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Wednesday, October 22, 2014

Vol. 1 No. 246

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N150

Arms deal: ‘South Africa out to embarrass Nigeria’

lAir Force carries out 5,390 missions against Boko Haram Emmanuel Onani and Sola Adeyemo

F

ormer Minister of State for Defence, Senator Musiliu Obanikoro, yesterday ac-

cused South Africa of deliberately going out to embarrass Nigeria by exposing efforts by the Federal Government to procure arms through backstreet channels.

Obanikoro, a governorship aspirant of the Peoples Democratic Party (PDP) in Lagos State, spoke in Abuja against the backdrop of the botched arms purchase deals in South

Africa, by the Federal Government.

South African authorities, between September and early October, seized a total of $15 million in two separate arms purchase

transactions, one involving the use of a private jet belonging to the President, Christian Association of Nigeria (CAN), Pastor Ayo Oritsejafor, to ferry $9.3 million to South Africa for

arms purchase.

Responding to a question on the transaction, Obanikoro during an interactive session with reporters, said South AfCONTINUED ON PAGE 6

Oil price slump puts naira under pressure lOkonjo-Iweala moves to save 2015 budget from shock

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Quick Read Editorial

The minimum wage debate }19 Local govts get autonomy in new constitution }4 Terrorism: FG seeks secret trial for Ndume

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Daniel, Kashamu embrace at PDP rally }8

Shell strikes sales deals for Nigerian assets }7 L-R: National Chairman, Peoples Democratic Party (PDP), Alhaji Adamu Mu’azu; Minister of Aviation, Mr. Osita Chidoka; President Goodluck Jonathan; Jigawa State Governor, Alhaji Sule Lamido and his deputy, Alhaji Ahmed Mammud, at the inauguration of Dutse International Airport, Dutse…yesterday. PHOTO: TIMOTHY IKUOMENISAN.

I’ve no problem with Lamido, says Jonathan Anule Emmanuel, Muhammad Kabir and Dahiru Suleiman

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resident Goodluck Jonathan yesterday dismissed report of any sour

relationship with Jigawa State Governor, Alhaji Sule Lamido, saying he has no problem with him.

The president, who was in Dutse, the Jigawa State capital, to inaugurate the Dutse International Airport, said with Lamido’s

accomplishments in building the airport and other infrastructure, he had made the Peoples Democratic Party (PDP) and the people of Jigawa proud.

The president’s clarification came against the backdrop of a frosty rela-

tionship between him and the governor who was rumoured to be nursing an ambition to unseat the president.

Lamido had kicked when the North-West chapter of the PDP adopted Jonathan as the party’s

sole candidate for the presidential election, saying the process was rigged.

Jonathan, during an interactive session after inaugurating the airport, described Lamido as a governor who does not CONTINUED ON PAGE 4

Why we killed Newswatch Editor –Suspects }10

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WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

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WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

National Assembly grants LGs autonomy in new constitution

lRetains immunity for president, govs lScraps state electoral commissions

Chukwu David Abuja

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he Senate yesterday approved the report of the Conference Committee on the Fourth Alteration of the 1999 Constitution Amendment Bill, 2014, endorsing autonomy for local government councils.

It also retained the immunity clause in the extant 1999 Constitution for the president and the governors as well as scrapping State Independent Electoral Commission (SIECs).

It adopted the provision of the report in Section 7, granting autonomy to the local governments by providing for their funding, tenure, elections, and to clearly delineate their powers and responsibilities to ensure effective service delivery and insulate them from undue interference from state governments.

The approved bill in Section 124, which is a consequential provision of the making of the local government a full third tier government, created the office of the Auditor-General of the Local Government as well as the State

Local Government Service Commission. The section also deleted the State Independent Electoral Commission (SIECs).

While harmonising the versions of both chambers of the National Assembly, the Senate reportedly rejected the decision of the House of Representatives at the Conference Committee of the two Chambers denying immunity for president and governors and the Senate version was

adopted, thereby retaining the immunity clause in the constitution.

In passing the Conference Committee report, the Senate also approved the recommendation of the committee in Section 9 of the bill, which removed the power of the president to assent to any bill on constitution alteration.

Section 9 of the bill as contained in the report explained that the essence of the removal of the power

of the president to assent to an alteration bill was to enhance the sovereignty of the citizens through their elected representatives.

The Senate also approved the provision of the bill in Section 65, which provides for independent candidacy in election so that politicians could contest elections on zero party basis.

The Senate further approved Section 4 of the amendment Bill, which

confers immunity on legislators at all levels of governance in respect of words spoken or written in the exercise of their legislative duties in their respective chambers.

Section 45 of the bill, which enshrines the right to education and the right to health, as fundamental human rights in the constitution was also approved by the Senate.

The National Assembly CONTINUED ON PAGE 6

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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 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 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 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

TODAY’S WEATHER FORECAST ABUJA

FLIGHT SCHEDULE

L-R: Chief Essien Ndueso; Air Commodore Idongesit Nkanga (rtd); Mrs Martha Udom Emmanuel; former Secretary to the State Government, Chief Udom Emmanuel and wife of the Akwa Ibom State Governor, Mrs Ekaette Akpabio, at the governorship declaration of Emmanuel in Uyo …yesterday

I’ve no problem with Lamido, says Jonathan CONTINUED FROM PAGE 1

“deceive you or deceive himself.”

He said: “Sule Lamido is a man of his word. In terms of what people say frosty relationship, sometimes it is issue of interpretation. One thing I used to tell people is that I know the role Sule Lamido played in the 2011 elections. I assessed my governors then on how many scores I got during the primaries because if a governor means well for you, even if he is unable to control the total number of votes during the general election, in the primaries which are party issues which the governors have a control of about 70 per cent, the governor controls what happens.

“In the two options, Lamido was totally committed. He is not somebody that talks from the two sides of his mouth. That is the good thing about

Lamido. He does not deceive himself or deceive you. I used to tell people I don’t have a problem with Lamido. Even if there is a problem today, Lamido is somebody I trust. He does not deceive. Let me reassure you that we have no problems; me and Lamido and definitely I will not have problems with the people of Jigawa State. All we have to do is to strengthen our relation more and more and work together.”

The president commended the people of Jigawa for maintaining peace in their state, noting that there can be no development in an atmosphere of violence and strife.

He said his administration would continue to collaborate with the state government to improve on the development of infrastructure and other projects such as the Almajiri schools, the agricultural development and other sectors.

While praising the governor, Jonathan promised that his administration would give adequate support to the airport, but would not write off the N15.5 billion that the state expended on it.

“Governor Lamido, you are a man of vision, a man of ideas and a man who has made your people proud by bringing peopleoriented projects to your state and adding value to your citizens,” he stated.

Lamido had earlier said he was proud of Jonathan’s transformation agenda which has made it possible for PDP governors to render quality services to Nigerians.

The governor said he decided to work quietly for the transformation of the state rather than making noise.

“We are working silently for the interest of our people because we know what they need while those opposed to

us are making noise. We will continue to stand by the people and try to meet their yearnings and aspirations,” the governor said.

Also, PDP National Chairman, Alhaji Adamu Mu’azu, said it was only the PDP governors who were providing dividends of democracy to their people by building seven airports since the advent of democracy in 1999.

He mentioned the states that have built airports as Kebbi, Bauchi, Jigawa, Taraba, Akwa Ibom, Delta and Bayelsa.

Mu’azu said it was not a coincidence that only PDP states built airports in Nigeria, but a sign that they knew what was good for the people and Nigeria.

Minister of Aviation, Mr. Osita Chidoka, said the Federal Government was committed to making all airports in Nigeria safe and beneficial to the users.

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

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

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Oil price slump puts naira under pressure Ayodele Aminu, Adeola Yusuf and Abdulwahab Isa

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he Federal Government’s efforts to prop up the naira, months before the presidential election in February are being undone by the slide in oil prices.

According to a report yesterday by Reuters, the slide in oil prices, the major foreign exchange earner for Nigeria, could put the naira under more pressure.

The naira has tumbled to within 0.3 per cent of a record low as Brent crude fell to the lowest level in more than four years.

However, the Federal Government has assured stakeholders that it will put in place measures to insulate the 2015 budgets, whose fundamental projections have been described by experts, in view of the plummeting oil prices as unrealistic, from shocks from the volatile oil prices.

While some of the world’s biggest banks have said the collapse in oil is just about over, further losses would force Nigeria, Africa’s largest producer,

to choose between raising interest rates, eroding foreign-exchange reserves or, eventually, devaluing the currency, according to Exotix Ltd., a London-based investment bank.

“We’re getting close to the point where the alarm bells are ringing loudly,” the Head of Economics Research at Ecobank Transnational Inc. in London, Angus Downie, told Reuters.

“If oil prices continue to slide before the election, foreign-exchange reserves will come under pressure, and that’s when the authorities would be expected to adapt fiscal and monetary policy to the new oil-price regime.

“A weaker currency would boost the cost of importing everything from fuel to food, threatening support for President Goodluck Jonathan, who’s already under pressure for failing to stem deadly attacks by Islamist militants,” the report said.

Although Jonathan has not said whether he will run in February’s election, he has faced criticism from the opposition for failing to check corruption, carry out promised economic reforms and contain a five-

year insurgency by Boko Haram group.

Nigeria joins Russia, Colombia and Venezuela as the biggest losers from the decline in oil, according to Neil Shearing, the chief emerging-markets economist at Capital Economics Ltd. in London.

Nigeria is the continent’s biggest producer of crude, which accounts for about 85 per cent of government revenue.

The country also imports about 70 per cent of its fuel needs because of inadequate refining capacity.

Brent crude for December delivery has fallen 26 per cent since reaching a peak in June, and settled at $85.40 on Monday.

It dropped to $82.93 on October 16, the lowest since May 2010. Bank of America Corp. and BNP Paribas SA have predicted that prices will hold above $80 a barrel.

Nigeria’s monetary authorities will be monitoring oil prices closely in coming weeks, Reuters reported Ronak Gadhia, an analyst at Exotix in London, to have said.

“The central bank is going to have to make a judgment on whether the price drop is temporary or if this

is a more permanent issue that makes it respond with some policy measures.

“The ideal scenario would be to devalue the currency.

But in an election year that might not be palatable,” Gadhia said.

Nigeria’s foreign-currency reserves, which were as high as $48.9 billion in May 2013, have fallen almost 10 per cent this year as authorities used the money to bolster the naira.

While oil revenues are under pressure, Nigeria is still running a trade surplus, aiding reserves, Chris Becker, the lead macroeconomic and equity strategist at African Alliance Securities, told Reuters on phone.

The effects on the economy mean Nigeria is unlikely to raise interest rates or devalue the naira, he said.

“They have a lot of runway to defend the currency.

That’s what they’ll keep doing for now,” he said.

The Central Bank of Nigeria (CBN) has also supported the naira by keeping its benchmark interest rate at a record-high 12 per cent since October 2011 and increasing the cash-reserve requirement for public companies’ bank deposits. Extending the

measures risks hurting consumption and growth.

“The first choice for the central bank would be to tighten further and use up some of the reserves to keep the currency level,” while devaluation would be “a last resort,” said Gadhia.

In unfolding its contingency plan aimed at shielding the economy against the steep fall in the price oil at the international market, the Federal Government said it was considering raising revenue targets of key non-oil revenue agencies for next fiscal year.

It also projected economic growth for 2015 to be around 6.75 per cent, an improvement on the government’s forecast of 6.2 per cent this year.

Coordinating Minister for the Economy and Minister of finance, Dr. Ngozi Okonjo-Iweala, unfolded the plans to protect the economy at a ministerial press briefing yesterday in Abuja.

The minster, who was obviously responding to New Telegraph’s story in yesterday’s edition in which experts faulted the $78 oil benchmark for 2015 budget, said the exigency

L-R: Permanent Secretary, Ministry of Information, Mrs. Folasade Esan; Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala and Minister of State for Finance, Ambassador Bashir Yuguda, at a press briefing in Abuja…yesterday

Terrorism: FG seeks secret trial for Ndume Tunde Oyesina ABUJA

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he Federal Government yesterday asked the Federal High Court sitting in Abuja to conduct a secret trial for Senator Aliyu Ndume, who is standing trial for terrorism charges.

Ndume, who is representing Borno State in the Senate, is standing trial before Justice Gabriel Kolawole over his alleged link

with the Boko Haram sect.

Prosecuting counsel, E.A. Orji had brought an application praying the court to protect the identity of the remaining witness that is yet to give evidence in the ongoing trial.

“We urge the court to exclude members of the public from the trial. We also want the court to protect the identities of the remaining witness that shall give evidence in this case. The fundamental rights of the accused have not been violated because

his counsel is represented and has not, in any way, been excluded from the matter. It is in the interest of national security and public safety that the motion should be granted,” he said.

Counsel to the accused person, I. Amaza, in his submission, told the court that the request will violate the accused’s right to fair hearing.

He further told the court to turn down the request of the prosecution and continue with

the trial.

After listening to both counsel, Justice Kolawole adjourned the case to October 24, for ruling.

Ndume was slammed with a four-count charge by the Department of State Security (SSS), wherein he was alleged to have been in possession of a telephone number which he knows to be important to law enforcement officials in the unravelling of the persons behind the Boko Haram insurgency, but did not oblige same to law enforce-

ment agencies. An offence contrary to the provisions of Section 7 (1) of the Terrorism Prevention Act. He is also alleged to have ran foul of Section 3(b) of the Act for being the possessor and operator of a phone number which provided logistics and phone numbers of government officials, including those of the Attorney General of the Federation and Minister of Justice, Mohammed Bello Adoke, to Kunduga, former spokesman of Boko Haram.

plan by the Federal Government would see an increase in the revenue benchmark target for both Federal Inland Revenue Service( FIRS) and Nigeria Customs Service.

She said the country’s oil savings account, the Excess Crude Account (ECA), had been broadly flat since August at $4.11 billion and that the fledgling Sovereign Wealth Fund had $1.55 billion in it.

Okonjo-Iweala also announced handing over of ghost workers to the Independent Corrupt Practices and Other Related Offences Tribunal (ICPC) for investigation and prosecution.

The minster, who did not disclose the exact revenue target given to the agencies for next year, said that FIRS had realised N44 billion out of N75 billion target, while Customs realised N713 billion ( between January and September) out of N1.23 trillion target. “ We must shift the economy to non-oil revenue and we are already working hard on non-oil. Our revenue to GDP ratio is below that of other countries. We need to work very hard on non-oil and deliver on nonoil sector.

“The global economy is volatile, oil prices are falling and as a matter of priority, we are developing a contingency plan to bring stability to the economy,” she said.

On the macro economy, Okonjo-Iweala said the economy had enjoyed good measure of stability as key indices such as inflation, exchange rate, and other instruments had been stable, a development that has allowed investors to plan.

Meanwhile, the Sovereign Wealth Fund said its investment programme over the next six months, including on infrastructure, would go ahead, even as revenues that provide its capital are hit by falling oil prices.

Chief Executive of the Nigerian Sovereign Investment Authority (NSIA, Mr. Uche Orji, highlighted one of the vehicle’s core aims is to manage oil export windfalls to cushion the economy in harder times.

“The oil price, yes, it’s come down. But frankly, let’s not forget why this fund was set up. It was to prepare us for days like this,” he told Reuters on the sidelines of an African investment conference in London yesterday.

Orji conceded that weakness in the international oil market would affect the fund but he remained focused on deploying existing assets to investment in infrastructure projects in sectors such as transport, power and healthcare.

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News

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

APC petitions IG over Dokubo-Asari’s threat Johnchuks Onuanyim Abuja

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he All Progressives Congress (APC) has petitioned the Inspector General of Police over the threat of violence against its National Publicity Secretary, Alhaji Lai Mohammed, by the leader of the Niger Delta Peoples Volunteer Force (NDPVF), Mr. Mujahid Dokubo-Asari.

In a petition entitled

“Threat of violence by Mujahid Dokubo-Asari against APC National Publicity Secretary, Alhaji Lai Mohammed,” which was signed by the National Secretary of the party, Mai Mala Buni, APC called on the Federal Government and security agencies to investigate the matter.

The petition was also sent to President Goodluck Jonathan, Senate President, Speaker of the House of Representatives, Secretary to the Govern-

ment of the Federation (SGF), Attorney General of the Federation (AGF) and Director-General of the Department of State Security (DSS).

Mohammed had, in a statement on October 8 ,asked the Federal Government to explain the presence of the ex-militant leader on the plane that transported $9.3 million cash to South Africa.

In his response, Dokubo-Asari had, in an interview with an online

medium, said while he would adopt a ‘’civilised response to Mohammed by first suing the APC spokesperson for his remarks,” he warned that should the courts fail to deliver justice, ‘’he will resort to self-help by using his hands and any other means to deal with Mohammed.”

In its petition to IG, APC said: “We find this threat totally abhorring, dangerous, unacceptable and uncivilized, and there-

L-R: Head, Strategy, Sterling Bank Plc, Mr. Ighodalo Aimienwanu; Executive Director, Mr. Abubakar Suleiman and Chief Information Officer, Mr. Segun Anako, at the launch of the ‘ONE BANK’ initiative in Lagos... yesterday.

PHOTO: GODWIN IREKHE

N’Assembly grants LGs autonomy in reviewed constitution CONTINUED FROM PAGE 4

also moved to whittle down the powers of the president through Sections 58 and 100, which lawmakers claimed were designed to resolve the impasse where the president or governor of a state neglects to signify his assent or withholds such assent to a bill.

According to the conference report, removing such power from the president or governor will strengthen legislative authority and enable timely passage of laws for good governance.

Also, for the purpose of accountability and efficient service delivery, Section 81 provides for the funding of the Office of the Auditor-General of the Federation, Office of the Attorney-General of the Federation, national security agencies, the Nigerian Police, the Revenue Mobilisation and Fiscal Commission, directly from the Consolidated Revenue Fund of the Federation.

Sections 82 and 122 reduced the period within which the president or governor may authorise the withdrawal of money from the Consolidated Revenue

Fund in the absence of an appropriation act from six months to three months, while Section 84(4) (A - F) created Office of the Accountant General for the Federal Government.

Also in an attempt to tackle the recurring cases of disobedience to parliamentary summons, Sections 89 and 129 of the alteration bill empowered the National Assembly and the State Houses of Assembly to prescribe sanctions, civil or criminal or both, for failure, refusal or neglect to obey summons issued by a legislative house or a committee of any of the Houses.

The report noted that Section 121 was designed to engender accountability and efficient service delivery, by providing for the funding of the state Houses of Assembly, Auditor-General of the State and the Attorney-General of a ‘State directly from the State Consolidated Revenue Fund.

Sections 134 and 179 were amended to extend the time for conducting presidential or governorship re-run election from seven days to 21 days.

Furthermore, Sections

174 and 211 in the bill established the Office of the Attorney General of the Federation and Attorney General of a State respectively as distinct from Minister of Justice and Commissioner of Justice.

The National Assembly also amended Section 225 to empower the Independent National Electoral Commission (INEC) to deregister political parties for non-fulfilment of certain conditions such as breach of registration requirements and failure to secure or win either a presidential, governorship, local government chairmanship or a seat in the National or State Assembly.

Meanwhile, the report noted that parts 1 and 2 of the Second Schedule, which deal with Legislative Powers, the exclusive powers under Part I to the Schedule of the Constitution was congested, cumbersome and unwieldy.

The committee, therefore, said there was the need to decongest the exclusive list by maintaining only items of utmost importance to the federation as a whole, and transferring some items to the concurrent list.

Therefore, the National Assembly approved the transfer of Arbitration, Environment, Health, Housing, Railways, Road Safety, Stamp Duties, Wages, Land and Agriculture and Youths to the Concurrent List.

In his remarks after the approval of the report, Senate President David Mark, who presided over the session, urged the relevant authorities to transmit the report to the state assemblies for their own legislative action as quickly as possible.

According to the 1999 Constitution, before any amendment to the constitution by the National Assembly can become law, at least 24 state Houses of Assembly, representing two-thirds majority of the nation’s 36 legislatures in states, must also pass endorse it.

Speaking to journalists after the adoption of the report, Chairman of the Senate Committee on Review of the 1999 Constitution, Senator Ike Ekweremadu, said the House earlier removed the immunity clause but the Senate rejected that and the clause was retained.

fore wish to request that you call Mr. Dokubo-Asari to order and invite him to explain what he means by

his threat to resort to selfhelp. We have attached a copy of the said interview to this petition.”

Arms deal: ‘South Africa out to embarrass Nigeria’ CONTINUED FROM PAGE 1

rican authorities must apologise for causing Nigeria such an embarrassment, considering the role the country played in the liberation struggle against apartheid.

“I want to believe that there must be a change; what South Africa did to us is unacceptable, it’s not fair, it’s not just and it was unnecessary.

“Here is a nation that stood by them during their time of need. If there’s any country that should understand the need to use cash to procure weapons, it is South Africa.

“They have gone through a very long struggle for liberation to get to where they are today and most of the weapons they used during the period were cash transactions so we were in a very dire situation at that point in time, though we’ve turned the corner now but we needed that push at that particular time and they failed us.

“I can speak now as an ordinary citizen of Nigeria, I think South Africa failed Nigeria and they owe Nigeria an unreserved apology.

Look at the embarrassment on the other transaction that was done through the bank, they went out deliberately to embarrass us,” he stated.

On the ceasefire deal between Nigeria and the Boko Haram group and the recent attacks on some towns in Borno and Adamawa States, the former minister said: “We are not members of the Boko Haram family

and we don’t know effective their means of communication is so let’s take it that they have challenges with their means of communication, but going forward I’m sure there will be an improvement.

“The truth of the matter is let us be calm and support the efforts of the Federal Government to bring this thing to finality.”

Meanwhile, the Chief of Air Staff, Air Marshal Adesola Amosu, has said the air force has carried out more than 5,390 missions comprising 2,468 on various ground attack platforms, 1,443 air surveillance and 1,479 airlift missions during the antiterror war.

He also said military response to Boko Haram insurgency could not provide complete solution to terrorism.

Delivering a lecture titled: “Fighting Terrorism and Insurgency in Nigeria: The Nigerian Air Force Perspective,” organised by the Department of Political Science, University of Ibadan, to mark its 50th anniversary, Amosu stressed the need for synergy among security agencies in order to effectively defeat terrorism.

He said Nigeria must consolidate on anti-terrorism and counter-terrorism campaigns, including measures to tackle the root causes and drivers of terrorist action whilst ensuring the development of robust protective protocols, systems, procedures and infrastructure.

2015: Atiku woos Lagos Assembly Muritala Ayinla

A

head of the December 2 national convention of the All Progressives Congress (APC), former Vice-President Atiku Abubakar yesterday notified the Lagos State House of Assembly of his intention to visit the lawmakers.

The visit is to solicit the lawmakers’ support in his bid to emerge the presidential candidate of the APC. In a letter personally signed by him and read on the floor of the House by the Clerk, Ganiyu Abiru,

the former vice president expressed his readiness to contest the 2015 presidential election.

He added that the lawmakers’ pivotal role in the party made it necessary for him to propose such visit to serve as an interactive session.

Responding to the letter, the Speaker, Adeyemi Ikuforiji, said once he gets the detail of the visit, he will communicate to members.

Ikuforiji said: “I don’t have the details, immediately we have the details, it will be sent to all members.”

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NEW TELEGRAPH wednesday, OCTOBER 22, 2014

Shell strikes sales deals for Nigerian assets l Deals signed for all four onshore oilfields, pipeline l Shell, partners sell OML 18 to Canadian firm Bayo Akomolafe

R

oyal Dutch Shell has signed sales agreements for all the Nigerian oil assets it put up for sale following a 2013 review of its business in the West African country, a spokesman was quoted by Reuters to have said yesterday.

The Anglo-Dutch oil major, like many of its peers, is carrying out a major cost-cutting drive.

It has opted to move away from Nigerian onshore oil production, which is

82%

plagued by massive oil theft, security problems and oil spills and is also becoming a major source of legal liabilities.

The assets include Shell’s 30 percent stake in oil mining leases (OML) 18, 24, 25, 29 and the Nembe Creek Trunk Line (NCTL), the country’s main onshore pipeline.

The company also said that, together with its partners Total and Eni, it had signed an agreement to sell their 45 percent stake in OML 18 to a consortium led

The percentage of individuals using the internet in Germany in 2010.

Source: Itu.int

by Canadian oil and gas company Mart Resources. The Nigeria National Petroleum Corporation (NNPC) owns the remaining share of the oil field.

Mart confirmed it had entered into an agreement for the acquisition of OML 18, whose production it said ranged between 20,000 to 30,000 barrels per day from around 30 wells.

The value of the deals was not disclosed. In August, the Financial Times reported that Shell was close to selling

2.3%

The smoking rate among men in Western Pacific region.

Source: Smokingstatistic.org

the oilfields for about $5 billion to domestic buyers.

The sale process “has not yet fully concluded but we can confirm that we have now signed sales and purchase Agreements for these Oil Mining Leases and the NCTL”, a Shell spokesman told Reuters yesterday.

“Nigeria remains an important part of Shell’s portfolio, where we will continue to have a significant onshore presence in oil and gas, and which has clear growth

6.5m

The total population of Paraguay (rep.

0.09% of world’s population) in 2010.

Source: Blatantworld.com

potential, particularly in deep-water and onshore gas,” he added.

In March, Reuters reported that Nigerian firms Aiteo and Taleveras had made the highest bid of $2.85 billion for OML 29, the biggest of the four oil fields. A senior Nigerian oil executive said a consortium headed by Pan Ocean Oil Corporation had bid for OML 24 at a price of about $1 billion.

Shell’s shares were up 3.073 percent at 2,613.5 pence at the close of London trading.

86

The sex ratio of men to 100 women in the 60+ age group of Guinea in 2012.

Source: Un.org

L-R: Director, Corporate Communication/Corporate Social Responsibility, Airtel, Mr. Emeka Opara; Head of Office, India High Commission, Vyas Deo Choudary; Vice President/ Director Customer Service, Airtel Nigeria, Ajay Bakshi and Senior General Manager, Corporate Development, Apollo Hospitals, Dr. Harinder Sidhu, after the Apollo Hospital/ Airtel press conference in Lagos…yesterday.

PHOTO: SULEIMAN HUSAINI

Only five states can survive Nigeria’s financial crisis’— Aliyu Dan Atori MINNA

N

iger State Governor, Dr Muazu Babangida Aliyu yesterday raised the alarm that only five of the 36 states in the country can survive the financial crisis that the nation is likely to face in soon.

Aliyu’s alarm came against the backdrop of the failure of the Federation Account Allocation Committee FAAC to distribute money to the states of the federation at its meeting held in Enugu, a development he said will affect the payment of the October salary in his state.

Speaking at the opening of the 4th Congress and Na-

tional Workshop on Cooperative Trade as a driver of job creation and employment generation in Minna, Aliyu, who did not mention the states, expressed fears that his promise to always pay salaries of civil servants on the 25th of every month is now being threatened.

To corroborate his position, Aliyu called on the Acting Commissioner for Finance Alhaji Hassan Abdullahi to narrate what happened at the FAAC meeting of last week.

Hassan, narrating the incident, said “We were in Enugu for three days. On the third day, they called us into a room and told us to go back because there was no money to share”.

Ogbeh apologises to BBOG over APC comment Yekeen Nurudeen Abuja

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ormer National Chairman of Peoples Democratic Party (PDP) and chieftain of All Progressives Congress (APC), Chief Audu Ogbeh has apologised to leaders and members of BringBackOurGirls# group (BBOG) over his statement linking the group to APC. Ogbeh, in a letter written to the leadership of BBOG, a copy of which was obtained by New Telegraph, said his comment was not intended to paint the group as an APC subgroup.

“If my statement caused you discomfort, I do apologize, but reiterate that I have nothing but respect and admiration for you for keeping a six month vigil and telling the world that the Nigerian conscience is not entirely dead.” he said in the letter He explained that findings have shown that less than two per cent of group are APC members.

The letter reads: “I feel obliged to let you know that my statement at our function last week was not intended to paint your group as an APC subgroup.

This is because from what we now know, less than 2 per cent of the group are our party members but members we value highly.

The rest of you are not and may not even belong to any political association whatsoever. This is not to say that you have no right to be if you choose to. If my statement caused you discomfort, I do apologize, but reiterate that I have nothing but respect.”

Ebola: Kalu hails success, urges vigilance

Sheriff promises to deliver Borno to PDP

Wale Elegbede

Onyekachi Eze

F

ormer Governor of Abia State, Dr. Orji Uzor Kalu, has described as joyous the official certification of Nigeria as free of the Ebola virus disease (EVD), by the World Health Organisation (WHO), praying that Nigerians should not lower their guard despite the success story.

Kalu, in a statement signed by his Special Adviser, Kunle Oyewumi, said regardless of the collective euphoria that greeted the nation’s “spectacular success story”, caution and vigilance should still be observed

daily among citizenry.

The statement reads: “It was no doubt joyous to hear the proclamations from the World Health Organization (WHO), citing the “spectacular success story” of Nigeria freeing itself from Ebola after 42 days without new cases.

“However and despite our collective euphoria at this juncture, we must urge caution and continued vigilance in our travels and in the daily lives of our citizenry.

“This epidemic is real; the fear warranted and our country, a major hub for transportation and trade in West Africa.”

ABUJA

F

ormer Governor of Borno State, Senator Ali Modu Sheriff, yesterday told the leadership of the Peoples Democratic Party (PDP) that he will deliver the state to them in 2015.

The former governor, who was formally received into the ruling party, said he will be doing so to bring the people of Borno State to the main stream of Nigerian politics and to help change the mistake which denied PDP 25 per cent in the 2011 presidential election.

“So Jonathan will win

in Borno State in 2015,” he assured.

He said they have reached a comprehensive agreement with the committee and arrived at consensus to work together.

PDP National Chairman, Dr Adamu Mu’azu, who described the occasion as a new era in PDP, however, told the returnees and the new entrants that there will be no automatic waiver for them.

“I know what is in the minds of many of you that you have come into the party you will say you want to contest and they will give us waiver. But we don’t give automatic waiver like other parties.

8

News

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

SOUTH-WEST

Daniel, Kashamu embrace as Ogun PDP holds unification rally Kunle Olayeni Abeokuta

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beokuta, the Ogun State capital, was literally shut down yesterday as the Peoples Democratic Party (PDP) held a its unification rally to welcome back former Governor Gbenga Daniel and his loyalists who defected from the Labour Party (LP).

The rally, held at the PDP secretariat, Abeokuta, attracted huge crowd of party faithful and supporters of the

various aspirants.

The event, which saw Daniel and PDP chieftain, Buruji Kashamu, embracing each other publicly, may have finally laid to rest the crisis that cost the party victory in the last general elections.

In attendance were former House of Representatives Speaker, Dimeji Bankole, former Minister of Commerce and Industry, Senator Jubril Martins-Kuye, PDP National Auditor, Alhaji Adewale Adeyanju, former Minister of Mines

and Steel Development, Alhaji Sarafa Isola, and Senator Kola Bajomo.

Others were Senator Lekan Mustapha, Senator Ayo Otegbola, Alhaji Sule Onabiyi, Dr. Femi Majekodunmi, a House of Representatives member, Rasak Adewusi, and former Deputy Governor, Alhaja Salmot Badru, and former Speaker of Ogun State House of Assembly, Titi Oseni.

Some of the PDP governorship aspirants present were Abiodun Akinlade, Gboyega Isiaka, Anthony Ojesina,

Kayode Amusan, Rafiu Ogunleye, Segun Adewale and Remi Bakare.

Most of the party chieftains, who took turns to address the gathering, noted that the unification and the resurgence of the PDP were key to its victory in 2015.

Daniel, who stormed the secretariat at 1.02pm amidst cheers from supporters and gun salute from traditional hunters, said he was happy to return to the PDP. He also declared that the state secretariat of the

defunct LP in Abeokuta “has been reprogrammed and will be handed over to whoever becomes the governorship candidate of the PDP.” The former governor commended the national leadership of the party as well as the state executive for their untiring efforts in restoring unity among party members.

Daniel also used the occasion to berate the administration of Governor Ibikunle Amosun, saying that the PDP was ready to unseat him in 2015.

L-R: Former Ogun State Governor, Otunba Gbenga Daniel; Chairman, Peoples Democratic Party (PDP), Ogun State chapter, Mr. Adebayo Dayo and Chairman, Organisation and Mobilisation Committee South-West, Prince Buruji Kashamu, during the unity rally in honour of Daniel and his followers, who defected from the Labour Party (LP) to the PDP in Abeokuta...yesterday

Ajimobi harps on credibility

O

yo State Governor, Abiola Ajimobi, has charged the elite to champion the course of educating members of the public on the need to ensure that people of proven records are elected into political offices during the 2015 general elections.

He gave the charge shortly after his investiture as the Grand Patron of the Ibadan Tennis Club held at the Club House, Iyanganku, Ibadan.

The governor said for the state to improve, progressive-minded persons, who had the interest of the people at heart, must be at the helm of affairs.

According to Ajimobi, the state can no longer afford to experiment with mediocres and people of questionable character.

“Our administration has taken Oyo State to a level

where we can no longer afford to hand the state over to mediocres and people of questionable character. Our people must be educated on the need for them to ensure that only those who have their interest at heart are elected into political offices come 2015,” he said.

The governor described the present administration in the state as the change agent, while also calling on members of the public to support his government to effect the necessary changes and take it to its deserved destination.

In his remarks, Chairman of the occasion, Dr. Lekan Are, commended the club for recognising the contributions of Governor Ajimobi to the development of Oyo State, which he said culminated into his investiture as the grand patron.

Fayose sacks LG education secretaries

E

kiti State Governor, Mr. Ayo Fayose, yesterday relieved all the local government education secretaries of their posts.

According to a statement issued in Ado-Ekiti by the Chief Press Sec-

retary to the Governor, .

Idowu Adelusi, the sack was with immediate effect and that the affected secretaries should hand over government property in their care to the officers next to them.

Ebola: Lagos gets applause Temitope Ogunbanke

T

he Lagos State chapter of the All Progressives Congress (APC) yesterday lauded Governor Babatunde Fashola and the Lagos State government for its pace-setting role and the way it dealt with the deadly Ebola Virus Disease (EVD).

APC in a statement issued by its Publicity Secretary, Joe Igbokwe, praised the state government for dictating the pace for the successful control of the virus as it has over the years established a proactive health sector that naturally rose to the challenge posed by the ravaging virus.

“In the glee of the World Health Organisation’s declaration of Nigeria as Ebole free, it is proper that we salute the dedicated, pace setting role the Fashola/APC government played in achieving this feat. It is right to say that had the dreaded disease berthed elsewhere, Nigeria would have been grappling with an unmitigated disaster in its hands today.

“Lagos APC salutes the Lagos State government for its positive roles in rescuing the decadent Nigerian state from perdition. We note that what passes off Nigerian economy today is driven by the huge economy of Lagos which is the fifth largest in Africa.”

Aregbesola did not ask for re-run in Osun poll –APC Adeolu Adeyemo Osogbo

O

sun State chapter of the All Progressives Congress (APC) yesterday said there was no time Governor Rauf Aregbesola, in any document, asked the Election Petition Tribunal sitting in Osogbo, for a re-run of the contest he won without a doubt.

The party in a statement by its Director of Publicity, Kunle Oyatomi, in Osogbo charged members of the

public to disregard the claim he said emanated from his political detractors and opposition.

“The public should disregard the story, which is the trademark and signature of lies by the PDP that has been comprehensively rejected by the people in Osun.

“The frustrated PDP in Osun should take a cue from its national chairman, who has publicly admitted the defeat of his party and candidate

at the August 9 election.

“Those who are claiming that the election had been rigged have no honour left in them,” the APC said.

Oyatomi, who said the party was reacting to a newspaper report published on Monday, October 20, 2014, which falsely stated that Aregbesola filed a prayer for re-run of the election, if the tribunal upheld Omisore’s baseless application, argued that there was only one prayer made by Aregbesola.

He said the prayer made stated that: “Whereof in all the forgoing premises, amongst others, the 2nd Respondent denies in their entirety all the prayers of the petitioners as set out in all of paragraph 59 (i-v) on pages 174 and 175 of the petition and will urge the honourable tribunal to dismiss the petition with substantial costs for being unmeritorious, frivolous, vexatious, ill-conceived and an abuse of court process”.

‘Fayemi, Adebayo plunged Ekiti into debts’ Adesina Wahab Ado-Ekiti

E

kiti State chapter of the Peoples Democratic Party (PDP) has said the huge debts left behind by the administration of former Governor Kayode Fayemi, did not come to it by surprise, saying such has become the trait of the All Progressives Congress (APC) led governments in the state.

In a statement in AdoEkiti yesterday by the party’s Publicity Secretary, Mr. Kola Oluwawole, the PDP drew the attention of the people of the state to what Fayemi’s godfather, Otunba Niyi Adebayo, did when he also left office in 2003.

According to the PDP, Adebayo also left debts running to billions of naira when Governor Ayo Fayose took over from him in 2003.

“The facts are there for all to see and the

people of the state saw and knew what Otunba Niyi Adebayo did and what his APC fellow, Kayode Fayemi, also did. Adebayo took about N5 billion loan from the capital market and left the workers with backlog of salary arrears, running to 16 months in some cases.

“His godson also came, followed the same line of the biblical prodigal son, took loans from the capital market and other undisclosed sourc-

es and left the state’s workers reeling under the yoke of unpaid salaries. In fact, Fayemi only came to repeat history as far as plunging the state into debts is concerned.

“He went further than his forebear in APC by mortgaging the future of the state because of projects that have no economic values. But in the history of the state, PDP led governments have always left the state in healthy financial condition,” Oluwawole added.

NEW TELEGRAPH wednesday, OCTOBER 22, 2014

News

south — east

9

Ex-Presidential aide joins Imo governorship race Steve Uzoechi OWERRI

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L-R: Business Solution, Globacom, Mr. Ike Oraekwuotu; Executive Director, Business Services, Mrs. Gladys Talabi; Minister of Youth Development, Alhaji Boni Haruna and Director General, Citizenship and Leadership Training Centre, Mr. Michael Fawole, during the introduction of Glo Youth Development Initiative Products in partnership with the NYSC in Lagos…yesterday.

PHOTO: GODWIN IREKHE

Apc to challenge Orji over Abia Central Igbeaku Orji, Umuahia

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he Abia State chapter of the All Progressives Congress (APC) has broken the long silence on its plans for the 2015 election in the state

as one of its leaders and the former member of the House of Representatives for Ikwuano/Umuahia federal constituency, Hon Acho Obioma, has picked nomination and expression of interest form as a prelude to what will be an epic battle for the Abia

Central senatorial seat with Governor Theodore Orji.

Until now, no other party in the state has done anything to show it will field any candidate for any position in the 2015 election except the Peoples Democratic

I’m not under pressure, says Abia pdp chairman Igbeaku Orji Umuahia

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ontrary to insinuations in some quarters that the Abia state chapter of the Peoples Democratic Party (PDP) has been forced to arrange the election of the members of the state House of Assembly in order to make the Gov-

ernor’s son the speaker of the next House, chairman of the party in the state Senator Emma Nwaka has denied the report, saying he is not under pressure to do anyones bidding.

Speaking to newsmen at the party secretariat in Umuahia, yesterday, Senator Nwaka said “this is the time for mudslinging, so you should

Enugu guber: pdp BoT members warn Jonathan Uwakwe Abugu Enugu

A

ngry chieftains of the Peoples Democratic Party(PDP) in Enugu state yesterday reacted to a recent news report alleging that loyalists of the Speaker of the House of Representatives, Alhaji Aminu Tambuwal, including the party’s consensus governorship candidate for Enugu state, Hon. Ifeanyi Ugwuanyi were under watch by the presidency, warning President Goodluck Jonathan to be wary of the antics of fifth columnists who want to make him lose

his support base through rumour mongering.

For mer national chairman of the party, Dr. Okwesilieze Nwodo, who is a member of the party’s Board of Trustees, Ambassador Justina Eze who is also a BOT member of the party as well as another chieftain of the party, in the state ,expressed anger yesterday when they reacted to the development, saying it was a “huge insult on the leaders of the state to reduce their hard-earned popular decision for 2015 to the whims of the personal decision of Tambuwal”.

expect all manners of comments, there is no such instruction, you know the way we do our things.”

He also used the opportunity to debunk insinuations that he is no longer the chairman of the party.

He however said that the Governor’s son was free and qualified to pick the form if he so desired.

Party (PDP), but Obioma who picked his forms in Abuja, is going to run on the platform of the All Progressives Congress [APC], while Orji is likely to pick the PDP ticket.

Speaking in Umuahia, Obioma said that with his picking the forms, the stage is set for the people of the senatorial district to now know those that will give them quality service.

Obioma, a two time member of the House of Representatives said that legislatives matters are better left for the people with legislative experience and people who have what it takes to represent the people for dividends of democracy to get to them.

“Just like I did for my people when I represent-

ed Umuahia/Ikwuano at the federal House, I will give quality representation to the six local government area in Abia Central Senatorial zone.”

On why he picked his form quietly, Obioma said that he did not want to draw unnecessary attention, “But I intend to publicly display the form at the appropriate time before the people of the senatorial district”.

He said that a committee has been set up for his public declaration of his senatorial ambition, “I can assure you that it will not be a child’s play as who is who in the state APC will be there to show their solidarity and support on that day, it will be a great day”.

overnorship aspirant, Ambassador Obinna Adim, says he intends to run the affairs of Imo state like a business enterprise that demands diligence, expertise and productivity, if given the opportunity to govern the state in 2015.

Speaking at the state secretariat of the Peoples Democratic Party (PDP) in Owerri, while declaring his intention to run for the top job, Adim stated that the overriding vision of his administration as the governor of the state would be to make the state agroallied.

Adim, who recently resigned as the Special Adviser to President Goodluck Jonathan on Youth Empowerment, disclosed that he had lined up no less than 10 companies that would create approximately 50,000 jobs by the end of his second year in office.

In his words, “On the day of my swearing in as governor, these companies will sign the agreement to establish manufacturing plants in Okigwe, food processing and packaging in Owerri, ship building facility in Oguta and pre-fab factory for affordable housing in Orlu.

“We must make Imo progressively businessfriendly in order to attract more companies that will continue to create employment opportunities for residents of the state.”

His policy ideas, he said were hinged around 10 key issues that concern an average person in the state.

Okorocha: Anyanwu is an 2015: Group warns PDP over plot to stop Ihedioha, Ugwuanyi empty alarmist Steve Uzoechi

OWERRI

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overnor Rochas Okorocha of Imo state has dismissed recent assertions made by Senator Chris Anyanwu representing Imo East to the extent that the governor has plunged the state into huge debts of devastating proportion, as lies and fabrications generated by an alarmist.

