Binder1 june 16,2014 by Newtelegraphonline

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Monday, June 16, 2014 Vol. 1 No. 118

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China mulls cut in oil imports from Nigeria Adeola Yusuf hina, one of the biggest Ccrude importers of Nigeria’s oil is planning a ma-

jor cut in oil importation from Nigeria, it was learnt

at the weekend. Chinese President Xi Jinping ,said China, which imports about 900,000 barrels of oil from Nigeria daily, “needs a revolution in the way it produces and

consumes energy, as demand continues to rise and supply challenges mount.” He, however, said in remarks published by the official Xinhua news agency that the country needed to

surmount challenges in oil importation and supply. “Although our country’s energy development has achieved great successes, we are facing challenges, including huge

demand pressures, supply restraints, serious environmental losses caused by the production and consumption of energy and technological backwardness,” Xinhua quoted Xi

as saying. Xi told a meeting of Communist Party officials that China, already the world’s largest energyCONTINUED ON PAGE 2

Police foil bid to bomb Bishop Oyedepo’s church l Six suspected Boko Haram members arrested lOkorocha condemns failed attack

Steve Uzoechi OWERRI

ragedy was averted in Owerri, the Imo State capital, yesterday as the police foiled a plot to bomb a branch of the Living Faith Church (Winners’ Chapel). The police were tipped off by some members of the public who discovered some suspicious objects planted at the entrance of the church, founded by a popular preacher, Bishop David Oyedepo, and with headquarters in Ota, Ogun State. The church has a sitting capacity of about 10,000 and its premises also house a nursery and primary school. CONTINUED ON PAGE 2

2015: 500 politicians to watch R-L: Speaker, House of Representatives, Aminu Tambuwal; Vice-President Namadi Sambo; Sultan of Sokoto, Alhaji Sa’ad Abubakar; Shehu of Borno; Alhaji Umar Garba El-Kanemi and Etsu Nupe, Alhaji Yahaya Abubakar, at a fundraiser for International Islamic Centre in Abuja…yesterday. zPHOTO:TIMOTHY IKUOMENISAN

Ekiti: APC, PDP, LP in three horse race } 13-18 LAGOS

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Ex-army chief seeks sustained action against terror l15 killed in market attack l UNICEF laments effect of insurgency on girl-child education Onwuka Nzeshi, Yekeen Nurudeen, Abuja and Muhammad Bashir Lokoja

former Chief of Army AIbrahim, Staff, Lt.-Gen. Saliu has advocated sustained action to defeat Boko Haram, which has unleashed a reign of terror on the North.

Ibrahim, while fielding questions yesterday from reporters at the 40-day memorial for former Kwara State Governor in the Second Republic, Alhaji Adamu Attah, expressed concern about the activities of the terrorist group,

that has killed over 12, 000 people in the last five years. He spoke on a day the insurgents attacked a market in Daku, Askira Uba Local Government Area of Borno State, killing 15 persons.

According to the former army chief, there has never been a time in Nigeria’s history that the nation has experienced the spate of bombings, killings and abductions of innocent people that Boko Haram has carried out in

the country. He urged security agencies to sustain the antiterror war until peace returns to the country and those behind the insurgents are exposed and CONTINUED ON PAGE 4

JAMB to phase out manual examination method

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Monday, June 16, 2014

Oyedepo’s church: Police arrest six suspects CONTINUED FROM PAGE 1

There was panic in Owerri when news of the shock finding filtered out as people feared Boko Haram members, who have launched terror attacks on some parts of the North, had infiltrated the State. It was learnt that three locally-made bombs were planted at the church, located on Port Harcourt Road, Owerri on Saturday and were timed to explode during church service yesterday. The police, which defused one of the bombs immediately on discovery and evacuated the remaining two, have arrested six suspects in connection with the incident. When New Telegraph visited the church, officials were seen re-directing worshippers to the Heroes Square, located at the junction leading to the church. At the Heroes Square, several policemen were sighted around the gate while worshippers were frisked with metal detectors before they were allowed to go in. The police bomb squad, which was drafted to the scene, barricaded the church on both ends with trucks to prevent worshippers from gaining access

to the church. The Senior Pastor, Pastor Moses Oyedele, declined comments, saying he was indisposed. But in a telephone interview with New Telegraph, the Police Public Relations Officer, Andrew Enwerem, confirmed the incident, saying that the police were in control of the situation. The state Commissioner of Police, Mr. Abdulmajid Ali, also told reporters that six persons had been arrested and were being interrogated in connection with the matter. He added that the six suspects were found loitering around the area in the early hours of yesterday. He urged residents and churches to be more vigi-

lant as they go about their daily activities and to report any suspicious object or parcel to the nearest security agency. Sources fingered Boko Haram in the failed attack on the church, adding that the suspects said they were in Owerri to bomb five churches. However, there were conflicting accounts from the church members on what happened as while some said none of the bombs detonated, others said they heard an explosion near the church in the wee hours of yesterday. One of the church members who craved anonymity told New Telegraph that a member of staff of a hotel opposite the church told them that

he heard an explosion that shook buildings in the neighbourhood. Residents of Owerri however lamented the incident, saying that the carefree attitude in the state had encouraged suspected terrorists to infiltrate the state. A resident, Mr. Obodozie Anum, said: “This did not start today, so it is wrong to say Boko Haram is in town. Ak-47 wielding nomads have been terrorising Owerri West, Ohaji-Egbema and few other parts of the state; raping, killing and taking the laws into their hands while the government of the day watches on. Tell me what has been done by government about the killing in Irete or the rap-

ing and killing in farm lands at Ohaji Egbema?” Meanwhile, Governor Rochas Okorocha has condemned attempt to bomb the church. Okorocha, who addressed newsmen condemned the act, and commended the security agencies for their timely intervention. The governor urged the people of the state to be security conscious at all times and to report any strange objects or movement around them to the security agencies. Okorocha said that the explosives planted at the church premises could have killed many innocent people, if they had exploded.

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L-R: Company Secretary Total Nigeria Plc, Mrs. Olubunmi Popoola-Mordi; Chairman, Mr. Momar Nguer and Managing Director, Mr. Alexis Vovk, during the 36th annual general meeting of the company in Lagos…at the weekend. PHOTO: SULEIMAN HUSAINI

China mulls cut in oil imports from Nigeria CO NT INU E D FRO M PAGE 1

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

TODAY’S WEATHER FORECAST ABUJA

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consuming nation, needed to “restrain irrational energy consumption” and impose controls on overall energy use. China has already committed itself to controlling overall energy use and said in its 2011-2015 plan for the energy sector, it would strive to keep total consumption to within four billion tonnes of coal equivalent by 2015. However, the target was not mandatory and was still 23 per cent higher than 2010. The Chinese president also called for a revolution in supply that would involve the country diversifying into non-coal energy sources. Coal currently supplies around two-thirds of China’s total primary energy demand, with the country striving to reduce that figure to less than 65 per cent

by the end of this year. President Xi also said China needed to strengthen cooperation with big oil and gas producing regions such as the Middle East, central Asia, America and Africa in a bid to boost its oil and gas storage and distribution capacity. He also called for the acceleration of China’s nuclear reactor programme on the eastern coast. Should the review being considered by China lead to a reduction in the quantity of crude oil it imports from Nigeria, the country will be under pressure to find large-scale buyers for its Brent crude, the mainstay of the nation’s economy. China had become an important economic ally to Nigeria following a drop in the crude oil import by the United States as a result of the discovery of shale oil. The Group Managing Director of the Nigerian

National Petroleum Corporation (NNPC), Mr. Andrew Yakubu, had earlier said China had become the alternative market for Nigeria’s crude oil, following dwindling imports by the United States, which was the major buyer of the commodity from Nigeria. In recent years, China has demonstrated increasing appetite for Nigeria’s oil and gas resources. Chinese National Offshore Oil Corporation (CNOOC), one of China’s largest state-run oil and gas producers, had agreed to buy a 45 per cent stake in the Oil Mining Lease (OML) 130 field, which is owned by South Atlantic Petroleum. CNOOC has been scouting for overseas oil and gas assets to supply China’s growing domestic market, as the country’s appetite for oil and gas is said to be second only to that of the

United States. The NNPC had however stated that China was a very good market for any shortfall in the United States’ imports. The NNPC boss said: “The decision of the United States is not driven by the fact that they don’t want to buy our oil; they have other issues. The shale gas has been discovered and it is a major source of energy. But of course, the good news is that there are other parts of the world that are interested. As you know, major demand growth is going to come from China and the east. So, that is a very good replacement of whatever shortfall we have with the United States.” Nigeria’s crude oil export to the United States, which was over one million barrels per day (bpd) CONTINUED ON PAGE 5

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

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Monday, June 16, 2014

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Monday, June 16, 2014

Buhari, Atiku, Fashola attend Tinubu’s mother’s memorial Muritala Ayinla

rominent Nigerians yesterday stormed Tafawa Balewa Square, Lagos for the one-year fidau prayers for Alhaja Abibatu Mogaji, the mother of former Governor of Lagos State, Asiwaju Bola Ahmed Tinubu and former. The venue was filled to capacity as dignitaries comprising Muslim clerics, traders, politicians, captains of industry, traders and well-wishers prayed for the repose of her soul. Among the dignitaries were former Head of State, Major General Muhammadu Buhari; former Vice-President Atiku Abubakar, the former Interim national chairman of the All Progressives Congress (APC), Chief Bisi Akande; Governor Babatunde Fashola, Senator Gbenga Ashafa, Sir Molade Okoya Thomas. Others were members of the Lagos State Executive Council, the state

lawmakers as well as the chairmen of 57 local governments and Local Council Development Areas. At the ceremony, hundreds of market women and men wore a uniform attire branded with the late President General of Market Men and Women in Nigeria. Speaking at the event, Sheik Shakirudeen Mofeshaye, in his sermon, urged the political leaders to rededicate themselves to the service of humanity. Mofeshaye said: “I am asking you all to reflect. The past president here, past vice president, ministers, governors or whatever you may be; Allah is asking you to reflect. Has there not been a time when you were nothing? Has there not been a time when you were not known by anyone? Fifty-one years ago, where were you? You were nothing, you started from nothing. You are something today but remember you are still coming back to be nothing. “You the Asiwaju of

Lagos today, you Iya-Adini of Lagos today you started from being a drop of water, dropped in a woman’s womb and God turned it to something else. Allah gave you opportunity to exist for a period of time. The question is what will you achieve in those num-

Sabiu Mustapha

JALINGO

iolence again rocked Vyesterday Wukari in Taraba State as Jukuns and Hausa-Fulani, the major residents of the town, clashed. The ethno-religious crisis claimed several lives while many houses were torched. Police confirmed four people died in the process. New Te l e g r a p h learnt that the violence started on Saturday night when some Jukun youths allegedly

lice Public Relations Officer (PPRO), ASP Joseph Kwaji, confirmed the attack. Kwaji told our correspondent that at around 6a.m. on Sunday, some unknown persons went and set two houses ablaze at Sabon-Gari area of Wukari town. The police spokesman said the action caused the violence. The PPRO also confirmed that four people were reported to have been killed as a result of the violence. He said the situation is under control.

I will rise or fall with Shettima , says deputy Nurudeen Yakeen Abuja

eputy Governor of Borno State, Zannah DUmar Mustapha, has

reiterated his loyalty to Governor Kashim Shettima, saying he would rise or fall with the governor, and will never contemplate going against him. The deputy governor, who stated this while speaking with journalists in Abuja shortly after the convention of the All Progressives Congress (APC), described Shettima as “the best

principal any deputy governor can have in Nigeria.” “I have worked with His Excellency, Governor Kashim Shettima in the last three years and I can tell you that he is the best boss any deputy governor can have in Nigeria. I will rise or fall with him; I will stand by him through every step of the way, no matter what.” Speaking on the justconcluded APC congresses and convention, Mustapha urged members to see politics as a scheme

ties to benefit humanity despite the fact that they were not the best from where they emerged. Others Muslim clerics and scholars also urged politicians to prepare for death as it would come when least expected, urging them to live their lives

with the fear of God. Tinubu said: “I know I miss my mother dearly but I know that all of you who have come here today are there for us. All those who have come here today, I pray that your sons will also achieve greatness.”

L-R: Pioneer President, Nigeria Labour Congress (NLC), Mr. Hassan Sunmonu; Ekiti State Governor, Dr. Kayode Fayemi and NLC President, Abdulwaheed Omar, during a visit to the governor in Ado-Ekiti... at the weekend.

Four die, houses torched as fresh violence rocks Wukari attacked a kiosk belonging to a Hausa man who sells recharge cards and set the kiosk ablaze. This prompted some Hausa youths to launch a counter-attack. A resident, Sadiqqa Musa, told New Telegraph that scores of people have been killed in the violence and several houses were set ablaze at Marmara, Sabon-Gari and other parts of the town. “Right now, as I’m talking to you, our family house is on fire, I’m at a hiding place,” Saddiqa said. The Taraba State Po-

ber of years that you have sojourned on the surface of the earth?” He admonished the leader to try and emulate the departed Mogagi by touching many lives, especially the downtrodden in the society, saying God gave them the opportuni-

of give and take, even as they build their strategies. “It is God that gives power to anyone and it is also He that takes it or denies it to anyone. Sometimes, we don’t get what we want and sometimes we get it either as individuals or as groups; the important thing is for us to move forward, those who win at every point in time should accommodate those who lost, so that everyone is carried along,” he said.

UNICEF laments effect of insurgency on girl-child education CO N TI N U ED F RO M PAGE 1

prosecuted. Ibrahim however added that the security crisis in the North-East is not peculiar to Nigeria and people should set aside their differences to defeat the terrorists. “Unfortunately, they (Boko Haram) are not wearing uniform to identify them. The military will not take innocent lives because they are after Boko Haram. So, we have to appreciate what they are doing and lend them our support for them to succeed. Nigerians must also remain vigilant and soon we will get to know those that are responsible,” he stated. He urged the Federal Government and Nigerians to unite to fight terror. Similarly, the Ohinoyi of Ebiraland, Alhaji Ado Ibrahim, called on Nigerians not to relent in praying for peace to return to the country. He also prayed God to soften the hearts of the terrorists to embrace peace and release the over 200 abducted Chibok schoolgirls. The traditional ruler expressed hope that the schoolgirls will soon be released. “We also have to pray for the president; we just

have to pray for him. If you know your weakness and you accept it, it is human. He knew our weakness and invited others to assist. “We are all human and we feel very sad about this. We are indeed saddened. Our belief in God will pull us through,” he said. The All Progressives Congress (APC) also renewed its call for urgent action to ensure that the Chibok girls are rescued from Boko Haram captivity. The party in a statement yesterday by its National Publicity Secretary, Alhaji Lai Mohammed, urged the Federal Government to do everything possible to secure the release of the schoolgirls. ‘‘It is now over two months since these girls were separated from their families and no one knows under what conditions they are being held. As long as these girls are missing, something is missing in all of us. We therefore repeat our appeal to the Federal Government to leave no stone unturned in its efforts to bring back the girls safely. ‘‘We hereby reiterate our support and cooperation for all the efforts that could reunite these

girls with their families. We insist that only a nonpartisan and concerted effort by all and sundry will help to galvanise a national front against Boko Haram, which is daily killing and maiming our people and stunting the country’s growth,’’ it said. The party also said the massive support it received from Nigerians during and after its weekend national convention had strengthened its resolve to continue with its efforts to move the country forward. ‘‘We are encouraged and gratified by the goodwill messages from a cross-section of Nigerians, many of them from outside our party, especially on the openness and transparency of our convention. ‘‘This massive support from Nigerians has strengthened our resolve to continue with our efforts to move our country forward. Now, we are back to work and we will not look back until Nigeria has been rescued from the grip of a rapacious cabal intent on stifling the country’s progress,’’ the party said. APC also thanked its members and supporters for their demonstrated CONTINUED ON PAGE 5

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Monday, June 16, 2014

FG raises panel on aircraft operations, passengers’ movement Wole Shadare

he Nigerian Civil Aviation Authority (NCAA) has inaugurated the National Facilitation Committee, which is expected to serve as a vehicle for carrying out cross-border movement of aircraft, passengers and cargoes. This is pursuant to the recommendation of the International Civil Aviation Organisation (ICAO) stipulating that each contracting state shall establish a National Facilitation Committee. At the inauguration which was held yesterday at the NCAA’s Annex Conference Facility, Alhaji Adamu Abdullahi, the Director of Consumer Protection (DCP) who represented the Acting Director General, Benedict Adeyileka, said the committee was composed of the heads of government agencies and the chief executive officers of the national organisations representing the aircraft and airport operators. However, Abdullahi stated that for the purpose of carrying out the work of the committee, the members may designate one or more middle level management staff in their respective organisations to represent them in meetings at the working group level. The primary respon-

sibility for the National Facilitation Committee is domiciled with the NCAA in Nigeria. He added that the purpose of the National Facilitation Programme was to implement the Chicago Convention mandate that contracting states shall provide for and facilitate the border-crossing formalities that must be accomplished with respect to aircraft engaged in international operations, their passengers, crews and cargo. The DCP stated that membership of the committee which will be headed by the NCAA Director General, shall comprise the Aviation Ministry, Nigeria Customs Service, Immigration, Nigerian Police, Foreign Affairs Ministry, Ministries of Agriculture/Environment, Security and Narcotics, Public Health, Federal Airports Authority of Nigeria (NAMA), the Nigerian Airspace Management Agency (NAMA), Nigerian Tourism Board, international airlines and National Aviation Security Committee. Deputy General Manager, Public Affairs, NCAA, Sam Adurogboye, said similarly, the corresponding Airport Facilitation Committees shall be headed by the Airport Manager and the representatives of Customs,

China mulls cut in oil imports from Nigeria CONTINUED FROM PAG E 2

in December 2009, has declined to 352,000bpd, representing a loss of about 70 per cent of the United States’ market. Statistics indicate that Nigeria was the third largest supplier of crude oil to the United States in 2010, with the US accounting for 43 per cent of Nigeria’s exports. In September 2011, Nigeria’s crude export to the United States dropped to 580, 000bpd, with the country assuming the sixth position, after Canada, Saudi Arabia, Mexico, Venezuela and Russia. Nigeria’s crude export to the United States further dwindled to 352,000bpd as at February 2012. Though refiners in Asia are said to be increasing crude oil imports, it is more difficult to ship crude oil from Nigeria to Asian countries than to the United States because of the longer distance.

For instance, the distance from the Shell’s Bonny Export terminal in Rivers State, to Tianjin, China, is 12,172 miles, compared with 5,847 miles to New York Harbour in the United States. With these long distances, Asian refiners are said to be demanding discount to buy Nigeria’s crude. Refiners that use Nigeria’s crude oil are also closing plants on the United States East Coast, the main destination for Nigerian exports, amid falling returns on investment. Recent reports indicated that Sunoco stopped production at the 194,000-barrel per day Marcus Hook plant in Pennsylvania on December 2011. ConocoPhillips also stopped its 190,000-barrel per day Trainer, plant site on September 30, 2011 and the two facilities together accounted for half of East Coast crude oil processing capacity.

Immigration, Quarantine, State Security Service, NDLEA (Narcotics), Port Health, FAAN, NAMA, Tourism and International airlines. The responsibilities of the National Facilitation Committee is to designate Customs airports in Nigeria, develop procedures through which operators of scheduled and non-scheduled services may request permission to land or depart from customs airports and arrange for border inspection services at the customs airports; develop

programmes for control of security problems such as documents fraud, illegal migration, smuggling and touting. Adurogboye said the committee would support the interested border control agencies in the establishment and maintenance of effective inspection systems at the airports and in their efforts to rationalise their respective procedures. He added that the committee would also coordinate preparations for clearing large numbers of passengers, especially

during holy pilgrimages; establish, review and amend as necessary the national policies regarding prevention of the spread of contagious diseases by air, especially aircraft disinfection, public health-related quarantine programmes and screening measures to be applied in a health emergency. The Nigerian National Facilitation Committee (NNFC) shall meet bi-annually except in cases of emergency. Venue of the meeting shall be determined by the chairman

of the committee. Adamu expressed happiness that the committee has finally been inaugurated as it had been signed into law since 2007. All constituted members of the committee were fully represented, including Mr. Justus Wariya, the Director of Air Transport Regulation (DATR); Mr. Polly Okoronkwo, Company Secretary; Mrs.Anthonia Vincent, General Manager, Economic Regulation and the staff of the secretariat from NCAA.

Chief Executive Officer, Afriland Properties Plc, Mrs. Uzoamaka Oshogwe; Chairman, Mrs Angela Adebayo and Company Secretary, Mr. Obong Idiong, during the company’s first annual general meeting in Lagos…at the weekend.

UNICEF laments effect of insurgency on girl-child education CO N TI N U ED F RO M PAGE 4

commitment to the sustenance of democracy and the upliftment of Nigeria, saying even when a rainstorm started midway into the convention, the delegates were undaunted as they defied the weather to protect the ballot boxes and cast their votes. APC assured Nigerians that in the days ahead, it will be providing more details of its road map that will lead it to the creation of a new and prosperous Nigeria. According to it, the achievements of all the governors in the 16 states controlled by the APC will also be showcased to Nigerians, as part of efforts to make them realise that with the emergence of the APC, it will no longer be business as usual. Meanwhile, the United Nations Children’s Emergency Fund (UNICEF) yesterday expressed concern about the prolonged insecurity in the NorthEast as a result of the terrorist activities of Boko

Haram. The global organisation said in a statement that because of the violence, many parents were unwilling to enrol their daughters in schools while others were withdrawing those already in school. Nigeria has 10.5 million out-of-school children, the highest number in the world, and about 60 per cent of them are girls living in the North. Almost one out of every three primary school age children is out of school, and roughly one out of four junior secondary school age children is out of school. UNICEF Representative in Nigeria, Jean Gough, said the Girls’ Education Project implemented by UNICEF in the northern states, with funding from the UK’s Department for International Development (DFID), sought to enrol an additional one million girls in school by 2020. Commenting on the theme of this year’s Day of the African Child: “A

child friendly, quality, free and compulsory education for all children in Africa” the UNICEF boss said the occasion offered Nigeria an opportunity to reflect on the situation of education in the country. She said grassroots support was crucial to overcoming the security challenges and other impediments in order to meet this ambitious goal. “Due to security challenges numerous children currently have no access to schools in parts of the North, and particularly the North-East. “Schools have been closed for security reasons, and where schools in the affected areas still function, children and teachers are often afraid to attend. In comparatively safe areas in the North-East, schools are often overcrowded, understaffed and have insufficient teaching materials. “We know that girls’ education is vital because educated girls become better mothers, have fewer, healthier children. Every

additional year of schooling reduces the probability of child mortality by 5-10 per cent. Educated mothers want their children to have better educational opportunities. This would mean more girls enrolling, attending and staying in school, transiting to senior secondary school, and eventually playing more productive social and economic roles within their families and communities,” it said. It was also learnt yesterday that the terrorists who killed 15 persons in the attack on the market in Daku also set ablaze several shops, houses, vehicles and motorcycles. According to sources, the gunmen numbering over 20 and armed with AK47 rifles, and locallymade bombs came into the village on motorcycles and a Hilux Toyota vehicle at about 11am and opened fire on the traders, killing 15 of them. They also made away with food items, unspecified amount of money before fleeing towards the Sambisa Forest.

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Days of Paper Pencil Test are numbered of Jamb thinks ahead Emeldah Ogene ABUJA

he Registrar, Joint Admissions and Matriculation Board (JAMB), Professor Dibu Ojerinde, has announced plans to completely phase out the Paper Pencil Test (PPT) mode of examination beginning from

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JAMB to phase out the PPT mode 2015 academic year. Ojerinde, who announced the decision of the Board in Abuja at the commissioning of a model Computer Based Test (CBT) Centre built at the cost of over N150million said the decision was due partly to logistic challenges associated with conducting the PPT mode, particularly with the distribution of the examination question and answer sheets to various states of the Federation.

He added that the phasing out was also hinged on the spate of insecurity in the country and high wage bill for settling officials deployed to various examination centres. According to the Registrar: “We are not going back to PPT anymore. This is the end to PPT in the country. PPT was full of fraud, malpractice; it is full of logistic problems and full of insecurity. So, we do not want to go back to it.

We now have a solution with the introduction of CBT mode.” Ojerinde lamented that over 98 vehicles are used by the Board in the distribution of the examination materials to various centres, a development, he noted, does not also guarantee the security of the exam materials. He said there are over 156 CBT centres nationwide and ten were personally built by the Board to show the lev-

el of preparedness by JAMB to go full scale with the Information Communication Technology [ICT] concept. The Registrar also used the occasion to clear the issue of multiple examination registration saying, “the new policy is that any candidates who engages in multiple registration will be banned for the period of three years.” Meanwhile, the Supervising Minister of Education, Nyesom

Monday, June 16, 2014

Wike, who commissioned the centre, has urged other public examination bodies in the country to take a cue from JAMB in order to control the administration of public examinations in Nigeria. Wike also pledged Federal Government's assistance to complement the existing centres in the country adding that Government intends to review the educational curriculum so as to produce graduates that can create jobs and add value to the economy.

SDP not for destabilisation plot, says chieftain Kunle Olayeni ABEOKUTA

he newly-registered Social Democratic Party (SDP) has said the party was not out to destabilise the South West geopolitical zone ahead of the 2015 general elections. Interim chairman of SDP in Ogun State, Chief Pekun Awobona, who spoke with reporters in Abeokuta at the weekend, declared that the party had come to stay on the political scene. The SDP had last Thursday held a sensitization meeting in Abeokuta to commemorate the 21st anniversary of the annulment of June 12, 1993 presidential elec-

tion won by late Chief MKO Abiola. Awobona said the allegation by some All Progressives Congress (APC) chieftains that the SDP was "resurrected" to destabilise the South West was unfounded. He maintained that all Nigerians reserve the right to belong to any political party of their choice. “What did you expect them to say if we don’t have money to throw about and we are gaining ground like this? We don’t have as much as they have; we don’t have one percent of what they have in affluence and we are spreading, what do you expect them to do?

Men responsible for unstables in homes, says Egwu Leo Sobechi

ormer First Lady of Ebonyi State, Mrs. Eunice Ukamaka Egwu, has urged women to draw to closer to God and build their families regretting that most incidences of breakups and family disunity are often caused by the menfolk. Mrs. Egwu, who is also the Executive Director of Widow Care Foundation, (WCF) spoke while delivering the guest lecture at the Young Wives Forum of All Saints Church, Anglican Communion, Abakaliki Diocese, weekend. The occasion drew many important dignitaries including the Eb-

onyi State Focal Person for Community Grants Scheme, (CGS) of Millennium Development Goals, Dr. Ngozi Obichukwu; Director of Ebonyi State Broadcasting Corporation, (EBBC) Chief, (Mrs.) Cecilia Akanu; former member of Ebonyi Universal Basic Education Board, Mrs. Patricia Edeh among others. She urged the women not to neglect prayers saying that “a lot depends on prayers because there is no marriage that is a bed of roses; there is always ups and downs, so prayer is necessary to make God heal their hearts and through them heal the world”.

Three NDLEA operatives killed in Ogun Kunle Olayeni ABEOKUTA

hree operatives of the TEnforcement Nigeria Drugs Law Agency

(NDLEA) attached to the Ogun State Command were yesterday killed by suspected drug barons in Owode-Yewa area of the state. Though details of the incident were sketchy at press time, New Telegraph

gathered the NDLEA officials were shot dead during a sting operation on some dealers in weeds suspected to be Indian hemp. Sources said the gang got wind of a plan by law enforcement agents to raid their den on Sunday morning and decided to lay ambush. The officers allegedly walked into the trap and were attacked with guns and machetes.

L-R: President Ibrahim Keita of Mali; President Boni Yayi of Benin Republic; President Macky Sall of Senegal; President Goodluck Jonathan; Chairperson, African Union Commission, Dr. Nkosazana Zuma and others, at the Financing Summit for Africa's Infrastructure Development in Dakar…yesterday

Erosion control: Elechi releases N350m Leo Sobechi

bonyi State Government said it has approved the sum of N350 million as its counterpart fund for the World Bank assisted Nigeria Erosion and Watershed Management Project (NEWMAP) in the state. The contribution is part of its effort at controlling erosion in the state. Governor Martin Elechi, who disclosed this at the weekend, during the official launch of the state NEWMAP at Women Development Centre Abakaliki, noted with pain that the state had been threatened by gully erosion and flood over the years. “Within the past few years, the menace of gully erosion and flood has increasingly caused

untold adversity to the state including loss of lives, sacking of villages and offices, destruction of homes, farmlands and public infrastructure,” Elechi narrated even as he commended World Bank for its quick response to the menace of erosion and other environmental hazards in the state. He pointed out that his administration had contributed the initial N30 million into the dedicated project account, which he said enabled the preparatory stage of the project in the state as well as approved the N350 million out of which N100 million has already been released to the state project management unit. Other accomplishments of the state government towards the success of

the venture, he added, included office accommodation, signed the subsidiary agreement with the Federal Ministry of Finance, issued project implementation manual, acceptance letter to the Bank and issuance of legal opinion in respect of the project. His words: “From inception of rainy season in April to September last year alone for instance, the Ebonyi State Emergence Management Agency (SEMA) recorded 332,938 victims that were involuntarily displaced by flood. Studies also showed that the total economic loss caused by flooding and erosion problems in the last five years in the state runs into billions of naira, excluding loss of lives. "May I therefore use this opportunity to re-

quest the officials of the World Bank and other stakeholders to take time off from their schedule to visit some of the major erosion and flood sites in the capital city of Abakaliki to appreciate the ongoing remedial measures we are shouldering in conjunction with the Federal Government". The governor praised President Goodluck Jonathan for the NEWMAP initiative and for his quick intervention on assumption of duties in the ecological challenges in the South-East geo-political zone which he described as a disaster zone stressing that the his government will work with all partners and stakeholders to realize the aspirations for which NEWMAP was conceived.

Boko Haram: NHRC raises the alarm over humanitarian crises in N/East Wale Elegbede

he National Human Rights Commission (NHRC) has called for an urgent comprehensive humanitarian plan for the North East. It said that the deterioration of security in the region has led to serious and massive violations of human rights, including loss of many lives among

the civil populace and security agencies, exponential growth in forced displacement, abduction of girls and women, and resulting food insecurity and humanitarian crises. In communiqué issued after its governing council meeting held in Gombe State, the commission said a sustained regional and international cooperation was cru-

cial in ameliorating the situation and sufferings of the victims in North East. The commission averred that the development and urgent deployment of a comprehensive humanitarian plan should be put in place for the North East, particularly those aimed at addressing food security crisis, access to trauma

care and support, and forced displacement. While calling for a sustained and multi-dimensional response, the commission said regular and continuing inter-governmental cooperation and dialogue should be employed, adding that effective measures to ensure accountability by the perpetrators should be put in place.

NEWS

Sanctity of Truth

Monday, June 16, 2014

Media clampdown is offensive, says ASUU Sola Adeyemo IBADAN

cademic Staff Union of Universities (ASUU) has bared its anger against the Federal Government and its security agencies over the recent clamp down on the nation’s media, describing the action as "insensitive, offensive and a symptom of incivility and savagery". The chairman of the union in the University of Ibadan, Prof. Segun Ajiboye, urged the government to separate the media rights from political game ahead of 2015 general elections, adding that the industry was gradually being transformed into a theatre of war where politicians decide who the victims would be. “ASUU wishes to express its concern to the general public about the ugly incidents rearing

their heads in the Nigerian democratic experiment. It should be noted that the mass media is a very important and indispensable organ of the society, charged with the responsibility to inform, educate and entertain the public “This is why it is regarded as the Fourth Estate of the Realm and an essential service. Its importance to the society has accorded it the security and freedom it enjoys even while reporting at the war front. Consequently, an act of repression or clamp down on the press is offensive to the sensibilities of the entire members of the society. It is also indicative and symptomatic of incivility and savagery”, said Ajiboye, who also criticized the management of a radio station in Ibadan for suspending one of its programmes and its anchor.

Orji calls on Nigerians to pray for peaceful 2015 elections

overnor Theodore Orji of Abia State has called on Nigerians to pray for peace and unity ahead of the 2015 general elections. Orji made the call over the weekend during a civic reception in honour of the former Managing Director of Diamond Bank Plc, Dr Alex Otti. “I urge you to pray for peace and unity in Nigeria before the 2015 general elections. We should pray for the continued corporate existence of Nigeria so that the 2015 general election will be held in a peaceful atmosphere”, he said. He commended Otti for his humanitarian services, describing him as a good man.

The governor called on well-meaning Nigerians to use their God-given positions to affect the lives of others ’so that people would speak well of them. Eze Okechukwu Ananaba, the traditional ruler of Okohia Autonomous Community, said the reception was organised to appreciate Otti’s remarkable contributions to the development of Ngwaland for 25 years. Ananaba, who is also the spokesman of the monarchs, said Otti excelled in his banking career, citing his innovations at Diamond Bank as example. In his response, Otti thanked the monarchs for honouring him with the reception.

Anambra, Labour Party in crisis MONEY The root of evil they say in Awka, labourers are not demanding their wages, they are policians deciding on party cash Uwakwe Abugu AWKA

early seven months after the November 2013 governorship election in Anambra State, Labour Party (LP) in the state has suddenly become embroiled in crisis over the whereabouts of an alleged N250m said to have been realized from the sale of the governorship nomination forms. When the crisis degenerated at the weekend, an aggrieved group converged in Awka, the state capital and suspended

4.71m

state chairman, Mr. Sam Oraegbunam for abuse of office and his inability to account for funds realized from the sale of nomination forms in the last election. LP was believed to have been funded for the purposes of that election by the oil magnet, Chief Ifeanyi Ubah, who eventually flew the governorship flag of the party but lost. Besides the present crisis, the party had gone into a factional war even in the course of the nomination for its governorship candidate. Then Comrade Peter Nwosu who said he had founded and funded the party since 2003 broke away with his own faction when Ubah came in with enormous funding. Nwosu has since joined the ruling All Progressives Grand Alliance (APGA) where he wants to realize his governorship

The total population of UAE (representing 0.07% of world’s population) in 2010. Source: Blatantworld.com

ambition someday. Oraegbunam was suspended at a meeting of the State Working Committee in Awka on Saturday, convened by the State Secretary, Anthony Oraeki, but the embattled state chairman dismissed the group and described the gathering as that of misinformed people who are making unfounded allegations. Notwithstanding, the gathering convened by Oraeki approved the appointment of Mr. Luke Ezeanokwasa as the Acting Chairman and set up a Five-man Disciplinary Committee to investigate the allegations against Oraegbunam and report back to the state executive committee within five days. The war against the state chairman whom his opponents insisted remained suspended appeared formidable as the

122TWh

The annual worldwide use of geothermal energy for direct use in 2010. Source: Unesco.org

motion for his suspension was moved by the deputy chairman, Sam Okoye and seconded by the legal adviser, Festus Afubero. Reacting to the development in a statement Saturday, Oraegbunam described his suspension as the action of political renegades out to distract Labour Party (LP). “This bunch of misinformed opportunists met in a hotel in Awka and purported to have suspended Engineer Sam Osita Oraegbunam from office as the State Chairman of LP. “I have decided to put this statement out to disabuse the minds of the teeming supporters and members of our great party, LP; that there is no cause for alarm especially against the background of the spurious allegation that the Chairman embezzled the sum of N250 million."

542m

The number of individuals using the Americas region in 2012. Source: Itu.int

L-R: Assistant Head Teacher, Local Government Central Primary School, Epe, Mr. Ogunleye Adegbuyi; Customer Relations Executive, MTN, Ms. Ugonwa Nwoye; Senior Manager, Mr. Sonny Onyegbula and Senior Manager, Customer Care Unit, Mr. Adeyinka Adedokun, during the 2014 edition of *21 Days of Y'ello Care* the company's Annual staff volunteerism programme, Lagos...at the weekend.

Beware of politicians, preparing handover note, APC tells Jonathan Akpabio warns radio station JoeStart Ezuma are proud of Asiwaju Bola evil clutches of PDP and minds like Elder Pius Tony Anichebe UYO

kwa Ibom State governor, Chief Godswill Akpabio has called on the management of the first private radio station in the state, Planet 101.1 FM to rise above being used by selfish politicians so as to earn public trust. Chief Akpabio while making this call during the commissioning of the radio station at Ibiaku Uruan said the radio is adjudged to enjoy the widest reach and audience and therefore could be open for abuse. The governor, who thanked the Chair-

man/CEO of Planet FM, Engr. Anthony Afia for the initiative, said floating the private station shows a leap for enterprise and development, adding that the station must set records by balancing their patronage. Chief Akpabio who was represented by the Deputy governor, Lady Valerie Ebe noted that a professionally run station will broaden its listeners and enjoined management of the station to remain steadfast with a pledge that government would take care of the deplorable road leading to the station.

PORT HARCOURT

asking in the euphoria of a successful National Convention at the Eagle square, Abuja on Saturday, the All Progressives Congress (APC) has asked President Goodluck Jonathan to start writing his handover note well ahead of next year’s election. The advice was contained in a message signed by the State Chairman of the Rivers APC, Dr. Davies Iyamu Ikanya, congratulating the party’s leaders on the outcome of the Convention. Praising the peaceful conduct of the convention, Rivers APC said: “We

Ahmed Tinubu, General Muhammadu Buhari, Dr. Ogbonnaya Onu, Chief Bisi Akande, Alhaji Atiku Abubakar, Governors Chibuike Amaechi and Aliyu Wammako, as well as other party leaders too numerous to mention, for organizing a successful Convention to the chagrin of the PDP leadership and other enemies of democracy who had prayed for a failed Convention. “For these great Nigerians to have buried their ambitions, differences and interests to unite to present this great salvation party to Nigerians is great development in the efforts to retrieve our great country from the

rebuild it in accordance with the wishes of all Nigerian patriots. “The Convention that successfully produced a substantive leadership to steer the affairs of our great party without any rancour or division should be a thing of joy to all Nigerians. With the election of a great mind, a visionary, foresighted leader and fighter for true democracy like the former Governor of Edo State, Chief John Oyegun as our National Chairman, the need for President Jonathan to start writing his handover notes cannot be overemphasised. “With other great

Oluwole Akinyelure, Mr. Hillard E. Eta, Mr. Segun Oni, Alhaji Lawal Shuaibu, Alhaji Mai Mala Goni, Barrister Muiz Banire, Alhaji Lai Muhammed, Mr. Orji Ngofa, Mr. Timi Frank and Mrs. Rachael Akpabio who also emerged among our substantive leadership during the Convention, APC shall surely take its rightful position as the emancipator of the masses and restorer of hope of Nigerians by bringing up a focused and visionary Presidency that will take us out of the mess into which the PDP-led administration has put our nation”, the party stated.

NEWS

Sanctity of Truth

Monday, June 16, 2014

Group lauds Dickson over infrastructural development Chris Ejim YENAGOA

youth group in Bayelsa State under the aegis of PDP Youth Vanguard (PYV) has commended the achievements of Governor Seriake Dickson, especially in the area of security and infrastructural development. The body described as

unprecedented, the level of development the state has attained within the past two years, saying the state has become one of the most peaceful states in the country with exceptional relationship with the state executive council of the PDP. In a statement issued yesterday in Yenagoa, by the Coordinator of the

group, Mr. Beke Apere, the body said though past efforts against cultism, sea piracy, kidnapping, oil theft and the provision of basic infrastructures failed to yield desired results, the present administration's policies have changed the land scape and placed the state among the most peaceful and secured in the country.

Islamic scholar makes case for peaceful coexistence

n Islamic scholar, Dr. Abdulkadir Solagberu, has urged Nigerians to tolerate one another, irrespective of religious, cultural and political affiliations. Solagberu, founder of Darul-Kitab Wa Sunnah College of Arabic and

Islamic Studies, Ilorin, who spoke yesterday during the graduation of 490 students of the school, stressed the need for tolerance. He tasked the Committee on Religion at the National Conference to dwell more on factors capable

of restoring peace, unity and harmony among religious adherents in the country. “It is our hope that the outcome of the conference will shed more light on the channels to follow toward getting things right in the nation,” he said

lateau State governPorganised ment at the weekend Plateau wants to boost revenue a stakeholders’ other sources of revenue represented by the Secreroundtable engagement on tax with 22 professional groups as parts of efforts to boost the state’s internally generated revenue. Governor Jonah Jang, who was at the opening ceremony of the round table engagement, said it has become pertinent for the state to look inward for

due to the decline in the monthly allocations from the Federation Accounts. He said because of the sheer number and quantum of activities and businesses by professional bodies in the state, “their taxable potentials are huge, to say the least.” The governor, who was

tary to the State Government, Prof. Shedrac Best, said: “For good or for ill, oil revenues are increasingly declining. Likewise the oil reserves, soon, the ultimate test for and survival of political leaders would be their ability to find alternative sources of revenue.

Chibok: Prayers alone may not bring back the girls Joe Ezuma, PORT HARCOURT and the FedNigerians eral Gover nment

were yesterday, advised to drop the idea that prayers and allowing the United States

to have its way, would lead to the release of the kidnapped Chibok schoolgirls.

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www.newtelegraphonline.com/metro

ABIODUN BELLO FEATURES Editor

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

MONday,JUNE 16, 2014

0802 393 8212

Ijegun-Jakande Road: Residents’ nightmare

Elijah Samuel

ccess to the area which stretches from the end of Jakande Low-Cost Housing Estate, Oke-Afa, Isolo to Ijegun in Alimosho Local Government, Lagos State has always been nightmarish. Although they are a vital part of the Centre of Excellence, yet, good road, which would have fast-tracked socio-economic and infrastructural development in the communities identified as Oke-Afa, Bucknor, Isheri, Ijegun, etc, located on both divides of the Ijegun-Isolo Road, is missing. That has been the lot of the people inhabiting the area, even in the military era. So, when, in the succeeding democratic dispensation, the road was approved for construction with the composite facilities which would be delivered to the swelling population of residents, immeasurable joy pervaded the entire area. But almost a decade after, their collective agony has not subsided. Since the award to construct the road and the eventual mobilisation to site, the work has inexplicably been stalled. Some of the residents, who spoke with our correspondent, expressed mixed feelings on the construction of the road. A landlady at Isheri, Alhaja Rafkat Lawal, expressed gratitude to God for the prospect of great benefits which the completion of the road would offer the communities in the area. She said: “We are grateful to God for making it possible for us to witness the commencement of this laudable project which has come to our community. But as much as we are grateful to God and the state government, we are disappointed that the construction of this road has dragged for a long time.

“The construction started about 10 years ago, but it doesn’t give happiness when you remember the length of time it has taken to get to this level. Although the construction of this road has brought tremendous improvement to our mobility, against what was the situation before the commencement of the construction, we still pray that God will give the government the will to finish this road soon.” Although the on-going construction has remarkably increased mobility within the area on the one hand, and enhanced access to and fro other parts of the state, it was a bitter pill of succour that has now turned a torn in the flesh of some residents. This is even more so as motorists, Okada riders and tricycle operators all now engage in break-neck speed on the smoothened surface of the road. The area now witness frequent accidents which have sent many people to their early graves, while several others have been maimed. A trader in the area, who gave her name as Taiwo, spoke on the issue. She said: “The kind of racing that goes on, on this road is quite unprecedented. Many motorists and Okada riders now engage in dangerous driving. It is worse during the peak periods when everybody is returning home. “Also because of the volume of traffic and speed, the dust is raised thereby making visibility very difficult for drivers. That is why you see the intermittent wetting of road by the construction company. But it does not solve the problem. This is also contributing to accidents on this road. “Fatal accidents are now a common occurrence on this road. In fact, six persons lost their lives, while many were seriously injured recently a Toyota car and a commercial bus collided. It was a gory sight. It is only God that would have made those who sustained injuries to survive.” Sarah Akande, a marketer with a

microfinance bank, who was born and raised at Isheri, recalled the genesis of the on-going work and expressed dissatisfaction with the pace of work. She said: “I have always lived here. The period before the commencement of this road construction was really tough regarding movement and carrying out economic activities. Although agrarian in nature, lifestyle had remained sedentary until the opening up of this area. “Development has continued to elude the communities in this area because there is no accessible road connecting other developed parts of the state. So it was a great joy when about 10 years ago, this road project started. “We had expected that the road would be completed very early. “The government should try everything possible to see to the quick completion of the road.” A teacher, Chioma Onyekachukwu, also complained that the pace of this construction was abnormally slow. She said: “I came to this area in 2009 and met the construction work. Since then there has never been any impressive progress until last year precisely when work resumed in earnest. “The work is not moving as fast as it should, compared with road construction in other areas. You cannot go out when it rains. If you are already outside, it is either you want to take a great risk or you stay wherever you are until it is safe to return. “The way the work has been going on is greatly affecting economic activities. Once it rains, going to do business becomes hellish; the students are restricted from

The work is not moving as fast as it should, compared with road construction in other areas

going to school or exposed to great danger of trekking long distances and wading through dirty flood to get to school. “To add insult to injury, the commercial bus operators will hike transport fare outrageously. “It is taking too long completing this road. If the construction company cannot handle it as fast as expected, let the government give it to a more efficient and viable construction company. This is affecting businesses, the students and other workers who go out and come in every day.” Ebie, a commercial bus driver, said the construction work was taking longer than necessary. He said: “I was here when the work commenced. Though it was a great relief, we never expected it was going to drag till now. “Although it is yet to be concluded, it has really helped our movement and business. I remember when this work had not started; many people would not want to come here. But as soon as the road construction commenced, people began to flood this area. “But the government should help speed up action on this road work. It is not always easy passing through the bridges on the road when it rains.” Many of the residents said the road project should be completed soon. When contacted, the spokesman, Ministry of Works, Biola Fagunwa, said there was no delay in the construction of the road. He said: “There are timelines for every project. In this instance, we are delivering on a project with two phases. The first is the bridge component. When you consider what is involved in the construction of bridges with a total length of about one kilometre then it will be obvious. “The bridge involves a 1.15 piles on which the bridge rests. It is sunk to an average of 10 metres into the soil. This is not accomplished as quickly as many expect. “With the near completion of the bridge, the contract for the second phaseroad component was awarded last year. It is for a total of about seven kilomtres while initial works for the project are on. “It is expected that the project will be completed within the next year.” On the section between Iyana IsheriOshun and Ijegun, where no work seems to be going on, Fagunwa said the contractor had a programme of work. “All of the road cannot be acted upon at once or else it will be difficult to ensure traffic movement as well as construct the road.

