• The World Bank advises Nigerian policymakers to move away from national averages when formulating social protection measures after the fuel subsidy removal.
• Customizing reforms and social protection initiatives is crucial to consider the impact on different income groups and regions, as highlighted by the World Bank’s report.
• Shifting the focus to a targeted and inclusive approach is emphasized by the World Bank to address the effects of fuel subsidy removal across various socio-economic strata and geographic areas in Nigeria.

The World Bank, in its June 2023 report titled “Detox Development: Repurposing Environmentally Harmful Subsidies,” has advised Nigerian policymakers to move away from relying solely on national averages when formulating social protection measures considering fuel subsidy removal.

According to the World Bank, it is crucial to consider the impact of fossil fuel subsidy reforms on various income groups and regions.

The report emphasizes the need to customize reforms and social protection initiatives to address the specific requirements of different population segments.

The World Bank emphasizes the need for policymakers to move away from national averages and adopt a targeted and inclusive approach to address the impact of fuel subsidy removal. This approach aims to ensure that the effects are adequately addressed across various socio-economic levels and geographical regions.

A part of the report stated:

• “If policymakers focus only on national averages and use income level as the sole indicator of vulnerability, they may underestimate the vulnerability of certain groups and provide inadequate social protection for the poor.
• “For example, blanket compensation that uniformly covers a large share of the population may provide adequate compensation, on average, but is likely to fail to protect particularly vulnerable households. Commonly, the vulnerability of population groups is determined based on their income status.
• “However, other determinants of social marginalization can be even more important for instance, the exclusion of women or ethnic minorities makes livelihoods particularly vulnerable to shocks.”

More Insights

The report stated further that while in most states the poorest households consume very little kerosene, in several southern states kerosene consumption by the poorest is significantly above the average for their income group.

So, these regional differences may reflect issues such as differences in the type of employment, access to energy, and availability and affordability of alternative fuels.

The report also provided some insights based on the Goodluck Jonathan administration’s 2012 attempted removal of fuel subsidies.

According to the report, at that time, inadequate attention was paid to the needs of low-income households, resulting in public protests and fierce opposition.

How subsidy removal palliative should be structured

The World Bank report further highlights that in 2012, public protests were concentrated in urban regions such as Abuja and Lagos, where low-income households were mainly dependent on fuel, with little consideration for other parts of the country and their realities.

The position of the World Bank on how policymakers should structure subsidy removal palliatives is in line with what some industry stakeholders have said in the past.

In April 2023, energy analyst, Dan D. Kunle told Nairametrics that if the fuel subsidy should be removed, the government needs to distribute palliatives through state and local governments because they are closer to the grassroots.

According to Kunle, structuring palliatives from the federal capital, Abuja defeats the purpose as the many realities of energy access and affordability will not be considered from a national standpoint.

He emphasized that state and local governments are in a better position to understand the realities faced by Nigerians in all geopolitical zones of the country.

This solution also makes it easy for the palliatives to reach the intended members of the population instead of being siphoned by corrupt officials.

Whether you voted for former Vice President Atiku Abubakar of the main opposition Peoples Democratic Party (PDP) or Mr Peter Obi of Labour Party (LP) in the recent presidential election. Or have spent your political life fighting Asiwaju Bola Ahmed Tinubu. If you are Yoruba by ethnic affiliation, you are likely to be made to bear vicarious responsibility for any failings of government for as long as Tinubu remains president of Nigeria. But you will of course not share in the success. Given how many Nigerians are wired, every wrong choice Tinubu makes will be attributed to “your brother”, no matter how much you try to distance yourself. It is therefore important for some of us to warn our ‘Baba’ in Aso Rock not to play ‘Amunibuni’. It is a warning that his predecessor refused to heed, to his eternal damnation.