Anyanwu, while declaring her governorship bid, had also accused Okorocha of inflicting long-term damages on all the critical sectors of the Imo society including education.

Reacting to Anyanwu’s claims through Mr. Sam Onwuemeodo, his Senior Special Assistant on Media, Okorocha said that one would be stating the obvious if Senator Anyanwu is described as having suddenly put on the toga of an alarmist in recent time.

He said, “Recently, she deceived the distinguished senators by raising the alarm that the Imo state government was registering northerners in the state with the aim of issuing them identification cards, and the senators were deceived into passing a resolution on a matter that never existed.

Felix Nwaneri

A

head of the 2015 general election, the South East Revival Group (SERG) has warned the Peoples Democratic Party (PDP) to avoid fostering anti democratic tendencies that could be contagious to other political parties and jeopardize the genuine wishes of the people of the zone.

SERG said its warning was in response to media reports that aspirants perceived to have once supported the House of Representatives Speaker, Hon. Aminu Tambuwal, were under watch and would be stopped at all costs from be-

coming candidates of the ruling party.

A statement by the National Coordinator of SERG, Chief Willy Ezugwu said the party would be applying double standards if it approves consensus candidacy at the national level and then turn around to kick against it at state level even when that is what the people of those states want.

The group said it found worrisome that only South-East aspirants are being singled out on the basis that they were reported to have supported the emergence of Tambuwal as speaker.

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

10

Metro ‘We killed Newswatch editor Nine held for robbery, cultism, murder Cephas Iorhemen Makurdi

P

olice in Benue State yesterday paraded nine suspected criminals for various offences, ranging from armed robbery to cultism, kidnapping, gunrunning, culpable homicide and job racketeering.

Briefing journalists in his office, the Commissioner of Police, Hyacinth Dagala, said the suspects were arrested in different locations.

Dagala said within the six weeks of his assumption of duty, concerted efforts had been made by the officers and men of the command alongside other security agencies to ensure that the bad elements were chased out of the state.

The commissioner disclosed that some armed robbers attacked one Ngozi Ezema at North Bank area of Makurdi town and dispossessed her of assorted GSM recharge cards valued at N18,000 and N10,500 cash.

He said one John Orfega was arrested in connection with the robbery following a tip-off while others escaped.

Orfega added that other robbers trailed one Mr Matthew Agbasi Onyenema as he was returning to his house opposite Iorchia Ayu Street, Gboko South. They forced themselves into his house at gunpoint and ordered him to remain inside his Toyota Highlander, where they began shooting sporadically at the premises and later smuggled him into a Honda CRV they used in the operation and abandoned the Highlander on Lessel Road in Ushongo Local Government Area.

Dagala explained that a ransom of N15 million was paid to the kidnappers who held the victim captive for five days before he was released.

ABIODUN BELLO FEATURES Editor

abiodun.bello@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

for being stubborn’

Taiwo Jimoh and Shola Adefuwa

S

ome suspected armed robbers, now in police custody, said yesterday that they shot and killed the Newswatch Deputy Editor, Toyin Obadina, because he was stubborn and refused to cooperate with them.

Four members of a six-man gang who killed Obadina were paraded before journalists at the Police Command Headquarters, Ikeja, Lagos, by the Commissioner of Police, Mr Kayode Aderanti.

The suspects were identified as Adeshina Festus, 21, Babatunde Samuel, 25, Sunday Samuel, 22 and Ibrahim Adeokin, 22.

Festus said the killing was random. He added that the road was bad and had several potholes.

The suspect said that they knew Obadina would slow down when he reached one of the potholes, closer to where they were hiding.

He said: “We knew that when he got to the spot, he would definitely slow down. Before he got to the pothole, we had blocked him with our Siena bus. Two of our leaders, Oke and Benjamin, jumped out of the car and rushed towards him. I was inside the vehicle when I saw the late editor and our leaders arguing over an issue. Before we knew what was happening, he had been shot by Oke.” Festus recalled that immediately after the man was shot, they quickly left the area and

The suspects

ran to their hideout. When the gang members verbally attacked Oke for killing the deceased, he threatened to kill them too.

Festus said the principle of the gang was to rob, snatch cars, but never to kill.

According to Aderanti, on October 17, the robbers were arrested at their hideout at Mile 12 area of the state, when they were planning to go for another robbery operation.

The commissioner said that the police were able to arrest the suspect based on information received by the command.

He said: “A crack team of detectives, led by the Officer in Charge of the Special Anti-Robbery Squad (SARS),

SP Abba Kyarri, busted the criminals at their hideout at Ajelogo area of Mile 12. During investigation, the robbers confessed to have snatched a Toyota Yaris car marked AKD701 CE, belonging to the late Toyin Obadina at Fibre area of Ikorodu on 1, February, 2014.

“The gang had earlier stolen a Nissan Xterra Jeep with registration No 780BJ from one Segun Afolabi, along the route and used it to block the late journalist and dispossessed him of his valuables, before he was later shot to death by the leader of the gang simply identified as Oke.” Another gang member, Ma-

kinde, said he embraced robbery after he was frustrated by officials of the Lagos State Traffic Management Authority (LASTMA).

According to him, the LASTMA officials seized his commercial bus.

He said: “Immediately Oke killed the man, I tried to caution him. I reminded him of our rules of no killing. When I was arguing with him, he said that the man was too stubborn which was why he killed him.”

Items recovered from the suspects are two locally-made single barrelled cut-to-size short guns, 12 rounds of live cartridges, one Nissan Xtera and one Toyota Yaris car.

I peddled drug to finance my wedding, says suspect Juliana Francis

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etermined to get married before the year runs out, despite his lean resources, a 40-yearold man, Chike Ifeanyichukwu Pauline, embraced drug trafficking.

The suspect, who was arrested with a substance suspected to be methamphetamine, said that he needed money for his wedding scheduled for December.

He said: “I’m a patent medicine dealer in Aba, Abia State. My arrest

Pauline

is very unfortunate because I’m a hardworking person.

“I was deceived into drug trafficking be-

cause I was desperate to perform my marriage ceremony by the end of the year.

“I was optimistic that I will not be arrested, but things did not go according to my expectation. What must I do to set myself free from this predicament?”

The suspect was arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) at the Murtala Muhammad International Airport (MMIA), Lagos.

The Head, Media and

Publicity, NDLEA, Mr Mitchel Ofoyeju, said one kilogramme of methamphetamine was recovered from the suspect.

He said: “Pauline was found with the narcotic drug during the outward screening of passengers on Rwanda Air flight.”

The NDLEA Airport Commander, Hamza Umar, said that preliminary investigation conducted by the agency showed that the suspect was travelling to Bujumbura, Burundi through Kigali.

“The suspect was found with one kilogramme of substances that tested positive for methamphetamine on his way to Bujumbura.

The case is under investigation,” Umar added.

The NDLEA Chairman, Ahmadu Giade, called on members of the public to support the campaign for a drug-free Nigeria.

He said: “The arrest of Pauline will serve as a warning to others that they will ultimately be caught with drugs and prosecuted.

Metro 11

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

Police to arraign dogs for attacking four-year-old boy Taiwo Jimoh and Shola Adefuwa

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he Lagos State Commissioner of Police, Mr Kayode Aderanti, yesterday said that the two dogs which attacked a four-yearold boy at Adegboyega Street, Akeem Estate, Igando had been arrested and would soon be arraigned.

Aderanti said the dogs were being detained and were still under investigation.

The commissioner added that after investigations, the dogs and their owner would be arraigned. The child, Omonigho Abraham, was attacked about 5.40pm on September 25.

“The operatives are

Policemen holding the dogs

trying to look at the relevant laws guarding domestic pets in the state,” Aderanti said.

It was said that the dogs, Jack and Gadaffi, dragged little Abraham downstairs. The child was supposed to have been under the care of some adults, but they were not around when the dogs pounced on him.

The dogs belonged to the landlord where the boy lives with his parents.

The residents and policemen, who were alerted to the scene, watched as the dogs maul the child. They later said they were scared of the dogs.

The victim, who is currently being treated at the Lagos State University Teaching Hospi-

tal (LASUTH), Ikeja, is in a critical condition.

An Assistant Superintendent of Police (ASP), Yahaya Usman, said: “What we did when they brought the dogs to the Police Command was to quarantine them. We wanted to find out whether the dogs had rabies or not.”

Usman said the dogs were kept in isolation for two weeks, but did not show any sign of the disease.

The police said that the medical history of the dogs showed they had been vaccinated.

“They are, however, still under close observation. They will be charged to court and the court will determine what would be done to the dogs,” said Yahaya.

Despite attack, woman insists on marrying sister’s husband Camillus Nnaji

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25-year-old lady identified, simply as Angela, almost lost her life because she is having a secret love affair with her elder sister’s husband.

Angela told our correspondent she did not only fall in love with her sister’s husband but was plotting to send her sister from her matrimonial home.

The lady said she had been living with the couple in Mushin, Lagos, since she was in primary school.

According to her, she fell in love with her sister’s husband because he is a prosperous businessman with a lot of money to throw around.

She said: “I stay with my sister and her husband and they pay my school fees. Trouble started when in SS2, I started dating my sister’ husband secretly.

“He loves me and I have developed strong feelings for him. He

Angela

told me that he made a big mistake marrying my elder sister and want-

ed me to become his second wife.”

Angela said the move to

make her the second wife in her sister’s house did not go down well with her.

Rather, she wanted the marriage dissolved to give room for her to marry her sister’s husband.

She said: “I do not want to be a second wife. I started having secret discussions with my sister’s husband on the issue. But one fateful day, I did know my elder sister was listening to us and heard all we were saying.

“She came in and poured hot water on me. She beat me and bit my ears and face. I just recovered about four days ago.”

Asked if what she was doing was right, Angela said that the relationship developed many years ago.

The lady said that she and her sister’s husband had fallen deeply in love.

The recalcitrant Angela vowed to use every means available to marry to her sister’s husband.

Residents groan as flood takes over Ogun communities Muritala Ayinla

T

he residents of Akute, Isashi, Denro and environs in Ifo Local Government Area of Ogun State have appealed to Governor Ibikunle Amosun to rehabilitate the Denro-Akute Road.

Those who spoke with NT Metro said many of the residents had left their homes to become refugees in other people’s houses, after the recent downpour which rendered hundreds of people homeless.

Those who have not gone have to wade through the flood which has submerged the only road linking the area with Lagos State.

When our correspondent visited the community yesterday, many vehicles which could not navigate the heavily flooded bridge were abandoned while

hundreds of commuters were stranded.

Those who could not wade through the flood were ferried across the bridge by young boys for a fee.

An 82-year-old man, Pa Segun Adeolu, said the government had not been fair to them.

The octogenarian said that despite the fact that the government claimed ownership of Akute and its environs, nothing could be pointed at as the state infrastructure.

He said: “Politicians are not reliable. We informed them of our plight; that our roads are dotted with potholes. Just recently, the governor also drove through this road.

“In Akute, everybody has turned to local government of sort as we produce everything by ourselves. We don’t even know if this place belongs to

Residents crossing the flooded portion of the road

Ogun or Lagos State as we have been neglected by successive administrations in Ogun State.”

A community leader, who craved anonymity, also bemoaned the poor state of infrastructure in the area.

He said: “I think the essence of local government is to bring government and development nearer to the people at the grassroots. It is rather unfortunate that it is not

so in Ogun State, especially in Ifo Local Government.

“There are no health centres, good roads and other social amenities. What then is their duty? The only time we see these people is during electioneering.”

Also speaking at the flooded Denro-Akute link bridge where pedestrians now pay N100 each to youths to carry them cross.

Building collapse: LASBCA to prosecute violators Muritala Ayinla

L

agos State Government said that arrangements had been concluded to prosecute owners of building under construction, who unlawfully reopened their premises sealed off by government for violating building regulations.

Speaking with our correspondent, the General Manager, Lagos Building and Control Agency (LASBCA), Mrs Ambimbola Animashaun, wondered why people keep quiet when they observe defective buildings in their areas.

According to her, such attitude contributes to frequent cases of building collapsed.

Animashaun regretted that some building owners forcibly reopen buildings sealed off by government for violating building regulations.

According to her, such property owners break the seal and continue their building with impunity.

Aderanti commended for beautifying police headquarters Juliana Francis

T

he Lagos State Commissioner of Police, Mr Kayode Aderanti, has been commended for giving the State Police Command Headquarters a facelift.

A security analyst, Folorunsho Atta, who gave the commendation, said the beauty of the environment would be good for the personnel, suspects, complainants and visitors.

A visit to the command headquarters at Ikeja, according to Atta, revealed that the lawns and gardens in the compound had been mowed and the flowers trimmed.

He noted that Aderanti’s efforts were yielding fruits as the garbage littering the front of the armoury building which houses the X-Squad and Criminal Intelligence Bureau (CIB), had been cleared.

The main building, where the office of commissioner and his deputies have their offices is now wearing a new look, the analyst added.

12

News

wednesday, OCTOBER 22, 2014 NEW TELEGRAPH

south — south

Rivers APC banks on Buhari to defeat Jonathan Emmanuel Masha Port Harcourt

T

he Rivers State chapter of the All Progressives Congress (APC) has described the intention of former Head of

Ex-Akwa Ibom SSG declares for governorship race

State, Major General Muhammadu Buhari, to contest the 2015 presidential election as a key move by the party to defeat President Goodluck Jonathan in 2015.

The Chairman of the party in the state, Dr. Ibiamu Ikanaya, said Buhari

80%

is a credible candidate, who can help the APC execute its rescue mission.

Ikanaya, who stated this in a statement, noted that the Peoples Democratic Party (PDP) had in the past 15 years brought shame and hardship to the country, and that it

The percentage of total NCD deaths worldwide occurred in low-and middle-income countries.

Source: Who.int

was time for the APC to take over the country’s leadership.

He said: “The handwriting is already on the wall for President Goodluck Jonathan in view of the calibre of leaders and the unprecedented number of people that

5,768

The number of refugees in Guatemala at the beginning of 2010.

Source: Blatantworld.com

attended the historic declaration of General Muhammadu Buhari to contest the 2015 presidential election, it should be an easy task.

“It has therefore become imperative for President Jonathan to start writing his handover

83

The life expectancy (in years) at birth of women in Greece in 2010-2015.

Source: Un.org

notes as his game is up.”

Ikanya said that if Jonathan goes ahead to contest the 2015 general election he would become the first sitting President to lose a general election since there is no basis whatsoever for him to win.

112

The sex ratio of women to 100 men in Guadeloupe in 2012.

Source: Un.org

Tony Anichebe Uyo

T

he immediate past Secretary to the Government of Akwa Ibom State (SSG), Udom Emmanuel, yesterday declared his intention to contest the 2015 governorship election under the platform of the Peoples Democratic Party (PDP).

Udom made the declaration before party faithful at the Uyo Township Stadium, where he promised to create wealth for the people of the state if elected.

The former SSG commended Governor Godswill Akpabio for providing excellent leadership in the state.

Udom, who said he would focus on industralisation, also promised to create wealth for women and youths in the state if elected.

He said: “Governor Godswill Akpabio has provided excellent leadership in the state. What is required is that manager with proven managerial skills to move the state forward. I am passionate about wealth creation and the wellbeing of our people.

“It is time to raise the bar of economic development in the state. I humbly present myself as a humble servant before you.”

The governorship hopeful also said that he would work to promote trade, commerce and tourism through a sustainable Public Private Partnership (PPP) arrangement.

Udom said his background as a banker and a chartered accountant had fully prepared him for the task ahead.

He said: “Today, Akwa Ibom people have made a statement and that statement is Udom Emmanuel.”

In his remarks, Chairman of the occasion and former Military Governor of Akwa Ibom State, Idongesit Nkanga, charged the people to take up such responsibility since the world is moving from the analogue to the digital era.

L-R: Regional Community Health Manager, Shell Petroleum Development Company Nigeria Limited, Dr. Tunde Fakunle; Director Advocacy and Programme Development, Health Insurance Fund, Netherlands, Dr. Kwasi Boahene and Ms. Aaltje de Roos of Sustainable Department, Dutch Ministry of Foreign Affairs, during the panel’s session on Public Private Partnerships for Universal Health Coverage in Africa, at the 2014 Africa Works Conference in Leiden, the Netherlands …recently

Lawmaker seeks equity in Etsako politics Cajetan Mmuta BENIN

M

ember representing Etsako Central constituency in the Edo State House of Assembly, Mr. Johnson Oghuma, yesterday harped on the need for political parties and leaders to ensure the enthronement of the principles of equity and justice to allow for fair and balanced rationalisation of elective offices in the polity.

He said the measure would help his council produce the next House of Representatives member during the 2015 National Assembly elections in the state.

Oghuma, who wants to represent the Etsako Federal Constituency at the National Assembly, said this while fielding questions from newsmen after he collected the All Progressives Congress (APC) nomination form at the party’s secretariat in Benin.

He said: “We have always supported the other Etsakos politically and oth-

erwise and I feel it is only right that Etsako Central should be allowed to produce the next member to represent the constituency.

This agitation has become a general outcry among our people. It is not just from share sentiment, but a statement of facts. In the last 16 years, we have never been given the opportunity to serve. If we have been so patient for 16 years, I think the time is now.”

The lawmaker’s position may not be unconnected with the argument that Etsako East and Etsako West have held sway at the lower chamber of the nation’s legislature in the past 16 years at the expense of Etsako Central council area.

He said his local government council has always played key roles that have assisted towards projecting the interest of the other councils and therefore, it was only fair that the two other councils should give the Etsako Central the same support for the exalted seat at the House of Representatives constituency next year.

Attah carpets Akpabio over abandoned projects Wole Shadare

F

ormer Governor of Akwa Ibom State, Obong Victor Attah, yesterday took a swipe at the state government for the myriad of abandoned projects in the state.

The ex-governor while speaking with journalists at the inaugural flight operations of Air Peace at the Murtala Muhammed Airport, Lagos, accused the incumbent governor Chief Godswill Akpabio, of abandoning most of the projects he commenced while in office, saying that the action has set the state backward.

A visibly angry Attah insisted that some of the abandoned projects were good ideas.

Some of the abandoned projects he mentioned include the Maintenance Repair and Overhaul (MRO) facility for the Ibom International Airport, the state’s power plants, Ibom Science Park, Ibom Ship Building Yard and the Urban Water Schemes with waterworks built in about 10 local government areas to articulate clean and safe water for the citizenry, among many others.

Attah said government should be a continuum, stressing that most of the projects the present Lagos State Governor, Babatunde Fashola, is doing were some of those commenced by his predecessor, Senator Bola Tinubu.

He said: “It is the gov-

ernment that abandoned most of the projects I started in the state. You should direct your question of abandoned projects to the Akwa Ibom State government. Several good ideas I started are abandoned today in the state.

“For instance, I started the MRO facility of the Ibom International Airport, when I was the governor, but today, the MRO is abandoned.

When we started, we had a technical partner from the United States, Dicon, which handles their air force, but when Akpabio’s government came on board, he sent them packing. Government should be a continuum,” Attah added.

Akwa Ibom proposes N492bn budget for 2015

A

total of N492 billion draft budget for the 2015 fiscal year has been proposed and forwarded to the Akwa Ibom State House of Assembly for consideration and approval.

The amount, which was against the N498.5

billion for 2014, showed that capital expenditure is given N268 billion against the N336 billion for last year while recurrent expenditure has N94.7 billion against N74.2 billion for last year.

Commissioner for Finance, Akan Okon,

who announced this yesterday at the executive chambers of Governor’s Office, Uyo, said members of the state executive council presided over by the governor, Chief Godswill Akpabio, approved the draft budget.

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

Corruption

Parliament

National Conference

2015

14, 15

17

40

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Obasanjo can’t talk on transparency, integrity –Gen. Williams

Politics of oil benchmark

Confab report: Stormy session awaits Reps

13

PDP’ll recover Imo from Okorocha –Udenwa

Politics

Labour Party on life support

I

t is unusual to see a 50-year-old man crying in public. If it happens, it is either the man has lost someone dear to him or something grievous has happened.

But when the immediate past national chairman of the Labour Party (LP), Chief Dan Nwanyanwu, cried during the just-concluded national convention of the party held in Akure, the Ondo State capital, it showed that something grave had happened to him.

His problem: he has lost the leader of his party and the Ondo State governor, Dr. Olusegun Mimiko to the Peoples Democratic Party (PDP). The implication is that the party has lost its bargaining power and joined the league of political parties on the verge of extinction from the country’s political landscape.

LP like Accord Party (AP) has always supported the ruling PDP and some of the members who lost out in the party’s primaries usually defect to the fringe parties to realise their political ambitions.

Whether or not they win, they usually return to the ruling party. Mimiko was a member of the PDP, left for LP and later returned to the PDP. Former Governor of Oyo State, Senator Rashidi Ladoja was a member of the PDP and defected to AP to realise his governorship ambition. Even as leader of his party, Ladoja has one leg in Accord and another in the PDP. Before Mimiko left the PDP in 2006 to join LP, the party had never had governorship candidate as former National President of the Nigerian Labour Congress (NLC), Comrade Adams Oshiomhole joined the defunct Action Congress of Nigeria (ACN) in order to realise his governorship ambi-

AYODELE OJO

DEPUTY EDITOR, PoLITICS ayodele.ojo@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

The Labour Party (LP) recently held its fourth National Convention in Akure, the Ondo State capital. At the event, the National Chairman of the party, Chief Dan Nwanyanwu, burst into tears over what may be the end of the party. With the exit of the major financier of the party, Governor Olusegun Mimiko of Ondo State, BABATOPE OKEOWO reports that LP may just be on the verge of dying

Nwanyanwu (sobbing) and other party executives at the national convention

tion in Edo State.

On February 24, 2009, Mimiko became the first governor on the LP platform, having been declared winner of the 2007 governorship election by the Court of Appeal sitting in Benin, Edo State. Since then, LP has won all the elections held so far in Ondo State and has produced senators, House of Representatives and House of Assembly members in other parts of the country. The party also produced strong governorship candidates in Ekiti and Osun states.

Mimiko brought his wealth of experience to bear on the fortune of the party as it was one of the political parties that supported the election bid of President Goodluck Jonathan in 2011. In return, the party was given Special Adviser and ambassadorial slots among other positions. Nwanyanwu was compensated with the position of the Pro-Chancellor and Chairman of Governing

Council of Adekunle Ajasin University, Akungba-Akoko (AAUA) after the resignation of Mr. Erastus Akingbola from the position.

Whether losing his privileges as the chairman of the party or losing Mimiko as a member of the party was what led to his tears at the convention was yet to be deciphered. But he gave way to tears as he announced the exit of Governor Mimiko from the party. Nwanyanwu, who also stepped down as the national chairman of the party, could not control his emotions as he wept like a baby when he was reading his valedictory speech to members of the party drawn from all parts of the country.

Nwanyanwu, who became the chairman since the party was formed in 2004, stepped down after 10 years in office.

While in office, he produced Mimiko as governor, senators, members of the House of Representatives and House of As-

sembly.

As he was reading his speech, he had to pause for minutes and used a white handkerchief to wipe tears from his face. As he tried to continue with the speech, his emotion could not allow him as he wept intermittently. The entire convention had to stand up to sing solidarity song for the outgoing chairman before he could continue with the speech.

It must, however, be noted that it was when he was reading the speech that concerned the exit of Mimiko as member of the LP that he burst into tears. He told the members that the national executive was not to blame for the exit of Mimiko and that they should understand that the governor has the right to move into another political party.

His words: “I must admit that for six years, he was a member of the party, he had cordial relationship with the

party and his leadership. The party provided him with the platform that the PDP denied him to become the governor of Ondo State. His performance as governor was credible and there was steady development in all aspects of governance in the state. It can be said that he added value to the party in terms of his performance in office.

“I can assure you that the party gave him maximum cooperation and, therefore, did nothing whatsoever to discourage him from his continued membership of the party. I can state that he has no disagreement either with the party or with its leadership. I have chosen on the basis of principles and in respect of the warm relationship that we had while he was with the LP to respect his decision. He has made the reasons for his exit public and the party is not to blame in CONTINUED ON PAGE 42

14

Politics

Major General Ishola Williams (rtd), an anti-corruption crusader and a former head of Transparency International in Nigeria, is the Executive Secretary of Pan African Strategic and Policy Research Group. In this interview with AYODELE OJO, he speaks on his mission at the United Nations, security challenges in Nigeria, corruption and the botched arms deal in South Africa. Excerpts:

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

Obasanjo can’t talk on transparency, integrity –Gen. Williams

What is your mission to the United Nations all about?

It is about preventing member states of the UN from breaking what they call the non-proliferation treaty on nuclear weapons. Member states have signed onto that treaty that even though they need nuclear power for electricity, medical services and other purposes, they must not manufacture nuclear weapons, because it is dangerous and people are hoping that we can have a world free of nuclear weapons, biological and chemical weapons. So, that is the state of the job I was doing there.

Have you completed that assignment?

No, the assignment cannot be completed because it is a constant watch, and you find a situation in which there are some countries that already have the nuclear weapons, which are called the nuclear weapon states. And there are some, who are on the threshold of being able to build it.

Recently, Russia and United States had some disagreements over Ukraine, and Russia was threatening that if it comes down to fighting United States, they are ready to use their nuclear weapons. You could imagine if such things could happen. Luckily, it is just threat; it won’t happen, and since the World War II we have never seen any case in which any country tried to use nuclear weapon to fight another country. So, the UN and other member countries believe that the less number of countries that we have having nuclear weapons, the less the threat.

But what is very clear to me is that most of the countries are also building conventional weapons, not nuclear weapons that are as dangerous as nuclear weapons and they are carrying out research every single day to produce conventional weapons that are more dangerous and nobody seems to be stopping them. So, there is a lot of work to be done there. And unfortunately most African countries don’t take interest in that, and I was the only African that was on that panel and most of the African countries did not support me. Even Nigeria, my own country, was not even interested, so I was on my own.

Was is that the Nigerian government was not aware of your presence there?

They were very much aware, but they were not interested.

Williams

How do you see the Boko Haram insurgency?

There is no smoke without fire. We have seen the signs like many people would say, that most developing countries should not bother about building an armed forces that is supposed to be expecting external attack and aggression.

That was known about 15/20 years ago.

We should be building a security system that can take care of internal problems.

To certain extent, the insurgency is the fault of the armed forces and the political system we operate. Up till now, we have not re-organised the security system. As long as we don’t do that, we would not solve the Boko Haram problem.

We have Niger, Chad and Benin Republic as our neighbours, why don’t they have Boko Haram? Go and study their security system and how it operates; because if that sort of thing is going to happen they will tackle it easily. So, what is wrong in the case of Nigeria?

We have never bothered to answer those questions.

Is it because you didn’t liaise with the government?

No, my office was just five minutes’ walk from the Nigerian Mission to the UN. They were not interested.

And what do you think is the problem?

It is not only me that will answer. We need to get together. I thought the National Conference was going to answer that question but they did not. They did not even talk about security issue except for the state police.

Did you make any attempt?

Yes, I did but they were not interested.

And how do we change the system?

Since Nigeria had been independent,

People are trying to go and consult with Obasanjo; PDP going to beg him. Is he a model of integrity? He was just making a lot of noise but he knows in his conscience that he is not a man of integrity

there has not been any security review. In other countries, nearly every five years, they do a security review. We have never done any since. So, what we do with the issue is that the police will continue to create AIGs, DIGs, for what? Does it improve the security? Instead it increases the number of people in uniform and the number of people they have to pay more salaries, more pecks and so on, but it doesn’t improve security. The army will create new divisions; the Air Force can establish one station somewhere.

How does that improve security?

At the end of the day, it is a stupid security arrangement that spends over 50 per cent of its budget on emoluments.

It can never function. The money you need to buy equipment, training and so on, goes to pay people who are not trained and haven’t got the right equipment. People don’t consider that. Even the National Assembly that approves the budget doesn’t ask. So, you continue to vote big amount of money for your security agencies, and the money keeps going on paying salaries and emoluments and you don’t have the real money for your operations.

Is that the reason we are finding it difficult to tackle Boko Haram?

Yes! So, Ngozi Okonjo-Iweala can announce that they are giving the military trillions of naira but if you spend three quarters of that on taking care of people, how much do you have left to buy the right equipment and everything.

Politics

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

Are you saying the budget should be increased, or what should be done?

That is why I am talking about a review of our armed forces. What sort of security do you need first? Now and in the future. Everybody is concentrating on Boko Haram, after Boko Haram what next? We had Maitasine in Yobe, Kano, Maiduguri, what did we learn from that.

To me, we are not serious.

Death sentence was recently passed on 12 soldiers for mutiny. Now army generals are being tried for running away from the battle field. How do you see the development?

For the case of those soldiers, it was right for the army to court martial them.

But like any case at all, you need to look at the circumstances that made the soldiers behave that way. I wasn’t at the court martial but with what we read in the newspapers, if I were the president I would commune the sentence, and just sent them on disgraceful discharge from the army. For the Generals, those ones won’t be sentenced to death because they ran away; they may be sentenced to prison.

What is your take on the seizure of $9.3 million and another $5.7 million meant to buy arms by the South African government?

Whatever it is, the mere fact that you are carrying cash aboard an aircraft and land in somebody’s country without informing that country’s authority is pure money laundering, and it is a criminal offence, pure and simple. It doesn’t matter what you want to do with that money because people are making so much noise about the issue. What stops the National Security Adviser (NSA) from discussing with the South African Ambassador, that see we have a problem here, how can you help us?

And South Africa is saying that the people you want to do business with have no license to deal with arms.

If a country is well organised with a rule of law, of course you can’t just go there because you have a special problem and intend to break the rule of law without informing that particular country.

So, what is the excuse? To me, Nigeria had no excuse at all. In other countries, the NSA would resign and the president would be impeached over this issue.

And on another occasion they said they transferred the money through legal means, but South Africans are saying that this company again has no license to deal with arms. Didn’t they do their homework?

During the civil war, we had the same problem, when some countries would not sell arms to Nigeria but we got arms. How did we get them? Don’t we learn lessons from the past? In this world of international politics, you find so many countries who will help you to get the arms. So, what are they talking about? Please there are so many things behind that story.

You think the president would have been impeached.

We all know that it won’t happen because this is a country of impunity. We haven’t got that kind of National Assembly. These are people who have failed to tell us how much they get every month, and they cannot publicise what they are doing with their constituency project fund. I was just reading about the Indian Prime Minister who is asking every parliamentarian in India to adopt one village and make sure that the village in the next four to five years becomes a model village. Can that happen in Nigeria?

You give money to them, they will chop the money, and you are telling me they are men and women of integrity.

There may be some of them with integrity but I don’t know them. But I don’t think anybody has gone into that National Assembly as a poor person and left as a poor person. They become richer

because of what they share in that building. Even those who want to be honest can’t be. Because if you don’t do as the Romans do, they make life difficult for you.

President Goodluck Jonathan has been getting torrents of endorsement for 2015.

Do you think he actually deserves a reelection?

If I were Jonathan, when he was appointed the consensus candidate, he should have refused. He should have let them know that he had made a pronouncement when he became president that PDP will do open and transparent primaries. Let those who want to contest come and let us go to the primaries together, that is integrity.

Also, governors are going about naming certain individuals as their anointed candidates, who made them God? If you have such type of situation, I don’t see any hope for the political system in this country. And what is so interesting is that there are some people who have been wielding influence and authority, for the past 20, 30 years, since the time of MKO Abiola; Tony Anenih and co, and they are still there. Where are the younger generation? They too see opportunity of making money, so they keep quiet. How can a country change?

So, we are in such a situation in which we’ve got to accept that we are in an era of primitive accumulation. So, maybe when we finish that era, then we will now have new refurbished political parties, and then we will start having people of integrity coming in. But right now, if you have money no matter where you get it from you can become a consensus candidate. That is the dilemma.

But they justified the consensus of the president, that it was based on his performance?

So, why don’t they let the people decide that. Who are the people that decided that? They played one trick; they were going around collecting signatures, that’s very easy. Is that how you conduct a primary election, or look for a consensus candidate? If he has performed well, let the people judge. That is not a good excuse at all. Even the collection of signatures, it does not mean those who signed will vote for him when the election comes.

As a Nigerian, how would you rate President Jonathan’s performance?

15

selves. To me, they should be merged.

There may be some of them with integrity but I don’t know them. But I don’t think anybody has gone into that National Assembly as a poor person and left as a poor person. They become richer because of what they share in that building. Even those who want to be honest can’t be

It depends on the criteria; I don’t know what you mean by performance.

This Transformation Agenda, when did it start? I don’t know when it started; at least when he came in six years ago I did not hear of this Transformation Agenda.

So, maybe about one and a half years ago when they knew that election is coming, they started talking about Transformation Agenda.

In terms of performance, there’re so many mistakes we make, and it’s because we are still behaving like a developing country. Why do I say so? If for example I get light in my house every day, people will say the president has done it. Whereas in other countries, it’s not the business of the president to know whether I have light or not.

To me, I don’t see any performance.

There are several anti-corruption agencies in the country. Do you think they are doing enough to check corrupt practices?

They know that they are not doing anything really. You don’t even need to ask. If the chairmen of the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offences Commission (ICPC) think they are doing something, they must be deceiving them-

If you are to vote in 2015, between President Jonathan and Muhammadu Buhari or Abubakar Atiku, whom would you prefer?

I would not vote for any of them. To a certain extent, if it were someone like Peter Obi, I would have considered it.

But those three you mentioned are out of the picture; they can’t change anything.

Even if you vote Buhari as president in 2015, what can he do in four years? Many people do not even understand that the civil service is like a big armoured vehicle, you can’t turn it around so quickly.

They are used to a culture in the civil service, such that if you are a minister and you want to be clean, you’ll find it difficult.

And those who tried have been put into serious trouble, like Prof. Adenike Grange, who was the Minister of Health; see how they roped her in. And instead of General Olusegun Obasanjo saving her at that time, he was saving his own daughter, who was more corrupt.

Why do you say that?

She (Senator Iyabo Obasanjo-Bello) was chairperson of that board; she took money that they were going to Ghana for a retreat, she never went, but took the money. And Obasanjo made the other lady go to court. His daughter never went to court, but where is the case today. And people are trying to go and consult with Obasanjo; PDP going to beg him. Is he a model of integrity? He was just making a lot of noise but he knows in his conscience that he is not a man of integrity.

What did he do? All the cases of corruption under him, which minister went to jail? They only resigned, then go to court, and after some time, the case is dead. And all those things that passed through the National Assembly, was he not giving them money? And even the technocrats he had under him, they were all compromised. Remember the Malabu issue, the man said Obasanjo was asking for a slice of the money too. Of course he can deny it, but why should the man lie against him.

We are still searching for people in politics who have integrity. We are yet to find them.

But Obasanjo was the one that set up the anti-corruption bodies?

(Cuts in) He is richer now than when he became president. Let him declare his assets; when he went in there, and when he came out, let him put it in the newspapers how much he is worth now, and tell us where he got the money from. He ought to have been impeached when he went with Andy Ubah in their private jet, and Ubah was arrested for money laundering. And Ubah bought him a tractor, which receipt he acknowledged. Which president in the world would say that and not get impeached. And of course, did anything happen to Ubah? And when Ubah was also asked, he said it had been taken care of by the FBI. And he was personal assistant to Obasanjo, and in the same presidential plane.

Obasanjo recently said his decision to pull out temporarily from the PDP activities was because its zonal leader, Buruji Kashamu, had been indicted for drug running in the United States. How do you see the development?

That is just an excuse; it’s because that one it is very open. Is it because people have not brought out his own secret about what he has done in Nigeria too. It’s very easy for him to say that. He has his own agenda.

But Obasanjo you talk about is someone who is recognised internationally and regarded as an icon.

I don’t know which icon you mean.

Williams

CONTINUED ON PAGE 41

16

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

15th September, 2014 Alhaji Adamu Mu’azu National Chairman, Peoples Democratic Party of Nig. (PDP) National Headquarters, Plot 1970, Michael Okpara Street, Wadata Plaza, Wuse Zone 5, Abuja.

Sir,

REQUEST FOR REINSTATEMENT OF ALL EXECUTIVE MEMBERS OF IGBERE WARD A & B, BENDE LOCAL GOVERNMENT AREA, ABIA STATE. We the members of the Executive Committee of P.D.P Igbere Ward A & B Bende Local Government Area of Abia State were suspended on the 18th day of January 2012 by the State Chairman of P.D.P, Chief Emma Nwaka, through a press conference at the party office in Umuahia. His reason being that we issued a P.D.P membership card No. 9787945 to Chief Dr. Orji Uzor Kalu (MON) on the 16th day of January 2012 after urging him to come back to the party being a pioneer member.

We request you to use your good office as an astute, well nurtured and seasoned administrator of our time and as a bridge builder whose reconciliatory nature is to bring all aggrieved P.D.P members into the fold which is the big umbrella and your ingenuity to institutionalize internal democracy within the party.

Annexed are copies of previous letters addressed to the former party Chairman, Alhaji Bamanga Tukur, Chairman, P.D.P South East Zone and Director Legal P.D.P National Headquarters.

Yours faithfully

Chika Emeri Gideon A. Uko Chairman, Ward A

Chairman, Ward B

Princewill Akuma Onuoha U. Dike Secretary Ward A

Secretary Ward B

Politics 17

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

CHUKWU DAVID examines the inherent controversy that always trails the crude oil benchmark whenever the president submits the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) to the National Assembly for scrutiny with the 2015 MTEF projection of $78 per barrel

C

rude oil benchmark is one issue that has always generated friction between the Executive and the Legislature in Nigeria.

Since President Goodluck Jonathan assumed office as the President and Commander-in-Chief in 1999, no year has passed without the National Assembly tackling him on the benchmark.

The opposition is usually more in the House of Representatives, which relationship with Jonathan has been frosty from inception. The Senate, to some extent, usually agrees with the president on contentious issues after a little explanation by the latter.

Benchmark is a standard parameter for determining or measuring the expected value of something. In the case of crude oil benchmark, it is a projected price for determining the expected revenue from crude oil of the country in a fiscal year vis-a-vis the global oil price. It is usually contained in the Medium Term Expenditure Framework (MTEF) of the country, which the president is required by law to present to the National Assembly for approval before laying the budget of the year to the apex parliament for thorough scrutiny and passage into law.

The MTEF itself, is annual, rolling three-year-expenditure plan, which sets out the medium-term expenditure priorities and budget constraints against which sector plans can be developed and improved upon.

MTEF consists of a topdown estimates of aggregate resources available for public expenditure in line with macro-economic stability; bottom-up estimates of the cost of carrying out policies, both existing and new; and a framework that reconciles these costs with aggregate resources. It is called “medium-term” because it provides data on a prospective basis, for the budget year and for following years.

In 2011, President Jonathan based his estimates on oil benchmark of $65 per barrel, but in passing the budget, the Senate and the House of Representatives increased the

Politics of oil benchmark

Jonathan

benchmark to $75 per barrel due to what they described as rising oil prices in the international market.

In the argument that erupted between the Presidency and the National Assembly over the benchmark, while the lawmakers believed that excess oil earning in the past, as a result of low forecast of oil sales, had been shared by the three tiers of government without appropriation from the National Assembly, the Federal Government said raising the oil sale target might lead to unrealisable and “dangerous” projections.

In 2012, the president proposed a budget of N4.7 trillion, with oil benchmark of $70 per barrel. However, while tinkering with the budget, the Senate reduced it to N4.6 trillion. The Upper Chamber also frustrated a move to raise the oil benchmark for the 2012 budget from $70 to $73 by the Appropriation Committees in the Senate and the House of Representatives.

President of the Senate, Senator David Mark personally truncated the plan by the committees of both chambers to review the benchmark upward and directed them to retain the benchmark at $70 as earlier submitted by the president.

The committees headed by Mohammed Maccido and John Eno of the Senate and the House respectively had allegedly approached Mark on their plans to increase the benchmark from $70 to either $72 or $73. The committees reportedly claimed that the $2 or $3 increase would take care of budget deficit for that year.

At a session with one of the committees, Mark repeatedly said: “I won’t be a party to any increase in the benchmark.”

It was reported that Senator Mark rejected the benchmark increase as a result of the concern that the difference of over N100 billion might be used for

Mark

The House was so much against the figure that the presentation of the 2014 Budget by President Jonathan was stalled many times. The two chambers could not agree on the benchmark

projects in the lawmakers’ constituencies, which would be executed by the Ministries, Departments and Agencies (MDAs) of government.

In the year 2013, the Senate and the House, after serious disagreement with the executive, settled for $79 as the crude oil benchmark. The House had passed a benchmark of $80 per dollar while the Senate passed $78 per barrel. But during the meeting of the Conference Committee, the two chambers came to a compromise of $79 per barrel. Meanwhile, the executive had made initial proposal of $75 as the benchmark.

The oil benchmark for the proposed budget of N4.9 trillion in 2013 had generated so much rancour between the executive and the National Assembly, particularly the House of Representatives. While the executive claimed it was playing safe because of unstable crude oil prices in the international oil market, the House argued that a higher benchmark should be used to cut budget deficit. The 2013 budget has a deficit of over N1 trillion. The House stated that rather than borrow over N600 billion from the domestic market to fund the deficit as proposed in the budget, the government should raise the benchmark from $75 and use the difference to finance the deficit.

However, the benchmark was the only major area where the two legislative chambers differed with the version of the MTEF, as they virtually agreed with the executive’s proposals on other areas.

The one that generated the most controversy between the executive and the National Assembly was the MTEF of 2014, which recommended a benchmark of $74 per barrel. The House was so much against the figure that the presentation of the 2014 Budget by President Jonathan was stalled many times. The two chambers could not agree on the benchmark.

Later, the executive and the Senate agreed on $76.50, while the House pegged the oil benchmark at $79 per barrel.

Members of the opposition All Progressives Congress (APC) in the lower chamber sternly resisted the position of the Senate and the executive on the benchmark.

In one of his statements to defend the stance of the House on the matter, the opposition Leader, Rep. Femi Gbajabiamila said: “Yet again like previous years, the oil benchmark for the 2014 budget has generated its perennial controversy with experts and politicians weighing in with different reasons it should be a particular figure.

Preceding the 2015 budget presentation, President Jonathan last week sent to the National Assembly the MTEF and FSP, covering a three-year period of 2015-2017. The document projected crude oil benchmark of $78 per barrel. The figure is $.5 higher than that of 2014.

The Federal Government has also proposed a budget of N4.817 trillion for 2015 fiscal year which will be predicated on an exchange rate of N160 to a dollar. Consequently, the 2015 budget projection is about N100 billion increase from the N4.724 trillion appropriated by the National Assembly in the 2014 budget.

