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.

The Oyo State Governor, Seyi Makinde, has approved the promotion of 11 Ibadan High Chiefs to beaded crown Obas.

The PUNCH had reported that the governor recently signed the Chieftaincy Amendment Bill into law seeking to grant him autonomy to present beaded crowns and coronets to chiefs in the state, following its passage by the state House of Assembly.

The High Chiefs are Balogun of Ibadanland, Owolabi Olakulehin; Otun Olubadan of Ibadanland, Rasheed Ladoja; Otun Balogun, Tajudeen Ajibola; Osi Olubadan, Eddy Oyewole; Osi Balogun, Lateef Adebimpe; Ashipa Olubadan, Biodun Kola-Daisi; Ashipa Balogun, Kola Adegbola; Ekerin Olubadan, Hamidu Ajibade; Ekerin Balogun, Olubunmi Isioye; Ekarun Olubadan; Bayo Akande and Ekarun Balogun, Abiodun Azeez.

An informed government source, who confided in our correspondent, on Wednesday, said the governor had given his consent to the promotion, and the high chiefs will be officially installed as traditional rulers, on Friday, July 7, 2023.

It was further gathered that the governor’s approval was sequel to the recommendation of the Olubadan of Ibadanland, Oba Lekan Balogun, Alli Okunmade II, who is the prescribed and consenting authority.

The source said, “This elevation would have come earlier before now. Even before the administration of the late former governor, Abiola Ajimobi. Ajimobi had a good intention on this elevation but the approach was wrong. Why would you just wake up one day and do something of such nature in just three days or thereabouts.

“You will be shocked when you see some Obas from other places who are not even up to High Chief in Ibadanland in a public place with a large entourage. But sometimes, our High Chiefs are regarded as mere chiefs. So, it’s a good decision and the governor has given his consent on that. They will be officially crowned on Friday, July 7, 2023 as stipulated in a letter sent to the governor by His Imperial Majesty, Oba Balogun.”

Lagos State governor, Babajide Sanwo-Olu, on Wednesday, launched N5 billion Eko Rice Forward Contract Programme on the Lagos Commodities and Futures Exchange.

The launch which took place at UAC Building in Marina, marked a significant milestone in the state government’s drive to promote agriculture and enhance food security in the state.

The Forward Contract, which is a joint initiative of the government-owned Lagos State Rice Company (LASRICO) and Commodities Tradenet Limited, is the first series of N30 billion Private Commodity Notes Issuance Programme facilitated by the state government to ensure undisrupted paddy supply, enhance quality management, transaction efficiency and transparency.

Sanwo-Olu noted that by guaranteeing the availability of affordable rice, the state is ensuring food security for over 80 percent of Lagos families.

He said: “The N5 billion Series of N30 billion Eko Rice Contracts Programme being launched today is part of our efforts to ensure a sustainable supply of rice paddy for the smooth running of Lagos Rice Mill in Imota. The exchange market is a public-private partnership programme that will provide a platform for farmers, processors, and traders to buy and sell rice contracts at a fair price.

“The programme will also provide a guarantee for the quality and quantity of rice produced, which will enhance the confidence of buyers and sellers in the market. Leveraging the Lagos Commodities and Futures Exchange is a critical component of our plan to create a transparent and efficient market for the trading of agricultural commodities and derivatives. The Exchange has the potential to transform the agriculture sector by providing a reliable and efficient market for farmers, processors, and traders.”

According to the governor, the state-owned 32-metric tonnes per hour Imota Rice Mill, which was inaugurated by former President Muhammadu Buhari in January, requires 200,000 tonnes of paddy annually, stressing that the Commodities Exchange would create a steady market for the 2.5 million bags of 50kg rice that would be turned out from the mill yearly.

“Today’s Bell Ringing is to herald the listing of rice paddy contracts for the Lagos Rice Mill, Imota for open transactions. This highlights the opportunities available in rice processing and other value chains of the Lagos Agricultural sector. It will draw attention of local and foreign investors to the Lagos Rice Mill forwards contract, and project the role of the Capital Market in driving development in Lagos commodities ecosystem. We are committed to expanding the programme to cover other commodities, such as cassava, maize, and vegetables,” Sanwo-Olu said

Forward Contract for Eko Rice is the first to be listed and traded in Nigeria’s commodities exchange ecosystem. First 5,000 contracts issued on the exchange floor were traded at the value of N195 million.

