The Nation Newspaper

Author: The Nation

  • Bankers reassure on industry safety

    Bankers reassure on industry safety

    The Chartered Institute of Bankers of Nigeria (CIBN) yesterday reassured that the Nigerian banking industry remains very sound and safe.

    The institute, which represents all bankers, said the soundness of the banking industry has been reaffirmed severally by the Central Bank of Nigeria (CBN), which is the only body best suited to assess the health of the financial industry in Nigeria.

    In a statement signed by its president, Dr Ken Opara, CIBN noted that the CBN has debunked the insinuation that it plans to shut down some deposit money banks.

    The body also allayed the fears around the shortage of materials for printing the new naira notes, which it noted had been debunked by the CBN and Nigeria Security Printing and Minting (NSPM) Company, which described the story as false, baseless and misleading.

    According to CIBN, the NSPM has assured that it “has made adequate arrangement to continuously produce redesigned naira notes as well as other denominations”.

    “Consequently, we implore the public to disregard any contrary information as the entire banking community remains focused, committed, and working round the clock to address all the contending issues with a view to restoring normalcy,” CIBN stated.

  • Fertiliser imports decline as private investments exceed $8b

    Fertiliser imports decline as private investments exceed $8b

    Nigeria has seen its global fertiliser imports decline by at least 40 per cent on the back of the Presidential Fertiliser Initiative (PFI) instituted in 2016 and increasing private investments in the sector.

    The industry has also attracted lot of investments from fertiliser heavyweights such as Indorama, Dangote, Notore and OCP Africa.The investments into the industry are estimated to be above $8 billion.

    Before now, companies imported blended fertiliser. Since 2021, lot of fertiliser companies now procure the four constituent raw materials for NPK fertiliser – urea, limestone granules (LSG) which are sourced locally, while Diammonium Phosphate (DAP) imported from Morocco, and Muriate of Potash (MOP) are sourced from Europe – and blend locally to produce NPK at reduced cost.

    Data from the International Trade Centre (ITC) shows that since the initiative kick-started in 2016, Nigeria’s import of fertiliser has been on a steady decline. According to ITC ‘s  Trade Map, Nigeria imported supply  for  fertiliser production  was  worth  $208,066,000 in 2017, $148,542,000 in 2018, $38,713,000 in 2019, 250,151,000 in  2020   and $208,066,000 in 2021.

    In 2017, Morocco exported $116,244,000 worth of fertiliser materials to Nigeria. It exported $92,176,000 worth in 2018, $ 14,661,000 in 2019, $ 129,774,000 in 2020 and $107,735,000 in 2021.

    In 2017, China exported $9,077,000 worth of fertiliser materials to Nigeria.

    It exported $14,750,000 worth in 2018, $ 8,229,000 in 2019, $ 17,301,000 in 2020 and $ 57,042,000 in 2021.

    In 2017, Russia exported $13,695,000 worth of fertiliser materials to Nigeria.

    It exported $ 7,805,000 worth in 2018, $ 0in 2019, $ 84,027,000 in 2020 and $41,620,000 in 2021.

    In 2017, Belarus exported $8,728,000 worth of fertiliser materials to Nigeria.

    It exported $ 8,379,000 worth in 2018, $ 8,905,000 in 2019, $ 2,781,000 in 2020 and $ 754,000 in 2021.

    In 2017, Netherlands exported $ 6,158,000 worth of fertiliser materials to Nigeria.

    It exported $ 3,092,000 worth in 2018, $ 2,436,000 in 2019, $ 137,000 in 2020 and $ 159,000 in 2021.

    Egypt exported $ 3,908,000 worth of fertiliser materials to Nigeria in 2017.

    It exported $ 4,506,000 worth in 2018, $ 330,000 in 2019, $ 2,559,000 in 2020 and $ 24,000 in 2021.

    Also, Lithuania exported $ 529,000 worth of fertiliser materials to Nigeria in 2017.

    It exported $ 775,000 worth in 2018, $ 1,063,000 in 2019, $ 2,030,000 in 2020 and $ 1,000 in 2021.

    According to https://tradingeconomics.com, quoting the United Nations COMTRADE database on international trade, Nigeria imports of fertilizer was $206.58 million during 2021.

    Massive investment has come into the sector since the Federal Government liberalised the fertiliser industry with local producers producing the NPK that farmers need and this as seen imports constantly reduce since the PFI started. So far, there are about 28 blending plants with the private sector taking the lead in the industry.

  • APC, OPS parley on economy

    APC, OPS parley on economy

    Will there be a conducive environment for business? How will manufacturing fare? Will there be incentives for job creation?

    These and other questions will be answered today when leaders of the All Progressives Congress (APC) meet with members of the Organised Private Sector (OPS) in Lagos.

    At the  session, which is yet another testament to the party’s inclusive engagement strategy, will be Lagos State Governor Babajide Sanwo-Olu, Works and Housing Minister, Babatunde Raji Fashola (SAN), Senior Special Adviser to the President on Sustainable Development Goals Princess Adejoke Orelope-Adefulire and Director General of Budget Office of the Federation, Mr. Ben Akabueze. 

    Titan Trust Bank’s Chairman, Mr. Tunde Lemo, will be moderator.

    Specifically, the interface is aimed at helping the party  assimilate the expectations of this critical stakeholder group in its quest for improved economic programmes for Nigeria.

    Accordingly, the party leaders at the session, aside from presenting its scorecards, would engage in sectoral deliberations, for input into the developed economic blueprint for the country. 

    It is all part of the party’s nationwide coalition building towards the general elections later this month.

    Over the years, APC, especially under the leadership of its presidential candidate, Asiwaju Bola Ahmed Tinubu, a former governor of Lagos State, has developed and sustained an invaluable relationship with private sector players in Lagos State.

