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Imasuagbon urges A’Court to disqualify Akpata from Edo poll

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Edo Poll: Imasuagbon seeks Akpata’s, disqualification

One of the Labour Party’s governorship aspirants in Edo State, Kenneth Imasuagbon, has headed to the Court of Appeal to further challenge the emergence of Olumide Akpata as the LP candidate for the September 21 governorship poll.

The Federal High Court in Benin had on July 15 dismissed Imasuagbon’s suit, wherein he sought Akpata’s disqualification.

Justice Babatunde Quadri ruled that the court lacked the jurisdiction to entertain the suit because Imasuagbon failed to exhaust the internal dispute resolution mechanisms within the Labour Party before seeking legal action.

The judge declared that the lawsuit was premature and, therefore, dismissed it.

Not pleased, however, Imasuagbon has gone before the Court of Appeal, Benin Division, seeking to overturn Justice Quadri’s verdict affirming Akpata’s candidacy.

Joined as respondents in the appeal are Akpata, LP and the  Independent National Electoral Commission.

In his notice of appeal, Imansuangbon contended that “The learned trial judge erred in law and arrived at a perverse decision occasioning a miscarriage of justice to the plaintiff/appellant when he dismissed the plaintiff/appellant’s suit on the strength of the 1st defendant/respondent’s contention in his preliminary objection at the lower court.”

He also insisted that the judge was wrote to declare the suit statue-barred, “without considering Section 285(13A) of the Constitution of the Federal Republic of Nigeria, 1999(fifth alteration) act, (No. 10), 2023, to which the attention of the lower court was drawn at the hearing of the suit.”

He said, “A simple arithmetical computation of the 14 days provided for under the law, from the date of submission of INEC Form EC9 of the 1st and 2nd defendants/respondents (that’s 24th of March, 2024), to the 12th of April, 2024, when the plaintiff/appellant filed his suit, reveals a total number of 18 days in between.”

Imansuangbon, therefore, wants the appellate court to make “an order setting aside the decision of the lower court.”

He wants the court to order INEC to “immediately issue Certificate of Return to the plaintiff/appellant as the winner of the primary election organised on Friday, 23rd February 2024.”

INEC plans by-elections to replace Ifeanyi Ubah, others

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INEC plans by-elections to replace Ifeanyi Ubah, others

The Independent National Electoral Commission will hold by-elections to fill the vacant seats of four National Assembly members who passed away in 2024.

Our correspondent gathered on Sunday that the by-elections would be held after the upcoming Edo and Ondo governorship elections slated for September 21 and November 16, 2024, respectively.

Since its inauguration in June 2023, the 10th Assembly has lost four members.

They are Isa Dogonyaro, Ekene Adams, Musiliudeen Akinremi,  and Senator Ifeanyi Ubah.

Dogonyaro, an All Progressives Congress member representing the Garki/Babura Federal Constituency of Jigawa State in the House of Representatives, died in Abuja on May 10, 2024, following an undisclosed illness.

Adams, a member of the Labour Party representing Chikun/Kajuru Federal Constituency of Kaduna State, passed away on July 16, 2024, at 39.

Akinremi, a two-term member representing Ibadan North Federal Constituency of Oyo State, died on July 10, 2024.

Senator Ubah, representing Anambra South, died in London on June 28, 2024.

Giving an update on the conduct of the by-elections for the late National Assembly members, the Chief Press Secretary to the INEC Chairman, Rotimi Oyekanmi, told The According that the by-elections would likely be held after the Edo and Ondo governorship polls.

Oyekanmi said, “Most likely, the by-elections to fill the vacant seats would be after the Edo and Ondo governorship elections.”

On February 3, 2024, by-elections were held in nine constituencies to fill seats left vacant by the demise or resignation of members elected during the 2023 general elections, both in the national and state Houses of Assembly.

The by-elections were held across nine states of the federation covering two senatorial districts (Ebonyi South and Yobe East); four federal constituencies (Shanga/Ngaski/Yauri Federal Constituency of Kebbi State, Surulere I Federal Constituency of Lagos State, Akoko North East/Akoko North-West Federal Constituency of Ondo State and Jalingo/Yorro/Zing Federal Constituency of Taraba State); and three state Constituencies (Guma I State Constituency of Benue State, Chibok State Constituency of Borno State and Chikun State Constituency of Kaduna State).

