The Hunger Republic of Nigeria, By Dakuku Peterside

The rising cases of hunger and malnutrition is a ticking time bomb waiting to explode. …food inflation is part of poverty and is at the root of the current ravaging hunger level. Tackling the supply side of food will help not only to make food available but will also force the prices down. The rising cases of hunger and malnutrition is a ticking time bomb waiting to explode. Now is the time to tackle this head-on and avert a crisis waiting to happen. A stitch in time saves nine. Every day, ordinary Nigerians from Maiduguri to Oyorokoto-Andoni in Rivers State, Okerenkoko in Delta State, to Wamako in Sokoto State make difficult decisions. They are forced to choose between having a meal or paying essential life-sustaining bills. This anomaly does not affect the people at the lowest rung of the economic ladder alone, but also the middle class. The cliché, the rich also cry, is truer now than ever in our country. The increases in the prices of food and essential items are not abating. The proverbial ‘three square meals’ that serve as evidence of good living and the conquest of hunger is gradually becoming a mirage. This basic feeding pattern has been replaced with various feed patterns that guarantee only one or maybe two meals a day – the quality of which is not even considered in this equation. The goal is often to put food in the stomach. The above is the reality of millions of families in Nigeria. Hunger is in the land, and there is no denying this. Many families have gone into survival mode, and food is a trade-off with other essential necessities like medication and school fees. Children are the most hit. They lack the necessary nutrients they need to grow and develop physically and emotionally, due to the lack of nutritious food. Two statistics in recent times drive home the point that Nigerians are facing the reality of hunger. The Global Hunger Index report ranks Nigeria as the 103rd of 116 countries, indicating that hunger is severe in the country and may become alarming if nothing is done about this urgently. As if that report is not indicative enough, the World Bank, in a new report titled, “COVID-19 in Nigeria: Frontline Data and Pathways for Policy” posits that an additional six million Nigerians may be pushed into extreme poverty and hunger by the end of 2021 due to food inflation. These damming reports call for urgent actions before many Nigerians face an existential threat. One may be inclined to dismissing these reports as being just alarmist. However, the reality on the ground is evident for all to see. If the fortunate wealthy few are also feeling the pinch of hyperinflation in Nigeria, one can only imagine how the over 80 million Nigerians earning below one dollar, ninety cents per day survive. Consider how a family man who makes the minimum wage (N30,000 per month) will feed his family and pay all his bills when a bag of beans is almost N100,000 – three times the salary – and a bag of rice is over N30,000, which is equivalent to his monthly salary. A pack of spaghetti is now N350, from N200 a few months ago. All these increases in prices are simultaneously happening as income is static or falling, and many are losing their jobs due to the COVID–19 induced economic crises. Hunger fuels criminality and crime; it affects education and school enrolment, alongside quality healthcare. Most importantly, hunger affects political choices. Politicians are already using it as a weapon, as we march towards the 2023 general election. From the prevailing situation, it will be a significant weapon available to politicians to influence voters. One cannot blame voters entirely if they fall to the weapon of hunger, because a hungry man cannot reason objectively; neither would he worry about the future, when all he is struggling to do is to feed himself and his family at the present moment. It is dangerous for our democracy to allow the weaponisation of hunger and the proverbial call for ‘stomach infrastructure. The implications of these on Nigerian development are dire. There is a nexus between hunger and unemployment, increased poverty, food inflation, the widespread loss of income and low productivity. How can we fuel our economy to grow to greater heights when most of the consumers are hungry and cannot afford to participate effectively in the economy? Granted, this administration is doing all it can to tackle hunger and poverty in various parts of Nigeria, and through various interventions. Nevertheless, for every recipient of poverty and hunger palliatives, many are left out. And more people are joining the ranks of the poor and hungry in their millions. The government should rethink its hunger and poverty alleviation policies and approaches and make them fit for purpose, given the current realities. For instance, it is surprising that the government, through the Central Bank of Nigeria (CBN), is giving out more loans and grants to the agriculture sector, but their impacts are minimal or not felt on the dinning table of families. Data from the Ministry of Agriculture suggest that we are producing more rice in the country, but the price of rice is yet skyrocketing and beyond the reach of ordinary people. One would expect that there should be a corresponding increase in food self-sufficiency in Nigeria with such CBN interventions. Besides, it is either that the money from CBN is not getting to the actual farmers or it is not being used for farming purposes. We cannot pretend not to know that the prevailing insecurity makes it almost impossible to farm in most parts of the country. The other issue is that most of the investment in the agriculture sector goes to subsistence farming and not mechanised and large-scale agriculture. Subsistence farming cannot help Nigeria address the problem of hunger and food inflation. Recently, the Central Bank posited that its various interventions in agriculture have led to the food import bill dropping from $3.4billon in 2014 to U$0.56 billion in 2020, representing a drop of over 80 per cent. However, this does not reflect on the affordability or availability of food in the market and homes. Statistically, our bill for food import has