    This partnership with the private sector is one of the vital reasons for the irreversible success of Lagos State, and has been nurtured by subsequent governors, through strategic engagements, such as Ehingbeti, the Lagos Economic Forum, and other initiatives, to keep the collaboration mutually beneficial.

    For this reason, Lagos State has consistently interacted and collaborated with the Organised Private Sector (OPS) in developing and implementing socio-economic policies. The Babajide Sanwo-Olu administration has deepened this relationship with increased private sector interaction and sessions for collaborations.

  • Russia’s cut may boost Nigeria, others’ oil revenue

    Russia’s cut may boost Nigeria, others’ oil revenue

    • OPEC vows not to fill gap

    Barring a last- minute change in decision, Nigeria may earn higher revenue from oil this year if the Organisation of the Petroleum Exporting Countries (OPEC) and partners stick to their position of not boosting oil production to fill in for cutbacks announced by Russia.

     The OPEC+ group, led by Saudi Arabia, will maintain output despite plans by the Moscow to cut 500,000 barrels daily in retaliation for international sanctions. Oil jumped after Russia’s announcement, with Brent rising 2.8 per cent to $86.90 a bbl. It later pared gains to 1.4 percent, or around $85.65.

    If this is adhered to, then a spike in international crude oil price is not unlikely, translating to more revenue for Nigeria and other member states. This is the target of the oil nations.

    For instance, Riyadh and others in the producers’ alliance have indicated their aim to stick to targets fixed late last year for the rest of 2023. They believe these will keep global oil markets broadly in balance.

    “We really believe OPEC+ will hold production flat for the full year,” Amrita Sen, co-founder of consultancy Energy Aspects, said to Bloomberg TV on Friday, after visiting Saudi Arabia.

    “Having spoken to quite a few officials in Riyadh, the motto was very much to stay put this year — no changes to OPEC+ policy, regardless of the volatility we see in prices,” he said.

    While the U.S. and other consumers urged OPEC to fill in any gap left by Russia, the group has been unmoved, remaining concerned that increasing supplies could oversupply the market and endanger oil revenues for its members.

    “I doubt Russia’s OPEC+ partners were taken by surprise and do not expect the supply reduction will alter their ‘stay put’ policy stance,” said Bob McNally, president of Rapidan Energy Group and a former White House official.

    OPEC officials have indicated they’re still apprehensive that the resurgence in COVID cases in China could derail the country’s economic recovery as it reopens.

    Saudi Energy Minister Prince Abdulaziz bin Salman had said in Riyadh that the bar for any intervention would be very high.

    “I will believe it when I see it and then take action,” he said.

    In a related development, Goldman Sachs has expressed optimism that Brent Crude prices could still hit $100 per barrel this year, but only in December compared to earlier expectations of $100 oil as soon as mid-2023. The bank stated this in a new note in which it cut its average Brent price to $92 a barrel this year from $98.

    Despite the cut in oil price forecasts, Goldman Sachs is still one of the most bullish Wall Street banks on crude oil and commodities in general.

    However, higher expected supply from Russia and the United States could lead to a slight surplus of 150,000 barrels per day (bpd) in 2023, according to Goldman’s note quoted by Bloomberg.

    “On the demand side, downgrades in Europe, the United States, and Asia excluding China — reflecting a warm winter and the loss of distillate-based gas-to-oil switching — offset much of the China upgrade,” the bank said, as reported by Reuters.

    Goldman Sachs expects China’s oil demand to grow by 1.1 million bpd this year, after the reopening from COVID restrictions.

    For next year, the bank sees Brent Crude prices averaging $100 per barrel, down from its previous projection of an average of $105 a barrel Brent.

    “This adjustment reflects a modest softening to our 2023 balance,” Goldman’s strategists wrote in the note, commenting on the downgrade.

    In January, Goldman Sachs said that solid growth solid in global oil demand was set to drive oil prices to above $100 this year and Brent Crude could trade at $105 per barrel by the fourth quarter.

    In mid-December, Goldman predicted that supply shortages and insufficient investment in new supply would result in a number year for commodities in 2023. Commodities are set to be the best-performing asset class in 2023, the bank’s strategists said. The first quarter of 2023 could be more underwhelming than the rest of the year due to the expected slowdown in economies, but the low levels of investment in oil, gas, and key metals will continue to underpin what Goldman has called a new super cycle in commodities.

  • PoS operators hike charges on withdrawal of old notes

    PoS operators hike charges on withdrawal of old notes

    • E-payments rise to N38.7 trillion

    The cash scarcity plaguing the country as a result of the Central Bank of Nigeria’s (CBN) redesigned notes and cash withdrawal limit policy deepened further at the weekend as point of sale (PoS) operators increased their charges to between 15 and 20 per cent to withdraw the old naira notes.

    According to findings, N1,500 is charged to withdraw N10,000 while many cash-based businesses continued to suffer, regardless of the Supreme Court judgment and the decision of the Council of State meeting.

    The surge in e-transactions as a result of the scarcity of cash has continued to exert pressure on infrastructure as there has been a surge in the level of transaction failures.  While many banks are  having issues with their mobile apps as a result of the surge, the rate of PoS transaction failure has also increased. Instances of customers being debited and not getting value are rampant with electronic transactions.

    The failure of e-transactions has, however, been blamed on the exodus of personnel in the information technology (IT) departments of the commercial banks.

    While e-payment has been gaining traction over the years, more bank customers were compelled to go cashless towards the end of January as the first deadline for the old N200, N500, and N1,000 drew closer. The scarcity of cash in circulation also pushed many to various electronic payment channels.