Resign if you can’t pay N70,000, NLC tells Gombe gov

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Gombe gov donates N3.6m to windstorm victims

The Nigeria Labour Congress has advised governors who can’t pay the new N70,000 minimum wage to quit office.

The Gombe State Governor, Inuwa Yahaya, last week said his administration would not be able to pay the new national minimum wage of N70,000.

Yahaya, who chairs the Northern Governors’ Forum, spoke at a meeting with labour leaders, civil society organisations, and traders associations at the Government House in Gombe.

Reacting to the Gombe governor’s declaration, the Head of Public Relations of the NLC, Benson Upah advised him to resign.

“He should quit if he cannot pay. He took an oath of office to uphold the law and not to break it,” he said.

No official of the Trade Union Congress has responded to The According’s inquiries about the governor’s outburst.

Last week, President Bola Tinubu signed the new Minimum Wage Act into law.

The signing of the law came nearly two weeks after President Tinubu and the organised labour unions agreed on N70,000 as the new minimum wage.

On July 18, the Federal Government, organised labour and the private sector concluded months-long negotiations on the minimum wage when Tinubu haggled down labour’s N250,000/month demand to N70,000/month.

On July 15, the Federal Executive Council mandated the Minister of Budget and Economic Planning to prepare a bill to amend the 2024 Budget.

A week later, Tinubu wrote the Senate requesting it to amend the 2024 Appropriation Act and the 2023 Finance Act by increasing the budget by N6.2tn.

Tinubu’s letter was addressed to the Senate President and read at plenary.

The President said the move was pursuant to Section 58 (2) of the Constitution.

Meanwhile, the Federal Government allayed fears of non-compliance with the new minimum wage, saying the extensive negotiations and consensus-building undertaken from early February to July meant all the relevant stakeholders were involved.

The governments of Kano, Kebbi and Yobe states have relaxed the curfew imposed over the nationwide hunger protest in their domain.

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Nationwide protest not in national interest — Third Republic lawmakers

The governments of Kano, Kebbi and Yobe states have relaxed the curfew they imposed as the nationwide hunger protest turned violent in their domains.

In a statement on Sunday by its  Commissioner of Information, Baba Halilu Dantiye, the Kano State Government said it relaxed the 24-hour curfew imposed last Thursday, when the protest started, to only six hours, as calm gradually returned to the city.

Dantiye said residents could now go about their lawful businesses between  8 am to 2 pm starting from Sunday.

The commissioner said the decision was taken to enable the general public to go about their legitimate business and enhance peace in the state.

“Citizens are advised to take advantage of the relaxed curfew to attend to their daily activities, while also maintaining law and order.

“The state government is observing the security situation in the state and will communicate further decisions on the curfew whenever the need arises,” he said.

The statement quoted Governor Abba Yusuf as sympathising with victims of the violent protest and large-scale looting under the guise of hunger protest.

Similarly in Jigawa State,  the Commissioner for Information, Mr Sagir Musa, in a statement on Sunday in Dutse, said the government had relaxed the 24-hour curfew imposed on the eight local government areas where mayhem erupted.

“It’s been relaxed henceforth from 6:00 pm to 5:00 am from Sunday, August 4, 2024, pending when the security situation further improves.

“The State Joint Security Committee has also lifted the curfew in 19 LGAs of the state where there was no report of any violence during the protest,” Musa said.

He said the committee commended residents in the 19 LGAs for showing patriotism, respect for the constituted authorities, and cooperation with security agencies during the protest.

The statement quoted Governor Umar Namadi as commending the people of the state for their patience and understanding during the period.

While urging the residents to pray for peace and stability in the country,  Namadi lauded security agencies for professionalism, commitment and dedication during the protest.

In the same vein, following a considerable improvement in the security situation in Potiskum, Gashua and Nguru towns of Yobe State, Governor Mai Mala Buni approved the relaxation of the 24-hour curfew earlier imposed on the three towns.

The governor’s Special Adviser on Security Matters, Brig. Gen. Dahiru Abdulsalam (retd.), revealed this in a statement on Sunday.

He said the curfew was relaxed from noon to 5 pm “to enable  people to undertake lawful activities effective from Sunday.”

