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Economy

FMDQ OTC lists Dangote Cement N50bn Commercial Paper on its platform

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…Qualinvest: PRICE-LIST AS AT JULY 19, 2018***

FMDQ OTC Securities Exchange on Thursday listed Dangote Cement Plc N50 billion Series 1 and Series 2 commercial paper (CP) notes on its platform.

The News Agency of Nigeria (NAN) reports that the N12.04 billion and N37.96 billion Series 1 and Series 2 listed was part of Dangote Cement N150 billion Commercial Paper notes programme.

Commercial paper is an unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories and meeting short-term liabilities.

Speaking at the quotation ceremony in Lagos, Mr Joseph Makoju, the Group Chief Executive Officer, Dangote Cement, said that the transaction was very significant for the company.

Makoju said the landmark transaction was the largest-ever commercial paper issuance by a corporate issuer in Nigeria.

“Dangote is by far the largest company listed on this exchange, this transaction is a milestone for us,’’ he said.

Makoju who commended FMDQ for the milestone, said that Dangote Cement was happy to list the biggest CP on its platform.

He commended FMDQ for organising the listing ceremony, noting that the exchange had significantly contributed to the development of the domestic debt capital market.

The chief executive officer said that FMDQ had championed development in the form of CP issuance in the debt capital market.

He said that the platform had promoted transparency, governance, integrity, and efficiency in the CP market.

Makoju said that the platform had succeeded in encouraging issuers to explore alternative funding source on the Nigerian capital market.

According to him, the listing signaled progression from what we are used to which bank is funding now to access new source of funding.

“It allows us to broaden our sources of funding and combine established bank lines of credit with access to capital market funding, which will lower our overall cost of borrowing.”

Makoju said that the listing was N50 billion dual issuance under the N150 billion CP programme established by the company recently.

He said that the success of the transaction was a proof of investors’ confidence in the company and signified the company’s financial strength.

According to him, funds raised from the CP will be used for capital expenditure, working capital and general corporate purposes.

Makoju added that the success of the programme reflected the quality of the company’s business and strong cash generation made possible by Dangote Cement market-leading positions in Nigeria and across Sub-Saharan Africa.

Mr Bola Onadele, the Managing Director, FMDQ OTC Securities Exchange, described the event as a special occasion for the company and the history of the country.

He said that Dangote would issue more credible papers on the company’s platform in the nearest future.

“The size is significant but what is more important actually is the corporate benchmark that is lacking in Nigeria,’’ Onadele said.

He said the company which would be five years in November,  had achieved a lot of credible milestones.

Onadele said that the role FMDQ intends to play in the capital market ecosystem was to become an agent of change in the market and advocate for government.

He said that the company would continue to provide price transparency in all the issues listed on its platform.