    The grinding cash scarcity forced bank customers to spend a total of N38.7 trillion via electronic channels or e-channels in one month.

    According to the Nigeria Inter-Bank Settlement Systems (NIBSS), the value recorded on the NIBSS Instant Payment (NIP) represents a 45 per cent increase year-on-year when compared to the N26.6 trillion recorded in the same period last year.

    According to the report, the volume of instant payment transactions processed by NIBSS for the month also jumped from 348 million in January, last year to 541 million in January, this year, signifying a 55 per cent increase.

    This trend is, however, expected to continue as the apex bank mops up more cash in circulation through the twin policy of naira redesignation and revised cashless policy.

    The scarcity of naira notes is increasingly forcing many Nigerians to make payments via mobile transfers, PoS, and USSD, use of banking apps among others.

    Even when naira scarcity is eventually resolved, the revised cashless policy, which further limits the amount of cash that can be withdrawn by individuals and corporate organisations will further drive a surge in electronic transactions across the country.

    According to the new policy which followed the redesigning of N1,000, N500, and N200 notes, effective from January 9, 2023, cash withdrawal by an individual is  limited to N500,000 weekly, while corporate organisations have an N5 million withdrawal limit weekly.

    The banks have also configured their ATMs to allow a maximum of N20,000 withdrawal per person daily.

  • Airlines record 51,772 delays

    Airlines record 51,772 delays

    Twenty-SIX carriers operated 13,003 flights into and out of Nigerian international airports last year, data from the Nigerian Civil Aviation Authority (NCAA) has shown.

    Documents from the apex civil aviation body also show that 11  indigenous airlines operated 80, 328 flights around the country.

    The document entitled: “Executive Summary of International and Domestic Operations in Nigeria ( January- December 2022)” also showed that international airlines ferried in 1, 648, 225 inbound passengers and airlifted 1, 855,467 out of the country while domestic airlines  flew 6,309,664 and 6,359,077 inbound and outbound passengers.

    The data also show that there were 4,628 delays and 82 cancelled flights on the international operations while the number for domestic operations stood at a staggering 47,144 with international operations recording 31 air returns, 48,234 baggage delays against  domestic operations 91 air returns and 449 delayed baggage.

    According to the executive summary of international and domestic flight operations last year, the highest number of delays on the domestic scene, according to flight operated and delayed as well as passenger traffic,  was by Overland Airways.

    The airline operated 2926 flights with 2451 delays accounting for 84 percebt delay and 11 cancellations in its operations, followed by Azman Air which had a 69 per cent  delay percentage as it operated 3,713 and had 2,555 delays with 82 flight cancellations.

    Arik Air came next on the list with 9,750 flights and 6,440 delays, accounting for 66 per cent  of delays in its operations with 110 cancellations.

    United Nigeria which had 42 cancellations operated 6,097 times and had 4,000 delays also with a 66 percent  delay rate.

    Dana Air’s operations had 2,906 delays from 4,440 flights at 65 percent with 24 flights cancelled while Air Peace with 24,449 flights delayed 14,908 alao averaging 61 percent and 129 cancellations.

    Aero Contractors which flee 3,106 times had 1,889 delays and 99 cancellations; its delay percentage was also 61 percent  while Green Africa operated 4,648 flights with 2111 delays and 79 cancellations with a delay percentage of 45 percent.

    For international operations, Cronos had the least operation figure pf 53 flights but led the pack 41 delays at 77 percent delay rate while it was followed by Turkish Airline which operated 654 flights into Nigeria In 2022 with 420 delays at 64 percent..

    Kenyan Airways with 60 percent  delays had 344 flights to Nigeria with 205 of the delayed. Air Cote D’ voire operated 609 times into Nigeria with 314 delays at 52 percent. .

    EgyptAir equally followed with 706 flights into Nigeria with 350 delays which is a 50 percent  delay.

  • Cash crisis: investors dump banking, insurance stocks amid fears

    Cash crisis: investors dump banking, insurance stocks amid fears

    Banking and insurance stocks have come under intense pressure at the stock market amid concerns that the ongoing cash crisis could negatively impact the performance of financial services sector.

    Benchmark indices at the stock market at the weekend indicated that banking and insurance stocks were the major losers in a resilient market.

    The benchmark index for the Nigerian equities market at the weekend showed a modest positive return of 0.21 per cent for the week, but insurance and banking stocks recorded the highest average losses during the week. Consumer goods sector, which distributive trade business is expected to be impacted negatively by naira notes scarcity, also came under pressure.

    The NGX Insurance Index recorded average decline of 3.32 per cent, the highest during the week. It was followed by the NGX Banking Index, which dropped by 0.90 per cent.The NGX Consumer Goods Index recorded average loss of 0.63 per cent. The NGX Pension Index, which tracks stocks specially screened for pension funds’ investments and has substantial exposure to financial stocks, also trended negative with average return of -0.43 per cent.

    Compared to the contrarian sectors, other sectors closed on the positive, rallying the market position to average gain of 0.21 per cent. The NGX Industrial Goods Index rose by 0.65 per cent. The NGX Oil and Gas Index appreciated by 0.63 per cent.

    The NGX 30 Index, which tracks the 30 largest stocks at the stock market, rallied by 0.34 per cent. The NGX Lotus Islamic Index- an ethical index based on the concepts of Islamic finance, which excludes nearly all banking and insurance stocks, rose by 0.51 per cent.

    The All Share Index (ASI) – the common value-based index that tracks all share prices at the Nigerian Exchange (NGX), closed weekend with average gain of 0.21 per cent. This nudged the year-to-date return for Nigerian equities to 6.0 per cent.