dropped, but it has not bridged the gap in food self-sufficiency. Conversely, CBN may have inadvertently imposed suffering on the people or denied access to food stock by 80 per cent. A country that works is not necessarily about statistics alone but the everyday experience of ordinary people. Food is not there, but the little available is beyond the reach of the common person. The government should explore a strategy that combines incentives for the mass production of food and stimulus for influencing the supply chain to make sure that food is available and affordable. The sooner government tackled the insecurity situation in the food corridors of Nigeria, the better for everyone. Farmers should be encouraged and protected from attacks when they go back to their farms. The infrastructure needed for the movement of food and services allied to the food industry must be improved as a national urgency. We must equally strengthen the supply end of food security. Food security must be at the heart of national security, and a rethink of the existing national food security strategy is needed. We want a situation in which economic growth aligns with the alleviation of hunger. As such, collaboration is required among relevant government agencies to address hunger and poverty. The present hunger ravaging Nigerians is precarious because many other factors are pushing Nigerians to the brim. The fragile and perilous state of our polity is marked by heightened insecurity, divisiveness, and ethnic agitations. Therefore, I call for a declaration of a national state of emergency against hunger by the Federal Government. It is anathema for a hard-working citizen of Nigeria to go to bed without food, not out of choice but out of lack. The sooner government tackled the insecurity situation in the food corridors of Nigeria, the better for everyone. Farmers should be encouraged and protected from attacks when they go back to their farms. The infrastructure needed for the movement of food and services allied to the food industry must be improved as a national urgency. We must equally strengthen the supply end of food security. Food processing is also crucial. Not only is demand outstripping supply, leading to demand-pulled food inflation in Nigeria, but supply is not being strengthened due to the waste that occurs, especially with seasonal food. The government should encourage the food processing and storage industry to thrive in Nigeria, with the aim of making Nigeria a net exporter of food on the long run. We know that farmers need a moderate increase in food prices to make the food business economically viable. The effective synergy between farmers and the food processing and storage industry may help control and stabilise prices for the benefit of both farmers and consumers. The demand for food in Nigeria will continue to increase. Not only is our population growing daily, but we also are at the centre of the supply chain for smaller neighbouring African countries. At present, the demand pressure may not come down, and policies to achieve a reduction will only work in the short to medium long term. Therefore, I implore the government to focus on immediate remedial actions to salvage the situation. Unfortunately, on the broad sectoral performance, agriculture grew by 1.22 per cent in real terms during the third quarter of 2021, lower than the third quarter of 2020, which recorded 1.39 per cent. This is worrisome. How can the agriculture sector grow less in 2021 in comparison to 2020, when the COVID-19 pandemic was at its worst state? One explanation may be that insecurity in food corridors has had a more negative impact on agriculture than COVID-19. Also, the medium-term effect of insecurity and COVID-19 on agriculture may have started to show by the third quarter of 2021. Whatever may be the case, the government should strive to turn this trend around. As a temporary stop-gap measure, the government can allow for the importation of selected food items to cushion the impact of food inflation and gradually phase them out as food security is achieved and things stabilise. It is also not unreasonable to argue that the food inflation Nigeria is facing now may have been caused partly by the devaluation of the naira, which has increased the prices of food and other goods… There is need to collaborate with international organisations dealing with the food crisis to alleviate the impact of the lack of food or the high cost of food on poor people in Nigeria. We do not have to wait until hunger overwhelms our system before looking for international collaborations to ameliorate the problem. The implication may be too challenging to contemplate. As a matter of urgency, Nigeria should revisit the policy of reducing the importation of food, especially now. There is no prescription that every nation has to meet its food self sufficiency needs from domestic production. What nations must not fail to do is to identify their competitive advantages in terms of agricultural production for domestic consumption and export. The economic theory of specialisation and international trade provides that countries should import what they do not have competitive advantage in producing, while they export what they produce competitively. As a temporary stop-gap measure, the government can allow for the importation of selected food items to cushion the impact of food inflation and gradually phase them out as food security is achieved and things stabilise. It is also not unreasonable to argue that the food inflation Nigeria is facing now may have been caused partly by the devaluation of the naira, which has increased the prices of food and other goods imported from abroad at the new exchange rate. In conclusion, it is our contention that food inflation is part of poverty and is at the root of the current ravaging hunger level. Tackling the supply side of food will help not only to make food available but will also force the prices down. The rising cases of hunger and malnutrition is a ticking time bomb waiting to explode. Now is the time to tackle this head-on and avert a crisis waiting to happen. A stitch in time saves nine. Dakuku Peterside is a policy and leadership expert.

