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Vol. 1 No. 223

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2015: FG suspends talks on Shell, others’ oil lease renewal Adeola Yusuf

he Federal Government has suspended talks on the renewal of onshore and shallow waters oil leases for oil majors, including Shell

Petroleum Development Corporation (SPDC) and Chevron, as a result of the impending 2015 general election. Investigation by New Telegraph at the weekend showed that the govern-

ment has decided to put the process for securing the 20-yearly renewal leases for the oil majors on hold until after the 2015 polls. The leases expired six years ago and talks on

their renewal, which have been on since 2008, have been suspended again, a source close to the deal said. “The negotiations between the Federal Government and the four oil

super-majors, including Total and Agip, for the renewal of the licences have again ended in a deadlock and tactically moved to 2015. It will take nothing short of miracle for this CONTINUED ON PAGE 4

Alison-Madueke

Buhari's game plan lSupporters intensify push for APC consensus candidacy }5

Quick Read Editorial Policing Nigeria’s porous borders

}19

Crisis brews in Enugu PDP over consensus candidate }8

IGI boss, Remi Olowude, dies at 63 }5

L-R: Former Head of Interim National Government, Chief Ernest Shonekan; former Head of State, General Yakubu Gowon (rtd); Deputy Senate President Ike Ekweremadu; Senate President David Mark and President Goodluck Jonathan at an interdenominational church service to mark the 54th Independence Day in Abuja... yesterday. PHOTO: NAN

Jonathan: Why Nigeria has not defeated terrorism lNation's woes, self-inflicted, says Oritsejafor Anule Emmanuel and Emmanuel Onani

resident Goodluck Jonathan yesterday attributed one the difficulties his administration

is having in defeating terror to lack of unity among Nigerians. According to him, the lack of unity among Nigerians to challenge the perpetrators of terrorism

has made it difficult for the country to overcome the current insurgency, which has claimed about 14,000 lives and destroyed property worth billions of naira in the last five years.

The president stated this at an interdenominational church service at the National Christian Centre, Abuja to mark the 54th independence anCONTINUED ON PAGE 4

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Monday, September 29, 2014

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Monday, September 29, 2014

Nation's woes, self-inflicted, says Oritsejafor CONTINUED FROM PAGE 1

niversary of the country. The theme of the celebration is "Be Still". The president, while referring to politicians and highly-placed individuals, said it was usual to struggle for political space but such an action should be done with caution knowing that the country would need to remain strong and as a united nation for the good of all citizens. "When I listen to some comments by some highly-placed individuals, I feel sorry for this country. There are some of us who while struggling to get what we desire; we have even forgotten that we cannot get that if we destroy our country. "So, if we come together, while pursuing whatever achievements we want, I am sure we will overcome Boko Haram. I believe that we don't have any other country than Nigeria. "We were able to defeat Ebola because all Nigerians agreed together in waging a war against the disease. That is the strength of unity," Jonathan stated. The president attributed the challenges facing the country, whether kidnapping or Boko Haram, to the fact that Nigerians

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ple. "Nigeria is a poor country if you look at the resources and the population. What makes us great is the strength and resilience of our people," the president said. Jonathan, his wife, Patience; his mother, Eunice and other top government functionaries joined the procession for the commencement of the church service at 2.58pm. In his sermon, President of the Christian Association of Nigeria (CAN), Pastor Ayo Oritsejafor, prayed for God to use the occasion of the Inde-

pendence Day celebration to bring back peace and unity to the country. He explained that all the problems Nigeria was facing as a nation were self-inflicted, including corruption and terrorism, perpetrated by Boko Haram. He said corruption in Nigeria was caused by poverty and greed as many people are not satisfied with what they have. According to him, the country's woes are also caused by those who are desperate to take power. Oritsejafor who said Nigeria was being trou-

bled by Nigerians, added: "Troublers of Nigeria, get ready for judgment. It doesn't matter what level you are, the judgment of God will find those who are troubling Nigeria." He, however, disagreed on insinuations that the level of terrorism in the country was as a result of poverty, saying; "Terrorism is not fuelled by poverty, but it can create an environment where more people can be recruited." Quoting from the book of Acts Chapter 5, the CAN president also warned Nigerian women CONTINUED ON PAGE 5

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

L-R: Executive General Manager, Total’s Egina Project, Mr. Jean-Michel Guy; Chairman, Seadrill Nigeria Limited, Mr. Tony Elumelu; Chief Executive Officer, Tenoil Petroleum and Energy Services Limited, Mr. Tony Chukwueke; Senior Vice-President for Africa and Middle East, Seadrill Limited, Mr. Eduardo Antonello and Executive Secretary, Nigeria Content Development Management Board, Mr. Ernest Nwapa, at a function in Geoje, South Korea...at the weekend.

2015: FG suspends talks on Shell, others’ oil lease renewal CONTINUED FROM PAGE 1

Rain Storms

KANO

have not united to fight them. He said the armed forces had done quite well and only needed the encouragement from Nigerians to do better. "Let's commend the security services because if some of you know what they pass through, the sabotage and all other things, you will appreciate the little they have done," he added. He told the congregation that what makes Nigeria great was not its oil and abundant natural resources but the strength and resilience of its peo-

FLIGHT SCHEDULE

to be reversed,” the source added. The oil majors, excluding ExxonMobil, have been locked in protracted negotiations with the government for several years to renew the expired licences, which is done every 20 years, on many of their onshore and shallow water blocks. “The vigour with which the talks on the renewal were been pursued earlier has drastically reduced. For the umpteenth time, the negotiations have ended in a deadlock. What we hear now is that we may not be called for any meeting until the general election are over,” the source said. Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, had in May 2012 pledged government’s readiness to renew the licences in June of same year, but two years after, there has been no headway in the negotia-

tions. “In order to show our commitment to a vibrant upstream sector, we have started the renewal of leases in good faith… renewals with Chevron and Shell are expected to be concluded by June (2012) at the latest,” Alison-Madueke had said at the signing of licence renewal for ExxonMobil in Abuja in May 2012. The Exxon Mobil’s renewal in February 2012, was worth billions of dollars, while that of Shell, Chevron, Total and Eni will also be in the same region. Further checks showed that the stalemate in renewing the oil leases of other oil majors was occasioned by the government’s inability to pass the controversial Petroleum Industry Bill (PIB) into law. “The government does not look optimistic on the renewal of these oil blocks leases before the passage of the PIB and you are aware that the National

Assembly on the other hand, does not look optimistic about the passage of the bill. “Possibility of talks on the renewal in 2014 is very faint and except a miracle happens there is not going to be further negotiations until after the general election,” the source said. A top official of the Ministry of Petroleum Resources, who spoke to New Telegraph on the transaction, said: “I can tell you that negotiations and meetings have been held on several occasions at several times in Abuja and elsewhere between representatives of government, led by the Minister of Petroleum Resources, Alison-Madueke and the representatives of each of the International Oil Companies (IOCs), namely Shell, Chevron, Eni and Total. But they have not been able to come up with a way forward. “This situation is not good for the business of

oil exploration and exploitation and it is the major reason why many are now saying that the licences might not be renewed until after the passage of the PIB, which is likely to increase royalties and taxes, becomes law,” the official stated. Meanwhile, spokesperson for Shell, Mr. Precious Okolobo, declined to comment on the negotiations when New Telegraph called him for more detail. It was, however, gathered that the delay in concluding the deal was partly responsible for the ongoing divestment spree of these leases by the IOCs. “Most of these leases are being divested. You are aware of the sale of stakes by Shell, Chevron, Total and Eni because I read this often in your newspaper and what I can add to that is that the negotiation may become fruitless and may be discontinued by the time all the leases are sold,” the source added.

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 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, September 29, 2014

Buhari supporters intensify scheme for consensus candidacy Johnchuks Onuanyim

head of the All Progressives Congress (APC) presidential primaries, supporters of former military Head of State and a leading contender for the party's ticket, Major General Muhammadu Buhari (rtd), have intensified efforts to ensure his emergence as the party's consensus candidate. Prominent members of the party and an ardent supporter of Buhari, who pleaded anonymity, said it would be in the best inter-

est of the party, which has fixed December 2 for the presidential primaries, to allow its standard bearer to emerge through the consensus option. Doing so, they told New Telegraph in separate interviews at the weekend, would reduce the likely rancorous fallout of the presidential primaries that could negatively affect the party's chances of winning the 2015 presidential election. So far, five APC chieftains of the party have indicated interest to contest

for the presidential ticket of the party; and among the five, only former VicePresident Atiku Abubakar has officially declared his interest. Others nursing presidential ambition in the party are Kano State Governor, Dr. Rabiu Kwankwanso; his Imo State counterpart, Chief Rochas Okorocha and the Publisher of Leadership Newspapers, Mr. Sam Nda-Isaiah. The party is adopting indirect primaries to elect its presidential candidate and others vying for elec-

tive posts in the 2015 general election. However, one of the party chieftains said given the array of party members that had indicated interest in running, it would be difficult for the party to hold presidential primaries that would be devoid of rancour. The source said: "Having carefully examined the constitution of our great party, the APC, especially Article 20 and the Electoral Act 2010, one comes to the inevitable conclusion that it is better to adopt

consensus in electing our candidates for House of Assembly, House of Representatives, Senate, governor and presidency and where it fails we adopt direct primary. "It is on the record that more than 80 per cent of the ward, local government area and state congresses which produced the current executive of our great party were conducted through consensual arrangement. And more than 95 per cent of the current National Executive Committee members were

L-R: Member representing Ikwerre/Emohua Federal Constituency in the House of Representatives, Hon. Andrew Uchendu; Rivers State Governor, Mr. Chibuike Amaechi; newly-elevated first class traditional ruler of Emohua, Eze Oha V. B. Okor and another chief, after the conferment of chieftaincy title of Ugwugwu of Emohua (Pride of Emohua) on the governor in Rivers Stateâ&#x20AC;Śat the weekend

elected via consensus." The source wondered why the party leadership would not adopt consensus, which he described as a more pragmatic, less conflict-prone and time saving mode of election. "When one considers the bitterness, rancour and bad blood indirect primaries will most likely generate, it becomes safer to work towards a consensual agreement. "We must at all time bear in mind that we are being hunted and that those who boasted to rule Nigeria for 60 years uninterrupted are still hell bent on scuttling the yearnings and aspirations of Nigerians for genuine ideological regime change. "We must take note that our challenger, the ruling party, has just announced the nomination of the incumbent president as its candidate by consensus means and they had commenced presidential campaign with vigour and dexterity," the source stated. New Telegraph also learnt that one of the understandings Buhari reached with the leaders of the legacy parties before the merger of the All Nigeria People's Party (ANPP), Congress for Progressive Change (CPC) and Action Congress of Nigeria (ACN) was to give the former military ruler preference in the partyâ&#x20AC;&#x2122;s presidential ticket. A top member of the party said the APC leadership was disposed to the Buhariâ&#x20AC;&#x2122;s candidature, but CONTINUED ON PAGE 8

IGI boss, Remi Olowude, dies at 63 Nation's woes, self- inflicted, says Oritsejafor

prominent insurance icon and Executive Vice Chairman, Industrial and General Insurance (IGI), Chief Remi Olowude, is dead. The top underwriter, whose company grew from scratch to become one of the biggest in the industry, with branches in at least two African countries and with major presence in oil and gas, took ill some months back and was subsequently flown abroad for treatment. Olowude was said to have passed on in the early hours of yesterday in a hospital in the United States. A statement sent to New Telegraph from the company confirming his

The late Olowude

passage, said the family would make an official pronouncement on his passage soon. "All I can confirm to you at the moment is that our Executive Vice Chairman and Chief Executive Officer, Mr. Remi Olowude, OON, has passed on. "Further details will be

contained in a statement to be issued shortly by his family and the management of IGI Group, which he founded," it said. Born in 1951, the late Olowude bagged his first degree in Economics from the University of Lagos (1970-73) and further proceeded to the University of Santa Clara, California, United States (1976) for his post graduate degree. He is also an Associate of the Chartered Insurance Institute of London. A self-motivated achiever, Olowude has deployed his multi-disciplinary background, professionalism and vision to build a conglomerate with interests in various sectors of the Nigerian economy.

CONTINUED FROM PAGE 4

to desist from shielding their husbands who are guilty of perpetrating crimes against the country. Oritsejafor who called on the need for deliberate steps to be taken to de-radicalised those who are radicalised because of extremist religious beliefs, also rally support for the military. The first reading was taken from the book of 1 Sam 30: 1-19 by Justice Walter Onoghen of the Supreme Court while Senate President David Mark took the second reading from the book of Mark 4:35-41. A special prayer, which was sent in from the Cath-

olic Pontiff, Pope Francis, was read at the service. Meanwhile, as military operations to rout Boko Haram from the NorthEast intensify, New Telegraph gathered yesterday that Konduga, a town about 35 kilometres from Maiduguri, the capital of Borno State, has remained the hottest battleground between troops and suspected insurgents. A military source, told New Telegraph that Boko Haram fighters, had continued to make fierce attempts at overrunning Konduga, which he said they needed to use as a launch pad to attacking Maiduguri. According to the source, another daring

attack on the town was repelled by troops on Friday, leading to the death of scores of the fighters and recovery of sophisticated weapons, including a T-55 tank. "The terrorists do not seem to be giving up on their dream of taking Konduga, despite the huge losses they are suffering. "Just on Friday, troops killed dozens of them in Konduga, and recovered a T-55 multi-barrel tank and other hardware," he added. Troops in Konduga had about two weeks ago killed a Boko Haram chief, identified as Mohammed Bashir, who had posed as the leader of sect, Abubakar Shekau.

Monday, September 29, 2014

NEWS

Monday, September 29, 2014

DSS beefs up security over Boko Haram attack lNorthern govs fault ACF's claim lAPC to Jonathan: You’re playing politics with Chibok girls Temitope Ogunbanke and Dan Atori

he Department of State Service (DSS) has tightened security around its headquarters in Abuja, formations and offices nationwide, New Telegraph has gathered. The development followed intelligence re-

ports indicating planned attacks on DSS formations and personnel by Boko Haram elements. A senior personnel of the secret service, who confided in New Telegraph, said intelligence gathered by operatives, coupled with information from statements made by detained suspects, showed that Boko

Haram was planning to launch coordinated attacks on DSS. Consequently, the security source disclosed that an internal memo from the headquarters had been sent to directors, commandants of training colleges and other senior heads, to beef up security around all facilities as well as

charging personnel to be more security conscious. He stated that personnel were advised to stay in quarters provided for them, and be more vigilant, even as combatready operatives, are said to have put on red-alert, to prevent any attack. His words: "Available intelligence points to plans of a possible at-

L-R: Lagos State Governor, Mr. Babatunde Fashola; his Ogun State counterpart, Senator Ibikunle Amosun; his wife, Olufunsho; former President Olusegun Obasanjo and Chief of Staff to President Goodluck Jonathan, Brig.-Gen. Jones Arogbofa, at the 60th birthday service for the Founder/President, Living Faith Church World Wide, Bishop David Oyedepo, in Ota, Ogun State…at the weekend

Crisis brews in Enugu PDP over consensus candidate lEkweremadu, Eze set for showdown with Chime Onyekachi Eze, Chukwu David and Uwakwe Abugu

he choice of a member of the House of Representatives, Hon. Ifeanyi Ugwuanyi, as the consensus candidate of the Peoples Democratic Party (PDP) for the February 28, 2015 governorship election in Enugu State is causing disquiet in the state chapter of the party. Ugwuanyi, a three-term member of the House of Representatives representing Igboeze North/Udenu federal constituency, was announced as preferred candidate by Governor Sullivan Chime on Friday after a meeting of the party caucus in the Government House. Investigation by New Telegraph shows that the development did not go down well with some governorship aspirants who felt that Ugwuanyi's emergence lacked wide consultations. A source, from the camp of one of the aspirants, told

one of our correspondents immediately after the meeting that the governor's decision was not acceptable to them, describing it as "unilateral and undemocratic." The party has zoned its governorship slot to Enugu North senatorial zone. This had pitched the governor against the Deputy President of the Senate, Ike Ekweremadu, who was nursing governorship ambition. Ekweremadu has since abandoned his governorship ambition, and is reportedly fronting Chinedu Onuh, who represents South-East in the TEDFUND as his preferred candidate. Ekweremadu's camp did not attend Chime's meeting where Ugwuanyi was adopted as a consensus candidate. Apart from Onuh, the Speaker of the state House of Assembly, Eugene Odo; Chairman, Senate Committee on Works, Senator Ayogu Eze and PDP state chairman, Vita Abba, had

indicated interest to run for the governorship. With the development, Eze has vowed not to step down for any governorship aspirant in the 2015 election. Addressing journalists in Abuja yesterday, Eze denied stepping down for a consensus candidate allegedly chosen by stakeholders in Enugu. His words: "I wish to state clearly and unambiguously that I have not and will not step down for any anointed candidate. I'm still squarely in the race for the Enugu Lion Building in the year of our Lord 2015.” He admitted of being part of the meeting but did not support its outcome. “I was invited to a meeting of a gathering of the people of my senatorial district presided over by the governor at the Governor's Lodge in Enugu on Friday September 26. "Prior to our arrival at the Government House that Friday afternoon, the

agenda of the meeting was not circulated. Neither was the criterion for selecting those attending the meeting made known to me. "At the meeting, I pointedly stated that though I was already in their midst in a sort of an ambush I was not bound by their decision, to which I believe they were entitled. "Democracy is about elections and the will of the people. Those elements of democracy will be put to test when we arrive the field for the primaries on November 29,” the senator stated. He said he would accept the outcome of the primaries. Former national chairman of PDP, Dr. Okwesilieze Nwodo, yesterday declared the emergence of Ugwuanyi as “a political master stroke by the Enugu North leaders who have successfully warded off political invaders keen at taking away the position zoned to us by the state PDP”.

tack by the terrorists on our formations and personnel. "In fact, they plan to get our personnel, especially female ones, to dehumanise and possibly, post same on the internet. "In order to make sure their latest evil plot fails like previous ones, we have placed our operatives on red alert, and we have also increased our surveillance and patrols. "An internal memo has gone round, and our Ops (operations) and Intels (Intelligence) personnel, are in their usual best," he said. Meanwhile, the Northern States Governors’ Forum (NSGF) yesterday faulted the Arewa Consultative Forum (ACF) over its claims that northern governors rejected recommendations on how to end Boko Haram insurgency as unfortunate. Chairman of the Forum and Governor of Niger State, Dr. Mu’azu Babangida Aliyu, in a statement signed by his Chief Press Secretary, Israel Ebije, insisted that northern governors made wide consultations towards charting a security roadmap for the region on how to end insurgency.

Aliyu stated that unprovoked allegations against the NSGF is unfair. Also yesterday, the All Progressives Congress (APC) accused the Jonathan administration of seeking to negotiate the timing of the release of the Chibok girls to create a maximum public relations boost for itself. APC in a statement in London by its National Publicity Secretary, Alhaji Lai Mohammed, said the clearest evidence of the government's manipulation of the girls' release came during President Goodluck Jonathan's recent visit to New York to attend the UN General Assembly. APC said: ''What should be paramount is securing the release of the girls as soon as possible, not securing their release to fit with a schedule that benefits Jonathan politically. For the girls, their parents and indeed all good people of Nigeria, this abduction saga has been a nightmare. It is time for it to end.” The party called on the government to secure the release of the girls, noting that nothing is too much to do to get the girls back home safely.

Buhari supporters intensify scheme for consensus candidacy CONTINUED FROM PAGE 5

that the consensus option was never discussed before the formation of the party. “We are working to ensure that Buhari gets the party ticket in a free and fair election. Unfortunately, many of those supporting Buhari are not helping matters. They have no stake in the party to ensure that Buhari wins the party primaries on December 2,” the source said. One of the political associates of Buhari, Mr. Osita Okechukwu, justified why they are pushing for the former head of state as a consensus candidate. He said: “Consensus is contained in the APC Constitution under Article 20 which states that in electing officers or any candidates for the party, consensus should be explored and it must be affirmed so that it doesn’t become an imposition. But there are other two options: Direct or indirect primaries. So, any of them can be used in conducting election in the party.

“But we are advocating consensus so as to remove bitterness, rancour and ill-tempered that direct or indirect primaries might generate for a new political party like the APC. “The National Executive Committee (NEC) of the Peoples Democratic Party (PDP) has already adopted President Goodluck Jonathan through consensus as the sole candidate and the party has started campaign.” Speaking on why Buhari supporters are advocating for his adoption as the consensus candidate, Okechukwu said: “Buhari is the face of the APC. If you nominate any of the other aspirants, it will more or less be like PDP vs PDP. “The bond between Buhari and the masses and the middle class is celestial because of his antecedent. In a micro CPC, he won 12 million votes in the 2011 presidential election, so what he needs is a broader platform which the APC represents.”

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ABIODUN BELLO FEATURES Editor

monday, September 29, 2014

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

0802 393 8212

Restriction: Riders, commuters bemoan police excesses

Cynthia showing her injured hand

Sinmiloluwa Sokunbi and Ayorinde Durojaiye

commercial motorcyclist and a female passenger almost lost their lives when policemen attempted to arrest the rider on ACME Road, Ogba, Lagos. The policemen were said to be enforcing the restriction on tricycle operations on ACME Road by the Commissioner of Transportation, Mr Kayode Olaifa. The passenger, who gave her name as Mrs Cynthia, said the policemen tried to grab the motorcyclist at ACME junction on Lateef Kayode Jakande Road, Agidingbi. According to her, the motorcycle summersaulted in the middle of the road while the rider was trying to evade arrest. Cynthia said that but for divine intervention, the vehicle coming behind would have crushed her and the rider to death. She was, however, thankful that she only sustained injury while blood was running down her hand and clothes. The incident happened at exactly 5:30pm on Thursday as passers-by, commuters and sympathisers gathered at the scene. When our correspondents got to the scene, some of the policemen wearing mufti, stood at the bus stop, pretending to commuters. But those in uniform sat in their van. Cynthia narrated how she and the motorcycle rider were brutalised and left with open wounds in the middle of the ever-busy road. She said: “It is only the Almighty God who I serve that saved me from death this afternoon. I was badly in-

Ede, Inset: Ede’s injured leg

jured after I fell off the motorcycle. A policeman, who was not wearing uniform, tried to arrest the motorcycle while it was on motion. It was a terrible experience.” The woman described the directive restricting tricycle riders from ACME route as “partial and wicked”. “How do they expect traders to transport their goods? How do they want the riders to feed their families? It is unfair,” she added. The motorcyclist, Mr Michael Ede, whose motorcycle was seized by the policemen after he escaped with his bleeding legs, said he was tired of life. Ede said that after the sudden order that tricycle riders should not operate on ACME Road, he became tired of watching his wife and children go hungry, without being able to provide for them. On that fateful Thursday, after waiting till sundown, he said he decided to bring out his motorcycle to make some money, just to feed that night. Ede reasoned that since it was sundown, policemen would have left the roads, but he was mistaken. He said: “Lagos is now hell to live in. My motorcycle has been seized. How do they want me to feed my family and pay my children’s tuition fees? “The policemen were not even in uniform. So how do I know if they were police or not? My legs were badly injured when I and my passenger fell off the motorcycle. The policemen did not even care if we are going to lose our lives.” A witness, Bisi Odukoya, said that the policemen had been arresting tricycle and motorcycle riders

Lagos is now hell to live in. My motorcycle has been seized. How do they want me to feed my family and pay my children’s tuition fees? since 3:30pm that afternoon. She said: “A policeman, who was not wearing uniform, arrested a man who appealed on behalf of the injured people.” The names of some of the officers present at the scene were: Ezemou Abiodun and Ayodele Makinde. Commuters pleaded with the state government, to re-instate the movement of tricycles and motorcycles on ACME Road. Similarly, tricycle operators at Estate Unit, Alapere Ketu area of the state, have also implored the government to look into their case. According to them, most money they make goes into paying different levies. These levies were imposed on them by the National Union of Road Transport Workers (NURTW). Mr Peter Adoka, a tricycle rider, accused the chairman of cheating them every time. He said: “Without a ticket, we can’t work. The NURTW has increased the amount of the ticket from N650 to N850 every day. The tickets are compulsory and how much are we really making anyway?

Photos: tony eguaye

“The chair man also makes it compulsory for tricycle operators to contribute money for end of the year party. If we refuse to pay, they beat us up and seize our tricycles. Policemen are the major problem we encounter because they gave an instruction that we should not start work until 4pm and when it is 10pm, we are supposed to stop work for the day.” Adoka added that any tricycle operator found working before 4pm or after 10pm, would be made to pay N2,500 fine. Another operator, Mr Bamiro Bola, said he was thinking of leaving the job since the money paid to the police, the chairman and NURTW was more than the profits they made daily. He said: “The cost of fuel in a day is always more than the gain. The policemen are not even helping matters. They give us too much trouble. In other tricycle units, police there permit them to work till midnight. But in our own unit, it is different. “Local government should be in charge of collecting money from us, not NURTW. If it is local government officials, we pay less.” Mr Uche Ike, who corroborated the views expressed by colleagues, said he was still rider because he still made a little profit to take home. “The police are one of our major challenges here. They are frustrating us. They instructed us not to work at will, saying we use our tricycles to steal from people. This is not true. “It is not possible for us to steal with tricycles. It is only possible to steal with motorcycles not tricycles.”

10 METRO

Release our brothers’ bodies, families beg police Taiwo Jimoh

elatives of the Peoples Democratic Party (PDP) supporters killed during a clash with their All Progressives Congress (APC) counterparts at Isale-Eko, Lagos, have called on the Commissioner of Police, Kayode Aderanti, to release their bodies. The deceased were identified as Rilwan Saka (19), Nureni Obabiolorunosi (25) and Ogede Akeem. The families of Saka and Obabiolorunosi told our correspondent yesterday that those killed were not political thugs as being insinuated. On September 21, the PDP and APC supporters engaged in a free for all after the visit of President Goodluck Jonathan. At the end, six persons lost their lives. Saka’s brother, Ibrahim Saka, appealed to the police commissioner to release the body for immediate burial. He said: “We are Muslims. We are not interested in pursuing any court case, because we were told by the police that the party had taken the matter to court. “The late Rilwan was just a victim of circumstance. On the day of the incident, he was with me inside my room, eating rice. When I was going out, I told him not go out. “When I came back, I was surprised that he was not inside the room. I called him immediately on his phone to know his whereabouts only to be told that one of his friends asked him to

Jos

he Speaker, Plateau State House of Tadvised Assembly, Titus Ayuba Alams, has youths to desist from drink-

ing alcohol, which, according to him, is capable of destroying their future. Alams made the appeal yesterday in Jos during the presentation of an award by the Irigwe Youth Movement to the Deputy Chief Whip, Ado Audu Adere, representing Irigwe/Rukuba Constituency in the Assembly. The event was held at the Hillstation Hotel. The speaker said alcohol would cut short their destiny without allowing them to contribute meaningfully to the development of the society. Alams urged the Plateau youth to take a cue from the exemplary life of former Head of State, General Yakubu Gowon. He said: “Gowon, who is a Plateau man, made us proud by assuming the leadership position of this country at very tender age. If Gowon had allowed alcohol to control his life he would not have become the head of state. “I am appealing to all Plateau

Four die as trucks crush tricycle in Enugu Uwakwe Abugu Enugu

our persons inside a commercial FPEP tricycle popularly called Keke NAdied at the weekend during an

The Late Saka

go with him to Isale-Eko. I was told on phone that he had been shot dead.” Ibrahim added that the late Rilwan was an easy going person. “I was told that they shot him and his friends at spot where they were eating at the PDP rally at Isale-Eko that fateful day,” Ibrahim said. Junior Apatira, who said he was a very close friend of the late Rilwan, said he tried to stop the deceased shortly before he

speaker warns youths against alcohol Musa Pam

Monday, September 29, 2014

Aderanti

was killed. He said: “On that fateful day, I was in my mum’s shop at Apatira when I saw Rilwan walk past, I tried to stop him but he did not wait. By then I did not know what was happening at Isale-Eko. A few minutes later, I saw his call. But when I picked it, to my surprise, I heard a different voice entirely. The person asked me if I was Sobo and I said yes. “The caller then asked me to go and pick the body of my

youths to desist from vices capable of destroying their lives and contribute to the development of the state.” The speaker, however, commended Irigwe Youths’ leaders for efforts aimed at building an Educational and a Vocational Multipurpose Youth Centre. Adere, who was given the award of “Selfless Service” by the youth, said he would continue to work for the betterment of the entire people of his constituency. He said: “I will continue to do everything possible to support meaningful projects for my people.”

Alams

friend because he had been shot dead. That was how I dashed out to inform his elder brother.” Also, the late Obabiolorunosi’s sister, Mrs Kehinde Gbajabiamila, said the family had done everything possible to get the police to release his body but to no avail. She said: “My late brother was a staunch supporter of PDP. I see no reason why someone will kill his fellow human being. “We are three from our mother and he was the only boy

accident involving two trucks in front of the Innoson Industries at the Emene Industrial Area, Enugu. A witness said yesterday that the trucks mangled the tricycle and its occupants. The accident drew a crowd while many sympathisers, especially women, wept at the sight of the dismembered bodies of the victims. The crash, according another witness, occurred at an area where a construction firm, New Idea Construction Company Limited, is currently working to fix the road from Enugu to Abakaliki in Ebonyi State. Many of the residents of the area called on the Federal Government to extend the road into a dual carriageway. The tricycle, some witnesses said, was caught in between a tanker with registration number, Lagos XR561KRD bearing oil and a lorry marked Kogi XB175KNE. For over three hours, the incident caused a gridlock on the road.

Gov. Sullivan Chime

Ebola: Navy screens officers at route march Flora Onwudiwe the third quarterly ‘route Athetmarch’ exercise organised by Naval Training Command

(NAVTRAC), 1,000 naval personnel were screened for the Ebola Virus Disease (EVD). The screening preceded a 10-kilometre walk. As early as 6 am on Saturday, the officers trooped out from NNS Quorra parade ground and walked as far as Liverpool and detoured at Apapa roundabout to find their way back to base. The Navy Band was on hand to aid the ever-ready combatant men and women, who were chanting war songs, while an ambulance was trailing them. At the parade ground, an officer took them on various exercises. The Flag Officer Commanding (FOC), NAVTRAC, Rear Admiral Goddy Anyankpele, who spoke through the acting FOC, Rear Admiral Adeniyi Osinowo, expressed satisfaction over the performance of those who participated in the exercise. He said: “I am indeed highly impressed by our conduct… An exercise of this nature demonstrates one thing: if we decide to move together, we can accomplish much more than you can

Naval officers during the march

individually. I wonder how many of us will tell you individually to take a 10-kilometre walk on a morning like this. “But what we have experienced this morning, we could see that we can do it together without any feeling or fatigue or anyone dropping; that in itself goes in line with (the vision of) those who established Nigerian Navy with the motto: Onward together.” Osinowo said the exercise was part of annual schedule. “The route march is among those evolutions that we conduct on a quarterly basis; that is at

the command level, not only to demonstrate the spirit of sportsmanship, but also that of espiritde-corps.” According to him, the route march is part of the naval agelong tradition that has had an impact on the men and women who have demonstrated the ability to move together. “You could see the morale of men as they sang all through without anybody dropping. It shows that even on board the ship, which is the basic unit of the Navy, that is the way we are expected to fight,” he added.

METRO

Monday, September 29, 2014

Pray for Lagos trains 80 female Lagbus stable homes, drivers, 998 others cleric urges women L N Muritala Ayinla

igerian women have been advised to pray fervently for a strong, steady and reliable home and not to engage in incessant fighting and quarrelling. Rev Lucky Omenoku of the Christ Majestic Gospel Mission gave the advice as guest speaker at the Daughters’ of Zion Annual Women Convention of the God’s Covenant Christian Assembly (GCCA). The convention, with the theme: “Total Recovery,” was held recently on the church premises at Asheshe Street off Jakpa Road, Effurun, Uvwie Local Government Area of Delta State. Mrs Omenoku specifically urged the women to develop a strict recovery spirit with determined vigour. She said: “Do not fold your hands for your enemies to bastardise and laugh at you uncontrollably.” The guest speaker also urged the women to forgive and pray for those that offended them, adding that un-forgiveness could make the enemies to fight them. According to her, killing, stealing, maiming and destroying others are the works of the devil. She added that well-coordinated prayer could change everything to favour them once they believed steadily and fervently in God. Omenoku explained that women should always believe in God and not man during trouble comes, adding that they should avoid running from pillar to post. She added that women should never be dejected because they could rise again “for every champion was once a looser”. “If a man laughs at you, God wants to make you, provided you jealously and rigorously guide your thoughts, words, and have self-encouragement,” she said. As part of activities marking the convention, the Daughters’ of Zion of the GCCA visited the central hospital, Warri, and prayed for the sick as well as the orphanage home to show care and love. The women were led by the wife of the General Overseer, Mrs Vivian Arutere. The women also donated office chairs, among other items, as part of thanksgiving.

Agbelusi goes home Oct 2

The late Agbelusi

Professor of Dentistry and deaconess at Alusirenowned Yaba Baptist Church Yaba, Prof Gbemisola Agbe(nee Seton) is dead. She worked at the Department of Dentistry and Maxilo Facial Surgery, Lagos University Teaching Hospital (LUTH), Idi-Araba, Lagos. Mrs Agbelusi died during a brief illness on September 24, at the age of 56 years. According to burial arrangements released by the family, the burial rites commence with a wake at 5:30pm tomorrow at the Yaba Baptist Church, Yaba. Her remains would be committed to mother earth on October 2, at Atan Cemetery, after a funeral service by 10am, also at the Yaba Baptist Church. Agbelusi, who is survived by two children, will be remembered for her passion for the work of God and humanity.

AGBUS Asset Management, a mass transit bus service company providing intra-city bus transportation in Lagos State, yesterday said it had commenced the training of 80 women recently recruited to drive the buses. The company also said that it had begun the retraining of 998 Lagbus drivers also known as captains to sharpen their driving skills and keep them abreast of the new driving technology. It was gathered that out of the over 200 female applicants who applied to drive the mass transit buses, 80 of the women were short-listed. Speaking during the training of the fourth batch of captains at the Public Service Staff Development Centre, Magodo, the Managing Director, LAGBUS, Mr Babatunde Disu, said the firm was committed to creating a modern, secure and sustainable bus transportation service designed for the special needs of Lagos while also providing equal opportunities for the female gender. He said: “I think it is impor-

Some of the drivers during the training

tant that we bring our drivers out for training to update and improve their skills and also to keep them abreast of the technology in the industry. As much as we want to keep the bus running, it is important that we train and retrain them on a quarterly basis. “We are training about 998 captains. For Lagbus alone, we have about 400 captains and we have other captains from our franchise operators. It is part of effort to ensure that those behind the wheel

have the right attitude and skills to manage the buses.” The General Manager, Fleet Operation, LAGBUS, Mr Seyi Osiyemi, said the recruitment of the female drivers was to create equal opportunity for the women. He said: “We employed the female drivers to encourage the women who have interest in driving the Lagbus buses. I can tell you now we have currently about 80 of them. They will be starting the driving training from the

scratch. These ladies do not have driving experience. We will first train them to drive a car; then we will train them to drive a bus after which they will learn how to drive the big bus. “As part of that, we have signed agreement with a driving school to train them on how to drive a car and a small bus. Then they will be transferred to our own driving school where they will be trained on how to drive a bus. “We expect this process to take between three and six months. The ultimate plan is to have them drive the Lagbus, the red bus. It takes a lot of time for people to embrace it.” Osiyemi said the company would also recruit more male drivers because it was refurbishing 180 buses which would be added to the fleet. According to him, 40 of the buses have been added to the fleet while the remaining 140 buses will be added by the end of the year. Meanwhile, during the training, the drivers were admonished to desist from driving when under stress. They were also urged not to discuss with their passengers whenever they were driving.

Save my life, land from OPC, man tells Manko Juliana Francis

land owner in Lagos, Donald Agu, has appealed to the Assistant Inspector General of Police (AIG), in charge of Zone II, Mr Umar Manko, to save his life from people suspected to be Oodua People’s Congress (OPC) members. Agu said the suspected OPC members had taken from him a piece of land at Era village, Otto-Awori Local Government Area. The man said he had heard dreadful things about members of OPC and did not want to engage them in anyway. Agu said that the OPC men were led by two of their chieftains simply identified as Lanre and Omiale. He said: “I want to get back my land, but I know they would kill me if I try to confront them. These people are members of OPC. I heard they can kill anybody because of land. I decided to go to the police to intervene in the matter. “If they want the land so much, they should refund me my N4.1 million, which represents the expenses I had spent on the land.” According to Agu, he has also petitioned Manko, “in case of anything”. In the petition, Agu alleged that Chief Augustine Okafor, Alhaji Jubril and Mr. Lukmon Quduni and two others were threatening his life. He said that the men collaborated and sold his land to another ‘buyer’. According to him, the building materials he kept

Agu

on the land have disappeared, while the OPC members have allegedly started building. He said: “All the building materials I bought for the construction of my building are valued at N2.5 million. The cement, blocks, iron rods, woods, including N600,000 which I gave to Mr Lukman for the execution of the project and collection of documents from the local government are all gone. All efforts to recover my land and materials have been abortive.” Agu, a businessman, said that sometimes in 2010 he bought the plot of land from Okafor and when he was about to start building, the OPC group stormed the site. Before then, he had already given Lukman N600,000 to perfect ‘omo onile’ receipt. He had also paid youths to clear the land. “Okafor said he sold the land to only me,” he added.

The plot of land

Agu presented a letter and receipt. The receipt states that Agu paid N800,000 for the land. The receipt was issued on May 10, 2010. The letter states that: “I Chief Augustine Okafor of H37 Alaba International Market 080 Lagos, collected the sum of N800,000 from Mr. Donald Agu of 88 Olojo Drive, Ojo, Lagos for a plot of land at Era village, Awori… “The family receipt will be given to him by the family through Alhaji Jubrill…” Stating his own side of the story, Lukman said he did not know anything about the land. He said: “I sell building materials. He paid for some building materials and I’m now trying to refund his money since the materials are no longer needed. He knew that the land had issues. More than three people paid for that plot of land.”

Okafor on the other hand, said he sold the land to only Agu and was surprised by the unfolding drama. He said: “The truth was that I handed that land to Alhaji Jubril, he showed Donald (Agu) the land and Donald paid. Later, I didn’t know what happened; Donald said that someone else had taken over the land. It’s only Alhaji who can tell us what transpired. The land belonged to my boss, who handed it over to me to sell for him. Donald had dealings with me, but I handed him over to Alhaji, who apportioned the plot to him. I have asked Alhaji and he said he did not know anything about another person taking over the land. “I told Donald to go back to the land and confront the person and know who he is and how he got into the land. As far as I’m concerned, that land belongs to Donald.”

12 NEWS

Sanctity of Truth

Monday, September 29, 2014

Ekiti: Police foil reprisal Adesina Wahab Ado-Ekiti

hat could have been anW other orgy of violence was averted in Ado-Ekiti

yesterday, as the quick intervention of policemen and soldiers foiled plans by some people to launch a reprisal attack. It was gathered that the people were supporters of the former State Chairman of the Road Transport Employers Association of Nigeria, Mr Rotimi Olanbiwonu aka Mentilo. Olanbiwonu's house and cars were burnt down by irate youths on Friday while protesting the assassination of Chief Omolafe Aderiye, a former State Chairman of the National Union of Road Transport Workers. Following the planned reprisal attack, armed policemen were further deployed in flashpoints in the state capital. Confirming the incident, a statement issued by the Commissioner of Police, Ekiti State Command, Mr Taiwo Lakanu, said the command had the intelligence report that some hoodlums were

planning further attacks, warning those without any legitimate business in Ekiti to stay clear or face the full weight of the law The statement, signed by the Command’s Public Relations Officer, Mr Victor Babayemi, said, “The Ekiti State Police Command is in receipt of an intelligence report that some hooligans within the state and their accomplices outside the state are planning to wreck more havoc and disrupt further, the existing fragile peace in the state.” But speaking yesterday, the Ekiti State Governor, Dr. Kayode Fayemi, said the All Progressives Congress was firmly on ground and will recover the state. He also appealed to the opposition parties to stop fighting over the APC's petition before the Ekiti Governorship Election Petition tribunal sitting in Ado-Ekiti. Fayemi spoke at State Congress held in Ado-Ekiti where the interim chairman of the party, Chief Jide Awe, was returned as the state chairman after his completion of the mandatory eight years.

