2023: A Different Form Of Ailment [THE NATION]
By Bola Tinubu
Due to alert responses of Lagos and Ogun State governments, actively supported by the federal machinery, Nigeria was able to quickly identify and isolate the two cases of the novel Coronavirus COVID-19. This action, thus far, has stopped the spread of the disease into the wider community as has been seen in other nations. We are grateful to God and to all those involved in the response effort, particularly the brave and committed medical teams on the frontline.
While Corona has been presently contained in Nigeria, we must be alert to another sickness that seems rampant within a certain segment of the society. That sickness is old Ambition-virus 2023. This illness afflicts many in the political class along with their allies in the media. Those touched by this malady find that their ability to tell time and discern the difference between the present and the future has been strongly impaired. The carriers of this sickness are confused as to the very season our nation now finds itself. They conflate things, which no sensible person would conflate. The primary symptom of their malady is the driving tendency to believe the events of 2023 will be decided before we even exit the year 2020.
Consequently, everything they say and do is geared toward obsessive jockeying for position to control and manipulate a race still three years away. In doing so, they recklessly undermine the very party which they claim to serve and weaken the administration of President Buhari to which they claim to be loyal. They line up to run a race for which the track has not even yet been constructed. Put another way, they seek to pluck the fruit before the seed is even planted. As such, their actions border on the pathological. True, ambition is inherent in human endeavour. Without it, nothing great is achieved. However, strong ambition applied in the wrong way has never done anything positive. At best, it results in confusion. Usually, its results in something worse. No matter how great one’s ambition and how able one may be, nobody can rush or speed time. That is beyond the realm of human capacity. To do so is to contest against fate itself. When it ends, such a contest rarely ends well.
In a well-structured society, people come to understand that the time for politics is seasonal; it is periodic. The responsibilities of governance are what is perpetual. Many of our politicians ‘sadly’ have inverted this reality. Politics and electioneering are secondary to governance for they are but tools of governance, the platforms by which one demonstrates his or her worthiness to lead a great people. The more a person obsesses over and constantly engages in political manoeuvring is a warning sign. Not only is he prone to the 2023 virus. He likely has little to offer in the way of good governance. He wants to hold public office that you might serve him not he serve you. For if he had adequately studied and been acquainted with the ways and means of progressive governance, he would be focused on that important task at the present moment. He certainly would not drown himself and all around him in harmful political intrigue.
It is against this backdrop that we should view the present ploys and plots to undermine the APC national chairman. The chairman is human; thus, he has his merits as well as his flaws. Yet, his humanity cannot be grounds for his dismissal. If so, the position will forever go vacant.
The Chairman has been a tireless campaigner and mobiliser for the party. He has steered the party through difficult elections. His contributions should not be undervalued now that the bulk of elections are behind us. To do so would be an act of ingratitude. It is no secret that the Chairman and Edo Governor Obaseki are in dispute. This is unfortunate. However, the party has moved through proper procedures within the proper organs of the party to hopefully resolve this spat. All party members know this. Such decisions are part and parcel of internal party governance. Yet, motivated by ambitions that have nothing to do with the quality of the Chairman’s performance, people shunned the agreed party reconciliation mechanism and resorted to other means to oust him. These self-help attempts are unwarranted. These attempts reveal more about the mala fides of their perpetrators than they do about the Chairman.
The plotters launched their attack solely because they perceive the chairman as an obstacle to their 2023 ambitions. People went to court knowing full well the party constitution prohibits such action because these people had not yet exhausted all internal disciplinary procedures. We even had a national deputy secretary improperly call for a NEC meeting on the basis that he believed himself the acting national chairman. Clearly, this man would not have summoned the temerity to make such a move had he not been instigated by powerful individuals who he thought would reward or, at least, protect him for committing the wrongful act.
Those engaged in these manoeuvring see themselves as clever or cunning. They do so because they only understand the mean craft of political intrigue. They have yet to understand the value and long-term utility of democratic governance. Thus, they embark on the strangest of quest. They would rather dismantle and weaken the institutional core of their party just to gain control of that weakened edifice in order to pilfer the party nomination, which they crave. This is more than sad.
Many of us expended sweat, tears, toil and sleepless nights to build this party. Our personal sacrifices were not insignificant. We built this party not simply as a vehicle for personal ambition. We built the party because we saw it as perhaps the only enduring hope to bring progressive governance to this nation. Those who now seek to abuse the party by using it as their personal device do it great harm. They should not be allowed to sacrifice this collective enterprise at the altar of their self-aggrandisement. Somehow, some way they should find in themselves the bearing to adhere to the democratic spirit on which the party was founded. To be an APC member means more than merely carrying a membership card. It means to believe in a set of ideals and principles geared to our highest purpose as a party and a nation.
In a broader context, those afflicted with the 2023 virus do a grave disservice to President Buhari and his administration. They should be trying their best to help the president. Instead of seeing President Buhari as our present leader and commander-in-chief, their sole contemplation is upon his eventual exit. Yet, not even a full year has passed since his second inaugural. How can they be committed to helping him realise his mandate when the fullness of their gaze is affixed to seizing this very mandate for themselves?
The president is faced with many challenges. He is fighting hard on security to keep the population safe. He is pushing for economic reforms that will augur future sustainable growth. His disdain for corruption remains unwavering. Add to it now the Corona crisis and its resultant social as well as economic impact. Politicians express loyalty to him but the words of too many of our politicians are like butter under a burning sun; they melt quickly away. Better to be loyal in deed. Instead of trying to manipulate party and other mechanisms solely to their political gain, it is time to shelve political intrigue for the time being. It is time for all party members to truly see what is at stake and work with Mr. President for the collective good of the nation.
This means we must rally around President Buhari. Instead of everyone saying they are working for the party and nation but going their separate ways based on their selfish designs, we must help him build a stronger national consensus on policies that will ensure safety and bring greater prosperity. If need be and when called upon, we must offer ideas and suggestions that move policy and progress forward. This is the time for governance. It is not the moment to bring the politics of 2023 into 2020. In due course, 2023 shall come. Nothing can prevent it. However, that time is not today. If we are earnest, the present offers sufficient work and challenges for us without trying to add to it by rushing the future. Let us dedicate our energies to helping President Buhari win the present. In this way, you better secure the future for the nation, the party and even for whatever personal ambitions you may nurture.
