Binder1234567890 monday, september 15, 2014 by Newtelegraphonline

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS Monday, September 15, 2014

Vol. 1 No. 209

/newtelegraph

@newtelegraph1

www.newtelegraphonline.com

N150

US moves to cut off oil imports from Nigeria Adeola Yusuf

he United States (US) is in the advance stage of a five-year plan to totally squeeze Nigeria’s oil out of its market, the International Energy Agency

(EIA) has hinted. The US energy agency said in a report at the weekend that America was planning to flood the world crude market with 1.3 million barrels per day, in a move that may see it

compete with established oil producers such as Nigeria. It added that a 2019 target had already been set to begin the crude exports. Nigeria, Africa’s biggest crude exporter, depends

largely on proceeds from crude to service over 85 per cent of its budget. The US, which hitherto was importing over 1 million barrels of oil per day from Nigeria until 2013, has already crashed its

imports from the country by about 800, 000 barrels per day. With the drastic drop in crude oil import by the US, India and other Asian nations have become the bigCONTINUED ON PAGE 4

US President Barack Obama

Tambuwal faces sack lAs PDP shops for speaker's replacement }3

Quick Read Fighter jet, pilots missing in action, says DHQ }3

Why I back Jonathan for 2015, by Kalu

Ailing Taraba Governor, Suntai, returns amid resumption crisis }5 No to September 22 schools' resumption, says Rivers State }8

Ailing Governor of Taraba State, Mr. Danbaba Suntai and his wife, Auwa, shortly after the governor's arrival from the United Kingdom, in Abuja...at the weekend.

PHOTO: ELIJAH OLALUYI

Death toll hits 44 in Synagogue tragedy Lagos

Thunder Storms

28OC |24OC For subscription, advert and story tips, please call

+234 (1)221 9496, 08033392655, 08023010222

lFashola holds secret meeting with T.B Joshua Tai Anyanwu, Muritala Ayinla, Taiwo Jimoh, Elijah Samuel and Gboyega Adeoye Forty-four people have so

far died while 130 survivors have been rescued as a result of a building collapse at The Synagogue Church of All Nations (SCOAN).

Recovery efforts were still ongoing as at yesterday. The six-storey building, located in the sprawling compound of the vast

church complex, came down on Friday afternoon. It was undergoing construction work to add extra floors. CONTINUED ON PAGE 4

Kwankwaso: I want to be president }12

Sanctity of Truth

Monday, September 15, 2014

NEWS

Sanctity of Truth

Monday, September 15, 2014

PDP, presidency shop for Tambuwal's successor lAdeola-Akande, Farouk Lawan being considered Ayodele Ojo and Philip Nyam

ouse of Representatives Speaker, Hon. Aminu Tambuwal, may soon lose his position in the legislature over his bid to defect from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) to contest the Sokoto State governorship in 2015. The presidency and the PDP leadership are discreetly pushing for his removal as soon as he defects to the APC. Although Tambuwal still professes his membership of PDP on whose platform he was elected to the House in 2011, he has for a long time been absent from major party events, including a meeting of the NorthWest chapter of PDP in Kaduna about two weeks ago, where they endorsed President Goodluck Jonathan for second term. Tambuwal, who arrived in Nigeria yesterday from an overseas trip, is expected to defect to the APC by October. However, New Telegraph learnt yesterday that the clock for Tambuwal's leadership of the House would begin to tick from tomorrow when the legislature resumes plenary after a long recess. A source told New Telegraph that both the presidency and the PDP were already plotting on how to oust Tambuwal from office. According to a member of the PDP National Working Committee (NWC), the moment Tambuwal leaves the party, they will move against him. “We cannot have an APC speaker in the House. So, the PDP must move to remove him the moment he makes that declaration,” he said. On whether the party will approach the court for Tambuwal’s removal, an aide of President Goodluck Jonathan said there was no basis for that. “The PDP does not need to go to court in removing him; going to court is for the weakling. The PDP will use the power and politics of the House to remove him the moment he defects to the APC. “To remove him, you just need a simple majority. You need a simple majority to win and you need a simple majority to remove him,” the source said. He added that should

Tambuwal be removed, the speakership would move to the South-West, where the position was originally zoned to in 2011 under the PDP zoning policy. However, contrary to the party's zoning policy, which had conceded the House speakership to the South-West and Hon. Mulikat Akande-Adeola tipped to emerge as occupant of the post, some renegade PDP members, with support from APC lawmakers, had executed a coup that produced Tambuwal, from the NorthWest as speaker and Hon. Emeka Ihedioha, from the South-East, emerged as his deputy, a post hitherto zoned to the North-East. “Tambuwal ascension was just a revolt in the House, but by zoning, our speaker is still Hon. Mulikat,” an aide of the president said. Another source said the party would explore two options in removing Tambuwal: to use the lawmakers to impeach him or through the court. It was learnt that the first option being considered is the impeachment process. “What we will do is to ensure that PDP lawmakers with those in the All Progressives Grand Alliance (APGA) and Labour Party (LP) remove Speaker Tambuwal through a simple majority. This may be tough, but this is the first legitimate option,” the source said. The second option will be through the court with the PDP getting a declarative judgment from the court to oust Tambuwal from office on the grounds that he has defected to another political platform. The source said armed with the declarative judgment, the security details attached to Tambuwal would be withdrawn before the court order could be vacated. Also, soldiers would be ordered to seal off the speaker’s office to deny Tambuwal access. It was learnt that the planned resort to court was because of the fear that the PDP and presidency might not be able to muster enough lawmakers to remove the speaker, who enjoys tremendous support from his colleagues. However, as the plot against Tambuwal intensifies, the PDP has pencilled in some lawmakers as his replacement. Among those being con-

sidered is Akande-Adeola (PDP, Oyo) and Hon. Muraina Ajibola (PDP, Oyo). Others are Farouk Lawan (PDP, Kano), Bashir Adamu (PDP, Jigawa), Safiyanu Ubale (PDP, Jigawa), Umar Bature (PDP, Sokoto), Bello Matawalle (PDP, Zamfara) and Gambo Musa (PDP, Katsina), all from the North-West geopolitical zone. There is, however, a division among the arrowheads of the plot as to where Tambuwal’s successor should come from. Some are advocating a return to the original zoning arrangement which favours the SouthWest while others have

argued that the speakership should remain in the North-West. Those against the zoning arrangement feels that in the event that Tambuwal is removed, Ihedioha, is bound to lose his seat, should the next speaker be from the South-West, and both cannot come from the south. However, should the South-West gets the speakership, the deputy speaker is likely going to be zoned to the North-East. The 7th edition of the House Rules, which is currently in use, did not specify that the party with majority in the House shall produce the speaker. It is

incredibly silent on the impeachment or resignation or removal of the speaker or deputy speaker. Order 2 Rule 4 (a-e) deals with the election of speaker. Curiously, the Standing orders of the House talks about vacancy but did not define how the vacancy will come about: whether by death, resignation or impeachment. It just stated that in case of vacancy and this is captured in Order 2 Rule 9 which states that: “whenever a vacancy occurs in the office of the speaker or deputy speaker, the clerk shall report same to the House at each next ses-

sion of the House and the House shall either forthwith or in the next session proceed in the manner herein prescribed…” But it was learnt that Tambuwal was aware of the plot against him by the PDP and the presidency and he had his game plan to thwart their moves. He is said to be mobilising his colleagues, especially those in the opposition and his loyalists in the PDP. A principal officer who spoke to New Telegraph on condition of anonymity said even if Tambuwal defects to the APC, he will remain as speaker. CONTINUED ON PAGE 6

Chief Executive Officer of Microsoft Corporation, Mr. Satya Madella; President of Dangote Group, Alhaji Aliko Dangote and the Chairman of Microsoft Corporation, Mr. Bill Gates, after a meeting in Seattle, the United States.

Military jet, two pilots missing in action, says DHQ lBegins deployment of special squad in North-East lACF accuses Jonathan of failing to protect North Emmanuel Onani, Ibrahim Abdul and Ibraheem Musa

he military yesterday intensified efforts to find an Alpha Jet (NAF 466), belonging to the Nigerian Air Force, which went missing on a mission to bomb some Boko Haram enclaves in Adamawa State. Earlier, the Defence Headquarters (DHQ) had in a statement declared the jet, with two pilots on board "missing." The declaration of the Alpha Jet as missing came about two months after a Mi-35 attack helicopter, also on a routine bombing operation in Bama, a town in Borno State, killing the pilot, Flight Lieutenant

Onyeka Nwakile. A statement by the Director of Defence Information (DDI), Maj. Gen. Chris Olukolade, said the fighter jet, which disappeared "around Adamawa State, with two pilots aboard, left Yola, the state capital, at about 10:45 am on Friday." The jet, which was said to be on a "routine operational mission", according to the statement, was expected back at noon on Friday. However, all efforts made to establish contacts with the ill-fated jet's pilot, had been unsuccessful, the DHQ added. The statement was silent on whether or not investigations into the remote or immediate cause

of the jet's disappearance, had begun. The declaration of the military jet as missing came amid intensification of aerial bombings of suspected Boko Haram hideouts in Borno and Adamawa States, following the full-scale war currently raging to end the insurgency unleashed on the country by the sect. New Telegraph learnt that for almost three days, officials of the Nigeria Air Force had been combing locations in Adamawa and Borno border areas to locate the jet. Military sources said the jet disappeared from the radar after it went for routine operations on Friday against Boko Haram.

They said the missing plane was among some aircraft deployed for intense aerial bombardment of Boko Haram fighters. The Nigerian military since early last week launched heavy air bombardment on Michika and Madagali towns that were overran by Boko Haram, just as the military had continued to shell locations believed to have a large concentration of insurgents. The aerial bombardment, insiders said, had left the Boko Haram insurgents suffering extensive losses in men and equipment. The Dassault/Dornier Alpha Jet is a light attack CONTINUED ON PAGE 5

NEWS

Sanctity of Truth

Monday, September 15, 2014

Fashola holds secret meeting with T.B Joshua CONTINUED FROM PAGE 1

Speaking with our correspondents, General Overseer of the church, Prophet T.B Joshua, described those who have lost their lives as martyrs. Despite the tragedy, the Sunday service and miracle session held at the church auditorium yesterday. Also, Governor Babatunde Fashola (SAN) yesterday held a closed door meeting with the General Overseer of Synagogue, Prophet T.B. Joshua. The governor did not speak with journalists after the meeting. Fashola had earlier urged Prophet Joshua to allow trained professionals to take charge of the disaster scene to ensure speedy evacuation and rescue operation. The governor, who was visibly angry when he visited the scene of the collapsed building, ordered the Commander of the Rapid Respond Squad (RSS), Hakeem Odumosu and the Chairman of the state Taskforce on Environment and Special Offences Unit, CSP Bayo Sulaiman to ensure the entire place is condoned off. Meanwhile, Lagos State Government and National Emergency Management Agency yesterday disagreed over a video footage showing an aircraft hovering around the ill-fated

church building before it eventually collapsed. The church authority had blamed the tragic incident on sabotage, saying a terrorist group was behind the attack on the church which made its guest house under construction caved in. They wondered why the same aircraft had to hover around the building for over four times before the building went down. Joshua was widely quoted on Sunday as saying that a low-flying plane that had been repeatedly circling the building may have been responsible for the collapse. Ikotun lies to the west of Lagos’ international airport. But a highly placed official of the state government, who watched the

video clip, said they could not find any correlation between the hovering aircraft and the collapsed building. Also faulting the claim, NEMA South-West spokesperson, Ibrahim Farinloye, said the claim has engendered security concern, but said the construction of the building did not follow due process. According to him, the building was initially twostorey before other floors were added to it without proper adjustment to the foundation basements. Addressing journalists at the scene of the incident, the state Commissioner for Physical Planning and Urban Development, Mr. Olutoyin Ayinde, reiterated that the church authority was yet to present evidence of building approval.

Ayinde said like the collapsed building, the church had begun to add additional floors to some existing buildings. He said: “The church authority claimed they have a team of engineers overseeing the ongoing building construction in the church premises. They claimed they have approval for the building. We have told them to present their approval. So, we are still waiting for them to present it.” In another development, the Committee for the Defence of Human Rights (CDHR) has given the Federal Government 48 hours to investigate the cause of the building collapse. The group in a statement signed by its national president, Sunny

Enenuvwedia, said: “The building collapsed in a manner that suggests a pre-planned, pre-meditated and controlled process in the sense that all the pillars gave way simultaneously and the entire structure came down together. Structurally defective buildings don’t just collapse completely like it happened in this case especially considering that the building has been standing for years. “The total number of lives that has been lost and those who sustained various categories of injuries is yet to be known but it is clear that the victims are not Nigerians only. The Church always play host to citizens from all nations hence the saddening incident has international implications.”

32o C 22oC

22o C 18oC Storms

KANO

35o C 22oC Thunder Storms

Widow of the 'Black Scorpion', General Benjamin Adekunle, Foluke and son, Folarin, at their residence in Surulere, Lagos…yesterday.

PHOTO: SULEIMAN HUSAINI

US moves to cut off oil imports from Nigeria CONTINUED FROM PAGE 1

ENUGU

31o C 23oC Storms

IBADAN

31o C 22oC Thunder Storms

CALABAR

28o C 22oC Storms

MAIDUGURI

33o C 23oC Storms

ONITSHA

33o C 23oC Storms

AEROCONTRACTORS LAGOS-ABUJA (MON-FRI) 06:50; 13:30; 16:30; 19:45 (SAT/SUN) 12:30; 16:45 ABUJA-LAGOS (MON-FRI) 07:30; 13:00; 19:00 (SAT) 12:30 (SUN) 15:30

OVERLAND AIRWAYS LAGOS-ILORIN (MON-FRI) 07:15 LAGOS-IBADAN (MON-FRI) 7:00 IBADAN-ABUJA (MON-FRI) 08:00 IBADAN-LAGOS (MON-FRI) 16:30 ILORIN –ABUJA (MON-FRI) 08:30 ILORIN –LAGOS (MON-FRI) 17:00 ABUJA-ASABA (MON-FRI) 10:00 ASABA-ABUJA (MON-FRI) 14:15 ASABA-LAGOS (MON-FRI) 11:30 LAGOS-ASABA (MON-FRI) 13:00 ABUJA-ILORIN 16:00 ABUJA-IBADAN 15:00

Storms

PORT HARCOURT

FIRST NATION AIRWAYS LAGOS-ABUJA (MON-FRI) 06.50; 09:30; 11:45; 16:00 (SAT) 06:50; 11:45 (SUN) 11:45; 16:00 ABUJA-LAGOS (MON-FRI) 09:00; 11:30; 13:40;18:30 (SAT) 09:00; 13:40 (SUN) 13:40; 18:30 LAGOS-PORT-HARCOURT (MON-FRI) 14:45 (SAT) 16:15 (SUN) 14:45 PORT-HARCOURT-LAGOS (MON-FRI) 16:50 (SAT) 18:20 (SUN) 16:50

MEDVIEW AIRLINES LAGOS-ABUJA (MON-FRI) 07:00; 08:50; 12:00; 15:30 (SAT) 10:00; 15:00 (SUN) 17:30; 18:30 ABUJA-LAGOS (MON-FRI) 09:00; 14:00, 15:00; 18:30

TODAY’S WEATHER FORECAST ABUJA

FLIGHT SCHEDULE

gest consumers of crude from Nigeria. The IEA said in the report that the US was planning to end crude importation based on its gradual self-sustainability in energy needs through the Shale oil boom. The US is targeting 2019 for the commencement of 1.3 million barrels per day crude export, the IEA said. A crude trader however, told New Telegraph that the 1.3 million per barrels crude exports from the US by 2019 is a big threat to Nigeria’s Asian market. “This is because the US will need buyers for its crude and this is likely to make the country look the way of Asia for business.

This is a major threat to Nigeria’s economy if nothing is done urgently about this,” he said. The new measure to end crude imports is also affecting countries such as Saudi Arabia, Angola and other crude suppliers to Washington. “The IEA North America's shale oil boom has started to squeeze Saudi Arabian oil out of the US market in the same way it did with West African crude,” the energy agency said. It also predicted a flood of US gasoline exports to world market. "In recent years, surging light tight oil production has backed out US imports of West African

crude, which are now moving to Asia," the IEA said in a monthly report. "Saudi exports seem to be showing the beginning of a similar shift," it said, estimating that Saudi exports could run below 7 million barrels per day for the last four months, the lowest level since September 2011. "Exports to the US led the drop amid rising Saudi domestic demand for crude burn and refinery runs," the IEA said. Saudi Arabia was pricing oil out of the US markets by keeping official selling prices high while adjusting them down for Asia, it added. The North American supply boom has not only

cut crude imports into the United States but also turned it into a net products exporter - in sharp contrast with previous decades when it was the largest importer in the world. "In coming years... U.S. light distillate exports will reach increasingly far-flung markets," said the IEA, which estimates that Canada and the United States could have a surplus of naphtha and gasoline of around 1.3 million barrels per day by 2019. Planned expansion at Valero and Marathon refineries to process more of the light tight oil extracted from US fields will add to the glut, the IEA said.

ARIK AIR LAGOS-ABUJA (MON-FRI) 07:00; 08:00; 09:00; 11:00 13:00; 15:00; 17:00; 19:00 (SAT) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00 (SUN) 11:00; 13:00; 15:00; 17:00; 19:00 ABUJA-LAGOS (MON-FRI) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00; 20:00 (SAT) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00 (SUN) 09:00; 13:00; 15:00; 17:00; 19:00 LAGOS-PORT-HARCOURT (MON-FRI) 07:00; 09:30; 11:00; 13:30; 15:00; 17:30 (SAT) 07:00; 11:00; 15:00 (SUN) 09:30; 11:00; 13:30; 15:00; 17:30 PORT-HARCOURT-LAGOS (MON-FRI) 07:30; 09:00; 11:30; 13:00; 15:30; 17:00 (SAT) 07:30; 11:30; 09:00; 13:00; 17:00 (SUN) 11:30; 13:00; 15:30; 17:00 ABUJA-PORT-HARCOURT (MON-FRI) 06:45; 10:10; 13:30; 16:50 (SAT/SUN) 06:45; 10:10; 13:30 PORT-HARCOURT-ABUJA (MON-FRI) 08:30; 11:50; 15:10; 18:30 (SAT/SUN) 08:30; 11:50; 15:10

NEWS

Sanctity of Truth

Monday, September 15, 2014

FG, envoys target $80bn trade with Asia Ayodele Aminu

ithin the next two years, the Federal Government and 14 of its ambassadors across the Asian countries have resolved to double the volume of trade between Nigeria and Asia to over $80 billion (N13.2 trillion). The anticipated trade volume stemmed from the outcome of a strategic meeting in New Delhi, India where the countries brainstormed on a strategic synergy aimed at further improving the trade and investment ties with the 15 countries. The two-day meeting was the first of such in over 50 years, the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, stated in a statement made available to journalists yesterday. Currently, trade volume between Nigeria and 15 Asian countries stands in excess of $40 billion (N6.62 trillion). India is currently Nigeria’s largest trading partner with a trade volume of about N2.95trillion, followed by China (N2.143trillion). Trade volume between

Nigeria and Australia stands at N534.3billlion; Singapore (N293.4billion); Indonesia (272.8billion); Japan (N263.5billion); and Bangladesh (N84.5billion), among others. Fourteen ambassadors, including the Ambassadors of Nigeria to India, Japan, Hong Kong, Singapore, Indonesia, Thailand, Philippines, North Korea, Vietnam, China, South Korea, Sri Lanka, Guangzou and Pakistan, attended the meeting. Key agencies of the Ministry of Industry, Trade and Investment, such as the Nigerian Export Processing Zones Authority, Nigerian Investment Promotion Commission, National Automotive Council, and the Oil and Gas Free Zone Authority, were also at the roundtable. Aganga said the meeting was necessitated by the emergence of Asia as Nigeria’s major trading and investment partner, adding that there was an urgent need to maintain Nigeria’s current position as the preferred investment destination in

August inflation rises to 8.5%, says NBS Abdulwahab Isa Abuja

igeria’s inflation rate rose marginally for the sixth consecutive month, from 8.3 per cent in July, to 8.5 per cent in August, strengthening the case for policy makers to keep interest rates on hold. The National Bureau of Statistics (NBS) disclosed this yesterday in its monthly inflation update report. Consumer-price growth will probably average 7.5 per cent this year, World Bank economist John Litwach said in a July forecast. Nigeria targets 9 per cent as the upper limit. The Central Bank of Nigeria (CBN) had cited inflation risks, including an expected increase in government spending before 2015 elections and rising food costs, as one of the main reasons it left the benchmark interest rate unchanged in July. The key rate will probably be held steady until after the polls, CBN Deputy Governor Kingsley Moghalu had said. Increase in prices according to the Statistics Office, were recorded in items like, coffee, tea and

cocoa; fruits, meats, fish, oils and fats groups. The food index, which is the major contributor edged higher to 10.0 per cent in August, from 9.9 per cent recorded in July. “Prices were pushed higher as a result of higher prices in a broad array of food groups that contribute to the index. Prices were however, slowed by a muted increase in the bread and Cereals group," the Statistics Office said. On a month-on-month basis, food prices increased by 0.6 per cent in August, down from 0.8 per cent recorded in July. The monthly statistic headline index of price increases recorded in the headline index in August was as a result of increases in the 12 major Classification of Individual by Purpose (COICOP) divisions that yield the Headline index. The 12-month rate of change has held steady for the previous three months, said the Statistics Office, adding that increase in prices in the All Items less Farm Product or Core sub-index continued to be muted for the second consecutive month, after increasing at a faster pace for the previous three months.

Africa and globally. The meeting also opened up fresh investment commitments by major Indian companies, who were not yet present in Nigeria. The minister said: “Why is this important meeting happening in India, some may ask? Why not in one of the western nations with whom Nigeria traditionally had strong trading ties? The reason is that over the last decade, there has been a shift in the dynamics of how Nigeria does busi-

ness globally. We have seen our nation move from a nation historically joined at the hips with the western world to one, which is more and more eastward facing. “This is evidenced by the fact that Nigeria’s biggest trading partner is now India, with China following closely behind. Nigeria also sells a large portion of its crude to India, while our traditional major buyer – the United States – has moved to 10th place. This scenario mirrors the shift in trading

patterns.” He added: “Whilst the Western world has been beset by economic instability, the fastest growing economies have been those in the African and Asian regions. We want to arm you with relevant information to help in your roles as Chief Marketing Officers for Nigeria in your various stations. “That is why we have ensured that many of the parastatals and directorates under the supervision of Ministry of Industry, Trade and

Investment (MITI) provide key information on the progress and policy thrust in key sectors of the Nigerian economy to guide you in this critical assignment.” The minister stressed that there was the need for Nigerian missions abroad to key into and play active roles in promoting Nigeria’s investment opportunities and strengthening trade ties with their countries of assignment, in line with the Transformation Agenda of the President.

L-R: Former Ekiti State Governor, Mr. Olusegun Oni; former President Olusegun Obasanjo; widow of former Ondo State Governor, Mrs. Olufunke Agagu and Chief Pius Akinyelure, at a lecture in honour of the late Dr. Olusegun Agagu in Ibadan…yesterday.

Military begins deployment of special squad in N'East CONTINUED FROM PAGE 3

jet and advanced trainer aircraft co-manufactured by Dornier of Germany and Dassault-Breguet of France. Adopted by many air forces worldwide, the Alpha jet continues to be widely used even though its useful service life is over in France and Germany, its primary operators. The aircraft has a maximum speed of 1,000 km/h with a combat radius of 610 km. Its armament includes 2,500kg bombs, machine guns, rockets and Sidewinder missiles. Currently, the Alpha jet is the Air Force’s chief work-horse. However, local farmers in Gombi Local Government Area of Adamawa State said yesterday that the missing jet might be the one that crashed at a place near Gabun Primary. Residents on a remote Gabun said they saw a ‘low-flying jumbo jet’ matching the description of the missing Alpha Jet

early yesterday. Similarly, several residents of Hawul, a border town in Borno State, said they saw an aircraft with green-red- stripes flying so low over the mountains as the plane’s doors were clearly visible. A witness said: "I’ve never seen a jet flying so low over our mountains before. We’ve seen planes, but I’m sure that this was not one of those. I could even make out the doors on the plane clearly. "It’s not just me alone; several other residents have reported seeing the exact same thing. Some people got out of their houses to see what was causing the tremendous noise too." Gabun is a mountainous terrain, which runs through Biu in Borno State where the Boko Haram insurgents had taken. It was also learnt that in a bid to bolster the ongoing counter-insurgency war against Boko Haram, the military have started a "gradual" deployment of some Special Forces in the North-East.

New Telegraph gathered from a highly-placed military source that members of the Special Forces, who had undergone counter-terrorism training, had already started recording gains for the military. President Goodluck Jonathan had, during the passing out parade of the Nigerian Army Officer Cadets of the 61 Regular Course and Short Service Course 42, announced at the weekend that a Special Force Brigade (SFB), would be established to tackle terrorism in the North-East. The source added that before the Special Forces are established, the military would do a "gradual" deployment of some of the officers and soldiers who had already received training. He stated that the Special Forces contributed to the recent "gains" recorded in Bama, Konduga and Gamboru-Ngala in Borno State, as well as Michika and Mubi in Adamawa State. "The military have

started sending out some of our special troops, who have acquired serious counter-terrorism training. "These guys joined forces with our regular soldiers, to achieve the successes we recorded in Adamawa and Borno", he said. When New Telegraph sought clarification from the Director of Army Public Relations (DAPR), Brig. Gen. Olajide Laleye, he said: "All I know is that the successes were recorded by our regular soldiers." Meanwhile, the Arewa Consultative Forum (ACF) has accused President Goodluck Jonathan of failing to protect the North from Boko Haram insurgency. The chairman of the forum and former Inspector General of Police, Alhaji Ibrahim Ahmadu Coomassie, who stated this in his opening remarks before the members went into a closed-door session yesterday, also alleged that the Federal Government was not doing enough to tame the terrorists.

NEWS

Sanctity of Truth

Monday, September 15, 2014

2015: Igbo Presidency not our agenda-Ohanaeze Ndigbo lKicks against distribution of new polling units Yekeen Nurudeen Abuja

he Igbo social-cultural group, Ohanaeze Ndigbo, has disclosed that the Igbo nation is not pursuing any presidential ambition in 2015. President General of Ohanaeze Ndigbo, Chief Gary Enwo-Igariwey, said in Abuja at the weekend after an enlarged meeting of the group with leaders of Igbo organisations in the 19 Northern states and

Abuja, that the group was not looking at Igbo presidency in 2015. He, however, added that the decision of the group would be made known at the appropriate time, even as he said there was no time the group said it has not pushed the idea of an Igbo man being president in 2015. His words: “We are not looking at Igbo presidency in 2015. Our decisions would be made known at the appropriate time.

Ailing Taraba Governor, Suntai, returns from medical treatment Lateef Ibrahim and Sabiu Mustapha

iling Taraba State Governor Danbaba Suntai arrived Abuja at the weekend after months of medical treatment in the United Kingdom. Suntai, who arrived the Nnamdi Azikiwe International airport at about 10p.m. on Saturday, was received by some of his former aides and other top politicians from Taraba State. Suntai later addressed newsmen at the Gen. Theophilus Danjuma’s guest house in Asokoro, Abuja. He said: “I just arrived in Nigeria after my treatment abroad at Whalton Hospital in London. “I thank God I’m getting better, I am happy to be back home and you all are here to receive me. Thank you all for your prayer and support.” He was received by Minister of State for Niger Delta Affairs, Mr Darius Ishaku; former Taraba Governor, Rev. Jolly Nyame; Senator Emmanuel Bwacha, Chairman, Senate Committee on Agriculture; former Deputy Governor of the state, Mr. Uba Maigari; former Secretary to the State Government; Senator Emmanuel Bwacha and former Commissioner for Information, Mr. Emmanuel Bello among others. Ishaku told newsmen that the governor was in good health, adding that he could now take over the responsibility of governing the state. “Taraba State will heave a sigh of relief following the coming of the governor. I am excited, he just addressed us and expressed his joy to be back home; I will like to add that his health is a miracle,” Ishaku said. Also, Nyame said that Suntai’s mental alertness

indicated that he was capable of taking over the affairs of the state. “It is obvious that the governor can recognise everyone here which shows that he is mentally alert and lucid. He just addressed the press, but the last time he didn’t, which shows that he can take over as the governor,” Nyame said. Suntai’s piloted plane crashed on October 25, 2012 in Yola, the Adamawa State capital, with some of his aides. He was transferred from a hospital in Yola to the National Hospital, Abuja, on October 26, 2012, and later flown to Germany and U.S for treatment. He later returned to the country on August 23, 2013 after 10 months of medical treatment overseas. After some controversies on the status of his health, he was later flown to London for further medical treatment. President Goodluck Jonathan visited him about one hour after the governor was admitted into the intensive care unit of the National Hospital. Jonathan had said that Suntai’s condition was stable, and urged Nigerians to pray for his speedy recovery. However, Suntai’s supporters in Jalingo, the Taraba State capital, were disappointed yesterday as they waited endlessly without seeing the governor. They had expected the governor to arrive the state and give him a befitting welcome just as they did in August 2013 when thousands flooded the streets to receive him. There have been speculations that Suntai will return to the state on Sunday and resume work today Suntai’s deputy, Alhaji Garba Umar, has since been acting as the governor of the state.

There was no time we said we haven’t pushed the idea of an Igbo man being president in 2015." The Ohanaeze President, however, called on all Igbos across the country to register for the next year elections. This, he noted, is a civic responsibility, saying by doing so, Igbos all over the nation should be able to contribute to decisions in their areas of residence. The group also urged President Goodluck Jonathan to fast track the recommendations of the just-concluded National

Conference, noting that the resolutions were what the people wanted which nobody must sit on. While reacting to the recent allegation made by Australian hostage and crisis negotiator, Stephen Davis, that Lt. Gen. Azubuike Ihejirika, was amongst sponsors and kingpins of Boko Haram, the Ohanaeze president said the group saw the reasons given as unrealistic. Also, the group in a communique issued at the end of the meeting kicked against reasons advanced

by the Independent National Electoral Commission (INEC) to create new polling units. The communique reads in part: "We commend the sacrifices by security forces in their fight against insurgents. Our hearts go out to the families of those who have lost their lives in the defence of our country. “We condemn in strong terms, the attempt to smear the person of former Chief of Army Staff, Lt. Gen. Ihejirika. The logic behind this is strange and unacceptable. We are satisfied with the

explanation of the State Security Service (SSS) and commend his meritorious service to the nation. We urge all those behind this to stop forthwith. “We are dissatisfied with the reasons advanced by the Independent National Electoral Commission (INEC) Chairman for the release of the imbalanced new polling units. “It is insensitive and defies logic. We believe that only after voter registration updates can new polling units be allocated according to new facts. We therefore reject it."

L-R: President-General, Ohanaeze Ndigbo, Chief Gary Igariwey; Senator Hope Uzodinma and Secretary General, Dr. Joe Nwaorgu, at a meeting with Igbo leaders in Northern states in Abuja…at the weekend. PHOTO: ELIJAH OLALUYI

PDP, presidency shop for Tambuwal's successor CONTINUED FROM PAGE 3

According to him, any member of the House is eligible for the position of speaker and that it is left for the members who decide who becomes their leader. According to him, He added that the speakership is not a party position and so the issue of majority or minority party does not count. At the height of the defection of PDP members to the APC and attempt by the opposition party to change some positions in the leadership, they had carved out speaker’s position as untouchable. House deputy spokesman, Hon. Victor Ogene, as well as the Minority Leader, Hon. Femi Gbajabiamila, had submitted that Tambuwal would not be affected even if the APC controls majority in the House and Tambuwal stays put in PDP. According to them, the constitution takes precedence over the House

Standing Rules. Most importantly, Tambuwal has a large followership among the members and this explains the manner he became speaker. A member of the House from Sokoto who is a close associate of Tambuwal said the speaker would contest the Sokoto governorship. The lawmaker said Sokoto State Governor, Alhaji Aliyu Wamakko, who had defected from PDP to APC, was favourably disposed to handing over to Tambuwal. The lawmaker said: “There was a time we travelled to Sokoto with the speaker for the inuguration of projects. As we were waiting, the governor arrived and asked, ‘where is Aminu? That is Speaker Tambuwal. When the speaker came forward, the governor held his hand and told him in Hausa, you have to be learning how to do this now (that is cutting tapes to inaugurate

projects).” On why Tambuwal has not defected to APC if when it is widely known that he is only a PDP member in name alone, the source said the speaker was only waiting for the right time to do so. “We (Sokoto) are now an APC state and the speaker cannot afford to run for any office under PDP. Besides, our governor and Tambuwal have come a long way and they have a cordial relationship. I can assure you, Tambuwal will contest for governor and he will win,” he added. But another staunch supporter of Tambuwal told New Telegraph that the speaker would vie for the presidency on the platform of the APC. He said Tambuwal had already secured a campaign office in the Maitama District of Abuja. “If he wants to contest for governorship, why would he open an office in Abuja? I am telling you he

has secured an office space somewhere in Maitama and that office may be open soon,” he stated. Reacting to the underground moves against the speaker, his Special Adviser on Media, Imam Imam, said the speaker remained a PDP member and was consulting on his political future. “I will only say that as a rule, we don't comment on things that are speculation. On what happens to his seat in the event he defects to APC, let us not jump the gun. “The speaker has made it clear that he is consulting with various stakeholders on his political future. Let us wait for the outcome of the consultations before commenting. As things are presently we cannot say for sure what the outcome of the consultations will be. Until then, let us stick with what we know, which is, he's a member of the PDP and is consulting on his political future,” he stated.

Sanctity of Truth

Monday, September 15, 2014

NEWS

Felix Nwaneri, Etaghene Ediri and Temitope Ogunbanke

former Governor of Abia State, Dr. Orji Uzor Kalu, yesterday explained that he is backing President Goodluck Jonathan’s re-election bid in 2015, because it is the president’s constitutional right to seek for a second term. Kalu, who spoke last night on Channel’s Television programme, Politics Today, also disclosed the South-East geo-political zone where he hails from, will not be contesting the 2015 presidency, as Jonathan, who is from the South-South is entitled to second term like other past presidents of Nigeria. According to him, the

Sanctity of Truth

Monday, September 15, 2014

Kalu: Why I back Jonathan for 2015 zone will rather throw its weight behind the President in 2015, and wait till 2019. “2015 is not the turn of the Igbo because Jonathan is entitled to a second term like other past presidents. After Jonathan’s tenure in 2019, the Igbo will sit down with our brothers from the North and discuss what next,” he said. Kalu assured that the ruling Peoples Democratic Party (PDP) will win the 2015 presidential election, even as he commended the rotational arrangement by the party, saying the party has used it to stabilize the country.

His words: “The PDP will win the 2015 elections. There may be internal wrangling, but the PDP franchise is very strong, and any presidential candidate the party fields will definitely win the election.” Speaking on the fight against insurgency, he commended President Jonathan for his efforts so far, adding that the Federal Government was doing all it needs to do to ensure that the situation is brought under control. Kalu who refrained from speaking on the administration of Governor Theodore Orji of Abia

State, stated that he would write about the governor and the state in his Leadership Series, as a case point for students of history. He acknowledged that though he made it possible for Orji to emerge as governor of the state, he said something went wrong along the line, and that roads in Abia State have become impassable, even as he lamented that thugs reign supreme in the state, harassing innocent citizens. The former governor stated that every fight he ever had with former President Olusegun

Obasanjo was because he stood on the side of the people, for what was right. According to him, even though his businesses were grounded by the Obasanjo administration, he still fought for the right and good of the people. Kalu also commended the recommendation for creation of additional state in South-East. His words: “I think the most important state to be created is the one out of South-East. The SouthEast delegation to the National Conference led by Gen Ike Nwachukwu fought for it and they got it

approved by almost all the members of the conference. I think that should be in the front burner now for that state to be created in South-East, so that we can have justice because justice is everything that is holding the country on the ground. “If you want to talk truly about Nigeria, you have to first give South-East the one state as a matter of urgency. The South-East needs the state more than any other parts of Nigeria because every other geopolitical zone has six states and another seven states. That is not justice.”

Common currency: FG canvasses closer ECOWAS, EU ties Abdulwahab Isa he Federal Government has called for closer co-operation between the Economic Community of West African States (ECOWAS) and the European Union on the proposed West African common currency. It said that the sub-region has a lot to gain from the experience of Europe in achieving convergence in the euro. Minister of state for finance Bashir Yuguda made the call weekend in Berlin at a forum ‘Dialogue on German Development Cooperation with Africa’. He also called for Germany’s support as Nigeria seeks favourable terms on the proposed Economic Partnership Agreement (EPA) to ensure that local manufacturing is not adversely affected. A statement issued by Special Adviser (Media) to the Minister, Ikechukwu Eze, quoted the Minster as saying, “EPA is a very

tough area for us in Africa. Some of us in Africa may be keen to easily key into that but for us in Nigeria, we have issues we feel we need to sit down with the European Union to resolve in order to ensure that our local industries won’t be left holding the shorter end of the stick.” On the future of Africa’s co-operation with Germany, Yuguda noted that emphasis should be placed on improving regional integration and offering strategic growth support to Africa’s emerging economies. He said: “Germany and Europe have done very well in the area of regional integration. In West Africa we are in the process of establishing West African Monetary Zone (WAMZ). We (ECOWAS) have been discussing with AU and other African regional blocs. We are working towards having a convergence and we believe we can learn from Germany and the European example.”

Ribadu lifts displaced persons Ibrahim Abdul

Yola

s part of efforts to cushAternally ion the sufferings of InDisplaced Persons

(IDPs) currently taking refuge at the Damare NYSC Camp in Yola, the Nuhu Ribadu Campaign Organisation has donated relief materials worth millions of naira to the camp. Items donated include 500 pieces of mattresses, 1,000 pieces of mats, 2,000 pieces of blankets and 500 cartons of noodles. While presenting the materials, the Deputy Director, Nuhu Ribadu Campaign Organisation (NURCO), Hon. Abubakar Abdullahi, said the materials are provided as a token to alleviate the sufferings of the victims of the insurgent attacks taking refuge at the camp. Abdullahi noted that the campaign organisation earnestly feels the suffering

and agony of the displaced people and prays God Almighty to bring normalcy to the affected areas for the people to go back home and reunite with their families. He urged Nigerians to engage in fervent prayers for the menace to be nipped in the bud. In his remark, Executive Secretary, Adamawa State Emergency Management Agency, Mallam Haruna Hamma Furo, promised to make judicious use of the materials for the purpose it was intended, adding that he has set up eight sub-committees to ensure equitable distribution of relief materials brought into the camp. He similarly thanked the Ribadu Campaign Organisation for their gesture, urging other wellplaced individuals to emulate the gesture in order to reduce to the barest minimum, the hardship being encountered by the IDPs.

L-R: Former Abia State Governor, Dr. Orji Uzor Kalu; widow, Mrs. Oby Igwe; daughters, Victory and Glory, during Kalu’s condolence visit to the family of the late Dimgba Igwe in Lagos..at the weekend. PHOTO: GODWIN IREKHE

Ebola: Rivers opposes Sept 22 resumption date for schools Yekeen Nurudeen Abuja

to the planned Oandpposition re-opening of primary secondary schools

across the country has continued to grow as Rivers State Government at the weekend joined the league of those kicking against the September 22 resumption date announced by the Federal Government. Rivers State Commissioner of Health, Dr. Sampson Parker, who stated the stand of the state government on the resumption date at the weekend while briefing journalists on the efforts made so far to contain the spread of Ebola Virus Disease (EVD) in the state cautioned that

the Federal Government must not be in a hurry to open the schools. While disclosing that 400 contacts are still being on surveillance in Rivers, Parker said that Nigeria and international communities particularly the World Health Organisation (WHO) should rally round countries like Sierra Leone and Liberia in order to assist them to fight the scourge. He noted that, until those two countries are assisted to overcome the problem, whatever efforts and success Nigeria might have recorded would be jeopardized. "I don't see why schools should resume on September 22. We are just exhaling.

In war where there is tough gun battle, you see people escaping to other countries. It is like that and again, that brings the question why I said it is not yet celebration until we are able to sort out the issues in Liberia and Sierra Leone. “There are human beings and in human beings the survival instinct is high and if anybody wants to escape from Liberia and Sierra Leone, the first place they think of is Nigeria. No matter how tight the security you put in place, they will find a way in. So, the best way to prevent this thing from coming into Nigeria is for the international community, West African community to go there and

solve the problems. If we don't solve their problem, one way or the other they will bring they will break through and come," Parker. The commissioner said that the state government has been able to contain Ebola in Rivers, adding that there were no patients in its isolation centre even as he said that all the hotels and hospitals in the state have been decontaminated and are safe for use. While calling for a review of Public Health Laws, Parker lamented that the laws are outdated having being in existence since the 70s and do not have stricter punishments for those who escape from surveillance or refused to disclose they have the virus.

Alaafin bemoans marginalisation of Yoruba Sola Adeyemo

Ibadan

he Alaafin of Oyo, Oba Lamidi Olayiwola Adeyemi III, at the weekend, bemoaned the near-relegation of the Yoruba race in the areas of allocation of resources and political power sharing. The monarch spoke in

Oyo at the closing ceremony of the week-long activities of the third Oranyan festival held at the Aganju Court in the town. He noted that the Yoruba nation was in dire need of empire builders in the mould and character of the legendary Oranyan. “In spite of our heroic contribution to the Nigerian nation, the Yoruba

ethnic group is almost relegated to the background in the scheme of things in the country. It would almost seem that the central government has decided to look away from Yorubaland in the areas of allocation of resources and sharing of political power. “This unfortunate situation is no doubt disturbing,

bearing in mind the enormous resources available in Yoruba world view to build the Nigerian nation. There is therefore the need for a new Yoruba genius to emerge and provide leadership for the Yoruba nation while aspiring politicians should approach the fountain of knowledge,” the monarch said.

NEW TELEGRAPH

www.newtelegraphonline.com/metro

ABIODUN BELLO FEATURES Editor

MONday, SEPTEMBER 15, 2014

abiodun. bello@newtelegraphonline.com; otuntise@yahoo.co.uk

0802 393 8212

Community begs for roads, health centres INFRASTRUCTURE A community without power supply for 12 months, roads for 20 years, hospitals and schools begs government intervention. Camillus Nnaji

esidents of Papaolorunda Community, Ibafo Obafemi Owode Local Government Area of Ogun State have described their areas as ‘government rejected areas.’ This was even as they begged Governor Ibikunle Amosun, to try and complement the efforts of the community members in provision of some vital amenities like good roads, electricity, health centres and schools. The community comprises of four Community Development Areas (CDA); Victorious, Ilesiwaju, Papa Olorunda and Ashejere. According to the residents, the community has been without a link road for over 20 years. They added: “For over 12 months now, we’ve not had power supply from the Power Holding Company of Nigeria (PHCN). We don’t have public schools and health centres in the community.” They wondered why a community, which has over 500,000 tax payers, should be forgotten by the government. Chairman of the Community Development Area (CDA), Engineer Ololade Adeogun, said: “Our greatest problem is lack of good accessible road! I mean a road that can link residents to the highway at Ibafo and other communities. I’ve lived in this community for over 10 years and this has been the

One of the bad spots

situation. A road owned by the state, which passes across the area has been abandoned by successive government. It’s however through communal efforts that we’ve been able to construct a passable road that leads to Aseese. The road has since become deplorable due to pressure from motorists.” Adeogun urged the state government to commit a fraction of what they spent on over-bridges in the cities, to reconstruction of Papa Olorunda-Ibafo roads. Olu Akinmuleya, a resident said he couldn’t recollect the last time he drove his car. His words: “I’ve resorted to taking commercial bikes whenever I’m heading to the office. It’s always hell for road users whenever it rains.” Prince Fred Adegeye of Ilesiwaju CDA said he was shocked the government was handling issues of healthcare and child education with such flagrant levity. “There’s no Government Health Centre and public schools in this area! We’re cut off from Ibafo and Aseese where such facilities exist. A lot of people have died from ailments that could have been handled at health centers. Most times, before a victim negotiates the Ibafo bad road to get to Ibafo or Aseese, he or she would have died,” said Adegeye. Adegeye who further revealed that lack of enough public schools, has given rise to proliferation of private schools, added that many of such private institutions have questionable standard. He explained that there was only one public primary school and it’s situated at Ibafo and its facility has been over stretched. Adegeye noted: “There are over 100 pupils in a class. Some of the pupils sit on the floor, while others hang around. If there’s a public school in Orimerumu, we shouldn’t

The State road across Papa Olorunda

have to take our kids and wards to Ibafo.” Alhaji Aliu Amolegbe of Victorious CDA lamented that power supply was a luxury in the community. He said that for over 12 months now, residents had not witnessed or experienced the effect of PHCN. They live in perpetual darkness, he said. Many of them have resorted to using generating sets 24 hours. Buttressing Amolegbe revelation, Adeogun said there was a time government assisted them by providing transformer for the community. He recalled: “The government asked members of the community to come to Abeokuta, to carry the transformer. We went there and carried it. Issues of installation, cables, and step-down were carried out by the community. Even after all these; the transformer has not been powered by PHCN.” The engineer urges Amosun to assist the community by providing some

The CDA Chairmen

of the infrastructure that will make their lives a bit comfortable. “We have constructed over 20 culverts along the roads to check flooding. We’ve started building a health center and primary school of our own. We’ve donated a hectare of land for that purpose. Through community levies, we have started road constructions. We’ve been pouring truckloads of granite on the roads. I can’t even count the number of things we’ve started on our own. There’s an extent we can stretch ourselves! The Governor should come to our aid.” Permanent Secretary, Ogun State Ministry of Works and Infrastructure, Mr. Kayode Ademolake said that the government has plans for the community. According to him, “The roads will be graded first before full construction takes place, but the actual time is what I don’t know.”

10 METRO

Monday, September 15, 2014

Woman faces divorce after gang rape TRADITION A mother of three faces divorce after four men raped her. Her husband’s tradition forbids continuation of such marriage. Camillus Nnaji

mother of three, who was raped by four men, is presenting facing threat of divorce from her husband. The incensed husband has described what befell his wife as an abomination. The woman, simply identified as Mrs. Cesi, 27, said

she was raped by four men who fooled her into believing they wanted to buy N4000 worth of fishes from her. The incident occurred at Eti-Osa Local Government Area of Lagos State. It was gathered that in her husband’s culture, Otodo Gbame, in Lagos State, a man must not continue to remain married to a woman who has been raped. According to a medical report dated, September, 13, 2014, from Lagos State Government Health Center CMS, with Reference number: 184921 and signed by Dr. Doyin Ramos A.M, Mrs. Cesi was raped. Mrs. Ceci who haltingly recalled how she was raped, said she was returning from

Obalende where she sells fish, when she was stopped by the four young men at Ikate road. They told her they wanted to buy some fishes and requested she followed them to Elegusi’s Palace. Mrs. Cesi said: “Since I know the palace quite well, I followed them. I entered their bus. The man driving suddenly drove past the palace, driving into unfamiliar bush path. I started shouting, asking where they were taking me, but they ignored me. When the man driving stopped, they dragged me out. Three other men came out from nowhere. While four of them raped me, others held my head, hands and legs.” Mr. Cesi, the woman’s

husband, confirmed the rape of his wife, adding that according to the tradition of his people, he regretted that the marriage will no longer continue. He added that there was no ritual or appeasement of whatsoever to remedy the situation. The couple is part of a community at Otodo Gbame, Eti-Osa Local Government Area which has been at logger heads with a certain group of people over their occupation of a portion of land at Eti-Osa. Apparently, the group which wishes to take over the land had also taken to scaring the present occupants by burning their homes and raping their women. Some people believe that Mrs. Ceci is a victim of the ongoing war.

