Bears Return As Equity Market Sheds N154bn

Transactions in the nation’s equity market on Wednesday closed on a negative note, declining by N158 billion. Market capitalisation of listed equities dropped by 0.43 per cent to N36.386 trillion from N36.544 trillion reported the previous day. The NGX All Share Index also depreciated by 288.69 basis points to 66482.29 points from 66770.97 points traded the previous day. An analysis of the trading activities for the day showed that Oando Plc led gainers table in percentage terms, gaining 9.88 per cent to close at N9.45 per share, Redstarex followed with a gain of 9.81 per cent to close at N2.91 per unit, Triple G gained 9.68 per cent to close at N2.38 per share, RTBriscoe added 9.43 per cent to close at N0.58 per share while Universal Insurance gained 9.09 per cent to close at N0.24 per unit. On the contrary, Wema Bank Plc and Ikeja Hotel topped losers’ chart for the day, declining by 10 per cent each to close at N4.23 and N3.15 per share respectively, ABC Transport trailed with a loss of 8.86 per cent to close at N0.72 per unit, Royal Express down by 8.00 per cent to close at N0.46 per unit, CHi Plc fell by 5.60 per cent to close at N1.18 per unit. Volume of transactions increased by 293.194 million, representing 80.47 per cent as investors traded 657.515 million shares valued at N4.596 billion in 6646 deals against 364.321 million shares worth N3.851 billion in 7537 deals. Transactions in the shares of Universal Insurance led market activities with 336.294 million shares valued at N80.457 million, Fidelity Bank followed with account of 31.689 million shares worth N264.857 million, Chi Plc traded 25.125 million shares valued at N29.423 million, GTCO Plc traded 24.632 million shares cost N885.386 million, Wema Bank exchanged 24.016 million shares cost N103.813 million.

BBNaija All Stars Gulped N5.5bn – MultiChoice

Multichoice Nigeria on Tuesday disclosed that N5.5 billion was invested in the production of the just-concluded “All Stars” edition of the Big Brother Naija reality show. Busola Tejumola, Executive Head of Content and West Africa Channels, MultiChoice Nigeria, disclosed this during the cash prize presentation to the winner of the All Stars show, Ilebaye Odiniya, in Lagos. Ilebaye was given a cheque of N120 million and the key to her new SUV from Innosons Motors. Tejumola said that over 2,000 individuals were also employed to execute the show. She said the show generated over 1.53 billion voters across all regions. “This year, we have backed this commitment up with a total investment of NGN5.5 billion, covering the costs of production, construction, fittings, technical, licensing, satellite, and marketing in the production of this season of Big Brother Naija. “And of course, there is the direct impact of over 2000 individuals employed to bring this project to life.  “As Africa’s most loved storyteller, we are proud to be part of creating opportunities for growth for the youth in their quest to build great futures. “This year Biggieverse was opened as Big Brother invited into it your favourite All-Stars 20 game players, four house guests, nine Jury members and 12 Wager Task Judges and the parrot who all together delivered a riveting show that kept us all entertained for 71 days,” she said. Tejumola described the Big Brother All Stars as a season of love rekindled, new friendships, settling scores, comedic moments, fantastic showcase of talent and a battle for dominance. She appreciated the lead sponsor of the show, MoniePoint Microfinance Bank and the associate sponsor, HFM Online Trading, for partnering with MultiChoice to deliver a Biggieverse of pure entertainment. She also appreciated other sponsors of the show. “In this 20th year of Africa Magic’s operations in Nigeria, we thank you for choosing to make magic with us. “Thank you, our loyal viewers, for your love and support that sustains the conversations around all our productions. “Congratulations Baye, the resident GenZ Baddie on conquering in Biggieverse and emerging the winner of the very first Big Brother Naija All-Stars Season. “Our commitment to showcasing the best in sporting, entertainment and telling uniquely authentic indigenous stories remains unwavering,” she said. Earlier, the winner of the All Stars Show, Ilebaye, who expressed excitement over her victory appreciated MultiChoice, her family, fans and fellow ex-housemates. “I want to thank Big Brother, my family, sponsors, host of the show, supporters and people who did not sleep to ensure the success of the show. I promise to make you all proud and make good use of the money,” she said. Also, Mr Chinedu Okpara, Head of Product Marketing at MoniePoint, who described the show as an exciting one expressed joy in partnering with MultiChoice to execute the All Stars show. “The show was an exciting one, lots of drama for us. We are happy to be a part of this. “We have been able to fulfil one of our dreams of empowering dreams and we will continue to look for more opportunity like this,” he said.