I have said what is on my mind in hopes that some people may leave the 2023 frenzy and commit themselves to the harder yet more rewarding task of improving progressive governance, whether within the party or at the local, state or federal levels. Yet, I am not so naïve to think all will heed this counsel. The stubborn, those obsessed with the obsession of their ambitions, will ignore all advice. They will constantly pull 2023 into all that occurs in 2020. Their vision is blurred and judgment made faulty by their ailment. We are democrats so we cannot physically quarantine them. However, we can quarantine their ideas and antics by not falling prey to them. This is the best way we help President Buhari fulfil his mandate and inoculate our party and the nation from grave folly.
Tinubu is a national leader of the APC
Buhari, Lawan, Gbajabiamila, Governors, Tinubu, Others Sad Over Explosion [THE NATION]
Sunday’s explosion that ravaged a community at Abule Ado, a Lagos State suburb attracted commiseration with notable Nigerians, including President Muhammadu Buhari, Senate President Ahmed Lawan and House of Representatives Speaker Femi Gbajabiamila.
Governors Olurotimi Akeredolu (Ondo); Kayode Fayemi (Ekiti); Flag Officer Commanding (FOC) Western Naval Command (WNC), Rear Admiral Oladele Daji; Nigerian National Petroleum Corporation (NNPC) and the All Progressives Congress (APC).
They commiserated with the victims, members of their families, the people and government of Lagos State, describing the devastating explosion that claimed lives, properties and left many severely injured as unfortunate.
In message by his Senior Special Assistant on Media and Publicity Garba Shehu, the President said the explosion, just like any other disaster in any part of the country, was a national tragedy.
He hinted that NNPC was already making efforts to ascertain the cause of the explosion, which affected one of its pipelines.
The statement reads: “President Muhammadu Buhari commiserates with families who lost loved ones, and all those affected by explosion in Abule Ado, Amuwo Odofin Local Government Area of Lagos State, on Sunday (yesterday).
“The President condoles with the Lagos State government and all residents affected by the unfortunate incident, which left many injured and destroyed property.
“I have received with sadness the news of this unfortunate incident which caused loss of lives and property.
“A misfortune of whatever scale anywhere is a tragedy to the country, and while the NNPC makes efforts to determine the cause of the incident, I send my deepest and profound sympathies to the victims, their families, government and people of Lagos State.”
Lawan seeks probe
Senator Lawan called for a thorough investigation to determine the cause and extent of damage of the explosion.
Commiserating with the victims and all those who lost loved ones to the incident, the Senate President also sympathised with those who were injured and those who lost property to the inferno, his spokesman Ola Awoniyi said in a statement.
Lawan commiserated with the Lagos State Government over the tragic incident and prayed to God to comfort all those who are affected and called on the relevant authorities and agencies to get to the root of the incident with a view to forestalling a recurrence.
Tinubu wants perpetrators punished
All Progressives Congress (APC) National Leader Asiwaju Bola Tinubu condemned the explosion and commiserated with families and relations of those who lost their lives in the unfortunate occurrence.
In a statement his Media Office signed by Tunde Rahman, Asiwaju Tinubu, said all those who had a hand in the unfortunate incident must be punished no matter how highly placed.
He said: “This tragedy should not have happened. Those who lost their lives in the unfortunate incident did not deserve to die so gruesomely.
“I strongly condemn this incident. I commiserate with families and relations of those who died. I also sympathise with those who lost their valued property.
“In their memories and in order to avert similar occurrence in future, the authorities must get to the root of this incident and curb incessant explosions in the area.
“All those who had a hand in this explosion, including those who acted in ways to put lives at risk and hard-earned possessions in jeopardy, must be punished, no matter how highly-placed they may be.”
APC lauds first responders
The All Progressives Congress (APC) commiserated with victims and commended the emergency response led by the National Emergency Management Agency (NEMA), Lagos State Emergency Management Agency (LASEMA), the Fire Service and other agencies in quickly containing the incident and attending to the injured.
Its National Publicity Secretary Lanre Issa-Onilu said in statement: “The party deeply condoles with families and loved ones over recorded deaths, we also wish the injured a speedy and full recovery and sympathise with residents who lost property in the explosion.
“We are confident that the Lagos state government will implement measures to bring succour to the victims.”
Akeredolu condoles with victims, Sanwo-Olu
Governor Akeredolu condoled with the Lagos State Government and victims of the explosion.
His condolence was contained in a statement by his Commissioner for Information and Orientation, Donald Ojogo.
Akeredolu described the incident as a sad development that reinforced the need for caution and vigilance on the part of all Nigerians irrespective of status.
He said: “Without prejudice to the outcome of a possible probe into this unfortunate incident, the loss of several lives and valuable assets to such an incident calls for deeper introspection, caution and endless vigilance.
“Sad occurrences of this nature, especially avoidable ones, can only be stemmed by our relentless and conscious efforts devoid of status.
“To my brother Governor, Babajide, the good people of Lagos State and indeed victims as well as those who lost their ones, including property, the prayers of the good people of Ondo State are with them at this crucial moment of grief.”
Gbajabiamila sympathises
Expressing sadness, called for calm as the state government began frantic efforts to ascertain the cause of the incident.
The Speaker commended the state government as well as relevant agencies for taking action following the explosion.
In a statement by his Special Adviser on Media and Publicity, Lanre Lasisi, the Speaker said everything should be done to avert the reoccurrence of such incident in future.
“My heart goes out to the people of Abule Ado, especially the victims of the explosion, in Amuwo Odofin Local Government Area. I also sympathise with the people and Government of Lagos State over the incident
“May I call on all the agencies of government to do diligent work to ascertain the cause of the explosion to avert a reocurrence”
Fayemi identifies with Sanwo-Olu
Ekiti State Governor Dr. Kayode Fayemi commiserated with the Governor of Lagos State, Mr Babajide Sanwo-Olu, and families of victims, residents and business owners who lost properties.
In a statement by his spokesman Yinka Oyebode, the Ekiti governor regretted the huge losses recorded during the early morning fire, urging the victims not to lose hope in the face of the disaster.
He also called on Nigerians generally to be conscious of safety of their environment, especially during this dry season.
The statement reads: “We commiserate with families that lost their loved ones as well as residents and business owners who lost properties worth several millions of naira to the fire incident.”
How it happened, by NNPC
No the NNPC, the early hours was as a result of gas explosion which occurred after a truck hit some gas cylinders stacked in a gas processing plant located near the corporation’s system 2B Pipeline Right of Way.
In a press release signed by NNPC Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, the corporation explained that preliminary findings indicated that the impact of the explosion was so huge that it led to the collapse of nearby houses and damage to NNPC pipeline on which efforts are being made to curtail the resultant fire.
The Group Managing Director of NNPC, Mallam Mele Kyari and other top managers of the agency were on their way to Lagos last night for an on-the-spot assessment.