METRO

Guard leads robbers to ex-employer’s house, steals N12m DISGRUNTLED EMPLOYEE A displeased security guard masterminds robbery attack on his former employer for sacking him

Ojo

Frank

Juliana Francis

etectives attached to the Special Anti-Robbery Squad (SARS), Ikeja, Lagos State have arrested a 26-year-old security guard, who along with others, robbed his former employer of N12 million. The suspect, identified as Mr Ijare Ojo, was guarding the said employer’s house at the Dolfin Estate, Ikoyi. Angry Ojo, who used to be paid N18,000 per month, said he robbed his former boss for firing him because “of a cleaner the man was dating.” On the day of the attack, Ojo and his members waited patiently for the man to return, after tying up the security guard. When the owner of the house drove into his premises, it was Ojo who opened the gate, but the man did not take notice because he was wearing the uniform of the security guard. Immediately the man drove in, the gang pounced on him. They cellotaped his eyes and made away with his money, which was in foreign currency. They later changed the money to naira, which was about N12 million. They also made away with his phones, laptops and I-pad. Part of the money stolen was used in buying a second car, which the gang started using as operational vehicle to snatch cars. According to the police, Ojo teamed up with three suspected robbers early this year and robbed his master. Police investigation revealed the identity of the three other suspects as

Richard Okon (29), Obiora Frank (27), and one Sunday who is still at large. Aside from Sunday, others fleeing members of the gang being hunted by police are Cyril aka CY and Chukwuma Nkem. “Ojo and his gang attacked the house at night. Unfortunately, the man was not at home. They however, met a new security guard, whom they tied down. When the man drove towards the gate, Ojo opened the gate like a security man. The man did not recognise Ojo. Okon pointed a toy gun at the man, while others dragged him out of his car,” a police source said. It was gathered that the gang met its waterloo after the Officer in charge of SARS, SP Abba Kyarri, received a tip-off that some suspected robbers were planning to carry out a robbery operation at the Ikorodu area of Lagos. Kyarri and his men had gone to the area and laid an ambush for them. About 8pm, the suspects surfaced. In the ensuing hot chase and gun duel, Chukwuma escaped, while Frank and one Ikechukwu aka IK were arrested. Ikechukwu later died due to bullet wounds he sustained during exchange of gunfire with the police. Their confession led to the arrest of Ojo and Okon who had escaped earlier. “I worked with Proton Security Company which posted me to Park View. The man fired me because of a female cleaner he was dating. Proton posted me elsewhere but I was no longer interested in security work. “I met Richard (Okon) through his girlfriend. I told him I was stranded. I had also gotten a woman pregnant at that time. I explained my situation to

Okon

him. I later attempted to sell the idea of robbing my former boss to Okon, but he rejected it. I told Frank, but he showed no interest. But suddenly this year, they both agreed to the plan. “I don’t know the total amount of money we took, but I was given N1 million as my share of the money. I bought grinding machine for wheat and cassava. I was grinding in Bariga market until I was arrested,” Ojo said. Okon is the son of a Captain in the Nigerian Army. He said he was angry with his father for marrying six wives and not bothering to send him to school. His mother was his father’s first wife. Okon said he had worked as a farmer, then travelled to Benin and worked in a ‘beer parlour,’ after which he came down to Lagos and started selling gas. “Later, I started selling second-hand clothes. I have participated in three robbery operations,” he said. Frank claimed that his life and educational pursuit nosedived after his father had an accident and was, “no longer normal”. In search of greener pastures, he came to Lagos in 2012, to meet his friend Ojo, who introduced him to robbery. He said: “I collected N1.2 million and an I-Pad in my first robbery operation. The second operation was in Surulere. We snatched a Toyota Camry car. CY sold it and gave me N35,000. My third operation took place at Isolo. We also snatched a car there. The fourth operation was the Ikorodu robbery. We were going for the robbery when police arrested us. “With money from robbery, I had been able to buy a Toyota Camry car for N450,000 and rented an apartment at Owonronsoki.” Police investigators show that Okon had once been imprisoned for robbery.

The Bells school pupils, others die in auto crash Adeolu Adeyemo Osogbo

wo students of The Bells Secondary School, Ota, Ogun State, lost their lives in an auto crash while returning to their base from an excursion trip to Abuja. The accident, which occurred on Saturday evening at Ikire in Osun State, involved an 18-seater Toyota Hiace bus with registration number Ogun AP555TP. It also claimed the lives of four others. A witness told our correspondent that one of the tyres of the bus burst on speed.

He added that many occupants of the vehicle, including the driver, sustained varying degrees of injury. The witness, however, said that the prompt intervention of the officials of the Federal Road Commission (FRSC), officials of the Osun Ambulance Service, the police and sympathisers at the scene saved the lives of other occupants who were rushed to the General Hospital at Ikire. An officer of the FRSC at the scene told journalists that the remains of the deceased had been deposited at the mortuary of the hospital.

Ogidi Day holds June 21

ormer Health Minister, Professor Eyitayo Lambo, is expected to lead dignitaries from across the country to this year’s Ogidi Day at Ogidi in Ijumu Local Government Area of Kogi State. Lambo, who is the chairman of the occasion, would be joined by the Ooni of Ife, Oba Okunade Sijuade as royal father of the day and Kogi State Deputy Governor, Yomi Awoniyi as Chief Guest of Honour at the event holding on Saturday June 21. Ogidi Day, which commemorates the community’s new yam festival, holds every June and it features a colourful parade of cultural groups

including the famous Olaga (maidens) dance. Chairman, Ogidi Day Central Planning Committee, Mr Ibrahim Allah, said in a statement that an appeal fund would be launched at this year’s event to finance the re-development of the community’s markets and to procure equipment for the newly completed Ogidi Cottage Hospital. Renowned batik artist and the community’s prominent daughter, Mrs Nike Okundaye of Nike Art Gallery, Lagos would be the mother of the day at the show which would also be graced by cultural troupes from Niger, Lagos, Anambra and Osun states.

Two arrested for Taiwo Jimoh

olice in Lagos State have arrested two members of the notorious One Million Boys for the murder Yusuf Ademola in Ajegunle, a suburb of the Lagos metropolis. Ademola, a father of three, was allegedly stabbed to death recently when the One Million Boys attempted to supplant the Chairman, Branch A, of the Tricycle Riders Association, Alhaji

Dauda Ganiu. The Ajeromi Ifelodun police division had declared wanted members of the One Million Boys in connection with the murder of Ademola. It was gathered that the suspects were picked up at different locations within the community by police detectives. A senior police officer from the station, who spoke to our correspondent on the condition of

METRO

Monday, June 16, 2014

Insecurity: Lagos trains Neighbourhood Watch personnel

Neighbourhood Watch personnel

Muritala Ayinla

T Neighbourhood offers during training

o check insecurity at the grassroots, the Lagos State Government has trained personnel of the local security outfit, Neighbourhood Watch. The Senior Special Assistant to the Governor on Trans-

120 held for vandalising NRC facilities

Vandalised NRC station at Itoki

Taiwo Jimoh

bout 120 people have been arrested for allegedly vandalising the railway facilities by policemen at the Nigerian Railway Corporation Command (NRC). The suspects, the Commissioner of Police in charge of the NRC Command, Mr Nyats Jatua, were apprehended at Ijoko area of Ogun State. Jatua said that the suspects were undergoing screening, with a view to ascertaining their involvement in the crime. The commissioner added that those found culpable would be charged to

court while others would be released if not found guilty. He said: “On Tuesday morning some suspected persons allegedly invaded the Nigerian Railway Corporation at Itoki and vandalised the station.” The people allegedly attacked the facilities newly inaugurated by the Vice President, Namadi Sambo, over increment in the fares. The suspects were been interrogated by the police at the railway station, Ebute Meta Junction. The Lagos District Manager of NRC, Mr Akin Osinowo, described the incident as unfortunate. Osinowo said that the destruction of the station and train was carried out by hoodlums and not the passengers. He said: “Some hoodlums went to our station at Itoki Station to destroy it and vandalise the new train. It is unfortunate. “They are not passengers but hoodlums because we have run two trips on the route that day of the incident with the new tariff and no chaos recorded. “They cart away money, phones and our tickets and also attempted to burn down the train with petrol in their hands.”

murder of father of three anonymity, identified the suspects in custody as Yusuf Meyi alias Apa and Ashimo Semiu. He said the suspects had been transferred to the State Criminal Investigation Department (SCID), Panti, Lagos, for further investigation. “Alfa Shuabu (the gang leader), Kamoli alias Escort, Alala Semiu, Sheun Omo Buba, Abeeb alias Abere, Sule

alias Omojoyibo, Gafar Ewe, Fatai Ewe, Kola alias Shoe and Babatunde Ayelogun alias Holy Michael, all are on the police watch list. “No matter how smart they are, we are going to get them. These boys had been arrested some time last year and paraded, but to our surprise we saw them in the community and more dangerous than how

they used to be before,” the police officer said. Reacting to the arrest, Ganiu commended the efforts of the police. He said: “I commended the efforts of the Ajeromi Ifelodun Police Division for prompt action. Immediately after the incident happened, it was reported at the station and the Divisional Police Officer promised that the boys would be arrested.

port Education, Dr Mariam Masha, said the training was to make the personnel more proficient and security conscious in view of the sophisticated nature of terrorism in the country. Addressing the trainees at the NYSC Orientation Camp, IyanaIpaja, Lagos, Masha said the programme was to train the full time registered officers of the Neighbourhood Watch all over the state and equip them with prerequisite skills to serve and operate seamlessly. She added that the growing trend of insecurity in the country necessitated the need for the government to ensure that Neighbourhood Watch officers have the prerequisite skill to combat and forestall crimes at the grassroots. The SSA explained that the personnel of Neighbourhood Watch were the third to be trained in the on-going Career Evaluation Training Programme for Law Enforcement Officers in Lagos State, adding that the officers comprised registered officers and volunteers spread across the various local government areas and local council development areas in the state.

She said: “The training is being designed to equip the officers with appropriate re-orientation and professionalism in the discharge of their assigned tasks and responsibilities. “The officers were exposed to courses in community relations and law enforcement, health and lifestyle, people’s leadership, emotional intelligence, team-building exercises as well as modern security surveillance and intelligence gathering. “The training, which was divided into two phases, saw the volunteer officers engage in capacity-building exercises led by staff while the second phase of the training saw the officers work with members of the community through the various Local Government Areas (LGAs) and Local Council Development Areas (LCDAs) on their roles and responsibilities as community members in safety and security within their environment. “As part of their field assignments, the officers engaged several local communities and people of Ikotun, Badagry, Ikorodu, Maternity Centre in Agege, Epe and

Campos Stadium on Lagos Island, Oke-Odo in Yaba LCDA and many other communities in the entire length and breadth of Lagos State spanning the five divisions and the three senatorial districts of the state.” One of the participants, Mr Kamil Olaosebikan, said the training had exposed them to many security lapses in their operations, adding that with the training, they were better prepared and more security conscious. He said: “Many of us were just employed; we did not really have the prerequisite skills as we have done now. The security challenges in the country call for better preparation among the security personnel. “With this training I’m better prepared and ready to for security challenge now.” Olaosebikan added that the training initiative had exposed them to critical guides that would assist them in carrying out their responsibilities in their various domains while seeking more of such programmes to boost their capacity and preparedness for emerging challenges in society.

Group lauds Dickson over infrastructural development Chris Ejim Yenagoa

he Peoples Democratic Party (PDP) Youth Vanguard (PYV) in Bayelsa State has commended the achievements recorded by Governor Seriake Dickson, especially in the area of security and infrastructural development. The youth body described as unprecedented, the level of development the state had attained within the past two years of the current administration. The group said Bayelsa had become one of the most peaceful states in the country with exceptional relationship with the state executive council of the PDP. In a statement issued yesterday in Yenagoa, the Coordinator of the

group, Mr Beke Apere, said though past efforts against cultism, sea piracy, kidnapping, oil theft and provision of basic infrastructure failed to yield desired results, the present administration’s policies had changed the land scape of the state and placed the state among the most peaceful and secure state in the country. Apere said a tour of the state by his group showed an existing peace, security and development in every part of the state. He said: “Before now, the state was gripped by violence and insecurity, but the last two years of the present administration have shown an impressive and commendable peace and development.” According to him, development cannot take place in an atmosphere of violence and kidnapping of con-

tractors. He said: “But these issues have been put to an end in Bayelsa State. Maybe what we are seeing now is little of what is to come. The peace/ security existing in the state now is a thing of joy to us. And everywhere I go, I can boldly say Bayelsa is one of the most peaceful states. “We align ourselves with the developmental achievements of Governor Dickson and enjoin all Bayelsans to give him the necessary support in piloting the affairs of the state, especially in the area of accountability and transparency. “Let us support and ensure the sustainability of the present administration’s policies and the re-election of Governor Seriake Dickson in 2016.”

N3bn Agbowa saw-mill ready December, says govt Muritala Ayinla

agos State Government said it was now ready to relocate over 5,000 people at Oko Baba timber and plank market to Agbowa Timbervile, a modern sawmill. The Director, Project Planning, Ministry of Physical Planning and Urban Development, Mr Rufai Durojaiye, who disclosed this during a visit to the site of the project at Agbowa, Ikorodu, said necessary measures were being put in place to set up one

of the largest timber markets in Africa. Durojaiye said the government had received assurances from the contractors that the N3 billion timber market project would be completed by December. He said the major preliminary work on the project had been done. It was gathered that the Agbowa Timberville, located on 214 hectares of land, is designed to have 250 units of offices as well as 250 housing units for ‘sawmillers’. The project will also have saw sheds, trailer parks, modern res-

taurants, meeting halls, recreation centres, among other facilities. The project was initiated following the fire which gutted the Oko Baba plank market in Lagos Mainland Local Government. After a visit to the burnt market, Governor Babatunde Fashola promised to relocate the market to Agbowa where all needed facilities would be provided. He said: “We are happy with the pace of work here and we have received the words of the contractors that the project would be completed by December.

12 NEWS

PLEA Comrade Senator Uche Chukwumerije advises fellow unionists to go back to the classroom Babatope Okeowo

Akure

enate Committee on Education has urged striking lecturers of Polytechnics and Colleges of Education in the country to reach an agreement with the Federal Government in order to put an end to the ongoing strike in the institutions. Chairman of the Committee, Senator Uche Chukwumerije, stated this shortly after inspect-

2.6bn

Sanctity of Truth

Monday, June 16, 2014

Senate seeks end to ASUP, COEASU strike ing facilities at the National Institute for Educational Planning and Administration (NIEPA), Ondo, Ondo State. Chuckwumerije, who was represented by the Secretary of the committee, Senator Abubarkar Bagudu, said the current security situation in the country should be taken into consideration by the academic unions; adding that nothing should be done to compound the situation. He confirmed that government has had series of meetings with the leaders of the two unions, the Academic Staff Union of Polytechnic (ASUP) and the Colleges of Education

The number of people that rely on the traditional use of biomass (solid fuels) for cooking worldwide in 2011. Source: Unesco.org

Academic Staff Union (COEASU), assuring that Abuja was doing its best to end the strike. Chuckwumerije said the striking lecturers should consider the numerous security challenges facing the nation, as one of the major reasons why all their demands may not be addressed; urging them to accept whatever government was able to offer. He added that the major concern of President Goodluck Jonathan’s administration at the moment was how to secure the release of the schoolgirls abducted by Boko Haram in Chibok, Borno State.

$876.9bn

The nominal GDP of Netherlands (IMF) in 2009. Source: Blatantworld.com

“Nigerians are aware of the role played by the Senate during the industrial action embarked upon by the Academic Staff Union of Universities (ASUU) and with the ongoing strike by ASUP and COEASU, we are deeply involved. We had a meeting last week and we are going to have another one on June 23. “What we want all Nigerians to know is that we are at a very difficult time, our nation is going through a very difficult moment. We all heard the unfortunate tragedy where school children were slaughtered in Yobe State. They did not stop there; these convoluted evil minds abducted our

GBP3.24bn

The total projected revenue of Premier League clubs in the 2013-14 season due to new domestic and international broadcast deals. Source: Goal.com

Governor of Niger State, Dr. Mu'azu Babangida Aliyu (2nd Right) former Minister of Sports, Sani Ndanusa (3rd Right) and other top government officials, during a facility tour of the new Shiroro Bridge that was built by the state government

Mimiko plans big for Ilaje, Ese-Odo Babatope Okeowo

Akure

State governor, Dr. Oend,ndo Olusegun Mimiko, Weeksaid the state govern-

ment has designed programmes that would engage restive youths of the riverine areas of Ilaje and Ese-Odo Local Government areas. The governor, who said this in Igbotu, Ese-Odo Local Government at the inauguration of the Igbotu-OboroInikorogha road, said the youths would be organised in groups for the purpose of development and the welfare of the people. According to him, the youths of the area would be organised into what will be known as ‘Lakwa Vanguard’ to be saddled with the responsibility of clearing the waterways of the community.

The governor said areas to be covered would be earmarked for each of the groups, warning that erring ones would be removed. He said the programmes would be anchored by the State Oil Producing Areas Development Commission (OSOPADEC) with the template for the implementation already approved. Mimiko said the programme would be inaugurated by the first week of July, for the safety and development of the various communities in the riverine area. Speaking at the occasion, Chairman of OSOPADEC, the agency that constructed the road, Pastor Johnson Ogunyemi, said the new board of the commission in eight months had delivered many projects.

Let states control resources, Ajogwu advises FG Sola Adeyemo

Ibadan

Lagos-based lawyer and Senior Advocate of Nigeria, Dr. Fabian Ajogwu, has urged the Federal Government to allow each state of the federation to have optimum control of its resources to discourage over-dependence on oil at the detriment of agriculture and other sectors. Ajogwu, who said Nigeria’s development has been slow all these years, because the federal system had been built on falsehood, spoke as a guest lecturer on; “Federalism and National Unity: Optimising the richness of diversity,” at the 2014 Faculty of Law, University of Ibadan, public lecture held on Friday. In attendance at the

lecture were the ViceChancellor of the institution, Prof. Isaac Adewole; Prof. Oluyemisi Bamgbose; Prof. Adeniyi Olatunbosun and Mrs. Jadesola LokuloShodipe, among others. In his opening remark, Prof. Adewole called on the Federal Government to ensure quality education and equal distribution of wealth as panacea to the socio-political and economic crises Nigeria has been enmeshed in. Criticising the nature of federalism as being practised in Nigeria, Ajogwu said there was no common objective by Nigerians to come together and surrender their identities as it was to be, the reason resource control and wealth of the nation have not been equitably distributed.

schoolgirls. “So the President’s primary challenge is security and all institutions, everybody in Nigeria is supposed to give due recognition to this issue. In our negotiation with the government, we have to be mindful that the first

priority is security. “So we are urging ASUP and COEASU to be mindful of the security situation in negotiating with the government so that whatever that needs to be done, should be done within the parameter of the challenge.”

Lagos fights flooding with water engineers •Cautions against panic Muritala Ayinla agos State government has said that it has deployed drainage engineers to all the 57 Local Government and the Local Council Development Areas to ensure that canals and drainage channels are regularly cleaned and maintained. This, according to the government, was part of efforts to mitigate the negative impact of predicted heavy downpour in the state as the engineers deployed to the various communities in the metropolis would ensure drainage channels and canals are free from all blockages. Commissioner for the Environment, Mr. Tunji Bello, who made the disclosure, also told residents to prepare for more rainfall, accompanied with occasional thunderstorm, allaying fears of imminent disaster arising from such heavy downpour. He said efforts were being made to mitigate the negative impact of such

heavy downpour, adding that there was the need to explain to Lagosians that the downpour witnessed in the past few days might generate occasional flooding. While he said such was normal for a coastal city like Lagos, he added that government was intensifying its mid-rain cleaning exercise in order to absorb storm water generated during this period. He urged residents not to panic, but go about their normal businesses as efforts are being made to mitigate the negative impact of the intense rains. He said: “Whenever it rains heavily, it naturally leads to a rise in the lagoon and ocean, which automatically locks up all the canals, and until the water in the ocean and lagoon recedes, until then will our canals discharge into these water bodies. The after effect is that it takes a long time before water discharges into the Lagoon as well as the time it eliminates all backflows."

Murder: Okinni elders petition Aregbesola Adeolu Adeyemo

OSOGBO

embers of Okinni comM munity in Egbedore Local Government Osun

State, at the weekend, called on Governor Rauf Aregbesola, to intervene in the case of the release of those who allegedly murdered one of their sons, Paul Ajibola, of Akinode's Compound, on his farm on March 24, 2014. The community members, who accused the police and the Office of the Director of Public Prosecution, Ministry of Justice, Osogbo, in a petition addressed to the governor, appealed to him to intervene in the situation and right all the wrongs in the murder case. In the petition dated June 9, 2014, a copy of which was made available to newsmen in Osogbo, the community expressed anger over the dimension the case was taking, pledging to do their best to see that the matter was

not swept under the carpet. The petition said: “It is unfortunate that those alleged to have been connected with the said murder were released by the police and the Office of the Director of Public Prosecution, Ministry of Justice, Osogbo.” The petition was signed by some community leaders including; Pa Stephen Adegoke; Mr. Isaac Ajibola; Theophilus Osuolale Adegoke and Mr. Azeez Akinola. They condemned the action of the police and the Ministry of Justice, saying such should not be introduced into Osun, the state of virtue. The concerned community members, who argued that the murdered Ajibola was a staunch member of the All Progressives Congress (APC), said he was killed over a disputed land, which generated controversy between him and some people.

POLITICS MONDAY, JUNE 16, 2014

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AYODELE OJO

DEPUTY EDITOR, POLITICS

ayodele.ojo@newtelegraphonline.com

ayodeleojo@yahoo.com

MILITARYENVISAGED TERRORISM WILL TAKE PLACE IN NIGERIA, SAYS TEMLONG

p-17, 18

2015: 500 POLITICIANS TO WATCH Adesina Wahab ADO-EKITI

Ekiti: APC, PDP, LP in three horse race

o some people, Ekiti State is a Fountain of Knowledge because of its array of university graduates and professors. To others, it is a land of honour where good virtues are extolled. As the 2015 general election approaches and the attendant increase in political activities, the people of the state may witness a battle of honour between the main political gladiators. Since the creation of Ekiti State on October 1, 1996, and the subsequent end to military dictatorship on May 29, 1999, the leadership of the state has hovered between the ‘progressive’ and the ‘conservative’ blocs. In 1999, Otunba Niyi Adebayo of the Alliance for Democracy (AD) was elected as the first Executive Governor of the state. He was defeated in his re-election bid in 2003 by Ayodele Fayose of the Peoples Democratic Party (PDP) and Fayose, after a short spell of emergency rule, was succeeded by Chief Segun Oni of the PDP. Oni’s election as governor was later invalidated by the Court of Appeal sitting in Ilorin, Kwara State and Dr. Kayode Fayemi of the defunct Action Congress of Nigeria (ACN) now metamorphosed into All Progressives Congress (APC), was declared the duly elected governor of the state. As the state prepares for this Saturday, June 21 governorship election, a number of issues that might determine who wins the governorship poll could still be relevant next year in the general elections. A titanic battle is expected in the 177 wards and 16 local governments across the state. There is, however, no doubt that it will be a straight contest between the APC and the PDP. The third leg in the political calculations of the state, the Labour Party (LP) is only coming up in the state. Its chances next year would hinge primarily on its performance in this weekends gubernatorial election. Going by the bandwagon effect in Nigeria’s political system as far as elections are concerned, the party that comes top in governorship election may have a clean sweep of the 2015 elections. Definitely, some personalities are going to shape the direction of the state politically, either as elected public office holders or because of strategic influence they have on the polity. Their influence or otherwise has the potential to determine the outcome of the governorship and 2015 elections. Kayode Fayemi After emerging on the political scene of the state in 2005 and riding on the back of the political platform provided by former Governor Adebayo, he has no doubt created a political structure of his own. During the late Gen. Sanni Abacha regime and the struggle to actualise the June 12, 1993 presidential election acclaimed to have been won by the late Chief MKO Abiola, Fayemi was able to meet with some leaders of the National Democratic Coalition (NADECO) such as Senator Bola Tinubu, Prof. Wole Soyinka, late Senator Abraham Adesanya among others and

their leaning to the left probably made him join AD instead of the PDP. This is despite having to do some projects for the PDP-led administration of Chief Olusegun Obasanjo. When he came to office, he said his administration would implement an EightPoint Agenda encompassing good governance, development of agriculture, provision of social amenities, revival of education among others. To him and his supporters, he has done creditably well, while his critics have some points to fault him. His scorecard will be put to test this weekend and his ability to influence the 2015 elections will depend on the result of the governorship poll.

Ayodele Fayose Former Governor Fayose is the PDP candidate in Saturday’s governorship election in the state. He served as governor from 2003 to 2006. Seen as a charismatic person by his admirers and one with populist tendencies, Fayose, against expectations clinched the ticket of the PDP for the poll from an array of over 20 aspirants. While in office, he executed some projects in the areas of roads, infrastructure, education etc, but his albatross in that era was the contentious poultry project. Whether one likes or hates him, Fayose is a crowd puller and many people in the state have dubbed him ‘Akanda Eniyan’ (Special One). After leaving office, he went into a sort of political doldrums and teamed up with Fayemi in the governorship rerun election against Oni. He fell out with Fayemi and the APC before contesting a senatorial election in 2011 on the platform of Labour Party (LP) and lost to Babafemi Ojudu of the APC. His political career was revived when he got readmitted to the PDP. In March 2012, he teamed up with then Police Affairs Minister, Navy Capt Caleb Olubolade and produced most members of the State Working Committee of the PDP. Now that he has thrown his hat into the political ring for the governorship election, his political influence in 2015 may increase or wane depending on his performance in the poll. However, one thing is sure, win or lose, he is not contesting any elective position next year, but may serve as a godfather. Opeyemi Bamidele He is the arrowhead of Labour Party (LP) in Ekiti State. After the futile attempt by Fayose to position the party as a strong force in 2011, the coming of CONTINUED ON PAGE 14

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Fayemi, Fayose, Bamidele battle

Fayemi

Oni

Fayose

Adebayo

CO N T I N U E D F R O M PA G E 1 3

come to the South-West.

Bamidele brought a kind of resurgence to the party. Bamidele had served for 12 years in various capacities in Lagos State before coming to seek for an elective position in Ekiti in 2011. He had a rancorous contest with Babafemi Ojudu for Ekiti Central Senatorial District in the then ACN before he finally settled for the House of Representatives seat. His decision to seek the APC’s governorship ticket led him leaving the party after disagreeing with party’s leaders. Win or lose in the governorship poll of which he is the LP candidate, Bamidele will still be in political limelight for some time. If he wins, he promised to do a term and if he loses, he still has a year in the National Assembly. Meanwhile, there is this permutation that if PDP wins the gubernatorial election, Bamidele may be persuaded to contest election into the House of Representatives next year and be tipped for the speakership position that may

Olusegun Oni Former Governor Oni was the PDP candidate in the 2007 governorship election and his victory was upturned in October 2010. After hanging in the PDP as one of the political sons of former President Olusegun Obasanjo, Oni few weeks ago finally dumped the party for the APC. His action followed futile attempts made by him to reclaim his position as PDP National Vice-Chairman (South-West). He failed in the attempts because of his closeness to Obasanjo. Since joining the APC, rumours have been making the round that he may be given the ticket to contest Ekiti North Senatorial District in 2015. His kinsman, Olubunmi Adetunbi is the current senator representing the district in the National Assembly. How effective his political group, the Segun Oni Campaign Organisation (SOCO) is, will be determined this Saturday and that in turn will decide his role in next year’s

Bamidele

Adelabu

elections, as some of his political associates are scattered across the parties – APC, PDP and LP. Niyi Adebayo He is a leader of the APC in Ekiti State and the political godfather of Governor Fayemi. He has thrown his weight behind Fayemi at the expense of his kinsman, Bamidele of the LP. He has been mobilising support for the governor in his re-election bid. He is a major factor in the politics of the state. He was tipped by some people to go expected to the Senate to replace Ojudu, but he turned down the offer. Next year, he is to mobilise support for the APC in the general elections, as his party looks forward to a good outing. There were even reports that Adebayo is being positioned for the vice presidential candidate of the APC in the 2015 general elections. Modupe Adelabu Though a teacher by profession,

since she was drafted into politics following her appointment as the Executive Chairman of the State Universal Basic Education Board (SUBEB) and later as the deputy governor last year following the demise of Mrs Olufunmilayo Olayinka, Prof. Adelabu has been learning the tricks of politics. The AdoEkiti born-academic is expected to use her influence to garner support for the APC in the state capital, which has the highest number of voting population in Ekiti. Abiodun Aluko The Ikere-Ekiti born politician served as a deputy governor under Fayose and sought the PDP governorship ticket for the June 21 election. With other former aspirants, Aluko is mobilising support in Ekiti South Senatorial District which has the largest population in the state. He may not seek any elective post next year, but as a PDP leader, his influence cannot be overlooked. He is rallying round Fayose

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for the soul of Ekiti

Aluko

Olujimi

Tae-Lawal

Awe

Ogundipe

Omole

Daramola

Ojudu

in the governorship election.

which lasted over three years. With next year’s polls also around the corner, Awe is going to be part of the APC war machine. As the leader of the party, he has been the centre of political activities in the state. he is leading his party into the battle this Saturday.

stituency I is the Director General of the Kayode Fayemi Campaign Organisation and his political influence seemed to be enhanced with the appointment. He has been the centre of political activities in the campaign for the re-election of Fayemi and has been able to discharge the responsibilities well. A first-time member of the National Assembly, Daramola is going to play a prominent role in next year’s polls. He will at least seek re-election into the House of Representatives.

Adedayo Adeyeye, has been a strong politician in Ekiti State since the advent of democratic rule. The former spokesman for the pan-Yoruba group, Afenirere, made a strong showing in the contest for the PDP governorship ticket which was later clinched by Fayose. He is also seen as the leader of the Segun Oni Campaign Organisation (SOCO) group in the PDP, whose members are still in the party. With his recent nomination, Adeyeye is becoming one of the most influential leaders of the party. He is likely to renew his governorship ambition in 2018 and may play the role of a godfather next year. He is a rallying force in the PDP and he is expected to play a role in the success of his party in this weekend’s governorship election.

Abiodun Olujimi As a former deputy to Fayose, the Omuo-Ekiti born politician has been a consistent member and leader of the PDP in the state. She has a strong influence in Ekiti East Local Government and once served in the House of Representatives. Olujimi could be among those to contest election next year into the National Assembly. She is an addent supporter of Fayose who has been moving round to solicit support for the PDP in the governorship election. Sikiru Tae-Lawal The former deputy governor during Oni’s tenure helped the PDP secure the sympathy of Muslims in the 2007 general elections. When his boss left for the APC, he stayed put in the PDP and has promised to work for the success of the party. It is not yet clear whether he would seek any elective position next year, but he is expected to repeat what he did for the PDP as far as appealing to Muslims is concerned. Jide Awe The Ekiti State chairman of the APC is fighting another political battle with the governorship election after the struggle to actualise Fayemi’s mandate

Makanjuola Ogundipe The Ekiti State Chairman of the PDP is from Ijesa Isu-Ekiti in Ikole Local Government and is expected to lead his party to victory in the state in the coming polls. As a party leader, he will be part of those to decide who gets what in 2015. Akin Omole The Ekiti State Chairman of LP is one of those who left the PDP to join Bamidele’s Ekiti Bibiire Coalition which later joined forces with others to revive LP in the state. He is a former Majority Leader in the House of Assembly during Adebayo’s tenure before crossing to the PDP. Though the Oye-Ekiti born-lawyer may not contest any elective post next year, his political influence that transcends AD, PDP and now LP is expected to be tapped for the coming general elections. Bimbo Daramola The member of the House of Representatives from Ekiti North Federal Con-

Babafemi Ojudu A journalist who got elected into the Senate in 2011 is now heaving a sigh of relief. He fought a bitter battle with Bamidele to secure the APC ticket in 2011 and before Bamidele left the APC for the LP, there was the fear that both could still renew their fight for the senatorial ticket. Also, with former Governor Adebayo refusing to seek election to the Senate, which could have pitted Ojudu and the ex-governor, Ojudu is now free to seek re-election to the Senate next year. He is expected to galvanise support for Fayemi’s re-election this Saturday. His hometown, Ado-Ekiti, has the highest number of voters in the state. Dayo Adeyeye The ministerial nominee, Prince

Tunde Adeniran A member of the Board of Trustees (BoT) of the PDP, Adeniran is also a respected leader of the party and had previously served as the Minister of Education under President Obasanjo. The Orin-Ekiti born-professor also played a prominent role in the resolution of the crisis that trailed the party’s governorship primaries. He is not seeking any elective position, but will have a say on the direction the party CONTINUED ON PAGE 16

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Adeyeye, Ojudu, Adebayo, Arise lead APC, PDP battle

Adeyeye

Adeniran

Olubolade

Awoyelu

Adeniyi

Adetunbi

Arise

Adaramodu

Ojo

Bejide

Aluko

emi is popular among the stalwarts of the APC. Some even see him as the third most powerful man in the administration. He also enjoys huge patronage in the government and is seen as being economically empowered than most members of the cabinet. However, his political image took a bash when some people in the government of Fayemi openly complained about his towering influence and that probably accounted for the governor not picking him to be among his campaign team. At a time, he reportedly nursed a senatorial ambition, but that is still cloudy as the result of the coming governorship poll may decide his fate.

large heart. He is having another shot at the National Assembly next year.

CO N T I N U E D F R O M PA G E 1 5

would take in 2015. Caleb Olubolade A retired Naval Captain and former Military Administrator of Bayelsa State where he met and became friends with President Goodluck Jonathan, Olubolade served as the Minister of Police Affairs until February this year when he left the cabinet to seek the party’s governorship ticket. He is an unrepentant supporter of the President and would be among those to champion the cause of his re-election bid next year in Ekiti. Clement Awoyelu He is from Erijinyan-Ekiti and has political experience spanning decades. He was a member of the Lagos State House of Assembly on the banner of the defunct Unity Party of Nigeria (UPN) in the Second Republic. When political activities for the current dispensation started in 1999, he served as the Ekiti State Chairman of the PDP and later got elected into the Senate. He served as the Deputy Chief Whip in the Senate from 2003 to 2007. He is also a member of the BoT of the PDP and as an experienced politician, he now plays the role of a godfather in the party. Tony Adeniyi He represents Ekiti South Senatorial District and hails from Ikere-Ekiti. At a time he had a face-off with a serving commissioner in the state, Funminiyi Afuye, over the APC ticket for next year’s election from the zone. Afuye had been in the House of Assembly from 2007 to 2011. Adeniyi is warming up to return to the Senate. He is expected to lead the APC’s battle in Ikere for this Saturday governorship poll.

Olubunmi Adetunbi He is representing Ekiti North Senaorial District in the Senate and may lose the chance to return on the banner of the APC to former Governor Oni who recently joined the APC. Ayo Arise The former Chairman, Senate Committee on Privatisation, Ayo Arise was in the National Assembly from 2007 to 2011. The Oye-Ekiti born-politician is influential in the state. He was a factor in the location of the Federal University in Oye-Ekiti by the Federal Government despite strong opposition from Governor Fayemi. The governor had preferred Ikole-Ekiti. He is said to be interested in returning to the Senate and will put his popularity to test again. Yemi Adaramodu The Chief of Staff to Governor Fay-

Oyetunde Ojo The member of the House of Representatives from Ekiti Central Constituency II is an in-law to the APC National Leader, Asiwaju Bola Tinubu. His popularity in the party is boosted not only by Tinubu’s influence but also by his own

Dare Bejide Nigeria’s former High Commissioner to Canada has served in various capacities in the state and was once the state secretary of the PDP. Though he sought the party’s governorship ticket and later wanted to serve as Fayose’s running mate, Bejide is a champion of the Ekiti South Agenda and may limit his involvement in next year’s poll to garnering support for the PDP with the hope that he could revive his gubernatorial ambition in 2018. Gbenga Aluko The former senator from Ekiti South has not been visible in the political scene after the PDP primaries and the attendant crisis. Some are saying he may return to the LP on which platform he contested the governorship poll in 2007 and lost to Adebayo.

POLITICS 17

Sanctity of Truth

Monday, June 16, 2014

Military-envisaged terrorism will take place in Nigeria, says Temlong General Jonathan Temlong is a retired military officer and elder statesman from the Tarok ethnic group in Plateau State. He is a delegate at the ongoing National Conference and concerned about the growing insecurity in Nigeria. In this interview with ONWUKA NZESHI, Temlong looks at the Boko Haram insurgency, the emergency rule imposed on three states in the North East, among other salient issues. Excerpts: What does the recent mutiny by soldiers who shot at their commander in Borno portend for the Nigeria Armed Force? If it is true that there was mutiny or an attempted mutiny, it is not just dangerous for the military but for the country. The mistake people make is that they look at the military as a separate entity from the country. The military is an instrument of state power, so anything that happens to the Nigerian military happens to the symbol of strength of this country. It is unfortunate. If it is true, then something must be done to remedy the situation immediately. Something like what? It is a problem of command and control. There must be effective command and control to make sure that things do not get out of hands. Is this incident not a sign of breakdown of discipline in the military? Normally, mutiny is a very serious thing in the military and that is why the punishment is firing squad. Whether you are right or wrong, once you are involved in mutiny, that is the punishment; because there are ways of expressing your views, there are ways of complaining, there are ways of making your views known and there are avenues where commanders meet with their troops. Apart from these formal ways, there are also informal ways of interaction between commanders and their troops. Even during operations, once the commander goes round, he talks to the troops and finds out what is going on. Besides, there is what we call durbar where a commander addresses his troops, sits down to have an interactive session with them to know what is happening to them and to solve their problems. Do you have any fears that these soldiers may in due course go beyond their field commanders to challenge higher authorities with their guns? No, I don’t envisage that because they have taken immediate corrective measures. You know there has been a change of command in that place. Immediately the incident happened, the military changed the commander and I believe that the new commander will take charge and do the necessary things to bring back confidence among the troops under his command. They will also deal with the situation appropriately according to the laid down procedures in the military.

Temlong

The reasons adduced by the soldiers for their action has raised questions about the suspected existence of fifth columnists in the Nigeria Armed Forces. Don’t you think that this element of sabotage is part of the reasons the military has not been able to defeat the insurgents? Well, I wouldn’t know what reasons the soldiers gave but normally a commander has powers to give commands to troops. It is part of the hazards of military operations that a command to troops to move to a certain area could result in casualties. Part of the training is that sometimes you can ask a soldier to double from point A to B to draw fire from the enemy so that you know where the enemy is; he is shot at and sometimes, he is killed. So, if the soldiers were angry that they were ambushed in the course of carrying out an order from their commander, there are anti-ambush laws. What did they do? You know that in operations there could be an ambush and you are taught that once it happens, you should do certain things. Did those soldiers carry out the anti-ambush tactics? You have to find out too because if they didn’t do that then there is something wrong even at that level. So, they should deal with them. But if it is a question of fifth columnists, if it is even there, then it’s very unfortunate because the oath of office of an officer or a soldier is to be loyal to his country. If for any reason your loyalty is being doubted, the punishments are clear. Like I said earlier, they should deal with those things properly. The question of people shouting human rights here and there ... Everybody has rights but the day you step into the

military, you have forgotten your fundamental rights. At that time, your life is governed by two laws – the laws of the military and the laws of the country. As a soldier, you are taught those laws and they are known to you. You voluntarily signed for it. It is not a conscripted army, it’s a voluntary army. So, if you feel that your own belief or what you stand for is not in consonance with what the country stands for, the most honourable thing for you is to leave. But if you must remain inside and choose to become a fifth columnist, I believe that you should be dealt with properly to serve as a deterrent to others. Nigerians are living in perilous times on account of insecurity. As a retired general, Nigerians expect that experienced people like you should come to the rescue. What is

If they have failed in providing good governance, what are they talking about? They are not accountable to the people. Are they? We have a situation where governors leave Government House richer than the states

the way forward? It’s quite unfortunate that we have found ourselves in this situation. They are as a result of so many things. It is not a one day thing. This insecurity, they said, started in 2002 during the era of President Olusegun Obasanjo and if government had been proactive and taken certain corrective measures, we would not have gotten to this stage. But in any case, insurgency is an asymmetric warfare and something that is very difficult to deal with. People believe that there is a quick fix solution but it is not true. Like the President told Nigerians, even with the number of troops that has been deployed into the mission area, we still have problems because there is no way you can cover the whole of that area with manpower. Secondly, technology is not on our side. Even the United States of America with all its technological sophistication, terrorists were still able to hit the pride of America at the heartland of America. You remember the 9/11 story where Al Qaeda hit the World Trade Centre, the symbol of capitalism and the tallest building in New York. Now, for us, it is unfortunate it’s happening. But to fight terrorism, it takes the commitment of the security and cooperation of the citizenry. Who is a terrorist? There is nothing written on his forehead; he doesn’t have a uniform that he wears nor does he has a defined territory so you can say this is where they are and that is where our security forces are so that inbetween you can have what is called no CONTINUED ON PAGE 18

18 POLITICS CO N T I N U E D F R O M PA G E 1 7

man’s land where anything in that zone that is not yours is no more friendly. A terrorist has time and space at his disposal. If he wants to hit at a target, he can look at that target, study it and plan for even a year or two on how to hit the target. It took Al Qaeda so many years to hit the World Trade Centre. If you remember, there were attempts before they used a method nobody expected - using an aircraft. Now they have gone beyond using the aircraft to lacing themselves with bombs and moving into crowds to detonate and kill people. That was how Rajiv Ghandi was killed in India with all the security around him. Now they use vehicles laced with explosives and drive into places they want to attack. So, they constantly change their strategies and weapons of terror and it is quite difficult for you to fix the problem in one day. Be that as it may, the citizens must be vigilant. One of the problems we have is that our citizens do not know their responsibilities. Even where they know, the infrastructure is not there. If you make a 911 call in the United States today, it’s picked and recorded. That’s all you need to do as a citizen and a chain of reactions will start. Today, we hardly have that kind of system in our country and that is why there are accusations and counter-accusations among the people and the security agents. Some persons would say they reported a matter to the security operatives and nothing happened. Who do you hold responsible? Which security did you report to? We have to draw long and short term plans that will help us to fight this terrorism holistically. I believe that with time, patience and cooperation of Nigerians, the terrorists would be isolated and it will become difficult for them to live within our communities and succeeded in what they are doing. They must have been there for some time living among the people and planning the attack. Don’t you think that this terrorism has exposed the underbelly of the Nigeria armed forces in terms of their capacity to respond to emergency situations? The military in every country has the same thing. When the 9/11 incident happened, it exposed the weakness of the United States armed forces to fight asymmetric warfare. It was a system built to meet the Soviet threat which is a conventional war. Now we have the same system here too. But our own situation is worse because our security architecture and the infrastructure that we have on ground do not lend themselves to a situation where you can deal with the situation properly. Secondly, our planning system do not take security into consideration. Most of our villages, towns and cities are planned not with security or emergency services in mind. There is also lack of continuity in policies. Once leadership change comes, policies collapse. There are no institutional memories. I remember that before I left the Army, we had started looking at the threat and we saw that the threat we were going to be facing between now and 2020 would be asymmetric. We did that threat analysis before we left. What were your recommendations? Definitely, when you do a threat analysis, there are things that you will not see but you must start building towards meeting that threat and since I was no longer there, I wouldn’t know what sort of structures were built towards meeting the challenge. The important thing is that we envisaged that it was going to come because it was a trend that was worldwide. So, Nigeria would not have been an exception because terrorism has no boundaries and no borders. So you cannot sit down and think that you are an island. If America with its physical position as an island because it is surrounded by large bodies of water (the Atlantic and Pacific Oceans) can be hit by terrorists, what about Nigeria where they can drive

Sanctity of Truth

Monday, June 16, 2014

‘There’s no quick fix to insurgency’

Temlong

across from Libya, Niger and they are here. Or from Sudan, Somalia, Central African Republic, Cameroun, Chad and they are here. So, you must know that this sort of thing will definitely come your way. So, planning was important but along the line, I don’t know what happend. You see, these things were being done in conjunction with what I will call all other stakeholders in the system. But if there is no continuity, if there is a change and no continuity and if institutional memories are lost, then you have problems. It is a country wide problem. General Sani Abacha came up with Vision 2010 and along the line, it was jettisoned because they thought it was the person of Abacha but that shouldn’t be. Obasanjo went on to produce the Vision 2020 and thank God President Jonathan is pursuing it. He didn’t jettison it just because he wasn’t the one who started it. So, this administration is ensuring some continuity but there are certain things that should have been done before we got to this stage and I believe they are addressing them. However, I must add that Nigerians must exercise patience. Nigerians must cooperate with the government and security agencies to make sure that we are able to fight and win this war. What is disturbing and alarming is the sort of reports we get from our press. You don’t play politics with national security. How do you think the press should have handled the situation giving the fact that the media is a reflection of what goes on in the society? You can reflect what is happening but not in a way of portraying yourself or the country as being completely helpless or being weak. What message are you sending to the man who is fighting you? Or you say you wash your dirty linens in public. There are certain aspects of yourself or your security that you definitely do not want in public domain, but it looks as if people are happy to be the first to publish some of these ugly things and put them in such a way that they ridicule the leadership of the country. You put them in a very weak position. You are distracting the attention of the leadership from focusing on the urgent task of nation building. Normally, in national security issues, it is bipartisan. Politics is even coming into it. We even expected that the press would be part of the vanguard of passing on intelligence to security agencies without giving out

I remember that before I left the Army, we had started looking at the threat and we saw that the threat we were going to be facing between now and 2020 would be asymmetric your sources. But under a democracy, is the media not obliged to make available to the citizenry what the security forces are doing in the emergency areas? No doubt, we are in a democracy and people are entitled to know what is going on but you don’t bring the poor soldier who has been out there in the cold without his family into a worse situation. He has been deprived of his family and the comfort of his home; the wife and children are deprived of the love and care of their husband and father for a very long time. They are bringing bodies back from the war zone; people are being injured; you don’t show any sign of appreciation; you only see a sense of wrong and criticise the army. I mean, this is demoralising. If today, your editor does not commend you for any work you are doing, how do you feel? But everyday the media is awash with negative reports about how our soldiers are not doing well without the benefit of hearing their own side of the story. Somebody who pretends to be a military man talks to the foreign press and the whole world will believe him. Today, with my cell phone I can tell you that I am calling from Maiduguri and tell all the lies I can tell about the situation there and you cannot verify it. We know that even when we have access to cross check, we are carried away by what BBC says, what VOA says and what Reuters says. Our Nigerian journalists should protect Nigeria because Nigeria must be there first before you talk about democracy. If this country collapses, you can’t talk about democracy. What would you have to say about the utterances of some of the governors in the states under emergency rule? Don’t you think that what they say contributes more to the poor

image of the military than media reportage? Absolutely, there must be responsibility. There must be shared responsibility. I laugh when a governor says he is just the Chief Security Officer and that another man is the Commander in Chief. So what? Good governance itself is part of security. If they have failed in providing good governance, what are they talking about? They are not accountable to the people. Are they? We have a situation where governors leave Government House richer than the states. A situation where you ask the Federal Government to go and build primary schools for you and call them Almajiri schools is criminal. When I was growing, it was the Native Authority and the missionaries that were building primary schools. It wasn’t even the regional government. Today, state governments with all the resources at their disposal, some of these governors prefer buying or chartering planes to providing education for their people. They don’t even go on the roads again; they charter planes. How much is one hour charter? By the time some of them leave Government House, they have their private jets. How much do they buy them? How much does it cost to maintain a plane and pay a pilot? For goodness sake, let Nigerians start holding our leaders accountable. This stupid story of saying “we don’t control the police or military” has to stop. You don’t need to control the police and military. They have security councils in all the states. The basic thing is that if there is good governance; you are accountable to your people, you will be able to nip some of these conflicts in the bud. People are talking of under-development but is that not true? Poverty is starring the people on the face. Is it not true? Is there nothing we could have done better? What is the gap between those in government and those being governed? The truth is that there is a serious gap. Are these not serious threats to national security? They (governors) are there with them at the grassroots. Today a local government chairman sits down and shares the money allocated to his council and returns to the state capital till next month when another allocation is due. What has the local government got to do with the Federal Capital Territory that you have the headquarters of ALGON in Abuja. They come here and check into the best suites where they spend all the money instead of providing the basic necessities of life to the people. These are the serious threats to national security and we have to tackle them. It is better that they are held accountable and stop distracting the attention of the people from what is the true situation. If we allow them to keep heaping the blame somewhere else, then we will not make any headway. If you were the governor of Borno State at this time, how would you have handled the Chibok saga? In the first place, if I were the governor of Borno State at this time, that thing in Chibok wouldn’t have happened. That’s the truth because if you had assessed the security situation in that place, you don’t need a military person like me before you know what to do. You have got professionals around you; you have got the Military Commander, the Police Commander, the State Security Service (SSS) boss as well as the Chairman of the Council of Chiefs. You also have the Civil Defence and Immigration in your security council. You mean you don’t listen to them? If you listen to them, why is it that only that school was opened? Does it mean that the governor did not know that the school was open? If he knew, what security measures did he put in place to make sure that these people were not targets? Did he do that or was it that the principal did that thing without his knowledge? Is there no Commissioner for Education in the state? It means you are not in control of your state.