The government also projects N4.896 trillion and N5.028 trillion for 2016 and 2017 respectively and further projects N3.867 trillion revenue target for the year 2015 against N3.731 trillion target for the year 2014 while it equally projects N4.016 trillion and N4.279 trillion targets for N2016 and 2017 respectively.

By reviewing the benchmark upwards, it is the general expectation of Nigerians that there might be no friction this time around between the executive and the National Assembly. If there is going to be any objection from the lawmakers, it will be minimal. Again, there might be no opposition from the Senate because there has been an existing harmony between the presidency and the Red Chamber.

Another factor that may help to suppress antagonism against the benchmark from the parliamentarians is that 2015 is an election year, and those who want to come back, especially from the ruling Peoples Democratic Party (PDP) will not like to offend Mr. President who can use his power of incumbency to influence nomination of individual politicians.

The MTEF for the 2015-2017 budgets has been referred to the Senate Committees on Finance and National Planning for further legislative action.

The committees were mandated to thoroughly work on the document and report back to the Senate within 14 days. Nigerians are therefore, waiting to see whether or not the usual controversy from the National Assembly will trail the 2015 budget oil benchmark.

MORE STORIES ON pageS 40-43, 48

18

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

Opinion

Hell not worse than Nigerian prisons

Ojo Adelayo

A

fter reading the topic you must be wondering what is there to rescue in our prison system, or why use “rescue” as the right word. I must confess nothing else describes what should be done to the present state of our prisons. I visited one of our prisons last week and was amazed how prisoners looked so sick, unkempt and hungry. Being a first timer, I am forced to ask questions. Can there be no better treatment for prisoners? Is the government unaware of what is going on to those “behind bars”?

A prison is said to be a building or vessel in which people are legally held as a punishment for crimes they committed or while awaiting trial. It can also be a place where people are highly secluded from the rest of the world with entirely new order of control.

According to the Nigerian Prison Act 1972, which spells out the goals and orientation of the Prisons Service, prisons are charged with taking custody of those legally detained, identifying causes of their behaviour and retraining them to become useful citizens in the society. Prisons are essentially correctional and reformatory; they are not institutions for the dehumanization of the confined.

The Nigerian prison system was established in accordance with three forms of penal legislation which operate alongside each other in the country; the Penal Code and the accompanying Criminal Procedure Code Cap 81 Laws of the Federation 1990 (CPC); the Criminal Code and the accompanying Criminal Procedure Act Cap 80 Laws of the Federation 1990 (CPA) and the Sharia penal legislation in 12 northern states (which applies to only Muslim members of these states). By its establishment philosophy, the Nigerian prison service is an institution meant to administer penal treatment to adult offenders. Its importance is in the bid to reduce crime in the society.

A prison is not expected to be exactly a bed of roses as the inmates are there for penal purposes, but neither is it also supposed to be a bed of thorns and thistles meant to snuff life out of the occupants, The current minister of interior, Comrade Abba Moro stated recently that for the 49,000 inmates in various Nigerian prisons (29,000 of whom are awaiting trial, while 856 are on death row), hell cannot be worse.

The sanitary situation is frighteningly demeaning and exposes inmates to health hazards as they are forced to excrete in buckets and stay with their excreta for days. Feeding is a luxury, bathing a rarity, recreation zilch, reformation non-existent and privacy a privilege. Hence, most inmates leave the reformatory frail, fragile and with one debilitating disease or the other.

An erroneous practice is that our prisons cohabit those whose trials are still in progress and those whose trials have been decided. Of the 227 prisons in the country, four out of five were built before 1950. Lack of decent meal, medicines and denial of contact with families and friends are damaging to the physical and mental well-being of inmates.

Educational and vocational training programmes hardly exist, where they do, they lack necessary materials and are limited to a ‘’handful” of inmates.

Even going to church and mosque is restricted, inmates are allowed outside their cells for recreation or exercise only irregularly. This accounts for why many when released go back to crime. This explains why there is high rate of recidivism because they were not properly reformed or rehabilitated.

A report by Human Right Practice Commission for prisoner’s dignity, estimated that at least one inmate dies per day in the Kiri-Kiri prison , Lagos alone. Dead inmates are promptly buried in graves on the compound usually without their families being notified. It is sad that claims like these are not investigated and the system is allowed to rot.

There is more to imprisonment than opening and closing of prison gates. Modern penal management techniques emphasize reform of the inmates . The current attitude in penal circles is to see improvement from the perspective of reform and rehabilitation rather than from the perspective of punishment. It is assumed that those who have committed crimes need help, and should be assisted to live a good life. This view is predicated upon the understanding that those who have fallen foul of the collective norms and laws of the society expressed in criminal laws should be reformed, which is why the term correction is applied to reflect this thinking.

The government should please look into the present state of our prison system. More prison cells should be built, the standards laid down by R.H Dolan (Director of prisons 1946-1955) about vocational training, progressive earning scheme for first time offenders, visit by relations, moral and adult education, recreation and relaxation of prisoners, formation of an association for care and rehabilitation of discharged prisoners , construction and expansion of bigger prisons for proper classification and accommodation should be revisited for a better system.

The Private sector can make a change to the system through little intervention such as contributions for medical check-up of inmates on a regular basis, feeding programmes, and even jobs for those who have served their terms and are back in the society.

Families should also endeavour not to neglect their wards but check on them regularly because some prisoners have testimonies of their ward not coming to visit even with such families knowing where they are. Others have regretted their actions and vowed to change ways because of the pains they see in their loved ones eyes each time they are allowed to visit.

This is a call for all to act on this ‘if I was in prison, would I see the system as none of my business?

• Adelayo, wrote in from Ibadan.

Buhari: Nigerians deserve more Femi Ayelabowo

H

ere we go again, discussing the presidential ambition of former military dictator, General Muhammadu Buhari, which he is hoping to realise in the 2015 general elections. Buhari, who will be 72 on December 17, declared his intention to contest next year’s presidential elections on the platform of the main opposition party, the All progressives Congress (APC).

The news is not whether Buhari’s declaration was well attended or not. Of course, nobody will contest his ability to draw a sizeable crowd, especially from the pool of his fanatical followers most of whom unfortunately may not be eligible voters. From what has played out so far, it is also getting clear from the body language of the real owners of the APC that Buhari is, in fact, their preferred choice even before the party’s convention, leaving the likes of former Vice President Atiku Abubakar, Kano State Governor Rabiu Kwankwaso and other pretenders chasing shadows.

It is not difficult to understand the conundrum in which the APC has found itself to challenge the ruling Peoples Democratic Party (PDP), which has been in power since the return of democracy in 1999. An Atiku candidature for the party may mean an easy victory again for President Goodluck Jonathan . The former vice president, in spite of his stupendous

wealth, mastery in political organisation and mobilization, has been terribly damaged politically by his former boss, ex- President Olusegun Obasanjo.

So, it does not matter how beautiful an economic policy blueprint that Atiku has produced or how lofty his ideas of governing our country might be, his greatest challenge may well be how he succeeds in convincing our people that he is not what Obasanjo, says he is. It is not as if Obasanjo has not made allegations against other aspirants. Sadly, Nigerians seem to believe him more on Atiku.

If with Atiku, APC will suffer a routine loss to the PDP, with Kwankwaso, there probably will be no contest at all.

Honestly, apart from Kano State, where else in Nigeria can Kwankwaso win a presidential election?

There is also the emerging game plan of the power brokers in APC to keep at bay the horde of the travelling contingents from the PDP now in APC. Although it makes sense for the APC leadership to boast about the booties it has from the ruling party and the resources they are putting on the table to run the party, yet the truth is that the Bola Tinubus of this world do not trust any of them with any sensitive party position. Asiwaju hinted that much in his vituperations against Tom Ikimi on his ambition to chair the opposition party.

It is therefore not very difficult now to see the dilemma in which APC has found itself over the choice of flag bearer in 2015. There is indeed a fam-

ine of credible presidential materials within the APC clan. It is perhaps this frustration that has led into a Buhari cul-de-sac. The ruling PDP must be having a big laugh now. For the umpteenth time, the obstacle between them and retaining their stranglehold on power at the centre is once again likely to be a familiar spirit, one they have mastered.

Please do not be deceived with the notion that 2015 is going to be different from 2011. Yes, 2015 is going to be different from 2011, 2007, and 2003, but has there been any difference from Buhari?

He is still being played by politicians only interested in using his name to attain selfish political calculations.

Even in acknowledging the dearth of credible presidential options in the APC, it is pitiable and part of our political crises as a nation that the seemingly best that the main opposition party in our country can offer us will be a 72year old ex-dictator. Buhari’s well documented anti-democracy past aside, can APC leaders beat their chests and say that Buhari is the President that Nigeria needs now in this world of restless alterations?

The world has moved on so fast away from the Buhari days.

Since he was ousted by General Ibrahim Babangida in 1985, the only known public service record of the general was his outing at the Petroleum Trust Fund (PTF).

A man, who took time to castigate Jonathan for dividing and polarising the country in his declaration speech, may have easily forgotten how in car-

rying out his assignments at PTF, he segregated against the South. His discomfort with people from the East, which clearly reflected in his appointments, actions and associations as military leader and politician, is also in the public domain. He did not even bother to campaign in certain areas of the country in the 2011 general elections.

And just days ago, his fellow aspirant, Atiku , in a veiled attack on him cautioned that the country does not need a religious fanatic or bigot as president .

If there is one attribute Buhari is credited with, it must be the belief that he is a man of integrity. Just before going into the 2011 elections, he informed Nigerians that he would not seek any elective position afterwards. But here we are again with the old General in our faces for the 2015 elections. Though he is well within his rights to change his mind on political retirement, it would have been more dignifying for him to stick to the earlier decision than succumb to pressure . It is quite clear that General Buhari is out of tune with modern governance issues and facts. The way he bandied incorrect comparative data on power generation and agriculture under Jonathan’s government to obfuscate the reality on ground speaks eloquently of this. Perhaps it is time Buhari told himself the truth that Nigeria deserves more than he can possibly offer!

• Ayelabowo contributed this piece from Ibadan via Femilabowo@gmail.com

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

19

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Another minimum wage debate

E

ven as some states are yet to fully implement the current N18, 000 National Minimum Wage, Vice President of the Nigeria Labour Congress (NLC), Comrade Isa Aremu has demanded an upward review with immediate effect. Aremu, who spoke as Guest Speaker at the Third Estate Annual dinner in Ilorin, on the topic: Some Notes on Human Resource as a Critical Factor in National Development, said: “To appreciate human resource, we must motivate the labour, which constitutes the great resource. We must ensure workers are paid well and on time. It should be noted that delay of salary is the same as wage theft. The national minimum wage is due for a review next year. The 2010 National Tripartite Committee on National Minimum Wage headed

by Justice SMA Belgore GCON recommended that to avoid ad-hoc approach, the minimum wage is supposed to be reviewed every 5years. It is due this year!”

He regretted that despite the quantitative strength of Nigeria in human resources, in both policy and governance discourse, the country has almost redefined resources as oil and gas and mineral resources. Lamenting that the country has relegated human resources to the background in the hierarchy of critical success

factors for development, Aremu, who is also Secretary -General, Alumni Association of the National Institute said before the current dependence on oil and at a time Nigeria was driven by human resources, Nigeria was a fast developing nation. In 1965, for instance, Nigeria’s GDP was $5.8 billion, compared with $3.8 billion for Indonesia and $3.1 billion for Malaysia. Thirty years later, in 1995, Nigeria’s GDP had increased to $26.8 billion (3.6 fold increase), Malaysia’s to $85 billion (27 fold increase), Indonesia’s to $198 billion (52 fold increase) and Venezuela to $75 billion (20 fold increase).

The implication is that these countries have left Nigeria far behind in terms of productivity, income generation and general economic development. The solution, he said lay in developing human resources in Nigeria to achieve the level of productivity that has seen Malysia and Indonesia leapfrog over Nigeria.

Many states of the federation have insisted that they cannot pay the minimum wage of N18,000 per month. They point to low internally generated revenue base, bloated workforce and political meddlesomeness of some political stakeholders as reasons many of the states cannot pay. Some people are of the overview however, that those states which say they cannot pay are only being economical

with the truth, that most of them are only simply willing to pay their workers the Minimum wage.

Workers are the creators of national wealth and they deserve a living and decent wage. Compared to other African countries with similar economies, the Nigerian worker has for so long been underpaid. Adjusting for inflation and the real value of today’s naira, no generation of Nigerian workers has been this underpaid. The decrease in real wages in Nigeria has been so deep that economists wonder how a typical Nigerian worker is surviving. If an ordinary senator in Nigeria receives N20 million monthly (about $133,000, one-third of their quarterly allowance), it would take a worker on N18,000 (about $120) monthly salary 93 years to earn that same amount.

According to the United Nations, any man anywhere who spends less than $10 a day is living below poverty level. For the Nigerian worker to spend $10 a day, he or she must make at least $300 a month (approximately 50,000 naira). Nigeria has no minimum wage board. To ensure that the new wages can be paid without too much stress, let government scale down the cost of governance, including the unnecessarily high remuneration of certain categories of political office holders. There is no justification for payment of

millions of naira to some political office holders monthly, while some workers cannot even afford transportation to their offices.

The International Labour Organization (ILO) defines “Minimum Wage as a wage, which provides a floor to the wage structure in order to protect workers at the bottom of the wage distribution.” The ILO further points out that minimum wages are a nearly universal policy instrument that applies in more than 90 percent of International Labour Organization member-states, including Nigeria. As the ILO further noted, minimum wage must take a legal perspective that must have the backing of force of law and be enforceable under threat of penal or other sanctions. It is this aspect of the minimum wage saga that generates the heated battles between labour organizations and governments.

Besides the minimum wage process articulated by the ILO and related bodies, other organizations such as the Ethical Trade Initiative (ETI) have become embroiled in the minimum wage debate. ETI defines a concept it calls ‘living wage’ as “a wage that allows a worker to provide for him or herself and family; to buy essential medicines, send children to school and to save for the future.”

This is what Nigeria must carefully work towards.

Managing Director/Editor-in-Chief n Eric Osagie Deputy Managing Directors n Gabriel Akinadewo

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20

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

Arts

Ekeji’s Odyssey…, life of service to sports development Title: Odyssey of A Green Eagle; From the Pitch to the Summit Author: Dr. Patrick Ekeji Publisher: Prestige No. of pages: 185 Reviewer: Peter Edema

O

dyssey of a Green EagleFrom the Pitch to the Summit is the story of Dr. Patrick Ekeji. In this beautifully narrated memoir, Ekeji relieves his journey as a sportsman from the football pitch to the summit of sports administration in Nigeria. From his humble beginnings in the playground of the Obalende Barracks, through the playing fields of Mbaise and Owerri at the height of the Nigerian Civil War, winning the Adebajo Cup as a schoolboy in the legendary East Central State Academicals team of 1971, Ekeji regales the reader with short vignettes from a life of service to sport and human endeavor.

The 185 page book is divided into four parts.

The first part, headlined Destiny, deals with his early life, from primary school to secondary school at the famous St Gregory College, Obalende, Lagos. The advent of the civil war ended his sojourn at Obalende as he has to relocate to Port Harcourt. His stay in Port Harcourt was short-lived as he was sent to the village as a result of the civil war.

His brief stint with the Biafra Air Force was also captured. After the civil war he continued his education at the Holy Ghost College where he wrote his HSC and eventually joined Vasco Dagama as a footballer; and eventually how he made it to the Green Eagles in 1975. His university education at the University of Nigeria

TONY OKUYEME tony.okuyeme@ newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

Nsukka limited his appearance for the Green Eagles, revealing that his saddest moment in his playing career was being a member of the team that lost to Tunisia 1-0 and subsequently missed being part of the Eagles that would have played at the FIFA World Cup. His resolve to graduate in 1978 against all odds was why he refused to be part of the Green Eagles to both the Nations Cup in Ethiopia and Ghana in 1976 and 1978 respectively. His outspokenness was why he had to quit the Eagles team that was preparing for the 1980 Nations Cup which Nigeria hosted and won.

He also dwelled on his coaching career that started with his failed effort at qualifying the Green Eagles for the 1986 Nations Cup losing the two legged match 1-0 to Zambia and later moved to UNTL FC of Kaduna before ending his coaching job at ACB of Lagos.

Part two of the book, titled the Legacies, dwells on the legacies he left as Director of Sports, Imo State in 1993 after quitting the coaching profession. A year after his return, his services were transferred to the federal government in 1994. He was instrumental to the formation of the meeting of the Director of Sports forum. His other legacies include naming the Owerri Stadium after Dan Anyiam, introduction of election into the state sports associations, the re-designation of national sporting associations as federations and subsequent introduction of elections.

He ensured the birth of the department of facilities at the National Sports Commission, the Team Nigeria concept, which was a funding platform for sports, the opening up of the omnibus Sports Development Department into five professional departments namely; Facilities, Stadium development and Maintenance; Grassroots Sports Development; Sports medicine, Sports Planning research and Statistics: Federation & Elite Athletes.

Part Three of the book, which dwells on

Contemporary Issues in Sports Development in Nigeria elaborate more on the constrains to

sports development. His critical observation on the structures, systems and instruments with

The book while offering backroom insight, also presents solutions to the problems that have dogged sports administration in the country

which sports administrators are expected to consistently produce results explains why Nigeria, despite its abundant talent and resources has continued to under perform at the world stage.

He puts it succinctly that the sector can only take off if the National Sports Commission, a body charged with the responsibility of developing the sector is equipped to perform that function. The commission, he said, was not only under funded but lacked the requisite personnel to achieve its objectives. Policy summersault is another factor.

The last part of the book is devoted to honouring past administrators, whose contributions to sports development were above board. We have the likes of Chief Henry Enyeazu, Isaac Akindayo Akinoye (both of blessed memory) and a summary of his experiences as a public officer.

In summary, the book while offering backroom insight, also presents solutions to the problems that have dogged sports administration in the country. But Ekeji did not say much about his parents.

Dandaura emerges member of IATC Executive Committee

T

he Head, Department of Theatre and Cultural Studies, Nasarawa State University, Keffi (NSUK), Professor Emmanuel Samu Dandaura has been elected as Member of the Worldwide Executive Committee of the International Association of Theatre Critics (IATC).

Dandaura’s emergence was announced on Saturday, 18th October, 2014 in Beijing, China, venue of the 26th World Congress of the International Association of Theatre Critics (IATC).

The professor of culture, development media and performance aesthetics, who disclosed that his election was done in absentia, described his candidature as giving Nigeria the enviable position of being the first African country to be granted

a seat on the International Executive Committee of the IATC. “It is truly heart-warming to note that our election as one of the 10 countries to seat on the Excom out of 49 IATC member countries was done in absentia as the Chinese authorities, for fear of Ebola, tactically refused the four Nigerian delegates (Professors Olu Obafemi, Musa Dauda Enna, myself and Dr. Mrs. Julie Umukoro) visas to attend the World Congress which ends tomorrow, 19th October, 2014.

“This election makes me not just the first African but indeed the first Black to ever be so elected. We give God the glory as I solicit your kind support and collaborations towards making the works of Nigerian Theatre Critics, Playwrights, Arts &

Culture Writers and Journalists more visible on the global platform,” Dandaura stated, adding that 18 out of 29 countries that attended the Congress voted him into the Exco of the IATC. The IATC is UNESCO Statute B International Association of Theatre & Film Critics, Journalists and Theoreticians.

Professor Dandaura is known to belong to many professional bodies, such as, IATC (Nigerian Section, as President); International Theatre Institute (ITI-Nigerian Centre, as President); Nigerian Institute of Public Relations (NIPR, as a Member and an Appointed Member of the Governing Council); and Society of Nigeria Theatre Artists (SONTA, as Fellow and Trustee), among others.

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

21

Interview

School

Obiano to rebuild 1,300 classroom blocks

Private varsity is the future of the country, says Lead City University VC

22

24&25

Education concern

University eggheads express concern over how the university system would meet the nation’s developmental aspirations

A case for improved university system

Kayode Olanrewaju

T

heirs is a consensus: Fourteen years into the 21st Century, Nigerian and indeed African universities, are yet to perform optimally and respond fully to the immediate skill needs of the continent.

Several impediments including shortage of a critical mass of quality lecturers, insufficient sustainable financing, inappropriate governance and leadership, disconnect with the demands of the economy, and inadequate regional integration, are said to be confronting the university system, the fulcrum of development.

However, for over two hours penultimate week, university eggheads and other scholars assembled at Osun State University (UNIOSUN), Osogbo, to beam a searchlight on how university system in the country, will foster the continent’s developmental growth, and transform the Nigeria, in particular to an industrial hub, as one of the best economies of the world in 2020.

As a way out, they projected a goal of an annual production of 1,500 local and foreign trained quality PhD holders in the next 20 years to meet the ever-expanding university system in Nigeria.

The forum was this year’s edition of Osun State University Foundation Lecture Series, organised not only to mark the foundation day of the Ivory Tower established in 2007, but to assemble scholars and professionals to chart a new direction for the nation’s development.

Leading the discourse, was the former Executive Secretary

kayode olanrewaju Editor, education

kayode olanrewaju@ newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

Okebukola

of the National Universities Commission (NUC), Prof. Peter Okebukola, who listed other issues which the higher education system in Africa is grappling with to include, among others, efforts to improve education quality at secondary level are still not yielding desired results, as shown by African countries’ performance in international mathematics and science tests.

Other crises of the system, he noted also include the penchant for social sciences and humanities in the universities, where a review of distribution of graduates in 23 African countries shows the predominance of “soft” disciplines such as social sciences and humanities (47 per cent); education (22 per cent); engineering (9 per cent); sciences (9 per cent); agriculture (3 per cent).

While expressing worry over the low level of research outputs in the universities, which has remained a major setback for the system, Okebukola, a Professor of Science Education,

Okojie, NUC scribe

...The average percentage of staff with PhD in public tertiary education institutions in Africa is estimated to be less than 20 per cent, and 30 per cent in Nigeria...

Prof Ozumba, Unn Vc

lamented the lack of research funding and equipment which failed to provide disincentives for professors to stay in African universities.

Though, Okebukola explained that the average percentage of staff with PhD in public tertiary education institutions in Africa, which he estimated to be less than 20 per cent, was another sour point, he said although Nigeria outperforms most other African countries on this measure with about 30 per cent of academic staff having PhDs. In the lecture entitled: “When Will the Glory Days of Nigerian Universities Be Here Again?” He wondered that the Nigerian university system has been brought into disrepute as a consequence of several years of neglect and management inefficiencies.

The don, while reminiscing on the glory days of the Nigerian university system and setting it within the African context, pointed out that the past three decades have witnessed signifi-

cant changes.

According to him, notable among such changes were the increase in the number of universities and programmes offered in the institutions.

“By far, however, the greatest change has been in the explosion in student population and the number of aspirants seeking university admission,” he argued, saying the total student enrolment in all Nigerian universities grew from over 2,000 in 1962 to over 1,131,312 in the 2013 academic session.

He, however, bemoaned lack of access in the system, noting that of more than 1.4 million candidates that wrote the Unified Tertiary Matriculation Examination (UTME), conducted by the Joint Admissions and Matriculation Board (JAMB) in 2013, only 500,000 candidates were able to be admitted into the entire 129 universities in the country for lack of admission spaces.

Thus, he added that the stress CONTINUED ON PAGE 23

22

Education

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WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

etermined to provide qualitative education to the people of Anambra State in a more congenial learning environment, Governor Willie Obiano has expressed the readiness of his administration to renovate and rebuild about 1,300 classroom blocks in some primary schools in the next one year.

The move is in furtherance of the government’s continued policy and rebuilding process in the state’s education sector.

Already, the governor has, in the first phase of school infrastructural upgrade in the state, embarked on the completion of renovation and rebuilding of 520 primary school classroom blocks before the end of the year.

Similarly, the governor had also ordered the rehabilitation of the state’s secondary schools and granted free education to the physically-challenged pupils from primary to secondary school level.

Obiano, who announced this while inspecting ongoing building projects at EziAwka Community Primary School, Awka, pointed out that after the first phase of the project, the next phase would cover the remaining classroom blocks to bring to 1,300 classroom blocks to be renovated.

He explained that apart from rebuilding school blocks, the government was also upgrading other school infrastructure as well as providing instructional materials to the schools.

Obiano noted: “My administration is committed to promoting the welfare of pupils, students and teachers. In this regard, I want to reassure you that teachers’ salary would be increased immediately the state’s Internally Generated Revenue (IGR) improves.”

The governor, who enjoined pupils of Ezi-Awka Community Secondary School, to work hard to attain their full potentials, stressed that education is the thrust of his administration’s devel-

Obiano to rebuild 1,300 classroom blocks

l Offers free education to physically-challenged persons

Obiano (middle) addressing staff and students of one of the schools

opment policies.

At UNICEF Experimental Primary School, Ufuma, the governor ordered the State Universal Basic Education Board (SUBEB) to provide regular water supply to primary schools to enhance their level of hygiene and sanitation.

Obiano, who expressed satisfaction with the quality of the projects, said functional primary school education is fundamental in nurturing and moulding the children, adding that the government would soon commence another phase of intervention in rebuilding dilapidated secondary school structures across the state.

The governor, who inspected building projects in some secondary schools to ascertain the judicious or otherwise use of funds released by his predecessor for school projects, said his administration’s target is to rebuild and renovate all collapsed build-

ings in secondary schools to provide conducive learning environment for students.

The governor during his visit to Girls High School, Agulu announced that government has begun the construction of perimeter fencing in 21 girls boarding schools, pledging that this would extend to all other boarding schools in the state as part of measures to further strengthen security in schools and effective control the pupils, as well as improve the level of discipline.

“The schools would be provided with functional laboratories and libraries to encourage qualitative education,” Obiano stressed, even as he expressed satisfaction with the quality of project executed with the N30 million allocated to the school by the previous administration.

Also, at Community Secondary School, Oko, the governor noted that the school spent the N10 million financial sup-

port to construct two blocks of five classrooms.

While saying that work would soon commence on the other dilapidated structures, he noted that the government would assist in landscaping and grassing of the school premises.

Obiano, while explaining that the various programmes were aimed at encouraging students to maintain excellence in their performance, however noted that in the last three years, students from Anambra State have been the best in all external examinations.

The governor also visited Basden Memorial Special School, Isulo, Orumba South Local Government Area, where he not only approved free education for the pupils living with disabilities, which takes immediate effect, he stressed that “the welfare of persons with special needs would remain top priority of his administration.”

ECOBA Lagos chapter inducts ‘Ancients’ members O

ld students of Edo College, Benin, under the aegis of Edo College Old Boys Association (ECOBA), Lagos State branch, last week gathered in a reunion to reminisce on their school days, and chart a new direction to uplift their alma mater.

The event was the 2014 ‘Ancients’ Day, which took place at Pearl Garden Restaurant, Victoria Island, Lagos.

According to the Chairman of ECOBA Lagos branch, Mr. Godwin IzeIyamu, in his opening remarks, the ‘Ancients’ are old boys of Edo College who left the school at least 50 years ago. The event, he further pointed out availed members the

L-R: Prof. Gabriel Osuide, pioneer Director-General of NAFDAC; Dr. Bazuaye, a new inductee into the Ancients group and Mr. Ize-Iyamu, Chairman, ECOBA Lagos chapter.

opportunity to reminisce, interact, counsel and mentor the younger members of the association.

While congratulating members of the special group, Ize-Iyamu remind-

ed them that the annual dinner of the association would hold on December 13 in Lagos.

The high point of the event was the induction of Dr. Osarieme Bazuaye

into the prestigious Ancient Group.

Dr. Bazuaye, a Veterinary Surgeon, the former Marketing Manager of Pfizer and a Senior President at the former MTS, graduated from the college in 1964.

Other old boys inducted into the Ancients Group of ECOBA at the event include Professor Gabriel Osuide; Mr. Adams Idufueko; Prof. E.S. Akpata; Mr. B. Fadaka, an engineer; Barrister Halim and AVM Joe Ehigie.

Edo College, one of the Model Secondary Schools in Edo State is a solely boarding school for boys and is a renowned citadel of learning and excellence.

UNIJOS VC lauds corps members Buhari Bello JOS

C

orps members undertaking their National Youth Service Corps (NYSC) scheme at the University of Jos (UNIJOS), Plateau State have been applauded by the ViceChancellor, Prof. Hayward Mauyei for their gesture towards improving the sanitary condition of the university.

He gave the commendation during the foundation laying ceremony of a world class toilet facilities valued at N10 million donated to the university by the corps members.

The toilet project is being initiated by the Batch C corps members, led by the Coppers’ Liaison Officer, Juliana Olajide.

The toilet project located between a swampy and rocky area of the university, is tagged: “Faith Project.”

The Vice-Chancellor, who recalled that several corps members have served at the university, specifically praised this Batch ‘C’ for their efforts and contribution to the development of the institution, saying: “You have come up with something instrumental to improve sanitary condition of the institution.”

Mauyei added: “The management is proud of your faith project and will support you, and monitor it closely. The management will also rally patrons and business associates of the university to support the project.”

The vice-chancellor expressed optimism that other corps members deployed to the university will emulate their gesture by coming up with projects or programmes that will benefit the university community.

In her remarks, the Coppers’ Liaison Officer (Olajide) said though they were about to complete their service and pass out, they are optimistic that the project would be completed by the Batch ‘B and C’ corps members deployed to the university.

She recalled that when they came to the university for the service year, they formed the Coppers’ Forum, where they conceived the “Faith Project” as their Community Development Project with a view to leaving a legacy at the university.

According to her, the corps members have also reached out to development partners for the execution of the project and in which they have continued to receive positive response.

Education 23

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

A case for improved varsity system CONTINUED FROM PAGE 21

academic staff to cater for this demand has taken a great toll on the quality of programmes in the institutions.

Okebukola, who currently lectures at the Lagos State University, recalled that the 2012 Needs Assessment Report on universities has vividly captured the state of university education in the country, in terms of massive explosion in student enrolment; increasing number of prospective new entrants in the face of inadequate and obsolete infrastructure and equipment; poor library facilities, inadequate academic staff in number and quality; lack of relevance of some academic programmes, low level of funding, dearth of research and laboratory equipment, cultism, examination malpractice, resulting in the general low quality graduates.

These challenges and problems, according to him, call for a re-think of the sub-sector in terms of what it should be and how it is expected to play its mandatory role in the society.

In spite the numerous challenges, Okebukola pointed out that there are on-going noteworthy efforts by the government, especially at the federal level, to salvage the university system and bring it out of its present woods.

“For instance, the level of funding for recurrent and capital expenditure especially for federal universities has increased significantly especially in the last two years; while digital library facilities are commonplace; the NigRen has stimulated installation of e-learning and research protocols in pilot universi-

ties for ICT-enabled delivery,” he explained.

Still on efforts of the Federal Government, Okebukola said: “Since 2004, a monthly special grant is being made to every department in the federal university system for the purchase of consumable items for the conduct of practicals, field work and the administrative running of the department; a massive overhaul of the curricula to set new benchmarks and minimum academic standards, modernise the curriculum and make it more socially relevant with a slant on entrepreneurial education is underway; there is enforcement of carrying capacity quota; access is enhanced through the licensing of more private universities.”

Meanwhile, the don, who was optimistic that though these efforts were already impacting positively on the system, however, noted that the rate of improvement of the university system, which had suffered decades of neglect, is perceived by many to be slow.

While ranking the factors impeding quality university delivery, he listed among others depreciating quality of higher education teachers; research capacity deficit; infrastructural/facilities inadequacies; lack of a regional quality assurance framework and accreditation system; and slow adoption of ICT for delivering quality higher education including distance education.

To restore the old glory of the university system, Okebukola recommended that government should plays its expected role in funding the universities while university managers generate complemen-

Prof. Okesina, Uniosun Vc

There is need for a projection that the goal should be annual production of 1,500 local and foreign trained quality PhD holders in the next 20 years

tary funds internally and spend them transparently with due process.

On the quality of teachers, he said most African countries are now adopting the Nigerian model which insists that all teaching staff from Lecturer II and above should have a PhD. In view of this, he recalled how Vice-Chancellors from Kenya, Congo Democratic Republic and Cameroon had invigorated efforts at strengthening their Postgraduate Schools to offer training which would upgrade the qualifications of their lecturers.

Besides, Okebukola noted that several African countries have resorted into adopting the Nigerian post-UTME model to improve student quality, saying “the country should therefore improve on the process so that better quality candidates are admitted into the Nigerian university system.

To achieve this, Okebukola, however, suggested some key strategies which among others include turning our gaze first to the quality, quantity and diversity of student intake.

While adding that a strong positive link had

been established between the quality of student intake and the quality of graduates in the education system, he noted that to shoot for five-star quality from the present one-star, the admission process through the Unified Tertiary Matriculation Examination (UTME) and post-UTME should move a notch or two higher in stringency.

Also, he recommended that the universities should cream off the best from the large army of half-baked secondary school leavers, while those “left behind” should be worked through remedial programmes outside the university to prepare them better for university education.

As part of urgent moves to improve quality in the university system, Okebukola said: “Re-introduction of the Higher School Certificate (HSC) could pull the magic,” even as he explained that a measure of global ranking of universities is the proportion of foreign students (the diversity factor). Efforts should be invested to make the Nigerian university environment attractive to foreign students, through

Envoys’ wives seek support for orphans’ education Yekeen Nurudeen Abuja

T

he wife of the United Nations (UN) Coordinator in Nigeria and the Chairperson of Association of Spouse of Missions, Mrs. Odette Toure has called on Nigerians to lend credence to the education of children in orphanages in order to reduce the number of out-of-school children in the country.

She made the call in Abuja when she led her

team on a visit to Margaret Thelma International School, Karu, where the association in collaboration with the Mother Welfare Group is sponsoring some orphans in the school.

Toure, who stressed that giving support to the orphans, should be on daily basis, and not on special occasion, hinted that the children need care from everyone from time to time.

She said: “We have been working with Ms. Kathy Berera, Chairperson of

Mother Welfare Group for the last three years and this time around we will like to help her to address some of the needs of the children, and we have come to visit the school to see how fit it is for the children.

“We realise that Berera is facing a lot of challenges because some of the children are orphans, while some of them have parents who because of the difficulties they are facing dropped their children here and Berera is the one to take care of

those children. And indeed, I want to say she needs the support and the help of everyone.”

Meanwhile, the wife of the Swiss Ambassador to Nigeria, Mrs. Verena Hodel said it was important for children with health challenges to be handled by qualified hands, adding that it is necessary for the teachers to integrate and ensure that they are accepted in the class.

Responding on behalf of the school, Mrs. Uzoagbala Ozioma, a teacher

the provision of conducive teaching/learning environment, good hostel facilities, high quality staff, secure campus with no cult activities and stability of academic calendar, as some of the attractions the system can offer foreign students.”

The lecturer, who said staff quality and quantity is another area of improving international competitiveness and the quality of graduates, recalled that the number of academic staff in the Nigerian university system in 2012 was 34,309 made up of 3,041 professors.

Though the figure reflects a shortfall of about 40 per cent, he insisted that with the ever-increasing number of universities, there is an urgent need to put in place an Accelerated Teacher Development Project to ensure that teacher production keeps pace with system expansion.

“Towards this end, there is need for a projection that the goal should be annual production of 1,500 local and foreign trained quality PhD holders in the next 20 years,” Okebukola suggested.

Okebukola, who based his recommendations on the 85 visitation panel reports to Nigerian universities over the last 15 years, stressed the need for honesty in the accreditation process, enrolling better quality students in the right quantity, improvement in the appointment of council, improvement in the appointment of Vice-Chancellors, elimination of manipulation in the professorial appointment process, and education of political/ proprietor interference in the management of the university.

He also suggested reduction of fraud in the research process, better use of IT for teaching and learning, research and administration, and re-introduction of higher school certificate, as well as provision of quality facilities and infrastructure befitting of a modern university system. said some of the children brought from the orphanage came with health and educational issues, but assured that with the calibre of teachers in the school they would do their best to bring the best out of the children.

She noted that before the end of the session, they would have been like other pupils in the school, even as she stressed that sometimes they slow down the teachers, thereby making the teachers to do extra work in making sure that the children understand whatever they are being taught in the class.

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Education | Interview

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

Private varsity is the future of the country, says Lead City varsity VC Before he veered into academics, Professor Olufemi Onabajo, the Vice-Chancellor of Lead City University, Ibadan, has had over 20 years stint in journalism as an advertiser and public relations practitioner.

In this interview with KAYODE OLANREWAJU (Education Editor) and SOLA ADEYEMO, bares his mind on university education, award of First Class degrees by private universities, research, and entrepreneurship education, and students’ welfare, among others

The award of First Class degrees by private universities is a source of concern to stakeholders who wonder that it is part of the ploy to attract students to their institutions. How do you react to this?

The incursion of private universities into the nation’s university system is about 15 years, what are those things that make Lead City University unique?

First and foremost, let me say we class our university as a classy type where our main concern is the welfare of our students. We build a crop of bold students who are courageous and can face all challenges anywhere as self-reliant students. They are trained to be very courageous and who cannot be intimidated by the authority, by their colleagues or whatever situation they found themselves.

We are also unique in terms of reform of our students. If as a students you cannot finish here, it means such a student cannot finish in any institution because we make it our duty that if your child is bad and you bring him or her here, we will make sure that we reform him. We have set machinery in motion in this regard by monitoring such a student; monitor his friends; monitor his distractions, his class activities as well as monitor him in his hostel. We just tell the parents to leave the child for us and by the time we finish with him, they always love what we have done with such students. Such students want to know why they should not do certain things which you say they should not do. That is why you need to be patient with them. If he is the type who doesn’t want to go to classes, what we do is to team him up with a student who is always in class. We monitor his attendance in class by giving him an exercise book, and he must ensure that every lecturer signs the register that he is actually in class.

We even make sure that someone monitors him in his hostel to know whether he reads or not. By the time he knows that a gold fish has nowhere to hide, then he begins to understand that he has no option but to be serious. Most parents who bring their children to the university, by the time they come for convocation, they are excited that Lead City University has really helped them.

It is also part of our objectives to make sure that our students have a second language apart from English. We introduced French so as to make them get exposed and be better placed in terms of job opportunities. We also introduced entrepreneurship trainings to make our students self-reliant after graduation, in line with our motto: Knowledge and Self-Reliant.

Our healthy environment is another

operate an open system. The students are free to come me, and go to their Deans and their Heads of Departments. We encourage them to come. I tell you, whoever is criticising us are just being envious. I came from a public university, University of Lagos, and I know that many of them are doing nothing. If private university has problem, it is funding and not in terms of quality. I am saying funding because many Nigerian parents cannot pay.

There is too much poverty in the land. But I believe the government can help in that direction. In those days, we had what we call grantaided loans, sponsorship for students. Those things were directed at public universities.

There are more students in private universities these days that deserve such grants from the government.

The government can sponsor such students by sending them to private universities by grant-aid them. But like you said, most of the private universities will die because they will not be able to sustain the system in the area of funding. For example, in Britain, all your lecturers could be part-time and still be at their best. It is not the people that really matter, but teaching the stuff. For example, if you can do something in Babcock, Bowen, Covenant and the rest, and you put in your services you are paid for it. It is not necessary you are engaged on full-time basis. It is this stereotype, rigid system that we operate that is the problem. And the sad aspect of it is that government is still licensing more private universities. I pity those that are just coming up just like the newspapers that are just coming up.

Onabajo

unique edge. We have a standard hospital with four doctors and 25 nurses, with modern laboratory and X-ray department and full-time pharmacy. Our hospital service is full-fledged. Of course, we also have a Memorandum of Understanding with UCH for cases that our doctors cannot handle. We have a standby ambulance that operates 24hour service. We are proud of what we are doing, and we are proud that we have done more than some universities. Anybody that comes here usually says that ours is London University in Nigeria.

Do you believe private universities have performed optimally in terms of delivery of standard and qualitative education?

Let me say without sounding immodest that the standard in private university is higher than that of public universities. For example, in this university, there is what we call quality control department. The control starts from submission of course outlines by the lecturers. If what you want to teach is not qualitative, we send it back to you. We ask you to improve on it by expanding the scope and the authorities you are citing.

Not only that, at the point of teaching, you are also monitored to ensure that you are teaching the right thing. Indeed, students are given forms to assess the lecturers on the spot whether you are teaching the right thing or not. It is compulsory as a lecturer to go to classes all the time, which is not the case in public universities. Some lecturers teach two classes and then set examinations, and nobody cares. Here, if you must miss a class, we must know and you must make up for it.

We do periodic tests about four times in a semester, and the lecturers must mark them and score the students. Of course, the students are free to report a lecturer because, we

Let me say without sounding immodest that the standard in private university is higher than that of public universities

There are universities, and there are universities. Here, if student has First Class, if he goes to Harvard University or any other international university, he is a First Class product. They guard our First Class products jealously. And from reports and feedback from entrepreneurs, our First Class graduates are making waves; they change jobs. To get good job, you have to sit down and write examinations, do rigorous interviews, and it is not whom you know. But what you can do.

For our products, you find them in various sectors, excelling because they are marketable. But some universities can’t be proud of such. We are top class. Fortunately, we have a First Class student in Mass Communication, who just returned from Turkey for his Master programme. He has got a job with Glo Telecoms. That is to tell you that our First Class is not cash-and-carry as it is in some other private universities in the country.

It is very competitive and meritorious, I must tell you. For instance, last session, we had only one First Class graduate from Mass Communication Department. And to have First Class, the student must have maintained it right from his or her 100 Level. If a student could not get it right from the 100 Level, he cannot get it. Our First Class is not for free.

Is there any programme where such First Class or brilliant graduates are recruited as Graduate Assistants by the university?

Well, I can tell you without being immodest that anyone of them who wishes to lecture here, it is automatic employment. And for those ones that have Second Class Upper, we have them in Administrative section.

We have a policy, before the management employs an outsider, we consider first our products. All our Graduate Assistants are graduates of Lead City University.

What of the number of professors in your faculties? It is believed that there are not enough professors in some private universities unlike the public ones, because of lack of resources to hire lecturers in professorial cadre.

I beg to disagree with you on that. There CONTINUED ON PAGE 25

Education | Interview

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

CONTINUED FROM PAG E 24

is a standard that the National Universities Commission (NUC) has set. But we need to go beyond that so as to surpass our competitors. Lead City University even goes outside what the Academic Staff Union of Universities (ASUU) legislated and benchmarked. We go all out to engage the best and pay them handsomely. The number of professors we have in the university surpasses most federal universities.

In the Law Faculty, for instance, before the crisis we have six good professors who we are keeping now, because we strongly believe the Faculty will soon come on stream, whereas in some other public universities, they don’t have more than one or two professors. If we want to recruit a professor from another university, with an salary of N500,000 in Lead City, we could offer him between N700,000 and N800,00 to attract and retain him. Besides, we give them cars, drivers and even comfortable accommodation so as to attract them to jettison whatever they pay them where them are coming from. But no matter how good a professor is, government cannot pay you as much as we will here.