According to him, following the report of the explosion, the corporation quickly halted ongoing pumping operations on the Atlas Cove-Mosimi pipeline which was active at the time.
The release explained that NNPC had already mobilised its in-house combined team consisting of health safety environment experts, medical and security personnel from its nearby Satellite Depot in Lagos, even as Lagos State Fire Service was also rallied to extinguish the fire.
The statement said more fire firefighting personnel and equipment were mobillised from the NNPC Mosimi Area Office to provide extra fillip to the ongoing operation.
Assuring members of the public and residents of the affected communities to remain calm, the NNPC’s spokesman assured that the temporary shutdown of the petroleum products pipeline would not affect the normal supply of products to the Lagos and its environs.
Ooni To Intevene In Ekiti Traditional Council Crisis [THE NATION]
- Don’t meddle in our affairs, Ekiti kings warn Alaafin
The Ooni of Ife, Oba Adeyeye Ogunwusi, will visit Ekiti today to resolve the crisis between Governor Kayode Fayemi and some aggrieved monarchs, The Nation can authoritatively report.
A source said Fayemi and the aggrieved monarchs had visited the Ooni at separate times to brief him on the crisis and reasons for their actions. It was also learnt that Oba Ogunwusi had already offered possible solutions to the impasse which both sides respected. They also agreed to meet with him in Ado-Ekiti today to finalise issues before Oba Adeyemi wrote a letter to Fayemi.
But a source said oba Ogunwusi had already reached an advanced stage in resolving the crisis before Alaafin’s letter.
“This matter was almost fully resolved and there is no going back. The kings went to the Ooni to explain the crisis after which he reached out to Governor Fayemi.
“Oba Ogunwusi and the governor had a fruitful discussion and they agreed to meet the monarch in Ado-Ekiti today, to officially pronounce an end to the crisis. I really do not understand anything about the letter that came from the Alaafin.”
The council was thrown into leadership crisis last August when Governor Fayemi allegedly facilitated the Alawe of Ilawe-Ekiti, Oba Adebanji Alabi, in becoming chairman of the Ekiti Council of Traditional rulers.
This made 16 of the leading members shun council meetings and government activities as they posited that the Alawe is not qualified to chairman the council.
The Ekiti State Council of Traditional Rulers has cautioned the Alaafin of Oyo, Oba Lamidi Adeyemi III, against meddling in its internal affairs.
The council told Oba Adeyemi to restrict himself to monarchical affairs in Oyo State.
A March 14 letter signed by its Chairman, the Alawe of Ilawe-Ekiti, Oba Adebanji Alabi, to Oyo State Governor Seyi Makinde, urged him to stop Oba Adeyemi from his ‘undue interference’ in the internal affairs of Ekiti Obas.
The letter, ‘Request to stop undue interference of His Majesty, Oba Lamidi Adeyemi, in the internal affairs of Ekiti Obas’, was a reaction to the Alaafin’s alleged letter to Governor Kayode Fayemi.
Oba Adeyemi, in a March 12 letter, warned Fayemi against treating the traditional institution with levity. This followed a query issued by Fayemi to 11 prominent monarchs for alleged insubordination.
The March 11 query – ‘Re: Absence from state functions and Council of Traditional Rulers’ Monthly Meetings’ – was signed by A.O. Adeoye, on behalf of the Permanent Secretary of the Bureau of Chieftaincy Affairs. The monarchs were given 72 hours to reply.
The governor and some aggrieved monarchs had been at loggerheads since July 31, 2019, over Oba Alabi’s appointment as chairman of the Council of Traditional Rulers.
In a writ of summons before the Ekiti High Court, the 17 aggrieved kings asked the court to reverse Fayemi’s action on the premise that the Alawe was not recognised by statute to chair the council.
Anti-Oshiomhole Forces Undermining Buhari’s Govt, Says Tinubu [THE NATION]
- ’They’re carriers of Ambition-virus 2023’
All Progressives Congress (APC) stalwart Asiwaju Bola Tinubu on Sunday said those plotting the removal of National Chairman Adams Oshiomhole are undermining the ruling party and weakening the Buhari administration.
He described them as “carriers of old Ambition-virus 2023,” adding that the primary symptom of the malady is the tendency to believe that 2023 elections will be decided before the end of 2020.
Tinubu said: “Everything they say and do is geared toward obsessive jockeying for position to control and manipulate a race still three years away.
“In doing so, they recklessly undermine the very party, which they claim to serve, and weaken the administration of President Buhari to which they claim to be loyal.
“They line up to run a race for which the track has not even yet been constructed. Put another way, they seek to pluck the fruit before the seed is even planted. As such, their actions border on the pathological.”
Tinubu said in a statement by his Media Office in Lagos that those nursing 2023 ambition should understand that politics is seasonal.
He urged them to focus on governance, which is perpetual and beneficial to the people.
Noting that their vision is blurred and their judgment faulty, he said what they should do is to cooperate with the president, instead of distracting him.
He said: “As democrats, we cannot physically quarantine them. However, we can quarantine their ideas and antics by not falling prey to them. This is the best way we can help President Buhari fulfil his mandate and inoculate our party and the nation from grave folly.”
Reflecting on the plot against Comrade Oshiomhole, the former Lagos State governor said his detractors have exclusively focused on the chairman’s human flaws and deliberately neglected his merits.
He said if the “humanity” of a chairman is a ground for his dismissal, “the position will forever be vacant.”
In Tinubu’s reckoning, Oshiomhole is a successful chairman who has served with diligence and patriotism.
He added: “The chairman has been a tireless campaigner and mobiliser for the party. He has steered the party through difficult elections. His contributions should not be undervalued now that the bulk of elections are behind us.
“To do so would be an act of ingratitude. It is no secret that the Chairman and Edo Governor Obaseki are in dispute. This is unfortunate. However, the party has moved through proper procedures within the proper organs of the party to hopefully resolve this spat.
“All party members know this. Such decisions are part and parcel of internal party governance. Yet, motivated by ambitions that have nothing to do with the quality of the chairman’s performance, people shunned the agreed party reconciliation mechanism and resorted to other means to oust him.
“These self-help attempts are unwarranted. These attempts reveal more about the mala fides of their perpetrators than they do about the chairman.”
Tinubu chided the plotters, who want Oshiomhole out because they perceive him as an obstacle to their 2023 ambitions.
APC Crisis: Tinubu Rallies Support For Buhari, Oshiomhole [SUN]
- Says troublemakers suffer ‘Ambition-virus 2023’
As the crisis plaguing the ruling All Progressives Congress (APC) festers, national leader of the party, Asiwaju Bola Tinubu, has declared support for the embattled national chairman, Adams Oshiomhole, even as he called on party faithful to shelve their individual ambitions and help the President Muhammadu Buhari-led administration achieve his programmes.
