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  • PenCom inspects Edo pension board, bureaux, others

    The National Pension Commission has conducted the maiden inspection of the pension arrangements in Edo State and its agencies.

    The inspection, according to the commission, was aimed at ascertaining the level of implementation of the CPS as well as the administration of the Defined Benefits Scheme (DBS) in the state.

    The commission in its First Quarter 2019 Summary Report, stated that they also conducted an inspection of the Pension Fund Administrator (PFA) branches operating in Edo State.

    The report read: “The inspection was to determine the extent to which staff of the PFAs were conversant with the provisions of the Edo State Contributory Pension Law and extant regulations and guidelines issued by the Commission, the level of compliance of the PFAs with the Commission’s circular on minimum requirement for opening of branches and service centers as well as the quality of services rendered to stakeholders.

    “The Commission further conducted routine inspections of the Federal Capital Territory (FCT) Pension Board and the FCT Area Council Staff Pension Board. The purpose of the inspections was to ascertain the level of implementation of the CPS as well as the administration of the DBS in the FCT and Area Councils.”

    Giving update on engagements with the state governments on the implementation of the Contributory Pension Scheme (CPS), the commission said it continued its engagement with state governments on the implementation of the CPS.

    “The Commission held series of meetings with the management and staff of Ondo State Pension Commission (OSPEC), the Committee on the Implementation of the CPS in Ondo State, the Management and Staff of the Ondo State Oil Producing Area Development Commission (OSOPADEC) as well as officials of the Ondo State Local Government Service Commission.

    “The meeting was convened to discuss some of the challenges in the implementation of the CPS in the state. The issues discussed include, provision of Information and Communications Technology infrastructure especially the deployment of appropriate applications by OSPEC, provision of Group Life Insurance Policy, capacity building for staff, non-conduct of a actuarial valuation to determine the past service liabilities of the employees, non-creation and funding of the Retirement Benefits Bond Redemption Fund (RBBRF) Account, irregular deduction and remittance of pension contributions for employees of the state.

    “The commission also held a meeting with the Technical Committee on Pension, Kano State. The meeting was convened to address the issue of non-remittance of pension contributions and inability of Kano State Pension Fund Trustees to pay retirement benefits as at when due.

    “In the same vein, the commission conducted the First Quarter 2019 Consultative Forum for states and the FCT.  The event was attended by representatives of all states and the FCT, States and Local Governments Pension Bureau, Compliance Officers of Pension Fund Administrators (PFAs) and Pension Fund Custodian, (PFCs).”

    The Acting Director-General, PenCom, Mrs Aisha Dahir-Umar, explained that the commission’s principal aim is to monitor the status of implementation of the CPS in the states and local governments.

    She said that by so doing, they will be able to help the states in areas that they consider as challenging.

    She stressed that some states have issues and challenges that they are trying to overcome to be able to join the scheme but they are working to help hasten the implementation of the CPS in the various states.

  • Parents, schools have roles in child upbringing

    Deputy Rector, The Polytechnic, Ibadan, Bayo Oyeleke, has advised parents not to limit their roles to being mere financial caretakers where the education, development of their children is involved. Rather, they should dedicate more time to interact with them.

    Oyeleke equally urged parents to invest in every development facets of their wards, even as he urged school management to also complement such roles by engaging pupils in moral teachings, talk shows and seminars, among others.

    Oyeleke made these calls at the Greater Heights Academy graduation held at the St. Peter’s Catholic Church, Oke-Sopen, Ijebu-Igbo, Ogun State.  The theme of the event was “The Rising Stars”.

    Speaking on the theme ‘Promoting Total Child Development: The Role of Parents, School and Communit,” he said. “There is often an unfortunate disconnect among parents and children for reasons basically immature in all spheres.

    “A parent should invest in the social, emotional and psychological development of his or her child. Our children need our time apart from the financial caretakers that we are.

    “The school needs to realise that it is more than just an education centre. The school is the principal place of socialisation for the children. It is equally important that the school gives the right motivation to the students when necessary for moral and academic excellence. Teachers should be approachable and not rigid.”

    Unlike what obtained in the past, Oyeleke bemoaned an average Nigerian community which, according to him, is now flooded with varieties of problems affecting the growth of every child.

    He lamented that the social media, reality television shows and action movies also contribute to the underdevelopment of the children, and “helps to breed high profile criminals”.

    He continued: “Gone are those days when we have communal efforts in bringing up the children. These days, you can hardly find a building without a fence, except a pure traditional family. Such practice has since eroded and what are in place now are nefarious activities such as kidnapping, rape, ritual killings, robbery, among others.