While commending security agencies for their efforts in restoring peace to the area, the governor urged them to remain vigilant and prevent any breakdown of law and order during the relaxed curfew hours.

He enjoined the residents to cooperate with security personnel and report any suspicious activities.

He assured the public of the government’s continued commitment to ensuring the safety and well-being of all citizens.

Economic crisis affecting real estate – Report

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Economic crisis affecting real estate – Report

The state of the country’s economy has affected the real estate sector adversely in 2024, a report by Ubosi Eleh & Co. has stated.

The report, titled “The Nigeria Real Estate Report 2024”, noted, “Although Lagos is the economic nerve centre of Nigeria, the current state of the nation’s economy has affected office real estate adversely.

“Many businesses and companies have folded up completely, while some others are barely afloat and have reduced staff strength and office space for them to survive. A factual visit to Victoria Island, once the prime commercial district of Lagos gives a clear picture. The take-up rate for commercial office space is slow primarily as a result of the economy.”

According to the report, following the COVID-19 pandemic, many companies adopted the work-from-home model, which proved to be a cost-effective solution.

“Following the Covid-19 pandemic and the introduction of work from home, many firms sustained this practice, having appraised its cost-benefit and used the model to reduce their space needs and, in effect long-term operational costs.

“Commercial real estate in the larger part of Mainland Lagos had a fairly good run in 2023, recording a 25-30 per cent increase over rental values in the previous year 2022. Ikeja GRA recorded an even higher increase of 30-35 per cent increase.

“Commercial space in 2023, let for N60,000 per square metre in Ikeja CBD Alausa, N80,000 per square metre in Ikeja GRA, N40,000 per square metre in Computer Village, N30,000 per square metre in Ikorodu and between N40,000- 60,000 per square metre on Ikorodu Expressway, amongst others,” it indicated.

It noted that land values spiked in Ikoyi from N600,000 per square metre to N900,000 per square metre, indicating an increase of 50 per cent.

It continued, “In Banana Island, it increased from N1.3m per square metre to N1.50m per square metre, showing an increase of 15.38 per cent. A 4-detached house in Parkview increased in price from about N300m in 2022 to about N500m in 2023, indicating an increase of 60 per cent.

“Surulere does not have typical open plan office spaces but fixed spaces in apartments that attracted N1.60m N1.80m per annum on the average in 2023. Most of the Grade A Office Buildings are located on Lagos Island, notably Victoria Island, Ikoyl, and Lekki Phase. They are doing pretty well because of the excellent environment they offer for business.

“They are often fully or nearly occupied. Seven such prominent buildings in Lagos are Victoria Mall Plaza 2, Civic Center Tower, Eko Tower 1, Pier Point all in Victoria Island and Rising Sun in Ikoyi during the period of study recorded 100 per cent optimal occupancy rates while Heritage Place and Temple Tower located in Ikoyi recorded 94 per cent and 93 per cent, respectively.”

On Lagos Island, office letting rates witnessed a minimal increase in rental values between 2022 and 2023, the report disclosed.

“While office space on Admiralty Way/Road, Lekki, let in 2022 for between N60,000 – N80,000 per square metre in 2022, it increased to between N80,000-N100,000 per square metre in 2023. However, it stagnated in the other parts of Lekki between 2022 and 2023 at the rate of N50,000-N60,000 per square metre.

“In Ikoyi, rental values are lower on Awolowo Road but high in Old Ikoyi where it rose from between N200,000-N400,000 per square metre in 2022 to between N400,000 and N700,000 per square metre in 2023,” it stated.

According to the Ubosi Eleh & Co. report, rent in Victoria Island, which was between N80,000-N100,000 per square metre in 2022, rose to between N200,000 and N400,000 per square metre in 2023.

It added that rental values remained the same in Banana Island for both periods at the rate of N500,000-N700,000 per square metre.

“Grade ‘A’ office buildings will continue to do well in 2024 because of the niche they have created in this property genre. They control ready demand also influenced by their elite locations. Aside from this, we do not envisage a remarkable change in commercial real estate values in Lagos whether land or rental in 2024. The astronomical cost of construction would also ensure the supply curve remains largely the same,” it declared.

