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Governorship Election Petition Tribunal that sat in Abuja on Tuesday affirmed the election of governor Seriake Dickson as the validly elected governor of the state and dismissed Timipre Sylva’s petition for lacking in mer-

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This was just as the Court of Appeal Abuja Division on Tuesday ordered Governor Okozie Ikpeazu, Okechukwu Samson Ogar, Friday Nwanoze Nwosu and others contesting the Abia state governorship seat to remain as they were as at Continued on page 10

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Dogara, Jibrin in 7th House fraud claims

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The Daily Times of Nigeria Plc, the nation’s heritage and legacy newspaper has concluded arrangement to float Nigeria’s first property club.

The innovative Real Estate Club in the nation’s newspaper industry, proposed for every Thursday, is a new platform for complete and sustained interface between operators and potential clients.

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Daily Times Nigeria Wednesday, July 27, 2016

Daily Times Nigeria Wednesday, July 27, 2016

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Editorial Eradicating Hepatitis in Nigeria

O

n Thursday, July 28, the international community will commemorate the World Hepatitis Day. The event inaugurated by the World Health Organisation (WHO) is to raise global awareness on the disease or group of infectious diseases known as Hepatitis A,B,C,D and E and to encourage prevention, diagnosis and treatment. Hepatitis affects hundreds of millions of people worldwide and killing close to 1.4 million victims every year.

Hepatitis is a medical condition defined as an inflammation of the liver characterised by the presence of inflammatory cells in the tissue of the organ. This year has been set aside

by WHO member states to adopt the first ever elimination strategy for viral hepatitis as a public health threat by 2030. This will be the first time national governments sign up and commit to the goal of eliminating viral hepatitis. The theme for this year’s global campaign is ‘ELIMINATION’. Of course, the five hepatitis viruses - A, B, C, D and E are distinct; they can have different modes of transmission, affect different populations, and result in different health outcomes. While hepatitis B and hepatitis C cause the greatest global burden of disease, hepatitis A, hepatitis D, and hepatitis E are also global health concerns.

For example, Hepatitis A is primarily spread when someone who has never been infected with hepatitis A and is not vaccinated, ingests food or water that is contaminated with the faeces of an infected person or has direct contact with someone who is infected. However, it does not cause chronic liver disease and is rarely fatal, but it can cause serious symptoms. Hepatitis B is spread through contact with blood or other body fluids of an infected person, including at birth from a mother to

her baby and through sexual contact.

The hepatitis B virus can cause both acute and chronic infection, ranging in severity from a mild illness lasting a few weeks to a serious, chronic illness. People who are chronically infected can develop liver cirrhosis or even liver cancer.

Hepatitis C is spread through contact with blood of an infected person. It is common in many countries in the world, including those in Africa. Invariably, most infections are caused by unsafe medical injections and other medical procedures.

In addition, Hepatitis D is passed through contact with infected blood.

It only occurs in people who are already infected with the hepatitis B virus. People not infected with hepatitis B can prevent hepatitis D by being vaccinated against hepatitis B. Hepatitis E is contracted mainly through contaminated drinking water. However, it usually clears in 4-6 weeks, so there is no specific treatment. However, pregnant women infected with hepatitis E are at considerable risk of mortality from this infection.

According to the Society for Gastroenterology and Hepatology in Nigeria (SOGHIN), there are about 20 million Nigerians infected by Hepatitis B. This means that at least one of every 10 Nigerians is a chronic carrier of hepatitis B and not only at risk of liver diseases and death, but also at risk of transmitting it to others.

It is therefore imperative that the authorities sensitise Nigerians on the need for personal hygiene and the use of only sterile equipment for injections and other medical procedures. They should also insist that all donated blood and blood components be tested for hepatitis B and C, even as they call on the citizens to promote safer sex practices.

A cross section of Senators during the screening of Ambassadorial nominees on the floor of the Senate… on Tuesday.

Guest Speaker, Bishop Mathew Hassan Kukah (left), with Chairman, Ibadan School of Government and Public Policies (ISGPP), Prof. Akin Mabogunje, at the book reading event of ISGPP, in Ibadan… on Tuesday.

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L-R: Senate President, Dr. Bukola Saraki; President Muhammadu Buhari; Minister of Transportation, Hon. Rotimi Amaechi; Speaker, House of Representatives, Hon. Yakubu Dogara during the Commissioning / Flag-off ceremony of Abuja-Kaduna segment of the Nigerian Railway Modernisation Project in Idu, Abuja… on Tuesday.

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“The road to freedom is full of thorns and fire, yet happy is he who follows it!

“Violence never settles anything right; apart from injuring your own soul, it injures the best cause”.

“The brave man is not he who does not feel afraid, but he who conquers that fear.”

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Daily Times Nigeria Wednesday, July 27, 2016

Daily Times Nigeria Wednesday, July 27, 2016

5

CENTRAL BANK OF NIGERIA www.cbn.gov.ng

Central Bank of Nigeria Communique No 107 of the Monetary Policy Committee Meeting of Monday and Tuesday 23rd and 24th May 2016 The Monetary Policy Committee met on 23rd and 24th May 2016 against a backdrop of challenging global and domestic economic and financial conditions. The Committee assessed the global and domestic macroeconomic and financial developments, the short-to medium-term prospects for the domestic economy and the outlook for the rest of the year. In attendance were 9 out of the 12 members.

International Economic Developments The Committee noted with concern, the tapered growth and continued decline in global output since 2014. At an estimated 3.2 per cent, global output in 2016 was only 0.1 percentage point below the 3.1 per cent in the corresponding period of 2015. The sluggish global output was traced to weak fundamentals in both the advanced economies and Emerging Markets and Developing Economies (EMDEs), including increased volatility in global financial markets, sustained softness in commodity prices, sluggish global trade, resulting in persistent fragility, particularly in the EMDEs. The United States (US) economy slowed to 0.5 per cent in Q1 2016, a steep decline compared with the 1.4 per cent growth recorded in the last quarter of 2015. The deceleration in US growth was attributed to contraction in non-residential fixed investment and energy businesses, a strong dollar which harmed exports, slowdown in government spending and moderation in private consumption expenditure (PCE). Japan which is currently in deflation is projected to grow by 0.5 per cent in 2016, the same as in 2015, on the back of persistently weak aggregate demand. The Bank of Japan’s (BoJ) monthly asset purchase of ¥6.7 trillion (US$61.73 billion) resulted in the Bank holding about one-third of outstanding government bonds, while the economy remained largely intractable with a credit crunch, indicating that the programmme may have lost its steam. In response to the contraction in credit, BoJ since January 2016, adopted a negative interest rate policy.

Real GDP growth in the Euro area at 0.6 per cent in Q1, 2016 was a phenomenal improvement compared with the 0.3 per cent achieved in Q4 2015. The European Central Bank (ECB), at its meeting of 21st April, 2016 maintained the soft policy stance by holding its refinancing rate at 0.0 per cent, lending rate at 0.25 per cent and deposit rate at -0.4 per cent. The Bank also maintained its monthly asset purchase program of €80 billion (US$87.2 billion), hoping to further stimulate output growth and achieve its 2 per cent inflation target.

The Bank of England (BoE) also retained its monthly assets purchase programme, financed through the issuance of reserves at ₤375 billion (US$543.75 billion). At the end of its April 13, 2016 meeting, BoE retained its policy rate at 0.5 per cent, with a commitment to raise inflation to its 2.0 per cent long run path.

Weaknesses in major EMDEs, including low capital inflows, rising costs of funds and continuing geopolitical factors, have been identified as key constraints to growth. Adverse commodity prices continued to provide strong headwinds against growth, defining other economic and financial conditions in the EMDEs. Consequently, the IMF (WEO April 2016 Update) downgraded the 2016 growth forecast for this group of countries from 4.3 to 4.1 per cent.

Disruptions to oil supply in Canada, Nigeria and Kuwait and, demand spikes following expectations of a US interest rate hike and build-up of crude oil inventories, contributed to mild oil price recovery in April 2016. Inflation remains largely suppressed in the advanced countries but tepid consumption spending and vulnerabilities in the financial markets continue to hamper financial intermediation and growth. Consequently, the monetary policy stance in most advanced economies remained largely accommodative and most likely to be maintained throughout 2016. On the contrary, monetary policy in the EMDEs could continue to diverge substantially, reflecting the diversity of shocks confronting them.

Domestic Economic and Financial Developments Output In the first quarter of 2016, the economy suffered from severe shocks related to energy shortages and price hikes, scarcity of foreign exchange and depressed consumer demand, among others. Consequently economic agents could not undertake new investments or procure needed raw materials. Shortage of foreign exchange arising from low crude oil prices manifested in low replacement levels for raw materials, other inputs as well as new investments. In addition, the energy crisis experienced in the first five months of the year, resulted in increased power outages and higher electricity tariffs, as well as fuel shortages; which led to factory closures in some cases. The prolonged budget impasse denied the economy the timely intervention of complementary fiscal policy to stimulate economic activity in the face of dwindling foreign capital inflows. Aggregate credit to the private sector remained highly tapered while credit to government grew beyond the programmed benchmark for the period. The Committee, however, noted that many of the prevailing conditions in the economy during the review period were outside the direct control of monetary policy, but hopes that the implementation of the 2016 Federal Budget, supported by relevant sectoral policies and easing supply shocks in energy and critical inputs, would provide the needed boost to the economy.

Against this backdrop, data from the National Bureau of Sta-

tistics (NBS) for May 2016, indicated that domestic output in Q1, 2016 contracted by 0.36 per cent, the first negative growth in many years. This represents a drop of 2.47 percentage points in output from the 2.11 per cent reported in the last quarter of 2015, and 4.32 percentage point lower than the 3.96 per cent recorded in the corresponding period of 2015. Aggregate output contracted in almost all sectors of the economy, with the non-oil sector declining by about 0.18 per cent in Q1 2016, compared with 3.14 per cent expansion in the preceding quarter. Only agriculture and trade grew by 0.68 per cent and 0.40 per cent, respectively, while Industry, Construction and Services recorded negative growth of -0.93, -0.26 and -0.08 percentage point, respectively.

Prices The Committee noted a further increase in year-on-year headline inflation to 12.77 per cent and 13.72 percent in March and April 2016, respectively, from 11.38 per cent in February 2016. The increase in headline inflation in April reflected increases in both food and core components of inflation. Core inflation rose sharply for the third time in a row to 13.35 per cent in April from 12.17 per cent in March, 11.00 per cent in February and 8.80 per cent in January having stayed at 8.70 per cent for three consecutive months through December, 2015. Food inflation also rose to 13.19 per cent from 12.74 per cent in March, 11.35 per cent in February, 10.64 per cent in January and 10.59 per cent in December, 2015. The rising inflationary pressure continued to be traced to legacy factors including energy crisis reflected in incessant scarcity of refined petroleum products, exchange rate pass through from imported goods, high cost of electricity, high transport cost, reduction in food output, high cost of inputs and low industrial output. The Committee observed that in an economy characterized by high import dependence, the shortage of foreign exchange provided some basis for price increases as currently being experienced. The Committee noted that the economy needed to aggressively earn and build up its stock of foreign reserves in order to avoid distortions when faced with severe shocks. The Committee further noted that the current inflation trend, being largely a product of structural rigidities and inadequate foreign exchange earnings would continue to be closely monitored, and in coordination with fiscal policy, with a view to addressing the underlying drivers of the upward price movements.

Monetary, Credit and Financial Markets Developments Broad money supply (M2) grew by 3.49 per cent in April 2016, a 1.29 percentage growth from the March level of 2.20 per cent and compared with the 3.67 per cent in April 2015. When annualized, M2 grew by 10.47 per cent in April 2016 against the provisional growth benchmark of 10.98 per cent for 2016. Net domestic credit (NDC) grew by 7.87 per cent in the same period and annualized at 23.61 per cent. At this rate, the growth rate of NDC was above the provisional benchmark of 17.94 per cent for 2016. The development in NDC essentially reflected the significant growth in credit to government of 35.97 per cent in the month, annualized to 107.91 per cent. Credit to the private sector grew by 3.52 per cent in April 2016, which annualized to a growth of 10.56 per cent, below the benchmark growth of 13.28 per cent.

The Committee observed with concern, the continuous dismal performance of growth in credit to the private sector, noting that in spite of the Bank’s efforts, DMBs continued to direct credit largely to low employment elastic sectors of the economy, a phenomenon that had significantly contributed to the low performance of the economy. Money market interest rates reflected the continuing liquidity surfeit in the banking system. Average inter-bank call rate, which stood at 4.50 per cent on 21st March 2016, closed at 8.67 per cent on March 18, 2016. Between March 25th and 14th April 2016, interbank call rate averaged 2.00 per cent. The Committee noted a decline in activity in the inter-bank market in the period under review, which was due to the payment of FAAC statutory allocations and the maturity of CBN securities.

The Committee also noted a further improvement in the equities segment of the capital market as the All-Share Index (ASI) rose by 3.34 per cent from 25,899.91 on March 24, 2016 to 26,763.86 on May 18, 2016. Similarly, Market Capitalization (MC) rose by 3.14 per cent from N8.91 trillion to N9.19 trillion during the same period.

However, relative to end-December 2015, the indices declined by 6.56 per cent and 6.70 per cent, respectively. Globally, however, the equities markets were generally bearish.

External Sector Developments The average naira exchange rate remained stable at the interbank segment of the foreign exchange market during the review period. The exchange rate at the interbank market opened at 197.00/ US$ and closed at N197.00/US$, with a daily average of N197/US$ between March 25 and May 13, 2016. The Committee, therefore, remains committed to its mandate of maintaining a stable naira exchange rate. The MPC noted the level of activity in the autonomous foreign exchange market especially, following the deregulation of the downstream petroleum sector with attendant increased demand in the interbank market, thus further exerting pressure on the naira.

The Committee recalls that over the last two consecutive meetings, it had signaled the imperative of reform of the foreign exchange market. In the intervening period, the Committee interrogated the issues around the current foreign exchange market regime, tracing them to the low foreign exchange earnings of the economy.

Consequently, in the Committee’s opinion, the key issue remains how to increase the supply of foreign exchange to the economy.

The Committee observed that while the Bank has been working on a menu of options to ensure increased supply of foreign exchange, there was no easy and quick fix to the foreign exchange scarcity problem as supply remained essentially a function of exports and the investment climate.

The Committee is aware that a dynamic foreign exchange management framework that guarantees flexibility could not replace the imperative for the economy to increase its stock of foreign exchange through enhanced export earnings. Consequently, such a structure must evolve to provide basis for radically improved investment climate to attract new investments. The Committee recognizes the exchange rate as a very important macroeconomic variable, which must be earned by increased productive activity and exports, noting with satisfaction that the Bank had made very significant and satisfactory progress with the reforms framework.

The Committee was of the view that the current adverse global and domestic economic and financial conditions and the imperative imposed by the demand and supply shocks to the domestic economy and considering the express intensions of Government as enunciated in the 2016 budget, policy must respond appropriately as the market continues to demonstrate confidence in the Bank’s ability to deliver a credible foreign exchange market. Accordingly, the MPC decided that the Bank should embrace some level of flexibility in the foreign exchange market. Given the imperative for growth, the Management of the Bank has been given the mandate to work out the modalities for achieving the desired flexibility that The Committee’s Considerations The Committee acknowledged the severely weakened macroeconomic environment, as reflected particularly in increased inflationary pressure, contraction in real output and rising unemployment. The Committee recalls that in July 2015, it had hinted on the possibility of the economy falling into recession unless appropriate complementary measures were taken by the monetary and fiscal authorities. Unfortunately the delayed passage of the 2016 budget constrained the much desired fiscal stimulus, thus edging the economy towards contractionary outputis in the overall interest of the Nigerian economy and when the implementation of the new framework would begin. . As a stop-gap measure, the Central Bank continued to deploy all the instruments within its control in the hope of keeping the economy afloat. The actions, however, proved insufficient to fully avert the impending economic contraction. With some of the conditions that led to the contraction in Q1, 2016 still largely unresolved, the weak outlook for growth which was signaled in July 2015 could extend to Q2. To this effect, today’s policy actions have to be predicated on a less optimistic outlook for the economy in the short term, given that, even after the delayed budgetary passage in May 2016, the initial monetary injection approved by the Federal Government may not impact the economy soon, as the processes involved in MDAs finalizing procurement contracts before the disbursement of funds may further delay the much needed financial stimulus to restart growth.

The Committee noted that the CBN had implemented accommodative monetary policy from July 2015, with the hope of achieving growth, up until March 2016, when the MPC switched into a tightening mode. However, while the underlying conditions necessitating tight monetary policy remained largely in place, sundry administrative measures implemented by the Bank and recent macroeconomic conditions on the back of the 2016 Budget are expected to significantly dictate a key policy preference in the dilemma now faced by monetary policy - stagflation. Given the current limited policy space, it is imperative to balance stability with growth stance while working on options that in the short term, are certain to isolate seasonal and transient factors fuelling the current price spiral.

Other than credit to government, growth in all monetary aggregates remained largely below their indicative benchmarks, yet; headline inflation spiked in April 2016, far above the upper limit of the policy reference band. Inflation has continued to be driven mainly by supply side factors such as fuel scarcity, increase in tariff and deterioration in electricity supply, increase in the price of petrol, higher input costs as a result of scarcity of foreign exchange, persistent security challenges and exchange rate pass-through to domestic prices of import. While the Committee believed that the recent deregulation of the downstream sector of the petroleum sector was in the right direction and would lead to increased supply, the pass-through effect of prices to other products has to be factored in policy considerations. Mindful of the limitations of monetary policy in influencing structural imbalances in the economy, the Committee stressed the need for policy coordination with the fiscal authorities in order to effectively address the identified pressure points.

6

Daily Times Nigeria Wednesday, July 27, 2016

CENTRAL BANK OF NIGERIA The Committee noted that the continued excess liquidity in the banking system was responsible for the low level of activity in the interbank market. This is in addition to contributing to the sustained pressure in the foreign exchange market. The Committee expressed hope that efficient implementation of the recently passed 2016 Federal Budget, especially; the capital expenditure portion, would help invigorate growth in the economy as business confidence rejuvenates.

The Committee expressed concern over sustained pressure in the foreign exchange market and the necessity of implementing reforms to engender greater flexibility of rate and transparency in the operation of the inter-bank foreign exchange market. Accordingly, the Committee noted that it was time to introduce greater flexibility in the management of the foreign exchange market. The Committee reaffirmed commitment towards maintenance of price stability and reiterated the need to reappraise the coordination mechanism between monetary and fiscal policy and initiate reforms, for the purpose of more efficient policy synchronization and management.

The Committee’s Decisions The Committee, in its assessment of the relevant risk profiles, came to the conclusion that although, the balance of risks remains tilted against growth; previous decisions need time to crystalize.

Consequently, in a period of stagflation, the policy options are very limited. To avoid complicating the conditions, the Committee decided on the least risky option to hold. The foreign exchange market framework, now ready, the MPC voted unanimously to adopt greater flexibility in exchange rate policy to restore the automatic adjustment properties of the exchange rate. Consequently, all 9 members voted to hold and introduce greater flexibility in managing the foreign exchange rate. The Bank would however, retain a small window for funding critical transactions. Details of operation of the market would be released by the Bank at an appropriate time.

In summary, the MPC voted to: i.

Retain the MPR at 12.00 per cent; ii.

Retain the CRR at 22.50 per cent; iii.

Retain the Liquidity Ratio at 30.00 per cent; and iv.

Retain the Asymmetric Window at +200 and -500 basis points around the MPR v.

Introduce greater flexibility in the inter-bank foreign exchange market structure and to retain a small window for critical transactions.

Thank you for listening.

Godwin I. Emefiele Governor, Central Bank of Nigeria 24th May 2016

PERSONAL STATEMENT BY THE MONETARY POLICY COMMITTEE MEMBERS 1.0 ADELABU, ADEBAYO The macroeconomic condition has remained challenging since the beginning of the year with the performance of key variables pointing to increasing fragility of the domestic economy. The condition appears a little bit more complicated to the monetary authority because the weakness is intensified from the end of both price and output, heightening the risk of dilemma in policy choices. Acceleration in headline inflation, which was significant throughout fiscal 2015 is not yet moderated with the provisional estimate for April 2016 in the neighbourhood of 14 percent. This is clearly above the acceptable threshold for sustained expansion in economic activities. Furthermore, the softness in output growth, which commenced in the latter half of 2014, has eventually entered a negative territory with the estimated GDP for 2016Q1 being -0.36 percent, raising the probability of a recession in the near future. The precarious condition is further threatened by significant headwinds like the lingering pressure on domestic currency due to low accretion to external reserves, suppression of aggregate demand on account of default in salaries payments by many sub-national governments, and adverse income shock like the recent upward adjustment in fuel price and electricity tariffs.

From the conventional policy view point, the signal is less cloudy; with headline inflation at about 14 percent and policy rate at 13 percent, it means the effective policy rate is -1.0 percent which is equivalent to an expansionary monetary policy in the face of rising inflationary pressure. Thus, the way forward, from conventional rationale, should logically include an upward adjustment in nominal policy rate. However, from the evolving paradigm in macroeconomic management, which I strongly subscribe to, the issue is not as that straight forward. The policy rate was increased by 100 basis points at the last meeting, though a step in the right direction, but inflation pressure still appears strong. This, among others, points to the appropriateness of engaging in wholesale assessment of our macroeconomic policy principles. A key challenge to policy at this period arises from the fact that the underlying drivers of the current macroeconomic outcomes are not confined to economic factors alone given that a number of non-economic factors are equally at play. Thus, in as much as the relevance of the conventional approach is not in contention, I am of the view that our response to the unfolding developments should be carefully weighed and hinged on the delicate peculiarities of our economy.

My thoughts on the critical thrust of monetary policy which I have shared a couple of times in my previous statements are not only still current but their validity appears to have been reinforced by the prevailing conditions. A major thrust of our macroeconomic policy should be a coordinated structural and monetary policies to remove the lingering bottlenecks in the production environment which have always been constraining the efficacy of monetary policy. A quick diagnosis of inflationary development shows that both core and food components experienced considerable uptick. On year-onyear basis, farm produce increased by 6.75 percent in March 2016 while transport also increased by 0.88 percent during the period.

The implication is that the underlying driver of rising price trend is not much of a monetary factor but structural issue like increase in fuel price and agricultural production shortfall. Thus, further tightening through interest rate may not really address the underlying issue but rather exacerbate the depression in aggregate demand which is already under threat from non-payment of salaries by some state governments.

Perhaps more disturbing is that while global energy price is plummeting, fuel price in the domestic economy is rising as a result of the impact of the sliding value of domestic currency on importation. It therefore shows that the enduring solution lies in structural policy that would expand domestic supply of refined petroleum products to meet domestic demand. It is against this background that I would re-emphasize the need for the relevant agencies of government like the Central Bank, Ministry of Petroleum Resources, Ministry of Finance, and other government institutions to work together with a view to enhancing domestic production of refined petroleum products to meet domestic needs.

Again, the driver of core inflation is basically imported items.

For instance, imported food inflation increased by 16.33 percent in March 2016 on year-on-year basis. This occurred at a time global inflation was easing, suggesting that the rising price of imported items has much to do with the sliding value of the domestic currency. The naira has been kept at an average rate of N197/US$ in the official market since last year but economic agents have been referencing the parallel market rate, which is above the official rate by almost 100 percent, in quoting transactions. The behavior of economic agents, even those that access the official market, seems logical in view of the many constraints in the official market.

The challenge in the official foreign exchange market could have been exacerbated by the demand side but the well-known underlying cause is from the supply side. The likelihood of an improvement in supply in near to medium term is highly diminished given that the driving force is permanent negative term of trade shock. Apart from the effect of term of trade shocks on current account, available statistics show that the advanced countries’ currencies particularly the US dollar has appreciated against emerging countries’ currencies since the latter part of 2015 on the backlash of the commencement of monetary tightening by the US Federal Reserves.

The point here is that the current exchange rate framework is not compatible with the realities from the dynamic operating environment. It is therefore imperative to review the current framework to a model that permits a great deal of flexibility to accommodate shocks from the external environment. Such a model has an advantage of providing forward market guidance, discovering the equilibrium rate, eliminating speculative trading and arbitrage and consequently anchor inflation expectation robustly. One of the major concerns, however, is the usual negative political sentiment associated with the initial downward adjustment of a market determined exchange rate. My view is that such initial downward slide in the exchange rate is not altogether a political liability. Such market determined rate has the inbuilt benefits of raising budget revenue from monetization of oil proceeds and consequently reduce fiscal deficits as well as probably stimulating aggregate demand.

A major non-economic issue which has elicited extensive attention-albeit contentious response- in public discourse is the harsh production environment. It is commendable that the Federal Government is making appreciable progress in the fight against insurgency in the north-eastern part of the country which invariably would enhance economic activities of the region and by extension, the whole country. The gains of such effort however may be more than offset by the resurgence of another round of militancy in the Niger delta areas. The political and economic dimensions of the activities of the new militants have been comprehensively highlighted but the economic implications could be amplified by the fact that the softening oil prices may make most of the marginal oil fields commercially unviable if the cost of operation rises above certain threshold. As such, the likelihood of permanent shut down of such oil fields may not be ruled out with dire implication for Oil GDP which has been sliding for a fairly long time. It is against this that a robust security arrangement for the protection of vital oil and gas installations become an essential component of our near to medium term macroeconomic policies blueprint.

In the light of the foregoing, I propose that the subsisting monetary policy measures be retained. Specifically, the MPR and the CRR be retained at 12 and 22.5 percent, respectively. In addition, the exchange rate framework should be revisited to allow a flexible model that could permit the exchange rate to accommodate shock rather than passing such shocks to the external reserves.

2.0 ALADE, SARAH O. While the medium-term outlook remains favourable for the Nigerian economy, in the short-term, there are risks of further deterioration in the global environment and a persistently lower oil price that put substantial pressure on the fiscal and external accounts, resulting in severely depleted buffers which have an adverse effect on the economy. For the first time in many years, the Nigerian economy witnessed negative growth due primarily to severe shocks related to energy shortages and price hikes, scarcity of foreign exchange that have affected both prices and availability of products as new investments are stalled. As a result, headline inflation accelerated to 13.7 percent in April up from 12.7 percent recorded in March, the highest since December 2012. The growth for 2016 has been further downgraded and the prognosis for the rest of the year is not too bright. These mixed developments have put monetary policy at a precarious situation and calls for a delicate balanced and caution in managing both development in the domestic environment.

This is in the face of increased inflationary pressure and declining growth. Based on the above, I support a hold on all variables and some flexibility in exchange rate while we understand the direction of the economy and effect of the budget passage.

Headline inflation continued an upward trajectory accentuated by severe fuel shock and scarce foreign exchange supply. Head-

line inflation reached 13.7 percent in April 2016, from 12.77 percent recorded in March. Core inflation rose sharply for the third consecutive months to 13.35 per cent in April from 12.17 per cent in March. Food inflation on the other hand, increased to 13.19 percent recorded in January, while food inflation rose to 13.19 from 12.74 recorded in March and 10.64 percent in the February. The rise in inflation is attributable to a number of factors including scarcity of refined petroleum products, increase in the price of the product, the pass-through effect of exchange rate, higher transportation cost as a result of inadequate fuel supply and seasonal effect. In addition, the increase in energy tariff also affected the cost of goods and services and contributed to increase in inflation. The persistent upsurge in inflation in a normal situation would have necessitated increase in policy rate; however in the midst of negative growth and some structural rigidity in the economy, increasing rate at this time will be counterproductive. Thus, in the short to medium term monetary policy must ensure that the economic engine is not grinded to a halt and should be focused at resuscitating growth. Also, the factors that contributed to the inflation are structural and one time effect and should be monitored before monetary policy reacts to their effect.

Depressed consumer demand is effecting Gross Domestic Product (GDP) growth negatively. The just released first quarter GDP numbers showed that the economy suffered severe shock leading to a negative GDP growth of -.36 percent. Low oil price and the negative impact on government revenue and lower foreign exchange earning pose downside risk for domestic GDP growth in 2016 as growth for the year is projected to be subdued. Shortage of foreign exchange arising from low crude oil prices has affected new investment and replacement of raw materials for existing plants. In addition, shortages in fuel product and pipeline vandalism resulted in prolonged power outages and higher electricity tariff which lead to factory closures in some cases. In the midst of these events, fiscal policy was not at hand to complement the efforts of monetary policy as the prolonged budget impasse denied the economy the timely intervention needed to stimulate economic activity.

These developments suggest that both global events and domestic risks pose huge challenge to growth in the coming months. In addition, the non-payment of salaries by most state government is also depressing consumer expenditure and impacting growth.

Policies should be coordinated and complementary to help the country weather the current storm. In addition, efforts at economic diversification should be intensified to diversify the revenue base of the country and consideration should be given to improving tax administration and increase in VAT rate.

The current foreign exchange regime should be reviewed to ensure continuation of economic activities. Reduced inflow as a result of low oil prices is making foreign exchange scarce in the country. While the Central Bank is making all efforts to meet all legitimate foreign exchange demand, more should be done to ensure that economic activities are not grounded. I support the review of current foreign exchange management framework in the country to ensure continuation of economic activities. Policies that will encourage inflows and increase supply of foreign exchange to meet import demand should be encouraged and implemented.

The lack of flexibility in the interbank foreign exchange market is fuelling capital outflow and currency weaknesses outside the interbank market. These developments are having a dampening effect on growth and driving inflation. At this time, monetary policy should be focused on restoring confidence in the domestic economy and increasing supply of foreign exchange to attract inflows.

Against this background, I vote for a hold on Monetary Policy Rate at 12 per cent, Private Sector Cash Reserve Requirement (CRR) at 22.5 per cent, and greater flexibility in the management of exchange rate to resuscitate the economy.

3.0 BALAMI, DAHIRU HASSAN Weak global growth continues to linger, posing a challenge to the implementation of the 2030 Agenda for Sustainable Development. At global level growth was estimated at 3.2 percent down from 3.4 percent for the year 2016. Growth was expected to be driven generally by accommodative monetary policy particularly in the advanced economies. There is also the possibility of deflation pressure in Europe and Japan partly due to falling oil and other commodity prices as argued in my last personnel statement. At the global level some of the constraints include the following: likelihood of Britain’s exit from the EU, ongoing slowdown in China, strengthening of the Japanese yen, persistent weak oil and other commodities prices, continued divergence of Monetary policy between US and other major economies, the growing use of negative interest rate by central banks to stimulate the flow of credits to the real economy, the continuous strengthening of the US dollar against other currencies all of which have implications on the Nigerian economy.

The domestic economy has witnessed a negative growth rate of -0.36 percent, the worst recorded ever in Nigeria. The low level of growth is not unconnected with some of the constraints affecting the Economy, partly from the global level and some domestic.

These include falling price of crude oil at the international market.

Even though oil price has moved up to $50.00 per barrel from $40.00, the activities of the militants in the Niger Delta region has seriously affected and is still affecting the level of the Nigerian capacity to produce, the depreciation of the Naira at the black market and the non-availability of it at the official window of the CBN and DMB’S, low level of electricity supply, and high cost of borrowing particularly the wide gap between the lending rate and the deposits rate etc. On the whole the output in the industrial sectors declined slightly to N3,175.45 billion in Q1 of 2016 in real terms when compared with N3,340.48, Output of the service sector of the economy also declined to N5,984.39 in Q1 2016. The negative growth of 0.18 was partly driven by manufacturing in Q1 2016. The level of unemployment in the economy has risen to 12 percent and inflation rate of 13.8 percent which falls out of the 6-9 percent Bank band.

Daily Times Nigeria Wednesday, July 27, 2016

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CENTRAL BANK OF NIGERIA The economy is currently facing stagflation, a situation of rising unemployment and inflation. This is dangerous for the economy.

However, the current inflation is not a monetary phenomenon but a cost push inflation due to rise in electricity tariffs, fuel scarcity and the rise in PMS price between N135-N145.00 per litre, transportation cost and imported food items etc.

The NBS shows that the Nigerian economy had two consecutive declines in GDP growth rate for the months of April and May. If the economy goes into recession, going by Keynesian postulation it would require both fiscal and monetary policy stance to move the economy forward. In depression period we require expansionary fiscal and monetary policy. The fiscal side is expected to raise government expenditure and lower down the tax rate to stimulate growth. On the Monetary side it is expected to reduce the interest rate and expand money supply in the economy. During the period of recession, there is low level of consumption of goods and services (aggregate demand) due to low level of citizens’ purchasing power. Stock prices would slump and investors would be wary of such an economy. The solution to the problem of depression is to promote production and stimulate consumption in the economy.

To promote growth of output, agriculture which is the bedrock of the economy and the manufacturing sector need to be attended to. For example, what are the challenges of these two sectors of the economy? How do we rebuild the manufacturing as well as the agricultural sectors of the economy? What are the demand and the supply gaps in the foreign exchange market of the economy?

The financial sector stability stress test shows low level of resilience in the banking sector. The financial sector soundness shows that the Capital Adequacy Ratio (CAR) has fallen from 17.66 in the month of March to 16.52 percent, non-performing loans has risen from 5.10 to 10.6, the liquidity ratio has fallen from 48.63 percent to 46.3 percent in April 2016. The Return on Equity (ROE) has deteriorated from 18.07 to 16. 37. The Return on Asset (ROA) has also nose-dived from 2.37 to 2.17 in 2016. The total operating costs to gross income declined from 74.18 percent to 69.24 percent. It can be seen that the level of liquidity in the economy is a source of concern because the DMB’s are not lending to the preferred sectors of the economy. There is also the problem of loan concentration particularly among the big seven obligors. However, it should be noted that too much money in the hands of consumers will lead to demand pull inflation. Although inflation rate stands at 23.7 percent, normal Economics requires that interest rates should be above inflation rate to stimulate savings and investments in the economy.