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EDITORIAL

Sanctity of Truth

Monday, June 16, 2014

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

MONday, JUNE 16, 2014

A case for Informal Sector integration

igeria’s informal sector is colossal in size, diverse in operations, and enigmatic in scope, resiliently continues outside the purview of official regulation and monitoring since 1970. Forty-four years after, activities in the sector that transcend utility services, machine-shop manufacturing, midwifery, labour, agricultural production, clothing and furniture crafts, mechanical repair, mining and quarrying, hairdressing, security and parallel finance structures such as Esusu though burgeoning, still remain small-scale, neither organised nor observed. The most significant causes of the brimming activities in the informal economy include increased tax burden and social security contribution, the complexity of the tax system, increased regulation in the formal economy especially in labour markets, government failure, increasing unemployment rate, inflation rate, interest rate, forced reduction of weekly working hours, early retirement and declining tax morale. Identifying the causes of informality is only a necessary step in addressing the numerous problems inherent in its activities. However, moving spiritedly with bold policy actions to solve them and properly balance the economy remains a sufficient condition that we must not shy away from. There is the overarching need to harness the contributions of this sector, group its

activities in clusters and ensure it is empowered to do more, access financial intervention, share services and has a voice in policy formulation. The essence of this is to gradually formalise the sector and engender the evolution of the third market, which in reality is the engine of the economy and the playmaker of many developed nations, notwithstanding the degree of sophistication of such economies. We agree with analysts that the informal economy has withstood the worst circumstances of historic and institutional neglect in Nigeria, and continues to flourish in the best traditions of entrepreneurial spirit despite tremendous local and international pressures. Despite the daunting glitches it has grappled with, the sector defined by economic activities that fall outside the purview of government accounting and known by such unsavoury names as underground, informal, clandestine, hidden, shadow, black, gray, parallel, and illegal, has boisterously continued to sustain the country’s urban and rural poor, contributing a yearly average of 65 per cent of the Gross Domestic Product (GDP) for more than four decades. A research by Jonathan Emenike Ogbuabor and Victor Malaolu published in 2013, indicates that the size of the informal sector in the country ranged from 53.6 per cent to 77. 2 per cent over the 44-year timeframe and was about three-quarters of the GDP in 2010. The economy created a total of

732,745 during the period covering the second to the fourth quarter of 2013, according to the National Bureau of Statistics. Of this, the informal sector accounted for 140, 673 jobs in the third quarter alone. While the formal sector created 76, 385, the public sector was only responsible for a meagre 28, 931 jobs during the period. Wholesale and retail trade which constitute the hallmark of informality also feature prominently in the various reports of the Central Bank of Nigeria’s monthly Monetary Policy Committee (MPC) meetings as major drivers of economic activity and growth in the country. Yet, the activities in the sector are largely unrecorded, implying it is a laissez faire zone. This negative trend portends no good and makes it impossible for the official national income accounts statistics to correctly embody the true state of the country’s economy. Typical implications of ignoring adequate information on the informal sector can readily be drawn from the upshots and revelations of the recent rebasing of the country’s GDP that did not only position Nigeria as Africa’s largest economy, but also showed the power of the Entertainment and Services sub-sectors of the economy. The downside of this is that these statistics are employed to generate economic policies. But information gap on the informal sector creates inappropriate policy responses with negative backlash. Scholars are vindicated that the informal economy is a

real phenomenon with important implications that deserve attention and study, and that this presents a need for viable approaches to supporting economic policies for integrating formal and informal sectors and eliminating dualistic markets. A third sphere, the hardly mentioned uncategorised subsector also needs to be integrated. In doing this, there may not be one-size-fits-all solutions but governments and their agencies responsible for policy making and implementations at all levels need to be realistic and not moralistic. In addition, government needs to strictly raise the bar of its adherence to the provisions of chapter two of the constitution. Polytechnic and vocational education now need to be given more attention and higher priority in the country’s development strides. We also believe that the time has come for services provided by domestic servants, nannies, among others, to be well articulated, deliberately professionalised and positioned as sustainable income generating streams. We urgently need to enthrone and vigorously pursue policies that would position the Nigerian child born today for competition in the global market. There is an urgent need to tweak the nation’s economic architecture for a clip of healthier, stronger, more inclusive growth that would exceed our potential and not slip into slow, sub-par and jobless growth as a result of the twin challenges of complacency and fatigue. The time to start is now.

GABRIEL AKINADEWO Managing Director/Editor-in-Chief IKE ABONYI Deputy Managing Director/DEIC FELIX OGUEJIOFOR ABUGU Managing Editor, South SULEIMAN BISALLA Managing Editor, North YEMI AJAYI Editor, Daily LAURENCE ANI Editor, Saturday EMEKA MADUNAGU Editor, Sunday LEO CENDROWICZ Bureau Chief, Brussels MARSHALL COMINS Bureau Chief, Washington DC SAM AMSTERDAM Editorial Coordinator, Europe EMMAN SHEHU (PhD) Chairman, Editorial Board GEOFFREY EKENNA News Editor PADE OLAPOJU Production Editor TIMOTHY AKINLEYE Head, Graphics ROBINSON EZEH Head, Admin.

Sanctity of Truth

Monday, June 16, 2014

OPINION The Senate pension probe: Who is hiding what? Mathew Bosede Babatunde

he trend is worrisome. It is disturbing. Indeed, it calls for serious national concern, among the reasonable, sensible and right-thinking members of the society. A situation whereby millions of tax payers' money is spent to carry out investigative hearings, public hearings, probes or fact findings into issues of serious and utmost national importance and at the end, such investigative hearing(s) are jettisoned or abandoned midway, or for the report of recommendations of such to be dumped or kept under the carpet, after submission to those that authorised such, can certainly not be an acceptable thing any longer. Simply put, it is untenable. Apart from the resources that are usually committed into such exercise(s), the manpower and energy dissipated into same are different matters entirely. This trend happens not only at the executive arm alone but also at legislative arm of government. Between May 1999, when Nigeria, once again, joined the league of democratic nations, following the military handover of power by the then Head of State, General Abdulsalami Abubakar, to the then democraticallyelected President, Chief Olusegun Obasanjo and now, many of such reports of hearings and investigations, particularly from the National Assembly, have actually been submitted. The question that logically and readily comes to mind is what has happened to these reports or why were some of those probes aborted midway? One of such investigative hearings is that of the Senate Committee on Establishment and Public Service Matters. It was a hearing that elicited a lot of interests from within Nigeria and outside. This was so because

of the issue being discussed - Pension. It would be recalled that the first public hearing on this matter of pension scam was held on March 6, 2012, during which the Senate Committee handling the probe, announced the immediate suspension of the Pension Task Force Team led by Alhaji Abdulrasheed Maina, despite the fact that the Task Force had neither made any submission nor be listened to. The Task Force, duly set up by the Federal Government, was saddled, primarily, with the responsibility of restructuring the nation's pension system. Its membership was drawn from the various anti-corruption agencies like the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and other Related Offences Commission (ICPC) and the State Security Services (SSS) as well as other para-military agencies. The offices of the Accountant-General of the Federation and the Attorney-General of the Federation were also represented on the team. Ordinarily, considering the membership composition of the Task Force, it would have been logical, sensible and appropriate to have listened to the team and allowed it make its presentation, at least, for the sake of fair hearing, which emphasises that all sides in any matter should be listened to, attentively. Hardly had the Task Force finished its assignment than it was ordered suspended by the Senate Committee, thus suggesting that the committee was set up to achieve a pre-meditated objective of working from the answer to the question, instead of the other way round. The whole matter became shocking and intriguing when allegations began making the rounds, everywhere, that some Committee members allegedly demanded bribe from the Task Force Team for the purpose of a cover up.

One of the accused persons in the pension saga, Dr Sani Shuaibu Teidi, who is currently standing trial, had alleged in an interview that N3 billion bribe was given out to some people and that the money was contributed by all the accused persons for the purpose of being given a soft landing. This amount is different from the initial N2 billion which was said to have been demanded from Alhaji Maina. A member of the committee, aside from denying the allegation of bribe taking, went further to ask the EFCC, the Police and the SSS to investigate him. Nothing concrete has, however, been heard about it so far. The more the committee attempts to extricate or exonerate itself from this allegation of bribe, the more suspicious and unbelievable its members become. The questions that are now begging for answers, on daily basis, are: Why did the committee suspend the Pension Task Force Team in the first instance? Was that the rightful thing to do at that time? Was there any law or rule that allows such to be done? Was the step in tandem with the rule of fairness and natural justice? These questions and many others have not been responded to. Many Nigerians are still waiting eagerly to see how this issue will be resolved. It is not just the credibility of the committee that is at stake. That of the Senate is also at stake. The nation’s integrity is at stake, especially in the eyes of the international community, where Nigeria is a key player. How this issue of pension scam probe is eventually concluded will speak volume at to whether the apex legislative chamber is ready to assist the Federal Government in the task of fighting corruption in the land or encouraging it. • Babatunde, a public affairs analyst, contributes this piece from Wuse, Abuja

Countering the crisis of credibility (1) Jeff Hawkins

he United States has worked with Nigeria to strengthen democratic institutions for decades, and will continue to do so. As the citizens of Ekiti and Osun prepare to go to the polls in the next few months to elect their governors, Nigerians and Nigeria’s friends in the international community will be watching carefullyfor peaceful elections and results that uphold the will of the electorate. It is undoubtedly important and interesting to see who the winners and losers in Ekiti and Osun will be, and how the outcomes will affect the national political picture in advance of next February’s elections. Beyond that, however, the Ekiti and Osun elections are crucial because of what they will tell us about Nigeria’s preparations for February 2015 – specifically, whether those elections will be, and be seen by Nigerians as, credible. I have been in Nigeria for nearly two years now, and visited each of the 17 states in southern Nigeria, almost all of them on multiple occasions. I have spoken with hundreds, perhaps thousands, of Nigerians about democ-

racy, elections, and the history of your country as it relates to both. Some of the lessons I’ve learned from these conversations are particularly relevant as we approach Election Day in Ekiti and Osun, and head into the national elections next year. These conversations make clear that elections in this country suffer from a crisis of credibility. There have been a few contests, particularly M.K.O. Abiola’s aborted election in 1993, that have been widely viewed by Nigerians to represent the will of the people. The international community, and in particular the United States, have gone on record as saying Nigeria’s 2011 elections represented a significant improvement over some earlier contests. But Nigerians have been disappointed – at the LGA, state, and national levels – by many of the electoral cycles in the country’s past. There are many reasons for such disappointment, some historical and some highly relevant to this day. Much work remains to be done -- by INEC, by the nation’s security services, and above all by Nigeria’s political class – to build more trust in the electoral process. Besides undermining voter faith

and interest, this crisis of credibility has an additional, pernicious side-effect: it allows some politicians to refuse to accept an electoral result that was not in their favor by affirming that the election in question was “illegitimate,” and to threaten and/or employ violence as a result. The electoral system’s shortcomings have thus helped to provide cover for rhetoric and actions by some politicians that only further subvert the interests of Nigerians as a whole. Beyond broad systemic changes – stamping out corruption, improving transparency, enhanced internal democracy in Nigeria’s political parties – fighting this trend is also a key element in ameliorating Nigerian democracy. It is time that Nigerians begin to hold elections that ALL believe produce the “correct” result. I am constantly struck by the degree to which Nigerians, on all sides of the political spectrum, assail elections which they believe were not credible, that didn’t produce the result that represented the will of the voters. It seems to happen after virtually every election, regardless of whether a particular election was generally perceived to have been credible or not. While the

United States strongly supports the notion that challenges to election results should be resolved through legal mechanisms, has there been an election in the last decade in Nigeria that did not result in a legal challenge by one or more of the losers? I’m sure there has been, but my point is this: Nigerian elections are almost never considered legitimate by all the participants. I’d argue that there are lots of similarities between politicians in the U.S. and Nigeria in their conduct leading up to Election Day: the desire to champion one’s own accomplishments and/or policy proposals; an equivalent desire to diminish those of an opponent; and the projection of confidence that “the voters are with me” that is often accompanied by bold predictions of victory. But it seems to me that the day after the election the similarities between U.S. and Nigerian politicians diverge. With very few exceptions, by the day after the election, a losing candidate in the U.S. has called his/her opponent to congratulate them; has publicly conceded defeat (at least for those elections that garner media attention), and has begun to close up their campaign offices and operations.

INVESTIGATION

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BIODUN DUROJAIYE Editor, INVESTIGATION

biodun.durojaiye@newtelegraphonline.com

Monday, JUNE 16, 2014

One of the installed cameras of the Abuja CCTV

Abuja Closed Circuit TV: In the eye of a storm Lateef Ibrahim Abuja

hat is the use of an installation that could not serve its intended purpose at the time it was most needed? This was the question that agitated the minds of many Nigerians resident in the Federal Capital Territory (FCT) Abuja and several other parts of the country after the recent bomb blasts in Nyanya. They wondered why the Closed Circuit Televison (CCTV) cameras supposedly covering the whole of Abuja, and costing a whopping N76 billion, could not be used immediately to identify the bombers, as is often done in more developed parts of the world

The term Closed Circuit Television (CCTV), simply put, involves the use of video camera to transmit signal to a specific place on a limited set of monitors. It differs from broadcast television in that the signal is not openly transmitted, though it may employ point to point (P2P), point to multipoint, or mesh wireless links. Almost all video cameras fit this definition, but the term is most often applied to those used for surveillance in areas that may need monitoring such as banks, casinos, airports, military installations, and convenience stores. In industrial plants, CCTV equipment may be used to observe parts of a process from a central control room, for example when the environment is not suitable for humans.

CCTV systems may operate continuously or only as required to monitor a particular event. A more advanced form of CCTV, utilizing digital video recorders (DVRs), provides recording for possibly many years, with a variety of quality and performance options and extra features such as motion detection and email alerts. Surveillance of the public using CCTV is particularly common in many areas around the world. In recent years, the use of body worn video cameras has been introduced as a new form of surveillance. The talk about CCTVs is not new in Nigeria. It has been on for a very long time. However, the matter has remained more at the level of talk than action, not only in Abuja, the nation’s capital, but also in many

other parts of the country. However, the latest upsurge in cases of bombing and the general insecurity in the land has made the government to swing into action and now working assiduously towards ensuring that CCTVs are provided for effective monitoring of what is going on across the nation. In Abuja, the nation’s seat of power, there have been so many claims and counter claims as to what held back, for long, the installation of the CCTVs in the various strategic places that they should be. The issues of the actual cost of the CCTVs installed in Abuja and the reason why some of them that have been installed have not been working have CONTINUED ON PAGE 22

22 INVESTIGATION

Sanctity of Truth

In the eye of a storm

A part of the FCT, Abuja CONTINUED FR O M PAGE 21

equally generated a lot of controversy. There was the strong belief in certain quarters that the Korean government, at a time, offered to equip Abuja with efficient CCTVs at a lesser cost but that the Federal Capital Territory, (FCT), Administration allegedly turned down same based on its selfish interest and that the development thus stalled that whole arrangement and slowed down the process of installing the CCTVs. Some of the questions being asked by the people include: How much was actually spent on the procurement of the CCTVs for Abuja? Are they working, optimally, the way they should? Was there an under the table dealing in the transaction preceding the acquisition of the CCTVs? To the many residents of Abuja, the CCTVs installed in the nation’s capital are not working. The cost of procuring them too are outrageous. However to the Minister of the Federal Capital Territory, Senator Bala Mohammed, there was nothing secret about the whole CCTVs in Abuja. The Minister, at a recent forum on the Transformation Agenda of the present administration of President Goodluck Jonathan in Abuja, addressed some of these issues and pointedly declared that he was not

To the many residents of Abuja, the CCTVs installed in the nation’s capital are not working

aware of any arrangement with a Korean company to procure CCTVs for the purpose of installing same in the federal capital. According to the Minister, “Am not aware of the procurement of any CCTV camera with Korean company. It was my initial plan to procure 500 CCTV stations for the FCT, but the Federal Government lent support and increased it to 1,000 stations. “The Federal Government had the intention of taking the project to the major cities in Nigeria. That project was meant to capture the entire Nigeria. “However, that Nyanya own (bomb blasts in Nyanya, a suburb of Abuja), was not taken into consideration and that was why they couldn’t have a fall back of what really happened in that bomb explosion. “What we are doing now is to lend support to the Federal Government to conceptualize the project and implement it across the major cities in Nigeria to strengthen security of lives and properties. “In Abuja now, we are working hard to ensure that all roads leading into the FCT are captured with functional CCTV cameras that are powered by both solar and generator”, Senator Mohammed explained. The issue of the CCTVs project has however shifted to the court as an Abuja based legal practitioner, Mr. Olugbenga Adeyemi has approached a Federal High Court sitting in the nation’s capital to compel the Economic and Financial Crimes Commission, EFCC, to investigate how a whopping sum of N76 billion was 'wasted' on the project.

Already, Abuja Division of the Federal High Court has given its nod for commencement of the legal action. Adeyemi is specifically praying the court to compel the EFCC to investigate the execution of the N76 billion Abuja Closed Circuit Television (CCTV) contract. While ruling on the exparte motion last Wednesday, Justice Adeniyi Ademola granted leave to Adeyemi to "apply for the judicial review of mandamus compelling the 1st respondent (EFCC) to investigate and prosecute" those involved in the contract. The legal practitioner wants the EFCC to investigate and prosecute the Attorney General of the Federation (AGF), Secretary to the Government of the Federation (SGF), Nigeria Police Force (NPF), Minister of the Federal Capital Territory (FCT), Nigeria Communication Commission (NCC), ZTE Corporation (the Chinese firm awarded the contract) and Nigeria Communication Satellite (NCS), listed as 2nd to 8th respondents respectively. Adeyemi premised his application on the grounds that the 2nd to 8th respondents "have squandered a whopping sum of N76billion due to their actions and inaction on a comatose project of installation of Abuja CCTV." He claimed that several years after its installation, the Abuja CCTVs installation has not worked even for one day. The plaintiff said "were the CCTV installations working, it would have been easier to identify and prosecute those behind the incessant bomb explosions in Abuja and its suburb, in-

Monday, June 16, 2014

cluding Nyanya". More so, the plaintiff argued that the EFCC has statutory power to investigate, arrest and prosecute the 2nd to 8th respondents for offences of money laundering, fraud, contract scam and financial misappropriation. Adeyemi pointed out that that his recourse to the court was informed by the EFCC's refusal to investigate the execution of the project as he had requested in an earlier letter to the Commission. The court is expected to begin hearing into the main case by July 1, this year. The CCTVs are similarly very useful in the areas of for crime prevention, hacking, traffic monitorin, transport safety, control, retail, criminal use, privacy, school use and technological developments. The first CCTV system was installed by Siemens AG at Test Stand VII in Peenemunde, Germany in 1942, for observing the launch of V-2 rockets. The noted German engineer Water Bruch was responsible for the technological design and installation of the system. In the U.S. the first commercial closed-circuit television system became available in 1949, called Vericon. Very little is known about Vericon except it was advertised as not requiring a government permit. The earliest systems required constant monitoring because there was no way to record and store the information. Recording systems were introduced later, when primitive reelto-reel media was used to preserve the data. These systems required magnetic tapes to be changed manually. It was a time consuming, expensive and unreliable process as the operator had to manually thread the tape from the tape reel through the recorder onto an empty take-up reel. Due to these short-comings, video surveillance was rare. Only when VCR technology became available in the 1970s, making it easier to record and erase information, did video surveillance start to become more common. During the 1990s, digital multiplexing was developed, which allowed several cameras to record at once, as well as time lapse and motion-only recording. This increased the use of CCTV and increased the savings of time and money. Recently CCTV has been transformed by the shift towards internet-based products and systems, and other technological developments. CCTV later became common in banks and stores to discourage theft, by recording evidence of criminal activity. Large-scale CCTV installations have played a key part of the defences against terrorism since the 1970s.

INVESTIGATION

Sanctity of Truth

Monday, June 16, 2014

Abuja church linked to messy land deal

Some of those who paid for land protesting in front of the Church

Nnamdi Amadi Abuja

ne of the aspirations of most people in life is to be able to have houses of their own, where they could be comfortably accommodated, without any landlord coming to knock on their doors at the end of the month or at the end of the year to demand rent. In Abuja, the nation’s capital, it is a known fact that the biggest problem facing the residents is that of accommodation. That is why it is generally said that once the accommodation problem of any Abuja resident is solved, his or her problem is 50 percent solved. So it was, when some people, on hearing that the Dunamis Church in Mararaba, near Abuja, had some plots of land to sell few years ago, they immediately indicated interest by paying the required amount of N200, 000 per plot of 100 by 100 feet. Three years after the payment of the said amount and an additional N60,000 survey fees, nothing has been heard by them. They have neither been allocated the land nor been shown where the land is situated. So, on Wednesday, when they could not longer bear the situation, about 70 out of those that have paid the money, in anger, stormed the Dunamis Church, Mararaba, a surburb of Abuja, to make necessary findings concerning the land allocations promised them after paying the prescribed fees.

So, since that very time in 2011, whenever I called them, they will say they are working on it The protesters stormed the church as early as 7am, armed with their receipts of payments among others. At the scene, which became chaotic at a time following tempers that rose, the angry crowd demanded for explanation regarding what they are now perceiving as a "shady deal". One of the protesters, Ms Chinemere Michael, while giving account of what happened, said, “in 2011, my landlady informed me that they were selling lands in their church and that I should come and buy. So, she gave me the address and with my husband's help, we paid for it. “So, since that very time in 2011, whenever I called them, they will say they are working on it, that they will show us the land in no distant time. Sometime last week, they postponed the scheduled day. “They sent message that they were unable to show us the land because of some church programs they had. So, yesterday (Tuesday, June 10) they sent a text message saying that they will show us the land today (Wednesday, June 11). So this morning around 9am, we left for the site. “When we got to Capital Hotel (Ado, in Nassarawa State), I called the num-

bers they sent to us in the SMS. Two of them were switched off, while one was answered by somebody who said he travelled, while the last number was picked by somebody who said they were there and directed us further. “On our way going, we met some people coming back, who said the place is a bush, with nobody there nor a sign that they are going to allocate anything to people, that the place is a forest", she said. While corroborating what Ms Michael, another person who came all the way from Lagos and similarly made payment for same land, Mr Victor Ike, said, "they went there, the person that took them there carried them into the bush from one place to another and at the end, didn't show them anything". Another protester, who simply identified himself as Mr. Pius, also explained thus, "Sometime in 2010, one of my colleagues told me that there is a land being sold by their church, which was announced to them in their church and with handbills too. Then I said but am not a member of your church, she said no that non members of their church can also buy part of the land. “Some of my colleagues and I paid for the land, but since then there has been a lot of delay in giving us the land. Sometime in the year 2012 they sent us a text message. We got here and asked them what was happening. They said we should make additional payment that the land is ready and we came back and made the payment. “Later on, they directed us to another office and then I asked them why

they are directing us to another office after collecting money from us here in the church. They said no that is their administrative office, we never knew it was all a fraud. “Again, we got another SMS that we should come for allocation of the land only for us to find out today (yesterday) that the place is a deep forest that can be likened to Sambissa forest(in Borno State). Please the church should come out and tell us what is happening", Pius said. Another protester, Mr. Peter Ogbuche said he made his payment of N200, 000 for a 100 by 100 plot at the church on December 9, 2011, and that few months later, they told him the drawings were ready and that the paper works and allocation letter will cost another N60, 000 which they all paid. According to Ogbuche, "As you can see here, we have all the receipts and documentations of the payments". Continuing, Ogbuche explained that last Saturday, he received another text message which reads, "Dear Esteemed Customers, we apologize for the delay with the land you bought at Pear Homes Estate, Ado, because of the convention going on in the church and we are not yet through with the survey work. “The land will be shown to you by Saturday (07/06/2014), by 9:00am prompt. We apologize for the inconveniency caused. Call the management for any inquiry. 08034517210, 08054444833, CO NTINUED O N PAGE 24

24 INVESTIGATION

Sanctity of Truth

Church in messy land deal

Monday, June 16, 2014

CON TINUED FR O M PAGE 23

07067453008,07033079360." Another text message sent to Pius, which he showed to the New Telegraph reads, “Dear Esteemed Customers, you are expected to come and know your plots on Saturday 07/06/2014 by 9:00am Prompt at No. 17 Bello Plaza by Check Point, before Dunamis Church. Note: Those in that axis should wait at capital gate way hotel. For Inquiries call: 08034517210, 08169907948,07067453008 or 07033079360". Mr Ogbuche lamented that they began to sense more danger when, in response to the SMS, they all assembled at the church premises on the appointed date (7/06/2014) by 9am without seeing the officials they paid to. According to him, "We were led by one man who identified himself as a surveyor to a very far and unknown destination. At a point, we asked, Surveyor, where are you taking us to?' Surprisingly, he told us that he is not a surveyor, that he was only instructed to go and show us the land. “Later on, an argument ensued about the actual direction to the said land between him and one Mr Paul who was also supposedly among those who were to lead us to the place. That was when we knew that something was wrong, so from there we paid the driver to bring us back here". When the New Telegraph correspondent contacted Evangelist Sunny, whom virtually all the aggrieved persons pointed accusing fingers at, he confirmed that actually he collected money from some people for the purpose of land sales on behalf of Nuhu properties and that truly they asked the buyers to come for the allocation that Saturday but on that fateful day he travelled along with Mr Nuhu, stressing that that was why they asked Mr Paul to lead the people to the place. Continuing, Evang Sunny said, “unfortunately, the people complained to Paul that the place was too far so the company has assured them to come back for reallocation to another area”. He however disputed the claim of the aggrieved buyers that Dunamis Church was involved in the land deal. He admitted that he is a member of the church and as such, he sometimes “collects money from prospective buyers in the church compound, but that Dunamis church is not involved in the land sale deal in any form. His words, "Dunamis is not involved, they have their own at karshi. This one is Pear homes by Nuhu and Partners, nothing concerns Dunamis on the land." When our correspondent informed him that some of the people said, during separate interviews, that they paid him money inside the office at the church compound, he replied, "no,

A victim displaying his receipt

Another set of protesters in front of the Church

the office is at Bello Plaza and another office is at Royal Plaza behind First bank Mararaba". Speaking with the New Telegraph on phone, Mr. Nuhu, whose name was also mentioned repeatedly by the angry protesters, confirmed that he is the Chairman of Nuhu and partners Nigeria Limited, the company that sold the land to the people. His words: “it is not Dunamis that sold the land to them. I gave the properties to Sunny to market and he marketed it to them, I have about 50 hectares of land at Ado, the one they went to. 250 plots have been sold and already mapped out, which I have done the al-

location. They are the second batch that bought, which are still under the process of allocation. “Now the people came with rumours that the land is not visible, that it is this and that, that they have not seen the land. So, we told them that we are still in the process of doing the allocation. When the pressure became much, we took them to the site and showed them where the land is located. “Some of them came and said they were not interested that it is too far. That land is for future investment. Anybody that tells you that they will give you a land in town for 120 thousand naira, I can’t believe him.

“So they are complaining that the distance is far, if the distance is far, they should know that the land they paid for is only N120 thousand”, said. Nuhu explained that a full plot is 200 thousand naira and half plot is 120 thousand naira and that it is for future use not for immediate investment. He added, “Dunamis Church is not involved, they are not part of the transaction, it was Sunny that marketed the property, not Dunamis. It is not a Dunamis land. The receipt that was given to them is Nuhu and Partners. The forms that were given to them is Nuhu and Partners, so what brought Dunamis inside?

BUSINESS MONDAY, JUNE 16, 2014

WHAT'S NEWS African airline business volume to hit $200bn The volume of African airline business is expected to rise in the next 20 years from $6.2 billion to about $200 billion, President, AFREXIMBANK, Mr Jean-Luis Ekra, has said.

}p-26

Passengers have full insurance cover, says NRC Doubts on whether the Nigerian Railway Corporation (NRC) rolling stocks and passengers have adequate insurance cover were finally laid to rest last week when the management of the corporation said the facilities and passengers enjoyed full underwriting protection.

}p-27

We lost N450bn to B’Haram –Traders Traders in some northern parts of the country affected by Boko Haram insurgence have lost about N450 billion since the beginning of the onslaught.

}p-27

Total Nigeria seeks review of petrol marketing margin Total Nigeria Plc has called on the Federal Government to review the Premium Motor Spirit (PMS) unit margin, which has remained unchanged since 2007.

}p-37

BUSINESS CREW AYODELE AMINU, Deputy Editor (Business) SIMEON OGOEGBULEM, Dep. Business Editor BAYO AKOMOLAFE, Asst. Editor (Maritime) SUNDAY OJEME, Asst. Editor (Insurance) SIAKA MOMOH, Asst. Editor (Industry/Agric) GODSON IKORO , Asst. Editor (Money Market) JONAH IBOMA, ICT Editor DAYO ADEYEMI, Property Editor ADEOLA YUSUF, Energy Editor WOLE SHADARE, Aviation Editor

ABDULWAHAB ISA, Finance Editor CHUKS ONUANYIN, Energy NNAMDI AMADI, Reporter JOHNSON ADEBAYO, Asst. Production Editor

www.newtelegraphonline.com/business

GOVERNMENT SHOULD FLOAT GRANTS FOR LOCAL ICT FIRMS –AKINGBADE }p-28-29

AYODELE AMINU, DEPUTY EDITOR, BUSINESS

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

210,000 bpd P'Harcourt Refinery in comatose RESCUE NNPC and GE’s Distributed Power have signed contract for 25 Mega Watts (MW) supply to ailing Port Harcourt Refinery

Outages slash capacity

Adeola Yusuf

he epileptic power supply in Nigeria has worsened activities at the Port Harcourt Refining Company (PHPC), putting the 210, 000 barrels per day facility in comatose, New Telegraph gathered at the weekend. Checks by the newspaper revealed that production at the Nigeria's biggest refinery has crashed by over 145, 000 barrels per day. Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Engineer Andrew Yakubu had earlier hinted that the Original Manufacturer of the refinery had shun several calls by the corporation to come and fix the facility. A source at the refinery however, told our correspondent that the problem facing the installation is beyond Turn Around Maintenance (TAM). "Truth of the whole matter is that the power supply to the facility has been epileptic. In other climes, a facility of this nature generates electricity on its own. "But we heard that a contract had been signed for supply of power to the refinery. We only hope that the contract works out to prevent the biggest refinery in Nigeria from being grounded into a halt," he said. Already, a contract had been signed between the NNPC and GE's Distributed Power for the supply of uninterrupted 25 Mega Watt (MW) to the refinery. President/Chief Executive Officer, GE’s Distributed Power, Lorraine Bolsinger confirmed the contract at an event in Lagos. According to her, the instal-

DELE ALAO, Brands/Marketing Editor CHRIS UGWU, Capital Market Editor

NEW TELEGRAPH

From Left, President Ellen Johnson Sirleaf of Liberia; Ambassador Chigozie Obi-Nnadozie, Nigerian Ambassador to Liberia; Mr. Moyo Ajekigbe, Chairman, Keystone Bank; Mr. Philip Ikeazor, Managing Director/CEO, Keystone Bank; Mr. Shehu Abubakar, Executive Director, Keystone Bank; Temitayo Olutoye, Snr. Technical Assistant to Keystone Bank MD/CEO and Mr. Philip Olujobi, Managing Director, Global Bank Liberia, during a business visit by Keystone Bank officials to the President of Liberia, recently.

lation by GEL Utility limited of GE's mobile gas turbines at the Port Harcourt refining Company (PHRC) facility will ensure

that the refinery has the power it needs to overcome chronic grid outages and return to full capacity for refining.

"Up till now, grid outages have reduced PHRC's output to CONTINUED ON PAGE 27

Africa’s credit financing value gap is $170bn, says survey 84% SMEs lack access to loan NIGERIA LAGS Nigeria marginally lags her SSA peers in financing, while the gap to global peers is more pronounced Siaka Momoh

ighty-four per cent of small and medium-sized enterprises (SMEs) in Africa are either un-served

or underserved, representing a value gap in credit financing of $140-170 billion, a report by Omidyar Network executed in partnership with Monitor Survey has revealed. In the Monitor Survey, challenges related to accessing finance drew mixed perceptions from both the demand and supply sides. While many Afro-entrepreneurs bemoan a limited supply of capital, financiers point out that many projects are not fundable. Seventy-one per cent of respondents believe that there is

an insufficient supply of equity capital to start new firms. To better understand the state of entrepreneurship in Africa, Omidyar Network launched the Accelerating Entrepreneurship in Africa Initiative. “To execute this multi-phase research project, we were fortunate to partner with the Monitor Group, and together we set out to identify the challenges facing African entrepreneurs and pinpoint the most trenchant barriers that inhibit high-impact entrepreneurship,” the report said. CONTINUED ON PAGE 26

Rates Dashboard INFLATION RATE April 2014...............................7.9% March 2014............................7.8% Feburary 2014 ........................7.7%

LENDING RATE

EXCHANGE RATE

(Parellel As at June 13)

USD . . . . . . . . . . . . . . . . . . . . . . N167 InterBank Rate . . . . . . . . . 10.50% Pounds . . . . . . . . . . . . . . . . . . N284 Prime Lending Rate. . . . . 16.93% Euro . . . . . . . . . . . . . . . . . . N228.50 Maximum Lending Rate..25.83% • Foreign Reserves – $37.033bn as at 09/06/2014

EXCHANGE RATE

(Official As at June 13)

USD . . . . . . . . . . . . . . . . . . . N155.73 Pounds . . . . . . . . . . . . . . . N261.98 Euro . . . . . . . . . . . . . . . . . . . N210.70 Source: CBN

26 BUSINESS | NEWS PLUS Africa will be the third fastest growing region in international traffic by 2015 Wole Shadare

he volume of African airline business is expected to rise in the next 20 years from $6.2 billion to about $200 billion, President, AFREXIMBANK, Mr JeanLuis Ekra, has said. Ekra, who was represented by the bank’s Head of External Communication, Mr Obi Emekekwue, also urged African governments to improve on aviation infrastructure funding to attract investments to the sector. Speaking at the just concluded African Aviation Summit, put together by the Chief Executive Officer of African Aviation Services, Nick Fadugba in Addis Ababa, Ethiopia; he said aviation finance was imperative for effective trade development, particularly to create more employment above the seven million reported in 2010. He said that the non-African airlines’ dominance in its airspace was a setback, adding that they had generated about $10 billion a year from plying African routes, citing the 2012 Airline Economics report. According to him, the industry, in 2010, supported about seven million jobs in Africa through direct and indirect support to activities in the travel and tourism industries.

SURGE There is a surge in vehicles importation to the country

Bayo Akomolafe

ome used and new vehicles valued at N1.2 trillion have been imported through the Port and Terminal Multi-services Limited, Tincan Island Port in the last seven years. Some of these vehicles are used cars, trucks, lorries, van and luxury buses. The terminal was concessioned to the operator in 2005 by the Nigerian Ports Authority (NPA) under the Build, Operate and Transfer (BOT) agreement to handle Roll on-Roll off (RoRo) vehicles and containerised cargo. An official of the terminal, who preferred anonymity, said the station was concession for 25 years. Handling about 200,000 vehicles per year, PTML is synonymous with Ro/Ro Operations in Nigeria. The source explained that the terminal was designed to handle Ro/Ro ships and with highly secured areas dedicated only to vehicles. According to the source, the terminal is the leading facility in Nigeria for the handling of cars, vans, trucks and busses. Statistics from the Nigerian Ports Authority (NPA) revealed that vehicle import traffic to the

Sanctity of Truth

Monday, June 16, 2014

African airline business volume to hit $200bn ``It is further projected that the industry will grow in terms of its impact on African economies in the next 20 years and job creation is forecast to be around 879,000’’ according to

AfDB 2012 report. He said in spite of the potential contribution of the aviation industry to trade development across the continent, the performance of the sector lagged be-

hind than the rest of the world. He, however, noted that the demand for air transport services in Africa had increased steadily in recent years. ``Passenger numbers and

Mr. Babatunde Folawiyo, a former Director of Access Bank , his wife Reni, Mr. Cosmas Maduka, a former Director of Access Bank and his wife, Charity at the send-off party organized for both Directors by the Bank at the Intercontinental Hotel, Lagos recently.

Terminal operator delivers N1.2trn vehicles port in the first half of 2012 was 129,389 units, which represents a 35.2 per cent rise compared with 2011 first half figure of 95,676 units. During the period, Toyota Nigeria Limited imported a total of 48,490 new vehicles such as cars, buses and trucks into the country as against 51,290 vehicles in 2011. The figure represents 40.7 per cent of the total new vehicles imported through Nigerian seaports in 2012. In 2011, the company recorded 29.7 per cent of the market share. Also, Kia and Hyundai exported 5,034 and 4,259 new vehicles with 10.4 per cent and 8.8 per cent shares of the market respectively. Honda, Mitsubishi and Ford were not left out. While Honda imported 2,473 vehicles, as against 1,562 vehicles in 2011, Mitsubishi brought in 2,088 vehicles as against 1,898 vehicles in 2011, representing 10.3 per cent increase. Ford imported 2,613 vehicles compared with 2,523 in 2011, an increase of 3.6 per cent. It was learnt that it costs $2,460 to ship a Mitsubishi Pajero to the country. Also, shipping cost of Toyota Mark X is

$3,301, Probox Van is $2,962 and Nissan Caravan Van is $4,326. The statistic also revealed that a total of 6,698 automobiles were imported through the LaC O N T I N U E D F R O M PA G E 2 5

The first phase of the initiative commenced with a survey of 582 entrepreneurs in Ethiopia, Ghana, Kenya, Nigeria, South Africa and Tanzania. That survey, in turn, was augmented by 72 interviews. Of the six countries surveyed, Kenya seems to fare the best in terms of capital supply, as only 52 per cent of Kenyan respondents highlight this as a challenge. According to the report, Nigerian respondents cited access to finance as a key challenge for starting and growing small businesses. In particular, the requirements for obtaining capital are prohibitive. Nigeria marginally lags her SSA peers with regard to financing, while the gap to global peers is more pronounced. The report said: “In-depth interview participants indicated that collateral of up to 120 per cent is often required for debt financing. As a result, 67 per cent of respondents believe that

gos seaports in March last year. While used vehicles accounted for 63.9 per cent of the imports, new vehicles were 36.1 per cent.

freight traffic grew by 45 per cent and 80 per cent respectively between 2011 and 2012. ``It is projected that at 6.1 per cent, Africa will be the third fastest growing region with regard to international traffic by 2015. ``The growth rates for other regions are Middle East 7.9 per cent; Asia Pacific 6.9 per cent, Europe, 5.0 per cent; and North America, 4.9 per cent, while the global rate is expected to be 5.8 per cent’’, according to the AfDB (2012). He said the bank being a trade finance institution, was aware of the role of trade in the continent’s developmental agenda and its critical contribution to national and continent’s development. Meanwhile, stakeholders drawn from across the continent that attended the aviation confab have described Africa’s aviation industry as the least developed and least efficient due to multiplicity of challenges it faces. They listed the challenges that have weighed down the overall performance of the industry to include underdeveloped infrastructure such as airport facilities and poorly equipped airlines, poor record of safety and security, which are at variance with international standards. Others are lack of effective enforcement of safety regulations as well as absence of political will on the parts of some governments, especially in relation to the implementation of the Yamoussoukro Decision. The Yamoussoukro Decision is an African Union instrument intended to liberalise activities in the aviation sector, and in doing so, improve efficiency and contribute in attracting capital investment into the sector.

Africa’s credit financing value gap is $170bn, says survey bank-lending policies for newer companies are more challenging than for well-established firms. There is also a perceived shortage of equity capital with only 15 per cent of respondents believing there is a sufficient supply of equity capital for starting new firms.” Currently, according to the report, the main sources of capital for small and growing enterprises are retained earnings, credit cards, loan associations and investments from family and friends. 45 per cent of Afro-entrepreneurs report that they used family loans to finance their business, and 19 per cent say they used private equity. It noted that once these sources were fully exhausted, entrepreneurs faced the challenge of tapping other sources of capital.

The report explained: “While the majority of Afro-entrepreneurs in five of the six countries indicate that they know of organisations and programmes that can direct them to sources of capital, they cite the cost of funding as a primary reason they are reluctant to access, or even explore different avenues of funding.70 per cent of respondents believe that the cost of debt capital (and 60 per cent believe that the cost of equity capital) hinders company formation and growth. “The cost of capital charged by banks and investors is often so high that it impedes the entrepreneur’s profitability. In some cases, banks require 150 per cent of the borrowed amount in collateral, thereby automatically disqualifying CONTINUED ON PAGE 27

BUSINESS | NEWS

Sanctity of Truth

Monday, June 16, 2014

We lost N450bn to B’Haram –Traders

Afriland Properties pays N100m dividend

friland Properties Plc, the real estate development company that will oversee the redevelopment of the Falomo Shopping Centre in Ikoyi, Lagos, last Friday announced dividend payment of 10 kobo per share for the 2013 financial year.  Chairman, Afriland Properties Plc, Erelu Angela Adebayo announced the dividend, which amounted to N100 million, at the annual general meeting (AGM) of the company in Lagos.  This, according to a statement is the first AGM held by the company since it spun off from UBA Plc and merged with Heirs Real Estate Limited in December 2013. “The merger aligned the long-term interests of both companies and leveraged on their complementary strengths to expand operations and expertise,” the statement added.  Addressing the shareholders, Adebayo said the company recorded an operating income of N595 million for the year ended December 31, 2013, showing a growth of 2,495 per cent above the N22.945 million posted in the 2012. Profit before tax (PBT) rose by 1,177 per cent from N33.26 million in 2012 to N424.75 million in 2013.

P'Harcourt refinery down C O N T I N U E D F R O M PA G E 2 5

day. "The outages and other factors have forced Nigeria to import large volumes of refined petroleum products to meet its domestic needs," she said. The company she maintained has plans to invest over $1 billion in Nigeria over the next five years. This investment, she said, is to strengthenitslocalpresenceinmanufacturing and product services. “This investment will make Nigeria a regional hub for manufacturing, service and innovation with an improve ability to support a broader range of product lines in power generation as well as oil and gas exploration and production,” she said. Similarly, the GE Power and Water has formally introduced its new Distributed Power business for Africa, building on GE’s corporate commitment to help address the continent’s need for more reliable, local energy supplies that can promote greater economic development and security in urban and rural areas. “In areas of Africa where traditional grid service is poor and does not exist, we are seeing more customers seeking to install distributed power technologies that can help ensure that homes and businesses have more reliable supplies of electricity,’ Bolsinger said. GE’s Distributed Power, she said, is “commitment to helping customers throughout Africa use more of their own domestic energy resources, which in turn enhances the economic security of the region for future generation.

Dele Alao

T L-R: Deputy Country Head, Deutsche Bank, Adeola Azeez, Executive Director, Shared Services, Fidelity Bank Plc. Chijioke Ugochukwu, Country Representative Officer, Deutsche Bank Group, Charles Weller, at the representation of the Deutsche Bank 2013 USD STP Excellence Award to Fidelity Bank Plc.