Religious violations: Presidency knocks Kukah, others ‘feeding US with incorrect positions’. by Kayode Oyero

Bishop Matthew Kukah and the President, Major General Muhammadu Buhari (retd.) The Presidency on Monday knocked the Bishop of the Catholic Diocese of Sokoto, Matthew Hassan-Kukah, and other Nigerians “going to America, going to feed them with incorrect positions about what is happening in the country.” Presidential spokesman, Femi Adesina, made this known on Channels Television’s ‘Sunrise Daily’ breakfast programme monitored by The PUNCH. Adesina made the comment when he hailed the United States for removing Nigeria from its 2021 list of religious violators. US Secretary of State Antony Blinken, in a statement last Wednesday, had blacklisted Russia, China and eight other countries as religious violators, leaving out Nigeria which was placed on the same list of ‘Countries of Particular Concern’ on the issue of freedom of religion in 2020. Blinken, who was later in Abuja last Thursday and Friday, reportedly told the Nigerian President, Major General Muhammadu Buhari (retd.), that the delisting of Nigeria from the list of religious violators was based on facts. Many Nigerians and groups including the Christian Association of Nigeria, have since faulted the removal of Nigeria from the list, insisting that Christians are still being persecuted in the country amid an alleged plot to Islamise Nigeria. However, speaking on the television programme on Monday, Adesina said Nigeria has no business being on the list in the first instance but blamed some individuals for running to the US to state “incorrect positions”. The presidential aide, who did not mention the names of Nigerians “feeding” the US with “incorrect positions”, made a veiled reference to Kukah, and other critics of his principal who have cried out to the US for help in recent times. Kukah, a fiery critic of the Buhari regime, had in a virtual appearance before the US Congress in July 2021, accused Buhari of nepotism and of making key appointments that favoured individuals of his faith (Islam), an allegation the Presidency had denied. Speaking on the removal of Nigeria from the watchlist, Adesina said, “Nigeria being taken off the watchlist of countries that repress religion. Very good, the Secretary (Blinken) spoke about it: he said America did it when they found out that putting Nigeria on the watchlist was not based on facts and we know the things that happened; Nigerians themselves going to America, going to feed them with incorrect positions about what is happening in the country. That was why Nigeria was put on that watchlist but when America discovered that it was not based on facts, Nigeria was removed from the watchlist. It is a very good development for us.” When contacted for comments, Rev. Fr Christopher Omotosho, the Director, Social Communications of the Catholic Diocese of Sokoto told The PUNCH on Monday that the Adesina does not deserve a response. Omotosho also told our correspondent that at the appropriate time, Kukah would speak on the removal of Nigeria from the list of religious violators. The respected Christian cleric and unsparing critic of the Buhari regime has been having a running battle with the current government which came into power in 2015. PUNCH.

APC Leader, Bola Tinubu’s 2023 Presidential Manifesto Leaks. By Opeyemi Damilare

While speculations about Asiwaju Bola Ahmed Tinubu’s interest in the 2023 presidential election have been rife for months, the leak of the former Lagos State governor’s manifesto has put to rest any doubts about whether the All Progressives Congress (APC) chieftain would run for the country’s top job. According to Naija News, Tinubu got a leaked manifesto over the weekend, indicating that it is just a matter of time before he declares his candidacy for the presidency. The manifesto, titled “Seven Point Agenda: The Rebirth Manifesto,” outlined Tinubu’s vision for Nigeria if he were elected president. Education, technology, infrastructure, domestic enterprise, leadership, true federalism, and democratic process were among the seven essential issues included in the campaign master plan. Leadership Provide transformational leadership that has the ability to unify all of Nigeria and lead us to the attainment of shared goals and vision. Technology Leverage modern technology for digital transformation and economic growth. Security Create conditions that allow citizens move and transact freely across the Nation. Infrastructure Commence extensive infrastructural development by building basic foundational services (24 hrs access to electricity, roads, bridges e.t.c) that connect (power) people and businesses ultimately improving the quality of living. Homegrown Businesses Build platforms that enable and empower homegrown businesses to scale and compete favourably in the global market. Education Deploy initiatives targeted at promoting knowledge and equipping learners of all age groups with the skills and values needed to address modern-day challenges globally. Propagate and activate strategies that also promote a sense of pride and awakening amongst all Nigerian citizens to the extent that people feel extremely patriotic and ecstatic to be Nigerians. True Federalism and Democratic Processes Promote democracy, realize human potential and create conditions for prosperity and progress. Sources disclosed to Naija News that Tinubu, a former Lagos State governor, would declare his presidential ambition officially. “Our leader (Tinubu) would declare interest in the presidency very soon. We are confident he is the man to take Nigeria forward if you look at what he has been able to achieve both in government and privately,” the source said. Bola Tinubu has remained silent about his interest in the role despite the rumors and speculations. Several organizations, including the South West Agenda for Asiwaju (SWAGA), have instead taken it upon themselves to rally support for Tinubu’s candidacy. Tinubu’s latest moves, which included a visit to Kano State earlier this year, have given his presidential ambitions even more legitimacy. According to observers, the visit was designed at bolstering connections with the north ahead of the next election. Orji Uzor Kalu, a former governor of Abia State, recently paid Tinubu a visit, sparking rumors about his bid to succeed Buhari. Despite the allure of presidential authority and his influence in Nigeria’s political environment, particularly his role in President Muhammadu Buhari’s ascent in 2015, many experts say the former Action Congress leader should be a kingmaker rather than a king.

