The Nation Newspaper

Category: Special Report

  • Ernest Chukwuma shines as ABUAD’s top medical graduate

    Ernest Chukwuma shines as ABUAD’s top medical graduate

    In a resounding testament to academic prowess, Ernest Chukwuma distinguished himself as the best graduating student among 161 newly-inducted medical doctors at Afe Babalola University, Ado-Ekiti (ABUAD). His distinction underscores ABUAD’s commitment to nurturing academic excellence. In this special report, Associate Editor ADEKUNLE YUSUF writes that Chukwuma’s journey, fuelled by passion and inspired by mentors, embodies the university’s ethos of shaping future leaders in all fields of human endeavour.

    With the spotlight firmly fixed upon him, Ernest Chukwuma radiated an aura of exceptional brilliance during the February 9, 6th induction ceremony of the 161 newly-qualified medical doctors of Afe Babalola University, Ado-Ekiti (ABUAD). Amidst the palpable anticipation of the event, Chukwuma’s momentous achievement as the best graduating medical student elevated him to a position of reverence among his peers and mentors alike.

    His ascent to this pinnacle of academic distinction was not merely a stroke of luck but a testament to his unwavering dedication and scholarly prowess. Within the hallowed halls of ABUAD, Chukwuma’s name had become synonymous with excellence, a beacon illuminating the path for aspiring medical professionals. Yet, his accolades did not end there. In a display of unparalleled mastery, Chukwuma etched his name into the annals of medical academia by securing five distinctions across a spectrum of medical specialties: Anatomy, Physiology, Biochemistry, Integrated Medical Courses, and Pathology. Each distinction served as a testament to his comprehensive understanding and mastery of the intricate nuances within the field of medicine.

    As the ceremony unfolded, Chukwuma’s remarkable journey resonated with all in attendance, serving as both inspiration and aspiration for the next generation of medical practitioners. His achievement was not merely a personal triumph but a collective celebration of the relentless pursuit of excellence that defines ABUAD’s ethos. In the wake of his triumph, Chukwuma stood as a living embodiment of the university’s commitment to nurturing intellectual curiosity and fostering academic excellence. His journey from a diligent student to the epitome of medical brilliance symbolised the transformative power of education and the boundless possibilities it offers to those who dare to dream.

    Amidst the applause and accolades that enveloped him, Chukwuma remained humble, his gaze fixed not on the laurels of the past but on the boundless horizons of the future. For him, the journey had only just begun, with each achievement serving as a stepping stone towards a future defined by service, innovation, and unwavering dedication to the healing profession.

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    His journey towards stradom began in 2019, a pivotal moment midway through his MBBS programme, when Chukwuma’s remarkable intellect garnered international recognition. At the tender juncture of his medical studies, he was bestowed with an honourary Doctor of Science Degree (D.Sc.), with a Fellowship of the International Agency for Standards and Ratings. This prestigious honour was a testament to his groundbreaking research and scholarly acumen.

    Chukwuma’s ascent to scholarly stardom was catalysed by his groundbreaking  research article titled “Theory of Photon Quanta.” This seminal work not only elucidated intricate scientific principles but also garnered global acclaim. In a feat unparalleled, Chukwuma’s research emerged victorious among 5,547 nominations, triumphing over 87 meticulously screened contenders to clinch the esteemed 2019 Global Championship Award in Science.          

    Published in the revered Global Journal of Science Frontier Research, a physics and space science journal, Chukwuma’s research reverberated across academic circles, challenging conventional paradigms and pushing the boundaries of scientific inquiry. His visionary insights and meticulous methodology captured the imagination of scholars worldwide, cementing his status as a luminary in the realm of scientific inquiry. The Annual World Championship in Science Award, organised by the International Agency for Standards and Ratings, stands as a testament to excellence in academia. This prestigious event recognises the best among the brightest, honouring exemplary theses, dissertations and milestone research articles from distinguished scientists and academics across the globe.        

    Amid the fervour of international acclaim, Chukwuma’s unwavering commitment to excellence remained steadfast. His journey, marked by relentless pursuit and unwavering dedication, symbolised the transformative power of intellect and the boundless possibilities that await those who dare to dream. In the annals of scientific history, Chukwuma’s name would forever be etched as a beacon of ingenuity, a testament to the indomitable human spirit, and a harbinger of discoveries yet to unfold. His meteoric rise from a budding medical student to a celebrated scholar exemplified the power of passion, perseverance and the relentless pursuit of knowledge.

    The announcement of Chukwuma’s award resonated with the gravity of his achievement, as his research article emerged victorious amid stiff competition, prevailing over 5,547 nominations meticulously scrutinised from a pool of 87 contenders for the coveted title of the World Championship in Science for the year 2019. This accolade carried with it international validation, underscoring the global significance of his contributions to the field of scientific inquiry.

    The mandate of the World Championship in Science Award, as articulated in the announcement, is to spotlight and celebrate exceptional scientists and academics from across the globe. Chukwuma’s inclusion in this prestigious roster of honourees positioned him alongside luminaries such as Dr. Xiaohui Song from the United States, Dr. Hiroshi Bando from Japan, Dr. Ingo Schmidt from Germany, Dr. Yasin Idweini from Jordan and Dr. Kenichi Meguro from Japan, each of whom had left an indellible mark in their respective fields of expertise.

    Yet, behind Chukwuma’s meteoric rise to scholarly prominence lay a profound source of inspiration: his unwavering admiration for Albert Einstein, the iconic German physicist whose groundbreaking work on the theory of relativity continues to shape our understanding of the universe. From a tender age, Chukwuma had harboured a deep-seated desire to emulate Einstein’s intellectual prowess and transformative impact on the scientific landscape. Driven by this profound admiration, Chukwuma embarked on a journey fuelled by curiosity, tenacity and a relentless pursuit of knowledge. His milestone achievement in 2019 stood as a testament to the transformative power of inspiration, catapulting him into the ranks of the world’s most brilliant minds and affirming his status as a torchbearer for the next generation of scientific inquiry.

    As Chukwuma’s star continued to ascend, his journey remained intrinsically intertwined with the legacy of Einstein, serving as a poignant reminder of the enduring power of mentorship, inspiration and the indomitable human spirit to transcend the confines of time and space in pursuit of knowledge and understanding. Said Chukwuma: “I had watched a movie about Albert Einstein, the great German physicist, who invented the Einstein Refrigerator. How he wanted his voice to be hear d in his chosen field and how his voice was eventually heard. I too want my voice to be heard. With these awards, my voice is being heard, but this is just the beginning. I believe that by the grace of God and of course more hard work, many awards are still on the way.”

    Chukwuma’s revelation, shared in the wake of his triumphant win in 2019, shed light on the serendipitous genesis of his journey to scholarly acclaim. Despite his status as a medical student, his heart remained tethered to the realms of physics, his true passion and intellectual playground. It was in a physics class, amid the hushed whispers of curiosity and the tantalising allure of the unknown, that Chukwuma posed a question that reverberated through the corridors of academia. Yet, to his astonishment, the question lingered in the air, unanswered and elusive, a tantalising enigma that ignited the flames of inquiry within his soul.

    Undeterred by the absence of an immediate response, Chukwuma embarked on a quest for knowledge, determined to unravel the mysteries that lay concealed within the fric of the universe. With unwavering resolve and boundless curiosity as his guiding stars, he navigated the labyrinthine corridors of scientific inquiry, his thirst for understanding propelling him ever forward. It was amid this crucible of inquiry that Chukwuma found his answer, a revelation that transcended the confines of the classroom and opened the door to a world of infinite possibilities. From that moment onward, his trajectory was irrevocably altered, as he embraced his calling with fervour and embarked on a journey fuelled by the relentless pursuit of truth.

    In his remarks at the induction ceremony, Aare Afe Babalola (SAN), the esteemed Founder & Chancellor of ABUAD, extended heartfelt congratulations to the newly-inducted medical doctors, celebrating their remarkable achievements and urging them to view their induction not as the culmination of their journey but as the commencement of a new chapter filled with boundless opportunities and untapped potential. Emphasising the importance of excellence and quality service in their future endeavours, Aare Babalola underscored the profound impact that the inductees would have on the world around them. As torchbearers of knowledge and ambassadors of compassion, they were entrusted with the noble task of alleviating suffering, healing the sick and advancing the frontiers of medical science.

    For Chukwuma and his fellow inductees, the words of Aare Babalola served as a poignant reminder of the immense responsibility that lay upon their shoulders. Armed with knowledge, fortified by wisdom and guided by the principles of integrity and compassion, they stood poised at the threshold of greatness, their destinies intertwined with the collective aspirations of humanity. His words: “I personally expect you to go higher academically and professionally. Never give up, dream high. Remember that it is not a crime to dream big, but it is a sin not to dream high. Your induction today should not be seen as the end, but the take-off points for you to attain greatness in your career.

    “I am not unaware that the country is going through a difficult time having regard to insecurity, corruption, scarcity of money, fuel scarcity, unemployment, poor infrastructure, high rate of inflation, very poor foreign exchange rate, huge debt burden and the “japa syndrome”. I advise you not to be discouraged. Problems are bound to come. The world is a world of problems. It is only those who have the courage to confront these problems frontally and overcome them that are successful in life. You already have imbibed the culture of this university, therefore, you are already sufficiently armed to confront and overcome these problems,” he said.

    In a heartfelt address, the ABUAD founder thanked parents for choosing ABUAD, emphasising its unique features. He urged continued guidance for the new doctors, highlighting the disparity in philanthropy. Babalola unveiled plans for a Museum and Hall of Fame, expressing hope for their future success and contributions. Reflecting on his recent achievement as the best graduating student among the 161 newly-inducted medical doctors, Chukwuma  said, “I am very happy. Words are not enough to express my delight following my emergence as the best graduating student. I thank God Almighty for making this possible. I’m grateful to the university for finding me worthy to receive this award.”

    He continued, acknowledging the pivotal role of ABUAD in shaping his journey, “I’m also grateful to the university for shaping me to be the man I am today. I am especially grateful to the founder, Aare Babalola. He has been a great source of inspiration and drive for me. I thank my wonderful friends and family for their incredible support along the way.”

  • Developers offer rent-to-own initiatives to promote home ownership

    Developers offer rent-to-own initiatives to promote home ownership

    Through a robust Public-Private Partnership (PPP) with the Lagos State Government and the Federal Mortgage Bank of Nigeria (FMBN), five prominent property developers are spearheading a groundbreaking initiative known as “rent-to-own.” This innovative scheme enables tenants to transition into homeownership by acquiring their h ouses and paying rents over a specified period. Effectively turning tenants into landlords, this initiative has the potential to serve as a blueprint for addressing Nigeria’s staggering housing deficit, estimated at 28 million units as of 2023. If replicated nationwide, this initiative could significantly mitigate the housing crisis. VICTORIA AMADI delves deeper into this transformative endeavor.