In the meantime,

PRICELIST OF EQUITIES TRADED ON THE FLOOR OF THE NIGERIAN STOCK EXCHANGE
AS AT JULY 19, 2018
SECURITY PREV/CLOSE OPEN HIGH LOW CLOSE CHANGE CHANGE(%) VOLUME VALUE
ABCTRANS            0.42            0.42 0.00 0.00 0.42 0.00 0.00                62,200                   23,924.00
AFRIPRUD            4.00            4.00 4.20 4.06 4.20 0.20 0.05             840,222             3,457,801.41
AGLEVENT            0.46            0.46 0.00 0.00 0.46 0.00 0.00             113,520                   47,711.18
AIICO            0.67            0.67 0.68 0.65 0.65 -0.02 -0.03          2,471,492             1,634,787.30
AIRSERVICE            4.50            4.50 0.00 0.00 4.50 0.00 0.00                        50                         202.50
ALEX            9.20            9.20 0.00 0.00 9.20 0.00 0.00                        30                         249.00
BERGER            8.55            8.55 0.00 0.00 8.55 0.00 0.00                  6,203                   51,513.10
BETAGLAS          81.00         81.00 0.00 0.00 81.00 0.00 0.00                      646                   47,093.40
BOCGAS            4.21            4.21 0.00 0.00 4.21 0.00 0.00                16,500                   66,000.00
CADBURY          11.50         11.50 10.85 10.80 10.80 -0.70 -0.06             180,670             1,962,650.40
CAP          34.50         34.50 0.00 0.00 34.50 0.00 0.00                  3,668                 122,013.30
CAPHOTEL            3.10            3.10 0.00 0.00 3.10 0.00 0.00                        50                         139.50
CCNN          23.00         23.00 0.00 0.00 23.00 0.00 0.00             116,063             2,697,032.90
CHAMPION            2.05            2.05 0.00 0.00 2.05 0.00 0.00             235,347                 439,673.10
CILEASING            2.46            2.46 2.46 2.43 2.46 0.00 0.00          1,239,481             3,026,318.50
CONOIL          27.00         27.00 0.00 0.00 27.00 0.00 0.00             121,414             2,955,953.60
CONTINSURE            1.65            1.65 1.60 1.60 1.60 -0.05 -0.03             229,923                 362,048.30
CUSTODIAN            5.52            5.52 0.00 0.00 5.52 0.00 0.00             261,637             1,423,771.74
CUTIX            3.00            3.00 0.00 0.00 3.00 0.00 0.00             152,325                 426,223.50
HMARKINS            0.26            0.26 0.27 0.27 0.27 0.01 0.04             210,500                   56,835.00
DANGFLOUR            9.30            9.30 9.50 9.50 9.50 0.20 0.02             262,300             2,477,310.00
DANGSUGAR          18.30         18.30 19.50 18.35 19.50 1.20 0.07          5,277,219        102,145,848.95
DIAMONDBNK            1.25            1.25 1.30 1.23 1.29 0.04 0.03          2,245,809             2,838,716.00
EQUITYASUR            0.21            0.21 0.21 0.21 0.21 0.00 0.00             657,000                 137,500.00
ETERNA            6.50            6.50 7.00 5.85 6.90 0.40 0.06          4,067,015           26,692,010.80
ETI          20.60         20.60 20.70 20.65 20.70 0.10 0.00             707,403           14,602,435.70
ETRANZACT            4.55            4.55 4.10 4.10 4.10 -0.45 -0.10             100,000                 410,000.00
FCMB            2.08            2.08 2.01 2.00 2.00 -0.08 -0.04          2,932,746             5,877,695.68
FIDELITYBK            2.00            2.00 2.00 1.98 1.98 -0.02 -0.01          4,072,615             8,093,632.51
FIDSON            6.15            6.15 0.00 0.00 6.15 0.00 0.00                14,917                   82,640.18
FIRSTALUM            0.41            0.41 0.00 0.00 0.41 0.00 0.00                35,000                   12,950.00
FLOURMILL          30.00         30.00 30.00 30.00 30.00 0.00 0.00          1,781,738           53,455,658.20
FO          27.00         27.00 0.00 0.00 27.00 0.00 0.00             166,560             4,504,682.75