    The pressure on banking and insurance stocks came amid apprehensions of consequential backlashes from the ongoing scarcity of new naira notes and resultant protests. Banking premises had come under violent attacks by angry customers who were frustrated by inability to access naira notes.

    Many banks’ offices had also been fingered in alleged hoarding of the new naira notes and there were concerns they might be sanctioned by the Central Bank of Nigeria (CBN), which has struggled unsuccessfully to justify the quagmire that its naira redesign policy has turned into.

    The Council of State – a body of top past and current government functionaries that serves as topmost consultative assembly, which noted the hardship that the naira notes scarcity had created, advised that more new naira notes should be printed or the apex bank should re-circulate the old naira notes. Most experts have also called for co-existence of both old and new naira notes for extended period.

    The apex bank at the weekend debunked the rumours that it was planning to close down some banks, describing the rumours as misleading and illogical, and an attempt by desperate persons to incite the public against the apex bank.

    Banks constitute one of the biggest sectoral customers to the insurance sector, with several active insurance policies covering employees, assets and premises. Besides, protesters also destroyed several properties, many of which may be subjects of claims.

    Insurance operators have affirmed that they will honour claims for every covered assets and individuals. Insurance companied had paid N20 billion as claims for damaged properties during the EndSARS protests.

    Chief Operating Officer, GTI Capital, Mr. Kehinde Hassan, said the capital market, as the barometer of the economy, is reflective of the underlying currents, adding that the market cannot be divested from the economic situation.

    He noted that while the banks have shown resilience and their asset creation capacities remained high, investors could infer economic realities into their considerations, pointing out the spillover effect of the national rating downgrade on major banks recently.

    He pointed out that a seamless operation would have allowed banks that had invested heavily in technology to reap the gains from the cashless policy.

    “Beyond the extension of the lifespan of the old notes as legal tenders, the government should prevail on the CBN to ease the tension around cash withdrawal at the Automated Teller Machines (ATMs),” Hassan said.  

    Managing Director, Globalview Capital Limited, Mr. Aruna Kebira, said the pricing trend could “partially” be indicative of the concerns over the naira crisis, but it might also have been triggered by profit-taking and general concerns about the forthcoming general election.

    “There is still some level of anxiety and uncertainty concerning the forthcoming elections, most investors want to be out before the elections,” Kebira, a Fellow of the Chartered Institute of Stockbrokers (CIS), said.

    Managing Director, Sofunix Investment and Communications, Mr. Sola Oni, said some investors consider the insurance sector as a danger zone due to the unresolved recapitalisation of the industry while the macroeconomic environment may also influence investors; perception of the financial services sector, especially with the recent downgrade by Moody’s Investors Services.

    He said the sell pressure might also be due to need for liquidity as investors with urgent monetary need would consider sale of the more liquid shares than any other assets. Banking stocks are arguably the most liquid stocks at the stock market.    

    Banking and insurance stocks dominated the top losers’ list at the NGX, accounting for half of the week’s 10 highest losers, in percentage terms. Prestige Assurance recorded the second highest loss of 13.04 per cent to close at 40 kobo. Mutual Benefits Assurance dropped by 11.11 per cent to close at 32 kobo. Royal Exchange declined by 9.76 per cent to close at 74 kobo. Sterling Bank declined by 7.36 per cent to close at N1.51 while Consolidated Hallmark Insurance dipped by 7.35 per cent to close at 63 kobo.

    Other top losers for the week included FTN Cocoa Processors dropped by 15.15 per cent to close at 28 kobo. Japaul Gold & Ventures declined by 11.76 per cent to close at 30 kobo. McNichols lost 8.96 per cent to close at 61 kobo. The Initiates dropped by 8.33 per cent to close at 44 kobo while Champion Breweries declined by 8.16 per cent to close at N4.50 per share.

    The ASI closed weekend at 54,327.30 points as against its week’s opening index of 54,213.09 points. Aggregate market value of all quoted equities at the NGX dropped from the week’s opening value of N29.528 trillion to close weekend at N29.591 trillion, representing net capital gain of N63 billion.

    With nearly two decliners for every advancer, the positive overall market situation was driven by gains by large-cap stocks, as indicated by the NGX 30 Index. There were 45 losers to 24 gainers last week compared with 27 loses and 55 gainers recorded in the previous week.

    Tripple Gee and Company led the gainers with a gain of 30.48 per cent to close at N1.37 per share. International Energy Insurance followed with a gain of 25.25 per cent to close at N1.24. Conoil rose by 20.94 per cent to close at N32.05. MRS Oil Nigeria appreciated by 9.82 per cent to close at N21.25. Northern Nigeria Flour Mills rose by 9.74 per cent to close at N10.70 while Red Star Express rallied 9.49 per cent to close at N2.77 per share.

    The momentum of activities at the NGX also slowed down considerably with total turnover of 944.293 million shares worth N22.710 billion in 18,615 deals last week as against 3.789 billion shares valued at N27.500 billion traded in 20,333 deals two weeks ago.

    The financial services sector remained atop the activity chart with 634.086 million shares valued at N6.442 billion traded in 8,540 deals; thus contributing 67.15 per cent and 28.37 per cent to the total equity turnover volume and value respectively. The consumer goods sector followed with 78.603 million shares worth N2.218 billion in 2,993 deals while the conglomerates sector placed third with a turnover of 59.564 million shares worth N110.109 million in 788 deals.

    The three most active stocks were Guaranty Trust Holding Company Plc, Universal Insurance Plc and Transnational Corporation Plc. The three stocks accounted for 269.288 million shares worth N2.999 billion in 1,845 deals, contributing 28.52 per cent and 13.21 per cent to the total equity turnover volume and value respectively. 