Passengers have full insurance cover, says NRC INCOMPETENT Containers haulage by railway from seaport to hinterland is below target Sunday Ojeme and Bayo Akomolafe

oubts on whether the Nigerian Railway Corporation (NRC) rolling stocks and passengers have adequate insurance cover were finally laid to rest last week when the management of the corporation said the facilities and passengers enjoyed full underwriting protection. The recent unveiling of newly acquired multimillion naira air-conditioned coaches by President Goodluck Jonathan, the vandalisation of one of the stations by passengers and the accident that claimed the life of one of the railway workers, had prompted the question of maintenance, sustainability and welfare considering the neglect that visited the sector in the past. Speaking with New Telegraph on the telephone, Assistant Director, Public Relations of the NRC, Mr. David Ndakotsu, said the railway facilities and the passengers were fully insured against any manner of accident or loss. He said, “There are no coaches on the tracks that are not insured. Even the passengers are also under full insurance cover. There is no way such facilities would be in operation without being covered. “All our rolling stocks are covered by insurance. Local insurance companies cover them all. I cannot disclose how much that costs. The engines are covered by insurance but the workers are covered by the same benefits applicable in the public sector.” Two weeks ago, angry train passengers had destroyed the newly inaugurated luxury passenger train less than 24 hours after it was inaugurated. Many people including offi-

Corporation moves 1,200 containers cials of the NRC were injured as the passengers threw stones and bottles at the new train. Policemen from the Railway police command, who arrived at the scene after the train had been vandalised, later arrested many of the angry protesters. Prior to the vandalisation by the passengers, one of the passenger train, reported to be coming from Kano, had derailed at the Lagos Terminus of the corporation in Iddo, killing the locomotive assistant while the driver was injured. The train, which was said to have lost its break hit one of the concrete pillars in the terminal and completely destroyed the ticketing section of the NRC. Meanwhile the NRC has moved 1,200 bonded containers from the Lagos Port Complex, Apapa to Kaduna and Kano in the last 10 months. It was learnt that the corporation moved 120 containers monthly to the two locations. Also, the corporation moved an average of 3,570 tons of cement from Ewekoro; 3,170 tons of wheat monthly from the Apapa Bulk Terminal Limited and 120 bonded containers from the Apapa Port to Kaduna and Kano. Kano dry port has a capacity of 20,000 Twenty Equivalent Units (TEU). Train haulage of 1, 200 containers for 10 months is equivalent to 1,200 trailers on the road in day. The dry port was concessioned to Dala Inland Dry Port Limited. Other dry ports expected to be serviced by NRC are IsialaNgwa in Aba, (50,000 TEUS), Ibadan (50,000 TEUs), Jos (20,000 TEUs), Funtua (10,000TEUs) and Maiduguri (10,000 TEUs) but due to the bad rail tracks, the dry port are not functioning. In August last year, the Corporation commenced haulage of containers from Lagos Port Complex in Apapa to Kano State with 40 containers twice

in a week. Few weeks later, it began epileptic haulage with 20 containers from AP Moller Terminal to the dry port due to weak tracks. It was learnt that the first container haulage, which began in August did not get to the destination as programmed. Investigation also revealed that the some of the tracks built during the colonial era are weak and could no longer accommodate heavy loads. It was learnt that the Federal Government under General Sanni Abacha regime awarded contract for the rehabilitation of the tracks in 1995 to the same company, the Chinese Engineering Construction Company (CECC), which is currently handling rail rehabilitation in the country. Recently, its Managing Director, Engr. Adeseyi Sijuade, said the freight volumes moved by rail would rise significantly over the next few months as two new Diesel Multiple Units (DMU) engines and six units of air-conditioned coaches were commissioned by Vice President, Namadi Sambo.

raders in some northern parts of the country affected by Boko Haram insurgence have lost about N450 billion since the beginning of the onslaught. In a telephone interview with New Telegraph at the weekend, the president, National Association of Nigerian Traders (NANTS), Ken Ukaoha, said that the amount was besides other unquantifiable losses recorded in major markets across some northern states such as Borno, Bauchi, Gombe and Plataeu states. “What our members have lost in those states affected by Boko Haram insurgence cannot be less than N450 billion according to what the executive council of the association has observed,” he said. The NANTS rose from her emergency National Executive Council (NEC) meeting in Abuja recently, with a call on the Federal Government to improve the security situation in the markets nationwide, particularly in the Federal Capital Territory. Meanwhile, the association has commended the federal government for responding positively to the demand for security operatives to guard major markets in the northern parts of the country. “NANTS wishes to express appreciation to government for the listening ears given to the call to securing the market places. We further commend the Inspector-General and the Commissioners for Police for rising to the occasion and taking the people unawares through concerted security checks and stop and search actions that are geared towards securing the lives and properties of the traders, buyers and visitors to the markets,” the association said. It added: “We however, appeal to the FCT administration in particular to extend the security checks to all shopping malls and eating/drinking joints as well as worship places in the FCT.

Africa’s credit financing value gap is $170bn C O N T I N U E D F R O M PA G E 2 6

many from funding eligibility.” The report noted: “Government funding is viewed as difficult to access due to bureaucracy and nepotism (only five per cent of survey respondents used government funding). Many entrepreneurs admit to being unaware of alternative funding options available from government or private sources, other than banks. There is also a lack of ‘patient capital’ sources, leaving entrepreneurs heavily reliant on their network of family and friends to source capital to start and run their businesses.”

It noted debt financing from banks is one of the most prevalent funding sources in Africa “but it is viewed as an unsuitable funding source for entrepreneurs given the structure of funding from banks.” Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Monitor Group, on the other hand, is a global strategy-consulting firm that works with the world’s leading corporations, governments and social sector organisations to drive growth on the issues that are most important to them.

28 MONDAY| INTERVIEW

Sanctity

Monday, Ju

Government should float grants Mr. Akinwale Akingbade is the President of the Association of Software Testing and Quality Management Nigeria (ASTQM). In this Interview with JONAH IBOMA, he states how Nigeria can be a global player in the ICT industry and other sundry issues. Excerpts A new DG was recently appointed for NITDA. What should be his focus? If I were in the shoes of the new DG, I will be supporting ICT SMEs to gain international quality standards that will help them gain access to markets. Aside that, I will work on harnessing future potential of IT in creating new enterprises by supporting the incubation of businesses in the IT cluster and nurture existing small and large IT incumbents to enable them to continue to do business and attract more investments. The new DG, apart from ensuring that NITDA fulfils its statutory roles, should collaborate with the ASTQM, medium, and small, micro enterprise projects under the Ministry of Trade and Industry for the development of the ICT Parks in the country. There is also the need to partner with ASTQM to help establish and nurture the Software Testing Industry and create wealth, transfer knowledge and create employment opportunities in Nigeria. If NITDA actually does these things, I anticipate that these interventions will lead to the development of a dynamic, competitive, sustainable market-linked ICT sector in Nigeria. Also, there will be an increase in participation of SMEs in the global value chain. There will also be transfer of skills and technologies to local SMEs and Universities and more jobs will be created. I will also want NITDA to create matching grant scheme for public and private training providers to produce a skillbased workforce of trainers and professionals for the Business Process Offshoring sector. There are other things such as setting up performance-based subsidies, matching grant for providers of incubation services to support the creation of businesses with activities in the ITES clusters. How can state governments ensure ICT growth? Most state governments have ministries of technology. Ondo, for instance, has the state Information Technology agency. But of all the states, it is only Lagos State that is harnessing its ICT investment to aid development properly. A whole lot of the state governments do not have a robust ERP (Enterprise Resource Planning) some others do not have ICT applications that drive revenue collection. Lagos has its Oracle systems and today one can walk to any revenue service office in Lagos and make payment easily. This is because the state has set up a good ICT foundation. That is why I Believe that Lagos is the only state in Nigeria today that can stand on its own if oil wells should run dry. State governments need to look at investing in it to ensure that things like ghost workers are eliminated. It also set up a revenue service. Now people can walk into any revenue office and pay for service. Now you can have a lot of transaction done online. The issue of transporting long distances before paying for service is removed. So,

Akingbade

Lagos has used ICT as an enabler to drive business of governance in the state. That is why you see a whole lot of success coming out from the state. There is a lot of IT application end-to-end. This is found in local governments in every ministry. So, state governments need to have IT as enabler of development. There are a whole lot of state governments that do not have human resource application. So, they do not know the number of their workers. That is why ghost workers are all over the place. You can see that the Nigerian military has now said that soldiers, including the rank and file, would no more be paid manually, but will have their accounts credited using an IT platform. How can higher institutions be better positioned for ICT growth? The curriculum of our universities from ICT point of view need to change a bit. The syllabus that you used some years ago is not what is being used today. Things have changed. Go to India or Indian schools in Nigeria; from junior school or primary, their children are being taught how to code. They are being taught practical things, not theory. I am not saying that theory is wrong, but the truth is that it is high time we begin to teach our people what they need to know so that when they go out to the marketplace, they will be relevant. Many students, before they get out of universities, should have some IT certifications. My niece, who is doing fantastically well in the United Kingdom, got her first IT certification in high school before she went to the university. These are parts of the things that ASTQM want to do. We want to partner with the National Universities Commission, from the software testing perspective and share our syllabuses

with them to help students come out with a clear career path from the universities. You are an expert in software testing. Why do software faults occur? All of the products of software development (specifications, source code and test documents) are written by human beings. All human beings are prone to make errors regardless of how experienced or skilled they are. So, a number of faults in software are inevitable. Furthermore, many of the computer systems being developed today are so large and complex that it is not generally possible for any one person to understand every aspect of a system. Many people have specialised in particular areas or aspects. For example, we have database experts, software design experts, algorithm experts, network and operating system experts. Also, there are experts in specific areas of the businesses that the systems support. Good documentation (specifications and the like) are necessary to communicate all the relevant information each person needs to complete their parts of a system. However, people are fallible and so make errors, causing faults in the specifications. When dealing with one part of a system, a systems designer or programmer may think he understands some other aspect outside of his particular area of expertise, but he may not. Assumptions are often made because it is easier and quicker to assume one thing than to find out what the real answer should be. What are the implications of faults in software? The cost of software faults that are not

detected before a system is put into live operation varies, depending on a number of factors. Some of the more spectacular software failures are well known. For example, the European Space Agencyâ&#x20AC;&#x2122;s Ariane 5 rocket exploded 37 seconds into its launch because of a software fault. This fault cost $7 billion. Although it had been tested, a series of errors meant that out-of-date test data was used. Another example is the Mariner Space probe. This was meant to be going to Venus but lost its way as a result of a software fault. The Fortran program had a full stop instead of a comma in a FOR (looping) statement that the compiler accepted as an assignment statement. One final example is where the expected results were not calculated beforehand and in this instance cost American Airlines $50 million. By way of background to this example, airlines never want to fly with empty seats - they would prefer to offer discount seats than to fly empty. However, they also do not want to discount the seat when they could receive the full price.

The voting systems, machines for data capturing and voting used in Nigeria today are complicated machines; each runs on tens of thousands of lines of software code

MONDAY| INTERVIEW 29

of Truth

une 16, 2014

for local ICT firms –Akingbade BIODATA Previous Positions: Qualifications: Work Experience:

Project Manager Senior Test Consultant Senior Vice President Chief Executive Officer Certified Software Tester LLB Hons (University of Ife) Senior Test Consultant, iGate consulting, United Kingdom; Senior test Consultant, Hlifax Bank, Scotland, Senior Test Consultant, capital One, United Kingdom Senior Vice-President, DML Internetworks, USA CEO, TC-QA Associates, Nigeria Years of Experience: About 20 years

transaction, a software fault in the banking application said he had overdrawn his account for the first time in his life. The banks system automatically sent threatening letters and charged him for being overdrawn. The man committed suicide.

Akingbade

Why is software testing necessary, considering that it is not very popular in Nigeria? Testing is necessary because software application or engine is likely to have faults in it and it is better (cheaper, quicker and more expedient) to find and remove these faults before it is put into live operation. Failures that occur during live operations are much more expensive to deal with than failures that occur during testing prior to the release of the software. Of course, other consequences of a system failing during live operation include the possibility of the software supplier being sued by the customers Testing is also necessary so we can learn about the reliability of the software. By this I mean how likely it is to fail within a specified time under specified conditions. Testing is not ‘to prove that the software has no faults’ because it is impossible to prove that software has no faults. Neither is testing done ‘because testing is included in the project plan.’ Testing should be included in the project plan, but this is not the reason for testing. Testing is essential in the development of any software system. Testing is needed in order to assess what the system actually does, and how well it does it, in its final environment. A system without testing is merely a paper exercise - it may work or it may not, but there is no way of knowing it without testing it.

Akingbade

Airlines run complex ‘yield management programs’ to achieve the balance right. But these programs often change a lot to increase profitability. One such change was catastrophic for American Airlines. The program gave reasonable, but wrong results for the number of discount seats. Of course, not every software fault causes such huge failure costs, fortunately. Some failures are simple spelling mistakes or a miss-alignment in a report. There is a vast array of different costs but there is a problem - software is not linear. Small faults can have large effects. For example, a spelling mistake on a screen title said “ABC SOFTWEAR”, a simple mistake but it cost the company a sale. The consequences of faults in safety critical systems can be much more serious. I remember a case in Canada, where a machine called Therac-25 was used in the

treatment of cancer patients. It had the capability of delivering both x-rays and gamma rays. The normal dose of x-rays is relatively low while gamma ray dosage is much higher. Switching from one type of ray to the other was a slow process but the operators discovered that if they typed fast it could be made to switch more quickly. However, it only appeared to have switched. Six people died as a result of having too high an x-ray dose. This was a design fault. There was a case of Airbus crashing into trees at an air show at Habsham, Germany. Software protected engines by preventing them from being accelerated as fast as the pilot required to avoid hitting some trees after a low fly pass. There is another unfortunate example. An elderly man bought presents for his grandchildren, and after completing the

Sometime ago, you called for scrutiny of technology behind electoral systems Yes. Frustrated voters, failed voting machines and lost votes have been constant news reports following every recent major election over the years. That should not be surprising. The voting systems, machines for data capturing and voting used in Nigeria today are complicated machines; each runs on tens of thousands of lines of software code. When it comes to system failures, however, voting machines are different from automobiles and airplanes and other products, in at least one important respect, for the vast majority of voting systems in use today, machines supplied by vendors/ manufacturers are not tested and do not require to report malfunctions to any government agency. Second, there is no agency that either investigates such alleged failures or alerts election officials

and the general public to possible problems, let alone requires voting system manufacturers to fix such problems. The consequence of this lack of oversight is predictable. Voting systems fail in a particular local area in one election, and then again later, under similar circumstances, but in a different locality. These repeated failures disenfranchise voters and damage public confidence in the electoral system. So, what we need is a new and better regulatory structure to ensure that voting system defects are caught early. Based on our review of regulatory schemes in other industries, we are convinced that the focal point for this new regulatory system must be a clearinghouse – a national database/storage accessible by election officials and others that identifies voting system malfunctions that are reported by voting system vendors or election officials. If this database is going to have any real benefit, voting system vendors must be required to report all known malfunctions and election officials must have full access to the database. In Nigeria, we could have something like the Election Assistance Commission (EAC) of the US, which is a federal agency charged with the task of creating a testing program for new voting system. Your firm, TC-QA Associates has been involved with lotteries and various similar programmes in banks and telecoms firms. What do you people do? Apart from the application testing perspective, we look at the applications that people who are holding lotteries use from end-to-end. Also, from the Consumer Protection Council perspective, we are there to ensure that people who win are actually the ones and that there is no mago-mago or cheating of any kind that is involved. We also ensure that such lotteries meet international standards in terms of fairness, openness and transparency of the process. So, we do audit and beyond that examine the backend of any application that they are using to ensure that it is alright. How does testing affect switching companies? A lot of issues go into switches and PoS terminals, cards and ATMs. What we try to find out in testing is whether they are in line with what they should be doing in terms of quality. If there is a delay in transaction, we try to find out what is causing delays. We ask if the network is down and what is causing downtime. Now that the Central Bank of Nigeria is saying that everybody should go cashless, we need to realise that things such as availability, infrastructure and internet are extremely important towards the success of such initiatives. There is the need to test to know whether people in remote areas who want to use ATMs can actually do so. However, there is the need for security of ATMs. The questions that testing try to ask is what are the reporting tools that they have to monitor all ATMs in the country and ensure the sort of conditions that they are at any given time? It is not enough to just sign a deal with an ATM company in India. Another thing is billing system. Today, billing systems in Nigeria are charging people correctly and that is why you see that when people suspect wrong billings and they ask auditors to look at their accounts, you actually see errors and the banks refund money. The same thing is happening with telecom companies. It is just that Nigerians do not care. There is a lot of wrong billing that goes on in the country.

30 BUSINESS | MONEYLINE

Sanctity of Truth

Monday, June 16, 2014

Fidelity Bank to upgrade software which are the new competition raging in the banking sector, Mbagwu said that the bank knew that technology would be the game changer, given that the Central Bank of Nigeria (CBN) and the Bankers’ Committee had agreed on the modalities to phase out Commission on Turnover (CoT) and other bank charges. He said that Fidelity Bank is working assiduously to upgrade its banking software from finacle 7 to the latest version Finacle 10; stressing that the bank would remain up-to-date with technology, which will expedite its applications and service. “You know Technology also has life cycle. Once your

TECHNOLOGY Technology would be the game changer

idelity Bank Nigeria PLC is working to cut over its banking software to the latest version of Finacle 10, even as it re-jigs its e- banking department to keep ahead of current demands. The Executive Director, Lagos and South West Bank, Mr. Ike Mbagwu, stated this in an interview with the New Telegraph in Lagos. Speaking on information and communication technology,

technology expires, you must renew it”, he enthused, stressing that the bank will leverage on greater facilities offered by the new version. He said Fidelity is competing already, citing the bank’s dual currency card and it’s, ISO 27001certification, which it achieved last two years ago while other banks are still trying to get certified. Mbagwu described ISO 27001 as an Information Security Certification given to banks that have achieved a certain level of security certification in their systems. He said: “Our certification is the highest because you can certify modules and

Enterprise ‘Walk-For-Life’ campaign holds Saturday

nterprise Bank Limited would on Saturday June 21; hold the second edition of itsWalk-For-Life campaign. This is in continuation of its Corporate Social Responsibility (CSR) initiative, which is targeted at promoting the healthy living of people in its host communities, The event, according to the bank, is planned in such a way that it holds simultaneously across the 10 regions of the bank nationwide, except in Ekiti State, where the Independent National Electoral Commission (INEC) is conducting a general election. According to information

from the Corporate Communications Department of the bank, the Walk-For-Life exercise, which will kick off at exactly 7 a.m. will underscore and promote the importance of good health and physical fitness among staff, customers of the bank and the host communities where the bank has outlets all over the country. Explaining the modalities for the Lagos version, which will be flagged off by Mallam Ahmed Kuru, the bank’s Managing Director/Chief Executive Officer, the statement said that the Walk-For-Life campaign would involve participants

walking through a distance of over 8 kilometres on the Lagos, Ikoyi and Victoria Islands. The statement added that Enterprise Bank is embarking on the walk to highlight the importance of regular exercise, noting, “Walking is a great way to keep the body fit and healthy at all times irrespective of age.” The statement added that the Walk-For-Life initiative is another effort by the management of Enterprise Bank to continually seek new ways of improving the lives and lifestyle of all its stakeholders by continually making them to be conscious of their health.

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

Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Bid 12.10 12.10 12.05

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

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

Offer 163.38

Interbank rates rise

he Central Bank of Nigeria (CBN) said it would issue short-dated treasury bills on June 18 to raise N168.3 billion ($1.03 billion), part of a debt issuance programme it announced last week. The issuance of these bills came hours after the interbank lending rates climbed to an average of 10.87 per cent last week, from 10.5 per cent penultimate week, after payment for bond purchases sucked liquidity out of the banking system. The bank according Reuters news, plans to raise N33.26billion in three-month bills, N65.02 billion in sixmonth, and N70 billion of one-year notes, using a reverse Dutch auction system. The Federal Government intends to raise N936.9 billion ($5.76 billion) through treasury bills over the next three months, according to a debt issuance calendar published by the bank last Tuesday. It issued N85.17 billion ($522.8million) in 3-year and 10-

year bonds, putting pressure on available cash deposits. The cash balance that lenders hold at the apex bank fell to a surplus of N349 billion last Friday, compared with N535 billion a fortnight earlier. "There was a cash squeeze today (last Friday) due to funding for bond purchases," one dealer said. The open buy-back (OBB) rose to 10.75 per cent, compared with 10.25 per cent and 1.25 percentage points below the banking watchdog's benchmark rate of 12 per cent. Overnight placement rose to 11 per cent last week, from 10.50 per cent penultimate week. Dealers said the Financial Market Dealers Association abolished call money, with trading now between overnight placement and Open Buy Backs (OBBs) backed by treasury bills. Dealers say OBB rates should slip back to around 10.25 per cent this week, when monthly budget allocations to government agencies are disbursed.

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

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

nited Bank for Africa (UBA) Plc said it had launched a web-based banking dais, UDirect Corporate. The platform according to a statement from the bank, a cash management and transaction services policy designed to help small and large firms maximise their payments, collections and liquidity position. U-Direct Corporate, which is operational in UBA Nigeria and across the 18 African subsidiaries of the UBA Group, offers an integrated, single sign-on product suite, through which the lender provides to corporate clients cash management and transaction banking services, the bank said. The new web based U-Direct

Corporate, designed for SMEs, large companies, institutions and government requires only one password to access all its 8 modules on the platform. The eight modules include; payments, collections, multibank multi-regional balance viewing, liquidity management, cash forecasting, e-Trade, e-Treasury and value chain management. “U-Direct Corporate also offers a mobile app, the first of its kind for corporate customers in the industry, that enables access to the platform for payments and approvals on mobile phones. The mobile app is available for Android, IoS, and Blackberry smart phones,” the statement said.

Citigroup said to face $10bn request in US

Money Market Offer 11.85 11.85 11.80

FG raises N168bn TBs Wednesday

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

cation is renewed every year as the standards authorities insisted on consistent. Mbagwu also recalled that Fidelity bank was the first to introduce dual currency cards, naira and dollar cards in the sector, stressing that the bank has primed its electronic channels to meet the changing needs of its sophisticated customers whether in the country or in the Diaspora.

UBA floats cash mgt solution for firms

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

different areas of banking systems, but we went for full certification. For that reason, we are able to offer services to customers in Nigeria and our Diaspora customer services that they can enjoy from wherever they are. He averred that the bank needed to put infrastructure down to show that it was ready for the competition; pointing out that the certifi-

Offer 163.5000 Source: FMDQ

he US Justice Department has asked Citigroup Inc. for over $10 billion to settle a probe into the lender’s sale of mortgage-backed bonds in the run up to the 2008 financial crisis, according to a person familiar with the negotiations. Prosecutors broke off talks with Citigroup on June 9 and are preparing to sue the bank after the lender offered less than $4 billion to resolve the matter, said the person who asked not to be named because the negotiations are private. “The Justice Department

could file a lawsuit this week,” the person said. The department is taking a similar approach in discussions with Bank of America Corp. Prosecutors also halted talks on June 9 after the bank offered to pay more than $12 billion, falling short of the department’s $17 billion request. Citigroup is among at least eight banks under investigation by the Justice Department for misleading investors about the quality of bonds backed by mortgages as housing prices plummeted.

BUSINESS | MOVERS, SHAKERS & CAREER

Sanctity of Truth

Monday, June 16, 2014

Can CBN's new code of conduct entirely curb abuses? Abdulwahab Isa

Members of the board shall be qualified persons of proven integrity and shall be knowledgeable in business and financial matters, in accordance with the extant CBN guidelines on fit and proper person’s regime. The revised code also set ground rule on conflict of interest as situation may arise. The board of directors shall be responsible for managing conflicts of interest. “Directors shall promptly disclose to the Board any real or potential conflict of interest that they may have regarding any matter that may come before the board or its committees. Directors shall abstain from discussions and voting on any matter in which they have or may have a conflict of interest.”

ABUJA

recisely on May 16, 2014, the Central Bank of Nigeria (CBN) rolled out a new set of behavorial rules for banks and discount houses operating. The apex bank in a circular, by its director, Financial Policy and Regulation Department, Kelvin Amugo and addressed to banks and discount houses, issued a revised code of whistle-blowing guidelines for banks and discount houses. The banking watchdog gave October 1, 2014, as take-off date for the implementation of the revised code of corporate governance. Imperative for new guideline To ensure that operations of banks are in conformity with international best practices, the apex bank fashioned out code of corporate governance. The code is, however, modified as the need arises. The need for efficient governance code for banking sector received global attention recently in the face of huge financial scandals around the world. Added to this, was the recent collapse of major corporate institutions in the USA and Europe. The sad developments brought to fore, a need for strict adherence to good corporate governance, a system by which corporations are governed and controlled with a view to increasing shareholder value and meeting the expectations of the other stakeholders. For the financial industry, the retention of public confidence through enthronement of good corporate governance remains utmost importance given the role of the industry in the mobilisation of funds, the allocation of credit to the needy sectors of the economy, the payment and settlement system and the implementation of monetary policy. Some inherent weaknesses identified in previous code of corporate governance include disagreement between board and management, which gave rise to board squabbles, ineffective board oversight functions, fraudulent and selfserving practices among members of the board, management and staff. Other weaknesses are: Overbearing influence of chairman or MD/CEO, especially in family-controlled banks, weak internal control; non- compliance with laid down internal controls and operation procedures; poor risk management practices resulting in large quantum of non-performing credits including insider related credits. Others are abuse of lending guideline by exceeding single obligor limit and sit-tight directors’ syndrome. Indeed, the banking sector never lacked guidelines. There is a subsisting code of corporate guideline of 2005, which became effective in 2006 in the aftermath of banking consolidation. It is meant to guide and regulate behavioral conduct of practitioners. Whistle-blowing On whistle-blowing, the CBN had, in the past, directed all banks, discount houses and other financial institutions to provide relevant information to the joint examiners from CBN and Nigeria Financial Intelligence Unit, for full implementation of its gazette Anti-Money Laundering /Combating Financial Terrorism (AML/CFT) Risked-Based Super-

Mrs Sarah Alade, Deputy CBN Governor

vision Framework of 2011. In a previous circular to banks some years before now, CBN said it had commenced full implementation of the gazette aimed at curbing money laundering and other financial crimes within the banking sector. That directive came barely a week after the CBN urged banks and other financial institutions, through a circular, to set up an internal whistle-blowing mechanism to expose any internal sharp practices that is capable of truncating its monetary policies meant to sanitise and boost the financial sector. In order to give a bite to whistle-blowing initiative, the apex bank said it had designed a risk assessment template to gather all statistics on money laundering from the banks under its purview. “The risk assessment questionnaire is designed to obtain information that would enable the Bank Examiners assess the adequacy or otherwise of the control functions in place to mitigate the Money Laundering and Financial Terrorism risks identified in your institutions. Other AML/CFT templates provide uniform formats for all financial institutions to render their returns for ease of processing by the CBN and NFIU,” CBN stated. Efficacy of corporate governance There is always in place, a set of rule to govern conduct and practice of banking sector and its practitioners. While past code of corporate governance merely existed on papers, it was a different ball game for the 2006 code of corporate governance. The subsisting code was the ground rule deployed to axe some bank CEOs that were shown the way out during the tenure of the suspended CBN governor, Mallam Sanusi Lamido Sanusi. Former top bankers and CEOs in the person of Cecelia Ibru of the defunct Oceanic Bank, Chief Erastus Akingbola of the defunct Intercontinental Bank Plc and others lost grip of their banks on gross violation and abuse of code of corporate governance. Similarly, 10 years maximum tenure prescribed in the subsisting code of

CBN governor, Godwin Emefiele

corporate governance for bank CEOs caught up with many MD/CEOs and they had no option than to step down. Included in this category was Jim Ovia of Zenith Bank Plc, Tony Elumelu of UBA, and Akinsola Akinfewa of Skybank Plc. Revised governance code Some key provisions in the revised code for banks and discount houses issued by CBN spelt out responsibilities for board members, appointing CEOs, tenure, and criteria for appointing auditors, among others. The revised code is not too different in provisions contained in 2006 code. For instance, the revised code stipulates that bank’s external auditors “shall report annually to the CBN” and such external auditor “must have adequate experience/knowledge and competence to assess the governance systems in banks and discount houses.” As part of its responsibility, board is accountable and responsible for the performance and affairs of the bank in line with the provisions in the Companies and Allied Matters Act (CAMA) 1990. Directors owe the bank the duty of care and loyalty and to act in the interest of the bank’s employees and other stakeholders. In addition, the board is to define bank’s strategic goals, approve its long and short term business strategies and monitor their implementation by management. The board, according to the revised code by CBN for banks and discount houses, are to appoint the CEO as well as top management staff and establish a framework for the delegation of authority in the bank in compliance with the provisions of the CBN’s circular on harmonisation of job roles in the banking industry. It is also the responsibility of the board to ensure that a succession plan is in place for the CEO, other executive directors and top management staff. The revised code put the size of the board of any bank or discount house at minimum of five and a maximum of 20.

Separation of power On separation of power, the revised code of corporate governance stipulates that: “Positions of the board chairman and the Managing Director/Chief Executive Officer (MD/CEO) shall be separate. No one person shall combine the two positions in any bank at the same time. For the avoidance of doubt, no executive Vice Chairman shall be recognised in the board structure. “Where the bank is a member of a holding company, not more than two extended family members shall be allowed to serve on the boards of the bank and the holding company. "No two members of the same extended family shall occupy the positions of Chairman and MD/CEO or Executive Director of the bank and Chairman or MD/CEO of a bank’s subsidiary at the same time.” The revised code made provision for power separation between CEO and board chairman. “The positions of the Board Chairman and the Managing Director/Chief Executive Officer (MD/CEO) shall be separate. No one person shall combine the two positions in any bank at the same time. For the avoidance of doubt, no executive Vice Chairman shall be recognised in the board structure.” On appointment, a CBN guideline on appointment to the board of financial institutions still subsists. However, one of the features of the revised code is a provision compelling board to disclose, in the corporate governance section of the annual report, the total number of board meetings held in the financial year and attendance by each director. On whistle-blowing, banks and other financial institutions are expected to have a whistle-blowing policy, which shall be made known to employees, management, directors and other stakeholders such as contractors, shareholders, job applicants and the general public. The policy is expected to be uploaded in banks’ websites. Industry expectation The revised code of corporate governance no doubt, will enhance and strengthen effectiveness of the Nigerian banking sector if faithfully implemented. However, the snag remains whether it will enjoy maximum cooperation of industry stakeholders and the banks. And to ensure that maximum penalty is handed down to banks that run foul of the code, the new CBN Governor, Godwin Emefiele, will have no option but to wield the big stick on the offenders.

BUSINESS | STOCK WATCH

Sanctity of Truth

Monday, June 16, 2014

Mobil Oil: Bargain hunters eye prospects

Share price movement of Mobil Oil Nigeria Plc 2013 July

N1121.95

Aug 31

N112.00

Sept 30

N107.00

SANGUINE

Oct 31

N116.05

Investors build on expectation of PIB passage

Nov 30

N114.53

Dec 31

N118.60 2014

Chris Ugwu

igeria’s business environment in 2013 witnessed a mix of positive and negative changes. The downstream petroleum sector also had its share, as it remained a partially deregulated industry. Financial pundits believe the regulated margins on gasoline sales are barely sufficient to cover operating costs and delays in reimbursing subsidies on fuel imports continue to be a concern. They however, believe that the passage of Petroleum Industry Bill (PIB) would enable the company deliver good returns to shareholders. Mobil Oil Nigeria Plc also got its fair share as its 2013 full year results witnessed a decline in turnover, which fell by 2.55 per cent. Most Nigeria oil marketers recorded a sharp dip in turnover following a drop in petroleum product supply witnessed towards the end of the financial year. Market sentiment on the shares of the company has remained relatively stable, save for the shares of Fort Oil, which had ranked fifth at the beginning of trading in January, 2013 in the oil and gas subsector after Total Nigeria, Mobil Nigeria, MRS Oil and Conoil. Fort Oil is presently number one in share price ranking among the industry competitors. However, Mobil’s the share price, which closed at N121.95 per share in July 31, 2013, has remained number three in the sub-sector. At the close of business last Friday, the company’s share price stood at N131.06 an increase of N9.11 or 9.95 per cent year to date. According to market pundits, investors’ appetite for the stocks was also strengthened on the back of considerable rise in bottom-line. Financials In full year 2013, Mobil Oil reported a 2.55 per cent year on year decrease in sales revenue to N78.74 billion from N80.80 billion in full year 2012. Against the decline in turnover, the company grew its profit before tax (PBT) by 25.7 per cent as it recorded N4.076 billion compared with N5.123 billion in 2013. Also, profit after tax (PAT) grew by 20.9 per cent as the company reported N3.480 billion in 2013 compared with N2.878 billion in 2012.

Jan 31

N120.15

Feb 28

N124.85

Mar 31

N122.00

Apr 30

N118.22

May 30

N129.98

June 13

N131.06

important that government reviews the margins to allow the downstream petroleum marketers a fair return on investments.

Oyebanji

In the same vein, the oil marketer increased its dividend payment to shareholders by 20 per cent as it proposed a N6.00 per share dividend for its 2013 audited year-end. The company increased its dividend in 2013 with the proposed payment of N6.00 per share compared with N5.00 the previous year. However, the oil-marketing firm consolidated on its Q1 2014 financials as its profit before tax (PBT) climbed up 4.13. per cent for the period ended March 31, 2014. Profit Before Tax grew to N4.747 billion in the Q1 of 2014 from N924.097 million in the same period of 2013. Similarly, profit after tax (PAT) increased 519 per cent to N3.864 billion from N624.194 million in the corresponding period of 2013. Revenue appreciated 17.1 per cent to N22.410 billion in the first quarter of 2014 from N19.142 billion in the same period of 2013. Profit drivers In a bid to continue to increase its market share, the company said it is currently constructing a new gasoline tank, which will increase its storage capacity and provide greater flexibility for terminal operations. Chair man/ Managing Director, Mr. Adetunji

Oyebanji,who made the disclosure while addressing shareholders recently at the 36th annual general meeting (AGM) said additional investment are also planned by the company to upgrade its loading rack and tank farm for improved operating safety and efficiency. He noted that the retail chain has also benefited from selective investments consistent with the returns earned on regulated products, which according to him, will help the company to remain competitive in the market place. “We continue to add capacity in the lube oil blending plant by building additional storage tanks for bulk additives and have embarked on a filling line automation and upgrade. The first phase of our Mobil House capacity enhancement project has been successfully completed. We have made significant progress in the Mobil Court refurbishment project,

In a bid to continue to increase its market share, the company said it is currently constructing a new gasoline tank

which is expected to be completed in 2014,” he said. Oyebanji, who disclosed that the company’s results improved in 2013, said while turnover reduced modestly by 3 per cent to N78.7 billion due primarily to the absence of a one-time supply sale in the prior year, the profit before tax increased by 21 per cent to N3.5 billion due mainly to higher sales of non regulated products. He said diligent cash management has reduced the company’s financing cost by 4 per cent compared to prior year. “Our goal is to deliver shareholder returns that are strong, competitive and superior in long-term value and so, the board is pleased to recommend the payment of dividend of 600 kobo per share, subject to deduction of withholding taxes at applicable rates. The recommended dividend represents an increase of 20 per cent over last year and balances the need to pay shareholders a fair return with the need to retain funds in the business in this challenging environment,” he said. Oyebanji said the company’s business results would continue to be impacted by the fixed margins on regulated products, which have not been reviewed for over seven years. He noted that it was very

Analysts’ perception Financial pundits have attributed the decrease in company’s revenue in 2013 to the continued competition in Nigeria’s downstream petroleum industry in the period, which was on the back of an increase in import licenses issued to petroleum marketers by the Petroleum Products Pricing Regulatory Agency (PPPRA) in half year 2013. Commenting on the Q1 2014 results, analyst at ARM Research said: “We expect revenues to, however, moderate in the quarter, though firmer control of operating expenses, amidst improving income from property business, should see earnings supported for the rest of 2014. Mobil trades at a current P/E (based on adjusted Q1 14 earnings) and P/B of 10.9x and 3.7x, relative to 15.5x and 2.8x for domestic peers. Our estimates are under review, though we have a SELL rating on Mobil”. According to Dunn Loren Merrifield Research, upon the successful consideration and final implementation of Petroleum Industry Bill (PIB) presently in process of conclusion by the senate, will, amongst others, loosen Nigeria’s heavily regulated downstream petroleum sub-sector, make market forces of demand and supply become major determinants of performance in the sub-sector and consequently incentivise petroleum marketers like Mobil to engage in significant retail expansion projects in a bid to capture markets and drive volumes. “In our view, these will improve innovation, growth, development and attractiveness of the industry, drive more investments into the industry and make petroleum products prices converge towards market determined equilibrium levels,” they said.

BUSINESS | CAPITAL MARKET REPORT 33

Sanctity of Truth

Monday, June 16, 2014

Profit taking drags down equities BEARISH Market speculators cull profits from previous gains Chris Ugwu

he Nigerian stock market has lowered its momentum from the previous weeks. After recording relative growth, the market tempo retreated in spite of the three-day gained recorded last week. This was due to profit taking by investors in the wake of the cautious optimism that had prevailed in the market in the last three weeks. Foreign Portfolio Investors Reports of the growing attraction of the Nigerian market to foreign portfolio investors has seen the market oscillating as bargain-hunters and profittakers jostle to take positions. Investment flows through Foreign Portfolio Investors (FPI) at the nation’s bourse have grown to N138.78 billion (about $0.89 billion) in April 2014, up 54.8 per cent from January 2014. In a report obtained from the Nigerian Stock Exchange (NSE) website, domestic investors ceded over 50 per cent of trading to foreign investors as domestic transactions decreased significantly from 50.72 per cent to 24.75 per cent over the same period. Total transactions increased by 1.35 per cent, from N181.97 billion in January to N184.43 billion in April, while foreign portfolio investors’ inflows accounted for 75.25 per cent of total transactions. On a monthly basis, the Exchange polls trading figures from major custodians and market operators on their foreign portfolio investments (FPI). In comparison to the same period in 2013, there was an increase in total FPI by 12.86 per cent, whilst the total domestic transactions reduced by 32.61 per cent. However, the FPI outflows outpaced inflows, which were the reverse when compared with the same period in 2013. Overall, there was a 3.29 per cent decrease in total transactions in comparison to the same period in 2013. Consumer goods However, last Monday the principal market indicators, the NSE ASI and market capitalisation, ended in the green territory as demand for consumer goods and industrial stocks raised both indices by 19 basis points. The NSE Consumer Goods Index rose by 19 bps, while the NSE Industrial Index increased by 198 bps. However, financial services stocks and oil and gas stocks generally slumped - the NSE Banking Index fell 191 bps, while the NSE Insurance Index dipped 180 bps. Also, the NSE Oil/Gas Index slipped by 82bps.

Trading floor

On the gainers’ table, construction giant, Julius Berger Nigeria, strengthened by N3.37 to close at N70.87 a share. Also, petroleum products marketers, Conoil and Oando Marketing, appreciated by N2.50 and N0.36 to close at N54.50 and N20.34 per share respectively. Financial services players Guaranty Trust Bank, Stanbic IBTC Holdings and Ecobank Transnational Incorporated, gained N1.50, N0.31 and N0.30 to close at N31.50, N25.31 and N16.70 apiece respectively. On the flip side, indigenous petroleum and exploration company, Seplat Petroleum, moderated by N25.00 to close at N650.00 per share. Similarly, building materials makers, Lafarge Cement Wapco, Ashaka Cement and Dangote Cement, retreated by N4.50, N1.23 and N0.99 to close at N113.50, N26.13 and N229.00 per share respectively. Market parameters The stock market slumped last Tuesday as the bears overwhelmed the bulls following profit taking by investors after a day bullish rally. The key market parameters, the NSE All Share Index and market capitalisation, fell 0.21 per cent each as the two leading building material stocks, Dangote Cement and Lafarge Wapco were worst hit. Consequently, the All-Share Index shed 87.08 basis points to close at 41,521.42 as against 41,608.50 recorded on the previous day, while the market capitalisation of equities depreciated by N29 billion or 0.21 per cent as market sentiments turned red. Meanwhile, a turnover of 1.4 billion shares worth N8.4 billion in 5,686 deals was recorded in the day’s trading. As usual, the banking subsector of the financial services sector was the most active during the day (measured by

turnover volume); with 188.5 million shares worth N2.05 billion exchanged by investors in 1,612 deals. Volume in the banking subsector was largely driven by activity in the shares of UBA Plc and GT Bank Plc. Also, insurance sub-sector of the financial services sector, boosted by activity in the shares of Unity Wapic Insurance Plc, followed with a turnover of 78.9 million shares valued at N64.3 billion in 352 deals. The number of gainers at the close of trading session was 31 while decliners closed at 30. Nigeria Breweries Plc led on the gainers’ table with N3.20 to close at N180 per share while Conoil Nigeria Plc followed with N2.50 each to close at N57.00. Unilever Plc added N2.23 to close at N50.05 per share . Bulls’ dominance However, last Wednesday, the bulls regained market dominance following investment positions taken by bargain hunters on Mobil Oil Nigeria Plc and Dangote Cement Plc. The key market performance measures, the NSE All Share Index and market capitalisation, rose by 0.29 per cent as market sentiments turned green after the previous day bearish rally that saw the market parameters dropping 0.21 per cent. Specifically, the All-Share Index gained 121.15 basis points or 0.29 per cent to close at 41,642.55 as against 41,521.40 recorded last Tuesday, while the market capitalisation of equities appreciated by N40 billion or 0.29 per cent as market returned to positive trajectory. Meanwhile, a turnover of 468.9 million shares worth N3.8 billion in 5,344 deals was recorded in the day’s trading. Just as in the previous day, the banking sub-sector of the financial services sector was the most active during (measured

Five most capitalized stocks@ June 13, 2014 Dangote Cement Plc

N3.9tn

Nigeria Brewery Plc

N1.3tn

Nestle Nig Plc N920bn GTB Plc

N848.1bn

Zenith Bank Plc

N794.3bn

by turnover volume); with 110.2 million shares worth N1.02 billion exchanged by investors in 1,598 deals. Last Thursday, the stock market degenerated from sell offs as the bears overshadowed the bulls leading to share decline in most blue chip companies. The key market performance measures, the NSE All Share Index and market capitalisation, dropped by one per cent as market sentiments turned red on the back of losses recorded by Nigerian Breweries Plc and Dangote Cement Plc. The bulls had regained market dominance the previous day following investment positions taken by bargain hunters on Mobil Oil Nigeria Plc and Dangote Cement Plc. Market operators had predicted that the bullish trend that was recorded in the past few weeks would trigger profit taking and impact negatively on the stock market when market speculators slow down to pick profits. Specifically, the NSE AllShare Index depreciated by 413.9 basis points or one per cent to close at 41,228.65 as against 41,642.55 recorded the previous day.

The market capitalisation of equities equally plummeted by N137 billion or one per cent to close at N13.613 trillion from N13.750 trillion recorded the previous day. At the close of trading, 31 stocks appreciated in price during the day as against 23 others that depreciated in value. Conoil Nigeria Plc advanced by N6.13 to close at N65.98 per share to lead the gainers’ table. Similarly, PZ Cussons added N1.56 to close at N38.50. Guinness Nigeria Plc followed with a gain of N1.00 to close at N180.00 per share. Cumulatively at the close of transaction last Friday, the NSE All-Share Index and Market Capitalisation depreciated by 0.03 per cent to close last Friday at 41,517.10 and N13.709 trillion respectively. Four of the NSE indices appreciated during the week with the exception of the NSE Consumer Goods Index (0.62 per cent), NSE Lotus II (0.70) and NSE Industrial Goods Index (3.22 per cent). Meanwhile, NSE ASeM index closed flat. A turnover of 2.732 billion shares worth N22.165 billion in 26,074 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.876 billion shares valued at N32.902 billion that exchanged hands penultimate week in 28,408 deals. The Conglomerates Industry (measured by volume) led the activity chart with 1.203 billion shares valued at N5.453 billion traded in 2,315 deals; thus contributing 44.03 per cent and 24.60 per cent to the total equity turnover volume and value respectively. The Financial Services Industry followed with a turnover of 1.063 billion shares worth N8.813 billion in 12,506 deals. The ICT Industry occupied the third place with 208.090 million shares worth N106.090 million in 64 deals.

Insurance

EXPANSION NHIS is set to provide more opportunities for workers and school pupils

Sunday Ojeme

s part of plans to actualize the Millennium Development Goals target for the nation, the National Health Insurance Scheme is planning to introduce a Mobile Health Insurance Scheme to cover workers in the informal sector. Disclosing this at a workshop for state and zonal coordinators last week, the Executive Secretary, NHIS, Dr. Femi Thomas, said more than 20 million Nigerians were expected to be covered by the mobile scheme. He also declared that before the end of the year, the NHIS programme would be extended to cover pupils in public primary schools nationwide before the end of the year. According to him, 40 per cent funding for the programme will come from the Federal Government, while state governments will make up the remaining 60 per cent. The Executive Secretary had earlier in the year hinted that a school programme would soon be inaugurated to widen the scope of the scheme, saying that that the programme would enable primary and secondary school pupils from age six to 12 years benefit from services of the scheme. He said the programme would add about 24 million additional enrolments to beneficiaries of the NHIS. He added that plans were

Health insurance’s mobile scheme to cover 20m Nigerians

also on to include students of tertiary institutions into the scheme, saying this would help to fast-track the objective of achieving universal access to healthcare. "Children in primary schools will be treated free. It is our hope that the free health programme will enlist 14 million children nationwide." The executive secretary had earlier revealed that the reduction in the rate of deaths during pregnancy and child birth by Nigerian women was due to Federal Government’s unwavering financial support for the NHIS project. He said the Federal Government had spent over N1billion on the scheme for promoting maternal and child health in reducing unnecessary deaths, stressing that that the FG established the scheme due to the alarming number of children that died during pregnancy and before age five. While calling on Nigerians to take advantage of the scheme by getting enrolled, he pointed out that the incessant deaths among this category of people had become a recurring decimal, as about 39,000 women died before the intervention of NHIS. He said, "Hospital is beyond the reach of women, especially in rural areas and some do not have access to drugs; hence government directed that women and children under five years be treated where such programmes exist."

Sovereign Trust to raise more capital T he management of Sovereign Trust Insurance Plc has concluded plans to raise funds for the underwriting firm through Rights Issue. The decision, which is aimed at consolidating the ownership of the firm by its existing shareholders, is in fulfillment of one of the resolutions reached by the shareholders at the 18th Annual General Meeting held last year, which empowered the Directors to raise additional equity capital by way of special placement or Public Offer/ Rights Issue or a combination of any of them. A statement by the company said the Rights Issue due to commence very soon would put on offer one (1) new ordinary share for every three (3) ordinary shares of 50 kobo each held in the company as at the close of register during the last Annual General Meeting. The statement quoted the management as enjoining, “all shareholders of the company to take full advantage this second time around, by fully

Sanctity of Truth

Monday, June 16, 2014

exercising their rights in the proposed Rights Issue as a way of consolidating and increasing their stake in the ownership of this very dynamic and forwardlooking insurance company in the country. The company, more than ever before, is poised to take the insurance business to a greater height as it gravitates to the next phase of its growth agenda.” The Managing Director of the company, Mr. Wale Onaolapo, said the management had set a growth agenda aimed at positioning the underwriting firm as one of the top players in the insurance industry, particularly, in the oil and gas sector where it has developed very unique expertise and professionalism. He called on its teeming shareholders to lend total support to the Rights Issue once it is placed on offer in achieving the various objectives that have been set before the organisation. He equally noted that the company was committed to creating exceptional value to all

L-R: President, Association of Foreign Airlines in Nigeria, Mr. Kingsley Nnokoma; Managing Director , Bi-courtney Services Limited, mr. Christophe Pinnick; General Manager, Operations, Skyway Aviation Handing Company Limited (SACHOL), Mr. Olu Odebiyi; General Manager, Coperate Communications, Mr. Basil Agboarumu and manager, Round Operations, Arik Air, during the Official commissioning of the newly acquired modern equipment, at the SACHOL Maintenance base, Murtala Muhammed International Airport, Ikeja, Lagos….yesterday. PHOTO: TONY EGUAYE.