BUA Cement’s Price Reduction Will Boost Affordable Housing –Minister

The Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa has commended the decision by BUA Cement Plc to reduce the price of cement to N3,500 from about N5,500. According to the minister, the gesture will reduce the cost of cement, which is a major cost in building construction. A statement by Deputy Director, Information, Federal Ministry of Housing and Urban Development, Salisu Haiba Badamasi Tuesday in Abuja, quoted Dangiwa as saying that BUA Cement Plc’s decision represents a substantial stride toward easing the financial burden on aspiring homeowners. He underscored that the soaring cost of cement has led to a drastic increase in house prices, making them unaffordable for the average Nigerian. Dangiwa emphasized that since assuming office, he has made promoting the delivery of affordable housing a top priority in line with the Renewed Hope Agenda of Mr. President “The escalating prices of building materials, especially cement, have placed a daunting obstacle on the path to homeownership for many Nigerians. BUA Cement Plc’s decision to reduce the price of cement to N3,500 is highly commendable. It reflects their understanding of the struggles faced by ordinary Nigerians and is a positive step towards making housing more affordable and attainable for all,” he noted. “I commend BUA Cement Plc for their socially responsible decision to reduce the price of cement. Accessible and affordable housing is a fundamental right, and this move by BUA Cement Plc will undoubtedly alleviate the challenges faced by our citizens. It demonstrates a shared commitment to improving the lives of our people and furthering the goals of sustainable urban development” The Minister added that the company’s initiative will not only benefit individual homeowners but will also stimulate economic growth, create jobs, and lift many Nigerians out of poverty by fostering affordable housing construction and infrastructure development. The minister urged other industry players to emulate BUA Cement’s example, urging them to consider the social impact of their decisions. He expressed the belief that collaborative efforts between the government and private sector entities are essential in overcoming the challenges related to housing affordability and ensuring the realization of decent living conditions for every Nigerian citizen.

LCs’ Rejection Pushes Nigerian Businesses To Black Market

Hope for cheaper goods are further from sight as local businessmen now have to source foreign exchange (forex) from the parallel market, otherwise known as black market to meet with their business transaction abroad, after the rejection of their Letter of Credits (LCs). The implication is that resorting to the black market will naturally push up the cost of doing business which will naturally be passed on to consumers, thus further pushing up already high prices of goods. Over two weeks after the Central Bank of Nigeria (CBN) promised to clear over $10 billion foreign exchange debts owed to the Deposit Money Bank, the apex bank has yet to do so according to findings. unconfirmed reports say foreign counterparts of Nigerian businessmen are now rejecting their Letter of Credit (LC), thereby refusing to make business transactions effective.A letter of credit is a letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount. If the buyer is unable to make a payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase. It may be offered as a facility (financial assistance that is essentially a loan). But following the forex crisis that has bedeviled the country’s financial system; foreign suppliers are now demanding cash transfers in place of LCs as faith in the Nigerian banking system wanes owing to the dollar shortage.It will be recalled that, the Central Bank of Nigeria (CBN) has been unable to reduce the backlog of forex owed airlines and other partners due to shortage of forex. The Central Bank of Nigeria (CBN) sold what is called forward contracts to several Nigerian businesses with the promise of dollars at an agreed price in future. The banks opened LCs on the back of the forward contracts, which were then used to buy goods from the foreign suppliers.Apparently scared by the growing backlog and with no assurance of when it will be cleared, correspondent banks are pulling the plugs on local Nigerian banks.A correspondent bank acts as an intermediary or agent, facilitating wire transfers, conducting business transactions, accepting deposits, and gathering documents on behalf of another bank.Correspondent banks are most likely to be used by domestic banks to execute transactions that either originate or are completed in other countries. Domestic banks generally use correspondent banks to gain access to foreign financial markets and to serve international clients without having to open branches abroad.Bankers say the CBN’s failure to clear the dollar backlog has put them in a very tight FX liquidity position and has forced them to suspend several transactions including school fees and Personal Travel Allowance applications.

