Binder1 may 19,2014 by Newtelegraphonline

Sanctity of Truth Facebook.com/newtelegraph

Monday, May 19, 2014 Vol. 1 No. 90

twitter.com/newtelegraph1

www.newtelegraphonline.com

N150

Nigeria’s most authoritative newspaper in politics and business

2015: 500 politicians to watch

Confab committee to make late budget

Wamakko, presentation impeachable offence Bafarawa, Politics and Governance the appropriation bill tion, Prof. Jerry Gana Lateef Ibrahim has recommended Sep- for the incoming fiscal and former Secretary Tambuwal, tember 30 of each year year. to the Government of Pages } 13-16 as the deadline for the The committee, joint- Federation (SGF), Chief Confer- president to lay before ly chaired by former battle for Seat of the Caliphate TheenceNational Committee on the National Assembly Minister of InformaAbuja

CONTINUED ON PAGE 5

BOKO HARAM

Abducted Chinese moved to Nigeria – Cameroun lAPC, Northern elders slam Jonathan over stance on Chibok visit lAnenih to opponents: President can’t march into Sambisa forest

Ayodele Ojo, Yekeen Nurudeen and Ibraheem Musa

oko Haram insurgents who kidnapped 10 Chinese workers from Cameroun at the weekend are believed to have taken them across the border to Nigeria, a police source has said. The source confided in the Agence France Presse (AFP) yesterday that Camerounian security agents, having combed the country for the abductees, believed they might have been taken to North-Eastern Nigeria, which is a Boko Haram enclave. “We are almost certain that the 10 Chinese have been kidnapped and transferred to Nigeria. We have no fresh news about them. “The search continues (in Cameroun) but apart from small pieces C O N T I N U E D O N PA G E 2

The Benin Royal visit: L-R: The Crown Prince of Benin, Ambassador Eheneden Erediauwa, President Goodluck Jonathan and Chairman, Ocean Marine Tankers Ltd., Captain Hosa Okunbo at the State House, Abuja when the Crown Prince delivered a Special Message from his father, the Oba of Benin, Omo N’oba N’edo Uku Akpolokpolo, Erediauwa, to the President. L-R: Group Managing Director, Cryslad Group, Banjo Onanubi; his wife, Bimpe; Managing Director, Toyota Nigeria Limited, Mr. Kunle Ade-Ojo; Public Relations and Advert Manager, Toyota Nigeria Limited, Bukunola Ogunnusi, and Mr. Vidyanad Inagale, at the Nigeria Auto Awards in Lagos…at the weekend. PHOTO: SULEIMAN HUSAINI

...IG orders tight security in Benue schools

lDHQ warns against ‘unauthorised’ visit to Chibok Emmanuel Onani Abuja and Cephas Iorhemen Makurdi

he Inspector General of Police (IG), Mr. Mohammed Abubakar, has ordered the police in Benue State to

strengthen security in all boarding schools in and around Makurdi, the state capital. The directive followed a letter purportedly written to Government College, Makurdi and Mount

Saint Gabriel College, also in the state capital, by the Boko Haram sect, informing them of an impending attack. The police have however begun investigation to unravel the source and

intent of the letter. There is palpable fear in the state that the sect, which has claimed responsibility to the abduction of over 270 schoolgirls from Government Girls’ Secondary

School, Chibok, Borno State, over a month ago, may strike to abduct the schoolboys in Makurdi. Force Public Relations Officer (FPRO), Frank Mba, a Chief Superintendent of Police, announced the IG’s diC O N T I N U E D O N PA G E 2

LAGOS

Thunder Storms

32OC |25OC For subscription, advert and story tips, please call

+234 (1)221 9496, 08033392655, 08023010222

Monday, May 19, 2014

NEWS

Monday, May 19, 2014

‘Boko Haram moves abducted Chinese to Nigeria’ CONTINUED FROM PAGE 1

of information, I can’t see what could come out of it since the attackers have left the country,” the official told AFP on condition of anonymity. He added that all the helicopters that might have been used to survey the border area and help with the search were in Yaounde, the nation’s capital, ahead of the May 20 National Day military parade. The celebrations were also the reason the unit of elite Camerounian troops that usually guard the group of Chinese workers attacked late Friday was not up to its usual strength. According to the local officials, a large group of heavily armed Boko Haram fighters in five vehicles stormed the Chinese encampment and engaged the Camerounian soldiers in a gunfight. The brazen attack came as President Goodluck Jonathan and his counterparts from neighbouring states, including Mr. Paul Biya of Cameroun, met in Paris to “declare war” on Boko Haram. The meeting was convened a month after the kidnapping of over 270 schoolgirls by the Islamist sect in northern

Nigeria sparked international outrage. The presidents had approved an action plan to combat the sect blamed for 12,000 deaths in Nigeria since the onset of the insurgency as well as last month’s abduction of the schoolgirls from Chibok, Borno State. Jonathan, who during the security summit in Paris defended his refusal to visit Chibok, over a month since the schoolgirls were kidnapped, was criticised yesterday by the All Progressives Congress (APC) and the Northern Elders’ Forum (NEF) for his refusal to visit the beleaguered town. French Foreign Minister, Laurent Fabius, has however offered China his country’s help in locating the 10 workers. “We have already told our Chinese friends that we were at their disposal in helping them find their citizens,” Fabius said ahead of a visit to Beijing, the Chinese capital, today where he

will meet Prime Minister Li Keqiang. Fabius said the attack took place as French President Francois Hollande convened heads of state to decide how to curb the havoc Boko Haram terrorists have wreaked in Nigeria and in neighbouring countries. Meanwhile, the APC has condemned Jonathan’s aborted trip to Chibok, describing it as symptomatic of his administration’s policy flip-flop in the fight against Boko Haram. APC in a statement in Lagos by its interim National Publicity Secretary, Alhaji Lai Mohammed, said just as the Jonathan administration had bungled the fight against the sect, it had exhibited sheer cluelessness in handling the abduction of the schoolgirls. It lamented that the administration has resorted to lying to Nigerians, saying the president never planned to visit

Chibok in the first instance, even when it was widely reported in the local and international media that the president’s advance team had landed in Borno State before the presidential volte face. It said: “Pray, do presidential advance teams deploy themselves at will? With his utterances and actions or inaction, President Jonathan has deepened the pains of the parents and guardians of the girls, and indeed that of the whole nation, when he should have been the consolerin-chief at such a difficult time for a nation he leads.’’ The party said the president himself made his lying aides to look squeaky clean when he told the world’s media that he did not go to Chibok because the girls were not being held there and also because the trip would not lead to their release. “This statement shows that President Jonathan does not un-

derstand the demands of his office, and that in good/bad times, he is to be seen and heard as the lead celebrant/lead consoler for his compatriots. His statement is the most pedestrian justification of a presidential faux pas ever. “As usual, a trip – belated as it were – that could have gone a long way in redeeming the battered global image of the Jonathan administration in the handling of the abduction issue has turned out to be another albatross for the president. Again, a president who is demonstrably averse to success has snatched defeat just when he was on the cusp of victory,” APC stated. According to the party, a president who was so in denial that critical time had lapsed before world attention forced him to act on the abducted girls has again dropped the ball at another critical moment - just the same way he waffled and waCONTINUED ON PAGE 6

31oC 23oC Storm

PORT HARCOURT

31o C 23oC Thunder Storms

KANO

41oC 26oC Mostly Sunny

Rivers State Governor, Chibuike Amaechi (left), receiving an award from the Coordinator of Local Government Female Elected Executives and State Legislators’ Forum, Mrs. Maureen Tamuno, during a visit by members of the forum to the governor in Port Harcourt…at the weekend.

DHQ warns against ‘unauthorised’ visit to Chibok CONTINUED FROM PAGE 1

ENUGU

34o C 24oC Thunder Storms

IBADAN

32oC 23oC Storm

CALABAR

31o C 23oC Storm

MAIDUGURI

42oC 27oC Mostly Sunny

ONITSHA

21oC 11oC Partially Cloudy

FIRST NATION AIRWAYS LAGOS-ABUJA (MON-FRI) 06.50; 09:30; 11:45; 16:00 (SAT) 06:50; 11:45 (SUN) 11:45; 16:00 ABUJA-LAGOS (MON-FRI) 09:00; 11:30; 13:40;18:30 (SAT) 09:00; 13:40 (SUN) 13:40; 18:30 LAGOS-PORT-HARCOURT (MON-FRI) 14:45 (SAT) 16:15 (SUN) 14:45 PORT-HARCOURT-LAGOS (MON-FRI) 16:50 (SAT) 18:20 (SUN) 16:50 AEROCONTRACTORS LAGOS-ABUJA (MON-FRI) 06:50; 13:30; 16:30; 19:45 (SAT/SUN) 12:30; 16:45 ABUJA-LAGOS (MON-FRI) 07:30; 13:00; 19:00 (SAT) 12:30 (SUN) 15:30 MEDVIEW AIRLINES LAGOS-ABUJA (MON-FRI) 07:00; 08:50; 12:00; 15:30 (SAT) 10:00; 15:00 (SUN) 17:30; 18:30 ABUJA-LAGOS (MON-FRI) 09:00; 14:00, 15:00; 18:30 OVERLAND AIRWAYS LAGOS-ILORIN (MON-FRI) 07:15 LAGOS-IBADAN (MON-FRI) 7:00 IBADAN-ABUJA (MON-FRI) 08:00 IBADAN-LAGOS (MON-FRI) 16:30 ILORIN –ABUJA (MON-FRI) 08:30 ILORIN –LAGOS (MON-FRI) 17:00 ABUJA-ASABA (MON-FRI) 10:00 ASABA-ABUJA (MON-FRI) 14:15 ASABA-LAGOS (MON-FRI) 11:30 LAGOS-ASABA (MON-FRI) 13:00 ABUJA-ILORIN 16:00 ABUJA-IBADAN 15:00

TODAY’S WEATHER FORECAST ABUJA

FLIGHT SCHEDULE

rective in a statement he issued yesterday in Abuja. The statement said: “The Inspector- General of Police, MD Abubakar, has ordered the strengthening of security in all boarding schools in and around Makurdi, the capital of Benue State. “This is coming on the heels of recent threat letter purportedly issued by elements claiming to be Boko Haram members to two all-boys secondary schools-Government College, Makurdi, and Mount Saint Gabriel College, Makurdi. “Consequently, the Benue State Police Command, working in conjunction with the state Ministry of Education

and the affected school authorities, has strengthened surveillance in the schools and other boarding schools within Makurdi metropolis. “Meanwhile, the police have commenced investigations aimed at ascertaining the source and authenticity or otherwise of the said handwritten letter now in possession of the Force. “The Police High Command wishes to advise residents of all host communities nationwide where boarding schools are located to remain perpetually on the alert and report any suspicious movement to the appropriate authorities.” When New Telegraph visited the school, dozens of heavily armed policemen and plain-cloth

security operatives were sighted on red alert. At the Government College Makurdi, the alma mater of the state Governor, Mr. Gabriel Suswam, a police Hilux van was seen strategically positioned there while no student, except the principal and some staff as well as their families, were seen on the premises of the school. A parent told New Telegraph but the he would not allow his children who attend one of the schools to attend today’s classes in compliance with the earlier resolve by the Principal Mr. Ugudu Godfrey Apine, that normal classes would not take place. “I will not allow my children to go to school until the confusion about

Boko Haram threat to abduct the children is cleared”, he said. However, the state Police Public Relations Officer, Daniel Ezeala, has described as untrue the planned attack by Boko Haram, adding that the police cannot rule out the fact that the letter was not written by the sect. Ezeala who stated that anybody could have written the letter, added that the police were investigating the content of the letter. Meanwhile, the Defence Headquarters (DHQ) yesterday warned Cable News Network (CNN) reporters, “tourists” and “adventurers”, against entering Chibok and other war-torn zones in the North-East, without clearance from

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

NEWS

Monday, May 19, 2014

FIRS probes NICOMSAT over tax evasion Abdulwahab Isa Abuja

uditors from the Federal Inland Revenue Service (FIRS) are currently examining the books of Nigerian Communications Satellite Limited (NICOMSAT) following the agency’s default to remit tax amounting to several billions of naira. NICOMSAT, a Federal Government agency, is said to have been defaulting in remitting company tax since February 2012. The situation did not change until February this year when its former Managing Director, Mr. Timasaniyu Ahmed-Rufai, was suspended. “Company tax remittance was done last in 2012. From 2013 to February this year, NICOMSAT has not been filing company tax return. The former managing director engaged in reckless spending and does not deem it necessary to remit. “Recall that the managing director is still under suspension and the outcome of some of these audits and other financial recklessness of his administration

are still ongoing and he will be called to offer explanation at the end of the day. As I said, audit by FIRS is one of several audits being done to ascertain the financial position of NICOMSAT,” a source said at the weekend. However, another source denied knowledge of FIRS auditors’ presence in NICOMSAT. “I’m not aware of what you are asking me. All I can say is that, as a government agency, every kobo and naira made by this agency goes straight to the Federation Account. We don’t keep a kobo here because our overheads come from the treasury. So, NICOMSAT doesn’t keep any money here. “Last February, when Ahmad Rufai was sent on compulsory leave, government sent S.I.O Consulting, an auditing firm, to this place to look at the financial status of the company and they have done their job. Another one was sent again to carry out forensic audit of this place. These are the two groups I know have visited here to carry out audit. I don’t know if FIRS auditors came here,” he

Protest rocks Maiduguri over killing of kolanut seller Ahmed Miringa Maiduguri

was pandemonium Tthehere yesterday in Maiduguri, Borno State capital, as

aggrieved youths protest the killing of a kolanut seller by a stray bullet from a soldier at the West End area of the capital city. Our correspondent, who was at the scene of the incident, said angry youths in their hundreds barricaded major roads in the area even as they burned tyres on the road. An eyewitness, who did not want his name in print, told our correspondent that trouble started when a soldier stationed in a nearby military formation, allegedly aimed to shoot a tricycle operator for violating traffic rules, only to miss his target, killing the kolanut seller in the process. The kolanut seller, who was said to have been hit on the chest, died instantly as sympathisers were trying to get him to the hospital. According to him, the soldier, who did not show any remorse, was attacked by the angry youths who mobilised on hearing the gunshot. It took the intervention of his colleagues to rescue him from the

scene. Another witness, who was at the scene when the incident happened, Mallam Mohammed Bukar, said the angry youths chased the soldier and his colleagues from the area. “People were angered because the soldier did not show any remorse, making the youth to protest the killing by attacking the soldier,” he added. Our correspondent gathered that the soldier would have been lynched but for the quick intervention of his colleagues who rescued him. The incident forced motorists plying the road to make a detour to other routes as the road leading to Baga Road, Post Office and Customs area were closed for many hours. Military personnel, who were drafted to the area with a view of containing the situation, had to turn back as some of the youth started throwing stones at them. Efforts to get the spokesman of the 7 Division, Col. Muhammad Dole, for confirmation, did not yield any result, as his cellphone was not reachable as at the time of filing in this report.

said. Efforts to get NICOMSAT’s spokesperson, Mr. Sonny Aragba-Akpore, to comment on the matter proved abortive as he could not be reached on the phone either through voice call or text message. A mail sent to FIRS

spokesman, Wahab Gbadamosi, seeking clarification on the status of FIRS presence in NICOMSAT, was also not responded to. Ahmed-Rufai was suspended from office in February on allegations bordering on financial abuse.

The suspension by the company’s board of directors was to pave the way for an investigation into the financial status of the company. A statement issued from the office of Minister of Communication and Technology, Mrs. Omobola Johnson, had

directed Ahmed-Rufai to proceed on indefinite leave. Just last Thursday, tax evasion by businesses and corporate agencies and its effect on the 2014 budget dominated discussion at a forum organised by FIRS in Lagos.

L-R: National Chairman, Labour Party, Dan Nwanyawu; Governor of Ondo State, Dr. Olusegun Mimiko; former Ogun State Governor, Gbenga Daniel and Chairman, Ogun State Labour Party, Mr. Niyi Osoba, at the inauguration of the party’s secretariat in Abeokuta…at the weekend

Confab committee recommends special court for corruption cases C O N T I N U E D F R O M PA G E 1

Olu Falae, also made a case for the setting up of a specialised court to try corruption cases. In addition, it recommended the unbundling of the Independent National Electoral Commission (INEC) into two different bodies for the purpose of efficiency and effectiveness. If the recommendation of the committee on the deadline for the presentation of appropriation bills sails through at the plenary session, it will then become an impeachable offence for a president not to present the annual budget proposal to the National Assembly by September 30 of any given year. The plenary session of the National Conference begins today after three weeks of committee assignments. Gana gave insight into the committee report at the weekend in Abuja while fielding questions from journalists on the various recommendations of the committee. He said the committee believed that the issue of the national budget cycle must be incorporated in the constitution.

According to him, the committee frowned on unnecessary delay in budget presentation and implementation by successive governments. For example, five months into the year, the process for the passage into law of the 2014 Appropriation Bill is inchoate. While the two chambers of the National Assembly, after a series of disagreements over the appropriate oil benchmark on which to base revenue projection on, finally passed the bill in April, President Goodluck Jonathan is yet to assent to it, citing distortions in the version passed by the legislature. But Gana told reporters that the intervention of the committee is to develop a system that if followed rigidly will minimise delay in the budgetary process. He said: “We have made a very firm resolution of making sure that the budget cycle is put in the constitution. What we are recommending is that the constitution should, say, latest by September 30 or earliest working day before September 30, the budget must be presented to the National Assembly.

“It will be an impeachable offence for anybody not to present budget before September 30th. Then the National Assembly has the rest of October, November or latest December 31st or the earliest working day before the December 31st, which the budget must be approved ready for implementation from January 1.” According to him, a lot of time is being wasted on the budgetary process. “So, we have recommended that the budget cycle should be in the constitution and therefore, as it were, you will be contravening the constitution if you don’t present the budget by September 30th,” he added. On creation of a special court to try corruption cases, Gana explained that existing courts are currently too congested and that it is only the specialised court that will make special arrangements to run through the matters expeditiously and dispense with the issues. He said: “We also took a series of decisions on corruption, and anti-corruption and the question of national ethics. We made

a number of recommendations that if implemented will help Nigeria to be corruption-free country. “This includes recommendations on setting up a special court to try corruption cases. Because right now, cases are left in the courts for a very long time and we think we should have specialised courts to deal with this very rapidly, also fairly and justly.” While harping on the imperativeness of conducting free, fair and credible elections, Gana stated that his committee also recommended that INEC be unbundled into two institutions. He said INEC as presently constituted would deal only with arrangement for a free, fair and credible election, while another commission should be established to specifically deal with electoral offences. “The electoral offences should now be handled by the Electoral Offences Commission, so that we don’t have to burden INEC with that because there are thousands of people that are involved in this and then it takes a lot of INEC attention. INEC attention should be on the conduct of good elections,” he added.

NEWS

Monday, May 19, 2014

2015: Babangida cautions political class Ibraheem Musa Kaduna

ormer Military President Ibrahim Babangida has warned the political class not to overheat the polity as the nation inches close to the 2015 general elections. “An overheated polity will produce nothing other than chaos and anarchy in our midst. I wish to advise politicians to be careful and responsible as they start their campaign train for 2015 contest,” the former military ruler as stated. Babangida gave the warning in a speech he delivered at the presen-

tation of two books in Kaduna yesterday. The books were authored by the DirectorGeneral of the National Teachers Institute(NTI), Dr. Aminu Sharehu. One of the books is “Fasting according to Islamic law”. The former head of state, who was represented by Brigadier General Dantsoho Mohammed, said what Nigerians need from the ruling class is quality governance. “I wish to advise politicians to be careful and responsible as they start their campaign train. Nigerians deserve nothing less than the dividend of democracy that will

grant minimum comfort for better quality life. “This is what is required to take the youth off the streets, restored the confidence of disenchanted and provide succour to the poverty-stricken masses of this country. This is what is needed to check the menace perpetrated by militants and

Boko Haram insurgency,” Babangida said. Speaking earlier, the Sultan of Sokoto, Dr. Sa’ad Abubakar tasked people with Islamic religion knowledge to imbibe the culture of educating the common folks with the basic aspect of Islam wherever they find themselves.

The Sultan, who was represented by the Emir of Zazzau, Alhaji Shehu Idris, said people must use available opportunity to propagate Islam as it is stated. In his welcome address, the author of the book, Sharehu said lack of knowledge of Arabic was no longer an excuse

not to learn the basic fact and principle of Islam. According to him, fasting is one of the five pillars of Islam that must be done as stipulated in the Qur’an and that is why the book is written to enlighten the Muslim faithful on the right way of fasting.

No stabilisation fund from CBN in 23 years, says NEXIM Nigerian Export Tsaidhe Import Bank (NEXIM) it had not received

any stabilisation fund from the Central Bank of Nigeria (CBN) since it began operation 23 years ago. It said that CBN’s only funding of the bank had remained the N50 billion authorised share capital, which it contributed with the Federal Ministry of Finance Incorporated. This is contained in a statement signed by the Head, Corporate Com-

munications, Mr Chinedu Moghalu yesterday in Abuja. NEXIM said that it was untrue that it received N200 billion stabilisation fund from the CBN as claimed by the Conference of Nigerian Political Parties (CNPP). It said that it had over the years continued to manage its operations with the share contributions of the Federal Government through the CBN and the Ministry of Finance Incorporated.

DHQ warns against ‘unauthorised’ visit to Chibok C O N T I N U E D F R O M PA G E 1

the military. A statement by the Director of Defence Information (DDI), Maj. Gen. Chris Olukolade, warned that the military would not be held responsible for any misfortune that befalls any journalist, found to have entered the areas without due security protection. While reiterating the fact that the military has nothing to hide in its ongoing counter-terrorism operations in Borno, Yobe and Adamawa states, the statement, however, noted that entering such areas without clearance, “is an undue obstruction to operations.” “The Defence Headquarters has noted the presence of a large number of tourists, journalists and adventurers of diverse interests moving about in areas where security operations are currently ongoing, especially in Adamawa and Borno states without the necessary security cover or clearance. “This trend constitutes unnecessary risk

to the persons, especially the foreigners involved. It is also an undue obstruction to operations. “Much as the military has nothing to hide and believes in the freedom of movement in the country, the need for all persons to recognise the status of certain places as operational area is hereby reiterated. “Anyone violating the existing procedures for coverage or movement in the mission area does so at his or her own peril as the security forces should not be held responsible for any unsavoury outcome of such movement. “Necessary arrangement will continue to be made for the protection of persons and visitors whose movement is duly vetted and in line with development in the security situation on ground in particular mission area. “The general public is hereby informed that obstructive, suspicious or risky movement of visitors will not be condoned in any mission and operational area in the country,” DHQ added.

L-R: Minister of Federal Capital Territory, Senator Bala Mohammed; Director General, National Institute for Legislative Studies, Dr. Ladi Hamalai and Deputy Speaker, House of Representatives, Emeka Ihedioha, during a condolence visit to the minister over the death of his mother, Hajiya Aisha Jumare Mohammed, in Abuja…at the weekend.

APC, Northern elders slam Jonathan C O N T I N U E D F R O M PA G E 1

vered on the overall Boko Haram crisis before the terror group gained enough strength to become a runaway monster that could now strike at a time and place of its own choosing, killing 12,000 people and injuring 8,000 others. “A president and commander-in-chief who is afraid to visit any part of his country has betrayed the very people who voted him into office. “In the case of Chibok, he has shown that the residents of the town should not expect to be seen as compatriots by their own president, hence they are on their own. “This definitely explains why, increasingly, Nigerians are resorting to self help, why ordinary citizens are taking up cudgels, machetes and dane guns to battle Boko Haram. “It is nothing but the clearest indication of state failure and presidential ineffectiveness,” the party said. It however urged the president to visit Chibok to redeem his administration, adding that the trip should only be announced after Jonathan must have gone and come back. Northern elders also gave the president a knock for his refusal to

visit Chibok. The spokesman of NEF, Prof. Ango Abdullahi, told New Telegraph in Zaria yesterday that president’s decision was unjustifiable. He described Jonathan as “insensitive to the feelings of the citizens that he claimed to lead.” Describing the decision as a failure of leadership, he said: “It appears to me, from the activities and actions and inactions of the president, the man is more concerned about himself than the people that he claimed to lead. “Leaders should be the first to fall in a war or in any situation where sacrifices are being made, leaders should be the first to make the ultimate sacrifice. “But this man has confessed openly that he has been unable to visit the scenes of all these atrocious events that have taken place in the North-East in particular, because of his personal security. “He said that he is insecure to visit Gamboru, Maiduguri or any major insurgent event that leads to the death of so many people and the destruction of property.” According to Abdullahi, the only exception when Jonathan visited places after bomb blasts was when he went to Madallah, Abuja, several

days after a church was attacked and the recent bomb blast at Nyanya because he felt secure in these areas. He added that these selective visits do not show a president who is president for all, stressing that Jonathan’s actions show that he is not the president that Nigeria needs at this time. But Chairman, Board of Trustees (BoT) of the Peoples Democratic Party (PDP), Chief Tony Anenih, defended the president and urged people not to play politics with insurgency. Anenih in a statement titled: “Let us unite against Boko Haram,” issued in Abuja yesterday, said men of good conscience should stand up in the fight against Boko Haram insurgency not by playing politics with terrorism. While sympathising with the parents and family of the abducted schoolgirls, Anenih described the call for Jonathan’s resignation as unnecessary and baseless. He said: “I must deplore the situation where some opposition politicians have tried to make political issues out of it by calling for the resignation of President Jonathan over a group that is waging war against the Nigerian state. Such behaviour is unbecoming

of patriotic citizens of a democratic nation like Nigeria. “Boko Haram is a threat to Nigeria and to our democracy. Nobody is more aware of this fact than President Jonathan. That is why the president is doing all that is within his constitutional powers to fight the terrorist group. It is his respect for constitutionalism that has kept him from employing jack-boot methods. I make bold to say that no president of Nigeria could have done better within the ambits of constitutional powers! “Unfortunately, certain comments I have heard or read in recent times from some Nigerians who ought to know better make me wonder if they expect the president to put on a helmet, pick up a rifle and personally march into Sambisa Forest.” He appealed to all stakeholders to unite and fight the common enemy, saying: “At a time that our nation is facing the menace of terrorism, it is of utmost importance that all Nigerians, irrespective of their regional, religious or political affiliations, should be united in supporting the Federal Government and all the security agencies in the fight to end terror in our country.”

NEWS

Sanctity of Truth

Monday, May 19, 2014

Voters’ register: Stop passing the buck -Enugu APC tells PDP Leo Sobechi

he Enugu State chapter of the All Progressives Congress, (APC) yesterday asked its Peoples Democratic Party, (PDP) counterpart to take responsibilities for the muddling up in the voters register instead of engaging in a vain mission of passing the buck to the Independent National Electoral Commission,

(INEC). It would be recalled that the Enugu PDP Chairman, Mr. Vita Abba, last week raised the alarm over the omission of some names on the voters register and accused INEC of colluding with some unnamed politicians in the state to perfect the muddle. But briefing journalists in the party’s state headquarters, yesterday, the APC Chairman, Dr.

Ben Nwoye, chided PDP for raising the alarm on the omission of names of a large number of voters in the register released by INEC in the state, alleging that PDP was actually responsible for multiple registration by voters in the state. Nwoye contended that it was the double registrations that led to the deregistration of 621 polling units in the state and

challenged the PDP Chairman, Abba, to a debate to prove his assertions. Recalling PDP’s boast that it has been the sole beneficiary of power, Nwoye declared: "In 2011, PDP benefited from massive rigging; it encouraged double registration because they invited people living outside Enugu State to come back and register and those people went back to their residences

to register again. "The PDP never understood biometrics and caused us this harm; or does Vita Abba want INEC to use analogue voter’s register? They (PDP) connived and had multiple registrations and now they are crying wolf".

We have no CPC group in our fold-PDM Yekeen Nurudeen Abuja

L– R: Head Research, Transformation Ambassador of Nigeria (TAN), Mazi Okoronkwo Oji; Team Leader/Director, Public Communications and Strategy, TAN, Dr. Udenta O. Udenta and Director General, National Orientation Agency (NOA), Mr. Mike Omeri after the MOU signing ceremony between NOA and TAN in Abuja…at the weekend

BPP receives 196 petitions against federal ministries Tunde Oyesina Abuja

he Bureau of Public Procurement (BPP) received 196 petitions against 25 federal ministries over non compliance with the Public Procurement rules in the year 2013, New Telegraph exclusively gathered. The Ministry of Education tops the list of ministries with the highest petitions with 59, while there were 20 petitions against the Presidency, 19 petitions were written against Ministry Kunle Olayeni Abeokuta

chieftain of the Peoples Democratic Party (PDP) in Ogun State, Prince Buruji Kashamu, yesterday said fifth columnists are deliberately promoting violence and insecurity in the country in order to blur the achievements of President Goodluck Jonathan. Speaking at a PDP stakeholders' meeting in Ijebu-Igbo, Kashamu bemoaned the wave of security challenges plaguing Nigeria and submitted that Jonathan remains a

of Health. Others are Ministry of Transport - 13 petitions, Ministry of Power- 11 petitions, Ministry of Agriculture and Rural Development- 9 petitions, Ministry of Environment- 8 petitions, Ministry of Finance- 8 petitions. Also among those petitioned are Federal Capital Territory Authority- 7 petitions, Ministry of Aviation- 5 petitions, Ministry of Water Resources- 5 petitions, Ministry of Petroleum Resources- 5 petitions,

Ministry of Lands, Housing and Urban Development- 4 petitions. In addition, four petitions were written against Ministry of Works, four petitions were written against Ministry of Communication Technology, three against Ministry of Niger Delta, two against Ministry of Justice, two against Tourism, Culture and National Orientation, two against Ministry of Trade and Investment and two against Ministry of Interior.

Insecurity: Jonathan, a victim of circumstance - Kashamu victim of circumstance. The event was attended by the PDP National Secretary, Professor Wale Oladipo; National Auditor, Alhaji Fatai Adeyanju; former South-West Caretaker Chairman, Chief Ishola Filani; Director, Women for Change, Dr. Zainab Mark; state co-ordinator for Women for Change, Mrs. Bosede Ogunleye; state chairman of Subsidy Re-investment Programme (SURE-P), Chief Kayode Ajibola and state

PDP Chairman, Chief Adebayo Dayo. Kashamu, who is the chairman, Organisation and Mobilisation Committee of South West PDP, described the continued abduction of over 200 school girls in Chibok, Borno State as unfortunate and prayed for their unconditional release. He stated that those fanning the embers of disunity in the country were doing so because of selfish interests.

Maintaining that PDP was to blame for the omission, Nwoye cited the example of his ward, Amuri in Nkanu West Local Government Area, remarking that the two polling units affected by the deregistration were units dominated by the PDP.

he leadership of Peoples Democratic Movement (PDM) has said that there is no group within its fold known as CPC. That was even as it warned members of the party identifying themselves as members of the group to have a rethink. National Publicity Secretary of the party, Ahmed Rufai Abubakar, in a statement issued in Abuja yesterday warned that any party member who identifies himself with any political group other than the party is committing a grievous offence adding that no one within the party is allowed to cling to a fictional and imaginary identity to pursue their

selfish agenda inside the party. He noted that genuine PDM members have no divided loyalty and carry only one Membership Card. Abubakar said PDM has never received any member or group of members into its fold in the name of CPC or in the name of any other political identity by whatever name called. “We do not recognize any group identity within our party other than our own. Those identifying themselves as CPC members within PDM are advised to a rethink as, by assuming such an identity, they have, by implication and according to our laws, renounced their PDM membership.”

UNIVERSITY OF LAGOS

INAUGURAL LECTURE The University of Lagos hereby announces its Third (3rd) Inaugural Lecture for the 2013/2014 session, which will take place as scheduled: Chairman: PROFESSOR RAHAMON ADE BELLO, B.Sc., M.A. Sc., Ph.D., FNSChE, FNSE, FAEng Vice-Chancellor Lecturer: PROFESSOR ADE IBIWOYE B.Sc. (Hons.) Maths, M.Sc. (Actuarial Sc.), Ph.D. (Management Sc.) Professor of Actuarial Science

Topic: “PENSIONS: THE PROMISE, THE PERILS, AND THE EXPECTATIONS IN ACTUARIAL PERSPECTIVE” Date: Wednesday, 21st May, 2014 Time: 4.00 p.m. [Guests are requested to be in their seats by 3.45 pm]. Venue: Main Auditorium, University of Lagos

Members of the University of Lagos community including staff, students and the general public are cordially invited.

Dr. (Mrs.)Taiwo Folasade Ipaye,MNIM Registrar and Secretary to Council 5th Floor, Senate HoUSE, UNIVERSITY OF LAGOS

NEWS

Sanctity of Truth

Monday, May 19, 2014

No APC spokesperson in S/East - Group Wale Elegbede

ggrieved youths of the All Progressives Congress (APC), Anambra State, have cautioned, Mr Osita Okechukwu, who allegedly claimed to be spokesman of a “non-existent” South East APC. Reacting to reports purportedly credited to Okechukwu discrediting the rescheduled state party congress held recently in Awka, the youths stated that, “it is either Okechukwu was misquoted,

uninformed, or possibly harbouring some obscure unstated agenda.” The youths made their feelings known when they paid a solidarity visit to the new state party chairman, Obiora Igwedibia, stressing that, “it amounts to a tactless misrepresentation for Okechukwu to appropriate a non-existent platform, dubbed as spokesperson of South East APC, to impugn the integrity of what has become a classic model of what a state congress should be.”

Clerics endorse council chair's senatorial ambition

Wale Elegbede

he Senatorial ambition of the Executive Chairman of Ajeromi- Ifelodun Local Government, Kamal Ayinde Bayewu, received a boost over the weekend when notable clerics from Lagos West Senatorial District endorsed his ambition. They added that they would give him all the necessary support spiritually. A statement from the Bayewu Campaign Organisation (BACO), signed by

Mr. Rafiu Williams, said the endorsement over the weekend was the second of its kind after the one done by the Ajeromi- Ifelodun Elders Forum, which took place in March this year. Speaking on behalf of the clerics, Rev. Matthew Ayoade, said the senatorial ambition of Bayewu is a project anchored in God, considering the way he has touched the lives of the people in the council during his six-year reign as the council boss.

SEC committed to financial literacy - Oteh

he Director General of the Securities and Exchange Commission (SEC), Arunma Oteh, has said that the Commission would play its role as the apex regulator of Nigeria's capital market in ensuring that more Nigerians become financially literate. Oteh said this when she received members of the Nigerian Institute of Management (NIM) in her office over the weekend. According to the DG, the commitment to financial education among other considerations, in-

formed the decision of the Commission to partner with the entertainment industry to communicate to Nigerians issues relating to financial literacy. She said, "As the Apex Regulator of the capital market, we need to raise financially literate citizens, who spend wisely and save wisely "We believe if people are well schooled, they will be able to make informed financial decisions. We are keen on ensuring that Nigeria has financially responsible citizens".

Abayomi sues Mark, Tambuwal over 2014 budget Tunde Oyesina Abuja

Constitutional Lawyer, Tunji Abayomi, has dragged the President of the Senate, David Mark and the Speaker of the House of Representatives, Aminu Tambuwal before a Federal High Court sitting in Abuja over alleged unlawful increase in the 2014 Budget by N53billion. The plaintiff in suit number FHC/ABJ/ CS/319/14 wants the court to determine whether it is within the Constitutional powers of the National Assembly to increase the budget estimate submit-

ted by the President. Abayomi further asked the court to restrain the defendants from creating new expenditure/budget estimate submitted by the President for passage.

L- R: Chairman, Morgan State University (MSU) Board of Regents, Mr Kweisi Mfume; President, National Alumni Association, Mrs. Jacqueline Lawson; Vice President for Institutional Advancement, Ms Cheryl Hitchook; President, Morgan State University, Mr. David Wilson and the Awardee, Senator 'Gbenga Ashafa, during the recognition award by Morgan State University, at the 74th Alumni Awards & Class Reunion Luncheon, Maryland, USA…at the weekend

Customs officers accused of rape Juliana Francis

23-year-old lady has accused two customs officers, identified as Felola Uzezi and Mohammed Sanni, of taking turns to rape her. The victim told policemen from Area K Police Command, that she met one of the custom officers on Facebook and had decided to visit after an invitation. The visit, however, turned nasty as her Facebook friend, with his colleague, allegedly raped her.

It was gathered that the men had been picked by policemen from Area K Command and are presently being quizzed. The two men, attached to Gbaji Custom’s checkpoint were alleged to have committed the act at Limca Bus Stop area, along Badagry Expressway, home of Felola Uzezi. The victim reportedly said: “I met Uzezi on Facebook and became friends with him. After a while, he invited me to his house. Uzezi invited Sanni over to his place

overnor Rauf Aregbesola of Osun State will today unveil the state’s school feeding programme at a summit scheduled to hold in Abuja, which will feature other governors, ministers and international experts.

vice, Mr. Wale Adeniyi reacting to the allegation said: “I’m aware of this case but details are still sketchy. The Seme Command Comptroller has been notified and he is working with the police for a thorough investigation. We will await a formal report from the police to enable the Comptroller-General take appropriate action. While we await this, we must state that the Service frowns at such heinous crime and perpetrators if found guilty, will be dealt with.”

SON supports higher grade Current security situation cement; explains restriction on discourages investors-LCCI low grade cement Dele Alao Bello said: “It would be

he Standard Organization of Nigeria (SON) has explained why the agency is restricting the use of low grade cementthe 32.5MPA- and urging manufacturers to commence the production of the high grade 42.5MPA. Speaking at the just concluded Public Hearing of the House of Representatives, Director General of SON, Joseph Ikem Odumodu said the restriction placed on the use of low grade cement is important to tackle the problem of collapse building in the country. The House of Represen-

tatives Ad hoc Committee on the composition and pigmentation of cement in the country led by its chairman Hon Yakubu Dogara conducted a Public Hearing last week aimed at addressing the incidence of collapsed building in the country. The DG said Nigeria cannot afford to be a pariah state on the issue of cement quality, adding that world’s progressive countries have since stopped using the low quality 32.5MPA. He said his organization had restricted the use of 32.5MPA low grade and will enforce compliance.

Aregbesola to take school feeding to Abuja Mojeed Alabi

when I came to visit him. “Uzezi asked me for sex, but I told him that I was menstruating. When his friend Sanni came, they raped me.” The victim later went to report the rape to the police and both suspects were picked. Police who visited the scene of the crime, allegedly found blood stains on Uzezi’s bed and a boxer he gave the victim to wipe herself after the act. The National Public Relations Officers of the Nigerian Customs Ser-

The summit, which is being organized by the Federal Ministry of Education in conjunction with Vitol Foundation, will also feature the Partnership for Child’s Development, PCD, among other local and international organisations. Aregbesola, who is one of the keynote

speakers at the parley, is expected to share the experiences of his administration with other states and the Federal Government on how to achieve an integrated benefit chain for schools and farmers to enjoy maximum advantages from the school feeding programme.

he Lagos Chambers of Commerce and Industry (LCCI), has said the prevailing security situation occasioned by long drawn insurgency has negatively impacted investors’ confidence. This has also limited the realization of the tremendous potentials that the economy presents, especially post Gross Domestic Product (GDP) rebasing. LCCI president, Remi

difficult to attract investors at this time just as the risk of long term investments in the economy has been heightened by prevailing conditions. The tempo of economic activities in the northern part of the country has declined, access to the markets by companies in the southern part of the country has reduced resulting in loss of sales; while many enterprises have relocated.”

Delta 2015: New Speaker gets automatic ticket Dominic Adewole Asaba

he new Speaker of Delta State House of Assembly, the Rt. Hon. Peter Onwusanya, was over the weekend adopted as the unanimous candidate of Oshimili South Constituency in the state’s House of Assembly. The leadership of the party in the locality ar-

rived at the decision after a conclusive enlarged meeting at the Peoples Democratic Party (PDP) secretariat in the constituency. The Speaker, who is barely three months old on the seat, was elected after his predecessor, Victor Ochei, was forced to resign after over two third of his colleagues signed his impeachment notice.

NEWS

Sanctity of Truth

Monday, May 19, 2014

Ahmed dismisses PDP lobby rumour NO WAY

Kwara Governor insists he won't return to PDP Biodun Oyeleye Ilorin

wara State Governor, Alhaji Abdulfatah Ahmed, yesterday dismissed as false insinuations that he was making moves to reconcile with the Peoples Democratic Party (PDP).

The move, according to reports in a section of the media, is allegedly meant to aid the governor's second term ambition as he was purportedly not sure of realising same under the All Progressives Congress (APC) based on an agreement he was said to have signed with the party's leader in the state, Senator Bukola Saraki. The reports also alleged that the state was seeking a N35 billion bond to finance the 2015 elections in the state. But Ahmed, in a state-

ment by his Chief Press Secretary, Abdulwahab Oba, described the insinuation as false, provocative and contemptuous. According to him, the PDP is a party of impunity which he left along with other progressives for the APC. "For the record, our decision to leave the PDP was premised on the need to build a new nation where every citizen has the opportunity to prosper, in which our youths are productively engaged and where the disadvan-

taged are assisted to live a decent life," the governor said. "For the avoidance of doubt, the relationship between His Excellency, Gov. Abdulfatah Ahmed and the former Governor and Leader of the APC, Dr. Bukola Saraki, remains cordial, warm and solid,” the statement said. On the alleged N23b bond, the statement said: “…it is typical of the mischief of these tale bearers to amplify the figure by N12b in a bid to make their story sound cred-

ible. Governor Ahmed and other officials of this administration have used every occasion to explain why the N23b bond is the best for Kwara now. Suf-

fice to add that the foundation for the current and future prosperity of Kwara State must be laid and entrenched today", the statement added.

Reps seek child protection agency Philip Nyam Abuja

he House of Representatives Committee on Human Rights has called for the establishment of the National Child Protection and Enforcement Agency, to cater for the welfare of children in Nigeria. Chairman of the committee, Beni Lar ( PDPPlateau ), made the call in Abuja. The bill, sponsored by Lar, passed second reading on the floor of the House on May 13. "The bill basically seeks to provide necessary protection and care for the Nigerian Child," she said. The lawmaker noted that when established, the agency would investigate and prosecute persons who violated

children's rights as contained in the Child's Rights Act. She appealed to President Goodluck Jonathan to sign the bill into law when it is passed by the National Assembly to protect the interest of children in the country. Lar also said that the main ingredient of the proposed bill was the prosecutorial powers that was absent in the Child's Rights Act. "It gives investigative and prosecutable powers to the agency on those who contravene any part thereof and those found wanting of violating the Act," she said. She explained that the proposed agency getting funds for its operations would not be a problem, as it can receive money in form of gift and can also borrow.

NCAA asks pilots to abort flights in bad weather Wole Shadare A cross-section of youths cheering soldiers on duty in Maiduguri, Borno State..at the weekend.

Johnchuks Onuanyim Abuja

he new North Central Zonal Controller, Department of Petroleum Resources (DPR) Abuja, Mallam Usman Mohammed, has warned marketers against hoarding of petroleum products and other sharp practices. The zonal controller gave the charge at a send-forth ceremony organised by the department for its former controller, Mr Aliyu Halidu, in Abuja. Mohammed, who took over from Halidu, said he would ensure that hoarding, diversion and underdispensing of petroleum products to consumers at the filling stations were stamped out of the zone. According to him, the existing structure of the department in the zone would be strengthened and measures would be evolved for effective check on the activities of marketers in the area. He said, ``The issue of diversion can be easily tackled by constant check on the retail outlets and that is what we have been doing. ``If you have been supplied with products, you have to take it to the retail outlets."

New DPR boss warns against hoarding of petroleum products He therefore warned marketers against hoarding of products because DPR surveillance teams were on ground, stressing that appropriate sanctions would be meted to offending marketers He stated that he would ensure that consumers were not short-changed and they have value for their money. The outgoing zonal controller in an interview with journalists expressed concern over the influence from some quarters on the operations of the agency. He said, ``Abuja is the seat of government and any small step you take, the power that be may come in, and there are lots of influences here." He advised the incoming Zonal Controller to study the terrain and make his operations allinclusive. Speaking on challenges of the agency, he solicited the provision of more vehicles to enhance the operations of the department. He noted too that the passage of the PIB bill would also reduce dupli-

cation in some of those functions that spread across various organisations. ``So by establishing

PIB you find that jobs specification will be a little clearer and control will be a lot easier to achieve,” he said.

