Category: Uncategorized

By Taofik Salako, Deputy Group Business Editor

The NGX Regulation Limited, the self-regulatory arm that regulates trading on Nigerian Exchange (NGX), has suspended trading in Chellarams Plc over the inability of the conglomerate to comply with corporate governance rules and best practices that mandate it to submit its financial statement within a specified period.

Regulatory circular at the weekend indicated that Chellarams was suspended with effect from September 30, 2021 for failing to file its audited financial statements for the year ended March 31, 2021.

The NGX Regulation stated that in accordance with the growth board rules, “the suspension of trading in the shares of Chellarams Plc will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited is satisfied that the accounts comply with all applicable rules of the Exchange”.

Listing and regulatory rules at the capital market require all quoted companies to submit their annual audited report and financial statement not later than 90 days after the end of the financial year.

NGX tags and applies fines on companies that fail to meet earnings reports’ deadline. Companies may pay fines that range from N100, 000 to more than N100 million as penalties for delay in the submission of their corporate earnings reports. Companies that also delayed their financial statements and accounts face threats of suspension and delisting in addition to the monetary fines.

The NGX had migrated Chellarams, which had been quoted on the main board to the newly created ‘growth board’, which has less rigorous requirements compared with the main board.

The ‘growth board’ allows small and medium companies with track records of stable operations, growth and minimum corporate governance to list their shares and raise capital through the Nigerian capital market.

For a company to be listed on the growth board, it must be a duly incorporated public limited liability company with at least two years of operations, audited financial statements in line with the International Financial Reporting Standards (IFRS) and must have grown its revenue by a minimum of 20 per cent cumulatively in its last two years of operations.

Also, all companies to be listed on the growth board must undertake that their promoters or directors shall retain a minimum of 50 per cent of their shares for a minimum period of 12 months from date of their listing, and that the directors or promoters shall not directly or indirectly sell or offer to sell such securities during that 12-month period.

Read Also: Fed Govt lists new savings bonds on NGX

The framework meanwhile provides alternative requirements for listing for each segment. Under the entry segment, a new business may be considered for listing if it can provide evidence of investment in it by a core investor or a strong technical partner that has a minimum of two years’ operating track record, or a majority shareholder who is either a High Net Worth Individual (HNI) or is a director of a listed company. Under Nigerian rules, HNI is an individual with net worth of more than N100 million.

Besides, companies heading for the entry segment must have market capitalisation of not less than N50 million, a minimum of 10 per cent of its shares available or to be available to minority retail investors and at least 25 shareholders.

Under the standard segment, a new business may be considered for listing if it that can provide evidence of a core investor or a strong technical partner who has a minimum of four years’ operating track record, or a majority shareholder who is a HNI. The company must also have a minimum market capitalisation of N500 million, at least 15 per cent of its shares must be held or will be held by minority retail shareholders and it must have a minimum of 51 shareholders.

Quoted equities recorded net capital gains of N656 billion in four trading sessions as turnover at the stock market rose by 69.5 per cent.

Turnover at the Nigerian Exchange (NGX) Limited jumped to 2.19 billion shares worth N16.18 billion in 14,377 deals last week as against 1.29 billion shares valued at N13.92 billion traded in 16,745 deals two weeks ago.

The improved momentum of activities saw most investors opening up their orders to market orders, turning the market into a seller’s market with attendant increases in closing share prices.

With this, aggregate market value of all quoted equities at the NGX rose from its week’s opening value of N20.300 trillion to close weekend at N20.956 trillion.The All Share Index (ASI)-the value-based index that tracks all share prices at the NGX, rose from its week’s opening index of 38,962.28 points to close weekend at 40,221.17 points.

The financial services sector led the activity chart with 778.434 million shares valued at N5.591 billion in 7,183 deals; thus contributing 35.60 per cent and 34.55 per cent to the total equity turnover volume and value. The services sector followed with 775.712 million shares worth N2.909 billion in 416 deals while consumer goods sector placed third with a turnover of 448.662 million shares worth N3.999 billion in 2,257 deals.