Of course, the problem of shortage of professors is all over the Nigerian universities, but we don’t have any shortage here. Like I said, before we closed down our Law programme, we had six PhDs lecturers who are professors, and we are still keeping them. For instance, I know of a first generation university that has only one, while many universities have only two. That is to tell you that we go for the best. Even, when it was very scarce, we employed a Professor of Computer Science to work here.

There is this saying by the NUC, that 20 per cent for the professorial grade; 35 per cent for senior lecturers and 45 per cent others. And this must be in the right place before your programmes could take-off.

All these we satisfied and even surpassed.

Are you saying that NUC is stricter in the area of recruitment of academic staff for private universities?

‘Private varsity is the future of the country’ Yes. If a university do not meet up with the benchmark, the Commission could even opt to close down the institution and ask the government to take over the running of the university. In fact, if the NUC closes down all programmes in the government university, the lecturers would still be receiving their salary. Lecturers in government institutions could even say that the programme should be closed down because of accreditation so that they can fund it. But no private institution would do that, rather we ensure strict compliance with the NUC benchmarks in terms of carrying capacity, recruitment of academic staff, facilities and accreditation of programmes.

How many of your programmes are accredited by the NUC? We run 39 academic programmes in four faculties: Arts, Education, Applied Sciences, Information Technology, Social Sciences and Entrepreneurship Studies. I am happy to tell you that all our prgrammes are accredited.

Going by the dearth of research development in the system, and the fact that public universities have failed the nation, people are looking forward to private universities to rescue the situation, and this has neither happened. What is the level of university’s research development?

In our Biochemistry Department, we have started what we call the Lead City University Bread. It is the in-thing now in Ibadan. Every day, the department looks at those ingredients that would endear the product to everybody. It is sugar free. We are even trying to work on using fermented pap water (Omidun), as a substitute for sugar for the bread production. It has a very fine texture. It is bromate-free. Every day, we go back to the laboratory for research and innovation. The

Onabajo

university is trying to package cassava flour that would be exclusively produced from its research farm.

We are trying to make our university very relevant to the immediate community and society in terms of their needs. That is, marrying the gown with the town.

But, I must stress that part of the problems of research in the Nigerian universities is the problem of the multinationals. The big industries have over the years failed to commission Nigerian universities to carry out research for them. And this is because the country is an allcomers market for importing readymade goods instead of finding alternatives. That notwithstanding, Lead City University is looking crit-

We run 39 academic programmes in four faculties: Arts, Education, Applied Sciences, Information Technology, Social Sciences and Entrepreneurship Studies

25

ically at the problems in our society and how it can fix them. Here, we bring education close to the people.

More importantly, we have a lot of programmes that we take to people.

For instance, we have conversion programme for agencies, sandwich programmes for people to acquire degrees, evening programmes for those who want to acquire degrees.

And we make it so convenient for people in line with the curriculum to cover. Many that are working are still coming to the university to upgrade their education.

Another area which the university is very relevant to its immediate environment is the area of mass mobilization in which the Oyo State Government is collaborating with us in terms of entrepreneurship training. Many industries have commissioned us to train their workers. We have a training centre at Dugbe in Ibadan, where we do most of the trainings to the advancement of our programmes. We are also in Lagos. In our own case, we don’t make our research base too elaborate like the making of car that you mentioned that a private university is touting, but we are more engaged in making life more comfortable for people; in trying to lift them up economically and better their conditions. One thing in Nigeria is that we are in too much a hurry to develop, and we are unable to emulate what is happening in Britain and America. This is why I am worried when they say Nigerian universities are not rated among the best 100, 150 or 200 universities.

I laugh and ask myself that what are the criteria being used for the rating. Those criteria are foreign.

How many foreign students come to study in Nigerian universities, and how many foreign lecturers can you attract? This is part of the ratings we are talking about. Are we going to carry out research that is relevant to Nigeria or those relevant to America and Britain? Why would Nigeria not concentrate on such things that can improve the lot of its people? India is not in a hurry, and now for medical cases, everybody now goes to India, but they started little by little. This place is owned by an academic.

Elizade varsity proprietor tasks students on academic excellence

F

resh students admitted into Elizade University, IlaraMokin, Ondo State have been advised to face their studies and shun any act that could truncate their dream of acquiring quality education in the institution.

Besides, they were also urged to imbibe the university’s core value of diligence, honesty, integrity and responsibility.

The Founder of the university, Chief Michael Ade.Ojo gave the advice while addressing the students at a session organised for him to formally meet them.

Ade Ojo urged the students to adhere strictly to the rules and regulations guiding their studentship in the university, warning that the institution, which has zero tolerance to indiscipline, would not condone any form of bad conduct from any student or group of students.

While stressing that he established the university based on the big gap between Nigeria education and that of the advanced countries, Ade.Ojo expressed his readiness to bridge the gap by making Elizade University a model for Nigeria and

Chief Michael Ade.Ojo (middle) flanked by the Vice-Chancellor, Prof.Valentine Aletor (r) and the Registrar, Mr. Omololu Adegbenro.

Africa.

He charged the students to be the agents of change that the country requires at this time of its quest for development, saying the students should learn how to manage their time efficiently.

Towards this end, the Founder admonished them to apportion their time based on the significance of whatever they want to do, even as he said the bulk of their time should be given to their studies, while also considering time for prayer, indepen-

dent thinking and play. Ade.Ojo, who reminded the students of the need to come to classes on schedule and warned that latecomers would be denied entrance into lecture halls, noted that there is no African time as Elizade University is concerned.

He appealed to the students to exhibit acceptable moral that would make them useful to the society and advised them shun all forms of anti-social behaviour and vices that could brought the names of the university and their families into disrepute.

The business guru reminded the students that award of degrees in the university would be based on excellence in character and learning, adding that the university was ready to produce graduates that would be morally upright and self-reliant.

On cleanliness, Ade.Ojo charged the students to keep the campus clean as waste bins had been provided at strategic places on the campus, pointing out that the students should feel free to approach members of staff for any issue that has to do with their academic work and personal lives.

26

Education

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

Scholars, students extol UNIOSUN VC’s virtues at 60 Kayode Olanrewaju

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enowned scholars, members of the academia, traditional rulers and relations, as well as members of the Osun State University (UNIOSUN) community gathered last week to honour and celebrate one of their own.

The event was the celebration of the 60th birthday anniversary of the ViceChancellor of Osun State University (UNIOSUN), Professor Adekunle Bashiru Okesina, who turned 60 years old on October 11.

To celebrate the iconic scholar, a birthday lecture, entitled: “The Dilemmas and Prospects of the African University in the 21st Century,” was organised to commemorate the anniversary which took place at the Leisure Spring Hotel, Osogbo.

In the lecture, the guest speaker, Prof. Olutayo Adesina of the Department of History, Faculty of Arts, University of Ibadan, challenged the

Nigerian and indeed African universities on the need to project the kind of knowledge through which intellectuals and scholars could better understand human situation with a view to transforming society.

Lamenting the state of the Nigerian universities, Adesina reaffirmed that there is the need to retool the mechanisms by which African societies in the modern world generate the knowledge and innovation which African peoples need for survival and sustenance.

According to him, the universities’ definition of development must include, and indeed emphasize, the need for mental liberation, generating necessary knowledge, innovation and partnerships that will make Africa to get out of the cycles of despondency and underdevelopment.

The don said that African university should become an essential factor and instrument of development and change, even as he pointed out that to achieve this, the uni-

versities should also develop partnerships that would help in the grounding of younger African scholars in the most modern methodologies while retaining their primary focus and interest on the continent.

His words: “Is it enough to address the challenges of the African university in merely managerial and financial terms? Cultural and intellectual capital are central to our capacity to engage in competitive scholarship.”

In response to global development needs, Adesina said partnerships had become the paradigm of international development cooperation and the higher education community has responded with enthusiasm and intellectual rigour to this method of development.

Extolling Okesina’s virtues, they described him as an erudite scholar and epitome of humility, whose leadership qualities has leverage tremendously on the development and transformation of UNIOSUN in the last one years.

L-R: The celebrant, Prof. Okesina cutting his birthday cake. With him are Mr. Tade Okesina, celebrant’s brother; former Governor of Osun State, Prince Olagunsoye Oyinlola (3rd from left); Prof. Adesina and Prof Siyan Oyeweso.

Students donate borehole to Lagos community Mojeed Alabi

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he 25th set of a Lagosbased entrepreneurial training school, Poise Graduate Finishing Academy (PGFA) Ilupeju, has donated a borehole valued at N300,000 to Orile-Bariga, a densely populated community on the Lagos Mainland.

The gesture is part of the requirements and fulfillments of the students to be successfully graduated by the school.

The manual borehole, which is estimated at N300,000 was sited in front of the palace of the community’s head, and was commissioned last week amidst thunderous ap-

plause from the community.

While taking delivery of the water facility, the people thanked the students for coming to their aid through provision of water, saying water scarcity had been a major challenge facing them in the area.

They added that the problem was compounded by the fact that the automatic borehole earlier donated to the community had not been functioning very well due to poor power supply in the area.

Speaking during the commissioning, a worker in the institution, Mr. Olaniyi Omole told the community that the students sacrificed a

lot to ensure that the project was a huge success.

He said: “These young executives had to go begging in markets and shopping malls in order to raise fund to execute the project within two weeks.

They have really shown their competence by completing it within two weeks with no fund from any organisation, other than the proceeds of their street begging.

He explained that the institution trains young graduates in acquiring employability N300,000 skills, adding that the project Worth of is a test of their abilities to borehole dowork as a team towards con- nated to Lagos tributing to the infrastruccommunity by tural development of their students immediate environment.

EDUPEACE

with Mahfouz A. Adedimeji (08066372516, sms only)

 Dr Adedimeji is a Senior Lecturer and Director, Centre for Peace and Strategic Studies, Unilorin

ABCD: Connect, don’t just collect!

A

BCD. That is the mantra that runs through the DNA of Sir Richard Branson’s companies. As one of the most successful entrepreneurs of our time, apart from being an engaging writer and syndicated columnist, his philosophy is simple but important: Always Be Connecting the Dots.

This formula is not only applicable to industry; it is relevant to all spheres of life, especially education.

You begin education by learning ABCD and you succeed in it by Always Connecting the Dots. Even when you complete schooling (you never complete education), you find out that succeeding in your career and life requires one thing: Always Be Connecting the Dots.

There is a world of difference between collecting the dots and connecting them.

A person who has collected the dots will be parading degrees, diplomas and certificates while complaining of unemployment, joblessness and idleness.

A person who connects the dots, however, knows what to do with his education in such a way that he is not idle or helpless. He thinks out of the box and sees opportunities where other people see nothing.

There are many opportunities around us but it takes the sixth sense to think of them and the third eye to see them. This ability lies in connecting the dots.

Meanwhile, you cannot connect what you have not collected. You don’t build a house without first making or collecting the bricks.

Thus, collecting bits and dots of knowledge without connecting them is ultimately counter-productive.

The bane of many youths today is that they only COLLECT dots, they don’t CONNECT them. Connect, don’t just collect!

It is the inability to connect the collected bits of knowledge that made an Ekiti State University engineering graduate to attempt suicide this April.

His reason: “There is no state that I have not gone to in search of job in the past 10 years, but none for me…. I came to Akwa Ibom State because this is my last hope… But unfortunately, since I came, I discovered that even many people from Akwa Ibom are also crying because of poverty and joblessness.”

The question is: what kind of engineer would be “jobless” for 10 years?

As I wrote in anothér column recently, “it is

It is connecting the dots that constitute the kernel of innovation connecting the dots that constitute the kernel of innovation.” And what is innovation? According to one of the greatest inventors of all times, Thomas Edison, “innovation is one per cent inspiration and ninety nine per cent perspiration.” You cannot connect without perspiring; you cannot succeed without sweating.

This is why it is confounding that many young people now want to enjoy their way to success. Hard work used to matter as the foundation of success.

Nowadays, however, many impressionistic youths believe that they only need to be “smart”. Dubiety, dishonesty, disloyalty, immorality and all damnable things are part of being smart or connecting the dots in a wrong way.

How do you connect the dots in the right way?

The late technology wizard, Steve Jobs, provided the answer in this famous commencement speech: “You can’t connect the dots by looking forward; you can only connect them by looking backwards. So, you have to trust that the dots will connect in your future.

You have to trust that the dots will somehow connect in your future. You have to trust in something – your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.”

But many Nigerians are let down. Taking some students for example, rather than focus on learning or acquiring knowledge, they just want to have certificates. Though the school or institution they attend is primarily meant for learning, they devote most of their time to socialising, online and offline, clubbing and burning their precious time away.

At the end of the day, the dots don’t connect as they are found to be unemployable and incompetent.

I do not begrudge those who want to become millionaires while in school but the linear approach, which the ABCD also represents, is that there is time for everything.

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

27

The Mega City ...for the love of Lagos

MEGA CITY EVENT

MY CITY, MY WORLD (Fashola)

LIFE IN THE CITY

Gov. Fashola renders 2,700 days account of stewardship in office

Ebola was my most challenging task, says Fashola

FESTAC Phase II: Lagos’ housing stock to grow by 50,000 units

Lagos’ forgotten road

A portion of the bad road

Since 2007, the Cele-Ejigbo-Ikotun-Egbe road has permanently bore the popular inscription, “men at work”. This is due to the deplorable and impenetrable state of the road -EZURIKE UGOCHUKWU, who visited the road recently, reports.

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r. Victor Ihaza, a private car owner and a banker, who lives around Cele-Egbe area of the Ejigbo-Ikotun Egbe road, and works in one of the banks on Lagos Island, is now a walking ghost. Ihaza is at the verge of losing his job, due to countless days of lateness to work, occasioned by deplorable and impassable state of the road.

The situation has got worse this rainy season. Recently, Ihaza’s supervisor in his unit has come out with a stern warning; that she could no longer shield him from his incessant late coming. Ihaza, who could no longer hide his emotions opened up angrily: “The government is heartless and deceitful; how can a sensible and sensitive government allow the large population living in this area, go through this agony for this long; they want to use this road again as campaign material. I am on this road by this time

OLUWATOSIN OMONIYI CO-ORDINATOR

tosin.omoniyi@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

because today is Saturday. Other days, l leave my house at 4:30am and get back home between 12:00am and 1:30am depending on the day’s weather.”

Further bemoaning his fate, Ihaza continued: “We are real Nigerians. We will not die. 2015 is around the corner and they will come to use and dump us. We are waiting.”

Ihaza is not alone in this precarious situation. Mrs. Adebiyi Olufunke, a caterer, who also runs a provision store at the Ejigbo junction, has seen her once lucrative business go down; patronage has waned and she is facing severe hardship and unable to support her family any longer.

“People find it difficult to notice our displayed wares, or other business activities around. They would rather raptly concentrate on navigating through the flooded road or wade through the waterlogged road by foot. Customers have no place to park vehicles. In fact, the state of the road forces us to close our shops early to escape imminent increase to already high transport fare we contend with”, she says with a frown on her face.

Lamenting the deplorable state of the road also, Mr. Amadi Jonah, a resident of Ikotun-Egbe, and a member of the Synagogue Church of All Nations (SCOAN), said a journey from Cele Junction on the Oshodi-Apapa Expressway, which ordinarily should last for ten minutes, now takes three hours or more, depending on

the weather condition of each day.

This, Jonah said, had not only resulted to long hours being spent on traffic but in residents now having to wake up as early as 3:30 am daily to beat traffic.

He said: “The commonest thing here is from four 3.00am, we start hearing bus operators shouting-Oshodi-oo!,Cele!Cele etc. To alert residents, who struggle to board the scarce and exorbitant vehicles in order to beat traffic.”

“For those, who were unable to wake early, they have to contend with traffic in both the main and feeder roads within Ejigbo and Egbe environs.” He added.

According to him, the deplorable state of the road, considering the high population density of the area is pitiable.

“You can see the depth of gully in some sections of the road. They are a threat to all sizes of vehicles, as they have to detour to avoid them. Right from the Oba’s palace junction down to Ori-oke, then from the junction back through LATSMA office to Ronik road junction, there are many portions as deep as four feet. They are ‘death traps.’ This is the only road you experience traffic from early morning through afternoon to night, even Sundays,” he added.

The near-total collapsed road has affected badly on the intra-city public mass transit buses, “LAGBUS” that ply from Cele-Express to Ikotun. They have become so faceless that, almost, all the buses have the front and rear of their bumpers and light covers yanked off. Their bodies are yawning for urgent attention.

Some drivers and commercial motorcycle riders also complained of the trauma they face in skidding and CONTINUED ON PAGE 28

We’re training 200,000 power engineers –Fashola Muritala Ayinla agos State Governor, Mr Babatunde Lstate Fashola (SAN) has said that the government was considering

training 200,000 youths as power engineers to address problems associated with power challenges in the state through the Lagos Power Academy.

The governor also said the Lagos Energy Academy will provide training for young people to become technicians and electrical engineers and provide training power in generation, transmission and distribution.

Speaking during commissioning ceremony of the Lagos Energy Academy and induction of the first batch of its students, Fashola said the trained youths would provide the necessary human capital for lighting Lagos and Nigeria. “We believe that over the years, there is a possibility to produce as many as 200,000 graduates, who would have Siemens certification to be able to work anywhere. We are also partnering with a meter manufacturing company who is training them on how to diagnose faults with meters, the old analogue meters, the digital meters, the card meters, so that they are able to render service in terms of power generation transmission and distribution and all of the challenges”.

28

News | Mega City

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

Lagos, on World Food Day, harps on agriculture Ezekiel Adesawe

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t was a day to remember as 3,149 LaIFood gosians benefited from the 2014 World Day/ Agric value chains empowerment programme of the Lagos State Ministry of Agriculture and Cooperatives. The event was in celebration of the United Nations food day in Lagos.

The event, which took place at the Johnson Agiri Agricultural complex, Oko Oba, Agege, was organized by the state Ministry of Agriculture and cooperatives to empower farmers and marketers of agricultural products in Lagos State and also to celebrate the United Nations world food day with the theme: “Family Farming: Feeding the World, caring for the Earth”.

In the welcome speech delivered by the Commissioner of Agriculture and Co-operatives, Prince Gbolahan Lawal, he explained that the rationale behind this year’s agricultural value chain empowerment programme is to share prosperity through empowerment of farmers and availability of modern infrastructure and technology in farm lands in Lagos state.

Gbolahan said: “With the provision of necessary infrastructure, introduction of modern farming technology and extension services in our established farm settlement, estates and other farms across Lagos, it is critical that these categories of farmers and marketers be incentivized further through the provision of quality input and expanded market. The goal of this year’s event is to share prosperity, hence this Agricultural Value Chains empowerment” According to him: “In the last seven years of His Excellency, Mr. Babatunde Raji Fashola’s, SAN administration, there has been growing political and academic consensus that an agriculture-led approach to development, involving stronger productivity throughout the entire agric-value chains offer the best opportunity for rapid, widely-shared economic growth and poverty reduction.

“In the same vein, there is a large body of empirical evidence, which

Fashola, others and a woman beneficiery

shows that farming, small-scale agroprocessing and retailing are especially important sources of income for the lowest income earners in Lagos state.”

Meanwhile, Fashola in his address, expressed displeasure at the height of global hunger with the strength of human civilization, such that there are people who beg for food and some others who go to bed on empty stomachs.

He, however, pointed that the available resources will be sufficient to adequately address the needs of people rather than the insatiable wants if the way things are done take another turn.

Fashola said: “The irony of human civilization is that every day in every part of the world, somebody is hungry.

No matter how prosperous that country is, there is somebody, who goes to bed hungry. Somebody is begging for food and also looking for shelter. But in this same world, where also every day, even in the poorest countries, they throw away food. It means therefore

that if we begin to rearrange things, it is actually enough to take care of our needs but might not be enough to take care of our wants.”

While still speaking at the 2014 WFD/ agric value chains empowerment programme, the governor revealed that his administration in its quest to develop the economy of the state, has focused on four key aspect of the economy; power, agriculture, transportation and housing that are highly effective in wealth creation.

He further explained that at the height of economic development in the state with focus on four of these important areas, the people would have been adequately empowered and trained in agriculture and entrepreneurship to be able to create more wealth in the state.

He said: “We have chosen to focus on four areas of the economy, because we believe that those areas of the economy have the shortest and most effec-

tive capacity to create wealth which are power, agriculture, transportation and housing. Everything that we have done is connecting to these things.

“So, we have started a great journey of a whole family going back to the farm. Clearly, this journey is the beginning of the end of poverty and the beginning of economic empowerment. This is our own part. These are not slogans and visions that have no human components. The beneficiaries are real and this is what we do with tax payers’ money. It is a sensible and people-oriented wealth distribution that empowers people, give them skills and dignity, that make them get up in the morning every day and say those very important words- I am going to work. So, I know today that 3, 146 people will get up tomorrow, will get up in the morning and say to their family ‘I am going to work” he added.

Fashola added: “That is a lot of dignity and pride. It is for me by far better, saying I am going to beg. That is what we do here, to get people up, so that they can say I am going to work. They have been trained in practical aspect of agriculture and they have also been trained in entrepreneurship. We are also issuing Cassava graters and pressers for those who will add value, because the cassava will not on its own become cassava chips, unless something is done to it. From our farm in Epe today, the cassava that is produced there is now being milled there and some of the people, who are making Indomie, biscuits and others are already connecting with those farmers that sell to buy the cassava flour from them.

“So what they produce is no longer waiting for the market, it is the market that is waiting for what they produce.

We have not forgotten also our coconut farmers in coastal part of Lagos from Badagry to Epe and some of them are also reclining coconut de-husking equipment which will help remove the hauls from the coconut and there are so many things you can make from the coconut. So the sky really is not the limit for small farmers today.”

The forgotten road CONTINUED FROM PAGE 27

gliding through the road. They experience bottom plate break very often, resulting to regular engine knock. To the drivers and some commuters, they are convinced that Ejigbo is a section of Lagos marked for destruction, based on unknown reason(s).

An motorcyclist at Ejigbo, who declined giving his name said: “The spate of bad road in Ejigbo may mean that the people ruling Lagos have something against this area. If you notice, work starts on the road today; before you close your eyes and open, both the workers and their machines, would disappearas if stung by bees. After a while, they will come again, scratch the ground and disperse. We are also tired of talking to you journalists. Every day, you see journalists beaming cameras on us. Nothing comes out of it. What is our crime?”

To Mr. Olarenwaju Richard, a retired civil servant, Ejigbo roads have no peers in the level of dilapidation.

“Ejigbo roads are 100 per cent bad.

However, the road from Mushin to Isolo down to Ejigbo to lkotun is the worst major road in Lagos today. Though, government is trying, but its time they finish this road.” Olariwaju said.

Baba Ayo, a bus driver, who plies Ikotun to Cele-express believes the government is not doing anything to ameliorate the sufferings people pass through daily on the road.

He said: “This road destroys our vehicles on daily bases. We make no savings because our vehicles go from mechanic to panel-beater regularly.

The government is not trying in Ejigbo at all. All the roads in ‘Alimosho’ are bad. This Ejigbo road, one side is partly tarred and other side abandoned.”

Chief Tunji Omole, Chairman, Taxi Drivers Association, Ejigbo branch, believes government is dragging in giving Ejigbo accessible roads. He feels the government has tried- by building an alternative road from Ejigbo to Ajao Estate, but:“This road needs urgent attention because it links over twenty villages: Abaranje, lgando, lsheri, ljegun, lkotun etc.

They should come and help us finish the road. The road was awarded to a contractor without a name. The time wasted from Pako to Ejigbo, which is less than five kilometers, is far much than the time it takes to travel from Ejigbo to Lagos Island. What is happening to this road? God dey-o-o!”

A tricycle operator, Mr. Chukwudi Ngwuda, said the nature of the road reduces the number of passengers that patronize

Another bad spot of Ejigbo road

them. He also said that some commuters have stopped plying Cele-Ejigbo road while some reasonable percentage prefer trekking than paying for mobility they may catch up with in the long run. He joined other residents to call on the state government to come to their aid.

The Oba of Ejigbo, His Royal Majesty, Oba Moroof Adekunle Adisa Ajoola, was not on hand, when New Telegraph visited his palace. However, one of his spokespersons,chief Olawale Edegbeja, omoko of Ejigbo and Ijan land, said that as big as Ejigbo is, they have been neglected for too long by past administrations. He is happy Ejigbo Local Council Development Area (LCDA) was created 12 years ago. He called on the National Assembly to recognise it. He further

commended the LCDA chairman for attracting the construction of some roadsAjao Estate/Ejigbo link road, Jakande/ Ijegun road and ‘the super drainage’ being constructed at Ejigbo to channel out flood from Ejigbo round-about etc.

“So far, so good. Since the creation of the LCDA, we have been feeling the impact. If the Federal Government will recognize the LCDA’s, the better will be the lot of the people here. Our monarch here, His Majesty Oba Moroof A.A Ajoola, has been trying his best in going to the LCDA, to state, at times to Abuja, letting them in the know about the plight of the people of Ejigbo. But one thing is to suggest to the system, and another is for them to do it.

We know they have challenges, but they have to look down to the rural areas.’’

Life | In The City

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

29

FESTAC Phase II: Housing stock to grow by 50,000 units Lagos is number one on many fronts, being the former capital of Nigeria, and presently the financial headquarters of the nation and commercial hub of West Africa. These enviable advantages must have prompted the Federal Government to renew its interest in the development of a new city tagged, “ FESTAC Phase II” , almost 37 years after the FESTAC Phase I was developed. DAYO AYEYEMI reports.

Officials at the signing of the new Festac Phase II project

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o make its plan a reality, it is no longer news that the Federal Government has concession the development of FESTAC Phase II to a private firm, Messrs New FESTAC Property Development Company Limited.

What is news is that approximately 50,000 housing units will be added to the housing stock in Lagos State, when the project is finally completed.

Beyond the financial benefits derivable from the concession, Minister of Lands, Housing and Urban Development, Mrs Akon Eyakenyi, has assured that thousands of jobs would be created for both skilled and unskilled labour, comprising architects, builders, engineers, carpenters, bricklayers, painters and iron benders, among others.

The Federal Government is estimated to make more than N25.765 billion as premium from the concession, with an

Photo: www.ngrguardiannews.com

addition of over N150 million ground rents annually, with three years moratorium from the deal. The minister said that the realisation of the concession would transform that part of Lagos called ‘Festac Town’ into a modern city and yield great benefits both in the infrastructural and socio economic to the development of Lagos.

The serviced plots to be realised through concession, she said, would be complemented with green areas, off street parking, power supply, petrol station, shopping malls, hospitals, hospitality centres, well laid roads, water works, street lights, sewage disposal systems, incinerators and all necessary support infrastructure.

She explained that the agreement has provision for the active involvement of the Federal Housing Authority,

he National Association TNAMB, of Microfinance Banks, Lagos State Chapter,

has said it would embark on intensive training for its members to improve their skills. The Chairman of the association, Mrs Clara Oloniniyi, told the News Agency of Nigeria (NAN) in Lagos that the training would enable practitioners to provide better services to Nigerians.

Oloniniyi said that the concept of microfinance banking was not for merchants but for the poor. “Professor Mohammad Yunus, the founder of the first microfinance bank

Thousands of jobs would be created for both skilled and unskilled labour, comprising architects, builders, engineers, carpenters, bricklayers, painters and iron benders, among others.

FHA, in the implementation of the project. The scope of the concession includes reclamation of 1,126 hectares land, sand filling, infrastructural development, marketing/sale of the over 7,000 plots of land to be created from the reclaimed land, and facility management for the 30 years.

Messrs New Festac Property Development Company Limited is expected to fully fund the implementation of the project and recoup its funds, mainly through the sale and management of plots of the land over the concession period.

It would be recalled that the Federal Government had acquired 2,024 hectares of land in Lagos for housing development in the preparation for the hosting of FESTAC ’77 in which phase one of the project, known as FESTAC Town was developed, leaving a balance of 1,126 hectares of swampy land as phase II of the project.

The Managing Director of New Festac Property Development

Company Limited (NFPDCL), Mr. Gaddy Gbuji, an engineer, assured that his company was fully committed to the noble objectives of the concession in the implementation of the project.

He revealed that Messrs New Festac Property Development Company Limited, NFPDCL, is a Special Purpose Vehicle, SPV, made of four companies namely: Fung Tai Engineering Company Limited, FTECL, SCC (Nigeria) Limited, and Energo (Nigeria) Limited with track records and diverse experiences in construction and infrastructural development.

Since the award in April 2013, he stated that the company had been preoccupied with extensive preliminary project development activities including surveys, field studies, site investigation, Environmental Impact Assessment, town planning, funding and third party appraisals and agreements.

Although the land for the new development has been encroached upon

New Festac Phase II

by illegal squatters over the years, following the government approval for the reclamation and development of the balance of 1,126 hectares, the Federal Housing Authority (FHA) has boldly taken the advantage of Public-Private Partnership (PPP) to proceed with the project under a concession in line with extant government policy.

The concession project was first advertised in June 2006 by the FMLHUD through its implementing agency, FHA. Many companies responded to the advert but only two companies were pre-qualified to submit technical and financial proposals.

The concession bidding exercise passed through three Federal Government Administrations before final award to New Festac Property Development Company Limited in April, 2013. The Infrastructure Concession Regulatory Commission (ICRC) and the Bureau of Public Procurement (BPP) also consented to the concession.

Photo:www.3investonline.com

NAMB to boost operators’ capacity in Lagos known as Grameen Bank, made it obvious during his visit to the country’s microfinance conference in 2011.

“At the conference organised by the First Bank of Nigeria (FBN) Plc, Yunus revealed that what was being practiced then and still in practice is not microfinance banking but micro commercial bank,” she said.

Oloniniyi said that capacity building would motivate operators to the poor and not suppliers and importers. “I

am not saying that banking cannot be done for the rich but there is banking for the rich and restricted to the rich.

“So, this capacity building is aimed at making the operators to embrace the main objective of the sub-sector which reaching out to the poor,” she said. Oloniniyi said through the training, operators would be allowed freedom to share challenges they were facing in ordinary course of business for brainstorming. “When

they are together, we are able to share ideas, address challenges and speak with one mind,” she said. She commended the Central Bank of Nigeria (CBN) and Nigerian Deposit Insurance Corporation (NDIC) for making efforts on capacity building for operators.

Oloniniyi added that operators would not be diverted totally from profitability as strategies for profitable microfinance banking would

be part of the training. “Operators must know the strategies for profitability as they are pursuing the social aspects, the profitability aspect must not be ignored. “We are also going to discuss how to attract more investors to the sub-sector and prepare operators on how to access funds from them,” she said.

NAN reports that the training scheduled for the Lagos Airport Hotel on Nov. 6 has theme ‘Managing for Suitability.’

30

The Mega City

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

UPCOMING EVENTS

SI-UK Education Fair, with over 20 UK Institutions

Organiser: SI-UK Education Council Date: October 25, 2014, 12:00 PM - 5:00 PM Venue: Sheraton Hotel, Mobolaji Bank Anthony Way.

Expand your Influence (for women)

Organiser: MYDREAMCONNECT Date: October 25, 2014, 12:30 PM - 4:00 PM Venue: SAMAK Hall, Behind Tantalizers, Ikosi Road, Oregun, Ikeja

Physiology Workshop for Educators

Organiser: ADInstruments Pty Ltd Date: October 23 2014, 9:00 AM- 4:00 PM Venue: University of Lagos, Department of Physiology, College of Medicine.

3rd Sustainability in the Extractive Industries Conference

Organiser: CSR-in-Action Date: October 24, 2014, 8:00 AM- 5:00 PM Venue: Intercontinental Hotel Lagos, Plot 52, Kofo Abayomi Street, Victoria Island.

My City, My World Ebola was my most challenging task, says Fashola Marks 2,700 days of building mega city

MEGA CITY EVENTS Gov. Fashola renders 2,700 days account of Stewardship in Office

Muritala Ayinla State Governor, Mr Babatunde Fashola Lhisagos (SAN) on Sunday marked the 27th edition of 100 days celebration, where he rendered ac-

A cross-section of invited guests, party members, traditional rulers, neighbourhood watch men, market men and women and other stakeholders during the rendering of Account of Stewardship to commemorate the 2,700 Days in Office of Governor Babatunde Fashola’s Administration at the Blue Roof, LTV 8 Complex, Ikeja, Lagos at the weekend.

Gov. Fashola, (right) presenting a Merit Award to Mr. Ayanleye Ayodele Abiodun (left) as the 700,000th Registered Resident of Lagos State from the Lagos State Residents Registration Agency while the Special Adviser on Information and Strategy, Mr. Lateef Raji (middle) assists.

General Manager, Lagos State Residents Registration Agency (LASRRA), Mrs. Yinka Fashola (right) in a group photograph with awardees of LASRRA’s Merit awards.

Lagos State Deputy Governor, Hon. (Mrs.) Adejoke Orelope-Adefulire (3rd left), Commissioner for Information and Strategy, Mr. Aderemi Ibirogba (2nd left), Oba of Lagos, Oba Rilwan Akiolu (3rd right), Hon, Justice Ishola Olorunnimbe (2nd right) and the Asoju Oba of Lagos, Molade Okoya Thomas (right), at the occasion.

Lagos State Commissioner for Health, Dr. Jide Idris on Monday briefed the press on W.H.O certification of Nigeria as Ebola-free

Lagos State Commissioner for Health, Dr Jide Idris (3rd right), Information & Strategy and Special Duties counterparts, Mr. Aderemi Ibirogba (2nd right) and Dr Wale Ahmed (2nd left), Special Adviser on Public Health, Dr (Mrs.) Yewande Adeshina (3rd left), Public Relations Officer, Ministry of Health, Mr. Bosun Ogunbanwo (right) and representative of Permanent Secretary, Ministry of Health and Director, Healthcare Planning, Research and Statistics, Dr (Mrs.) Femi Taiwo (left) during a press briefing on the W.H.O certification of Nigeria as Ebola free at the Bagauda Kaltho Press Centre, Alausa, Secretariat, Ikeja, Lagos, on Monday, October 20, 2014.

count of his stewardship in office to millions of residents in the state. He described his 2,700 days in office as an extraordinary journey of trust and partnership for development.

Thousands of Lagos residents gathered at the LTV 8, Blue Roof, venue of the colourful event, to listen to the report of activities of the government in the last 100 days and possibly get feedback on some of their needs and expectations from government.

Addressing the gathering comprising traditional rulers, civil servants, traders, artisans, students, young and old, Fashola commended all the residents for their cooperation in the containment battle against the Ebola Virus Diseases, EVD, saying if the residents had not heeded advice on safety measures, the virus would have resulted into serious epidemic.

The governor recounted that the EVD threat was the most challenging period in his administration, but added that it was the first time in the last 40 years that such an outbreak of disease would be recorded in an urban centre.

“It was a very challenging period-a virus with no known cure, with very devastating consequences. In the 40 years since its discovery, it has never affected an urban centre. All known cases were in rural places, where there were not many people. Ebola in Lagos, with a population of 21 million people, was a time bomb of epic proportion if it developed into an epidemic. There was no previous precedent. Lagos had to learn by itself and she did,” he said.

He added that, “I cannot forget the interventions of the Diplomatic Community who are part of our teeming residents. You refused to surrender. You contained the disease and our country is in the world news for all the right reasons. I thank you all very much for standing up to be counted.”

He appealed to the residents to uphold the lessons of personal hygiene such as regular hand washing with soap and water, and desist from public urination and open defecation.

Fashola also assured residents of steady water supply, saying that no fewer than 250,000 homes in Lagos and some parts of Ogun State, where the facility is situated, will be connected. Some of the Lagos areas to be served include, according to the Governor include: Ikotun, Agege, Iju, Ifako, Ogba and many parts of Alimosho.

The Governor, who undertook an inspection of the Adiyan Phase II waterworks during the last 100 days, added that the project will add another 70 Million gallons of water per day to the state when completed.

Gov. Fashola

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

FCT Watch

Economy

The Investor

Maritime 39

Power supply has improved, says BPE boss

World Bank/IMF Meetings: Nigeria’s take home

Re-engineering mutual funds via enlightenment

33

35

36

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Ebola: FG bars direct entry for foreign ships

Business What's news

Only 3.6% subscribers use fixed lines in Nigeria, others A colossal disparity now exists between fixed and mobile communication penetration rates across African nations including Nigeria, as only 3.6 per cent of telecoms subscribers are using fixed lines.

p.32

Dana Motors, Total, Bua, 9 others owe Customs N15.5bn ABUSE Some multinational and institutional importers have abused Customs’ Fast Track Scheme

It was however learnt that the companies have abused the scheme by refusing to pay duties and taxes due to the Federal Government.

NSC said: “The Nigeria Customs Service notes with

regret that despite efforts to ensure smooth clearance procedure where companies are allowed to carry their cargoes on Fast Track lane to facilitate trade and cut costs to consumers, the under-listed

beneficiary companies have continued to abuse the spirit of these arrangement by refusing to pay appropriate duCONTINUED ON PAGE 32

Bayo Akomolafe

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The Business Desk Ayodele Aminu Deputy Editor (Business)

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Godson Ikoro

Asst. Editor (Money Market)

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa Finance Editor

welve companies in the shipping, oil and gas sectors have refused to pay a total of N15.5 billion duties and taxes to Nigeria Customs Service (NCS).

The erring firms are MV Onome and Oritsemeyin (Calabar) with the highest debt of N3.579 billion, Dana Motors (N2.211 billion), Saipem/Total (N2.001 billion) and BUA N1.853 billion.

Others are Hyundai Motors (N1.688 billion), Stallion Motors (N1.073 billion), Axxis Petro consultants (N858.457 million) and Arik Air (N845.676 million).

The service, New Telegraph gathered, has commenced the process of instituting a legal action against them if they fail to pay their debts within two weeks.

Also, it was revealed that all effort by the Customs to recover the duties and taxes owed by the companies have not yielded any result.

These companies are those that were given opportunity to enjoy NCS Fast-Track Scheme.

The Fast Track Scheme was part of Customs’ effort to facilitate smooth clearance of goods in the ports following compliant by importers, especially multinational and institutional importers with good track record of not involving in any sharp practice.

Kunle Azeez Energy

Nnamdi Amadi Reporter

Johnson Adebayo Asst Production Editor

Investors lose N129bn in NB, Guinness Chris Ugwu

I

nvestors in the nation’s capital market recorded a loss of about N129 billion in the last three weeks in two breweries giant - Nigerian Breweries and Guinness Nigeria Plc. This was caused by the market depression that had persisted on the local bourse.

However, the Nigerian stock market witnessed a higher per cent increase in foreign portfolio investment

outflow.

Investigation by New Telegraph showed that Nigerian Breweries Plc recorded a loss of N75 billion or 5.9 per cent to close at N1.258 trillion in market capitalisation in October 20, as against a closing figure of N1.331 trillion on September 30, 2014.

Also, Guinness Nigeria Plc dipped by 20 per cent or N54 billion to close at N269 billion from N323 billion during the period under review.

According to reports, foreign portfolio investment

outflow from the Nigerian Stock Exchange (NSE) rose to N482.91 billion during the first eight months of the year.

According to the Exchange, the FPI outflows include sales transactions or liquidation of portfolio investments through the stock market.

The N482.91 billion withdrawn by the foreign investors between January and August represented a 35.4 per cent increase on the N356.64 CONTINUED ON PAGE 32

Rates Dashboard

Senior Correspondent

Chuks Onuanyin

L-R: Chief Executive Officer, SEPLAT Petroleum Development Company Plc, Mr Austin Avuru; Chief Executive Officer, Rand Merchant Bank West Africa, Mr Michael Larbie; Group CEO, UBA Capital Plc and Chairman of the Session, Mrs Oluwatoyin Sanni; Chairman Capital Market Association/Managing Partner Alliance Law Firm, Uche Val Obi; Chief Executive Officer, Nigerian Stock Exchange, Mr Oscar Onyema; and Chief Executive Officer, AIICO Pension Limited, Mr Eguarekhide Longe, during the panel discussion on “Transformation of the Nigerian Stock Exchange” at the Capital Markets Solicitors’ Association, 2014 Annual Business Luncheon, held in Lagos.

INFLATION RATE August 2014............................8.5% July 2014.................................8.3% May 2014.................................8.2%

LENDING RATE InterBank Rate....................11.57% Prime Lending Rate...........16.93% Maximum Lending Rate...25.83%

EXCHANGE RATE

(Parellel As at Oct 17)

USD . . . . . . . . . . . . . . . . . . . N156.75 Pounds . . . . . . . . . . . . . . . N254.68 Euro . . . . . . . . . . . . . . . . . . N198.08

l Foreign Reserves – $39.41bn as at 16/10/2014

Source: CBN

EXCHANGE RATE (Official As at Oct 17)

USD . . . . . . . . . . . . . . . . . . . . N155.76 Pounds . . . . . . . . . . . . . . . . . N249.01 Euro . . . . . . . . . . . . . . . . . . . N198.50

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Business | News

POOR COMPETITION

Lack of competition within the fixed-line market has resulted in little motivation to improve services Kunle Azeez

A

colossal disparity now exists between fixed and mobile communication penetration rates across African nations including Nigeria, as only 3.6 per cent of telecoms subscribers are using fixed lines.

Research firm, Frost & Sullivan, which made this known in a report, said that mobile communications have captured 96.4 per cent of the continent’s subscriber market.

In the survey, Frost & Sullivan attributes the massive gap to the fact that fixed-line communication services are offered solely by stateowned entities across African countries, with limited funds for infrastructure development and investment.

It also stated that lack of competition within the fixed-line market has resulted in little motivation to improve services.

“Customers, therefore, choose to communicate through mobile devices rather than

Only 3.6% subscribers use fixed lines in Nigeria, others fixed-line modes,” the study said, noting that in South Africa, Telkom and Neotel’s latest figures indicate that there were about 3.8 million fixed-lines in SA, which includes consumers and businesses.

Information and Communications Technology analyst at Frost & Sullivan, Naila Govan Vassen, said that mobile penetration is almost saturated in some parts of Africa and mobile network operators are looking for new streams of revenue such as data services.

“In particular, the North African region is on the verge of saturation, with an average mobile penetration rate of 93.4 per cent. South Africa, Namibia, Ghana, Mali and Gabon are also in a similar situation, with a 100 per cent-plus mobile penetration rates.”

In Nigeria, data from the Nigerian Communications Commission (NCC), telecoms industry regulator, showed that fixed lines in the country now stood at 187,028 as at the end of July this year, while mobile was 129.9 million.

In most cases, markets approaching mobile saturation point are in

Dana Motors, Total, Bua, 9 others owe Customs N15.5bn CONTINUED FROM PAGE 31

ties and taxes due to the Federal Government.