Subsidy Removal Has Reduced Nigeria’s Fuel Consumption By 33% –Minister

The Minister of State for Environment, Kunle Salako, has said that the courageous decision by Bola Tinubu’s administration to remove fuel subsidy has reduced the country’s consumption rate by about 33 percent. Salako said on the sidelines of the 78th session of the UN General Assembly in New York, that the action has reduced the emission generated by petrol. “The singular action has reduced Nigeria’s consumption of petrol by 33 per cent, reduced the level of emission generated by Nigerians,” he said. “The courageous decision to remove subsidy from petroleum is furthering climate action by Nigeria. “I had highlighted this development in some of the meetings I attended or represented the President and at the meeting of Committee of African Heads of State and Government on Climate Change and at the meeting of Commonwealth Ministers of Environment and Climate. “Nigeria participated in the meeting of Committee of African Heads of State and Government on Climate Change where I represented President to pass a resolution to adopt the Nairobi Declaration for final vetting by the meeting of AU. “The first meeting of Commonwealth Ministers of Environment and Climate in which the Ministers decided to approach the 28th Conference of Parties in Dubai come late November to early December with common front of pushing for better financing for climate action. “I represented Nigeria at the meeting, and I established that President Bola Ahmed Tinubu by taking the courageous decision to remove subsidy from petroleum is furthering climate action by Nigeria. “It has also focused the attention of Nigeria at corporate and individual levels to renewable energy,’’ he said. Earlier in his statement delivered to the “High Level Event for Nature and People: from Ambition to Action”, on behalf of the President, Salako said achieving the world’s ambitious conservation targets, like 30×30, would require that we all do more to prioritise nature finance. 30×30 is a global target to protect 30 per cent of the planet for nature by 2030. “Last year, at COP15, the world agreed to fully close the nature finance gap and set a near term target of delivering at least $20 billion in international finance to the Global South by 2025. “Last month in Addis, African countries came together and issued a declaration that underscored the importance of these nature finance targets. “Nigeria would like to urge all countries to increase their efforts on this issue and to work with us to ensure that the world follow through on these crucial finance commitments. “This is our vision for the future, and we invite everyone to act and envision solutions that will preserve nature for future generations,’’ he said. According to him, as a responsible State Party to several Multilateral Environmental Agreements (MEAs), including the Convention on Biological Diversity, Nigeria is doing its utmost to promote transformation actions. The minister said that Nigeria was doing its best to promote transformations actions that are commensurate with the scale of the biodiversity crisis. “We are exerting these efforts within our own country in addition to supporting countries in our Sub-region to increase their capacity in this regard,’’ he said. In addition, Salako said that he attended Blue Leaders High Level Meeting, where in his statement, he said Nigeria was doing its best to promote transformation actions that were commensurate with the scale of the biodiversity crisis. He told the leaders that Nigeria was exerting these efforts within the country in addition to supporting countries in our Sub-region to increase their capacity in this regard. “This is an ambitious goal, a goal shared by the Blue Leaders and by ECOWAS countries, including Nigeria. “The high sea is an essential part of the marine ecosystem which plays critical role in maintaining the health of our planet and people. “Nigeria being the country with the longest coastline in West Africa understands the adverse effect of unregulated high sea and is therefore committed to the agenda of the ‘BBNJ’ Treaty. “Prompt ratification of the newly adopted high seas treaty is an essential means to reach this goal. We must urgently ensure that the treaty is ratified and implemented,’’ he said. He announced that through Nigeria’s rallying efforts, the 55 member States of the African Union have reached a consensus to support ratification of the earliest feasible date, the new international ocean treaty for the high seas, as enshrined in Addis Ababa Declaration. The declaration was adopted at the 19th ordinary session of the African Ministerial Conference on the Environment (AMCEN-19, August 2023). “Let us be bold for Oceans Conservation together and join African region to promptly ratify the new treaty,’’ he said.

