Monday, September 17, 2012

Nigeria records 6.28% GDP growth, inflation rises to 11.7% TOLA AKINMUTIMI ABUJA

Okonjo-Iweala

Vol. 2 N0. 449

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espite the sluggish performance of major economies in Europe, Asia and Ameri-

cas due to a debt crisis and other fiscal problems in the past months, Nigeria’s economy, when measured

by Real Gross Domestic Product (GDP) grew by 6.28 per cent on an aggregate

FIRST LADY’S LA ADY’S HEALTH HEALTH::

DAY 23

Associates, friends hold prayer session P.4

basis in the second quarter of 2012.

The growth rate, however, is slower than the 7.61 per cent in the corresponding quarter of 2011.

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Monday, September 17, 2012

N150

Fuel scarcity hits Lagos Motorists blame oil marketers, subsidy cabal Product sells for N120, N150 in Ondo, Ogun

UDEME AKPAN, FEMI OYEWESO, FRANCIS SUBERU AND WOLE ADEDEJI

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uel shortage, which became apparent in Lagos and its environs at the weekend, may worsen as workers return to work this week.

In some of the filling stations visited yesterday, motorists were forced CONTINUED ON PAGE 5>>

Editors urge FG to step up security measures P.4 IGP, Adenuga, 148 others get national honours today Vehicles on queue at a filling station on Lagos Island as fuel scarcity hits Lagos, yesterday.

PHOTO: OLUFEMI AJASA

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Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

National Mirror www.nationalmirroronline.net

Monday, September 17, 2012

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Photo News

Monday, September 17, 2012

Anambra State Governor Peter Obi (second right) and leaders of Pentecostal Fellowship of Nigeria, Anambra State chapter, shortly after the commissioning of Jesus the Physician Hospital and Doctors’ Quarters at Amawbia, at the weekend.

President, Abuja Chamber of Commerce, Industry, Mines and Agriculture, Dr. Solomon Nyagba (left) and the Director-General, Mr. Joe Wenegieme, at Pre-Trade Fair news conference in Abuja, yesterday.

National Mirror www.nationalmirroronline.net

L-R: Mr. Olumide Fawehinmi; Lead Director, Premiere Academy and author’s mother, Mrs. Oluremi Fawehinmi; Mr. Mohammed Fawehinmi; author of the book, Ms. Yetunde Fawehinmi and Mr. Saheed Fawehinmi, during the launch of the book, Ranga, in Lagos, at the weekend.

PHOTO: OLUFEMI AJASA

L-R: Chairman, Chevy Chase Nigeria Ltd, Dr. Chris Edordu; Chairman, Bliss International Hotels, Mr. Tony Ubogu; Managing Director, China Railway Engineering Group Nig Ltd, Mr. Zhang Kibin and Chairman/ Chief Executive Officer, Charles Adebiyi Consullting Ltd, Chief Charles Adebiyi, at the contract signing of the proposed Protea Hotel, Asaba, Delta State, in Lagos at the weekend.

National News

Editors urge FG to step up security measures FELIX NWANERI

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he Nigerian Guild of Editors (NGE) has called on the Federal Government to step up measures already put in place to tackle threats to national security.

The call was part of an eight-point resolution of the Guild at the end of its 8th All Nigeria Editors Conference held at the weekend in Uyo, the Akwa Ibom State capital.

The call was contained in a communiqué signed by the Guild’s president and chairman, planning committee, Messrs Gbenga Adefaye and Femi Adesina.

The conference, with the theme: “The Nigerian Editor and National Security” was declared open by Senate President David Mark and chaired by the former Ogun State Governor, Chief Segun Osoba, while the keynote address was delivered by the National Security Adviser (NSA), Col. Sambo Dasuki (rtd).

Other calls made by the Guild include the need for the relevant security

agencies to ensure openness and transparency with the rules of engagement in all anti-terror activities, while the media should guarantee fairness in presentation of stories.

According to it, threats to national security include the Boko Haram insurgency, illegal oil bunkering, kidnapping, armed robbery, poverty, illiteracy, injustice, unemployment, religious intolerance, porous borders and proliferation of arms.

The communiqué read in part: “The Boko Haram insurgency in the North Eastern part of Nigeria has impacted negatively on all Nigerians. But the Guild acknowledges the efforts of the security agencies to combat terror and stressed the need for more proactive steps to curtail the activities of the insurgents. The Guild commends the fresh attempts to resolve the violent situation of the insurgents.

“Without prejudice to the obligations of the security agencies to do their constitutional duty of pre-

serving law and order, the Guild stresses the need for openness and transparency with the rules of engagement in all antiterror activities, while editors should ensure fairness, balance and accuracy in the presentation of stories. “…The Guild urged President Goodluck Jonathan and other elected

officials to put in place extra measures to tackle these problems and give succour to citizens. Such steps should include the provision of the right security infrastructure that can help the various security agencies to keep ahead of criminal elements in the society.”

The conference also underscored the agenda-set-

ting role of the media and called on all editors to live up to the responsibility, especially as it concerns national security. It equally canvassed a continuous engagement between the security agencies and the media on ways to tackle insecurity, while the media should improve on its capacity to report conflict situations.

Urging editors to continue to be in the vanguard of promoting national unity and integration and be wary of those who seek to divide the nation, the conference called on the three tiers of government to collaborate and dialogue on the best ways of meeting the demands of the public and preservation of law and order.

First Lady’s health: Associates, friend hold prayer session

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hree weeks after news broke out that First Lady Patience Dame Jonathan was flown to a Germany Specialist Hospital for an undisclosed ailment, the cloud surrounding her state of health is yet to clear even as the Presidency still kept mum over the issue.

There were reports yesterday that President Goodluck Jonathan plans to reunite with his wife next weekend, and she would accompany him to the United Nations General Assembly in New York against doctor’s advice.

Reports also had it that doctors at the Ger-

man hospital, where Mrs. Jonathan is being treated, have reportedly delayed her treatment by another week while they await test results from body tissues sent out to other European specialist hospitals.

There were also speculations that the First Lady may be moved to another hospital to allow her to recuperate.

According to Presidency source, the decision to relocate Mrs. Jonathan to another hospital was for security reasons since there had been a lot of disclosure in the media about Horst Schmidt Klinic in Wiesbaden, Germany

where she was said to have been admitted.

However, speculations were rife over her medical condition, particularly the ailment that took the First Lady to Germany.

While a version of the news said the first lady was admitted in the Hospital for food poisoning, others said it was for appendicitis operation and even tummy tuck.

Sources close to the Presidency said that since the First Lady was flown abroad, her close associates and friends have continued to hold prayer sessions at Aso Rock to seek the face of God for her

quick recovery and her return to the country.

About two weeks ago, her Special Assistant on Media, Ayo Osinlu, had insisted that the first Lady was on vacation and also took time to rest abroad, stressing that the First Lady is in stable health and would soon return to the country.

He was, however, not certain when Dam Patience would return to the country from Germany. When asked when the First Lady would return to the country, Osinlu had said, I don’t know, I don’t have any information on that.”

National Mirror www.nationalmirroronline.net

News

Monday, September 17, 2012

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Fuel scarcity hits Lagos as motorists blame oil marketers CONTINUED FROM PAGE 1

to pay above the official pump price to buy fuel.

Stakeholders in the sector, however, resolved that authorities have must take drastic measures to address the challenge.

National Mirror investigation showed that many filling stations, which closed their gates to customers on Saturday, did not open for business yesterday. Consequently, motorists and other users were unable to buy the product in many parts of Lagos including Lagos Island, Ikeja, Alapere, Ketu and along Ikorodu road.

Long queues were also noticed at some stations that have fuel in areas such as Agege and Mushin.

Marketers, who did not want their names mentioned, said they did not have enough stocks to sell.

National Mirror gathered that the situation was partly fuelled by panic buying as motorists did not want to take chances.

However, some filling stations restricted sales to just one pump for fear of inability to get fresh supplies causing queues to form.

However, the Nigerian National Petroleum Corporation, NNPC, said yesterday that it has enough stocks in all parts of the nation.

Spokesman of the corporation, Mr. Fidel Pepple who confirmed the availability of stocks said NNPC have no supplies issues.

“There is no truth in the reports of imminent nationwide fuel scarcity as the Pipeline and Products Marketing Company, PPMC, a subsidiary of the corporation, has enough fuel in the country to meet national demand for at least 30 days, even if all the local refineries were down and there was no importation.

The NNPC had earlier blamed hoarding for the apparent scarcity and had threatened to sanction any marketer caught hoarding or diverting products to unauthorised outlets.

Pepple noted that operators of some filling stations in Abuja metropolis have taken advantage of the panic buying and are creating a situation that encourage

exploitation of helpless motorists.

National Mirror learnt that fuel stocks held by marketers had started to run dry following non-importation by most majors.

The marketers said importation was slowed down because of delay in the payment of subsidy claims.

Investigations showed that although some have placed orders for petrol and other products, which are yet to arrive.

For instance, one marketer said: “We have placed order for about 99,000 tonnes of petrol from the international market. Unfortunately, the product has not yet arrived. We will distribute them to our outlets as soon as we take delivery

L-R: Rivers State Governor, Rotimi Amechi; Abia State Governor, Theodore Orji; Adamawa State Deputy Governor, Mr. Bala Nggilari; Akwa Ibom State Governor, Godswill Akpabio and Bauchi State Governor, Isa Yuguda, at a meeting between the PDP’s governors and the Presidency in Abuja at the weekend.

of the product.

“The marketers have placed order for importation of the fuel to boost supply in the country. Unfortunately, this volume of the product which could have gone a long way to boosting supplies have not yet arrived the shores of the nation.”

The Minister of Finance, Dr. Ngozi Okonjo Iweala had met key marketers including Oando Plc, Sahara Energy, Folawiyo Petroleum and Nipco Plc more than two weeks ago and tried to iron out the subsidy payment issues.

The minister had reiterated government’s commitment to the payment of genuine and verified subsidy claims.

Motorists in Lagos yesterday blamed the scarcity on the activities of oil marketers who are unhappy with the Federal Government over its decision to clamp down on unwholesome behaviour by including frivolous subsidy claims.

Most motorists and commuters who spoke to our correspondent on the development said the scarcity was artificial and deliberate to force the government to back down on its decision to stop paying oil marketers excessive fuel subsidy on petroleum products.

According to a cab driver at Ojodu Berger area, many fuel marketers are hoarding the products to make the scarcity more effective.

A bus driver at Ojota, Tope Fadoju said most fuel stations are still selling fuel at the regulated price while others collect N50 “toll” before vehicles on queue are allowed into the stations.

He also said few of them who are selling are only selling from just one pump, thereby causing unnecessary delay.

Another motorist Ajibade Festus, who spoke with National Mirror at Conoil station, Alausa Lagos, said he would not believe that there is scarcity yet, saying the relatively few motorists on queue at the station were into panic buying.

In Ibadan, Oyo State capital, many major marketers shut their gate apparently as a result of non-availability of fuel.

However, most of the independent marketers had fuel to sell as the queues in most stations were not as long as it was on Friday.

In Akure, some of the independent marketers were selling at N120 per litre instead of N97, but with fewer motorists patronizing them, while queues were observed in others selling at regulated price.

In Ogun State, many major and independent marketers shut down their stations having complained of lack of stock.

But indications have however, emerged over the weekend in Abeokuta, the CONTINUED ON PAGE 6>>

Nigeria records 6.28% GDP growth, inflation rises to 11.7% CONTINUED FROM PAGE 1

The latest reports by the National Bureau of Statistics, NBS, on the overall performance of the economy in the quarter under review, indicated that the nominal GDP for the threemonth period ended June this year, which was estimated at N9.84trn, was still higher than the N9.17trn recorded during the corresponding period of last year.

A breakdown of the contributions to the healthy growth rate showed clearly that the non-oil sector was growing faster with activities in the building and construction sector spurring the growth while the oil sector’s contributions shrank, as overall output from crude oil production dipped during the review

period compared to what was the output in Q2, 2011.

According to the NBS, the oil sector with a total 2.38 million barrels per day of oil production, with associated gas components, recorded a real term growth rate of -0.73 per cent as against the 2.45 million barrels per day, in the corresponding period of last year.

Overall, however, the non-oil sector experienced a slower growth rate in Q2, 2012 with a growth rate of 7.50 per cent in real terms compared with 8.85 per cent in the corresponding period of last year. The NBS attributed the slower growth rate to a decline in activities in the wholesale and retail trade, telecommunications and agricultural sectors.

The bureau added that the agricultural sector, which is the largest contributor to the GDP growth also showed significant decline in performance as in terms of output, as real agricultural GDP growth in Q2, 2012 dropped to 3.97 per cent as against 5.95 per cent in the Q2, 2011.

It linked the decline in the sector’s output largely to persisting constraints including, hindered movement of farm inputs and produce in major agricultural producing states especially in the Northern part of the country as well as high rainfall during the quarter, which resulted in flooding and invariably, output levels in some parts of the country.

An appraisal of the performance of other sectors

in terms of their contributions to the real GDP indicated that the manufacturing sector fared well with an increase in growth rate from 7.34 per cent in the second quarter of 2011 to 7.45 per cent in the review period in 2012.

The telecommunication sector recorded a real GDP growth of 29.77 per cent in the review period compared to 33.70 per cent recorded in Q1, 2011.

The wholesale and retail trade sector grew by 8.61 per cent in Q1, 2012, representing a decline of 2.86 per cent over the 11.47 per cent recorded in the corresponding quarter of last year compared with the real sector growth rate, which stood at 10.87 per cent in Q2, 2012 compared with 10.48 per cent in cor-

responding period of last year.

Meanwhile, the composite Consumer Price Index which measures inflation rose to 11.7 percent year-onyear in August compared with the 12.8 per cent.

The statistical agency attributed the moderation in the index partly to relative slower rises in both the ‘Food’ and “Core” indices as a result of aggressive monetary policy initiatives by the CBN, base effects and a much lower rise in several food prices such as yam tubers and vegetables due to the prevailing harvest season.

Although the report indicated that despite the fact that most classes under the food index increased during the month, the implications of the increase on the

CPI was moderated due to the fact that the Food index exhibited a sharp increase in August 2011. Overall, the NBS report reflected that on a monthly basis, the CPI was higher by 0.67 per cent when compared with the preceding month.

On the urban and rural indices, the report stated that in the month under review the urban inflation rate stood at 14.4 per cent year-on-year compared with Rural index, which indicated a 9.7 per cent yearon-year increase. It added that the ‘Urban All Items’ index increased by 0.69 per cent month-on-month, while the corresponding Rural index increased by 0.66 percent, when compared with July’s trend.

“The percentage change CONTINUED ON PAGE 6>>

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Monday, September 17, 2012

Constitution review, PIB top agenda as Senate resumes GEORGE OJI ABUJA

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ome issues that will dominate deliberations as the Senate resumes tomorrow from its eight-week annual vacation include the review of the 1999 Constitution, deliberation on the Petroleum Industry Bill, PIB, consideration of the 2013 appropriation bill and review of the Central Bank of Nigeria, CBN, Act 2007.

While the Senate was on break, issues of national importance emerged fueling speculations that the lawmakers might be forced to resume before the September 18 date earlier fixed.

The lawmakers, however, did not cut short

their vacation as speculated.

Some of the issues that arose during the vacation included the proposed restructuring of the nation’s currency by the CBN Governor, Mallam Sanusi Lamido Sanusi, and the alleged impeachment moves against President Goodluck Jonathan by some National Assembly members, amongst others.

The Senate, which had written the CBN governor asking him to suspend the proposed currency restructuring, including the introduction of the N5, 000 note, is expected to, upon resumption, begin deliberations with Sanusi on the issue.

The Senate is also expected to start work on the 1999 Constitution review process following the expiration of the call for the submission of memoranda by the public as well as having held a two-day retreat where the 47-member committee released modalities for the exercise.

Already, the Presidency, which commissioned the Justice Alfa Belgore Constitution Review Committee last December, had in July received the report as well as conducted a retreat for the civil society organisations and the professional bodies and synthesized the views of the various groups, which is now ready for submission to the National As-

sembly as inputs to the constitution review.

The lawmakers, who have been having issues with the Coordinator of the Economy and the Finance Minister, Dr. Ngozi Okonjo-Iweala, over the slow pace of the execution of the 2012 budget act are expected to receive and commence deliberations on the 2013 budget proposal before the end of September.

The minister had at several occasions assured of the executive’s readiness to submit the 2013 appropriation bill to the National Assembly before the end of September in order to ensure early passage of the act before the end of December.

L-R: National Coordinator, Almajiri Education Programme, Prof. Muhammad Jagaba; Acting Executive Secretary, Universal Basic Education Commission, Prof. Charles Onocha and Minister of State for Education, Mr. Ezenwo Nyesom Wike, during an interactive session with contractors executing Almajiri school projects, in Abuja, yesterday.

Fuel scarcity hits Lagos CONTINUED FROM PAGE 5

state capital that majority of the oil marketers, which included the NNPC were hoarding the product.

Most of the stations visited by National Mirror within Abeokuta metropolis were without attendants, but it was gathered that some sell secretly to their relatives and those who can offer prices higher than the official pump price.

Some of the filling stations who were seen dispensing petrol yesterday sold between N115 andN150 per litre, while others opened for just few hours and close their stations in the afternoon.

The NNPC mega station situated along Moshood

Abiola/ IBB Boulevard in Abeokuta was under lock and key as at the time National Mirror visited yesterday afternoon but one of the workers who declined to be identified said the station ran out of supply.

Attempts to speak with the manager of the station proved abortive as he was said not to be available and effort to get his mobile number was unsuccessful as nobody was ready to release the number to newsmen.

In Ijebu-Ode, many filling stations were also shut with long queues seen particularly at Adeola Odutola Road, while the few ones like Zipest Petroleum as well as the Total along Ejinrin Road were selling at the

official pump price.

In the university town of Ago Iwoye, National Mirror gathered that the product sold for N110 at Always petrol station.

In Ifo township, only the Total filling station at the market area of the town was selling the product as at the time National Mirror visited yesterday, while attendants at the filling station seized the opportunity of the scarcity to force buyers to part with some money before they could obtain the product.

Meanwhile, Senator Bukola Saraki has suggested a stakeholders’ summit to resolve problems surrounding the oil subsidy regime in the face of a fresh round of fuel

scarcity across the country.

Saraki, the Chairman, Senate Committee on Ecology and Environment, who first raised the motion for the investigation of the subsidy regime at the upper chamber said at the weekend in Ilorin, Kwara State that the current crisis in the sector is suggestive that time was ripe for a serious dialogue on the matter.

“The facts are very clear now that it is a difficult issue what government should do is to call a meeting of stakeholders; government, oil marketers, labour union etc. and let’s discuss how to go about it because we can’t run away from this thing, otherwise we will continue to have scarcity.”

National Mirror www.nationalmirroronline.net

Market makers begin operations with 16 stocks tomorrow JOHNSON OKANLAWON

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arket makers will begin operations on the Nigerian Stock Exchange (NSE) tomorrow with 16 stocks in their baskets.

The market makers are RenCap Securities Limited, Stanbic IBTC Stockbrokers, FBN Securities, ESS/DunnLoren Merrifield, Greenwich Trust Limited, CSL Stockbrokers, WSTC Limited, Vetiva Capital, Capital Bankcorp Limited and Future View Securities A market maker can be described as a broker-dealer that stands ready to buy and sell a particular stock on a regular and continuous basis at a publicly quoted price.

The stocks they will trade initially are Fidelity Bank Plc, Zenith Bank Plc, UACN Plc, Guaranty Trust Bank Plc, LafargeWAPCO Plc, International Breweries Plc, Nigeria Breweries Plc, Diamond Bank Plc, First City Monument Bank Plc and DN Meyer Plc. Others are Sterling Bank Plc, Bagco Plc, Presco Plc, PZ Cusson Plc, Fidson Healthcare Plc, Red Star Express Plc. Speaking with National Mirror on the com-

mencement of the market making operations, the President of Association of Stock broking Houses of Nigeria (ASHON), Mr. Emeka Madubuike, said the market makers have over 200 companies shares in their basket, but they want to start with most profitable ones.

On why the market makers don’t include companies’ shares that are being traded at nominal value, he said, “The implementation of the stocks will be in phases and they will be reviewed over a period of time.”

The President of Nigeria Shareholders’ Solidarity Association, NSSA, Mr. Timothy Adesiyan, said the market makers have facilities to drive the market and “we have confidence in them.”

The Chief Executive Officer of the NSE, Mr. Oscar Onyema, said that every two weeks the market makers will change the stocks in their basket with new ones.

He said: “If I am a market maker, I will buy the ones I can sell quickly. We should know that the job of the market maker is not to take the price up, they are to provide liquidity and we are not going to force them on the stocks to buy.”

Nigeria records 6.28% GDP growth, inflation rises to 11.7% CONTINUED FROM PAGE 5

in the average composite CPI for the 12-month period ending in August 2012 over the average of the CPI for the previous 12-month period was 11.8 per cent. The corresponding 12-month year-on-year average percentage change for urban and rural indices was 12.4 and 11.4 respectively “The composite Food Index increased year-onyear by 9.9 per cent to 135.9 points in August 2012, down from 12.1 per cent in July 2012. On a year-on-year basis, the relative moderation of food prices over the month of August could be attributable to a significant base effect. During the same period last year, the food index increased sharply by 2.7 per cent partially as a result of higher fish, and tuber prices, as well as fruits due to the fasting period.

“As this was rather uncommon, the year-on-year percentage change in August 2012 reflects a lower year-on-year estimated due to the sharp increase in August 2011. The Food Index was also higher than levels recorded in July of this year by 0.7 per cent. The rise in the Food Index was largely across all major classes led by higher prices in fish, oils and fats, and meats. The increase in the Food sub-index were also partially driven by increase in imported foods price,” NBS added.

It reported further that the “All items less Farm Produce” index rose by 14.7 per cent year-on-year in August 2012, compared to 15.0 per cent in July, adding that on month-on-month basis, the core index increased by 0.6 per cent during the same period.

National Mirror www.nationalmirroronline.net

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Monday, September 17, 2012

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FG tightens security as Adenuga, others get national honours today OMEIZA AJAYI AND ROTIMI FADEYI

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ndications emerged last night that the Federal Government may have directed security agencies in Abuja to scale up their efforts at ensuring the success of today’s conferment of national honours on 149 Nigerians.

The ceremony, which will take place at the International Conference Centre in Abuja, is expected to attract the cream of the society,

diplomats, family members and well wishers of the awardees.

It was gathered that with the calibre of guests expected at the event, including members of the Diplomatic Corps, security operatives are not leaving anything to chance, especially in the light of recent attacks on Western diplomats in some parts of the world as a result of a movie released in the United States, which Muslims found derogatory.

A security source told our correspondent that some

routes connected to the International Conference Centre would be cordoned off in the early hours of today.

The source also advised that residents who have no business in the area should avoid the premises while the event lasts.

“Tomorrow is going to be stricter. Those who have not been officially invited here are not expected here. Even the awardees are limited in the number of well-wishers that can enter this venue with them,” the source added.

However, when our correspondent visited the Centre at 7:30pm yesterday, only a handful of men of the Federal Road Safety Commission, FRSC, were manning strategic positions.

Some soldiers were, however, seen within the complex.

Among the 149 to be decorated today are businessman, Mike Adenuga, four state governors - Dr. Emmanuel Uduaghan (Delta), Mr. Gabriel Suswam (Benue), Mr. Danbaba Fulani Suntai (Taraba) and

Martins Elechi (Ebonyi); six serving justices of the Supreme Court of Nigeria, Justice Mahmud Mohammed, Justice Walter Onnoghen, Justice Suleiman Galadima, Justice Bode Rhodes-Vivour, Justice Nwali Sylvester Ngwuta, and Justice Mary Ukaego Odili, as well as the Inspector General of Police, Mohammed Abubakar.

Unlike last year when there was a shortage of medals during the award ceremony in Abuja, the Special Duties Office in the Office of the Secretary to the Government of the Federation, Anyim Pius Anyim,

said it had put necessary measures in place to ensure a successful ceremony.

Investigation by our correspondent showed that none of the prospective awardees had rejected the offer. However, it was not clear whether all the 149 awardees would be physically present to receive their medals.

Last year, the Minority Leader of the House of Representatives, Mr. Femi Gbajabiamila, rejected his national honour on the grounds that he had not done much for his constituency to merit the award.

Payments validation: Oil firms, agencies appear before NEITI auditors TOLA AKINMUTIMI ABUJA

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L-R: General Manager, Nan Bizcom, Mr. Mohammed Momoh; Comptroller, Federal Operations Unit, Zone A, Mr. Dain Ugoh and Deputy Public Relations Officer, Customs Headquarters, Abuja, Mr. Attah Joseph, at the close of Nan Bizcom workshop for Customs officers in Lagos, recently.

PHOTO: NAN

Nigeria exports non-oil products worth $1.35bn GEORGE OJI AND OLUFEMI ADEOSUN

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he Nigerian Export Promotion Council, NEPC, has said that the country exported non-oil products valued at $1.35bn in the first half of 2012.

Its Executive Director, Mr. David Adulugba, disclosed this in an interview with the News Agency of Nigeria, NAN, in Abuja.

He said the figure represented about 10 per cent decline from the $1.50bn recorded in the same period in 2011.

Adulugba, who attributed the decline to unrecorded exports, the fuel crisis and workers’ strike in January, however, expressed optimism that the agency would achieve its 40 per cent target for non-oil export products before the end of the year.

The executive director

•Attracts $12bn foreign investment expressed concern that the unrecorded exports had been a major challenge to accurate reporting of the performance of the non-oil sector in the country.

This is as the Foreign Affairs Minister, Ambassador Olugbenga Ashiru, said in Abuja at the weekend that direct foreign investment into the country in the past one year had hit $12bn mark.

But Adulugba said the Federal Ministry of Trade and Investment was making moves to establish border markets at some strategic locations.

He pointed out that the country’s non-oil exports were dominated by raw commodities and a few products with value addition.

“There is the need to step up the value chain, diversify from commodities and empower the small and

medium scale enterprises through entrepreneurship development,” he said.

Adulugba explained that Nigeria exported non-oil products worth $660.1m and $686.2m for the first and second quarters of the year respectively as against $818.8m and $676.2m recorded for the same period in 2011.

The executive director said Nigeria exported goods worth $161.6m in January compared to $307.2m in 2011.

Adulugba said the nation exported non-oil products worth $242.9m in February 2012 compared to $273.6m recorded in the same period in 2011.

He also said that Nigeria exported non-oil products worth $255.7m and $220.6m in March and April this year compared to $237.9m and

$250.6m recorded for 2011.

According to him, the country’s non-oil exports in May and June 2012 were $242.6m and $223.1m, respectively compared to $703.5m and $222m recorded in the same period in 2011.

Adulugba also said that the bulk of the exported products were cocoa and cocoa preparations, oil seeds, sesame seeds, edible fruits, nuts, citrus, tobacco, fish, shrimps and gum Arabic.

Others, he said, included recharge cards, cosmetics, footwear, textiles, confectioneries, insecticides, plastics, empty bottles, electric cables, food, beverages and noodles.

He expressed optimism that the agency would achieve its 40 per cent target for non-oil export products before the end of the year in line with the key performance indicators, KPI.

il companies as well as government entities involved in the ongoing Nigeria’s Extractive Industries Transparency Initiative, NEITI’s audit process are to appear before the agency’s independent auditors from Wednesday.

They are expected to validate payments made by companies against the receipts declared by relevant government agencies for the two-year operational period of 2009 - 2011.

The independent audit of the extractive industries’ operations by the agency, which commenced earlier this year, is investigating all payments made by oil companies against receipts by government agencies.

It will examine the basis for computation and calculation of those payments, fees, taxes, royalties owed by companies and what government receives in the process of remittance into the federation account.

According to a statement by the Director of Communications of the agency, Dr. Orji Ogbonnaya Orji, made available to journalists yesterday, the appearance before the auditors by the affected companies and relevant government agencies, including the Nigerian National Petroleum Corporation, NNPC, the Central Bank of Nigeria, CBN, the Department of Petroleum Resources, DPR, the Federal Inland Revenue Service, FIRS, Office of the Accountant General of the Federation, OAGF, will commence this week and end on September 28.

The statement said the process would involve reconciliation of payments made by companies with raw data collected by NEITI independent auditors.

The NEITI audit 20092011 also covers investment flows involving governments’ payments by way of joint venture investments, loans, including repayments procedure, equity investments, cost and profit of oil transactions. This involves downstream businesses such as subsidy payments.

The statement reads in part: “Over 30 oil and gas companies including Shell, Mobil, Chevron, Conoil, Addax are part of the audit.

The government agencies include NNPC, CBN, DPR, FIRS, OAGF, among others, are required to participate in the audit.”

The agency, which said that participation in the exercise was both mandatory and legal in line with Section 16 of NEITI Act 2007, added that the conduct of similar audit in the solid mineral sector which was nearing completion, would also involve similar reconciliation and validation of data by its auditors in Enugu, Abuja and Lagos between October 3 and 10.

The purpose of the audit, according to the authorities of the NEITI, is for the public, the media and civil society to use the information and data to hold government to account on prudent use of these resources to provide social services like roads, water, electricity, education, security, health services and poverty reduction.

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South-West

Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

Suspend campaigns about 2015, Presidency tells politicians TERH AGBEDEH

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he Presidency yesterday urged Nigerian politicians to halt the current debate on the 2015 general elections, noting that the attention for now should be geared towards ensuring that good governance is entrenched in the country.

Speaking in Lagos at the presentation of the first volume of a book titled: ‘Sure

and Steady Transformation’, a progress report on President Goodluck Jonathan’s administration, the Senior Special Adviser on Research, Documentation and Strategy to the President, Mr. Oronto Douglas, regretted that in other democracies, governance begins immediately after an election.

He said but in Nigeria, politicking begins immediately after an election at the expense of governance.

He wondered why Nigerians have started discussing 2015, which is more than three years away, noting that such a discourse is a distraction to government.

“There seems to be too much politicking in Nigeria than governance. In other democracies, politics stops at the end of an election, and governance starts. But in Nigeria, it is the opposite.

“Politics will not put food on the table of the ordinary

Nigerian, but governance will do that. We should stop talking about 2015. Let us talk about governance, let us focus on governance, so that our people will be the better for it,” he said.

Oronto-Douglas, who was accompanied by the Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe, said that President Jonathan has done well, especially in the area of power, aviation, agriculture and education,

among others.

He said that the book was meant to tell Nigerians what the Jonathan administration has been doing in the last one year.

“What is happening in the power sector, agriculture, education, health; government must report to you and you will then report to the citizens. The main preoccupation of government should be reporting to the citizens since they have the power to decide who gov-

erns them in a democracy,” he said.

Also speaking, Okupe described the Jonathan administration as one of the best performing government in Nigeria since independence.

He said President Jonathan is a sincere, forthright and straight forward person, even as he called on Nigerians to support the administration in order to succeed in its transformation agenda.

LCCI decries 500% rise in electricity bills JOHNSON OKANLAWON

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L-R: Oyo State Commissioner for Establishment and Training, Mr. Lowo Obisesan; Governor Abiola Ajimobi; state Head of Service, Alhaji Olasunkanmi Aremu and Commissioner for Information and Orientation, Mr. Bosun Oladele, during a training session for civil servants in Ibadan, at the weekend.

Retirement benefits: Ex-deputy governor, Ojikutu sues Fashola WALE IGBINTADE

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ormer Deputy Governor of Lagos State, Chief Mrs. Sinatu Ojikutu, has filed a suit before a Lagos high court asking for an order compelling the state governor, Mr. Babatunde Fashola, to pay her pension and other benefits as provided for under the Public Office Holder (payment of pension) Law No 11 official gazette of Lagos State, 2007.

The applicant through her lawyer, Chief Bolaji Ayorinde SAN, also joined as respondents; the state’s Attorney-General and Commissioner for Justice, Mr. Ade Ipaye as well as the Ministry of Establishments, Training and Pensions, Lagos State.

The applicant was the deputy-governor of Lagos State between January 1992 and November 1993, when the government was forcefully overthrown by the late General Sani Abacha coup.

Specifically, the applicant, in her originating

•Demands payment of pension summons brought pursuant to order 3 Rule 6 of High Court of Lagos State (Civil Procedure) Rules 2004, sections 124 (5), 315, 316, of the constitution as amended 2011 and sections 1-6 of the Public Office Holder (Payment of Pensions) Law 2007, No 11 official Gazette of Lagos State asked the court to declare that she is entitled to the payment of pension.

She also asked the court to declare that she is entitled to other benefits as provided for under the Public Office Holder (Payment of Pension) Law No 11 official Gazette of Lagos State, 2007 to wit: An annual basic salary equal to 100 per cent of the annual salary of the incumbent deputy-governor of Lagos State subject to review every five years or salary review by the Revenue Mobilization Allocation and Fiscal Commission in line with section 210 (3) of the constitution as amended in 2011.

In her statement of claim, the former deputy governor

said towards the end of the administration of the former Governor, Senator Bola Ahmed Tinubu, the state assembly enacted a law stating among others that: “Any person who has held office as an elected governor or deputy governor (referred to in this Law as Public Office Holder) shall be entitled to the payment of pension at the rate equivalent to the annual basic salary of the incumbent governor or deputy governor and other benefits as provided by the Revenue Mobilisation Allocation and Fiscal Commission.”

“Any person duly elected as Public Office Holder shall upon the successful completion of his term be entitled to a grant of pension for life by the state; provided that such a person shall not be entitled to a grant of pension under this law if he was removed from office by the process of impeachment or for breach of any provision of the constitution.”

he Lagos Chamber of Commerce and Industry (LCCI) has decried the 500 per cent rise in electricity bills in the country, calling on the National Electricity Regulatory Commission (NERC) to urgently address growing concerns over the outrageous bills.

The chamber noted that much of the electricity bills are not consistent with the earlier advertised billing template.

A statement from the chamber yesterday said that the increases in some cases are well above 500 per cent, saying that the principle of fixed charge should be reviewed.

The chamber, however, lauded the Federal Government for the noticeable improvement in power supply across major cities in the country over the last few months, noting that it is a good development for the country, especially for

business concerns that have to deal with high cost of production induced by alternative sources of energy.

“No doubt, epileptic electricity supply has been one of the most daring challenges confronting businesses in Nigeria over time. We hereby urge the government to sustain and build on the current tempo.

“Our latest survey shows that electricity supply improved by an average of 35 per cent in most parts of Lagos over the last three months. In some parts of the country, the average daily supply of power now ranges between 15 to 20 hours per day,” the statement read in part.

It added that administrative blocks of most businesses are now connected to the Power Holding Company of Nigeria (PHCN); major manufacturers are yet to switch their production lines to the public power supply, because of sustainability concerns.

Ajimobi govt is dead, says PDP chieftain KEMI OLAITAN Fashola

“The total emolument of the Public Office Holder shall include salary, allowances and fringe benefits as contained in the schedule to this law.

“Subject to the provisions of section 124 of the Constitution of the Federal Republic of Nigeria 1999, the pension mentioned in this law shall be payable at the expiration of the tenure of the holder of the office.”

“Where the Public Office Holder vacates office before the expiration of the term of his office for reasons other than impeachment or breach of any provision of the constitution, he shall be paid pension on a prorata basis for the number of years he held such office.”

IBADAN

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he administration of Oyo State governor, Abiola Ajimobi, at the weekend, came under knocks, as the first Chairman of the state chapter of the Association of Local Government Chairmen of Nigeria (ALGON), Mr. Julius Akinsola, described it as a dead government.

He said this while speaking with journalists in Ibadan, the state capital.

He accused the administration of the Action Congress of Nigeria (ACN) of embarking on anti-people programmes across the state.

The Peoples Democratic Party (PDP) leader and a chairmanship aspirant for Akinyele Local Government

Area, said for over one and half years now, the Ajimobiled administration has been implementing programmes that are against the masses of the state.

His words: “The Governor Abiola Ajimobi government is a dead government because the administration is not doing anything productive, this is one administration that is not at home with the priority of the people, and it is not performing to the expectations of the masses.”

The ALGON leader said that with the administration of Governor Ajimobi, it was glaring that the leaders “are not truly Oyo State people,” saying, the “ACN has a wrong priority for the state, not even one good appropriate project has been put on ground.”

National Mirror www.nationalmirroronline.net

South-West

Monday, September 17, 2012

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Ondo monarch’s killing: Court orders police to reopen investigation HAKEEM GBADAMOSI AKURE

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High Court sitting in Akure has ordered the police to reopen investigation into the death of the traditional ruler of Offe land in the Odigbo Local Government of Ondo State, Oba Akindamade Ajihan, who was murdered on December 1, 2011.

The presiding judge,

Justice Isaiah Adegbenro, ordered the Inspector General of Police, the Police Service Commission and the state Commissioner of Police to continue with the investigation and unveil those behind the gruesome murder of the monarch.

Oba Ajihan was murdered at his number 1, Ajihan Road home, Offe when armed men invaded his house and stole N200,000.

The monarch’s family, however, complained of the inability of the law enforcement agents to prosecute the suspects arrested in connection with the crime.

The family members spoke through their counsel, Mr. L. K Dare, who asked the court to compel the police to reopen investigation into the traditional ruler’s death.

In the suit filed on

behalf of the family by Gbenga Ajihan, Oloja S. A. Lijoka, Johnbull Falase, Dele Adebowale and five others, the family prayed the court for “an order granting leave to the applicants to apply for judicial review by way of an order of mandamus compelling the respondents to continue their investigation on the murder of His Royal Highness, Oloja Akindamade Ajihan and

attempted murder of all the applicants which the respondents stopped arbitrarily in April 2012 without lawful justification”.

In an affidavit in support of the motion, Gbenga, the eldest son of the deceased, said his father was killed after three previous attempts had failed.

He said the incident was reported at Ore police station and a law firm was consulted to investigate

the matter on behalf of the family.

Gbenga, however, said the investigation stopped abruptly on April 9, explaining that several letters were written to the police to continue with the investigation.

He said the law enforcement agents had not deemed it necessary to arrest those the family suspected to have carried out the heinous crime.

Oyo’ll tackle diseases against women, children –SSG KEMI OLAITAN IBADAN

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L-R: Archbishop of Lagos West Ecclesiastical Province, Church of Nigeria, Anglican Communion, Most Rev. Eprhaim Ademowo; Ekiti State Deputy Governor, Mrs. Funmi Olayinka; wife of the governor, Erelu Bisi Fayemi; Governor Kayode Fayemi and Primate, Church of Nigeria, Anglican Communion, Most Rev. Nicholas Okoh, during the Standing Committee Meeting of Anglican Bishops in Ado-Ekiti, at the weekend.

Ekiti pays 279 pensioners N501m gratuities

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bout 279 pensioners, who have been paid their gratuities in Ekiti State, have expressed gratitude to God and the administration of Governor Kayode Fayemi.

Fayemi, who presented cheques totalling N501,605,815.84 to the pensioners, who had retired from the service of the state and local governments on Friday, said the payment was a demonstration of his administration’s commitment to the welfare of pensioners and to ensure that they received their benefits as at when due.

He explained that the delay in the payment of gratuities was not unconnected to the biometric data capture of all pensioners and workers on the payroll of the state government aimed at ensuring a pragmatic planning and personnel financial management in the state.

The governor assured the pensioners of regular release of funds for the payment of all gratuities.

On the implementation of the six per cent and 15 per

cent incremental rates for pension allowances, Fayemi said his administration had approved these incremental rates but the dwindling finances of the state was responsible for failure to implement them.

In his remarks, the Chair-

man of the State Pension Commission, Mr. Oluwole Ojo, commended the governor for the payment of the gratuities.

He said Fayemi’s administration’s care for the elderly was not only reflected in the social security scheme

but also in the payment of pension and gratuities despite the meagre resources of the state government.

However, Fayemi said his government had a pact with the people for the efficient delivery of good governance.