In March 2014, NCS admitted 114 companies into the Fast Track concession platform created in the enhanced Pre-Arrival Assessment System.

Beneficiaries admitted into the scheme include local manufacturing companies, multinationals, auto mobile companies, telecom operators and super-market retail outlets.

Comptroller-General of Customs, Dikko Inde Abdullahi, explained that he gave approval to the companies to encourage international trade in Nigeria.

He said: “We have observed over time that these companies have exhibited high level of diligence in their documentations, honesty in their declarations and integrity in dealing with Customs. Under the Fast Track Scheme, the PAAR system has been configured to accord special

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

recognition to the final documents belonging to the beneficiary companies when the dealer banks upload them.

He noted that once the verified documents hit the Customs system, an automatic system check would be activated, which on completion generates the PAAR without recourse to the officers of the Ruling Centre.

The declaration is instantly routed to the green lane and the process completed within few minutes. Such importers can immediately take delivery of their cargo, while Customs will conduct routine post- clearance audit of their books.

He noted that the list would be reviewed periodically subject to the performance of the importers on the compliance scale.

“Beneficiary companies will be published in the national dailies to enable Nigerians know those who are doing it right,” he said.

L-R: Director, Capacity Building, Nigerian Institute of Management (NIM), Sola Obadimu; President/ Chairman of Council, Dr. Nelson Uwaga; Professor of Corporate Governance, Cambridge Judge Business School, Dr. Phillip Stiles and Registrar, NIM, Kudu Sulaiman, at a Leadership and Governance programme co-organised by the Institute at Clare College, Cambridge University, United Kingdom.

this position due to the widespread ownership of double SIM cards, according to Frost & Sullivan.

“High numbers for business-related visitors and tourists has also led to the purchase of SIM cards for mobile networks.

While robust mobile penetration rates have fuelled the growth of the telecoms market in Africa, other factors have served to hamper market development.

Frost & Sullivan noted that both fixed and mobile operators will have to invest huge amounts to develop telecoms infrastructure across Africa, largely due to scat-

tered and low population densities.

“Social, economic and political instability as well as governments’ prioritisation of issues such as poverty, low levels of education, and poor access to healthcare over telecoms, also slow down development. The market is also consolidating as operators struggle to overcome strict regulations and intense competition within the overall telecoms market,” the study said.

According to Vassen, “Urban dwellers will now become a minority target for telecoms providers, as most have been exposed to technological and communication

developments. To gain market share in the rural areas, participants will have to make communication a commodity.”

With the growing popularity of mobile communications, opportunities to create egovernment, e-education and e-health platforms have also emerged.

“Already, small and medium enterprises are taking advantage of the proliferation of communication technologies and integrating it in sectors that are crucial for the development of countries across Africa. Such initiatives have given rise to mobile agriculture and mobile banking,” said Frost & Sullivan.

Investors lose N129bn in NB, Guinness CO N TI N U ED F RO M PAGE 31

billion FPI outflow reported for the same period of 2013.

According to the data, foreign portfolio investors staked N389.06 billion on equities on the NSE between January and August, compared with the N390.59 billion they spent on equities in the corresponding period of last year.

Managing Partner of Dependable Securities Limited, Mr Chineyem Anyanwu, speaking on the market development, said that the forthcoming general elections and the security challenges being faced by the country contributed to the low returns of the market.

According to him, the situation scared some foreign investors including the local investors

from putting large volume of their income in the market.

“A good number of investors have put their money into election campaigns. In fact, I anticipate that the market will bounce back fully and perform better as from the beginning of next year,” he said.

Some operators also believe that the recapitalisation directive has sparked share dumping by market speculators.

Managing Director, Lamberth Securities Limited, Mr David Adonri, noted that judging by the political situation as the general election draws near, the market may remain sluggish throughout the fourth quarter.

He said also that the rising wave of insecurity is posing a serious threat

to efforts put in place so far by the regulators to attract foreign direct investments.

According to him, the globalisation and liberalisation has made free flow of investment of capital across national borders possible with ease. He, however, affirmed that if government fails to decisively confront violent extremism in Nigeria, efforts at attracting foreign investment might be a mirage.

“Vibrancy of the capital market is conditional on the investment climate in every country. Where insecurity persists, the investment climate will not be conducive. Because peace and progress are intertwined, investment has tendency to always migrate to secure environments where peace

is assured.

“Violence kills people and destroys assets.

Therefore, no sane investor will risk his hard earned savings in a strifetorn economic environment. This is behind the recent exodus of foreign portfolio investment from our capital market in the wake of deteriorating security situation in Nigeria.

“Globalisation and liberalisation of capital markets has made free flow of investment capital across national borders possible with ease.

Frightened domestic investors can move their investments to conducive foreign markets, thus compounding the woes of the capital market.

Also, such capital flight can exacerbate the pressure on the domestic currency,” Adonri said.

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

33

FCT Business Watch

Power supply has improved, says BPE boss

D

irector General of the Bureau of Public Enterprises (BPE), Mr Benjamin Ezra Dikki, has explained that it is practically challenging at the initial stage of the power privatisation in Nigeria for more than one distribution company to operate in a designated area as there was no wireless technology to transmit power to consumers.

Speaking when he appeared on the maiden edition of the weekly Radio programme - Reform Nigeria on WE FM Radio in Abuja, Dikki noted that allowing two distribution companies to operate in a given area was an invitation to chaos as electric cables would crisscross each other.

In an apparent response to a question by a caller that allowing only one distribution company to operate in a given area

l Explains DISCOs’ operation challenges encourages monopoly, the DG said that power distribution, by its nature, was monopolistic, but that in the Nigerian experience, the reform gave birth to 11 (eleven) distribution companies so that there would be peer group pressure to improve and share experiences on how to improve the power market.

He noted that so far, the companies were learning from each other to improve on power supply to consumers, citing the Eko Distribution Company, which he said, has computerised its operations, which other companies were emulating.

The DG said that it was in realisation by government that private sector monopoly was more vicious than the public sector monopoly that the Competition and Consumer Protec-

tion Bill, popularly known as Anti-Trust Bill, was initiated by the Bureau which when passed, would engender competition in every sector of the economy.

On complaints that power supply has not improved significantly in the country since take over by the new owners, Dikki attributed it to sabotage arising

from gas pipeline vandalism and other operational problems like obsolete equipment.

He, however, pleaded for more time for the power companies as transformation in the sector would not manifest overnight.

He maintained that despite the challenges, power supply had improved tremendously in the country since take over by the private investors less than one year ago.

Tokunbo sales drop by 70% in Abuja Yusuf Shuaib Abuja

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ealers of fairly used imported cars commonly called Tokunbo in the Federal Capital Territory (FCT) have expressed concern over the drastic reduction in sales cutting across all brands of automobiles.

Some dealers whose garages are located along Abuja- Kubuwa express road lamented in an interview with New Telegraph that sales of Tokunbo cars has dropped by 70 per cent since late January, 2014.

Abdul Muhammed attributed the drop in sales to Federal Government’s policy on imported new and used vehicles into the country.

According to him, early in 2013, the Federal Government released details of new duties and levies payable on imported new and used vehicles as well as imported new tyres, raising the tariff from 20 per cent to 70 per cent.

Abdul noted that dealers of imported vehicles had protested that the new rate would translate into an increase in price of imported cars to about of 80 per cent.

“You will recall that the Federal Executive Council had in 2013 approved a new national automotive policy aimed at encouraging local production and assembling of new vehicles with an imposition of a high import tariff on fully built vehicles. But the new rate was not given then.

“A two-page document dated November 14, 2013, signed by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, gave the new import tariff on cars as 70

per cent (of the cost of each vehicle). It stated that a fully built car would attract a duty of 35 per cent and a levy of another 35 per cent of the cost of the vehicle,” he said.

The document, with reference number BD/FP/ DO/09/189, also specified that fully built commercial vehicles would attract 35 per cent duty but no levy imposed.

It specified that “local assembly plants shall import completely knocked down (vehicles) at zero per cent duty; and semiknocked down (vehicles) at five per cent duty.

“Local assembly plants shall import fully built unit cars at 35 per cent duty and 20 per cent for commercial vehicles without levy, respectively in numbers equal to twice their CKD/SKD kits.

Imported tyres would also cost more as from next year as 20 per cent duty and five per cent value added tax have been placed on tyres of cars, buses and Lorries.

“Local tyre manufacturing plants are to import tyres at five per cent duty in numbers equal to twice their production for two years from the date of commencement of production.”

Similar high tariff will also be charged on used vehicles, according to the document.

It added that the Nigeria Customs Service “shall use the value of a new vehicle depreciated by 10 per cent per annum, implying 10 years period of cars and by seven per cent per annum implying 15 year period for commercial vehicles. In either case, depreciation should never be below 30 per cent of the value of the new vehicle alike.”

L-R: Chief Executive Officer, Stanbic IBTC Trustees, Binta Max-Gbinije; General Manager, Regional Operations, MTN Nigeria, Adekunle Adebiyi; Executive Director, United Healthcare International, Dr. Kazeem Mustapha; Country Representative, Bill and Melinda Gates Foundation, Dr. Mairo Mandara; Chief Executive Officer, KARMOD Pre-fabricated Nigeria, Hakeem Shagaya and Ace photographer, Aisha Augie-Kuta, at the recently concluded Mara One-on-One event in Abuja

PAN lauds FCT’s input to poultry business Kenneth Tyohemba

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he Poultry Association of Nigeria (PAN) has commended the Federal Capital Territory (FCT) administration for its contribution to the growth of poultry business in the country.

PAN, the umbrella body of poultry farmers in Nigeria, recognised FCT as having one of the largest modern poultry farms in the country, thus debunking insinuations that the nation’s capital city does not invest in commercial agriculture.

The association disclosed this during this year’s World Egg Day it organised in Abuja.

It acknowledged the strategic importance of poultry business in Nigeria for consistently contributing over 25 per cent of the Agricultural Gross Domestic Product (AGDP) of the national economy.

Speaking on the theme “An Egg for the Nigerian Child,” PAN’s national President, Dr. Ayoola Oduntan, said that the strategic importance of poultry products cannot be taken for granted as its value chain especially in the production of

chicken and eggs form critical components of agriculture and health sectors, contributing about 36.5 per cent of the protein of Nigerian nutrition.

Oduntan also noted that egg has comparative advantage in improving diets as it is the most accessible and affordable form of high protein with sustainability matrix. He enjoined parents to embrace the culture of nutrition by feeding the children under age of five with an egg per day.

This, if adopted, he said, would fast forward the economy, as an egg per day for 50 per cent of the country’s population is projected at a daily economic value of N1.7 billion, even as poultry meat and other benefits remain.

PAN therefore restated its commitment to use the industry to provide access that would boost the status of the economy.

Also, the Director-General of PAN, Onallo Akpa, in an exclusive chat with New Telegraph, said that the most proficient poultry farms in Nigeria are from Abuja. He spoke against the backdrop of the insinuation that many people don’t see FCT as a potential agricultural city.

According to Akpa, FCT embraces poultry as an urban agriculture, adding that Premium Poultry Farm in Kuje Area Council is one of the largest commercial layer farms in the country, producing between 8,000 and 9,000 crates of eggs daily with a total population of about 800,000 laying birds, in addition to other big farms scattered across the six area councils.

“Poultry business is striving in FCT, we have a lot of farmers here and they are all doing well; so poultry farming is no longer a hubby, it is pure business.

“People fear to venture into the business for risk and that is why PAN was created - to provide solution on how to excel with the business; PAN provides consultancy services free, we tell prospective farmers how to invest and excel in the business,” he stated.

He also disclosed that PAN helps farmers to obtain loans from banks and government.

“Ours is an advocacy group and we try to create conducive business environment, not only for our members, but also to the entire poultry farmers,” he said.

34

Business | Economy

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

World Bank/IMF Meetings: Like a ritual, the World Bank/International Monetary Fund (IMF) meetings in Washington D.C. has come and gone, but this years’ confab ended with two striking issues: Credit for Nigeria’s ability to contain Ebola and an advice to save for the rainy day, writes Ayodele Aminu Lower growth With growth in emerging markets at its lowest ebb since the aftermath of the financial crisis due to a combination China’s fading dynamism, a sputtering performance is eastern Europe and Latin America’s slowdown, the economic managers in Nigeria obviously have to put on their thinking caps.

IMF’s Managing Director, Christine Lagarde, reechoed this last week, saying that the end of quantitative easing would send shocking waves to emerging markets. “We’ve got to continue to caution a lot of the emerging markets economies …to just prepare themselves for a bit more volatility than we observed over the last few months,” she said.

Senior Adviser to UBS, George Magnus, had also noted that the IMF had reviewed downward its forecast for the emerging markets growth over the last few months.

The IMF had slashed Nigeria’s economic growth forecast for this year to 7 per cent, from 7.1 per cent last April.

The Fund, which made this known in its World Economic Outlook, also cut its outlook for global growth in 2015 to 3.8 per cent, compared with a July forecast for 4 per cent, after a 3.3 per cent expansion this year.

Nigeria’s economy had grown by 6.21 per cent in the first quarter of 2014, up from 4.45 per cent in the same period last year.

This was, however, lower than 6.77 per cent recorded in the fourth quarter of 2013.

Although the World Bank noted that African economies, including Nigeria’s, have continued to expand at a moderately rapid pace, with regional gross domestic product (GDP) projected to strengthen to 5.2 per cent yearly between 2015 and 2016 from 4.6 per cent in 2014, the IMF, however, noted: “That downside risk that require enhanced preparedness include fiscal deficits in a number of countries; economic fallouts from the activities of terrorist groups such as Boko Haram and Al Shabaab, and most urgently, the onslaught of the Ebola epidemic in West Africa.”

Fiscal Buffers In a bid to guard against oil shocks, the World Bank asked the Federal Government to increase its fiscal buffers (Excess Crude Account) to about $6.3 billion, up from the present level of $4.1 billion.

The price of crude in the international market had suddenly crashed to $88 per barrel, a price not seen since November 2010.

There had been qualms that Nigeria’s 2014 budget could face challenges

President Jonathan

when crude, which is the cash cow of the country’s economy, crashed. Nigeria, Africa’s biggest crude exporter, which depends largely on proceeds from crude to service over 85 per cent of its budget, has a budget of N4.962 trillion for 2014, which it pegged on $77.5 per barrel.

The naira which currently trade at N157 per dollar and has been under pressure has lost about 1.5 per cent of its value this year. The external reserves, which the Central Bank of Nigeria (CBN) uses to defend the naira has fallen to $39.4 billion.

But the Finance Minister, Dr. Ngozi Okonjo-Iweala, assured at a joint press conference to round off the World Bank/International Monetary Fund (IMF) meetings, that there was no cause for alarm.

She said that Nigeria would strengthen its fiscal buffer and would not borrow to augment shortfalls in revenue.

“There is no cause for alarm, we are on top of the game. We have to be realistic about our ability to spend,” she said.

The minster said that the nation’s economic management team is working on contingency plans, beginning with analysing various modules and scenarios in terms of oil price shocks.

Okonjo-Iweala, who is also Coordinating Minister of the Economy, stressed the need for countries in Nigeria’s category to prepare contingency plans, “should the slow growth (in the global economy) and oil prices continue to drop.”

One way out of doing this, the World Bank Group said, is for the Federal Government to build its fiscal buffers as back up for the economy, in addition to the fact that “we need to continue our structure reforms just like in the Euro zone.”

With oil prices dwindling, the Minister also noted the need for more nonoil collections going forward, stressing that the way out is by blocking more loopholes in tax collections by the Federal Inland Revenue Service (FIRS), which was given a target of $75 billion, out of which $44 billion had been collected as of July 2014, helped by exter-

Finance Minister, Dr. Ngozi Okonjo-Iweala

Nigeria as an economic powerhouse deserves to be a member of clubs of its peers like the G-20.

nal consulting firm, McKenzie.

With these new realities, she said: “We need to go back and encourage them to do more. We have to carefully build up the excess crude account.”

Speaking on the financial sector risk as noted by the World Bank and IMF as areas of concern, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, also assured that the apex bank would have to work towards ensuring that the nation’s financial system remains sustainable. One way of doing this, he continued, is by strengthen regulation to put the identified risk factors under control.

Already, at the last meeting of the CBN’s Monetary Policy Committee, Emefiele said it was agreed that there was the need to seek ways “to incentivise the banks to enable them lend to the real sector by directing attention to areas that would contribute to economic growth and job creation.

He explained that tightening regulation is not necessarily to punish the banks, but to strengthen economic growth and development.

Also fielding questions, Director, Budget Office, Bright Okogwu, assured that the process of presenting and passing the 2015 Appropriation Bill would be seamless.

He said that the National Assembly, just back from recess, has been given the Medium Term Economic Framework, just as there has been consultations on the basic parameters and areas of priority to ensure that areas of disagreement in the budget passage process are considerably reduced.

Forecloses borrowing Dr. Okonjo-Iweala also assured that the Federal Government would not borrow to augment any shortfalls in revenue.

Recently, Nigeria which has been borrowing from the international capital market, floated a $1 billion Eurobond and has borrowed another $1 billion to tackle Boko Haram. The insurgents have killed over 5,000 civilians between July 2009 and June 2014, including at least 2,000 in the first half of 2014, in at-

Business | Economy

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

35

Nigeria’s take home tacks occurring mainly in some north east, north central and central states of Nigeria.

Taking a holistic view of these developments, the IMF urged countries in the West African region, including Nigeria, to use the funds borrowed from external sources on projects that will enable them recover the cost and pay back the debts.

The IMF Deputy Director, Fiscal Affairs Department, Mr Sanjeev Gupta, made this call while responding to a question posed by a reporter from Africa.

He said: “What we have noticed in many countries is that increases in borrowing has not necessarily been accompanied by higher spending on infrastructure on the capital side, but has been accompanied by increase in spending on the current side. So, that has an impact on the ability to pay this debt.

“So, that is one of the aspects of borrowing from abroad. Essentially, one of the points which the fiscal monitor makes is that there is the need to improve the fiscal governance related to external borrowing in a number of countries, which means there should be allocation of resources, there should be efficient use of resources that are borrowed, so that the countries are able to grow, which is the purpose of that borrowing, and repay those funds.”

Ebola and Nigeria’s efforts With the death toll from the dreaded disease currently standing at over 3,439 among the worst-hit countries of Sierra Leone, Liberia and Guinea, the World Bank Group had predicted that should the epidemic significantly infect citizens in neighbouring countries, some of which boast larger economies, the two-year regional financial impact could reach $32.6 billion by the end of 2015.

But the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, warned that the crisis called for collective global effort to combat.

She cautioned against the international community seeing the crisis in West Africa as a spectre to be watched with passive disposition, warning that the fact that the epidemic crosses borders called for drastic global effort.

Speaking on the theme: “Vision for Sustained Prosperity in Nigeria Transparency,” she said: “We see an Africa that is obviously enjoying a peace dividend and better governance with democracy now entrenched in most countries. We see an Africa that is now being courted by foreign investors with FDI increasing from $9 billion in 2000 to about $50 billion by 2012. You will agree with me that Africa has come a long way, but it has gone from being a lost cause to an almost hot prospect.

“Now, you may think this sounds strange when all everyone is talking about is the Ebola crisis and flashpoints of insurgency like the Boko Haram in Nigeria and El Shabab in Kenya. You might also think it sounds strange with conflict in CAR and South Sudan.

“Yes, these are certainly challenges.

Ebola could be devastating if not decisively dealt with as a global challenge.

The IMF estimates 1.5 to 3.5 per cent of growth rates of Liberia, Guinea, and Sierra Leone. Nigeria and Senegal are relatively unscathed.

remittances continued its downward trend in the third quarter of 2014, falling to 7.9 per cent of the value sent, compared to 8.9 per cent a year earlier.

CBN Governor, Godwin Emefiele

We see an Africa that is now being courted by foreign investors with FDI increasing from $9 billion in 2000 to about $50 billion by 2012.

“But if not stopped, Ebola will travel as we have seen and could cause considerable harm. But Ebola is not a problem that is permanent, it is a problem that can be managed, so, don’t expect it to reverse Africa’s growth trajectory. Boko Haram and El-Shabab are real problems, but again, the push back is beginning. But what is interesting is that the existence of these problems has not managed to turn back the tide of a better performing Africa.”

She stated that Nigeria successfully contained the Ebola problem through collective national resolve and urgency, noting that it also silently extended a hand of support to its African neighbours with $3.5 million to help fight the epidemic.

The minister described Nigeria as an economic powerhouse that deserves to be a member of clubs of its peers like the G-20, regretting that the country is often underrated with its sore points magnified beyond belief, particularly in the Western media.

Remittances to Nigeria The World Bank said that Nigerians and other residents in the country would receive an estimated N3.2 trillion or $21 billion this year in remittances from their relatives, friends and business associates.

According to the global lender’s latest edition of Migration and Development Brief, remittances to developed countries are expected to reach $435 million this year, indicating a rise of 5 per cent over 2013. It would further rise by 4.4 per cent to $454 billion in 2015.

The report which noted that remittances to developed countries will continue climbing in the medium term to hit an estimated $454 billion next year put this year’s global remittances, including those of high-income countries, at $582 billion. This is expected to rise to $608 billion next year.

Acknowledging that growth of remittances in 2014 is being led by three regions - East Asia and the Pacific, South Asia, and Latin America and the Caribbean, the World Bank said that the global average cost of sending

Significance of power World Bank Group President, Jim Yong Kim, said eradication of poverty in Africa requires an urgent need to substantially increase power generation in Africa, He also called for the creation of a new pandemic emergency facility that would rapidly respond to future outbreaks such as Ebola by delivering money to countries in crisis, following the late, slow and inadequate response to the Ebola Outbreak in Africa.

“Economic growth is the most powerful tool we have to end poverty, yet without infrastructure – electricity, water, and roads – growth will never take off.

As I will explain, the world’s deficit of these building blocks for growth is substantial. Just think about the fact that sub-Saharan Africa generates as much power in a year as Spain. If we are to end poverty, we need to power Africa,” the World Bank president said.

Speaking on: “Tackling the most difficult problems: Infrastructure, Ebola and climate change,” he noted that the World Bank Group’s financing for infrastructure reached $24 billion dollars in year 2014 – nearly 40 per cent of our total commitments.

“But our loans and projects will fall far short of what the developing world needs. The infrastructure gap is simply enormous – an estimated $1 trillion to $1.5 trillion dollars more is needed each year. To fill this gap, we need to tap into the trillions of dollars held by institutional investors – most of which is sitting on the sidelines – and direct those assets into projects that will have great benefit for a range of developing countries,” he said.

Infrastructure The World Bank President, Jim Yong Kim, said that Nigeria and other developing countries require an estimated $2 trillion yearly over the next six years to meet the immediate and future infrastructure investments.

Kim, who made this known at the World Bank/International Monetary Fund (IMF) meetings, acknowledged that developing countries now spend about $1 trillion a year on infrastructure.

He, however, noted that maintaining current growth rates and meeting future demands would require investment of at least an estimated additional $1 trillion a year through to 2020.

In a bid to fill this financing gap, the heads of some of the world’s largest asset management and private equity firms, pension and insurance funds, and commercial banks have joined multilateral development institutions and donor nations to work as partners in a new Global Infrastructure Facility (GIF) that has the potential to unlock billions of dollars for infrastructure in the developing world, including Nigeria.

Conclusion Over the years, both the World Bank and IMF have always harped on the need for countries, especially the developing nations, to embark on reforms but merely back these up with the requisite funding. If the Ebola virus had not travelled to the US, the World Bank, whose response was rather too slow, would not have mooted the idea of budgeting $32.6 billion for the affected West African states to tackle the epidemic.

36

Business | The Investor

Chris Ugwu

M

utual funds operations in Nigeria came to the limelight for the first time during the early 1990s, as a result of the rapid growth in the financial sector induced by the deregulation policy of the mid 1980s. They emerged as part of the financial markets innovations that followed the policy of deregulation.

However, a good number of them closed shop during the financial turmoil that followed while others remained relatively insignificant with limited impact in the capital market until the banking consolidation and the financial meltdown that resulted in plunge (depreciation in share price) in the equity market, which compelled the investment bankers to start creating new mutual products.

According to reports, currently, the Nigerian mutual fund industry has expanded by 23.6 per cent to N186.5 billion, going by the latest official asset size values released by the Securities and Exchange Commission (SEC) for August 2014.

The growth, which came on the heels of some good performances by specific funds and new entrants into the Nigerian mutual fund scene, which is expected to soar following sustainable depression presently being witnessed on the equities market.

Understanding mutual funds Mutual funds are funds professionally managed by investment managers that pool money from investors and invest them in different financial instruments including stocks, bonds, and money market instruments, in a diversified manner with the financial aim of generating high-expected rates of returns.

Mutual funds represent one major vehicles to get share investing right from the start and avoid possible initial disappointments killing the investors’ enthusiasm. Mutual funds create a balance between the expectations of returns in a rising market and possibilities of losses when the market falls.

The investment portfolio for a beginner requires being constructed around a diversified group of securities, spread broadly across the market. This will create a low portfolio risk advantage and thus guarantee the level of returns required to transform investments into great wealth over the years.

The financial capacity needed to achieve the standard portfolio diversification is clearly not within the reach of the small investors. Recent market developments have also tended to place new hurdles for the small investor in direct stock market investing. The

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

Re-engineering mutual funds via enlightenment

SEC DG, Aruma Oteh

main restrictive factor is the general increase in the minimum account opening required by stock broking firms, which was about N250, 000 during the boom days. This has spurred fresh attempts to establish mutual funds to create an alternative-investing window for the small investors.

But with as low as N5, 000; one can be a unit holder in mutual fund.

Benefits Some market operators in the Nigerian Capital Market have described investment in mutual fund as a good investing strategy that is giving investors greater access to professional fund management.

According to Managing Director, Crane Securities Limited, Mr. Mike Eze, “investors that do not have in-depth knowledge of the capital market nor the time and expertise to analyse and invest in stocks and bonds, mutual funds offer various benefits, which include affordable access to expensive stocks, risk diversification; mutual funds invest in a basket of asset.

Eze, who noted that except the investing public begin to access the stock market through investment professionals, equities will continue to record loss in value and hinder the growth of the securities market, said investing in mutual fund will give investors opportunity for professional fund management by fund managers charged with the responsibility of providing them with indepth research inputs from

President, CIS, Albert Okumagba

investment analysts.

The Chief Executive Officer, Modus Market Concepts Limited, Mr. Brian Ojukwu, said the fund enables retail investors to invest in various instrument such that if one is failing, the other holds fit.

So, instead of putting all your eggs in one basket, it is now spread across many instruments that may not fall at the same time.

“The whole idea is to pull together the resources of small investors and be able to make a pool that would afford such investor the opportunity to invest in choice instrument.

It is about creating a portfolio, a meek portfolio,” he said.

Also, the Managing Director Lamberth Securities, Mr. David Adonri said mutual fund enables investors who have shallow knowledge of investment to still invest wisely.

Aside investing wisely, he said investors who don’t have enough resources could also invest in certain shares of their choice through mutual fund.

Investment education Investors in the Nigerian Stock Exchange (NSE) like their counterparts in other climes, need to be well informed in order to undertake efficient decisions about various investment products in the market and avoid market scams.

Since education helps improving financial literacy of investors, the most effective investor protection starts with a well-informed and educated investor, hence the need to step up investors’ awareness campaign.

Stanbic IBTC Asset Management Limited, a subsid-

Mutual funds create a balance between the expectations of returns in a rising market and possibilities of losses when the market falls iary of Stanbic IBTC Holdings Plc, recently unveiled a multimedia nationwide investor education campaign to improve penetration and awareness of mutual funds. The company said the initiative is specifically aimed at publicising the unique benefits of mutual funds, while demystifying the erroneous impression that investment of this nature is reserved only for the wealthy.

The Chief Executive Officer of Stanbic IBTC Asset Management Limited, Mr. Olumide Oyetan, stated that there are numerous benefits associated with investing in mutual funds one of which is the professional management of investors’ money.

He explained that Stanbic IBTC’s experience and expertise are based on in-depth research that identifies unique opportunities designed to deliver on reasonable and consistent superior returns without taking undue risk.

Just recently, the Securities and Exchange Commission (SEC) said it was targeting mutual funds investments of N1 trillion in the next three years The Director-General of SEC Ms. Arunma Oteh, who disclosed this at the Cente-

nary Capital Market Committee meeting held in Lagos, said that the target would be achieved through effective utilisation of the market for medium and long-term funding for infrastructure development.

She noted that the Nigerian capital market’s contribution to the Gross Domestic Product (GDP) would increase by 100 percent by 2024.

The DG said that the market’s current contribution to the GDP stood at 27 per cent, stressing that the market should be a barometer for economic development.

Oteh also said that the Nigerian capital market would be rated among the top 20 most performing markets in the world by 2024.

The DG said that the major challenge of the market was inadequate understanding by policy makers on its rudiments and benefits.

She said that the commission would continue with its advocacy programme to ensure increased participation and listing of more multinationals to achieve the target.

According to her, Nigerians want to participate in wealth created by privatised oil and information technology companies.

Conclusion Given the expansive nature of the Nigerian capital market, it is expected that mutual funds will continue to attract numerous investors as a number of them are trying to cashin on retail investors, who either are not investment savvy or do not have the minimum requirements being demanded by the brokers to open an investment account for them.

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

FG to review Export Expansion Grant p.38

37

Maritime

Shipping rates may rise in Nigeria, others p.39

FG launches N20bn Calabar channel dredging The Federal Government has asked the Calabar Channel Management (CCM) to commence the dredging of Calabar channel in order to tackle the dwindling economy of the area, which harbours over $10 billion investments.

This is the third time government is awarding the contract, which has been described by stakeholders as a conduit pipe. BAYO AKOMOLAFE reports

T

he Federal Government has asked Calabar Channel Management (CCM) and its technical partner, Messrs Niger Global Engineering and Technical Services to commence the dredging of the embattled Calabar channel. It was learnt that the dredging of the channel would take two years.

Firms in the zone Some of the companies in the area are the Calabar Free Trade Zone (CFTZ), Tinapa Free Trade Zone (TFTZ), Unicem Cement Company, Flour Mills, Dangote Cement and General Electric (GE), among others.

It was revealed that if the channel is dredged, it would boost the economy of the state. However, an expert who spoke with our reporter has argued that without a summit, the project may not achieve the desired purpose.

A government official, who would not want his name mentioned in print, at the flag off ceremony, also said that government should organise a summit for the ministries of trade, works and transport.

He said that it was good to dredge the port but if the Ministry of Work failed to repair the roads that linked the port and Ministry of Trade did not see reasons to sensitize the businessmen, importers and exporters, then the project would be a nullity.

Echoing him, a member of Nigerian Ports Authority Board, Mrs Florence Ita-Giwa, appealed to the Federal Government tomodernise the Ikom bridge and Odukpani road, saying that without this, the dredging would amount to nothing.

She noted that if the road is repaired, it would open door for business.

Miffed by the state of the port and the dwindling economy

Calabar Port Complex, Cross River State

of the state, Cross River State Governor, Senator Liyel Imoke, lamented that nine years after, the Calabar channel dredging contract had been shrouded in controversy.

He said: “We hope that this time around the project will come to stay. This project is not about dredging of Calabar port channel; it has become a sentimental issue to us.”

Imoke added that the Calabar Port had been severely under served and has never translated to its true potentials.

However, the governor noted that the successful completion of the project would boost the economics of the state, noting that companies such as General Electric, Calabar Free Trade Zone depend on the port to realise their objectives.

The governor assured that the people of the state would support the president to achieve his campaign dream.

However, the Managing Director of NPA, Habib Abdullahi, said that the authority would ensure the success of CCM in its operations and overall management of the channel.

He added that the activities of CCM would ultimately open up market for Calabar region and the entire South-South.

Abdullahi stressed that it would add revenue and employment to the sector.

Also, the acting Managing Director of CCM, Mr Pieter Van Hekken, said that the occasion marked the third time that government and the organised private sector would success-

fully committed to collaborate in a Public Private Partnership agreement for the management of navigational channels leading to ports as an offshoot of the transformation agenda of the Federal Government.

He added that CCM’s operation was coming at a period of renewed global interest in the maritime and cognate sector.

Also, President Goodluck Jonathan, represented by the Minister of Transport, Senator Idris Umar, assured that the dredging would be deepened from its present eight metres to 10 metres.

Jonathan lamented that when the contract was first awarded, only 60 kilometres was dredged why the contractor abandoned the remaining 24 kilometres.

He said that when completed, Calabar Port would attract ship traffic.

The president said that more investors would come and government will earn more revenue.

Past record The first contract was awarded in 1996 by General Sanni Abacha’s government at N3 billion while the second was awarded at $56 million by President Olusegun Obasanjo in 2006.

But before the latest move, $56 million (about N8.9 billion) had been spent on the 84 kilometres port channel without result.

The project began in July 2006 and lasted 64 weeks. The channel is expected to be used by vessels with 30,000 Gross Registered Tonnage since the metre depth of the channel would be 9.5 metres minimum.

Activities of CCM would ultimately open up market for Calabar region and the entire South-South

The contract was awarded to Messrs Jan de Nul and Van Oord.

The entire length of the channel was divided between the two firms.

While Van Oord was paid $26 million to dredge the first 44 kilometres, Jan de Nul got $30 million to dredge the last 40 kilometers.

The Federal Government told the two firms to scoop out 25 million cubic metres of sand to achieve an overall draft of eight metres to enable big vessels sail to the port. The incessant failure of the contract for the dredging of the 84-nautical mile Calabar Sea Port channel has crippled the smooth navigation of the ships and operation of port for over 20 years.

Although, there had been petition to the Bureau of Public Procurement (BPP) by Jan De Nul Limited before the Federal Government resolved to form a company that will dredge the channels.

Jan De Nul Limited, which did not execute the first contract properly claimed that it submitted the lowest bid price for the contract, but NPA has consistently refused to respond to its request for information regarding the contract. The company alleged that NPA was considering offering the contract to companies that were previously disqualified. Six companies, Jan De Nul, Dredging International, Westminster Dredging, China Harbour Engineering and Lagos Channel Management bided for the channel.

CONTINUED ON PAGE 38

38

Business | Maritime

INNOVATION Government to introduce new approach to export trade facilitation Bayo Akomolafe

T

he Federal Government has resolved to review the Export Expansion Grant (EEG) next year to boost export.

It was revealed that a comprehensive review of the scheme would block some loopholes in the initiative and eliminate inadequacies.

It was learnt that Nigeria

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

FG to review Export Expansion Grant l Nigeria exports N17.7bn cashew nuts generated $110 million (N17.7 billion) form cashew in 2013, which represents about 10 per cent of agricultural exports.

EEG is an initiative first introduced by the former President Olusegun Obasanjo’s administration to help Nigerian manufacturers deal with the inherent disadvantages of the harsh operating environment induced by the poor state of power and other infrastruc-

Nigerian Maritime Administration and Safety Agency’s patrol boats anchored at Tin Can Island jetty

ture in the country.

It was intended to help manufacturers deal with high production cost which prevented them from accessing and competing effectively in the export market.

Executive Director of Nigerian Export Promotion Council (NEPC), Mr Segun Awolowo, said that the review was imperative because of the challenges faced by stakeholders in the non-oil export sector.

He added that the review would cater for the present realities in the nation’s manufacturing sector from January 2015.

The NEPC boss explained that the issue of branding is among the things that affect Nigeria’s export activities while the council had put measures in place to address issues like training of stakeholders, brand building, brand marketing.

He stressed that the EEG certificates would be issued out soon to beneficiary.

Awolowo explained: “We work on holistic reserve of the scheme which we reintroduced to stakeholders and the days of operations of the reviewed EEG will manifest the intended development in the sector.”

The executive director noted that the existing certificates would be honoured, saying that the Coordinating Minis-

ter of the Economy, Dr. Ngozi Okonjo-Iweala, had agreed on that.

Awolowo said that India exported over $2.5 billion agricultural produce in 2013 while Vietnam’s export was $3 billion mainly from processed kernel, annually.

He stressed: “It means that Nigeria definitely needs a wellarticulated strategy to grow the cashew sector.

“In recognition of the potentials for job creation and generation of foreign exchange estimated at N2 billion from the cashew sector, the council had set up a mini-processing factory at Obollo-Afor in Udenu Local Government Area of Eungu State.

“The main objective of the projects is to harness the abundant raw materials (RCN) and tap the skills of women in cashew processing. Potential investors in other cashew producing states could replicate the pilot scheme. Some investors have approached the council for possible collaboration in cashew processing.

Awolowo said that a recent study by USAID had indicated an increase of 20 per cent from Nigeria’s current products figure would create over 344,000 new jobs and $75,875,000 additional incomes.

According to him, the stakeholders are fashioning out the cashew sector strategy.

FG launches N20bn Calabar channel dredging CO NTINUED FROM PAG E 37

Crisis In the petition, after the opening of the bid tender, it was learnt that two of the six companies, Van Oord and Westminster, were disqualified for their failure to submit bond security.

But NPA still allowed them to participate in the bid.

At the end of the day, Jan De Nul sent in the lowest bid price of E79, 083,454; followed

by China Harbour which quoted E90,910,731.09 and Dredging International which offered to execute the contract at E101,829, 300.00.

Lagos Channel Management came fourth with E132,359,176.03, Westminster E132,395,176.03) and Van Oord, E139, 574,782.56.

NPA chairman’s anger Last year, an attempt was made to award the multi-billion Calabar channel contract to a newly incorporated Calabar Channel Management Limited, Niger Global Engineering and Technical Company Limited and the Nigerian Ports Authority (NPA). About N3 billion was voted in the year’s budget for the commencement of the capital dredging alone.

It was revealed that the consortium has no reference what-

soever of previous jobs done.

They were completely alien to the Calabar channel project and did not even take part in the bids of 2010 and the later procurement process.

Piqued by this development, chairman of the People Democratic Party (PDP) Board of Trustees, Chief Tony Anenih, sent a strong-worded petition to Transport Minister, Idris Umar, questioning the rationale behind the choice of the senator’s company to manage the two international channels.

Petition Anenih, who is also the chairman of NPA board, detailed in the five-page petition what he termed irregularities that characterised the creation of Calabar Channel Management as well as the flaws in the partnership agreement.

Although Anenih’s petition put equity participation at 60 per cent for NPA and 40 per cent for the senator’s company, available records indicate that NPA owns 53.3 per cent while Niger Global owns 46.7 per cent. Precisely, of the 300 million shares of Calabar Channel Management, 160 million belongs to NPA and 140 million to the firm.

But it was revealed that what existed is a partnership

between NPA and Niger Global Engineering and Technical Company, not a consortium as Anenih indicated in his petition to the minister.

Anenih declared: “The consortium was not prequalified and did not pass through the selection process like other companies. It, therefore, follows that the Presidential approval for the appointment of the consortium led by Niger Global Engineering and Technical Company Limited to enter into a joint venture with NPA which culminated in the agreement to form Calabar Channel was obtained without following the due process.”

This is the fourth controversial attempt at making Calabar River navigable. Only two years ago, the Bureau of Public Procurement (BPP) cancelled the entire process following protests over NPA’s attempt to award the contract to itself.

Conflict The current conflict is prompted by the decision of the Federal Ministry of Transport to circumvent procurement procedures as well as its refusal to adhere to BPP’s directive designed to achieve transparency.

All these, as maritime watchers say, are prompted by their de-

sire to impose their preferred firm on the nation.

While announcing the cancellation of the 2010 exercise, the bureau had recommended a re-procurement in which only the six companies already prequalified should participate.

The companies are Jan De Nul, Dredging International, Westminster Dredging, China Harbour Engineering, Lagos Channel Management and Van Oord.

But rather than the reprocurement or advertising for fresh bids, the Transport Minister sought and obtained Presidential approval to form a partnership/joint venture.

The Presidential nod eventually paved the way for awarding the contract to the serving the senator.

Port location The port is located along latitude 4055’N and Long 8015’. 3.E. The New port lies about 55nautical miles from the fairway buoy up to Calabar River. It occupies an area of approximately 38 hectares of land buoyed channel 150metres wide and a navigable chancy 85kilometres.

The background The history of Calabar Port can be traced to the pre-medieval merchants’ ventures of

the 15th century to the present day. It served as an important focus of trade with the outside world in the Eastern states and natural port for the northern states of Nigeria.

The old port was privately administered and operated by various shipping companies amongst who were M/S Palm line Agencies Limited and Elder Dempster Agencies until December 1969 when the Federal Government took over the inadequate Calabar Port facilities from the erstwhile operators and vested it on the Nigerian Ports Authority.

The development, modernization and expansion of the Calabar Port was embarked upon under the 3rd National Development plan 1975 –1980 in order to make the Port facilities cope with the ever increasing demand of the country’s economy. The new port complex was commissioned in June, 1979 and consists of the following major operational areas: a total land area of 38 hectares, four quays each measuring about 215metres long and 40metres wide. The four quays have been decimated into six operational berths.

Also, the port has two warehouses measuring 150metres by 40metre and 175metres by 40 metres.

Business | Maritime

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

39

Ebola: FG bars direct entry of foreign ships PROTECTION Government has employed some security measures to curb Ebola spread through ship and crew Stories by Bayo Akomolafe

F

ederal Government has barred all foreign liners from directly entering the nation’s six major seaports in La-gos, Port Harcourt, Calabar and Warri as part of measures to curb the spread of the dreaded Ebola disease.

Under the new security and health arrangement, all ves-

sels coming into the country, including their crew, must be thoroughly screened at the anchorage before they are towed into the nation’s territorial waters unlike what was obtained before now.

The Transport Minister, Senator Idris Umar, who disclosed this at the ministerial platform held in Abuja, noted that the relevant security agencies operating at the various seaports have been ordered to ensure that no vessel enters Nigeria’s territorial waters from international voyage without proper screening.

The minister also noted that the new measure was being enforced in conjunction with the Port Health and the Federal Ministry of Health.

Umar added: “We are working assiduously to ensure that the deadly disease ravaging some counties in West Africa does not spread in Nigeria through the seaports this time.”

The minister also noted that the transport sector under his supervision in the last few years had performed very well. He noted that the government will continue to take urgent steps

towards the develop¬ment of the sector.

He said: “The sector will continue to receive attention under the transformation agenda of the current administration. It will continue to play a pivotal role in the growth and development of the Nigerian nation’s economy.

“The Federal Government under President Goodluck Jon-

athan will continue to develop efficient, safe and secure transport system, which will be the envy of the world.”

He noted that a measure of efficiency had been recorded at the seaports after the completion of their reforms, which stripped the Nigerian Ports Authority of its cargo handling functions and gave it to private terminal operators.