In a statement yesterday Tinubu linked the crisis in the party to some members who have launched their 2023 political aspirations, warning that their actions were detrimental to the party and country.
“In a well-structured society, people come to understand that the time for politics is seasonal, it is periodic. The responsibilities of governance are what is perpetual. Many of our politicians, sadly, have inverted this reality. This is the time for governance. It is not the moment to bring the politics of 2023 into 2020. In due course, 2023 shall come. Nothing can prevent it. However, that time is not today. If we are earnest, the present offers sufficient work and challenges for us without trying to add to it by rushing the future. Let us dedicate our energies to helping President Buhari win the present,” he said.
Tinubu also threw his weight behind Oshiomhole, describing him as “a tireless campaigner and mobiliser, who steered the APC through difficult elections.”
He said, “The President is faced with many challenges. He is fighting hard on security to keep the population safe. He is pushing for economic reforms that will augur future sustainable growth. His disdain for corruption remains unwavering. Add to it now the coronavirus crisis and its resultant social as well as economic impact. Politicians express loyalty to him, but the words of too many of our politicians are like butter under a burning sun, they melt quickly away. Better to be loyal indeed. Instead of trying to manipulate party and other mechanisms solely to their political gain, it is time to shelve political intrigue for the time being. It is time for all party members to truly see what is at stake and work with Mr. President for the collective good of the nation. This means we must rally around President Buhari. We must help him build a stronger national consensus on policies that will ensure safety and bring greater prosperity.
“The chairman has been a tireless campaigner and mobilizer for the party. He has steered the party through difficult elections. His contributions should not be undervalued now that the bulk of elections are behind us. To do so would be an act of ingratitude.”
Tinubu declared that those plotting the ouster of the former Edo State governor as chairman of the APC do so because they feel Oshiomhole posed a threat to their 2023 ambitions: “The plotters launched their attack solely because they perceive the chairman as an obstacle to their 2023 ambitions. People went to court knowing full well the party constitution prohibits such action because these people had not yet exhausted all internal disciplinary procedures. We even had a national deputy secretary improperly call for a NEC meeting on the basis that he believed himself the acting national chairman. Clearly, this man would not have summoned the temerity to make such a move had he not been instigated by powerful individuals who he thought would reward or, at least, protect him for committing the wrongful act.”
He accused some politicians of exploiting the dispute between Edo State governor, Godwin Obaseki, and Oshiomhole to pursue selfish ambitions.
“It is no secret that the chairman and Governor Obaseki are in dispute. This is unfortunate. However, the party has moved through proper procedures within the proper organs to, hopefully, resolve this spat. All party members know this. Such decisions are part and parcel of internal party governance. Yet, motivated by ambitions that have nothing to do with the quality of the chairman’s performance, people shunned the agreed party reconciliation mechanism and resorted to other means to oust him. These self-help attempts are unwarranted. These attempts reveal more about the mala fides of their perpetrators than they do about the chairman,” he said.
I Wasn’t Party To Sanusi Dethronement –Malami [SUN]
- Nasarawa gov: Our role in banishment
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, has said he was not in any way connected with the dethronement of Emir of Kano, Muhammadu Sanusi II and his subsequent banishment to Nassarawa State.
Malami made this known in a statement issued in Abuja by Dr Umar Gwandu, yesterday.
“The issue of who does what over the dethronement saga has been effectively submitted for judicial determination. The matter is consequently subjudice. And I will not comment one way or the other over a matter that is pending before the court.”
The former Emir was dethroned on Monday, March 9 for alleged insubordination. He was thereafter removed from the Emir’s Palace in Kano and taken to Loko community in Nasarawa State. He was later removed from Loko and relocated to Awe, another town in the state. The deposed Emir has since left Nasarawa for Lagos.
Sanusi had claimed that the Attorney General of Kano State, Ibrahim Muktar, and the Attorney General of the Federation, instructed the Department of State Services and police to detain him.
The deposed Emir of Kano, had dragged the Inspector-General of Police, Mohammed Adamu; Director-General DSS, Yusuf Bichi, to the Federal High Court, Abuja, over his alleged detention.
Also joined in a motion ex-parte with suit number: FHC/ABJ/CS/357/2020, filed by his team of lawyers led by Lateef Fagbemi, SAN, who is leading the legal team are the Attorney General of Kano State and Malami as third and fourth respondents respectively.
Sanusi who was released on Friday following the order of a Federal High High Court, Abuja has since relocated to Lagos.
Meanwhile, Governor Abdullahi Sule has explained the circumstances leading to the relocation of Sanusi to Nasarawa State.
The governor also distanced himself and government from the intrigues surrounding the deposition and banishment of the deposed Emir.
Governor Sule said Sanusi had been dethroned before his Kano State counterpart, Dr Abdullahi Gandoje, informed him of the development.
At a brief interaction with journalists in Lagos, yesterday, Governor Sule said neither he nor any other official in his government was consulted before the former Emir was deposed.
He recalled that he was at a meeting when he got a call from Kano governor who informed him (Sule) that the Emir had been removed, adding that Ganduje wanted to know if the Emir would be accepted in Nasarawa.
“I had no prior information that he was to be removed. Of course, I followed the events between them like any other person. The news of his removal was already on the social media, but I wasn’t following the social media at the time, so I didn’t know about it until I received the governor’s call.
“The governor of Kano State said they had just removed the Emir of Kano, and they were thinking of relocating him to Nasarawa. He wanted to know if we would accept him. Of course, I accepted that we would accommodate him.
“The former Emir is somebody that we respect a lot. When I was Executive Director of Dangote Group, the former Emir was Managing Director of First Bank. When I was Deputy Group Managing Director, he was the CBN governor and when I was Group Managing Director, he was an Emir. My own father is a traditional ruler too. So, I know what it takes to be an Emir.
“We had nothing but utmost respect for the deposed Emir,” he said.
He said Sanusi was quite happy with the treatment he got in Nasarawa, regretting that certain people had been displaying ignorance on the matter by casting the state in bad light.
“That was why when he was leaving, he had to stop by in the Government House, together with his mother and his friend, Kaduna State governor El-Rufai, to show appreciation to the state government.
The governor said the Secretary to the State Governor, who hails from Loko, vacated his house in the town for the Emir, adding that when he was moved to Awe, the council chairman left his personal house for Sanusi.
The governor said although he was aware of the feud between the Kano governor and Sanusi, he never expected that it would degenerate to the removal of the Emir.
“But when I was aksed if we would like to host him in Nasarawa, I could not object. That was why we accommodated him. And he was pleased with the treatment he got,” the governor said.