On the foreign exchange market, continued pressure on the foreign exchange reserve is without much visible economic results to the productive sectors of the economy. The foreign exchange rate has been stable since January to date at the official window - N197/N199 to the dollar. However, the black market rate has fluctuated between N320.00 - N365.00 to the dollar. The gap between the interbank window and the black market is too wide leading to incentives for the following: (i) round tripping, (ii) rent seeking, (iii) speculative demand and inefficient use of scarce foreign exchange by economic agents. It is my opinion that there is a need for a framework for the allocation of scarce foreign exchange to the stakeholders. Such a framework should be transparent to reduce levels of abuse if any.

The current structure of the Nigerian economy suggests we hold to enable earlier policies work out. What do we intend to achieve by voting to hold? It is expected to help resolve the inflation, unemployment and growth problems. However this could be achieved through collaboration between monetary and fiscal authority to pursue a plan that will act as a guide to overcome the current problem of stagflation and possible depression in 2016.

In-line with the above I vote to hold: (i) Retain MPC at 12 percent. (ii) Retain CAR at 22.5 percent. (iii) Retain liquidity ratio at 30 percent (iv) Retain the symmetric corridor from +200/_500. (v) Liberalization of the foreign exchange market, (vi) Collaboration between fiscal and monetary policy.

4.0 BARAU, SULEIMAN This is surely a defining moment in our economic history with the latest data confirming the contraction of GDP in Q1 of 2016, the first time since 2004. The fragility in the macroeconomic space is further complicated by strong inflationary and exchange rate pressure. Monetary policy, therefore, is at a crossroad as there are compelling arguments for accommodative policy stance in as much as tightening appears to be a desirable path. Monetary easing is appealing to halt the imminent slide into recession by bolstering aggregate demand which has been subdued by income shock from such factors like default in payment of salaries by many state governments, upward adjustment of petroleum products prices, and higher electricity tariffs. On the other hand, elevated price level, rising trade imbalances, and unprecedented pressure on the domestic currency are issues for consideration. A most worrisome dimension is the ascendancy of non-economic factors in the current episode of macroeconomic downturn.

Though the issues call for conflicting solutions, I opt for retention of existing tight measures of monetary policy, largely informed by the need to rein-in inflation expectation. Other considerations include building sufficient safeguard against the perennial disruptive liquidity surfeit in the banking system as well as reducing incentives for speculative trading in the foreign exchange market. It is not in doubt that the decision might be accompanied by trade-off in the short run, notably the likelihood of accentuation of the output gap, but my view is that, given the prevailing global and domestic challenges including structural rigidities, any other option remains a sub-optimal choice.

Issues/Pressure Points Global

Prolonged Slow Recovery in the Global Economy: Recovery in the global economy since 2014 is not only at a slow pace but it has remained fragile. There are ample evidences to substantiate renewed episode of global asset market volatility and reduction in momentum of growth in key advanced economies, heightening fear that the possibility of recession is not completely averted. The IMF has twice downgraded its 2016 projection of global growth with the latest one at 3.2 percent, a downward adjustment of 0.2 and 0.4 basis points from the October 2015 and January 2016’s projection, respectively. In as much as the frequent downward revision is a serious issue but of grave concern are the underlying currents which are not limited to economic factors as non-economic factors are becoming highly pronounced. Economic factors such as monetary tightening in the US, financial market volatility in the Euro zone and fiscal consolidation in a number of systematically important economies would continue to weigh on global growth, even into 2017.

China for example, is currently passing through a phase of critical but complex transformation of growth process to a consumption and services driven model. Although the long run beneficial effect of such transformation would not be limited to China alone as the externalities would rub on global trade, the initial hiccups would definitely constitute a drag on global output in the near term. Apart from economic issues, non-economic factors such as uncertainty about the forthcoming (June 2016) referendum in the United Kingdom with regard to its continuous membership of the European Union, uncertainty regarding the direction of US economic and foreign policies in the aftermath of the forthcoming general elections, rising geo-political strains including the extremism and sectarian strife, unprecedented upsurge in the inflow of illegal migrants to the EU, climate change with the attendant flooding and drought are all potential headwinds in global economic activities.

Domestic Macroeconomic Environment: Key macroeconomic indicators have never been highly stressed as currently witnessed in a period of over a decade. The softness in GDP which commenced in the last quarter of 2014 has finally snowballed into contraction with data showing a GDP growth of –0.36 percent in Q1 of 2016.

Headline inflation at 13.72 percent in April 2016 is clearly above the threshold conducive for meaningful economic activities. Thus, the economy is now confronted with the conundrum of negative growth in the face of rising price level. It is a welcome development that the 2016 Federal Government budget has been finally signed to law and implementation commenced with the recent release of N350 billion for capital projects. The development is expected to address the physical infrastructural deficit as part of the overall strategy of tackling the structural constraints. However, the impact on fixed capital formation and by extension the GDP may take quite a while, thus the performance of GDP could still be below the long run trend.

Exchange Rate Pressure: The naira has been under intense pressure since the latter half of 2014 for the well-known reason of negative term of trade shock through the slump in crude oil price at a time of liquidity surfeit. Up to this period as well as foreseeable future, the softness in the price of crude oil has shown no signs of abating. To complicate the precarious condition of the domestic currency is the global financial condition. The rebound in asset prices and ECB monetary stimulus notwithstanding, financial condition has assumed a tightening mode in the US and even some emerging economies. This, invariably would accentuate capital outflows and exacerbate depreciation in domestic currency. The stress on Naira may show further increase with the recent payment of about N42 billion subsidy claim to independent oil marketers who may need to source foreign exchange at the interbank market.

In other words, the already elevated demand pressure in the foreign exchange market may be further heightened. Another round of exchange rate depreciation would not only have inflation effect but it would equally worsen corporate balance sheet with implication for employment and growth.

Upward Adjustment in Fuel Prices: One of the key drivers of core inflation since the beginning of the year is transportation cost on the heel of the acute fuel scarcity in various parts of the country. A simple trend analysis of transport component of headline inflation shows that it has consistently trended up from 0.67 percent in January 2016, reaching 0.88 percent by April 2016, 0.21 basis point increase during the period. With the recent upward adjustment in petroleum product prices, further uptick albeit not of the same magnitude should be expected in transportation cost. In addition, the development is likely going to filter into inflation expectation with attendant impact on contract and wage setting. In essence, the prospect of near term deceleration in current elevated price level appears significantly diminished.

Agitations by the Organized Labor: Following the recent upward adjustment in pump prices of petroleum products, the organized labor has continued to issue threat of mass protest, something similar to 2012 episodes of massive production shutdown. If the situation is not well managed, the attendant loss of man-hours would definitely exacerbate the already faltered growth path. Besides, another dimension of the protest would be in the form of demand for upward adjustment in wages, with the likely implication of retrenchment or further upward review in prices.

Renewed wave of Militant’s Activities in the Niger Delta: It is commendable that the Federal Government is making significant progress on war against insurgency in the North Eastern part of the country as this would naturally restore economic activities in the zone and add to growth. However, the overall economic gain to the entire country’s business climate is heading for a setback with the resurgence of militant activities in the Niger Delta area. Recently released information confirmed the destruction of Escravos and Forcadoes pipelines which supply gas to major power stations in the country. This development has both direct and indirect consequences on the GDP. On the direct effect, oil prospecting and drilling in the area would slow down and directly reduce oil GDP.

Indirectly, electricity generation would nose dive with dire consequence on production outfits.

Way Forward/Recommendation Given that the underlying causes of the current fragile economic conditions transcend monetary factors, the way forward calls for multi-pronged approach of structural, fiscal, and monetary policies.

Some of the measures should be geared towards the following objectives; Build and Sustain Confidence in the Macroeconomic Environment: The need to build the confidence of economic agents in the macroeconomic environment cannot be more critical at any other period than now. Among other issues, stemming the inflation tide is imperative. Current inflationary pressure is from both the core and food components, reinforcing the call for robust policy response.

Available statistics (growth in monetary aggregates) shows that aggregate demand is not a key driver of current inflationary pressure, indeed, there appears to be a suppression of aggregate demand.

As such, I would like to keep the Monetary Policy Rate (MPR) at the subsisting level. Major components of core inflation that have experienced significant uptick in price level on year-on-year basis included imported food inflation which increased from 11.22 to 16.33 percent between January and April 2016. This is at a time when global inflation is on the downward trend, suggesting that a key driver is the depreciation of the domestic currency. Managing expectation in terms of exchange rate stability is therefore crucial to prevent the destructive self-reinforcing inflationary phenomenon.

The interbank rate should be properly managed and thus the issue of excess liquidity cannot be tolerated at this period, as such the CRR should be appropriately used. Besides, the exchange rate should also be allowed to reflect basic economic fundamental like supply and demand factors in order to prevent undue speculation.

As such I would like to canvass for some flexibility in the exchange rate in line basic fundamentals in order to effectively manage expectation and reduce speculation in the market.

Concrete Programme for Expanding Refineries Capacity: The recurring fuel scarcities, reduction cum removal of subsidy have been a thorny issue in the management of the economy for decades. Recently released statistics show that the existing refineries could only meet 40 percent of total domestic consumption if all of them are operating at full capacity. This, invariably suggests continuous reliance on importation to meet domestic needs. With the current slow accretion to external reserves, this is definitely an unsustainable model but the development also offers the right opportunities for complete deregulation. Subsidy is unsustainable given the huge fiscal deficit. As such concrete efforts should continue to lay the foundation of sustainable economic prosperity by expanding the refineries through private investment.

Adequate Security Measures around Oil and Gas Facilities: It is most disturbing that revenue from oil is not dwindling on account of softness in price alone but shortfall in production is becoming a greater threat. Average crude oil production in April 2016 was about 1.64 million bpd compared to about 1.86 million bpd Q2 of 2015. Besides, between March and April 2016, there was an average production shortfall of 0.056 million bpd. The crude oil production benchmark in the 2016 Federal Government budget is 2.2 million bpd. This statistics clearly shows that if the trend continues, the planned budgetary revenue is at a risk. This new trend calls for serious concern because unlike in the previous episodes of militancy activities, the current price of crude oil prices has reduced the incentives for oil prospecting and drilling. The prevailing price regime has reduced the bottom lines of the oil companies with the implication that any phenomenon that jerks up the cost of operation such as unfriendly production environment could make them operate below viability level and consequently leads to total shut down of operations. Consequently government would need to scale up security around oil and gas facilities in the country.

Decisions Given that non-economic factors have played significant role in the prevailing economic challenges, it is expedient that we continue to call for the structural issues highlighted earlier to be addressed. With respect to monetary policy, maintaining stability in macroeconomic environment is germane, thus I would like to keep monetary condition tight by maintaining all the existing measures of monetary policy. Specifically, MPR and CRR at 12 and 22.5 percent, respectively, while the asymmetric corridor around the MPR remains at +200/-500 basis points.

5.0 GARBA, ABDUL-GANIYU Context My attention focused on four core issues at the March 2016 MPC meeting: (i) the urgent need for rigorous, critical, mandate focused and evidence based diagnostics; (ii) dangers of quick-fix measures because of the their damaging long term effects; (iii) the growth of the public debt stock and their crowding-out effects on fiscal operations and constraints to effective monetary policy and (iv) the urgent need to harness, direct and put to effective use the best available intellectual and political resources to engage the fiscal authorities to develop a forward looking strategic macroeconomic management framework for Nigeria” for the medium to the long term effectiveness of macroeconomic management compatible with the long term wellbeing of Nigerians.” The four issues remained the core of my concerns at the May 2016 MPC meeting.

Indeed in my view, they have become more urgent.

The excellent reports by Bank Staff and the growth, expenditure, employment and inflation data of the National Bureau of Statistics (NBS) and the PMI (Purchasing Manager’s Index) all point to an even more challenging time for Nigerian macroeconomic management in May than when MPC last met in March. The conditions for fiscal operations, monetary policy and other associated policies could hardly be more challenging. Governments, real businesses and households have to deal with stagnation and inflation co-existing amidst rising inequality and poverty.

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Daily Times Nigeria Wednesday, July 27, 2016

CENTRAL BANK OF NIGERIA What we know about stagflation (coexistence of stagnation and inflation) is from the experience of the 1970s and the research that sought to explain it. We know for instance, that the use of traditional demand management tools worsened the two problems in the United States and that the negative effects spilled-over to the rest of the world. We also know that Volcker’s cure –disinflation policy through monetary contraction was very costly for the United States and for the global economy: it triggered global recession of 1982 and unemployment levels not seen since the Great Depression.

The global recession was transmitted to Nigeria and many developing countries through negative commodity price shocks, exchange rate pressures, debt overhang and macroeconomic instability. The debt overhang though triggered by Volcker’s cure on interests rates on sovereign and commercial debts, was caused by strategic failures inherent in decades of fiscal policy. We now know that it took Nigeria almost a quarter of a century to exit the debt trap at costs (financial and opportunity) that have not been fully evaluated.

We now know from the global experience of the 1970s and the 1980s that there is no quick-fix for the problem of stagflation. Also, that every option has heavy costs that have long lasting impacts.

Stagflation like cancer is a problem that is better prevented than cured. Unlike the stagflation of the 1970s and 1980s, the current situation is complicated by the hysteresis of the costs of past policy conflicts; the domestic and external vulnerabilities of the economy and the negative growth of key components of aggregate demand (capital accumulation and private consumption) and by supply shocks due to rising energy costs, declining value of the Naira and shortages of forex and PMS. Indeed, the inflationary pressures have been moderated by at least three factors: (i) the negative budget effects of the cost push inflation on fixed income earners; (ii) the non-payment of salaries and pensions by many state governments and many local government councils and (iii) the negative wealth effects of the collapse of the capital market bubbles. Traditional monetary policy is no match for stagflation in a situation with the type of initial conditions in Nigeria today. Disinflation policies will be ineffective to reduce prices which are being driven primarily by self-inflicted supply shocks. On the other hand, with the Naira losing value and with financial institutions unwilling to pass on the benefits of lower interest rates to borrowers, increasing the supply of Naira will not reduce pressure on the Naira or lower interest rates to agents with the most employment and output elasticities.

In addition, in the malfunctioning credit market where-in credit is concentrated by obligors and by sectors and interest rate spread is rising, small and medium scale enterprises and real sector operators with high employment and growth elasticities are squeezed out by the preference of financial institutions for a limited set of big ticket obligors and relatively highest risk sectors.

The cross-cutting causes of the stagflation demands analytical breadth, depth and clarity well beyond the typical requirements for monetary policy because the networks of cause-effect relations that produce stagflation extend far beyond the domain and reach of monetary policy. It is a potentially disastrous error to expect and to demand that monetary policy carries the economy either through traditional instruments or in combination with expansions in its balance sheet. It should be common sense to expect that two hands will more easily carry a heavy load than one hand. Even Usain Bolt would lose a 100 dash were he to choose to hop on one leg or two discordant legs while his rivals run on two coordinated legs. That is why in my last personal statement I used the example of the US to argue that even the largest economy would not remain in its position were it to handicap its macroeconomic management.

I have consistently argued for “the urgent need to harness, direct and put to effective use the best available intellectual and political resources to engage the fiscal authorities to develop a forward looking strategic macroeconomic management framework for Nigeria” for the medium to the long term effectiveness of macroeconomic management compatible with the long term wellbeing of Nigerians.” Unfortunately, the longer the recognition, consensus and action lags by the relevant actors in the macroeconomic policy space, the higher will be the economic and welfare costs in all runs.

Decision My vote is to hold. This means I vote to keep CRR at 22.5%; increase MPR at 12%; Asymmetric Corridor of -5 (SDF), +2 (SLF) and liquidity ratio at 30%.

I have no doubts that monetary policy is at its limits and that piecemeal policy in a global economic system characterised by interests driven networks is dangerous. Monetary policy in the last six years has been relatively more effective in achieving price stability but at avoidably high sacrifice ratios (due mainly to a lack of coordination between key macro and prudential authorities and policies).

To pursue price stability as Volcker did, given, the already high sacrifice ratios; will be counterproductive hence, ill advised. Yet, holding does not address the stagnation problem: declining growth and rising unemployment none of which started in the first quarter of 2016! This is why a mandate guided strategic, coordinated and forward looking macroeconomic and prudential plan developed jointly by monetary and fiscal authorities is urgently needed.

At the risk of repeating myself in each MPC personal statement, my vote is; for changing the strategic character of Nigeria’s macroeconomic and prudential management. To want yet, do nothing, is not to have: nothing concrete can be produced out of nothing!

6.0 SALAMI, ADEDOYIN At the conclusion of this meeting, I voted with my colleagues to retain the status quo with respect to monetary policy parameters – Monetary Policy Rate (MPR), Corridor around MPR, Liquidity Ratio (LR) and Cash Reserve Ratio (CRR). In my view changing any of these parameters would not deal with any of the issues confronting our economy.

Data in the run-up to the meeting confirmed a worsening of the economic environment. A combination of shrinking economic ac-

tivity and sharply rising inflation, the Nigerian economy was in a very difficult position. Aggregate output growth, estimated by the National Bureau of Statistics (NBS) at – 0.34percent in Q1-2016, simply confirmed what had been anecdotal evidence of a challenging situation. Rising inflation – the Overall Consumer Price Index (CPI) recorded by the NBS at 13.72percent in April – worsens the ‘wind chill’ impact of contracting output.

Unsurprisingly, the unemployment situation also continues to deteriorate – rising to 12.1percent at end Q1-2016. This is almost double the 6.4percent in Q4-2014. With underemployment adding a further 19.1percent, the challenge to the social cohesiveness of our nation becomes obvious. From a monetary policy perspective, the figure for non-performing loans as a ratio of total Banking System lending – which provides a sense of threats to financial system – is my biggest concern. At 10.06percent in April 2016, the NPL Ratio has risen from 4.88percent at year-end 2015 and is double the policy threshold. Having continuously drawn attention to the challenge of ensuring financial system stability I hope that the data provided truly captures the complete situation!!

Given the foregoing, the context for and the nature of policy choices will be framed by the answer provided to the questions below – • Given rising prices, what to do about our primary mandate of price management?

• What can monetary policy do to reverse or at least prevent economic activity from continuing to shrink?

• How does the obvious worsening of Financial System Stability parameters affect the set of available choices?

With respect to prices, I am clear that inflation is not a monetary phenomenon and requires no monetary policy response! Analysis provided by the NBS is unequivocal that inflation is essentially a reflection of costs increasing as a result of supply side pressures.

Rising energy costs – both power and fuel – have combined to raise inflationary pressure. If eventually Nigeria is to sustainably resolve her energy challenges, the move towards cost reflective electricity tariffs is inevitable. Similarly, the incomplete deregulation of fuel prices cannot also be avoided. I would hope that the process of completely deregulating the downstream fuel sector would be completed in the near future.

Notwithstanding official non-recognition of the parallel market, difficulty of access to FOREX at the ‘official window’ and uncertainty about the framework for exchange rate management have combined to see the adoption of the parallel market exchange rate as the basis for pricing. It is thus not surprising that the rising cost of imported inputs contributes to rising inflation. Noting that informal estimates indicate that household consumption spending and investment spending by firms contracted by almost 1.5percent and 3percent respectively in Q1-2016, it is clear that negative demand side shocks have moderated the extent of rising prices. The foregoing thus rules out the response of raising interest rates to dampen demand. As I suggest above and re-emphasize, it is not about demand. Furthermore, raising interest rates, by reducing investment, will worsen supply side pressures already facing the economy.

Having ruled out an interest rate response to rising prices, what to do with respect to output contraction? In the normal course of events, negative output growth, as recorded in Q1-2016, would warrant considering monetary easing, to reduce the cost of borrowing and thus stimulate investment. These however, are not normal circumstances. Notwithstanding bank liquidity, at 46.3percent, remaining at relatively high levels, the appetite for lending is greatly diminished in the face of very sharp rise in non-performing loans - now officially recognized. Diminution in the appetite for lending is demonstrated by figures that show growth in gross credit, adjusted for inflation, shrank by almost 14percent in the year since April 2015. Lenders are, unsurprisingly, pre-occupied with measures to manage and reduce the vulnerabilities of their risk asset portfolio.

Lower rates unlikely to ease access to credit.

Beyond credit, a reduction in the MPR will further worsen the current policy misalignment. As I have argued before now, the policy response to falling commodity prices has resulted in an unsustainable policy mix that combines twin deficits (fiscal and current account) with a fixed exchange rate. In this context, reducing MPR will worsen the inconsistencies. At the most basic level, with MPR now below the rate of inflation, inflation-adjusted rates are already negative. The adverse implications of negative ‘real’ rates for ‘financialisation’ and investment in productive assets are obvious. Any reduction in the policy rate worsens this position. In addition, negative real rates will encourage asset substitution against the Naira thus put further pressure on exchange rates.

In my view, the decision of MPC to approve movement from the fixed exchange rate regime that has occasioned great harm to our economy is a necessary first step towards restoring credibility, cohesion and internal consistency to policy. Even as we wait for Bank Management to determine the operational details of the ‘new’ regime, its implications for rebuilding confidence in the economy and its management cannot be understated.

It is clear to me that flexibility in exchange rate management will weaken the Naira. This weakness will doubtless have beneficial fiscal impact. At the Federal level, depending on the definition of flexibility, the new regime may address the concerns of multilateral lenders on which financing at least half the deficit in the Federal Government’s budget enactment depends. For the States and Local Governments, a weaker exchange rate may provide additional financial resources that ease the constraint, which has resulted in accumulation of Civil Servant salary arrears.

In light of the above, I joined colleagues in voting to hold all monetary policy parameters unchanged whilst approving that Bank Management abandon the present fixed exchange rate regime and allow greater flexibility in the determination of exchange rate.

7.0 UCHE, CHIBUIKE U The present precarious state of the Nigerian economy has clearly exposed the limitations of monetary policy. With inflation in double digit territory and still rising, the era of positive interest rates has now become an illusion. This has grave implications for the development of both our industrial sector and banking system. It is for instance not surprising that the stability of our banking system is increasingly being threatened and that our country’s industrial productivity is now on the decline. Statistics available to MPC show that the Nigerian economy now has few obstacles on its way to slipping into a recession.

Tightening monetary policy at the current stage will however hurt both the banks and the country’s industrial development. There is also no clear evidence that this will materially stem the inflation that is now trending upwards with no visible sign of being contained.

Given the import dependent nature of our economy and the rapid depreciation of the Naira in the parallel market, the official exchange rate of the Naira which has for a long time hovered around $1 to N199.00 is increasingly becoming meaningless. In my view, it is obvious that market prices in Nigeria are now determined by the parallel market exchange rates for the Naira.

The implication of the above is that the arbitrage opportunities being created by the widening gap between the parallel market and official exchange rates of the Naira are simply being exploited for personal gains. Such corrupt practices can only further undermine the integrity of our foreign exchange rate management system. The recent repricing of petroleum prices based on an artificial exchange rate that is above the official exchange rate further makes nonsense of the current insistence on an overvalued official exchange rate. Also, our diminishing foreign reserves can only fuel speculation about the future of the Naira thus further depreciating the value of the currency.

Since the formulation and implementation of exchange rate policies are by law within the jurisdiction of the CBN Board of Directors, I strongly recommend that the CBN management should rethink its exchange rate determination mechanism in order to bring it closer to market realities. It is also important that the entire exchange rate management and allocation process should be made more transparent.

It is however important to make it explicit that the above recommendation will in no way provide the magic wand for solving the complex economic problems of Nigeria. At the root of this entire economic crisis lies the inability of the country to diversify its economy away from its dependence on oil rents. The falling oil prices and the current challenges in the oil producing areas of the country have clearly exposed the thoughtlessness of our perennial overdependence on oil rents.

While monetary policy can assist in getting the country out of its current economic malaise, the buck clearly lies with the fiscal authorities. Although the current war against corruption and the implementation of the Treasury Single Account have been bold steps in the right direction, very little progress has been made with respect to diversifying our economy away from its dependence on oil rents.

Admittedly, doing this would not be easy especially given the fact that valuable oil rents were wasted in the past four decades to the detriment of the infrastructural development of the country. The consequence is that all the key infrastructural facilities that support economic development which among others include: education, transportation, electricity and security are all in tatters.

Given the cost dynamics of our currently limited national income, the need to restructure our over bloated, and some would say, corrupt and inept civil service is now urgent. A situation where more than half of our national budget is spent on maintaining the civil service is unacceptable and unsustainable. The current spate of borrowings by both the states and the federal government is also unsustainable. Loans and ‘investments’ that cannot demonstrate a clear path for generating future income streams for their retirement should be discouraged. Perhaps the most ridiculous of these kinds of fiscal recklessness in the current widespread borrowing by state governments to pay civil service salaries and the continued unfettered access speculative foreign portfolio flows have to the Nigerian economy. One sometimes wonders where the income streams that would be used to repay such loans would come from in the future.

I hereby conclude by reiterating the fact that given our present troubling economic realities, I am not convinced that our conventional monetary policy tools can provide us much room for maneuvre at the present time. I will however strongly recommend that the Central Bank should come up with a more realistic exchange rate for the Naira. As it stands now, the parallel exchange rate for the Naira has already been imputed into market prices in Nigeria. The current insistence on maintaining the current official exchange rate of the Naira is therefore not beneficial to either the Nigerian government or the Nigerian people. Further delay in the above direction can only help to further fuel speculation and exacerbate the depreciation pressure on the Naira. It is however important to reemphasize that without the diversification of the economy, any relief the repricing of the Naira would bring can only be temporary.

Aside from the above recommendations, I hereby vote as follows with respect to the use of our conventional monetary policy tools:(i) to retain the MPR at 12.00 per cent; (ii) to retain the CRR at 22.50 per cent; (iii) to retain the Liquidity Ratio at 30.00 per cent; and (iv) to retain the Asymmetric Window at +200 and -500 basis points around the MPR. 8.0 YAHAYA, SHEHU The Global Economy Little has changed in the global economy since the last MPC. There is some slowing down in the growth rate of China; Growth rates in the US during the first quarter of the year are lower than in Q1; unemployment rose slightly and price levels dipped a little- making it unlikely that the Fed will raise rates imminently. UK

Daily Times Nigeria Wednesday, July 27, 2016

9

CENTRAL BANK OF NIGERIA growth is slightly lower than expected. Growth picked up a bit in the Eurozone, unemployment was flat, while prices were in negative territory. Venezuela, an oil producing economy suffering from the effects of the fallen oil prices, is experiencing a sharp contraction in GDP of 10%, alongside hyperinflation (140%), a negative real interest rate, rising unemployment and surging debt. This is a demonstration of the serious challenges that oil-producing countries can suffer if the right response to price falls are not well managed.

One important development relates to the modest recovery in oil prices, with Brent spot prices at around $47 per barrel. It is not clear though, whether this upward trend can be maintained, given the rising global output and the excess supply. Apart from oil, most other global prices are fairly stable The domestic economy The Nigerian economy is currently confronted with significant challenges. GDP contracted by 0.36% in Q1 2016. Crude petroleum, manufacturing, construction all experienced a decline. The agricultural sector experienced a positive growth rate, particularly crop production and livestock, but not enough to completely counteract the decline in the other sectors. Unemployment also rose to 12.1%.

This is coming at a time when headline inflation for April, year on year, has also shot up to 13.72 compared to 12.77 in March, which was itself a high. Price increases were driven by both food (farm produce and processed food) and core (largely fuel and electricity costs). Given the substantial reduction in oil and gas output due to the terrorist activities, which is preventing the country from taking advantage of the current upswing in oil prices, as well as the repercussions on electricity, it looks highly likely that GDP will fall again in the next quarter and plunge the country into a deflation.

Prices are also likely to remain elevated in the near future. External reserves have fallen by about 2% in the last month.

The financial system remains strong, with DMBs generally above prudential guidelines with respect to capital adequacy and liquidity.

Return on equity and on assets is also adequate. Nevertheless, in response to the current economic environment, they are experiencing an upward trend in NPLs and some challenges with respect to profitability. Value and number of new credits are also falling.

One of the major challenges facing the economy is the exchange rate issue. Net forex flows have been negative for the year so far; foreign reserves have been falling. While the official exchange rate has been stable, par force, the Naira exchange rate at the unofficial market has been under considerable pressure. There is evidence of significant unmet demand for foreign exchange which has an obvious effect on manufacturing output, among others. There is also strong pressure for rent seeking behavior by those with access to forex at the official rate. The need to address this problem squarely is becoming more urgent. It is continuing to have an unsettling effect on both the commodity and capital markets.

Conclusion and Vote The combination of negative growth rates and inflationary pressures obviously complicates policy making, especially when there is a strong likelihood that these trends will continue in the near future. Nevertheless, it seems fairly clear that the rise in prices is mainly due to cost push factors as earlier indicated. Tighter monetary policy is therefore unlikely to stem the inflationary pressures at this time. Whereas, such an approach is more likely to have a further dampening effect on growth, with more serious economic and political consequences. It is also likely to complicate the challenges facing the financial sector, especially the DMBs As far as the Naira exchange rate is concerned, there is clearly a strong case for introducing greater flexibility, within the context of a medium development strategy. Nevertheless, it must be emphasized that such flexibility must be carefully managed, considering the extant circumstances of declining net forex flows and foreign reserves and must be well aligned with fiscal measures in order to avoid excessive pressure on the value of the Naira.

I therefore vote to retain the current monetary stance with respect to the MPR, the corridor, CRR and liquidity ratio.

9.0 TRAL

EMEFIELE, I. GODWIN, GOVERNOR OF THE CENBANK OF NIGERIA AND CHAIRMAN, MONETARY POLICY COMMITTEE

The fragile performance of the global economic which protracted throughout 2015 prevailed into 2016 as outlook and growth prospects continued to dim. Consequently, forecast of world output growth for 2016 was downgraded by 0.2 percentage point from 3.4 percent in the January 2016 vintage of the IMF World Economic Outlook to 3.2 percent in the April release. With this, medium-term global outlook remains cautiously modest especially vis-à-vis the 2015 growth of 3.1 percent. The tepid global growth continued to reflect weakening demand, rising uncertainties (due to both economic and non-economic factors), immanent volatilities in the global financial markets, and enormous vulnerabilities especially among key emerging markets and developing economies.

Growth prospects in advance economies have also weakened, albeit differentially, resulting in a 0.2 percentage point downgrade of 2016 growth forecast to 1.9 percent same as the 2015 outcome.

This unexpected fragility is due to weakening fundamentals. In the US, economic recovery remained cautious as growth slowed to 0.5 percent 2016Q1 from 1.4 percent in 2015Q4 reflecting the effect of slowing exports and contracting domestic demand. As a result, the forecast for 2016 has been reduced from 2.6 percent to 2.4 percent. In the euro, modest rebound is expected to continue in the near-term as strengthening domestic demand outstrips weakening exports. Though growth doubled to 0.6 percent in 2016Q1 from 0.3 percent in 2015Q4, the forecast for 2016 was revised downward by 0.2 percentage point to 1.5 percent which is lower than the 1.6

percent recorded in 2015.

Protracted fragile global economy and relentless waves of economic and financial uncertainties are having toxic effects on the growth prospects of most commodity exporting emerging markets and developing countries – with the exception of China and some emerging Asian countries which seem relatively impervious to the prevailing global shocks. Consequently, average 2016 growth forecast for emerging markets and developing economies was revised downward by 0.2 percentage points, in the April 2016 vintage of the IMF WEO, to 4.1 percent; a marginal increase from the 4.0 percent growth recorded in 2015. The poor outlook in these countries is underpinned by falling commodity and energy prices, capital flow reversals, financial markets fragilities, fiscal imbalances and weak global trade. For the sub-Saharan, economic activities and prospects is less than expected due largely to the same factors.

Declining output growth, rising inflation, weakening currency and mounting unemployment remain a uniform feature in these countries which is complicated by a tapering near-term outlook.

In Nigeria, recent data from the National Bureau of Statistics shows that economic activities tightened in 2016Q1 as the domestic economy grew by -0.36 percent. This is significantly less than the 2.1 percent recorded in 2015Q4 and the 4.0 percent growth rate in the corresponding quarter of 2015. Analysis indicates that the outcome was due to contractions in both the oil and non-oil sectors which grew by -1.89 percent and -0.18 percent, respectively; with the non-oil sector contributing about 89.7 percent to aggregate GDP. The contraction suffered during the quarter was due essentially to severe and adverse shocks in the energy sector as price hikes and poor availability basically fettered the consumption of power and fuel in the country. The effect of the energy crisis on the economy was enflamed by low crude oil prices, ebbing net capital flows, foreign exchange scarcity, weak domestic demand and plunging domestic investments. The uncertainty surrounding the belated ratification of the 2016 budget also affected private sector investment decisions detrimentally and further harmed the already fragile supply capacity of the economy. I note that while the shocks to the economy had a bit of demand elements, they were principally structural and supply-sided; hence, beyond the immediate jurisdiction of monetary policy.

Consumer Price Index Report of the NBS for April 2016 indicated a sustained rise in the year-on-year rate of domestic inflation. From a rate of 9.6 percent in January, inflation, which at 11.4 percent breached the single-digit frontier in February, remained double-digit in March and April at 12.8 percent and 13.7 percent, respectively.