On Monday, two statements emanated from the office of the Secretary to the Government of the Federation, Mr George Akume. Since the dissolution of the boards of federal government agencies has gone without much attention, we can choose to ignore that one. The first is on the retirement of Service Chiefs and Comptroller General of Customs as well as the appointment of their replacements. Two new special advisers and two senior special assistants were also appointed. These appointments total thirteen. But the statement also added a list of ten military postings within the Villa as part of the appointments. Such announcement has no precedent. In another world, I worked at the Villa for three years and I never heard about officers (Lieutenant, Captain, Major etc.) holding junior command positions at the Villa because they are to work under the radar. From my findings, not only has the announcement of the officers compromised Villa security, but it has also created a problem for their career in the military. And in a nation where the first question people ask is where the appointee hails from, it is no surprise that some are already counting how many Yoruba persons were on the list of 23 names. 

Of the several columns I wrote on the lack of sensitivity in critical appointments by President Muhammadu Buhari, one stands out. I used a Yoruba word, ‘Amunibuni’, to situate my intervention. “That making strategic concessions is beyond this administration is an embarrassment, even for many northerners. That is because they are also aware that the appointments being cornered by a tiny clique is not to promote any ‘Northern agenda’ (whatever that may mean) but rather in pursuit of the personal interest by those who nominate these individuals. This explains why they go for their in-laws, kinsmen, friends and the like. Yet nepotism in critical appointments engenders collective insults in the manner of ‘Abunibuni’”.  

I then explained the real meaning of the word: “Yoruba loses its flavour when you translate into English, but ‘Amunibuni’ is better explained in the complete idiom: ‘Amunibuni ewure ibiye. Ibiye f’oju otun, ewure re fo t’osi’. Crudely interpreted, it means if a goat is blind on the left eye and its owner is blind on the right eye, any discussion about the goat would always bring into focus the condition of the owner. As one scholar expanded on the idiom, the real message is in the ambiguity that could come from describing the goat as ‘ẹran olójú kan’ which could be interpreted either as a ‘one-eyed goat’ or ‘the goat of a one-eyed person’. Both definitions are correct, but the latter brings the owner into the conversation. Today, any discussion about killings by ‘herdsmen’ brings attention to the inequity in the distribution of opportunities in Abuja by President Buhari. The result is that when you encounter cows on the highway, you look at the poor herder just trying to eke out a living and you blame him for all the problems of Nigeria!”

Even when he did nothing to improve the material condition of the average Fulani man, the damage President Buhari did to people of that ethnic stock in eight years was enormous. And as a Yoruba man, I wouldn’t want President Tinubu to do that to me. I am aware that there are thousands of appointments still to make and most of these things ultimately even out. But signalling is also important, especially by a new administration. That is why presidential handlers need to be circumspect lest they attract insults to Yoruba people who have always advocated for a peaceful and secure Nigeria that works for all citizens and where there is equity and justice in the distribution of opportunities.  

Now to the appointments in the security sector. The Chief of Defence Staff, Major General Christopher Gwabin Musa is from Zangon Kataf, Kaduna State, though born in Sokoto (both in the Northwest). The Chief of Naval Staff, Rear Admiral Emmanuel Ikechukwu Ogalla is from Enugu State (Southeast). The Chief of Air Staff, Air Vice Marshal Hassan Abubakar is from Kano (Northwest). The Chief of Defence Intelligence, Major General Emmanuel Parker Akomaye Undiandeye is from Cross River State (Southsouth). And the Chief of Army Staff, Major General Taoreed Abiodun Lagbaja is from the Southwest. After General Alani Ipoade Akinrinade who was Chief of Army Staff more than 43 years ago (and only for six months between October 1979 and April 1980), Lagbaja becomes the only other Yorubaman to head the army. And there have been 27 of them before him, with the longest serving being a certain Tukur Yusuf Buratai for whom Nigerians nearly carried placards before Buhari replaced him after five years and eight months! 

For the first time in the history of our military, apart from the CDS who is of the 38th Regular Course, other service chiefs are members of the 39th Regular Course who were commissioned in 1992. That should bring comradery and help in information sharing, a problem in recent years. Their appointments also meet the criteria of ethno-religious balancing. In fact, appointing a Christian northerner as CDS and a Muslim southerner as CoAS shatters the myth of ‘Christian South and Muslim North’ with which Nigeria is usually described by the international media. The National Security Adviser (NSA), Mr Nuhu Ribadu, also comes to the office with law enforcement training as a retired police officer and experience as founding chairman of the Economic and Financial Crimes Commission (EFCC). He is from Adamawa State (Northeast).