PenCom chairman, Adeosun, dies at 74

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prominent Egba son and incumbent Chairman of National Pensions Commission, Chief Oluwole Adeosun is dead. According to Mr. Adewole Adeosun, the first son of the deceased, Adeosun, who was also a former Chairman of First Bank of Nigeria Plc from 1987 to 1990, died on Thursday, September 13, 2012 in New Delhi, India where he had gone for a medical check up.

Born in 1938 to Chief and Mrs. Joseph Makinde Adeosun, ‘Wole, as he was fondly called by his parents, attended Abeokuta Grammar School, Abeokuta from 1954 to 1958. He worked briefly as an Agric Officer with the Ministry of Agricul-

ture and Natural Resources Ibadan, before proceeding to University of Bradford in the United Kingdom where he bagged a Bachelor of Science degree in Economics.

A season banker and Fellow of the Institute of Chartered Accounts of Nigeria (FCA); the late Adeosun was a Fellow, Chartered Institute of Bankers of Nigeria (FCIB); Fellow, Chartered Institute of Secretaries (FCIS), and Fellow, Institute of Directors.

He was at various times, the Chairman Indigenisation Committee of the Nigerian Stock market; Managing Director of NAL Merchant Bank, 1979 to 1987; Managing Director/ Chief Executive Officer, First Bank of Nigeria Plc,

1987 to 1990; Vice-Chairman of National Bank of Nigeria, 1991 to 1992; President of the Institute of Chartered Accountants of Nigeria and Chairman of First Fund Nigeria Limited, a subsidiary of First Bank.

He was appointed Secretary of Transport, Aviation and Communications during the Transitional Government of Chief Ernest Shonekan in 1993.

Adeosun also served on the Presidential Monitoring Committee during Nigeria’s bid to host the Under-23 World Cup in I985; and was the President of NigerianAmerican Chambers of Commerce in 1993.

Adeosun was the Osi of Egbaland, and the Alagba, Ojoo, Gbagura, Abeokuta.

yo State Government has reiterated its determination to tackle all preventable diseases among women and children across the state.

The Secretary to the State Government, SSG, Alhaji Akin Olajide, made the disclosure at the weekend while hosting the Head of the United Nations Children’s Fund, UNICEF-B Office, Lagos, Mrs. Sara Beysolow Nyanti, at the state Secretariat, Ibadan.

Mrs Nyanti was represented by Mrs. Binta Ishmael.

Olajide said there would be no going back in the determination of the administration of Governor Abiola Ajimobi to transform Oyo State “into a state where people can be the best they can”.

He said: “More than ever before, we posit to transform the state into one where people can be the

best they can. Therefore, we will continue to prevent all preventable diseases and put in place infrastructure that will reduce communal hardship on our women and children and make them less vulnerable to diseases and squalor.”

The SSG explained that the government was of the view that children of today, being the adults of tomorrow, needed to be adequately catered for “even before they are born, for the betterment and security of our race and society”.

Olajide solicited the support of UNICEF by assisting the state government to provide “health equipment to the health centres replicated under UNICEF-assisted programme, school in a box for the Early Child Care Centres, borehole equipment, cold room to take care of vaccines distributed to Oke-Ogun area in the state and effective training for monitoring and evaluation of donor assisted programmes in the state”.

Lagos shuts 15 illegal health facilities

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he Lagos State Government shut down about 15 illegal health facilities for various offences in parts of the state at the weekend.

The closure was carried out by officials of the Lagos State Health Facility Monitoring and Accreditation Agency, HEFAMAA, in line with the determination of the state government to rid the state of the menace of fake and unregistered health facilities.

The Commissioner for Health, Dr. Jide Idris, who disclosed this, said the closure was in line with the Lagos State Health Sector Reform Law of 2006.

He listed offences committed by the affected health facilities to include

quackery unofficial training of auxiliary nurses, existence of living room within their facilities, lack of qualified personnel, poor facilities, unhygienic environment and non-registration of the facilities with HEFAMAA. The commissioner also listed the affected health facilities to include KaffSalam Maternity Home at No 8, Onabola Street, Bariga; Gbayi Clinic and Maternity Home at No 57, Akinola Street, Bariga; Iya Deborah Maternity Hospital, Eleshin, Ikorodu; St. Daniel Hospital at No 17, Igbeyin Adun Street, Makoko; and Oluwaseun King Maternity Centre at No 24, Ogo-Oluwa Street, Bariga.

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South East

Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

2015: Founding fathers set to dump PDP for ACN DENNIS AGBO ENUGU

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reparatory to the 2015 general elections, strong indications emerged yesterday that some top politicians in Enugu State, including some founding fathers and chieftains of the Peoples Democratic Party (PDP) would dump the party for the Action Congress of Nigeria (ACN).

According to a reliable source, the chieftains include former All Progressives Grand Alliance (APGA) governorship candidate, Ugochukwu Agballa; former Political Adviser to erstwhile Governor Chimaroke Namani, Chief Sam Ejiofor; one time Secretary to the Enugu State Government (SSG), Chief Onyemuche Nnamani, among other notable politicians.

National Mirror learnt that discussions between the politicians and the ACN are almost concluded, adding that “though, their formal admission into the party may be done quietly.”

It was also gathered that the 2007 and 2011 gubernatorial candidate of Labour Party (LP) in the

state, Chief Okey Ezea, is also ready to dump his party for the ACN. According to the source, “among all these top new entrants into our party, the only person that may likely have problem is Okey Ezea, because in his usual way, he will want the leadership of the ACN to give him the governorship ticket come 2015, forgetting that there are people that have been nurturing the party’s

structure from inception, but we are happy with the new development as it is.”

However, a chieftain of the ACN in the state, who would not want his name in print, said that the new development was good for the opposition party in the area, as it would assist them in realising their dream of wrestling power from the ruling PDP “which has failed the entire people in all ramifications.”

He expressed optimism

that the ACN remains the party to beat come 2015 general elections in Enugu State and the country at large, positing that as a focused political party, it has all it takes to form the next government in the state .

“I want to call on the political elite and the electorate in the state to embrace the ACN, because it is the only political party with a large heart that has a people-oriented manifesto ca-

pable of transforming the nation’s economy already mismanaged by the PDP. “For me, the only solution to the present political and economic problems confronting our state and the country at large is for the electorate to embrace ACN come 2015, because the party has scores of trusted and tested leaders that can deliver the goods if given the chance as proven in all CAN-controlled states.”

Abia State Governor, Theodore Orji (left) and Chairman, Oil Subsidy Reinvestment Committee, Sir Chris Nkwonta, after the inauguration of the committee in Umuahia, Abia State, at the weekend.

Abia govt hands over Ohakim, Okorocha, others 19 schools to owners accused of hijacking agric loans GEORGE OPARA ABIA

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bia State government has returned the first batch of secondary schools to their original owners with a charge that they should ensure that discipline and high academic standards are maintained in the schools.

The government admitted that over the years since the takeover, there has been steady decay, fallen standard of academics and a general rise in indiscipline.

Handing over the 19 schools, 17 of which went to the church and two to private individuals, Governor Theodore Orji announced that teachers in the affected schools remain in the payroll of the government and would receive their pensions and gratuities.

He, however, said that any teacher who did not wish to remain within the government system should indicate and such person would be posted

out accordingly.

According to Governor Orji, if not for the lean resources of the state, the state government would have given the new owners some funds to take-off.

He, however, promised that if the finances of the state improve, government could still do something in that regard.

He said the original owners of the schools have since 1999, been clamouring to take over their schools. He said in response to their agitation, government set up a committee headed by the deputy governor to look into their agitation and recommend modalities for handing over the schools.

“In the 1960s, before the takeover, schools remained the epitome of morality, discipline and excellence. But since after the war when government took over the schools, morality has been on the decline, indiscipline has been the order of the day and academic standard has fallen.”

CHRIS NJOKU OWERRI

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he Imo State chapter of the All Farmers Association of Nigeria (AFAN), has accused a former Governor of Imo State, Chief Ikedi Ohakim and the current administration of Owelle Rochas Okorocha, of wrongly diverting agriculture loan meant for small scale farmers in the state.

This disclosure was made by the Imo State Chairman of AFAN, Colonel Lambert Ihenacho (rtd), during an interaction with some selected journalists in Owerri, the state capital, at the weekend.

He expressed sadness about how the money meant for small scale farmers were hijacked by various state governments to fund non-agriculture projects thereby pauperising the farmers, who he said were the engine room of food production in the country.

“About 90 per cent of our food is provided by the small scale farmers”, he said.

Ihenacho said the Federal Government has voted about N200bn as intervention fund for the agriculture sector meant for large scale agriculturists without considering the small scale farmers.

According to him, it was based on the premise that the farmers’ association approached the Federal Government to ask for the provision of loan for small scale farmers.

“The government then decided to bring out N40bn out of the N200bn for the small scale farmers. The N40bn was then distributed between the various state farmers and that amounted to about N1.3bn per state,” he explained.

However, while some states decided to cooperate with AFAN members, many states, including Imo, shunned the association and decided to play

politics with the fund.

He accused both Ohakim and Governor Okorocha of wrongly channeling the agriculture loan into projects that had nothing to do with food production.

“When Ohakim was in office, he used part of the money meant for the small scale farmers to give the president-generals of the communities to support him.

“When the Okorocha administration came in, we thought that the policy would work, but behold, instead of giving the money to the farmers, he decided to channel it through the traditional rulers for his so-called fourth tier government.”

The AFAN chairman decried the situation whereby state governors would channel money meant for farmers to their relations and friends without involving AFAN which he said has over 8, 000 members in the country.

Anambra North insists on producing governor in 2014

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he people of Anambra North senatorial zone have insisted that the area would produce the next governor in the state come 2014.

Rising from a meeting in Awka, the group, which meets under the umbrella of “Olu Na Dagbe,” said that part of the decision was based on an agreement reached with Governor Peter Obi in 2010.

Addressing journalists shortly after the meeting, the President-General of Nkwelle-Ezunaka community in Oyi Local Government Area, Chief Chris Eluemunoh, said the stewardship of the people under governors from the other zones was long enough.

Eluemunoh said besides the agreement, “the zone as at today has become the goose that lays the golden egg for Anambra as oil is now coming from the area.

“We discussed with Governor Obi in 2010, when he was seeking re-election, and we told him that we are going to hold him responsible if anything goes wrong, and he made a promise to sponsor a candidate from the senatorial zone, if need be.

“Anambra has produced three governors from the central, two from the south and none from the north, yet we have all that it takes to produce a governor.

“You must not also forget that the newly inaugurated Orient Petroleum Resources Ltd., which produces crude oil, is in Anambra North, and now people from the central and south will come to dominate, we will not allow it.”

Eluemunoh noted that the discovery of oil in the senatorial district would boost the chances of the area clinching the governorship position.

“Machinery has been set in motion to ensure that nobody from the zone contests or accepts deputy governorship position, and there would be strict sanction for that.

“We do not care from what party the next governor comes from, so long as he is from Anambra North,” Eluemunoh said.

National Mirror www.nationalmirroronline.net

South South

Monday, September 17, 2012

11

Bayelsa to rationalise LG system for effectiveness EMMA GBEMUDU YENAGOA

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L-R: Head Coach, Rivers Cycling Association, Mr. Emmanuel Onasanya; Chairman, Mr. Alex Enebeli and Vice Chairman, Mr Giandomeni Massari, at a news conference on preparation for the 2012 National Sports Festival in Port Harcourt, yesterday.

PHOTO: NAN

Pollution: Why Niger Delta hasn’t been cleaned up –Uduaghan D elta State Governor Emmanuel Uduaghan has said that the absence of reliable data on the pollution in the Niger Delta region was responsible for the inability to clean up the area.

Governor Uduaghan stated this at the weekend at a town hall meeting organised by Business Hallmark Newspaper in Lagos.

The meeting was anchored by a British Broadcasting Service (BBC) presenter, Steve Sackur of

BBC Hard Talk fame.

He decried the high level of land, sea and air pollution, stressing that apart from Ogoni which pollution evaluation was conducted by the United Nations, no other data on the pollution of the region had been accepted by the western countries.

According to him, the absence of acceptable and reliable data on the pollution had prevented the international community from assisting in the clean up.

Uduaghan expressed dismay over the Federal Government policy which barred states from distributing power they generate, adding that the policy had stiffened power generation and distribution in the country.

He appealed to oil companies to explore gas production to guarantee adequate supply for power generation.

On the “Delta Beyond Oil” policy of his administration, the governor said the plan would cre-

ate a brighter future for the state as efforts had been intensified to develop infrastructure to generate investments.

The town hall meeting, which had “Nigeria’s road to transformation” as its theme, was attended by Governor Peter Obi of Anambra State and Governor Godswill Akpabio of AkwaIbom State.

The former Secretary General of Commonwealth, Chief Emeka Anyaoku, also attended the meeting.

CBN holds conference on women empowerment TONY ANICHEBE UYO

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fficials of the Central Bank of Nigeria (CBN) and other stakeholders met at the weekend for the 2012 Development Finance Officers’ Conference.

They converged on the Le Meridien Ibom Hotel and Golf Resort, Uyo, Akwa Ibom State, to brainstorm on strategic policies that will facilitate access to finance for women entrepreneurs.

The conference, which had “Access to Finance for Women in Nigeria” was declared open by the CBN Governor, Mallam Sanusi Lamido Sanusi.

In his keynote address, Sanusi said that the conference was organised by the

apex bank in recognition of the economic capacities of women and the need to incorporate women as key economic actors in growing Nigeria’s small and medium-sized enterprises (SMEs).

He said despite the fact that women constitute 50 per cent of Nigeria’s population estimated at about 167 million people, 76.8 per cent of the adult females were unbanked, poor and vulnerable, adding: “This gap must be closed if Nigeria is to tap into the economic capacities of women”.

The CBN governor, who was represented by the Director, Development Finance Department, Mr. Paul N. Eluhaiwe, said that the apex bank had already set up structures and policy

frameworks to empower women to set up and grow their businesses.

Sanusi added that the CBN was committed to the empowerment of women, saying that the development made the bank to establish Entrepreneurship Development Centres (EDCs) in 2006 in three geopolitical zones with offices in Kano, Onitsha and Ikeja.

According to him, the Contract Agreement (CA) setting up the EDCs stipulated that not less than 40 per cent of the intakes must be women.

He said three new EDCs would soon commence operations in the remaining zones, adding that as at the end of June 2012, 101,847 entrepreneurs were trained and offered business advisory services of which

61 per cent of them are females.

Sanusi said: “Of the 802 that have accessed credit valued at N109, 149,885.00, 51 percent were women.

“Other initiatives by the bank included the Agricultural Credit Guarantee Scheme (ACGS), Commercial Agriculture Credit Scheme (CACS), SME Restructuring and Refinancing Facility (SMERRF) and the SME Credit Guarantee Scheme (SMECGS).”

In his opening remarks, Governor Godswill Akpabio of Akwa Ibom State commended the management of CBN for organising the conference.

Akpabio said the vision of the apex bank was in tandem with the gendersensitive stance of his administration.

he Bayelsa State Government has concluded plans to rationalise the local government system for robust service delivery.

The rationalisation will also enhance bid to generate enough fund for execution of peoplefriendly projects.

Speaking at the weekend at a meeting with the local government chairmen and other stakeholders in Yenagoa, the state capital, the Deputy Governor, Mr. John Jonah, regretted a situation where the chairmen spent all their allocations on payment of salaries and other recurrent expenditure.

Jonah said the state government would soon introduce the clock-in and clock-out system in the councils, noting that this was commonly prac-

ticed by established firms in the private sector to check truancy and absenteeism.

He said the rationalisation exercise would be conducted without inflicting too much pain, stressing that only those who are not committed to their work would be weeded out of the service.

The deputy governor noted that the exercise would be executed by a consultant that would identify the actual workers in each local government area.

Earlier, the Chairman of Yenagoa Local Government Area, Mike Ogbolosingha, lauded the idea, saying it would enhance discipline among council workers.

Ogbolosigha said: “The policy will enhance accountability and discipline within the local government system when it is fully implemented.”

Sacking of DESOPADEC board in order –Govt

•Lawmakers, board members summoned SOLA ADEBAYO WARRI

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he Delta State Government says Wednesday’s sacking of Delta State Oil Producing Areas Development Commission (DESOPADEC) by the House of Assembly is in order.

The government said that the Assembly acted within its powers.

The Commissioner for Information, Mr Chike Ogeah, made the clarification against the backdrop of protest in Warri on Thursday over the dissolution of the agency’s board.

The protesters, mainly women, accused the House of Assembly of usurping the powers of the executive arm of government, saying it is only the state governor who appointed the board that has the powers to sack it.

Similarly, a member of the dissolved board, Chief Michael Diden, was reported to have said that he would not abide by the action of the lawmakers, insisting that only the governor had the right to sack the board.

He was said to have claimed that since he was not appointed by the Assembly, it lacked the powers to

dissolve the board and sack the members.

Diden said that he would continue to report for duty in his office at DESOPADEC headquarters in Warri until Governor Emmanuel Uduaghan resolved the issue.

Ogeah told News Agency of Nigeria (NAN) at the weekend that the matter was a test of the nation’s nascent democracy, especially as it pertained to the doctrine of separation of powers.

He said: “The question is that in taking the action, has the Legislature exceeded its powers and consequently acted ‘ultra vires’ or has it indeed, acted within its powers. This, to my mind, must be the agitation of Delta people.

But it emerged yesterday that Governor Emmanuel Uduaghan has intervened in the situation.

A source, who did not want his name mentioned, said Uduaghan had summoned the lawmakers and the DESOPADEC board to a meeting in Abuja.

The source told National Mirror that the governor directed the lawmakers and the DESOPADEC board members to appear before him in Abuja by 2pm today.

North

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Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

Gunmen kill eight in Kano, Kaduna As police hunt killers of NSCDC officer, family members

AUGUSTINE MADUWEST AND A ZA MSUE

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unmen at the weekend struck in Kano and Kaduna states and left in their wake sorrow, blood and tears.

In Kano, the gunmen invaded the house of an officer of the Nigerian Security and Civil Defence Corps, NSCDC, in Hotoro quarters. They killed the man, his wife, two children and a physically-

challenged visitor.

In Kaduna, at least three people were reportedly killed in Malali, on the outskirts of the town, at the weekend by gunmen suspected to be terrorists, even as the residents fled the area for fear of uncertainty.

A source in the area said the incident happened on Saturday night when business activities were about to close.

The source said the gunmen, who pretended to be shoppers, suddenly

opened fire and killed three people, including the shop owner, while passers-by sustained various degrees of injury.

It was gathered that the incident took place on Ghana Road, Malali Government Residential Area, GRA. It was also learnt that security operatives have commenced search for the suspects.

The state Police Commissioner, Mr. Olufemi Adenaike, confirmed the inci-

dent in a telephone interview with our correspondent.

He said: “I got that report but only one person died not three persons.

Anyway, call me tomorrow for more details because for now I don’t have much information.”

But in Kano, the police said they were already on the trail of those who killed the NSCDC officer and his family.

At press time, the scene of the attack was cordoned off by armed secu-

Managing Director, Kaduna Electricity Distribution Company, Mallam Idris Muhammad (left) and representative of the GOC 1Div., Col. Felix Omokui, at a customers’ consultative council meeting in Kaduna, at the weekend.

PHOTO: NAN

rity operatives, who have intensified their search for the fleeing suspects.

The state Commissioner of Police, Idris Ibrahim, was not available for comment but a senior police officer, who confirmed the incident, said efforts were being made to track down the gunmen.

He disclosed that they had clues which would

lead to the arrest of the perpetrators of the crime.

The Joint Task Force, JTF, spokesman, Lt. Ikedichi Iweha, failed to pick his call for confirmation of the incident.

Meanwhile, the corpses of the victims have been deposited at the Murtala Mohammed Specialist Hospital mortuary.

Flood renders 300 homeless in Lokoja ADEMU IDAKWO AND HENRY IYORKASE

F

lood emanating from the overflow of River Niger yesterday rendered over 300 people homeless in Adankolo, Gadumo and Seriki Noma in Lokoja, Kogi State.

Household items worth several millions of naira were swept away on the Adankolo River bank.

The Kogi State Government has been calling on those living on the plains of River Niger to relocate without any alternative accommodation.

However, many of the people could not raise money to move to another place.

One of the victims, who simply identified himself as Mr. Godwin Anibe, said he thanked God that no life was lost.

He, however, said that his major challenge now was where to move members of

Plateau by-election: Dungs, Giwa, Pam emerge flag bearers I

his family to from a nearby primary school where they were taking refuge.

Earlier, the Acting General Manager of the State Emergency Management Agency, SEMA, Mrs. Alice Ogendegbe, told our correspondent that measures had been taken to ensure that the situation was brought under control through the evacuation of the people from the affected areas.

In Makurdi, Benue State, many houses, including that of former governor, the late Rev. Fr. Moses Adasu, at Kucha Utebe had been submerged.

In many areas, only the roofs of the houses could be seen.

Some people said yesterday that the flood might soon take over Gboko Road and surrounding houses where the Senate Minority Leader, Dr. George Akume, resides if steps were not urgently taken to check the flood.

‘Jos Steel Mills may begin production soon’ JAMES ABRAHAM JOS

JAMES ABRAHAM JOS

T

he Democratic Peoples Party, DPP, the Action Congress of Nigeria, ACN and the All Progressives Grand Alliance, APGA, at the weekend cleared their standard bearers for the Plateau North Senatorial by-election scheduled for October 6.

Former Military Administrator of Delta State, Col. John Dungs (rtd), emerged the flag bearer of DPP, former Plateau State Attorney-General and Commissioner for Justice, Mr. Yusufu Pam is the ACN candidate, while former gubernatorial aspirant in Plateau State, Mr. Chris Giwa will fly APGA’s flag.

Speaking while receiving the party’s flag, Pam said one of the primary indicators of development was justice and promised to uphold the principles of his party.

Pam said he decided to contest the election, having participated actively in the peace process in the zone, especially as the chief lawmaker during the most trying period of the emergency rule in Plateau State.

He said that it was because of the representative government put in place in Jos North that ensured that there was peace in the area from 2004 until 2008 when local government election triggered fresh crisis.

Pam promised to replicate that formula to en-

sure the return of permanent peace in the restive zone.

He said: “During the emergency period, we organised the Plateau Peace Conference, with representatives of all the ethnic nationalities in the state and at the end we produced what we called ‘Plateau Resolves.’

I still believe that that the document holds the key to peace not only in the zone, but in the entire state because we applied the formula to Jos North and for four years there was peace in the area.

“The motto of our great parties is Peace, Justice and Progress and I promise to make them the cardinal points of my service to the people of Plateau North.”

Meanwhile, the Peoples Democratic Party, PDP, candidate in the election, Mr. Gyang Pwajok, at the weekend assured the people of the zone of total restoration of peace and stability if voted in.

Pwajok, the immediate past chief of staff to Governor Jonah Jang, gave the assurance at an interactive session with his former colleagues, the lecturers of Plateau State Polytechnic at Geosciences in Bukuru, Jos South Local Government Area.

He called on the lecturers to close ranks with him to ensure he wins the poll in his constituency.

According to him, once he becomes a senator, it means he will also be representing them in the National Assembly.

f there is adequate power supply, the ETA Zuma Group (W.A) Limited, owners of Jos Steel Mills, may commence operations soon, more than 10 years after the plant stopped production.

The Group Executive Chairman of the company, Mr. Innocent Zuma, who addressed journalists in Jos at the weekend, said with adequate power supply, the ailing Jos Steel Rolling Mills would come back on stream.

He said: “The power supply that we need in the interim is 7.5mw for us to commence production in less than six weeks.’’

Zuma said that with the completion of the Makeri Sub-Power Station in Jos, “all it takes is for the Power Holding Company of Nigeria, PHCN, to consider us and supply the plant

with at least 7. 5mw”.

The chairman said the company needed between 7.5mw and 15mw but if it could get power from Mekeri, “in six weeks, we will run the plant”.

Zuma called on the Plateau State Government to assist in talking to the management of PHCN not to relent in supplying power to the company for it to commence production as soon as possible.

He said: “Since we bought over the 100 per cent liquidation of the Jos Steel Rolling Mills in 2003, we have not been able to get the needed power for us to commence operations.

“While we are losing, the Plateau people are also losing revenue, economic empowerment, employment and scholarships that could have been provided to indigenous students if the company is in full operation.”

Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

13

Politics

Aliyu: Retaining Niger on the peace map

14

PDP queries Aregbesola’s frequent foreign trips • We owe no explanation, says ACN

OLAJIDE OMOJOLOMOJU

T

he Peoples Democratic Party (PDP) in Osun State has carpeted Governor Rauf Aregbesola, over his 34 foreign trips in 22 months, questioning the rationale behind his recent trip to Qatar.

The PDP is also challenging Aregebsola to refute its findings that over N1 billion has been expended on foreign trips with nothing on ground in the state to show for such jamborees, despite the

state government’s claims that it met and invited investors.

In a statement issued by its Director of Publicity, Diran Odeyemi, the PDP said: “We are aware that Ogbeni Aregbesola is right now in Qatar with the Speaker of the state House of Assembly, Hon. Najeem Salaam, two aides and 10 of his Lagos based business associates.

“The people of Osun are no fools and so can no longer be deceived with the government’s repeated claims of searching for investors, more so that of

all the trips, the only one we saw was a Cuba callisthenic trainer, who assembled 800 school children for an exercise that has no benefit to the people of Osun State.”

“We challenge the Action Congress of Nigeria (ACN) government to come out with the amount so far spent on foreign trips including the travelling allowances and other expenditures, if its claim to good record and public accountability is to be taken serious by the people.”

But in a swift reaction, the Osun State ACN,

speaking through its Director of Publicity, Research and Strategy, Kunle Oyatomi, said it owes the PDP no explanation on how it runs the state.

It said: “We owe the PDP no explanation as to how we run government because they have not demonstrated objectivity and a dependable ability to prove beyond all reasonable doubts their spurious allegations against Aregbesola’s government since he came to power in November 2010.

“It is not in the public interest or that of civilised democratic practice for us to continually suffer fools

that appear to abound in Osun PDP. The party added that should the PDP, its spokesman or informants have any sense of responsibility and are seriously concerned that Aregbesola is violating the law and diminishing the ethics of civilised governance, they should go to court and seek redress, otherwise, they should stop the “stupid business of making senseless noises to draw ignoble attention to themselves.”

Oyatomi said: “The ACN in Osun State sees the PDP as a pathetic col-

CNPP blasts FG over $1.1bn Chinese loan OLAJIDE OMOJOLOMOJU

T

L-R: Speaker of the House of Representatives, Aminu Tambuwal; Deputy Majority Leader, Leo Ogor and Christy Alaga, at the closing session of the 58th Commonwealth Parliamentary Association (CPA) conference in Colombo, Sri Lanka, at the weekend.

Merger: CPC faction heads to court OBIORA IFOH ABUJA

T

he proposed merger between the Action Congress of Nigeria (ACN) and the Congress for Progressive Change (CPC) may be headed for the rocks as a faction of the CPC, led by Senator Rufai Hanga has threatened to approach the court to stop any such arrangement until the determination of pending suits on the authentic leadership of the party.

Hanga also debunked the allegation that he has withdrawn his court cases against the Tony Momoh-led executive, hence paving way for the anticipated merger arrangement.

The faction, in a statement by the faction’s spokesperson, Chief Denis Aghanya, said, “In as much as we sincerely believe that the party should be given a broad based foundation, which steps we are already taking by concluding plans with

prominent progressives across the country to fill in the space, we will resist all those who are recruited to destroy our party.”

The faction said that it will seek the intervention of the court should the party go ahead to consummate the alliance as anticipated.

Aghanya said: “We shall continue to acknowledge the leadership of General Muhammadu Buhari in addition to all such people who are ready to offer us same.

“As a political party, our goal is to provide an ideal political platform which is not tied to a personal ambition of any individual or persons but to the benefit of the generality of all Nigerians by ensuring that the desired leadership which is missing in the administration of President Goddluck Jonathan is provided.

President Jonathan has failed in all his election promises and Nigerians are going through their worst times.”

lection of unserious and idle people who are not equipped with the normal sense and sensibilities to appreciate that politics is a lot more serious business than manufacturing lies against their political opponents to score base points.”

He maintained that Aregbesola’s foreign trips are impacting significantly on governance and service delivery in the state, adding: “But, if the PDP suffers such horrific impairment not to recognise it, they should not disturb public conscience with sick mentality.”

he Conference of Nigerian Political Parties (CNPP) has described the recent $1.1 billion loan facility taken by the Federal Government as not only a slide back into unconscious foreign debt trap, but a journey to Chinese neo-colonialism.

The CNPP made this known in a press statement made available to National Mirror and signed by its National Publicity Secretary, Osita Okechukwu, saying that it is “a paradox that the Minister of Finance, Dr. Ngozi OkonjoIweala, who less than 10 years ago was hailed for doling out $12.4 billion to exit Nigeria from the Paris and London debt traps and Western imperialism is today heading the unconscionable debt squad and Chinese imperialism.”

It added: “Had it not been for the patriotism of the members of the National Assembly, Nigeria’s foreign debt profile could have sky-rocketed over the roof; as earlier in the year the Okonjo-Iweala had written to the National Assembly requesting for $7.9 billion foreign loan for sun-

dry purposes.”

While agreeing that some projects for which the loan is sought are of high priority and impact, which according to the Finance Ministry are designed to have practical economic effect and make life better, the CNPP opined that “however with Excess Crude Account of over $8 billion and billions of naira fleeced off corruptly, there is no justification for subjecting sovereign Nigeria to Chinese imperialism or any for that matter.”

Okechukwu wondered why on earth the Federal Government is borrowing $100 million for Galaxy Backbone, when the private telecommunications companies like Glo, MTN, Microsoft, Huawei, Ericsson, Etisalat, ZTE and the rest are busy doing same across the federation in partnership with Nigerians.

His words: “In sum, with unprecedented oil revenue, Nigeria has no genuine cause to return to foreign debt trap; as a careful study of Chinese neo-colonialism in Africa shows that like all known imperialism in history; it is exploitative, antipeople, anti-democratic and ruthless.”

14

Politics

Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

Aliyu: Retaining Niger on the peace map DANLADI NDAYEBO

O

ne of the factors that has assured and sustained the atmosphere of peace and stability which Niger State enjoys is the respect for and recognition of the plural nature and multi-ethnic composition of the state.

Successive administrations in the state have encouraged peaceful cohabitation among diverse groups, a condition which has continued to enhance harmony and overall peace in the state, without which no sustainable development would ever be possible.

Interestingly, the incumbent Governor, Dr. Mu’azu Babangida Aliyu, has shown that he has knowledge, capacity, wisdom, experience and proven fair-mindedness to sustain this worthy legacy of his predecessors. He has, in the last five years, amply demonstrated that he possesses requisite qualities to preside over Niger State which is a microcosm of the entire country.

For those who believe that peace and stability are some of the most important ingredients for progress, Niger State under Aliyu provides an ample case study.

At a time when some states in the North are enmeshed in violence, triggered by petty sentiments, Aliyu has obliterated such primordial differences in Niger State.

Between 2007 when he came to power and now, he has turned Niger State into a

Aliyu

monolith of peace in the way he has wiped out all forms of divisions in ethnicity and religion. For his administration, everybody resident here is a Nigerlite and enjoys every amenity or provision of the government without discrimination. The concept of state of origin does not exist.

Every school child in the primary school and students in the secondary school in the state enjoys free education without discrimination; every child up to the age of five, as well as all pregnant women and the aged are entitled to free and quality medi-

care without discrimination. And this has nothing to do with propaganda, as would become proven, if one picked a phone and called any of his fellow Igbo, Yoruba or any other ethnic kinsman or woman resident in Niger State.

Wide exposure and educational sophistication has made Governor Aliyu one of the most modern-minded statesmen in the country, especially with his good education in Nigeria and some of the best universities in the United States. It is, therefore, not surprising that he considers and views the concept of state-of-origin as outdated and as an inhibitor for development in the modern day sense of the word.

The fears of ethno-religious disturbances threatening some states in the North would hardly have a perch in Niger State mainly because of the governor’s encouragement of peaceful cohabitation among persons, irrespective of ethnic or religious affiliation.

This belief was reinforced last July when he inaugurated the Committee on Peace Building for Sustainable Democratic Culture in Niger State. The committee, made up of distinguished citizens of the state, representing diverse interest groups, has the mandate to forge a common purpose of peace and harmony for the state.

The terms of reference of the Abraham Yisa-led committee include: to create awareness of the social, economic and political potentials and challenges facing the

state and its people; consider and integrate issues like elections, media challenges, youth empowerment, rural urban migration, security and welfare etc. into the subject of peace building.

Essentially, the committee’s main assignment is peace building and conflict prevention/resolution activities with a view to create a platform for the promotion of smooth communication between and among all stakeholders in Niger State.

But the good news is that the Aliyu-led Northern Governors Forum took the fight for peace a notch higher when it inaugurated the Northern States Committee on Reconciliation, Healing and Security late last month. The initiative, which received applause from across the country, has been regarded as a bold attempt by the forum to tackle the growing insecurity and the fratricidal conflicts in the region.

Aliyu’s idea to prioritise peace and security is a radical one, and has been very successful. Even as most of the states in the North struggle with security concerns, Niger State has remained a bastion of peace that attracts a happy population.

Niger State under the Chief Servant therefore presents a good template for other stakeholders to copy in being proactive in finding solutions to contemporary challenges.

Ndayebo is the Chief Press Secretary to Governor Babangida Aliyu of Niger State.

National Mirror www.nationalmirroronline.net

Views

Monday, September 17, 2012

15

A case against unicameral legislature HeartBeat

CALLISTUS

OKE

Callistusoke@nationalmirroronline.net 08054103275 (SMS ONLY)

Continued from last Monday

I

n the concluding paragraph of the first part of this article on this page last week, I exhorted on the beauty of a Senate composed of accomplished men and women like Hayford Alile, Aliko Dangote, Jimoh Ibrahim, Pat Utomi, Grace Alele-Williams, Muhammadu Buhari, Theophilus Danjuma etc. Such senators would definitely not be distracted by mundane concerns like putting their personal comfort above national interest and thus appropriating the available funds for their comfort. Put differently, pecuniary compensations would not be their motive for going to the Senate, but rather the desire for selfless service to their fatherland.

Let me reiterate the fact that impediment to Nigeria’s socio-political and economic growth and development is more about the substance of our government and definitely not the political superstructure crafted. Granted that Presidential type of government is known to have a higher comparative cost than the Parliamentary system of government, however, the mind boggling high cost of governance we have witnessed is more a function of the quality of the operators.

Who says it is not possible to cut down the cost of governance under this system?

T

wo reports last week rekindled hope of the recovery of the capital market depressed for six years by the atrocities of a stock market cabal, which shrunk capitalization from about N12 trillion to minus N5 trillion, leaving a trail of death, disease and disaster. One, the Security and Exchange Commission (SEC) has invited the Police Special Fraud Unit (SFU), the grandfather of the State Security Service (SSS) and the Economic and Financial Crimes Commission (EFCC) to set up shop in the capital market. The goal is to apprehend quickly indicted capital market fraudsters for speedy trial. Two, the trial of indicted capital market operators namely registrars, stock-broking firms, banks and individuals since 2006 when the fraud peaked, is to recommence at the Investment and Security Tribunal (IST), the specialized court designated to handle capital market infractions.

Because the regulatory agencies in the capital market have been fraud collaborators, indicted culprits have escaped justice, cementing the destructive culture of impunity. The officials of regulatory agencies, namely SEC, Nigeria Stock Exchange (NSE) and Central Bank of Nigeria (CBN), tied their own hands because they were also involved. It is a case of pot not calling kettle black. Consequently, the culprits docked at IST escaped justice for want of diligent prosecution, the same malpractice that has crippled the trial of rogue state

In the immediate post independence era, the Westminster/Parliamentary order, which allows the executive and legislative arms of government to be intertwined, was entrenched. Many see it as a cheaper approach to governance because the cabinet must necessarily be composed from the parliament. However, the banal politics of the First Republic, especially the preponderance of exclusive politics geared towards the emasculation of the opposition, caused the fall of that republic.

In the build up to the Second Republic, the military were persuaded to opt for the Presidential system of government. This was predicated on the mistaken view that law, as the most important instrument of political engineering, could influence and recondition the political behavior of the politicians.

It was obvious that the inconclusive 1959 general elections that fostered the Northern People’s Congress /National Council of Nigeria and the Cameroon coalition government at the centre at independence and the equally contentious and highly compromised 1964 general elections that confirmed the NPC as the nation’s hegemonic party, but whose outcome led to a stalemate with Nigeria without a government for three days, were for the military political caretakers, enough proof of the unviability of the Parliamentary system in our political environment, where attempts at national cohesion had become problematic.

However, events since 1979 have proved that we were persuaded in our political preference by the letter and not the spirit of presidential system of government.

While most American politicians see the Congress as the “heart and soul” of their democracy, an institution primed to be sensitive to public pressure and formidable in

OUR EXPERIENCE OF THE PAST 13 YEARS IS QUITE REVEALING IN HOW THE INDEPENDENCE OF THE FEDERAL LAWMAKERS HAS BEEN SUBORDINATED TO THE EXECUTIVE shaping the policies and programmes of government, their Nigerian counterparts see our National Assembly as a theatre for the projection and promotion of geopolitical interests.

The present national power equation is instructive: It is antithetical to consensus building. On the North-South scale, the situation where the South gets the presidency; the North the Senate presidency, speakership of the House, the headship of the judicial arm of government, control of the police force etc, breeds extreme polarities. Extrapolating further, cutting off the South West geopolitical zone from the nation’s power loop as is presently the case, is self contradictory if the drive for national cohesion is the concern of the political stakeholders.

If the truth must be told, the current impunity of the ruling elite, an impunity that is laced with disdain for the Nigerian people, flows from the entrenched hegemonic politics of the PDP. The contrived structure of the party, which allows the President to be its National Leader, makes it possible for him to impose his preferences on his

party members in the National Assembly.

When this occurs, we have a lapdog legislative arm of government. Our experience of the past 13 years is quite revealing in how the independence of the federal lawmakers has been subordinated to the executive. The President has always effectively used the party to whip recalcitrant members into line or get them disciplined. The travails of Hon. Ghali Umar Na’Abba and Senator Chuba Oadigbo (deceased), Speaker of the House of Representatives and President of the Senate of the first session of the National Assembly respectively, is instructive. They were ‘disciplined’ by the PDP for their ‘obtrusiveness’ - not cooperating with Mr. President. Na’Abba has since never been rehabilitated.

Such highly circumscribed political environment would engender the political culture of collaboration between the executive and the legislative arm of government. Sustaining such collaboration would mean taking inappropriate measures, and this would further help to compromise the integrity of the legislators. What it means is that bulwark against or counterpoise to the excesses of the executive does not exist under this circumscribed political atmosphere.

The biggest impediment to responsible governance in the country is therefore, political corruption, which is the mother of all forms of corruption. We have seen how it could be bred and nurtured in a polity.

And so the situation we now have is a political culture where anything is possible - impunity of self aggrandising politicians and disdain for the Nigerian people. The result is that since May 1999, the nation has seen the emergence of more political millionaires than genuine millionaires made by entrepreneurialship.

Concluded

As Oteh confronts capital market cabal governors and oil industry chiefs in the conventional courts, for which CJN Aloma Mukhtar blames AGF Mohammed Adoke.

The Professor Charles Soludo’s CBN allowed commercial banks to go mad to disburse recklessly hefty uncollateralized margin loans to dubious customers. A bank hired six rogue law firms to incorporate 95 firms to transfer illegally N25 billion depositors’ funds to nine fronts, money-laundering companies to buy over two billion of own shares. Another bank reportedly borrowed N30 billion from two investment banks and appropriated the funds. Ex NSE DG, another professor, Ndi Okereke-Onyiuke, lost control of managing the market because she was also involved, while the NSE regulator then, Musa al-Faki, the SEC DG, tied own hands because he was more interested in selling fish in Presijo’s troubled fishponds than checking brazen frauds.

