Herbert Wigwe everyone knew, but not many knew the backbone behind his immense success. I called you Chiz Baby. Queenette Allagoa called you Chiz Burger. Most called you Doreen. I remember when you came back from the United States of America 31 years ago. You were just 26 years old, armed with your university degrees and ready to start life afresh back home. We immediately bonded over our unique family dynamics and love of trading. I remember marvelling at your capacity to switch back and forth from an American accent to a Nigerian English accent with ease. I was immediately drawn to your infectious laughter which could be heard from a mile away and your tremendous industry. You were born into privilege, but you were never afraid of hard work.

Your dad, the late Chief Cyprian Chukwuemeka Nwuba (Uncle CY) was a chartered accountant and had worked for Shell Petroleum Development Company where he rose to the position of African Financial Controller, before transferring to the Nigerian National Petroleum Corporation where he was the Group General Manager, Finance and Accounts, before his retirement. Your mum was a senior public servant who worked in the education ministry before she took you, Alex and Pauline to live with her in the United States.

Despite spending your impressionable years growing up in the U.S., we would head out daily to Oke-Arin market in the heart of Lagos Island where we tried our hands at wholesale trading. I would later drop my forays into Oke-Arin market and give up the shop that my parents had paid for me as I forged a new career in journalism. But you never did, frugally saving and turning around every penny that you made until you became an immensely wealthy and successful businesswoman with interests in construction, real estate and the hospitality sectors.

I remember the beginnings of your relationship with Queenette, which was to blossom into a lifelong unbreakable sisterhood. Today, she’s inconsolable without you, but remains thankful to God for your life. I remember your first meeting with Herbert, then a young, freshly minted General Manager at Guaranty Trust Bank, and the twinkle in your eye after introductions had been made. It was at Queenette’s house where we used to hangout as young women, laughing our heads off and without a care in the world. I remember your wedding to Herbert and the reception at the Muson Centre. I remember Chizi’s birth a few months after and Tochi’s four years later. We would still hangout at Queenette’s house where Herbert would often turn up after work to pick you up, but only after he had helped himself to a hearty meal of edi kai kong, afang or fisherman’s soup that were regular staples at Queenette’s abode.

I recall when you ventured into the construction industry. Just a few of us knew that Craneburg Construction Company was your baby. You would regale me with stories about size of the contracts your company was taking on and I was amazed at your trips all over the country, executing and monitoring road, infrastructure and building projects. You would sometimes call me from Bauchi or Sokoto State and I would ask, “Chiz Baby, what on earth are you doing there?” You would always respond with your trademark laughter, “Ijeoma, I am working.”

It was your construction firm that built the highways, bridges and toll plaza from Lekki Phase II all the way to and within Epe town, making the journey to Ijebu Ode in Ogun State less arduous. It was your construction firm that built roads and flyovers in Ondo, Imo, Adamawa, Ogun, Bauchi, Gombe and other states. You took on airport construction projects, oil and gas, and marine projects like fish to water. Today, Craneburg is one of Nigeria’s largest, diversified construction groups that employs 7,000 people working across all major sectors of the economy. When you were not travelling around Nigeria, you would take off to China or Hong Kong to import all sort of things that you sold. No enterprise was too big or too small for you to handle. You revelled in it like very few people could.

I once asked you how Herbert felt about your far-flung business interests. You responded, saying that your relationship with him was built on trust and he was a confident man who was very supportive of your business. Herbert was later to confirm this over ten years ago when he proudly confessed to a mutual friend that you were probably wealthier than he was. More recently, in an interview on Arise News Channel, when the interviewer Ojy Okpe asked Herbert what his most prized possession was, without skipping a beat, he said you were his most prized asset and his everything. This was how much you meant to him. You were anything but a trophy wife. You were an equal partner in a blessed union made on earth and now in heaven.

As I watched your relationship with Herbert thrive, I was later to understand that it was your independence, industry and mutual love of children that solidified your bond as a loving couple. Just like Herbert, you loved children dearly and I watched your family grow with the addition of David, Hannah and Okachi. I remember your love and dedication to your children. Despite your business interests, you always took off for several months at a time watching over Chizi and Tochi in the UK when they were at boarding school and university. When David and Hannah were old enough to go to boarding school, you did likewise. I remember when you told me that Herbert found it difficult to let go of David and how he cried like a baby when he was dropped off at prep school in the UK. You and Herbert absolutely adored children and were planning to have more because they brought both of you tremendous joy.

Barely a week before you embarked on your final journey to the United States, I called you to introduce you to a friend of mine who wanted to build two multi-storey buildings in Lagos. Irrespective of the numerous projects that you were already handling, you were very grateful and excited at the new prospect and within 24 hours had met with her and her team at their office in Ikoyi. My friend is very sad at your passing but has promised to go ahead with Craneburg Construction as a mark of remembrance of your dynamism and industry.