    “While it is said that an adult is responsible for all his actions, the community in a similar way would be accountable to the youngsters for every wrong step that they are made to embrace. When these ugly incidences are continuously viewed by our young ones whose mind is forever evolving and expanding, they become curious and get stimulated naturally to try unthinkable things,” he said.

    While in a chat with Southwest Report, Oyeleke appealed to the National Broadcasting Commission (NBC) to regulate and monitor the kinds of programmes to be aired  on television and radio stations.

    He also appealed to organisations to place high premium on academic competitions in order to sway the children towards academic excellence.

    He stressed the need for parents, schools and the community to join hands in promoting development of a child.

    Oyeleke said should any of the aforementioned tripod fail in its responsibilities, the result might be poor.

    Oyeleke described a total child as someone who is physically, mentally, morally, academically, socially and spiritually healthy.

    He said: “A total child is everything desirable. Such a child is a joy, pride and happiness of parents, school and community. We cannot do half-baked service to our children and expect to reap full baked fruits. We have to go out of our ways to be proper and all-round caretakers of our children,”

    Earlier, the Chief Executive Officer, Greater Heights Academy Timi Owolabi, congratulated the graduating students on their dedication and hard work.

    He also urged them not to relent in their efforts in the pursuit of excellence.

    One of the parents at the event, Mr. Quadri Tajudeen, appealed to parents and those concerned to heed the pieces of advice by the keynote speaker.

  • Rotary seeks better life for the poor

    The District Governor of Rotary International (9110) comprising Lagos and Abeokuta, Dr. Jide Akeredolu has urged government to double its efforts to make life better for the ordinary people.

    Addressing reporters at the renovation and upgrading of the water system at the Heritage Homes Orphanage, Lekki, he said the gap between the rich and the poor is extremely wide.

    According to him, the project was carried out by the Rotary Victoria Garden City, Lekki in order to make impact in the lives of humanity.

    Akeredolu said Rotary would continue to assist government in its little way to ensure the society gets better, noting that it was unfortunate that Nigeria was declared one of the countries with extreme cases of poverty globally.

    He further explained that the poverty line was so extreme that people in the category spend over 80 per cent of their income on food alone, adding that Rotary was trying its best to mend the safety nests ridden with wide holes.

    He said: “We know that the government is trying its best to address poverty. We are aware that in August, last year, Nigeria was declared as the country with extreme case of poverty.

    “We are working to provide safety nests, but the nests are ridden with wide holes. People are falling out of the holes and Rotary is doing its best to assist humanity.

    “So, what we have done at the orphanage will go a long way in assisting the people, many of who found their way here due to lack and extreme poverty in the society.”

    The Chairman of Heritage Homes Orphanage Pastor Itua Ighodalo said most of the inmates of the home were those abandoned by parents who lack the means to meet the needs of the family. He explained that the home was doing its best not just to accommodate them but also build their capacity and reintegrate them with the society.

    “There is need for these young children to have a place they can call home. We are saddled with the responsibility of making life better for them because they were abandoned by parents who could no longer care for them.

    “We thank Rotary VGC for the gesture. Rotary has always reached out to the society to help other people. We thank them for making impact in the lives of these ones.”

    President of Rotary VGC, Mrs. Margaret Oluwu said the club was merely carrying out one of the principles required by the club. She said it was the club’s way of assisting the less privileged individuals in the society and those experiencing harsh side of life.

    According to her, the renovation at the orphanage will give some comforts to the inmates.

  • Investors fly to safety as mutual funds rise by 22.8% to N798.04b

    Investors are seeking safety of principal investment and guaranteed returns as collective investment schemes grow, Capital Market Editor, Taofik Salako reports.

    Total net asset value of all registered mutual funds in Nigeria rose over a one-year period by 22.8 per cent as investors showed preference for less risky fixed-income funds.

    Mutual funds, otherwise known as collective investment schemes (CIS), are joint investment vehicles through which investors can pool funds and invest in chosen basket of securities with a view to optimising returns and reduce risks.

    Latest official data obtained from Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) yesterday indicated that total net asset value (NAV) of all registered mutual funds rose from N649.775 billion on August 3, 2018 to close at N798.04 billion on August 2, 2019, representing an increase of N148.265 billion or 22.822 per cent.

    NAV is determined by subtracting total liabilities of a fund from its total assets. The NAV can further be divided by the total number of units of the fund to determine the unit price.

    A mutual fund is usually categorised by the class of assets that forms the primary focus of its investments. Thus, there are equity funds, money market funds, bond funds, real estate funds, ethical funds and balanced funds among others.