A breakdown of the inflation dynamics indicates that the underlying pressure derives largely from the lingering effects of unfavourable energy prices and exchange rate pass-through, which was aggravated by debilitated harvests (due to devastating blights that affected some farm produce) and other structural misalignments that underpin domestic supply constraints. Accordingly, both the food and the core components of inflation rose, respectively, from 12.7 percent and 12.2 percent in March to 13.2 percent and 13.4 percent in April. I note that the drivers of the current inflationary are broadly structural and supply-side factors. Nonetheless, the monetary policy committee remains committed to deploying all tools within its armoury to check the long-run trend of future inflation.

On monetary and credit conditions, available data indicated that broad money supply (M2) grew by 3.5 percent in April 2016 vis-àvis the December 2015 level. This implied an annualized growth rate of 10.5 percent compared with the provisional growth benchmark of 10.9 percent set for 2016. Over the same period, net domestic credit (NDC) grew by 7.9 percent; an annualized growth of 23.6 percent. At this rate, the annualized growth rate of NDC exceeded the provisional benchmark of 17.9 percent for 2016. The development in NDC reflected the significant 35.9 percent expansion in credit to government during the month which implies an annualized growth of 107.9 percent. Credit to the private sector, however, grew by 3.5 percent in April 2016, which at an annualized rate of 10.6 percent lagged behind the programmed target of 13.3 percent. I once again note that this austere outcome reflected the continued apathy of the banking system to adequately provide the essential lifeline to the core private sector to stimulate and re-inflate the economy.

In the money market, the chronic liquidity surfeit especially in the banking system translated to recurring low interest rates. The liquidity profile of the financial markets during the review period was escalated by the distribution of the FAAC allocation and the maturity of some securities, which consequently doused interbank transactions. Correspondingly, inter-bank call rate, which stood at 4.5 percent on 21 March 2016, recorded an average of 2.0 percent between 25 March and 14 April 2016. At the capital market, available data signalled a further rebound in equity transactions since the last MPC. Starting at 25,899.91 points on 24 March 2016, the All-Share Index of the Nigerian Stock Exchange rose by 3.3 percent to 26,763.86 points as at 18 May 2016. Over the same period, Market Capitalisation showed a 3.1 percent increase from ₦8.9 trillion to ₦9.2 trillion. In spite of this, the indices shrank by 6.6 percent and 6.7 percent, respectively, relative to their values as at end-December 2015.

During the review period, the daily average exchange rate of the Naira to the US dollar at the interbank market remained steady around ₦197.00/US$. The sustained firmness of the naira at the foreign exchange market is attributable to the CBN’s effort at safeguarding the value of the domestic currency using a combination of alternative policy measures. In view of the prolonged demand pressure at the market in the face of thinning supply and its effect on our gross official reserves, I note the expediency of reforming the foreign exchange market to accommodate more flexibility in its dynamics. This has become imperative due to the elevated focus on autonomous and interbank foreign exchange transactions that heralded the deregulation of PMS pricing and the attendant extra pressure it puts forth on the exchange rate. The market re-

form is likewise necessary to boost foreign exchange supply and dampen the encumbrances on reserves. Available data on gross official reserves indicated a 4.6 percent decline in the 30-day moving average position from US$27.9 billion as at end-March 2016 to US$26.6 billion on 20 May 2016.

In general, I note the sliding fortunes of the Nigerian economy as harsh impulses continue to batter the domestic economy. Yearto-date, the economy has been hit by extensive shockwaves particularly from the energy markets as the price of power and PMS soar while the availably remained constrained. The energy crisis resulting from the effects of widespread inadequacy of energy supply thinned economic activities severely in the first quarter and led to a contracting economic growth and rising inflation. This situation, which is reinforced by the fall in crude oil prices, further exposed the cracks in the structural fabric of the Nigerian economy. In addition to the problem of stagflation, we observed a concomitant prevalence of excess liquidity in the banking system, low credit to the productive private sector, surging exchange market pressure, inadequate foreign exchange supply, structural vulnerabilities and a constrained fiscal space.

The underlying cause of the current macroeconomic crisis is the fall in oil prices. Unfortunately, the continued apathy of banks to lend to the productive sector hindered the ability of the economy to absorb the resultant shocks. As I noted some time ago, recent MPC decisions have been mainly accommodative with the aim of supporting economic expansion. Though the level of banking system liquidity was accordingly grown, the impact is yet to reach the real private sector where it is mainly needed. Most of the released liquidity found its way into the foreign exchange market where speculative demand continued to be high amidst dwindling supply.

As a result, the impact of the policy decision was muted while the unrelenting exchange market pressure buoyed spiralling inflation.

On the fundamental driver of inflation, data on macroeconomic conditions showed that money supply growth was congruent with programmed target, while aggregate demand was reducing. The fall in household spending, private investment, and public expenditure rationalize the declining domestic demand. Yet inflation is rising. Theoretically, inflation and output growth are expected to co-vary positively for conventional monetary policy to be effective.

A situation, as we have observed in Nigeria, where rising inflation is accompanied by declining growth is atypical. It connotes that the current inflationary pressure is neither a monetary phenomenon nor an aggregate demand phenomenon. Rather it is an aggregate supply phenomenon. Conventional monetary policy approaches may worsen rather than ease the problem if applied wrongly in this instance.

All these are of great concern to policy makers. At this point, however, I believe that the most critical and urgent concern should be to return the economy on the path of growth. I reiterate once again that the structural imbalances and the fundamental misalignment inherent in the Nigerian economy, which were manifested vividly in the recently released macroeconomic indicators, reflects the protractedly weak aggregate supply problem and the disproportionate vulnerability of the economy to supply shocks. Nigeria needs to learn from the lessons of past episodes of low oil prices and the experiences of comparable emerging Asian countries that are performing exceptionally well at this time. We should see this as an opportunity to diversify the economy permanently. To this end, the CBN will not relent in its efforts at supporting the broad diversification of the economy and the build-up of our domestic productive capacity. However, the Bank alone cannot do this. Traditional monetary policy is simply not equipped to deal with the kind of problem currently facing the Nigerian economy.

In this light, I warmly acknowledge the importance of the recently ratified 2016 fiscal budget in easing macroeconomic uncertainties that pervades our economy. I also note the significant weight accorded to capital expenditure in that budget. I am of the view that a judicious implementation of the budget would allay some of the infrastructural challenges which complicate the vulnerabilities of the Nigerian economy. I thus posit that overcoming the infrastructural problems as well as an effective industrial and trade policy would considerably correct much the misalignment seen in the Nigerian economy. I strongly believe that, in the medium term, this will not only boost productivity and domestic supply capacity to ensure that jobs and goods are in abundant supply it would also ease the exchange market pressure.

On its part, the CBN will sustain and strengthen its development finance efforts to ensure that affordable credits are directed to strategic and high impact real sector initiatives. In the near-term, it is essential to ensure that the effects of previous policies decision gradually permeate the system and also delay further policy shocks to avoid system seizures. However, the un-abating pressure in the foreign exchange market needs to be tamed permanently. I am aware of the widespread clamour for further devaluation of the Naira. While pricing may be an issue at the foreign exchange market, the bigger problem is that of supply shortages. We need to take actions that will boost foreign exchange supply and simultaneously eliminate speculative demand from the market. It is in this regard that the creation and adoption a more robust framework of exchange pricing and allocation becomes imperative.

Based on the foregoing, I vote to: 1.

Retain the MPR at 12.0 percent; 2.

Retain the CRR at 22.5 percent; 3.

Retain the asymmetric corridor at +200/–500 basis points; 4.

Retain Liquidity Ratio at 30 percent; and 5.

Introduce a flexible inter-bank foreign exchange market structure and to retain a small window for critical transactions.

GODWIN I. EMEFIELE, CON Governor For further information, please call: 07002255226

News 10

Daily Times Nigeria Wednesday, July 27, 2016

Dogara, Jibrin in 7th House fraud claims Henry Omunu & Emmanuel Iriogbe, Abuja

ÏÏÏThe House of

Representatives on Tuesday accused the sacked Chairman of the House Appropriations Committee, Rep. Abdulmumin Jibrin of unilaterally jacking up the 2016 budget by N250billion as well as inserting bogus projects in the budget, including projects in President Muhammadu Buhari’s home community of Daura and N4.1billion for projects in his constituency.

Reacting to allegations made against four principal officers of the House by Rep. Jibrin, the House further accused the Kano lawmaker of acts of misconduct, incompetence, immaturity, abuse of the budgetary process as well as the tendency and proclivity to blackmail colleagues

and high government officials, and misuse and mishandling of sensitive government information.

Chairman of the House Committee on Media and Publicity, Rep. Abdulrazak Namdas flanked by eight other lawmakers also said the House had received complaints about Jibrin’s activities when he was the chairman of House Finance Committee in the 7th National Assembly, which had potentials to embarrass the House.

“Investigations found that from 2011 - 2015 Hon. Abdulmumin domiciled with Hadejia - Jama’are River Basin Authority and few other MDAs some of the allocations meant for his former finance committee members. He was alleged to have aided the use of front companies that collected funds without executing most of the projects.

“The projects have been compiled and will be referred to the anti-graft agencies to establish why the projects were fully paid for and not executed, who collected the funds and why has Abdulmumin not raised any alarm about the non-execution of the projects even now?”, he said.

However in a swift reaction, Jibrin while reacting to the media briefing by Hon. Namdas, called for the reconvening of plenary to enable the House address the allegations he has made against the quartet as well as an independent investigation of the accusations against them.

While restating his allegation of corruption against the quartet and asserting that the House leadership was desperately looking ways to nail him, repeated that “I stand by my statement that they have gross-

ly abused their offices and public trust. Can they look at me and say same?

“Is it true that you (Dogara) left a huge mess and allegations of money laundering against you as chairman, House Services both in the 6th and 7th House? Why have you refused to open up the financial dealings and details of internal budget of the House to your colleagues, honourable members?

“Why do you have problems with recovering the House immediately to allow for an independent investigation on the allegation?”, he added.

Speaking further at the media briefing, Chairman of the House Committee on Media and Publicity, Rep. Abdulrazak Namdas said Jibrin abused his position as chairContinued on page 14

Obasanjo

OBJ’s tag of NASS members as rogues reckless, makes no sense – Na’Allah Ï ó9 Ɛ ƊƆ ƆƔƅƆƍƐƈ è `Ɔƍ 9 ƏƆƉƆƅƐƆƗ RƄ Ɖ ô MǀƠƌ Ɛ ƈƏƗ ƐƆƏƌ ƄƏƈƄƆô Olufemi Samuel Abuja

ÏÏÏDeputy

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Tribunal affirms Dickson’s election as A’Court gives Ikpeazu reprieve Continued from page 1 yesterday pending the determination of seven separate appeals on the matter.

In a five hours judgment delivered by its chairman Justice Kazeem Alogba, the election petition tribunal held that the December 6, 2015 election in Southern Ijaw Local January 9, 2016 was lawful and valid in law.

The tribunal further held that from evidence adduced before it, the election of December 6, 2015 was inconclusive and was rightfully rescheduled by INEC through the REC. It said that contrary to the posi-

tion of the petitioner, that the election took place in Southern Ijaw Local Government Area of the state.

Mr. Timipre Sylva the All Progressives Congress (APC) governorship candidate who filed the petition rejected the judgment as he vowed to file an appeal against the judgment.

Sylva who spoke through his lawyer, Felix Okorotie immediately after the judgment described it as a miscarriage of justice The tribunal said that the Sylva and APC failed to prove the allegations of violence and non-compliance to the provisions of the Electoral Act. The petitioners also three could

not substantiate allegations of nonvoting and snatching of electoral materials by thugs of the PDP, the tribunal held.

In dismissing the petition, the tribunal held that the petitioners did not deserve the reliefs sought in their petition.

In the case of Abia governorship tussle, going by the ruling of the Appeal Court, the incumbent, Dr Okezie Ikpeazu remain in his seat while Dr Okechukwu Samson Ogar hold on to Certificate of Return until August 9 when the court will hear and determine seven separate appeals challenging the judgment of a Federal High Court which removed ikpeazu from office.

Justice Morenikeji Ogunwumiju who presided over a five-member panel of judges said the parties in the matter must “remain as they were” before the case got to the court.However, she said the ruling did not mean a stay-of-execution order.

A Federal High Court had on June 27 nullified Ikpeazu’s election after holding that he submitted false information regarding his tax clearance certificate. .

Justice Okon Abang also ordered the Independent National Electoral Commission, INEC, to issue Samson Ogah a certificate of return.

Continued on page 14

Senate Leader, Bala Ibn Na’Allah, on Tuesday described as reckless and making no sense a remark credited to former President Olusegun Obasanjo that the National Assembly is filled with rogues.

Obasanjo had on Monday said the ongoing revelation by a former Chairman of the House of Representatives’ Committee on Appropriation, Abdulmumin Jibrin, on budget padding in the National Assembly had proved right his earlier description of the lawmakers as “armed robbers and rogues”.

However, on Tuesday, the Deputy Senate Leader dared former President Olusegun Obasanjo to prove his allegations of corruption against him as a member of the National Assembly.

Na’Allah, a former member of the House, who now represents Kebbi south district in the Senate, said in a statement that he took exception to the impression that there were no men of integrity in the National Assembly.

He said: “I am respectfully taking exception to the statement which I express the hope is not true. To start with, it is not in my character to join issues with elder statesmen who have had the privilege of superintending over the affairs of our great country Nigeria.

“This exception has become necessary in view of the enormity of the alleged statement to my person and integrity.”

“If former President Obasanjo can come out with one proven record of corruption against me as a person, I promise to vacate my seat as a senator of the Federal Republic of Nigeria.

Daily Times Nigeria Wednesday, July 27, 2016

Politics

Æs

11

AYUBA WABBA Wabba: Workers sufferings caused by politicians’ greed President of the Nigerian Labour Congress, (NLC), Comrade Ayuba Wabba, has lamented that greed by political office holders has created hardship for the people and responsible for the exploitation of workers in the country.

Wabba stated this at theongoing International Trade Union Congress, ITUC-Africa, Regional Conference on “Advancing Decent Work in Global Supply Chain in Africa” organised by the NLC in

collaboration with ITUC-Africa.

According to him, there was an urgent need to end corporate greed at all levels of the nation’s governance system, stressing that the ills and inequalities of multinational enterprises had left scars on the people.

His words: “Comrades and friends, on the issue of fighting to halt and ultimately end corporate greed, we are all witnesses to the ills and iniquities of multinational enterprises.

“From 2007-08 when corporate greed and market rascality plunged the world into a financial and, later, harrowing economic crisis, working men and women, pensioners and communities suffered immense losses.

“Till date the miseries and hardship caused by their reckless and greedy actions left have scars on people, households, communities and economies”, he said and blamed politicians for “offensive concessions to businesses and

providing them tax havens.

“Shockingly, rather than side with their people, constituents and constituencies, politicians and governments have continued to make obscene and offensive concessions to businesses,” adding that the elites have been providing them tax havens to hide their criminal and corrupt wealth and loot.

According to him, “for the poor CONTINUED ON PAGE 12

Winds against Ekweremadu’s soul Just like his boss, this is not the best of times for the Deputy Senate President, Ike Ekweremadu.

Apart from the legal battle the duo are facing over alleged falsification of the document used in their inauguration last year, Ekweremadu’s seat is already being threatened by the ruling All Progressives Congress (APC) with last Saturday’s election of one of its own in the Senate from the South East.

Until last Saturday, there was no APC Senator from the South Eastern part of the country.

But Ekweremadu, has described the alleged plan to replace him in the Senate with Benjamin Uwajumogu, the APC candidate at the inconclusive Imo State rerun as a wild goose chase.

Governor Rochas Okorocha of Imo State had said that it would be an aberration for Ekweremadu of the opposition Peoples Democratic Party (PDP) to occupy his seat when Uwajumogu joined the Senate.

The Imo North Senatorial district rerun was held, Saturday, last week but part of it was de-

MOTHER TERESA “If you judge people, you have no time to love them.”

clared inconclusive.

Okorocha had also alleged that the Deputy Senate President was in Imo State during the rerun to influence votes in PDP’s favour.

However, in a statement by the Special Adviser (Media) to the Deputy President of the Senate, Uche Anichuwku, denied that his boss was in Imo during the rerun.

“The last time the Deputy President of the Senate visited Imo State was in 2015”, he said.

His words: “The governor’s (Okorocha) claim comes on the heels of another statement by some All Progressives Congress elements in Ezeagu Local Government Area on Sunday, where they whined bitterly over the huge solidarity shown by the good people, stakeholders and traditional rulers of Enugu State to Senator Ekweremadu during his annual Ikeoha Scholarship and Bursary Awards/Adult Literacy Day at the Council headquarters on the same Saturday, June 23, 2016.”

“For the same party to also claim that the same Ekweremadu who was empowering his people

EKWEREMADU Until last Saturday, there was no APC Senator from the South Eastern part of the country.

CONTINUED ON PAGE 12

AUNG SAN SUU KYI “If you’re feeling helpless, help someone. ”

ANWAR SADAT

WINSTON CHURCHILL

“There can be hope only for a society which acts as one big family, not as many separate ones.”

“You have enemies? Good. That means you’ve stood up for something, sometime in your life.”

MARTIN LUTHER KING JR. “Darkness cannot drive out darkness: only light can do that. Hate cannot drive out hate: only love can do that.”

Politics 12

Daily Times Nigeria Wednesday, July 27, 2016

Winds against Ekweremadu’s soul CONTINUED FROM PAGE 11

at Ezeagu in a well reported event on the same Saturday was also in in Imo State at the same time to influence election is just another showcase of the buffet of lies, deceit, and confusion that has become the order of the day in the ruling party”, he added.

The spokesman advised Okorocha and other APC leaders in the South-East geopolitical zone to focus on founding a lasting solution to the “invasions and killings by purported herdsmen, gross marginalisation of Ndi’gbo in the distribution of opportunities and the blessings of democracy as well as the worrisome trend of inconclusive elections.”

He said: “The Senate has a ranking rule and if Okorocha was not able to secure a principal office, even Deputy Majority Whip for the two House of Representatives’ members from Imo State, it is left to imagination how he would be able to appoint a Deputy President for the Senate. He is on a wild goose chase”.

Okorocha had said Ike Ekweremadu should be warming up to lose his seat as the Deputy Senate President.

Okorocha said Uwajumogu, who contested in last Saturday rerun senatorial election in Imo State, would displace Ekwerema-

Okorocha

du as soon as he joins the Senate.

According to him, it would be an aberration for Ekweremadu, of the opposition PDP, to still continue to retain his seat as the Deputy Senate President, after Uwajumogu had joined the Senate.

Okorocha’s Chief Press Secretary, Sam Onwuemeodo, quoted his boss as saying this during a victory party he organised to cel-

ebrate the outcome of the July 23, 2016 rerun election for Okigwe zone senatorial seat and the two state constituencies of Oru-East and Oru-West in Imo State.

Okorocha said that with the outcome of the rerun election, Ekweremadu’s seat as the Deputy Senate President had come under “heavy threat.”

He said Ekweremadu himself

had known and feared the possibility of losing his seat, saying that was why he relocated to Imo State three days to the rerun election.

Okorocha, however, said it had become inevitable for Ekweremadu to relinquish the Deputy Senate President seat to Uwajumogu.

He said, “The position of Senator Ike Ekweremadu as the Deputy Senate President is at the moment under heavy threat, because in no distant time, the APC Senator in-waiting from Imo State, Benjamin Uwajumogu, will take over the seat on the grounds that it is an aberration that a PDP senator from the South-East is deputy to an APC Senate President because, before now, the APC could not produce a senator from the South-East zone.

His words: “Senator Ekweremadu had known that such a development was not only feasible but inevitable and that was why he fully funded the candidate of the PDP in the rerun senatorial poll in Okigwe zone and also relocated to the state three days to the election date”.

Okorocha described the victory of the APC in the rerun poll for Okigwe senatorial zone as a victory for the whole of SouthEast APC in particular and the people of the geo-political zone in general.

July salary: Kwara to augment LGs’ allocation with N160m Gov. Abdulfatah Ahmed of Kwara has said that his government will augment the July Federal Allocation to local governments in the state with N160 million to pay workers salaries.

This is contained in a statement signed by Dr Muyideen Akorede, the Governor’s Senior Special Assistant (SSA) on Media and Communication, in Ilorin on Tuesday.

The governor made the commitment during an interaction with council chairmen, their treasurers, labour leaders and top government officials.

He said the decision to augment the allocation was to ensure that teachers and all other local government workers were paid their full salaries for the month of July.

He said the intervention became necessary because the July allocation to local govern-

ment councils was inadequate to pay the full salaries of all local government workers.

Ahmed, however, hinged the intervention on the completion of the workers verification exercise, stressing that only workers that have been cleared would be paid.

He emphasised that with the recent increase in allocation to all tiers, growth in internal revenue and the expected savings from the workers verification exercise, all categories of workers in the state would henceforth receive salaries as and when due.

The governor’s pledge was a result of a plea by the Chairman of Association of Local Government of Nigeria (ALGON), Alhaji Abdullateef Okandeji, for the state government’s intervention on the payment of salaries.

Ahmed also gave an assur-

AHMED

ance that the state government would work with the council chairmen to clear the backlog of salaries owed workers.

He directed the council chair-

Kwara State governor men to henceforth hold meetings with stakeholders in their respective local governments to discuss the value and utilisation of monthly allocation.

Wabba

Wabba: Workers sufferings caused by politicians’ greed CONTINUED FROM PAGE 11

and other citizens, they have rewarded them with damning, hard and biting austerity measures.”

Wabba stated that this had resulted in stagnant living and working conditions with the poor getting poorer, whilst the rich, richer at the expense and damnation of the poor stressing that African trade unions have longed resolved to move away from lamentation and self-pity.

“We have warmly welcomed the initiative of the ITUC to aggressively drive this campaign aimed at halting and reversing corporate greed and their effects on workers, women, our communities and economies,” he said.

In her address, the General Secretary, ITUC-Africa, Mrs Sharan Burrow urged African leaders to address the issues of social security, minimum wage, inequality, unemployment as it affect workers in their countries.

Noting that this was imperative due to the economic recession that had affected the world globally, she stated that “since the global crises, the global economy is simply failing; there has been massive unemployment and inequality in the Africa and around the world.

“Internally Generated Revenue has continued to drop in the global economy and that means something is sick in the heart of the economy and that means it is corruption and greed.

“So, unless the wealth is share and there is social protection and a living minimum wage, only then that workers will live with dignity,” she said.

Burrow also identified “greed of major corporations who paid their workers with poverty wages and takes no responsibility for over 94 per cent of their workers who make their wealth for them.

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News 14

Daily Times Nigeria Wednesday, July 27, 2016

L-R: Chairman, Board of Governors, Olashore International School (OIS), Prince Bimbo Olashore; CEO/Principal OIS, Mr. Derek Smith and Marketing Director, OIS, Chief (Mrs) Morenike Dele-Alimi, at the OIS media round table in Lagos… recently

TMG: APC govt has no effective economic strategy ÏÏÏThe

Transitional Monitoring Group (TMG) has said that the dwindling economic situation of Nigeria had clearly shown that the All Progressives Congress (APC) government has no effective strategies to address the problem.

Chairman of the organisation, Ibrahim Zikirullahi stated this while briefing newsmen on the state of the nation in Abuja, and called on the APC government to stop experimentation based on pet economic theories.

He said although the economic mess is a creation of the erstwhile ruling Peoples Democratic Party

(PDP)-led government, there is absence of a well-articulated policy by the APC-led government to bring Nigerians out of economic doldrums.

His words: “So far, it is clear that the All Progressives Congress (APC) government of change has no effective strategy to clear the economic mess that was created by the immediate past Peoples Democratic Party (PDP)-led government.

“The reality of the absence of a well-articulated and coherent strategy to bring Nigeria out of its current economic doldrums would be seen in the excruciating crunch that is currently subjecting Nigerians to

untold hardships.

“Rather than abate, the current economic realities have further accentuated the poverty, which millions of Nigerians in 2015 voted to keep at bay. Demeaning stories of Nigerians who are now forced to engage in theft of cooked food in desperate moves to deal with hunger, calls for urgent attention.

“TMG calls on the Federal Government to discard the endless experimentation based on pet economic theories, which do not reflect the realities of the Nigerian condition.

Nowhere is this more apparent than in the current instability and chaos

that have characterised the management of the foreign exchange market.

“With so much uncertainty and confusion, the Central Bank of Nigeria has shown very little acumen in being able to stabilise the system.

Beyond knee jerk experimentation, the nation’s monetary policy is yet to get any nuanced intervention aimed at calming the market.

“So with each new approach almost on a weekly basis, the Naira on the watch of the current monetary policy makers, slides further, with dire implications for the purchasing power of Nigerians.”

Dogara, Jibrin in 7th House fraud claims Continued from page 10 man as the leadership of the House discovered that the former chairman, appropriations committee, discreetly and clandestinely allocated monies for projects that are not clearly defined in the budget for the purposes of exploiting the ambiguities for personal gains.

He said that Jibrin’s desperation to ingratiate himself into the good books of the Presidency, he unilaterally entered into commitments on the structure of the budget without the knowledge of the National Assembly leadership, in the full knowledge, that he had no authority to do so, but dishonestly because he had no intentions of keeping to

those commitments, having done the exact opposite in processing the budget details.

“Furthermore, he was found to be responsible for some bogus allocations in the budget for projects that have no locations and were apparently never meant to be executed.

“Hon. Jibrin’s mishandling of the 2016 budget process nearly fractured the otherwise cordial relationship between the executive and the legislature and brought the National Assembly and the government to public ridicule.

“He was in the habit of collating, warehousing and manipulating sensitive information to blackmail people, sometimes apparently for

pecuniary purposes.

“One clear example is the insertion of funds for the so called Muhammadu Buhari Film Village in his constituency in Kano State without the consent or solicitation of Mr. President.

“Again, it was found out that he was fond of inserting projects into prominent persons’ constituencies without their knowledge to curry favour and possibly use it as a means of blackmail against them when necessary.

“He did not stop there. Hon. Abdulmumin went about soliciting honourable members to nominate projects for him to help them include in the budget. When called upon to defend his actions as appro-

priations chairman, all he did was calling names of those members and the amount he helped include for them in the budget in an unsuccessful bid to silence them”.

Furthermore, Namdas added that Jibrin had initially inflated the 2016 budget by adding an extra N250billion more to the total figure as against the total budgetted sum submitted by the President.

“This, the NASS leadership out rightly rejected as a form of financial recklessness and inability to appreciate the dwindling resources available to government necessitating that we act prudently. He was directed therefore to make even further cuts below Mr. Presidents total figure.

Tribunal affirms Dickson’s election as A’Court gives Ikpeazu reprieve Continued from page 10 At the hearing of the appeal on Tuesday, Dr Alex Izinyon, SAN who represented Ogah argued that Ikpeazu was not legally the defacto occupant of the Abia state house.

He said there were conflicting judgments on the matter.

Izinyon also protested the order of the court that parties should maintain their positions.

This protest made the court to ask him who the defacto occupier of the Abia state government house.

Izinyon said he would not answer the question because to answer it would imply that he had conceeded.

However, Justice Ogunwumiju, said the court considered it important to avoid a misinterpretation of the court ruling.

She said the ruling of the court was for parties to remain as they were should not be misconstrued as implying that the court had issued an order for stay of execution.

Dickson

Daily Times Nigeria Wednesday, July 27, 2016

15 Opinion

Mother’s Blues

M

osun lives with her son and elderly husband in a council estate in Elephant and Castle, a London borough. They live on the 12th floor of the block of flats. Mosun went to join her husband in the United Kingdom. Which means theirs was an ‘arrangee’ wedding. The man had been married twice before Mosun. After his second unsuccessful attempt at matrimony, he wrote to his family in Nigeria to ‘marry’ a wife for him. Uncle – he’s no relation but I call him that out of respect – is about 25 years older than Mosun, his wife. They have a son, Jide. I met Mosun when Jide, her son, was ten years old. We met at the Westminster Cathedral, London where each of us went to have some quiet moment. I was coming out of the Cathedral when a lady came towards me.

Hello Madam.

Hello there.

Your face looks familiar.

Really!

Are you a Camerounina?

No. I’m from Nigeria.

You don’t look it. (Can anyone tell me how a Nigerian looks?)

Well, I’m proudly Nigerian.

So am I. That was the beginning of our friendship. She later said she was at the Cathedral to give thanks.

Her son had just been offered admission to the Brixton Oratory, one of the best schools in south London. We later went to a snack shop at Victoria Station to have some tea and scones.

Mosun is younger than I am.

She’s taller and has more flesh on her than I do. She blamed this on ‘Daddy’ – her husband – whom she needs to coax to eat as if she was coaxing a little boy.

I have two babies in the house, Daddy and Jide. She joked and we had a good laugh.

Mosun is a devoted wife and mother. She doesn’t have any bad word to say about her husband.

He paid for her nursing education.

He encouraged her to go in for midwifery. She works night shift only – that’s where the money is.

The day we met was her day-off. I later met her family. ‘Daddy’ looks after their son when Mosun’s at work at night.

We kept in touch. Three years into our friendship I got an SOS from my friend. She needed to see me as soon as possible. Wouldn’t she want to discuss this on the phone I asked.

No Auntie. This is a one-onone matter.

???

I was alarmed. I travelled down to Elephant and Castle. The journey took almost an hour by bus. Mosun met me at the bus stop.

I should say that as the journey progressed I got regular calls from her to know which bus stop we just passed. If I was alarmed by her voice when we spoke earlier on the phone, I was more troubled when I saw her. She wore her worries on her face.

Let’s move away from here.

Should we walk?

No Auntie. Let’s take a bus away from here. Let’s go to Waterloo.

There was no conversation on the bus. We got off at Waterloo Tube Station. We entered the station and found a bench on the concourse.

Ki lo de Mosun? I couldn’t bear it anymore. I needed to know what was eating her up.

Auntie, I’m finished.

O ti o. What happened?

That day, she got back from work at 6 a.m. as usual. She went to the kitchen to make some hot beverage. On the working surface was a freezer bag with something like salt inside. She was furious.

She never packed salt into freezer

bags. She had to know why either ‘Daddy’ or Jide used a freezer bag to pack salt. She took the bag into the sitting room. She would ask the two people she left in the house about it after taking her beverage.

Jide, her son, almost knocked her down with her tea mug as he raced out of his room into the kitchen. In fact, if she didn’t have presence of mind and quickly ducked behind the door, the hot tea would have scalded her badly. Well, the mug fell off, the tea spilled on the floor.

Why were you running as if you were being chased?

Mum, did you take a freezer bag from the kitchen?

Which freezer bag?

I left a freezer bag there last night.

What’s in the bag?

Never mind about that.

Daddy who had been woken by their raised voices came into the sitting room.

Can’t one even get some peace and quiet early in the morning?

Was just asking Mom a question.

Mosun brought out the freezer bag and asked, Which of you left this in

my kitchen?

Jide rushed to grab it but the mother was too fast for him.

What’re you doing with salt in a freezer bag.

It’s not mine Then why is it in my house?

I’m keeping it for someone else.

I won’t bore you with the snippets of this story. The long short and short of it was that Jide’s parents found out that a gang in the estate had recruited their son to be selling cocaine in his school.

Mosun’s world crashed that morning. Her fatigue from work evaporated and she felt a tiredness of the soul. She needed to talk. She sent for me. She already made her mind up to send her son to Nigeria to finish his studies. She couldn’t move away from her council flat so she decided she’d take her child away from the gang. She had heard good things about Nigerian schools such as discipline and top-class tuition. The fees posed no problem to her because she could afford it. The only problem she wanted someone who’d be visiting her son regularly. She wanted someone ‘in loco parentis’. Any offer?

16

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Education Times Æ s

Daily Times Nigeria Wednesday, July 27, 2016

17

Nigeria’s SSCE certificate not qualified for best UK varsities - Experts Opeoluwani Akintayo

PRIMEROSE NUC, Shippers’ Council to introduce Maritime Law in varsities

Cross section of graduating students of Primerose Model Private College, Saki, Oyo State… recently.

Stories by Augustine Okezie Abuja The Nigerian Universities Commission (NUC) and the Nigerian Shippers’ Council (NSC) have agreed to collaborate on the introduction of Maritime Law as a course of study in Nigerian universities.

The agreement which was reached in Abuja during a courtesy visit to the Prof. Julius Okojie, the Executive Secretary, NUC

by Hassan Bello, the Executive Secretary, Nigerian Shippers’ Council.

According to Bello, the dearth of legal practitioners and judges who are knowledgeable in Maritime law continues to hinder the

adjudication of maritime cases in the country.

He said the Chief Justice of Nigeria (CJN) directed the council to collaborate with NUC in introducing the basics of Maritime Law in curricular of faculties of Law in Nigerian universities.

Bello said that other justices of the Supreme Court had also requested the council to do same.

He said: ``This, according to their lordships, is because until recently, Maritime Law was not taught in our universities both at under graduate and post graduate levels. ``As a result of this, our judges who are called to dispense justice on complex maritime issues, found it extremely tasking to

dispose of such matters expeditiously. ``As matter of fact, some Justices of the Supreme Court and those of the Court of Appeal have in the past admitted that they had no prior contact with Admiralty Law until after participating in the Maritime Seminar for Judges Series. ``In several instances, their lordships find solace in the papers that were presented at the past seminars in determining complex maritime cases.’’

The NSC executive secretary said that Nigerians interested in developing a career in admiralty practice had to undertake such course abroad at a great cost.