    Nigeria continues to grapple with a persistent housing crisis, as underscored by recent estimates from PricewaterhouseCoopers (PwC Nigeria). According to PwC’s Nigeria Economic Outlook, the country’s housing deficit stood at a staggering 28 million units as of 2023. This alarming figure paints a stark picture of the challenges faced by millions of Nigerians in accessing adequate and affordable housing. Adding to the complexity of the situation, the United Nations Population Fund reported a high birth rate of 36.026 births per 1,000 people in 2023, against an estimated population of 223.8 million individuals. These statistics highlight the urgent need for comprehensive solutions to address Nigeria’s growing housing needs amidst rapid population growth.

    The recent PricewaterhouseCoopers (PwC) report, published last week and obtained by The Nation, sheds light on Nigeria’s daunting housing deficit. Despite the country’s substantial shortfall in housing units, demand for housing remains subdued, attributed to elevated rental and construction expenses, coupled with declining disposable incomes. However, even before the release of the report, prominent property and estate developers had pledged to play their part. Through structured “rent-to-own home acquisition schemes,” they aim to alleviate, if not entirely eliminate, Nigeria’s staggering 28 million housing shortfall.

    At least, five developers are said to be currently leading the charge in deploying such structured rent-to-own home acquisition schemes that allow tenants to acquire their houses, pay rents over a period and own those houses. The five developers, which have since latched on Public Private Partnership (PPP) with the Lagos State Government and the Federal Mortgage Bank of Nigeria (FMBN) to make home ownership seamless and affordable to Nigerians, include Legrande Properties, Mixta Africa, Alpha Mead, Family Homes Funds (FHF), and Lagos Ministry of Housing.

    For instance, in what is widely acknowledged as a timely and compelling proposition, Mixta Africa has been offering interested subscribers the opportunity of starting out as tenants paying their due rent and subsequently becoming landlords/homeowners within a remarkably short period of three years. The property developer does this through its rent-to-own home acquisition scheme known as ‘DUO,’ which is a homegrown housing ownership solution targeted at mid-income earners who have difficulty paying outright for a house or experiencing delays in accessing a mortgage.

    Rolake Akinkugbe-Filani, the Chief Commercial Officer (CEO) of Mixta Africa, elaborated on the DUO initiative, stating that it provides interested subscribers with the chance to fulfill their aspirations of homeownership while experiencing the perks of residing in a tranquil and luxurious environment. The initiative ensures that tenants can enjoy all the comfort, convenience, and recreational amenities essential for a healthy lifestyle. Akinkugbe-Filani emphasized that DUO offers renters the unique opportunity to transition seamlessly from tenants to homeowners through a simple and straightforward transaction process.

    Akinkugbe-Filani, however, told The Nation that DUO, as a rent-to-own scheme, is currently applicable to Mixta’s fully completed two-bedroom Marula Park home, located in Lagos New Town, off Lekki- Epe Expressway, with Beechwood Park and Lakowe Lakes Golf and Country Estate as its close neighbours. “The thought of being a tenant paying your due rent and subsequently becoming a homeowner within three years is the major attraction,” the property developer emphasised.

    Legrande Properties, a Lagos-based property developer, has also come up with a rent-to-own initiative aimed at meeting the huge housing needs of Nigerians. Accordingly, the company is currently developing 5, 000 affordable housing units in Lagos. Its Managing Director, Babajide Durojaiye, however, explained that the initiative is an opportunity for only contributors to the National Housing Fund (NHF), and that the initiative is premised on its new project called, ‘Alexandra Courts Estate’ in lbeju-Lekki, Lagos.

    The project, according to Durojaiye, is a PPP with Lagos State Government and Federal Mortgage Bank of Nigeria (FMBN). “It (the project) also provides opportunity for loans to off-takers who are contributors to the NHF scheme up to N15 million,” he said, adding that Legrande Properties has also earmarked 2,500 units for staffers of the Trade Union Congress (TUC), Nigerian Medical Association (NMA), Nigeria Labour Congress (NLC), Nigeria Union of Teachers (NUT), and civil servants at the Asiwaju Bola Ahmed Tinubu (ABAT) Renewed Hope City at Ibeju Lekki, Lagos.

    On its part, Alpha Mead, another developer, said it has initiated two models, ‘Rent4Less’ and ‘Rent-to-Own,’ to enable affordability of housing for Nigerians. The Group Managing Director, Alpha Mead, Femi Akintunde, said the company’s intervention stemmed from its worry that landlords, over the years, have been charging one to two-years rent on their properties. He also noted that government’s idea of considering monthly rent payment is not the right way to go since “One cannot legislate on what he does not own.”

    “What should be done is to meet the objectives of landlords and tenants for the system to work,” Akintunde told The Nation, noting, for instance, that Alpha Mead’s Rent4Less approaches landlords with large units, enabling them pay upfront and fill it up with tenants who want to pay monthly. “Rent-to-Own’ combines our affordable housing solutions and mortgage accessing capabilities to help subscribers on Rent4Less own their homes,” he added.

    Also, with its mandate to provide 500, 000 housing units in five years, while creating over two million jobs in the process, Family Homes Funds (FHF) has been facilitating home ownership for Nigerians through its product, ‘Help-to-Own.’ On the strength of its product, the Funds, The Nation leant, has contributed 40 per cent of the total cost of new homes for low-middle income individuals as loan.

    Interestingly, the product does not require repayment of the loan in the first five years after which monthly payments are made, starting from an interest rate of three (3) per cent, and rising gradually to a maximum of 15 per cent in the 20th year. It is for first time home buyers and for individuals who can provide a minimum deposit of 10 per cent of the purchase price and can take responsibility for any associated fees. The product is also for those who earn between N500, 000 and N1.7 million yearly.

    The Lagos State Government through its Ministry of Housing is also not left out in the renewed push to put affordable and decent shelter on Nigerians. Despite being seen by many home seekers as an exploiter and a major competitor with private developers, the State Government also has a Rent-to-Own housing scheme that targets first time home buyers. This scheme is a response to the concerns raised over the unfriendly conditions attached to home ownership through the Lagos Homes Mortgage Scheme (LagosHOMS).

    LagosHOMS has about 4,355 housing units it inherited from the mortgage scheme. These houses came from 12 housing estates that include Sir Michael Otedola Estate, Odoragunsen, Epe, Odo Onasa, Agbowa, Igbogbo Housing Estate, Ikorodu, Egan -Igando Housing estate, Alimosho, Lateef Jakande Gardens, Igando also in Alimosho.

    Other estates for the scheme are CHOIS City, Agbowa, Olaitan Mustapha Housing Estate, Ojokoro, Iponri Estate, Surulere, Sangotedo Estate, Eti-Osa and Ajara Estate, Badagry. The scheme enables individual subscribers to pay only five per cent of the cost of the housing unit as commitment fee and the balance is spread over a period of 10 years with minimal interest.  According to the State’s Commissioner for Housing, Moruf Akinderu-Fatai, Rent-to-Own, has recorded about 1,230 beneficiaries from inception. Although, at moment, these initiatives are focused on Lagos, the consensus of stakeholders in the real estate sector, including property developers and prospective homeowners is that if sustained and replicated across the country, they could be the much-needed tonic to galvanize ubiquitous home ownership schemes in Nigeria and ultimately close or reduce the country’s huge housing deficit.

  • Inside story of Oyo pastor’s killing by herdsmen

    Inside story of Oyo pastor’s killing by herdsmen

    • Deceased cleric had several previous encounters with herders

    The killing of a pastor by suspected herdsmen in Oyo State penultimate Monday has sparked an outrage with protesting residents at the palace of the monarch of the town calling for justice. KUNLE AKINRINADE reveals that the deceased clergyman had previous encounters with the herdsmen before the tragic turn of events.

    Pastor Segun Adegboyega did not know that death had sneaked into his abode as he was about to have his breakfast on Monday. His son panted into the house in Gege village, Ogbomosho, Oyo State and raised the alarm that some familiar herdsmen were destroying his farm and feeding the crops to their cattle.

    Adegboyega could not wait to have his first meal of the day. He raced to the farm near his home and warned the herders to leave or prepare for a showdown.

    Inside sources told our correspondent that the herders refused to leave Adgeboyega’s farm and instead continued to graze on the crops.

    It was said that Adegboyega confronted the recalcitrant herders and pelted their cattle with stones to pursue them from his farm. But the fiendish herders were said to have brought out a machete and hacked him to death.

    “Pastor Adegboyega was an easygoing person. Aside from his calling as a priest, he also took to farming and had a farm in the backyard of his home in Gege village.

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    “The herdsmen that killed Pastor Adegboyega were known to him and other residents and that was not their first encounter.

    “The herdsmen had been warned by Adegboyega not to graze on his farm. Unfortunately, the herders came to the farm again and destroyed crops, and this led to an altercation during which Adegboyega pelted them with stones and he was stabbed to death by the herdsmen.

    “The pastor fell down in a pool of blood while the herdsmen fled the scene. But they were pursued, overpowered and apprehended by residents and subsequently taken into the custody of the Owode Divisional Police headquarters.”

    A resident who identified himself simply as Okewale described the deceased clergyman as unassuming and industrious.

    “He was about to have his meal when he was killed by the unrepentant herdsmen, who he had warned on several occasions not to come to his farm or graze their cattle there.

    He (Adegboyega) was a gentle person. He was always willing to be a peacemaker and one of the few community leaders that loved to see the development of this agrarian community.”

    It was gathered that the three herders were first taken to the palace of the Soun of Ogbomosho, Afolabi Ghandi Olaoye, from where they were handed over to the police.

    Olaoye assured the aggrieved residents of the community that the culprits responsible for the killing would not go unpunished.

    The monarch said: “As your father, I wish to say this is an ugly situation and uncalled for.

    “I have spoken my mind to the Area Commander of Owode Police Headquarters, who is here with me. And I want to assure you that justice will be served.

    “I equally sympathise with every one of you. May God continue to watch over you and the entire land of Ogbomoso.”

    The monarch also told the family of the clergyman that he would ensure that justice was done.

    He said: “I wish to say this is an ugly situation and it is uncalled for. I have spoken my mind to the Area Commander (of Owode police headquarters), who is here with me and I want to assure you that justice will be served.

    “I equally sympathise with every one of you. May God continue to watch over you and the entire land of Ogbomosho.”

    The remains of the deceased pastor have been deposited in a mortuary.

  • Welcome to Gomorrah: Gombe’s sin city where women, beer are valued more than food

    Welcome to Gomorrah: Gombe’s sin city where women, beer are valued more than food

    It was 6pm. The sun, shining red in the mist of cold harmattan haze, was going down on the plateau of Rainbow Roundabout, the entrance of Tunfure, a suburb of Gombe town located about five kilometres from the Gombe State capital.

    Rainbow Roundabout is a landmark at the entrance of Tunfure, a growing city inside Gombe, largely dominated by indigenous Tangale, Waja, Lunguda, Shongom, Chamawa, Yoruba, Tiv, Tera, Igbo, Fulani, Kanuri and other tribes.

    Life in Tunfure is a huge contrast with life in the inner city of Gombe beginning from Jekadafari, where businesses close at 6 pm and would not reopen until about 10am the following day. Tunfure, on the other hand, is alive for 24 hours of the day with bustling business activities at hotels, clubs and beer parlours scattered all over the community, making it an attraction for first time visitors and tourists.