Senate To Make National Census Compulsory Every 10 Yrs [SUN]
The Senate has introduced an amendment Bill to alter Section 213 of the 1999 Constitution as amended to give legal backing to a 10-year compulsory conduct of a national census.
Tagged “A Bill to alter the provisions of the constitution of the Federal Republic of Nigeria 1999 to specify the time frame for the conduct of population census,” the move is in line with the United Nations’ recommendations that a national census be conducted at least once in 10 years.
Nigeria’s last national census was conducted in 2006 when President Olusegun Obasanjo held sway. Since then, we have had Umaru Musa Yar’Adua, Goddluck Jonathan and Muhammadu Buhari as presidents.
The National Population Commission, in 2015, waited for a national proclamation from President Buhari to enable them kick off the census, but he did not issue any.
According to the proposed amendment, the new law will provide for the time frame for the conduct of population census every ten years after publication by the President of a population census report by the National Population Commission.
The Bill is sponsored by the Deputy President of the Senate, Ovie Omo Agege, who doubles as chairman of the Constitution Review Committee.
Principal, 16 Others Killed, 50 Houses Razed In Lagos Gas Plant Explosion [PUNCH]
No fewer than 17 persons have been confirmed dead and 25 others injured after a gas explosion rocked the Abule-Ado area, near the International Trade Fair Complex, Amuwo Odofin Local Government Area of Lagos State on Sunday.
More than 50 buildings in the area were impacted by the explosion, as hundreds of residents were rendered homeless.
Several vehicles parked in the area were also destroyed by the explosion.
Boarding pupils of the Bethlehem Girls College were trapped in the wreckage of their hostel, as residents and sympathisers pulled them out of the rubble.
PUNCH Metro learnt that the Principal of the college, Rev. Sr. Henritta Alokha, lost her life while attempting to rescue the pupils.
Our correspondents were told that the explosion occurred around 9am after a truck hit some gas cylinders in a gas processing plant.
The gas plant was located near the Nigerian National Petroleum Corporation’s System 2B pipeline’s right of way.
A witness, who identified himself simply as Chibuzor, said his neighbour, who was just delivered of a baby, was trapped after her residence caved in.
He said, “We were in the church when it happened. At first, we thought it was a tanker explosion and we ran out of the church to see what had happened. But on getting out, we saw fire raging.
“My brother’s house was affected and a woman, who just gave birth, was in the house. We cannot hear her voice and she is not picking her calls.
“Immediately the explosion happened, the chapel of the school, where the children were gathered for morning mass, collapsed. Some were trapped underneath the rubble, while some have been rescued and rushed to hospital.”
A Twitter user, Alexehi Imobhio, said he was also in church when the explosion occurred.
“It felt like it exploded on the church premises. All the windows were shattered and worshippers ran for their lives. It was my first day in church after over four years,” he said.
The Lagos State Emergency Management Agency said 17 people were confirmed dead, adding that 25 were injured.
Anti-Oshiomhole Forces Weakening APC, Buhari Regime, Tinubu Warns [PUNCH]
The All Progressives Congress members opposed to its National Chairman, Adams Oshiomhole, and his supporters on Sunday stepped up the battle for control of the party ahead of its Tuesday’s National Executive Committee meeting.
While some members of the ruling party told The PUNCH that there was no going back on their decision to remove Oshiomhole, the Chairman of the APC in Lagos State, Alhaji Tunde Balogun, said state chairmen of the party would not abandon the former Edo State governor.
He stated this just as the national leader of the APC, Asiwaju Bola Tinubu, on Sunday hit hard at members of the party pushing for the removal of Oshiomhole, saying they had been afflicted by 2023 virus.
He said those who were afflicted by 2023 virus were undermining the APC and weakening the regime of the President, Major General Muhammadu Buhari (retd.).
The crisis in the APC worsened on March 4 when the High Court of the Federal Capital Territory, Jabi, Abuja ordered an interim suspension of Oshiomhole as the APC national chairman. The court hinged his decision on Oshiomhole’s suspension as a member of the APC in Edo State.
Twenty-four hours later, a Federal High Court sitting Kano gave a contradictory judgment by nullifying Oshiomhole’s suspension.
The National Working Committee members of the APC opposed to Oshiomhole fixed the party’s NEC meeting for Tuesday, but his supporters described the decision as illegal.
Prior to the March 4 court order, crises had hit Zamfara, Ondo, Bayelsa and Edo state chapters of the party. In Edo State, the party is divided into two factions, one loyal to Oshiomhole, while the other has the backing of the state Governor, Godwin Obaseki
On Sunday, Tinubu, in a statement he personally signed, said anti-Oshiomhole forces shunned agreed reconciliation mechanism in the party because they were motivated by their personal ambitions.
Explaining the implications of the plot to remove Oshiomhole, the APC national leader said anti-Oshiomhole forces were doing a great disservice to the administration of Buhari.
Oil Crash: Nigeria May Lose $8.63bn In Six Months [PUNCH]
- Operators canvass deregulation, economic policy review
Nigeria’s economy may slide into another recession as the sudden crash in crude oil prices is set to wipe $8.63bn from the expected earnings accruable to the country in six months.
Already, the nation has lost over $335.7m after the crude oil price plunged last week, hovering between $30 to $36 per barrel.
This is based on the 2020 budget benchmark of $57 per barrel.
Nigeria could lose about $8.63bn to the crude price crash as Goldman Sachs in a report predicted that oil price would stay near $30 per barrel in the next six months, amid Saudi Arabia-Russia price war.
Goldman Sachs Group Inc is a renowned investment management firm and its crude oil price prediction was released on March 11, 2020.
Should the price of crude stay around $30 per barrel range, another economic recession in Nigeria may set in, economic experts and Nigeria’s major oil sector unions have stated.
The crude oil sales make about 90 per cent of foreign exchange earnings in Nigeria.
The country’s 2020 budget passed in December last year was calculated on crude production of 2.18 million barrels a day at a price of $57 per barrel.
But the benchmark Brent crude futures traded at $35.44 per barrel on Sunday morning. It had dropped by 20 per cent at slightly above $36 a barrel it traded last week Monday.
The commodity has traded at an average price of about $35 per barrel since the recent price crash.
At 2.18 million barrels per day and a cost of $57 per barrel, as captured in the 2020 budget, Nigeria earned about $124.26m daily.
But the nation’s crude oil earnings have plummeted to about $76.3m daily, following the latest drop in oil price.
Findings showed that the difference between the projected earnings ($124.26m per day) and the actual earnings ($76.3m daily) was $47.96m.