  • Waging a decisive war against UNIBEN’s erosion menace

    Waging a decisive war against UNIBEN’s erosion menace

    Gully erosion that has ravaged the Ugbowo main campus of the University of Benin, Benin-City, Edo State, has taken a precarious toll on critical areas of development in the institution. South-south Bureau Chief BISI OLANIYI reports that with the intervention of Muhammadu Buhari’s administration in fixing the problem, the hitherto-horrible site has been transformed

    For so long, the Ugbowo main campus of the University of Benin Benin-City, Edo State, has been in the news for the wrong reasons. The campus has been on the brink of tipping over as a result of the massive gully erosion that has continued to ravage the area for so long a time. It was so massive so much so that it takes one’s courage to attempt to enter the location.

    However, for the first time in a very long time, the noxious environmental situation has received the attention of the Federal Government, which decided to fix it. This much was disclosed by the Acting Director of Works of UNIBEN, Osagie Ikpomwonsa, while speaking at the site of the intervention and reinstatement of gully erosion, and connecting road at the Ugbowo Main Campus of the institution recently.

    Ikpomwonsa noted that “the hitherto-horrible site was a no-go area before the intervention of the Muhammadu Buhari’s administration.” This, according to him, would not have been possible but for the commitment of the Vice-Chancellor of UNIBEN, Prof. Lilian Salami and her management team. He hailed them for their ability to reach out to well-meaning individuals, top government officials and organisations/agencies to assist the university.

    Ikpomwonsa said: “If not because of her (Salami’s) intervention, only God knows what would have happened to this side of the campus. Indeed, you are a blessing to this institution. If you are coming to this site which we refer to as ‘Site B,’ you will not be so bold to drive to this area. We thank God for the quick intervention of the Federal Government, through the Minister of Works and Housing, Mr Babatunde Raji Fashola (SAN), who is an alumnus of UNIBEN.”

    He, however, stated that the intervention/reinstatement of the gully erosion site was not a complete project/package, stressing that there was a need for the drainage system to be taken to a discharge point. Ikpomwonsa expressed the hope that the Federal Ministry of Works and Housing would take the project further.

    The Project Coordinator of the Nigeria Erosion and Watershed Management Project (NEWMAP) in Edo State, Dr Tom Obaseki, who is also the Chief Executive Officer of the newly-inaugurated Edo State Flood, Erosion and Watershed Management Agency (Edo FEWMA) said that he received UNIBEN’s letter dated September 6, 2021, from Edo State Governor, Godwin Obaseki, whom he said mandated him to treat the letter from the Vice-Chancellor of UNIBEN.

    He said: “It is not very common for a letter to go to the governor’s office, and for it to be treated the same day. That showed a lot of interest that Governor Obaseki had concerning the gully-erosion project. It is exciting how we are all involved in this project. Edo State Governor called and gave us a marching order to jointly execute the project.

    “When Governor Obaseki instructed me, I contacted the Federal Controller of Works and Housing in Edo State, Ademola Razak Aransiola and we visited the site. NEWMAP did not intervene in this project, but it is part of the takeaway of NEWMAP as a project that came to end in 2022, which is a role to facilitate an intervention work. We are happy that we were urged to be involved.

    “I plead with the Federal Government to see how the project will be completed. We are always available to support you. NEWMAP, as a project, ended in June last year. It is fully alive as a project to control erosion and floods in Edo State.”

    The intervention and reinstatement of gully erosion and connecting road projects were handled by Levant Construction Limited. One of its top officials, Abboud Albert, described the project as a huge one, reiterating that the gully erosion had damaged everywhere, thereby washing away the landscape and making the road not motorable.

    Albert said: “We channelled the water coming from the major parts of the state to a place where we could link it to the river. We put grass to fill the work done. We have a drainage system that takes the water on both sides of the road to the river.  We also constructed blocks that would break the speed of the water.”

    Regretting that the natural disaster had wreaked havoc on the university, Prof. Salami said the gully erosion had taken its toll on critical areas of development of the university over the years. She appreciated President Buhari for his unwavering support for UNIBEN and Fashola for his commitment to the successful implementation of the project. Salami, who is also the Chairperson of the Committee of Vice-Chancellors of Nigerian Federal Universities, and the Vice-President of the Association of African Universities said: “It is an underestimation to say that my heart is full of joy, as we witness this inauguration of road and gully erosion intervention project at what we call ‘Site B’ of our university campus.

    “This project, graciously undertaken by our principal, the Federal Government, through the Federal Ministry of Works and Housing, has been supported greatly by the Edo State government. That this gully erosion has taken its toll on critical areas of development of the university over the years is not in doubt. The good news is that we made our pleas and cries to the government, and the pleas have received the desired attention of the government. We are savouring the result of a government that listens and acts.”

    Prof. Salami also expressed her gratitude to Edo State Governor, whom she said regards UNIBEN as his home project, thereby setting aside politics to ensure that only the best efforts were expended for the progress of the institution. She noted that the intervention project came as a huge relief from the menace, which stalled the completion and utilisation of infrastructure at the university’s “Site B,” and the establishment of new ones.

    Salami maintained that with the inauguration of the intervention and reinstatement of gully erosion, and connecting road, her management’s desire to influence more projects to UNIBEN would now be totally activated, without the fear of over-developing the “Site A,” which is the main campus of the university at Ugbowo, on Benin-Lagos Expressway. She said: “One can imagine the quantum of happiness that I feel as we thank all stakeholders in the UNIBEN project, especially those who support us in our quest to write the name of this administration in gold.

    “We assure you that your confidence in us is not misplaced and that we will continue to do our best to ensure that UNIBEN remains UNIBEST in the promotion of our core mandates of teaching, research, community service and the development of infrastructure.”