    “Even if a visitor lodges in a hotel inside town, they would still find their way to Tunfure to unwind after the day’s work,” said Loruba, a Lunguda artisan and resident of Tunfure.

    Until about 10 years ago, Tunfure was a plane farmland in Gombe with few houses built by settlers. But the coming of Labour and Investment Quarters, two estates dominated by the working class people of Gombe, opened up the area for a sizeable number of young married couples in search of affordable homes to start their families and nouveau rich men and middle class people who invested in real estate business to earn extra income in the largely agrarian community of Gombe.

    “Later, with the establishment of higher institutions like Gombe State University, Federal College of Education and Federal University, Kashere, Tunfure became the choice area for lecturers, students as well as visitors to Gombe,” said Chinedu, a restaurant owner at Tunfure.

    Nightlife in Tunfure starts from 8 pm and runs till about 6 am at beer parlours, clubs and hotels located at various cool spots all over the area with women and men in their hundreds hanging around.

    “In Tunfure, women and beer are of more value than food, because no matter how high the cost of beer, they will never haggle on it. But if it is food, they would say remove the meat and give me only rice and wanke (beans),” said Chinedu.

    But for Tabitha, a roasted fish seller, Tunfure is where she earns her living and therefore cannot be compared with other areas in Gombe.

    She said: “As a single mother, this is what I do to earn a living and raise my two children.

    “I sell roasted fish to customers, and to do that, I have to be here by 6pm roasting fish before customers start arriving at 8 pm.

    “I normally close around 2am to have some sleep before I go to market in the morning for fresh fish and then wait till evening to start roasting them.”

    By 9pm on Thursday, the various cool spots in Tunfure were already filled up with all available chairs occupied by men carousing women with bottles of beer on the table.

    The DJ dished out some old school music of Yvonne Chaka Chaka, Michael Jackson, Kool and the Gang and modern Afro beats of Kizz Daniel, Davido, Mohbad and others.

    Some of them took to the floor as men and women walk in and out of the small lodge inside the resort. Of course, plates of pepper soup are regular companions of the beers on the table.

    On Thursday, Nigeria’s victory against South Africa at the ongoing African Cup of Nation (AFCON) was the topic on most tables.

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    Parked outside were various brands of exotic cars. As the night grew darker more and more girls walked in to take their seat beside men. The signal here is highly coded and does not allow for dogo turenchi. Some bottles of beer usually settle the deal between a lady and her client.

    Tunfure’s nightlife has a semblance of Ojuelegba in Lagos or Mokola in Ibadan. Friday and Saturday are prime days with ladies in their bikini around the swimming pool and the premises smoking cigarettes and Shisa with reckless abandon. Every corner is occupied with young men and ladies who are busy with one another.

    “The economic hardship is not helping matters,” said Loruba.

    “Most of the ladies you see here are actually not really expensive. Some of them are married or single mothers looking for just N2000 or N3000 for upkeep.

    “So after some bottles of beer with her, if you can part with that amount, you are good to go,” he added.

    He however emphasised that if a client runs into a more expensive lady, he may likely not find the night comfortable for himself.

    Vivian, a mother of two in her twenties, is a Tiv woman from Benue State. She lives in a brothel inside Gombe where she pays N3,000 per day.

    “If I have to pay N3,000 per day, it means that the least I can take from a client is N5,000, and that is if it is in my apartment. Outside, of course it will be higher and you will take the bill for the lodging.”

    Inside her room was a small iron bed that could barely take two people, and on top of the small stool beside the bed are condoms which she said were for safety.

    “With that, I’m covered. I trained my three children with the runs,” she added.

    For Vivian, “life can be very boring inside Gombe except a client comes to pay you a visit. But at weekends, I come to Tunfure for adventure, and what I make during the weekend here takes care of the dull weekdays.”

    Another young lady, who identified herself as Varsity, is a student of Federal University, Kashere. “But I come to Tunfure every weekend to raise some money for upkeep.

    “You know it is not everything you ask from your parents, especially in this harsh economy. My own is if you have a client, you can give me a call. I know you journalists are amebo (laughs). So while you are doing your amebo, you can have needs too.”

    With her ebony black skin and average height, Varsity is a beauty to behold. She is in the class of classy city girls of Kano or Yola except for her dressing that reveals a large chunk of her average size boobs.

    “I prefer going out with older men,” she said, “because they know how to take care of you better than all these young boys.

    “But when I am ready for marriage, I will go for my age mate-o”, she said flashing her white set of teeth beneath her big sexy eyeballs.

    Vivian, though a mother of three, is equally a black beauty. Her youthful look and flat belly belie her motherly experience. She is calm and speaks better English than other ladies who are mostly baa turenchi (no English).

    She said: “I am a graduate. Of course, a lot of people do not know that this is what I do for a living, but they know I work in Gombe with NGO. I mean my NGO-o (general laughter)”. 

    The group of four girls on the table made the night lively for the lecturers friends and their visitors from Abuja and Lagos.

    Esther on the other hand, is a student from Gombe State University who lives in Tunfure.

    “You know on the campus there is a common saying that every girl in the hostel has an “Uncle” in Tunfure taking care of her. This is because life here is very tough, especially for female students who are not working.

    “It is expensive living on campus, using kerosene to cook because the university’s authorities banned the use of gas on campus.”

    Esther’s toned brown skin has dark spots on her fingers and ankles, but her carefully painted facial make-ups and brown wigs make her the focus of attraction throughout the night. She is a lover of soccer and a good fan of Nigeria football.

    She said: “Oga journalist, you know I already lost my appetite yesterday when we were watching that match.

    “My beer and pepper soup, I left them cold on the table when the match ran into extra time.

    “But after we won the match, I swallowed them as if they were still fresh.”

    Her passion for soccer made her to wear Nigeria’s national team’s jersey even the day after the match.

    “I am still celebrating our victory against South Africa and I promise myself that I will continue to wear this jersey till we win that cup, because it brings our team good luck.”

    In the midst of blaring music from the DJ, the group of visitors moved from one joint to another with the four ladies till 5am.

    All the while, the roads in Tunfure were still busy with okada (commercial motorcycle) operators moving girls and men around the area.

  • Forging a new path for ECOWAS

    Forging a new path for ECOWAS

    Amid recent geopolitical turbulence, a pivotal gathering of experts and stakeholders convened in Lagos last Monday, organised by influential organisations including the Civil Society Legislative Advocacy Centre (CISLAC), West Africa Civil Society Forum (WACSOF), and Transition Monitoring Group (TMG). Against the backdrop of Niger, Mali, and Burkina Faso’s withdrawal from the Economic Community of West African States (ECOWAS) and the indefinite postponement of elections in Senegal, the gathering aimed to navigate the pressing issues facing the region. With a shared commitment to fostering regional stability and democratic governance, participants deliberated on strategies to ensure the speedy restoration of democratic rule in the affected countries. In this special report, Associate Editor ADEKUNLE YUSUF encapsulates the profound insights and resolutions emanating from the gathering

    As a pivotal regional force for economic, social, and political advancement, the Economic Community of West African States (ECOWAS) is being severely tested. In recent years, political turmoil and security crises within some member states have shaken the foundation of the bloc’s commitment to growth and unity. Since August 2020, the region has been plagued by a flurry of coups, undermining democratic governance and disregarding constitutional norms. To confront these formidable challenges head-on, a coalition of civil society organisations (CSOs) across West Africa, including prominent bodies such as the West African Civil Society Forum (WACSOF), Civil Society Legislative Advocacy Centre (CISLAC), Transition Monitoring Group (TMG), West Africa Network for Peacebuilding (WANEP-Nigeria), Nigeria Network of NGOs, and Human and Environmental Development Agenda (HEDA), convened for an interactive meeting to address the pressing issues affecting ECOWAS and regional integration in West Africa. It was a platform for dialogue and collective action to navigate the turbulent landscape facing the region.

    The meeting, convened in Lagos on Monday, February 5, 2024, delved deep into the current state of affairs within ECOWAS and the way forward. With mounting concerns over escalating instability and the looming specter of potential disintegration, participants fervently discussed the urgent measures required to safeguard the regional bloc’s integrity. Acknowledging ECOWAS’s pivotal role as a beacon for regional integration in Africa, experts underscored the significance of the organisation’s achievements. Notable milestones include the facilitation of free movement of persons, the implementation of trade liberalisation schemes, and, most notably, the establishment of a Customs Union. The landmark entry into force of the Common External Tariff (CET) in 2015 stands as a testament to ECOWAS’s commitment to fostering deeper integration within the region.

    Advocacy for a more  integrated West Africa

    In his opening remarks, Auwal Ibrahim Musa Rafsanjani, the Executive Director of CISLAC and Chairman of Transition Monitoring Group, emphasised the critical need for a more integrated West Africa in combating the scourge of violent extremism, terrorism, and other trans-border crimes plaguing the ECOWAS region. Highlighting the pivotal role of regional cooperation in addressing these pressing challenges, Rafsanjani underscored the significance of measures implemented by the Community to promote collaboration among member states on criminal matters. He cited examples such as the protocol on mutual assistance on defence matters and the convention on small arms and light weapons, which have significantly bolstered regional efforts to combat terrorism and crime. Rafsanjani stressed that a united ECOWAS is essential in the fight against terrorism and organised crime in the region, underscoring the imperative of solidarity and collective action to safeguard peace and stability across West Africa.

    “As civil society organisations in Nigeria and the West African region, we are resolute in working to ensure ECOWAS stays focused on promoting genuine democratisation processes in the region. It is against this backdrop that this CSO interactive meeting is holding to put out a common position which emphasises more political, economic and security stability for West Africa. On this note, CSOs urge politicians in the region to desist from truncating democracy at the detriment of the people. It is disturbing to see the trend of events where politicians abuse democratic processes and ascribe to themselves arbitrary powers over constitutional governance. These trends are against the critical pillars of ECOWAS Vision 2050.

    “In line with this, the CSOs in Nigeria and West Africa condemn the indefinite postponement of the February 25, 2024 election in Senegal without consulting widely with the people. This type of action is viewed as an abuse of power and must be rejected in the region as it is the type of undemocratic behaviour capable of instigating a military junta. It is therefore important for the government of Senegal to immediately fix a new date for the election to be held. CSOs working in Nigeria and other parts of West Africa are interested in ensuring economic development that is capable of reducing the poverty and infrastructural deficit in the region. Therefore, we will continue to support regional stability to boost the economic viability of West Africa.”

     Rafsanjani further underscored the far-reaching implications of recent regional events, cautioning that their ripple effects could potentially destabilise the peace and economy of numerous countries within the ECOWAS region. Emphasising the paramount importance of dialogue in resolving disputes, he reiterated the imperative for ECOWAS to refrain from resorting to the use of force, aligning with the operational guidance outlined in the Protocol on Non-Aggression. He emphasised the collective responsibility of every ECOWAS member state to not only belong to the community but also actively implement measures and mechanisms aimed at achieving the critical objectives of economic and social prosperity for every citizen. Looking ahead to the realisation of ECOWAS Vision 2050, which prioritises the transition from an ECOWAS of States to an ECOWAS of the People, Rafsanjani underscored the necessity of activating the National Focus Pe rsons of ECOWAS.