Popular Initial Public Offer (IPO) was bastardized as banks breached ethics by establishing own registrar firms and stock-broking firms to buy own shares and cover up the frauds under the cataract eyes of the regulators. With banks’ shareholding constituting 85 per cent of NSE capitalization in the period 2006-2008, the fraud-induced bank distress devastated manufacturing, service and commodity segments of the market. Yet the CBN and SEC then failed woefully to sanction the cooked books of market operators, al-

PROFESSOR CHARLES SOLUDO’S CBN ALLOWED COMMERCIAL BANKS TO GO MAD TO DISBURSE RECKLESSLY HEFTY UNCOLLATERALIZED MARGIN LOANS TO DUBIOUS CUSTOMERS lowing them to pull down the roof over all other stakeholders. A UK court a few days ago, convicted Erastus Akingbola, ordering him to refund about N170 billion fraudulent share proceeds, at a time Nigerian prosecutors and courts vacillate on sundry charges here.

SEC boss, Ms Arunma Oteh, appears set to confront the rogue cabal. She has received the baptism of Reps’ fire and should keep her hands clean, eyes focused and feet restrained to succeed. For, you cannot confront the cabal with soiled hands, just as Reps’ Farouk Lawan of the fuel subsidy cabal fame is appreciating in the pit he dug for himself in a self-fulfilling prophesy that graft cabal has a way of fighting back when confronted.

Roadmap SONI EHI

ASUELIMEN

soniasuelimen@yahoo.com, 08023459055 (SMS ONLY)

Oteh’s heartwarming news is exhumation of buried cases of 2006-2008 for trial in Enugu, Lagos, Abuja and Ibadan zones of the Investment and Security Tribunal.

Said Oteh, “We are seeking declaratory orders for the illegally gained profits to be disgorged so that poor retail investors, who invested their life savings and pensions into the Nigerian capital market, can be restituted”. The forthcoming trial should be comprehensive to include fraudulent market operators and regulatory officials in SEC, CBN, NSE, IST, etc., to restore public confidence.

Send your views by mail or sms to PMB 10001, Ikoyi, or our Email: mail@ nationalmirroronline.net mirrorlagos@ yahoo.com or 08164966858 (SMS only). The Editor reserves the right to edit and reject views or photographs.

Pseudonyms may be used but must be clearly marked as such.

16

Editorial

Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

All the Facts, All the Sides A PUBLICATION OF GLOBAL MEDIA MIRROR LTD BARRISTER JIMOH IBRAHIM, OFR PUBLISHER

STEVE AYORINDE

I

MD/EDITOR-IN-CHIEF

YELE AKINROLABU

ED OPERATIONS

SEYI FASUGBA

DAILY EDITOR

BOLAJI TUNJI

SUNDAY EDITOR

GBEMI OLUJOBI

SATURDAY EDITOR

LANRE OYETADE

GENERAL EDITOR

DOZIE OKEBALAMA

COORDINATOR, EDITORIAL BOARD

ADESOYE ADEKOYA

CONTROLLER, PRODUCTION

CALLISTUS OKE

EDITORIAL PAGE EDITOR

ISE-OLUWA IGE

ABUJA BUREAU CHIEF

KAYODE BALOGUN JNR

SM, STRATEGIC DEVELOPMENT

FRANK OBOH

HEAD, GRAPHICS

CBN’s focus on women entrepreneurs

f the Central Bank of Nigeria (CBN) lives true to its word, the apex bank will come October (next month), set up a N200 billion Small and Medium Scale Enterprises Fund. At the last July African Women’s Economic Summit held in Lagos, which had as its theme “African Women Financing the Future”, the CBN Governor, Mallam Sanusi Lamido Sanusi said when eventually established, “at least 60 percent of the loan will go to women business owners at single-digit interest rate”.

Sanusi said the fund might replace the old agricultural credit guarantee scheme.

Speaking later the same month at a meeting of the Network of Entrepreneurial Women in Abuja, Dr. Jeremiah Abba, CBN’s Head of SMEs Finance and Development Department, tasked women and youths to exploit the opportunity offered by the apex bank’s low interest funds to develop their SMEs. Abba said the Monetary Policy Committee (MPC) of the bank approved N500 billion, made up of N300 billion for power and N200 billion for SMEs restructuring/refinancing facility (RRF) in March 2010.

He stated, in addition, that N235 billion had so far been disbursed through the Bank of Industry (BOI) for 522 projects since the inception of the RRF, and that repayment records obtained from BOI stood at N21.09 billion as at June, 2012

THE APEX BANK SHOULD STRIVE HARD TO INSULATE THE INITIATIVE FROM SUCH

CANCEROUS NIGERIAN

FACTORS AS CORRUPTION, MISMANAGEMENT, CRONYISM… ETC

for the scheme which, according to him, had generated 19,422 new jobs and resuscitated 11 moribund SMEs with increased capacity utilisation from 25 per cent to 36 per cent. Abba indicated that the scheme had increased turnover of 80 percent from a pre-intervention level of N2.97 billion to N5.34 billion. Under the SME Credit Guarantee Scheme, according to Abba, 25 applications valued at N1.2 billion had so far been guaranteed by the CBN as at last July.

By the same token, Access Bank Plc has expressed commitment towards championing women empowerment by increasing funding to SMEs established by them. The bank said about $30 million had been committed to enhancing capacity building and funding for women entrepreneurs in its partnership with the International Finance Corporation (IFC) since 2006.

Group Managing Director of the bank, Mr. Aigboje AigImoukhuede was quoted as saying that with about 500 entrepreneurs already trained by the bank, it hoped to widen the net by absorbing more women entrepreneurs into its fold.

The renewed commitment of the CBN and some commercial banks to growing more women and youth entrepreneurs is undoubtedly commendable.

Because of the stifling economic situation in the country, a lot of women and youths now play the roles of breadwinners in their families. They can be found in such areas as catering services, bakeries, confectioneries’ and pastries’ shops, barbers’ and hair dressers’ salons, events management, music shops, cold drinks stores, domestic iced block making, welding/ metal fabrication, tailoring, photocopying and desktop publishing, electrical/electronic repairs, water packaging, etc.

For any of such businesses to thrive, however, the availability of funds seems central. Hence the special significance of CBN’s latest interventionist moves. Nevertheless, in addition to funding, the commonest complaints that go against SMEs have been the poor skill quality of some of the operators and their inability to generate articulate business plans that can attract bank funding. Indeed, most youths are said to be so much in a hurry to establish

businesses that they completely forget the absolute need for business plans. The development has been blamed partly on the lack of skill, illiteracy, ignorance and improper business guidance. It is sad that despite the countless official and unofficial skill acquisition and entrepreneurship development centres across the country, the problem has persisted. Yet, without the acquisition of the requisite skills and a viable business plan, it would be virtually impossible to access the funds through the relevant disbursement agencies.

Therefore, it has become imperative that in addition to making the funds available, the CBN should follow it up with massive public enlightenment delivered in simple language, since most of the women and youths involved are not highly educated. In addition, the apex bank should strive hard to insulate the initiative from such cancerous Nigerian factors as corruption, mismanagement, cronyism, ‘long leggedness’, favouratism etc.; and ensure that only eligible beneficiaries have access to the fund. The CBN can also inject more life into the initiative by making more commercial banks show interest in it. And for its part, the Federal Government should not relent in redressing the deplorable power situation in the country considering the fact that most SMEs cannot survive without regular electricity supply.

ON THIS DAY September 2004 September3, 17, 2011 Beslan ‘Occupyschool Wall Street’ hostage movement crisis – day began 3: The in Zucotti Beslan Park, hostage New crisis York City ended . Occupy withWall theStreet deaths (OWS) of over is the 380 name people, givenmore to a protest than half movement of which that began were on children.

September The17,Beslan 2011 in school Zuccottihostage Park, locrisis cated in commenced New York City’s on September Wall Street financial 1 when armed district.terrorists The Canatook dian activist children group, andAdbusters, adults hostage initiated in the Beslan protest, in North which has Osseled tia, to Occupy Russia. protests The crisis and movements lasted three around daysthe and world. involved The main the capture issues are ofsocial over and 1,100economic people asinequality hostages , greed, (including corruption 777 chiland dren), the undue ending powerful withinfluence the death onofgovernment. over 380 people.

September September 17, 3, 1987 2006 In Anaaudio coup tape d’état ofin a Burundi, private speech President

by Hungarian Jean-Baptiste Prime Bagaza Ministerwas , Ferenc deposed Gyurcsány

by Major , was leaked Pierre to the Buyoya. public, in Bagaza which (born he confessed 1946) was thatahis Burundian Hungarian politician Socialist who Partywas hadChairlied to man win the of 2006 the Supreme election, sparking Revolutionary widespread Council protests in across Burundi the until country November . Parliamentary 10, 1976, elections and President were held from in Hungary November on 10, April 1976 9, 2006, to September with a second 3, 1987. roundWhile of voting travelling in 110 ofabroad, the 176 Bagaza single member was deposed constituencies in a military on 23 April. coup The d’état.

Hungarian He was reSoplaced cialist Party

by Pierre emerged Buyoya with 186 as the of the country’s 386 seats.president.

September September 3, 1945 17, 1961 Three-day The world’s celebration first retractable-dome was held in China stadium, following the Civic the Arena, victory opened overin Japan Pittsburgh.

Day on September Civic Arena2.(formerly As the final theofficial Civic Auditorisurrender umofand Japan Mellon wasArena, accepted nicknamed aboard the The battleship Igloo) wasUSS an arena Missouri locatined Tokyo in downtown Bay on September Pittsburgh,2,Pennsylvania 1945, the Nationalist in the United Government States of ofAmerica. the Republic The of Civic China, Arena which primarily represented servedChina as theon home the Misto the souri, Pittsburgh announced Penguins, the three-day the city’s National holidays Hockey to celebrate League V-J(NHL) Day, starting franchise, September from 19673.toStarting 2010. It was from the1946, firstSeptember retractable roof 3 was majorcelebrated sports venue as “Victory in theof world, Warcovering of Resistance 170,000 against squareJapan feet. Day”.

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Business Courage

Monday, September 17, 2012

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Cover

Fighting a lost

battle?

Some shareholder associations are locked in a battle of wits with the authorities of the Nigerian Stock Exchange (NSE) over the planned delisting of 12 moribund quoted companies, setting the stage for another rave of confusion in a market that is yet to find its bearing. How far can they go?

Festus Okoromadu

A

silent but potentially disturbing rancour is brewing between the authorities of the Nigerian Stock Exchange (NSE) and some shareholders associations over the planned delisting of about 12 moribund quoted companies from the daily official list of the NSE. Last month, the NSE, in a newspaper advertisement, announced its intention to delist ten companies that have failed to meet the NSE’s post-listing requirements, a major prerequisite for all quoted entities in the Nigerian capital market and two others that sought for voluntary delisting. Slated for delisting effective November are the shares of Aluminum Manufacturing Company of Nigeria Plc, Capital Oil Plc, Afroil Plc and West African Glass Industry Plc. Other companies are; Union Dicon Salt Plc, Hallmark Paper Products Plc, Nigeria Wire Industry Plc, Rokana Industry Plc, Lennards Nige-

ria Plc and Udeofson Garment Factory (Nig) Plc. Both Pinnacle Point Group Plc, a South African Real Estate company and Poly Products Plc have sought for voluntary delisting Before its advertised intention, the NSE had last year, served a warning notice on 14 companies about the consequences of their flagrant disobedience to the post-listing rules. To be able to exercise the delisting rule, the NSE had earlier sought permission from the Securities and Exchange Commission (SEC), which in March this year approved the amendment of NSE Listing Rules. According to the Exchange then, a fundamental requirement to drive the repositioning initiative of the market demands a set of Listing Rules that are attractive to quality issuers on both the Main Board and the Alternative Securities Market (ASeM) a.k.a second-tier market.

However, barely a month after the decision to delist the af-

fected companies, some shareholder associations, which feel disturbed by the impending hammer from the NSE are squaring up with the Oscar Onyema-led bourse.

For instance, the group, Proactive Shareholders Association of Nigeria (PROSAN), is insisting that the action of the NSE is tantamount to destroying the market which it claimed to be building. “The NSE is poised to destroy the market through its obnoxious policies.

Our group is set to sue NSE if it goes ahead to delist these companies. Delisting these companies is to destroy the efforts most of us are making towards attracting more investors to the market. We are calling on the Securities and Exchange Commission (SEC) not to approve such plan but to call the Exchange to order,” says Oderinde Taiwo, PROSAN President.

Oderinde wondered why the exchange chose the option of delisting when it could have investigated the problems facing the companies and offer useful management tips that will help them meet the post-listing requirements. The NSE, he said, needs to encourage those that are already listed so as

to attract new ones that have growth potentials.

He accused the NSE’s management of showing more concern in attracting foreign investors rather than encouraging local investors. “The NSE is just after the foreign investors; travelling round the world and spending investors’ money unnecessarily. It will be recalled that at the last public hearing by the National Assembly, it was noted that there was need for aggressive investor education and that is what the regulators should be doing,” he said.

Boniface Okezie, Chairman, Progressive Shareholders As-

sociation of Nigeria (PSAN) agrees with Oderinde’s argument, stressing that delisting of companies would not improve the fortune of the stock market. According to Boniface, the regulators owe it a duty to properly ascertain if it was the government’s policy regime that is affecting these companies or whether there is any political interference. He warned against hasty decision at delisting the companies “because at the end of it all, we, the shareholders, will be the ones to suffer, not the Exchange,” he said.

The Secretary General, Independent Shareholders Association of Nigeria (ISAN), Ade-

Business Courage A Publication of GLOBAL MEDIA MIRROR LTD BARRISTER JIMOH IBRAHIM, OFR  PUBLISHER SEMIU SALAMI BAMIDELE OBAFEMI ADEJUWON OSUNNUYI FESTUS OKOROMADU TAYO ADELEKE

EDITOR ASSOCIATE EDITOR STAFF WRITER STAFF WRITER SENIOR REPORTER

OLATOYE RAPHAEL SEYI OKUMODI

HEAD, PRODUCTION SENIOR GRAPHIC ARTIST

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Cover

Onyeama

bayo Adeleke said that delisting had never been the best option and strategy to protect investors’ interest and encourage more patronage for the market.

“Is delisting the best option and strategy? Has it yielded positive results? Has it ever helped Securities and Exchange Commission and the NSE in protecting investors’ interest? This is not the best to do at the moment when there is already apathy in the market. These companies should be encouraged at this moment in whatever form,” he stated.

However, despite the seeming outburst against the delisting option, Business Courage investigations reveal that the shareholder associations that are currently kicking against the policy may not be able to rally enough strength to challenge the decision. There are strong indications that the shareholder associations may not be able to approach the issue and confront the exchange as one entity. Already, crack has emerged with the decision of some shareholder associations to align with the delisting option.

Dr. Farouk Umar, the Chairman, Advancement of Rights

of Nigerian Shareholders, on behalf of his group applauds the decision, noting that shareholders suffered losses during global financial crisis due to failure on the part of the NSE to take proactive measure by delisting moribund companies before the saga. “I commend NSE. I am in full support. We wouldn’t have lost money. They have a time limit to tell shareholders, even NSE, what they are doing but they failed. If they are delisted, it means they have a problem,” he said.

Similarly, Owolabi Peters, the National Chairman, Supreme Shareholders Association, believes that majorities of the companies affected by the delisting proposal lack good fundamentals. According to him, most of the companies involved are no longer operational while those that managed to survive continue to record losses in their financials.

“The way these companies are going, it is better for them to be de-listed. Most of them are not even producing again while others are not calling for yearly general meetings and these are companies where we invested our money. They are better delisted and anybody that has issues with them should sort him or herself out,” he said.

Besides, some market operators who spoke with Business Courage in confidence last week are almost unanimous that the shareholders would not be able to change anything.

“Let them scream from now till thy kingdom come, that would not change anything. The deci-

Okezie

sion has been taken and there no changing it,” said a chief executive of a dealing house who preferred anonymity last week.

In fact, there are strong reasons to believe too that, neither the SEC nor the NSE is taking the threat from the shareholders seriously. Although requests to get the official position of the NSE to the issue did not yield result as at press time last Friday, an inside source who confided in Business Courage insisted that what the handful of the shareholders are doing is just to engage in relevance seeking. The source said that the power to delist any quoted company is entirely within the purview of the NSE and that the best the exchange can do was to give the mandatory three months’ notice. “Let them say whatever they like, the truth is that these companies have been moribund for years and nobody knows what is happening to them. They are not offering any information and I am sure that no one expects the exchange to force information from them.

Besides, in most cases, most of these companies only exist in name. So, I don’t know whose interest or investment these shareholders are protecting,” says the source.

However, while it is true to certain degree that some of the companies slated to be delisted are indeed down and out, Business Courage independent checks revealed that a few of them are still carrying on skeletal operations while some others are seriously battling with internal crisis. For instance, a

visit to the Oba Akran, Ikeja office of Nigerian Wire Industries Plc reveals that the company is still running while available records from the NSE also shows that the company had on May 25, 2012 submitted to the Exchange its unaudited results for the second quarter period ended June 30, 2011.

Although, the result indicated that the company posted a loss and that working capital was negative, the company’s fixed assets and net assets remain positive, indicating that the challenge may have to do with managerial inefficiency as well as lack of funds to operate.

Incidentally, there are questions begging for answers about the status of some of the companies scheduled for delisting, which neither SEC nor the NSE appear ready to provide. In fact, some market operators have questioned the modalities for selecting the companies for delisting, in view of some obvious contradictions in the advertised list. For instance, Afroil Plc was reportedly taken over by the SEC in 2009 and it was pencilled down for delisting, but its counterparts, Big Treat Plc and Mtech Plc which were equally taken over by the SEC escaped the sledgehammer.

Besides, further investigations reveal that quite a number of quoted companies which are still left on the NSE’s Daily Official List have not submitted any account to the Exchange in at least, the last five years, yet many of such were not included in the list of those earmarked for delisting. Companies in this

category include Stokvis Nigeria Plc, Afrik Pharmaceutical Plc, Rak Unity Petroleum Plc and Nigerian Sewing Machines Manufacturing Plc to mention but a few.

Attempt last week to seek further clarification on the status of the companies from SEC was fruitless as officials were said not to be available.

However, a capital market analyst who spoke under anonymity last week said the implication of the delisting is that shareholders of those companies that will delist involuntarily will lose their investment in the companies. The reason he gave was that, most of the companies earmarked for the delisting are either no longer existing in practical terms or are not doing well. The exception, however, is Poly Products Plc, which is delisting deliberately and has to make provision for its shareholders before quitting the floor of the Exchange.

In the case of the equities that will undergo compulsory liquidation such as Pinnacle Points Group Plc, sources revealed that the “shareholders are likely not going to get much as legal rules governing corporate entities winding down is that the Ordinary Shareholders will be considered after all other obligations has been settled. If this rule is taken into consideration, then one can confidently say that shareholders of these companies may have nothing to take home; this is because, most, if not all of these companies are reported to be heavily indebted to banks. BC

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News Loans to private sector hits N14.8bn in July- CBN

By Johnson Okanlawon

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he Central Bank of Nigeria (CBN) has said that credit to the private sector by the Deposit Money Banks (DMB) rose by 1.0 per cent to N14.8 billion, as against a decline of 0.2 per cent recorded in the same period of 2011.

Also, banking system’s claims on the core private sector increased by 1.0 per cent to N14.25 billion, compared with the increase of 1.5 per cent recorded the preceding month.

According to July economic report by the CBN, the development reflected the 1.9 per cent rise in the DMBs’ claims on the sector.

The CBN said, “Relative to the level at end-December 2011, banking system’s credit to the private sector rose by 4.7 per cent, at N7. 82 billion.

Foreign assets (net) of the banking system rose by 3.9 per cent at end-July 2012, in contrast to the decline of 5.8 per cent at the end of the preceding month.”

The apex bank attributed the development to the 4 .5 and 1.1 per cent increase in the CBN and commercial banks holdings respectively.

“Relative to the level at December, 2011, foreign net assets of the banking system increased by 9.5 per cent, reflecting largely the 115.1 per cent increase in DMBs’ holdings,” the report said.

It explained that quasi money rose by 1.5 per cent to N6.99 billion in July, as against the decline of 2.6 per cent in June. But it increased by 7.0 per cent when compared to the same period in 2011.

Also, a total of N985.8 billion revenue was pooled by the Federal Government in July, bringing the total of oil and non-oil income between January and July to N6.56 trilliorn.

Sanusi

It attributed in increase to the rise in both oil and non-oil revenue, as gross oil receipts, which constituted 64.2 per cent of the total revenue, exceeded both the receipts in the preceding month and the provisional monthly budget estimate by 9.1 and 14.4 per cent, respectively at N632.6 billion.

“At N353.2 billion, gross non-oil receipts constituted 35.8 per cent of the total and was 89.2 and 38.7 per cent above the receipts in the preceding month and the provisional monthly budget estimates, respectively,” the apex bank said.

The CBN attributed the oil revenue increase to the increase in receipts from PPT and royalties during the review month, while the increase in corporate tax, customs and excise duties, educational tax and customs special levies had impacted the non-oil revenue Of the gross federallycollected revenue during the month, the CBN said N456.27 billion was transferred to the federation account for distribution among the three tiers of government and the 13.0 per cent derivation fund.

Goddy Ibru

LCCI drives foreign investment at trade fair

T

he Lagos Chamber of Commerce and Industry is to complement the government efforts at attracting foreign investment into the country.

To this effect, the chamber has concluded plans for Business-to-Business (B2B) meetings between indigenous and foreign exhibitors seeking trade opportunities and partnerships at this year’s Lagos International Trade Fair which runs from November 2nd to 11th at the Tafawa Balewa Square (TBS), Lagos.

This is in line with the theme of the 2012 Fair: ‘Promoting Trade for Sustainable Economic Transformation’ and renewed drive by government as well as sundry interest groups to showcase and promote potentials in the Nigerian

L-R; Group Head, Liability Product, Sterling Bank Plc, Mr. John Akingbade; Head, Consumer Protection Council, Lagos, Mrs. Ngozika Obidike and Manager, National Lottery Commission, Mr. Ita Calix, at the second monthly Sterling Bank Savers Promo Draw, held in Lagos, recently

economy.

In a press statement, LCCI said that it decided to shift the venue of the Fair, tagged ‘The Biggest and the Best’, from the Lagos Trade Fair Complex this year because of the ongoing construction work on the Lagos Badagry Expressway.

The expansion of the road had posed huge challenges to commuters and participants at the Fair last year.

LCCI said that already, feedback from already registered and potential exhibitors, especially from abroad, indicates satisfaction with the shift of the Fair grounds to Tafawa Balewa Square which is easily accessible from most parts of Lagos. It is envisaged that this year will witness an increase in participation of exhibitors and visitors.

Last year witnessed participation by exhibitors from eleven countries, including Canada, Egypt, Pakistan, Indonesia, China, Taiwan, Singapore and India.

Others were Ghana, Republic of Benin and Cameroun.

Enquiries have also been received from the United Arab Emirates and Malaysia this year.

This year’s venue offers a three-in-one interconnected Fair grounds through the main bowl of the TBS, the adjourning cricket pitch and the Club Arcade car park. Combined, these three locations have a total exhibition space of over 40,000 square metres, more than the required 35,000 to host the Lagos International Trade Fair.

In anticipation of huge human and vehicular traffic, the Chamber said it is working on the provision of ‘Park and Ride’ services from designated parks and through

collaboration with LAGBUS Asset Management Company.

The Lagos International Trade Fair is the flagship of the Lagos Chamber of Commerce and Industry, the oldest chamber in the West African sub-region. LCCI has organized the Lagos International Trade Fair for 26 consecutive years.

Onasanya

FirstBank appoints two new executive directors

I

n furtherance of its commitment to enhancing service delivery, First Bank of Nigeria Plc has announced the appointment of Messrs Gbenga Shobo and Dauda Lawal as Executive Directors, Retail Banking (South) and Public Sector (North) respectively.

The appointments, subject to the approval of the Central Bank of Nigeria, according to the bank, are geared towards further enhancing the capacity of the Executive Management and Board, by deepening specialization and strengthening the corporate governance culture.

According to the Bank’s

Group Managing Director/ Chief Executive Officer, Bisi Onasanya, the appointments represent the bank’s continuing transformation project which is focused on exceeding customer expectations. “I am pleased to welcome Gbenga and Dauda to the board of FirstBank Nigeria.

Their track records typify our bank’s value systems which are hinged on dependability, entrepreneurship, integrity, resilience, dynamism and service excellence. I have no doubt that they will both make the expected impact as we make progress with the bank’s focused transformation for sustainable growth and modernization, leading to enhanced values for all stakeholders, including customers and our esteemed shareholders”, he said.

Until his appointment as Executive Director (Retail South), Gbenga Shobo was the Executive Vice - President in charge of the same portfolio.

He had previously held the position of General Manager in charge of Products and Channel deployment in the bank. Prior to that, he was the Business Development Manager, Port Harcourt where his main charge was to superintend FirstBank’s business in Rivers and Bayelsa States.

Gbenga holds a Bachelor of Science degree in Political Science from the University of Ife, now Obafemi Awolowo University. A chartered accountant, Gbenga’s outstanding career in banking spans over 20 years and he was a recipient of the Bank’s Most Outstanding Business Development Manager Award at the 2007 CEO Annual Merit Awards ceremony. Gbenga has attended many professional

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Monday, September 17, 2012

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News development courses across the globe. He is an avid tennis and golf player.

Dauda Lawal, was Executive Vice-President, Public Sector North, and also served as Business Development Manager, Maitama Abuja, where his principal remit was growing the bank’s business in the Abuja metropolis. Prior to this, he had worked as Group Head Public Sector with the responsibility for managing public sector businesses, including ministries and parastatals.

Dauda holds both the Bachelor and Master of Science degrees in Political Science and International Relations from the Ahmadu Bello University, Zaria. He has over a decade banking experience, with pre-banking civil service career of over 8 years, including a stint in the nation’s foreign service. Dauda was the recipient of the Bank’s Most Outstanding MarketFacing staff Award at the 2010 CEO Annual Merit Awards ceremony.

by customers with active accounts in the bank while those customers reactivating their accounts and the new ones have the card as part of their ‘Welcome Pack’.

A statement from the Corporate Communications department of the bank said the process of collection of the new cards has also been simplified to ensure quick delivery upon the completion of the relevant e-business form. In addition, all existing Verve Card holders, whose cards have expired, will automatically be migrated to MasterCard Verve as soon as they conclude the renewal process.

Upgrading to the Enterprise Master Card Verve is part of the commitment by the bank to delight its customers with value added service as well as ensure the success of the cash-lite initiative.

FG clarifies $1.1bn facility’s projects, repayment terms

By Tola Akinmutimi (Abuja)

A

Kuru

Enterprise Bank issues Mastercard verve to customers

E

nterprise Bank Limited (EBL) has rolled out the Enterprise MasterCard Verve, an international brand of MasterCard, in partnership with MasterCard and Interswitch. The card is accepted worldwide as a means of payment for goods and services at over 30.9 million MasterCard locations and over 1.9million ATMs in more than 210 countries.

With the Enterprise MasterCard Verve, transactions can also be consummated in the currency of the country as long as the card is linked to the customer’s Naira account. The successful roll-out exercise follows a strong bid by the bank to guarantee convenient banking services to its growing clientele.

The Enterprise MasterCard Verve is available at all branches of Enterprise Bank for easy pick-up

midst conflicting reports about the $1.1 facility secured by the Federal Government from Exim Bank of China, the Federal Ministry of Finance has thrown more light on the projects involved, their locations and other terms of the credit.

The Senior Special Assistant (Media) to the Minister, Pual Nwabuikwu, in a statement issued at the weekend, said that one of the new airport terminals to be financed by the facility will be located in Lagos, the commercial hub of the country which experiences more air traffic than any other city.

He pointed out that the terms at which the soft credit was obtained were very favourable since it is a concessional credit obtained

Okonjo-Iweala

at 2.5 per cent interest, compared to about 16 per cent or higher from Nigerian banks with a repayment period of 20 years of which seven years are agreed as moratorium.

“The projects are high priority, high impact ones which are designed to have practical economic effect and make life better and more convenient for Nigerians from all socio-economic groups. For instance, the Abuja light rail project in the Federal Capital Territory will significantly improve the lives of Nigerians especially those in the lower socio-economic groups who have to travel great distances from their homes on the outskirts to their places of work in the city. One part of the intra-city rail network will extend from the city centre to Kubwa and the Nnamdi Azikiwe International Airport.

The second will run from the city centre to Masaka in Nassarawa State. Both are high density, high traffic routes,” he said.

He further stated that “the new airport terminals will help Nigeria achieve the status of a hub on the continent and create jobs. The terminals will also help to grow passenger capacity to over 50 million from the current 20 million and increase the number of direct and indirect jobs in the sector to 1.5 million from the current 60,000.”

He described the Galaxy Backbone project as a major step by government to boost the sophistication and effectiveness of the government’s efforts to tackle security challenges and improve connectivity to modern technology, especially for Nigerian youths in underserved rural areas.

Minister lauds salt firm over job creation

By Francis Ezem

M

inister of Transport, Idris Umar has thrown its weight behind some private companies operating in the nation’s seaport industry over their giant strides, which has helped in boosting the Federal Government’s job creation programme.

Managing Director of Royal Salt Company, which has been operating at Kirikiri Lighter Terminal I within the Tin Can Island Port Complex, Apapa for over 18 years Mahendra had told the minister during a visit to the facility that the company has created over 5, 000 jobs for Nigerians.

The minister, while commending the company for its excellent performance both in terms of job creation and production high quality goods

company had also told the minister that efforts were being made to remove other critical wrecks from the Lagos channels in order to facilitate easy and safe navigation in and out of the channels.

At the Apapa Dockyard, the minister had inspected some of the newly acquired crafts such as tug boats and pilot cutters, which arrived the ports recently.

Also inspected by the minister was the new rail project being constructed within the port to boost intermodal transport system. in the country, shortly after an inspection tour of the facility, said the company was in tune with the vision of the current administration in the area of job creation.

‘These companies in the private sector are championing the vision of the present administration led by President Goodluck Jonathan, which encourages Public Private Sector cooperation’, the minister noted.

According to the minister, who was accompanied by the managing director of the Nigerian Ports Authority, Mallam Habib Abdullahi during an unscheduled visit to the facility said the activities of the company were in furtherance to the spirit of the present administration’s resolve on quality of locally produced goods and services as well as job creation.

He however urged the company to keep the flag flying and also challenged other companies operating in the ports, especially the new entrants into the ports to emulate the good example shown by Royal Salt Limited both in jobs creation and production of quality goods.

Mahendra had while welcoming the minister, hinted that as one of the tenants of NPA, the company has been operating at the ports for over 18 years.

According to him, out of over 5,000 jobs created comprising both direct and indirect employment, more than 90 percent of them were for Nigerians.

He however assured the minister that the company will continue to play according to rule of the game while adopting international best practices in the production of consumables for the teeming Nigerian population.

The minister had also in the course of the tour of the ports visited the Lagos Channel Management, which is in charge of maintenance of the port channels in the western part of the country where he inspected some removed wrecks kept at the dump site.

Managing director of the

Nigeria’s monthly revenue drops to N564.8bn

N

igeria’s monthly revenue dropped to N564.8 billion in August from N825.3 billion in July, according to the Accountant-General of the Federation, Jonah Otunla.

Otunla who gave the figures at the end of the monthly Federation Accounts Allocation Committee (FAAC) meeting last Friday, said the Federal Government, states and local governments shared N570.6 billion from the federation account for the month of August.

The accountant-general said that the balance in the Excess Crude of Account was now $8.03 billion, after N124 billon was transferred from the account in August.

Otunla attributed the drop in revenue to ``many factors’’, but listed the most critical as the security challenges facing the NNPC. However, a communiqué issued after the FAAC meeting blamed the shortfall in revenue to ``a drop in crude oil production and lifting operations as a result of “force majeure” declared at Bonny terminal.

The communiqué said that ``there was a shutdown of Balema Gas Plant and Trans Niger pipeline in addition to a decrease in Production Sharing Contract and Modified Carry Arrangement.

It stated that another reason was the augmentation of 26.2 billion which was credited to the Federation Account for distribution to the three tiers of government.

This was in addition to the statutory revenue of N440.7 billion.

Consequently, it said, distributable income to the three tiers of government for the month of August included N35.5 billion under the Subsidy Reinvestment Fund Programme (SURE-P) and N7.6 billion refund by the NNPC. It said that the NNPC had refunded N99 billion in 13

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Monday, September 17, 2012

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News 20 ships discharge cargoes at Lagos Ports

T

Otunla

installments till date to the Federation Account.

A breakdown of the figures announced by Otunla showed that in the month of August, mineral revenue accounted for N451.8 billion, while nonmineral revenue was N113.03 billion. ``This accumulated to total revenue of N564.9 billion out of this, a sum of N124 billion was transferred to the Excess Crude Account. ``After we have deducted cost of collections by the Federal Inland Revenue Service and the Nigeria Customs Service we have a net statutory revenue of N435 billion,’ he said.

Otunla also gave the revenues distributed to the three tiers of government in August.

These include Federal Government N206. 7 billion (52.6 per cent), states N104.8billion (26.7 per cent and local governments N80.8 billion (20.6 per cent).

Also, a total of N42.6 billion was distributed as the 13 per cent oil derivation to oil producing states.

On Value-Added Tax, the accountable-general said N60.4 billion was realised, out of which N2.4 billion was deducted for FIRS, while N58 billion was shared among the tiers of government. ``N8.7 billion accrued to the Federal Government, N29 billion to the state government, while the local governments got N20.3 billion,’’ he said.

Timothy Odah, the Ebonyi Commissioner of Finance and Chairman of the Commissioners Forum of FAAC, told reporters that he welcomed the deductions and allocations for the month.

“There is much understanding because we would not have agreed totally, but for the circumstances expressed, we agreed in terms. ``By the next FAAC meeting, we hope that there will be much improvement in revenue earnings. ``For example you can see that from the total amount put forward for distribution, there is augmentation that will be coming up which is about N143 billion,’’ he said.

The three tiers of government shared N564 billion from the Federation Account in July.

wenty ships are discharging various cargoes at the Lagos ports, the NewsAgency of Nigeria (NAN) reports.

The Nigerian Ports Authority (NPA) indicated this in its daily publication ``Shipping Position’’, made available to newsmen on Friday in Lagos.

The document showed that the ships were discharging bulk wheat, rice, petrol, diesel, containers, fish, fertiliser, bulk fertiliser, soda ash, general cargo and bulk gypsium.

The document reported that 95 other ships carrying various cargoes are expected to arrive Lagos ports between Sept. 11 and Sept. 29.

NPA said the ships would sail in with used and old vehicles, rice, fish, containers, general cargoes, ethanol, base oil, bulk wheat and petroleum products.

It added that five other ships were waiting to discharge bulk wheat, palm oil and rice.

The document also indicated that 17 ships were waiting to berth and discharge petroleum products.

A breakdown of fuel-laden ships showed that 12 will discharge petrol; three will discharge kerosene; and two to discharge diesel.

in place mechanisms to work with the Republic of Sudan Embassy to explore the export opportunities in the country.

He pointed out that ``with over three million Nigerians living in Sudan, there is a huge market for Nigerian products. ``There is the need for strategic partnership between both countries in the area of trade promotion with a view to stimulating the exportation of Nigerian goods to Sudan.’’

Adulugba recalled that over the years, the council had spearheaded the participation of Nigeria in trade fairs and trade missions, among other exhibitions organised by Sudan.

He, however, said that trading activities between both countries have been on the decline.

Responding, Mahgoub pledged to work with the council in providing the necessary assistance toward Nigeria’s participation at the forthcoming Sudan International Trade Fair, scheduled for January 2013.

He said that both countries could work together to promote trade and become an economic power bloc in Africa.

The envoy added that both countries had huge potential in almost all sectors of the economy, particularly in terms of land mass and natural resources. ``Strategically, Sudan is a major gateway for Nigerian products to East Africa.

Therefore, we expect the BiNational Commission to be convened soon, to cement our economic ties.’’

Nigeria, Ghana set to establish regional agricultural union

T

Adulugba

NEPC to partner Sudan to promote trade relations

N

igeria’s trade relations with the Republic of Sudan has received a boost as both countries have stepped up measures to reposition their economic activities, David Adulugba, the Executive Director, Nigerian Export Promotion Council (NEPC) said.

Adulugba spoke in Abuja on Friday when the Sudanese Ambassador in Nigeria, Tagelsir Mahgoub, paid him a courtesy visit.

He said the NEPC had put

he Agriculture and Allied Employees Union of Nigeria (AAEUN) and the General Agricultural Workers Union of Ghana on Friday announced a joint commitment to establish a West African Agricultural Union.

Representatives of the unions told the News Agency of Nigeria (NAN) in Lagos that the establishment of the regional union was to foster food security and to protect the workforce in the agricultural sector in the sub-region.

Comrade Blessing Oladele, the General Secretary of AAEUN, told NAN that the regional union was long overdue considering the dwindling morale of agricultural workers. ``It is an urgent call for the sector within the West Africa sub-region to have a common body that will look into the salary structure and field benefits.

“On hazards allowance, the

nature of our job in the area of chemical usage and tractor usage, our interests must be protected across the sub region.”

Comrade Walter Atiako, a representative of the union in Ghana, said the union in his country was working towards strengthening the sector between the two countries.

He said that he came to Nigeria in furtherance of a collaboration that existed between the GAWU and its Nigerian counterpart, AAEUN. Atiko said that both unions have been collaborating on common issues in the last ten years.

He said that both unions had been exchanging visits. ``This is a process, so in a nutshell, it’s an exchange programme, we then delve into what they do and we also expose what we do and then as part of it we improve upon the agricultural sector of the subregion. ``This is also to proceed as to have a West African Agric Union as my brother just said. ``As the giants of West Africa, if Ghana and Nigeria should speak on a policy concerning agric in the sub-region. , in fact, it will really have been that they have influenced so many policies in our country Ghana. ``For instance, we have been able to have the government of Ghana to cut down the importation of poultry products and then rejuvenate the agricultural sector. ``Come to talk about my counterparts in Nigeria, they now have policies that are being undertaken and accepted by the government to acquire large hectares of land to invest in agriculture and that is a very good thing. ” He applauded the policies of both countries aimed at ensuring food security as a top priority in the sub-region. ``You will realise that we need to influence governmental policies to favour our members. ``Well for instance, the importation or dumping of agric products like poultry products, rice and all these things are dampen the spirit of our members. ``And as a matter of urgency, we should have policies that will get us fully secured when it comes to food in the sub-region. ``So as part of this collaboration, we will be able to influence governmental policies to favour our members. ``Also, as an agrarian subregion, we need to have; and not to push ourselves so much into other things that will not support us. ``Basically, we are an agrarian economy and for that matter we have to see to it that we sustain our economy. ” Atiako also advised Ghana and the Nigeria not to depend solely on an oil economy.

Ogedengbe

We are determine to boost manpowerPFL

By Festus Okoromadu

F

oremost educational consultant agency, Preparation for Life (PFL), has assured Nigerians seeking foreign educational pursuit, especially in countries such as the United Kingdom, United States of America, Canada, Australia, Dubai and New Zealand of professional assistance to secure university placement without difficulties.

Speaking to newsmen during a two-day educational fair in Lagos last week, Moyin Ogedengbe, Country Director of PFL, Nigeria, said the fair was aimed at exposing Nigerians to the acquisition of high quality education overseas.

Explaining the role her firm plays in developing the Nigerian economy, she said: “We help prepare our students when we put them through our extensive higher education course advice, admissions service and visa assistance”.