Chiz Baby, what will we do without you? You were a beautiful woman, not just in looks but in spirit. You never, ever flaunted your success. You were always God-fearing, humble, playful, shrewd and intelligent. Last Saturday evening when I heard that you, Herbert and Chizi had been declared missing after the helicopter crash, I kept calling Alex your brother who was extraordinarily brave that night. We held on to whatever glimmer of hope that we had that all three of you had walked away from the crash and would be found. But as the night wore on and we learnt that you were no more, I completely lost sleep.

All I could do was to go down memory lane of our early beginnings as I showed you the lay of the land and introduced you to the few friends that I had. I thought of our minor scrapes as young women and our ability to move past them. I thought of your interactions with my mum and dad whenever you came round to visit. I thought of your interactions with your parents and siblings Alex, Pauline, Tolly, the late Anana and Chinny and how much you loved them. I thought of Tochi, Hanana, David and little Okachi who you, Herbert and Chizi have left behind. It was like watching life through a kaleidoscope.

Chiz Baby, right now we can only console ourselves in the knowledge that you and your dearest Herbert left behind separate, yet intertwined sustainable legacies through which we shall remember both of you for eternity. Thankfully, Tochi is your daughter through and through. She is almost the same age today as you were when you returned to Nigeria over three decades ago. We believe in her capacity, with the support and guidance of her numerous uncles and aunties, to look after and bring up her younger siblings in a manner that would make you, Chizi and Herbert proud. Despite the heartbreak, they will grow, prosper, and carry on the baton of the Wigwe family. They will be fine!

Sleep on my dearest Chiz Baby. Sleep on my dearest Herbie. Sleep on my dearest Chizi. And may your souls rest in eternal peace.

Old students’ associations can be a bridge between the past and future. In several countries, academic institutions owe their survival and development to the vibrancy of these alumni bodies. But though they engender a spirit of unity necessary to surmounting difficult challenges facing our country today, we are yet to sufficiently tap into this critical opportunity. Or at least so I thought. Until January last year when I received a call from former Nigerian Television Authority (NTA) Director General, Mr Sola Omole. He made what I considered a rather unusual request on behalf of Fiditi Grammar School Old Students Association (FIGSOSA) of which he is a member. To mark its 70th anniversary this February (then 13 months away), FIGSOSA wanted a commitment from me that I would write a column about the standards of education in Nigeria over the past 50 years.

Five months later, 22 May 2023 to be specific, I received a letter jointly signed by FIGSOSA national president, Professor Adesola Ogunniyi, chairman of the anniversary’s organising committee, Mr Oladapo Lagunju and Omole who chairs the publicity committee. After highlighting the theme for the 70th anniversary, ‘Sustainable Youth Development—Roles for Old Students Associations’, they formally made their request. “Our desire is that using the celebration and our theme as background, you review our education standards and perhaps proffer ways of improvement,” their letter stated. “We want this to be our contribution to the all-important debate about the place of education in Nigeria. We request that this suggested piece appear in your backpage VERDICT column on any day between the 12th and 16th of February 2024.”

I thank the leadership of FIGSOSA for their concern about education in Nigeria. I feel very humbled that they consider my intervention on the issue of any consequence. Honestly, I have found it difficult to process the amusing request. Whoever came up with the idea obviously has more faith in this column than I do. But for whatever it is worth, considering the reminder I got last week, I intend to keep my promise. First, let me say a few words about Fiditi Grammar School in Oyo State.

Founded in 1954, the late Mr Christopher Okigbo (who would become a globally renowned poet) was a teacher and later vice principal and sports master at the school. The duo of Okigbo and then principal, Chief Alex Ajayi, according to Omole, recruited Teslim ‘Thunder’ Balogun as coach for the football team that won many laurels. Other prominent products of Fiditi Grammar School include Dr. Bode Olajumoke, a prominent lawyer, businessman and former Senator who was for 20 years FIGSOSA National President, Professor Adejare Agboola of Applied Botany Department at the University of Agriculture, Abeokuta, Professor Olufemi Durosaro of the University of Ilorin, and Professor Samson Omotosho of the University of Phoenix, Arizona, United States. Major General Kola Ogunkoya (rtd), a one-time NYSC Director General, Naval Admiral Segun Egbedina (rtd), who commanded NNS Aradu, AIG Lanre Bankole (rtd) as well as Professors Bridget Sokan, Adekunle Akinyemi and Ogunniyi, (current FIGSOSA president and consultant Neurologist), are products of the school. Of course, there are hundreds of other prominent ex-this, ex-that who have also passed through the school. Omole himself was for several years the General Manager, Public Affairs, Chevron Nigeria Limited, before returning to NTA as DG.

Now to the issue at hand. While FIGSOSA asks that I review education in Nigeria in the past five decades, I believe it would be more productive to share my thoughts on their 70th anniversary theme because it centres on the role that alumni associations can play in the development of education in our country. Indeed, the immense benefits of alumni networks have led to the establishment of global charity organisations including ‘Future First Global’, based on the findings of a research study that covered countries in Asia, East and West Africa, Latin America, North America, Europe and the Middle East.