Panel fails to quiz Bala-Usman six months after suspension as NPA boss. by Eniola Akinkuotu

Hadiza-Bala-Usman Managing Director, Nigerian Ports Authority, Hadiza Bala-Usman The panel inaugurated by the Minister of Transportation, Rotimi Amaechi, to probe the suspended Managing Director of the Nigerian Ports Authority, Hadiza Bala-Usman, has failed to quiz her over six months after she was suspended, The PUNCH has learnt. Bala-Usman, a former Chief of Staff to Governor Nasir El-Rufai of Kaduna State, had been suspended by the President, Major General Muhammadu Buhari (retd.), on May 6, 2021. Following a publicised feud with Amaechi, Bala-Usman was accused of breaching some unspecified rules and was suspended pending the outcome of investigations, while an NPA Director and close ally of the minister, Mohammed Koko, was asked to resume as acting managing director of the agency. On May 11, barely six days after her suspension, Amaechi set up an 11-member committee to investigate the activities of NPA dating back to 2016 when Bala-Usman was first appointed. The committee’s terms of reference, Amaechi said, included examining and investigating the administrative policies and strategies adopted by Bala-Usman and confirm compliance with extant laws and rules from 2016 till date. The panel was also empowered to examine and investigate issues leading to the termination of other contracts of the NPA and confirm compliance with the terms of the respective contracts, court ruling and presidential directives. However, it was given no deadline on when to submit its report. In July, the President, while responding to a suit instituted by a group, which challenged the premature re-appointment of Bala-Usman in January, said she had been sacked already even though no letter of termination had been handed over to her. Documents sighted by The PUNCH showed that seven months after her suspension, the panel had not quizzed Bala-Usman. A document conveying an invitation to the suspended NPA boss showed that she had been invited twice, but the invitations were later withdrawn by the panel. A letter dated September 23, 2021 marked T0160/S221/Vol 1, which was signed by the Assistant Secretary of the panel of inquiry, Mrs Balaraba Wali, asked Bala-Usman not to appear before the panel anymore. In the letter titled, ‘Re: Invitation to Appear before the Administrative Panel of Inquiry on the Management of the Nigerian Ports Authority’, the suspended NPA boss was informed that she would be invited at a later date. It read in part, “I am directed by the chairman to inform you that the panel will not be able to take you on September 28 and 29, 2021 as earlier scheduled due to unforeseen circumstances. In (the) light of the above, kindly note that a new date will be communicated to you in due course; the panel regrets any inconvenience this postponement may cause to you.” The spokesman for the Federal Ministry of Transportation, Eric Ojiekwe, said he had no update on the matter when he was contacted by our correspondent. PUNCH.

Otedola gains as PenCom rejects FBN Holding’s claim on shares controversy By Ronald Adamolekun

The pension regulator says investments by Leadway Pensure Limited in FBN Holdings Plc belong to pension contributors. The National Pension Commission (PenCom) has said funds invested by Leadway Pensure Limited in the shares of FBN Holdings Plc belong to Retirement Savings Account holders, and not a third party as FBN Holdings recently claimed. PenCom dismissed the claim, basing its position on the fact that the equity investments in the parent company of First Bank had been made from a pool of contributors’ funds under management. The pension office made the assertion in a statement issued on Friday, which followed a claim by FBN Holdings in a letter to the Nigerian Exchange Limited, dated October 26 and signed by Company Secretary, Seye Kosoko, that 1.05 per cent Leadway Pensure PFA’s holdings in the holdco had been ascribed to Tunde Hassan-Odukale, chairman FirstBank of Nigeria Limited “due to his influence and having significant control.” Mr Hassan-Odukale had come to lay claim to a 5.36 per cent interest in the group in what the FBN Holdings hierarchy called “cumulative equity stake” through direct and indirect shareholding days after billionaire Femi Otedola openly declared his holding of 5.07 per cent. The move was queried by the Nigerian Stock Exchange. Mr Otedola had quietly been amassing shares in the bank, and his move to be declared the biggest individual shareholder in First Bank Holding Company has met with opposition from the bank’s top hierarchy. “The equity investments in FBN Holdings made by Leadway Pensure Ltd on behalf of the pension funds under its management are in the name of the pension fund and belong to the RSA holders,” the regulator said in a statement Friday. “Therefore, the equity investments in FBN Holdings Plc as stated in (1) above, cannot be appropriated or classified as shareholdings of any related party to the PFA.” The position of the pension regulator means that Mr Hassan-Odukale would be having less than 5 per cent stake in the nation’s oldest lender, possibly clearing the way for Mr Otedola as the biggest individual shareholder in the bank. Here is the full statement from PenCom: CLARIFICATION ON ALLEGED BREACH OF THE REGULATIONS ON INVESTMENT OF PENSION FUND ASSETS IN THE EQUITIES OF FBN HOLDING PLC BY LEADWAY PENSURE LTD The Commission’s attention has been drawn to several publications in the media alleging breach of its Regulation on investment of pension fund assets by Leadway Pensure Ltd, a licensed Pension Fund Administrator (PFA), in the equities of FBN Holdings Plc. The Commission categorically states that the allegations are NOT correct and must have been made based on the lack of understanding of the Investment Regulation issued by the Commission. For the avoidance of doubt, the Commission wishes to clarify as follows: 1. The equity investments in FBN Holdings made by Leadway Pensure Ltd on behalf of the pension funds under its management are in the name of the pension fund and belong to the RSA holders. 