    The reports showed that the increase in NAV was driven by increase in number of mutual funds as well as appreciation in some segments. Total number of mutual funds rose 7.9 per cent from 76 mutual funds by August 03, 2018 to 82 mutual funds by August 02, 2019.

    A breakdown of the funds showed strong preference for portfolios that invest generally in fixed-income securities, especially short-term securities. While the number of equities-based funds increased by two as against one addition to money market funds, the value and percentage of money market funds rose considerably over the period while the value of equities-funds declined during the period.

    Money market funds, which invest mainly in money market instruments such as treasury bills, remained the largest group of mutual funds, underlining the paradigm shift since the stock market crash displaced equities as most-preferred portfolio. The NAV of money market funds rose from N494.92 billion to N602.64 billion while the number of money market funds increased from 18 funds to 19 funds.

    Conversely, the NAV of equities-based funds dropped from N13.467 billion to N10.613 billion despite increase in number of equities-based funds from 10 funds to 12 funds. Mixed funds-which include allocations of some funds to equities alongside other fixed-income assets, also showed a similar pattern, dropping from N25.70 billion in 2018 to N23.51 billion in 2019. Ethical funds-which include funds that do not invest in alcohols, cigarette, firearms and sometimes, in the case of Islamic ethical funds, in interest-based businesses, also dropped from N5.48 billion to N4.716 billion.

    Other non-equities funds largely followed the pattern of money market funds. Fixed income funds-which invest in fixed-income assets, rose from N51.737 billion to N86.497 billion. Bonds funds- named because they invest solely on sovereign and other approved bonds, doubled from N11.209 billion to N24.533 billion. This underlined the significant flight to government’s sovereign bonds, by several fund managers.  Real estate funds- which invest in real estate assets, declined from N47.26 billion to N45.53 billion, reflecting the slowdown in the real estate industry.

    Stanbic IBTC Asset Management Limited (SIAML) remains the largest investment management firm in Nigeria with its funds dominating major segments of the market. Stanbic IBTC Money Market Fund remains the largest CIS rising from N244.34 billion to N277.65 billion. FBN Money Market Fund, being managed by FBN Capital Asset Management Limited, also retains its second position, growing from N136.93 billion to N165.4 billion. ARM Money Market Fund, being managed by Asset & Resources Management Company Limited, also retains its ranking as the third largest CIS, rising from N48.49 billion to N66.43 billion. In further illustration of the flight to safety and depreciation in the value of equities, Stanbic IBTC Nigerian Equity Fund, Nigeria’s largest equities-based fund, also being managed by Stanbic IBTC Asset Management Limited (SIAML), dropped from N6.526 billion by August 03, 2018 to N4.806 billion by August 02, 2019, a decrease of N1.72 billion over the 12-month period.

    With a drop of 17.81 per cent in 2018, the continuing decline at the equities market had implied average decline of 29.62 per cent over the19-month period ended July 31, 2019. This implied that average investors who had invested over the period had lost almost a third of their portfolios, altogether implying a loss of about N4 trillion for the entire market.

    Investors in Nigerian equities had lost N1.38 trillion over the past seven months of 2019 as the onset of the first half earnings season failed to sustain expected recovery at the stock market. Nigerian equities suffered their worst depreciation so far this year in July 2019, dropping by an average of 7.50 per cent, valued at about N990.45 billion.

    The steep decline in July worsened the average year-to-date return, which had closed first half at -4.66 per cent, to -11.81 per cent, equivalent to net capital depreciation of N1.38 trillion for the seven-month period ended July 31, 2019.

    Nigerian equities had traded mostly on the negative this year, declining in five out of the seven past months. The market also closed both the first and second quarters on the downside and most analysts remained cautious about the outlook for the third quarter.

    The All Share Index (ASI) – the main value-based index that tracks share prices at the Nigerian Stock Exchange (NSE), closed July at 27,718.26 points as against its month’s opening index of 29,966.87 points, June’s closing index. The ASI had opened 2019 at 31,430.50 points, 17.81 per cent down from its 2018’s opening index of 38,243.19 points. It had however rallied a world-leading gain of 42.30 per cent in 2017.

    The Nigerian Stock Exchange (NSE) recently launched its new trading platform for mutual fund as part of efforts to boost investors’ participation in CIS. About five per cent of investors in the Nigerian capital market engage in mutual funds, a paltry fraction that underlines the tendency of most retail investors to invest in the market directly.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema, said the launch of the NSE distribution and trading platform for mutual funds would not only provide an opportunity for the 256 brokers in the market to distribute to existing 13.9 million investors’ accounts in CSCS but also attract new investors that may be interested in gaining exposure to the capital markets through mutual funds.