The offer for 50kg of Eko Rice opened on June 13 at the rate of N33,000 per Note, with the commodity being expected to be traded till next Monday, June 26, 2023. Tenor of the Note is 60 days.

The elected members of the 10th House of Representatives are seriously battling for the principal offices after the House Speaker and Deputy Speaker have been elected and sworn in.

Recall that Honourable Tajudeen Abbas had been elected as the speaker of the house and Honorable Benjamin Kalu is the deputy speaker of the 10th House of Representatives.

Now, it is left for the house to elect members into the following principal offices, the Majority (House) Leader, Deputy Leader, Chief Whip, Deputy Whip, Minority Leader, Deputy Minority Leader, Minority Whip, and Deputy Minority Whip.

The North East, North Central, and South South zones are in a fierce contest for the position of the House Leader which is the third position in a legislative House, which frequently represents the party that appears to have both the majority in the House and the reins of power at the federal level.

Even though the APC, which controls a majority of the House and has more than 160 members, is yet to choose its anointed candidate for the house leader, elected members from the aforementioned zones are said to be squabbling over control of the leadership positions of the house.

According to Abdullahi Adamu, the APC’s national chairman, the party will shortly pick who would control the crucial seats in the National Assembly (NASS).

“What is now left for us, as a party, is to sit and determine the remaining members of each of these principal officers”, Adamu said after meeting with President Bola Tinubu at the presidential villa after the inauguration of the 10th National Assembly.

“We’re going to sit over this and we want to believe that we’re going to waste no time whatsoever, we’ll come up with what we’ll give the President to get his buy-in before it’s made public or before it goes to the National Assembly. This day is very historic.”

However, according to a senior party official, the APC has not yet made up its mind about the candidates for the principal offices.

The source who spoke to Leadership Newspaper under the condition of anonymity claimed that the zoning of the National Assembly presiding officers had raised a group of oppositions and that the ruling party was involved in intense negotiations to prevent a resurgence of the opposition.

The South West, which unlike the North West and South East does not have a presiding officer for the House, is not thrilled about holding the position because it is likely that the Senate Leader will come from the region that produced the president.

The source said, “Of course, the chairman said that but they haven’t done it. They are doing broad consultations to avoid what happened when they zoned the presiding officers’ position.

“There was a hue and cry against the decision which almost cost the party, especially in the Senate where our candidate, Godswill Akpabio, escaped almost by the whiskers.”

He added: “The last two Senate Leaders, Senators Yahaya Abdullahi, and Ibrahim Gobir, were both from the North West geopolitical zone. It is therefore given that the next one would come from the South West as President Tinubu. Consequently, a House Leader would not come from the South West.”

The contest for the North-East House Leader is between Usman Bello Kumo (Gombe), co-chairman of the Joint Task Force in the 10th Assembly, whose group backed the Abbas/Kalu joint ticket’s campaign, and Muktar Betara (Borno), a front-runner for the Speakership who withdrew at the last minute.

Two previous North-Central contenders for the Speakership, Yusuf Adamu Gagdi of Plateau and Abdulraheem Olawuyi of Kwara are vying for the position of House Leader.

Even though it does not seem conceivable, Betara, who was Abbas’ main challenger before he quit, reportedly decided to maintain his post as the head of the Appropriations Committee from the previous set.

The source said, “While Betara was left with the option of emerging as House Leader and was already making moves to get the position, Kumo, the leader of the group that worked for Abbas, is also indicating interest in the position. That makes it a struggle between the Borno and Gombe lawmakers.”

Respondents Urge Court To Ignore Exhibits

The Presidential Petition Court, PEPC, sitting in Abuja, on Wednesday, admitted in evidence, a bundle of exhibits containing the total number of Permanent Voters Card, PVCs, that were collected in 32 states of the federation before the 2023 general elections.

Equally admitted in evidence by the Justice Haruna Tsammani-led five-member panel, was a bundle of documents that contained the total number of registered voters in the states.