According to Ogedengbe, when Nigerians go abroad to study, they come back to help make more meaningful contribution to the development of every facet of the society.

She stated that PFL offers placement opportunities for about 3,000 students annually in international educational institutions globally.

The firm, according to her, is uniquely placed to give help and guidance to all those who wish to study in the main English speaking destination countries. PFL, she said, represents over 160 top -rank Universities, Colleges and other educational institutions.

The company, which is expected to mark its fifteenth anniversary later in the years parades itself as having a strong support network for intending students and has a record of 95 per cent visa success for clients over the years.

Meanwhile, the two days fair offered intending students the opportunity to meet with representatives of over 20 Universities and Colleges which offer varieties to students.

According to Ogedengbe, the fair was organised basically for prospective students seeking for openings in schools of their choice for admission in 2013. BC

National Mirror www.nationalmirroronline.net

Business Courage

Monday, September 17, 2012

A7 23

Global News but were up 5.31 year-on-year.

The All Rwanda inflation rate rose 10.91 per cent in August from 9.93 per cent in July.

Kenya raises fuel prices

K

Chikwanda

Zambia to invest $120m in copper railway line

Z

ambia will invest $120 million to revamp a railway line linking Africa’s top copper producer with South Africa to move transport from road to rail, its finance minister said on Friday.

Zambia exports the bulk of its copper through the port of Durban in South Africa, but most mining companies transport the metal by road because railway transport has been unreliable.

Finance Minister Alexander Chikwanda told a media briefing that $120 million of the $750 million Zambia raised through a debut eurobond on Thursday would be spent on the rail line.

“The matter of investing in Zambia Railways is of top priority and of extreme urgency,” he said.

Increasing use of rail will reduce the amount of money spent repairing roads damaged by heavy trucks, Chikwanda said.

The government this week canceled the lease of the railway line awarded to private company Railway Systems of Zambia, accusing it of mismanaging the company.

Mining companies operating in Zambia include Canada’s First Quantum Minerals, Vedanta Resources Plc, Glencore International and Barrick Gold Corp.

enya’s energy regulator raised fuel prices on Friday, saying this was due to rising international crude oil and refined product prices, increasing the likelihood of higher inflation.

Fuel prices have a big effect on the year-on-year rate of inflation, which fell to 6.09 per cent in August from 7.74 per cent a month before.

The Energy Regulatory Commission (ERC) raised the maximum price of a litre of super petrol in the capital, Nairobi, by 2.47 shillings to 108.95 shillings, and that of a litre of diesel by 3.99 shillings to 101.07 shillings. Super petrol hit a high in May of 121.13 shillings per litre.

The price of kerosene will go up by 5.68 shillings to 79.65 shillings a litre, ERC said in a statement.

“There has been an upward trend in the prices of crude and refined petroleum products in the international market over the last three months and, this is the cause of the upward adjustments of the retail pump prices,” said the statement.

Kenya’s economy is highly dependent on diesel for transport, power production and agriculture while kerosene is used in many homes for lighting and cooking

Rwandan urban inflation rises to 5.81 Kone per cent in Aug Ivory Coast plans 19 wanda’s year-on-year urban percent tax on gold R inflation rate rose 5.81 per cent in August from 5.57 per profit cent a month earlier, due mainly to rising food, the statistics office said on Friday.

The National Institute of Statistics of Rwanda said consumer prices in the east African country’s urban centres was up 0.66 per cent month-onmonth.

Food prices overall jumped fell 1.94 per cent from the previous month, and 12.63 per cent from August 2011.

The price of furnishings and household equipment rose 1.89 per cent month-on-month.

Housing, water, electricity, gas and other fuel costs fell 0.2 per cent compared with July,

I

vory Coast plans a windfall tax at 19 per cent on gold mine profits to share in the benefits from soaring world prices for the metal, a government document showed, setting the scene for a possible dispute with foreign companies building up the sector.

West Africa-focused Randgold Resources, Australia’s Newcrest Mining and Toronto-listed La Mancha Resources all operate mines in the country.

In August, the government granted production permits to Canada’s Endeavour Mining

Corp and Occidental Gold, a unit of Australia’s Perseus Mining Limited.

The document, seen

by Reuters on Friday, also establishes a rate of 13 per cent, though it does not specify in what circumstances it will be applied.

Under the proposal, submitted last Wednesday and adopted during a cabinet meeting, the West African nation will set an indicative cost of production at $615 per ounce, with profits taxed at a rate of 19 per cent.

“The price of gold, which was around $300 per ounce in 2002, is today above $1,700, or practically a six-fold increase without any comparable increase in production costs,” read the text of the proposal obtained from government spokesman, Bruno Kone.

“Mining companies have therefore benefited from this favourable climate without any effect for the state.”

The new tax was created through changes to Ivory Coast’s 2012 budget, but it was not immediately clear whether it would be applied retroactively.

Randgold’s CEO Mark Bristow told Reuters that while his company was open to dialogue with the government, it already operated under a clearly defined tax regime.

“We have very specific and legally binding stability agreements,” he said. “It’s my understanding that this will still need to go to parliament and there will be industry dialogue...

It’s a process.”

Gold prices are up about eight per cent since mid-August but remain below all-time peaks of around $1,900 hit a year ago.

Spot gold added 0.2 percent to $1,769 an ounce on Friday after climbing to an intraday peak of $1,777.51, its highest since Feb. 29.

The modified tax structure will allow Ivory Coast to earn more than 44 billion CFA francs ($86.45 million) in revenues from the gold sector this year, more than double the forecast under the previous tax structure, the document said.

The tax increase follows a series of moves by other African minerals producers, including Guinea, Burkina Faso, Democratic Republic of Congo, and Senegal, who are also seeking to boost state share in revenues.

Neighbouring Ghana proposed a similar windfall tax of 10 per cent on mining companies’ profits in its 2012 budget.

Floods threaten Niger’s main rice crop - minister

F

loods could wipe out most of Niger’s main rice harvest this year as rain-swollen rivers rose to 50-year highs across West Africa, spreading devastation, a regional official said.

Coulibaly

At least, 81 people have been killed in Niger since annual rains caused flooding along the banks of the Niger River, raising its waters to their highest levels since the 1920s.

The country and surrounding region are still struggling to overcome food shortages caused by poor rains last year.

“In Niger ... most of the rainy season rice crop, estimated at over 80,000 tonnes, risks being destroyed this year,” Tiena Coulibaly, a Malian government minister told Niger’s state television.

Coulibaly was speaking after chairing a meeting of ministers in Niamey focused on tackling food shortages and increasing production. The comments were broadcast on Friday after a meeting on Thursday.

Niger, a country with high population growth that lies just south of the Sahara, produces about 130,000 tonnes of rice a year, with a dry season crop harvest bringing in about 50,000 tonnes.

Another 200,000-300,000 tonnes are imported to fill the gap in rising demand.

About 18 million people across an arid strip of nations stretching from Senegal in the west to Chad in the east faced a food and nutrition crisis after last year’s poor rains, the latest in a cycle of shortages to strike the zone.

Liberia says cash, not will hampers fight against blood diamonds

Blamo, acting minister of lands and mines, said .

“We do recognise that we do have challenges and we are putting into place measures to resolve some of these challenges ... But it is unfair to say that we have not done anything in that area,” she added.

Blamo blamed the lack of financial resources in Liberia, which has attracted international mining and oil investors but is still rebuilding after 14 years of near constant conflict that killed hundreds of thousands of people.

Blood diamonds - diamonds used to fund insurgencies were thrust into the spotlight in the 1990s during a series of African conflicts where their trade financed arms purchases and resulted in human rights abuses.

The Kimberley Process was launched in 2003 with the aim of certifying stones and preventing blood or conflict diamonds entering the international market.

Blamo said that Liberia’s steps to be part of the global Kimberly Process, that aims to regulate the $30 billion roughdiamond industry, included dispatching inspectors to monitor the trade and the demarcation of mining areas.

According to government figures, official diamond exports have risen from 7,000 carats in 2007 to 49,000 carats in 2011.

“This tells you the chain of custody structure which we put into place is working. We were able to track about 60 percent of diamonds taken from Liberia ... no country can track 100 percent of diamonds,” Blamo said.

But the U.N. report said that government bodies due to oversee the Kimberly Process were meeting infrequently and said the United States had said it might stop funding a programme to help the Liberian government improve compliance, partly due to Liberia’s lack of commitment to the scheme.

President Ellen Johnson Sirleaf, who was awarded the Nobel Peace Prize last year for her work for women’s rights and is widely praised abroad for stabilising Liberia, faces complaints at home that she has not done enough to fight corruption. BC

L

iberia has challenged a United Nations report that questioned its commitment to stamp out the trade in blood diamonds, saying it lacked the means not the will to clean up its role in the industry.

A report to the U.N. Security Council earlier last week said the West African state, whose wars between 1989 and 2003 were partly fuelled by fighting over diamonds, had shown limited commitment to international efforts to regulate the trade, known as the Kimberley Process.

“We are constrained by a capacity problem. That we accept. (But) the government does not lack the will,” Betty

Sirleaf

A8 24

Business Courage

Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

Global News

Benjamin

South Sudan to split Total oil blockofficials

S

outh Sudan will split a massive oil block largely held

by Total into three parts, giving one to the French company and the others to two firms, officials said, in the biggest shake-up of the nation’s concessions since it seceded from Sudan.

One oil industry source identified the other two operators as US major; Exxon Mobil and Kuwait’s Kufpec, but the government did not confirm the names.

Total, Exxon Mobil and Kuwait Petroleum Corp, the state-owned parent firm of Kufpec, all declined to comment on the division of the mostly unexplored block, known as Block B. Total had already challenged the decision to split the concession, granted before South Sudan declared independence from Sudan last year, Deputy Minister for Petroleum and Mining, Elizabeth James Bol told Reuters.

But other government officials said South Sudan had the right to renegotiate deals agreed in the old, united Sudan and would go ahead and divide the concession, which comprises much of South Sudan’s eastern Jonglei state - a remote region struggling with an insurgency and violent tribal clashes.

South Sudan, which depends heavily on oil but whose reserves are expected to decline sharply in coming years, had been pressing Total to start exploring Block B, which at about 120,000 square km was roughly the size of nearby Eritrea.

Total stopped operations in the block in 1985 after the resumption of Sudan’s decadeslong civil war, which ended with a 2005 peace deal that paved the way for South Sudan’s secession last year.

Despite holding on to its claim to a leading stake in Block B, Total has not yet resumed exploration - a source of friction with some South Sudanese officials. In February Total said it would resume exploration soon.

It was unclear whether Total would have any legal grounds to challenge the decision.

A petroleum bill passed after South Sudan seceded said its new government was not bound by past agreements and had the right to review and split blocks.

In January, South Sudan said it had signed new agreements with the Chinese, Malaysian and Indian companies that dominate the country’s oil sector to replace the existing deals with the united Sudan.

South Sudan’s Information Minister Barnaba Marial Benjamin told Reuters one of the three blocks would go to Total.

“The other two will be put on tender ... It’s going to happen soon,” Benjamin added. “The ministry has a green light to go ahead with that.”

The new nation wants to boost exploration because most old oilfields face declining reserves. Last year, the International Monetary Fund said South Sudan’s production was likely to halve by 2020 without new discoveries or improved recovery.

Securing a deal with Exxon Mobil, the world’s biggest oil group, would be a major boost for the world’s newest country, still struggling to drag itself out of poverty. US groups were barred from doing business with the united Sudan by sanctions imposed in 1997 for the country’s previous role hosting militants including Osama bin Laden.

Global stock markets rise on US stimulus plan

E

uropean share markets have jumped after the US Federal Reserve moved to kickstart recovery by pumping more money into the economy.

In the UK, Germany and France stock markets opened last Friday about 1.5 per cent up, following rises on Wall Street and in Asia. Banks led the markets higher, with RBS up 3.8 per cent and Barclays up 4.5 per cent.

Other European banks made similar advances.

It followed the Fed’s decision on Thursday to inject $40 billion (£25bn) a month into the US economy. The plan to buy up mortgage debt will continue until further notice, the Fed said. The central bank also kept interest rates at below 0.25 per cent.

The aim is to reduce longterm borrowing costs for firms and households.

Investors hope the Fed’s measures will revive growth in the US economy, the world’s biggest and a key market for Asian and European exports.

The Fed’s promise that the quantitative easing programme was open-ended and would continue until the US economy showed signs of recovery has bolstered confidence, said analysts.

“They’re saying that the punch bowl, the fuel for the economy, isn’t going away - it’s

going to be here as long as you need it,” said Tony Fratto, managing partner at Hamilton Place Strategies, a policy consulting firm.

In a research note from HSBC, analysts said that the Fed “is trying to convey to financial market participants that they can count on low interest rates and accommodative monetary policy for a long time and not to expect a reversal of policy in reaction to modest improvement in GDP growth or in the unemployment rate”.

Yields on Spanish and Italian bonds also fell, easing pressure on borrowing costs for the two heavily-indebted nations.

On Friday, Italy’s 10-year borrowing rate fell under the five per cent mark for the first time since March.

However, the depth of Spain’s problems were underlined last Friday with official data showing that public debt has reached a record 75.9 per cent of gross domestic product, fuelling doubts over the country’s ability to manage its finances.

There have been growing fears about the global economy, with a weak recovery in the US and the continuing debt crisis in the eurozone.

US unemployment, which has topped eight per cent for three years, is likely to be a key battleground in the upcoming presidential elections.

The slowdown in China’s economy, the world’s secondlargest and one of its biggest drivers of growth since the global financial crisis, has fanned those fears.

Prompted by these concerns, policymakers in these regions have been taking measures to try to spur a fresh wave of growth.

The Federal Reserve’s announcement came days after the European Central Bank (ECB) announced its latest plan.

amount to a state of emergency.

The move came as striking workers at the Marikana platinum mine rejected a pay offer from the management and some unions threatened a general strike.

The mining unrest has been marked by violent clashes, including the shooting dead of 34 striking miners by police at Marikana in August. The unrest has since spread to other gold and platinum mines in South Africa - a major exporter of precious minerals.

Radebe warned that anyone taking part in illegal protests would be “dealt with very swiftly, without any further delay”. “Our government will not tolerate these acts any further,” the minister said.

Police Minister Nathi Mthethwa stressed that the government had “an obligation to ensure that people... are safe in South Africa”.

The strike has seen hundreds of protesting workers brandishing sticks and machetes march from mine to mine, threatening anyone reporting for work.

Earlier on Friday, the Marikana miners rejected the pay offer by the Lonmin management at a rally on a hill near the mine.

They said the proposal envisaged a pay rise of just under 1,000 rand a month - far lower than the 12,500 rand ($1,513; £935) were demanding. Miners currently earn between 4,000 and 5,000 rand.

“What they [the workers] say is that their offer is an insult, what you put on the table is an insult,” miners’ representative Molisi Phele told the AFP news agency.

“We are going back to tell them [Lonmin], the workers say: ‘Thank you for giving us nothing,’” Mr Phele added.

Protest leaders have threatened to launch a general strike if their demands are not met. They are supported by the militant Association of Mineworkers and Construction Union (Amcu).

The National Union of Mineworkers (NUM), which is allied to the ANC-led government, earlier told the BBC that it was concerned about the high level of violence and job losses in the

mining sector.

European inflation rises in August Radebe

South Africa vows clampdown as miners reject new pay

T

he South African government has announced a raft of measures to clamp down on continuing unrest in the mining sector. It warned it would crack down “very swiftly” on anyone involved in an illegal gathering or carrying weapons.

However, Justice Minister Jeff Radebe said that this did not

P

rices rose faster in August across the 27 nations of the European Union (EU) compared with July, according to official figures. The EU statistics agency Eurostat said inflation hit 2.7 per cent last month, compared with 2.5 per cent the previous month.

In the 17-nation eurozone, inflation also rose to 2.6 per cent from 2.4 per cent in July.

Figures also showed that the number of people in work across the EU in the three months to the end of June rose

Fratto

to 223.4 million.

Employment across the euro area remained stable at 146.4 million in the second quarter.

The number of people out of work in July hit a record high of 18 million, prompting calls for the European Central Bank to cut the cost of borrowing, pump more money into the eurozone economy or both.

Due to a growing population, it is possible for employment and unemployment to both rise.

However, at 2.6 per cent, the eurozone’s inflation rate remains above the ECB’s two per cent target which could restrict policymakers’ choices

Mondi Newsprint

Mondi to buy Duropack’s operations for 125m euros

S

outh African paper maker Mondi said on Friday it would pay 125 million euros in cash for Duropack’s operations in Germany and the Czech Republic to strengthen its corrugated packaging market position in Europe.

The operations consist of two corrugated box plants, consuming about 130,000 tonnes of container board annually and one recycled container board mill capable of producing 105,000 tonnes a year, the company.

The acquisition will be funded from the group’s existing resources, Mondi said.

Mondi also said last month that it had secured European Union regulatory approval for its $782 million purchase of German packaging company Gardenia that will boost its presence in consumer packaging. BC

National Mirror www.nationalmirroronline.net

Business Courage

Monday, September 17, 2012

A9 25

A conservative

banker

He is a banker of bankers, whose 38 years of dutiful service in the financial services industry in Nigeria will for long remained indelible. His five year tenure as the 8th Governor of the Central Bank of Nigeria (CBN) has remained one of the watersheds in the history of the apex bank in the country.

He conceptualised the now famous ‘PROJECT EAGLE’, an initiative aimed at modernising the operations of the apex bank and also introduced the mandatory 10 per cent of profit before tax of deposit money banks to fund small businesses under the Small and Medium Industries Equity Investment Scheme (SMIEIS). That is the brief on Dr. Joseph Oladele Sanusi, who even at 73, still calls the shots in a couple of top -rated businesses in Nigeria.

By Bamidele Obafemi

D

r. Joseph Oladele Sanusi, CON, chartered accountant and first-rate banker, was born some 73 years ago in Ogbagi-Akoko, a rustic town in Ondo State, Nigeria. The man who studied accounting at South-West London College and Kingston College of Technology, England, started his career at the Central Bank of Nigeria (CBN), a year after his graduation from college in the United Kingdom, having practiced briefly as an accountant in the country. He also had a very brief stint with the Board of Customs and Excise in Nigeria before commencing the journey to a very rosy career in Nigeria’s financial industry,

which incidentally was at the CBN. In 1966, Sanusi, then 38, joined the employment of Nigeria’s highest financial regulatory body in Lagos as Deputy Manager (Accounts). After 11 years of hard work, the diminutive Sanusi was elevated to the level of a departmental director at the CBN. Obviously, Joseph Sanusi’s performance and diligence to duty did not go unnoticed by those who were his bosses at the time.

So, in 1978, barely a year after Joseph Sanusi was promoted to the position of a departmental director at the CBN, he was seconded to the Securities and Exchange Commission (SEC), as the first Director General of the government agency

Sanusi

mandated to regulate and develop the Nigerian capital market.

Sanusi’s stay at the agency was however very brief as he had to be recalled one year after, again for another national assignment, this time, as an Executive Director in charge of Monetary and Banking Policy at the Central Bank. He held the position for about six years, between 1979 and 1984. Sources close to this banker revealed

that his occupation of that position was instrumental to his success both as a regulator and practitioner in the banking industry in the later years. In 1988, however, the Ogbagi-Akoko born banker was elevated to the position of Deputy Governor at the apex, an office which he occupied for about three years before he was left as a regulator from the CBN to practice commercial banking for about eight years.

Sanusi, a former bank regulator became one to be regulated immediately he joined the United Bank for Africa (UBA) Plc as Managing Director and Chief Executive in 1990. For about two years, he held sway at UBA Plc before proceeding to another first generation bank, the oldest in the country, First Bank of Nigeria Plc. Sanusi was Managing Director and Chief Executive of First Bank of NigeContinue on pg A8

Business Courage

ria between 1992 and 1998.

Sanusi’s tenure at First Bank witnessed significant automation of the bank’s activities. His period also saw an enhancement of the bank’s pension scheme and greater impetus for agricultural projects. It was under Sanusi that the bank signed an agency agreement with Western Union Financial Services Incorporated, U.S.A which heralded the Western Union Money Transfer scheme into the Nigerian financial system. Other landmarks recorded under him include the establishment of the Kakawa Discount House in conjunction with a consortium of banks and several endowment programmes.

When he retired from First Bank in 1998, the industry in him would not allow him rest as he moved to midwife the comeback of Standard Chartered Bank. He was also the Vice Chairman of Nigeria Merchant Bank and Chairman of Banque International du Benin.

After his exit from First Bank in 1998, a tenure which some described as very successful, given the level of transformation achieved, Sanusi was obviously set for rest, having put in 32 years of meritorious service in Nigeria’s financial industry, but he was wrong, as President Olusegun Obasanjo returned him back to the CBN to complete his assignment as a regulator. He was appointed the eighth Governor of the Central Bank of Nigeria.

At the time of his appointment, his emergence caught several persons unaware because his name had not featured in the list of people touted as possible successors to Dr. Paul Agbai Ogwuma, the then CBN Governor. That list had Malam Ismaila Usman, Professor Dotun Phillips, Pascal Dozie and Mohammed Hayatudeen.

His appointment was, however seen by many as a measure of the Obasanjo administration pledge to instill financial discipline into the banking sector bearing in mind his 33 years experience in both the public and private sectors of banking.

On assumption of office as Governor of the CBN on May 29, 1999, Sanusi launched out to tackle a myriad of problems confronting the economy.

He quickly introduced foreign exchange controls in an effort to reduce the drain on foreign reserves which had fallen from over $7 billion to under $4 billion in the last two years under military rule, and to defend the Nigerian naira. Oil revenues, the primary source of foreign exchange, had dropped below the level needed to cover basic requirements before he took charge of the apex bank. Of course, the business community was hostile to the efforts to prop up the currency, believing that devaluation coupled with

Monday, September 17, 2012

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National Mirror www.nationalmirroronline.net

Sanusi’s tenure at First Bank witnessed significant automation of the bank’s activities.

His period also saw an enhancement of the bank’s pension scheme and greater impetus for agricultural projects

‘

A10 26

exchange market reform was necessary.

Sanusi stoutly defended not only the Nigerian economy during his tenure as Governor of the CBN but developing economies of the world in general. For instance, speaking in Washington, DC in April 2001 as chairman of the G-24, he expressed concern about the poor prospects for the world economy, particularly as it affected developing countries. He called for greater access to concessionary funding for these countries, and spoke out against protectionist measures by developed countries such as subsidies, countervailing duties and other restrictions to trade, particularly in agricultural products. He recognized the value of international codes and standards, but asked that their enforcement take into account, levels of development in each country. He called for realistic and simple conditionality rules to recognize the realities of national constraints.

Besides, Joseph Sanusi took some far reaching decisions during his reign as Governor of Nigeria’s apex bank. Perhaps,the most beneficial to the growth of the Nigerian economy was the bold initiative he took to make it compulsory for about 89 com-

mercial banks operating in the country during his tenure to set aside 10 percent of their profit before tax for the funding of small businesses. The scheme which he tagged Small and Medium Industries Equity Investment Scheme (SMIEIS) was targeted at addressing the dearth of funding for small and medium businesses which he believed are the bedrock for any nation’s development.

According to Sanusi, the establishment of SMIEIS was informed by the lingering problems of the dearth of long-term funding and poor business management skills which have inhibited the realisation of the potentials of the small and medium -scale industries as the engine of growth in the Nigerian economy, despite the various schemes that had been initiated in the past to provide incentives for development of the sector.

SMIEIS, he argued, was an innovation designed for the peculiar situation in the country.

The scheme which took off two years after Joseph Sanusi ascended the throne of the Chief Banker of the Federation was deemed successful in spite of the challenges that confronted its implementation at the initial stage. Rendering account

of the performance of SMIEIS to stakeholders about a year to his retirement from the CBN, he noted that the initiative had recorded satisfactory progress within the short period of its existence. Two years after the commencement of the scheme, it garnered about N14.6 billion as banks equity investment under the scheme, though a paltry N4.3 billion or 29.4 per cent of the fund was invested as at May 31, 2003.

The CBN, however, defended the banks for the slow rate of disbursement to small and medium businesses at the time.

Sanusi’s words: “The reasons for this slow pace are not farfetched. First, equity investment requires skill-sets which are quite different from what the banks are familiar with in credit appraisal and management. Secondly, at the time the Scheme took off in 2001, the necessary structures for the investing banks to effectively administer the Scheme were not in place. However, it is encouraging to note that several applications are being processed by the Securities and Exchange Commission (SEC) for the registration of subsidiaries of banks as venture capital companies for the purpose of channelling investments under the Scheme”.

Further explanations given

by Joseph Sanusi to defend the Scheme at the time was the dearth of attractive projects in which banks could invest, pointing out poor record-keeping, poor managerial capability and lack of business packaging skills on the part of the entrepreneurs. Sanusi also raised an alarm over the unwillingness of entrepreneurs to dilute their shareholding, noting that it took them time to accept the idea of patronising equity investment instead of loans.

“The main resistance was unwillingness to accept discipline resulting from sharing control.

They wish to persist in the sort of indiscipline that made some of the SMEs fail in the first instance. It has taken some time

to effect a paradigm shift and for them to appreciate that it is better to own 10 per cent of a successful and profitable business than to own 100 per cent of a moribund business. Last, but not the least, of the course, is the issue of poor infrastructure, which is constantly recurring”, Sanusi had lamented.

Bent on making a success out of the Scheme, Sanusi made conscientious moves to seek solutions to some of the challenges militating against the SMIEIS. First, he warned the banks to avoid creating cost centres that will eat into the funds available for the Scheme.

Also, being conscious of the continuous need for capacity building and to create a conducive investment environment for the optimal utilisation of the SMIEIS fund, the CBN under him, initiated a project for Baseline Economic Study to develop an integrated information system for small and medium enterprises (SMEs) to foster better implementation of SMIEIS and the development of SMEs, generally. The information so gathered from the exercise served as a compendium for prospective investors in small and medium industries.

Besides SMIEIS, another area where Sanusi gave a good account of himself was the fight against money laundering. Rendering his stewardship account before a gathering of financial experts and Central Bank Governors of countries within the ECOWAS sub-region in June 2003, Sanusi noted that since he took over office as Governor of CBN in 1999, the new management worked assiduously to curb financial crimes, particularly fraud in the banking system and other related financial crimes. Some of the strategies adopted by Sanusi and his team at the CBN to wage the war at the time include among others, publicity campaigns through seminars, workshops, conferences and press statements. The CBN also raised the bar in the areas of its supervi-

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Sanusi

ing licence of the bank include among other reasons, erosion of capital base resulting in the insufficiency of its assets to meet its liabilities and failure to comply with the obligations imposed on it by the Central Bank of Nigeria. According to a statement read by Joseph Sanusi on the revocation of Peak Merchant’s Bank licence on February 2003, various actions taken by the regulatory authorities to halt further deterioration of the bank, which include calling on shareholders to recapitalise the bank, failed. Declaring his verdict on the bank, Sanusi stated: “And whereas as the said bank is insolvent and illiquid and has failed beyond resuscitation, now therefore, I, Chief (Dr) Joseph Oladele Sanusi, Governor of the Central Bank of Nigeria, with the approval of the Board of Directors and in exercise of the powers conferred upon me

by Section 12 of the Banks and Other Financial Institutions Act 1999, as amended, hereby

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Sanusi, as Governor of the CBN, though a conservative regulator, gave room for no nonsense as he took very difficult decisions aimed at bringing sanity into the financial system. Not minding the fear of criticism or whose ox is gored

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sory and regulatory activities, with a strong effort at enforcing anti-money laundering compliance by the financial sector.

The CBN equipped staff in the sensitive operational areas of the bank with tools that facilitated identification and tracking of the activities of money launders in the financial sector during the tenure of Joseph Sanusi.

Also, since Joseph Oladele Sanusi believes that the most valuable assets of the banking industry are public trust and confidence, he insisted, throughout his sojourn in the industry that the assets be jealously guarded. In line with this believe, as CBN Governor, he introduced measures to ensure that the principle of good corporate governance was taken seriously in the financial sector, especially the banking industry. Therefore, to check sharp practices that were a common occurrence between management and directors of banks during his tenure, the CBN took a position that directors of banks would be held responsible/accountable for any misdemeanour on the part of the management of their institutions. As a matter of fact, there were instances where directors of erring banks were either suspended or removed from Board when Sanusi was Governor of the CBN. Sanusi, as Governor of the CBN, though a safe and conservative regulator, gave room for no nonsense as he took very difficult decisions aimed at bringing sanity into the financial system. Not minding the fear of criticism or whose ox is gored, he revoked the operating licences of two banks,Savannah Bank Plc and Peak Merchant Bank Limited in a space of one year, between February 2002 and February 2003. Though a highly controversial case, given some political readings to the judgment of the CBN, Sanusi would not reverse his decision to liquidate Savannah Bank Plc in particular.

In February 2002, Sanusi issued a notice revoking the license of Savannah Bank, saying the bank did not have enough assets to meet liabilities and did not comply with CBN obligations, and that the regulators needed to prevent further deterioration. After the pronouncement which sealed the fate of the bank, The Nigeria Deposit Insurance Corporation (NDIC) immediately took over as liquidator and sealed the bank’s offices. The matter dragged through the courts, with the bank’s owners eventually being awarded damages of N100 million in February 2009.

Apart from Savannah Bank Plc, Peak Merchant Bank Limited was another bank on which the sledge hammer of the CBN fell. The purpose he gave for withdrawing the operat-

Business Courage A11 27

Monday, September 17, 2012

revoke the banking licence of the specified in Schedule hereto with effect from 28thFebruary, 2003 and direct the Nigeria Deposit Insurance Corporation to

apply to the Federal High Court for an order to wind up the affairs of the bank”.

In his effort to effectively manage the escalating debt

portfolio on the country during his period as CBN Governor, Joseph Sanusi, in August 2002, after the presidential approval, suspended payments on some of Nigeria’s $33 billion foreign debts. He blamed the problem on falling oil revenues and failed privatisation plans.

Sanusi discussed Nigeria’s debt in an opening address at a monetary policy forum in May 2003, where he pointed out that debt had risen from One per cent of GDP in 1960 to 16.2 per cent in 1980 and 83.6 per cent by the end of 2002. He cried out that the Federal government borrowing from the CBN was causing inflation and exchange rate problems, crowding out private borrowers and thus dampen growth. He recommended greater use of the long term capital market rather than the shortterm money market, and much greater focus on productive use of the money borrowed to optimize return and avoid building up a problem for future generations.

In recognition of his contributions to the growth of the economy both as a regulator and as a commercial bank operator both at UBA Plc and First Bank of Nigeria Plc, the Federal Government, in 2002, awarded Joseph Sanusi the rank of Commander of the Order of the Niger (CON). In the academia, the chartered banker and accountant was honoured with Banker Extraordinary Award

by University of Ibadan, while the Federal University of Technology Akure and Yola on different occasions, added to his list of honours, Doctor of ScienceHonoris Causa.

Dr. Sanusi has rich and versed experience in the financial sector. He had held various appointments and under different types of assignments, including chairmanship of financial services firm and membership of various technical committees and panels. He has participated in several training attachments, workshops and seminars in Nigeria and abroad, including Harvard University, Federal Reserve Bank of New York, US Securities and Exchange Commission, and Bank of England amongst others. He served as the Chairman of Audit Committee of Chams Nigeria Plc. Even at retirement, Joseph Sanusi still actively engages in the corporate world as he sits on the board of high flying multinationals like Lafarge Cement Wapco Plc, a cement manufacturing company in Nigeria owned by Lafarge of Paris.

Other post-CBN appointments which the Ogbagi-Akoko born banker hold include Chairman of Standard Chartered Bank Nigeria, First Pension Funds Custodian, Santrust Securities, STI Consulting and Global Biofuels, and Director of Marina Foods among others. BC

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Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

10 Questions

Gov’t policies discourage entrep Wale Akinwande, Group Managing Director, Hazonwao Group, a financial services and real estate company in this encounter with Bamidele Obafemi and Tayo Adeleke sheds light on why government’s efforts at creating funding through the microfinance banks for small entrepreneurs has failed. Akinwande also spoke on why he thinks the promise of housing for all by 2020 is a facade. Excerpts.

What can be done to help the situation?

It is not a problem that is too big to handle or a thing that can never be done, but l think generally, the problem remains the will power to do what we know we can do. I think that largely depend on the government to create a platform on which entrepreneurship can thrive. They need to create a new platform in the financial system where cost of fund will be affordable for small business owners. We need to develop Nigeria, not political loyalists or lobbyists. Look at all the infrastructures we are talking about, which we are lacking in this country, which of them are we not funding every year? The roads you say are not good in your locality, go and check with your local government and you will find out that that road is being done every year. Money is being released yearly to repair the roads but it is not simply done. So, I think when we are ready to say we want to tackle this situation, when our leaders say they are ready to implement policies not just

having them as sheet of papers, or when the citizenry say enough is enough, and then we shall move forward. One way or the other, something will have to be done because we can’t last this way in the next 15 years.

Government said it has created funds like the agric loan and loans for entrepreneurs. Perhaps you are a beneficiary or you are aware of entrepreneurs who have benefitted from these gestures?

Well, I think we all read about these funds in the newspapers. I won’t say because I’m not a beneficiary, so the funds do not exist. But I’m looking at a situation where, when you have a bankable project, whose risks have been evaluated, without knowing anybody, without any political affiliation, you can go to a bank and get money to do your business. But I don’t think that is what the government is encouraging because I know that apart from me, friends and other people that I know have bankable projects and ideas have not been able to access capital from these funds. So, I begin to think, are these funds there? Of course, they are there and I believe too they are being given out.

But to whom they give the funds and the criteria that guide the disbursements or how it is implemented to ensure that the money is used for what they are meant for, that I don’t know. We won’t make any meaningful progress until when every institution is responsible to its role in governance. The president may have the goodwill to say he is deploying so and so amount to agriculture, the fellow at the head of the institution responsible for disbursing the fund must be able to say, I will deploy this fund to agriculture, being the primary purpose for the fund. So, when we have institutions that are open, functional and sincere, they will be able

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to assist respective administrations to achieve their developmental goals.

Would you say the microfinance sector has achieved the purpose for which it was established?

It is obvious to everybody in this country that that institution has not practically achieved the aim it was created.

Let’s even assume that those of them that still exist now are giving out credits, what is the cost of fund? Those that are given the fund, what kind of business can they do to make enough profit to be able to pay back. So, let’s go back to the cost of fund. Now, do you want to blame those guys running these banks because they also get their own fund at very high rates?

I don’t know presently, if the government has created fund for microfinance banks to access at almost zero per cent interest or even one per cent interest rate, so that by the time it gets to the market women and men, it would be available at a minimal cost. As far as I am concerned, the institution has not achieved its aim.

But can it? Yes, if governing institutions like the Central Bank of Nigeria (CBN) can design appropriate programmes that will make it work. When it first started, the ecstasy behind it was so great, but may be because of reforms here and there, the regulators are no longer consistent.

So, these days, l hear less about the microfinance banks. The people don’t even seem to believe again that the institution can solve their funding problems again.

Hazonwao Group used to run a microfinance bank, so what has happened to it?

We in the Hazonwao Group believe that the microfinance institution is faced with a whole lot of challenges. When the CBN is asking you to recapitalise, what you do next is to go to investors. These investors

I don’t know presently, if the government has created fund for microfinance banks to access at almost zero per cent interest or even one per cent interest rate, so that by the time it gets to the market women and men, it would be available at a minimal cost

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I

s Nigeria a peculiar case when it comes to the concept of entrepreneurship?

I think entrepreneurship is the same everywhere; it is a mindset, the energy and a will to create something out of nothing. But in our case in Nigeria, because of our level of development, it becomes more difficult to excel as an entrepreneur because the necessary enabling conditions are not there. Take for example the issue of funding, it is not even there and where funding is available, the cost of getting the fund is usually too high. So, if you have a vision, you don’t know who to go to. You can’t walk up to a bank if you don’t know somebody, and if the name of your father is not well known, you don’t get the loan. Even if you know somebody that can link you up, the cost of getting the loan is high, and there is no infrastructure. So, you as an entrepreneur can’t even make business projections.

That is why it is more expensive in Nigeria to be an entrepreneur.

All over the world, there are more millionaires and billionaires produced in some countries on a yearly basis because you can wake up with an idea on a paper, approach the bank or a venture capital and it is a done deal. But you can’t do that here, and l think that is what is peculiar in our case. In the case of infrastructure, power is lacking. If you see 10 people who come out to set up businesses in Nigeria, within one year; perhaps only one, if any, will survive. But elsewhere in the world, we talk about five year gestation period.

But within one year in Nigeria, at least nine out of 10 may have folded up. It takes only one year to know a business that will survive in Nigeria unlike in the other parts of the world.

want returns and when you go to meet an investor over an industry that is not stable, an industry that ict, it becomes you cannot predict, worrisome. What we are looking at is the industry. But when things are put in a properr perspective and s to want to make there are incentives hings will change. anyone to invest, things ecause of the level At the moment, because of poverty in the country, majority of those who borrow money from these n pay. When a market banks cannot even ou to borrow N100, 000 woman comes to you for business and you ask her to pay 10 nd she gets back home percent interest, and and finds either herr son or daughter lying down sick, the first thing that will occur to her is to get that child to the hospital to save his/her life or eir table; and to put garri on their ack, interest before she looks back, ted and she on loan has mounted med, and it becomes overwhelmed, generates a whole lot of issue. ance banks, And for microfinance such money are to be given ollateral, so, out without any collateral, ack becomes getting the money back difficult. So, for us in the ard looking, Group, we are forward hoping that by the time there lants, we are enough stimulants, will want to key into the sector. Of course,, as an entrepreneur, one of the things you must realise s no is that, there is ness. sentiment in business.

A business must be s of able to pay the bills re, running it, therefore, me, from time to time, ur you must review your he portfolio, look at the ng ones that are doing es well and the ones ng that are not doing eed well. You don’t need to kill yourself overr any business that is nott doing well. If you are a Group, look at the ones that are dragging back formance and your overall performance weed them out.

As an operator in the real estate industry, do we still have a boom in that hat sector?

I think generally, nerally, the challenge in the real estate sector in Nigeria has been lack of adequate funds.. In the days when people saw the market as an alternative to the capital market, they (people) ople) had the cash to invest, so, rather than tie down all their capital tal in the capital ed to build their market, they wanted

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Monday, September 17, 2012

Business Courage A13 29

preneurship – Akinwande

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available to FMBN to fulfil its mandate.

We are already creating the platform to make housing available to Nigerians at affordable rates. We may not achieve housing for all but at least; we will achieve housing for one per cent people more by that time

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earnings and they either invested where they get capital gain or gain from rent from their investment in real estate.

But today, where are the majority of the people that had cash in their hands then?

The restructuring in the financial markets have changed a lot of things. I have two of my friends that came into my office recently who were former bankers.

Now, they are making moves to pull out their investments in real estate because first, man must survive. Rather than putting in more money to develop their properties to start earning passive iincome, in come, they have to pull out. But it is still good for the real estate because if the ‘Tsunami’ that was created in the stock market happened in the real estate, things would have been worse. You will agree with me that the

sector itself is not yet well developed as investors cannot ye yet source fund to invest in property. Peopl People will have to work and save before th they can buy properties or invest in real estate, which is not supposed to be be. So many people who invested in property didn’t owe people as they have to save to buy. This Th is different from the stock m market where they took margin loans to invest. For those that actually invested in pr property, if funds were availa available to develop them, it wo would have been a good sourc source of earning passive incom income. This is why I said there is still a lot of chal challenge in this country beca because, even with your prop property, you cannot still walk up to a bank and say, look, l have pro property and please give me money for business.