I have heard from those who should know that the appointment of service chiefs ticks all the right boxes: Professional competence, ethno-religious balancing, and the right character. But there are also whispering campaigns in Abuja about growing lopsidedness in the distribution of other opportunities. The appointment of Mr Adewale Bashir Adeniyi as acting Comptroller General of Customs finally ends the regime of Hameed Alli who was so contemptuous of the institution on which he was imposed by President Buhari that he considered wearing its (Customs) uniform beneath him. I have heard eulogies about Mr Kayode Egbetokun, the acting Inspector General of Police. But whatever argument we may make about the merit of those appointments, there is no part of this country where we cannot find competent people.

Mother’s Night in Mbutu Mbaise 

With the tone already set by her son-in-law, Dr Paddy Njoku, who described the late Dame Dorothy Nsonma Ihedioha as a quintessential mother, it was no surprise that the former House of Representatives Deputy Speaker, Hon Austin Opara, would also use the occasion to pay tribute to resilient motherhood in a patriarchal society. At the end, what came out from most of the tributes is the sacrifice many of our mothers made in raising their children into successful men and women against all odds. 

The burial last weekend of Emeka Ihedioha’s mother in Mbutu Mbaise, Imo State, attracted several important personalities. The church service was a collection of who-is-who in Nigeria: From former and current governors to National Assembly members and captains of industry. But it was the service of songs at Emeka’s country home last Thursday night that I found quite revealing. Having travelled on the flight that conveyed the corpse to Imo earlier that morning, I witnessed some of the cultural/traditional rites before the service of songs. Presided by the Primate of All Nigeria, Anglican Communion, Dr Henry Ndukuba, it was a solemn affair. Among the dignitaries in attendance were Alhaji Kashim Ibrahim-Imam, former Governor Aminu Waziri Tambuwal, Senator Uche Ekwunife, Mr Osita Chidoka, Chief Charles Ugwu, Mr Olisa Metuh, Hon. Emeka Nwajuiba and several others.  

After eulogizing the late Dame Ihedioha whom he credited with always treating all Emeka’s friends like her children, Opara then drew a parallel between her and his own mother. “My mother was married for 13 years without a child. Within the family, there was a saying that if they had used the money expended on marrying my mother to buy a goat, there would have been many goats in the house. You can then imagine the trauma when she gave birth after 13 years and the child fell from the hands of the nurse and died” recounted Opara who added that he was the first surviving child of his mother who went on to have four others before dying at 96.

Earlier in his tribute, Njoku recalled that the late Dame Ihedioha “had 15 pregnancies, 13 births and raised 11 of them up to the graduate level.” But more significantly, “she was mocked for having five female children in succession”. That was before she had Emeka (and later, Obinna).

With Nollywood actor, Kanayo O. Kanayo combining the role of Master of Ceremony with that of Chief of Protocol (and both so brilliantly) and event planner, Ms Henrietta Okonma making sure everybody was well taken care of, the outing of the Ihedioha matriarch was a worthy celebration of life. But personally, the highlight of the day was the long conversation I had with the urbane and highly cerebral Igwe of Orlu, Dr Patrick Acholonu, son of the late retired Justice of the Supreme Court, Pat Achonolu. With Emeka (whom he came to honour) busy, former Cross River State Governor, Mr Liyel Imoke (who chaired the burial committee) and I played ‘host’ to the lively Igwe for most of the day.

Back to the service of songs. Imoke, Tambuwal, Opara and others testified to the peculiar nature of the late Dame Ihedioha who took all the friends of Emeka like her own children. It was a point I also testified to when conscripted by Emeka to give testimony. In the short tribute I wrote for her 90th birthday last August, I referenced an Ndigbo adage, “Nne bu nne. Ezi-nne bu Ezi-nne” (A mother is a mother. A good mother is a good mother). 