...Saraki condemns violence Biodun Oyeleye Ilorin

Senate ComCandhairman, mittee on Environment Ecology, Dr. Bukola

Saraki, has expressed worry over the security situation in Ekiti State. He described it as a major threat to the nation's democracy and political stability. Saraki, a former governor of Kwara State not only condemned the violent attack on judges in the state as an affront on judicial independence, but argued that the seeming silence of the presidency and the national leadership of the Peoples Democratic Party (PDP) over the matter should also concern Nigerians. The lawmaker, in a statement he personally signed and made available to newsmen in Ilorin, Kwara State capital, noted that the security situation in Ekiti "is an affront to

our peaceful co-existence in our immediate environment and to our nation in general". He called on the Federal Government, the Presidency, NJC, NJI, NBA and other relevant private and public institutions to make a pronouncement without delay and condemn the development in Ekiti which he termed a "criminal atrocity and act of affront to our collective sensibility". The statement reads: "I am personally worried and concerned as a Nigerian and as a stakeholder in the Nigerian polity. Whether the Ekiti State crisis is APC or PDP driven or is as a result of an act of commission or omission, or whether it is government, group of people or individually driven, I must say without any ambiguity that this is totally unacceptable and should be dealt with immediately and decisively.

Judicial workers shelve planned strike Yekeen Nurudeen Abuja

he Judiciary Staff Union Tdropped of Nigeria (JUSUN) has its plan to resume

its suspended strike on October 2, to press home the demand of its members for the implementation of the Federal High Court judgment on the financial autonomy of the Judiciary. National President of JUSUN, Comrade Marwan Mustapha Adamu,

who disclosed this in Abuja at the weekend, also condemned the attack on a Judge in Ekiti State, calling on the authorities to probe the matter with a view to bringing to book those behind such shameful act. According to the JUSUN President, the union would soon take a decision on the matter, which he said should not put the Judiciary in a bad light before the international community.

L-R: Commercial Sales Supervisor, Multichoice Nigeria, Mr. Busuyi Ogunduyile; Nigerian Ambassador to France/ Chairman, Amlyn Petrocon, Amb. Olufemi Ani and General Manager, Marketing, MultiChoice Nigeria, Martin Mabutho, during the DStv Estate Activation in Victoria Garden City, Lekki, Lagos …at the weekend

884m

The number of people still using unimproved sources for drinking water. Source: Unesco.org

N1.16bn

The IGR realized from direct assessment sources of revenue in Akwa Ibom State in 2012. Source: National Bureau of Statistics

30%

The percentage of population under 15 years old in Cape Verde in 2012. Source: Un.org

Reps clear Ihedioha of complicity in $9.3m arms deal row ignorance

The House has rules which some lawmakers chose to ignore. And Ihedioha ruled against lawlessness

Philip Nyam Abuja

he House of Representatives has said its Deputy Speaker, Hon. Emeka Ihedioha acted in accordance with the House rules in handling the controversial motion on the $9.3 million allegedly smuggled into South Africa by two Nigerians

and an Israeli to buy arms for the government. Chairman of the House committee on rules and business, Hon. Albert Sam Tsokwa, made the clarification at the weekend while addressing the media in Abuja. Tsokwa denied that the deputy speaker bent the House rules to frustrate debate on the motion, explaining that what Ihedioha did was in line with the relevant rules of the House, which do not allow debate on infrastructure, security and investigative related matters. "The House is precluded from discussing any issue that is pending in court. Our rules also say motions

on infrastructure; security and investigation are not to be debated. The motion on $9.3 million seeks an investigation, so it shouldn’t; it couldn't and mustn't have been debated. That was exactly what happened," Tsokwa said. According to Tsokwa : "The mover wasn't supposed to take it that day, because it wasn't on the Order Paper. He insisted on taking it because he said he was away on Speaker's errand. But any matter that is not on the order paper can't be included on the order paper. Some members were against taking the motion, but the Deputy Speaker allowed him."

He further held that by virtue of parliamentary rules and practices, if any member was not satisfied with a particular decision taken, such a member would call for the House to be divided based on the 'ayes' and the 'nays,' saying walking out was not appropriate. "The decision wasn't taken on the basis of party. It wasn't all APC members that voted against it and vice-versa. Let me use this medium to call on our leaders to stop making provocative statements that will tear this country apart. If you're ignorant of how the House operates, I'll advise that you keep your mouth shut," he said.

Agbaso’s exit from APGA is good riddance, says party chiefs Steve Uzoechi OWERRI

eaders of the All Progressives Grand Alliance (APGA) in Imo State, have welcomed the exit of Chief Martin Agbaso from the party as a mark of good fortune for the party. APGA stakeholders from Owerri Federal Constituency, comprising Owerri Municipal, Owerri North and Owerri West, who paid a solidarity visit to Captain Emmanuel Ihenacho yesterday at his Owerri residence averred

that Agbaso, who had earlier claimed to be leaving the party with over 15,000 followers, is indeed moving to PDP alone as an 'orphan' with no member of APGA interested in moving along with him. The group, which had in attendance, members of the State Working Committee(SWC), local government chairmen, ward chairmen, women leaders, youth leaders, aspirants and other chieftains from the area, was led by Hon. Dan Ikpeazu and Hon. Victor Mere, representing Owerri North

and Owerri Municipal State Constituencies respectively in the Imo State House of Assembly. They pledged their loyalty and commitment towards actualizing the governorship ambition of Ihenacho whom they described as a beautiful bride in Imo politics. Ikpeazu, in his speech, insisted that the exit of one man cannot in any manner affect the fortune of APGA, as the party has now grown in strength with Imo fully mobilized to support and vote massively for the party in the

forthcoming elections. He expressed gratitude to members of the party in Owerri Federal constituency for their steadfastness and loyalty to APGA, describing their decision to shun the 'self-imposed leader' as a signal that APGA has indeed been repositioned as a the winning political platform. According to him, for a man to sojourn once again in the same party he vowed not to belong again in his life, defines the content of his character and the quality of leader he is.

PDP sets up nine-man committee to receive Mimiko Babatope Okeowo Akure

he Peoples DemoTOndo cratic Party(PDP) in State has set up a

nine-man committee to receive Governor Oluse-

gun Mimiko, who is set to defect from Labour Party(LP) to the party. The committee, according to the Director General of National Sports Commission (NSC), Hon Gbenga Eleg-

beleye, is to work out an amicable working arrangement between the old PDP members and those coming from the ruling LP. Elegbeleye said the committee would liaise

with the Presidency, party officials and new members, so that the integration between the two major dominant political parties in the state would not bring any rancour.

$9.3m arms deal: Reps protest amidst $20,000 bribery allegation / PAGE 17

POLITICS

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Drama in Senate over $1bn loan ayodele Ojo

Deputy Editor, politics ayodeleojo@yahoo.com

p-16

MONday, September 29, 2014

Notwithstanding his adoption as the sole candidate of the Peoples Democratic Party (PDP) by the National Executive Committee (NEC) in the 2015 election, the adversaries of President Goodluck Jonathan are at work. Two different suits, within one week, have been filed to challenge the president’s eligibility for the election, writes TUNDE OYESINA

2015: Jonathan’s eligibility battle shifts to courts

rising from the unanimous endorsement of President Goodluck Jonathan by the Peoples Democratic Party (PDP) and state governors elected on the party’s platform, two fresh suits have been slammed on the number one citizen in a bid to stop him from running in the 2015 presidential election. Crafted and executed by the most dominant and influential political group in the party, the PDP Governors’ Forum succeeded in getting the party’s highest decision-making organ, the National Executive Committee (NEC) to endorse Jonathan as PDP’s sole candidate for the February 14, 2015 presidential election. The endorsement did not just come to pass without reactions from some politicians within and outside the party. It, however, appears that the endorsement did not go down well with such people as some have headed for the court of law seeking to stop Jonathan from contesting. It is amazing that within a spate of three days, two separate suits were instituted with the same subject matter. First of the suit was filed by Mase Daphine Acho, Saeeq Umar Sarki (both lawyers) and Murtala Abubakar asking the Federal High Court sitting in Abuja to restrain the PDP from fielding Jonathan and his deputy, Namadi Sambo, as presidential and vice presidential candidates for the forthcoming 2015 presidential elections. Joined in the suit were Jonathan, Sambo, PDP and the Independent National Electoral Commissioner (INEC). The plaintiffs argued that Jonathan and Sambo were ineligible to be elected president and vice president respectively. The plaintiffs through their counsel, Mustapha Ibrahim, Abdul Mohammed and Aliyu Lemu argued that by virtue of the Supreme Court’s decision in Marwa V Nyako (2012) 6 NWLR (Part 1296) at 199, both Jonathan and Sambo were not qualified to be elected as president and vice-president respectively. According to them, Jonathan and Sambo are caught by the provisions of the constitution which state that no person can stay in office of the president and vice president for a period beyond eight years. They submitted that the current holders of the offices of the president and the vice president, at the expiration of their current terms in office would have held their respective office for a period of five years. They also argued

President Jonathan taking oath of office on May 29, 2011

that Jonathan and Sambo had held office for two terms recognised by the 1999 Constitution to wit: (i) the first term was held to conclude the un-expired term of late President Umaru Musa Yar’Adua between May 6, 2010 and 29, 2011; (ii) the second term is still being served from May 29, 2011 to May 29, 2015. The plaintiffs, however, asked the court to declare that Jonathan and Sambo do not have the capacity to serve as president and vice president respectively for another term of four years after the completion of their current terms in office in view of the combined effect of the provisions of sections 135(2) (a) and 137(b) of the constitution. They further urged the court to declare that Jonathan and Sambo having already spent five years in office as president and vice president respectively are not eligible to contest for the office of president and vice president for another term of four years thereby amounting to a contravention of the combined provisions of sections 135(2) (a) and 137(b) of the constitution. The plaintiffs want a declaration that the first oath of office subscribed to by Jonathan on May 6, 2010, being the oath of office administered to him to occupy the office of president for the purpose of completion of the un-expired term of office of the late President Yar’Adua must be taken into cognisance in computing the number

of years that he has served and can serve as president, in determining the effect of the combined provisions of sections 135(2) (a) and 137(1)(b) of the constitution. They want an order of the court restraining INEC from recognising Jonathan and Sambo as presidential and vice presidential candidates of the PDP or any other political party for the 2015 presidential elections. The plaintiffs, however, claimed that allowing Jonathan and Sambo to contest in the 2015 elections would amount to a breach of the 1999 Constitution which Jonathan and Sambo swore to uphold. They said that the intervention of the court was required for an interpretation of the provisions of the 1999 Constitu-

The plaintiffs, claimed that allowing Jonathan and Sambo to contest in the 2015 elections would amount to a breach of the 1999 Constitution which Jonathan and Sambo swore to uphold

tion. According to them, it would be a colossal waste of resources to allow Jonathan and Sambo to run, even when they were ineligible to contest. Plot thickens The plot, however, got thicker a day after filing the first suit when another set of people approached the same Federal High Court sitting in Abuja with the same request seeking to stop President Jonathan from contesting the 2015 poll. In the new suit, one of the plaintiffs is a member of the PDP while the other is from the opposition party, the All Progressives Congress (APC). The plaintiffs, Adejumo Monsuru Ajagbe (a member of the PDP from Lagos State) and Olatoye Wahab (a member of the APC from Osun State) among others want the court to restrain INEC and the Attorney General of the Federation (AGF) from allowing President Jonathan to participate in the 2015 presidential election. In a suit filed by four Senior Advocates of Nigeria (SANs), the plaintiffs argued that by the 1999 Constitution (as amended), the president, having contested the presidential election twice, won and taken the oath of office and allegiance twice in respect of that office, he could no longer present himself for CONTINUED ON PAGE 15

14 POLITICS

Sanctity of Truth

Monday, September 29, 2014

How previous attempt to stop Jonathan TUNDE OYESINA examines how previous suit to prevent President Goodluck Jonathan from running was decided

n the past, there have been attempts to stop President Goodluck Jonathan from contesting the 2015 presidential election, both on legal and political grounds. The present legal battles are in continuation of the one started in 2012. That attempt failed. In 2012, one Cyriacus Njoku filed a suit seeking to stop President Jonathan from contesting the presidential election in 2015. Delivering judgement in the suit, Justice Mudashiru Oniyangi of an Abuja High Court, declared that the president can contest the 2015 presidential election. Justice Oniyangi consequently struck out the suit. In the suit, the court was asked to stop the Peoples Democratic Party (PDP) National Executive Committee (NEC) from sponsoring or accepting Jonathan as a candidate in the forthcoming poll. Njoku had, through his counsel, Ugochukwu Osuagwu, asked the court to stop Jonathan from contesting the presidential election in 2015 on the grounds that he was already in his second term in office. Citing Section 137 (1) (b) of the 1999 Constitution, Njoku maintained that Jonathan could not swear to the Oath of Office three times, having already sworn to same twice – first on May 6, 2010, while assuming the office of president after the death of Umaru Yar’Adua, and again on May 29, 2011– after his victory in the 2011 presidential election. The plaintiff, a registered member of the PDP in Zuba Ward of the Gwagwalada Area Council in the Federal Capital Territory (FCT), with registration number 1622735, informed the court that he filed the suit after the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, reportedly declared that, “Every intelligent man in the country knows that President Goodluck Jonathan is in his first term in office.” Jonathan had, through his counsel, Mr. Ade OkeyaInneh (SAN), insisted that he was still in his first term of four years in office as the President of the Federal Republic of Nigeria, in line with the provisions of the 1999 Constitution. Justice Oniyangi, however, held that Jonathan was free to stand for election in 2015. The judge said the president is still serving his first term in office. Oniyangi started by dismissing the suit on the grounds that the court had no jurisdiction to entertain it because the plaintiff lacked the locus standi to bring the action before the court. The plaintiff had raised two questions for determination by the court. The questions were: “Whether Section 135 (2) of the constitution, which specifies a period of four years in office for the president, is only available or applicable to a person elected on the basis of an actual election or includes one in which a person assumes the position of president by operation of law as in the case of Dr. Goodluck Jonathan; and “Whether Sec-

Lawyers are sharply divided over the eligibility of President Goodluck Jonathan to stand as the Peoples Democratic Party (PDP) candidate for the February 14, 2015 election. TUNDE OYESINA and TEMITOPE OGUNBANKE speak to some of them Agbaje: They’ve good case but…

Mr. Fred Agbaje is human rights activist and lawyer: Having regard to the fact that President Goodluck Jonathan was first sworn in on May 6, 2010 and now he wants to re-contest, the truth is that I am worried that if he re-contests in 2015 for another four years, it would be above eight years, and that would be unconstitutional because several cases have been decided by the Supreme Court to buttress the constitution that you cannot spend more than eight years, and that your tenure starts counting the day you were sworn into office. In as much I appreciate what the lawyers are doing to define and establish the law and the constitution; I just hope that the court will accord the lawyers locus standi. I am sure at the end of it; they will question the Agbaje interest of those lawyers in

tion 137 (1) (b) of the 1999 Constitution, which provides that a person shall not be qualified for election to the office of president if he has been elected to such office at any two previous elections apply to the first defendant (Jonathan), who first took an Oath of Office as substantive president on May 6, 2010 and took a second Oath of Office as president on May 29, last year.” Answering the questions, Justice Oniyangi declared that Jonathan did not contest the 2007 presidential election, which produced Yar’Adua, adding that he (Jonathan) only assumed the position of president after Yar’Adua’s death in order to complete the tenure of the late president. He said: “It is clear to me that the tenure of office of the president is a four-year term commencing from the date he took the Oath of Office and the Oath of Allegiance. “The question is whether the first defendant (Jonathan) was sponsored by the second defendant (PDP) and contested in the 2007 presidential election, and whether he was sworn in after the 2007 presidential election? “Jonathan never contested the 2007 election as the candidate of the PDP – the role of the vice president is clearly spelt out in section 51(b) of the 1999 Constitution as amended. “After the death of President Yar’Adua, there was no by-election. He (Jonathan) was merely asked to assume the position, and then sworn in. “Jonathan did not occupy the position after any election; he was made to assume the office for the uncompleted tenure of four years of President Yar’Adua. “The first defendant (Jonathan) is on his first term of four years – if he so wishes, he can seek the mandate of his political party to contest the presidential election come 2015. “To avoid mischief, this court is not saying that he (Jonathan) is the anointed candidate of the PDP come 2015 or any other political party, but that he can seek the sponsorship of his political party or any other political party of his choice. “The first defendant is not running his second term; he is on his first term. “Section 137(1) (b) is only applicable to a person that was elected, and it is not applicable to a person who assumes office like the first defendant to complete the uncompleted tenure of President Yar’Adua. “The tenure of office of President Goodluck Jonathan did not commence on May 6, 2010, but on May 29, 2011.” Earlier, Justice Oniyangi had struck out the suit on

The first defendant (Jonathan) is on his first term of four years – if he so wishes, he can seek the mandate of his political party to contest the presidential election come 2015

L-R: President Goodluck Jonathan and former President, late Umar Yar’Adua

the grounds that Njoku lacked both the locus standi and cause of action to file it. Njoku had claimed that he was moved to file the suit because Jonathan’s claim that he was in his first term was injurious to his (Njoku’s) ambition to contest the presidential election in 2015. Also, he argued that he had the locus standi to file the suit as a member of the PDP. However, Justice Oniyangi held that both reasons were not enough to confer Njoku with the right to file the action, noting also that Jonathan had not declared any intention to run for office in 2015. “The plaintiff (Njoku) intends to justify his cause for action on his being a member of the PDP, and having an ambition to run for president in 2015. All of this has not shown a sufficient cause of action for the plaintiff to pursue his case. Neither is it the time right, nor has the first defendant (Jonathan) declared an interest to seek another term in office. “Political parties have the duty of nominating candidates to run for elections – it is clear that a person cannot be a candidate until the political party has conducted a primary election. It is after that a person can become the candidate of a political party in an election.

President’s eligibility to contest the ambition of the president. And that would definitely mark the end of that case. They might have a good case but the question is: is the lawyer’s case justifiable in view of their locus standi?

Sagay: No law bars Jonathan

Prof. Itse Sagay (SAN) is a former Dean, Faculty of Law, University of Benin: I think those lawyers are either illiterates or partisan politicians. Jonathan first started as acting president and then completed Yar’Adua’s tenure, he didn’t contest any election. So, his own term actually started on May 29, 2011 and he is entitled to two terms. If you look at the constitution, it says you can contest as Sagay president on two occasions. So, Jonathan has only contested on one occasion, so he is entitled to seek re-election in 2015. Any lawyer who is bringing such an action is doing so in bad faith; he is a politician who is trying to promote a Northern agenda that only Northerners can contest presidential election; that others are not entitled to it. There is no provision in the constitution that says that a president should serve for eight years. What the provision states is that you cannot do more than two

terms in office. It doesn’t say eight years; it says you can only be elected two terms in office. Everybody knows that I am not a supporter of Jonathan, so, I am just saying this because it is fair to follow the law and the Northerners should learn to compete and not to look for advantage and politicking, which they are always doing all the time, just like they are trying to cheat again by getting extra polling units. They are always cheating; let them compete fairly and meet President Jonathan at the poll instead of looking for a way of eliminating him and jumping to office in a fraudulent manner.

Malami: Jonathan, Sambo not qualified to run

Abubakar Malami is a Senior Advocate of Nigeria: By virtue of the Supreme Court’s decision in Marwa V Nyako (2012) 6 NWLR (Part 1296) at 199, both Jonathan and Sambo were not qualified to be elected as President and Vice-President respectively. Jonathan and Sambo are caught by the provisions of the constitution which state that no person can stay in office of the president and vice president for a period beyond eight years. Jonathan has held office for two terms recognised by Malami the 1999 Constitution to wit;

POLITICS

Sanctity of Truth

Monday, September 29, 2014

failed

“A member of a political party has legal right to be sponsored or nominated by his political party. Nomination and sponsorship of candidates is an internal affair of a political party. “The mere fact that the plaintiff is nursing an ambition to become the candidate of his political party does not give him the legal right to challenge the eligibility of another person. “The plaintiff ’s suit does not disclose any cause of action; at best, it is only the expression of an ambition which is at an embryo stage. It is speculative and the court does not deal on speculations. “The plaintiff has not shown any harm or injury the said publication (of Abati’s statement that Jonathan was on his first term) has caused him. “He has failed to show the locus standi to file the action regardless of his ambition and membership of the PDP. “All the grounds of objection by the defendants succeeded and are sustained. The plaintiff has no cause of action or locus standi and where the plaintiff lacks locus standi, the court has no jurisdiction to entertain the suit. “The suit is hereby struck out,” the judge declared.

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

election to that office the third time. They relied on the provisions of sections 132(1), 135(2) (a) and (b), 137(1)(b), 142(1) and (2) and the Supreme Court’s decision in the case of Marwa and Nyako (2012) 6 NWLR (Part 1296) 199 at 306. The plaintiffs argued that by the provision of the Constitution, the president and vice president, who were elected in the same election and sworn into office on the same date and at the same ceremony are, in law, taken to have been elected for one single term of four years notwithstanding the death, or even impeachment of the president. “That being so, the reference to “two previous elections” in Section 137(1)(b) of the Constitution includes two previous oath of allegiance and oath of office as president. It is therefore safe to conclude that a vice president, who had taken the oath of allegiance and oath of office for two previous terms as president is, in law, deemed to have been elected into the office of president at two previous elections, thereby standing disqualified to contest another election into that office.” Posers for court to determine The plaintiffs had raised five questions for the court’s determination and are seeking seven reliefs, to include an order of perpetual injunction, restraining the AGF and INEC from accepting as candidate in the 2015 presidential election anybody caught by “two previous election limit and eightyear term limit.” They asked whether by the provisions of Section 135(1)(2) and (2a) of the Constitution, any person holding the office of the president can continue to act in that capacity after eight years from the date he/she first took or deemed in law, to have first taken the oath of allegiance, safe as provided in Section 135(3). They also asked whether a general election could be held into the office of the president when the incumbent president will only have spent a cumulative period of six years in office so that his reelection will be for no more than two additional years having regard to the time expressly specified for holding of general election to the

2015: Questions over Jonathan’s eligibility office of president under Section 132(2) of the Constitution and the maximum term allowed any person under Section 135 of the Constitution. Also, they want the court to determine whether for the purpose of counting the maximum eight-year term limit for a person elected into the office of the president under Section 1(2), 135,136 and 137(1)(b) of the Constitution, the election and period served by a deceased elected president (who did not exhaust his term on account of death) and the reminder served to complete the unexhausted term by the vice president (successor) is attributable to the successor for determining the two previous election-limit and the maximum term of eight years to which the successor is entitled as president under the constitution. They also asked whether by an affirmative answer to question three, the 1st defendant (AGF) can validly advise the 2nd defendant (INEC) to accept as candidate for election to the office of the president, an aspirant who is caught by two previous elections limit and the eight-year term limit in 2015 elections, or any subsequent presidential election. The plaintiffs further want the court to decide whether in view of the provision of Section 137(1)(b) of the constitution, any person can present himself for the purpose of being elected as president, having participated as candidate and emerged winner at two previous presidential elections on account of which the person would have spent a period of eight years in office by the time the winner of the 2015 presidential election will be sworn into office. They also want a declaration that by the provisions of Section 135(1)(2) and (2a) of the Constitution, any person holding the office of the President cannot continued to act in that capacity for a period exceeding eight years from the date he/she first took or is deemed to have first taken the oath of al-

2015 poll divides lawyers the first term was held to conclude the un-expired term of the late president, Umaru Musa Yar’adua between May 6, 2010 and May 29, 2011 while the second term is still being served from May 29, 2011 to May 29, 2015.

Toye: Why I’m challenging president’s eligibility

Wahab Toye, a legal practitioner, is a plaintiff in one of the suits: By the 1999 Constitution (as amended), the president, having contested the presidential election twice, won and taken the oath of office and allegiance twice in respect of that office, can no longer present himself for election to that office the third time. The provisions of sections 132(1), 135(2) (a) and (b), 137(1) (b), 142(1) and (2) and the Supreme Court’s decision in the case of Marwa and Nyako (2012) are clear Toye on this. By the provision of the constitution, the president and vice president, who were elected in the same election and sworn into office on the same date and at the same ceremony, are in law, taken to have been elected for one single term of four years notwithstanding the death or even impeachment of the president. That being so, the reference to “two previous elec-

tions” in Section 137(1)(b) of the Constitution includes two previous oath of allegiance and oath of office as president. It is therefore safe to conclude that a vice president, who had taken the oath of allegiance and oath of office for two previous terms as president is, in law, deemed to have been elected into the office of president at two previous elections, thereby standing disqualified to contest another election into that office.

Ajulo: President qualified to contest in 2015

Chief Kayode Ajulo is a lawyer: As it is, President Goodluck Jonathan has one more election to contest. I am aware of some arguments that if he is allowed to run and wins, he will at the end of the term have spent more than nine years in office as against the constitutional eight years. But it should be noted that the first one year and 23 days were the unexpired term of late President Yar’Adua’s presidency. Although a lacuna has been created as our constitution is silent on what to do with the extra period used and oath taken, this lacuna has been filed if one takes recourse to United States of America’s (USA) Constitution. Recall that we adopted their Constitution. Section 22 of the Amendment to the USA Constitution limits the term Ajulo any president could use after

legiance and oath of office, with the exception of the provision of Section 135(3) of the Constitution. They also want the court to declare that a general election cannot be due to be held when the incumbent president will only have spent a cumulative period of six years in office so that his re-election will be for no more than two additional years having regard to the time expressly specified for holding of general election to the office of president under Section 132 (2) of the Constitution and the maximum term allowed any person under Section 135 of the Constitution. The plaintiffs want the court to declare that for the purpose of counting the maximum eight-year term limit for a person elected into the office of the President under sections 1(2), 135,136 and 137(1)(b) of the constitution, the election and period served by a deceased elected president (who did not exhaust his term on account of death) and the remainder served to complete the unexhausted term by the vice president (successor) is attributable to the successor for determining the two previous election-limit and the maximum term of eight years to which the successor is entitled as president under the constitution. They also prayed for a declaration that the 1st defendant (AGF) cannot lawfully advise the 2nd defendant (INEC) to accept as candidate for election to the office of the president, an aspirant who is caught by two previous electionlimit and the eight-year term limit in the 2015 elections, or any subsequent presidential election. Status of the suit In the suit filed by Acho, Sarki and Abubakar, defendants are yet to file their response. The suit is also yet to be assigned to a judge. However, the suit filed by Ajagbe has been assigned to Justice A.R. Mohammed but a specific date has not been fixed for hearing.

the death of Roosevelt. The amendment also states that whosoever takes over the office from another as in the case of President Jonathan and Yar’Adua should only be eligible to contest another election and not two if the period he spent is more than two years. If it is less he shall be entitled to contest two elections. In view of this, President Jonathan spent less than two years of Yar’Adua’s unexpired term, and that is one year and 23 days and is just concluding the first term having won the election and is therefore eligible to contest the second election.

Nkwereum: President’s name once on the ballot

Chief Akpan Nkwereum is an Abuja-based lawyer: I believe the 1999 Constitution allows incumbents to pursue a valid second term but no further. It has been argued elsewhere that Goodluck Jonathan has been sworn into office twice as president and thus cannot re-contest in 2015. That argument falls flat because the first time he was merely a child of circumstances foisted by the constitution upon Nigeria, consequent upon the demise of his predecessor. All he took was the unexpired tenure of the Yar’Adua’s term. Second, to pursue that argument that the remnant of the Yar’Adua term amounts to a first term cannot survive a scrutiny with regards to time and duration of four years, prescribed by the extant and sacrosanct provisions of our Constitution. Third, the constitution is clear as to one being elected twice and thus cannot be confused with having to take an oath of office upon assuming office. Fourth, and perhaps most importantly, the president has only had his name on the ballot once as presidential candidate and thus can do so again.

16 POLITICS

Sanctity of Truth

Monday, September 29, 2014

Drama in Senate over $1bn loan

Mark

CHUKWU DAVID reports on how members of the All Progressives Congress (APC) in the Senate, laboured in vain to stop the approval of President Goodluck Jonathan’s $1 billion loan request to tackle security challenges in the country

he maxim that change is the only constant thing in the universe came to the fore in the Senate on Thursday, last week, when the Upper Chamber approved President Goodluck Jonathan’s request for external borrowing of the sum of $1 billion to tackle the deteriorating security challenges in the country. Just like the tidal movement of the ocean wave, which direction of flow cannot be predicted at any time, Senators surprised Nigerians again, when the chamber pushed the touted harmony to abeyance and went into cantankerous arguments and parallel constitutional and legal citations that lasted for about 45 minutes. In fact, by the time the pandemonium abated, following the eventual approval of the loan request, some members of the opposition All Progressives Congress (APC) attempted to walk out of the Chamber in protest. This action was considered belated because they ought to have walked out when they saw that their position was not given attention by the presiding officer and President of the Senate, Senator David Mark. President Jonathan, had on July 15, requested for the approval of the National Assembly for external borrowing of not more than $1 billion to combat the security challenges posed by the Boko Haram insurgency in the North Eastern states of Adamawa, Borno and Yobe. Sequel to this request, the Senate at its sitting on Tuesday September 16, considered the request and committed it to the Committees on Finance, and Local and Foreign Debts for further legislative action and to report back to the Chamber in one week. The Joint Committees, in compliance with the mandate given to it, laid the report on the floor of the chamber on Tuesday last week. Subsequently, the Committee on Rules and Business scheduled it for consideration and possible approval last Thursday.

Ekweremadu

Akume

Makarfi committee’s report While presenting the report for Senate consideration, the chairman of the Joint Committees, Senator Ahmed Makarfi, took time to explain in detail the nature of the loan and purpose for which the Federal Government seeks to borrow the money. He said the loan facility would come in form of supply of military hardware, of which the monetary value would be spread and paid over seven years. He also explained that the request would be for a ceiling of $1 billion, and that the whole amount would not be utilised at the moment. He further said that the request was with security implications, thereby making it imperative for the committees not to divulge details of everything involved in writing. Makarfi also pointed out that since the borrowing would not be in cash, certain terms such as interest rate could not be indicated. He stated that since it was not every country or supplier that could agree to such terms, Nigeria should not hesitate to take advantage of the opportunity so that it would not elude the country in view of the dire need to restore peace in the system. The former governor of Kaduna State made it clear that the loan was for the purchase of helicopters, ships, armaments and hardware equipment. He said that the 12 M135 helicopters being requested for now by the Nigeria Air Force were appropriate for the nature of the terrain of the war zone and the operations to be carried out in combating the terrorist sect.

He said the helicopters, hardware, armaments and equipment would be bought from European countries. In concluding his presentation, Makarfi urged the Senate to approve the request, because of the urgent need to quell the insurgency and all the terrorist activities and restore normalcy in the country.

Adetunmbi

Makarfi

Manager, Adetunmbi disagree As soon as Makarfi made his presentation, the President of the Senate recognised Senator James Manager (Delta, PDP) to make contribution towards the report. Manager, applying under Order 70 of the Senate Standing Orders 2011 (as amended), urged the Senate to approve the loan request without subjecting it to debate because of its security implications. Immediately Manager ended his contribution, the members of the APC rose up to challenge the constitutionality and legality of the borrowing proposal, thereby frustrating the plan to expressly approve the loan. Leading the opposition against the approval of the loan, Senator Olubunmi Adetunmbi (Ekiti North, APC), raised a point of order, challenging the constitutionality and legality of the proposed borrowing, which he argued would violate some provisions of the 1999 Consti-

tution as well as the Fiscal Responsibility Act, 2007. The lawmaker, in a heated debate against the loan initiative, cited relevant sections of the 1999 Constitution (as amended) and other legal documents to persuade other Senators not to approve the president’s request without allowing it to pass through what he and other APC members considered as due process. His words: “Mr. President, this request, to the best of my knowledge, and with the assistance of this constitution, has consequences for the existing Appropriation Act. We do not question the right of Mr. President to ask for money, or ask to borrow money but there is a process that needs to be followed and the provision of the constitution for this process is what I just read. “Mr. President, also, section 41 (a) and (b), 42 (1) and (8), section 44 (1), (2) and (3) of the Fiscal Responsibility Act give us clear guidelines of the procedures for borrowing and the management of such borrowing under this kind of circumstances.” The drama Immediately he concluded his speech, Makarfi rose to counter him, saying that all the constitutional citations and other legal issues pointed out by Adetunmbi had no relevance to the issue of $1 billion loan being considered for approval by the Senate. Makarfi said: “Mr. President, distinguished colleagues, with due respect, all the issues raised are not relevant to the issue we are considering now…. The loan is in kind, there is no cash outflow and repayment will be so appropriated and will only be made subject to the approval of the National Assembly. Supporting the opposition stance, the Minority Leader of the Senate, Senator George Akume (Benue, APC) expressed concern on what he considered an attempt to sweep the constitutional concerns raised by Adetunmbi under the carpet. He said: “Senator Adetunmbi has raised fundamental issues touching on the constitution of this country. He also read the relevant sections of our Standing Orders. Mr. President, our constitution supersedes whatever my friend and brother, Senator Makarfi is talking about, the Procurement Act. However, it is a huge document and Makarfi has not CONTINUED ON PAGE 20

POLITICS 17

Sanctity of Truth

Monday, September 29, 2014

For two days, the House of Representatives was embroiled in crisis over a botched motion seeking the investigation of the $9.3 million seized in South Africa and the ensuing bribery allegation against lawmakers. PHILIP NYAM recounts the proceedings

$9.3m arms deal

Reps protest amidst $20,000 bribery allegation

xactly a week after resumption of plenary, the All Progressives Congress (APC) lawmakers staged a walk-out from the chambers in protest to what they termed a manipulation of the House of Representatives’ proceedings by the presiding Deputy Speaker, Emeka Ihedioha. The plenary sitting of Tuesday, September 23 was marked by rowdiness and protests as a motion to investigate the seizure of $9.3 million flown into South Africa by two unnamed Nigerians and an Israeli purportedly to purchase arms for the Nigerian government was tabled for debate. The motion It all began when the deputy minority leader, Hon. Abdulrahman Suleiman Kawu (APC, Kano) through a point of order sought the leave of the presiding deputy speaker to present a motion under matters of urgent national importance on the seizure of the money. The motion entitled: “The need to investigate the attempt to smuggle $9.3 million cash into South Africa” was stood down the previous week because Kawu was absent during plenary. But upon Kawu’s request, the deputy speaker however sought the advice of the chairman of the House Committee on Rules and Business, Hon. Albert Sam-Tsokwa as to the appropriateness of Kawu’s request. In his advice, Sam-Tsokwa told the House that since the motion was stepped down last week due to Kawu’s absence and no excuse was also given for his absence, “there was nothing we could do about that. I advise we step it down.” Sam-Tsokwa had explained that: “He did not inform the Rules and Business Committee that he was traveling with the Speaker and we were not given enough notice for the motion to be taken.” Kawu’s insistence that the speaker was aware of his absence from the chambers was corroborated by the deputy speaker who subsequently inquired if Kawu would take the motion the next day but Kawu told Ihedioha that: “Mr. Speaker, I hope you are giving me the assurance that my motion will be taken tomorrow if it is stepped down today.” Although, the rules and business chairman’s earlier position, in line with the provisions of the House rules was for the motion to be stood down again, Kawu’s unyielding stance compelled the deputy speaker to consult with the chief whip, Hon. Ishaku Bawa and Sam-Tsokwa. Eventually, Kawu was given the nod to proceed with his motion. Kawu rose and reeled out the content of his motion that, “the report in the City Press Newspaper of South Africa on September 5 that two Nigerians and an Israeli citizen flew into Lanseria International Airport, Northwest of Johannesburg in a Challenger 600 Jet piloted by one Captain Tunde Ojongbede while carrying the sum of $9.3 million cash.” Kawu sought for a “thorough investigation of the matter” by the House committees of defence and aviation, which should report back within two weeks, explaining that if legislative action was not taken on the “national

Ihedioha

embarrassment, the situation may further degenerate and overheat the polity.” But instead of allowing debate on the motion, the deputy speaker ruled that “this motion does not need to be debated, rather we will vote on it.” Ihedioha immediately put the motion to a voice vote and the nays nullified the ayes of the APC members. This marked the beginning of the drama that played out and has snowballed into allegations of bribery and impending investigation of a House member for alleged rumour peddling. The walk-out As soon as the deputy speaker hit his gavel signifying that the motion could not be debated, Kawu rose from his seat and shouted “this is unacceptable” and beckoned all APC members who instantly left the chambers protesting. Kawu described the manner Ihedioha handled the motion as “shameful and a national embarrassment.” A visibly angered Kawu declared that ‘this is a fraud.” Ably supported by the minority whip, Hon. Samson Osagie (APC, Edo), the duo addressed a press conference to register their disapproval of the decision of the deputy speaker. They abandoned the day’s sitting and never returned. At the press conference, Osagie who was the anchor said: “We are here this afternoon to bare our minds on a very scandalous, very disgraceful and very appalling event that took place a week ago that borders on the image of our country, Nigeria. Let me state clearly that we are not just here as the members of the APC caucus of the House. “We are also here as concerned Nigerians who hold the mandate of the Nigerian people to defend their

Kawu

interest, to ensure that corruption is reduced to the barest minimum if not totally eliminated, to ensure that our country’s integrity remains intact in the eyes of the international community. The unanswered questions Osagie posed the following questions: “Is it faster or safer to do an international transaction of such magnitude by ferrying cash across the continent or simply wire transfer that can go through in matter of seconds or matter of few minutes? “If indeed, the matter involves security issues like the purchase of arms by Nigeria, why was the South African government not brought into the picture beforehand and how could the South African government be sure that the arms were purchased legitimately by the Nigerian government and not by the insurgents when there were no officials of the National Security Adviser’s (NSA) office, or the Director, Department of State Security (DSS) that accompanied such money? “If indeed the manufacturers of such equipment were expecting large sums of money by cash, why did they not make adequate arrangement with the authorities in South Africa to declare the cash on arrival since it was the law in South Africa that you must declare any amount in excess of $25,000. “Why was the money belonging to the Federal Government and meant for the purchase of equipment for the Federal Government moved by a private jet when we have over five to six airplanes in the presidential air fleet? Why was the money not accompanied by officials of NSA and DSS? “Why would the government that is at the peak of promoting cashless poli-

cy in our country be the chief breaker of that policy by moving such amount of cash if indeed, it was a legitimate transaction of the Federal Government. “Why were the officials of our embassy in South Africa not on hand to make the entry easier and smoother? Since the South African government has said the amount is above the limit of cash allowed into the country, why would a whole government like Nigeria not know the simple immigration law of a sister country and why would they have to take it out of the Oliver Tambo International Airport and went to land in a village where you have a local airport? “Why would government of Nigeria seek to smuggle $9.3 million? A country that is regarded as the giant of Africa, smuggling amount worth N1.5 billion, in a country where citizens are wallowing in poverty for unexplained reasons? “Is it just a wicked coincidence that the aircraft belonging to a personal friend, and an unapologetic ally of the president in the person of the President, Christian Association of Nigeria (CAN) was used to smuggle the cash. “Does it amount to an offense of money laundering under our laws for the Federal Government to have allowed that company to attempt to pay for the equipment by cash to the tune of that amount without passing through financial institutions?” He said the APC lawmakers “find this unacceptable, unethical, and illegitimate. And in our view, it is an illegal transaction. Nigerian government owes the Nigerian people an explanation as to what that source of money came from.” Leadership defence But reacting to the development, Sam-Tsokwa, who is the attorney general of the House noted that “what transpired today on the floor of the CONTINUED ON PAGE 20

Sanctity of Truth

Monday, September 29, 2014

OPINION The APC and a dream that once was (1) Femi Fani-Kayode

rdinarily religion should not be brought into politics but sadly the APC has done precisely that. They have introduced religion into politics in a very irresponsible, divisive and dangerous manner and they are using it as a political tool and as a means to capture power. Those of you who are Christians and moderate Muslims, who believe in a secular state but are still in APC, need a rethink. It is like having black people as members of Ku Klux Klan or having Jews as members of Hitler's Nazi party. It is like having black South Africans as members of the apartheid-loving, white-supremacist Boer Nationalist Party or having Christians and moderate Muslims as members of Al Qaeda, the Taliban and Al Shabab. The difference between the APC and the PDP is that the former is a party that will only field a Muslim Presidential candidate at every point in time whilst the latter is quite capable of fielding either a Christian or a Muslim Presidential candidate at any point in time. The former is divisive whilst the latter is inclusive. The former breeds and engenders a philosophy that is no different from that which was espoused by the Boers in apartheid South Africa: a philosophy that is established and enshrined on a platform of hate and division and that prides itself on the boastful assertion that some ethnic nationalities were ''born to rule'' and that some faiths are more equal than others. The latter, on the other hand, encourages religious harmony and seeks to establish and build a plural society where adherents of all faiths, all ethnic nationalities and all

tribes are regarded as equal. The PDP is for both Christians and Muslims and it believes in racial integration, religious tolerance and ethnic harmony. The APC is a Boko Haramite party that is for Muslim extremists only and a handful of Christians who really don't know what they have got themselves into. Such lost souls are in need of counselling. They forget that the wise ones say ''woe be unto any believer that seeks to join hands with others to bury Christ's Church and to shame His people and His gospel.'' One of the more credible leaders in the APC is Sam Nda Isaiah, the Kakaki Nupe. He is the most formidable columnist in Nigeria and the publisher of the influential Leadership Newspaper. I know Sam very well and he is closer to me than a brother. We may not agree on everything but there is no doubt in my mind that he is a profoundly good man and a very serious-minded Christian. He is also forthright, cerebral, courageous, decisive and very tough. He has presidential ambitions and, in my view, he is just what Nigeria needs. The truth is that he would have made an excellent President. The only problem is that he is in the wrong party. Given the type of character and integrity that he has, I really don't know how Sam manages in the APC. I imagine that he spends a good deal of his time holding his nose and silently praying for his fellow party leaders. How I wish he was in the PDP. I consider it as a personal failing on my part that I could not persuade him to leave the APC when I parted ways with them. If the APC had been a sensible or serious-minded set of people, they would have fielded Sam as their

candidate and paired him up with a muslim running mate from the south west but this will never happen because the Haramites and Islamic fundamentalists in that party consider it to be ''their'' platform. Femi Aribisala made a very good point in his column in the Sunday Vanguard Newspaper and Premium Times last week when he wrote about the deep wisdom there was in the APC fielding a northern Christian candidate for next year’s Presidential election if they really wished to get rid of their Muslim fundamentalist tag. I agree with him. Sadly, the truth is that the APC will never allow a Christian to be the candidate of their party and, as one of its key leaders once said to me in very plain and simple terms, such a thing would happen only over his ''dead body''. Expecting the APC to field a Christian as its presidential candidate is like expecting ISIS to declare the Pope as its leader. It is like expecting Al Qaeda to declare the Archbishop of Canterbury as its Supreme Commander. It is like expecting Al Shabab to declare Pastor Enoch Adeboye of the Redeemed Christian Church of God as its Field Marshall. It is like expecting the Al Nusra Front to declare Dr. Olukoya of the Mountain of Fire Ministries as its political facilitator. It is like expecting the Muslim Brotherhood, the Janjaweed, Daesh, Hamas, Islamic Jihad, Khorasan and the Taliban to declare Bishop Mike Okonkwo, Pastor Kumuyi, Bishop Oyedepo, Archbishop Nicholas Duncan-Williams, Bishop T.D. Jakes, Rev. John Hagee, Rev. Creflo Dollar, Dr. B.O. Ezekiel and the late Archbishop Benson Idahosa as their spiritual mentors and elder statesmen. Such a thing can never happen. Those that think otherwise are simply naive.