2. Therefore, the equity investments in FBN Holdings Plc as stated in (1) above, cannot be appropriated or classified as shareholdings of any related party to the PFA. 3. Leadway Pensure Ltd is not in breach of the Investment Regulation by investing pension funds in the equities of FBN Holding Plc. 4. Records which can be confirmed from the Securities and Exchange Commission show that the equity investments in FBN Holdings Plc are in the name of the Pension Fund on behalf of the RSA holders. 5. For further clarification please note that: a. Pension fund assets are managed by licensed PFAs and held in custody by Pension Fund Custodians (PFCs) on behalf of Retirement Savings Account holders and other beneficiaries of the Contributory Pension scheme (CPS), in line with the provisions of the Pension Reform Act 2014 (PRA 2014). b. Section 69 (b) of PRA 2014 stipulates that the PFA and PFC shall take reasonable care that the management or custody of the pension funds is carried out in the best interest of the retirement savings account holders. Therefore, all investments made by licensed PFAs in eligible securities and corporate entities are “ring-fenced” and belong to the RSA holders and other pension beneficiaries. Accordingly, these pension assets cannot be appropriated directly or indirectly to any individual or related party of the PFA. c. The provisions of Section 6.1(iii) of the Investment Regulation dealing with conflict of interest, stipulate that: “The PFA or any of its agents are prohibited from investing Pension Fund Assets in the shares or any other securities, issued through public or private placement arrangements, by related party/person of any shareholder of the PFA”. Related persons/party as defined in Section 1.10 of the Investment Regulation “includes natural persons related by blood, adoption or marriage; legal entities one of which has control or significant influence over the other, or both of which are controlled by some other person or entity; a corporate entity where any of the aforementioned holds 5% or more beneficial interest; and any other relationship that can be reasonably construed as related persons or parties”. 6. In view of the foregoing, the Commission reiterates that there was no breach of its Investment Regulation whatsoever and invites the general public to be guided accordingly. 7. The Commission restates its commitment to fulfilling its regulatory and supervisory functions as well as ensuring the safety of pension assets and the soundness of the Pension Industry.

Why Innoson can’t takeover GT Bank. by Analysts Nairametrics

Innocent Chukwuma, CEO, Innoson Motors Nigeria Limited The founder and Chairman of the Innoson Vehicle Manufacturing Limited (IVM), Mr. Innocent Chukwuma, has said he will takeover GT Bank. He made this remark in a chat with a selection of media and financial reporters at his home in Nnewi during the week. Nairametrics attended the interview where the charismatic vehicle manufacturer responded to a cross-section of questions. However, one of the most remarkable statements made by Mr. Chukwuma was his envisaged (from his point of view) takeover of one of Nigeria’s largest banks, GT Bank. According to him, he will fund the takeover of the bank from the money owed to him by GTB (which is now GT HoldCo) inclusive of accrued interest. Recall, Innoson has been in a legal battle with GTB in recent years over claims and counterclaims of loans between his company and the bank. The statement, while off the cuff in response to the question he was asked, made a splash in the media and has also sparked concerns for shareholders of the bank. While we do not wish to prejudice the outcome of the court or assuage his claims (of which Mr Innocent has a right to make), it is important that we also address it from our perspective and also as part of our investor advocacy objective. We will attempt to explain why is implausible to take over the bank on the basis of a judgement debt. But first, what he said. Reporters: “For some years now, you have been having a running issue with Guaranty Trust Bank. What is the current situation right now?” Read: Government of Sierra Leone purchases Innoson Vehicles for military use “You know I’m one of their best customers in the entire Southeast, especially when the former MD, Olutayo Aderinokun was alive. Because of me, they opened a branch in Nnewi. But after the demise of Aderinokun, the new MD took over. I do not know him but only met him for the first time last year. I’m not sure exactly why he is fighting me but I think it has to do with tribe. But finally, I have proved him wrong in everything he is doing. I have defeated him in all the courts he went to. It remains for him to pay me what he owes me because he can’t just go to my account and take money anyhow, which I discovered, took him to court over and won. Up till this moment, he has not paid and we had gone up to the Supreme Court. Maybe he wants Nigeria