For the late Dame Dorothy Nsonma Ihedioha, there cannot be a more fitting tribute!

The Governor of Abia State, Dr. Alex Otti, OFR, on behalf of the entire people of Abia State, has congratulated Mr. Eze Anaba, Editor of Vanguard Newspapers, on his election as the President of the Nigerian Guild of Editors (NGE).

Anaba who emerged the President of the professional body at the Biennial National Convention which held recently in Owerri, Imo State on Friday, is from Abia State. 

In a statement issued by Kazie Uko, Chief Press Secretary to the Governor of Abia State, said Anaba’s victory was an eloquent testimony to his leadership qualities and a demonstration of the confidence his colleagues repose in him.

“The people of Abia State are indeed glad to have you as one of their illustrious sons and hope that you will use your new office to work towards the realisation of their dream of a progressive and prosperous Abia”, the statement said. 

             Eze Anaba

The Governor also congratulated the entire Guild and, particularly, the Organising Committee of the convention, for putting up a rancour-free event, thereby holding a free, fair and peaceful election that has now brought about the new leadership.

The Governor also prayed that Anaba’s tenure “will see to the continued strengthening of the Guild, work to promote the welfare, well-being and rights of journalists in Nigeria as well as ensure that practitioners continue to imbibe the ethics of the noble profession of journalism”. 

Among those elected at the Convention is the Director of News, RADIO NIGERIA,  Mrs. Husseina Bangshika as Deputy President while Sheddy Ozoene, Kabir Alabi Garba and Umoru Ibrahim emerged the Guild’s Vice Presidents for the East, West and North, respectively. An editor with THISDAY, Dr. Iyobosa Uwugiaren is the General Secretary.

HE Department of State Services (DSS) and the Office of the Attorney-General of the Federation (OAGF) have explained their opposition to the bail application filed by the suspended Central Bank of Nigeria (CBN) Godwin Emefiele.

Their reasons were contained in the counter-affidavits they filed before the Federal Capital Territory (FCT) High Court sitting in Abuja.

The DSS warned that the suspended CBN boss, if admitted to bail, could interfere with its investigations if admitted to bail.

The OAGF specifically dismissed speculations that Emefiele was being held for terrorist-related crimes. It also said the CBN boss’ detention has nothing to do with neither his foray into partisan politics, nor the botched naira redesign policy.

In its counter-affidavit, the DSS said that those linked to the CBN boss in the course of the investigation have gone underground and ought to be traced and arrested to enable a successful prosecution.

The DSS said that Emefiele was being held pursuant to an order of a competent court.

It explained that the suspended CBN boss was arrested “upon reasonable suspicion of committing acts which constitute criminal breach of trust, incitement to violence, criminal misappropriation of public fund, economic sabotage, economic crimes of national security dimension and undermining the security of the Federal Republic of Nigeria.”

The counter-affidavit by the service reads: “Upon the arrest of the applicant, a detention order was duly and promptly procured from a court of competent jurisdiction to enable the 2nd and 3rd respondents to keep the applicant in lawful custody for a period of 14 days when it became apparent that investigation into the allegations levelled against him would take a little while to conclude.

“Also, the arrest of the applicant is not in connection with his financial or monetary policies, including the recent re-design of the naira which was approved by His Excellency, the former president of the Federal Republic of Nigeria.

“The applicant is still being investigated and as soon as the investigation is completed, the applicant will be immediately charged to court where necessary.

“The applicant has enormous resources at his disposal and can easily interfere with an ongoing investigation and even evade subsequent arrest if released on bail.

“The applicant is a flight risk and there is credible intelligence that he making a frantic effort to flee the country if released prematurely on bail.

“The investigation has assumed a wider dimension and other collaborators fingered in the course of the investigation are at large and ought to be traced and arrested to enable a successful prosecution.