Group rejects calls for sack of service chiefs Philip Nyam Abuja

he Nigerian Security Watch Forum (NSWF), yesterday described the call for the sack of the Chief of Defence Staff, Air Marshal Alex Badeh and the Chief of Army Staff, Lt. General Kennet Minimah by the Northern Youths Leaders Forum (NYLF) as diversionary, misleading and aimed at derailing the administration of President Goodluck Jonathan. The Northern Youth Leaders Forum had last week called on President Godluck Jonathan to sack Badeh and Minimah as part of efforts at curtailing terrorism. Kicking against the position yesterday, the NSWF noted that the

sack of the two top military chiefs has nothing to do with the ongoing war against insurgency, which, according to it, the two military chiefs are working assidiously to bring to an end. The forum noted that a careful examination of the call by the NYLF showed that it has more to do with the faith and tribe of the two military chiefs and not the interest of the North, Nigeria and Nigerians. National coordinator of the forum, Abubakar Danbaki, described the statement credited to the NYLF that the CDS was supporting the unprecedented war against the North because he is not a "core" northerner as most unfortunate and totally unwarranted.

he Nigerian Civil Aviation Authority (NCAA) has urged pilots to abort flights if the weather condition is unsafe. The aviation regulatory authority also enjoined intending passengers to exercise understanding in the event of weatherrelated cancellations or delays. Spokesman for the NCAA, Fan Ndubuoke, said the onset of the raining season is usually accompanied with thunderstorms, lightning and turbulence, the most severe of them being the wind-shear. Wind-shear or wind gradient is a difference in wind speed and direction over a relatively short distance in the atmosphere. Wind-shear has a significant effect during takeoff and landing of aircraft due to its effects on control of the aircraft, and it has been a sole or contributive cause of many aircraft accidents. Ndubuoke, however, called for the understanding of passengers when flights are cancelled due to such adverse weather conditions. “When wind-shear occurs along the flight path, it causes abrupt and substantial displacement of the aircraft from its intended path which becomes extremely hazardous for aircraft taking off and landing,” he said.

Ndubuoke reiterated that other hazards associated with rainfall include microburst, hail, lightning, low ceiling and visibility, icing, altimeter error and engine water ingestion. “In other words, the rains being experienced now may result in occasional flight cancellations/delays. Airlines’ pilots are mandatorily required to obtain en route/ destination weather information before the operation of a flight. They are also required to abort a flight if the weather condition is unsafe for operation,” he stressed. Meanwhile, the Directorate of Consumer Protection (DCP) under NCAA expects the airline officials to ensure sustained communication to the affected passengers if and when flight cancellations/delays are anticipated or occur. He drew the attention of both the operators and passengers to the rights, responsibilities and limitations of all the parties as spelt out in the Nigeria Civil Aviation Regulations 2012 [NigCAR] Part 19.5.3 which state: “An operating airline shall not be obliged to pay compensation for cancellation if it can prove that the cancellation is caused by extraordinary circumstances which could not have been avoided even if all reasonable measures have been taken.”

10 NEWS

Sanctity of Truth

Monday, May 19, 2014

2015: Badagry insists on Lagos governorship Temitope Ogunbanke

head of the 2015 general elections, the entire chiefs and people of Badagry kingdom have endorsed Abayomi Sewanu Sutton as their candidate for the governorship of Lagos State. At a well-attended town hall meeting held in honour of Sutton, a coalition of various groups and political parties in the kingdom emphasised that the time has come for an indigene of Badagry to occupy the number one seat of the state. According to them, Badagry kingdom had been sidelined long enough based on wrong insinuation of poor education, but they insisted that Badagry could now boast of an indigene that

is well read with lots of experience and exposure. Addressing the participants, the Iyaloja General of Badagry kingdom, Chief (Mrs) Comfort Akeke (JP), appealed to all indigenes of Badagry and Lagos State to support Sutton on his mission to continue with the developmental projects in the state. Her words: “Sutton, although a son of a carpenter without a silver spoon, is comfortable by all standard. He has come to answer our call; he has come to take our reproach away. He has what it takes to lead Lagos State and take it from where is it to the next level. He parades arrays of qualifications and experience that no other candidate could boast of.

NERC advises Discos on provision of pre-paid meters James Nwabueze Abuja

he Chairman/CEO of the Nigerian Electricity Regulatory Commission, Dr. Sam Amadi, has reiterated the urgency and need to close the metering gap. Head, Public Affairs Department, Dr. Usman Abba Arabi, in a statement, noted that the NERC boss also urged the standardisation of customer estimation, avoidance of extortion and exploitation by both the utility companies and the customers. “With the wide gap in metering, which was put at 54.8% in 2012, resulting in very high estimation, it became necessary to introduce a temporary measure for billing customers who are not effectively metered.” According to him, Cus-

tomer Service Standard Regulation on meters stipulates that “If there is no electricity meter to record electricity usage at a customer’s supply address, the Disco must base customer’s bill on estimated energy consumption, which is calculated in accordance with a method approved by the Commission.” According to statement, estimation should be based on verifiable scientific method for monitoring and dispute resolution purpose, and must also be reflective of local consumption pattern and close to actual readings previously obtained. The commission’s chairman stated that other basis for consideration in estimation is power availability and issues associated with system losses; that is, commercial losses.

Wada tasks traditional rulers on security Muhammad Bashir Lokoja

ogi State Governor, Idris Wada, has tasked traditional rulers in the state to use their position to mobilise for unity, peace and security of their various domains. Wada gave the charge when the new Elegbe of Egbe in Yagba West Local Government Area, Oba Ayodele Erukera, led the people of his domain on a solidarity visit to Lugard House in Lokoja, to show appreciation for his appointment by the state government. The governor, who reminded communities across the state of the need to be security- conscious,

declared that the security of lives and property in any given society is a collective responsibility of both the government and the governed. He warned that any threat to the prevailing unity and harmony among the various ethnic groups in the state would be fully resisted by his administration and called on the people of Egbe land to co-operate with their new royal father for a successful reign. Wada described the appointment of Oba Erukera as the new Elegbe of Egbe land as well deserved, saying that it was the choice of his people based on his track record of service and wealth of experience.

Court order on IPMAN leadership threatens anarchy, counsel warns WARNING

Counsel raises alarm over two court orders Johnchuks Onuanyim Abuja

iven the court order issued by the Abuja Federal High Court last week restraining the Chief Obasi Lawsonled executives from parading themselves as the executives of the Independent Petroleum Marketers Association Nigeria (IPMAN), counsel to the Lawson-led IPMAN, Mr. Reuben Wanogho, said such court order was capable of bringing the judiciary to ridicule. According to Wanogho,

who spoke in Abuja, it was a judicial miscarriage for another high court to give such order when there was an existing high court order declaring Lawson as the National Chairman of IPMAN on March 20, which was also appealed by those who went to the Abuja Federal High Court to obtain restraining order. Wanogho posited that it was only an Appellate court that could give such a restraining order and not a Federal High Court that has the same jurisdiction that declared Lawson as the National President of IPMAN. On the legal implication of the order, he said, "Well, you see, in looking at the issue, we must be careful. One, it is subjudice and two they have

200,222

the constitutional right to go to court. Nobody can stop them. It is their right. However, in exercising that right, you must also advise yourself of the possible incidence of judicial anarchy, which the court at all times wants to prevent. "Judicial anarchy in the sense that you create, by your action, a scenario in which two courts of coordinate jurisdiction may make different orders or conflicting decisions in respect of the same issue between the same parties. Such an action exposes the aura and image of the courts to public ridicule." Wanogho added that it would be wrong for anybody to ascribe two national leaderships to IPMAN. He said: "It would be

The total number of internet users in The rate by which total freshwater are believed Malta in 2008. to have increased per year since the late 1980s. Source: Blatantworld.com Source: Unesco.org

wrong to say that IPMAN has two national presidents. It is very wrong because the court has declared Chief Obasi Lawson as the National President of IPMAN and nobody can declare himself again as a parallel national president." He also condemned the attack on the National secretariat of IPMAN and called on the Nigeria Police Force to investigation the attack. On the restraining order, he stated that Lawsonled IPMAN Executives will go to court to vacate the order. On his part, the Chief of Staff to the Obasi Lawson, Chief Ukadike Chinedu, said the restraining order would not in any way affect the supply of petroleum products.

12.5%

The percentage of individuals using the internet in Algeria in 2010. Source: Itu.int

Senator Florence Ita-Giwa (middle); and her adopted Bakassi children on family protest over the abducted Chibok school girls, in Calabar…at the weekend

APC accuses Aliyu of wastage over reshuffle Dan Atori MINNA

he All Progressives Congress (APC) has condemned the recent cabinet reshuffle by Governor Babangida Aliyu of Niger State, saying it was aimed at draining the purse of the government instead of tracking development. The party said in a statement on the state of affairs in Niger State signed by its Publicity Secretary, Mr Jonathan Vatsa that "It was an outright display of unseriousness by the Peoples Democratic Party (PDP) in the state." According the party,

"The recent cabinet reshuffle was mere waste of government time and resources because it was just mere recycling of the same old hands to serve the governor's political ambition for 2015 and give himself save landing from the years of emperor-like government where hypocrisy, self- aggrandization and greed is synonymous to excellence and qualify one to be appointed into political office. "It is obvious that the conduct of PDP under Mu'azu Babangida Aliyu in Niger State has only embarked on selective honesty while tactically encouraging corruption

and disorder. What they do in reception rooms varies from what they say in the public, for instance when the governor came on board, he promised not to work with thieves and corrupt officers of the preceding Kure's administration in the state. "But what we see today has not only included members of Kure's administration in his government but has embarked on outright financial recklessness and insensitivity to the plight of the common man in the state. The party stated further that the recklessness in the financial structure of the state must stop.

"We advise the government to stop deceiving Nigerlites with rhetorics and wild elephant ideas that end only on the pages of newspapers. "We expect the government to explain to the public why the streetlights along Government House road through Old Airport road that was installed not quite long is being changed without any cogent explanation instead of trying to embark on fruitless cabinet reshuffle," the statement reads. The Niger state APC also queried the establishment of a farm by the state governor while Nigerlites wallow in poverty.

metr

Monday, may 19, 2014

NEW TELEGRAPH

www.newtelegraphonline.com/metro

ABIODUN BELLO FEATURES Editor

abiodun. bello@newtelegraphonline.com

0802 393 8212

Adenuga’s impersonator sleeps with banker, posts video on net

COVETOUSNESS

A Lagos female banker, who thinks she is dating one of Africa’s richest business moguls, Mike Adenuga, falls prey to antics of a fraudster Juliana Francis

female banker, working with one of the new generational banks, almost fainted after a con-man, who she met on Facebook and had sex with, posted a video showing her nude pictures on internet. When the banker, Judith, in her twenties, came out of her shock, she ran to the Ajah Police Station to report the case. According to the police, the suspect, Iweka Chris Chigoziem Nnamdi, 32, a Nnamdi Azikiwe University graduate, was as cool as cucumber after he was arrested, smiling like he had not committed any crime. A few days later, Judith was rushed to the hospital. “Judith, who used to be lively, is now a shadow of herself. She has lost weight drastically. We are worried about her,” a close friend said. According to a police source, Nnamdi always gets his victims through the social media sites, especially Facebook, after which he will lure them to a hotel or his one room-apartment, which his brother-in-law gave him to live at Ajah. The source added that Nnamdi would convince his prey of his undying love and had sex with her while his already planted video camera and sometimes, webcam would be recording all the actions. No one knows how many women Nnamdi has conned, it is believed they are many, judging by the number of incriminating nude pictures and videos found on his laptop. The suspect, according to the police, is a professional fraudster, who also often poses as an estate agent, selling property in Lagos. He was already working on another female victim before his arrest. Once he had lured the victims into having sex with him, he begins threatening to download the video on internet if they do not pay certain amount of money into his account. The state Police Public Relations Officer (PPRO), Ngozi Braide, who confirmed the story, said the police believed that the suspect, through this dangerous game, had destroyed many marriages. One of his victims, simply identified as Mrs Abubakar, refused to heed police invitation to come forward and testify, saying she was not interested in whether Nnamdi had been arrested, killed or alive. According to her, the harm had already been done, after the suspect sent a video of her sexual intercourse with him to her husband. The woman, whose husband was described as a multi-million, was sent packing from her matrimonial home. She now lives from hand to mouth. The suspect became friends with Judith on Facebook, while pretending to be Mike Adenuga, one of the richest businessmen in the country. Adenuga’s Globacom is Nigeria’s second-largest telecom operator. He also owns stakes in Equatorial Trust

Bank and oil firm, Conoil. Forbes estimated his net worth at $4.3 billion, in 2013, making him second wealthiest Nigerian after Aliko Dangote. Judith, who believed that the person she was dealing with was the genuine Adenuga, especially with his face on his Facebook display, fell for the suspect’s antics. When he eventually asked her to meet him at a hotel, she did not think twice about the invitation. “The case was reported to the police on April 20. The complainant alleged that the suspect chatted with her on Facebook for months until he invited her to a hotel in Ajah, under the pretense that he was Mike Adenuga, the chairman of Globacom,” Braide said. According to her, the suspect modus operandi is to get the victims to a hotel, pretending to be a notable personality or celebrity. Once the victim accepts the invitation, he would tell the lady on phone to exercise patience and wait for him, that his Personal Assistance (PA) would be at the hotel to entertain her. The victim would be unaware that Nnamdi was the boss and PA. Once the victim walks into the hotel, Nnamdi, posing as the PA, will placate her to wait for his boss (him) and later would try to convince her to have sex with him, if she must see his boss. He would tell her that, “to see God, you have to see Jesus”. The hotel, which was already booked, had hidden camera, which immediately becomes activated once the suspect switches on the ceiling fan to cool his guest. “When Nnamdi finally met with the victim on March, 14, he chatted with her and finally convinced the complainant to have sex with him, unknown to her that the suspect had bugged the hotel room with camera. So while they were having sex, the entire action was being filmed. “After this affair, the suspect started sending threatening text messages to her, demanding she must pay various sums of money to him, otherwise he would send the nude pictures to her friends and to her colleagues in her office,”

Braide

Nnamdi

the PPRO added. Judith thought Nnamdi was kidding until on April 15, when he sent her the first nude picture, just to show her that he was not making idle threats. “He also sent a GTB account number, to which he asked her to pay N200, 000,” said Braide. Judith was yet to recover from the shock of seeing her nude picture, when Nnamdi went ahead to download on her Facebook timeline, the video of them making love. About 325 of Judith’s Facebook friends watched the video. When Judith bravely went to lodge a complaint, the police started trailing the suspect. Nnamdi who was unaware that he was under surveillance continued calling and threatening Judith. He was not only asking for money, he was also asking for more rounds of sex. The police asked her to play along. She went to meet him at the hotel and it was there that he was arrested. “After his arrest on April 21, in a hotel at Ajah and following interrogation, police recovered the suspect’s laptop and quite a number of sex pictures and videos of the complainant and also a host of other victims of the suspect. “He made confessional statement to the effect that he did all that police recovered on his laptop, his BB and Techno phone. On his laptop, police discovered that he had a list of prominent Nigerians such as Mike Adenuga, Pius Ayim Pius, Nwabara Adolphus, Van Vicker, a Ghanaian actor, Joy Nnwedu, among others. “He had been using these images and names to defraud unsuspecting Nigerians. In fact, he has broken marriages as confirmed through our investigations,” Braide said. According to her, Nnamdi has been charged to court on an eight-count charge. The case would be coming up on May 26, at Tinubu Court 6, Lagos. On March 28, Nnamdi wrote on his Facebook timeline: “To the ladies, stop forcing yourself to be a man’s girl or his number two when you have someone begging to have you alone in their life! It’s better to pray for your own partner than being a side girlfriend to anyone. Good morning.

METRO

Monday, Ma

Traders lose millions as fire guts Daleko market INFERNO Fire razes about 120 shops at the popular Daleko market in Lagos

Muritala Ayinla

raders lost goods and property worth millions of naira yesterday as fire razed the popular Daleko Market in Mushin, La-

gos. This is even as NT Metro gathered that Lagos State has recorded about 477 cases of fire incidents between January and April this year with properties worth N37 billion saved from the disasters. It was also gathered that Daleko incident started at the vegetable oil section of the market around 1:50am. Many of the traders, especially those who live around the market,

raced to the scene to salvage some goods from the burning shops, but they could not move near the raging inferno. They watched helplessly as the fire spread to other shops. Some traders said that they also lost huge sums of money kept in their shops to the inferno while many of them wept uncontrollably. Witnesses said the fire erupted at the vegetable oil depot section in the market, though, they could not ascertain the exact cause of the fire. Mrs Titi Koleosho, who live in a four-storey building near the market, said she and her neighbours woke up to see balls of fire in the market, adding that they quickly moved out of their house with the fear that it could spread beyond the market. She said: “It happened in the middle of the night while everyone was asleep. The shout of fire from other neighbours woke us. But the fire was contained with the help of the personnel of the state fire service

and other residents.” The state Director of Fire Service, Mr Rasak Fadipe, blamed the cause of the fire on power surge from the electric cables within the vegetable oil section in the market. He said: “It happened around 1:50am. We responded to the emergency call with 30,000 litres of water truck from Ikeja, Ilupeju and Isolo fire stations and we were able to put out the fire shortly after we got to the scene. Unfortunately, 120 shops were consumed by the fire.” The director called for total overhauling of the electrical cables in Lagos markets. He said that most of the recurrent fire incidents recorded in the markets was caused by the power surge from the electric cables. Fadipe, who also confirmed that the state fire service had responded to over 477 fire incidents from January to April, urged the residents to be safety conscious at all times.

Scenes of the burnt market

Again, boat capsizes in Lagos, claims one Woman beaten to death 48 hours to da Muritala Ayinla One person died while eight others sustained injuries when another boat capsized in Lagos on Saturday night. At press time, it could not be ascertained if more passengers were still missing. It was learnt that only the body of a middle-aged woman was found. The accident occurred about 8:30pm near Bonny Camp on Victoria Island. The boat was said to be coming from Ilashe before it capsized. The remains of the deceased had been deposited at the morgue of the General Hospital on Lagos Island. The victim was identified as Claire and she was said to be living around Oregun area of Ikeja. An official of the Lagos State Emergency Management Agency (LASE-

File picture of a boat mishap

MA), who pleaded anonymity because he was not authorised to speak to the press on the issue, said that only one passenger died in the incident. He said: “We tried to search for more bodies but only the body of a woman was found. So we will still continue our recovery effort tomorrow (today).” Speaking on the incident, the General Manager, LASEMA, Dr Femi Oke-Osanyintolu, said the accident occurred under the bridge by Bonny Camp, Victoria Island with nine people on board, out of which eight were rescued alive. He said: “A lady identified as Claire died before getting to Lagos Island General Hospital. The lady died as a result of the injury sustained when the boat tumbled, while four of them were treated and discharged immediately.” According to him, preliminary

investigation showed that the boat capsized after it hit an object near the bridge, while all the passengers said to be wearing life jackets fell inside the water but were rescued. Oke-Osanyintolu added that the victim died as a result of the injury she sustained. He explained that comprehensive investigation would be carried out by appropriate government agencies to ascertain the real cause and appropriate recommendations to avert further occurrence. Piqued by the frequent boat mishaps claiming lives, Governor Babatunde Fashola ordered compulsory use of life jackets on the state waterways. The governor, who made the pronouncement at the launch of life jacket distribution in Ebute-Ojo Jetty in Ojo area of the state, said his administration took the responsibility of providing life jackets to avert further loss of lives in case accidents occur on the waterways. He said: “We have come here to flag-off compulsory use of life vests on our waterways. Ordinarily this should have been the responsibility of our boat operators to procure and provide this as part of their services, but because we understand that many of them are small businesses struggling for survival government has again taken the lead to provide these life vests free. We will do so gradually across all the water points of Lagos.”

Cajetan Mmuta Benin

omicide detectives in Edo Police State are battling to unravel how a middle-aged was murdered about 48 hours to her daughter’s wedding. The deceased, identified as Mrs Itota, was allegedly beaten to a pulp by an angry neighbour and some people in military uniform at Joe Amedu Street, off Upper Mission in Benin City. The state Police Public Relations Officer (PPRO), DSP Moses Eguavoen, said the police were investigating what led to the woman’s death.

Already, family members including the husband of the deceased, Pa Michael Itota, are still in shock over the incident. It was learnt that the deceased was preparing for her daughter’s wedding before a quarrel broke out between her family and the neighbour’s family. A witness said men suspected to be military personnel had stormed the woman’s house in the heat of the quarrel, descended on her and beat her to death. The woman’s husband was said to be away when the ugly incident occurred but rushed back home following a distress call.

Kunle Olayeni Abeokuta

olice in Ogun State yesterday said they had arrested four suspected robbers in Ososa area on the Ijebu-Ode - Benin Expressway. In a separate operation, the police also recovered heavy nail-like rods used by suspected hoodlums on the Abeokuta - Sagamu Expressway. The state Police Public Relations Officer (PPRO), Muyiwa Adejobi, disclosed this in a statement issued in Abeokuta. Adejobi, a Deputy Superintendent of Police, said that the nail-like rods were often buried on highways

Police nab fo

by men of the underworld to pun ture tyres of moving vehicles. He said: “The command’s Ant Robbery Team attached to the e pressway on patrol on Saturda recovered these dangerous item planted by hoodlums on the road. “Hoodlums have been using th technique to destroy tyres on hig ways, thus robbing their victim (commuters) of their belonging This prompted the command to r strategise and put the axis unde surveillance before their ‘weapon were recovered.” The police spokesman explaine

Emergency rule: Why Senate deferred extension / PAGE 18

POLITICS

NEW TELEGRAPH

newtelegraphonline.com/politics

ayodele Ojo

I’m not a criminal, says Osunbor

Deputy Editor, politics

ayodele.ojo@newtelegraphonline.com

ayodeleojo@yahoo.com

p-17

Monday, May 19, 2014

2015: 500 POLITICIANS TO WATCH

Sokoto: Old, new foes strategise ahead 2015

the state to the opposition. Wamakko who returned the state to mainstream politics in 2007, has also led it back to the opposition. The battle is mainly between the PDP and the APC. And for now, even though there a r e i n dicators regarding the strength of the actors in the two parties, the realignments that begun recently are still ongoing, therefore it may be too early to draw conclusion regarding who gets the upper hand.

Suleiman Bisalla and Umar Danladi Ado

n 2015, Sokoto State is a battleground for old and new political foes. Recent political realignments occasioned by the defection of Governor Aliyu Wamakko to the All Progressives Congress (APC) suggest that the governor and his predecessor, Attahiru Bafarawa, are still far from shielding their swords in politics. In 1999, Bafarawa came to power with Wamakko as his deputy. The duo won a second term makko was in 2003 but Wacompelled to quit the government one year to the end of the second tenure. One thing was certain ab initio: Bafarawa would not support him as successor. By 2007, the estranged political allies were leading different parties. Bafarawa was presidential candidate of the Democratic Peoples Party (DPP) and had fielded Alhaji Maigari Dingyadi, his Secretary to the State Government (SSG) then, as governorship candidate of the party. Wamakko became the candidate of the Peoples Democratic Party (PDP) and won the election with a landslide. But he was sleepless for four years as he shuttled in and out of court. The election was quashed; he won a re-run in 2012, but returned to court again until the case was rested in a judgement that split the top echelon of the judiciary in a most debasing manner. Nevertheless, the fight continued out of court, in the media, where the duo engaged in massive propaganda over issues of governance, corruption and the like. The quarrel landed Bafarawa in handcuffs, and later in prison for a week. They were to reunite recently, but it never happened. When Wamakko joined the APC where Bafarawa held sway as a founding member and leader, the latter packed his baggage and left without a fight. His action

w a s strategic. Every Nigerian politician knows that it is easier for a camel to enter through the eye of a needle than for him to fight a sitting president or governor in the same party. Where ‘His Excellency’ loses, he must have been an accomplice in his own defeat. So the battle line is drawn between these two old foes in Sokoto State. But that is not the only defined front line. New political foes have emerged. For instance, some of Bafarawa’s key political allies are currently placed strategically in the APC to face the governor in 2015. The man he fronted for the governorship contest against Wamakko in 2007, Dingyadi, has refused to follow him to the PDP. His trusted political ally, Umarun Kwabo, is in the APC. Wamakko also recently appointed Tukur Alkali, another strong Bafarawa ally, into his cabinet after the politician had switched camp to the APC. Then Wamakko and his deputy, Mukhtar Shagari, have opened another front following the refusal of the latter to move with the governor to the APC. The governor formalised the fight by sacking the deputy as commissioner of education. As it is now, Sokoto is the one of the states where the governor and his deputy are operating on different political platforms. Anyhow, the seat of the Caliphate is experiencing an interesting political game ahead of the next elections as big time politicians prepare the grounds to convince voters to key into their vision and agenda. Not until 1999, Sokoto State has been in the mainstream of national politics. It was the victory of the defunct All Peoples Party (APP) in 1999 that pushed

Aliyu Magatakarda Wamakko Wamako hails from Sokoto Central and has been governor for seven years now. He served as Deputy Governor under Governor Attahiru Bafarawa for seven years before he was compelled to resign due to pressure from his boss. When Bafarawa founded the Democratic Peoples Party (DPP) to stand for the presidential election, he remained in All Nigeria People’s Party (ANPP) and won its governorship primaries. But he ended up contesting the election which he won massively on the slogan, ‘Sai Alu’ under the Peoples Democratic Party (PDP). But his first tenure was turbulent, as he faced series of litigations that quashed the first election. He, however, won the rerun against the DPP that was backed by his estranged boss, Bafarawa. Nevertheless, that did not stop the litigation against him until the Appeal Court gave a historic verdict that secured his seat under the PDP. The drama leading to the verdict messed up the top ranks of the judiciary as the former Chief Justice of the Federation, Justice Aloysius Katsina Alu and former President of the Appeal Court Justice Ayo Salami tackled each other in the market square. Wamakko is still the foremost political figure in Sokoto State. His political whirlwind played up recently across the state when he defected to the opposition All Progressives Congress (APC). Bafarawa left the APC for the PDP on the governor’s arrival for the opposition party. His deputy, Shagari also failed to follow him to the APC. Similarly, members of the legacy parties that collapsed into the APC have complained of being sidelined. They have protested on the outcome of the recent wards, local governments and state party congresses held in the state. But political observers say the existing opposition is not likely to overwhelm the governor. Wamakko is certain to determine who picks the APC ticket for governor. He has not yet indicated his preference, but many fingers are pointing at his Commissioner for Local Government Affairs, Faruk CONTINUED ON PAGE 14

14 POLITICS

Sanctity of Truth

Monday, May 19, 2014

2015: 500 POLITICIANS TO WATCH

Wamakko, Bafarawa, Tambuwal, Shagari, CO N T I N U E D F R O M PA G E 1 3

Malami Yabo, who is known to be very close to him. On his part, Wamakko who is serving his final tenure as governor has indicated he wants to go to the Senate. He will therefore be challenging Senator Ahmad Muhammad Maccido, who is serving his second term and wants to take a shot for the third. The battle is said to have begun with the refusal of Maccido to follow the governor to the APC, where he can easily be defeated in the contest for the ticket. Aminu Tambuwal Tambuwal, Speaker of the House of Representatives, was a practicing lawyer before he won election into the Green Chamber in 2003 on the ANPP platform. He was re-elected to the same office on the PDP in 2007, and re-elected again in 2011. He subsequently became Speaker against the wish of the Presidency and the PDP leadership, as it were. He represents Tambuwal/Kebbe federal constituency in Sokoto South, the zone which is favoured to produce the next governor if the principle of zoning comes into play. Tambuwal has held the House of Representatives together and commanded tremendous loyalty in the last three years. He is believed to be making underground move for the 2015 presidential ticket. It is not clear which platform he is going to fly his ambition. No observer appears to contemplate that he will take a shot for that in the PDP, where President Goodluck Jonathan holds sway. Those who have monitored his political behaviour in the last few years suggest that he is likely to be favoured for the APC ticket if Buhari is finally persuaded to back down. In Sokoto, the Speaker is said to lack political structure, but he enjoys some political influence largely because he has avoided conflict with the state governor. Tambuwal was conspicuously absent when President Jonathan went to Sokoto to receive former governor, Bafarawa, into the PDP. He has maintained close ties with Wamakko to a point that some analysts believe that if the Speaker fails to secure presidential ticket, he is likely to pick the governorship ticket in Sokoto. Muktari Shagari Shagari who was Minister of Water Resources during President Olusegun Obasanjo’s tenure, has been Wamakko’s deputy since 2007. ‘Mai Ruwa’, as he was fondly called when he held sway as Minister of Water Resources, left Obasanjo’s government to contest the governorship position ahead of the 2007 elections. He won the PDP ticket but was cowed into accepting to be Wamakko’s running mate when PDP succeeded in swaying Wamakko to abandon his ANPP ticket and contest on its platform. Until recently, Shagari has held the portfolio of Commissioner for Science and Technical Education, a position he has held in the last seven years. So unlike deputy governors in some states, Shagari had something to keep him busy, and perhaps, some votes to oversee. But he was removed recently for failing to move to the APC with Governor Wamakko. Shagari stands a good chance to be governor because he hails from Sokoto South, the zone that is yet to produce governor. But there are challenges he is facing at the moment. First, his party, the PDP, is disunited. There is so much in-house fighting over leadership and

Wamakko

Tambuwal

Shagari

Bafarawa

members are reckoned for disloyalty, especially when they fail to get their way. Second, the deputy governor has not been able to muster enough grassroots followership, and third, he has the likes of the Speaker, Aminu Tambuwal and the Commissioner for Local Government to contend with in the race. Attahiru Bafarawa Bafarawa was governor of Sokoto State from 1999 to 2007. He was elected on the then All Peoples Party (APP) which later metamorphosed to ANPP. When he was leaving in 2007, he did two remarkable things. First, he floated the DPP to contest the presidential election, when it became apparent that the ANPP would field General Muhammadu Buhari for the second time. Second, he supported Dingyadi to succeed him as governor on the DPP platform. But he lost the two projects and emerged as one of the biggest casualties of the 2007 elections. Ahead of the 2011 elections, he abandoned the DPP and joined Action

Congress of Nigeria (ACN), where he attempted to run for the presidential election but was barred from contesting at the national convention of the party held in Lagos. He then returned to the ANPP where he worked with leaders of the ACN, Congress for Progressive

He floated the DPP to contest the presidential when it became apparent to him that the ANPP would field General Muhammadu Buhari... he supported Dingyadi to succeed him as governor on the DPP platform. But he lost the two projects

Change (CPC) and others to float the APC. However, even before the APC found its bearing, he was forced out of the party as he could not stand the arrival of his arch political rival, Governor Wamakko to the party. Bafarawa therefore crossed over to the PDP, which Wamakko abandoned along with four other governors – Rotimi Amaechi (Rivers), Abdulfatah Ahmed (Kwara), Murtala Nyako (Adamawa) and Rabiu Kwankwaso (Kano) in the wake of their problem with President Jonathan. A veteran politician, Bafarawa began politics in the Second Republic when he became councillor on the platform of the opposition Great Nigeria Peoples Party (GNPP). He later became state chairman of the National Republican Convention party (NRC). The former governor is not likely to revive his presidential aspiration. He will, most certainly, only support the Jonathan project. Even if he still nurses that aspiration, he is barred already by the PDP constitution which

POLITICS

Sanctity of Truth

Monday, May 19, 2014

2015: 500 POLITICIANS TO WATCH

Maccido battle for Seat of the Caliphate

Suleiman

Dingyadi

Yabo

Maccido

Bature

Gobir

says an aspirant must have been a party member for at least two consecutive years. He will therefore require a waiver, which may not be forthcoming from the party. The former governor is therefore largely left with the arduous task of stopping Wamakko from taking control of the state in 2015, and delivering the state for the APC. Since 2007, he has been unable to stop the Wamakko hurricane, and it is doubtful if he will in 2015. More tasking for the former governor is that he is aspiring to lead a largely divided party, comprising dozens of ego-trip politicians who will move to assert their views against his. Yusuf Suleiman Former Minister of Transport, and then Sports, Suleiman resigned from Jonathan’s government to run for the 2012 governorship by-election in Sokoto. Wamakko defeated him roundly in the primaries. Wamakko nominated him for the Federal Executive Council (FEC), and

those close to the governor said he was being considered as a possible successor when he dared the governor in the most shocking way. Suleiman is said to be gearing up for the governorship contest on the platform of the PDP, but political analysts say he is not in firm grip of the grassroots. He hails from Sokoto East, just as former Governor Bafarawa. So, if zoning becomes a factor in 2015, he stands a lesser chance than his co-aspirants in Sokoto South. Maigari Dingyadi Dingyadi is a long standing friend of Governor Wamakko. He served as Secretary to the State Government (SSG) of Sokoto State under the Bafarawa regime when Wamakko was deputy governor. He remained in the political camp of the former governor until recently when he refused to follow him to the PDP. Backed by Bafarawa, he contested the governorship election against Wamakko in 2007 on the platform of the

DPP. He lost but had good grounds to challenge Wamakko’s eligibility to stand for the election on PDP’s platform. The election was quashed but he lost the re-run in the same manner he lost the first election. Political observers knew that voters were divided between Wamakko and Bafarawa. Dingyadi returned to court to challenge Wamakko’s eligibility again, but he lost for the final time in the celebrated case that almost messed up the top echelons of the judiciary. Dingyadi, who is a member of the ongoing national confab, defected from the DPP to the ANPP alongside his godfather, Bafarawa, but refused to move with him to the PDP. Now he is in the same political camp with his long time friend (Wamakko), and the duo is working to beat Bafarawa, and possibly rest his political influence in the state. Abubakar Umar Gada Gada represented Sokoto East in the senate between 2007 and 2011 on the platform of the PDP. Before then he was

running mate to Senator Abdallah Wali in the governorship election of 2003, which Bafarawa won for a second term. While in the Senate, he led the group of senators that canvassed for then Vice- President Goodluck Jonathan to be made Acting President at the critical stage of President Umaru Yar’Adua’s illness. His role in the matter is believed to have endeared him to the Jonathan family. He attempted to take advantage of his closeness to the seat of power to wrest the ticket of the PDP from Wamakko in the governorship election in 2012 but failed to achieve that. Following the emergence of Alhaji Bamanga Tukur as National Chairman of the PDP, Senator Gada became his political adviser. He has indicated interest in the governorship in 2015, and observers believe that he will be banking on President Jonathan’s support to win the PDP ticket. But he is currently locked in a battle for the PDP ticket CONTINUED ON PAGE 16

16 POLITICS

Sanctity of Truth

Monday, May 19, 2014

2015: 500 POLITICIANS TO WATCH

Wamakko, Bafarawa renew old rivalry CO N T I N U E D F R O M PA G E 1 5

with Shagari and the former Sports Minister. Like Shagari, the senator has been with the PDP from beginning and has never cross-carpeted. However, if he wins the PDP ticket, he has the governor to contend with. His previous efforts to dislodge Wamakko had ended in big time disappointments. Ummarun Kwabo Kwabo was a close political associate of Bafarawa. He was nick-named ‘Kafi Gwamna which is literarily translated as ‘you surpass the governor’ at the time he wielded enormous influence at the Sokoto Government House. He held two vital positions in Bafarawa’s regime; he was treasurer of the state chapter of the ANPP and also executive secretary of the very important Muslim Pilgrims Welfare Board. Kwabo has long abandoned the Bafarawa political camp. And though he has withdrawn from active politics, he is known to be hobnobbing with Governor Wamakko and those who know him say he is likely to play an active role in the politics of 2015. He hails from Sokoto Central as Wamakko, and though he has not indicated interest in any elective position, the business tycoon, now mostly based in Abuja, may bankroll the PDP campaign. Abdullah Wali He is Nigeria’s present Ambassador to Morroco. Wali represented Sokoto South in the Senate between 1999 and 2003. He contested the governorship position on the PDP platform in 2003 and lost to Bafarawa who was seeking re-election for a second term. His years of diplomatic representation outside the country have cut him off the grassroots already. Age is also not on his side. He is therefore not likely to revive his gubernatorial ambition, but will certainly bring his opinion to bear in deciding the PDP flag bearer. Faruk Malami Yabo Yabo is the incumbent Commissioner for Local Government Affairs. Before his present appointment, he served as Commissioner of Finance between 2007 and 2012. He is known to be a very close confidant of Wamakko. In fact, the thinking in many quarters is that Yabo is Wamakko’s anointed candidate in the APC. He hails from Sokoto South, the zone most favoured to produce the governorship this time around, but he will face stiff competition from many other strong aspirants, including Speaker of the House of Representatives, Aminu Tambuwal – if he finally settles for the governorship position. Though he is said to be intelligent and possesses good abilities, analysts say Yabo is not a grassroots politician, therefore he may only have to depend on Wamakko’s influence. Ahmad Muhammad Maccido Maccido, a scion of the Sokoto caliphate is the incumbent senator representing Sokoto Central. He is serving a second term in the Senate as PDP lawmaker and wants to take a shot for the third. His predecessor, who died alongside Sultan Muhammad Maccido in the illfated Belview plane that crashed few kilometres outside the Nnamdi Azikiwe International Airport in Abuja, was his brother. The senatorial seat has been dominated by the Sultan’s family. But Governor Wamakko, who hails from the same zone, is interested in the

Shagari

Kwabo

Alkali

Since 1999 only members of the family of former president, Shehu Shagari, have occupied the slot, and like the Sultanate family in Sokoto Central Senatorial District, they have faced insignificant threat from politicians outside the family

Wali

seat. The duo will therefore slog it out. Observers of the political situation in Sokoto say a subterraneous battle that began long ago is now manifesting. In a tacit political calculation, Maccido remained in the PDP while Wamakko and many of his political allies in the party decamped to the APC. The senator will certainly win the PDP ticket for his constituency, and will be counting on the support of President Goodluck Jonathan, and perhaps the entrenched attachment of the people to the sultanate. But can he stand up to the governor? This question will be answered after the 2015 election. Umar Muhammad Bature Bature retired as a captain in the Nigerian army and joined politics. He has been in the House of Representatives since 2007 representing Sokoto North/ South federal constituency. He won his second term with a paltry three votes and is widely not seen to have made any serious effort to improve his standing with the grassroots. The chairman, House Committee on Interior currently wants to take a shot for a third term but his political standing is perhaps worsened by his refusal to follow Wamakko to the APC. He may be serving his last term in the National Assembly. Ibrahim Abdullahi Gobir In the 2011 election to the Senate, Gobir defeated Senator Umar Abubakar Gada with a landslide margin. He wants to return to the Senate in 2015.

Though he has not made much personal effort to boost his political standing at the grassroots, his commitment to the Wamakko political movement may purchase him the ticket of the APC. Bala Hassan Abubakar III Abubakar III is the state chairman of the APC. He was one-time Commissioner for Budget and Economic Planning. He has the confidence of Governor Wamakko. The party chieftain is from Sokoto Central Senatorial District, and is the younger brother of Sultan Sa’ad Abubakar III. He is also the uncle of Senator Maccido, who will be standing for the Senate election on PDP platform. Political observers believe that his emergence as APC chairman is calculated to destabilise Senator Maccido in furtherance of Wamakko’s ambition. But it will be easy for the chairman to respond to any inquiries in this regard since he and Maccido are in different parties now. Aminu Shagari He is the incumbent member representing Shagari/Yabo federal constituency in the House of Representatives. Since 1999 only members of the family of former president, Shehu Shagari, have occupied the slot, and like the Sultanate family in Sokoto Central Senatorial District, they have faced insignificant threat from politicians outside the family. Like his other colleagues, he is brazing up for re-election, but political observers say he has to work on his popularity in the grassroots ahead of 2015. Muhammad Arzuka Tureta Tureta is a strong political pillar

Gada

in Sokoto State. He has been a core PDP member, serving at one time as the party’s chairman in the state. He is a staunch loyalist of Governor Wamakko. He is a member of the Sokoto State executive council overseeing the Agriculture Ministry. Tureta was twice nominated for ministerial position by Wamakko but the political differences between the governor and federal forces have failed to let him scale through. He has not made his ambition open concerning any elective position. If he finally decides to run for any position, he will still play a key role in the APC congresses to produce its candidates for the election. Tukur Alkali Alkali, the Commissioner for Religious Affairs, is among the political figures from Central District who decamped to the APC alongside their political mentor Ummarun Kwabo. A grassroots man, Alkali was one of Bafarawa’s front liners who know his politics. He is seen as an asset to the Bafarawa-led APC, which is why he was appointed as commissioner when he abandoned the PDP for APC recently. He has not indicated he wants any elective position. But Wamakko had indicated that late comers into the APC would have little chances. He is one of them. But his appointment into the state executive council in the first place, shows there could be different strokes for different folks.

POLITICS 17

Sanctity of Truth

Monday, May 19, 2014

You are the chairman of the Nigeria Law Reform Commission and ought to have a cordial working relationship with the National Human Rights Commission (NHRC). But it seems all is not well between you and the NHRC. What is going on? On Monday April 21, I was shocked to read stories in the newspapers with captions; “Rights Commission asks AGF to prosecute Osunbor, Olafemi, Ayooka others for electoral offences” and “Rights Commission seeks trial of ex-INEC Chief Ayoka, ex-Governor Osunbor.” Another newspaper followed up on Monday April 28 with an editorial urging the AGF to speedily carry out my prosecution. So, what steps did you take to get across to the NHRC after reading these stories? I wrote a letter dated April 22, addressed to Prof. Bem Angwe, Executive Secretary to the NHRC to verify the authenticity of the newspaper reports. The purpose of the letter was to get a confirmation from the commission whether or not the recommendation as contained in the newspaper reports actually emanated from them; to demand a copy of the report forwarding my name to the Attorney General of the Federation for prosecution and to know the specific offence or offences for which the commission has recommended me for prosecution. I gave the commission one week within which to respond to my enquiry. A copy of the letter was acknowledged upon delivery. One week has now elapsed and I have not received any reply from the commission neither has the NHRC issued any denial of the reports and recommendation to the AGF ascribed to it. I think it has therefore become incumbent on me to give my own position lest unwary members of the public are misled to view me as a criminal because of this cruel assault on my hard earned reputation and violation of my human rights through a baseless so-called “indictment” by the NHRC. These electoral offenses for which you are being allegedly recommended for prosecution; when were they committed? Is it because of the 2007 gubernatorial election in which you were later removed from office? Let me start by affirming that I have never in my life committed any criminal offence, whether an electoral offence or any other offence. I have never been invited or summoned by the police or any other law enforcement agency. I have never been investigated or charged with any criminal offence not even by the NHRC. All my life I have conducted myself in an upright manner. I participated as a candidate in the governorship election in Edo State in 2007 but I did not commit any offence. The petition challenging the election did not accuse me of committing any electoral offence. The reliefs sought by the petitioners

I demanded to know what specific offence or offences I committed and they have failed or refused to answer. I am therefore left with no option than to conclude that the commission acted recklessly or mischievously to tarnish my name and defame my character

Osunbor

Osunbor: I’m not a criminal Oserheimen Osunbor, a professor of law, is a former senator of the Federal Republic and a one-time governor of Edo State. He is the current chairman of the Nigeria Law Reform Commission. The National Human Rights Commission (NHRC) has reportedly recommended to the Attorney General of the Federation (AGF) to prosecute him for electoral offences. In this chat with PHILIP NYAM, he denies ever committing a criminal offence in his life accusing the NHRC of acting out a script. Excerpts: and the orders granted by the courts did not include a finding against me for the commission of any offence. The Election Petition Tribunal and the Court of Appeal decisions on the case contain no indictment against me for the commission of any offence. Surprisingly, it is the Human Rights Commission in Nigeria that has for the first time in my life falsely accused me of and “indicted” me for an offence I did not commit. As I said before, in my letter to them, I demanded to know what specific offence or offences I committed and they have failed or refused to answer. I am therefore left with no option than to conclude that the commission acted recklessly or mischievously to tarnish my name and defame my character. It may even be that they are acting out a script. Even if we are to assume that the commission “indicted” me because my election as a governor was nullified by the Election Tribu-

nal and Court of Appeal due to the wrongdoing or criminal acts of others, the commission cannot possibly be ignorant of the law on this matter. The legal position is succinctly stated in the case of Falae v Obasanjo (No 2) [1999] 4 NWLR (pt.599) page 476. It states clearly that: “The Law is that even if a political party engaged in criminal activities which would disqualify a candidate, it cannot affect the candidate unless it is shown that the candidate authorised or ratified the offending conduct.” The learned judge also ruled that: “A candidate’s liability to have his election avoided under the doctrine of election agency is distinct from and wider than liability under the criminal law.” So, it is inconceivable that the NHRC is ignorant of this law. The commission must disclose the part of the judgements of the election petition tribunal and the Court of Appeal where I was adjudged or said to have

personally committed any offence, or authorised the commission of any offence. Now that the commission has not responded to your letter or discountenanced the newspaper reports concerning your prosecution, what do you intend to do? I want the media and the good people of Nigeria to prevail on the NHRC to be responsible and accountable in the discharge of its responsibilities. The NHRC must tell the world what offence or offences ex-Governor Osunbor committed to warrant its recommendation to the AGF for his prosecution. It would be a monumental tragedy for Nigeria if our Human Rights Commission degenerates into and becomes a willing tool for the violation of the human rights of lawabiding citizens. We all owe it a duty to ensure that the NHRC does not become a behemoth that tramples with impunity on the rights of citizens.