    He said the new platform will enhance visibility for listed funds and promote financial inclusion, while stimulating retail investor participation in the market.

    “This distribution platform is a new channel for accessing mutual funds which are listed on the NSE. This restates our commitment to provide market operators, issuers, fund managers and investors with a reliable, efficient and an adaptable platform to create a more transparent, liquid and accessible market in line with global best practices,” Onyema said.

    According to him, the platform will facilitate electronic transactions with seamless connection between NSE, CSCS, fund managers and brokers as investors have the benefit of a single view of their mutual fund investment while being able to invest with multiple fund managers through a single broker.

    He noted that in recent years, there has been significant increase in the number of mutual funds in Nigeria, an indication of the growing interest in collective investment schemes.

    Managing Director, Central Securities Clearing System (CSCS) Plc, Mr. Haruna Jalo-Waziri, said the new platform marked another milestone for the Nigerian capital market as it will serve as a step towards improving the level of financial inclusion in Nigeria by giving investors varieties of investment products.

    According to him, as part of its commitment to providing far-reaching benefits to the capital market, CSCS has proactively invested in technology that would enable us provides seamless post-trade services to a wide range of financial instruments including collective investment schemes.

    “Additionally, fund managers can now augment their product distribution strength using the brokerage communities’ network. We believe this will also contribute towards increasing secondary market participation whilst growing funds under management for Asset managers”, Jalo-Waziri said.

    President, Fund Managers Association of Nigeria (FMAN), Mr. Dayo Obisan, noted that one of the initiatives in the FMAN five-year road map was to develop and implement a nationwide distribution and trading platform for mutual funds.

    Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Chief Patrick Ezeagu, said stockbroking firms were delighted to have been a part of the development and emergence of the new trading platform.

    According to him, the new platform was directed at reawakening the small savers in order to take advantage of investing through mutual fund and to have the synergistic benefit of a better return in the market.

    “The memorandum trading platform will facilitate the ease of doing business in trading and distribution of mutual funds, it will inspire small savers thereby promoting financial inclusion which is an important focus of our members. We congratulate everyone that contributed to the success of this initiative and encourage all operators to embrace this new aspect of deepening of our market which is a formidable incursion into an erstwhile grey sector,” Ezeagu said.

  • Flood: Residents urge demolition of shanties

    What does it feel like to live under the constant threat of flood? To live in constant fear of a clouded sky, pregnant with a downpour that was otherwise meant to bless the land and ensure food supply?

    Residents of Marshy Hill Estate, at Oke-Ira in highbrow Ajah, in the Eti-Osa Local Government Area of Lagos State knew how it feels. They will readily attest to it not in any way palatable.

    That was why they are appealing to the Lagos State Governor, Babajide Sanwo-Olu to order the removal of shanties and structures obstructing the drainage system within the estate.

    This was because they have been able to trace the cause of their plight to the obstruction of the drainage within the estate.

    In a petition sent to Governor Sanwo-Olu, the residents said these structures which just sprang up around the community, especially on Ade Aromasodun Street and Maxi Ibe/Lamina Street, by Aina bus stop have led to persistent flooding whenever it rains, threatening lives and properties of residents of the estate.

    The statement, signed by Clement Adegoke and Ale-Daniel Ola-Oluwa, the Chairman and Secretary of the estate respectively, urged the governor to direct the inspection of the estate by respective agencies and departments of the government in order to determine the extent of the obstruction and to proffer solutions that would help protect lives and property of the concerned residents.

    The letter, a copy of which was sighted by our correspondent, was also copied to the Deputy Governor, Dr. Obafemi Hamzat and the Permanent Secretaries of the Ministry of Works and Infrastructure, Ministry of The Environment, Ministry of Physical Planning and the Director-General Building Control Agency (LASBCA).

    Also copied were the Lagos State House of Assembly, the General Manager, Lagos State New Towns Development Authority, the Chairman Eti-Osa Local Government Area and the LASBCA District Officer, Eti-Ossa Local Government Area.

    They called on the governor to direct the removal of all structures and shanties blocking all drainage and canals on all streets within Marshy Hill Estate in Ajah.

    Adegoke said residents of the area always feel worried anytime it seemed it would rain for fear of the wanton destruction that it would cause.

    He said Marshy Hill Estate has never experienced such flooding as they experienced this year, adding that if this continued, they may soon be submerged by the flood.

    Adegoke, who described residents of the estate as “endangered species” urged the state government to quickly come to their aid to prevent loss of lives and further damage to their property.