Read Also: Fed Govt lists new savings bonds on NGX

The three most active stocks were Transcorp Hotels Plc, Honeywell Flour Mill Plc and FBN Holdings Plc. They accounted for 1.494 billion shares worth N6.944 billion in 1,017 deals, contributing 68.33 per cent and 42.91 per cent to the total equity turnover volume and value.

At the exchange traded products (ETP) segment, a total of 160,433 units of ETPs valued at 52.347 million were traded in 23 deals last week compared with a total of 9,728 units of ETPs valued at N437,821 traded in 18 deals two weeks ago.

At the bonds market, a total of 41,267 bond units valued at N42.568 million were traded in 17 deals compared with a total of 60,929 bond units valued at N62.810 million traded in 27 deals two weeks ago.

There were 33 gainers against 22 losers last week, compared with 28 gainers and 23 losers recorded in the previous week. University Press led the gainers, in percentage terms, with a gain of 20.59 per cent to close at N1.23 per share. Dangote Cement followed with a gain of 14.29 per cent to close at N280 while Presco added 9.93 per cent to close at N80.25 per share.

On the negative side, AXA Mansard Insurance led the losers with a drop of 29.82 per cent to close at N2.33 per share. Julius Berger Nigeria followed with a drop of 10 per cent to close at N24.30 while VanLeer Containers declined by 9.92 per cent to close at N5.45 per share.

 

The Federal Government at the weekend listed its latest monthly issuances of savings bonds on the Nigerian Exchange (NGX) Limited, paving the way for investors to trade on the bonds issued in September 2021.

The Debt Management Office (DMO), which oversees government’s debt issuances and management, had in September offered a two-year FGN Savings Bond due September 15, 2023 at a coupon of 7.92 per cent per annum. It also simultaneously offered a three-year FGN Savings Bond due September 15, 2024 at coupon of 8.92 per cent per annum.

The two bonds were continuation of the monthly Federal Government of Nigeria (FGN) Savings Bonds (FGNSBs). The September 2021 offer was the 51st tranche of the savings bond, introduced in 2017.

Regulatory circular at the weekend indicated that a total of 86,381 units of the two-year bond valued at N86.38 million and a total of 561,303 units of the three-year bond worth N561.30 million were listed at the NGX. The bonds were listed at par value of N1,000 per unit.

The coupon for the two-year bond was 7.915 per cent while the three-year bond carries annual coupon of 8.915 per cent. The coupon payment dates for the bonds, which pay interest rate quarterly December 15, March 15, June 15, and September 15.

The government had in August 2021 raised N808.2 million through its August FGNSBs. The bonds were subsequently listed on the NGX. A total of 204,965 units of the 8.864 per cent FGNSB August 2023 bond valued at N204.965 million were listed at par value of N1000. The two-year tenured bond had a maturity date of August 11, 2023.

Also, a total of 603.248 million units of the FGNSB August 2024 bond valued at N603.248 million were listed at par value of N1, 000. The three-year tenured bond had a maturity date of August 11, 2024.

The FGNSB was introduced in 2017 as a mass instrument for nationwide mobilisation of savings and investments. Minimum subscription to the FGNSB is usually N5, 000 while the bond pays coupon or interest rate on a quarterly basis.

Usually, the minimum subscription to the bonds, offered at N1,000 per unit, is N5,000 or five units and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

GTI Securities Limited, one of the authorised distribution agents for the FGNSB, noted that the savings bonds help to deepen national savings culture while providing opportunity to all Nigerians irrespective of income level to contribute to and benefit from national development.

According to the stockbroking firm, FGNSB enables all Nigerians opportunity to participate in and benefit from the favourable returns available in the capital market.

GTI Securities noted that the savings bonds are acceptable as collateral for loans by banks and can be sold for cash in the secondary market before maturity.

The bonds are usually listed on the stock exchange for trading, thus providing liquidity for investors who want to exit before maturity.

Savings bonds are good for savings towards retirement, marriage, school fees and house projects among other targets while assuring on its safety as the bonds are backed by the full faith and credit of the Federal Government.

 

• Cancels 27b shares

AXA Mansard Insurance Plc recorded the highest loss of 29.82 per cent last week at the stock market, the first trading week after the insurance company completed a landmark share reconstruction.