Concrete Road Will Drive Cement Price To N9000 —Manufacturers

Cement manufacturers under the umbrella of the Cement Producers Association of Nigeria have warned that the price of the product may further rise following plans by the federal government to introduce the use of concrete for road construction. Fielding questions from journalists at its AGM, the Chairman of BUA group owners of Bua Cement said cement prices will drop from N5000 to N3500 by January 2024 when its new plants finally begin operation. The Minister of Works Dave Umahi since his appointment has been an advocate of the use of concrete for road construction, as according to him, it lasts longer than roads constructed with asphalt. In a statement jointly signed by PrinceDavid Iweta and ChiefReagan Ufomba, the National Chairman and National Secretary respectively, the Association warned that the price of cement may rise to as N9000 from the present ₦5000. However, the Cement manufacturers warned that there would be dire consequences if the supply end is not addressed properly, noting that if it is not addressed the price of cement would not come down. The Association therefore called on the government to emphasise road designs that allow both cement technology and asphalt pavement to run concurrently. “Our findings from various parts of the country show that cement sells for as high as N6000 per bag in the rainy season. Our prediction is that it will sell for over N9,000 per bag in the dry season, especially with the pronouncement of the Honourable Minister of Works on cement technology and the marching order on housing by Mr President if the government does not take proactive steps. “While we commend the Honourable Minister’s position on cement-made roads, we warn of the dire consequences if the supply end is not properly addressed. In fact, it would amount to dereliction of duty not to intervene. And the time is now. To do otherwise is to continue in a worsening pipe dream that prices would suddenly drop on this essential input that will continue to drain the purse of Nigerians, render them homeless, encourage chaos between demand and supply, and worsen the infrastructure deficit it sets out to cure, and lead to an unprecedented price hike. “We also call on the Honourable Minister of Works to lay more emphasis on the design criteria of roads that allow both cement technology and Asphalt pavement to run concurrently, in turn, will provide ample time for a smooth transition that allows contractors to invest in commensurate and requisite equipment and retooling. We must also as a nation regulate static and dynamic load traffic by introducing weighbridges at access points on our highways.” While urging the present administration to conclude the backward integration policy started by late President Yar’adua administration, the Cement manufacturers noted that availability and affordability of the product cannot be achieved if the government fails to break the chain of monopoly and favouritisms. It, therefore, called on President Bola Tinubu’s government to permanently solve this perennial cement price hike problem by expanding participation in the sector with companies who have verifiable evidence of local investment, including greenfield licenses and quarrying.

Professional Accountants Have Contributed To Nigeria’s Economic Woes – Expert

A governance expert, public affairs analyst and Chairman of the Board, Amaka Chiwuike-Uba Foundation (ACUF), Dr Chiwuike Uba, has revealed that accountants have contributed to the economic woes of Nigeria in the last few years as a result of their professional silence and inactions. Speaking on Thursday in Abuja during the 28th annual conference of the Association of National Accountants of Nigeria (ANAN), on ‘Role of Professional Accountants in Economic Reforms’, Uba, a lead presenter, said some accountants have had opportunities to support economic reforms of successive administrations, but ended up corrupting the system. The ACUF boss said poor management of debt and guarantees have created unnecessarily high debt service costs and could cause significant fiscal risks. Uba also revealed that professional accountants play a crucial role in economic reforms by providing financial expertise and advice to various stakeholders, including governments, businesses and organisations. He said: “Professional accountants’ actions and inactions might have contributed to Nigeria’s economic conundrum. I am expressing this opinion because some professional accountants, who had the opportunity to support economic reforms in the past, ended up corrupting and messing up the system even more.  “In some instances, professional accountants, including one of the former Accountants General of the Federation, were involved in a corruption case that amounted to billions of naira. “Currently, over 90 of Nigeria’s revenue is being spent on payment of interest on debt. Poor debt management procedures can lead to increased costs of borrowing, poor decision making and possible default on debt repayment with associated consequences. “They equally play a pivotal role in promoting financial stability, transparency and sustainable economic growth. Professional accountants should, therefore, among others, play these roles: record, report and continuously monitor debt and guarantees and, based on monitoring feedback, provide expert advice. They should regularly monitor the ratio of average monthly debt service deducted from revenue. “Audit reports need to include more forward-looking, qualitative and non-financial data in the field of financial reporting with more information on risks. Timely reporting of audit findings to generate increased value for stakeholders and enable real-time decision-making is key. The idea of producing audit reports in arrears needs to be corrected.  “The last audited financial statements that are publicly available on the website of the Office of the Auditor General were the 2019 accounts. Incidentally, the account was published on August 18, 2021, which was 19 months, 18 days from the end of the financial year.” Dr Uba stressed the need for increased communication of financial statements and auditor’s reports through the publication of the reports for public access, adding that management letters from public companies should also be made available more widely beyond sharing it with the audit committee. “Performance and accountability have become vital elements in the governance framework. Improving performance and accountability with an eye on delivering more appropriate, efficient and effective public service is the hallmark of good governance. The ability of professional accountants to defend or account for performance according to some ethical framework is part of the accountability framework. “Audits, investigations and advisory services are required to reduce risk, improve transparency and accountability, and maintain the public trust. To satisfy this key element needed to achieve the objectives of economic reforms, professional accountants engaged in auditing should carry out Value for Money (VFM) auditing by confirming whether proper arrangements were in place to secure economy, efficiency and effectiveness in the use of public resources,” he added.