    He said they resorted to appealing to the governor to make their plight known to him because they could no longer afford a situation where they continue to live under the threats of flood, especially knowing that their plights were caused by the indiscretion of some people who decided to build right on the drainage paths, thus forcing the flood to invade their property when its natural paths have been compromised.

    He said the residents would be happy if government would demolish all structures and shanties causing the flooding of the area.

  • UNN alumni seek better deal for education

    Some alumni of the University of Nigeria (UNN), Enugu Campus are worried over the state of higher education in the country.

    The group decried the quality of graduates being churned out by schools into the labour market, calling for a revamp of the education system.

    They made the call at a reunion, tagged: “UNEC Accountancy Class 2005 Set Reunion”,  held last Saturday at Tivoli Garden Hotel, Ikoyi, Lagos.

    The event, which brought together over 50 members of the class, from various walks of life and from across the country, featured talks, poetry recitation, recollection  and prayers for departed classmates.

    According to John Pascal Anakwue, author of “Wake up Nigeria”, who delivered a speech, Nigeria’s educational system should promote self-reliance, by empowering graduates to be entrepreneurs.

    On “Our role in fighting societal ills”,  he said: “Yet, we complain of unproductive graduates who roam the streets in search of jobs. Why not educate humans to think and know? The basic purpose of education is to awaken creativity, genius and divine consciousness within. Potent knowledge drives productive economy and self-sufficiency.”

    Lamenting the insecurity in the country, saying it is a deterrent to development, he urged Nigeria to borrow a leaf from emerging economies, such as China and Dubai.  He linked Nigeria’s economic revolution to its political climate, calling for a radical change.

    “Nigeria is tiptoeing on the edge of the precipice! There are notorious cracks on the walls. The centre can no longer hold.

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    ‘’Launch corruption fight from within to the without! All those who burrowed and burrow into our commonwealth, and looted our treasury, leaving the masses in hunger should be probed. Those who duped the masses in the name of religion and have abandoned pockets of projects here and there should be probed,” he stated.

    A former class representative of the group, Mr Ehirim Kelechi, called for a true federalism, condemning the recent killings across the country. He said: “Nigeria is a human who has given birth to beasts. Why create Boko to hack, maim and Islamise in the forest of Sambisa?; Why do herders slaughter farmers and push for Ruga? Ruga is a fraudulent concept that will mutate to fulanise! Why not proscribe herders as terrorists? Why massacre and bury armless IPOB members? Why weaponise poverty and demonide certain ethic groups?” he asked.

  • Ejigun-Agbede-Itele-Ota: Haven for criminals, hemp-smokers

    Fear of the unknown has gripped residents of Ejigun-Agbede in Ado-Odo Local Government Area of Ogun State. They said the area has become replete with gamblers and hemp-puffing youths. DAMOLA KOLA-DARE reports that residents have called on law enforcement agencies to rid the community of these harmful urchins.

    It is six in the evening; the sun has already departed with its russet radiance oozing gentle rays. It will be nightfall in a jiffy. The dusty, untarred road that leads from the bus stop into the nondescript area of Ejigun-Agbede in Ado-Odo Local Government Area of Ogun State buzzes with people and vehicular activities.

    Right from Kolab bus stop, where commercial motorcycle riders (okada riders) are stationed, under makeshift sheds, groups of young men, women, traders, sex-workers are seen nestling in the heart of the area.

    Moving on into the interior, the atmosphere wears a congenial garb that disarms not until the discovery of the den of gamblers and hemp-puffing youths.

    A visitor is ushered in with the acrid smell of Indian hemp and booze. The place comes across as an industrial chimney of sorts. Known as Orita Ibon, it has become a notorious haven for illegal activities and, as such residents live in perpetual torment.

    In a huddle, a coterie of young boys who seem to forget a future lies ahead, and with apparently no worries at all, are seen feasting on cannabis. They puff away as the smoke disappears to form a medley with the outstripping cumulus clouds.

    Apart from smoking heavily, they also vend cannabis among themselves while chattering idly all day long in what has become the norm.

    This reporter learnt that they have become a menace to the community over the years as they display their stuff in broad daylight with the impunity of an iron-clad dictator. And they are lulled into a false sense of security since some of them are known to be children of landlords in the area.

    Most of them are jobless as they act as overlords in the community and people tend to deify them in order not to draw their ire.

    These lots are street urchins who hold the community by the jugular. Akin to men of the underworld, according to residents, they transform into terrorising agents and commit all sorts of atrocities when it is dark; thus, no one stays out very late for fear of being robbed or raped. The fear of those lads is the beginning of wisdom.

    Southwest Report learnt that efforts to get rid of them have been largely futile. It was gathered that repeated calls to those in authority have been fruitless.