The nonsense house: On Nigeria at 54 John Anusie

est. This phrase and this phrase alone qualifies the desires of man. He wants the best parents, the best clothes, the best shoes, the best education; a neighbourhood as calm as Elysium, bereft of thugs and hoodlums and other heirs of depravity. I have been told of my lineage, that I came from a father. As a kid, I struggled with this knowledge; I struggled to believe that he, indeed, is a father, because what I see of him they say is my father embarrasses my idea of what he should be. My idea of a father: he is self-respecting, self-reliant, and encourages unity and harmony among his children; he encourages his children to chase the sky; he acts with wisdom like King Arthur and the Knights of the Round Table... something perfect or close to perfection. As I grew older I found that I had been too robust in my idealism; I found that I had set too high a standard for a father, that “best” and “perfect” are both subjective. I found that fathers often make mistakes which the children have to live with; that fathers can sometimes be as stupid and unreasoning as the children they seek to correct; that the supposed carapace of perfection usually

spots a wart as well. I rejected my findings initially. But I realized I couldn’t have appeared from nowhere. I have long since accepted that I have a father. And, annoyed at unfulfilled expectations, I modified my idea of a father: If he is not the best, he should at least be closest to that description. I have, however, realized that even with my modification my father is no closer to being the best and he doesn’t care. He, in fact, revels in his mediocrity. He despises the best of his children and encourages the worst of them. He has taught his children many great tricks. He has taught them how to dupe people, how to frighten people and take their money; he has taught them to steal – not to think – and grow rich. He has taught his children to swear, to curse, to fight themselves. He gives his children rifles and swords and grenades and watches with a sigh of luxury as they burst and suck one another’s skulls in the street. My father is in stasis and he couldn’t be happier. He had, in fact, once been voted the happiest father anywhere. I have been wondering how he came to be the happiest even with all his handicaps and patent foolishness. Little by little I began to see why. Every day he loses himself in reverie, hoping his problems solve them-

selves. When there is food, he eats; when there isn’t, he just sleeps and is happy. He thinks he is powerful even when it is piercingly obvious that he is not. He calls himself the giant in the land of Cassava. Often, too, probably because he wants to be seen as powerful and in control, he makes peace among squabbling strangers; and in his backyard he sweats and wobbles and staggers in search of peace. To sate his fantasies of power, he sends his children to strange lands to die of foreign shots and shells. He gives aid to strangers and he refuses to see that most of his children, stranded on the breadline, gasp in garbage bins, pay fealties to bacilli. Now, my father’s house overflows with religious fanatics, conmen, robbers and tricksters, the tired and the retired, the starving, the hungry, the angry. Caterwauling. Throwing bombs. Detonating grenades. Performing duplicitous tricks. Killing the innocent. Shielding the guilty. A rotund confusion stalks the street. My father scratches his chin, yawning wildly. The world watches in uproarious mirth at my father’s chronic disorientation. The world gloats over the virgin imbecility of my father’s actions.

My father fumbles and gropes and is desperately impotent against the odds before him. And at his age he deserves to be called a fool. He was born October 1, 1960. My father was 51 years October 1, 2011, and (typical of him) had wanted to mark his birthday with a wild party. But his disillusioned, hungry and angry children disrupted it as they had most of his fatuous schemes. My father’s incompetence and ineptitude is known worldwide and he is in disgrace. But of my father, who is 54 today, I am not ashamed. He is my father and always will be. I love to write, and I hope to use my writing to drive some sense into my father’s head. My brothers and sisters reading this article should themselves do something. The current zeitgeist, the rabid denunciation of Nigeria by Nigerians, has to give way to an interlude of cogitation on how to move the country forward. Scepticism has stood sentinel for too long at the doors of our mind, blocking eloquent visions and the roads to their actualization. Need this be so? Our history is a tortuous one, with numerous bends in blood and tears and agony, and it is important every Nigerian acknowledges he has a role to play, and plays the role, in this cosmic quest for a place in the sun.

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EDITORIAL

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MONDAY, SEPTEMBER 29, 2014

Policing Nigeria’s porous borders

he disclosure by the Nigeria Immigration Service (NIS), that Nigeria has over 1,400 illegal border routes is worrisome, to say the least. Addressing the National Conference Committee on Immigration a few weeks back, the Comptroller General David Parradang lamented that even though the country had only 84 approved land border control posts designated in the 1980s after the Maitatsine riots, ‘there are more than 1,400 illegal borders in the country’. “The number of illegal routes is 100 times more than the number of approved routes,” he agonised. “In Adamawa State for instance, we have about five control posts but we have 80 illegal routes in the state through which people come into the country.” Similarly, in Ogun State, there are 83 illegal routes. This trend, he said, runs throughout the country and poses a lot of security threat. To address the problem and carry out its duties effectively, the Service, he said, requires an annual recruitment of 5,000 personnel for a period of five years. There are currently 22,300 immigration officers in the country, a number Parradang described as grossly inadequate for the Service to effectively carry out its mandate of

issuance of passport, border patrol and other security-related duties. Manpower shortage apart, the Service also contends with the challenge of poorly-marked borders, which makes it difficult to distinguish between Nigerian border communities and the ones in a neighbouring country. As he put it, “Nigeria has some people who have their bedrooms in another country and their sitting rooms in Nigeria; the windows open to another country, so, how do you tell that person that he should not cross the border?” This, he said, makes stringent border control rather difficult. “We need to add 5,000 people on an annual basis for the next five years to be able to reasonably patrol our borders,” he stressed. “We need communication gadgets and scanners because our border posts are not interconnected with the E-pass system.” He also canvassed better welfare and insurance for officers, better budgetary allocation, supply of modern border patrol aircraft and a review of the service’s policy to meet modern day challenges. He announced that the NIS would open 30 new control posts this year to effectively monitor the borders, adding that the Service would have two border bases for each of the 30 control posts while the border patrol-base

would be stationed 40 kilometres hinterland for easy patrol. To be sure, the Boko Haram insurgency in the North East has largely been exacerbated by Nigeria’s porous borders with Cameroon (1,690 kilometres) in the east, Niger (1,497 kilometres) in the north, Benin (773 kilometres) in the west, and Chad (87 kilometres) in the northeast. Most of these border areas are either mountainous or in the jungle. Boko Haram has been able to smuggle arms into Nigeria using various means, such as the specially crafted skin or thatched bags attached to camels, donkeys and cows where arms are concealed and moved across the borders with the aid of nomadic pastoralists or herders. The widespread availability of Small Arms and Light Weapons (SALW’s) has helped stoke the deadly insurgency in the North East. This demands that something urgent must be done to stop the inflow and proliferation of arms into Nigeria. The porosity of the nation’s borders is an important factor inBoko Haram’s survival, offering it a lifeline to external support from transnational groups in the form of weapons, training, radicalization, and funding. Thus, thorough shoring up of border security constitutes a critical component of any short-term measures

to degrade the sect. The Nigeria government, therefore, needs to evolve a new approach to securing the border, one that includes an integrated mix of development interventions for border communities, trained and dedicated border officials, and enhanced border situation awareness infrastructure. Hence, the government must as a matter of policy and priority strengthen the NIS operationally, logistically, personnel recruitment and other needed incentives to adequately secure Nigeria’s borders, accede to its entire requests and ensure a formidable nexus between the NIS and other security agencies. All the war against insurgency and terror will amount to nothing at the end of the end of the day, if the borders are not properly secured. Nigeria should have the capacity and capability to close and open its borders at any given point in time. Nigeria cannot allow the war on terror to extend to other parts of the country. The nefarious activities of these miscreants must be promptly curtailed. For, if this is not urgently done, all the funds voted to address terrorism would just have gone down the drain. Hence, the very exigent need to give NIS utmost attention to function optimally and play a pivotal role to deal with terror in the country. MANAGING DIRECTOR/EDITOR-IN-CHIEF

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20 POLITICS

Sanctity of Truth

Monday, September 29, 2014

$20,000 bribery allegation rocks House CO N T I N U E D F R O M PA G E 1 7

House is nothing new because in advanced legislature of the world, lawmakers walk-out of the assembly.” He said: “It will not start here and it will not end here but my advice to Kawu and other lawmakers is that next time they should lobby their colleagues because the nays carried the day. “We had advised Kawu to step down his motion for another legislative day but he refused and the majority had their way and like you know the minority will always have a say but the majority always have their way.” Sam-Tsokwa maintained that: “They would have studied the mood of the House before going ahead with the motion; they had the option of stepping down the motion till the time they would have more members on their side. Kawu made the House to move a motion of urgent public importance and Mr. Speaker directed that the motion should be taken the next legislative day.” The $50,000 bribery allegation Coincidentally, a day after the rowdy session, Sam-Tsokwa who defended the action of the deputy speaker in disallowing debate on the motion became the complainant. At the resumed plenary of the House on Wednesday, Sam-Tsokwa raised a point of order bordering on breach of privilege. Citing order 8, rule 20 of the House Rules, Sam-Tsokwa complained that he was embarrassed by stories in some of the nation’s dailies on the walk-out by APC members at Tuesday’s plenary indicating that PDP members in the House were given $50,000 each to stall debate on the motion to investigate the $9.3 million arms deal. He denied the bribery allegation, saying “As the House chairman of the rules and business committee, this issue is not to my knowledge. No money was received by any member of my party or myself.” Although, Sam-Tsokwa did not mention anybody’s name, he alleged that the story was the handiwork of a member of the House, adding that the news story breached his privilege as a member of the House.

Osagie

Sam-Tsokwa

Madaki

Rationalising Ihedioha’s ruling of the previous day, which led to the disagreement on the floor, the rules and business chairman explained that: “We are all aware that infrastructure motion can be raised, seconded and voted upon. This is not the first time issues like this have been brought to the floor of the House and rejected.” He submitted that the protest and subsequent walk-out from the House by APC lawmakers was uncalled for and condemnable. He consequently prayed the House to mandate the ethics and privileges committee to investigate Hon. Aliyu Madaki’s allegations. Reacting to Sam-Tsokwa’s point of order, the deputy speaker cautioned his colleagues that the House “is at trying times” and “we should be careful as circumstances like this could lead to casualty. It is not my wish that such

should happen. It is regrettable that despite the fact that I bent over to take the motion, there was still a walk-out,” he regretted.

ist over the telephone about the bribe was that he was aware that each of the PDP member was bribed $20,000 but not $50,000 as it was reported. Following Madaki’s confession, the House was again enveloped in rowdiness for almost 10 minutes before order was eventually restored necessitating the deputy speaker to refer the matter to the Ethics and Privileges Committee for investigation. The committee will investigate Madaki’s allegations and submit its report within two weeks. If found guilty, Madaki may be suspended from the House for a minimum period of two weeks without pay. This issue may certainly drag on for a long while and the House may witness more rowdy sessions as some lawmakers seem to sacrifice national interest on the altar of party loyalty and pecuniary considerations.

Madaki’s confession Upon the deputy speaker’s advice, Madaki (APC, Kano) who is the originator of the bribery allegation, raised a point of order, thereby creating pandemonium on the floor. Although Madaki was consistently shouted down by his colleagues, the minority whip, Osagie, intervened and pleaded that Madaki be allowed to speak. To the consternation of members, Madaki confessed that he was the person that broke the bribery allegations to the press. He confirmed that he told a journalist that he heard on good authority “that PDP members were given $20,000 each.” He said what he told the journal-

Insurgency: Senators bicker over $1bn loan CO N T I N U E D F R O M PA G E 1 6

quoted the relevant sections to support what he is saying. Our distinguished senator here (Adetunmbi) has quoted extensively from the constitution. If they collide, let us know which one overrules. “This is not politics. We are talking law. We are talking about the constitution. We don’t want breaches. Breaches have been recorded in this country for so long. If they want to borrow let them follow what has been put down in the constitution so that we know that this is where they are going, but whereas here we have raised fundamental issues that have not been overridden by anything. So, Mr. President please, I want to appeal to you to be guided by the constitutional provisions as far as this matter is concerned.” As the argument progressively raged on, the Deputy President of the Senate, Senator Ike Ekweremadu, who is a lawyer, intervened to offer political cum constitutional advice towards ending the controversy fronted by the opposition senators. He appealed to his colleagues not to give Nigerians the impression that the legislators were subjecting the fight against terrorism to partisan politics. He also faulted the views canvassed by Adetunmbi, explaining that the Section 80 of the Constitution cited by the Ekiti-

born politician has to do with appropriation while the issue of borrowing is guided by the Fiscal Responsibility Act. “I am too worried about the character of the debate. I don’t want a situation where, if we leave this chamber, the public will believe that one political party is supporting a fight against insurgency and another political party is not supporting it. “I am only asking for caution especially as it concerns the political parties we belong so that Nigerians do not misunderstand us. Now, looking at the constitution sir, I agree that we must have to follow our constitution in what we do here, but regrettably, sections 80 and 81 which are cited have absolutely nothing to do with what we are doing here. Those points are only there in respect of appropriation. Borrowing is guided by a different legal framework, a different legislation which is in the Fiscal Responsibility Act. And as far as I am concerned, even in regard to what he read, we are in full compliance, both this parliament and the president.” While Ekweremadu was still speaking, Senator Femi Ojudu interjected and shouted, “Point of order, point of order, Mr. President.” At this juncture, the President of the Senate, who was no longer comfortable with the way the opposition was dragging the issue said, “all the points we are discussing are points of order and

Mr. President, this request, to the best of my knowledge, and with the assistance of this constitution, has consequences for the existing Appropriation Act so you are not going to add anything extra. It is the point of order that we are still discussing.” However, when he was allowed to speak, Ojudu said: “Distinguished colleagues, Order 53 (7) and (8). Order 7 says it shall be out of order to use offensive and insulting language and Order 8 says no senator shall input improper motive to any other senator. Mr. President sir, we are discussing a very important issue; there is no single Nigerian, not to talk of a senator that is not concerned about the security of this country. All we are saying is that this money issue should be done properly in a manner that all of us can go out of here and defend.” From an obvious antagonistic stand-

point, Mark tackled Ojudu, saying, “who has inputted improper motive, please distinguished colleagues, who has inputted improper motive here? I said so because I want to rule on it.” “Ojudu, all of us here understand English, nobody is speaking any other language here. Make your point of order so that I can rule on it. Please,” he said. When the already agitated Mark finished with Ojudu, he then turned to address the comments made by Akume, especially his insistence that the President of the Senate should address the constitutional questions raised by Adetunmbi. Mark said: “Because he is quoting the constitution doesn’t mean he is right. Please, I want us to address the issue properly, I know he quoted the constitution and he quoted from our Standing Order but that is not what makes him to be right. I will take few comments and I will put the question because this is democracy. I am not a lawyer and so I can’t say that these are legal issues, and if they are legal issues, they have to be addressed separately. Our understanding here is not exactly like in the court of law.” At the end of the prolonged altercation and pandemonium that accompanied the debate, Mark put the question to the Chamber and the $1 billion loan request was approved in spite of attempt by the APC senators to shut it down by a resounding voice vote.

INVESTIGATION MONDAY, SEPTEMBER 29, 2014

21 NEW TELEGRAPH

www.newtelegraphonline.com/investigation

ISIOMA MADIKE EDITOR, INVESTIGATION

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

Marriage made in hell (1) Women, the world over, are described as homemakers, custodians of social, cultural and fundamental values of the society. In Nigeria, however, many of them are violently treated by their intimate partners. While some take the form of physical abuse, others are sexual, psychological or arbitrary deprivation of liberty. In extreme cases, those in this “hell” often suffer in silence, and could be sent to their untimely grave, reports ISIOMA MADIKE

Project Alert in a protest after the killing of Titilayo

For every woman, who is violently attacked, we reduce our humanity —Nelson Mandela

arriage in Nigeria, in most cases, is not pleasurable. This has led many to often describe it as hell on earth, with some couples enduring and suffering the excesses of their partners in silence. At present, no day passes without screaming headlines of the news media of some mind-boggling tales of domestic violence in and around the country. This, indeed, has somehow turned many Nigerian women into endangered species. Many are wondering how, a man, who, during courtship promised to cherish and take care of his woman could later turn her tormentor. Majority of marriages have also degenerated into humiliation. While in other cases, a promised love has suddenly taken flight and replaced by hate and violence. Is it not strange that a man could hit a woman so violently as to maim,

or even send her to untimely grave? This was the puzzle a couple of weeks back that returned Plateau State back in the news. Benjamin Toma, a resident of Foron junction in Barkin Ladi Local Government Area of the state on March 4, at about 7:30 p.m., reportedly beat his wife, Victoria, aged 25, to death. He, thereafter, hung her lifeless body to give the impression that she committed suicide. The state Commissioner of Police, Chris Olakpe, who confirmed the incident, said Toma took such phony decision to cover up what he did. However, investigations have revealed that Toma took such a heinous action because of his wife’s purported refusal to summit herself to sexual intercourse. It was also gathered from a reliable source that the suspect is allegedly infected with the dreaded Human Immuno Virus (HIV).

A man beating his wife outside their home

This, according to the source, was why his wife had consistently denied him sex. “On the 04/03/2014, at about 7:30 hours, Chuwang Sambo of Larwa village in Heipang District of Barkin Ladi Local Government, reported that one Benjamin

Toma of Foron junction, also in Barkin Ladi, beat his wife, Victoria aged 25, to death and later hung her body” the police boss confirmed. CO NTINUED O N PAGE 22

22 INVESTIGATION

Sanctity of Truth

Marriage, a burden to most couples

Monday, September 29, 2014

Arowolo and Titilayo on their wedding day CONTINUED FR O M PAGE 21

While mouths were still agape over what happened in the Plateau, another man in Jerin Duwatsu village in Zamfara, Mallam Umar, got into Police net for slapping his wife, Inno, to death. The incident, according to the village head, Magaji Hamidu, occurred when the deceased protested against the alleged perpetual injustice shown by the husband in favouring the senior wife on issues relating to matrimonial affairs. Women should leave when their husbands refused to change Inno, sources said, had always complained about the attitude of her husband, who always personally fetched water for the senior wife. Umar was also said to be in the habit of often instructing the children of the deceased to fetch water for her rival. She had 12 children through 40 years of matrimonial life. Umar, sources further suggested, may probably have been provoked by the confrontational attitude of the wife, who he slapped when she was openly venting her anger on him. Before then, a tragic drama had unfolded in Ago Palace Way at Okota area of Lagos State on April 8, 2012. In what could be likened to unbelievable horror movie, residents of the neighbourhood woke up to the gory sight of Mercy Nnadi, who allegedly had been burnt by her husband, Henry. The 36-year-old Mercy got a hellish baptism from the one she swore to love and live with till “death do them part.” Though, she may not have bargained that her world would be shattered with hot pressing iron on her legs, stomach, parts of her back, chest, breast and close to her private part. But that was what she got from confessed love. Henry had earlier, according to reports, killed his one-yearold son, Ebuka. He was said to have been irked by his wife’s alleged amourous affair with his father, 65-year-old Pa Theodore Nnadi. Reacting to the cruel manner Mercy was hacked down, Executive Director of Project Alert on Violence Against Women, Dr. Josephine Effah-Chukwuma, said members of the public, particularly women, should learn from Mercy’s experience, adding that domestic violence should never be tolerated. She noted that though, Mercy had reported her husband to the Okota Police Division on various occa-

Titilayo being laid to rest

Victim of domestic violence

Wife battery (before and after)

sions, she should have left the marriage when her husband did not change. She said: “Mercy had been suffering at the hands of her husband for a long time before the incident and had she left the marriage on time, this wouldn’t have happened and her son would have been alive. Even till now she does not know that her son is dead because if we tell her, she probably would stop fighting for her life and could die.” Her Non-Governmental Organisation ( NGO), in collaboration with Centre for Organisational Development, and Nigeria and Zahara Women Foundation, nonetheless, worked round the clock to ensure the victim got specialist medical care for her third-degree burns. Incidentally, domestic violence is not a preserve against women alone. Men have

been known to suffer equal fate in some circumstances. For instance, a female banker, Mrs. Bimbo Daniju, was reportedly under police investigation in Lagos a few years ago after she allegedly assaulted her husband, Olalekan, during a domestic argument. The argument, which started as a result of her husband's inability to provide enough money for the family's needs for Christmas, later degenerated. Bimbo, according to reports, got angry and attacked her husband, cutting off his joystick with a knife. “Olalekan was eating when his wife came and started shouting at him, calling him unprintable names. She poured his plate of food on his head and proceeded to beat him with a bucket she found in the compound,” investigations had revealed. The man was said to have run to his

sister’s shop to seek refuge from his angry wife but Bimbo followed with broken bottle threatening to stab him. They were settled and returned to bed in peace. But, Bimbo was not done yet. About 2a.m., there was shouting in the couple’s apartment. She had woken up her husband, tore his pants and held his joystick. She, thereafter, cut it off with the knife she was holding and ran away leaving him writhing in anguish. “That is where you will die,” she reportedly mocked him afterwards. In like manner, police detectives from the Edo State Police Command equally arrested and detained a housewife and her lover, a pastor, over the murder of her husband, Victor Nsongbunyo. Until his death, Nsongbunyo was a Deputy Manager with the Nigeria Petroleum Development Company (NPDC), in Benin. The woman and her deceased husband, a native of Cross River State, who, before the incident, was promoted to Deputy Manager by NPDC and was due to retire from service the following year, had, acCO NTINUED O N PAGE 23

INVESTIGATION

Sanctity of Truth

Monday, September 29, 2014

Take a walk when your spouse starts behaving phony –Okei-Odumakin Dr. Joe Okei-Odumakin is the President of Women Arise, a coalition of international women’s groups and organisations from around the world, working together to galvanise and promote a common agenda on women and girls’ rights. She tells ISIOMA MADIKE in this interview that though men experience pockets of domestic violence, it is more prevalent among women. What would you say is the major cause of domestic violence in Nigeria? The major course of domestic violence in Nigeria is poverty. A lot of Nigerians are frustrated in so many fronts. And instead of finding alternative solution to their problems decide to visit their frustration on either their spouse or close relations. Other major causes include: family background, unemployment and economic instability. Does it happen to only uneducated women? Domestic violence knows no bound, and has no boundaries; it happens to both the educated and uneducated women. What about men. Do they also experience domestic violence? Well, there is no prevalence of domestic violence against men. Though, there are pockets of men, who experience this form of violence but it is very insignificant. Women experience it the more. Should victims stay on the marriage or relationships when they are being abused? It is not advisable for victims to stay in the marriage or relationship. It is dangerous to remain in such relationship. Experience has shown that over 60 per cent of major causalities or severe cases happened because the victims want the

marriage to work. Most of the victims and their relations usually confirm that there have been several abuses, which are settled or resolved as “family matter”. So, once the early warning signals of abuse such as strong language, slap on the face are noticed, it is better to reconsider review of the relationship. What are the early signs of domestic violence that should be guarded against? Early warning signs are: strong language, threat to beat up and emotional torture. What should victims do when they start experiencing any form of domestic abuse? Victim should immediately seek Okei-Odumakin counsel from a non-governmental organisation (NGO), Government welfare in Nigeria? If yes, how can victims access Unit or report to the police. They should the laws to protect themselves? also not make themselves available to There is no paucity of laws against the abuser. domestic violence per se. Some laws that are applied for domestic violence are Is it a problem inherited from abusive scattered in various other laws such as parents? the criminal code. However, Lagos State It has been proved beyond every rea- has a law that is specific to Domestic Viosonable doubt that most abusers or per- lence: It is called Law of Prohibition of petrators inherit it from their parents violence Against Human Persons popuor guardians. Most men that grew up in larly known as Domestic Violence Law abusive homes find it difficult to detach (DVL). Like I said, in Lagos State victims themselves from it. can access the DVL. Recently a practice direction has been given to that law. Also Is there any law against domestic violence the office of the Chief Judge of Lagos

State is collaborating with some Chief Security Officers (CSOs) to make the law more popular and accessible to victims. Other states of the Federation may have to emulate this. What advice would you give to women experiencing this kind of violence? Women experiencing domestic violence should speak out. They should not keep slid lips. They must report all cases of violence and also seek counsel. They must allow perpetrators to face the music instead of “in-house” settlement and gratifications.

Don’t tolerate violence –Effah-Chukwuma CON TINUED FR O M PAGE 22

cording to investigations, been having issues with the paternity of their children. The man had suspected that his wife was having extra marital affair with the Pastor. The issue had taken them to their home town where they complained to their families when Nsongbunyo suspected that the pregnancy his wife was carrying was not from him. The families were said to have resolved to take a DNA test after the wife gave birth to the child. This arrangement, according to sources, incensed the wife, prompting her into plotting to murder her husband with her lover-Pastor. According to police sources, the deceased returned from work on Friday, October 22, 2013, to meet the suspected killers, who mowed him down, and taking the mutilated body into one of his old cars. The car was driven to Sapele road, Benin, where it was set ablaze with his body. Domestic violence, a serious crime As if that was not enough, the woman left for her late husband’s office the following Monday, October 25, to report that Nsongbunyo was missing. She was also said to have reported the incident of the husband’s death to the police. Thereafter,

Nnadi on hospital bed and before the attack

she went to Nsongbunyo’s bank where she allegedly withdrew N4 million from his account. It was further gathered that following information to a staff of the NPDC that a burnt car was sighted somewhere along Sapele Road, a team from the company rushed to the scene where they discovered the burnt car to be that of Nsongbunyo’s. The NPDC staff, in tears, went back to

the deceased wife at their home to inform her of the findings without suspecting any foul play. But surprisingly, what they found was confounding. They met the woman comfortably watching African Magic movie in a relaxed mood, a situation, which prompted police suspicion. The police, nevertheless, launched a search for the car given to the deceased by NPDC following his promotion, and

reportedly traced it to a compound at Ekenwan road in Benin. But, the drama had just begun. The detectives were said to have accosted a lady in the compound where the car was packed and she reportedly informed them that the car was packed by a Pastor, who lives in the compound. Further investigation by the police led them to observe burns in the Pastor’s left hand and face, even as he (the pastor) had lied to them that one of his daughters in the church sowed a seed with the car. When the police insisted, the pastor led them to the residence of the said daughter, who turned out to be the deceased wife at the residence of Nsongbunyo. Edo State Police Commissioner, Foluso Adebanjo, who confirmed the incident, said “it is a serious crime, which we are investigating and until we conclude, disclosing things might jeopardise investigations.” There was also a story of a 46-year-old unemployed man, who, on October 7, 2013 at Agbado in Ogun State was arrested for allegedly killing his wife by throwing her into a pit latrine over a domestic misunCO NTINUED O N PAGE 24

24 INVESTIGATION

Sanctity of Truth

Monday, September 29, 2014

‘No relationship is worth dying for’

Mrs. Omolewa Ahmed and Mrs. Toyin Saraki leading a protest in Kwara State against violence against women

it, would serve as a deterrent to others. Titilayo’s family lawyer, who also doubled as her family spokesperson, Nelson Ekoh, said he suspected Akolade might have used two knives and a hammer to murder his wife. He added that at the scene of the crime, he saw a hammer and two knives. “I also suspected that Akolade might have murdered Titilayo for money making ritual because one of her internal organs was on the floor inside their flat,” Ekoh further said.

Another victim of domestic violence CONTINUED FR O M PAGE 23

derstanding. Yet, the one that most Nigerians would not forget in a hurry was that of Mrs. Titilayo Arowolo, a 29-year-old banker, who was allegedly murdered by her husband, Akolade, 30, at their Isolo residence in Lagos, on June 24, 2011. A report said a few moments after the heinous crime, Akolade was sighted by the police at a road block in Isolo with blood soaked shirt driving an equally blood stain Honda Accord 2006 model car. He was suspected and promptly accosted by the police. Though, he could not give a satisfactory account of himself, he, nonetheless, deceived policemen on his trail and escaped on a bike. But, that was not to last as he was eventually arrested a few days later. The police at Aswani Isolo that intercepted him in the blood stained car later transferred the matter to the State Criminal Investigation Department (SCID), Yaba in Lagos for thorough investigation. However, neighbours and family members could not fathom what exactly must have transpired between the couple before the gruesome incident. They had only married for three years and had a two-year-old daughter. The immediate younger sister to the late banker, Folake Oyahire, however, alleged, while testifying before an Ikeja High Court, Lagos, where the case was handled, that the accused had been violent to his wife even before the incident.

“They quarreled a lot and the last quarrel eventually resulted in Titilayo's death,” Oyahire had told the court. Led in evidence by the state Director of Public Prosecution (DPP), Mrs. Olabisi Ogungbesan, Oyahire said on several occasions, her sister had told her of the rough time she was having in the hands of her husband, especially while at home with him in their Akindehinde Street, Isolo, Lagos, residence. Oyahire, who was a law student of the Nigerian Law School at the time, said the eventual death of her banker-sister was the cumulative events of fighting between the couple. Folake, who also said she was close to her sister, said: “My sister, Titilayo, had invited me over to her family friend’s house, where she was visiting with her husband. When I got there and saw her, every part of her face was swollen and her eyes were bloodshot. She told me she got the injury when she and Akolade went out the night before. She told me that on their way back, Akolade had kept raining blows on her in the face despite the fact that she was carrying her baby in her arms.” Akolade maintained his innocence all through his trial even though they both inflicted knife wounds on each other. But, he never denied the fact that his marriage to Titilayo was hellish. Project alert, which followed the case, rose to the occasion by making sure that Due Process was observed in the prosecution of the suspect, which, according to

Domestic violence has somewhat become an affliction many women face in their marriages Arowolo was eventually sentenced to die by hanging after two and half years of legal battle on February 22. Prosecutors were able to present compelling evidence that led to his conviction and his sentencing by Justice Lateefat Okunu of the Ikeja High Court to death. Okunu held in her over three hours judgment that evidence before the court proved that Arowolo actually murdered his wife in their matrimonial home. Testimony in the form of a forensic report from Prof. John Oladapo Obafunwa, a pathologist, was what the court used to determine that there was no way the deceased could have stabbed herself to death. Obafunwa had testified that his autopsy report revealed that Titilayo was killed through 76 knife stab wounds. He noted that the knife wounds affected Titilayo’s left eye, right eye, upper chest area, right chest and collar bone, insisting in his testimony that the deceased could not have inflicted such wounds on herself. Incidentally, domestic violence has somewhat become an affliction many Nigerian women face in their marriages today. Behind the façade of a blissful and happy marriage that most women portray in the public lurks the horror of a violent and heartless husband. For some women, life-threatening abuse by their husbands is their worst kept secret. To others, marriage has become a burden, a trap to keep them perpetually subdued. There are also others, who keep up appearances and endure a violent husband because of the sentiment of their children. But, most women, who are victims

Acid from a jealous husband

of violence, dread their homes. In their fright, the sight of their husbands could make their heart jump. For those whose husband owned a car, a horn could send them melting into distress. It is usually a nightmarish dream they never wished. Yet, they often are too horrified and traumatised to quit the marriage. While some, would not easily leave in the hope that the man will change. Others, surprisingly, would hide their injuries from friends and family. And yet, there are those, who would even defend their violent husband. In the last few days, reports of some mind-boggling tales of domestic violence have left many in shock. Spousal violence has also led people into asking some hard questions about a scourge that is gradually turning many Nigerian women into endangered species. Unfortunately, the malaise is cutting across social divide. It is not only perpetrated by the illiterate but also by the elite and the wealthy. There have been cases where even the so-called “men of God’’ turn their wives into punching bags. According to investigations, some women could be battered for a flimsy excuse of meals not ready on time. They could be beaten also during a simple argument. A woman once confessed that her husband got angry and beat her to stupor for tuning a television channel off his favourite station. In some cases, irate husbands, who may not have any cogent reason for their constant fit of rage only begged for underserved forgiveness. Yet, there is another troubling form of domestic violence, which bothers on matrimonial rape. This, according to legal experts, is not even recognised by the laws in Nigeria at present. This, perhaps, may be why there is little talk on it at the moment. Cases of spousal abuse have, indeed, become rampant in recent times. It is also prevalent among unmarried couples. Boys now beat up their girlfriends as if in competition for the new craze. In most cases, however, these young women are often too vulnerable to stand up to their abusive men. Many of them have been forced to accept their fate as the norm.

BUSINESS Sanctity of Truth

Monday, September 29, 2014

What's news Nigeria loses N31.8bn to gas flaring in one month, says report Nigeria lost N31.8 billion ($190 million) to gas flaring in February, a report obtained by New Telegraph has revealed.

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60% of planes operated in Nigeria on lease finance The Nigerian Civil Aviation Authority (NCAA) has listed aging aircraft, cost of aircraft leasing/financing, high cost of aircraft insurance and fuel, as some of the challenges facing Nigerian airlines.

FRAUDS Lenders lost an estimated N40 billion to various cases of cyber frauds in 2013 Kunle Azeez

nless the financial institutions in Nigeria begin to show seriousness in deploying the latest version of Windows Servers, the country’s over 12,000 Automated Teller Machines (ATMs) may be vulnerable to cyber attacks, which might

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Banks’ 12,000 ATMs under fresh threat lead to loss of revenues, beginning from next year, according to New Telegraph's investigation. Nigerian banks lost a total of N159 billion to electronic fraud between 2000 and the first quarter of 2013, according to the Nigerian Inter-bank Settlements Systems (NIBSS) data. In 2003 alone, CBN's Chief

Information Security Officer, Mr Taiwo Longe, said an estimated N40 billion was lost to various cases of cyber frauds by the commercial banks. It was learnt that the potential increased vulnerability that may set in next year is coming on the heels of Microsoft’s announcement that it would stop all forms of supports for Win-

ing ports in order to cut costs. The Nigerian Ports Authority (NPA)’s records revealed that only 154,846 vehicles were shipped through Nigerian ports between January and June. But records from roro terminal revealed that in January, 11,563 units of new and used vehicles arrived at the terminals in Lagos ports. In February, a total of 9,735 units of used and new vehicles were recorded. March recorded

dows Server 2003 and Windows Server 2003 R2, as from July 14, 2014. This means that financial institutions would need to migrate all their payment applications currently running on the existing Windows Servers 2003 to newer versions of Windows Server 2008, Windows Server 2012 or Azure. Windows Server is the Windows Operating System (OS) on which all ATMs of the banks in the country are running currently. It was gathered that apart from the over 12,000 ATMs already deployed by the commercial banks in the country, there are over 25 million ATM cards in the circulation using the machines, according to figure from the CBN. Experts say Microsoft’s plan to stop further support for the Windows Server 2003 means that all forms of update that can protect the ATMs from possible cyber attacks will be withdrawn and any bank that continues to use the old Windows Server 2003 exposes itself to cyber risks. However, New Telegraph checks have revealed that most banks in the country are yet to begin ‘serious moves’ to proactively deploy the new Windows Servers. “I am not aware that the banks are already taking this announcement seriously for now as most of their systems still run on Windows Server 2003 as we speak. I don’t know why they should be vacillating in deploying the new Windows Server version. In our bank, we have not started the process,” a source in the IT unit of a bank said. The source, however, stated that banks are always very sensitive to technology investment because it costs them a lot of money in their operations without the additional cost necessarily being passed onto the banking customers. “Though, banks are mindful of their technology investment, I know they also want convenience in their operations and I guess that they just

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CONTINUED ON PAGE 31

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Delivery of 800,000 homes annually to cost $700m, says FG The Federal Government has said that it would cost $700 million (about N11.5 billion) to facilitate annual delivery of 800,000 houses in the country through partnership with the private sector.

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Aging workforce in aviation worries expert President, Aviation Round Table (ART), Capt. Dele Ore, has expressed concern over the aging workforce in the aviation industry, stressing that many of the pilots and maintenance engineers would be “time expired within ten years.”