The study, sponsored by the Open Society Foundations, reveals how former students can engage with their alma mater as role models, mentors, work experience providers and trusted advisers. Former students, according to Future First Global, UK, are an incredible and largely untapped resource that every school has. “We think there are over 500 million adults globally who would give back to their old schools if they were asked, and yet we estimate only 2% are currently doing so.” Not surprisingly, while only two percent of adults polled had engaged with or gone back to their former high (secondary) schools, 52 percent of those asked said they would be willing to do so. Therefore, we have a pool of resources that can be harnessed for the development of our education sector, especially in Nigeria. And I am delighted that FIGSOSA is leading the way.

From primary school which lays the foundation, to university which prepares students for an increasingly competitive job market, all levels of education are important. But perhaps the most important is High (secondary school) that stands in the middle. In an ideal scenario, this level of education covers a broader scope of subjects with just enough depth to prepare and equip an individual with the requisite knowledge for gainful occupation and economic self-sufficiency. But this critical sector, which provides the foundation for building productive and conscientious members of society, is seriously challenged in Nigeria. The fact that many of our university students are ill prepared for rigorous intellectual engagement and the graduates are unfit for the job market reflects the quality of the foundation they received in secondary schools.

This is a systemic problem. While most of us are products of public schools, we have long opted to send our children to private schools (and I also plead guilty here), without caring about those who cannot afford the huge costs. Of course, we all know what a succession of governments, at all levels, have done to public schools in Nigeria. Yet, the point we must underscore is that public schools have significant social missions they fulfill in every society. The most critical is that they guarantee equal opportunity for all children regardless of their parents’ social status. In the process, they help to unify a diverse country.

To secure the future, we must defend the integrity of our learning spaces. And beyond what government should do, meaningful interventions from alumni associations can make a world of difference. If anybody has a doubt about the crisis of education in Nigeria, the sight of fully suited-up young men and formally dressed young women (most of them graduates) distributing leaflets for housing estates should drive the point home. That some supposedly educated people believe they can build their life on, or find fulfilment in, distributing leaflets on major roads and street corners is telling. In recent years, my wife has been championing a free education scheme for indigent children in Abuja through her Not Forgotten Initiative (NFI) School. With that, I have seen the abysmal level to which our public schools have degenerated. And we cannot all just fold our hands.  

Let me identify four areas in which our public secondary schools are deficient and where alumni associations can help to redress the situation. First is in the provision of adequate infrastructure and ensuring a safe and conducive learning environment. The second is in providing essential tools that include well equipped laboratories with required technical equipment, well stocked libraries, and access to computers. In many of our public schools today, students access basic tools through their imagination, which makes it difficult to comprehend most of the theories they are being taught.

It is noteworthy that to mark its 70th anniversary, according to Omole, Governor Seyi Makinde has been invited to open a skills acquisition center just completed for Fiditi Grammar School by FIGSOSA. “The centre will train school leavers, even those without a formal education, in various trades such as information technology and allied trades, carpentry, fashion design, catering and culinary skills among others,” Omole said of a project that should be emulated by other stakeholders in the alumni space if we must reposition the education sector in Nigeria. “This initiative is being undertaken in the belief that only those who can create and sustain personal entrepreneurial initiatives will survive in the unfolding global economy.”

However, as critical as conducive learning environment and infrastructure are, teachers are unarguably the most important element in formal education. Unfortunately, many of the teachers allowed into the system lack sufficient qualifications and the ones who possess these qualifications have not been cherished by the government. Tied to this is the issue of remuneration which remains abysmally poor. Aspiring to be a teacher was once a prestigious calling but the majority who enter the profession today are those who have no other means of livelihood. We need to change that paradigm.

Finally, there must also be an increase in funding. Nigeria’s yearly budgetary allocation to education pales in comparison to many other African countries and falls short of UNESCO’s recommended standard of at least 26 percent. Meanwhile, even the meagre budgetary allocation is mostly spent on recurrent expenditures, leaving little money for infrastructure upgrades and capacity building. If we are serious, we can use alumni associations to revitalize education in Nigeria. But the intervention must be structured.

In November 2019, a former Chairperson of the Federal Inland Revenue Service (FIRS), and then President of the Queen’s College Old Girls Association, Mrs Ifueko Omoigui Okauru posed a question at a townhall session on improving transparency and accountability in basic education in Nigeria. The question has not been answered: Can Nigerian authorities, as a pilot scheme, allow alumni associations to run some of our public schools for a specific period to see if it could help halt the decline of the educational sector in the country?

Omoigui-Okauru, who revealed that she met then education minister, Mallam Adamu Adamu to discuss wide-ranging issues on public school management in Nigeria said “the Queens College Old Girls Association has made a proposal to the federal government to take over the administration and management of the school for a pilot period of three years. The school can be permanently turned over to the association if government is satisfied with the management after the pilot period.”

I don’t know what happened to the proposal, but to revamp public schools in Nigeria, this is an idea worth considering. In a country where the government will continue to find it increasingly difficult to meet up with its responsibilities, we must encourage alumni associations to play a greater role. We need them to be more involved with the boards of school management and they can offer useful suggestions on the relevance of school curriculums to the demands of the professional workplace.