Navigating reproductive health and societal pressures

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Landlords discriminating against female tenants in Lagos – Report

In Ayobami Adebayo’s Stay with Me, the narrative revolves around Akin and Yejide, a young Yoruba couple grappling with the challenges of childbirth and navigating their careers and emotional turmoil within their relationship. This story provides a poignant lens through which to examine reproductive health issues in Nigeria.

According to the 2021 MICS/NICS report by the National Bureau of Statistics, 69.60 per cent of pregnant women attended antenatal care and were seen at least once by skilled health personnel. Additionally, 18.20 per cent of women who are currently married or in union use any modern method of contraception for pregnancy prevention and family planning, while 21.70 per cent use any method. However, 78.30 per cent do not use any method at all. This data underscores the critical state of reproductive health in Nigeria, a country where the future literally lies in the wombs of women.

Moreover, the World Health Organisation defines reproductive health as “more than just the absence of illness; it involves a comprehensive approach to physical, mental, and social well-being, ensuring that individuals have the resources and freedom to make choices about their reproductive lives.” This definition highlights that only a small number of women are fully engaged in managing their reproductive health from puberty to menopause. For instance, consider the teenage girl unable to afford menstrual pads due to high living costs. Similarly, think about the mother suffering from perinatal or postnatal depression, yet perceived as fine because she appears physically healthy.

In Stay with Me, Yejide resorts to mystical methods to conceive, ignoring scientific options, revealing the social stigma and isolation faced by childless women in society. This aspect of the story illuminates how societal pressures and cultural beliefs can impact women’s health decisions.

While literature and storytelling can illuminate the world of the unborn, they also prompt us to consider the harsh realities of reproductive health in Nigeria and Africa as a whole.  Economic burdens still hinder the acceptance and utilisation of comprehensive reproductive health resources in Nigeria. Many individuals, particularly women in low-income communities, face significant financial constraints that prevent them from accessing essential healthcare services. For example, the cost of transportation to healthcare facilities is expensive, even just moving from Iyana Ipaja to Ikeja with the recent hike in transport fares. Additionally, the direct costs of reproductive health services, such as consultations, diagnostic tests, and treatments, are often beyond the reach of those living in poverty. This financial barrier is further increased by the high cost of medical supplies and medications, including contraceptives and menstrual hygiene products, which are essential for maintaining reproductive health. Furthermore, economic instability and widespread unemployment mean that many households must prioritise immediate basic needs, such as food and shelter, over healthcare expenditures. As a result, women may forego necessary reproductive health services, leading to adverse health outcomes and perpetuating cycles of poor health and poverty.

Furthermore, consider men with erectile dysfunction who mask their condition under the guise of purity. For example, an anonymous member of a Facebook community group shared how her husband pretended to endorse “no sex before marriage.” Yejide reflects on this in Stay with Me, writing: “What did I know? I knew that I was once invested in his lies as he was, probably more than he was – I imagine he at least admitted the truth to himself. I could not do that until Dotun had spoken the words; I could not allow him to be flawed. So I bit my tongue when customers talked about sex and I let him hold my hand when he told the doctor our sex life was absolutely normal. I told myself I was respecting my husband. I convinced myself that my silence meant I was a good wife. But the biggest lies are often the ones we tell ourselves. I bit my tongue because I did not want to ask questions. I did not ask questions because I did not want to know the answers. It was convenient to believe my husband was trustworthy; sometimes faith is easier than doubt.”

This excerpt illustrates the complex interplay between personal beliefs, societal expectations, and health issues. It emphasises that only through a collective investment in advancing women’s reproductive health can we move towards promoting methods like artificial reproductive technology, empowering women to feel confident in their health.

As stated in the International Conference on Population and Development Programme of Action, 7.3, “[P]ractically speaking, it [the indivisibility of rights] has to do with the real-life fact that a woman cannot avail herself of her ‘right to decide freely and responsibly the number, spacing, and timing of her children”

In conclusion, if a woman lacks financial resources for reproductive health services or transportation to access them, cannot read package inserts or clinic posters, works in environments contaminated with harmful substances, or is harassed by a husband or in-laws who scorn or abuse her for using birth control, her ability to manage her reproductive health is severely compromised. Therefore, addressing these barriers is crucial for ensuring comprehensive reproductive health and well-being for all women. This is crucial for improving the acceptance and utilisation of comprehensive reproductive health resources, ensuring that all individuals, regardless of their financial status, can make informed and autonomous decisions about their reproductive health.