18 POLITICS

Sanctity of Truth

Monday, May 19, 2014

Emergency rule: Why Senate deferred extension The Senate last week deferred the approval for an extension of emergency rule in Borno, Yobe and Adamawa states. Chukwu David writes on how the absence of Senate President David Mark stalled the approval

resident Goodluck Jonathan had on Tuesday May 13 sent a letter to the National Assembly, requesting the two chambers to approve the extension of the state of emergency for another six months in Adamawa, Borno and Yobe states. The extension, according to him, will allow the military more time to tackle the Boko Haram insurgency in the area. Naturally, and as expected, there were mixed reactions to it by the members of both legislative houses. Members of the public also reacted to the request based on divergent perceptions and biases – informed and uninformed. President Jonathan, through the approval of the National Assembly, had declared a state of emergency in the three states on May 14, 2013 to combat the terrorist activities of the Islamic insurgents, the Boko Haram, which became pronounced as soon as Jonathan assumed office in 2011. Since then, the act of terrorism in the country escalated progressively as the sect resorted to sporadic bombing of towns and villages within and outside the three states under emergency. This has resulted in the death of numerous innocent Nigerians, as well as destruction of property worth billions of naira. At the expiration of the emergency rule in November 2013, the President applied for an extension for another six months, since military personnel deployed to the affected states were yet to achieve the fundamental objective of the rule, which was to eliminate the insurgency and restore peace to the devastated region. This was promptly granted by the two Chambers without serious opposition. Similarly, the subsisting state of emergency will elapse tomorrow, May 20, 2014, even as the sect is unabatedly progressing in its violent campaign of warfare against the state, unleashing terror and anguish on the helpless citizens of Nigeria. The latest terrorist adventures of the sect were the April 14 and May Day bombings of two adjoining motor parks at Nyanya, a satellite town in the nation’s capital, Abuja, as well as the April 15 abduction of over 200 female students of the Government Girls’ Secondary School, Chibok in Borno State. The condemnable abduction has attracted international outrage and sympathy, with the foreign sympathisers, including the United States of America, Britain, France, Canada and Israel, volunteering military and technological assistance to help Nigeria rescue the schoolgirls, who are still in the captivity of their slave masters, the Boko Haram sect. Consequently, the President, determined to tackle the menacing activities of the insurgents in the country, sent a letter to the Senate, impressing on it to approve the extension of the state of emergency to enable the Federal Government, through the military forces eliminate the insurgency from the country. It was expected that, looking at the pathetic state of insecurity in the country and and standing on patriotic/nationalist pedestal, Nigerians and the lawmakers alike would have urged for an express passage of the request. However, contrary to this thought, in a sharp reaction to Mr. President’s letter, Sena-

Jonathan

Mark

tor Ahmed Lawan (APC- Yobe) shortly after plenary that Tuesday, opposed the proposal with vehemence, arguing that there was no need for further extension of the emergency rule after 12 months. He posited that, what the Federal Government needed to do was to deploy more soldiers and modern weapons of warfare to the area. He also implored the government to encourage the military personnel by giving them sufficient incentives. The lawmaker further noted that the National Assembly would be willing and ready to approve a supplementary budget if brought by Mr. President to facilitate proper funding of the military operations in the crisis stricken states. His words: “The state of emergency has been operated for 12 months now and will end on May 19. I think that should be the end. That is not to say that the military operations in the North East should cease. Instead, the Federal Government should deploy more military personnel and modern equipment to the affected states. “What is crucial, essential and imperative is not the state of emergency but the enablement of the military, especially those in the battle front to have the state of the art technology and weapons. They should be motivated so that we can have results. The government does not have to declare another state of emergency before they continue. They are already there.” The opinion of Lawan notwithstanding, most Nigerians had quickly concluded that the Senate would give the

What is crucial, essential and imperative is not the state of emergency but the enablement of the military, especially those in the battle front request expeditious passage that same week. There was palpable fear that it was the House of Representatives that would either delay the passage of the request or even kill it if subjected to vote. But the expectation later proved otherwise. On the following day, Wednesday, when a motion to that effect came up, the Senate resolved to defer debate on it. The Senate Leader, Victor Ndoma Egba, who was to move the motion for the extension of the emergency rule, instead urge members to allow the item be stepped down in the order paper till the next legislative day. He explained that the aspect of the constitution dealing with emergency rule had not been gazetted. He also noted that the Senate was yet to review the success or otherwise of the emergency rule which had been in place since May last year. He also moved a motion that the Senate should invite the Chief of Army staff, Chief of Naval staff, Chief

Jonathan’s letter to the Senate May I respectfully draw your attention to the state of emergency proclamation 2013, in respect of Adamawa, Borno and Yobe states, which was approved by the National Assembly. By virtue of the provisions of Section 305(6)(c) of the Constitution of the Federal Republic of Nigeria, 1999 as amended, the Proclamation aforementioned would have elapsed after six months from the date of approval of the National Assembly. However, after due consideration of the representations made to the Senate of the Federal Republic of Nigeria to the effect that, while substantial progress had been made to contain the situation and restore normalcy in the affected states, the security situation that necessitated the proclamation of a state of emergency was yet to abate. It would be recalled that the Senate of the Federal Republic of Nigeria had upon consideration of the realities of the security situation in the affected states that had been placed before it, graciously approved by resolution, the extension of the state of emergency for a further term of six months from the date of expiration of the subsisting period. Distinguished Senators, the security situation in the three states remains daunting, albeit to varying degrees, in the face of persistent attacks by members of the Boko Haram sects on civilian and military targets with alarming casualty rates. In view of the foregoing, I most respectfully request Distinguished Senators to consider and approve by resolution, the extension of the proclamation of the state of emergency in Adamawa, Borno and Yobe states by a further term of six months from the date of expiration of the current term. I look forward, Distinguished Senate President, to the usual kind expeditious consideration of this request by the Senate of the Federal Republic of Nigeria. Please accept, as always, the assurances of my highest consideration and esteem.”

of Air staff, Inspector General of Police, Minister of Defence, Minister of Police Affairs, National Security Adviser and Director general of State Security Service (SSS) to brief it in a closed session to enable the Chamber consider the President’s request. The motion was adopted, thereby summoning the Security Chiefs to brief the Senate the following day Thursday by 10 a.m. At the end of plenary, the Northern Senators met and resolved to kick against the proposed extension of the state of the emergency rule. Accordingly, the senators, under the aegis of Northern Senators Forum, who met for three and half hours in a closed door session, threatened to frustrate the planned extension when it comes up for voting on the floor of the Senate. To the amazement of most Nigerians, the Senate rose from a three-hour closed door meeting with the nation’s security chiefs on Thursday, and resolved to consult with relevant stakeholders before taking decision on Jonathan’s request for extension of the state of emergency in Adamawa, Borno and Yobe states. This was taking place while the House, which was feared to resist the proposal passed the extension request. Although the Senate will likely approve the request tomorrow, it is believed that the opposition of some Northern senators was the reason behind the postponement. The leadership of the Senate feared that if they rushed to debate and vote on it without extensive lobbying, the disgruntled lawmakers, particularly those from the North East and North West might frustrate the passage of the motion on the extension request. This had to happen because the Senate President, David Mark was not available to moderate the session. In the past eight years of Mark’s occupation of the exalted number three seat, he has proven himself to be a master stabilizer. It is on record that any time the Senate had turbulent issues to tackle, even when the public expects that the senators would fight and disgrace themselves, once Mark steps into it, he calms the storm and ensure the a peaceful Senate continues to exist. It is the expectation of Nigerians therefore, that as the President of the Senate presides over tomorrow’s plenary session, the Upper Chamber will approve the extension of the state of emergency in the three North-Eastern states to enable military operations in the area tackle the problem of insurgency and terrorism once and for all.

EDITORIAL

Sanctity of Truth

Monday, May 19, 2014

Our VISION

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

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

Our MISSION

Sanctity of Truth

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

w w w.new telegraphonli ne.com

MONday, MAY 19, 2014

X-raying Nigeria’s productive capacity

he recent rebasing exercise is not unconnected with the administration’s desire to make Nigeria one of the biggest global economies by 2020. The task is herculean in the light of prevailing realities. A major hurdle is the reversal of the import- export ratio. The Minister of Agriculture, Dr. Akinwumi Adesina recently lamented that Nigeria spends over N356 billion yearly on the importation of rice, over N100 billion for fish, and N1.6 trillion on wheat and sugar. Despite being a major oil producer, most of the country’s fuel is imported. Thus Nigeria’s import and export ratio has remained at 92 percent import and 8 percent export. And that is because the national economy remains mono-cultural, dependent and highly indebted. Critical sectors of the economy are under-performing at the moment. The education, health, and power and energy sectors, for instance, still face challenges as do roads and other means of transportation infrastructure. Another major problem of the economy is that the cost of doing business in the country remains high. The Manufacturing Association of Nigeria

Everything points to the need for a more coherent roadmap to push the transformation agenda. It has been said that Nigeria requires $14.2 billion annually to fix ailing infrastructure over the next decade and to provide non-existent infrastructure. The amount translates to about 12 per cent of the country’s GDP. China spent about 15 per cent of its GDP on infrastructure in the mid2000 and this lifted the country’s economy massively. It is time to work towards a well-articulated infrastructure development plan that allows the government to steadily spend given amounts of money over a period of time (MAN) has revealed that dozens of companies have closed shop in Nigeria and moved to Ghana and South Africa, thereby worsening the employment situation. Everything points to the need for a more coherent roadmap to push the transformation agenda. It has been said that Nigeria requires $14.2 billion annually to fix ailing infrastructure over the next decade and to provide non-existent infrastructure. The amount translates to about 12 per cent of the country’s GDP. China spent about 15 per cent of its GDP on infrastructure in the mid-2000 and this lifted the country’s economy

massively. It is time to work towards a well-articulated infrastructure development plan that allows the government to steadily spend given amounts of money over a period of time. However, the country faces even a greater challenge in its health sector, what with the lowly ranking of its health system performance by the WHO. The country’s health system performance was ranked 187th amongst the 191 member states by the World Health Organization (WHO), and public expenditure on health in Nigeria is less than $8 per capita, compared to the $34 recommended internationally. In 2013, Nigeria was ranked 153th in the

•••

UNDP Human Development Index, and did not make the list of 11 countries in sub-Saharan Africa that recorded more than two per cent annual Human Development Index (HDI) gains since 2000. The report listed Angola, Burundi, the Democratic Republic of Congo, Ethiopia, Liberia, Mali, Mozambique, Niger, Rwanda, Sierra Leone and Tanzania as among the Africa countries that made the greatest strides in HDI improvement since 2000. Nigeria in recent years has recorded high growth rates, averaging 7 per cent, yet poverty remains high and unemployment is not easing. Nigeria’s g reatest albatross is corruption, which is accentuated by bad governance. In the light of the foregoing, where will Nigeria be by the magical year 2020? There is no nexus between what the government claims to be doing and its transformation agenda. Nigeria requires a purpose-driven agenda that is sincere, honest and credible which would inspire confidence in the people and help galvanize the economy to greater heights. No country can thrive by not developing its productive capacity, and not taking into cognisance the potential benefits that will accrue to the majority of the citizens rather than a privileged minority.

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.

Monday, May 19, 2014

OPINION

Amaka Igwe, Justice Oputa: Two people, similar qualities

Andrew Iro Okungbowa

irst, it was the news of the demise of Amaka Igwe--which was hard to deal with. Then came that of Justice Chukwudifu Oputa. Amaka Igwe was a talented person who came ahead of her time: Her achievements in the entertainment world were truly avanguarde. My first encounter with Mrs. Igwe in person was as far back as 1991 and she proved to be a beautiful soul of high quality and a gift to humanity. In our television production class during my post graduate studies at the University of Lagos, we were required by the course teacher, Dr. Segun Oduko, to produce a television programme. It was the young and dashing creative director of ‘Checkmate,’ then Amaka Ene, that the group ran to. She received us warmly in her Victoria Island office and took us under her wings. Needless to say, our presentation was one of the best. She was a willing and creditable source of information and materials, a delightful one at that matter who was always available for interviews no matter the subject and hour of day you called on her. I recall vividly her show of care and love during my wedding almost two decades ago. The wedding was in Benin city and she was one of the few friends who promised to attend but unfortunately, she couldn’t make it. But surprisingly, she came unannounced to the Rutam House office of The Guardian, where I worked then, days after with cash gift and a beautiful present for my wife and me. She had to leave them in the care of my editor, Fred Ohwahwa because I had not returned from my honey

moon. To tell you the truth, her cash gift was a big relief because I had returned to Lagos with virtually no kobo to my name. That was Amaka for you, she understood the value of friendship just the same way she did of her art, talent and skill, which she devoted to humanity. She elevated her art and the profession, earning for it a higher level of respectability, which today our creative industry is enjoying because someone dared to dream and make the sacrifice. Justice Oputa: My first encounter with the man they called Socrates left me with many lasting impressions. It all started with just a piece of interview with Charlie Boy for the Sunday Guardian years back but you can trust my editor then, Jahman Anikulapo who insisted on a full blown interview with the ‘Area Fada,’ ‘ordering’ that I travel to Oguta to interview the elderly Oputa and get him to unveil his son who he calls either Charlie or CB. Charlie Boy was fascinated by this new dimension to what first started as an innocuous chat in his Gbagada, Lagos residence then. He contacted the father, thus paving the way for our first encounter. I was received warmly by one of Charlie Boy’s little cousins at his Oguta home. The Justice was having his siesta at the time of my call but CB’s little cousin took me to a hotel, round the corner where I settled in awaiting a ‘court’ summon from the Socrates, which eventually came a few hours later as my little friend came to fetch me. He warmly welcomed me to his home after exchanging pleasantries. He took me to his studies and instantly, discussion on various topics gradually began and hours later, the talk shifted to CB and without any hesitation he gave a commanding presentation not only about Charlie but about his entire life and family. What a privilege it was

to have sat at the foot of the erudite jurist and heard him talk effusively about family life, religion, law, journalism, philosophy and just about every subject. Back to Rutam House, we celebrated the elder statesman and his son, CB both in the Sunday and Saturday editions of The Guardian. Weeks after the copies ran, I got a call from the Area Fada informing me that his father was in town and requested to see me. It turned out to be a pleasant session as the jurist said he just wanted to personally express appreciation for the stories, which he said were factual and well presented. From that day, we cemented our relationship and for the few occasions I had cause to visit his Oguta home, I was always warmly received and attended to promptly personally by him. The late jurist was a man of many parts. He was kind, caring and a family man who understood perfectly what it means to constantly oil family ties. He demonstrated his love for his people on the day of my meeting with him in Gbagada. One of his reasons for coming to Lagos that period was to pay condolence visit to some of his kin who were bereaved. I was invited to join in the trip to pay his condolences and I couldn’t turn down the old man’s invitation. He came across as a rallying point for the family and the Oguta community and one thing they will surely miss about him are his influential and fatherly role and wise counsel. Adieu Socrates! • Andrew Iro Okungbowa is on the staff of New Telegraph

Jonathan, Chibok girls and the rest of us John Ainofenokhai

hese are uncomfortable times for President Goodluck Jonathan. Recently the terrorist group Boko Haram resurfaced in the vicinity of Abuja, detonating two deadly bombs in Nyanya while also abducting an unclear number of girls from Chibok in Borno State. As the Commander-in-Chief of the Nigerian Armed Forces, the ultimate responsibility of securing the life of every Nigerian rests with Jonathan. So it is safe to assume that under the present circumstances he is not having the best of times. While it is true that the ultimate responsibility of securing every Nigerian life rests with Jonathan, it is not as if the rest of us have no role to play. As citizens, every Nigerian must realise that the nation’s security is a matter that cannot be left in the hands of the government alone. For this reason, the safe return of the Chibok girls must be seen as a collective duty. To be clear, the role of ordinary citizens in enhancing the security of the country may not be as pronounced as that of Mr President and the security agencies but it is still an important one. We all cannot take up arms and march to Borno to confront Boko Haram in their supposed stronghold, the infamous Sam-

bisa Forest. We all can’t even take part in#BringBackOurGirls protest marches taking place across the country. But one thing we can do is give moral support to our military and other security agencies. It is important to reiterate this point because the misguided notion that the military and security agencies have failed has led some people to make utterances that can, at best, be described as inappropriate and, at worst, treasonable. If any Nigerian ever doubted it, Senate President, David Mark, has made it clear that Nigeria is in a state of war with Boko Haram. And a nation at war cannot be divided when facing the enemy. According to Mark, “The print and electronic media are daily inundated with criticisms so destructive that, at times, one is left to wonder whether the insurgents are now the heroes while those fighting them are the villains. The times do not warrant this kind of devious and divisive politicking. The impression must not be given that anybody who gives his life fighting insurgency has died in vain.” As a retired general, Mark knows well the implication of having the populace criticise the security services. If, indeed, the security services have failed, as some unpatriotic elements are so hell-bent on insisting, is it the murderous Boko Haram that would now come and secure our

lives? Moreover, it seems many Nigerians are unaware that national security services like the Nigerian Army are not permitted by international law to engage Boko Haram as it would the army of an enemy country. As President Jonathan made clear in his recent Media Chat, soldiers are prevented by international law from using certain calibre of arms against insurgents. The dilemma is that terrorists like Boko Haram know this well enough and exploit these constraining rules of engagement to their advantage. Additionally, it is pertinent to remind ourselves that insurgents like Boko Haram often mingle with the local populace. As such, even when an area has been identified as a hotbed of insurgent activity, as President Jonathan said, “You don’t expect the Nigerian Air Force to go and blast everywhere and wipe out everybody.” At a time when Boko Haram is intensifying pressure just to strike fear into the hearts of Nigerians, it is important to support our President the way Americans traditionally support their presidents during wartime. Under President Jonathan’s watch, the simple truth is that the security services have stopped many attacks. But matters of security have always been in the ‘damned-if-you-do’, ‘damned-if-youdon’t,’ category, or what is commonly

known as a Catch-22 situation. The security agencies rarely come out to celebrate their success in preventing terror attacks as such celebrations may compromise their ability to stop future attacks. This is one point that makes the abduction of the Chibok girls so unfortunate. We have no way of ever knowing how many such abduction attempts may have been foiled by the security agencies. But even if only one Nigerian girl was taken by Boko Haram, let alone over two hundred, it is still a matter that should concern every single Nigerian. And the way to show our concern is not by pouring vituperations on the person of the President and our security forces. President Jonathan is a parent and would certainly never wish for any daughter of his to be abducted by a sect like Boko Haram. As such, he certainly has an idea how the parents of the Chibok girls are feeling at this time. That is why he has given clear assurances that the government is doing everything it can to ensure the safe return of the Chibok girls. The very least the rest of us can do in these trying times is to support him and the security services through our prayers and words of encouragement.

• Ainofenokhai sent this piece from Benin City, Edo State.

INVESTIGATION

21 NEW TELEGRAPH

www.newtelegraphonline.com/investigation

BIODUN DUROJAIYE Editor, INVESTIGATION

biodun.durojaiye@newtelegraphonline.com

Monday, MAY 19, 2014

â&#x20AC;&#x201A;

Abandoned City Gate at old Garden Park, next to Government House.

Imo: Challenge of projects completion ahead 2015 Twelve months to the end of his first term, Governor Rochas Okorocha of Imo State is faced with the challenge of completing many projects that he started. STEVE UZOCHI writes on the concerns of the people of the state and options before the governor

he people of Imo state seem to have two contrasting assessment of their current governor of three years. While some commend Governor Rochas Okorocha for aggressively aspiring to change the infrastructural outlook of the state, others accuse him of recklessly engaging in construction works without clear design or planning; taking on so much at the same time without showing any certain plan for completion. In Imo State, starting from the time of the mercurial former governor, Sam Mbakwe to that of Okoro-

chaâ&#x20AC;&#x2122;s predecessor, Ikedi Ohakim, projects have been left uncompleted or abandoned and it is not peculiar to any particular administration. However, the issue of completion of projects and abandonment of projects may not have sufficed except for the fact that Okorocha has repeatedly said in different fora, that he would complete all the projects he initiated before leaving office. During the early days of the Okorocha administration, government initiated the City Gate project which intended to build massive gates at the entrance of every major

road or street. This, government had perceived as a quality response to the crime situation in the state and an effective way of fighting crime. At some point, it seemed a success, but suddenly, following the alleged indebtedness of the state to contractors executing the projects, the projects were abandoned en masse leaving the state capital littered with uncompleted city gates, some of which had been knocked down by some angry neighbourhood in the capital city. The city gates till date remain abandoned; dotting the state capital

like relics of a cannibalised building construction. Next to the City Gates project are the roundabouts planted by the administration at every road junction, even at the foot of a hill like in the case of the Imo State University (IMSU) round-about. So far, less than 30 percent of the round-about have been fully completed. A lot of resources for instance, have gone into the IMSU junction roundabout, yet it is anything but finished and completed work with potholes and CO NTINUED O N PAGE 22

22 INVESTIGATION

Sanctity of Truth

Monday, May 19, 2014

‘Govt embarked on white elephant projects’ CONTINUED FR O M PAGE 21

near lethal ditches occupying the circumference of the round-about. The story is the same across the length and breathe of the state with uncompleted roundabouts littered everywhere in the state, from the Orlu/warehouse roundabout in the city centre through the Nwaorieubi roundabout in Mbaitoli council area; the Afor Umuaka roundabout; Amaraku roundabout; Anara roundabout; Eke Okigwe roundabout to the Orie Akokwa roundabout in Ideato North Council Area, none has been completed as potholes and ditches continue to deepen around these structures. It is believed that the next government may have to remove some of the roundabout in areas they seem to impede traffic flow and complete the rest. The level of project abandonment that the state may face dawned on the public in the course of Okorocha’s recent project verification tour across the council areas in Imo State. This is also against the background that Okorocha has severally vowed to complete every project he initiated. Roads under construction abandoned For almost all the council areas visited, there was an average of seven kilometre of road projects uncompleted or simply abandoned. And for each of such council areas, Okorocha would order policemen to arrest such errant contractors. No fewer than 19 contractors handling different road projects were ordered to be arrested for abandoning the projects or misappropriating contract fund, thus highlighting the size of road projects that may fail or be abandoned under the present administration if appropriate interventions were not made. Considering that with the season of politicking already here, there may be little time or resources available to be channeled towards rescuing failed or abandoned road projects in Imo State. In Okigwe, the Akunwata-Agbobu road, which he promised to complete, remains abandoned since 2011 and a death trap during the rainy season. In Ngor Okpala, the UmuanyameleUbube road linking part of Ngor Okpala to Owerri North started in December 2013 has been abandoned. Contractors have since vacated the site with their equipment leaving behind a stretch of road mired in red mud, which has been made inaccessible with the setting in of the rains. Also abandoned and left in pathetic shape is the five kilometre Okwu Uratta-CPM road (Aladinma North Extension). This road was abandoned since 2011 after less than one kilometre of the road was tarred. Community sources indicate that the road was merely tarred to a point near the property of Professor Tony Anwu-

Akachi Tower

General Hospital at Ama Okafor, Ugwu Oriogwugwu, Owerri-Okigwe road.

kah, the Secretary to the Government of Imo State; and the contracting firm thereafter, gradually demobilized without anybody knowing when they evacuated their equipment from the site. According to Ndegwu Maximus, a youth leader in the community, the Okwu Uratta Community has since resorted to self-help, contributing money among themselves annually before every rainy season to pave their road and forestall further degradation by the rains. He further informed New Telegraph that the community, under the aegis of Okwu Improvement League (OIL) had forwarded a petition to the Chief of Staff in the Government House, Sir Jude Ejiogu, who is also from the same Owerri North council area around March, 2014 complaining of the state of their road. According to Ndegwu, the letter was to remind the state government that it was their community that donated

land for the Imo State University, Aladinma Housing Estate and the entire Ikenegbu Layout, and that it was regrettable that the only road connecting them to the city centre remains dilapidated and in terrible condition without any plans of intervention by the state government, three years after the administration came into power. Furthermore, the dilapidation occasioned by abandonment of projects is also reflected vividly around Works Layout, Owerri and IMSU back gate towards MCC road where the hitherto planned dualisation effort by the state government has since reduced these areas into an erosion-prone area. Works Layout is worst hit as government has abandoned the said dualisation after initially grading some parts of the road exposing them to the rains which in turn have burrowed wide gullies along Works Layout, which were not there before 2011.

Also of note is the state of dilapidation of the Umuowa-Orlu old road which the government scraped parts of the road in preparation for dualisation, but the road has since been abandoned in a state of disrepair. A community source, who spoke to our correspondent, but craved anonymity lamented that the road was better and a lot more passable before government dualisation plan. He regretted that the state Commissioner for Works is their kinsman and has since shown seeming disregard for their plight. He noted that the laterites and ordinary gravels used in some areas of the road has largely been washed away by rain making the road difficult for motorists to comfortably ply. “Look at this yourself, does this road look like something Okorocha would touch again within this peCO NTINUED O N PAGE 23

INVESTIGATION

Sanctity of Truth

Monday, May 19, 2014

Sam Onwuemeodo is the Senior Special Assistant to Governor Rochas Okorocha on Media. He says in this interview with New Telegraph, that the opposition in the state are playing to the gallery in this issue of abandoned projects. Excerpts:

‘Okorocha is constructing projects the opposition abandoned in the past 12 years’ man of ideas to do what he has done and is still doing. Imo people should appreciate and encourage him. If the previous administrations had done all these work in the past 12 years, Okorocha would have faced other things but today he is striving to accomplish what they neglected and abandoned and they are disparaging his efforts. With the size of work already done on infrastructure, every patriotic citizen will simply queue behind and support him. If the opposition had a sincere intention of working for the development of the state, they would have just encouraged Okorocha, seeing that he is helping them actualise their honest desire. And that is exactly why they wasted 12 years in power and squandered the goodwill of the people.

What is your reaction on the growing perception that Okorocha may leave behind a legacy of abandoned projects? In Igbo land, it is our culture when you see someone doing well, you encourage him and at least say, ‘Well done’. Whenever you see any person or group steeped in criticising good effort, sound minds consider such people as ungodly. A man came and said he wants to change the state of Imo and put it on the path to growth and development. All we needed to do is to pray and encourage him but some rather find it easier to malign good efforts. Would you say that the governor has delivered as promised? Let us look at it this way. Most of the roads started by this administration have been completed and several landmark infrastructural projects have also been completed while many others are underway. Governor Rochas Okorocha pledged to serve and work for Imo people and he is working. Finishing the projects becomes immaterial because gov-

Onwuemeodo

ernment is a continuum. The governor had also promised to complete all the projects he started before he leaves office and that, he would certainly do. Does this mean a pass mark for the governor? Okorocha is a visionary. It takes a

Are you saying the opposition has been unfair to him? Recall that most of the things Okorocha set out to do at the beginning, the opposition said they were impossible. The free education programme and employment of 25,000 youths are just a few of them. Looking back, you will easily see that the man knows where he is going. With only three years, he

has tremendously impacted the state and people should strive to identify with a performing government. As a matter of fact, anybody aspiring to govern Imo State must first consider the size of Okorocha’s shoes. In other places, people strive to change bad leadership and here, these aspirants are angling to replace good leadership, indicating clearly that they are merely coming to exploit the state. I urge them to toe the path of honour and simply wait till the new state is created in the South-east so they can go and contest elections there. In any case, criticizing Okorocha is no longer advisable or fashionable. Others came to power and spent their tenures junketing but Okorocha came and resolved to work. The projects he is constructing today are the same projects the opposition abandoned for 12 years. Today the people know better and look upon anybody antagonizing the Okorocha administration as sabotaging public interest. They are protective of their governor and the work he is doing for them. They can say what they like, but the truth remains that Imo is working today, because Rochas Okorocha is working.”

‘Model school buildings may not be completed’ CONTINUED FR O M PAGE 22

riod? Our consolation is that they will return for votes shortly and we shall point it out to them,” the source noted. Education projects too face abandonment Ordinarily, education is deemed the fulcrum of Okorocha’s administration and no one can begrudge him the fact that he has made appreciable impact in that area. As commendable as it is, the ongoing construction of model school buildings across the entire wards in Imo State is a project said to be nearing completion but may not be completed within the few months left before the general elections are kicked off. Except for the pilot school at Wetheral road, most others are far from being completed and considering the fact that a school is not just cement and block but includes instructional materials, furniture, laboratories, office spaces, stationeries and recreational facilities, the schools are yet far from being completed . In relocating Imo State University, Okorocha, in record time erected what he called the Imo European Universities in his country home, Ogboko in Ideato South council area of Imo State. But the massive structures are far from being completed

since very little has been done on the interior while the exterior is still unfinished. Also, in Okigwe, the proposed Turkish University is yet to be erected and any ground breaking at this time for the project would be futile as it is unlikely that government may want to fund any major project, the size of a University in an election year. At Osemoto in Oguta council area, the Imo State government commenced what is now known as the Marine University, Oguta. The said University was initiated last year to, perhaps, sway political support in favour of the governor’s party during the period of the PDP-APC face off in Oguta, for the rerun of the Oguta House of Assembly seat. There was a ground breaking ceremony of the University last year but till date the project is far from being completed and there is hardly any indication that it would not be abandoned. ‘It is possible to complete project, if…’ Visiting the site for the construction of the 27-storey Akachi Tower in Owerri conveyed an impression that there may be no determined plan to complete the high-rise structure, though, the engineer on site thinks differently. For a high-rise building, labourers were pulling up concrete, sand and water from the ground floor using jute ropes, through a manual pulley

Five km Okwu Uratta-CPM roads (Aladinma North Extension)

system. With no crane whatsoever, it is a wonder how they will continue in the manual labour and still be able to complete the 17-storey tower. This gives an indication that the facility may become an abandoned project. But, the foreman on site, who declined giving his name, maintained that it was possible to finish work on the towers. Said he: “If the governor makes fund readily available and according

to agreed terms, it is possible to finish work on the tower before 2015. It may be tough but it can be done.” For the Prince Hotel Orlu, located at Owerre Ebeiri, government had been in a dog fight with indigenes who had alleged that government was planning to divert the land from the original use for which it was donated to the construction of lock-up shops. CO NTINUED O N PAGE 24

24 INVESTIGATION

Sanctity of Truth

Monday, May 19, 2014

Imo is better without these banana projects – Jones Onwuasoanya Jones, a public commentator, writer and political activist lives in Owerri. He tells New Telegraph in this interview that no governor or government can effectively administer a state without the input of the governed. Excerpt: How would you evaluate the infrastructure projects of the present administration? Sam Mbakwe is remembered today, more than 30 years after he left power as the governor of old Imo State, because he did not build banana projects for us. He put up projects that are solid and durable. Recently, I was discussing with some of my comrades and I told them that even though I was not yet born by the time Mbakwe was the governor of Imo State, I am still driving on some of the roads he constructed. But, will my children say the same thing of Rochas Okorocha’s projects? Absolutely not. This administration builds roads that collapse within the first two months. In fact, do you know that if this administration is building a double lane road, if one part of the lane is completed, by the time they start tarring the next lane, the first one would have been riddled with potholes. Are you saying the Imo of Mbakwe was better than what we are seeing today? I tell you, Imo is better off without these banana projects. It is either this government is completely bereft of administrative ideas or it is intentionally defrauding the people of Imo State. That is why you see many of such projects abandoned and ticked off as completed. In the present day Imo State, all the projects are of the poorest of standards. That

is not all. A situation where one cannot point to one single road that is perfectly built, then I cannot be faulted if I assume that the present government has entered into traitorous alliance with all the contractors to defraud our State, destroy our infrastructure and deface our state. Can you point to some of these projects that you are referring to? Let me take you around Imo State a little. Did you not hear that the ‘Monumental’ Princess Hotels, which this administration set out to build in Okigwe is a debris now. That is billions of Imo people’s money gone down the drain, and nobody seems to be asking questions. The Orlu-Mgbee to Akokwa road has been under construction for the past three years. I come from Akokwa, this is a road that took the Achike Udenwa administration less than two years to complete and you do not need anybody to tell you that it is an abandoned project waiting to happen regardless of the attendant difficulties it had subjected people and businesses in the area. Would you say some of these are white elephant projects? According to Johan Graf Lamsdorff, “the most visible sign of the adverse impact of corruption are ‘white-elephant projects,’ that is projects that totally

disregard public demand or that are wrecked shortly after completion.” So, the major problem with this administration is the problem of corruption. There are so many white elephant projects across the State. I had severally challenged the supporters of this administration to point me to one stretch of five kilometres of road anywhere in this State that has been completed by this administration and without a pothole. There is absolutely none. Go to the area we call New Owerri, and you will shed tears for this State. This is an area that was almost non-existent till the Udenwa regime. Udenwa singlehandedly built New Owerri and it was still in good condition before Okorocha came and ‘ re-skewed’ that place. Now, you can hardly drive a meter of road there without applying your breaks. This is pathetic. You seem not believe in the style of this administration? This administration has gone on a wide goose chase of constructing 27 General Hospitals across the 27 local government areas in this State. This is also fraudulent. A good leader will invest in ensuring that the available facilities are put into better use by the people. You come into office, what any enlightened observer expects you to do is to transform the existing general hospitals and make them operate optimally. But, you destroyed Umuguma General Hospital, and primary health care centers as well as the Imo State University Teaching Hospital.

Jones

But, several of them have reached the roofing stage... Yes, I agree with you that some of them are at roofing stages, while very few of them are being plastered at the moment. But I still can tell you confidently that after painting a hospital facility, you have only done less than 40 per cent of the job. These structures will remain houses till hospital equipment are brought in, and health personnel are recruited; only then can we truly say that you have built us hospitals. For now, he is building houses for cockroaches and lizards.

‘High-rise hotels, general hospitals too’

Maduabuchi CON TINUED FR O M PAGE 23

The issues at stake seem resolved but with a lot of misgivings on the part of the host community. Till date no substantial construction work has been carried out on the site after three years of the Okorocha administration.

The Princess Hotel in Okigwe was recently in the news as having collapsed due to the alleged design inconsistencies. Government, however, debunked the claim, but since then, work on the location can be considered to have relatively stopped. Even if the tempo at which the Prince and Princess hotel were being constructed had been sustained, the Hotels still would not be completed by 2015. The Crystal Park Hotel, another high-rise hotel sited at Avu community in Owerri West, was stopped and abandoned shortly after the foundation and ‘German floor’ of the building was finished. The Italian contractors promptly vacated the project site over alleged contractual misunderstanding. Recently Avu women took to the streets to protest government arbitrary take-over of their land, they mentioned the fact that they donated the land for the Crystal Park hotel but lamented that the project has been abandoned. The women had alleged that while other lands given to government remain undeveloped, they fear that officials may have shared the

lands among themselves, abandoning the projects for which the lands were donated. However, many believe that most capital projects would naturally suffer setback so long as the government has a political ambition to prosecute. Sick hospitals project While the proposed ultramodern General Hospitals across the 27 council areas of the state are still on-going, analysts noted that a hospital can only be said to have been completed, when all the specialised equipment, beddings, pharmaceuticals, laboratory, stationeries, furniture and other hospital necessities are in place. However, what is presently obtainable across the 27 council areas is a situation where the buildings are roofed and work stopped. Most of the hospitals have been roofed months back but till date are yet to be plastered owing to the fact that work has comparatively stopped on the sites. On the General hospital located just before the Enugu-Okigwe expressway in Okigwe, one Emmanuel Odenigbo, who spoke to New Telegraph maintains that since the roofing of the building, not much work

has been done. “The building has not been plastered and there seems to be nothing going on there anymore. These days when I pass there I no longer see all those workers who used to work there and for some time now, I am sure that work has stopped. Whether permanently or temporarily, I cannot tell for now, but what I know is that no work is going on there for now,” he said. He, nonetheless, argued that even if the completion of the hospital buildings is what Okorocha achieved in his tenure, that would still be commendable, as another administration should be able to complete them. From all indications, these hospitals may have to be completed by the next administration, as it is most unlikely for Okorocha to plough more money into the cash-intensive hospital project, with an election in view. Similarly, the Kidney Diagnostic Centre proposed by Okorocha and located along the Concorde Boulevard has gone past lintel level but yet far from completion and may also have to be shelved to give the governor space to execute his re-election bid.

BUSINESS Sanctity of Truth

Monday, May 19, 2014

MONDAY, MAY 19, 2014

WHAT'S NEWS MTN plans $3bn fresh investment in Nigeria MTN Group plans to spend more than $3billion to improve its network infrastructure in Nigeria over the next three years, according to reports in South Africa.

OLD PENSION SCHEME25 BETTER BUSINESS | BRANDS & ADVERTISING THAN NEW ARRANGEMENT,

NEW TELEGRAPH

www.newtelegraphonline.com/business

SAYS BALOGUN }p-28-29

AYODELE AMINU, DEPUTY EDITOR, BUSINESS

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

DPR, IOCs rip-off $3.9bn from FG VIOLATION Companies flout FG's $3.5 per million scuf penalty on gas flaring

}p-26

Workers threaten to ground $2.1bn Eleme petrochemical Workers at the weekend threatened to ground activities at the $2.1 billion Eleme petrochemical Company in Rivers state into a total halt. Rising under the auspices of the Trade Union Congress of Nigeria (TUC), the workers also threatened to shut down labour activities in Rivers State.

}p-26

Passengers experience hell at new Lagos airport car park International air travellers going through the Murtala Muhammed Airport, Lagos are going through excruciating pains following the relocation of the airport main car park.

}p-27

Credit: Govt crowds our private sector –Report

Although credit to corporates and households rebounded strongly after the 2009 crisis, Nigerian individuals and enterprises remain relatively under-leveraged, Oxford Business Group’s (OBG) report on Nigeria for 2013 has said.

}p-30

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

Adeola Yusuf

he Federal Government has been swindled of $3.9 billion in the last 12 months due to the inability of the Department of Petroleum Resources (DPR) to implement the new fine of $3.5 per million standard cubic feet for international oil companies (IOCs), on gas flaring, New Telegraph has gathered. The $3.9 billion is the expected damage/penalty on gas flaring by local and international oil companies between August 2011 and November 2012, which, according to a source at the ministry of finance, “has not been reconciled since then.” A document sighted by this newspaper at the weekend showed that oil companies have failed to comply with the directive by continuing to flare gas without compliance with the new rate as earlier communicated in the minister’s directive. The document, which has been copiously used by the Petroleum Revenue Special Task Force, headed by Nuhu Ribadu

FORTIFICATION Multiple designations for foreign airlines pose danger to the local carriers Wole Shadare

irline operators are increasingly frustrated by the multiple designations granted foreign airlines into the country, which they said has continued to not only erode their bottom-line, but also threatening their existence. In the last 10 years, over 20 Nigerian airlines have collapsed while others are at the threshold of extinction.

Managing Director/Chief Executive Officer, Enterprise Bank Limited, Mallam Ahmed Kuru (middle), receiving a ‘Special Award’ plaque from ex-international athlete and Technical Director of the 10km Okpekpe International Road Race, Mr. Yusuph Ali (left) and Chairman/CEO, Pamodzi Sports Marketing Limited, organisers of the race, Chief Mike Itemuagbor. The Special Award presentation was in recognition of Enterprise Bank Limited as the Official Bank for the international event.

in 2012, revealed that oil firms flagrantly ignored the introduction of a new gas flare penalty regime introduced by the Ministry of Petroleum in August 2011. “Up till this moment, the money has not been reconciled. In fact, little or nothing is said about the huge amount, totaling about $3.9 billion since 2012,” the source said. “The minister issued a directive, which was signed on 15 August 2011, increasing the gas penalty fee from N10.00 to $3.50,” document showed, add-

ing, however, that the “oil companies have failed to comply with the directive and have continued to flare gas without compliance with the new rate as communicated in the minister’s directive.” The report by Ribadu-led committee, which gave credit to the document had also revealed that using “the DPR gas flare information (irrespective of the inherent errors arising per the factors earlier stated) to compute the potential revenues for the relevant years at the rate of $3.50 per

standard cubic feet, is $4.1billion versus the $177 million computed by the DPR using the N10 per scf.” It added: “CBN statements and reports of inflows were also obtained in order to corroborate the payment information received. Per the information obtained from DPR, total revenue from gas flaring during the review period was $175 million. “The balance outstanding as unpaid was approximately CONTINUED ON PAGE 27

More Nigerian carriers risk extinction over govt policy As a result, the operators, under the aegis of Airline Operators of Nigeria (AON) told New Telegraph that they have decided to speak to government on the phenomenon that has not only led to an estimated capital flight of over N300 billion annually but has also made the aviation business no longer attractive to operators in the country. Executive Chairman AON, Captain Nogie Meggison, said that they would meet with top officials of the Ministry

of Aviation on how best to curtail the problem. He said where it is impossible to do that, the ministry should compel foreign carriers to interline with local airlines to sustain a sector that is highly capital intensive. However, a top official of the Nigerian Civil Aviation Authority (NCAA) who preferred anonymity, said that government was helpless in the matter. The source explained that many years ago when the

Federal Capital Territory was conceptualised, “we begged British Airways and other foreign airlines to go to Abuja because of the need to service the route.” He added that the people of South-South and others from the northern parts of the country had equally clamoured for foreign airlines to be designated to their areas to avoid the huge risk and cost of boarding local airlines to CONTINUED ON PAGE 26

WOLE SHADARE, Aviation Editor DELE ALAO, Brands/Marketing Editor CHRIS UGWU, Capital Market Editor ABDULWAHAB ISA, Finance Editor CHUKS ONUANYIN, Energy NNAMDI AMADI, Reporter

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

LENDING RATE

EXCHANGE RATE

(Parellel As at May 16)

USD . . . . . . . . . . . . . . . . . . . N167.50 InterBank Rate . . . . . . . . . 10.50% Pounds . . . . . . . . . . . . . . . . . . N286 Prime Lending Rate. . . . . 16.93% Euro . . . . . . . . . . . . . . . . . . . . . . N231 Maximum Lending Rate..25.83% • Foreign Reserves – $37.54bn as at 14/5/2014

EXCHANGE RATE

(Official As at May 16)

USD . . . . . . . . . . . . . . . . . . . N155.73 Pounds . . . . . . . . . . . . . . . . N261.31 Euro . . . . . . . . . . . . . . . . . . N216.69 Source: CBN

26 BUSINESS | NEWS

Sanctity of Truth

Monday, May 19, 2014

MTN plans $3bn fresh investment in Nigeria SERVICE QUALITY MTN says high demand is affecting its services Jonah Iboma

TN Group plans to spend more than $3billion to improve its network infrastructure in

Nigeria over the next three years, according to reports in South Africa. MTN Group Chief Executive Officer, Sifiso Dabengwa said the investment had to be done following the challenges with quality of service driven by "high demand" in Nigeria, "We'll continue to invest at this rate in the medium term, and make sure the overall quality of service is acceptable," he said.

In recent years, MTN and other operators in Nigeria have faced serious service quality issues and the industry regulator has had to step in, set standards expected of operators and also imposed fines to improve services. In the first quarter of this year, the Nigerian Communications Commission (NCC) banned three of the country’s four cellphone companies, in-

L-R: Byron Clatterbuck, Chief Commercial Officer, Seacom; Kebaso George Mokogi, Chief Carrier Services Officer, Telkom Kenya; Funke Opeke, Chief Executive Officer, MainOne; Jerzy Szlosarek, Chief Operating Officer, Epsilon Telecoms, and Andrew Dodsworth, Chief Operating Officer, BT Global Telecoms Market (GTM), at the MainOne-sponsored Spotlight on Africa panel session, during the International Telecoms Week (ITW) conference, in Chicago.