    A young lady who preferred anonymity because of fear of the unknown lamented how her mobile phone was snatched along that road. She noted urgent action should be taken to curb the excesses of those lay about.

    She said: “I was coming back from work that fateful night when some boys waylaid me and told me to surrender my phone. I was helpless. I had to give them the phone so that I won’t be injured. It is high time something was done to put an end to this issue.”

    Some landlord in the area who spoke to our correspondent in confidence stated that those boys constituted a nuisance to the community; hence they should be either dealt with or engaged because most of them are idle.

    He added that daily they assemble around the T-junction only to smoke weed from morning till night.

    He said: “We live in fear here. If you close late from work, then you never can predict what awaits you. In fact, you dare not send your children on errands when it is getting late. We want those in power to help us.”

    Another resident who simply identified himself as Rotimi wants the policemen stationed at the junction (MOPOL Junction) to raid the whole area. He further stated that the situation needs to be addressed before it gets worse. According to him, residents should not be living in perpetual fear of being robbed or attacked at any time.

    Also decrying the situation, a shop owner around the place stated what infuriates her very much is the brazenness with which they (the weed-smokers and urchins) act. She noted that such open display of an illegal ware was indecent because that could influence kids growing around that area negatively.

    Her words: “Those boys should not be allowed in the community anymore because they can be a negative influence to our children who are growing up. You see them day and night around that place smoking, selling weed and even gambling. That should not be allowed anymore because they do everything openly and nobody around can even call them to order. It is terrible,” she said.

    A petition which was written in October last year and addressed to the Director of Special Anti-robbery Squad (SARS) in Obada, Abeokuta the state capital, was made available to this reporter to underscore why there is an urgent need to put an end to the disturbing issue.

    It reads inter alia: “We are appealing to you to come to our rescue in our community which is replete with hoodlums, weed-smokers and miscreants, among others. These miscreants maim, harass and rob unsuspecting people. The situation is beyond our control; hence, we are imploring you to come to our aid before everything degenerates.”

    However, a police source from the IGP Special Tactical Squad Force stated that the area will be under surveillance and seriously combed and the miscreants will be apprehended.

    He said: “We have confirmed that street boys are causing panic and unrest in the said area. An arrest will be made soonest as we will start to monitor those spots closely.”

  • Attack on Ekweremadu

    The recent attack on Senator Ike Ekweremadu, a former Deputy Senate President, in Nuremberg, Germany, allegedly by some members of Independent Peoples of Biafra (IPOB) came as a very huge surprise to Nigerians at home and abroad. He had obviously showed up to honour an invitation by the umbrella group – Igbos in Germany – as a guest speaker for the traditional ‘Iri ji’ (New Yam) festival. He had gone there in solidarity with his kinsmen.

    The attack therefore negates the communal welcoming and hospitable disposition that such festivals are known for amongst Igbos.  Any guest at such events seemingly carries some unstated immunity due to the spiritual import of ‘ani’, the Igbo god of harvest. Moreover, the fact that Ekweremadu was deputy senate president between 2007 and 2019 makes him a national figure that must be treated with respect by his people, especially in a foreign land.

    While we strongly condemn the attack on the senator, we recognise the fact that in a democracy, the people are granted their civil liberties, one of which is the freedom to protest. However, the protest must be without physical assault. The allegation that some of his attackers are members of IPOB, the regional group that has been fighting for self-actualisation, should be very instructive.

    The viral video that was recorded during the attack was very clear about the basis of the annoyance of the mob. There were allegations against Ekweremadu who was deputy senate president for more than a decade. They alleged he did not do enough as a representative of the Igbos in Nigeria. They mentioned the attacks by herdsmen in the southeast region, the killings/kidnappings, maiming and raping of women in the region without any firm reaction from politicians of the zone.  They recalled the ‘Python Dance’ that saw the military invasion of the zone as they tortured and killed some young men and women. The fact that IPOB was tagged a terrorist organisation and proscribed while the herdsmen and other groups of bandits that have been terrorising the people had not gotten equal treatment was equally stated by them.

    However, we believe that after the expression of outrage, the country must now see how to amicably handle the issues nationally because, given the treatment the senator got, there are clear indications that the alleged group is so enraged it has earmarked many Igbo politicians for attack outside Nigeria because, as it said, they would not be protected by too much security as they enjoy in Nigeria.

    It is equally surprising that a man of the calibre of Ekweremadu could be so naïve as not to have intelligence report about the mood of those he was going to celebrate with. His choice of dressing did not reflect someone who as a lawyer understands the symbolism and social import of dresses. Many public figures hire professional wardrobe consultants.