There will be a day to look at the private schools because they are also part of the problem. Last year, the Teachers Registration Council of Nigeria (TRCN) alleged that many private school owners in the country employ quacks as teachers. Even though the National Association of Proprietors of Private Schools (NAPPS) rejected the allegation, it is a serious issue we also need to examine. Just as we need to look at the role that Parents Teachers Association (PTAs) can play and the state of teacher’s training institutes across the country.

Education remains the bedrock of national growth and development, and we all have a part to play by giving back to the institutions from where we studied. If we do nothing, the rot will continue and haunt us all in future. FIGSOSA is therefore reminding us that Alumni associations are critical stakeholders in the process of reforming the education sector. And to the extent that efforts to bring about sustainable change in the education system in Nigeria is a collective task, alumni associations must be allowed to play a critical role. 

Once again, I wish FIGSOSA and all its members a happy 70th anniversary.

Goodnight, Herbert Wigwe

Having followed what turned out to be the most entertaining and unpredictable African Cup of Nations (AfCON) football tournament, with its twists and turns, I had a desire to watch the final live. I was therefore excited last Saturday afternoon when, in graciously granting my request, Vice President Kashim Shettima said I should be at the Abuja airport presidential wing by 1PM next day (Sunday) to join his delegation to Abidjan for the match. Unfortunately, a few hours later, news broke of the death in the United States of Herbert Wigwe along with his wife, son and others. I had to send a message to the vice president that regrettably, I would no longer travel because of the tragedy.

I considered the late Herbert a friend, but it is with his parents that I have a special relationship. When in June 2022 they marked their 60th wedding anniversary, I wrote about how, since 2001, Pastor Shyngle Wigwe, a former NTA Director General, had taken me almost like a son—and always called to pray for me and my family. I cannot begin to imagine what the Wigwes have been going through since Saturday. The overwhelming suffering and intense emotional pain that parents experience after such tragic bereavement, according to ‘Compassionate Friends’, a global NGO committed to supporting grieving families, “shatters core beliefs and assumptions about the world and the expectations about how life should unfold.” My thoughts and prayers are with the Wigwes at this most difficult period.

In her column, ‘Telling Chizoba’s Story’ yesterday, Ijeoma Nwogwugwu provided rare insights into the life and times of Mrs Wigwe who died alongside her husband in the helicopter crash. It is a moving and fitting tribute to a remarkable woman. Meanwhile, it was on a personal project, Wigwe University, that Herbert had lately invested considerable time, energy and resources. When we last spoke in December, he promised to take me to see the campus located in his ancestral Ikwerre land in Rivers State. That will no longer happen. I hope there are people who will help sustain that legacy.

For the WhatsApp philosophers who use the death of successful people to write and circulate drivel on the pretext that ‘life is fleeting’, ‘all is vanity’ etc., they must understand that Herbert has run his own race and is now with his maker. “Each man’s death diminishes me,” John Donne wrote in his immortal poem. “For I am involved in mankind. Therefore, send not to know for whom the bell tolls. It tolls for thee.” Herbert perfectly understood that nobody is guaranteed tomorrow. In a post on his official X (formerly Twitter) handle on 19th January, he left a fitting epitaph for the rest of us. “Today and always, let us remember that life is a precious gift – a chance to breathe, feel, love, experience and connect,” he wrote in a prescient manner common only to those who are spiritually alert. “Let’s honour this gift by living with purpose, kindness, and gratitude, making every moment count. Let us number our days.”

May God comfort his loving parents, remaining children, family members and his bosom friend cum business partner, Aigboje Aig-Imoukhuede.

• You can follow me on my X (formerly Twitter) handle, @Olusegunverdict and

I was going through some old files in my closet the other day when I saw some documents and receipts that absolutely cracked me up. Among the browning, time-worn papers was the receipt from a private primary school for the payment of my first daughter’s fees. 

It was a middle-class school that charged N5,000 naira per term. Attached to the fading receipt was a thank you note by the bursar. I rocked with laughter. This was in 1995 when, after nearly seven years of working, my monthly salary was around 60k or so. I will not forget how my mother reacted when she found out how much I was paying for her granddaughter’s termly fees. “Did your university tuition cost that much?”, she asked despairingly. 

Of course, it did, but not by a lot. As I held that rusty receipt in my hand on that day, the shock and despair in my mother’s face about how prices had gone up and how things had changed, for the worse, flooded my mind. 

Yet, within three decades of my mother showing concern, the joke was on me. By this time, it was no longer a laughing matter.

“Ilu le o…!” 

I had somehow managed to find out how much my daughter was paying for my granddaughter’s school fees in a school certainly more upscale than the one she attended, but by my reckoning, unlikely to be among the A-List schools in her part of town. 

What she was paying for my granddaughter’s kindergarten per term was roughly ten times my salary after seven years of working. I couldn’t help wondering what my mother would have said or done if she had lived to see the school fees of her great-granddaughter, a kid enrolled barely out of her diapers! And this was only three years ago.