Workers threaten to ground $2.1bn Eleme petrochemical INDUSTRIAL ACTION TUC is set to down tools over attack on PENGASSAN members Adeola Yusuf

orkers at the weekend threatened to ground activities at the $2.1 billion Eleme petrochemical Company in Rivers state into a total halt. Rising under the auspices of the Trade Union Congress of Nigeria (TUC), the workers also threatened to shut down labour activities in Rivers State. Their grouse is the alleged attack of members of the Petroleum and National Gas Senior Staff Association of Nigeria (PENGASSAN) during a controversial election at the Indorama Eleme-Petrochemicals. The TUC in a statement, said it would commence a three-day warning strike on Wednesday 21st of May 2014 and an indefinite strike on Monday 17th of June 2014, if its demands were not met. The entire labour activities in Rivers State will be grounded into a total halt, according to TUC, “if those who attacked its members during the election

of the Petroleum and National Gas Senior Staff Association of Nigeria (PENGASSAN) in Indorama Eleme-Petrochemicals were not brought to book.” The National Industrial Relation Officer of PENGASSAN, comrade Chika Onuegbu also confirmed the attack on him and members of the union. He maintained that he was attacked along with other officials during the election at Indorama Eleme-Petrochemicals, urging the National Secretariat of PENGASSAN to direct all her branches, chapters, units and members in Rivers State to comply 100 per cent with the strike notice. Comrade Onuegbu, who is also the Chairman of TUC in Rivers State, accused the King of Eleme Kingdom, Chief Oluka Ejire of supporting illegalities by trying to impose officials on the labour union for his own selfish interest. In his words, “The Oneh Eh Eleme (the king of Eleme kingdom) in a letter had directed that PENGASSAN must give five top positions, which includes Chairman, Treasurer, Industrial Relation Officer, Formation Secretary and Assistant Secretary automatically to Eleme indigenes and those position should not be contested by anybody and he (the king) will clear the people that he

wants to be in those positions himself ” “It was from that letter that they brought asking us to implement their demands and I told him we can’t do that, we don’t have the power, we will take the letter to our National to consider and for that they came to attack us. For us, that is an abuse of trade union rights and that is sufficient reason for us to declare strike” he said. Mr. Onuegbu, who condemned the letter from the king, stressed that his refusal to comply with the letter warranted the attack during the PENGASSAN election. “What the King of Eleme did is completely unacceptable, I was shocked that His Royal Majesty, the Oneh Eh Eleme, a first class traditional ruler and one of the most respected in the Niger Delta would allow himself to make this kind of mistake. I even wanted to call the Eleme Youth Leader to help talk to His Majesty to leave himself out of this matter but unfortunately that opportunity did not come before people came and start attacking us leading to hospitalization of some of members, even one our union member’s eye was cut off. Some people had to take beatings on my behalf for me to escape because they couldn’t stand to see their leader beaten”.

cluding MTN, from selling SIM cards for a month. They ordered them to improve their services before lifting the embargo. The three mobile operators-Airtel, Globacom and MTN Nigeria were also fined a total of N647.5 million for not meeting with key performance indicators. Dabengwa said MTN is continually in touch with the NCC to make sure it delivers on its mandate and that it maintains a good working relationship. "In every country we operate in we make sure our position is clearly understood," he said. "We engage constructively not only with the regulator but with policy makers as well." In response to service quality issues, MTN has added 482 2G stations and 597 3G stations so far this year. Prior to this, MTN several entered into managed contract with service providers such as Ericsson and Huawei technologies. In November 2013, MTN signed a five-year managed services agreement with communications technology firm, Ericsson. The terms of the agreement would see Ericsson take over the day-to-day operations of 75 per cent of MTN Nigeria's network infrastructure, including management, optimisation and field main-

tenance of the telcos' network. The Chief Executive Officer of MTN Nigeria, Michael Ikpoki said in a statement to announce the deal : "Leaving the management and maintenance of our infrastructure to Ericsson will allow us to focus even more on adding value to the customer experience on our network." MTN is Africa's largest mobile operator with operations in 22 countries on the continent, in Asia and the Middle East with over 200 million subscribers. The company increased its subscribers to 57.2-million subscribers in Nigeria in the quarter ended March, MTN said in its latest update in April. Its 49.3 per cent market share makes MTN the largest operator in Africa’s largest economy, with a population of about 174-million. Industry experts say that the Nigerian market is extremely important to MTN. Africa Analysis director and analyst, Dobek Pater, said, "It is the biggest consumer market and a key market apart from South Africa and Iran, and (is) still expanding." The company aims to push its subscriber base beyond 60-million this year with a target to sign up 5-million new users.

More Nigerian carriers risk extinction C O N T I N U E D F R O M PA G E 2 5

Lagos. According to him, it would be extremely difficult to put an end to the regime because of the vastness of the country and the need to take travel to the people. “We are under a lot of pressure to get these foreign airlines to other routes in Nigeria apart from Lagos, which should have been a single point entry.” He buttressed his point with a decision taken many years ago by government, which compelled the defunct Nigeria Airways to operate to Kinshasa, Zaire when it was glaring that the airline would operate there empty. The source said that the only alternative left for local airlines was for them to have a share of the market. Nigerian domestic carriers have criticised multiple flight designations into the country by foreign airlines, saying it was impeding their operations.. Nigeria has, for years, opened its territory to the predatory instinct of foreign airlines by allowing them to fly into two or more destinations in the country; a policy that is at variance with Bilateral Air Services Agreement (BASA) the nation has with many international airlines, especially, the European airlines. Under the pact, Nigeria airlines are expected to reciprocate the services offered by airlines like British Airways, Virgin Atlantic, Emirates, Air France-KLM, Ethiopian and many more. For instance, Emirates, the Dubai based airline operates

twice out of Lagos. Come August 1, 2014, the airline would add Abuja and Kano to its operations. Ditto for British Airways, which operates daily from Lagos and Abuja, while Air France-KLM equally flies into Lagos, Abuja and Port Harcourt. Ethiopian Airlines has also been awarded Abuja and Enugu routes; apart from Lagos, which it started operations to many years ago. On the other hand, governments of these countries would not allow any Nigerian airline to operate to more than one destination in their own country; it is a deliberate policy to protect their local carriers. Nigerian airlines have been highly incapacitated as a result of lack of funds to compete with these mega airlines, which combined aircraft fleet is over 3, 000. Meggison said it was very difficult to understand why Nigerian airlines are not always protected against external forces, stressing that multiple designations for these foreign airlines pose danger to the existence of Nigerian carriers. “We want to meet with them on how possible this can be curtailed to assist us. The government of other nations will not allow you to fly into more than one airport in their country. It is deliberate, but here, we expose our airlines to many dangers. If care is not taken, the rate of extinction for our airlines will continue to grow,” he said. The expert equally opined that the government can come out with a policy encourage interline between local and foreign airlines.

BUSINESS | NEWS

Sanctity of Truth

Monday, May 19, 2014

CHAOS The current arrangement is a recipe for chaos

Wole Shadare

nternational air travellers going through the Murtala Muhammed Airport, Lagos are going through excruciating pains following the relocation of the airport main car park. Most times, they walk over 800 meters to the terminal as vehicles are now prohibited from coming close to the area as part of the security measures put in place to protect the facility from insurgents. Consequently, airlines have

Passengers experience hell at new Lagos airport car park told intending passengers to come to the airport early enough in view of the problem to minimise delays. The Federal Government through the Federal Airports Authority (FAAN) had relocated the car park to its present state, owing to the expansion project of the Lagos airport terminal building by a Chinese firm. While the FAAN acquired buses to transport passengers to the terminal building, there were indications that the buses

were inadequate to convey people as the crowd tries to board the few available buses to the area. For the weak and those that cannot struggle to find a space in the buses, they resort to long trek, thereby, making air travel to lose its essence. An airline official, who elected to remain anonymous, accused the airport authority of “lacking initiative” to have envisaged the inconvenience the situation would pose to travel-

lers. When New Telegraph visited the area last Friday, many travellers were seen carrying their luggage on their heads as they take a walk to the departure terminal; a situation experts said has added to the unfriendliness of Nigerian airports. President, Aviation Round Table (ART), Captain Dele Ore told this newspaper that what government was doing was not in conformity with Annex 9 of the Chicago Convention, which

DPR, IOCs rip-off FG C O N T I N U E D F R O M PA G E 2 5

$58 million. This indicates that $115 million had been received in respect of gas flare penalty by the DPR. “The Task Force, however, reviewed CBN statements and noted that $137 million was received between January 1, 2005 and December 31, 2011. The DPR was not able to reconcile the $115 million to the $137 million,” the committee noted in the report. Despite repeated requests by Environmental Rights Action/Friends of the Earth Nigeria, no consents or conditions for the granting of consents have been disclosed by any of the oil companies. Currently, Nigeria is the holder of the world’s seventh largest natural gas reserves and is considered to be one of the top two gas flaring nations in the world, after Russia. IOCs operating in Nigeria’s oil and gas industry have failed to meet the December 31, 2012 deadline set for them by the Federal Government to end gas air pollution. The House of Representatives on January 13, 2012, perfected the legislative framework pegging the deadline for gas flaring in Nigeria’s petroleum sector at December 31, 2012, imposing stiff penalties on operators that flout the new regulations. This followed adoption of the report of its Committee on Gas Resources on a Bill for an Act to Amend the Associated Gas Re-injection Act No. 99 of 1979 Cap. A25, Laws of the Federation of Nigeria. As at midnight of December 31, exact date for the deadline, the oil majors, including their local counterparts, still flare about 85 per cent gas whereas the National Assembly has yet announced a shift in the date thereby creating a legal loophole for flaring. The government, which owns over 55 per cent stake in all the major fields where the flaring occurs, through the Nigerian National Petroleum Corporation (NNPC), had earlier said that flaring has dropped by only 15 per cent.

explicitly talked about seamless facilitation and stress free journey for travellers. The former DC-10 pilot with the defunct Nigeria Airways, noted that more attention is given to revenue making by aviation agencies without the provision of comfort for users of airports in Nigeria. He lambasted the ousted Minister of Aviation, Stella Oduah for allegedly embarking on some project for ‘selfish interest’. Just last week, Chairman, Financial Derivative Company Limited, Bismark Rewane took a swipe at FAAN on its new constructed car park. He said that airport users and passengers are taken closer to the terminal building in shuttle buses, which to him, results in heavy traffic on the ramp at the airport thereby leading to distortion of security procedures. The situation according to him, has led unauthorised personnel to gain access to otherwise restricted areas of the airport.

NIG President urges sale of NigComSat Jonah Iboma

L-R: Past President, Association of Food, Beverage and Tobacco Employers (AFBTE), Chief E. A. Ukpabi; Vice President, Mr. Sunil Sawhreey; President, Mr. Paul Gbededo and Executive Secretary, Mr. Aderemi Adegboyega, at the 35th Annual General Meeting of the association in Lagos. PHOTO: TONY EGUAYE

Ships to offload over 200,000 tons of wheat this week FANTASY Is self-sufficiency in wheat production by 2015 achievable? Bayo Akomolafe

ix vessels are expected to discharge 276,467 metric tons of wheat at the Lagos Ports Complex in Apapa this week. The surge in the importation may cripple the country’s plans to be self-sufficient in wheat production by 2015. Last year, the Federal Government distributed about 7,500 improved wheat seeds to farmers in 12 northern states as part of efforts to decrease wheat importation by at least by 50 per cent. This is expected to help the country to save about N318billion annually. But the efforts have not yielded positive result due to

massive importation at the seaports. Expected this week at Greenview Development Nigeria Limited (GDLN) terminal include MV Punta laden with 41,000 metric tons and MV Luhai with 42,000 metric tons. Also, at Apapa Bulk Terminal Limited (ABTL), MV Desert Glory will discharge 48,000 metric tons and Desert Symphony - 2, 600metric Tons. Others are MV Corvus - 44,743 metric tons, MV Desert Eagle - 58,024 metric tons and MV IVS Orghard 30,000 metric tons. Last, month, the port received 59, 005 metric tons from two vessels. The ships are MV Handy Stranger, which discharged 11,200 metric tons and MV Desert Oasis, which offloaded 47,005 metric tons. Nigeria’s wheat production in 2013 was forecast to remain at 100,000 tons, the same in 2011 and 2012.

In July, 2012, the Federal Government said wheat flour would attract a levy of 65 per cent, while wheat grain would have 15 percent levy, which will bring the effective duty to 20 per cent. The Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, had in 2013, said government was working hard to expand the country’s wheat value chain with a minimum of 33,000 hectars in each of the wheat producing states. He said, “We want to increase national wheat production by 95 per cent resulting in import reduction through technology interventions across the value chain with improved varieties, value addition and yield enhancing management practices. “This will be directed at stimulating 30 per cent yield increase and 70 per cent income among 55,000 wheat farmers’ households.”

he Federal Government should consider the sale of Nigeria Communications Satellite Limited in order to achieve its full potential, the President of Nigeria Internet Group, Mr. Bayo Banjo, has said. Banjo, who spoke alongside other panelists at eWorld Forum 2014 in Lagos last Friday, noted that the way the communication satellite company was set up was not in the best interest of government’s current policy of driving telecommunications development through the private sector. According to him, NigComSat’s operations suggests that government still wanted to be involved directly in providing services to the people, rather staying in its regulatory and policy formulation roles. He however, faulted the firm for not operating profitably, noting that private companies could do better. “I believe that government has two important functions in the telecommunications industry, which are policy formulation and regulation. If the satellite company is sold to any of the big firms such as Glo and so on, they will operate it in such a manner that it will make profit,” he stressed. Banjo opined that the satellite company was not utilizing all its resources optimally, some of which, he said, could have been deployed to address the current security challenges in the country.

28 MONDAY| INTERVIEW

Sanctity

Monday, M

Old pension scheme better than n For sometime now, the leadership of the National Union of Pensioners (Nigeria Railyway Corporation chapter) has rested on him. With his knowledge in Industrial Relations and Conflict Resolution, the Executive Secretary of the union, Alhaji Rauf Balogun, has continued to ensure a peaceful and cordial relationship between pensioners under his watch and the (NRC) management in the face of the pensioners’ deplorable condition. In this interview with SUNDAY OJEME, he speaks on the plight of pensioners, government’s effort at reviving the rail sector and sundry issues. Excerpts

What is the latest development as far as the Nigerian Railway Corporation pensioners are concerned? The latest development is that the 33 per cent increase has been passed by the National Assembly. It is now waiting for the president’s assent. We have been informed that Salaries, Wages and Income Commission will, in no distant time, issue out the implementation circular. I think they too are waiting for the presidential assent. So I believe that that particular issue is almost settled. As soon as the president signs the budget, the implementation will follow. Will you say that the current administration is taking the issue of pensioners more seriously than the past? I won’t say so because welfare of pensioners does not end with regular payment of pension. First and foremost, how much is the pension itself ? If those who are in service and getting their 100 per cent salaries are complaining, then what do you expect from the pensioners? At least, those who are still in the service have access to healthcare facilities free, which the pensioners don’t have. Here at the railway, we have about 17,000 to 18,000 pensioners. They have no access to free medical treatment. So it is absolutely nothing, and that is the situation in other places. Although there are some other places like FAAN (Federal Airport Authority of Nigeria), where they have good arrangement on ground for the medical treatment of pensioners but here at the railway there is nothing like that. That is just because the Federal Government did not show much concern in that regard. Apart from that, there are so many recommendations that have been made by the National Assembly which are not being implemented by government. We are thanking government that now, monthly pension is being paid regularly, but there are so many welfare packages that are not extended to pensioners. So, the position of pensioners as senior citizens is not being taken into consideration. I believe that pensioners deserve more because what

Balogun

they suffered to build is what the present generation is benefitting. And if the present leaders realise this then they should make life better for the pensioners. What is your view on the way the judiciary is handling pension thieves? It is obvious that the issue is being handled very lightly. Look at the issue of Maina. Up till now nothing has been done. The Senate passed a resolution; the House of Representatives passed a resolution. These are the representatives of the people, yet nothing has been done. Even the Inspector-General of Police claimed that he does not know Maina’s whereabouts. So I am not happy and I can tell you that no pensioner is happy about it. I don’t even see them doing anything to those who embezzled pensioners’ money. I don’t believe it is so difficult for government to apprehend them and deal with them the way it should be done. You made reference to a very good arrangement by FAAN that has given their pensioners a better welfare. The same thing applies to the NNPC and some other Federal Government agencies. Why was the NRC not included in such arrangement? Government created the dichotomy from the beginning. You now have two types of parastatals. You have the selffunded parastatals and you have the government-funded parastatals. FAAN and NNPC are in that category because they can make a lot of money independently. They make money and remit what they like to government after meeting their expenses. They can take a decision

to do whatever they like, and the same government ratified that decision. But if you look at it properly, it is unfair on the part of government. These self-funding parastatals are able to make money because the same government provided an enabling environment for them through which they are able to make such money. The same government deprive other parastatals the required infrastructure to make money. Imagine how many years the railway was abandoned, no good tracks, no wagon, no coaches and above all no engine. So when all these things are not there, how do you expect trains to move? If train moves in a day it will take another one week to correct derailment. The engine carrying goods dies on the way and it remains there for weeks, so the railway not making money is the fault of government. The same government classified them among second class parastatals. You can see that if government wants to be fair, there will be no need for this dichotomy because those that are making progress is through government

It is like whatever you are getting now is what you will get forever. In the new scheme, once you are retired, they calculate your pension and that is what you will get

and those that are not making progress is through government. Today railway is beginning to pick up because government is looking at the tracks to make sure that the tracks are better to reduce the frequency of derailment, government is now making available some locomotive engines, we are now having wagons, we are now having coaches. They have gone to the extent of providing cranes so that if there is derailment there are self-propelling cranes that can go there and remove the mess and allow the passage of other trains. So that has drastically reduced the past ugly situation where there would be derailment and the mess would not be cleared for months, and the goods would not get to their destinations. So you can see that with the new development there will be patronage and gradually railway will turn out better. But everything is the making of government. Railway being moribund for years was the making of government. Government continued to encourage people to patronise trailers to the detriment of trains, whereas what train can carry at once, 50 trailers cannot carry it, but that is the situation. An agency like NNPC would say, oh, we have enough money, which is wrong. The money NNPC has is for the whole Nigeria. It is not for only them there to benefit from and for others to suffer. This is one aspect of the civil service that government needs to look into so as to provide a level playing ground so that everybody will benefit. In a situation where you call yourself a senior citizen and another person in the same category is looking better than you is not good enough. I think those in government

MONDAY| INTERVIEW 29

of Truth

May 19, 2014

new arrangement, says Balogun BIODATA Previous jobs: Nigerian Railway Corporation (Clerical Officer in 1969), Shop Steward in 1972, Chapter Secretary, Branch Secretary, Assistant Distrint Secretary, Lagos, Assistant Chairman, Lagos; Admin department. Education: Government Secondary School, Okene Short courses in Industrial Relations including a stint at Harvard in the US Experience:

25 years as a Unionist

know better. They travel overseas and see what is there, so they should copy from that. In the area of medical care, has the union made any appeal to the railway management to know if it is possible to subsidise healthcare for the pensioners? They are aware of everything. The only thing is that they don’t have a medical centre of their own. That medical centre that used to be railway hospital has now been taken over by the Ministry of Health. It has become a Federal Medical Centre. That is one aspect that the railway was able to have through the efforts of the pensioners when they were in service. Today they don’t have access to medical care. We wrote a letter to the management of the hospital but they said that the hospital is commercial. If you want to patronise them you should go with your money. That is the situation. Comparing the old pension scheme and the new contributory scheme, which do you think is better, especially considering what the old scheme has subjected pensioners to? I don’t see any of them being perfect. To me, if the old one is improved upon, it can be better than the new one. The old one has the backing of the constitution. If you look at Section 177, it says that pension should be increased every five years or when there is increase in salaries of workers or both. If this is strictly adhered to, you will find out that pension would not be static. If there is general increase in the salaries of workers, there will be a corresponding increase in pension. To that extent, pension is not static. It continues to harmonise with salaries of workers. But such provision is not in the new scheme. It is like whatever you are getting now is what you will get forever. In the new scheme, once you are retired, they calculate your pension and that is what you will get. You may get fatter gratuity, but where it is fatter you are going to get 50 per cent and the PFA will invest the remaining 50 per cent through which they will be paying you monthly pension. But there is no provision for increase. So you see that the value of the money will continue to diminish. It will get to a point where there will be no value again. It’s like if somebody got N2,000 about 30 years ago and he is still receiving that amount till now, you know the value of that money would have depreciated. That is how you can describe the new scheme. The payment is static. The old scheme would have been better if it was fully funded and implemented to the letter by following the provisions of the law. How would you react to the recent granting of licence to the Nigeria Police Force to operate its own PFA after the military had also pulled out? It shows that crisis is already getting

into the system because wherever good policy is in operation, you don’t discriminate. When you introduce discrimination into a policy then you are making mess of the policy. The military decided to opt out of the scheme. Are they not Nigerian citizens? So what reason did they give for opting out in a programme that was meant for everybody? It only shows that the military discovered something that has adverse effect in that policy. That automatically means that government too has accepted that there is something wrong with the military being there. If government agrees for the military to opt out, it means they are now imposing it on other people because they don’t have powers to make a choice. So it makes nonsense of the policy. We know ab-initio that the concept of this new pension scheme is to phase out pensioners, a policy that would patiently wait for the non-contributory scheme pensioners to gradually die; so that government will now take its hands off pension issue. That is the concept behind the whole thing. But those behind this concept have forgotten that they too would become pensioners and they too will die. If government wants to be fair, let them make it optional. Some people would choose the new scheme while some others would prefer the old scheme especially so when government has now allowed some institutions to take their decisions on what they want. The national president of the pensioners has threatened that the union is likely to involve trade unions in future protests to make government listen to them. What is your opinion on this? Well, that is for the national body. I can say that we always narrow down issues concerning railway pensioners between our union and the railway management. But generally talking about pensioners’ plight, the national president is right because NUP is an affiliate of the NLC. So if government is not listening then we may have no choice. For instance, look at the issue of National Confab, pensioners were not taken into consideration. At least, we have over five million pensioners in Nigeria and we have a confab to decide the future of the country, the fate of Nigerians. Does it mean that these five million people are not part of Nigerians? The thing is just that they cannot air their views, you are not interested in their views. That is why no pensioner was given any slot. That is the type of attitude of government that is not complimentary at all. So, what the national president is saying is that we are an affiliate of the NLC and if there is any problem they should be part of it. Nigerian government does not like doing anything even if it knows that it is the right thing except they are forced. So they believe pensioners don’t have power to force them to do anything, but a day is coming when pensioners will tell them that they too have the power to force them to do something. Many of the issue the national president of the union is talking about are issues that have been tabled before government from time to time and there has been no response. Since they need somebody who can match them force for force, then we can now bring in the NLC and the TUC. But if you go into records you will see there have been so many correspondences, contacts and the rest, but government has refused to listen before he decided to make such statement. Would you say that government is investing enough in the rail system now considering the transportation chaos still prevalent in the country?

Balogun

We know ab-initio that the concept of this new pension scheme is to phase out pensioners, a policy that would patiently wait for the non-contributory scheme pensioners to gradually die; so that government will now take its hands off pension issue We cannot say government is investing enough but we say that the situation is better that what it used to be. Let us put it that way. We can see a situation that is better than what it was in the past. So it is no more a case of total neglect. We commend government for that. They are now doing something. We can now see train moving three times in a week. If it continues like this, gradually everything will be alright. Recently, China Railway signed an agreement with the Federal Government to construct speed train. If that is done, it will complement whatever government is doing. In view of the perceived peaceful atmosphere existing between your union and railway management, what advice would you give to pensioners in other parastatals who frequently have issues with their parastatals’ management? Let me correct one impression. The fact that we don’t engage in protests here from time to time does not mean that ev-

erything is good for us. There is the need to say it loud and clear that the union executives here are not satisfied with the way the railway management responds to their calls for meetings to discuss and dispose of issues. Going by that, the present cordial relationship wouldn’t have been there. The union is only trying to display some measure of maturity, looking at it that a house is being built and should not be destroyed. Because of that we decided to accommodate so many things. Otherwise, we are even having problems with our followers who believe that our relationship with the railway management is too cordial. Some even think that the managing director used to pay some money into my account. But, my belief is that we should encourage the present management because they have a vision especially the present managing director. He has a vision for the railway. He is a young, energetic and dynamic person. We believe that given the chance he would do something. So we would not want to derail such effort. For that reason we have been absorbing so many things. It does not mean that all is well. That is why we are keeping quiet. We just don’t want to disrupt the ongoing effort to revive the railway sector because for a long time we witnessed a railway that was almost non-existent. Now that we are witnessing improvement we don’t want to do anything to bring down the system. We believe that given the chance, something good will happen. That is why we overlook so many things. When it comes to the area of industrial relations, there are people in the railway management who don’t know what industrial relations is all about. I can say that anywhere because I am a trained unionist. Any management that does not want anything to happen to its organisation should always listen to the union and create time for constant discussion so as to resolve issues.

30 BUSINESS | NEWS

Sanctity of Truth

Monday, May 19, 2014

Credit: Govt crowds our private sector –Report UNDERLEVERAGED Government has continued to be the major borrower Siaka Momoh

lthough credit to corporates and households rebounded strongly after the 2009 crisis, Nigerian individuals and enterprises remain relatively underleveraged, Oxford Business Group’s (OBG) report on Nigeria for 2013 has said. The credit in question rebounded from N9.7 trillion ($61.11 billion) in 2010 (which is 28.2 per cent of Gross Domestic Product) to N15.28 trillion ($96.26 billion) in 2012, representing 35.1 per cent of GDP. According to the OBG report, outstanding consumer loans at the end of 2012 stood at a mere $7.29 billion, according to Lafferty Cards and Consumer Finance figures quoted by Diamond Bank, far lower than the $19.11 billion in Egypt, $142.59 billion in Turkey, 4228.61 billion in Malaysia and $293.29 billion in South Africa. It added: “Some 93 per cent of Nigerians could not access a loan in 2012, according to fig-

ures from the Central Bank of Nigeria (CBN), while roughly two-thirds of Nigerians only have access to informal money lenders, and some 71 per cent of loans are granted through family networks. As banks seek to raise their loans –to-deposit ratios beyond the 60-65 per cent range, structural reforms to promote greater bank intermediation could unlock credit flows to the under leveraged real economy.” The report notes that despite a total of about 42 million adults in employment, Nigeria only has 8.2 million active borrowers of whom a mere of 1.6 million held loans from banks in 2012, according to credit bureau (CR) services. “Yet an African Development Bank report in 2011 estimated the Nigerian middle class, described as those in disposable incomes of between $2 and $20 a day, accounted for 23 per cent of the population (or slightly less than 40 million people), although only about 25 million hold bank accounts,” the report noted. It argued that challenges associated with identification and collateral have hampered growth in leverage, while most bank customers only use their accounts for transaction banking. It said a 2011 survey of the Nigerian middle class by Re-

UAC’s profit ahead of expectation Siaka Momoh

irst quarter result for 2014 recently released by UAC of Nigeria has shown that the company posted higher gain than projected, Vetiva Research has said. The company’s Q1’14 ended March 31. UAC reported a four per cent YoY growth in revenue of N19.9 billion and 49 per cent YoY growth in profit-after-tax (PAT) of N2.0 billion. According to Vetiva, “Net earnings came in nine per cent ahead of our expectation, driven mainly by significant other income in UPDC, UACN’s real estate subsidiary, most likely from the sale of investment properties and net fair value gains on investment properties. However, gross margin was flat YoY at 21.9 per cent as cost of sales remained elevated following last year’s incline. Operating expenses were relatively contained with a six per cent YoY growth, below average inflation for the period." Vetiva added: “PAT, which grew 49 per cent YoY, was further bolstered by a lower effective tax rate of 24.9 per cent (Q1’14: 30.9 per cent) which we think is a result of pioneer tax benefits from Grand Cereals’ new plants.” Management, according to Vetiva, disclosed at its last analyst forum that Grand Cereals had applied for pioneer tax status on its new capacities. Minority interest was also higher following the partial divestment in MDS Logistics and UAC Restaurants in 2013.

Vetiva said: “Whilst group revenue growth of four per cent was in line with our expectation, the growth drivers came as a surprise as Grand Cereals, which has recorded annual growth of about 22 per cent on average over the last five years reported flat revenue growth for the period with similar flat performance recorded by MDS Logistics. A major factor for this performance is the on-going security crisis in the North Eastern states which has made those markets inaccessible. “Notwithstanding, we observed improved growth figures for UAC Foods which delivered seven per cent YoY growth, building on the recovery we saw in Q4’13. We note that UPDC and UAC Restaurants recorded revenue declines of four per cent and 20 per cent respectively. Other positive growth drivers were Livestock Feeds, CAP and Portland Paints.” Vetiva noted that the UAC management stated that it was restructuring its distribution channels “and its input cost optimisation programme is yielding benefits, the impact of which we expect to see in subsequent quarters. Whilst Q1’14 group revenue met our forecast, we have revised our growth estimates for the subsidiaries, though we still maintain our FY’14 group revenue forecasts at N91.4 billion. Though we have reviewed upwards our production and financing cost estimates, our revised FY’14 net earnings forecast comes in at N6.2 billion (previous: N4.6 billion).”

naissance Capital found some 60 per cent of respondents claimed it was impossible to borrow small amounts from formal institutions, while 84 per cent said they had never applied for a loan, and that in fact, a mere 20 per cent of respondents saw banks as providers of loan. The report notes that surprisingly, growth in the Nigerian consumer lending has outpaced its peers from 2005 to 2010, according to Diamond Bank, with an annual growth rate of 35.4 per cent, compared with 29.2 per cent in Kenya, 29.1 per cent in Turkey, 13 per cent in Egypt, 11.6 per cent in South Africa and 10.5 per cent in Malaysia. “However, this has resulted

in an increase of just 8.4 per cent in total consumer indebtedness over the period. Russia’s Renaissance Capital established an unsecured consumer lending firm, RenCredit in November 2012 to target this lending gap, while larger banks were also moving into this space in 2013 as traditional profit sources, such as money market yields decline,” according to the OBG report. “Banks like ours are eager to expand our consumer lending since it is less price sensitive than corporate deals and is more granular, spreading risks to as much larger number of borrowers ,” Kehinde Lawanson, executive director at First

Bank, told OBG. “We are also expanding our unstructured lending to smaller firms.” The organised private sector nits have, on several occasions cried out against high cost of fund and difficulty in accessing fund by business persons in Nigeria. The immediate past President of the Lagos Chamber of Commerce and Industry, Mr Goodie Ibru, once agued, “The cost of fund in the economy is high and access to credit appears to be an even more serious problem. Many small businesses now resort to finance companies and money lenders where they pay between 60 to 120 per cent interest per annum, depending on their desperation.

L-R: Executive Director, South East,Edo/Delta Treasury and International Funding Group, Skye Bank, Amaka Onwughalu; One of the award winners, Olayide Evarie and Group Managing Director/CEO-Designate, Skye Bank Plc, Timothy Oguntayo, during the bank's award for domiciliary account mobilisation for staff held at the bank's head office inLagos .

Pension Department takes stock of pensioners’ N34.8bn arrears RETIREMENT Nigerian Railway Corporation (NRC) retirees heave a sigh of relief as Federal Government moves to meet their demands Sunday Ojeme

ollowing the letter by the Minister of Transport, Senator Umar idris, to the Pension Transition Arrangement Department over the N34.8 billion indebtedness to Nigerian Union of Pensioners (NRC chapter), the DirectorGeneral, PTAD, Ms. Nellie Mayshak, recently paid a visit to the headquarters of the Nigerian Railway Corporation to commence the process of paying the pensioners their arrears. Disclosing this to New Telegraph in his office, the Executive Secretary of the union, Alhaji Rauf Balogun, said that the mission of the PTAD boss was to take stock of the assets and liabilities of the pensioners as a prelude towards paying the arrears and also making available more funds in the supplementary

budget to cover up the deficit. Balogun said the Minister had written a letter that money should be released to implement the recommendation contained in the report submitted by the committee earlier created to look into the matter. He said: “They feel that the money is high, about N34 billion that will be required to pay the arrears of 2011 as against the N3 billion budgeted for the payment of monthly pension. The monthly pension is rising to over N19 billion, close to N20 billion. For that reason, the DG, PTAD was here to know the assets and liabilities. She acknowledged that the implementation of this report as directed by the minister is the biggest liability. “She assured us that herself and the Minister of Finance were going to do something in order to meet the request of the minister of transport. But all the same, there is need to fine-tune the report in order to ensure that everything contained therein is perfectly done. That is why she was here.” In the letter earlier addressed to the director-general, Umar advised the agency to defray the additional outstand-

ing monthly pension of N19.8 billion owed the pensioners for year 2013. The railway pensioners, who are currently the least paid in the country, have had their pensions shortchanged by about N17 billion as only N3 billion was being remitted to them out of the actual N20 billion. The letter obtained by this newspaper was dated January 15, 2014 and signed by the Director, Human Resource Management, Oqua E. Eta, on behalf of the minister. It was written on the heels of a previous circular received from the Office of the Head of Service of the Federation (OHCSF) directing all ministries, departments and agencies (MDAs) to forward all pension matters to the office of PTAD. Balogun said the presence of the director-general at the railway headquarters over the issue was a pointer to the fact that the pensioners should still be hopeful that the wrong of the past would be right by the government. “We were actually wondering if they would pay us the money since it was not reflected in the budget but they assured us that it was going to be included in the supplementary budget. So we are hopeful,” he added.

BUSINESS | MONEYLINE

Sanctity of Truth

Monday, May 19, 2014

CIBN to banks: Embrace shared services Bankers: looking back, looking ahead,” Aina said that banks should explore new areas for joint projects and collaborations among themselves, stressing that this would reduce their operating costs and increase profitability. Besides, this initiative he said, will make it possible for banks to operate more efficiently to have more resources to take care of their stakeholders and adequately fund their corporate social responsibility (CSR) issues. Aina, whose tenure ended on last weekend, said that banks could provide support for the creation of an MSME fund, prodding the banking industry to consider creating of a scheme similar the Small and Medium Industries Equity scheme (SMIES), which will learn significantly from the weaknesses of the previous scheme.

REDUCING COSTS Lenders should explore new areas for joint projects and collaborations among themselves Godson Ikoro

anks have been advised to embrace the concept of shared services in order to cut operating costs, which can be passed on to customers via lower cost of transactions. The Outgoing President and Chairman of Council of the Chartered Institute of Nigeria (CIBN) Dr. Segun Aina made this call in his 2014 Presidential valedictory address to bankers in Lagos last Friday. Speaking on “Banking and

He argued that at 2013 banking industry profitability levels, a five per cent contributions to an MSME fund will pool not less than N256 billions to fund 2013 alone. Aside the scheme, Aina insisted banks need to protect their customers, imploring every lender to establish an articulated customer complaints management system that is functional and communicated to all staff so as to reduce the justified complaints. He advised banks to step up their efforts at educating their customers on various changes regarding their products, policies and even the use of technology to meet new developments. “Continuous and deliberately planned customer education should be embraced by all banks in the overall interest of banks,” he said. The valedictory address,

enables prospective customers to complete their account opening process with FCMB without the need to fill out any physical form(s) or visit a branch. The bank described the account as a new innovation designed with the aim of utilising technology to reduce the time it takes to open an account whilst improving cus-

tomer service and customer experience. The platform, according to the statement, has effectively extended the bank’s e-business offering by enabling new customers to open accounts even as existing customers already have access to various electronic banking services, including online banking, mobile banking and a range of

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

Description

TTM

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

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

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

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Offer Yield 13.01 13.40 13.47 13.49 13.44 13.59

Price 90.35 99.40 104.40 109.65 114.45 76.90

Tenor (Months) 1 2 3 6 9 12

Rate (%) 12.1827 12.2737 12.3744 12.8521 12.8535 13.8443

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

Bid 12.10 12.10 12.05

which was chaired by the chairman of First City Group, Otunba Olasubomi Balogun, attracted many past presidents of the Institute including, the Acting Central Bank Governor Mrs. Sarah Alade, represented by Dr Adebiyi; former Governor

FCMB launches account opening on facebook

ew customers of First City Monument Bank (FCMB) can now open savings accounts with ease in the comfort of their homes and offices, via their computers or mobile devices following the introduction of the lender’s online account opening platform. The launch of the platform, according to a statement from the bank, also coincided with the introduction of a new product called, ‘the e-savings account’. The new account, an online-based savings account,

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

Alade

of Central Bank , Mr. Joseph Sanusi; former deputy governor of Central Bank Mr. Badamosi Oladimaji Otiti; Mr. Tunde Lemo, Oba of Lagos , Oba Rilwan Akiolu and Eze Green Nwankwo, among others. Mrs. Sarah Alade said that the roles CIBN has played in terms of its mandate and collaboration has been tremendous. While commending the role of the institute during Aina’s tenure, she said she hoped that the collaboration would continue in future. Otunba Subomi Balogun, in his remark, commended Dr. Aina for transforming and renovating the Bankers’ House, and establishing linkages with 24 universities. He said that the institute should endeavor to contribute to National issues of discourse, stressing that the Institute requires the visibility.

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

NITTY

Yield 12.86 13.33 13.35 13.42 13.38 13.53

Money Market Offer 11.85 11.85 11.80 Offer 163.38

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

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

Offer 163.5000 Source: FMDQ

international cards. Although the platform currently offers just one savings product, the bank has informed that other types of accounts will soon be made available to give consumers the opportunity to select the right type of account for their banking needs. To open an e-savings account, all that consumers need do, according to the statement, is to fill out a short form, which is both on the bank’s website and facebook page, and upload a recent digital passport photograph. If the information submitted passes the banks due process checks, the customer is then provided with an account number within minutes of completion and submission of the form. Speaking on this unique

initiative, the Head of Retail Banking of FCMB, Mr. Olu Akanmu, said, “We are proud to introduce the new online account opening platform to complement our wide range of value-added offerings. This new service provides customers with a fast, reliable, less cumbersome and convenient method of commencing a banking relationship through our corporate website and Facebook page”. He explained that what the platform offers amongst other advantages, cost effectiveness for both the customers and the bank, ‘’as well as exposing our potential and existing customers to the bank’s reliable and convenient alternative banking channels’’, such as debit cards, mobile banking, ATM etc.

‘How SMEs can play in oil & gas sector’

mall and Medium scale Enterprises (SMES) wishing to play in the Nigeria’s oil and gas sector have been advised to do their homework and try to understand the intricate operations of the industry locally and globally before venturing into it. Audrey Joe-Ezigbo, author and co-founder, Falcon Petroleum Limited, who gave the advice on Fidelity SME Forum, a weekly radio programme by Fidelity Bank Plc. Speaking on opportunities in the oil and gas sector and what it takes to build a successful partnership with a spouse, Ezigbo said the oil and gas industry is such a robust industry that most people just miss it. According to her, in gas business for instance, there is opportunity for producing, distributing or retailing LNP, LPG or natural gas. She noted: “There is opportunity in logis-

tics and so many other aspects. “There are lots of opportunities because it’s a very robust industry. There's so much going on now with the gas revolution, gas to power development etc.” Narrating how she was able to build the skill to establish success in the oil and gas sector, she said: “In terms of my background, I didn't have any in oil and gas or petroleum engineering. I actually studied microbiology as first degree. However, my passion was in the financial sector. It just wasn't something that was interesting to my parents then. So, once I finished, I immediately followed with the postgraduate degree and MBA. “In terms of being able to operate successfully in the niche, the call for business is around gas as well as EPL. Those are the two mainstream lines.

BUSINESS | STOCK WATCH

SUSTAINABILITY Can FCMB completely survive regulatory headwinds? Chris Ugwu

Sanctity of Truth

Monday, May 19, 2014

FCMB: Undervalued despite improved returns

n spite of First City Monument Bank Plc’s (FCMB’s) improvement in bottomline, market sentiments on the shares of the lender have not been appreciable as expected. Notwithstanding that bargain hunters remain firm on the outlook of the bank as an institution that will sustain higher returns on investment this year, its share price has recorded marginal loss year to date. FCMB is one of the banks that recorded considerable growth despite the pressure on interest income streams due to regulatory liquidity withdrawal through the increase cash reserve ratio during the period under review. The significant tightening of monetary policy stance has made it tougher for banks to deliver improved returns. Nevertheless, FCMB has beaten the odds with a combination of strategic focus. Also, the bank’s share price recorded minor losses year to date. The share price, which closed at N4.73 per share in June 2013, declined considerably, closing at N4.30 per share last Friday, indicating a decrease of 43 kobo or 9.09 per cent year to date. Challenges As the apex bank continuously tightens monetary policy environment, banks have struggled to improve their returns and will definitely face difficult times ahead. Analysts attributed the development to investors’ low tempo on taking positions on the tier two banks in anticipation of low returns. They noted that tier two banks not only need to have a clear strategic focus, but also need to communicate this clearly to investors. They said success in this area is a function of management having both clear strategic business goals and the right people in place to drive the communication process. Analysts at Renaissance Capital (RenCap), an investment and research firm said: “We think the tier two banks ideally must lead the drive into retail/Small and Medium Enterprises, given that they are structurally disadvantaged on funding costs, this is not the golden ticket. They need to realise that with the high level of market concentration at the top, tier two banks cannot compete successfully simply by replicating the tier one banks’ model on a smaller scale”. 2013 financials FCMB announced audited group financial results for the full year ended December 31, 2013 with a profit before tax of N18.2 billion for the full year, up by 12 per cent from N16.2

The group in a filing with the Nigeria Stock Exchange (NSE) reported a profit after tax of N4.8 billion during the year under review as against N4.1 billion reported in the corresponding period of 2013, representing an increase of 15 per cent. The pre-tax profit equally rose by 15 per cent, to N5.5 billion in 2014, from N4.8 billion in 2013. The gross earnings stood at N33.8 billion during the year under review in contrast to N31.4 billion posted in 2013, amounting to 8 per cent increase while net interest income appreciated by 25 per cent, from N13.1 billion in 2013 to N16.3 billion in 2014.

Balogun

billion for the same period in 2012. Profit after tax grew by 5 per cent to N 16.0 billion for the 12 months period ended December 2013, from N15.3 billion for the same period in 2012. Net interest income was N56.1 billion, for the full year 2013, an increase of 30 per cent year on year, from N 43.3 billion for the full-year of 2012. Return on Equity (ROE) was 11.6 per cent against 12.1 per cent for full year of 2012. Return on Asset (ROA) was 1.7 per cent against 2.0 per cent for full year of 2012. Earnings per share were 81 kobo against 77 kobo for full year of 2012. Profit drivers The company announced that the 2013 saw the Group recording appreciable growth in profits and dividend payments. Returns on average equity and average assets fell by 4.3 per cent and 16.6 per cent respectively, over the 2012 full year level, as a result of higher tax. The company had proposed a dividend payment of 30 kobo per share for the full year 2013. Group Managing Director/ CEO of FCMB Limited, Mr. Ladi Balogun, commenting on the results, said: “In spite of the challenging regulatory environment, which moder-

ated profit growth, 2013 saw our commercial and retail banking activities benefit greatly from the merger that was concluded in 2012. Specifically, the improved liquidity profile of the bank provided an adequate buffer against the cash reserve withdrawals, and the enlarged branch network enabled us to achieve over 66 per cent growth in retail loans, 22 per cent growth in current and savings account balances and acquire over 400,000 new customers.” FCMB’s focus in 2014 will be to improve operating efficiency, consolidating its position in retail lending, whilst also growing corporate and commercial banking volumes in strategic sectors of the economy, according to Balogun. Q1 2014 results The bank sustained the tem-

po during the current year as it recorded a growth of 15 per cent in profits during the first quarter ended, March 31, 2014.