    ECOWAS Vision 2050 explained

    Speaking on ECOWAS Vision 2050, Solomon Adoga, TMG’s Senior Programme Officer, provided insights into its inception, highlighting its evolution from an assessment of ECOWAS Vision 2020 with stakeholders represented. Adoga emphasised the remarkable success of the ECOWAS integration process, noting its status as one of the most successful among all Regional Economic Communities (RECs) in Africa. Originating in 2007, ECOWAS Vision 2020 aimed at eradicating poverty, consolidating regional peace and security, and promoting sustainable social and economic development. Anchored on the slogan ‘moving from an ECOWAS of States to an ECOWAS of Peoples’, the vision was structured around five pillars: peace and security, good governance, development of regional resources, economic and monetary integration, and promotion of the private sector.

    While ECOWAS made significant advancements in various areas, including regional integration, peace and security, economic cooperation, and infrastructure development, Adoga acknowledged shortcomings in peace, security, and stability, citing examples such as Cote d’Ivoire, Mali, Guinea, Guinea Bissau, Burkina Faso, and Niger. Transitioning to ECOWAS Vision 2050, titled ‘ECOWAS of the Peoples: Peace and Prosperity for All’, Adoga outlined its five pillars: Pillar 1: Peace, Security, and Stability, emphasising the need to strengthen human security through sustainable initiatives to address multidimensional security threats; Pillar 2: Governance and Rule of Law, focusing on establishing and enhancing the functionality of strong and credible institutions to uphold fundamental rights, democratic governance, and justice delivery; Pillar 3: Economic Integration and Interconnectivity, aiming to enhance trade, market integration, and the achievement of economic and monetary union, in addition to facilitating the free movement of people and goods; Pillar 4: Transformation, Inclusive, and Sustainable Development, centered on improving living conditions through quality education, job creation, especially for youth and women, and enhancing resilience to public health challenges.

    “This pillar is also based on the structural transformation of economies driven by the digitalisation of the economy, entrepreneurship, science and technology and structuring investments in growth sectors. And lastly, pillar five has to do with social inclusion. This pillar places the ECOWAS citizens, mainly women, children and youth, and all vulnerable people (including people with disabilities and the elderly) at the heart of development and the integration process. By 2050, ECOWAS will have to meet the challenges of social cohesion among its people, create the conditions of a sense of belonging that is characteristic of Community citizenship that would foster the emergence of a cultural identity based on shared values,” Adoga said.

    Read Also: BREAKING: ECOWAS Ministers meet over Burkina Faso, Mali, Niger

    Chiemelie Ezeobi, Group Features Editor at THISDAY, underscores the ECOWAS SSRG’s mission to strengthen states’ abilities in addressing security threats and providing justice services. Despite ECOWAS initiatives like peacekeeping forces, Ezeobi highlights persistent issues like coups. She identifies barriers to ECOWAS unity such as mistrust and high travel costs, stressing the importance of regional integration for economic progress. Drawing from personal experiences, Ezeobi emphasises the need for effective communication and coordination in joint security efforts.

    The way forward

    Speaking on the pivotal role of civil societies in West African regional integration, Kop’ep Dabugat, the General Secretary of the West African Civil Society Forum (WACSOF), stressed that while regional integration initiatives were historically state-driven, recent developments in the ECOWAS revised treaty of 1993 underscored the importance of meaningful civil society engagement. Dabugat outlined key dimensions introduced by the revised ECOWAS treaty, including fundamental principles guiding integration such as non-aggression among member states, maintenance of regional peace and stability, and promotion of human rights and democratic governance. He noted  the treaty’s emphasis on issues of peace, security, and stability, which were absent in earlier versions, as well as the introduction of new community institutions like the Community Parliament, Economic and Social Council, and Community Court of Justice.

    In a comprehensive communique issued at the conclusion of the event, the stakeholders highlighted critical concerns regarding recent developments in the West African region, particularly the withdrawal of Mali, Burkina Faso, and Niger from ECOWAS. They emphasised that such withdrawals would significantly impede the progress made in peace, security, and economic cooperation within the region, especially in combating terrorism and promoting regional integration. The stakeholders expressed deep apprehension about the potential ramifications of these withdrawals, noting that they could exacerbate existing security challenges, increase corruption and illicit activities, and undermine democratic principles across West Africa. They underscored the urgent need for dialogue and reconciliation, urging ECOWAS to convene an emergency summit to address the situation comprehensively.

    Moreover, the stakeholders called for concerted efforts to ensure the restoration of democratic governance in the affected countries and emphasised the importance of free, fair, and credible elections. They advocated for ECOWAS to review and strengthen its protocols on good governance to prevent electoral manipulation and unconstitutional changes of government. In alignment with the ideals of ECOWAS Vision 2050, the stakeholders proposed various measures to enhance the organisation’s effectiveness and accountability, including the transition to elective representation in the ECOWAS Parliament and the operationalisation of consultative mechanisms at the national level. Additionally, they urged civil society and media to actively engage in peace-building efforts and support democratic processes in the region.

  • Breathing life into Ebonyi health sector

    Breathing life into Ebonyi health sector

    Ebonyi State Governor Francis Ogbonna Nwifuru inherited a health sector that was on the verge of collapse. But eight months after he took over, he is turning things around, reports Ogochukwu Anioke (Abakaliki).

    The health system in Ebonyi State when Governor Francis Ogbonna Nwifuru took over was in a  shambles and suffering from serious brain drain popularly referred to as the ‘japa syndrome’ as health workers joined their colleagues across the country.

    Then, the state health sector had just few medical doctors and a handful of nurses. The Primary Health Care Centres (PHC) were mostly moribund; same with the General Hospitals. While the previous administration committed a lot of funds to the health sector, allocating the highest amount to it in a particular year, it remained comatose.

    This is because the majority of the funds went into funding tertiary health, especially the construction of the ultra-modern new Health University and Teaching Hospital in Uburu.

    The institution was later handed over to the Federal Government just like the administration of Governor Martin Elechi handed over the State University Teaching Hospital in Abakaliki to the Federal Government, which was merged with the Federal Medical Centre, Abakaliki to become the Federal Teaching Hospital and now Alex Ekwueme Federal Teaching Hospital, Abakaliki.

     The implication of these handovers is that though the state has built two quality teaching hospitals, it has none as they were handed over to the Federal Government.

     Overtime, the Federal Government was unable to properly manage and fund the Teaching Hospital in Abakaliki, leading to dilapidation of the place.The previous administration had to step in from time to time to ensure that the place remained afloat and catered to the health challenges of the people as it was probably the only functional health institution in the state. Its collapse would have been a total collapse of the entire health sector.

    The previous administration also undertook rehabilitation of the General Hospitals. However, this largely involved physical upgrade of the structures, perimeter fencing and other ancillary works.

     Inside, there were not enough bed spaces for patients, little or no supply of medical equipment and drugs and, most importantly, inadequate medical personnel to treat patients.

    This means that the Teaching Hospital, while still battling with poor funding from the Federal Government, coupled with the japa syndrome it was experiencing, continued to be over burdened with the health challenges of the state. To this end, the state government carried out interventions in the hospital, including building a virology centre to fight the lassa fever and other viral diseases.

    It also built a modern emergency unit for the hospital and carried out other interventions, including supply of dialysis machines and other equipment. But this was still seen as a wrong approach to the challenges.

    The location of the hospital meant that it was not readily accessible to poor villagers in the hinterlands who may not possess the financial capacity to make the journey to the hospital, especially in emergency situations. This situation led to lots of avoidable deaths being recorded in the rural areas.

    It is on this premise that Nwifuru on assumption of office promised to revitalise the health sector. In his campaign manifesto named the ‘Peoples Charter of Needs’’, Nwifuru notes that there is need for an infrastructural overhaul of the three tiers of healthcare delivery.

    Some of them are the Virology Centre, a world-class referral hospital with Centres of Excellence – the David Umahi Federal University of Health Sciences and Teaching Hospital, Uburu and the 13 general hospitals, including the magnificent new FETHA emergency complex.

     He notes that ‘in full cognizance that Health is wealth, my administration shall be committed to improve healthcare delivery in the State, through: “A. Re-establishment of Ebonyi State University Teaching Hospital, Abakaliki. B. Improvement of service delivery in the general hospitals. C. Staffing and equipping of the primary healthcare development agencies to enhance quality services.

     “D. Strengthening midwife service scheme. E. Introduction of regular free medical outreaches and health care awareness campaign, especially in underserved areas. G. Collaboration with health care professionals, faith-based organisations and development partners in healthcare delivery. G. Enhancement of capacity of health care professionals through exchange programmes and training. H. Introduction of medical volunteer service scheme to support health care delivery in the State. I. Provision of Government Community health scheme for the less privileged and vulnerable ones. J. Supporting Ebonyi State Health Insurance Scheme. K Provision of Health insurance scheme for Ebonyians of 80 years and above.”

     Within weeks of assuming duties, the governor ordered the recruitment of 195 health workers to boost its efficiency. The decision, he said, was in fulfillment of his promise to reposition the sector.

     “The Governor of Ebonyi, Rt. Hon. Francis Ogbonna Nwifuru has approved the immediate recruitment of medical personnel for the 13 general hospitals.

     “Those to be employed include 39 medical doctors, 39 nurses, 39 laboratory scientists, 39 pharmacists and 39 health attendants,” a statement by his media aide said.

      This done, the governor decided to buy brand new Sports Utility Vehicles (SUVs) for the medical doctors to enhance their work.

    The governor’s Special Assistant on new Media, Leo Oketa, said the SUVs were bought for the medical doctors in the General Hospitals, to ensure they were at work and respond to duty calls.

    “This, in no small measure, will give them good confidence and assurance of their welfare, having been employed by the state government.

    “It is meant as well to ensure that they do not convert the hospital ambulances to their private cars. All the SUVs have been paid for and all of them delivered,” he said

    Beside, Oketa said the governor also bought 52 ambulances for the General Hospitals. “Fifty-two were paid for, but 20 had arrived. The rest would be delivered soon. The governor intends to have two ambulances for each General Hospital in Ebonyi State,” he explained.

    Read Also: Tinubu approves three resolutions to reduce pharmaceutical costs, bridge brain drain in health sector

    Speaking to reporters, Nwifuru threw more light on his efforts to reposition the health sector. He said: “We are taking our development according to sectors. By the first week of June, we will go into health sector fully. It will be a comprehensive overhaul. Comprehensive in the sense that everyone in the sector and the people of Ebonyi State will be satisfied.

    “The staff will be happy, the management will be happy and our hospitals will work. And what are those exceptional things we want to do in the health sector?

    “By the Special Grace of God, Mr. President has agreed to demerge the Federal Teaching Hospital and we will have our own state teaching hospital.