“Any attempt to grant the applicant bail at this stage of the investigation may interfere with other exhibits yet to be collected and jeopardize ongoing investigation in the matter;

“The activities of the applicant constitute a potent threat to national security and cohesion of the Nigeria state;

“The applicant instituted this suit with the sole aim of preventing the 2nd and 3rd respondents from discharging their statutory mandate by seeking to use this court to fetter the hands of the 2nd and 3rd respondents in the ongoing security investigation.”

In its counter-affidavit, the OAGF argued that Emefiele’s life was not in danger to warrant him being granted bail, arguing that he would flee the country if granted bail.

It described Emefiele as a “flight risk”, to justify his continued detention.

After the resumed hearing of the suit in which Emefiele is challenging his detention, the DSS denied not allowing his family members and lawyers to visit him.

The OAGF said: “Issues of terrorism financing and fraudulent activities are not part of the grounds for the arrest and detention of the applicant.

“The respondents have not violated the applicant’s right to live in anyway; his life is not in danger. The respondents did not subject the applicant to any judicial adjudication to warrant the allegation of denial of a fair hearing.

“With the remand order issued by a court of competent jurisdiction, the said violation of the applicant’s right to freedom of movement does not arise.

The respondents did not subject the applicant to any torture, the details of which have not been provided.”

The OAGF and the DSS picked holes in the claim by the suspended CBN governor that he was unlawfully detained.

Emefiele had sued to challenge his continued detention by the DSS.

A Senior Advocate of Nigeria (SAN), Tijani Gazal, who represented the OAGF, urged the court to dismiss the suit, arguing that Emefiele’s allegation of unlawful detention was unfounded.

Gazali said as the suspended CBN governor was being detained on the order of an FCT Chief Magistrates Court.

He told the court that the OAGF (listed as the 1st respondent) was challenging the jurisdiction of the court to hear the case.

The senior agency argued that Emefiele’s arrest and detention was an administrative decision of an arm of the Executive arm of government.

He stressed that a court’s jurisdiction is determined by the reliefs sought by an applicant.

Lawyer to the DSS I. Awo said there was a subsisting order to detain Emefiele.

Awo, therefore, urged the court to dismiss the suit with cost.

But Emefiele’s lawyer, Joseph Daudu (SAN), argued that the court has the jurisdiction to hear and determine the suit.

Daudu pointed out that the alleged offences listed against his client were state offences that could be tried by the High Court of the FCT.

After entertaining arguments from parties, Justice Hamza Muazu adjourned till July 13 for a ruling.

‘Emefiele’s family members, lawyers not denied access’

After the adjournment, the DSS said in a statement by its spokesman, Peter Afunanya, that the celebration of the news of a court order to allow Emefiele’s lawyers and family members access to him was unnecessary.

The Service also said in the statement titled “The DSS operates within its mandate” that it expected expects attacks over the suspension of the Economic and Financial Crimes Commission Chairman (EFCC) Abdulrasheed Bawa.

The statement partly reads: “He (Emefiele) was never denied access. Ever since he was taken into custody, his family has continually accessed him; same with medical officials. The impression that the Service is going to act on the prompting of the Court is not correct.”

Making reference to some “editorials” it considered unsavoury, the DSS said it knew that some groups and persons would come up with frivolous allegations against it.

The service added: “These entities may also exploit unpatriotic members of the service to spread falsehoods, propaganda and hate in order to project the organisation in a bad light.

“Given their reach and war chest to mobilise forces against Government and its key officials, the adversaries may intend to cause distractions to the ongoing investigations as directed by the C-in-C (Commander-in-Chief). However, the Service will not depose its professionalism for cheap backlash nor discharge its duty with prejudice or fear.”

There were plenty accolades, tributes, humour and pomp as one of the nation’s stars in the financial industry was honoured by his peers last Wednesday. In many respects, the investiture of Aigboje Aig-Imoukhuede as the ninth honorary fellow of the Chartered Institute of Stockbrokers (CIS) seemed quite like a coronation event; and given that his new line of business is actually known as Coronation Group, the investiture ceremony appeared, more or less, like its eponym. The investiture, holding at the Conference Hall of the Nigerian Exchange Building, Marina, Lagos, was yet another major event in the series of activities marking the 30th anniversary of the institute and an honour to a man who renowned for his philanthropy and immense contributions to the development of our financial industry. CIS is the only body in the country that trains and certifies Nigerians to perform core professional functions in the securities and investment industry (or capital market, as it is often called). Over the last eight months, it has been celebratory mood, marking its 30th anniversary as a chartered professional organization having been established by Act 105 of 1992. But its forerunner, the Nigerian Institute of Stockbrokers, I should stress, was incorporated two years earlier.