He said that the Minister of

Transportation, Mr. Rotimi Amaechi, had also lent a voice to the need for the council to partner with NUC in introducing Maritime Law to Nigerian universities. ``It is expected that the teaching of the subject as an undergraduate course will equip judges and lawyers with a better grasp of the subject matter. ``It will help speed up complex maritime cases like impounding of vessels through arrest and detention,’’ he said.

Bello said that the importance of Maritime sector to the development of national economy could not be overemphasised as it contributed a lot the Gross Domestic Product and created employment.

ASUU set for one week warning strike

Prof. Ogunyemi

The Academic Staff Union of Universities (ASUU) has stepped up arrangements that may lead to its embarking on a one week warning strike any moment from now, over Federal Government’s continued release of budgetary shortfalls leading to payment of fractions of staff salaries by universities dating back from December 2015.

A chieftain of the union and senior staff of one the affected federal universities, who strong-

ly pleaded anonymity, told the Daily Times in an exclusive chat in Abuja, that already the resolution to embark on a one week nationwide strike has been agreed at the zonal meetings of ASUU and only awaiting final ratification by the National Executive Council meeting of the union slated for July 30 and 31st.

He further disclosed that so far 21 federal universities including universities of Ibadan, Port Harcourt, Uyo and Abuja as

well as 37 privately owned and new universities were also affected in what he called ‘’terror salaries’’.

Recall that ASUU National President, Professor Biodun Ogunyemi had during his maiden press briefing last week warned Government of increasing agitation amongst its members on the continued payment of percentage salaries which he said ran contrary to the 2009 FGN-ASUU agreement.

Education experts have called on the three tiers of government in the country to up the ante on education in Nigeria, stressing that secondary school leaving certificates issued by Nigerian schools are not qualified for admission into the best universities in the United Kingdom.

The statement was made by Sales Director, (Africa) of Abbey DLD Group of Schools, UK, Charles H. Johnson at a gathering in Lagos.

His statement was also corroborated by the Schools’ Student Admissions Manager - Africa, Mauzu Jalaludeen.

According to the educationists, most Nigerians studying in the UK are not able to get into best UK universities like Harvard, Birmingham, Oxford, Cambridge because their level of training was usually not enough.

Hence, most UK schools would still require further training or certification in the UK before admissions are given to Nigerian students.

According to them, to close such lapses created by Nigerian secondary schools, UK schools such as the Abbey DLD Group of Schools, with branches in Birmingham, Cambridge, London and Manchester, offer a 2-year A-level training where students will be camped, prepared and acclamatised to UK’s curriculum and system of education which will help them gain admission into the best universities in the UK. He further revealed that among the first best 10 universities in the world, five are from the UK, five are from America.

Education Times 18 Augustine Okezie Abuja The Unity Schools Old Students Association (USOSA) has reached out to unregistered members of the union by establishing several committees on advocacy, mobilisation and membership; constitution review and the North-East rebuilding forum, all geared towards repositioning the union for greater national development.

In an address at the occasion, President of the association, Professor Chidi Odinkalu, said the Unity Schools Old Students Association (USOSA) brings together alumni and former students of all 104 FGCs, FGGCs, Kings College, Federal Science Colleges (FSCs) and Federal Science and Technical Colleges (FSTCs) in pursuit of the goals of better education and fuller co-existence in Nigeria.

He further disclosed that USOSA which is registered as a public trust under Part C of the Companies and Allied Matters Act is primarily comprised of member schools that affiliate or register with it.

He said: ‘’It is the goal of USOSA to ensure full and universal registration of all 104 unity schools within the next year. To ensure this, USOSA needed to prepare budgets, raise an account of money and

Daily Times Nigeria Wednesday, July 27, 2016

USOSA reaches out to new members, sets up committees for dev

LASTVEB complementary resources and develop financial and auditing systems’’. ‘’At USOSA, we rightfully pride ourselves in the fact that we are Nigeria and represent

L-R: Executive Secretary, Lagos State Technical and Vocational Education Board (LASTVEB), Engr. Olawumi Gasper; Managing Director , Slot Systems Ltd, Engr.Nnamdi Ezeigbo; Director NLP Ltd, Mr. Rajiv Sharma and Director, LASTVEB, Mr. Laolu Oguntuyi at the 4th Lagos State Enterprise Day and launch of Young Entrepreneur club magazine in Lagos …recently. the best of our country. The first responsibility that comes with this is to run an organisation that is inclusive, draws on all the talents of our country and contributes to giving every part

LASU set to release additional 2000 results of external students Esther Taiwo The Lagos State University Task force on external system has disclosed that 2,000 results would be cleared for graduation in the next one week.

Leader of the Task-force, Professor Cordelia Nwabogu, said this while addressing journalists at the Senate Chamber of the University in Ojo Lagos where she disclosed further that the External System academic board has cleared another 1,071 students’ results for presentation to Senate for approval.

According to her, the Taskforce on External System was inaugurated on Monday, February 29, 2016 by the Vice Chancellor, Prof. Lanre Fagbohun, primarily to resolve all outstanding issues relating to examinations and results at the External System.

“After a careful analysis of the issues involved, the Task-force adopted an ICT based strategy for addressing the assignment so as to speed up our activities because the external system is winding up before end of this year”, she said.

The don stated that all students’ records available in soft copies

have been uploaded to a website https://dpu.lasu.edu.ng where it is now visible to all students, irrespective of their location, adding that students’ results and graduating status have been displayed online such that they can download and print their status.

The chairperson of the team said further that about 4,757 complaints have been received online while over 5,509,863 scores of students have been uploaded with over 47,583 students’ results from various campuses of the institution haven been extracted and uploaded.

“We understand the plights of our students and the frustrations they have had to deal with over the years. That is why we have taken a holistic approach to resolving all the issues. The volume of the work to be addressed in terms of the number of sessions and population of students, demands the deployment of appropriate technologies.

“While treading softly initially, we have reached a point where the solutions are now accessible.

It is our expectation that a good percentage of these results is-

Prof. Fagbohun

sues would have been resolved and all students who met the requirements for graduation would graduate in the next couple of months”, she reassured.

She however implored all affected students to visit the website https://dpu.lasu.edu.ng or http:// esdpu.lasu.edu.ng and lodge their complaints or send in an e-mail to lasuestaskforce@lasu.edu.ng while warning them not to approach or make personal contacts with anybody.

a stake in the project of our retooling’’.

On the importance of the advocacy committee headed by Mr. Mike, Odinkalu maintained that the committee will help get

USOSA’s message on education and national co-existence while the committee on membership and mobilisation will help with the goal of hitting 104 registered schools by 2017.

Iniobong Iwok

FG urged to use vocational education to tackle unemployment

The Federal Government has been advised to use vocational and skills acquisition education to check the alarming rate of unemployment in the country.

The advice was given a Pharmacist, Mr. Olumide Akintayo, during a chart with the Daily Times at the 8th annual speech and prize giving ceremony of Federal Science and Technical College Yaba, Lagos State recently.

Akintayo, who was the chairman of the occasion, stressed that technical colleges in the country were under utilised because of the preference for theoretical based courses which had not helped in making graduates to be entrepreneurial.

He stressed that skills acquisition and vocational equipment in technical colleges in the country if utilised could help in providing manpower for the telecommunication and petroleum sector while also creating employment for the youths.

He said: “We reward people who are not important; we should get our priority right to build a new generation of youths to tackle unemployment. Works like plumbing are well paid than core profession-

als in abroad and we need to encourage that sector. It would help in getting a lot of youths off the street.”

“The change mantra is good but what is change if it does not add value in every area of one’s life?

One of the area is developing our manpower and human capital base. What I have seen here is a monumental waste in terms of infrastructure and vocational skills in this school that is not tapped into. “We can train welders who are world class in this institution and they can be used in the oil and gas sector but the beneficiaries of the telecommunication sector are foreigners,” Akintayo added.

Earlier in his address, the principal of the College Rev. (Hon.) Chris Ugorji, said the institution had maintained its status as the best unity school in the country, noting that its students performed excellently in external examinations and other competitions in the country.

Daily Times Nigeria Wednesday, July 27, 2016

Features Æ s

19

BEYOND ANTI-GRAFT WAR:

Nduka Uzuakpundu Nigeria currently is not being governed. She’s more of a vessel rudderless on a journey in unfamiliar, restless and howling brine. But the present cluster of political and economic crises should be seen as a distress signal to President Muhammadu Buhari and his anti-graft team, that all is far from well.

These were the words expressed by a former Director-General of Centre for Black Art and African Civilisation (CBAAC), and currently, lecturer, Department of Political Science, University of Lagos, Akoka, Professor ’Tunde Babawale.

The crises, he continued, should serve as a wake-up call for Abuja to act fast before the country slides – perhaps, almost hopelessly, as she did, in the late ’80s and early ’90s, when the Structural Adjustment Programme (SAP) of the Babangida era, harsh and crippling, as it was, reigned supreme – into a recession.

The fear of a recession – with its attendant dislocation of economic activities, which may, inevitably, trigger off a wellsustained, nation-wide turmoil, said Babawale, is fast finding frightening expressions in weak indices of development and workers’ weal: South-bound income, North-bound inflation, Daurabound unemployment, Northbound insecurity; South-bound value of the Naira – compared to the American dollar, the euro, the British pound; indices that are, put tersely, Niger delta-bound.

The situation is so appalling that, as Babawale observed, it’s having a telling effect on the average Nigerian family. “There’s an ugly trend now that family ties are being strained – amidst policies that tend to impoverish Nigerian consumers and tax-

Group wants Buhari to initiate social security scheme

Nigeria needs good governance, says ex-CBAAC boss

Babawale

payers. Where inflation is about 20 percent – for the first time in three decades – there’s a steep fall or stagnation in the value of worker’s salary, to the extent that it cannot neutralise the adverse effect of North-bound cost of living,” he said.

And yet, he wondered for how long the country would wallow in this state of distress. One way out, he offered, was to considerably slash the salary of members of the National Assembly.

Their gargantuan salary, which makes them the highest paid in the world, is no longer sustainable – given the current economic

Buhari

crunch. That – in nearly two decades of the Fourth Republic, the members of the National Assembly have, constantly, consumed about 25 per cent of the nation’s budget – has been an unrelieved accessory to the impoverishment of a majority: a once-ominously silent majority of industrious, Nigerian workers and tax-payers, who are, now, seething, openly, with discontent.

That – a salary of more than N20m per month collected by each member of the National Assembly, compared to a drop in the ocean, that is the average national minimum salary of N20,000.00

– is morally indefensible. The salary slash, about which Babawale spoke in a recent chat, should as well be extended to Councillors, Governors, Commissioners, Permanent Secretaries, Directors, Deputy Directors, and Assistant Directors in Federal and State Ministries, Departments and Agencies (MDAs), Ministers, etc.

Such a salary reduction – affecting Security and Constituency Votes of Governors and legislators, respectively, as well – could be effected via negotiations and exhortation for sacrifice on the part of those who’d be affected – if only to save the

Fourth Republic from the current haemorrhage, which was not the honest intent of voters when they ushered the Buhari administration in.

In keeping with the Change mantra of the Buhari administration, Babawale posited that it was high time the affairs of the National Assembly – the serious business of making laws for the country – was made a part-time affair, which would be managed by seasoned technocrats: individuals who’re versed in legislative affairs, public administration, policy implementation, economic development etc.

Ï d Ɠ MƆ ƄƍƆ ƕ ƄƐƄƍ ƂƄƄ Ǝ Ɔ ƍƕ

General Secretary of the foundation, Comrade Kevin Lawrence noted that as a result of the current recession in the nation’s economy, life has become unbearable for their members and other vulnerable groups.

Lawrence called on president Buhari to begin, as a matter of national emergency, a social security scheme that will address the immediate challenges of the people particularly the elderly, noting that a nation without the elderly people with wealth of ex-

perience is a naked nation.

He contended that social security scheme was one of the measures that stabilised most of the European nations and will help to stabilise Nigeria, stressing that no matter the excuses, Nigeria has never been this hard.

“Nigeria is mature for social security scheme; that is what stabilised most of the European countries. For one year now, many of us have not benefitted anything from this administration. The

Peterclaver Egbochue

Lawrence

Retirees under the aegis of LUF Foundation have called on President Muhammadu Buhari to initiate a social security scheme for the elderly and other vulnerable groups in the society to ameliorate their sufferings.

Speaking to newsmen in Lagos on the state of the nation, the

CONTINUED ON PAGE 20

Features 20

Daily Times Nigeria Wednesday, July 27, 2016

Group wants Buhari to initiate social security scheme CONTINUED FROM PAGE 19

We thank God that Buhari has been able to recover some stolen funds, let him use some of the funds to initiate programmes that will rescue the elderly and other vulnerable groups from death because Nigerians are dying in their numbers from starvation and other minor ailments. This is not the time for capital projects but for stomach infrastructure so that the people can be alive to utilise the capital projects.

elderly, the unemployed and the vulnerable all need good health and food to be able to be empowered.

“In those days, artisans under training were paid such that by the time they completed their training, they would have saved enough money to start their own, but it is not the same today,” Lawrence said.

The septuagenarian further stated that the foundation was opposed to the Federal Government’s policy of allocating the sum of N5,000 monthly stipend to the unemployed and elderly people. He advised the federal government to engage the services of recognised groups such as Nigeria Union of Pensioners, community development associations, traditional rulers and LUF

foundation to provide adequate data of the true elderly people to be rescued.

Comrade Lawrence lamented that the present administration led by Buhari, an elderly man, had not initiated any programme to cater for the wellbeing of his fellow elders. He sympathised however with the present administration in view of the enormous challenges facing it.

Appraising the All Progressives Congress (APC) led government in the last one year, the LUF foundation scribe said, “The APC was not sure of victory in the last general election and as such, they did not put any plan of governing the country in place.

“Old people like us gathered and voted for him and now we are not seeing any positive change.

Nigerians are crying now because he is not meeting our expectations. Nigerians also voted massively for him and not the APC. “He must not waste this opportunity to make history. He should begin to address the concerns of Nigerians.

We thank God that he has been able to recover some stolen funds, let him use some of the funds to initiate programmes that will rescue the elderly and other vulnerable groups from death.

“Nigerians are dying in their numbers from starvation and other minor ailments. This is not the time for capital projects but for stomach infrastructure so that the people can be alive to utilise the capital projects,” the old man said.

Hard times ahead for residents of Kaduna flood-prone areas

Flash back to the Kaduna flood disaster

Gbubemi God’s Covenant Snr Residents of communities around flood prone areas of river banks in Kaduna, Kaduna state are facing the most trying times of the year.

This is on account of the flood disaster that caused untold hardship to residents of Kigo Road, Kabal Coastain, Bachama Road in Tudun-Wada, Ramat Road/ Close in Ungwan Rimi and GoniGora among other places in Ka-

duna in the past.

Their apprehension was further compounded by a recent warning from the Nigeria Security and Civil Defence Corps (NSCDC), Kaduna State Command, advising them to either relocate or adopt serious precautionary measures as the rainy season heightens.

The appeal is contained in a statement signed by the Command’s Public Relations Officer, ASCII Orndiir.

The State Corps Commandant, Alhaji Modu Bunu, said in the statement that the warning had become necessary in view of ugly experiences of the past.

“Rain frequency is high in the months of August to October, thereby exposing those who reside near river banks and floodprone areas to the risk of flood.

“I recall how flood disaster caused untold hardship to residents of Kigo Road, Kabal Coastain, Bachama Road in Tudun-Wa-

da, Ramat Road/Close in Ungwan Rimi and Goni-Gora among other places in Kaduna in the past.

“Therefore, I advise persons who can possibly be affected by flood to do the needful in order to prevent a repeat of the disaster.’’

Alhaji Bunu further said the command was ready to discharge its official duties effectively, particularly in disaster management, provided such occurrence was reported promptly, stressing that disaster management was

one of the core mandates of the corps.

Concluding in the statement that prevention of disaster is always better than management, Bunu discouraged the public from dumping refuse in drainage to avoid blockage.

He also called for the use of designated and legal refuse dumps, reiterating the determination of the command to respond promptly and with required attention to emergency situations.

Daily Times Nigeria Wednesday, July 27, 2016

AWODI-ORA SECONDARY SCHOOL, AJEGUNLE 2001 SET The general public is hereby notified that the above Named has applied to the Corporate affairs commission Abuja for registration under the part C of the companies and allied matters act 199 0.

Names Of Trustees: 1. Nwaguru IFEANYI Roy, 3. Clark Anthony, 5. Ajayi Sunday, 7. Nnaji Obinna, 9. Orji Emmanuel Emeka,

2. Silas Melody Efemena, 4. Sokotoh Osazuwa Frank, 6. Umachi Cynthia Kalu, 8. Anegbe Senimetu, 10. Amuzie Daniel Ugonna

Public Notice 21

THE DOOR AND THE KEY INTERNATIONAL MINISTRY This is to inform the general public that the above Named has applied to the corporate Affairs commission for registration under part’ C’ of the company and Allied Matters Act of 1990.

The Trustees Are: 1. AYELABOLA MICHAEL OLUFEMI 2. AYELABOLA OLUBUNMI OMOWUNMI 3. AYELABOLA TOMIWA JOAN OLUWADAMILARE 4. AYELABOLA BABATOPE MICHAEL 5. ADIGUN OLAIDE LATEEF

CASA DE ALABANZA INTERNATIONAL MINISTRY This is to inform the general public that the above named has applied for registration under part”C” of the Companies and Allied Matters Act of 1990.

The Trustees Are: 1. ROMERO ACEVEDO LUCIANO TEOTIMO 2. AYELABOLA MICHAEL OLUFEMI 3. AYENI OLAKUNLE OLANIYI 4. AYELABOLA BOLAJI TOLUWANI

AIMS/OBJECTIVES: 1. To promote Love,Unity, Pe ace and progress among members.

AIMS To preach the gospel of our Lord Jesus Christ.

AIMS: To preach the gospel of our Lord Jesus Christ..

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

Any Objection to this registration should be forwarded to the registrar General, corporate Affairs Commission, 420, Tigris crescent, off Aguiyi Ironsi Street, Maitama Abuja, within 28 days of this publication.

Signed: Trustees.

Signed: Trustees

Signed: Trustees.

REVIVAL FIRE APOSTOLIC MINISTRY

DIVINE ROCK OF AGES PRAYER MINISTRY

This is to inform the general public that the above named has applied to the Corporate Affairs Commission for registration under Part “C” of the Companies and Allied Matters Act No. 1 of 1990.

This is to inform the general public that the above named has applied for registration under part”C” of the Companies and Allied Matters Act of 1990.

The Trustees are: 1. DR. AROKOYO MOSES BOLARIN 2. OJO SESAN RAPHEAL 3. AROKOYO OLUWAKEMI DEBORAH 4. EVANG. OMOLEHIN ISAAC 5. APOSTLE AFOLABI CALEB 6. PASTOR AROKOYO PHILIP AIMS To “go ye” preach the gospel to all creatures.

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs, Plot 420, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama District, Abuja, within 28 days of this publication.

Signed: Trustees.

DAHWAT RAHMON DHIKIR ASSOCIATION The general public is hereby inform that the above named has applied to Corporate Affairs Commission for registration under Part ‘C’ of the Companies and Allied Matters Act, Degree No. 1 of 1990.

THE TRUSTEES ARE: 1. LAWAL RAHMON BABATUNDE 2. ABDULLAHI ADEBISI KARAMOT 3. LAWAL OLAIDE FATIAT 4. OLAWALE AMUDAT ASANI 5. ADEBISI QUZEEM ADETUNJI 6. SALAU SULAIMON ADEBOLA 7. ADEBAYO TAJUDEEN ADENIYI 8 . ADEDEJI YISA ABIODUN AIMS: 1. Recognizing equality of all Muslims regardless of ethics.

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

Signed: Trustees

MRS. ZAINAB HASSAN DAUDA

UZOMAH UCHECHUKWU ROOSEVELT

BLUEPRINT SCENTS GLOBAL FOUNDATION

This is to inform the general public that the above Named has applied to the corporate Affairs commission for registration under part’ C’ of the company and Allied Matters Act of 1990.

1. SALAMI VICTORIA CHINYI 2. ATANDA OLUWOLE OLORUNFUNMILOLA 3. ATANDA MODUPE ADEFUNKE

The Trustees Are: 1.Idowu Abiodun Emmanuel 2. Idowu Adekunle Oluwaseun.

3. Jimoh Idayat Yetunde.

AIMS: To preach the gospel of our Lord Jesus Christ...

AIMS: To aid enforcement agencies with the use of trained working dogs..

Any Objection to this registration should be forwarded to the registrar General, corporate Affairs Commission, 420, Tigris crescent, off Aguiyi Ironsi Street, Maitama Abuja, within 28 days of this publication.

Signed: Trustees ADETOLA SHITTU ENITAN AISHA

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

Signed: Trustees.

ADEBAYO FUNMILAYO OLAYINKA

MRS AYINLA OLAYINKA MARY

I formerly known and addressed as SHITTU ENIOLA AISHA now wish to be henceforth reffered to as ADETOLA SHITTU ENITAN AISHA . All erstwhile documents still remain valid. General public please take note.

I FORMER LY KNOWN AND ADDRESSED AS ADEWUMI FUNMILAYO OLAYINKA NOW WISH TO BE KNOWN AND ADDRESSED AS ADEBAYO FUNMILAYO OLAYINKA ALL FORMER DOCUMENTS REMAIN VALID GENERAL PUBLIC SHOULD TAKE NOTE

I formerly known as MISS ADIGUN OLAYINKA MARY.now wish to be known as MRS AYINLA OLAYINKA MARY .all former document remain valid.General public should take note.

OKE OMOTILEWA OLAKUNLE

MRS. SALLY EBERE A CHESE-ICHI

JOHNSON UBONG MARK

I, formerly known and addressed as OKE OMOTILEWA OLUMOROTI, now wish to be known and addressed as OKE OMOTILEWA OLAKUNLE. All former documents remain valid.

Skye Bank and general public please take note.

I, formerly known and addressed as, MISS. SALLY EBERE OBILOR, now wish to be known and addressed as, MRS. SALLY EBERE ACHESE-ICHI. All former documents remains valid. General public should take note.

MRS. NDIDI ANGELA NWANKWO

MRS ORIERE BUKOLA ADENIKE

I Formerly known and addressed as JOHNSON UBONG SAMUEL Now wish to be known and addressed as JOHNSON UBONG MARK. All former documents remain valid. General public to please take note.

MRS. UKACHI NONYE AGNES

I, formerly known and addressed as, ZAINAB BATARI HASSAN, now wish to be known and addressed as, MRS. ZAINAB HASSAN DAUDA. All former documents remains valid. General public should take note.

I, formerly known and addressed as, MICHAEL JOHN ALI, now wish to be known and addressed as, UZOMAH UCHECHUKWU ROOSEVELT. All former documents remains valid. General public should take note.

I, formerly known and addressed as, MISS. NDIDI ANGELA ONWUZULIKE, now wish to be known and addressed as, MRS. NDIDI ANGELA NWANKWO. All former documents remains valid.

General public should take note.

I, formally known and addressed as MISS OLAOYE BUKOLA ADENIKE now wish to be known and addressed as MRS ORIERE BUKOLA ADENIKE. All former documents remain valid . General public should take note.

I, formerly known and addressed as, MISS. EGBOM NONYE AGNES, now wish to be known and addressed as, MRS. UKACHI NONYE AGNES. All former documents remains valid. General public should take note.

STEPHEN OLUTUNDE OZOVEHE ADEWALE.

AJANAKU ANUOLUWAPO FOLAKE

EMENIKE FAITH

DIKE NDUKWU PRINCE

I, formally known and addressed as STEPHEN WALE SUNDAY now wish to be known and addressed as STEPHEN OLUTUNDE OZOVEHE ADEWALE. All former documents remain valid . General public should take note.

I FORMERLY KNOWN AS AKINYOSOYE ANUOLUWAPO FOLAKE NOW WISH TO BE KNOWN AND ADDRESSED AS AJANAKU ANUOLUWAPO FOLAKE. ALL FORMER DOCUMENTS REMAINS VALID. GENERAL PUBLIC SHOULD TAKE NOTE.

I, formerly known and addressed as, EMEH FAITH GODKNOW’S and EMENIKE FAITH now wish to be known and addressed as EMENIKE FAITH. All former documents remains valid. General public should take note.

LAWAL ELETUODIBO AISHA OLUWATOSIN YETUNDE

CORRECTION OF NAME THAT MY NAME WAS WRONGLY WRITTEN AS IBRAHIM TIRI OLAWUNMI MY CORRECT NAME IS IBRAHIM TIRIMISIYU OLAWUNMI DATE OF BIRTH 7-9-1969 ALL FORMER DOCUMENTS REMAIN VALID GENERAL PUBLIC SHOULD TAKE NOTE.

OGBOMON FREDERICK OSARO.

I, formally known and addressed as OGBOMON EGHOSASERE ENDURANCE now wish to be known and addressed as OGBOMON FREDERICK OSARO. All former documents remain valid .

General public should take note.

RACHAEL ADEJOH I, formerly known and addressed as, RACHAEL HOPE SLYVANUS ADEJOH, now wish to be known and addressed as, RACHAEL ADEJOH. All former documents remains valid. General public should take note.

I, formerly known and addressed as, MISS ADEKOYA KOFOWOROLA EBUNOLUWA, now wish to be known and addressed as, MRS OLUFUNSO KOFOWOROLA EBUNOLUWA. All former documents remains valid.

General public should take note.

CORRECTION OF NAME

AMARACHI NWINYA

OBIASOR CHINENYE NKIRU

LOSS OF DOCUMENT

I, formerly known and addressed as, UMEAKU CHINENYE NKIRU, now wish to be known and addressed as, OBIASOR CHINENYE NKIRU. All former documents remains valid. General public should take note.

This is to inform the general public of the loss of my land document private lease registered as 82/82/651 of plot 8.

Block 25 Igbariam Street Achara Layout Enugu got loss. Please if found contact Umeano Donatus Nnamdi.

I, OLAYIWOLA OLAWALE WALIU, wish to correct my names which was wrongly written as, WALE, instead of, OLAWALE, AND WALIYU, instead of, WALIU, in my account details. That my correct name is, OLAYIWOLA OLAWALE WALIU. All former documents remains valid. General public should take note.

I, AMARACHI NWINYA, wish to correct my name which was wrongly written as, SALVATION NWINYA, instead of, AMARACHI NWINYA, in my BVN details. All former documents remains valid.

General public should take note.

I, formally known and addressed as FASERE OLUWATOSIN YETUNDE now wish to be known and addressed as LAWAL ELETUODIBO AISHA OLUWATOSIN YETUNDE. All former documents remain valid .

General public should take note.

MRS OLUFUNSO KOFOWOROLA EBUNOLUWA

AKINWALE SAMUEL ALABI I, formally known and addressed as AKINWALE ADEWALE now wish to be known and addressed as AKINWALE SAMUEL ALABI. All former documents remain valid . General public should take note.

OLUWAROTIMI OLUWATOYIN ODUNAYO I formerly known, called and addressed as Ojo Oluwakemi Florence. Now wish to be known, called and addressed as Oluwarotimi Oluwatoyin Odunayo.

All former documents remain valid .

General public should take note.

CHARITYSUNDAY UMOREN

I, formerly known and addressed as, UWEM SUNDAY UMOREN, now wish to be known and addressed as, CHARITYSUNDAY UMOREN. All former documents remains valid. General public should take note.

CHUKWUMA JOSEPH HENRY

I, formerly known and addressed as DIKE AMADI PRINCE now wish to be known as DIKE NDUKWU PRINCE. All former documents remains valid. General public should take note.

I, formerly known and addressed as, JOSEPH NWANDIKOM, now wish to be known and addressed as, CHUKWUMA JOSEPH HENRY. All former documents remains valid. General public should take note.

FUBARA IKECHI

JULIE NNEKA AKAEZE

I, formerly known and addressed as, IKE OKORIE, now wish to be known and addressed as, FUBARA IKECHI. All former documents remains valid. General public should take note.

LOSS OF ORIGINAL ALLOCATION PAPER AND CHANGE OF NEXT-OF-KIN Let public to Notice that Original Allocation Paper of Block D Unit 82, Ref: NO: HC/14/36 OSAP/E1/N071 dated 7th Feb. 1983, of Federal Government Housing Programme, 1983 belonging to MRS. OZIGBO JANET is missing. Also NEXT-OF-KIN is change from OZIGBO EMMANUEL to OZIGBO CHIKE MICHAEL. Signed: MRS OZIGBO JANET

I, formerly known as JULIANA NNEKA OFILI wish to be known and addressed as JULIE NNEKA AKAEZE. All former document remain valid, general public please take note.

LOSS OF DOCUMENT This is to notify the general public of loss of Certificate of Occupancy belonging toMR OKWOR CLEMENT of No 1 Okwor Drive Akpuoga Nike Enugu,Registered as No 69/69/1574 at lands registry Enugu, situated at PLNT M/15 Independent Layout Enugu. All efforts to trace it proved abortive. If found, please return to Ministry of Lands, Enugu.

Public Notice 22 JESUS BLESSED CHURCH.

Daily Times Nigeria Wednesday, July 27, 2016

GOODNEWS TABERNACLE INTERNATIONAL

OLISE OMOLU FOUNDATION

This is to inform the general public that the above Named has applied to the corporate Affairs commission for registration under part’ C’ of the company and Allied Matters Act of 1990.

This is to inform the general public that the above Named has applied to the corporate Affairs commission for registration under part’ C’ of the company and Allied Matters Act of 1990.

This is to inform the general public that the above named has applied for registration under part”C” of the Companies and Allied Matters Act of 19 90.

Trustee: (1)Pastor Emmanuel Enya (2)Pastor Moses Egbe (3)Prophetess Rose Eti (4)Susan Emmanuel (5)Lucky Johnson.

Trustees :Pst Udo Usen Asuquo-Chairman, 2.Pst mrs Gloria Udo Usen-member 3.Sister Mary Robert Umoette-Secretary.

TRUSTEES; 1. OMOLU SUNDAY ANDREW OJUMA 2. OMOLU MODUPEOLA ABIOLA 3. ADEWUMI OLUWASEUN ADEDOYIN 4. ADEWUMI TITILAYO FLORENCE

Aim And Objective: (1)TO raise a people with a prophetic agenda.

(2)to preach the gospel of jesus christ.

(3)To take care of the welfare of its members.

The ObjECTIVE .1.To prepare the people of the earth for the return of Jesus Christ as His coming isimminent.

2.To go round the World to open blind eyes both spiritually and physically,set the captives free,save the lost,heal the sick,raise the dead,feed the hungry and empower the week..

Any objection to the registration shouls be forwarded to the RegistrarGeneral, Corporate Affaira Commission, Plot 420 Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this Publication.

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

Any Objection to this registration should be forwarded to the registrar General, corporate Affairs Commission, 420, Tigris crescent, off Aguiyi Ironsi Street, Maitama Abuja, within 28 days of this publication.

Signed Secretary..

signed Biodun Balogun.

Signed Secretary .

INT’L CENTRE FOR TOTAL HEALTH AND RIGHT INITIATIVE THE GENERAL PUBLIC IS HEREBY NOTIFIED THAT THE ABOVE NAMED BODY HAS APPLIED TO CORPORATE AFFAIRS COMMISSION, ABUJA FOR REGISTRATION UNDER PART “C” OF THE COMPANIES AND ALLIED MATTERS ACT, NO. 1 OF 1990.

Names of trustees: 1, EMMANUEL ANENE. 2, VICTOR EBOH. 3, EZIRIKE FLAVIAN OGADIMMA. 4, DAVID ETTE EMMANUELLA. 5, UZODO CHRISTOPHER UCHE. Aims and objectives 1. To provide basic health care and legal services for the marginalised in the community and society at large ANY OBJECTION TO THIS REGISTRATION SHOULD BE FORWARDED TO THE REGISTRAR GENERAL, CORPORATE AFFAIRS COMMISSION, PLOT 420 TIGRIS CRESCENT, OFF AGUIYI IRONSI STREET, MAITAMA, P.M.B 198, GARKI ABUJA WITHIN 28 DAYS OF THIS PUBLICATION.

MANSIONS OF GOD AND MIRACLES MINISTRY The general public is hereby inform that the above named has applied to Corporate Affairs Commission for registration under Part ‘C’ of the Companies and Allied Matters Act, Degree No. 1 of 1990.

TRUSTEES; 1. REV. PATRICK NDUKA ALBERT – CLERGY 2. MR ANTHONY CHIJIOKE OKO 3. MRS BLESSING FRED-BENSON 4. MRS CHINYERE NDUKA EVAN – SECRETARY AIMS; to preach the gospel of our lord Jesus Christ Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

Signed Secretary

Signed. Barr victot Eboh

LIVING CHRIST SPIRIT AND VOICE MINISTRY

AFRICA SUPPORT FOUNDATION.

AIMS; 1. To contribute to making schools attractive to children both physically challenged and able bodied, through making school supplies available.

2. Alleviation of the plight of widows and orphans.

VERTEX SHAREHOLDERS ASSOCIATION OF NIGERIA The general public is hereby inform that the above named has applied to Corporate Affairs Commission for registration under Part ‘C’ of the Companies and Allied Matters Act, Degree No. 1 of 1990 THE TRUSTEES ARE: 1.Orekoya Adetola Olusegun (Treasurer) 2. Alade Muritala Olaitan 3. Sulaimon Bamidele Sherifat (Secretary) 4. Lawal Olaniyi Kazeem(chairman) 5. Olugbuyi Samuel Adedayo.

