a welfare package.

“When I received the credit

alert of N1 million on 19th May

2023, I asked for the purpose

from the PA, and he told me it

was on the DFA’s instruction

for staff welfare as promised.

Messrs Yahaya Bello, Sunday

Uche Odoma, Folusho Ogunjobi

and I went to the DFA’s Office

and thanked him for that,” Nu-

rudeen wrote in a reply to the

query issued to him, a copy of

which this newspaper obtained.

“Three days later, (Monday,

22nd May, 2023), the PA in

the person of Usman Ahmed

Kwakwa asked us i.e. Messrs

Yahaya Bello, Sunday Uche

Odoma, Folusho Ogunjobi and

I to refund N300,000.00 (Three

Hundred Thousand Naira only

) each in cash. Whilst others

agreed and refunded cash, I in-

sisted on transferring the said

amount electronically into his

bank account.

Despite these revelations,

President Bola Tinubu on

March 7 placed the Salihijo-led

executives on an indefinite sus-

pension over alleged corruption.

The presidency said Salihi-

jo was suspended indefinitely

alongside, Olaniyi Netufo,

the executive director, cor-

porate services; Barka Sajou,

executive director, technical

services, and Sa’adatu Balgore,

executive director, Rural Elec-

trification Fund, over the N1.2

billion scandal.

Troubled past of REA

REA, founded in 2006, has

a troubled past. The agency,

tasked with bringing electric-

ity to rural Nigerians, has been

plagued by accusations of cor-

ruption and internal conflicts.

Shortly after its creation,

the REA faced potential closure

due to a N5 billion fraud scan-

dal involving lawmakers and

agency officials.

The most recent managing

directors have all been dis-

missed under a web of corrup-

tion allegations and reported

power struggles.

Kenneth Achugbu’s tenure

as managing director (2012-

2016) was marred by corruption

claims and a brief suspension.

Damilola Ogunbiyi, the

first female MD (2017-2019),

was reportedly forced out by

a powerful group within the

REA that discredits any leader

attempting reforms.

Ogunbiyi currently serves

as the chief executive officer

of Sustainable Energy for All,

the special representative of

the UN secretary-general for

Sustainable Energy for All, and

Co-Chair of UN-Energy.

Salihijo, a mid-level civil

servant, who led the agency

between December 2019 and

March 2024, was removed over

a fraudulent mis-expenditure

amounting to over N1.2 billion

over the past two years, some

of which has already been re-

covered by anti-graft agencies.

bandits, and criminals using

hard drugs and deadly weapons.

“The Tin-Can road clear-

ance would further heighten

security within the Tin-Can

Port, promote free-flow traffic,

and enable the Eto call-up sys-

tem to function effectively for

seamless evacuation of cargo

and trade facilitation.

“NPA and Lagos State Gov-

ernment should try and sustain

the tempo of the operation to

prevent the re-grouping and re-

turning of extortion bandits and

other unpatriotic criminal ele-

ments that are feeding fat from

the artificially induced Tin-Can

traffic anarchy to the detri-

ment of port security, import/

export cargo delivery trucking

business, call-up system, and

Nigeria’s trade facilitation,”

Mohammed told BusinessDay.

Another gain from the free

flow of traffic on Mile 2 to Tin-

Can Second Gate was removing

flirts and a heap of refuse that

occupied ample space on the

road for years. Previously,

the Lagos Waste Management

Agency complained of not be-

ing able to gain access to clear

the refuse on the road.

Stakeholders are however

hopeful that Apapa-Wharf

Road, the second artery into

ports in Lagos, which is cur-

rently under repair, would also

get better after the repair work.

a hefty price to feed their fami-

lies and dependants.

The SBM report also high-

lighted that across the 13 mar-

kets, Onitsha, Anambra state

experienced the highest percent-

age increase at 44.9 percent, with

the cost of preparing jollof rice

rising from N10,280 to N14,900.

Port Harcourt and Balogun

markets also witnessed signifi-

cant increases of 38.5 percent and

38.4 percent respectively. The

Trade Fair market in Lagos

saw a 37.8 percent increase,

with the cost of preparing jollof

rice climbing from N12,550 to

N17,300. Similarly, the Dugbe

market in Ibadan experienced a

32.7 percent rise, with prices in-

creasing from N11,770 to N15,620.