He said that 12 out of the 36 states of the federation had embraced community based health insurance programme, adding that efforts were on to encourage other states to key into it. Thomas said 33,000 pregnant women had benefited from the scheme’s maternal/ newborn and child health programme in the first quarter of 2014, as opposed to the 11,000 that benefited in 2013. The scheme had also inaugurated NHIS-MDG Users Satisfaction Survey (USS) to gauge its Shareholders. According to him, “In achieving the huge tasks that have been placed before us, we have identified that a very robust capital base is critical to the success of the set agenda; hence the need to call on our Shareholders to fully exercise their rights by fully subscribing to the Rights Issue and ultimately grow their investments in the company.”

the opinion of enrollees on areas for improvement. The survey will take place in primary healthcare centres across the country. Only recently, the NHIS teamed up with telecommunication provider, MTN and Salt & Einstein MTS to develop mobile universal health insurance service known as Y'ello Health. The service will seek to provide affordable health insurance cover on a pre-paid basis. Through the Y'ello Health, mobile subscribers will be able

IGP lauds Mutual Benefits’ public gesture

he Inspector-General of Police, Mr. Mohammed Abubakar, has commended the management of Mutual benefits Assurance Plc for going beyond covering risks to improving the welfare of members of the public.

Insurance regulators to parley with lawmakers

orried by inauspicious developments in the Nigeria’s insurance industry, the Insurance Industry Consultative Committee (IICC) has mandated the DirectorGenerals of Nigerian Insurers Association (NIA) and Chartered Insurance Institute of Nigeria (CIIN) to liaise with the National Insurance Commission (NAICOM) to put up a programme for a summit to discuss the industry’s concerns with legislators and notable Nigerians. Prior to the latest decision and directive to the three bodies, the committee Chairman, Fatai Lawal, and the Director-

to opt into a micro healthcare insurance scheme with Health Management Organisations using their mobile phones for a range of pre-defined medical treatments for which affordable premium could also be remitted through their mobile phone. MTN Nigeria CMO, Larry Annetts, said the focus market for the Y'ello Health cover were Nigerians who have no health insurance because of their inability to afford the regular health insurance services in the market.

General of the CIIN, Kola Ahmed, had met with some legislator to brief them of the initiative. IICC resolved to take the new step in order to bring insurance close to those in authority and abreast them of developments in the industry and also solicit supports to move the sector forward. A member of the committee was reported to have said that the committee was leveraging NAICOM contacts to pursue the initiative through, stressing that the idea was timely as the industry could not develop effectively without cordial relationship with the nation’s policymakers.

Abubakar, in a keynote address during the unveiling of an ultra-modern Badminton complex donated to the Nigeria Police Force by the underwriting firm, said the gesture would go a long in improving sports in the force. The Inspector General, who was represented by the Assistant Inspector General, Zone 2, Lagos, Mr. Mmaman Tsafe, said the repositioning of the force through sports would improve the welfare of members of the Police community in the country, adding that the gesture by Mutual Benefit goes a long way to show that the company was not only concerned about covering risks but also concerned about public welfare. Earlier in his address, the Group Managing Director, Mutual Benefits, Mr Akin Ogunbiyi, said that the Nigerian Police Force had distinguished itself as a pillar of hope for medals and laurels in international sporting events and competitions for the nation since the early 70s. He said the force alongside its statutory duties had contributed significantly to the growth and development of sports in general to the nation.

BUSINESS | INSURANCE

Sanctity of Truth

Monday, June 16, 2014

APPREHENSION Fear of the unknown as a result of insurgency, corruption and political uncertainty unnerve potential investors

More analysts link Nigeria with massive risks for investors

Sunday Ojeme A.M Best United States-based rating agency, A M Best, in its latest insurance report, has put Nigeria alongside Egypt, Kenya and Libya in tier five (CRT-5) of country rating — the lowest score reserved for countries with massive risks for investors. The rating is based on the countries’ economic, political and financial system risks that are linked to factors such as increased terrorist attacks, widespread corruption and money laundering. AM Best’s rating is coming on the heels of a similar position taken by another rating agency, Maplecroft, whose recent report on Nigeria’s risk profile signaled danger for potential investors due to the activities of Boko Haram and uncertain political future.

Aon Risk Solution In the same vein, a research by Aon Risk Solution affirms that the risk of terrorism across sub-Saharan Africa is “significantly underrated” and needs a much greater focus. The firm’s 2014 Underrated Threats report shows that events in many countries around the world have raised concerns about the ranking of 50 key risks which were listed in Aon’s Global Risk Management report. Most respondents stated that a ranking of 46 out of 50 in the 2013 report was too low for terrorism risk. The Regional Controller for Aon subSahara Africa, Mr. Darlington Munhuwani, said, “There can be no denying” that the threat of terrorism or political risk is real across the continent. He said, “The ranking of country risk ranges from medium to severe in 43 out of 54 countries on the continent. This has significant implications for multinational and Africa-based businesses in terms of their risk management strategies, business continuity plans and decisions on where to deploy their capital.” In East and West Africa, terrorism stands out as the predominant risk, reinforced by the attack by Al Shabaab on the Westgate Shopping Mall in Nairobi, Kenya in September 2013 and more recently, terrorism attacks in Nigeria including the kidnapping of over 200 schoolgirls by the militant group, Boko Haram and the bombing of the market in the city of Jos, killing at least 118 people. Demand for Cover increases “The reality is that the demand for political and terrorism risk covers has increased tremendously following the Westgate attack and certainly premium rates are increasing. The breakout of a civil war in South Sudan also emphases the need for businesses to factor both the financial cost and possible loss of lives and the impact of political risks into their strategic plans,” added Darlington. According to the 2014 Aon Terrorism and Political Violence Map, Kenya’s risk rating is four (high), similar to Uganda, Ethiopia and Burundi. South Sudan and Nigeria are rated five (severe) similar to Democratic Republic of Congo, Chad, Mali, CAR and Somalia. Of the 54 countries in Africa,

Scene of bomb blasts carried out by Boko Haram.

Africa, where economic growth and foreign investment appear to be supporting the improvements to security and development. This is also the story in parts of Southern Africa, which remained “broadly stable” in 2013. Aon’s 2014 Map rated South Africa as a medium score of three in terms of political risk and a low score of two for the threat of terrorist attacks.

Chairman Nigerian Insurers Association, Mr Remi Olowude

Commissioner for Insurance, Mr Fola Daniel.

there are only 11 with low to negligible terrorism and political risk ratings: Rwanda, Tanzania, Djibouti, Ghana, Zambia, Malawi, Botswana, Namibia, South Africa, Lesotho and Swaziland. Despite some improvement, sub-Saharan Africa remains a region of high political violence and terrorism risk, with 46 per cent of the region rating as high or severe in both categories, according to Aon Risk Solutions’ 2014 Terrorism and Political Violence Map. However, compared to the 2013 Terrorism and Political Violence Map, political perils such as coup, rebellion and insurrection have been removed from 21 per cent of countries in the region, including Kenya, Angola and Cote d’Ivoire. This has in part been attributed to successful elections and an absence of systematised armed violence. In East Africa, terrorism stands out as the predominant risk – not least because of the internationally high profile attack on the Westgate mall in Nairobi in September 2013, said the report. It added that in West Africa, civil

commotion, strikes and violent protests remain the “prevailing expression of political violence risk.” However, alongside these findings, the global risk management company also found the main improvements across the sub-Saharan region in West

More than 55 per cent of companies that took part in ACE’s EMEA Emerging Risks Barometer said they were becoming less worried about terrorism and more worried about civil unrest and political violence

ACE's rating Another research by ACE observed that companies in Africa, the Middle East and Europe had growing concerns over civil unrest and political violence. More than 55 per cent of companies that took part in ACE’s EMEA Emerging Risks Barometer said they were becoming less worried about terrorism and more worried about civil unrest and political violence. Collapse of government and key institutions ranks as the biggest concern in this risk category for the respondents to the survey. Incestors' worry However, many companies said they continue to worry about terrorism affecting their overseas operations, particularly in the oil and gas industry. More than 70 per cent of respondents said they found the details of some terrorism policies difficult to understand. Terrorism Underwriting Manager at ACE Overseas General, Piers Gregory, said, “Today, political violence and terrorism policies provide comprehensive cover against political violence that extends to protection against strikes, riots, civil commotion, civil war and war. “Still, as our research shows, the insurance industry as a whole can provide even more clarity to businesses on type of cover they are getting – and can certainly do more to educate them on the value of political violence and terrorism cover in an increasingly volatile global environment.”

36 BUSINESS |FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, June 16, 2014

FMDQ Daily Quotations List

13-Jun-14

Bonds

Price

FGN Bonds Issuer

Rating/Agency

Description 9.20 29-JUN-2014 9.25 28-SEP-2014 4.00 23-APR-2015 13.05 16-AUG-2016 15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 16.00 29-JUN-2019 7.00 23-OCT-2019 16.39 27-JAN-2022 14.20 14-MAR-2024 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

Issue Date

Coupon (%)

Outstanding Value (N'bn)

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

9.20 9.25 4.00 13.05 15.10 9.85 9.35 10.70 16.00 7.00 16.39 14.20 15.00 12.49 8.50 10.00

45.00 100.00 535.00 500.27 452.80 20.00 100.00 300.00 351.30 233.90 600.00 165.17 75.00 150.00 200.00 591.57

TOTAL OUTSTANDING VALUE Rating/Agency

Bid Price

Offer Price

0.04 0.29 0.86 2.18 2.87 3.12 3.22 3.96 5.04 5.36 7.63 9.75 14.46 14.94 15.44 16.11

7.68 11.13 11.00 11.59 11.70 11.66 11.67 11.73 11.90 11.88 12.26 12.28 12.75 12.80 12.86 12.99

4.40 10.60 10.35 11.51 11.64 11.54 11.55 11.64 11.83 11.79 12.20 12.23 12.71 12.76 12.80 12.93

100.05 99.41 94.39 102.70 108.05 95.34 93.89 96.78 115.20 81.04 120.05 110.70 114.67 97.92 71.04 80.00

100.20 99.56 94.89 102.85 108.20 95.64 94.19 97.08 115.50 81.34 120.35 111.00 114.97 98.22 71.34 80.30

Maturity Date

TTM (Yrs)

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

4,420.01 Issuer

Agency Bonds AMCON FMBN

Bid Yield (%)

Offer Yield (%)

***LCRM

Description

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

Issue Date

Coupon (%)

Issue 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 6.00 112.22 116.70 66.49

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

0.38 0.95 1.43 2.49 2.85 3.06

1.00 2.63 2.27 2.00 1.00 1.00

11.29 13.62 13.44 13.54 12.62 12.66

95.88 88.29 105.12 97.72 96.11 93.56

05-Aug-14 15-Oct-14 31-Aug-15 30-Sep-15 30-Jun-16 30-Jun-16 19-Apr-17 30-Jun-17 31-Dec-17 30-Sep-18 04-Oct-18 09-Dec-18 12-Dec-18 14-Feb-19 02-Oct-19 22-Nov-19 12-Dec-19 30-Sep-20 27-Nov-20 31-Dec-20 31-Dec-20 06-Jan-21

0.15 0.34 1.22 0.82 1.11 1.12 2.85 1.68 3.55 2.52 4.31 2.72 2.72 3.10 3.17 5.44 3.23 3.85 6.46 6.55 3.86 3.89

1.56 3.29 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00 4.78 1.00 1.00 1.00 2.74 1.00 1.00 1.94 1.44 1.95

10.29 13.29 15.51 14.24 15.49 14.51 17.21 12.28 13.49 13.35 12.76 12.59 16.37 12.66 12.67 12.89 14.41 12.73 13.03 13.99 13.17 13.68

100.46 100.13 96.72 99.59 98.46 101.29 84.24 102.43 101.38 101.55 103.95 104.18 95.15 104.55 107.25 106.15 100.82 105.87 101.98 104.23 114.81 114.48

07-Oct-14 18-Dec-14 31-Dec-14 17-Aug-15 09-Dec-15 06-Jan-16 29-Sep-16 25-Oct-16 30-Sep-17 30-Nov-17 09-Apr-18 09-Sep-18 09-Sep-18 22-Sep-18 18-Oct-18 17-Feb-19 01-Apr-19 14-Nov-20

0.32 0.52 0.55 0.70 1.01 0.86 2.30 2.37 3.30 2.11 2.07 2.24 2.24 4.28 2.35 2.43 3.55 6.42

1.00 5.21 8.71 4.88 1.00 2.63 1.00 1.34 1.00 1.88 3.48 5.20 5.06 1.35 2.29 6.11 2.16 2.76

10.86 16.27 19.76 15.91 11.98 13.63 12.50 12.85 12.68 13.34 14.93 16.68 16.54 13.11 13.80 17.64 13.86 14.79

100.13 98.68 98.60 96.12 100.06 100.59 100.93 102.73 100.80 109.08 102.14 102.72 101.96 102.78 103.99 99.07 105.85 101.84

11-Feb-18

3.67

1.00

12.71

92.79

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

1,304.32

Sub-National Bonds A/Agusto A-/GCR A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto; A-/GCR† A-/Agusto A/Agusto; A-/GCR A/Agusto; A-/GCR Aa-/Agusto; AA-/GCR A/Agusto; A-/GCR A/Agusto Aa-/Agusto; AA-/GCR A-/Agusto; BBB+/DataPro A/Agusto A-/GCR

KWARA NIGER KADUNA *EBONYI *BENUE *IMO LAGOS *BAYELSA EDO *DELTA NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN *OSUN LAGOS KOGI *EKITI *NASARAWA

14.00 KWARA 5-AUG-2014 14.00 NIGER 15-OCT-2014 12.50 KADUNA 31-AUG-2015 13.00 EBONYI 30-SEP-2015 14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 14.75 OSUN II 30-SEP-2020 13.50 LAGOS IV 27-NOV-2020 15.00 KOGI 31-DEC-2020 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

05-Aug-09 15-Oct-09 31-Aug-10 30-Sep-10 30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 30-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12 02-Oct-12 22-Nov-12 12-Dec-12 30-Sep-13 27-Nov-13 31-Dec-13 31-Dec-13 06-Jan-14

14.00 14.00 12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 14.75 13.50 15.00 14.50 15.00

17.00 6.00 8.50 16.50 13.00 18.50 57.00 50.00 25.00 50.00 9.00 20.00 12.00 27.00 20.00 80.00 30.00 11.40 87.00 5.00 5.00 5.00

TOTAL OUTSTANDING VALUE

572.90

Corporate Bonds A+/Agusto; AA/GCR Aa/Agusto Nil Bbb-/Agusto A-/Agusto BB+/GCR A+/Agusto; A-/GCR A-/Agusto A/GCR BBB-/GCR BBB+/DataPro†; BB+/GCR A-/DataPro†; BB-/GCR AAA/DataPro†; A+/GCR A/Agusto; A/GCR Bbb+/Agusto; BBB+/GCR BBB-/DataPro†; BB+/GCR BBB/GCR A+/Agusto; A-/GCR

LAFARGE WAPCO GTB µ NGC *UPDC *FLOURMILLS *CHELLARAMS NAHCO FSDH UBA *C & I LEASING *DANA# *TOWER# *TOWER# UBA *LA CASERA *CHELLARAMS# *DANA NAHCO

11.50 LAFARGE WAPCO 7-OCT 2014 13.50 GUARANTY TRUST 18-DEC-2014 17.00 NGC 31-DEC-2014 10.00 UPDC 17-AUG-2015 12.00 FLOURMILLS 9-DEC-2015 14.00 CHELLARAMS 06-JAN-2016 13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 14.00 UBA II 22-SEP-2018 15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 15.25 NAHCO II 14-NOV-2020

07-Oct-11 18-Dec-09 01-Apr-10 17-Aug-10 09-Dec-10 06-Jan-11 29-Sep-11 25-Oct-13 30-Sep-10 30-Nov-12 09-Apr-11 09-Sep-11 09-Sep-11 22-Sep-11 18-Oct-13 17-Feb-12 01-Apr-14 14-Nov-13

11.50 13.50 17.00 10.00 12.00 14.00 13.00 14.25 13.00 18.00 16.00 18.00 16.00 14.00 15.75 17.00 16.00 15.25

11.80 13.17 2.00 15.00 37.50 1.50 15.00 5.53 20.00 0.94 8.01 3.63 1.00 35.00 3.00 0.54 4.50 2.05

TOTAL OUTSTANDING VALUE

180.17

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE Rating/Agency

12.00 Issuer

Description

Issue Date

Coupon (%)

Issue Value ($'mm)

Maturity Date

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

4.97

4.81

109.92

110.85

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

4.22

4.01

103.33

104.14

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

5.34

5.22

107.35

108.25

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

Corporate Eurobonds AFREN PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

3.82

3.15

111.94

113.07

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.15

4.35

104.25

105.75

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.25

5.98

99.07

100.06

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.24

6.85

100.02

101.08

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.55

8.11

94.54

95.94

AFREN PLC

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

5.05

4.44

113.54

114.70

ZENITH BANK PLC FIRST BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

6.46

6.25

99.14

99.97

B/S&P; B-/Fitch

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.04

6.63

104.26

105.77

B+/S&P; B+/Fitch

AFREN PLC

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

5.97

5.65

102.54

103.79

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

ACCESS BANK PLC FIDELITY BANK PLC

TOTAL OUTSTANDING VALUE

3,460.00

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

FIXINGS Maturity 26-Jun-14 3-Jul-14 10-Jul-14 17-Jul-14 24-Jul-14 31-Jul-14 7-Aug-14

Bid Discount (%) 9.80 10.20 8.00 10.15 10.20 10.20 10.30

Offer Discount (%) 9.55 9.95 7.75 9.90 9.95 9.95 10.05

Bid Yield (%) 9.83 10.26 8.05 10.25 10.32 10.34 10.46

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 11.1250 11.9581 13.2210 14.1720

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

10.83

Tenor

Bid ($/N)

Offer ($/N)

11.04

Spot 7D 14D 1M 2M

163.00 163.58 163.83 164.45 165.59

163.10 163.84 164.18 165.12 166.78

O/N Tenor Call

REPO

Rate (%) 10.92

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

27-Jan-12 14-Mar-14 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10

16.39 14.20 15.00 12.49 8.50 10.00

600.00 165.17 75.00 150.00 200.00 591.57

TOTAL OUTSTANDING VALUE Rating/Agency

Agency Bonds AMCON

Monday, June 16, 2014

FMBN

TRANSPARENCY

***LCRM

TOTAL OUTSTANDING VALUE

Total wants rules and Sub-National Bonds criteria to A/Agusto of fuel allocation KWARA A-/GCR NIGER be made public A+/Agusto KADUNA A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto; A-/GCR† A-/Agusto A/Agusto; A-/GCR A/Agusto; A-/GCR Aa-/Agusto; AA-/GCR A/Agusto; A-/GCR A/Agusto Aa-/Agusto; AA-/GCR A-/Agusto; BBB+/DataPro A/Agusto A-/GCR

*EBONYI *BENUE *IMO LAGOS *BAYELSA EDO *DELTA NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN *OSUN LAGOS KOGI *EKITI *NASARAWA

Stories by Chris Ugwu

7.63 9.75 14.46 14.94 15.44 16.11

12.26 12.28 12.75 12.80 12.86 12.99

12.20 12.23 12.71 12.76 12.80 12.93

120.05 110.70 114.67 97.92 71.04 80.00

120.35 111.00 114.97 98.22 71.34 80.30

Issue Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Indicative Price

4,420.01 Description

Issuer

Sanctity of Truth

27-Jan-22 14-Mar-24 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30

otal Nigeria Plc has called on the Federal Government to review the Premium Motor Spirit (PMS) unit margin, which has remained unchanged since 2007. Chairman Total Nigeria

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

Issue Date

Coupon (%)

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

BUSINESS | FINANCIAL MARKET NEWS 37 978.35 24.56 6.00 112.22 116.70 66.49

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

0.38 0.95 1.43 2.49 2.85 3.06

1.00 2.63 2.27 2.00 1.00 1.00

11.29 13.62 13.44 13.54 12.62 12.66

95.88 88.29 105.12 97.72 96.11 93.56

0.15 0.34 1.22 0.82 1.11 1.12 2.85 1.68 3.55 2.52 4.31 2.72 2.72 3.10 3.17 5.44 3.23 3.85 6.46 6.55 3.86 3.89

1.56 3.29 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00 4.78 1.00 1.00 1.00 2.74 1.00 1.00 1.94 1.44 1.95

10.29 13.29 15.51 14.24 15.49 14.51 17.21 12.28 13.49 13.35 12.76 12.59 16.37 12.66 12.67 12.89 14.41 12.73 13.03 13.99 13.17 13.68

100.46 100.13 96.72 99.59 98.46 101.29 84.24 102.43 101.38 101.55 103.95 104.18 95.15 104.55 107.25 106.15 100.82 105.87 101.98 104.23 114.81 114.48

Total Nigeria seeks review of petrol marketing margin 1,304.32

Plc and Senior Vice-President, Africa/Middle East, Mr. Momar Nguer, made this call at the company’s 36th Annual General meeting (AGM) held in Lagos at the weekend. He said the marketing margin, which is generating the cash flow has not been reviewed since seven years, while

14.00 14.00 12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 14.75 13.50 15.00 14.50 15.00

17.00 6.00 8.50 16.50 13.00 18.50 57.00 50.00 25.00 50.00 9.00 20.00 12.00 27.00 20.00 80.00 30.00 11.40 87.00 5.00 5.00 5.00

the cost of doing business has increased substantially. “Imagine that your salary, which is earning your living has remained the same for seven years when cumulative inflation has been 70 per cent over the period. How would you manage? That’s what is happening to our industry.

To my knowledge, there is no other country that has frozen margin for such a long time. This is not sustainable and the margin should be reviewed to really cater for the cost of doing business in the Nigeria environment,” he said. “Not only are we suffering from frozen margin but we are

Stable inflation poses no threat to stock market –Rewane TOTAL OUTSTANDING VALUE

572.90

Corporate stable Bonds inflation

rate poses LAFARGE WAPCO no threat to the stock marGTB ket performance, Managing NGC Director, Financial Derivatives *UPDC *FLOURMILLS Company (FDC) Limited, Mr. *CHELLARAMS Bismarck Rewane, has said. NAHCO Rewane, who stated this in FSDH the FDC bulletin obtained by UBA the New Telegraph,*Csaid how& I LEASING *DANA ever, that investors’ sentiment, *TOWER profit taking, bargain hunting *TOWER and the benign inflation enviUBA ronment will keep *LA the stock CASERA A+/Agusto; AA/GCR Aa/Agusto Nil Bbb-/Agusto A-/Agusto BB+/GCR A+/Agusto; A-/GCR A-/Agusto A/GCR BBB-/GCR BBB+/DataPro†; BB+/GCR A-/DataPro†; BB-/GCR AAA/DataPro†; A+/GCR A/Agusto; A/GCR Bbb+/Agusto; BBB+/GCR BBB-/DataPro†; BB+/GCR BBB/GCR A+/Agusto; A-/GCR

# #

*CHELLARAMS# *DANA NAHCO

market bumpy. 11.50 LAFARGE WAPCO 7-OCT 2014 He noted that a spike in in13.50 GUARANTY TRUST 18-DEC-2014 flation against the CBN’s pro17.00 NGC 31-DEC-2014 10.00 UPDC 17-AUG-2015 jection would suggest further 12.00 FLOURMILLS 9-DEC-2015 monetary policy tightening, 14.00 CHELLARAMS 06-JAN-2016 which will push nominal inter13.00 NAHCO 29-SEP-2016 est14.25 rates as25-OCT-2016 well as stock prices FSDH up13.00 andUBA consequently stock re30-SEP-2017 18.00 downwards. C&I LEASING 30-NOV-2017 turns MPR+7.00 DANA 9-APR-2018 Rewane while presenting MPR+7.00 TOWER 9-SEP-2018 monthly economic news and MPR+5.25 TOWER 9-SEP-2018 views Business School 14.00 at UBALagos II 22-SEP-2018 15.75 LA CASERA 18-OCT-2018 executive breakfast meeting in MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 15.25 NAHCO II 14-NOV-2020

Lagos recently had said that 07-Oct-11 11.50 stock18-Dec-09 market recovery would 13.50 persist through Q2 17.00 to further 01-Apr-10 gain in Q3. 17-Aug-10 10.00 12.00 8 per He09-Dec-10 predicted about 06-Jan-11 14.00 cent increase in market perfor29-Sep-11 13.00 mance indices. 25-Oct-13 14.25 According to Rewane, posi30-Sep-10 13.00 30-Nov-12 18.00 tive Q2 results will drive investor 09-Apr-11 16.00 optimism while the resumption 18.00 of the09-Sep-11 new Central Bank Gover09-Sep-11 16.00 nor, Mr. Godwin Emefiele, 22-Sep-11 14.00 will be a boost to financial sector,. 18-Oct-13 15.75 17-Feb-12 01-Apr-14 14-Nov-13

17.00 16.00 15.25

Rewane said while NSE All 11.80 07-Oct-14 0.32 Share Index went up marginally 13.17 18-Dec-14 0.52 by year to date, 2.000.35 per cent 31-Dec-14 0.55 it recorded 7.7617-Aug-15 per cent in May 15.00 0.70 . 37.50 09-Dec-15 1.01 He noted that money Supply 1.50 06-Jan-16 (M2) increased to N15.970.86 tril15.00 29-Sep-16 2.30 lion in April25-Oct-16 with 1.72 per2.37 cent 5.53 higher than 30-Sep-17 March. 20.00 3.30 0.94On an annualised 30-Nov-17 2.11 basis, Re8.01 09-Apr-18 wane said M2 grew by 5.832.07per 3.63 09-Sep-18 2.24 cent, which was driven by an in1.00 09-Sep-18 2.24 crease in both the net domestic 35.00 22-Sep-18 4.28 and 3.00 foreign assets. 18-Oct-18 2.35 0.54 4.50 2.05

17-Feb-19 01-Apr-19 14-Nov-20

IOSCO intensifies work on market-based finance TOTAL OUTSTANDING VALUE

180.17

Supranational he BoardBond of

the Interna- both developed and growth and 10.20 IFC 11-FEB-2018 AAA/S&P IFC tional Organisation of Se- emerging markets, discussed TOTAL OUTSTANDING VALUE (IOScurities Commissions progress on a number of key CO) last week met in Madrid to initiatives. Description Rating/Agency Issuer drive forward the body's work On initiatives to support the onFGN market-based finance. G20-FSB efforts to restore staEurobonds Chairman Greg Medcraft bility in the global financial JAN 28, 2021 BB-/Fitch; B+/S&P said at the meeting: “Capital system and 6.75 build economic BB-/Fitch; markets are emerging as aFGN key growth, the Board progressed 5.13 JUL 12, 2018 BB-/S&P source of the finance needed with methodologies for idenBB-/Fitch; 6.38 JUL 12, 2023 across tifying non-bank global sysBB-/S&Pthe globe to drive ecoTOTAL OUTSTANDING VALUE nomic growth. Through a temically important financial work agenda focused on foster- institutions or activities in the Corporate Eurobonds ing markets as a trusted source areas of asset management 11.50 FEB 01, 2016 B-/S&P; B/Fitch AFREN PLC I of capital, IOSCO is playing an and market intermediaries. 7.50 MAY 19, 2016 GTBANK PLC I B+/S&P; B+/Fitch important role in supporting Also discussed were the 6.00 NOV 08, 2018 GTBANK PLC that growth”. role capital markets and secu7.25 JUL 25, 2017 B+/S&P ACCESS BANK PLC During the week FIDELITY the Board, play in 6.88 MAYcan 09, 2018 B/S&P; B/Fitch BANK PLC rities regulators 10.25 APR 08, 2019 comprising 32 members from supporting long-term finance, B/Fitch AFREN PLC B+/Fitch; BB-/S&P

2.43 3.55 6.42

6.25 APR 22, 2019

B/S&P; B-/Fitch

ZENITH BANK PLC FIRST BANK PLC

8.25 AUG 07, 2020

B+/S&P; B+/Fitch

AFREN PLC

6.63 DEC 09, 2020

including infrastructure in- ies on credit ratings, as well 11-Feb-13and SME 10.20financ12.00efforts to11-Feb-18 3.67 vestment as promote effective ing as well as the implemen- 12.00 credible deterrence as a key tation of IOSCO Principles element in improving investor Issue Date Coupon (%) Issue Value ($'mm) Bid Yield (%) on Financial Benchmarks, protectionMaturity and Date confidence in the IOSCO Principles for Oil markets. Price Reporting Agencies and Members also discussed 07-Oct-11 6.75 28-Jan-21 the IOSCO Principles for the 500.00 the results of the IOSCO4.97ReRegulation search Department´s latest 18-Dec-09 and Supervision 5.13 500.00 12-Jul-18 4.22 of Commodity Derivatives market survey on market 01-Apr-10 6.38 500.00 12-Jul-23 Markets. trends, which emphasizes5.34the The IOSCO board, which 1,500.00 growing leverage in securiNigeria SEC is a member, ties markets, the impact of also discussed audit quality 450.00 cross-border01-Feb-16 capital flows on 01-Feb-11 11.50 3.82 and important initiatives to 500.00 emerging markets, financial 19-May-11 7.50 19-May-16 5.15 build08-Nov-13 confidence in 6.00 global se- 400.00 risk disclosure, collateral 08-Nov-18 6.25 curities markets and7.25 to reduce 350.00 management, and potential 25-Jul-12 25-Jul-17 7.24 the reliance of asset counterparty risk in central 09-May-13 6.88manag300.00 02-May-18 8.55 08-Apr-12 10.25 300.00 08-Apr-19 ers and market intermediarclearing houses. 5.05 22-Apr-14

6.25

500.00

22-Apr-19

6.46

6.25

99.14

99.97

07-Aug-13

8.25

300.00

07-Aug-20

7.04

6.63

104.26

105.77

360.00

09-Dec-20

5.97

5.65

102.54

09-Dec-13 6.63 FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

also suffering from huge financial expenses as a result of delay in payment of subsidies. On average, it takes 8 months for the government to pay us back the subsidies. In our balance sheet at the end of 2013, we were owed N12 billion. The financial expenses of that debt represent 10 per cent of our net operating income,” he said. Nguer noted that Nigeria currently is a net importer of refined products and 80 per cent of the fuel is imported, adding that for marketing company, every1.00 100.13 thing depends10.86 on allocations and 5.21 16.27 98.68 that getting 8.71Total Nigeria 19.76 is not 98.60 its4.88 fair share 15.91 of allocation to al96.12 100.06 low1.00 it to serve11.98 its customers well. 2.63 13.63 100.59 “Is it normal that with 12 per 1.00 12.50 100.93 cent market share with 102.73 500 sta1.34 12.85 tions, storage 1.00 three first 12.68 class 100.80 1.88 13.34 109.08 of facilities, a proven record 3.48 14.93 102.14 compliance, Total Nigeria only 16.68 102.72 get5.20 about 3 per cent of the import 5.06 16.54 101.96 allocations? We would like to ad1.35 13.11 102.78 vocate 2.29 that rules 13.80 and criteria 103.99 of 6.11 17.64 be made 99.07 allocation should public 2.16 105.85 and applied in13.86 full transparency , 2.76 14.79 101.84 and the companies’ performance with regard to the actual importation be made public,” he said. 1.00 12.71 that the 92.79 Nguer noted company is also faced with rising insecurity and increasing and Offer Yield (%) Bid Price confusing burden byOffer thePrice proliferation of tax legislation at Prices & Yields both federal and local levels. 4.81 110.85 He noted 109.92 that despite these difficulties, the company’s 4.01 103.33 104.14 performance and operating re5.22 sults for 2013107.35 improved108.25 slightly. Turnover increased from N217.8 billion in 2012 to N238.2 billion in 2013 with the market 3.15 111.94 113.07 share rising from 11.4 per cent 4.35 104.25 105.75 to 5.98 11.7 per cent. Profit after tax 99.07 100.06 increased from N4.7 billion to 6.85 100.02 101.08 N5.3 per cent95.94 higher 8.11billion, 14 94.54 than 4.44 the previous 113.54 year.114.70

3,460.00

103.79 13-Jun-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 **Treasury Bills FIXINGS Money Market Foreign Exchange (Spot & Forwards) to the FMDQ OTC PLC TermsMaturity of Use and Disclaimer Statement. Offer Discount (%) DTM Bid Discount (%) Bid Yield (%) Tenor Rate (%)

13 20 FGN Bonds27 34 41 48 Rating/Agency 55 62 69 76 83 90 97 104 111 118 NA 125 160 174 209 223 237 251 265 300 314 328 TOTAL OUTSTANDING

26-Jun-14 3-Jul-14 10-Jul-14 17-Jul-14 24-Jul-14 Issuer 31-Jul-14 7-Aug-14 14-Aug-14 21-Aug-14 28-Aug-14 4-Sep-14 11-Sep-14 18-Sep-14 25-Sep-14 2-Oct-14 9-Oct-14 NA 16-Oct-14 20-Nov-14 4-Dec-14 8-Jan-15 22-Jan-15 5-Feb-15 19-Feb-15 5-Mar-15 9-Apr-15 23-Apr-15 7-May-15 VALUE

9.80 10.20 8.00 10.15 10.20 Description 10.20 10.30 10.25 9.20 29-JUN-2014 10.10 9.25 28-SEP-2014 10.30 4.00 23-APR-2015 10.55 13.05 16-AUG-2016 10.70 15.10 27-APR-2017 10.45 10.50 9.85 27-JUL-2017 10.60 9.35 31-AUG-2017 10.80 10.70 30-MAY-2018 10.70 16.00 29-JUN-2019 10.50 7.00 23-OCT-2019 10.50 16.39 27-JAN-2022 10.50 10.50 14.20 14-MAR-2024 10.55 15.00 28-NOV-2028 10.45 12.49 22-MAY-2029 10.50 8.50 20-NOV-2029 10.30 10.00 23-JUL-2030 10.35 10.15

9.55 9.95 7.75 9.90 9.95 9.95 Issue Date 10.05 10.00 29-Jun-07 9.85 28-Sep-07 10.05 23-Apr-10 10.30 16-Aug-13 10.45 27-Apr-12 10.20 10.25 27-Jul-07 10.35 31-Aug-07 10.55 30-May-08 10.45 29-Jun-12 10.25 23-Oct-09 10.25 27-Jan-12 10.25 10.25 14-Mar-14 10.30 28-Nov-08 10.20 22-May-09 10.25 20-Nov-09 10.05 23-Jul-10 10.10 9.90

*from the Amortising # bonds, the average is Risk Rating/Agency Premium is a life combination of credit risk and liquidity risk premiumsDescription Issuer **Exclusive of non-trading t.bills

Agency Bonds AMCON FMBN

***LCRM

Modified Duration Buckets

TOTAL OUTSTANDING VALUE Sub-National Bonds A/Agusto A-/GCR A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto; A-/GCR†

<3 3<5 KWARA >5 NIGER Market KADUNA *EBONYI *BENUE *IMO LAGOS *BAYELSA EDO *DELTA NIGER *EKITI

972.22 1,125.00 14.00 KWARA 5-AUG-2014 595.02 14.00 NIGER 15-OCT-2014 2,692.24 12.50 KADUNA 31-AUG-2015 13.00 EBONYI 30-SEP-2015 14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018

Volume(Bn)

923.07 951.30 701.57 2,575.94

NIBOR

Bonds

Tenor O/N 1M 3M Outstanding Value 6M

(N'bn)

28-Dec-11 24-May-10 03-Apr-12 09-Dec-11 20-Apr-12 Weighting by 06-Jul-12 Vol Outstanding

Rate (%) 11.1250 11.9581 13.2210 14.1720 Maturity Date

45.00 100.00 NITTY 535.00 Tenor 500.27 1M 452.80 2M 3M 20.00 6M 100.00 9M 300.00 12M 351.30 233.90 600.00 NIFEX 165.17 Current Price ($/N) 75.00 BID($/N) 150.00 OFFER ($/N) 200.00 591.57

29-Jun-14 28-Sep-14 23-Apr-15 Rate (%) 16-Aug-16 8.9647 27-Apr-17 10.4466 10.9108 27-Jul-17 11.0720 31-Aug-17 11.3086 30-May-18 11.9971 29-Jun-19 23-Oct-19 27-Jan-22 14-Mar-24 28-Nov-28 163.5450 22-May-29 163.6450 20-Nov-29 23-Jul-30

OBB

10.83

Tenor

Bid ($/N)

O/N

11.04

Spot 7D Offer14D Yield 1M (%) 2M 3M 4.40 6M 10.60 1Y

163.00 163.58 163.83 164.45 Bid Price 165.59 166.89 100.05 170.55 99.41 178.41

REPO Tenor (%)(%) TTM (Yrs) BidRate Yield Call

10.92

1M 11.88 0.04 7.68 3M 13.01 0.29 11.13 6M 13.63 0.86 11.00 10.35 2.18 11.59 11.51 NOTE: 2.87 11.70 11.64 :Benchmarks 3.12 11.66 11.54 * :Amortising Bond 3.22 11.67 11.55 µ :Convertible Bond 3.96 11.73 11.64 AMCON: Asset Management Corporation of Nigeria 5.04 11.90 11.83 FGN: Federal Government of Nigeria 5.36 11.88 FMBN: Federal Mortgage Bank of Nigeria 11.79 7.63 12.26 12.20 IFC: International Finance Corporation LCRM: Local Management 9.75 Contractors Receivables 12.28 12.23 NAHCO:14.46 Nigerian Aviation 12.75 Handling Company 12.71 O/N: Overnight 14.94 12.80 12.76 UPDC: UAC Property Development Company 15.44 12.86 12.80 WAPCO:West Africa Portland Cement Company 16.11 12.99 12.93

Offer ($/N)

Price

163.10 163.84 164.18 Offer Price 165.12 166.78 168.53 100.20 174.16 99.56 185.44

94.39 94.89 102.70 102.85 108.05 108.20 NA :Not Applicable 95.34 95.64 # :Floating Rate Bond 93.89 94.19 ***: Deferred coupon bonds 96.78 97.08 115.20 115.50 †: Bond rating expired 81.04 81.34 120.05 120.35 110.70 111.00 NGC:114.67 Nigeria-German 114.97 Company UBA: 97.92 United Bank for Africa 98.22 71.04 71.34 80.00 80.30

4,420.01

Issue Date

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 Porfolio Market Total Outstanding 0.00/16.50 LCRM III 06-JUL-2017 Value(Bn)

9.83 10.26 8.05 10.25 10.32 10.34(%) Coupon 10.46 10.43 9.20 10.30 9.25 10.53 4.00 10.81 13.05 10.99 15.10 10.75 10.82 9.85 10.95 9.35 11.19 10.70 11.11 16.00 11.01 7.00 11.05 16.39 11.17 11.22 14.20 11.33 15.00 11.26 12.49 11.37 8.50 11.25 10.00 11.36 11.17

Issue Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Indicative Price

0.00

978.35

17.25 0.00/16.00 0.00/16.50 Weighting by Mkt 0.00/16.50 Value

6.00 112.22 116.70 Bucket66.49 Weighting

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

0.38 0.95 1.43 2.49 2.85 Implied 3.06Yield

1.00 2.63 2.27 2.00 1.00 Implied 1.00 Price Portfolio

11.29 13.62 13.44 13.54 12.62 INDEX 12.66

95.88 88.29 105.12 97.72 96.11 YTD Return 93.56 (%)

0.00 BOND INDEX 24.56 FMDQ FGN

35.83 36.93 05-Aug-09 27.24 15-Oct-09 100.00 31-Aug-10 30-Sep-10 30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 30-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11

Coupon (%)

36.11 41.79 14.00 22.10 14.00100.00 12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50

1,304.32 0.36 0.37 17.00 0.27 6.00 1.00 8.50 16.50 13.00 18.50 57.00 50.00 25.00 50.00 9.00 20.00

18.48 37.41 05-Aug-14 44.11 15-Oct-14 100.00 31-Aug-15 30-Sep-15 30-Jun-16 30-Jun-16 19-Apr-17 30-Jun-17 31-Dec-17 30-Sep-18 04-Oct-18 09-Dec-18

11.65 12.15 0.1512.87 0.3412.38 1.22 0.82 1.11 1.12 2.85 1.68 3.55 2.52 4.31 2.72

115.5734 130.1904 1.56 92.9941 3.29 114.8219 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00

1,097.71 1,102.40 10.29 1,084.85 13.29 1,090.69 15.51 14.24 15.49 14.51 17.21 12.28 13.49 13.35 12.76 12.59

9.7711 10.2403 100.46 8.4852 100.13 9.0686 96.72 99.59 98.46 101.29 84.24 102.43 101.38 101.55 103.95 104.18

Daily Summary as of 13/06/2014

Printed 13/06/2014 15:26:08.008

38 BUSINESS | CAPITAL MARKET Daily Summary (Bonds)

Sanctity of Truth

Daily Summary as of 13/06/2014 Printed 13/06/2014 15:26:08.008

No Debt Trading Activity

Monday, June 16, 2014

The Nigerian Stock Market Exchange as at June 13, 2014 Daily Summary (Equities)

Daily Summary (Equities)

Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals

Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals

Activity Summary on Board EQTY Symbol OKOMUOIL PRESCO

No. of Deals 58 16 74

Current Price 33.00 36.55

Quantity Traded 732,448 122,140 854,588

Value Traded 24,210,219.24 4,486,745.00 28,696,964.24

Symbol LIVESTOCK

No. of Deals 25 25

Current Price 3.14

Quantity Traded 665,795 665,795

Value Traded 2,051,116.15 2,051,116.15

1,520,383

30,748,080.39

Quantity Traded 8,208 37,505,934 297,083 37,811,225

Value Traded 10,919.56 157,720,494.72 17,545,522.98 175,276,937.26

37,811,225

175,276,937.26

AGRICULTURE Totals Daily Summary as of 13/06/2014 CONGLOMERATES Printed 13/06/2014 15:26:08.008 Diversified Industries

A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals

99 Symbol AGLEVENT TRANSCORP UACN

No. of Deals 4 316 37 Daily Summary (Equities) 357

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

Current Price 1.38 4.29 59.00

357

Symbol COSTAIN

No. of Deals 18 18

Current Price 1.28

Quantity Traded 338,778 Page 338,778

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

Symbol JBERGER

No. of Deals 8 8

Current Price 70.87

Quantity Traded 33,557 33,557

Value Traded 2,272,194.02 2,272,194.02

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

Symbol UAC-PROP

No. of Deals 27 27

Current Price 18.00

Quantity Traded 237,824 237,824

Value Traded 4,273,443.47 4,273,443.47

610,159

6,978,973.33

CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Automobiles/Auto Parts DN TYRE & RUBBER PLC Automobiles/Auto Parts Totals Daily Summary as of 13/06/2014 Printed 13/06/2014 15:26:08.008 Beverages--Brewers/Distillers

ICT Computer Based Systems COURTEVILLE BUSINESS SOLUTIONS PLC Computer Based Systems Totals IT Services COMPUTER WAREHOUSE GROUP PLC NCR (NIGERIA) PLC. Daily Summary as of 13/06/2014 TRIPPLE GEE AND COMPANY PLC. Printed 13/06/2014 15:26:08.008 IT Services Totals

Value Traded 433,335.84 of 13 433,335.84

INDUSTRIAL GOODS Building Materials CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC DN MEYER PLC. FIRST ALUMINIUM NIGERIA PLC IPWA PLC PAINTS AND COATINGS MANUFACTURES PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE WAPCO PLC. Building Materials Totals

No. of Deals 2 42 36 (Equities) 6 80 1

Current Price 13.11 180.00 26.06 2.79 174.64 0.77

Quantity Traded 10,100 42,437 259,544 176,069 235,875 400

Value Traded 132,310.00 7,644,787.93 6,764,184.41 491,572.51 41,057,498.50 320.00

Symbol

No. of Deals 167

Current Price

Page Quantity Traded 724,425

2 of 13 Value Traded

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

Symbol 7UP

No. of Deals 17 17

Current Price 90.00

Quantity Traded 33,877 33,877

Value Traded 3,084,621.45 3,084,621.45

Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NATIONAL SALT CO. NIG. PLC N NIG. FLOUR MILLS PLC. U T C NIG. PLC. Food Products Totals

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR NASCON NNFM UTC

No. of Deals 41 90 44 48 71 4 6 304

Current Price 8.50 9.50 77.00 4.18 11.50 20.78 0.55

Quantity Traded 194,704 5,635,665 97,434 1,623,871 2,002,695 1,472 549,400 10,105,241

Value Traded 1,667,046.39 53,852,417.82 7,554,463.04 6,906,389.41 23,287,007.01 29,092.60 300,430.00 93,596,846.27

No. of Deals 26 26 52

Current Price 81.89 1,070.00

Quantity Traded 24,478 33,264 57,742

Value Traded 1,904,456.63 35,127,693.50 37,032,150.13

No. of Deals (Equities) 6 2 8

Current Price 4.48 1.44

Quantity Traded 56,965 499,723 556,688

Value Traded 242,670.90 719,601.12 962,272.02

No. of Deals 42 31 73

Current Price 38.50 49.60

Page Quantity Traded 138,887 221,361 360,248

3 of 13 Value Traded 5,246,427.56 10,967,816.43

FoodasProducts--Diversified Daily Summary of 13/06/2014 CADBURY NIGERIA PLC. Printed 13/06/2014 15:26:08.008 NESTLE NIGERIA PLC. Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC. VONO PRODUCTS PLC. Activity Summary on Board EQTY Household Durables Totals

CONSUMER GOODS Published by The Nigerian Stock Exchange © Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC.