    Fashola stated that Nigeria’s infrastructural needs were steadily being bridged by President Buhari’s administration. He noted that a lot of work needed to be done in many sectors of the country’s national life, including education, with President Buhari’s government stepping up to lead the process of getting the work done.

    Fashola, who was represented by the Federal Controller of Works and Housing in Edo State, Razaq Aransiola, said students in Nigeria were expressing renewed enthusiasm with regard to attending classes since some defective roads had been restored to good condition. He said: “It is undebatable that the quality of education will be impacted by the quality of infrastructure and the learning environment. We have successfully intervened in 64 internal road projects in various federal tertiary institutions and handed over 46, as of March last year. We have another 18 ready to be handed over, while we are currently attending to 19 roads in similar institutions across the country, making a total of 83.

    “During the construction, more than 50 people were employed in the process; contributing to the government’s job creation initiatives.”

    The minister also urged the management of UNIBEN to ensure that the asset was used properly and not abused. In order to move Nigeria forward, particularly in the education sector, other stakeholders must support the government.

  • ‘Tinubu’s achievements will sell him to Nigerians’

    ‘Tinubu’s achievements will sell him to Nigerians’

    Gideon Obhakhan is the Secretary of the Public Affairs Directorate of the Tinubu/Shettima Presidential Campaign Council and a former Commissioner for Education in Edo State. In this interview, Obhakhan speaks about the chances of the All Progressives Congress (APC) presidential flag bearer in the forthcoming election, Asiwaju Bola Tinubu. TONY AKOWE reports

    How would you rate the campaign so far?

    So far, it’s been very good. It is easy to sell a candidate that has a good past. With the development that Tinubu brought to Lagos, selling him has not been a problem for us. And we have been comparing ourselves with other candidates from other political parties. We have been telling the people what we are going to do in our campaigns. So, in terms of a general assessment of how far we have done, it has been very good. We’re getting more and more acceptability; we have been able to clear some of the grey areas that people had concerns about.  If you look at how we have gone through the number of states we have campaigned, the acceptability is there; the acceptance is there. People are beginning to get more details about the party; more details about the candidate. So, there hasn’t been any form of violence, which is also very good. People are in the field articulating issues and talking about what the APC will do for Nigeria and what we have done before. With the performance of the current administration, we can sell our candidate and party to the public and it’s been positive up to this point.

    One of the major accusations being levelled against your candidate borders on his health. How well have you dealt with this in a bid to convince Nigerians that it is not going to be an issue when the elections are over?

    Well, the main things they’ve been talking about have always been issues about age,  issues about health. But, when you look at the number of times we have answered it, you will know that it is just the antics of the opposition to try to drum up the lies they have to make it look like it’s true. You know if you say somebody is not fit, are you a medical doctor? Do we have a medical report that shows him not to be fit? Tinubu is the frontrunner in this election. He has campaigned in most states than every other candidate today. If you look at the tight schedule that he has, you will discover that daily, he climbs the podium, and go from state to state campaigning. On some days, he goes to two states to campaign. Generally speaking, if you say somebody is sick, how would that person be able to meet up with the daily schedule, going from state to state without rest? He’s been busy campaigning from one state to another and attending town hall meetings and meetings with stakeholders. So, the issue of his health is just one cliche that people have held onto, especially the opposition who don’t have anything to campaign with. As a result, they have been repeating this lie with the hope that it will eventually be accepted as the truth. It just shows you that they have no programmes to sell their candidates with. They will rather go on tarnishing the image of the front-runner in this election.

    There are mixed feelings over the performance of the Buhari administration in close to eight years in power. How are you going to dissociate your candidate from the notion that voting for Tinubu will be like a continuation of the Buhari administration?

    The first thing to clear is that nobody is trying to dissociate Tinubu from being a member of the party. He is the National Leader and so, we cannot say he is not a member of the party. There is no reason or justification to dissociate anybody from the Buhari administration because going by the assessment of any objective-minded Nigerian, Buhari has done very well. Yes, we campaigned on the mantra of fighting corruption, the economy and fighting insecurity. I don’t see how you can rate us badly in those three and I will tell you why. When Buhari came in 2015, there were many local governments in the Northeast that were under the control of Boko Haram insurgents. If you look at what has happened between then and now, you will discover that there has been a marked improvement because you no longer find local governments today where Boko Haram has its flags. Of course, you still find some banditry, violence and other security issues. Nobody promised a utopian state anyway. When you want to rate an administration, you look at where it is coming from. We inherited 16 years of rot. It is just like trying to raise a mansion on a foundation that is weak. You practically bring down that building and start afresh and that is not going to happen overnight. On the issue of security, you look at what is happening today and compare it with the 16 years of the PDP administration and the people that are being investigated. In that administration, you have the likes of Dizeani Alison Madueke whose alleged corruption allegation only came out when the government was no longer there. Was it that they were not aware? This is the type of cover-up that existed and if you have an administration that is ready to start the fight against corruption with its cabinet members, we should give him credit. We know of a number of cases that are being prosecuted by the EFCC and the money being recovered. The fight against corruption has been sustained, but it is not a one-day thing because we have a deep-rooted system that thrives on corruption and you don’t expect that to be cleaned up in one day. But efforts are being made and we have seen what is going on and I believe it is a pass mark. On the economy, we have seen how notable people warned of what is going on today. One of them is the current director-general of the World Trade Organization, and another is the current governor of Anambra State. Another one is a former Emir of Kano. While the PDP administration was on, they told us that we were heading for doom and that the country will collapse if the trend at that time continued, especially the way the economy was being managed. Dr Ngozi Okonjo-Iweala said it openly that Nigeria was heading for a recession. We inherited a lot of issues which we had to deal with.