Gunmen attack APC guber aspirant Cephas Iorhemen Makurdi

he convoy of the All T(APC) Progressive Congress governorship as-

Jime

pirant in Benue State and member of the House of Representatives, Hon. Emmanuel Jime was yesterday attacked by a gang of unidentified gunmen. Jime who represents Makurdi/Guma in the green chamber of the National Assembly was waylaid at the Ugbema Junction Toll Gate close to the River Katsina-Ala head bridge by the gang numbering about 10.

The assailants who were in a Red Toyota car popularly called “First Lady” were reported to have carried machetes and guns which they used to disperse supporters of the aspirant who assembled in the area to welcome him before they struck. New Telegraph gathered that the federal lawmaker was on his way to attend a church service organized in his honour at Zaki-Biam, when the gunmen, apparently getting wind of his mission, first attacked his supporters who assembled at the Ugbema Junction singing

party songs and carrying placards with inscription, “Jime 2015”. It was gathered that the governorship aspirant however, escaped unhurt but some of his supporters who sustained injuries in the attack that lasted over ten minutes, were rushed to nearby private clinics for treatment. The Police Spokesperson, Daniel Ezeala said he was yet to receive briefings on the matter. He however advised youths against embarking on violent campaigns to heat up the polity.

Drug trafficker packs N150m cocaine in 15 bags Juliana Francis 50-year-old suspected ANjamen drug trafficker, Mr. Nana Theophile has been

arrested in possession of cocaine which street’s value is put at N150 million. Theophile, who described himself as a computer merchant, was arrested in possession of 16.09kg of cocaine on arrival from Brazil. According to NDLEA spokesman, Mr. Mitchell Ofoyeju, the suspect was arrested at Murtala Mohammed International Airport, (MMIA) Lagos State, during the inward screening of Etihad passengers. “The drug was concealed in 15 hand bags, inside his luggage. The estimated street value of the seized drug is N150 million,” said Ofoyeju. Theophile said he was not there when the cocaine was packed by the drug barons, but he had tried to locate where it was concealed in the bags, but failed. He said he was however shocked to reach MMIA and operatives swarm all over him like ants over sugar. The suspect, a father of

two, said that he was given 6,000 dollars to bring the drug into Nigeria. Theophile added: “I sell computer accessories at Onitsha. I needed money to pay my bills and there was no help. I agreed to bring the drug into Nigeria for the sum of 6,000 dollars. I did not even see the drug until it was detected by the NDLEA officers at the Lagos airport. They gave me the small bags in Brazil that it contained drugs but it was packed in such a way that you have to cut it open to see the cocaine. But immediately the NDLEA officers saw me, they stopped me. They found the cocaine!” According to NDLEA commander at the Lagos airport, Hamza Umar, “The suspect came into the country with a Cameroonian passport with the name, Nana Njamen Theophile. Investigation later revealed that he hails from Anambra State with the name Okafor Gods-will. The case is currently under investigation.” Chairman of the NDLEA, Mr. Ahmadu Giade who expressed satisfaction with the arrest, attributed it to

Suspect’s bags

improved security checks. He said: “This arrest is an indication that Nigeria-Brazil route is not safe for drug traffickers. I am happy with the arrest considering the worth of the drugs. This is a double victory for the Agency because we have the drug and the suspect. The suspect will soon be prosecuted.”

Theophile

Mrs. Cesi

Mourners abandon burial as man vomits blood Cajetan Mmuta Benin

ourners at a wake keeping yesM terday were said to have bolted after a young man suddenly col-

lapsed and vomited blood. It was discovered that the man had just returned from Port Harcourt where Ebola case was reported recently. The suspected young man later died as he was being rushed to Irrua Specialist Teaching Hospital in the Central senatorial district of the state. Agitated relations and friends of the deceased immediately began sending messages to their loved ones on the scare even as mourners at the burial ceremonies abandoned the proceedings for safety after the deceased vomited blood. But a doctor who had attended to the deceased later confirmed that the victim was a regular patient of his and suffered from cirrhosis and was advised to stop excessive ingestion of alcohol drinks. A close family source said: “We were scared initially because he came from Port Harcourt and was vomiting blood before the doctor who I personally met, gave me his medical record.” Meanwhile, the Irrua Specialist Teaching Hospital, which serves as one of the screening centres in the country has said there was no testing facility available for Ebola treatment. It was also learnt that the machine at the hospital has been moved to Port Harcourt, Rivers State capital. The State’s Commissioner for Information, Mr. Lousi Odion, who was contacted on the matter yesterday, denied any Ebola scare in the state. “I spoke to the Doctor in charge of disease control, and he did not say anything of such, it is just rumour and people should dispel it,” said Odion.

METRO

Monday, September 15, 2014

Keep off Abuja: FCT Minister warns tricycle, motorbike riders Yekeen Nurudeen Abuja

he Federal Capital Territory Administration has renewed its war against the operators of commercial motorcycles known as Okada and riders of tricycles popularly known as Keke NAPEP. FCT Minister, Senator Bala Mohammed has ordered that they should steer clear of Abuja. Mohammed who gave the warning said the operation of the two categories means of transportation remains illegal in the nation’s capital. The Minister spoke through the Coordinator of Abuja Metropolitan Council and Vice Chairman of the Abuja multsectoral cleaning Task Force, Architect Reuben Okoya who met with members of the Task Force at the weekend. He listed areas where motorbike riders are totally banned from operating as

Abuja Capital City Centre and all its allied estates, districts, towns, quarters and settlements. They are also banned from all Abuja City’s major entry/exit expressways such as the Airport Road, including Umaru Yar’Adua Expressway and Bill Clinton Drive. Other areas where the motorcycles are banned include the Zuba-Kubwa-City Centre Expressway; the Nnamdi Azikiwe Ring Road; all the towns, settlements, estates, villages in and around Asokoro, Guzape, Nyanya-Karu-KugboAYA Express road. The restriction also covers areas such as Karu and Nyanya under Bridge, Durumi, Lokogoma, Galadimawa roundabout, Duboyi, Kaura, Mbora, Wuye, Utako, Jabi, Jahi, Mabushi and Dako all within the capital city radius. Okoya stated that the ban of tricycles remain in force in the city metropolis, including

Attack on Babalola: Rector, students beg for detainees

Car crushes three-year-old, technician Uwakwe Abugu Enugu

here was a mournful mood at UgTGovernment wuogo Nike in Enugu East Local Area of Enugu State

Adesina Wahab Ado-Ekiti

ector of the Federal Polytechnic, Ado-Ekiti, Mrs. Theresa Akande and students of the institution have called on the Ekiti State Commissioner of Police, Mr. Frederick Lakanu, to release youths and students who were detained over protest that rocked Erinfun in Ado-Ekiti on Saturday. No fewer than 30 persons were arrested over the incident, in which aggrieved students and youths blocked the Ado-Ijan-Ikare Highway and hijacked vehicles from their owners. The protesting youths also pelted the vehicle of legal luminary icon, Aare Afe Babalola (SAN), with stones. They were protesting long power outage in their community. However, briefing journalists in Ado-Ekiti yesterday evening, Akande and the President, Students’ Union Government of the institution, Mr. Ajibola Oladapo, said several innocent students and staff of the polytechnic were arrested by the police. Akande said that the beleaguered community had been experiencing some level of insecurity in recent times, owing to influx of drop-outs from other schools and miscreants. This was aside the protracted epileptic power and water supply that had been militating against the residents, which she said provoked the protest. The Rector added that Babalola actually facilitated the relocation of the polytechnic to Ado-Ekiti from Akure, capital of Ondo State in 1980, aside being a fellow of the institution, adding that the students of the institution could not in any way denigrate his personality or do anything that would smear his image in the eyes of the public. Akande said: “The community has been witnessing serious insecurity challenge in recent times. Some of the students who were dismissed from other schools

the whole of Garki, Wuse, Asokoro, Maitama, Jabi, Gwarinpa, Utako, Durumi, Lokogoma and Apo. Okoya said: “All concerned are hereby informed that tricycles are not allowed to operate within the Federal Capital City. As a matter of fact, they are only allowed to operate within the satellite towns and big estates. That’s provided the estate owners or managers allow them.” He added: “All tricycle riders plying the city centre’s major roads are flouting FCT route operation directives. Those disobeying the directives would be apprehended by the Task Force Team, the VIO, the Police and other security agencies. The offenders would be charged before the mobile courts already put in place for their prosecution.” He stressed that the ban cuts across board irrespective of person, rank or position.

Babalola

have settled there and this made it to look as if our students were involved. Those who partook in the protest were mostly miscreants from other schools and residents of the Ebira Community.” The student leader, Ajibola said: “As peace-loving students, we are appalled at such act of barbarism, especially against a revered personality like Chief Afe Babalola. It’s worthy of note that the management of this institution, which also suffers from the same fate, has been doing all that is humanly possible to provide basic amenities on the campus. We deeply appreciate this and thus we have no cause to complain of lack of power supply or water, and then go on demonstration over same.” While appreciating the police for their prompt action in quelling the crisis, Ajibola, however, called on the police authority to effect the release of their members and other staff who were wrongly arrested during protest. “We hereby appeal to the Police Commissioner in Ekiti State, Mr. Lakanu to kindly release our colleagues. We wish to reiterate that we are peace-loving students and our institution is reputed to be among the most peaceful in the nation. We are saying without iota of doubt that none of us is involved in the protest.”

yesterday after a car crushed a threeyear-old boy and an auto technician identified simply as Kingsley to death. Eye witnesses said that the over speeding car knocked down the victims while they were attempting to cross the road. Minutes after the accident, a grieving man was sighted, weeping profusely over the corpse of Kingsley. He was later identified as the deceased’s brother. Angry youths took over the road, threatening to burn the Toyota Sienna CE car with registration number, ANAMBRA: HAL 398 FC, which killed the victims. The car’s windscreen and other part were damaged following impact on the victims.

The late Kingsley INSET: The car that killed him

PSC, IGP get kudos over police promotions, postings Juliana Francis expert, Mr. FoloAedsecurity runsho Atta, has commendthe recent promotions and

postings of top echelons of the Nigeria Police Force. He said it was an indication that the Police Service Commission (PSC) and the Police Management Team were set to move the force for the long expected better service delivery. Applauding the redeployment exercise, Atta said that the days of ‘man-knows-man’ and putting a ‘square peg in a round hole’ are gone. He said that the posting of police chiefs to certain commands considered to be sensitive, showed that the influences of traditional rulers, governors and captain of industries had not only being eroded, but thrown to the trashcan. He said: “Look at Lagos State Police Command. The new Commissioner of Police there, Mr. Kayode Aderanti was never mentioned or touted by anyone before he was announced as

the police officer to man Lagos State. The other names earlier mentioned by police personnel and security stakeholders are those said to have the supports of those at the Presidency, governors and traditional rulers. However chairman of the PSC, Mike Okiro and the Inspector General of Police, Mr. Suleiman Abba surprised everybody. “If the current management of the police and PSC members do not change from the way they’ve started, it’s very certain that the Nigeria Police Force will in no time be taken to the next level, “enthused Atta. While urging for a continual good working relationship between the Police Management Team and PSC, Atta said that Abba and Okiro are all men of humility, honesty and transparency, he foresees a new and virile force where its personnel will soon begin to smile. “One factor that has acted against the progress of the force had always be acrimony between the PSC and the police. But with a cordial relationship between

the two organs, more hardworking officers will emerge as their morale will be boosted through the cooperation of PSC and the Police,” said Atta. He continued: “There are officers in the force who can beat their advanced world counterparts given the opportunity. Who says the likes of Assistant Commissioner of Police (ACP) Dan Okoro, Superintendent of Police (SP) Abba Kyari, Assistant Commissioner of Police (ACP) Garba Umar of IGP Task Force on Heinous Crime, can’t do more than they are doing?

Atta

12 NEWS

Sanctity of Truth

Monday, September 15, 2014

Kwankwaso: I want to be President of united Nigeria Cajetan Mmuta BENIN

he Kano State GovTKwankwaso, ernor, Alhaji Rabiu yesterday,

blasted the Presidency for allegedly attempting to witch-hunt members of the opposition All Progressives Congress. He said while the presidency chased the opposition with corrupt allegations, the ruling PDP has continued to serve as haven for “criminals and failed politicians in the country.” Kwankwaso stated this during a live interactive session with media executives organized by the management of the Edo State-owned Broadcasting Service (EBS). The programme held shortly after Kwankwaso visited the 250 students of Kano State origin at the Igbinedion University. He also visited the state Governor, Adams Oshiomhole and to felicitate with Chief Gabriel Igbinedion on his 80 birthday anniversary. He also said that he did not want to be a northern president but the president of a united and peaceful Nigeria. He said: “The issue of North/South is unnecessarily being amplified on the Muslim-Christian basis. Everybody should come together; you have to be open. Some of these things are communication issues”. He explained further that he “doesn’t want to be a northern President but a President of the Federal Republic of Nigeria, who must be judged by character.” Kwankwaso said the intractable bad leadership and directionless misrule orchestrated by those in power from 1999 to date, informed his defection alongside thousands of others from the PDP to the APC. He said it was with the aim of giving the nation a new lease of life through effective governance system that will cater for the general wellbeing of the citizenry. The governor, who spoke against the backdrop of attempts by the Presidency to beam searchlight on his administration over alleged corrupt practices,

said such was the stock-intrade of the PDP-led Federal Government against those perceived to be in the opposition party. He said what the country needed was a good and quality leader with the political will to steer her ship in view of the myriads of problems facing the polity and not the blamegame and name calling on Muslims and Christian elements or ethnic groups as masterminds of various ills of the nation. “Any right thinking or friend of Nigeria should condemn what is happening today in this country. We are always condemning it any time we have attack anywhere because we have had our own share of attacks in Kano even though by the grace of God and support of security agencies, we have brought the whole situation under control. What is happening today is condemnable and we will continue to condemn it and call on all our friends in and outside the country to join hands in defeating insurgency and killing of people in this country. But let me say that what is happening today is something that we must join hands, at least, on this issue with the Commander-in-Chief and with the support of our military and other security agencies, we will defeat them”. He added that “the issue of insecurity in this country and many other countries requires everybody from all the political parties, people from all forces of life to come and work together to ensure that extremists, insurgents and criminals are defeated in Nigeria and elsewhere. We have been working from various angles in our state and we have been advising all those who care to listen on how to work together and defeat extremism in this country and even elsewhere. We realize there is correlation between insecurity and poverty; there is also correlation between education and prosperity and of course, there is correlation between poverty and illiteracy. That was why we decided between 2000 and 2011 to put our resources into motion,” he said.

S'East monarchs to resolve conflicts over Igbo origin Tony Okafor, AWKA raditional rulers in the South East Nigeria, will convoke to resolve the controversy over the origin and headship of the Igbo. The monarch of Nawfia in Njikoka local government area of Anambra state and Igwe Umunri, Osuofia Chijioke Nwankwo, disclosed this to the New Telegraph in his palace. He assured that the

issue of Igbo headship would soon be resolved after the monarchs' meeting expected to take place any moment soon, describing the bickerings over the matter by various claimants as unnecessary. Historically, Arochukwu in Abia state, Nri, Igboukwu and Aguleri, all in Anambra state have been linked with the Igbo ancestry.

L-R: Niger State Governor, Dr. Mu'azu Babangida Aliyu; Secretary to the Government of the Federation, Anyim Pius Anyim and Minister of Information, Labaran Maku, during the North Central rally of the Transformation Ambassadors of Nigeria, in Minna…at the weekend

Kalu commiserates with Dimgba Igwe’s family Chijioke Iremeka

ormer Governor of Abia State, Dr. Orji Uzor Kalu, on Saturday promised to take over the education of the children of the late ViceChairman of The Sun Publishing Company, Mr Dimgba Igwe, who died last Saturday, aged 58. Igwe died few hours after he was knocked down by a hit-and-run driver while he was jogging near his house in Okota, Lagos. Kalu, who arrived at Igwe’s residence at about 12:23pm, and was received by the former Managing Director of The Sun, Mr Mike Awoyinfa and his wife, Mrs Bukola Awoyinfa; Managing Director/ Editor-in-Chief, Daily Telegraph Publishing Company Limited, Mr. Eric Osagie; Executive Director, Special Duties, The Sun, Mr Bolaji Tunji, GM, Human Resources/ Administration, The Sun, Mrs Ogechi Uche and the Group Managing Director of PEDAM Marketing International Ltd, Mr. Sweet Asouzu, among others, said he was saddened by the development. He, however, urged the widow and children to

take heart. “As long as I live, the children of late Igwe will remain in school. They will attend the best schools they wish, anywhere in the world and be gainfully employed in the best organisations they wish, except they say no to that. You have to stop crying. Though, as humans, we can’t hold back our tears, especially when we try to remember the roles of the person in the family. “I can’t still believe it. I was in London when I heard the sad news. It’s sad. But you as a pastor, you shouldn’t allow anybody to come in and make you cry. Try and give others hope. We have cried enough. “Don’t worry yourself, I will train all your children and they will go to schools where they want to except they wish not to go to school. This is a major challenge in life. Please, accept my sincere condolences. I’m already speaking with Mike on that. We are not separated forever. We are going to meet again when God wants it. “I want to say that God knows about his death

because Igwe wasn’t sick; he Was trying to be fit and death came. We will try and give him a befitting burial. Everybody must die. Some people will die without leaving anybody to mourn them, while others will die, leaving people behind to mourn. Dimgba left his wife, children and family members to mourn him. “I will speak with Governor Babatunde Fashola of Lagos State to tar the street leading to his house and also name the street after Dimgba. Let’s bury his remains first, then, we can think of what should be done to immortalise him.” On the issue of security, he described it as the business of everybody, saying that all Nigerians should be involved in it. Most importantly, both the government and private sector should move in strongly to develop the healthcare system in the country. “We leave so many things in the hands of government but we should be involved in them also as citizens. Accept my deepest condolences. Life is a journey. We will meet again someday,”

he added. Responding, Dimgba’s elder brother, Mr. Hanson Igwe, who spoke on behalf of the family, said he was relieved by Kalu’s coming. “I want to thank you for your promise. On behalf of Igwe’s family, I thank you for coming.” Meanwhile, Awoyinfa had earlier, while receiving Kalu, said the loss of Dimgba was a great scar in the hearts of his family, colleagues and friends. He said, “We welcome you today but with pains and sadness in our hearts. This is not how we would have loved to welcome you but God, who knows the best, has made it so. We have shed a lot of tears before now and there is no need for more crying. We have cried enough. We have to look at the old good days and thank the Lord. “The role Dimgba played in the lives of many will not be washed away from the face of earth by history. But we are hopeful and confident that God will use you (Kalu) to help the children of late Igwe. Look at these children, they are still young and we know what you can do.”

WAEC tests GCE candidates for Ebola Yekeen Nurudeen ABUJA

s federal government continues to contain the spread of the deadly Ebola Virus Disease (EVD) across the country, the management of the West African Examinations Council (WAEC) at the weekend subjected can-

didates sitting for the ongoing ‘November/December’ West African Senior School Certificate Examination to EVD screening. According to the Head of National Office, WAEC, Nigeria, Mr. Charles Eguridu, the essence of the test was to protect WAEC invigilators, supervisors and candidates from contact-

ing the deadly Ebola virus. Eguridu who led a team of WAEC officials around some examination centres in the Federal Capital Territory (FCT) Abuja, disclosed that the Council was only being proactive by deploying its officials and resources in the conduct of the EVD test to prevent an outbreak of

the disease. His words: "As a responsible organisation, we monitor our exams, but we are more concerned with the fact that people from various communities are coming together to write the exam, especially in the face of the challenge we are experiencing in the nation with the Ebola outbreak.

Obioha: APC not providing credible alternative to PDP / PAGE 17

POLITICS

NEW TELEGRAPH

newtelegraphonline.com/politics

ayodele Ojo

Deputy Editor, politics

ayodele.ojo@newtelegraphonline.com

Quest for a New World Caliphate

p-16

ayodeleojo@yahoo.com

MONday, September 15, 2014

Who’s Who @ NATIONAL CONFERENCE 2014 It was a class of 492 delegates, each with his or her own identity. These peculiarities manifested in what they said or did during the four-month interaction at the 2014 National Conference. Here, as in the previous weeks, we serve you the profiles and contributions of some of the outstanding delegates as captured by ONWUKA NZESHI Ibrahim Coomassie Platform: North West Delegate Committee: Devolution of Power Profile: Alhaji Ibrahim Coomassie is a former Inspector General of Police. He came to the conference as cochairman of the Northern Delegates’ Forum (NDF) and while at the conference, he served as the Co- Chairman of the Committee on Devolution of Power. Contributions: Like many political elites from the North, he came to the conference to protect the interests of the old Northern Region. Coomassie like others never saw anything wrong with the constitution of Nigeria and the structure it has imposed on the polity. From the blast of the whistle till the end of the match, he fought relentlessly to protect the North as was shown in the protest he led over the so-called new draft constitution that emerged at the twilight of the parley. Dr. Junaid Muhammed Platform: Kano State Region: North West Committee: Devolution of Power Profile: Junaid is a medical doctor, social critic and former parliamentarian. He was a delegate to the National Conference representing Kano State and the convener of the Coalition of Northern Politicians, Academics, Professionals and Businessmen. Contributions: Junaid was one of the key members of the northern squad who came to the 2014 National Conference with a single agenda – to ensure that the much-talked about restructuring of Nigeria never saw the light of the day. Although he had criticised the state of things in Nigeria, he was opposed to virtually everything that was proposed to alter the status quo. He believed neither in the essence of the conference nor its outcome. Some of his views reflected the inner arrogance of a man who believes in the “born to rule” philosophy and the false mentality of a section of the country being masters and the rest, their servants. The following were his exact words in one of his encounters with the media: “Every issue that has been canvassed for holding the conference has

Coomassie, Junaid, Useni, Ali: Princes of the Caliphate

Coomassie

Useni

Muhammed

Ali

been found to be false. The issues canvassed are agitations by some people sponsored by the Presidency. Whether it is true federalism or true fiscal federalism, none of them has materialised. Those who agitated for the conference should tell us why their darling National Conference has not produced true federalism. We’ll meet at the plenary; let’s see how the argument on resource control would go. The one we had in my committee, the Committee on Devolution of Power was knocked off by me

and it was declared unconstitutional. Resource control is not going to happen as long as we (northerners) are part of Nigeria.” Lt. General Jerry Useni Platform: North Central Committee: Devolution of Power Profile: Gen. Jeremiah Useni (rtd) was on the corridors of power for several years. He served as the governor of the then Bendel State and later Minister of Transport and Aviation dur-

ing the regime of President Ibrahim Babangida. Jerry Boy as he is fondly called by close associates was the Minister of the Federal Capital Territory (FCT) during the days of General Sani Abacha. Contributions: Useni, though a native of the northern minority ethnic groups in Plateau State, did not pursue the cause of minorities but joined the delegates of the northern oligarchy to CONTINUED ON PAGE 14

14 POLITICS

Sanctity of Truth

Monday, September 15, 2014

Who’s Who @ NATIONAL CONFERENCE 2014 CO N T I N U E D F R O M PA G E 1 3

safeguard the status quo. He was mild in his views but was certainly one of the bulwarks of those perceived as the oppressors of the polity. Senator Rashidi Ladoja Platform: Accord Party Region: South-West Committee: Energy Profile: Ladoja was born on September 25, 1944 in Gambari village near Ibadan. He attended Ibadan Boys High School before proceeding to the University of Liege in Belgium where he bagged a degree in Chemical Engineering. He worked with Total Nigeria, an oil multinational for 13 years before setting up his private business. Ladoja joined politics and was elected to the Senate in 1993 during the short-lived Third Republic. After the 1993-1998 military interregnum, he returned to politics and was elected the Governor of Oyo State on the platform of the Peoples Democratic Party (PDP) in the general election conducted on April 19, 2003. He was sworn in as the governor on May 29, 2003 and was to serve in that office for a term of four years. However, following a dispute between him and his political godfather, the late Chief Lamidi Adedibu, a faction of the Oyo State House of Assembly loyal to Adedibu, impeached Ladoja on January 12, 2006. Due to the controversial circumstances surrounding the said impeachment, he challenged his removal from office in court and was reinstated in December 2006. Contributions: Ladoja came to the national conference on the platform of the Accord Party and went on to serve as the chairman, Committee on Energy. While at the conference, Ladoja and some other delegates narrowly escaped death when the aircraft they boarded from Ibadan to Abuja had one of its wings damaged while it was airborne. He was not so lucky the second time as he lost one of his sons in a motor accident and had to take a little break. Even these did not deter him from spearheading the committee’s review of the energy sector to ascertain the essence of the recent divestment of the Federal Government from the sector and the transfer of the power generation and distribution of assets to the private sector. Chief Dan Nwanyanwu Platform: Labour Party Region: South-East Committee: Politics and Governance Profile: Nwanyanwu is a trade unionist, lawyer and politician. He was first elected national chairman of Labour Party (LP) in 2004. Under his leadership, the party has maintained control of one state, Ondo, and made incursions into Anambra, Enugu and Plateau states. Contributions: At the national conference, he was one of the most vibrant advocates of restructuring Nigeria and made no pretence about his belief that the Federal Government was overburdened with a lot of issues and responsibilities which could have been left to the states and local government councils. “It is because the federation is doing things they are not supposed to do. We must reconstruct it. Some were asking what is the business of the Federal Government building a primary school in my village? What will be the job of the states and the local governments? What is the concern of Federal Government issuing driver’s licence and motor licence? These are some of the issues that have to be removed from the hands of the Federal Government. You can see that it is a pitiable situation now,” he submitted at the conference

Agents of change versus

Peterside

George

Nwanyanwu

Okurounmu

plenary. While at the conference, he became a convert of the advocacy for state police after he said he became convinced that multi-level policing would enhance security of lives and property. He also supported the recommendations that the states should be the federating units; local councils should cease being a tier of government and the members of the National Assembly should serve on part-time basis. He said: “I will insist that anybody who has no means of livelihood has no reason being in politics. If you have no verifiable means of livelihood, you have no reason to be in politics. They are the ones who are spoiling politics because everything about them will be hinged on what they get from the system. A law must be passed to make sure you have a verifiable means of livelihood before you enter into politics so that you will not see it as a full-time employment.” Dr. Ahmadu Ali Platform: Peoples Democratic Party Region: North-Central Committee: Devolution of Power Profile: Ali is a medical doctor, exsoldier, administrator and politician. He trained as a medical doctor but joined the Nigerian Army where he rose to the rank of a Colonel. He became the pioneer Director of the National Youth Service Corps (NYSC) in 1973 but came into limelight when he

served as the Federal Commissioner of Education in the late 1970s. While in office as Federal Commissioner of Education, Ali incurred the wrath of the defunct Nigeria Union of Students when he introduced tuition fees and pursued other policies that were considered unpopular by the students. This triggered the infamous “Ali Must Go” demonstrations in tertiary institutions across the country in 1978. He later joined politics and was elected to the Senate during the aborted Third Republic. Ali later emerged the National Chairman of the Peoples Democratic Party (PDP) where again he promoted a strange concept in party politics called the garrison commands, referring to fiefdoms controlled by political godfathers whose commands must be obeyed. Contributions: Ali does not seem to believe in democracy as such as his actions showed he was a garrison commander himself. When many delegates mounted pressure on the conference leadership to allow members of various committees choose their chairmen and deputies, Ali cautioned that such freedom would be difficult to manage. He advocated the appointment of the committee leadership which some delegates saw as an imposition. His fear was that if the committees were allowed to choose their leaders, majority of them might come from a particular region of the country. He vehemently defended the controversial census

figures which put the North ahead of the South in terms of population. He was not comfortable with the renewed clamour for Nigeria to return to the old regions and the recommendation on the creation of an additional state for the South East. He said every region that desired new states must fight for it. He wanted states that wish to merge to do so. He canvassed that regionalism was retrogressive and making the six geo-political zones federating units was dangerous. Chief Olabode George Platform: Peoples Democratic Party Region: South-West Committee: Science, Technology and Development Profile: Born on November 21, 1945, Olabode George is a retired officer of the Nigerian Navy. As a Commodore, he was the Military Administrator of old Ondo State and on retirement, he joined the PDP. He became Deputy National Chairman (South) of the party as well as Chairman, Board of the Nigeria Ports Authority (NPA). It was while serving as the chairman of NPA board that he got entangled in a contract scam and was convicted and sent to jail. He challenged his conviction and the courts later ruled that he was wrongly jailed. Contributions: He was a bridge builder during the conference. George was among the elders whom the leadership of the conference relied on to put

POLITICS

Sanctity of Truth

Monday, September 15, 2014

Who’s Who @ NATIONAL CONFERENCE 2014

advocates of status quo

Ladoja

Osoba

Esele

Odumakin

things right when there was tension. He was at the forefront of the campaign for the conference to approve the creation of Isale-Eko State out of present Lagos State. Comrade Peter Esele Platform: Trade Union Congress Region: South-South Committee: Social Sector Profile: Esele is a trade unionist who began labour activism as President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and was later elected President, Trade Union Congress (TUC). He is currently a member of the Petroleum Investment Board. Contributions: Esele continued his advocacy for better conditions of service for Nigerian workers and creation of job opportunities for the unemployed segment of the population. He, however, caused an uproar when he took on past Nigerian leaders and blamed them for the current deplorable situation of the country. At some point, Esele went emotional when he said that he felt like shedding tears as he listened to some delegates, many of whom had held positions of authority in the country. According to him, many of those lamenting about the condition of Nigeria were ministers, state governors and retired top brass of either the police or the Nigeria Armed Forces. Esele wondered aloud why these

crop of past leaders were shedding crocodile tears when they had the opportunity to change the system and did nothing to right the wrongs. Yinka Odumakin Platform: Afenifere Region: South-West Committee: Political Restructuring and Forms of Government Profile: Yinka Odumakin is a journalist and pro-democracy activist. He came to the conference as a representative of Afenifere, the pan Yoruba sociocultural organisation. He once served as spokesman for General Muhammadu Buhari, presidential candidate of the defunct Congress for Progressive Change (CPC) during the 2011 elections. He is the spokesman of the Save Nigeria Group and National Publicity Secretary of Afenifere. Contributions: Odumakin came to the conference armed with the agenda of the South-West which is political restructuring to achieve fiscal federalism in Nigeria. He said the fundamental issues were concentrated in the committees on political restructuring and forms of government, devolution of power. Dr. Josephine Okei-Odumakin Platform: Civil Society Organisations Region: South-South Committee: Civil Society, Labour and Sports Profile: Okei-Odumakin was born

on July 4, 1966 in Zaria, Kaduna State. She attended St. Barnabas Primary School and later Queen Elizabeth Secondary School, Ilorin in Kwara State. She grew up in a Catholic home and wanted to be a nun but ended up an activist and got married to another activist, Mr. Yinka Odumakin. Joe came to the conference on the platform of the Civil Society Organisations, representing the Campaign for Democracy and Women Arise for Change Initiative. Contributions: While the talks went on, she took out some time to campaign for the release of the Chibok girls. Here is her impression of the conference: “A lot of people have said it is a talk shop and that it is another jamboree, but I firmly believe that with some of the people I see here – a lot of people that have not even attended conferences before – I think we should insist that whatever resolution this conference will have must be subjected to referendum. It is only referendum that will now tinker with the proceedings of this conference. “We also need to discuss the National Assembly. As I speak today, I think that our people have lost it. Sovereignty belongs to the people, but because of military psyche, because of military dictatorship, a lot of people don’t even know that the existence of military rule had whittled down the power of the people. We, the people have the National Assembly members

as our agents and we the principals. The principals can dissolve the National Assembly. The National Assembly remains our agents as long as they have their tenure. So, we should utilise our powers. I believe it is going to be a colossal waste of time and resources if, at the end, the outcome of the conference is taken to the National Assembly. They are going to tinker with the outcome if we do that. They are also part of the problems that we are supposed to discuss.” Okon Osung Platform: South-South State: Akwa Ibom Committee: Public Finance and Revenue Profile: Chief Okon Osung was a two-term National Vice President of the Nigeria Union of Journalists (NUJ). He was also the Chairman of the Nigerian Election Monitoring Group (NEMG), the first organised structure to monitor elections in Nigeria and it was the NEMG that declared the June 12, 1993 election free and fair and called on the then Chairman of the National Electoral Commission (NEC), Prof. Humphrey Nwosu to declare the eventual winner of that election. The General Ibrahim Babangida regime was uncomfortable after that world press conference declaring June 12 election free and fair. Okon was among the several Nigerians who were hunted, arrested and detained in the junta’s gulag. He is currently, Chairman, Oron Think Tank, an institution whose responsibility is to proffer solutions to social, political and economic problems facing the Oron people of Akwa Ibom State. Contributions: Okon was an active member of the South-South delegation and made his mark canvassing restructuring of the federation, resource control and fiscal federalism during the plenary sessions. However, he stirred the hornets’ nest when he came with a proposal seeking the postponement of the 2015 general election by 18 months and the extension of the tenure of the present government by the same margin. The proposal provoked a lot of reactions and the conference disowned him and the idea which some described as the hidden agenda of the conference. When confronted about his proposal, he said: “We must consolidate this democracy but one of the greatest threats to democracy in Nigeria today is this attitude of fixation on the forthcoming elections. We are still pretending as if this country is not at war. We are still pretending that it is only the North-East that is entitled to emergency rule. The truth of the matter is that the country is at war and in an emergency situation as we have found ourselves, desperate illness needs desperate remedies; extraordinary problems need extraordinary solutions. “Inherent in a democracy is the doctrine of popular sovereignty which means that power belongs to the people and if power belongs to the people, the people can take that power from anybody. If this constitution in the strictest sense of the word lacks legitimacy, it means that in periods of crisis; in periods of national emergencies certain actions need to be taken by the Presidency to stabilise the polity and my own proposal was very simple. I am not discriminating against any political party that is in power, I said all the democratic structures should be allowed to remain in place and let us use this 18 months to retool.” CONTINUED ON PAGE 20

16 POLITICS Femi Fani-Kayode

ith the beheading of David Haines, a British aid-worker, by soldiers of the Islamic State In the Levant (ISIL) on September 13, 2014 the brutal war that is being waged against humanity by the Islamist terrorists has been ratchet up by several notches. Worse still it is getting more traumatic and unbearable by the day. This is the third beheading of westerners that has taken place and that was filmed and released to the public in the last few weeks. The first and second were of two American journalists, James Foley and Steven Sotlof. Prime Minister David Cameron of the United Kingdom has described the beheading of Haines as “an act of pure evil” whilst President Barack Obama of the United States of America has described the beheadings of Foley and Sotlof as ‘’barbaric’’. Neither of them could have put it better. The CIA have confirmed the fact that up to 30,000 soldiers are now fighting for ISIL and ISIS in Iraq and Syria. Given this sobering news it is a matter of tremendous relief and indeed joy that President Obama has announced that it is the intention of the United States to “degrade and destroy” ISIL by launching a series of deadly airstrikes and to play a more vigorous and active role in the fight against terror. Our very own President Goodluck Jonathan and the Nigerian Armed Forces have a lesson to learn from this newfound American initiative and resolve: it is time for us to take off the gloves and to despatch our own local equivalent of ISIL back to hell where they belong. It is time for us to recognise the fact that we are not just fighting against a group of barbaric, primitive and ignorant cave men, peasants and insurgents who lack compassion and human decency but rather that we are involved in a full scale civil war against a sophisticated, clever, determined, well-funded, wellmotivated, well-armed and relentless enemy who have enormous resources and plenty of support from elements within the political class and who are hell-bent on killing our people, raping our women, abducting our children, dismembering our country and taking us back to the 6th century. Had it not been for the admirable efforts of Colonel Sambo Dasuki, who was appointed National Security Advisor after the demise of General Patrick Azazi a couple of years back, things would have been a lot worse and Abuja would have still been under siege today. Had it not been for the sheer dexterity and immense courage of our intelligence agencies and Armed Forces the towns of Bama, Konduga and a number of other communities in the North-East would still have been occupied by the Haramites today and Maiduguri itself, the capital of Borno State, may well have fallen by now. I have nothing but praise, gratitude and admiration for our uniformed men and women that are fighting at the warfront and I pray for them every day. Regardless of a few setbacks here and there they really have done us proud. Yet things should never have got this bad in the first place and Boko Haram ought to never have been allowed to make the kind of inroads and impact that they have made in the last four years. Three years ago I warned about this threat and offered similar counsel in a series of essays about Boko Haram. I also criticised what I considered to be the Federal Government’s inadequate response to the challenge at the time. Sadly, rather than listen, the majority of Nigerian politicians, newspaper columnists, government officials and professional commentators, as usual, condemned me roundly, said that I was an alarmist and complained that I was being far too harsh on the enemy and far too extreme in my counsel. One particular individual even ac-

Sanctity of Truth

Monday, September 15, 2014

Quest for a New World Caliphate

Obama

cused me of being a “bloodthirsty and callous maniac who had no value for human life.” Clearly they misunderstood what Boko Haram stood for and they had no understanding of the nature of the beast that they were dealing with. Today, almost 20,000 cold-blooded murders and hundreds of abductions later, the very same people that condemned me and ostracised me three years ago for advocating that the Jonathan administration ought to ‘’treat Boko Haram like a festering and putrid cancer,” “kill all the Haramites and their secret friends, allies and sponsors” and that they should “blow up the towns that were loyal to them or that harboured them” are now commending my foresight. They are also burying their heads in shame and hiding under their beds whenever they hear the words Boko Haram. Worse still, those of them that are southerners are urging their fellow southerners that live in the north to leave the north as quickly as possible and move back to the south as a consequence of the scourge, as if that would not play right into the hands of the terrorists. The truth is that the majority of Nigerians are notoriously short-sighted people who are not only undiscerning but who also always choose to believe the best about the villains and the worst about the good guys. Sadly, this has played right into the hands and the horrific narrative of the beasts and terrorists that seek to decimate us and consequently for the last three years they have had a field day. Yet, if it is any consolation, this has been so throughout the world and not just in Nigeria. The Jonathan administration were not the only ones that were slow in their initial response to the challenge presented by the Islamists and they were not the only ones that failed to fully comprehend and appreciate the fact that the terrorists needed to be utterly crushed right from the outset. The Obama administration and indeed the rest of the civilised world made the same mistake when confronted with similar terrorist organisations in North Africa, the Middle East and east Africa in the last three years. The result of that lack of foresight is the fact that today ISIS, and ISIL have now become a threat to the entire free world.

Jonathan

We either do nothing, accept it and prepare for the worst or we fight it with all that we have got. I would prefer that we do the latter. Given the new-found resolve of the Americans in their struggle against ISIL and given the recent gains that the Nigerian Armed Forces have made in the war with Boko Haram In Africa, groups like Boko Haram and Al Shabab have drawn immense inspiration and courage from the successes of ISIL and ISIS in Iraq and Syria. ISIL is the greatest threat to world peace today and they have committed more horrors and indulged in more violence than any other Islamist terrorist organisation that has ever existed. They are providing moral support for Al Qaeda in the North African Maghreb, Al Shabab in East Africa, Boko Haram in West Africa, Hamas in Gaza, the Taliban in Afghanistan and Pakistan, the Chechnyan separatists in Russia, the Muslim Brotherhood in Egypt, Islamic Jihad in Algeria, Daesh in Lebanon, the Al Nusra Front in Syria and all the other vermin that is crawling out from under the woodwork in the name of violent Jihad and in an attempt to create a new world Caliphate. Thousands of Christians, moderate Muslims and people of other faiths have been slaughtered in cold blood and abducted, raped and sold into slavery by the Boko Haramites and their allies and associates in Northern Nigeria, the Cameroons and Mali in the last four years alone. This is a global war and we must all stand together to create more awareness and to fight it. I put much of the blame for the mess we are in on the doorstep of President Obama. He has been weak and

naive on this matter right from the start. He refused to designate Boko Haram as a terrorist organisation up until early this year even though by the end of last year they had butchered well over 15,000 Nigerians. This is inexplicable and it is indefensible. America and her allies have to sit up, do some real soul-searching and endeavour to stop creating the unholy mess that the rest of the world has to later assist in cleaning up. Let us face it, getting rid of men like Muammar Ghadaffi, Saddam Hussein and Hosni Mubarak was a big mistake. The Arab spring has turned into a neverending and horrific nightmare and that nightmare appears to want to consume the entire world in fratricidal butchery and never-ending carnage. Yes those men were ruthless and brutal dictators but at least they were secularists who knew how to deal with Islamist terror and Al Qaeda and at least they kept the peace in their respective countries and regions. No they were not democrats but neither are the rulers of Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, Jordan or any other ally of America in the Middle East except for Israel. What is going on in Syria, Iraq, Libya and Egypt today as a direct consequence of the choices that America made and the implementation of American foreign policy in those countries over the last 10 to 15 years is simply perverse and barbaric. It is a tragedy of monumental proportions and it really does have implications for the entire free world and particularly for the Middle East, Africa, Asia and Israel. One thing is clear: whether we like to admit it or not the violent terrorists with their barbaric vision of a new Islamist world order are here to stay. We either do nothing, accept it and prepare for the worst or we fight it with all that we have got. I would prefer that we do the latter. Given the new-found resolve of the Americans in their struggle against ISIL and given the recent gains that the Nigerian Armed Forces have made in the war with Boko Haram it is clear that we are now moving in the right direction. May God deliver us and may He grant us the victory in this noble quest. •Femi Fani-Kayode was Minister of Aviation

POLITICS 17

Sanctity of Truth

Monday, September 15, 2014

Obioha: APC not providing credible alternative to PDP Chief Ralph Obioha is a chieftain of the National Democratic Coalition (NADECO). To him, the All Progressives Congress (APC) has failed to provide a credible alternative to the Peoples Democratic Party (PDP). In this interview with Chinedu Ekeja, he speaks on the need for a shadow government, the just-concluded National Conference and insurgency among other national issues. Excerpts: How do you see the conduct of the governorship elections in Ekiti and Osun states? When the Ekiti election took place, it came with certain realisation that a party can win or lose elections. Not too long, the Osun State governorship election again proved the same thing: that a party can win or lose elections. That is to say that God has a hand in Nigeria by showing that an election can be won or lost by a party. It is quite unfortunate that some people still came out to express dissatisfaction with those two elections, when it was clear that the Peoples Democratic Party (PDP) won in Ekiti while the All Progressives Congress (APC) won that of Osun. So, we are making democratic progress in Nigeria. I also want to believe that APC may have learnt some lessons and not to cry foul whenever PDP wins an election. Nigerians have come of age and they are beginning to be discerning in the sense of knowing where their electoral interest lies. I was very happy about those two developments. I was also very happy to hear the Independent National Electoral Commission (INEC) chairman, Prof. Attahiru Jega, saying that there will not be use of heavy security to conduct elections in Nigeria. The more this type of things are demonstrated, it will continue to depict us as people who do not know how to go to the polling booths and cast our votes. Do you think military presence during election is not necessary? Yes, I believe so. Other security agencies like the police can effectively be used. In every given election, there are flashpoints. In those identified flashpoints, the military strength could be deployed to guard against any violence that may occur. Though, people who observed the Osun election confirmed that the police and the army were civil and maintained the purpose for which they were sent there, but I do not subscribe to the fact that heavily armed hooded personnel should be deployed to election ground. The APC has threatened to form a parallel government if the 2015 elections are rigged. What is your take on this? They are wasting their time. By now, they ought to have formed an alternative shadow government. They should also have shadow ministers, and all that as it is practised in Great Britain. Those individuals that are members of APC shadow cabinet should be the principal speakers for any particular issue in a given ministry. A shadow APC federal Minister of Education, for instance, should be firing on all cylinders on educational issues. So should defence, finance etc. They don’t need to wait till after the election before the party forms a parallel government. There must be a serious debate in Nigeria where they discuss real issues. It is so irritating to see our campaign being reduced to a mere show. Check any rally of these two parties. Someone will stand on the podium and mention a name and there will be a repetition of party names and slogans till the whole show is over. By now, APC should have shown

whom their presidential candidate is. The candidate should start speaking on concrete issues so that Nigerians can compare and contrast his programmes with that of the present government. They are missing this and it pains. They only have this tendency to knock PDP. That is not the issue; they should tell Nigerians what they have got in stock for them. Any day you open a Nigerian newspaper, you see one accusation of corruption or something related and these things have been so thrown out there that Nigerians have become tired of it. Even if APC accuses the PDP today of going to the Central Bank to loot, Nigerians will say they have heard this before. If APC doesn’t break off the encirclement that PDP has put them in, they will lose that election on the basis that Nigerians will say that it is better to be with devil you know than the angel you have never seen. But do you think the APC has solution to Nigeria’s problems? Well, they keep saying that they do, and we want to hear or see it. There are a lot of lapses in Nigeria of which corruption is just one of them. There is unemployment, which is a big threat to our existence. Ebola has exposed us that our health facilities are on a very shaky ground. These are the issues I believe that APC must present to Nigerians for them to give it consideration. Delay for APC is fatal. What is your appraisal of the just-concluded national conference? I must confess that when it came up there were doubts about it, but those doubts have been removed by the outcome of the conference. Is it not actually curious that Dr. Junaid Mohammed and Chief Edwin Clark can stay in the same hall and both saying the outcome of the National Conference was good. Nobody could have imagined this happening. The conference gave Nigerians a chance to ventilate on the apparent differences that we have in Nigeria. There was unanimity among all the attendees. A general agreement in Nigeria that the South-East needs to get a state. As a first step, the president can find a way to at least create that. And the South-East has also agreed that there is a section in the middle where the five existing states will make a contribution of territories for the creation of this sixth state. This will inspire a

APC should have shown whom their presidential candidate is. The candidate should start speaking on concrete issues so that Nigerians can compare and contrast his programmes with that of the present government

Obioha

lot of confidence that the delegate did not go there to waste the resources of the nation. The conference was a great success.

to the most powerful democracies of the world, the United States. There is a growing tendency that it will soon filter into Britain

If given a chance, what advice will you give to Mr. President on the confab report? The recommendations of the conference have been presented to the president; we should wait for his actions. The president is never short of advisers. But my humble advice is that he must not allow the exercise that he set up to become a waste. This is a conference my fellow progressives have been calling for in the past 20 years, and that was why when it was set up and they were trying to question it, I came out openly to say that we called for this conference and we must participate in it and give every participant a chance to participate in it.

