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  • Commissioner dedicates award to Sanwo-Olu

    Commissioner dedicates award to Sanwo-Olu

    • Akinderu-Fatai is Housing Commissioner of the Year

    Lagos State Commissioner for Housing, Moruf Akinderu-Fatai, has won the Housing Commissioner of the Year award organized by the Africa Housing Awards (AHA).

    The plaque was presented to him by the former Minister of Environment, Alhaji Suleiman Hassan and AHA Convener Festus Adedayo during the Housing Summit at the International Conference Centre, Abuja on Sunday.

    According to the organisers, Akinderu-Fatai‘s won the award due his commitment towards reducing the housing deficit and alleviating the challenges faced by home seekers in the state.’’

    Akinderu–Fatai dedicated the award to Lagos State Governor Babajide Sanwo-Olu, who gave him the rare opportunity of serve the people.

    Akinderu-Fatai said: “given the rate at which the population of the state is increasing, there must be dynamic measures in the housing sector to ensure that governmental interventions result in a positive impact on the people.

    “It is the responsibility of a good government to be sensitive to the issue of housing needs as this will help to enhance the quality of life in the state,” he said.

    According to him, housing delivery is central to the developmental plans of Lagos State, being the economic hub of the nation as well as one of the fastest growing megacities in the region.

    He further noted that Lagos State Government considers it strategic and responsible to invest in the housing sector to reduce the challenges of housing deficit adding that “ housing is addressed fully under the Pillar of Building a 21st Century Economy, which forms one of the six pronged THEMES + agenda of this present administration”.

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    Akinderu-Fatai, further revealed that “beyond the provision of decent and affordable homes, the modalities of owning houses in our estates have been simplified to make cheaper options available for all classes of people adding that the state has the lowest mortgage of 5 per cent down payment of total cost while the remaining is spread over 10 years on installment payment.

    The Commissioner also said the administration of Mr. Babajide Sanwo-Olu Governor of Lagos State has trained and empowered artisans on master craftsman project, in order to strengthen local artisans in the built and construction sector.

    Akinderu-Fatai seized the opportunity to invite viable private investors to partner with state government to build more homes to further increase the housing stock so as to bridge the housing deficit.

    Speaking on behalf of the organizers, Mr. Festus Adebayo said: “the Commissioner has made positive impacts in the area of housing development by initiating and implementing housing policies that clearly show an in-depth understanding of the peculiar challenges faced by the citizenry in terms of affordable and accessible Housing.”

  • Adamawa: Appeal Court affirms Fintiri’s election victory

    Adamawa: Appeal Court affirms Fintiri’s election victory

    The Appeal Court in Abuja yesterday affirmed the victory of Adamawa State Governor Ahmadu Fintiri.

    The appellate court affirmed that the Peoples Democratic Party (PDP) candidate won the March 18 governorship election.

    In a unanimous verdict, the three-member panel of the court, presided over by Justice Tunde Awotoye, dismissed the appeal filed by the governorship candidate of the All Progressives Congress (APC), Senator Aishatu Dahiru (Binani).

    Dahiru’s appeal was against an earlier judgment delivered by the Governorship Election Petitions Tribunal, which had equally affirmed Fintiri’s victory in the election.

    Justice Ebiowei Tobi, who read the judgment, averred that the appeal by Dahiru was faulty.

    Justice Tobi said the record of appeal, containing the proceedings at the trial tribunal, was incompletely transmitted.

    He held that the trial tribunal was right to have held that the evidence of the first three witnesses of the appellants (who were petitioners before the tribunal) were hearsay, which is inadmissible.

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    Justice Tobi added: “On the whole, this appeal lacks merit and is accordingly dismissed. 

    “The decision of the lower tribunal is hereby confirmed.”

    The court awarded N100,000 as cost against the appellants and the money is to be paid to Fintiri and the PDP.

    The APC candidate lost at the tribunal in a judgment delivered in Yola, the state capital, last October. 

    The chairman of the three-member tribunal, Justice Theodora Obi-Uloho, held, among others, that the petitioners failed to prove their case.

    Justice Obi-Uloho dismissed the petition on the grounds that it lacked the relevant legal ingredients on which the tribunal could upturn Fintiri’s victory.