6. Ishola Omotola Sanni.

AIM AND OBJECTIVE; To inform and educate members on the dynamics of stocks and enlighten them on the proceedings of Companies General Meetings.

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

Signed Secretary

INGENIOUS MINDS EMPOWERMENT INITIATIVE

This is to inform the general public that the above named has applied for registration to corporate affairs commission for registration under part C of the Companies and Allied Matters Act No.1 of 1999.

This is to inform the general public that the above Named has applied to the corporate Affairs commission for registration under part’ C’ of the company and Allied Matters Act of 1990.

This is to inform the general public that the above named has applied for registration under part”C” of the Companies and Allied Matters Act of 1990.

The Trustees Are. 1. Mr Emmanuel Eghosa John -President 2. Mr Okotie Felix -Member 3. Asua Felix -Financial Secretary 4. Igwenagu Festus Ifeanyi -Secretary

TRUSTEES. 1. Mr ONYEULO REMIGIUS- PRESIDENT 2. BARR.MRS. NWIGWE CHIKAODI - SECRETARY 3. CHIEF (DR) D.J.C. NWORGU- MEMBER REV.FR.NWIGWE CHIGOZIE A.J. 5. MR.IGNATIUS ONYEULO- VICE-PRESIDENT

Aims and Objectives 1. To preach the gospel of our lord Jesus Christ to the whole World 2. To win Souls for Heaven

AIMS AND OBJECTIVES 1.To actively Participate In Educational Development in Africa 2. To help in building and creating Community Health awareness.

3. To Train and Empower the less Privileged persons in our Society 4. To enhance and develop Agriculture.

5. To enhance and encourage capacity building.

TRUSTEES. 1 Adeniyi Bodunrin Ayokunle.

2, Adedugbe Adegbenga 3, Taiwo Olusegun Olakunle 4 fabilola Olalekan Maxwell .

5 Atinuke Adeniyi .

Any objection to this registration should be forwarded to RegistrarGeneral ,Corporate Affairs Commission, Plot 420,Tigris Crescent, off Aguiyi Ironsi,Maitama Abuja Within 28 days from the date of this publication.

Signed.Barrister Chifumnanya Iwebunor Chikezie 08038294665

IFELODUN IRON & BUILDING MATERIALS MARKET ASSOCIATION. The general public is hereby inform that the above named has applied to Corporate Affairs Commission for registration under Part ‘C’ of the Companies and Allied Matters Act, Degree No. 1 of 1990

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

SIGNED: SECRETARY.

INTERNATIONAL INNER WHEEL CLUB, NIGERIA. The general public is hereby inform that the above named has applied to Corporate Affairs Commission for registration under Part ‘C’ of the Companies and Allied Matters Act, Degree No. 1 of 1990.

Trustees Are. 1.Ajaji Jimoh Atanda 2. Alhaji Raimi Owolarafe 3. Alhaji Isiaka Olaiya 4 . Mr Saidu Adigun 5. Mr Jamiu Akanbi .

Trustees (1) UCHE AGBIM (2) MONILOLA LUNNAH BAMISAIYE (3) ADEDOYIN ABIODUN OREDEIN (4) AJADI NIKE (5) JOANAH UL UNMA OGBUEHI (6) GRACE ABOSEDE ADEKOYA.

Aims and objectives: 1.To foster unity and progress among its members.

2.To improve the social welfare of its members.

3.To assist the less privileges.

AIMS (1) TO PROMOTE TRUE FRIENDSHIP (2) TO ENCOURAGE THE IDEALS OF PERSONAL SERVICE (3) TO FOSTER INTERNATIONAL UNDERSTANDING.

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

Signed Secretary

VOLUNTARY WINDING UP OF ALIBRO TRANSPORT SERVICES LTD RC: 819792 THE GENERAL PUBLIC IS HEREBY NOTIFIED THAT THE ABOVE NAMED COMPANY IS SEEKING FOR VOLUNTARY WINDING UP UNDER THE COMPANIES AND ALLIED MATTERS ACT, PART C., 1990 BY A RESOLUTION SHOWED BELOW. THE FEDERAL REPUBLIC OF NIGERIA COMPANIES AND ALLIED MATTERS ACT, 2004 COMPANY LIMITED BY SHARES SPECIAL RESOLUTION OF ALIBRO TRANSPORT SERVICES LTD (RC: 819792) AT THE GENERAL MEETING OF THE ABOVE NAMED COMPANY HELD AT ITS REGISTERED OFFICE ON THE 25TH DAY OF JULY, 2016; THE FOLLOWING RESOLUTIONS WERE PROPOSED, CONSIDERED AND DULY PASSED: 1. “THAT THE SHAREHOLDERS ARE SATISFIED THAT THE COMPANY CAN NO LONGER CONTINUE IT BUSINESS AND CONSIDER IT ADVISABLE TO WIND UP THE BUSINESS AND IT IS HEREBY RESOLVED. 2. THAT THE COMPANY WOULD BE WOUND UP VOLUNTARILY IN ACCORDANCE WITH THE COMPANIES AND ALLIED MATTERS ACT, 1990.

3. THAT BARR. ADAKOLE DAVID, WILL BE AND IS HEREBY NOMINATED/APPOINTED AS LIQUIDATOR FOR THE PURPOSE OF THE WINDING UP. ANY OBJECTION TO THIS EFFECT SHOULD BE FORWARDED TO THE REGISTRAR-GENERAL. CORPORATE AFFAIRS COMMISSION, 420, TIGRIS CRESCENT, OFF AGUYI IRONSI STREET, P.M.B. 198, MATIAMA, ABUJA WITHIN 28TH DAYS FROM THE DATE OF PUBLICATION. -------------------------EJEH, EMMANUEL R. (AVM. RTD.) (DIRECTOR)

--------------------------OKECHUKWU BOB (MR.) (DIRECTOR)

Aims : To provide moral, metorship and financial assistance to youths and other less privileged members of the society.

Any Objection to this registration should be forwarded to the registrar General, corporate Affairs Commission, 420, Tigris crescent, off Aguiyi Ironsi Street, Maitama Abuja, within 28 days of this publication.

SIGNED: SECRETARY.

TERRA KULTURE ARTS AND CULTURE FOUNDATION

This is to inform the general public that the above Named has applied to the corporate Affairs commission for registration under part’ C’ of the company and Allied Matters Act of 1990.

The Trustees Are: 1. Mrs. Bolanle Austen-Peters 2. Dr. Oluwarotimi Austen-Peters 3. Mrs. Folashade Alli Object- To encourage an interest in and preserve the history of Africa through arts, theatre, music etc 2. To promote a positive image of African culture overseas..

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

SIGNED: SECRETARY.

Signed Barrister Gabriel Egwu.

DE – CROSS WORLD EVANGELICAL OUTREACH NOTICE IS HEREBY GIVEN TO THE GENERAL PUBLIC THAT THE ABOVE NAMED ORGANIZATION IN EFFURUN- WARRI, UVWIE L.G.A OF DELTA STATES HAS APPLIED FOR THE REGISTRATION UNDER THE COMPANIES AND ALLIED MATTERS DECREE. NO 1 0F 1990 PART C. TRUSTEES ARE 1. BISHOP OSYNACHUKWU PETER (FOUNDER/PRESIDENT) 2. PASTOR OSYNA ACHUAMA MERCY 3. ONYEACHOLEM OMENOYEN FELIX 4. PASTOR ALIBERT ONU 5. OYABURE AGBONIBHUOHIEN CHRISJUMBO AIMS AND OBJECTIVES 1. TO TAKE THE GOSPEL OF OUR LORD AND SAVIOR JESUS CHRIST ACROSS THE GLOBE 2. TO ESTABLISH ORPHANAGE HOMES AND PEOPLE’S HOMES, TO CATER FOR THE WIDOWS AND LESS PRIVILEGE IN THE SOCIETY ALSO TO GIVE THE PHYSICALLY CHALLENGED A SENSE OF BELONGINGS.

THE SANCTIFIED PEOPLES MINISTRY.

This is to inform the general public that the above Named has applied to the corporate Affairs commission for registration under part’ C’ of the company and Allied Matters Act of 1990.

TRUSTEES: 1) Pst Ebere Harrigan Chigozie, CHAIRMAN 2) Pst Peter Ohiagba, SECRETARY 3) Bishop Chuks Nnaji 4) Pst James Umanah 5) Sis Charity Gozie-Ebere 6) Sis Ugo Ohiagba 7) Engr Cyril Onyedikachi Nwogu.

AIM: TO PROMOTE THE PROPAGATION OF THE GOSPEL & DEVELOPMENT OF THE CHRISTIAN FAITH. .

ANY OBJECTIONS TO THIS REGISTRATION SHOULD BE FORWARDED TO THE REGISTRAR/GENERAL CORPORATE AFFAIRS COMMISSION, P.M.B 198 ABUJA WITHIN 28 DAYS OF THIS PUBLICATION.

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

SIGN: M.O.ILUWA ESQ. 08027467296

SIGNED: CHAIRMAN.

Daily Times Nigeria Wednesday, July 27, 2016

OMOSHOLA ASSIST INITIATIVE This is to inform the general public that the above Named has applied to the corporate Affairs commission for registration under part’ C’ of the company and Allied Matters Act of 1990.

Names of Trustees: 1. Mr. Kalejaiye Omoshola Deji - (Chairman) 2. Mrs. Odumosu Funmilayo Omotayo - (Secretary) 3. Mr. kalejaiye Olaoluwa Moyosore 4. Queen Olayinka Iliogben Aims And Objectives: 1. To train and assist the less priviledged persons develop skills (like carpentry, tailoring, catering etc) in order to alleviate poverty, increase living standards and reduce unemployment.

2. To empower incredibly improvished persons; assist them start - up and improve their small scale businesses.

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

Signed: Trustees ROUNDTABLE FOUNDATION FOR SUSTAINABILITY AND RESPONSIBILITY Notice is hereby given to the General Public that the above Named Organisation has applied to the Corporate Affairs Commission, Abuja, for the registration under Part C of the Companies and Allied Matters Acts No. 1 of 1990.

The Trustees Are: 1. ONUK INI-ABASI LAURA 2. ASIM-ITA EMILIA EFFIOAWAN 3. ALADESE OLUWATOSIN JIGIOLA Aims & Objectives: 1. To promote sustainability through Thought Leadership for sustainable development.

2. To develop high-level engagement initiatives with key stakeholders on issues of impact investing, sustainability, responsibility and sustainable development.

3. To become a reference organization through its vision to facilitate the emergence of a global leadership on sustainability issues 4. To provide a coordinating framework for active engagement with other organisations on best practices in sustainability and social responsibility 5. To engage relevant multi-lateral organisations on attaining mutually-beneficial outcomes on sustainable development.

Any objection to the registration should be forwarded to the Registrar–General Corporate Affairs Commission, Abuja within 28 days of this publication.

Signed: Ivory Solicitors Legal Practitioners & Notaries Public, 374, Ikorodu Road, Maryland, Lagos 08037122564

HOPE FOR THE HEARING IMPAIRED AND DEAF FOUNDATION

This is to inform the general public that the above Named FOUNDATION has applied to the corporate Affairs commission for registration under part’ C’ of the company and Allied Matters Act of 1990.

THE TRUSTEES ARE: 1. MR EMMANUEL AKINTAYO ASHA 2. MRS ELIZABETH OBIAGELI ASHA AIM AND OBJECTIVE: 1. To provide care for persons with hearing disability Any objection to the registration should be forwarded to the Registrar–General Corporate Affairs Commission, Abuja within 28 days of this publication.

Signed by secretary

KAJOLA AGORO FISH FARMERS ASSOCIATION This is to inform the General Public that the above named ASSOCIATION has applied to the Corporate Affairs Commission for registration under Part C of the Companies and Allied Matters Act 1990.

THE TRUSTEES ARE:1. Mr Olusoga Ayodele Olumide.

2. Mr Adegbesan Sunday Yemi 3. Mr Obikoya Ezekiel Oluseyi 4. Mr Adesanya Oluwaseyi 5. Mr Lamina Abiodun Adedeji 6. Mr Afolabi Oladapo 7. Mr Obajimi Oladipupo Gabriel 8. Mr Onojeta Amos Akpomedae THE AIM AND OBJECTIVE IS:To foster unity among the fish farmers within the confines of the association.

Any objection to this registration should be forwarded to Registrar-General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama Abuja within 28 days from the date of this publication SIGNED BY: SECRETARY

EMMANUEL THE SAINT SABBA EVANGELICAL MISSION This is to inform the general public that the above named MISSION has applied for registration under part C of the. Companies and Allied Matters Act of 1990.

23 Public Notice

THE WORSHIPCLAN MINISTRY

ORI-OKE ONA ABAYO PRAYER AND DELIVERANCE MINISTRY

This is to inform the general public that the above Named has applied to the corporate Affairs commission for registration under part’ C’ of the company and Allied Matters Act of 1990.

This is to inform the general public that the above Named has applied to the corporate Affairs commission for registration under part’ C’ of the company and Allied Matters Act of 1990.

NAMES OF TRUSTEES: 1. PASTOR OLUWABUNMI AKINOLA 2. MR ABEL AJALA 3. MR RAPHAEL ABIOYE 4. MISS AYANBANKE AYANGADE - Secretary

THE TRUSTEES ARE: 1. PASTOR ABOLARINWA TEMITOPE TIMO - CHAIRMAN. 2. MRS ABOLARINWA ABOSEDE - VICE CHAIRMAN 3. MR ADEGBENRO ADEDAMOLA - SECRETARY 4. MRS AKANDE ADIAT ADEBOLA - TREASURE

AIM AND OBJECTIVE: To reach panting souls for Christ through the worship of YAHWEH

AIMS AND OBJECTIVES: 1. TO PREACH THE GOSPEL OF CHRIST FOR MEN’S SALVATION 2. TO CONDUCT DELIVERANCE, SIGNS AND WONDERS.

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

SIGNED BY SECRETARY.

SIGNED: TRUSTEES

ALHAJI ABDULRAHEEM ADEGOKE ISHOLA SHITTU EDUCATIONAL FOUNDATION The General Public is hereby Notified that the above named FOUNDATION has applied to the Corporate Affairs Commission for registration under part C of the Companies and Allied Matters Act (CAP 20) LFN 1990 THE TRUSTEES ARE:(1) SHITTU ABDLRAZAQ AYODELE AYODEJI ADEYI CHAIRMAN (2) GBENJO SUNDAY OYEKANMI SECRETARY (3) AMOSUN KUNLE IDOWU (4) SHITTU SOFIATLAHI OYERONKE (5) SHITTU ABDLRAQIIB ADEGOKE (6) SHITTU ADUNOLA MOROUNFOLU (7) BASHIRU OLAYIWOLA BUSARI (8) AZEEZ FATAI ADENIYI THE AIMS AND OBJECTIVES ARE:(1) TO AWARD SCHOLARSHIP AND BURSARIES FOR INDIGENT DESERVING STUDENTS OF PRIMARY, SECONDARY AND TERTIARY EDUCATION. (2) TO PROMOTE AND SUPPORT SPECIAL EDUCATION FOR CHILDREN WITH SPECIAL NEEDS.

POSTPARTUM SUPPORT NETWORK.

This is to inform the general public that the above Named has applied to the corporate Affairs commission for registration under part’ C’ of the company and Allied Matters Act of 1990.

THE TRUSTEES ARE: 1. ONYEDIKA EKWERKE - CHAIRMAN 2. TOPE ONI - VICE CHAIRMAN 3. ONARI GEORGEWILL - TREASURER 4. ESEOGHENE ODIETE - SECRETARY Aims & Objectives: 1. To assist the less privilege 2. To educate mothers about postpartum depression 3. To provide mothers with information about how to get professional help 4. Raise awareness about postpartum depression 5. Offer free screening to pregnant mothers and new mothers 6. Carry out research on the prevalence of postpartum depression in Nigeria.

Any objection to this publication should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420 Tigris Crescent, off Aguiyi Ironsi Street, PMB 198 Maitama,Abuja within 28 days of this publication.

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

SIGNED BY: SECRETARY

SIGNED: SECRETARY

AGBAJOOWO FARMERS ASSOCIATION OF TOBALOGBO LAND, IDERE This is to inform the general public that the above named ASSOCIATION has applied for registration under part C of the Companies and Allied Matters Act of 1990.

The trustees are: 1. Prince Ajibade Adeyemo Oyebamiji 2. Mr folaranmi Olusegun Adigun(JP)- Chairman.

3. Mr. Aderoju Sunmade Akanji -secretary.

4. Mr Amusa Saminu -Treasurer.

5. Mr Ogunbode Oludayo Ogunwale. -Fin -Sec. 6. Mr Adesina Olugbade Aremu -P.R.O. 7. Oyelami Oyebisi Ayoola.

8. Mr. Akanbi James Akanni.

9. Mr. Abodunrin Olufemi Akanni.

10. Chief. Oyelowo Oladosu James.

Aims and Objectives.

1. To promote the govt campaign for green world initiative.

2. To encourage and promote economic advancement of all members.

OSE BRAIN QUEST FOUNDATION OF NIGERIA This is to inform the general public that the above Named FOUNDATION has applied to the corporate Affairs commission for registration under part’ C’ of the company and Allied Matters Act of 1990.

The Trustees Are: 1. Aidanmwosa Aiwanose Philo 2. Pela Omar Akpona 3. Okeke Chukuemeka Chinedu 4. Keshinro Juliet Kikelomo 5. Edareno Eloho Stella Aims And Objectives: 1. Impacting strong academic values in young people 2. Providing needed platform for creative and logical capacities for young people

Any Objection to this regisstration should be forwarded to the registrar General,, corporate Affairs Commission, 420, Tigris crescent, off Aguiyi ironsi Sstreet, Maitama Abuja, within 28 days of this publication.

Any objection to the registration should be forwarded to the Registrar General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi ironsi Street, Maitama, Abuja, within 28 days of this Publication.

Signed: Trustees

Signed by Barr Amuji Emmanuel O. 08065882905, 08092747890.

LIFE SURVIVAL HOME FOR ORPHANS AND VULNERABLE CHILDREN.

UGBORHEN COMMUNITY ELITE FORUM

The General Public is hereby notified that the above named has applied to the Corporate Affairs Commission for Registration under Part C of the Companies and Allied Matters Act 1990.

The General Public is hereby notified that the above named has applied to Corporate Affairs Commission for registration under part C of the Companies and Allied Matters Act 1990.

THE BOARD OF TRUSTEES ARE:(1) AKANJI OLUTOYIN ADEWUMI (2) AKANJI SEGUN (3) AKANJI OLUFUNMBI (4) ADENIYI REBBECCA BEATRICE (5) AKANJI OLUWANBO DORCAS (6) OPATOLA FELICIA

THE TRUSTEES ARE:1. Emuobor Diamond Ogwowaduarho President 2. Egwujovwo Joseph Omamomon Secretary 3. Tanshi Etaborunu Vice President 4. Eyefia Moses Johnbull Treasurer 5. Urueshone Edore Isaac 6. Akporotu Samuel Godday 7. Echaranini Juliet Kefe

THE AIMS AND OBJECTIVES ARE:(1) TO CARE FOR ORPHANS IN OUR SOCIETY (2) TO PROMOTE ORPHANS GETTING ACCESS TO GOOD AND QUALITY EDUCATION AND HEALTHCARE SERVICES (3) TO ORGANIZE PROGRAMMES, SEMINARS, CONFERENCES, SYMPOSIA GEARED TOWARDS DISCOVERING HIDDEN POTENTIALS AND INHERENT QUALITIES IN ORPHANS (4) PROVISION OF SUPPORT, PROTECTION AND SHELTER TO ORPHANS AND VULNERABLE CHILDREN Any objection to this registration should be forwarded to Registrar-General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama Abuja within 28 days from the date of this publication

THE AIMS AND OBJECTIVES ARE:1. To Mobilize Sons And Daughters Of Ugborhen Origin Who Are Enlightened Towards Purposeful Development Of Our Land And People 2. To Encourage Our People Towards Educational Development 3. To Represent The Community In Companies, Govt And Other Places Where Matters Affecting The Progress Our People And Land May Be Discussed Any objection to this registration should be forwarded to Registrar-General, Corporate Affairs Commission, Plot 420, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama Abuja within 28 days from the date of this publication

SIGNED BY : SECRETARY

SIGNED BY: SECRETARY

OKE-OLA LANDLORDS ASSOCIATION,MONIYA, IBADAN

PENTICOSTAL GLORY RESTORATION ASSEMBLY

This is to inform the general public that the above named ASSOCIATION has applied for registration under partC of the companies and Llied Matters Act1 of 1990.

THE GENERAL PUBLIC IS HEREBY NOTIFIED THAT THE ABOVE NAMED BODY HAS APPLIED TO CORPORATE AFFAIRS COMMISSION, ABUJA FOR REGISTRATION UNDER PART “C” OF THE COMPANIES AND ALLIED MATTERS ACT, NO. 1 OF 1990.

The Trustees are: 1. Kolapo Olubode Samuel.

2.Olaomi AKintoye Ephraim.

3 ALH. Abiodun Olabamiji.

Names of trustees: 1, ODUBORE OLUWOLE FELIX. 2, EBENEZER CONFIDENCE NKECHINYERE 3, IKECHUKWU EBENEZER LASPREY

Aims and Objectives are: 1. To preach the gospel of our lord jesus Christ.

Aims and Objectives.

1.To Foster unity among members.

Aims and objectives 1. To preach the gospel of the christ.

2. To build bible schools where spiritual persons are trained

Any Objection to this registration should be forwarded to the registrar General,corporate Affairs Commission, 420,Tigris crescent, off Aguiyi Ironsi Street, Maitama Abuja within 28 days of this publication.

Any Objection to this registration should be forwarded to the registrar, General,corporate Affairs Commission, 420, Tigris crescent, off Aguiyi Ironsi Street, Maitama Abuja, within 28days of this publication.

ANY OBJECTION TO THIS REGISTRATION SHOULD BE FORWARDED TO THE REGISTRAR GENERAL, CORPORATE AFFAIRS COMMISSION, PLOT 420 TIGRIS CRESCENT, OFF AGUIYI IRONSI STREET, MAITAMA, P.M.B 198, GARKI ABUJA WITHIN 28 DAYS OF THIS PUBLICATION.

Signed: Trustees.

Signed: Trustees.

Signed. Barr victot Eboh

The Trustees are: 1. Bishop Oluwajimade Daniel Olubodun.

2. Evang.Leonard Okwuchukwu Chukwujaju 3. Pastor Durodola Samuel Oluremi.

4. Pastor Fatai Abidemi Mufutau.

5. Deaconess Oluwajimade Ayoola Deborah.

News 24 Ambode’s wife to flag-off World Breastfeeding Week ÏÏÏ Wife of Lagos State Governor,

Mrs. Bolanle Ambode, is set to flag off this year’s World Breastfeeding Week Celebration (WBWC) in Lagos.

Mrs. Ambode will flag off the programme at a special Exhibition organised by AFRIBABY Initiative in support of the World Breastfeeding Week Celebration.

The event which is billed for August 1, at the Lagos State University Teaching Hospital, GRA, Ikeja, Lagos will attract participants from all part of Lagos and its environs.

The event will mark the 15th edition of AFRIBABY Babies and Moms Exhibition and five years existence of AFRIBABY as a Non-Governmental Organisation (NGO).

Activities lined-up to make the event excitingly memorable include the very popular Breastfeeding Contest and Daddies Competition where winners will cart away lots of exciting prizes.

The Theme of this year’s World Breastfeeding Week Celebration is: “Breastfeeding: A Key to Sustainable Development.”

Daily Times Nigeria Wednesday, July 27, 2016

We’re solidly behind Buhari, say APC Govs ÏÏÏ Governors elected on the

platform of the All Progressives Congress (APC) on Tuesday in Abuja reassured President Muhammadu Buhari of their support and loyalty.

Imo State Governor, Owelle Rochas Okorochas, who spoke to State House correspondents after the meeting with President Buhari held in the Presidential Villa, said the governors were behind the ongoing anticorruption crusade of his (Buhari’s) administration.

He said that they also saluted the president over the successes so far recorded in the ongoing fight against insurgency in the country.

“We have come to reassure

Mr. President that the APC governors are solidly behind him, his fight against corruption; his fight against insurgents and all his laudable projects. We are concerned about the incessant happenings in the National Assembly and we have taken it upon ourselves to look into the matter, the crisis at the National Assembly.

“We are going to look into the matter because we need a strong, vibrant National Assembly to make things move fast in the country,’’ he said.

On the financial position of the states, Okorochas acknowledged that there had been some improvements in the finances.

“There is a lot of improvement.

You will recall that when oil was above 100 dollars, what the states are getting now is close to what they used to get when oil price was above 100 dollars.’’ According to him, this is a clear indication that the President Buhari-led administration was doing a lot to revive the economy.

“We are not yet there, but we are getting there. We appeal to Nigerians to be patient with this government because it means well about the welfare of our people,’’ he said.

On the criticism trailing the proposed visit of some governors to Germany for training, Okorocha dismissed the insinuation that planned visit was a jamboree.

Buhari

He said: “There is nothing like jamboree trip. We are going to Germany because we cannot do everything here without exchanging ideas. Everything you do in your home, your business you share ideas. So, we want to see how they have done what they had done to succeed.

The aspiration of Nigeria is to be like other developed countries in the world.’’

Religious crisis: NACOMYO advocates Abiodun Taiwo, Abeokuta

ÏÏÏ The National Council of

Muslim Youth Organizations (NACOMYO) has advocated the establishment of Nigerian Inter-Religious Council (NIREC) in all the states of the federation and Federal Capital Territory (F CT), just as it called for the resuscitation of the inter-faith body at the national level to promote inter-faith harmony and minimise religious agitations in the country.

NACOMYO in a press release isgned by its National President, Alh Kamal Akintunde, said the existence of the body, which should be assisted by authorities would facilitate amicable resolution of religious and sensitive issues and help douse tension that may arise from religious orchestrated clamour.

It underlined the need for peaceful co-existence of all Nigerians, emphasising that the body be assisted to be functional and with minimal interference to curb religious excessiveness and extremism.

The group decried the seemingly rivalry between the adherents of Islam and Christianity, asking those who feel agitated over any issue to pursue the matter to a logical conclusion in the apex court and stop using the media to heat the polity.

aa

L-R: Chairman, House of Representatives Committee on Media, Mr. Namdas Abdulrasaq; Members, Linda Ikpeazu; Agbonayinman Johnson and Abubakar Yunusa during a press briefing on the allegation of budget padding against principal officers at the National Assembly Complex in Abuja… on Tuesday. Photo: TEMITOPE BALOGUN.

Delta elders laud Buhari over NDDC board pick Nosa Ogiugo, Asaba

ÏÏÏ

A group of Delta leaders of thought have commended the choice of two citizens of the state by President Muhammadu Buhari into the board of the Niger Delta Development Commission (NNDC).

The elders are Delta State All Progressives Congress (APC) stalwart and 2015 governorship candidate, Olorogun O’tega Emerhor, chieftains of the party, Chief Frank Ovie Kokori, and Barr. Justine Rewane.

Speaking to journalists on the appointment, Emerhor lauded Buhari for listening to the cry of the APC in Delta State, noting that the appointments had reinvigorated members of the

party in the state to work harder to reposition the party to take over Delta State come in 2019.

The elated APC leader stated further that with the appointment of Engr. Samuel Adjogbe, (Nominee, Executive Director Project, NDDC) Delta Central and Dr. Ogaga Ifowodo, Delta State representative, has given the three senatorial district in the state a sense of belonging in the APC- led government at the centre.

Kokori also commended Buhari for appointing two credible Deltans to the board of NDDC, noting that leaders of the party across the state were happy with the development.

According to him, “those, who, before now, were in doubt about the ability of the leaders

of the party in the state to attract the dividends of democracy will now have a rethink.”

Rewane urged party faithful to be patient, adding that more appointments would be giving to Deltans in due course, stressing that no part of the state would be left out, because the Delta APC is one big family.

According to him, “the NDDC appointments could not have come at a better time, we are mobilising new members to register with our great party and this will energise the Delta APC to do more in our quest to take over Delta come 2019.”

The state party chairman, Prophet Jone Erue, also commended Buhari for the appointments, nothing that the people of Delta State were

very happy, and that since the announcement of the nomination, Deltans had been trooping to register as APC members.

“It has been celebration across Delta since the list came out, so I want to join other APC leaders in Delta state to commend Mr. President for appointing these great Deltans, assuring him of our total commitment to repositioning the party in Delta state and the Niger Delta region.

He noted that the appointment had shown the true leaders of the party in the state. While extending his hand of fellowship to few aggrieved members, Erue stated that the party stood to gain more as a united family, adding that there was more to come and it would go round all the major stakeholders.

Daily Times Nigeria Wednesday, July 27, 2016

25 News

Buhari inaugurates Abuja-Kaduna rail line ÏÏÏPresident Muhammadu Buhari

Dangote

Dangote, 3 coys sign cement MoU in Adamawa Tom Garba Yola

ÏÏÏAdamawa

Commissioner for Solid Minerals, Mrs. Shanti Sashi, has confirmed that Dangote Group of Company and other three foreign firms had signed agreement to establish three large-capacity cement factories in the state.

“We have signed agreement with Dangote Group of Company and three others foreign companies and we are now looking for Federal Government Licence.

“The state government has approved and we are waiting for federal certificate to hand over to the investors,” Sashi said.

According to the Commissioner, the state had huge deposit of limestone and gypsum.

Sashi listed Dangote Group of Company, Smart Group, a US- based firm, BTP Swiss International and a Chinese firm as the companies that had expressed their interest in the cement deal.

She explained that Adamawa was one of the highly rich geographical areas in the world as far as mineral resources were concerned.

has inaugurated the Abuja-Kaduna rail line, with a pledge to link all states of the federation with the rail system to boost socio-economic development and regional integration.

Buhari, who made the pledge at the ceremony at Idu, Abuja, on Tuesday, said the Federal Government would strictly pursue the implementation of 25-year Strategic Master Plan for the Nigerian Railway.

He also pledged that all major commercial and production centres would be linked with the rail system to ensure rapid economic development nationwide.

He expressed optimism that the Abuja-Kaduna rail line would ensure affordable and safe movement of passengers and cargo between Abuja and Kaduna.

“I wish to assure Nigerians that most state capitals and major commercial and production centres will be linked with railway system as a way of bringing about rapid socioeconomic development and improving the quality of life of the Nigerian and promoting social and regional integration.

“Furthermore, I wish to also reassure Nigerians that due attention will be placed on pursuing the 25Year Strategic Railway Master Plan, which is aimed at rehabilitating the existing 3, 505km narrow gauge rail line and developing and constructing new standard gauge rail lines across the country.

“As we celebrate the symbolic return of rail service today, I wish to reiterate the commitment of this administration to pursue with greater

provide the much-needed alternative transport link between the Federal Capital Territory and Kaduna State.

According to him, Abuja-Kaduna corridor has a huge potential for industries, agricultural activities and a growing labour force.

He commended the Minister of Transportation, Mr. Rotimi Amaechi, and his team for their efforts in the last few months at ensuring the successful completion of the segment of the railway project in the life of the present administration.

“Completion and commissioning of this project is, indeed, in keeping with our vision of bringing about the desired change to make life easier for the generality of Nigerians through the development and provision of the necessary social and physical infrastructure,’’ he said.

L-R: Representative of Vice President, Mr. Akingbola Adeniran; Sen. Barnabas Gemade; author and Acting Director General, Standard Organisation of Nigeria, Dr. Paul Angya; Secretary General, African Organisation for Standardization, Dr. Hermogene Nsenigmana; Minister of Industry Trade and Investment , Dr. Okechukwu Enelamah and Book Reviewer, Mr. Ndanusa Akanya during the public presentation of a book title: Standardization and Quality Regulation in Africa in Abuja... on Tuesday Photo: TEMITOPE BALOGUN

Saraki urges NLNG to reduce gas flaring ÏÏÏSenate President, Dr. Abuba-

kar Bukola Saraki, has advised the management and board of the Nigeria Liquefied Natural Gas (NLNG), to work towards reducing the current 20 per cent of gas being flared in the country, stating that it was by so doing that activities of the gas company would be appreciated by Nigerians.

He also pledged the determination of the Senate and, indeed, the National Assembly to foster business-friendly laws in the country.

Saraki gave the advise on Monday when he granted audience to the outgoing Managing Director of NLNG, Mr. Babs Omotowa, who came to introduce the in-coming Managing Director, Tony Attah to him.

According to the Senate Presi-

vigour and determination the rehabilitation and construction of other rail lines – including the major Lagos-Calabar and Kano-Lagos lines.’’

Buhari expressed the hope that with the inauguration of the AbujaKaduna rail line, ``those good old days will soon be back with us and, indeed, in a more prosperous way with the restoration of rail transport system, which today’s occasion symbolises.’’

“It is on record that between 1963 and early 1980s, Nigeria had a vibrant rail system, which conveyed agricultural and livestock and solid mineral resources to Lagos and Port Harcourt sea ports from where they were exported to other parts of the world.’’

Buhari further assured that the Abuja-Kaduna train service would

Saraki dent, after listening to the opening remarks by the out-going NLNG Managing Director that the NLNG has succeeded in reducing gas flar-

ing in Nigeria from 60 per cent to 20 per cent, said, “there is a need to do more. You have to work harder so that you can further reduce the current status of gas flaring in Nigeria.”

Saraki told the management of the NLNG that the National Assembly would not relent in its efforts to ensure the enthronement of business- friendly incentives for economic development of the country.

He explained that it was in this regard that the Senate facilitated the review of the railways laws, inherited from the colonial masters over 50 years ago.