AXA Mansard Insurance’s share price dropped from its opening value of N3.32 per share to close weekend at N2.33 per share, a drop of 29.82 per cent within four-day trading week.

The company had earlier on Monday September 27 formally completed its share reconstruction with the listing of the post-reconstruction shares on the Nigerian Exchange (NGX) Limited.

The share reconstruction saw the reduction of the company’s issued shares from 36 billion ordinary shares of 50 kobo each to 9.0 billion ordinary shares of N2 each, implying technically the cancellation of 27 billion ordinary shares of 50 kobo each.

Read Also: Expert expresses concerns over rising debt service cost 

However, the company’s share price was revalued from 83 kobo pre-reconstruction price and listed at N3.32 per share in line with the exchange ratio.

AXA, the world’s largest insurance company, had in 2014 completed the acquisition of majority equity stake in the former Mansard Insurance and rebranded the company as AXA Mansard Insurance. AXA bought 77 per cent majority equity stake in Mansard Insurance, in a major market-entry push that promised to profoundly impact the Nigerian insurance industry. AXA already had a substantial presence in Africa including Cameroon, Gabon, Ivory Coast, Morocco, Senegal and Algeria.

Mansard Insurance had in 2013 also acquired the entire issued share capital of Procare Health Plan Nigeria Limited as it sought to consolidate its health insurance business.

 

Alexis Art Gallery, Lagos, has just turned ten years old. With Emergence, as the title of the exhibition to celebrate the anniversary, Alexis invited 14 young impressive artists from Ibadan, Oyo State, to exhibit for one week. Edozie Udeze examines the works of each artist and why the celebration means a lot not only to Alexis but to the growth of visual arts in Ibadan and beyond.

It was just ten years ago that this journey began.  It was when Pat Chidiac-Mastrogiannis opened the Alexis Art Gallery in Lagos.  It has been a robust journey whereby Mastrogiannis and her people have been able to give their best moments to the growth of visual arts not only in Nigeria, but beyond.  This was why last week the management of Alexis organized a press briefing to notify the art sector of its willingness to celebrate this August occasion with a different bent to the art.  All the artists were present except one who had an unfortunate situation.

In this regard, 14 young visual artists from Ibadan, Oyo State, are the ones in the front burner for this celebration.  The group exhibition involves these young impressive artists who have almost the same goal at heart.  At the press conference held last week, Mastrogiannis stated that her primary aim was to discover young artists wherever they may be domiciled within the precincts and promote them.

“The aim of the gallery from inception was to give voice to the younger artists.  It was for us to seek them out wherever they are, give them the opportunity to be exhibited.  Then from there, they can grow; they can prosper.  In fact, they can then go places.  But in-between the time, we also went for the masters, for the well-established ones.  Yet, our aim still remains that we give more priority to the young ones.  This is basically why we went for the young artists from Ibadan for our ten years anniversary.  Hence emergence is a group exhibition of young talented artists”.

The exhibition opened yesterday at Alexis, Victoria Island, Lagos, with each of the artists coming on board with two works each.  Each work, each of the artists owe their allegiance to Omofemi Oluwole, an artist who was given total expose by Alexis.  It is an exposure that has taken him to the height of his career at a very tender age.

Surprisingly, all the artists owe their artistic sojourn to the artistic exploits of Oluwole.  At Dugbe, Ibadan, Oyo State, where their studios cluster, these artists share the same vicinity and premises with Oluwole.  Therefore, he indoctrinates them.  He encourages them as well as seeks ways to put them in the limelight.  So once Mastrogiannis discovered how good they are, she quickly went for them.  This is why the exhibition is aptly themed Emergence, because they all reflect on society, human experiences, et al.

Emergence is symbolic.  It is also remarkable.  It speaks volumes about a set of people who are determined to overcome the world with their avalanche of different strokes.  The works are not just fresh from different backgrounds, they equally bristle with deep meanings.  These are meanings that explore Africa, that give features on the social problems that bedevil a society.  So going to Ibadan to promote these artists has helped to showcase a new lease of artists in their prime.