Share price movement of FCMB Plc 2013 June 30

N4.73

July 31

N4.70

Aug 31

N3.80

Sept 30

N3.80

Oct 31

N3.73

Nov 30

N3.38

Dec 31

N3.69

2014

FCMB’s focus in 2014 will be to improve operating efficiency and consolidating its position in retail lending

Jan 31

N3.83

Feb 28

N3.58

Mar 31

N3.40

Apr 17

N3.54

May 9

N4.30

Analysts’ view Analysts at FBN Capital said that funding income was the main driver behind the growth in profitability: it grew 25 per cent y/y to N16.4billion, more than compensating for a muted result in non-interest income (-2.2 per cent y/y decline to N6.0bn). “As such, profit before provisions rose 16 per cent y/y to N22.4billion. This growth was strong enough to offset increases in both loan loss provision (from a low base) and operating expenses. Sequentially the growth was stronger than y/y changes, with PBT increasing by 61 per cent and PAT 43 percent. Again, the driver behind the growth was funding income, which rose 9 per cent q/q, but a sharp fall in loan loss provisions also helped. A 10 per cent q/q growth in net loans relative to a decline of 4 per cent q/q in deposits was supportive for funding income growth. Non-interest income fell 22 per cent q/q; however, we would not read too much into this given the lumpy nature of this revenue line,” they said. The analysts noted that relative to their forecasts, PBT was in line but PAT came in better than they were expecting by 10 per cent because of a lower tax charge and the positive result on the other comprehensive income line. “Judging by the fact that full year consensus PBT of N21.3billion is close to our published forecast of N21.8billion. We believe expectations for Q1 2014 PBT would have been similar to ours. We would not expect significant changes to full year consensus estimates as a result of the Q1 2014 results. For FCMB to deliver a meaningful increase in ROE in 2014 over and above the 11.3 per cent it reported in 2013, the next three quarters will have to be even stronger. Although the Q1 2014 results are healthy, we do not expect the market’s expectations for the full year to change. We expect the market’s reaction to be neutral to the results,” they said.

BUSINESS | CAPITAL MARKET REPORT 33

Sanctity of Truth

Monday, May 19, 2014

Market bounces back on firmer liquidity UPBEAT Stock market closes on optimistic track Chris Ugwu

otwithstanding that the stock market closed penultimate week with bearish sentiments; the market staged a recovery last week, breaking the jinx of the lull that characterised trading activities the previous week. Analysts had forecast that the uncertainty surrounding the market following massive sell off that most blue chip companies witnessed the previous week, will be over and stability would return during the week under review. Investors last Monday heaved a sigh of relieve as market sentiment turned green after the bears maintained stronghold on the floor of the Exchange contrary to expectations that the World Economic Forum (WEF) held in the country a fortnight ago would spur bargain hunters to take investment positions. The bulls The bulls made a sluggish return after investors’ wealth depreciated significantly following negative market sentiment last week as profit taking persisted. Specifically, at close of transactions Friday, the Allshare index rose slightly by 6.5 basis points or 0.016 per cent from 38554.19 recorded penultimate Friday to 38,560.69 while the market capitalisatioin inched up by N2 billion from N12.699 trillion to N12.701 trillion. The volume in the banking sub-sector of financial services sector dominated with 104.5 million shares worth N1.3 billion in 1,522 deals. The sector was driven by the activities in the shares of GTB and Fidelity Bank . Activities on the NSE were driven by the financial services sub-sector with the shares of FBHN Plc turning over of 54.2 million shares valued at N393.5 million in 861 transactions. At the end of trading, 28 stocks recorded gains as against 26 others that shed weight. Cutix led other gainers in percentage terms with 5 per cent to close at N1.89, while Portland Paints followed with a gain of 4.99 per cent to close at N4.63. Julius Berger added 4.98 to close at N71.91. At the close of business, investors exchanged a total of 230.2 unit of shares valued at N4.02 billion in 4728 deals. The bulls last Tuesday maintained their stronghold on the Exchange as major blue-chip companies joined the league of gainers, causing market capitalization and the All-Share Index to remain on the green zone.

DG, SEC, Aruma Oteh

Stakeholders’ perception Market watchers had attributed the resurgence of bulls to normal market forces, which usually occurs after profit takings by investors. The key benchmark indices maintained upward trends, as bargain hunters took positions majorly from Medium CAP stocks led by Fidson Health Care and Wapic Insurance, while continuous bargain activities witnessed in Conglomerates, Financial Services, Healthcare, Industrial Goods and Services sectors contributed to the outlook recorded last Friday. In the same vein, the market capitalisation of equities appreciated by N130 billion during the day. Specifically, at the close of business, the NSE All-Share Index rose by 394.33 points or 1.01 per cent to close at 38,955.02 from 38,560.69 recorded the previous day, while the market capitalization of equities grew to N12.831 trillion from 12.701 trillion, representing an increase of N130 billion or 1.01 per cent as market sentiments remained negative. At the close of transactions, 31 stocks appreciated in price during the day as against 16 that depreciated in value. Fidson Heath Care led the gainers’ table with 7 per cent to close at N2.60 per share, while Wapic Insurance followed with a gain of 5 per cent to close at 83 kobo per share. Red Star Express added 5 per cent to close at N4.62 among other price gainers. On the other hand, Custody Insurance led on the price losers’ table, dropping 4.66 per cent to close at N2.66 per share, while Costain WA Plc followed with a loss of 4.62 per cent to close at N1.24 per share. Courtiville Business Solution shed

DG, NSE, Oscar Onyema

4.23 per cent to close at 68 kobo, among other price losers. Investors’ hope continued to glow on Wednesday on the back of the bullish tendencies on the Exchange as bargain hunters taking positions on equities further dominated the trading activities. Market pundits had predicted that the stock market would return to northward movements, riding on the back of low priced stocks occasioned by bear run last week. The Nigerian equities market had continued its general northwards price movement, as investors’ sentiment on equities remained green following a 0.47 per cent gains recorded by the twin market indices, NSE All Share Index and Market Capitalisation. Consequently, at the close of transactions, market capitalisation increased by 0.47 per cent or N60 billion from N12.831 trillion traded on Tuesday to N12.891 trillion on Wednesday. Also, the NSE All Share Index (ASI) appreciated by 183.96 basis points or 0.47 per cent to 39,183.98 points from 38,955.02 points recorded in the previous day. Further review of the trading showed that investors bought 435.7 million shares worth N5.5 billion in 4,949 transactions. At the close of transactions, 28 stocks appreciated in price during the day as against 22 that depreciated in value. Wema Bank led the gainers’ table with a gain of 6.45 per cent to close at 99 kobo per share, while Fidson Heath Care followed with a gain of 5 per cent to close at N2.73 per share, and Portland Cement added 4.97 per cent to close at N4.86 among other price gainers.

Negative sentiments Negative sentiments returned to the market last Thursday in spite of the three days gain recorded in the stock market .The bullish tempo retreated, as gains recorded the previous day were totally submerged. Market watchers believed that bargain hunters rescinded from position taking to take profits from the gains recorded the previous days. This led to the loss of some points, culminating in the market returning to the red territory following sell pressure on blue chip companies. The twin market performance measures - the NSE ASI and market capitalisation, dropped by 0.34 per cent as the market tempo lowered. At the close of trading in the day, 20 stocks recorded price appreciation, while 32 others constituted the losers’ table. The All-Share Index dropped by 181.51 basis points or 0.47 per cent from 39, 957.47 on Wednesday to close at 38,957.47, while the market capitalisation dropped by N60 billion or 0.47 per cent just as in the previous day, from N12.891 trillion to N12.831 trillion.

Five most capitalized stocks@ May 16, 2014 Dangote Cement Plc

N3.8tn

Nigeria Brewery Plc

N1.2 tn

Nestle Nig Plc N852.1bn GTB Plc

N797.5bn

Further analysis of the day’s trading showed that the shares of refined petroleum products marketer, Forte Oil, firmed by N5.95 to close at N155.95 per share while industry rival, Total Nigeria, rose by N1.00 to close at N155.00. Similarly, financial services stocks, Ecobank Transnational Incorporated, Zenith Bank and First City Monument Bank, rose by N0.95 N0.20 and N0.10 to close at N14.30, N23.50 and N4.19 respectively. The Nigerian Bourse closed last Friday on a bullish rally in spite of sell off witnessed in some blue chip companies. Key market parameters, the NSE ASI and market capitalisation rose by 0.15 per cent as bulls held sway. Seplat petroleum, an indigenous upstream and downstream player in the Nigerian oil/gas industry, rose by N4.99 to close at N640.00 per share. Also, makers of alcoholic beverages, Guinness Nigeria, International Breweries and Nigerian Breweries, firmed up by N3.00, N0.60 and N0.55 to close at N180.00, N25.60 and N163.05 respectively. Finally, cement players, Dangote Cement, Lafarge Cement Wapco and Ashaka Cement, all rose by N2.69, N0.68 and N0.15 even as they closed at N223.00, N112.50 and N9.70 per share respectively. Shares of downstream oil/ gas players, Mobil Nigeria, plunged by N1.74 to close at N119.06. Similarly, commercial banking giant, Zenith Bank, lost N0.55 to close at N22.95 per share while shares of Guaranty Trust Bank fell by N0.42 to close at N27.10 per share. Shares of Ecobank Tansnational Incorporated and Access Bank shed N0.30 each to close at N14.00 and N9.55 respectively.

Insurance Nigeria’s weak insurance aiding terrorism menace –Expert 34

Sanctity of Truth

Monday, May 19, 2014

INSURGENCY Underwriters should design lobbying strategies compelling government to prevent terrorism Sunday Ojeme and Abdulwahab Isah

n 2011, the Nigerian insurance sector witnessed for the first time the need to pay large claims resulting from insurgency-based risks to the Nigeria Armed Forces. Unlike in the past when claims for the military and police merely sprang up from robbery attacks, death through road crashes while on duty and other minor and negligible losses, the emergence of the dreaded terrorist group, Boko Haram, is gradually redefining underwriting approach to issues in a once peaceful environment. The development is already attracting global attention as investors consider their personal safety and the ability to recoup their losses through insurance in the event of crisis. Sequel to the ominous atmosphere, a recent view espoused by a United Kingdom–based risk analyst, lawyer and management consultant, Mr. Kachi Okezie, revealed that the Nigerian insurance sector needs to do more beyond waiting to pay claims especially now that the country is being confronted with a new form of deadly threat (terrorism). New approach For a long time, the insurers had maintained a conservative stance in their approach to product design, marketing and development of the sector save for the 2006 consolidation that jolted them into the global realities of the industry. In spite of the new order engendered by the consolidation, terrorism-based risks were probably never part of their imagination. Little wonder that between 2010 and 2011 when insurgency took its toll on the Nigeria Police Force’s facilities in the northern part of the country, the claims report from that incident stunned the insurer, who probably had never paid claims beyond a cover for a maximum of five policemen who died in motor accident or killed by bandits. The development compelled the insurer in charge of the Nigeria Police Group Life policy to speak up over the rising claims being paid to the families of policemen who were now dying from terrorist attack. In 2011, the armed forces received over N300 million from the entire Group Life claims, which totaled about N1.95 billion, representing about 15 per cent of the entire claims paid on losses from various sectors. The figure represented claims paid in 2011 only while the data for 2012 and 2013, a period that also recorded high casualty are yet to be compiled. It will be recalled that in 2011 alone, several military facilities in the North East were attacked by members of the Boko Haram insurgents leading to the death of some military personnel and members of their families. After 2011 when that amount was paid out, more devastating blows including

Commissioner for Insurance Mr Fola Daniel

Managing Director Niger Insurance Plc Mr Kola Adedeji.

Chairman Nigerian Insurers Association Mr Remi Olowude

Mrs. Cecilia Osipitan MD.CEO GNI PLC

death of more personnel and destruction of military hardware have been dealt on the armed forces, a pointer to the fact that more claims would be paid to the military by the underwriters.

prospect of cutting the links betweenreligion and politics, a recurring theme throughout Nigeria’s history. Last month, another top rating agency, Standard and Poor’s (S&P) said Nigeria’s property and casualty insurance sector carried a high industry and country risk assessment. The agency said that political risk was likely to increase with infighting within the ruling People’s Democratic Party leading up to the 2015 elections. S&P said the country offered a “difficult operating environment” for property and casualty insurers, with political tension, low levels of economic development outside of the oil sector, and significant infrastructure shortfalls. Insurance industry risks are ‘moderate’, which S&P said reflects “good

Experts' perspective Only last week, renowned risk assessor, Maplecroft, in its latest risks analysis, gave Nigeria an ‘extreme’ risk rating, saying the country received an ‘extreme risk’ in its conflict and political violence index (CPVI) for the fifth year running due to persistent insecurity, including increasing risks of kidnapping and piracy. Maplecroft, world’s leading global risk analytics, research and strategic forecasting company, offers an unparalleled portfolio of risk indices, interactive maps, expert country risk analysis, risk calculators, scorecards and dashboards. It described Nigeria as a country in an almost permanent state of crisis since independence in 1960, with doubts over the country’s ability to survive as a single, viable state. The report also highlights ethnic clashes relating to land ownership disputes, which are prevalent in the ‘Middle Belt’ region where Muslim and Christian communities live in close proximity. Likewise, the Niger Delta continues to be beset by militant and criminal activities. There appears to be no immediate

In spite of the new order engendered by the consolidation, terrorismbased risks were probably never part of their imagination

historical and prospective profitability”. However, the report added that violence and corruption had the potential to cause volatility. “There is potential for growth but the industry needs to overcome significant challenges to achieve this,” said S&P. “We see the regulatory framework as negative to our assessment because we consider regulatory oversight, governance, and transparency to be weak. That said, we anticipate that the market will benefit from the ongoing industry and regulatory changes.” Describing the sector as very weak and detached from the realities that could help in curtailing the menace of terrorism in the country, Okezie, who visited the country to participate in the just concluded World Economic Forum, said that the current state of terrorism in the country could have been curtailed, had there been a robust and fit-for-purpose insurance industry. He said in advanced societies, the insurance industry is a major deterrent to negligence by both public authorities and the general public. Lobby group According to him, “The insurance industry is well known for its powerful lobbies all over the world. In the UK, the industry has forced non-performing police chiefs from office for failing to curb rising crimes such as burglary which hurt the industry’s finances the most. “Despite its avowed refusal for decades, to talk to the IRA, analysts believe the bombing of the City of London (the Square Mile), heart of the global financial centre and traditional home of Lloyds, the world’s premier insurer, marked the turning point which forced the government to the table, resulting in the peace process; all in response to pressure from the insurance industry who threatened to decline further pay-outs to victims.” “Aside of individual cover, the government’s own responsibility is captured in the Criminal Injuries Compensation Scheme (2001) administered by theCriminal Injuries Compensation Authority under which compensation is payable to anyone (regardless of their nationality) who has sustained a criminalinjury on or after August 1 1964. A 'criminal injury' is defined under the scheme as being "one or more 'personal injuries' directly attributable to a crime of violence which has been sustained in Great Britain" and includes both physical and mental injuries. “Imagine how differently government, the business community and individuals would behave were they under pressure from the insurance industry. People would think more about risk and compensation. Do you think some of the obvious lapses we’ve seen in the Federal Capital Territory and beyond would exist if the administrations had been slapped with a bill for $100 million each time an incident happened?” He called on all those countries who have voiced their support for Nigeria to back their words with action and revise their negative travel advice on Nigeria, saying, “That’s what determines insurance risk assessment for the country, not sweet words on CNN.”

BUSINESS | INSURANCE

Sanctity of Truth

Monday, May 19, 2014

British brokers admit Nigerians as affiliate members

he image and credibility of the Nigerian insurance sector have been given a boost with the admission of the Nigerian Council of Registered Insurance Brokers (NCRIB) by the British Insurance Brokers Association (BIBA) as affiliate members. A statement to this effect released by the Director Corporate Affairs NCRIB, Mr. Tope Adaramola, said the affiliation had paved way for better exchange of market information and human capital development between the two professional institutions. The statement quoted the Chairman of BIBA, Lord Hunt, as saying that through the synergy, the two professional bodies could now latch on each other’s strength to grow insurance brokering in their different jurisdictions. Hunt, who was a former UK Science Minister, opined that the contemporary challenge of technology and global business had placed insurance business at the centre stage in the scheme of things, necessitating the dire need for strong international synergies across

insurance professionals in the world. Hunt noted that the world of insurance and pensions have become highly complicated and as a result made insurance brokers and similar intermediaries more relevant than they had ever been. He said that the market basis between UK and Nigeria was similar in so many ways; hence the two climes must look unto each other for continuous guidance. President of NCRIB, Ayodapo Shoderu, said the need to grow the Nigerian insurance broking practice across international borders informed his administration’s focus on global synergies, noting that the new BIBA affiliation will provide a leeway for insurance brokers under the aegis of the Council to develop greater capacity. He appreciated BIBA for acceding to the request for affiliation which was made during his recent visit to the Association, noting that the development would place NCRIB and its members in a better pedestal in terms of professionalism and market exposure.

CIIN boss laments dearth of qualified personnel

he President and Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN), Mr. Fatai Lawal, has flayed the appalling number of qualified personnel in the insurance sector, saying that the figure is a far cry considering the country’s population. Lawal, who spoke while making donation of computers to some tertiary institutions, said with a population of about 160 million in the country, the insurance industry had just 3,500 professionally qualified practitioners. He said, “Getting only 3,500 educated out of this figure is a far cry. The only way we can get insurance to penetrate every nook and cranny of this country is to get more people involved as crusaders for insurance. This, we believe is the way to go. “Therefore, the donation of Computer Systems to tertiary institutions today is not only significant as a landmark commitment to our growth agenda, it also forms the final part of a series of actions geared at accelerating the empowerment of institutions offering insurance courses across Nigeria.” He reaffirmed that CIIN was continually committed to the actualisation of its statutory responsibilities as enshrined in Decree No: 22 (Now Act) of 1993 of the Federal Republic of Nigeria chief among is the determination of the standards of skill and knowledge for the ethical and professional delivery of insurance services in Nigeria. He said the promotion of insurance education was not only a key to unlocking the huge potential of the industry but also a means of opening the doors to the younger generation who

represented the insurance practitioners of tomorrow. He pointed out that although the life of his administration commenced on June 14, 2013 the institute had worked concertedly towards the actualisation of his five-point agenda which are production of insurance textbook for secondary schools to actualise Federal Government approval of insurance as a course of study in “O-Level” examination, support for accredited tertiary institutions offering insurance to enhance their capacity to offer quality education, reinforcement of activities at the College of Insurance and Financial Management at Asese Village along Lagos-Ibadan Expressway, completion of the ongoing restructuring of the Institute’s Secretariat to enhance operational efficiency and effective service delivery and the resuscitation of the Institute’s Victoria Island building project.

L-R: Vice President, Nigerian Council of Registered Insurance Brokers (NCRIB), Shola Tinubu; President, Ayodapo Shoderu; Chairman, British Insurance Brokers Association (BIBA), Lord Hunt; Kayode Okunoren; during the 2014 BIBA Conference in Manchester, United Kingdom.

Okonjo-Iweala hails Africa’s first-ever insurance pool CAUTION Africans create a more effective channel to spend foreign aids in the event of recurring disasters

Sunday Ojeme

WITH AGENCY REPORT

igeria’s Minister of Finance, Mrs. Ngozi Okonjo-Iweala, has applauded the creation of the firstever African catastrophe insurance pool, describing it as a transformative moment in the continent’s efforts to take ownership and use aids more effectively. Iweala, who is the Chairman of African Risk Capacity (ARC), a specialised agency set-up by the African Union to help member states become more resilient to extreme weather events and to protect food insecure populations, said the move “is an unprecedented way of organising ourselves with our partners, with Africa taking the lead – taking our collective destiny into our

own hands, rather than relying on the international community for bailouts.” The ARC catastrophe insurance pool aims to help governments’ in Africa to reduce their reliance on external aid in the event of natural catastrophes. At the moment international assistance is secured through an appeals system and then allocated on a largely ad hoc basis after a disaster strikes. As a result, African governments affected by disasters can be forced to reallocate funds from essential development projects to crisis responses, which can create funding problems in other areas of their economies and negatively affect GDP. The catastrophe insurance pool has been established to enable parametric insurance policies to be sold to African countries, providing them with post-disaster event financing which is predictable and has a rapid payout mechanism due to the parametric nature of the policies. The ARC Agency has created a specialist hybrid mutual insurance company, ARC Insurance Company Limited (ARC Ltd), which is initially

Allianz Q1 operating profit down

llianz SE, Europe’s biggest insurer, said profit at its asset management unit, which includes Pacific Investment Management Co., slid 29 per cent on client withdrawals, fueling a decline in total earnings. Net income in asset management dropped to 406 million euros ($557 million) in the first quarter from 568 million euros reported a year earlier, the Munich-based insurer said in a statement today. Pimco had net outflows of 21.7 billion euros, while Al-

lianz Global Investors had net inflows of 1.9 billion euros. Michael Diekmann, 59, Allianz’s chief executive officer, had to defend Newport Beach, California-based Pimco at the insurer’s annual general meeting in Munich last week against shareholder criticism over declining returns and management infighting. Pimco has been a very profitable investment since the German insurer took it over in 1999, Diekmann said. Pimco’s performance fees

in the first quarter of last year were boosted by nonrecurring carried interest from “certain private funds,” Allianz said in February. “As expected, the results in asset management came in lower, but the business is in line with our target for the year,” Allianz Chief Financial Officer Dieter Wemmer said in the statement. “Given its solid performance and the outperformance of both of our insurance segments, we remain on track to achieve our operating profit outlook.”

members of the mutual. To begin with ARC has issued parametric insurance policies with a value of approximately $135m. The policies will cover drought and each has been tailored to meet the needs of the covered African country. In addition to its own capital, ARC Ltd has secured reinsurance capacity totaling $55 million the international reinsurance and weather risk markets in order to cover the parametric risks it is taking on from the participating countries. By pooling the risks from the group of African countries it enables the reinsurance protection to be secured at a cheaper cost, making the whole project feasible. By pooling risk across countries within a region, the reinsurance market will typically give a better price than reinsuring the countries individually. It’s interesting that there is an element of weather risk cover included. We could make an educated guess as to who may be involved on the other side of that portion of the reinsurance cover. Using weather risk transfer products to provide some of the hedging makes sense as the covered peril is drought risks. There are markets which can provide this cover more cheaply than traditional reinsurers which may have helped to keep the costs of risk transfer down. Speaking on the launch, Kenya’s Cabinet Secretary for the National Treasury, Mr.Henry Rotich, said droughts undermined the continent’s hardwon development gains, just as Africa is beginning to realise its vast potential. He said, “ARC will help us build resilience among vulnerable populations, protect our agriculture investments, thereby increasing productivity, as well as promoting fiscal stability by preventing budget dislocation in a crisis."

BUSINESS | INSURANCE

Sanctity of Truth

Monday, May 19, 2014

British brokers admit Nigerians as affiliate members

CIIN boss laments dearth of qualified personnel

Okonjo-Iweala hails Africa’s first-ever insurance pool CAUTION Africans create a more effective channel to spend foreign aids in the event of recurring disasters

Sunday Ojeme

WITH AGENCY REPORT

Allianz Q1 operating profit down

36 BUSINESS | I FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, May 19, 2014

FMDQ Daily Quotations List

16-May-14

Bonds FGN Bonds

Price

Rating/Agency

Issuer

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

45.00 100.00 535.00 470.27 452.80 20.00 100.00 300.00 351.30 233.90 600.00 110.00 75.00 150.00 200.00 591.57

TOTAL OUTSTANDING VALUE Rating/Agency

AMCON FMBN

Bid Price

Offer Price

0.12 0.37 0.94 2.25 2.95 3.20 3.29 4.04 5.12 5.44 7.70 9.83 14.54 15.02 15.52 16.19

10.12 10.70 11.44 12.04 12.00 11.96 11.96 12.02 12.18 12.17 12.61 12.57 12.89 12.93 12.97 13.08

8.91 10.28 10.84 11.96 11.94 11.84 11.85 11.92 12.11 12.08 12.56 12.52 12.85 12.88 12.91 13.03

99.85 99.44 93.55 101.90 107.50 94.50 93.02 95.85 114.20 79.85 118.20 109.00 113.67 97.10 70.44 79.45

100.00 99.59 94.05 102.05 107.65 94.80 93.32 96.15 114.50 80.15 118.50 109.30 113.97 97.40 70.74 79.75

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

4,334.84

Issuer

Agency Bonds

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

0.46 1.02 1.51 2.57 2.93 3.14

1.00 2.63 2.27 2.00 3.20 1.00

11.83 14.15 13.97 13.91 15.14 12.95

94.88 86.95 104.53 95.95 89.32 91.93

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

0.22 0.42 1.29 0.90 1.19 1.20 2.93 1.76 3.63 2.60 4.39 2.60 2.60 3.18 3.25 5.52 3.22 3.93 6.53 6.63 3.93 3.97

1.56 1.34 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00 1.21 1.00 1.00 1.94 2.74 2.74 1.00 1.94 1.44 1.95

11.87 12.07 16.06 14.62 16.04 15.07 17.53 12.78 13.78 13.71 13.05 12.91 13.12 12.96 12.96 14.12 14.70 14.75 13.36 14.31 13.45 13.97

100.37 100.71 95.93 99.07 97.95 100.84 83.30 101.76 100.57 100.75 103.06 103.57 114.81 103.90 106.52 101.40 100.16 100.01 100.60 102.83 112.03 111.68

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 14-Nov-20

0.39 0.59 0.63 0.77 0.85 0.93 2.37 2.44 3.38 1.99 2.15 2.32 2.32 4.35 2.42 2.51 6.50

1.00 5.21 8.71 4.88 1.00 2.63 1.00 1.34 4.52 1.88 3.48 5.20 5.06 1.00 2.29 6.11 2.76

11.68 16.24 19.78 16.13 12.34 14.07 12.90 13.24 16.49 13.75 15.36 17.09 16.95 13.05 14.19 18.02 15.11

99.88 98.48 98.36 95.77 99.89 100.36 100.17 102.02 91.19 108.46 101.31 101.96 101.96 103.05 103.17 98.35 100.56

11-Feb-18

3.74

1.00

13.00

91.87

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 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# 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 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 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 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 2.05

TOTAL OUTSTANDING VALUE

175.67

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE Rating/Agency

12.00 Issuer

Description

Issue Date

Coupon (%)

Issue Value ($'mm)

Maturity Date

Bid Yield (%) Offer Yield (%)

FGN Eurobonds

Prices & Yields

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

FGN

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

4.95

4.79

110.12

111.07

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

4.23

4.01

103.37

104.20

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

5.37

5.25

107.19

108.11

TOTAL OUTSTANDING VALUE

1,500.00

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

AFREN PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

4.09

3.47

112.00

113.10

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.35

4.68

104.03

105.31

GTBANK PLC ACCESS BANK PLC FIDELITY BANK PLC AFREN PLC ZENITH BANK PLC FIRST BANK PLC AFREN PLC

6.00 NOV 08, 2018 7.25 JUL 25, 2017 6.88 MAY 09, 2018 10.25 APR 08, 2019 6.25 APR 22, 2019 8.25 AUG 07, 2020 6.63 DEC 09, 2020

08-Nov-13 25-Jul-12 09-May-13 08-Apr-12 22-Apr-14 07-Aug-13 09-Dec-13

6.00 7.25 6.88 10.25 6.25 8.25 6.63

400.00 350.00 300.00 300.00 500.00 300.00 360.00

08-Nov-18 25-Jul-17 02-May-18 08-Apr-19 22-Apr-19 07-Aug-20 09-Dec-20

6.36 6.98 8.45 5.30 6.36 7.19 6.33

6.05 6.67 7.90 4.92 6.19 6.76 6.10

98.62 100.75 94.80 113.39 99.55 103.78 101.13

99.80 101.63 96.58 114.13 100.25 105.38 102.04

TOTAL OUTSTANDING VALUE **Treasury Bills DTM 13 20 34 41 48 55 62

Maturity 29-May-14 5-Jun-14 19-Jun-14 26-Jun-14 3-Jul-14 10-Jul-14 17-Jul-14

3,460.00 Bid Discount (%) 9.60 9.75 9.75 9.80 9.85 9.75 9.80

Offer Discount (%) 9.35 9.50 9.50 9.55 9.60 9.50 9.55

Bid Yield (%) 9.63 9.80 9.84 9.91 9.98 9.90 9.97

FIXINGS

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 10.6917 12.1636 13.1018 14.2565

Tenor

Rate (%)

OBB

10.58

O/N Tenor Call

10.75

REPO

Rate (%) 10.67

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M

162.30 162.67 162.93 163.53 164.68

162.40 162.95 163.31 164.26 166.02

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

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

16.00 7.00 16.39 14.20 15.00 12.49 8.50 10.00

351.30 233.90 600.00 110.00 75.00 150.00 200.00 591.57

TOTAL OUTSTANDING VALUE Rating/Agency

Description

AMCON

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

FMBN

***LCRM

TOTAL OUTSTANDING VALUE

A/Agusto

KWARA

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

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

AAA/S&P

IFC

A-/GCR May&Baker plans NIGER fresh A+/Agusto KADUNA A/Agusto to enhance *EBONYI capital Nil *BENUE operations A+/Agusto *IMO

Stories by Chris Ugwu

n order to strengthen its operations, May & Baker Nigeria Plc is considering raising fresh capital through rights issue and private placement. Managing Director of the company, Mr. Nnamdi Okafor, said the plan is to enhance comTOTAL OUTSTANDING VALUE pany’s profitability and boost Corporateoperations. Bonds business A+/Agusto; AA/GCR WAPCO While fielding LAFARGE questions Aa/Agusto GTB µshareholdfrom journalists at a Nil NGC ers’ facility tour for*UPDC the comBbb-/Agusto A-/Agusto pany’s new Pharma*FLOURMILLS Centre in BB+/GCR *CHELLARAMS Lagos at the weekend, Okafor A+/Agusto; A-/GCR NAHCO explained that the proceeds of A-/Agusto FSDH the offer would be used A/GCR UBAto shore *C & I LEASING upBBB-/GCR the company’s working capiBB+/GCR *DANA# talBBB+/DataPro†; to enable it compete favour# A-/DataPro†; BB-/GCR able in the industry. *TOWER AAA/DataPro†; A+/GCR *TOWER# “We are not going into any A/Agusto; A/GCR UBA Bbb+/Agusto; BBB+/GCR major capital investment any *LA CASERA BBB-/DataPro†; more. WhatBB+/GCR we are*CHELLARAMS going to# A+/Agusto; A-/GCR NAHCO do is to shore up our working TOTAL OUTSTANDING VALUE capital so that we will be able to Supranational Bondin the market compete strongly

114.50 80.15 118.50 109.30 113.97 97.40 70.74 79.75

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

0.46 1.02 1.51 2.57 2.93 3.14

1.00 2.63 2.27 2.00 3.20 1.00

11.83 14.15 13.97 13.91 15.14 12.95

94.88 86.95 104.53 95.95 89.32 91.93

BUSINESS | FINANCIAL MARKET NEWS 37

and be able to deliver value to shareholders. The money will 14.00 KWARA 5-AUG-2014 be14.00 majorly for working capital. NIGER 15-OCT-2014 12.50 KADUNA 31-AUG-2015 He added that the proceeds 13.00 EBONYI 30-SEP-2015 would be used to strengthen the 14.00 BENUE 30-JUN-2016 company’s core business areas, 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 which include; Pharma centre, 13.75 BAYELSA 30-JUN-2017 foods, beverages, international 14.00 EDO 31-DEC-2017 partnership and biovaccines. 14.00 DELTA 30-SEP-2018 14.00 II 4-OCT-2018 On NIGER the amount to be raised, 14.50 EKITI 09-DEC-2018 Okafor explained that the com14.00 NIGER III 12-DEC-2018 pany’s boards are yet to make a 15.50 ONDO 14-FEB-2019 decision on 02-OCT-2019 that but. He howev15.50 GOMBE LAGOS 22-NOV-2019 er,14.50 added that the company was 14.75 OSUN 12-DEC-2019 considering to raise between 14.75 OSUN II 30-SEP-2020 N2billion toIVN3 billion. 13.50 LAGOS 27-NOV-2020 15.00 KOGI 31-DEC-2020 He noted: “We are looking at 14.50 EKITI II 31-DEC-2020 rights issue and private place15.00 NASARAWA 06-JAN-2021 ment because we don’t think it is right for us to go for public offer this time.” 11.50 LAFARGE WAPCO 7-OCT 2014 Okafor explained that the 13.50 GUARANTY TRUST 18-DEC-2014 company has shut down Ikeja 17.00 NGC 31-DEC-2014 10.00 UPDC 17-AUG-2015 area factory , noting that it has 12.00 FLOURMILLS 9-DEC-2015 to the moved all the products 14.00 CHELLARAMS 06-JAN-2016 new Pharma centre. 13.00 NAHCO 29-SEP-2016 He added that 100 per cent of 14.25 FSDH 25-OCT-2016 the13.00 company’s manufacturing UBA 30-SEP-2017 18.00 C&Iis LEASING process being30-NOV-2017 carried out in DANA 9-APR-2018 theMPR+7.00 new factory . MPR+7.00 TOWER 9-SEP-2018 “The board has not decided MPR+5.25 TOWER 9-SEP-2018 whether sell or lease the fa14.00 UBAto II 22-SEP-2018 15.75 LAin CASERA 18-OCT-2018 cilities the Ikeja factory ofMPR+5.00 17-FEB-2019 fice but ifCHELLARAMS we haveII good offer, 15.25 NAHCO II 14-NOV-2020 we would like to sell it,” he said. He explained that the company experienced some difficul10.20 IFC 11-FEB-2018

ties during the construction of the new pharmaceutical 05-Aug-09 14.00 factory in Ota, Ogun state. 14.00 15-Oct-09 31-Aug-10 This, according to12.50 him, was 30-Sep-10 13.00 complicated with the imple30-Jun-11 14.00 mentation 30-Jun-09of IFRS accounting 15.50 19-Apr-10 10.00 system in 2012. 30-Jun-10 “I 30-Dec-10 wish to thank 13.75 the share14.00 holders for their patience and 30-Sep-11 14.00 04-Oct-11 14.00 understanding. I believe that 09-Dec-11 14.50behind the worst days are now 12-Dec-13 14.00 us and that our company will 14-Feb-12 15.50 progressively begin 02-Oct-12 15.50 to deliver 22-Nov-12 better returns.14.50 We have 12-Dec-12 14.75 already started taking steps 30-Sep-13 14.75 to reverse of 27-Nov-13the loss position 13.50 31-Dec-13 2013 and bring back15.00 to profit31-Dec-13 14.50 ability . 06-Jan-14 15.00 “These measures include strategies to sustain revenue growth through more aggres07-Oct-11 11.50 sive 18-Dec-09 marketing and product 13.50 initiatives, efficient manage01-Apr-10 17.00 ment,17-Aug-10 enhancing working cap10.00 09-Dec-10 ital and aggressive 12.00 reduction 06-Jan-11 in overheads costs. 14.00 29-Sep-11 13.00 “We expect that in the next 25-Oct-13 14.25 couple of months, we 30-Sep-10 13.00should 30-Nov-12 18.00 be able to scale through the 09-Apr-11 16.00 first stage of bagging a World 09-Sep-11 18.00 Health Organization (WHO) 09-Sep-11 16.00 pre- qualification and look for22-Sep-11 14.00 ward18-Oct-13 to fast tracking 15.75 the second 17-Feb-12 and final stage and 17.00 before the 14-Nov-13 15.25 end of the year, we would have our products pre/qualified.” he said. 11-Feb-13

10.20

Abbey Mortgage declares N509m loss Issuer

Description

Issue Date

FGN Eurobonds

rimary mortgage firm, Ab- enue dropped from N2.120 mil6.75 JAN 28, 2021 bey Mortgage Bank Plc at lion in 2012 to N1.321 million. BB-/Fitch; the weekend declared a FGN loss Also, in the5.13 first 2014 JULquarter 12, 2018 BB-/S&P of BB-/Fitch; N509 million in its 2013-au- report of the primary mortgage 6.38 JUL 12, 2023 BB-/S&P dited year-end. company released Friday, on TOTAL OUTSTANDING The company in VALUE 2012 year the Nigerian bourse for the peend posted a profit after tax riod ended March 31, 2014, PAT Corporate Eurobonds (PAT) of N219 millionAFREN compared declined 25.16 per cent to N15.1 11.50 FEB 01, 2016 B-/S&P; B/Fitch PLC I with a loss of N509 GTBANK million in million recorded in 2014 from PLC I 7.50 MAY 19, 2016 B+/S&P; B+/Fitch the review period of GTBANK 2013. PLC N18.9 million6.00 during the comNOV 08, 2018 Abbey in a filing with 2013. 7.25of JUL 25, 2017 B+/S&P ACCESSNigeBANK PLC parable period 6.88 MAY 09, 2018 from B/S&P; B/Fitch rian Stock Exchange FIDELITY (NSE) also Revenue also dipped BANK PLC APR 08, million. 2019 B/Fitch that the company’s AFREN PLC showed rev- N447 million10.25 to N309 BB-/Fitch; B+/S&P

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

114.20 79.85 118.20 109.00 113.67 97.10 70.44 79.45

Issue Value (N'bn)

TOTAL OUTSTANDING VALUE Rating/Agency

12.11 12.08 12.56 12.52 12.85 12.88 12.91 13.03

Coupon (%)

May&Baker mulls raising capital Sub-National Bonds BOOST

12.18 12.17 12.61 12.57 12.89 12.93 12.97 13.08

Issue Date

Sanctity of Truth

5.12 5.44 7.70 9.83 14.54 15.02 15.52 16.19

4,334.84

Issuer

Monday, 19, 2014 AgencyMay Bonds

29-Jun-19 23-Oct-19 27-Jan-22 14-Mar-24 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30

ZENITH BANK PLC FIRST BANK PLC AFREN PLC

6.25 APR 22, 2019 8.25 AUG 07, 2020 6.63 DEC 09, 2020

idelity Bank 05-Aug-14Plc is rais0.22 ing its play in the retail, 15-Oct-14 0.42 31-Aug-15 commercial and small1.29 and 30-Sep-15 0.90 medium enterprises sector, 30-Jun-16 1.19 where opportunities abound 30-Jun-16 1.20 19-Apr-17 for higher returns, John 2.93 Obi, 30-Jun-17 1.76 executive director, corporate 31-Dec-17 3.63 bank, has said. 30-Sep-18 2.60 04-Oct-18 He said corporates are4.39 wit09-Dec-18margins. 2.60 nessing shrinking 12-Dec-18 2.60 The new policy does not mean 14-Feb-19 3.18 that Fidelity02-Oct-19 is de-emphasising 3.25 22-Nov-19 5.52 its operations in the corporate 12-Dec-19 3.22 sector, but will seek to operate 30-Sep-20 3.93 along the entire value chain 27-Nov-20 6.53in 31-Dec-20 each industry to maximise6.63 the 31-Dec-20 opportunities emerging in3.93 the 06-Jan-21 3.97 areas where it operates, Obi ex572.90 plained in an interview in Lagos at the weekend. 11.80 07-Oct-14 0.39 In a report18-Dec-14 obtained from the 13.17 0.59 The Cable news, the bank will 2.00 31-Dec-14 0.63 use 15.00 its operations 17-Aug-15in the corpo0.77 37.50 sector to 09-Dec-15 rate complement0.85 the 1.50 06-Jan-16 0.93 new initiative, he added. “ As it 15.00 29-Sep-16 2.37 is now, retail25-Oct-16 and commercial 5.53 2.44 banking and SMEs appear 20.00 30-Sep-17 3.38to 0.94the game30-Nov-17 1.99 be changer because 8.01 2.15 the margins 09-Apr-18 in lending to these 3.63 09-Sep-18 2.32 ones are much higher than 1.00 09-Sep-18 2.32 margins in lending to corpo35.00 22-Sep-18 4.35 3.00 18-Oct-18 2.42 rates,” Obi said. 0.54 17-Feb-19 2.51 “Once you get the right 2.05 6.50 structure to14-Nov-20 work with them, 175.67 you find out that it makes life much easier for you.” Margins 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

12.00

11-Feb-18

3.74

that the product origination Maturity Date Yield (%) was in keeping with theBid bank’s mission to provide affordable housing finance to enable their 500.00 4.95 customers to28-Jan-21 own their homes. “Our mission 500.00 12-Jul-18in mortgage 4.23 banking business is to pro500.00 12-Jul-23 5.37 vide homes to a vast number 1,500.00 of Nigerians through well designed mortgage products and services that offer indi450.00 01-Feb-16 4.09 viduals, real19-May-16 estate promoters 500.00 5.35 and housing08-Nov-18 cooperatives well400.00 6.36 structured and competitively 350.00 25-Jul-17 6.98 300.00 02-May-18 8.45 priced houses and mortgage 300.00 08-Apr-19 5.30 products”, she said.