  • NGE to launch trust fund for editors, media industry

    NGE to launch trust fund for editors, media industry

    •  Fund to boost media sustainability, professionalism

    The Nigerian Guild of Editors (NGE) has said it is planning to launch a trust fund for the nation’s editors and the media industry.

    Named: the Nigerian Editors’ Trust Fund, the fund is designed to address the professional and welfare needs of media houses and editors across the country.

    The initiative was borne out of the resolution of the All Nigeria Editors’ Conference (ANEC) recently held in Uyo, the Akwa Ibom State capital.

    During the conference, publishers, media executives, and editors harped on the urgent need for the guild to initiate a strategic move that would focus on the professional/welfare needs of media houses and editors in Nigeria.

    They said this would be part of several efforts to enable them continue to discharge their constitutional and social responsibility to the society without compromising their ethical standards.

    In a statement yesterday by its President, Mr. Eze Anaba, and the General Secretary, Dr. Iyobosa Uwugiaren, the professional body of editors and media executives said the initiative was a response to the increasing professional and welfare challenges faced by the highest echelon of Nigerian journalists in performing their duties.

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    “The trust fund, which is expected to be launched in the first quarters of 2024, will also address the daunting economic challenges that the media executives and editors are faced with during and after office. The fund will benefit the guild’s members in the print, electronic, and online media.

    “The trust fund will be a collaborative effort among all the stakeholders in the media sector, including the public sector – aimed at addressing key challenges that affect the professionals, who are the ultimate gatekeepers in their media organisations,” the statement said.

    The NGE, at its recent annual conference in Uyo, set up a committee, headed by its Vice President (East), Mr. Sheddy Ozoene, to liaise with media stakeholders and coordinate the launching of the fund in the first quarter of next year.

    The statement added: “The trust fund will create the much-desired impact in the journalism profession in the country as the editors and media executives will be exposed to empowerment programmes and innovations in the media industry, retraining and networking opportunities with colleagues from around the world.”

  • Access Holdings’ media chief Abdul Imoyo dies at 52

    Access Holdings’ media chief Abdul Imoyo dies at 52

    • Friends, colleagues mourn

    The Head of Media Relations at Access Holdings Plc, Abdul Imoyo, has died.

    Imoyo died on December 17 at First Cardiology in Ikoyi, Lagos, after an illness.

    His death was confirmed by the Association of Corporate and Marketing Communications Professionals in Banks (ACAMB) where he was the Publicity Secretary.

    Quoting an earlier statement by a representative of the Imoyo family, Tunde Imoyo, ACAMB expressed sadness over the death of its erstwhile publicity secretary who was popular for his professionalism, friendliness, and dedication to duty.

    In a statement by its President Rasheed Bolarinwa, ACAMB acknowledged Imoyo’s contributions to the media, corporate communications, financial media, and banking.

    Also, the spokesperson for the Chartered Institute of Bankers of Nigeria (CIBN), Mrs. Folake Akintayo, said the industry has been mourning the passage of Imoyo, known for his dedication to duties and friendliness.

    “…His contributions to ACAMB and the broader corporate landscape will be remembered and celebrated by colleagues, associates, and the entire banking community,” ACAMB said.

    In the post that announcement Abdul Imoyo’s death, Tunde Imoyo had written: “It is with deepest sorrow that we inform you of the death of our beloved husband, father, brother, and uncle, Abdul Kolawole Imoyo, who departed to be with the Lord in the early hours of December 17, 2023, after a brief illness.

    “We are taking some time as a family to grieve over our loss at this time. We thank you for your prayers and support.”

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    Friends, colleagues, and professional associations have expressed sadness over Imoyo’s death.

    The Capital Market Correspondents Association of Nigeria (CAMCAN), where Imoyo was a Vice President, expressed grief over the death of the thoroughbred financial journalist.

    The Association of Business Editors of Nigeria (ABEN) and the Finance Correspondents Association of Nigeria (FICAN) said Imoyo’s death was a shock to the financial media industry.

    Imoyo was credited with helping in facilitating the annual capacity building for financial media, drawing on his experience as a journalist and corporate communications expert.