Do you share in the view that Boko Haram is out to discredit the Jonathan government? Yes, I believe that the core reason for Boko Haram was to rush Jonathan out of power. That was why I told you that they had an entry strategy without knowing the exit plan. You cannot run away from that fact. Boko Haram they kept telling us was there, but was it there then the way it is now? Was it the same ferocity that it applied then and now? Were they indiscriminately killing innocent Nigerians and abducting girls?

What is your assessment of the Goodluck Jonathan administration? You know a lot of people have dismissed what Jonathan has achieved, but I don’t share in their sentiment. Nigeria was in a very big hole and the problem has also been there for a very long time. To correct or erect a building takes a long time, but to raze it down again can be accomplished in a matter of hours. Going by what I have read that is being put in place, whether it is in energy, infrastructure or agriculture, my honest opinion is that he is trying. Of course, a lot still needs to be done. The security challenge has been the major problem Nigeria is faced with today. What is your take on this? Insurgency is not in the Nigerians’ DNA. It is definitely imported and those who imported it into Nigeria have only the entry strategy, but they did not get the exit strategy. That is why we still have that problem. And then the people who got into it are now drunk and sick. It is unfortunate because the challenges are not only to Nigeria alone but also

With the way things are going, would you say Nigeria is on the path that NADECO had wanted? First of all, let us accept the fact that there is a return to democracy. That one is an achievement on its own. Whether Nigeria has reached where it should be is a universal phenomenon that concerns not just Nigeria but the whole world. There is no country in the world that does not have diversity of their problems. We seem to play our own up to a point where it seems to be affecting the whole country. What is your message to Nigerians as 2015 elections approach? One, Nigerians should not accept to die for anybody because of an election. There is nobody who died in the act of political thuggery that has been glorified in any manner or form. They should quietly go to the booth, cast their votes for whoever they want and go home and wait for the result. If your candidate wins, you celebrate, but if he loses, you take it in good fate, and give whoever that we have elected a chance. I do not believe that when you distract your leader that he will be at his optimum.

Sanctity of Truth

OPINION Boosting literacy level in Nigeria Tayo Ogunbiyi

eptember 8 is globally celebrated as International Literacy Day. It is a day set aside to draw attention to the importance and impact of literacy skills on individuals, communities, and societies. Since the day was first celebrated in 1946, on every 8 September, the United Nations Educational, Scientific and Cultural Organization, UNESCO, requests governments, employers, trades unions and other key global organizations to get involved and appreciate the importance of the ability to read and write. The theme of the 2014 edition is “Literacy and Sustainable Development”. Without doubt, literacy opens up a window of opportunities to everyone and is essential to individual and societal development. For a society to attain sustainable development, social development and environmental integration, literacy is one of the required key elements. The general perceptive of literacy is ability to read and write. But, literacy has bigger dimensions than that. According to former United Nations Secretary General, Kofi Anan, “Literacy is a bridge from misery to hope. It is a basic tool for daily life in modern society. It is a wall against poverty, and a building block of development. Literacy is a vehicle for the promotion of cultural and national identity”. The import of this is that literacy is central to basic education for all, and indispensable to the eradication of child mortality, achieving gender equality and ensuring sustainable development, peace and democracy in the society. For individuals, families and societies alike, it is an instrument of empowerment to improve one’s health, one’s income, and one’s relationships. Available data indicates that there are now close to four billion literate people in the world. In as much as this represents a positive stride, literacy for all is still a yet-to-be- accomplished objective. A recent

UNESCO statistics shows that 774 million adults still cannot read or write – two-thirds of them (493 million) women. Among youth, 123 million are illiterate of which 76 million are female. In Nigeria, in spite of efforts by all tiers of governments to address rising illiteracy level, there has not been a progressive increase in the literary level, especially among the adults. According to the National Bureau of Statistics, adult illiteracy rate in Nigeria stands at 56.9%. That means that about 70% of Nigerians are illiterates. Considering the fact that globally, the illiteracy rate is approximately 20%, the Nigerian situation is rather disturbing. Expectedly, the states mostly affected by the Boko Haram insurgents in the northern part of the country recorded the lowest literacy level in the country. The Country Comparison Index of Literacy Level by country in 2012 further testifies to the worrisome literacy situation in the country as it shows that Nigeria ranked 161 out of 184 countries with 66 per cent literacy rate. This implies that we belong to the mainstream of the world’s most illiterate countries. A recent USAID study also indicates that an estimated 10 million Nigerian children are not registered in school. A recent disclosure by the Minister of State for Education, Chief Nyesom Wike, equally indicates that the number of adults who cannot read and write in the country is estimated at 60 million, which is about 38% of the country’s population estimated at 170 million. Wike made the revelation at the flagging off of the 2014 International Literacy Day. At the 2013 edition of same event Wike disclosed that adult illiterates rate in the country have increased from 25 million in 1997 to 35 million in 2013. Wike further disclosed that the declining fortune of literacy ratio among children is embarrassing to the nation.

Monday, September 15, 2014

The current trend, if not quickly halted, could obstruct the attainment of the Millennium Development Goals (MDG’s). As it has been earlier asserted, literacy is vital o the achievement of every growth index. The way things stand, the objective of meeting the national mark of reducing illiteracy by 50% by 2015 seems largely unattainable. The occasion of the 2014 World Literacy Day is, therefore, quite timely as it offers another golden chance for all stakeholders to reflect on the country’s literacy state and make appropriate concerted efforts that could ensure the realization of the national mass literacy project. The successful accomplishment of the mass literacy project could only be made possible with the participation of appropriate governmental and nongovernmental organizations. This is in view of the wide scope and profound benefits of the project. Perhaps, the most compelling way to tackle the myriad of challenges confronting us as a nation is to urgently attend to the declining literacy position in the country. To successfully confront poverty, disease, religious fanaticism, political chaos, ethnic bigotry, gender discrimination, economic depression among others, efforts must be made by all to enhance the literacy level in the country. Besides, governments at all levels must initiate pragmatic legislation towards improved funding of the relevant agencies of government saddled with the execution of the mass literacy programme. Similarly, the various states’ Universal Basic Education Boards (SUBEBs), need to intensify efforts to ensure that no child is left out in the mass literacy drive. To this end, all the states need to strictly adhere to the spirit and principle of the Child Rights Law, which criminalizes denial of access to school to any child. • Ogunbiyi is of the Features Unit, Ministry of Information & Strategy, Alausa, Ikeja.

On the booming baby factories Ogbu Alexander Ameh

he ironies of life present human beings with many unanswered questions. Child procreation which is a natural, biological and social re-enforcement in all human societies has its ambiguities. One, as a blessing and two, as a curse depending on the side of the divide you find yourself. The parental responsibilities incumbent on the man and woman who bore a child often scare young poor unexpected and unmarried parents. Stories of abandoned babies have been a common feature of our news contents since the civil war. It started with prostitutes who would not keep their babies due to their peculiar trade as sex workers; Teenage school girls who would not drop out of school to nurse a baby. In between, abortion and unwanted pregnancy, the lives and future of young women lie precariously in uncertainties. It is in this dire circumstance that concerned individuals, groups and charity organizations often step in to provide care and succour for the teeming teenagers and young poor women caught at the cross roads of unwanted pregnancy.

It against the backdrop of these interventionist steps by these otherwise genuinely concerned groups that things have gone awry: now, dubious characters under the guise of humanitarian gesture see business opportunities in breeding babies for sale! This development in the near absence of social welfare and counseling rendered the environment fertile for all comers’ participation in an emerging business. Young women and males accomplices are lured, enticed with pittance as reward to copulate and procreate. Quackery clinics, motherless babies’ homes and other obscure locations become factories for breeding babies for sale. Speculations are rife that childless parents and hospitals that trade in human parts are target clientele. This is the situation that has given rise to ‘Trust care foundation’ among other legally recognized bodies, which have stepped in to save the situation. It came with the vision to raise awareness on how to reduce the prevalent abandonment of young unmarried and married women with unwanted pregnancies and babies in our society. Its mission is to mobilize political, social, economic and legal support to effectively mitigate the negative impact of stigmatization, rejection and trauma suffered by young unmarried women with pregnancies and babies or married women abandoned by their husbands.

As a foundation that promises this segment of society to trust it and it will care for them, it has as its aims and objectives; to stimulate, motivate, encourage and help women who dropped out of school as a result of unwanted pregnancies. To help these women to get back to school and complete their education and also provide free skills acquisition training in trades that will help them become self-reliant. To develop and execute projects and programs that is aimed at restoring or reintegrating these young women into normal life in our society. The establishment of Trust Care Specialized Centers in all Local Government Areas in Nigeria, Counseling will be provided at these centers to enhance the dignity and worth of these women and mothers in our society. In one of the foundation’s awareness campaigns on the importance of girl child education, the Foundation’s President, Mrs. Mbantira Danladi Baido reacted to a question this writer asked: ‘A distillation of the vision, mission, aims and objectives of Trust Care Foundation underscore a committed effort at improving and empowering young women. What is the foundation doing about the booming baby factories in the Eastern Part in particular and other parts of the country in general?’ She reacted with shock, describing the development as mind boggling, that

people would do such despicable acts. She narrated her encounter with a young woman from the Eastern Part who is a young mother. The young mother confided in her that it has been the norm rather than an exemption in that part. That in some instance, even parents of these girls are accomplices in active connivance with the operators to have their daughters provide babies which they carry to big cities like Abuja to sell for as much as Six Hundred Thousand Naira or less. This cost depends on the interest and worth of the buyers. Also, the negotiation involved in the transaction leading to a final deal. Sometimes back when the underground activities of these mindless producers and dealers in babies came to the public glare in the Eastern part, arrests were made. About 24 members of baby factory syndicate were also nabbed in Ondo state, which made the dubious trade a non-exclusive of the East. Over twenty baby factories have so far been busted in the South Eastern part of Nigeria since 2011. Mothers are being rallied in some states in the East to seek solution to the menace of baby factory in Nigeria. Addressing the participants at the event, the Guest Speaker, Mr. Tangbe Stanley draws attention to the social limitation for young women due to lack of education for social political and economic inclusion leading to self-esteem, and self-reliance.

EDITORIAL

Sanctity of Truth

Monday, September 15, 2014

OUR VISION To build a newspaper organisation anchored on the sanctity of truth.

OUR MISSION

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

To publish a newspaper of superior value, upholding the fundamental ethics of journalism: balanced reporting, fairness, accuracy and objectivity.

w w w.new telegraphonli ne.com

Three things cannot be long hidden: the sun, the moon and the truth – Buddha

MONDAY, SEPTEMBER 15, 2014

Time to address tax evasion in Nigeria

rdinarily, Nigeria’s average yearly GDP growth rate of 6 per cent is a development to crow about. But, the effect of such robust economic indicator is often dampened by the preponderance of tax evasion by individuals and corporate bodies in the country. President Goodluck Jonathan last week at the 44th Annual Accountants’ Conference organized by the Institute of Chartered accountants of Nigeria (ICAN) lamented that 65 per cent of registered tax payers in the country evade tax payment obligations. According to the President who was represented at the event by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo Iweala, a diagnosis by the Federal Inland Revenue Service revealed that no less than 65 per cent of registered tax payers failed to file their tax returns for two years running. The President, while speaking at the opening session of the conference in Abuja, further remarked that the diagnosis indicated that 75 per cent of Micro, Small and Mediumscale Enterprises (MSMEs) did not register anywhere in the radar of the nation’s tax system. A significant proportion adding up to 35 per cent of companies operating under the Pioneer Status Incentive also abused their tax exemption status, he further

disclosed. Unfortunately, the same corporate entities and individuals who are involved in this illegal act of tax evasion do not only enjoy the bouquet of public goods and services given by governments at the federal, states and local government levels, but also unabashedly demand more and more to add to their criminal acts. This, we vehemently condemn. We also demand immediate action against the perpetrators of such acts of economic sabotage. We commend the Federal Inland revenue Service (FIRS) for carrying out the diagnosis; it is no mean task at all against the backdrop of our oft-weak propensity for probity. However, we make bold to state that it is not enough to stop at the diagnosis and its outcome, even though it points a way forward in the matrix of solutions to the anomaly. Our position is that more inventive approaches should be adopted with the overarching objective of identifying the culprits and applying the most appropriate penalties as deterrent in the belief that tax payment is a civic duty, which every taxable adult must carry out. It has long been noticed--and commented on by analysts--that grave leakages inimical to economic progress are in the Nigerian system and that tax evasion contributes significantly to the malady. Yet, it has

taken this long to do a diagnosis. We believe that taxation, which typically accounts for ninety percent or more of governments’ income in other climes, must be seen and treated as the most important source of revenue for governments in Nigeria. Taxation is a compulsory civic levy by the government through its relevant agencies on the income, consumption and capital of its citizens, with the levies made on personal income, corporate profits, interests, dividends, discounts and royalties, company’s profits, petroleum profits, capital gains and capital transfer. The core objective of taxation is to generate income for the provision of amenities, social security and enhance conditions for the economic wellbeing of citizens. We believe that the theme of this year’s conference: ‘Protecting the public interest, enhancing professionalism’ perfectly dovetails into these ideals. It is, therefore, apt that the government also registered its disenchantment on tax evasion at the event attended by accountants, auditors and tax consultants who are in the best position to understand and interpret government’s feelings and desires and advise their clients accordingly. We support the President’s stern warning to the gathering that government has begun moves to address the anomaly

by devising seven fresh initiatives to improve the current level of non-oil tax revenue collection in the country. While not serving as a cure-all, it is our unflinching expectation that the unveiled initiatives would effectively and efficiently plug the identified holes and fault lines in the nation’s tax system. If this is properly done, we believe strongly that the federal government’s nonoil revenue target of N75 billion for this year could be exceeded. However, we maintain that government still has a big role to play to ensure that the tax system is simplified, convenient and accommodates all other characteristics of a good tax system. The vexed questions of multiple taxation, high tax rates, complications in assessment, corruption and high level of discretion in the system must now be addressed and drastically reduced, while the tax net and handles should be broadened by making assessment more attractive. Revenue from taxation must also be judiciously applied to the cherished objective of lifting the standard of living of the majority to higher pedestals. It is our position that the broad objectives of a tax system should be to guarantee the long-term fiscal balance and soundness of the policies and programmes of government and that the scope of taxation must be lucid. MANAGING DIRECTOR/EDITOR-IN-CHIEF

Eric Osagie DEPUTY MANAGING DIRECTORS

Gabriel Akinadewo Felix Oguejiofor Abugu MANAGING EDITOR

Suleiman Uba Gaya EDITOR, DAILY

Yemi Ajayi EDITOR, SATURDAY

Laurence Ani EDITOR, SUNDAY

Emeka Madunagu DEPUTY EDITORS, DAILY

Emeka Obasi Ayodele Ojo BUREAU CHIEF, BRUSSELS

Leo Cendrowicz BUREAU CHIEF, WASHINGTON DC

Marshall Comins EDITORIAL COORDINATOR, EUROPE

Sam Amsterdam NEWS EDITOR

Geoffrey Ekenna ADVERT MANAGER

Taiwo Ahmed AG. SALES/MARKETING MANAGER

Uchey Okezie HEAD, GRAPHICS

Timothy Akinleye HEAD, ADMIN.

Robinson Ezeh

20 POLITICS

Sanctity of Truth

Monday, September 15, 2014

Who’s Who @ NATIONAL CONFERENCE 2014

Lamido: If you push us, we’ll cross to Cameroon CO N T I N U E D F R O M PA G E 1 5

Chief Olusegun Osoba Platform: Forum of former Governors Region: South-West Committee: Political Parties and Electoral Matters Profile: Chief Olusegun Osoba is a veteran journalist and politician who served as governor of Ogun State. He holds the traditional titles of Akinrogun of Egbaland and Aremo Awujale of Ijebuland. Born on July 15,1939 at an Egba settlement in Osogbo called Egbatedo and educated at the University of Lagos. He is a member of the All Progressives Congress (APC). Contributions: Osoba was one of the most vocal advocates of true federalism during the conference. When he got frustrated by the reluctance of some northern delegates to accept the proposals for changes in the polity, Osoba warned the conservatives against scuttling the efforts of other zones seeking fundamental changes in the political structure of Nigeria. According to him, such a negative disposition to maintain the status quo will count against them in the future. “It appears that some people have come here with a mindset to maintain the status quo. In today’s world, devolution is the word. The United Kingdom is now devolving powers from Westminster to Scotland, Ireland and Wales. In 1977, a referendum was held in Wales and Scotland where they decided that they want power to devolve for them to have their own parliaments. In 1998, in what they called Good Friday in Ireland, they voted in a referendum to have power devolved to Ireland. If countries that have been together for centuries are asking for devolution of powers, those asking for status quo here should rethink. “This conference is not just about maintaining the status quo. If you are not careful, those of us from other zones will not agree with you on other issues. Let us cooperate and support one another; you rub my back, I rub your back. If you don’t rub my back, when it comes to the presidential elections in 2015, we shall deal with those people who want status quo and who are not rubbing our back now,” he said. Senator Femi Okurounmu Platform: South-West State: Ogun Committee: Politics and Governance Profile: Femi Okurounmu was the Commissioner for Works in Ogun State before he was elected Senator for the Ogun Central constituency at the National Assembly at the start of the Fourth Republic. He won the elections on the platform of the Alliance for Democracy (AD) and was in the parliament from May 29, 1999 to May 29, 2003. While in the Senate, Okurounmu was a member of the Committee on Commerce and Economic Affairs. He ran for re-election in 2003, but was defeated by Ibikunle Amosun of the PDP. Okurounmu was appointed Secretary General of the Yoruba sociopolitical group, Afenifere. President Goodluck Jonathan also appointed him chairman of the Presidential Advisory Committee (PAC) on the National Conference, the platform that designed the 2014 confab. Contributions: Like someone who midwifed a process, Okurounmu was a resource person to the National Conference. He had the blueprint having helped the government in developing the vision. He fought for restructuring of the country to bring back the old regions but did not quite succeed. He was happy that the states were rec-

Mustapha

Osung

ognised as federating units and local councils moved out of the centre to the federating units. He applauded the recommendation that contiguous states could merge if they so desire to form something close to regional blocs. He played an active role in the debate on what should happen to the conference report and most of his recommendations were eventually adopted by the general house. Muhammadu Barkindo Mustapha Platform: National Council of Traditional Rulers Region: North-East Committee: Land Tenure and National Boundaries Profile: Muhammadu Barkindo Aliyu Mustapha was turbaned as the Lamido of Adamawa Emirate on March 18, 2010. Born in February 1944 in Yola, Adamawa State, he attended Barewa College, Zaria and later obtained a Diploma in Law from the Ahmadu Bello University, Zaria. He also attended the North London Polytechnic (1973-1975) and Saint Clements University in the Turks and Caicos Islands. He worked with the Nigeria Customs Service, Nigeria Ports Authority and the National Freight Company. He also served in the old Gongola State as Commissioner for Works and later Commissioner for Animal Health. Contributions: The Lamido came to the national conference in royal ambience. His entourage of royal guards was a sight to behold every morning as he arrived the conference venue in splendour and dignity. He was not

Lekwot

among the class of elder statesmen who were given the front row seats, but in less than one week of the conference, he forced his way to the front pages in screaming headlines. It was the Lamido who threatened that if he and his people were pushed to the wall or felt intimidated by other sections of the country, he might relocate to the Republic of Cameroon where there is an extension of the Adamawa Kingdom. He stated: “Some so-called elders who claim to be supporters of the president are causing problems at this conference. If you push us to the wall, we can easily walk out of this country. There is a state in Cameroon called Adamawa and if I run to that place, I can easily be assimilated. Jingoism is not the preserve of anyone.” It was an unfortunate utterance from a royal father. Barely two weeks after this controversy, the Lamido exploded yet again as he accused an elder statesman, Chief Ayo Adebanjo of ranting at the age of 86. The royal father earned a notoriety for his short temper and apparent reluctance to change when he accused Adebanjo and other delegates of jumping the gun and canvassing issues such as fiscal federalism and resource control when the conference had not started real business. Atedo Peterside Platform: Federal Government Delegation Region: South South Committee: Citizenship, Immigration and Related Matters Profile: Peterside is a renowned banker and Chairman of the Board of Stanbic IBTC Bank PLC, one of the key players in the banking and pension sectors. He holds a Bachelor’s degree in Economics from City University London and a Master’s degree in Economics from the London School of Economics and Political Science. He has served as Chief Executive Officer and Director of IBTC Chartered Bank Plc. He is on the Boards of Stanbic IBTC Pension Managers Ltd, Cadbury Nigeria Plc., Nigerian Breweries Plc., Presco Plc., Unilever Nigeria Plc., Flour Mills of Nigeria Plc. Contributions: He came to the conference in search of like-minds who would not only make beautiful proposals for a new Nigeria but were equally prepared to see these changes come to reality. He want Nigerians to live as free citizens of one country and not as people of different states, ethnic, linguistic and tribal affiliations that superseded their citizenship of Nigeria. He said: “People forget one thing

about many countries around the world that you look at and you call them a nation and you say they are one people. They became one people because at some point some leaders made some rules and everybody bought into those rules. One of those rules was that as soon as you are a citizen of that country and you have their passport in your hands, you can live anywhere in that country; you can choose wherever you want to reside. When you get there and you meet your obligations, you have the full rights like anybody else to practice your trade, to run for elections, whatever you want to do which means you encourage mobility. “I can leave Lagos and go to Sokoto and I should be welcomed when I get there, likewise somebody should be able to leave Sokoto and move to Calabar. The country belongs to all Nigerians and we should be able to choose where we want to stay, where we want to work. And wherever you stay and meet your obligations, reside there for a number of years, pay your taxes, you should be able to take part in elections, claim all the privileges that come with being a resident who have met all his obligations including paying taxes to the state government where you reside. I also wish that we should stop asking people in forms they fill for anything what their state of origin is. We should be asking them what their place of residence is so that if I am in Sokoto I will say Sokoto State is my place of residence.” Gen. Zamani Lekwot Platform: Retired Army, Navy & Airforce Officers Association Region: North Central Committee: National Security Profile: Lekwot is of the Kataf ethnic group and a retired officer of the Nigerian Army. Born in 1944, Lekwot rose to the rank of a Major General and was the Military Governor of Rivers State during the Murtala/ Obasanjo regime. He had a successful career in the military until he retired in 1985. He went into private business but he and some of his Kataf kinsmen were, on February 2, 1993 sentenced to death by the Zangon-Kataf Civil Disturbances Special Tribunal in Kaduna. Their sentences were, however, later commuted to jail terms. Contributions: He stood out as one of the advocates of a more united, secure and peaceful Nigeria. He dismissed the insinuations in some quarters that Nigeria was on the verge of disintegration. Instead of dissolution, he said the grievances of the various sections of the country should be addressed. “When you talk of split, you are talking of breaking up into different republics. That will never be a solution because whether anybody likes it or not, there is prosperity in every part of Nigeria and we all need one another. The intellectuals are responsible for the kind of tension we are witnessing. Go to any market in Nigeria, you will see that Nigerians at that level are happily buying and selling from one another and there is no problem. The ordinary Nigerians are basically happy people. “But some dishonest intellectuals, whenever they need something, they either apply tribal or religious cause and there is no need for it because we have a very fine constitution that guarantees all manner of freedoms. But while exercising your freedom do not disturb your neighbour. If we all do this with discipline and stability, Nigeria will be at peace and once we are at peace, our neighbours will also be at peace,” Lekwot said at the conference.

INVESTIGATION MONDAY, SEPTEMBER 15, 2014

21 NEW TELEGRAPH

www.newtelegraphonline.com/investigation

ISIOMA MADIKE EDITOR, INVESTIGATION

isioma.madike@newtelegraphonline.com isiomamadike69@gmail.com

Osun: Streams of dead projects Ilobu is the headquarters of Irepodun Local Government Area of Osun State. It is like any other Nigerian community but different. The neighbourhood is presently paying the price of dishonesty on the part of authorities. A spurious project proposed to be sited within the community by the Federal Government, like others in neighbouring communities, according to MOJEED ALABI, who just returned from a tour of the area, has become moribund even before taking off. The consequence of this, is the misdirection of the community’s budding youths into crimes

first time visitor to Ilobu, a community situated at the heart of Irepodun Local Government Area of Osun State, would be troubled by the helplessness of this mushrooming neighbourhood. This observation, however, does not take anything away from the state’s Youth Empowerment Scheme (O-YES) and several other youth-oriented initiatives, introduced by Governor Rauf Aregbesola. But, the long years of project neglect, which was proposed by the Federal Government, is palpable. It is currently dealing a hard blow to the youth, who are gradually derailing into nothingness. Reforming them, according to informed opinions, requires the revitalisation of the ramshackle venture, which many believe should be complementary efforts from individuals, corporate organisa-

Ode Omu youth centre, Osun State. Inset: Adesina

tions as well as government at all levels. The community had received with enthusiasm, the news of an approval by the Federal Government to establish an Aquaculture Entrepreneurship Development Centre in the town prior to this pathetic state. The budgetary allocation for the scheme was said to have been approved as far back as 2011. According to the Chairman of Olobu Advisory Council of the committee of community elders to the Olobu of Ilobu, Oba Asiru Olatoye Olaniyan, Alhaji Wahab Falowo, the project idea was a big relief to the community. “Because we believed as an entrepreneurship centre, the youth would be trained and engaged, it could in a greater way divert their attention from criminal activities,” Falowo told this reporter. Incidentally, the community’s optimism has long turned to despair. This is

understandable. More than three years after the said approval was granted, the people are yet to see any such project sited within their neighbourhood. This, however, has necessitated an endless waiting game, which the community has been enmeshed in. In October 2013, one of the indigenes of the town, who craved anonymity, said he once had access to relevant documents on the project, including the budgetary allocations for the year 2012 and 2013. He told this reporter that the project was already classified as ongoing in 2012 with an allocation of N50 million, and N30 million in 2013, as contained in a Compendium of Capital Projects in the South-west Geopolitical Zone’s Appropriation Acts. Though, he could not ascertain the actual amount allocated to it in 2011 when it was thought to have been initially ap-

proved, as well as the budget for the 2014 calendar year, to know what the allocation for the current year is. The source, who expressed his disappointment over the turn of events, turned to his kinsmen for a possible way out of the quagmire. He believed that a communal effort would yield better results, hence his approach to the community leadership. He requested the Ilobu Development Union (IDU), which is the umbrella body of all sons and daughters of the community both home and abroad, to strategise to unravel the seeming mystery shrouding the venture. In response to this commendable appeal, the then president of the union, Alhaji Tayo Ajayi, swung into action. He approached Falowo in his capacity as the Chairman of the Olobu Advisory CO NTINUED O N PAGE 22

22 INVESTIGATION

Sanctity of Truth

Monday, September 15, 2014

Community's petition achieved no result

Olaniyan CONTINUED FR O M PAGE 21

Council with the burden of the community so that he could liaise with the royal father to map out strategy to address the situation. Efforts at unravelling the mystery yielded no result The kabiyesi on receiving the complaint, acted swiftly by first registering his disappointment with the government. He recalled that nobody ever approached him to secure land space for such a major project, and promised to team up with his subjects to unravel the hidden agenda of those he described as enemies of progress. He was of the view that it would not take long before the community find out the circumstances surrounding the fictitious project. The kabiyesi has a support in Falowo, who believed the rallying point would be Honourable Lasun Yusuff, an indigene, who represents the Osogbo/Olorunda/Irepodun and Orolu Federal Constituency in the House of Representatives. “He is in a better position to know where what belongs to his town might have been diverted to,” he said. The matter, true to Falowo promise, was promptly tabled before Yusuff for urgent action. “Kabiyesi, immediately he was told, picked up his phone to inform the honourable of the development but his telephones lines were not available. I also sent him text messages yet, no reply until in November 2013 when I met Yusuff at a gala night organised by IDU ahead of the 2013 edition of the annual Ilobu Day celebration. I took time to narrate the whole story to him and he promised prompt action as well as to feed us back,” Falowo explained. Falowo, a former director at the West African Examinations Council (WAEC), told this reporter that many months after their discussion, the community is yet to receive any news from the representative. He said though, the man chaired the event where further discussions were held on how to reclaim the town’s fading glories, but regretted that such was not enough to spur him to action as expected by those he claimed to be representing. Dissatisfied with the state of things, Falowo took it upon himself to stage a one-man battle to locate the whereabouts or otherwise of the project. Part of his agenda was to find out what had delayed

Abandoned Ogbomoso Aquaculture project

Oladapo's petition

it from taking off, especially after the purported budgetary allocations. “I began by contacting other sources at the Federal Capital Territory in Abuja, who visited the Federal Ministry of Agriculture to confirm the situation of things. At the ministry, we were directed to the Nigeria Institute of Oceanography and Marine Research, located on the Island in Lagos. The source at the ministry said because of the nature of the project, the institute was the right body to speak on the matter because it was the supervising organ of all the nation’s aquaculture training centres. “I soon got the contact of the director of the institute, who was simply identified as Dr. E.A Ajao. But, when I tried to speak with him on phone on Thursday, April 24, he told me he had just retired and directed me to the institute’s Budget

Projects budget as passed by NASS

Officer, who he only identified to me as Mrs. Ogan. He said she was in the best position to give details about budgetary issues, especially as it related to such projects expected to be supervised by the institute,” Falowo recounted. Incidentally, Ogan could not also explain the reason behind the non-existence of the project when Falowo spoke with her, though, she gave a clue that suggest that the fund might not have been released by the government. “I was surprised when the woman said the money may not have been released. But, as soon as I asked about the reason for the adjective 'ongoing' used to qualify the project in the budget, she became dumbfounded. At my age, I think it would be difficult for anyone to tell me that a project classified as ongoing in government budget

for two consecutive years would not have started in the first instance,” Falowo added. However, Falowo’s fruitless encounter with Ogan was not enough to dissuade him. He pushed further to approach the Osun State Ministry of Agriculture to enquire whether there was any information on the project from the federal ministry or not. Disappointedly, he was told there was none. At a point when Falowo was losing hope, another indigene of the community, who also preferred anonymity, came across the same document while working for his international non-governmental organisation. It was one of his colleagues, one of the daughters of the late Chief Moshood Kashimawo Olawale (MKO) CO NTINUED O N PAGE 23

INVESTIGATION

Sanctity of Truth

Monday, September 15, 2014

‘Over N100m expended on non-existent project'

Falowo

Yusuff

Oyewale explaining a point at the Idiroko Orolu project CON TINUED FR O M PAGE 22

Abiola, who drew his attention to it. She was scrutinising the federal government budget for capital projects executed between 2012 and 2013, when she sighted the project and called the attention of the source, who she knew to have come from Ilobu. Excited about the discovery, the source contacted the community to find out the stage of the work on the project. “But, he was shocked to find out that nothing was actually on ground to confirm the allocation.” FG embarked on such projects to engage the youth This revelation prompted the source to instantly contact another indigene of the town, who is an Abuja-based legal practitioner, Olalekan Oladapo, to help find out the real position of things. Oladapo is the Principal Partner of Lekan Oladapo and Company and Executive Secretary of a youth-focused non-governmental organisation, Lygel Youths and Leadership Initiatives (LYLI). He told New Telegraph how he approached various departments at the agriculture ministry relying on the freedom of information bill to seek to know the real state of things. “I combed several places, including the aquaculture and marine programmes department but no one offered any meaningful information,” he said. As a lawyer, Oladapo felt the next step to take was to convey the position of the community to the ministry through a strong-worded letter, believing such step would carry more weight than verbal queries. True to his words, Oladapo sent a petition in June, addressed to the Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, on behalf of the town, seeking clarification to what he described as the continued budgetary allocation to a project that is non-existent within the community. In the said petition, the lawyer stated that all efforts put in place by stakehold-

ers, including his NGO, Lygel Youths and Leadership Initiatives, to identify the location of the project and those handling it had proved abortive. According to him, the project, which was tagged: Aquaculture Entrepreneurship Development Centre (AEDC), received over N100 million, which had been allegedly expended on it by the Federal Government as revealed in the 2012 and 2013 budget of the Federal Ministry of Agriculture. It was, according to him, tagged “money for ongoing aquaculture entrepreneurship development project in Ilobu.” Oladapo, who claimed that the community has suffered from total neglect from the government at all levels, said the many years of neglect has culminated into social and economic disorder in the environment, particularly among the youth. Part of his petition read: “However, sometimes in 2011, your administration, through a sub-unit of your ministry made a provision for the implementation of Aquaculture Entrepreneurship Development Centre in Ilobu. Our clients, that is the community, applauded this kind gesture for the benefit that it would offer to the teeming majority of youths, who now walk aimlessly without meaningful jobs, and for the fact that similar project of this nature was put in place in IfonOsun, Orolu Local Government Area, a neighbouring town. “It is of importance Sir that the project designated for Ilobu is non-existent in the community and the surrounding villages. To this end, our clients had set up a search committee to locate the physical location of the project all to no avail. The committee ended discovering that similar project in Ifon exists and can be located while that of Ilobu remains a mirage.” In the said letter, a copy of which was sent to Aregbesola, Lasun Yusuff, and office of the Director General of Budget, among others, the legal counsel threatened to file an application in a competent law court to sue the ministry for what

Barren project at Ogbomoso

he called fraudulent act and diversion of public fund. “Sir, we urge your good office to investigate facts surrounding this strange development where a non-existent project to a known community keeps attracting annual budget on papers only. Having said this, we count on you sir, that your intervention will correct this injustice and put the project physically on the ground for the benefit of Ilobu community. To us, this is naked impunity, gross injustice, and violation of rights of residents of Ilobu community, and except this intervention, the community remains as victims of fraud and corruption in the high place,” the lawyer further wrote. The lawyer did not stop there as he urged the Minister to respond to the query within 30 days, failure of which he threatened to approach a competent law court. The 30-day ultimatum has since expired with no response from either the Minister or any of his lieutenants. However, he claimed that he is already mobilising his colleagues to stage a war against the ministry, the National Assembly and the Presidency over the matter. He also accused the House of Representatives member from the community of incompetence, saying his failure to monitor what belongs to his constituency has clearly confirmed the sharp condemnation and criticisms he received from the constituents. He said: “Leadership is about responsibility and accountability and that is why I think the Senator representing the Oyo South in the National Assembly, Ayo Adeseun, could influence the location of such a project in his estate while our own NASS member is even unaware of such a project in his hometown. Even when

he was told, what has been his response? It is such a terrible development. And I think the people must learn their lesson from this experience. How are we even sure that it is not the project meant for Ilobu that has been diverted to Ogbomoso? Such might not be impossible, and if that be the case, the blame will be entirely that of our representative, who has practically done nothing to even address the situation. It is a shame.” Meanwhile, to ascertain the veracity of the claim, New Telegraph took it upon itself to investigate the matter, with a view to understanding the true position of things. After procuring the budgetary allocation documents, it was evidenced that similar interventionist projects had been instituted in several other communities in the state. According to our sources at the Federal Government, they were parts of the initiatives to alleviate the endemic poverty situation at the grassroots. This way, the youth would be meaningfully engaging and become creative to contribute to the nation’s economic growth and development. However, the federal ministries were said to have embarked on such projects nationwide, especially the ministries of Youth Development, Sports and Agriculture and Rural Development, which are primarily targeted at creating channels to meaningfully engage youths and identify their potentials. Similar agricultural projects had been instituted in Ilobu’s neigbouring communities of Ifon, in Orolu Local Government Area of the state, Ago-Owu in Isokan Local Government Area, and another in CONTINUED ON PAGE 24

24 INVESTIGATION

Sanctity of Truth

Monday, September 15, 2014

Similar ventures abandoned in other communities

Another approved budget for the projects

Deserted project

CONTINUED FR O M PAGE 23

Iwo Local Government Area and abandoned also. Those located in these three places are Store Shops and Agro Input Centre, where agro-allied products are expected to be made accessible to farmers in bulk and at cheaper rates. Other types are located in Ila Orangun, in Ila Local Government Area and another in Ikire, headquarters of Irewole Local Government Area. Ilobu project relocated to Senator's Estate Also at Ode-Omu in Ayedire Local Government Area of the state, the hometown of the former Minister of Youth Development, Senator Olasunkanmi Akinlabi, is sited a similar project tagged Youth Development Centre, which has been completed but not yet open for public use. More puzzling is the fact that the same aquaculture entrepreneurship development centre expected to be located in Ilobu is currently under construction at Senator Ayo Adeseun Estate, Kilometer 5, Iresaapa Road, Onipaanu, in Ogbomoso, Surulere Local Government Area of Oyo State. A visit by New Telegraph to these sites revealed that most of these projects are at their various stages of completion but with one issue or the other. Our reporter visited the remote Idiroko location of the Store Shops and Agro Input Centre in Ifon-Osun, and met with the king of the host community, Oba Okunoye Lateef Oyewale on Saturday, August 30. While conducting him round the facility, Oyewale expressed his dissatisfaction at the abandonment the project now suffers. He said he had visited the Federal Ministry of Agriculture in Abuja and its Osogbo Area office severally with no information on when the project will be put into use. He said: “As you see this building, it is useless until it is made to serve the purpose it is created for. As I am speaking to you now, the about N4 million worth power generating set installed here has been stolen and the properties are already decaying too. When I kept on mounting pressure I was told it was

Another desolate aquaculture venture

meant for privatisation and that until that the process was still ongoing.” As part of efforts to find out the situation about some of these projects, New Telegraph secured the contacts of one of the directors at the Ministry of Agriculture, who was simply identified as Mr. Adetutu. According to the man, the case of the project in Ilobu was beyond his knowledge. He said he could not understand the mystery surrounding the development, and therefore, directed us to meet with the director of the ministry’s area office in Osogbo, Osun State capital. “I can tell you about the projects in Orolu, Ogbomoso and even those in AgoOwu, and Iwo but that of Ilobu I don’t know what to say. In the case of Orolu, Ago-Owu and Iwo, they are yet to be delivered by the contractors, and another issue is the procurement process that is ongoing. Until that is done, the projects cannot be put into use. “However, the one in Ogbomoso, which is similar to that of Ilobu you just described, is also nearing completion. The building structures are already in place and the next stage is the procurement of facilities, and that will be done soon. But for that of Ilobu, I think those in higher authority can explain better while I will also expect you to liaise with our state office in Osogbo for better explanation,” he said. When this reporter checked on the agriculture ministry’s area office in Osogbo, we were told that the director was away to

Abuja, and that the second in command was not on ground to attend to our issue. Meanwhile, efforts to seek audience with Adeshina, and his Special Adviser on Media, Dr. Odeleye, were unsuccessful as their mobile lines were not available. In the case of the Minister, all the messages relating to our queries put on his twitter account remained unattended to, while he kept on posting his achievements on the same twitter handle. Baffled by the development, the people of Ilobu community have vowed to pursue the matter to a logical conclusion, alleging that the ministry has either diverted the location of the project to another community, or has siphoned the funds already allocated for it. According to Olobu of Ilobu, the people must rise in his support to fight this battle and ensure that what belongs to his people is not sacrificed on the altar of negligence or carelessness. Similarly, Falowo said seeking the whereabouts of the project was not just about Ilobu as a community but also for the sake of history and posterity. He said if that could be done to the community, it simply means several other places would have suffered similar fate. To him, all hands must be on deck to checkmate financial recklessness and lack of accountability on the part of government officials. Worried by what has been described as sharp practices against the community, a group of anonymous youths had

sometimes in March this year, leafleted round the community. The premises of the local government secretariat, palace, mosques, churches and schools were not spared. The youth requested during the protest that drastic measures be taken to curb this menace, which will in turn put paid to the growing spate of youth restiveness in the community. They pointed out that many youths of the area had taken to Indian hemp smoking and other social vices as a way of whiling away idleness and has in the process rubbed the town off its famed grandeur. They regretted that the leadership of the town and that of the local government are not doing enough to address the anomalies. The resultant effect of such naïve concern, according to them, was the huge loss of the community two months after. A young man, simply identified as Abdullahi, had infamously joined his ancestors when he was found in a grave where he had allegedly gone to cut off and exhume the skull of a corpse. Abdullahi, from Tooto compound in Ilobu, had, according to findings, suffocated in his vain attempt to make money from the dead. Incidentally, efforts at rescuing him by his other gang members equally failed, as they fled the scene. Abdullahi, who was a trained vulcaniser, before then, according to investigations, cut off four fingers of one of his brothers, who had the guts to challenge him for coming home at late hours. While the police was yet to unravel the mystery surrounding the case, series of other kidnapping, rape and robbery incidences were reported. Many of the youth are now more daring, rough and ruthless, especially during political activities, which manifested during the run-up to the last gubernatorial election in the state. Currently, there are other idle faces, who, this reporter gathered, are young ritualists, who now engage in full scale criminal activities, including the popular yahoo plus. The boys are said to employ diabolical means to swindle unsuspecting victims.

BUSINESS Sanctity of Truth

Monday, September 15, 2014

What's news N20bn telecoms interconnection indebtedness poised to rise Interconnection indebtedness among operators in Nigeria will continue to grow until most traffic among telecoms operators is routed through licensed interconnect clearing houses, sources have told New Telegraph.

}p-26

New report links illicit fund deals to Nigeria United States investigators have linked Nigeria and four other countries including their country, to illicit fund transactions carried out through the engine room of Liberty Reserve SA.

}p-26

Expert seeks review of aviation, airport security programmes The alleged attack of a United States air marshal at the Murtala Muhammed Airport, Lagos last week, has raised concerned over the Lagos airport access control point.

}p-31

NIA cautions underwriters over unhealthy competition The Nigerian Insurers Association has advised the management of insurance companies to put an end to cut-throat competition among them to enable the industry sustain its pride of place in the nation’s economy.

}p-37

AYODELE AMINU, Deputy Editor (Business) Simeon Ogoegbulem, Dep. Business Editor BAYO AKOMOLAFE, Asst. Editor (Maritime) SUNDAY OJEME, Asst. Editor (Insurance) Godson ikoro , Asst. Editor (Money Market) DAYO ADEYEMI, Property Editor ADEOLA YUSUF, Energy Editor WOLE SHADARE, Aviation Editor

KUNLE AZEEZ, Senior Correspondent Chuks Onuanyin, Energy Nnamdi Amadi, Reporter JOHNSON ADEBAYO, Asst. Production Editor

www.newtelegraphonline.com/business

boss }p-42-43

ayodele aminu, Deputy Editor, business

ayodele.aminu@newtelegraphonline.com ayodeleaminu@yahoo.com

HIGH TARRIFS Increased cost of running operators’ networks is passed onto subscribers in form of high tariffs

Kunle Azeez

elecoms networks in Nigeria are spending an average of about N18.3 billion monthly to buy diesel used in running some 30, 000 base stations deployed across the country to provide services to their subscribers, New Telegraph investigations have revealed. Already, the operators are outsourcing their base stations in a ‘sell and lease back’ model with frenzied rush to cut down their operational costs. In past months, our correspondent learnt that three major telecoms firms, including MTN, Etisalat and Airtel, have sealed various deals to sell over 14, 000 base stations. According to investigations, apart from the cost of building a base station, which experts put at around $250,000 (about

L-R: Dr. Abba Ibrahim, Commissioner, Government and Consumer Affairs, National Electricity Regulatory Commission ( NERC); Hon. Patrick Ikhariale, Chairman, House Committee on Power; Mr. Abu Ismail-Ejoor, Executive Director (Commercial) Benin Electricity Distribution Company (BEDC) and Mrs. Mary Awolokun, Commissioner, Engineering, Standards and Safety, NERC, after an electricity forum.