Oluwaseun Ojebiyi is not unfamiliar with Alexis.  He had been involved in a group show there before.  He comes with two works that border on family sentiments.  They are Letter to grandma and Gaze.  They tell Nigerian stories.  Equally, Esan Mayowa confessed that art is in his blood.  “I will never quit the art”, he declared.  He  has two works also.  They are: I see with the Holy Spirit and Hope.  Each work hovers on the issues of hope and salvation and Mayowa said the works help him to see hope in the horizon.

On his part Gobe Joseph produced Director and My brothers path.  These works zero in on family issues, mostly figures painted to give peace in a home.  As for Segun Okewumi, the only sculptor among the group, casting has taken the better part of his life.  The two works themed Family ties and Odyssey, show how terrible the situation has become.  Yet through these semi-abstracts, Okewumi draws attention to those misdeeds that have always caused friction in Nigeria.

Emmanuel Oyebola has Akanbi and Black beauty, two works that are totally on the local sentiments of the people.  He said black is beautiful and hence the beautiful figure of a dazzling young lady he took time to paint.  “Africa is full of beautiful peoples”, he enthused.  Then came Busari Adewale with Courage and Faithfulness.  He said, “Yes, it is faithfulness to myself and to Oluwole, the man who helped me to be a better artist today”.  Yes, Oluwole has helped all the artists to build courage within the Ibadan axis and to also show that great things can be found in the town.

Incidentally, the only lady among them is Bola Obatuyi, an Auchi artist who loves colours on fabrics.  Her works are Insights I and II.  The fabrics are verbose, very explicit, showing an artist who loves class, colours and fashion.  “I love fabrics so much”, she said with unbridled enthusiasm.  And then Samson Toba, a product of Ibadan Polytechnic, came with beautiful works that serve as healing balms to the soul; to the skin.  “We all need peaceful healings to our problems”, he decided.  Just then, Williams Sunday who works exclusively on charcoals produced Childhood memories and Early dream.  The charcoal backgrounds make his works easily distinguishable.  He said so – “I love charcoals.  Black colours bring blessings.  This is why I love black on black, charcoals being my medium”.

Victor Morayo has Focus and Red, each work focusing truly on the issues of life, issues of hope.  So, also is Damilola Ilori, whose works spelt out Amoke and Dreams.  Amoke, a figure on beauty brings out all the dreams of the young, just as Seun Aderire hovers on Brothers keeper and Iris against boxes.  The iris symbolises flowers of love.  Aderire is a man of love, yes, a man in the mood to brighten the mood of the society.  Flowers bring hope, renewal and renaissance.

Like it is traditional with the Alexis to give back to the society, part of the proceeds from this show will go to The Bricon Foundation.  It is an NGO that devotes its time to patients and families battling with cancers.  They mostly counsel, educate and guide the concerned patients.  Where and when necessary also they resort to advocacy to assist through raising funds and all.  The exhibition opened yesterday and will run till next weekend from 10am to 6pm daily.  Indeed, it promises to be intriguing, attractive to both virtual and live views.  And in its usual way, Alexis is billed to make it extremely thrilling.

Sponsoring the event are: Pepsi, Tiger, Indomie, Mikano, The Guardian, Wazobia TV, Cool FM, UPS, Haier Thermocool, Cobranet, Delta Airlines, Aina Blankson, The Homestores, Art Cafe, Lost In Lagos, and AMG LOGISTICS.

By Udemma Chukwuma

ANYBODY who knows Nigerian-born painter Raji Babatunde-Muhammad thinks of realism and figurative paintings whenever his name is mentioned as the artist has been painting this style and well-liked with it since the beginning of his full-time studio practice.

In his ongoing solo exhibition, Babatunde-Muhammad gave the viewers the shock of their lives at the opening reception. The artist presented a new style of painting that is far from realism, a display of complete abstract pieces, which he called Colour-pop. For years he has explored the realm of abstract paintings and has created a body of work fusing the traditional style he is known for with abstract for the exhibition, he revealed.

Titled: Beauty and Illusion, “is inspired by my collection of thoughts and knowledge garnered from research and interaction with current-day experiences.” The works were rendered in a spectrum of intense colours; yellow is prominent in one of the series he titled; Eko for Show series. The abstracted facial features of the subjects in this series are obscure with various colours.