Nigeria Rakes In N5.2trn Revenue In 6 Months – RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disclosed that the total sum of N5,244 trillion accrued into the Federation Account in the first 6 months of 2023. A press statement signed by the RMAFC Chairman, Mr. Mohammed Bello Shehu, and made available to journalists on Wednesday in Abuja, said the amount was captured in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) under the caption “CBN Federation Account Component Statement”.  According to Shehu, out of the total gross revenue inflows into the Federation Account, the sum of N627.301 billion was NNPCL JV Petroleum Profit Tax (PPT) due, captured and recorded by the FIRS, but utilized by the NNPCL for other FGN obligations. From the reports according to the statement, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of N823,512,065,893.15 while the Federal Inland Revenue Service (FIRS) made a gross collection of N3,655,894,989,129.28 but remitted N3,028,593,066,702.93 retaining the difference as cost of collection.  The statement further disclosed that the Nigeria Customs Service (NCS) on its part remitted the sumN764,630,581,539.17. It however, added that the Nigerian National Petroleum Company Limited (NNPCL) did not remit any amount into the Federation Account during the period either as profit revenue or other revenues as contained in the Petroleum Industry Act (PIA), 2021 as its revenue performance could not be assessed because neither its revenue target was disclosed nor its revenue remittance to the Federation Account was provided. Furthermore, the statement adds that the sum of N1,490,946,180,918.52 was realized as Value Added Tax (VAT) while the sum of N83,024,395,855.89 was realized from the Electronic Money Transfer Levy (EMTL) from which the sum of N3,320,975,834.23. Additionally, the FIRS received the sum of N82,031,796,937.01 and N3,320,975,834.23 as cost of collection on PPT/CIT and EMTL collections respectively in the period. The report revealed that on VAT, the FIRS/NCS together received the sum of N59, 593,164,213.83 as cost of collection within the period under review. Similarly, the report indicates that the sum of N16, 680,990,990.93 was realized from the solid minerals sector. The RMAFC Chair further revealed that total collections from VAT netted the sum of N1,387,328,862,898.16 whichwas shared to the 3-tiers of government in accordance with the approved VAT sharing formula.On the statutory allocations to the three tiers of government, Mr. Bello disclosed that the net sum of N3,069,594,889,669.74 (Three trillion, sixty-nine billion, five hundred and ninety-four million, eight hundred and eighty-nine thousand, six hundred and sixty-nine Naira, seventy four Kobowas shared to the 3-tiers of government in the period January to June, 2023. In the area of payment of cost of collection to Revenue Generating Agencies (RGAs) from the Federation Account component, the statement reveals that the NCS received the sum of N53,524,140,707.73 within the period under review. In the same vein, the statement adds that the sum of N48,105,698,218.35 was paid to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). “This money was collected by NUPRC as penalty on gas flared. Revenues on gas flared penalty used to be Federation Account revenues before the PIA, 2021 which provided that such revenues should be paid 100% to the NMDPRA”. In a similar development, the RMAFC Chair described the statutory deductions which constituted 32.27% of the total gross inflow into the Federation Account in the six-month period as superfluous and constitute a drain on the Federation Account.