The Senate President explained that the review of the railway law is central to the success of economic reforms in the country.

Anambra CNPP hails Iginla’s stride on widows, less privileged

Iginla

Nkiru Nwagbo Awka

ÏÏÏThe

Anambra State Chairman, Conference of Nigeria Politi-

cal Parties (CNPP), Lolo Oby Okafor, has extolled the general overseer of Champion Royal Assembly, Pastor Joshua Iginla, for his efforts towards helping the widows and less privileged.

She told reporters, on Tuesday, in Awka, that Iginla had awarded scholarships to many people in the country, irrespective of ethnic affiliation.

Okafor, who is also a Nollywood actress, said that Iginla had equally helped some of her members in movie industry in the country.

According to the (CNPP) leader, “there are men of God in this country and we believe Iginla is one of them because he does not discriminate in whatever he does.

News 26

Daily Times Nigeria Wednesday, July 27, 2016

Obasanjo to Govs: Merge MDAs to reduce cost of governance Ƅƈ ƗƑ j ƈƓ Abeokuta

ÏÏÏ

Former President, Chief Olusegun Obasanjo, has called on governors in the 36 states of the federation to reduce cost of governance in their various domains by merging ineffective Ministries, Departments and Agencies (MDAs) with viable ones as part of measures to be economically buoyant in the face of dwindling rev-

enue.

While welcoming Babatunde Fowler, Chairman, Joint Tax Board and Federal Inland Revenue Service (FIRS) and 36 states’ Chairmen of Revenue Boards to his Hilltop residence in Abeokuta, Ogun State capital on Tuesday, Obasanjo said governors should become “slimmer” by reducing wasteful spending.

The former President, who had a closed door ses-

sion with the tax managers across the country, added that President and Governors should not only reduce cost of governance, but must also show the citizenry what they have been doing with taxes and levies they have been remitting to governments.

He said: “When times are hard, it is when the government need more Internally Generated Revenue, and it is also the time

that those from whom the government would want to generate funds are heard to be able to get money.

“What do we have to do?

They must continue to try with increase as much as possible, what each state can generate in terms of Internally Generated Revenue, but states must also embark on a number of things.

“One, reducing waste.

Two, they have to look

into becoming slimmer.

Government can do a lot by looking at their own establishments where they have to bring together institutions that don’t need to continue to exist separately.

“And, generally, also show that the money they generate, the tax that the citizens pay are well utilised, and they can show that tax to the people that, look, you paid this, and it has been well utilised.

Chairman of the occasion, Faruk Suleiman (right), presenting grinding machine to one of the beneficiary, Lubabatu Ibrahim, during 9th edition of public disbursement of Zakat at AlHabibiyyah Mosque Guzape in Abuja… on Tuesday.

Photo: OLU AREMO.

Edo now investors’ hub, Oshiomhole tells US envoy jƈƐƑ Ɗ ƈ ƄƆ Benin

ÏÏÏ Governor Adams Os-

hiomhole of Edo State has said that his administration had created a conducive environment for investments, explaining that the $1 billion Azura Power Project would make the state the hub of power generation in the country.

Speaking during a visit of the United States ConsulGeneral, Mr. John Bray, to him, on Tuesday, Oshiomhole said that government had no business running businesses, but to create the right environment for business to thrive He said: “Edo State Gov-

ernment is a small shareholder in the Azura Power Plant and you know that our task as a sub-national government is not to try to get ourselves into running businesses but create the environment that will make Edo attractive for private initiative to locate businesses, like Azura Power and several others.”

He continued, “Government seeking to do everything hasn’t worked, and just won’t work. I am happy with the progress they are making and as you can see, for the USAID to support it and put in their dollars, there is something that is attractive there; there is something that is doable,

and like I said to them earlier, of all the challenges we have today, in terms of creating enabling environment for a competitive economy to create jobs for our young people, power is central. And with Azura, we think that all the problems will be solved and Edo State will become increasingly a hub for power generation and distribution.”

Oshiomhole lauded the leadership role of the United States Government, saying “allow me to use this opportunity to convey the appreciation of the government and people of Edo State to the US Government and, indeed, to a number of non-state actors from the

US in terms of your interest and your support to our democracy, for a country that has been battered through military dictatorship since 1966. I think we will continue to need the support and encouragement of the US government.”

Oshiomhole

Drama as Ambassadorial nominees fail National Anthem, Pledge

ÏÏÏ The Senate Committee

on Foreign Affairs on Tuesday in Abuja, screened 15 ambassadorial nominees out of 47 that were sent by President Muhammadu Buhari for confirmation.

The Special Assistant to the President on National Assembly Matters (Senate), Sen. Ita Enang, led the nominees to the screening venue.

The Chairman of the committee, Sen. Monsurat Sunmonu, after the screening, announced that the committee would continue with the exercise on Wednesday (today).

The committee will after the screening, send report of the screening to the Senate at plenary for consideration and confirmation.

The screening of Ambassadorial nominees however began on a dramatic note as two of the nominee envoys failed to recite the national anthem and the pledge properly before a senate screening committee.

When the Chairman of the Senate Committee on Foreign Affairs, Senator Monsurat Sunmonu, asked the nominee from Anambra State, Vivian Nwunaku Okeke, to recite the national anthem, she mixed it up.

Also, when she asked the nominee from Niger State, Ibrahim Isa, to recite the National Pledge, he mixed it up as well.

A member of the committee, Senator James Manager (PDP, Delta South) came to their rescue by correcting their mistakes.

OFFAPOLY students protest SUG election

Ƌƈƌƈ ƌƆƗ

ÏÏÏ Students of Offa Poly-

technic, Offa, Kwara State, on Tuesday, took to the streets of the ancient town to protest against alleged plan to substitute the winner of the institution’s Students Union Government (SUG) with another candidate.

The protesting students blocked the highway opposite the school gate thus distrupting free flow of traffic.

It would be recalled that an SUG election was held earlier on, on July 13 for the 2016/2017 session.

The candidate who was said to have won the election, Comrade Akanbi Quadri a.k.a Aquab of the Liberation Movement, was allegedly declared having problem with his result, which

accordingly, might disqualify him from being the next SUG president.

Investigation revealed that the said candidate had made efforts to do the necessary things to resolve the alleged problems.

Meanwhile, a stakeholders meeting was said to have been held on Monday between the school’s management and the two leading movements – Reformation Movement and Liberation Movement – to decide on the appropriate steps needed to be taken in order to ensure a qualified SUG president emerged.

However, on Tuesday morning, there was a deviation from the normal activities on the school’s mini-campus, when students shut the school’s gate.

Daily Times Nigeria Wednesday, July 27, 2016

27 News BADMUS SHERIFF DAYO

PDP zones 21 national positions …As INEC recognises Makarfi-led caretaker committee Lateef Ibrahim, Abuja

ÏÏÏ

The Peoples Democratic Party (PDP) Zoning Committee, on Tuesday, in Abuja, released the zoning arrangements of the 21 available positions between the North and the South.

This is even as the Independent National Electoral Commission (INEC) on Tuesday accorded recognition to the Senator Ahmed Makarfi-led National Caretaker Committee, NCC, of the PDP. The report on the zoning of the party’s national offices was presented by Governor Dave Umahi, who headed the Zoning Committee, to the National Caretaker Committee led by Sen. Ahmed Makarfi.

The positions zoned to the North were: Deputy National Chairman 2, National Secretary, National Financial Secretary, National Publicity Secretary, National Auditor and National Woman Leader.

Others were: Deputy National Treasurer, Deputy National Organising Secretary, Deputy National Youth Leader, Deputy National Legal Adviser and Deputy National Secretary.

The South got the positions of National Chairman, Deputy National Chairman 1, National Treasurer, National Legal Adviser, National Youth Leader and National Organising Secretary.

Deputy National Publicity Secretary, Deputy National Woman Leader, Deputy National Auditor

and Deputy National Financial Secretary, were also zoned to the South.

Umahi, while presenting his report, said after robust deliberations on proposals presented by members, the committee proposed that all positions should be keenly contested for among the major zones they are zoned to. ``This will open the space and allow for full participation of members. ``That the chairmanship of the party be zoned to the Southern zone bearing in mind that the presidential ticket of the party for 2019 was zoned to the Northern zone. ``This is as was approved by the National Convention in Port Harcourt, Rivers on Saturday, May 21,

Ongoing new gas trunk line being constructed by Shell Petroleum Development Company in Kolo Creek oil field at Imiringi town, Ogbia L.G.A. of Bayelsa State… on Tuesday.

2016.

In his remarks, Secretary of the Caretaker Committee, Ben Obi, who received the report on behalf of the chairman, commended the committee for timely completion of their assignment.

He noted that even though the zoning committee was given seven days to submit its report, the report was submitted before the expiration of the one week given. ``This is the new spirit in PDP. When you want to re-brand, your action must speak louder than your voice. ``We assure that justice will be done to the submission, and at the end of the day, you will be happy that you’ve done for the party and for your country a good job.’’

Meanwhile, in the Independent National Electoral Commission (INEC), on Tuesday, accorded recognition to the Senator Ahmed Makarfi-led National Caretaker Committee, NCC, of the PDP. The INEC’s decision to recognise the NCC of the PDP may have, at last, signified an end to the struggle for the control of the national leadership of the party between Senator Makarfi and the former National Chairman of the party and erstwhile Governor of Borno State, Senator Ali Modu Sheriff.

The Prof. Mahmud Yakubu-led Commission, in its bulletin on Tuesday in Abuja, categorically stated that it has “ratified the administrative approval granted to the Acting Chairman of the Peoples Democratic Party (PDP) on the judgment of the Federal High Court, Port Harcourt by recognising the National Caretaker Committee of the PDP for all its activities.”

I, formerly known and addressed as, BHADMUS SHERIFF OLALEKAN, now wish to be known and addressed as, BADMUS SHERIFF DAYO. All former documents remains valid. General public should take note.

ISIJOLA ABIODUN WILLIAM. I, formerly known and addressed as, ABIODUN AKANNI ISHOLA, now wish to be known and addressed as, ISIJOLA ABIODUN WILLIAM. All former documents remains valid. General public should take note.

MRS ADEBAYO EFEMENA DUPE I, formerly known as UKPEVWERU EFEMENA DUPE wish to be known and addressed as MRS ADEBAYO EFEMENA DUPE. All former document remain valid, general public please take note.

AGNES OCHANYA UDEH I Formerly known and addressed as OCHE MONICA ONYEMOWO Now wish to be known and addressed as AGNES OCHANYA UDEH. All former documents remain valid. General public to please take note.

ADEGBOYEGA AYODELE I, formerly known and addressed as, DAUDA KAZEEM AYODELE, now wish to be known and addressed as, ADEGBOYEGA AYODELE. All former documents remains valid. General public should take note.

ELIZABETH ALOKO I, formerly known and addressed as ELIZABETH ALOKO OSHOFFA now wish to be known as ELIZABETH ALOKO. All former documents remains valid. General public should take note.

AMUSAN TEMITOPE ESTHER I, formerly known and addressed as, OLUFAYO TEMITOPE ESTHER, now wish to be known and addressed as, AMUSAN TEMITOPE ESTHER. All former documents remains valid.

General public should take note.

Military-civil-media relationship not too impressive, says Naval boss Bayelsa govt denies receiving N19b July allocation Segun Adio

ÏÏÏ

The Flag Officer C9ommanding, Western Naval Command, Rear Admiral Fergusson Bobai has said that the role of the military, civil populace and media in achieving an effective civil-military relations has not been impressive.

He said this at a one-day lecture titled, ``Military, Media and Civil Relations” organised by the command in Lagos.

According to him, ``this could be attributed to the long military rule that was experienced in the country and misconception that terrorise their relationship. ``On many occasion, the military blame the media for damaging its image while the civil populace accuses the military of insensibility and brutality among other things. ``This is why we hope that this forum will facilitate the much needed discourse during the inter-

active session, toward improving the synergy among military, media and civil populace.`` Admiral Bobai noted that one of the key aspirations of the Chief of Naval Staff (CNS), Vice Adm. Ibok Ete-Ibas was aimed at improving cordial relations between the general public and the naval personnel. ``It is against this backdrop that this lecture is being organised with a view to establishing contacts, building relationships, and creating awareness on military duties and responsibilities through the civilian populace. ``The Nigerian Navy has established its anchor on discipline with statutory roles to protect the integrity of our maritime domain. ``Undoubtedly, the present administration of the navy has been able to provide a solid platform for peaceful co-existence with the general public,’’ he said.

He added, ``on our part, we shall continue to serve the nation with total devotion and dedication to the government and the people of Nigeria.”

Guest lecturer, Prof. Chinedu Nwolise, who spoke on the theme, highlighted the roles of the military to include enforcement of law and order as well as its diplomatic and strategic roles.

According to him, each nation decides the role of its military as spelt out in its constitution. ``However, there is need to continuously strive to close the psychological gap between the military and civil populace`` the professor of Political Science at the University of Ibadan said.

Nwolise also highlighted strategies that would enhance military, media and civil relations to include, continuous exchange of ideas through seminars and conferences.

Akam James Yenagoa

ÏÏÏ

The Bayelsa State government has debunked claims by some politicians in the State that the sum of N19 billion was received by the state from the Federal Allocation for the month of July, saying that it received N3.5 billion.

The State Commissioner for Information and Orientation,

Gov. Dickson

Jonathan Obuebite, stated that though those behind the peddled figures are “uninformed”, the low allocation will not stop the directive of the state government on the payment of June salaries in addition to outstanding of January arrears including pension.

Hon. Jonathan Obuebite, in a statement issued on Tuesday in Yenagoa, stated that “the different figures were peddled by “uninformed persons within and outside Bayelsa State regarding the allocation received from the Federal Accounts Allocation Committee (FAAC) for the month of July, 2016.”

According to him, “Governor Seriake Dickson has directed the payment of June salaries in addition to outstanding January 2016 arrears, including that of pensioners.

News 28

Daily Times Nigeria Wednesday, July 27, 2016

TMG: APC govt has no effective economic strategy ÏÏÏ

The Transitional Monitoring Group (TMG) has said that the dwindling economic situation of Nigeria had clearly shown that the All Progressives Congress (APC) government has no effective strategies to address the problem.

Chairman of the organization, Ibrahim Zikirullahi stated this while briefing newsmen on the state of the nation in Abuja, and called on the APC government to stop experimentation based

on pet economic theories.

He said although the economic mess is a creation of the erstwhile ruling Peoples Democratic Party (PDP)-led government, there is absence of a well-articulated policy by the APC-led government to bring Nigerians out of economic doldrums.

His words: “So far, it is clear that the All Progressives Congress (APC) government of change has no effective strategy to clear the economic mess that was created by the immediate

past Peoples Democratic Party (PDP)-led government.

“The reality of the absence of a well-articulated and coherent strategy to bring Nigeria out of its current economic doldrums would be seen in the excruciating crunch that is currently subjecting Nigerians to untold hardships.

“Rather than abate, the current economic realities have further accentuated the poverty, which millions of Nigerians in 2015 voted to keep at bay. Demeaning stories of

Nigerians who are now forced to engage in theft of cooked food in desperate moves to deal with hunger, calls for urgent attention.

“TMG calls on the Federal Government to discard the endless experimentation based on pet economic theories, which do not reflect the realities of the Nigerian condition. Nowhere is this more apparent than in the current instability and chaos that have characterised the management of the foreign exchange market.

“With so much uncertainty and confusion, the Central Bank of Nigeria has shown very little acumen in being able to stabilise the system. Beyond knee jerk experimentation, the nation’s monetary policy is yet to get any nuanced intervention aimed at calming the market.

ô ƑƏƐ ƏƆ ƆƏƒƆ ƉƑƗ ƌƆ Ɛ E ƈ ƒô ƈƍ ƆƋƆƅƐƈ ƗƏƆƓ RƏ ƋƑ Abuja

ÏÏÏ

Court of Appeal sitting in Abuja, on Tuesday, reserved judgement in the appeal filed by a chieftain of All Progressives Congress (APC), Chief James Faleke and Idris Wada of the Peoples Democratic Party (PDP) challenging the election of Governor Yahaya Bello of Kogi State.

Justice Anatu Sankei, who presided over the appeals which were heard on Tuesday, said that the date of judgment will be communicated to the parties involved when it is ready.

The adjournment came after lengthy arguments and submissions by counsel to both parties.

The Appeals were filed by James Faleke, the running mate to late Prince Abubakar Audu and Idris Wada of the Peoples Democratic Party, challenging the decision of the Kogi state governorship election petition tribunal, which last month upheld the election of Yahaya Bello as the validly elected governor.

Faleke’s lawyer, Chief Akin Olujimi (SAN) while moving the appeal, urged the Court of Appeal to set aside the decision of the tribunal and nullify Gov. Yahaya Bello’s election on the ground that Bello was not properly nominated.

Idris Wada

Lagos State Commissioner for Local Government & Community Affairs, Hon. Musiliu Folami (left), presenting Staff of Office to Oba Semiu Orimadegun Kasali as new monarch of Igbogboland in Ikorodu, Lagos… recently.

ƑƗ ƆƐ ƅ Ɨ Ƌë 6 Ɠ CƈƄƏƈ ƈ ƆƏƐƆƗ MƾǀƠƄ ƈ Ɛ ƾƠơÕ ƄƑƗ ƆƐ 6 Ƒ Ɔ 6Ɔ Əƕ RƌƑ Ƒ ÷ &ƌƌ ƑƆƋ 9Əƈ ƄƆ Abuja

ÏÏÏ

The House of Representatives on Tuesday, accused the sacked Chairman of the House Appropriations Committee, Hon. Abdulmumin Jibrin of unilaterally jacking up the 2016 budget by N250billion, as well as inserting bogus projects in the budget, including projects in President Muhammadu Buhari’s home community of Daura and N4.1billion for projects in his constituency.

Reacting to allegations made against four principal officers of the House by Hon. Jibrin, the House further accused the Kano lawmaker of acts of misconduct, incompetence, immaturity, abuse of the budgetary process as well as the tendency and proclivity to blackmail colleagues and high government officials, and misuse and mishandling of sensitive government information.

Chairman of the House Committee on Media and Publicity, Hon. Abdulrazak Namdas, flanked by eight other lawmakers said that Jibrin abused his position as chairman as the leadership of the House discovered that the former chairman, appropriations committee, discreetly and clandestinely allocated monies for projects that are not clearly defined in the budget for the purposes of exploiting the ambiguities for personal gains.

He said that Jibrin’s desperation to ingratiate himself into the good books of the Presidency, he unilaterally entered into commitments on the structure of the budget without the knowledge of the National Assembly leadership, in the full knowledge, that he had no authority to do so, but dishonestly because he had no intentions of keeping to those commitments, having done the exact opposite in processing the budget details.

“Furthermore, he was found to be responsible for some bogus allocations in the budget for

projects that have no locations and were apparently never meant to be executed.

“Hon. Jibrin’s mishandling of the 2016 budget process nearly fractured the otherwise cordial relationship between the executive and the legislature and brought the National Assembly and the government to public ridicule.

“He was in the habit of collating, warehousing and manipulating sensitive information to blackmail people, sometimes apparently for pecuniary purposes.

“One clear example is the insertion of funds for the so called Muhammadu Buhari Film Village in his constituency in Kano State without the consent or solicitation of Mr. President.

“Again, it was found out that he was fond of inserting projects into prominent persons’ constituencies without their knowledge to curry favour and possibly use it as a means of blackmail against them when necessary.

óơƠ ƐƆ ƅ ƆƏ ƗƈƆ ƌ Ɛ Ƌƕ ƈ G ô

ÏÏÏ The Lagos State Teachers’

Establishment and Pension Office (TEPO), on Tuesday, said that an average of 10 teachers die each month in the post-primary teaching service of the state.

The Permanent Secretary of TEPO, Mrs. Sewanu AyodeleAmosu, made the disclosure at a Sensitisation Seminar and Capacity Building on Healthy Living for Post-Primary Teaching Staff of the state.

She said that apart from sudden collapse resulting in either temporary or permanent confinement in bed, the disturbing rate of deaths among teachers in the state called for concern.

According to her, in spite of the prevailing economic situation in the country, there is, arguably, scantiness of knowledge on healthy living. ``This is another contributory factor for this worrisome adverse health condition of the teachers. ``This health seminar will be held quarterly to educate teachers on the importance of healthy living and to provide support for those that have health challenges. ``This seminar is designed to effect real behavioural changes among staff of the post-primary teaching service and promote capacity for maintenance and sustainability of good and vibrant health,’’ she said.

The Lagos State Deputy Governor, Dr. Idiat Adebule, said the state government would continue to pay adequate attention to the needs of teachers as it recognised their role to humanity.

Adebule said that the Ministry of Education was working with the Ministry of Health to issue Health Cards to teachers to enable them to access prompt medical care at the state’s health institutions. ``The health card will be part of the requirements for promotion as a way of motivating our teachers to go for regular health checks. ``I urge you to take out time and take care of yourselves and your health because it is only when you are healthy that you can deliver efficiently,’’ Adebule said.

Also, Mrs. Mary Adenikinju, a health expert, advised teachers to exercise regularly, eat less of processed and cooked foods and eat more of vegetables and fruits.

Hon. Adedayo Famakinwa, Lagos State House of Assembly Committee Chairman on Establishment, Training and Public Service, said that teachers were curators of the future and were expected to be healthy in mind and body.

Daily Times Nigeria Wednesday, July 27, 2016

29 Foreign

Germany against seeing refugees as security threat ÏÏÏ As Germany struggles with

Angela Merkel

a string of bloody attacks in the last week, Interior Minister Thomas de Maiziere cautioned against indiscriminately labeling all refugees a security threat.

“We must not place refugees under general suspicion despite individual cases that are under investigation,” he said in an interview with Funke Media Group.

The interior minister’s remarks came after four recent

ÏÏÏThe top U.S. military 13 killed in general has denounced a bomb attack report by a Turkish daily that a former near Mogadishu alleging U.S. commander had orairport ganized the failed miliÏÏÏ At least thirteen people

were killed in the double car bomb attacks targeting security forces near the Mogadishu airport on Tuesday morning.

Gunfire followed the attack which has been claimed by al Shabaab Islamist militants. Security forces stopped the shooters in the United Nations premises which also hosts African Union Mission in Somalia (AMISOM) forces.

“At least 13 people were killed in two explosions.

A vehicle exploded near a checkpoint and another near a UN building. The security forces managed to intercept the attackers and to repel the attack,” a police official, Bishaar Abdi Gedi, told Agence France Presse (AFP.) Al Shabaab claimed the attacks in a statement. “The two explosions were carried out by two courageous Mujahideen suicide bombers who targeted two places where the alleged peacekeeping troops are based,” the group said.

AMISOM has condemned the attack which it describes as senseless. “The AMISOM condemns these senseless attacks that were intended only to disrupt and paralyze the lives of ordinary Somalis. We must stop these attacks,” they stated on their Twitter page.

AMISOM spokesperson Joe Kibet has however assured that the situation is calm.

“Around 9:00 am (0600 GMT), there was an explosion outside our compound, about 200 m. It looked like an attack, they wanted to attack.

tary coup in Turkey, calling the article “absurd.”

The article by conservative Turkish daily Yeni Safak cites unnamed sources associated with pro-coup detainees and claims former four-star Army General John Campbell, who led NATO forces in Afghanistan before retiring earlier this year, made secret trips to Turkey and managed billions of dollars to distribute to pro-coup military personnel in Turkey.

“That’s an absurd report that General Campbell would be involved in something like that,” General Joe Dunford, the chairman of the Joint Chiefs of Staff, told reporters Monday at the Pentagon.

The U.S. Army issued a statement Monday saying the retired general “categorically rejects the irresponsible assertions in the Turkish press of involvement in the recent political activities in Turkey.”

“There is no truth to the assertions,” the statement added.

Colonel Patrick Seiber, a defense official who

attacks in southern Germany, the most recent of which occurred on July 24 at an open-air music festival in the city of Ansbach. An unsuccessful Syrian asylum seeker detonated an explosive device near the festival, killing himself and wounding twelve others.

Another attack on July 24 in the city of Reutlingen claimed the life of a Polish woman. A 21-year-old Syrian refugee was arrested after stabbing the woman to death with a large

kebab knife at a snack bar. Police say the killing was probably a crime of passion and not a terrorist attack.

Three people were also hurt when the attacker was deliberately hit by a car to end the attack.

On July 22, David Ali Sonboly fatally shot nine people in a Munich shopping mall. Police said the 18-year-old German-Iranian, who also killed himself, was “obsessed with mass killers like Norwegian right-wing mil-

itant Anders Behring Breivik.

Authorities say Sonboly spent a year planning the mass shooting and had no links to the Islamic State.

Four members of a tourist family from Hong Kong and a German passenger were seriously injured on July 18 by a 17-year-old migrant wielding an axe and a knife on a regional train in southern Germany. The attacker, believed to be Afghan or Pakistani, was shot dead has he tried to flee the scene.

US General denies involvement in Turkish coup

Turkish soldiers spoke with Campbell earlier Monday, told VOA the general had not visited Turkey in his retirement and supports the U.S. government’s position on Turkey.

Turkey, which borders Syria and Iraq, is an important ally in the fight against the Islamic State group. The NATO ally’s Incirlik Air Base houses

U.S. refueling and attack aircraft used in the counter-IS campaign. More than 3,000 U.S. personnel are based in the country, as well.

Commercial power returned Friday to Incirlik after operating on backup generator power since July 16, according to U.S. European Command.

Dunford said his Turk-

ish military counterpart had reached out to him twice in the past week to assure that Turkey is still committed to the counterIS fight and to the broader U.S.-Turkey partnership.

Secretary of Defense Ash Carter, who spoke with his Turkish counterpart by phone last week, said Turkish Defense Minister Fikri

Isik confirmed that his country’s commitments to combating IS would “proceed unabated.”

The denounced report comes amid accusations

by Turkish authorities that U.S.-based cleric and self-exiled opposition leader Fethullah Gulen was behind the attempted takeover of power.

Amnesty accuses Congo of ‘muzzling’ opposition ÏÏÏ Amnesty Internation-

al has condemned the sentencing of small Congolese political party leader, Paulin Makaya, who has been slapped with a two-year jail term for “inciting public disorder”.

The Brazzaville High Court on Monday found

the United for the Congo (UPC) party leader guilty of organizing and participating in an unauthorized demonstration against the constitutional referendum in October 2015.

Amnesty International’s Deputy regional director for West and Central Africa, Stephen Cockburn said

in a statement on Tuesday that Paulin Makaya is a “prisoner of conscience who should never have been arrested in the first place”.

“Sentencing Paulin Makaya to two years in prison simply for taking part in a protest is yet another clear example of how freedom of expression has been

restricted and opposition muzzled in Congo,” Cockburn added.

In addition to his twoyear sentence, Paulin Makaya who has been in prison since November 2015, has also been fined 2.5 million CFA francs (3,810 euros).

His lawyers have de-

nounced the verdict, calling the trial unfair and illegal.

“We will appeal in accordance with the Criminal Code Procedure and the case will be forwarded to the appellate court for retrial,” his lawyer Yvon Eric Ibouanga said after the trial.

Do Nigeria proud in Rio, Falomo charges Dream TeamVI N

Dream Team VI coach, Samson Siasia.

igeria’s U-23 squad has been charged by the Acting Consul General, Consulate of Nigeria, Atlanta, Mr. Olu Falomo to go all out and exhibit the Nigerian spirit so as to reclaim the Olympic football gold and make Nigeria proud again.

The acting Consul General made this charge on Sunday at the team’s

Hyatt Palace Hotel, Atlanta, United States when he played host to players and officials of the team.

Represented by the Consul (Consular and Immigration), Mr. Dele Momoh, the Consul General said: “Presently, we are going through a lot as a nation, and we are counting on all of you guys to make great effort to

give us something to cheer about and make us happy.

“You guys are not in a very enviable position, in view of the recent happenings in Nigeria sports, football inclusive. Our Flying Eagles just lost back home, and these creates some kind of depression. In view of all the daunting issues we are going through,

Page 30

I am telling you that the whole nation, the 180 million people back home are looking up to you to just put a smile on their faces.”

Responding, Coach Samson Siasia thanked the Consul General for taking time off his busy schedule to play host to the team and give the boys moral boosting talk that will go a long

way in making the boys know the task ahead of them.

Assuring the Consul General and Nigerians that the team will not let the nation down, Coach Siasia disclosed that the boys are battle ready to do the nation proud at the men’s football tournament of the Olympics in Rio de Janeiro, Brazil next month.

Wednesday, July 27, 2016

INTERVIEW

SuperSport committed to Sports Development - Awogu T

he Rio Olympics is just a few weeks away from now. Nigerians/Africans will like to know the role SuperSport will play during the Games?

In keeping with tradition, it is to deliver the best quality content. We are covering virtually everything and we have a couple of dedicated channels, which will be beaming those events live to our audience.

The beautiful thing about us is that we are also going ahead with technology because of the timing, which is probably not very convenient with most people.

We have the catch up facility, which MultiChoice has provided and customers can always catch up when they wake up in the morning especially to watch the performance of the Nigerian team. I have a feeling we will not come back empty handed like we did in London. Some of our wrestlers are doing brilliantly well.

The lifters always have ways of springing surprises.

Blessing Okagbare, I hope will also be able to do us proud. We will be paying special focus on the football team because Nigeria is technically a football country and I hope this year’s selected team will do us proud and move ahead from the last qualification in the finals where they won silver, and probably win us gold. It has been a long time since ’96.

If we look at it critically, Nigeria does not really have that athlete that has that followership that is really medal hopeful. Is DStv not bothered by this?

Let me tell you, a lot of people said we failed in London. I am one of those that think we didn’t fail. If you look at the team, most of our athletes finished in the semi-finals. They didn’t win medals but I see a lot of progression, what could happen is transcending from that semi-final finish into the medal zone this year. If you look at ’96, we didn’t expect any medal in football even after losing to Togo here in the last friendly. We still went ahead to win. We are a team, a country that likes to spring surprises. Wrestling is doing pretty well.

Two of our wrestlers, the female ones, are actually in the top three in the world so why not give them a chance? Athletics we may have a few issues but I think we should look at relay and if I were the managers of Okagbare, I will tell her to focus on the jumps because that is the area where she has the advantage. Here, we are pushing her into athletics, 100 metres, 200 metres, relay, I hope she doesn’t burn out. Sometimes, you need to sit down and look at your structure and look at where you have comparative advantage and stick to it.

Basketball will be part of Nigeria’s team at the Olympics. Back home, DStv has really been part of

Awogu

General Manager, SuperSport, Mr. Felix Awogu, has opened up on the organisation’s quest in developing sports in Nigeria. In this exclusive interview with Extra Time Sport Editor, ANDREW EKEJIUBA, he speaks on Team Nigeria’s medal chances at the forthcoming Rio 2016 Olympics and why the organisation chose Super Eagles dare-devil striker, Odion Ighalo, as its Brand Ambassador. Excerpts: the promotion of basketball. What were the major challenges you faced in sponsorship of the premier basketball league?

First of all, if we were not convinced that there is a future, we will not be part of basketball. It was well articulated and deliberate. I ask a lot of Nigerians if it should only be football, but I think basketball has great potential. Since we began our relationship with NBBF, of which I am a member of the executive board, a lot of our young basketballers have gotten scholarships to American universities. This is a plus. One or two of them have gotten into the NBA. These have become assets to national development. To us, it is a welcome development. Of course, there are issues, there were a few hiccups here and there, in terms of the facilities, which is not the responsibility of the NBBF to provide.

It is actually the government’s responsibility to provide facilities for the athletes to participate. The minister has promised that they will look into it. We do what we can; we have helped with the lighting up of the place and a lot of other support apart from finances to the NBBF. I have said you don’t just rely on one

“Look at the GOtv Boxing for instance. It’s brought back the spirit of boxing to Nigeria. Kids are beginning to run around. It’s no longer about selling pure water on the streets.

They can actually begin to move into other sports and earn some income. It is changing. It is also catching up with the Lagos State governor’s desire to eradicate street hawking.”

sponsor. I have always encouraged sporting clubs to also develop a marketing team, a brand manager who looks at the image of their products. This goes a long way in the marketability of such sporting clubs.

Will you be extending sponsorships to other sports?

We have already started. Boxing was dead. Today, boxing is back on the front burner in Nigerian sports.

We have done marvelously well. Look at the GOtv Boxing for instance. It’s brought back the spirit of boxing to Nigeria. Kids are beginning to run around. It’s no longer about selling pure water on the streets. They can actually begin to move into other sports and earn some income. It is changing. It is also catching up with the Lagos State governor’s desire to eradicate street hawking. We will gladly entertain and bring them into boxing and make it a great sport. It used to be a huge sport back in the days in Nigeria with people like Hogan ‘Kid’ Bassey, Dick Tiger, a couple of them that were world champions and if you visit the hall of fame in America, you will see a lot of Nigerians that have done well. Remember, boxing gave us our first Olympic medal. We have decided, when we saw there was no motivation for the sport and people were getting bashed while earning N500, N5,000 which was not even enough to treat their wounds, we put in some money; a lot of money and television coverage and it is beginning to work out well. Some of our boxers are being invited to the US, UK because of their exposure, to fight and to earn some decent money.

With the attraction GOtv boxing has brought in, how much has it really reflected on the GOtv brand itself?

To be honest, it is delivering. It is about two years old but the impact is so strong that I’m amazed. I didn’t know boxing had strong followership, such loyalty in Nigeria. You can see the stadium is filled up, people pay to come and watch, although most of the gatestakings are actually donated to older fighters who actually need some level of support. It is amazing and I’m really excited about the prospect and the future of boxing in Nigeria.