In research of over three years, he discovered that “many of the things that seem like an anchor, are just a mirage and that society thrives on these illusions to stay relevant. The theme also champions the idea of true beauty that emanates from and resides in growth, security, unity and inclusivity. The presentation expresses the sub-themes of relevance, hype, stereotype, hierarchy, bad governance, inequality and protection, by highlighting major occurrences including personal and third-person experiences.”

The works in this exhibition is an embodiment of his perspective on the world, which to him are Beauty and Illusion. “My artworks are hinged on an innate desire and creativity which over the years and through thorough schooling have by themselves evolved to be more expressive and informative. I have also given myself to studying the circumstances prevalent in our society, using various mediums, styles and presentations to depict them.”

However, one is forced to ask if the artist, who currently runs a private studio in Lagos, where he mentors young artists and also works as a visual arts teacher; made this change due to the international recognition, Nigerian contemporary art is getting; or is it that the artist is bored of painting realism?

“Is the definition of growth, taking subtle to deep! There is no doubt that these intriguing works will communicate and find personal interpretations through proper judgment. As a new take on my artistic style, each piece is presented with a short poetical rendition to allow the viewer to indulge, connect the words to the art and find in it something relatable.”

For those who have not seen the show, the eleven paintings of acrylic and mixed media on canvas are still on display at the Alexis Galleries in Lagos and runs till the end of September.

“Five years ago, we had Raji’s first solo exhibition, titled Inspired, with works described as soul music because of their subtleness and the deep interpretation it gave its audience,” said the curator and owner of the gallery, Patty Chidiac-Mastrogiannis. “We are happy to show his new body of work in our gallery and we are proud to be part of his progress. We are pleased to announce that the gallery is partnering with the Cerebral Palsy Centre, known as CP Centre. We will donate part of the exhibition proceeds to them. Also, we are also thankful to Pepsi, Tiger, Indomie, Mikano, UPS, Haier Thermocool, Delta Airlines, Aina Blankson, Arzeh Integrated Ltd and our other numerous sponsors, who have been supporting our exhibitions.”

Mohammed-Babatunde was born in 1986. He studied Fine and Applied Art at Adeniran Ogunsanya College of Education, Ijanikin, Lagos, Nigeria and graduated with a National Certificate in Education (NCE) Fine and Applied Art in 2008. He obtained a Bachelor of Science (Education) Art Education degree from the University of Nigeria, Nsukka, Nigeria, in 2015. He had his internship in 2008 at the Universal Studios of Art, National Theatre, Iganmu, Lagos. After this, he spent two years at Ebenezer Akinola Studio in Lagos for an intensive internship programme. He paints in different media such as oil, acrylic, charcoal, pastel, pen and graphite.

He has participated in several group exhibitions and held two solo exhibitions. In 2019, his painting titled Reflection was among the 260-best works in the British Portrait Competition.

Ikechukwu L. Orakwe is a novelist, more so a prolific author who has written so much that people often wonder how he combines this with his pastoral work as a Catholic priest. A member of the Association of Nigerian Authors [ANA], he is also the parish priest of Saint Augustine Catholic Church, Ikorodu, Lagos.

He tells Edozie Udeze in this chat how he began early to fall in love with literature and how this has triggered his commitment to writing, reading and passion for humanity

WHAT motivates you to write?                              

I did literature in secondary school. I love reading. Since then till now I still read like I am preparing for examinations. I traveled a little outside Africa. The experiences I got both in personalities, places and cultures motivated me to speak to Africa and Nigeria in particular through writing.

At what point in your life did you realise you were going to be a writer?

When I was in Zimbabwe, I read books in Chishona written by the late Archbishop Chakaipa. I read books by an American friar Thomas Merton. I fancied their literary vibes. I then concluded to write like them.

What book in particular triggered the urge and how?

The former president of USA Barack Obama in his memoir, set the forests of writers ablaze. In his  statement: ”  ” This statement provoked me.

In what genre of literature do you express yourself most?

Prose, just prose, though poetry is returning to life just like in the days of William Shakespeare.

When you read a book what are the salient ingredients you look out for most?