Adenuga is a graduate student at the Indiana University of Pennsylvania

CIPM and unfinished reform in public service

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CIPM and unfinished reform in public service

The Chartered Institute of Personnel Management of Nigeria is one organisation that I have a significant relationship with, a relationship that spans many years. It is one organisation I count as a partner in the struggle to transform the public service system in Nigeria. The CIPM is strategic as the key umbrella body—the community of practice—for administering human resource practice in Nigeria. Since its founding in 1968, it has consistently continued to push the frontiers and boundaries of the human resource profession as well as being in the vanguard of human resource management praxis in ways that have consolidated the status of its members, and its own status as a global organisational brand.

In this context, I have no doubt that the President and Chairman of the Governing Council of CIPM, Mallam Ahmed Gobir, already has his works—and objectives—cut out for him. His status as a distinguished Nigerian, a formidable human resource thought leader, an astute corporate lawyer and a management professional par excellence already situates him within the challenges that CIPM is currently facing, and how the organisation could be positioned as a significant stakeholder in the overall task of institutional reform in Nigeria. In this regard, one must applaud the existing achievement and experiential framework of the preceding presidents, and especially the administrative and visionary efforts of Mr Olusegun Mojeed, the immediate past CIPM president, for a most remarkable tenure littered with spirited strides, innovations and commendable achievements and legacies. No avid watcher of Nigeria’s public administration, and CIPM’s role, can be in any doubt as to the depth of clarity amongst CIPM’s thought-leaders regarding what is the next level for CIPM, especially at this momentous time in the profession’s annals. A time when the world of work is witnessing profound rethinking and reformulation to institutionalise the post-Covid new normal, and, at that, as we navigate the unfolding fourth and fifth industrial revolutions.

Specifically, I want to locate the public service system in Nigeria within the unfolding dynamics of human resource developments and practices. This becomes auspicious because it immediately signals to the chairman the crosscutting dimension of the partnership and collaboration that are demanded of the community of service and community of practice—the Nigerian civil service leadership, the CIPM, and the larger public administration community—in institutionally reforming the Nigerian bureaucracy, and inserting its strategic and operational dynamics and processes into the current global trends in human resource thinking.

My reform philosophy and advocacy have been hinged on an administrative axiom: if public administration fails in Nigeria, then all else—in terms of building strong administrative and bureaucratic institutions that will carry the burden of good governance—has failed. This immediately underscores the fact that, given the still challenged state of the performance and productivity capacity of the public service, there is an unfinished business of institutional reform in the public service system to which all hands, including CIPM’s, must be on deck. This administrative axiom is complemented by the observation that it is practically impossible to identify any high-performing economies in the world today without simultaneously discovering that their performance and productivity are founded on the three key elements of knowledge, governance and human capital. This makes it imperative that the “people factor” plays a significant role in governance calculations and in human capital development that translates into the human resource framework necessary for national productivity. This implies the transition from personnel management to strategic human resource management.

In linking President Bola Tinubu’s Renewed Hope Agenda to the urgency of public service institutional renewal and reform, therefore, it becomes fundamental to conclude that the quality of democratic governance can only be directly proportional to the degree to which policy and managerial intelligence can be matched by a dogged political will to commit to a radical transformation of the political service system through the rehabilitation of human resource functions and processes in the workplace of ministries, departments, and agencies. The initial move in this direction was signalled by Tinubu’s determination to constitute a government of national competence that would deploy expertise, technocracy and knowledge to energise intelligent policymaking. However, and beyond this, there is the need for the articulation of critical variables—public administration expertise, leadership sophistication, competent change management strategies and a reprofiled national value system—that would serve as the success factors for undermining the structural constraints that have hindered past and present reform efforts.

Indeed, given the trajectories of the current phase of institutional and governance reform that commenced in 1999 and reached a defining height in 2003, several cogent questions became imperative as the key to determining the direction the Nigerian public service system was heading. These questions include: What kind of public service Nigeria needs to successfully manage the transition from military authoritarianism to democratic governance; and what the appropriate personnel policies, pay structure, and operational cost ratios that are most cost-effective will be, to achieve an optimal productivity level in the national economy.