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

L-R: Executive Director (Corporate Services), Nigerian Deposit Insurance Corporation (NDIC), Omolola Abiola-Edewor; Head Social Media, Sterling Bank Plc Kelvin Igbodo, and Chairman, Sterling Bank Plc, Mr Asue Ighodalo, receiving the Most Innovative Bank Award (for Social Lender) at the Nigeria Telecoms Award. PHOTO: GODWIN IREKE

LOSSES Only 154,846 vehicles were shipped through Nigerian ports between January and June Bayo Akomolafe

overnment is losing revenue to neighbouring ports over high tariff. The specialised roll-on rolloff terminal, Port and Terminal Multi-services Limited, is gradually being deserted by Roro vessels. Investigations by New Telegraph revealed that only one vessel, MV Hoegh Kunsan,

CHRIS UGWU, Capital Market Editor Abdulwahab Isa, Finance Editor KUNLE AZEEZ, Senior Correspondent Chuks Onuanyin, Energy Nnamdi Amadi, Reporter JOHNSON ADEBAYO, Asst. Production Editor

MD }p-42-43

Auto policy: Vessels shun roro terminal

berthed at the terminal this month with 465 units of used vehicles. It was learnt that importers shunned the terminal due to the new automobile policy being enforced by officials of the Nigeria Customs Service at the terminal. Imports of new vehicles into the country crashed 43 per cent in the first six months of the year. Sources said that auto dealers preferred to ferry their vehicles through the neighbour-

Rates Dashboard INFLATION RATE August 2014............................8.5% July 2014.................................8.3% May 2014.................................8.2%

LENDING RATE

EXCHANGE RATE

(Parallel As at Sept 26)

USD . . . . . . . . . . . . . . . . . . . N156.75 InterBank Rate . . . . . . . . . . 11.57% Pounds . . . . . . . . . . . . . . . N254.68 Prime Lending Rate. . . . . 16.93% Euro . . . . . . . . . . . . . . . . . . N198.08 Maximum Lending Rate..25.83% • Foreign Reserves – $39.60bn as at 22/09/2014

EXCHANGE RATE

(Official As at Sept 26)

USD . . . . . . . . . . . . . . . . . . . . . . N169 Pounds . . . . . . . . . . . . . . . . . . N280 Euro . . . . . . . . . . . . . . . . . . . . . N222 Source: CBN

26 business | NEWS EUROBOND FG discloses plans for a US$450m Eurobond to finance gas infrastructure Adeola Yusuf

igeria lost N31.8 billion ($190 million) to gas flaring in February, a report obtained by New Telegraph has revealed. The report by FBN Capital Research however added that gas supply shortages remain one of the main constraints on the development of the power sector, which in return is the bane of development in the country. "In February N31.8 billion (US$190million) was lost through gas flaring," the report showed. These losses are, however falling, according to the report, "as a result of increased demand from heavy industries such as fertilisers and petrochemicals." Quoting industry sources, the report suggested "a 70/30 split for gas utilisation between power and heavy industry. "We should stress that gas supply shortages remain one of the main constraints on the development of the industry. "The Bureau of Public Enterprises argues that the privatisation of the ten national integrated power projects (NIPPs) is blocked by the shortages because they prevent the sign-

Nigeria loses N31.8bn to gas flaring in one month, says report ing of the gas purchase agreements, which would make them viable entities. "An attractive gas price for suppliers is essential and the recent review from US$1.50 to US$2.50/scf (excluding transport costs of US$0.80) is a good starting point." The report entitled: "Unlock-

(12,474units), April 9,171 units and May 13,768units. The Customs’ Federal Operations Unit (FOU) Zone ‘A’, Lagos, raised the alarm last month that exotic vehicles were being smuggled through the borders into the country. The zone intercepted 22 new vehicles, comprising 19 Toyota Hilux pickups, two Izuzu-DMAX and one Toyota Land Cruiser 2014 model, along N186.5 million. The drop in the shipment of used vehicles from the port of loading to Nigerian ports was first noticed in the first quarter of the year due to the new auto policy as Roll On Roll Off ships sailed to Nigeria half empty. It was revealed that fewer roro vessels sailed to the PTML and Five Star Logistics terminal at Tin Can Island port, Lagos, compared with previous months. Despite this, the Federal Government said there was no intention to reverse certain aspects of the implementation of the Nigerian Automotive Industry Development Plan (NAIDP). The National Automotive Council (NAC) said that the government had not revised its promise to shift the implementation process of certain aspects of the NAIDP till January 2015. According to the DirectorGeneral, NAC, Mr Aminu Jalal, “government had already shifted the implementation of the full tariff on new vehicles from January 10, 2014 to July

ing Nigeria’s gas potential," added: "One element of Nigeria’s much-cited potential is its huge gas resources, which have been relatively untapped. "However, the FGN is working to create a regional hub through the increased utilisation of gas as feedstock for the power sector and heavy

industry. "The Gas Revolution Initiative launched in 2011 by the president is gaining some traction. An encouraging step in our view is the start of the first phase of the Ogidigben gas industrial park in Delta State. "The park will house fertilizer, petrochemical and meth-

L-R: Winner of the promo, Mr Frank Kelechukwu; Group Managing Director, FirstBank Limited, Mr Bisi Onasanya and Director-General, National Lottery Regulatory Commission, Mr Adolphous Ekpe, during presentation of a house to the winner of FirstBank Big Splash Savings promo in Lagos. PHOTO: SULEIMAN HUSAINI

Vessels shun roro terminal C O N T I N U E D F R O M PA G E 2 5

Sanctity of Truth

Monday, September 29, 2014

1, 2014, to enable importers to clear the vehicles they had ordered at the old duty rates. Government only extended the concession on the importation of used vehicles by another six months till December 31, 2014. “This was because up to three out of four imported cars are used and time needs to be given to the assembly plants to produce affordable vehicles to replace the imported used ones. Unfortunately, this levy on new cars was misinterpreted to mean that all vehicles, including new FBU imports, were exempted from levies until December 31, 2014.” The DG stressed that a special package under the NAIDP was being worked out for dealers, who had made some commitments, to enable them import new FBUs at concessionary import duty rates (minus the levy) until they set up local assembly operations. Jalal added: “The response to the policy by investors has exceeded our expectations. The existing assembly plants have a new lease of life, with VON assembling the Nissan and Hyundai vehicles, and PAN resuming assembly of Peugeot cars. INNOSON will soon start car assembly to complement its commercial vehicles production. “Twenty-two companies have indicated interest to assemble vehicles and four will start assembly operations before the end of this year, and the rest next year. The implementation of the policy is now focusing on local content development.”

anol plants. "More broadly, we see a boost to gas (as to oil) when the PIB is finally passed on the grounds that the law will set out the new organisational structure and fiscal regime for the industry. "We attended a briefing by the NNPC’s group executive director for gas and power, David Ige, and heard that 850mmscfd of gas is currently being supplied to the power sector." This, the FBN capital research said, "supports the total generation capacity of 4,100MW (including hydro). A programme underway is scheduled to deliver a further 370mmscfd of gas by December 2014. "Last month the FGN disclosed plans for a US$450m Eurobond to finance gas infrastructure, notably the extension of the Calabar-AjaokutaKano pipeline. "The NNPC’s vision is a private-public partnership for the project at a total cost of US$5bn. Lagos is a major hub in terms of demand." Ige, according to the report, noted that the Lagos segment of the Escravos to Lagos Pipeline System is close to completion."

60% of planes operated in Nigeria on lease finance Country’s high-risk status jacks up aircraft lease DIRE STRAITS One of the challenges of Nigerian airlines is that lease rates are paid in dollars while fares are in naira Wole Shadare

he Nigerian Civil Aviation Authority (NCAA) has listed aging aircraft, cost of aircraft leasing/financing, high cost of aircraft insurance and fuel, as some of the challenges facing Nigerian airlines. The Acting Director General of the agency, Benedict Adeyileka, however told New Telegraph that it is not the age of aircraft that is the issue, but effect of aircraft aging on maintenance and operating cost. Some of the effects of ageing aircraft on Nigerian airline industry according to him, includes but not limited to the number of non routine findings during routine maintenance such as C or D checks increases, as the aircraft age increases, which in turn increases maintenance cost. He noted that fuel consump-

tion increases as the aircraft age increases due to weight, non-flush repairs and panel warping, which he said in turn increases operating cost. Speaking on the huge cost of leasing, he disclosed that more than 60 per cent of the aircraft operated by major Nigerian airlines are on lease financing, which is a reflection of how short-term airline business has become in Nigeria. It would be recalled that major aircraft leasing firms such as GE Capital Aviation Services (GECAS), International Lease Finance Corporation (ILFC), Cab Tree and Aercap had raised lease on aircraft to Nigerian airlines by over 40 per cent, with a plan to hike it to 50 per cent soon after the frequent air mishap recorded in Nigeria. Prior to the Dana accident, a B737-500, which was leased for $120,000, now attracts $200,000 monthly. For the new generation airplanes that are in high demand and popularly referred to as Next Gen (that is, aircraft below 15 years), the lease, according to airline operators, has risen to $280,000 per month from $160,000. The charter remained stable from 2006 to June this year following near impeccable safety recorded in the aviation indus-

try. Added to this, is the belief in the international aviation sector that Nigerian operators lack skills in negotiating for aircraft lease; which has led most airlines to be on the receiving end. Most local airlines are said to lack the ability to understand minimum flight hour and engine cycles for aircraft under lease. The NCAA chief stated that most of the Nigerian airlines prefer aircraft lease financing, which he noted, is a reflection of how short-term airline business has become in the country. According to him, “one of the major challenges for our airlines is that lease rates are paid in US dollars, while passengers’ fares are in Naira and the exchange rate usually fluctuates. Nigerian banks shy away from financing the aviation sector because of the high risk involved”. He reiterated that most Nigerian financial institutions prefer to support business aviation at the expense of commercial aviation, which has less risk when compared with commercial aviation. He added that insuring aircraft that are based or operating in Africa costs on average, four times more than it would cost to insure the same aircraft in other continents.

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Edited by: OLUWATOSIN OMONIYI

‘Lagos CMC handles 105,712 cases in four years’ Muritala Ayinla

former Attorney- General of Lagos State, Professor Yemi Osinbajo, has said that the Lagos State Citizens Mediation Centre, CMC, had settled about 105,712 cases involving citizens on various disputes in the last four years. The ex-commissioner also said that every mega city society like Lagos, rests on three pillars, which include :security, social justice and the economy. He added that the efficiency of the three pillars rests on the rule of law. Speaking at a Stakeholders’ Conference organised by Citizens Mediation Centre, Osinbajo, who was represented by Mr Tunde Irukere, said an average of 1,893 cases were treated by the mediation centre monthly, while 22,716 cases were handled yearly. According to him;” In 2010, the CMC handled a total of 14,797 cases; in 2011, 17,134 cases were handled; in 2012, no fewer than 22,509 cases were also handled. In 2013, 28,556 cases were recorded to have been handled by the

CMC. In 2014, January- August, 23,019 cases have so far been handled. The Citizen Mediation Centre has settled 51,537 cases from 2011 till date”. Giving the breakdown of different cases handled by the CMC, Osinbajo, said 96,916 cases were landlord/tenant related issues while 475 of the cases were dispute involving employees and employers. Osinbajo added that 635 cases of land dispute were also resolved by the mediation centre, while cases relating to inheritance handled by the agency were 1036. He said that the agency treats about 95 cases daily and has tried 22,828 cases in different courts in the last three years. But commenting on the rationale for setting up the mediation centre 15 years ago, the state Governor, Mr. Babatunde Fashola (SAN) assured residents that he would ensure that no citizens in the state is deprived of justice on account of his financial status or geographical location. Fashola, who was represented by the Commissioner for Commerce

and Industry, Mrs Olusola Oworu, also said CMC had settled over 14, 000 cases in the last eight months, saying his administration was working towards ensuring that the CMC office is located in all the Local Government Areas and Local Council Development Areas. He said: “Within this year alone, the centre has been able to facilitate amicable settlements in not less than 14,297 cases. Among these are cases which, but for the establishment of CMC, would not have been brought up for resolution at all, thereby adding to the misery of society, the feeling of alienation for aggrieved and a tendency towards self-help. Also, on the part of the aggressor or oppressor, absence of this forum would have endangered a feeling of impunity.” He added: “I’m happy that from its modest birth 15 years ago, as a small unit within a Directorate in the Ministry of Justice, the Centre has now grown to be an autonomous agency in the state and a model of ADR system in Nigeria. With the passage of our Lagos State Citizens’ Mediation Centre Law

(: 08023151382 sms only

in 2003, Lagos State became the first state in the country to give legal backing to the establishment of an agency for citizen’s mediation.” Also speaking, the Director of the CMC, Mrs Odusanya Oluwatoyin, said the agency treated over 28,000 cases in 2013, adding that the major challenges confronting the CMC are enforcement of Memoranda by the parties. According to her, most of the MOUs are not honoured and such matters often end in court. “ The new focus was to reflect the concept of “Justice for all” premised on the argument that government’s goal of providing access to justice is comparable to the goals of providing health care service and education. Just as government provided subsidies for the cost of education or health services, it should pay for or subsidise the cost of justice for those who could not afford it,” she added. Harping on the success story of the centre, Oluwatoyin said the CMC has recovered unpaid wages and compensation for over 70 complainants in Lagos.

FACT FILE Project Title: New Multipurpose Building of 27 Floors Client: Eko Hotels Limited Genral Contractor: Cobel contracting Limited 1684, Sanusi Fafunwa Street, Victoria Island, Lagos, NIGERIA Electrical and Mechanical Contractor: Lambert Electromec Building Location: Eko Hotel Round/About, Victoria Island, Lagos Photo: SULEIMAN HUSAINI

IN NUMBERS

12,500

Numbers of highway cleaners in Lagos. Lagos State commissioners

22 14

Special Advisers

28 FEATURE /MEGA CITY

Monday, September 29, 2014

Alimosho: The sprawling melting-pot It is reputed as the biggest local government in Lagos State. But as MOSES KADIRI found out, Alimosho is a city of many parts. It is also home to all classes of people, with its businesses and never-stopping daily life.

rom a distance, you could feel the buzz. You are about to enter a busy part of Lagos State. Sounds of music from Compact Disc (CD) sellers, howling drug sellers soliciting buyers for their merchandise; intermittent noise from bus conductors calling passengers to board buses from Iyana Ipaja Motor Park to Lekki, Ajah, CMS, Idimu, Ikotun, Egbeda, and other places in the state and even to neighbouring states. They are screaming : “wole pelu change e,” meaning, ‘enter with the exact fare’. The cacophony is garnished with blaring of horns from cars, making unpleasant noises. It is complete bedlam as you approach Alimosho, the biggest local government in Lagos, if not in Nigeria. For a first time visitor, the scenario painted above is typical of Iyana Ipaja Motor Park, at the famous Iyana Ipaja, the gateway into Alimosho Local Government Area on a daily basis. Despite all these, Alimosho is a peaceful settlement, and home to many Igbo, Hausa, and other tribes, but mostly dominated by the Yorubas. The settlement is the largest local government area in the state with 1,288,714 people according to the official 2006 Population Census. But Lagos State Government disputes the official Census figures and claims a population of more than two million residents lives there. Notwithstanding,

Alimosho local government area cuts a picture of scenic urbanisation, with dualised, and upgraded roads, banks; the number of people, businesses, schools, hospitals and other attachments that make a sprawling big city. The settlement also boasts of remarkable architecture, a sprawling landscape that makes people patronize the area. No doubt, these have made accommodation skyrocket within the area, though some areas are relatively higher than others. “This place is over populated; that is why there’s traffic everywhere,” Oshomah Anthony, who resides in Ikotun cried out. “Accommodation in this area is very expensive these days; l think it is because of the way people are coming to the area that made things go up,” he observed. When Mega City inquired about the accommodation rates in some areas in Alimosho, it matches with those living in Surulere and other areas in Lagos State. A beautiful three bedroom flat in Okooba, swings between N400,000 N350,00 per annum; in new Okooba Beckley Estate, a 3 bedroom flat comprising 4 toilets, 3 bathroom also goes for N400,000 - N550,000 per annum. A mini flat at Egbeda, Akowonjo in Alimosho area is between N150,00 - N180,000 per annum. Also, a luxury two Bedroom flat, at Egbeda, Alimosho goes for N300,000 - N350,000, while a mini flat in Idimu, area is between N150,000 - N180,000 per annum. A three bedroom, three toilets, three baths flat apartment in Coker Estate, Shasha Orisunbare Road, Alimosho goes for N400,00 - N450,000 per annum, while five bedroom duplex in Gemade Estate, Egbeda, Alimosho is within the range of N1,300,000 - N1,250,00 per annum. A single room in Idimu is N3,000 monthly. The sub-urban settlement is so busy, both during the day and night, that Alimosho has a high commercial viability.

Iyana-Ipaja bus stop, Alimosho. INSET: a bad spot on the road to Alimosho

Consumer retail markets are in every nook and cranny in the settlement. According to Mrs. Doris Alabi, who resides in Egbeda, Alimosho is a peaceful area. She reiterated that at first, she didn’t want to go to the area because of the distance of going to work. “But l am really enjoying the area now; there is nowhere you want to go that you cannot get to; there are buses that go as far as Lekki from here,” she said. Alabi continued: “l don’t think l can leave this place to another area. l like this place. l like what l am seeing now,” she enthused. Another resident, Miss Loveline

Offor, who works with one of the commercial banks in Lagos, said Alimosho is also peaceful. She, however, complained of the traffic in the area. “When l am going to work in the morning, the traffic is very light, but in the evening, that is when l find problem with; it is because of the people in this area. People are really coming to Alimosho on a daily basis; l am used to everything here. This is where l was born. l am used to the place” Offor said. Several calls, text messages to the Alimosho Local Government Chairman were not answered at the time of going to press.

NEWS

Why Lagos wants nuclear Market leader queries Lagos state multiple taxation energy- Fashola D Muritala Ayinla agos State Governor, Mr. Babatunde Fashola, has Lunturned said that the state government is leaving no stone to explore the possibility of generating

power through nuclear energy. The governor said his administration’s decisions to consider nuclear energy as an alternative source of energy was borne out of the resolutions of state’s Economic Summit (Ehingbeti) held early this year. He added that the state government recognizes the importance of power supply to the economic development of the state, hence its resolve to explore all possibilities to addressing the challenge. Addressing captains of industry at the 4th Corporate Assembly, tagged ‘BRF Meets Business’ held at the Lekki Free Zone, Fashola assured that the problem of erratic power supply in the state would be resolved and the state would provide adequate power supply for the residents in with its new strategies within the next 15 to 24 months. He said the State Executive Council had at a meeting, devoted two hours to deliberate on nuclear energy for the state and how it could be deployed to into use within shortest possible time. He added: “That shows you how we intend to address issues of power in the state. We sat down with one of the foremost practitioners, who is a Nigerian and he took us through all the protocols that is needed for the establishing, because in less than three years, especially when we need not do distribution but places like the Lekki Free Zone can have the nuclear power between 15 and 24 months”. The governor said the state government will do everything possible to ensure the best for citizens of the state in it drive to solve the power problem.

r. Bolaji Kuranga, the Market Leader, Amu Timber Market Mushin, Lagos State, on Friday said that multiple taxation in the state was affecting businesses negatively. Kuranga told the News Agency of Nigeria (NAN) in Lagos, that there were too many taxes and levies imposed on traders and business owners in the state. ‘’There is a lot of op-

pression of traders going on in Lagos State and this is as a result of the multiple taxation adopted by the government. ‘’And this has to be brought to the knowledge of the state governor that his policies on taxation are seriously affecting business, most especially the small scale businesses. “We are made to pay corporate tax on our shops, street permit,

local government taxes and several other taxes that look too similar. “There are other taxes you pay pertaining to the type of goods you sell and this is regardless of the corporate tax you have paid to cover your business. ‘’We are made to pay tax on our vehicles that take goods to the other destinations, and as we move from one local government to another we

also pay tax. ‘’I think that tax paid on our goods should easily cover those goods and also local government levies should cover those goods as well,’’ Kuranga said. According to the market leader, a lot of businesses have folded up, while some business owners have moved to other states because of duplication and multiple taxes in Lagos state.

Lagos Deputy Gov, CJ, seek end to child abuse, domestic violence he Lagos State Deputy of activities lined up to societies of the world. ``These consequences TOrelope-Adefulire, Governor, Mrs Adejoke mark the 2014/2015 Legal ``The world we live can lead to psychologion Year celebration of the in is characterised by cal imbalance in behavThursday urged Nigerians to intensify efforts towards ending the scourge of child abuse and domestic violence in the society. Orelope-Adefulire made the call while delivering a keynote address at a Stakeholders Summit on Child Rights Law and Domestic Violence Law in Lagos. The News Agency of Nigeria (NAN) reports that the summit is part

Lagos State Judiciary. The deputy governor said it was disheartening that in spite of government’s advocacy and sensitisation, perpetrators of domestic violence seemed to be on the increase. She noted that domestic violence had left many families with scars that would never be forgotten, adding that the vice occurred in all

violence against women and children in many forms like battery, sexual assault and abuse, female genital mutilation, rape and child labour. ``It is a universal reality existing in all societies regardless of status, class, income and culture. ``Exposure of children to domestic violence puts them at risk and this can have very lasting consequences.

iour, produce negative effects on their academics and can lead to exposure to sexual abuses and other juvenile tendencies,” she said. According to OrelopeAdefulire, the Child Rights Law 2007 provides that the best interest of the child shall be of primary consideration in all actions to be undertaken whether by an individual, public or private body.

LIFE IN THIS CITY / MEGA CITY 29

Monday, September 29, 2014

Ifako-Ijaiye needs human capital development -Oke, council boss Oloruntoba Oke is a chieftain of All Progressives Congress (APC) and Executive Chairman of IfakoIjaiye Local Government Area in Lagos State. In this interview with WALE ABIODUN, he speaks on various national issues, including challenges facing the administration of local government in Nigeria, recently concluded national conference, Nigeria democracy since 1999 and calls for local government autonomy in Nigeria. According to him, three year tenure is too short to accomplish all the electoral promises and developmental agenda for the people.

Looking back, will you be proud to say you have accomplished your promises to the people of Ifako-Ijaiye Local Government Area? I want to thank God for what we have accomplished so far. I also thank God for what He has been able to use us to achieve in Ifako-Ijaiye Local Government Area. What we promised was positive change and what we embarked upon on assumption of office is working towards that positive change. We can now say convincingly that we have impacted positive change in the lives of the residents of the local government area. Can you shed more light on various developmental projects your administration was able to accomplish so far? We promised general infrastructural update and we have documentary evidence to show that we have performed and fulfilled our promises. Even roads that have been abandoned for more than a decade were fixed by our administration. Among the numerous roads that were fixed are: old Akute road, Moyo Agoro, Darele Avenue, College road, where we have general hospital. There is a road constructed by state government from Excellence Hotel to jungle and Eliot. These two major roads are links to outside the local government areas. We have also accomplished our promises in the area of health care, education and human capital development and empowerment. Do you think three years tenure is enough to accomplish all the promises to the residents of the local government area? Of course, it is not. Three years tenure is absolutely not enough to carry out all the promises we made to the people of the local government area. On that note, what will be your advice to the National Assembly on constitutional review exercise? There is nowhere in the constitution of Nigeria, where the tenure of local government chairman is fixed. Local government chairman is like a Mayor in UK or US. They have no tenure. You are there till you are tired and you leave. With the kind of manifestoes I rolled out in my campaign, minimum of six years will be okay to accomplish them because this is the level of government that is closest

to the people. In Ifako Ijaiye, we have 689 streets. How many of those streets can a local government chairman fix within three years tenure? Of course, three years is not enough. If the people of Ifako-Ijaiye ask you to continue after the expiration of your first three years tenure, are you still interested to continue? I am still available. I schooled in Ifako-Ijaiye. I went to Lagos African Church Grammar School. I only left the area for further studies and came back to the local government area. I have been living in the area. I am always available to serve my people. What is your assessment of recently concluded national conference in the interest of local government administration in Nigeria? Frankly speaking, I must tell you that I had little interest in what they were doing at the national conference and the reason is not far-fetched. To me, it is a kind of jamboree because I don’t see it is as a sovereign national conference. What Nigeria needs is a sovereign national conference. This is not my idea of conference. People are now debating whether it should go for referendum or whether national assembly should ratify it. Left to me, resolutions of sovereign national conference should supersede any other decisions.

what I am bothered about is the judicious use of the funds made available in the general interest of the people. What are the challenges facing local government administration in Nigeria? Challenges are obvious. There is no government in the world that will have all the funds to carry out and implement all its desired projects and programmes. It does not apply to only local government; it applies to all tiers of government all over the world. It is a common challenge. What then, can you say is the IfakoIjaiye of your dream? The Ifako-Ijaiye of my dream; when I was schooling in the area between 1972 and 1977, Ifako-Ijaiye was just like a village. Since we assumed office, we have been working assiduously to transform Ifako-Ijaiye.

What is your management style? My management style is democratic. If the people of Ifako-Ijaiye vote you in for the second term, what are the areas you want to explore that you have not been able to explore? Good question. If I have another opportunity, I want to concentrate on human capital development for the community. We have fixed roads; we have done series of programmes on health and education. Now, it is time to concentrate on human capital development. It is going to be a general application, the idea behind that is very good. We want to create a kind of cottage industries within the local government area; we want to empower a lot of people in various areas of human endeavour. We believe it is time to empower them so that they can start business on their own. We want to create opportunity for a lot of people and this is a kind of economic development for the local government area. Let’s talk about the millennium development goals projects going on in your local government area? MDG projects are funded jointly by federal, state and local governments. It is a 200 million naira project. Federal Government contributes N100 million and state government contributes N60 million while local governments contribute N40 million. Like in Ifako-Ijaiye now, we are currently using the projects to cater for the health sector and water sanitation.

Some stakeholders are calling for local government autonomy. What is your view on this? Well, I don’t know what benefits that one holds for Nigerians or operators of local governments. What I know is that whatever funds that is made available to local governments should be spent judiciously by the local government chairman. Autonomy or no autonomy, the most important thing is that funds available must be spent judiciously. When you have autonomy and the funds allocated are misappropriated, where is the relevance of autonomy? I am not bothered about autonomy;

Three years tenure is absolutely not enough to carry out all the promises we made to the people of the local government area.

I don’t want my local government to be referred to as a rural local government. I want a total urbanization for the area. We have been achieving that. There is general availability of infrastructural facilities now; you can also see well-tarred roads in the area now. I don’t want a situation where people of my local government area will need to get to Tejuosho market before they get their needs. I want a cosmopolitan local government area, where residents of Ifako-Ijaiye will get all their needs in the area.

Oke

30 THE MEGACITY

Monday, September 29, 2014

UPCOMING EVENTS

WEConnect International & ExxonMobil - Meet the Buyer (Lagos)

Organiser: WEConnect International Date: Tuesday, September 30, 2014, 10:00 AM to 3:00 PM Venue: Oriental Hotel, V.I. Lagos.

Nigeria Digital Marketing Summit 2014

Organiser: SME Business Platform (Media Platform Limited) Date: Wednesday, October 1, 2014, 9:00 PM - Thursday, October 2, 2014 at 3:00 PM Venue: Unilag Main Auditorium, Akoka Lagos.

MEGA CITY EVENTS:

Executive Tour And Cruise Training

Organiser: Halfmoon Global Date: First Saturday of every month 06:30 to 09:30 (GMT) Venue: 20 Afolabi Aina Street Allen Ikeja, Lagos.

Global Entrepreneurship Training

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

At Ita-Giwa’s daughter’s wedding

Mr Benard Calil (left), with mother of the bride, Senator Florence Ita-Giwa

The Couple, Chimaobi Shawcross Obioha and former miss Kokoeka Florence Maeyen Ita

When US Embassy hosted Journalists

L-R: Director, Commercial, TVC, Funke Shogunle; Director, HR and Admin, TVC Ifeanyi Omijeh and Public Affairs Officer, Mrs. Dehab Ghebreab.

L-R: News Editor, Cool Wazobia FM, Lawal Sherif; Lobo of Wazobia Fm; Omotunde David; Election Officer US Embassy, Caitlin Conatu and News Editor, Cool Wazobia Fm, David Ajikobi.

My City, My World Lagos is functional -Kehinde Oluwatosin Omoniyi Kehinde, Tgosemilola is a former LaState Commis-

sioner for Special Duties, and the Environment and Physical Planning during the Alhaji Lateef Jakande regime. He said Lagos is unique in the Kehinde sense that it is a functioning state. “Lagos is best of failed states.” In terms of infrastructure, Lagos State government is trying its best. He would have loved to live outside Lagos but just couldn’t cope. He is also emotionally attached to Lagos. It is also a state where he can exercise his right. “I guess I am just passionate about Lagos,” he said. The 15th president of Association for Consulting Engineering in Nigeria, ACEN, said electricity has improved greatly in the state. He added that transformation is obvious in Lagos, considering the popular Oshodi market and the public transportation. Although, there are lots of sentiments attached to Lagos State and that is what is making it unique in its way, in such an inexplicable way. He noted that there is security in the state compared to other states in the country. Kehinde also pointed that Lagos State is a place where one can say dream comes true, “It’s like New York of America, where you feel the energy,” he pointed out. Although, Kehinde hopes to see a more disciplined Lagos in terms of improved infrastructure, education, transportation and even affordable housing, through the state low cost housing schemes, he also believes that the state is not doing badly for now. By the improvement, he believes that Lagos city would compete with advanced nations of the world. To a large extent, he said life is meaningful in Lagos.

The economy booms -Mukuro elen Mukuro, a hosHLagos pitality guru, says vibrates. “It’s

L-R: Siuaiman Aledeh of Channels TV; Consul General, Mr. Jeffrey Hawkins and Commercial Counselor, Mr. Brian Mccleary.

L-R: Foreign/Art desk Correspondent, Vanguard Newspapers, Praise Sam-Duru; US Senior Cultural Staff, Bene Uche; Deputy Features Editor, Daily Newswatch, Mrs. Ngozi Okpalakunne and Vera Samuel of foreign desk, Vanguard Newspapers.

L-R: Consul General, Mr. Jeffrey Hawkins; Mrs. Dehab Ghebreab; MD/Chief Executive Officer, Daily Newswatch Newspapers, Mr. Moses Jolayemi and Husband of US Public Affairs Officer, Mr. Ghebreab, Mr. Benyam at the America Embassy Dinner/hosting of Journalist, at Tarino Towers, Ikoyi, Lagos.

L-R: Public Affairs US Consulate General, Mrs. Gloria Sodeinde; media consultant, Lagos, Mr. Femi Omowumi and General Manager, Radio One 103.5 Fm, Funke Treasure-Durodola.

a social spot filled with entertainment of all sorts,” she muses. She loves Lagos because of the economy. She said economic activities boom in the state. According to her, one just can’t be Mukuro lazy in Lagos. Mukoro believes that there is so much competition, so much inspiration in the city. No time for frivolities. “I see in Lagos that it is a shame for one to be idle” she pointed out. The children are not left out. She said that they are street-wise and exposed. “A child in Lagos knows how to survive and find himself out of a round peg. A raised Lagos child can survive anywhere in the world,” she said. Even the ladies in Lagos are assertive and bold. There is the culture of looking good in the state. I discover that there is always a trend for every age, a kind of fashion dictation for every age category. There are pretty ladies in the state, “even a tomatoe seller is looking good. Everybody looks good in Lagos,” she said. According to her, there are lots of people in Lagos comprising the good, bad and ugly. To her, she come across the bad people more than the nice ones. “There are lots of terrible characters and weird beliefs, that they want to shove down other people’s throats.” She noted, however, that Lagosians are very accommodating people, regardless of different backgrounds. Mukoro also confirmed that there is healthy competition in Lagos. As such, it is progressive. “Lagos is unique in so many exciting and inexplicable ways,” she said.

BUSINESS | NEWS

Sanctity of Truth

Monday, September 29, 2014

STRATEGY Government is also targeting pension funds, banks, insurance firms and other corporate investors

Dayo Ayeyemi

he Federal Government has said that it would cost $700 million (about N11.5 billion) to facilitate annual delivery of 800,000 houses in the country through partnership

Delivery of 800,000 homes annually to cost $700m, says FG with the private sector. This was contained in Goal 1 of the Final Draft of the Nigeria Land, Housing and Urban Development Roadmap to facilitate private sector-led delivery of 800,000 homes per annum over the next 10 years. The document, which was prepared by the Ministry of

Banks’ ATMs under fresh threat C O N T I N U E D F R O M PA G E 2 5

want to move close to the July 14,2015 date, which is still some months from now before they will deploy the new Windows Server,” a First Bank of Nigeria’s branch manager in Ibadan told New Telegraph. In an interview over the weekend, Chief Executive Officer, Rack Centre, Mr Tunde Coker, said that technology is very key in the banking industry, stressing that financial institutions cannot afford to ignore the deployment of any technology that will keep them afloat in business. “This is the time for banks to begin to design measures and strategise on how they can migrate from their existing Windows Server 2003 to new versions. Come to think of it, If you’re told that a particular anti-virus will not get updates again at a particular time and that further use of such antivirus after its lifespan will cause harm to your systems, will you still install it on your computer?” Coker said while there have been series of cyber threats against banking operations, which the banks themselves continue to struggle to contain. The current situation, where they have been clearly informed that further supports for Windows Server 2003 as from next year will be withdrawn means that they should start embracing the new technology to avoid possible disruption in their operations.” According to an industry analyst, Mr Rarsack Olaegebe, “traditional banking is not longer fashionable as technology is taking over banking activates and for me, I want to believe that no bank can afford to toy with what will give it an edge in its operation.” Also speaking in a telephone interview, a cloud technology expert, Mr Gbenga Iluyemi, said that with the plan by Microsoft to stop supports for Windows Server 2003 by next year, “lack of compliance poses a big threat to local financial services partnership with global payment platforms such as Visa, MasterCards, American Express and legal right to continue with card services.” Iluyemi, who is the Chief Executive Officer of Wragby Business Solutions & Technologies Limited, urged the Nigerian banks and other financial services organisations to deploy AppZero for seamlessly migrating their Windows Server

2003 to the newer versions, saying this will make them ensure their migration in record time. Iluyemi, whose company specialises in applications migration, said his company has partnered AppZero, an accredited Microsoft partner, to provide seamless migration options for banks to move their banking applications from their exiting servers version to the newer versions. According to him, “with AppZero and Wragby’s up-level application, banks and other organisations in Nigeria can quickly and easily move their applications from old, bare metal machines running on outdated versions of the Windows Operating System to any server, anywhere- cloud or datacenter, running newer operating systems such as Windows Server 2008 or Windows 2012.” He stated that AppZero and Wragby’s solution moves the applications in much less time than it would take to install them. According to him, AppZero lets client move that application onto a new operating system, thus making the organisations benefit from technological advancements such as Bilocker, virtualisation, private, hybrid cloud and disaster recovery. “AppZero and Wragby’s technology identifies, extracts and moves enterprise Windows Server applications without adding software on the source or production sever and with no changes on the application. Because AppZero and Wragby move just the applications, it is clouddependent, hypervisor-agonistic and perfectly suited for modernisation of the OS and supporting infrastructure,” he said. Nigeria banks continue to lose millions of naira to cases of cyber threats, which, experts say may heighten if the banks are not deploying latest version of technology t run their operations. Meanwhile, the Executive Secretary and Chief Executive Officer of the E-Payment Providers Association of Nigeria (E-PPAN), Mrs Onajite, has called on the banks to deploy the right technology that can shield them from possible cyber attacks. “If a technology is old, the next thing if for it to be changed and we would encourage the banks to make technology investment a priority so as to sustain that banking public’s confidence in the nascent cashless scheme in the country,” she added.

Land, Housing and Urban Development, is prepared to guide stakeholders’ actions towards making a deep and meaningful impact in the housing sector over the short, medium and long term periods. While itemising the source of funds for the goal if finally approved, the document stated: “Federal Ministry of Land Housing and Urban Development has estimated that the total funds to be spent on the annual delivery of 800,000 homes through partnerships with the private sector will come to $700 million.” The document suggested the procurement of suitable priced wholesale loans from development partners for on-leading to construction projects as one of the source of funds. Besides, it is also targeting pension funds, banks, insurance companies and other cor-

porate investors through the capital market. To make the 800,000 houses per annum’s goal a reality, the roadmap listed some strategies that must be adopted in the short, medium and long-terms. Top on the list is the plan to organise suitable fora to gain buy-in of prospective co-promoters including private developers, financial institutions, state and Federal housing development agencies, and international development partners in the short term. It is also in the plan to promote a Public Limited Company backed by the Federal Ministry of Finance to approach the bond market for funds; raise initial tranche of funds of about N50 billion to N100billion to kick-start the initiative targeting investors such as the banks, pension fund advisors, insurance

companies, hedge and mutual funds among others in the medium term. Also, one of the strategies in the medium and long term is to pre-qualify developers based on track record, quality of work in line with building standards and codes to access construction loans from the fund. It is also part of the plan to ensure collaboration with developers and insurance companies to evolve a system of long-term defects liability warrantees for developers prequalified by the fund. On the medium term, government is also strategizing to ensure disbursement of construction loans to pre-qualified developers at reasonable prices (2 to 3 per cent on Nigerian Treasury bill rates) and tenures of two to three years for approved projects.

L-R: NDIC Executive Director Operations Prince Aghatise Erediauwa exchanging pleasantries with a Management Consultant, Dr. Abiodun Adedipe during the NDIC Sensitization Workshop for Primary Mortgage Banks in Lagos

CHALLENGES Building trust with the travelling public is one of airlines' greatest challenges Wole Shadare

resident, Aviation Round Table (ART), Capt. Dele Ore, has expressed concern over the aging workforce in the aviation industry, stressing that many of the pilots and maintenance engineers would be “time expired within ten years.” Ore, who spoke with New Telegraph in Lagos, said that many Nigerians who are in the technical area of the industry such as pilots and aircraft engineers are in their 50s and older. He urged the sector to urgently find replacement for these personnel through “urgent concerted training programme.” He noted that as followers of aviation history in this country, there has been a dearth of professionals, not only pilots, but

Aging workforce in aviation worries expert engineers and dispatchers. This is because we used to have only one organisation recognised, which is the Nigeria College of Aviation Technology (NCAT). He lamented that ageing technical human resources and manpower like air traffic controllers, pilots, maintenance/aeronautical engineers, inadequate threshold of core technical staff to meet set industry manning standards, could do incalculable damage to the industry. Ore, however, advised airlines to leverage on Nigeria’s signing of the Cape Town Convention to commence a fleet renewal programme with newer aircraft. The Cape Town Convention on International Interests in Mobile Equipment, or Cape Town Treaty is an international treaty intended to standardize transactions involving movable property. This treaty creates inter-

national standards for registration of contracts of sale (including dedicated registration agencies), security interests and conditional sales contracts, and various legal remedies for default in financing agreements, including repossession and the effect of particular states' bankruptcy laws. The Protocol, which applies specifically to aircraft and aircraft engines took effect on March 1, 2006 when it was ratified by eight countries - Ethiopia, Ireland, Malaysia, Nigeria, Oman, Panama, Pakistan, and the United States. Ore said that air transportation is today considered by many states as the engine of economic development and growth, hinting that the importance of aviation safety to the sustainability of national economic growth cannot therefore be over emphasised.

BUSINESS | MONEYLINE

Sanctity of Truth

Monday, September 29, 2014

Compliant BDCs now 2501, says CBN

LUCRATIVE In spite of the increase in BDCs’ capital, operators have continued to meet the conditions

The banking watchdog, in a statement on its website, noted that these BDCs have fully complied with its July 31 deadline for the operators to increase their capital from N10 million to N35 million. This is the third time the list is being updated, as the number had increased from 2242 to 2493 and now 2501. The apex bank had last July increased the minimum capital

Stories by Godson Ikoro

he Central Bank of Nigeria (CBN) has updated a list of Bureaux de Change (BDC) operators in the country to 2501 from 2,493.

requirement for BDC’s from N10 million to N35 million; caution fee from N3.2 million to N35 million; and the yearly renewal of BDC licence from N10, 000 to N250,000. The banking wachdog, had in a bid to correct observed deficiencies in the operation of BDCs in Nigeria, which had led to gross inefficiencies and sharp practices in the foreign exchange market, issued a new

FG raises N114.4bn in treasury bills

Interbank rate up at 10.50%

he Federal Government realised sum of N 114.39 billion ($698 million) from sale of worth of treasury bills with maturities ranging between three months and one year at an auction last week, with yields mixed, the Central Bank of Nigeria (CBN) said at the weekend. A breakdown of the figure showed that the apex bank sold N21.53 billion worth of threemonth paper at 9.95 per cent, higher than 9.58 per cent at a previous auction on September 17. It also sold N33.78 billion in six-month notes at 10.10 per cent, 13 basis points lower than the previous auction. Furthermore, it raised N59.08 billion in one-year debt at 10.35 per cent, the same yield the paper fetched the last time it was sold on September 3. Total demand stood at

N181.44 billion at the auction, compared with N122 billion for the 3-month and 6-month paper sold at the September 17, auction. Meanwhile, the nation’s interbank lending rates inched up to an average of 10.50 per cent at the weekend, up from 10.37 per cent last week after a treasury bill sale drained liquidity, dealers said. The apex bank sold a combined N200 billion ($1.2 billion) worth of bills between last week Monday and Thursday, to manage excess liquidity. It also sold N114.39 billion in treasury bills at a primary market auction. Specifically, the naira was supported by dollar flows from energy companies and intervention from the banking watchdog. The currency traded around N163.65 to the dollar, down

slightly from Wednesday's close at N162.65, but firmer than N164.25 last week. The naira has fallen sharply over the past two weeks, dragged down by lower global oil prices and reduced offshore flows into the debt and equity markets. Dealers said the CBN had sold dollars directly to some lenders to try and prop up the naira. "We are expecting increased dollar sales from some energy companies in the days ahead and hopefully, this will provide some support for the naira," one dealer said. However, the market opened with a cash balance of around N516 billion from government budgetary allocations, oil company cash call payments and matured open market bills, before settling bills sold last week, dealers told Reuters.

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

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

Description

TTM

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

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

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

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Bid 12.10 12.10 12.05

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

Offer 163.38

Kaduna, Skye Bank partner on IGR growth

aduna State government is partnering Skye Bank Plc to bolster the state’s internally generated revenue (IGR) and expedite development in the state. The state governor, Alhaji Mukhtar Ramalan Yero, disclosed this in Kaduna while launching Point of Sales (POS) Terminal for the revenue collection scheme of the state, powered by Skye Bank. In a statement, he said that the current IGR of the state and the dwindling federal allocation were not enough to develop Kaduna State. While his government has a huge budget that was expected to be financed by the IGR, he noted that the internally generated revenue had been stagnant at about N1billion per month, for the past five years, hence, the need to develop new strategy and accountable means that will boost revenue collection. "It is against this background that we have introduced POS to check revenue leakages and other challenges associated with tax collection," the governor, said. On government's plan to focus development on taxpaying residents, Yero explained that residents who evade taxes were the ones who criticise government

E 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

NITTY

Yield 12.86 13.33 13.35 13.42 13.38 13.53

Money Market Offer 11.85 11.85 11.80

After long drawn altercations and behind the scene moves, CBN Governor, Mr Godwin Emefiele, was summoned to appear before the House Committee on Banking and Finance.

the most. He added that "only civil servants have been up to date in tax payment in Kaduna State, and I know it is not because many of them want to pay, it is because the taxes are being deducted from source.” "Politicians don't pay their taxes until when they need tax clearance from Board of Internal Revenue for election purpose. Therefore if residents of Ungwar Rimi pay their taxes regularly and residents of Sabo don't pay theirs, we will be forced to concentrate development on Ungwar Rimi," he stated. Highlighting the importance of POS terminal in revenue collection, the Regional Manager of Skye Bank and the lead bank for the IGR project in Kaduna State, Alhaji Kawu Mohammed said the project would ensure accountability and ensure taxes get to the government coffers. Kawu noted that Yero commenced the move to sanitise revenue collection since he was the state's Commissioner for Finance in 2008 and challenged Skye Bank to develop electronic means of revenue collection for the state, saying that "this is the reason why we have come out with this initiative, which is the first of its kind in North.”