Shipping rates may rise in Nigeria, others here is a strong indication without any recognisable inT that the implementation of put from the Nigerian indigthe shipping Round Table doc- enous ship-owners. ument may ignite a significant rise in cost of cargo freight in Nigerian ports and the entire Gulf of Guinea (GOG).

The Global Round Table meeting, which was not attended by Nigerian ship-owners, was held in anticipation of a surge in the piracy attacks in Nigeria.

It stressed a need to raise campaigns funds, which would, among other things, boost ships protection, with an attendant increase in freight.

However, a shipping expert and Lloyd’s ambassador, Emmanuel Ilori, an engineer, observed that it was unfortunate that such a decision was taken

Ilori said: “The Round Table, a body comprising of strong memberships like the Intertanko, the Intercargo should not have adopted such documented decision, without ensuring that Nigeria was adequately carried along.”

He was not happy that the Nigerian Indigenous Shipowners Association (NISA) was not carried along before the decision was taken.

It must be noted that the Round Table, in taking the decision, may have also unwittingly granted endorsement to its members to hike freight as well as insurance premium.

Reefer shipping market to grow 22% by 2018 eefer capacity on the con- unchanged in 2015 and only R tainership fleet is expected marginally lower thereafter,” to increase by 22 per cent over said an official of the company, the next four years at the expense of a declining specialised reefer fleet.

A shipping firm, Drewry, has declared in its latest Reefer Shipping Market Annual Review and Forecast.

The company explained that reefer box capacity would grow from 1.6 million 40-feet slots in 2014 to 1.9 million slots in 2018.

However, it noted that the fleet growth was not expected to adversely impact vessel utilisation levels thanks to strong cargo growth.

Drewry added: “Reefer container volumes are forecast to rise by 20.5 million tons over this period, 16.5 million tons by organic growth and four million tons at the expense of the shrinking specialised reefer industry. “Overall seaborne perishable reefer trade will increase by 17per cent between 2014 and 2018, providing an additional 16.5 million tons of cargo.

“As a result of the expected cargo growth, reefer container slot utilisation levels will be

Kevin Harding.

According to the company analysis, “the specialised sector’s continuing market share decline was reinforced by leading operator Seatrade’s recent order for two 500 Forty Equivalent Units (FEU) container vessels. “However, it is worth noting that although the specialised reefer fleet provided little more than seven per cent of overall reefer capacity, it carried almost 28per cent of the estimated perishable reefer cargo in 2013.

Also, Harding remarked: “The specialised reefer operators peaked some years ago, in terms of cargo volumes, and now face continued falling volumes and market shares.

“However, this does not necessarily affect their profitability.

In fact, from the limited number of public companies reporting financial returns, profitability is indeed achievable. Specialised reefer companies are now looking to reinvent themselves to protect their undoubted expertise in their field.”

Containers stacked at the Lagos Port Container terminal

Lekki Port sponsors shift operational date again T he Lekki port project take off date has been shifted for the fifth time due to financial constraints.

The earlier date announced by the promoters of the port was 2012, which was shifted to 2013, then to 2015.

Early this year, it was also postponed to 2016 until last week when the firm announced 2018 without giving any reasons for the perpetual change in date.

However, a maritime economist and Executive Director of ABN Consults, Mr Harrison Agada, has explained why it was difficult for banks to fund the construction of the Lekki seaport project in Lagos.

He said that investors’ pessimism over the project was borne out of concerns for its viability.

Already, sources close to the promoters of the project have said that most of the banks and other financial institutions that initially showed interest in financing the multi-billionnaira project have backed out.

They noted that the financial institutions had doubted the viability of the project, especially since it does not hold the prospect of an early return on investment.

Sources explained that some of the banks approached by managers of the port were

not willing to give financial assistance due to the fear that they might not be able to recoup their money on time.

They said: “It will require not less than $1.5 billion to actualise the Lekki port project and I cannot see the cargo volume to justify any such investment in the medium term and who is willing to invest and not get return in 10 to 15 years,” he asked.

Justifying his position further, Agada stated: “Investors doubt the ability of the promoters of the port to draw cargo traffic to the facility especially because of evacuation bottlenecks.

“Because the Lekki axis is largely a residential area, vehicular traffic in and out is very heavy without the added burden of trucks plying that route. What will happen when trucks join the fray on the road is better imagined.

“Due to this constraint and in the absence of a rail system, evacuation of containers from the Lekki Port to the Western part of the country will be very difficult if not impossible.

“You can’t move goods up north either except a new bridge the size of the Third Mainlaind Bridge is constructed around the lagoon.

“Trucks evacuating goods from the port can head for the Eastern part of the country,

but then, they will have to travel almost 100 kilometres to link up the Benin-Ore road.

“Movement of goods out of the port through barges is not an option either because Lekki is backed by a very broad and shallow lagoon making barging difficult.”

It may be recalled that promoters of the Lekki port project have variously shifted the port’s commencement. The facility was originally said to commence operation in 2014, which was later shifted to 2015 and now to 2016.

“All of these points to uncertainty around the port and no investor will put their money under such circumstances,” he stated.

Meanwhile the promoters of the Lekki port project have shifted its take-off date for the fifth time.

Abiodun Coker, the head of the group media-consulting firm, BD Consult, said the project was still on course but the operational date is now 2018.

The earlier take off date announced by the promoters was 2012, which was shifted to 2013 and then to 2015.

Early this year, 2016 was announced as the take-off date until last week when the firm announced 2018 without giving any reasons for the perpetual change in date.

40 Politics As the House of Representatives commences consideration of the recommendations of the National Conference report this week, PHILIP NYAM takes a look at some of the contentious issues

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

Confab report: Stormy session awaits Reps modified presidential system of government, which is seen as home-made model of government that combines the attributes of parliamentary and presidential systems. In the modified presidential system the president shall pick the vice president from the legislature.

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arring any last minute changes, the House of Representatives may begin work on the report of the 2014 National Conference.

The 492-delegate National Conference, which was inaugurated on March 17, 2014 by President Goodluck Jonathan finally submitted its recommendations on August 21. Chairman of the confab, Justice Idris Kutigi had submitted the report in 22 volumes, which amounted to 10,335 pages.

While submitting the report, Kutigi said that all issues were arrived at by consensus. He explained that the work of the conference remained the most tasking in the history of national conference in the country.

According to the former Chief Justice of Nigeria (CJN), the conference approved over 600 resolutions, some dealing with issues of law, policy and amendment to the 1999 Constitution.

Jonathan and the report While receiving the report, President Jonathan disclosed that the recommendations would be forwarded to the National Assembly for approval.

He praised the delegates for their tireless efforts and coming up with recommendations that will help chart a path of peaceful coexistence, sustainable development, justice and progress as the country marches into the second centenary.

He averred that the ability of the delegates to disagree to agree is a clear indication that Nigeria has remained our collective good and we are capable of solving our problems through dialogue. “The success of this conference has proved the cynics wrong in many respects. Those who dismissed the entire conference ab initio as a “diversion” have been proved wrong as what you achieved has contrary to their forecast diverted our country only from the wrong road to the right direction,” he stated.

The House Since Jonathan hinted on his decision to forward the report to the National Assembly, the House has been preparing to receive the document. First, there is a bill before the House on how to include referendum in the constitution. In line with this, the House in voting on the 71 items proposed for amendment in the 1999 Constitution approved referendum but only on the issue of state creation as the confab report was carefully schemed out of referendum.

Although, chairman of the House Committee on Media and Public Affairs, Hon. Zakari Mohammed (APCKwara), had last Thursday confirmed that President Jonathan has submitted a “compressed” report of the 2014 National Conference to the National Assembly, Nigerians are still sceptical as to what may become of the recommendations.

Mohammed said the report has already been circulated to members of the House, adding that the lawmakers may commence its “consideration” this week.

The 7th House is noted for its vibrancy and looking at some recommendations of the conference, it is likely that debate

New presidential powers With the recommendations of the confab, a president elected under this new system shall exercise full responsibility for his government and shall select not more than 18 ministers from the six geo-political zones of the country. The conference equally recommended that henceforth, the minister of Finance and no longer the president as presently obtained, would present the annual budget estimates to the National Assembly.

Conference also retained the existing bicameral legislature but on part-time basis in its recommendations. This recommendation will definitely hit the rock as the members of the House are likely to kick against it.

Tambuwal

on them may be stormy. It is likely that a similar scenario that played out at the confab will repeat itself in the House and perhaps in the Senate.

Some of the key recommendations in the report of the confab that may generate tension include the following: Creation of 18 additional states The confab delegates approved 18 requests, in principle, for state creation across the country as a response to the yearnings and aspirations of the people. The approved requests, include Apa State from the present Benue, Kainji from Niger State, Katagum from Bauchi State, Savannah State from Borno, Amana from Adamawa, Ghari from Kano, Gurara from Kaduna, Etiti State from the South-East zone, Aba from Abia, Adada from Enugu, Njaba/Anim from both Anambra and Imo states, Ogoja from Cross River, Anioma from Delta, Ijebu from Ogun, New Oyo from the present Oyo State and unnamed others. It also resolved that state creation should be on the basis of parity between the geo-political zones to ensure equality of zones.

When the House opens debate on the recommendations, this issue will certainly throw up other agitations. The National Assembly like the confab has also received several requests for creation of additional states and some of these requests have not been captured in the approval or recommendations of the conference. Besides, the National Assembly did not envisage creation of any state before 2015 and there may be clash of interest.

Power Rotation The conference also resolved that henceforth the office of the President of Nigeria shall rotate between the North and South divide and simultaneously revolve among the six geo-political zones of the country. This resolution applies to the office of the state governors, which shall be rotated among the three senatorial dis-

tricts of each state while that of the local government chairmen shall be rotated within the local government areas.

The conference recommended that whenever the president dies in office, is incapacitated, is impeached or resigns, the vice president shall take over the position in acting capacity for a period of 90 days during which an election to the office would be conducted in order to allow for each geopolitical zone to run the full course of the constitutionally allowed tenure without undue disruption.

Similarly, it recommended that based on the adopted zoning formula, whenever a president leaves under any of the circumstances mentioned above, another president would be elected from the same zone where the previous one came from.

Modified presidency The conference also recommended the

Looking at some recommendations of the conference, it is likely that debate on them may be stormy

Sharing formula The conference also recommended a new revenue sharing formula to the Federation Account among the three tiers of government should be: Federal Government (42.5 per cent), state governments (35 per cent) and local governments (22.5 per cent); Scrapping of local governments The confab also recommended the scrapping of local government thereby preferring a two-tier system of government. In other words, with local governments no longer the third tier of government, the federal and states will be the only tiers of government and states can create as many local governments as they want. Similarly, the conference recommended the scrapping of the joint state/local government account and in its place the establishment of states revenue mobilisation, allocation and fiscal commission with representatives of local government and a chairman nominated by the governor. It also want the constitution should fix the tenure for local government councils at three years.

Some of these recommendations on local governments are in sharp contrast with what the National Assembly has proposed in the amendment of the 1999 Constitution. While the confab wants local councils scrapped, the National Assembly has voted for the granting of full autonomy to the councils.

Special courts, others The conference also recommended that special courts should handle corruption cases in view of undue prolonged trials and prosecution of cases in the regular courts.

Also the retention of Land Tenure in the constitution but with an amendment to take care of concerns, particularly compensation in Section 29 (4) of the Act to read “land owners should determine the price and value of their land based on open market value was recommended.

Other issues that the House would be debating on from the confab report include resource control, derivation principle and fiscal federalism. There are over 600 recommendations and it will take the House a while to exhaust the report but certainly it will be stormy.

Politics 41

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

Philip Nyam

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Reps seek to regulate movement of animals livestock by rail wagon, truck or pick-up van or by road.

Section 19(8) Says Anyone who chooses to move his/her livestock by road shall restrict such livestock to not more than 25 meters on each side of the Federal road provided such livestock do not trespass on crop farms or trail into the main road.

Again, Section 23(9) states that, any person who keeps more than 25 animals in a ranch is considered to be running a commercial ranch and shall formerly apply for a permit from the state and/or the local government to do so.

The bill provides that ranches shall be properly fenced to prevent animals kept therein from escaping into other areas. “All ranches that are personal or commercial shall from time to time be subjected to the inspection of the Veterinary Department of a state or local government where they are located.”

Aboho

mercial ranches in Nigeria.

Section 16(2) of the bill stipulates that “the production, rearing or breeding of all kinds of livestock or breeding livestock of domestic animals in Nigeria or any part thereof by any person in Nigeria in Nigeria shall be done in accordance with the provisions of this bill.

Section 3 states that “Any person engaged in the production, rearing or breeding of livestock or domestic animals in Nigeria shall keep such livestock or animals on a personal or commercial ranch that is well-fenced and restrict the movement of all the livestock within that ranch.

“Any person who keeps livestock in a ranch must provide enough feeds and medical care to such livestock.

“Any person who intends to move his/ her livestock from a ranch to another

BILL OF

WEEK

THE

orried by the menace caused by unrestricted movement of animals across cities and towns in the country, a member of the House of Representative, Hon. Benjamin Aboho (PDP, Benue) has proposed a bill that will control the production, rearing as well as movement of animals.

The bill is titled “A bill for an act to regulate and control the production, rearing or breeding of livestock, restrict gratuitous movement of domestic animals in Nigeria and for other matters related thereto.”

The bill seeks to modernise the techniques of production, rearing and breeding of Iivestock and domestic animals in Nigeria, prevent the gratuitous movement of animals from place to place, maltreating the animals and exposing them to hazardous environment; prevent the transmission of animal diseases from community to community; ensure healthy livestock production and to satisfy the dairy needs for all Nigerians; prevent clashes between livestock breeders and crop farmers in the country; and generate revenue through permits granted individuals or corporate concerns to operate commercial ranches in Nigeria.

This bill is coming at a time, the activities of herdsmen has caused a great deal of concern. The nomadic Fulani’s have been accused in several areas of visiting mayhem on farmers. Most times, their cattle are allowed to trespass into people’s farms but whenever the owners raise any objection, it ends in violence.

The bill if passed into law will help in dousing the tension that always exists between farmers and herdsmen. It will also put an end to the obstruction cows are made to cause in towns and cities.

According to Aboho, the main objectives of the bill is to: modernise the techniques of production, rearing and nurturing livestock and domestic animals in Nigeria; to prevent any person from being cruel to animals in the gratuitous movement of animals from place to place exerting energy, maltreating the animals in the process and exposing them to hazardous environment; to reduce or prevent the transmission of animal diseases from community to community; to ensure healthy livestock production and to satisfy the dairy needs for all Nigerians.

The bill also intends to prevent clashes between livestock breeders and crop farmers in the country; to generate revenue through permits granted individuals or corporate concerns to operate com-

place for the purposes of: (a) further raising of such livestock in another ranch; medical treatment of the livestock: sale of such livestock; shall obtain a permit from a Local Government Authority to do so.”

The bill also seeks to prohibit the movement of animals for long distances. Section 13(6) stipulates that “Animals shalI not be moved from ranches to long distances for the purposes of slaughter but shall be slaughtered in the abattoir and the meat preserved.

Section 16(7) states that “Any person who wants to move his/her livestock from a ranch to another place shall after obtaining a permit to do so; move such

Penalties The bill proposes punishment for anyone that violates its provisions thus: “Any person who violates any provision of this bill shall be arrested and prosecuted in the customary or magistrates court and upon conviction shall be sent to prison for a term of not less than six months; (b) pay a fine twice equivalent to the current price of that animal/animals on the market; or both imprisonment and fine.”

The sponsor The bill is sponsored by Aboho representing Kwande/Ushongo federal constituency of Benue State on the platform of the Peoples Democratic Party (PDP).

He was elected into the House on the ticket of the All Progressives Congress (APC) but defected to the Peoples Democratic Party (PDP) in 2013 following his disagreement with some leaders of the party in the state.

Aboho is a member of House Committees on Army, Environment, Governmental Affairs, Human Rights, National Security and Intelligence and Works.

A retired colonel in the Nigerian Army, Aboho lectured at the Benue State University, Makurdi. He holds a Bachelor’s degree and an M.A. from the East Tennessee State University, USA.

‘Obasanjo can’t talk on transparency, integrity’ C O N T I N U E D F R O M PA G E 1 5

Icon of what? Did he win the Mo Ibrahim prize? Which has prize money for any African leader that retires corruptionfree. He did not win it.

But we see prominent Nigerians trooping to consult with him.

They know what they are consulting about. It is because of the type of country we are living in. What wonderful thing has he done? In terms of transparency and anti-corruption, where did he take us to before he left?

Was he not the one who tried to get a third term? He keeps lying that he never wanted it. If Ken Nnamani had not brought the issue to a vote, and it was defeated, Obasanjo could have still been in power for a third term. If he is called to come and contest for president now, he would want it.

People have no conscience you know.

That is what this country is looking for.

How do you see that National Conference?

I was not there, and I’ve not been able to read all the recommendations.

Among the recommendations was one for the creation of more states.

Every Nigerian knows that is a joke.

The states are suffering as they are presently. Some are unable to pay salaries because we have too many people doing very few things. So, we spend a lot of money paying people, and we have no money to do some needed things. It’s all over the country; whether in civil service or the security sector. That is what is killing us now, and you want to create more.

The United States of America has stopped buying oil from us. And people are replacing oil with gas, many countries are also discovering oil, even along

the west coast here, and they will soon have enough to take care of themselves.

So, are we going to start drinking our own oil? But instead of us to sit down and see what else we can also make from oil, we don’t. And of course, the Nigerian National Petroleum Corporation (NNPC), they keep changing the Group Managing Director like they change the minister’s wrapper. This is a very interesting country.

Have you ever had a personal encounter with Obasanjo to discuss some of these issues?

Will he talk to someone like me? He won’t. I’m far his junior. But that aside, he can’t talk to me on the issue of transparency and integrity. He cannot.

Even when you were in service?

I don’t know, because he was in a different call to mine. No, he was not

the type of model officer I would look up to even when I was in service; there were so many more fine officers than he was.

Like?

I don’t need to mention names, but he is not the sort of person that I looked up to in the service.

But if you had an opportunity to meet him, what would you tell him?

I don’t even want that opportunity, because I don’t need him at all, I’ll get annoyed, because I expected greater things from him. I was disappointed.

And what about President Jonathan?

I have a lot of things to tell him, but will he accept them, that is the problem What are those things you’ll tell him?

It’s not on the pages of newspapers.

42 Politics C O N T I N U E D F R O M PA G E 1 3

anyway.

“It was out of hard work on the part of the leadership of the LP that made the party attractive to the likes of Governor Mimiko. We should believe in our ability to make the party more attractive to guarantee better performance at the polls in the 2015 general election.

That is the challenge that confronts all of us. We must not allow it to be said that the exit of Governor Mimiko has a devastating impact on the progress, growth and expansion of LP.” Nwanyanwu, however, asked members of the party to respect the governor’s decision to quit the party, saying LP would attract the likes of the governor into its fold and to guarantee better performance at the next year general election.

He expressed his gratitude to members of the party for the cooperation he enjoyed while in the saddle as the chairman for 10 years and eight months.

Although he said there were challenges, he was able to surmount them. He said he has to bow out to allow other hands to run the affairs of the party.

A source told New Telegraph that the former chairman was disappointed by the factors that made Mimiko quit the party. Aside the fact that the governor had told the public that the need to support President Goodluck Jonathan to secure second term in office and to have broader political platform made him to join the PDP, there were other hidden reasons for the governor’s action.

Aside the stated fact, Mimiko was said to have been pissed off with the attitude of owners of LP who always betrayed their party at any critical moment. For instance, Oshiomhole who was a president of NLC never flew the flag of the party. Despite the fact that he did not fly the flag of the LP, the leaders of the party endorsed him as their candidate when he was seeking second term in office.

Also, the leadership of the NLC had always supported other party’s candidate at the expense of LP’s candidate in virtually all elections held so far. In the recently concluded governorship election in Ekiti State, NLC President, Comrade Abduwaheed Omar and the leadership of the affiliate unions adopted Dr. Kayode Fayemi of the All Progressives Congress (APC) at the expense of Hon. Opeyemi Bamidele of LP in the June 21 governorship election. Similar thing happened in Osun as the NLC supported Governor Rauf Aregbesola of APC at the expense of Alhaji Fatai Akinbade, the LP candidate for the August 9 poll. The NLC and Trade Union Congress (TUC) however supported Mimiko’s second term ambition.

Mimiko was said to have expressed his disappointment with the leadership of NLC and TUC who claimed to be labour leaders and usually supported candidates of other political parties in each election. The governor told his close aides

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

Mimiko’s exit and the ‘death’ of Labour Party

Mimiko

Bamidele

iticians aside Bamidele from Ekiti State, the party elected some officials that would help manage its affairs. They included former national secretary, Alhaji Abdulkadir Salam, who was unanimously elected as the new national chairman.

He and other members of the executive were elected through the show of hands at the party’s national convention. A human rights activist, Mr. Kayode Ajulo was also elected as the national secretary of the party. Ajulo was the LP senatorial candidate for the Federal Capital Territory

Omar

that if the NLC with affiliates of 62 bodies could direct its members running into millions to vote for a particular candidate, the candidate was sure to secure victory. But if the owners of the LP did not believe in their party, Mimiko who borrowed the platform should not be seen as holier than the Pope. “The labour leaders who were aggrieved that Mimiko left their party did not show any iota of commitment to the party. It must be noted that labour leaders usually come to the governor for financial assistance each time they have programmes,” a source said.

The defection of the governor from LP manifested at

the convention as it was devoid of glamour that usually characterized such occasion.

Although all the chairmen and secretaries of the party from parts of the country were present, none of the members of the State Executive Council, House of Assembly members, senator or House of Representatives showed up at the convention. The governor, who usually drew a crowd to such occasion, has left the party without any chief executive.

The fourth National Convention was a shadow of itself as it was devoid of the kind of pump and pageantry that characterized the previous ones.

Despite the absence of glamour or presence of bigwig pol-

The implication is that the party has lost its bargaining power and joined the league of political parties on the verge of extinction from the country’s political landscape

(FCT) in 2011 general election and the chairman of the board of Ondo State Radiovision Corporation (OSRC).

Other people elected at the convention included Alhaji Bashiru Lamidi, National Vice Chairman (South-West); Alhaji Mohammed Momoh, National Vice Chairman (North-East); and Umaru Mohammed, National Vice Chairman (NorthWest). Others were Mrs. Oluchi Opara, National Treasurer; Mrs. Ebele Ifendu, National Publicity Secretary; Clement Ojukwu, National Organising Secretary; Akin Oyelakin, National Legal Adviser; Alhaja Abimbola Ogunlade, National Women Leader and Maria Lebeke, National Auditor.

Although LP has elected new officers to run the affairs of the party and selected new executives in Akure, the survival of the party in the nearest future is yet to be seen as the exit of Governor Mimiko has effectively pulled the rug from under the feet of the once vibrant political party.

In Ogun, former governor of the state, Otunba Gbenga Daniel, along with his political associates who have given the party a life, have left LP for the PDP. Daniel’s exit has rendered the party incapacitated in the state.

The NLC and TUC that formed LP as the political wing of the labour movement has always abandoned the party in times of need. Does Bamidele, the only elected officer in the party, have the capacity to finance it?

For now, the party may be on life support. The 2015 general election will determine the relevance or otherwise of the LP in Nigerian politics.

Politics 43

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

Fashola and his master’s voice Francis Ehigiator

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agos State governor, Babatunde Fashola, has been badmouthing President Goodluck Jonathan. His latest swipe at the president calls the Transformation Agenda into question as if it were something happening on the moon and therefore not visible to Nigerians. If Fashola was known to be a man with strong personal convictions, who speaks and acts independently, it would have been sufficient to take him up in his own right.

Unfortunately, it is well known that Fashola can never make up his mind on his own.

As a man who, after more than seven years as governor, still lives under Bola Tinubu’s overbearing shadow, anything Fashola says must be taken to have been uttered under the instructions of his seemingly eternal master.

Since he is the only governor in Nigeria who can neither appoint commissioners or local government chairpersons of his choice, nor can he decide who becomes a mere ward chairman of his party, Fashola’s position can only be described as sad. It must be even more depressing for him when he has to stand truth on its head and say things that are, at best, misrepresentation of the facts, or, at worst, outright misinformation. And, sadly enough, he is a Senior Advocate of Nigeria (SAN).

Since Fashola is not aware of any transformation that

Chief Achike Udenwa, former governor of Imo State, is the Vice Chairman (South-East) of Former Governors’ Forum. He speaks with ONYEKACHI EZE on political situation in the South-East. Excerpts: PDP is presently controlling three states in the South East as against five in 1999. What is being done to recover the remaining two states?

Well, you know that PDP is very strong in the South-East.

The two states, Anambra and Imo, you will agree with me are predominately PDP states. Now in Imo State, we are determined to make sure that we recover the state from the All Progressives Congress (APC) and Rochas Okorocha. What happened in 2011 was just an aberration, something out of place. We are going to correct it in this coming election.

But the problem we are having is this issue of adoption of candidates, which is causing crisis.

has taken place under Jonathan administration, we must quickly draw his attention to a few glaring facts. To begin with, Fashola and his master know all too well that if Jonathan was not the man he is, neither Fashola nor his master and their cronies would have the effrontery to lambast the president at will. To put this in context, a simple question will suffice: would they have dared say uncomplimentary things about Olusegun Obasanjo when the Ogun-born former Army General was the president?

Indeed, Nigerians today enjoy the greatest degree of democratic freedom ever known in the country’s history and this is a direct tribute to President Jonathan. As Chairman of the Peoples Democratic Party Board of Trustees (BoT), Chief Tony Anenih, said earlier in the year, “It is to the credit of the Goodluck Jonathanled Peoples Democratic Party (PDP) government that this ambience of democratic freedom has encouraged the most combative opposition rhetoric ever experienced in Nigeria’s history.”

In contrast, Fashola knows well enough that his master has no tolerance for any opinion that differs from his.

When former Minister of Foreign Affairs, Chief Tom Ikimi, resigned from the All Progressives Congress (APC) on the grounds that the APC continues to suffer an image crisis as a party owned solely and teleguided by Tinubu, Fashola’s master was not con-

Fashola

tent to send his usual errand boys after Ikimi. The master himself stepped forth and released a statement that, of all things, hung its crux on Ikimi’s supposedly untrustworthiness because the latter had worked with a military regime in the past. Tinubu conveniently forgot that he is now in bed with a former military dictator, Major General Muhammadu Buhari, promulgator of the infamous Decree No. 4, a law that restricted freedom of expression in the press in a most draconian way.

Thanks to Jonathan’s highly tolerant nature, today we can all say whatever we like, even

insult the President, and get away with it. If this unprecedented freedom does not count as transformation, perhaps the lawyer in Fashola needs to go back and dust up his law books.

One must concede here that democratic freedom, as important as it is, cannot be sufficient evidence of transformation.

President Jonathan himself is very conscious of this. That is why, in his 2014 New Year’s Day speech, he said: “We are keenly aware that in spite of the estimated 1.6 million new jobs created across the country in the past 12 months as a result of our actions and policies, more jobs are still needed to support

our growing population.” One must politely ask Fashola to please step out of his master’s shadow for once and tell Nigerians how many jobs he created for Lagosians in 2013.

Moreover, in giving his report on what his government had done in the preceding year, Jonathan also said: “As a result of our backward integration policies, Nigeria has moved from a country that produced two million metric tonnes of cement in 2002, to a country that now has a capacity of 28.5 million metric tonnes. For the first time in our history, we have moved from being a net importer of cement to a net exporter.” Again, the natural question that follows this is: can Fashola please stop parroting his master’s voice and tell Nigerians the industrial changes he has engendered in Lagos State during his tenure as governor?

It is no longer news that in 2013, 4.2 million farmers received subsidized farming inputs. In the same year, the Jonathan-led administration also completed the construction of nine dams which increased the volume of water reservoirs by 422 million cubic metres.

It is not necessary to ask Fashola what his administration has done for the farmers in Lagos State since it is widely known that until his master tells him to speak, and guides him on what to say, the Lagos State Governor will remain mute, a dependable lackey of his domineering master.

•Ehigiator sent this piece from Benin City, Edo State

PDP’ll recover Imo from Okorocha –Udenwa

Politics at all levels is a very passionate thing...

When you see a crisis in a political party it is not abnormal but the only thing is how to manage it Udenwa

The fear is that there might be protest votes against PDP in the elections. Is there anyway to resolve this issue?

The issue of adoption, unless where the leaders and the aspirants agree, the PDP constitution does not make room for it. So, you can only apply it

when everybody has consented to it; you cannot apply it where people are not willing.

But adoption helps a lot; it helps to reduce all the problems you have with the primaries and also the cost associated with the primaries.

In Anambra State, the party leadership is still under a caretaker committee. Various efforts made to reconcile the members have not yielded any result.

What are the former governors doing to resolve the differences.

Well, you know that politics at all levels is a very passionate thing, people are very passionate about it. When you see a crisis in a political party it is not abnormal but the only thing is how to manage it.

We always try to manage crisis when it arises; it doesn’t mean that everything is in a such bad situation. It means that people are disagreeing so as to agree.

What specific role is the former governors expected to play in the coming election?

As former governors, we are elder statesmen. It is for us to advise the younger ones, direct them to make sure that the game is played according to the rules.

This issue of thuggery and kidnapping and all that, it should not be so in politics. So, it is our duty to teach the younger ones to leave such things and have very competitive primaries and elections and the best will emerge.

44

Business | Money Line

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

IMF cautions Nigeria, others against Eurobond borrowing spree

EXGHANGE RISKS

Bond issuance is susceptible to exchange risks Ayodele Aminu

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he International Monetary Fund (IMF) has warned Nigeria and other countries in the West African region against rushing to issue Eurobonds, saying they may face exchange rate risks and problems repaying debts.

The recent borrowing by the Federal Government gave access to Nigerian lenders to raise funds from the international market.

Nigerian banks’ dollar-denominated debts, which have risen at fastest pace this year, have heightened concerns about imminent currency risk in the system.

Five banks - Zenith Bank, Access Bank, Diamond Bank, First Bank and Ecobank Nigeria have so far raised a total of $1.75 billion from the international debt market this year.

Also, four Nigerian banks had earlier taken advantage of the opportunity in the market by issuing Eurobonds valued at a total of $1.45

billion between January 2011 and July 2013. The lenders were First Bank, which issued $300 million Eurobond in July 2013, Fidelity Bank Plc’s $300 million Eurobond sold in May 2013, Access Bank Plc’s $350 million Eurobond issued in July 2012 and Guaranty Trust Bank’s $500 million Eurobond, which was issued in May 2011.

According to FBN Capital, the investment-banking unit of FBN Holdings Plc, Nigerian banks may raise as much as $2.5 billion this year compared with the $2 billion raised in 2013.

This development has triggered off heated debate among industry watchers over the allure of the offshore corporate debt market.

While some financial market analysts warned that if interest rates on such offshore debts rise, banks may find themselves in financial trap, which could have dire consequence on the system, others allayed such fears, insisting that there is no looming danger.

But a report by Central Bank of Nigeria (CBN) revealed that banks gen-

erally showed modest resilience to exchange rate risk as the industry’s capital adequacy ratio (CAR) deteriorated marginally, after a 50 per cent exchange rate appreciation shock was induced, with a 15 per cent hedging cover, as at December 2013.

Interestingly however, it emerged last Thursday that two banks have failed to meet the stipulated Capital Adequacy Ratio (CAR) of 10 per cent and have been placed under watch by the Central Bank of Nigeria (CBN), which directed management of the two lenders to re-capitalise.

The apex bank did not disclose the duos identities.

CBN Deputy Governor (Economic Policy) Dr. (Mrs) Sarah Alade dis-

closed this to bank chiefs last Thursday at the Bankers’ Committee meeting in Abuja, where she presented the latest report on state of the economy and banking sector.

Meanwhile, African governments facing falling levels of foreign aid are on a borrowing spree to pay for new roads, power stations and other infrastructure, prompting concern from many analysts that this could raise debt levels and undermine growth.

“It comes with some risks,” the director of the IMF’s African Department, Antoinette Sayeh, told Reuters in an interview on Monday.

“Whereas what it costs the countries to issue these bonds can

Godson Ikoro

S

terling Bank Plc yesterday launched two branded phones, called One Bank and Personal Education Technology for Secondary Schools (PETSS), which serves all financial needs of customers, spread value and strategically intervenes in the nation’s education sector.

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

FX

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

often look lower than what they would pay on domestic borrowing ... the real cost in the final analysis will also depend on the evolution of exchange rates in the course of the life of the bond issuance.”

In 2007, Ghana became the first African beneficiary of debt relief to tap international capital markets, issuing a $750 million 10-year Eurobond. Since then, previously debt-burdened countries such as Senegal, Nigeria, Zambia and Rwanda have all joined in.

“In the last two years we’ve seen new issuers - Kenya issuing the largest amount of sovereign bond this year and Cote d’Ivoire (Ivory Coast), as

well also having issued this year and then Rwanda last year,” said Sayeh.

“In 2014 alone we’ve seen some $7 billion already in sovereign bond issues, which is a record high for the region,” she added.

Tanzania is in the process of securing credit rating and plans to issue a debut Eurobond worth up to $1 billion in fiscal year 2014/15. Ethiopia aims to make its first foray into the international bond markets by January, while Rwanda is planning another sovereign bond.

Sayeh said foreign investors were interested in sub-Saharan Africa’s “good economic prospects” and “sound macro-economic policies”.

Sterling Bank launches One Bank, PETSS products Speaking during the launch, the Executive Director, Strategy and Finance, of the Bank, Mr Abubakar Suleiman said that the primary objective of the One Bank is to deploy a brand acquisition and embellishment tool to encourage new account openings.

The One Bank is also primed to improve mobile money application use and adoption as well as deepen brand and customer relationships, Suleiman added.

He explained that the thinking behind the Sterling One Bank was the need to bring telecommunication, entertainment and finances together to enable customers to communicate, entertain, transfer and receive money; buy airtime, carry out interbank transfers as well as all financial needs.

According to him, the One Bank has provided a single phone that can replace the token given to customers as a level of authentication; saying that the once a customer logs in with his password, he can do his business seamlessly.

He said that irrespective of the customers’ network, the telecom, media content and finance work together, so it does not matter, customers can always access his bank.

The One Bank is targeted at traders, students of colleges of education, artisans and under 11 children as a means of being in touch with their parents at a cost effective rate.

The branded phone is affordable while customer who wants a high-end phone can visit the bank to pre -install and firm up the arrangement.

“Suleiman said: “We have worked with an equipment manufacturer to do this and we are not selling it at a prof-

it. The cost is lower than the market price and the customers are given the latitude to spread the payment of N3000 over a long period of time, by paying about N200 in a month.”

He urged prospective customers to open a Sterling Bank account at designated branches of the bank and win a Sterling Bank mobile phone fully loaded with mobile applications and social media.

The bank is also deploying an on-air quiz programme where listeners can respond to questions asked by the presenter to win a Sterling Bank branded phone.

On the second product branded as PETSS, Suleiman said that Sterling Bank has worked with a company that is driven by a passion for education to literally replace the entire curriculum for junior secondary PETSS is a branded tablet phone with the current curriculum including 25 years of past West African Examination Council (WAEC) question papers, answers, and textbooks that have been written and approved by the relevant board on education.

“The bulk of the credit will go to the team of Mobile Knowledge Solutions, (MKS) that have spent million of naira to develop the product,” he explained.

“What we are doing at Sterling Bank is to back them up with our financial muscles to ensure that they acquire the hardware that will carry the content, the durability and produce at a standard cost that is affordable. What we are doing is to make it possible for people to pay for this over time through our noninterest payment window” he added.

Business | Financiel Market News

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

FMDQ Daily Quotations List

45

21-Oct-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

NA

NA

Description 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)

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

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

535.00 563.89 452.80 20.00 100.00 300.00 351.30 233.90 600.00 371.68 75.00 150.00 200.00 591.57 130.00

TOTAL OUTSTANDING VALUE

4,675.13

TOTAL MARKET CAPITALISATION

4,630.83

Rating/Agency

Issuer

Description

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

0.50 1.82 2.52 2.77 2.86 3.61 4.69 5.01 7.27 9.40 14.10 14.58 15.08 15.75 19.74

11.58 12.61 12.62 12.69 12.69 12.73 12.74 12.77 12.64 12.75 12.74 12.73 12.72 12.71 12.74

11.26 12.52 12.55 12.62 12.63 12.62 12.66 12.68 12.58 12.70 12.69 12.68 12.66 12.66 12.70

96.38 100.65 105.20 93.51 92.16 94.24 111.20 79.12 117.45 107.75 114.62 98.42 71.99 81.70 95.70

96.53 100.80 105.35 93.66 92.31 94.54 111.50 79.42 117.75 108.05 114.92 98.72 72.29 82.00 96.00

Maturity Date

TTM (Yrs)

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

#

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 3.00 112.22 116.70 66.49

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

0.03 0.59 1.33 2.14 2.50 2.71

1.00 2.63 2.27 2.00 1.00 1.00

11.74 14.21 14.30 14.68 13.68 13.69

99.68 92.19 103.56 100.30 98.13 95.39

Agency Bonds AMCON FMBN

NA

***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

1,301.32

TOTAL MARKET CAPITALISATION

1,291.48

Sub-National Bonds A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.86

4.44

16.03

97.22

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

4.18

30-Sep-15

0.70

3.23

14.82

99.16

14.00

6.27

30-Jun-16

0.99

4.46

16.06

98.49

30-Jun-16

0.99

3.48

15.08

100.94

A-/Agusto

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

7.37

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

2.49

5.59

18.27

84.00

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

29.92

30-Jun-17

1.54

1.00

13.29

100.95

A/Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

3.20

1.79

14.50

98.70

A+/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

34.14

30-Sep-18

2.37

1.80

14.48

99.18

A-/Agusto; A-/GCR

NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

3.95

1.00

13.75

100.73

A/Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

14.96

09-Dec-18

2.37

1.00

13.68

101.81

A-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

11.13

12-Dec-18

2.37

4.78

17.46

93.65

A/Agusto; A-/GCR

*ONDO

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

27.00

14-Feb-19

2.75

1.00

13.69

101.82

A/Agusto; A-/GCR

*GOMBE

15.50 GOMBE 02-OCT-2019

02-Oct-12

15.50

16.23

02-Oct-19

3.00

1.00

13.70

104.25

Aa-/Agusto; AA-/GCR

LAGOS

14.50 LAGOS 22-NOV-2019

22-Nov-12

14.50

80.00

22-Nov-19

5.09

1.00

13.77

102.58

A/Agusto; A-/GCR

*OSUN

14.75 OSUN 12-DEC-2019

12-Dec-12

14.75

27.51

12-Dec-19

2.97

2.74

15.44

98.49

14.75

11.40

30-Sep-20

3.50

1.00

13.72

102.73

A/Agusto

*OSUN

14.75 OSUN II 30-SEP-2020

30-Sep-13

Aa-/Agusto; AA-/GCR

LAGOS

13.50 LAGOS IV 27-NOV-2020

27-Nov-13

13.50

87.00

27-Nov-20

6.10

1.00

13.70

99.14

A-/Agusto; BBB+/DataPro

KOGI

15.00 KOGI 31-DEC-2020

31-Dec-13

15.00

5.00

31-Dec-20

6.20

1.94

14.64

101.38

A/Agusto A-/GCR

*EKITI *NASARAWA

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

31-Dec-13

14.50

4.78

31-Dec-20

3.68

1.44

14.17

101.03

06-Jan-14

15.00

4.79

06-Jan-21

3.71

1.95

14.69

101.00

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

471.18 463.63

Corporate Bonds Aa/Agusto Nil Bbb-/Agusto A-/Agusto

GTB NGC

13.50 GUARANTY TRUST 18-DEC-2014

18-Dec-09

13.50

13.17

18-Dec-14

0.16

5.21

16.03

99.49

µ

17.00 NGC 31-DEC-2014

01-Apr-10

17.00

2.00

31-Dec-14

0.19

8.71

19.55

99.34

*UPDC

10.00 UPDC 17-AUG-2015

17-Aug-10

10.00

3.61

17-Aug-15

0.58

4.88

16.46

96.97

*FLOURMILLS

12.00 FLOURMILLS 9-DEC-2015

09-Dec-10

12.00

13.62

09-Dec-15

0.65

1.00

12.59

100.07 100.52

BB+/GCR

*CHELLARAMS

14.00 CHELLARAMS 06-JAN-2016

06-Jan-11

14.00

0.60

06-Jan-16

0.73

2.63

14.22

A+/Agusto; A-/GCR

NAHCO

13.00 NAHCO 29-SEP-2016

29-Sep-11

13.00

15.00

29-Sep-16

1.94

1.00

13.63

98.93

A-/Agusto

FSDH

14.25 FSDH 25-OCT-2016

25-Oct-13

14.25

5.53

25-Oct-16

2.01

1.34

14.02

100.38

A/GCR

UBA

13.00 UBA 30-SEP-2017

30-Sep-10

13.00

20.00

30-Sep-17

2.94

1.00

13.70

98.34

BBB-/GCR

18.00 C&I LEASING 30-NOV-2017

30-Nov-12

18.00

0.73

30-Nov-17

1.76

1.88

14.36

106.81

BBB+/DataPro†; BB+/GCR

*C & I LEASING *DANA#

MPR+7.00 DANA 9-APR-2018

09-Apr-11

16.00

6.30

09-Apr-18

1.97

3.48

16.13

99.87

A-/DataPro†; BB-/GCR

*TOWER#

MPR+7.00 TOWER 9-SEP-2018

09-Sep-11

18.00

2.90

09-Sep-18

2.13

5.20

17.88

100.46 101.79

AAA/DataPro†; A+/GCR

*TOWER#

MPR+5.25 TOWER 9-SEP-2018

09-Sep-11

16.00

0.80

09-Sep-18

2.13

5.06

17.74

A/Agusto; A/GCR

UBA

14.00 UBA II 22-SEP-2018

22-Sep-11

14.00

35.00

22-Sep-18

3.92

1.35

14.10

99.68

Bbb+/Agusto; BBB+/GCR

15.75 LA CASERA 18-OCT-2018

18-Oct-13

15.75

2.40

18-Oct-18

2.24

2.29

14.97

101.41

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

2.32

6.11

18.79

97.11

BBB/GCR

*DANA

16.00 DANA II 1-APR-2019

01-Apr-14

16.00

4.50

01-Apr-19

3.20

2.16

14.87

102.79

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

14-Nov-13

15.25

2.05

14-Nov-20

6.07

2.76

15.47

99.14

A/GCR

STANBIC IBTC

182D T.bills+1.20 STANBIC IA 30-SEP-2024

30-Sep-14

N/A

0.10

30-Sep-24

9.94

1.00

13.82

86.05

A/GCR

STANBIC IBTC

13.25 STANBIC IB 30-SEP-2024

30-Sep-14

13.25

15.44

30-Sep-24

9.94

1.00

13.82

96.95

11-Feb-18

3.31

1.00

13.71

90.86

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

144.16

TOTAL MARKET CAPITALISATION

143.11

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE

12.00 10.90

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

5.38

5.22

107.21

108.10

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

4.39

4.14

102.48

103.36

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

5.63

5.50

105.10

105.96

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,573.97

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

8.67

8.67

103.30

103.30

B+/Fitch; B+/S&P

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

4.15

4.15

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

6.55

6.55

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

8.89

8.31

93.98

95.66

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

5.99

5.81

100.03

100.68 102.00

B/Fitch

AFREN PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

9.68

9.68

102.00

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

6.77

6.77

98.00

98.00

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

9.12

8.74

98.62

100.03 101.63

B-/Fitch; B/S&P

FIRST BANK PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.67

7.67

101.63

B-/Fitch; B/S&P

AFREN PLC III

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

7.50

7.50

95.75

95.75

B-/Fitch; B/S&P

ACCESS BANK PLC II

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

24-Jun-14

9.25

400.00

24-Jun-21

8.68

8.51

102.88

103.75

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

7.47

7.47

101.63

101.63

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

8.42

8.22

100.53

101.59

TOTAL OUTSTANDING VALUE

4,760.00

TOTAL MARKET CAPITALISATION

4,791.07

**Treasury Bills DTM 9 16 23 30 37 44 51

FIXINGS Maturity 30-Oct-14 6-Nov-14 13-Nov-14 20-Nov-14 27-Nov-14 4-Dec-14 11-Dec-14

Bid Discount (%) 10.60 10.80 10.85 10.45 11.00 10.35 10.90

Offer Discount (%) 10.35 10.55 10.60 10.20 10.75 10.10 10.65

Bid Yield (%) 10.63 10.85 10.92 10.54 11.12 10.48 11.07

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 11.0300 12.5929 13.3549 14.0773

Tenor

Rate (%)

OBB

10.92

O/N Tenor Call

11.17

REPO

Rate (%) 10.92

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M

165.45 165.61 165.88 166.01 167.68

165.55 165.85 166.19 167.11 168.75

TOTAL MARKET CAPITALISATION

1,291.48

Sub-National Bonds A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.86

4.44

16.03

97.22

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

4.18

30-Sep-15

0.70

3.23

14.82

99.16

A-/Agusto

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

6.27

30-Jun-16

0.99

4.46

16.06

98.49

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

7.37

30-Jun-16

0.99

3.48

15.08

100.94

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

2.49

5.59

18.27

84.00

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

29.92

30-Jun-17

1.54

1.00

13.29

100.95

3.20

1.79

14.50

98.70

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

A+/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

34.14

30-Sep-18

A-/Agusto; A-/GCR

NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

3.95

1.00

13.75

100.73

A/Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

14.96

09-Dec-18

2.37

1.00

13.68

101.81

A-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

11.13

12-Dec-18

2.37

4.78

17.46

93.65

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

27.00

14-Feb-19

2.75

1.00

13.69

101.82

15.50 GOMBE 02-OCT-2019

02-Oct-12

15.50

16.23

02-Oct-19

3.00

1.00

13.70

104.25

14.50 LAGOS 22-NOV-2019

22-Nov-12

14.50

80.00

22-Nov-19

5.09

1.00

13.77

102.58

14.75 OSUN 12-DEC-2019

12-Dec-12

14.75

27.51

12-Dec-19

2.97

2.74

15.44

98.49

A/Agusto

46

Business | Financiel Market News

A/Agusto; A-/GCR CONFIDENCE A/Agusto; A-/GCR

*ONDO *GOMBE

Nigerian bourse gains N37 A/Agusto; A-/GCR *OSUN A/Agusto *OSUN billion Aa-/Agusto; AA-/GCR

LAGOS

Aa-/Agusto; AA-/GCR

LAGOS

A-/Agusto; BBB+/DataPro

KOGI

A/Agusto A-/GCR

*EKITI

*NASARAWA Stories by Chris Ugwu

T

TOTAL OUTSTANDING VALUE bulls maintained TOTAL he MARKET CAPITALISATION

their grip on the market activities, as barAa/Agusto GTB µ gain hunters NGC jostled Nil forBbb-/Agusto shares on the back of blue *UPDC A-/Agusto *FLOURMILLS chip companies after the jinx *CHELLARAMS of BB+/GCR market depression was broA+/Agusto; A-/GCR NAHCO ken the previous day .