FTNCOCOA            0.20            0.20 0.00 0.00 0.20 0.00 0.00                26,500                     5,300.00
GLAXOSMITH          16.70         16.70 0.00 0.00 16.70 0.00 0.00             112,140             1,865,524.15
GUARANTY          36.55         36.55 38.00 37.65 38.00 1.45 0.04       78,361,111     2,977,296,117.00
GUINNESS          97.00         97.00 97.00 97.00 97.00 0.00 0.00             341,370           33,113,526.40
HONYFLOUR            1.91            1.91 0.00 0.00 1.91 0.00 0.00          1,013,795             1,982,525.34
IKEJAHOTEL            3.13            3.13 0.00 0.00 3.13 0.00 0.00                  1,700                     4,794.00
INTBREW          41.00         41.00 39.20 39.20 39.20 -1.80 -0.04             293,234           11,503,169.20
JAPAULOIL            0.36            0.36 0.34 0.33 0.34 -0.02 -0.06          2,596,119                 858,379.27
JBERGER          24.30         24.30 0.00 0.00 24.30 0.00 0.00             270,110             6,060,434.25
LASACO            0.33            0.33 0.34 0.33 0.34 0.01 0.03          1,586,188                 524,580.16
LEARNAFRCA            1.26            1.26 0.00 0.00 1.26 0.00 0.00                26,900                   31,110.00
LINKASSURE            0.73            0.73 0.79 0.79 0.79 0.06 0.08             755,000                 600,406.84
LIVESTOCK            0.75            0.75 0.75 0.68 0.68 -0.07 -0.09             810,666                 573,285.60
MANSARD            2.55            2.55 0.00 0.00 2.55 0.00 0.00             193,863                 477,106.03
MAYBAKER            2.25            2.25 2.25 2.25 2.25 0.00 0.00          1,255,341             2,824,682.39
MBENEFIT            0.34            0.34 0.34 0.31 0.33 -0.01 -0.03          3,112,220                 977,588.20
MOBIL        180.00       180.00 0.00 0.00 180.00 0.00 0.00                14,300             2,576,736.00
MORISON            0.55            0.55 0.00 0.00 0.55 0.00 0.00                      566                         283.00
MRS          28.55         28.55 0.00 0.00 28.55 0.00 0.00                  5,000                 128,500.00
MULTIVERSE            0.20            0.20 0.20 0.20 0.20 0.00 0.00          5,508,500             1,101,850.00
NAHCO            3.99            3.99 0.00 0.00 3.99 0.00 0.00             191,266                 716,535.96
NASCON          20.00         20.00 20.25 20.25 20.25 0.25 0.01          1,539,560           31,204,862.00
NB        108.00       108.00 108.50 105.10 105.60 -2.40 -0.02          2,839,236        305,359,971.50
NEIMETH            0.49            0.49 0.47 0.47 0.47 -0.02 -0.04             533,413                 250,513.65
NEM            3.00            3.00 0.00 0.00 3.00 0.00 0.00             155,750                 471,475.00
NESTLE    1,527.00   1,527.00 1442.30 1442.30 1442.30 -84.70 -0.06                34,913           50,110,430.00
NIGERINS            0.25            0.25 0.27 0.27 0.27 0.02 0.08          2,057,825                 555,112.75
NPFMCRFBK            1.80            1.80 0.00 0.00 1.80 0.00 0.00                85,777                 154,663.60
CAPOIL            0.27            0.27 0.25 0.25 0.25 -0.02 -0.07             242,100                   60,525.00
MCNICHOLS            0.72            0.72 0.00 0.00 0.72 0.00 0.00                  1,000                         650.00
CAVERTON            1.95            1.95 0.00 0.00 1.95 0.00 0.00             159,681                 318,385.95
CWG            2.54            2.54 0.00 0.00 2.54 0.00 0.00                  1,100                     2,519.00
JAIZBANK            0.63            0.63 0.65 0.65 0.65 0.02 0.03             189,430                 122,955.20
MEDVIEWAIR            2.14            2.14 2.09 2.00 2.08 -0.06 -0.03       50,000,000        102,245,000.00
OANDO            4.75            4.75 5.20 4.50 5.20 0.45 0.09          5,547,840           28,066,201.90
OKOMUOIL          83.00         83.00 0.00 0.00 83.00 0.00 0.00             220,161           16,525,521.10