$2bn Kano-Maradi Rail Project Excites Transport Minister

The Minister of Transport, Sen. Ahmed Alkali, expressed his delight at the progress of the $2 billion Kano-Maradi standard gauge rail project connecting Niger Republic. Speaking to reporters in Dadin Kowa, Jigawa State, after inspecting the project, Alkali emphasized the project’s significance in boosting the economies of both Nigeria and Niger Republic. He reaffirmed the government’s commitment to ensuring the timely completion of the Kano-Jigawa-Maradi rail line project. Alkali acknowledged the necessity of making sacrifices, including concessions from the contractors, to meet the project’s financial requirements. The minister, who traveled by road from Kano to Daura, expressed satisfaction with the work accomplished thus far and was optimistic that the project would meet its target completion date of 2025. The standard gauge rail project, which commenced in Kano and passes through Jigawa and Katsina States before terminating in Maradi, Niger Republic, holds great promise for regional trade and development. Alkali revealed that the earthwork for the project had reached an impressive 80% completion stage, with rail line construction set to commence soon. He praised the contractors for adhering to the job’s specifications and expressed confidence that the project would stay on course. Regarding potential cost adjustments due to rising production expenses, the minister encouraged the contractor to make necessary contributions to support the nation’s development under the Tinubu-led administration. Lead Contractor, Mr. Vladislav Bystrenko, clarified that the contract was valued at $1.95 billion, with contractual obligations signed in 2021. Despite funding delays, they proactively initiated key tasks like design, land survey, and site supervision to expedite the project’s progress. Bystrenko expressed appreciation for the government’s commitment to the project’s timely completion by 2025. Meanwhile, during the visit, the minister also inspected the Muhammadu Buhari University of Transportation in Daura, where the Vice Chancellor, Prof. Adam Umar, announced plans to commence admissions in October.

Crude Oil Theft: Nigeria has lost N16.25trn in 11 years, says Speaker

Speaker of the House of Representatives Tajudeen Abbas on Thursday said that Nigeria lost N16.25 trillion to crude oil theft between 2009 and 2020. The speaker said this while inaugurating the ad hoc committee to investigate crude oil theft and loss of revenue in Abuja. He said the menace of crude oil theft had hampered the growth of the country’s oil production, with between five and 30 per cent of crude oil production lost daily. He said that critical agencies in the oil and gas sector like the Nigeria National Petroleum Company Ltd, Nigeria Upstream Petroleum Regulatory Commission, Ministry of Petroleum Resources among others failed to honour invitation. Represented by the Chairman, House Committee on Petroleum Upstream, Al-Hassan Ado-Doguwa, the speaker said if decisive action was not taken to address the issue, the country may be thrown into a deeper fiscal crisis. This according to him is due to dwindling revenue from the oil and gas sector. Quoting data from the Nigeria Extractive Industries Transparency Initiative (NEITI), Abbas said Nigeria’s oil production declined from 2.51 million barrels per day in 2005 to 1.77 million barrels per day in 2020. He said “NEITI reports also show that 619 million barrels of crude valued at 46 billion dollars were stolen in the period 2009 to 2020″. He added that Nigeria had continually failed to meet its daily production quota as set by the Organisation of the Petroleum Exporting Countries (OPEC). According to him, recently, Nigeria’s OPEC quota was reduced from 1.742 million barrels per day to 1.38 million barrels per day. “Yet, the country is still struggling to meet this quota as daily production output was 1.184 million barrels per day and 1.249 million barrels per day in May and June 2023 respectively. “On the average, current daily production output is a far cry from the budget assumption of 1.69 million per day. The implication is clearly manifest in the economic crisis that the country is facing.” He said the nation had been facing a major fiscal crisis, adding that global recovery from the COVID-19 pandemic and the ongoing war between Russia and Ukraine had continued to cast a cloud of uncertainty on the oil and gas industry. Al-hassa Runrum, the Chairman of the Ad-hoc Committee said the volume of losses occasioned by oil theft in the country and its associated impact on the economy was unacceptable. He said this would not be tolerated by any government, who sincerely loves its citizens. He added that such act of sabotage and breach on the nation’s security and sovereignty makes a caricature of the nation’s pride “It is an affront on the government and its institutions, which must be tackled without further delay,’’ he said. He said the committee was determined to bring the ugly trend to an end otherwise there might be no future for “our children who have not yet “jappered’’ to other countries in search of survival.”