This implies that the country is losing about $47.96m daily since the recent crash in crude oil prices, representing $335.7m in the last one week.
The country is, therefore, set to lose a whopping $8.63bn in six months time, going by Goldman Sachs’ prediction that crude oil would trade for near $30 per barrel in the next six months.
Nigeria passed a record N10.6tn ($34.6bn) 2020 budget in December last year. But experts are jittery that a loss of $8.63bn from the country’s crude oil earnings would adversely impact the economy.
With an economic growth around two per cent, they noted Nigeria was still struggling to shake off the effects of the 2016 recession, which was caused by the oil price collapse of 2014.
According to the experts, if nothing significant is done to shore up the revenue following the current crash in crude oil prices, another recession is definitely imminent.
Paucity Of Funds Stall Completion Of Oguta, Lokoja River Ports [LEADERSHIP]
The National Inland Waterways Authority (NIWA) on Friday said the development of river ports around Oguta in Imo State, Lokoja in Kogi State and others suffered setback because of paucity of funds.
The managing director of NIWA, Dr George Moghalu, disclosed this in Lagos while meeting with stakeholders in the maritime sector after a facility tour of NIWA facilities.
He said some of the ports had been completed and were waiting to be handed over to private operators. Moghalu said the Baro and Onitsha river ports were 100 per cent complete, while the Oguta and Lamata river ports in Lokoja were 60 per cent ready.
To facilitate the completion of the Oguta river port, he said NIWA was holding talks with the Imo State government and had received their commitment to the project.
He said, “We are looking for cheap funds to develop the ports. Cost of funding in Nigerian commercial banks is too high.”
He said the Onitsha river port would be given to a concessionaire very soon while Baro port was almost ready but for the poor access road.
“The Niger State government is already addressing the challenge of the Baro port access road,” he stated.
Moghalu who promised to continue all the abandoned river port projects in the country noted that if the ports were functional, they would facilitate the movement of people and goods across the country and ease the gridlock along the Apapa port access road.
He said, “In view of the growing transportation needs particularly in moving bulk commodities, our country dearly needs diversification and development of its critical infrastructure in the area of waterways transportation.”
According to him, the pressure on the roads and carnage associated with road transportation will be reduced, if inland waterways are made navigable.
He noted, “Nigeria has about 10,000 kilometres of inland waterways which cut across 28 states, but only 3,000 kilometres are navigable all year round. If we can activate more waterways and water transport can become more viable, government will earn more revenue, the pressure on our roads will be reduced too.”
Speaking further, he said NIWA was currently clearing the water hyacinth and removing wrecks along the waterways to make them more navigable.
On safety, he disclosed that the agency had contracted an American company to supply life jackets, adding that no passenger would use NIWA jetty without life jacket.
He also said the authority was putting a stop to boats plying the waterways at night or early in the morning without navigational aids.
“Uncertified and rickety boats found along the waterways would be impounded and any unlicensed or unqualified captain would be arrested,” the NIWA boss said.
Ghana, Rwanda, S’Africa Roll Out Drastic Measures [LEADERSHIP]
Three African leaders yesterday declared a state of emergency in their respective countries on the escalating and devastating coronavirus (COVID-19), which has infected some of their nationals.
The affected countries – Ghana, Rwanda, and South Africa – apart from announcing travel restrictions, shut down schools, worship centres and postponed several events.
In Ghana, the Ministry of Information directed airlines not to allow persons from countries where 200 persons had been infected by the disease to embark on journey within the country’s shores.
In statement signed by Kojo Oppong (MP), he said: „Any traveller, except for Ghanaian citizens and persons with Ghana residence permits, who, within the last 14 days, has been to a country that has recorded at least 200 cases of COVID-19, will not be admitted into the Ghanaian jurisdiction.
“There will be a mandatory 14-day self-quarantine for persons who are otherwise allowed to enter the Ghanaian jurisdiction. Guidelines for self-quarantine will be available at the various Ghanaian ports of entry. Enforcement protocols are being deployed in collaboration with state security and health authorities. Persons determined to be unable to satisfactorily self-quarantine will be quarantined by the state.
“Any admissible traveller, who exhibits symptoms of COVID-19 will be quarantined and tested upon reaching Ghana. Item one of this statement, takes immediate effect. Items 2, 3 and 4 take effect at 1pm on Tuesday March 17th 2020,“ the statement added.
Already, there are officially, six coronavirus cases in Ghana, according to the country’s Health Service.
This was disclosed by the Ghana Health Service at a news briefing at the Information Ministry yesterday afternoon.
This implies that from the time the first two cases were made public the number of COVID-19 infections in Ghana has increased by 200 per cent. Five of the cases are all Ghanaians with one foreigner, a Norwegian.
The Ghanaians had returned from the United States of America (USA) and the United Kingdom (UK) and. They are all in quarantine and in stable condition, according to the Health Service.
At the news conference yesterday, the information minister also announced certain travel advisories and restrictions.
The health authorities are also conducting contact tracing for more than 200 people who might have come into contact with the six cases so far recorded in the country.
More strident measures were announced by the Republic of Rwanda as the government closed down places of worship, large gatherings and schools in order to strengthen its ability to mitigate the risk of COVID-19 transmission.
A statement on the new measures to prevent the virus transmission, which was signed by Lasant Serede, the Ministry of Health said that the closure became necessary following its assessment, adding that the steps shall be observed for an initial period of two weeks.
The statement reads: „Places of worship are closed from Sunday, 15th March 2020, with prayers to be conducted from home.
“Schools and higher education institutions (both public and private) shall close on Monday, 16th March, 2020 and employees should be permitted to work from home wherever possible, in consultation with their employers
“Large gatherings such as weddings and sporting events are to be postponed, and the number of people attending burial ceremonies should be minimised.
“Businesses and restaurants continue to operate, but adequate distance between customers must be maintained (at least one metre).
“Unnecessary movements should be avoided, and public transport must not be overcrowded; hand hygiene and social distancing are the only effective methods of preventing transmission of coronavirus.
“Citizens are therefore reminded of the critical importance of frequent hand washing and of avoiding unnecessary physical contact with others. Ordinary soap is the most effective product for hand-washing, followed by alcohol-based sanitiser. The use of face masks is only recommended for patients and those in direct contact with patients.
“Any person with the classic symptoms of COVID-19 coronavirus (dry cough, high fever) should stay at home and call the toll-free number 114 for further guidance, or consult a community health worker,“ the statement added.
The South African authorities toed similar lines as President Cyril Ramaphosa, said that the state of emergency declared on the pandemic was in line with the country’s Disaster Management Act.