PRESCO          73.50         73.50 0.00 0.00 73.50 0.00 0.00                35,900             2,383,570.00
PRESTIGE            0.50            0.50 0.00 0.00 0.50 0.00 0.00                  9,000                     4,680.00
PZ          16.90         16.90 16.80 16.80 16.80 -0.10 -0.01             194,935             3,188,092.80
REDSTAREX            6.20            6.20 0.00 0.00 6.20 0.00 0.00                95,753                 578,295.25
REGALINS            0.24            0.24 0.24 0.24 0.24 0.00 0.00          3,971,787                 953,229.38
SKYEBANK            0.62            0.62 0.64 0.63 0.64 0.02 0.03          5,526,060             3,531,851.34
SKYESHELT          95.00         95.00 0.00 0.00 95.00 0.00 0.00                        30                     2,850.00
SOVRENINS            0.29            0.29 0.28 0.27 0.27 -0.02 -0.07          3,910,429             1,076,704.71
STANBIC          47.50         47.50 47.60 47.60 47.60 0.10 0.00             295,521           14,107,462.70
STERLNBANK            1.45            1.45 1.36 1.36 1.36 -0.09 -0.06             558,494                 758,236.50
TANTALIZER            0.23            0.23 0.21 0.21 0.21 -0.02 -0.09             101,000                   21,210.00
TOTAL        200.00       200.00 0.00 0.00 200.00 0.00 0.00                  5,933             1,130,640.00
TOURIST            3.50            3.50 0.00 0.00 3.50 0.00 0.00                        50                         157.50
TRANSCORP            1.24            1.24 1.25 1.15 1.16 -0.08 -0.06       24,391,597           28,698,793.50
TRANSEXPR            0.80            0.80 0.00 0.00 0.80 0.00 0.00                  9,200                     7,360.00
TRIPPLEG            0.88            0.88 0.00 0.00 0.88 0.00 0.00                  5,400                     4,320.00
UAC-PROP            1.91            1.91 0.00 0.00 1.91 0.00 0.00             109,168                 217,836.78
UACN          14.00         14.00 13.25 13.25 13.25 -0.75 -0.05             129,180             1,726,142.50
UBN            5.90            5.90 5.90 5.75 5.80 -0.10 -0.02          1,107,116             6,466,593.35
UCAP            3.11            3.11 3.15 3.04 3.15 0.04 0.01          5,835,660           18,107,519.35
UNIC            0.20            0.20 0.00 0.00 0.20 0.00 0.00                  5,000                     1,000.00
UNILEVER          51.85         51.85 0.00 0.00 51.85 0.00 0.00             150,195             7,817,746.85
UNIONDAC            0.27            0.27 0.25 0.25 0.25 -0.02 -0.07             150,500                   37,635.00
UNITYBNK            0.94            0.94 0.87 0.87 0.87 -0.07 -0.07             367,820                 320,113.81
UPL            2.55            2.55 0.00 0.00 2.55 0.00 0.00                10,750                   24,725.00
VITAFOAM            3.25            3.25 0.00 0.00 3.25 0.00 0.00             192,828                 589,206.78
WAPIC            0.42            0.42 0.44 0.42 0.44 0.02 0.05          1,250,212                 529,551.16
WEMABANK            0.62            0.62 0.68 0.62 0.68 0.06 0.10          1,604,518             1,042,603.99
DANGCEM        230.00       230.00 0.00 0.00 230.00 0.00 0.00                61,321           14,193,026.80
FBNH            9.25            9.25 9.35 8.70 8.80 -0.45 -0.05       19,245,278        171,896,152.30
ZENITHBANK          23.95         23.95 23.95 22.90 22.95 -1.00 -0.04       26,513,650        608,966,910.15
ACCESS          10.05         10.05 10.10 9.95 10.10 0.05 0.00          6,746,490           67,652,051.95
SEPLAT        650.00       650.00 0.00 0.00 650.00 0.00 0.00                  1,838             1,194,767.30
UBA            9.90            9.90 9.95 9.70 9.70 -0.20 -0.02          3,906,327           38,227,394.90
WAPCO          34.00         34.00 34.00 34.00 34.00 0.00 0.00          1,426,988           48,528,176.75