N39 million), the monthly cost of buying diesel to run the base stations has continued to increase as the number of towers grow. “Between 2012 and 2014, the sector may have recorded additional base stations, making the figure to grow from 27, 000 to about 30,000 respectively,” said a telecoms expert, Mr Ike

Nnamani, who runs Medallion Communications Limited, a technology neutral interconnect clearing firm. Minister of Communication Technology, Mrs. Omobola Johnson, had, mid last year, disclosed that the country had recorded 27, 000 base stations as at the end of 2012. Telecoms base stations in

erate on these routes. Most Nigerian airlines concentrate on the triangular route popularly described as the Lagos-Abuja-Port-Harcourt routes, as many of Nigerian airports are rarely serviced despite the fact that state governors keep on building aerodromes. President, Aviation Round Table (ART), Capt. Dele Ore, said that the marginal growth in the civil aviation sector needs

the country are run largely on heavy-duty generating set that run for a minimum of 17 hours on diesel daily, following the poor state of public electricity in the country. “At least, each base station is run on generators for a minimum of 17 hours daily,” said President, Association of Licensed Telephone Operators in Nigeria (ALTON), Mr. Gbenga Adebayo. “Operators still rely on generating sets to run their site operations as a result of parlous state of our electricity supply in Nigeria,” he told New Telepgraph in a telephone chat. New Telegraph learnt that there were no fewer than 30, 000 high-capacity generating sets already deployed at cell sites across the country. In some cases, findings, however, showed that two generating sets, whose capacity ranges between 20KV and 25KV, were deployed to alternative duty for uninterrupted power supply to the base stations. Experts say the huge sums being spent on diesel could have been saved by the operators, if the country had stable electricity to run their base stations. Findings from filling sta-

CONTINUED ON PAGE 31

CONTINUED ON PAGE 26

Dormant airports: Govt mulls incentives for airlines  Carriers cite low patronage for shunning aerodromes The three aerodromes generate over 70 per cent of domestic and international traffic Wole Shadare

s part of efforts to ensure that airlines service dormant airports across the country, the Federal Gov-

CHRIS UGWU, Capital Market Editor Abdulwahab Isa, Finance Editor

NEW TELEGRAPH

Towers: Telcos spend N18.3bn on diesel monthly

TAX HOLIDAY BUSINESS CREW

Tinapa is not for sale 25at BUSINESS | BRANDS & ADVERTISING the moment, says AMCON

ernment is set to unfold plans, which includes a seat-credit mechanism and offering incentives to airlines for flying to remote areas. A source in the Ministry of Aviation, who spoke to New Telegraph on condition of anonymity, said that apart from the development of low-frills airports, government is in the process of formulating a policy for the promotion of remote-area connectivity in the country, incentivising the airlines to op-

Rates Dashboard INFLATION RATE July 2014.................................8.3% June 2014................................8.2% May 2014....................................8%

LENDING RATE

EXCHANGE RATE

(Parellel As at Sept 12)

USD . . . . . . . . . . . . . . . . . . N168.80 InterBank Rate . . . . . . . . . . 11.57% Pounds . . . . . . . . . . . . . . . . . . N283 Prime Lending Rate. . . . . 16.93% Euro . . . . . . . . . . . . . . . . . . . . . N220 Maximum Lending Rate..25.83% • Foreign Reserves – $39.57bn as at 10/09/2014

EXCHANGE RATE

(Official As at Sept 12)

USD . . . . . . . . . . . . . . . . . . . N156.73 Pounds . . . . . . . . . . . . . . . N255.32 Euro . . . . . . . . . . . . . . . . . . N202.76 Source: CBN

26 business | NEWS DISPUTE As at 2012, 60 per cent of the debts are disputed as many telecoms operators alleged that the figures are inflated Kunle Azeez

nterconnection indebtedness among operators in Nigeria will continue to grow until most traffic among telecoms operators is routed through licensed interconnect clearing houses, sources have told New Telegraph. The indebtedness, arising from call termination rates, charged the call-originating operator by the call-receiving network, has been put at over N20 billion. However, the figure is often disputed as operators disagreed with each other on how much an operator owes another network. Speaking in an interview with New Telepgraph at the weekend, sources at one of the licensed interconnect clearing houses, said interconnection debt among operators is a major problem in the industry, stressing that it will continue to grow unsettled. According to one of the sources, “The reason is simple: If I terminate my call on your network and you give me

N20bn telecoms interconnection indebtedness poised to rise termination bill for interconnection, I may disagree with you that the bill you are giving me is far more than what I calculated on my own as payable to you.” He continued, “The operators thus disagree and the payment obligation is neglected, yet, the NCC rule is that no operator should deny another the right to interconnect with its network. So, this is how the bill piles up.” According to the source, “95 per cent of the interconnection traffic is handled by the telecoms operators while only about 5 per cent pass through interconnect clearing licensees, which should handle such rate.” He said, “Until we allow the interconnect clearing houses to work as the middle men to handle all the traffic for interconnection and then prepare the bills, which one operators is owing another, operators will continue to dispute any indebt figure given to it by another operator.” A number of interconnect clearing licensees operate in the country but only two - Medallion Communications Limited and Interconnect Clearing

Telcos spend N18.3bn on diesel monthly C O N T I N U E D F R O M PA G E 2 5

tions’ attendants across Lagos metropolis showed that the pump price of a liter of diesel is N150. Further investigations from generators’ experts, indicated that with an average of eight litres of diesel consumed by a generating set per hour, at an average retail pump price of N150 per litre, telecoms firms spend about N20, 400 in running a site generator daily. On a monthly basis, this costs operators about N612 million. When applied to 30, 000 telecoms towers, operators’ aggregate spending monthly is conservatively estimated at N18.3 billion. As at 2012, before the increase in the number of base stations, telecoms operators were spending an average of N16.5 billion monthly. “Inadequate power infrastructure has been identified as one of the key challenges impeding infrastructure rollout by telecoms firms,” said a telecoms industry analyst, Mr. Akin Akinbo. He said power issues had, indeed, necessitated operators’ decision to install two generators at each of their sites. “Power problem is further compounded by frequent theft of generators and diesel from the sites, vandalism such as damage to fibre optic cables and exorbitant Right of Way charges by government and its agencies,” he said. Akinbo noted, “The huge

Sanctity of Truth

Monday, September 15, 2014

amount spent on diesel, generating sets and other associated expenses could otherwise be spent on network expansion towards providing better services to the growing telecoms consumers.” According to official data from the Nigerian Communications Commission (NCC), active telecoms subscriptions on all networks in Nigeria have increased to 131.1 million as at the end of May, this year. Reacting to these developments, the President of the National Association of Telecoms Consumers, Mr Deolu Ogunbanjo, decried the poor electricity supply in the country. He said, “While it is trite that the cost of telecoms services has been going down in recent years, it is not at the rate we, as subscribers, expected. “Subscribers still believe they were paying higher than they should be paying for telecoms services compared to what obtains in other countries, where electricity is relatively stable for the operators to run their installations without recourse to separate investment in alternative power sources.” Ogunbanjo said the increased cost of running operators’ networks is passed onto subscribers in form of high tariffs. “I want to believe that we should be paying less in this country in terms of tariff provided the operators were not incurring extra costs from the purchase of diesel to run base stations running into several billions of naira monthly.”

House- are the most visible. Over the years, the growing interconnection indebtedness among operators has been described as a potential threat to the stability of the country’s telecommunications market. This development, according to analysts, is particularly worrisome because some operators have disclosed plans to cut-off debtor networks after mediation and arbitration ave-

nues have been fully explored. Analysts, however, warned that this move could have a negative impact on the already deteriorating quality of service (QoS) levels rendered by operators to Nigeria’s over 131 million mobile subscribers. If it does happen, subscribers on debtor networks will not be able to make or receive calls from other networks and this could also impact on rev-

enue generation for debtor networks, analysts said. In spite of the regulatory interventions put in place by the Nigerian Communications Commission (NCC), there is still a sweeping wave of unease amongst the big telecoms operators over the huge interconnect debts, which has exceeded N20 billion. CONTINUED ON PAGE 31

L-R: Executive Director, Shared Services, Fidelity Bank Plc, Chijioke Ugochukwu; President/Chairman of Council, NigerianBritish Chamber of Commerce, Adeyemi Adefulu; Managing Director/CEO, Fidelity Bank Plc, Nnamdi Okonkwo and Deputy President of the Chamber, Dapo Adelagun, during a courtesy visit on the Management of Fidelity Bank Plc in Lagos.

MONEY LAUNDERING Liberty Reserve was used to distribute illicit proceeds from Vietnam, Nigeria, Hong Kong, China and the US Sunday Ojeme

nited States investigators have linked Nigeria and four other countries including their country, to illicit fund transactions carried out through the engine room of Liberty Reserve SA. Already, the former chief technology officer of the bank, described by the US as a “blackmarket bank” Mark Marmilev, who helped design and maintain the operation’s technological infrastructure, faces a maximum five-year prison term when he is sentenced by US District Judge, Denise Cote, in Manhattan on January 20, 2015. According to the report, Liberty Reserve had an estimated one million users around the world and conducted a total of about 55 million transactions - virtually all of them illegal including 200,000 in the US. US investigators have found that criminal rings used Liberty Reserve to distribute illicit proceeds from Vietnam, Nigeria, Hong Kong, China and the US.

New report links illicit fund deals to Nigeria The company helped users launder illegal proceeds from crimes or transfer funds among associates, prosecutors said. Liberty Reserve’s digital currency was used by people committing identity theft, credit card fraud, computer hacking, child pornography and narcotics trafficking, prosecutors said. The bank was designed to help evade the scrutiny of US authorities because unlike traditional banks or legitimate online payment processors, it didn’t require users to validate their identity, prosecutors said. Accounts could be opened under fictitious names and residences such as “Joe Bogus,” with an address listed as “123 Fake Main Street,” the US said. Marmilev told Cote that he provided technical support to the site, helping “to protect it from hackers and identity thieves,” and acknowledged that he suspected that most of the funds coming into Liberty Reserve were the proceeds of a Ponzi scheme. “I believed a substantial amount of the funds from the US moving through Liberty Reserve came from high-yield investment programs that I believe had a high probability of being fraudulent but I con-

sciously avoided obtaining confirmation,” Marmilev said. Liberty Reserve, incorporated in Costa Rica, was one of the world’s most widely used digital currency services, according to the US. The company was created and structured “as a criminal business venture, one designed to help criminals conduct illegal transactions,” Manhattan US Attorney Preet Bharara said. Federal prosecutors in New York shut down the company last year. Marmilev, one of seven people charged last year by Bharara’s office, had also been accused of one count of conspiring to launder money, which carries a maximum 20-year prison term and with operating an unlicensed money remitting business, which carries a maximum five-year term. Azzeddine El Amine, a principal deputy to the company’s founders, pleaded guilty in August to a conspiracy count and Cote said he is cooperating with the US. Marmilev’s lawyer, Seth Ginsberg, said after court that his client is an Israeli citizen and faces deportation after he completes his term. Ginsberg withdrew a request to have Marmilev released on bond.

YOUTH CULTURE

MY CITY, MY WORLD (WRIGHT)

One of those hapi moment #wink by @oyixberry

This is an advert space for hotels

FEATURES

Lagos is social city of Nigeria

Snake pepper soup: A strange delicacy from strange businesses

The Mega City

www.newtelegraphonline.com/megacity

MONday, SEPTEMBER 15, 2014

...for the love of Lagos

This is an advert space for hotels

Edited by: OLUWATOSIN OMONIYI (: 08023151382 sms only

Mega City: The big Lagos traffic Lagos is a city of cars. Various sizes, shapes and models adorn the streets on the city at every time of the day. From the ubiquitous Danfo drivers to sleek cars, haulage trucks, tankers and lorries, the list is endless. The roads are busy and over flowing with vehicles, leading to traffic snarls, especially at the peak periods, when workers commute to and from office. OLUWATOSIN OMONIYI, recounts some experiences.

hen Okechukwu Ibeh, a company driver relocated to Lagos from the northern part of the country in 2011, he thought he has enough experience under his belt. He has driven company cars for the past 10 years, in Jos, the capital of Plateau State. But owing to the growing crisis in the Tin City, Ibeh made his way down south to Lagos, where he felt life could be quieter and more peaceful. A month after his relocation to Lagos, luck smiled at him. He got a job as a distribution driver with a manufacturing company in Isolo, Lagos. He was optimistic that his experience would guide him through.

Thus, on that rainy day in July, 2011, Ibe drove out of the factory with his marketer. They had with them cartons of products to be delivered to shops in the Ajah part of the town. Setting out at about 10am, Ibeh thought it was the same way of driving in Jos and other northern parts of the country, where one could reach his destination in less than 30 minutes. In the rain, Ibe drove out through the Oshodi-Apapa expressway heading towards Third Mainland Bridge, having been warned that the Apapa end of the express way could be a dead-end. Brimming with CONTINUED ON PAGE 29

Traffic build up on Funsho Williams avenue in Lagos

PHOTO: royaltime.net

Phase out firewoods, Kerosene stoves, FACT FILE Lagos tells residents

CHANGING LANDSCAPE OF LAGOS

Project Title: Proposed Development Client: Negris Group 35/37, Isheri Road, Aguda,Ogba. Main Contractor: Dori Construction Engineering (Nig) Limited Lift Contractor: Krestal Laurel Limited, Maryland,Lagos Consulting Architect: Noark Konsult Building Location: Mobolaji Bank-Anthony Way,Ikeja Photo: Godwin Irekhe

IN NUMBERS

1,371,654

projected population for Agege by 2015 Territorially, Lagos State encompasses an area of 358,862 hectares or 3,577sq.km.

35:

Number of first bank branches in Lagos State

Muritala Ayinla

he Lagos State Government has reiterated its commitment to phase out kerosene stoves and firewoods in the state, urging the residents to embrace Liquefied Petroleum Gas (LPG) cooking gas. The Permanent Secretary, Ministry of Energy and Mineral Resources, Mrs. Regina Iyabo Obasa disclosed at the presentation of free EKO Gas cylinders and accessories to residents of OJODU Local Council Development Area in continuation of the its campaign to encourage Lagosians to embrace the use of LPG. She added that the State Government is determined to ensure that Lagos residents imbibe the use of LPG because of its health advantage. According to her the ‘EKO GAS” initiative was started by the LPG Group of the Lagos State Chamber of Commerce and Industry in collaboration with the Ministry of Energy and Mineral Resources, adding that the State Government supported the initiative because of its health benefits, environmental advantages and economic value. Her words:“LPG was introduced as the fuel of choice for Lagosians in order to reduce carbon emissions from the use of firewood and kerosene and because it is cleaner, healthier, safer, more efficient and convenient to use for cooking”. CONTINUED ON PAGE 28

28 FEATURE /MEGA CITY

Monday, September 15, 2014

Snake pepper soup: A strange delicacy from strange businesses It is a scary, strange dish. Yet, to some people, it is a delicacy that is savoured with glee and excitement. MOSES KADIRI took a trip to Igando, on the Isheri-Iba axis of the City and discovered a joint where the meat of the dreaded animal, snake is food for some people. Washed down with some bottles of beer, the snake dish appears to have some special attractions.

ho would have imagined that of all businesses, snake business is one of the most thriving ventures in our society today? A lot of operators are smiling to the bank as a result of snake pepper soup. If you have not tasted hot deliciously prepared snake pepper soup, and you are still sitting on the fence; you better join the train for a plate of the creepy animal. Many of the joints are scattered around Lagos metropolis, the Mega City. A curious visit to one of the snake pepper soup joints in Lagos, a particular hotspot located at Orheptal Bus Stop, beside Petrocam Filling station, directly opposite Oja-Oba Plank Market, Isheri Olofin, Igando road, Lagos, revealed that a plate of the spiced snake pepper soup with a chunk of snake meat, severed hot goes for N500, while bush meat pepper soup is tagged N700. “Which one of them do you want,” a woman of average height, dressed in blue shirt, and a grey skirt, who simply identified herself as Iya Ibeji asked. You mean snake pepper soup? Mega City inquired. “Yes! You mean you have not heard of snake pepper soup before,” she queried. She continued: “We don’t sell food, if it is food you want. We only sell snake, bush meat pepper soup and beer. If you want to eat food, you can go to that street” Iya Ibeji pointed to a particular direction. The setting makes it easy for customers to patronize the spot. A chocolate coloured bungalow, a section of the open space is dedicated to washing of cars. In the process of washing these customers’ cars, they find a comfortable spot to relax, unwind after a hectic day. The star meal at the joint is snake pepper soup. One of the customers, who came in

a black Nissan Pathfinder Jeep, accompanied by his friends, numbering about four, including a pregnant woman, supposedly his wife, took turns to order snake pepper soup, and beer to wash it down. It is usually served hot to customers. Iya Ibeji claimed it is more enjoyable when served hot. She, however, said that they have been in the business for a long time, adding that lots of people come to eat snake meal at the joint. “Different people come to patronize us; some come from very far, even within us here, they come to eat and drink,” she disclosed. According to her, the joint only serve what the Yorubas called manaa-manaa (Boa constrictor). The Boa constrictor is a species of large, heavy-bodied snake. It is a member of the family Boidae. It was further gathered that since pythons are hardly available, the operator sells more of manaa-manaa, which is readily available. Findings reveal that snake meat is said to contain a lot of proteins and supplies the amino acids required by the body. It is also believed that snake meat contains less fat than the average beef or pork steak and this makes it a better choice to consume. A customer, who spoke on condition of anonymity, who had come to purchase a take away snake pepper soup said, “It is not everybody that like to sit here and drink; that is the reason why l decided to buy my own and take it away, so that when l get to my house, l will relax and eat it.” At night, the hotspot for snake pepper soup is a beauty to behold; the flashes of coloured lights catches ones attention as customers clink glasses of beer, snake pepper soup as they savour

A man prepring a snake for comsumption

with excitement. Further investigations reveal that the snakes are bred and exported from Cotonou, and other parts of Benin Republic. Some of the Nigerian operators of pepper soup joints purchase largely from these suppliers. It was also gathered that there’s snake market in Badagry, where the operators equally buy different shapes, length, and sizes. The snake pepper soup operators, however, buy them fresh, though already killed, and transport them in sack bags to Lagos, where they are sauced and cooked, and fried for preservation. While some tribes prefer eating snakes, in some lineage, it is an abomination and forbidden. For instance, there’s a story of Idemili clan in Anambra State, where snake is treated with utmost respect and dignity, while in

The prepare dish

other areas of the same Igboland, python is regarded as a dreaded reptile because of its venoms. It was also gathered that in Idemili clan, people worship pythons to the extent that it is a taboo to harm or kill the snake.

NEWS

Mechanic, 32, docked over alleged conspiracy, robbery 32-year-old mechanic, Abeen Muritala Rafiu, has docked at an Igbosere Magistrates’ Court in Lagos for allegedly conspiring with others to rob. Rafiu, who resides at No. 80, Glover St., Lagos, is facing a two-count charge of robbery and conspiracy. He, however, pleaded not guilty to the charges. The prosecutor, Cpl. Innocent Odugbo, told the court that the accused committed the offences with others now at large, at 4.00 p.m. on Sept. 11, at Ilubirin-Olowu Expressway in Lagos. He said the mechanic and his accomplices robbed one Mr Jide Kudayah of N50, 000 and three tablet computers valued at N100, 000. Odugbo said that Rafiu and his gang threatened the complainant with

knives and other unspecified dangerous weapons. He said the accused was apprehended when the complainant raised an alarm which attracted the attention of soldiers passing by, who arrested him while his accomplices escaped. According to the prosecutor, the offences contravene Sections 294, 297 and 299 of the Criminal Law of Lagos State, 2011. The News Agency of Nigeria (NAN) reports that Section 299 prescribes three years imprisonment for anyone convicted of demanding property with the intent to steal. The Magistrate, Mrs O. Olanipekun, granted the accused bail of N50, 000, with two sureties in like sum. She adjourned the case to Oct. 14 for mention.

...Urges residents to embrace LPG CONTINUED FROM PAGE 27

“Certain health problems like conjunctivitis, bronchitis and even heart diseases are on the increase and it is being suspected that the use of kerosene, fire wood and charcoal are likely causes of some of these diseases because of the fumes inhaled when used for cooking”, she added. While noting that, as part of its public education program, the present administration has started sensitizing and distributing free Eko Gas stove cylinders to Lagosians in lkorodu LG, Isolo LCDA, Eredo LCDA, and Badagry Central LCDA, Alimosho LG, Orile Agege and Ajeromi Ifelodun, She revealed that the State, in conjunction with the Lagos Chamber of Commerce and Industry, has mapped out plans to sensitise and distribute Eko gas cylinders with full accessories to Lagosians in other LG/LCDAs every week till the end of year 2014.

Earlier, in his remarks, the Council Chairman Hon. Abiodun Oloro expressed his appreciation to the state government and promised to mobilize the residents of Ojodu Council Development Area to cultivate the habit of cooking with gas with primary aim of discouraging the cooking with kerosene, charcoal and firewood. The Chairman noted that the distribution of free 3kg gas cylinders to residents of Ojodu was a poverty alleviating scheme as about five hundred gas cylinders were distributed to residents without being partial to anybody due to his/her political party affiliation. Also speaking at the event the representative of the President of the Lagos Chamber of Commerce and Industry Mr. Femi Adeeko reiterated the importance of switching from kerosene, charcoal and firewood to LPG and advised the residents of the LCDA to shun the use of kerosene due to its attendant health risk which could cause

respiratory problems and other health issues. He enjoined Lagosians in general and the residents of Ojodu LCDA in particular to embrace the use of a cleaner fuel for cooking, stressing that LPG, popularly called cooking gas, is the cleanest and most efficient fuel available today. Those who received the free 3kg gas cylinders at the event include the Chairman Nigerian Union of Local Government Employees, Comrade Fadare Akanni; Woman Leader, Mrs. Akiode; Youth President, Mr. Jolaoso; Leader of the National Union of Road Transport Workers, Mr. Agbede; President of the Christian Association; the Chief Imam of Ojodu and the Iyaloja of Ojodu in LCDA. Others include Mrs. Risikat Jubril of no 15 Oyatoogun street, Rosemary Nicholas of Olaniyan Street a food canteen operator, Oritoke Bamigboye also a canteen owner and Mercy Nwankwo of no 14, Ajayi road, Ogba Lagos.

LIFE IN THIS CITY / MEGA CITY 29

Monday, September 15, 2014

Lagos holds marriage for Physically challenged couple Muritala Ayinla

fter years of training and coaching to improve their status and make their lives better, the Lagos State Government has held marriage ceremony for the two physically and mentally challenged Trainees, who found love in each others. The physically challenged couple met at the state Vocational Rehabilitation Centre for Persons with disabilities, Owutu. They became interested in each other despite their disabilities and ended up getting married to each other. Although they must have been obviously abandoned by their parents and relatives many years ago, but the state government who has been taking care of them since they were either picked from the street or received them from concerned citizens, still stood by them to preside over their wedding ceremony. The historical wedding took place at the Vocational Rehabilitation Centre for Persons with disabilities, Owutu in Ikorodu. The wedded Couple, Samiat Abiola, a 20 year old indigent of the Centre with no known relative who had been under “Care and Protection” for over 10 years by the State Government while the groom, Dare Akinyemi, an

ex-trainee, age 42 years. The wedding was witnessed by members of the Grooms family and Officials of the Office of Youth and Social Development, Lagos State. Simiat has a low intelligence quotient (IQ) and cannot write her name despite several years of Coaching while Akinyemi has an extremely low IQ and speech impairment but had improved after a lot of mentoring at the Centre and had undergone Vocational training in Shoe making at the Centre, hence, he would be able to fend for his wife. The bride was given out in marriage by the Director, Rehabilitation, Mr. Olabode Ajao through a traditional wedding Ceremony and an inter denominational Church Service. The Special Adviser to the Governor on Youth and Social Development, Dr. Enitan Dolapo Badru who was represented by Mr. Olanrewaju Rufai, Director, Finance and Administration charged the grooms family and members of the Society to assist the State Government in reintegrating the Couple into the Society so that they could adapt to a new life of marriage and family. He also charged the husband to take care of his wife as the State Government and trained and empowered him in the vocation of Shoe making while wishing them a happy married life.

Lagos and its traffic CONTINUED FROM PAGE 27

what he called experience in driving, Ibeh set out. His first shock was that he did not link up with the Third Maniland bridge, until two hours later. He was stuck in traffic from the Isolo end until he got to Gbagada, where an articulated truck had broken down in the rain. Ibe was already in shock but managed to arrive Ajah four hours

A typical traffic scene on a busy Lagos street.

from leaving the factory. Luckily, he managed to discharge his wares before 3pm and headed back to Isolo. It took him another three hours to get to the factory. “My God, does this happen every day? He asked his marketer? Narrating his experience on Thursday last week, Ibeh could only laugh about it. “It took me the whole day to do that journey that day. That is almost the time it took from Jos to Maiduguri”, he

Newly wedded physically challenged couple

said, adding, “When I got home that day, I had to use hot water to bath and use paracetamol. To say I was dead tired is to state it mildly”. But Ibeh has adjusted now. He is now a regular customer to the regular traffic snarl in the city. So are many others, who are accustomed to the heavy traffic that is one of the major characteristics of the Lagos Mega city. Mrs Ronke Adeyanju, lives in Akute, in Ogun State but works in Victoria Island in Lagos as a Head of Stores for an agro-based company. Each day, when she closes by 6 pm, it takes her at least four hours to reach home. When she gets to Berger Bust stop in Ojodu, it is with relief that she jumps on a commercial motor bike to reach her home. According to her, she dares not enter a bus at that point. “It is relief to enter a bike. Even though they speed too much, but I am not bothered. They are in motion and under 15 minutes, I am at home.” But that is one leg of her problem. The following morning, she wakes up at about 4am to prepare for work. She gets to Berger again by bike and boards a bus around 5.30am to be able to resume work at 8.am. That is her life from Monday to Friday. “Thank God for LATSMA though. If not for them, it would have been much worse. At least, they ensure that traffic flows.” Well, she may not be far from the truth. Before Governor Fashola assumed office in 2007, traffic was even worse, according to some Lagosians, who spoke with the mega city. But with that came the Lagos State motorists police, the LATSMA, which has put sanity to the traffic situation. Yet, the volume of cars on the metropolis

is not like any other in the country. According to the new Motor Vehicles statistics 2012, published by the Lagos Bureau of Statistics, Ministry of Economic Planning and Budget, “The total number of motor vehicles newly registered in Lagos State in theyear 2011 stood at 259,473 compared with 240,963 vehicles recorded in 2010. This figures represented an increase of 18,510 or 7.68% over the 2010 figure. Motor vehicles registered for private use in year 2011 numbered 196,987 as against 186,429 in 2010, representing an increase of 10,558 or 5.66%. Out of the total motor vehicles registered for private use in 2011, 189,680 or 96.29% of the number were saloon/station wagons. The number of vehicles registered for commercial use increased from 32,978 in 2010 to 43,641 in the year 2011 representing an increase of 10,663 or 32.33%.” The number has increased geometrically since then. Lagos is said to have about two million cars registered in it, while every day, thousands of inter-state vehicles still stream into the state from other states. That is why the state government is seeking alternative means of transportation, such as rail, water and even an additional airport at Epe. The government has stepped up efforts in the mono rail project along the Lagos-Badagry corridor, while inland waterways have been given a boost. That is to make the likes of Ibeh, Adeyanju and their likes have a reprieve from traffic snarls. Maybe, in future, Adeyanju may just get to berger, join a train and get to Victoria Island early to resume by 8am.

30 THE MEGACITY

Monday, September 15, 2014

UPCOMING EVENTS 2014 Annual Corporate Governance Conference.

Organiser: Society for Corporate Governance Nigeria Date: Friday, September 19, 2014 10:00 AM to 1:00 PM Venue: The Lagos Oriental Hotel Lekki Expressway, Victoria Island, Lagos

Women R.I.S.E: Demo Day

Organiser: Co-Creation Hub Nigeria Date: Thursday, September 18, 2014 2:00 PM to 5:00 PM Venue: Co-creation Hub Nigeria 6th floor. 294, Herbert Macaulay Way, Sabo, Yaba, Lagos

YOUTH CULTURE,

#blackbeauty#selfie# by @prettyande

Entrepreneurship & Innovation Seminars

Organiser: School of Business without Boundaries Date: Third Saturday of every month 9:00 AM to 12:00 PM Venue: 5, Sunday Ogunyade Street,Behind Mobil Filling Station, Phase II, Gbagada – Lagos.

Leadership Management Programme For Emerging Managers

Organiser: CVL (Centre for Values in Leadership) Date: Wednesday, September 17, 2014 at 9:00 AM -Friday, September 19, 2014 4:00 PM Venue: CVL Building, 6 Balarabe Musa Crescent, Off Samuel Manuwa St.Victoria Island

photos as posted on Instagram by residents of the city

#friendslikefamily by @tolewat

#tbt The days when my natural hair was not playing with anybody @msletomi is a cutie by @ane_etomi #Tbt Shoot for @heelsloveng by @ lilkhloe1

#SceneOfMyNewMovie #Filmmaking #NoFilters #TeamDUNENT #IWinCosIAmLoved by @iamdavidnnaji

#like for like#justme#thankfulme# by @ lifeofobailukan

My City, My World

Lagos is social city of Nigeria, says Wright Oluwatosin Omoniyi

or Dayo Wright, pioneer Editor of Punch Newspapers, living on Bamgbose Street, Lagos Island, there is no thought of living outside Lagos. All his life, he has lived in Lagos State. All thanks to Babatunde Fashola, governor of Lagos State, who he said, Wright made Lagos a more conducive place for him to live in. He has not thought of moving elsewhere, even though he believes that Lagosians are not complementing the governor’s effort. He complained that Lagosians are too dirty.He said that despite the stiff punishment the state government met out, Lagosians are still nonchalant towards the cleanliness of the state. However, he noted that Lagos has characteristics of its own. “There is no town or city compared to Lagos. It’s a special place. In fact, it’s like saying a child has its own pedigree,” he said. Wright added that if one thinks of living in Nigeria, then it must be Lagos because it is the main centre of action and activities. As highly populated as Lagos State is and as crazily busy as it is, the striking feature, he pointed out, is that Lagosians are always ready to help. Even a jobless man in Lagos, he said, will not go hungry and homeless. He described Lagosians as pleasant and nice people. “It is part of their characteristics, always ready to lend a hand,” he said. He also described Lagos as a social city because of the frequent weekend parties. In Lagos, he said, parties start from Friday to Sunday and it occurs round the calendar year. He complained that his house has turned to an event centre, making it a terrible environment for him. “For me, Lagos is a cris-cross that you hardly can predicts anything or event,” he said.

Nowhere’s comparable to Lagos –Ajose

F One of those hapi moment #wink by @ oyixberry

You can tell I don’t skip meals #TBT by @ abisule75 Blood by @softbeautyblink01

if #Music be the #food of #love play on by @pablodexera Kinabuti Khan collection by @kinabuti

untitled by @smartmoneywitharese

If he takes care of his beard,he’ll take care of you. Marry a bearded man by @ noble_igwe

IT’S DON JAZZY AGAIN O! #beatmaster #hoayspremierre #london #tbt #mavinrecords #lagos by @victorsozaboy

Just wrapped #shootingbreeze with our guest S to da K by @1musicnetworks

or Barrister Abdul-Ganiu Owolabi Ajose, an America based attorney, Lagos is home. Having gone round half of the world, he discovered that there’s no place like Lagos. “I have been round the world; the reality is that nowhere is comparable to Lagos,” he said. Lagos has been a place he enjoys right from his Ajose childhood age. According to him, he grew up in Lagos, even though he was based in America. He has his friends here in Lagos. That’s the reason, he is always back in Lagos. He said he has his old boys and college association clubs in Lagos, which is a dominant factor in his life. As a real estate man, his association in State has helped him with contacts and achievement. In terms of economy, he affirmed that Lagos is home of opportunity for those who are ready to work hard. He added that as hard as the economy of the country is biting, Lagos is a sure place to make money. “Even the common woman selling roasted plantain (boli) by the road side will surely be able to afford her needs, including shelter, which is expensive in Lagos,” he said. He added that “once one can work hard in Lagos, then success is certain”. Ajose hopes to see a Lagos that will one day be like New York of America. He wished for a renewal of the Lagos Marina that used to be quiet with Britain-like buildings, that was partly residential and commercial with good laid out departmental stores. He recalled how as a child, he would in company with his parents or aunts and uncles go to Kingsway for shopping. He also hopes to see traffic free Lagos with good ample spaces.

BUSINESS | NEWS

Sanctity of Truth

Monday, September 15, 2014

SETBACK Most airport access and perimeter fences are very porous Wole Shadare

he alleged attack of a United States air marshal at the Murtala Muhammed Airport, Lagos last week, has raised concerned over the Lagos airport access control point. Timothy, an American air marshal was alleged to have been injected with a syringe in the midst of his colleagues outside the departure hall of the Murtala Muhammed Airport, Lagos. Nigeria and the United

Expert seeks review of aviation, airport security programmes States entered an agreement to allow air marshal on board airlines departing or entering the United States in the wake of Farouk Abdul Muttalab's terror act to bomb a US airliner over Detroit. The under pant bomber had successfully on December 25, 2009 carried bomb in Nigeria through Amsterdam without being detected to the US. Air Marshals are security security operatives on board airliners to ensure that threat to aircraft and passengers are curtailed.

The agreement is part of measures by the American government to improve safety and security on the trans-Atlantic routes because of the latest threat to air safety in the wake of terrorist attacks. Air Marshals work undercover to prevent or interfere with criminal acts, which may occur on board an aircraft or in an airport. Part of why the marshals work undercover is to deter criminals as marshals observe passengers at the airport before departure and onboard the air-

craft. Their main role is to keep passengers and crew safe from terrorist activity and other types of criminal behaviour. Most Marshals have experience in law enforcement, such as working as a Police Officer but marshals, who do not have law enforcement experience but have a degree in criminal justice, may be considered for a position depending on the number of job openings. The reason behind last week’s attack still remained a mystery as at the time of filing this report. But a former Commander, Murtala Muhammed Airport, Lagos, Group Capt. John Ojikutu (rtd) decried the breach of airport control system to gain access to attack the American. He said it was not only bad for

the country’s image, but a big setback to the nation’s preparation for the category one re-assessment by the US Federal Aviation Administration (FAA). Ojikutu however, called for the review of the national aviation and airport security programmes, stressing that, “They are not suitable to meet the challenges of the current threats”. The security expert stated that most airport access and perimeter fences are without security fences and are very porous. He called on the Federal Government to pay greater attention to security in the nation’s airports because they are gateways and play key roles in the nation’s economy.

Govt mulls incentives for airlines C O N T I N U E D F R O M PA G E 2 5

Kaduna State Governor, Alhaji Mukhtar Ramalan Yero and Regional Business Executive North Central, Sterling Bank Plc, Mr. Abdulkarim Mahmud at the official presentation of branded Highway Managers' kits to the state government over the weekend.

Mortgage firm insists on IPPIS platform for civil servants INVESTOR CONFIDENCE Improving investor confidence would require execution of the e- payment systems for salary remittances Dayo Ayeyemi

n order to reduce credit risk and improve investor confidence in the mortgage sector, the Nigeria Mortgage Refinance Company (NMRC) has advocated full implementation of the Integrated Personnel and Payroll Management System (IPPIS) by civil servants. This, according to the mortgage firm, is aimed at conforming to the eligibility criteria for refinancing. IPPIS is an electronic platform introduced by the Federal Government to create a centralised database system for the public service with single accurate source of employee information integrated with other business applications. The objectives of IPPIS include providing a centralised database to aid government’s

manpower planning and decision making, facilitating automation and storage of personnel records to support monitoring of staff emolument payments against budget, and to prevent wastage and leakages by ensuring staff remuneration is based on factually correct information. It also ensures prompt payment of salaries directly to employees’ accounts with appropriate deductions and remittances of third party payments such as tax, pension, cooperatives, union dues and bank loans. In a statement, the NMRC Chief Executive Officer, Sonnie Ayere, said as part of the minimum criterion, public service organisations must enroll civil servants on the IPPIS platform in line with the eligibility criteria for NMRC refinancing. As part of its role to develop the mortgage market by standardising mortgage practice, NMRC recently published a revised draft of its Uniform Underwriting Criteria for Mortgage Loans, advising that Primary Lending Institutions must conform before any mortgage loan is granted to a borrower eligible for NMRC refinancing. The NMRC boss listed addi-

tional requirements to include mortgage repayments by deduction from income at source to help reduce credit risk. He noted that improving investor confidence in the mortgage sector would require the implementation of electronic payment systems for salary remittances. NMRC was established to provide long-term loans through mortgage and commercial banks to eligible Nigerians (including civil servants). The borrowed loan is spread over 20 years at a reasonable interest rate, making it easier and comfortable for repayment. The Finance Minister, Dr. Ngozi Okonjo-Iwealla, had explained during the launch of the 10,000 mortgages in Abuja recently that applicants must meet specific eligibility criteria to qualify for the mortgages. The essence of the prequalification was to create a level playing field for all Nigerians, and ensure that the system was sustainable in the long run. This essentially means that potential candidates must be able to repay the mortgages over the specified maximum lifetime of the mortgage (20 years, for starters).

to be equitable and inclusive, providing connectivity to tiers II and III cities, including remote and difficult areas of the country. Nigeria has been trying to push its airlines to fly to remote areas by simply appealing to them, but the airlines have baulked at this on the grounds that they lose money on such flights. Save for Arik and Overland, which tries to service many destinations, other carriers have only concentrated their operation on just a few of the airports, citing low passenger traffic. Speaking in the same vein, a former spokesman for airline operators, Mohammed Tukur, said: “If you travel regularly by air across Nigeria’s major cities, especially through the local and international wings of the Mur-

tala Muhammed International Airport (MMA), Lagos, and the Nnamdi Azikiwe International Airport, Abuja, you are likely to assume that volume of air travellers you see at these airports is a perfect representation of traffic at all the other airports around the country.” He stated that currently, there are 22 airports under the management of the Federal Airport Authority of Nigeria (FAAN), stressing that out of these, four are viable, nine semiactive and the rest (also nine in number) are dormant in terms of revenue and traffic generation. The four viable airports are the Murtala Muhammed International Airport (MMA) Lagos; Nnamdi Azikiwe International Airport, Abuja; Port-Harcourt International Airport, Omagwa and Mallam Aminu Kano International Airport (MAKIA), Kano.

Telecoms interconnection indebtedness poised to rise C O N T I N U E D F R O M PA G E 2 6

In 2012, the telecoms regulator okayed new guidelines for disconnecting telecoms operators that default in meeting their interconnect payment obligations as part of new measures to ensure sustainable growth in the nation’s telecoms sector. The new guidelines shortened the process for granting approval for disconnection. Moreover, the issue of interconnect is still a major source of conflict among telecoms operators as they continually trade tackles over fees owed to one another. “One would have thought that the regulatory intervention would have put debtor networks on their toes but they seem unfazed”, said a senior executive at Globacom, who pleaded anonymity because he was not authorised to speak.

There are claims by GSM networks that many operators in the dormant Code Division Multiple Access (CDMA) subsegment are heavily indebted to them. The current situation, according to them, is slowing down the growth of the industry. There are strong arguments over how much operators owe each other and means of determining the interconnect indebtedness. As at 2012, approximately 60 per cent of the debts are disputed as many telecoms operators alleged that the figures are inflated. “The feeling in the telecoms industry is that if the situation persists whereby GSM firms are better favoured than the fixed and wireless operators, such a situation will continue to lead to interconnectivity debt, or breakage,” noted Abimbola Akeredolu, Partner at Banwo and Ighodalo.

BUSINESS | MONEYLINE

Sanctity of Truth

Monday, September 15, 2014

AMCON’s N635bn loss adds value to economy, says Rewane the gain to the economy. It is a gain to the Nigerian economy, said Mr. Bismarck Rewane, Managing Director/CEO, FDC. AMCON, whose reported loss during the review period was more than the 2013 fiscal budgets of states states in the country, had also run up a cumulative negative net-worth of N3.46trillion since inception in 2010, which is also an equivalent of 69.7per cent of the national budget. Besides, the bad banks’ total group assets marginally rose to N2.63 trillion when compared with N2.629trillion posted in 2012. The total liability grew to N6.023 trillion from N5.936trillion recorded in 2012. Shareholders’ funds also reduced from -N2.55trillion in 2011 to -N3.27trillion in 2012 and to –N3.46trillion in 2013. Equally, the institution made the losses of N2.37trillion, N0.722trillion

OTHER CLIMES Cost estimate for the US Troubled Asset Relief Programme was a loss of $60billion Godson Ikoro

espite the N635.88 billion loss recorded by Nigeria’s bad bank, the Asset Management Corporation of Nigeria (AMCON), in its 2013 operations, the institution has helped create an improved operating environment for Nigerian businesses, experts at Financial Derivatives Company (FDC), have said. “When properly dimensioned, it can be proved that the entire loss in shareholders’ fund of AMCON is far less than

and N0.635trillion in the financial years 2011, 2012 and 2013 respectively. AMCON also redeemed N4.5trillion of bonds in the fiscal year 2013, which was partially refinanced by the Central Bank of Nigeria (CBN) loan of N3.8trillion at 6percent per annum and its operating expenses were N121billion down by 40.6per annum from N204billion. Rewane noted that the performance of the country’s largest single financial stabilizing institution is much more revealing than the number suggest. “The economic value added and stakeholder benefit analysis reflects a totally different picture in the economic scorecard. This includes the fact that as a stabilizer the nation as a whole enjoyed a macroeconomic benefit in excess of several times the financial loss reported,” he explained.

Interbank rates rise as CBN rolls over T-bills

igeria's interbank lending rates climbed to 10.62 per cent last week, up 0.12 basis point from penultimate week, after the Central Bank of Nigeria (CBN) issued a larger amount of treasury bills than those that were maturing, dealers said last Friday. The apex bank according to Reuters, issued N234 billion ($1.44 billion) worth of Open Market Operation bills last Friday to replace a N200

billion bill it paid off the previous day, curbing liquidity, they said. The cash balance that lenders hold at the CBN was N204.37 billion last Friday, compared with N263.49 billion penultimate week, the regulator said on its website. Lenders have been unable to see the level of their cash balances with the banking watchdog for more than two months due to a system glitch. The open buy-back rate was

unchanged at 10.5 per cent, 1.5 basis points below the CBN's benchmark interest rate of 12 per cent. Over night placements however, climbed marginally to 10.75 per cent from 10.5 per cent two weeks ago. But dealers see interbank markets awash with cash this week, owing to the disbursement of the country's oil proceeds for the month of August to the different tiers of government.

Economic Indicators As at M2* CPS* INF IBR MPR 91-day NTB DPR PLR Bonny Light Ext Res**

N14,737,618.7m N16,509,472.5m 8 0.0000 12 10.899 7.96 17.01 US$109.9 US$42,604,781,796.6

Description

TTM

4.00% 23-Apr-2015 13.05% 16-Aug-2016 15.10% 27-Apr-2017 16.00% 29-Jun-2019 16.39% 27-Jan-2022 10.00% 23-Jul-2030

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

Dec, 2013 Dec, 2013 Dec, 2013 2/5/2014 1/20/2014 11/6/2013 Dec, 2013 Dec, 2013 1/20/2014 2/5/2014 Source:CBN

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Offer Yield 13.01 13.40 13.47 13.49 13.44 13.59

Price 90.35 99.40 104.40 109.65 114.45 76.90

Tenor (Months) 1 2 3 6 9 12

Rate (%) 12.1827 12.2737 12.3744 12.8521 12.8535 13.8443

Treasury Bills Maturity Date 08-May-14 07-Aug-14 22-Jan-15

Bid 12.10 12.10 12.05

Bid Spot ($/N) 163.28 THE FIXINGS –NIBOR,NITTY and NIFEX of February 6,2014

NITTY

Yield 12.86 13.33 13.35 13.42 13.38 13.53

Money Market Offer 11.85 11.85 11.80 Offer 163.38

Open-Buy-Back (OBB) Overnight (O/N)

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

Offer 163.5000 Source: FMDQ

Specifically, he said a number of companies in different sectors have benefited from AMCON’s intervention. The main sectors include the oil and gas, general commerce, capital market, manufacturing, finance and insurance and aviation. A big question is, “how would these sectors have fared if AMCON had not intervened?” They, as well as many others, would have been severely disrupted if the AMCON intervention was not made and the increase in the country aggregate output of N8.4trillon between 2010 and 2013 would have been seriously at risk, he added. Rewane noted that as at April 2012, three and a half

years after it was signed into law, a cost estimate for the US Troubled Asset Relief Programme (TARP) was a loss of $60billion. Only $300billion of the about $414billion paid out to banks, he explained, had been recovered. Recently published data on global Bad Banks reveals that TARP, as at September 4, 2014, had made a profit of $41.4billion, mainly from the sale of its holdings in AIG, Citigroup and through interest payment on loans. Rewane argued that similar success has been recorded by other bad banks around the globe; although the time span between commissioning and breaking even appears to vary across countries.

Sterling Bank disburses cash via Facebook, Twitter

terling Bank Plc has again set a standard in online transactions with the disbursement of quick cash to over 2,000 online customers under the Social Lender Scheme. The lender, which launched the scheme two months ago, said it received over 3000 applications out of which 2000 had been processed. Social lender, a first in Nigeria, is a peer-to-peer lending solution using Twitter and Facebook social media channels, which play a significant role in influencing decision making among young Nigerians. The scheme according to a statement from the bank, is open to all Sterling Bank Account holders with provisions made for non-account holders to apply through the Sterling Bank Mobile Money application. Speaking on how Social Lender works, the Bank’s Group Head, Strategy & Communications, Mr. Shina Atilola, explained that users who make requests via the Social Lender website are rated by the algorithm that calculates their social reputation using various criteria, Based on this, the request is either granted or rejected.

Adeola

He explained: “As a bank, we cannot overlook the importance of Social Media in today’s society and the increasing role it plays in the lives of people on a daily basis. This new line of service has put Sterling Bank in a vantage position to sustain its position as an organisation that understands the needs of its customers and leverages relevant platforms to proffer innovative solutions which in return enriches their lives”. Atilola, who assured that the bank will continue to introduce innovative ways to ensure the empowerment of Nigerians irrespective of their social status, said he was impressed by the attitude of beneficiaries who have been faithful with their repayments

AfDB, others agree to reinforce climate financing

he world’s six multilateral development banks have reaffirmed their shared commitment to lead by example by continuing to reinforce and further develop climate financing through a joint statement issued in advance of the United Nations Secretary-General’s Climate Summit being convened in New York on September 23. In a statement posted on its website, the African Development Bank (AfDB) said it will in conjunction with Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), and World Bank Group (WBG) pledge to maintain a strong institutional focus on climate change.

This will include leveraging additional private sector investment, continuing to innovate and promote more robust and transparent climate finance tracking and reporting. AfDB has committed to investing US $10 billion as part of its Climate Change Action Plan covering the period 2011–2015. “The Bank’s climate finance investment from 2011 to 2013, stands at US $5 billion; therefore it is on target to deliver its commitment,” the statement said. The banks had begun jointly tracking climate finance flows in 2011, the six multilateral development banks have delivered nearly US $75 billion in financing to help developing countries and emerging economies respond to the challenges of climate change.