to change its law because of him. But the beauty of it all is that the money has been attracting the interest of 22% for 11 years now. I’m waiting for the interest to grow beyond their capacity, and then I would takeover the bank. I’m not disturbing them anymore, but I’m assuring all the customers of the bank that if I take over, I will still run it well. Let them not have any fear. I haven’t done any business that has failed. I will run it better than them. If the interest on my money is above the capacity of the bank, I’d have no choice but to take over the management,” – Innocent Chukuwma Read: We will produce electric cars when Nigeria is ready – Innocent Chukwuma, Chairman, Innoson Vehicles Is this even possible? Assuming Mr. Chukwuma’s claims that GTB does owe him money (that is if he does win at the Supreme court) and that the interest of 22% per annum does accumulate to such an astronomical proportion that it is more than the market capitalization or the net assets of GTB, it will still not mean that he takes over the bank that easily, if at all he could. Here is why; GTB factor Also to add that GTB (as with other public companies) does disclose the cases they have in court and the financial implications. As part of its disclosure, they also make provisions in their books for these cases in the event that they lose. Here is how GTB reported it in its 2020 audited report under “Claims and litigation”. “The Bank, in its ordinary course of business, is presently involved in 507 cases as a defendant (31 December 2019: 512) and 415 cases as a plaintiff (31 December 2019: 436). The total amount claimed in the 507 cases against the Bank is estimated at N440.83 Billion and $32.60 Million (31 December 2019: N462.09 Billion and $39.03 Million) while the total amount claimed in the 415 cases instituted by the Bank is N180.48 Billion (31 December 2019: N109.30 Billion). However, the solicitors of the Bank are of the view that the probable liability which may arise from the cases pending against the Bank is not likely to exceed N190.20 Million (31 December 2019: N189.87 Million). This probable liability has been fully provided for by the Bank (please refer to Note 38)” This means GTB has court cases amounting to N440 billion against it but does not expect to incur more than N190 million liability assuming they lose the case. Assuming the claims as depicted by Innocent Chukwuma does crystallize, all GTB will need to do is enter a payment plan for the loan which will allow it to repay its profits over a protracted period. It could also call on its existing shareholders to embark on a rights issue or public offer or even seek external funding to raise money to repay the loan. Other factors Judgment debts are also carried out with the interest of the public at the center of decision-making. GTB is a quoted company with over 327k shareholders of the bank. We don’t see how investments of thousands of people will be eroded on the back of a judgment debt. The Central Bank will as expected have the ultimate say who owns the bank. CBN approves ownership of banks especially for takeovers and it is unlikely that the apex bank will allow judgment debts to determine who owns a bank or not. Worst case, the CBN will bail out the bank and retain shareholdings rather than hand it over to Mr. Innoson if it doesn’t want to. There are also political connotations that can also affect how the judgment will be interpreted and treated assuming it goes in the favour of Innoson. Thus, we do not see how this is possible. Finally, the claims by Mr. Innoson at least keeps him on the headlines and piles pressure on GT Holdco to put out a response in this ongoing court and media battle over a banking giant and vehicle manufacturing giant. It appears Mr. Chukwuma has the media vibes at the moment. Read the full interview with Innocent Chukwuma here

Alhaja Munirat Muhammed’s Gift To Lagos Central Mosque OPINIONS By J.K. Randle

Rather than being thanked by the elders of Lagos Central Mosque for the modest role I played in handing over this property (14A Bashorun Street, Ikoyi, Lagos) to the mosque in accordance with the will of my late  aunt, Alhaja Munirat Muhammed, I should be the one to thank our Muslim brethren for giving me the opportunity to once again celebrate  the life, steadfastness, humility, faithfulness and generosity of spirit of the Testator. For several years, the matter dragged on through the courts until the Supreme Court delivered judgment in favour of the event we are witnessing today. Let us be clear that the handing over ceremony is only a symbolic testimonial to the deep love and mutual respect which Lagos Christians and Muslims have shared and cherished for several centuries. Just as Christians donated generously to the building of mosques, in similar fashion moslems contributed to the building of churches and cathedrals – (in cash and kind, mostly land). This was the natural consequence of the extensive friendship and inter-marriage whereby demography provides ample evidence that most families in Lagos are almost equally split between Christians and Moslems.  My own family is no exception.  Indeed, Alhaja Munirat was born a Christian and was baptised as Esther.  When she of  her own volition converted to Islam, nobody in our family batted an eyelid. Neither was there any issue raised when she chose to marry a muslim, Alhaji Bakre who promptly wisked her off to Sapele where they resided for several years in peace and harmony.  This was well before oil was discovered in that part of our country.  