    Several mourners expressed shock at his death, saying even while battling his health condition, still attended to official and friendly enquiries in his usual affable manner.

    Friends and well-wishers have been mourning his demise on social media platforms, relaying their personal experiences of Imoyo’s good nature.

    Before joining Access Holdings, Imoyo had worked at the United Bank for Africa (UBA) Plc.

    He was also the Finance Editor at BusinessDay and Vanguard newspapers.

  • 2024 budget: National Assembly gives committees 48 hours to submit reports

    2024 budget: National Assembly gives committees 48 hours to submit reports

    The Joint National Assembly Committee on Appropriations yesterday gave the standing committees in both chambers a 48-hour ultimatum to submit their reports on the 2024 budget.

    The chairman of the joint committee, Senator Solomon Adeola, issued the order.

    He said the move became necessary to enable the National Assembly pass the N27.5 trillion 2024 budget before the end of this month.

    The standing committees had begun submitting their reports yesterday to the joint committee.

    The Committee on Tourism, chaired by Senator Ireti Kingibe, and the Committee on Diaspora and Non-Governmental Organisations (NGOs), headed by Senator Victor Umeh, were among the first to submit their reports.

    In his remarks at the session, Adeola urged all the standing committees to keep to the deadline.

    The joint committee chairman said this would enable the National Assembly to meet the January-December budget cycle.

    He said: “I am appealing to all my colleagues to please – I am ready and the deadline is Wednesday this week – to receive all reports from all standing committees of the Senate.

    “By Wednesday, any agency or any committee that has not submitted their report before the committee, it will be assumed that they are giving us the omnibus power to go ahead and treat their budget independently of that committee.

    “So, we are appealing to all chairmen of various committees to please submit their reports on or before Wednesday this week.”

    From the standing committee reports submitted yesterday, the Appropriation Committee raised two issues: the fate of 136 Nigerians trapped in Ethiopian prisons and the N5 billion proposed in the budget to revamp the Obudu Cattle Ranch in Cross River State.

    While submitting his report, Umeh said some of the 136 Nigerians serving various jail terms had sought to be transferred to Nigeria to serve out their punishment.

    He told the committee that the Nigerians in Diaspora Commission (NiDCOM), which handles such matters, was handicapped due to poor funding.

    Umeh said the commission was given a budget of N1.2 billion for 2024, out of which N652.9 million was for capital expenditure.

    The committee chairman noted that looking at the workload of NiDCOM, N4.9 billion was recommended by his committee as the agency’s capital budget.

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    He added that this would cover five new line items introduced into the budget, including addressing the plight of Nigerians in prisons, organising Diaspora summits and other projects to coordinate the activities of Nigerians living outside the shores of the country.

    In his response, Adeola promised that the panel would review the report and find a way to increase NiDCOM’s budget, “considering the very important work they have been doing”.

    He added: “We will pay attention to NiDCOM in our reporting stage. However, we will do a review of the five new line items and prioritise them.”

    In her submission, Senator Kingibe noted that out of the N7.9 billion proposed as the capital budget for the Ministry of Tourism, over N5 billion was for the Obudu Cattle Ranch.

    She said it was not proper, in her view, for one geopolitical zone to take more than half the total capital vote of the agency, to the neglect of other zones.

     The joint committee said while her point had been duly noted, members would investigate how the N5 billion would be spent, to ensure that it would go into the revamping of the Obudu Ranch.

     “We will investigate why we are spending this N5 billion in just one geopolitical zone.

    “But we have to also understand that we are still not yet there with this money allocated to tourism.

    “We have to do more, if we really want to drive tourism in this country,” Adeola said.

    ·              

  • International electricity customers owing $11.16m

    International electricity customers owing $11.16m

    The Nigeria Electricity Regulatory Commission (NERC) has said the four international electricity customers of the Nigerian Electricity Supply Industry (NESI) failed pay the $11.16million invoice the Market Operator issued them in the third quarter (Q3) of 2023.

    This was contained in the commission Q3 2023 financial report issued yesterday.