Personal/Household Products Totals

Symbol CADBURY NESTLE Symbol Daily Summary VITAFOAM VONO

Symbol PZ UNILEVER

CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED Daily Summary as of 13/06/2014 FIDELITY 15:26:08.008 BANK PLC Printed 13/06/2014 GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY Summary BANK PLC on Board EQTY Activity FINANCIAL SERVICES Banking WEMA BANK PLC. ZENITH INTERNATIONAL BANK PLC Banking Totals Insurance Carriers, Brokers and Services AFRICAN ALLIANCE INSURANCE COMPANY PLC Published by The Nigerian Stock Exchange © AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. EQUITY ASSURANCE PLC. MANSARD INSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. N.E.M INSURANCE CO (NIG) PLC. OASIS INSURANCE PLC PRESTIGE ASSURANCE CO. PLC. STANDARD TRUST ASSURANCE PLC Daily Summary as of 13/06/2014 STANDARD ALLIANCE INSURANCE PLC. Printed 13/06/2014 15:26:08.008 WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals

622 Symbol No. of Deals ACCESS 110 DIAMONDBNK 166 ETI 78 FIDELITYBK 50 GUARANTY 305 SKYEBANK 86 STERLNBANK 56 Daily UBA Summary (Equities) 290 UBN 38 UNITYBNK 4

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

Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC Published by The Nigerian Stock Exchange ©

Value Traded 38,257,454.25 62,977,168.97 55,855,378.33 3,414,237.36 196,456,175.78 7,914,018.20 12,939,914.34 287,719,720.98 1,991,843.17 44,000.00

Current Price 0.98 25.30

Quantity Traded 3,427,751 13,171,110 84,841,564

Symbol AFRINSURE AIICO CONTINSURE CORNERST EQUITYASUR MANSARD MBENEFIT NEM OASISINS PRESTIGE STACO STDINSURE WAPIC

No. of Deals 1 17 19 5 1 9 36 24 10 3 3 1 50 179

Current Price 0.50 0.82 1.07 0.50 0.50 2.50 0.52 0.81 0.53 0.54 0.50 0.50 0.76

Quantity Traded 200 Page 4,788,537 1,147,128 94,824 107,652 288,567 4,395,066 4,353,206 528,195 57,300 500 100 9,364,426 25,125,701

NPFMCRFBK

Symbol ASOSAVINGS RESORTSAL UNHOMES Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX STANBIC UBCAP

FINANCIAL SERVICES Totals HEALTHCARE Healthcare Providers UNION DIAGNOSTIC & CLINICAL SERVICES PLC Healthcare Providers Totals

Quantity Traded 3,917,276 9,410,931 3,347,457 1,646,617 6,283,546 2,313,466 5,463,741 35,576,330 195,339 88,000

3 3

1.02

No. of Deals 1 1 1 3

Current Price 0.50 0.50 0.50

No. of Deals 57 31 361 52 3 36 59 599

Current Price 3.19 3.53 15.51 4.13 0.53 25.90 2.40

2,216

INDUSTRIAL GOODS Totals

NATURAL RESOURCES

ServicesStock Exchange © Published Mining by The Nigerian Mining Services Totals

OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals

Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Activity Summary on Board EQTY Exploration and Production Totals

Quantity Traded 3,500 3,500

Value Traded 3,395.00 3,395.00

Quantity Traded Page 100 2,500 500 3,100

5Value Traded of 13 50.00 1,250.00 250.00 1,550.00

136,007,108

1,428,641,602.09

Symbol UNIONDAC

No. of Deals 1 1

Current Price 0.50

Quantity Traded 392,500 392,500

Value Traded 196,250.00 196,250.00

Symbol EVANSMED FIDSON

No. of Deals 1 25

Current Price 2.70 2.90

Quantity Traded 12,400 1,107,169

Value Traded 33,356.00 3,202,360.60

Page

2,801,046

6,486,417.97

Current Price 0.59

Quantity Traded 785,000 785,000

Value Traded 462,950.00 462,950.00

Symbol CWG NCR TRIPPLEG

No. of Deals 1 14 1 16

Current Price 5.48 15.20 1.97

Quantity Traded 1,000 124,659 20,000 145,659

Value Traded 5,210.00 1,894,856.30 37,600.00 1,937,666.30

Symbol ETRANZACT

No. of Deals 1 1

Current Price 2.21

Quantity Traded 100 100

Value Traded 210.00 210.00

930,759

2,400,826.30

Daily Summary (Equities)

Daily Summary (Equities) Symbol ASHAKACEM BERGER

No. of Deals 153 8

Current Price 27.01 9.00

Quantity Traded Page 3,256,468 77,635

7Value Traded of 13 88,107,349.40 697,943.00

Symbol CAP CCNN DANGCEM DNMEYER FIRSTALUM IPWA PAINTCOM PORTPAINT WAPCO

No. of Deals 3 71 35 3 1 1 1 10 61 347

Current Price 40.00 10.63 227.00 1.06 0.50 0.50 1.40 4.81 110.00

Quantity Traded 2,262 2,050,116 170,671 413,333 5,000 15,000 1,900 99,200 1,270,094 7,361,679

Value Traded 88,696.40 22,018,472.35 38,972,557.88 447,132.98 2,500.00 7,500.00 2,793.00 473,694.00 139,205,030.94 290,023,669.95

Symbol CUTIX

No. of Deals 4 4

Current Price 1.92

Quantity Traded 115,000 115,000

Value Traded 220,800.00 220,800.00

Symbol AVONCROWN BETAGLAS

No. of Deals 2 1 3

Current Price 1.77 16.59

Quantity Traded 17,562 19,000 36,562

Value Traded 30,733.50 321,100.00 351,833.50

7,513,241

290,596,303.45

354

Daily Summary (Equities) Symbol MULTIVERSE

Symbol

Page

Current Price 0.50

Quantity Traded 200

Value Traded 100.00

No. of Deals 1

Current Price

Page Quantity Traded 200

9Value Traded of 13

100.00

200

100.00

Symbol JAPAULOIL

No. of Deals 44 44

Current Price 0.50

Quantity Traded 5,369,871 5,369,871

Value Traded 2,684,935.50 2,684,935.50

Symbol OANDO

No. of Deals 302 302

Current Price 20.00

Quantity Traded 5,549,909 5,549,909

Value Traded 111,201,884.69 111,201,884.69

Symbol CONOIL ETERNA FO MOBIL MRS TOTAL

No. of Deals 146 59 31 25 20 13 294

Current Price 72.73 4.40 250.01 131.06 48.00 170.00

Quantity Traded 926,918 1,620,118 25,889 15,607 35,039 5,851 2,629,422

Value Traded 63,949,704.96 7,096,155.64 5,853,596.94 2,026,542.98 1,708,978.98 995,014.98 81,629,994.48

Current Price 660.00

Quantity Traded 280,114 280,114

Value Traded 184,903,807.17 184,903,807.17

Daily Summary (Equities)

Symbol SEPLAT

No. of Deals 9 9

Page 13,829,316

649

10 of 13 380,420,621.84

Symbol RTBRISCOE

No. of Deals 10 10

Current Price 1.12

Quantity Traded 127,800 127,800

Value Traded 142,045.76 142,045.76

Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals

Symbol REDSTAREX TRANSEXPR

No. of Deals 5 2 7

Current Price 4.60 2.35

Quantity Traded 58,000 30,000 88,000

Value Traded 260,280.00 67,216.00 327,496.00

Employment Solutions C & I LEASING PLC. Employment Solutions Totals

Symbol CILEASING

No. of Deals 1 1

Current Price 0.50

Quantity Traded 1,000 1,000

Value Traded 500.00 500.00

Symbol IKEJAHOTEL TOURIST

No. of Deals 5 1 6

Current Price 0.78 3.88

Quantity Traded 75,674 30 75,704

Value Traded 59,025.72 110.70 59,136.42

Symbol ACADEMY

No. of Deals 4 2 6 12

Current Price 1.71 1.71 4.48

Quantity Traded 7,880 2,571 44,075 54,526

Value Traded 12,844.40 4,396.41 195,795.31 213,036.12

Hotels/Lodging IKEJA HOTEL PLC TOURIST COMPANY OF NIGERIA PLC. Daily Summary as of 13/06/2014 Hotels/Lodging Totals Printed 13/06/2014 15:26:08.008

Printing/Publishing ACADEMY PRESS PLC. LEARN AFRICA PLC UNIVERSITY PRESS PLC. Printing/Publishing Activity Summary on Totals Board EQTY SERVICES

ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Specialty INTERLINKED TECHNOLOGIES PLC Specialty Totals Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Daily Summary as of 13/06/2014 Support15:26:08.008 and Logistics Printed 13/06/2014 CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals SERVICES Totals

LEARNAFRCA Daily Summary (Equities) UPL

Page

Symbol ABCTRANS

No. of Deals 14 14

Current Price 0.88

Quantity Traded 625,607 625,607

Symbol INTERLINK

No. of Deals 2 2

Current Price 4.90

Quantity Traded 120 120

Value Traded 559.20 559.20

Symbol AIRSERVICE NAHCO

No. of Deals 1 27 28

Current Price 2.45 4.83

Quantity Traded 100 382,135 382,235

Value Traded 245.00 1,866,116.78 1,866,361.78

Symbol CAVERTON

No. of Deals 21 21

Current Price 4.98

Quantity Traded 995,780 995,780

Value Traded 4,955,106.80 4,955,106.80

Daily Summary (Equities)

EQTY Board Totals Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals

No. of Deals 1

OIL AND GAS

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

Value Traded 1,233,136.00 859,229.25 961,736.12 350.00 6,290,167.97

No. of Deals 3 3

Value Traded 100.00 13 4 of 3,879,801.76 1,234,126.96 47,412.00 53,826.00 722,636.16 2,239,107.80 3,664,247.48 279,943.35 30,796.00 250.00 50.00 7,120,359.76 19,272,657.27

Value Traded 3,768,825.64 2,310,141.74 147,663,165.43 9,501,094.74 131,216.98 233,780,758.81 7,389,123.35 404,544,326.69

Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. Daily Summary asNIG of 13/06/2014 MOBIL OIL PLC. Printed 13/06/2014 15:26:08.008 MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals

Quantity Traded 18,132 501,183 769,612 50 2,408,546

Symbol COURTVILLE

NATURAL RESOURCES Totals

Value Traded 3,394,870.85 333,854,890.90 1,004,819,673.13

Quantity Traded 1,179,886 662,815 9,523,806 2,320,569 249,466 9,025,017 3,071,684 26,033,243

Packaging/Containers Daily Summary as of 13/06/2014 AVON CROWNCAPS & CONTAINERS Printed 13/06/2014 15:26:08.008 BETA GLASS CO PLC. Packaging/Containers Totals

Published by The Nigerian Stock Exchange © NATURAL RESOURCES Mining Services Activity Summary on Board EQTY MULTIVERSE PLC

16,214,243.99

207,080,807.21

No. of Deals 24 225 1,432

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

56,090,673.35

12,038,221

Symbol WEMABANK ZENITHBANK

Activity Summary on Board EQTY

FINANCIAL SERVICES Mortgage Carriers, Brokers and Services Published by The Nigerian Stock Exchange © ASO SAVINGS AND LOANS PLC RESORT SAVINGS & LOANS PLC UNION HOMES SAVINGS AND LOANS PLC. Mortgage Carriers, Brokers and Services Totals

Current Price 9.80 6.70 16.70 2.07 31.26 3.40 2.37 8.12 10.22 0.50

Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals

Current Price 68.01 1.68 1.27 7.36

ICT Totals

Value Traded 100,000.00 100,000.00

Beverages--Brewers/Distillers Totals

Processing Systems E-TRANZACT INTERNATIONAL PLC Daily Summary as of 13/06/2014 Processing Systems Totals Printed 13/06/2014 15:26:08.008

INDUSTRIAL GOODS Building Materials Published by The Nigerian Stock Exchange © ASHAKA CEM PLC ActivityBERGER Summary on Board PAINTS PLC EQTY

Quantity Traded 200,000 200,000

No. of Deals 6 22 22 1 77

Activity Summary on Board EQTY

Current Price 0.50

Symbol CHAMPION GUINNESS INTBREW Daily Summary JOSBREW NB PREMBREW

Symbol GLAXOSMITH MAYBAKER NEIMETH NIG-GERMAN

HEALTHCARE Totals

No. of Deals 1 1

CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. JOS INT. BREWERIES PLC. NIGERIAN BREW. PLC. PLC Activity PREMIER SummaryBREWERIES on Board EQTY

Symbol DUNLOP

HEALTHCARE Pharmaceuticals GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC NIGERIA-GERMAN CHEMICALS PLC. Pharmaceuticals Totals

Symbol MCNICHOLS

101

2,350,772

8,108,476.17

4,550

215,412,430

2,536,739,146.01

Quantity Traded 5,000 5,000

Value Traded 6,400.00 6,400.00

No. of Deals 1 1

CONSUMER GOODS Totals

Current Price 1.34

5,000

Page

Value Traded 544,234.09 544,234.09

ASeM Board Totals

5,000

Equity Activity Totals

4,551

215,417,430

6,400.00

6,400.00 2,536,745,546.01

Daily Summary (ETP) Exchange Traded Fund

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

Symbol NEWGOLD VETGRIF30

No. of Deals 1 3 4

Current Price 1,993.00 19.23

Quantity Traded 70 58,010 58,080

Value Traded 139,510.00 1,112,032.30 1,251,542.30

ETF Board Totals

58,080

1,251,542.30

ETP Activity Totals

58,080

1,251,542.30

Page

BUSINESS | INVESTMENT OPPORTUNITIES 39

Sanctity of Truth

Monday, June 16, 2014

21 Ways to raise funds for your business

ver the years, we have seen that for many entrepreneurs, one of the most difficult obstacles they encounter is raising money for their business. Coming up with capital to start your business may be relatively easy, but getting more funds to finance the continued growth of your business could be a lot harder What you need to raise money? There are many factors to consider when raising money in business, and it’s never an easy task. If you ask any entrepreneur or company founder – especially those who own start-up or small companies – big investors lining up at your company’s doorstep to invest is something they’d all want to happen. However, that’s not how it is in reality. Young entrepreneurs will most of the time have to rely on their own skills and knowledge to raise the money they need to support their businesses which is not an easy task. Sources of capital Bank loan: This will be helpful to small business owners who have little or no experience with borrowing and who do not know the best way to approach a bank for credit facilities. Types of bank loan: There are different types of loans offered by banks and the first step for a serious entrepreneur is to know the right one for his/her business. Depending on your needs and the type of business you want to start, there are basically two main types of small business loans: overdrafts and term loans. An overdraft is a type of loan that allows you to withdraw money from your bank account even if you have little or no money in it. So, if your bank approves an overdraft of #50,000 for your business, it means you will have access to this money even if your account balance is zero. Overdrafts are usually short term and last for about six months to one year before they are renewed. As a result, they should only be used as working capital for business activities that are short term in nature such as paying staff salaries or purchasing goods to be supplied to a customer. Advantages: One of the benefits of a bank overdraft is its flexibility. You only pay interest on the amount of the overdraft you use; if you don’t use it, no interest is paid (except for some bank charges that may apply). However, its disadvan-

tage is that it is only available to solve short term capital needs. Never use a bank overdraft to purchase equipment or lease a property which has a longer term than the overdraft itself. Using a (sixmonth) bank overdraft to pay for a two-year office lease is trouble.  Get advanced funding from customers: This is one of the few ways of starting or running a business with zero capital. Customers with an urgent or desperate need for a product or service are often willing to pay the full price (or part of it) in advance. This ‘upfront’ payment usually provides you with the capital you need to produce the product or service; get it delivered to the customer and turn in a nice profit. Enter for a 'business plan' or 'entrepreneurship' competition: You would be amazed at the number of business plan competitions that are available every year for African entrepreneurs and small business startups. Many people don’t even know about them. All kinds of local and international organizations put these competitions together to encourage and boost small and medium scale businesses on our continent. Governments, foundations, the United Nations are just a few of the big names behind some of these contests. For instance, are you aware of YOU WIN programme? Partner with who has cash: Most times, having a great idea isn’t all it takes to start a business. You may have the technical skills or brain power to build an amazing product but you still need a partner who has money that you need to make the product and sell it to the market. When you have a profitable business idea and find a partner who can contribute the capital, both of you bring something to the table and can share ownership of the business. It’s a win-win situation for both of you! NDE: Those who require loans without security, applications should be made to the NDE. The directorate caters for unemployed graduates, school leaver and other able-bodied unemployed people. Contact your state office of the NDE for detailed information.  Co-Operative societies: It is one of the effective and reliable sources of capital for your self- employment business. Its advantages are: 1. Low interest rate 2. No collateral 3. Loans are payable for a period of ten months or more.

Ogbeide

 Business angels: Another source of raising money for business is to source funds from high net-worth individuals. These are business angels with substantial idle funds. The only challenge is getting someone they trust to introduce you to them and getting them listen to your business proposal. Business angels come in two varieties: Those you know and those you don't know. They may include professionals such as doctors and lawyers; business associates such as executives, suppliers and customers; and even other entrepreneurs. Unlike venture capitalists and bankers, many angels are not motivated solely by profit. Particularly if your angel is a current or former entrepreneur, he or she may be motivated as much by the enjoyment of helping a young business succeed as by the money he or she stands to gain. Angels are more likely than venture capitalists to be persuaded by an entrepreneur's drive to succeed, persistence and mental discipline.  Federal Development Banks: Bank of industry (BOI) Nigeria Bank for commerce And Industry(N.B.C.I.) Nigeria Agricultural Co-operative And Rural Development Bank(N.A.C.R.D.B.) Federal Mortgage Bank Merchant Banks Nigeria Export/Import bank (NEXIM)  International agencies: International Finance Corporation (IFC); International Bank For Research And Development (IBRD). IBRD is giving out NERFUN/SME loans for the development of small/medium enterprises through local

participating banks Micro-Finance Institutions (MFIs) These are institutions that provide credit facilities to groups or person that cannot be assisted by banks. MFIs funds are obtained from international donors, non- governmental agencies, multi-nationals and public sectors.  State Government investment corporations: In Nigeria, a good number of state governments have established finance for agriculture, small and medium scale industry and housing. Some of the corporations provide both loan and equity finance for Small and medium scale industry and housing. NERFUND: Obtaining funding from NERFUND is a very serious business. Your first port of call for NERFUND loan application is your local bank, which will accept and process your application for the bank’ consideration.  Personal savings: You cannot achieve much in life without personal savings. A good saver of money will have at his or her disposal capital that can be invested in any chosen self employment business. It is really not how much you save that matters but the fact that you develop your saving habit. Credit facilities: Credit facilities are obtainable for either raw materials or wholesale goods for retail. Generally trade credit is credit extended by suppliers. You may need some references to be considered credit worthy. Life insurance policy and insurance companies: Life Insurance Policy: this is a form of compulsory saving in a specific period of time towards a project or plan. Insurance Companies: they are major source of finance for industry directly or indirectly through the banks. Here are a list of some strong and reliable ones: a. Nigeria Agricultural Insurance Corporation. b. Niger Insurance. c. Standard Alliance Insurance.  Assets finance: The most popular method of financing machines and equipment needed in business is via hire purchase and leasing. The asset finance companies of Nigeria have developed a number of ways of assisting small and medium sized business owners and start-up entrepreneurs.  Finance houses: Finance houses are privately owned investments companies which give assistance to companies

which are unable to finance the purchase of assets through borrowing, by hire purchase or a leasing arrangement. Apart from providing finance, they assist companies in capital restructuring or project financing. Other people’s money: This is another possible source of capital to finance your business. You will have to convince the owners that the money will be judiciously invested and also enter into some sort of agreement. Partnership: If you need business fund on medium or long term basis then you could consider entering into partnership with people of like minds who may decide to take some active part in managing the business with you. This is a sort of strategic alliance and the operative phrase is to partner with people of like minds. You may also consider merging with another company that has what you do not have. Crowd funding: Crowdfunding as a source of business capital is a technology fuelled method of pooling money from individuals to fund projects. It is the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. The administrators earn commission on the amount raised as their services charge based on the agreed terms.  Gratuity: Gratuity should actually be invested wisely so that the rest of the retiree’s years can be well spent. Spend good time to adequately prepare yourself and explore the various sources of funds explained above. Your chances of getting funded are good if you prepare yourself well enough. However, don’t approach investors with a selfish mind of what you, you and you alone will gain. That puts them off and they may not listen to you a second time. Instead, present your request stating clearly what the investors stand to gain from the venture and you are most likely going to receive their kind consideration. We have found this approach very crucial in getting required attention from investors in our consulting experience over the years. Many individuals and organisations have benefitted from our experience in this niche over the years. You can too. Ogbeide, who writes from Lagos, can be reached at excelogbeide@yahoo.com

Once a model for Africa, Ghana's economy loses its shine

ising bond yields, mounting inflation and a weakening currency have taken the shine off Ghana, a country until recently hailed as a model for African growth. An oil boom helped fuel five years of Gross Domestic Product (GDP) growth above 8 per cent making Ghana an emerging market star, a stable democracy whose population of 25 million was moving steadily into middle income status.

It is now, however, paying a steep price for not coming through with a new tranche of fiscal reforms. Political consensus is stymied, the public is dismayed by rising costs and the dream of new wealth is on hold. Analysts according to Reuters news, put the immediate difficulty down to a delay in announcing reforms, saying it makes it harder for the government to meet its 2014 economic targets and has increased the

chance it will eventually need a bailout from the International Monetary Fund (IMF). It has also created a perception of policy drift at a time of economic trouble rather than decisive action to shore up gains made during the boom years in which the gold and cocoa exporter started pumping oil. "The situation is becoming quite critical. There has been a chronic underestimation of

the seriousness of the problem by the authorities," said Angus Downie, head of economic research at Ecobank. In May, faced with worsening economic indicators and rising calls for action, the government of President John Mahama said it would adopt a "home grown" stabilization policy rather than resort to an IMF financial assistance programme. Such a policy would necessarily include spending cuts,

steps for increasing revenue and an answer to costly public sector wages, the single biggest contributor to the rise of the deficit in 2012 to 11.8 per cent. The government held a strategic planning meeting last month but is yet to announce new reforms. Instead, it is urging patience and pointing to measures to tighten foreign exchange rules and raise rates, coupled with subsidy cuts last year.

40 BUSINESS | GLOBAL NEWS

Sanctity of Truth

Monday, June 16, 2014

Nestle fined for unfair competition

french court has ordered Nestlé to pay £500,000 plus legal fees after ruling its Nespresso arm competed unfairly against a rival maker of generic biodegradable coffee capsules that work in its machines. The Ethical Coffee Company

(ECC) filed a lawsuit in Paris against the Swiss-based multinational food and beverage company in 2012. ECC, which is also based in Switzerland, claimed Nestlé’s Nespresso division intentionally cast doubt in the public mind about the quality, compat-

ibility, safety and biodegradable nature of its capsules. The ECC’s complaint alleged that Nestlé’s online Club Nespresso network discouraged customers from using rivals’ capsules. According to the complaint, the network claimed that using alternative capsules

would invalidate any warranty. The Commercial Court in Paris agreed, and fined Nespresso. Nespresso plans to appeal against the French court’s decision, a spokeswoman for the company said. In April, Nestlé came to an

agreement to end a probe by the French competition regulator by offering to lift obstacles to makers of rival capsules. Nearly nine out of 10 coffee capsules sold in France, which represents 25 per cent of the company’s global market, are Nespresso brand.

W'Africa drugs trade threatens public health

he West Africa Commission on Drugs (WACD) said drug trafficking, consumption and production in West Africa undermines institutions, threatens public health and damages development efforts. The scale of cocaine trade alone through West Africa estimated at $1.25 billion dwarfs the combined state budgets of several countries in the region. This is the key finding of the Commission’s report, entitled ‘Not just in transit: Drugs, the state and society in West Africa.’ “We call on West African governments to reform drug laws and policies and decriminalise low-level and non-violent drug offences,” Olusegun Obasanjo, chair of the Commission said. “West Africa is no longer just a transit zone for drugs arriving from South America and ending up in Europe, but has become a significant zone of consumption and production,” Obasanjo noted. “The glaring absence of treatment facilities for drug users fuels the spread of disease and exposes an entire generation, users and non-users alike, to growing public health risks.” Former UN Secretary General, Kofi Annan, who initiated the West Africa Commission on Drugs added: “Most governments’ reaction to simply criminalise drug use without thinking about prevention or

access to treatment has not just led to overcrowded jails, but also worsened health and social problems. “We need to gather the required political will to go after the organised traffickers while reforming out-dated laws and policies that no longer fit reality,” Pedro Pires of the West Africa Commission on Drugs said. “We call on West African states to collaborate and make a common cause against a trade that knows no borders. “We need the active support and involvement of civil society and of the international community,” Edem Kodjo, a member of the West Africa Commission on Drugs said. “South America, where most of the drugs smuggled to West Africa come from, and Europe, which is the main consumer market, must take the lead to deal with both production and consumption at home. “We cannot solve this problem alone; governments and civil society have to come together in West Africa to help prevent the drug problem from getting completely out of hand.” Kofi Annan, in consultation with international and regional partners, national governments and civil society organisations, convened the West Africa Commission on Drugs (WACD) in January 2013 to make face to the ever-growing threats posed by drugs in West Africa.

Global stocks down on bad US news

ost world stock markets fell Friday after poor US retail sales data but benchmarks in China gained after an economic report bolstered optimism about the world’s No. 2 economy. Oil prices pushed higher as an insurgency spiralled in Iraq. Chinese industrial production rose 8.8 per cent in May, in line with analyst expectations, while retail sales grew faster and fixed asset investment expanded at a slower pace. The latest numbers fuelled hopes that recent mini-stimulus measures by authorities will prevent the economy from slowing too sharply. “The overall May data confirmed moderate recovery in the economy in the second quarter,” economists at JP Morgan wrote in a research report. In early European trading, France’s CAC 40 slipped 0.4 per cent to 4,534.48 and Germany’s DAX lost 0.6 per cent to 9,881.71. Britain’s FTSE 100 fell 0.5 per cent to 6,808.84.

US stocks were set for a tepid session. Dow and S&P 500 futures were little changed. The Chinese figures came after official US data showed consumer spending in the world’s biggest economy increased less than expected in May while unemployment benefit applications rose. In Iraq, Islamic militants vowed to march on Baghdad after pushing deep into parts of the country’s Sunni heartland previously controlled by US forces. US officials ruled out putting troops back on the ground. Chief market analyst at CMC Markets in Sydney, Ric Spooner, said: “For traders often jaded by seemingly constant news of potential geopolitical risks, the situation in Iraq looks a real concern. Markets have been surprised by the speed and extent of rebel incursions into the south.” Japan’s benchmark Nikkei 225 recouped earlier losses to close 0.8 per cent higher at 15,097.84. South Korea’s Kospi lost 1 per cent to end at 1,990.85.

L-RIndia’s newly sworn-in Prime Minister, Narendra Modi, gestures to Pakistani Prime Minister, Nawaz Sharif, as they shake hands during a meeting in New Delhi.

Unilever records loss in European market

onsumer goods industry data from ACNielsen at the weekend revealed that Unilever’s food business was losing share in a tough European market. The group’s western European food sales dropped 5.2 per cent by value in May, the survey said, underperforming the overall market decline of 4.1 per cent. “Despite the group’s vision to ‘win everywhere’ and the disposal of underperforming assets, the food division is still not growing,” said Credit Suisse. It reckoned Unilever has been suffering due to its reliance on declining categories such as margarine. Meanwhile, deterioration of emerging markets and increased competition means growth from its personal care business, formerly its star performer, has halved over the past two years, the broker said. Yet the stock’s multiple to 2015 earnings has hit a 10-year high at 19.3 times, with no discount to peers, argued Credit Suisse. It set a £23.00 target price on the shares, which lost 1 per cent to £26.64. Unilever had been the subject of a vague bid rumour earlier last week, though dealers have argued that sector peer, Reckitt Benckiser, looks the more credible target. Reckitt ended 0.2 per cent lower at £51.80. Housebuilders and retailers led London lower as markets moved to price in an interest rate rise before the end of the

year. The FTSE 100 dropped 1 per cent, losing 65.26 points at 6,777.85, giving it a 1.2 per cent decline for the week. Builders also reacted to Treasury proposals that the Bank of England should be given additional powers to curb risky lending. Persimmon slipped 7 per cent to £12.11, Barratt Development was down 6.3 per cent to 346.3p and Taylor Wimpey fell 6.3 per cent to 104p. Online retailer Asos slid 5.2 per cent to £29.19 after a downgrade from Morgan Stanley. It questioned how much of Asos’s growth over the past five years had been powered by sterling’s depreciation, and questioned why despite

rapid expansion only eight countries were still providing four-fifth of the group’s sales. Online gambling stocks slumped on news that US listed Amaya Gaming had agreed to buy the owner of Pokerstars and Full Tilt, the leading poker sites, for $4.9 billion cash. Pokerstars’ founders agreed to sever all ties with the company, which will potentially allow the group to become regulated in the US. Companies that continued to trade in the US after internet gambling was prohibited in 2006 are commonly subject to “bad actor” clauses that bar them from gaining state gaming licences.

Japan to open residential power market to competition

apanese lawmakers have voted overwhelmingly to open up the residential electricity market to full competition, the latest step in a radical shakeup of the power industry in the wake of the Fukushima nuclear disaster. The change frees up a 7.5 trillion yen ($US73 billion) market to all companies from around 2016, allowing them to sell electricity and other services to almost 77 million households and 7.4 million small business, according to government figures. The move will expose Japan's 10 regional power monopolies to new competition

after the government seized on public anger over shortcomings brought to light by the 2011 tsunami and meltdowns at the Fukushima Daiichi station to reform the industry. Winners include new operators who have been entering the market with leaner operations, lower overheads and new technologies. Investment in solar energy has surged after the introduction of new tariffs to encourage the industry. "The amendment ... gives people the freedom to choose their electricity suppliers based on their own preference," said Hisayo Takada of Greenpeace Japan said in a statement.

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Airbnb co-founder: If rejection slows you down, entrepreneurship isn't for you Catherine Clifford

hen Airbnb was first shopping its idea to investors five years ago, it faced a lot of skepticism. Today, even as valuations of the apartment-sharing company hover around $10 billion, Airbnb is still pushing against a wall of naysayers. The San Francisco-based startup is in the midst of legal battles with the State of New York and its CEO has recently had to answer for wild orgies happening in rented apartments. If Airbnb's founders had perfectly thought through every single scenario and unintended consequence of having strangers rent accommodations from each other, they probably wouldn't have entertained the business idea for more than half a beer. But determination is what makes a successful entrepreneur, above all else, says Wil Schroter

enture capital plays a pivotal role in the startup economy, providing vital funds to high-potential earlystage companies. Not surprisingly, it’s also a constant topic of conversation within the startup community — who’s receiving it, how much they’re getting, and how long it took them to capture the interest of VCs. During my 19 years of experience as an entrepreneur, I have founded 3 venturebacked companies, and I know firsthand that navigating venture funding can be incredibly confusing. As the founder of Fundable, I talk to startups daily about their approach to investors. I’ve put together answers to some of the most frequently asked questions and topics of discussion amongst our community of founders. If you’re thinking about raising capital, here are a few things to keep in mind before you dive headfirst into the venture funding pool. 1. U.S. Venture Capital Had Humble Beginnings While only a small portion of startup businesses make it to a stage where they can benefit from venture capital, venture funding has been a critical component to U.S. startup companies for decades. In an era when venturefunded giants like Google and Facebook would seem ludicrous, The Small Business Act of 1958 was created to help emerging entrepreneurs

Airbnb co-founder Nathan Blecharczyk. If you wait for perfection, you will miss some epic opportunities. Success as an entrepreneur is “less about the idea and more about the person,” Blecharczyk told an audience at a conference on the sharing economy at New York University’s Stern School of Business last week. “All along the way, people said, ‘No, this isn’t going to work, don’t do this.’” Some investors that Blecharczyk and his partners Brian Chesky and Joe Gebbia approached in their early days walked out halfway through the meeting. “I remember going to somebody who we respected, pitching them about what we were doing, and he said, ‘Ah, I hope that’s not the only thing you are working on.’” Five years later, Airbnb – for all its controversy – is seen as a missed opportunity by some

investors. One of the premier venture capital firms in the U.S., Union Square Ventures in New York City, was approached by Airbnb when the founders had graduated from the Y Combinator accelerator program. The founders had run short on cash and were desperately searching for backers. Unable to come up with any funds from investors, the Airbnb cofounders bought a bulk supply of generic Cheerios, put the cereal in boxes labeled “Obama-Os” and “Cap’n McCains” in honor of the presidential election happening at

the time and charged $40 a box. The Obama-Os were more popular and so the co-founders ate the remaining Cap’n McCains to save on food money. Fred Wilson, co-founder of Union Square Ventures, still has a box of the Obama-Os sitting on a mantle in his conference room. “We couldn't wrap our heads around air mattresses on the living room floors as the next hotel room and did not chase the deal. Others saw the amazing team that we saw, funded them, and the rest is history,” wrote Wilson of his invest-

4 things every entrepreneur should know about venture capital by allowing the Small Business Administration (SBA) to license private “Small Business Investment Companies” (SBICs) to help with the financing and management of the small businesses in the United States. In the 60s and 70s venture capital firms were founded with the purpose of both starting and expanding companies. The 1970s paved the way for a more organized system for venture firms, many of which became the model for today’s venture capital landscape. Silicon Valley was firmly established as a hub of startup activity, with an emphasis on technology. Venture capital firms remained limited throughout the 1980s and the first half of the 1990s, increasing by just $1 billion between 1983-1994. The late 90s were a true heyday for venture capital, as the internet-driven economy emerged. IPOs were common and venture capital firms saw incredible returns. Since the internet bubble burst, venture funding has experienced ebbs and flows, but has never quite returned to the dizzying levels of the late 90s. 2. Venture Funding is Not the First (or Second) Step for Your Business Often, it can seem like incredibly profitable startups

pop up and are venture funded overnight, but I can assure you this is not the case. Companies have often put in many years of work before they approach venture capital firms. Typically, startup founders first approach friends and family to raise an initial seed round. This usually occurs during the idea stage of a startup. For example, a company may have a working prototype and needs funds in order to produce an initial production run of their product. This is also a time when many startups decide to crowdfund their business and pre-sell their product, or look for initial friends and family investors. Later stage seed funding often comes from angel investors, who make their decision to invest based on a startup’s traction (sales numbers, notable press mentions, etc.), as well as an affinity toward the entrepreneur. Venture capital comes into play when a startup has established itself as a profitable business and is seeing very rapid growth, post seed round. VCs and firms invest in companies at this time, hoping for an eventual sale or IPO so that they can make a large return on their investment. VCs are very selective in their investments and are looking for the highest-poten-

tial companies because they must answer to their Limited Partners (LPs) — those that have invested in the fund and are counting on the firm to make profitable decisions. With 3 out of every 4 startups failing, it’s important that a VC make a significant return on those startups that do succeed. 3. Venture Capital Pairs Well with Crowdfunding There has been quite a bit of debate recently about the relationship between crowdfunding and venture funding. At Fundable, we don’t believe that crowdfunding will replace the current venture capital model anytime soon. Crowdfunding is the perfect precursor to later funding rounds because it gives entrepreneurs the opportunity to gather the traction they need to attract later stage investors. Equity crowdfunding is a great way to gather initial investors, who in turn will continue to profit from the company’s growth — especially if the company scales to a point where it needs venture funding. Data also shows that venture funding tends to occur in geographical silos, with the most concentrated amounts of funding committed to comCO NTINUED O N PAGE43

ing blunder. “We missed Airbnb even though we loved the team. Big mistake. The cereal box will remain in our conference room as a warning not to make that mistake again.” Wilson wasn’t the only investor to miss the Airbnb boat. Luke Williams, the executive director at the Berkley Center for Entrepreneurship and Innovation at NYU Stern, said that 15 A-list venture capitalists all listened to Airbnb's pitch and declined to invest. Since those early days of constant rejection, Airbnb’s growth has been exponential. In the first four years, Airbnb served 4 million guests. In its fifth year alone, it served 7 million guests. Still, despite Airbnb’s international success, there are still loads of doubters and countless hurdles for the company to navigate. Regulators struggle to define how to classify Airbnb guests and income for tax and rental purposes. Blecharczyk recognizes that there are issues to be worked out, but says that if they had waited to have all of the pitfalls bridged over before launch, a tremendous amount of benefit would have been forfeited at the feet of hesitation. “Sometimes there is an expectation that all these problems should already be solved, and you just can’t do everything at once. We are certainly very eager to address them as quickly as possible,” said Blecharczyk. Rather than a “No, don’t do that” attitude, entrepreneurs need to have a “Yes, but please come up with a solution” attitude, he says. And he argues that regulators and city officials should, too. “We should be looking forward and asking ourselves what kind of future do we want to create.” Blecharczyk is determined to create a future that he himself wants to live in. Even as the cofounder of a company with a valuation in the billions, NYU's staff was unable to convince Blecharczyk to let them book him a hotel for the conference; he only makes arrangements through Airbnb. “I have spent most nights this year living on Airbnb," he says. ENTREPRENEUR.com

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5 signs you're not leadership material Drake Baer

uccess is a matter of signaling. To Sylvia Ann Hewlett, that signaling is a matter of "Executive Presence," which is the title of her new book. Hewlett says executive presence is a matter of "communicating that you have what it takes." It's that quality that draws people — and job offers, promotions, and opportunities — toward you. But getting it wrong can repel people. In an earlier post we looked at those positive signals, which were identified by Hewlett and her team at the Center for Talent Innovation in their survey of 4,000 professionals in the U.S. Here are a few of the behaviors to avoid. 1. Not having emotional intelligence. If you want to lose an election, be tone-deaf toward people's emotional lives. Cut to: Mitt Romney. "That he could say things like 'binders full of women,' that 43% of the population are losers — it gave a real sense of a man in a bubble who was clueless to how real people live," Hewlett says. "Obviously that did him no good in the election." Such an ire-drawing insensitivity can find its way into the workplace, like with racist or sexist language. Hewlett's research finds that those are reliable ways to look like you're not to be trusted with responsibility. 2. Checking your phone incessantly. Projecting capability requires you to look like you're actually in the room — not sucked into your phone. "We found that constant device checking was a huge piece of resentment amongst bosses and a big black mark for up and comers who did not have the courtesy to focus," Hewlett says. It's not enough to know your facts, she says; you have to have the body language of being present. Since body language is one of the strongest forms of communication, being alert and attentive to your colleagues is one of the easiest ways to evi-

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Monday, June 16, 2014

dence your ability to get things done. 3. Looking physically sluggish. "There's a real premium on fitness and looking as though you exercised recently," Hewlett says, "and that is much more important than the size of your waist." Again, she says, it's a matter of signaling: showing that you can take care of your body demonstrates that you can take care of whatever responsibility might be headed your way. It goes for men and women equally, whether they're 28 or 40. Hewlett says we're all under scrutiny to look physically able. 4. Getting into sex scandals. If people are going to trust you with power, you need to appear trustworthy. For this reason, Hewlett says that "sexual impropriety takes some kind of prize as a career killer." For a few examples, notice the word "former" for all these one-time headliners: –former congressman Anthony Weiner, –former New York governor Eliot Spitzer, –former CIA director David Petraeus, –former International Monetary Fund head Dominique Strauss-Kahn, –former Best Buy CEO Brian Dunn. Extramarital, intra-organizational dalliances are such career killers since they call into questions people's judgment, Hewlett says, and their very ability to lead. 5. Not having spontaneity. To signal that you're able, you need to show that you have a deep knowledge of your subject area. For example, notice how Elon Musk and Marissa Mayer drill into any pitches that come their way. To Hewlett, spontaneity is a natural outgrowth of that understanding. "When my first big book came out I was overwhelmingly boring," Hewlett says. She had been a college professor for years, she said, which trained her in not telling stories, hiding behind podiums, and generally going over "like a lead balloon" in public settings. The solution is to be overwhelmingly prepared — so you can improvise when you're overwhelmed, like the best TED speakers do. "You have to know the arc of what you want to say so that it comes out even when you're super nervous," Hewlett says. The takeaway: signaling that you are capable — showing that you have executive presence — is a lot like a duck gliding across the water. Above the surface it looks relaxed, but take a look underneath, and those feet are pedaling hard. Culled from Business Insider

4 lessons in success from millionaire entrepreneurs Lindsay Lavine great would it be to be Hof ow a fly on the wall as some the biggest companies

are developed? Or to hear about the challenges entrepreneurs have faced on the road to their first million? Last week at the third annual Chicago Ideas Week, a group of successful entrepreneurs opened up about how they created their companies, shared the successes and struggles faced along the way, and the lessons learned from the experience. Here are their pearls of wisdom: 1. Accept failure as part of the journey. "The great ones treat failure as a necessary part of their journey. It's not win or lose. It's always win or learn," says Eric Lefkofsky, CEO of Groupon. Lefkofsky shared several anecdotes of past ventures that failed, including Brandon Apparel Group and Starbelly, which he says led him to the brink of bankruptcy in 2001. That year, he started InnerWorkings, a print procurement company that was a success. Lefkofsky insists there was no magic to what worked and

what didn't. He kept working and trying new things until eventually he developed InnerWorkings and things clicked. 2. Keep your eyes open for opportunities. For the founder of Honest Tea, inspiration came at the grocery store. Dr. Barry Nalebuff, a professor at Yale School of Management, was just looking for a good glass of tea. While there were dozens of beverage options already in the marketplace, Nalebuff found water was boring, soda to be liquid candy, and diet drinks dangerous.

He applied economic theory to the beverage market, and found that the best product should be less sweet: Less calories for the customer, less cost for the manufacturer. Nalebuff knew tea was the world's cheapest luxury good, and teamed up with a former student, Seth Goldman, to create Honest Tea in 26 days back in 1998 (they sold Honest Tea to Coca-Cola in 2011). Nalebuff calls it the "Princess and the Pea" theory, after the children's tale: "If something out there's CO N T I N U E D O N PAG E 4 3

Life lessons from a nun

nuns tweeting

Georges Levesque

ou read that right. I am the son of a nun. To be precise: an ex-nun. My mom was a member of the Roman Catholic Sisters of Wisdom in Edmundston, Canada, from the age of 18 to 26. After she left, my mom continued to teach, met my dad, had three kids, moved 11 times and welcomed the ultimate gift of seven grandchildren. All the while, her experiences and values as a nun guided her on her journey. And in many ways, those values are the same ones that drive me in business and life. Here are three of the biggest lessons my mom imparted through her experiences: Moving On is Not Quitting Even after you make a commitment, it’s OK to move on if it’s no longer fun or valuable. Moving on is not quitting. It’s moving on. My mom left the convent despite staggering social and family pressures to stay. She didn’t quit her beliefs, on her family or on the time that she had invested. She simply moved on. In business, transitioning to a better situation is often seen as quitting, so we keep going with the notion that we can’t give up despite disliking what we’re doing or it being a financial boon. We’ve simply invested too much time and money, and we begin to forget why we started in the first place. If your business is fun and you love it, keep going, otherwise look for something else. My mom’s journey taught me that you’re only alive for a few brief decades— why burn them by sticking with something that makes you unhappy? Your Past Does Not Define You When my mom left the convent, she became just the second person in Canadian history to do so without being excommunicated. She never looked back, held her head high and returned to the classroom (this time without the penguin outfit). There were no pictures of her as a nun hanging in the house, no annual retreats with ex-nuns and no regrets. It’s not that she was hiding that part of her life; her new life was her identity. How many times as entrepreneurs do we let our blemished past affect our unspoiled future?

Sure, I lost a lot of money in 2000 with my grossly mismanaged company, but do I need to carry that burden forever? I can choose to focus on words like “waste,” “loss” or “fail”… or I can choose to focus on words like “learning,” “preparation” and “opportunity,” just like my mom did when she transitioned to a new life. It’s time to let go of the guilt— the past is the past! “Nice” Does Not Mean “Weak” My mother is the nicest human being on the planet, but if she feels like you’re trying to take advantage of her, she’ll step up big against you (a lesson she learned during her days as a nun). This approach helped her achieve success at home and at work, and it taught me the importance of measured action. When I started out as an entrepreneur, I operated under the concept of cutthroat business. I wanted to prove to myself, my staff and my clients that I was determined to make a difference— at all costs. But a few missteps early on reminded me that you can get to the goal line faster by being strategically agreeable, and that it doesn’t mean you’re weak if you make positivity a pattern. Watching how my mom engaged other nuns and the students she taught offered me a valuable lesson that I was able to apply later in life: A balanced approach creates far more results, personally and professionally. Often as entrepreneurs, we look for guidance and direction from business books, learning events, organizations like EO and our peers. In my years of being a business owner, I’ve discovered that inspiration— and support—can come from the most unexpected of places. In my case, my mom’s remarkable journey as a nun, teacher and mother served as a compass for me, and continues to play an important role in the direction of my business. I’m thankful for her incredible experiences, and continue to marvel at how they shape my own journey. Georges Levesque is the founder and president of GAL Consultants and The Levesque Group. He is a member of Montreal chapter of Entrepreneurs' Organisations - Culled from Octane, a publication of Entrepreneurs' Organizations

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5 critical questions you need to ask a potential investor Bryan Stolle

ou’re about to give up a substantial amount of ownership to an investor or investor group. You’re thrilled to get funding, but how do you know if you’ve selected the right investors? While it may seem like raising capital is all about winning over investors, it’s really a two-way street. Just because someone has money they are willing to invest does not mean that person and firm can add substantial value to your business or that they are the right fit. You are choosing investors as much as they are choosing you, and you are likely going to have to live with them for many years. Beyond the obvious reference checking (especially with fellow entrepreneurs), here are five questions that you should and need to ask yourself and potential investors. 1. What value can the investor really add? Let’s be honest: There are investors out there that don’t seem to have a clue. It may sound funny, but I’ve witnessed this first hand -- more than once as both an entrepreneur and an investor. Entrepreneurs need to be very thoughtful about what they want and need in an investor (other than just the money). Do you want someone that understands what it means and what it takes to build a valuable business from scratch? Do you want someone that knows the inner workings of venture fundraising over multiple rounds and can help you do it right? Does the person need to have strong operational experience in a particular area, such as sales, marketing or product development? Choosing an investor is a lot like getting married. This person will be in your life and sit on your board for many years. There are a lot of great investors out there, but there are also not so great ones. You need to make sure it’s going to work for you and your company. 2. Does the investor know anything about your business? It’s not all about the money. Consider whether it’s important for your investors to understand your business model or have experience in your particular industry. Sometimes it’s crucial, other times not so much. Take a look at the firm’s current portfolio and focus areas. What does this indicate about the investor’s broader knowledge of your business? Let’s say you are starting a digitalmarketing business. Is this the first investment of that type for the investor or the third?Without prior experience, the investor may not have the right net-

works in place to help you or the right context for advice and decision making. Besides looking at the VC's portfolio, LinkedIn is a great tool to help you understand who potential investors really know. 3. How committed is the investment firm to your type of business? Just as it may be important for the specific investor to understand your business, you need to understand how committed the firm is to your particular area or business category. Do they have other portfolio companies in the same space? Determine if it’s a major focus area for them. Is your company an experiment to test out a new thesis? Are they planning to invest in more companies like yours or are they beginning to get jaded and back away from the category? You want your investor and their firm to be strong advocates and committed to the category. 4. At what stage is the potential investor in his or her career? Most venture capitalists have a 15- to 25-year career in the business. Where they are in both their VC career and overall career can have a significant impact on your success.