A-/Agusto FSDH Analysts said theUBA resurgent A/GCR of BBB-/GCR the bulls to sustain *C & Imarket LEASING rally after unprecedented 10 BBB+/DataPro†; BB+/GCR *DANA# A-/DataPro†; BB-/GCR *TOWER days of consistent loss,# was Corporate Bonds

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH 2.37 1.80 14.48 99.18

Nigerian stocks extend gaining streaks 30-Sep-13 14.75 recorded at the previous day, 27-Nov-13 13.50 while the market capitalisa31-Dec-13 15.00 tion of 31-Dec-13 equities appreciated 14.50 06-Jan-14 or 0.29 per 15.00 cent,

by N37 billion as market sentiment remained green.

Meanwhile, a turnover of 352.9 million shares13.50worth 18-Dec-09 N3.2 billion 01-Apr-10in 6,171 deals 17.00 was recorded in the day’s 10.00 trading.

17-Aug-10 09-Dec-10 sub-sector 12.00of the Insurance 06-Jan-11 14.00 was financial services sector 29-Sep-11 13.00 the most active during the 25-Oct-13 14.25 day (measured by turnover 30-Sep-10 13.00 volume) with 122.08 18.00 million 30-Nov-12 shares 09-Apr-11 worth N313.9 16.00 million 09-Sep-11 18.00in 203 exchanged by investors

14.75 OSUN II 30-SEP-2020 evidence that confidence is re13.50 LAGOS IV 27-NOV-2020 turning to market in spite of 15.00 KOGI 31-DEC-2020 security challenges 14.50 EKITI II 31-DEC-2020 that had NASARAWA 06-JAN-2021 posed15.00 threat to investment in the country.

The key market performance measures, the NSE All Share Index and market 13.50 GUARANTY TRUST 18-DEC-2014 capitalisation, rose by 0.29 17.00 NGC 31-DEC-2014 per cent, as market sentiments 10.00 UPDC 17-AUG-2015 12.00 FLOURMILLS extended gaining9-DEC-2015 streaks fol14.00investors’ CHELLARAMS 06-JAN-2016 lowing awakened 13.00 NAHCO 29-SEP-2016 optimism.

14.25 FSDH 25-OCT-2016 Consequently, the All-Share 13.00 UBA 30-SEP-2017 Index18.00gained C&I LEASING 114.02 30-NOV-2017 basis DANA 9-APR-2018 pointsMPR+7.00 or 0.29 per cent to close MPR+7.00 as TOWER 9-SEP-2018 at 38,776.67 against 38,662.65

11.40 30-Sep-20 3.50 deals.

87.00 27-Nov-20 6.10 Volume in the sub-sector 5.00 31-Dec-20 6.20 was largely driven by activity 4.78 31-Dec-20 3.68 in4.79 the shares06-Jan-21 of Mansard3.71 Insurance Plc and Wapic Insur471.18 ance 463.63Plc. Also, the banking subsector, boosted by activity in 13.17 18-Dec-14 0.16 the UBA and 0.19 Ac2.00 shares of 31-Dec-14 cess followed with 3.61 Bank Plc 17-Aug-15 0.58 09-Dec-15 0.65 a 13.62 turnover of 102.6 million 0.60 0.73 shares valued06-Jan-16 at N920.8 billion 1.94 in15.00 2,403 deals.29-Sep-16 5.53 25-Oct-16 2.01 The number of gainers at 20.00 30-Sep-17 2.94 the close of trading session 0.73 30-Nov-17 1.76 was decliners closed 6.30 33, while09-Apr-18 1.97 09-Sep-18 2.13 at2.90 15.

1.00 13.72 Nestle Nigeria Plc 102.73 led the 1.00 13.70 99.14 gainers’ table with N5.05 to 1.94 14.64 101.38 close per101.03 share, 1.44 at N980.05 14.17 1.95 Forte 14.69 101.00 Plc while Oil Nigeria followed with a gain of N2.50 to close at N214.00. Nigerian Breweries Plc added N1.63 to close at N168.00 per share.

5.21 16.03 99.49 On Unile8.71 the other 19.55 hand,99.34 ver4.88Nigeria 16.46 Plc led the price 96.97 1.00 100.07 losers’ table,12.59 dropping N2.22 14.22 to 2.63 close at N42.28 per100.52 share, 1.00 13.63 98.93 while PZ Cussons Nigeria Plc 1.34 14.02 100.38 followed with a loss of N1.08 to 1.00 13.70 98.34 close Guinness Nige1.88 at N27.74.

14.36 106.81 ria3.48 Plc shed 65 share 16.13kobo per 99.87 5.20 17.88 100.46 to close at N178.00.

AAA/DataPro†; A+/GCR

*TOWER#

09-Sep-11

16.00

0.80

09-Sep-18

2.13

5.06

17.74

A/Agusto; A/GCR

UBA

14.00 UBA II 22-SEP-2018

22-Sep-11

14.00

35.00

22-Sep-18

3.92

1.35

14.10

99.68

Bbb+/Agusto; BBB+/GCR

15.75 LA CASERA 18-OCT-2018

18-Oct-13

15.75

2.40

18-Oct-18

2.24

2.29

14.97

101.41

BBB-/DataPro†; BB+/GCR

*LA CASERA *CHELLARAMS#

MPR+5.00 CHELLARAMS II 17-FEB-2019

17-Feb-12

17-Feb-19

2.32

6.11

18.79

97.11

BBB/GCR

*DANA

16.00 DANA II 1-APR-2019

01-Apr-14

01-Apr-19

3.20

2.16

14.87

102.79

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

14-Nov-13

14-Nov-20

6.07

2.76

15.47

99.14

A/GCR

STANBIC IBTC

182D T.bills+1.20 STANBIC IA 30-SEP-2024

30-Sep-14

30-Sep-24

9.94

1.00

13.82

86.05

A/GCR

STANBIC IBTC

13.25 STANBIC IB 30-SEP-2024

30-Sep-14

MPR+5.25 TOWER 9-SEP-2018

CBN sets milestones for BVN registration TOTAL OUTSTANDING VALUE •Gives conditions for fresh loans TOTAL MARKET CAPITALISATION Supranational Godson IkoroBond AAA/S&P

IFC

T

TOTAL OUTSTANDING VALUE

heMARKET CentralCAPITALISATION bank of Nigeria TOTAL

yesterday red a riot act to all Deposit Money Banks Rating/Agency Issuer (DMBs) that are required to fully FGNintegrate Eurobonds their core bankingBB-/Fitch; system, latest by October B+/S&P 31, 2014, to ease the enrollment BB-/Fitch; FGN process of the Bank VerificaBB-/S&P tion Number (BVN) BB-/Fitch; BB-/S&P It also made the BVN a preTOTAL OUTSTANDING VALUE condition for loan drawdown.

In a MARKET circular coded REF: TOTAL CAPITALISATION BPS/DIR/GEN/CIR/01/015 on Corporate Eurobonds clarification on bank verificaB/Fitch; B-/S&P PLC I tion number (BVN) AFREN enrollment B+/Fitch; B+/S&P GTBANK PLC I signed

by Mr Dipo Fatokun, the B+/S&P ACCESS BANK PLC Director of Banking and payB/Fitch; B/S&P FIDELITY BANK PLC ments system department.

B+/Fitch; B+/S&P GTBANK PLC In the circular, which was B/Fitch AFREN PLC II sent to all DMBs, the CBN obB+/Fitch; BB-/S&P ZENITH BANK PLC served that lenders are making B/Fitch; B/S&P DIAMOND BANK PLC steady progress towards the B-/Fitch; B/S&P FIRST BANK PLC enrollment customers.

B-/Fitch; B/S&P of theirAFREN PLC III B-/Fitch; B/S&P ACCESS PLC II It however, stressed theBANK need B/S&P FIRSTareas BANK LTDin to B-/Fitch; clarify certain grey B-/S&P

the process of enrollment of the customers on BVN. 10.20 IFC 11-FEB-2018 Given that BVN gives each bank customers a unique identity across the Nigerian banking industry, the apex bank Description said it has therefore become necessary for it to issue the under-listed clarifications for 6.75 JAN 28, 2021 the stakeholders to note and implement. 5.13 JUL 12, 2018 The banking watchdog stat6.38 JUL 12, 2023 ed that all DMBs are required to enroll at least, 40 per cent of their customers on or before December 31 2014, and 70 percent on or before 30th March 11.50 FEB 01, 2016 2015.

7.50 MAY 19, 2016 According to the apex bank, JUL 25, 2017 all new loans7.25 must have the 6.88 MAY 09, 2018 BVN as a condition precedent 6.00 NOV 08, 2018 to drawdown,10.25 with effect from APR 08, 2019 3rd November6.25 2014.

APR 22, 2019 Furthermore, the said 8.75 May 21, CBN 2019 all credit customers must have 8.25 AUG 07, 2020 BVNs by 31st6.63 December DEC 09, 2020 2014, 9.25/6M it USDwould LIBOR+7.677 JUNmoni24, 2021 adding that the 8.00/2Y USD SWAP+6.488 JUL 23 2021 tor compliance.

8.75 AUG 14, 2021

ECOBANK NIG. LTD

TOTAL OUTSTANDING VALUE

S

takeholders at the 17.00 0.41 recently concluded 16.00 4.50 15.25 2.05 African Develop0.10 ment N/A Forum (ADF) held 13.25 15.44 in Marrakech, Morocco have agreed that144.16 aid is 143.11 no longer the panacea to the development of Africa, noting that12.00 if Af10.20 rica must develop,12.00 it has to help itself through 10.90 blocking illicit financial Outstanding Value flows.

Coupon (%) The Executive($mm) Secretary, of the Economic Commission for Africa, 6.75 500.00 organiser of the ADF, 5.13 500.00the Mr. Carlos Lopes said continent must embark 6.38 500.00 on reforms to capture 1,500.00 currently unexplored or poorly managed 1,573.97resources.

This according to 11.50 450.00 him, includes curtailing illicit7.50financial 500.00 flows 7.25 350.00 and rather transforming 300.00 those6.88 funds into a pow6.00 400.00 erful 10.25 tool for enhancing 300.00 domestic resource500.00 mobi6.25 lization, as a way of 8.75 200.00furthering 8.25 the continent’s 300.00 development.

6.63 360.00 9.25 Carlos noted400.00 that 450.00 while8.00 the economic

11-Feb-13

Issue Date

07-Oct-11 12-Jul-13 12-Jul-13

01-Feb-11 19-May-11 25-Jul-12 09-May-13 08-Nov-13 08-Apr-12 22-Apr-14 21-May-14 07-Aug-13 09-Dec-13 24-Jun-14 23-Jul-14 14-Aug-14

8.75

250.00

Africa has to block illicit financial flows –ADF

30-Sep-24 9.94 1.00 96.95 growth being witnessed The 13.82 annual average

by Africa has been im- loss to the continent pressive over the years, over the past decade is it is imperative that estimated at $50 billion. growth translates to de- 1.00This stifles domestic 11-Feb-18 3.31 13.71 90.86 velopment. savings and investment, According to Ventures drains hard currency reAfrica, estimates from serves, reduces tax colvarious recent studies lectionBid and consequently Maturity Date Bid Yield (%) Offer Yield (%) Price Offer Price including “Financing undermines Africa’s structural Africa’s post-2015 devel- Prices & Yields transformaopment agenda” reveal 5.22tion efforts.

28-Jan-21 5.38 107.21 108.10 that, from 1970 to 2008, “To tackle the issue 12-Jul-18lost $854 4.39billion 4.14of illicit 102.48 103.36 Africa financial flows to $1.8 trillion in illicit and the dynamics that 12-Jul-23 5.63 5.50 105.10 105.96 drive them, transparfinancial flows.

The Economic Com- ency in revenue declamission for Africa not- ration and payments ed that loss of funds from multinational corthrough illicit financial porations would have to 01-Feb-16 8.67 103.30 flows undermines rev- 8.67be improved, tax103.30 haven 19-May-16 4.15 105.04 105.04 enue generation and 4.15regulations and secrecy 25-Jul-17 101.72 101.72 reduces the 6.55 benefits 6.55jurisdictions tightened 02-May-18 8.89 93.98 95.66 from economic activi- 8.31and efforts to curb mon08-Nov-18 5.99 5.81 100.03 100.68 ties, particularly in the ey laundering strength08-Apr-19 9.68 9.68 102.00 102.00 extractive sector. ened, as98.00 a way of retriev22-Apr-19 6.77 6.77 98.00 It also undermines Af- 8.74ing diverted money 21-May-19 9.12 98.62 100.03and rica’s ability to7.67 mobilise 7.67spending 07-Aug-20 101.63it on poverty 101.63 resources generated by 7.50reduction 09-Dec-20 7.50 95.75and economic 95.75 24-Jun-21 103.75 the such sectors to8.68 fund de- 8.51growth102.88 activities,” 23-Jul-21 7.47 7.47commission 101.63 101.63 velopmental goals. noted.

14-Aug-21

8.42

8.22

4,760.00

FMDQ Daily Quotations List

TOTAL MARKET CAPITALISATION

101.79

100.53

101.59

21-Oct-14

4,791.07

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

Maturity Bid Discount Offer Discount (%) Bid Yield (%) Tenor Rate (%)

9 30-Oct-14 10.60 16 6-Nov-14 10.80 13-Nov-14 10.85 FGN Bonds 23 30 20-Nov-14 10.45 37 27-Nov-14 11.00 Rating/Agency Issuer Description 44 4-Dec-14 10.35 51 11-Dec-14 10.90 4.00 23-APR-2015 65 25-Dec-14 11.15 72 1-Jan-15 11.15 13.05 16-AUG-2016 79 8-Jan-15 10.90 15.10 27-APR-2017 86 15-Jan-15 11.00 9.85 27-JUL-2017 93 22-Jan-15 10.45 9.35 31-AUG-2017 100 29-Jan-15 11.15 10.70 30-MAY-2018 107 5-Feb-15 10.50 16.00 29-JUN-2019 114 12-Feb-15 11.10 NA NA 7.00 23-OCT-2019 121 19-Feb-15 11.00 16.39 27-JAN-2022 128 26-Feb-15 11.10 14.20 14-MAR-2024 135 5-Mar-15 10.90 15.00 28-NOV-2028 142 12-Mar-15 11.00 12.49 22-MAY-2029 156 26-Mar-15 11.10 8.50 20-NOV-2029 170 9-Apr-15 10.85 184 23-Apr-15 10.96 10.00 23-JUL-2030 198 7-May-15 10.50 12.1493 18-JUL-2034 289 6-Aug-15 10.70 TOTAL OUTSTANDING VALUE 3-Sep-15 317 10.60 *from the Amortising bonds, the average life is calculated and not the duration

10.35 10.55 10.60 10.20 10.75 Issue Date 10.10 10.65 23-Apr-10 10.90 10.90 16-Aug-13 10.65 27-Apr-12 10.75 27-Jul-07 10.20 31-Aug-07 10.90 30-May-08 10.25 29-Jun-12 10.85 23-Oct-09 10.75 27-Jan-12 10.85 14-Mar-14 10.65 28-Nov-08 10.75 22-May-09 10.85 20-Nov-09 10.60 10.71 23-Jul-10 10.25 18-Jul-14 10.45 10.35

10.63 10.85 10.92 10.54 11.12 Coupon 10.48(%) 11.07 4.00 11.38 11.40 13.05 11.16 15.10 11.29 9.85 10.74 9.35 11.50 10.70 10.83 16.00 11.50 7.00 11.42 16.39 11.55 14.20 11.36 15.00 11.49 12.49 11.65 8.50 11.43 11.60 10.00 11.13 12.1493 11.69 11.67

TOTAL MARKET CAPITALISATION #

Issuer

Description

Issue Date

Agency Bonds 0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 0.00 FMB 24-MAY-2015 FMBN 17.25 FMB II 03-APR-2017 Total Outstanding Modified Duration Buckets Porfolio Market Value(Bn) Volume(Bn) 0.00/16.00 LCRM 09-DEC-2016 0.00/16.50 LCRM II 20-APR-2017 ***LCRM <3 998.07 0.00/16.50 LCRM 1,025.16 III 06-JUL-2017 AMCON

NA

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

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

535.00 23-Apr-15 563.89 16-Aug-16 NITTY 452.80 27-Apr-17 Tenor Rate (%) 20.00 27-Jul-17 1M 10.8967 100.00 31-Aug-17 2M 11.2265 300.00 30-May-18 3M 11.3094 351.30 29-Jun-19 6M 11.6920 233.90 23-Oct-19 9M 11.8346 600.00 27-Jan-22 12M 12.3124 371.68 14-Mar-24 75.00 28-Nov-28 150.00 22-May-29 NIFEX 200.00 20-Nov-29 Current Price ($/N) 591.57 23-Jul-30 BID($/N)130.00 165.4500 18-Jul-34 OFFER ($/N)

4,675.13

Coupon (%)

OBB

10.92

O/N

11.17

REPO TTM (Yrs) BidRate Yield Tenor (%)(%) Call 0.50 1M 3M 1.82 6M 2.52

10.92 11.58 12.51 13.41 12.61 14.28 12.62

Tenor Spot 7D 14DYield Offer 1M (%) 2M 11.26 3M 6M 12.52 1Y 12.55

2.77 12.69 12.62 2.86 12.69 12.63 3.61 12.73 12.62 :Benchmarks 4.69 12.74 12.66 * :Amortising Bond 5.01 12.77 12.68 µ :Convertible Bond 12.58 AMCON: 7.27 Asset Management 12.64 Corporation of Nigeria 9.40 Government of12.75 12.70 FGN: Federal Nigeria 14.10 Mortgage Bank 12.74 12.69 FMBN: Federal of Nigeria 14.58 12.73 12.68 IFC: International Finance Corporation 15.08Contractors Receivables 12.72 12.66 LCRM: Local Management NAHCO: 15.75 Nigerian Aviation Handling 12.71 Company12.66 O/N: Overnight 19.74 12.74 12.70 NOTE:

165.5500

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

Bid ($/N)

Offer ($/N)

165.45 Price 165.55 165.61 165.85 165.88 166.19 Bid Price Offer Price 166.01 167.11 167.68 168.75 96.38 96.53 168.83 170.45 172.56 175.98 100.65 100.80 180.04 188.04 105.20 105.35

93.51 93.66 92.16 92.31 94.24 94.54 NA :Not Applicable 111.20 111.50 # :Floating Rate Bond 79.12 79.42 ***: Deferred coupon bonds 117.45 117.75 107.75 †: Bond rating expired 108.05 114.62 114.92 N/A :Not Available 98.42 98.72 71.99 72.29 NGC: Nigeria-German Company 81.70 82.00 UBA: United 95.70 Bank for Africa 96.00

Outstanding Value (N'bn)

FMDQ FGN BOND INDEX 0.00 978.35

#

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%) 1.00 2.63 2.27 Implied Portfolio 2.00Price 1.00 118.2267 1.00

Valuation Yield (%)

0.00 17.25by Mkt Weighting Value 0.00/16.00 0.00/16.50 0.00/16.5033.49

24.56 3.00 Bucket Weighting 112.22 116.70 66.49 0.34

31-Oct-14 24-May-15 %03-Apr-17 Exposure_ Mod_Duration 09-Dec-16 20-Apr-17 06-Jul-1714.53

0.03 0.59 1.33 Implied Yield 2.14 2.50 2.7112.62

0.35

54.10

12.73

102.0063

1,192.63

19.2633

100.00

12.69

117.3959

1,121.03

12.1029

1,095.35

951.30

>5

940.83

1,027.92

31.95

34.53

35.78

30.73

3,061.33

2,977.29

100.00

100.00

1,301.320.32

1,291.481.00

31.37

12.67

133.1534

11.74 14.21 14.30 INDEX 14.68 13.68 1,122.91 13.69

Indicative Price

28-Dec-11 24-May-10 03-Apr-12by Weighting Outstanding 09-Dec-11 Vol 20-Apr-12 06-Jul-12 33.52

3<5

Market

Rate (%) 11.0300 12.5929 13.3549 Maturity Date 14.0773

4,630.83

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

Rating/Agency

NIBOR

Bonds

1,127.49

99.68 92.19 YTD103.56 Return (%) 100.30 98.13 12.2913 95.39

12.7492

Sub-National Bonds A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.86

4.44

16.03

97.22

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

4.18

30-Sep-15

0.70

3.23

14.82

99.16

A-/Agusto

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

6.27

30-Jun-16

0.99

4.46

16.06

98.49

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

7.37

30-Jun-16

0.99

3.48

15.08

100.94

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

2.49

5.59

18.27

84.00

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

29.92

30-Jun-17

1.54

1.00

13.29

100.95

A/Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

3.20

1.79

14.50

98.70

A+/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

34.14

30-Sep-18

2.37

1.80

14.48

99.18

A-/Agusto; A-/GCR

NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

3.95

1.00

13.75

100.73

Daily Summary as of 21/10/2014

Printed 21/10/2014 15:30:29.029

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014 Daily Summary as of 21/10/2014 Printed 21/10/2014 15:30:29.029

Daily Summary (Bonds)

Business | Capital Market

47

No Debt Trading Activity

The Nigerian Stock Market Exchange as at October 21, 2014 Daily Summary (Equities)

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

No. of Deals 3 15 18 36

Current Price 0.50 33.00 35.50

Quantity Traded 12,250 27,500 71,852 111,602

Value Traded 6,125.00 867,168.00 2,342,919.12 3,216,212.12

Symbol LIVESTOCK

No. of Deals 51 51

Current Price 2.81

Quantity Traded 1,535,817 1,535,817

Value Traded 4,368,158.23 4,368,158.23

1,647,419

7,584,370.35

Quantity Traded 31,082 1,000 1,900 47,020,242 216,160 47,270,384

Value Traded 43,192.02 3,900.00 1,957.00 244,156,282.51 11,510,682.04 255,716,013.57

AGRICULTURE Totals

87

CONGLOMERATES Daily Summary as of 21/10/2014 Diversified Industries Printed 21/10/2014 15:30:29.029 A.G. LEVENTIS NIGERIA PLC. CHELLARAMS PLC. JOHN HOLT PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals

Symbol AGLEVENT CHELLARAM JOHNHOLT TRANSCORP Daily Summary UACN

Activity Summary on Board EQTY

No. of Deals 6 1 1 377 (Equities) 59 444

CONGLOMERATES Published

by The Nigerian Stock Exchange © CONGLOMERATES Totals

Current Price 1.33 3.95 1.08 5.13 53.79

Page 47,270,384

444

CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other COSTAIN (W A) PLC. Building Structure/Completion/Other Totals

Symbol COSTAIN

No. of Deals 34 34

Current Price 0.88

Quantity Traded 3,374,341 3,374,341

Value Traded 2,957,054.94 2,957,054.94

Symbol JBERGER

No. of Deals 3 3

Current Price 67.20

Quantity Traded 15,482 15,482

Value Traded 988,370.88 988,370.88

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

Symbol UAC-PROP

No. of Deals 40 40

Current Price 14.00

Quantity Traded 592,716 592,716

Value Traded 8,257,660.64 8,257,660.64

3,982,539

12,203,086.46

Quantity Traded 6,000 6,000

Value Traded 3,000.00 3,000.00

Quantity Traded 27,200 471,679 589,885 2,000

Value Traded 367,141.00 84,009,767.04 18,811,414.88 4,040.00

77

CONSUMER GOODS Automobiles/Auto Parts Daily Summary of 21/10/2014 DN as TYRE & RUBBER PLC Printed 21/10/2014 15:30:29.029 Automobiles/Auto Parts Totals

Symbol DUNLOP

Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. JOS INT. BREWERIES PLC. Activity Summary on Board EQTY

Symbol CHAMPION

No. of Deals 1 1

Current Price 0.50

No. of Deals 8 55 24 2

Current Price 14.94 178.00 32.00 2.12

Daily Summary (Equities) GUINNESS INTBREW JOSBREW

Page

Published

by The Nigerian Stock Exchange © CONSUMER GOODS Beverages--Brewers/Distillers NIGERIAN BREW. PLC. PREMIER BREWERIES PLC Beverages--Brewers/Distillers Totals

ICT Computer Based Systems COURTEVILLE BUSINESS SOLUTIONS PLC Computer Based Systems Totals

2

of

No. of Deals 28 28

Current Price 162.86

Quantity Traded 38,926 38,926

Value Traded 6,967,491.07 6,967,491.07

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

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR NASCON

No. of Deals 31 67 58 36 46 238

Current Price 6.55 7.73 61.40 3.87 8.62

Quantity Traded 84,500 1,468,141 234,334 777,999 408,847 2,973,821

Value Traded 526,435.00 11,324,579.78 13,682,261.82 3,025,268.72 3,580,935.45 32,139,480.77

Symbol CADBURY NESTLE

No. of Deals 40 158 198

Current Price 52.51 980.05

Quantity Traded 93,583 599,324 692,907

Value Traded 4,845,803.40 587,527,784.88 592,373,588.28

Symbol

No. of Deals 27 1 28

Current Price 4.29 1.35

Quantity Traded 416,987 1,000 417,987

Value Traded 1,740,058.33 1,290.00 1,741,348.33

Page Quantity Traded 405,210 299,057 704,267

3 of 13 Value Traded 11,254,069.22 12,644,529.96 23,898,599.18

No. of Deals 60 23 83

CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND PLC Daily Summary as ofBANK 21/10/2014 ECOBANK TRANSNATIONAL INCORPORATED Printed 21/10/2014 15:30:29.029 FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC.

Activity Summary on Board EQTY

FINANCIAL SERVICES Banking UNITY BANK PLC WEMA BANK PLC. ZENITH INTERNATIONAL BANK PLC Banking Totals Insurance Brokers©and Services Published by The NigerianCarriers, Stock Exchange AIICO INSURANCE PLC.

CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. INTERNATIONAL ENERGY INSURANCE COMPANY PLC LINKAGE ASSURANCE PLC MANSARD INSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. N.E.M INSURANCE CO (NIG) PLC. PRESTIGE ASSURANCE CO. PLC. SOVEREIGN TRUST INSURANCE PLC Daily Summary as of 21/10/2014 UNIC INSURANCE Printed 21/10/2014 15:30:29.029 PLC. WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals

831 Symbol ACCESS DIAMONDBNK ETI FIDELITYBK GUARANTY SKYEBANK STERLNBANK Daily Summary UBA UBN

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

Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC PHARMA-DEKO PLC. Pharmaceuticals Totals

Published by The Nigerian Stock Exchange ©

Current Price 8.65 6.15 18.15 1.95 27.14 2.80 2.35 5.90 9.03

945,816,212.64

Quantity Traded 15,555,610 8,840,900 2,617,169 5,396,994 12,824,685 5,517,116 15,258,094 17,576,711 194,640

Value Traded 134,920,810.46 54,303,215.86 47,500,502.13 10,532,761.73 351,009,244.32 15,262,869.71 35,862,800.69 103,420,356.46 1,761,554.50

Symbol AIICO CONTINSURE CORNERST INTENEGINS LINKASSURE MANSARD MBENEFIT NEM PRESTIGE SOVRENINS UNIC WAPIC

No. of Deals 30 12 3 14 1 25 10 18 3 3 1 83 203

Current Price 0.80 0.94 0.50 0.51 0.50 3.00 0.54 0.73 0.50 0.50 0.50 0.64

Page Quantity Traded 3,844,121 344,200 125,000 583,630 2,000 100,082,340 516,116 909,584 62,333 7,536,000 7,000 8,072,499 122,084,823

4 Value of Traded13

Symbol NPFMCRFBK

No. of Deals 12 12

Current Price 1.02

Quantity Traded 918,000 918,000

Current Price 3.19 3.90 12.68 4.07 0.51 31.25 2.11

3,450

Page Quantity Traded 2,700,952 754,688 19,308,642 4,304,791 74,427 2,815,031 5,146,375 35,104,906

260,770,646

3,083,745.92 323,703.00 62,500.00 298,200.18 1,000.00 300,156,191.20 278,704.64 653,905.55 31,166.50 3,768,000.00 3,500.00 5,289,576.31 313,950,193.30

8,555,522.45 2,996,908.60 244,801,756.55 17,366,997.72 38,704.84 87,555,465.61 10,855,211.19 372,170,566.96

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

Value Traded 500,000.00 500,000.00

1,007,124

583,787.32

Quantity Traded 229,842 38,536 127,274 338,543 69,074 1,000 617,689

Value Traded 7,249,097.42 317,568.21 5,066,186.73 4,824,380.88 14,570,445.28 5,330.00 73,102,974.83

Page Quantity Traded 1,421,958

7 of 13 Value Traded 105,135,983.35

No. of Deals 1 1

Current Price 1.82

Quantity Traded 20,000 20,000

Value Traded 36,400.00 36,400.00

Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH PHARMDEKO

No. of Deals 4 7 12 34 11 1 69

Current Price 1.95 3.35 56.00 1.63 1.11 2.49

Quantity Traded 3,560 1,086,077 48,985 907,935 187,963 245 2,234,765

Value Traded 7,038.40 3,635,732.41 2,712,070.48 1,482,457.06 207,767.38 580.65 8,045,646.38

Metals Daily Summary as of 21/10/2014 ALUMINIUM MANUFACTURING COMPANY PLC Printed 21/10/2014 15:30:29.029 Metals Totals

5 Symbol No. of Deals ASHAKACEM 57 BERGER 12 CAP 40 CCNN 24 Daily Summary (Equities) DANGCEM 24 PORTPAINT 1 WAPCO 81

Current Price 31.00 8.08 39.00 14.06 211.89 5.08 118.22

Daily Summary (Equities) Symbol No. of Deals Current Price 239

Symbol

No. of Deals

Current Price

Quantity Traded

Value Traded

Symbol CUTIX

No. of Deals 5 5

Current Price 1.68

Quantity Traded 90,949 90,949

Value Traded 159,830.24 159,830.24

Symbol AVONCROWN BETAGLAS

No. of Deals 3 4 7

Current Price 1.59 20.00

Quantity Traded 8,155 51,500 59,655

Value Traded 12,555.60 1,030,000.00 1,042,555.60

1,572,562

106,338,369.19

251 Symbol BOCGAS

No. of Deals 1 1

Current Price 5.48

Quantity Traded 1,000 1,000

Value Traded 5,210.00 5,210.00

Symbol ALUMACO

No. of Deals 2 2

Current Price 7.75

Quantity Traded 1,500 1,500

Value Traded 11,055.00 11,055.00

Symbol MULTIVERSE

No. of Deals 2 2

Current Price 0.50

Quantity Traded 20,000 20,000 Page

Daily Summary (Equities)

5

Value Traded 10,000.00 10,000.00 8 of 13

22,500

26,265.00

Symbol JAPAULOIL

No. of Deals 7 7

Current Price 0.50

Quantity Traded Page 273,198 273,198

Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals

Symbol OANDO

No. of Deals 421 421

Current Price 23.70

Quantity Traded 5,881,503 5,881,503

Value Traded 142,020,427.54 142,020,427.54

Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals

Symbol CONOIL ETERNA FO MOBIL MRS TOTAL

No. of Deals 52 28 103 22 5 15 225

Current Price 49.23 3.80 214.00 166.00 56.00 171.00

Quantity Traded 333,434 308,331 325,757 54,983 1,324 10,118 1,033,947

Value Traded 16,060,867.22 1,138,587.18 68,554,874.94 9,145,182.59 70,436.80 1,753,521.63 96,723,470.36

Symbol SEPLAT

No. of Deals 34 34

Current Price 574.00

Quantity Traded 48,848 48,848

Value Traded 27,915,880.94 27,915,880.94

7,237,496

266,796,377.84

Quantity Traded 2,000

Value Traded 1,000.00

Exploration and Production Daily Summary as ofPETROLEUM 21/10/2014 DEVELOPMENT COMPANY LTD SEPLAT Printed 21/10/2014 15:30:29.029 Exploration and Production Totals OIL AND GAS Totals SERVICES Advertising AFROMEDIA PLC

687

Daily Summary (Equities) Symbol AFROMEDIA

No. of Deals 1

Current Price 0.50

Value Traded 9 136,599.00 of 13 136,599.00

Page Quantity Traded 2,000

10 of 13 Value Traded 1,000.00

Symbol

No. of Deals 1

Current Price

Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals

Symbol RTBRISCOE

No. of Deals 12 12

Current Price 0.86

Quantity Traded 230,946 230,946

Value Traded 199,194.10 199,194.10

Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals

Symbol REDSTAREX TRANSEXPR

No. of Deals 12 1 13

Current Price 4.15 1.29

Quantity Traded 5,241,835 2,500 5,244,335

Value Traded 21,737,161.35 3,075.00 21,740,236.35

Employment Solutions C & I LEASING PLC. Employment Solutions Totals

Symbol CILEASING

No. of Deals 3 3

Current Price 0.50

Quantity Traded 229,120 229,120

Value Traded 114,560.00 114,560.00

Hotels/Lodging IKEJA HOTEL PLC

Symbol IKEJAHOTEL

No. of Deals 111 111

Current Price 3.25

Quantity Traded 12,241,630 12,241,630

Value Traded 40,877,228.20 40,877,228.20

Symbol DAARCOMM

No. of Deals 2 2

Current Price 0.50

Quantity Traded 14,900 14,900

Value Traded 7,450.00 7,450.00

Quantity Traded 65,675 120,309

Value Traded 87,891.00 158,807.88

Hotels/Lodging Totals Daily Summary as of 21/10/2014 Printed 21/10/2014 15:30:29.029 Media/Entertainment DAAR COMMUNICATIONS PLC Media/Entertainment Totals

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

9 7

1.38 1.32

Page

11

of

Symbol UPL

No. of Deals 6 22

Current Price 4.14

Quantity Traded 43,614 229,598

Road Transportation ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Symbol ABCTRANS

No. of Deals 10 10

Current Price 0.69

Quantity Traded 162,522 162,522

Value Traded 111,263.18 111,263.18

Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals

Symbol AIRSERVICE NAHCO

No. of Deals 5 33 38

Current Price 1.91 5.05

Quantity Traded 68,500 949,078 1,017,578

Value Traded 136,800.00 4,768,343.76 4,905,143.76

Symbol CAVERTON

No. of Deals 51 51

Current Price 4.05

Quantity Traded 682,937 682,937

Value Traded 2,783,979.57 2,783,979.57

263

20,055,566

71,156,076.36

6,170

352,907,058

3,282,250,027.73

Quantity Traded 2,000 2,000

Value Traded 2,820.00 2,820.00

Daily Summary as of 21/10/2014 Support and Logistics Printed 21/10/2014 15:30:29.029 CAVERTON OFFSHORE SUPPORT GRP PLC

Support and Logistics Totals

SERVICES Totals

Daily Summary (Equities)

EQTY Board Totals Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals

1,607,947,422.62

of

Current Price 0.50

SERVICES Published

by The Nigerian Stock Exchange © Printing/Publishing UNIVERSITY PRESS PLC. Printing/Publishing Totals

5 ValueofTraded13

6

No. of Deals 1 1

Printing/Publishing ACADEMY PRESS PLC. ActivityLEARN Summary on PLC Board EQTY AFRICA

Value Traded 936,360.00 936,360.00

Symbol MORISON

Page

Symbol CHAMS

PublishedSERVICES

by The Nigerian Stock Exchange © Advertising Advertising Totals

Value Traded 4,500,972.50 2,559,225.59 159,255,988.41 920,890,302.36

No. of Deals 67 16 525 84 5 49 86 832

Processing Systems CHAMS PLC Processing Systems Totals

Activity Summary on Board EQTY

Quantity Traded 9,001,945 2,705,797 7,173,256 102,662,917

Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX STANBIC UBCAP

Value Traded 83,446.32 83,446.32

OIL AND GAS Energy Equipment and Services Published by The Nigerian Exchange © JAPAUL OIL Stock & MARITIME SERVICES PLC Energy Equipment and Services Totals

Current Price 0.50 0.95 22.20

Daily Summary (Equities)

Quantity Traded 6,504 6,504

NATURAL RESOURCES TotalsEQTY Activity Summary on Board

No. of Deals 13 25 242 2,403

FINANCIAL SERVICES Totals HEALTHCARE Medical Supplies MORISON INDUSTRIES PLC. Medical Supplies Totals

No. of Deals 143 70 54 72 358 122 (Equities) 903 355 46

7,086,057

Current Price 13.50

Mining Services MULTIVERSE PLC Mining Services Totals Published by The Nigerian Stock Exchange ©

Symbol UNITYBNK WEMABANK ZENITHBANK

Activity Summary on Board EQTY FINANCIAL SERVICES Published byOther The Nigerian Stock Exchange © Financial Institutions

Current Price 27.74 42.28

No. of Deals 3 3

NATURAL RESOURCES Chemicals B.O.C. GASES PLC. Chemicals Totals

Symbol 7UP

Symbol PZ UNILEVER

Symbol NCR

INDUSTRIAL GOODS Totals

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

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

IT Services NCR (NIGERIA) PLC. IT Services Totals

Packaging/Containers AVON CROWNCAPS & CONTAINERS BETA GLASS CO PLC. Packaging/Containers Totals

Value Traded 185,285,828.09 214,514.00 288,692,705.01

VONO

Value Traded 341.00 341.00

Electronic and Electrical Products

Quantity Traded 1,104,785 56,600 2,252,149

DailyVITAFOAM Summary (Equities)

Quantity Traded 620 620

INDUSTRIAL GOODS Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals

Current Price 168.00 3.98

Household Durables VITAFOAM NIG PLC. VONO PRODUCTS PLC. Activity Summary on Board EQTY Household Durables Totals

Current Price 0.53

Activity Summary on Board EQTY

No. of Deals 160 6 255

8,082,046.38

No. of Deals 1 1

INDUSTRIAL GOODS Published by The Nigerian Stock Exchange © Building Materials Building Materials Totals

13

2,254,765

Symbol COURTVILLE

INDUSTRIAL GOODS Building Materials Daily Summary as of 21/10/2014 ASHAKA CEM PLC Printed 21/10/2014 15:30:29.029 BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC Daily Summary as of 21/10/2014 PORTLAND PAINTS & PRODUCTS NIGERIA PLC Printed 21/10/2014 15:30:29.029 LAFARGE AFRICA PLC. EQTY Activity Summary on Board

Symbol NB PREMBREW

Food Products--Diversified Daily Summary as of 21/10/2014 CADBURY NIGERIA PLC. Printed 21/10/2014 15:30:29.029 NESTLE NIGERIA PLC. Food Products--Diversified Totals

70

ICT Totals

1 of 13 255,716,013.57

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

CONSTRUCTION/REAL ESTATE Totals

HEALTHCARE HEALTHCARE Totals

Symbol MCNICHOLS

No. of Deals 1 1

Current Price 1.48

CONSUMER GOODS Totals

1

2,000

Published by The Nigerian Stock Exchange © ASeM Board Totals

1

Page 2,000

Equity Activity Totals

6,171

352,909,058

Value Traded 169,322.32 416,021.20

13

2,820.00

12

of 13 2,820.00

3,282,252,847.73

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 2 3 5

Current Price 1,980.00 17.56

Quantity Traded 235 56,739 56,974

Value Traded 464,175.00 996,843.57 1,461,018.57

ETF Board Totals

5

56,974

1,461,018.57

ETP Activity Totals

5

56,974

1,461,018.57

13 Published by The Nigerian Stock Exchange ©

Page

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13

48

News

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

NATIONAL

Gowon tasks Nigerians on education management Adesina Wahab Ado-Ekiti

F

ormer Head of State, Gen. Yakubu Gowon, on Tuesday urged all Nigerians to contribute their quota to the management of education sector to save it from imminent collapse.