Yo You will not get it. If yo your property does not ha have a title document, yo you cannot trade with it it. But even in a case wh where you have it, go to the bank, they will stil still not give you cash to d do business in spite of th the fact that you have a secu secured collateral. But all these cha challenges do not remove the fact that there is still a huge housing deficit in Nigeria. It does not also remove the fa fact that real estate will continue to be th the main thing, because, culturally, every Nigerian wants to own their home. If y you are married and after a time you don’t still have a home of your own as a man because you are not interested, y your wife will begin to drum it into yo your ears that you must own one. This is because our culture tha the major pride a recognises that possesse is to own a home. man possesses cul Since our culture places so much importance on owning a home, there exists a huge gap between demand and supply in the housing sector in Nigeria. All w we would do is to find solution to the challenges of housing

and provide affordable homes and create funds for that purpose. But I believe that, if the government resolves to see housing as a major challenge and gives it all it takes, we will get it done.

Housing for all by 2020 or so as the slogan says, is it still realisable?

2020 is here already. It is really a challenge, but being a real estate practitioner, I think that every Nigerian deserves a decent home. I am not talking about mansions but decent bungalow, two bedroom, one bedroom and so on, but a decent home. In fact, that is why we are in it now. We are into it because of our belief that every Nigerian deserves a good home to live in. Our major concern is how to deliver housing the cheapest and fastest way. Also, how can we create flexibility in the way people acquire property, house, so it will not tell on their cash flow. That is why you see a situation where we say, you can buy land and pay over a period of 36 months. We are already creating the platform to make housing available to Nigerians at affordable rates. We may not achieve housing for all but at least; we will achieve housing for one percent people more by that time. So, rather than government reducing housing for all to a mere political statement, practical actions should be seen to be taken to achieve the goal.

How effective has the Federal Mortgage Bank of Nigeria (FMBN) performed its role as an institution established by government to make money available for housing?

Yes, you are correct. I think the FMBN is currently discussing with our association –Real Estate Development Association of Nigeria (REDAN), and because of that, I am aware there are a whole lot efforts being put in place by the current Managing Director of the bank to make things happen for the association and the industry at large. I think those who are there at the moment are making a lot of efforts to make things work. But then, it still boils down to the fact that, they can only do as much as their capital can carry. So, there is still a need to appeal to the Federal Government to give priority to housing and make more funds

The cash-less policy by the CBN has finally taken off in Lagos. Does this affect business in any way?

Well, I believe that we must not remain in one place and expect........

I mean, someone said that doing the same thing the same way and expecting a different result is the definition of madness. So, a couple of times, we have all said we wanted to begin to develop.

One of the things that distinguishes a developed nation from the developing or undeveloped nation is the ability to go cash-less. So, for me, the change is a welcome one. Now, what I just want to say is that, the people behind it should..... and I love the fact they are starting from Lagos because they obviously know if they start from my village, it will not work as the infrastructures are not there. The infrastructure is here to a certain level in Lagos. I can only pray that it would get better. But there must be a lot of public enlightenment to let the people know they don’t need to carry cash around now to transact business. The people should be told that with their cards in their hands, they can do whatever transactions they need to do daily. But the banks, sales outlets and others have much work to do to deploy facilities like Point of Sale machine (PoS). I have also tried it out in a couple of places. I used my card to pay for my purchases, sometimes it works, but most times it does not work. But for the times it worked, I said this is good.

There was a particular shop I went to and bought something. They received the card from me and I received alert that money has been taken from my account. But when l showed up there the next time, almost a month later, they said to me that this time around, you have to pay with raw cash because their money is still hanging. I told them that the money has been removed from my account. You see, this is some of the challenges or teething problems this project will face at the onset but does it mean it will not work? No, it will work. By the time we are into it for the next five years, it becomes a norm.

How has the going been for the Hazonwao Group and what does the future hold?

The Hazonwao Group came into the financial sector when the sector was having problems. We started well. We are focused, we know what we want and we go for it. Even when the capital market Tsunami came, which affected our business, we remained resilience, focusing on our core mandate which is the financial markets. What I can say is that, it can only get better. When you look at the vision that is driving us, it is enough stimulant to want to do more, to want to keep going. We want to keep rendering service to our clients. I’m very positive about the future of the Group.

For instance, Evermore Property, the real estate arm of The Hazonwao Group keeps looking for ways to provide affordable homes for our clients. Our strategy is to move away from the densely populated places to create a city where people can live. We have our estates in Magboro, Papalanto, Mowe, Ofada, outskirts we are developing to new cities. BC

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National Mirror www.nationalmirroronline.net

Long walk to National Identity Number After several postponements due to logistics and technical reasons, hope brightens for the elusive harmonised national identity database as the National Identity Management Commission (NIMC) begins enrolment

By Adejuwon Osunnuyi

C

hris Onyemenam, the Director General of the National Identity Management Commission (NIMC), was in high spirit last week, following the commencement of the enrolment of Nigerians for the National Identity Number. The National Identification Number (NIN) is a set of numbers assigned to an individual upon successful enrolment.

The enrolment consists of the recording of an individual’s demographic data and capturing of the ten fingerprints, head-toshoulder facial picture and digital signature, which are all used to cross-check existing data in the National Identity Database to confirm that there is no previous entry of the same data.

Once this de-duplication process is completed, the data is then stored with a unique NIN that was assigned to it. The NIN, once issued to a person, cannot be used again. That is, it cannot be issued to another person even if the previous person is dead. It is the NIN that helps to tie all records about a person in the database and is used to check the identity verified.

According to the NIMC Act 2007 which was established to operate, maintain and manage the new National Identity Management System (NIMS), every citizen from the age of 16 years and above and legal residents are eligible to enroll for the NIN. However, arrangements are still currently being made to ensure that all persons from birth can be registered and enrolment of biometrics from the age of five can be achieved.

Like many Nigerians, to Onyemenam, who was happy that after several postponements due to logistics and technical reasons, the exercise began in earnest, the need for a credible Identity Management System stems from the fact that less than 25 per cent of Nigerians have any form of identity while less than five per cent of Nigerians are having International Passport. Besides, he noted that 75 per cent of identity documents in circulation are counterfeit and self issued while there has not been any timely means of authenticating the documents. The effects of this, he said, are manifesting in harassment of Nigerians outside the country; porous physical and logical borders; insecure business environment; and a situation where any black person can claim to be a Nige-

rian. Solutions to these problems, the DG said, would only come through the registration and issuance of National Identity Number (NIN) and National Smart Card to every Nigerian from 16 years upward.

Anthony Okwudiafor, Head, Corporate Communication of the Commission said the NIMS will bring significant benefits to the economy, in particular as it will enhance the work of the Law Enforcement Agencies (LEAs) towards maintenance of law and order, preservation of lives and property and the fight against corruption, unknown, duplicate, multiple and ghost identities and related frauds (Advance Fee Frauds). He said it will deepen access to consumer credit and thus stimulate local production and commerce, create new economic and employment opportunities and help launder Nigeria’s image. Also, according to him, it will streamline biometric-linked projects and meet identity verification needs especially in the public sector and facilitate the achievement of financial inclusion and development of financial services sector in Nigeria.

According to Onyemenam, other measure in this direction is the harmonisation of the existing data from the Independent National Electoral Com-

mission, INEC and the National Communications Commission, NCC. But beyond these, he said, “NIMC will provide real-time online and offline access to the National identity information allowing individuals, businesses, organisations and governments confirm the identity of any Nigerian and Nigerian resident.”

Explaining the similarity between the National Database and National Identity Card, Onyemenam said, “We must have it at the back of our minds that there is a distinction between the National Data base, which gives rise to the National Identification Number, and the issuance of the Smart National Identity Card.” With the National Data base, he said, “you can issue other forms of card but with the Smart National Identification Card, the number of other cards that can be issued will be reduced because what we have is a particular type of card that has multiple functions.”

On achieving secured transactions, Onyemenam noted that although the primary responsibility of the Commission is not to address fraud, there are certain basic infrastructures needed to ensure that fraud can be addressed to the barest minimum which the commission can offer. “Some of these infrastructures can also be used to

combat not just crime and criminal tendencies, but also the issues of corruption, facilitation of economic planning and the implementation of social welfare programmes.

“What I am saying is that, it is from the perspective of the social infrastructure that will enable the achievement of the NIMC goals and services to set in if we want to fight fraud in the banking system or in the financial system generally.

To the NIMC DG, in providing the basic security infrastructure therefore, “NIMC is asking if we can have an infrastructure that can serve all and sundry because it is the same individual that presents himself to the Federal Road Safety Commission (FRSC) to obtain a driver’s license, that presents himself to the Nigerian Immigration Service for an International Passport, and to the tax office to file his tax returns.”

Onyemenam noted that “it is also the same individual that goes to the Corporate Affairs Commission (CAC) to incorporate a company as a national subscriber, and gets registered at the National Health Insurance Scheme (NHIS), thus that individual’s demographic and biometric data must remain consistence, because if the individual’s identity cannot be

unique across board, then that persons capacity to misled people becomes possible.”

“At one stage or the other, an individual may tend to mislead people, and take advantage of that capacity. This is what NIMC refers to as identity theft, and is on the lookout to curb.

Once this stage has been completed, it will be unnecessary for other ministries, department, agencies or any other office to begin to create their own systems. This is because they can just depend and leverage on the existing system.”

In ensuring data privacy and access, the DG noted that the NIMC undertook a Privacy Impact Assessment study which informed the formulation of the privacy policy. According to him, the commission also has a policy on the regulation and guidelines for accessing the National Identity Management System (NIMS). The NIMC Act, he said, sets out a number of government security and financial crime control agencies to which NIMC is obliged to provide personal information subject to a court order. They include: the State Security Service, Economic and Financial Crime Commission and the Nigeria Police Force. In the case of normal or commercial transactions, any identity verification

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Business Courage A15 31

Monday, September 17, 2012

Technotips

Onyemenam

request to the NIMC database, he revealed, receives a ‘Yes’ or ‘No’ answer.

He explained that the project is being funded through PublicPrivate Partnership (PPP) arrangement. “The private sector is investing in the establishment of enrolment centres and capturing of the data countrywide.

The private sector will also invest in the verification services infrastructure and recoup its investment through revenue from verification services. The NIMC is investing in the database and connectivity infrastructure and will share part of the revenues to be generated.”

The PPP arrangement, he explained, is based on a sustainable investment and revenue model. “A concession has been granted to the FEPs for 10 years.

The private sector is managing the enrolment persons and the provision of verification services which will generate revenues.

The private sector is investing its money and therefore has a vested interest in ensuring that the project works in the most sustainable manner to ensure that it recoups its investment over a period of ten years.

The project is self-financing and therefore, sustainable.

Government also has its own part to fund and will fund it adequately because it will enable government streamline biometric-linked projects and optimise its scare resources as well as provide it with the much needed database for socio economic planning and development.”

While the project had already commenced in six other states, explaining why the Lagos zone is starting late, the DG disclosed that this is due to its peculiar size and population as arrangement had also concluded by the NIMC for a nationwide roll-out in March 2013. “Lagos is a very big place and very populated too. We needed to ensure that the arrangement has gone into the very advanced stage before we start conducting the

exercise.” Currently, there are 37 major locations in the country, seven of which have been subjected to check criteria, followed by the pilot scheme. The locations are: Abuja, Kaduna, Bauchi, Port-Harcourt, Bayelsa, Enugu and Lagos.

To ensure a hitch free exercise, he said Nigerians can log onto the NIMC pre-registration portal to register their bio-data and secure a date for finger prints and photo capture. Revealing how the exercise will work in Lagos, Onyemenam said: “As it is now, we are ready and set to roll out. We have written to the state government, and with their permission, we can invite residents to come to the closest centres to them and have their data captured.”To him, “All we need do now is set up the centres at specific areas in the state, and invite residents to step into any centre closest to it and get their National Identity Number (NIN).”

According to the Commission, the design and technology architecture of the NIMS emphasizes identity management rather than identity card issuance, as it is as an ‘open system’ while the previous ones which place priority on the issuance of cards are ‘closed systems’.

It says it will utilize advances in smartcard technology while discarding obsolete technology and processes it inherited from previous projects which it cannot incorporate.

There are different ways you can enroll for the NIN. They include self service enrolment, where applicant visits NIMC website: http://www.nimc.gov. ng to access the Enrolment Form or walks into an enrolment centre and use the self-service workstation. He is expected to fill the Enrolment Form online and prints a summary sheet with a 2D Barcode and Registration ID number. At the enrolment centre, the enrolment officer scans barcode to pull up the applicant data or uses the

Registration ID Number to pull up the information from the database. Alternatively, applicant can walk into an enrolment centre and pick up an enrolment form, fills the enrolment form, providing the required demographic information. Applicant approaches the enrolment officer who collects the completed form and inputs the details into the enrolment portal. While applicant is through verifying and confirming the enrolment of his data on the system, he is expected to have his photograph, finger print captured.

Immediately after this, applicant has his supporting documents scanned while enrolment is acknowledged and a slip is generated and given indicating completion of enrolment.

At the completion of the enrolment process, the applicant is informed of the date and time for collection of the National Identification Number (NIN).

Meanwhile, the applicant can only collect his NIN at the enrolment centre where he enrolled as NIN can only be collected by an individual after biometric verification and not by proxy.

Other means of enrolment include assisted-Service as well as Mobile-Service.

In a related development, however, the Central Bank of Nigeria, CBN, seemed to have keyed into the NIN scheme as it has stipulated that from January 8, 2013, the National Identity Number (NIN) will be a condition for owning and operating a bank account in the country.

According to the apex bank, the NIN is to be used for the Know Your Customer (KYC) Verification. To this end, the Nigeria Interbank Settlement System (NIBSS) and NIMC are scheduled to commence a threemonth enrolment exercise for all existing bank customers, to “Presently, NIBSS is working in collaboration with the NIMC to integrate the Nigeria Central Switch operated by NIBSS with the NIMS. This integration will enable banks to conduct identity verification on NIMS through NIBSS, and will enable NIBSS to provide identity related value added service to banks.” This enrolment exercise will be completed by the December 31, 2012.

The National Identity Management Commission (NIMC) was established by Act No. 23 of 2007 primarily to foster the orderly development of an identity sector in Nigeria through the development of a modern and universally acceptable identity management infrastructure in Nigeria.

It would be recalled that the implementation of the National Identity Management System (NIMS) received a boost last year with the approval of the sum of N30.1 billion for the accelerated implementation of the ‘back end ‘component of the project by the Federal Government. BC

Tips to protect your computer from trojans and viruses

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any have been crippled and defeated at crucial moments when an important deadline is coming up because of a virus infection. Well, here is a detailed guide into how to protect your computer from viruses.

This is directed primarily toward Windows users and not Macs/Apple computers. Do not think that Macs are not susceptible to viruses because, in fact, they are. As they grow in popularity, the pool of potential victims grows for each virus written.

At this point, most viruses are trying to extract money from you in some way.

With that in mind, the broader stroke of victims a virus can affect, the greater potential for profit a virus can make. However, Apple is doing an excellent job at keeping ahead of the virus producers. So, for the time being , further precautions other than the default Apple settings and keeping an updated Time Machine backup on an external hard-drive is not recommended.

First, you will want some magic discs. Sometimes computer manufacturers give you discs called recovery discs or factory restore discs. However, you do not need to pay someone to make them for you or order them from the manufacturer.

To make these discs on your own, go to the Start Menu on your computer, type in Recovery and hit enter. Once you have done this, a prompt will pop up asking if you want to make a factory image or restore disc. Continue past that point and it normally provides two options: Make DVDs or save to a flash drive. DVDs is preferable because you would more than likely store them in a safe place and be less likely to misplace them.

Second, you will need some anti-virus protection. However, no matter what antivirus you choose to go with, it is vitally important you keep it up-to-date to avoid if leaving yourself wide open to new virus threats.

The best practice is to update your antivirus every night, but this isn’t a perfect world. Once per week is sufficient, though.

Just set up a reminder on your computer to notify every week. If your antivirus has an Auto-update, be aware they are not perfect and that you should still do an update yourself.

Third, have a backup device/online storage. For most of us at this point maintaining backups of our papers on a flash drive seem like a no brainer.

But there is more to consider than just a flash drive. What happens if you lose or break your flash drive? All that data you counted on having backed up is now lost.

There are two methods of effective backup. The first would be an external hard-drive. Essentially, this works like a large flash drive, but you can save all of the files on your computer.

To get real geeky, you can make into something called a clone drive. This means the external hard-drive is an exact copy of your internal one. If your internal hard-drive goes out or gets corrupted, you can then swap the internal out for the external and have everything back exactly the way you left it. Now, that would be the most comprehensive way, but it takes a little time and know-how.

The other way would be to use an online backup service or cloud storage. You can save important files and photos on a distant computer, which is protected from crashes and data loss. If you choose to use a cloud service, it will also allow you to access your data from anywhere.

This comes in handy if you forgot that important assignment was due today and you didn’t bring it with you. You can run to a computer lab and print it off. A lot of cloud services offer an application for download to your computer that will make sure your information is always current as long as you hit the save button.

A final tip is to maintain regular updates on important programs. Make sure to keep your Windows up-to-date and don’t just dismiss update pop-ups. A lot of the updates pushed out are to fix known security holes, thus protecting you from viruses. A good day to check for Windows updates is every Tuesday, which is when Microsoft sends out most of its updates.

Other vital programs to regularly update are Java and Adobe Flash/Reader. These programs are heavily utilized online by nearly every website. This makes them one of the largest targets for virus attacks. This is the reason why that it seems like every time you turn your computer on it has an update for either Java or Adobe is because the security problems that these programs have.

And just to reiterate one last time, keep your anti-virus updated. Most of the infections I run into are caused by the lack of updates provided to the anti-virus.

The reason the paid Anti-virus’ are sold on a yearly basis is because it is a subscription to a service, not a stand-alone piece of software. Many people get confused on this part and that is mostly because the anti-virus companies do not make this idea clear. BC

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Business Courage

Juwah

NCC restates commitment to robust broadband services Stories by Kunle Azeez

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he Nigerian Communication Commission (NCC), has restated its commitment to ensuring the deployment of robust broadband services in the country, saying ubiquitous broadband services hold greater prospect for the nation’s economy.

The Executive Vice Chairman of NCC, Dr. Eugene Juwah, re-echoed the commission’s resolve for widespread broadband services at the 2012 edition of the Nigerian Telecoms Development Lectures organised by Logica Media Group held in Lagos recently.

“With widespread deployment of broadband services in Nigeria, the future holds greater prospects for the telecoms industry. This is why we are currently sparing no efforts to achieve a robust deployment of broadband services across the length and breadth of Nigeria,” he said.

While noting that the Commission acknowledged the huge prospects that abound in the availability of affordable and pervasive broadband services in a vast geographical spread such as Nigeria, Juwah said the regulator was interested in bringing broadband access to all citizens a reality in the country.

He said telecoms sector, as evident in the last 12 years of telecoms deregulation, portends much more prospects for the nation in terms of Gross Domestic Product Contribution (GDP).

Juwah said that everyone is a witness to the greater strides that telecoms sector has helped us to achieve as individuals, and as a nation.

We are witnesses to the access which telecoms services have made available with the revolution that has attended the industry in the last decade.

“We have seen how businesses have thrived with the availability of Information and Communication Technology.

We are all full of admiration

with the huge private sector investments that the industry has witnessed, rising from about $500,000 in 2001 to over $25 billion as at present and how it has transcended to the nation’s economic environment. By this, we mean the contributions of telecoms to the economy by way of job opportunities, human capacity development, improved business transactions with associated cost savings and most importantly, its contribution to the nation GDP profile where it has taken over from the financial sector,” he said.

The NCC boss, however, noted that the challenges facing the industry were numerous and enormous but noted that the difference lies in the determination to ensure that they were surmounted along the line.

“You are all were that financing is a major challenge. Telecommunications infrastructures and services are of high capital intensity. In spite of the enormous amount of investments attracted so far in the industry in the short span of about 12 years, the sector is capable of absorbing a s much as hundreds of this same amou8nt in less than this period if made available,” he said.

Juwah said this was the reason why the Commission currently aspires through its predictable and consultative regulation to create a much more enabling environment that can attract and sustain any amount of investments available for its growth.

“Certainly, we understand these challenges because the use of telecommunications services is more experiential than theoretical. We recognise the challenge of quality of service which has remained topical for some time now, and for which the Commission has taken various steps to address.

Etisalat taps into N150bn mobile money market with easywallet

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igeria’s fifth largest telecoms operator, Etisalat, has launched its easywallet platform, a secure and user-friendly

Monday, September 17, 2012

SIM application for mobile money payments and transfers as part of its effort to drive financial inclusion in through the country’s m-payment market potentially valued at N150 billion in the next five years.

The mobile money platform, which is offered in partnership with leading Nigerian banks including First Bank, GTBank, Stanbic IBTC Bank and Zenith Bank is a more convenient and secure platform which allows its over 14 million subscribers easy access to their preferred mobile money scheme for conducting secure money transfers and payments.

Speaking at the launch, the Chief executive Officer, Etisalat Nigeria, Steven Evans, said with easywallet, Etisalat aims to bring mobile money closer to the customer and drive the Central bank of Nigeria’s cashless policy initiative by growing the use of mobile payments.

According to him, “The launch of easywallet is a landmark in Nigeria and progress towards mobile money adoption, as it is the first fully- secure mobile money SDIM application offered to customers with the easywallet application installed on their SIM cards.

“This unique application supports multiple languages such as English, Hausa, Igbo and Yoruba and works across all makes and models of phones, smart phones and even tables devices. Easywallet is compliant with al industry standards such as ISO-1 and guarantees adequate protection of customer’s information while carrying out mobile financial transactions across multiple Mobile money schemes.”

Evans stated further that the company’s strategy is to be a leader in providing its customer with cutting0-edge and secure channels for mobile money financial services. “This involves being a major enabler and innovator in the Nigerian ecosystem and working with all key stakeholders to create a value proposition to meet the needs of the customers,” he said.

Explaining the features of esaywallet, Chief Commercial Officer, Etisalat Nigeria, Wael Ammar, said easywallet allows users an easy and secure way to perform financial services using their mobile phones from any part of the country.

Lagos advocates increased ICT access for Nigerians

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Ammar

ommissioner for Science and Technology in Lagos State, Adebiyi Mabadeje has advocated the need to accelerate measures in the country towards providing access to Information and Communication Technology services to millions of Nigerians.

Speaking the 2012 edition of

National Mirror www.nationalmirroronline.net

Firm extends e-recruitment operations abroad

D Mabadeje

the annual Nigerian Telecoms Development Lecture organised by Logica Media Group in Lagos recently, Mabadeje said though telecoms sector in Nigeria has witnessed progress in more than a decade, much still needed to be done to increase ICT penetration.

According to him, “We are today the fastest growing telecoms market in Africa but while celebrating the growth and substantial achievements of the telecoms sector in Nigeria, it is important for us to be conscious of the digital divide that still exists in our country.”

Mabadeje contended that there were still millions of Nigerians with limited or no access to ICT services. “It is therefore my onion that stakeholders in the country will fashion out a plan that will assist in bridging the gap between the urban and rural Nigerians,” he said.

Explain ICT initiatives being undertaken in Lagos State, the commissioner said the State Governor, Babatunde Fashola, had been supportive in ensuring that “we leverage on ICT as a tool for economic development and social change in delivering good government.

He said: “We have put in place, well-structured ICT services in virtually every sector of the economy including land documentation and processing,. Electronic document management, automated Electronic Tax Clearance Certificate (e-tcc) and the success of our autoreg platform cannot be over-emphasized.”

According to him, transaction businesses with agencies of government in Lagos State were gradually becoming less paper-dependent.

“Our accounting and treasury units have been computerised, paying your taxes, levies and dues area now, to a large extent, done electronically. Because we believe that our citizens are our clients and the more efficient and transparent our services are, the more we enjoy their support and patronage.

“To this end, therefore, our reforms are on-going to ensure that our businesses are done in a manner that honesty and integrity become the watchword,” he said.

ragnet Solutions Limited, an indigenous Information Technology services company with focus on electronic testing solutions portals deployment, has expanded operations with the commissioning of a second test centre in the United Kingdom and United States.

The expansion, the company said, was part of its efforts to stem the surge of human capital flight, attract competent Nigerian professionals into the economy and also place a lid on the brain drain migration in the country, Dragnet Solutions is a dynamic IT firm that specialises in the design, development and implementation of people-screening solutions that can be deployed in a variety of uses covering both the workplace and the educational area.

Speaking on the development, the Chief Executive Officer, Dragnet Solutions, Robert Ikazoboh, said the decision of the firm to expand its test centres to the UK and the US was informed by the need to provide job seekers and other Nigerian professionals who have had several years of challenges sitting for the test in Nigeria, the opportunity of writing their tests while still located abroad.

“Many graduates have either had to cash in their return tickets and fly home for the test or simply miss out all together. Even where companies have used the “Careers Fairs” route to reach out to Nigerian graduates overseas, they have most times required them to sit for tests in Nigeria,” he said.

Ikazoboh said the test centres for the provision of online e-test solution portals would enable potential Nigerian citizens in Diaspora to seamlessly sit for recruitment test virtually, from any location in the world.

“The system allows applicants the convenience of seating their tests either locally or overseas and the results are available to the employers on the same day irrespective of the location ensuring that overseas testing does not negatively impact the testing process in any manner.”

“Dragnet Solutions has designed and deployed an on-line, simultaneous multilocation tests portal, which has commenced testing in its second test centre in the United Kingdom, and the United States of America and is looking to extend its platform to other European countries, Eastern and Western Africa,” he said. BC

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Business Courage A17 33

Monday, September 17, 2012

Banks responsible for Nigeria’s economic woes

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he Minister of State for Finance, Dr. Yerima Ngama, has said that banks were to be blamed for the present economic hardship in the country, especially with regards to lending to the manufacturing sector.

Ngama, who spoke at the Annual Conference of the Chartered Institute of Bankers of Nigeria, CIBN, said that despite substantial support from the government, the banks have failed to provide commensurate support to the real sector.

He noted that instead, they have continued to show preference to financing import trade and by implication, contributing to the crisis in the real sector and the volatility of the foreign exchange market.

He said, “Most commentators believe that the banking sector is not supportive of the real sector. It only

engages in financing imports at the detriment of the productive sector.

For instance, the Textile Industry, Agriculture and Mining are not adequately supported by the banking sector hence the CBN intervention.

“Lending by the banks showed that of the total N6.42 trillion and N7.18 trillion loans and advances of the banking industry as at December 2011 and June 2012 respectively, contribution to agriculture received marginal 3.35 per cent and 3.45 per cent during the period, while Power and Energy sector got paltry 0.39 per cent and 0.81 per cent during the same period.

“General commerce and the importation of oil and gas maintained steady lead, thus making them to support the productive base and capacity of other countries at the detriment of the country.”

Sanusi

He stressed that since 1989, the Government through the CBN and the NDIC have intervened to save the banking industry, saying that it is the most protected industry in Nigeria.

“This cannot be sustained and it

is, therefore, necessary for us to review our business model to ensure that the banking industry takes its rightful place in financing the vital sectors of the economy”, Ngama advocated.

He identified another debilitating factor to economic growth being promoted by the banking sector as high cost of fund, pointing out that the prohibitive interest rates of about 20 per cent to 25 per cent charged on loans had remained a disincentive to productive activities since the banks are more concerned with import finance, an action which puts further pressure on the local currency.

He observed that high interest rate on lending has made credits inaccessible to farmers, small and medium enterprises and the manufacturing sector, thereby crippling activities in the real sector. BC

BELIEVABILITY INDEX

Beta Glass Plc: Why the dwindling figures?

By Festus Okoromadu

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good number of the shareholders of Beta Glass Plc obviously left the premises of the Mainland Hotel, Ebute-Metta, Lagos, venue of the company’s 38th Annual General Meeting (AGM) on Wednesday, July 4, 2012 with the impression that their equity investment will yield greater returns in the coming years. However, whoever hold such views should better do a rethink. Such expectations now appear elusive in the face of the second quarters unaudited account for the 2012 recentlyreleased by the company.

In contrast to the prospective future promised by the company’s board chairman, Joseph Oke, the company recorded depreciation in almost every item on the profit and loss account in half year period ended June 30, 2012. Analysis of the account shows revenue dropped by 16.36 per cent to N5.2 billion from N6.22 billion in similar period of 2011. The decline in turnover resulted in a drop in gross profit and subsequently on net profit.

Gross earnings during the period fell to N674 million as against N1.142 billion in 2011, representing 41 per cent drop, while net profit declined by 43.64 per cent to N502 million against N891 million in the comparable period of 2011.

Following the shrinking figures posted both in terms of revenue and profit, earnings per share (EPS) dropped by 78 per cent to 100 kobo compared with 178 kobo in the similar period of 2011.

By implication, if the current trend continues till the end of the 2012 financial year, shareholders will have to expect a cut in their dividend earnings. History shows that the company has a liberal dividend policy and has been consistent in rewarding shareholders. In the last three years, the company had paid a dividend of 40 kobo, 38 kobo and 36kobo for the 2011, 2010 and 2009 financial years respectively.

However, there are fears that the company may not be able to achieve the same feat at the close of 2012 as a result of a declining EPS. Those who argue that dividend pay-out for the year will definitely decline point to the fact that when the company’s EPS for 2011, 2010 and 2009 stood at 309, 295 and 277 kobo respectively only 40, 38 and 36 kobo were paid as dividend. They therefore anticipate that with the EPS shrinking to 100 kobo by midyear, there is the likelihood that the EPS may not rise beyond 250 kobo by year end and if this happens, the board of directors of the company may not be able to equal its previous feats.

Although, these are assumptions, such sentiments seem to be having impact on the equity at the moment.

For instance, the company’s share price has continued to suffer depreciation in the last one year or more, as the 52 weeks high price was N12.71 while the 52 week low was N10.03 at press time, last Thursday. The depreciation in share price and EPS has further complicated issues for investors who thought they could make quick gains from it on the short-run. But for those who invested in the stock with the future in mind, can depend on the promises of the chairman and hold on for the good time to come.

Despite the situation on ground, Oke remains very optimistic about the company’s prospects even as he admits the fact that the manufacturing sector in Nigeria faces a couple of challenges. “The manufacturing process of our plant is largely dependent on the furnaces working around the clock, twenty four hours a day, seven days a week”. Advancing a solution he said, “With power being such an integral part of the process, I would like to seize this opportunity to express our appreciation to the Federal Government for its policies with regard to the availability of gas which power our machines. It is however suggested that

in order to encourage growth in the manufacturing sector, the pricing of gas supply should be regulated to promote development”.

Speaking on how the company improved on its performance in 2011, Oke said that part of the increase was a result of the increased capacity of the company’s furnaces, adding that having undergone refurbishment, the life span of the furnaces are increasing. Other factors which he said boosted the performance includes, better cash flow and lower capital expenditure, which according to him, enabled the company to lower the finance costs.

In addition, earnings were increased according to him through the collection of some outstanding export grants during the year under review.

However, the questions which the current performance of the company has thrown up is what happened to these factors which enhanced delivery in 2011? Has the playing fields changed so drastically? The current situation is further complicated when one considers Oke’s assurances that “the the company’s export profile has continued to be stable and growing and the pledge to further explore markets within the West African sub-region and beyond in Africa.

So, has anything changed? BC

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Business Courage

Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

Behind d Wheels This page is open to sponsorship

2014 Accord: A car with three dr

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ybrids are not something new for Honda, but the system in the forthcoming 2014 Accord plugin hybrid (PHEV) is several giant steps from the type introduced in the 1999 Insight and merely upgraded series. It also includes some very different approaches from the plug-in Toyota Prius, Chevrolet Volt, and Ford Fusion Energi.

The question of appropriate all-electric range for a PHEV is controversial. The Accord rating is 10-15 mi (16-24 km) vs. the Volt at about 35 mi (56 km), Prius at about 12 mi (19 km), and the Fusion Energi’s reported 20 mi (32 km). Based on the size of the lithium-ion battery pack, 6.75 kW·h (vs.

5.2 kW·h for the Prius PHEV), the range estimate would seem to be conservative, although the Prius is smaller, lighter, and more aerodynamic than plug-ins and HEVs based on non-dedicated platforms. What apparently has set EV limits for PHEV newcomers is the high cost of lithium-ion batteries and the needs to keep the retail prices at more attractive levels and recharge times short.

Although the Accord PHEV

will include a 120-V builtin charger and perform a full recharge in 3 h, a 240-V charge capability will be available and do a full recharge in under 1 h. The electric plug is an SAE J1772 compatible type.

The engine is one of the entries in Honda’s new Earth Dream series. It’s a 2.0-L Atkinson cycle four-cylinder (late intake valve closing) rated at 137 hp (102 kW). Unlike the 2.4-L in the non-hybrid, it

doesn’t have direct fuel injection but does use an i-VTEC variable valve timing and lift system. The electric traction motor is rated at 124 kW, but with the engine, the combination peak rating is 196 hp (146 kW) and 226 lb·ft (306 N·m).

As a 2014 model, the Accord PHEV will not go on sale until early next year. That Honda chose to lead with a plugin is interesting, because a less-expensive hybrid-only

is scheduled to arrive next summer. The PHEV, shown at a press introduction for the 2013 Accord sedan and coupe, was a pre-production model, and as a result, detailed specifications were not available.

Honda has said the Accord PHEV will top 100 mpg-e (equivalent), including a start with full charge, so the electric range is factored into the EPA window sticker numbers. AEI tested the PHEV on a brief

drive with the EV range fully depleted and engine warmed up. So it was running as a pure hybrid and recorded 41.4 mpg on a 10-mi (16-km) drive.

Although Honda has not released official hybrid-only figures, a Honda engineer informally told us that he would have expected we would have exceeded 50 mpg. Well, perhaps with a longer run, but that was the limit of the opportunity we were given.

The Honda hybrid power flow is unique, nothing like the acceleration assist-only system the company has used exclusively since the 1999 introduction of the Insight and later on other Honda models.

The Accord PHEV has a twomotor design—one startergenerator and one traction motor within what forms an electric CVT (continuously variable transmission).

The system operates in one of three power flow modes: pure EV, hybrid, and direct drive from the engine—through a clutch into a helical gear set in the CVT-E and into the transaxle.

A shaft-within-a-hollow-shaft system and an electromagnetic

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Business Courage A19 35

Monday, September 17, 2012

Behind d Wheels This page is open to sponsorship

ive modes

clutch are packaged within the CVT-E housing, Honda engineers said, but a cutaway or exploded version was not available for inspection. The direct drive from the engine is by engaging the electromagnetic clutch located between the engine (with starter-generator) and the traction motor.

An advantage of this system is that, in direct drive, at the cruising speeds that are beyond

the hybrid operation, there are no energy conversion losses (from the gasoline engine used to produce electricity to power the traction motor) as in other two-motor hybrids. That is, the engine transfers power through the clutch and the gear set in the CVT-E into the transaxle.

The direct-drive mode from the engine is engaged by locking the clutch at the most efficient combination of road

Autocare Continued from last week speed and load, so at higher road speeds in particular, the Accord PHEV should deliver better fuel economy than with a conventional hybrid system.

The car reportedly will run in EV mode up to about 60 mph (96 km/h). A Honda engineer told AEI that the direct-drive clutch could lock in at as low as 45 mph (72 km/h) depending on load conditions.

There also are “sub-modes,” entered by pressing the control panel EV button. If just pushed quickly, it will switch from EV mode (if available) to hybrid.

This would save battery energy for later EV operation or for future electric motor assist under high load. If held briefly, the button engages a power split to use the engine to recharge a range-depleted battery pack.

This permits a driver heading for a mountainous area to restore the battery charge for performance assist.

The battery pack contains 100 prismatic-shape cells, supplied by a joint venture between Honda and GS Yuasa, a Japanese battery maker with worldwide distribution. The pack, behind the rear seat and just above the suspension, is cooled by a fan system that uses cabin air.

The under hood electronics centre is cooled by a liquid system, with its own radiator in the left front (adjacent to the primary radiator) and an electric pump to maintain circulation.

The car has an electronically controlled regenerative hydraulic braking system adapted from the Fit EV, which Honda claims improves regenerative efficiency five per cent.

Although the hybrid system and battery pack add weight, the PHEV includes a lot more aluminium than the regular Accord: the front sub frame, brake pedal, hood, rear bumper beam, and a specific 17-inch aluminium wheel. Additionally, the interior acoustic materials are a lightweight type, and the spare tire is replaced by a puncture repair kit.

The Accord PHEV is unlikely to match the Cd numbers of a dedicated hybrid like the Prius, but much was done, such as installing under body covers (power train and cabin areas), a rear spoiler, and those specific 17-inch wheels, which come with aero wheel covers.

Although gasoline engineonly Accords sold in the U.S. are made in the company’s Marysville, OH, plant, the PHEV is an exception. It will be produced at a Honda plant in Sayama, Japan. BC

Car maintenance checklist for DIYs

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utomatic transmission fluid An automatic transmission depends on the transmission fluid for transferring engine power to the wheels, shifting gears, lubricating moving parts and cooling down the transmission.

Check the transmission fluid when your car is serviced and change it as recommended.

Different cars have different ways of checking the transmission fluid level; some require the engine to be shut off (e.g. Honda), some cars don’t have a transmission dipstick at all and the fluid can only be checked in a repair shop.

Check your owner’s manual for proper procedure.

After the vehicle was driven for a while to let the transmission fluid warm up, place your vehicle on a level ground. Set the parking brake.

Make sure the transmission is in “P” (Park) position. Leave the engine running. Find the automatic transmission dipstick (your owner’s manual will tell you where it is located). Pull the dipstick out.

Wipe the dipstick off with a clean lint-free rag. Insert it back fully. Pull it out again and check the fluid level. A transmission fluid expands when warmed up, so if the car has been driven for a while (20-30 minutes), the transmission level should be between “HOT” marks. If the vehicle is cold, the level should be between “COOL” marks. Check the fluid condition: a very dirty fluid with strong burnt smell is a warning sign of transmission problems.

Normally, the automatic transmission fluid should be clean and transparent.

If the transmission fluid level is low, you can top it up, but be careful not to overfill it.

Overfilling the transmission can cause problems. It’s very important to use only specified transmission fluid type - check your owner’s manual or simply visit your local dealer, they always have proper transmission fluid in stock. Incorrect fluid type can damage your transmission.

You can top up the transmission fluid by using a thin funnel; add a small amount of the fluid through the dipstick pipe. Wait for a few minutes - let the fluid drain down. Recheck the level again. Don’t overfill.

Battery Check the battery condition visually. If you see any leaks, cracks or other damage, the battery needs to be replaced.

Make sure the battery terminals are tight and not corroded.

Corrosion at the battery terminals will cause poor connection, which can result in

all kinds of problems, including a no-start.

You may find the tips how to clean the battery terminals in your vehicle’s owner’s manual or online. Be careful, that white flaky corrosion stuff is very acidic.

Windshield wipers Replace the wipers at least once a year or earlier if they don’t clean the windshield properly.

If you still have the original wipers installed, you can just replace the rubber refills. Check if the windshield washer jets are working properly.

Tires Check the tire pressure regularly - at least once a month. If you don’t have the tire pressure gauge, it’s worth to buy a good one. You can find the recommended tire pressure in the owner’s manual or on the tire pressure placard, which might be located on the driver’s door jamb, inside the gas tank lid or inside the glove box.

Measure tire pressure when the tires are still cold.

Pump or deflate to the recommended pressure. The maximum pressure listed on tires is NOT the proper pressure!

There is a safe limit of the tread wear. If the tire is worn below this limit, it’s unsafe to drive. Your owner’s manual has the direction how to measure tire wear or your mechanic can check your tires for you.

Feel vibration at cruising speed? Have your tires balanced.

Uneven tire wear indicates alignment problem. Improper alignment causes increased tire and suspension components wear and poor handling. If a car pulls aside, wanders or feels unstable on the road, have the alignment checked. Properly done alignment will make your car ride a lot more enjoyable.