The exhibits were brought before the court by the candidate of the Labour Party, LP, Mr. Peter Obi, who alleged that the presidential election that held on February 25, was rigged in favour of President Bola Tinubu of the ruling All Progressives Congress, APC.

Though Obi’s legal team was led by Dr. Livy Uzoukwu, SAN, however, the exhibits, were tendered through another senior lawyer in the team, Mr. Peter Afuba, SAN.

The petitioners told the court that the exhibits were duly certified by the Independent National Electoral Commission, INEC.

However, the electoral body, through its lawyer, Mr. Kemi Pinhero, SAN, said it was vehemently opposed to the admissibility of the exhibits in evidence.

Likewise, President Tinubu and the APC, who are the 2nd and 3rd Respondents in the matter, equally challenged the admission of the exhibits in evidence.

All the Respondents said they would adduce reasons behind their objections, in their final written address.

Despite the objections, the court admitted in evidence, documents on the total number of PVCs from the 32 states and marked them as exhibits PCN 1 to PCN 32.

The court equally admitted in evidence, certified true copy of a certificate of compliance on exhibits the petitioners earlier tendered in respect of Edo state.

Others electoral documents the court entered in evidence after they were tendered by the petitioners, were; certified copy of supplementary IReV reports for three Local Government Areas, LGAs, of Benue state, two LGAs of Cross River state, 12 LGAs of Lagos state, as well as one LGA in Gombe state.

Meanwhile, earlier in the proceedings, the petitioners called three more witnesses that testified before the court.

Dr. Chibuike Ugwoke, who appeared as the eight witness, PW-8, in the matter, told the court he is a cyber security expert.

The witness, who said he was subpoenaed to appear before the court to give evidence, tendered a document containing a press release the INEC issued prior to the general elections.

Led in evidence by a member of Obi’s legal team, Mr. Patrick Ikweto, SAN, the witness, told the court that the press release dated November 11, 2022, which was signed by INEC’s National Commissioner, Mr. Festus Okoye, was titled; “Alleged plot to abandon transmission of polling unit results to IReV portal.”

Ikweto, SAN, told the court that the witness had in paragraph 26 of his statement on oath, referred to sources/materials that were published or used by INEC from 2018 to 2023, with their specific Uniform Resource Identifiers, URIs, attached.

He said the PW-8, who was described as an expert witness, equally tendered a report on what he termed as “meta data”.

All the Respondents said they were opposed to the evidence of the witness and would give their reasons at a later stage of the case.

Besides, counsel to all the Respondents told the he court that they were served with statement of the witness, which was about eight pages, shortly before the proceedings commenced on Wednesday.

They, therefore, prayed the court to defer his cross-examination till Thursday to enable them to study his statement on oath which was admitted in evidence by the panel.

After the court gave the witness the nod to vacate the box and return on Thursday, the petitioners called their ninth witness, Mr. Onoja Sunday.

Sunday, who was led in evidence by Mr. Ikechukwu Ezechukwu, SAN, another member of Obi’s legal team, told the court that he is a staff of Women & Child Rescue Initiative, a Non-Governmental Organization.

He tendered both his statement on oath and his office identity card, which were both admitted in evidence.

While being cross examined by INEC’s lawyer, Mr. Abubakar Mahmoud, SAN, the witness told the court that from his observations, voting and counting went well on the day the presidential election held.

Asked if his party won election in the polling unit where he observed, the witness, said; “I do not work for any party, neither do I have any candidate.”

Answering further questions from INEC’s lawyer, the witness, said: “I did not work with BVAS in the polling unit and from my observation, the officials went away to the Ward collation center with the Form EC8A (polling unit result) that was signed by both the INEC officials and party agents.”

While also being cross-examined by a lawyer in President Tinubu’s legal team, Mr. Emmanuel Ukala, SAN, the witness, admitted that the subpoena upon which he appeared before the court, was not addressed to his organization, but to him personally, using his village address.

He told the court that after votes from the polling units was counted, INEC officials failed to upload the results to the IReV portal as required by the law.

On its part, the APC, through its lead counsel, Prince Lateef Fagbemi, SAN, said it had no question for the witness.