    “Mr. President also agreed to give us 100 consultants from the Federal Government.This was after I explained to him how to get the health sector working and how we intend to step it down in Ebonyi.

    “Before the end of June, we will have not fewer than five consultants and three medical doctors in each of our general hospitals.

    “Why do we say June? We have paid around N11.2billion to equip our general hospitals and, in doing that, we will have four specialist hospitals, one per zone. “Specialist in the sense that every zone will have two MRI machines, two computer tomography (ct) scan machines and other intensive machines.

    “These machines will be functional for 24 hours. We have at least paid for 11 1000kva generators for these specialist hospitals,” he said.

     Nwifuru explained that the aim was to ensure that patients get quality treatment at the general hospitals instead of taking the long tedious journey to Abakaliki.

     “The idea is that if you visit the general hospital in your zone, and your case is one for referral to the specialist hospital in your zone, then you will go there.

    “Our intention is that what you cannot get in these specialist hospitals, you cannot get it anywhere in this country.

    “We recalled our ambulances because they are dilapidated. We have embarked on purchasing brand-new ambulances for our hospitals. As i speak to you, out of the 52 ambulances we paid for, 20 are already with us.

    “We employed 36 doctors when we came into office. We wanted to make them 39 but we did not have the manpower, and three out of the 36 we employed were already working. So, we have 33, in addition to those who were at the general hospitals before now, making them a little over 40.

    “We have resolved that every medical doctor working in any of our general hospitals, must get a brand new SUV from us. By the special grace of God, the SUVs are already parked in the Governor’s Lodge – paid for and delivered to us.

    “This is to ensure the doctors do not convert the ambulances into their private cars. So, we are getting ready to do something exceptional in the health sector,” he said.

    The governor, a few days later distributed the SUVs to the medical doctors working in general hospitals, including the Government House Clinic. He handed over the ambulances. The governor, while inaugurating the vehicles at the Governor’s Lodge, Ochudo Centenary City, Abakaliki said the aim of buying them was to enable them respond to call appropriately and enjoined them to use the vehicles for official purposes.

    The governor, who was represented by his Chief Press Secretary, Dr. Monday Uzor, reiterated his commitment to improve the health of the people and directed that the ambulances be parked in the general hospitals.

    He congratulated them and urged them to use the vehicles for the benefit of the people.

    “The vehicles should be used for the purpose for which they were meant for and to also cater for the health of our people.

    “All the general hospitals have been provided with ambulances and also to inform you that the ambulances should be parked right in the hospital. It is for the use of the hospital not for private use,” he said.

    The Commissioner for Health, Dr. Moses Ekuma, represented by the Medical Director, Onueke General Hospital, Ezza South Local Government Area (LGA), Dr. Ezeogo Lawrence, applauded the governor for providing official vehicles for the medical doctors to make their jobs easy.

    Ekuma assured that the medical doctors would adhere strictly to his directive and give the state the best medical services that the people deserve.

    Responding on behalf of the beneficiaries, the Chief Executive, Hospital Management Board, Dr. Nwali Okata James, expressed their gratitude to the governor for the gesture, describing it as the first of its kind.

    Nwali, who chronicled the achievements of the governor in the sector and workers welfare, thanked Nwifuru for providing the SUV jeeps, including ambulances for the smooth running of the general hospitals.

    He promised that they would perform their duties creditably and prayed God to give the governor sound health as well as guide and protect him.

    Some of the doctors who could not hide their joy after receiving the SUV cars, including the Chief Medical Director Ezzamgbo General Hospital, Ohaukwu LGA; Dr. Chidi Ehiem; the Medical Officer Onueke General Hospital, Ezza South LGA, Dr. Mercy Nwokpo and the Medical Officer, General Hospital Ishiagu, Ivo LGA, Dr. Agwu Chimaobi Francis, praised the governor for his magnanimity and vowed to be diligent.

     Also, the governor distributed 40 new motorcycles to health officers heading Primary healthcare facilities in the state.

      At the kick off of the programme at the Ministry of Health in Abakaliki, the governor, represented by the Commissioner for Health, Dr. Moses Ekumah, charged the health workers to show greater commitment to their duties.

    Ekuma explained that the state government bought the motorcycles using IMPACT fund, adding that the aim was to ensure quality health services delivery in the hinterland.

    “Health officers, as well as Women Development Committee members, are by this gesture expected to step up their efforts to enhance service delivery, in the interest of our people,” he said. The commissioner congratulated the 40 health workers who benefited from this first batch of the programme, adding that others who indicated interest would get theirs in the second batch.

    Ekuma urged them to take advantage of the mobility to reach out to pregnant women and children who missed antenatal or immunisation care to know why and look at the possibility of closing the gap.

    He noted that there were some rural communities, which could not easily be accessed by cars, and said with the motorcycles, coverage of those areas would be done easily.

    According to him, “this is what we observed, but with the help of these motorcycles, we want workers in those areas to ensure that they reach the hinterland and increase the immunisation coverage.These motorcycles are also needed for other health services including monitoring the pregnant women.”

    Ekuma advised the beneficiaries to reciprocate the gesture by showing more commitment and efficiency in their duties.

      Special Adviser to the Governor on Primary Health, Dr. Sabinus Nwibo, said the motorcycles would facilitate the movement of the health workers and help the rural populace receive adequate healthcare.

      He said modalities were in place to guarantee proper supervision of the facilities provided by the state government to revitalise the health sector.

      The Programme Manager of IMPACT, Mr. Patrick Njoku Ogbodo, noted that the government followed due process of the office and World Bank to purchase the motorcycles.

     He expressed optimism that the motorcycles would help them to visit their clients in their homes and ensure that babies of pregnant mothers are delivered by trained staff members.

     The Health Officer, Onunwakpu in Izzi Local Government Area, Ebonyi State, Mr. Daniel Nkwuda, who spoke on behalf of other beneficiaries, thanked the state government and the IMPACT Manager for making their dreams come through.

     He promised that the beneficiaries were not going to fail in their assignment, but would use the motorcycles to impact positively on the lives of the people, through improved health care delivery system.

      The governor’s gesture drew praises from many Nigerians, including a renowned social critic, Reno Omokri.

      In a statement on his Social Media handle, Omokri urged other governors to emulate Nwifuru’s gesture. He noted that it is one good approach to fighting brain drain in the health sector.

     He said: “Other governors could learn a thing or two from Ebonyi Governor Francis Nwifuru’s approach to ending the japa syndrome amongst doctors.

      “Governor Nwifuru bought SUVs for doctors working at government-owned General Hospitals in Ebonyi. That is the type of out-of-the-box thinking that Nigeria needs.

      “Of all the Southeastern states, Ebonyi has been the most marginalised, even by fellow Southeasterners.

      “But in the last eight years, they have been blessed with good leadership above any other state in that zone. Doctors who are paid a decent salary and provided with housing and vehicles by their employers, as is being done in Ebonyi, are less likely to japa.

       “And he even patronised assembled made-in-Nigeria vehicles. Even better. He is motivating doctors and improving the value of the Naira in one stroke. Well done, Mr. Governor,” he added.

     Also, the All Progressive Congress (APC) in Ebonyi appreciated the governor for the gesture.  Spokesperson of the state chapter of the party, Simbad Ogbuatu, in a statement said it demonstrates the governor’s exceptional commitment towards overhauling the health system in the state.

     He said the initiative would contribute greatly to the service delivery of the medical doctors.

     “This rare gesture demonstrates his unwavering dedication to improving the quality of healthcare services, particularly for our rural communities.

     “His foresight in recognising the need for routine medical check-ups for the downtrodden, our octogenarians etc that requires routine medical monitoring due to their age, is truly remarkable,” he said.

  • ‘Nigeria pays lowest salary to lecturers in West Africa’

    ‘Nigeria pays lowest salary to lecturers in West Africa’

    Within the realm of academia, Prof. Clement Olusegun Olaniran Kolawole stands out as a luminary, actively shaping the educational landscape with his profound expertise in Language Education, Reading, Curriculum and Instruction. Currently serving as the Acting Vice-Chancellor of Trinity University, Yaba, Lagos, Prof. Kolawole’s journey is a testament to a life devoted to scholarship and leadership. A distinguished fellow of the Centre for Peace and Conflicts Studies (CEPACS), he is an illustrious member of various esteemed organisations, including the Curriculum Organisation of Nigeria (CON), Reading Association of Nigeria (RAN), and the International Reading Association (IRA). Beyond his impressive academic pursuits, Prof. Kolawole has demonstrated exemplary leadership in academic circles locally and internationally. In this interview, the seasoned scholar x-rays the state of university education in Nigeria and other issues. He spoke with Associate Editor ADEKUNLE YUSUF

    Assessing the state of university education in Nigeria

    University education in Nigeria is not in the best shape at the moment, going by the fact that certain things that are basic to a smooth system are not there. For instance, our tertiary institutions are not being properly funded by the owners:  the state governments, the government at the federal level, private individuals and agencies, because these stakeholders that I have just mentioned do not realise the enormity of the roles that the university plays in the social economic development of the nation. The university is the hub where research activities that engender development (scientific, technology, infrastructure and human capacity development etc.) take place; everything takes place through theory and practice in the university system. What we do in the university system is to actualise some of these findings to position us.

     So, because those in government are not aware of this, they are playing lip service to university funding. So, you get to most universities, you wouldn’t find the wherewithal, the infrastructure, office space, laboratories, top- notch and functioning libraries (both virtual and physical) and even the whole environment sometimes calls to question whether we are serious about university education. The idea of asking private individuals to come on board is an excuse on the part of the government to address its failure because if the government were to be doing what was necessary, private individuals have no business in university education because it is a social responsibility that the government owes the people. But because funding is not adequate, the university system in Nigeria pays the lowest salary to academic staff even in West Africa. So it is not a place where the best people can be attracted; the best researchers even today – our first-class students – do not want to stay because once they know the salary that is attached to it, they prefer to go into ICT, oil or the banking sector where they can make more money.

     Because there is no money, the infrastructure facilities that we need are not in place; we cannot attract global best practices; we cannot replicate them; we cannot bring quality scholars; even those that are home-grown that are doing their best are leaving in droves because we use our salaries to run the system. For example, I can tell you that in the last 10 years, the government has owed university lecturers what is called earned academic allowances. These are the allowances that they ought to have paid for the extra work that we are doing because we don’t have adequate human power; it is not that the adequate human power to be employed is not existing but the government has not recruited them into the system. So we do much more than we are supposed to do; so the government came up with the offer to pay for the extra work that scholars are doing. For me, as I’m speaking with you, the government is owing me over 10 years’ accumulative annual academic allowance. That is in the millions as an individual. So, most of our colleagues are leaving into other areas in other countries where their values will be appreciated and they will get things that are commensurate with their work. All of these problems I have mentioned, like I said in the beginning, the government has not demonstrated that it understands the value of the university education in the developmental trajectory of the country, and that is quite unfortunate.