In the 19 tough measures he rolled out, the president said that South Africa has placed a travel ban for incoming visitors from high-risk countries from tomorrow 18th March, 2020.
He named the affected countries as China, Iran, Korea, Germany, Italy and Spain
According to him, visas are cancelled for visitors from high and medium-risk countries while South African (SA) citizens returning from high-risk countries will be tested with forced quarantine.
Also, South Afrcian citizens returning from medium-risk countries will be subject to additional screening while several ports of entry will be closed across all modes of transport.
Ramaphosa added non-essential international travel for government are banned while local travels for government are limited.
Others are the prohibition of gatherings of more than 100 people; cancellation of mass celebrations and government functions; small gatherings to attract stringent precautionary measures by organisers; schools to be closed from 18th March until after Easter weekend, and school holiday in June to be one week shorter.
Ramaphosa directed all sectors, including malls and shopping centres to increase hygiene control; review of government testing and surveillance systems, and creation of morel isolation and quarantine venues.
The measures also include setting up of national tracking and reporting system in collaboration with private sector; government to start campaign for general and ongoing hygiene; provide additional funding for departments dealing with the pandemic, and government’s command and control to be implemented and meet three times a week.
Nigerian-Italian dies in Canada
Meanwhile, a Nigerian, Dr. Olumide Okunuga, has died of coronavirus in Canada. The news of his death was broken on Saturday morning.
A United States (US)-based blog Irohinoodua reported that Okunuga died of coronavirus and the age of 63 and was the first Nigerian known to have died of the dreaded disease.
Before his demise, Okunuga was the president of Egbe Omo Yoruba, Emila Romagna and vice president of Yoruba National Community in Italy.
He was a pathologist and a native of Ikenne Remo in Ogun State.
Okunuga was also a two-time councillor for Modena in Italy where he had lived for 35 years. He was diagnosed to have contacted coronavirus in Canada, a country which has recently been hit by the deadly virus, the blog said.
It quoted sources as saying that the remains of Okunuga were asked to be recognised from a distance by his daughter, Dr. Bolanle Okunuga, whose mother is a Caucasian of Italian origin.
Irohinoodua further quoted Canadian health officials as saying that Okunuga’s body would not be released but had to be cremated.
It said: “His death has left the Yoruba community in Italy totally devastated. We have lost a very great man who was in the apex of his career,” an official of the Egbe Omo Yoruba, who did not wish to be named, said.
Also mourning Odunuga, Mr. Abiodun Gbadamosi, an official of Egbe Omo Yoruba in North America, said: “We lost a great man this weekend. He was an affectionate and decent man who lived for others through his meritorious services since he left Nigeria for Canada many years ago.”
Enugu Suspected Case Tests Negative
The Enugu State Ministry of Health, yesterday announced that the suspected case of Coronavirus ealier announced by the state government has tested negative.
A statement signed by the permanent secretary in the ministry, Dr. Ifeanyi Agujiobi, declared that result of the test conducted at the IRUA Specialist Hospital and corroborated by the Nigerian Centre for Disease Control (NCDC) confirmed that the suspected case proved negative.
“This is to inform the general public that we have received the result of the investigation sent to IRUA Specialist Hospital which is further corroborated by Nigerian Centre for Disease Control (NCDC) as negative.
“We hereby enjoin the general public to go about their normal business however to remain alert and vigilant observing basic personal health hygiene,” the statement reads. On the homefront, Enugu State has recorded suspected case of the coronavirus.“
Agujobi, had in a statement he issued ealier on behalf of the commissioner for health, said: “Sample has been collected and sent for investigations. We await the result. The suspect is being monitored.’’
Also, the commissioner for Information, Mr Chidi Aroh, said that the ministry’s officials were able to observe the suspected case due to its high surveillance of health security.
He stated that the ministry had earlier issued a statement on the suspected case after reporting the situation to the NCDC.
Italy Loses 368 Within 24 Hours
It was another sad day for Italy yesterday as the country reported 368 new deaths from the coronavirus outbreak bringing the nation’s death toll to 1,809 while the number of positive cases rose to 24,747 from 21,157 on Saturday.
Italy has become the worst-hit country after China, with total number of cases hitting nearly 25,000.
Meanwhile, Spain became the second European country to impose a nationwide lockdown after 2,000 new cases were confirmed and the number of reported deaths doubled.
Iran, however, announced more than 100 people have died in the past 24 hours, with the confirmed cases nearing 14,000. Tehran said that its fight against coronavirus is being severely hampered by US sanctions.
In the Philippines, the capital Manila has been sealed off, with its 12 million residents told to avoid travel for a month. Schools in the city have been closed and large events banned while the US increased screening measures for people returning from Europe which caused chaos at airports.
UAE Orders Adherence To Public Health Directives
In the Arab world, the United Arab Emirate (UAE) Council for Fatwa declared that it is a religious obligation for all segments of society to strictly adhere to all public health directives and regulations provided by the dedicated state agencies as well as to take all necessary measures to prevent the transmission and spread of the disease.
The council, which issued a statement on the coronavirus pandemic, declared that it is impermissible according to sacred law to disregard such directives and measures under any circumstances.
In the statement signed by its chairman, His Eminence Shaykh AbdAllah Bin Bayyah, said: “It is forbidden by Sharia for anyone infected with this illness or even one thought to be at risk for infection to enter public places or go to the mosque for all congregational prayers, including Friday prayers and the Eid prayers.
“It is an obligation for such a person to take all necessary precautions as outlined by medical authorities, such as observing quarantine and adhering to any prescribed treatment. This is so that one does not transmit the illness to others.
“ There is a religious concession (rukhah) for the elderly, children, anyone suffering from respiratory conditions, and those with compromised immunity to not attend all congregational prayers, including Friday prayers, Eid prayers, and tarawÏ prayers. Such people may pray in their homes or wherever they are and can pray ·uhr in place of the Friday congregational prayer.
“ Such directives include frequently washing hands with soap and water, for cleanliness is part of the teachings of Islam based on the agreed upon hadith narrated by Ab Hurayrah in which the Prophet said, ‘when one of you wakes up from sleeping, he should wash his hands thrice before putting them into the water vessel’; limiting greeting others to verbal salutations and avoiding shaking hands and hugging; observing proper etiquette when sneezing, including covering the mouth and nose with the elbow or a tissue; and others.
“Regarding the hajj, umrah, and visiting the Messenger of God, it is obligatory to adhere to all directives issued by the government of the Kingdom of Saudi Arabia, which are rooted in their governmental and religious responsibilities for the welfare of all pilgrims. Adhering to these directives helps them in ensuring the well-being and safety of all.