Tell us about one of your CSI initiatives, ‘Let’s play’.

What is the goal behind it?

First of all, let’s look at the whole principle of ‘Let’s

Play’. It is not really about winning all the time, it is about getting the children active again. Research has proven that a lot of children are becoming obese and a lot of parents are spending so much money in the hospitals. We came out with the idea and asked how we can get the children playing again. Schools today is just one structure somewhere and the kids are not playing. We went into partnership with the ministry of sports and state governments to see how we can get these kids running around again and engaging their friends. Football of course is a major catch. You know if you give one child a soccer ball, he doesn’t play alone, he will engage about 20-30 other children. To us, it was a major direction, and in the last two years, we have probably given over 20,000 soccer balls to Nigerian children and 20,000 soccer balls is not for 20,000 kids. We are talking about 2 to 3 million children who are engaged, running around. That’s the whole principle.

How impactful has this initiative been?

It is huge actually. You need to experience the passion when these children are playing. I don’t know if you ever took a soccer ball home when you were growing up. If you see the impact, the tears of joy, it is shocking, it is amazing, and it is a project that anybody that comes there will want to be a part of. There is nothing like giving to people who cannot give back and those are the little children out there in those villages we go to.

Also, to mention that it is aspirational for the children. Because, a lot of times during the activations, we go with ex- soccer stars. When they see a Victor Ikpeba, Austin Jay Jay Okocha, they look up to these stars and they realize there is a future in sports. We also do that in Basketball, but football is the easier one. We have actually done Rugby with Lagos State as well.

We also do training. Currently, many administrators in Nigerian football and sports generally have benefitted from our up-scaling programme where we have trained about 55 Nigerian administrators so far. If you talk to some of these administrators, they will tell you how impactful it has been. Then people Continued on page 31

Wednesday, July 27, 2016

EXTRATIME

31

TRANSFERS…TRANSFERS…TRANSFERS…TRANSFERS…TRANSFERS…TRANSFERS… TRANSFERS…

BRIEFS

Leicester make

Lyon reject €35m Arsenal

Kapustka bid Leicester have made a £5.25m bid for Poland’s 19-year-old winger Bartosz Kapustka, according to sources.The midfielder was one of his country’s most talked about players during Euro 2016 after starring in their win over Northern Ireland. However, they face competition for Kapustka’s signature with clubs in the Premier League, Germany, Spain and the Netherlands all registering an interest.

offer for

Lacazette L

yon claim they have rejected Arsenal’s €35 million offer for Alexandre Lacazette.

A media report earlier revealed that the Premier League side had tabled an offer worth €48m, but the Ligue 1 side have insisted the bid was significantly lower and has been turned down.

“Lyon categorically deny having received an offer of €48m from

Arsenal for Alexandre Lacazette as reported in the media,” a statement from Lyon read.

“The club laments the media decision not to contact the club before publishing this false information.

“The reality is that Arsenal have tabled an offer of €35m, which Lyon have not acted upon for one reason.”

Arsenal are keen to add another

Santos accept Juve bid for Gabriel

striker to their squad to provide competition for Olivier Giroud and they have seemingly earmarked Lacazette as the ideal addition.

Arsene Wenger has said Arsenal are ready to “spend big” if the right opportunity comes along, but their attempt to sign Lacazette seems to have stalled for now.

The France international, 25, had previously been linked with West

S

Gabriel

antos have confirmed they have accepted a bid of €20million from Juventus for Gabriel Barbosa.

The highly rated 19-yearold forward must now make a decision on the offer before the deal can progress any further, according to club president Modesto Roma.

“We sent a letter to Wagner Ribeiro, Gabriel’s agent,

Lacazette Ham United, but Lyon appear to have no intention of letting go of the prolific attacker.

Lacazette netted 21 goals in 34 Ligue 1 appearances last campaign to help Lyon to second place in the table, having scored 27 times in the French top flight the previous season.

His contract with Lyon runs until June 2019.

Valdemir and Lindalva (his parents) with the terms,” he reporters.

“Santos are now waiting for their position. If they think it’s interesting, then we’ll go to the next step, including informing Barcelona.”

The Spanish champions are understood to have first refusal on Gabriel and could be tempted to match Juve’s offer, with Luis

Enrique eager to sign a striker before the start of the season.

Any negotiations to sign the Brazil international outright would be further complicated by his registration.

Santos are reported to own 40 per cent of the player, while Gabriel and his family own a further 40 per cent, with funding group Doyen Sports controlling the remaining 20 per cent.

Kapustka

Everton

closing on Arnautovic Stoke forward Marko Arnautovic is on the verge of joining Everton, according to reports from Austria.

The 27-year-old has only a year left on his deal at the Bet365 Stadium and is understood to have a £12.5m release clause in his contract. New Everton manager Ronald Koeman is looking to bolster his forward options and Arnautovic, who has failed to agree a new deal at Stoke, could be his first major signing since moving to Goodison Park from Southampton.

‘SuperSport committed to Sports Development’ Continued from page 30 like the Director of Grassroots, Ademola Are, was also a product of the SuperSport Fate University project. It has really been enduring.

Recently, SuperSport unveiled Odion Ighalo as its ambassador. What informed your choice?

Ighalo today is an embodiment of≠≠ a great Nigerian. Nationalistic, a great footballer, and somebody that came from a very humble background, like we mentioned earlier it is aspirational. These are the icons we want Nigerians to look up to and identify and replicate. We want more Ighalos in the next few years. Yeah, we show the matches of the English Premier League, the Nigerian Premier League and all that but we want people to identify and see it. Ighalo to us is an embodiment of what MultiChoice stands for.

So far, what is your assessment of the Nigeria Professional Football League this season, maybe in terms of officiating?

This is the best I have seen in a long time.

The league has grown, there have been more wins in the league this season than in our history. We can cross-check that. There

have been little issues of violence but not as bad as it used to be. These are little hiccups. This is the first time we have done a direct deal with the league. We have gone through 3rd parties but for the first time in the last one year, we have decided to say, let’s work with the league directly, and it is paying off, and we are very happy, and we are going to continue to work in that direction.

Still on the league, GOtv is the shirt sponsor of Ikorodu United. Are you satisfied with their performance?

The first thing I must compliment, which also goes well with GOtv, is that there have never been issues of violence in matches involving Ikorodu United. It has been gentle, seamless and people have been enjoying the atmosphere. For us, it is not all about coming and winning. It is also about the experience. How do people come in there? How do they leave? This has been phenomenal and even if the team is not among the top four in the premiership, it has shown a clear example of how football should be run, another good example is MFM FC, which has done well.

There has been a great improvement, because teams dress better, they look

sharper on television and the TV pictures are looking clearer and nicer which is attracting viewership. To us, what else do you expect? It can only grow and get better. Today in Africa, the Nigerian league probably ranks among the best 2.

You talked about how SuperSport has helped to grow Nigerian football but looking at the Super Eagles, we had issues with hiring a new coach and one of the issues is financing the coach. Is there a way SuperSport can come in to sponsor this, especially with the World

Awogu

Cup around the corner?

If the Super Eagles qualify for the World Cup, it is also good for our business.

We will support. I will meet with the Federation and we will look at it. It doesn’t take a big deal to hire a foreign coach. We have Jacob de Jong, a Dutch international who is coaching Ikorodu United, so it is not a big deal. It is for you to sit back and agree on the terms. First, there is FIFA inflow for NFF, I learnt that has gone up a little, you can say a portion of that should go for the coach’s hire if you don’t have foreign exchange, FIFA helps you with that.

We are sponsors of the Super Eagles, we commit millions in the Super Eagles.

We produce all the Super Eagles’ games and they need to just sit down and agree on how to disburse their finances. Really, it is in their interest to hire an appropriate coach, not necessarily a foreign coach but a competent coach. To me, that is what we should be looking at.

Let us go back to the issue of Nigeria not being a part of 2017 Nations Cup. How is this going to affect SuperSport, I mean the coverage of the game?

Well, it is not going to be exciting not just to Nigerians. In the continent, people want to see Nigeria. So, if we mismanage

such an opportunity, it’s painful, it affects businesses. What I am saying is, a lot of people are losing out. It is not just us or the Press, a lot of deployment, a lot of advertisement, a lot of sponsorship opportunities are lost because people will keep their money. It is in their interest as media men, as stakeholders, to encourage the Nigerian Football Federation to make sure we qualify for major competitions.

What is the way forward for Nigerian Football, as a stakeholder?

I think, first of all, there is the need to do things right. I think they are beginning to do that. We are beginning to look and respect the fact that best practices are very important if we have to move things forward. We have seen that in the league and we have seen the growth in the last one year. No matter what you say, I must give kudos to the LMC led by Shehu Dikko and Nduka Irabor, they have done a fantastic job, they have left their books very open. The NFF is still there and then also, the Ministry of Youth and Sports, led

by Barr. Solomon Dalung, he has to also help re-engineer the sports atmosphere to make it attractive for investors to come in and feel comfortable to put their money behind some of these projects.

Published by FOLIO COMMUNICATIONS LTD, Lateef Jakande Road, Agidingbi, Ikeja. email: info@dailytimes.ng Tel: 018447948.

DAILY EDITOR: BIODUN DUROJAIYE

WEDNESDAY, JULY 27, 2016

VOL. 2. NO.159

Lyon reject €35m Arsenal offer for Lacazette P 31

Price: N150 News Hotlines: 08138773277, 08173901838. Advert Hotlines: 08086296714

Rio 2016: Utondu warns Team

Nigeria against doping B

eatrice Utondu, a member of the 4 x 100 relay women team that won Bronze at the Barcelona ’92 Olympics has advised Nigerian athletes to the Rio Olympics to avoid dope.

Utondu, who is based in the U.S., gave the advice in an interview with the News Agency of Nigeria (NAN) in Awka on Tuesday.

“Doping has been going on for a long time and I am totally against athletes that cheat, because I believe if you have the talent, just use it.

“There is no need cheating and also wait for your own time, because with adequate training, hard work and of course determination, you can get there.

“It may not be now but tomorrow; so I am totally against doping.

“We do know that many athletes take performanceenhancing drugs.

“They were there even when I was running.

“And my advice to athletes is that they should not to be discouraged, because even when I was running a lot of athletes were taking drugs but I was still able to beat them.

“So just because you are taking drugs does not mean you will beat everyone in the world.”

The veteran athlete advised the team to train hard in order to win many medals at the Olympic Games.

She urged Team Nigeria to prepare adequately for the games to surpass the country’s previous performance levels.

Team Nigeria medal hopeful, Blessing Okagbare, looking set for Rio 2016 Olympics.

Business Times Daily Times Nigeria

FBN announces N35.9 billion as profit for H1’2016 Page B2

14% Interest rate hike: LCCI berates CBN, says businesses’ll be further hurt Page B3

Forex: ABCON laments slow response of DMBs to CBN directive

The Association of Bureau De Change Operators of Nigeria (ABCON) on Tuesday lauded the Central Bank of Nigeria’s (CBN) directive to Deposit Money Banks (DMBs) to sell forex to BDCs. Alhaji Aminu Gwadabe, President of the association, told newsmen in Lagos that the directive would enhance liquidity flow within the economy.

He however, lamented that five days after the directive, no CONTINUED ON PAGE B2

In a move to bolster the nation’s currency, the naira, and attract Foreign Direct Investment (FDI) into the country, the Monetary Policy Committee meeting (MPC), which concluded the 251st edition of its meeting on Tuesday voted to increase the Monetary Policy Rate (MPR) from 12 percent to 14 percent.

The committee also voted to retain the Cash Reserve Ratio at 22.5 percent and left the asymmetric corridor at around +200 basis points (BPS) and #38; -500 basis

8 power plants lay idle in Nigeria

FG’ll to provide support for innovation hubs — Shittu Page B7

Telecom industry has grown Nigeria’s economy, society — Shittu Tony Nwakaegho

L-R: Senate Minority Whip, Sen. Philip Aduda; incoming Managing Director, Nigeria Liquefied Natural Gas (NLNG), Mr. Tony Attah; Senate President, Dr. Abubakar Bukola Saraki; outgoing Managing Director, NLNG, Mr. Babs Omotowa and Chairman, Senate Committee on Primary Healthcare and Communicable Diseases, Sen. Mao Ohuabunwa, when the management of the NLNG visited Saraki in Abuja… on Monday.

MPC: CBN raises MPR, retains CRR to attract FDI Motolani Oseni

Wednesday, July 27, 2016

points (BPS).

Similarly, Liquidity ratio was also maintained at 30 percent. It would be recalled that the latest decision by the MPC was arrived at its first meeting since the introduction of the new FX market in June.

Africa’s biggest economy last month ditched its 16-month-old dollar peg to let the naira trade freely and lure back foreign investors who fled both the equities and bond markets in the wake of the plunge in crude oil prices.

Commenting on this development, Managing Director, Trust Yield Securities Limited, Alhaji

Rasheed Yusuf, attributed the MPC decisions to portfolio investors’ reaction to the CBN’s introduction of the new FX market in June, adding that the foreign investors had been clamouring for naira devaluation.

He explained that the market trend reversal to activities of portfolio investors still remained in the market.

Consequently, the local currency has since plunged and the supply of dollars has dried up, putting pressure on the apex bank to hike interest rates to attract investment.

Speaking to newsmen after the

meeting, CBN Governor, Godwin Emefiele, said that the apex bank, faced with the choice to spur growth by cutting rates or tackle galloping inflation, five out of eight members of the monetary policy committee opted for a rate increase.

“We took a lot of time to deliberate on whether to favour growth against inflation; members were of the view that an upward adjustment of interest rates would strongly signal not only the bank’s commitment to price stability... but also its desire to gradually achieve positive real interest rates”, he noted.

Opeoluwani Akintayo

presently not generating power.

The shutdown of the plants which has made it impossible for gas to be sourced, has been blamed on spates of attacks by militants on oil and gas pipelines in the country.

Gas Turbines (GT) 11 and 12 of the 276-megawatt Geregu power plant have stopped generating electricity due to gas shortfall, while its GT 13 is out on maintenance. Alaoji NIPP’s two hundred and fifty mw capacity has dropped to zero as the GT one is out on maintenance, while GT 2

tripped on excessive gas flow. Gas turbines 3 and 4 were also said to be out due to gas pipeline vandalism.

GT 1-4 of the 450mw Ihovbor NIPP has been put out for the same reason. Also, the 180mw and the 112.5mw Rivers and Gbarain gas power plants have generated nothing, even as output dropped from the 336mw capacity of Omotosho power plant to 76mw.

GT 1-5, 7 and 8 are out due to gas constraints while GT 2 and 6 are down due to frequency response. Those generating at full

As Nigeria gropes in darkness over lack of gas to power electricity plants in the country, checks has shown that eight out of a total of 21 power plants across the country are presently lying idle as not a single kilowatt is being generated by any of them.

Geregu Power plant, Alaoji National Integrated Project, NIPP, Omotosho NIPP, Olorunsogo NIPP, Ihovbor NIPP, Trans Amadi, Rivers and Gbarain NIPP are

The Minister of Communications, Barr. Abdul-Raheem Adebayo Shittu has highlighted that with the upsurge in telephone density cutting across technology platforms, the telecom industry has enabled other industries and engendered growth strategies to the Nigerian economy and society.

Shittu said, ICT is the only sector that has recorded a positive growth of about 10 percent in the first quarter of this year and it has become a major contributor to the nation’s GDP. Delivering a keynote address on the theme, “Mobility, Technology and the Nigerian Economy” at the 2016 Information Communication Technology & Telecommunication Expo (2016 ICTEL EXPO) organised by the Lagos Chamber of Commerce and Industry at the Eko Hotel & Suites, Victoria Island, Lagos, on Tuesday, the Minister said, the Smart Digital Nigeria project is suitable ICT platform for diversification of the Nigerian economy.

Shittu added that the mobile ecosystem currently contributes over $10 billion in value add to the Nigeria economy and that mobile services have the potential to enable Nigerians benefit CONTINUED ON PAGE B2

capacity are Jebba, Shiroro, and Kainji hydro plants.

The likes of Chevron Nigeria Limited, Shell, NNPC, Agip, ExxonMobil and others have witnessed vandalisation of their pipelines and, no repair has been able to take place as companies have withdrawn their workers from sites for safety.

The Olorunsogo NIPP plant with a generation capacity of 600 megawatts which contributes to the Escravos Lagos Pipeline System (ELPS), led to a loss of 160mmsfcd of gas daily.

Business News B2

Daily Times Nigeria Wednesday, July 27, 2016

FG pledges commitment to protect workers’ rights — Minister

Forex: ABCON laments slow response of DMBs to CBN directive CONTINUED FROM PAGE B1

Joy Ekeke

The Federal Government on Monday renewed its commitment to protecting the rights of workers under the constitution as well as providing social security to enhance the welfare of all members of the working class working across the country.

The Minister of Labour and employment, Sen. Chris Ngige, said this at the ongoing International Trade Union Congress (ITUC-Africa) Regional Conference on “Advancing Decent Work in Global Supply Chain in Africa” in Abuja.

The conference was organised by the Nigeria Labour Congress (NLC) in collaboration with ITUCAfrica.

ITUC-Africa is the international organisation that represents 180 million workers in 162 countries and territories with 333 national affiliates of which the NLC is one.

Ngige, who was represented at the function by Mrs Chinedu Dike, Director Trade, Dispute and Industrial Relations in the ministry, said that the government was also committed to granting rights at work to workers.

The minister said that the conference represented a prelude to confronting one of the critical challenges facing African workers in their pursuit of relative happiness and in achieving one of the most critical basic things of human needs as members of the society.

He said that the initiative provides a forum for germane issues to be discussed bearing in mind the enormous implication on effective administration in Africa.

“Government is committed to job creation, social protection and promoting social dialogue which would be given top priority in the present administration,’’ Ngige said.

In her address, the Head of the Civil Service of the Federation (HoS), Mrs Winifred Oyo-Ita, said her office would partner with the NLC to ensure that welfare was given a top priority.

Oyo-Ita, who was represented

by Mr Emmanuel Audu, an Assistant Director, Industrial Relations, called on the labour to continue to collaborate with the government on the improvement of welfare and well-being of every worker.

ADEDUNTAN

MD, First Bank

FBN announces N35.9 billion as profit for H1’2016 FBN Holdings Plc. has announced its unaudited results for the six months ended 30 June 2016, which shows a Profit after tax (PAT) of N35.9 billion. This represents a 10.5 percent decline from N40.1 billion posted as PAT in the corresponding period of 2015.

The Group’s gross earnings of N267.9 billion, dropped marginally by 1.2 percent when compared to N271.3 billion posted for the same period of 2015, Net-interest income reduced by 5 percent to N126.1 billion, from N132.7 billion posted one year ago, while Profit before tax fell by 11.9 percent to N45.9 billion, from N52.1 billion.

FBN Holdings resilience in improving returns is evident in a 13 percent reduction in operating expenses of N104.3 billion, from N119.9 billion, and the growth of Non-interest income by 52 percent to N94.1 billion, from N61.9 billion, while Operating income grew to N220.1 billion, representing a 13.1 percent increase from prior period’s figure of N194.6 billion.

Worthy of note is the 4.2 percent appreciation in Customer deposits to N3.1 trillion, from N2.97 trillion recorded in De-

cember 2015. Total assets also improved 15.3 percent to N4.8 trillion, from N4.2 trillion posted in December 2015.

Commenting on the results, UK Eke, the Group Managing Director said: “FBNHoldings’ performance has remained resilient in the challenging macroeconomic and business environment, further exacerbated by the devaluation of the Naira and by the persistent rise in inflation. The Group returned gross earnings of N267.9 billion and profit before tax of N45.9 billion; a reflection of the strength of our underlying business, improving cost control as well as optimisation of revenue generating opportunities. Focus remains on organic earnings generation, divestment of non-core assets, in addition to balance sheet efficiency to further enhance capital.

We remain focused on leveraging the strength of our diversified business model by exploiting synergy opportunities and cross-selling across our commercial banking, merchant banking & asset management as well as our insurance businesses towards creating sustainable value for our stakeholders.”

bank had sold forex to any BDC operator.

It could be recalled that the CBN on July 22 instructed Deposit Money Banks (DMBs) to commence the sale of forex to BDCs. The CBN explained that the sale of foreign currency proceeds from international money transfer agents to BDCs would lead to greater stability in the foreign exchange market.

The apex bank added that the decision was also made to encourage critical stakeholders in the foreign exchange market to participate fully.

The ABCON chief said that its members visited about five banks in Lagos on Monday to see the level of compliance with the CBN directive.

He said that all the banks visited told the association that they could not immediately respond to the directive because of ill liquidity. ``The banks told the association they cannot immediately give what they do not have.

“They told the association that they could not sell because international money transfer agents do not keep a float for

DMBs from which they would sell to BDCs,’’ Gwadabe said.

Gwadabe added that the decision of the CBN to sell Forex to BDCs was laudable because it would contribute positively to the liquidity of Forex in circulation.

He reiterated that ABCON members had automated their operations to meet the requirement of inter-phasing with international money transfer agents.

Mr Harrison Owoh, a BDC operator, expressed optimism that the DMBs might comply with the directive in the coming weeks.

Emefiele

Telecom industry has grown Nigeria’s economy, society — Shittu CONTINUED FROM PAGE B1

from the exchange of information for business and social needs for increase productivity.

According to him, the global quest for ICT for development is enormous to both developed and developing countries because ICT skills are critical to the success of enhancing national development in a globalised era.

“In this regard, our government is focused on creating opportunities for citizenship participation in ICT training, knowledge and skills acquisition, and general application and usage of ICT tools to solve problems, promote their wellbeing and enhance national growth.

“No doubt, with the dwindling revenue from the Oil and Gas sector, the Federal Government has realised more than ever before that Telecommunication and ICT are amongst the main drivers for the social and economic development of Nigeria and play a vital role in enhancing access to basic services in all sectors of our national life,” he stressed.

Charging the organisers of the event, the minister said: “I want

to enjoin the President of LCCI, our tireless and quintessential Mother- Dr. (Mrs) Nike Akande, to continue to connect businesses and create opportunities for Nigerians in the ICT sector as the nation strives to diversify its economy from the non-oil sector”.

He noted that the theme for the Expo is apt as the platform will encourage conversations and the sharing of opinions on innovations and trends as well as providing an excellent networking opportunity for business decision makers, innovation managers, start-ups, ICT academics, OEMs, venture capitalists, and other players in the Nigeria ICT sector.

He assured that the government will provide the needed enabling environment for the ICT and telecommunication sector to thrive through enactment of relevant legislations.

He added: ”With the e-Government Masterplan implementation, government’s attention on e-Governance as the nucleus to drive other automation and IT agenda is assured under my very watch.

Daily Times Nigeria Wednesday, July 27, 2016

Stories by Motolani Oseni The Director General, Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf, has condemned the decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to raise benchmark interest rate from 12 percent to 14 percent.

Rising from the 251st edition of its meeting on Tuesday in Abuja, the MPC raised the Monetary Policy Rate (MPR) otherwise known as benchmark interest rate by a surprising 200 basis points to 14 percent and maintained its existing Cash Reserve Ratios (CRR) for commercial banks in a bid to stabilise the naira.

However, while speaking with our correspondent on phone on Tuesday, Yusuf, who is an economist and private sector advocate, said that the MPC decision would further add to the problem businesses are already dealing with.

According to the LCCI director, I don’t support that decision, because it will hurt business more, because increasing the lending rate now is not what Nigerians and the businesses people desire.

“Businesses are currently struggling with the shocks from exchange rate adjustment, as well as the shocks from high energy costs, shocks from high import duty and also shocks from high transportation cost.

“We don’t quiet welcome ad-

14% Interest rate hike: LCCI berates CBN, says businesses’ll be further hurt

Minister of Communication, Mr Adebayo Shittu (l), receiving a plaque from the President, Lagos Chambers of Commerce and Industry (LCCI), Dr Nike Akande, at the official opening of the Chamber’s Information Communication Technology and Telecommunications Exhibition/Conference Expo 2016, In Lagos On Tuesday. ditional hike in the interest rate.

I don’t think it is good for businesses, I don’t also think it is good for the period that we are in, because already we are in threshold of recession. And I think what we should be doing at this time is to see how we can stimulate the economy growth and make cheaper fund available,” he noted.

He explained further that if a nation wanted to attract investment, even though there is high

inflation rate, said, “There is a need to ensure that the lending rate is not negative, because I heard the CBN governor trying to argue that because of high inflation rate drive the decision, all these points are noted but I think what need to attract investors into the country is when the return from the investment is good, more investors will come.”

Investment is not only about portfolio investors, but also about

Revenue diversification: Stanbic Bank to begin operation in Côte d’Ivoire market In a drive towards establishing a presence in Francophone West Africa market, Standard Bank – trading as Stanbic Bank, has been formally awarded a banking license in Côte d’Ivoire.

The Group opened a Representative Office in December 2013, and now gearing up to commence banking operations in a market which stands out for its diverse, rapidly growing economy and business friendly reputation.

The country currently enjoys one of sub-Saharan Africa’s fastest GDP growth rates, expected to maintain seven percent or more over the next three years.

Commenting on this development, Chief Executive Officer (CEO), Stanbic Bank, Mr. Hervé Boyer, said: “We are delighted to be actively expanding into this attractive market alongside many of our existing multi-national corporate clients and look forward to partnering with them and other players, as well as supporting enterprises considering entering Côte d’Ivoire and the

B3 Money Market

Boyer wider region for the first time.”

Boyer, assured that Stanbic Bank in Côte d’Ivoire will provide the same high quality Corporate and Investment Banking products, advice and service experience that customers have come to expect across the continent.

According to him, this most recent banking license is seen as a milestone for Standard Bank Group, Africa’s largest lender by assets, which prizes its ‘on-

the-ground’ footprint across the continent, now 20 countries, and views its ability to support clients locally as a defining competitive advantage.

Also, the Head of Corporate and Investment Banking for Africa, Mr. Victor Williams, noted that the mostly French speaking West African Economic and Monetary Union (UEMOA) region was identified as a key growth opportunity and an excellent strategic fit for the Group which has committed to play a leading role in driving Africa’s growth.

“With the addition of Côte d’Ivoire to our portfolio, we will be able to meet our clients’ banking needs in one of the continent’s most exciting growth regions”, he said.

UEMOA as a whole is regarded as having substantial business advantages stemming from its stable single currency, shared central bank and stock exchange, as well as its increasingly harmonized business legal structures and burgeoning population.

real sector investors, and real sector would be looking more at the return from investment. And so much about the interest rate is negative or not.

“I believe the focus of policy should be how you can attract Foreign Direct Investments (FDIs) and what these people need is the right kind of frame work and consistent of policy”, he noted.

The apex bank ramped up its benchmark interest rate by a big-

In pursuance of its objectives of reflecting the pan-African outlook of the company, Afrinvest (West Africa) Limited, has announced the appointment of Elkin Pianim as a Director of the firm while Michael Chu’di Ejekam has been named a Director for its broker-dealer subsidiary, Afrinvest Securities Limited (ASL).

A Ghanaian national, Pianim’s appointment further reflects the pan-African outlook of Afrinvest, which also has Ms. Fatumata Soukouna, a Liberian national on the board of ASL and Dr. Fidelis Nde-Che, a Cameroonian, as Chairman of its Board of Directors.

Pianim has over 25 years experience in the financial services sector, and has worked on several landmark projects across the United States, United Kingdom, Zimbabwe and Ghana. He is currently Founder and Partner at Serengeti Capital Partners Limited – an Accra-Headquartered financial services group engaged in consultancy and asset management - and his areas of expertise include consumer goods, natural resources, media and technology.

An Economics graduate of the Vassar College, New York,

ger than expected 200 basis points to 14 percent on Tuesday in a bid to underpin its battered currency and attract more investment.

Africa’s biggest economy last month ditched its 16-month-old dollar peg to let the naira trade freely and lure back foreign investors who fled both the equities and bond markets in the wake of the plunge in crude prices.

But the local currency has since plunged and the supply of dollars has dried up, putting pressure on the central bank to hike interest rates to attract investment.

Faced with the choice to spur growth by cutting rates or tackle galloping inflation, five out of eight members of the monetary policy committee opted for a rate increase, CBN governor Godwin Emefiele told newsmen after the meeting.

“We took a lot of time to deliberate on whether to favour growth against inflation,” he said.

“Members were of the view that an upward adjustment of interest rates would strongly signal not only the bank’s commitment to prize stability... but also its desire to gradually achieve positive real interest rates.”

Afrinvest makes new appointments Pianim also possesses a Masters in Business Administration (MBA) from the London Business School, United Kingdom.

The new ASL Director, Michael Chu’di Ejekam, has a proven track record of full cycle retail investment and development including site origination, equity investment, planning approvals, development management, tenant leasing, asset management and exit of the largest retail malls in Nigeria, Ghana, and the broader West African market.

As Director of Real Estate for West Africa at Actis - a $7.5bn private equity firm, which is the most active retail developer in Sub Saharan Africa - Ejekam originated over $700m in retail projects. These include the $130m Jabi Lake Mall Abuja project; $100m Ikeja City Mall Lagos project; Heritage Place, Nigeria’s first green certified commercial building; and the Accra Mall.

Maritime B4

Daily Times Nigeria Wednesday, July 27, 2016

Maritime security: NIMASA collaborates with Navy Stories by Babajide Okeowo To ensure the safety of Nigerian maritime domain, the Nigerian Maritime Administration and Safety Agency (NIMASA) is set to partner the Nigerian Navy. This is even as the agency revealed that it will certify Officers and Ratings of the Nigerian Navy in line with the requirements of Standards of Training Certification and Watch keeping (STCW).

This was made known by the Director General of the Agency, Dr. Dakuku Peterside when the Flag Officer Commanding (FOC), Naval Training Command

(NAVTRAC) Rear Admiral Ifeola Ogunmola Mohammed led a delegation to NIMASA. According to Peterside, “training is the way to go in order to ensure professionalism in responding to marine incidences.

If we must achieve our shared objective of securing our maritime sector, synergy is key and as the Regional Coordinator for Search and Rescue in West and Central Africa, we have to ensure that our training conforms to the needs of protecting our maritime space”.

The DG revealed that training was pivotal to the development of an excellent officer while also as-

suring the FOC that the Agency will immediately commence the process of certifying the officers and ratings of the Nigerian Navy who have satisfied all the requirements.

The DG who said that the Agency welcomes the suggestion by NAVTRAC to train some of NIMASA personnel further assured the Navy of continuous collaboration for the overall growth and development of the Nigerian maritime industry.

In his remarks, Rear Admiral Mohammed reeled out areas of cooperation between NIMASA and the Flag Command to include training in

search and rescue operations and Global Maritime Distress and Safety System (GMDSS).

He said the Navy has dedicated ships and simulators amongst other relevant training equipment which NIMASA staff can take advantage of.

In his words, “we will need to synergise with NIMASA in some specific training such as Search and Rescue type training, GMDSS training and other relevant trainings which would make officers competent and rise to the challenges that can be faced during the course of working at sea now and after retirement”.

Vice Admiral Ibok Ete-Ekwe Ibas Chief of Naval Staff

Stakeholders set agenda for NPA MD

AMAECHI

Minister of Transportation, Rotimi Amaechi flanked by NPA MD, Ms Hadiza Usman and NIMASA DG, Dakuku Peterside during the commissioning of the Command, Control, Communication and Intelligence System... recently.

Stakeholders in the maritime industry has continue to set different agenda for the new Nigerian Ports Authority (NPA) MD, Ms Hadiza Bala.

According to Otunba Kunle Folarin; Chairman, Nigerian Port Consultative Council, NPCC, the new NPA management should give urgent attention among others to the implementation of the landlord model, ensure the competitiveness of Nigerian ports and improve the quality of service delivery and port productivity.

The landlord port model is characterized by mixed public-private orientation. Under this model, the port authority acts as regulatory body and as landlord, while port operations (especially cargo handling) are carried out by private companies. The landlord port is the dominant port model in larger and medium sized ports.

‘For the new NPA MD to succeed, she must implement the landlord model in Nigerian ports as this will make Nigerian ports competitive and enhance service delivery and port productivity’ he said.

Chief Eugene Nweke immediate past President; National Association of Government Approved

Freight Forwarders (NAGAFF) also urged the MD to carry out internal cleansing of the rot in the agency.

‘Internal cleansing should be her first port of call with a view to fight corruption because government is also aware that there so many under current going on at the agency and that was why she had to come in and fight any form of anomalies that might exist in NPA ‘The appointment of a female to head an agency like NPA is to open canker worm and I believe it is one area she needs to work on in order to right the wrongs.

There is also the need for her to carry everybody along’, he added Alhaji Isiaka Olalere; an executive of the Joint Council of Seaport Truckers (JCOST) said there is the need for the new MD NPA to hit the ground running, to align with the mantra of change of the present administration.

‘What concerns the transporters is the poor nature of roads connecting the ports. We want her to pay more attention to the road because without good roads I don’t think operations of NPA will be healthy.

CCCIS not only a security apparatus but revenue booster –Amaechi

Minister of Transportation Rotimi Amaechi has revealed that the newly commissioned Command, Control, Communication and Intelligence System (CCCIS) would not only assist in boosting security of Nigerian maritime domain but also generate revenue.

“It is pertinent to note that the development of this facility began with an approval in 2013 with the aim of providing Business Intelligence for the movement of vessels and Cargoes, as well as providing improved and secured communications within our waterways; for enhancement of efficiency within the nation’s seaports” he said.