    How to handle financial autonomy for the universities

    It is very easy. Easy because the government must come to the reality of the fact that it can’t eat its cake and have it. The government must face the reality that it cannot have it both ways. If there’s a challenge in adequately funding universities, and the government acknowledges this by granting full financial autonomy, it implies that universities can seek funding, operate independently, and adhere to guidelines. Granting full financial autonomy means universities have the opportunity to manage their affairs within regulations, including the flexibility to address challenges, and the government cannot simultaneously restrict their ability to charge tuition.

     So, once you grant full financial autonomy, you have given them the opportunity to fend for themselves as much as possible within regulations and spend the money to take care of their challenges. Recently, there was an argument as to universities paying 40% of the IGR to the government, which was nonsensical. Thank God the government woke up and realised there was no point. You have not funded universities adequately, you also want to take 40% from the little they are able to put together from municipal services. Where is the money coming from? It is like robbing Peter to pay Paul.

     Universities consume a lot in research and so they need money. Cleaning the campuses, there is a lot of money that goes into it; faculties, residence, buying the reagents in the laboratories, stationary and everything that it requires; universities should have money to meet those demands and once those demands are met, our universities will begin to be stable and run smoothly. For now, we are only on the basics.

    On incessant strikes by ASUU

    Until recently, I was an active member of ASUU. The agitations that ASUU engages in most times have put some sanity on the part of government; otherwise government wasn’t willing to do anything. But unfortunately, ASUU is misunderstood because most times we ourselves also under-report ourselves. As we also say in ASUU congress, for example, academic staff cannot go on total and indefinite strike going by the nature of what we are employed to do – research, teaching and public engagement. You can’t go on strike on public engagement and research, but you can suspend teaching. We have told our union to tell government that we are suspending teaching; that’s one of the most important aspects of our work. Once you suspend teaching, all students will go away but research goes on; community engagement goes on. By the time we tell government that we are on total and indefinite strike, that’s why government can do shakara that they do to us and stop our salary.

    Read Also: Fake certificate: Nigerian lecturers in Benin urge govt to punish culprits

    So, we also misinform the public and misrepresent ourselves. I have always said it in the congress of ASUU, “Tell government that we are withdrawing from teaching, a component aspect of our services.’’ If you do that, you will pay me for research and community engagement because each time we say we are going on strike we normally declare, we do research to improve our quality, to improve our visibility and improve the scope of knowledge. We do community engagement; we serve our communities; we serve committees of the university; we serve our students, and we write letters of reference for our students for job prospects and post-graduate studies outside this country and those things cost money and time.

     What government should have done is to cultivate ASUU. Let me give you an example of the TETFUND. It is the initiative of ASUU in 1996; ASUU already has packaged something about two years ago on how government can tap from technology service providers to get good money to fund education but for some personal reasons or ego, instead of sitting down with ASUU and ask how it is possible without creating problem. ASUU would offer suggestions and government can tap from it, but they missed the opportunity. So if the government sees ASUU as a partner in progress, some of the problems we have, we will not have it.

    How TSA ruins the university system

    TSA is not good for the university system. Universities are set up to do research and when you do research, you are free to look for funding anywhere globally. Most times we appeal to international donor agencies like MacArthur and others. When they give you money, you go there to argue out what you want to do, the time, the implication and the total package. So once you get the grant, the time begins to run; there are equipment you need to buy; there are some you need to import; there are some you need to create and there are people you need to employ, pay and things you need to do periodically. Usually, before TSA, when the money comes, it comes to the account of the university; the money will not be given to the individual for accountability sake because the name of the university is involved. So the university monitors how the money is spent. Once the principal investigator wants to use money, he or she will apply and it is processed by the bursary and the money is realised so that the work can be done. But TSA came and put everything together. So, once such money comes, it goes straight to the CBN; it became herculean to access. Before it became a public knowledge, dollar was no longer available in the CBN because the dollar was used for something else. Meanwhile, the person to whom you signed an agreement to carry out a research is waiting for progress report; he or she is waiting for the progress of the work to be done, while the money to be used to carry out the research can’t be accessed. The equipment you want to buy because prices vary; it is not stable. You may have quoted 5 dollar before and before you know it, it may be 10 dollar and you can’t go back to the funder. So, TSA made that basically impossible. There were several agencies that threatened to blacklist Nigerian universities that took their money and didn’t deliver. In blacklisting the university, they are also blacklisting the scholar that is involved but when they discovered that it was not a lie, that the government policy has made that impossible, most of these donors backed out.  And they went to other countries where researches can be done timeously and values can be added. Meanwhile, ASUU told government not to do it, that it is a minus to; it will destroy scholarship, destroy the stability of the university system but the government didn’t listen. Government can’t run university the way it runs ministries; that’s a mistake the government is making.

    Benefit Nigeria can drive from technology

    What the university exists to do is to advance knowledge, scholarship and make society better. There is nothing that is happening globally that didn’t start from the university system. If you go to Silicon Valley, Massachusetts, Oxford, Harvard and all those Ivy League universities, it is research. We have been told that some of the things going on in technology today started from campuses of universities and so back in Nigeria, our people have the knowledge base, the technical knowhow and what is required is to put some of these things together, but they are not given adequate support. There is nothing wrong in government saying, this is what we want to do, can you think it out for us and tell us how to go about it. That is what universities should be doing, but government doesn’t engage universities because some people in the ministries are in one corner trying to cut corner, with profit from the policy at the expense of the larger society. If the government puts its money where its mouth is, we will move faster than we are moving now. There is no aspect of human existence that the university scholars can’t research into but the government doesn’t give us the opportunity and the conducive atmosphere to run the way we are supposed to run. Many of our colleagues leave government universities to private universities and private universities are flourishing because proprietors release money timeously. You see them regularly monitoring what goes on and they want to satisfy their clients. Why is it that the federal government is not doing that? There is no country that can develop outside its universities. If Nigeria wants to fully develop, it should go back to its tertiary institutions where research drives development.

  • Positioning Nigeria as drug ingredients production hub

    Positioning Nigeria as drug ingredients production hub

    In the expansive landscape of Africa’s pharmaceutical sector, with an estimated market value of $30 billion, Nigeria currently holds a meager 1.5 per cent share, a figure poised to dwindle further due to the cessation of operations by some pharmaceutical companies in the country. However, a promising shift is on the horizon with a $23 million private-sector investment, supported by the European Investment Bank (EIB), in a state-of-the-art facility established by Emzor Pharmaceuticals, a homegrown drug manufacturing firm. This strategic investment has the potential to position Nigeria as a pivotal hub in sub-Saharan Africa for the production of Active Pharmaceutical Ingredients (API). Such a transformation holds the promise of reversing the current trend, offering not only affordable medications and high-quality drugs but also contributing to increased employment opportunities and various other benefits for the Nigerian populace. Assistant Editor MUYIWA LUCAS reports

    During the 2022 Nigeria Economic Summit Group (NESG), the Health Policy Commission (HPC) painted a stark picture in its white paper titled “Enhancing Local Production of Medicines and Vaccines in Nigeria,” highlighting the potential challenges the country may face in this crucial area.

     “Given its large market size, Nigeria has the potential to become a major player in the manufacturing and supply chain for pharmaceutical products in Africa. However, Nigeria still relies heavily on foreign supply of medicines and vaccines, with imports accounting for 70 per cent of local drug consumption. Nigeria also imports most of the Active Pharmaceutical Ingredients (API) needed for local production,” an extract from the white paper read.

     Statistics from the 2023 edition of the Africa Pharmaceutical Market Outlook underscores the concerns raised by the HPC regarding the state of pharmaceuticals in Nigeria. The figures reveal that out of Africa’s estimated $30 billion pharmaceutical market, Nigeria accounts for only 1.5 per cent, placing it behind Morocco (1.6 per cent), Algeria (1.9 per cent), Egypt (2.6 per cent), and South Africa (3.9 per cent). The 2023 Africa Pharmaceutical Market Outlook delves deeper into the condition of the Nigerian pharmaceutical industry, emphasising a stark contrast. While South Africa relies on local sourcing for approximately 80 per cent of medicines, leveraging advanced technical infrastructure and ample skilled manpower for API synthesis, Nigeria, in contrast, sources only 25 per cent of its drugs locally. This striking discrepancy persists despite Nigeria hosting around 150 pharmaceutical manufacturers, the highest number in sub-Saharan Africa.

     The developments in the first half of 2023 seem to be impacting the pharmaceutical sector, adding strain to an economy attempting to regain equilibrium after years of stagnation. The surge in foreign exchange rates, coupled with the persistent power challenges — forcing companies to allocate over 40 per cent of their overhead costs to purchase diesel for industrial operations — has intensified the business landscape, turning it into a survival test for enterprises.

     In a notable example, last August, GlaxoSmithKline Consumer Nigeria Plc, the country’s second-largest drug producer, made a significant announcement to halt its operations. This decision stemmed from the termination of exclusive marketing and distribution agreements by the company’s UK parent. According to a statement released on the Nigeria Exchange, GSK Plc, which holds a majority stake in the Nigerian unit, conveyed its intention to appoint third-party distributors for selling prescription medicines and vaccines within the country. Additionally, GSK’s consumer-health arm, Haleon Plc, expressed its intent to terminate the distribution agreement with GSK Nigeria in the coming months and appoint a third-party distributor. GSK outlined plans for an accelerated cash distribution and return of capital to minority shareholders.

     While the company did not explicitly state the rationale behind its decision, GSK Nigeria had earlier acknowledged challenges in sustaining the supply of its pharmaceutical and vaccine products in the country. This struggle was attributed to a shortage of dollars necessary for importing crucial ingredients.

     On November 8, 2023, another significant development unfolded as Sanofi, a French pharmaceutical multinational, discreetly disclosed its withdrawal from operations in Nigeria. The company revealed its decision to appoint a third-party distributor to manage its commercial portfolio of medicines starting February 2024. Annocing the decision, Sanofi’s General Manager (general medicines) and Country Lead, said: “This strategic move is driven by our commitment to continually improve access to our medicines and to better serve our patients and the Nigerian health system.” However, the company’s numbers indicate that it’s been struggling to keep its margins in Nigeria.

    Upping the ante?

    For a long time, leaders in the pharmaceutical sector have persistently emphasised the crucial need to prioritise drug security in the country, particularly at a time when healthcare is becoming increasingly inaccessible to many Nigerians. The exorbitant cost of active pharmaceutical ingredients (APIs) poses a significant challenge for the industry, exacerbated by the escalating exchange rates against the naira, ultimately influencing the pricing of finished pharmaceutical products. An active pharmaceutical ingredient (API) serves as the fundamental component of both over-the-counter (OTC) and prescription medications, playing a pivotal role in producing their intended health effects. In instances where a prescription drug has a generic version, its name corresponds to its API.

     Currently, a staggering 90 per cent of the required Active Pharmaceutical Ingredients (APIs) for local industries are imported, placing the industry in a precarious situation due to the challenging task of securing adequate foreign exchange for these essential components. Data from the National Agency for Food and Drug Administration and Control (NAFDAC) reveals a notable surge in the value of imported finished drugs, such as artemether/lumefantrine, escalating from N6.4 billion in 2018 to N12.1 billion in 2021. Similarly, imports of finished drugs, including sulfadoxine and pyrimethamine, witnessed a significant growth from N453 million in 2018 to N1.3 billion in 2021.