Issue Value ($'mm)

Abbey had launched a new 07-Oct-11 6.75 product to help low-income earners become homeowners. 18-Dec-09 5.13 The new product, known 01-Apr-10 6.38 as Abbey Home Account, the bank said, intend to simplify homeownership, pointing out that it is also aimed11.50 to enable 01-Feb-11 all classes of home seekers to 19-May-11 7.50 buy or build their own 08-Nov-13 6.00 homes without stress. 25-Jul-12 7.25 09-May-13Head of Marketing, 6.88 Abbey’s 08-Apr-12 10.25 Joy Coker-Akpojaro, disclosed 6.25 8.25 6.63

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

1,304.32

12.00

Coupon (%)

22-Apr-14 07-Aug-13 09-Dec-13

Fidelity refocuses as corporate margins narrow

500.00 300.00 360.00

22-Apr-19 07-Aug-20 09-Dec-20

6.36 7.19 6.33

are 1.56shrinking 11.87 in corporate 100.37 banking because of 100.71 the fi1.34 12.07 4.44 16.06 95.93 nancial sophistication of the 3.23 14.62 99.07 managers of those companies, 4.46 16.04 97.95 as 3.48 well as increasing competi15.07 100.84 5.59 17.53 83.30 tion, Obi said. 1.00 12.78 101.76 “In the corporate bank, we 1.79 13.78 100.57 don’t then 1.80 charge high 13.71 rate and 100.75 13.05 103.06 are the1.00 people you are banking 1.00 knowledgeable 12.91 103.57 the very about 1.21 13.12 114.81 system. They how to 1.00 12.96know 103.90 price 1.00 their risk, 12.96so you find 106.52 out 1.94the margins 14.12 101.40 that are thinner. 2.74 14.70 100.16 And because quite a number of 2.74 14.75 100.01 banks in the country are 1.00 13.36 100.60also 1.94 14.31 102.83 involved in the corporate bank, 1.44 13.45 112.03 competition is high,” he said. 1.95 13.97 111.68 In the telecoms sector, where the Fidelity is quite active with the operators, the bank will 1.00 11.68 seek to extend its hold 99.88 by also 5.21 16.24 98.48 engaging the major distribu8.71 19.78 98.36 tors 4.88and dealers 16.13 who sell 95.77 the 1.00 99.89 call cards for12.34 these companies, 2.63 14.07 100.36 Obi explained. While these 1.00 12.90 100.17 players down the value chain 1.34 13.24 102.02 already have those who 4.52 16.49 91.19 are 1.88 13.75 “we want 108.46 to banking them, 3.48 15.36 101.31 make sure we get” them , Obi 5.20 17.09 101.96 said. 5.06 16.95 101.96 “And that is where the retail 1.00 13.05 103.05 2.29 14.19 and commercial play103.17 comes 6.11Fidelity 18.02 98.35loan in.” will grow its 2.76 15.11 100.56 book by between 15 per cent and 20 per cent this year, managing director and chief execu1.00 13.00 91.87 tive officer, Nnamdi Okonkwo, said at a meeting between the bank’s management and fiOffer Yield (%) Bid Price Offer Price nancial analysts in Lagos last week. Prices & Yields This growth will cut across 110.12 111.07 all4.79 the divisions of the bank, including corporate banking, 4.01 103.37 104.20 according to the bank. 5.25 107.19 108.11 Growth opportunities exist in the Nigerian economy in such sectors as oil and gas, power, telecoms, manufactur3.47 112.00 113.10 ing, among 104.03 others, and these 4.68 105.31 are6.05the areas98.62 where the bank 99.80 hopes to deploy 6.67 100.75 the loans 101.63 it 7.90 to make 94.80this year, 96.58 Obi plans 4.92 113.39 114.13 said. 6.19 6.76 6.10

3,460.00

99.55 103.78 101.13

100.25 105.38 102.04

16-May-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 **Treasury Bills FIXINGS Money Market Foreign Exchange (Spot & Forwards) is subject DTM to the FMDQ OTC PLC Terms of Use and Disclaimer Statement. Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%)

13 20 FGN Bonds34 41 48 Rating/Agency 55 62 69 76 83 90 97 104 111 118 146 NA 202 237 251 265 279 293 328 342 356

29-May-14 5-Jun-14 19-Jun-14 26-Jun-14 3-Jul-14 Issuer 10-Jul-14 17-Jul-14 24-Jul-14 31-Jul-14 7-Aug-14 14-Aug-14 21-Aug-14 28-Aug-14 4-Sep-14 11-Sep-14 9-Oct-14 NA 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

9.60 9.75 9.75 9.80 9.85 Description 9.75 9.80 9.55 9.20 29-JUN-2014 9.85 9.25 28-SEP-2014 9.80 4.00 23-APR-2015 10.10 13.05 16-AUG-2016 9.80 15.10 27-APR-2017 9.90 9.85 27-JUL-2017 10.40 10.60 9.35 31-AUG-2017 10.15 10.70 30-MAY-2018 10.40 16.00 29-JUN-2019 10.65 7.00 23-OCT-2019 10.65 16.39 27-JAN-2022 10.60 10.60 14.20 14-MAR-2024 10.60 15.00 28-NOV-2028 10.55 12.49 22-MAY-2029 10.65 8.50 20-NOV-2029 10.60

10.00 23-JUL-2030

9.35 9.50 9.50 9.55 9.60 Issue Date 9.50 9.55 9.30 29-Jun-07 9.60 28-Sep-07 9.55 23-Apr-10 9.85 16-Aug-13 9.55 27-Apr-12 9.65 27-Jul-07 10.15 10.35 31-Aug-07 9.90 30-May-08 10.15 29-Jun-12 10.40 23-Oct-09 10.40 27-Jan-12 10.35 10.35 14-Mar-14 10.35 28-Nov-08 10.30 22-May-09 10.40 20-Nov-09 10.35

23-Jul-10

9.63 9.80 9.84 9.91 9.98 Coupon 9.90 (%) 9.97 9.73 9.20 10.06 9.25 10.02 4.00 10.36 13.05 10.06 15.10 10.19 9.85 10.74 10.98 9.35 10.58 10.70 11.04 16.00 11.44 7.00 11.49 16.39 11.48 11.53 14.20 11.59 15.00 11.65 12.49 11.83 8.50 11.82

10.00

*from theOUTSTANDING Amortising TOTAL VALUE #

Agency Bonds

Issuer

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† A-/Agusto

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

Description

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-2017Volume(Bn) Value(Bn) 965.97 1,110.38 14.00 KWARA 5-AUG-2014 470.00 14.00 NIGER 15-OCT-2014 2,546.35 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

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

(N'bn)

Rate (%) 10.6917 12.1636 13.1018 Maturity Date 14.2565

45.00 100.00 NITTY 535.00 Tenor 470.27 1M 452.80 2M 20.00 3M 6M 100.00 9M 300.00 12M 351.30 233.90 600.00 NIFEX 110.00 Current Price ($/N) 75.00 BID($/N) 150.00 OFFER ($/N) 200.00 591.57

OBB O/N

10.58 10.75

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

10.67

Tenor Spot 7D Offer14D Yield 1M (%) 2M 3M 8.91 6M 10.28 1Y

1M 12.33 0.12 10.12 3M 13.35 0.37 10.70 6M 14.39 0.94 11.44 10.84 2.25 12.04 11.96 NOTE: 2.95 12.00 11.94 3.20 11.96 11.84 :Benchmarks * :Amortising Bond 3.29 11.96 11.85 µ :Convertible Bond 4.04 12.02 11.92 AMCON: Asset Management Corporation of Nigeria 5.12 12.18 12.11 FGN: Federal Government of Nigeria 5.44 12.17 FMBN: Federal Mortgage Bank of Nigeria12.08 7.70 IFC: International Finance12.61 Corporation 12.56 LCRM: Local Receivables Management 9.83 Contractors12.57 12.52 NAHCO: Nigerian Aviation12.89 Handling Company 14.54 12.85 O/N: Overnight 15.02 12.93 12.88 UPDC: UAC Property Development Company 15.52 12.97 12.91 WAPCO:West Africa Portland Cement Company 16.19 13.08 13.03

29-Jun-14 28-Sep-14 23-Apr-15 Rate (%) 16-Aug-16 9.8238 27-Apr-17 10.0357 27-Jul-17 10.3843 10.9879 31-Aug-17 11.5319 30-May-18 11.9257 29-Jun-19 23-Oct-19 27-Jan-22 14-Mar-24 28-Nov-28 162.0650 22-May-29 162.1650 20-Nov-29 23-Jul-30

Bid ($/N)

Offer ($/N)

162.30 Price 162.40 162.67 162.95 162.93 163.31 Bid163.53 Price Offer Price 164.26 164.68 166.02 166.01 168.02 99.85 100.00 169.64 173.89 99.44 99.59 176.64 185.80

93.55 94.05 101.90 102.05 107.50 107.65 94.50 NA :Not Applicable 94.80 # :Floating Rate Bond 93.02 93.32 ***: Deferred bonds 95.85 coupon 96.15 114.20 114.50 †: Bond rating expired 79.85 80.15 118.20 118.50 109.00 109.30 NGC:113.67 Nigeria-German Company 113.97 UBA:97.10 United Bank for97.40 Africa 70.44 70.74 79.45 79.75

4,334.84

bonds, the average is Risk Premium is a life combination of credit risk and liquidity risk premiums **Exclusive of non-trading t.bills

Rating/Agency

NIBOR

Bonds

923.07 951.30 591.57 2,465.94

Coupon (%)

Issue Value (N'bn)

28-Dec-11 0.00 978.35 24-May-10 FMDQ FGN 0.00 BOND INDEX 24.56 03-Apr-12 17.25 6.00 09-Dec-11 0.00/16.00 112.22 20-Apr-12by 0.00/16.50 116.70 Weighting Weighting by Mkt Bucket Weighting 06-Jul-12 Vol 0.00/16.50 66.49 Outstanding Value

1,304.32

37.43 38.58 05-Aug-0923.99 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 12-Dec-13

37.94 43.61 14.00 18.46 14.00 100.00 12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00

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

0.37 0.39 0.24 1.00

Maturity Date

31-Oct-14 24-May-15 03-Apr-17 09-Dec-16 %20-Apr-17 Exposure_ 06-Jul-17 Mod_Duration 19.87 39.40 05-Aug-1440.73 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 12-Dec-18

Avg. Life/TTM (Yrs)

# Risk Premium (%)

0.46 1.00 1.02 2.63 1.51 2.27 2.57 2.00 2.93 3.20 Implied Implied Yield 3.14 1.00 Price Portfolio 12.01 12.48 0.2213.08 0.4212.63 1.29 0.90 1.19 1.20 2.93 1.76 3.63 2.60 4.39 2.60 2.60

113.7747 127.3702 1.56 87.6962 1.34 112.7634 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00 1.21

Valuation Yield (%)

Indicative Price

11.83 14.15 13.97 13.91 15.14 INDEX 12.95

94.88 86.95 104.53 95.95 89.32 YTD Return 91.93 (%)

1,080.63 1,078.52 11.87 1,061.63 12.07 1,069.98 16.06 14.62 16.04 15.07 17.53 12.78 13.78 13.71 13.05 12.91 13.12

8.0628 7.8522 100.37 6.1634 100.71 6.9978 95.93 99.07 97.95 100.84 83.30 101.76 100.57 100.75 103.06 103.57 114.81

Daily Summary as of 16/05/2014

38 BUSINESS | CAPITAL MARKET

Printed 16/05/2014 16:31:48.048

Sanctity of Truth

Daily Summary as of 16/05/2014 Printed 16/05/2014 16:31:48.048

Monday, May 19, 2014

Daily Summary (Bonds)

The Nigerian Stock Market Exchange as at May 16, 2014 Daily Summary (Equities)

No Debt Trading Activity

Daily Summary (Equities)

Activity Summary on Board EQTY

ICT Computer Based Systems COURTEVILLE BUSINESS SOLUTIONS PLC Computer Based Systems Totals

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

Processing Systems CHAMS PLC Processing Systems Totals

Symbol CHAMS

No. of Deals 6 6

Current Price 0.50

Quantity Traded 2,023,300 2,023,300

Value Traded 1,011,650.00 1,011,650.00

1,000,950

25,652,620.20

Symbol MTI

No. of Deals 2

Current Price 0.50

Quantity Traded 100,000,000

Value Traded 50,000,000.00

Quantity Traded 3,306 10 8,903,918 895,369 9,802,603

Value Traded 4,959.80 37.60 32,919,319.98 50,152,334.85 83,076,652.23

Telecommunications Services MASS TELECOMMUNICATION INNOVATIONS NIGERIA PLC Telecommunications Services Totals

100,000,000

50,000,000.00

102,531,838

51,371,132.98

9,802,603

83,076,652.23

Value Traded 14,995,927.06 1,753,615.00 1,738,179.88 1,668,740.91 41,162,419.09 1,683.34

66 Symbol AGLEVENT CHELLARAM TRANSCORP UACN

No. of Deals 3 1 144 89 Daily Summary (Equities) 237

Current Price 1.52 3.95 3.65 56.00

237

Quantity Traded 44,015 44,015

Value Traded 3,164,935.00 3,164,935.00

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

Symbol UAC-PROP

No. of Deals 30 30

Current Price 17.99

Quantity Traded 385,585 385,585

Value Traded 6,884,259.30 6,884,259.30

814,300

10,532,477.00

CONSTRUCTION/REAL ESTATE Totals

60 Symbol GUINNESS INTBREW NB

No. of Deals 38 20 186 244

Current Price 180.00 25.60 163.05

Quantity Traded 191,725 326,126 2,633,388 3,151,239

Value Traded 34,432,903.72 8,188,873.91 428,632,451.32 471,254,228.95

Symbol 7UP

No. of Deals 19 19

Current Price 85.80

Quantity Traded 50,129 50,129

Value Traded 4,269,196.00 4,269,196.00

No. of Deals 58

Current Price 8.00

Quantity Traded 256,055

Value Traded 1,968,058.02

Daily Summary (Equities) Symbol DANGFLOUR

Page

Symbol DANGSUGAR FLOURMILL HONYFLOUR NASCON NNFM UTC

No. of Deals 73 44 18 102 2 7 304

Current Price 9.21 68.00 3.70 13.30 22.01 0.50

Quantity Traded 2,942,121 87,306 272,982 11,082,270 900 14,241 14,655,875

Value Traded 27,103,233.46 6,035,747.82 1,012,632.98 148,190,034.39 18,819.00 7,120.50 184,335,646.17

Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals

Symbol CADBURY NESTLE

No. of Deals 29 66 95

Current Price 70.95 1,075.01

Quantity Traded 132,760 153,233 285,993

Value Traded 9,412,140.69 164,739,440.18 174,151,580.87

Symbol VITAFOAM

No. of Deals 14 14

Current Price 4.00

Quantity Traded 215,917 215,917

Value Traded 863,623.08 863,623.08

Symbol PZ UNILEVER

No. of Deals 46 62 (Equities) 108

Current Price 35.50 49.37

Quantity Traded 296,089 1,020,443 1,316,532

Value Traded 10,532,949.46 50,378,293.91 60,911,243.37

19,675,685

895,785,518.44

Daily Summary

CONSUMER GOODS Activity Summary onTotals Board EQTY

FINANCIAL SERVICES Insurance Carriers, Brokers and Services CORNERSTONE INSURANCE COMPANY PLC. GREAT NIGERIAN INSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC INTERNATIONAL ENERGY INSURANCE COMPANY PLC LASACO ASSURANCE PLC. MUTUAL BENEFITS ASSURANCE PLC. Published by The Nigerian Stock Exchange © N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. OASIS INSURANCE PLC PRESTIGE ASSURANCE CO. PLC. SOVEREIGN TRUST INSURANCE PLC UNIC INSURANCE PLC. UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks Daily Summary asMICROFINANCE of 16/05/2014 BANK PLC NPF Printed 16/05/2014 16:31:48.048 Micro-Finance Banks Totals Mortgage Carriers, Brokers and Services RESORT SAVINGS & LOANS PLC UNION HOMES SAVINGS AND LOANS PLC. Mortgage Carriers, Brokers and Services Totals

784

Symbol ACCESS DIAMONDBNK ETI FIDELITYBK GUARANTY SKYEBANK STERLNBANK UBA UBN UNITYBNK WEMABANK ZENITHBANK

HEALTHCARE Totals

Published by The Nigerian Stock Exchange ©

Quantity Traded Page 5,334,685 9,226,157 1,134,073 11,967,208 32,086,912 11,490,400 2,317,532 12,929,023 1,042,731 214,011 6,581,808 6,099,602 100,424,142

Daily Summary as of 16/05/2014 INDUSTRIAL GOODS Printed 16/05/2014 16:31:48.048 Building Materials

Quantity Traded 366,667 330,000 50 2,546,132 15,000 100 Page 1,197,328 255,200 10,000 500,010 3,500 45,000 10,000,000 3,947,193 19,616,389

Value Traded 183,687.50 165,000.00 25.00 1,274,556.00 7,500.00 4 of50.00 12 980,711.98 127,600.00 5,100.00 275,005.50 1,750.00 22,500.00 5,000,000.00 3,295,285.34 11,693,206.52

Symbol NPFMCRFBK

No. of Deals 8 8

Current Price 0.95

Quantity Traded 355,000 355,000

Value Traded 335,197.50 335,197.50

Symbol RESORTSAL

No. of Deals 1 12 13

Current Price 0.50 0.50

Quantity Traded 200,000 555,756 755,756

Value Traded 100,000.00 277,878.00 377,878.00

Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX STANBIC UBCAP

No. of Deals 55 27 421 386 2 47 101 1,039

Current Price 3.25 2.55 13.17 4.30 0.57 22.04 2.33

2,659 Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH PHARMDEKO

No. of Deals 8 11 4 14 12 2 51 51

Current Price 2.70 2.56 67.00 1.82 1.17 1.57

Quantity Traded 543,219 1,899,939 33,751,448 101,425,794 100,000 5,262,864 5,360,402 148,343,666

Value Traded 1,761,036.03 4,816,992.58 443,996,150.75 434,962,903.15 57,000.00 118,090,367.39 12,641,585.79 1,016,326,035.69

269,494,953

2,347,964,055.27

Quantity Traded 68,852 230,500 1,382 190,485 481,265 29,910 1,002,394

Symbol AUSTINLAZ CUTIX

No. of Deals 1 11 12

Current Price 2.00 2.01

Quantity Traded 2,000 167,066 169,066

Value Traded 4,200.00 335,329.32 339,529.32

Packaging/Containers AVON CROWNCAPS & CONTAINERS BETA GLASS CO PLC. Packaging/Containers Totals

Symbol AVONCROWN BETAGLAS

No. of Deals 2 5 7

Current Price 1.47 18.90

Quantity Traded 10,074 11,043 21,117

Value Traded 15,345.96 198,421.28 213,767.24

Tools and Machinery

Symbol NIGROPES

No. of Deals 1 1

Current Price 7.46

Quantity Traded 10 10

Value Traded 70.90 70.90

2,081,240

90,843,710.96

Quantity Traded 200

Value Traded 1,294.00

NATURAL RESOURCES Chemicals B.O.C. GASES PLC.

198

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

6.47

No. of Deals 1

Current Price

Page

Symbol

Value Traded 1,294.00

200

1,294.00

1 No. of Deals 10 10

Current Price 0.50

Quantity Traded 365,014 365,014

Value Traded 182,507.00 182,507.00

Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals

Symbol OANDO

No. of Deals 172 172

Current Price 15.99

Quantity Traded 4,226,305 4,226,305

Value Traded 67,713,642.88 67,713,642.88

Petroleum and Petroleum Products Distributors CONOIL PLC

Symbol CONOIL ETERNA FO MOBIL TOTAL

No. of Deals 28 4 69 30 39 170

Current Price 49.20 3.61 155.95 119.06 155.00

Quantity Traded 26,593 11,000 193,552 132,124 182,239 545,508

Value Traded 1,243,004.37 37,730.00 28,730,508.20 15,853,519.80 28,278,372.25 74,143,134.62

No. of Deals 18 18

Current Price 640.00

Quantity Traded 95,667 95,667

Value Traded 61,099,440.01 61,099,440.01

5,232,494

203,138,724.51

MOBIL OIL NIG PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals

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

Daily Summary (Equities) Symbol SEPLAT

OIL AND GAS OIL AND GAS Totals

370

Published by The Nigerian Stock Exchange ©

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

Page

Symbol RTBRISCOE

No. of Deals Current Price 18 1.08 18

Quantity Traded 399,105 399,105

Value Traded 422,489.45 422,489.45

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

Symbol REDSTAREX TRANSEXPR

No. of Deals Current Price 10 4.40 1 2.31 11

Quantity Traded 253,400 185,145 438,545

Value Traded 1,125,402.00 427,684.95 1,553,086.95

Employment Solutions C & I LEASING PLC. Employment Solutions Totals

Symbol CILEASING

No. of Deals Current Price 1 0.50 1

Quantity Traded 100 100

Value Traded 50.00 50.00

Symbol CAPHOTEL IKEJAHOTEL

No. of Deals Current Price 1 4.55 8 0.63 9

Quantity Traded 10 1,137,393 1,137,403

Value Traded 43.30 716,557.59 716,600.89

Symbol DAARCOMM

No. of Deals Current Price 1 0.50 1

Quantity Traded 1,000 1,000

Value Traded 500.00 500.00

Symbol LEARNAFRCA

No. of Deals Current Price 3 1.66

Quantity Traded 28,385,431

Value Traded 47,119,516.74

Printing/Publishing UNIVERSITY PRESS PLC. Printing/Publishing Totals

Symbol UPL

No. of Deals 8 11

Current Price 3.97

Quantity Traded 26,905 28,412,336

Value Traded 107,155.25 47,226,671.99

Road Transportation ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Symbol ABCTRANS

No. of Deals 18 18

Current Price 0.88

Quantity Traded 631,963 631,963

Value Traded 550,329.44 550,329.44

Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals

Symbol AIRSERVICE NAHCO

No. of Deals 13 48 61

Current Price 2.42 5.24

Quantity Traded 374,813 190,870 565,683

Value Traded 861,083.50 1,000,577.95 1,861,661.45

130

31,586,135

52,331,390.17

EQTY Board Totals

4,571

443,222,792

3,762,513,159.00

Equity Activity Totals

4,571

443,222,792

3,762,513,159.00

Hotels/Lodging CAPITAL HOTEL PLC IKEJA HOTEL PLC Hotels/Lodging Totals Daily Summary as of 16/05/2014 Printed 16/05/2014 16:31:48.048

Media/Entertainment DAAR COMMUNICATIONS PLC Media/Entertainment Totals

Exchange Traded Fund

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

Name Exchange Traded Fund Totals

Quantity Traded 200

Symbol JAPAULOIL

Daily Summary as of 16/05/2014 Printed 16/05/2014 16:31:48.048

1,815,583.24

Electronic and Electrical Products AUSTIN LAZ & COMPANY PLC CUTIX PLC. Electronic and Electrical Products Totals

Daily Summary (Equities)

Page

SERVICES Totals

Value Traded 177,827.34 596,637.00 90,052.40 341,027.75 563,080.05 46,958.70 1,815,583.24

1,002,394

Page

Value Traded 510.00 303,015.00 452,806.00 28,213,447.22 90,290,343.50

Daily Summary as of 16/05/2014 ETERNA PLC. Printed 16/05/2014 16:31:48.048 FORTE OIL PLC.

Current Price 0.50 0.50 0.50 0.50 0.50 0.50 0.81 0.50 0.53 0.55 0.50 0.50 0.50 0.84

Quantity Traded 1,000 202,010 90,560 251,401 1,891,047

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

No. of Deals 8 3 1 24 2 1 21 5 1 2 1 1 4 46 139

Page

Current Price 0.50 1.50 5.00 112.50

NATURAL RESOURCES Totals

Symbol CORNERST GNI HMARKINS INTENEGINS LASACO MBENEFIT NEM NIGERINS OASISINS PRESTIGE SOVRENINS UNIC UNIVINSURE WAPIC

Quantity Traded 756,098 180,730 44,327 178,672 184,685 1,564

No. of Deals 1 3 6 37 178

Chemicals Chemicals Totals

0.81 1.02

Page

Current Price 19.70 10.00 38.70 9.30 223.00 1.06

Symbol IPWA PAINTCOM PORTPAINT WAPCO

17 2

Daily Summary (Equities) UNHOMES

No. of Deals 53 13 17 (Equities) 25 20 3

Building Materials IPWA PLC PAINTS AND COATINGS MANUFACTURES PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE WAPCO PLC. Building Materials Totals

Activity Summary on Board EQTY

1,319,231,737.56 Value Traded 201,935.20 152,500.00

Symbol ASHAKACEM BERGER CAP Daily Summary CCNN DANGCEM DNMEYER

INDUSTRIAL GOODS Totals 12

Value Traded 351,043,009.91 of 12 60,041,312.22 15,886,190.37 24,448,900.59 872,369,354.22 40,106,234.06 5,219,374.00 91,978,027.23 10,536,467.74 107,005.50 6,395,490.50 141,100,371.22

Quantity Traded 250,209 150,000

ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC MEYER PLC. ActivityDN Summary on Board EQTY

NIGERIAN ROPES PLC Daily Summary as of 16/05/2014 Tools and Machinery Totals Printed 16/05/2014 16:31:48.048

AIICO CONTINSURE

FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC PHARMA-DEKO PLC. Pharmaceuticals Totals

Current Price 9.55 6.52 14.00 2.05 27.10 3.46 2.30 7.11 10.06 0.50 0.99 22.95

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

Activity Summary on Board EQTY

Published by The Nigerian Stock Exchange © FINANCIAL SERVICES 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

No. of Deals 170 139 80 116 225 147 58 199 86 2 40 198 1,460

ICT Totals

Value Traded 1 483,282.70 of 12 483,282.70

Food Products 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

Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE Activity Summary on Board EQTYPLC

Value Traded 44,482.98 44,482.98

Value Traded 887,711.70 887,711.70

Current Price 71.99

FINANCIAL SERVICES Banking ACCESS BANK PLC. Published by The Nigerian Stock Exchange © DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. Daily Summary as of 16/05/2014 UNITY BANK PLC Printed 16/05/2014 WEMA16:31:48.048 BANK PLC. ZENITH INTERNATIONAL BANK PLC Banking Totals

Quantity Traded 8,538 8,538

Quantity Traded 283,010 283,010

No. of Deals 19 19

Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals

Current Price 5.48

Current Price 3.13

Symbol JBERGER

Household Durables VITAFOAM NIG PLC. Daily Summary as of 16/05/2014 Household Durables Totals Printed 16/05/2014 16:31:48.048

No. of Deals 3 3

No. of Deals 19 19

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

Symbol CWG

Symbol LIVESTOCK

Quantity Traded Page 384,700 384,700

Food Products DANGOTE FLOUR MILLS PLC

IT Services COMPUTER WAREHOUSE GROUP PLC IT Services Totals

Value Traded 12,935,527.70 11,829,380.80 24,764,908.50

Current Price 1.30

Activity Summary on Board EQTY

Value Traded 315,000.00 315,000.00

Quantity Traded 380,300 337,640 717,940

No. of Deals 11 11

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

Quantity Traded 500,000 500,000

Current Price 34.00 35.10

Symbol COSTAIN

CONSUMER GOODS Beverages--Brewers/Distillers GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Daily Summary as of 16/05/2014 Beverages--Brewers/Distillers Totals Printed 16/05/2014 16:31:48.048

Current Price 0.63

No. of Deals 30 17 47

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

No. of Deals 4 4

Symbol OKOMUOIL PRESCO

AGRICULTURE Totals CONGLOMERATES Daily Summary as of 16/05/2014 Diversified Industries Printed 16/05/2014 16:31:48.048 A.G. LEVENTIS NIGERIA PLC. CHELLARAMS PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals

Symbol COURTVILLE

Daily Summary (ETP) Symbol

Daily Summary (ETP) NEWGOLD VETGRIF30

Symbol

No. of Deals 1 3

No. of Deals 4

Current Price 2,033.00 17.92

Current Price

Quantity Traded 15 2,548

Quantity Traded 2,563 Page

Value Traded 30,495.00 45,660.16

Value Traded 76,155.16 of 12

ETF Board Totals

2,563

76,155.16

ETP Activity Totals

2,563

76,155.16

BUSINESS |MOVERS, SHAKERS & CAREER

Sanctity of Truth

Monday, May 19, 2014

Sterling Bank promotes 386 staff SMEDAN appoints

South-East spokesman

n a bid to reward excellence, handwork, dedication as well as boost productivity among staff, Sterling Bank Plc has announced the promotion of 386 staff across all cadres following the conclusion of its full year 2013 appraisal exercise. The Bank in a statement, noted that the promotion exercise was based on merit using a transparent and robust performance management system in line with global practice. Three hundred and sixtyeight staff were promoted in the junior and middle management cadre, while 18 senior management staff were elevated. According to the breakdown of figures, 14 managers were promoted to senior managers, 15 from deputy managers to managers, 26 from assistant managers to deputy managers, while 80 banking officers were promoted to senior banking officers. In addition, 128 senior executives were promoted to banking officers while 69 staff moved from the executive trainee grade to the senior executive grade. In the senior management cadre, two deputy general managers, Mojisola Bakare and Mr. Adegun Adegboyega Adelani of the Corporate Banking Groups 1 and 2 respectively, were elevated from deputy general managers to general managers, while Mrs. Kikelomo Adefolahan Kuponiyi of Retail Loans, Mrs. Isioma Ada Ubosi, Regional Business Executive, Lagos Island I, Mrs. Adebimpe Olambiwonnu, Group Head, Finance & Performance Management, Mrs. Obe Eniola, Regional Business Executive, Lagos Mainland 3 and Mr. Segun Anako of the Information Technology Group, were elevated from assistant general managers to the deputy general manager. The new assistant general managers promoted from the senior manager level include Mr. Abiodun Muniru Oladipupo, Regional Business Executive,

s part of the on-going decentralisation of its services and mass deployment of personnel, the Small and Medium Enterprises Development Agency of Nigeria [SMEDAN] has appointed its Deputy Director [Corporate Affairs], Mr. Levi Chukwuemeka Anyikwa, as the new South- East Zonal Coordinator of the Agency. He is to head the Zonal Office in Enugu from where he will anchor the programmes and services of the Agency in the five states of the South-East geo-political zone, namely: Enugu, Anambra, Ebonyi, Imo and Abia. His appointment takes immediate effect, according to the agency. Anyikwa, according to a statement, was born on March 27, 1965 and hails from Umuchu in Aguata Local Government Area of Anambra State. He attended the (CMS) Primary School Umuchu from 1972 to 1978; Boys’ Secondary School Umuchu from 1978 to 1983; Anambra State Polytechnic Oko [now Federal Polytechnic Oko] from 1984 to 1986 and Anambra State University of Technology [ASUTECH] Enugu, currently known as Enugu State University of Science and Technology [ESUT] from 1986 to 1989. He later attended the University of Lagos, Akoka-Lagos, between 1994 and 1996. He has varied experience in journalism, public relations,

Adelani

human resource management and enterprise development. A World Bank-trained Strategic Communication professional and an alumnus of the School of Media and Communication, Pan-African University, Lagos, Anyikwa joined the services of SMEDAN in 2004 as Chief Press Officer and rose to the position of Deputy Director [Corporate Affairs] in 2012. He attended many SME development training programmes and seminars such as “Developing Business Counsellors” organized by SMEDAN in Lagos in collaboration with the Enterprise Development Service [EDS] of the Pan-African University, Lagos; “Small Business Counselling Seminar” organised in Abuja by SMEDAN in collaboration with Acadia Centre for Social and Business Entrepreneurship [ACSBE], University of Nova Scotia, Canada; “SME Development Course” and “Consulting for MSMEs Course” organized by SMEDAN in collaboration with the Entrepreneurship Promotions Academy. He was a participant of the “African Entrepreneurship Seminar” organized in Abuja by SMEDAN in collaboration with the University of Essex [UK], Bayero University Kano, University of Abuja, International Council for Small Business [ICSB] and International Entrepreneurship Forum [IEF].

Bakare

Lagos Mainland 5; Mr. John Akingbade, Group Head Treasury & Financial Institutions; Mr. Richard Oshungboye, E-Business; Mrs. Titilayo Adewonuola Ogundipe, Group Head, Customer Care and Mr. Ademola Adeyemi, Regional Business Head, South West 2, Others include Mr. Lateef Aliu, Channels Operations;

Mr. Adekunle Adewole, Group Head, Recovery; Mr. Tsunuku Kingaba, Business Manager, Abuja and Mr. Olabisi Ogunwoye, Group Head, Human Resources Management. These appointments, according to the statement, have been approved by the Central Bank of Nigeria (CBN), and are with immediate effect.

Indian firm appoints Nigerian to African team

ne of India’s leading telecom technology solutions providers, Netxcell Limited, last Friday, announced the appointment of Ms. Abimbola Kazeem, a Nigerian, to Netxcell’s core team in Africa. Ms. Kazeem will be based out of Nigeria and heading the sales and marketing operations of Netxcell in West Africa. She will report to Netxcell’s Head of Operations – Africa and Middle East, Debasis Chatterji, chief executive officer. The appointment comes in as part of Netxcell’s strategy to strengthen its local connect in Africa where the company is currently present in six countries namely Kenya, Nigeria, Uganda, Tanzania, Cameroon, Burundi and provides services to major telecom operators in Africa. Ms Kazeem, who will operate from Nigeria, will be re-

sponsible for Netxcell’s entire marketing operations in West Africa and will play a key role in devising strategic local marketing channels for the brand. She brings with her a rich experience of over 12 years in the marketing field, handling diverse roles and functions. Prior to joining Netxcell, Ms Kazeem has worked in Etisalat Nigeria, Aviva Insurance PLC, Manchester and British Gas, Manchester. She holds a Master of Science degree in International Business Management and a Bachelor in Marketing Management from Manchester Metropolitan University, United Kingdom. Commenting on the development, Mr. Debasis Chatterji, said: “We are glad to welcome Kazeem on board to our Netxcell family and we hope to benefit tremendously in enhancing our reach in Africa with her understanding of

local market and the telecom industry in general. “Netxcell has crafted a niche for itself in the Indian Telecom Market by delivering cutting-edge technology solutions for the telecom industry and we are committed to replicate the same in Africa as well. We feel Africa has immense talent pool which is relatively unexplored and our collaboration with the local talent will certainly take Netxcell to greater heights.” The company plans to strengthen its foothold in Africa, and envisions engaging more local talent and association in the region in the coming months. The company believes in a localised approach in the geographies it operates in and has a continued partnership with Funmobile, an Africa-based telecom company, to serve African telecom operators together by leveraging each other’s strengths.

Anyikwa

BT appoints sub-Saharan Africa boss

ritish multinational telecoms firm BT has announced the appointment of Oliver Fortuin as managing director (MD) in Sub-Saharan Africa. Fortuin, according to a statement, replaces Keith Matthews, who announced his departure in March, and will be charged with growing the company’s business and leading the regional management team. The new MD joins BT from

i1 Solutions, where he was also MD, having previously held regional management roles for HP and IBM. Kevin Taylor, president, Asia Pacific, Middle East, Africa and Turkey, BT Global Services, said: “We are very pleased that Oliver Fortuin is joining us as our new managing director for Sub-Saharan Africa. His industry knowledge, background, and strong relationships will be of significant benefit to BT.”

40 BUSINESS | GLOBAL NEWS

ne of the world’s major cocoa traders, Olam International Limited, said on Friday that it plans to invest $61 million to build a cocoa-processing plant in Indonesia, its first in Asia, where chocolate demand is soaring. The renewed push into cocoa comes just two months after Singapore’s sovereign wealth fund, Temasek, agreed to take over Olam, the Asiabased agribusiness group, revitalising its weak balance sheet after a tumultuous 18 months. The plant, Olam’s fifth cocoa facility, will have initial annual grinding capacity of 60,000 tons, producing cocoa butter, cake and high-quality

Sanctity of Truth

Monday, May 19, 2014

Olam to invest $61m on cocoa processing plant in Indonesia powders from beans grown in Indonesia and West Africa, the company said in a statement. Olam is following other commodity giants, which have built grinding operations in Indonesia, the world’s third biggest cocoa producer, after the government introduced a bean export tax. Cargill, Olam’s bigger rival, commissioned a 70,000ton processing plant in

Gresik, Indonesia, on Friday with commercial production starting in the third quarter. The wave of investments has raised concerns about a shortfall in bean supplies in the country as grinding capacity doubles in the production of butter and powder used in chocolate cookies and treats. Olam’s move to grow organically also comes as a flurry of deal-making transforms the

niche softs market landscape. In March, COFCO, China’s state-backed trader, bought a major stake in Noble Group Ltd’s agriculture business. Last month, Archer Daniels Midland Co ditched plans to sell its large cocoa-processing business after long-running negotiations to sell the operations collapsed. According to Reuters, Olam, which buys about

500,000 tons of cocoa annually, also has a cocoa plant in Ivory Coast, the world’s biggest cocoa producer, with capacity expected to reach 75,000 tons. It also has grinding capacity of 15,000 tons in a leased facility in Nigeria. It processes cocoa butter and cocoa butter equivalents in the United Kingdom, and cocoa powder in Spain.

Africa, China to double trade by 2020

hina and Africa are working together to double two-way trade to $400 billion by 2020. Premier Li Keqiang had announced an extra $12 billion in credit to African countries during his May 4 to 11 tour which took him to Ethiopia, including the African Union Commission, Nigeria, Angola and Kenya. It was learnt that the South Africa’s elections on May 7 prevented a visit to one of China’s most important allies, but Beijing’s political leadership will be back in South Africa in 2015 when Cape Town will host the Forum on China-Africa cooperation (Focac), the regular forum between the two sides whose relationship has grown by leaps and bounds over the past 15 years. China is now Africa’s biggest trading partner with the volume reaching $210 billion in 2013. “China will work with Africa to grow China-Africa trade volume to $400 billion and China’s direct investment in Africa to $100 billion by 2020,” a Chinese government statement said. China’s embassy in Pretoria held a news conference on Wednesday, mainly about Premier Li’s African tour. Spokeswoman, Wei Xin, said that more regular media events would follow, reflecting the burgeoning relationship with South Africa and mounting interest about economic and other links. The embassy estimates that the number of Chinese citizens resident in South Africa has reached about 300,000. “We have over 110 big or major Chinese businesses in South Africa - in mining, manufacturing, real estate and big cooperation in the agricultural field,” Ms Wei told South African and Chinese journalists. “Generally speaking, the companies are strictly following South African rules and legislation,” she said, including those governing Black Economic Empowerment (BEE). One indicator of the growing ties is that in 1999 there were 19 Chinese students in South Africa. Today there are 2,200, Ms Wei said.

Mary Theresa Ruddy's daughter Kelly was killed in 2010 when she lost control of her 2005 Chevrolet Cobalt

EU defends fishing pact with Senegal

he European Union said a new agreement with Senegal that limits the amount of tuna and black hake that EU vessels can catch there was a good deal for the country, in the face of criticism from local fishermen who said that their rights were being ignored. Senegal is seeking to crack down on illegal fishing in its waters while preserving government earnings from the sector which accounts for over 10 per cent of exports. The deal between the European Union and the West African nation, agreed last month, caps the amount of tuna that EU vessels can catch in Senegalese waters at 14,000 tons a year and black hake at 2,000 tons. In exchange, the bloc will pay Senegal 2.8 million euros ($3.8 million) in annual compensation. “In terms of financial compensation, this is very good for Senegal,” Dominique Dellicour, head EU representative in Dakar, told Reuters. She said that the 14 million euros pledged over five years was among the highest compensation of all the global

tuna agreements signed by the bloc. The agreement also includes provisions to help Senegal develop policy on scientific research and its fishing industry, she added. In the past, the EU and Senegal had a framework agreement on fishing, but there was no limit on tonnage. However, Gaipes - a group representing Senegalese fisherman - criticised the deal and said it and other trade bodies had not been included in the negotiations. “We are selling off our resources and it amounts to a recolonisation by the EU in the fishing sector,” Gaipes vice-president Adama Lam said on Friday. “Senegalese who want to fish tuna are refused permits and yet we give them to European vessels,” he added. About 17,000 light Senegalese canoes, known as pirogues, are involved in the fishing sector in the country. The EU said that its fishing vessels typically targeted tuna species which were abundant in the Atlantic and whose shoals were beyond the reach of local boats.

Banks to return 6.155bn euros in crisis loans to ECB

anks will return 6.155 billion euros ($8.44 billion) in long-term crisis loans to the European Central Bank this week, more than last week and than was expected as banks trim down their reliance on ECB funding and return to the markets. The amount banks will repay tommorrow is more than last week’s repayments of 3.365 billion euros, and above the 3.5 billion forecast in a Reuters poll. Banks are voluntarily offloading the crisis loans they took from the ECB in late 2011 and early 2012 in anticipation of Europe-wide bank stress tests, which will, over the next couple of months, check how the lenders hold up under certain scenarios. The tests are part of a broader balance sheet review done by ECB before it takes over as bank supervisor in November. The repayments have reduced the amount of spare cash in the system to levels that have started to put upward pressure on overnight bank-tobank lending rates. EONIA has

shot above the ECB’s main rate of 0.25 per cent several times now, but stood at 0.172 per cent last week. Excess liquidity, which is the measure of money that banks have beyond what they need for their day-to-day operations, stood at 113 billion euros last Friday, recovering from 74 billion euros about a fortnight ago as banks adjust their funding. ECB President, Mario Draghi, pointed out that recent volatility in short-term money market rates had not spilled over into the mediumterm and that more liquidity in the EONIA market was, to some extent, a positive sign as banks were going back to the market and fragmentation was receding. “In other words, banks rely less on the ECB and more on each other,” Draghi said in the post policy meeting news conference. Last Friday, the ECB said that three banks would repay 5.005 billion euros from the first LTRO on May 21, and two banks would pay back 1.15 billion from the second LTRO.

ENTREPRENEUR

MONDAY, MAY 19, 2014

Elizabeth Palermo

eing an entrepreneur is awesome — but not necessarily for the reasons you might think. Despite being their own bosses, entrepreneurs don’t necessarily work fewer hours than their 9-to-5 peers. And no, they don’t all wear pajamas to work every day. So why, then, is entrepreneurship so great? The writer asked entrepreneurs from all over the world to answer that very question. Here are their answers:

NEW TELEGRAPH

newtelegraphonline.com/entrepreneur

BIODUN DUROJAIYE 08023015582 biodun.durojaiye@newtelegraphonline.com biodunduro@gmail.com

101 reasons being an entrepreneur is awesome

No. 1: I’m real big on being legendary, meaning when I’m gone and forgotten about, my story will live on. Starting my own company and establishing it to the point where it is its own entity is my way of establishing a solidified legacy. — Kwame Molden, co-founder,SPGK No. 2: One part of being an entrepreneur that I probably enjoy a bit too much is media coverage. Even if I’ve spent all day tweaking ad campaigns or with tech support trying to fix a computer issue, that little hit of validation is enjoyable. — Steve Silberberg, head guide and owner, FitPacking No. 3: What I love most about being an entrepreneur is something I call the founder high. That’s when a customer tells you that you created something that delighted them, excited them, made their lives better. — Adi Bittan, co-founder and CEO, OwnerListens.com No. 4: I’m not trapped in pursuing the same career for the rest of my working life. I can continue to build my writing and marketing businesses, but if I do decide that there’s an opportunity to do something else, it’s all open to explore. — Dan Thornton, founder and creative director, TheWayoftheWeb.net No. 5: I love the fascinating people I’ve been able to work with, around the country and around the world. — Shel Horowitz, owner,Green and Profitable No. 6: I have the freedom to make decisions, my own decisions — right or wrong — without having to ask for permission or approval.— David Murdico, executive creative director, Supercool Creative Agency No. 7: I’ll say that, by far, the best bit of the many benefits of working for myself is that I now possess “work pajamas”! — Liz Scully, CEO, Rethink Retreats No. 8: I get to decide my schedule each and every day. It’s very empowering and allows me to be who I am. — Paul Lawrence Vann, founder, Living on Higher Ground No. 9: I get to make a real impact in my community. It is very rewarding. — Jamie Broderick, founder, Network Now Connections No. 10: I have lived by the motto, “It is not the money; it is the lifestyle.” Because I run my own business, I live a great lifestyle. — Beverly Solomon, creative director, Musee Solomon No. 11: After working alone in my office for close to a year, I decided to stretch the idea that I could work anywhere I wanted. For some entrepreneurs, that means working at home in their pajamas. For me (and my family), it meant leaving home completely and relocating to Europe. — Rob Marsh, owner, LogoMaker.com No. 12: Being an entrepreneur has afforded me the opportunity to hear my

I like swearing and wearing superhero T-shirts, and being able to do that at work and not get into trouble makes my soul smile. son’s first words, see his first steps, the first time he danced and enjoy having lunch meetings with my little round companion on a daily basis. — Holly Rodriguez, owner, H-Rod & Associates No. 13: I love being able to take a nap whenever I damn well please. — Dan Nainan, comedian, DanielNainan.com No. 14: I love that I have received a real-world MBA while doing what I am passionate about. — Emerson Taymor, cofounder and managing director, Philosophie No. 15: Every little piece of the puzzle is your responsibility to figure out. That is so much fun! — Rob McGrath, president and CEO, Om Consultants No. 16: Being my own boss allows me to take on new ventures and, more so, do what I want, with whom I want, and to win or fail with my own creativity and guts — on my terms. — Bernadette Boas, founder, Ball of Fire Consulting No. 17: I can be as creative and as risky as I want to be with my company. If you work for someone else, you are working for their passions and in their way. I want it my way. I want my story. — Melisa Tropeano LaTour, owner, Error! Hyperlink reference not valid. No. 18: First and most importantly is

the tremendous freedom to create that is a result of being self-employed and calling the shots. — Joseph Ianni, founder, Swift Eyewear No. 19: People can finally realize that I am more than just a Playboy model who looks pretty but actually has so much more to say, do and accomplish. — Stephanie Adams, founder and CEO,Goddessy Organics No. 20: As a former CEO of a number of startups, I now help train the next generation of the same. — Thomas Frank, executive director, Center for Entrepreneurship at the University of Michigan No. 21: I love being an entrepreneur so I can also be a full-time, nomadic traveler. I own next to nothing (but my business) and literally have traveled the world for the past three years! — Shanna Kurpe, founder, Grasp for Startups No. 22: I think being an entrepreneur is absolutely the best route for women. I think this is true not just on a personal level, but as a society. The independence, confidence, character, financial sustainability, education and, importantly, sense of self that entrepreneurship provides has a true trickle-down effect. — Patty Kennedy, founder, Kennedy Spencer No. 23: Being an entrepreneur is like being an acrobat without a net. For many people, this would create a level of anxiety that may impede effectiveness. However, for me and many other entrepreneurs, the stress associated with a lack of a backup plan focuses us and allows us to do more than we ever would be able to do working for someone else. — Dave Popple, president, Corporate Insights Global No. 24: I love being able to enjoy the weekend every day. Yes, I love what I do, and my clients are amazing, but I can go shopping anytime I want, hang out with

friends, go to movies, etc. — Monique Lewis, owner, Monique Lewis Management No. 25: As the CEO of my company, I am able to dream big and stand for something important. There are very few jobs which nurture the soul quite as splendidly as being an entrepreneur. — Matt Reischer, CEO, LegalAdvise.com No. 26: For me, it really is the idea of being responsible for my own success or failure. I would much rather be at the mercy of the marketplace than any “superior” in the workplace. — Don Bishop, owner, Affinigent.com No. 27: Sure, doing what you love is a plus to working for yourself, but what I enjoy most is being able to track my success. Sadly, we have been taught success is increasing numbers, never missing a day of work or landing a client. But my success is literally getting up each day with a game plan and making it work. — Vannessa Wade, CEO, Connect The Dots PR No. 28: I once had a boss complain I was always conflating things — mixing unlike things together. I realized I wasn’t cut out for the follow-the-rules corporate world. As an independent brand strategist, I can conflate to my heart’s content, and it is called creative, strategic thinking. — Lisa Merriam, founder, Merriam Associates No. 29: Being an entrepreneur makes every day the best and worst day of my life — a thrill that can never be achieved doing anything else. — Zack Rosenberg, founder, Do Good Buy Us No. 30: I quite literally cannot do anything else. I have a wicked learning disability, by U.S. educational standards. I cannot spell, I cannot file, I cannot do CONTINUED ON PAGE42

42 BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, May 19, 2014

7 Ways to Get People to Take You Seriously

101 reasons being an entrepreneur is awesome CO N T I N U E D F R O M PA G E 4 1

math. In fact, most low-level tasks are quite literally impossible for me, so working my way up the corporate ladder never quite worked out. — Beret Kirkeby, founder, Body Mechanics Orthopedic Massage NYC No. 31: No wind, rain, storm or hail can stop me from playing golf as often as I can. And being an entrepreneur has allowed me to play golf as often as I want. — John Jonas, owner, ReplaceMyself.com No. 32: The thing I love most about being an entrepreneur is the opportunity to change people’s lives. — Havona Madama, CEO and founder, KidKlass.com