“These days, you don’t ask

children if they’re satisfied

with their food. The impor-

tant thing is for them to have

something in their stomach,” a

mother of two told SBM.

Another parent noted that

his children no longer take food

to school. “They come home for

lunch, and breakfast is no lon-

ger part of the daily routine,”

The Tinubu administra-

tion’s reforms such as the re-

moval of petrol subsidy and nai-

ra devaluation, implemented in

the second quarter of the year,

increased the cost of living in

Africa’s most populous nation.

The removal of the fuel sub-

sidy tripled the petrol price to

more than N600 from N184, caus-

ing public transportation provid-

ers such as buses, tricycles, and

motorcycles to raise fares.

The floating of the naira

increased the official ex-

change rate from N463.38/$ to

N 1308.5/$ on Wednesday while

the parallel market rate stood

close to at N1,300/$.

Data from the National Bu-

reau of Statistics shows that

food inflation, which constitutes

more than 50 percent of headline

inflation, jumped to a historic

high last month to 40.01 percent

from 37.92 percent in February.

“The cost of food in Nigeria

experienced a substantial in-

crease of 40.01 percent in March

compared to the same period

last year. This surge marks the

highest level of food inflation

on record, highlighting severe

challenges in food affordability

and accessibility,” analysts at

Comercio Partners Research

said in a recent note.

Authors of the Jollof report

said many Nigerians are strug-

gling to keep up as the conver-

sation shifts from the ability

to access balanced diets and

quality protein sources to the

inability to afford food.

“Households have adopted

different coping strategies.

In suburban and rural areas,

those with access to land have

either returned to farming for

survival or have increased

their cultivation.

They added that in rural

areas, farmers who used to sell

their produce are now keeping

a significant portion of their

harvest for themselves when-

ever feasible, as they are un-

certain, they can afford meals.

“Meanwhile, in urban ar-

eas, food-sharing groups are

on the rise. These groups allow

people to buy directly from pro-

ducers or wholesalers, bypass-

ing middlemen and retailers.”

According to the latest

World Bank’s macro poverty

outlook report for Nigeria,

rising inflation and weak earn-

ings pushed 10 million Nigeri-

ans into poverty in 2023.

“Nominal earnings have

not kept up with inflation,

pushing another 10 million

Nigerians into poverty in 2023,”

the report said.

Last year, the president

declared an immediate state of

emergency on food insecurity

to tackle the increase in food

prices. He unveiled a compre-

hensive intervention plan on

food security, affordability,

and sustainability, including

an immediate release of fer-

tilisers and grains to farmers

and households to mitigate the

effects of the subsidy removal.

In February, Abubakar

Kyari, minister of agriculture

and food security, expressed

the readiness of the federal

government to freely distribute

a total of 42,000 metric tons of

assorted grains to Nigerians,

in response to the rising food

crisis in the country.

During this period, various

interventions were implement-

ed to alleviate the pressure

faced by Nigerians, according

to the report.

“However, less than a quar-

ter of the population enjoyed

these interventions, thus ques-

tioning their effectiveness and

sustainability.”

NEWS

...as Tinubu says will make more dicult decisions

32 FRIDAY 26 APRIL 2024www.businessday.ng

2023 election: APC suppressed voters

in Igbo-dominated areas in Lagos — US

THE United States Govern-

ment said that the ruling

All Progressives Congress

(APC) facilitated voter in-

timidation and suppression

in Igbo-dominated areas

during the March 18, 2023,

governorship election in

Lagos State.

The US Department of

State revealed this in its

report titled, ‘2023 Country

Reports on Human Rights

Practices: Nigeria.’

The report stated that

after Peter Obi of the Labour

Party won the February 25,

2023, presidential election

in Lagos, the ruling party

REQUEST FOR EXPRESSION OF INTEREST (EOI) – NIGERIA DIASPORA FUND PDF Free Download

REQUEST FOR EXPRESSION OF INTEREST (EOI) – NIGERIA DIASPORA FUND PDF free Download. Think more deeply and widely.

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