Ecobank ‘promo excites customers’

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

guideline to check the growing incidence of rent-seeking, depletion of external reserves, financing of unauthorised transactions and dollarisation, among others.

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

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

Offer 163.5000 Source: FMDQ

cobank said at the weekend that its Giant Prize Give Away Promotion has begun to have positive impact as prospective customers besieged various branches of the lender for account opening procedures. A statement from the bank said that the promo gives participating customers opportunity to win over N10 million cash and loads of other prizes at both monthly and grand draws through to the end of the promotion. The promo, the second edition, which began September, will run through February 2015. Announcing the promotion in Lagos, Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi, said Ecobank decided to reintroduce the promo because of the success recorded in the first edition. Noting the positive and impressive feedback from customers, he said that Ecobank is firmly committed to rewarding its loyal customers, even as it offers them the best of banking services. In his words: “Ecobank is committed to reward its cus-

tomers and contribute significantly to the growth of the Nigerian economy. As the largest Pan African banking network in Africa, Ecobank is the best platform to provide economic empowerment to our peoples across Africa hence its determination to build scale in Nigeria through products and services that provide convenience and value for customers.” Furthermore, Okpanachi explained that to ensure numerous customers benefit from the various prizes; the promo has been categorised into two - Classic and Direct, and Advantage. While encouraging non customers to walk into any Ecobank branch and open an account, he explained that to qualify for monthly draws, under the classic and direct category, a customer needs to make fresh deposits of N10, 000 into their current or savings accounts each month for 60 days, adding that depositing multiples of N10,000 gives the customer more chances of winning and maintaining a minimum of N10,000 for 150 days qualifies the customer for the grand draw.

BUSINESS | ISSUE OF THE WEEK 33

Sanctity of Truth

Monday, September 29, 2014

S&P’s rating: The fallacies, the realities which highlighted economic activities’ score card for 2012 further lend credence to an unimpressive business environment in Nigeria. For instance, in 2012-2013 Global Competitiveness Report (GCR), Nigeria was ranked as 115th of 122 countries in terms of competitiveness. Although some analysts argued that Nigeria’s placement was an improvement from previous ratings where the country was twice ranked 127th, despite seeming insignificant improvement, Nigeria had in all the three years remained at the bottom of the 20 ranked countries.

Abdulwahab Isa Abuja

ive months down the line, result arising from the economic rebasing exercise, which ranked Nigeria’s economy top in Africa and 26th on global map is still being relished. The hype was deafening on disclosure through preliminary and final reports conducted by the National Bureau of Statistics (NBS) guided by other reputable international agencies that the Nigerian economy had overtaken South Africa’s as the biggest on the continent with a final figure (nominal Gross Domestic Product) of N81.009 trillion. S&P’s verdict While the nation still delights in being the biggest economy in Africa, recent rating by a renowned agency, Standard & Poor’s (S&P), which casts a gloomy picture on the economy, has elicited different interpretations from analysts. Precisely last week, the world acclaimed rating agency affirmed ‘BB/B’ rating on Nigeria. The agency said that the country’s outlook remains negative and pointed out that there was at least a one-in-three chance for it to lower the ratings on Nigeria if institutional governance effectiveness deteriorates, or if fiscal or external balances weaken beyond the agency’s projections.  In arriving at its decision, S&P said that the rating was constrained by its view of Nigeria’s low Gross Domestic Product (GDP) per capita, significant infrastructure shortfalls, political tensions and weak institutions. Other key observations of the agency in its verdict was that the country benefits from low government and external debt burdens, ample oil reserves and robust non-oil GDP growth while anticipating that petroleum prices would largely remain high, which would support exports and government revenues. It however, acknowledged series of reforms in agriculture, the privatisation of the power sector and the rapid growth of sectors such as telecoms and financial services, which have contributed to the country’s growth drive. The basis for its general assessment was rooted in oil production, which has stagnated, as new investment holds out for the passage by parliament of the long-awaited Petroleum Industry Bill (PIB).  Nonetheless it added: “Nigeria’s real GDP continues to grow strongly and forecast that it will average 6.3 per cent a year in 2014-2017, driven primarily by non-oil growth and strong services growth. “In addition, external and fiscal debt stock burdens are low. Nevertheless, political jockeying is high in the run-up to the February 2015 elections, which may test Nigeria’s institutions and fiscal resilience; and militancy in the North-east continues to flare. “We are affirming our sovereign credit ratings on Nigeria at ‘BB-/B.’ The outlook remains negative, indicating at least a one-in-three chance that we could lower the ratings on Nigeria if institutional governance effectiveness deteriorates, or if fiscal or external balances weaken beyond our current projections,” it added.  S&P said that the rating was constrained by its view of Nigeria’s low GDP per capita, significant infrastructure shortfalls, political tensions, and weak institutions.  Nigeria’s economy   Statistics and data gleaned from various sources indicated that while tremendous growth were recorded in sectors such as telecom, tourism and

President Goodluck Jonathan

Finance Minister, Ngozi Okonjo-Iweala

Since about 85 per cent of Nigeria’s revenue comes from oil, which is vulnerable to the fluctuations in the oil market, the most appropriate thing for Nigeria to do is to address this weakness by investing in other sectors of the economy to give the country a solid economic base

Minister of Petroleum Resources, Diezani Alison-Madueke

hospitality in the last two years, the manufacturing sector, the hub and engine room of an economy, was at a comatose. This was occasioned by the harsh operating environment precipitated by non-availability of adequate power supply, a factor that led to closure of industries. Lending a voice to the slowdown in economy that characterised 2013 fiscal year, the Lagos Chamber of Commerce and Industries (LCCI) in one of its media briefings last year sought cooperation among economic regulators. The Chamber at the time warned that the slow growth of the nation’s economy could affect businesses if there was no collaboration among regulators. LCCI whose primary objective is to promote, support or oppose legislative or other measures affecting trade, industry, commerce and agriculture, as well as represent the opinion of the business community on the above matters in

particular, and the economy as a whole, said that the call had become expedient as the “slow-down in economy may begin to reflect harder on businesses in 2013 if fiscal and monetary authorities do not collaborate to achieve meaningful results.” The Chambers’ fears were expressed in a report titled ‘Environmental Scan, 2013 Outlook’ which was posted on its website. It highlighted that “Dangote Cement plans to close down its Gboko Plant while PZ Cussons and other leading FMCG (fast moving consumer goods) firms continue to flag out a slowdown in consumption as a major fear for 2013.”  Added to the scenario painted above, a large section of Nigeria, the North East, has been enmeshed in a state of insecurity due to the activities of the Boko Haram insurgents. Figures vary on the number of deaths recorded from attacks perpetrated by this sect and their cost implication to the economy is beyond human estimation. Up till this moment, the nation is still counting the cost in economic and human resources it lost to the callous activities of Boko Haram insurgents. Evidently, this forms an integral part of S&P’s overall rating of the economy. A report by the Nigerian Economic Summit Group (NESG) detailing doing business in Nigeria,

Experts’ opinion  Varied responses have trailed the S&P recent verdict on Nigeria’s outlook. CEO of Global Analytics, Mr Tope Fasua, said that Nigerians must imbibe the culture of not taking every verdict passed on its economy by rating agencies on their face value. “Yes, our cash flow is going down, production of oil and gas is going down, reforms are not impacting as they should. To my understanding, BB negative affirmation by S&P indicates that they can still mark us down. But don’t forget that rating agencies also have issues of integrity to contend with. I don’t subscribe to always resorting to borrowing as they would want us to do whenever they come up with this negative affirmation rating. I would rather be on the side of lending. I will suggest we should concentrate on diversification of our economy away from oil instead of dissipating energy on the theory of S&P,” he told New Telegraph.  A government appointee, who spoke under the condition of anonymity because he was not authorised to speak to the media, cited reasons which may have informed S&P’s BB-/B’ rating of Nigeria’s economy. “ They would have taken into consideration both micro and macro-economic developments of Nigeria before arriving at this conclusion. Take a look at the oil and gas sector of the economy. The sector is still characterised with problems and every efforts put in place to free it from corruption as espoused in the Petroleum Industry Bill (PIB) remains a herculean task in the last four years.” “The international oil companies (IOCs) are divesting their holdings in Nigeria. Some are selling off their stakes and assets and all these developments go into summation of S&P verdict,” he said.  However, the Minister of State for Industry, Trade and Investment, Mr Samuel Ortom, said at the 3rd European Union-Nigeria Business Forum (EUNBF) that Nigeria’s economy in global competitiveness was not as negative as most ratings put them. He said that the ratings did not always reflect the real situation of the nation’s economy. Conclusion Whether the S&P rating is accurate or not is not the issue. Since about 85 per cent of Nigeria’s revenue comes from oil, which is vulnerable to the fluctuations in the oil market, the most appropriate thing for Nigeria to do is to address this weakness by investing in other sectors of the economy to give the country a solid economic base. No Nigerian government since independence has done this. In countries such as Britain, the right for exploration of oil is usually auctioned to oil exploration companies to raise revenue and when companies make excessive profit, government can impose windfall tax. Government should levy a windfall tax on all the people and companies who were awarded oil block corruptly in opaque manner. This should be the starting point.

business | STOCK WATCH

Sanctity of Truth

Monday, September 29, 2014

Prestige Assurance: Claims impede growth INSTABILITY Aftermath of the Dana air crash has chopped off profits

Chris Ugwu

otwithstanding signs of recovery from other subsectors of the economy, insurance sub-sector has remained a weeping baby among other sub-sectors. Unlike other sub-sectors, the insurance companies quoted on the Nigerian Stock Exchange (NSE), rather than appreciating in value, have remained relatively stagnant even as a larger percentage of the companies have stagnated at the nominal prices of 50 kobo at which they were quoted in the market. When companies approach the equities market for listing, the nominal value quoted is usually 50 kobo as against the actual price they are being sold to the investing public. Apart from very few others that have marginally appreciated above nominal value, others have remained in limbo. Since the crash of the nation’s capital market in 2008, negative perception has trailed the subsector, which was compounded by inability of about 85 per cent of the companies in the industry to pay dividend to shareholders for many years. Market watchers linked the inability of the sub-sector to rise above the nominal level to crisis of confidence. They said that investors are not likely to see any dramatic upswing to movement in the price of insurance stocks. According to them, insurance mirrors the economy and if the economy does not produce new manufacturers and grow the existing ones; if the SME sector remains stifled; if the supply chain to tap micro insurance is not developed, there will be no significant growth in the insurance industry. Prestige Assurance Plc is one of those insurance Companies, which struggled to keep its shares up marginally, but due to dwindling fortunes in its financials following investors’ low sentiments, the stock price dropped from August to its nominal value. Prestige Insurance, which operates as a subsidiary company of The New India Assurance Co. Limited Mumbai, got its fair share from harsh operating environment, as 2013 full year results, first quarter 2014 results and half year 2014 results, saw losses – of which market analysts believe might not be unconnected to the N821 million claims it paid as lead underwriters to passengers of illfated Dana aircraft that crashed on June 3, 2012. The share price, which closed at 55 kobo per share in October 31, 2013, dropped to 50 kobo when the closing bell rang last Friday, accounting for a decline of 5 kobo or 10 per cent year to date.

Mittal

Corporate profile Prior to 1952, The New India Assurance Co. Ltd. Mumbai (India) was operating in Nigeria through an agency. In 1952, the company commenced direct operations with the establishment of a branch in Lagos. After establishing its name as a reliable security, New India took further steps in consolidating its position in the Nigerian Insurance market by converting the branch into a wholly owned subsidiary company. Prestige Assurance Plc was incorporated on the 6th January, 1970 as a public company under the name “The New India Assurance Company (Nigeria) Limited” with a nominal share capital of N50,000 divided into 25,000 ordinary shares of N2 each. In 1990, its share nominal value changed to 50kobo per share. Thereafter in line with the 1997 Indigenisation Decree, New India reduced her stake to 40 per cent while local shareholdings rose to 60 per cent. Demonstrating her interest and commitment to intensifying her continued presence in Nigeria, The New India Assurance Company Limited in 2003 increased her shareholding to 51 per cent with the balance 49 per cent held by Nigerian Shareholders till date. Soon after, the company expanded its operations by opening two branches – Kano and Port Harcourt. In 1992 the company’s name was changed to Prestige Assurance Limited and was subsequently listed on the Nigerian Stock Exchange as a public liability company and became Prestige Assurance Plc. Today, Prestige operates as a subsidiary company of The New India Assurance Co. Limited Mumbai, is holding a 51 per

Share price movement of Prestige Assurance 2013 Oct 31

55 kobo

Nov 30

70 kobo

Dec 31

60 kobo

2014 Jan 31

65 kobo

Feb 28

56 kobo

Mar 31

54 kobo

Apr

60 kobo

May 30

53 kobo

Jun 30

52 kobo

Jul 31

52 kobo

Aug 30

50 kobo

Sept 26

50 kobo

cent stake in Prestige Assurance Plc. New India is a wholly owned Government of India undertaking, with an asset base of over US$6 billion. The company has been rated ‘A (Excellent)’ by A.M. Best Company of U.S.A. consecutively in the six years. Financials A cursory look at the financials showed that Prestige Assurance had slipped from a profit of N613.056 million in 2012 to a loss of N90.836 million, amounting for a loss of 114.82 per cent during the full year

ended December 2013. The company’s gross premium written equally shed 11.85 per cent from N4.790 billion in 2012 to N4.222 billion in 2013. Total asset grew by 4.26 per cent from 9.720 billion in 2012 to N10.134 billion during the period under review. First quarter 2014 results followed the same trend, as the company recorded a 110 per cent drop in profit after tax to N106.268 million in 2014, compared with N223.270 million in 2013. In the same breadth, profit after tax fell by 109 per cent, from N331.665 million in 2013 to N158.609 million in 2014. The gross premium income written went down by 31.9 per cent to N1.234 billion in 2014 from N1.628 billion in 2013. Prestige Assurance unaudited financial statements for the half year ended June 2014 was also dismal, as profit slid by 41 per cent from N336.255 million in June 2013 to N198.407 million within the same period in 2014. In the same vein, Gross Premium Income (GPI) came down by 28.3 per cent to stand at N1.690 billion at the end of the half year in June 2014, as against N2.360 billion for the same period in 2013. Company’s challenges The Chairman of the company, Dr. C.S. Sankey, had late last year during the firm’s Annual General Meeting (AGM) in Lagos, said that a Dana aircraft that crashed in 2012 in Lagos, and killed all passengers on board and others on ground, was the most tragic event the firm had ever witnessed in its 61 years of existence in the country.

The chairman also said that as the lead underwriter for the crashed plane, it recognised the need to ensure that the insurance obligations to the families of the deceased persons were met. The company had however, reported recently that no fewer than 106 relatives of the passengers who lost their lives in the ill-fated Dana aircraft that crashed on June 3, 2012 have received insurance claims totalling $5.05million (N821million). The Managing Director, Prestige Assurance Plc, Mr. Anand Mittal, who disclosed this, said “as of August 11, 2014, we have made advance payments to 106 passengers and final payments have been made to 68 passengers’ relatives.” He explained that two out of the 68, who collected the final claims, were relatives of the ground victims, while the rest were relatives of the passengers abroad the aircraft. The managing director noted that 30 per cent of the total claims, or $30,000 per head, was expected to be paid within 30 days of the loss as the initial liability, while the balance was to be paid after the presentation of letters of administration by the victims’ family members. According to him, the number of passengers in the crashed plane was 147, while the crew members made the number of those on the plane to be 153. Mittal noted that the family of one of the two pilots involved in the crash, who hailed from Florida, United States, had been given N4 million, but that the relatives of the other pilot from India had yet to submit the necessary documents that would enable them to get the claims. Looking ahead During the year under review, the chairman said that the firm took steps to further upgrade the quality and skill of its employees. Several employees, he said, were sent on local and international training on relevant areas of insurance operations. According to him, the company is already feeling the impact of the new skills acquired in many areas of its business. He said that as it strengthened capacity in some key areas of its business, particularly risk management and oil and gas, the new professionals hired in these areas would give the company the competitive edge in the emerging domestic energy business arising from the Local Content Act of 2010. Analysts’ perception Insurance companies are the worst hit in the capital market in terms of drop in share prices. According to analysts at Meristem Securities Limited, insurance sector has lost 7.9 per cent year to date compared with the 38 per cent gain in the same period in 2013. However, the analysts said they expect investors’ patronage for the stocks to improve given NAICOM’s enforcement of IFRS standards, companies’ innovative reforms to attain profitability and leverage on micro-insurance to improve awareness.

BUSINESS | CAPITAL MARKET REPORT

Sanctity of Truth

Monday, September 29, 2014

Nigerian stocks fall on low sentiment BEARISH Equities market plummet as investors’ interest wane Chris Ugwu

nvestors’ hope that Nigerian equity market will sustain the bullish trends it recorded in the previous week following four-week plunge was shattered last week, as massive sell off by speculators depressed trading activities. The bears have strengthened their grip on the equities in spite of market fluctuations witnessed throughout the week that saw both forces struggling for dominance. Market watchers believe it is not yet time for investors to get respite from investment depletion, as low sentiments might persisted given the current upset in the financial market arising from insecurities; build up to 2015 elections, Ebola crisis, recapitalisation fever, among others, which have kept bargain hunters at bay. Market opens in the red Trading activities on the floor of the Nigerian Stock Exchange (NSE) returned to downward trends last Monday, as the bears regained their stronghold, following price losses suffered by major blue chip companies. Specifically, at close of transactions, the banking subsector remained the most active stock in volume terms with 124.1 million shares valued at N1.1 billion in 1,341 deals followed by other financial services sub sector with 75.2 million units valued at N975.7 million in 678 deals. Precisely, transactions in the shares of Skye Bank Plc and UBA Plc enhanced activities in the banking subsector, while FBNH Plc boosted activities on other financial services sector. On the whole, investors exchanged a total of 344.9 million shares valued at N4.1 billion in 4,663 transactions. Further analysis showed that at the close of trading session, the NSE All-Share Index was down by 65.16 basis points or 0.16 per cent to return to 40,984.12, as against 41,049.28 recorded the previous day. The market capitalisation depreciated by N22 billion or 0.16 per cent to close at N13.532 trillion from N13,554 trillion. At the close of business, the stock market recorded 29 gainers as against 23 others that depleted in price. Top on the gainers’ chart was one of the leading consumer goods company, Nestle Nigeria Plc with a gain of N19.90 to close at N1, 069.90 per share, while Seplat Petroleum followed with a gain of N10.00 to close at N650.00 per share. Cement company, Lafarge Wapco Plc gained N3.50 to close at N131.00 per share. On the other hand, Unilever Nigeria Plc led on the price losers’ table, dropping by N1.74 to close at N48.26 per share, while Dangote Cement Plc followed with a loss of N1.15 to close at N222.85 per share. International

NSE building

Breweries Plc shed 64 kobo to close at N28.00 per share. Investors lose N147bn Last Tuesday, investors in the Nigerian Stock Exchange suffered further set back, as the equities market extended losing streaks by N147 billion. Principal market indicators, the NSE All Share Index and market capitalisation, declined by 1.1 per cent, as bearish activity coloured overall investment outcomes. Consequently, the All ShareIndex dropped by 446.92 basis points or 1.1 per cent to close at 40,537.20 index points as against 40,984.12 the previous day, while market capitalisation equally dipped by 1.1 per cent or 147 billion, to close at N13.385 trillion compared with N13.532 trillion the previous day. The NSE 30 Index, the basket of diversified liquid equities, dipped further by 133 bps. Similarly, the NSE Banking Index slipped 141 bps, while the NSE Consumer Goods index declined by 113 bps. However, the NSE Insurance Index and the NSE Oil/Gas Index rose by 64 bps and 220 bps respectively. Specifically, at closed of transactions, the banking subsector remained the most active stock in volume terms with 105.7 million shares valued at N1.3 billion in 1,502 deals followed by insurance services sub sector with 48.7 million units valued at N38.5 million in 183 deals. Precisely, transactions in the shares of Diamond Bank Plc and GTB Plc enhanced activities in the banking subsector while AIICO Plc boosted activities on other financial services sector. On the whole, investors exchanged a total of 294.3 million shares valued at N3.4 billion in 5,097 transactions. On the gainers’ chart, refined petroleum products marketer, Mobil Oil Nigeria, appreciated by 3.42 per cent to close at N179.95 per share. The petroleum upstream and downstream company, Oando Plc, rose by 5.53 per cent to close at N25.01 per share, while financial services companies, Ecobank Transnational Interna-

Five most capitalized stocks@ Sept 26, 2014 Dangote

N3.7tn

Cement Plc Nigerian

N1.3tn

Breweries Plc Guaranty

N865.2bn

Trust Bank Plc Nestle

N836.2bn

Nigeria Plc Zenith Bank

N753.5bn

Plc tional and Mansard Insurance, advanced by 4.09 per cent and 4.26 per cent to close at N18.84 and N2.69 per share respectively. On the flip side, Pharmaceutical and healthcare company, GlaxoSmithKline Beecham, declined by 7.69 per cent to close at N60.00 per share; maker of alcoholic beverages Nigeria Breweries, pulled back by 2.23 per cent to close at N175.00 per share, while industry rival, Guinness Nigeria, dipped by 0.58 per cent to close at N173.99 share. Nigerian stocks bounce back Last Wednesday, the stock market recorded upward trends as the bulls staged a comeback after the market had closed in the red zone the previous two days. The NSE ASI rose by 0.66 per cent on the back of positions taken by bargain hunters on the highly capitalised stocks. The key market parameters, the NSE All Share Index and market capitalization had in the previous day fell by 1.1 per cent as bearish activity coloured overall investment outcomes. The northwards movement was driven by the activities of cement producing company, Guinness Nigeria Plc and Dangote Cement Plc. At the close of business, the

principal market indices, the NSE ASI and the market capitalisation, gained 0.66 per cent each. Consequently, the All-Share Index added 272.12 basis points to close at 40,809.32, as against 40,537.20 recorded on Tuesday while, the market capitalisation of equities appreciated by N90 billion or 0.66 per cent as market sentiment turned green. Meanwhile, a turnover of 427.7 million shares worth N11.9 billion in 4,342 deals were recorded in the day’s trading. Other financial services subsector of the financial services sector was the most active during the day (measured by turnover volume); with 174.6 million shares worth N537.2 million exchanged by investors in 681 deals. Volume in the sub-sector was largely driven by activity in the shares of UBA Capital Plc and FBNH Plc. Also, insurance sub sector of the financial services sector, boosted by activity in the shares of AIICO Insurance Plc, followed with a turnover of 96.8 million shares valued at N79.05 billion in 134 deals. The number of gainers at the close of trading session was 21 while decliners closed higher at 31. Guinness Nigeria Plc led on the gainers’ table with a gain of N6.01 to close at N180.00 per share while Dangote Cement followed with a gain of N6.00 to close at N225 per share. GSK added N4.74 to close at N64.74 per share. Cement firms drag equities down The Nigerian stock market extended losing streaks last Thursday, as NSE ASI dipped on the back of shares of two cement giants. The NSE Industrial Index and the NSE banking index pulled back by 54 bps and 77 bps respectively. The Nigerian stock market had the previous day recorded upward trends as the bulls staged a comeback after the market closed on the red zone in the previous two days. The southwards movement was driven by the activities in the shares of Lafarge Africa Plc and Dangote Cement Plc.

At the close of business, the principal market indices, the NSE ASI and the market capitalisation, lost 0.72 per cent each. Consequently, the All-Share Index shed 29.32 basis points to close at 40,780.00 as against 40,809.32 recorded on Wednesday, while, the market capitalisation of equities depreciated by N10 billion or 0.72 per cent, as market sentiment turned negative. Meanwhile, a turnover of 273.1 million shares worth N4.6 billion in 4,330 deals was recorded in the day’s trading. The banking sub-sector of the financial services sector was the most active (measured by turnover volume); with 97.4 million shares worth N1.3 billion exchanged by investors in 1,472 deals. Volume in the sub-sector was largely driven by activity in the shares of Access Bank Plc and Zenith Bank Plc. Market adds N13 billion Last Friday, the stock market closed the week on positive note, as the bulls returned following gains recorded by blue chip companies. The NSE ASI rose by 0.66 per cent on the back of position taken by bargain hunters on the highly capitalised stocks. The northwards movement was driven by the activities of cement producing company, Seplat Petroleum and 7up Plc. Consequently, the All-Share Index gained 39.72 basis points to close at 40,819.72 as against 40,780.00 recorded Thursday, while the market capitalisation of equities appreciated by N13 billion or 0.97 per cent, as market sentiment turned green. Specifically, at close of transactions, the banking sub-sector remained the most active stock in volume terms with 109.7 million shares valued at N1.07 billion in 1,192 deals, followed by other financial services sub sector with 39.5 million units valued at N331.7 million in 634 deals. Indeed, transactions in the shares of Access Bank Plc and GTB Plc enhanced activities in the banking sub-sector, while FBNH Plc boosted activities on other financial services sector.

Shoderu

Insurance

Commissioner for Insurance, Mr Fola Daniel

National Technical Adviser, INSCAN, Yemi Soladoye

Sanctity of Truth

Monday, September 29, 2014

MD, NEM, Tope Smart

Stakeholder flays poor policyholders’ rights protection PRIVILEGE Insurance operators should realise the universal expectation of customers from producers of goods and services

We have all forgotten the fact that insurance itself is a contract by nature and it imposes certain duties on the providers of the services as well as a commensurate exercise of rights and responsibilities on the part of the clients

Sunday Ojeme

s insurance operators in the country continually gird themselves to boost the industry’s fortune and achieve more penetration, the President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Ayodapo Shoderu, has called on them to, as a matter of urgency, overhaul their relationship with the insuring public by protecting their rights. Making the declaration in Lagos during a public enlightenment forum on insurance organised by the Insurance Consumers Association of Nigeria (INSCAN), the NCRIB boss regretted the fact that the Nigerian insurance industry, being a microcosm of the larger Nigerian nation, had little or no place for consumer rights. He said despite the fact that the insurance industry could not succeed without the patronage of consumers, the industry had carried on without sufficient regards for the consumers’ rights for which they had not received concomitant responsibilities. He said: “We must accept that operators flagrantly ignore their responsibilities to insurance clients, especially if they are the small ones. We have all forgotten the fact that insurance itself is a contract by nature and it imposes certain duties on the providers of the services as well as a commensurate exercise of rights and responsibilities on the part of the clients. I do not wish to take you into details of insurance contract which exemplifies all these. “To say this, however, is not to come to terms with the fact that we, the opera-

Chairman, NIA, GUS Wiggle

tors, should realise the universal expectation of consumers from producers of goods and services. “It makes good sense to appreciate the fact that consumers are the largest economic group in any country’s economy, affecting and effected by almost every public and private economic decision. But they are also the only important group who are usually not effectively organised and whose views are hardly heard.” Highlighting the areas where operators need to come to terms with policyholders, he pointed out that the consumers had the right to sufficient information about the nature of risks and how they could maximise their insurances, stressing that the right also provided them opportunity to make intelligent and informed choices about in-

surance products they want to purchase. According to him, the idea of supplying insufficient information on policy documents is antithetical to this right. The onus should now rest on all operators henceforth to embark on aggressive public awareness, both to inform current and potential buyers of insurance and while doing that, make full disclosures about the insurance products being sold. He said, “This implies that insurance consumers must be availed the most quality value in exchange for their money. Insurance companies and brokers must continually create environments as well as procure tools and acquire orientation that is geared towards rendition of quality insurance services to clients. One cannot talk enough about the need for all operators to be more ingenious in customer relations skills as well as acquisition of modern IT tools that would enhance service delivery. “It is the right of every insurance customer to be heard. This has actuated the need for insurance operators to provide platforms of engagement and dialogue with clients on a regular basis. The era should be past for good when insurance operators preoccupy themselves with selling insurance, rather insurance should be bought. Every insurance insti-

tution should henceforth begin to see to it that they create suggestion boxes and online feedback mechanisms for customers, to ventilate their views about their insurance products and services.” He further advised the operators to come to terms with the fact that insurance consumers should have the right to seek redress in the law courts or in established extra-legal institutions against unsatisfactory conduct of operators in the implementation of the insurance contract. He expressed appreciation over the role being played by INSCAN, noting that insurance industry in Nigeria had continued to be the butt of poor image and negative public perception due to insufficient knowledge and awareness about the pivotal roles of insurance to the citizens’ well-being as well as its place in national economic development. In his words, “From records, the idea of establishing INSCAN emanated from the FSS 2020 Insurance Sector report which was later accentuated by the NAICOMs MDRI towards growing the Nigerian insurance industry. It is heartwarming that today, INSCAN is affiliated to the Consumer Protection Council and incorporated as an NGO. “What the association is doing today is a fulfillment of one of its cardinal mandates of assisting the growth of the insurance industry in Nigeria through creation of public enlightenment platforms for exchange of information between the insurance operators and the industry’s strategic stakeholders. “I stand here to vouch the support of the NCRIB and the entire insurance brokers operating in the Nigerian insurance market for INSCAN in fulfilling its set out objectives. “It is my view that if the above rights are recognised by insurance operators and the responsibilities on the part of the clients are respected, the insurance industry in Nigeria will flourish as well as wrest itself from perennial image challenges that occasioned the low public awareness and growth of the insurance industry in Nigeria.”

BUSINESS | INSURANCE 37

Sanctity of Truth

Monday, September 29, 2014

SUPPORT More cross border business entities to enjoy unique benefits from prominent financial institutions Sunday Ojeme

nited Bank for Africa (UBA) Plc has signed a partnership agreement with the Pan African Trade Insurance Agency (ATI) to ease the flow of credit to clients engaging in regional and international trade. The bank said in a statement that the agreement was signed in Kenya by the bank’s Deputy Managing Director, Resources, Mr Kennedy Uzoka and his counterpart from ATI, George Otieno. According to the statement, “UBA is keen to boost inter and intra-African trade because of its capacity to accelerate development and integration across the continent. “Over the years, we have supported our customers to grow their business network across Africa and internationally in pursuit of a more prosperous Africa. UBA’s partnership with ATI will ease the flow of credit to our customers and help them expand their businesses across the continent.” Under the agreement, ATI will provide insurance cover for eligible UBA Group transactions with its unique range of political risk and trade credit insurance products.

UBA partners African insurance firm to ease credit flow The risk mitigation services will provide an alternative to collateral for UBA’s corporate clients who may otherwise face financial constraints in

obtaining credit, while also protecting them against crossborder trade risks and a broad range of investment risks. Intra-Africa trade is esti-

mated to be one of the lowest globally at just 10 per cent of total trades on the continent. This is low when compared with Intra-trade among the

L-R, Director, National Secretariat, Chartered Institute of Bankers of Nigeria, Hajia Rukayat Yusuf; Chief Internal Controller, Fidelity Bank, Mrs Chinwe Ezegbu and Executive Director, South South, Skye Bank Plc, Mrs Ibiye Ekong during the 8th Annual Banking and Finance Conference of CIBN in Abuja recently.

Nigerian Insurers Association honours Irukwu

he Nigerian Insurers Association (NIA), the umbrella organisation for all insurance companies in Nigeria, has celebrated its founding father and founding chairman of the African Development Insurance Company (ADIC), now NSIA Insurance, Prof. Joe Irukwu, who recently marked his 80th birthday. The birthday dinner which held in Lagos was attended by leading personalities in the industry, including CEOs of insurance companies, CEOs of banks, members of the academia, as well as friends of Irukwu. Speaking at the event, Chairman of the Nigerian Insurers Association, Mr Godwin Wiggle, described Irukwu as a leader, teacher, mentor and role model for practitioners in not only the Nigerian insurance industry, but in the entire continent. He lauded his colossal impact in the industry, pointing out that

without his contribution, the NIA may not have been. According to him, the foundation he laid has been instrumental to the association’s progress. “Prof. Irukwu is an enigmatic leader and trailblazer who scored many firsts in his distinguished career in insurance. His contributions in ensuring a sound, viable, respected and noble profession is unmatched. His contributions at the NIA Governing Council are so inspiring and instructive that members look up to him for guidance, especially when faced with difficult decisions,” he said. Wiggle also extolled Irukwu’s literary contributions to the industry. “His scholarly works transcends our borders and have become a light unto the path of many insurers, not only in Nigeria, but in the entire continent of Africa,” he stated, describing him as the empo-

rium of insurance history and knowledge. In his own tribute, the immediate past Chairman of NIA, Mr Wole Oshin, described Irukwu as an inspiration to all in the insurance industry in the continent. According to him, his welcoming personality attracted both the young and old who sought him for his advice on various issues. He thanked Irukwu for how he resolved many thorny Council issues, adding that his combined knowledge for the workings of government, the academia and the insurance industry remain unmatched. Speaking in the same vein, General Theophilus Danjuma (Rtd), who chaired the event, described Irukwu as a great Nigerian who has served the country well, not only in insurance, but also in its political development. Prof. Irukwu thanked the NIA for the honour.

Prof. Joseph Ogbonnaya Irukwu (SAN) is a lawyer, educationist, chartered insurer, awards-winning author of over 20 books and holds several professional and academic fellowships. He is Nigeria’s first Professor of Insurance and Insurance Law and a leading African authority on corporate governance, insurance and risk management. Popularly known across the continent as ‘Africa’s Mr Insurance,’ he is the past President of the West African Insurance Companies Association (WAICA), Founding President of the Professional Reinsurers’ Association, past President of the Chartered Insurance Institute of Nigeria, past Chairman of the Nigerian Insurers Association, pioneer Chairman of the Nigerian Students’ Loans Board (now Education Bank) and pioneer Managing Director of Nigeria Reinsurance Corporation, among others.

Royal Exchange settles N2.48bn claims

oyal Exchange Plc paid a total of N2.48 billion claims for losses suffered by its customers in the 2013 financial year. It also generated a gross premium income of N9.08 billion in 2013 as against N7.61 billion in 2012. Disclosing this at the company’s Annual General Meeting in Lagos, the chairman,

Kenneth Odogwu, said that the claims settlement amounted to N2.48 billion within the period and that the underwriting expenses increased by three per cent from N2.13 billion in 2012 to N2.20 billion in 2013, translating into net income before overhead expenses of N3.40 billion, as against N2.67 billion in 2012.

Odogwu said that the group achieved a profit before tax of N828 million, 18 per cent higher than the N708 million recorded in 2012, while five kobo was paid as dividend to shareholders. He added that the company’s management expenses rose to N2.53 billion in 2013 as against N1.98 billion in

2012. The chairman attributed the rise to branch expansion, retail business development and investments in e-business and information technology, adding that the company was working out measures to raise its capital to enable it improve performance.

EU-27 at 70 per cent, 52 per cent for Asian countries, 50 per cent for North American countries and 26 per cent for South American countries. Africa’s commodities boom, natural resources and related government spending to revive infrastructure development are estimated to have generated 32 per cent of Africa’s recent GDP growth. The remaining growth came from sectors such as transportation, telecommunications and manufacturing. These are all the sectors which UBA believes will benefit from expanded credit. UBA Group Plc is one of Africa’s leading financial institutions offering banking services to over 10 million customers across over 700 business offices in 19 African countries. On its part, ATI is a Pan African insurer owned by African countries, regional and international corporate partners. The company was launched in 2001 with the support of the World Bank and later the African Development Bank.

UnityKapital board suspends MD, EDs

nityKapital Assurance Plc has announced the suspension of the company’s Managing Director, Kins Ekebuike, and two other Executive Directors of the company. The suspended executive directors are John A. Oyidih, ED, Finance & Administration and Lawal Mijinyawa, ED, Operations. A notice to the Nigerian Stock Exchange revealed that the board met September 22, 2014 to consider the draft audited accounts of the company for the year 2013 and observed that the performance of the company for 2013 audited accounts fell short of satisfactory explanation by executive management. The notice said, ‘’The board also set up a special committee to investigate the reasons for the consistent poor performance of the company for the past three (3) years. Time frame for this investigation is three weeks from the date of the board meeting.’’ The board has, however, appointed Olugbenga Olasogba as acting MD, Michael D. Dogo, acting ED, operations and Nkiru T. Achara, acting ED, Human Resources & Administration. They are to oversee the affairs of the affected offices pending the conclusion and submission of the Halima J. Wushishi has been appointed as acting Company Secretary/Legal Adviser. The company said it has notified the National Insurance Commission (NAICOM) of the development.