 According to Chief Oluwole Adeosun, President & Chairman of Council of CIS, the institute was chartered after only two years of existence ‘because it rose to its responsibility in so short a time and was duly recognized by the federal government as ‘’being worthy of filling the obvious void of a professional certifying body that existed in the Nigerian capital market at the time’’. Before then, the Nigerian Stock Exchange (now named The Nigerian Exchange Group or ‘’NGX’’) had combined the function of training and certification of stockbrokers with its primary duty of a listing and trading platform for the market. Over the years, the institute has identified many Nigerians to honour with its fellowship. General Yakubu Gowon was the first to be invested with honourary fellowship because under him as Head of State, the indigenization program that catalyzed the listing of many companies was begun. Gowon, thus, deepen the growth of the stock market. Eminent investment banker, Atedo Peterside; chief executive of Bank of Industry, Olukayode Pitan and General Ibrahim Babangida have also been invested with an honounary fellowship. It was during the IBB administration that the CIS law was enacted in 1992. Others are Dr. Goodie Ibru; Chief Christopher Ogunbanjo (foremost corporate lawyer and Mustafa Chike-Obi (pioneer chief executive AMCON).

So, why did the institute consider Aig-Imoukhuede, who has already received several laurels from many institutions and the country as a leading banker, investor and philanthropist, worthy of joining these eminent Nigerians? Soon after he retired as the Group chief executive of Access Bank in 2013, he succeeded Aliko Dangote as the President of the Nigeria Stock Exchange. As President of the Exchange, Aig-Imoukhuede initiated series of measures that led to the demutualization of the Exchange which was then a nonprofit organization into a profited-oriented commercial business which it is today. Says CIS President Adeosun ‘’City gentlemen (meaning: capital market operators) will always remember Mr. Aig-Imoukhuede as one President of the NGX that was exceedingly passionate about the demutualization of the entity when it was a non-profit known as The Nigerian Stock Exchange’’. He was also the founding chairman of FMDQ Securities Exchange, another securities exchange, especially in the Fixed Income submarket, no mean feat for successfully serving as the chairmen of two important exchanges.

Corroborating Adeosun, former Deputy Governor of the CBN, Ernest Ebi, said ‘’Aig has done so much for the Nigerian economy and noted that as a global player, the investiture will spur him up to do more. Ebi is also a director of the Coronation Group. Chief Executive of NGX Group, Oscar Onyema describes Aigboje as a very hard-working Nigerian who leaves nothing to chance. His words: ‘’If need a strategy or you are going to war, you need Aig by your side’’. Ambassador Idaere Gogo-Ogan described the investee as a visionary, strong personality and exceptionally brilliant. Chairman of NGX Group, Dr. Umaru Kwaranga said Aig-imoukhuede and Aliko Dangote ‘’changed the face of capital market in Nigeria’’ while Mrs Ojini Olaghere, a former staff of Access Bank who is also a director of Coronation Group, recalled her experience working with the honoree and said that he is a perfectionist who always leaves a place better than he met it.