Drake Baer

f you're going to get anything done in business, you need people to respect you. But when you're young for your position, new to an industry, or a woman in a male-dominated field, for example, getting others to listen to your ideas can be difficult. After looking at the research on social perception and relationship building, we identified the following strategies for instantly getting respect. 1. Let people talk about themselves. People spend 60% of their conversations talking about themselves. It feels good: Harvard researchers have found that talking about yourself activates the same brain regions as sex, cocaine, and a good meal. "Activation of this system when discussing the self suggests that self-disclosure like other more traditionally recognized stimuli, may be inherently pleasurable," Scientific American reports, "and that people may be motivated to talk about themselves more than other topics." Research shows that when people disclose information about themselves, they like each other more. It's also the primary way to form social bonds, or another way of saying it helps earn their respect. 2. Win people over with the first introduction. Esquire's Tom Chiarella perfectly captures how to make a great first impression. He writes: On the street, in the lobby, square your shoulders to people you meet. Make a handshake matter — eye contact, good grip, elbow erring toward a right angle. Do not pump the hand, unless the other person is insistent on just that. Then pump the hell out of their hand. Smile. If you can't smile, you can't be gracious. You aren't some dopey English butler. You are you. Why is this important? Because paying full attention to someone is a way of showing respect, and social science confirms that we get respect when we give respect. Add that to the

The numbers speak for themselves...Upspeak has no place at work. If you would like a thriving career, then simply don't do it! list of reasons that conscientiousness predicts success. 3. Keep your posture open and upright. Posture can influence the way others see you and the way you feel. Researchers have found that keeping your shoulders open and arms wide — a classic power pose — activates your hormone system in a way that makes you feel and look more confident and capable. The same logic carries over to the way you sit. If you're scrunched over your laptop, you won't feel very bold, but if you're sitting at a large desk, you'll feel more assertive. "If you take an expansive pose, it can actually lead to power," MIT professor Andy Yap tells Business Insider. 4. Be way more prepared than you think you need to be. "Ignorance is one of the professional world's least respectable traits — if not the worst," Roberto Rocha writes at Ask Men. "If you want your ideas to count, be better informed than everyone else." So if you have a big pitch or meeting coming up, know exactly what message you want to communicate. Anticipate the objections your boss could have to whatever it is you're pitching. Not only will your ideas be stronger but you'll feel more confident presenting them. 5. Know what's going on in the world. "Be up to speed on changes in your industry so you can speak about them intelligently," says Roberta Matuson. The "Suddenly in Charge" author recommends reading business news daily "so you can speak intelligently on business matters." Further, strategic-marketing consultant Noah Fleming encourages a wider information diet by keeping up with tech,

sports, and pop culture. The idea is to have a broad foundation of knowledge to draw from. "You should be able to discuss, debate, and offer opinion across a number of different areas," Fleming says. "Serious people have strong opinions! You're taken seriously when you have and offer your opinions." 6. You need to be both humble and confident. Venture capitalist Anthony K. Tjan says that respect requires a balance of humility and confidence. "You need enough self-confidence to command the respect of others, but that needs to be counter-balanced with knowing that there is much you simply don't know," he writes. "Humility is the path towards earning respect, while self-confidence is the path towards commanding it." With that balance comes not only respect, he says, but also intellectual curiosity and optimism. 7. Don't let verbal tics undermine your authority. If you say a statement with the intonation of a question, that's called "upspeak." It happens when you end your sentences with a higher pitch than they began with and makes you sound as if you're unsure of what you're saying. In a recent survey, 85% of 700 professionals said upspeak is a sign of insecurity, while 57% think that upspeak makes people sound less credible. "The numbers speak for themselves," says strategy consultant Bernard Marr. "Upspeak has no place at work. If you would like a thriving career, then simply don't do it!" Drake Baer reports on strategy, leadership, and organizational psychology at Business Insider. He is the co-author of Everything Connects: How to Transform and Lead in the Age of Creativity, Innovation, and Sustainability. Before joining BI, Drake was a contributing writer at Fast Company. Before that, he spent years exploring the world. Source: From Business Insider

No. 33: The biggest thing that I love about being my own boss is the ability to dress or not to dress at work. Some days, I’m responding to customer inquires, retail requests and marketing messages when I’m drinking my coffee and still in my underwear. — Lisa Cash Hanson, CEO, Snuggwugg Inc. No. 34: If you really enjoy what you are doing, if you know you are making a difference, if you understand the impact of your work, it is no longer work. It is more of a passion, a mission. — Louis Altman, CEO, GlobaFone Satellite Communications No. 35: As an entrepreneur, I find myself able to connect with people in a way that I never did as an employee. — Jean Kristensen, president and CEO, Jean Kristensen AssociatesLLC No. 36: Religiously hitting the gym every single day became a priority to me. I’ve never been in better shape in my life. — Lori Cheek, founder and CEO, Cheek’d No. 37: Being an entrepreneur is great because it makes me a better person. I set more goals for myself to accomplish for personal and professional reasons. — Ponch Thompson, owner, Ponch Cosmetics No. 38: I love that I haven’t had to wear a watch in seven years. With no watch, you can spend as much time as you need to get the work done right, without a boss looking over your shoulder. — Scott Carpenter, president, cPR Brand Associates No. 39: We see life as an adventure, and we wanted to go through this adventure together. Whatever the end will be, we will go through this journey hand in hand! — Mariquel and Gaston Waingarten, co-founders, Hickies No. 40: I love being an entrepreneur because of the challenge. You have to lead yourself on a journey through the unknown and overcome obstacles along the way. — Michael O’Donnell, owner,Cave Tools No. 41: The best part about owning my own business is being able to choose the people I surround myself with: employ-

ees, clients, suppliers. I choose people with positive energy whom I respect and trust. It makes the work a lot more fun. — Diana Tedesco, owner,Fraiche PR and Communications No. 42: I am constantly required to face my fears, get out of my comfort zone and push myself to meet new challenges. — Christy Cook, CEO, Teach My No. 43: My love for being an entrepreneur has changed from a love of being my own boss to a love for the process of change. I now realize my job description can change every two to three months. — Peter Murphy Lewis, owner, LaBicicletaVerde.com No. 44: I love taking a boat to work in the summer — where I live on an island and wear yoga pants as much as I like. — Robin Samora, founder and CEO, Robin Samora Inc. No. 45: When I started my business, my father said, “I’m not a betting man, but if I was, I’d bet on you.” He was right. When you bet on yourself, you have the best odds to win. — Kelly Alvarez Vitale, president, Strategic Philanthropy Inc. No. 46: The best part of being an entrepreneur is you don’t have to be a genius. Simply study what other successful people have done, and implement it into your business — and then turn around and mentor others on the best practices that worked for you. — Clay Clark, CEO, Thrive15.com No. 47: I absolutely love what I do. I’ve loved it every day over the past 11 years. I love it when I get out of bed in the morning, and I love it Sunday night when I know a new week is upon us. Through the ups and downs, I love it every step of the way. — Robert Burko, president and founder, Elite Email No. 48: My purpose is to accumulate as many experiences in life as possible — whether by traveling to different places, meeting different people or participating in as many activities as I can. Entrepreneurship best facilitates this goal, allowing me to participate meaningfully in many stories all over the world. — Sam Prochazka, co-founder and CEO, Novosbed.com No. 49: Entrepreneurship allowed me to home school my children when they were young. —Daria Brezinski, founder, WhatWizeWomenWant.com No. 50: I like to challenge the status quoand the confines of accepted thought. — Josh Davis, owner, Made in Fort Worth No. 51: My performance is measured by looking at the bottom line, not some arbitrary assessment interview conducted by someone I just met that day. — Kenneth Havens, owner, Freedom Online Japanese Market No. 52: When else in life do CONTINUED ON PAGE43

BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, May 19, 2014

Is starting a business safer than your job?

101 reasons being an entrepreneur is awesome CO N T I N U E D F R O M PA G E 4 2

we have complete permission to say “yes”to whatever we imagine will be a good idea? — Jennifer Martin, owner, Zest Business Consulting No. 53: Being an entrepreneur is awesome for a lot of reasons. But I think the most important and overlooked reason is that it forces a person to develop parts of their personalitythat make them more well-rounded and a better person. — Ian Ippolito, founder and CEO,Exhedra SolutionsInc. No. 54: One of the biggest reasons I love my job is because it’s uniquely different every day. — Hanna Ashbaugh, owner, Hanna Lee Style No. 55: I love being able to

decorate the office how I like. — Emily Taffel, owner, Mugsy PR No. 56: I love being an entrepreneur because no boss would ever allow me to ride the razor edge of professionalism-meetsflippantly-fun in everything I do. — Danna Korn, CEO and cofounder, Sonic Boom Wellness No. 57: I got an education — on people, on life, on growing up, being a leader, being selfless and on being me instead of someone else. — Darren Magarro, president, The DSM Group No. 58: I love being an entrepreneur because it allows me to have two families — my own and my company. — Jeff Tinsley, founder,MyLife.com No. 59: If you love what you’re doing, then work is auto-

matically fun — and when work is fun, it doesn’t feel like work. — Evan Honeyman, co-founder, TicketCorral.com No. 60: I get to pick the events I attend, even if they are outside of my technical area of expertise. Who wants to go to conferences with other CPAs? — Charles Read, CEO, Custom Payroll AssociatesInc. No. 61: I can’t help but feel a thrill that we have been able to create so many opportunities for so many people. I cannot only relate to the challenges of being a woman and mother in the workplace, but I can also do something to make a career possible for other women. — Carrie Brinton, co-founder and president, Elase Medical Spas No. 62: I have created an

office environment where my team and I can stay healthy — we work standing, sitting or stretched out on the floor. We hang upside down on our inversion table. We bring healthy meals. And we always have good chocolate on hand. — Linda L. Hoopes, president, Resilience Alliance No. 63: I get to spend the day with my dog, and I can foster dogs from local rescues. — Michelle Lowery, co-founder, Passion Fruit Creative Group No. 64: Entrepreneurship is an adrenaline rush. — Gail Robinson, founder, Generosity LLC No. 65: I always win (or lose, depending on your perspective) the “So, what do you do for work?” small-talk game. My response: “I make boob, sweat

and fart pads.” — Kim Castellano, founder and chief inventor, Fashion First Aid No. 66: In this latest venture, the other co-founder is my 22-year-old daughter. I now love entrepreneurship because I get to work side by side with my daughter and mentor her. — Noel Huelsenbeck, chief sustainability officer, PuraKai Clothing No. 67: Through it all, entrepreneurs push the envelope, as we are not bound by the way it’s always been done. We see that as an opportunity to disrupt, redefine and invent. — Susan Aplin, co-founder and CEO, Bambeco No. 68: I have learned to roll with the punchesof owning a business. Pitfalls become learnCO NTINUED O N PAGE44

44 BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, May 19, 2014

101 reasons being an entrepreneur is awesome CO N T I N U E D F R O M PA G E 4 3

ing experiences, and successes become new launching points for the company. — Nir Polak, CEO and co-founder, Exabeam No. 69: I love being an entrepreneur because I’m creating something from scratch each day. — Chris Piper, co-founder, zoomStand No. 70: I don’t see it as business; I see it as a game. How many new appointments can I secure today? How many sales can I generate?— Linda Parry, CEO, Product Launchers No. 71: Seeing my children design business ideas and watching my entre-

preneurial spirit continued through my daughters magnifies my love for entrepreneurship. — Catherine Whitcher, founder, IEP Bootcamp

afternoon and helping your son work on his house, taking the week off or working down at the shore. — Manny Nowak, founder, The Decision Institute

No. 72: I appreciate the freedom to think way outside the box and do things no one has done before. — Phil Masiello, president,800razors.com

No. 75: There is a kind of living dangerously aspect of risking your own money and reputation that is somehow highly satisfying! — Mark Stevens, CEO, MSCO

No. 73: I love the idea of owning my own business and doing whatever I want, when I want and how I want to do it. — Craig Wolfe, president, Celebriducks No. 74: It is about the freedom to enjoy your life and your family — going to every high school soccer game and watching your daughter play, taking the

No. 76: As an entrepreneur, I love being able to break out of the old molds set by established companies. — Rebecca Posten, CEO,PrevaLeafInc. No. 77: Entrepreneurs are people who look at the world around them, identify problems and feel the urge to correct them, to make things better. Being an entrepreneur is not really a choice. It’s probably closer to a disease. — Itai Sadan, CEO and co-founder,Duda No. 78: It’s the ability to bring something completely new into the world. I don’t have any children, but I imagine it’s a similar feeling — that thought that, had I not been here, this would have never happened. — Justin Nassiri, founder and CEO, VideoGenieInc. No. 79: As an entrepreneur, there are no corners to hide in, no fall guys to take the blame and no bigwigs to take credit for your work. Every day that I get up to work, I know that whatever I do is going to make a difference to my company. You can’t buy that kind of motivation. — Andrew Whitford, managing director,Trafficzoom.com No. 80: We get to be innovative. We get to experiment. We create what we believe in and then implement it. We get to disrupt the industry in a positive way. — Shaun Tuch, co-founder, Professor Egghead Science Academy No. 81: I love being an entrepreneur — first and foremost, to set the best example for my children possible. I want them to know that life is tough and challenging, but if you work hard and focus, then the outcome can be better than you ever expected. — Nellie Akalp, CEO, CorpNet.com No. 82: I like swearing and wearing superhero T-shirts, and being able to do that at work and not get into trouble makes my soul smile. — Maurice Buchanan, CEO and founder, UGO1 Fitness No. 83: The calm in the chaos is what I personally love about being an entrepreneur. It’s a mental zone where love for what you do, mental strength and your will are put to the test and where achievements or success become significantly more gratifying. — David Salinas, CEO and co-founder, Digital Surgeons No. 84: If you are resourceful, and most entrepreneurs are — you can figure anything out. The Internet’s the limit. — Rachel Olsen, founder, Best Mom Products No. 85: What’s the best thing about being an entrepreneur? The hustle, baby! — Grant Cardone, founder, Cardone Training TechnologiesInc.

Sandy Arons, owner, Arons & Associates Divorce Planning No. 88: The entrepreneur community has a certain energy. Personally, I found it to be absent entirely from corporate America, and we thrive on it daily today. — Mike Solow, CEO, Idea HarvestLLC No. 89: We’ve all heard the story about the lion at the zoo and his cousin in the wild. I’d rather be running for my food and risk not eating than having slabs of meat thrown at me while I sit in a 12-by12 concrete pit. — Kyle Eschenroeder, cofounder, StartupBros No. 90: I can move at the speed of startup every single day — testing, adapting and pivoting in a beautiful and efficient culture that promotes positive change over stagnating tradition. — Tim Linnet, chairman, Providence International No. 91: We are special and unique in the animal kingdom because of our ability to see the future and then achieve it. What being an entrepreneur allows you to do is create the future you want. — Spencer Thompson, founder and CEO, Sokanu No. 92: We can decide what our company perks are. Of course, we offer basics like vacation and health insurance. However, we also do fun things to reward our employees. — Shannon Stull Carrus, creative director, Who Is Carrus No. 93: My kids see me fail and then pick up the pieces and try again — all good life lessons that teach perseverance and the power of determination. — Deborah Stallings Stumm, president and founder, Super Moms 360 No. 94: A huge positive is the flexibility to support nonprofits in my community and help make a difference. — Lisa Pontes, owner,The Pontes Group No. 95: I never have to sit in another three-hour meeting, listening to people pontificate about something they know nothing about. Now, I can tell them to shut up and get out. — Tao Wong, CEO,PDB Sales Inc. No. 96: I love being an entrepreneur because of control. Control has a negative connotation, but to me, it’s something beautiful and powerful. — Felena Hanson, founder, Hera Hub No. 97: As an entrepreneur, you add value to society, as some product or service exists in the world because of you. — Mike Oeth, CEO, OnSip No. 98: I love being an entrepreneur because I know that my business is actually changing how people feel about themselves and about finding love. — Suzanne Casamento, founder, Fantasy DatingLLC No. 99: The greatest reason to be an entrepreneur? The incredible fairness of it — there’s no force more fair in the world than the marketplace of ideas. The live-and-die fairness of the market awakens something inside of you — passion, hunger, fear — that makes you feel more alive than you’ve ever felt before. — David Yang, founder, Full Stack Academy No. 100: I can tell myself to go to hell and not worry about being fired. — MJ Pedone, president and founder, Indra Public Relations

No. 86: I love being able to help other women who have experienced homelessness or deep poverty to become successful businesswomen. — Lia Grimanis, founder, UpWithWomen.org

No. 101: Becoming an entrepreneur has given me a unique and remarkable opportunity to reconnect with and assist people in the Philippines and also celebrate my Filipino culture. — Tessa Yutadco, founder and CEO, My Prime Skin Care

No. 87: Why I love being an entrepreneur? I’m not smarter than my boss. —

l l Culled from Business News Daily.

METRO

ay 19, 2014

FRSC wages war against young cyclists in Minna Dan Atori Minna

he Federal Road Safety Commission (FRSC) has frowned at underage children riding bicycles on major roads in Minna, the Niger State capital. The state Sector Commander of the FRSC, Mr David Usman, said in a statement that it was now the major cause of accidents in Niger State. Usman said the act was posing a serious setback to efforts of the state government and the command to ensure drastic reduction of Road Traf-

fic Crashes (RTC). The sector commander said the FRSC would henceforth not allow underage children to ride bicycles on major roads in Minna. According to him, the parents need to warn their children not to ride bicycles on major roads in Minna again. He said: “Any child that is found riding bicycle on any major road within Minna will be arrested and the parents will be prosecuted thereafter while such bicycle will be seized.”

Usman, however, called on the general public for understanding and cooperation in preventing avoidable loss of lives and property on Nigerian highways. The state government had on January 2 banned the use of motorcycles otherwise known as Okada as means of transportation in the state. “The ban has reduced to the barest minimum avoidable destruction of precious lives and valuable property not only in Minna but also on some of the highways in the state,” Usman added.

I will bring all criminals to justice – Ajimobi Abiodun Bello

aughter’s wedding He said: “I got a phone call that my wife is dead as a result of the beating she received. I never believed this could ever happen. I want the government to come to my aid.” A witness, who craved anonymity, fingered a retired soldier a as the key suspect. According to the witness, the retired soldier invaded the late woman’s house with some soldiers. “Before the incident, the retired soldier had threatened to deal with Mama (Mrs Itota), saying she carried herself as if she was the only one with a daughter abroad,” the witness said.

overnor Abiola Ajimobi has said that as the chief security officer, he was not only interested in the peace and tranquillity of Oyo State he was interested in bringing criminals terrorising the state to book. This is contained in a statement issued by his Special Adviser on Media, Dr Festus Adedayo, against the backdrop of the arrest of a chieftain of the National Union of Road Transport Workers (NURTW), Mr Mukaila Lamidi, aka Auxiliary, in Ibadan by the police recently. He said: “I swore to the good people of Oyo State in May 2011 that I would protect them from the hands of rampaging criminals. I swore that political affiliations would not colour my judgement. “I detest crime and criminals and that is why ours is about the first government that would openly advertise disconnect with thugs and violence. We will continue to do this in the interest of the great people of our state.” The governor said that he had, in this regard, mandated the security agencies in the state to step up the search for every wanted criminal and apprehend their collaborators, no matter how highly placed they might be in society.

Ajimobi

Ajimobi expressed delight at the arrest of Auxiliary, said to be one of the most dreaded thugs in the state, saying that it was a testimony to the zeal, competence and determination of the police to rid the state of violent elements. The police had in June 2011 placed a ransom of N500,000 on Auxiliary and the former NURTW Chairman, Alhaji Lateef Oloruntoki aka Tokyo, over the murder of the National President of the Nigeria Medical Students Associa-

ntiexay ms

his ghms gs. reer ns’

The nail-like objects

that the highway patrol team attached to Ijebu-Ode - Benin Expressway on Friday arrested four suspected bandits, Oluwaseun Oladapo, Julius Tepe, Kamoru Moruf and Surajudeen Busari.

FCT Transport Secretariat raids illegal motor parks Johnchuks Onuanyim Abuja

he Transport Secretariat of the Federal Capital Territory Administration (FCDA) at the weekend raided motor parks considered as illegal to ensure free flow of traffic on the major highways. More than 50 vehicles were impounded during the raid. The Executive Secretary, Transport Secretariat, Jonathan Ivoke (an engineer), said indiscipline was the major factor contributing to the proliferation of illegal motor parks across the territory. According to him, despite efforts made by the FCTA to provide bus terminals, commuters still cluster on the major highways to board vehicles. Ivoke, however, assured that the administration would continue to embark on sensitisation drive on the need to patronise the existing bus terminals, while calling on both motorists and commuters to desist from unlawful activities. He said: “It is regrettable that despite bus terminals provided for motorists by the administration, they still prefer to pick passengers along the major highways.

Political thugs beat journalist

as he was beaten to a pulp by people suspected to be political thugs. Warri The assault was said to be in the senior photojournalist with the Van- presence of the Delta State Comguard newspaper, Akpokona Omafuaire, missioner for Environment and narrowly escaped death at the weekend Chairman of the state Special Environmental Sanitation Committee, Chief Frank Omare, journalists and several others as the assailants sured the good people of Ogun State threw caution to the wind and atand those on transit in the state of tempted to snuff life out of OmaHe said: “The team had flagged adequate security of lives and propfuaire. down one Honda Accord with regis- erty, particularly on our highways. The attack took place during tration number Lagos AAA 219 BP, “The commissioner has ordered the compulsory sanitation exercise black colour, with the afore-men- the Area Commander, Sagamu, declared by the state government. tioned occupants at Ososa area on Assistant Commissioner of Police It took the intervention of Omare the expressway. The attitudes of the (ACP), Lanre Bankole, and his Ijebuand other journalists present to save occupants raised a suspicion that led Ode counterpart, ACP Mudashiru Omafuaire’s life. The victim, who is the secretary to their arrest. (They) could not give Abdullahi, to investigate the two any satisfactory explanation on the cases respectively and make sure of the Nigeria Union of Journalownership of the vehicle.” they apprehend those involved in ists (NUJ), Warri Correspondents’ Adejobi restated the commitment the acts of planting heavy nail-like Chapel, accused the Chairman of of the police to waging war against objects on the roads all over their the Transition Committee in Udu highway robbers and other crimi- areas particularly Lagos - Ibadan Local Government Area, Mr Raynals in the state. and Ijebu-Ode - Benin expressways mond Edijala, of being behind the attack. He said: “The Commissioner of that pass through the two area comPolice, Ikemefuna Okoye, has reas- mands in the state.” He said: “I was with other jour-

Joe Obende

our suspected highwayrobbers

nc-

tion, Bala Usman Shanono, a 500-level medical student of the Ahmadu Bello University (ABU), Zaria, who was caught, along with other travellers, in a crossfire at Iwo Road, Ibadan, while waiting for night buses to their destinations. Auxiliary and Tokyo were also declared wanted for their alleged roles in the bloody clash between members of their factions which claimed dozens of innocent lives, along with the wanton destruction of property. “At a moment like this when the whole country is apprehensive of violence and violent individuals, especially the mindless killings of the Boko Haram sect, unauthorised ownership of guns and other criminal weaponry should bother every peace-loving citizen. “This is why, as the chief security officer of Oyo State, I am pleased that Auxiliary, whom police said they have evidence linking him to gun-running, has been arrested,” Ajimobi said.

nalists and the committee leadership to see the level of compliance. “When we got to Udu, the residents complained that the council chairman was carrying out selective illegal caravan destruction and Omare ordered that all illegal structures there be pulled down against the wishes of Edijala. “As I was chatting with a colleague thatthestategovernmentwasreadyto demolish all illegal structures, Edijala directed his attention at me, saying, ‘who are you? What are you saying? Thisismycouncil,getoutof herenow. “Before I could say Jack Robinson, he seized me, called me an idiot, a foolish person and shoved me, saying that Imustgoback. “Allmyeffortstoexplainfellondeaf ears. The next thing I saw, he seized an ironrake,andmadetoshattermyhead, a colleague seized it from him, and the next thing I knew was that his political thugspouncedonme,threateningthat theywouldkillmeif theyseemeinUdu again.

46 NEWS

Sanctity of Truth

Monday, May 19, 2014

North-East’ll soon enjoy steady power supply – Minister their areas. He said President Goodluck Jonathan Power outage will would soon commission soon become history the newly established 330/132KVA transmisin the North-East sion line and station along the Maiduguri-Biu Road that has reached 90 per cent level of compleAhmed Miringa tion. Maiduguri The minister said the project, when commisinister of State for sioned, will create more Power, Hon. Mo- jobs and boost the ecohammed Wakil, has nomic fortunes of the said that the people state and the Northof the North-East and East, which he said are Borno State in particular in line with the Federal will soon enjoy uninter- Government’s transforrupted power supply in mation agenda.

BETTER DAYS

Wakil, who spoke through his Special Adviser, Technical, Engineer Baba Umar Mustapha, while inspection the transmission substation in Maiduguri at the weekend said the project when completed, will not only impact positively on the socioeconomic development of the people of Borno, but the North-East in general. According to him, some of the investors who abandoned the state in the wake of the crisis in the area, will now come back to set

up businesses that will generate employment to the teeming youths of the area. Mustapha said for decades, Maiduguri and its environs have suf fered epileptic power supply, but that with the coming of Wakil as minister in the power sector and the support of President Goodluck Jonathan, the sub-station would be completed soon and put to use. The technical adviser said Hon. Wakil has deployed all needed equipment, including

transfor mer accessories, power oil, among others, and that the project work has now reached 90 per cent completion. Also speaking at the site, the Special Adviser on Political Matters to the Minister, Alhaji Lawan Gumsiri, thanked the President and the Minister for their efforts in supplying and installing all the needed transmission equipment in line with Vision 20:20:20 policy, which aimed at making electricity supply to Nigerians a

reality. Gumsiri said the approval and delivery of these equipment for the completion of the muchawaited 30KVA electricity transmission line in Borno State, has no doubt confirmed the commitment of the Federal Government to make a difference in the power sector before the end of Jonathan’s first term in office. He said the recent electrification of Kautikari and Chibok towns is also a welcome development, as it has increased the economic fortunes of the people of the area.

Conversion of schoolgirls to Islam sinful – Muslim women Muritala Ayinla n organisation of Muslim women in business and the professions, The Criterion, yesterday prayed for the release of the abducted schoolgirls in Chibok, Borno State, describing the abduction and forceful conversion of the girls into Islam as sinful and against Islam. The group, which also prayed to God to touch the heart of the insurgents to release the girls unconditionally, said the abduction of the girls contradicts the teaching of Prophet Mohammed, who, according to them, encouraged the education of the girl-child for the benefit of mankind. Speaking at a special prayer held for the abductees at the Old Lagos State Secretariat Mosque, Ikeja, former President of the group, Prof. Fatimah Abdul-Kareem, said the sect had been engaging in activities that contradict the teachings of Islam, urging the insurgents to retrace their steps and follow the injunctions of the Qur'an. Abdul-Kareem, who is also the Head of Anatomic

and Molecular Pathology Department at the College of Medicine, University of Lagos, said Prophet Muhammed enjoined Muslims to seek knowledge and educate their female children, adding that Islam is founded on knowledge and research and not on ignorance as constantly demonstrated by the sect. She said the insurgents were only deceiving themselves by forcefully converting the girls to Islam against their wishes as the Qur'an forbids the forceful compulsion of religion on anyone, saying God would question the sect for killing innocent souls in their several bomb attacks. The group’s President, Hajia Rahmat Egbeyemi, said the group decided to take its protest to God, whom she described as the only saviour who could touch the hearts of the abductors to ensure unconditional release of the girls. Egbeyemi, who described the activities of the terrorists as sinful and ‘haram’, said any one who slays a human being would be punished as someone who had slain all humankind.

Lagos govt, others pledge support for Chibok abductees Ebere Ameh he Lagos State government and other publicspirited Nigerians and organisations have lent their voices in the clamour for the release of the girls abducted in Chibok, Borno state by the terrorist group, Boko Haram, pledging their unalloyed support even after their release. In a town hall meeting organised by Women in Management and Business (WIMBIZ), a nongovernmental organisation tagged ‘Chibok and Beyond,’ the wife of the Lagos State governor, Mrs. Abimbola Fashola, said beyond the protests

and the clamour for the safe return of the girls, efforts should be made to rehabilitate them physically and psychologically when they are released. “I have always said that we need to do more than the protests, we need to find a way of counselling them; we need to find a way of rehabilitating them. Those who are out, we need to find a way of getting to them. “The parents who are still in pain about their children, we need to counsel them as well, telling them that the world is with them, we Nigerians see them as our families and we care about them,” Mrs. Fashola said.

L-R: Permanent Secretary, Ogun State Ministry of Commerce and Industry, Mrs. K.T. Efuwape; Commissioner for Commerce and Industry, Otunba Bimbo Ashiru and Commissioner for Information and Strategy, Alhaji Yusuph Olaniyonu, during the 2014 Ministerial Press Briefing to commemorate the third year anniversary the Governor Ibikunle Amosun's administration at the Governor's Office Press Centre, Oke-Mosan, Abeokuta

2015: Olejeme, best candidate for Delta, says NAWOJ

Nigerian auto manufacturer to challenge the world

Joe Obende

he Nigeria Association of Women Journalists (NAWOJ) has praised the Chairman of the Nigeria Social Insurance Trust Fund (NSITF), Dr. Ngozi Olejeme, for her exceptional qualities, saying she remains the best candidate for the Delta State governorship election next year. “ M a ny qualities separate Olejeme from the other aspirants vision, courage, character, commitment, loyalty and sincerity. She will chart the right course and provide a clear focus for where the people and the state want to be and how to get there,” the organisation said. Bestowing the Nigeria Association of Women Journalists’ Positive Thinker’s Award on her in Lagos, NAWOJ said; “Olejeme is the most suitable person to lead Delta State after the tenure of Governor Emmanuel Uduaghan.” Mrs. Asabe Baba-Nahaya, Toro Oladapo and other prominent mem-

bers of the association, who spoke about Olejeme, extolled her leadership qualities and proven records of service. The organisation called on Governor Emmanuel Uduaghan and other prominent men in the state to give Dr. Olejeme the opportunity to demonstrate her commitment to the will and the welfare of the people. NAWOJ also advised women to rise to the challenge posed by men by supporting the candidature of Olejeme. “The men must be willing to cede power to Olejeme in 2015, while they prepare for a more auspicious opportunity in the future.” In her acceptance speech, Olejeme said; “The award will provide a tremendous lift for me.” Represented by former Majority Leader, Delta State House of Assembly, Hon. Aneke Ifemeni, Olejeme told the gathering that nothing will deter her from redoubling her efforts in the service of humanity.

Warri

hairman and Chief Executive Officer of Innoson Group, Chief Innocent Chukwuma, has said that he was poised to challenge the world with his Madein-Nigeria automobiles. Innoson Group is the manufacturer of Innoson brand of vehicles in Nigeria. Chukwuma said this while speaking to New Telegraph at the Asaba International Airport, Asaba, Delta State, over the weekend. He promised to produce such quality products from his plants to make the world stand challenged that Nigeria, nay Africa ‘can do it.’ Brands rolled out of his plant in Nnewi, Anambra State include jeeps, patrol trucks, luxury and mini-buses. The manufacturer, who started business by importing spare parts and motorcycles, said he ventured into manufacturing to create jobs for Nigerians and keep

Nigeria’s money in Nigeria. Continued importation of all shades of goods into the country, he insisted was creating jobs for the foreigners and developing their economy for them while ‘ours suffers.’ He commended government’s support for the manufacturers, saying they were able to do so much because government has been supporting them. He said power supply has improved in the country under the Goodluck Jonathan administration because when he commenced production in 2010, all the power they got from the national grid was a meagre 10 to 20 per cent, but that today, “we get up to 60 to 70 per cent for our production.” He said his plant utilises 60 per cent of local content, which encompasses bodies, tyres seats, upholstery, batteries, rubber, plastic and other polymer products, light fittings and so on.

NEWS 47

Sanctity of Truth

Monday, May 19, 2014

CONFUSION One position, three contenders. That is the story in Delta APC Dominic Adewole

Asaba

acts emerged in Asaba yesterday that the crisis rocking the Delta State chapter of the All Progressives Congress (ACP) has assumed another dimension. Three state chairmen are now laying claim and fighting for the soul of the party in the state. Similar thing occurred in 2007 before the party changed its name from Action Congress (AC) to the defunct Action Congress of Nigeria (ACN) in the state. A factional Chairman, Chief Sam Egwuerome,

Crisis rocks Delta APC as three chairmen lay claim to party’s soul operated for years as chairman of ACN from BeninCity, Edo state, with his secretariat at the Popular Nnebisi Road in Asaba. His opponent, who was being sponsored and financed by Chief Peter Eloka Okocha, operated in a well-furnished secretariat along the Asaba-Onitsha Expressway. Okocha was the governorship candidate of the party under the defunct Action Congress. This time, Chief Adolor Okotie-Eboh led-structure of the defunct ACN has refused to give way to Chief Isaac Tobore Ajueshi, who was the protem chairman

Youths hail French govt over Etete’s pardon Yekeen Nurudeen

Abuja

atholic Youths of Nigeria have hailed the decision of the French government to pardon former Minister of Petroleum, Chief Dan Etete, who was convicted of money laundering in absentia in 2007 and sentenced to three years imprisonment with a $300,000 fine. Etete, who was minister under military dictator, General Sani Abacha, was also convicted for spending $15 million believed to have been fraudulently obtained, to buy property in 1999 and 2000. The choice houses he bought in France with the money included a chateau in North Western France, a Paris apartment and a

luxury villa in the chic Paris suburb of Neuilly. However, a French court recently granted him pardon and France’s Ministry of Justice, Criminal, Cases and Pardon Division has issued a bulletin formally acknowledging the pardon. Signed by the magistrate in charge of the national criminal record, Xavier Pavageau, the pardon means that the former minister is now free to visit France. While speaking in Abuja yesterday after a thanksgiving mass organised for Chief Etete at the Holy Trinity Catholic Church, National President of the Youth Wing of the Christian Association of Nigeria (YOWICAN), Pastor Simon Dolly, said God has vindicated the former minister.

Ashafa lauds US’ role against Boko Haram Muritala Ayinla s the search for the Chibok abductees continued at the weekend, the lawmaker representing Lagos East senatorial district in the Senate, Gbenga Ashafa, has lauded the United States government over its assistance to the Federal Government in the effort to rescue the abducted girls. The senator spoke at the 74th Morgan State University Annual Alumni Awards and Class Reunion Luncheon at the Morgan State University Student Centre, Baltimore, Maryland, USA, where he was given an award of recognition by the alumni of his alma mater. Receiving the award, Senator Ashafa expressed delight, first as an awardee,

and secondly as an old student of the university. He commended the United States’ government for supporting Nigeria to rise against terrorism. He said: “I am humbled by this symbolic gesture of recognition by the Alumni of the university; that is the quintessential gateway to opportunity and the stairway to excellence. Of course, I would like to identify with the 1978 set; being the defining year I was pronounced graduate of the Morgan State University.” While commending the gesture bestowed on him by the university, he also praised the US government for her support in curbing the ‘Boko Haram’ insurgency and putting an end to all acts of terrorism in Nigeria.

of the party shortly after the merger, and executive members of Prophet Jones Ode Erue.Chief Ajueshi was dumped by the national leaders of the party for the true led-executive after mobilising several political groups, including the Delta Force (DF), led by its National President, Hon. Goddey A. Okorodafe and the Delta Elites (DE), led by one Mrs. Tina Ayonuvwe, for the party.

15.4m

The total number of refugees worldwide at the end of 2012. Source: Unhcr.org.uk

Trouble, however, erupted after Chief Okotie-Eboh could not understand why he was thrown out by the leaders of the party after the merger without notice. He has since told those who care to listen that he remains the state chairman of the party. New Telegraph, however, gathered that OkotieEboh became history after he was caught hobnobbing with the ruling party in

the state. “He sold the party to the ruling party during the rerun and the 2011 general elections in the state, when Chief Ovie Omo-Agege contested the governorship of the state against the incumbent Governor Emmanuel Uduaghan and was caught by the national body. “So, it will be foolhardy to handover the new party

12%

The percentage of people who could be lifted out of poverty if all students in poor countries had basic reading skills. Source: Un.org

to him again,” said an APC source yesterday in Asaba. Apart from Prophet Erue, the other factional chairmen are aggrieved and are bent on constituting a clog in the wheel of progress for the party in the state. Although, Ajueshi has not been talking, he has refused to close down his parallel secretariat along Nnebisi Road, in Asaba, the state capital.

23.87

The number of fixed-telephone subscriptions per 100 inhabitants of Argentina in 2011. Source: Itu.int

L-R: Deputy Editor, Daily Sun, Mr. Femi Adeoti; father of the bride/Editor, Daily Newswatch, Mr. Dele Fashomi; Editor, Saturday Newswatch, Mr. Patrick Asonye and founding Editor, Tell Magazine, Mr. Dare Babarinsa, during the wedding ceremony of Fashomi's daughter in Lagos…at the weekend PHOTO: GODWIN IREKHE

Grand Mufti condemns FG, Boko Haram

Akwa Ibom has made progress with MDGs – Akpabio

Biodun Oyeleye

Tony Anichebe

Ilorin

enowned Islamic scholRIlorin, ar and Grand Mufti of Mohammed Kam-

alud-deen Al-Adabiyy, has condemned the Federal Government for its inability to contain the Boko Haram insurgents that have been wreaking havoc on the country. Al-Adabiyy, who spoke at the weekend in Ijomu Oro, Kwara State, during the 30th coronation anniversary of the Chief Imam of Ijomu Oro, Alhaji ibrahim Abdulquadri AlAdabiyy, also expressed concern over the mindless killing by the sect, saying the group cannot claim to be representing Islam. The Islamic leader lamented the abandonment of good governance in pursuit of wealth and power.

Stressing that Boko Haram was not killing for Islam, the Grand Mufti said the solution to ending the nation’s crisis is for Nigerians to seek God’s favours. He said: “There is wanton killing over worldly positions and power, but the government is yet to get Boko Haram despite all its power,” he lamented. Sheikh Kamald-deen, son of the late foremost Islamic scholar and founder of Ansarul Islam Society, Sheikh Kamalddeen Addabiyy, traced the nation’s current bloody travails to the abandonment of godliness and good virtues. “From a nation of wealth and prosperity, we have become a nation of debts,” adding that the governed are as much to blame for the nation’s misfortunes as the leaders.

Uyo

head of the 2015 Atainment deadline for the atof the United

Nations Millennium Development Goals (MDGs), Akwa Ibom State Governor, Godswill Akpabio, yesterday said the state has made significant progress in implementing the eight-point agenda of the MDGs. The governor, who was represented by the Commissioner for Information and Communications, Mr. Aniekan Umanah, said this in Uyo at the occasion of the International Day of the Families organised by the United Peace Federation, in collaboration with Family Federation for World Peace

and Unification. According to him, his administration has drastically reduced extreme poverty in the state, through training and financial empowerment of women and youths, especially in agriculture. He also said that school enrolment has tripled in the state as a result of the free, compulsory and qualitative education programme for children from primary to secondary school levels. In the area of reducing child mortality, Governor Akpabio said his government has declared free medical treatment for children, alongside pre gnant women and the aged, to also improve maternal health.

48 NEWS

Sanctity of Truth

Monday, May 19, 2014

Amaechi wants more women in active politics Joe Ezuma

Port Harcourt

overnor Chibuike AmaeGcalled chi of Rivers State has on women in the

ruling All Progressives Congress (APC), to actively participate in politics and win elective positions in the upcoming 2015 elections. Amaechi spoke at the weekend when the Local Government Female Elected Executives and State Legislators' Forum, accompanied by wife of the Governor, Dame Judith Amaechi, paid a solidarity visit on the Governor at Government House, Port Harcourt. He said there was no law in Nigeria that prohibited women from holding elective positions when voted by the electorate. According to him; “You are qualified to hold positions men hold. Men always gather women to do the “Oyeh” to get elective positions. And, I told my wife, if you look at the voting pattern in Nigeria, the actual

people who vote are women. So, why can’t women take power from men? What you can’t take away from them is that, men are your husbands. There is no law in Nigeria prohibiting women from becoming governors or presidents." “You have been intimidated, and you have to first and foremost liberate yourselves as women, who are ready for politics. "There is a woman who I have told to contest for chairmanship position in her Local Government Area, and she said, they will not allow me, and I asked her, how do you know? You have to come out; there is no need asking for help or to say please, give us 30 per cent affirmative for women. Come out on your own. By the time you come out, you will see that, you will surely get the 30 per cent you are looking for. What politicians do is to bring out money, hold meetings, and mobilize people, especially women. And if you do that, you will also get elected,” he said.

IPMAN: Ezinwa blames disdain for constitution Leo Sobechi he South East Acting Zonal Chairman of Independent Petroleum Marketers' Association of Nigeria, (IPMAN) Chief Chukwudi Ezinwa, has said that only due respect to IPMAN’s constitution would arrest the current leadership challenge in the association. IPMAN, he said, would seek for an order of mandamus today, to enable it recover the national office following the restraining order on Obasi. Ezinwa, who spoke to journalists at the Akanu Ibiam International Airport, Enugu disclosed that though IPMAN members were not politicians,theattemptbysome individuals to circumvent the

IPMAN constitution led to the recent development in the association. He acknowledged that Mr. Lawson Obasi, who is at the centre of the prevailing disputations over the leadership of IPMAN, started his trouble with the past President, AlhajiAminu Abdulkadir, adding that he (Obasi) was expelled from IPMAN before he embarked upon his judicial expedition. “The last position Obasi held in IPMAN was Chairman, Allocation Committee on Oil; a committee headed by Alhaji Suleiman, was set up to look into allegations against him. Based on the findings of the committee, he was expelled in December 2013,” Ezinwa said."

NGSF condoles with Al-Makura on sister’s death Dan Atori

MINNA

overnors under the aegis GGovernors' of the Northern States Forum (NSGF)

have commiserated with Governor Umaru Tanko Al-Makura over the death of his sister, Hajiya Husseina Baban Kwakwu. Chairman of the forum and Governor of Niger State, Dr Mu’azu Babangida Aliyu, described the death of Hajiya Husseina as painful and a big blow to Governor Al-Makura and the entire people of Nasarawa State, "coming at a challenging period of our national life, when

every support is needed to find solutions to myriad of problems confronting the nation." A condolence message signed by the Secretary to the Government of Niger State and Co-ordinating Chairman of SSG’s Forum, Hon Saidu Idris Kpaki, urged Al-Makura to be consoled "by the transient nature of our sojourn on earth." The forum advised the governor not to be discouraged by his sister’s death, but should continue to pilot the affairs of the state in the excellent manner he has been doing in the last three years.

L-R: Publisher/CEO, Businessday, Mr. Frank Aigbogun; Finance Director, Fidson Healthcare Plc, Mr. Olatunde Olanipekun and Director General, Nigeria Stock Exchange, Mr Oscar Onyeama, at the BusinessDay Top 25 CEO Awards ceremony in Lagos

245m

The total population of the countries of West Africa in 2010. Source: Worldbank.org

110,000

The number of adults and children estimated to be living with HIV in Venezuela in 2008. Source: Blatantworld.com

70.2%

The percentage of female internet users in Hong Kong, China in 2012. Source: Itu.int

ASUP wants speedy resolution of crisis STRIKE

Poly lecturers condemn government's lukewarm attitude to their plight Yekeen Nurudeen

Abuja

embers of the Academic Staff Union of Polytechnics (ASUP) have condemned what they called lethargy in the response of the Federal Government in resolving the 10-month old strike embarked upon

by members of the union. The polytechnic lecturers, who spoke in a communiqué issued at the end of a four-day capacity building workshop for chapters and national officials of the union held in Lafia, Nasarawa State, noted that the strike was embarked upon to improve the state of polytechnic education in Nigeria. They urged the Federal Government to urgently address the issues in the interest of technical education in the country. While reacting to the spate of industrial unrests in the education sector, the participants lamented that such un-

rest undermines national security even as they traced the root cause to governments’ penchants for reneging from agreements reached with trade unions. They also condemned the use of techniques of intimidation by state security agents and the undue politicization of trade union disputes. This, according to them, manifested in the use of tear gas and water cannons on members of ASUP,COEASU, NLC , students and civil society groups in Abuja while exercising their rights to peaceful protest and expression on April 29, 2014

rather than addressing the concerns of the protesters. They, however, called on heads of institutions to desist from infringing on the rights of staff to unionize, as well as undue interference in union activities and finances. On the state of insecurity in the country, the polytechnic lecturers encouraged government at all levels to close ranks and find lasting solutions to the security challenges in the country. They also urged the citizenry to be security-conscious so as to contribute their quota to National security.