38 business | FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, September 29, 2014

FMDQ Daily Quotations List

26-Sep-14

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

Bonds

Price

FGN Bonds Issuer

Rating/Agency

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

Issue Date

Coupon (%)

Outstanding Value (N'bn)

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

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

535.00 545.27 452.80 20.00 100.00 300.00 351.30 233.90 600.00 331.35 75.00 150.00 200.00 591.57 105.00

TOTAL OUTSTANDING VALUE

4,591.19

TOTAL MARKET CAPITALISATION

4,623.44

Rating/Agency

Issuer

Agency Bonds AMCON FMBN

***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

TOTAL OUTSTANDING VALUE

Maturity Date

TTM (Yrs)

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

0.57 1.89 2.58 2.83 2.93 3.67 4.76 5.07 7.34 9.46 14.17 14.65 15.15 15.82 19.81

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

10.97 11.94 11.88 11.92 11.92 11.92 11.90 11.99 12.33 12.42 12.45 12.43 12.42 12.35 12.33

10.68 11.85 11.82 11.85 11.85 11.81 11.83 11.90 12.27 12.37 12.41 12.39 12.36 12.30 12.29

96.22 101.80 106.95 95.11 93.79 96.42 114.50 81.41 119.20 109.75 116.74 100.34 73.52 83.80 98.65

96.37 101.95 107.10 95.26 93.94 96.72 114.80 81.71 119.50 110.05 117.04 100.64 73.82 84.10 98.95

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Indicative Price

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

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

978.35 24.56 3.30 112.22 116.70 66.49

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

0.10 0.66 1.27 2.20 2.57 2.78

1.00 2.63 2.27 2.00 1.00 1.00

11.86 13.67 13.77 13.96 12.92 12.92

98.88 91.64 104.25 100.68 98.87 96.30

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

0.05 0.93 0.53 1.05 1.06 2.56 1.61 3.26 2.24 4.02 2.43 2.43 2.82 2.89 5.16 3.04 3.56 6.17 6.26 3.74 3.78

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

14.07 15.68 14.17 15.79 14.82 17.51 12.75 13.71 13.75 12.92 12.93 16.71 12.92 12.92 13.01 14.66 12.92 13.23 14.20 13.36 13.87

99.95 97.32 99.26 98.70 101.22 84.98 101.76 100.69 100.50 103.30 103.42 94.97 103.59 106.17 105.42 100.24 104.96 101.05 103.20 103.34 103.30

1,301.62

TOTAL MARKET CAPITALISATION

1,285.78

Sub-National Bonds A-/GCR A+/Agusto A/Agusto A-/Agusto 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

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

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 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

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

6.00 8.50 6.08 6.27 7.37 57.00 29.92 25.00 37.25 9.00 14.96 11.13 27.00 17.28 80.00 27.51 11.40 87.00 5.00 4.78 4.79

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Corporate Bonds

483.24 483.94

A+/Agusto; AA/GCR

LAFARGE WAPCO

11.50 LAFARGE WAPCO 7-OCT 2014

Aa/Agusto

GTB µ NGC

17.00 NGC 31-DEC-2014

Nil

10.00 UPDC 17-AUG-2015

Bbb-/Agusto A-/Agusto

*UPDC

BB+/GCR

*CHELLARAMS

*FLOURMILLS

A+/Agusto; A-/GCR A-/Agusto

NAHCO

BBB-/GCR BBB+/DataPro†; BB+/GCR A-/DataPro†; BB-/GCR AAA/DataPro†; A+/GCR A/Agusto; A/GCR Bbb+/Agusto; BBB+/GCR BBB-/DataPro†; BB+/GCR BBB/GCR A+/Agusto; A-/GCR

12.00 FLOURMILLS 9-DEC-2015 14.00 CHELLARAMS 06-JAN-2016 13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016

FSDH

A/GCR

13.50 GUARANTY TRUST 18-DEC-2014

UBA

13.00 UBA 30-SEP-2017

*C & I LEASING *DANA#

18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018

*TOWER#

MPR+5.25 TOWER 9-SEP-2018

*TOWER#

MPR+7.00 TOWER 9-SEP-2018

UBA

14.00 UBA II 22-SEP-2018

*LA CASERA *CHELLARAMS#

MPR+5.00 CHELLARAMS II 17-FEB-2019

*DANA NAHCO

15.75 LA CASERA 18-OCT-2018 16.00 DANA II 1-APR-2019 15.25 NAHCO II 14-NOV-2020

07-Oct-11

11.50

11.80

07-Oct-14

0.03

1.00

11.74

99.97

18-Dec-09

13.50

13.17

18-Dec-14

0.23

5.21

16.31

99.25

01-Apr-10

17.00

2.00

31-Dec-14

0.26

8.71

19.84

99.10

17-Aug-10

10.00

3.61

17-Aug-15

0.65

4.88

15.90

96.83

09-Dec-10

12.00

13.62

09-Dec-15

0.72

1.00

12.08

100.52

06-Jan-11

14.00

0.60

06-Jan-16

0.80

2.63

13.77

100.84

29-Sep-11

13.00

15.00

29-Sep-16

2.01

1.00

12.98

100.04

25-Oct-13

14.25

5.53

25-Oct-16

2.08

1.34

13.31

101.63

30-Sep-10

13.00

20.00

30-Sep-17

3.01

1.00

12.92

100.20

30-Nov-12

18.00

0.73

30-Nov-17

1.83

1.88

13.76

108.00

09-Apr-11

16.00

7.20

09-Apr-18

1.79

3.48

15.33

101.18

09-Sep-11

18.00

2.90

09-Sep-18

2.20

5.20

17.16

101.57

09-Sep-11

16.00

0.80

09-Sep-18

2.20

5.06

17.02

101.69

22-Sep-11

14.00

35.00

22-Sep-18

3.99

1.35

13.27

102.20

18-Oct-13

15.75

2.70

18-Oct-18

2.06

2.29

14.26

102.84

17-Feb-12

17.00

0.41

17-Feb-19

2.39

6.11

18.05

98.31

01-Apr-14

16.00

4.50

01-Apr-19

3.26

2.16

14.08

104.85

14-Nov-13

15.25

2.05

14-Nov-20

6.13

2.76

14.99

100.98

11-Feb-18

3.38

1.00

12.92

92.72

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

141.62

TOTAL MARKET CAPITALISATION

142.88

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

Issuer

12.00 11.13 Description

Issue Date

Coupon (%)

Outstanding Value ($mm)

Maturity Date

Bid Yield (%)

Offer Yield (%)

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

5.01

4.83

109.34

110.38

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

4.18

3.99

103.25

103.96

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

5.27

5.16

107.68

108.52

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,601.36

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

AFREN PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

6.90

105.75

B+/Fitch; B+/S&P

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

4.27

105.04

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

6.57

101.72

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.63

8.07

94.66

96.30

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

5.93

5.60

100.26

101.43

B/Fitch

AFREN PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

8.68

105.75

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

6.00

100.98

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

8.86

8.60

99.57

100.54

B-/Fitch; B/S&P

FIRST BANK PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.43

103.01

B-/Fitch; B/S&P

AFREN PLC III

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

7.70

94.77

B-/Fitch; B/S&P

ACCESS BANK PLC II

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

24-Jun-14

9.25

400.00

24-Jun-21

8.64

8.47

103.50

104.38

B-/Fitch; B/S&P

FIRST BANK LTD

8.00/2Y USD SWAP+6.488 JUL 23 2021

23-Jul-14

8.00

450.00

23-Jul-21

7.51

101.63

B-/S&P

ECOBANK NIG. LTD

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

8.40

8.19

100.90

101.95

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

4,760.00 4,837.16

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

FIXINGS Maturity 9-Oct-14 16-Oct-14 23-Oct-14 30-Oct-14 6-Nov-14 13-Nov-14 20-Nov-14 27-Nov-14

Bid Discount (%) 10.45 10.60 10.50 10.45 10.60 10.60 10.50 10.80

Offer Discount (%) 10.20 10.35 10.25 10.20 10.35 10.35 10.25 10.55

Bid Yield (%) 10.49 10.66 10.58 10.55 10.73 10.75 10.67 11.00

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 10.8417 12.1340 12.9929 13.8294

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

10.50

Tenor

Bid ($/N)

Offer ($/N)

O/N

10.75

Spot 7D 14D 1M 2M 3M

163.85 164.09 164.35 164.97 166.11 167.25

163.95 164.32 164.65 165.57 167.17 168.85

Tenor Call 1M

REPO

Rate (%) 10.42 11.60

0.00/16.50 LCRM III 06-JUL-2017

06-Jul-12

TOTAL OUTSTANDING VALUE

0.00/16.50

66.49

06-Jul-17

2.78

1.00

12.92

96.30

0.05 0.93 0.53 1.05 1.06 2.56 1.61 3.26 2.24 4.02 2.43 2.43 2.82 2.89 5.16 3.04 3.56 6.17 6.26 3.74 3.78

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

14.07 15.68 14.17 15.79 14.82 17.51 12.75 13.71 13.75 12.92 12.93 16.71 12.92 12.92 13.01 14.66 12.92 13.23 14.20 13.36 13.87

99.95 97.32 99.26 98.70 101.22 84.98 101.76 100.69 100.50 103.30 103.42 94.97 103.59 106.17 105.42 100.24 104.96 101.05 103.20 103.34 103.30

1,301.62

TOTAL MARKET CAPITALISATION

1,285.78

Sub-National Bonds A-/GCR A+/Agusto A/Agusto A-/Agusto A+/Agusto A+/Agusto; A+/GCR A-/Agusto September Monday, 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 Sanctity of Truth

NIGER KADUNA *EBONYI *BENUE *IMO LAGOS 29, *BAYELSA 2014 EDO *DELTA NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN *OSUN LAGOS KOGI *EKITI *NASARAWA

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

6.00 8.50 6.08 6.27 7.37 57.00 29.92 25.00 37.25 9.00 14.96 11.13 27.00 17.28 80.00 27.51 11.40 87.00 5.00 4.78 4.79

BUSINESS |FINANCIAL MARKET NEWS 39

Dangote to NSE: Diversify revenue streams

INVESTMENTS

The Exchange made two strategic investments in 2012

TOTAL OUTSTANDING VALUE Stories by Chris Ugwu

TOTAL MARKET CAPITALISATION

Corporate Bonds he Nigerian

Stock ExWAPCO change (NSE) LAFARGE must diverAa/Agusto GTB streams sify its revenue µ NGC Nil to protect the market and Bbb-/Agusto *UPDC the business from potential A-/Agusto *FLOURMILLS domestic and international BB+/GCR *CHELLARAMS shocks, the immediate past A+/Agusto; A-/GCR NAHCO A-/Agusto president of Council FSDH of ExA/GCR UBA Dangote change, Alhaji Aliko BBB-/GCR *C & I LEASING has said. BBB+/DataPro†; BB+/GCR *DANA# Dangote said this while adA-/DataPro†; BB-/GCR *TOWER# dressing members at the NSE’s AAA/DataPro†; A+/GCR *TOWER# annual general meeting in Lagos. A/Agusto; A/GCR UBA He listed critical success Bbb+/Agusto; BBB+/GCR *LA CASERA # BBB-/DataPro†; factors for BB+/GCR the Exchange in the *CHELLARAMS BBB/GCR years to include *DANA coming faciliA+/Agusto; A-/GCR NAHCO tating access to and participaTOTAL OUTSTANDING VALUE tion in its market, increasing its TOTAL MARKET CAPITALISATION footprint on the continent, and A+/Agusto; AA/GCR

deploying a risk framework to safeguard the market venue. Dangote noted that in 2012, the Exchange announced strategic investments in two alternative trading platforms operated by the Nigerian Association of Securities Dealers (NASD) and the Financial Markets Dealers 11.50 LAFARGE WAPCO 7-OCT 2014 Quotations (FMDQ) OTC. 13.50 GUARANTY TRUST 18-DEC-2014 He disclosed that that both 17.00 NGC 31-DEC-2014 companies have commenced 10.00 UPDC 17-AUG-2015 operations and that the NSE exe12.00 FLOURMILLS 9-DEC-2015 cuted anCHELLARAMS agreement with NASD 14.00 06-JAN-2016 13.00its NAHCO 29-SEP-2016 to host market on X-Gen. 14.25 FSDH 25-OCT-2016 Dangote noted: “Other key 13.00 UBApartnerships 30-SEP-2017 strategic formuC&I LEASING 30-NOV-2017 lated18.00 during the year include MPR+7.00 DANA 9-APR-2018 the MPR+7.00 execution of two MOUs TOWER 9-SEP-2018 withMPR+5.25 Thomson TOWER Reuters 9-SEP-2018 - to provide14.00 investor relations services UBA II 22-SEP-2018 15.75 LA CASERAlisted 18-OCT-2018 to companies on the ExMPR+5.00 CHELLARAMS change, and with theII 17-FEB-2019 Economic 16.00 DANA II 1-APR-2019 and Financial Crimes CommisNAHCO II 14-NOV-2020 sion15.25 (EFCC) - to better police the Nigerian capital market and to heighten awareness and imple-

Supranational Bond

system. “The NSE continues to play a vital role in the execution of the West African Capital Market Integration (WACMI) program with the objective of establish483.24 ing a harmonised regulatory 483.94 environment for the issuance and trading of financial secu11.80 0.03 rities across07-Oct-14 the West African 13.17 18-Dec-14 0.23 sub-region. 2.00 31-Dec-14 0.26 With a diverse population 3.61 17-Aug-15 0.65 of over 290 million people, this 13.62 09-Dec-15 0.72

mentation of our zero-tolerance policy. “The NSE also recently joined the United Nations' (UN) Sustainable Stock Exchanges (SSE) Initiative. Partnering with the UN on this initiative is in line with the NSE's commitment to create sustainable value for capital 11.50embed market07-Oct-11 stakeholders, and 18-Dec-09business 13.50 sustainable practices 01-Apr-10 17.00 in the market, specifically at the 17-Aug-10 10.00 Exchange and among listed com09-Dec-10 12.00 panies,” he said. 06-Jan-11 14.00 Dangote sus29-Sep-11said reporting 13.00 25-Oct-13 14.25 infortainability-related (CSR) mation30-Sep-10 would become13.00 a manda30-Nov-12 18.00 tory requirement for the bourse 09-Apr-11 16.00 and all09-Sep-11 listed companies by 2015. 18.00 He 09-Sep-11 noted that to16.00 further entrench 22-Sep-11strong corporate 14.00 governance 18-Oct-13 principles 15.75 in the 17-Feb-12 17.00 in colNigerian capital market, 01-Apr-14 16.00 laboration with the Convention 14-Nov-13 on Business Integrity 15.25 (CBI), the NSE began the development of a corporate governance rating

0.60

06-Jan-16

0.80

2.63

13.77

100.84

15.00

29-Sep-16

2.01

1.00

12.98

100.04

5.53

25-Oct-16

2.08

1.34

13.31

101.63

20.00

30-Sep-17

3.01

1.00

12.92

100.20

0.73

30-Nov-17

1.83

1.88

13.76

108.00

Caverton wins safety conscious award

7.20

09-Apr-18 1.79 he Production Directorate 2.90 09-Sep-18 2.20 of Shell Petroleum Develop0.80 09-Sep-18 2.20 ment Company of Nigeria 35.00 22-Sep-18 3.99 has Caverton Helicop2.70 awarded18-Oct-18 2.06 0.41 a subsidiary 17-Feb-19 of Caverton 2.39 ters, 4.50 01-Apr-19 Group3.26 Offshore Support Plc, 2.05 14-Nov-20 6.13 the Safety Conscious Contrac141.62 tor of the Year Award. 142.88 The award according to a statement, was in commemorating 75 million11-Feb-18 Lost Time Injury 11-Feb-13 10.20 12.00 3.38 (LTI) free man-hour. Caverton 12.00 was nominated and won the 11.13 players but to international in- award in the Medium and High RiskValue category. vestors,” he said. Outstanding Issue Date Coupon (%) Maturity Date Bid Yield (%) The justification for the The President of the Associ- ($mm) ation for Advancement of the award according to Shell, was Rights of Nigerian Sharehold- that Caverton Helicopters de07-Oct-11 6.75 500.00 28-Jan-21 5.01 ers (AARNS), Dr.Faruk Umar veloped safety programmes to commended the e-registrar improve staff safety culture. 12-Jul-13 5.13 500.00 12-Jul-18 4.18 solutions. He noted that the Raising the bar engagement 12-Jul-13 6.38 500.00 12-Jul-23 Survey 5.27 management has brought a sessions, Safety and lot of innovation to the invest- 1,500.00 ‘Aim for Zero’ Campaign and ment community that will help 1,601.36 actively ready to learn from to stem the tide of unclaimed previous incidents. dividend in the country. The award ceremony, which Umar advised registrars to took Shell Port 6.90 Har01-Feb-11 11.50 450.00 place at 01-Feb-16 court Base help reduce level of 19-May-11 the high7.50 500.00 was received 19-May-16 by the 4.27 impersonation in annual gen- Managing Pilot on behalf 25-Jul-12 7.25 350.00 25-Jul-17 6.57 of 09-May-13 by uploading 6.88 300.00 02-May-18 eral meetings pic- Caverton Helicopters. 8.63 08-Nov-13 5.93 tures of shareholders6.00in their 400.00 Caverton 08-Nov-18 Offshore Support 08-Apr-12 10.25 300.00 08-Apr-19 8.68 registrars. Group Plc, had recorded a 21 per 22-Apr-14 that the6.25 500.00 growth 22-Apr-19 6.00 He noted current cent in revenue during 21-May-14 200.00 trend has brought a lot8.75 of disre- the half year21-May-19 ended 2014. 8.86 8.25 300.00 7.43 pute to07-Aug-13 authentic shareholders The result07-Aug-20 of its financials 09-Dec-13 6.63 360.00 09-Dec-20 7.70 because of unethical 9.25 conducts filed with the Nigerian Stock 24-Jun-14 400.00 24-Jun-21 8.64 of these impersonators. Exchange (NSE) showed the 23-Jul-14 8.00 450.00 23-Jul-21 7.51

African Prudential Registrars unveils e-solutions AAA/S&P

10.20 IFC 11-FEB-2018

IFC

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

frican Prudential Registrars (APR) Plc has inauRating/Agency Issuer gurated an e-registrar solution designed for the investing FGN Eurobonds public. BB-/Fitch; B+/S&P Managing Director and BB-/Fitch;Executive Officer, APR, Chief FGN BB-/S&P Mr Peter Ashade, said this at BB-/Fitch; the maiden edition of the comBB-/S&P pany’s investors’ forum TOTAL OUTSTANDING VALUEthemed “Building a stronger and more TOTAL MARKET CAPITALISATION vibrant Capital Market; the Role ofCorporate Registrars.” Eurobonds He B-/S&P said the electronic B/Fitch; AFREN PLC soluI tion was a markedGTBANK departure B+/Fitch; B+/S&P PLC I from shareBANK regisB+/S&Pconventional ACCESS PLC tration practices. FIDELITY BANK PLC B/Fitch; B/S&P B+/Fitch; B+/S&Pnoted that GTBANK Ashade thePLCsoluB/Fitch which was the AFREN PLCto II be tion, first B+/Fitch; BB-/S&P ZENITH BANK PLCa designed by registrars was B/Fitch; B/S&P BANK PLC giant leap ahead DIAMOND and marks B-/Fitch; B/S&P generational shift FIRST andBANK thePLC beB-/Fitch; B/S&P AFREN PLC III ginning of technological adB-/Fitch; B/S&P ACCESS BANK PLC II vancement in the industry . B-/Fitch; B/S&P FIRST BANK LTD B-/S&P

He said the solutions, which now form the benchmark for Description e-share registration services across West Africa, were designed to allow access to per6.75 JAN 28, 2021 sonalised information anytime, anywhere, via a5.13secure portal. JUL 12, 2018 Ashade said the rebasing of 6.38created JUL 12, 2023an opthe economy has portunity to grow the Nigerian stock market, adding that to leverage from the great potential underscore the need for the company to upscale11.50 itsFEB technology . 01, 2016 “We are committed to inno7.50 MAY 19, 2016 vation in African 7.25 JULPrudential 25, 2017 6.88 MAY 09, 2018 Registrars, this event create a 6.00 NOV 08, 2018 platform to re-inform investing 10.25 the APR 08, 2019 community about paradigm 6.25 APR 22, 2019 platshift of new registration 8.75 May 21, 2019 form. We believe we have been 8.25 AUG 07, 2020 playing the leading role in inno6.63 DEC 09, 2020 vation and we will continue to 9.25/6M USD LIBOR+7.677 JUN 24, 2021 research8.00/2Y not only for Nigerian USD SWAP+6.488 JUL 23 2021 8.75 AUG 14, 2021

ECOBANK NIG. LTD

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

14-Aug-14

translates into a large consumer base with significant domestic savings and investing power potential. Achieving integration will not only support momentous growth in the markets, but will facilitate the movement of capital across the sub-region, creating flexibility for issuers 1.00investors. 11.74 99.97 and The integration 5.21occur in 16.31 99.25 the will phases with 8.71 19.84 99.10 final phase being completed in 4.88 15.90 96.83 2015,” he said. 1.00 12.08 100.52

8.75

250.00

14-Aug-21

8.40

3.48 15.33 101.18 company’s revenue grew by 21 5.20 17.16 101.57 per cent, from N10.317 billion 5.06 17.02 101.69 in 1.35 2013 to N12.505 in 2014, 13.27 billion 102.20 while 10 per 2.29 total assets 14.26 rose by 102.84 6.11 to N41.917 18.05 billion 98.31 cent in 2014, 2.16 N38.025 14.08 104.85 from billion the previ2.76 14.99 100.98 ous year. However, the company’s net earnings fell by 12 per cent from N1.793 billion in 2013 to N1.585 billion recorded during92.72 the pe1.00 12.92 riod under review. The admission of Caverton Offshore Support Group Plc to the Exchange had swelled the Offer Yield (%) Bid Price Offer Price market capitalisation by N3.8 billion. Prices & Yields Chief Executive Officer of 4.83 109.34 110.38 the NSE, Oscar Onyema, said the listing was another 103.96 manifes3.99 103.25 tation that the Nigeria bourse 5.16 on the 107.68 108.52 was right path of becoming the African exchange of choice. Onyema noted that Caverton has taking a hold step by adding N31.829 billion to the105.75 market 6.90 105.75 capitalisation of the Exchange. 4.27 105.04 105.04 He said that 6.57 101.72 the Exchange 101.72 will to introduce 8.07continue 94.66 96.30more 5.60 101.43 products to 100.26 meet the needs of 8.68 range 105.75 105.75 wide of local and inter6.00 100.98 100.98 that national investors, adding 8.60 99.57 is determined 100.54 the management 103.01 103.01 to 7.43 ensure sound corporate gov7.70 94.77 ernance among the 94.77 marker 8.47 103.50 104.38 players. 7.51 101.63 101.63 8.19

4,760.00 4,837.16

FMDQ Daily Quotations List

100.90

101.95

26-Sep-14

The FMDQ Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, fixedFIXINGS income securities and instruments the OTC market. The use of this report is subject to the **Treasury Bills MoneyinMarket Foreign Exchange (Spot & Forwards) FMDQ OTC and Disclaimer Statement on www.fmdqotc.com. DTM PLC Terms of Use Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%)

13 9-Oct-14 10.45 20 16-Oct-14 10.60 27 23-Oct-14 10.50 FGN Bonds 34 30-Oct-14 10.45 41 6-Nov-14 10.60 Issuer Description Rating/Agency 48 13-Nov-14 10.60 55 20-Nov-14 10.50 62 27-Nov-14 10.80 4.00 23-APR-2015 69 4-Dec-14 10.35 13.05 16-AUG-2016 76 11-Dec-14 10.80 15.10 27-APR-2017 90 25-Dec-14 10.70 9.85 27-JUL-2017 97 1-Jan-15 10.85 9.35 31-AUG-2017 104 8-Jan-15 10.50 10.70 30-MAY-2018 111 15-Jan-15 10.85 16.00 29-JUN-2019 118 22-Jan-15 10.40 NA NA 7.00 23-OCT-2019 125 29-Jan-15 10.85 16.39 27-JAN-2022 132 5-Feb-15 10.50 14.20 14-MAR-2024 139 12-Feb-15 10.80 146 19-Feb-15 10.40 15.00 28-NOV-2028 153 26-Feb-15 10.80 12.49 22-MAY-2029 160 5-Mar-15 10.70 8.50 20-NOV-2029 195 9-Apr-15 10.30 10.00 23-JUL-2030 209 23-Apr-15 10.40 12.1493 18-JUL-2034 223 7-May-15 10.25 TOTAL OUTSTANDING VALUE 6-Aug-15 314 10.40 342 3-Sep-15 10.40 TOTAL MARKET CAPITALISATION *from the Amortising bonds, the average life is calculated and not the duration

10.20 10.35 10.25 10.20 10.35 Issue 10.35Date 10.25 10.55 23-Apr-10 10.10 16-Aug-13 10.55 27-Apr-12 10.45 27-Jul-07 10.60 31-Aug-07 10.25 30-May-08 10.60 29-Jun-12 10.15 23-Oct-09 10.60 27-Jan-12 10.25 14-Mar-14 10.55 10.15 28-Nov-08 10.55 22-May-09 10.45 20-Nov-09 10.05 23-Jul-10 10.15 18-Jul-14 10.00 10.15 10.15

10.49 10.66 10.58 10.55 10.73 Coupon 10.75 (%) 10.67 11.00 4.00 10.56 13.05 11.05 15.10 10.99 9.85 11.17 9.35 10.82 10.70 11.22 16.00 10.76 7.00 11.27 16.39 10.91 14.20 11.26 10.85 15.00 11.31 12.49 11.23 8.50 10.90 10.00 11.06 12.1493 10.93 11.42 11.52

NIBOR

Bonds

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

(N'bn)

Rate (%) 10.8417 12.1340 12.9929 Maturity 13.8294 Date

535.00 23-Apr-15 545.27 NITTY 16-Aug-16 452.80 27-Apr-17 Tenor Rate (%) 20.00 27-Jul-17 1M 10.4848 100.00 31-Aug-17 2M 10.8488 300.00 30-May-18 3M 10.9636 351.30 29-Jun-19 6M 10.9702 233.90 23-Oct-19 9M 11.1726 600.00 27-Jan-22 12M 11.5839 331.35 14-Mar-24 75.00 28-Nov-28 150.00 NIFEX 22-May-29 200.00 20-Nov-29 Current Price ($/N) 591.57 23-Jul-30 BID($/N) 163.9325 105.00 18-Jul-34 OFFER ($/N)

4,591.19

164.0325

OBB

10.50

O/N

10.75

REPO

TTM Tenor(Yrs) Call 1M0.57 3M1.89 6M2.58

Bid RateYield (%) (%) 10.42 11.60 10.97 12.18 11.94 12.85 11.88

Rating/Agency

Issuer

Agency Bonds AMCON FMBN

Modified Duration Buckets

***LCRM

TOTAL OUTSTANDING VALUE TOTAL MARKET

Sub-National Bonds A-/GCR A+/Agusto A/Agusto A-/Agusto A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto; A-/GCR†

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

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 09-DEC-2016Total Outstanding PorfolioLCRM Market Value(Bn) 0.00/16.50 LCRM II 20-APR-2017 Volume(Bn) 0.00/16.50 LCRM III 06-JUL-2017

1,039.35 1,117.44 859.39 3,016.19

998.07 951.30 922.92 2,872.29

2.83 11.92 11.85 2.93 11.92 11.85 3.67 11.92 11.81 :Benchmarks 4.76 11.90 11.83 * :Amortising Bond 5.07 11.99 11.90 µ :Convertible Bond 7.34 12.33 12.27 AMCON: Asset Management Corporation of Nigeria 9.46 12.42 12.37 FGN: Federal Government of Nigeria FMBN: Federal Nigeria 14.17Mortgage Bank of 12.45 12.41 IFC: International 14.65 Finance Corporation 12.43 12.39 LCRM: Local Contractors Receivables Management 15.15 12.42 12.36 NAHCO: Nigerian Aviation Handling Company 15.82 12.35 12.30 O/N: Overnight 19.81 12.33 12.29 UPDC: UAC Property Development Company WAPCO:West Africa Portland Cement Company

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

Bid ($/N)

Offer ($/N)

163.85 Price 163.95 164.09 164.32 164.35 164.65 Offer Bid Price 164.97 165.57Price 166.11 167.17 167.25 168.85 96.22 96.37 170.95 174.33 101.80 101.95 178.42 186.38 106.95 107.10

95.11 95.26 93.79 93.94 96.42 96.72 NA :Not Applicable 114.50 114.80 # :Floating Rate Bond 81.41 ***: Deferred coupon bonds81.71 119.20 119.50 109.75expired 110.05 †: Bond rating 116.74 117.04 100.34 100.64 73.52 73.82 NGC: Nigeria-German Company 83.80 84.10 UBA: United Bank for Africa 98.65 98.95

4,623.44 Coupon (%)

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

34.75 33.12 32.13 100.00

Spot 7D 14D Yield Offer 1M (%) 2M 3M 10.68 6M 11.85 1Y 11.82

NOTE:

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

Tenor

34.46 37.05 28.49 100.00

14.00 12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50

Outstanding Value (N'bn)

INDEX 978.35

24.56 3.30 112.22 Bucket Weighting 116.70 66.49

0.35 0.33 1,285.78 0.32 1.00

1,301.62

6.00 8.50 6.08 6.27 7.37 57.00 29.92 25.00 37.25 9.00 14.96

Maturity Date

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

15.74 33.33 50.94 100.00

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

Avg. Life/TTM (Yrs)

0.10 0.66 1.27 2.20 Implied Yield 2.57 2.78

11.91 12.20 12.37 12.24

0.05 0.93 0.53 1.05 1.06 2.56 1.61 3.26 2.24 4.02 2.43

# Risk Premium (%)

1.00 2.63 2.27 Implied 2.00 Portfolio1.00 Price 1.00

118.6519 134.3135 103.6056 119.0044 3.29 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00

Valuation Yield (%)

Indicative Price

11.86 13.67 13.77 13.96 INDEX 12.92 12.92

98.88 91.64 104.25 YTD Return 100.68 (%) 98.87 96.30

14.07 15.68 14.17 15.79 14.82 17.51 12.75 13.71 13.75 12.92 12.93

99.95 97.32 99.26 98.70 101.22 84.98 101.76 100.69 100.50 103.30 103.42

1,126.95 1,137.32 1,208.64 1,130.41

12.6951 13.7316 20.8643 13.0414

Daily Summary as of 26/09/2014 Printed 26/09/2014 14:49:38.038

Daily Summary (Equities)

Daily Summary as of 26/09/2014

Activity Summary on Board EQTY

Printed 26/09/2014 14:49:38.038

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

40 business | CAPITAL MARKET Daily Summary (Bonds)

No Debt Trading Activity

Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH NIG-GERMAN PHARMDEKO

No. of Deals 3 9 15 55 11 1 3 97

Current Price 2.10 3.40 64.59 1.91 1.05 7.00 2.49

Quantity Traded 26,501 737,140 399,800 4,517,906 335,313 46 125,500 6,142,206

Value Traded 53,002.00 2,500,431.20 25,732,100.00 8,965,278.29 353,071.42 305.90 312,295.00 37,916,483.81

Sanctity of Truth

Monday, September 29, 2014

The Nigerian Stock Market Exchange as at September 26, 2014 Daily Summary (Equities)

Activity Summary on Board EQTY

HEALTHCARE Totals

AGRICULTURE Crop Production FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals

Symbol FTNCOCOA OKOMUOIL PRESCO

No. of Deals 35 14 4 53

Current Price 0.50 34.00 37.50

Quantity Traded 10,076,050 230,310 10,200 10,316,560

Value Traded 5,072,054.92 7,626,591.81 370,948.00 13,069,594.73

Symbol LIVESTOCK

No. of Deals 26 26

Current Price 2.94

Quantity Traded 436,873 436,873

Value Traded 1,263,899.88 1,263,899.88

10,753,433

14,333,494.61

Quantity Traded 359,891 13,580,437 47,127 13,987,455

Value Traded 540,468.38 78,501,531.63 2,706,068.65 81,748,068.66

13,987,455

81,748,068.66

AGRICULTURE Totals

CONGLOMERATES Daily Summary as of 26/09/2014 Diversified Industries Printed 26/09/2014 14:49:38.038

Symbol AGLEVENT TRANSCORP UACN

No. of Deals 18 192 25 Daily Summary (Equities) 235

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

CONGLOMERATES Totals Activity Summary on Board EQTY

Current Price 1.54 5.79 57.49

235

CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other (WStock A) PLC. Published by COSTAIN The Nigerian Exchange © G CAPPA PLC Building Structure/Completion/Other Totals

Symbol COSTAIN GCAPPA

No. of Deals 23 2 25

Current Price 0.95 14.46

Quantity Traded Page 757,120 10,012 767,132

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

Symbol JBERGER

No. of Deals 11 11

Current Price 67.20

Quantity Traded 42,067 42,067

Value Traded 2,691,856.43 2,691,856.43

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

Symbol UAC-PROP

No. of Deals 28 28

Current Price 14.50

Quantity Traded 439,214 439,214

Value Traded 6,527,620.18 6,527,620.18

Real Estate Investment Trusts (REITs) UPDC REAL ESTATE INVESTMENT TRUST Real Estate Investment Trusts (REITs) Totals

Symbol UPDCREIT

No. of Deals 2 2

Current Price 9.13

Quantity Traded 5,150 5,150

Value Traded 46,350.00 46,350.00

1,253,563

10,122,839.49

CONSTRUCTION/REAL ESTATE Totals Daily Summary as of 26/09/2014 GOODS PrintedCONSUMER 26/09/2014 14:49:38.038 Automobiles/Auto Parts DN TYRE & RUBBER PLC Automobiles/Auto Parts Totals

66 Symbol DUNLOP Symbol CHAMPION GUINNESS

CONSUMER GOODS Published by The Nigerian Stock Exchange © Beverages--Brewers/Distillers INTERNATIONAL BREWERIES PLC. JOS INT. BREWERIES PLC. NIGERIAN BREW. PLC. PREMIER BREWERIES PLC

Current Price 0.50

Quantity Traded 1,000 1,000

Value Traded 500.00 500.00

No. of Deals 8 58

Current Price 9.70 190.00

Quantity Traded 176,158 1,012,721

Value Traded 1,669,314.50 183,963,640.66

Beverages--Brewers/Distillers Totals

Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NATIONAL SALT CO. NIG. PLC Daily Summary as of 26/09/2014 UNION DICON SALT PLC. Printed 26/09/2014 14:49:38.038 U T C NIG. PLC. Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Activity Summary on Board EQTY Food Products--Diversified Totals

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

Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. INTERNATIONAL ENERGY INSURANCE COMPANY PLC LASACO ASSURANCE PLC. MANSARD INSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. Daily Summary as of 26/09/2014 PRESTIGE ASSURANCE CO. PLC. Printed 26/09/2014 14:49:38.038 STANDARD ALLIANCE INSURANCE PLC. UNIC INSURANCE PLC. WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals

Current Price 147.73

Quantity Traded 428,996 428,996

Value Traded 63,374,173.08 63,374,173.08

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR NASCON UNIONDICON UTC

No. of Deals 23 73 69 22 19 1 1 208

Current Price 6.55 8.22 61.00 4.00 8.91 13.41 0.50

Quantity Traded 99,200 2,093,188 630,646 351,178 372,369 5,000 10,000 3,561,581

Value Traded 648,036.00 17,516,946.24 38,563,527.46 1,405,500.90 3,317,202.03 63,700.00 5,000.00 61,519,912.63

Symbol No. of Deals Daily Summary (Equities)

Current Price 52.50 1,055.00

Quantity Traded 55,968 20,905 76,873

Value Traded 2,946,875.96 22,190,093.56 25,136,969.52 Value Traded 3 491,166.87 of 13 14,900.00 506,066.87

Symbol VITAFOAM VONO

No. of Deals 7 1 8

Current Price 4.29 1.56

Quantity Traded Page 115,603

Symbol PZ UNILEVER

No. of Deals 30 33 63

Current Price 32.25 49.20

Quantity Traded 193,384 286,370 479,754

Value Traded 6,156,259.02 13,755,996.90 19,912,255.92

6,369,945

433,031,634.76

Quantity Traded 63,567,966 1,964,412 1,177,425 4,614,963 9,740,450 4,461,459 4,036,876

Value Traded 562,126,208.52 12,010,711.44 21,392,557.84 9,143,076.25 283,206,269.75 11,795,297.63 8,638,245.73

Current Price 8.90 6.18 18.16 1.98 29.40 2.64 2.15

Symbol UBA UBN UNITYBNK WEMABANK ZENITHBANK

No. of Deals 183 52 20 25 178 1,192

Current Price 6.69 9.10 0.50 0.90 24.00

Quantity Traded Value Traded 8,724,047 57,664,785.26 418,491 3,640,546.72 4 of 6,067,478Page 3,033,739.00 865,826 774,101.35 4,101,760 98,319,193.55 109,741,153 1,071,744,733.04

Symbol AIICO CONTINSURE CORNERST INTENEGINS LASACO MANSARD MBENEFIT NEM NIGERINS PRESTIGE STDINSURE UNIC WAPIC

No. of Deals 13 8 12 4 1 24 6 19 3 1 1 2 57 151

Current Price 0.82 0.96 0.50 0.51 0.50 3.00 0.54 0.80 0.50 0.50 0.50 0.50 0.72

Quantity Traded 1,010,041 555,233 1,231,134 127,700 90,000 21,056,779 319,449 2,525,555 20,055 818 2,800 50,100 3,411,487 30,401,151

Value Traded 811,733.80 533,143.68 615,567.00 65,127.00 45,000.00 63,152,494.75 172,502.46 2,015,021.22 10,027.50 409.00 1,400.00 25,050.00 2,513,166.42 69,960,642.83

No. of Deals 3

Current Price 0.98

Quantity Traded 351,000

Value Traded 343,980.00

Daily Summary (Equities) Symbol NPFMCRFBK

Page

Published by The Nigerian Stock Exchange ©

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 Daily Summary as of 26/09/2014 Other Financial Institutions Totals Printed 26/09/2014 14:49:38.038

HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. Published by The Nigerian Stock Exchange © FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC NIGERIA-GERMAN CHEMICALS PLC. PHARMA-DEKO PLC. Pharmaceuticals Totals

No. of Deals 3

Current Price

Quantity Traded 351,000

Value Traded 343,980.00

Symbol RESORTSAL UNHOMES

No. of Deals 1 6 7

Current Price 0.50 0.50

Quantity Traded 1,000 606,270 607,270

Value Traded 500.00 303,135.00 303,635.00

Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX STANBIC UBCAP

No. of Deals 40 11 448 68 6 20 41 634

Current Price 3.18 4.30 13.90 4.45 0.55 32.00 2.05

Quantity Traded 761,589 147,722 17,024,156 7,743,649 259,655 1,049,954 12,611,079 39,597,804

Value Traded 2,412,633.42 621,491.26 236,230,067.70 33,015,607.39 143,474.43 33,469,932.18 25,861,458.63 331,754,665.01

180,698,378

1,474,107,655.88

Quantity Traded 436 436

Value Traded 754.28 754.28

1,987

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

Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH NIG-GERMAN PHARMDEKO

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

Symbol

FINANCIAL SERVICES Totals HEALTHCARE Medical Supplies MORISON INDUSTRIES PLC. Activity Summary Board EQTY Medical Supplies on Totals

of 13 Value Traded 1,060,178.94 67,112.48 75,791,722.16 29,788.00 262,581,756.74

1 1

No. of Deals 3 9 15 55 11 1 3 97

1.82

Current Price 2.10 3.40 64.59 1.91 1.05 7.00 2.49

Quantity Traded 26,501 Page 737,140 399,800 4,517,906 335,313 46 125,500 6,142,206

Current Price 0.53

Quantity Traded 300,705 300,705

Value Traded 157,718.65 157,718.65

Symbol NCR

No. of Deals 1 1

Current Price 13.50

Quantity Traded 1,000 1,000

Value Traded 12,830.00 12,830.00

Symbol CHAMS

No. of Deals 2 2

Current Price 0.50

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

Value Traded 500,000.00 500,000.00

1,301,705

670,548.65

Daily Summary (Equities)

Mining Services MULTIVERSE PLC Mining Services Totals

OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors Daily Summary as of 26/09/2014 CONOIL PLC Printed 26/09/2014 14:49:38.038 ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals

Activity Summary on Board EQTY

OIL GAS Published byAND The Nigerian Stock Exchange © Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals

6,142,642

37,917,238.09

No. of Deals 8 8

Current Price 0.53

Quantity Traded 300,705 300,705

Value Traded 157,718.65 157,718.65

IT Services NCR (NIGERIA) PLC. IT Services Totals

Symbol NCR

No. of Deals 1 1

Current Price 13.50

Quantity Traded 1,000 1,000

Value Traded 12,830.00 12,830.00

Processing Systems CHAMS PLC Processing Systems Totals

Symbol CHAMS

No. of Deals 2 2

Current Price 0.50

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

Value Traded 500,000.00 500,000.00

1,301,705

670,548.65

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

Current Price 33.00

Symbol BERGER CAP CCNN DANGCEM DNMEYER FIRSTALUM PAINTCOM PORTPAINT WAPCO

No. of Deals 10 22 12 45 3 1 2 5 57 181

Current Price 8.60 39.00 14.15 220.00 1.10 0.50 1.60 5.32 128.68

Quantity Traded 109,521 647,041 253,353 990,331 10,360 38,000 62,735 159,000 407,342 2,793,741

Value Traded 948,893.25 25,253,545.60 3,582,116.15 218,539,617.62 10,895.50 19,000.00 95,357.20 836,690.00 52,448,362.24 305,463,640.86

Symbol CUTIX

No. of Deals 7 7

Current Price 1.82

Quantity Traded 127,200 127,200

Value Traded 231,504.00 231,504.00

Symbol AVONCROWN BETAGLAS

No. of Deals 2 3 5

Current Price 1.59 18.85

Quantity Traded 245,391 4,130 249,521

Value Traded 390,171.69 76,611.50 466,783.19

3,170,462

306,161,928.05

193

Page

Daily Summary (Equities)

Symbol ALUMACO

No. of Deals 1

Current Price 7.75

Quantity Traded 10

Value Traded 73.70

Symbol

No. of Deals 1

Current Price

Quantity Traded 10

Value Traded 73.70

Symbol MULTIVERSE

No. of Deals 1 1

Current Price 0.50

Quantity Traded 5,700,000 5,700,000

Value Traded 2,850,000.00 2,850,000.00

5,700,010

2,850,073.70

Page

Symbol JAPAULOIL

No. of Deals 17 17

Current Price 0.50

Quantity Traded 1,546,269 1,546,269

Value Traded 773,134.50 773,134.50

Symbol OANDO

No. of Deals 354 354

Current Price 25.00

Quantity Traded 12,383,429 12,383,429

Value Traded 310,445,978.64 310,445,978.64

Symbol No. of Deals CONOIL 21 ETERNA 21 FO 54 MOBIL 20 MRS 2 Daily Summary (Equities) TOTAL 8 126

Current Price 47.01 3.80 222.99 176.00 56.00 179.00

Quantity Traded 78,785 200,860 128,136 147,632 5,814 7,402 568,629

Value Traded 3,768,750.16 746,678.16 28,373,978.56 25,757,776.68 309,304.80 1,315,902.60 60,272,390.96

Symbol SEPLAT

No. of Deals 20 20

Current Price 667.00

Page Quantity Traded 50,167 50,167

517

10 of 13 Value Traded 33,109,053.30 33,109,053.30

14,548,494

404,600,557.40

No. of Deals 7 5 12

Current Price 4.59 1.35

Quantity Traded 101,932 209,660 311,592

Value Traded 448,500.80 283,227.20 731,728.00

Symbol CILEASING

No. of Deals 3 3

Current Price 0.50

Quantity Traded 30,500 30,500

Value Traded 15,250.00 15,250.00

Symbol TANTALIZER

No. of Deals 1 1

Current Price 0.50

Quantity Traded 2,000 2,000

Value Traded 1,000.00 1,000.00

Symbol IKEJAHOTEL

No. of Deals 8 8

Current Price 1.52

Quantity Traded 111,917 111,917

Value Traded 170,273.84 170,273.84

Symbol DAARCOMM

No. of Deals 4

Current Price 0.50

Quantity Traded 310,000

Value Traded 155,000.00

Symbol

No. of Deals 4

Current Price

Page Quantity Traded 310,000

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

Symbol ACADEMY LEARNAFRCA UPL

No. of Deals 3 2 1 6

Current Price 1.40 1.40 4.13

Quantity Traded 39,896 19,418 1,100 60,414

Value Traded 56,127.12 27,379.38 4,323.00 87,829.50

Road Transportation ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Symbol ABCTRANS

No. of Deals 20 20

Current Price 0.67

Quantity Traded 901,603 901,603

Value Traded 607,877.32 607,877.32

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

Symbol AIRSERVICE NAHCO

No. of Deals 1 25 26

Current Price 2.01 5.05

Quantity Traded 2,000 259,707 261,707

Value Traded 4,220.00 1,327,132.50 1,331,352.50

Symbol CAVERTON

No. of Deals 2 2

Current Price 5.00

Quantity Traded 11,000 11,000

Value Traded 53,680.00 53,680.00

2,000,733

3,153,991.16

3,805

245,926,820

2,768,698,030.45

Hospitality TANTALIZERS PLC Daily Summary as of 26/09/2014 Hospitality Totals Printed 26/09/2014 14:49:38.038

Hotels/Lodging IKEJA HOTEL PLC Hotels/Lodging Totals Media/Entertainment DAAR COMMUNICATIONS PLC

Activity Summary on Board EQTY SERVICES Published by The Nigerian Stock Exchange © Media/Entertainment Media/Entertainment Totals

7 of 13 Value Traded 3,729,163.30

No. of Deals 24

Symbol REDSTAREX TRANSEXPR

Employment Solutions C & I LEASING PLC. Employment Solutions Totals

Page Quantity Traded 116,058

Symbol ASHAKACEM

NATURAL RESOURCES Totals

Value Traded 53,002.00 6 of 13 2,500,431.20 25,732,100.00 8,965,278.29 353,071.42 305.90 312,295.00 37,916,483.81

Symbol COURTVILLE

ICT Totals

Activity Summary on Board EQTY

37,917,238.09

No. of Deals 8 8

INDUSTRIAL GOODS Totals Published by The Nigerian Stock Exchange © NATURAL RESOURCES Metals ALUMINIUM MANUFACTURING COMPANY PLC

6,142,642

Symbol COURTVILLE

OIL AND GAS Totals

FINANCIAL SERVICES Banking UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. Published by UNITY The Nigerian BANK Stock PLC Exchange © WEMA BANK PLC. ZENITH INTERNATIONAL BANK PLC Banking Totals

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

Packaging/Containers AVON CROWNCAPS & CONTAINERS Daily Summary as of 26/09/2014 BETA GLASS CO PLC. Printed 26/09/2014 14:49:38.038 Totals Packaging/Containers

10,000 125,603

INDUSTRIAL GOODS Building Materials BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC DN MEYER PLC. FIRST ALUMINIUM NIGERIA PLC PAINTS AND COATINGS MANUFACTURES PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals

No. of Deals 14 14

Symbol No. of Deals ACCESS 156 DIAMONDBNK 51 ETI 82 FIDELITYBK 63 GUARANTY 228 Daily Summary (Equities) SKYEBANK 118 STERLNBANK 36

Activity Summary on Board EQTY

FINANCIAL SERVICES Micro-Finance Banks Micro-Finance Banks Totals

Activity Summary on Board EQTY

Symbol 7UP

535

FINANCIAL SERVICES Banking Daily Summary as of 26/09/2014 ACCESS BANK PLC. Printed 26/09/2014 14:49:38.038 DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC.