With his comments, the awardee held the audience, made up of mostly bankers, capital market professionals, businesspeople, friends and family, spellbound. He started by paying tributes to two of the nation’s greatest stockbrokers, Dr. Gamaliel Onosode and Otunba Michael Subomi Balogun. Onosode passed away in September 2015 while Balogun departed only last month. Aig-Imoukhuede then traced the history of stockbroking and its contributions of stockbroking business to wealth creation, capital accumulation and economic development. ‘’It is stockbrokers who planted the trees of merchant banking, investment banking, investment management, venture capital, etc that have grown into Nigeria’s ecosystem’’, he said, eliciting applause. He then recited a Greek proverb that says: ‘’ A society grows great when old men plant trees in whose shade they shall never sit’’. His interpretation of this proverb in terms of his place in history was exceptionally captivating. He said: ‘’For me, I understand this to mean that for Nigeria and the African continent to rise to their full potentials their privileged elites must move beyond thinking about the profit they must make for themselves and focus on things that will benefit future generations long after they are gone’’. This is the dream of the Coronation Group, he said, noting that it is meant to be the African equivalent of BlackRocks (owned by Larry Fink) and Berkshire Hathaways (owned by Warren Buffet).

After the investiture ceremony, the dignitaries moved to the trading floor of the Exchange for the traditional bell-ringing which was undertaken by the investee himself, as a mark of honour, not only for his investiture, but also for the issuance of Capital Market Holding License to the Coronation Group by Securities & Exchange Commission (SEC). The Managing Director & Chief Executive of Nigeria Exchange Limited, Mr. Temi Popoola observed that it’s been a long time since the trading floor of the exchange was so full of brokers who came for the bell-ringing, noting that Aig-Imoukhuede is imbued with a convening power. Ever so humorous, the investee brought the house down when he said that with institutions like Coronation Group, the ‘japa’ syndrome plaguing the country would be reversed to ‘pada’.

At the events were Mrs Ofovwe Aig-Imoukhuede; Council members of CIS; Roosevelt Ogbonna, Managing Director & Chief Executive of Access Bank; other directors of Access Bank; directors and staffs of Coronation Group; directors and management team of NGX Group and many other professionals in the industry. I also saw Mrs Evelyn Oputu, the investee’s mother-in-law, who is one of the first female stockbrokers in the country. A former Managing Director and chief executive of bank of Industry (BOI), she is also a director of the Coronation Group. The ceremonies evoked fond memories of my days as a finance journalist as I met some of the nation’s capital market doyens and doyennes such as Kayode Folawo; Mike Osime (Mike was one of those I interviewed regularly in those days); Sonnie Ayere and Elizabeth Ebi.

The Senior Staff Association of Nigeria Polytechnics (SSANIP) has called on the President Bola Tinubu administration to address the issue of dichotomy and segregation between holders of Higher National Diploma (HND) and Bachelor of Science degree (B.Sc) qualifications.

SSANIP National President Mr. Phillips Ogunsipe made the call during the association’s congress hosted by the Yaba College of Technology (YABATECH) branch in Lagos.

According to him, the polytechnic sector at the national level has been battling with the issue of dichotomy, describing it as a discriminatory practice and great disservice to the country.

He noted that the bill, which was passed at the last 9th National Assembly, abrogating dichotomy between HND and B.Sc holders, was not signed into law by the last administration.

According to him, the basic entrance requirements of both the West African Examination Council (WAEC) of five credits and the Unified Tertiary Matriculation Examination (UTME) by the Joint Admissions and Matriculation Board (JAMB) are the same.

“The quality of lectures we have in the polytechnic is not less nor inferior to what is obtained in the universities, hence the need for the bill to be signed into law.

“And we know that the average Nigerian parents, irrespective of the programme or course, will prefer to have their children in the university due to the recognition the society accords to B.Sc in Nigeria.

“Coming from these backgrounds and considering these procedures, we have not seen any need why the HND entry point will get lower and their terminal point will still be lower.

“We are concerned about the bill because Nigeria, like other developing nations, will only move, only if polytechnic education is given the recognition it deserves,” he added.

The SSANIP president also solicited for the renewal of the agreement signed in 2010 between the 10 staff unions comprising of the NASU, university lecturers, senior staff in universities, Colleges of Education, polytechnics and the government.

He also identified the agreement, renewable every three years as a way forward to end of industrial actions.

“We started the process since 2017 and till today, it is still not concluded, this is not good and healthy for us.

Read Also: NSCDC HND holders decry disparity in career progression

“The only way to bring a permanent solution and end to this persistent industrial action by polytechnics, universities and Colleges of Education is for government to honour the agreement and do what is expected of it at the right time,” he added.