Similarly, in his own testimony, the 10th witness, Mr. Kefas Iya, who identified himself as a civil servant, said he was subpoenaed to appear to give evidence before the court.

After a copy of the subpoena was tendered without objection from all the Respondents, the witness, told the court that he served as an ad-hoc staff of INEC.

He told the court that he supervised about 24 units in his Ward at Madagali LGA in Adamawa state, alongside one Suleiman Mustapha.

Narrating his experience as INEC’s Supervisory Presiding Officer, the witness, said: “Apart from a fracas that ensued between APC and PDP agents, there was no other issue except that of failure to transmit the election result.

“I did a good job and scores of the election were properly imputed in forms EC8As and the results were equally properly announced

“As a supervisor, it was not my duty to handle the BVAS machines,” he added.

While being cross-examined by President Tinubu’s lawyer, the witness, said he was not in court to testify on behalf of the INEC.

Asked if he was procured by the Labour Party to come and testify as one of its sympathizers, the witness, said: “My lords, I am not partisan. I only served as INEC’s ad-hoc staff during the election.”

The PW-10 admitted that the PDP won the presidential election in Adamawa state, adding that in all the units he visited as a supervisor, the BVAS worked very well.

More so, the witness, told the court that not withstanding issues with uploading of results, collation took place at the Ward level.

Asked if he would be surprised to know that result of the presidential election from his Ward was uploaded to INEC’s IReV portal, the witness, said: “Based on my knowledge as a supervisor, we did that of the National Assembly, but when we tried to upload the presidential election result, it did not go.

“All the polling agents were at their various units, but as a supervisory officer, I was able to move around.”

The court adjourned further hearing on the matter till Thursday.

Meantime, hearing on the petition the candidate of the PDP, Alhaji Atiku Abubakar filed to also challenge the outcome of the presidential election, was stalled on Wednesday.

The panel deferred hearing on the matter till Thursday, after counsel to the petitioners, Chief Chris Uche, SAN, drew attention of the court to the fact much time was spent on proceedings in another petition by the Allied Peoples Movement, APM.

Uche, SAN, noted that with the court reconvening around 12:30pm, his clients would have barely 30minutes to present their case going by the timetable that was earlier issued by the panel.

Following an agreement by all the parties, the court adjourned the case till Thursday.

Both Obi and Atiku are expected to close their cases on Friday, after which the Respondents will open their defence.

Against the backdrop of a proposed 114 per cent increase in the salaries of elected politicians, including the president, vice president, governors, lawmakers, as well as judicial and public office holders, a former Kaduna lawmaker, Senator Shehu Sani, said raising the minimum wage for poor workers should come first.

Sani stated this in a statement via his verified Twitter handle on Wednesday.

He stated, “Raising the minimum wage of poor workers should come first before that of the elites holding public offices.

“With this 114% increase,a Federal Legislator will earn about N2million monthly salary and N25million monthly running cost for his office. Money derived from the removal of subsidy should be spent wisely,” he added.

Recall that The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has called for a 114 per cent increase in the salaries of elected politicians, including the President, vice president, governors, lawmakers as well as 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 as mentioned in Sections 84 and 124 of this Constitution.

The commission urged the 36 states’ Houses of Assembly to hasten efforts on amendment of relevant laws to give room for upward review of remuneration packages for political, judicial and public officers.

The RMAFC Chairman, Muhammadu Shehu, represented by a federal commissioner, Rakiya Tanko-Ayuba, made the call at the presentation of reports of the reviewed remuneration package to Kebbi State governor, Dr Nasir Idris, on Tuesday in Birnin Kebbi.

He said the implementation of the reviewed remuneration packages was effective from January 1, 2023, adding that the move was in accordance with the provision of paragraph 32(d) of part 1 of the Third Schedule of the 1999 constitution of the federal government (as amended).

He said the last remuneration review was conducted in 2007, noting that it culminated in the “certain political, public and judicial office holders (salaries and allowances, etc) (Amendment) Act, 2008”.

Muhammadu Shehu said, “It empowers the revenue mobilisation, allocation and fiscal commission to determine the remuneration appropriate for political office holders, 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 the constitution of the federal government.