Activity Summary on Board EQTY

Current Price 30.01 2.12 176.00 4.63

25 29 54

ICT Totals Activity Summary on Board EQTY

No. of Deals 15 2 102 2 187

CONSUMER GOODS Totals

Micro-Finance Banks NPF MICROFINANCE BANK PLC

Processing Systems

CHAMS Daily Summary as of PLC 26/09/2014 Processing Systems Totals Printed 26/09/2014 14:49:38.038

Symbol INTBREW JOSBREW NB PREMBREW

CADBURY NESTLE

CONSUMER GOODS Household Durables Published by The NigerianNIG Stock Exchange © VITAFOAM PLC. VONO PRODUCTS PLC. Household Durables Totals

Page Quantity Traded 36,256 33,224 431,009 6,770 1,696,138

IT Services Daily Summary as of 26/09/2014 NCR (NIGERIA) PLC. Printed 26/09/2014 14:49:38.038 IT Services Totals

Value Traded 1 719,448.00 of 13 137,564.88 857,012.88

No. of Deals 1 1

Daily Summary (Equities)

Beverages--Brewers/Distillers CHAMPION BREW. PLC. Activity Summary on Board EQTY GUINNESS NIG PLC

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

Support and Logistics Daily Summary as of 26/09/2014 CAVERTON OFFSHORE SUPPORT GRP PLC Printed 26/09/2014 14:49:38.038 Support and Logistics Totals

Daily Summary (Equities)

SERVICES Totals

EQTY Board Totals

Daily Summary (Equities)

Activity Summary on Board ASeM GAS PublishedOIL by AND The Nigerian Stock Exchange © Petroleum and Petroleum Products Distributors CAPITAL OIL PLC Petroleum and Petroleum Products Distributors Totals

Symbol CAPOIL

No. of Deals 1 1

OIL AND GAS Totals

Current Price 0.50

Page Quantity Traded 30 30

11 of 13 Value Traded 155,000.00

12 of 13 Value Traded 15.00 15.00

15.00

ASeM Board Totals

15.00

Equity Activity Totals

3,806

245,926,850

2,768,698,045.45

Daily Summary (ETP) Exchange Traded Fund

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

Symbol NEWGOLD VETGRIF30

No. of Deals 1 2 3

Current Price 1,929.00 18.58

Quantity Traded 7 25 32

Value Traded 13,503.00 464.20 13,967.20

ETF Board Totals

13,967.20

ETP Activity Totals

13,967.20

Page

BUSINESS | global NEWS 41

Sanctity of Truth

Monday, September 29, 2014

Alibaba to pay IPO banks $50m incentive fee

libaba Group Holding Linited (BABA) awarded Credit Suisse Group AG (CSGN) and Morgan Stanley (MS) nearly half of the incentive fees given to the six banks that oversaw its record-breaking initial public offering, people with knowledge of the matter said. All of the banks and brokerages that worked on the $25 billion IPO will collectively rake in about $300 million for their efforts on the $25 billion IPO, according to a September 22 filing from the company. About $50 million of those fees were doled out to the six key banks based on performance, with Credit Suisse and Morgan Stanley each getting 22.5 per cent of that slice, or a little more than $11 million each,

said the people, asking not to be identified discussing private information. The reward reflects a practice that the Chinese e-commerce company imported from Hong Kong, where multiple banks share the work and are awarded a performance fee at the end. In US IPOs, companies typically agree on the fee breakdown ahead of time, and most of the fees go to one or two firms listed on the IPO prospectus in order of importance. Alibaba listed most of its underwriters alphabetically on the prospectus. With the bulk of the fees split among key banks, the additional $50 million was was also viewed by management as a way to cover some of the costs undertaken by the banks that

spent more time on the deal, one of the people said. JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS) earned about 18 per cent of the fees each, or $9 million apiece, while Deutsche Bank AG (DBK) was paid about 10 per cent and Citigroup Inc. (C) received about nine per cent, the people said. The Credit Suisse team was led by Imran Khan, head of Internet investment banking, and Vikram Malhotra, head of investment banking in Hong Kong, the people said. Morgan Stanley’s efforts were handled by Crawford Jamieson, the cohead of global capital markets for Asia Pacific, they said. Those two firms drafted the prospectus, helped with the materials and preparation for

the roadshow and are in control of the lockup agreements, said the people. Credit Suisse (CS) has also garnered the number-one ranking in trading Alibaba shares, according to data compiled by Bloomberg. JPMorgan Vice Chairman Jimmy Lee built a relationship with Alibaba’s co-founders Jack Ma and Joe Tsai in a matter of 15 months, the people said. Lee arranged meetings between Alibaba management and key investors, including Fidelity Investments and T. Rowe Price Group Inc., they said. Liz Myers, global head of ECM, and Michael Millman, cohead of ECM for the Americas, in addition to Todd Marin, vice chairman of investment banking in Asia-Pacific and

Noah Wintroub, head of Internet investment banking, rounded out the rest of the JPMorgan team. The firm was responsible for advising on Alibaba’s deal size as well as valuation, the people said. Goldman Sachs is credited as serving as the stabilization agent, ensuring that the IPO ran smoothly during its debut. Mark Schwartz, the firm’s chairman of Asia Pacific, worked on the Alibaba IPO. Mark Hantho, the global head of equity capital markets at Deutsche Bank, led the German firm’s efforts. He was joined by Joaquin Rodriguez Torres, head of technology, media and telecom investment banking in Asia, and Emmanuel DeSousa, global head of Internet and media investment banking.

Boeing loses $5bn order as Air Berlin drops planes

Apple Inc. iPhone 6 smartphones stand on display during the sales launch of the latest Apple Inc. iPhone 6 and iPhone 6 Plus devices

Starboard pushes Yahoo CEO Mayer to ‘unlock value’

ctivist investor Starboard Value LP, which has acquired a stake in Yahoo! Inc. (YHOO), said it wants the Web portal to explore a combination with AOL Inc. (AOL) to “unlock value.” In a letter to Yahoo Chief Executive Officer, Marissa Mayer, the New York-based fund said the Web company should also cut losses in its display-ad business by $250 million to $500 million, stop acquiring other companies and instead discuss a deal with AOL. A combination with AOL could deliver cost cuts of as much as $1 billion, Starboard CEO Jeffrey Smith wrote in a letter addressed to Mayer. “Clearly Yahoo is deeply undervalued relative to the sum of its parts,” Smith wrote, adding that the fund now has a “significant” stake in Yahoo without disclosing specifics. “It is incumbent upon management and the board to take immediate

steps in committing to remedy this valuation discrepancy.” Sarah Meron, a spokeswoman for Sunnyvale, Californiabased Yahoo, didn’t respond to a call for comment. Eoin Ryan, an AOL spokesman, wasn’t available for comment, said a woman who answered the phone at his office. Starboard representatives didn’t respond to requests for additional comment. Yahoo shares rose four per cent to $40.53 at 1:41 p.m. in New York after Starboard released the letter. The stock had declined 3.6 per cent this year through Thursday. AOL jumped three per cent to $44.25, after falling 7.8 per cent this year through Thursday. AOL would be a good fit for Yahoo, according to Colin Gillis, an analyst at BGC Partners. The Web portal would bolster Yahoo’s video and editorial content and is a better option than buying a “high-priced startup,” he said.

‘It makes tremendous sense,’’ Gillis said. “It will move the needle materially on both revenue and earnings.” Mayer has been working to turn around Yahoo since she joined the Web portal in July 2012. The pressure for results has increased since last week’s initial public offering of Alibaba Group Holding Ltd. (BABA), in which Yahoo owns a stake and which had driven much of the Silicon Valley company’s value. As investors took gains on Yahoo after Alibaba’s IPO, the true worth of the Web portal’s core online-advertising business was laid bare. Yahoo was worth less than the value of its Asian assets, which also include a stake in Yahoo Japan, following Alibaba’s market debut. Yahoo’s market capitalization is $40 billion, little changed from the beginning of the year, while AOL’s market value is $3.48 billion.

oeing Co. (BA) lost an order valued at almost $5 billion as Germany’s Air Berlin Plc (AB1), struggling with losses and dwindling traffic, scrapped aircraft purchases that included the 787 Dreamliner. Air Berlin, partly owned by Abu Dhabi’s Etihad Airways PJSC, said it was abandoning a deal for 18 of Boeing’s singleaisle 737s and 15 Dreamliners. Chicago-based Boeing isn’t due any compensation because of the cancellation, Air Berlin said in a statement. The move underscored the financial straits at Air Berlin, which is working to refinance debt and cut spending. For Chicago-based Boeing, losing the 787s will erode this year’s net-order tally for the planes while leaving the company’s total backlog little changed. Most of Boeing’s Dreamliner’s sales were booked before the wide-body jet’s commercial debut in 2011. “The normal pattern you see for aircraft orders is you have a huge amount of launch orders and then you inevitably have a bit of a slowdown,” Robert Stallard, an RBC Capital Markets analyst in London, said in a telephone interview. “Over time you’ll see more orders.”

Boeing’s backlog of all jets was almost 5,200 planes at the end of the second quarter, according to data compiled by Bloomberg Intelligence. The total included 3,931 narrowbody 737s and 869 twin-aisle Dreamliners. Through September 23, Boeing had 24 net orders for the 787 in 2014. The cancellation buoyed Air Berlin’s stock, which jumped 7.5 per cent to 1.38 euros at 5:35 p.m. in Frankfurt. Boeing rose 0.5 per cent to $127.73 at 12:03 p.m. in New York. Air Berlin, Germany’s second-largest airline, is working to fashion a new strategy after accumulating more than $1 billion of losses in six years. The carrier competes with discount operators led by Ryanair Holdings Plc as well as Germany’s biggest airline, Deutsche Lufthansa AG. “Not taking on the 33 aircraft ordered will significantly reduce future capital expenditure for Air Berlin and improve our balance sheet,” Chief Financial Officer Ulf Huettmeyer said in a statement. Etihad’s latest bailout for the carrier occurred in April, tightening its grip on the European company by providing 300 million euros of funding.

Oil caps biggest weekly gain in a month

est Texas Intermediate crude capped its biggest weekly gain in a month on speculation stronger US economic growth will increase demand. WTI narrowed its discount to Brent to a one-year low. The US economy expanded in the second quarter at the fastest rate since the last three months of 2011, the Commerce Department said. Brent dropped for a third week in four as ample supplies shield the oil market from the U.S. military campaign against Islamic State. Gasoline

tumbled after reaching this month’s high on Thursday. “Improving U.S. economic conditions should improve the fundamental outlook here,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The market is trying to stabilize. We still have a lot of supply out there and that’s weighing on the overall market.” WTI for November delivery rose $1.01, or 1.1 per cent, to settle at $93.54 a barrel on the New York Mercantile Exchange.

42 business |INTERVIEW The Bank of Industry (BoI) has launched a cottage Agro processing Fund (CAP) for farmers. This initiative is being led by the Managing Director and Chief Executive, Mr Rasheed Adejare Olaoluwa, whose developmental agenda for BOI are to adopt global best practices for Development Finance Institutions (DFIs) and make widespread developmental impact on Nigeria. He is busy re-engineering the financial institution and positioning it for greater impact. Olaoluwa shared his vision and many chestnuts he has put in the fire at BOI with Assistant Editor, Money Market, Godson Ikoro. Excerpts What is the Cottage Agro Processing (CAP) fund all about? The Fund is in fulfillment of our commitment to launch special funds targeted at specific sectors and customer segments in order to deepen our penetration of, and enhance our support to, these sectors/customer segments. As a result of the Agricultural Transformation Agenda of President Goodluck Jonathan, significant progress in crop production is being achieved in Nigeria. Recently, major companies such as Olam and Dangote Group have made and continue to make significant investments or investment commitments in this sector. Our food import bill has fallen from $6.9 billion in 2009 to $4.3 billion last year. We believe that more work needs to be done as Nigeria remains a net importer of processed agricultural products. You will recall that the objective of the Federal Government’s Agricultural Transformation Agenda is not only to increase crop production, but also to create value-added food processing industries as a means to reduce food imports and create jobs. This is where the role of the Federal Ministry of Agriculture and Rural Development intersects with that of Bank of Industry, and I am pleased to report a very active and fruitful engagement between us. The product is aptly named Cottage Agro Processing (CAP) Fund. It is targeted at small and medium industries at the low-technology, labour intensive end of the agro-processing spectrum. And inclusive growth is our primary consideration. It represents BOI’s first direct intervention in any sector. What specifically does the fund aim to achieve? The Fund is designed to enable BOI, being Nigeria’s leading development finance institution, play its catalytic role of paving the way for other financial institutions to follow. We are demonstrating to others how to lend

Sanctity of Truth

Monday, September 29, 2014

Youths should embrace

to small and medium industries in the perceived high risk sectors of the economy. CAP Fund will provide loans to beneficiaries to establish small-scale plants or mini mills to process Nigeria’s agricultural products such as cassava, oil palm, paddy rice, groundnut, yam, maize, sorghum, cocoa, sheanut, plantain, cashew, hides and skin, meat, chicken and fish. These products are grown all over the country and have been selected to ensure an even distribution across Nigeria’s 36 states. We plan to finance about 1,000 projects under this Fund. We have identified the priority products for each state and have assembled a number of partners for the effective operation of this Fund. The project financed will be located very close to the source of the agricultural product to be processed. The business plan must address both the primary and secondary sources of energy to power the plant while the equipment supplier will be accredited by BOI, provide a performance bond and enter into a maintenance agreement. The loans will be granted at a single digit interest rate of nine per cent per annum and total management fee of one per cent. The tenor is five years with a moratorium of six months. We project that the Fund will help in creating a total of 20,000 direct and indirect jobs. Further details on the CAP Fund can be obtained on www.boinigeria.com/ CAPFund. What is the size of this fund? The Fund is five billion naira as a starting point as we intend to deploy a second phase after the full utlilisation of this initial fund. We want to encourage all SMEs to take full advantage of this Fund. But as they say, nothing good comes easy. Loan applicants must come prepared with viable business plans. We expect them to utilise the loans judiciously, add value and create jobs. Full and timely repayment of loans granted under this Fund will provide the entrepreneurs with clear paths to bigger project loans from BOI and therefore greater wealth creation opportunities for their companies. We wish to also inform all stakeholders that the Cottage Agro Processing (CAP) Fund is only the first in a series of Funds targeted at specific sectors and customer segments of the Nigerian economy. As more loanable funds become available to BOI, we shall, in due course, unveil more Funds to enable us play our developmental role and create employment for millions of our youths. Who are those you are partnering to ensure that this loan gets to the appropriate beneficiaries and what is the guarantee that these partners will not collect the money, and trade with it in other areas? This is a direct intervention of BOI and the only involvement of commercial banks would be limited to SME friendly commercial banks. We have a list of commercial banks that we have identified, had meetings with them. They have agreed to work with us and SME Stakeholders, the Association of SMEs, agreed with the list of banks. Now if those banks are ready to present the 10 per cent working capital, we go along with them, but if they are not, BOI will be ready to do that directly. How will you source the machines? We have a list of equipment suppliers. We are trying to manage all the risk elements as much as possible. So, the applicant is not at liberty to get

Olaoluwa

Our food import bill has fallen from $6.9 billion in 2009 to $4.3 billion last year. We believe that more work needs to be done as Nigeria remains a net importer of processed agricultural products any equipment supplier of his choice. We have people that have been certified and if anyone wants to bring in new people, they will also go through a process of certification to ensure that they will supply the right equipment that will actually process these agric products. So, we have that list, what we are going to do is that you are going to have a performance bond, you give us a warranty and you are going to have a maintenance agreement. We don’t want those things that went wrong in the past to happen this time around. If the equipment is well built, well fabricated, well installed; it operates well and well maintained, it is likely to perform. Now if in the unlikely event that any of the suppliers fails, we will blacklist such person, we will not allow such to participate in this scheme, going forward. But I must say that the Federal Institute of Industrial Research Oshodi (FIIRO) is going to work with us in this scheme. Clearly you can see that they have developed a number of interest-

ing technologies that are dedicated towards agro processing, but for some reasons those technologies have not really been promoted in Nigeria. A few Nigerian businessmen and women have gone through this experience. They have taken some of this technologies and they have turned them into large businesses to everyone’s surprise, they started with small business but today, some of them are doing businesses what millions in turnover. We have FIIRO as a major partner in this scheme. We are about to announce a list of business development support service firms. These are people who will also hand-pull the applicants so that their application, by the time it gets to BOI, will be bankable. So, we have a lot of people that we are working with, the list will be available on our website. In terms of the interest rate, nobody will be allowed to do any arbitrage; it is nine per cent and there is no addition. How will the loan be accessed and what are the requirements? Let me first mention the generic requirements, before the specifics. When you are applying for a loan at BOI, you can clearly articulate your business model which has four questions. What is the product that you are offering, what is your target market, who are you going to sell your products to, why should anybody buy your product, what is your value proposition? That value proposition, how are you going to make that proposition come out live, how are you going to deliver it? If you articulate these four issues? I think we will have a basis for a very interesting discussion. These are generic. For this particular product, first, it is agro-processing, which means that

business |INTERVIEW 43

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Monday, September 29, 2014

agro-processing, says BoI MD

As long as we have people who are willing to receive a premium for any risk in the sector, we will be prepared to take that as part of enhancing the credit quality. But the problem usually is that insurance companies would run away. If they are available, we will take. It is only us that will develop our country and thatâ&#x20AC;&#x2122;s the bottom-line. When you import processed products, the people who are processing from other countries are developing their own agric sector. Let me digress a little, so that we can understand what we are doing here. I am sure that many of us take cornflakes. What are cornflakes? It is just processed corn. Thatâ&#x20AC;&#x2122;s what a company called Kellog, a company in US does. It is a multibillion dollar company. It process corn into cornflakes and we all buy it. When we were in school, we all bought and eat cornflakes. Some of us eat baked beans. There is a multibillion dollar company in the USA called Heinze which make baked beans. They buy beans from the farm and process it. So, this is a big opportunity that Nigeria cannot afford to miss.

BIODATA Education: MBA IESE Business School- Barcelona, Spain Honors Degree, IESE Business School- Barcelona, Spain Position held in the past: Former Director UBA Capital Plc 2008 Former Executive Director and Member of Board Audit Committee United Bank for Africa Plc, Former Managing Director/Chief Executive Officer, Universal Trust Bank Plc Senior management in marketing Arthur Andersen Senior roles in marketing and relationship Management, Treasury management, Currency Trading and Investment Banking

the product must be available in Nigeria, that you will like to focus on a full product, in the intermediate raw material for the sector. The agric product must be available in large quantity. We are not looking at a massive transport cost; you have to locate your factory where the raw materials are available. The transport cost is minimal, we expect that you will identify an equipment supplier that is certified by BOI; we expect that you articulate some kind of personnel requirement, it is within the limit of your budget; we expect that you identify some markets, products you want to process and sell. These are basic elements of the business model that we expect you to come up with. For those who are not able to do these themselves, we are now

Olaoluwa

bringing the service firms to help. At the end of the day, this professional service firm will almost increase their chances of success. A lot more information can be ob-

tained from our website or any of the zonal office. How do you ensure energy around the farms as most of them are not connected to the national grid because of their locations? Energy is a major issue and that was why we said that for any application, both primary and the secondary sources of energy must be included. Unfortunately, renewable energy is expensive. It is very expensive relative to others, not to talk about a windmill. Studies have shown that we have not got sufficient wind speed that can power a windmill. Our solar energy is just a fraction of what we have in Mauritania or Senegal. This is due to our position on the surface of the earth. So there are issues, but some progress is being made in terms of energy supply with crude and natural gas, more power will be generated to also help our applicants. I am aware that gas supply had been an issue; I am aware that some steps have been taken to address the gas shortage issue to increase production capacity. Is BOI going to have equity in this intervention? This one has no equity, but we are going to structure something that will have equity in future. This product is 100 per cent loan, but there is another product that will have some equity. As a general principle, as a development bank, we have to engage in venture capital activities. BOI undertake certain venture capital, when we see highly crazy, highly irresistible business plan, all that it just require is to put some money in it. We can be part of the investment for at least five years. When they start making profit, then BOI will divest to let the promoters have the company 100 per cent.

Olaoluwa

Agric is perceived a high risk sector. Do you factor insurance into it and who does the insurance - BOI or the borrower?

What is the turnaround time of accessing this fund after submitting due application? What is the size of the figure? As much as possible, we will like to do this from the application by making sure that the projects are bankable. We say that the applicant should be able to get it within two weeks. We try to re-engineer some of our forms to ensure that it does not extend beyond four weeks. We are starting with five billion naira and if we exhaust this, we are prepared to make additional funds available. Are you partnering with Bank of Agriculture? And please differentiate between the former Agric intervention fund and the one from BOI? Bank of Agriculture deals with primary agriculture, farming basically. Bank of Industry get involved with that sector from the processing side which is actually manufacturing at the end of the day. So what we are discussing is agro processing. The product has been produced, rather than have it wasted post-harvest, we process them into foods, we store and transport, even for export. The company that is doing the cashew nuts for British Airways employs 2,500 skilled workers. The young people should stop looking at agriculture as something for the old guys in the village. Young men and women should begin to take up agric as a primary business, agro processing as a value adding process. What stage are you in the processing of the $500 million facility with the African Development Bank (AFDB) that was announced at your last annual general meeting? The $500 million facility was discussed with the African Development Bank (AfDB) before I resumed. But the situation that I met on ground when I resumed was that facility has been reduced from $500 million to $100 million. We have accepted the facility and we are currently undergoing the documentation required. You know we require a sovereign guaranty which I believe that CFA has approved and we published a notice in some newspapers recently, as part of fulfilling the conditions precedence to drawing down that facility. We have already appointed an international consultant that will help in capacity building for BOI. We are hopeful that we will draw down before the end of the year.

44 business | global NEWS

BlackBerry cuts loss ď&#x20AC;˝Sees rising sales

lackBerry Limited reported a smaller quarterly loss on Friday and flashed encouraging signals about its hard-pressed smartphone business as well as its software and services sales, spurring a more than four per cent jump in its shares. The Canadian company, a smartphone pioneer pushed to the margins by Apple's (AAPL.O) iPhone and devices running Google's (GOOGL.O) Android software, is now focusing more on software and services than on hardware as it works through a long turnaround. On the services front, the company reported a huge number of conversions in its second quarter to its heavily promoted new device management platform. But BlackBerry's hardware unit also offered hopeful news, posting an adjusted profit for the first time in five quarters, helped by lower manufacturing costs and strong demand for its lowend Z3 handsets in emerging markets. "This is the first time in a long time that we have actually made money on hardware," Chief Executive John Chen told reporters, while hinting at plans to unveil new phones at Mobile World Congress in Barcelona in 2015. "We think we can continue on that track, so hardware is no longer going to be a drag to the margin and the earnings." The Waterloo, Ontariobased company's revenue in North America rose from the previous quarter, but sales slipped elsewhere. Its total revenue was down more than 40 percent from a year earlier. "They're taking all the right steps, which is great. It's encouraging to see," said BGC Partners analyst Colin Gillis. "Now we've got to see what Chen can do about the revenue decline." BlackBerry shares were up 5.2 per cent at C$11.45 on the Toronto Stock Exchange and up 4.6 per cent at $10.26 on Nasdaq. Chen, who became BlackBer ry's CEO in N ove m b e r, said the company has already taken 200,000 orders for its new squared-screened Passport smartphone, which went on sale on Wednesday and sold out on Amazon.com within six hours. Chen said he expects BlackBerry to release a second generation Passport device at some point down the road based on the much better than expected demand. He said the company would be "squeezed a little bit" on availability of the device this quarter.

Sanctity of Truth

Monday, September 29, 2014

How Bill Gross became too hot for Pimco to handle

ill Gross' abrupt departure from Pimco, the giant bond firm that he cofounded more than four decades ago, was preceded by months of clashes between the star investor and the firm's executive committee that got progressively worse, according to sources familiar with the situation. Tensions had been building within Pimco, the Newport Beach, California-based asset manager with about $2 trillion under management. Co-Chief Investment Officer Mohamed El-Erian, Gross's long-time heir-apparent, made an acrimonious exit in January.

The flagship Total Return Fund, the world's largest bond fund, suffered 16 straight months of outflows. The wrangling and the underperformance grated on the executive committee, chaired by Chief Executive Douglas Hodge. "While we are grateful for everything Bill contributed to building our firm and delivering value to Pimco's clients, over the course of this year it became increasingly clear that the firm's leadership and Bill have fundamental differences about how to take Pimco forward," Hodge said in a statement on Friday. As Gross, known as the

"Bond King" within the industry, butted heads with colleagues, the clashes got worse. In recent days, about five senior portfolio managers told the executive committee that they would quit if Gross stayed, the sources said. Gross himself threatened repeatedly to quit, letting management know that he had been looking around for a role elsewhere. Jeffrey Gundlach of DoubleLine Capital, Gross' arch-rival and the closest contender for the Bond King crown, said in an interview on Friday that Gross approached him early last week about a possible role.

Passengers wait in line to rebook cancelled flights at O'Hare International Airport in Chicago

Takata regional US air bag recalls may include GM vehicles

he safety recall in parts of the United States of millions of vehicles with potentially defective air bags made by Japan's Takata Corp (7312.T) may expand to include General Motors Co (GM.N), according to documents filed this week with U.S. regulators. Over 4.3 million cars produced by automakers including Honda Motor (7267.T), Fiat's (FIA.MI) Chrysler and Toyota Motor (7203.T), are affected by the regional recalls. They began in June in certain high-humidity areas of the United States after the National Highway Traffic Safety Administration (NHTSA) started investigating reports of air bag explosions in Florida and Puerto Rico. The regional recalls initially affected nine automakers, but documents filed by Takata for a meeting this month with NHTSA and the affected companies listed GM for the first time as being potentially affected. The Takata documents, posted online

this week by NHTSA, said the number of vehicles produced by the largest U.S. automaker was undetermined. Over the last six years, Takata has recalled 16 million vehicles globally for defective air bags, including the regional recalls. Takata said on Friday the world's No. 2 maker of auto safety products was working to get the replacement inflator kits to its automotive customers. The September meeting documents included a forecast showing automakers had asked Takata to build almost 1.47 million inflator kits in the next six months. That total was down about 39 per cent from the August meeting's 2.39 million estimate, but Takata spokesman, Alby Berman, said the forecasts were not comparable. He said the August number included inflator kits required for recalls outside the United States, while the September estimate only pertained to kits required for the US recalls. NHTSA officials said they do not comment on ongoing

investigations. Prompted by NHTSA, Takata and automakers are seeking to determine whether exposure to high humidity caused any defect in the inflators collected though the regional recalls. Takata said in the documents it may take three to four months after receiving enough of the recalled inflators before "we see patterns emerging in the data." Takata had received 4,109 of the recalled inflators for testing as of Sept. 15. In the documents posted this week, Takata said it had faced production problems with the replacement inflator kits, because of a shortage of wire harnesses used in the part. Takata's Berman called that a "minor issue" and said it had been resolved. Other automakers affected by the regional recalls include BMW (BMWG.DE), Ford Motor (F.N), Mazda Motor (7261.T), Mitsubishi Motors (7211.T), Nissan Motor (7201.T) and Fuji Heavy Industries' (7270.T) Subaru.

They met last week at Gundlach's house in Los Angeles. The two discussed the possibility of Gross joining DoubleLine, but Gundlach said he wasn't willing to share direction of the firm with Gross. "He didn't seem that rattled. But he didnâ&#x20AC;&#x2122;t seem happy. He seemed a bit angry about what was going on," Gundlach said. In recent days, when Gross again threatened to quit, the executive committee decided it was time he actually left the firm, one of the sources said. The firm had already put a succession plan in place, choosing Deputy Chief Investment Officer Dan Ivascyn as the successor. Allianz SE (ALVG.DE), the firm's German parent, had given its blessing. An announcement of Gross' ouster had been prepared, and was set to be announced as soon as Saturday, the source said. On Friday morning, Gross quit Pimco to join asset manager Janus Capital Group (JNS.N), run by his former Pimco colleague Richard Weil. Gross will manage the Janus Global Unconstrained Bond Fund (JUCTX.O). The fund, started in May, has just $13 million in assets. Pimco Total Return Fund has about $222 billion. "It is the right thing," Gundlach said of Gross's move to Janus. "Now he can perform better because he isn't managing a lot of money." Gundlach said Gross left him a voice mail on Thursday evening, saying he was leaving Pimco to join another firm.

Sharp to seek job cuts in Europe

apan's Sharp Corp said on Friday that it would seek 300 job cuts in Europe and pursue cooperative ties in household electronics with two companies in the region in a renewed round of restructuring of its European operations. The electronics maker said it would grant use of its TV brand in Europe to Universal Media Corp (UMC) Slovakia while a sales unit of Turkish electronics firm Vestel Elektronik Sanayi ve Ticaret AS (VESTL.IS) would receive use of its home appliances brand. Sharp also said it was in talks with UMC about transferring its Polish TV factory to the Slovakia firm. Sharp said it would book a 6.4 billion yen ($58.7 million) special loss related to the moves in the second quarter. It expects no change to its full-year profit forecasts. Sharp has been cutting costs and exiting unprofitable operations since it suffered a massive 545 billion yen net loss in the year ended March 2013. In July, Sharp pulled out of solar panel production in Europe.

NEWS 45

Sanctity of Truth

Monday, September 29, 2014

Benue South endorses Mark for Senate Cephas Iorhemen Makurdi

he Benue South SenaTPeople's torial District of the Democratic Par-

L-R: Alaafin of Oyo, Oba Lamidi, Olayiwola Adeyemi III; Chief Executive Officer, BEN TV, Mr. Alistair Soyode; Speaker, Oyo State House of Assembly, Rt. Hon. Monsura Sunmonu; Iba of Kishi, Oba Moshoud Lawal Oyekola; Akibio of Ilora, Oba Stephen Oparinde, and Samu of Oyo, High Chief Lamidi Oyewale, after a live interview by Oba Adeyemi III at BEN TV, London…recently

$US0.952bn The overall company’s profit of Thales, France in arms sales in 2008. Source: Blatantworld.com

The number of deaths due to an outbreak of Ebola in Congo DR in 2012. Source: Who.int

1:6

The projected ratio of deaths due to disease related to smoking by 2030. Source: Smokingstatistics.org

Onolememen: Jonathan not playing politics with road projects development

From 4, 000km of roads in fair and motorable condition out of 35,000km of FG-owned roads in 2010, it is now 75,000km of improved roads Cajetan Mmuta BENIN

inister of Works, Mike Onolememen yesterday assured Nigerians that the administration of President Goodluck Jonathan was committed to the completion of all the road construction works across the nation without any political attachment. Onolememen stated

this during an interactive session with journalists in Benin, Edo state capital. He described as unprecedented the number of roads so far built by the government, a development he noted transcends to other sectors. Speaking against the backdrop of claims in some quarters that Mr. Jonathan may slow down work particularly on roads as a strategy to re-ignite his re-election campaigns, the minister maintained that the administration does not play politics with road even in the face of seeming technical challenges in the construction of some of the roads. “The federal government does not play politics with road developmen.

The east west road for instance, there are so many things that happened behind the scene that members of the public are not aware of. If you know the technical challenges on that road since it was awarded, you will understand”, he said. He recalled that in 2010, a study conducted by the department for International Development (DFID) of the United Kingdom, indicated that only about 4,000 kilometre of roads were said to be in fair and motorable condition in Nigeria out of a total of about 35,000 kilometre of roads owned by the federal government of Nigeria. Onolememen pointed out that with the transformation agenda of the

PDP led federal government under President Jonathan, about 25,000 kilometers of roads have been achieved. “For three years on, about 25,000 kilometre of roads are now in good and motorable condition and that is a transformational feat. It did not happen by accident, it happened as a result of the unique transformational and visionary leadership of Mr. President which is rooted deeply in high moral values, fear of God and the love of country,” he said. The Minister also assured people especially motorists and travellers within the Niger Delta region that the east-west road would be completed before the end of this year.

he South-East/SouthSouth caucus of Team General Muhammadu Buhari, (Team GMB) yesterday said Nigeria needs a credible leader like Buhari as president in 2015. Addressing a press conference in Port Harcourt, the group's coordinator, Chapp Jonathan, said what Nigeria and Nigerians need in 2015 is a president with ideas and someone who can take Nigerian to a greater height. The statement reads in part: “Nigeria’s problem is systemic and no government can be better than

the public opinion which sustains it, most of it is caused by leadership miscarriage, visionless leadership, now with obvious divisive mechanism with nose-diving currency value. Nigeria is turned on a delicate path. Public praise for this government in the morning is immaterial as compared to our mid-day complaints. We may have made mistakes in the choice of leadership; our present decision to secure our future is the ultimate. What is sacrosanct is our obligation to devote every effort of body, mind and spirit to lead our Nation to greatness."

Accordingly, “a good leadership gives its people all the opportunity to work out their hope. Nigerians have hoped for credible leadership these 15 years. Now is time to put in place this credible leadership; leader that will defend our national interests abroad, put values into our social policy at home, and spend tax payers’ money with discipline. That leader we have seen is General Muhammadu Buhari. “General Muhammadu Buhari, known for his integrity and incorruptibility contested thrice for the presidency since

NUJ President urges journalists to shun bias Dan Atori MINNA

National President TofHE of the Nigeria Union Journalists (NUJ)

Mohammed Garba has charged journalists to ensure they are not be used by politicians as the general elections draw closer. Garba made this charge over the weekend during a dinner and award night of the Niger state Council of the NUJ to mark the end of its 2014 Press week at the IBB Pen House Minna. The National President who was represented by the Vice President Zone 'D' Mr. Mathias Omale, . He said: "Very soon, there will be accusations upon accusations as the 2015 general elections draw close. We must be very cautious and we must exhibit professionalism. "Do not be afraid in the cause of discharging

2003. For a righteous man may fall seven times and rise again. But the wicked shall fall by calamity God has said to the PDP like He said to Eli “for I have told him that I will judge his house forever for the iniquity which he knows, because his sons made themselves vile, and he did not restrain them”. What God says to one, He says to all. “But to General Buhari, time as the Minister of Petroleum to being the Head of State and then Chairman of the Petroleum Trust Fund), he demonstrated humility, discipline and leadership."

your duties. Especially as the 2015 general election approaches, many politicians will accuse you, threaten you and do all kinds of thing to you but be firm because we (Journalists) fought for the democracy we are enjoying today as a nation and nobody can intimidate us. It is INEC that needs to improve and they must prove to all Nigerians that they can do better." He however charged Journalists to always stand for the truth, work together and cooperate because the media cannot be downgraded. Earlier in his remarks, the Chairman of the NUJ, Niger state, Iliya Garba urged members to key into the insurance scheme of the union. "The issue of insurance must be adheredto by members in the case of any eventuality, so that our families can be duly compensated”, he said.

PDP, APC bicker in Ondo Babatope Okeowo Akure

he All Progressives ConTState gress (APC), in Ondo yesterday said there

Team GMB extols Buhari's virtues Temitope Ogunbanke

ty (PDP) at the weekend unanimously endorsed the Senate President, Senator David Mark to contest for the 2015 senatorial seat for the zone. The endorsement of the Senate President has put to rest widespread agitation by some other prominent Idoma sons including former permanent secretary in the Federal Ministry of Defense, Chief Mike Onoja who is also eyeing the position seriously. The endorsement has also ended the expected primary election between the two.

The decision followed a motion moved by Deputy Speaker of the State House of Assembly, Hon Steven Omeje at a wellattended meeting of the members of the party in the area, including all the members of the caucus from the nine local government areas in the senatorial district. Speaking, Benue state deputy governor, Chief Steven Lawani hailed the decision to support the re-election of Senator Mark, which he said is also the position of the state government. "As your son and as deputy governor of Benue State, I fully endorse what has happened here this afternoon," Lawwni said.

is no justifiable reason for the people of the state to vote for President Goodluck Jonathan in next year’s election. But a leader of the Peoples Democratic Party (PDP), Hon. Gbenga Elegbeleye said there are enough reasons for the adoption of the President by the party and for the people of the state to vote for the party’s candidate. The APC though its Publicity Secretary, Mr. Abayomi Adesanya said the adoption of President Jonathan is an endorsement of incompetence, corruption and insurgency, but Elegbeleye, who is the Director Gen-

eral of National Sports Commission(NSC) said the development is the best for the country. Adesanya in his statement said the endorsement of President Jonathan as the sole candidate of the PDP for 2015 presidential election, to the exclusion of all other candidates, is not only a mockery of democracy but also the glorification of failure. His words: "If after the review of Goodluck Jonathan-led administration's policies and scandals, like Missing Chibok girls, handling of Boko Haram insurgency, fuel subsidy scam, Oduahgate, Diezani Jet scandal, $9m cash-forarms scandal, pension fund, scam, lettergate, missing $20billion and others too numerous to mention."

46 NEWS

Sanctity of Truth

Friday, September 29, 2014

2015: Arewa youths insist on Northern candidate

...Sani lambasts past leaders from zone Ibraheem Musa KADUNA

he Arewa Youth Stakeholders Forum has described President Goodluck Jonathan’s endorsement as the sole candidate of the Peoples Democratic Party (PDP) as a ‘joke of the decade’ because the North will only support a candidate from the region in the coming presidential election. The group made the statement at a summit held in Kaduna at the

weekend. It noted that there is the need for the North to screen all presidential aspirants from the region in order to come up with an acceptable candidate. Meanwhile, President of Civil Rights Congress (CRC), Shehu Sani has said that 70% of the underdevelopment in the north is caused by majority of its leaders while the remaining 30% was imposed by President Goodluck Jonathan and his associates. Sani who made this known while speaking

NMA appeals to Fashola to pay withheld Lagos doctors' salary Appolonia Adeyemi he Nigerian Medical TLagos Association (NMA), Chapter on Sun-

day appealed to the Lagos State Government to pay the withheld emolument of doctors in the employment of the state. Addressing a news conference in Lagos, NMA Chairman, Dr. Tope Ojo said it is worrisome that the Lagos State Government withheld the emoluments of its doctors for the month of August and September 2014 as a result of the July 1 NMA nationwide strike. He said all the states of the Federation and the FCT had complied with the general agreement that led to the suspension of the 55-day old NMA Nationwide strike to pave way for peace and further negotiations. According to him, only Lagos State is yet to com-

ply with the agreements. ''It could be recalled that the NMA, after series of negotiations with the government suspended the strike. Some of its demands were met. ''The sack of resident doctors was reversed and all outstanding emoluments had been paid as agreed which led to the suspension of its strike action. ''It is worrisome that till date, the Lagos State Government has held on to the emoluments of its doctors for August and September. ''Also, May 2012 salary is being withheld till date in spite of several appeals. This makes Lagos the only state that has not complied with the general agreement'', he said. Ojo said the strike action was not at the instance of the Lagos State employed doctors but at the instance of the parent body of the association.