    A former member of the APC PCC, Hajia Naja’atu Mohammed has accused the APC presidential candidate of suffering from dementia. Are you not worried about these kinds of narratives, especially at this crucial time in the campaign?

    First, let me say that the last time I checked, Naja’atu Mohammed was a graduate of history and not a medical doctor. So, when a historian starts to talk about somebody’s health, and people take it seriously, then I just get concerned. First, how do you judge a human being by just looking at him and then you know, this person has X Y ailment? So, I think those are conjectures. And if you look at her follow-up comments, you can deduce the reasons why she is behaving the way she’s behaving. Okay, let’s just take our mind back to when she became part of this project. I’m quoting from her account; she was an ardent supporter of Muhammadu Buhari, before the election in 2015. From 2015 till date, if my calculation is right, it is about eight years. So, it took her eight years to find out that the person she was supporting is not doing well. That smacks of mischief. Now, you were a member of the campaign council campaign. The campaign council was set up sometime in October 2022. It took you four months to know that the candidates you’re supporting are not well and therefore you have to resign. Again, that to me smells of mischief. The question is, what was she asking for that she didn’t get? And just this morning on television, she complained about how they were not inviting her to join the campaign trail, which is a contradiction on its own. So, it means that if she was being carried along on the campaign trail, Tinubu would have been well. So, these are just people who are desperate to occupy certain positions in the campaign organization. Tinubu knows his audience. He knows his team. He picks people and builds them up. But I don’t think Tinubu is also the kind of person that you will force yourself on and even with your arrogance and your pressure to get all that is available. The campaign team is structured, and there are different directorates. Everybody has his or her own role.  She was in charge of the civil society arm of the directorate. Those who plan campaigns are in Events and Protocols. There are those who are in public affairs. I don’t have to be in every campaign ground to project my candidate. There are people in contact and mobilisation. Some collective volunteers are ready to join and contribute in terms of time and effort. So, when you sit down and you want everything and you can’t get it and you become a medical doctor overnight, then I just feel that whatever she says should not be taken seriously. I just put practical things on the ground, when did Buhari’s failure in her own words start? Is it two months or three months to the end of the administration or when? When did she decide that conscience matters? Is it after eight years of being a part of the party? So when did Tinubu have health issues by her own assessment – when did she become a medical doctor to know that Tinubu is suffering from those medical conditions she talked about?

    The Buhari administration campaigned on the mantra of security, the economy and fighting corruption. What is the campaign structured on right now?

    Our action plan has been well detailed in the ‘Renewed Hope’ action plan. It is detailed, but let me take the issue of security which is one of the burning issues today in Nigeria. What he wants to focus on is using technology and changing the way we approach issues of security. So, we will start to talk about the anti-terrorism battalion that will be trained specifically on how to respond to what the terrorists are doing. We are looking at forest guards because a lot of these people have the forest as their incubation area. There will be a programme that will bring people within communities for intelligence gathering, a welfare package for troupes and their families and an increase in the number of our military personnel.

    We are seen as an economy that relies on oil. What he is saying is that he is going to diversify the economy with a special focus on agriculture. The action plan states clearly how this is going to be done. Today, only 35 per cent of our arable land is being used. The target is to increase that in the next couple of years to 65 per cent and gives incentives to farmers. There is the community board that will be set up to look at the prices of some critical crops. For health care, the plan is that the distance between you and the nearest health centre will not be more than three kilometres or a walk of 30 minutes. Each local government is going to have a General Hospital; each state is going to have a tertiary-type medical facility and a world-class specialist hospital in each region. This has to do with PPP and massive government funding for health. The most important thing is to fight corruption. This can be done in simple ways. He will reduce the emphasis on cash-based purchases

    The PDP had launched an assault on the APC, seeking the disqualification of your candidate. Are you worried?

    This is just a knee-jerk reaction to what the APC Presidential Campaign Council did when the issue of this Special Purpose Vehicle came up. You are aware of one Michael Achimugu who has come up with revelations regarding how Alhaji Atiku Abubakar while he was vice president connived or collaborated whatever term you want to use with his former boss, President Obasanjo to set up Special Purpose Vehicles (SPVs) with the creation of companies that they were using to loot public firms. Marine Floats is one of them. There was some kind of silence when that information came up, and the PCC of APC, came out and brought it to the open and demanded that the ICPC, EFCC, and Code of Conduct Bureau call for Atiku’s investigation and possible prosecution depending on the outcome of their investigation. Now, instead of coming out to address those specific issues and prove whether it is Atiku’s voice or not, and whether the SPVs existed in reality, they started by blackmailing or branding the whistleblower as a blackmailer. But the question to ask is that if a blackmailer brings out an armed robber to the police station, should the policeman set the armed robber free because the armed robber was brought by the blackmailer, the answer is no! So I think PDP should occupy themselves with responses to the topical issues rather than trying to beg the question, so to speak.

  • Polestar 2: an unusual electric vehicle

    Polestar 2: an unusual electric vehicle

    Tesla’s Model 3 is understandably a popular choice for Electric Vehicle shoppers, but there is another option if you’re searching for a small electric car: the 2023 Polestar 2. Similar to the Model 3, Polestar 2 offers both single and dual electric motor configurations. The single-motor model has more potential range, while the dual motor trades some range for quicker acceleration. Polestar is the all-electric offshoot brand from Volvo, and the 2 shares much of its EV tech and underpinnings with the Volvo XC40 Recharge SUV.

    The Polestar 2 is a smart pick for a small, upscale Electric Vehicle (EV). It’s comfortable and fun to drive around. It also has a generous amount of cargo space. The main downside is that it doesn’t have as much maximum range as some rivals.