With the technology, Amaechi assured the International community that Nigeria as a member of International Maritime Organisation (IMO) was determined to uphold the thrust of the apex regulatory body.

On her part, Nigerian Ports Authority (NPA) Managing Director, Hadiza Usman said with the equipment the agency would be in a position assist the country in networking to surmount security and Safety challenges, not just within Nigeria, but also within the entire Gulf of Guinea.

She said, “This technology will enable the Nigerian Ports Authority, not just to generate adequate

revenue, but also to ensure that all revenue leakages are blocked, in furtherance of the Federal Government efforts towards revitalising our economy.

“Let me reiterate that in the

days ahead, the Nigerian Ports Authority will be playing pro-active roles in the digital space, ensuring that there is synergy and collaboration amongst relevant agencies such as Navy, NIMASA,

Customs and other security and intelligence agencies, for the purpose of sharing information, documentation to enhance Maritime Safety, security, as well as block revenue leakages.

SHIPPING POSITION: VESSELS WAITING TO BERTH AT LAGOS PORT COMLEX THIS WEEK SHIP

AGENT

PORT

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CARGO

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249M

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30/07/16

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30/07/16

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DESERT VICTORY

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1/08/16

193M

BULK WHEAT

Daily Times Nigeria Wednesday, July 27, 2016

Aviation B5

Owolabi, ex-SAHCOL boss bows out in blaze of glory Chukwuemeke Iwelunmo On two occasions he was asked to come and serve and on the two occasions he proved to be the man that first of all rescued the Skypower Aviation Handling Company Limited, a subsidiary of the defunct Nigeria Airways out of the woods.

At a send-forth party for the retiring Chief Executive Officer of SAHCOL, Dr. Oluropo Owolabi was showered with encomium

by friends and colleagues who cut across aviation and other sectors.

He was also bestowed with the highest individual award by the Publisher of Nigeriantravelsmart, Mr. Simon Tumba who extolled the virtue of the former SAHCOL boss for his exemplary leadership and how he was able to transform the company into global reckoning.

Owolabi transformed SAHCOL from a small handling firm

to one that is about the largest in the country with only Nigerian Aviation Handling Company Plc to contend with in the field of aviation ground handling business.

SAHCOL at that time in the 1990s was doing well until November 21, 2002 when fire razed down the entire warehouse of the company. It was a sad day for the staff and customers who lost goods worth over N1billion.

With the fire that gutted the warehouse in 2002, the fortunes

of the once most viable of the defunct Nigeria Airways subsidiaries begun to nosedive as the absence of the warehouse greatly affected its operations.

The company was able to sustain itself during its trying period based on the professionalism of the then general manager; Dr. Oluropo Owolabi used his wealth of experience to keep the handling company in business against all odds.

The company ran into another

controversy when Owolabi who was generally referred to as the success behind the then SAHCOL was unjustly removed by the then government.

Even when Owolabi was replaced, the company continued to struggle as the only subsidiary of the defunct Nigeria Airways remaining as others had been privatized.

This was the position the former SAHCOL was until government decided to privatise it.

Medview boss bags aviation Personality of the Year award in Accra 2016

SEND-FORTH

L – R: MD Medview Airlines, Alhaji Muneer Bankole; Former MD Sahcol, Dr. Oluropo Owolabi; and MD Arik Airlines, Mr. Chis Ndulue, during the send-forth and celebration of Owolabi in Lagos... a t the weekend.

In UK, Nahco Aviance wins Global Risk Award For excellence in the face of very challenging business environment, the Nigerian Aviation Handling Company PLC (nahco aviance) has won award in faraway United Kingdom. The event was the Global Risk Awards 2016 which held at the London Hilton, Park Lane.

The Awards covers 13 categories in 40 countries; and is one of the most coveted risk management awards in the world. It was at this event, where global players were in attendance, nahco aviance demonstrated the its resilience spirit by coming tops in probably the most competitive category, ‘Excellence in the Face of Adversity’.

The category had as shortlists, world-renowned ArcelorMittal (UK), Leicester City Council (UK),

Nigerian Aviation Handling Company PLC (nahco aviance) (Nigeria), Roy Hill Holdings Pty Ltd (Australia) and Council Services & Chancellery, University of Newcastle (Australia). At the end of it all, NAHCO emerged winner.

The Head, Enterprise Risk Management, nahco aviance, Mr. Wale Akinwale, who picked up the award on behalf of the Company expressed satisfaction with the performance of the Company.

He said the “Excellence in the Face of Adversity” award was well deserved by NAHCO. He also expressed the desire by the Company to win the overall award at the ceremony next year. The overall award was won by ArcelorMittal for last year.

“When you put into consideration the circumstances under

which nahco aviance operates, you will no doubt agree with me that we deserved this award,” Akinwale stated, adding that the Company is not resting on its oars.

Only last month, nahco aviance emerged the overall winner in the Public /Technology/Healthcare/ Transportation & Aviation Industry category of the 2015/2016 edition of the Nigerian Risk Awards.

Some of NAHCO’s achievements that delighted judges were the Company’s record of a 99.6 percent reduction in cargo claims in the year under review, from N53 Million in 2014 to less than N200, 000 in 2015.

It recorded zero percent in aircraft damages. Cargo claims payment went down from N53, 434,096.03 in 2014 to just N177, 356.78 in 2015.

The managing director/ chief executive officer (CEO) of Medview Airlines, Alhaji Muneer Bankole has bagged the Balafon Aviation Personality of the year award, 2016 in Nigeria at the just concluded 2nd Accra Weizo’s travel and tourism conference and exhibition in Ghana.

Bankoke who was nominated through a credibility and transparent award selection process by a multinational committee defeated other contenders to emerge winner of the award.

Presenting the award, the organiser of Accra Weizo, Mr. Ikechi Uko commended Alhaji Bankole for his effort so far to reduce the pains of Nigerian travellers, who had been at the mercy of foreign airlines.

Uko said Medview Airline’s strong presence in the aviation

industry in Nigeria is what had endeared Bankole to travellers, who through an objective online process voted him as the Aviation Personality of the year.

He expressed delight that a Nigerian carrier was championing the crusade to uplift the aviation industry.

In his acceptance speech, Alhaji Bankole thanked the organisers of Weizo and noted that the industry was undergoing a metamorphosis, pointing out that from over 20 Air Operating Certificate (AOC), the industry was down to a one digit AOC. He said that what keeps the airline going is dedication to duty in ensuring that travellers get the value for their money.

Balafon is the West African Travel Awards instituted many years ago by the organisers of Akwaaba African Travel Market.

Automation: NAMA trains 18 AIS personnel The Nigerian Airspace Management Agency (NAMA) has begun the training of personnel on Aeronautical Information Services (AIS) which the agency plans to commence.

Various categories of personnel are set to be trained in order to build adequate capacity needed for its deployment.

Already, the first batch of six personnel have proceeded to Frankfurt, Germany for a threeweek Train-the-Trainer Course on Map/Chart/e-AIP Publication spanning from July 18th to August 5th.

The next batch of 12 trainees is billed to also undergo training in Germany between August 15th and September 2nd, 2016 ahead

of the deployment of Aeronautical Fixed Telecom Network (AFTN)/ ATS Message Handling System (AMHS) in Lagos and Kano which will be networked to other airports in the country using the VSAT Network.

The Ag. Managing Director, Emma Anasi stated that the above operator’s trainings to be conducted by Avitech GMBH at the company’s factory in Germany are critical components of the AIS Automation Project targeted at giving trainees the needed exposure to handle the complex situations associated with the project, stressing that upon their return, it is hoped that they will drive down the process by training others.

Capital Market B6

Daily Times Nigeria Wednesday, July 27, 2016

Equities market halts six day losing streak, Indices up by 1.14% Afolabi Adesola The Nigerian equities market reversed a six day negative trend following the Central Bank of Nigeria, Monetary Policy Committee decision to raise Monetary Policy Rate (MPR) by 200 basis points to 14 percent.

The NSE ASI appreciated by 1.14 percent to close at 27,945.02 basis points in contrast to a decline of 0.11 percent recorded

after Monday’s session to close at 27,629.90 points. The day’s success improved Year-to-Date (YTD) returns, as it closed at -2.43 percent compared to -3.53 percent recorded previously.

Market capitalisation gained N108 billion to close at N9.597 trillion compared to a loss of N10.1 billion recorded previously to close at N9.489 trillion.

Oando Plc topped the day’s 24 gainers for the second consecutive day as it added 10.12 percent or 57

kobo to close at N6.20 per share, Eco Transnational Incorporated added 8.39 percent or N1.04 to close at N13.43 per share, Access Bank Plc appreciated by 7.55 percent or 40 kobo to close N5.70 per share, Dangote Sugar Plc improved by 6.80 percent or 28 kobo to close at N4.40 per share, and Livestock Feeds Plc gathered 5.43 percent or 5 kobo to close at 97 kobo per share.

On the other hand, The day’s 14 losers were led by Airservice

Plc which lost 5.56 percent or 10 kobo to close at N1.70 per share, SEPLAT followed with a loss of 5 percent or N15.67 to close at N297.83 per share, 7up Plc dropped 4.59 percent or N6.45 to close at N134 per share, N.E.M lost 4 percent or 4 kobo to close at 96 kobo per share and Sterling Bank Plc depreciated by 3.10 percent or 4 kobo to close at N1.25 per share.

At the end of stock trading for the day, investors had exchanged

a total of 286.72 million shares worth N2.3 billion on 4,316 deals compared to 378.5 million shares valued at N2.3 billion exchanged in 3,519 deals on Monday.

UBA Plc recorded the highest volume of trade, exchanging 76.9 million shares worth N349.9 million, Access Bank came second with the sale of 42.7 million shares valued at N231.0 million, while Zenith Bank followed with an exchange of 28.2 million shares valued at N457.2 million.

Floor of the Nigerian Stock market

Lafarge, Access Bank partner to fill gender gap in manufacturing sector Access Bank’s ‘W Initiative’ in collaboration with Lafarge Africa Plc organized a workshop with some of Nigeria’s leading women professionals in manufacturing to discuss the issue of gender disparities in the manufacturing sector, while demonstrating the conviction that Women in Manufacturing is good for business.

With objectives including examining reasons for the unattractiveness of the sector to women, creating innovative solutions specifically targeted at professional women in manufacturing and increasing the number of women who work in the manufacturing industry, the workshop was attended by a large number of women executives and senior managers in

the manufacturing sector Setting the pace for discussions at the workshop, Access Bank’s Executive Director, Elias Igbin-Akenzua declared that “approximately 600,000 manufacturing jobs are unfilled because companies can’t find qualified workers to fill them.

Women are critical to filling this gap and we must empower them to do so. We must also reduce the barriers for women in manufacturing in accessing funds from financial institutions for those who may want to transit from employees to manufacturing business owners” In her address to the gathering, MD Geocycle, Lafarge Africa Plc, Mrs. Adepeju Adebajo remarked that women represent manufacturing’s largest

pool of untapped talent and the dearth of women in manufacturing has been made more prominent recently, due to the potential skills shortage facing the industry.

Identifying Nigeria’s formal education system as the most powerful agency of change from which several intelligent and confident women who now challenge many aspects of patriarchy in all leading occupations have emerged; Mrs. Adebajo sought for support, coaching and encouragement for more women to be successfully recruited and retained in manufacturing. She stated that “women have become leading industry players in different sectors which were for long the preserve of men – including

manufacturing. The industry needs to send out the right message that women can, and do succeed in manufacturing careers”.

Victoria Ibhawa of Deloitte provided valuable research and data and other notable speakers at the workshop touched on the existing dearth of women

professionals in the sector, challenges they face and propositions on the way forward.

This workshop is expected to culminate in the launching of a ‘think tank’ group providing advice and ideas on attracting, retaining and advancing women in the manufacturing workforce.

Summary of activities on NSE ASI DEALS VOLUME VALUE CAP

27,945.02 4,316.00 286,716,229.00 2,340,526,907.44 9,597,701,516,458.25

Daily Times Nigeria Wednesday, July 27, 2016

B7 ICT

Etisalat strengthens relationship with customers in Uyo

ETISALAT

L-R: Director, Brand and Experience, Etisalat Nigeria, Elvis Daniel; Director, Radiologist, University of Uyo Teaching Hospital, Iniobong Ekanem; Idara Etuk and Head, Retail Sales, South-South and SouthEast Region, Etisalat Nigeria, Embassey Taiwo, at the Etisalat Customer Forum held in Uyo, Akwa Ibom State... recently.

FG to provide support for innovation Hubs -Shittu Stories by Tony Nwakaegho The Minister of Communications, Barrister Abdul-RaheemAdebayoShittu has disclosed the readiness of the Federal Government to do everything possible for the provision of effective support for innovation Hubs across the length and breadth of Nigeria.

In realization of the need to embrace innovation and use it as an engine for economic growth, the Federal Ministry of Communications will establish and provide support for existing innovation Hubs across the country as part of the priority projects identified in its ICT Sector Roadmap.

According to a statement by the Minister’s Special Assistant on Media, Victor Oluwadamilare, “If equitably established across the country, the innovation Hubs, according to Barr. Shittu, will provide unique opportunities for start-ups and SMEs to acquire important ICT skills, build key networks and access necessary

funding.

The minister, in a keynote address delivered at the public presentation of the Delta State Innovation Hub in Asaba on Monday said, “We, at the Federal Ministry of Communications, are keen to support you in this process. Our policies are geared towards using Information and Communications Technologies (ICTs) as a catalyst for innovation in every sector of the economy”.

He stressed further that “a key part of my road-map is the establishment of new innovation hubs and support for existing ones as Innovation hubs serve as magnets for high-end thinkers and a birth place for ideas and channels for investment.

“They are crucial in the Federal Government’s drive to create jobs, generate wealth and increase revenue. We will keep our promise to create new hubs across the country and strengthen existing hubs for greater effectiveness.

We are conscious of the need to support these hubs by creating a virile ICT Innovation Ecosystem

within the country”.

Barr. Shittu added that as a result of a recent trip to the Silicon Valley, the Ministry is currently exploring a partnership that will assess the current state of our ecosystem disclosing that the consultants will propose a framework for developing an ecosystem in line with global best practices capable of making ICT innovation become second nature to Nigerians.

Shittu

In a direct demonstration of its leadership as Nigeria’s most customerfriendly telecoms operator, Etisalat, recently hosted customers on its network to a Customer Forum at Eemjim Hotel Uyo, the Akwa Ibom State capital. The regional Customer Forum is an interactive feedback session aimed at engaging customers to serve them better and deepen relationships.

Etisalat began the customer forum in 2010 with the objective of engaging with customers and receiving valuable feedback on the quality of service delivery as well as product propositions and services. Since inception, the forum has hosted customers in Lagos, Abuja, Port Harcourt, Calabar, Enugu, Benin, Ibadan, Kaduna, Warri, Onitsha and Akure.

Speaking at the session, Director, Brand and Experience, Elvis Ogiemwanye, said the Forum is a true reflection of the value the company places on its customers and how desirous it wants to help them achieve more in life.

“As the leading customerfocused company, we make it our duty to feel the pulse of our customers regarding the products and services we offer. We are keen to understand how best they want us to serve them. So, the forum enables us to meet with them, hear their views on our offerings, products and services and then respond to these needs in the best ways that would positively impact on their lifestyles,” he said.

Also speaking, the company’s Head, Consumer Segment, Idowu Adesokan, highlighted the company’s commitment to continuously improve the experience of customers on the network in keeping with the company’s tradition.

His words, “Since we started operations almost eight years ago, we have consistently de-

veloped systems that guarantee our customer’s best value for their money on our services and products. The forum provides us first-hand information on the experience of our customers and empowers us to address their concerns including modifying existing products and services or introducing more innovative ones.”

Meanwhile, customers who attended the Forum have commended the operator for its bespoke range of products and services.

Mr. Okon Obiosio, Director of Climate Change, Ministry of Environment, Uyo, applauded the company for the offerings which have become the unique hallmarks of the operator.

“My personal experience on the network has been excellent. I feel they have their customers at heart and are doing their best to satisfy their customers. The feeling is that of a family and I relish it,” he said.

Another customer, Prince Ekemini Eberefiak, expressed delight at the honest way the operator deals with its customers. His words, “I commend the company’s management for their openness to us. We were able to talk like any good family would. We have shared with them our experiences on the network as well as our expectations. We believe they mean well and would greatly add more value to our lives and as well help us achieve more. I like the network.”

Other notable team members at the event include Ken Ogunjiofor, Vice President, Consumer Sales and Service; Abdul Adegbuyi, Director, Network Operations; Ijeoma Okeke, Head, Contact Centre Operations; Taiwo Embassey, Regional Head, Retail Sales, South-South and South-East; Valentine Amadi, Head, Technical Customer Support Services and Dayo Adenipekun, Manager, Quality Assurance and Testing.

Konga to downsize staff, restructure for improved productivity Konga.com, Nigeria’s largest online mall will downsize some of its employees, in line with its business development strategy whereby it reviews staff strength every 6months for improved productivity.

Konga.com is Nigeria’s largest online mall. The company launched in July 2012 with a mission, ‘To Become the Engine of Commerce and Trade in Africa’.

Konga has been taking this step consistently over the last 2 years as the company usually let go off staff that still go on and do great things elsewhere.

Konga has offices in Lagos, hubs in South Africa and China; with warehouses and distribution centers all over Nigeria.

Shola Adekoya, Konga’s CEO, said that “The restructuring which also entails workforce

reduction is a prudent and necessary step for the long term success of the company. The reorganising will also impact the business model as we continue to do retail but only focus on the products that customers really like with high throughput in the warehouse and that will leave other products to strategic merchants that will take over some of the products in a mar-

ketplace fashion. By this, Konga will optimize its warehouse and from September will allow merchants to begin to store items in the Konga warehouse which guarantees quality and ensures quicker shipping times for customers.”

Daily Times learnt that this restructuring which is focused on reconfiguration and reallocating resources to focus on areas

that offer the highest growth opportunities and alignment with Konga’s strategic objectives that is absolutely necessary for Konga in becoming the engine of commerce and trade in Africa.

The company has achieved very rapid growth and in just 3 years, konga.com has built an operation that leads the market in customer satisfaction, merchandise shipped and innovation.

B8

Daily Times Nigeria Wednesday, July 27, 2016

Life&

Times Wednesday, July 27, 2016

Senator, Yomi Casual, Samklef, others attend Fast N Funny 2 concert

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How to dress your age in style

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Bimbo

Thomas

The All shades of brown lover L2

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Interview L2

Daily Times Nigeria

Wednesday, July 27, 2016

I’m glad I learnt the hard way

-Bimbo Thomas Big, bold and beautiful are the words that aptly describe Nollywood actress, Bimbo Thomas. The graduate of Creative Arts from the University of Lagos became more popular after her impressive role in actress Funke Akindele’s critically acclaimed movie, Omo Ghetto, and since then she has remained relevant in the entertainment industry. In this online chat MUTIAT ALLI, Bimbo Thomas who welcomed her first child not long ago, doubles as the CEO of Bimbally Wine & Liquor. She opens up on her love for shades of brown colours, acting and other issues.

Enjoy…

With lots of stress and challenges that your job as an actress portray, how do you find time for your business?

Most times, I am always in our outlet seeing to the affairs of the business if I am not on location or gone on vacation. I have competent staff who can handle the business well. But like it is said, no one handles your business like you do.

Let me take you back a bit, how will you describe your growing up in Obadina area of Lagos, a place regarded as a ghetto?

What a great street! Obadina is place where you can either be made or marred. But I chose my path, thanks to God and my wonderful parents. I can’t forget the memories of where I was brought to life in a lifetime. The street is full of all kinds of inexplicable beings and happenings. Anyway, I can say it was the survival of the fittest then. I am glad I learnt the hard way and it made me who I am today to the glory of God.

Life&

T E A M

How did you prepare yourself for that role in the movie ‘Omo Ghetto’ and to what extent did you go to fit into the role?

Candidly, I went all out, just to get the reality of the role. I visited unimaginable places, saw people who had done that before and I made several moves to extract words and actions from their lifestyles. Besides, I was ready for loads

Entertainment Correspondent Mutiat Alli

of films, in addition to the information I gathered. When it came to the interpretation of the adapted role, it was like a thorn in the flesh. But here I am today, thanking God for the opportunity and inspiration of the act.

What defines your style?

It is inspiration from God. Favorite Shoes: Peep toes\flats Favourite Bag designer: Miu Miu\Chloe Favourite Wrist Watch Designer: LV Favourite Earring (Chandeliers or studs): Chandeliers definitely because I don’t really wear necklace Car: FJ Cruiser Favourite Perfume: I wear several perfumes but I am in love with 212 sexy and Fantasy by Britney Spears.

Favourite Underwear’s: La Zensa and Victoria Secret Favourite Fashion Designer: D&G Favourite Sunglasses: Micheal Kors Favourite Drink: Snapp\Lemonade Dinner Wear: Oscardelarenta Favourite Color: All shades of Brown

Society Correspondent Abimbola Obatayo

Photography Quadri Olowolagba

Graphics Daniel Ekiye

Daily Times Nigeria

Wednesday, July 27, 2016

L3 Event

Mutiat Alli

Senator, Yomi Casual, Samklef, others attend

It was a night of glitz and glamour at the second edition of comedian Seyi Law’s Fast N Funny concert ‘The King &Queen edition’ held at the prestigious Eko Hotel &Suites, Lagos. The event which attracted the big names in the industry is still the talk of the moment as the fun and excited could not be measured.

Present at this year’s edition includes, Dame Abimbola Fashola, Yaw, Nedu, Fathia Balogun, Ronke Oshodi Oke, Lateef Adedimeji, Adeniyi Johnson, Yomi Casual, AY, Funny Bone, Senator, Tjan, Ycee, Vector, Adunni Ade, Reakado Banks, Q-peller, E-money, DJ Nana to mention but few.

Here are few photos from the well-attended event.

Fast N Funny 2 concert

Alex Ekubo

Big Timi

Bryan Okpara

Ubi Franklin

Ushbebe

Yomi Casual

Senator

Bunmi Davies

Acapella

funnybone

MC Shakara

L4

Daily Times Nigeria

Wednesday, July 27, 2016

Daily Times Nigeria

Wednesday, July 27, 2016

L5

Fashion L6

Daily Times Nigeria

Wednesday, July 27, 2016

How to dress your age

Mutiat Alli

in style

Fashions and trends are constantly changing. Sometimes it’s hard to distinguish what’s a fashion do and what is a fashion no-no. Keep your clothes stylish and age appropriate with these simple dos and don’ts:

In your 50s There’s no reason to give up on style in middle age. There are lots of things you may love to wear, but wouldn’t because they might look stupid on you.

When you get older, your skin tone changes, your hair probably changes colour and you just can’t wear the colours you used to like any more. You have no choice but to learn what suits your shape. There are lots of ways to dress well that are all about keeping things -elegant, balanced and in proportion.

Dos

Keep prints small. You don’t have to ditch prints, but

keep them small and delicate and don’t wear them head to toe.

Classic looks and clean lines should be the cornerstone of your wardrobe.

You can wear jeans whatever your age but avoid anything too high. Boot cut styles tend to be most flattering

Don’t

Avoid flat shoes teamed with a dress. Wear a heel instead as it elongates the body. Don’t go higher than a 4in heel. If a heel is too high, it throws off your ¬balance and posture, and everything slumps; your breasts look lower and your waist looks wider.

Leggings with tunics? No! There’s just nothing attractive about this look. Keep leggings for the gym.

In your 60s Dos:

One area that older women, especially always seem to get wrong is in the accessories department. Don’t wear your entire jewelry box, but focus on one standout piece at a time. Also, don’t be afraid to wear trendy accessories.

By keeping your wardrobe basic, you can add trendy accessories without looking like you’re trying to “be young”.

Denim looks fabulous on older women and yes, older women can wear jeans. Avoid wearing denim from head to toe.

Wear lots of color

Don’ts:

Please throw out the following: •Muumuus (unless they are for lounging around the house) •Long (ankle length), unstructured, A-line skirts •Elastic-waisted pants that make you look like a balloon •Unstructured pants and suits •Large, oversized t-shirts •Khaki/mauve-colored grandma flats •Sweaters with embroidery, appliques, etc.

In your 70s Dos:

If you’re in your 70’s and you have a problem with your sagging neck or you’re jiggling upper arms, you may want to use some tricks to make them less obvious.

One of the best solutions is a thin cotton turtleneck, usually white or another light color and it shouldn’t be tight.

Invest in good silk scarves, wrap dresses.

Don’ts:

Bags should never be cross body, like the ones you wear when traveling. Cross bodies add bulk around the waist.

Carry a bag instead.

Don’t do Peter Pan collars.

Don’t wear polka dots that are the wrong size. If dots don’t look right, go smaller or bigger.

Don’t do flat shoes with dresses. Go for midsized pumps.

Daily Times Nigeria

Wednesday, July 27, 2016

Sonia Dale Danyil

Australian newsreader, Karl Stefano Vic revealed he had worn the same suit every day for an entire year while reading the evening news without anyone noticing. Though his point was actually about his female co-anchor and the way she was unfairly judged on her outfits, the stunt got us thinking - Is it really possible to wear the same suit to work every day and still look good?

If you are lucky enough to work in an industry where the dress code is flexible, you can take a great pleasure in dressing every day - the layers to be matched; the patterns to be clashed; the fabrics to be contrasted, but what about sectors where wearing a suit is still a daily necessity? Are you automatically banished from the world of style?

1) CHANGE YOUR SHIRT This is a simple one. If you are going to wear the same suit everyday - particularly if the weather is warm (but also regardless), you must change your shirt every day. The key thing, however, is to try and change the colour of style of your shirt on a regular basis too. Do not simply substitute one white poplin shirt for another white poplin shirt, play with fabrics. Changing the texture of your shirt from cotton to a pique will entirely alter the identity of your suit.

2) DO NOT WEAR A SHIRT AT ALL Teaming a T-shirt or a knitted polo with your suit in the warmer seasons will make it look entirely different. A suit does not only work with classic shirts - remember that. A suit has its potential to look at its best when

L7 Fashion

Rock that same suit

y l t n a g e l e everyday

teamed with causal pieces - particularly when it’s cut close. Wearing your two piece with sportier items will bring out an entire new look to your suit, and make you feel different when wearing it.

3) WEAR THEM AS SEPARATES The only problem with wearing the same suit every day is that your trousers will wear away quickly if you do not all them to rest regular. One solution is to switch up two suits in similar shades and fabrics and wear them as separates on contrasting days; it will still look like a sit but keep your two pieces longer.

4) PAY ATTENTION TO ACCESSORIES Just like shirts, T-shirts and other under layers, your accessories can make an enormous difference on how your suit looks on you. Wearing yours sock less with a pair of loafers, throw in lots of different ties, pocket squares, pockets and briefcases,(Not to mention the haircuts) and you will have a new suit every day before you know it.

5) ENSURE THAT YOUR SUIT IS DARK Pale, bright or patterned suits are great, but they stand out. If you are going to stick with one suit, ensure you opt for a dark colour as that will mask all manner of stains and will generally go unnoticed. Most men only wear

a selection of navy suits in rotation after all.

6) ENSURE THAT IT FITS WELL This is key. A poorly fitting suit will not only look bad the first time you wear it, it will look bad every single day. If in doubt take something off-the-peg to a tailor and get him or to alter it to fit. We would recommend you do this to however how many suits you plan on wearing.

7) GET MINOR ALTERATIONS It is fine to occasionally alter your suit. Be sure to have your jacket and trousers taken in or out should you put on or lose weight.

You want to look sharp at all times, even if you are wearing the same suit.

L8 TV guide

Daily Times Nigeria

Wednesday, July 27, 2016

Showing on

Showing on

Movies Stars Channel 111

Movies Romance Channel 107

Wed, 27 July | PG 16

Wed, 27 July | PG 13

17:02

11:50

I n this heart-warming sequel to hit musical comedy, the sisters call on singer Deloris (Whoopi Goldberg) to help teach music to a group of students whose school is doomed to close.

101 M-Net West

23:30 Agent X 00:36 Zoo 01:30 Whiplash 03:13 Behind The Scenes: Mandela: Long...

05:30 Hollywood's 10 Best 06:00 The Ellen DeGeneres Show 07:00 MasterChef Australia 08:00 The Goldbergs 08:30 Chicago PD 09:16 Behind The Scenes: Lw Week-End

09:30 The Ellen DeGeneres Show 10:30 McFarland, USA 12:35 Kevin From Work 13:00 MasterChef Australia 14:00 The Ellen DeGeneres Show 14:47 Behind The Scenes: Walking On Sunshine 15:00 Astronaut Wives Club 16:00 Caught On Camera 17:00 Shades Of Blue 18:00 The Ellen DeGeneres Show 19:00 The Middle 19:30 MasterChef Australia

152 Africa Magic Epic 00:25 Healthy Snacking 00:35 Rings Of Fire 01:59 The Burning Ring 03:45 Okoro The Prince 05:33 Behind The Scenes: Secret Room 06:01 Market Sellers 08:30 Mama Bomboi: Holy Watch 08:38 Princess Throne 10:06 End Of The Princess Throne 11:15 Seed Of Wealth 13:02 Seed Of Wealth 14:25 Africa Rising: Behind The Scenes 15:17 Behind The Scenes: Broken 15:35 The Mastermind 17:25 Africa Rising: Behind The Scenes 18:20 Mama Bomboi: Serious Matter

120 BBC Brit Entertainment

118 Telemundo

23:40 The Face Of Destiny 00:30 Elena's Ghost 01:20 Cruel Love 02:10 For Love And Justice 03:00 The Face Of Destiny 03:50 Fearless Heart 05:20 Elena's Ghost 06:10 Husband For Hire 07:00 The Face Of Destiny 07:50 Fearless Heart 08:40 For Love And Justice 09:30 Cruel Love 10:20 Husband For Hire 11:10 The Face Of Destiny 12:00 Fearless Heart 12:50 For Love And Justice 13:40 Cruel Love 14:30 Husband For Hire 15:20 The Face Of Destiny 16:10 Fearless Heart 17:00 For Love And Justice 17:50 Cruel Love 18:40 Husband For Hire 19:30 The Face Of Destiny 20:20 Fearless Heart 21:10 For Love And Justice 22:00 Cruel Love 22:50 Husband For Hire

18:30 Days Of Sorrow 20:23 My Brother's Wealth 22:20 The Great Servant

L A high- school student takes dance classes to improve his timing when playing soccer. When he starts classes, he falls in love with a girl despite their different backgrounds. Keri Russell, William Ash.(2000)John Forte.

128 SONY MAX

23:00 Most Shocking 23:45 World's Wildest Police Videos 00:35 World's Wildest Police Videos 01:25 Freakshow 23:19 Travel Man

10:15 Ducks Quacks Don't Echo

23:48 The Gadget Man

11:05 Would I Lie To You?

00:15 An Idiot Abroad

11:35 QI

01:02 The Cube

12:10 The Cube

01:49 Police Interceptors

13:00 Top Gear

02:36 The Notorious

14:10 Police Interceptors

03:01 The Notorious

15:00 Undercover Boss USA

03:29 Undercover Boss USA

15:50 Would I Lie To You?

04:12 Pointless

16:25 QI

05:00 The Cube

17:00 Pointless

06:35 Top 20 Countdown: Most Shocking

05:45 Would I Lie To You?

17:50 TOP Gear

07:25 Video Zonkers

06:15 QI

19:00 Top Gear: The Races

07:50 South Beach Tow

06:50 Police Interceptors

08:15 South Beach Tow

07:40 Top Gear

20:00 Top Gear's Ambitious But Rubbish

08:45 Pointless

21:00 Top Gear

09:35 Undercover Boss USA

22:20 Youngers

155 AfricaMagic World 23:17 Behind The Scenes: Enitan 23:30 Music On Africa Magic 00:35 Star Gist 01:02 Good Morning Africa 02:05 53 Extra 02:45 Star Gist 03:15 Star Gist 03:45 Jara 04:25 Jara 05:00 Goodmorning Africa 06:00 Deal Or No Deal SA 07:00 53 Extra 07:30 Star Gist 08:00 Jara 09:00 Good Morning Africa 10:05 Doctors' Quarters 11:00 Doctors' Quarters 12:00 Deal Or No Deal SA

01:55 Extreme Reality Clips 02:20 Rude Tube 02:45 Sexy Car Wash 03:15 Sexy Car Wash 03:45 Video Zonkers 04:10 South Beach Tow 04:35 South Beach Tow 05:00 World's Wildest Police Videos 05:45 World's Wildest Police Videos

08:40 Most Shocking 09:35 World's Wildest Police Videos 10:30 World's Wildest Police Videos 11:30 Baywatch 12:30 Top 20 Countdown: Most Shocking 13:30 South Beach Tow 14:00 World's Wildest Police Videos 15:00 World's Wildest Police Videos 16:00 Most Shocking

13:00 Music On Africa Magic 13:59 Music On Africa Magic16:00 Star Gist 16:35 Deal Or No Deal Sa 17:25 53 Extra 18:00 Jara 18:30 Tinsel 19:00 Lies That Bind 19:30 Lies That Bind 20:00 Three Some 22:40 Music On Africa Magic

17:00 Top 20 Countdown: Most Shocking 18:00 South Beach Tow 18:30 South Beach Tow 19:00 Baywatch 20:00 Extreme Reality Clips 20:30 Rude Tube 21:00 Rude Tube 21:30 Freakshow 22:00 Sexy Car Wash 22:30 Sexy Car Wash