Certainly, Niger-Delta militants did not exist then.  The whole nation was at peace. It did not matter whether you were christianor moslem, you could choose to live anywhere in Nigeria – and even in the Cameroon, which was then part of Nigeria. Perhaps, I should add that the first school I attended was a Koranic school at Agoro Lane, off Ricca Street, Lagos.  It was located within Oseni Compound and my teacher (Alfa) died only a few years ago at well over the age of ninety.  Late Justice MuriOkunola was also at the school.  Thereafter, we both proceeded to Lagos Government School which had christians and muslims in equal number as students and teachers.  The headmaster, Mr.Usman was a muslim, and he happily conducted both christian and muslim prayers at the morning assembly. My father, Chief J.K. Randle was very fond of Aunty Esther (Sisi Sapele) and she in turn adopted him as her favourite uncle, mentor and role model.  When my father died on 17th December 1956 at the age of only 47 years, our entire family was devastated.  Aunty Esther (Alhaja Munirat) was a pillar of strength and consolation. As I was only 12 years old at the time, it was a time of utter bewilderment and profound shock.  She travelled all the way from Sapele and endeavoured to persuade me that in all matters, we should accept the supreme verdict of the Almighty with faith, steadfastness and equanimity.  Besides that, she committed herself to following the footsteps of my father in philanthropy; and commitment to fostering harmonious relationship between christians and moslems.  She kept her word.  When she realised that death was imminent, she confided  her intention to donate her house to the Lagos Central Mosque in me but wanted me to have the first option.  I politely declined the gift and urged her to follow her instinct – the house  would be handed over to the mosque.  She took a keen interest  in the actualisation of the bequests which my father made to moslem schools especially Ahmadiyya College, Agege and Ansar-Ud-Deen College Isolo for education and sports facilities. Sadly, as we speak, we are totally in the dark regarding what has become of those gifts running to almost N100,000,000 which were to be disbursed by the Public Trustee / Ministry of Justice of Lagos to the beneficiaries.  In order to avoid a repetition of bequests disappearing, I am here to personally deliver this house as a gift from Alhaji Munirat to Lagos Central Mosque!! As for those who have expressed their anguish and concern over the demolition of J.K. Randle monuments and property by the government, I remain eternally grateful.  I assure you that my family remains steadfast and passionate about Lagos.  The ideals of our ancestors will not be sacrificed  at the altar of waywardness, mendacity, malice or timidity. We are entitled to ask why government should dispossess any of the family of their legacy property and sacred heritage. For the avoidance of doubt, anybody who is a true Lagosian cannot ever be arrogant.  Neither would he or she ever soil the family name and reputation.  Lagosians have every right to be proud of their pedigree which strictly forbids them to beg or be lazy.  Regardless of the circumstances they find ourselves, Lagosians are ever ready to submit to the will of the Almighty – to love our neighbours unreservedly, whether or not they are christians or moslems.  As evidence, I have brought with me a long list of Lagos Christians who are married to Moslems and vice versa.  I also have a supplementary list of those whose parenthood is shared between father (christian) and mother (muslim) – and vice versa. On my special list are those who were born christian but converted to Islam (and became fervent muslims).  Similarly, it turns out that some of our well known christian pastors (even Archbishops) were previously moslems. Truly, no genuine Lagosian needs to be preached to about the sanctity of tolerance, integrity, honesty and trustworthiness which are already embedded in our DNA. Sadly, our children and grandchildren are now asking awkward questions – particularly, if indeed our ancestors accomplished so much and bequeathed so much to Lagos (our State) and Nigeria, (our beloved nation), how come their contributions are neither acknowledged nor celebrated?  It is instructive that when our State celebrated 50 years, J.K. Randle was not the only name that was conspicuously missing!!  My grandfather (Dr. J.K. Randle); my father (Chief J.K. Randle) and my Aunty Esther were very much concerned about the plight of the “mekunu” (the poor and underprivileged) and that was the anchorsheet of their philanthropy and generous bequests to Lagos and the nation.  Now, our nation is confronted with the ugly spectacle of rampaging bandits and terrorists who jubilantly and drunkenly boast that rape, kidnapping and armed robbery are the poor man’s nuclear weapon against oppression and injustice.  That is a monumental  tragedy for our State and our Nation.  It is profoundly disturbing. We must give glory to the Almighty that this handing over ceremony is holding on the conclusion of the Holy Month of Ramadan and the celebration of Eid-el-Fitrfestival. It behoves us to cherish and celebrate the ruggedness and resilience of the bond between christians and moslems in this part of our nation.  Most of you are aware of the twin brothers who went to different schools – one was at Methodist Boys’ High School, Lagos (and was a Christian) while the other twin attended Ahmadiyya College, Agege (and was a devout moslem).  