For a partner in the first few years of his or her VC career, the lack of experience could be a real issue (especially if they haven’t had a successful established track record in a prior career) Her networks, understanding of the venture business and experience getting a company from startup to success is not as strong as it could be. Also her nfluence in the firm is also likely less than ideal -- you may not get as strong an advocate as you may need in the future. Try to understand their motivations. When someone is feeling pressure to establish his career or “brand,” his agenda may not be perfectly aligned with yours. This can result in unpredictable behavior at inopportune moments. For example, he may advocate a followon investor or board member who “looks good” on his resume but may not be the best fit for your business. Or he may advocate a course of action that is currently “cool” in the VC or startup world, but isn’t a viable, sustainable direction for building value in your business. On the flipside, if an investor is starting to scale back, his influence in the firm will start to decline. That influence is really important because when it comes time for follow-on financing, your advocate in the firm is a big factor in whether or not the firm participates. Someone late in his career may also not put as much time and energy into helping you become successful as you might expect. When you give up a substantial amount of ownership in a company, it’s not just for the dollars. It’s for the access, the advice and the help. Make sure you understand where the investor is in his or her career. The individual's investment should be about your company, not the person's needs. How much capital is the firm allocating or reserving for your company? Think ahead to the next round of capital. Find out where the firm is in the life of the current fund and how much capital they are allocating or reserving for your company. Have they fully or tentatively earmarked dollars for follow-on investment? Some firms don’t reserve any funds, and it’s a decision made at the point in time of the next investment -- depending on available funds and other investment opportunities (a.k.a a jump ball). Others have a hard reserve or soft-allocated future funds. Ask how future funding decisions are made and understand the process for when you need to raise more money. - Culled from Entrepreneur.com

6 things every new entrepreneur should know Tricia Meyer

s founders, we learn from our own experiences. But you can’t know everything. If this is your first time starting up, it’s important to seek advice from people who have been there before. Let these six tips become part of your entrepreneur’s credo: 1. Know your differentiating factors You might not know this right away, especially if you’re in a saturated market like law, but you have to figure it out quickly. The more you can research your industry and understand how you’re different, the better you can set yourself apart. You need to be able to show by example why you’re different. I used to think all lawyers wanted their own firm. It wasn’t until I went out on my own that I realized most don’t. As lawyers, we’re trained to assess and mitigate risk. We remove ambiguity and attempt to anticipate every possible thing that can go wrong.

Lawyers typically have a low risk tolerance, which is generally contrary to the world of an entrepreneur, where uncertainty and risk are a reality. As an entrepreneur and a lawyer, I have a unique perspective that has helped us identify how we’re different and allows us to relate to our clients in a more meaningful way. 2. Keep your head up Things will not always go your way. As an entrepreneur, every day is an adventure and no doubt you will face challenges along the way. It’s key to be an effective problem solver, learn from your mistakes and don’t let challenges get you down. Figure out how to overcome issues and move forward. Onward and upward. 3. Ask Simply put, don’t be afraid to ask. Whether it be for an introduction, advice, help or information, if you’re asking, you’re taking steps forward. By asking, you’re becoming more knowledgeable through others’

experiences and expanding your network to create more opportunities. Let others challenge you to do better, to come up with solutions, to improve your business. Most people are extremely helpful and enjoy sharing their experiences. You’d be amazed at how far the right support system and resources can take you. 4. Trust your instincts You will get a lot of advice along the way, but in the end you have to do what’s right for you and your business. Some people will understand the path you’re taking and others will not. Don’t let the naysayers steer you in the wrong direction. Take an objective look at the situation, get as many informed opinions as needed and then make a decision from there. 5. No doesn’t always mean no It just might not be the right time. People’s needs change and evolve, as will your business. If you can’t land a particular client or an ideal candidate immediately, aim to form a relationship.

Keep a dialogue going and check in periodically to see if there are any opportunities. Take the long view and recognize that success is most often a slow process of building relationships. If you’re always forming and maintaining relationships, you’ll be paving the way to greater success down the line. 6. If you can’t get a door open one way, look for other ways While there are many people who will help you along the way, every now and then you’ll come across someone who won’t or can’t. That doesn’t mean you stop there and give up. Keep looking to find the person who is willing and able to help you, and don’t forget to return the favor. The defining characteristics of a successful entrepreneur are passion and persistence. Success is difficult but not impossible if you know who you are and what you’re after, and maintain the ability to ask for help when you need it. -Culled from BusinessInsider

4 lessons in success from millionaire entrepreneurs CO N T I N U E D F R O M PA G E 4 2

annoying you, that's an opportunity," Nalebuff says. 3. When opportunity knocks, be ready for it. After Honest Tea launched, Nalebuff was at a yoga retreat and noticed Oprah Winfrey on a nearby mat. Because he always carried samples with him everywhere he went, Nalebuff offered Winfrey a drink, and Honest Tea was subsequently featured in her magazine. "When opportunity strikes, you have to be prepared for it," Nalebuff says. 4. There's no set path to success. "There's no set path to success, there are many ways to get there." says Dan Gilbert, founder of Quicken Loans and a principal of Detroit Venture Partners, an organization that funds start-ups and is leading revitalization efforts in Detroit. Gilbert says he's most proud of creating an environment that lets his employees sell and listen to customers. Both he and Quicken Loans' CEO answer complaint calls. When asked what drives him, Gilbert says, "I like to build. Most entrepreneurs at their core like to build." -Culled from Entrepreneur.com

4 things should know about venture capital CO N T I N U E D F R O M PA G E 4 1

panies located near Silicon Valley. Because of the geographical inequality of venture capital being committed, equity crowdfunding can be a great option for companies located outside of traditional venture capital hubs, allowing them to connect with investors across the country through their online fundraise. 4. Venture Capital Isn’t For Everyone With just over 1,000 new investments made into startups each year, there simply isn’t enough venture capital for every successful startup. Venture capital investments are still predominantly committed to technology-focused businesses, meaning that companies outside of this realm need to seek alternate paths to funding. At Fundable, we often work with companies both inside and out of the technology silo, and we’ve seen firsthand that venture capital is not the only path to grow a business. With the legalization of equity crowdfunding, and the surge of new and innovative methods to raise startup funding, early stage companies now have more tools to raise capital than ever before. Venture capital will continue to be a driving force behind many of the most successful companies, and we’re excited to work with companies at an early stage as they start their funding journey. As the founder of Fundable, I spend most of my day working with entrepreneurs and giving advice on how startup funding works. If you’d like me to give you a hand, I’m easy to find – wil@fundable.com.

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Nina Zipkin

The entrepreneur behind Flickr opens up about past mistakes, lessons learned and her latest venture

aterina Fake knows a thing or two about taking risks -- and finding success. She's had a hand in some of the most innovative internet ventures of the last decade. She co-founded pioneering image-sharing service Flickr (under Yahoo's umbrella since 2005) and recommendation and mapping platform Hunch with Chris Dixon, which sold to eBay in 2011. And as a founding partner of seed-stage venture capital firm Founder Collective, she has supported ventures like Buzzfeed, Uber, Cloudera and Etsy -- she's also Etsy's Chairwoman of the Board. And she isn't slowing down anytime soon. Fake is now the founder and CEO of Findery. This latest venture which officially launched in March this year (after two years in beta) is all about discovering and engaging in what's unexpected all around you. The app lets users leave Notes and create Notemaps about travel destinations, regular haunts, favorite subjects and everything in between -a little local color and community in a digital world. We caught up with Fake to talk about diving in head first, learning from the past, the value of failure and what you can count on in human nature. Knowing what you know now, what would you have done differently when you were first starting up? A: As entrepreneurs, we're all making thing up as we go along, each new thing has its own challenges and different way of being run. There will be surprises, things you didn't expect and issues you thought you would never have to deal with. Esther Dyson told me this, she was an early investor in Flickr, and she actually has this as her e-mail sign-off: Always make new mistakes. So that’s the motto that I try to live by, don’t make the same mistakes twice.

at trusting my instincts the third time around. Having the right team together and hiring people that are smarter than you is key. It's important to really work at recruiting, sometimes even over the building the product. Having done this three times, I've had had the opportunity to really learn from my mistakes. Being a serial entrepreneur means you can be the person you wished you had been the first time around.

What do you think would have happened if you had had this knowledge then? Going back in time to the early days of Flickr, sometimes we hired because we needed to fill a chair. We needed a back-end engineer, but we didn't have the person with the right skills, so that person ended up building the wrong systems for us and put us back about year. I should have gone and waited another six months to hire the right person. You don't realize how painful it has to have the wrong person. I'm a big believer in that the team is everything. So when I was starting out with Findery, I took a longer time than I would have liked. I knew that I had to wait for the right people and I was much better

How did you learn this lesson? With Findery, this is a new thing I've never done before -- Findery is mobile. I've worked with social networks and user generated content, and I'm now bringing that knowledge over into a new field and doing things that are completely out of my comfort zone. Research shows that when people have had a successful company, they tend to become more cautious, don't want to take more risks. But that's an anti-entrepreneurial way of thinking. You have to go out and try new things. Technology moves so fast and what was true a year ago is no longer true today, so it's important to judiciously take advantage of the advantages you've already

got, while simultaneously approaching things with a beginner's mind. Its constant disruption, so you have to stay on your toes. Besides invent a time machine, how might they realize these sorts of helpful pearls of wisdom sooner? Being open and observant of people and the world around you is really important. People have the same desires and needs online as they do offline. The way that people are stays constant. You can change the format, make it easier for them to communicate or use photos instead of words but human necessities never change. What are you glad you didn't know then that you know now? A: Not knowing what you're getting into can be a great advantage. Being an entrepreneur is so glamorized in the media. You see the winner's circle, see them ringing the IPO bell, but they don't show the people who lost their shirts or went into debt. If you knew how dreadful some of those days are -- at first, we didn't have enough money to build Flickr. And there's not getting paid for a year, living

on cooked noodles, lying awake at night knowing you had a terrible day, lost a key employee, or a person you wanted to join your board thinks your product is crap. Blissful ignorance can be a huge advantage -- entrepreneurism is not necessarily for pessimists. Best advice for aspiring entrepreneurs? Really understand people, their needs and how society works. Start building something immediately. Don't wait for the magic co-founder to join you, just start. Recently I had a friend write me a note. She just started a business and said 'thank you for that conversation we had.' She had been trying to decide whether to go into an entrepreneurial MBA program or not and I said, 'why would you go into a grad program, why don't you just start a company? You learn how to build companies by building them.' If you want to start a business, it's easier now more than ever. It might fail, and God knows I have a lot of failures under my belt. But the one thing that doesn't work out puts you one step closer to your goal. Culled from Entrepreneur.com

6 pros and cons to consider when hiring an entrepreneur Rocco Sannelli

very employer’s dream is to have self-starters and motivated employees. However, most employers spend way too much time looking for candidates to fill positions instead of strategically identifying assets that will add value to their organization. Innovation is the key to growth and prosperity, and is the only real competitive advantage that companies have in today’s fastmoving market. Innovative leaders are needed to bring in ideas, take risks and push the company forward. Still, not so many employers are willing to hire people that know more about their business than they do. Hiring someone with entrepreneurial spirit or with a past as an entrepreneur is at the same time an opportunity and a risk for the employer. Here are three pros and three cons that

managers should be aware of when deciding to hire that kind of innovative leader for their organization. PRO: Entrepreneurs have vision. They understand the big picture and every aspect of a business (including raising capital, managing budgets, creating benchmarks and measurements, as well as marketing and promotions). Entrepreneurs are constantly looking for ways to improve or top a previous success, and are sued to wear many “hats”. Celebrating successes or milestones is important, but entrepreneurs have a long-term vision of where they want to go: getting comfortable is really not an option. PRO: They are risk takers. In today’s business, a moderate risk is what companies need to launch products and technologies that nobody has seen before, as well running unconventional

marketing campaigns and attract customers in a disruptive way. Entrepreneurs are familiar with risks and failure, which helps them being more intuitive in their decision making. This might not be true for every entrepreneur, yet those who’ve learned from their mistakes are constantly at work to improve and not to repeat them. PRO: Entrepreneurs go beyond the job description and understand the value of relationships. They are more likely to engage in activities related to their industry outside of normal work hours. Those that excel at networking typically have a strong network and valuable connections to potential partners or customers. Cultivating healthy business relationships is an asset and skill every employee should be required to develop. Employees with an entrepreneurial mindset also enjoy learning about various aspects of the business on their

own time, which helps them staying on top of market and technology trends. There is also a flip side of the coin, which explains why employers are sometimes reluctant to hire entrepreneurs. CON: Entrepreneurs are hard to retain. They never stop and are constantly looking for the next big thing to work on. In every company, though, even within the most innovative ones, managers are expected to work on tasks that require less design thinking too and may result “boring”. Entrepreneurs can easily be distracted and jump on the next train. CON: They are a potential competitor for the company. Managers are afraid that entrepreneurs will use their employer as a training field, so when they are ready to launch their own venture they will leave, leveraging what they’ve learned on the job.

CON: Entrepreneurs are considered not to be necessarily good team members. While their leadership skills are out of discussion, employers fear that being a team member and collaborating with others might not be entrepreneurs’ main asset. Managers might be comfortable with taking the lead and being the boss; however, one virtue that is too often overlooked is entrepreneurs' ability to know when to lead and when to follow. Every employer desires a team of highly skilled professionals that are armed with a strong entrepreneurial drive, as they will take risks, will go beyond job descriptions and work harder than anybody to achieve company’s long-term goals. Looking at hiring entrepreneurs as an investment rather than a threat, seems to be the right approach to drive innovation through talent acquisition. –Culled from FOXBusiness.com

Sanctity of Truth

Monday, June 16, 2014

Aregbesola, Omisore on warpath over acquisition of APCs BATTLE In Osun, elections are not only about votes, charms, claims, counter claims and now armoured cars. Interesting Adeolu Adeyemo OSOGBO

sun State governor, Rauf Aregbesola, and the flag-bearer of the Peoples Democratic Party (PDP) in the August 9, governorship election, SenatorIyiolaOmisore,arenowat daggers drawn over the state government’s acquisition of new Armoured Personnel Carriers (APCs). The government has also

50%

acquiredothersecuritypatrol vansfewmonthstothegovernorship election. OmisorehasaccusedGovernorAregbesolaof havinga hidden agenda on the acquisition of the APCs and the others, saying government’s intention was to oppress, victimise and chase away the electorateduringtheelection to enable it perpetrate fraud. But, the governor denied the allegation, saying that Omisore was only a coward, wondering “why the PDP candidate was catching fever and cold all at once over the government’s acquisition of the APCs and the patrol vans.” Omisore, who spoke through his Director of Publicity and Strategy, Prince Diran Odeyemi, in a statement made available to newsmen in Osogbo yesterday, warned

The percentage of individuals using the internet in Azerbaijan in 2011. Source: Itu.int

the governor against using the APCs to rig the coming election. He said Aregbesola was desperate to get re-elected, adding that his desperation would be checkmated by the PDP leadership. “Aregbesolahasapremeditatedstrategytoreleasethese APCs for some questionable use during this coming election. If not, why did he fail to release these armoured tanks to the police if they were actually purchased for the security of the state and in the interest of the masses as he claimed?” The statement reads in part; “Aregbesola has been preaching violence, even before the commencement of his campaign and this is evident in his repeated calls on the citizens to arm themselveswithcharmsandother

89m

The total population of Vietnam (representing 1.3% of world’s population) in 2010. Source: Blatantworld.com

traditional weapons, when going to perform their civic responsibilities. “Itisimperativeonthepart of the appropriate authorities toinvestigatethisdevelopment, because credible information in our disposal lends credence to the fact that what the APC candidatereallyplanstodoisto deploy these armoured tanks to tactical use during the election and his calls for the use of charms were just a diversionary approach.” While calling on the Federal Government to institute a probe into the cost of the 20 armoured tanks and the purpose for which they were purchased, Omisore assured the people of Osun that “you shouldallresistanymoveorattempt by desperate politicians to intimidate or instill fear in you to cast your votes for the PDP on August 9, 2014.”

55,100

The estimated number of new individual’s asylum claims by France. Source: Unhcr.org.uk

‘Cartel behind crude oil theft, others, wants refineries sold to them’ Joe Obende

Warri

n aspirant to the seat of the President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Elvis Omoifo Irefo, Weekend, made some revelations, claiming that the same powerful cartel that was behind crude oil theft, pipeline vandalism and fuel subsidy scam was the same clamouring for the sale of the nation’s refineries to them. He made this assertion while speaking to New Telegraph in Warri, Delta State. Irefo, who was at different times branch chairman and secretary in the Petroleum Training Institute (PTI) arm of PENGASSAN and later zonal chairman, which comprises Edo, Delta, Ekiti, Ondo and Kogi States of the body, maintained that it would take a leadership with charisma and political will to clean the Augean stable of the oil industry, which he promised to give. The industry, he said,

was still replete with pipeline vandalism, crude oil theft, lopsided expatriate quota and naked corruption. The failure of the nation’s refineries was a ploy by the powerful and mighty to manipulate their sale to their surrogates, he said. Citing the Eleme Refinery as example, Irefo said, "it was the one that was built last, only for it to be hurriedly sold out by government." The Indians who bought it, he said, turned it around and have been making huge profits from it, part of which had been ploughed into the establishment of other refineries outside the shores of the country. Workers in the ailing refineries, which had not known Turn Around Maintenance (TAM) for years, had proposed to government to procure the spares required and they would carry out the TAM since government said it could not afford to foot the bill their manufacturers tendered, an indication that government was bent on selling.

Crisis over N50m for health project in Delta Dominic Adewole

Asaba

L-R: Lagos State Governor, Mr. Babatunde Fashola; National Leader, All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu; former Vice President of Nigeria, Alhaji Atiku Abubakar; Interim National Chairman, APC, Chief Bisi Akande and former Head of State, Major General Muhammadu Buhari, at the memorial/Fidau Prayers for the former President-General of Market Women and Men Association of Nigeria, Late Alhaja Abibat Mogaji in Lagos…yesterday

Ondo generates N6bn as IGR in five months he Ondo State Board of Terated Internal Revenue genN6.22 billion into

the coffers of the state between January and May this year. Commissioner for Information, Mr. Kayode Akinmade, made this disclosure Weekend while fielding questions from newsmen. According to him, the board has, by this development, demonstrated that efforts and the determination of government to shore up its Internally Generated Revenue (IGR) were yielding fruits. The commissioner said the government was determined, from the beginning, to improve on its IGR in view of the prevailing circumstance, adding

that within the first two months of the year, the state was able to rake in N2.93 billion. The latest figure of N6.22 billion in five months, he said, was a pointer that the BIR may exceed its target for the year. “Recall that while signing the 2014 budget, Governor Olusegun Mimiko, did mention that the state’s Board of Internal Revenue had been reorganised to drive the expansion of the state’s revenue base and the result of this is already manifesting,” Akinmade said. He said the target last year was set at N12 billion, but that N10.1 billion was realised, adding that policies have now been

put in place to also reduce leakages. Akinmade said the decision of government to reorganise the revenue generating board has led to it taking steps to further ease the process of tax payment, thereby widening the tax net. He said with more initiatives developed to further boost the state’s IGR, the state’s revenue in six months would be worth the efforts of government. “One of the innovations developed to shore up the state’s revenue was the introduction of sales terminals across the state.” Giving details of activities of the revenue board and its efforts in meeting it targets for the year, the

Chairman, Mr. Akinolu Akinsehiwa, said the outfit had to apply some strategies to enable it meet its target, adding that loopholes that hitherto existed in the system have been successfully blocked.

he whereabouts of the N50 million allegedly allocated by the Federal Government for the construction of a primary health care centre in Oworobia community in Ndokwa East Local Government of Delta State has triggered a crisis. The people of the community became angry after news filtered into the locality that a serving senator diverted the project to an unknown area. The senator allegedly used his political power as the chairman of a committee in the upper chamber to hijack the project from Oworobia, a riverine community, to an upland area for monetary gains. New Telegragh, however, gathered that the project was included in the 2013 budget of President Goodluck Jonathan and the contract was awarded

to be built in Oworobia. Besides that, the community has vowed to drag the senator (names withheld) to court. Spokesperson of the community and former council Chairman, Hon. Shadrack Opia, wondered why a senator, who served under Governor James Ibori, in various capacities and later became Governor Emmanuel Uduaghan’s Secretary to the State Government, decided to hurt the people that voted him into the Senate. Opia categorically accused the senator, who he said “did not only mastermind the diversion, but used his position, in collaboration with the NPHCDA National Coordinator, to divert the project to unknown place. He said several persons, including new born babies, have died because there is no health centre in the community.

Cleric cautions FG against misinforming Nigerians Sola Adeyemo

Ibadan

he Pastor of the Living TChurch, Spring International Ibadan, Femi

Emmanuel, has urged government, to always guide against misinforming Nigerians, especially by presidential aides. The cleric said he

was giving the caution against the background of alleged information credited to the President that 20, 000 soldiers had been deployed to Sambisa Forest in Borno State to rescue the abducted schoolgirls that had been in the custody of the Boko Haram over two months ago. “For God’s sake, talk-

ing about Sambisa Forest is not talking about the entire Borno State. So, by deploying as much as 20, 000 soldiers to the forest means that the whole place would have been combed, but with the girls still trapped in their abductors’ den, it means somebody was being economical with the truth,” he said.

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Jos community mourns Ado Bayero, congratulates Sanusi Buhari Bello

Jos

he Jasawa Community T(JCDA), Development Association a socio-cultural, socio-economic and sociopolitical organization of the Hausa and Fulani community of Jos, has said that the death of the Emir of Kano Dr. Ado Abdullahi Bayero, was a colossal loss to the entire people of Kano State and Nigeria as a nation. This was contained in a press statement issued by the organization signed by its national president, Alumni Shehu Ibrahim Massalla, yesterday in Jos. The statement said the death of the late emir was painful at a time the country is faced with series of security and economic challenges that required the fatherly counsel of people in the calibre of the late emir. "A great vacuum has been created with the death of Emir Ado Bayero, whose fatherly, spiritual advice will be missed forever.

"He has gone with an ambition of a peaceful, united nation that had not been achieved" the statement said. It further described the emir as a custodian of high discipline, sound moral values, whose style of leadership was driven by the fear of God, respect for humanity irrespective of religious and tribal sentiments… "We on behalf of the entire Jasawa community, commiserate with the government and good people of Kano State, the Kano emirate council in particular as well as the Bayero family in general. May Allah console your hearts and grant you the fortitude to bear the irreparable loss." The community also congratulated the new Emir, Malam Sanusi Lamido Sanusi II, whom it described as the choice of God, "whose enthronement as the Emir of Kano comes at the time that the state is desirous of an intellectual and a courageous leader like him to lead the emirate council."

Opposition may snatch Oyo from Ajumobi Yekeen Nurudeen

Abuja

former governorship candidate of the defunct Congress for Progressive Change (CPC) and chieftain of All Progressives Congress (APC) in Oyo State, Adebayo Shittu, has warned that the party may lose to the opposition in the next year election if Governor Abiola Ajimobi is presented as its candidate. Shittu, who spoke to New Telegraph in Abuja at the weekend, during the just concluded National Convention of APC lamented that the exodus of some party chieftains and loyalists from the party was a result of animosity against the governor. He said they left the party not because they had hatred for the party but because they had issues with the governor. The former Oyo State Attorney General said the only saving grace for

the party in the state is for him to run against Governor Ajimobi in the party's primaries. While exuding confidence that he would win the party's ticket at the primaries, he also said that those who exited the party had given him assurance that they would return to the party once he has the ticket. He noted that the incumbents in the state had always lost to opposition because of internal crisis. His words: "I want to concede that there are issues in Oyo State APC particularly if you go down memory lane. Alliance for Democracy which was precursor to ACN won governorship election in the state in 1999 but lost in 2003, lost in 2007 and won in 2011 only because there was crisis in PDP and a rainbow coalition was formed between the erstwhile ACN and the socalled PDP Reformed who came from PDP, you know,

those who came from PDP, they collaborated. Unfortunately, I want to concede that most of those who came to assist ACN to win the governorship have left because of a lot of issues. I also want to say this; those who left did not leave out of hatred or animosity against the APC, they have issues with the governor I think the saving grace for APC in Oyo State would be the fact that someone like me will be contesting against him. I enjoy the confidence of a lot people in Oyo State, particularly people within the party who are opposed to the governor." Shittu added," and I believe if I succeed in getting the ticket, we would be able to redeem the image of APC in Oyo State and I can assure you that we would win the ticket because a lot of people who are leaving have assured me that if I have the ticket they would come back and work for APC. “I'm not leaving the party. No. I was the governorship

candidate of CPC in Oyo state and consequently I was a member of merger committee of CPC. I also became a member of merger committee of APC. So as a founding father of APC I don't run away from the party. I don't run away; those who left were merely afraid of fight. They were scared. I think their action was out of the fear that APC would be run like ACN when usually there were no primary elections. I want to assure everybody that we would have primaries and because of that confidence I have decided to remain and slug it out with the incumbent". He also urged the APC National Executives to consolidate on internal democracy to show that they are different from the ruling Peoples Democratic Party (PDP). "APC National Executives must consolidate on internal democracy that's the only thing that will show that APC is different from PDP."

Taraba Speaker tasks NUJ on fake online journalists Sabiu Mustapha

JALINGO

he Nigeria Union of Journalists, NUJ, has been charged to evolve strategies that will counter the rampant dissemination of biased and false information by quacks in the social media. The Speaker, Taraba State House of Assembly, Mr. Josiah Sabo Kente, gave the charge Weekend during the opening ceremony of the NUJ National Executive Council Meeting, in Jalingo. Kente implored the NUJ to consider as per-

tinent the continuous education of its members, especially in this era of globalised media. "As we are all aware, the advent of the social media has opened up the vista, whereby unregulated falsehood is now peddled as gospel truth by non-professionals and disseminated to millions of people. "As a professional body, you must evolve new strategies and means of countering these quacks by offering cheap, credible and reliable alternative sources to the masses, otherwise there is problem ahead." Kente has said.

Plateau PDP disowns SEC meeting Musa Pam

Jos

hair man of the Peoples Democratic Party (PDP) in Plateau State, Dr. Haruna Dabin, said he has uncovered plans to create disunity among members of the Party. Dabin in a press statement made available to New Telegraph yesterday in Jos, said already some persons had issued invitations for the meeting of State Executive Committee (SEC) to today (Monday)

without his knowledge. The statement read in part, "The attention of the State PDP Chairman, Dr. Haruna Dabin, had been drawn to an invitation purported to have been issued by the State Secretary of the Party convening a meeting of the State Executive Committee (SEC) slated for Monday, 16 June 2014 at the Presidential Lodge Jos." Dabin disassociated himself from the purported meeting, saying nobody was directed to call any meeting.

L-R: South-East Zonal Coordinator, Foundation of Ethics and Values, Dr. Mike Okpara; Enugu State Coordinator, Ozo Chris Akam and Anambra State Coordinator, Chief Vin Ikelie, at the Committee's Zonal meeting in Enugu…yesterday

Akume can't dump APC, says Philips Cephas Iorhemen

Makurdi

he All Progressives Congress (APC) in Benue State has dispelled the widely circulated rumour that its' leader who is also the Senate Minority Leader in the National Assembly, Senator George Akume, will dump the party for the ruling People's Democratic Party (PDP). The State Publicity Secretary of the party, Mr. Anza Philips, who disclosed this in an exclusive interview with New Telegraph yesterday, described

the rumour as a figment of the imagination of disgruntled PDP supporters out to tarnish the image of the senator. Anza said, the APC in the state had no squabbles with Akume as its leader, and explained that he (Akume) has no intention or reason whatsoever to dump the party. According to Anza, Akume was rather working closely with teeming supporters to wrest power from the PDP government in the state as well as at the national level. "Those peddling rumours that Senator George

Akume would be defecting from the APC where he is the leader in the state, to the PDP are only pursuing shadows and it is not true all. We have absolute confidence in him and we will continue to support him as long as he pioneers the affairs of APC in Benue state," said Anza. Alluding to the crisis rocking the party in the state, Anza said modalities were being worked out to settle it and pacify aggrieved members some of who have left the party. He stated that the party was poised to entrench internal democracy, adding

that a peace and reconciliation committee had since been set up. The APC spokesman noted with satisfaction the outcome of the conduct of the party's National Convention at the Eagles Square in Abuja Weekend, which saw the emergence of Chief John OdigieOyegun as its first elected National Chairman, saying with him, the sky is the limit for the party in 2015. Anza noted that APC would continue to wax stronger despite the defection of some of its members to other political parties.

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Sanctity of Truth

Monday, June 16, 2014

APC's rating of Dickson, Jonathan laughable, says Nyenye Chris Ejim YENAGOA

L-R: Member, Methodist College Uzuakoli Old Boys' Association (UMCOBA), Chief Dick Nwoke, Acting Head, Uzuakoli Motherless Babies Home Awa Kalu and Member, UMCOBA, Mazi Sam Ekweronu, during the presentation of cash donation and products by the Association, in Imo State

303,000

The number of fixed-telephone subscriptions of Angola in 2012. Source: Itu.int

4,033

The total area (in sq. km) of Cape Verde. Source: Worldfactsandfigures.com

Okorocha seeks Ilomuanya's recall from confab Louis Achi and Onwuka Nzeshi ABUJA

overnor Rochas Okorocha of Imo State yesterday sought the recall of former Chairman, Imo State Council of Traditional Rulers, Eze Cletus Ilomuanya, from the National Conference. The recall followed the purported dethronement of the royal father by the state. A statement signed by the Deputy Chief of Staff to Okorocha, Chief Chinedu Offor, said that Ilomuanya was nominated to

the National Conference on the platform of traditional rulers and now he had been dethroned, he should pave way for another serving traditional ruler to take his place at the conference. According to Offor, it became necessary to make the clarification in view of a delegate, Anayo Nnebe’s observation that the national conference should forestall further intervention of state government in traditional title matters. The statement noted that though Okorocha earlier cautioned him against parading himself as the

89.9

The number of newspaper journalists per 1m inhabitants of Oman in 2006. Source: Blatantworld.com

Chairman Imo Council of Traditional Rulers as his tenure was expired, the caution fell on deaf ears. “He expected Eze Cletus Ilomuanya to restrain himself as the traditional ruler of his community while parading himself as the Chairman, South East Traditional Council which by the view of the governor is a non-existent organization,” the statement said. The statement claimed that Ilomuanya’s reinstatement as the Chairman of the Imo State Council of Traditional Rulers went contrary to the subsisting arrange-

ment in Imo State, accusing the monarch of having unilaterally appointed 27 chairmen of the traditional council who were dissolved by the governor when he assumed office. He also accused Ilomuanya, in connivance with former governor, Chief Ikedi Ohakim, of changing the four-year term of office of chairman of Imo traditional council to a five-year term with him as the beneficiary after serving the first four years. The statement said that the governor had appointed Eze Ohiri to replace Ilomuanya and wanted the Federal Government to recall Ilomuanya as a delegate to the National Conference since he came on the platform of the traditional rulers.

Akpabio wants Maritime Academy upgraded Tony Anichebe UYO

overnor Godswill Akpabio has made a case for the upgrading of Maritime Academy of Nigeria, Oron in Akwa Ibom State to a degree-awarding institution. The Akwa Ibom governor made the call Friday after receiving President Jonathan's approval letter for the establishment of Federal Polytechnic in Ukana from the Supervising Minister of Education, Ezebunwo Nyesom Wike at Governor's Office, Uyo. He explained that at the moment, the institution awarded National Diploma and Higher National Diploma. The governor who said his call was hinged on the Federal Government's earlier pledge to establish a Maritime University in

the state, further called for the upgrading of Akwa Ibom Polytechnic, Ikot Osurua to a degree-awarding institution. He applauded President Jonathan's interest in the education sector that has led to the establishment of 10 Federal universities in the country and Almajiris Schools in the North, assuring the Federal Government of the continuous support and prayers of the people of the state for the administration of President Jonathan. On the approval given for the establishment of a Federal Polytechnic in the state, the Governor attributed its success to his loyalty to the President and reasoned though that he had proposed the institution to be sited at the premises of the state Polytechnic, on second thought, he decided to take it to a neu-

tral ground to avoid losing the state institution as it happened to the defunct University of Cross River State when University of Uyo was sited there. He declared: "Our state is on the right track in the educational sector. Already, we have introduced the free and compulsory education in the state for the benefit of all the children in the state, which the Federal Polytechnic in the state is a welcome development." According to Akpabio, the Federal Government has already provided a take-off grant of about N1 billion for the project. And in our way of supporting the Federal Government, we have decided to rehabilitate the existing Independence High School in Ukana as a temporary site for the school, which studies would commence

by September of this year." He then congratulated the Rector of the new Federal Polytechnic, Prof. Oluma Joseph Mbomanu and other principal officers of the institution, assuring them of the cooperation of the state government. Speaking earlier, Wike had hinted that the Federal Government applauded the commitment of the state government in the areas of development, and that was why the Federal Government saw the need to establish a federal higher institution in the state. Wike, who said that the Federal Government appreciated the state government for the capital development in the state, encouraged the state government to do more, thanking Governor Akpabio for the support given to the Federal Government through development.

Chieftain of the People's Democratic Party(PDP) in Bayelsa State, Nyenye Mathias, has described as "laughable" and "wrong" the poor rating of the performance of the administrations of President Goodluck Jonathan and Governor Seriake Dickson. Mathias, who recently returned to the PDP from the Accord Party with over 5,000 of his supporters from the Nembe Area of the State, said though the parameter and the respondents used by the APC were not known, the achievements recorded by Jonathan and Dickson were unprecedented. Mathias said the performance of Dickson in the last two years had surpassed the five years tenure of the last admin-

istration in which many of the members of the APC served with Chief Timipre Sylva. According to Mathias, the record shows high level of performance of security of lives and property in the state and improved infrastructural development in the three senatorial districts. "The present administration has succeeded in the area of infrastructure, education, sports, power, agriculture and tourism. "Unlike past policies by the previous administration, Dickson’s administration should be rated high for initiating an improved Internally Generated Revenue (IGR) from few millions into almost N4billion,the various anti-corruption campaigns and fiscal responsibility policies, transparency and monetary savings and education policies.

Pwajok pledges to tackle Riyom crisis, cautions politicians Musa Pam JOS

he senator representing Plateau North in the National Assembly Gyang Nyam Pwajok, has promised to tackle the insecurity challenges within his constituency, especially Riyom Local Government of the state According to him, he is working hand-in-hand with the local government authority toward finding a lasting solution to the crisis between herdsmen and farmers in the area. Pwajok who spoke with New Telegraph in Jos on his return from overseas for medical Treatment, said security was a collective responsibility. The lawmaker, who said he was healthy and fit to represent his people said all those spreading

news of his death were his enemies. According to him, most Nigerians forget that leaders are not immortal and can fall sick. "I am not hiding the fact that I was not feeling too well, but I am doing well and getting much stronger to be able to do what my people desire of me." The lawmaker however was quick to caution politicians in the state not to make unguarded statements ahead of the 2015 elections, saying all the three zones in the state needed each other to win the governorship elections next year. He revealed that the Northern zones of the state had capable and credible candidates across the six local governments that could also contest the elections.

Osun boosts surveillance ahead of August poll Adeolu Adeyemo OSOGBO

he Osun State Governor, Ogbeni Rauf Aregbesola, at the weekend warned electoral fraud perpetrators to stay off the state as his administration has increased surveillance to avert electoral malpractices during the August 9 election. Speaking through his Special Adviser on Security Matters, Adekunle Amos in Osogbo, Aregbesola declared the state a no-go area for political thugs who might want to disturb the electioneering process in the state. According to him, "government would provide conducive environment

for security agencies to discharge their responsibilities and anybody trying to use federal might to cause problem during the poll should have a rethink in the interest of peace. "The state has taken delivery of more patrol vehicles to give security agencies the opportunity to carry out thorough surveillance and patrol of the state and anybody found wanting to cause problem, no matter how highly placed, will not be spared." The statement stressed that the task of securing the state was a joint responsibility of all and people of the state should always give necessary information to police.

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Veteran labour leaders fault Fayemi's endorsement rally Adesina Wahab

Ado-Ekiti

labour leaders in Vtheeteran Ekiti State have disowned endorsement rally held

by the state Chairman of the Nigerian Labour Congress (NLC), Comrade Ayo Aluko and his counterpart in the TradeUnionCongress(TUC), Comrade Raphael Olaiya in support of the candidate of the All Progressive Congress (APC). They said the duo failed to carry along members of the Central Working Committee of their unions as well as the leadershipof affiliateunions. In a release signed by their Chairman, Comrade Idowu Faleye and Secretary, Comrade Dare Ofere, and made available in Ado-Ekiti onSunday,thelabourleaders said: "No national officer of the NLC attended the rally and state chairmen and secretaries of unions in the state did not attend." "The endorsement was merely by Aluko, Olaiya and their families because no member of the Central

Working Committee (CWC) of NLC and state industrial unions attended the rally." The veteran unionists were reacting to Saturday's endorsementrallyheldbythe NLC and the TUC in support theAllProgressivesCongress (APC) candidate, Dr Kayode Fayemi, for Saturday's governorship poll. "What happened in Ado-Ekiti was simply a congregation of All ProgressivesCongress(APC) members, masquerading as workers.Thenon-attendance of thepaidendorsementrally by all industrial unions in the state was a show of total rejectionof thegovernor,and wesalutetheindustrialunion leaders for toeing the path of honour," they said. "A one-time President of NLC, Hassan Sumonu, who attended the rally, is a known business partner of Governor Kayode Fayemi in Ghana, and this was even acknowledged by Sumonu himself, who described Fayemi as his long time friend and brother," the labour leaders said.

Ekiti/Osun guber elections: Group calls for withdrawal of soldiers Cephas Iorhemen

Makurdi

s the Independent ACommission National Electoral prepares

to conduct the Ekiti governorship election this weekend and a similar exercise in Osun State in August, a group under the aegis of the League to Voters in Nigeria (LVN) has called on the federal government not to deploy soldiers to election venues to enable eligible voters participate actively in the exercises. National Coordinator of the group, Dr. Benedict Kokoiwen who disclosed this at a media briefing in Makurdi expressed concern over the heavy presence of

military men during the conduct of elections in the country, saying their involvement alongside other security operatives usually scared the people away from exercising their franchise but open ample opportunities for elections to be manipulated. Dr. Kokoiwen who lamented an upsurge in the incidents of collusion by electoral umpires, the law enforcement agents as well as political parties and their candidates to subvert the wishes of the people, implored voters to always adopt proactive measures to checkmate such activities and ensure that credible and acceptable people are voted into power.

Emulate your father, Iyin elders advise Adebayo Adesina Wahab

Ado-Ekiti

oncerned Elders of Iyin-Ekiti on Sunday advised former Ekiti State Governor, Otunba Niyi Adebayo, to emulate his father, Gen. Adeyinka Adebayo, by contributing to the development of the town instead of trying to block any member of the town from making progress. Addressing journalists in Iyin-Ekiti yesterday, at the Iyin Town Hall, the elders, led by Chief David Ojo Ogundare, also said people of the town were not part of any move by

Adebayo and others to scuttle the governorship ambition of Hon. Michael Opeyemi Bamidele. The people were reacting to an earlier press briefing by some political appointees from the town who accused Bamidele of greed by aiming for the governorship seat of the state. Ogundare said it was unfortunate that Adebayo, the first elected governor of Ekiti State, did not bring developmental projects to the town like Gen. Adebayo did when he was the Military Governor of the old Western State.

L-R: Chairman, Labour Party (LP), Ekiti State, Akin Omole; wife of Ekiti State Labour Party Gubernatorial Candidate, Mrs. Oluyemisi Bamidele; Labour Party Gubernatorial Candidate Ekiti State, Michael Opeyemi Bamidele and Obaleo of Erinmope Ekiti, Oba James Olaifa Aina, during LP governorship campaign to Erinmope Ekiti…at the weekend

4.63m

The number of fixed-telephone subscriptions of Belgium in 2012. Source: Itu.int

3.3m

The total population of Pusan, South Korea in 2010. Source: Blatantworld.com

70%

The projected percentage increase in food demand by 2050. Source: Unesco.org

APC: Police planning to arrest our leaders lThey are blackmailers - PDP FIREWORKS Politicians and their style. Different stories from diverse camps, are part of the game Adesina Wahab

Ado-Ekiti

he Ekiti State chapter of the All Progressives Congress (APC) has again raised the alarm that the Presidency is planning to clamp its leaders into detention few days to the coming poll. APC Head, Media and Publicity, Mr Segun Dipe,

in a statement, said there were strong indications that a special squad of top police officers from Abuja had arrived Ekiti State to put APC leaders out of circulation ahead of the June 21 governorship election in the state. The party alleged that the move was an outcome of a meeting held at the Ado-Ekiti home of a PDP chieftain who is said to be the chairman of Security Committee of the Fayose Campaign Organisation. In a swift reaction, the PDP, through its spokesman, Pastor Kola Oluwawole, described the APC as a bunch of blackmailers and propagandists. "We know these people

thrive in blackmail and propaganda. They don't have any trade other than to raise false alarm, blackmail people and engage in needless propaganda. "The other time they killed people in Erijinyan, Emure and last week in Ado-Ekiti, they were the first to go to the press to raise false alarm and it is unfortunate that some people still identify with these people who lack integrity," he said. However, the APC said: "Top on the list of those to be arrested on false charges include the interim Chairman of APC, Chief Jide Awe; and the Chief of Staff to the Governor, Yemi Adaramodu. "Others include Richard

Apolola (Sikira)from Ekiti South-West Local Government, Hon Sunday Ibitoye, Niyi Adedipe, Tope Olanipekun (Tugere) and Rotimi Olambiwonu (Mentilo) from Ado Local Government; Otunba Femi Olanrewaju (Ijakoko) and Peter Oladosu (Erinmoje) from Ido/Osi Local Government and Speaker of Ekiti State House of Assembly, Dr. Adewale Omirin from Gbonyin Local Government". APCsaidithadallthewhile suspected that the PDP would demonstratesuchanundemocraticcharactertomanipulate the electoral process following threats by the Vice President, Namadi Sambo,that the June 21 governorship poll would be a war.

Fayose remains leading candidate, says Falegan Adesina Wahab

Ado-Ekiti

Peoples Democratic Party (PDP) chieftain, Hon. Opeyemi Falegan, has said despite the campaign of calumny by the opposition, the PDP governorship candidate, Mr Ayo Fayose, is the leading candidate in Saturday's poll. Speaking in Ado-Ekiti yesterday, he said the acceptability of Fayose by the people was evident in the mammoth crowd that throng his rallies. He said that the popularity of Fayose among the people was borne out of the need for a genuine change in the leadership of

the state. He described the PDP candidate as the true and needed change that people are yearning for, especially at transforming the state in order to improve its economy and infrastructure for a modern and virile Ekiti. The PDP stalwart commended party faithfuls especially the aspirants who contested the PDP primary with Fayose for accepting the outcome of the exercise with the spirit of sportsmanship, saying the development had made the party to continue waxing stronger. According to him, the maturity displayed

before, during and after the PDP primary election by all stakeholders was commendable, exceptional, and a good omen for our democracy. He stated that the development had greatly boosted the chances of the PDP at winning in the forthcoming poll. Falegan expressed optimism in the ability and potential of Fayose to rebuild the state to rank among the best in the country. "Mr. Ayo Fayose has once been tested and performed wonderfully well, even beyond cynics imagination so the idea of whether he will perform or not is irrelevant

and unnecessary now, because his records and antecedents as a great transformer during his first term as a governor of the state had already made him more popular than other candidates vying for the same position. The scion of elder statesman, Chief Ojo Falegan, however, called on other candidates to see the election as a game of testing popularity rather than political war, adding: “Ekiti peopleknowwhattheyreally want and will not succumb to deceit and propaganda of any politician that maybe trying to lure them to sell their future because of a pot of porridge.”

AFRICA | NEWS

Sanctity of Truth

Monday, June 16, 2014

ecurity forces drove back 1,000 African migrants who tried to scramble over a border fence from Morocco into the Spanish territory of Melilla at the weekend. The crowd charged around dawn in the latest in a string of desperate attempts to breach the fence, one of Europe's two land borders with Africa. Hundreds of migrants have scrambled across in recent months, but this time, Spanish authorities said that dense anti-climb fencing recently installed on

Over 1,000 migrants repelled from Morocco-Spain border the border helped stop them. "Anti-climbing mesh and the collaboration of the Moroccan forces with the (Spanish) civil guard managed to stop an attempt to cross by about a thousand migrants," the Spanish government delegation in Melilla said in a statement. "None of the immigrants

managed to reach the city," it added. Moroccan forces saw off many of the migrants and those who managed to get past them to the fence failed to climb into Melilla partly due to the new type of mesh, it said. Melilla is one of two Spanish-held cities on the northern

coast of Africa, along with Ceuta to the east. The number of Africans trying to cross into them has surged over recent months. On May 28, about 500 African migrants climbed over the seven-metre (23-foot) triple-layer border fence into Melilla -- one of the biggest breaches in nearly a

decade. Spain has asked for more money from the European Union to secure its borders. Officials say the immigrant reception centre in Melilla is highly overcrowded. It was built to house 480 immigrants but it was holding about 2,000 even before the last wave of entrants, officials said last month.