    NERC said, “On Cross-border Customers, NERC said in 2023/Q3, none of the four  international customers being supplied by GenCos in the NESI made any payment against the cumulative invoice of $11.16 million issued to them by the MO for services rendered in 2023/Q3.”

    Nigeria supplies electricity to Republic of Benin, Niger Republic and Togo.

    The report revealed that the companies Nigeria supplies electricity to are Paras – SBEE and Transcorp SBEE that are both Benin- Republic owned, Mainstream – NIGELEC of Niger Republic and Odukpani – CEET of Togo.

    According to the report, Paras -SBEE failed to remit $2.42million, Transcorp – SBEE failed to remit $2.62million, Mainstream – NIGELEC defaulted to pay $1.96 million while Odukpani – CEET defaulted in paying $4.16million.

    The commission added that similarly, none of the 16 bilateral customers operating in the NESI made any payment against the cumulative invoice of ?2,814.68 million issued to them by the MO for services rendered in 2023/Q33.

    NERC further said the special customer (Ajaokuta Steel Co. Ltd and the host community) did not make any payment towards the ?0.58 billion (NBET) and ?0.07 billion (MO) invoices received in 2023/Q3.

    Seeking intervention on the debt, NERC noted that

    “This continues a longstanding trend of non-payment by this customer and the Commission has communicated the need for intervention on this issue to the relevant FGN ministries.

    “A continuation of the non-payment may trigger total disconnection from the grid because of the large accumulation of debts.”

    NERC also revealed that owing to absence of a cost reflective tariff, the Federal Government subsidized electricity with N204.59 billion in the Third Quarter of 2023 (Q3 2023).

    It said: ” It is important to note that due to the absence of cost-reflective tariffs across all DisCos, the Government incurred a

    subsidy obligation of ?204.59 billion in 2023/Q3 (average of ?68.20 billion per month), which is an increase of ?69.37 billion (+51.30%) compared to the ?135.23 billion (average of ?45.08 billion per month) incurred in 2023/Q2; this increase is largely attributable to the government’s policy to harmonise e change rates.”

    NERC explained that the rise in the government’s subsidy obligation meant that in 2 23/Q3, DisCos  were only expected to cover 45.00% of the total invoice received from Nigerian Bulk Electricity Trading Company (NBET).

    The report noted that for ease of administration of the subsidy, the Minimum Return Order (MRO) is limited to NBET only with the MO being allowed to recover 100% of its revenue requirement from the DisCos.

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    “In 2023/Q3, the MRO-adjusted invoice from NBET to the DisCos was ?167.40 billion, while the total remittance made was ?124.53 billion, which translates to a 74.39% remittance performance,” according to the commission.

    The report added that the  remittance performance of DisCos to NBET in 2023/Q3 (74.39per cent) is a -24.60pp decrease compared to the 98.99per cent remittance performance recorded in 2023/Q2.

    The notable decline in remittance performance by DisCos, according to NERC, is a result of the -18.29% decrease in remittance in 2023/Q3 (?124.53 billion) compared to 2023/Q2 (?152.48 billion) in spite of the fact that the MRO-adjusted invoice in 2023/Q3 (?167.40 billion) increased by 8.67% compared to 2023/Q2 (?154.04 billion).

    On Financial Report, the report noted that the total revenue realised by the Commission in

    2023/Q3 was ?6,070.93 million representing an increase of ?131.96 million (+2.22%) compared to the ?5,938.97 million realised in 2023/Q2.

    NERC said during the same period, the total expenditure of the Commission increased by ?691.97 billion (+28.09per cent) from ?2.463.80 billion in 2023/Q2 to ?3,155.77 million.

    The report said the Commission recorded a positive net cash flow of ?2,915.16 million in the quarter.

    According to NERC, this is the 17th consecutive quarter in which the Commission has recorded a positive cash flow.

    The commission said in the period under review,  the cumulative upstream invoice payable by DisCos was ?208.70 billion, consisting of ?167.40 billion for generation costs from NBET and ?41.30 billion for transmission and administrative services by the Market Operator (MO).

    Out of this amount, said the commission, the DisCos collectively remitted a total sum of ?158.43 billion (?124.53 billion for NBET and ?33.90 billion for MO) with an outstanding balance of ?50.27 billion.