The late Alhaji L.B. Agusto was Chief Imam of Lagos but that did not preclude  him from being the lawyer to the Catholic Diocese of Lagos under late Archbishop Leo Taylor. It was AlhajiJubril Martins, another moslem who had attended St. Gregory’s College that succeeded AlhajiAgusto as the lawyer to the Catholic church.  When AlhajiJubril Martins died in Mecca in 1958 he was deeply mourned by both Christians and moslems.  It was to no avail that the Christians pleaded that his corpse should be brought back to Lagos for burial.  The Saudi authorities would not yield.  The Lagos moslems readily came to terms that it was the will of Allah. Back in 1954 when the “Mariam Congress”  was hosted in Lagos by the Catholics to celebrate 100 years of the miracle of Lady Fatima, Cardinal John McIntyre, the Archbishop of Los Angeles, U.S.A. who presided at the ceremony was amazed when moslem children insisted on full participation along with their Christian brethren.  Adults and children were decked out in Ankara uniform regardless of whether they were christians or moslems. For those who insist on concrete evidence, I suggest you visit 123 Bamgbose Street; 125 Bamgbose Street; and 127 Bamgbose Street, all in Lagos.  They belong to Akerele; McGregor and Da Silva families respectively.  All of them are staunch catholics.  Directly across the street is the Salvador Mosque.  There is no record of friction between the catholic and the moslem community.  On the contrary, there is hardly any of the children of those catholic families that was not given a moslem “Suna” in joyful celebration by the adherents of Islam from across the street.  Occasionally, it was the Chief Imam who intervened in order to ensure amicable settlement of disputes within each of the Christian families or one Christian family against another.  It was and remains a relationship cemented by love, trust and mutual respect. We have a duty to persuade the government (Local; State; and Federal) to acknowledge and even publicise the harmonious relationship between different faiths and ethnic groups in Lagos.  The same goes for the Lagos/Yoruba community which has been living peacefully in Kano for over two hundred and fifty years.  Additionally, we have at ItaAgarawu (close to IsaleEko) Hausa/Fulani families who insist that on account of having lived in Lagos for over a hundred years, they are truly Lagosians.  These should provide salutary lessons for our nation. As we celebrate the Eid-el-FitrFestival, it would be out of place for me to remind you of the song: “Agbiabiaka or rieran pa, o fi omoeniyan pa Ileya.” Of course, you all know that late Chief Agbabiaka who was a staunch moslem and the most senior Nigerian in the Nigeria Police Force was by father’s bosom friend.  They were classmates at King’s College, Lagos.  What is remarkable is that late Chief Akin Davies (son of late Chief H.O. Davies S.A.N.; Q.C.) along with late Dr. Popo Akinyanju and Chief BoyedeOtudeko who is still alive – all of them Christians, lived under the roof of Chief A.S. E. Agbabiakaat Igbosere Street, Lagos, as students while attending Methodist Boys’ High School which was then only a short distance away on Broad Street, Lagos.  Nobody interfered with their faith or sought to convert them to Islam. When my father, a Christian was The Lisa (Prime Minister) of Lagos the King of Lagos, His Royal Highness Oba MusendikuBuraimohAdeniji Adele who was a devout moslem had no qualms about entrusting the delicate duty of persuading market women not to increase the prices of their goods during Ramadan/Eid-el-Fitr to my dad.  Nobody protested about involving a Christian in what was a purely moslem matter. Only a few days ago, the issue of “June 12 1993” when late Chief M.K.O. Abiola’s election as president was annulled, resurfaced.  President MuhammaduBuhari has now declared “June 12” as Democracy Day.  It should not be lost on us that Chief Abiola’s running mate was also a moslem, Alhaji (Ambassador) BabaganaKingibe.  Hence, it was a moslem/moslem ticket.  There was no protest by Christians who voted in large numbers regardless of religion.  They are all waiting for 2019 or 2023 for payback time when we shall hopefully be presented with a Christian/Christian ticket – as President/Vice-President of Nigeria!! I am not privy to the number of Christians who join their Moslem brothers in observing the Ramadan fast.  In Lagos, it is a significant number and I am one of them. Finally, let us acknowledge that the old Lagos Central Mosque itself was actually designed by and constructed under the supervision of Engineer George DebayoAgbebi, a Christian.  Unfortunately, he died when he fell from the roof of the mosque while he was on inspection on a Sunday afternoon, shortly after he had attended church service.  Even, the new Central Mosque was built by an Italian (catholic) company, G. Cappa& Co. whose Chairman was none other than late Alhaji (Dr.) IyandaFolawiyo CON, the Baba Adinni of Nigeria.  May his soul rest in peace. This is a glorious day for our State and our Nation.  May the love between our Christian /Moslem brothers and sisters endure to the Glory Of The Almighty.  Also, may the soul of AlhajaMuniratMuhammed rest in perfect peace. Being an address delivered at the official commissioning of the house bequeathed by Alhaja Munirat Muhammed to the Lagos Central Mosque by Chief J.K. Randle, former President of the Institute of Chartered Accountants of Nigeria (ICAN) and chairman, J.K. Randle Professional Services. https://tribuneonlineng.com/