Tire rotation Front and rear tires wear at different rate and have different wear pattern. On a typical frontwheel drive vehicle, for instance, the front tires would wear out a lot faster than the rear ones if not rotated regularly. By rotating your tires regularly, you are making sure that your tires wear more evenly and last longer. Some manufacturers recommend rotating tires at every oil change, others may recommend to do it at different intervals. Tire rotation pattern is also different for different tires.

It’s best to check your owner’s manual or call your local dealer for exact recommendations for your tires. BC

A20 36

Business Courage

Julius Berger, 7up, four others raise investors hope

By Tayo Adeleke

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onstruction giant, Julius Berger Plc and 7up Plc, one of Nigeria’s leading beverage manufacturer, and a host of other quoted companies have come up with their financial projections for different financial periods.

Among the pack, Julius Berger, 7up bottling company Plc, Portland Paints & Products Plc, Evans Medical Plc, Presco Plc and Goldlink Insurance Plc led the pack of those who made jumbo projections. Julius Berger Nigeria plc is targeting N175 billion income by December 2012. The company forecast shows that cost of sales will increase to N138.6 billion against N134 billion in 2011 while Profit after tax projection stood at N5.250 billion compared with N4.9 billion in financial ended December 2011. Julius Berger’s earning per share forecast is 438 kobo. Meanwhile, 7up bottling company has projected total revenue of N44.72billion for the third quarter period of the ongoing financial year. Breakdown of the forecast figures released last week by the Ijora-based, Lebanese owned company expects gross profit to hit N16.67 billion, income expected from other income stood at N40 million while admin expenses is N4.004 billion. However, nine months profit forecast is N1.15 billion.

Presco Plc, Evans medical plc, Portland paints and Goldlink Insurance forecast turnover of N2.48 billion, N1.62 billion, N1.15 billion and N5.4 billion respectively for fourth quarters.

Both Presco and Evans medical promised their stakeholders to generate net profit of N466.3 million and N67.6 million respectively. Portland paints projected profit after tax of N73.88 million while Goldlink Insurance expects its profit for the period to hit N660.78 million.

Analysts are of the opinion that investors should expect better rewards from their respective companies if the projections are achieved eventually. BC

El-Khali, Chairman 7Up

Cutix Plc shareholders get bonus shares

By Tayo Adeleke

C

oupled with the initial 12 kobo dividend offered its shareholders for its financial year ended April 2012; is a bonus of 2 for every 3 shares given out by the board and management of Cutix Plc, manufacturer of wires and cables, based in Nnewi in Anambra State.

Although, shareholders of Cutix Plc may not have enjoyed appreciable capital gain on the share of the company over the years, in terms of dividend and bonus issues, they have been consistently rewarded. This is quite remarkable for a company which sells for less than N2 per share on the floor of Nigerian Stock Exchange. Cutix Plc has ensured that returns are distributed fairly to all shareholders over the years.

The company takes into account the interest of all the stakeholders. Cutix Plc has been paying regular dividends to its shareholders since it became publicly quoted with dividends paid between 1997 and 2012 totalling about N368.5 million. Despite the fact that Earnings per share (EPS) dropped marginally to 15 kobo from 16 kobo in 2012, the company still proposed a dividend of 12 kobo per share in its financial year ended April, 2012. It will be recalled that the same 12 kobo was paid in the previous year.

The company recently procured a new piece of land adjacent to the head office where a permanent head office complex has been completed and commissioned.

The existing factory has also been extended to create room for the installation of more machinery. The company’s water plant and a 1000KVA generator have been commissioned. The company has also acquired new delivery trucks to serve its distributors spread across Nigeria. There are also sales offices of the company at Nnewi, Aba, Abuja, Kaduna, Lagos and Uyo. BC

Ifeanyi Uzodike, MD Curtix

Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

As fuel scarcity bites harder

J

ust when we started to think that the Federal Government had gotten a handle on the fuel importation and distribution process, given the recent efforts to sensitise the system with all the probes and counterprobes and arrest and prosecution of some members of the infamous cabal that had milked the treasury almost dry though all sorts of shady deals, fuel queues have again resurfaced in virtually all parts of the country.

As we all know, the persistent fuel scarcity in a nation that exports over 1.8 million barrels of oil daily where we are not at war or visited by some terrible natural disaster is symptomatic of a national ailment called foolishness.

As usual, all sorts of reasons are being adduced for this latest round of scarcity that has seen motorists waste precious time queuing for fuel and so-called black marketers taking advantage of the situation to sell horded fuel at 200 per cent above the going rate.

The obvious reason according to informed analysts is that it is only the Nigeria National Petroleum Corporation that has been importing fuel in the past few months since the fuel subsidy probe resulted in tighter scrutiny of claims and verification of payments.

Some major marketers had complained that banks had suspended credit lines until the dispute with the government over the subsidy matter was resolved, which effectively narrowed the number of importers participating in the import programme.

Some have actually opted out rather than import and risk not getting subsidy refunds.

A direct threat by the National Union of Petroleum and Natural Gas Workers to go on a nationwide strike about three weeks ago prompted government to quickly settle some outstanding verified subsidy claims, while berating the union for attempting to blackmail the government.

The Independent Petroleum Marketers Association of Nigeria, which controls about 70 per cent of retail outlets had blamed lack of security for truck as reason for the fuel scarcity saying that the matter was being discussed with government.

Yet in spite of all the reasons pointing to the contrary, the NNPC insist that it has sufficient fuel to last 30 days and people should stop panic buying even after motorist had been queuing for more than a week in Abuja where it has its headquarters.

The evidence suggests that somebody somewhere has bungled things such that supply is not meeting demand as it should.

Though the Nigeria National Petroleum Corporation has assured

that it has a healthy reserve, several major and independent marketing companies have said that with new supplies not coming, stocks have run low and quite a few are now unable to meet obligations to corporate customers at retail outlets.

It is not clear exactly what is going on, but industry sources do confirm that there is indeed an oversupply of petrol held in offshore storage.

Fuel comes in from two sources swap agreements between the NNPC and providers to exchange crude oil for refined fuel products and through PPPRA allocations to different local and international suppliers.

Could it be that the NNPC is absent trying to test its hands in taking over most of the fuel import and distribution chain? This would be disastrous, given its proven inability to manage this without substantial input from other stakeholders, especially independent marketers, depot owners and the rest.

Given that the administration is determined to push through its unpopular fuel subsidy removal agenda at some time in the future, which the likes of the Minister of Finance, Dr. Ngozi Okonjo-Iweala, has described as wasteful and a drain on national resources, one wonders why the government cannot quickly address the other end of the equation – boosting local refining capacity.

I want to stress again, that the most sensible way to go is to sell the refineries. Late President Umaru Yar’Adua apparently made a mistake in reversing the sale of the refineries to Aliko Dangote and Co. By now these underperforming assets would have been up and running at full capacity as the investors try to recover their money.

The example of Eleme Petrochemical Company, which did not see ant Turn Around Maintenance, until it was sold to Indorama Group readily comes to mind. That company has paid N8.4bn in dividends to the Federal Government in the last two and a half years for its 15 per cent stake.

Boosting local refining capacity will also involve giving incentives to investors to build new ones by given concessions on crude pricing. A five per cent discount will go a long way in keeping domestic fuel prices moderate.

Let it be emphasised that it is highly absurd that Nigerians will have to buy petrol at prices dictated by international traders, some of whom have not see a barrel of oil before.

Already, Nigerians pay the most for petrol among the Organisation of Petroleum Exporting Countries.

The government should not try to be clever by half, and as some marketers fear, force through its fuel subsidy agenda by BC making fuel scarce.

BC

National Mirror www.nationalmirroronline.net

Business Courage

Monday, September 17, 2012

A21 37

PZ blames profit slump on insecurity

By Festus Okoromadu

I

ncessant insecurity in the North was the cause of a 54 per cent drop in profit, says PZ Managing Director, Christos Giannopoulos. He disclosed this at the company’s 64th Annual General Meeting (AGM) in Abuja, Thursday last week.

According to him, profits declined 54 per cent to N2.4 billion from N5.22 billion in 2011 due to the terrorism activities that led to the loss of lives and property in the region. The terrorism also impacted on sales for companies like PZ. However, the MD says the situation is starting to improve and the company may return

to profitability sooner than expected.

He said, “We are happy now that the situation in the North has improved tremendously since six months ago, and we are beginning to see that our sales are increasing.

“Therefore, I am very confident that in the next financial year, it will improve. Our sales in the North during the peak (of the crisis) were down by over 40 per cent, and this translates into 54 per cent drop in profit.”

Despite the lull in profitability, headline revenue increased 10 per cent to N75 billion from N66 billion in 2011. BC

Giannopoulos

Nigeria, Turkey businessmen to create investment opportunities

T

he Association of Investors and Businessmen of Turkey and Nigeria (AIBTN), is creating opportunity for partnership between Nigerian and Turkish businessmen, its Assistant President, Isa Addra, has said.

Addra, who spoke with the News Agency of Nigeria (NAN) on Friday in Abuja, said the association was into organising business trips for businessmen from Nigeria to Turkey and vicevisa.

According to him, the association facilitates the purchase of quality products from Turkey at affordable prices.

He said the group had more

than 50 members, who would be attending the ``TurkiyeWorld Trade Bridge 2012 Profile’’ scheduled for Nov. 26 in Turkey. ``We represent our businessmen, who want to develop or enlarge their business and expand to foreign markets,’’ he said.

Addra said that the association had also put our country’s problems on an agenda to produce proposals that target solutions and provide wide contributions. ``We keep the global communication network open and provide our businessmen’s integration with the world follow-

ing the economic developments in the world,’’ he said.

According to Addra, the association is very transparent and accepts only hardworking, honest and reliable businessmen with social responsibility awareness.

He said plans were underway to bring Turkish investors into Nigeria’s energy sector, while arrangements were being concluded to establish direct flight between Nigeria and Turkey. ``Business transactions between Nigeria and Turkey are mostly in the areas of wears/ textile, leather and machinery,’’ he added. BC

Market Indicators for Week Ended 14-09-12 All-Share Index 23,864.05 points Market Capitalisation N8,065,796,348,783.10 Stock Updates GAINERS COMPANY

OPENING PRICE

FIDSON UAC-PROP

CLOSING PRICE

CHANGE

1.00

1.05

5.00

10.00

10.50

5.00

FLOURMILL

60.20

63.20

4.98

UACN

37.18

39.03

4.98

CONOIL

19.70

20.68

4.97

LOSERS

NSE All-Share Index rises by 0.75 per cent

W

eekly transactions on the Nigerian Stock Exchange (NSE) ended positively on Friday as the AllShare Index grew by 188.71 points or 0.75 per cent to close at 25,337.18. This was against the 25,148.47 recorded on Thursday.

Capital market analysts said that rise in the index was due to the huge price gains recorded by some highly capitalised stocks.

As a result of the gains, the market capitalisation of all listed securities rose by N6 billion to close at N8.065 trillion against the N8.005 trillion recorded on Thursday.

NewGold led the gainers’ chart, chalking up N25 to close at N2,687 per unit.

Nigerian Breweries followed with a gain of N5.51 to close at N137.50, while Flourmills gained N3 to close at N63.20 per share.

UACN gained N1.85 to close

at N39.03 per share, while GlaxoSmithKline grew by N1.66 to close at N35.20 per share.

On the other hand, Julius

Berger led the price losers, shedding 79k to close at N28.01 per share.

Lafarge Wapco dipped by 73k to close at N50 per share, while Arbico lost 54k to close at N10.39 per share.

Access fell by 30k to close N9.25, while UPL dropped by 22k to close at N4.36 per share.

In all, investors exchanged 423.75 million shares worth N2.9 billion in 4,878 deals against the 451.35 million shares worth N3.2 billion traded in 4,962 deals on Thursday. BC

COMPANY

OPENING PRICE

LONGMAN ARBICO

CLOSING PRICE

CHANGE

2.22

2.11

-4.95

10.93

10.39

-4.94

UPL

4.58

4.36

-4.80

CONTINSURE

0.64

0.61

-4.69

BAGCO

1.98

1.89

-4.55

Inter-Bank Rates TENOR

RATE%(PREV) 06-Sept-2012

OBB CALL

RATE%(CURR) 13-Sept-2012

10.0000 – 13.8500

13.4500 – 16.5000

11.0000 – 12.7500

14.0000 – 16.5000

Primary Market Auction TENOR

AMOUNT (N’mn)

91-Days

32971

RATE (%)

182-Days

50,000

13.80

05-Sep-12

364-Days

60’000

13.87

05-Sep-12

13.64

DATE 05-Sep-12

Open Market Operation TENOR

AMOUNT (N’mn)

69-Days

30,000

14.50

RATE (%)

07-Sep-12

DATE

83-Days

52046

14.60

07-Sep-12

70-Days

50,000

14.50

06-Sep-12

Wholesale Dutch Auction System AMOUNT OFFERED

AMOUNT SOLD

DATE

$200m

MARKET DEMAND $200m

$200m

12-Sep-12

$180m

$180m

$180m

10-Sep-12

A22 38

Business Courage

Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

Resorts Savings and Loans: Leveraging on strong liquidity

By Tayo Adeleke

T

here is an indication that Resort Savings and Loans might eventually return to profitability by the end of the current financial year, if the management of the company can improve on its current first quarter performance. Threemonth profit after tax stood at N81 million compared with N939.4 million losses it posted in the financial year ended December 31, 2011. Also, summary of the last audited report shows an improvement over the previous year. Though, the company recorded a loss, the figure is better than what was recorded at the end of the financial year ended 2010, as indices like assets quality and liquidity ratios were worthwhile during the review year.

Resort Savings and Loans Plc, has over 18 years of operational experience, having commenced business on November 29, 1993, and grown steadily in acceptability in its core area of mortgage banking. It was admitted on the floor of Nigerian.

Stock Exchange in November 2009 and its market capitalisation currently stands at N6.59 billion.

Business Strategy The company is pushing its vision to help reduce the housing deficit in the country through its activities in mortgage services and already, the company and Adamawa State government has launched construction activities in two housing estates in the state. The project comprises a total of 753 units in Bajabure and Karal, which will be delivered in phases. The units are two and threebedroom apartments. The first phase of the project was commissioned during the review period. According to Abimbola Olayinka Managing Director, Resort Savings and Loans Plc, the project is expected to cost well over N6 billion with additional N3.4 billion expected to be spent in providing infrastructure.

Financial Health In its audited financial results for the year ended December 31, 2011, Resorts Savings’ gross earnings increased by 10.4 per cent to N1.21 billion in 2011 from N1.095 billion in the previous year. The increase could be attributed to the company’s performance in interest and similar income during the review period.

The company’s non-interest income, which also contributed to the surge in its gross earnings in 2011, closed at N99.7 million, compared with N87.6 million in 2010. This represents 14 per cent increase.

Similarly, the company experi-

enced increase in interest income indices, as it achieved a growth of 10 per cent from N1.01 billion to N1.11 billion.

Breakdown of the financial figures revealed that Resorts Savings and Loans got 91.76 per cent of its revenue in 2011 from interest income compared with the 92 per cent recorded in 2010. This as well implies that, noninterest income to total revenue moved from eight per cent in 2010 to 8.24 per cent. The company’s operating expenses was higher by 26.5 per cent to close at N1.07 billion. Subsequently, pre-tax loss dropped by 44.1 per cent to N939.4 million in 2011 from N1.68 Olayinka billion loss before tax in 2010. Loss after tax also fell by 48.97 per cent to N1.04 billion as against N2.037 billion loss recorded in comparable period of 2010.

Assets Quality Resorts Savings and Loans’ assets dipped by 10.27 per cent from N5.841 billion in 2010 to N5.241 billion in 2011, aided by 43 per cent and 19.2 per cent decline in both advance under mortgage and loans granted to customers in 2011. Loan and advances stood at N1.77 billion in 2011, down from N2.19 billion in 2010. However, the company’s asset quality is becoming strong, as it wrote off N59.9 million as bad debt during the review period, compared with N313.44 million in 2010, implying that it wrote off N373.3 million within two years. The implication of this to the investing public is that, 13 per cent of the shareholders’ funds were impaired in 2011, a moderate figure for a company in the financial services industry.

Total earnings assets dropped by 4.1 per cent to

at N1.421 billion in 2011. The proportion of total assets to liabilities stood at 45.20 per cent in 2011, up from 33.03 per cent in previous year. As a result, total liabilities increased by 22.79 per cent from N1.93 billion in 2010. In a similar development, the proportion of total assets that was channeled to loans and advances in 2011 also dropped to 14.85 per cent from 17.05 per cent in 2010.

N3.66 billion in 2011 from N3.82 billion. Other contributor to the total assets in the review year is investment which grew to N1.44 billion, an increase of 73.4 per cent from N828.22 million in 2010. Fixed assets dropped to N241.6 million from N298.15 million in 2010. Meanwhile, the proportion of shareholders’ funds to total assets stood at 54.8 per cent in 2011 from 67 per cent in 2010, as a result of high proportionate drop in most of the equity than the balance sheet assets. The company’s total assets could accommodate 33.7 per cent of the total loans and advances offered customers in 2011, down from 37.4 per cent in 2010. Resort savings’ deposit with commercial banks closed at N438.54 million from N776.4 million in 2010.

Liquidity Further analysis showed that the company’s liquidity indices improved in 2011.

Total deposit liabilities went up by 13.1 per cent to stand

Profitability Obviously, it is expected that the company’s poor performances in the review period would impair its profitability ratios; it however, improved over the comparable year 2010. Net loss margin dropped significantly by 100 basis points to -86 per cent from -186 per cent while return on assets followed the similar trend, to stand at -19.83 per cent, down from -34.87 per cent in 2010. Similarly, the bank could not make money for its stakeholders as returns on equity (ROE) remained at negative figure. It moved to -36.18 per cent, compare with -52.07 per cent in 2010. On the other hand, net interest margin remained positive, as it increased to 92.16 per cent from 86.25 per cent in 2010. The percentage of interest income to loan and advances stood at 62.82 per cent compared to 46.10 per cent achieved in 2010. Meaning that, the company has a commendable interest rate that can generate more income. Interest paid on deposit dropped from

the preceding year’s figure as percentage of interest paid to total deposits dipped to 6.12 per cent from 11.03 per cent in the previous year.

Q1 2012 result The unaudited first quarter results released on August 26, 2012, showed that the company was able to increase both revenue and profit. Also, it has covered a significant part of its nine-month earnings forecast.

The company achieved 71 per cent of its nine-month forecast profit before tax of N113.9 million in the first three months, having posted N81.39 million profit before tax. The percentage of first quarter net profit to forecast figure stood at 102 per cent. One of the strategies that is presently working for the company is the effort of the management to cut cost during the period as operating cost to gross earnings went down to 71 per cent from 73 per cent in the preceding period. The sterling performance should be a great relief to those who invested in the shares of the company.

Prospects As observed from the company performance, the company needs to improve on its other product lines to generate additional income and consequently increase its non-interest income as commercial banks will continue to be a major threat to leasing companies in Nigeria.

Meanwhile, analysts praised the company’s initiative to take its products line to public sector and hope the company will spread it to other states of the federation. Also, there is the need for the management to practice cost effective management in order to increase its net profit margin. BC

Resort Savings & Loans

2012=N=(‘Nm)

2011=N=(‘Nm)

Gross Earnings

1,209,377

10.41

2010=N=(‘Nm)

Total Interest income

1,109,682

10.12

1,007,748

Interest expense

87,001

-37.21

138,561

1,095,336

Net Interest Income

1,022,681

17.66

869,187

Loan loss Provision(net)

1,028,844

-44.59

1,856,886

Net Funds

-6,163

-99.38

-987,699

Fees and Commissions

133,860

-11.4

151,083

Total Non Interest Income

99,695

13.82

87,588

Admin/ Operating Expenses

1,067,128

26.48

843,720 -1,680,336

pre-tax profit (loss)

-939,431

-44.09

Profit after tax

-979,431

-41.71

-1,680,336

Net profit

-1,039,286

-48.97

-2,036,775

Operating Income

1,156,542

1,020,270

Balance Sheet

2011

2010

Advance Under Mortgage

458,538

-43

Investment

1,436,099

73.4

828,218

loan& advances(net)

1,766,333

-19.2

2,186,165

Total earning assets

3,660,970

-4.13

3,818,805

Total Assets

5,241,130

-10.27

5,840,827

Total Deposit liabilities

1,420,690

13.08

1,256,310

804,422

Total Liabilities

2,368,814

22.79

1,929,224

SHAREHOLDERS’ FUNDS

2,872,317

-26.57

3,911,603

National Mirror www.nationalmirroronline.net

Business Courage A23 39

Monday, September 17, 2012

STOCKWATCH Stock Exchange weekly equities summary as at Friday, Sept 7, 2012 SECURITY

PRICE (=N=)

AGRICULTURE/AGRO-ALLIED Crop Production FTN COCOA PROCESSORS PLC NT OKOMU OIL PALM PLC. 35.00 PRESCO PLC 15.06 Fishing/Hunting/Trapping ELLAH LAKES PLC. NT Livestock/Animal Specialties LIVESTOCK FEEDS PLC. 1.48 CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. 1.35 CHELLARAMS PLC. NT JOHN HOLT PLC. NT S C O A NIG. PLC. NT U A C N PLC. 39.03 CONSTRUCTION/REAL ESTATE Building Construction ARBICO PLC. 10.93 CAPPA & D’ALBERTO PLC. NT Building Structure/Completion/Other COSTAIN (W A) PLC. NT G CAPPA PLC NT Non--Building/Heavy Construction JULIUS BERGER NIG. PLC. 28.01 ROADS NIG PLC. 9.74 Real Estate Development PINNACLE POINT GROUP PLC NT UACN PROPERTY DEV 39.03 Real Estate Investment Trusts (REITs) SKYE SHELTER FUND PLC 100.00 UNION HOMES REAL ESTATE INV NT CONSUMER GOODS Automobiles/Auto Parts DN TYRE & RUBBER PLC 0.50 Beverages--Brewers/Distillers CHAMPION BREW. PLC. NT GOLDEN GUINEA BREW. PLC. NT GUINNESS NIG PLC 260.00 INTERNATIONAL BREWERIES PLC. 13.60 JOS INT. BREWERIES PLC. NT NIGERIAN BREW. PLC. 137.50 PREMIER BREWERIES PLC NT Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. 39.00 Food Products BIG TREAT PLC NT DANGOTE FLOUR MILLS PLC 6.90 DANGOTE SUGAR REFINERY PLC 4.80 FLOUR MILLS NIG. PLC. 63.20 HONEYWELL FLOUR MILL PLC 1.85 MULTI-TREX INTEGRATED FOODS PLC NT N NIG. FLOUR MILLS PLC. 21.48 NATIONAL SALT CO. NIG. PLC 5.30 P S MANDRIDES & CO PLC. NT U T C NIG. PLC. 0.57 UNION DICON SALT PLC. NT Food Products--Diversified CADBURY NIGERIA PLC. 21.44 NESTLE NIGERIA PLC. 577.50 Household Durables BETA GLASS CO PLC. NT NIGERIAN ENAMELWARE PLC. NT VITAFOAM NIG PLC. 3.00 VONO PRODUCTS PLC. NT Personal/Household Products P Z CUSSONS NIGERIA PLC. 24.74 UNILEVER NIGERIA PLC. 37.50 Textiles/Apparel UNITED NIG. TEXTILES PLC. NT FINANCIAL SERVICES Banking ACCESS BANK PLC. 9.25 DIAMOND BANK PLC 3.27 ECOBANK TRANSNATIONAL INC. 11.40 FIDELITY BANK PLC 1.79 FIRST BANK OF NIG. PLC 14.50 FIRST CITY MONUMENT BANK PLC. 2.90 GUARANTY TRUST BANK PLC. 19.20 SKYE BANK PLC 3.04 STANBIC IBTC BANK PLC 6.96 STERLING BANK PLC. 1.37 U B A PLC 4.67 UNION BANK NIG.PLC. 7.18 UNITY BANK PLC 0.50 WEMA BANK PLC. 0.50 ZENITH BANK PLC 16.32 Insurance Carriers, Brokers & Services AFRICAN ALLIANCE INS. COY. PLC NT AIICO INSURANCE PLC. 0.50 CONFIDENCE INSURANCE PLC NT CONSOLIDATED HALLMARK INS. PLC 0.50 CONTINENTAL REINSURANCE PLC 0.61 CORNERSTONE INS. COY. PLC. NT CUSTODIAN AND ALLIED INS. PLC 1.17 EQUITY ASSURANCE PLC. 0.50 GOLDLINK INSURANCE PLC 0.50 GREAT NIGERIAN INSURANCE PLC NT GUINEA INSURANCE PLC. NT INTERCONTINENTAL WAPIC INS. PLC 0.61 INTERNATIONAL ENERGY INS. PLC NT INVESTMENT AND ALLIED ARN. NT LASACO ASSURANCE PLC. 0.50 LAW UNION AND ROCK INS. PLC. NT LINKAGE ASSURANCE PLC NT MANSARD INSURANCE PLC 1.78 MUTUAL BENEFITS ASSURANCE PLC. NT N.E.M INSURANCE CO (NIG) PLC. 0.50 NIGER INSURANCE CO. PLC. 0.50 OASIS INSURANCE PLC NT PRESTIGE ASSURANCE CO. PLC. 0.50 REGENCY ALLIANCE INS. COY PLC NT SOVEREIGN TRUST INSURANCE PLC NT STACO INSURANCE PLC 0.50 STANDARD ALLIANCE INS. PLC. NT UNIC INSURANCE PLC. NT UNITY KAPITAL ASSURANCE PLC NT UNIVERSAL INS. COMPANY PLC 0.50 Micro Finance Banks FORTIS MICROFINANCE BANK PLC NT NPF MICROFINANCE BANK PLC 1.05 Mortgage Carriers, Brokers &Services ABBEY BUILDING SOCIETY PLC NT ASO SAVINGS AND LOANS PLC 0.50 RESORT SAVINGS & LOANS PLC 0.50 UNION HOMES SAVINGS&LOANS PLC NT Other Financial Institutions CRUSADER ( NIG) PLC. 0.50 DEAP CAPITAL MGT & TRUST PLC NT NIG SEW. MACH. MAN. CO. PLC. NT NIGERIA ENERYGY SECTOR FUND NT ROYAL EXCHANGE PLC. 0.60 HEALTHCARE Healthcare Providers EKOCORP PLC. 5.05 Medical Equipment UNION DIAGNOSTIC &CLINICAL PLC NT Medical Supplies MORISON INDUSTRIES PLC. 6.04 Pharmaceuticals EVANS MEDICAL PLC. 1.01 FIDSON HEALTHCARE PLC 1.05 GLAXO SMITHKLINE CONSUMER PLC 35.20 MAY & BAKER NIGERIA PLC. 1.65

NOTE NT=Not Traded on 14-09-12

QUANTITY

52 WK HIGH

52 WK LOW

SHARES OUTSTANDING

EPS

MOV. (%)

Previous

NT 99 780 618 239

0.64 33.00 16.15

0.50 14.53 6.40

2 200 000 000 476 955 000 1 000 000 000

0.00 8.23 1.69

N/A 0.00 1.07

0.50 35.00 14.90

NT

4.26

4.26

60 000 000

0.00

N/A

NT

1 215 813

1.49

0.48

1 199 549 736

0.04

10.45

1.34

627 253 NT NT NT 464 949

2.54 7.60 8.82 8.28 42.50

0.74 5.81 5.32 5.52 28.70

2 191 895 983 963 900 300 389 151 408 821 666 666 1 600 720 323

0.21 0.30 0.00 0.35 7.03

0.00 N/A N/A N/A N/A

1.35 NT NT NT 36.07

108 600 NT

26.00 95.49

14.09 95.49

148 500 000 196 876 000

0.00 4.50

N/A N/A

10.93 NT

NT NT

7.97 14.46

2.46 14.46

920 573 765 125 000 000

0.00 0.00

N/A N/A

NT NT

369 700 50 000

62.26 8.69

21.55 3.01

1 200 000 000 20 000 000

4.11 3.66

-1.89 N/A

28.55 NT

NT 464 949

7.28 20.15

7.28 8.82

1 375 000 000

0.00 1.66

N/A 290.30

NT 10.00

50 NT

100.00 50.00

97.00 50.00

20 000 000 250 019 781

11.75 0.75

N/A N/A

100.00 NT

170 882

0.50

0.50

4 772 528 415

0.00

N/A

0.50

NT NT 39 611 1 433 477 NT 1 497 497 NT

4.63 0.68 255.00 7.28 3.20 122.30 0.97

2.23 0.68 186.00 5.23 1.61 72.50 0.93

900 000 000 272 160 000 1 474 925 519 2 112 914 681 562 000 000 7 562 562 340 126 000 000

0.00 0.03 12.04 0.07 0.00 5.21 0.00

N/A N/A 3.17 N/A N/A 7.84 N/A

NT NT 252.00 10.68 NT 127.50 NT

2 425

48.91

38.31

640 590 362

3.15

N/A

40.00

NT 3 601 872 16 547 637 271 687 544 452 NT 300 737 768 NT 529 684 NT

0.50 19.90 16.20 95.00 6.60 2.70 43.96 6.70 5.66 0.88 4.22

0.50 4.15 3.64 52.50 1.91 1.21 21.48 3.86 5.66 0.50 4.22

2 000 000 000 5 000 000 000 12 000 000 000 1 879 210 666 7 930 197 658 3 722 493 620 178 200 000 40 000 000 1 233 375 004 360 000 000

0.00 0.00 0.59 3.60 0.36 0.00 1.20 0.81 0.16 1.13 0.00

N/A 5.99 -3.81 2.12 -7.50 N/A N/A 6.43 N/A -5.00 N/A

NT 6.51 4.99 61.89 2.00 NT NT 4.98 NT 0.60 NT

904 947 67 352

29.20 500.00

9.15 367.83

3 129 188 160 792 656 250

1.24 21.21

-2.55 5.00

22.00 550.00

NT NT 552 200 NT

15.58 42.66 6.75 3.67

10.03 36.19 3.01 2.66

63 360 000 819 000 000 300 000 001

3.90 1.61 0.54 0.00

N/A N/A -3.23 N/A

NT NT 3.10 2.88

322 306 286 487

43.50 36.45

22.07 22.56

3 176 381 636 3 783 296 250

0.51 1.32

3.51 0.19

23.90 37.43

NT

0.97

0.57

843 284 027

0.00

N/A

NT

26 996 548 31 107 986 1 395 732 52 116 884 31 288 044 9 301 836 32 090 013 23 246 571 442 168 36 627 264 24 924 442 3 210 112 50 000 2 155 27 598 304

11.10 9.27 17.05 3.20 16.12 8.30 17.81 10.17 11.38 2.91 4.40 10.07 1.92 1.75 16.70

4.76 2.01 9.97 1.14 8.50 3.04 11.64 2.73 6.40 0.97 1.64 1.96 0.50 0.50 11.70

17 888 251 479 14 475 243 105 9 873 614 567 28 974 797 023 32 632 084 358 16 271 192 202 29 146 482 209 13 219 334 676 18 750 000 000 12 563 091 545 32 334 693 693 13 509 726 273 33 675 576 085 12 821 249 880 31 396 493 790

0.63 0.00 2.61 0.19 1.37 0.60 0.59 0.39 0.54 0.43 0.01 2.20 0.00 1.34 1.41

9.21 9.73 3.73 15.48 1.33 -4.29 -0.21 3.40 -0.57 22.32 0.43 10.80 0.00 0.00 -2.28

8.47 2.98 10.99 1.55 14.31 3.03 19.24 2.94 7.00 1.12 4.65 6.48 0.50 0.50 16.70

NT 4 969 851 NT 2 500 48 769 190 NT 1 509 200 461 050 172 450 NT NT 1 248 465 NT NT 208 333 NT NT 1 313 398 NT 228 700 41 670 NT 230 300 NT NT 10 100 NT NT NT 550 312

0.50 1.01 0.64 0.50 1.20 0.50 3.51 0.50 0.69 0.50 0.50 0.80 0.50 0.50 0.50 0.61 0.50 1.93 0.50 0.66 1.11 0.50 2.35 0.50 0.52 0.50 0.50 0.50 0.50 0.50

0.50 0.50 0.61 0.50 0.61 0.50 1.31 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.95 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50

20 585 000 000 7 809 391 256 211 626 000 6 000 000 000 10 372 624 157 8 820 010 363 5 100 846 808 8 847 298 420 4 549 947 000 3 827 485 380 720 000 000 5 061 804 000 6 420 427 449 28 000 000 000 7 323 313 227 3 437 330 500 4 083 713 569 10 000 000 000 7 998 705 336 5 332 830 881 5 649 693 923 5 003 506 791 2 508 315 436 6 668 750 000 5 203 757 266 6 141 087 609 8 493 173 450 2 581 733 505 13 000 000 000 16 000 000 000

0.00 0.09 0.00 0.06 0.10 0.01 0.27 0.00 0.00 0.00 0.00 0.06 0.00 0.02 0.02 0.10 0.00 0.08 0.10 0.25 0.01 0.02 0.11 0.03 0.10 0.00 0.00 0.00 0.01 0.00

N/A 0.00 N/A N/A 0.00 0.00 0.00 N/A N/A N/A N/A N/A 0.00 N/A N/A N/A 0.00 5.95 N/A 0.00 N/A N/A 0.00 N/A 0.00 N/A N/A N/A N/A N/A

NT 0.50 NT 0.50 0.61 NT 1.17 NT NT NT NT 0.66 NT NT 0.50 NT 0.50 1.68 NT 0.50 0.50 NT 0.50 NT NT 0.50 NT 0.50 0.50 0.50

NT 50 000

NT 1.10

NT 2 000 2 000 NT

1.51 0.50 0.50 0.99

1.33 0.50 0.50 0.50

4 200 000 000 8 679 148 676 13 175 732 404 7 812 500 000

0.03 0.10 0.00 0.00

N/A N/A N/A N/A

NT 0.50 0.50 NT

60 000 NT NT NT 247 575

0.61 2.02 0.15 552.20 0.66

0.50 2.02 0.15 555.20 0.50

3 778 005 975 1 333 333 333 5 880 000 2 500 000 3 608 657 661

0.00 0.00 0.00 12.68 0.05

N/A N/A N/A N/A N/A

0.50 NT NT NT 0.52

2 000

5.31

5.05

498 600 908

0.12

N/A

5.05

NT

0.50

0.50

3 553 138 528

0.00

N/A

NT

22 196

10.54

7.39

152 178 750

0.00

N/A

6.04

121 387 1 220 718 350 912 1 276 059

N/A=Not Avialable

1.45 3.20 29.65 5.61

0.50 0.76 19.30 1.62

486 473 856 1 500 000 000 956 701 192 980 000 000

0.19 0.27 2.41 0.21

-3.81 17.98 9.32 -0.60

1.05 0.89 32.20 1.66

SECURITY

PRICE (=N=)

NEIMETH INT PHARM PLC 0.78 NIGERIA-GERMAN CHEMICALS PLC. NT PHARMA-DEKO PLC. 3.02 ICT Computer Based Systems COURTEVILLE BUSINESS SLN PLC 0.50 Computers and Peripherals OMATEK VENTURES PLC NT Electronic Communications Services MTECH COMMUNICATIONS PLC NT IT Services NCR (NIGERIA) PLC. 13.77 TRIPPLE GEE AND COMPANY PLC. NT Processing Systems CHAMS PLC 0.50 E-TRANZACT INTERNATIONAL PLC NT Telecommunications Carriers STARCOMMS PLC NT Telecommunications Services IHS NIGERIA PLC PREF SHARES NT IHS PLC NT MTI PLC NT INDUSTRIAL GOODS Building Materials AFRICAN PAINTS (NIGERIA) PLC. NT ASHAKA CEM PLC 12.70 BERGER PAINTS PLC 8.01 CAP PLC 29.15 CEMENT CO. OF NORTH.NIG. PLC 4.65 DANGOTE CEMENT PLC 115.00 DN MEYER PLC. 0.74 FIRST ALUMINIUM NIGERIA PLC NT IPWA PLC NT LAFARGE WAPCO PLC. 50.00 PAINTS & COATINGS MANFACT.PLC 1.81 PORTLAND PAINTS & PRDT NIG. PLC 3.18 PREMIER PAINTS PLC. NT Electronic and Electrical Products AUSTIN LAZ & COMPANY PLC 2.00 CUTIX PLC. 1.51 NIGERIAN WIRE AND CABLE PLC. NT NIGERIAN WIRE IND. PLC NT Packaging/Containers ABPLAST PRODUCTS PLC. NT AVON CROWNCAPS & CONTAINERS NT GREIF NIGERIA PLC NT NIG. BAGS MANFACT. COY PLC 1.89 POLY PRODUCTS (NIG) PLC. NT W A GLASS IND. PLC. NT Tools and Machinery NIGERIAN ROPES PLC NT STOKVIS NIG PLC. NT NATURAL RESOURCES Chemicals B.O.C. GASES PLC. 5.98 Metals ALUMACO PLC NT ALUMINIUM EXTRUSION IND. PLC. 10.55 Non-Metallic Mineral Mining MULTIVERSE PLC 0.50 Paper/Forest Products HALLMARK PAPER PRODUCTS PLC. NT THOMAS WYATT NIG. PLC. NT OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SER. PLC 0.60 Integrated Oil and Gas Services OANDO PLC 13.41 Petroleum &Petroleum Products Distributors AFROIL PLC NT BECO PETROLEUM PRODUCT PLC NT CONOIL PLC 20.68 ETERNA PLC. 2.32 FORTE OIL PLC. 10.86 MOBIL OIL NIG PLC. 115.00 MRS OIL NIGERIA PLC. 32.29 TOTAL NIGERIA PLC. 130.00 SERVICES Advertising AFROMEDIA PLC NT Apparel Retailers LENNARDS (NIG) PLC. NT Automobile/Auto Part Retailers R T BRISCOE PLC. 1.86 Courier/Freight/Delivery RED STAR EXPRESS PLC 2.66 TRANS-NATIONWIDE EXPRESS PLC. NT Employment Solutions C & I LEASING PLC. 0.50 Hospitality TANTALIZERS PLC NT Hotels/Lodging CAPITAL HOTEL PLC 6.60 IKEJA HOTEL PLC 1.14 TOURIST COMPANY OF NIGERIA PLC. NT TRANSNATIONAL CORP. OF NIG.PLC 0.89 Media/Entertainment DAAR COMMUNICATIONS PLC 0.50 Printing/Publishing ACADEMY PRESS PLC. NT LEARN AFRICA PLC 2.11 STUDIO PRESS (NIG) PLC. NT UNIVERSITY PRESS PLC. 4.36 Road Transportation ABC TRANSPORT PLCPLC 0.50 Specialty INTERLINKED TECHNOLOGIES PLC NT SECURE ELECTRONIC TECH.PLC NT Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC 2.08 NIG. AVIATION HANDLING COY PLC 6.00 ASeM CONSTRUCTION/REAL ESTATE Property Management SMART PRODUCTS NIGERIA PLC NT CONSUMER GOODS Food Products MCNICHOLS PLC NT Personal/Household Products ROKANA INDUSTRIES PLC. NT HEALTHCARE Pharmaceuticals AFRIK PHARMACEUTICALS PLC. NT INDUSTRIAL GOODS Electronic and Electrical Products NT ADSWITCH PLC. 1.63 NATURAL RESOURCES Metals W.A. ALUM. PRODUCTS PLC. NT OIL AND GAS Petroleum & Petroleum Products Distributors ANINO INTERNATIONAL PLC. NT CAPITAL OIL PLC NT RAK UNITY PET. COMP. PLC. NT UNION VENTURES & PET. PLC NT SERVICES Apparel Retailers UDEOFSON GARMENT FACT. NIG PLC NT Food/Drug Retailers and Wholesalers NT JULI PLC. 2.76 ETF’s Sector ETF NEWGOLD EXCHANGE TRADED FUND 2 638.00

QUANTITY

52 WK HIGH

52 WK LOW

SHARES OUTSTANDING

EPS

MOV. (%)

Previous

669 862 NT 1 000

1.96 12.91 4.28

0.76 8.59 3.50

1 925 717 268 153 786 012 100 000 000

0.09 0.00 0.00

-8.24 N/A N/A

0.85 NT NT

30 000

0.52

0.50

2 960 000 000

0.08

0.00

0.50

NT

0.50

0.50

2 941 789 472

0.04

N/A

NT

NT

0.91

0.91

4 966 666 668

0.00

N/A

NT

29 142 NT

18.28 3.59

13.12 2.41

108 000 000 492 825 600

1.82 0.00

N/A N/A

13.12 NT

40 000 NT

0.50 4.97

0.50 4.04

4 620 600 000 4 200 000 000

0.00 0.00

N/A N/A

0.50 NT

NT

1.47

0.50

6 878 478 096

0.00

N/A

NT

NT NT NT

2.25 3.50 0.50

0.00 2.46 0.50

4 400 000 000 4 893 594 400

0.00 0.00 0.00

N/A N/A N/A

NT NT NT

NT 2 827 340 17 042 21 537 776 381 40 132 49 039 NT NT 296 143 15 000 790 300 NT

3.32 30.00 12.57 43.98 15.49 132.51 3.51 0.75 0.99 48.05 3.36 5.28 13.40

2.86 9.10 7.27 14.50 4.20 95.00 0.93 0.50 0.91 37.00 0.52 2.27 10.93

260 000 000 2 239 453 125 217 367 585 560 000 000 1 241 548 285 15 494 019 668 242 908 200 2 109 928 275 513 696 000 3 001 600 004 792 914 256 400 000 000 75 000 000

0.00 1.60 0.15 1.76 1.83 8.01 0.00 0.00 0.00 1.74 0.16 0.39 0.00

N/A 8.09 4.98 0.00 -2.11 -1.69 N/A N/A N/A 9.77 N/A N/A N/A

NT 11.75 7.63 29.15 4.75 116.98 0.74 NT NT 45.55 1.90 3.31 NT

1 000 230 000 NT NT

2.00 2.50 0.73 2.58

2.00 1.33 0.50 2.58

510 396 608 2 220 000 000 15 000 000

0.03 0.11 0.00 0.00

N/A 9.42 N/A N/A

2.00 1.38 NT NT

NT NT NT 9 687 612 NT NT

3.98 6.91 15.03 3.60 1.86 0.63

3.98 2.19 13.28 1.60 1.05 0.63

25 000 000 683 974 528 42 640 000 6 215 000 000 240 000 000 199 066 550

0.00 0.15 0.90 0.22 0.30 0.00

N/A N/A N/A 5.00 N/A N/A

NT NT NT 1.80 NT NT

NT NT

8.69 0.14

8.26 0.14

265 409 280 2 918 000

0.00 0.00

N/A N/A

NT NT

100

9.20

5.70

393 120 000

0.93

0.00

5.98

NT 1 167

7.75 12.39

7.75 10.55

75 600 000 100 000 000

0.00 0.13

N/A N/A

NT NT

5 000

0.50

0.50

4 058 989 226

0.00

N/A

0.50

NT NT

3.22 1.38

3.22 1.38

50 000 000 220 000 000

0.04 0.00

N/A N/A

NT NT

6 005 105

1.87

0.54

6 262 701 716

0.16

0.00

0.60

2 262 675

78.97

13.95

2 262 711 568

7.47

-4.21

14.00

NT NT 167 973 385 100 201 294 78 232 470 31 269

20.71 0.70 41.89 5.59 28.69 163.50 72.00 240.00

20.71 0.50 19.61 2.12 9.12 111.51 32.29 125.00

125 487 475 3 716 976 579 693 952 117 1 249 162 828 1 080 280 628 300 496 051 253 988 672 339 521 837

0.00 0.00 5.98 0.88 0.00 13.06 4.08 11.22

N/A N/A 4.71 -1.69 -4.74 0.44 N/A 1.55

NT NT 19.75 2.36 11.40 114.50 32.29 128.01

4 035 497 307

0.00

N/A

NT

0.19

N/A

NT

NT

0.72

0.50

NT

3.48

3.48

333 498

3.65

1.12

980 294 400

0.22

-2.62

1.91

504 500 NT

3.67 6.40

2.11 3.28

589 496 310 198 819 763

0.63 0.26

3.10 N/A

2.58 NT

70 000

1.64

0.85

865 808 912

0.20

N/A

0.50

NT

0.75

0.50

3 211 627 907

0.01

N/A

0.50

800 379 310 NT 1 430 100

8.00 2.59 4.76 1.82

3.00 1.16 4.31 0.50

1 548 780 000 2 078 796 396 1 772 884 297 25 813 998 283

0.18 0.92 0.00 0.22

N/A -0.87 N/A 0.00

6.60 1.15 NT 0.89

5 000

0.50

0.50

8 000 000 000

0.00

N/A

0.50

NT 101 959 NT 100 000

3.68 8.00 2.92 6.82

1.64 1.94 2.78 3.09

403 200 000 771 450 000 425 641 111

0.14 0.29 0.01 0.50

N/A N/A N/A #VALUE!