The creative style. The  literary craft. The way words are used to make a basket. The literary philosophy of liberation.

Of all the books you have read which character struck you most and how?

Professor Chinua Achebe was a literary basket weaver. The literary baskets he made through Okonkwo captivated my passion for liberation literature. Africa needs to stop bleaching their skins rather bleach their brains so as to think scientifically and advance technologically. It is being brave. It is being absolutely free.

Who are your favourite authors and why?

Too many French and English writers make me happy but our African writers like Chinua Achebe, Wole Soyinka, Chimamanda Adichie and others show that literature must not always be English literature but also literature in English or best, literature in African languages.

If you meet any of your favourite authors, what will be the first question?

How can your literary prowess salvage the sorry situation of education in Nigeria

What have you done and are willing to do for too many young potential writers in Nigeria who are lacking motivation, mentorship and sponsorship?

What time of the day do you like to read and or write and where is your favourite corner in the house?

I work hard during the day. I read and write in the night. I sit on my bed while reading. I approach my desk to write direct with my computer.

What book did you read last and what lessons. What book are you reading now?

I just read, “Chimamanda Ngozi Adichie, the aesthetics of commitment and narrative. I got to know that while on any literary venture, you must try a fine, skillful, and audacious African storytelling.

I am reading now, The Ride Of A Lifetime by Robert Iger.

What issues capture your muse or attention when you write?

I think in mental liberation. I imagine the situation of women in the society. I believe that women have capacities to do something scientific for nation building and freedom from dependability.

How do you organise your library?

I can’t control myself buying books. I have given out many books to schools. I update my shelves according to the recent breakthroughs in literature. The electronic library is total now.

By Mike Odiegwu, Port Harcourt

Three former members of the House of Representatives, a former Speaker and other leaders of the All Progressives Congress (APC) and African Action Congress (AAC) from Rivers State have defected to the People’s Democratic Party (PDP).

Receiving the politicians in Port Harcourt, Governor Nyesom Wike, said the former leaders decided to return to the PDP because the APC-led Federal Government, failed the people.

Wike promised the defectors equal opportunity for everybody in the Rivers PDP, saying Rivers would continue to remain a PDP stronghold in the country despite intimidation.

He challenged the APC government to list any project they executed in the State in the past six years, saying the party had nothing to offer the people.

He said the PDP would defeat the APC in the 2023 general elections and assured his party remained the hope of Nigerians in the next elections.

He asked PDP supporters in the state not to allow themselves to be intimidated by anybody.

He said: “As you go home, go happily and challenge anybody; I am a member of PDP and my party has done well in Rivers State. Let me tell you, we are fighting hard and by the grace of God, PDP will take over Nigeria in 2023.

“It is not a wishful thinking. It is a question of being committed: All the governors have agreed we will do it. PDP will never be divided. All the people that are causing trouble in the party have all failed. All those trying to sabotage Rivers State, they have been knocked out,” he stressed.

One of the defectors and immediate-past spokesman of Rivers APC, Ogbonna Nwuke, said he left the APC due to the neglect of his ethnic nationality by the APC federal government.

Read Also: PDP panel zones national chairman to North

“In the past six years, we were wandering in the wilderness without any clear cut direction as to where we were heading. They promised us change, we have not seen any change for more than six years now.

“Etche has about 205 oil wells and has 80% of gas deposit which has added up to the national economy. It is unfortunate that we have not been found worthy enough for any appointment by my former party,” he said.

Some members of the APC that defected to the PDP are former members of House of Representatives, Daemi Akpanah; former member of House of Assembly, Ibiso Nwuche; former Rivers Speaker Stephen Ezekwem; former Commissioner of Works, Levy Braide; former Assembly member, Emmanuel Okata.

Others are former chairman Rivers State Civil Service Commission, Ngo Martins-Yellowe; Goodlife Nmekini, former Special Adviser to Governor Chibuike Amaechi; Dr. Barinedum Nwibere, former Director General, Cole/Giadom campaign organisation among others.

But the APC described Thursday’s “melodrama by the PDP in the name of welcoming APC defectors into PDP” as taking a joke too far by receiving “deadwoods and all sorts of valueless persons” into its fold.