     However, a transformative shift is on the horizon with the imminent completion of a $23 million two-phased API production plant by Emzor Pharmaceuticals, located in Sagamu, Ogun state. Upon completion, this facility is poised to generate 400 metric tonnes of APIs annually. The project is financed through a €13.85 million loan from the European Investment Bank (EIB). Emeka Okoli, Chairman of Emzor Pharmaceutical Industries, clarified that the €13.85 million loan from the European Investment Bank covers 60 per cent of the ambitious project. This project will initially concentrate on four anti-malaria APIs: artemether, lumefantrine, sulfadoxine, and pyrimethamine. Future phases will expand into three more areas, ultimately creating over 500 jobs.

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     This substantial volume of APIs, equivalent to approximately 200 large shipping containers, has the capacity to produce millions of medication doses. Notably, this initiative is a significant shift for a country that heavily relies on importing over 90 per cent of its APIs. Industry stakeholders express relief as Emzor’s venture into APIs signals a promising future for enhanced local drug production and broader raw material markets within the industry. Furthermore, local production of these APIs eliminates one commercial transaction, ensuring that profits remain within the value chain. This positions Nigerian drug manufacturers with a competitive edge against finished imports, primarily sourced from India and China.

    At full operating capacity, Okoli sees local production growing significantly cheaper than imports. “Not only are you saving on your input cost because you are doing it yourself, you are not paying a foreign person profit on that aspect of your production. The Nigerian market is more than we can produce. We enter the market completely with imports from India and China as competitors,” he said. 

    Okoli emphasised another noteworthy advantage of local API production—the ability to cater to the needs of smaller manufacturers who may not afford large consignments, which are often the minimum requirement for foreign orders. Locally, these smaller entities can secure as little as two tonnes of APIs, fostering inclusivity in the industry. Arthur Delor, the Investment Officer from the European Investment Bank (EIB), explained that the bank provided Emzor with the means to proactively combat the high prevalence of malaria in Nigeria, a country with the largest burden and records of deaths globally due to this disease. He expresses optimism that fortifying a consistent supply of APIs within the country will elevate manufacturing standards, leading to increased job opportunities and employment prospects for Nigerians.

     “We are very excited about this operation and are confident that the development of this facility will bring many benefits to Nigerians and the broader African pharmaceutical sector, as it will contribute to reducing import dependency and ensuring a local and more resilient supply of high-quality competitively priced anti- malaria API,” said Delor.

     Frankline Keter, the Chief Executive Officer of Active Pharmaceutical Ingredients For Africa (APIFA), a non-profit organisation based in Kenya, focused on assisting local producers in investing and expanding their operations, emphasised that the collaboration with Emzor aligns with the goal of enhancing access to quality and affordable medicines for people across the continent. “What we are trying to do with Emzor together with the support of EIB is to build another supply chain centre globally. The issue is not just about the self-sustainability of Nigeria but about Africa becoming a centre of the supply chain so that we can take care of our needs in case of any challenges and things can move from here to Asia and Europe as well,” Keter said.

     Keter recalled that at the onset of the COVID-19 pandemic, the disruption in the supply chain of essential raw materials led Nigeria, along with many other African nations, to rely on aid for access to life-saving vaccines. This situation underscores the importance of backward integration, particularly in critical stages of production like Active Pharmaceutical Ingredients (API), to achieve self-sufficiency. Local industry operators, speaking on the matter, lauded Emzor for its bold and courageous investment, especially at this crucial juncture in the economy. They foresee the investment breathing new life into the local pharmaceutical industry and positively impacting the entire industrial landscape of Nigeria. Overall, the outlook appears promising, positioning Emzor as a potential new giant in the West African health sector.

  • Recapitalisation: Navigating the path to a more resilient banking system

    Recapitalisation: Navigating the path to a more resilient banking system

    The Central Bank of Nigeria (CBN)’s impending banking system recapitalisation is a critical step towards positioning the financial sector for a $1 trillion economy. While excitement surrounding the potential benefits is palpable, questions and concerns from depositors are inevitable. In this analysis by Assistant Editor NDUKA CHIEJINA addresses the prospects and challenges of this significant move

    Increased capital translates to greater lending capacity, enabling banks to finance larger projects, support business growth and fuel economic diversification. This can propel Nigeria towards its $1 trillion GDP target, creating more jobs and stimulating overall growth. Higher capital buffers enhance a bank’s ability to absorb losses from unexpected events, like loan defaults or financial market shocks. This fosters greater stability and resilience, safeguarding depositors’ funds and protecting the wider financial system.

     Stronger banks with robust capital bases can compete more effectively on the international stage, attracting foreign investment and facilitating cross-border trade. This boosts Nigeria’s integration into the global economy and opens doors to new opportunities. Adequate capital paves the way for investment in technology infrastructure, driving innovation in financial services. This can lead to more efficient payment systems, improved access to financial products, and personalized banking experiences for customers.

    Challenges to consider

      The specific details of the recapitalisation exercise, including capital adequacy ratios and timelines, are yet to be announced. This uncertainty can create unease amongst depositors and investors, potentially impacting market confidence. Some banks might struggle to meet the new capital requirements, leading to potential mergers and acquisitions. While consolidation can strengthen the system, it can also raise concerns about job losses and disruptions for customers.

     The recapitalisation exercise itself might entail operational adjustments within banks, potentially leading to temporary service disruptions. However, these should be short-lived and outweighed by the long-term benefits. Increased lending rates might accompany higher capital requirements, potentially affecting access to credit for businesses and individuals. The CBN and banks will need to find ways to mitigate this impact and ensure continued access to finance for key sectors.

    Loan defaulters in mergers and acquisitions

    Mergers and acquisitions (M&As) are indeed likely in the upcoming recapitalisation. How loan defaulters are handled during such consolidations depends on several factors, but generally, the following scenarios are possible. During the M&A process, the acquiring bank conducts thorough due diligence on the target bank’s loan portfolio, including identifying and assessing loan defaults. This evaluation helps determine the potential risks and liabilities associated with absorbing the target bank’s defaulters.

     The acquiring bank might increase its loan loss provisions to account for the expected impact of existing defaults. In some cases, particularly for severely delinquent loans, write-offs may be necessary to clean up the books. The acquiring bank may have different debt collection strategies compared to the acquired bank. They might employ more aggressive or innovative methods to recover outstanding loans, potentially leading to improved repayment rates. In extreme cases, legal action might be pursued against chronic defaulters. However, this can be a lengthy and costly process and is often a last resort. Ultimately, the approach to handling loan defaulters in M&As will depend on the specific circumstances, the loan agreements, and the legal framework. To protect depositor interests, the CBN will closely monitor the process and ensure ethical and responsible practices are followed.

    Options for meeting recapitalisation targets

    Banks have several options to meet the capital adequacy ratios that the CBN will set. Banks can organically generate capital through profitable operations, retaining earnings, and optimising their balance sheets. This includes improving lending activities, reducing costs, and managing risks effectively. They can raise fresh capital by issuing new shares, attracting investments from existing or new shareholders. This can dilute existing ownership but inject needed capital.

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     In addition, banks can issue bonds or other debt instruments to borrow money from investors. This option raises the debt-to-equity ratio but provides immediate access to capital. As mentioned earlier, M&As can be a way for struggling banks to access the capital and resources of larger institutions. This can offer economies of scale and synergy but might involve job losses and service disruptions. Banks can diversify their assets to include less risky investments that generate stable income, increasing their overall capital base. The choice of approach will depend on the bank’s individual circumstances, risk appetite, and future growth plans. The CBN will likely provide regulatory guidance and encourage responsible capital raising strategies that maintain financial stability and transparency.

    Safeguarding deposits during the recapitalisation

    The CBN has historically ensured the safety of deposits during previous recapitalisation exercises. Depositors can expect continued protection of their funds through the Nigerian Deposit Insurance Corporation (NDIC) insurance scheme. The CBN will closely monitor the recapitalization process and intervene if necessary to protect depositors’ interests. Strict regulations and transparency measures will be implemented to ensure responsible practices throughout the exercise. Before undertaking any significant financial transactions, depositors can research the capital adequacy ratios and financial health of their banks. This information is readily available on the CBN website and various financial publications. Banks should proactively communicate with their customers about the recapitalisation process, clearly explaining potential impacts and addressing concerns. Transparency and timely updates can foster trust and reassure depositors.

    Innovative products for deposit mobilisation and financial inclusion

     Governor Olayemi Cardoso’s call for innovative banking products to attract depositors and enhance financial inclusion is timely and crucial. Some of the potential implications and considerations include: New products tailored to specific needs, like mobile banking and micro-insurance, can attract unbanked populations and foster financial inclusion. Innovation can drive competition, leading to better interest rates, lower fees, and more personalised services for existing and new customers. Introducing innovative products can necessitate financial literacy campaigns to educate customers about their features and benefits. The CBN may need to adapt its regulatory framework to accommodate new technologies and product types while ensuring consumer protection and financial stability. Implementing innovative products might require significant investment in technological infrastructure and cybersecurity measures. Building trust in new products, especially among unbanked communities, requires effective communication and transparency. Data security and privacy concerns must be addressed to ensure responsible use of customer information in innovative products.

    Lessons from previous recapitalisation and future actions

    The past experience with some Initial Public Offers (IPOs) during the previous recapitalisation offers valuable lessons for the future. Initial public offerings can be susceptible to market volatility, impacting share prices and potentially leading to losses for investors. Carefully assessing the long-term viability and future prospects of acquired banks is crucial to avoid subsequent decline in share value. Banks should explore diverse capital-raising options beyond solely relying on IPOs to mitigate risks and ensure stability.

     Regulatory bodies and investors need to conduct thorough due diligence on target banks before any acquisitions or mergers. The CBN could consider incentivising long-term investments in smaller banks to offer them greater stability and protect investor interests. Banks should prioritise strong fundamentals, robust governance, and sustainable profitability to build investor confidence and long-term share value. By learning from past experiences and taking preventive measures, the upcoming recapitalization can be navigated in a way that protects investors, promotes financial inclusion, and fosters a vibrant and innovative banking sector in Nigeria.

     Assurances for bank depositors during recapitalisation can vary depending on several factors. If the bank raises its capital privately, without government intervention, there may be fewer formal assurances for depositors. However, a successful private recapitalisation generally indicates the bank’s financial health and stability, indirectly assuring depositors. During financial crises, governments may inject capital into banks to prevent failure. This often comes with explicit deposit insurance guarantees, protecting depositors’ funds up to a specific limit. Many countries have established deposit insurance schemes, which guarantee repayment of deposits up to a certain amount in case of a bank failure. These schemes play a crucial role in assuring depositors during recapitalisation. Banking regulatory bodies typically monitor recapitalization processes and ensure banks comply with minimum capital requirements. This helps maintain financial stability and protects depositors.