Insecurity: Mimiko, Daniel team up with Jonathan Kunle Olayeni

Abeokuta

ndo State Governor, Dr Olusegun Mimiko, and former Ogun State Governor, Otunba Gbenga Daniel, have urged Nigerians not to relent in praying for President Goodluck Jonathan and the success of his administration in tackling insecurity in the country. Speaking at the inauguration of the Ogun State Labour Party (LP) secretariat in Abeokuta on Saturday, Mimiko and Daniel also expressed their readiness to work for the re-election bid of the president in 2015. The commissioning of the party secretariat located in Onikolobo area of Abeokuta was attended by the LP National Chairman, Dan Nwayanwu, members of the party's National Working Committee (NWC) and members of the state House of

Assembly, including John Obafemi, Remmy Hazzan, Joseph Adegbesan, Obafemi Olowo-Oloja and Salmon Adeleke. Other prominent political figures present were former Minister of Mines and Steel Development, Alhaji Sarafa Isola; former governorship candidate of the Peoples Party of Nigeria (PPN), Gboyega Isiaka; former Commissioner for Information and Orientation, Sina Kawonise, as well as Chief Sule Onabiyi, Chief Kolapo Ogunjobi, Chief Tunde Alabi, Mrs. Iyabo Apampa and Hon. Ladi Adebutu. The inauguration witnessed the reconciliation of the Comrade Niyi Osobaled State Executive Committee of the party with aggrieved members of the faction led by pioneer chairman of LP in the state, Comrade Olabode Simeon. Addressing the

mammoth crowd that thronged the party secretariat, Mimiko said the essence of the event was to demonstrate the fact that the LP remains one and indivisible party in the state. The gover nor explained that the era of factionalisation had ended in the state chapter of LP, saying all members have agreed to work in harmony to unseat the APC administration. He also enjoined LP members and people of the state to give maximum support to the Jonathanled Federal Government, especially in its campaign against the Boko Haram insurgency. Mimiko noted that the wave of insecurity had adversely affected the country, adding that the president needed total cooperation to restore peace. He said; "We are all friends of the president.

When Jonathan wanted to contest in 2011, you will recall that Labour Party supported him. Because we can rightly claim that Jonathan is our joint project in Nigeria, we must pray for him to succeed. "Boko Haram is making things difficult, but he (president) will not rest on his oars. It is when he has peace of mind that he can complete the ongoing Lagos-Ibadan expressway and other projects." Mimiko criticised the policies and programmes of the All Progressives Congress (APC) in the South West and restated the determination of his party to wrest power from the APC in the zone in 2015. Daniel, who ruled the state on the platform of the Peoples Democratic Party (PDP) between 2003 and 2011, picked holes in the administration of his successor.

ekiti 2014

Sanctity of Truth

Monday, May 19, 2014

Card readers may complicate Ekiti, Osun elections - INEC Wale Elegbede

he Independent National Electoral Commission (INEC) said the contentious nature of Ekiti and Osun governorship election and the need to avert complications were the reasons the commission decided against the of use card readers for both elections. Speaking exclusively with New Telegraph, the Chief Press Secretary to the INEC Chairman, Mr. Kayode Idowu, said the electoral body had never promised to use card readers for the elections but the Permanent Voters' Card (PVC).

20%

There has been a growing agitation about the decision of INEC not to use card readers for the elections billed for June 21 and August 9 in Ekiti and Osun states respectively. According to Idowu, INEC decided to use the PVC in Ekiti and Osun for the first time in Nigeria and the commission can't test-run card readers at the same time with the PVC, noting," You can't put too many iron rods in the fire at the same time." He said, "Ekiti and Osun states gubernatorial elections are so contentious that if we use PVC and use card readers at the same time, you will

The percentage of the world’s population without access to electricity in 2009. Source: Unesco.org

complicate the elections. "We can't test-run the card readers in Ekiti and Osun because we are already test-running the PVC there. We haven't used PVC in any other place until now. "The commission will still test-run card readers in all those smaller byelections because those once are less contentious and before 2015 we will have perfect the card readers in those smaller elections." While dismissing allegations that the PVCs are already being cloned by some political parties, Idowu said that INEC has the original biometric

547,030

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

data and that the PVC was seal-proof. "How will anyone be able to clone the PVC when INEC has the biometric data? The biometric data is used to produce the PVC and only screened cards that match the biometric would be accredited for election. "Politicians can allege whatever they want to allege but INEC PVC can't be cloned because the PVC has biometric chip that contains data of every voter, including their pictures and finger-prints. If you are cloning the PVC, that means you also need to clone the finger-print of the voter."

2.5bn

The global population growth projections over the next 40 years. Source: Unesco.org

NEWS 49

Ekiti group urges vigilance, tasks INEC on free, fair polls Adesina Wahab Ado-Ekiti

socio-political group, The Progressive Youths (TPY) Ekiti State Chapter, has warned voters in the state on the need to be careful concerning who to vote for in the coming governorship election in the state to avoid falling victim of deceit and propaganda. The group gave the warning in a statement jointly signed by the President, Lawal Adegoke-Bamayi and the Director of Media, Information and Strategies, Femi Awojobi made available to New Telegraph at the weekend. The TPY expressed shock over the politics of desperation and must-

Governor has no clue to Ekiti's industrialisation - Bamidele Adesina Wahab Ado-Ekiti

L-R: Ekiti State Labour Party governorship candidate, Michael Opeyemi Bamidele; Ologutin of Ogotun Ekiti, Oba Samuel Oladapo Oyebade and LP state chairman, Akin Omole, during the party’s township rally in Ogotun Ekiti …at the weekend

I run the most teacher-friendly government - Fayemi EDUCATION

Ekiti Governor boasts of his achievement in teachers and pupils' welfare Adesina Wahab Ado-Ekiti

kiti State Governor, Dr Kayode Fayemi, who is also the All Progressives Congress (APC) candidate in the coming election in the state, has said he runs the most teacherfriendly administration in the history of the state. Speaking in Ado-Ekiti

yesterday through Mr Dimeji Daniels of the Kayode Fayemi Campaign Organisation, the governor said the achievements recorded by his government in nearly four years of being in office as far as education and teachers' welfare were concerned were unprecedented in the history of the state. He added that robust welfare packages, aimed at motivating teachers in the discharge of their duties were put in place by the government. "These welfare packages, which form part of the education policy of the Fayemi Administration, are part of the factors responsible for the uplift of

the state's education sector from the doldrums it used to be to a place of pride and gradual turnaround," Daniels said. He noted that the present administration in the state was able to turn around the education sector due to fool-proof and flexible policies steeped in deep-thinking and careful planning by Ekiti eggheads brought together at the behest of the Fayemi Administration in an education stakeholders summit. He said the Fayemi Administration in 2011 reversed the scrapping of the office of Tutor-General carried out by a previous Peoples Democratic

Party (PDP)-led administration in the state by appointing three tutorsgeneral to be in charge of the three senatorial districts in the state. The three were later promoted to the position of permanent secretaries in 2013. Daniels said contrary to claims by the candidate of the PDP, Ayodele Fayose, that the Fayemi Administration had not been fair to teachers, the present administration had done more for teachers than in all the years from 1996 when the state was created till 2010 when Dr. Fayemi took over the mantle of leadership.

win-at-all-cost attitude being displayed by some of the candidates ahead the June 21election. According to the group, what Ekiti people needed was a genuine leader who had demonstrated good leadership qualities at various levels either in the private or public sector. "We have been hearing promises in the past but the performance has not been commensurate with such empty promises, except maladministration, poverty, impunity, intimidation, looting and arrogance of the highest order, hence the need for the electorate to be sure of the character and antecedents of the person they want to vote for," the group said.

he Labour Party (LP) governorship candidate in Ekiti State, Opeyemi Bamidele, has said the incumbent governor, Kayode Fayemi, has no clue to industrialising the state. According to the spokesman of Bamidele’s campaign organisation in Ado-Ekiti, Mr Ahmed Salami, Fayemi, had in last three and a half years been paying lip service to industrial development of the state. Bamidele said Fayemi’s boast on the day of his inauguration on October 16, 2010 that he would diversify the state from its present monolithic economy through industrialization, being a civil service State still remained a mirage, adding that the laxity in this critical and pivotal sector had crippled the state’s economy.

He questioned the contributions of the moribund Ire Brick Industry and Road Material Company (ROMACO) in Igbemo to the economy of the state in spite of over N2 billion expended to resuscitate the industries. He faulted the Fayemiled administration over its alleged inept and poor administrative skills leading to failure to negotiate the revamp of the defunct Oodua Textile Mills in Ado-Ekiti with Oodua Group of Companies, saying the conversion of the site into lock-up shops further underscored Fayemi’s deception and aversion for the growth of the sector. He stressed the need to place high premium on industrial development in a state like Ekiti, saying Fayemi’s government would not have plunged Ekiti into this level of burdensome debt, if it had made remarkable feat in this sector.

Fayose raps APC candidate over merger of varsities Adesina Wahab Ado-Ekiti

Ekiti State Ftheormer Governor, who is also Peoples Democratic

Party (PDP) candidate in the coming governorship poll, Ayo Fayose, has described the merger of three state-owned universities by Governor Kayode Fayemi as a great disservice to the state and her people. According to the governorship hopeful, merging the institutions to one has denied the state a lot of benefits. Speaking in Ado-Eki-

ti yesterday through the Director General, Ayo Fayose Campaign Organisation, Chief Dipo Anisulowo, the former gover nor reiterated his commitment to the return of the scrapped University of Science and Technology, IfakiEkiti (USTI) and The University of Education Ikere-Ekiti (TUNEDIK). "Governor Kayode Fayemi denied thousands of Ekiti youths the opportunity of gaining admission into the universities by merging the three universities that he met in the state into one."

50 WORLD | NEWS

Sanctity of Truth

Monday, May 19, 2014

Sri Lanka marks 5th anniversary of war victory

ri Lanka’s government yesterday marked the fifth anniversary of its civil war victory over ethnic Tamil separatists by displaying the country’s military strength, while preventing Tamil civilians from publicly remembering their dead. The government’s approach highlights the deep ethnic polarization that remains in this island nation despite the end of the quarter-century civil war. President Mahinda Rajapaksa presided over a Victory Day ceremony in the southern coastal town of Matara, where military personnel paraded in the streets with tanks and artillery guns, while fighter jets flew overhead.

In the country’s ethnic Tamil-majority north and east, however, military troops surrounded political party and newspaper offices in an apparent attempt to prevent public memorials for those who died in the war. They also closed the roads to a fountain in the northern Jaffna peninsula where Tamil Hindus have, for generations, performed rituals to remember their dead. “This is totally unacceptable,” said M.A. Sumanthiran, a Tamil lawmaker. “This is a low point in civilization where a country prevents its people from remembering their dead.” Military spokesman, Ruwan Wanigasooriya, could not be immediately reached for comment.

Sri Lanka’s military defeated Tamil Tiger rebels in May 2009, ending the long civil war. Heavy civilian casualties and allegations of serious human rights violations, especially in the final months of the fighting, prompted the United Nations Human Rights Council this year to sanction an international inquiry into the conduct of both sides. According to initial U.N.

estimates, between 80,000 and 100,000 people were killed in the conflict. A later U.N. report suggested that as many as 40,000 ethnic Tamil civilians may have been killed in the last months of the fighting alone. Peace groups and the government’s own war commission had warned against holding major victory celebrations, saying they could further

alienate the Tamil community. They instead advised the government to have a solemn memorial for all victims of the war. “Our country is once again leaving space to the people in the north to develop their own structures to deal with their sorrows and issues, which will contribute to a separate state of mind,” the National Peace Council, a local activist group, said in a statement.

Mexican opposition holds leadership vote that may impact reforms

exico’s biggest opposition party yesterday held a leadership election whose outcome could shape how quickly President Enrique Pena Nieto can pass pending legislation to open up the oil industry and increase competition in telecoms. The center-right National Action Party (PAN), has been badly divided by a bitter internal power struggle, making it harder for the party to work with Pena Nieto’s Institutional Revolutionary Party (PRI), which has no majority in Congress. Pena Nieto has relied on PAN votes to help pass laws, including a reform in December to end Mexico’s 75-yearold oil and gas monopoly, as well as a major overhaul of the telecoms industry dominated by multi-billionaire Carlos Slim.

Both reforms still need rules and regulations to be set out in so-called secondary legislation, but disputes in Congress, partly due to PAN infighting, have delayed the approval process. The centrist PRI had hoped to pass the secondary laws by the end of April at the latest, and now has its sights on June. However, some officials worry it could take longer. The PAN battle pits loyalists of party leader Gustavo Madero, who has worked with Pena Nieto to pass legislation, against Ernesto Cordero, a former finance minister keen to push the party in a direction more critical of the government. Elected by PAN members, the future leader will have to reunite a party still coming to terms with its loss of the presidency in 2012 to PRI after more than a decade in power.

Sri Lankan War amputee soldiers

Rogue Libyan general’s troops attack parliament

orces loyal to a rogue Libyan general attacked the country’s parliament day, expanding his eastern offensive against Islamists into the heart of the country’s capital. The attack forced lawmakers to flee under a barrage of heavy gunfire. The troops of Gen. Khalifa Hifter targeted Islamist lawmakers and officials, his spokesman Mohammed al-

Beijing sends evacuation ships to Vietnam

hina yesterday dispatched five ships to Vietnam to speed up the evacuation of its citizens following deadly anti-Chinese riots over Beijing’s deployment of an oil rig in waters claimed by both countries. The first ship departed yesterday morning from the southern island of Hainan, according to the official Xinhua News Agency. It also said that 16 critically injured Chinese were airlifted from Vietnam early yesterday aboard a chartered medical flight. More than 3,000 Chinese have already been pulled out from Vietnam following

the riots this past week that left two Chinese dead and injured about 100 others, the Foreign Ministry said in a statement. Vietnam has protested China’s positioning of the oil rig in the South China Sea on May 1 and sent ships to confront China’s vessels, setting off a tense standoff. After allowing anti-China protests last weekend, Vietnam’s authorities quickly clamped down on further demonstrations after the public anger against China boiled over into riots, the most serious to hit Vietnam in years. Dozens of factories close to southern Ho Chi

Minh City were trashed. In central Vietnam, a 1,000-strong mob stormed a steel mill, killing two Chinese workers and wounding hundreds more. Along with the Chinese, hundreds of Taiwanese people have fled the country by land and air. China’s Foreign Ministry said that officials were arranging to bring back the staff of the Chinese building contractor that was stormed by mobs in Ha Tinh province. Vietnam’s Prime Minister Nguyen Tan Dung on Saturday ordered a stop to anti-China protests.

Hegazi told Libya’s al-Ahrar television station. Al-Hegazi said Hifter blames the officials for allowing extremists forces to exert unrivalled influence in the country. “This parliament is what supports these extremist Islamist entities,” al-Hegazi told the station. “The aim was to arrest these Islamist bodies who wear the cloak of politics.” Al-Hegazi said forces loyal to Hifter met resistance from militias he accused of “holding the country hostage.” He called the parliament the “heart of the crisis” in Libya. Gunfire near parliament could be heard for kilometers (miles) around. Smoke billowed from a distance over the parliament building, as witnesses said the attacking forces shelled the building from the southern edge of the city. A spokesman for the Libyan Revolution Operation Room, an umbrella group of militias groups who answer to the interim parliament and are in charge of the security

in the capital, said fighters engaged the attackers but there were no reports of casualties. Forces loyal to the interim parliament set up checkpoints around the parliament, sending journalists away. The spokesman said the attacking forces are suspected members of the al-Qaaqaa and Sawaaq militias, the largest in the capital. While they operate under a government mandate, they back the non-Islamist political forces. The two groups have before given parliament an ultimatum to dissolve after its mandate expired in February, threatening to detain lawmakers if they refused. They never carried out their threats, though the parliament vowed to hold elections later this year. A security official said the attackers also shelled a nearby military base controlled by an Islamist militia. The official spoke on condition of anonymity because he was not authorized to brief journalists.

Champion Eagles seek World Cup glory

FA Cup win the most important of my career -Wenger

Home Eagles won’t be push overs in Brazil – Uzoenyi,Egwekwe

}p-52

}p-53

}p-54

SPORT

AUTHORITATIVE VOICE IN GLOBAL SPORT

NEW TELEGRAPH

Did you know?

newtelegraphonline.com/sports

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

That Uruguay’s Jose Batista was red carded 56 seconds into a first-round game against Scotland at the 1986 World Cup for the fastest ejection in tournament history

Monday, MAY 19, 2014

Super Eagles’ defence weak ...tips Nigeria for -Song quarterfinal

Echiejile

Oshaniwa

Song

Gymnasts urged to show class …as Dangote meet gets May 29 date Charles Ogundiya

ymnasts in Nigeria will have opportunity to showcase their talents at the Alhaji Aliko Dangote Open Gym-

nastics Championship. The championship, earlier scheduled for April will now hold from May 29 to June 1 inside the Abuja National Stadium, Gymnasium Hall, Package ‘B’ Sports Complex.

According to the Vice President of the Gymnastics Federation of Nigeria, Alhaji Soro Mohammed; “The Dangote Championship is a rare opportunity for gymnasts, especially when we all know that it is difficult to organise any competitions in Nigeria due to financial conCONTINUED ON PAGE 54

52 SPORT

Monday, May 19, 2014

Countdown to Fifa World Cup 24

Days To Go

Champion Eagles seek World Cup glory

Ifeanyi Ibeh

ith just under a month to the commencement of the World Cup, the Super Eagles have been boosted by sweet news of league triumphs of some of the stars expected to make Stephen Keshi’s final 23-man list to Brazil. In Turkey, Emmanuel Emenike marked his return to the Turkish Super League, after a two-year sojourn with Russian Premier League side Spartak Moscow, with a series of impressive performances that went a long way in securing the Turkish league title for Fenerbahce, who will be hoping to leave a lasting impression this time around when they return to the Champions League next season. It is a competition Emenike already has fond memories of from his time at Dynamo Moscow and he will be looking to prove to Fenerbahce’s management by the time hostilities get underway in Brazil that he, and not Senegalese-born Moussa Sow, should lead the club’s forward line next season. Sow finished as Fenerbahce’s top scorer this term with 15 goals, but only one ahead of Emenike, who grabbed 12 goals in 18 starts and nine substitute appearances, while also pitching in with eight assists. And if Emenike can replicate his form at the last Af-

rican Cup of Nations at next month’s World Cup, then there is a likelihood he would not be returning to Turkey ahead of the commencement of Fenerbahce’s pre-season training in July. In Scotland, Efe Ambrose continued his preparations ahead of the resumption of his nine-year old battle with Argentina’s Lionel Messi – a duel dating back to the 2005 FIFA U-20 World Cup in the Netherlands – by featuring prominently for Celtic as the Glasgowbased side continued its dominance of the Scottish Premiership with a third successive league title. In Russia, Ahmed Musa played a pivotal role as CSKA Moscow won the Russian Premier League title for a second successive year with the speedy Nigerian contributing seven goals in 26 league appearances for the Army Men. It is a return that is four less than what the former VVV Venlo and Kano Pillars forward scored last season, but the Nigerian missed out on a handful of games due to injuries.

With these players in the team, and the fact that we were champions of Africa, we were not afraid of playing against anyone

Nevertheless, Musa, as well as his teammates who have won national titles at their various clubs, as well as those who have won individual honours such as Vincent Enyeama, who was recently adjudged the best African player in the French top flight, will be going to Brazil with a ‘champion mentality’ and this development, according to former Nigerian winger, Emmanuel Amuneke, is expected to rub off positively on the entire Nigerian team as they take on their counterparts from Iran, Bosnia-Herzegovina and Argentina. “What it does is that it boosts the confidence of the player concerned and he can in turn extend this confidence to his teammates,” said Amuneke. “I remember how winning the Champions League with Zamalek (in 1993) and the Portuguese Cup with Sporting Lisbon (in 1995), as well as the league and cup double at Barcelona (in 1996) gave me this air of invincibility – a champion mentality – whenever I played for Nigeria. “I was confident when playing against any team; I was not afraid, and it rubbed off on my teammates,” stressed Amuneke, who was one of Nigeria’s outstanding players at the country’s maiden World Cup appearance in 1994, in the United States of America. “When we went to the World Cup,

not only did we go there as African champions, some of us had won either the league or cup with our clubs like (former Nigeria defender) Chidi Nwanu, who won the league in Belgium (with Anderlecht), and (former Nigeria striker) Samson Siasia, who also won the league in France (with Nantes),” recalled the 1994 African Player of the Year. “With these players in the team, and the fact that we were champions of Africa, we were not afraid of playing against anyone; rather, they were the ones afraid of us,” he stressed. Another positive outcome from this development, according to Amuneke, now coach of Nigeria’s U-17 team, is that these players, and their teammates, will not be intimidated by the various league and cup exploits of some of the players they will be up against in Brazil such as Bosnia’s Edin Dzeko, who won the Premier League title with Manchester City, or the army of Argentine players who have led their respective European clubs to glory this season. “There’s not going to be anything like that. They have champions, and we also have champions,” continued Amuneke. “So there won’t be anything like that working against our team. “Once the confidence is there, and the players believe in one another, then the job is almost done.”

SPORT | EURO FOOTBALL

Monday, May 19, 2014

Results Serie A Catania 2 - 1 Atalanta Genoa 1 - 0 Roma Juventus 3 - 0 Cagliari Udinese 3 - 3 Sampdoria Spanish La Liga Malaga

1 - 0 Levante

Real Madrid 3 - 1 Espanyol Barcelona 1 - 1 Atletico Valencia 2 - 1 CeltaVigo Real Sociedad 1 - 2 Villarreal Glo Premier League Sunshine 3-3 Sharks Dolphins 1-0 Akwa Utd Kano Pillars 2-0 Nasarawa Abia Warriors 2-1 Lobi Stars Nembe City 1-0 El-Kanemi Rangers 2-0 Crown Enyimba 1 - 0 Kaduna Utd FC Taraba 2-1 Bayelsa Utd Warri Wolves 1-0 Heartland Giwa 1-0 Gombe Utd

Suarez may struggle to shine in Brazil- England coach

ngland manager Roy Hodgson believes Luis Suarez may not be as effective for Uruguay as he is for Liverpool. The two nations have been drawn together in Group D for the tournament in Brazil, and meet in the second round of fixtures on June 19. But Hodgson feels double footballer of the year Suarez - who scored 31 Premier League goals last season to inspire Liverpool’s title challenge could struggle without his club-mates around him. “Suarez is my player of the year,” he is quoted as saying in the British press. “I’m not trying to take anything away from him, he’s had a wonderful season. He’s an exceptional player, with exceptional ability. “But he’s not alone. He won’t have at Uruguay the same players he has around him at Liverpool. So who knows? Maybe he’s less effective with Uruguay than for Liverpool. “I think it would be a big mistake to get hung up on any individual player no matter how much you respect their ability.

rsene Wenger believes Arsenal’s FA Cup victory is the most important trophy win in his time as the club’s man-

FA Cup win the most important of my career -Wenger

ager. The Gunners came from two goals down to defeat Hull City at Wembley and end a nine-year trophy drought on Saturday, with goals from Santi Cazorla, Laurent Koscielny and Aaron Ramsey sealing victory for the north Londoners. And Wenger has backed his victorious players to “come back stronger” next season. “This was more important than all the others,” he said “We have twice won the double, but were not under pressure then like we were today. “This is an important moment in the life of this team; to lose today would have been a major setback, but winning gives us a good platform to come back stronger next year. “You have to accept that the Premier League is very tough. “If you look at the top four this year, you do not have Man United, no Tottenham, no Everton - all these clubs have invested a huge amount of money and the club who won the Premier League have invested an Arsene Wenger lifting incredible amount of money so it the FA Cup trophy is difficult to beat them. But we try.”

Arsenal players in victory parade

Dropped Eagles on the rampage Ajibade Olusesan

illarreal striker, Ike Uche and Seattle Sounders forward, Obafemi Martins, have continued to prove that they deserve to be part of Coach Stephen Keshi’s World Cup squad, as they scored again for their clubs abroad. Uche, on Sunday, scored the winner as Villarreal beat Real Soceidad 2-1 on the final match

Ike Uche

day of the season. The 56th minute effort was his 14th goal of the season. Martins scored one of the best goals in the MLS to give the league-leading Seattle Sounders a 1-0 win over the San Jose Earthquakes.It was the fifth goal of the season for Martins. It will be recalled that the pair scored penultimate weekend, few days after it was announced they would not be go-

Serena

ing to Brazil. Ezekiel Imoh also scored to keep Standard Liege in the hunt for the Belgian league title. Meanwhile, Vincent Enyeama helped his French side, Lille, to qualify for the UEFA Champions League after they beat Lorient at the weekend. Godfrey Oboabona was missing in action when Rizespor defeated Elazigspor4-1 on Saturday.

Costa to miss Champions League final It was hardest year of my career - Guardiola tletico Madrid striker Diego pions League decider against

Costa looks set to miss the UEFA Champions League final, casting doubt on his FIFA World Cup involvement. But the good news for Atletico is that midfielder Arda Turan could still prove his fitness ahead of the Cham-

Real Madrid on May 24. Costa and Turan both limped off in the opening 25 minutes of Atletico’s titleclinching 1-1 draw at Barcelona in La Liga on Saturday, with the former spotted in tears on the bench following a reoccurrence of a hamstring injury.

Djokovic, Serena win in Rome

ovak Djokovic won his third Italian Open title and laid down a marker for the French Open with victory over Rafael Nadal in the Rome final. Djokovic, 26, beat the defending champion and world number one 4-6 6-3 6-3 in two hours and 19 minutes. The Serb has now won four matches in a row against Nadal,

with the Spaniard’s last victory coming in a dramatic semi-final at Roland Garros 12 months ago. This year’s French Open, where Nadal is eight-time champion, begins on Sunday. Meanwhile, in the female category, World number one Serena Williams overpowered home favourite Sara Errani to retain her Italian Open title.

Guardiola

ayern Munich’s Pep Guardiola says he has endured the toughest year of his coaching career, despite winning his fourth title this season by lifting the DFB-Pokal (German Cup). Arjen Robben and Thomas Muller scored extra-time goals as Bayern won the German Cup with

a 2-0 victory over rivals Borussia Dortmund on Saturday. Guardiola finishes his first season in charge of Bayern with four trophies having already won the Bundesliga title, Club World Cup and Uefa Super Cup. Having arrived in Bavaria with a glowing reputation after winning 14 titles in four seasons at Barcelona, Guardiola says the current campaign has been tough. “It’s my fifth year as a coach and it’s been the hardest year of my career,” said Guardiola. “My German isn’t so good and coming in after (predecessor) JuppHeynckes won the treble, wasn’t easy for me. “Each trainer has his own ideas and I know the players were thinking, ‘why do we have to make changes?’”

54 SPORT

Home Eagles won’t be push overs in Brazil – Uzoenyi, Egwekwe

Uzoenyi

Chimaobi Uchendu

ig eria Premier League duo of Azubuike Egwekwe and Ejike Uzoenyi believe they are strong enough to displace their

foreign based counterparts and help Nigeria perform well when the World Cup kicks-off in Brazil. They are confident of making the difference and warming themselves into the heart of Coach Stephen Keshi with the friendly matches

lined up for the team. Uzoenyi said; “I don’t know why some people don’t want to believe in the provisional list released by coach Keshi. They are questioning the inclusion of some home based players, but I want to tell them that we are ready to fight for our places in the final squad to the Mundial. “The home based boys would turn out to be the cornerstone of the team. That is how they did not believe in us before we went to the Africa Cup of Nations and we surprised them by winning the trophy in South Africa last year. “I can tell you with full confidence that we have the wherewithal to help Nigeria win the World Cup. “The only thing we need is the full support of soccer loving Nigerians and we as players will go all out to put everything we have got to ensure we come back with the trophy. “We may look like the underdogs in our group as well as in the competition. That will even give us the edge to surprise everybody.”

Egwuekwe said; “The title is open to all the 32 teams that qualified for this competition including the Super Eagles of Nigeria. But I can tell you that we will get to the semifinal of this competition with the help of home based players. “I sincerely believe that if we get to the last four stage, then to win the trophy will not be very difficult for us. So I believe we can win the World Cup right there in Brazil.” He solicited for support from all and sundry to make the dream come true. “This is a Nigerian project, not for the coaches and the players alone. So I am using this medium to solicit for support and prayers from football loving Nigerians so that we can achieve our ambition of coming home with the trophy,” he stressed. Nigeria will play in Group F alongside Argentina, Iran and debutants, Bosnia-Herzegovina. They will open their campaign against Iran in Curitiba on June 16.

Scotland friendly ‘ll define Eagles character –Ramon

uper Eagles midfielder, Ramon Azeez, has said that the friendly match against Scotland will define what to expect from the Eagles in the coming days. Speaking from his base, the Almeria of Spain player said every friendly to be played by the Super Eagles will surely help improve the players as well as make them better and become one united

group. “It’s very hard now, there is no country you can dismiss, and any match we play now is very good for us. The most important thing is to play friendly matches together, to be together. I think any country is good for us.” Ramon stated. Ramon says no country is a pushover, hence, it is vital for the Eagles to play games together and unite as a team.

Ramon (right)

Omotayo excited with first season in Europe

Charles Ogundiya

igeria Table Tennis player, Omotayo Olajide has informed New Telegraph that he is excited about his performance in his first season in Europe after leading his club, to the final of the inaugural Swiss Premier League. Omotayo who moved to Europe at the beginning of the year, said it was a big opportunity to be part of the club that would be playing in the final. “I am excited that my club will be playing in the final of the Swiss Pre-

mier League. It was tough battle getting to the final, but I am grateful to God that we made it. “Playing in the Swiss League has exposed me to a lot of opportunities. While playing in Switzerland, I was training in Italy with some of the big players in the game,” he said. Omotayo Swiss club, STT Lugano, will be playing the first leg of the final game against rival Rio Star Muttenz on May 25, while the second leg will be played on June 1st. The 2013 Asoju Oba Table Tennis Champion is one of the players the

Nigeria Table Tennis Federation is banking on to win medals at the forthcoming Commonwealth Games in Glasgow, Scotland. According to him; “I want to win laurels for Nigeria in events such as Commonwealth, All Africa and the Olympics Games. I am also aiming to become the first Nigerian player to win the World Championship and Olympics medals.” He will be joining his colleagues in camp ahead of the Commonwealth Games after his club final game on June 1st.

Monday, May 19, 2014

Gymnasts urged to show class CONTINUED FROM PAGE 51

straints.” He however advised all the gymnasts coming for the championship to use the rare opportunity to show the world that Nigeria can achieve something in the sport. The National gymnastics coach, Tony Asuquo, told New Telegraph that the Director General of the National Sports Commission, Hon. Gbenga Elegbeleye, and the Minister of Sports, Dr. Tamuno Danagogo, would be present at the competition. “We have been seeking for opportunity to make people at the helm of affairs in sports to see what we can do in gymnastics. I will implore the gymnasts to give their all during the championship to convince Nigerians that we can achieve something in the game,” Asuquo said. Gymnasts will compete in intermediate and senior categories featuring both male and female.

Super Eagles’ defence weak -Song Emmanuel Tobi

ormer Cameroon captain, Rigobert Song, has expressed confidence that the Super Eagles will go far at the World Cup in Brazil but warned the coaching crew on the need to fortify the defence which he described as the weakest link in the team. The former Liverpool defender, who is backing Nigeria and Cameroon to lift Africa’s flag high at the Mundial, maintained that Nigeria must learn from the mistakes of the 2010 World Cup where the left back position became an easy area for Eagles opponents to exploit. “Nigeria has a great team with a fantastic coaching crew led by Stephen Keshi and I believe they will excel in Brazil. “The team is balanced with great attack, very strong midfield but the defence is my only fear, especially the left back,” he warned. He added that the Eagles must learn from the experience of the 2010 World Cup adding that the midfielders must support the defence and the attack. “The right back player, Efe (Ambrose) is very strong and the central defenders are doing a great job but I’m not sure of the left back. “The young man (Elderson Echiejile) who plays in that position seems prone to injuries like it happened at South Africa 2010, but I believe the coaches are working on having utility players to fortify that position,” he said. It would be recalled that the Super Eagles defence struggled at the 2010 World Cup in South after Echiejile’s injury, which reccured the 2013 Nations Cup final in South Africa. Nigeria has Iran, Bosnia-Herzegovina and Argentina to contend with in the group F of the World Cup scheduled to hold between June 12 and July 13 in Brazil.

NEWS 55

FROM THE NATIONAL CONFERENCE

Sanctity of Truth

Monday, May 19, 2014

to commence Marginalisation of South-East, Confab consideration of vestige of civil war – Ahamba committees’ reports today Lateef Ibrahim

JUSTICE What is good for Sule and Yomi, is also good for Uche. Delegate asks for fair play Emmanuel Onani

n elder statesman and delegate to the national conference, Chief Mike Ahamba (SAN), has argued that the perceived marginalisation of the South-East in the country, is a function of the 1967 civil war. Ahamba stated this in a presentation he made before the conference,

which was exclusively obtained by New Telegraph. The memorandum entitled; “Road to National Rebirth: A Presentation to the National Conference of 2014,” was part of the general contributions to discussions on the way forward for Nigeria. While deploring the agitation by other zones for the creation of states, whenever the South-East zone makes a demand for an additional state, to bring it at par with others, the presidential nominee, said the development negates the “verbal expression of being our brother’s or sister’s keepers.” In making a strong

case for the creation of an additional state in the South-East, the delegate submitted that “the present exclusive status of only five states imposes a permanent loss in the number of local government council, number of senators and members of the House of Representatives, and consequential losses in terms of revenue accrual.” In the face of the aforesaid, Ahamba concluded that; “Any objective observer would think that this short-changing in the creation of state done by the military is a surviving vestige of the civil war.” On the nature of revenue allocation, it was

his considered view that the status quo ‘must be reviewed, in order to leave more to the federating units than to the federation.’ Accordingly, he charged the conference not to “shy away from recommending a new formula for revenue allocation.” He also recommended that “the status quo of the local government council as a third tier of the Nigerian federation,” be maintained. In his estimation, the local government system will be reinvented, if fiscal obstacles that militate against their operations are removed.

Abuja

s the national conference sitting in Abuja resumes plenary today after three weeks of committee assignment, the modalities for the consideration of the reports of the various committees will be unveiled by the delegates. Such modalities may include consideration of recommendations contained in each report clause-by-clause and will on each item take a vote where there is no clear consensus. This was confirmed at the weekend in a statement by the Assistant Secretary, Media and Communications of the Conference, Mr. Akpandem James in Abuja.

The pattern of voting as contained in Order Eleven of the National Conference Procedure Rules 2014, according to the statement, would be adopted by the Conference Chairman and former Chief Justice of the Federation, Justice Idris Legbo Kutigi. The order states that: “All decisions of the Conference at Plenary and Committee stage shall be reached by consensus; or in the absence of that, the chairman shall, at his discretion adjourn proceedings to allow for further consultations. “In the case of failure to reach a resolution on the matter by consensus, it shall be decided by a vote of 70 per cent of majority of delegates present and voting,” it said.

Don calls for parliamentary system Lateef Ibrahim Abuja

L-R: Commissioner for Youth and Sports Kaduna State, Bashir Zubairu Gwari; Jack Tilley-Gyao and Special Adviser to the President on Youth Empowerment, Ambassador Obi Adim, after the Signing of Memorandum of Understanding at IYEEP Headquarters in Asokoro, Abuja…at the Weekend.

Crisis hits South-West delegates’ forum

Lateef Ibrahim Abuja

shar p division emerged among South-West delegates at the on-going national conference in Abuja, at the weekend, when some delegates from Oyo and Osun States said they were never part of the common position being canvassed by Southern Nigeria delegates at the conference. A delegate from Oyo State, Chief Niyi Akintola, SAN, while addressing journalists on behalf of others in Abuja, specifically accused leaders of Yoruba delegates at the conference of a ‘sell out.’ Akintola said what the so-called Southern Nigeria delegates have presented as a common position of the delegates from Southern Nigeria does not represent the interest of the entire Yoruba

delegates.According to him, Southern Nigeria delegates are more of a political gathering of some delegates “who do not have community value in their states,” thereby misrepresenting the interest of Yoruba nation at the conference. He said: “We have not been meeting, but this set of people have been having meetings with the people they call Southern Nigeria Delegates, churning out information compromising the interest of the Yoruba nation without having recourse to the home front. “As a matter of fact, if you look at the position of Ogun, Oyo and Osun States, their positions are one and the same thing, but there are people who are holding themselves out as leaders, who have no community value back home, who have been

churning out things that are against the interest of the Yoruba nation and against the interest of the various states we represent. “I told one of them when he called me that you are free to issue any statement to the media in your own name, but don’t do it in the name of the Yoruba nation and don’t you ever include Oyo State. Within 24 hours, these people churned out two conflicting statements. "For anybody to be recommending a state in the South-West, one would have thought that the state that will come first for consideration would be Oyo State. Oyo State has almost one third of the entire land mast of South-West, it is the second largest in population in the South-West after Lagos. “It is three times the size of one state in the South-West, it is five

times in population in two other states,” he, said. The delegate categorically declare that all the infor mation given out so far by the people he described as ‘political agents’ from the South-West, in the name of Southern Nigeria Delegates, were not done with the full knowledge of all. According to Akintola, “The people who called themselves leaders of Southern delegates or Yoruba delegates, if they are in tune with what is happening in their various states they will not subscribe to this. “We are not here to gang up against the North. That is not our mandate. Our mandate is to canvass those things that will be of immense value to the generality of Nigerians and will move this country forward.

he Acting Head of the Department of Microbiology, Lagos State University and one of the delegates representing the South-West at the national conference, Dr. Femi Obayori, has made a case for the adoption of parliamentary system of government in the country, saying that the system is less expensive in nature. Obayori, who is also a poet and political activist, pointed out that the present presidential system being practiced in the country is too expensive, unwieldy and prone to corruption. The delegate equally pushed for the restructuring of Nigeria into regions, whereby the

regions shall determine the number of states and states determine their local governments. In this sense, the university don argued that the regions should be on the basis of ethnocultural contiguity such that each region shall be made up of a single large ethnic nationality or a group of ethnic nationalities that share affinity, history and proximity. Obayori, in the position paper submitted to leadership of the conference in Abuja, said: “Am in support of the adoption of the parliamentary system of government, particularly because it is not as unwieldy as the presidential system and it is less expensive to operate and less prone to corruption.”

Chibok: Stop the blame game, Abur tasks FG Lateef Ibrahim Abuja

ne of the delegates representing the National Association of Nigerian Students (NANS) at the on-going national conference in Abuja, Comrade Clifford Abur, has passionately appealed to politicians in the country to join hands with security agencies to ensure a safe return of the abducted schoolgirls rather than turning the issue into a political matter. Abur reasoned that cooperation among all concerned would help to ensure the liberation of the abducted girls, numbering over 276, from members of the insurgent group, the Boko Haram.

The delegate further advised Nigerians all over the world to begin to pray for the country more than ever before to seek the face of God in bringing a permanent end to insecurity in the country, more so that the international community is already helping out. The NANS’ delegate gave this advice in a statement personally signed by him and made available to journalists at the weekend in Abuja. He insisted that what should matter most at this time is how the girls would be returned unhurt, saying, terrorists all over the world wage war indiscriminately against anybody.

World Record

On Marble Imagination is more important than knowledge. – Albert Einstein

Sanctity of Truth

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

Three things cannot be long hidden: the sun, the moon and the truth – Buddha MONday, MAY 19, 2014

N150

An 80-year-old Iranian man claims to be the dirtiest man alive and we have to agree! Amou Haji lives, who lives in southern Iran, has not bathed for 60 years

Stable financial system imperative for Nigeria

he role of banks and the structure of the financial system gained prominence with the fall of communism in the Soviet Union in 1989 and the transition of the East and Central European countries to market-based economies. This precipitated the questions: How should they set up their financial system? Which type of financial system should the individual countries operate – bank-based or marketdominated system? What regulatory structures and how open to foreign investors? This will be painstakingly addressed in subsequent editions. Let’s start with a short definition of financial stability. This is a state in which the financial system – key financial markets and the financial institutional system, is resistant to economic shocks and fit to smoothly fulfill its basic functions, including the intermediation of financial funds, management of risks and the arrangement of payments. Financial stability takes centre stage in today’s economic literature discourse. Its analytical relevance got massive recognition during the global financial crisis in the late 90s, and strengthened by the financial/ economic crisis in 2007. This stimulated the need to continuously provide the professional public with up-to-date and reliable information on the state of a given country’s financial sector. But, we need a holistic analysis to determine the stability of our financial system, including the banking and non-bank institutions that take part in financial intermediation such as brokerage firms, investment funds, insurers and other (various) funds. The analysis must capture the degree to which the whole system is capable of resisting external and internal shocks. Although shocks do not always result in crisis, an unstable financial environment can in itself impede the healthy development of the economy. It is important to state that financial stability requires sufficient political and social unanimity. This is because a robust financial system is less susceptible to risks of financial crisis that may erupt in the wake of real economic disruptions. Then, where is our beloved country in this financial equation? We all see the huge political upheaval that is building up ahead of next year’s general elections. Sadly, our politicians only

Guest Columnist Favour Ojiabor

Dr. Okonjo-Iweala

Emefiele, CBN governor designate

think about themselves rather than the country and its economy! Statistics show that Nigeria has incredible opportunities in the financial sector. The country recorded 47.2 percent stock market return in 2013 - the best in Africa. Players in the Nigerian Stock market scraped up more money in the past 12 months than their peers in other major African exchanges, such as the Johannesburg and Nairobi exchanges. Our market’s best performance in the past five years was driven by relative stability of the naira, which impacted on foreign portfolio inflows (FPI), increased liquidity across the globe that resulted from the US Fed’s quantitative easing (QE) programme, and improved investor appetite in Nigerian equities. This stipulates that if the Federal Government could float policies to totally stabilize the Naira, the country would be in for a huge economic flight and growth. Nigeria’s search for growth in emerging markets supported by the bullish trend, which brought the Nigerian market into the news across the globe – thus reflecting sustained investor appetite for Nigerian equi-

ties, will surely be actualized. The sterling performance at the end of 2013 implies that Nigerian market is fast picking up. The Nigerian Stock Exchange (NSE) All Share Index, which tracks the performance of the bourse, ballooned to above 40,000 points psychological level (compared with 28,078.81 points at the end of 2012). The portfolio of investors’ worth grew by N4.25trillion. The question, then, is, does the Nigerian government have policies aimed at growing the nation’s financial sector? As the largest economy in Africa, are the nation’s financial institutions stable enough to drive the continent’s economic growth? Emerging market economies are driven by well-structured policies that tighten financial losses from developed markets – zero policy rates and Quantitative Easing (QE), poured into their respective economies, leading to fears of bubbles or overvalued domestic currencies. Brazil, for instance, famously declared a currency war on the US and Europe (in 2010). The country had to set a tax on foreign borrowings and imposed capital controls in attempt to protect its struggling

As the largest economy in Africa, are the nation’s financial institutions stable enough to drive the continent’s economic growth? manufacturers from the rather loose monetary policy of developed nations. The Nigerian banking sector, which constitutes about 31% of the stock index, has since 2008, seen more than doubling in foreign participation. With a price-to-book ratio of 0.93x, average dividend yield of over 5.8%, and a PE ratio of only 5.92, the sector remains supremely attractive in a world of global quantitative easing with no end in sight. This suggests that the Nigerian financial sector has a lot to offer if developed. I believe that Nigerian government needs to strategically overhaul the nation’s financial system to make it more attractive to portfolio investors. Without a viable financial sector, Nigeria may continue to bathe in the pool while other markets in Africa with lesser opportunities transcend to world financial oceans. • Favour Ojiabor ( favokereke@yahoo.com) is Head of Media JSP Communications Limited

OmoBaba

BORNO VILLAGERS KILL 200 INSURGENTS - News

– Thumbs up for the champions !

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