Unfortunately, and more than 25 years later, it would seem that for Nigeria, to quote the French critic and journalist, Jean-Baptiste Alphonse Karr, “the more things change, the more they stay the same.”

This brief diagnostic analysis brings me to the challenge of the unfinished business of institutional reform that will task the collaborative partnership between CIPM, and the public administration community of service and practice with regard to the core elements of transforming the public service systems. Transforming the public service requires paying attention to workplace dynamics that have been subjected to myriads of changes, especially those that relate to the nature and frameworks of work itself. Given the changing demographics of employees and workers, the workplace now demands new orientations and innovation—like flexi-working—that take into consideration the new normal after the COVID-19 pandemic and the emergence of the Gen Z demographic. Such orientations demand the urgency of rethinking human resource functions from multiple perspectives. This is even made more cogent by the fact that the government has gradually ceased to be the employer of choice for most people given its lack of incentivisation for working in the public service. To change this condition, and key into the unfinished business of reforming the public service, several issues come to the fore.

One, since the human resource function is cogent in achieving performance and productivity, there is no doubt that the professionalisation of the human resource functions is fundamental to transforming the workplace. However, the core professionals need to know that to do this, human resource management can no longer be restricted as the exclusive responsibility of human resource departments. Line managers and other managerial executives now require people management skills and competence to facilitate effectiveness and efficiency. This also relocates the human resource function from the back to the front office. And rethinking the human resource function implies a significant level of reform. For instance, at the basic level, it is no longer productive to treat human resource in terms of personnel management, and its preoccupation with the passive role of privileging rules, regulations and procedures rather than developing and pursuing policies in manners that extract performance results and productivity bargains from people and from the processes. This automatically affects the current practice of staff performance appraisal which is very vague about what is being assessed and rewarded, or even how appraisal should be directed towards performance assessment and competences, rather than as a mere subjective protocol.

Two, it has become almost impossible to think of public service transformation without inserting such reform within the public-private partnership framework. Working within this framework demands optimising the PPP contracts through imbuing public officials with commercial skills and competences that open up their capacities to engage with clients, customers and citizens, acquire knowledge of international business practices and labour laws, adopt multicultural sensitivities and multiple languages, and so on. This also brings in the growing consequences of involving artificial intelligence and robotics in upscaling the performance and efficiency of the public service system. The real challenge is how to translate the uncertainties that attend the deployment of artificial intelligence at the moment to real opportunities that will impact the public service system.

Three, to become the ultimate change agent in the reform of the public service, the human resource manager is not only expected to facilitate the establishment of a new human resource model that will harness the performance and productive capacities of the workforce. They are also essentially required to deepen their skills and competences with regard to risk management in ways that instigate action research as a component of management cum operation research and organisation development in the MDAs. This will also enable the HR to institute a learning culture that challenges the bureaucratic status quo, and helps it champion specific cultural transformations directed at translating desirable culture and public service values into public managers’ behaviour.

The CIPM is strategically located as a key stakeholder in injecting its organisational strengths into articulating a significant blueprint that inserts the organisation into a collaborative partnership needed to keep afloat the business of reforming the public service system. I have no iota of doubt that the new chairman will not only build on the existing architecture of achievements of the previous chairpersons, but also lay a few solid foundations of his that will keep the CIPM on course as a change agent in Nigeria’s effort to build a world-class public service that backstops its democratic governance.

Prof. Olaopa is Chairman of the Federal Civil Service Commission, Abuja

Suit challenging ‘ways and means’ securitisation frivolous

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CBN sells $122.671m to 46 authorised dealers

Ours is a nation full of surprises and I was surprised by a court case where some tried to prevent the Federal Government from securitising the N22.7 trillion ‘Ways and Means’ loans received from the Central Bank of Nigeria. Granted, it is the right of the Nigerians who sued to do so. But, considering the backdrop to the ‘Ways and Means’ matters and the controversies it has generated, suing the current government for the steps it has taken, in my view, amounts to wasting the time of the honourable justices in those hallowed courtrooms. It also amounts to making efforts to retard a securitisation process that has economic and other financial benefits, and I shall explain.