The APC made the declaration in a statement by the Media Department of the Party in Port Harcourt and signed by Chris Finebone.

The statement described the event as part of a bogus charade and big scam by the PDP to swindle Governor Nyesom Wike of the commonwealth of Rivers people.

The statement said: “This Ponzi scheme by the PDP is now taking a different turn as the party now exhumes old deadwoods and persons of insignificant political value and staging fake reception ceremonies with taxpayers’ money.

“It may make little sense to talk about receiving Mr. Ogbonna Nwuke who recently announced his resignation from the APC but how can anyone explain lumping several other individuals who either had no link with APC or left our party three to four years ago?

“More specifically, Chibudom Nwuche has not been a registered member of the APC as he cannot produce and present such a registration evidence to anyone. There is no point mentioning his zero electoral value as the governor and his party very well know about that.

“For over three years now, Chibudom Nwuche has always enjoyed front seat in PDP events. So, what is really the point the PDP want to make now?

“It is public knowledge that Chief Stephen Ezekwem, a follower of Magnus Abe, left the APC in 2018 and he has told anyone that cared to listen that he is now a stakeholder of PDP in his local government area.

“Someone like Hon. Emma Deeyah with his bosom friend, Igo Aguma, shamefully left the APC long ago in ignominy after their satanic plot to steal the party structure in Rivers State failed at the Supreme Court.

“The rest in the basket of deplorables that participated in the show of shame tagged reception into PDP are not more than inconsequential subsistence hunters whose only claim and motive in politics is their alimentary canal.

“They are mere political travellers whose highest objective in life is how to scrounge morsels of edibles from anywhere for their aching stomachs.”

By Daniel Essiet

With more than 60,000 youths registering on its unemployed database, the Lagos government has drawn a response plan with the 57 local government councils/ development councils as the number of jobless rise.

Nationally, the unemployment rate is said to hover between 28 and 33 per cent.

The increase in unemployment rates, the Commissioner, Ministry Of Wealth Creation And Employment, Hon (Mrs) Yetunde Arobieke, noted   captures the crisis in the labour market.

According to her, unemployment cannot be resolved by the state government alone, but requires involvement of other state organisations.

Mrs Arobieke said the state government is to work with the local government chairmen to drive massive training programme to   tackle rising unemployment, reskill people to find new work and increase businesses’ ability to stay afloat.

She noted that there was much to be gained by the state and local government combining resources and expertise to strengthen employment services to support young people in finding and keeping jobs.

To provide people with the tools they need to get better jobs, she said the ministry is embarking on a community talent hunt to equip youths with digital skills.

In partnership between local governments, she noted that the government is ready to work with local training providers, to ensure nobody is left behind in the massive plan to get youths IT skills compliant.

As part of  its talent hunt partnership with Digital Age Consultants Limited , the Commissioner said the  local councils have been asked  to select Wealth Coordinators’  to work with the Ministry and the consultant to  identify  youths  with talents that can be groomed to explore opportunities in the creative  and other industries.

According to her, the benefiting youths will be mentored by business leaders from the various industries.

Read Also: Lagos diverts traffic at Marine Bridge for three months

The two-month programme, she explained, was properly designed to ensure the products of the training will be people the Lagos government will be proud of entrepreneurship ambassadors, fulfilling their potential on the national stage.

She said the community talent hunt was a bold response by the government to help alleviate unemployment.

She said the government is committed to continuing its efforts to provide young people with their first jobs, apprenticeships and traineeships.

She  said the government  support solutions that get youth into productive employment, namely through building capabilities in young people, boosting private sector growth and job creation, encouraging entrepreneurship and the development of new firms, and improving information flows.

So far, she said noted that some employers which are partnering with the State government on the Graduate Internship Placement Programme (GIPP), have indicated their intention to retain them.

GIPP, according to him, provides an excellent platform to integrate young people into the world of work.

The Chief Executive, Digital Age Consultants Limited, Dr Ekunnusi Bimbola said his organisation is partnering with the Lagos government to create job and training opportunities for young people.

According to him, the organisation was determined to help young people build digital skills and become more entrepreneurial, preparing them to deal with digital transformation.