BUSINESS | ISSUE OF THE WEEK 33

Sanctity of Truth

Monday, September 15, 2014

Finance Minister, Dr Ngozi Okonjo-Iweala

CBN Governor, Godwin Emefiele

Managing Director, Heritage Bank, Ifie Sekibo

What chances for Heritage Bank?  Abdulwahab Isa Abuja

Beginning of an era

he financial crisis that engulfed the banking landscape in 2009 was one that had the trappings of tsunamis. But the hurricane was contained by egg-heads at the Central Bank of Nigeria (CBN) who, in their wisdom, and drawing from experiences of past era of failed banks, quickly erected contingent measures to protect depositors’ interest. The former CBN governor, Sanusi Lamido Sanusi, spearheaded the push for a ‘stress test’ on banks, a decision that ultimately exposed the gaps inherent in the books of lenders. The CBN not only did the needful at the time, it took drastic measures aimed at protecting depositors’ funds, including reverse of dwindling confidence in the banking sector. Financial analysts referred to the 2009 development as a watershed in the history of banking sector, an era that saw powerful, but indicted bank chiefs relinquishing their portfolios. And to ensure no single bank depositor lose his/her savings in the process as experienced in past banking crises, the CBN enthroned a merger process and outright acquisitions, a process that enabled depositors of distress banks to have their cash intact. The defunct Oceanic Bank, Intercontinental Bank Plc, to mention a few, were institutions that the CBN’s action clearly saved their depositors from losing their savings.  However, another test conducted on some banks revealed that strains of distress still persisted and the banks were having challenges honouring their financial obligations. Banks in this category included Afribank, Spring Bank and Bank PHB.  Consequently, the apex bank, on August 5, 2011, revoked their operating licences, which it said did not show enough capacity and ability for recapitalisation.  In their place, the CBN, through the Nigerian Deposit Insurance Corporation (NDIC), established three bridge banks and transferred the assets and liabilities of the affected banks to the bridge banks.  Mainstreet Bank took over the assets and liabilities of Afribank; Keystone Bank assumed the assets and liabilities of Bank PHB;

while Enterprise Bank took over Spring Bank.  As expected, the Asset Management Company of Nigeria (AMCON), the body established as asset resolution vehicle in the heat of financial crisis by CBN, acquired the affected institutions from the NDIC.  Upon assuming control, AMCON injected N679 billion in three bridge banks to meet the minimum capital base of N25 billion and the minimum capital adequacy ratio of 15 per cent.  Mainstreet Bank received N285 billion; Keystone Bank, N283 billion; and Enterprise Bank, N111 billion.  Scramble for Enterprise Bank  The AMCON, last year, kicked off with the sale process for the bridged banks -Enterprise, Keystone and Mainstreet, which are wholly owned by AMCON. The corporation intends to fully divest its shares in the three banks before the end of next year. Enterprise Bank, created from the defunct Spring Bank, was the first on the card and it had strong prospective investors angling for its possession. Enterprise Bank commenced operation in August 2011 as a full-service commercial bank with a national banking licence. The lender operates via a sizeable distribution network of over 160 branches spread across major markets and commercial centres in Nigeria and with over 177 Automated Teller Machines (ATMs), 57 cash centres and 2,000 Point of Sale (PoS) terminals . Chike-Obi, AMCON CEO, had disclosed in the build-up to its sale that 18 institutions submitted indicative bids for the purchase of the bank, however, declined to disclose their identities.  He reportedly said, “We are evaluating those bids and we are going to do a shortlist of the people that are most qualified.  After that, we will do due diligence and that will give us final bids and at that point ,we will pick the winner.” He said the corporation was about 75 per cent done with Enterprise Bank.  “The next stage is to contact those to be shortlisted and that would be in the next two weeks. So, we would have 30 days to do due diligence and give the final bids.”  He expressed confidence that the sale process for both Enterprise and Mainstreet banks would be concluded by October this year. Touted as bidders seeking to acquire 100 per cent stake in Enterprise Bank were, Fidelity Bank Plc, Heritage Bank Limited, Sterling Bank

Plc, Skye Bank Plc, African Bank - including a group of investors being promoted by Mr Emeka Onwuka, a former chairman of the bank.  Heritage Bank is preffered bidder  After an intensive evaluation and due diligence conducted by financial experts assembled by AMCON, a winner for Enterprise Bank emerged last Thursday. AMCON announced Heritage Bank - sponsored HBSL Investment Services Limited as the preferred bidder for Enterprise Bank. A statement by AMCON Head, Corporate Communications, Mr Kayode Lambo, said that Heritage Bank emerged the preferred bidder, while Fidelity Bank was the reserve bidder. “The Asset Management Corporation of Nigeria is pleased to announce HBCL Investment Services Limited as preferred bidder and Fidelity Bank Plc as reserve bidder for the acquisition of the entire issued and fully paid-up ordinary shares of Enterprise Bank Limited. This follows the receipt of the approval of the Board of Directors of AMCON. HISL is sponsored by Heritage Banking Company Limited.”  However, in the event that Heritage Bank was unable to meet the share purchase agreement, Fidelity Bank would become the preferred bidder, said AMCON in a statement, ending the tortuous process that commenced last year. Lambo said: “The completion of the transaction is subject to the fulfillment of the conditions precedent as stated in the Share Purchase Agreement that is to be executed between AMCON and HISL. In the event that HISL is unable to complete the transaction in line with the payment terms and other provisions of the SPA, the SPA entered into with HISL would be terminated and Fidelity Bank would become the preferred bidder.  “This process started with inter-

Unconfirmed reports indicated that the bank had initially tried to raise funds, which was botched

est shown by 24 parties cutting across local and international bidders. The emergence of HISL and Fidelity Bank as the preferred and reserve bidders respectively, resulted from a rigorous and competitive bidding process, which was coordinated for AMCON by Citigroup Global Markets Limited, Vetiva Capital Management Limited (financial advisers) and G. Elias & Co. (legal advisers).”  Profile Heritage Bank commenced operations in March 2013. The deposit money bank was formed from the defunct Societe Generale Bank of Nigeria (SGBN) and was granted a regional banking licence by the Central Bank of Nigeria (CBN). On commencement of business, its shareholding structure was 80 per cent core investor, nine per cent legacy bank, and 11 per cent of depositors’ funds. The bank has demonstrated strong bias for funding of SME-focused financial institution.  The board of Heritage Bank is chaired by an astute resourceful banker and former MD/CEO of Skye Ban, Mr Akinsola Akinfemiwa. All eyes on Heritage Bank  Certainly, Heritage Bank’s declaration by AMCON as preferred bidder in a complex transaction that lasted almost a year, no doubt, would throw up high expectations from industry stakeholders. The expectations stems from keeping to condition of payment by the new investors.  For instance, under the terms of the SPA to be signed this September between AMCON and Heritage Bank, the lender would be expected to pay 20 per cent or N11.2 billion of the bid price for Enterprise Bank 48 hours after the execution of the agreement. The balance of 80 per cent or N44.8 billion would be paid by October 13, it was learnt.  Should Heritage Bank fail to meet the payment terms, Fidelity Bank will take its place as the preferred bidder. This the snag in the SPA that industry stakeholders are watching to see how the new investors will wriggle out of it.   Unconfirmed reports indicated that the bank had initially tried to raise funds, which was botched. Nonetheless, with Heritage Bank’s strong business model and service quality, the institution should be able to raise the money, said frontline analyst, who elected to be anonymous.

business | STOCK WATCH

CHALLENGES Cost of production slows growth Chris Ugwu

espite the steady growth of the Nigerian economy, the manufacturing industry has continued to grapple with a mixture of positive and negative challenges. This is because the economy generally is faced with enormous socio-economic challenges. There is no doubt that the security challenges in Northern part of the country with the attendance consequences of loss of lives and properties, domestic constraints such as depletion of fiscal buffers, dwindling foreign reserves, erratic supply of public electricity, poor infrastructure, among others, have remain a thorn on the business operating environment. While some companies successfully weathered the storm notwithstanding the difficulty in business environment, others were not so lucky. Vitafoam Nigeria Plc is one of those in this category. The firm has remained under cost pressures on many fronts, as the foam-manufacturing company struggles with high financial leverage and tight top-line. While the company’s turnover witnessed modest growth and held tightly to operating expenses, finance expenses continued to weaken the bottom-line. The company got its fair share from the mixed fortune, as audited report and accounts for the year ended September 30, 2013, indicated that sales rose by 12.8 per cent but both pre and post –profits, dropped by 22.5 per cent and 18.2 per cent respectively. Though the company is gradually returning to profitability as its profit margins improved marginally in Q1 ended December 31, 2013, half year ended March 2014 and nine months ended June 30, 2014, the harsh operating environment has kept returns on investment on the low ebb. Market analysts have also predicted that the company’s profit was likely to exceed its previous year performance. However, market sentiment for the shares of the company has remained firm on the back of improved product rebranding and increased market penetration. Stockbrokers attributed investors’ sustained confidence in the stock to continued sales, marketing and distribution efforts as well as its strong presence across Nigeria. The share price, which closed at N4.15 per share in October 30, 2013, recorded a marginal growth. At the closing bell rang last Friday, the company’s share price stood at N4.30, an increase of 15 kobo or 3.48 per cent year to date. Corporate profile Vitafoam Nigeria is one of the nation 's leading manufacturers of flexible, reconstituted and rigid foam products. It has the largest foam manufacturing and distribution network, which facilitates just-in-time delivery of its products through-

Sanctity of Truth

Monday, September 15, 2014

Vitafoam: Harsh business milieu eats into profit

Makanjuola

out Nigeria. Incorporated on 4th August 1962 and listed on the floor of the Nigerian Stock Exchange (NSE) in 1978, Vitafoam's successful brands remain a household name in the country. With subsidiaries in Ghana and Sierra Leone, other subsidiaries in Nigeria include Vita Blom, Vita Visco, Vitapur and Vono Products Plc. Like Vitafoam, Vono is also quoted on the NSE and was Vitafoam’s long-standing competitor until Vitafoam bought the controlling equity stake. Financials A cursory look at the 2013 financials showed the group’s profit before tax dropped by 22.5 per cent, from N813 million to N630 million. After taxes, net profit dropped by 18.2 per cent to N410 million in 2013 compared with N502 million in 2012. Total sales closed at N16.34 billion compared with N14.48 billion recorded in 2012. Cost of sales however, rose by 16.4 per cent from N9.34 billion to N10.87 billion, while gross profit inched up by 6.3 per cent from N5.14 billion to N5.47 billion. Total operating expenses rose by 9.8 per cent to N4.34 billion as against N3.95 billion in previous year. The Chairman, Board of Directors, Vitafoam, Dr. Bamidele Makanjuola, explained that the board recommended the dividend payment because it was

Share price movement of Vitafoam Plc 2013 Oct 31

N4.15

Nov 30

N4.67

Dec 31

N4.90

2014 Jan 31

N4.96

Feb 28

N4.28

Mar 31

N4.25

Apr

N4.30

May 30

N4.22

Jun 30

N4.40

Jul 31

N4.30

Aug 30

N4.15

Sept 12

N4.30

optimistic that the company was well positioned to deliver impressive returns in the years ahead. The unaudited Q1 result for the period ended December 31, 2013, showed that turnover increased marginally by 1.55 per cent to N4.38 billion, compared with N4.31 billion recorded in

the corresponding period of 2012. The company recorded an increase of 23.36 per cent in its finance cost of N194.52 million in Q1 2013, from N157.69 million in 2012. This resulted to a profit before tax of N280.47 million, an increase of 8.28 per cent from N259.02 million recorded in the corresponding period of 2012. Tax provision increased by 21.82 per cent to N100.04 million, from N82.12 million, leading to a profit after tax of N180.43 million in Q1 2013 from N176.90 million in the corresponding period of 2012, representing a marginal growth of 1.99 per cent. For the half year to March 2014, Vitafoam’s revenue rose by 1 per cent year-on-year (YOY) to N8.85 billion from N8.78 billion corresponding period of 2013. The growth at the top-line was translated into bottomline growth as profit before tax increased by 2.48 per cent to N599.89 million in the review period compared with N585.33 million same periods in the prior year 2013. The company’s gross profit rose 10.40 per cent half year to March 2014, to N2.90 billion from N2.63 billion. Cost of sales margin reduced to 67.11 per cent in half year to March 2014, from 70.1 per cent last year, while operating profit also increased by 14.25 per cent to N953.78 million in the review period, from N834.379 million in 2013. This signifies the company’s ability to cut operating expenses as operating margin decreased to 22 per cent in 2014 from 20 per cent in 2013. Also, financial results of nine months ended June 30, 2014, indicated that revenue inched up by 2.6 per cent, to N13.343 billion from N12.996 billion during the comparable period of 2013, while pre-tax profit grew by 5.5 per cent from N712.795 million in 2013 to N754.172 million in 2014. Outlook Makanjuola had at the company’s recent Annual General Meeting (AGM) said: “The Board remains optimistic that resolute implementation of our various expansion strategies will continue to propel our brand to develop new opportunities for growth. With a focused expansion plan, qualitative service delivery and strong brand equity, the company is well placed to deliver impressive returns in the years ahead.” He told the company’s shareholders that the foam industry experienced stiff competition during the year ended September 2013. Makanjuola added that the situation was worsened by the activities of counterfeiters, which posed a major challenge to the Vitafoam brand. The chairman explained that while the efforts of the Standards Organisation of Nigeria (SON) and other government agencies to combat the menace were commendable, “it is worthy of mention that product

adulteration is a more organised and structured racket than generally perceived.” According to him, a sustained approach in collaboration with real operators in the sector is required to combat the menace. On its part, he said Vitafoam leveraged its large portfolio of innovative products to reduce the impact of adulteration. “Efforts are also being made to continually differentiate our range of products through innovations and by showcasing their unique qualities,” he told the shareholders. The chairman, who noted that the group’s investments were bound to boost its profit, soon, assured that the company was in a good position to overcome the challenges before it. He said: “Despite these challenges, the business remains resilient and continues to offer promise for growth and higher returns. Our expansion goals are tailored to position your company to take advantage of the emerging opportunities. “The main thrust is to diversify operations into other areas that are potentially lucrative and less vulnerable to extraneous factors while reinforcing our position in the industry through innovation,” he noted. Makanjuola who said that Vitafoam also had plans to explore opportunities in Sierra Leone (in the first quarter of 2014) and other neighbouring countries, added that the company also planned to better manage its finances. He said: “As a measure to improve our profit outlook in the new fiscal year, efforts will be geared to creatively manage the company’s financing to ensure proper alignment of preferred financing option and to optimise the full benefits of our funding plans.” Analysts’ opinion According to analysts at FSDH, “the company’s earning was adversely impacted by the activities of adulterators of its products; however, during the period, Vitafoam continued in its strive to leverage its large portfolio of innovative products to reduce the impact of the adulteration.” They noted that efforts are being made to continuously differentiate the company’s range of products through innovation and by showcasing its unique qualities, as well as its drive to distinguish Vitafoam as a onestop shop for all hard and soft furniture and lifestyle products. “Taking the foregoing factors into consideration we estimate turnover of N18.12 billion, N20.09 billion, N22.07 billion, N24.06 billion and N26.05 billion for the periods ending September 2014, 2015, 2016, 2017 and 2018, using a revenue growth margin of 10.9 per cent for 2014 and 2015, and 9.9 per cent, 9.0 per cent and 8.3 per cent for 2016, 2017 and 2018 respectively,” they said.

BUSINESS | CAPITAL MARKET REPORT

Sanctity of Truth

Monday, September 15, 2014

Stock market records four-week low DEPRESSION Negative sentiment pervades the equity market

Chris Ugwu

igerian stocks for the fourth consecutive week extended negative trajectory, following what market watchers attributed to upset in the financial market arising from insecurities, build up to 2015 elections, efforts by the Asset Management Corporation of Nigeria (AMCON) to redeem its bonds, Ebola crisis and recapitalization fever, among others. It is believed that some of these factors sent a shock wave to both local and foreign investors and created uncertainty in the investment environment, leading to a retreat on the part of the bargain hunters. Respite had come the way of investors at the beginning and the middle of last week when the bulls resurfaced. But the two-day gains could not tame the rampaging bears, which overwhelmed the market. There were fears in some quarters that the stock market is presently witnessing the trend in 2007 that led to the crash of the market. For trading to go on for days and weeks consecutively, heading towards the negative direction, is a pointer that the market may crash, if adequate measures are not taken by the management of the local bourse. Beginning of the week The bulls maintained their grip on the market as bargain hunters jostled for shares of blue chip companies. Analysts said the resurgent of the bulls to sustain market rally after weeks of loss, was evidence that confidence is returning to market in spite of security challenges that had posed threat to investment in the country. The key market performance measures, the NSE All Share Index and market capitalisation, rose by 0.13 per cent as market sentiments extended gaining streak following investors’ high optimism. Consequently, the All-Share Index gained 54.19 basis points or 0.13 per cent to close at 41,214.81 as against 41,160.62 recorded penultimate weekend, while the market capitalisation of equities appreciated by N18 billion or 0.13 per cent as market sentiments remained green. Meanwhile, a turnover of 479.7 million shares worth N50.7 billion in 4,168 deals were recorded in the day’s trading. Other financial services sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 74.8 million shares worth N377.8 million exchanged by investors in 653 deals. Volume in the sub-sector was largely driven by activity in the shares of UBA Capital Plc and FBNH Plc. Also, the banking sub-sec-

NSE building

tor, boosted by activities in the shares of Access Bank Plc and Diamond Bank Plc followed with a turnover of 56.9 million shares valued at N694.9 billion in 1,218 deals. Cadbury, Seplat deplete activities Hopes by investors that the gains recorded in the equity market would be sustained were dashed last Tuesday following the return of bears as activities on the shares of Cadbury and Seplat slowed momentum. Cadbury Nigeria Plc along with Seplat Petroleum, Nestle and other blue chips shed weight, dragging the market southwards to give the bears enablement to submerge gains recorded in the previous days. This was due to profit taking by investors in the wake of the cautious optimism that had prevailed in the market in the recent time. The twin market performance measures, the NSE ASI and market capitalisation, dropped by 0.85 per cent as the market tempo slowed. Off-market trade A total of 1,312,444,260 ordinary shares of Ashaka Cement Plc at N30.95 per share were crossed last Tuesday via an offmarket trade. The buyer was Lafarge Africa Plc, while the seller was Lafarge Nigeria Plc. According to market analysts, the transaction was part of the on-going process to consolidate the cement firm’s South African assets and the Nigeria Assets. At the close of trading, 27 stocks appreciated, while 29 others constituted the losers’ table. The twin market indicators, the All-Share Index fell by 346.79 basis points or 0.85 per cent from 41,214.81 the previous day, to drop at 40,868.02, while the market capitalisation depreciated by N115 billion or 0.85 per cent, from N13.609 trillion to N13.494 trillion. Further analysis of the day’s trading showed that Forte Oil Nigeria Plc topped the day’s

Five most capitalized stocks@ Sept 12, 2014 Dangote

N3.6tn

Cement Plc Nigerian

N1.3tn

Breweries Plc Guaranty

N857.9bn

Trust Bank Plc Nestle

N800.5bn

Nigeria Plc Zenith Bank

N772.3bn

Plc gainers’ table with N7.01 to close at N225.00, while Flour Mills added N5.89 to close at N64.76. UAC Property Nigeria Plc followed with N3.03 to close at N15.30 per share. On the flip side, Cadbury Nigeria led losers’ with a drop of N30.73 to close at N55.08, while Seplat Oil shed N29.98 to close at N650.00 per share. Nestle Nigeria followed with N8,99 to close at N1,010.01 per share. On the activity chart, the building materials sub-sector of the industrial goods sector dominated in volume terms with 1.32 billion shares worth N41.6 billion in 253 deals. The sub sector was enhanced by the activities in the shares of Ashaka Cement Plc. The banking sub sector also of financial services sector boosted by the activities on the shares of Access Bank Plc and Ecobank Transnational Incorporated (ETI) Plc followed with 152.7 million units, worth N1.9 billion in 1,441 deals. At the close of business, investors exchanged a total of 1.6 billion shares, worth N46.3 billion in 4,872 deals.

Market gains N6billion Last Wednesday, the bulls returned to equity market on the back of oil and gas companies. The key market performance measures, the NSE All Share Index and market capitalisation, rose by 0.04 per cent as market sentiment extended gaining streak. Consequently, the All-Share Index gained 17.38 basis points or 0.04 per cent to close at 40,885.40 as against 40,868.02 recorded at the previous day, while the market capitalisation of equities appreciated by N6 billion or 0.04 per cent as market sentiment turned positive. Meanwhile, a turnover of 386.5 million shares worth N3.7 billion in 5,193 deals were recorded in the day’s trading. The banking sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 133.9 million shares worth N2.0 billion exchanged by investors in 1,703 deals. Volume in the sub-sector was largely driven by activity in the shares of GTB and Access Bank Plc. The number of gainers at the close of trading session was 20, while decliners were 24. Mobil Nigeria Plc led the gainers’ table with N5.50 to close at N180.00 per share, while Total Nigeria Plc followed with a gain of N3.98 to close equally at N180.00 per share. Negative sentiment The bear resurfaced last Thursday after a day-gain in the local bourse following 0.3 per cent drop in both market performance indices, reflecting profit taking, amid drop in investment activities. The key benchmark indices maintained negative trajectory to close in the red, as activities in the shares of Conoil Nigeria and Guinness Nigeria dragged down the equity market. Trading activities on the floor of Exchange had the previous day closed in the green following positive sentiment

of investors. Consequently, the All-Share Index dipped 128.2 basis points or 0.3 per cent to close at 40,757.20 as against 40,885.40 recorded the previous day, while the market capitalisation of equities depreciated by N43 billion or 0.3 per cent as market sentiment remained in the red. Meanwhile, a turnover of 267.09 million shares worth N3.06 billion in 4,756 deals were recorded in the day’s trading. The number of gainers at the close of trading session was 23, while decliners closed at 24. Seplat Petroleum Plc led the gainers’ table with N20.00 to close at N670.00 per share, while Forte Oil Nigeria Plc followed with a gain of N4.98 to close at N225.00. PZ Cussons Nigeria Plc added 78 kobo to close at N35.00 per share. On the other hand, Conoil Nigeria Plc led the price losers’ table, dropping N5.73 to close at N53.16 per share, while Guinness Nigeria followed with a loss of N5.46 to close at N168.04. Dangote Cement Nigeria Plc shed N2.00 per share to close at N218.00. Last Friday, the equities market continued on the downward swing following bearish sentiment as activities on the shares of Dangote Cement and PZ Cussons slowed momentum, dragging the market southwards to give the bears enablement to submerge gains recorded in the previous days. The twin market performance measures, the NSE ASI and market capitalisation, drop by 0.20 per cent as the market tempo lowered. Meanwhile, a turnover of 263.8 million shares worth N2.7 billion in 4,780 deals were recorded in the day’s trading. The banking sub-sector of the financial services sector was the most active (measured by turnover volume); with 88.4 million shares worth N1.3 billion exchanged by investors in 1,383 deals. Volume in the sub-sector was largely driven by activity in the shares of Access Bank Plc and Zenith Bank Plc.

Insurance

Sanctity of Truth

Monday, September 15, 2014

NAICOM hails CIIN’s N15m investment in insurance textbooks EDUCATION The initiative is to boost insurance education in secondary schools Sunday Ojeme

he National Insurance Commission (NAICOM) has expressed joy over the Chartered Insurance Institute of Nigeria’s (CIIN)'s N15 million investment in publishing and distribution of insurance textbooks to some secondary schools. This initiative by the educational arm of the sector is to boost insurance education at the secondary school level as well as create early awareness among students. Reeling out the efforts the industry had made in the promotion of insurance education, the Commissioner for Insurance, Mr Fola Daniel, said that he was aware of the Institute’s giant stride in the promotion of insurance education at both secondary and tertiary levels. He said: “The noble efforts culminated in the expenditure of over N15 million for the production of textbooks and professional course materials at both levels of education.” The commissioner also disclosed that the commission was actively committing resources to upscaling insurance education in tertiary institutions in the country. He listed the institutions that had benefitted from the commission’s financial support as Ahmadu Bello University (ABU), Zaria; University of Lagos (UNILAG); Lagos State University (LASU), Lagos,; University of Uyo (UNIUYO), Akwa Ibom; Niger Delta University (NDU), Bayelsa; Federal Polytechnic, Offa, Kwara State; IMT, Enugu and Evans Ewerem University, Owerri, Imo State. He promised that many others had also been scheduled to benefit in the next phase of the commission’s intervention funding. Following the donation to secondary schools in Ogun State, the state government is already putting up a process to introduce insurance as a subject in the curriculum of public senior secondary schools as from the 2014/2015 academic session. The state Commissioner for Education, Segun Odubela, said this when he received 900 copies of the text books. While promising that the state would soon commence recruitment of teachers for the proposed subject, the

L-R: Chairman, Chartered Institute of Personnel Management of Nigeria, Mrs Ifeoma Onwuachu; Mrs. Folake Adebimpe Oshiyemi, Managing Director, Warm Spring Waters Nigeria Limited and Guest Speaker, Dr. John Wilson, at the 2014 Annual Lecture/ Luncheon centenary of Personnel Practitioners' Consultative Association (PPCA), Ikeja Chapter, in Lagos.

Fola-Daniel

Temowo

commissioner appealed to CIIN to assist the state in training teachers after the recruitment exercise. He said: "While commending you for this donation, I urge you to be ready to make members of your institute available for the training and retraining of our teachers whenever the need arises." He promised that relevant departments in the ministry would review the books and make appropriate recommendations. New Telegraph recalls that 2,000 copies of the same material had earlier

been donated to the Lagos State Ministry of Education to be distributed among secondary schools in the state. During the presentation, the President, CIIN, Bola Temowo, said that the donation was part of the institute’s commitment geared at accelerating the empowerment of institutions offering insurance courses in the country. He noted that the institute had previously donated course books for professional examinations to over 15 tertiary institutions at the cost of N600,000 for each institution. He stressed that Information Communications Technology

(ICT) equipment were also donated to four institutions to equip their insurance libraries. “All of these represent our articulated efforts at expanding the capacity of institutions offering insurance programmes thereby guiding them pragmatically towards the improvement of their capacity to deliver superior and qualitative insurance education,” he said. He said that the institute has also initiated a campaign to encourage insurance professionals to take up teaching positions either on full time or part time to help tackle the challenge on the dearth of teachers and lecturers for insurance at secondary and tertiary levels of education in the country. The Lagos State Commissioner of Education, Olayinka Oladunjoye, lauded the efforts of the institute, saying that the commission will continue to support the institute’s efforts in deepening insurance in the country. She noted that the Ministry will review the books for possible recommendation for adoption by Ministries of Education in the Country. She noted that the Ministry would continue to collaborate with the institute on human capacity development and others areas of interest, while thanking the management of the institute for the noble idea which will help improve insurance image.

IMF demands stricter regulation to protect policyholders

he International Monetary Fund (IMF) has called on the National Insurance Commission (NAICOM) to put more bite into its regulatory activities in the interest of policyholders. Commissioner for Insurance, Fola Daniel, disclosed this at the opening session of the Chartered Insurance Institute of Nigeria (CIIN), Professional Forum, held in Abeokuta, Ogun State. Daniel, who declared that some insurance operators had accused him of overregulating the sector, said that even the IMF believed it was underregulated and thereby recommended a more rigorous

regulation to protect policyholders and the integrity of the industry. He said that NAICOM would remain focused for the market to progress, stressing that its primary mandate of protecting policyholders would not be compromised. Calling on the operators to introduce dynamic strategies that would help to deepen penetration among the vast population of the country, he said that prior to the rebasing of the economy, the sector barley contributed 0.7 per cent to the GDP, adding that with the rebasing, the contribution of the industry had

dropped to 0.6 per cent. The commissioner advised them to come up with new ways of doing business in other to achieve better results on investment, adding that if the industry must move forward, there was need for them to change their marketing strategy, products design and packaging of products to meet the present need of customers across the nation. He also pointed out that the commission was committed to promoting financial literacy through the introduction of micro insurance, Takaful

insurance, and agricultural insurance policies as a vehicle for meeting the needs of the masses. He added that micro-insurance sector around the world had grown rapidly over the past 10 years and is expected to double by 2020, producing coverage for over one billion people. Daniel also said that with right products, micro-insurance would herald the much-desired quantum leap in the industry, saying that significant growth brings new and exciting innovations in products addressing health, agriculture and property insurance.

BUSINESS | INSURANCE 37

Sanctity of Truth

Monday, September 15, 2014

RESTRAINT Care must be taken to ensure that the insurance grows healthily and impact positively on the economy

Sunday Ojeme

he Nigerian Insurers Association has advised the management of insurance companies to put an end to cut-throat competition among them to enable the industry sustain its pride of place in the nation’s economy. Giving the advice last week during the Joint Media Retreat for journalists held in Abeokuta, the Ogu State capital, the Director-General, NIA, Mr Sunday Thomas, said that such an attitude was not only pulling down the image of the industry but also a threat to its survival. The industry regulators have battled over the years to put an end to series of infractions and unhealthy competitions such as rate cutting by some operators. While calling on the media to help develop the industry through their reportage, the director-general also listed poor standard of living of Nigerians and low disposable income, poor attitude to savings and risk management unlike what obtains in other developed jurisdictions, increasing environment of uncertainty and crimes (Boko Haram and Kidnapping, among others), as part of the threats to the survival of the industry. Others, he said, were faking of insurance certificates, industry practices not consistent with sustainability, poor industry database, skills gap in highly technical areas of insurance operations e.g. Marine and Aviation, Oil and Gas etc, poor attitude to training and human capital development as well as less than optimal financial literacy. He pointed out that if the media understood the problems and challenges facing the insurance industry, it would be in a better position to report the industry more

NIA cautions underwriters over unhealthy competition objectively and with empathy. He appealed to the media to be eager to highlight issues that would develop the industry than the ones more likely to pull it down, stressing that it should also reinforce its insurance dedicated coverage. According to him, “Media should be in partnership with the industry in driving the change process. Media needs greater patience to grasp insurance details before any publication. Jour nalists should not thrive on sensational reporting of insurance news. “The media as purveyors of information should dedicate some special editions or sections to feedback from insuring public. This will position the media as a gauge of public opinion whilst also helping the insurance companies to serve them better with deeper and better insights into consumer expectations. “Media should better develop its agenda setting function (set agenda for government, draw attention to challenges facing the industry, what government needs to do to protect the insurance sector and help it grow e.g. promulgation of beneficial laws, ensuring compliance and enforcement of insurance laws, discouraging capital flight through oversea insurances when there is local content capacity etc.” He also maintained that the media should be more visible in public education by promoting knowledge and understanding of technical words used by insurers, adding that the words should be simplified with explanations of the process of effecting insurance, the role of each party in the insurance contract, the expectation of the insurer from the insured, claims procedure, arbitration procedures and avoidance of conflict situations. “Media ought to engender

Detroit has most expensive car insurance

etroit has the most expensive car insurance and Charlotte has the cheapest, according to a new insuranceQuotes.com examination of average premiums in the 25 largest US metropolitan areas. In the Detroit metro area, drivers pay a whopping 165 per cent more than the national average for car insurance. The next most expensive metros are New York City (36 per cent more than the national average), Miami (+34 per cent) and Los Angeles (+25 per cent). "One of the main reasons why car insurance is so expensive in the Detroit area

is because Michigan is the only state where car insurance includes unlimited personal injury protection," said Laura Adams, senior analyst, insuranceQuotes.com. "Also, Detroit has a very high percentage of uninsured motorists – as high as 50 per cent by some estimates. That unfortunately raises rates for those who do have car insurance." Charlotte-area residents enjoy the cheapest average car insurance premiums, 43 per cent less than the national average. Cleveland (-31 per cent) and Pittsburgh (-24 per cent) are the second- and third-least expensive metropolitan areas, respectively.

status conferral: celebrate underwriters, make Nigerians see insurance as part of their everyday life, make the upcoming

generation see insurers as role models. The media has made musicians and those in the entertainment industry, why

can’t they write articles and comments, features on worthy insurers and companies that have performed well,” he added.

L-R: President, Chartered Insurance Institute of Nigeria, Bola Temowo; a former Commissioner for Insurance, Oladipo Bailey; and Commissioner for Insurance, Fola Daniel, presenting an award to Bailey during the CIIN Professional Forum in Abeokuta, Ogun State.

FRSC commends Glo over insurance for drivers T he Federal Road Safety Commission (FRSC) has commended Globacom, one of the largest telecoms operators in Nigeria, for providing insurance support scheme for members of the National Union of Road Transport Workers (NURTW) and their families nationwide. A statement issued last

week quoted the Corps Marshal and Chief Executive Officer of FRSC, Boboye Oyeyemi, as saying that the scheme, which provides generous welfare packages to members of the transport union, was an effective way to stem the wave of crime in the country. According to him, “the insurance scheme is a giant

stride for fostering an all-encompassing welfare package for commercial drivers across the nation. The exercise is not only important but timely as universal adoption of the identity cards is supported by law enforcement agencies in order to make surveillance and identification of criminals easier.”

Cornerstone blames drop in performance on reinsurance

he reduction in underwriting result of Cornerstone Insurance Plc from N1.2 billion in 2012 to N866 million in 2013 has been attributed to increased reinsurance activities. Disclosing this in Lagos on Friday, chairman of the company, Mr Adedotun Sulaiman, said that the reduction was the result of increase in reinsurance, which grew to N1.9 billion in 2013 from N1.6 billion recorded in 2012. According to financial details released at the company’s Annual General Meeting, the net claims expenses also increased to N1.1 billion in 2013 from N985 million in 2012. The Profit AfterTax, however, increased to N870 million in 2013 as against N544 million in 2012 while the total assets grew to N14 billion in 2013 from N12

billion recorded in 2012. Meanwhile, the shareholders unanimously authorised the management to increase the company’s share capital from N5 billion to N7 billion. Following the approval, the company would raise 15 billion ordinary shares of 50k each in the capital market. While pleading with the shareholders for support and understanding with a promised that dividend would be paid in the 2014 financial year end, the chairman said that the money so raised would be used to acquire Fin Insurance’s 3.3 billion shares to become 100 per cent owners of the company. He said: “Acquiring Fin Insurance will help us consolidate our strength in the Northern part of the country. We believe it will be a boost on the sale of

our Takaful Insurance products which had already gained acceptance by our many customers.” On his part, the Group Managing Director of the company, Ganiyu Musa, said that the company would work with its partners to ensure improvement in the delivery of its products to the consumers. Sulaiman said that its product, tagged Airtel Insurance, was available to more than 28 million Airtel subscribers, stressing that the product covered Life and hospitalisation after three nights in the hospital depending on how often the subscriber recharged his phone. He added that the company would focus on mass market and retail insurance to deliver real insurance value to the customers.

38 business | FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, September 15, 2014

FMDQ Daily Quotations List

12-Sep-14

The FMDQ Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, fixed income securities and instruments in the OTC market. The use of this report is subject to the FMDQ OTC PLC Terms of Use and Disclaimer Statement on www.fmdqotc.com.

Bonds FGN Bonds

Price

Rating/Agency

Issuer

Description 9.25 28-SEP-2014 4.00 23-APR-2015 13.05 16-AUG-2016 15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 16.00 29-JUN-2019 7.00 23-OCT-2019 16.39 27-JAN-2022 14.20 14-MAR-2024 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030 12.1493 18-JUL-2034

Issue Date

Coupon (%)

Outstanding Value (N'bn)

28-Sep-07 23-Apr-10 16-Aug-13 27-Apr-12 27-Jul-07 31-Aug-07 30-May-08 29-Jun-12 23-Oct-09 27-Jan-12 14-Mar-14 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10 18-Jul-14

9.25 4.00 13.05 15.10 9.85 9.35 10.70 16.00 7.00 16.39 14.20 15.00 12.49 8.50 10.00 12.1493

100.00 535.00 530.27 452.80 20.00 100.00 300.00 351.30 233.90 600.00 281.35 75.00 150.00 200.00 591.57 70.00

TOTAL OUTSTANDING VALUE

4,591.19

TOTAL MARKET CAPITALISATION

4,650.86

Rating/Agency

Issuer

Description

Maturity Date

TTM (Yrs)

28-Sep-14 23-Apr-15 16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 27-Jan-22 14-Mar-24 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34

0.04 0.61 1.93 2.62 2.87 2.97 3.71 4.80 5.11 7.38 9.50 14.21 14.69 15.19 15.86 19.85

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

10.52 10.99 11.41 11.44 11.49 11.50 11.56 11.61 11.74 12.11 12.20 12.46 12.47 12.47 12.26 12.25

7.20 10.72 11.32 11.38 11.43 11.43 11.46 11.53 11.65 12.05 12.15 12.42 12.42 12.42 12.22 12.21

99.93 95.96 102.75 108.05 96.05 94.72 97.42 115.75 82.16 120.45 111.05 116.66 100.11 73.18 84.30 99.20

100.08 96.11 102.90 108.20 96.20 94.87 97.72 116.05 82.46 120.75 111.35 116.96 100.41 73.48 84.60 99.50

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Indicative Price

28-Dec-11 24-May-10 03-Apr-12 09-Dec-11 20-Apr-12 06-Jul-12

0.00 0.00 17.25 0.00/16.00 0.00/16.50 0.00/16.50

978.35 24.56 3.30 112.22 116.70 66.49

31-Oct-14 24-May-15 03-Apr-17 09-Dec-16 20-Apr-17 06-Jul-17

0.13 0.70 1.31 2.24 2.60 2.81

1.00 2.63 2.27 2.00 1.00 1.00

11.80 13.61 13.37 13.45 12.47 12.49

98.45 91.22 104.86 101.13 99.41 96.86

Agency Bonds AMCON FMBN

***LCRM

0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 09-DEC-2016 0.00/16.50 LCRM II 20-APR-2017 0.00/16.50 LCRM III 06-JUL-2017

TOTAL OUTSTANDING VALUE

1,301.62

TOTAL MARKET CAPITALISATION

1,282.98

Sub-National Bonds A-/GCR

NIGER

14.00 NIGER 15-OCT-2014

15-Oct-09

14.00

6.00

15-Oct-14

0.09

3.29

13.95

99.93

A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.97

4.44

15.38

97.49

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

6.08

30-Sep-15

0.57

3.23

14.23

99.40

Nil

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

6.27

30-Jun-16

1.09

4.46

15.44

98.99

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

7.37

30-Jun-16

1.10

3.48

14.46

101.57

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

2.60

5.59

17.06

85.61

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

29.92

30-Jun-17

1.65

1.00

12.27

102.48

A/Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

3.30

1.79

13.32

101.73

A+/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

37.25

30-Sep-18

2.27

1.80

13.25

101.55

A-/Agusto; A-/GCR

NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

4.06

1.00

12.59

104.35

A/Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

14.96

09-Dec-18

2.47

1.00

12.46

104.44

A-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

11.13

12-Dec-18

2.47

4.78

16.24

95.82

A/Agusto; A-/GCR

*ONDO

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

27.00

14-Feb-19

2.85

1.00

12.49

104.62

A/Agusto; A-/GCR

*GOMBE

15.50 GOMBE 02-OCT-2019

02-Oct-12

15.50

17.28

02-Oct-19

2.92

1.00

12.49

107.33

Aa-/Agusto; AA-/GCR

LAGOS

14.50 LAGOS 22-NOV-2019

22-Nov-12

14.50

80.00

22-Nov-19

5.19

1.00

12.76

106.43

A/Agusto; A-/GCR

*OSUN

14.75 OSUN 12-DEC-2019

12-Dec-12

14.75

28.37

12-Dec-19

3.24

2.74

14.26

101.20

A/Agusto

*OSUN

14.75 OSUN II 30-SEP-2020

30-Sep-13

14.75

11.40

30-Sep-20

3.60

1.00

12.55

106.05

Aa-/Agusto; AA-/GCR

LAGOS

13.50 LAGOS IV 27-NOV-2020

27-Nov-13

13.50

87.00

27-Nov-20

6.21

1.00

13.02

101.96

A-/Agusto; BBB+/DataPro

KOGI

15.00 KOGI 31-DEC-2020

31-Dec-13

15.00

5.00

31-Dec-20

6.30

1.94

13.98

104.11

14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

31-Dec-13

14.50

4.78

31-Dec-20

3.78

1.44

13.01

104.37

06-Jan-14

15.00

4.79

06-Jan-21

3.81

1.95

13.52

104.31

99.95

A/Agusto A-/GCR

*EKITI *NASARAWA

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

484.10 489.05

Corporate Bonds A+/Agusto; AA/GCR

LAFARGE WAPCO

11.50 LAFARGE WAPCO 7-OCT 2014

07-Oct-11

11.50

11.80

07-Oct-14

0.07

1.00

11.60

Aa/Agusto

13.50 GUARANTY TRUST 18-DEC-2014

18-Dec-09

13.50

13.17

18-Dec-14

0.27

5.21

16.34

99.15

Nil

GTB µ NGC

17.00 NGC 31-DEC-2014

01-Apr-10

17.00

2.00

31-Dec-14

0.30

8.71

19.82

99.01

Bbb-/Agusto A-/Agusto

*UPDC

10.00 UPDC 17-AUG-2015

17-Aug-10

10.00

3.61

17-Aug-15

0.69

4.88

15.86

96.58

*FLOURMILLS

12.00 FLOURMILLS 9-DEC-2015

09-Dec-10

12.00

13.62

09-Dec-15

0.76

1.00

11.97

100.61

BB+/GCR

*CHELLARAMS

14.00 CHELLARAMS 06-JAN-2016

06-Jan-11

14.00

0.60

06-Jan-16

0.84

2.63

13.59

100.94

A+/Agusto; A-/GCR

NAHCO

13.00 NAHCO 29-SEP-2016

29-Sep-11

13.00

15.00

29-Sep-16

2.05

1.00

12.44

100.96

A-/Agusto

FSDH

14.25 FSDH 25-OCT-2016

25-Oct-13

14.25

5.53

25-Oct-16

2.12

1.34

12.79

102.60

A/GCR

UBA

13.00 UBA 30-SEP-2017

30-Sep-10

13.00

20.00

30-Sep-17

3.05

1.00

12.50

101.21

BBB-/GCR

18.00 C&I LEASING 30-NOV-2017

30-Nov-12

18.00

0.73

30-Nov-17

1.86

1.88

13.26

108.96

BBB+/DataPro†; BB+/GCR

*C & I LEASING *DANA#

MPR+7.00 DANA 9-APR-2018

09-Apr-11

16.00

7.20

09-Apr-18

1.82

3.48

14.84

102.09

A-/DataPro†; BB-/GCR

*TOWER#

MPR+7.00 TOWER 9-SEP-2018

09-Sep-11

18.00

2.90

09-Sep-18

2.24

5.20

16.65

102.37

AAA/DataPro†; A+/GCR

*TOWER#

MPR+5.25 TOWER 9-SEP-2018

09-Sep-11

16.00

0.80

09-Sep-18

2.24

5.06

16.51

101.62

A/Agusto; A/GCR

UBA

14.00 UBA II 22-SEP-2018

22-Sep-11

14.00

35.00

22-Sep-18

4.03

1.35

12.94

103.24

Bbb+/Agusto; BBB+/GCR

15.75 LA CASERA 18-OCT-2018

18-Oct-13

15.75

2.70

18-Oct-18

2.10

2.29

13.73

103.91

BBB-/DataPro†; BB+/GCR

*LA CASERA *CHELLARAMS#

MPR+5.00 CHELLARAMS II 17-FEB-2019

17-Feb-12

17.00

0.41

17-Feb-19

2.43

6.11

17.57

99.10

BBB/GCR

*DANA

16.00 DANA II 1-APR-2019

01-Apr-14

16.00

4.50

01-Apr-19

3.30

2.16

13.69

105.94

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

14-Nov-13

15.25

2.05

14-Nov-20

6.17

2.76

14.77

101.85

11-Feb-18

3.42

1.00

12.53

93.65

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

141.62

TOTAL MARKET CAPITALISATION

143.82

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE

12.00 11.24

TOTAL MARKET CAPITALISATION Rating/Agency

Issuer

Description

Issue Date

Coupon (%)

Outstanding Value ($mm)

Maturity Date

Bid Yield (%)

Offer Yield (%)

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

4.77

4.62

110.75

FGN Eurobonds

Prices & Yields

BB-/Fitch; B+/S&P BB-/Fitch; BB-/S&P

FGN

BB-/Fitch; BB-/S&P

111.60

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

3.98

3.79

104.02

104.69

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

5.11

4.99

108.90

109.74

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,618.35

Corporate Eurobonds B/Fitch; B-/S&P

AFREN PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

3.15

111.13

B+/Fitch; B+/S&P

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

4.34

105.04

105.04 101.72

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

6.57

101.72

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.61

8.06

94.66

96.30

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

5.97

5.69

100.10

101.12

B/Fitch

AFREN PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

8.69

105.75

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

6.00

101.00

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

8.94

8.69

99.27

100.20

B-/Fitch; B/S&P

FIRST BANK PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.44

103.01

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

7.69

94.77

9.25/6M USD LIBOR+7.677 JUN 24, 2021

24-Jun-14

9.25

400.00

24-Jun-21

8.73

8.57

103.07

103.89

B-/Fitch; B/S&P

AFREN PLC III

B-/Fitch; B/S&P

ACCESS BANK PLC II

B-/Fitch; B/S&P

FIRST BANK LTD

B-/S&P

ECOBANK NIG. LTD

8.00/2Y USD SWAP+6.488 JUL 23 2021

23-Jul-14

8.00

450.00

23-Jul-21

7.59

101.25

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

8.67

8.44

99.54

100.72

TOTAL OUTSTANDING VALUE

4,760.00

TOTAL MARKET CAPITALISATION

4,853.42

**Treasury Bills DTM 13 20 27 34 41 48 55 62

Money Market

FIXINGS Maturity 25-Sep-14 2-Oct-14 9-Oct-14 16-Oct-14 23-Oct-14 30-Oct-14 6-Nov-14 13-Nov-14

Bid Discount (%) 10.10 10.55 10.30 10.45 10.40 10.35 10.45 10.65

Offer Discount (%) 9.85 10.30 10.05 10.20 10.15 10.10 10.20 10.40

Bid Yield (%) 10.14 10.61 10.38 10.55 10.52 10.49 10.62 10.85

Tenor

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 11.0833 12.0130 12.8438 13.8080

Rate (%)

OBB

10.75

O/N

11.00

Tenor Call 1M

REPO

Rate (%) 10.75 11.90

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M 3M

162.80 162.93 163.19 163.84 164.95 166.08

162.90 163.17 163.50 164.44 166.20 167.87

TOTAL MARKET CAPITALISATION

1,282.98

Sub-National Bonds A-/GCR

NIGER

14.00 NIGER 15-OCT-2014

15-Oct-09

14.00

6.00

15-Oct-14

0.09

3.29

13.95

99.93

A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.97

4.44

15.38

97.49

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

6.08

30-Sep-15

0.57

3.23

14.23

99.40

Nil

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

6.27

30-Jun-16

1.09

4.46

15.44

98.99

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

7.37

30-Jun-16

1.10

3.48

14.46

101.57

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

2.60

5.59

17.06

85.61

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

29.92

30-Jun-17

1.65

1.00

12.27

102.48

A/Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

3.30

1.79

13.32

101.73

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

37.25

30-Sep-18

2.27

1.80

13.25

101.55

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

4.06

1.00

12.59

104.35

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

14.96

09-Dec-18

2.47

1.00

12.46

104.44

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

11.13

12-Dec-18

2.47

4.78

16.24

95.82

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

27.00

14-Feb-19

2.85

1.00

12.49

104.62

15.50 GOMBE 02-OCT-2019

02-Oct-12

15.50

17.28

02-Oct-19

2.92

1.00

12.49

107.33

14.50 LAGOS 22-NOV-2019

22-Nov-12

14.50

80.00

22-Nov-19

5.19

1.00

12.76

106.43

14.75 OSUN 12-DEC-2019

12-Dec-12

14.75

28.37

12-Dec-19

3.24

2.74

14.26

101.20

14.75 OSUN II 30-SEP-2020

30-Sep-13

14.75

11.40

30-Sep-20

3.60

1.00

12.55

106.05

A+/Agusto; A+/GCR Sanctity of Truth

Monday, 15,NIGER 2014 A-/Agusto; September A-/GCR A/Agusto; A-/GCR†

*EKITI

A-/Agusto

*NIGER

A/Agusto; A-/GCR

*ONDO

A/Agusto; A-/GCR

*GOMBE

BUSINESS |FINANCIAL MARKET NEWS 39

Waiver on filing returns: NSE lauds SEC

REGULATION

LAGOS The Exchange says it A/Agusto; A-/GCR *OSUN A/Agusto *OSUN would maintain zero Aa-/Agusto; AA-/GCR LAGOS tolerance for market A-/Agusto; BBB+/DataPro KOGI A/Agusto *EKITI infractions A-/GCR *NASARAWA

Aa-/Agusto; AA-/GCR

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

Stories by Chris Ugwu Corporate Bonds

he Nigerian LAFARGE Stock ExWAPCO change (NSE) GTBhas comµ NGC market Nil mended the apex Bbb-/Agusto regulator, the*UPDC Securities A-/Agusto *FLOURMILLS and Exchange Commission BB+/GCR (SEC) for granting*CHELLARAMS waivers to A+/Agusto; A-/GCR NAHCO some quoted companies on filA-/Agusto FSDH ing of their returns. A/GCR UBA Chief Executive Officer, BBB-/GCR *C & I LEASING NSE, Mr. Oscar made BBB+/DataPro†; BB+/GCROnyema, *DANA# # the commendation while fieldA-/DataPro†; BB-/GCR *TOWER # AAA/DataPro†; A+/GCRfrom *TOWER ing questions journalists A/Agusto; A/GCR UBA during the third quarter CapiBbb+/Agusto; BBB+/GCR *LA CASERA tal Market Committee meeting # A+/Agusto; AA/GCR Aa/Agusto