Of course, a Federal High Court in Abuja dismissed the suit and I applauded the judge who was in charge. I imagine the judge was fully aware of the issues surrounding ‘Ways and Means’ and he fully took such into consideration when he delivered his judgment. For me, this is a classic case of the court throwing out a frivolous petition. If one may ask, what did the plaintiffs seek to gain by stopping the government from doing the right thing regarding a loan that was already taken and expended? What the government is doing by securitising is to ensure that the loans are repaid to the CBN. These were loans that, due to the challenge of shortfall in revenue, the government took in order to meet some of its basic functions. It was made clear the reasons the loans were taken as far back as the Goodluck Jonathan administration in 2014. The current government also faced the same challenges and had taken similar loans.

There’s a need to repay at a stipulated period in the CBN law and anything done to the contrary will amount to illegality. In the face of the revenue shortfall, what should the current government do? It’s important we understand that securitisation is not limited to the need to offset ‘Ways and Means.’ It can be used by the government and the private sector for other purposes. Generally, what is called asset securitisation is one of the new methods of financing beyond the horizon of traditional equity and debt financing. While asset securitisation is popularly used across the world, it’s still largely new in Nigeria but it was first adopted with regard to ‘Ways and Means’ by the immediate-past Muhammadu Buhari administration. But asset securitisation can also be used in providing access to bank funds to match their regulatory capital requirements and their financial obligations.

Moreover, there’s a possibility of investment in asset securitisation under the National Pension Commission going by its regulation on investment of pension fund assets. There’s the possibility of asset securitisation helping in addressing the challenges in the housing sector. There’s as well the possible utilisation of asset securitisation in facilitating access to immediate funding from the capital market to address infrastructural problems. The newness of asset securitisation in Nigeria is however underscored by studies which have found that existing rules guiding the process are complex, cumbersome and are not conducive to the emergence of asset securitisation.

Also, the possible legal and contractual means of mitigating legal risks involved in asset securitisation are shown by studies to be unsatisfactory. Therefore, it’s being advocated that there’s a need for specific legal and regulatory frameworks on asset securitisation as well as reform of the law on priority and enforcement of security interests. In addition, enacting a law on asset securitisation has had to contend with Nigeria’s constitution as different aspects of law applicable to asset securitisation cut across federal and state legislative jurisdictions. These are a few examples of the limiting factors to the development of asset securitisation in Nigeria. Could Buhari’s administration that began ‘Ways and Means’ securitization, and the current Bola Tinubu administration that has continued with the process be contributing to the improvement in assessing securitisation in Nigeria through their involvement? I think so, and this is one benefit those who sued the Federal Government could have truncated.

Despite the relative newness of asset securitisation process in Nigeria, securitisation transactions have been playing a significant role in our financial market, providing essential financing options for various sectors. Securitisation involves transforming illiquid assets into tradable securities, ensuring liquidity and reducing risk exposure. It has helped financial institutions to diversify their portfolios and expanded lending capacities. It has also allowed for easier access to capital markets and reduced reliance on traditional funding sources. In the Nigerian financial market, various participants play crucial roles in securitisation transactions. These include banks, mortgage institutions, or leasing companies, which are responsible for creating the asset pools while investors, typically different institutions, purchase the securitised assets. This financial technique enables originators to raise funds by selling pools of assets to special-purpose vehicles. These SPVs also known as issuers hold the asset pools and issue securities to investors. SPVs are separate legal entities designed to protect investors from potential risks associated with the originators.

The rating agencies also have a role in securitisation transactions, providing credit assessments of the securities issued by the SPVs. They evaluate the quality and creditworthiness of the securitised assets, enabling investors to make informed decisions. Securitisation transactions provide a way to unlock liquidity, diversify portfolios, and access capital markets, thereby benefiting the overall economy. The involvement of the government at this stage of the development of the sector is beneficial to the economy as well, but this is what the plaintiffs want to retard by the action.

Through the securitisation of the CBN loans, according to Nigeria’s Debt Management Office, the process will improve debt transparency as the securitised ‘Ways and Means Advances’ will now be included in the public debt statistics. It will reduce the Debt Service Cost as the new Interest Rate is nine per cent per annum compared to the Monetary Policy Rate plus three per cent which translates to 21.0 per cent per annum currently being charged on the ‘Ways and Means Advances.’ The large savings arising from the much lower interest rate will help reduce the deficit in the budget and expectedly, the level of new borrowings.