1.64 2.12 NT NT

81 000

0.80

0.50

1 507 000 000

0.00

N/A

0.50

NT NT

5.15 1.88

4.90 0.80

236 699 511 5 631 539 736

0.00 0.03

N/A N/A

NT NT

51 157 963 624

2.78 11.75

1.54 5.15

634 000 000 1 230 468 750

0.38 0.81

N/A 0.00

NT 6.00

NT

1.43

1.04

45 000 000

0.12

N/A

NT

NT

1.02

1.02

201 885 335

0.00

N/A

NT

NT

0.60

0.60

30 000 000

0.00

N/A

NT

NT

0.50

0.50

24 898 850

0.00

N/A

NT

NT 500

1.88

1.63

125 005 250

0.00

N/A

NT 1.63

NT

0.50

0.50

6 650 000

0.00

N/A

NT

NT NT NT NT

0.21 0.50 0.31 0.63

0.21 0.50 0.31 0.63

24 200 000 5 857 500 000 15 000 000 98 600 000

0.00 0.00 0.00 0.00

N/A N/A N/A N/A

NT NT NT NT

NT NT 16 000

0.50

0.50

20 000 000

0.00

N/A

3.05

2.76

194 700 000

0.00

N/A

NT NT 2.76

100

2 706

2 422

0.00

2 638.00

Business Courage

Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

ABR Permanent Mission of the Federal Republic of Nigeria to the United Nations

African Business Roundtable Table Ronde des Hommes d’Affaires d’Afrique

Presents:

3rd Nigeria Investment Summit New York

Nigeria: AFRICA’S FRONTIER IN THE GLOBAL ECONOMY

A High Level Investment Roundtable with the Government of Nigeria

Tony Blair Former Prime Minister, United Kingdom

Condoleeza Rice 66th Secretary of State, USA

Dr. Goodluck Jonathn GCFR President/Commander-in-Chief, Nigeria

As Heads of State and Government from across the globe gather in New York for the 67th United Nations General Assembly, join world leaders and the international investment community as the African Business RoundTable in concert with the Permanent Mission of Nigeria to the United Nations host a High Level Roundtable on the Nigerian Economy.

DATE: September 25-26, 2012

VENUE: New York Palace Hotel, New York.

HIGHLIGHTS Ÿ Ÿ Ÿ Ÿ Ÿ

Breakfast with Mr. President Presentation from Ministers and top Policy Makers Panel Discussions State Governments Investment RoundTables Business-to-Business Meetings

Ÿ Ÿ Ÿ Ÿ Ÿ

Networking Events-Lunch, Dinner and Receptions Export Credit Agencies Bilateral meetings Structuring of Innovative Financing Mechanisms Sectorial Breakout Session

Ÿ Ÿ Ÿ Ÿ Ÿ

Photo Opportunities Presentations by Development Partners Product Exhibition Meeting with Project financiers Investment Climate Facility

For participation and sponsorship details please contact:

+234 8127230731, +234 8033959118, +234 8065795772 Or visit:

www.abrnetwork.org, www.nigeriainvestmentsummit.com Email: abrwestafrica@abrnetwork.org, abrwestafrica@yahoo.com

advertisingDesigns

A24 40

Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

41

Law & Justice nationalmirrorlaw@yahoo.com

“Courts guard their jurisdiction zealously and jealously.”

JUSTICE CHUKWUDIFU OPUTA, RETIRED JUSTICE OF SUPREME COURT

N5,000 note: Lawyers criticise CBN fiscal powers Some judges, lawyers collude to perpetrate corruption –Okutepa 44

Sanusi

How Privy Council ruled on Oluwa family land 47 claim

Rape victim bags four-year jail term 46

Lawyers have condemned the planned introduction of N5, 000 note by the Central Bank of Nigeria writes KAYODE KETEFE, Assistant Head, Judiciary.

T

he Central Bank of Nigeria (CBN) is not new to controversy in this dispensation. For example, issues such as the introduction of Islamic banking, the making of donation to victims of terrorism in Kano without recourse to the National Assembly, the question of CBN autonomy and whether or not it should submit its budget to the National Assembly have enmeshed the apex bank in controversies in recent times.

Another controversial issue was spawned recently when the bank announced its plan to introduce N5, 000 note as a new currency denomination in Nigeria.

Since the plan was announced, sustained controversy in the form of public outcry, as well as approbation, have greeted it.

The CBN governor, Malam Sanusi Lamido Sanusi, has justified the planned measure as part of the fiscal programme to reposition the economy, adding that the CBN had always intervened and would continue to intervene in the economic development of Nigeria.

Under the CBN Act, 2007, the bank is vested with the responsibilities of the overall control and administration of the monetary and financial sector policies of the Federal Government.

It is specifically charged with duties to ensure monetary and price stability; issue legal

NBA President, Okey Wali (SAN)

tender currency in Nigeria; maintain external reserves to safeguard the international value of the legal tender currency; promote a sound financial system in Nigeria and act as banker and provide economic and financial advice to the Federal Government.

Whether these wide latitude of powers also translate to prerogatives like issuance of new noted without approval of the National Assembly has remained controversial as many stakeholders, including top lawyers, have been divided over it.

The proposed initiative has not gone down well with majority of Nigerians, as well as the elitist groups like the Senators, the Nigerian Bar Association, Nigerian Medical Association, not to talk of numerous nongovernmental organisations. The Senators, for instance, have expressed their disapproval for the proposal and have vowed to stop it from being implemented. Consequently, the Senate, through its Committee on Banking, Insurance and other Financial Institutions, has directed the CBN to stop the proposed move to introduce the N5, 000 note and the restructuring of the naira in general.

The Nigerian lawyers, under their umbrella platform, the NBA has also condemned the

THE NIGERIAN LAWYERS, UNDER THEIR UMBRELLA

PLATFORM, THE NBA HAS ALSO CONDEMNED THE

CBN’S PLAN

CBN’s plan, describing it “as a shallow, poorly thought out, hare – brained initiative which will devalue the Naira, diminish the lives of Nigerians and push corruption and money laundering to new heights.”

This position was contained in a communiqué issued by the NBA at the close of its 52nd Annual General Conference in Abuja.

The lawyers’ group also faulted the CBN’s argument that the introduction of the N5000 note would not promote inflation on the grounds that that the realities of the Nigerian economic situation do not offer the optimism being exhibited by the CBN. Part of the communiqué reads ” NBA resolves that the planned introduction of a N5, 000 (Five Thousand Naira) currency note is a shallow, poorly thought-out, harebrained initiative by the Central Bank, which will devalue the naira, diminish the lives of Nigerians and push corruption and money laundering to new unimaginable heights.

“NBA notes the argument of the Central Bank of Nigeria that this measure or innovation will not promote inflation and rejects same on the ground that the realities of the Nigerian economic situation cannot be found in the Western Business Models that CBN officials are familiar with; this measure will bring and mete unimaginable hardship to Nigerians as the measure is a cunning strategy aimed at devaluing the Naira wholesale. We may well see a N10, 000 or N20, 000 notes soon.”

Apart from the collective generic stance of the NBA, a number of lawyers have individually spoken against the latest CBN CONTINUED ON PAGE 42

42

Law & Justice

Monday, September 17, 2012

National Mirror www.nationalmirroronline.net

‘CBN can’t introduce new note without N’Assembly’s approval’ WHY SHOULD WE

CONTINUED FROM PAGE 41 initiative since it was announced. A Senior Advocate of Nigeria and professor of law, Itse Sagay said, “My view is that any political office holder should listen to the people. Going by public opinion, over 90 percent go against the introduction of the new note. It is unpopular. If I were the president, I will not impose this on the people.

“This is unwise of the president. There is an element of dictatorship in it by forcing the new note on the people”.

Beyond the collective decision of the Bar, the National Mirror sought the views of some lawyers on the issue.

A Lagos-based human right activist, Mr. Bamidele Aturu said ‘’the decision by the Central Bank of Nigeria (CBN) will certainly lead to hyper inflation. From experience, whenever such exercise was embarked upon, items hitherto sold at the price of coins will jump to naira price or currency note because nobody, either seller or buyer, wants to transact business with coins. So, if the currency note is two hundred naira (N200), automatically, the price of the least sold item will invariably be sold at N200.

“In Nigeria, any commodity that goes up certainly will never come down. I’m surprised that the CBN is coming with

CONCERN OURSELVES WITH THE PRINTING OF

N5,000 NOTE WHEN THE NATIONAL MINIMUM WAGE STILL REMAINS

N18, 000 PER MONTH

Senate President, David Mark

such policy at a time when Nigerians are suffering. I believe Nigeria is too big a nation where anybody will just come to perform any kind of experiment. I think that is what the CBN is doing right now.”

Other lawyers were unanimous on this issue. The National Coordinator of a nongovernmental organisation, Legal Defence and Assistance Project, Mr. Chino Obiagwu, said, “ I don’t think the CBN is empowered under the CBN Act 2007 to introduce such far-reaching measure without recourse to the National Assembly. But beside that, on the policy consideration, the question is, do we really need it now? What advantage would we derive from it?

“Why should we concern ourselves with the printing of N5,000 notes when the national minimum wage still remains N18,000 per month? Introduction of such a note would promote corruption and make money laundering easier. Some CBN staff are going to profit from the development and that is the real reason they are advocating the introduction. You know that contract would be awarded for the printing of the new notes and some people would get kickbacks from the contract.

“It would be recalled during the last time our money was changed with the polymer versions replacing some of the currency like the N10, N20, and N50 notes, contract was awarded to a foreign company and it was discovered that some CBN staff made about N800 million as bribes from the project. “ Another lawyer, Mr. Festus Keyamo

said the apex bank should not introduce the new note now as it is unnecessary.

He, however, added that the National Assembly does not have oversight function over this issue. Keyamo said, “The National Assembly does not have oversight functions on this issue. The introduction of the new note is, however, an initiative that cannot be good for us at this time as it would bring about bribery and rigging.

“Nobody is complaining about the weight of the Naira, one thousand naira note is heavy as it is now. I know some people in rural area who earn monthly salary of N10, 000 and even less.”

Mr. Tola Adedunni, said, “The CBN should not constitute itself into the fourth arm of government. While it is true that there are certain policy issues that it may expediently take without recourse to the Legislature or even the Executive, I believe that the planned introduction of the N5, 000 note is something that needs to be welldebated and sanctioned by our lawmakers.

More so, as it involves an estimated gross expenditure of about N38 billion naira. We need to ask ourselves the question whether we really need it or not. In my candid opinion, I believe we don’t need it as it is bound to introduce more problems and I can’t even think of any advantages it seeks to confer” .

SAN award: 374 lawyers appointed since inception WALE IGBINTADE

W

ith last Wednesday’s conferment of the prestigious award of Senior Advocate of Nigeria (SAN) on 25 deserving lawyers, the number of awardees elevated to the rank since its inception in 1975 has increased to 374.

This figure included prominent lawyers who are deceased.

The institution of the award of SAN is a replica of the Queen’s Counsel (QC) being conferred on lawyers in the United Kingdom and which was abolished in Nigeria shortly before the conferment of SAN in the country.

The SAN was set up by the Legal Practitioners Privileges Committee (LPPC) of the Nigerian Bar about 37 years ago, when two eminent lawyers, Chief F.R.A Williams and Nebo Graham-Douglas emerged the first recipients of the award on April 3, 1975.

Three years later, specifically on January 12, 1978, Chief Obafemi Awolowo, Chief Remi Fani- Kayode and 13 others made the list. The others were, T.A. Bankole Oki, E.A. Molajo , Kehinde Sofola , Chief Richard Akinjide, Chief G.O.K. Ajayi., Chief Olisa Chukura , Dr. Nwakanma Okoro, Dr. Mudiaga Odje, P.O.Balonwu, Prof. Ben Nwabueze and Dr.Augustine Nnamani .

Since then, the LPPC has been conferring the SAN award on lawyers deemed to have attained mark of distinction, even as critics alleged that the award has been politicised.

While an Octogensarian Lawyer, Pa Tunji Gomez at several fora, had vehemently called for the abolition of the award, some other lawyers argued for its retention and merely said that the process should be fine-

Late Williams, the first SAN

Falana (SAN)

tuned.

Since the establishment of the award in 1975, Mr. Ebun Sofunde of S.O.O B Legal practitioners, who became a SAN on May 3, 1988 at the age of 38, remains one of the youngest ever to have been so honoured.

The LPPC is a body created and empowered by the Legal Practitioners’ Act (Cap LII LFN 2004) to award the rank of SAN to deserving lawyers.

The rank is a privilege awarded as a mark of excellence to members of the legal profession who are in full time legal practice, have distinguished themselves as advocates and have made significant contributions to the development of the legal profession in Nigeria.

Specifically, the rank is a title that may be conferred on legal practitioners in Nigeria of not less than 10 years’ standing and who have distinguished themselves in the legal profession. It is the equivalent of the rank of Queen’s Counsel in the United Kingdom, from which Nigeria became independent in 1960.

Part of the guidelines for the conferment of the rank of SAN is that every candidate

is required to provide particulars of contested cases which he considers to be of particular significance to the evaluation of his competence in legal practice and contribution to the development of the law.

Each candidate is also expected to attach a certified true copy of all the judgments referred to in his application.

According to the guidelines, the evolution of the candidate’s competence shall be based on the following weighed criteria: (a) Integrity - 25 percent (b) Opinion of the judges - 15 percent (c) Contribution to the development of the law - 10 percent (d) Leadership qualities in the profession - 10 percent (e) Quality of law library 10 percent The Chief Justice of Nigeria (CJN), Justice Aloma Mariam Mukhtar, last Wednesday, sworn in 25 new awardees at a solemn ceremony in the Supreme Court ‘s main auditorium, Abuja. Notable among the new SANs are human rights activist, Femi Falana, and former head, Gani Fawehinmi chambers now counsel to the Economic and Financial Crimes

Commission (EFCC), Rotimi Jacobs.

The list included, Prof. Yemi AkinseyeGeorge, Prof. Dakas Clement James Dakas, Mrs. Joy Okungbowa Adeshina, Chief (Mrs) Connie- Ean Aremu, Mahmud Abubakar Magaji, Ogwu James Onoja, Garuba Usman Tetengi, Henry Oghogho, Selekeowei Larry and Abenny O.Mohammed.

Others are Charles Nwanne Obishai, Lime Chuwudi Illogu, Francis Chuka Agbu, Paul Ananaba, Akinlaja Dayo Moses, Ahmed Raji, Adekunle Theophilus Oyesanya, Rotimi Oluseyi Oguneso, Oluseye Samuel Opasanya, Aduroja Cladius Olumuyiwa, Aliyu Umaru, Illo Katune Sanusi, and Ndukwe A. Nnawuchi.

The appointees were selected on June 12, this year by the LPPC after their screening.

A SAN is said to have been admitted to the “Inner Bar”, as distinguished from the “Outer”, or “Utter Bar’’, consisting of junior advocates. The conferment is made in accordance with the LPPC Act 2007 Section 5 (1) by the Legal Practitioners’ Privileges Committee (LPPC), headed by the CJN (as Chairman).

Other members of the Committee are the Attorney-General of the Federation one Justice of the Supreme Court (chosen by the Chief Justice and the AttorneyGeneral for a term of two years, renewable on one occasion only), the President of the Court of Appeal, five of the Chief Judges of the States (chosen by the Chief Justice and the Attorney-General for a term of two years, renewable on one occasion only), the Chief Judge of the Federal High Court, and five legal practitioners who are Senior Advocates of Nigeria (chosen by the Chief Justice and the Attorney-General for a term of two years, renewable on one occasion only).

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Monday, September 17, 2012

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Some judges, lawyers collude to Mr. Jibrin Samuel Okutepa is a Senior Advocate of Nigeria (SAN) with over 20 years post-call experience. In this interview with EMMANUEL ONANI, the Makurdi-based lawyer spoke on the just-concluded 52nd Annual General Conference of the Nigerian Bar Association (NBA), indiscipline at the Bar and the alleged corruption in the judiciary among other issues. Excerpts: The 52nd Annual General Conference of the Nigerian Bar Association (NBA) has just ended. What is your assessment of the five-day conference?

Well, I’m going to speak to you as a private lawyer and not on behalf of the Nigerian Bar Association.

This is because the official spokesman of the bar is the President, in the person of Okechukwu Emmanuel Wali (SAN). But, my assessment as a participant and as a lawyer who actually participated is that, it was a well-organised conference in which issues of fundamental importance were discussed. Lawyers were expected to embark on continuing legal education and this conference affords us the opportunity to do that, and certificates were given to lawyers who registered and participated in this conference and at various fora where topical issues were discussed. At the end of the conference, you will recall that NBA came out with a communiqué on various fundamental issues affecting the society. By and large, it was a good conference, even though there are hiccups here and there in terms of peoples’ complaints that the fee charged was exorbitant, but I can tell you that, even though the fee was exorbitant, we must learn to accept changes that are fundamentally geared towards making us independent. Because prior to now, the bar will go cap-in-hand begging government and some other institutions for funding of our conferences and I think that if lawyers pride themselves around as very honourable and a noble profession, then they should be able to fund their conferences from their pockets. If you go to other international fora, like the International Bar Association (IBA) conferences for instance, a lot of us pay money to attend international bar conferences, which are far more above what we have been asked to pay to come for this conference. I think lawyers should try to understand; but you can understand also their basis of complaint, because there appears to be a very serious economic downturn, which has affected not only other sectors of the economy, but the Nigerian lawyers and so there are some justifications in their complaints and the new president has promised to look into their complaints.

Is your advice to the new Bar president likened to calling the aggrieved lawyers to a dialogue table?

Yes, but let me say that for every profession or association, there are laid down rules and regulations.

A situation where lawyers begin to carry placards and go to the streets in protest of what they perceive to be astronomical increase in the fees charged for conference, gives me cause for concern. Because as lawyers, we must do something very decently and within the framework of the rules of professional conduct. We cannot embark on a legitimate course, using an unorthodox or illegitimate way of achieving a legitimate result; that cannot co-habit. So, I think lawyers should learn to respect channels of communication and due process. So, my advice to the president is that he should listen and if there is the need for a review, he can review. But if there is no need for review he should let it be. After all, people came, paid for this conference because one of the problems I think we have in this country, is to put on the garment of poverty even in respect of issues we can afford to do

Okutepa

and wanting everything to be free. And that is why we don’t pay for all the services that government or any other institution give to us; we want everything free, we want NEPA free, we want water free, we want roads free.

In advanced countries that we have been privileged to go, you pay your way to obtain good services. I would have expected the lawyers to complain that, having paid this money, we didn’t get benefits commensurate with the payments we have made; not that the fee is high and should be slashed down, because all the facilities that were used were paid for. So, I’m not speaking for the past executive, but as a responsible Nigerian lawyer, I should think that whatever services you want delivered to you, you must pay for it.

Awomolo (SAN) came together, led other chairmen and secretaries, to resuscitate the bar and we came to this conclusion that we should select delegates. I think the only modification we should have is that, there should be a democratisation of the selection of the delegates from the branch level, so that the delegates are put forward as people who have the mandate of their branch to come to the national level for election, or they have the mandate of their leaders to vote for the leadership of their association from their branch, if we chose electronic means of voting. And, I think it should be possible for any Nigerian lawyer to sit anywhere and vote for the president of the bar, after he had been selected as a delegate to so vote. Because, if we throw it open, how do you control it? Nigeria cannot be the only country that all lawyers must vote for their leaders. Let them give us an example of any bar council or any law society/association in any part of the world that all the lawyers will go to the field to vote for their leaders.

Indeed, in some other professional associations, the person who is to be president in the next ten years is known because they already have succession plan. Why can’t we do so? So, I don’t subscribe to the idea of the so-called “universal suffrage”.

There is the clamour for the adoption of the universal suffrage in electing national officers of the NBA. Do you subscribe to this?

It cannot be because, even in our own democracy, it is not all Nigerians that vote for our president, as there are laid down procedures. So, when people are talking about universal suffrage, there is nothing like universal suffrage; you can either have universal adult suffrage, which itself put a condition. So, the former president had explained that in the communiqué. Look, the problem we have in this country is that our sense of history diminishes very shortly, within a short period of time. Otherwise, I do not see why anybody should call that all lawyers should go and vote for their leader.

Prior 1992, that is what was obtainable and we had what is now the “Port-Harcourt debacle” that threw the bar into a lot of confusion, with all manners of intrigues and power play politics brought to bear on the bar until prominent Nigerian lawyers led by Chief Adegboyega

Do you agree that the NBA may be drifting to another Port Harcourt debacle against the backdrop of what the newly-inaugurated president said that some people have started campaigning towards the 2014 Bar election, even before the inauguration of the present executive?

We are not getting to any Port-Harcourt debacle.

There is no doubt that people have aspiration; politicians are politicians anywhere, either at the bar or in the conventional Nigerian politics. So, yes, it is true that online some people have started calling for who to be president and who to be that. To me, those are legitimate aspirations. But, like my president rightly pointed out, if you belong to an association, you must play according to the rules. The NEC of the Bar has not yet thrown open that campaigns for the election of 2014 should start. And so, anybody who starts campaigning before the rules of campaign are opened stands the risk of disqualification. I think if we do not start applying

IN SOME OTHER PROFESSIONAL ASSOCIATIONS THE PERSON WHO IS TO BE PRESIDENT IN THE NEXT TEN YEARS IS KNOWN BECAUSE THEY ALREADY HAVE SUCCESSION PLAN

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Monday, September 17, 2012

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perpetrate corruption –Okutepa

sanctions on all those who are promoting nefarious online campaigns for one particular candidate we can’t bring sanity to bear, people will continue. I think the problem we have at the bar, which with the greatest respect bothers me, is our inability to enforce discipline. If we enforce discipline wherein people know that if they misbehave, they will be disciplined, sanity will return. Nigerians are people who value freedom, but destroy the freedom of others in the name of the exercise of that freedom. If you go to all these social/ online media, you see how people use all forms of derogatory languages; disparaging statements are made against prominent Nigerian lawyers by people who are indeed lawyers, who are subject to the ethics of the profession, and they are not disciplined. If they are disciplined and they are shown the way out, then they would have stopped this kind of social miscreants in the name of exercise of freedom. I don’t believe that we should spare anyone, no matter how highly-placed.

That’s how it gradually started and now people look down on the Nigerian police. So, we are not enforcing discipline and that is why I am an advocate that if a lawyer misbehaves in court, a judge should use his power of contempt to punish the lawyer; we are doing nothing like that.

That is why a lawyer will wake up, straight to the face of the judge, and tells the judge ‘you are this and you are that’. I’m not saying that lawyers should be intimidated, but in challenging the authority of the court and of the association, we must do so within the parameters of the rules of professional conduct, otherwise, you will destroy the association of which you are a member and you will no longer be a member of that association. This is because, if you destroy NBA as a lawyer, you have destroyed yourself.

The immediate past president of the NBA talked about manifest corruption in the judiciary. Do you think appointing judges from among senior lawyers will bring about the desired change on the Bench?

Corruption is not an exclusive preserve of young lawyers or any other person, but can manifest its ugly head even within the rank of senior lawyers. I think what has gone wrong with our judicial system, is the mode of appointment. I have had occasion to be saying it and I will say it; it appears to me that the increment of the emoluments of our judges facilitated quickly the gradual return of corruption in our judicial system.

This is because, people no longer go to the Bench on

THE INCREMENT OF THE EMOLUMENTS OF OUR JUDGES FACILITATED THE GRADUAL RETURN OF CORRUPTION IN OUR JUDICIAL SYSTEM the basis of merit; people now lobby to be made judges, people now lobby to be made magistrates on the basis of the monetary consideration that is attached to the office. Prior to now, judges were appointed on the basis of merit and identification that this one is fit and proper person to be on the Bench. Then, you are approached, you are spoken to, talked to, begged to take up the appointment. But these days, even people who are not qualified to be on the bench because of educational qualification, find themselves on the Bench, as every other consideration is jettisoned over

board. So, my thinking is that we must go back to where we came from and that is going back to how we were able to recruit judges and judicial officers of those days, who were above board. We must also try as much as possible to ensure that our judges are insulated from public view, from public/social functions otherwise; we are going to be contaminating our judicial officers with their presence at such functions; a development which is not in the overall interest of the judiciary. Prior to now, judges live in Government Reservation Areas (GRA), where visitors were made to drop notes with their names and there are security agents who watch their movements. Unfortunately, I do not think such things are happening now. So, lawyers also have taken advantage of even corrupting some of the judicial officers and some judges have made it a point of having a kind of contract with some lawyers so that they will make returns to them. This is not proper and there is no doubt that there are corrupt judicial officers, but the ability to pin-point them, is what we may not be able to do now. But above all, if you have a corrupt judicial officer that is intellectually bankrupt, you also face another problem. And so, there is intellectual bankruptcy, there is intellectual corruption; all these added together, is what is leading to the diminishing returns that we are having in the judiciary.

There are those, including prominent lawyers that are of the opinion that, the Chief Justice of Nigeria (CJN) should not head the National Judicial Council. Do you subscribe to this?

I don’t think it is the headship of the National Judicial Council that makes it not to work well. Are we suggesting that a Chief Justice of Nigeria will be such a bad person that he/she will not know what to do and will be contributing to the downfall of the judiciary? I think we must learn to build institutions, respect and accord some measure of confidence in our public office holders. I don’t think that, that is the problem. Rather, if we have proper persons on the NJC and proper membership, they will look the CJN in the face and tell him that this man is wrong. Afterall, these judges sit in the courts to pass judgments over some persons, including the power to sentence some people to death.

So, how can the Chief Justice of Nigeria, that is first and foremost a judicial officer, not being able to make a distinction between what is right and wrong and they will now say because he is there, the NJC is not functioning well? The NJC can function well, given the sound caliber of the person involved.

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Monday, September 17, 2012

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Rape victim bags four-year jail term China

Foreign

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Chinese court sentenced a young woman to four years imprisonment for killing a man who sexually assaulted her, a verdict inviting criticism from the citizens.

19-year-old Xuan Xiaoqi was sentenced to jail by the Guangzhou Intermediate People’s Court in Guangdong Province for killing Yang Jinyuan, 50, when he attempted to rape her.

Yang, a porter at the Guangzhou railway station, invited Xuan to stay with him in May this year when he found her stranded at the station overnight to take

train to Xiamen the next morning.

Xuan told police that Yang sexually assaulted her and threatened to kill her if she tried to leave his apartment.

Xuan said that she grabbed a knife to “frighten Yang”. But Yang persisted with his assault.

During their scuffle, Xuan first stabbed the man on his collarbone and later in the chest and head when he tried to wrestle to get the knife.

She continued to stab him until he fell to the floor and stopped moving, Chinese Daily Global Times reported.

The court found that Xuan was justified in defending herself, but committed intentional homicide by continuing to stab Yang after he fell to the ground.

Most of the Chinese microbloggers

Chinese Court

feel that sentence was too heavy and believe the woman had the right to defend herself.

Some said her four-year sentence was incomprehensible, the daily reported.

Some law experts supported the court

verdict.

“When the man was unable to continue his attack, she attacked him,” Qu Xinjiu, a criminal law professor with the China University of Political Science and Law, told the newspaper.

Price-fixing: US asks court to impose $1b fine on Taiwan’s firm United States

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US President, Barrack Obama

he U.S. government has asked a federal court to impose a $1 billion fine on Taiwan’s AU Optronics Corp (2409.TW) over its role in a cartel that fixed the prices of liquid crystal display (LCD) panels over a number of years, a court document showed.

The government has also asked the court to sentence company executives H.B. Chen and Hui Hsiung to 10 years in prison and fines of $1 million be levied on them, according

to a sentencing memorandum prepared by the U.S. Justice Department ahead of a hearing set for September 20.

AU Optronics, the world’s No.4 LCD maker, was found guilty in March of fixing prices for the screens after an investigation into an alleged pricefixing cartel operating between 1999 and 2006 involving a number of companies. It had been the sole Asian LCD maker to plead not guilty.

The Justice Department said at the time that AU could face a maximum fine of $1 billion.

One of the other defendants,

South Korea’s LG Display Inc (034220.KS), agreed to pay a $400 million fine in 2008.

U.S. prosecutors accused AU Optronics executives of meeting more than 60 times at luxury hotels to fix panel prices, saying the conspiracy cost the U.S. economy billions of dollars.

“AU Optronics and its executives conspired with the other major makers of TFT-LCD panels to systematically fix prices.

The conspiracy lasted five years, ending only when the FBI raided their offices and a federal grand jury subpoenaed the conspirators’ records,” the

Myanmar lawyers protest sales of colonial-era buildings Myanmar

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yanmar lawyers have vowed to protest the sale of Yangon’s 100-year-old High Court building and a plan to convert the city’s imposing old police headquarters into a Chinese-owned hotel.

According to AP, the Myanmar Lawyer’s Network said it is searching for legal means to block the sales of both buildings. They were auctioned off by the previous military government that ceded power to a nominally civilian government in 2011.

The calls for preservation come amid sweeping changes in Myanmar, which has been described as a country frozen in time during the half-century of military rule.

One of the only cities in Asia with its colonial heritage still intact, Myanmar is becoming a magnet for economic development as it opens to

Brief

Lagos judiciary begins new legal year today

L Myanmar Heritage Buildings

the outside world.

The former British colonial-era Police Commissioner’s Office is a sprawling two-storey structure that takes up a square block down the street from the famed Strand Hotel.

In recent years it served as a court complex and is filled with courtrooms, judges’ chambers and other legal offices.

Renovation started recently and a fence went up around the building, prompting lawyers to band together in an effort to save it, said Aung Thein, a member of the lawyers’ network.

The lawyers are threatening to stage protests after getting no response to letters sent last month to President Thein Sein and the speakers of parliament to halt the privatisation.

Justice Department said in the filing.

In a separate sentencing memorandum filing, AU Optronics said it should face a fine of no more than $285 million.

“The fine pressed by the government would threaten the very existence of AU Optronics,” the company said. AU declined further comment.

The case is in re United States of America vs. AU Optronics, Case No. 09-cr-00110, U.S. District Court, Northern District of California, San Francisco division.

agos State judiciary will today begin a week of activities marking the beginning of the new legal year.

According to the programme, services will hold today simultaneously at the Cathedral Church, Marina and the Central Mosque, Lagos.

The Chief Judge will, thereafter, proceed to the High Court to inspect a parade of guards by the Nigeria Police at the Igbosere High Court, Lagos.

Tomorrow, September 18, the Chief Judge and members of the Nigerian Bar Association (NBA) are expected to visit the Kirikiri Medium and Maximum Prisons to release qualified inmates under the prerogative of mercy.

A stakeholders’ summit on the High Court of Lagos State (Civil Procedure) and the Family Court (Civil Procedure) Rules 2012 will hold on Wednesdsay at the City Hall, Lagos.

The activities will be rounded off on Friday with a dinner at the City Hall, Lagos.

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Monday, September 17, 2012

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How Privy Council ruled on Oluwa family land claim FAMOUS CASES

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he vexed issue of land acquisition is not new in Nigeria; likewise the problems relating to the payment of compensation by the government. These have been in existence far back 91 years ago and they became serious legal issues decided by the Judicial Committee of the Privy Council in 1921. In this case, the question raised was the basis for calculation of the compensation payable to Tijani.

He had in his capacity as the head of Oluwa land- owning family of Lagos lodged an appeal to the Privy Council against the decision of the Supreme Court which favoured the Colonial Secretary, Southern Provinces of Nigeria. In his appeal, he made claims for the takeover by the Government of the Colony of Southern Nigeria of his family land in Apapa, Lagos for public purpose.

The Public Lands Ordinance of 1903 of the Colony provides ‘’that the Governor may take any lands required for public purposes for an estate in fee simple or for a less estate, on paying compensation to be agreed on or determined by the Supreme Court of the Colony. ‘’The Governor is to give notice to all the persons interested in the land, or to the persons authorised by the Ordinance to sell and convey it. Where the land required is the property of a native community, the Head Chief of the community may sell and convey it in fee simple, any native law or custom to the contrary notwithstanding.

There is to be no compensation for land unoccupied unless it is proved that, for at least six months during the ten years preceding any notice, certain kinds of beneficial use have been made of it.’’

Besides, the enabling ordinance states that in other cases the court should assess the compensation according to the value at the time when the notice was served, inclusive of damage done by severance. The Oluwa family was dissatisfied with the decision of the Supreme Court and it lodged an appeal to the Privy Council.

At the hearing of the appeal before the Privy Council, Viscount Haldane, Lord Atkinson, and Lord Phillimore sat on the panel.

Delivering judgment on Monday, July 11, 1921, Lord Haldane declared that ‘’The land in question is at Apapa, on the mainland and within the Colony. The appellant is the Head Chief of the Oluwa family or community, and is one of the Idejos or landowning white cap chiefs of Lagos and the land is occupied by persons some of whom pay rent or tribute to him. Apart from any family or private land which the Chief may possess or may have allotted to members of his own family, he has in a representative or official capacity control by custom over the tracts within his Chieftaincy, in-

Amodu Tijani was the Head Chief of the famous Oluwa family of Lagos in the 1920s. He was engaged in a legal battle at the Privy Council with the colonial government in 1921 over the payment of compensation for land purportedly acquired from his family in Apapa. FRANCIS FAMOROTI, Ag. Head, Judiciary reports.

Statute of Lagos White Cap Chiefs

cluding, as Chief Justice Speed points out in his judgment in this case, power of allotment and of exacting a small tribute or rent in acknowledgment of his position as Head. ‘’But when in the present proceedings he claimed for the whole value of the land in question, as being land which he was empowered by the Ordinance to sell, the Chief Justice of the Supreme Court held that, although he had a right which must be recognised and paid for, this right was: “merely a seigneurial right giving the holder ordinary rights of control and management of the land in accordance with the well-known principles of native law and custom, including the right to receive payment of the nominal rent or tribute payable by the occupiers, and that compensation should be calculated on that basis, and not on the basis of absolute ownership of the land.”

In the judgment, the question which their Lordships decided among others was the real character of the native title to the land.

Lord Haldane said ‘’In the instance of Lagos the character of the tenure of the land among the native communities is described by Chief Justice Rayner in the Report on Land Tenure in West Africa, which that learned Judge made in 1898, in

THE QUESTION WHICH THEIR LORDSHIPS DECIDED AMONG OTHERS WAS THE REAL CHARACTER OF THE NATIVE TITLE TO THE LAND language which their Lordships think is substantially borne out by the preponderance of authority.

“The next fact which it is important to bear in mind in order to understand the native land law is that the notion of individual ownership is quite foreign to native ideas. Land belongs to the community, the village or the family, never to the individual. All the members of the community, village or, family have an equal right to the land, but in every case the Chief or Headman of the community or village, or head of the family, has charge of the land, and in loose mode of speech is sometimes called the owner. He is to some extent in the position of a trustee, and as such holds the land for the use of the community or family.