IV 27-NOV-2020 held13.50 in LAGOS Lagos. 15.00 KOGI 31-DEC-2020 He said some of the compaEKITI II 31-DEC-2020 nies14.50 would have faced delisting 15.00 NASARAWA 06-JAN-2021 if they are made to pay penalties for non-filing of returns. Onyema advised listed companies to always file their returns asLAFARGE at when due, to2014 escape 11.50 WAPCO 7-OCT 13.50 GUARANTY TRUST 18-DEC-2014 penalty as the management 17.00 NGC 31-DEC-2014 of Exchange would maintain UPDC 17-AUG-2015 zero10.00 tolerance for market in12.00 FLOURMILLS 9-DEC-2015 fractions. 14.00 CHELLARAMS 06-JAN-2016 “We would continue to main13.00 NAHCO 29-SEP-2016 tain14.25 zero tolerance to infracFSDH 25-OCT-2016 tions, ensuring that our ma13.00 UBA 30-SEP-2017 chinery become tough enough 18.00 C&I LEASING 30-NOV-2017 for people to see the signal and MPR+7.00 DANA 9-APR-2018 do the right thing. MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 “The Exchange will also con14.00 II 22-SEP-2018 tinue toUBA place corporate gover15.75on LA CASERA 18-OCT-2018 nance the front burner as MPR+5.00 CHELLARAMS II 17-FEB-2019

BBB-/DataPro†; BB+/GCR

*CHELLARAMS

BBB/GCR

*DANA

16.00 DANA II 1-APR-2019

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

87.00 27-Nov-20 vestment and Securities6.21 Act 5.00 6.30 (ISA) 2007. 31-Dec-20 4.78 31-Dec-20 3.78 NECA had to intervene on 4.79 06-Jan-21 3.81 behalf of the Organised Private 484.10 Sector (OPS) to make a plea to 489.05 SEC to grant some forbearance in view of the fact that most private were not 11.80 sector companies 07-Oct-14 0.07 13.17 aware of the18-Dec-14 requirement.0.27

13.50 one of27-Nov-13 the basic elements for 31-Dec-13 15.00 ensuring a sound investment 31-Dec-13 14.50 environment and maximising 06-Jan-14 15.00 shareholder returns.,” he said. The Nigeria Employers’ Consultative Association (NECA) had recently secured forbearance for companies 11.50 from the 07-Oct-11 18-Dec-09 13.50late or SEC on penalties for 01-Apr-10 non-filing of returns.17.00 10.00 The17-Aug-10 waiver followed the out12.00 come 09-Dec-10 of a successful engage06-Jan-11 14.00 ment between NECA and SEC. 29-Sep-11 13.00 The25-Oct-13 engagement14.25 became necessary because 13.00 for some 30-Sep-10 time, 30-Nov-12 corporate entities had 18.00 pleaded with SEC to waive pen09-Apr-11 16.00 alties 09-Sep-11 slammed on companies 18.00 09-Sep-11 16.00 that had failed to comply with 22-Sep-11on filling14.00 SEC rules require15.75the Inments18-Oct-13 as stipulated by

2.00

31-Dec-14

0.30

8.71

19.82

99.01

3.61

17-Aug-15

0.69

4.88

15.86

96.58

13.62

09-Dec-15

0.76

1.00

11.97

100.61

0.60

06-Jan-16

0.84

2.63

13.59

100.94

15.00

29-Sep-16

2.05

1.00

12.44

100.96

5.53

25-Oct-16

2.12

1.34

12.79

102.60

20.00

30-Sep-17

3.05

1.00

12.50

101.21

0.73

30-Nov-17

1.86

1.88

13.26

108.96

7.59

101.25

8.44

99.54

100.72

Shareholders approve Flour Mills' N5bn dividend Chris Ugwu 09-Apr-18 7.20 2.90

09-Sep-18

1.82 2.24

09-Sep-18 2.24 hareholders of Flour Mills 35.00of Nigeria 22-Sep-18 Plc have4.03ap2.70 proved N5.01 18-Oct-18billion 2.10 divi17-Feb-12 17.00 0.41 17-Feb-19 dend for the financial 2.43 year 01-Apr-14 16.00 4.50 01-Apr-19 3.30 ended March 31, 2014. 14-Nov-13 15.25 2.05 14-Nov-20 6.17 They also expressed delight 141.62 over a bonus issue of one new 143.82 ordinary share of 50 kobo for every 10 ordinary shares allotMarch11-Feb-13 2014 and outline future ted to them. 11-Feb-18 10.20 12.00 3.42 The shareholders at the 54th growth plans,” he said. 12.00 Jaiyeola assured sharehold- annual general meeting (AGM) ers and investors that the com- 11.24 held in Lagos, commended the pany is committed to buildingOutstanding board of Directors for the diviValue Issue Date Coupon (%) Date Bid Yield (%) ($mm) the wealth of shareholders not dend, whichMaturity translated to N2.10 only for today, but for the fu- per share ture. The National Coordinator, 6.75 to call 500.00 28-Jan-21 4.77 He 07-Oct-11 used the session Shareholders Renaissance on investors with interest in Association of Nigeria, Mr. 12-Jul-13 500.00 12-Jul-18 3.98 long-term returns 5.13 to focus Olufemi Timothy , said that the strongly on Honeywell Flour N2.10 kobo dividend was a wel12-Jul-13 6.38 500.00 12-Jul-23 5.11 Mills Plc. come development. Jaiyeola said the company 1,500.00 Timothy however, charged has a strong heritage, top qual- 1,618.35 the company to continue on the ity brands, experienced board good pact and intensify effort to and management and has de- stay ahead of its peers in the 11.50 450.00 01-Feb-16 3.15 . livered01-Feb-11 profitable growth year industry 19-May-11 7.50 500.00 19-May-16 Progressive 4.34 The Chairman, on year. 350.00 25-Jul-17 6.57 of Association The25-Jul-12 company had 7.25 recorded Shareholders 09-May-13 6.88 in its 300.00 02-May-18Mr. Boniface 8.61 a 21 per cent growth Nigeria (PSAN), 08-Nov-13 400.00 5.97 turnover during the 6.00 financial Okezie, who08-Nov-18 also commended 08-Apr-12March 31st 10.252014. 300.00management’s 08-Apr-19 effort, urged 8.69 the year ended 22-Apr-14 6.25 22-Apr-19 6.00 In a report presented to 500.00 urged it to sustain the profit21-May-14 8.75 200.00 21-May-19 8.94 the Nigerian Stock Exchange ability recorded and ensure it 7.44 (NSE),07-Aug-13 the company’s8.25 turnover 300.00 continues to07-Aug-20 reward the share09-Dec-13 09-Dec-20 7.69 grew to N55.08 billion6.63 from N46 360.00 holders. 9.25 400.00 24-Jun-21 8.73 billion24-Jun-14 in the last fiscal year. Addressing shareholders at 0.80

Honeywell invests N1bn on cassava mills

TOTAL OUTSTANDING VALUE

TOTAL MARKET CAPITALISATION Supranational Bond

oneywell Flour Mills Plc IFC said it had invested about N1billion to modify its TOTAL MARKET CAPITALISATION mills for increased cassava flour inclusion in support of Issuer the Rating/Agency Federal Government’s Agriculture Transformation FGN Eurobonds Agenda. BB-/Fitch; The B+/S&P Managing Director/ Chief BB-/Fitch; Executive Officer, Mr. FGN BB-/S&P Lanre Jaiyeola, who made BB-/Fitch; the disclosure at the weekend BB-/S&P in Lagos, also noted that the TOTAL OUTSTANDING VALUE viable company is exploring TOTAL MARKET CAPITALISATION backward integration options to further boost cassava flour Corporate Eurobonds availability in demonstration B/Fitch; PLC I for of its B-/S&P belief in andAFREN support B+/Fitch; B+/S&P GTBANK PLC I the initiative. B+/S&P ACCESS BANK PLC He urged the Federal GovB/Fitch; B/S&Pto provide FIDELITY BANK PLC ernment palliatives B+/Fitch; B+/S&P GTBANK investPLC to encourage increased B/Fitch in cassava growing, AFREN PLC IIproment B+/Fitch; BB-/S&P ZENITH BANK PLC cessing and utilisation. B/Fitch; B/S&P PLC He stated thatDIAMOND thereBANK was B-/Fitch; B/S&P FIRST BANK PLC better understanding and B-/Fitch; B/S&P AFREN PLC III collaboration between flour B-/Fitch; B/S&P ACCESS BANK PLC II millers and the ministry of AAA/S&P

TOTAL OUTSTANDING VALUE

B-/Fitch; B/S&P

FIRST BANK LTD

B-/S&P

ECOBANK NIG. LTD

agriculture on the cassava ini10.20 IFC 11-FEB-2018 tiative, and hoped it would be sustained for successful implementation of the initiative. Jaiyeola also noted that as Description part of the company’s strategy to scale up its production capacity, civil works had 6.75its JAN 63-hectres 28, 2021 commenced on land in Sagamu, Ogun State in 5.13 JUL 12, 2018 preparation for the construction of the factory 6.38 JULbuildings. 12, 2023 He affirmed that the project was on course for completion and start of commercial production within the next 24 months. 11.50 FEBto 01, 2016 This according him, is 7.50 MAY 2016 comexpected to notch up19,the JUL 25, 2017 pany’s top and7.25 bottom line to MAY 09, 2018to the provide better6.88 returns shareholders. 6.00 NOV 08, 2018 10.25 APR 08, 2019 “This is cheerful news for 6.25 APR 22, 2019 shareholders as the company 8.75 May 21, 2019 prepares for its Annual Gen8.25 AUG 07, 2020 eral Meeting where the com6.63 DEC 09, 2020 pany is set to review its perfor9.25/6M USD LIBOR+7.677 JUN 24, 2021 mance for the year ended 31st 8.00/2Y USD SWAP+6.488 JUL 23 2021 8.75 AUG 14, 2021

TOTAL OUTSTANDING VALUE

23-Jul-14

8.00

450.00

23-Jul-21

7.59

14-Aug-14

8.75

250.00

14-Aug-21

8.67

the AGM, the Chairman, FMN, 3.48 14.84 102.09 Mr. Coumantaros, 5.20George 16.65 102.37 an5.06 16.51 nounced that the AGM101.62 will be 1.35last with 12.94 103.24 his the company as 2.29son, John 13.73 Coumantaros 103.91 his 6.11 takes over 17.57 from him,99.10 as the 2.16 13.69 105.94 new Chairman of the group. He 2.76 14.77 101.85 assured the shareholders that John will continue to lead the company on the path of profitability even as he thanked them for1.00their support throughout 12.53 93.65 his tenure as the Chairman of the group. He noted that the group would continue to expand its Offer Yield (%) Price Offer Price productionBid capacity and facilities. Prices & Yields “I would like to reassure 4.62 esteemed 110.75 shareholders 111.60 our that our group’s prospects are 3.79 104.02 promising and bright.104.69 Indeed, the ‘future is golden’! We 4.99 108.90 109.74shall strive to step up investment in our core food business and, in line with our strategic business thrust, expand our production capacity and facilities, and 3.15 111.13 111.13 and increase our productivity 4.34 105.04 105.04 efficiency to enable us to de6.57 top line 101.72 101.72 line liver and bottom 8.06 96.30 growth,” he 94.66 said. 5.69 100.10 101.12 that Coumantaros added 8.69group would 105.75 also 105.75 the focus on 6.00 101.00 101.00 new innovation and develop 8.69 100.20 products for99.27 the market, while 7.44 103.01 103.01 improving its sales, merchan7.69 94.77 94.77 dising, redistribution personnel 8.57 103.07 103.89 and activities.

4,760.00

FMDQ Daily Quotations List

TOTAL MARKET CAPITALISATION

13.02 101.96 In a statement made avail1.94 13.98 104.11 able by Director, Social, Eco1.44 13.01 104.37 nomic & Labour Affairs, NECA, 1.95 13.52 104.31 Mr. Timothy Olawale, SEC had granted 100 per cent waiver of all penalties imposed on public companies from 2008 to 2010 and 401.00 per cent waiver on outstand11.60 99.95 5.21 ing penalties16.34 from 201199.15 to 2013. 1.00

12-Sep-14

4,853.42

The FMDQ Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, fixed income securities and instruments in the OTC market. The use of this report is subject to Money Market FIXINGS Foreign Exchange (Spot & Forwards) the FMDQ OTC PLC Terms of Use and Disclaimer Statement on www.fmdqotc.com.

**Treasury Bills

DTM Maturity Bid Discount (%) 13 25-Sep-14 10.10 20 2-Oct-14 10.55 FGN Bonds 27 9-Oct-14 10.30 34 16-Oct-14 10.45 41 23-Oct-14 10.40 Rating/Agency Issuer Description 48 30-Oct-14 10.35 55 6-Nov-14 10.45 9.25 28-SEP-2014 62 13-Nov-14 10.65 4.00 23-APR-2015 69 20-Nov-14 10.00 13.05 16-AUG-2016 76 27-Nov-14 10.75 15.10 27-APR-2017 83 4-Dec-14 10.10 9.85 27-JUL-2017 90 11-Dec-14 10.70 9.35 31-AUG-2017 104 25-Dec-14 10.45 10.70 30-MAY-2018 111 1-Jan-15 10.80 16.00 29-JUN-2019 118 8-Jan-15 10.80 NA NA 125 15-Jan-15 10.80 7.00 23-OCT-2019 132 22-Jan-15 10.40 16.39 27-JAN-2022 139 29-Jan-15 10.80 14.20 14-MAR-2024 146 5-Feb-15 10.60 15.00 28-NOV-2028 160 19-Feb-15 10.30 12.49 22-MAY-2029 174 5-Mar-15 10.45 8.50 20-NOV-2029 209 9-Apr-15 10.10 10.00 23-JUL-2030 223 23-Apr-15 10.10 12.1493 18-JUL-2034 237 7-May-15 9.95 328 6-Aug-15 10.30 TOTAL OUTSTANDING VALUE 356 3-Sep-15 10.10 TOTAL MARKETbonds, CAPITALISATION *from the Amortising the average life is calculated and not the duration

Offer Discount (%) 9.85 10.30 10.05 10.20 10.15 Date Issue 10.10 10.20 28-Sep-07 10.40 23-Apr-10 9.75 16-Aug-13 10.50 27-Apr-12 9.85 27-Jul-07 10.45 31-Aug-07 10.20 30-May-08 10.55 29-Jun-12 10.55 10.55 23-Oct-09 10.15 27-Jan-12 10.55 14-Mar-14 10.35 28-Nov-08 10.05 22-May-09 10.20 20-Nov-09 9.85 23-Jul-10 9.85 18-Jul-14 9.70 10.05 9.85

Bid Yield (%) 10.14 10.61 10.38 10.55 10.52 (%) Coupon 10.49 10.62 9.25 10.85 4.00 10.19 13.05 11.00 15.10 10.34 9.85 10.99 9.35 10.77 10.70 11.17 16.00 11.19 11.21 7.00 10.81 16.39 11.26 14.20 11.07 15.00 10.79 12.49 11.00 8.50 10.72 10.00 10.76 12.1493 10.64 11.35 11.20

NIBOR

Bonds

Tenor O/N 1M Outstanding Value 3M (N'bn) 6M

Rate (%) 11.0833 12.0130 12.8438 Date Maturity 13.8080

100.00 28-Sep-14 535.00 23-Apr-15 530.27 NITTY 16-Aug-16 452.80 27-Apr-17 Tenor Rate (%) 20.00 27-Jul-17 1M 10.4013 100.00 31-Aug-17 2M 10.6639 300.00 30-May-18 3M 10.6797 351.30 29-Jun-19 6M 10.7831 9M 10.8986 233.90 23-Oct-19 12M 11.2148 600.00 27-Jan-22 281.35 14-Mar-24 75.00 28-Nov-28 150.00 NIFEX 22-May-29 200.00 20-Nov-29 Current Price ($/N) 591.57 23-Jul-30 BID($/N) 162.8700 70.00 18-Jul-34

OFFER ($/N)

4,591.19

162.9700

Tenor

Rate (%)

OBB

10.75

O/N

11.00

REPO TTM (Yrs) Tenor Call 0.04 1M 0.61 3M 1.93 6M

Bid Yield (%) Rate (%) 10.75 10.52 11.90 10.99 12.60 11.41 13.49

Rating/Agency

Issuer

Description

Issue Date

Spot 7D Offer 14D Yield 1M(%) 2M 7.20 3M 10.72 6M 11.32 1Y

2.62 11.44 11.38 2.87 11.49 11.43 2.97 11.50 11.43 3.71 11.56 11.46 :Benchmarks 4.80 11.61 11.53 * :Amortising Bond µ :Convertible 5.11Bond 11.74 11.65 AMCON: Asset of Nigeria 7.38Management Corporation 12.11 12.05 FGN: Federal Government of Nigeria 9.50 12.20 12.15 FMBN: Federal Mortgage Bank of Nigeria 14.21 12.46 12.42 IFC: International 14.69 Finance Corporation 12.47 12.42 LCRM: Local Contractors Receivables Management 15.19 12.47 12.42 NAHCO: Nigerian Aviation Handling Company 15.86 12.26 12.22 O/N: Overnight 19.85 12.25 12.21 NOTE:

UPDC: UAC Property Development Company WAPCO:West Africa Portland Cement Company

Bid ($/N)

Offer ($/N)

Price 162.90 162.80 162.93 163.17 163.19 163.50Price Bid Price Offer 163.84 164.44 164.95 166.20 99.93 100.08 166.08 167.87 95.96 96.11 169.75 173.11 102.75 102.90 177.13 185.41

108.05 108.20 96.05 96.20 94.72 94.87 97.42 97.72 NA :Not Applicable 115.75 116.05 # :Floating Rate Bond ***: Deferred 82.16coupon bonds82.46 120.45 120.75 †: Bond 111.05 rating expired 111.35 116.66 116.96 100.11 100.41 73.18 73.48 NGC: Nigeria-German Company 84.30 84.60 UBA: United Bank for Africa 99.20 99.50

4,650.86

Risk Premium is a combination of credit risk and liquidity risk premiums **Exclusive of non-trading t.bills

Tenor

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Indicative Price

Agency Bonds AMCON NA

FMBN Modified Duration Buckets

***LCRM

28-Dec-11 FMDQ FGN0.00 BOND 24-May-10 0.00 03-Apr-12 17.25 Weighting by Weighting by Mkt 09-Dec-11 0.00/16.00 Outstanding Vol Value 20-Apr-12 0.00/16.50 06-Jul-12 0.00/16.50

1,034.10

983.07

3<5

1,129.33

951.30

811.13

872.92

31.09

Market

2,974.57

2,807.29

100.00

TOTAL OUTSTANDING VALUE

TOTAL MARKET CAPITALISATION>5 Sub-National Bonds

0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 09-DEC-2016Total Outstanding Porfolio Market Value(Bn) 0.00/16.50 LCRM II 20-APR-2017 Volume(Bn) 0.00/16.50 LCRM III 06-JUL-2017

35.02

34.76

33.89

37.97

INDEX 978.35

24.56 3.30 112.22 Bucket Weighting 116.70 66.49

0.35

31-Oct-14 24-May-15 03-Apr-17 % Exposure_ 09-Dec-16 Mod_Duration 20-Apr-17 06-Jul-17

16.24

0.13 0.70 1.31 Implied2.24 Yield 2.60 2.81

11.43

1.00 2.63 2.27 Implied 2.00 Portfolio Price 1.00 1.00

119.1335

11.80 13.61 13.37 13.45 INDEX 12.47 12.49

1,131.53

98.45 91.22 104.86 YTD Return 101.13 (%) 99.41 96.86

13.1526

1,301.62 0.34

27.27

1,282.98 0.31

34.50 49.26

12.25

103.1134

1,202.90

20.2901

100.00

1.00

100.00

12.01

119.4955

1,135.08

13.5079

11.96

134.9018

1,142.30

14.2297

A-/GCR

NIGER

14.00 NIGER 15-OCT-2014

15-Oct-09

14.00

6.00

15-Oct-14

0.09

3.29

13.95

99.93

A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.97

4.44

15.38

97.49

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

6.08

30-Sep-15

0.57

3.23

14.23

99.40

Nil

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

6.27

30-Jun-16

1.09

4.46

15.44

98.99

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

7.37

30-Jun-16

1.10

3.48

14.46

101.57

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

2.60

5.59

17.06

85.61

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

29.92

30-Jun-17

1.65

1.00

12.27

102.48

A/Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

3.30

1.79

13.32

101.73

Daily Summary as of 12/09/2014

Printed 12/09/2014 14:43:33.033

40 business | CAPITAL MARKET

Sanctity of Truth

Daily Summary as of 12/09/2014 Printed 12/09/2014 14:43:33.033

Daily Summary (Bonds)

Monday, September 15, 2014

The Nigerian Stock Market Exchange as at September 12, 2014

No Debt Trading Activity

Daily Summary (Equities)

Activity Summary on Board EQTY

Activity Summary on Board EQTY AGRICULTURE Crop Production FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals

Symbol FTNCOCOA OKOMUOIL PRESCO Symbol LIVESTOCK

No. of Deals 64 26 12 102

Current Price 0.57 33.25 37.00

No. of Deals 26 26

Current Price 3.09

AGRICULTURE Totals CONGLOMERATES Daily Summary as of 12/09/2014 Diversified Industries Printed 12/09/2014 14:43:33.033 A.G. LEVENTIS NIGERIA PLC. JOHN HOLT PLC. S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals

128 Symbol AGLEVENT JOHNHOLT SCOA TRANSCORP Daily Summary UACN

Activity Summary on Board EQTY

No. of Deals 1 1 1 (Equities) 444 70 517

CONGLOMERATES Published by The Nigerian Stock Exchange © CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other COSTAIN (W A) PLC. Building Structure/Completion/Other Totals

Current Price 1.52 1.08 4.91 6.05 58.00

Quantity Traded 6,762,406 176,556 522,297 7,461,259

Value Traded 3,876,171.42 5,921,765.45 19,313,217.52 29,111,154.39

Quantity Traded 918,925 918,925

Value Traded 2,840,300.35 2,840,300.35

8,380,184

31,951,454.74

Quantity Traded 20,000 225 166 29,345,216 1,039,574 30,405,181

Value Traded 29,000.00 231.75 775.22 177,455,408.12 60,415,908.40 237,901,323.49

Page 30,405,181

517

HEALTHCARE Pharmaceuticals NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals

ICT Computer Based Systems COURTEVILLE BUSINESS SOLUTIONS PLC Computer Based Systems Totals IT Services NCR (NIGERIA) PLC. IT Services Totals Processing Systems CHAMS PLC Processing Systems Totals Daily Summary as of 12/09/2014 PrintedICT 12/09/2014 Totals 14:43:33.033

1 of 12 237,901,323.49

No. of Deals 36 36

Current Price 1.03

Quantity Traded 1,943,381 1,943,381

Value Traded 2,025,835.44 2,025,835.44

Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. ROADS NIG PLC. Infrastructure/Heavy Construction Totals

Symbol JBERGER ROADS

No. of Deals 12 1 13

Current Price 63.99 8.46

Quantity Traded 42,102 25,000 67,102

Value Traded 2,627,247.78 222,000.00 2,849,247.78

Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals

Symbol UAC-PROP

No. of Deals 9 9

Current Price 15.18

Quantity Traded 203,810 203,810

Value Traded 3,093,813.82 3,093,813.82

2,214,293

7,968,897.04

Current Price 8.29 0.77 171.99 28.26 2.46 177.19

Quantity Traded 82,339 20,000 252,498 18,681 202 924,155

Value Traded 682,300.31 16,000.00 43,165,772.25 534,195.20 472.68 163,714,763.70

CONSUMER GOODS Daily Summary as of 12/09/2014 Beverages--Brewers/Distillers Printed 12/09/2014 14:43:33.033 CHAMPION BREW. PLC. GOLDEN GUINEA BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. JOS INT. BREWERIES PLC. NIGERIAN BREW. PLC.

Activity Summary on Board EQTY

PublishedCONSUMER by The Nigerian Stock Exchange © GOODS Beverages--Brewers/Distillers PREMIER BREWERIES PLC Beverages--Brewers/Distillers Totals

58 Symbol No. of Deals CHAMPION 8 GOLDBREW 1 GUINNESS 91 INTBREW 14 Daily Summary (Equities) JOSBREW 1 NB 122

Page

Activity Summary on Board EQTY

Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers AVON CROWNCAPS & CONTAINERS BETA CO PLC. Daily Summary as GLASS of 12/09/2014 Packaging/Containers Printed 12/09/2014 14:43:33.033 Totals

Current Price 4.22

Quantity Traded 71,317 1,369,192

Value Traded 300,957.74 208,414,461.88

Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals

Symbol 7UP

No. of Deals 35 35

Current Price 134.00

Quantity Traded 162,785 162,785

Value Traded 24,018,596.60 24,018,596.60

Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NATIONAL SALT CO. NIG. PLC UNION DICON SALT PLC. Food Products Totals

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR NASCON UNIONDICON

No. of Deals 26 71 66 25 35 17 240

Current Price 6.97 8.80 64.00 4.06 9.42 13.41

Quantity Traded 72,672 2,928,766 456,323 801,327 684,796 215,735 5,159,619

Value Traded 482,211.80 25,804,743.60 29,249,931.05 3,257,903.02 6,478,567.96 2,893,064.35 68,166,421.78

Symbol CADBURY NESTLE

No. of Deals 48 38 86

Current Price 55.01 1,010.00

Quantity Traded 98,099 40,802 138,901

Value Traded 5,194,930.98 41,346,421.87 46,541,352.85

Symbol VITAFOAM VONO

No. of Deals 12 6 18

Current Price 4.30 1.05

Quantity Traded 381,460 352,566 734,026

Value Traded 1,606,452.20 355,551.80 1,962,004.00

Symbol PZ UNILEVER

No. of Deals 68 24 92

Current Price 33.92 48.01

Quantity Traded 872,098 91,908 964,006

Value Traded 29,756,250.32 4,390,478.82 34,146,729.14

8,528,529

383,249,566.25

Quantity Traded 29,991,653 3,084,081 2,662,099 2,891,130 7,234,199 2,713,692 4,888,286

Value Traded 283,392,137.26 19,269,900.69 50,840,207.09 5,776,924.34 211,613,301.55 7,885,016.37 11,148,619.35

Daily Summary (Equities)

Activity Summary on Board EQTY Published by The Nigerian Stock Exchange © CONSUMER GOODS Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals

Page

CONSUMER GOODS Totals FINANCIAL SERVICES Banking Daily Summary as of 12/09/2014 ACCESS BANK PLC. Printed 12/09/2014 14:43:33.033 DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC.

Activity Summary on Board EQTY

FINANCIAL SERVICES Banking UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. ZENITH INTERNATIONAL BANK PLC Banking Totals

714 Symbol No. of Deals ACCESS 216 DIAMONDBNK 51 ETI 105 FIDELITYBK 69 GUARANTY 266 Daily Summary (Equities) SKYEBANK 95 STERLNBANK 39

Current Price 7.19 10.27 0.50 0.90 24.60

No. of Deals 24 17 9 1 25 3 2 3 9 35 1 1 2 1 (Equities) 58 191

Current Price 0.83 0.98 0.50 0.50 0.53 0.50 0.50 2.50 0.53 0.76 0.50 0.50 0.50 0.50 0.73

Quantity TradedPage 677,742 3,088,315 309,709 500 3,704,803 11,200 50,685 204,000 1,701,872 2,173,946 3,000 12,000,000 600 3,900 1,556,513 25,486,785

Symbol NPFMCRFBK

No. of Deals 3 3

Current Price 1.03

Quantity Traded 75,200 75,200

Value Traded 77,860.00 77,860.00

Mortgage Carriers, Brokers and Services UNION HOMES SAVINGS AND LOANS PLC. Mortgage Carriers, Brokers and Services Totals

Symbol UNHOMES

No. of Deals 2 2

Current Price 0.50

Quantity Traded 10,000 10,000

Value Traded 5,000.00 5,000.00

Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FBN HOLDINGS PLC FCMB GROUP PLC. ROYAL EXCHANGE PLC. STANBIC IBTC HOLDINGS PLC UBA CAPITAL PLC Other Financial Institutions Totals

Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX STANBIC UBCAP

No. of Deals 55 9 395 30 19 30 86 624

Current Price 3.30 3.95 14.52 4.18 0.58 30.00 2.02

Quantity Traded 1,983,239 185,480 6,163,663 146,815 2,001,151 398,219 58,838,534 69,717,101

Value Traded 6,617,966.47 731,908.00 89,719,436.88 613,098.51 1,171,504.45 11,946,595.52 121,005,656.68 231,806,166.51

183,690,338

1,542,134,893.56

Quantity Traded 98,899 442,359 1,214,831 890,347

Value Traded 207,228.00 1,488,205.04 78,928,205.60 1,280,460.65

Symbol AIICO CONTINSURE CORNERST EQUITYASUR INTENEGINS LAWUNION LINKASSURE MANSARD MBENEFIT NEM NIGERINS REGALINS STACO UNIVINSURE Daily Summary WAPIC

Activity Summary on Board EQTY

Page

FINANCIAL SERVICES Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals

FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. Published by The Nigerian Stock Exchange ©

Quantity Traded 5,932,342 879,385 366,200 781,331 26,976,854 88,401,252

No. of Deals 159 87 1 27 268 1,383

Insurance Carriers, Brokers and Services Published by The Nigerian Stock Exchange © AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. EQUITY ASSURANCE PLC. INTERNATIONAL ENERGY INSURANCE COMPANY PLC LAW UNION AND ROCK INS. PLC. LINKAGE ASSURANCE PLC MANSARD INSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. Daily Summary as of 12/09/2014 N.E.M14:43:33.033 INSURANCE CO (NIG) PLC. Printed 12/09/2014 NIGER INSURANCE CO. PLC. REGENCY ALLIANCE INSURANCE COMPANY PLC STANDARD TRUST ASSURANCE PLC UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals

Symbol UBA UBN UNITYBNK WEMABANK ZENITHBANK

Current Price 9.59 6.30 19.32 2.00 29.15 2.88 2.30

2,203 Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER

No. of Deals 5 13 24 26

Current Price 2.10 3.34 65.00 1.38

Page

NATURAL RESOURCES Chemicals B.O.C. GASES PLC. Chemicals Totalson Board EQTY Activity Summary NATURAL RESOURCES Metals Published by The Nigerian Stock Exchange © ALUMINIUM MANUFACTURING COMPANY PLC Metals Totals Mining Services MULTIVERSE PLC Mining Services Totals

Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Daily Summary as of 12/09/2014 Printed 12/09/2014 14:43:33.033 Petroleum and Petroleum Products Distributors

Value Traded 42,510,622.23 8,716,374.54 183,100.00 703,489.01 652,251,869.47 1,294,291,561.90

CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. Activity Summary on PLC. Board EQTY TOTAL NIGERIA

OIL AND GAS Published by The Nigerian Exchange © Petroleum andStock Petroleum Products Distributors Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals

Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals Daily Summary as of 12/09/2014 Employment Solutions Printed 12/09/2014 14:43:33.033 C & I LEASING PLC. Employment Solutions Totals Hospitality TANTALIZERS PLC Hospitality Totals

Value Traded 146,550.00 146,550.00

Symbol NCR

No. of Deals 1 1

Current Price 13.50

Quantity Traded 1,000 1,000

Value Traded 14,170.00 14,170.00

Symbol CHAMS

No. of Deals 3 3

Current Price 0.50

Quantity Traded 1,445,000 1,445,000

Value Traded 722,500.00 722,500.00

1,721,000

883,220.00

11 Symbol

No. of Deals 52 13 15

Current Price 32.31 8.60 39.40

Quantity Traded 472,366 16,100 87,474

Value Traded 15,262,006.92 135,651.00 3,471,316.59

Symbol CCNN DANGCEM DNMEYER IPWA PAINTCOM PORTPAINT WAPCO

No. of Deals 10 47 4 1 2 5 41 190

Current Price 14.50 215.10 1.10 0.50 1.60 5.00 118.50

Page Quantity Traded 134,878 198,661 55,998 2,375 100,000 300,200 98,647 1,466,699

7 of 12 Value Traded 1,936,045.00 43,107,361.33 59,297.90 1,187.50 160,000.00 1,500,986.00 11,695,250.02 77,329,102.26

Symbol CUTIX

No. of Deals 6 6

Current Price 1.82

Quantity Traded 45,700 45,700

Value Traded 82,710.00 82,710.00

Symbol AVONCROWN BETAGLAS

No. of Deals 1 6 7

Current Price 1.75 18.85

Quantity Traded 14,834 26,850 41,684

Value Traded 24,772.78 501,668.00 526,440.78

1,554,083

77,938,253.04

Quantity Traded 28,255 28,255

Value Traded 147,208.55 147,208.55 8Value Traded of 12 7,370.00 7,370.00

ASHAKACEM Daily Summary (Equities) BERGER CAP

203

Daily Summary (Equities) Symbol No. of Deals Current Price BOCGAS

3 3

5.48

Symbol ALUMACO

No. of Deals 1 1

Current Price 7.75

Quantity Traded Page 1,000 1,000

Symbol MULTIVERSE

No. of Deals 1 1

Current Price 0.50

Quantity Traded 83,200 83,200

Value Traded 41,600.00 41,600.00

112,455

196,178.55

5 Symbol JAPAULOIL

No. of Deals 40 40

Current Price 0.52

Quantity Traded 4,759,883 4,759,883

Value Traded 2,388,834.32 2,388,834.32

Symbol OANDO

No. of Deals 297 297

Current Price 25.21

Quantity Traded 6,589,769 6,589,769

Value Traded 166,054,031.71 166,054,031.71

Symbol No. of Deals CONOIL 67 ETERNA 26 FO 184 Daily Summary (Equities) MOBIL 21 MRS 30 TOTAL 16

Current Price 53.16 3.87 235.60 180.00 56.00 180.01

Quantity Traded 216,495 514,427 821,470 13,498 35,287 31,789

Value Traded 11,135,695.77 2,012,802.35 190,917,701.46 2,433,140.70 1,790,528.43 5,754,332.92 9Value Traded of 12 214,044,201.63

Symbol

No. of Deals 344

Current Price

Page Quantity Traded 1,632,966

Symbol SEPLAT

No. of Deals 7 7

Current Price 670.00

Quantity Traded 10,972 10,972

Value Traded 7,235,914.90 7,235,914.90

12,993,590

389,722,982.56

688 Symbol RTBRISCOE

No. of Deals 8 8

Current Price 0.89

Quantity Traded 114,562 114,562

Value Traded 102,336.58 102,336.58

Symbol REDSTAREX

No. of Deals 49 49

Current Price 4.34

Quantity Traded 8,030,646 8,030,646

Value Traded 34,914,038.29 34,914,038.29

Symbol CILEASING

No. of Deals 2 2

Current Price 0.50

Quantity Traded 1,322 1,322

Value Traded 661.00 661.00

Symbol No. of Deals Current Price Daily Summary (Equities)

Quantity Traded 195,300 195,300

Value Traded 97,650.00 97,650.00

0.50

Symbol CAPHOTEL IKEJAHOTEL

No. of Deals 2 21 23

Current Price 4.28 1.42

Quantity Traded Page 69,200 1,104,201 1,173,401

Media/Entertainment DAAR COMMUNICATIONS PLC Media/Entertainment Totals

Symbol DAARCOMM

No. of Deals 1 1

Current Price 0.50

Quantity Traded 1,000 1,000

Value Traded 500.00 500.00

Printing/Publishing LEARN AFRICA PLC UNIVERSITY PRESS PLC. Printing/Publishing Totals

Symbol LEARNAFRCA UPL

No. of Deals 6 8 14

Current Price 1.60 4.13

Quantity Traded 91,078 10,170 101,248

Value Traded 138,870.74 40,038.29 178,909.03

Road Transportation ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Symbol ABCTRANS

No. of Deals 13 13

Current Price 0.70

Quantity Traded 386,000 386,000

Value Traded 274,270.00 274,270.00

Symbol AIRSERVICE NAHCO

No. of Deals 1 36 37

Current Price 2.00 5.19

Quantity Traded 3,000 1,016,311 1,019,311

Value Traded 6,300.00 5,217,830.36 5,224,130.36

Symbol

No. of Deals 25 25

Current Price 4.89

Quantity Traded 404,900 404,900

Value Traded 1,991,221.00 1,991,221.00

Transport-Related Services Daily Summary as of 12/09/2014 AIRLINE SERVICES AND LOGISTICS PLC Printed 12/09/2014 14:43:33.033 NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals

Quantity Traded 275,000 275,000

2 2

82,099,612.71

TANTALIZER

SERVICES Hotels/Lodging Published by The Nigerian Stock Exchange © CAPITAL HOTEL PLC IKEJA HOTEL PLC Hotels/Lodging Totals

2,828,216 Current Price 0.53

Activity Summary on Board EQTY

Value Traded 4 of 12 552,290.04 3,031,048.70 155,499.50 250.00 1,952,703.55 5,700.00 25,342.50 510,250.00 901,992.16 1,678,845.74 1,500.00 6,000,000.00 300.00 1,950.00 1,136,632.96 15,954,305.15 of

Value Traded 195,513.42 82,099,612.71

No. of Deals 7 7

OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals

Quantity Traded 181,780 2,828,216

Symbol COURTVILLE

NATURAL RESOURCES Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals

Current Price 1.08

INDUSTRIAL GOODS Totals

No. of Deals 6 243

Household Durables VITAFOAM NIG PLC. VONO PRODUCTS PLC. Household Durables Totals

INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC

INDUSTRIAL GOODS Published by The Nigerian Stock Exchange © Building Materials CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC DN MEYER PLC. IPWA PLC PAINTS AND COATINGS MANUFACTURES PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals

Symbol PREMBREW

Food Products--Diversified CADBURY NIGERIA PLC. Daily Summary as of 12/09/2014 NESTLE NIGERIA PLC. Printed 12/09/2014 14:43:33.033 Food Products--Diversified Totals

No. of Deals 11 79

HEALTHCARE Totals

Symbol COSTAIN

CONSTRUCTION/REAL ESTATE Totals

Symbol NEIMETH

Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals

Daily Summary (Equities) CAVERTON

Activity Summary on Board EQTY

Page

Value Traded 10 of 12 296,176.00 1,552,096.54 1,848,272.54

174

11,427,690

44,631,988.80

EQTY Board Totals

4,780

263,855,559

2,798,678,370.74

Equity Activity Totals

4,780

263,855,559

2,798,678,370.74

Daily Summary (ETP) Exchange Traded Fund

Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA GRIFFIN 30 ETF Exchange Traded Fund Totals

Symbol NEWGOLD VETGRIF30

No. of Deals 1 3 4

Current Price 1,948.00 18.58

Quantity Traded 50 60 110

Value Traded 97,400.00 1,119.30 98,519.30

ETF Board Totals

110

98,519.30

ETP Activity Totals

110

98,519.30

Page

business | INVESTMENT OPPORTUNITIES

Sanctity of Truth

Monday, September 15, 2014

Template for success in life, career, business (part 2)

e said in the precious edition of this article that modelling, or copying the behaviours of others who are achieving the kinds of goals that you want to achieve is one of the smartest and fastest ways that you can step on the accelerator of your own life. As Albert Schweitzer once said, “you must teach men at the school of example, for they will learn at no other.” The world around you is full of people whose examples are worth emulating. Dr. David McClelland of Harvard, in his book: The Achieving Society, concluded that your choice of a “reference group,” the people with whom you associate and socialise, has an inordinate impact on everything you accomplish in life. Your ability to choose the people that you look up to and admire, and then spend time with them, can have a greater effect on your success than any other factor. Qualities of leadership Successful entrepreneurs and business people have certain qualities that you can incorporate into your own behavior as the result of learning and practice. Vision The first quality of top people seems to be that they have a clear vision of the ideal future that they want to create for themselves and their families. In several studies of leadership conducted by James Cribben, seeking the qualities that were most common to great leaders, he identified “vision” as the one quality that appeared in every single study, going back to 600 B.C. Leaders have vision. Nonleaders do not. They very act of creating a vision for your life begins to make you into a leader for both yourself and others. •Imagine your ideal future: One way to develop vision for yourself and your business is to practice “idealization.” Project forward three to five years in your life and imagine that your life was ideal in every way. What would it look like? Imagine that your job or career was ideal in every way.

What would you be doing? How much would you be earning? Imagine that your financial situation was ideal. How much would you have in the bank? What would be your net worth? Imagine that your family situation was perfect in every way. What kind of lifestyle would you have? How would you spend your time with your family? Imagine that your health was perfect in every way. How much would you weigh? How fit would you be? What would you be doing differently from today? In the movie South Pacific, there is a song that says, “You’ve got to have a dream if you want to make a dream come true.” Napoleon Hill, in Think and Grow Rich, says, “Anything the mind of man can conceive and believe, it can achieve.” All leaders allow themselves to dream, and then they go to work to make their dreams come true. •Ability to project into the future: In building your own business or career, take some time to think about how it would look in the future if it turned out perfectly. If you want your business to be the very best in the industry, described how it would look from the outside when you achieved that goal. When I do strategic planning for corporations, we begin by imagining that the company is the top company in the industry five years in future. We then go around the table and ask, “How would we be described by others if we were the very best company in this business?” We will often get 20 or 30 different ideal descriptions covering every aspect of the business. We then ask, “Which of these are more important than any others?” We then organize the ideal description by priority and discuss the specific action we could take immediately to begin creating that ideal future. You can do this for yourself, for your business, and for any part of your life. It is a powerful exercise that often changes the entire direction of your life. Develop a sense of mission Leaders have a sense of mission. They have a passion for what they do, and are totally

Ogbeide

committed to doing it well. Leaders visualise what their business will look like when it is the best in the industry. They see their goals and objectives realised long before they actually happen. One of the most powerful techniques you can practice is called “back from the future” thinking. With this technique, you project forward mentally three to five years and imagine that your life and work are perfect in every way. From that vantage point in the future, you look back to the present and ask: “What would have to happen for me to get from where I am in the present to where I want to be in the future?” Very often, this exercise gives you greater clarity about the next actions you need to take. By looking back from the future, you can see immediately things that you should start doing or stop doing immediately. You see things that will need to be changed one way or another. You will see things that you need to do more of or less of. Believe in your dreams Great leaders are not robots, they are simply ordinary people who did extraordinary things because circumstances made demands on their potential. Once upon a time, an unknown American film director named George Lucas had a vision of a futuristic space adventure movie that would be different from any movie ever made. He spent month after month going from studio to studio trying to get support and backing for his idea. But it was too radical. He was turned down over and over again.

However, George Lucas refused to give up. He persisted and persevered and finally got together enough money to make Star Wars, which became one of the most successful movies in history. Star Wars began the era of the blockbuster movies that earn more than $100 million each. His company, Lucasfilms, eventually generated billions of dollars in worldwide sales of the Star Wars trilogy, the Star Wars prequels, and other worldwide best-selling movies. He doesn’t have trouble raising capital for his project anymore. All great leaders are products of time and trophies of life’s wars. Be a complete optimist In addition to vision and a sense of mission, another quality of leaders and successful entrepreneurs is that they have levels of optimism, faith and positivity. Because of this optimism, they have “unrealistic expectation” of success. They absolutely believe that, sooner or later, they are going to be successful at what they do. Optimists seem to have two remarkable qualities. First, because they have unrealistic expectations of success, they try more things. If something doesn’t work, they try something else, and then something else again. They are willing to fail far more times than the average person in order to achieve the success that they believe is absolutely guaranteed. The law of probabilities says that the more things you try, the more likely it is that you will triumph. Virtually all successful people have tried and failed countless times before they eventually developed the wisdom and experience that enabled them to try and succeed. They use the law of probabilities in their favour. As Phil Knight of Nike once said, “You only have to succeed the last time. Persistence is best quality of success The second quality possessed by true optimists is that they persist longer. They never give up. They keep trying new and different things, and if something doesn’t work, they

try something else. Again, they use the law of probabilities in their favour. If you try more things and you persist longer, the odds are that you will eventually try the right thing at the right time and break through. Successful people persistent, knowing fully well, that patience is a virtue and every act of patience would be handsomely rewarded. Know your business inside-out An important quality of successful entrepreneurs who become millionaires is that they studied every detail of business. They continually examine and reexamine their information to find the unique factors that can lead to great success. Subscribe and be abreast with best industry news and relevant publications, attend seminars, join trade associations in your field. Learn continually. Everybody pays one man and the name of that man is “an expert”. They pay to buy his “expertise, know how or intellectual property” for example you pay your doctor for his medical expertise, you may have reasons to pay a legal practitioner for legal expertise, you pay a stylist, mechanic, driver etc for their expertise, therefore, learning all you can about your career and business could be rewarding. In this twenty first century businesses thrive on information, innovation, specialized knowledge and technology. Look for opportunities Successful entrepreneurs and businesspeople seem to be very good at finding market opportunities in the form of products and services that people want and need, but which are not available. They then design, create, or get the rights to distribute new or better products or services to serve those market needs. They find a need and fill it. Apply these simple principles begin to experience is complete turn around in your career and business. Ogbeide, is a business consultant, columnist and MD/CEO of Business Builders Limited. He can be reacted via email excelogbeide@yahoo.com

NEWS

IFC, firm to boost cement firms’ profit by 15% Godson Ikoro

World Bank Group’s private sector arm, International Finance Corporation (IFC), and theInstitute for Industrial Productivity (IIP), said at the weekend, that cement plants can supply up to 30 per cent of their own electricity needs through the waste-heat recovery process and thereby improve their bottom line by up to 10-15 percent. According to IFC, cement, the key ingredient of concrete is the world’s most widely used building material and the product of

an energy-intensive process that accounts for about 5 per cent of global greenhouse gases. Noting that these emissions threaten to increase as developing countries urbanize and build roads, buildings, and other infrastructure in the decades ahead, IFC stated that to pursue a low carbon growth path, the industry needs to adopt the most efficient technologies including waste-heat recovery (WHR). In a report, IFC said the waste-heat recovery involves capturing the excess heat of an industrial process and using

it to generate electric power. It added that technology can be used in a number of heavy industries, including steel and chemicals, but has not been applied extensively outside of China despite its potential to increase energy efficiency and mitigate climate change. “Cement companies can get more reliable and cheaper energy and at the same time cut their greenhouse gas emissions,” said IFC Chief Industry Specialist Michel Folliet. It noted that of all the more than 850 waste-heat recovery installations in the cement in-

dustry globally, China has 739, followed by India with 26 and Japan with 24. The report analyzes 11 country-markets in five regions where the cement industry is expected to grow. IFC estimated $5 billion in investment could introduce about 2 gigawatts (GW) of WHR technology in developing countries. Putting the amount in perspective, 2 GW of electric power produced by WHR would be enough to power about 1.3 million to 1.5 million homes. IFC will explore opportunities to partner with major

equipment heat recovery, drawing on Asia’s experience with the technology. Spearheaded by Japan in the ‘80s, waste heat recovery was introduced to China through a joint venture between Kawasaki Engineering Co. (Japan) and Anhui Conch (China). The technology has greatly expanded in China since 1998 in response to escalating energy costs and government policy, including tax breaks and 2011 national energy efficiency regulations, which mandated the technology’s use at newly constructed cement plants.