    NERC noted that this translates to a remittance performance of 75.91per cent in 2023/Q3 which is down by 19.30pp compared to the 95.21per cent recorded in 2023/Q2.

  • Ministry canvasses Soul Day celebration

    Ministry canvasses Soul Day celebration

    The Chief Priest of Eledumare (God Almighty) Ministry, Owolabi Salis, has advocated the need to celebrate Soul Day between December 25 and 27 as against the usual celebration of Christmas Day on December 25.

     In a statement, he said human beings and most living things are all about body and soul.

    Salis, a former governorship candidate of Alliance for Democracy (AD) in Lagos State, said God gave the soul into the body which custodian is the heart.

      “You should offer thanksgiving to God for keeping your soul alive and thanksgiving for good heart, which is celebrated by lunar calendar under Eledumare Ministry.

     “Instead of celebrating Christmas, you should celebrate Soul Day between the night of December 25 and December 27 of every year. On these days, you pray and offer thanksgiving to your Creator, Eledumare, the Lord God Almighty, for keeping your soul alive and enriching your soul for guidance and spiritual stability. Why? Because your Creator, Eledumare, is your soul’s owner and the only one you should worship,” he said.

     Expatiating what is expected of people to during the three days, Salis said: “People should celebrate with their family and friends and offer a thanksgiving feast and create happy moments. You can also check Eledumare platforms for free prayers.

     “When we say Eledumare, we mean the God Almighty. The Soul maker and taker; the holy of holies, the Lord of Diversity and the ruler of the universe. Different cultures have different names for Him and you are free to reference your cultural name.”

    “When Jesus Christ was alive, he worshipped Eledumare, and never worshipped idols, stones, woods or human beings. Jesus submitted his soul to Eledumare. A good Christian should behave like Jesus Christ by worshiping Eledumare, the Lord God Almighty.

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    “On December 25 nights, they should hold a short night vigil prayer for the repose of the soul of their ancestors. You too, will one day be celebrated as an ancestor. Do not abandon your ancestors. Whoever abandons his or her ancestors can never grow spiritually. There are certain things you should know for your spiritual stability.

    “Eledumare is the Lord of diversity. He created everything in diversity including human beings; therefore, you need to respect diversity for spiritual stability and free yourself from stories of men and imposed bondages. He is the owner of your soul and that soul lives in your heart which supports your head and other parts of your body. You need to offer Thanksgiving to Him for keeping you alive and ask Him to enrich your soul.”

    He noted that whoever disregards his roots will hardly progress.

    “We all have three roots, your Creator which is your first root and the owner of your soul, your parents, your second root and your ancestors, your third root. Pay obeisance and spiritual respect to the three roots but you can only worship the Creator, the Eledumare, because he is the owner of your soul. When you worship anything, you submit your soul to it. You cannot worship your ancestors and parents but pay obeisance by celebrating them and praying for them,” he said.

  • Two die, property destroyed as fire razes ex-governor Alao-Akala’s home

    Two die, property destroyed as fire razes ex-governor Alao-Akala’s home

    No fewer than two persons were reportedly killed, while valuables worth millions of Naira were destroyed yesterday morning, as fire gutted the house of former Governor  Adebayo Alao-Akala, situated at Opadoyin compound.

    According to a source, the inferno started around 7:50am.

    The source said power surge was likely to be cause of the inferno.

    It was gathered that one of the victims died instantly, while the other one died at Bowen University Teaching Hospital, Ogbomoso where she was rushed to for medical attention.

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    Another source said he woke up at about 8am and noticed smoke from a part of the building, but he didn’t know the cause.

    Political associates, friends and family members of the late ex-governor are said to have been visiting the home to commiserate with the family. 

  • Akinyelure-led team targets 2mbpd crude oil production

    Akinyelure-led team targets 2mbpd crude oil production

    Perform or be fired, Tinubu tells NNPCL board

    The Pius Akinyelure-led Board of the Nigerian National Petroleum Company (NNPC) Limited plans to raise daily crude oil production to two million barrels.

    Akinyelure dropped the hint yesterday while chatting with reporters after the inauguration of the Board by President Bola Ahmed Tinubu at the State House, Abuja.