    Going to a purely socio-cultural event and dressed in the Nigerian coat of arms instead of the traditional ‘isi agu’ or any other Nigerian cultural dress, in an environment with a strong presence of IPOB members who for long have continued to affirm their struggle for self-determination, was not very discreet.

    While we condemn the attack, we wish that this can help the country, especially the political class, to have a serious introspection. The distrust that is pushing up regional groups like IPOB, Arewa youths, the Oodua People’s Congress (OPC), militant groups in the Niger Delta and other ethnic groups is very ominous.  It will be delusional to assume all is well and that these groups can only be exploited by the political class for elections. Countries work on national unity.

    We equally believe that while sympathy for the senator is in order, we wish the blood-letting, the kidnappings, the arson, the general insecurity in the country could be tackled with the seriousness they demand. Progress is made when a country puts equal value on every human life and security. There must be more deliberate bi-partisan efforts to dialogue with regional groups as each group has its own plethora of grievances.

    Display of mere outrage over this one incident, sad as it may be, without effectively addressing the regional complaints across the country might give rise to a chaotic and a more disunited nation where individuals take laws into their hands. Politicians must begin, too, to realise the dynamism in global politics, as people now demand that their leaders treat them well.

    Being aloof and behaving like special breeds that only go to the people during elections seem to be counterproductive. The Arab Spring stands as a shining example of the resilience and doggedness of the human spirit. Let Ekweremadu’s experience signpost introspection for both the leaders and the led for a better country.

    We expect the German government to act swiftly to pick out the culprits, prosecute them and hand punishments according to their laws and decency. No matter the grievance, assault has no place in a civilised society.

  • Unequal trade

    • We need a radical new thinking to make the most of exports

    Nothing better describes the continuing imbalance in our trade relations than the first quarter trade statistics showing Nigeria’s non-oil imports by sea surpassing exports by a staggering 463 per cent. According to National Bureau of Statistics (NBS) data, whereas the value of non-oil exports for Q1 was N604.4bn, value of non-oil imports for the same period stood at N3.4tn.

    When broken down, the figures are certainly revealing. Between January and March, of the total N322.3bn trade in agricultural goods, exports accounted for N86.1bn while imports took a higher chunk of N236.3bn. Same with raw materials totalling N366.5bn; whereas Nigeria exported N36.4bn in value, it brought in a much higher value N330.08bn in imports; for solid minerals, the story is the same: of the total trade valued at N26.8bn, exports accounted for N8.99bn while imports took N17.8bn); same for energy goods valued at N10.7bn; exports came to N10.6bn and imports N32.1m. For manufactured goods, the difference is stark clear; of the outlay of N3.3tn, the value of exports was a mere N462.3bn in contrast with N2.7tn imports.

    In other words, much as the Buhari administration is wont to showcase what is increasingly an aggressive push in the area of economic diversification, including an unrelenting curb through forex restrictions on so-called frivolous imports of which the country is said to possess the capacity to produce, tangible progress remains a tall dream both in the competitive arena of international trade and on the domestic front.

    That we are not entirely surprised at this latest finding by the NBS is merely stating the obvious. The development, if anything, is merely an explication of the inherently flawed trade policies under which the country has been reduced to a dumping ground for all manner of manufactures with terrible consequence in the killing of local manufacturing efforts – and expectedly – jobs. It is certainly a reflection of the adverse infrastructural situation and how this continues to present formidable challenge to local entrepreneurial efforts with correlates in the multi-layered capacity issues of standards and competitiveness.

    Whereas the identified problems are fairly well known, the indication is that ongoing therapies are either ineffectual or that the strategies need to be fine-tuned for better results. For, even if we concede that the Buhari administration has done quite a lot, albeit with far less resources in the area of infrastructure delivery, the scale of the problem  is such that requires radical new thinking and initiatives, perhaps far beyond what the administration has conceived, or shown readiness to undertake. The starting point would naturally be to move more swiftly in the area of infrastructure delivery – of power and transportation – in particular.

    Secondly, we need a deliberate redirection of our existing trade policies to ensure that the country not only derives optimal value from exports but also to ensure that our trade partners are not allowed to short-change our country.

    A lot, no doubt, could be said of a few indigenous players making a foray into the global market; however, the preponderance of our exports is still done with nary value addition. A composite trade policy anchored on a solid industrial base is what is needed at this time – and urgently too – to buck the trend, as this is the only guarantee of optimal values for our poorly priced exports and long-term goal of reciprocity in trade.  Without the twin policies in place, we guarantee that the current restrictions placed on access to forex for some categories of imports to boost their local production, and the ongoing interventions by the apex bank to give muscle to local producers, will ultimately be undone in the chaotic environment.