42 business |INTERVIEW

Sanctity of Truth

Monday, September 15, 2014

Tinapa is not for sale at the Last Thursday, Nigeria moved a step further in her efforts to fully resolve the 2009 banking crisis, with the announcement of both the preferred and reserved bidders (Heritage Bank and Fidelity Bank) for one of its three bridged lenders – Enterprise Bank Limited. Before this pronouncement, the Deputy Editor (Business), AYODELE AMINU, interviewed the helmsman of the organisation (Asset Management Corporation of Nigeria AMCON), Mustapha Chike-Obi. The corporation, known in financial parlance as bad bank, was set up in 2010 to help resolve a banking crisis triggered by reckless lending and a stock market collapse in 2008. The AMCON boss spoke on a wide range of issues, including the state of the bridged banks, the Tinapa project, its debtors and its bonds. Excerpts

Chike-Obi

The Central Bank of Nigeria (CBN) about four years ago, published the list of debtors to ‘name and same’ in a bid to compel them to pay up their debts. What is the status quo? How much percentage of these debtors have paid up? These are very difficult loans that have been in the default for a long period of time. The objective of publishing the list of these people who owe is not because anybody believes that it is going to make them pay. The objective is to prevent them from continuing to borrow from the banking sector, so that they cannot create problem for the banking sector in the future. So, there was no high expectation that they would rush and pay because these are loans that have not been paid for long. Hence, the object is not to expect that they would pay anytime soon. AMCON pursues all methods of recovery and that is not going to change because the names were published or not. But the objective is more to prevent them from creating another crisis in the banking sector in future as I said. So, we do not expect a lot of them to pay and not many of them have paid actually. The good thing is that they are no allowed to borrow from the banking sector again and a circular was issued to that effect. How has the circular helped you in terms of recovery? If you read the circular, it is to the banks to stop borrowing. The CBN

wrote to the banks to stop lending to them (the debtors); it was not meant as recovery aid. We pursue all methods of recovery but the circular was not directed at them as another recovery strategy. It was just directed at reducing the rate at which the banks give out loan. When AMCON was set up, there were lots of critics, but now, some other countries are trying to emulalate AMCON. What has been your most challenging moment? I would not agree that there were a lot of critics; people were just asking question to know more about AMCON because for such an institution to just be coming to the financial sector for the first time, people would like to ask questions. So, those questions were legitimate questions and we have started answering them. And, we are happy that people are realising that it was the necessary thing to do (setting up of AMCON) at the time we did it. We are gratified that the model is being copied. It was earlier copied by Spain and now by Zambia. Well, there were a lot of difficult moments and I can tell you that making them (the critics) understand exactly what we are trying to do was our most challenging moment. It is a challenging job and also a challenging moment for me. But, I think, you just take the challenges as part of the job as best as you can. You

ery; sometimes, we take assets and we take that one also as recovery. In that respect, we have succeeded.

The objective of publishing the list of debtors is to prevent them from creating another crisis in the banking sector in future. So, we do not expect a lot of them to pay and not many of them have paid actually have challenges from debtors, from regulators, from other interested parties who want to make sure that everything is being done properly. It’s a challenging job. In value terms, what has been recovery value so far; what are the figures? Recovery is very serious task and we have to be careful with it. We have dealt with the restructured recovered faction of about 60 per cent of the loan we took over and we are still working on about 40 per cent. What recovery means to most of the people is actually cash but that is not the case for us (AMCON). Sometimes, when you restructure a loan and the man is performing, we consider that to be recov-

As of today, how much is the sinking fund? The sinking fund is the contribution by the banks. It is held and managed by the Central Bank of Nigeria. We don’t know the number. The correct person to ask is the CBN. But this is also part of the funds you bank on to redeem your bonds? The sinking fund is supposed to act as backstop to AMCON. AMCON never gets it; AMCON never manages it, AMC0N never uses it. It is only used when a bond investor comes up and we only request the CBN to release for bond redemption. So, CBN is there and I am sure when you ask them, they will tell you how much is in the sinking fund. Initially, N800 billion bonds were due for redemption in August. Why was the redemption shift to October? It was never due in August. It was earlier misreported. It is due on October 31 and it is sacrosanct. The bonds are maturing on October 31 and have to be paid. And, we have all assurances that the bond will be redeemed. After redeeming the N800 billion, what would be the value of AMCON’s outstanding bonds?

business |INTERVIEW 43

Sanctity of Truth

Monday, September 15, 2014

moment, says AMCON boss BIODATA Schools:

University of Lagos and Stanford University. Certificates: Bachelor of Science in Mathematics (First class) and Master in Business Administration (MBA) Work experience: 28 years of working in the US financial services industry. Previous jobs: Founder and Managing Partner of Madison Park Advisors, a financial service advisory and consulting firm in New Jersey, U.S.A; Vice president, Goldman Sachs and other senior positions in various Wall Street firms as such Bear Stearns and Guggenheim Partners, among others. Expertise: Specialist in hedge fund and private equity investments. Current Position: Managing Director/CEO for Asset Management Corporation of Nigeria (AMCON).

It is N3.8 trillion due for redemption over 10 years. In the next couple of days, the new investors in Mainstreet and Enterprise banks are expected to be announced. Is this sacrosanct as well? The winners of the bid for the Enterprise Bank and the backup will be announced before the 15th of this month (September). I think Mainstreet will be a little bit later than that because we started Enterprise first and you would expect that Enterprise should be concluded first.

Chike-Obi

Can you give a date for the announcement of the new owner for Mainstreet Bank? Not latter than September 15. Can you give us an idea of the type of

investors, even if you do not want to mention names? Are they local or foreign or a combination? The announcement will be made within the next week. In the next seven days, still 15 (September). What is the status with Aero, which is also one of your 13,000 debtors? Aero is an airline that we have interest in. It is doing its job. It is operating efficiently and we think that Aero can get bigger and more successful. In terms of your interest, letâ&#x20AC;&#x2122;s look at aviation now; can you give a value to it? No. But we own 60 per cent of Aero and we are not in the habit of valuing private company for public consumption. Arik Air, like some other companies, is a debtor company to AMCON and we believe it is doing fine. But you have still not answered my question in respect of the new investors for Enterprise Bank? Well, a decision has been made and it has to go through all appropriate authorities. So, when it goes through appropriate authorities, we would then announce it. What is the progress on Tinapa sir? We are still engaged with the Cross Rivers State government to ensure that the transaction is concluded as quickly as possible; as transparently as possible and as legitimately as possible. So, there are lots of processes to be done and we are going through the processes.

Chike-Obi

So, who is buying Tinapa? If you understand this transaction, you would understand that nobody is buying it. AMCON and Cross Rivers State government are jointly trying to bring it (Tinapa) to where it should be and until after that, that we would consider buyers. So, Tinapa is not for sale at the moment.

So, how much is AMCON injecting to make it have the desired and required facelift? Whatever we consider prudent and necessary. What about the aircraft one of your debtors used to offset his loans. Has it been sold? It has not been sold yet. Why? I cannot speculate. Capital Oil and Gas is also one of your debtors and we learnt that there was an intervention from Abuja? I am not aware that any public official intervened on behalf of Capital Oil and I am aware that Justice Abdul Kafarati who gave the initial order of probation asked us to negotiate with Capital Oil. We have done so. We have filled all terms of settlements and we are still working through all the terms of settlements that we filled in the documents. Can you put a value on AMCON shares in quoted and unquoted companies? It is difficult to put a value to it for two reasons. One, the market is always moving and the value is changing. Secondly, we have a policy of selling shares, so, the withholding shares are changing every minute. But currently, we have about N100 billion in quoted and unquoted companies. Letâ&#x20AC;&#x2122;s look at Enterprise again. You need clearance from three people before announcing the new owner(s), that is the president, Ministry of Finance and CBN. How far have you gone? Really? So, what value are you getting from Enterprise Bank? You will find out when we make the formal announcement. You will know soon. After all, you have waited for a year.

44 business | global NEWS

Sanctity of Truth

Monday, September 15, 2014

Atlas Mara's ex-Barclays CEO gets $6m in shares

tlas Mara, the African banking venture of former Barclays boss Bob Diamond, has awarded its Chief Executive John Vitalo shares worth $6 million. Vitalo was poached from Barclays in April to run Atlas Mara, which has struck three deals and wants to become the leading bank in sub-Saharan

Africa. Vitalo, a former US marine who headed Barclays' Middle East and North Africa region and previously built up its African investment bank, was given 300,482 Atlas Mara shares on Thursday, worth $3.2 million at current prices. The company according to Reuters, also awarded Vitalo

options for another 300,000 shares, and handed options on another 653,000 shares to other employees and consultants. Atlas Mara said the shares were subject to certain restrictions on dealing until April 2017. One third of the options vest on the date of grant, one third on the first anniversary and the other

third a year after that. Atlas Mara shares closed last Thursday at $10.5. Vitalo is paid a base salary of about $500,000 and can receive an annual cash bonus of up to $1 million. He is also is paid an annual allowance for expenses and benefits of $550,000. Diamond, who founded Atlas Mara last year with

Africa-based billionaire entrepreneur Ashish Thakkar, was frequently slammed by UK politicians and media for the scale of his pay packets at Barclays. The bank this month paid $270 million to increase its stake in Union Bank of Nigeria Plc to almost 30 per cent, its third and biggest deal to date.

Housing market reaches plateau, say surveyors

Prime Minister, Narendra Modi, during a meeting with CEO of Nidec Corporation, Shigenobu Nagamari, in Kyoto Japan. With them is Ambassador of India to Japan, Deepa Gopalan Wadhwa. | PTI Photo

he US government has imposed new sanctions on major Russian banks, defence and energy companies. The measures are part of a joint effort with the European Union aimed at punishing Russia for what they say is its military intervention in Ukraine. They come despite a fragile ceasefire holding in the east of the country. The Russian foreign ministry denounced the new sanctions as “another hostile step in line with the confrontational course” taken by the US. “Of course, our retaliatory measures will not keep you waiting,” it said. The sanctions announced on Friday mean that US citizens will not be able to provide loans lasting longer than 30 days to Sberbank, Russia’s biggest bank. They will also affect Rostec, a major technology and defence firm, and technology for Russia’s oil industry. “Given Russia’s direct military intervention and blatant efforts to destabilise Ukraine, we have deepened our sanctions against Russia today, in concert with our European allies,” said US Treasury Secretary Jacob Lew. “These steps underscore the continued resolve of the international community against Russia’s aggression.” Both the EU and US say the sanctions can be eased if progress is made on the ground towards peace. Nato says Russia still has about 1,000 heavily armed troops in eastern Ukraine and about 20,000 more near the border. Russia denies sending direct military help to the rebels, insisting that any Russian soldiers there are “volunteers.”

Ukraine crisis: US strengthens sanctions on Russia Mr Lew said: “It is essential that Russia work with Ukraine and other international partners to find a lasting settlement to the conflict. If Russia does so, these new sanctions could be suspended.” Over 100 top Russian officials and rebel leaders in Ukraine are subject to EU and US visa bans and asset freezes. The US sanctions block support or technology for Arctic and offshore exploration by five Russian energy firms - Gazprom, Lukoil, Rosneft, Surgutneftegaz and Transneft. Rosneft was already listed under a previous round of sanctions and is included in the EU sanctions list. Russia has ambitious plans for Arctic oil exploration. Western partners including ExxonMobil and BP are already involved in multi-billion-dollar projects in Siberia. The EU sanctions also block the export of oil services and deep-water technology. Transneft is also on the EU list, along with Gazprom Neft, the oil unit of gas giant Gazprom. Their access to financial markets will be restricted - a serious matter for Rosneft, which last month asked the Russian government for a $42 billion (£25.2 billion) loan. In the EU and US, big Russian state-owned banks are now barred from getting loans with a maturity longer than one month.

Reacting to the EU sanctions, Russian President Vladimir Putin warned that they could undermine the ceasefire in Ukraine. “I don’t even understand what these latest sanctions are about,” he said. “Maybe someone is unhappy that the process is taking a peaceful path.” Russian Foreign Minister Sergei Lavrov said Moscow would “react in a calm and appropriate way, first and foremost, proceeding from the need to defend our interests.”

ondon house prices are set to rise more slowly than elsewhere, said surveyors The housing market has reached a “plateau,” according to a survey of chartered surveyors across the UK. British Broadcasting Corporation (BBC) quoted the Royal Institution of Chartered Surveyors (RICS) as saying that the number of house sales agreed in August fell for the first time in two years. Surveyors also expect prices to rise more rapidly outside London than in it. The biggest increases are expected in Northern Ireland, The East Midlands and Scotland. RICS said price momentum in London had started to “soften,” as flats and houses had become more unaffordable. “In some areas the recovery

has only recently taken hold and affordability is rather less stretched,” said Simon Rubinsohn, RICS chief economist. “Significantly, members now expect price gains over the next year to be faster outside of the capital, than in it.” Capital Economics said it was further evidence that the market was running out of steam. The survey also revealed a big fall in the number of enquiries from new buyers, and a lengthening in the time it takes for sales to go through. RICS blamed the new, tougher, mortgage rules for the slowdown, which came into effect in April. They said the prospect of a first rise in interest rates for over five years was also having an effect.

HP exploring sale of photo-sharing service

ewlett-Packard Co is exploring the sale of its webbased photo sharing service, Snapfish, and has held discussions with multiple private equity and industry buyers, a person with knowledge of the situation said. According to Reuters, Snapfish, which HP bought for over $300 million in 2005 and currently sits within its printing and personal systems group, is considered non-core for the company, the person said, asking not to be named because the matter is not public. Last year, HP replaced the printing and personal business’

long-time head Todd Bradley with former Lenovo executive Dion Weisler. Bradley has since left the technology company, to join Tibco Software Inc as its president. Some of the parties that have been eyeing Snapfish have also expressed interest in buying another online photo-sharing services provider, Shutterfly Inc, the person said. Shutterfly hired Frank Quattrone’s Qatalyst Partners over the summer to find a buyer, and is expected wrap up its process in the next several weeks, people familiar with the matter have said previously.

IFC provides $17bn for entrepreneurs, farmers in SSA

member of the World Bank Group, International Finance Corporation (IFC) has provided billions of dollars to assist 1.1 million farmers. It has also provided $17 billion of financing to entrepreneurs, delivered health services to a million patients and improved quality of education for 117,000 students. In coordination with other World Bank Group institutions, IFC’s work in sub Saharan Africa supported agriculture and power, job creation, health, education and capital markets. IFC made new investments in 31 countries in sub-Saharan

Africa during its 2014 fiscal year, totalling $4.6 billion. In partnership with MIGA, IFC mobilized an additional $343 million of financing for the private sector. IFC provided more than $4.0 million in new investments in the continent’s lowest income economies. New IFC commitments provide $800 million to countries affected by recent conflicts, including Cote d’Ivoire, Democratic Republic of Congo and Mali. Drawing on support from the World Bank Group, African governments enacted over 70 reforms to improve business regulation.

The impact of these reforms includes private sector cost savings of $25.5million in Ethiopia, thanks to more efficient imports and exports clearing procedures, an additional $106million in investment by new businesses in Rwanda generating 29,000 jobs, and levelled taxation between men and women in Cote d’Ivoire. The World Bank Group also supported the modernization of the Uniform Act on Companies, which led to more than 20 reforms of the investment climate among the 17 member countries of the Organization for the Harmonization of Business Law in Africa (OHADA).

NEWS 45

Sanctity of Truth

Monday, September 15, 2014

Encomiums as Ondo deputy governor's wife clocks 70 Babatope Okeowo AKURE

citizens of Pendrominent Ondo State at the weekshowered encomiums

on Chief Bejide Olanusi, the wife of the state deputy governor as she celebrated her 70th birthday. At the event that took place at the government house ground were the celebrant’s husband, Alhaji Ali Olanusi, Chief Judge of the state, Justice Olaseinde Kumuyi, the Speaker of the state House of Assembly, Mrs. Jumoke Akindele, members of the State Executive Council, Chairmen of local governments and traditional rulers. Olanusi said since he set his eyes on Bejide when they were in the

same primary and secondary schools together, the love has always grown as they have no reason to fight over anything. The deputy governor said she is not only a wife but mother who had stood beside him through the years. Justice Kumuyi who was the Chairman of the occasion described the celebrant as a virtuous woman, saying that the attainment of the age of 70 is a landmark achievement which should be celebrated. Describing the woman as humble, Kumuyi said the deputy governor, Olanusi who has been an itinerant businessman and politician was lucky to have married a virtuous woman like Bejide.

IPMAN leader denounces ‘new Kwara exco' Biodun Oyeleye ILORIN

National Ex-officio of the Independent Petroleum Marketers Association of Nigeria (IPMAN) Alhaji Kolawole Mustapha has denounced the new executive members of the association, describing them as illegal. IPMAN last week in Ilorin, Kwara inaugurated the western zone executive of the association. But Mustapha in a meeting with newsmen in Ilorin, argued that the inauguration was done by a faction of the association against the express order of a court of competent jurisdiction. According to Mustapha, there is a pending suit in court by the national executive which states that status quo must remain in all matter of in-

auguration of executives until the case is disposed of. Mustapha who is, one of the representatives of western zone in the national executive of IPMAN explained that by the constitutional guidelines of the association which every member is aware of, status quo must remain since a matter concerning the national executive is still in court. He also added that no inauguration of new executive from his zone can take place without his consent and that the rumour of preparation for the illegal inauguration by some factional members prompted him to report the matter on behalf of the chairman and secretary of Ilorin branch to the office of the state security services in Ilorin.

Muslim women lament rising population of Maiduguri beggars Ahmed Miringa MAIDUGURI

called UniverAlimgroup sity of Maiduguri MusWomen Association

(UMMWA), has decried the alarming rate at which women and girls are now begging on the streets of Maiduguri due to the displacement of many people by the Boko Haram insurgency in the state. The coordinator of the group, Hajiya Hassana Ibrahim Waziri, who spoke at the weekend in Maiduguri at a workshop organized for domestic and casual women workers of the university, said majority of the women who are casual workers are now bread winners of their families as their husbands have either been killed or abducted due to

the insurgency. “There is no doubt that the insurgency has brought upon citizens of Borno and the Northeast in general numerous and tragic experiences especially on women and girls who suffer the most traumatic and unbearable hardships due to their vulnerability at times of crisis. This is more distinct when they lose their husbands, guardians or children who are mostly bread winners of the family”, she said. Waziri stated that the group was established to foster unity among the University of Maiduguri community, adding that one of the objectives of the group is to discourage street begging by women and girls.

Oyo State Governor, Abiola Ajimobi (left), presenting a N50,000 cheque to Mrs. Olanike Alphonso, one of the traders whose shops were recently gutted by fire at the Alesinloye Market, Ibadan…at the weekend.

Again,APC condemns TAN rallies

Johnchuks Onuanyim ABUJA

nce again, the All Progressives Congress (APC) yesterday condemned the national rallies of the Transformation Ambassadors of Nigeria (TAN). The party said the rallies being held across the country by the ‘so-called TAN’ represent an assault on the intelligence and sensibilities of Nigerians, at a time of unprecedented security and health challenges in the country. APC had in the past asked the presidency to put a stop to the rallies, ar-

guing that it was capable of spreading the deadly Ebola Virus Disease, EVD. The party’s National Publicity Secretary, Alhaji Lai Mohammed in his statement said no amount of inversion of reasoning by the TAN foot soldiers can wash the rallies clean of shame and disgust. He said: "Only those described as 'morons and sycophants' by Prof. Wole Soyinka can be engaging in celebratory rallies when soldiers are dying on the Boko Haram battle front, when citizens are daily being dispatched to their graves by insurgents and when the country is

Aregbesola signs N10bn rural road contract DEVELOPMENT

All roads lead to the grassroots as Osun gears up for better life Adeolu Adeyemo OSOGBO

n his desperate move to develop rural road networks in Osun state, the governor, Mr. Rauf Aregbesola has earmarked the sum of N10 billion for the purpose of ralising that project. Speaking at the signing in the construction and rehabilitation of the project tagged: Rural Access and Mobility Project (RAMP) which is to be handled by Westmidland Construction Company Limited, Wetland Construction Nigeria Limited and Lee Fakino Nigeria Limited in Osogbo at the weekend, Special Adviser to the state governor on Rural Development and Community Affairs, Mr. Kunle Ige said all efforts would be made by the state government to improve the lives of its citizenry. He stated that "the proj-

ect would boost the economy of the state as most of the roads that would be constructed will lead to the farm settlements." "With the project, it would be convenient to transport agricultural produce to the cities after the completion of the roads while contractors handling the project would be monitored to ensure that they carry out their duty according to the laid down specification”, he said. Also, the Permanent Secretary in the Ministry, Mr. Aderele Oriolowo said the governor would do his possible best to see that he improves the lives of the people and that the impressive performance of Osun in the RAMP 1 would be replicated the in RAMP 2. Speaking on behalf of the construction companies that were awarded the contract, Mr. Raufu Aderemi Olaniyan, Chief Executive Officer of Westmidland Construction Company Limited assured that the contractors would not betray the confidence that the state government reposed in them.

still reeling from the challenge of Ebola that has claimed many innocent lives. "APC wondered how the inauguration of its regional executives in Sokoto could be equated with the rallies being held across the country by TAN, which is another name for the PDP, which is another name for shame, incompetence, cluelessness, cruelty, insincerity and insensitivity. "The party said if President Goodluck Jonathan had not been running a government hallmarked by impunity, there is no way any political party

would have brazenly kick-started electioneering campaign under the guise of an ''NGO'' that is coordinated by the Secretary to the Government of the Federation, Ministers, State Governors and other public officials, at a time like this. ''The PDP-led Federal Government and its 'NGO' called TAN are bare-faced liars and cheats. They have seized an undue advantage over every other party by defying the nation's laws to start an early electioneering campaign, and no one, not even INEC, dares call them to order!

PUBLIC NOTICE ALAUSA SHOPPING MALL OCCUPIERS’ ASSOCIATION The general public is hereby notified that the above mentioned ASSOCIATION has applied to the Corporate Affairs Commission for registration in accordance with Part C of the Companies and Allied Matters Act LFN (cap 20). The Original Trustees are: 1. Ajayi, Herbert Ademola 2. Olukotun, Femi Adebayo 3. Eka Maria Constance Ebehireme 4. Otiti Saidat Adeola 5. Adebimpe Adewunmi Olanrewaju 6. Ladipo-Ajayi Margaret Ayodele 7. Ololo Peter Ukuroritsemofe AIMS AND OBJECTIVES: 1. To Organize, promote and contract effective security services for the protection of lives and property of members and people within the premises of the shopping mall 2. To ensure proper upkeep of the environment 3. To liaise with the appropriate local and the state government agencies for the provision and maintenance of the utilities and infrastructure in the mall. Any objection to the registration should be forwarded to the RegistrarGeneral, Corporate Affairs Commission plot 420, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama Abuja, PMB 198, within 28 days of this publication.

Signed : TRUSTEES

PUBLIC NOTICE RELIABLE IDENTICAL INTERNATIONAL TWINS ASSOCIATION The general public is hereby notified that the above mentioned ASSOCIATION has applied to the Corporate Affairs Commission for registration in accordance with Part C of the Companies and Allied Matters Act LFN (cap 20). The Original Trustees are: 1. Alli Balogun Kehinde Oluwasola 2. Alli Balogun Taiwo Hammed 3. Jacobs Taiwo Oladunni 4. Jacobs Kehinde Olabisi 5. Richards Kehinde Risikat 6. Richards Taiwo Ololade 7. Adebayo Taiwo Victor 8. Adebayo Kehinde Johnson 9. Oduola Taiwo Ahmed 10. Oduola Kehinde Omotayo AIMS AND OBJECTIVES: 1. To foster unity, love and progress among twins in the world 2. To help the less privileged one to grow physically, mentally and financially. 3. To help members orientatively in times of skill acquisition and other social needs. Any objection to the registration should be forwarded to the RegistrarGeneral, Corporate Affairs Commission plot 420, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama Abuja, PMB 198, within 28 days of this publication.

Signed : M .E. OLUSEGUN 08153604775

46 NEWS

Sanctity of Truth

Monday, September 15, 2014

Ohuabunwa condemns work on Arochukwu-Ohafia road Igbeaku Orji

UMUAHIA

former Deputy House Arepresenting Leader and member Arochuk-

A cross-section of Catholic priests at the opening ceremony of the 2014 Catholic Bishops' Conference in Warri …yesterday

Ekweremadu’s kinsmen reject PDP’s zoning formula MARGINALISATION Deputy senate president has more support from his people who are asking for more from the Enugu state government Uwakwe Abugu

Abugu

group of people from Awgu Local Government in Enugu State operating under the auspices of Save Awgu Forum, Enugu (SAFE), at the weekend, added a new dimension to the political tension in the state, when they rejected the zoning formula of the ruling Peoples Democratic Party (PDP). Members of the group also vowed to contest all possible elective positions during next year’s general elections, includ-

ing the Enugu West senatorial seat that has been the subject of a running battle between Governor Sullivan Chime and the incumbent senator, Chief Ike Ekweremadu, who is the deputy senate president. The group, which seems to have the backing of notable leaders in Awgu council, also caused an upset for the group agitating for the creation of the proposed Etiti state in the South-East, when it protested any attempt to include the council in the proposed state. Ekweremadu’s local council, Aninri, was carved out of the present Awgu Local Government and the two councils with Oji River Local Government constitute a political geographical contraption called the Greater Awgu. Although, in the communique released by SAFE after its one-day summit at the weekend, did not state that the people would support

the bid of Ekweremadu to return to the senate come 2015. It appeared from the speeches made during the summit by notable Awgu personalities that they are likely to be favaourably disposed to supporting the deputy senate president instead of Governor Chime. In the communique read by the leader of SAFE, Chris Baywood Ibe, the group vowed to take Awgu Local Government back to the epicentre of Enugu politics, regretting that the people of the area have been progressively relegated to the background politically. Also contained in their communique was the drama, which formed part of the misgivings of speakers on the occasion, including the Chairman of the occasion and former Military Administrator of Imo State, Cmdr. Anthony Oguguo (rtd.) and others that played out when the venue originally advertised for the function was shut when the members

of the group arrived for the summit. The organisers pointed accusing fingers at agents of the state government, claiming that the government perhaps thought that the summit was to endorse the deputy senate president. SAFE also expressed anger that even within the Greater Awgu, the main Awgu, now made up of the present Awgu Local Government has been left without any position among the present 54 political positions and appointments within the state and at the federal level. The group said: “The so-called zoning formula/arrangement for governorship position in Enugu State is non-existent and unacceptable to SAFE as it promotes discrimination and marginalisation of Awgu people. “We are ready and prepared to field candidates for all elective positions in the forthcoming 2015 general elections,” the group stated.

Push for 50% derivation review intact, says Uduaghan Dominic Adewole

ASABA

elta State Governor, Dr. Emmanuel Uduaghan, yesterdaysaidthestruggle continues in the crusade against the stagnated 13 per cent derivation funds. The governor added that the people of the Niger Delta were unperturbed by the stalemate the push for increased derivation funds experienced during the just concluded national conference. Uduaghan, who spoke while receiving the Minis-

ter of Niger Delta Affairs, Dr. Steve Oru, wondered why the region gets a meagre amount from the federation account. He explained that agitation by the South South was not borne out of insensitivity and greed as being speculated by other geo-political zones of the country, “but of the huge fund required to remedy the devastation and the pollution to the environment occasioned by the activities of oil exploitation and exploration.” He said: “Let me appeal to

our brothers outside the Niger Delta that what we have presently is not near enough what is required to address the challenges of development we have in the region.” While the governor appealed for understanding from all Nigerians to the developmental challenges of the region, which he said, “the current 13 per cent derivation cannot adequately address,” he noted that although the 50 per cent the delegates to the conference demanded was not achieved because of the stalemate, “we shall

not give up asking for more for this region.” He appealed to politicians as well as political office holders to stop grumbling, but seek the interest of the state above their personal interests. “There are a lot of us who are always grumbling, sometimes we need to draw a line and first of all think of the system, what is in the interest of the state before our personal interests. There are people who will say if I don't get it, then I must destroy it," Uduaghan added.

wu/Ohafia in the House of Representatives, Hon. Mao Ohuabunwa, has called on the Minister of Works, Mr. Mike Onolememen, to revoke the Ohafia/ Arochukwu road contract over what he described as the contractor’s lackluster performance. The former speaker of the ECOWAS parliament lamented that the contractor has failed to convince anyone that he has the capacity to deliver on the job. He said there is no significant impact on the road contract to justify the budgetary allocation

for its execution two years after it was awarded. The present deplorable state of the road, despite the fact that the contractor has been mobilised for the job, he maintained, has remained a nightmare to motorists and other road users. Ohuabunwa, who made the call when executive members of Abia North Progressives visited him at his country home in Arochukwu, to persuade him to represent Abia North at the Senate in 2015, said the deplorable state of the road was a matter of serious concern to him. According to him, the present condition of the road has adversely affected the social and economic life of the people.

Igbere Union takes Kalu to podium Camillus Nnaji gbere Welfare Union, Lagos State, at the weekend, bestowed a lifetime achievement award on the former Governor of Abia State, Dr. Orji Uzor Kalu, in Lagos. Igbere is a community in Bende Local Government in Abia State. According to the President of the union, Comrade Godswill Okorie, the recognition was the first in the history of the union, adding that the award was to show appreciation for what the recipient has, over the years, contributed to the development of the community and beyond. Okorie said the former governor’s achievements outside Abia Government House stood him out from his contemporaries. “Dr. Kalu was the man to beat both in

politics and the business world, his records would forever speak for him.” The union president maintained that Kalu’s honour was overdue, stating that he has positively touched lives through his generosity that knows no bounds. He said having monitored his steady love for the people of the state and Nigeria, the union could not but confer the honour on him. “Bende Local Government is proud to have Dr. Kalu from Igbere community. The honour is well deserved and today is so peculiar to Igbere people. The honour of a lifetime achievement has not been given to anyone in Igbere here in Lagos, dead or alive. Kalu is a business mogul and a man that needs no introduction both locally and internationally,” Okorie added.

PDP sure of victory in North-West Onyekachi Eze

ABUJA

Peoples Democratic TsaidheParty (PDP) yesterday that with its victory

in Katsina and Kaduna States, it is sure of winning the entire of NorthWest in the 2015 general elections. National Publicity Secretary of the party, Olisa Metuh, in a statement yesterday said the success of PDP in the local government elections conducted in the two states was a clear affirmation that the party is on the ground in the North-West. According to Metuh, the victory was a reflection of PDP’s popularity and acceptance by Nigerians in all the nooks and crannies of the country. He expressed confidence that the party will ‘sweep the votes not only in the North-West, but

also in the entire northern region in the 2015 general election.’ The party congratulated Governor Ibrahim Shema of Katsina State, the state chairman of the party as well as leaders and members of the PDP for such successful outing, attributing it to the “sterling performance of the PDP-led administration in the state, which he said is in line with the party’s ideology and President Goodluck Jonathan's Transformation Agenda.” While thanking the people of Katsina State for their support, the party urged the newly elected local government officers to reciprocate the gesture by “working hard to ensure that their people, not only continue to enjoy the benefit of having the PDP in power, but also vote massively for it in the general elections.”

NEWS 47

Sanctity of Truth

Monday, September 15, 2014

Adekunle was a patriot — Fashola agos State GoverLFashola nor, Mr. Babatunde SAN, yesterday

Deputy Director, Ribadu Campaign Organisation, Alhaji Abubakar Abdullahi (left), presenting Relief Materials for Internally Displaced Persons (IDPS), donated by Malam Nuhu Ribadu, to the Executive Secretary, Adamawa Emergency Management Agency, Mr. Haruna Hamman-Furo, in Girei LGA, Adamawa State…yesterday

ENOUGH

The ruling party wants to bite. A tough one on sycophants and jobbers Onyekachi Eze ABUJA

he Peoples Democratic Party (PDP) has warned the various groups campaigning for the re-election of President Goodluck Jonathan in 2015 to desist from using names of its officials in the campaign. The party, in a statement by its National Publicity Secretary, Chief Olisah Metuh, said while it recognized the inalienable right of citizens under the 1999 Constitution (as amended) to freely associate and publicly express their support for persons of their choice, no official of the PDP at any level should for any reason whatsoever be involved in such events until after the primaries. “In this regard, all support groups struggling for legitimacy, supremacy or recognition should hence-

PDP threatens pro-Jonathan groups forth desist from trying to actualize such by using names of officials of the PDP”, Metuh noted in the statement. “The PDP issues this as a last warning to all support groups and will not hesitate to take strict measures against any further infraction on its integrity and that of its officials”. He added that as unbiased umpires, party officials have a sacred duty to observe the dictates of internal democracy and as such, remains neutral until the emergence of candidates through the primaries in line with the provisions of the PDP constitution. Meanwhile Governors elected under the banner of the Peoples Democratic Party, would have a crucial meeting on Wednesday, September 17. A statement by the Chairman of the PDP Governors’ Forum and Governor of Akwa Ibom

State, Chief Godswill Akpabio, said the meeting would hold at the Akwa Ibom State Governor’s Lodge in Asokoro. Although the agenda of the meeting was not made public, sources said upcoming PDP primaries and the national convention of the party, among other crucial issues, would feature in their discussion. In a related development, the PDP Governors’ Forum has congratulated the Governor of Katsina State, the Katsina State chapter of the party and the entire people of Katsina State on the recent peaceful conduct of Local Government elections in the state. A statement by Akpabio noted that it was remarkable that PDP under leadership of Shema won in all the 34 Local Government Areas and the 361 Wards in the state. According to the Akpa-

bio; “this victory further confirms the confidence that the good people of Katsina State have in our great party, the PDP, which they have kept faith with since the advent of the present democratic dispensation in 1999. “It is also noteworthy that as the party with a real national transformation agenda under the able leadership of our dear President, Dr Goodluck Ebele Jonathan, the PDP administration led by the game changer, Dr Adamu Mu’azu has also kept faith with the good people of Katsina State and indeed other Nigerians who have witnessed quantum leap in democratic dividends,” Chief Akpabio said. He added that the victory of PDP in Katsina State was a foretaste of many more victories for the party in the years ahead and urged Nigerians to keep supporting the party.

Please save Gulak, Michika now, Rep urges president Philip Nyam

ABUJA

ollowing sustained attacks on communities in Adamawa State by the insurgent group, Boko Haram, a member of the House of Representatives, Hon. Titsi Ganama Kwaga (PDP, Adamawa) has appealed to President Goodluck Jonathan and the international community to do whatever they can to rescue people of the state from being wiped out. Kwaga, who made the appeal in an interview in Abuja at the weekend, disclosed that the attack on Gulak, Madagali and Michika in the last week has left serious humanitarian crisis in the areas. He said the insurgents have dislodged the people

of these communities, killing hundreds and forcing the survivors to escape to the mountains where they are presently taking refuge. The lawmaker lamented that even those who are right now in the mountains can only be reached with foodstuff with the aid of helicopters because of the difficult terrain and the presence of Boko Haram around the area. Kwaga, who represents Madagali/Michika Federal Constituency, said: “I want to bring to the notice of the nation and the international community to what is happening in my constituency. Two weeks ago, Gulak and Madagali were attacked and the people ran to Michika. But Michika has also been

attacked living a lot of humanitarian crisis. “Right now, those who ran to the hills have ran shortage of foodstuff and news reaching us indicate that the insurgents are trailing them”, he disclosed. According to the lawmaker, there is total confusion in the affected areas as no one can tell the exact position of things since most settlements are deserted, leaving the insurgents to loot and occupy. Asked if he was in support of the Federal Government borrowing $1 billion to execute the Boko Haram as requested by President Jonathan, Kwaga said anything that the government can do to save the people should be

done immediately. “I want an immediate solution and I am just appealing for help because right now, as I talk to you, we are helpless. We do not have anywhere to go again because our areas have been taking over by Boko Haram”, the lawmaker stressed. He, however, commended the military for doing their best to help wade off the insurgents but added that more efforts need to be invested in the war in order to save the communities from being exterminated. Kwaga also commended the National Emergency Management Agency (NEMA) for consistently providing relief materials to victims of Boko Haram in the constituency.

joined other eminent Nigerians to mourn the passage of Civil War hero, Brigadier-General Benjamin Adekunle, describing him as a true patriot who stood up to be counted for the unity of the country. Brig-Gen. Adekunle, a.k.a. “Black Scorpion”, who played a prominent role in Nigeria’s 30-month Civil War as Commander of the famous Third Marine Commando of the Nigerian Army, died in Lagos on Saturday at the age of 78 years. In a Press Release signed by his Special Adviser on Media, Mr. Hakeem Bello, Governor Fashola said the late Army General would be remembered in the nation’s history for his commitment to the unity of Nigeria which led to his

widely acknowledged exploits and bravery during the unfortunate 30-month Civil War. “He rose and offered his service to keep Nigeria one when the nation was facing a serious challenge against her unity and stability. The legendary bravery and accomplishments of his Command, the Third Marine Commando, is well documented and will, for a long time, remain a reference point for patriotic service to the nation”, the Governor said. He recalled the stories he heard as a young person concerning the war saying the name of the late General, popularly known as “Black Scorpion”, became a household name with awesome stories of bravery always associated with it adding that his role certainly brought a significant change in the war.

Akpabio: Why Akwa Ibom is investors’ haven

kwa Ibom State govAAkpabio, ernor, Chief Godswill has revealed

that the implementation of the tenets of good governance by his government is the secret behind the transformation of the state into an investors’ haven and a destination point for Nigerians, noting that this has brought about the uncommon economic development in the state. This is just as the governor declared that the lack of positive mental orientation, commitment to service, good governance and transformational leadership was the bane of our society, “the sustainability of the economic development of any nation is predicated on government creating the right conditions and infrastructures for businesses to flourish and thrive.” Akpabio, who spoke through the Secretary to

the State Government, Mr Udom Gabriel Emmanuel, at the maiden Akpabioism Economic Summit held at the Institute of International Affairs, Lagos, commended the Centre for Leadership Development and its Chancellor, Pastor Bassey James, for rising to the challenge of addressing leadership failures and celebrating visionary leadership. Identifying transparency and accountability as tenets of good governance, Akpabio said rule of law and freedom of the people to enjoy the good things of life while actively participating in planning, execution, monitoring and evaluation of societal responsibilities were important to the society, warning that blackmailers should steer clear of Akwa Ibom State, as such could endanger the drive to deliver good governance.

Aliyu alerts the public on fake Facebook account Dan Atori MINNA

he Governor of Niger Tbangida State, Dr. Mu’azu BaAliyu, has dis-

tanced himself from a fake Facebook account dishing out fallacious information about a SUREP loan disbursement. Aliyu, whose reaction is contained in a statement signed by his Chief Press Secretary, Mr. Israel Ebije said those who created the fake account have conceived plans to deceive Nigerians with the aim of extorting money and to drag his name and the position of his administration to ridicule.

“The public is hereby advised to discountenance postings claiming SUREP is disbursing loans. It is not the reflection of my thoughts or that of the SURE-P. All the information contained in the fake account is a reflection of the criminal intention of those behind it.“ Aliyu, expressing concern over the development, stated that it was disheartening that at a time when he is focused on consolidating on the gains of the administration, some people have constituted themselves as public menace to distract the attention of the government from its goal.

48 NEWS

Sanctity of Truth

Monday, September 15, 2014

Group to engage 10m youths Temitope Ogunbanke group of Nigerian professional youths under the aegis of Advocates for Collective Transformation (ACT) has expressed its commitment to engage about 10 million youths for peaceful participation in the 2015 general election. Speaking at the group's national meeting in Lagos, ACT president, Tayo

Fashogbon said youths’ participation is critical to the success of the election and therefore the group will train and enlighten 10 million youths on peaceful participation in electoral process. He said the youths will be engaged through social media platforms, institutions of higher learning and religious organisations about their roles in achieving credible polls in 2015.

GNPN inaugurates officers Sept 18 Yekeen Nurudeen

Abuja

L-R: General Secretary, Eko Club, Tunde Adele; President, Babatunde Faruk-Grillo; Mrs. Rashidat Alayaki; Kemi Alayaki and Vice-President, Wasiu Alli Balogun, during the 2014 General Meeting of the club/presentation of cheques in Lagos…yesterday. PHOTO: ADEYANJU OLOWOJOBA

PPA charges police to fish out Igwe's killers

he Progressive Peoples Alliance, PPA has called on the Nigerian Police and other security agencies to fish out the killers of the Vice Chairman, Sun Publishing Company, Mr. Dimgba Igwe as this could not be ordinary ‘hit and run’ matter. PPA in a statement signed by its National Publicity Secretary, Dr. Vitalis Orikeze Ajumbe

and addressed to the Managing Director, The Sun Publishing Ltd, expressed shock at the death of Igwe, describing him as a quintessential journalist and a friend of all. “The Progressive Peoples Alliance, PPA received with shock, the death of Dimgba Igwe, a quintessential journalist and a friend of all. Who killed him and for what reason? We im-

plore the Nigerian Police and other security agencies to fish out his killers as this could not be ordinary ‘hitrun’ driver matter. “Dimgba contributed his quota towards the development of journalism in Nigeria and more also to making The Sun newspapers the most popular and most read newspaper in Nigeria. His death is a big blow to the voiceless

Nigerians whom he represented. He shall be remembered by the good works he left behind. He was God’s gift to Nigeria and a consistent workaholic.” According to the statement, PPA will continue to pray for your entire staff, his friends and associates and wife and family at this time of your grief. “Accept our sincere and profound condolences.”

Minister optimistic of peaceful election in Kwara

APC rejects caretaker committees in LGAs

Biodun Oyeleye

Dan Atori

Ilorin

inister of National PlanM ning and deputy chairman, National Planning Commission, Dr. Abubakar Suleiman yesterday expressed confidence that the 2015 general election in Kwara will be conducted under a peaceful atmosphere. Abubakar, who gave the assurance when he paid a courtesy call on the emir of llorin, Alhaji lbrahim Sulu-

Gambari at his Palace assured the royal father that there will be no trouble in the state during the election and beyond. The Minister who was accompanied on the visit by a large crowd of PDP supporters assured the emir that Members of the party in the state will continue to be law abiding and conduct themselves in an orderly manner before, during and after 2015 election.

MINNA

All Progressives ConThashegress (APC) in Niger state condemned the decision

by Governor Mu'azu Babangida Aliyu to appoint caretaker committees into the 25 local government councils of the state. The party in a statement signed by its Publicity secretary Comrade Jonathan Vatsa said the state govern-

ment's decision not to conduct election into the council is not tenable and acceptable to the party and indeed the people of the state. He said the governor's decision is shocking to the people of Niger State. "It is nothing but a brazen display of executive recklessness. It is an attempt to further erode and permanently kill the much sort for autonomy for the grassroots administration”, Vatsa said.

Olejeme decries attack Why pupils fail Onyekachi Eze

ABUJA

governorship aspirant on the platform of Peoples Democratic Party (PDP) for Delta State in 2015, Mrs. Ngozi Olejeme said she was not perturbed by the campaign of calumny against her, stating that her passion for excellent service, the welfare and total development of the state informed her decision to join the race.

In a statement by her campaign organization yesterday, Olejeme urged politicians to shun campaign of calumny, mudslinging and character assassination but focused on what to do for the people of Delta State if elected. "Our mission is to remain committed and run an issue based campaign that will focus on the welfare and development of Delta state," the statement assured.

Cheke Emmanuel

LAFIA

ead of National Office of Hnation the West African ExamiCouncil (WAEC),

Mr. Charles Eguridu, has blamed the poor performance of this year's WAEC result on poor quality of teaching and incompetence of some teachers in secondary schools in the country. Worried by the development, the WAEC boss said that the examination body would collaborate with the

states ministry of education in the country to find ways and means of improving quality of teaching in secondary schools to improve academic performance. Besides, Eguridu who also blamed poor performance in WAEC result on a number of unqualified teachers in secondary schools, calls for training and retraining of teachers as well as improved infrastructure in both primary and secondary level of education in the country to address the ugly trend.

No vacancy in Benue Govt House, says Iornem Cephas Iorhemen Makurdi

republic senator for Asecond Benue North East senato-

rial district, Professor David Iornem has said that there is no vacancy in Benue government house for Idoma people

who are agitation for power shift to them for now. Iornem, who stated this in an interview, said the lower

partof theBenueNorthWest senatorial district should be considered to assuage the people's feelings.

head of next year general Amental elections, Non-governOrganisation (NGO),

Global Network for Peace in Nigeria (GNPN), committed to propagating peace among citizens, would be formally inaugurated on Thursday in Abuja. Over 3000 national, states and zonal officers of the organisation would be inaugurated on the oc-

casion, which the likes of Secretary to Government of the Federation, Senator Anyim Pius Anyim, Senior Special Adviser to President on Political Matters, Prof. Alkali Rufai, among others, are expected as special guests of honour. GNPN’s Director, Contacts and Mobilisation, Prince Chinedu Mbanaso, told journalists in Abuja that arrangements to ensure a hitch-free exercise had been concluded.

Two former Kogi speakers join APC Muhammad Bashir

Lokoja

n what appears to be a maIDemocratic jor set-back for the Peoples Party (PDP),

two former Speakers, Rt. Hon Clarence Olafemi and Rt. Hon. Abdullahi Bello have dumped the ruling PDP for the All Progressives Congress, (APC) in Kogi State. Bello, who is from Okene 1 Constituency led two other PDP members in

the state House of the state Assembly, Alhaji Saidu Akawu, the former Chief Whip from Kogi constituency and Hon. Jamiu Siaka both representing Kogi and Okehi State constituency. Olafemi was a one-time acting governor of the state. The former governor of the state, Prince Abubakar Audu who received the decampees along with their supporters said it is a dawn of a new era for the APC in the state.

A’Ibom senator denies financial compensation Tony Anichebe

Uyo

he Senator representing TDistrict Ikot Ekpene Senatorial in the National As-

sembly, Dr. Aloysius Etok has denied reports that he has received huge amounts of money from Governor Godswill Akpabio as “settlement” to withdraw from the senatorial election in 2015. In an interview programme on Planet Radio, Uyo monitored by our correspondent, Senator Etok

maintained that the will and mandate of the people shall prevail, adding that he still has the mandate of his people in the Senate which he pledges to sustain in 2015. Etok maintained that he was committed to the zoning plan existing in the Senatorial District and stressed that right now only the people of Abak Federal Constituency in the Abak division of Ikot ekpene senatorial district can lay claim to the senate seat.