    The board, according to him, has also promised that Nigeria will rank amongst the best in the global oil and gas industry and ensure that the key performance indicators of the oil industry of the country are rated number one in Africa.

    The petroleum sector has been battling massive oil theft and vandalism of oil and gas facilities for decades, leading to significant economic losses and environmental degradation.

    Last year, Nigeria lost at least $2 billion to oil theft, according to an inquiry by the National Assembly, which also revealed that only 66 per cent of the oil production could be effectively guaranteed.

    The report of the inquiry, which was made public in November last year, said the other 33 per cent was affected by theft and lost production “due to the third-party easy access on land terrain.”

    Akinyelure said the overhaul of the security architecture of the oil-producing regions was necessary to end the oil theft and vandalism of pipelines.

    He said: “It is not an easy task we know we have the challenge of oil theft and vandalism of our pipelines, our commitment is to produce two million barrels per day anytime from next year but for this, we have to overhaul our security architecture so that the incidences of stealing, vandalism of oil pipelines can be reduced and this will help to beef up our cash flow and we will become a better nation.”

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    The chairman said that the Board members assured the President of collective efforts to reposition the NNPCL to sustain the economy better while it guaranteeing improved fortune for Nigeria.

    “We have assured him (President) of our collective effort to make it a company that we will all be proud of and a company that will help sustain the economy and make sure we create some element of prosperity for Nigerians,” he told reporters

    Akinyelure the board secured 100 per cent assurance and support of the President to carry out its responsibilities fully.

    The Board chair said: “He has assured us of his support and on our part too we have given him our 100 per cent assurance that we will do the best we can to make sure the key performance Indicators of the oil Industry in Nigeria will be rated number one in Africa and proudly competing with oil and gas industry around the world.” Chief Akinyelure added.

    Other board members are: NNPCL Group Chief Executive Officer (GCEO) Mele Kyari; Alhaji Umar Isa Ajiya; Ledum Mitee; Musa Tumsa; Ghali Muhammad; Prof. Mustapha Aliyu; David Ogbodo and Ms. Eunice Thomas

  • Capital flight hindering Africa’s  growth, says  UN report 

    Capital flight hindering Africa’s  growth, says  UN report 

    United Nations Economic Commission for Africa (UNECA) yesterday identified capital flight as a major hindrance to Africa’s ability to overcome its external debt.

    UNECA said checkmating the trend could fuel Africa’s economic resurgence and reposition it to easily pay off its debts.  

    The commission put annual  financial exodus(capital flight) from the continent at $40 billion but  did not state its average external debt yearly  

    Director of the Macroeconomic and Governance Division at UNECA,  Adam Elhiraika made this known while presenting the Economic Report on Africa, 2023 in Abuja.

    Elhiraika said the  $40 billion that exits Africa yearly surpasses the amount  the continent owes external creditors.

    He said: “The funds lost through capital flight are more than sufficient to expunge Africa’s debt and make the continent debt-free. Stemming this outflow  would add close to 1.3 percentage points to current investment as a share of Africa’s GDP.” He said this translates to a potential 0.02 percentage point increase in long-term growth for every 1 percentage point boost in investment.

     ” The $40 billion annual growth engine, hidden within the clutches of capital flight, holds the key to unlocking this brighter future.

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    “Just imagine the enormity of growth lost due to capital flight in the last five decades,” Elhiraika said,    lamenting the missed opportunities for development and prosperity for millions across the continent.

    He envisioned a future where Africa no longer begs for debt relief, but stands debt-free and empowered.

     Earlier, Special Adviser to the President on Economic Matters  Tope Fasua discussed the challenges of commodity pricing, particularly in Nigeria. Fasua recalled that before the global economic downturn,   Nigeria already experienced difficulties with pricing commodities like crude oil.   

     He explained that Nigeria’s heavy reliance on crude oil made the country vulnerable to price crashes, which they also experienced in the late 2000s.

      “Shocks are still around the corner from its risk management perspective. Before the great recession in Nigeria, we have always had commodity pricing hardships, the first one happened in the early 70’s. Because we became even more tittered to crude oil, we saw a crash in the late 2000s as well,” he stated.