 

 

Economy

Sanwo-Olu Urges Use of Innovative Technologies in Solving Challenges

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Sanwo-Olu Urges Use of Innovative Technologies in Solving Challenges

Gov. Babajide Sanwo-Olu of Lagos State has called for the use of innovative technologies in resolving the economic and social challenges of the country.

Sanwo-Olu said this on Wednesday during the pioneer graduation of the Lateef Jakande Leadership Academy (LJLA) at Konga Place in Lekki.

He said that the new platform of globalisation and Internet of things must be significantly employed to resolve new challenges encountered in the course of improving the living standards of citizens.

30 students, 15 men and 15 women, between 18 and 35 years, graduated from the academy after a one-year course and mentorship in leadership.

The Lagos Leadership Summit (LLS) is a pivotal platform dedicated to empowering Nigeria’s young professionals with the skills and insights essential for success in various leadership roles.

With a focus on leadership excellence, ethical governance, and youth inclusion in governance, the summit offers a unique opportunity for participants to engage with renowned leaders and industry experts.

” You have to be able to innovate for us, you are here as leaders of not tomorrow but today. Proffer solutions that the government can use as a tool, to solve the challenges that we are facing today but more importantly to solve global issues.

“And that is why we started the Lateef Jakande Leadership Academy. For us as a government, we felt how well can we honour a man than for us in public sector to set up a cream of new leaders.

“So we set up this school that has the first set, the one-year fellowship, who indeed have not only shown us that we took the right step, they have been outstanding individuals,” the governor said.

The guest speaker and former governor of Lagos State, Babatunde Fashola, noted that it was important for followers to trust their leaders for a successful outcome.

“The people need to trust the government, they must know the capability of their leaders so that when issues beyond human expectations happen, the followers can show empathy to the plight of their leaders.

” I have always been an advocate that believes that the process is as important as the result, the end shouldn’t justify the means, the process is crucial, it serves as a blueprint for others coming behind,” he said.

Similarly, Dr Obafemi Hamzat, Deputy Governor, who spoke on “Leadership And Community Engagement”, stated that to achieve effective leadership in Nigeria, there was the need to navigate complex political, economic and social landscapes.

Hamzat urged the citizens to be involved in governance while stressing the need for collaborations with private stakeholders and the public sector.

According to him, community engagement with government at all levels is pivotal to the nation’s development.

In her address, Mrs Ayisat Agbaje-Okunade, LIJA’s Executive Secretary, noted that the challenges faced required leaders who are not only capable but compassionate, visionary, and adaptable.

According to her, leadership must transcend rhetoric and manifest tangible outcomes.

“We need leaders who inspire confidence, foster unity, and drive transformation.”

Agbaje-Okunade urged the participants to embrace the responsibility that comes with leadership and pave the way for a generation of new leaders.

The keynote speaker, Mr Abubakar Suleiman, Chief Executive Officer, Sterling Bank, said that leadership is about leading people on a new purposeful journey.

Suleiman said being a strategic thinker and a transformational leader was what makes leadership different from management, adding that the future is being crafted in leadership.

“In essence, as a leader, you must be able to lead people to the future hence, you must be convincing for people to be bold to follow you, able to trust and believe in you.

“For one to be a leader, the people must be able to believe and trust you to take them to the future where you have never been to,” he said.

Also speaking, Mr Tunbosun Alake, Commissioner, Innovation, Science and Technology, stressed that leadership had nothing to do with being young or old but having good values and character.

The commissioner advised the participants to pursue excellence in their various career paths to succeed in life.

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Economy

Eid-el-Fitr: Tinubu Urges Sacrifice, Integrity For National Rebirth

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Eid-el-Fitr: Tinubu urges sacrifice, integrity for national rebirth

 President Bola Tinubu has urged Nigerians to continue to make sacrifices and exhibit integrity for national development.

Tinubu said this after observing the Eid-el-Fitr prayer at the Eid Ground at Dodon Barracks on Wednesday in Lagos.

The President also called on Nigerians to continue to have faith in his government and remain patriotic citizens.

Tinubu said that the Renewed Hope Agenda of his administration, aimed at bringing prosperity to Nigerians, was being diligently implemented.

Encouraging Muslims to extend the values of sacrifice and resilience beyond the fasting period, Tinubu emphasised the need for Nigerians to prioritise the exhibition of love for their country.

‘’The resilience and sacrifice that we have shown and made during these months should be preserved.

“Be a kind and cheerful giver. We must love our country more than any other country because this is the only one we have.

‘’We must continue to protect the integrity of our government and leadership. The Renewed Hope Agenda is alive, well and fine, and Nigerians should continue to be very hopeful. Without hope, there is no salvation.

“Without hope, there is no development. Without hope, there is no life. Eid Mubarak,’’ the President said at the end of the prayers led by the Chief Imam of Lagos State, Sheikh Sulaiman Abou-Nolla.