He also linked illiteracy and lack of quality education to Boko Haram insurgency, which has seen many Nigerians killed and maimed in the Northern part of

the country.

Gowon, who spoke at the second convocation ceremony of Afe Babalola University, Ado Ekiti (ABUAD) where he was conferred with honorary doctorate degree, was however, optimistic that with a thriving democracy in Nigeria, the future of education was getting brighter.

His words:”The management of education in Nigeria today requires all to contribute and change its face to meet the current realities.

And I am optimistic that with our thriving democracy, which will allow for exploration of opportunities beyond our immediate environment, the future is bright.”

Gowon, who commended Chief Afe Babalola (SAN) for providing one of the best universities in the world with first class infrastructure, charged other wealthy Nigerians to emulate him.

Other awardees included the Chairman of Julius Berger Plc, Heinze Stockhausen, Dr Ann Y.

Coxon, a frontline medical practitioner in United States and former Vice Chancellor of the University of Lagos, Prof Oyewusi Ibidapo Obe. Afe, in his remarks, expressed satisfaction that his dream of providing reformative and quality education that is functional was being achieved with the quality of students graduating from the school.

He noted that the students population had increased to over 6,000, saying the university

APC is hypocritical, conservative, says Mimiko Babatope Okeowo Akure

F

ew days after re-joining the Peoples Democratic Party (PDP) from Labour Party (LP), Governor Olusegun Mimiko of Ondo State, yesterday came hard on the opposition All Progressives Congress (APC) describing them as bunch of hypocrites and conservatives.

Mimiko, who hosted the National Youth leader of PDP, Abdullahi Hussain Inaibasira and other youth leaders of the party, said he has come to the PDP to add value and nobody would chase him

out of the party.

Having gone round major political parties in the country, Mimiko said what he discovered is that what PDP needs is packaging as the party has done well and it is the best for the people of the country.

According to him, next year’s general election would be about issues and PDP should be ready to confront the APC on issue-based campaigns as the party thrives on propaganda.

His words: “The APC members are pretenders and capitalists, who pretend as progressives.

President Goodluck Jonathan has demonstrated that he is a progressive person. He has impacted positively on the lives of the people of this country.

“You must expose the hypocrisy of the APC. What makes you a progressive in their dictionary is when you are antagonistic to the government at the centre. That is why you see many core conservatives being touted as progressives, simply because they are opposed to Jonathan’s administration. Let me tell you, 2015 elections will be hotly contested, the campaign

must start now.”

He said the era of PDP closing its eyes and winning of all elections are gone as members of the party must go out to campaign for the party.

Mimiko said one of the reasons why he is supporting Jonathan’s re-election is the transformation he has done in the area of youths and women empowerment.

He said the President has made available N22 billion through Central Bank of Nigeria (CBN) to Small and Medium Scale industrialists and 40 per cent of the fund belong to women.

“is the first in Nigeria to be invited to mentor a foreign university and expressed joy that out of 150 universities in Nigeria, his four-year-old university was chosen to host UNESCO regional staff retreat and hosted the 29th conference of the Association of Vice Chancellors of Nigeria Universities.

Also speaking at the convocation ceremony where 334 graduated with 47 of them obtaining First Class degree, Obe and the Pro-Chan-

cellor of ABUAD, Prof Iyorwuese Hagher, asked the Federal Government to amend the Tertiary Education Trust Fund (TETFUND) law to allow private universities to access research funds.

Obe, who delivered the convocation lecture, noted that private universities were contributing well to development of human capacity and wondered why the law had not been amended to allow lecturers of private universities to access the funds.

2015: APC ‘ll disqualify aspirants promoting violence, says Amosun Kunle Olayeni Abeokuta

G

overnor Ibikunle Amosun of Ogun State yesterday read the riot act to aspirants within the All Progressives Congress (APC), saying anyone promoting violence among them would be disqualified by the party’s national leadership.

Amosun spoke in Ifo Local Government during the continuation of his assessment tour of local governments across the state.

Reacting to the vio-

lence that marred his visit to Ilaro, Yewa South Local Government Area on Monday, the governor noted that the era of violence and thuggery was gone in the state.

He threatened that any aspiring member of APC that indulged in violent activities would not be allowed to contest in the party.

Amosun explained that Monday’s violence, which reportedly left one person dead and several others injured happened outside the venue of his visit to the local government.

News 49

NEW TELEGRAPH wednesday, OCTOBER 22, 2014

Don’t run for presidency, Gumi tells Buhari Temitope Ogunbanke

A

head of 2015 presidential election, popular Kadunabased Islamic cleric, Dr. Ahmad Gumi, son of late famous Sheik Abubakar Gumi, has advised former Head of State and presidential aspirant on the platform of All Progressives Congress (APC), Gen. Muhammadu Buhari, to shelve his decision to contest the election, urging him to

rather give his support to a younger candidate.

Gumi, in an open letter to Buhari, published by an online news service, Premium Times, advised Buhari not to contest because age is not on his side, adding that politicians were only using him to get to power because of his popularity among the masses.

The cleric who admitted writing and posting a copy of the letter on his facebook page, noted that the advice is his contribu-

tion to peace building in the country, stressing that religious card will play a pivotal role in the 2015 election.

The letter read in part: “If Sardauna today is alive in your situation he will never contest for the presidential seat because of his deep understanding of what the nation needs. He will step down for a more acceptable younger person. It’s on record that Sardauna even at the age of under 60 said he was not going to

contest again preparing his only house in Rabah for retirement.

“Nigeria now needs peace and stability first.

Then we talk of good governance later even though it’s the source of the predicament we are facing.

The present government has already charged the situation and played the religious divide to it’s advantage. It’s in circulation now, a SW pastor calling on Christians and the church to vote Jonathan as their only Savior.

This religious card will be used to cover for his deficiency in governance.

“Your Excellency, you should understand too, that many if not most of your supporters are also looking up to you to protect them from the onslaught on their religion and region. This also the Christian will never believe the otherwise.

Therefore the stage is set for religious confrontation which is the least the nation needs. What we need as a priority is peace and stability.”

Advising Buhari on the need to support a younger candidate, the Islamic cleric pointed that: “From my view if APC can support as an example Amaechi or Okorocha/ Kwankwaso or El-Rufai

or Tambuwwal ticket and the PDC will have Ukpabio/Muazu or Ribadu or Shekaru, the next four years will. - insha Allah witness stability both in the north and south. And the electoral body will get the necessary infrastructure that subsequently the next election will be free and fair and the true reflection of Nigerians.

“If you may ask, why can’t this same peace be achieved with you and another Christian running mate?

“On the other hand if Jonathan comes back.

BH will be real not the political one we see. The turmoil will engulf the whole country not only the north. That is why I also call on PDP to present some other candidates.”

PUBLIC NOTICE FOUNDATION FOR THE PROMOTION OF INTEGRITY AND EXCELLENCE The general public is hereby notified that the above mentioned FOUNDATION 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 Trustees are: 1. Rev.(Mrs) Favour Nwakaego D 2. David Oluwasegun Stephen 3. Olufemi T. Akintola 4. Bishop Charles Olu Odus AIMS AND OBJECTIVES: To promote integrity and excellence among Nigerians.

L-R: President, Cooperatives Federation of Nigeria (CFN), Mr. Jibrin Bala; Niger State Commissioner for Investment, Hon Hassan Abdullahi and Governor Mu’azu Babangida Aliyu, during the 4th Congress and National Workshop of CFN in Minna…yesterday

APC bewails sale of Benue shares in Dangote Cement Cephas Iorhemen Makurdi

T

he Benue State chapter of All Progressives Congress (APC), yesterday blamed Governor Gabriel Suswam of Benue State over his alleged sale of Benue State Government owned shares in Dangote Cement Group calling for immediate reversal of the transaction through the divestment of the state interest from the Cement company.

The party in a press statement by its Publicity Secretary, Mr. Ayem

Atsem, equally called on the Benue State House of Assembly to reconvene immediately with view to institute an immediate probe into the purported sale of the shares.

The party accused Suswam of taking a unilateral decision without recourse to the House of Assembly expressing, grave concern over what it called, “The timing, the circumstances under which the shares are being sold were obvious breach of procedural we request that steps be taken to make this illegal transaction null and void.”

Mass resignation rocks Jang’s cabinet Musa Pam

JOS

A

gale of resignations was said to have rocked the cabinet of the governor of Pleateau State Jonah Jang yesterday as the Commissioner of Justice and Attorney General, Barrister Edward Pwajok, led several others appointees serving in the State Executive Council to resign in a move to quit for various political offices in the state New Telegraph reliably gathered that

Pwajok, had sought and got the blessing of Governor Jang being a key member of the governor’s group, Redemption team, which spearheaded the struggle leading to the emergence of the governor and has since been a commissioner in Jang’s cabinet since 2007 Investigation also revealed that resignation letters were presented to the Chief of Staff, at the Government House for onward delivery to the governor since on Monday afternoon in Jos

Suswam: Gemade’s my elder brother Cephas Iorhemen Makurdi

G

overnor Gabriel Suswam of Benue State has pledged to give his backing to his rival in the Benue North East Senatorial race, Senator Barnabas Gemade, if he (Gemade), emerged the winner of the party’s Senatorial primaries.

Suswam gave the promise as he disclosed that he

was sure of victory over the formal PDP’s National Chairman stressing that Senator Gemade, should equally be dignified in defeat to congratulate him after the election, since winning in any electoral contest is not a ‘do or die affair’.

Governor Suswam who disclosed this while fielding questions from Journalists yesterday at government house further boasted that, he may

decide to take a trip overseas to avoid excuses of his interference with the electoral process, as he is sure that he would carry the day in the contest.

“Within the party I belonged to, I am contesting with my senior brother Gemade and we are not fighting, we are not insulting ourselves, we are engaged in a very different campaigns and we will go to the field. If he wins, I will support him and if I win, I

expect that he should support me”, said Suswam.

The governor who said he is not intimidated by Gemade’s wide connections in Aso Rock stated that, all aspirants vying for positions in the state but banking on support from Abuja should better think twice because according to him, President Goodluck Jonathan, whom he described as a true democrat, will not delve into local politics to decide who should emerge winner.

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

Signed: Barr. Ademola Adenaike 08023865797, 08033407197

PUBLIC NOTICE BUILDING MATERIALS DEALERS ASSOCIATION OF OTA The general public is hereby notified that the above ASSOCIATION has applied to the Corporate Affairs Commission for registration under the Companies and Allied Matters Act No. 1 of 1990.

The Trustees are: 1. Ezeh, Emeka Agbo 2. Ezenwosu, Ignatius Odilionyemma 3. Obi, Emeka AIMS AND OBJECTIVES: 1. To cater for members welfare and legitimate business interests 2. To promote unity, peace and progress of members 3. To promote social, cultural and charitable activities.

4. To promote fair trade practices amongst members.

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

Signed: CHAIRMAN

PUBLIC NOTICE Dr. Donatus Agbarakwe Chimah Educational Foundation The general public is hereby notified that the above foundation has applied to the Corporate Affairs Commission for registration under the Companies and Allied Matters Act No. of 1990.

The Trustees are: 1. Mr. Paul Okechukwu Chimah 2. Lolo Madeleine Julian Chimah 3. Barr. Chidi Benedict Chimah 4. Mr. Emeka Francis Chimah 5. Mr. Ugochukwu Donatus Chimah 6. Mr. Peter Onyeka Chimah 7. Mr. Chuka Theopil Chimah 8. Mrs. Ifeoma Maria-Coleta ChimahDike 9. Mrs. Clara Chinyere Chimah-Iheanacho 10. Dr. Chioma Theresa Chimah

AIMS AND OBJECTIVES: Awarding of scholarships to deserving students, sponsoring of educational programmes, research and quiz competitions.

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

Signed: Barr. Chidi Benedict Chimah, Secretary

50

News

WORLD | News

2015: Ndoma-Egba wants over 70 per cent lawmakers re-elected Onyekachi Eze ABUJA

S

enate leader, Victor Ndoma-Egba, yesterday said the nation’s democracy can only be strengthened if not less than 70 per cent of the legislators are re-elected in 2015.

Ndoma-Egba, who is seeking to return to the National Assembly next year, said stability in the legislature would best be ensured if more experienced lawmakers were re-elected. He noted that the parliament which ought to be the pillar of Nigeria’s democracy

was yet to achieve optimal performance, due to lack of very experienced members as opposed to what could be obtained in more advanced democratic nations.

“I am re-contesting next year because it will be in the interest of the polity for us to continue with the stability and fortunately, I have been part of the leadership that have provided this stability.

“We want to build capacity in this institution.

We want to maximize institutional memory. In any case, and in all humility, we have been doing well. ”From 1999 till

date, we have only two senators who had survived. They are Senators David Mark and Bello Gwarzo. Secondly, Nigeria lost 107 senators and we did not notice. All the institutional memory of the 107 senators lost,had been eroded.

When memory is eroded, capacity is equally eroded.” “In the United States, if about four or seven senators lose their position during an election year, it is an upheaval but here in Nigeria, there is no election year that we have up to 30 senators, who would return to their position.

Why I want to govern Kaduna State, by Ashiru Ibraheem Musa Kaduna

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he people of Kaduna State have suffered from the misrule of the Peoples Democratic Party(PDP) in the last seven years.

That is the view of Hon Isa Mohammed Ashiru, a gubernatorial aspirant on the platform of the All Progressives Congress(APC). He said a lasting solution must be found because the economy is bleeding

profusely.

The aspirant, who made this known in the letter of intent that he submitted to Kaduna State chairman, also said that he had come to pick his nomination form ‘’for the great journey to a new Kaduna State.’’

Ashiru further said that his decision to contest the governorship “was borne out of the desire to make my contribution in rebuilding the broken walls of our dear state.’’ According

to him, friends, elders of the state, stakeholders of APC and members of the general public “are convinced of my capacity and ability to lead the state out of the woods.’’

“Thus in obedience to their clarion calls, and personal conviction, that Kaduna State can better be governed, I have decided to offer myself to the service of the good people of Kaduna State on the platform of APC in 2015 general elections,’’ he added.

WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

Oscar Pistorius begins five-year prison sentence

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scar Pistorius was taken away in a police van with barred windows yesterday to start serving a five-year prison sentence for killing girlfriend Reeva Steenkamp.

Delivering her sentence, Judge Thokozile Masipa cited the “gross negligence” the doubleamputee Olympic runner showed when he shot Steenkamp multiple times through a toilet cubicle door in his home.

Pistorius, who cried and retched during his murder trial, was unemotional as he stood to hear his sentence. His prison term begins immediately and he was

led by police down a flight of stairs to holding cells before leaving the courthouse in the armored vehicle.

The world-famous runner later arrived at the nearby Kgosi Mampuru II prison in the South African capital, a facility that has had problems with violence and overcrowding and where during the years of apartheid, death row inmates were executed before capital punishment was outlawed with the advent of democracy.

Despite the prison’s reported problems, authorities have said Pistorius would be held away from the general prison population because of his disability and high pro-

file possibly in a hospital wing or a high-security section.

Pistorius could be released after 10 months to serve the remainder under house arrest, according to legal experts. Masipa last month convicted Pistorius of culpable homicide, or negligent killing, but acquitted him of murder after he testified he mistook Steenkamp for a nighttime intruder.

Steenkamp’s parents were in court to hear the sentence and the dead model’s mother, June, said justice had been done. A close friend of Steenkamp, Gina Myers, said: “I really don’t think any of us will heal anytime soon ... there will always be questions.”

Reps seek better welfare for traffic wardens Philip Nyam Abuja

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he House of Representatives yesterday passed for second reading a bill that seeks to improve working condition of traffic wardens in Nigeria.

Leading debate on the bill, the sponsor, Hon. Victor Ogene (APGA, Anambra) decried the current working condition of traffic wardens in the country, saying they deserve better pay and recognition.

He recalled that Decree No 21 of 1975, which recognised traffic wardens in the country, was full of deficiencies as it

limited their promotion to Four-Grade ranking.

According to him, the “discriminatory practices were reportedly compounded by the year 2000 Court of Appeal, Kaduna division verdict, which reportedly declared the Traffic Warden’s Service a ‘separate body from the Nigeria Police Force.’

Ogene noted that “members of the Traffic Warden’s Service of the Nigeria Police Force, with present numerical strength of about 8,500, are discriminated against, especially in the areas of ranking and allotment of portfolios,” adding that “it is only the traffic warden sec-

tion that does not have any head.”

The lawmaker lamented that “a Deputy Superintendent of Traffic (DST) is said to be inferior and answerable to a Police Assistant Superintendent or Inspector,” adding that “a Senior Traffic Officer, equivalent of Police Inspector, is inferior and answerable to a Police Sergeant or Corporal.”

He said the discrimination against traffic wardens seemed to have received official backing, urging his colleagues to reverse the trend in view of the enormous roles played by traffic wardens nationwide.

‘Include referendum in Constitution’ Philip Nyam Abuja

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member of the House of Representatives and African representative to the Forum of Young Parliamentarians of the Inter-Parliamentary Union (IPU), Hon. Raphael Igbokwe (PDP), has expressed support

for the inclusion of referendum into the Nigerian Constitution (as amended).

Igbokwe, who disclosed this in an interview yesterday, also urged the leadership of the National Assembly to ensure an unbiased consideration of the report of the just concluded National Conference, which was transmitted by the Presidency.

The lawmaker, who is also the sponsor of the bill seeking to amend Section 9 of the Constitution on the making “provisions for referendum in the alteration or enactment of a new constitution, disclosed that “what the parliament can do is to alter the constitution but cannot make the new Constitution.”

Olympics and Paralympics track runner, Oscar Pistorius, (middle) leaves the North Gauteng High Court in Pretoria.

Total CEO die in runway crash; plow driver drunk

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hristophe de Margerie, the charismatic CEO of Total SA who dedicated his career to the multinational oil company, was killed at a Moscow airport when his private jet collided with a snowplow whose driver was drunk, Russian investigators said yesterday.

Three French crew members also died when the French-made Dassault Falcon 50 burst into flames after it hit the snowplow during takeoff from Vnukovo airport at 11:57 p.m. Monday local time.

Tatyana Morozova, an official with the Investigative Committee, Russia’s main investigative agency, said investigators are questioning the snowplow driver, who was not hurt, as well as air traffic controllers and witnesses.

“At the current time, it has been established that the driver of the snowplow was in a state of alcoholic intoxication,” Morozova said.

NTV television showed the charred plane lying on a grassy field. Though it had snowed earlier Monday in Moscow, it was unclear how much snow

remained at the airport at the time of the crash.

Vnukovo is the airport used by Russian government officials, including President Vladimir Putin, and visiting foreign leaders. It also handles commercial flights from a separate terminal.

De Margerie, 63, was a regular fixture at international economic gatherings and one of the French business community’s most outspoken and recognizable figures. His trademark silver handlebar earned him the nickname “Big Mustache.”

Man, woman stoned to death for adultery in Syria

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man and a woman have been stoned to death for adultery in separate executions in jihadist-controlled areas of Syria, a monitoring group reported yesterday.

The man was executed in Idlib province in an area controlled by Islamist groups including the Nusra Front, al Qaeda’s official affiliate

in Syria, said the Syrian Observatory for Human Rights, which tracks violence on all sides of Syria’s civil war.

It is the first documented case of a man being stoned to death for adultery since Syria descended into civil war in 2011 and hardline Islamic groups emerged as powerful players in areas that slipped

from government control, the Observatory said.

The woman was executed in Hama province in an area controlled by Islamic State, an al Qaeda offshoot that has seized swathes of Syria and Iraq and is being targeted by U.S.-led air strikes, the Observatory said. A video posted online appeared to show her execution.

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NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

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Sports News

International Football

Falcons seek revenge against South Africa

We produced our best display at West Brom –Van Gaal

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Sport

Did you know?

That Shaibu Amodu replaced Dutchman Jo Bonfrere in 2001 when the Super Eagles were struggling to qualify for the 2002 World Cup

Oscar Pistorius: South Africans berate five-year sentence

Charles Ogundiya

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ome citizens of South Africa have taken to the social media and various talk radio shows to vent their anger on the sentence of Oscar Pistorius

by Judge Tokozile Masipa.

Athlete Oscar Pistorius was sentenced to five years jail term

on Tuesday for killing his girlfriend Reeva Steenkamp.

Judge Masipa also gave Pistorius a three-year suspended sentence for a firearms charge.

While sentencing the Blade Runner, the judge emphasised the need for justice and not vengeance, the need to be compassionate and merciful with a nod and a wink to human frailties.

Chukwu

Condemning the sentence as a wrong message, a strident spokesperson for , the African National Congress’s Women’s League, Jacqui Mofokeng, was adamant that the Women’s League disagreed and was “outraged and disappointed by the sentence” and regarded the verdict as a “miscarriage” of justice.

Keshi

Ajibade Olusesan

The Sport Team

Adekunle Salami l Deputy Editor, Sports Emmanuel Tobi l Assistant Editor, Sports

Ifeanyi Ibeh l Sports Correspondent

Ajibade Olusesan l Sports Correspondent

Charles Ogundiya l Sports Correspondent © Daily Telegraph Publishing Company Limited

Chukwu okays foreign coach if...

F

ormer national team coach, Christain Chukwu, has said that there is no problem with the decision of the Nigeria Football Federation to hire a foreign coach for the Super Eagles as long as the expatriate will be a top class tactician.

NFF removed Stephen Keshi as the Eagles coach on Wednesday and appointed a consortium of coaches headed by Amodu Shaibu to tinker the team on the interim basis before the appointment of a foreign technical adviser.

Opinions are divided over

“We are requesting the National Prosecuting Authority to look at an appeal. We are not even happy at the verdict … We never thought the judgment would go this way,” she said.

“We are saddened because women are being killed in this country, How many women have been killed in six years? 2488 women.”

Pistorius

most times we hire coaches who would not impact positively on our football

the move by the federation and Chukwu said there should not be objections to the decision of the NFF as long as they can guarantee that the foreign coach would be a world-class tactician.

He said there were good coaches in the country who can do a tremendous job in the national team but if NFF must hire a foreigner, then he must be someone far better than the indigenous coaches.

“Personally I don’t have any problem with a foreign coach coming to manage the Eagles.

We have had coaches coming and going and this will not be the first or last time decision like this will be taken by NFF. I was a foreign coach before in

another country, so why should I say NFF should not hire one.

“But the problem we have had in the past is that, most times we hire coaches who would not impact positively on our football. Most of them are not better than the coaches that we have at home. We can’t learn anything from them and they will collect so much as salary.

But if the new board can promise us that we are going to get a coach that will bring something positive to our national team, let it be,” he said.

The Eagles are billed to clash with Congo away on November 15 and will also take on South Africa on November 19 in Uyo, Akwa Ibom State.

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WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

SPORT | INTERNATIONAL FOOTBALL

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

We produced our best display at West Brom –Van Gaal M anchester United produced their best performance of the season in a 2-2 draw against West Brom at The Hawthorns, according to manager Louis van Gaal.

The Red Devils twice came from behind, with Marouane Fellaini and Daley Blind, late on, cancelling out Stephane Sessegnon and Saido Berahino strikes.

“I’m disappointed because we played our best match of the season and the result is not good enough,” said Van Gaal, 63. “We could have won but that does not count in our world.”

While the Red Devils had 63 per cent of possession and registered 22 shots, with seven on target, they looked vulnerable at the back as the Baggies exposed their inexperienced backline on numerous occasions, scoring with both of their shots on target.

Despite that, Van Gaal remained positive about his side’s display.

“I have to be happy because we created lots of chances and West Brom only had two chances,” he said. “We gave it away, which is a pity because we could have had a new start if we had won.

“There were individual errors and they were forced because West Brom were playing more narrow in midfield and we had to push up.”

The Dutchman insisted his team would not sacrifice any of its attacking flair in order to prevent similar defensive mistakes.

“I don’t think that is the solution,” he said. “Football is made to play attractively for the fans.

And I think today the fans have enjoyed, not only the Manchester United fans but also the West Bromwich Albion fans, because it was a great game. I am happy about our style of play but not happy about the result.”

anchester City boss Manuel Pellegrini has reportedly ordered the club to sign Arsenal’s Mesut Ozil in January – as the club plan for life without Yaya Toure.

City have been linked with a £32million move for Ozil in the last few days, with the Gunners believed to be ready to cash in on the German.

And now reports say City boss Pellegrini has personally asked the club to sign Ozil in the new year, with Ivory Coast star Toure looking likely to leave.

PSG and Monaco have both been

Fellaini (left)

Ancelotti eager to hear Liverpool fans sing

City to replace Yaya with Ozil

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linked with huge moves for unsettled Toure – and City want to get Ozil in to replace his attacking influence.

Ozil

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eal Madrid boss Carlo Ancelotti says he will walk out onto the Anfield turf early to listen to Liverpool fans sing ‘You’ll Never Walk Alone’, ahead of their Champions League clash on Wednesday evening.

The Italian was the man in charge of AC Milan when they faced the Reds in two Champions League finals, including the historic win in Istanbul in 2005. And the former Chelsea boss admit-

ted ahead of the game that he admired Liverpool as a club and their passionate supporters.

“I’ve followed Liverpool since 1984 after facing them with Roma in the European Cup Final, when we lost on penalties,” Ancelotti said.

“It’s always been a club that excites me. The ‘You’ll Never Walk Alone’ they sing is incredible. Nobody sings an anthem like Liverpool fans. “(On Wednesday), before the game, I’m going

to go out onto the pitch early because I want to hear them sing it.

“I’m so excited… sometimes I look for it on the internet and put it on for my friends. It’s something really unique, seriously.”

He added: “I remember when we played them in Istanbul [in the Champions League Final] and we were winning 3-0 at the break.”

“There were 45,000 Liverpool fans in the ground singing ‘You’ll Never Walk Alone’ for 10 minutes.

Carragher urges Liverpool to drop ‘passenger’ Balotelli I urged Moyes to retain my assistant – Ferguson

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iverpool must drop Mario Balotelli because they cannot afford any “passengers” when they host Real Madrid in the Champions League on Wednesday, says former Anfield defender Jamie Carragher.

Italy striker Balotelli has scored only once in nine appearances since signing from AC Milan for £16 million and has often cut a frustrated figure during a series of low-key displays.

His abject performance in a 3-2 win at the Premier League’s bottom club Queens Park Rangers on

Balotelli

Sunday proved to Carragher that he should not play when Liverpool face the European champions in Group B. “He doesn’t run around enough,” Carragher, who

made over 700 appearances in all competitions for Liverpool, told Sky Sports television. “Against Real Madrid you’ve got to get that crowd going. You need to get back to the Liverpool of last year and that pressing. There’s got to be an energy about Liverpool that we haven’t seen; we’ve seen it once this season at Spurs.

“It’s going on too long now and we can’t keep waiting. It’s a huge game and Liverpool have to get something from it. They can’t have any passengers against Real Madrid.”

Suarez not ‘sweet’ like other Barca stars – Pique

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erard Pique has claimed Luis Suarez offers the “opposite” to Barcelona’s trademark style.

Uruguayan striker Suarez is eligible to make his belated Barcelona debut this weekend in El Clasico against Real Madrid following the expiration of his ban for biting Italy’s Giorgio Chiellini at the World Cup. Suarez was signed from

Liverpool amid the chaos of his latest bite but ahead of his first outing for his new club, Barca stalwart Pique is excited about what he can offer.

“Suarez is a really different player to what we have right now,” Pique told Revista. “His style is with all the rebounds.

“He plays differently, for example, to Andres Iniesta or Xavi – they are sweet with the ball and Suarez is the opposite. But

we need that.

“From nothing he can score a goal. From two rebounds in the box the ball is always at his feet so he can score. He is a really good signing as he can pressure the defenders a lot which will help us.

“I think he is ready to play in the Clasico. A couple of days ago he scored twice against Oman and he is fit. When he arrived, he needed a bit of training. But right now he is fit to play.

ir Alex Ferguson has revealed he tried to talk David Moyes into retaining Mike Phelan as Manchester United’s assistant manager when he took over at Old Trafford last year.

Moyes brought in his own backroom staff when he took over, with Phelan and first-team

coach Rene Meulensteen among those leaving the club after Ferguson’s 27-year reign came to an end.

Moyes time at Old Trafford lasted less than a year with many critics citing a lack of succession planning from Ferguson as the main reason for his successor’s failures.

But Ferguson insists that everything was in place for Moyes to succeed.

In the updated version of his autobiography, Ferguson says: “Maybe David felt that at such a massive club he had to be sure that all corners were covered in terms of his support system.

“I felt that network was already there, with plenty of great people already in important slots.”

eal Madrid have confirmed they be without Gareth Bale and Sergio Ramos for their Champions League trip to Liverpool on Wednesday.

Both players, who scored in last season’s 4-1 victory over Atletico Madrid in the Champions League final, have been left out of Carlo Ancelotti’s squad due to injury.

Bale is also a major doubt for Saturday’s first El Clasico of the season against Barcelona due to an abdominal muscle injury.

Ramos has missed the last three games for club and country due to a calf problem, but his absence is more precautionary ahead of the weekend’s clash at the Bernabeu.

Moyes

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Bale, Ramos to miss Liverpool clash R

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WEDNESDAY, OCTOBER 22, 2014 NEW TELEGRAPH

2014 African Women Championship

Falcons seek revenge against S’Africa Danagogo, Pinnick lKick off time: 4pm

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t will be revenge mission on the part of the Super Falcons of Nigeria when they battle with Bayana Bayana of South Africa in the first semifinal of the 9th African Women’s Championship on Wednesday.

The match in Windhoek is a repeat of the last edition’s epic game in Malabo, where Bayana claimed a final ticket in the tournament with a

1-0 victory courtesy of Janine Van Wyk’s stunner.

However, the weight of expectation from Super Falcons fans all over the world is high, and head coach of the team Edwin Okon knows the meeting with South Africa is not just in the form of a revenge mission, but also a 2015 Canada FIFA World Cup ticket is at stake.

“We have watched the South Africans play and

are ready to face them in the semifinals. We were never worried about who we will face in the semis because my girls are focused and ready. They know the task at hand so we will approach the game with all sense of business,” said Falcons coach, Edwin Okon.

Skipper of the side, Evelyn Nwabuoku, added that: “Our girls are aware of what happened last when we met and we will never allow that to

happen this time. We are focused and will go all out for victory.”

Meanwhile, South Africa Gaffer, Vera Pauw, said that the Super Falcons would be a tough nut to crack but expressed the hope of stopping the rampaging Nigerian girls.

“Our next challenge against Nigeria is going to be very tough, we have not faced a team as strong as them before, but I am confident that we will do well,” Pauw enthused.

charge players

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s the Super Falcons battle South Africa’s Banyana Banyana in the semifinal of the African Women Championship in Namibia Wednesday, Sports Minister and Chairman National Sports Commission, Dr. Tammy Danagogo, has urged them never to lower their guard until the World Cup ticket and

Past AWC Meetings 2000: Nigeria 2-0 South Africa 2002: South Africa 0-5 Nigeria 2006: Nigeria 2-0 South Africa 2008: Nigeria 1-0 South Africa 2010: South Africa 1-2 Nigeria 2012: Nigeria 0-1 South Africa

Glo backs Super Falcons for victory igerian female na- advised the team not N tional team, Super to rest on its oars as it Falcons, have been urged to work towards reclaiming the African Women Championship trophy as the competition enters the semi-final stage in Namibia on Wednesday.

National telecoms operator, Globacom, in a press statement in Lagos on Tuesday, commended the team for its outstanding performances by defeating all its group opponents (Cote d’Ivoire, Zambia and host Namibia), thus amassing nine maximum points and qualifying for the semifinals in the process.

Globacom therefore

prepares to face the Banyana Banyana of South Africa on Wednesday, adding that the players should concentrate and play with determination to qualify for the finals.

The Super Falcons have won six of the eight African Women Championship tournaments since its inception in 1998. Equatorial Guinea won the 2008 edition while the Falcons surprisingly bowed out in 2012, losing to Banyana Banyana in the semi-finals of the 2012 edition.

Equitorial Guinea also won the last edition.

Nigeria v S/Africa: CAF inspects Akwa Ibom Stadium next week he Confederation tween the Eagles and of African Football the Bafana Bafana on T (CAF) has agreed to send its officials to inspect the brand –new Akwa Ibom International Stadium, Uyo, which is being put forward by Nigeria as venue for next month’s 2015 Africa Cup of Nations qualifier between the Super Eagles and Bafana Bafana of South Africa.

On Tuesday, CAF agreed to send an official to check out the venue next week, as the NFF pushes ahead with all arrangements to have a hitch –free match be-

Super Falcons players taking instructions from Coach Edwin Okon

trophy are in their kitty.

“The Falcons have shown that they are truly African Champions and are ready to reclaim their title. I urge them to continue winning their matches until the World Cup ticket and the trophy is won”, Danagogo said.

He reiterated President Goodluck Jonathan’s promise to continue to reward deserving Nigerian athletes, stressing, “I am ready to take them to Mr. President to reward them for bringing honour to the country.”

Similarly, NFF President Amaju Pinnick has charged the Super Falcons, to play with all their heart when confronting the Banyana Banyana of South on Wednesday.

“Against South Africa, we have to be close to perfection. The rivalry between our two countries will make the match more competitive.

So, we have to be at our very best. Our girls must play with their hearts.

“I have told the girls that they have to overcome the South Africans to qualify for the final, because I want to travel to Namibia to watch them play the final on Saturday,” Pinnick added.

Southern Sun Golf tourney holds November 15 Emmanuel Tobi

T

he Southern Sun Ikoyi hotel has announced that the 4th edition of the annual golf tournament will hold at the Ikoyi Club 1938 on Saturday 15th November 2014.

Revealing to the media on Tuesday, the hotel’s deputy manager, Cliff Shiridzinody

expressed great delight at the hotel’s continued commitment in organising yet another keenly anticipated golf tournament.

“We had about 80 players when we started in 2011 but this year’s edition will feature about 18 golfers and this steady increase is as a result of our positive relationship with corporate organisa-

tions who have thrown their weight behind the annual tournament,” Shiridzinody added.

Ball Captain of the Ikoyi Club 1938, Ted Iwere, commended the efforts of the hotel in partnering with the club in promoting golfing as well as developing youth friendly activities within the community at large.

Stoke Chairman backs Moses NFF hosts sponsors in Lagos Oct 24 T over diving row

Wednesday, November 19.

The 30,000-capacity, all –covered facility with a bullet –proof State Box for 70 persons, is one of Balotelli Coates the most magnificent toke City Chairman, sporting infrastructure Peter Coates has oron the African continent. dered official complaints It will be officially comto both the FA and the missioned on Thursday, BBC after Nigeria interNovember 6. national, Victor Moses The cracker between was accused to having the Eagles and the Bafana cheated to win a penalty will be explosive, as it is during Sunday’s clash most likely to determine with Swansea.

Nigeria’s qualification The Super Eagles forfor the 2015 Africa Cup ward was allegedly acof Nations finals. cused of diving to help his

S

team get a penalty in their 2-1 win over Swansea City.

Coates said the Potters have been in touch with FA to ask what is happening to Garry Monk as regards his statement. He also confirmed that Stoke have written to the BBC due to John Hartson comment.

“We’ve been in touch with the FA,” said Coates, “to ask what is happening with Garry Monk because of what he said.

“We’ve also written to the BBC because I thought Hartson was a disgrace with what he said about Victor Moses.

He’s a big fan of Swansea and their manager... and it showed.

he new Executive Committee of Nigeria Football Federation takes it bonding with partners and potential partners to a new height on Friday when it hosts the crèmede-la-crème of Corporate Nigeria to a grand ball at the Eko Hotel & Suites, Victoria Island, Lagos.

The event will start at 5pm.

NFF President, Amaju Pinnick, said on Tuesday: “It is a special event, at which we want to sell our new direction to the top-of-the-range family of Corporate Nigeria. We are also going to sell transparency, accountability and probity and tell them that we have come with a totally different way of doing things.

“When corporate or-

ganisations know that their money will be put to judicious use, they are keen to partner with you.”

Sports Minister, Dr. Tammy Danagogo, Chairman of the Senate Committee on Sports, Senator Adamu Gumba and the Chairman of House Committee on Sports, Hon. Godfrey Gaiya will team up with the NFF to make their case to the prospective investors.

Already, a big buzz is rocking Corporate Nigeria with a number of top figures confirmed for the big show. Oba Otudeko, Chairman of Honeywell Group and one –time Chairman of Association of Shareholders of Nigeria, is among the big names expected.

NEW TELEGRAPH WEDNESDAY, OCTOBER 22, 2014

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Sanctity of Truth

On Marble

You will face your greatest opposition when you are closest to your biggest miracle.

– Shannon L. Alder

World Record

Elizabeth Blackwell became the first woman in America to earn the M.D. degree in 1849 when she graduated from New York’s Geneva Medical College.

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

WEDNESDAY, OCTOBER 22, 2014

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Audu Ogbe and the public dance in nakedness GUEST COLUMNIST Ijele Agha-Ibeka

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ur people have a saying to this effect: ”The arrow with which a child shoots down a vulture is fashioned for him by an elder.” Audu Ogbe disclosed a poorly-kept secret during the recent campaign rally organized by the All Progressive Congress (APC) in Abuja.

He announced that the #Bring Back Our Girls campaigners were card-carrying members of the APC. Mr. Ogbe probably believed that his “revelation” would earn him and his opposition party the people’s accolades and laudatory songs. Instead, what they got was a package of opprobrium and censorious commentary. This is because the #Bring back our girls campaign latched onto a noble idea simply as a pedestal from which to politicize the pain, anguish and distress caused by the Boko Haram kidnap of nearly 300 Chibok school girls.

Day in and day out, and month in and month out, this APC political band of “agitators” for the release of the unfortunate girls, railed against the Federal Government but had no condemnatory words for the terrorists that abducted the innocent girls in the first place. The government pleaded patience, explaining that to order the military to attack the hideout where the girls were held captive would be counterproductive. The APC campaigners bluntly refused. Rational observers wanted the so-called campaigners to ask questions of the Borno State Governor who, against counsel from WAEC and NECO officials, congregated the vulnerable girls at a location without any form of protection. They bluntly refused.

Although the fact was clear or ought to be clear to the APC placard carriers, government officials tried to explain things. Boko Haram, by its very nature and modus operandi, is abominable in both ideology and doctrine. It represents a reprehensible throwback from the dark ages. The attacks by these agents of darkness on the Nigerian State and its people, especially the most vulnerable means that only a united front by all Nigerians can achieve an enduring reversal of the wanton damage they are causing to the national psyche, in order that the healing process can commence. The partisan campaigners bluntly refused, choosing instead, to continue with their changeless rant against the government.

It is, therefore, most unfortunate that while the rest of the country bemoaned the atrocities of the Boko Haram insurgency, especially the abduction of the harmless school girls of the Chibok Government Secondary School, a political party ostensibly formed for the good of the people, chose to play the despicable role of fifth columnists. The abduction of the school girls elicited outrage and con-

Abducted Chibok girls

Ogbe

Ezekwesili

demnation from both local and international commentators and provided a decisive impetus for the government to escalate its fight against the

terrorists. While this was going on, the #Bring Back Our Girls campaigners led “auspiciously” by a former Minister of Education of the Federal Republic carried on with the strident calls for the government to release the abducted girls. People wonder how the motive of these campaigners could be altruistic when their approach was unblinkingly anti-government. Why did they not have a single damnatory word for the terrorists? Why did they not try, even on a single occasion, to appeal to the kidnappers to affect the release of the girls?

At some point the person and personality of Oby Ezekwesili was writ so large in the momentum of the campaign that its negative import tarred her in the unflattering hues of bigotry, joblessness and partisanship.

What, indeed, was the hoopla about?

To be sure, the people, especially the immediate families and friends of the abducted girls want them returned safe and sound. Collectively, they are aware of the fact that there are a number of ways this could be

Based on Ogbe’s statement, whatever the #BBOG campaigners may have achieved or will claim to have achieved will be tainted by its impetus of needless political rivalry

done. But it certainly did not include the endless and misdirected lambasting of the government. Now, time, that eternal factor that heals all wound and wounds all heels has revealed all. Time has proven in terms that are most unmistakable, that Mrs. Ezekwesili, as honourable as she vaunts, may have allowed herself to be manipulated as an unwitting agent of the APC. In what is akin to dancing naked in the public, the cat was let out of the bag when, during Muhammadu Buhari’s 2015 presidential bid declaration, Chief Ogbe, told the whole world that the #BBOG is led by his co-members of APC. Ogbe commended the campaigners for sustaining global attention on the missing Chibok girls, daring the Federal Government to arrest the campaigners and “all of us.”

Based on Ogbe’s statement, whatever the #BBOG campaigners may have achieved or will claim to have achieved will be tainted by its impetus of needless political rivalry which impacted negatively on Nigerians. The sanctimonious posturing of Mrs. Ezekwesili in this entire matter has turned out to be etched in deep doubts. The entire #BBOG campaign will, at best, qualify as stage act crafted and directed by the APC with the sole purpose of discrediting the government of President Goodluck Ebele Jonathan. What a pity!

If given the benefit of the doubt, Ezekwesili and her crowd of protesters may be excused on the grounds of not knowing that they are being manipulated. Yet, for all we care, the very cerebral Oby Ezekwesili and her co-travelers must not go without blame. They cannot really and truly claim ignorance of the saying that “dancing alongside lunatics has the capacity of earning for the sane candidacy in a psychiatric asylum.” Bad as it is for the Audu Ogbe group, we must take out time to appreciate the man, for volunteering the truth, albeit unwittingly, to the benefit of us all. Who says prayers do not work?

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