    The Polestar 2 debuted for the 2021 model year, and the 2023 model benefits from numerous updates. The Long Range Dual Motor version gains 11 miles of driving distance on a full battery, now offering an EPA-estimated 260 miles between visits to a charging station. Get the optional Performance Pack, and this version of the car now adds 68 horsepower and 15 lb-ft of torque for an impressive total of 476 hp and 502 lb-ft. For 2023, Polestar also adds the BST Edition 270, a limited-edition trim that ups the performance ante with hardware upgrades and a tougher exterior look. Poloestar will build just 270 units globally, making it the rarest Polestar model to date.

    Fresh wheel designs, paint colors and interior materials are available, including a new premium leather upholstery upgrade that also equips the Polestar 2 with ventilated front seats for the first time. In addition, the Plus Pack now includes a more advanced air filter for keeping unwanted particulates out of the cabin. Finally, the heat pump included in the Plus Pack now operates over a wider range of temperatures to help negate the driving range losses observed in cooler weather.

    Polestar knows the field of similarly sized and configured EVs is growing by the day, and Tesla is no longer the only source of competition.

    Its steering may not have quite the quick and immediate snap of the Tesla’s, but it zips around turns with confidence. When you just feel like cruising, the Polestar is a smooth operator, delivering the easy and quiet acceleration expectED from an EV. Emergency braking is trouble-free, with short distances, and the Polestar 2 offers easy one-pedal driving. Lifting off the accelerator brings about strong regenerative braking to slow you down, so you don’t need to use the brake pedal for most situations.

    Polestar has done an excellent job of making the 2 comfortable. The ride is compliant without being overly soft, and overall the car is smoother over bumps than some Teslas we’ve tested. It’s quiet, too, with only a mild amount of wind and road noise apparent at highway speeds. The front seats have enough cushioning and support to make long drives comfortable.

    All Polestar 2 models come standard with dual-zone automatic climate control, and our test vehicle was equipped with heated front and rear seats. The climate control system works quickly, though some may not like that the controls are tied entirely to the touchscreen.

    The Polestar 2 uses a Google-based touchscreen interface that’s reliable and easy to use. Earlier iterations of this system could be a little buggy, but it seems as if Polestar has fixed the issues. Most of the other controls are straight from sister company Volvo and require some time to get familiar with. That includes the window switches, steering wheel and turn signal stalks.

    The Polestar 2 isn’t a large car, but it provides a decent amount of space for both front and rear passengers. The car’s small size makes getting in and out of tight parking spots relatively easy, though we wish the doors opened a bit wider for easier entry and exit. Visibility is aided by relatively large side windows and mirrors. The rear window is narrow, however, so we’re thankful for the standard surround-view camera system.

    There are quite a few advantages for this Android-based touchscreen, such as over-the-air updates (it automatically updates just like your smartphone to get the latest software and features) and Google Maps-based navigation. It’s all straightforward and works more like a smartphone than most other systems. There isn’t much to it right now, but it has the ability to add apps from the Google Play store. As for smartphone integration and projecting your phone’s apps into the touchscreen, Apple CarPlay comes standard. Android Auto isn’t yet available, which seems odd given that it’s a Google-based system.

    Voice controls work well, another benefit of the Android software. In addition to entering an address or adjusting the climate control, one can ask for the weather or have the car tell you a joke. Sound quality is fine though nothing exceptional. One would expect it to have more audio clarity at higher volume.

    The Polestar 2 is available with a full suite of advanced driver aids, no surprise for a company that was spun off from Volvo, an automaker known for its safety. There are quite a few standard features like collision avoidance and lane departure warning, though some more advanced systems like adaptive cruise control are tied to certain packages.

    The Polestar 2 has both a hatch and a small front trunk. The latter, at 1.3 cubic feet, isn’t useful for much beyond a small item or two. The rear is a different story, with a deep cargo area that seems larger than its official 14.2-cubic-foot capacity would suggest. That’s more space than the Tesla Model 3, though the Tesla trunk is more usable. The hatchback-style opening makes loading cargo fairly easy, and the 60/40-split folding seats open up the area further. That said, it offers far less cargo space than some similarly priced EVs such as the Hyundai Ioniq 5 and Ford Mustang Mach-E. The Polestar 2 does have a 2,000-pound factory tow rating, which isn’t a lot of weight, but some rivals aren’t rated to tow anything.

    Small-item storage isn’t so great. The center battery tunnel cuts into space that would otherwise be for small-item storage. Cupholders are concealed under a sliding and folding armrest, so you have to choose between drinks or an elbow rest. Most other cubbies are modestly sized.

    The rear seat has Isofix anchor points located under plastic tabs. Most child safety seats should fit OK, though installing a rear-facing seat will limit how far back you can scoot the front seats.

    As far as efficiency goes, this Polestar is estimated to consume 31 kWh of electricity for every 100 miles of travel. The Polestar trails most of its competition in efficiency, but given the relatively low cost of electricity compared to gas, the monetary differences won’t be a big difference in your monthly budget.

    Polestar borrows a lot from sister company Volvo, giving it a distinctly European look and feel. The interior is stylish and simple, though the sea of black surfaces can be a bit drab after a while. All of the materials, even the plastic parts, have a more premium look and feel than what you’ll find in a Tesla. But that feel will cost you, and the Polestar 2 doesn’t fare well when it comes to cost. It has one of the highest base MSRPs in its class and doesn’t come as well equipped or offer as much range for the price.

    Part of that premium price does include a decent warranty and some other ownership benefits. Polestar’s four-year/50,000-mile basic warranty and eight-year/100,000-mile battery warranty is pretty standard for the class, but it provides two years of free fast charging at Electrify America (150 kW for 30 minutes per session). Polestar also includes roadside assistance for four years/50,000 miles.