     Clear and regular communication from the bank and regulators during recapitalisation is essential. This helps depositors understand the process, address their concerns, and maintain confidence in the banking system. In most cases, banks remain operational during recapitalisation, allowing depositors to access their funds as usual. In the event of a bank failure, deposit insurance schemes typically cover eligible deposits, minimising losses for depositors. Successful recapitalisation strengthens the bank’s financial position, enhancing its long-term stability and reducing the risk of future failures.

     However, it’s important to note that deposit insurance coverage has limits, and not all types of deposits are always covered; government intervention and bailouts come with costs, potentially impacting taxpayers and the broader economy and during periods of financial turmoil, even insured deposits may not be immediately accessible. Therefore, it’s essential for depositors to stay informed about their bank’s financial health, the government’s deposit insurance scheme, and the regulatory environment when assessing their level of security during recapitalisation.

     Speaking to The Nation on the planned recapitalisation, Dr. Wahab Balogun of Ambosit Capital Managers stated that “given the lack of specifics surrounding the CBN’s planned banking system recapitalization in 2024, forming a definitive opinion is challenging. However, based on what we know, delaying the announcement of criteria and timeline could indicate the CBN’s openness to feedback from stakeholders, including banks, industry experts, and the public. This could lead to a more inclusive and effective recapitalisation plan.”

     He noted further that “taking time to carefully consider the details of the recapitalization suggests a commitment to doing it right. This could ultimately lead to a more successful and sustainable outcome for the banking system. In addition, with the uncertain global economic outlook, delaying the implementation might allow the CBN to adapt the recapitalization plan to respond to unforeseen circumstances. This flexibility could be beneficial in mitigating potential risks.”

     On the flip side, the money market expert cautioned that “the ambiguity surrounding the recapitalisation could create uncertainty and anxiety among banks and other stakeholders. This could negatively impact investment and lending decisions, hampering economic activity. He added that “without a clear timeline and criteria, the recapitalization plan might lose momentum and fail to achieve its desired outcomes. This could delay the potential benefits of a stronger banking system for the $1 trillion economy goal. If the recapitalisation is ultimately delayed or scaled back, it could miss a window of opportunity to address potential vulnerabilities in the banking system and strengthen its ability to support economic growth. Overall, the lack of details around the CBN’s recapitalization plan creates a mixed picture. While it could indicate a deliberate and inclusive approach, it also raises concerns about transparency and potential delay.”

     On his part, Mr Gbolade Idakolo, Managing Director/CEO SD&D Capital Management Limited, believes “the new recapitalisation process of the banking sector is desirable but it must not over heat the system and instead of strengthening the banking system leads to panic. The recapitalisation should be done along the present categorization of banks as International, National and Regional. The guidelines should also clearly state that smaller banks operating regional and national banking licenses should not be muscled out of existence.”

     He noted that “the big banks already in the stock exchange have various opportunities to shore up capital but those outside the stock exchange will have to work harder to convince private investors. The regulators can only calm the fears of depositors if the recapitalisation timelines are realistic. The CBN must also ensure that banks clearly state the source of funds for recapitalisation. The success of the process will definitely expand the economy and aid the banking system to be involved in more big ticket transactions both locally and internationally. This could also move the economy towards the anticipated trillion dollar economy project by the government,” he argued.

     While the upcoming recapitalisation presents challenges, the potential benefits for Nigeria’s banking system and broader economy are significant. By fostering a stronger, more competitive financial sector, this move can pave the way for sustainable economic growth and improved living standards. For depositors, understanding the rationale behind the recapitalisation, being aware of safeguards in place, and maintaining clear communication with their banks can help assuage concerns and ensure a smooth transition during this crucial period.

  • The 2024 outlook

    The 2024 outlook

    • Navigating Nigeria’s complex challenges

    It takes no extraordinary augury to discern that the road ahead for Nigeria in 2024 is bound to be rough but then, in the life of a nation or individuals, old sins and past years of wrongful living do not foreclose the possibilities of redemption. Across the country today, with countless groups and individuals wearing apathy, skepticism, distrust of leadership and indifference to government policies like a misperceived badge of honour, there is a really a herculean task ahead towards mass mobilisation for effecting positive change along various dimensions.

    As Nigeria embarks on the journey of 2024, the nation faces a multitude of entrenched issues posing significant hurdles to progress, stability, and socio-economic development. These challenges span political, economic, security, and social dimensions, demanding urgent attention and strategic solutions from policymakers, leaders, and stakeholders.

    The lingering issue of insecurity; terrorism which has been a real problem since 2009, along with banditry have grown into cross-border threats fostered by illegal mining, expanded flow of illicit arms, incessant highway abductions, and other factors.

    Insurgency by groups like Boko Haram, ethnic clashes and kidnapping continue to threaten peace and stability while effectively hindering development.

    Gory incidents like the well-coordinated invasion of about 20 communities in Plateau State over a period of two days without being thwarted by the security agencies must definitely not re-occur in 2024.

    The Tinubu administration is allocating more budgetary resources to these but the implementation of a comprehensive security strategy combining military efforts with community engagement and socio-economic development is necessary to address underlying grievances and root causes of conflicts.

    More effective policing and military operations underpinned by good intelligence-gathering along with relevant technology for surveillance will count a lot, especially as many continue to wonder why current loads of biometric data appear incapable of leading to more arrests of criminals or the prompt discovery of looted government funds.

    Secondly, Nigeria’s political challenges are exacerbated by an elite class that sees the desperate pursuit of politics and high office as an express route towards wealth accumulation but the country can address this with improved concerns for electoral integrity in 2024.

    As far as millions of Nigerians are concerned, governance inefficiencies, corruption, and ineffective leadership structures hinder progress; strengthening institutions, promoting good governance, and holding leaders accountable are imperative for effective public service delivery and fostering citizens’ confidence in the government.

    Nigeria’s electoral processes often face allegations of irregularities, manipulation, and inadequate transparency. In the elections of 2024, enhancing the integrity of elections is crucial for ensuring a fair democratic process and maintaining public trust in the government.

    Much is expected of government, the umpire and all stakeholders as the Independent National Electoral Commission (INEC) begins with the conduct of rerun elections in 34 federal and state constituencies, made up of one in the Senate, 11 federal constituencies, and 22 state constituencies. Thereafter, the focus will be on two gubernatorial contests that are anticipated to draw the nation’s interest; the forthcoming Edo and Ondo governorship elections, scheduled for September 21st and November 16th respectively, are expected to be intense.

    One thing expected to dominate discussion this year is Nigeria’s economic struggles as government and citizens contend with challenges implanted through past years of mismanagement. For instance, the economy heavily relies on oil revenues, exposing it to the volatility of global prices; thus, diversifying the economy by investing in non-oil sectors is critical to reduce dependency and ensure sustainable growth. Current figures from the Federal Inland Revenue Service (FIRS) reflect a positive trend that requires being sustained.

    More than before, addressing fiscal deficits, stimulating job creation, and implementing inclusive economic policies are paramount in 2024; the high unemployment rate, particularly among youth, demands urgent interventions through skill development programs and investment in sectors that create jobs.

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    In 2024, there’s concern regarding an imminent hike in petrol prices as this may significantly impact transportation and various businesses. Since the removal of subsidies by President Bola Ahmed Tinubu in May 2023, fuel prices have surged, leading to a worsening cost-of-living crisis nationwide.

    Despite denials by the Nigerian National Petroleum Company Limited (NNPCL) of an impending price increase, reports indicate prices as high as N700/litre in some regions, prompting fears and an abrupt halt in fuel imports by independent marketers due to unprofitability. Conflicting statements from IPMAN and NNPCL regarding subsidies further exacerbate uncertainties around petrol but much hope is being spurred about the refinery in Port Harcourt as well as the Dangote refinery that are calibrating to effectively commence operations this year. Apart from these, the Nigeria Content Development and Monitoring Board (NCDMB) recently disclosed that while one modular refinery started production of over 170 million litres or about 3,000 trucks of petroleum products last year, three other modular facilities are nearing completion. These are Azikel Refinery with support from AFREXIM bank, Dupont Refinery in Edo State and the jetty and FAT for the Inside Battery Limit (ISBL) of the Atlantic Refinery modular refinery.

    For 2024, perpetual vehement critics see no hope in the Federal Government’s N28.77 trillion ($34 billion) budget, but the more knowledgeable leadership of the Manufacturers Association of Nigeria (MAN) asserts that there is good basis for optimism about President Tinubu’s aspirations for the manufacturing sector and the actualization of a $1 trillion economy.

    In MAN’s recommendations to the Central Bank of Nigeria (CBN), it urges intensified collaboration with fiscal authorities, forex access for vital industrial inputs not locally available, and the provision of long-term, single-digit interest loans to fast-track economic growth. It expects tough challenges during the early parts of 2024 but forecasts a potential recovery in the latter part of the year, contingent on policy stimulus and proactive measures to boost domestic growth and exports.

    This year, the pursuit of developmental imperatives, even beyond the ambit of the year’s N28.7 trillion budget becomes more compelling. Nigeria grapples with inadequate infrastructure, limited access to quality healthcare, education, and basic amenities but bridging these infrastructure and basic services gaps require substantial investments in infrastructure development, healthcare, education, and rural development initiatives. Furthermore, long-existing disparities between rural and urban areas exacerbate socio-economic inequalities; these necessitate increased consciousness and efforts towards ensuring equitable development and improving living standards in rural communities in the interest of overall national development and social cohesion.

    In his New Year Address on January 1, 2024, Tinubu said: “The task of building a better nation and making sure we have a Nigeria society that cares for all her citizens is the reason I ran to become your President. It was the core of my Renewed Hope campaign message on the basis of which you voted me as President.”

    This year, citizens look forward to seeing this pragmatically reflected in ongoing governance reforms and accountability. Corruption remains a significant impediment to progress; strengthening anti-corruption institutions, enforcing accountability mechanisms, and promoting transparency in governance are essential for curbing corruption and fostering public trust in government institutions.

    In 2024, addressing these challenges requires concerted efforts from policymakers, leaders, and citizens alike. Strategic interventions in electoral reforms, economic diversification, comprehensive security strategies, inclusive development initiatives, and governance reforms are imperative.

    Collaboration among government entities, civil society organizations, the private sector, and international partners is essential for implementing effective policies and initiatives. Ensuring political will, commitment to reforms, and inclusive decision-making processes are crucial elements in overcoming these challenges and steering Nigeria towards stability, progress, and sustainable development.

    “May your road be rough” is the title of an essay written by late Tai Solarin, an educationist, social critic, and visionary reformer; the phrase is metaphorical and suggests that a rough road is an onerous means of achieving arduous set goals – it is not a curse, but a wish for a challenging year ahead.

    For gold to be gold, it must have passed through the furnace; there is still basis for the optimism of late American editor, publisher and businessman that ‘We may pass through the fiery furnace, we may pass through deep waters, but we shall not be consumed nor overwhelmed; we shall emerge from these trials and difficulties better and purer.”

    As Nigeria grapples with these complex challenges in 2024, proactive leadership, coupled with sound policies and strategic planning, will be instrumental in driving transformative change and paving the way for a more prosperous and inclusive future for the nation.