Many things in the old files in my closet reminded me of how the times are changing. When I think of Victor Olaiya’s famous highlife song, “Ilu le o!” (literally meaning, Country hard!) released over 40 years ago which was supposed to have captured the misery of men and women complaining about the hard times, I wonder exactly what the moaning was about. 

Nuts for the rich

A few days ago, I had a conversation with my local cashew nut seller. I had been buying cashew nuts from her since when a bottle cost N800, which was not up to four years ago. Slowly, but steadily, the price climbed to N1,000, then N1,200, then N1,500 and before you could say, “cashew,” it became N4,000 per bottle – roughly the cost of my daughter’s one-term school fee in the late 1990s.

How do you buy a bottle of nuts for N4,000? Perhaps because I drive a big car – which is a Tokunbo, by the way – the nut seller thought she had me hooked; that I should be able to afford the nut, whatever the price. Well, she was mistaken and I told her so. Of course, she pleaded that it was not her fault that it was – you guessed right – the exchange rate! Dollar or not, I won’t buy cashew nuts now priced as luxury items. 

Of course, I know about the fiber, protein and healthy fats that come from cashew nuts, not to mention blood sugar control, heart health and weight loss. But at 72.5kg, and with the gift of a stature that can eat both pounded yam and mortar without them showing, why should I lose sleep over weight? Whatever cashew nut offers, especially in fiber, I will get from sweet potatoes.

But cashew nuts are not the whole story of this cost-of-living crisis. Even potatoes have doubled in price. According to a BBC report, prices in Nigeria are rising at their fastest rates ever in the last 30 years.

This was how the BBC report described it: “A standard 50kg bag of rice, which could help feed a household of between eight and 10 for about a month, now costs N77,000,” that is, about double the price last December. The prices of other staples such as beans, garri, maize and millet have also gone up, costing the average worker two months’ minimum wage for a bag.

Portion control 

Portion control was a frequent point of argument in my house. It’s a problem with men, of course, but it’s worse with African women brought up to believe that the proof of spousal care is in the size of the husband’s weight, measured by the amount of food on his plate. It’s considered taboo in many places, especially in the South of Nigeria, for example, for a man’s plate of soup to have only one piece of meat or fish. Or for his dough, famously called swallow, to appear miserly. 

This well-intended culture of culinary excess is captured in Chinua Achebe’s Things fall apart, where the story is told of a wealthy man who gave a feast at which guests on one side of the table did not see those on the other side from morning until night when they managed to level the mountain of food set before them during the new yam festival. 

If, however, Okonkwo’s guests were living in today’s Nigeria, where a sachet of water in a 50cl plastic bag costs N20, more than twice the price last year, they would be lucky to find enough water to drink after a meal of afafata, chaff of rice grain, which is now a staple in parts of Northern Nigeria.

My point about portion control is that after years of struggling to convince my wife, and often the female domestic staff, that measurements and smaller food portions, including far fewer pieces of protein in my meals don’t mean lack of care, the cost-of-living crisis is finally driving the point home! 

As for other things such as the cost of petrol and other energy costs, which increased by 216 percent from N195 per litre after the removal of subsidy last May, I threatened to buy a bicycle to augment my transportation cost before a concerned staff warned me of the risk of cycling nearly 15 kilometres to work across two major highways.

There is, however, one area of adjustment, which after futilely struggling to contain without luck, I have decided to seek “divine intervention”, as we say: my BP medication. In a country where less than five percent of the population have health insurance and the rest pay out-of-pocket for treatment, persons with underlying medical conditions have been badly hit by the current inflation rate of 28.9 percent.

It’s not a laughing matter. Last year, for example, a packet of Co-Diovan 80/12.5mgs, my recommended BP management medicine, cost about N8,000. Now, it is N24,000 and still rising for the same packet which lasts 28 days.

Trouble in the world 

Of course, it’s not a uniquely Nigerian problem. From New Zealand to Nepal, countries around the world have been battling with a serious cost-of-living crisis. This crisis is a combination of factors ranging from COVID-19 and the supply chain problems that followed, to the war in Ukraine and extreme climate changes across the world. 

In fact, Nigeria is not listed among the 10 African countries with the highest cost of living, a list that features Senegal at the top, with others such as Cote d’Ivoire, Zimbabwe, South Africa, Cameroon and Kenya, among others. 

Just like economic problems imitate physical diseases, countries with underlying structural problems have been the worst hit. The difference from place to place, however, has been in how leaders repaired trust and mobilised resources in response. 

President Bola Ahmed Tinubu campaigned for his current job knowing full well there won’t be a honeymoon from day one. I’ll need to file something urgently in my closet that my granddaughter might see someday to show that my vote for him was not a mistake.

The Federal Government is seeking to raise N2.5tn in its second FGN bonds auction of the year.

Debt Management Office in a circular issued on Wednesday, stated that the offerings consisted of N1.25tn with a maturity date of February 2031 and N1.25tn with a 10-year tenor.

FGN savings bonds are part of the domestic borrowing plan of the Federal Government.

Last year, the Federal Government raised about N7.06tn from the fixed income market.