“It is a religious obligation for all parties to cooperate with the appropriate agencies, each within their respective capacity, to limit the spread of disease and to work to eradicate it. They should also not circulate misinformation or rumours and should rely only on official statements from the appropriate agencies. Those committed to the safety and stability of society should ignore all unfounded rumors and prevent their spread,” the council said.
Catholic Church Reviews Celebration Of Mass In Rivers
To curtail the spread of coronavirus in Rivers State, the Catholic Diocese of Port Harcourt has announced changes in the celebration of its Holy Mass.
The Catholic Bishop of Port Harcourt, Most Reverend Camillus Etukudoh, in a statement made available to newsmen yesterday, directed the suspension of parts of the Mass where faithful are meant to shake hands with one another as sign of peace till further notice.
Etukudoh also directed that hand washing points be provided at all Catholic churches in the state, while the holy water vessels that are usually placed at the entrance of the churches be removed immediately.
He stated that there should be massive education and enlightenment of the faithful on the most hygienic way of receiving Holy Communion during the Holy Mass.
The bishop, however, urged the faithful not to panic over the presence of the virus but take the situation to God in prayers, saying that God has the power to stop its spread.
Also, the Rivers State government has begun the sensitisation of various groups in the state, aimed at creating awareness on the virus as a means of preventing its infection.
The campaign, which began last Friday with chairmen and secretaries of Community Development Committees (CDCs) will continue today with religious groups and media practitioners.
According to the chairman of the Rivers State Committee on Coronavirus Enlightenment and commissioner for Information and Communications, Pastor Paulinus Nsirim, all the meetings will hold at the main auditorium of the Ministry of Justice, Port Harcourt.
Germany, US Feud Over Coronavirus Vaccine
The governments of Germany and the US are wrestling over the German-based company CureVac, which is working on a vaccine for the novel coronavirus, reported German newspaper Welt am Sonntag.
The German media outlet cited unnamed sources that US President Donald Trump was offering large sums of money to German scientists working on a vaccine. He wanted to secure exclusive rights to their work, the newspaper reported.
However, in a news release, the company on Sunday rejected „any claims on a possible sale of the company or its technology.“
CureVac focuses on the development of a mRNA-based coronavirus vaccine to protect people worldwide. We abstain from commenting on speculations and rejects allegations about offers for acquisition of our company or our technology, the firm said.
German Health Minister Jens Spahn said that a takeover was not on the cards and that the ministry „has been in good talks with the company for the last two weeks.“
Nigerian Mutual Fund Post N382bn Gain [LEADERSHIP]
Nigerian mutual funds or Collective Investment Schemes has generated an estimated gain of N382 billion as their net asset value hit N1.004 trillion in the year 2019.
Data released by the Security and Exchange Commission (SEC) as at December, 2019 showed that net asset value of mutual funds rose by N382 billion or 61.41 per cent from N621.593 billion on December, 2018 to N1.004 trillion to close for the year, 2019.
The analysis revealed that in spite of the decline of 14.60 per cent witnessed in the equities market during the year under review, the Nigerian mutual fund managers witnessed a growth of 61.41 per cent.
All the categories of Mutual Funds in 2019 appreciated except Equity Based Funds and Ethical Funds, which declined by 14.07 per cent and 11.93 per cent, respectively. Bond Funds, the most active rose by 138.35 per cent. Fixed Income Funds followed with a gain of 116.98 per cent, while Money Market Funds grew by 52.95 per cent. Mixed Funds rose by 21.32 per cent, while Real Estate Funds appreciated by 2.63 per cent.
The huge inflow underscored the fact that investors are still interested in mutual funds, especially bond, fixed income and money market funds which took in most of the new inflows.
Mutual fund is a pool of funds brought together by a professional fund manager from several investors to invest in selected underlying securities. The underlying securities can be one or a combination of the following: stocks, fixed income securities, real estate and commodities. A mutual fund portfolio is structured and maintained to match different investment objectives. The type of mutual fund an individual invests in depends on their financial objectives and appetite for risk.
In March 2019, the Nigerian Stock Exchange (NSE) in conjunction with the Fund Managers Association of Nigeria (FMAN), the Central Securities Clearing Systems (CSCS) and the Association of Stockholding, Nigeria (ASHON) launched the Mutual Fund trading platform at the stock exchange house in Lagos, with the aim to improve and enhance access of listed mutual funds to investors and to enhance visibility for the listed funds and promote financial inclusion while stimulating retail investor participation in our market.
The chief executive officer of NSE, Mr Oscar Onyema said that the platform is a new channel for accessing mutual funds which are listed on the NSE, stating that “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.”
According to Onyema, the platform will facilitate electronic transactions with seamless connection between NSE, CSCS, Fund Managers and Brokers. 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.
The acting director-general of Securities and Exchange Commission (SEC), Mary Uduk advised retail investors in the capital market to invest in Collective Investment Schemes and Mutual Funds to help reduce risk, saying such investments were managed by professionals and they help investors invest in various asset classes to minimise risk.
Chief executive, Stanbic IBTC Asset Management Limited (SIAML), Mrs Bunmi Dayo-Olagunju, said considering the volatility in the equities and commodity markets, it is imperative for investors to diversify their portfolios by investing in mutual funds and other investment vehicles.
The attractiveness of mutual funds or collective schemes, she said, derives from the numerous benefits it offers over other investment vehicles, such as flexibility, liquidity, steady returns, professional management, and risk reduction, among others.
Group managing director of Cordros Capital Limited, Wale Agbeyangi said that “We need a collective effort from both the regulators and the operators. The Securities and Exchange Commission has done a lot in this regard as the industry is a lot more regulated and the investing publics are better informed about the opportunities that mutual funds offer.”
Agbeyangi however, noted “We think both the operators and regulators can still do a lot more with regards to financial literacy and adequate wealth management strategies.
“Operators also need to come out with more investment solutions that cater to the various needs of investors. Government can also look at providing incentives and enabling environment that encourage savings and investments.”
He added that the mutual funds trading platform marks the beginning of a new era in Nigeria’s mutual fund industry as mutual funds can now be traded on the floor of the stock exchange, saying that investors can now buy and sell units of funds on the floor of the Nigerian Stock Exchange (NSE).
He also noted that with the platform, stockbroker can assist in distributing or selling the funds across the millions of clients that they have.
The managing director of HighCap Securities Limited, Mr. David Adonri said that mutual fund investment has been widely embraced as a good investment platform in the developed economies, and serves as a vehicle for the mobilization of capital for economic development.
He noted the investors are now embracing mutual fund instrument to diversify their investment risks especially in the equities market, explain that since investments in mutual funds are like investment in a basket of securities.