Bishop applauds Obi, late Akunyili Tony Okafor he Catholic bishop of Awka diocese, Anambra state, Most Reverend Paulinus Ezeokafor yesterday commended former governor of Anambra state, Mr. Peter Obi and the late former minister of Information and Communications, Professor Dora Akunyili for their penchant in serving humanity and God.

The bishop stated this during the dedication of Madonna Assumpta Parish Agulu, Anaocha local government area of the state. Obi and the late Akunyili were named as the biggest donors to the building. Speaking, Obi said he was pleased to participate in church building in different parts of the world, including his home parish, Madonna Assumpta Parish, Agulu.

news 49

Sanctity of Truth

Monday, September 15, 2014

2015: Amaechi raises the alarm over Presidency’s plan to capture Rivers ALARMIST Amaechi is not comfortable with the new CP and thinks the COP is on a presidential mission Emmanuel Masha

Port Harcourt

ivers State Governor, Rotimi Amaechi, yesterday raised the alarm over alleged

plan by the Presidency to install a Peoples Democratic Party (PDP) government in the state in next year’s general elections. This plan, Governor Amaechi said, is capable of throwing the state into avoidable crisis if carried out. The report came as the state government also told the Federal Government yesterday to stay clear of the state, warning it to drop the idea of renovating 10 schools in the state.

According to a statement signed by the Chief Press Secretary to the Rivers State Governor, David Iyofor, the new Commissioner of Police in the state, Dan Bature, has been directed by the Presidency to install a certain Peoples Democratic Party (PDP) gubernatorial aspirant as governor in the 2015 elections. Iyiofor said reports from two national dailies also went further to reveal that the new police commissioner has been instructed by the Presidency to use the former

Rivers Police Commissioner, Joseph Mbu’s draconian style and tactics in causing crisis in the state. The statement said Bature was instructed to tackle Governor Rotimi Amaechi, his supporters and Rivers people and then install the preferred candidate as governor. It also said one of the national papers fingered the Presidency in Bature’s deployment to Rivers State for the purpose of executing this task. The statement said the people of Rivers State will

strongly resist any attempt by anyone or institutions, including the Presidency, to unconstitutionally install the PDP aspirant as governor in 2015. It also said that there is no provision in the Nigerian Constitution and laws for the ‘installation’ of a preferred aspirant as governor by the Presidency. “What our laws prescribe is a free and fair election that must be devoid of police and security forces coercion, harassment and intimidation of voters.”

Meanwhile, the state government has warned the Federal Government to forget its plan to renovate ten primary schools in the state. Commissioner for Information and Communications, Mrs. Ibim Semenitari, who gave the warning, accused the Federal Government of wanting to score a cheap political point with the planned renovation, noting that the state has state of the art primary and secondary schools.

Federal High Court resumes today, S’Court Sept 22 Tunde Oyesina

ABUJA

Rescue workers at the scene of the collapsed Synagogue building, Lagos… yesterday

61%

The percentage of individuals using the internet in Cyprus in 2012. Source: Itu.int

59,125

The total number of internet users in Andorra in 2008. Source: Blatantworld.com

28.3%

The percentage rise of capital importation of Nigeria in 2013 over the previous year. Source: National Bureau of Statistics

OPC suspends coordinators for endorsing Ajimobi

NUJ harps on balanced, fair news reportage

Sola Adeyemo

Tony Anichebe

Ibadan

orubasocio-culturalgroup, Ygress the Oodua Peoples Con(OPC) in Oyo State has

suspended its coordinators in the Ibadan North-West Local Government for allegedly endorsing Governor Abiola Aimobi, for a second term in office. The suspended coordinators include Akinola Olaniyi and Ademola Adeniji, who were sanctioned over a news report that the Gani Adams-led OPC has endorsed Governor Ajimobi for a second term. The two allegedly made the statement during a purported ‘Oodua Day’ programme, sponsored by the Caretaker Chairman of Ibadan North-West, Hon. Wasiu Olatubosun, last week. Speaking with newsmen at the weekend, OPC

Chairman in the state, Chief Adeagbo Adeola Musediq, said the group was surprised to hear the news credited to Olatubosun that both OPC leaders in his council area had endorsed Ajimobi’s second term ambition. He said the organisation was not a political one, ‘but a socio-cultural organisation that aims to promote the rich culture of the Yoruba race.’ Adeagbo added that the OPC led by Adams ‘does not support any political party, as it has its members in different political parties.’ According to him, the OPC has its members in about 42 different countries all over the world under the umbrella of the Oodua Progressive Union (OPU) and that the action of the suspended members by endorsing a particular candidate or political party, was capable of sending a wrong signal.

Uyo

n its drive to promote exIage, cellence and sound reportthe Nigeria Union of

Journalists (NUJ), Akwa Ibom State council has again urged newspapers’ publishers to strive for objective, balanced, factual and fair news report. Akwa Ibom NUJ Chairman, Elder Patrick Albert, gave the advice during the presentation/ launching of a new publication, The Central Times newspaper at Amity Hotel, Uyo. Albert said the union is seriously interested in members adhering to ethical standards, public decorum and professional excellence in their duties. “Let me confess that I was encouraged to accept the invitation to chair this event by the sound

background and good professional disposition of the Publisher and Editor-In-Chief of Central Times newspapers, Mr. Ani Udom. According to him “As a professional body, the NUJ is seriously interested in members and media houses maintaining high ethical standards, public decorum and professional excellence in their duties. We detest wild and unfounded reportage, contrived solely to malign the reputation of personalities, institutions and authorities. “The enormous power of the media, as constitutionally provided in our statute books and by other international proclamations by the United Nations, is expected to be utilised to build the society and promote harmony," Albert added.

he Federal High Court resumes in the country today from its annual vacation to commence a new legal year while the Supreme Court will resume on September 22. The court will not start sitting this week as all the judges are to assemble in Owerri for a one-week conference during which a ceremony to commence the new legal year will hold. It is a tradition that the court goes on annual vacation every year to ensure that judges take a break and rest. During the vacation, all activities within the courts were put on hold except for some civil and non-contentious cases, which were handled by a vacation judge. After the conference in Owerri, the court will resume adjudication on several matters that were pending before the end of the last legal year. There are so many pend-

ing political cases which the court will have to determine without delay. Top on the list is the suit filed by the Petroleum Minister, Deziani Allison-Madueke and the Nigeria National Petroleum Corporation (NNPC), seeking to stop the probe committee of the House of Representatives from investigating them. Also, the court in this new legal year will decide the fate of the five governors that defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC). The court had at the last sitting adjourned the matter sine dine for the plaintiff to properly serve the defendants. Furthermore, the court will also be adjudicating on the suit filed by the PDP against the defected law makers. Also, the pension scam trial involving a former Director of pension in the office of the Head of Service, Dr. Sani Teidi, will be coming up this new legal year.

LG polls: Crisis in Udu as two candidates parade DSIEC forms Dominic Adewole

ASABA

he two forms allegedly TIndependent sold by the Delta State Electoral

Commission (DSIEC) to candidates of the Peoples Democratic Party (PDP) for the October 25 council polls, has triggered a crisis in Udu axis of the state. A group, the Concerned Udu Political Forum (CUPF), yesterday threatened to resist the fraud except the commission rights the wrongs before the council polls. While the group accused PDP of manipulating the authentic list, it also accused DSIEC of selling forms to two different councillorship candidates per ward and two chairmanship candidates after the primary election. In a written a petition

addressed to the National Chairman of the party, Alhaji Adamu Mu’azu, dated September 5, 2014, and signed by its Chairman and Secretary respectively, Comrades Gabriel Onoriode and Onome Thomas, the group claimed that after the primary election, two candidates started parading similar forms. The body called for a probe even as it heaped the blame on the undue interference of the leadership of the party in Delta State, including the PDP chairman, Chief Peter Nwaoboshi and Chief Ighoyota Amori, the Senior Political Adviser to Governor Emmanuel Uduaghan, who were alleged to have connived to mortgage the interest of the party and replace the authentic list submitted by the party with another one.

WORLD | NEWS

Sanctity of Truth

Monday, September 15, 2014

Islamic State executes British hostage

slamic State extremists released a video showing the beheading of British aid worker David Haines, who was abducted in Syria last year, and British Prime Minister David Cameron condemned his slaying as "an act of pure evil." Cameron confirmed Haines' death in a statement after the British Foreign Office had said earlier that it was "working urgently to verify the video." Haines is the third Westerner

beheaded in recent weeks by the Islamic State group, which has seized vast swaths of territory in Syria and Iraq. "This is a despicable and appalling murder of an innocent aid worker. It is an act of pure evil," Cameron said, adding that "my heart goes out to the family of David Haines who have shown extraordinary courage and fortitude throughout this ordeal." "We will do everything in our power to hunt

down these murderers and ensure they face justice, however long it takes," Cameron said. Cameron returned to his residence at 10 Downing Street shortly after midnight and is expected to chair a meeting of the government's emergency response committee early yes-

terday. The video emerged a day after Haines' family issued a public plea late Friday urging his captors to contact them. The Foreign Office said it was offering Haines' family "every support possible. They ask to be left alone at this time." Islamic

State militants recently beheaded two American journalists, James Foley and Steven Sotloff, and posted the videos online after the U.S. began launching airstrikes and humanitarian missions in August to aid waning Iraqi and Kurdish security forces in northern Iraq.

Libya's parliament fires central bank head

ibya's newly elected parliament yesterday fired the president of the central bank after he tried to prevent funds that had been allocated for the lawmakers from leaving the bank, according to the country's official news agency. LANA said that a total of 94 lawmakers out of 102 who attended the session voted to fire al-Sadek al-Kabeir, who had punished his own deputy for allowing the transfers. The deputy, Ali al-Habri, will now take up the post. It was unclear if any funds have already been transferred from the bank. Libya currently has two rival parliaments and governments. One is elected but based in Tobruk, where it

moved after Islamist-allied militias took control of the country's two largest cities. The second is the previous parliament in the capital, Tripoli, which is backed by the militias. The takeover of the capital followed weeks of fighting among rival militias that forced nearly a quarter million Libyans to flee their homes and for some to migrate. It was the worst spasm of violence since the 2011 downfall of longtime dictator Moammar Gadhafi. With the political situation deeply polarized, al-Kabeir had said on several occasions that the central bank should not get involved with militias and rival authorities.

Uganda raids al Shabaab cell

olice in the Ugandan capital of Kampala seized "substantial amounts of explosives" and suicide vests in raids on a suspected al Shabaab cell that was planning an imminent attack, a Ugandan official said in an interview yesterday. Last Monday, Fuad Mohamed Khalaf Shongole, a senior al Shabaab official, said he would target Americans in New York and Washington and "capture Kenya and Uganda." Police arrested 19 people in the operation on Saturday, and Information Minister Rose Namayanja said Uganda is urging the public to "remain vigilant" as it continues its investigation into the planned attack. "The operation is still going on," Namayanja said. "We just want to ensure that we exhaust all the leads so that there are no more terrorist cells." Namayanja said the government would not give further details about who was detained or where. Nor would it discuss the circumstances of

the arrests, to avoid jeopardising the investigation. She said the government believes the cell had links to the Somalian Islamic group al Shabaab but did not provide evidence linking the two. The discovery of the alleged cell came as Kenya prepared to mark the first anniversary since al Shabaab gunmen killed 67 people in an attack on Nairobi's Westgate shopping mall. The militant Islamists have threatened more attacks since the killing of their leader Ahmed Godane in a U.S. strike earlier this month. Ugandan authorities say they have increased security at hotels and other key sites, including Entebbe International Airport, since making the arrests. Uganda has suffered militant attacks in recent years, as one of the countries that contribute forces to an African Union peacekeeping mission battling al Shabaab in Somalia.

Palestinian school girls do the morning exercise in a damaged building during the first day of school, in Gaza city.

Gaza children return to school after war

ome half million Gaza children made a delayed return to school yesterday after a devastating 50-day war with Israel that killed more than 2,100 Palestinians and damaged hundreds of school buildings. Gaza Education Ministry official Ziad Thabet said the opening is for 230,000 1st to 12th graders attending public schools, 200,000 going to United Nations-run schools and tens of thousands enrolled in private institutions. The opening was delayed for two weeks because of damage to schools and the diversion of U.N. school buildings for use as temporary centers to house tens of thousands of displaced people. Some 50,000 people are still being housed in the U.N. schools, the U.N. Palestinian

refugee agency said. Early yesterday the Gaza City streets were crowded with children dressed in a broad array of school uniforms, many accompanied by parents or older siblings. In the Al-Zaitoun boys elementary school, students pasted stickers with the names of fellow students killed during the war, as teachers struggled to cope with the badly damaged facilities a hole in a ceiling here, a partially collapsed wall there. "I'm not as excited coming to school as I was in the past," said student Tamar Toutah, 11. "I feel that something is missing. I asked about my fellow students, but some were killed or wounded." Thabet said that unlike in previous years the first week of instruction in government

schools will be given over to providing psychological counseling and recreational activities to help the war-weary children transition to learning. "We gave special training to more than 11,000 teachers and 3,000 principals and administrators about how to address students after the war," he said. Thabet said 26 Gaza schools were destroyed during the war, and another 232 sustained damage. He said government funding for education remains spotty, with no money provided for operational expenses since the formation of a unity government earlier this year between Hamas, the Islamic militant group that runs Gaza, and the Western-backed Palestinian Authority based in the West Bank.

NATO arms flood Ukraine

kraine's defense minister said yesterday that NATO countries were delivering weapons to his country to equip it to fight pro-Russian separatists and "stop" Russian President Vladimir Putin. Valery Heletey told a news conference he had discussed weapons deliveries in bilat-

eral meetings with NATO defense ministers during a NATO summit in Wales on Sept. 4-5. NATO officials have said it will not send "lethal assistance" to non-member Ukraine but member states may do so. Earlier this month, a senior Ukrainian official said Kiev had agreed on the provision

of weapons and military advisers from several members of the U.S.-led alliance. Four of the five countries named, including the United States, denied this. "We reached agreements in closed talks, without media, about those weapons that we currently need," said Heletey, who said Ukraine needed weapons "that could stop Putin".

SPORT

AUTHORITATIVE VOICE IN GLOBAL SPORT

Did you know?

NEW TELEGRAPH

newtelegraphonline.com/sports

ADEKUNLE SALAMI, DepUTY Editor, SPORTS kunle.salami@newtelegraphonline.com adekunles@yahoo.com

MONday, SEPTEMBER 15, 2014

That in the 4-0 victory over QPR, Manchester United midfielder Ander Herrera made more tackles (8) and completed more passes (77) than he did in any match in the 2013-14 La Liga season for Athletic Bilbao

Eagles will qualify despite poor start – Emenike Ifeanyi Ibeh

igeria striker, Emmanuel Emenike, firmly believes the Super Eagles will be at next year’s Africa Cup of Nations in Morocco despite the team’s unimpressive start to the qualifying campaign. The Super Eagles lost 3-2 to Congo before playing out a goalless draw against South Africa and are currently placed third in Group A, having picked up just a point from t h e i r opening two games. Congo currently top Group A with six points, followed by South Africa with four points. Only the top two teams at the end of the qualifying campaign are guaranteed a place in Morocco, but with four rounds of matches left to play, Emenike is confident the Super Eagles will be one

Mikel

of the sides to progress from Group A. “We haven’t had the best of starts but we still have a long way to go,” Emenike told New Telegraph. “There are four matches left and I know what we are capable of. “I am not saying those matches will be easy; there is no such thing anymore, but we will give our best and by the grace of God we will qualify. I am confident we will qualify.” Up next for the Super Eagles is a double header in October against Group A’s bottom side Sudan. The Sudanese lost 3-0 at home to South Africa before slumping to a 2-0 away defeat to the Congolese. But with the South Africans and the Congolese also clashing in October, the outcome of Nigeria’s upcoming games against Sudan, at home and away, and within a space of four days, will go a long way in determining the Super Eagles chances of defending their title in Morocco, a fact that is not lost on Emenike. “The group is still very much wide open as any of the four teams can still qualify but we all know that and resolved among ourselves, after our last match, to do our best to qualify,” continued the Fenerbahce striker, referring to the September 10 match against the South Africans in Cape Town. “Like I said before, it is not going to be easy as everyone wants a piece of us. Everyone wants to beat us, so every match is like a final.” He added; “That is to be expected though as we are the champions of Africa. We can’t expect to have it easy, but if we do our best and win the next two matches against Sudan, I am sure it will go a long way in improving our chances.”

GFN targets Sports Festival for new stars Charles Ogundiya Emenike

he Gymnastic Federation of Nigeria has set its sights on discovering new talents at the upcoming National Sports Festival. In an interview with New Telegraph, Secretary of the GFN, Rita Akande, said the federation wants to take advantage of the festival’s new status as an ‘open’ event to unearth good gymnasts capable of winning laurels for

the country. “We are all aware that we are having an open festival this year,” said Akande. “And the federation is also aware that some states have been recruiting good and talented athletes to represent them at the festival, so we are planning to take advantage of the situation to discover new talents. “We were unable to achieve something tangible this year, but next year we are planning to hit the ground run-

Di Maria thrills as Man United wreck QPR

ning starting from the festival in Calabar in November,” she said. She said the GFN would be looking for young talents that could be nurtured for the future while also encouraging the established ones. It will be recalled that the 2014 National Sports Festival was declared an open festival at the end of the 2012 edition, which makes athletes of Nigerian origin all over the world eligible for the event.

} p 53

SPORT

RESULTS Premier League Man Utd 4 - 0 QPR Arsenal 2-2 Man City Liverpool 0-1 Aston Villa Chelsea 4-2 Swansea C’ Palace 0-0 Burnley S’ampton 4-0 Newcastle Stoke 0-1 Leicester Sunderland 2-2 Tottenham WBA 0-2 Everton

La Liga Almeria 1 - 1 Cordoba Vallecano 2-3 Elche Valencia 3-1 Espanyol Real Madrid 1-2 A’ Madrid Barcelona 2-0 Bilbao Malaga 0-0 Levante Celta Vigo 2-2 Sociedad

Serie A Sampdoria

2-0

Torino

Cagliari

1-2

Atalanta

Fiorentina

0-0

Genoa

Inter

7-0

Sassuolo

Lazio

3-0

Cesena

Napoli

0-1

Chievo

Empoli

0-1

Roma

Juventus

2-0

Udinese

Bundesliga Leverkusen 3 - 3 Bremen Bayern 2-0 Stuttgart Dortmund 3-1 Freiburg Hertha Berlin 1 - 3 Mainz 05 Hoffenheim 1 - 1 Wolfsburg Paderborn 0 - 0 FC Cologne M’gladbach 4 - 1 Schalke

Golden Eaglets lose 2-1 in Gabon

igeria’s Golden Eaglets lost 2-1 to Gabon on Sunday in a final qualifier for the 2015 African Junior Championship. The match was delayed by a day after the Nigerians were held back in Lome, Togo, on the orders of Gabonese authorities. Victor Osimhen opened scoring for the Eaglets, but the home team drew level before the interval. Gabon then grabbed the winner in the second half. The return leg is slated for Nigeria in a fortnight with the overall winners of this matchup marching on to the Junior Championship to be staged in Niger in February. Nigeria are the defending world champions. Gabon earlier refused entry to the Nigerian contingent, forcing the NFF to write to CAF, whose intervention led to the Gabonese embassy granting them visas. However due to the fear of the Ebola scourge, which Nigeria has successfully contained, flights from Nigeria to Gabon were cancelled, hence the team travelled by road to nearby Togo to connect to a flight to Gabon.

Sanctity of Truth

Monday, September 15, 2014

Sudan to determine Eagles’ fate –Dosu November 14, while last match against South Africa will be on November 19 in Calabar. But the former AC Reggiania of Italy player stressed that, “Losing our first game to Congo was terrible and a lot of Nigerians were also disappointed that we couldn’t beat South Africa in Cape Town. “The Eagles are back to permutations because of the precarious situation we now find ourselves, but all hope is not lost yet. We must fight like wounded lions and restore our pride as African champions in our remaining four matches starting from the double header against Sudan.”

Emmanuel Tobi

tlanta 1996 Dream Team goalkeeper, Joseph Dosu, has warned that the Super Eagles must not drop a point in their double header against Sudan next month if they are to revive their qualification quest for the 2015 Nations Cup in Morocco. Congo Brazzaville produced a shock, beating Nigeria 3-2 in their Group A match in Calabar while the Eagles played out a frustrating goalless draw in Cape Town against South Africa last week as Congo continued their impressive start to the campaign with a 2-0 win over visiting Sudan. “We must win our next two matches against Sudan because those are tight games for the Eagles now and we hope and pray South Africa play draw against Congo in their next two matches,” he stressed. Eagles’ remaining four qualifying matches have become a must win as a draw may end all hopes of a successful defence of the trophy won against all expectations in South Africa in 2013. Nigeria will battle Sudan in an away and home fixture on October 10 and 15, before confronting Congo on

Tokelo Rantie of South Africa in action against Onazi

Quadri crashes out of Belgium Open lEyes Portuguese Super Cup

CharlesOgundiya

frica’s representative at the ongoing International Table Tennis Federation World Tour tagged the ‘Belgium Open’, Nigeria’s Aruna Quadri, has been sent packing in the round of 32. Quadri had earlier defeated Slovakia’s Roman Rezetka 4-1 in the round of 64 before his fine run was halted by Japan’s Kentaro Miuchi with the Asian

Eagles Euro roundup

winning the encounter 4-3. Despite exiting the tournament early, the Nigerian is now targeting the Portuguese Super Cup for his club, GD Toledos this weekend. He however said he has put the loss behind him while also admitting that he must play in more competitions. “I had put the loss behind me as I am looking forward to the Portuguese Super Cup against

Sporting,” he said. Speaking further he said; “I am seriously looking forward to retaining the Cup having won it last year. I know it is not going to be easy this time around because we are facing the most difficult rival, Sporting Lisbon. “There is no doubt that they have a very strong line-up but this is not going to intimidate us as we are also preparing for them.”

Ogbeche, Dauda dazzle in Holland lAmbrose, John Ogu too Stories by Ajibade Olusesan Erstwhile Super Eagles striker, Batholomew Ogbeche, is proving that he’s still got some tricks up his sleeves as he scored for his Dutch side, Camburr at the weekend.

Abiola Dauda was also on target in the Eredivisie. Ogbeche scored Camburr’s second goal in their 3-0 win over Gronigen on Sunday. The effort was his second in five matches this season. Dauda was the star man in the Dutch league at the weekend as he

fired a hat trick in Vitesse Arnhem 3-1 win over Excelsior also on Sunday. Super Eagles defender, Efe Ambrose, was unlucky not to have a goal credited to him after a teammate intercepted his goal-bound ball in their 2-1 win over Aberdeen on Saturday. Ambrose’s shot took a deflection from Jason Denayer but

Ideye, Moses, Musa fire blank B

rown Ideye piled more pressure on himself after he failed to score as West Brom was beaten 2-0 at home on Saturday. The Baggies’ record signing played for 71 minutes before being replaced by Gergio Samarasandreallydidnottroublehisopponents’defence.Hehasnowgonefivematches without a goal. Victor Moses also could not help Stoke City avoid a home defeat as they stumbled to a 1-0 loss in the hands of Leicester City.He wasonthepitchfortheentiredurationof the game and he’s still looking forward to scoringhisfirstgoalforthePremierLeagueside since he joined them from Chelsea on loan. InRussia,AhmedMusa,wasinactionas his side, CSKA Moscow won 2-1 against ArsenalTulaathome.Theplayerwhoscoreda brace before the international break played

for90minutesbutfailedtogetonscoresheet. In Germany, Anthony Ujah, who scored beforethebreakwasinactionforColognein 71stminutebuthecouldnotaddtohisseason haulinhisclub’sgoallessdrawatPaderborn. DeleAdeleyewasthevillainforhisGreek club OFI Crete as he scored an own goal in a 3-0 loss to Olympiakos.

Ideye(right)

the Scot was credited with the goal. Sylvester Igboun smashed a treble for Danish Super league team FC Midtjylland to stop visiting OB Odense 3-2 on Friday. John Ogu was the match of the match in his debut for Israeli club Hapeol Be’er Sheva in their 1-1 draw with Beitar Jerusalem on Saturday.

Mikel, Onazi, Omeruo miss out

ikel Obi, Ogenyi Onazi, Kenneth Omeruo are some of the Super Eagles players missing in action for their respective clubs in Europe at the weekend. Obi was rooted to the bench as Chelsea beat Swansea 4-2 at the Stamford Bridge. He has played just 26 minutes of football for the Blues this season. Onazi was not even listed by Lazio as they won 3-0 at home against Cesena. The player missed the season opener due to injury but after playing two AFCON matches for Nigeria, it was

believed that the youngster could get a place in Lazio’s squad for last weekend game but he was overlooked. Kenneth Omeruo too was not listed by Middlebrough in their 2-1 win at Huddersfield Town. This was the first time the Nigerian will miss a game this season. In Spain, Ikechukwu Uche was not in action for Villarreal at Granada. The striker is still recuperating from a knock. Elderson Echiejile suffered an injury and was not even listed by Monaco in their 2-1 loss at Lyon on Friday.

SPORT | EURO FOOTBALL

Sanctity of Truth

Monday, September 15, 2014

Di Maria thrills as United wreck QPR

anchester United picked up their first three points of the Premier League season with a thumping 4-0 win over Queens Park Rangers at Old Trafford with Angel Di Maria playing a key role. United were ahead after 24 minutes when Di Maria floated a curling free kick into the bottom corner. United had their second after 36 minutes when Herrera struck one into the bottom corner following a blocked effort from Rooney, who got in on the act late in the half with an arrowed effort past Rob Green. Mata had a brilliant chance for United after 53 minutes following a low cross from Rafael, but the Spaniard could only poke

straight at Green. Mata was not to be denied, however, and scored five minutes later after collecting a pass from Di Maria and lifting his effort past Green. Radamel Falcao came on for his home debut after 67 minutes, replacing Mata in the process. The Colombian created a chance for Robin van Persie five minutes into his introduction, but the Dutchman’s effort was deflected over the crossbar. Falcao then had a wonderful chance to find the back of the net after 84 minutes when Green parried a strike from Blind, but the QPR stopper was on his feet to make the save. Adnan Januzaj had the chance to make it five late on, but Green was again on hand to make a smart save as QPR kept the score Di Maria to four.

Messi’s the best – Neymar

Welbeck excitesWengerwithdebutdisplay

anny Welbeck’s Arsenal debut offered a tantalising glimpse of things to come, according to manager Arsene Wenger. Welbeck’s Arsenal career almost got off to a dream start when he chipped City goalkeeper Joe Hart with less than 15

Welbeck

Pogba confirms Juve talks

minutes played, only to see his effort rebound off the post. Wenger was pleased with the promise shown by the striker, who was withdrawn after 88 minutes at the Emirates Stadium with cramp. “He did well,” said the Arsenal boss. “I believe that he needs to develop his link play with our players but that is a bit normal. “It’s sad that he couldn’t take his chance but overall every time he had an opportunity to find some space he looked dangerous. “There are some things to work on with him to integrate well into our game but I’m happy with his first game.”

Messi

eymar has branded Barcelona teammate Lionel Messi “the best in the world” following Saturday’s 2-0 win over Athletic Bilbao at the Camp Nou. Neymar scored twice in the latter

ario Gotze is confident that both he and Bayern Munich will reach top form as they look to shake off a jaded start to the season. Two months on from his winning goal in the World Cup final, Gotze was on target again on Saturday as Bayern overcame Stuttgart

aul Pogba has confirmed he is in talks with Juventus about extending his current deal with the Serie A champions. The France international has become a key component of the Juve midfield since joining the club from Manchester United two years ago. Pogba’s impressive performance for the Turin giants reportedly attracted attention from a number of Europe’s top clubs, but the 21-yearold’s latest revelations mean any move now seems less likely. “We are in negotiations for a contract renewal with Juventus,” he told TF1. Kagawa

2-0 in the Bundesliga. The defending champions have now taken seven points from their opening three league outings, but Bayern have yet to reach peak form as they continue to struggle with injuries, some of which are linked to Germany’s triumphant World Cup campaign.

Despite those issues, Gotze believes both he and the team will hit their stride as the season progresses. “We know that we need to improve,” he said. “But for now the important thing is that we picked up all three points. That was our priority and so we can be satisfied.”

Red Devils from Borussia Dortmund in 2012, before rejoining his former club earlier this summer having failed to make the desired impact in the Premier League. “I met Sir Alex in Nyon and he’s still in love with Shinji,” Dortmund boss Klopp told The Sun. “He

oberto Mancini has declared his interest in the Portugal job and would be “honoured” to be offered the role. The 49-year-old has been out of work since leaving Galatasaray at the end of last season. After Portugal’s shock 1-0 loss to Albania in their opening Euro 2016 qualifier last Sunday, head coach Paulo Bento departed and Mancini would like to succeed him. “I am still a young coach with a long career in front of me and a lot to learn,” he told Portuguese newspaper Record. “I like to experience different adventures. I’ve already worked in England and Turkey, while returning to Italy is an option, but I prefer to try new things.”

ENGLISH PREMIER LEAGUE Team P GD Pts 1. Chelsea 4 9 12

Gotze

Ferguson disappointed Kagawa failed – Klopp ormer Manchester United manager Sir Alex Ferguson has admitted to being disappointed at failing to get the best out of Shinji Kagawa at Old Trafford, according to Jurgen Klopp The Japan international made the move to the

Mancini interested in Portugal role

stages to help his side secure all the points, but both assists came from Messi, who has started the season in fine form. “I am very happy with the game. It went perfectly with two goals,” he told AS. “We knew we were going to suffer a little but we managed to keep defending well and then get the win. Messi is the best in the world, a star. I’m recovering and we’re getting better as a team. Barcelona still have Luis Suarez to come into their attack, with the forward due to return from a four-month suspension at the end of October.

Gotze expecting improvement at Bayern M

told me, ‘Shame we didn’t manage this well so that it worked out for him. We were satisfied in the first year’. “And in the second year you usually make the next step but he didn’t manage to do it. But Sir Alex was saying ‘Shame we should have made this work’.”

2. Aston Villa

3. Swansea

4. Southampton 5. Man City

4 4

5 3

6. Tottenham

7. Arsenal

8. Liverpool

9. Man Utd

10. Everton

-1

11. Leicester

-1

12. Hull

13. Stoke

-1

14. Sunderland

-1

15. West Ham

-1

16. QPR

-8

17. Crystal Palace 18. Burnley

4 4

-3 -3

19. WBA

-5

20. Newcastle

-6

10 9 7

7 7 6 6 5 5 5 4 4 3 3 3 2

2 2 2

SPORT

Mourinho: Costa worth the wait J

ose Mourinho believes Diego Costa’s scintillating start to his Chelsea career proves he was right to wait for the Spain striker. Costa returned from a hamstring injury sustained on international duty to score a hat-trick in the Blues’ 4-2 English Premier League victory over Swansea at Stamford Bridge on Saturday. And with Costa already now up to seven goals from his four opening matches, Chelsea manager Mourinho is delighted with the £32m striker, who only arrived in the close-season even though the west Londoners have been searching for a forward since last year. Costa’s contribution against Swansea left Chelsea as the only team to have taken maximum points from their four league games this season. Chelsea now face Schalke at home in the UEFA Champions League on Wednesday with Mourinho hoping Costa provides a similar performance, although he is eager not to put too much pressure on the 25-year-old. “If the team plays well he has to score goals,” Mourinho said. “Seven goals in four Premier League matches is maybe too much, we cannot expect that after eight matches he has 14 goals. I think it is too much to ask but the way he is playing and the

team is playing, if he keeps scoring a few goals, a few goals give points and points help the team to be in the top part of the table. “He surprises me because seven goals in four matches is something that is not normal. But he’s comfortable in the team and the team is built in a way that we were waiting for a certain type of striker. And I think everyone knows Chelsea did the right thing by waiting for him and not going to the market in the summer of 2013 or January of 2014 just to buy a striker.” Swansea went ahead when Chelsea captain John Terry diverted Neil Taylor’s left-wing cross into his own net on 11 minutes. It was a lead Swansea merited, but Costa equalised from a Cesc Fabregas corner just before half-time. He then added a further two goals at 11-minute intervals by side-footing in from Fabregas and Ramires passes before he was replaced by French striker Loic Remy, who then went on to sweep in a debut goal from the edge of the area. On Remy’s cameo, Mourinho added: “It’s a perfect debut. He scored on his debut at Stamford Bridge in a goal that is special at this stadium because there are no away fans behind it.” Swansea still had time to restore a measure of respectability to the score-

line that their firsthalf performance had merited when Jonjo Shelvey reduced their deficit four minutes from the end. It was a reality check for Swansea boss Garry Monk after the three successive wins which had brought him Manager of the Month award for August. “I said it before the game; I think they’ll be there or thereabout and I think they’ll be champions,” Monk said of Chelsea. “The whole team is packed with world class players that can cause damage to you at any time and that’s obviously why they pay the money that they pay to get the players.” Chelsea now look ahead to Wednesday’s Champions League tie and Mourinho is wary of the opposition that lie in wait, with Schalke, Maribor and Sporting Lisbon making up their group. “The group is more difficult than people think,” Mourinho said. It’s not be-

Sanctity of Truth

Monday, September 15, 2014

cause I’m Portuguese but the Portuguese are very The Germans Germans improved the last dif-

teams difficult. are the and Schalke a lot in relation to season. Our group is ficult, it’s hard. We also have fixtures that are lot of poison gift for us because every time we play in the Champions League, the next match we play is against Manchester City, against Arsenal, against Manchester United and against Liverpool.”

Ferdinand: Terry never apologised for race row

io Ferdinand has revealed he never received an apology from John Terry for the race row involving the former England captain and his brother Anton Ferdinand, according to BBC Sport. Ferdinand is quoted as saying he no longer talks to his former England defensive partner, after he was alleged to have racially abused brother Anton back in 2011.

Terry was acquitted of charges of racial abuse following a trial in July 2012, but was later banned for four matches by the FA for the incident. The former Manchester United defender has spoken about the incident in his forthcoming autobiography, and says the incident with Terry went on to damage his younger brother’s career. “He never apologised to me or Anton and has never hinted he has had a moment of understanding over the damage his stupidity has inflicted on everyone,” he said. “There were bullets in the post and unending racist abuse. He could have saved everyone a lot of pain by admitting immediately that he had used the words in the heat of the moment, but was

no racist. “I think that’s probably what happened and what the truth is. Anton and I would have accepted that – instead he never gave us the chance. “I’ve never actually spoken to John about the case. I no longer talk to him, but even three years later I find it impossible to forgive or forget the pain he put my family through.” Ferdinand said the ‘uncertainty and bad feeling’ meant his England career was effectively over, although he would have considered playing alongside Terry for his country again if he were asked. “John and I would have had a working relationship and it would have been fine,” he added. “But no one ever asked.”

Ferdinand(left) and Terry on England duty

SPORT 55

Sanctity of Truth

Monday, September 15, 2014

I can help Eagles wreck

Sudan –Martins S eattle Sounders striker Obafemi Martins has expressed confidence in his ability to help the Super Eagles overcome the Sudanese National Team if invited by the coaching crew. Martins again struck in Sounders’s 3-2 home victory over Real Salt Lake on Friday night for his 13th goal of the season, and also boasts an impressive nine assists. With the Super Eagles struggling for goals and results in their 2015 African Cup of Nations qualifiers, Martins is hoping his form

has caught Keshi’s eye and can earn him a place in the squad for October’s double header against Sudan. “It’s the coach’s decision to invite players but if I can get a recall to the national team, I’ll be honoured” “I said at the start of the season if I was doing well for Seattle and scoring goals, I’d have a chance with Nigeria,” he told BBC Sport. “I just need to continue my form here in the United States, give my all to this club and let other things happen naturally. “I love my country and I

Ikoyi Golf Club set for 2014 Nigeria Cup Emmanuel Tobi

he Management of Ikoyi Club Golf section has reiterated its readiness to host a successful 2014 edition of the Nigeria Cup slated for 27th September till 4th of October. Having grown in reputation and stature over the years, the Nigeria Cup, starded in 1996,has established itself as the leading amateur club event and the most sought after trophy for all competitive golfers in the country. It is played each year to commemorate and celebrate Nigeria’s love for the game of golf. According to the chairman of the organising committee, Mr. Tony Onwu, the week-long program will commence on Saturday 27th September with the Children’s Tournament. On Monday 29th September the club will host its

Caddies in a tournament and the following day the Ladies tournament will take centrestage. He added that the Independence Kitty scheduled for Wednesday October 1st would be an exciting carnival for all club members and invited guests. The Professional Tournament holds on Thursday October 2nd whist the guests, veterans and celebrities would take their turn on the course on Friday 3rd of October. The final takes place on Saturday 4th of October climaxing with a gala dinner later in the evening Mr. Onwu also thanked the various sponsors that include Diamond Bank, Heineken (NBL), UBA, Access Bank, Main One, Eko Bank, Total PLC, First Bank, Seplat Petroleum, Leadway Assurance, Sterling Bank, Oando PLC, Amni Petroleum and several others for their support.

Tony Onwu, Chairman Organising Committee (Left) and Gbenga Akinyobo, member, during a media chat for the 2014 Nigeria Cup.

always want Nigeria to do well with me in the squad or not. “If I get another chance, great, and if not, I can only wish my country all the best.” The 29-year-old wants to help the club to the MLS title and is hopeful a successful campaign can earn him a Super Eagles recall. “But firstly, I want to play regularly here and try to help Seattle Sounders win a trophy.” Martins, who has scored 18 goals in 39 international matches for the African Champions, was called up just once last year, against Kenya in a 2014 World Cup qualifier.

Obafemi

Falcons open camping for Women Championship

he Nigeria women senior national team on Sunday opened camping ahead of the 9th African Women Championship which runs from 11th to 25th October 2014 in Namibia. Twenty four home-based players were expected to arrive in Abuja on Sunday evening as the foreign legion namely: Perpertua Nkwocha, Onome Ebi, Desire Oparanozie, Sunday Esther, Francisca Ordega and Osinachi Ohale are expected to beef up the team before they jet out of the country for the biggest women’s competition in Africa. Inspirational skipper Evelyn Nwabuoku, who played a pivotal role during the qualifying campaign is expected to lead the Nigeria Women Premier League players to kick start the long-awaited camp. The first training session of the team has been scheduled to take place on Monday 15th September under the watchful eyes of Edwin Okon and Christopher Danjuma at the FIFA Goal Project Technical Centre. Coach Okon has called up thirty players for the camping exercise.

Lagos SWAN inaugurates electoral committee

seven-man electoral committee was on Friday inaugurated by the Sports Writers Association (SWAN), Lagos State Chapter, to conduct the forthcoming elections of the body. The electoral committee, otherwise known as SWANECO endorsed by the SWAN Congress on Friday, will be chaired by veteran sport journalist and the

Deputy Editor-In-Chief, News Agency of Nigeria (NAN), Mr. Tony Nezianya and is expected to discharge their duties without fear or favour. Lagos SWAN chairman, Mr Fred Edoreh, in his speech, admonished the SWANECO members to conduct transparent elections devoid of bias and rancour. His words: “While thanking

NigeriawinsITFAfricanTennisCircuit Ifeanyi Ibeh

igeria has emerged overall winners of the first phase of this year’s ITF Central & West Africa Junior Circuit, which came to a close over the weekend in Lome, Togo. The tournament’s second phase gets underway on Monday with 12 Nigerian players listed for action. Teams from Togo, the United States of America, Britain, India, France, Germany, Thailand, Turkey, Ghana, Cote d’Ivoire and a host of other countries took part in the weeklong tournament with the Nigerian team finishing tops with three gold, two silver and a bronze medals. The nation’s medals haul was sparked by the duo of Mohammed Mohammed and Joseph Ubon who beat Ikechukwu Iloputa and Adeniyi Olatunji 6-3, 6-0 in an all-Nigeria boys doubles final at the Stade Omnisports, Lome. Ubon and Mohammed were to face each other few hours later in the boys singles final with Ubon emerging vic-

torious 6-2, 6-4. Nigeria’s Elizabeth Garos-Pam got over the disappointment of losing her semi-final and third-place matches in the singles event as she paired Zimbabwe’s Nicole Dzenga to win gold in the doubles at the expense of Anna Kraus of Austria and Alexandra MillerKrasilnikov of USA. They won 7- 5, 6-7(10-7).

the members of this committee for accepting to serve the association because they are all appointed on merit, I want to use this opportunity to appeal for peaceful conduct of the elections. “We can also assure them that the outgoing executive will provide all the necessary support for them to succeed.” In his response, the Electoral Committee Chairman, Mr Tony Nezianya, thanked the executive committee and the members of the association for the opportunity to serve, saying SWANECO will not disappoint. Meanwhile, The Sun/Soccer Star’ Bunmi Ogunyale will serve as the Secretary, while others members are; Bamidele Boluwaji (Complete Sports), Kunle Adeyeye (Radio Nigeria), Stella Bamawo (The Nation), Deola Omo-Kivie (NTA), and Paul Erewuba of National Mirror newspapers.

Oladinni Squash tourney begins Charles Ogundiya

he eighth edition of Prince Olagoke Oladinni Squash Tournament gets underway on Monday at the Ibadan Recreation Club. According to the chairman of the squash section of the club, Tope Miriki, all arrangements have been concluded to ensure a successful tournament. Miriki further disclosed that fans would have the opportunity of witnessing a game between the Lagos Country Club and the host club, IRS, on the last

day of the tournament. Miriki added that members of the squash section would jostle for the prizes that are up for grabs. He said: “Top squash players in Nigeria have expressed their desire to be part of the annual tournament. We are also grateful to our sponsors, Princeton Health Services.” The squash tournament, whose inaugural edition took place eight years ago and was sponsored by Oladinni, a former President of the club, as part of activities to mark his birthday, will come to an end on Friday, September 26.

World Record

On Marble

Your lifestyle - how you live, eat, emote, and think - determines your health. To prevent disease, you may have to change how you live.

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

w w w. new tel eg rap ho nl i ne. co m

– Brian Carter

Three things cannot be long hidden: the sun, the moon and the truth – Buddha MONDAY, SEPTEMBER 15, 2014

1855: The first round football was made by Charles Goodyear .

N150

New frontier: Economies on the rise

here is a group of fast-growing low-income countries that are attracting international investor interest—frontier economies. Understanding who they are, how they are different, and how they have moved themselves to the frontier matters for the global economy because they combine huge potential with big risks. Get to know them The first thing to note is that some of these countries already have moved to the lower-middle income group. While a working definition of frontier economies is subject to further discussion, broadly speaking, these countries have been deepening their financial markets, such as Bangladesh, Kenya, Nigeria, Mozambique, and Vietnam. Some also have been able to tap the international capital markets, such as Bolivia, Ghana, Honduras, Mongolia, Nigeria, Senegal, Tanzania, Vietnam, and Zambia. Their markets are, however, not as deep and liquid as those of the emerging markets, but compared to the latter, they offer higher returns and the benefits of a diversified portfolio. How they got there Many frontier countries are growing at a fast pace, in most cases helped by sustained efforts to achieve macroeconomic stability, and by building business-friendly institutions ( Chart 1). These economies have also made significant efforts to lower inflation through prudent fiscal and monetary policy ( Chart 2). Most of these countries have made progress in strengthening their policy making apparatus, reducing excessive red tape and lowering trade restrictions. Reforms to change their economic structure have helped them unlock their potential, including greater weight on the services sector, such as in Tanzania and Kenya. In many countries, alleviation of their debt burden over the past decade has freed up money for investments in physical and human capital. Several countries received debt relief under the Highly Indebted Poor Country Initiative, but others reduced their debt outside this initiative, such as Kenya, Mongolia, Nigeria, and Vietnam. These countries have deepened their financial markets at a fast pace—they offer more domestic financial services and products than their peers. Some have attracted international investor interest in their domestic bonds market and several have issued sovereign bonds in the international capital markets . Access to international capital markets means these countries can attract financing to address gaps in infrastructure,

Guest Columnist Min Zhu

Zhu

such as roads and railways, which could provide further impetus to growth. But as described below, market access also poses new financial risks that countries need to carefully manage. Influences from outside their borders Low interest rates combined with advanced economies shedding debt have pushed investors to search for higher returns on their investments, which has

expanded their interest to invest in frontier economies. The quest for resources by emerging economies has contributed to improved terms of trade and a surge in both domestic and foreign investment in resourcerich countries, such as Bolivia, Ghana, Nigeria, and Mongolia. Domestic public investment has increased as the low debt burden, favorable external borrowing rates, and high commodity prices have increased access to private financing sources outside their borders. Risks and the policies to manage them These capital flows also mean that frontier economies face a number of risks and policy challenges. • Access to external private capital has brought frontier economies greater market scrutiny and exposed more weaknesses in domestic macroeconomic policies, such as weakening fiscal and external positions. So it is important that frontier economies preserve their hard-won economic stability and fiscal sustainability. • As interest rates begin to rise in the

United States and monetary policy returns to normal, capital flows into frontier economies could begin to slow down. Some countries that have benefited from foreign investment in their domestic government bond markets and exhibit significant fiscal and current account imbalances have experienced volatile exchange rates in recent months, and a rise in spreads. The IMF’s recent paper on managing capital flows offers a policy framework to help countries manage risks associated with these flows. • The limited size and liquidity of government bonds issued by frontier economies in international capital markets mitigates the risk of a reversal in capital flows. But new issuances could face higher spreads, and maturing bonds could have a hard time finding new buyers. It is thus important to continue efforts to build adequate external reserves, and bolster economic and institutional fundamentals including domestic savings. Further structural reforms, including in the labor and trade sectors as well as regulation and higher investment, would enhance productivity, and help these countries move up the value chain. • Even though frontier economies have deeper financial markets than some of their low-income peers, there are still a number of areas for improvement. This includes deepening of the domestic bonds market to allow more efficient intermediation of financial flows. •Min Zhu assumed the position of Deputy Managing Director of the IMF on July 26, 2011. Previously he served as Special Advisor to the Managing Director of the International Monetary Fund from May 3, 2010 to July 25, 2011.

OMOBABA

LAGOS OWES N160 BILLION - News

– On what?

Printed and Published by Daily Telegraph Publishing Company Ltd: Head Office: No. 1A, Ajumobi Street, Off ACME Road, Agidingbi, Ikeja-Lagos. Tel: +234 1-2219496, 2219498. Abuja Office: Orji Kalu House, Plot 322, by Banex Junction, Mabushi, Federal Capital Territory, Abuja. Advert Hotline: 01-8541248, Email: info@newtelegraphonline.com Website: www.newtelegraphonline.com ISSN 2354-4317 Editor: YEMI AJAYI.