This year, the Federal Government has projected its new borrowings to hit N7.83tn.

President Bola Tinubu had sought approval from the National Assembly for about $8.69bn and €100m as part of the external borrowing plan for 2022 to 2024.

The latest FG bonds have a face value N1,000, with a minimum subscription requirement of N50,001,000 and subsequent increments in multiples of N1,000.

Interest payments on FGN bonds are usually semi-annually.

In January, the FG had offered a two-year FGN Savings bond due January 17, 2026 at 11.033 per cent per annum and another three-year FGN Savings Bond due January 17, 2027 at 12.033 per cent per annum.

It allotted N603.42bn for the two-year tenor bond and N1.394tn for the three-year bond.

..Adeboye, Sanwo-Olu, others visit deceases banker’s parents

A United States of America aviation lawyer, Robert Clifford, has said the tragic helicopter crash that claimed the lives of the Group Chief Executive Officer of Access Holdings, Herbert Wigwe, and other prominent Nigerians in California on Friday could have been averted.

Clifford, who is the Founder and Senior Partner of Clifford Law Offices in Chicago, disclosed this in a press statement posted on the company’s website on Wednesday.

Wigwe, his wife Doreen, his son Chizi, and a former Group Chairman of the Nigerian Stock Exchange, Abimola Ogunbanjo, lost their lives in a fatal crash.

The Airbus Helicopter EC130B4, carrying six occupants, including two crew members, crashed at a border town between California and Nevada.

Clifford’s statement came amid an ongoing investigation of the chopper crash by the US National Transportation Safety Board.

Already, investigators from the agency have transferred the aircraft wreckage to another location in the US for comprehensive laboratory examination and analysis.

The preliminary report of the crash is expected to be ready in four weeks, according to NTSB.

The statement, posted on Clifford Law Offices website read in part, “The crash of a helicopter that killed six people including a top Nigerian banker and his family along the California-Nevada border Saturday night immediately strikes one as a tragedy that may have been avoided given the known weather conditions at that time.”

Clifford was the Lead Counsel in the crash of a Boeing 737 MAX8 plane in Ethiopia which killed all the 157 souls on board from 35 countries on March 10, 2019.

The US attorney, who claimed to have also represented victims of many helicopter crashes questioned the decision of the pilots and others to allegedly take off in what was described as difficult weather conditions.

There were media reports that during the crash at 10pm on Friday, residents of the area reported rain and wintry weather conditions.

However, Clifford expressed hopes that the US National Transportation Safety Board would unravel if the crash was avoidable or not after its ongoing investigations.

“The National Transportation Safety Board investigators will thoroughly examine all aspects of what led up to the crash and ultimately will use their expertise to determine the probable cause of this crash to see if it was avoidable,” Clifford said.

He added, “It is always a horrific tragedy when innocent lives are lost in an aviation disaster.”

The NTBS has commenced an investigation, gathering crucial company information, including pilot records, flight dispatch records, and aircraft maintenance records.

The US agency had disclosed plans to transfer the wreckage to a secure location on Tuesday for an in-depth examination and analysis scheduled. However, the NTBS has yet to communicate what it found out from the examination.

While a preliminary report on the crash is expected to be released within four weeks, in March, a full NTSB investigation will last 12 to 24 months before the final report is issued.

Earlier in a press conference on Sunday, the NTSB revealed that witnesses reported “wintry mix” weather conditions, including rain, at the time of the crash.

A Board Member, NTSB, Michael Graham stated, “We currently have a meteorologist working on our team and we were working to analyse and get the exact weather conditions at that time.

“Of course, that’s out in the middle of the desert so we’ll have to find the closest reporting stations nearby to be able to give any accurate report,” he said.

The PUNCH reported that investigators mentioned that the helicopter was not equipped with a cockpit voice recorder or a flight data recorder, even though the aircraft was not required to have it, according to Graham.

Meanwhile, the NTSB in a statement on Wednesday urged the Federal Aviation Administration to mandate the retrofitting of all existing airplanes equipped with a cockpit voice recorder and a flight data recorder.

This call for action by the NTSB was in response to the Alaska Airlines accident on January 5, 2024, where crucial data was overwritten.

The proposed upgrade involves enhancing these devices to record 25 hours of audio, a significant increase from the current standard of two hours.

Since 2018, at least 14 NTSB investigations have been hampered because cockpit voice recorder, or CVR, data were overwritten, including seven serious runway incursions that occurred in early 2023.

NTSB Chair Jennifer Homendy said “In the recent Alaska Airlines door plug blowout accident, our investigators don’t have the CVR audio to fully understand all of the challenges the flight crew faced in response to the emergency.

“Any investigation in which the CVR audio is overwritten and unavailable to us means that we may miss opportunities to address safety issues identified on recordings. And that’s unacceptable.”

Adeboye, Sanwo-Olu, others visit 

Meanwhile, the General Overseer of the Redeemed Christian Church, Enoch Adeboye, Lagos State Governor, Babajide Sanwo-Olu, visited the residence of Herbert Wigwe’s parents in Lagos on Wednesday.