He has control of it, and any member who

wants a piece of it to cultivate or build a house upon, goes to him for it. But the land so given still remains the property of the community or family. ‘’The history of the relations of the Chiefs to the British Crown in Lagos and the vicinity bears out this conclusion.

About the beginning of the 18th century the Island of Lagos was held by a Chief called Olofin. He had parcelled out the island and part of the adjoining mainland among some sixteen subordinate Chiefs, called” Whitecap” in recognition of their domination over the portions parcelled out to them. About 1790 Lagos was successfully invaded by the neighbouring Benins. They did not remain in occupation, but left a representative as ruler whose title was the “Eleko.” ‘’The successive Elekos in the end became the Kings of Lagos, although for a long time they acknowledged the sovereignty of the King of the Benins, and paid tribute to him. The Benins appear to have interfered but little with the customs and arrangements in the island. About the year 1850 payment of tribute was refused, and the King of Lagos asserted his independence. At this period Lagos had become a centre of the slave trade, and this trade centre the British Government determined to suppress. A Protectorate was at first established, and a little later it was decided to take possession of the island. The then king was named Docemo. In 1861 he made a Treaty of Cession by which he ceded to the British Crown the port and island of Lagos with all the rights, profits, territories and appurtenances thereto belonging. In 1862 the ceded territories were erected into a separate British Government, with the title” Settlement of Lagos. “ In 1874 this became part of the Gold Coast. In 1886 Lagos was again made a separate Colony, and finally, in 1906, it became part of the Colony of Southern Nigeria.

Their Lordships accordingly humbly advised His Majesty that the judgment of the courts ‘below should be reversed, and that declaration should be made that the appellant, for the purposes of the Public Lands Ordinance No.5 of 1903 was entitled to claim compensation on the footing that he was transferring to the Governor the land in question in full ownership, ‘’excepting in so far as such land is unoccupied, along with his own title to receive rent or tribute’’; that the consideration or compensation awarded was to be distributed, under the direction of the Native Council of the District with the sanction of the Governor, among the members of the community represented by the appellant as its Head Chief in such proportions and in such manner as such Council, with the sanction of the Governor, may determine.

The Privy Council also directed that the case be sent back to the Supreme Court of Nigeria (Southern Provinces) to secure that effect was given to these declarations. The appellant was entitled to his costs of this appeal and of the appeal to the full court.

Cocktail

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Monday, September 17, 2012

FOR YOUR SUCCESS

WITH DR. DEJI FOLUTILE

Today's Tonic (3) Instead of thinking of challenges as problems, think of them as opportunities. **Anonymous * * * Thought Mastery!

How we think of our situations is very critical to our liberty. Our thought realm is where battles are lost and won.

The extent to which we interpret our circumstances will determine our manifestations.

What we call our challenges in our mind is what they will become in our experience. Knowing this fact should help us to turn around gloomy situations and excavate opportunities out of them.

TEL 08104942999 E-MAIL deji.folutile@gmail.com Follow me @TwitterOWOTIDE

Judge sentences man to prison, then weds new inmate

A

judge sentenced an Oklahoma man to four years in federal prison on a firearm charge — then minutes later performed a marriage ceremony to wed the new inmate and his longtime girlfriend.

Thursday was a busy day for Larry Austin and Dustie Trojack. First they obtained their marriage license, then Austin pleaded guilty to the firearm charge and was

sentenced by Oklahoma County Judge Jerry Bass.

Shortly afterward, Bass married the happy couple who kissed before federal authorities whisked Austin away.

Austin’s attorney, Scott M. Anderson, tells The Oklahoman that Austin had helped to raise Trojack’s two sons and he didn’t want to lose contact with them while he was serving time.

National Mirror www.nationalmirroronline.net

Oddities

£1million well scent: Lady Gaga launches perfume with lavish bash L ady Gaga took time out between the Manchester and Dublin legs of her Born This Way Ball tour to fly by private jet back to her home town of New York to launch the scent.

While most stars might arrive, smile for the cameras and leave just as fast, Gaga rolled up at Macy’s department store in a horse-drawn carriage in the shape of a bottle of Fame.

Her sculpted black “dress” also mimicked the bottle as she greeted her Little Monster fans who queued for the chance to touch their idol.

As for those shoes, they look straight out of Gary Glitter’s wardrobe.

Of course, Gaga is no stranger to lavish shows.

The sets for her Monster Ball world tour were so expensive that by the time it wound up last year she had lost £2.5million.

The stage alone cost

£500,000 and her giant bathtub prop £60,000.

But it doesn’t look like she’s learned her lesson, judging from her latest extravagances.

Bizarre was at her Twickenham show last week and the 60ft castle at the back of the stage, plus the mechanical horse she

rode, wouldn’t have come cheap.

As for that scent, when Gaga announced it last year, she said it was suited to “an expensive hooker” and smelled of blood and semen.

Thankfully, she’s since changed her tune — and more importantly,

ARRIVING IN STYLE: Lady Gaga steps out of carriage

the recipe. Explaining Fame’s smell, she said: “It’s a quite delicious, succulent, slutty, seductive fragrance.

“Fame is the first ever black eau de parfum. It’s black inside the bottle then, once you spray it, it’s clear and it’s beautiful.”

Monday, September 17, 2012

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49

World News

“I can’t say I was the perfect father by any means, wasn’t always there for Luther, While my son has battled his share of problems, his mother really did the best she could.”

US PRESIDENT, BARACK OBAMA

SAM OLUWALANA

WITH AGENCY REPORTS

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ibyan authorities have arrested some 50 people in connection with last week’s deadly attack on the US consulate in Benghazi, the president of Libya’s interim assembly says.

Mohamed Magarief told CBS News he had “no doubt” the attack was pre-planned.

That appears to contradict US envoy to the UN Susan Rice who told ABC that the evidence suggested it had been part of “spontaneous” protests.

US Ambassador Chris Stevens and three other US consulate staff were killed.

They died when the consulate in Benghazi was set ablaze, in protests apparently inspired by demonstrations at the US embassy in the Egyptian capital, Cairo.

It was part of a wave of violent protests in the Muslim world over an anti-Islam film made in the US. Some of the suspects in last Tuesday’s violence in Benghazi were from outside Libya, Mr Magarief told CBS News.

“It was planned, definitely, it was planned by foreigners, by people who entered the country a few months ago, and they were planning this criminal act since their arrival,” he said.

He said the suspects were connected to al-Qaeda, or its “affiliates and maybe sympathisers”.

“We don’t know what are the real intentions of these perpetrators,” he said. “They entered Libya from different directions.

Some of them definitely from Mali and Algeria.”

Al-Qaeda in the Arabian Peninsula has said in a statement the

Libya ‘arrests 50’ over Benghazi US consulate deaths

The US ambassador to Libya Chris Stevens died along with three others in the Benghazi attack.

PHOTO: GETTY IMAGE

attack avenged the killing of Abu Yahya al-Libi - a Libyan-born alQaeda commander killed in June by a US drone strike in the North Waziristan-Afghan borderlands.

Ms Rice, meanwhile, told ABC that the the US’s “current best assessment” was that “this began as a spontaneous not a pre-meditated response” to the protests in Cairo.

“As that unfolded it seems to have been hijacked, let us say, by some individual clusters of extremists who came with heavier weapons, weapons that as you know in the wake of the revolution in Libya are quite common and accessible and then it evolved from there,” she added.

The Benghazi violence was followed by a string of attacks on US consulates, embassies and business interests across the Middle East and north Africa. British, Swiss, German and Dutch properties were also targeted.

Two people were killed during protests outside the US embassy in the Tunisian capital, Tunis on Friday, while three were killed in clashes in the Sudanese capital, Khartoum.

On Saturday, the US ordered all non-essential staff to leave Tunisia and Sudan, fearing further violence. The US had asked Sudan for permission to send troops to protect its Khartoum embassy, but the request was turned down.

A State Department statement also advised US citizens in Tunisia to leave by commercial flights and those in Sudan to “exercise caution at all times”.

The Canadian government announced on Sunday it was closing its embassies in Sudan, Libya and Egypt for the day as a precautionary measure.

The US and Canadian announcements came as Al-Qaeda in the Arabian Peninsula called for fresh attacks against Western embassies, describing the recent unrest as “a great event”, and urging protesters to unite to “expel the embassies of America from the lands of the Muslims”, AP reports.

Afghanistan: NATO air strike ‘kills eight women’ in Laghman

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t least eight women have died in a Nato air strike in Afghanistan’s eastern province of Laghman, local officials say.

NATO has conceded that between five and eight civilians died as it targeted insurgents, and offered condolences.

Afghan President Hamid Karzai “strongly condemned” the deaths and has sent officials to the area to investigate.

Earlier on Sunday, four US soldiers with the NATO forces were killed in an attack by suspected Afghan police.

The attack in southern Zabul

province brought to 51 the number of Nato troops killed in “insider attacks” this year, and came a day after two UK soldiers were killed at a checkpoint in Helmand by a man in police uniform.

Local officials in the remote area of Laghman told the BBC at least eight women had died, while provincial council member Gulzar Sangarwal said nine were dead.

Major Adam Wojack, a spokesman for the ISAF international forces, said between five and eight civilians could have been killed, and said an investigation was under way.

WORLD BULLETIN

Aung San Suu Kyi, Burma pro-democracy leader visits US Burmese pro-democracy leader Aung San Suu Kyi is travelling to the United States, her first visit to the country in two decades.

During her 18-day trip she will be presented with the Congressional Medal of Honor, the highest civilian honour in the US, among other awards.

She will also meet President Barack Obama and various Burmese groups.

Aung San Suu Kyi spent years under house arrest in Burma, but was elected to parliament in April.

The new civilian-led, but militarybacked, government has enacted a series of political and social reforms, including the relaxing of media laws, the legalisation of protests and the releasing of hundreds of political prisoners.

In response, Western nations including the US have lifted sanctions imposed during the military rule.

Kate and William files case over topless shots

Lawyers for the Duke and Duchess of Cambridge are to make a criminal complaint to a French prosecutor over topless photographs of the duchess.

The images have appeared in French magazine Closer and the Irish Daily Star. An Italian magazine has said it also plans to print the photographs.

St James’s Palace say the couple’s legal team will also seek damages.

It comes as the royal couple visit the Solomon Islands as part of a tour of south-east Asia and the South Pacific.

BBC correspondent, Nicholas Witchell said the royal couple looked relaxed and happy as they arrived on the island as part of their nine-day tour as part of the Queen’s Diamond Jubilee celebrations.

Gambia’s President Jammeh halts executions

Afghan woman hit by NATO air strike in an unnamed hospital bed.

He told the BBC that a group of some 45 insurgents had been targeted by an Isaf unit, and many had been killed.

Civilian casualties by Natoled forces have strained relations with the Afghan government.

“Unfortunately, we have be-

come aware of possible Isafcaused civilian casualties as a result of this strike, numbering five-eight Afghans,” he said.

“Isaf offers its sincerest condolences to the affected community and family members, as well as to the Afghan people, concerning this tragic loss of life.”

The Gambian president has suspended the execution of prisoners on death row, amid an international outcry.

In a statement, Yahya Jammeh said he was responding to “numerous appeals”.

Nine prisoners have been executed since his vow in August to clear death row. Another 37 inmates remain on death row.

The executions were the first in The Gambia, a popular tourist destination, in 27 years, and human rights groups say it was mostly political prisoners who died.

Mr Jammeh’s statement said the suspension of the executions followed numerous appeals at home and abroad, but warned that the halt could be temporary.

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Community Mirror “The army is focusing far ahead of not only addressing the menace of the terrorist group, but on how to wipe out all forms of terrorism across the nation..”

CHIEF OF ARMY STAFF, LT-GEN. AZUBUIKE IHEJIRIKA

groups decry plan Man remanded for rape Religious to disrupt WAEC exams WALE FOLARIN OSOGBO

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or allegedly raping a housewife, an Osogbo Magistrate’s Court has ordered a 35 year old night guard, Niyi Ayoola, to be remanded in prison custody.

The suspect, who was docked for forcefully having carnal knowledge of Mrs. Bola Osunlana, was said to have committed the offence at Iloro market, in Ile-Ife.

According to the charge sheet, the accused person, said to be the night guard at Iloro market, committed the offence contrary to section 357 of the Constitution and punishable under section 358 of the criminal code cap 34, volume II laws of Osun state.

Police prosecutor, Mr Elisha Olusegun, told the court that Ayoola, who was a night guard at the market, accosted the victim as she was return-

ing from work at 10 pm and forcefully had carnal knowledge of her.

The accused person pleaded not guilty to the one count charge, while his counsel, Mrs. C. Nnenna, prayed the court to grant him bail.

The Presiding Magistrate, Mr Adewunmi Makanjuola, ordered that the accused be remanded in Ilesha prison and adjourned the case till September 20, for hearing

A worker with the Lagos Waste Management Authority (LAWMA) packing refuse into a van at Jibowu street, Yaba, Lagos.

PHOTO: OLUWASEGUN IJABIKEN

Angry mob strip robbers naked in Abuja OMEIZA AJAYI ABUJA

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t was a bad day for a fiveman robbery gang, popularly called “one chance” in Abuja, as they were caught at the Area 11 junction.

The gang, comprising three men and two females, were apprehended when their victim, Obiageli Okwor raised alarm after her bag was snatched by the gang who used a taxi cab.

The gang members had posed as passengers when they picked Miss Okwor at Berger Bus Stop in Wuse District.

Okwor told sympathizers, that she stood at the bus stop to board a bus to Mpape, but none was forth coming before the taxi cab later pulled by.

She said she had drawn the driver’s attention to the fact

that the car was already full but he assured her that one of the passengers would disembark at the next bus stop.

“I decided to join them because there were two ladies. I did not know they were partners in crime. They even corroborated the driver’s explanation that one of the passengers will stop at Mabushi and so I got into the car,” Okwor said.

She was implored to sit at the front with the driver who was carrying a big bag that made it difficult to sit comfortably.

“Later, the driver requested I hand over my bag to him and shut the door”, she said.

“After shutting the door, the driver gave me back the bag after he and the others in the vehicle had secretly stolen N800 and Black Berry phone in it”.

Okwor said when she found

that her items were missing she disembarked immediately so that she would properly search for them. “So, after coming down from the taxi, the driver immediately sped off, and this made me to raise an alarm that attracted passersby who then gave a hot chase, until they were caught at Wuse junction, even as they were beaten and stripped naked”, she disclosed.

Eyewitnesses said about three persons at the scene recognized one of the ladies as being among some robbers who had earlier snatched their phones and money.

On searching their bags, a total of 18 phones were found as well as hundreds of ATM cards believed to have been stolen. Other items found were female purses and jewelries.

FEMI OYEWESO ABEOKUTA

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he Christian and Muslim groups in Idiroko, Ipokia Local Government Area of Ogun State have raised alarm over plans to disrupt the on-going West African Examinations Council, WAEC, exams for private candidates, following plans by the Oro cult to impose curfew in the area.

The two religious groups under the aegis of Christian Association of Nigeria, CAN, and the League of Imams and Alfas of Yewaland, also called on the government and relevant security agencies to avert the impending religious crisis.

Chairman of the Pentecostal Fellowship of Nigeria, PFN, Ogun Province IV Ipokia, Pastor Samuel Gbesemaovo, stressed that the plan to impose curfew in the area

by Oro worshippers runs contrary to the government directive which was earlier agreed to by all parties.

Gbesemaovo, further said that the annual WAEC November/ December examinations, which began last week, was disrupted in some parts of Ipokia due to activities of Oro cultists, adding that the curfew would also affect the writing of Mathematics that holds across West Africa.

He explained that the traditionalists had last week prevented the candidates from writing the English Language examination, even as he said that Oro traditionalists had previously attacked mosques

and churches, leaving many adherents injured and properties destroyed.

The PFN leader expressed concern that CAN and League of Imams and Alfas, had previously petitioned Governor Amosun and Ipokia Local Government Chairman, Isiaka Aderounmu, but without positive outcome.

Gbesemaovo, who was accompanied by the PFN Chairman in Ado-Odo/Ota, Pastor Toyin Adio, accused some traditional rulers of colluding with the worshippers to perpetrate illegalities.

Also, the Muslim Rights Concern, MURIC, Ogun State described the development as disheartening, retrogressive and inimical to the image of the state.

The state Coordinator of MURIC, Soliu Lukman, said “we have spoken against this at different fora and it should be understood that this is not a religious issue, but an infringement on the fundamental human rights of the citizens of the state.

We hope the government will do the needful before these Oro cultists set the state on fire.”

When contacted, the Ipokia council chairman stated that he had already held a crucial meeting with representatives of the warring groups, including Muslims, Christians and traditionalists, to avert violence.

Aderounmu, who maintained that no curfew would be imposed, disclosed that he had alerted the police to forestall any breakdown of law and order.

Council boss calls for construction of rural roads ADEMU IDAKWO LOKOJA

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he interim Chairman of Dekina Local Government Area of Kogi State, Comrade Muhammed Ali, has called on the state government to open feeder roads in the area to enable rural farmers convey their produce to urban markets.

Ali, who stated this against the backdrop of deplorable rural roads in the area, said the local government was making plans to remedy the situation by grading some of them.

He disclosed that his administration has embarked on various development efforts, such as provision of drugs to the rural clinics and dispensary centres, as well as provision of instructional materials for schools in the area.

The interim chairman said the local government will soon start awarding scholarship to indigent students to cushion the hardship being faced by their parents, even as he appealed to the youths to shun violence and other anti-social behaviours inimical to social peace and economic development.

Monday, September 17, 2012

Osaze makes red card pledge

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Sport

I am still savouring my Paralympic feat. t.

Let me keep doing this while looking too the future with hopee - SOUTH AFRICAN ATHLETE, OSCAR PISTORIUS

Kalu disagrees with Green over Eagles’ form EVEREST ONYEWUCHI

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s Nigeria prepares for next month’s final South Africa 2013 Africa Cup of Nations qualifier against Liberia in Calabar, former Abia State Governor, Chief Orji Uzor Kalu, has urged his compatriots not to expect so much from the Super Eagles.

In a statement he issued at the weekend, Kalu said that “the the Golden Years of Nigerian soccer when a Segun Odegbami could be hero worshiped in Accra or a Petit Sory would salute Emma Okalla from Conakry were gone.”

Kalu cautioned Nigerians against building castles in the air with hopes of inspirational play from the Eagles.

“You cannot give what you do not have. The present Eagles are not in any way Super. I cannot find even the shadow of Nwankwo Kanu or the cleats of Flamingoes in a group photograph on Friday before their last warm-up match in Portugal. Below: Ambassador Bristol (r) and her husband.

Rashidi Yekini in the squad.

“It is so bad that an Austin Okocha will not make any difference. Green may have defined the Eagles of Christian Chukwu, Odegbami and Okalla. The present bunch cannot do better than greenhorns,” the ex-governor added.

He refused to blame Coach Stephen make sure Nigeria’s flag was flown at full Keshi for the drab results so far record- EVEREST ONYEWUCHI mast during the tournament. ed by the senior national team in the “As Ambassadors of our dear nation, I Nations Cup qualifiers. urge you girls to continue behaving well, igeria’s U-17 National Women’s “Eagles are on Ground Zero today. football team, Flamingoes, will even when you get to Azerbaijan for the Tomorrow may bring a change. We need today leave their Portugal train- World Cup. You must keep the flag flynot worry. I can go watch the Falconets ing camp for Azerbaijan, venue of this ing,” Mrs. Bristol said, adding that the or wine and dine with the Paralympiyear’s FIFA U-17 Women’s World Cup that Flamingoes must repay the country for ans. After all, they are Nigerians. Let the exposure given them in Portugal. kicks off next Saturday. us switch our support until the Eagles “The only way you can repay the ef- cal in front of goal during the FIFA U-17 Last Friday , the Flamingoes rounded begin to fly again.” forts of the Nigeria Football Federation Women’s World Cup that kicks off this off their training tour with a warm-up But Chairman of the Nigeria Footis by going to Azerbaijan and winning Saturday. ball Federation (NFF) Technical Com- match against Primeiro De Dezembro FC the trophy,” she said.

“Every opportunity to score a goal which the Nigerian girls won 4-0 at the mittee, Mr. Christopher Green, disDuring the match, the Flamingoes must be positively converted as you football pitch of their Browns Sports & agrees with Kalu, saying that Nigeria missed many scoring chances, but a might never get another chance. Often has quality players that can do the na- Leisure Club base. goal from Chinwe Ezihuo and a hat-trick times in a match, it’s the team that takes Media Officer of the team, Gracious tion proud. from Halimat Ayinde made sure that advantage of their scoring opportunities Akujuobi, informed National Mirror that “I don’t think our players are merely they showed superiority to Primero De that come out tops,” admonished DedevNigeria’s Ambassador to Portugal, Her average, because what matters most is Dezembro, who are female league cham- bo.

Excellency (Mrs) I.E.C. Bristol, at the end the form a team comes with,” Green pions of Portugal.

Nigeria is in Group A with host Azerof the game charged the Flamingoes to told supersport.com yesterday.

As a result of the scoring chances baijan, Canada and Colombia and the Flago all out for glory in Azerbaijan.

“How do you explain Central AfThe envoy, who watched the match they fluffed, Coach Peter Dedevbo has mingoes will play their opening match in rica Republic eliminating a continenwith her husband, urged the team to charged his strikers not to be lackadaisi- Baku against Canada next Saturday. tal power like Egypt from the AFCON qualifiers, or Cameroun going down 2-0 to Cape Verde?

“I’m confident we have the right calHe is likely to be sidelined for be- game at Reims,” the source said. igeria striker, John Utaka, will ibre of players that can take us where Utaka was looking forward to the tween four and six weeks and he is miss tomorrow’s UEFA Chamwe deserve to be,” he added.

Arsenal game, saying he wanted to certainly ruled out of a Champions pions League clash against visThe former Sharks FC secretary complete “unfinished business” in refLeague clash against Arsenal. iting Arsenal after he suffered a groin emphasised that qualification for the erence to his unsettled time in the EngA top source close to Utaka informed injury in a league game at the weekNations Cup was the NFF priority for lish Premier League with Portsmouth.

MTNFootball.com that the experienced end. now and not necessarily how brilliant He started well at Fratton Park but striker is devastated he will miss this Champions Montpellier fell 3-1 on Eagles play. a slump in form and the financial troumuch-anticipated clash.

Friday night at Reims with Utaka limp“The most important thing at this bles at Pompey combined to force him “Utaka was playing very well before ing out after 25 minutes when his groin point is for Nigeria to be at the 2013 Nato return to the French Ligue 1 with he suffered a serious groin injury when snapped. tions Cup, and then we can now look at Montpellier and he went on to win a he tried to deliver a cross after just 25 A scan will be conducted today to how good or bad the team has been playhistoric championship. minutes of action in Friday night’s determine the extent of the injury. ing,” Green added.

U-17 W/Cup: Flamingoes depart for Azerbaijan

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Utaka misses Arsenal UCL clash

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Osaze makes red card pledge

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igeria striker, Osaze Odemwingie, has promised to make up for his red card at Fulham on Saturday when he returns from a three-match ban.

Odemwingie was dismissed in the first-half for kicking out at Fulham defender Sascha Riether as the Baggies slid to their first Barclays Premier League defeat of the season.

The score was 1-0 to Fulham at the time of Odemwingie’s foul after Dimitar Berbatov bagged his first goal for the Cottagers.

The home side then went on to score twice more against 10 men through a Berbatov penalty and a late volley from Steve Sidwell, and Odemwingie will now be looking to make up for his petulant act.

“It made things harder for my team. One man advantage is a big advantage,” he said in an interview.

“Hopefully when I come back playing I will compensate my team with some good actions and contributions to the next win.

“As a team we need to bounce back. We are a united group and I had encouragement from my teammates to forget about it. I will be more worried if it happened more often than one or two times in my career,” Osaze said.

Vice President Namadi Sambo, President Goodluck Jonathan and Chairman of the Peoples Democratic Party, Alhaji Bamanga Tukur in a group photograph with Paralympians, during the reception organised by the Federal Government for the Paralympians and Nigeria U-20 Female Team, Falconets, in Abuja at the weekend.

PHOTOS: STATE HOUSE

President Goodluck Jonathan with a cross section of the Paralympians, during the reception organised by the Federal Government for them in Abuja.

EPL RESULT Osaze

Reading

1-3

Tottenham

Eko 2012: MOC applauds preparation AFOLABI GAMBARI

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he Main Organising Committee (MOC) for the Eko 2012 National Sports Festival has expressed satisfaction with the level of preparation by host Lagos State.

Secretary General of MOC and a Director in the Federal Ministry of Sports, Alhaji Abba Yola , who conducted an inspection of the facilities at the Onikan Stadium, Rowe Park Sports Centre and Teslim Balogun Stadium in Lagos at the weekend, commended the Local Organising Committee for what he called its steadfastness and focus.

“I will still advise the LOC to speed up work in all the venues with a view to ensuring that facilities are fully ready before the festival begins in November,” Yola said.

“The LOC has done about 70 per cent of the job and I am particularly impressed with the facilities put in place for the physically challenged athletes that would be taking part in the games,” the sports ministry director added.

Secretary General of the LOC, Dr. Kweku Tandoh,

assured at the occasion that the recommended finishing touches would be done in due course.

“We are on course with the timelines in terms of the infrastructure, venues, and facilities and this gives us time to test-run the facilities and put right anything we may find to be fitted,” Tandoh assured, stressing, “We don’t expect unforeseen challenges that will affect the festival negatively.”

Meanwhile, the zonal qualifiers for team events of the festival will hold across the 12 centers of the federation where teams will compete in basketball, volleyball, handball, football and Abula, among others.

Abba Yola

President Goodluck Jonathan shaking hands with members of Nigeria U-20 Female Team, Falconets, during the reception organised by the Federal Government for them.

Swimming: Navy charts Polo: Riders chase four trophies way forward J D IFEANYI EDUZOR

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he Flag Officer Commanding Naval Training Command, Rear Admiral Azubuike Isaac Ajonu, says that the Navy Sailing Club will partner Nigeria Swimming Federation (NSF) to ensure Nigeria produces athletes that will win laurels for the country at the 2016 Olympics.

According to the flag officer, the impending independence race organised by the club is part of the Navy’s efforts at popularising water games in the country.

“It is unfortunate that we did not win a

single medal at the last Olympics but I can assure you that with the present arrangement we will produce athletes that will represent Nigeria in swimming, yachting, rowing and all other water sports in the next Olympics,” Ajonu said.

“We will also ensure that the club regains its former glory as the number one sailing club in the continent while also offering Nigerians opportunity to perfect in the act of swimming and rowing,” he added, stressing, “We also intend partnering relevant authorities to ensure the country becomes a force to be reckoned with in the sport.”

AMES KATSINA

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ANJUMA

bout 29 teams are participating in the ongoing Katsina Polo Club Tournament which started yesterday with four major trophies at stake at the week-long event.

Life President of Katsina State Polo Club, Lawal Kaita, told National Mirror that participating teams were drawn from Kaduna, Rivers, Bauchi and Niger states, in addition to a team from the Nigeria Police.

“Nigerian Cup, which is the highest of all, General Hassan Usman Cup, Talba Cup and Ibrahim Coomassie Cup will be competed for by the riders,” Kaita, who was a governor of the for-

mer Kaduna State, said.

“Sponsors of the cups have donated N300, 000 each, while MTN and the Katsina government donated N5m and N3m respectively,” he added.

According to the club’s life president, former Vice President Atiku Abubakar also donated N1m while other stakeholders contributed various amounts to make the event memorable.

“Participating teams were reduced by almost double of what obtained last year as a result of logistics and accommodation problems,” Kaita disclosed, adding, “This has enabled the organizers to pursue prudent management of the resources available for this tournament.”

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Monday, September 17, 2012

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Kano CAN condemns anti-Islam film, appeals for peace AUGUSTINE MADU-WEST AND PRISCILLA DENNIS

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hristians in Kano have condemned the anti-Islam film that has sparked off protests in Muslim dominated communities across the globe.

The Kano State Chairman of the Christians Association of Nigeria (CAN), Bishop Ramson Bello, reacting to what he called unpleasant development the anti Prophet Mohammed sentiment is generating, said the film should be

•Group urges Muslims to shun US-made products condemned by all lovers of peace.

Bishop Ramson Bello, however, appealed for calm, saying any action that desecrates any religion should not be tolerated.

He said: “We, as Christians, don’t support such recklessness and intentional mischief to promote religious conflict, we should rather emphasize on issues that promote peace and stabilize our system.

“We want to appeal to our Muslim brothers to understand Christians are

not involved in this and will continue to condemn any act that tends to undermine other people’s faith.”

Meanwhile, the Council of Ulamas of the Jma’atu Izalatul Bid’ah Wa’ikamatul Sunnah (JIBWIS) has cautioned Muslim across the world against embarking on assault on the United States and her services, and rather place embargo on the country’s product in protesting against the blasphemous film on Prophet Mohammed and Islam.

JIBWI also urged Mus-

lims in Nigeria not to attack any Christian in demonstration against the film, saying it would be injustice to attack anyone as Islam abhors violence.

The attack on the United States Embassy in protest against the film in Tripoli left four US diplomats death, including the country’s Ambassador to Libya.

The Chairman of the Council of JIBWI, Sheik Sani Yahaya Jingir, spoke at the closing ceremony of the 16th National Quranic

Violence: Lebanese community denies vacating Kano AUGUSTINE MADU-WEST KANO

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he Lebanese community in Kano State has dismissed a report that its members are leaving the state in droves because of terrorism.

The community also described as false report that businesses run by its members have been closed down because of the development.

In a statement issued yesterday in Kano by the

chairman of the community, Mr. Tahir Fadallah, the Lebanese said the report was false and misleading.

Fadallah said Lebanese in Kano are Nigerians having nationalized and therefore see themselves as indigenes and Kano as their first home.

He said: “Almost all the Lebanese here were born in Kano and are carrying the country’s passport as indigenes, so it is embarrassing to read that our people are leaving Kano,

for where?”

Fadallah said as the leader of the community, he had no record justifying such report, more so that none had complained of threat to his life.

He said: “We read about exodus of our members from Kano and I ask to where since Kano is our home, its mere speculation.

The same publication said our business has suffered leading to the closure of industries run by our people owing to security problem

and that the Chinese and Indians have taken over Kano business from us, we remain major stakeholders in Kano because it is our home and we are not competing with anyone.

“Most of the factories that are shut suffered power problem and not as a result of insecurity and this happened long before the current security situation, but with the improvement of power supply, they are bouncing back, we can’t abandon our investment.”

L-R: Chairman of Christians Association of Nigeria (CAN), Bauchi State chapter, Rev. Lawi Pokti; Chairperson, CAN Women Wing, Mrs. Liatu Joseph and Secretary, Mrs. Doris Vengji, at the 13th Annual Convention of CAN Women held in Bauchi, at the weekend.

Niger to boost revenue through tourism PRISCILLA DENNIS MINNA

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he Niger State Government is set to exploit its tourism potential to boost income generation.

It is against this back drop that the government plans to support peaceful co-existence among the various tribes in

the state.

The Commissioner for Tourism and Culture, Mohammed Kabir Wushishi, said in Minna, the state capital, that the step became necessary because the monthly allocation from the Federal Government was not sufficient.

Wushishi said: “For this

reason, the state government created the Ministry of Tourism and Culture. The ministry, on its part, created, promoted and organised durbar event which started with Bida and Minna emirates and is now established in virtually six of the eight emirates that exist in Niger State.”

According to him, the

PHOTO: NAN

ministry has taken steps to sensitise the people on the importance of what the state stands to benefit from tourism and culture in the 21st century.

“There is also a concerted effort to bring all the local government areas under one umbrella of Nigerfest where the material culture of our different cultural groups will be on exhibition,” he said.

recitation competition of JIBWIS in Minna, the Niger State capital.

He said the call to boycott American products became necessary because the production of the controversial film had the support of the American government, but failed to stop the producer through its security network.

Jingir said: “The person that did the film is in America, he is not a Nigerian, so, don’t attack any Nigerian or anybody.

We are good people in Nigeria. It will be injustice for any Muslim to attack Christian in Nigeria based on the film because Islam detest violence. “‘The only thing we can

do is to avoid all American products. Those in other Islamic countries should do same and see if Americans will not come and beg.”

He also condemned bombing of places of worship, noting that there is no provision in the Islamic injunction that promotes violence as being perpetrated by a group in some parts of the North.

“The activities of the sect have not brought any progress to the North, but retrogression and untold hardship,” Jingir said.

The state governor, Dr. Babngida Aliyu, called on Muslims to examine the cause of crisis especially in the Middle East as well as other places in order to change the situation.

Saraki’s supporters dump PDP for ACN WOLE ADEDEJI ILORIN

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cores of members of the Peoples Democratic Party (PDP) and Allied Congress Party of Nigeria (ACPN), who were followers of former Second Republic Senate Leader, Dr. Olusola Saraki, at the weekend defected to the Action Congress of Nigeria (ACN) in Kwara State.

Notable among the defectors are former PDP deputy governorship candidate, Mr Akinmade Yahaya Abolarin; former Commissioner and a leading member of the Saraki political dynasty, Chief James Ayeni and former Chairman of Ifelodun Local Government, Mr. Jide Usman, among others.

ACN National Publicity Secretary, Alhaji Lai Mohammed, the party’s governorship candidate in the 2011 election, Mr. Mohammed Dele Belgore (SAN) as well as representatives of Osun and Ogun state governors were all on hand to receive the defectors.

Lai Mohammed, however, accused the PDP-led Federal Government of ineptitude.

He said the ineptitude has resulted in the alarming rate of youth unemployment, epileptic power supply and general decay of infrastructure.

PDP, according to him, has not been truthful to Nigerians on any national issue, citing the “many lies the PDP-led government

churned out to Nigerians on the illness of the late President Umaru Yar’Adua.”

Also at a separate press briefing, Lai Mohammed, who is known for being a hard critic of the government, commented on the treatment abroad of wife of the President, Patience Jonathan, saying: “She is the First Lady of the Federal Republic of Nigeria and as such there are certain duties she performs. Her wellbeing, to a large extent, is also the wellbeing of the nation, especially these days when the office of the First Lady is not just a glamour office.

“They park a lot of power and influence. Do not forget that many of these political appointees hold their appointments today to the various first ladies. I am not saying it is right or wrong but that is the truth of the matter. When our FirstL disappears from the radar, so to say, for several weeks and nobody can tell us precisely where she is and what she is doing, I think it is a shame to the whole country.

“I do not see anything strange or un-dignifying in saying that ‘the First Lady had food poison, we are to fly her to the US for treatment and we will keep you informed of her daily welfare.’ That will elicit a lot of support and Nigerians had shown in the past that irrespectively of what they think about their leaders, when their leaders in past had health problem, there was this outpouring of emotions.”

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WORLD RECORD

Largest cheerleading cheer

Vol. 02 No. 449

N150

Monday, September 17, 2012

The greatest number of cheerleaders simultaneously performing a cheer at a single venue is 1,278 and was achieved by Science Cheerleaders & Pop Warner (both USA) at the Sun National Bank Arena in Trenton, New Jersey, USA, on 12 November 2011.

Time for state of emergency in education

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n important event this week is the reopening of schools for most our children. They will be resuming today as you read these notes, and it is important we reflect on the sate of education in the country. I say most, not all, because in reality many other schools opened two weeks ago in conformity to the British school calendar. Why are some schools in an independent Nigeria following the British school calendar? A passerby might ask.

The plain answer to such question will be “because some schools, called international schools, follow the British curriculum and their students sit British international exams.” If you are unlucky enough, and your interlocutor goes on to ask, “Why do some schools and students in an independent Nigeria follow the British curricu-

NOTES FROM CAMBRIDGE Anthony A. Kila

anthonykila@mail.com lum and their students sit British international exams?” At that point your answer will have to be a painful “because these international curriculums and exams have values and recognition than most Nigerian schools can barely dream of achieving.”

Thank heaven, political correctness will save you, and no interlocutor will ask if there is Ministry of Education in Nigeria.

Let us be clear, all parents have the right, even the duty I daresay, of giving their children the best education they can possibly find and afford. It is a private affair, so let no government official dare dream of meddling with this sacrosanct right and duty.

Publicly as a country, we must, however, ask ourselves how the government and we as a people feel about the current state of our education. If you think having schools and qualifications that cannot compete with those of the rest of the world is bad, you are wrong. It is a disaster. If you think having schools full of and producing students that cannot read and write properly and articulate their thoughts and aspirations clearly is sad, you are wrong. It is catastrophic.

If we want to proficiently address the state of education in Nigeria, we must first understand and accept that we have a serious crisis in our hands and consequently declare a state of emergency in the sector. I have not heard those in charge of the country’s affairs say so, but the fact is that nothing will work in Nigeria if education does

THOSE WHO WENT TO THOSE GREAT SCHOOLS NEED LITTLE REMEMBERING TO UNDERSTAND THAT THEY STOOD ON THE SHOULDERS OF GIANTS not work; I wonder if they know that.

Luckily, but also sadly for us, the situation has not always been this way. There was a golden age in Nigerian education and it went beyond the 1960s when Sir Eric Ashby, a president of the British Association for the Advancement of Science and a master in Cambridge University, chaired a commission which concluded that education in Nigeria was as good as the best in the world. There was a time not too long ago when Nigerian schools, from secondary to university, were still considered amongst the best in the world. Just in Lagos, students from schools like Igbobi College, Kings College, CMS Grammar School, Queens College, Methodist Boys High School, Holy Child College, and St. Gregory College, were known to stand tall amongst their peers from anywhere in the world. Today they are shadows of their past. Something went wrong somewhere.

What went wrong, when and where?

We don’t know where many of those governing us went to school and we don’t know what experiences, inspirations or aspirations they had in their school days, so we can’t boldly ask them to go back there to revisit it and relive them for some hours; we don’t know if they were part of the golden age. Those who went to those great schools and were part of that golden age need little remembering to understand that beyond the obvious mix of good dedicated teachers and a sound curriculum, what made their schools great was a shared ethos of greatness, a sense of belonging to something important and the continuous practice of taking responsibility for their houses, their classes, their schools, and their nation.

These combinations led them to actively participate in debates and quizzes, sporting competitions and civic engagements that were in turn good for the country as a whole. Those who went to those great schools need little remembering to understand that they stood on the shoulders of giants, they will remember the roles of their old boys and girls in keeping their schools great. It is now their own turn to look back and give back to their schools.

Dear old boys and girls, there is an emergency out there, your schools need you and you owe them. Those who can, should find ways of giving some of their ideas, money and time back to their schools to make it great again; today is the time to start.

As for those elected and paid to manage the education in the country, this is the time to revisit your roles and understand that you are dealing with one of the most important parts of the country’s life. It is time to renew your vows, and recommit yourself. As our children go back to school today, the minister of education and her team should decide what they want these students to achieve by the end of the year, identify what they need to achieve those goals, and put in place the necessary process to achieve them.

Sport Extra

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ngland coach, Roy Hodgson, has seemingly opened the door for long-rejected striker Michael Owen to earn a sensational recall to the international scene.

Owen, 32, made his Stoke debut at the weekend as a late substitute against Manchester City in a pulsating game that saw the

Owen gets Three Lions look-in reigning EPL champion level at 1-1 to escape its first defeat of the new season.

It was the former Liverpool and Real Madrid and Manchester United’s player’s first game since November last year when he fea-

tured in the Champions League for the Red Devils.

Owen has not played for England for more than four years, but has refused to rule out a national team recall, even with Hodgson’s options looking slim.

The fleet-footed forward has scored an incredible 40 goals for his country, a number exceeded only by Sir Bobby Charlton, Gary Lineker and Jimmy Greaves.

“I like Michael and hopefully NFF President, Aminu Maigari he can get a fresh chance now,” Michael Owen

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