“Sixteen years after the last review, it is imperative that the remuneration packages for the categories of the office holders mentioned in relevant sections of the 1999 constitution (as amended) should be reviewed.

“Pursuant to the above, your excellency may please recall that on Wednesday, 1st February, 2023, the commission held a one-day zonal public hearing on the review of the remuneration package simultaneously in all the six (6) geo-political zones of the country. The aim of the exercise was to harvest inputs/ideas from a broad spectrum of stakeholders.”

He said the commission had objectively and subjectively reviewed the salary packages in the reports, adding that it adheres to the rules of equity and fairness, risk and responsibilities, and national order of precedence among others.

“The subjective criteria reflected the various expression by stakeholders through memoranda received, opinions expressed during the zonal public hearings and responses to questionnaires administered.

“The objectives of the criteria were obtained from analysis of macro-economic variables particularly the Consumer Price Index (CPI),” he noted.

The chairman added that the commission was also guided by some principles, including equity and fairness; risk and responsibilities; national order of precedence; motivation and tenure of office.

Muhammadu Shehu said that having considered the impact of the review on the economy, the remuneration of the political, public and judicial office holders in the country was adjusted “upward by 114%.”

The chairman explained that with respect to the judicial office holders, the commission considered the introduction of three new allowances.

He listed the allowances to include, “Professional Development Assistant: This is to allow for the provision of two law clerks to all judicial officers in the country.

“Long Service Allowance: This is to guarantee seniority/hierarchy between officers who have been on the bench for a minimum of five years and those that are appointed newly.

“Restricted or Forced Lifestyle: This is to take care of the nature of the lifestyle of judicial officers while in active service.”

The Debt Management Office, DMO, has warned the Federal Government against additional borrowing, saying 73.5 per cent of revenue generated this year will be used to service debt.

According to the DMO, the projected FGN Debt Service to Revenue ratio of 73.5 per cent for 2023 is high and cannot support higher levels of borrowing, and is also a threat to debt sustainability.

Consequently, the DMO advised the FG to focus on increasing revenue generation, stressing that attaining a sustainable Debt Service-to-Revenue ratio will require increasing FGN revenue from N10.49 trillion projected in 2023 budget to about N15.5 trillion.

It gave this warning as part of recommendations to the Federal Government, following analysis of the nation’s debt profile in 2022.

According to the DMO in the report of the Annual National Market Access Country (MAC) Debt Sustainability Analysis, “the analysis of the results of 2022 MAC-DSA shows that the Total Public Debt-toGDP ratio is projected to increase to 37.1 per cent in 2023, relative to 23.4 per cent as at September 2022, due to the inclusion of the N8.80 trillion (new borrowings) for the year 2023, the FGN Ways and Means at the CBN of over N23 trillion and estimated Promissory Notes issuance of N2.87 trillion in the debt stock.

“Baseline Scenario: The Country’s Debt stock remains sustainable under these criteria, but the borrowing space has been reduced when compared to Nigeria’s self-imposed debt limit of 40 per cent set in the MTDS, 2020-2023.

“On the other hand, FGN Debt Service-to-Revenue ratio at 73.5 per cent in 2023 exceeds the recommended threshold of 50 per cent due to low revenue, which means that there is need to significantly increase government revenue.

“Under the alternative scenario, the total public debt-to-GDP ratio at 45.4 per cent in 2023 exceeds Nigeria’s self-imposed debt limit of 40 per cent, while the FGN Debt Service-to-Revenue also exceeds the recommended threshold of 50 per cent.

“Based on the analysis of the results of the 2022 MAC-DSA, the DMO recommends the following:

“Although the baseline analysis projects total public debt-to-GDP ratio at 37.1 per cent for 2023, indicating a borrowing space of 2.9 per cent (equivalent of about N14.66 trillion) when compared to the self-imposed limit of 40 per cent, it is recommended that this should not be used as a basis for higher level of borrowing as was the case in the 2023 budget.

“This is because the outcome of the shock scenario, which is more realistic in the circumstances, exceeded the self-imposed limit.

“The projected FGN debt service-to-revenue ratio at 73.5 per cent for 2023 is high and a threat to debt sustainability. It means that the revenue profile cannot support higher levels of borrowing.