Adeboye got to the Wigwe’s company shortly after Sanwo-Olu. Both of them met the elderly parents of the late Group Chief Executive Officer of Access Holdings Plc, Wigwe.

Seen at the family house of the Wigwes were Africa’s richest man, Aliko Dangote, the former Group Managing Director of Access Bank, Mr. Aigboje Aig-Imoukhuede, who are both repeat visitors.

Others were the founder of Guaranty Trust Bank (GTBank Plc), Mr. Fola Adeola, and Chairman of Access Bank Plc. and former President of the Nigerian Bar Association Mr. Paul Usoro.

Speaking on the late Access Holdings GCEO, a former Minister of Health, Julius Adelusi-Adeluyi said, “Herbert was one of our children, and we say to ourselves in him, a star was born, and that star developed into a gem. And now we are witnessing a situation that the star that was born that has turned into a gem that is gone.

“It needs a lots of careful patience to be able to cope. It’s a big tragedy. We don’t know the way of God, there is nothing that he does that is not for the good of mankind. So we say, may his soul rest in peace.”

Director-General of the Securities and Exchange Commission, Lamido Yuguda, in his comments said, “We pray for the soul of the departed. May God comfort all those left behind.”

Speaking, Mr. Norrison Quakers SAN described Wigwe as tenacious goal-getter, who was committed to the work of God.

He said, “Herbert was hospitable, unpretentious, and one who made sure that his wealth went round. He was tenacious, purposeful, determined, and a goal getter. Did he achieve all that he set out to achieve? Well, one can say, with the short life that he had lived, one can say that a lots of the goals that he set for himself, he was able to achieve them.

“He has impacted lives. And you can see the number of people who have come around and the compliments, messages that the family has been getting. It shows the kind of person he was while he was yet alive. This is a lesson for many of us. That while you are alive, make use of the talent that God has given to you and also your resources.”

Also, a former Super Eagles goalkeeper, Idah Peterside, wrote in the condolence register, “Chie Herbert, Na so?”

The first female Chief Judge of the federal Court, Justice Rose Ukeje said “Dear lord you know it all. Nothing happens without your consent. Please Lord comfort Pa Pastor Wigwe and lady Stella. We commit them to your care, may your abiding grace see them through this tragedy. We pray and we believe thou will grant our prayer. Amen.”

A former Minister of Petroleum Resources and chieftain of the All Progressives Congress in Akwa lbom state, Don Etiebet wrote “May the soul of my friend, wife and son rest in perfect peace. I shall miss you Herbert.”

The crisis rocking the leadership of the Labour Party took a deeper dimension on Wednesday when the National Working Committee of the party slammed a six-month suspension on its National Treasurer, Oluchi Opara.

The suspension was officially announced at a media parley held at the party secretariat in Abuja.

Opara had on Monday challenged the LP National Chairman, Julius Abure, at a press conference to account for an alleged N3.5bn raised from the sale of nomination forms and fundraising activities in the build-up to the 2023 general elections.

While speaking on Arise TV’s “Good Morning Show” on Tuesday, Opara again claimed that the Abure-led NWC was secretary working for the Peoples Democratic Party in Edo State ahead of the September 21 governorship election in the state.

Reacting to her weighty allegations on Wednesday, the National Publicity Secretary of LP, Obiora Ifoh, labelled Opara a mole who was being used by dissidents in the party.

Ifoh told journalists that the decision to sanction Opara was taken after she failed to honour an invitation by the party’s NWC to resolve the conflict.

He said, “After the 2023 general elections, the Labour Party was marked for total annihilation by the system for daring to upstage the status quo of the political class. Little did we know that the fumigation was far from complete until late last year when signs emanated that our National Treasurer, Ms Oluchi Opara, a key member of the executive, turned out to be a mole in the house and has continued networking with the expelled members of the party leadership.

“Convinced that the treasurer is on a mission to stifle life out of our very cherished party, an emergency NWC was summoned on February 13. Arising from the meeting, the NWC set up a disciplinary committee to try Opara for bringing the party to disrepute. To exercise its powers as contained in the party’s constitution with the intention of a fair hearing, the NWC extended an invitation to her to appear before it today, February 14, by 10am to discuss the development. The party regrets that the treasurer shunned the invitation by the disciplinary committee to clear herself.

“We see this as an affront to the party leadership and millions of our members who are watching how their party’s image, which they have laboured hard to build. The disciplinary committee has, however, recommended to the National Executive Council of the party through the NWC that Ms Oluchi Opara be suspended from Labour Party for a minimum of six months. This suspension is with immediate effect.

“We sincerely regret this development. We however urge our teeming members to understand that this is a price to pay for success. We will continue to reform the party until we achieve the best, good enough to drive our New Nigeria agenda.”

Efforts made to get Opara to react to her suspension proved unsuccessful.

As of the time of filing this report, her line was unreachable.

UK economy has entered recession after recording two successive quarters of negative economic growth in the second half of last year, official data showed on Thursday.