Earlier in his sermon, the Chief Imam urged Nigerians to shun all acts of violence, ensure peaceful co-existence, and continue to have faith in the country.

He asked those in leadership positions to remain faithful to their oaths of office and work towards alleviating the suffering of the less privileged.

‘‘Let us not forget our brothers and sisters in Gaza and other areas of conflict,’’ the Chief Imam said.

He offered prayers of God’s guidance, wisdom, and protection for the President and the Lagos State government, as well as for peace and stability in the country.

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Economy

Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

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Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

Sen. Ned Nwoko (PDP-Delta), on Wednesday, disclosed that he had secured the release of four family members involved in manufacturing arms at the Onicha-Olona Illegal Arms Factory in Delta.

Nwoko representing Delta North Senatorial District, who disclosed this in an interview in Abuja, said that the release of the four persons was through collaborative efforts.

On March 12, troops of 63 Brigade, Asaba, uncovered an illegal arms manufacturing factory in Onicha-Olona, Delta North Senatorial District and arrested eight family members in connection with the crime.

Nwoko disclosed that efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“Following my recent visit to the headquarters of 63 Brigade, Asaba and productive discussions with the Brigade Commander, I am pleased to announce progress in addressing the situation regarding the illegal arms factory discovered in the Onicha-Olona community, Delta.

“Efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“I am pleased to reveal that through collaborative efforts, I have successfully secured the release of four family members implicated in the illegal activity.

“However, our commitment to upholding the law remains unwavering, and endeavours continue for fair judgment and potential pardon for the remaining four individuals,” he said.

The lawmaker stressed that the underlying issue highlighted by the discovery, however, remained of paramount importance.

“We must seize the opportunity to redirect the talents demonstrated by those involved towards lawful and productive endeavours.

“The young man in the family, known for his passion and ability to build drones, exemplifies this potential.

“His skills should be harnessed and put to good use,” he said.

Nwoko added that the Industrial Revolution served as a pertinent historical precedent where individual efforts catalysed transformative change and made possible by governments that created conducive environments.

“We can emulate this model here. We can provide support and opportunities for talented individuals like the young drone builder, and stimulate a new wave of innovation and economic growth in Nigeria.

“As previously stated, Nigeria’s economy faces significant challenges exacerbated by escalating imports, particularly in the realm of arms and weaponry.

“Therefore, we must harness our indigenous talents for the greater good and bolster our local industries,” he said.

Nwoko further said that the Defence Industries Corporation of Nigeria (DICON), as well as the Ministry of Science and Technology, have crucial roles to play in this regard.

According to him, by engaging with individuals possessing such skills, we can offer them legal avenues for their expertise to flourish.

“The aim is not only to prevent the proliferation of illegal arms or other weapons manufacturing but also to channel these talents towards legitimate industries for national development.

“I reiterate the need for the government to support and integrate such offenders with specialised skills and talents into the formal economy.

“This initiative should focus on recognising their capabilities and providing opportunities for them to contribute to the development of our local indigenous technology.

“As noted earlier, an individual capable of modifying an AK-47 magazine, originally designed to hold 30 rounds, to accommodate 60 rounds using rudimentary equipment, holds immense potential for greater achievements.

”Such individual can do more with proper legal support and access to adequate resources.”

He disclosed that he was committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partnering with law enforcement agencies in these endeavours.

“I am committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partner with law enforcement agencies in these endeavours.”

“They have the intelligence and insights of the potential beneficiaries of this “amnesty” drive towards creating a new cadre of indigenous technologists.

“This law would establish an agency dedicated to providing government support and resources to rehabilitate and engage these individuals in legal and productive activities.

“I tentatively suggest naming this proposed law the “National Talent Rehabilitation and Integration Act”.

“This legislation will not only focus on rehabilitation but also on harnessing the skills and talents of offenders for the benefit of society.

“By providing a structured environment and necessary support, this agency will facilitate the transition of individuals from illicit activities to lawful and productive ventures.

”And they will be contributing to both their personal rehabilitation and national development,” Nwoko added.

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