  • Aviation industry: Next-level deliverables

    All over the world, air travel by far, remains the preferred option for extensive mobility. Both for business and leisure, the speed, the comfort and the safety are incomparable. Added to these parameters are the ambience and panache attached to air travel.

    Interestingly, the differentiating parameters highlighted above are fast being obliterated by advancement in other modes of transportation, such as the urban train system, the rapid bus transit system, the cable car system, to mention just a few.

    However, air transport still stands out, based on the volume, the reach, the cross-border capacities and the prestige associated with it.

    The challenge with air transportation globally, is basically the cost of operation and the technical input. The level of precision required for safe operations also necessitates high level manpower with its attendant cost of training and re-training, certification and motivation. The only mitigating factor to these high costs is the level of operational efficiency dictated by favourable fleet performance indices in addition to high passenger throughput value. Where the volume of passengers handled is high, the airlines can afford to charge more user-friendly fees for the tickets which will in turn result in higher patronage.

    In Nigeria, the major challenges of air travel, aside from the global experience, include unpredictable cost and availability of aviation fuel; safety concerns due to breaches of established standards and norms; inadequate spread of standard aviation infrastructure across the regions; inadequate number of qualified local manpower (e.g. ATCs); financial capacities of airlines to compete with foreign counterparts, among a host of other sporadic issues.

    The key regulators and players, especially the Federal Airports Authority of Nigeria, FAAN, has been grappling with these operational issues towards developing optimal solutions for all stakeholders. For instance, it is of interest you to note that only about four airports out of the more than 16 national airports are operating profitably. The rest are being sustained by the revenue generated from the profitable ones.

    Similar trends avail for the local airline operators. Surprisingly, the foreign airlines are smiling to the banks with their business sustained mostly from their Nigerian operations. Recently, there has been an outcry against the commencement of about four daily “sorties” by the Emirates DreamLiner Aircraft.

    The above phenomenon suggests the viability of air transportation in Nigeria with operational challenges limiting the viability of the local operators. With over 220 million potential passengers, there is room for better profitability in air transport. The relevant questions to ask include why most of the incidents in recent times relate to local operators. Why are the international players such as Kenyan Airlines, South African Airlines, Ethiopian Airlines, Emirates Airlines etc. faring better in the same environment? Why did the CBN package meant to lift the Nigerian aviation industry not achieve the desired results? Why did the “Nigerianized” Virgin Atlantic fail to perform unlike its British progenitor? The fault, dear Nigerians, is in ourselves and not in our stars.

    This is where the mandate of FAAN as encapsulated in its establishing act since 1935 becomes relevant in driving the immediate aviation next level imperatives. As a major industry player mandated to develop, provide, and maintain the nation’s airports, FAAN also optimizes necessary services and facilities for safe, expeditious and economic operations of Nigerian air transport.

    The new management of FAAN, in delivering the next-level promise needs to aggressively pursue ease of doing business at all Nigerian airports. The agency also needs to focus on improvement in infrastructure development with the possibility of private sector involvement in direct ownership and concession arrangement; coordinate campaigns to develop patronage of aviation services in partnership with established travel agencies; coordinate efforts to develop all forms of tourism that will attract immigrant traffic and or limit emigration relating to such areas as the arts, music, nature, sports, medical and business. These are the key drivers of aviation traffic outside the existing box of organic traffic.

    FAAN should as well consider the engagement of Aviation Business Development Consultants with specific mandates to grow air passenger traffic at each region currently experiencing under-patronage. Such consultants may explore development of cargo business as an option or addition to passenger traffic. Where the revenue is high enough, there will be adequate resources to shore up facility development and safety infrastructure.

    We have observed with keen interest the strides taken by FAAN in the last few years which have yielded CAT One certification of the prime airports, a feat which won the acclaim of Nigerians and the international community. Other definite positives include the centralized screening, powered by the automated digital machines currently easing commuting for travellers and curbing activities of drug barons and smugglers; increased number of international airports; a record time upgrade of the runway at the Nnamdi Azikiwe International Airport, Abuja; modernization of the Port Harcourt International Airport terminal; completion of the perimeter fencing at major airports and a host of other quiet advancements resulting in improved safety, quality of service delivery and efficient travel experience.

    The new imperatives, if religiously pursued, will boost prosperity and further developmental advancement. This is necessary to correctly position the Nigerian aviation in its rightful place among the top echelon of world aviation industry.

    The youthful energy of the new FAAN administration will be handy in manifesting the promise of a Next-Level Nigerian Aviation.

    • Aibangbe is a media and public relations expert.