Moreover, provisions for interest on the securitized ways and means advances (starting from 2023) and principal repayments starting from year four will be made in the annual Federal Government budgets. Meanwhile, in order to allay the fears of every Nigerian, the Federal Government says the securitisation of the ‘Ways and Means Advances’ does not involve new money being given to the Federal Government as the CBN has already provided the funds to the Federal Government. And, based on statutory provisions, the approval of the Senate and the House of Representatives is required for the securitisation. Therefore, implementation will be upon receipt of the approval of the House of Representatives. I think with such clarification made to the plaintiffs in the case instituted against the Federal Government and other intending co-travellers can go and rest.

Ishaku is a financial expert

Lagos raising young farmers to replace ageing ones – Govt

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Lagos MWAN urges support for women’s creative talents

The Lagos State Government has completed a one-month intensive training for some youths in the state in an agricultural entrepreneurship programme.

In a statement on its X handle on Sunday, the government disclosed that the participants in the programmed had pledged their commitment to contribute to food security in Lagos.

The statement noted that the government led by Babajide Sanwo-Olu was committed to improving food production and sustaining livelihoods.

“The need to replace our aging farming population with youth trained in modern farming techniques towards improved food production, job creation, and sustained livelihoods remains very key to the government of Mr Babajide Sanwo-Olu, who is the Governor of Lagos State.

“In this direction, having undergone a month’s intensive training, participants of the Lagos Agripreneuership Programme (LAP 20) at their graduation ceremony, assured willingness to contribute their quota towards ensuring a food-secured Lagos,” the post read.

Last week, Sanwo-Olu called on agro-food companies to collaborate with the government to bring down the cost of food in the state.

The governor made the call while receiving the senior management team of Olam Agri Nigeria Ltd., led by the Managing Director, Anil Nair, on a courtesy visit to the Lagos State House Marina last Thursday.

“There is no better security these days than food. Today being the first day of August, you can see in the streets in Nigeria, there’s some sort of hunger protest.

“How I wish that you and I, after this meeting, will make a broadcast that food prices have gone down by 25 per cent; it will be great news for both of us,” the governor said.

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Council chair, estate exco bicker over public disturbance claim

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Council chair, estate exco bicker over public disturbance claim

The Chairman of the Agege Local Government Area of Lagos State, Alhaji Ganiu Egunjobi, has denied the allegation of public disturbance, unlawful arrest and actions capable of threatening public peace and security, levelled against him by the Board of Trustees and the executive of Ijaiye Medium Income Housing Estate Development Association, LSDPC Phase 1, Agege.

In a press statement issued Friday and signed by the Chairman of the estate, Idowu Afelogun, the LG boss was accused of threatening the peace and security within the estate through some of his actions between 2021 and 2024.

The LG boss was also accused of flouting the laws and regulations of the estate indiscriminately. The association called on the state governor, Babajide Sanwo-Olu, to caution the chairman.

“On May 20, 2022 around 9am, Egunjobi attempted to access the estate from Oba Ogunji Road, which is reserved exclusively for residents with estate stickers.

“Security guards, following a mandate from the General Meeting of the estate, politely asked Alhaji Egunjobi to use the main gate as his car did not have the estate sticker. He responded by blocking the back gate with his car, causing significant disruption.

“Later that day, around 5pm, Alhaji Egunjobi brought thugs into the estate, who violently dismantled the security barrier and assaulted the security guards,” part of Afelogun’s statement said.

They said the situation degenerated to the point that some of the security guards were detained allegedly at the instance of the LG boss, and that in 2024, Egunjobi also sued the entire estate in a Suit No: MCIK/2842/CIV/2024.

Reacting to the allegations, Egunjobi described as false the accounts given by the leadership of the estate.

“It’s sad that the leadership of the estate is being mischievous about the whole thing and being economical with the truth. In most of the issues raised, I was the victim but they are turning it against me to call the dog a bad name in order to hang it.

“They raised the issue of a vehicle that entered an exclusive gate without the estate’s sticker but didn’t add the fact that it was an ambulance on an emergency routine. Besides, as a resident of the estate, I buy over 10 stickers periodically and so have no reason to access the so-called exclusive gate without a sticker on my car,” he told ThisDay in an interview on Sunday.