Gross domestic product shrank by 0.3 per cent in the fourth quarter of 2023 after contracting 0.1 per cent in the previous three months, the Office for National Statistics said in a statement, meeting the technical definition of a recession.

According to BBC, the UK is considered in recession if GDP falls for two successive three-month periods – or quarters.

The figures will be a blow to Prime Minister Rishi Sunak. Growing the economy was one of five pledges he made in January 2023.

In 2020, the UK economy entered recession and contracted by a record 20.4 per cent in the second quarter with the country in lockdown over the coronavirus pandemic, official data had shown.

“It is clear that the UK is in the largest recession on record,” the Office for National Statistics said then.

Meanwhile, in December 2023, Britain’s economy unexpectedly shrank in the third quarter, official data showed, raising fears of a potential recession before an election due next year (2024).

Gross domestic product contracted 0.1 per cent between July and September, down from a prior estimate of zero growth, the Office for National Statistics said in a statement.

The Federal government has said it cannot continue to subsidise electricity for Nigerians.

The Minister of Power, Adebayo Adelabu, stated this on Wednesday while briefing State House correspondents in Abuja.

Adelabu said the poor electricity supply situation in the country was caused by numerous issues including outstanding subsidy debts.

The minister said the nation must begin to move towards a cost-effective tariff model, as the country is currently indebted to the tune of 1.3 trillion naira to generating companies (GenCos) and 1.3 billion dollars owed gas companies.

According to the minister, over N2 trillion needed for subsidy, only N450 billion was budgeted this year, adding that state governments will now be allowed to generate power independently to supply power to their states.

On the grid that has collapsed for about six times between December 2023 and now, he said this was caused by shortage of gas, ageing machines in the grid value chain, low capacity to evacuate generated power, and destruction of power stations in some parts of the North-East geopolitical zone of the country.

He said the Transmission Company of Nigeria has over 100 abandoned projects due to variations on contract figures as a result of the fluctuations of the forex, hence the company will not award any new contracts till all such projects are completed.

The minister also said over 50 billion naira has been earmarked in the 2024 budget to build mini grids to supply power to remote areas.

He said electricity distribution companies (DisCos) should sit up otherwise anyone found wanting will have his licence withdrawn.

The minister also said he has reached out to the National Security Adviser, Nuhu Ribadu, to help provide security for power infrastructure.

The Chairman of Federal Inland Revenue Service (FIRS) , Zaccheus Adedeji, yesterday faulted the N2.59trillion Tax Credit Scheme introduced by former President Muhammadu Buhari’s administration in 2021.

The scheme was meant for road construction across the country.

He stated this when the executors of the Tax Credit Scheme the Nigerian National Petroleum Company Limited (NNPCL) gave details of the $3.3billion loan facility secured for the Central Bank of Nigeria (CBN) for stabilization of Naira in the foreign exchange market.

The FIRS Chairman was not impressed with the N2.59trillion Tax Credit Scheme introduced through Executive Order 7 of 2021 by Muhammadu Buhari-led government.

He spoke when he appeared before the Senate Committee on Finance along with the Chief Finanancial Officer of NNPCL, Umoru Ajiya .

The Committee chaired by Senator Sani Musa, had invited the FIRS and the NNPCL management to shed more light on the implementation of the scheme especially the terrible state of the Federal Roads across the country.

The NNPCL Chief Financial Officer, in his presentation, raised the hope of the committee members that the schene was being properly implemented.

He said it was helping the Federal Government to fix elapidated roads across the six geo political zones in the country with N664billion spent so far.

When asked to speak on the scheme, the FIRS boss condemned it descring it as unlawful.

He urged the Federal Government to discontinue it.

He said, “The Mandate of FIRS lumped with execution of Tax Credit Schene for road construction , is to access , collect tax and remit it into the federation account and not to appropriate it for any purose through executive order .

” It is not the duty of FIRS and NNPCL to be paying contractors .

“The Ministry of Works should be in line with its core mandate , be allowed to award road contracts and pay for them.

” The scheme to many people, serves as a faster way for road reconstruction or rehabilitation across the country , but we should stop increasing speed towards wrong direction .

” As a way of stopping the wrong approach, FIRS and the Central Bank of Nigeria are holding meeting with the Ministry of Works Friday this week.

“At the meeting, we are going to take stock of what had been done through the scheme and thereafter we will toe the right path .

” We should in a nutshell, not continue in the wrong trajectory “, he said .

The Chairnan of the Committee , Senator Sani Musa , expressed satisfaction with the FIRS boss presentation.

He said relevant provisions of the 1999 constitution (as amended) ,are against the scheme.

Musa said this was because monies that the NNPC and FIRS are being made to spend on the roads through tax credit , supposed to be remitted into the consolidated revenue fund .

” We are waiting for outcome of meeting of the three agencies involved in the scheme , before deciding on how to help the present government to correct mistakes of the past ‘, he said.

On the $3.3billion loan facility , NNPCL informed the Committee members that it was secured to support CBN to suppress FOREX Volatility .

The agency said $2.2billion had already been secured for the apex bank while the balance of $1.05billion , would be credited the apex bank before the end of the month