He then appealed to the Head of Service of the Federal, Dr. Folasade Yemi-Esan to assist the polytechnic system, by issuing a circular convening the release of the new scheme of service.

According to him, findings have shown that there is no uniform, current and up-to-date scheme of service in all the polytechnics in the country.

“The process has been concluded and it is currently with the Office of Head of Service.

“Two weeks ago, we met with the Permanent Secretary, Federal Ministry of Education, just to ensure that the new scheme of service is released,” he said.

On his part, the branch Chairman of YABATECH SSANIP, Mr. Kayode Jason, commended the National Chairman, Ogunsipe, for making out time to visit and update members on crucial issues in the union.

“This is a laudable visit and we are sincerely honoured to have our national chairman in our midst and made out time to enlighten us on important areas which have remained a challenge,” Jason said.

The Socio-Economic Rights and Accountability Project (SERAP) has on Wednesday threatened to take legal actions in court against President Bola Tinubu.

The organization vowed to drag Tinubu and Vice President Kashim Shettima to court over the 114 percent increment in their salary.

Naija News reports that the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) had allegedly approved a 114 percent increase in the salaries of elected politicians, including the President, vice president, governors, lawmakers, and judicial and public office holders.

RMAFC is saddled with the responsibility of determining the remuneration appropriate for political officeholders, including the president, vice president, governors, deputy governors, ministers, commissioners, special advisers, legislators and the holders of the offices mentioned in sections 84 and 124 of this constitution.

Reacting to the development, SERAP, described the salary increments of the state governors and lawmakers as outrageous.

The group lamented that it was unrealistic to increase the politician’s salaries with such a great margin while over 133 million Nigerians live in extreme poverty.

Tweeting, SERAP wrote: “BREAKING: We’re suing the Tinubu administration over its outrageous and illegal 114 per cent increase in the salaries of the President, vice president, state governors and lawmakers, while over 133 million Nigerians live in extreme poverty.”

Operatives of the Department of State Services have conducted a search of the Abuja home and office of the suspended Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa.

The PUNCH learnt that the secret police, also during the week, invited Bawa’s close associates in the EFCC for questioning, over alleged mismanagement, misappropriation and diversion of proceeds of sold assets forfeited to the EFCC.

However, when contacted on Wednesday to speak on the development, the spokesperson for the DSS, Dr Peter Afunanya, said, “No comments.”

Bawa, who is currently being held in the custody of the DSS “Yellow House,” Abuja, is being probed for alleged financial impropriety as EFCC helmsman.

President Bola Tinubu had on June 14 suspended Bawa as EFCC chairman indefinitely, following which the DSS picked him up.

The PUNCH reliably gathered that the search on his Gwarinpa home in Abuja was carried out on Saturday, in the presence of his wife and children.

An impeccable source, privy to the operation, noted that Bawa’s office was also searched on the same day by another set of DSS operatives who presented a search warrant.

“DSS operatives stormed the EFCC Headquarters in Jabi on Saturday to search the office of the suspended chairman. But they presented a search warrant. Another set of DSS operatives also searched Bawa’s home in Gwarinpa, and they met his wife and children in the house during the search.

“Bawa’s close associates at the office were also invited for questioning this week, and they’re being probed on allegations of mismanagement, misappropriation, and diversion of proceeds forfeited assets sold under Bawa’s watch,” the source said.

A government source, who also pleaded anonymity, however, said the DSS had yet to file charges against the embattled EFCC boss as investigation was still ongoing.

“The DSS is yet to charge him to court because they’re still carrying out their investigation to get enough evidence to help their case.”

The spokesperson for the EFCC, Wilson Uwujaren, did not respond to an inquiry by our correspondent on Wednesday over the development.

Meanwhile, The PUNCH had reported that the DSS had obtained an ex parte order to extend Bawa’s detention in their facility, while they continue with their investigation.

Speaking to one of our correspondents, a government source said the move by the DSS was to deter Bawa from filing lawsuits to challenge his detention.