“Attaining a sustainable FGN debt service-to-revenue ratio will require an increase of FGN revenue from N10.49 trillion projected in 2023 budget to about N15.5 trillion.

“With respect to expansion in fiscal deficit, there is need to strictly adhere to the provision of extant legislations on government borrowing, especially the Fiscal Responsibility Act 2007 and Central Bank of Nigeria Act, 2007 as it relates to Ways and Means advances, in order to moderate the growth rate of public debt.

“There is urgent need to pay more attention to revenue generation by implementing far reaching revenue mobilization initiatives and reforms, including the Strategic Revenue Growth Initiatives and all its pillars, with a view to raising the country’s tax revenue to GDP ratio from about 7 per cent (one of the lowest in the world) to that of its peer.

“Government should encourage the private sector fund infrastructure projects through the Public-Private Partnership, PPP, schemes and take out capital projects in the budget that are being funded from borrowing, thereby reducing budget deficit and borrowing.

“Government can reduce borrowing through privatization and/or sale of government assets.”

Debt service-revenue situation very precarious —Abidoye

Reacting to the warning yesterday, Head of Equity Research at FBNQuest Securities Limited,Tunde Abidoye, counseled the FG to conform to the recommendations of the DMO, as the country was in very precarious situation with regard to the debt service-to-revenue ratio of the government.

He said: “The recommendations of the DMO are the right things to do because when we look at things from a debt service-to-revenue ratio, the country is actually in a very precarious situation.

“Some estimates of debt service-to-revenue might even tell you it is even higher than that, and Debt-to-GDP has never been a good measure.

“If we take the U.S for instance, the debt-to-GDP is around 100 per cent but when you look at their debt service-to-revenue, it is very low. It is like the opposite of Nigeria. So they really don’t have so much worry.

“So the DMO has given the right recommendations and it is now for the fiscal and monetary authorities to conform, especially when it comes to things like Ways and Means, where with what we saw in the last administration, there was unrestricted access to printing money and all that.

‘’I think all those limits have to be adhered to, and implement some discipline. So I hope the FG listens to the DMO.”

Caution against further borrowing belated —Adonri

David Adonri, Vice Chairman, Highcap securities, said: “This caution from DMO against further borrowing by FGN is belated because excessive borrowing by previous administration has already damaged the financial economy of the country.

“However, it is better late than never. FGN is already choking under the weight of current debt liability. Adding more is akin to signing one’s death warrant. Hope FGN will listen to this wise counsel because a word is enough for the wise”

Fuel subsidy removal should lead to less borrowing —Kurfi

Analyst and Managing Director, APT Securities Limited, Mallam Garba Kurfi , said: “It is in order to caution about borrowing. 

“However, since fuel subsidy is removed I expect less borrowing by the FGN. The other measures taken by government to improve revenue, especially in the increase of crude oil production will improve the finances of FG.”

Private sector should drive the process —Olayinka

Chief Executive Officer, Wyoming Capital and Partners. Tajudeen Olayinka said: “The debt profile of a country is a function of the government’s economic focus and structure of the economy, vis-a-vis other macroeconomic factors.

‘’A government with a public sector domineering focus will accumulate more public debt to fund projects in the economy, whereas a government with emphasis on private sector dominance would require less public debts and more private capital to fund projects and drive capital formation in the economy.

‘’This is the reason for massive public debt and excessive borrowing from the Central Bank by the past administration of President Muhammadu Buhari.

“That is also part of the reason for low revenue generation capacity of the government and much lower economic growth. The only way forward is to place the economy on a normal course of adjustment, with the private sector in the driver’s seat. That way, you encourage total-factor productivity, job creation and faster economic growth.

“This should be the focus of the administration of President Asiwaju Bola Ahmed Tinubu. The economy is in dire need of drip and blood infusion.”

Also siding with DMO’s recommendations, Marvellous Adiele, Senior Associate, Parthian Partners, said: “More borrowings will increase our public debt and will also lead to an increased portion of our revenue being used for servicing debt in future.

“Our public debt is already at an all time high (N46.25trn as at Dec 2022) and the government needs to be cautious about more borrowings while improving revenue generations and introducing reforms to reduce deficit financing.”