Poachers massacre 68 elephants in Congo park

ne of Africa's oldest national parks is under attack "from all fronts," its director said after 68 elephants were slaughtered in two months by poachers, some of whom shot them from helicopters. Garamba National Park in the Democratic Republic of Congo is under constant assault by renegade Congolese soldiers, gunmen from South Sudan and others. And this is just a slice of the poaching carnage: international wildlife regulators say 20,000 elephants were killed in Africa alone in 2013. The Johannesburg-based African Parks group, which manages Garamba, said since midApril, the 5,000-square kilometer (1,900-square mile) park has faced an onslaught from several bands of poachers who have already killed 4 percent of its elephants. "The situation is extremely serious," Garamba park manger Jean-Marc Froment said in the statement. "The park is under attack on all fronts." Conservationists say a thriving ivory market in Asia is helping to fuel the worst poaching epidemic of African elephants in decades. A 2012 census found just 2,000 elephants in Garamba Park, down from 20,000 in the 1960s. One group of poachers in the park is shooting the elephants from a helicopter and then chopping off their tusks with chain saws, removing the elephants' brains and genitals as well. In some cases, the attacks seem indiscriminate, killing baby elephants that do not yet possess the valuable ivory tusks. African Parks, which runs seven parks in six countries in cooperation with local authorities, said the poachers include renegade elements of the Congolese army, gunmen from South Sudan and members of the Lord's Resistance Army, a

militant rebel group whose fugitive leader Joseph Kony is an alleged war criminal. In one skirmish with poachers, park guards had to protect themselves from hand grenades thrown by Southern Sudanese poachers, some of whom were wearing military uniforms. Froment singled out in particular elements of the LRA, which is notorious for kidnapping children and using them as soldiers. In 2009, the group attacked the park's headquarters, killing 15 employees and family members. The group is known to be in the heavily forested areas around Garamba park.

Some of the migrants.

Egyptian security forces seize Brotherhood leaders' assets

gyptian security forces have seized supermarket chains owned by two leading figures of the Muslim Brotherhood as part of the government's crackdown against the banned organization, judicial and security sources told Reuters yesterday. On the orders of a committee charged with identifying Brotherhood assets, the security forces have seized the Zad chain of supermarkets owned by Khairat elShater, as well as the Seoudi chain of Abdulrahman elSeoudi, the sources said. "We received an order from

the committee to seize the chains, Zad and Seoudi, and we just went and took them," a security source said. "We are currently going through the funds and goods and equipment and the reason for that is that they belong to Brotherhood leaders whose assets have been ordered to be seized," the source added. The committee and supermarket chains could not immediately be reached for comment. The committee's secretary, Wadee Hanna, was quoted in the Alahram newspaper as saying it was making an inventory of shops belonging to the

Brotherhood and seizing them via the security forces. "Since the early morning all branches of Zad have been stormed including the management building by a large number of police forces and the same is happening with Seoudi supermarket," Shater's daughter Aisha posted on Facebook. The Egyptian government has launched a broad crackdown against the Brotherhood, which was banned last year after the army toppled Islamist president Mohamed Mursi following mass protests against his rule. Many of the Brotherhood's

leaders are in jail, including Mursi and Shater, and face trials on accusations of inciting violence and terrorism. Last September, a court ordered that the government should seize the Brotherhood's funds and administer its frozen assets. Egypt last week inaugurated President Abdel Fattah al-Sisi who led Mursi's ouster and vowed to bring security back to Egypt after more than three years of political and economic turmoil following a popular uprising in 2011 that ousted autocrat Hosni Mubarak.

Libya's second city Benghazi hit by new fighting, families flee

renegade Libyan general launched an offensive yesterday against Islamist militants in the eastern city of Benghazi, prompting dozens of families to flee the port in the latest bout of turmoil to hit the North African oilproducing nation. Libyan authorities are struggling to restore order across the vast desert nation ahead of a

June 25 parliamentary election. The situation remains chaotic in Benghazi, Libya's second largest city and cradle of the NATObacked uprising that toppled Muammar Gaddafi three years ago. Retired general Khalifa Haftar has declared war against militants in Benghazi and several army units have joined him, though the Tripoli government says he has no authority to act.

"There are now heavy clashes in Sidi Faraj and al-Hawari (in western Benghazi). Our forces are attacking with tanks and rocket launchers," Haftar's spokesman Mohamed El Hejazi said. Residents were seen packing belongings into cars and heading out of the area to escape the fighting. Hejazi said Haftar had warned the Islamists against

shipping in arms via the commercial port of Derna, east of Benghazi. Derna is a hotspot for Ansar al-Sharia and other militant groups amid Libya's persistent power vacuum. The United States designates Ansar al-Sharia a terrorist organization. Haftar was once close to Gaddafi but fell out with him and then played a role in the 2011 uprising.

50 WORLD | NEWS

Sanctity of Truth

Monday, June 16, 2014

Airstrikes in NW Pakistan kill 100 militants

akistani military jets pounded militant hideouts in the northwestern tribal region bordering Afghanistan early yesterday morning, officials said, killing as many as 100 militants in the second strike on the region since a deadly attack on the Karachi airport a week ago. The Pakistani government has been under pressure to combat the resilient insurgency that has plagued the country for years after the shocking attack on the country's busiest airport that left 36 people dead, including 10 assailants. Government efforts that start-

ed months ago to negotiate with the militants appeared to be going nowhere and the airport violence has made negotiations even less likely to succeed. Pakistani air force jets targeted eight militant hideouts in the North Waziristan tribal area, two intelligence officials said. Many of the dead were believed to be Uzbeks and other foreign fighters, they said. One of those killed was Abu Abdul Rehman al-Maani, who is believed to have helped orchestrate the five-hour airport siege, said two other officials. Uzbek fighters and the Pakistani Taliban both claimed responsibility for the attack on Jinnah International

Airport, and the Pakistani Taliban said the two had worked together to carry it out, marking a disturbing increase of militant groups working together. When the jets struck, the militants had been gathered to discuss a deadline given by authorities for militants to leave the area, said two of the Pakistani officials. All the officials did not want to be identified because they were not authorised to speak to the media.The information could not be independently verified. The tribal areas are remote, dangerous and difficult for journalists to access. Yesterday's airstrike was the second against militants in the northwest. On Tuesday, Pakistani mili-

Some of the Pakistani mourners... yesterday.

Ukraine vows to punish rebels who downed plane

kraine's new president declared yesterday a day of mourning and vowed to punish those responsible after pro-Russia separatists shot down a Ukrainian military transport plane, killing all 49 crew and troops aboard. It was a bitter setback for the Ukrainian forces â&#x20AC;&#x201D; the deadliest single incident yet in their escalating battle against an armed insurgency that the government, backed by the U.S., insists is supported by Russia. The downing of the plane drew condemnation and concern from the White House, European leaders and U.N. chief Ban Ki-moon. Analysts said it could bring a renewed emphasis on increasing sanctions against Russia. "(This) will refocus attention on the

fact that Russia does not seem to be doing very much to moderate the insurgency (or) the cross-border resupply of separatists," said Timothy Ash, an analyst at Standard Bank PLC. "I would expect the focus to return to sanctions next week." Ukrainian President Petro Poroshenko spoke firmly to glum-faced security officials at a televised emergency meeting Saturday, scolding the head of the country's SBU security service for "omissions" in measures to protect military aircraft. Poroshenko called for "a detailed analysis of the reasons" for the lapse and hinted that personnel changes were imminent. His office said he vowed to punish "those responsible for the tragedy in Luhansk." In

a conversation with French President Francois Hollande, Poroshenko expressed hope that the European Union would decide on further sanctions against Russia if what he called the illegal border crossings and the supply of weapons did not cease. Nine crew and 40 troops were aboard the Il-76 troop transport when it went down early Saturday as it approached the airport at Luhansk, the Ukrainian prosecutor general's office said. The plane's tail section and other pieces of scorched wreckage lay in a field near the village of Novohannivka, 20 kilometers (12 miles) south of Luhansk. An Associated Press reporter saw a dozen or more armed separatists inspecting the crash site.

tary jets targeted nine hideouts in the Tirah Valley, where the military said 25 suspected militants were killed, but the information could not be independently verified. The area is part of a lawless terrain along the Afghan border that is home to a mix of local militants and al-Qaida-linked foreign fighters. The Islamic Movement of Uzbekistan's claim of responsibility for the airport attack marked a rare instance of the group striking within Pakistan. The militant group was formed

in 1991 to overthrow the Uzbek government and install an Islamic caliphate there but later expanded that goal to include all of Central Asia. The organisation is believed to be based in North Waziristan and from there have attacked U.S. and NATO targets in Afghanistan. Pakistani Prime Minister Nawaz Sharif was elected last year in part for promising to end the years of militant violence through negotiations instead of military operations.

Syrian government retakes border town in Assad coastal heartland

yrian government forces retook Kasab yesterday, ousting rebels from the village on the Turkish border in the coastal heartland of President Bashar al-Assad's Alawite minority sect, activists and state media said. The withdrawal of rebel forces - including some linked to al Qaeda - is another strategic and symbolic blow to an opposition that has been undermined by recent gains by Assad's forces and by infighting. Syrian state news agency SANA said government forces had "restored stability and security" to Kasab and engineering teams were removing mines and explosives planted by "terrorist gangs," the government's customary term for rebels. State television broadcast images from inside Kasab, a majority Armenian Christian

village whose residents had mostly fled ahead of the rebel advance on the area in March. The Syrian Observatory for Human Rights, a Britain-based monitoring group tracking events through a network of sources, said rebels had begun withdrawing on Saturday and government forces moved in after clashes with the remaining fighters. The rebel fighters included some from the Nusra Front, al Qaeda's affiliate in Syria, the Observatory said, adding that Syrian government forces were assisted by the Lebanese Shi'ite militia Hezbollah. There were no immediate casualty figures. Syria's coastal areas are the historic homeland of Assad's family and home to many members of his Alawite sect, an offshoot of Shi'ite Islam.

Afghan presidential candidates sure of victory

ival camps in Afghanistan's presidential race each proclaimed to be leading the contest yesterday, days after the run-off was held and as officials were still tallying the hundreds killed or injured in election-related violence. Observers and other officials in Kabul are worried that both candidates are setting the stage to complain about fraud and refuse to accept defeat should the outcome of the vote be close. The United Nations yesterday urged the candidates, former Northern Alliance leader Abdullah Abdullah and former finance minister Ashraf Ghani, to honor the election procedures, in the tallying of votes. "The Secretary-General encourages the candidates and their supporters to respect the

electoral process," the U.N. said in a statement. If successful, the vote will mark the country's first democratic transfer of power in its history. The winner will succeed President Hamid Karzai. Abdullah, who dropped out of the 2009 run-off against the president, has spent five years in the opposition. His opponent, Ghani, is a former World Bank economist. Both candidates appeared to set the stage for refusing to accept defeat in an election, likely marred by fraud, when the final results are announced at the end of July. Speaking after the poll closed on Saturday, Abdullah questioned the official turnout figures while Ghani declared he would win based on reports from his observers and others.

Queiroz targets Eagles upset

I Queiroz

ran are leaving no stone unturned in their efforts to spring surprises at the ongoing World Cup in Brazil and the Asian country has vowed to start with the Super Eagles on Monday in Curitiba. After their last training session at the Corinthians FC Sta-

dium in Sao Paulo on Saturday, coach Carlos Queiroz said the world would know about the football prowess of Iran after the World Cup. Queiroz said the team was battle ready for the challenges in the preliminary stage of the Mundial and he was optimistic

SPORT

that his boys would shock the world. He said; “Many people believe Iran are not a football nation but we have to change that here in Brazil with our performance. “We have the ability to play good football and compete at the highest level. That is why we

are at the World Cup and people should respect that. “I expect teams in our group to underrate us, but there is no problem about that. I am sure we are going to give a good account of ourselves in this competition by performing well in all the games.”

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newtelegraphonline.com/sports

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

AUTHORITATIVE VOICE IN GLOBAL SPORT

Monday, June 16, 2014

Iran Must Fall, Keshi declares l Says players fit, ready

uper Eagles coach, Stephen Keshi, has declared that his team is ready for the Iran match billed for 8pm today at the Arena da Baixada, Curitiba, while charging the players to achieve a new national team feat at the ongoing World Cup in Brazil. Nigeria’s best performance at the World Cup is a second round berth achieved in 1994 and 1998, but Keshi has demanded more than that from his players. Keshi speaking with New Telegraph in Campinas maintained that he has charged the team to do much more in this competition. Keshi stressed that he was happy with the fitness level of the players in the past days of training after the last friendly match against the USA which the team lost 2-1. “The players have responded well to the challenge after that defeat. We are better now, are ready for the World Cup,” he said. He added that, “We have the capacity to do more and set a new record for Nigeria. I cannot tell you the details of how it is go-

ing to be but I want a better outing than what we had since we started playing at the World Cup. “This team is getting better every day and I am confident the players will do well as expected. We are in a dicey group, but we are going to deal with that with good performances in all the games. “Most of the players are playing for the first time, but I don’t think this will affect our performance. We are ready to do our best.”

Keshi Nigeria’s Emmanuel Emenike jumping over an attempt by Greece’s Giorgos Tzavellas

Match-fixing allegation: I swear, I did not do it –Ejide

uper Eagles goal keeper, Austin Ejide, has broken his silence after the dramatic own goal he conceded which was disallowed in the friendly match against Scotland which ended 2-2 in London. Replay of the action was all over the Internet with Ejide using his left

hand to throw the ball inside the net during a goalmouth scramble. The goalie however, told New Telegraph that he did not threw the ball inside the net deliberately and felt embarrassed at the level the issue degenerated into. Ejide said; “It was a cross from the flanks and I went for it with an

opponent. The guy pushed me and I was still trying to save the ball and it happened that way. When the ball is in the air and many players are jumping up for it anything can happen for or against. “Let us ask ourselves why do we see defenders scoring own goals? People don’t just put the ball in their own

nets deliberately, it happens in error. The very first goal of this competition was an own goal by a prominent defender. How do you reconcile that? Do you now say Marcelo attempted to fix Brazil’s match on World Cup opening day? That error almost affected the host badly but they were CONTINUED ON PAGE 55

Ejide

SPORT

Sanctity of Truth

Monday, June 16, 2014

FIFA WORLD CUP

ermany kick-off their World Cup campaign on Monday, aiming to continue their domination over Cristiano Ronaldo’s Portugal at recent major tournaments. The Germans enjoyed wins over Portugal at the 2006 World Cup, plus both of the last two European championships and want to get their Group G campaign off to a flying start with a fourth consecutive win. The clash in Salvador is a re-run of Portugal’s Euro 2012 opener against Germany, when they went down 1-0 to a second-half Mario Gomez goal. The pre-match build-up in Salvador has focused on whether or not Ronaldo will be fit to play at the Arena Fonte Nova after a knee and thigh injury.

The 29-year-old took a full part in Portugal’s training session on Saturday with team-mates William Carvalho and goalkeeper Eduardo both saying he will play. Eduardo insists the Portugal squad are highly motivated to erase memories of a “disastrous” 2010 campaign which ended in the last 16 at the hands of eventual winners Spain. But all eyes have been on Ronaldo’s recovery, despite the world player of the year’s return to play 65 minutes of Portugal’s final warm-up in their 5-1 drubbing of Ireland. The Real Madrid forward, whose form and fitness will be vital to Portugal’s chances, has had a heavy strapping on his knee in training.

Germany target dominance over Portugal But as Germany defender, Benedikt Hoewedes, pointed out: “This isn’t Germany against Ronaldo, but Germany against Portugal”. Germany midfielder, Sami Khedira, claims his Real Madrid team-mate has told him this is Portugal’s time to break their German bogey. Arsenal forward, Lukas Podolski, says the Germans respect dead-ball specialist Ronaldo, but there is no fear. “We have prepared ourselves to play Portugal and not just one player,” said Podolski, who is set to win his 115th cap.

Oscar wary of Mexico threat

razil playmaker, Oscar, has warned his teammates not to underestimate Mexico when the sides meet at the World Cup on Tuesday. Both sides start the match on three points in Group A after winning their respective opening fixtures of the tournament. While the Selecao will be expected to win the game, Oscar believes that the Mexicans will provide stiff opposition in Fortaleza.

“We know that Mexico are a good team, they always give Brazil a hard time and it won’t be any different when we play in the next match,” he is quoted as saying by Eurosport. “Mexico are good coming forward and they are very fast on the counter-attack. “The training we are going to do this week ahead of the Mexico game will be different from the training we did before facing Croatia. Mexico play totally dif- Oscar ferently from Croatia.”

England must beat Uruguay -Gerrard

Gerrard(left) in action against Italy

ngland captain, Steven Gerrard, admitted Thursday’s game against Uruguay was ‘a must-win’ for Roy Hodgson’s men following the 2-1 defeat in their World Cup opener against Italy. Costa Rica’s shock 3-1

victory over Uruguay had blown Group D open before Mario Balotelli’s strike claimed the points for the Azzurri on Saturday night. Afterwards Gerrard said: ‘No matter what the result was

Ronaldo(middle) in action against Germany

“He is certainly extremely dangerous and can decide games, but we also have players capable of doing that. If we produce a good performance, then it doesn’t matter what he does.” Head-to-head Germany Portugal Matches: 9 9 Wins 5 1 Loss 1 5 Drawn 3 3 Goals for 14 10 FIFA ranking 2 4

Switzerland edge past Ecuador

pair of inspired substitutions from C o a ch Ottmar Hitzf2eld earned Switzerland a 2-1 comeback World Cup win over Ecuador in Group E. The in-form Enner Valencia scored his fifth goal in the past five international appearances to give the South American team a 22ndminute lead but Admir Mehmedi levelled three minutes after coming on as a half-time substitute. Both those goals came about as a result of poor set-peice marking, but Switzerland took the points in dramatic fashion courtesy of a clinical counter-attack deep into injury time.

tonight(Saturday) we knew we would still have had to go and beat Uruguay. The challenge is a little bit more difficult but it is certainly do able.’ Gerrard said England were disappointed not to come away with at least a draw after an encouraging performance in Manaus. He added: ‘Italy are a good team and we knew how they were going to play and they never surprised us really but it is disappointing to put so much into it and and come away with nothing.’ Hitzfeld

Ghana, US in tough battle

Gyan

hana will kick off their World Cup campaign in Natal and are tipped to beat the United States on Monday, but their bid for a coveted semi-final place could prove a much harder task. Ghana eliminated the USA in the knockout round four years ago to make it to the quarter-finals before bowing out to eventual fourth-place finishers Uruguay. In South Africa, Serbian coach Milovan Rajevac, with Kwesi Appiah as assistant, steered the Black Stars into

the last eight. But they were cruelly denied a place in the last four when Asamoah Gyan failed to convert from the spot following a handball on the goal-line by Uruguay’s Luis Suarez, with Uruguay going on to win the penalty shoot-out. Four years on and the aim of Appiah, the first Ghanaian to coach the Black Stars at a World Cup, is to take the Africans a stage further. But with Group G rivals Germany and Portugal widely expected to grab the top two qualifying places, a healthy dose of realism may be required. Appiah’s side features a host of big names who ply their trade in Europe, from Juventus wing-back Kwadwo Asamoah to AC Milan midfield pair Michael Essien and Sulley Muntari, Schalke forward KevinPrince Boateng and striker Jordan Ayew, who plays for Marseille.

Cote d’Ivoire boss warns players

vory Coast coach Sabri Lamouchi, has warned his side not to get carried away after they came from behind to defeat Japan 2-1 in their World Cup Group C opener in Recife on Saturday night. Headers by Wilfried Bony and Gervinho just 98 seconds apart secured the points for the Africans, after Japan’s star player Keisuke Honda had put them ahead with an impressive strike in the 16th minute. “The players are very happy with the victory, but we are far from being qualified,” Lamouchi was

quoted as saying at his post-match press conference. “We only won one match. We have another tough game ahead (on Thursday) against the leaders of the group (Colombia). We will have to prepare.” The Elephants left captain Didier Drogba out of the starting line-up, but it was his arrival off the bench after an hour which coincided with the African nation finally converting their chances, although the former Chelsea striker was not involved in either goal.

Sanctity of Truth

Monday, June 16, 2014

inside eagles camp Samba notes from Brazil

Nigeria vs Iran: Eagles battle cry My boys are ready -Keshi

Compiled by Adekunle Salami

Trip to Campinas The trip to Campinas for the open training of the Super Eagles was just one hour fifteen minutes, but it was a good experience. Almost everything is working in Brazil. The roads are very wide with a total of 12 lanes each side. The roads are also very smooth and there were beautiful sites to behold on the way. In the next 10 years that road will remain the same. The driver of our vehicle confirmed that the road was a road of not less than 15 years. Sometimes, I wonder whether leaders in Nigeria open their eyes when they travel out of the country. I am aware the Senate President and the FG delegation took the same road to see the Eagles. .. Mark alters schedule The visit of David mark to the Eagles camp on Friday altered the training of the team. I left Sao Paulo to make the training fixed for 4pm, but it was when I entered the city I learnt that since Senate President David Mark was visiting the team and so the training was rescheduled for 4.30pm local time. The training eventually started 5.05pm and this made me to travel late back to my base. Point is Mark could have visited and watched the team train instead of changing the schedule. Foreign journalists were also disappointed as the team kept them waiting along with the teeming fans at Campinas. I wonder when Nigeria will learn to do things in proper way. Language barrier haunt visitors The average Brazilian cannot speak English. Even those of them who studied English in schools cannot speak or understand the language. So in transactions, interaction, it is difficult to deal with Brazilians. Interestingly, the people here are very accommodating, nice and generally friendly but how do you communicate? The barrier is making it difficult to be friendly with Brazilians (male or female). Brazilian ladies are pretty, they welcome you with a warm smile almost at every opportunity but it ends there because of language barrier. Sign language has not been enough to communicate with people here as some of them use their phones to translate whatever a visitor tells them before comprehension. For people aspiring to get close to samba ladies here, it has been tough. This, I believe is part of the World Cup experience as people are learning the language fast as days roll by. Osaze and Mikel At the Eagles camp on Friday, many fans were at the Victoria concept Hotel to catch a glimpse of the super stars from Africa. Because of the delay in their training schedule, the fans were outside waiting for close to two hours for the players to come out for training. Journalists joined the fans at a point. When eventually the players came out, Mikel was the first and all those waiting for autographs or take pictures with them cheered the players. Mikel walked straight into the waiting bus without acknowledging cheers from the fans. When Osaze came out, he waved at the fans and one of them asked for autograph, he obliged and also took picture with some others all within a minute. “We knew Mikel won’t answer, he has been doing that since the team arrived here,” one of the fans said. Nigerian players should learn how to manage stardom. It is unfair to be rude to fans, they deserve to be appreciated.

Omeruo wary of Iran

“We have taken care of all we need to do. The players are eager and we pray they put to use all that we “We have a very good have worked for in the past weeks. This team is good team that should win on enough to win on Monday and I believe we are going Monday against Iran, but to do just that.” football is not mathematics. We are focused on getting the results and making Nigerians happy with our vic“We are focused on this tory. We are going to take a match and we are ready in all game at a time because this departments. Football is no is a big competition.” longer predictable and so we are approaching this with all the seriousness it deserves. We are going for the three “I believe the game against Iran is the most crucial points.” for us because it is the very first match. Anything can happen but we pray good things would happen “We are trusting God in our favour. We have trained so hard and we believe to crown all our efforts in we are good to go.” training. This is the most dicey test as the first game and we are taking it seriously. Everybody is ready because the importance “The match is very important because it is the very of a victory is obvious. We first game. We are going all out for victory because we urge Nigerians to continue need the full points to be in good position for qualification. I am aware they are very strong collectively to assist us with prayers and defensively too, we will counter all their efforts and we are going to do our to win. We are ready for this one.” best to win on Monday.

Yobo: No underrating of Iran

Iran most dicey test -Enyeama

Azeez prays for God’s favour

It’s victory all the way -Osaze

We must avoid Iran upset-Emenike “There are no pushovers anymore in football. One has to sweat for every result and we are going to work together as a team, play for one another to win this game. We heard the shocking result in which Holland defeated Spain 5-1 and that is enough to show that in this game anything can happen. We are going to do our best and I pray that will be enough for the three points.”

Iran defenders vow to cage Eagles

ran defender duo of Amirhossein Sadeghi and Pejman Montazeri has vowed to cage Nigerian strikers when both teams battle on Monday in the second match of Group F. “We will definitely try to

make our country proud,” Montazeri said through a translator. “Our first and main objective is against Nigeria and we have to focus on that.” For Sadeghi, “This team is prepared to sacrifice, to suffer, to fight with humility

and represent Iran the best possible way.” Similarly, the team’s goalkeeping coach Dan Gaspar said Iran will earn the respect of soccer fans around the world with their performance against Nigeria on Monday.

FIFA names Ecuadorian ref for Eagles

eferee Carlos Vera of Ecuador has been named as the centre man for the Nigeria, Iran group F match scheduled to hold in Curitiba on Monday. It is the 12th match of this competition. Vera has been officiating at the top level since 2007. He has handled many CONCACAF

games and was at COPA Liber tadores 2008, COPA America 2011 and World Cup 2010 in South Africa. In seven days, Vera will be 38 years old. The match is the second group F game in the ongoing FIFA World Cup. Argentina and BosniaHerzegovina clashed in the first Group F game on Sunday (yesterday).

Vera

Mikel inspires Eagles’ World Cup debutants

uper Eagles midfielder, Mikel Obi, says he and other World Cup debutants in the team are ready for the big challenge in the crucial Group F match against Iran on Monday in Curitiba. Coach Stephen Keshi is expected to file out with about 10 debutants against Iran if Osaze Odemwinge does not start the encounter. If he does, nine debutants will start. The Chelsea player said; “We are focused on the results and not our status as debutants. We are professionals and we are used to some of these situations.

“Bosnia are in their very first World Cup which makes all of them debutants. How about that? Some great players never made it to the World Cup due to one reason or the other. We are determined to get results and that is the most important thing for now. “The coaches and team psychologists have been talking to us, but I believe we are going to do well due to our exposure at club levels. Most of us are playing in good leagues and have featured in the Champions League and so we have enough experience to face any challenge in the game.”

Glo backs EaglesSuper to beat Iran Eagles should fo-

ajor partner of the Nigeria Football Federation and official sponsors of the Nigerian national teams, Globacom, has called on the Super Eagles to work towards securing the three vital points in their first group match against Iran in the 2014 World Cup in Brazil. Globacom in a press statement in Lagos on Sunday stated that the

cus on winning the first match against Iran in order to give the team the necessary confidence to forge ahead. “We urge our darling Eagles to start the campaign on a high note. Victory against Iran will not only increase their chances of qualification, but will make subsequent matches easier to tackle,” the company enthused.

54 SPORT

Sanctity of Truth

Monday, June 16, 2014

News Updates

Doubts over Musa’s fitness

here are fresh doubts over the fitness of Ahmed Musa for Nigeria’s first group game against Iran scheduled to hold in Curitiba on Monday. Reports say the CSKA Moscow player has been ruled out of the match due to injury which could also see him miss the second game against Bosnia-Herzegovina. Musa was active all through Friday during the last training session of the team in Campinas which was open to the fans and media. Media Officer of the team, Ben Alaiya, was having his breakfast together with Azubuike Egwueke

when our correspondent called him for confirmation over Musa’s fitness. Alaiya said; “Musa is very fit. He took part in the training session on Saturday and will be available for the match depending on what the coach is planning to do in the encounter. We have no injury concern generally. “I don’t know where people got that information but the true situation is that Musa and all other players are fit for Iran.” Musa, it could be recalled sustained injury during the preparatory games for the World Cup as he missed the last warm up match

STANDINGS (Group A-D) Group A 1 Brazil 2 Mexico 3 Cameroon 4 Croatia

P 1 1 1 1

W D 1 0 1 0 0 0 0 0

L F A 0 3 1 0 1 0 1 0 1 1 1 3

Group B 1 Netherlands 2 Chile 3 Australia 4 Spain

P 1 1 1 1

W D 1 0 1 0 0 0 0 0

L 0 0 1 1

Group C 1 Colombia 2 Ivory Coast 3 Japan 4 Greece

P 1 1 1 1

W D 1 0 1 0 0 0 0 0

L 0 0 1 1

F 3 2 1 0

Group D P W D 1 Costa Rica 1 1 0 2 Italy 1 1 0 3 England 1 0 0 4 Uruguay 1 0 0

L 0 0 1 1

F A GD Pts 3 1 2 3 2 1 1 3 1 2 -1 0 1 3 -2 0

F A 5 1 3 1 1 3 1 5 A 0 1 2 3

GD Pts 2 3 1 3 -1 0 -2 0 GD Pts 4 3 2 3 -2 0 -4 0 GD Pts 3 3 1 3 -1 0 -3 0

Ogba urges NSC, NFF not bow to players’ blackmail Musa(right)

he President of the Athletic Federation of Nigeria, Evang. Solomon Ogba, has urged the officials of National Sports Commission and the Nigeria Football Federation not to bow to Super Eagles

Brazil 2014 Group Stage Fixtures Date

Thursday June 12 A Friday June 13 A Friday June 13 B Friday June 13 B Saturday June 14 C Saturday June 14 C Saturday June 14 D Saturday June 15 D Sunday June 15 E Sunday June 15 E Sunday June 15 F Monday June 16 G Monday June 16 F Monday June 16 G Tuesday June 17 H Tuesday June 17 A Tuesday June 17 H Wed June 18 B Wed June 18 B Wed June 18 A Thursday June 19 C Thursday June 19 D Thursday June 19 C Friday June 20 D Friday June 20 E Friday June 20 E Saturday June 21 F Saturday June 21 G Saturday June 21 F Sunday June 22 H Sunday June 22 H Sunday June 22 G Monday June 23 B Monday June 23B Monday June 23A Monday June 23A Tuesday June 24 D Tuesday June 24 D Tuesday June 24 C Tuesday June 24 C Wed June 25 F Wed June 25 F Wed June 25 E Wed June 25 E Thursday June 26 G Thursday June 26 G Thursday June 26 H Thursday June 26 H

Group Teams

Brazil V Croatia Mexico V Cameroon Spain V Netherlands Chile V Australia Colombia V Greece Uruguay V Costa Rica England V Italy Côte d’Ivoire V Japan Switzerland V Ecuador France V Honduras Argentina V Bosnia & H Germany V Portugal IRAN V NIGERIA Ghana V USA Belgium V Algeria Brazil V Mexico Russia V Korea Republic Australia V Netherlands Spain V Chile Cameroon V Croatia Colombia V Côte d’Ivoire Uruguay V England Japan V Greece Italy V Costa Rica Switzerland V France Honduras V Ecuador Argentina B Iran Germany V Ghana NIGERIA V BOSNIA & H Belgium V Russia Korea Republic V Algeria USA V Portugal Netherlands V Chile Australia V Spain Cameroon V Brazil Croatia V Mexico Italy V Uruguay Costa Rica V England Japan V Colombia Greece V Côte d’Ivoire Nigeria V Argentina Bosnia & H V Iran Honduras V Switzerland Ecuador V France Portugal V Ghana USA V Germany Korea Rep V Belgium Algeria V Russia

Time

9pm 5pm 8pm 11pm 5pm 8pm 11pm 2am 5pm 8pm 11pm 5pm 8pm 11pm 5pm 8pm 10pm 5pm 8pm 11pm 5pm 8pm 11pm 5pm 8pm 11pm 5pm 8pm 11pm 5pm 8pm 11pm 5pm 5pm 9pm 9pm 5pm 5pm 9pm 9pm 5pm 5pm 11pm 11pm 5pm 5pm 9pm 9pm

Venue

Results

Arena Corinthians, Sao Paulo Estadio das Dunas, Natal Arena Fonte Nova, Salvador Arena Pantanal, Cuiaba Estadio Mineirao, Belo Horizonte Estadio Castelao, Fortaleza Arena Amazonia, Manaus Arena Pernambuco, Recife Estadio Nacional, Brasilia Estadio Beira-Rio, Porto Alegre Maracanã, Rio De Janeiro Arena Fonte Nova, Salvador Arena da Baixada, Curitiba Estadio das Dunas, Natal Estadio Mineirao, Belo Horizonte Estadio Castelao, Fortaleza Arena Pantanal, Cuiaba Estadio Beira-Rio, Porto Alegre Maracanã, Rio De Janeiro Arena Amazonia, Manaus Estadio Nacional, Brasilia Arena Corinthians, Sao Paulo Estadio das Dunas, Natal Arena Pernambuco, Recife Arena Fonte Nova, Salvador Arena da Baixada, Curitiba Estadio Mineirao, Belo Horizonte Estadio Castelao, Fortaleza Arena Pantanal, Cuiaba Maracanã, Rio De Janeiro Estadio Beira-Rio, Porto Alegre Arena Amazonia, Manaus Arena Corinthians, Sao Paulo Estadio Nacional, Brasilia Estadio Nacional, Brasilia Arena Pernambuco, Recife Estadio das Dunas, Natal Estadio Mineirao, Belo Horizonte Arena Pantanal, Cuiaba Estadio Castelao, Fortaleza Estadio Beira-Rio, Porto Alegre Arena Fonte Nova, Salvador Arena Amazonia, Manaus Maracanã, Rio De Janeiro Estadio Nacional, Brasilia Arena Pernambuco, Recife Arena Corinthians, Sao Paulo Arena da Baixada, Curitiba

3 - 1 1-0 1 - 5 3 - 1 3-0 1-3 1-2 2-1 2-1

players’ demand for about N12 million each before they lineup against Iran in their first match in the ongoing Brazil 2014 World Cup, “If they do, they will be sending wrong signals to other athletes representing Nigeria at major games and championships who already believe they are being treated as poor

distant cousins, as all the nation’s resources are spent on football, while other sports do not enjoy the same preferential treatment,’’Ogba said. Ogba noted that it is now a norm for the Super Eagles to hold the nation to ransom at major global championships where they still manage to break the heart of Nigeerians with poor performances.

NFF secretariat empty, moves to Brazil

he entire board of the Nigeria Football Federation has travelled to Brazil for the World Cup, leaving the Football House virtually empty. The delegation landed in Sao Paulo on Saturday and will fly to Curitiba for Nigeria’s opening match against Iran. Led by Chairman of the NFF Media and Publicity Committee, High Chief Emeka Inyama, the delegation traveled aboard an Air Asia Airbus 340 plane that departed Lagos on Saturday morning and landed in Campinas, outside Sao Paulo later that day. It was received by NFF’s Marketing Director, Adama Idris and members of the local organising committee of the FIFA World Cup. There were also on board

members of NFF Executive Committee Muazu Suleyman, Shehu Adamu, Felix AnyansiAgwu, Ayodeji Tinubu, Dilichukwu Onyedinma, Yusuf Ahmed, Suleiman Yahaya-Kwande, Effiong Johnson and Ahmad Muazu. Director of Technical, Emmanuel Ikpeme led NFF’s senior staff to the Brazilian jamboree. Also not left out of the trip, which has become something of a party for all, are Chairmen of State Football Associations and a number of State FA secretaries. It is election year and the fact that State FA Chairmen are in Brazil tends to suggest that they are being wooed by the current NFF leadership which is seeking reelection.

Iran game key to Eagles’ campaign – Amodu

ormer Super Eagles’ Head Coach, Amodu Shaibu, has declared that Monday’s clash with Iran at the Arena da Baixada in Curitiba will go some way in defining Nigeria’s campaign at the 2014 FIFA World Cup finals. “In a way, the match against

Iran is very, very important. Not only is it our first match, which will give a good idea of our readiness to do well in the tournament, it will also present us the opportunity to quickly pocket three points and look to add to that in our second match against Bosnia-Herzegovina.

SPORT 55

Sanctity of Truth

Monday, June 16, 2014

Zenith Basketball League: FCT, IGP Queens battle for semis spot Ifeanyi Ibeh

ction continues on Monday in the Final-8 playoffs of the 10th edition of the annual Zenith Bank Women Basketball League with a youthful FCT Queens side, who has been impressive since the start of the playoffs, taking on IGP Queens in both sides’ last Group B game. IGP Queens, who equally have the same chance of qualifying for

the last four as the Abujabased FCT Queens, will be hoping for a win, while at the same time wishing that Sunshine Angels of Akure slip against First Bank on Tuesday. Monday’s other game will see Delta Force of Asaba filing out against Nigeria Customs in a Group A pairing that is but a mere formality for both sides as they have already crashed out of the race for a semi-final ticket having lost their opening games to reigning cham-

ITTF World Tour venue wears new look Ajibade Olusesan

pions First Deepwater and last season’s runnerup Dolphins, respectively. The Zenith Bank Women Basketball League, organised by the Nigeria Basketball Federation, NBBF, started a decade ago with eight teams, but now has 16 teams competing for honours. This season will witness for the first time an All-Star Game, billed for Friday, a day after the semi-finals, at the Sports Hall of the National Stadium, Lagos.

Commonwealth Games: NOC Eaglets to face Congo, confident of good outing as Burundi withdraws IfeanyiIbeh

he Molade Okoya-Thomas Hall of the Teslim Balogun Stadium has been given a facelift ahead of the International Table Tennis Federation Lagos World Tour. The competition is billed to hold between June 23 and 26 and the organisers have stepped up preparation as competitors are expected in the country from this week. A visit to the venue of the event showed that a new lighting has been installed in the hall, while the knockup hall of the National Stadium, Lagos that will serve as practice hall, has also been renovated in preparation for the competition.

Match-fixing allegation CO N T I N U E D F R O M PA G E 5 1

lucky. “I felt so bad because people should not jump into conclusion without investigating. Why will I do that to my country? Again, it was a friendly match. The goal was also disallowed and yet it became a big subject of discussion. It was unfair on me but I thank God that is behind me now. “I am very focused on assisting the team in every way in this competition. If I am called upon I will do my best to help my country.” The goalie is in the World Cup for the third time, but he is yet to earn a cap.

he Nigeria Olympic Committee has expressed confidence that Nigeria would do well at next month’s Commonwealth Games in Glasgow, Scotland. NOC Secretary General, Babatunde Popoola, expressed this optimism in Warri, Delta state, having seen the performance of some of the country’s track and field stars at the just concluded Golden League. Convinced of what he saw, Popoola argued that if the performance in Warri anything to go by, then there is hope for Team Nigeria at the Games. He submitted that Nigeria has lots of talented athletes that can stand the test of time and even beat their contemporaries from other parts of the world,

Lokoja

s the Super Eagles get set to commence their campaign at the 2014 FIFA World Cup with a game against Iran, Kogi State Governor, Capt. Idris Wada, has sent a message of good will to the reigning African champions. The Super Eagles will take on Iran on Monday, 8 pm Nigerian time, before playing Bosnia-Herzegovina

but also noted the problems bedevilling the proper development of these athletes, notably poor administration. He therefore appealed to sports administrators across the country to wake up to their responsibilities by shying away from tribalism and favouritism in the appointment of coaches if the country intends to bounce back to reckoning in global sports. This, according to Popoola, is why the NOC, in conjunction with the International Olympic Committee, keeps bringing from time to time instructors and experts in various sports from Europe, America, Asia and other parts of the world to Nigeria to conduct seminars, workshops and courses for Nigerian coaches, referees and administrators, while some are even sponsored outside the country for courses.

Sports Minister, Tammy Danagogo presenting National Flag to Stephen Keshi.

Kogi governor backs Eagles to beat Iran Muhammad Bashir

Action from one of the games of the Zenith Bank Basketball League

and Argentina on June 21 and June 25 respectively. And the Kogi State governor, in a statement signed by his Special Adviser Media and Strategy, Jacob Edi, said the Stephen Keshi-tutored side have all that it takes to have a fruitful and commendable outing in Brazil. He opined that as the team would be having their first group encounter on Monday, and in their subsequent matches, he was optimistic of victory.

Chimaobi Uchendu

of July 18-20, while the return fixture a fortnight later would be held on the weekend of August 1-2. Golden Eaglets’ Head coach, Emmanuel Amuneke, said his boys would be ready irrespective of the opposition: “We don’t have the luxury of picking the team we want to play as such; we would be ready to play the Congolese.” It would be recalled that the Golden Eaglets in 2013 defeated Congo Brazzaville 7-0 at the Under-17 competition in Morocco but Amuneke reckoned that the fixture against CongoKinshasa offers a different challenge.

he Golden Eaglets would face Democratic Republic of the Congo and not Burundi in next month’s 2015 African U-17 Championship fixture. Drawn bye into the second round of the qualifiers, the Nigerian Under-17 national team was originally scheduled to meet the overall winner of the first round fixture between Congo DR and Burundi but the latter according to the continental soccer governing body, CAF, has withdrawn from the competition. The 2015 Under-17 championship slated for Niger, has been bedeviled with a spate of withdrawals including that of Kenya; Central African Republic; Liberia, Mauritania and Guinea-Bissau. Gambia was disqualified following their suspension from all CAF competitions. Nigeria in the meantime, would travel to Kin- Amuneke shasa on the weekend

Eagles won’t find it easy – Osadolor Vincent Eboigbe

former Nigerian international, Nosa Osadolor, is not overly excited about the chances of the Super Eagles at the ongoing World Cup in Brazil. Osadolor who got in touch with New Telegraph from his base in the United Kingdom, noted that there was no flair in the Nigerian team to truly

inspire confidence as was clearly shown in the international friendly against Scotland in London on May 28. “Based on what I saw at the Craven Cottage (Fulham Stadium) against Scotland, there is no flair in their game. Unless they spring some surprises I’m afraid it is going to be tough for them. I wish them well though,” said Osadolor. Although the retired defender agonised about the

lack of steel in the Eagles back line, he was however, quick to add that the fabled Nigerian fighting spirit may yet kick in and see the Super Eagles confound a few doubters. “Yes the defence is not very strong, but we still have to wait until after the first match against Iran to be able to draw any conclusions. You know Nigerian teams are slow starters. Fingers crossed,” he added.

World Record

On Marble

Marriage is give and take. You'd better give it to her or she'll take it anyway.

Sanctity of Truth

– Joey Adams

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

Linda Wolfe holds the record for being the most married woman in the world. She was married 23 times.

Three things cannot be long hidden: the sun, the moon and the truth – Buddha MONday, JUNE 16, 2014

N150

Towards the next era of growth: Reforms and rebalancing (1) F Guest Columnist or 20 years, the International Economic Forum of the Americas has served as a unique platform for galvanizing public and private opinions and expertise on issues topical to the continent. As we gradually put the crisis behind us, we are inevitably confronted with how much the global landscape has changed and what this means for future growth. The crisis has uncovered some of the fallacies inherent in existing growth models, and left us with legacies that continue to weigh on global prospects. So it is no surprise that policymakers ranging from Canada to China, Germany to Mexico are now revisiting the ingredients of their growth strategies. What will be the drivers of the next era of growth? How can we make the recovery stronger, more balanced, and more inclusive? One thing we know for sure: without bold policy actions, the world could slip into years of slow, sub-par and jobless growth. Before sharing with you a few thoughts about the global economy, let me invoke the spirit of hockey, Canada’s national game. I know that this is a sensitive subject in Montreal coming so soon after Les Canadiens’ elimination from the Stanley Cup, but no doubt they will be back next year. With an unprecedented 24 championship wins, how could they not? In hockey, there are three periods, and similarly today I will touch upon three themes. I promise not to go into overtime, and hopefully I will not end up in a penalty shootout with John Micklethwait: • First, a brief overview of the state of play of the global economy—a view from the top of the arena; • Second, a tour de table of some key players; and • Third, I would like to offer some thoughts on laying the foundations for the next era of growth—the theme for this year’s forum, and turn more specifically to Canada—how to drive the “puck into the goal”. 1. State of the Global Economy Let me start with the global economy—the view from the top row of the rink. What do we see? Some encouraging signs. The global economy is turning the corner on the Great Recession, and overall prospects are improving. Economic

Christine Lagarde

Lagarde

activity is gaining momentum, and despite a bumpy start earlier in the year, we expect an expansion of 3.6 per cent in 2014 and 3.9 per cent in 2015. Advanced economies are finally strengthening, with growth expected to be about 2.3 per cent this year, even though their recovery remains uneven. Emerging market and developing economies will continue to provide the bulk of global growth, albeit at a slower pace than before. We still expect them to grow at a healthy clip of 5 per cent this year and 5.4 per cent next year. This is good news. Even so, we can see three major concerns clouding the horizon. First, in the advanced economies, there is the emerging risk of “low-flation,” particularly in the Euro Area. A prolonged period of low inflation can derail the incipient recovery—and suppress growth and jobs. The recent proactive stance by the ECB is very welcome, and we are encouraged that it is willing to do more if necessary.

Second, in emerging market economies, there is the risk of renewed market volatility and rising financial instability associated with monetary normalization in the U.S. Good communication among central banks is essential; and a continued strong focus on policy fundamentals in emerging markets also remains key. Third risk: in various places around the world, geopolitical tensions are rising. If not well managed, for example, the situation in Ukraine could have broader spillover implications. Recent elections, however, provide a window of opportunity to make progress on essential reforms, including with Canada’s welcome financial support. Beyond these concerns, of course, we still need to fix problems that have been with us for some time during the crisis: unacceptably high unemployment, especially among young people; high levels of debt in many countries; and the need to complete the financial reform agenda. Many countries also need to implement structural reforms to boost growth—particularly in labor and service markets and greater infrastructure investment. While there has been some progress in each of these areas, a lot of work remains to be done. So my bottom line: global activity is gaining momentum, but the recovery remains fragile and uneven, and faces the twin enemies of complacency and fatigue. 2. Tour de Table of Key Players So as I said, this is the view from the top of the arena. Let’s zoom in and get some ‘statistics’ on the key players. In the United States—Canada’s major trading partner—growth in early 2014 has lost some of its earlier momentum, in part due to an exceptionally harsh winter—or what the Canadians would call “Spring”. That said, a meaningful rebound in U.S. economic activity is now underway, and we expect growth to exceed potential over the next few quarters, driven by robust private demand. In terms of challenges

ahead, the withdrawal of monetary support by the Fed should continue to be carefully managed, and a durable medium-term fiscal plan agreed. In Japan, underlying momentum is strengthening, supported by monetary policy and stronger investment. Yet, more ambitious structural reforms and a concrete medium-term fiscal plan are still needed for growth to be sustained. The Euro Area is also emerging from recession, although growth is stronger in the core and weaker in the South. Europe has come a long way with profound changes to its economic architecture—it is critical now to follow through and complete the reforms, especially on banking union. How about emerging market and developing economies? They have been an important pillar of support to global activity during this crisis—the ‘playmakers’ of the world if you like. They continue to play that role. Emerging Asia in particular remains a bright spot, pushing ahead with the world’s highest growth rate of around 6¾ per cent in 2014-2015. A key driver of this ‘breakaway’ performance is China, which is forecast to grow at a slower but more sustainable pace of about 7½ per cent in 2014, and 7 per cent in 2015. • Christine Lagarde is Managing Director, International Monetary Fund

OmoBaba

NO STUDENT DROPPED OUT OF LASU DUE TO HIKED FEES - VC

– What of those whose parents earn N18,000 per month?

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