PDP: Blame APC, if Osun burns Adeolu Adeyemo OSOGBO

sun State Chapter Of the O(PDP) Peoples Democratic Party at the weekend raised

the alarm that Osun State governor, Rauf Aregbesola led administration has perfected plans to commit arson through its agents who will disguise as members of the PDP to cause confusion in the state. The party in a statement signed by its Director Of Publicity, Prince Diran Odeyemi in Osogbo, argued that the plot is now uncovered and called on the security operatives to act fast on the matter to stall the evilperpetration of the APC. "We further call on security agencies to be vigilant and nip in the bud the violent agenda of the Osun state Government. Any mayhem in Osun should squarely be placed on the

doorstep of the APC as PDP remains a peaceful platform determinedly pursuing justice only within the law to secure justice and rescue Osun state from the clutches of Lagos slavemasters". Odeyemi said: "We are constrained to alert the general public to an ongoing plot by the All Progressives Congress to ferment trouble in Osun state as information at our disposal showed that series of meetings have been held at the Government House ,Osogbo since Friday morning where details of this evil agenda are been perfected. "A top commissioner under Aregbesola is reported to be coordinating the plot. The scheme is to be implemented as a way of stalling the ongoing election petition and create on atmosphere of insecurity in the state."

to a Coalition of Closed Unpaid Textile Workers Association (CCUTW) in Kaduna yesterday, said that it is time that northerners take their destiny in their hands. According to him, Northern leaders had the opportunity to industrialize and turn around the misfortunes of the region while at the helm but failed to do so and left behind a region that is backward and whose future is in doubt.

23,000

The Arewa group however, emphasized the need to have a credible candidate who would contest on the platform of the All Progressives Congress (APC) which is seen as the only alternative platform for the region to challenge the incumbent President. The Guest Speaker at the summit, Mallam Hassan Ibrahim, said that given the array of aspirants from the North jostling to succeed President

The total number of internet users in Liechtenstein in 2007. Source: Blatantworld.com

Jonathan, there is need to scrutinize all of them based on their contributions to the development of the North in order to make a good choice. "For over three decades when Northerners were in power, they used the opportunity simply to empower the traditional rulers and make the rich richer”, Sani lamented. Sani said that it is time for Northern political leaders to sit down

31%

The percentage of population in Sub-Sahara Africa that uses improved sanitation facilities. Source: Unesco.org

and devote more energy to the economic revival and empowerment of the region as much as they devote energy to political future of the rich. The activist, who is also a senatorial aspirant on the platform of APC, noted that the North has enough natural and human resources which if well harnessed, could sustain its economy without necessarily depending on federal allocation.

28.2%

The percentage contribution of Shares to Nigeria’s capital importation in 2009. Source: National Bureau of Statistics

L-R: Pastor, Ikate Baptist Church, Lagos, Rev. Joseph Adetutu; Chairman, 50th Anniversary Committee, Mr. Ayo Opadokun; All Progressives Congress (APC) governorship aspirant in Lagos, Mr. Akinwumi Ambode; wife of Lagos State governor, Mrs. Abimbola Fashola and special guest of honour/chief launcher, Dr. Funsho Oladipo, during the launching of appeal fund of N250 million of Ikate Baptist Church Jubilee House/50th Anniversary of the church in Surulere, Lagos…at the weekend

Fiscal Commission warns MDAs against operating surplus Simeon Ogoegbulem ABUJA

he Fiscal Responsibility Tthreatened Commission (FRC) has to wield the

big stick on ministries, departments and agencies (MDAs) of government who fail to remit their operating surplus into the Consolidated Revenue Fund (CRF). MDAs have been severally accused of withholding and even spending revenues accruing to them instead of paying same into government coffers as required by relevant

legislations governing incomes generated by them. Only recently, Finance minister Dr. Ngozi Okonjo Iweala pointedly accused most MDAs of frustrating government’s revenue drive by refusing to remit monies collected by them into federal government coffers. However, FRC said it is now poised to ensure that all revenue-earning scheduled corporations remit their Operating Surplus to the Consolidated Revenue Fund or face adequate sanctions. Chairman of FRC,

Chief Victor Muruako who handed the warning while playing host to the executive members of Imo State Branch of the Nigerian Bar Association (NBA), said it is obligatory for all revenue earning agencies of government to remit their operating surplus. Muruako stated emphatically that defaulting agencies would be made to face the full weight of the law, just as “the ones that have defaulted in the past would be forced to remit the Operating Surplus to the coffers of the government”.

He explained that the Commission’s renewed drive to ensure payment of operating surplus was informed by the desire to supplement national income in the face of dwindling oil revenue. The chairman used the forum to announce that the Commission has begun its 2014 project monitoring and verification of federal government capital projects across the country in order to ensure effective budget implementation in line with the provisions of the Medium Term Expenditure Framework (MTEF).

CNPP decries Taraba's political crisis Sabiu Mustapha JALINGO

he Conference of NigeTCNPP rian Political Parties, , Taraba State chapter, has expressed concern over the recent political crisis trailing the state. Comrade Razaq Umar, the state Labour Party Chairman and the state

Chairman Inter-party Advisory Council, IPAC, who addressed a press conference in Jalingo, on behalf of the CNPP, said it has become imperative for them to present their position on the intractable political crises imposed in the state by some desperate politicians, following the unfortunate air mishap in-

volving the state governor, a development that kept him out of office for the past twenty two months. “Ordinarily, we should not concern ourselves with any misunderstanding or infighting within the PDP or its government, but when the crises clearly threaten the very fabric of peace, unity and

survival of Taraba, we have no alternative than to intervene” Umar, said. He added that since the outbreak of the political hostilities, the image of the state has suffered a colossal damage in the hands of political opportunists who are bent on tearing the state apart, just to satisfy personal ambitions.

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NDDC governors plot new ways for legacy projects Dominic Adewole, ASABA

ising from a session RAdvisory that lasted all night, the Council of the

Marketing Director, Nigerian Breweries Plc, Mr. Walter Drenth (fourth left), presenting a dummy cheque of N10 million to the winners of the Maltina Dance All Season 8 (Rhythm of Happiness), the Utere family, at Eko Hotels, Victoria Island, Lagos….at the weekend. PHOTO: SULEIMAN HUSAINI

Oshiomhole accuses FG of illegal deduction of states’ funds

Cajetan Mmuta BENIN

do State Governor, Adams Oshiomhole, has accused the Federal Government of making illegal deductions from the federation account, which he said has led to the pauperisation of states. He said the Nigerian Bar Association (NBA) should speak up against the many illegalities being perpetrated by the Federal Government, if democracy must grow in the country. The governor stated this at the weekend when he played host to the President of the Nigerian Bar Association (NBA), Mr. Augustine Alegeh (SAN), at the Government House, Benin, the Edo State capital.

He said the Nigerian Bar must find time to speak out not only on the rule of law, but also on political issues without necessarily being partisan. “I will like to comment on your advice on obedience of court orders. Even on this, I ask you to confront the issues frontally. There is a Supreme Court judgement about the status of crude accounts. That account is illegal, having regards to sections of the constitution. The judgement of the Supreme Court was clear; you can’t keep a part of the federation account,” he stated. The governor noted that; “Crude oil excess is unknown and even the concept of excess is dubious. How can you have excess at a time you are borrowing? That pronouncement is there and

I want to hear the voice of the Bar on that issue and you can compel the Federal Government to obey the Supreme Court. When you do that you can come back to us and ask us to do our part.” He continued: “Still talking about violation of court orders, I have had to ask Chief Mike Ozehkome (SAN), to challenge the powers of the AuditorGeneral of the Federation and the President to make deductions from the federation account, because the constitution as we understand it is clear. All monies must first be distributed. Even the Association of Local Governments of Nigeria (ALGON) has its money deducted from source. This is unknown to the constitution.” Oshiomhole said ALGON has toed the path of

the governors’ forum and wondered “how much we pay and how we maintain the Governors’ Forum is the business of the governors. It will be ridiculous to ask the Accountant-General of the Federation to make deductions from the federation account to maintain the Governors’ Forum.” “There are several such violations which the Bar must attack and speak on the side of the rule of law. I am sure you are aware that the Federal Government engages illegally in clear subversion of the letter and the spirit of the constitution, deducted money accruing to local government to give to contractors who have no contract with each of these local governments to build so-called Health Centres across the 774 local government areas in the country,” he said.

Ekiti crisis: Fayose should be closely watched, says Osun APC Adeolu Adeyemo, Wale Elegbede and Temitope Ogunbanke

he All Progressives Congress (APC) in Osun State at the weekend said the Ekiti State GovernorElect, Mr. Ayodele Fayose, should be closely monitored so that he does not truncate the country’s judicial process. The party warned that if the rule of law disappears in the country as it is now happening in Ekiti State, justice will collapse and anarchy will follow. The APC in a statement in Osogbo by its Director of Publicity, Kunle Oyatomi, said if the PDPled government refuses to obey the rule of law and their excesses are not checked, the country may be in danger. He, however, added that the PDP at the federal level should be held accountable for any untoward happening in the country.

“It is therefore imperative to ensure that not only should Fayose and his thugs be made accountable, everything should be done to persuade President Goodluck Jonathan that no Federal Government has survived creating anarchy in the West. “The earlier this lesson is learnt by the Jonathan administration, the better for democracy in Nigeria,” the APC said. “Nigeria does not deserve this tragic fate. It is time citizens of this country wake up from their slumber before criminals like those being bred by the PDP in Ekiti and elsewhere in the South West bring this hapless experiment of democracy to a tragic end.” While reacting to reports that Fayose led thugs to beat up judges handling cases related to his election and which later led to the closure of the state judiciary in-

definitely, Oyatomi said: “The event is a foreboding of the anarchy which the PDP intends to create not only in the South West, but also across the country.” Meanwhile, the panYoruba socio-political organisation, Afenifere Renewal Group (ARG), yesterday described the crisis in Ekiti State as needless and preventable, warning that it should not be allowed to degenerate into anarchy in the state. In a statement issued by its Chairman, Olawale Oshun, the group said from all indications, there is no justification for the state to transit from a peaceful community to that of chaos with one week. While observing that the two sequential attacks on judicial officers were pernicious in intent, it averred that the first incident ought to have served as premonition for a non-partisan

security agency to take charge and arrest the situation. The statement reads in part: “Not in any report did we read that the hoodlums attacked security officers. Rather, the attacks were targeted against unarmed civilians and judicial officials, right in the presence of security operatives. These are clear indications of deliberate negligence, if not collaboration, by security operatives. “That a handful of hoodlums, clearly under manipulation, successfully halted judicial proceedings in a lawful and legally-constituted court of law is appalling. It is a barefaced signal that ‘might is right’ and that hoodlums will now be the dispenser of justice in a civilized society. These acts are blatant disregard of the judiciary and an assault on the collective civility of all Yoruba people.”

Niger Delta Development Commission (NDDC), yesterday unveiled plans to unleash legacy projects across the states The council, comprising the nine governors of the Niger Delta region Delta, Ondo, Edo, Rivers, Cross River, Akwa Ibom, Bayelsa, Imo and Abia, eventually resolved to urgently address the poor funding challenge bedeviling the commission. Led by its Chairman, Dr. Emmanuel Uduaghan, of Delta State, the governors

at the New Government House, Asaba, decried the attitude of some oil majors that have defaulted on their funding obligations to the commission. According to Governor Olusegun Mimiko, of Ondo State, who addressed journalists on the outcome of their closeddoor meeting, defaulting oil companies have contributed in no small measure in stalling the commission’s activities. He said now that the commission has repositioned for better serve delivery to the people of the region, the council would no longer watch defaulters to continue in their way.

Nwaebili: I'm not eyeing Anambra governor's seat Tony Okafor AWKA

peaker of the AnamSsembly, bra State House of AsPrincess Chinwe

Nwaebili, has described as evil and malicious a recent media report linking her with the ambition to become the acting governor of the state in the event of a stumble on the way of Willie Obiano, the incumbent governor. The report had insinuated that the recent Supreme Court judgement in favour of Governor Willie Obiano had “dashed the Speaker's hope of becoming the Acting Governor of Anambra State.” But Nwaebili in a chat with newsmen in Awka, Anambra State, blamed the report on desperation on the part of some mischief makers, who she said indulge in rumour mongering and irresponsible journalism; adding that the Anambra State House

of Assembly has been working in collaboration with the executive “and so there was no way the House would have been divided against itself.” The Speaker, who reiterated her desire to occupy the Ogbaru House of Representatives seat in 2015 to better the lot of her people, was eyeing the direction of her opponents in the race as those behind the mischief. On the report that the wife of the governor, Mrs. Willie Obiano, endorsed her as APGA candidate for the forthcoming House of Representatives election in the area, Nwaebili wondered when the wife of the Governor had assumed the position of the party’s officials, who would conduct primaries and give tickets to deserving candidates, adding that Governor Obiano had repeatedly said that “no contestant in the forthcoming election has been given automatic ticket on the platform of APGA.

Delta to get 330/132/33kv substations by December Dominic Adewole ASABA

pileptic power supply EState in Asaba, the Delta capital and its en-

virons will be a thing of the past as the state will get reinforcements to ensure regular power supply. To this end, the commissioning of the Asaba/ Ibusa 330/132/33kv substation project to ensure that it conforms to best standard is expected soon. The Site Manager Ak-Ay Eletrick, the contracting firm handling the project, Mr. Odinaka Amaobi, expressed hope at the weekend that the project would be delivered as a Christmas gift to the people. Amaobi, flanked by

two other senior engineers, Mr. Godfery Duru, Project Manager (Niger Delta Power Holding Company (NDPHC/ NIPP) - Transmission Team III and Mr. Benson Bayo, representing, GOPA-Intech a consultant to NDPHC, said the inspectors commenced the commissioning of the project since last week. He said: “As we speak, the major work on the substation is done within a space of two years. This shows that the transformation agenda of the President Goodluck Jonathan administration is working. And I am sure that this project will be delivered to the residents of Asaba and environs as a Christmas gift this year.”

48 NEWS

Sanctity of Truth

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2015: Police re-arrest Ekweremadu's ally

en of the Criminal Investigation Department (CID) of the Nigeria Police, Enugu State Command, yesterday re-arrested the dethroned traditional ruler of Amandim-Olo in Ezeagu Local Government, Igwe Hayford Agana, along with four cabinet chiefs loyal to him. This was even as the Enugu State government, last week, issued a ‘Letter of Recognition’ to a new traditional ruler, Chief Eric Nwankwo, whom it allegedly imposed on the community. Agana, who had earlier told journalists that he was being persecuted for associating with the Deputy President of the Senate, Ike Ekweremadu,

was initially removed as the Chairman of Enugu West Traditional Rulers Council, where both Senator Ekweremadu and Governor Sullivan Chime, hail from, before he was subsequently suspended for allegedly failing to return a bus and N1 million, which the Enugu State government claimed were assets of the traditional rulers' council. However, the monarch in his reply dated March 11, 2014 and backed with receipt of purchase and vehicle registration particulars said: “The vehicle you were referring to was a gift given to me by Senator Ike Ekweremadu. “Since July 12, 2013, when he gave me the bus, I have used it not only for

The sex ratio of men to 100 women in the above 60 years old group in Mexico in 2012. Source: Un.org

myself, but for the purpose of Enugu West Traditional Rulers. That act of magnanimity on my part cannot, however, change the fact that the vehicle was given to me personally.” Ekwermadu corroborated the explanation in a letter to the Enugu State Government. “I did not buy or donate the bus to the Traditional Rulers Council of Enugu West. I also gave him the sum of N1million as donation to assist him with the initial operating cost of the said bus,” explained. However, the state government in a July 18, 2014 letter entitled; ‘Withdrawal of recognition as traditional ruler’, and signed by the Commissioner for

30%

The percentage of all cancer deaths are caused by smoking. Source: Smokingstatistics.org

Chieftaincy Matters, Pastor Emeka Abugu, said: “I am directed to refer to my earlier letter No: MCM/ CM/605/VOL.111/101 dated June 17, 2014, suspending you as the traditional ruler of your community. “Consequent upon your refusal to comply with government directives therein, your recognition as traditional ruler is hereby withdrawn pursuant to section 10 of the Enugu State Traditional Rulers Law.” About a fortnight ago, the police came down hard on members of the community protesting the dethronement of their traditional ruler and the imposition of the same person defeated by Agana in 2002.

22,045

The number of fixed-telephone subscriptions of Seychelles in 2010. Source: Itu.int

2015: Amaechi urges Rivers to elect worthy successor early eight months to on-going projects emNterm the expiration of his barked upon by his adin office, Rivers ministration. State Governor, Chief Chibuike Amaechi, has called on people of the state to choose a credible successor that will take over from him on May 29, 2015. Amaechi stated this yesterday during an inter-denominational church service marking the 54th Independence Day Anniversary held at the St. Cyprians Anglican Church in Port Harcourt, the Rivers State capital. He maintained that the era of imposition of candidates on the people was over and advised people of the state to choose wisely by embracing democratic values and actively participating in the electoral process. According to him, “Rivers people have a right to choose who will lead them in 2015. In a free and fair election, they have the mandate to do so”, Amaechi said. Amaechi also used the opportunity to thank God for creating the enabling environment for him (Amaechi) to keep his vow, which he said, was a commitment to serve God and the poor. Governor Amaechi, however, decried the consistent dwindling of Federal allocations to the state from N25billion to N12billion, a development which he announced has slowed down the pace of some

Meanwhile, Amaechi has been honoured by the people of Emohua Kingdom with a Chieftaincy title of “Ugwugwu of Emohua"(the Pride of Emohua). The governor also received accolades from the people for his uncommon achievements in terms of infrastructure and manpower development. In an address presented by Chief Ozaze Obillor and signed by the Paramount Ruler of Emohua, His Royal Majesty, Eze Oha V. B. Okor, at Rumuchie Emohua at the weekend, the eight communities of Emohua clan comprising, Rumuchie, Mgbu-Itanwo, Odohua, Rumu-Akunde, Elibrada, Mgbu-etor, Isiodu and Rumu-Ohia stated that: “Because of the love and regard you have for Emohua, you are here today to visit Emohua. His Excellency, we were in Government House to appreciate you and to congratulate you in being who you are: bold, courageous, firm, decisive and focused on any agenda you are convinced about. You have shown most admirably the characteristic trait of a true son of Emohua and truly we are adopting you as a true son of Emohua. Thus, after your native home Ubima, take Emohua as your second home”.

GGW engages ‘52,000 workers Lateef Ibrahim L-R: Bride's father, Mr. Olusegun Fayemi; wife of Ekiti State Governor, Mrs. Bisi Fayemi; the Groom, Oluwole Dasylva; bride, Olufunke; her uncle/Ekiti State Governor, Dr. Kayode Fayemi; and Deputy Governor, Prof. Modupe Adelabu, at a wedding reception in Ado-Ekiti... weekend

NANS cautions students against violence Yekeen Nurudeen ABUJA

s the nation moves closer to the 2015 general elections, the newly elected leadership of the National Association of Nigerian Students (NANS) has appealed to students in tertiary institutions across the country not to allow themselves to be used for violence in the forthcoming elections. The body said, students as the leaders of tomorrow, should not allow themselves to be used by any politician for selfish interests. This was as the students’ body also urged students to embrace peace and support the Unity Government of the President-Elect of the association, Comrade Tijani Usman, to promote

and protect the interests of all Nigerian students. General SecretaryElect, Comrade Ali Wali, who made the call in Abuja, at the weekend, while speaking with journalists, particularly extended hands of fellowship to members of the association, who contested for elective posts, but lost in the last convention of NANS held between September 11 and 14, in Asaba, Delta State. He urged them to join hands with the Unity Government to be formed by the NANS President-Elect, noting that what should be paramount in the minds of the students after the Asaba convention is how to move the association forward and protect the interest and welfare of Nigerian students.

Anambra indigenes in Lagos support Obiano with N500m State Governor, Ahasnambra Chief Willie Obiano, received support from

Anambra State indigenes in Lagos, who rallied round him at the weekend when they donated N500 million to support the job he is doing in providing efficient and effective security in the state. Leading the pack of the state’s industrialists and illustrious citizens at the fundraising ceremony held at the MUSON Centre, Lagos, to shore up the state’s financial capacity to combat criminals, was the Chairman of Coscharis Group, Mr. Cosmas Maduka, whose donation spurred others to donate generously to the cause. Setting the tone for the ceremony with his welcome address cleverly titled; “Securing the Dream of a New Anambra State,” Obiano said

that on assumption of office, he made the security of lives and property of the people of Anambra the priority of his administration, because he had realised that humanity was threatened by insecurity all over the world. “There is the ISIS challenge in the Middle East and the threat of Boko Haram in Nigeria and neighboring West African countries. In cities, towns and communities across Nigeria, the threat of violent crimes and kidnapping has caused a lot of sleepless nights among our people. “Happily, in the past six months of my administration, Anambra people have slept with their two eyes closed,” Obiano observed, drawing applause from the audience.

ABUJA

o fewer than 52, 002 Ngaged people have been enin various ac-

tivities under the Great Green Wall (GGW) programme of the Federal Ministry of Environment, a progress report of the implementation of the GGW has shown. The GGW is aimed primarily at combating the menace of desert encroachment as well as address the various ecological problems that are bedeviling most parts of the country. Already, the presidency has released over N16 billion for the take-off of the Great Green Wall as an agency of its own. According to the progress report, which was compiled by the Director, Department of Drought and Desertification Amelioration in the Ministry, Dr. Bukar Hassan, 50, 210 youths were engaged in planting and other related activities, 920 people have been engaged in borehole drilling while 272 forest

guards were trained and engaged. The President Goodluck Jonathan has also directed the release of another N6 billion for the financing of the 2015 Work Plan of the GGW. According to the report; “One of the cardinal objectives of the Great Green Wall programme is to create vibrant, equitable and sustainable rural communities through strategic investment in social and economic infrastructures. This enables the rural communities to address basic human needs while engaging in economic activities. “Works for the construction of 92 boreholes were awarded to serve as sources of water for the activities of the programme. Based on the recent monitoring reports, more than 60 percent of the boreholes have been completed. “In most of the communities, water shortage is being addressed as women and children no longer trek long distances in search of water. On the average, 60 percent progress has been achieved across the board."

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Synagogue tragedy: Fashola assures people of justice Lagos PDP disassociates self Muritala Ayinla

agos State Governor, Mr Babatunde Fashola, (SAN) has assured Lagosians that justice would be done over the collapsed Guest House belonging to Synagogue Church of All Nations (SCOAN). The governor, who spoke at the weekend, during the Legal Year Dinner (2014/2015) held at the City Hall, reiterated that justice would be done but the state government would not resort to mob justice. He was reacting to concerns being expressed by some people who are

calling for justice over the tragedy that resulted in the loss of lives. He said: “Let me assure you that justice would be done but we would not resort to mob justice because that is not our way. This government is a government of methods. When incidents like this happens, there is a mixture of tragedy, possible accidents and possible crimes. It is only by painstaking investigations, collection of evidence that we can really get to the root of the matter”. The governor reiterated that at the point when he went to the scene, emergency responders

were still at the stage of rescue, trying to see if more lives could be saved and that some people were impeding the operation of the emergency responders, hence he had to ask such people to leave. He said his visit turned out to be fortuitous because one person was brought out alive, noting that another hour under the rubble may have been fatal for the survivor. According to the governor, with the completion of that process, evidence have been gathered while tests are going on in the way the law requires the state government to proceed.

“We are at the next stage when those who lost loved ones are grieving and want to bury them and we need to assist them to deal with the very painful part. We are struggling to identify bodies”. “We have opened up a centre asking people to come forward, who are relatives so that they can give tissues and samples so that we can begin a very difficult and painful process of DNA identification. That is the point where we are, without prejudice to the investigation that is going on. That is where we are."

from suit against Jonathan Wale Elegbede he Lagos State chapter of the Peoples Democratic Party (PDP) has denied knowledge of any person by the name Adejumo Mansour Agbaje, as a consequential or leader of the party in the state. The PDP in a statement issued yesterday by its Publicity Secretary, Taofik Gani, said the bearer can thus not be representing the interests of its members, nothing that; “such person is definitely on a

frolic of his own probably to gain media attention or for pecuniary interests.” “Lagos PDP position is based on a report in some national dailies that Adejumo Mansour Agbaje, is a member of PDP in Lagos State, in conjunction with some members of All Progressives Congress (APC) has filed a suit marked FHC/ABJ/ CS/662/2014, to challenge the eligibility of Dr. Goodluck Jonathan from seeking re-election.

Nigeria at 54: Amosun preaches unity

overnor Ibikunle AmoGcalled sun of Ogun State has on Nigerians at

home and abroad to ensure the spirit of unity and collectivity manifest while addressing issues affecting Nigeria as a nation so that the country can be a better place for all to live. The governor made the call while addressing the congregation that had converged to pray at the special church service to mark the 54th Independence Day Celebration in the state held at the Cathe-

dral of St. Peter, Ake, Abeokuta, the state capital. Amosun, who was represented at the programme by his wife, Olufunsho Amosun, said Nigeria is capable of tackling all the security, ethnic as well as the socio-economic challenges militating against her attainment of nationhood, if the citizens could apply same spirit of love, unity and collective responsibilities as displayed during the period of fighting the Ebola Virus Disease (EVD).

A’Ibom wades into airport workers’ dispute Tony Anichebe Uyo

etermined to ensure inDworkforce, dustrial harmony in its the Akwa Ibom L-R: Egyptian Ambassador to Nigeria, Amb. Ashrof Salama; Bauchi State Governor, Isa Yuguda and Vice-Chancellor, Abubakar Tafawa Balewa University (ATBU), Bauchi, Prof. Saminu Abdulrahman, during Yuguda's inspection visit to ATBU's permanent site in Bauchi …at the weekend

150 AP members defect to LP Sola Adeyemo Ibadan

ecretary of Accord Party in Ibadan North Local Government, Kazeem Fakorede, has defected to the Labour Party (LP) along with 150 other members. Fakorede's defection was sequel to the failure of the party to reinstate him against the directives of its leader and former governor, Rashidi Ladoja. The defectors were received into the Labour Party by one of its gubernatorial aspirants and former Secretary to the

State Government, Chief Sarafadeen Abiodun, as well as the 2011 governorship candidate of the defunct All Nigeria Peoples Party, Hon. Wale Olatunji Murphy. Alli and Ladoja are from the Ibadan North constituency and share biological ties. The decampees were led to the Anglican Secondary School, Total Garden, Ibadan venue of the reception by their chieftains in the council, Alhaji Mufutau Baoku, Chief M. O. Adegoke, Alhaji Nurudeen Olanrewaju and Mrs. Omolara Bibire.

PDP aspirant warns against crisis Buhari Bello Jos

gubernatorial aspirant ADemocratic under the ruling People Party (PDP)

in Plateau State, Haruna Dabin, has said that something urgent and strategic must be done to arrest the drift in the party in the state. “The circumstance that brought me to my office was not at a state congress of the party, but it has become compelling to arrest the drift that had started in 2009, and that has snow-

balled with significant damage to the very fabric of the party, wherein factions and fractions were at daggers-drawn against each other. “A caretaker committee has been imposed on the state by the National Working Committee after announcing the removal of the Prof. Dakum Shownled executive committee while the 2011 general elections were just around the corner, which if left unchecked could spell doom for the party.

Ekiti Thisday correspondent dies, Bamidele mourns Adesina Wahab Ado-Ekiti

Toba Suleiman, Adentlhaji ThisDay corresponin Ekiti State, is

dead. He died in the early hours of Sunday in Abeokuta, Ogun State. Suleiman, 53, died during a brief illness. A seasoned journalist, Suleiman, who hailed from Akure, Ondo State, was former Secretary, Nigeria Union of Journalists, Correspondents’ Chapel, Ogun State. The deceased, who started his journalism career with the defunct The Republic Newspapers, was a long-serv-

ing staff of This Day Newspaper. Suleiman, who is survived by a wife and children, will be buried according to Islamic injunction at his residence on Monday, while further burial arrangements as planned by the family will be announced later. Meanwhile, the Chairman, House of Representatives Committee on Legislative Budget and Research, Hon Opeyemi Bamidele, has described the death as a colossal loss to Nigeria Union of Journalists and all lovers of just and equitable society.

State government has waded into the issues leading to the recent protest by the employees of the Akwa Ibom International Airport (AKIA), assuring the aggrieved workers of government’s commit-

ment to their welfare. Addressing the protesting workers under their different unions, the Head of Service (HoS) of Akwa Ibom, Mrs. Cecilia Udoessien, said government was committed towards maintaining a unified workforce with high morale to be able to effectively implement government policies and programmes.

PDP lawmakers endorse Jonathan Johnchuks Onuanyim Abuja

ver six hundred Peoples Olawmakers Democratic Party (PDP) last weekend

endorsed President Goodluck Jonathan as the sole presidential candidate of the party. The legislators, who rose from a meeting on the platform of PDP State Legislators Forum in Abuja, also passed a vote of confidence on the party leadership at all levels. The National Executive Committee of the PDP, had two weeks ago, adopted President Jonathan as the

sole presidential candidate of the party. Addressing journalists in Abuja, on behalf of their colleagues after the meeting, a member of the Benue State House of Assembly, Hon. Audu Sule, alongside his counterparts from Zamfara and Kebbi States, Hon. Muhammad Ahmad and Hon. Kabir Abdullahi Besse respectively, said they have all resolved to endorse the president as the sole candidate of the party in 2015 based on the success of his Transformation Agenda.

reopens today Ekiti APC holds congress, elects officers OOU Mojeed Alabi Niyi Oduwole, followed the

kiti State chapter of the Egress All Progressives Con(APC) yesterday

held its state congress, where 31 officers were elected to steer its affairs for the next four years. Four of the new executive members are former officers of the party. The state congress was the first to be held by the progressives in eight

years. It had been put off for several reasons, among which was in anticipation of the governorship election held last June. Prominent among those who emerged as officers is the interim Chairman of the party, Chief Jide Awe. He was returned as the chairman after his completion of the mandatory eight years.

fter more than four Aauthorities weeks of closure, the of the Ola-

bisi Onabanjo University (OOU), Ago-Iwoye, Ogun State, have announced that academic activities will resume today. The resumption, which was announced in a press statement issued by the university’s Head of Corporate Affairs Division,

agreement reached with the students’ union that the implementation of the slashed fees payable by the students should begin during the 2014/2015 academic calendar session. According to the statement, the university’s Governing Council, which ordered the immediate reopening, also insisted that academic activities

WORLD | NEWS

31 feared dead as Japanese volcano erupts

inally reaching the ash-covered summit of a stillerupting volcano in central Japan, rescue workers made a grim discovery yesterday: 31 apparently dead people, some reportedly buried in knee-deep ash. Four bodies were brought down and confirmed dead yesterday afternoon, one day after Mount Ontake's big initial eruption, said Takehiko Furukoshi, a Nagano prefecture crisis management official. The other 27 were listed as having heart and

lung failure, the customary way for Japanese authorities to describe a body until police doctors can examine it. Officials provided no details on how they may have died. Japanese media reported that some of the bodies were found in a mountain lodge near the summit, and that others were buried in ash up to 50 centimeters (20 inches) deep. Most of the 31 people were found near the mountain's summit, where there was a lot of ash fall, said a Kiso city fire department official who spoke on

condition of anonymity because he was not authorized to talk to the media. Police said only two of the four dead had been identified so far. Both were men, ages 23 and 45. Mount Ontake erupted shortly before noon Saturday, spewing large white plumes of gas and ash high into the sky and blanketing the surrounding area in ash. The mountain is a popular climbing destination, and at least 250 people were initially trapped on the slopes, though most made their way down by Saturday night.

NEWS

Sanctity of Truth

Monday, September 29, 2014

Niger East Poll: APC sues Zagbayi, 387 others Dan Atori MINNA

ith barely one week after he was inaugurated into the Upper Chambers of the National Assembly, the All Progressive Congress (APC) candidate in the recently conducted Senatorial bye-election in Niger East Senatorial District of

the state, Barrister David Umaru, has dragged Dr. Shem Nuhu Zagbayi of the Peoples Democratic Party (PDP) and 388 others at the National Assembly Election Tribunal. Umaru, in a petition to the tribunal sitting in Minna, prayed to be declared as the winner of the bye-election having polled majority votes as

against the PDP candidate. The APC candidate and his party in a petition to the tribunal, prayed the tribunal to cancel the results of 378 polling units in the nine local government areas in the Senatorial District of the bye-election for electoral malpractices and irregularities.

CBN sets $10m net worth for IMTS technical partners Godson Ikoro

ny foreign technical partner that wishes to partner Indigenous Money Transfer Services Operator (IMTSO) in providing regional and/ or global money transfer, must have a minimum net worth of US$10million in its current audited financial statement. The Central Bank of Nigeria (CBN) said this

in a circular with reference TED/FEM/FPC/ GEN/01/016 on guideline for the Operation of Nigeria, signed by its Director of Trade and Exchange Department, Mr. I.O Badamosi. The CBN circular, which was addressed to all authorised dealers and the general public, advised dealers to operate within the ambit of the new guidelines.

The banking watchdog said it approved the review of the existing guidelines on International Money Transfer Services to accommodate both inbound and outbound services. Specifically, it stated that a foreign technical partner shall obtain the prior approval of the CBN to be a registered entity, licensed in its home country to carry on international money transfer services.

Etim Ekpo endorses Akpabio, Udom

T Plumes of smoke and ash billow from Mount Ontake as it continues to erupts in Otaki village yesterday

Egypt acquits 112 on appeal over protest law

n appeals court in Egypt yesterday acquitted 112 people convicted of holding an illegal protest on the third anniversary of the 2011 revolt that toppled Hosni Mubarak, judicial sources said. The defendants, including supporters of ousted Islamist president Mohamed Morsi, were among 1,079 people arrested nationwide on January 25 as security forces

cracked down on illegal demonstrations. Clashes between protesters and police that day resulted in the deaths of 49 people. A lower court originally sentenced the 112 to a year in jail after finding them guilty of violating the protest law, illegal assembly, rioting, inciting violence, blocking roads, assaulting police officers and vandalising public and private property.

Thousands of Morsi backers have been jailed in a crackdown since his July 2013 ouster after just one year in office, and dozens of secular activists have also been given lengthy prison terms for breaking the controversial protest law. Adopted last November, the law prohibits all but police-sanctioned protests as part of a government attempt to restrict demonstrations.

US intelligence underestimated militants â&#x20AC;&#x201C;CBS

S intelligence agencies underestimated Islamic State activity inside Syria, which has become "ground zero" for jihadists worldwide, President Barack Obama said in a CBS television interview broadcast yesterday. Conversely, the United States overesti-

mated the ability of the Iraqi army to fight the militant groups, Obama said in a "60 Minutes" interview taped on Friday, days after the U.S. president made his case at the United Nations for action. Citing earlier comments by James Clap-

per, director of national intelligence, Obama acknowledged that U.S. intelligence underestimated what had been taking place in Syria. Islamic militants went underground when U.S. Marines quashed al Qaeda in Iraq with help from Iraq's tribes, he said.

he senatorial ambition of Governor Godswill Akpabio of Akwa Ibom State and the governorship ambition of Mr Udom Emmanuel has received a major boost. The political leadership of Etim Ekpo local council unanimously endorsed their candidature. Speaking at the Youth Support Scheme programme in Etim Ekpo, the State Commissioner for Special Duties, Barrister Emmanuel Enoidem, said,

" the support and endorsement of the duo is based on their performance and track record in office. Let us all rally round them so that the uncommon transformation currently being enjoyed would continue at the state and federal level " According to Enoidem: " The people of the council stand to gain a lot by supporting the candidature of the duo. It is therefore in our interest that we rally round and give them the needed support." Enoidem noted that " the gathering is also in-

tended to sensitize the people of the council on the way forward and happenings in the state as the countdown to the 2015 general elections gather momentum, adding, information is power. We have told them where the council is heading to as far as the senatorial and governorship tickets of the Peoples Democratic Party (PDP) are concerned and we expect the youth who are the leaders of tomorrow to key into the agenda so that their future would be guaranteed."

Cardiologist raises the alarm over rising CVD death rate Sola Adeyemo IBADAN

n commemoration of the World Heart Day holding today, a cardiologist at the University College Hospital (UCH), Ibadan, Dr. Abiodun Adeoye, at the weekend raised an alarm over the increasing death ratio from cardiac arrest, hypertension, stroke and other cardiovascular diseases (CVD) in Nigeria. He expressed the fear

during the Heart Walk programme organised by a non-governmental organisation, the Eaglesâ&#x20AC;&#x2122; Heart Foundation (EHF) in Ibadan. Tagged: "Creating Heart-Healthy Environments", the programme witnessed scores of youths and adults led by the Executive Director of EHF, Ibukun Sowemimo. The World Heart Federation (WHF), according to Adeoye, reported that about 17.3million people

die every year because of cardiovascular related diseases, with the death ratio likely to increase to 30 million annually by 2030 if decisive steps were not taken urgently to stem the tide. The cardiologist emphasised the need for Nigeria to key into the major goal of the WHF, known as 25x25 aimed at achieving a 25 per cent relative reduction in overall mortality from CVD, cancer, diabetes or chronic respiratory diseases by the year 2025.

Charles Ogundiya

he Athletic Federation of Nigeria has said the federation would be visiting Calabar to inspect the facilities put in place for track and field events of the festival. Calabar, the Cross River State capital, play host to the 19th edition of the National Sports Festival starting November 23. When asked about the

Sports Festival: AFN to inspect facilities

... as C’River takes delivery of tennis preparation for the festival, the Technical Director of the federation, Navy Commodore Omatseye Nesiama, says everything is already in place and that he will be leading other technical members of the federation to Calabar to inspect the facilities. He said; “This year’s festival is an open one for everybody and

there is need to make use of the best equipment. Our focus as a federation is to run the technical aspect of the sports that concern us, track and field, while the states will provide the athletes in the various races. He said: “We will be in Calabar at the appropriate time to inspect the facilities to ensure

SPORT

they meet the standard of our competition and also the international standard of the sport.” Meanwhile as preparations towards the hosting of the Sports Festival gather momentum, three world class Lawn Tennis courts have been added to the list of completed facilities thatb have been formally

newtelegraphonline.com/sports

Government’s role in football very crucial – Amadu }p.52

handed over to the Cross River State Government. Receiving the courts on behalf of the state government, the Commissioner for Youth & Sports Development, Patrick Ugbe, commended the contractor for the quality of materials, standard of work and timely delivery, while assuring that the remaining centre would soon be ready.

Did you know?

NEW TELEGRAPH

AUTHORITATIVE VOICE IN GLOBAL SPORT

That Cristiano Ronaldo is the first player to score against every team in La Liga in a single season

tHURSday, september 29, 2014

Onazi fears Sudan backlash

Costa needs 15 days to recover - Mourinho }p.53 Murray ends drought with Shenzhen title }p.54

lSays new Lazio deal will spur him to greater feat

S SPORTS CREW ADEKUNLE SALAMI, DepUTY Editor, SPORTS EMMANUEL TOBI, Assistant Editor, SPORTS iFEANYI IBEH,

SPORTS CORRESPONDENT

Ajibade olusesan, SPORTS CORRESPONDENT

charles ogundiya, SPORTS CORRESPONDENT

uper Eagles midfielder, Ogenyi Onazi, has warned his teammates that their AFCON 2015 qualifiers against Sudan could be tougher than their two previous matches in the series because the team would come against a side that is also desperate for points. Both Nigeria and Sudan commenced their qualifying campaigns on a shaky note. Nigeria lost 3-2 to Congo on the opening day and could only manage a goalless draw against South Africa while Sudan lost their first two matches to both countries. Onazi said the Sudanese

would be desperate to salvage their campaign and may pose more problems for the Eagles. He says the Eagles are not under pressure saying that they are determined to rescue their campaign and qualify for the tournament. “I agree with you that the two matches against Sudan will be tough. They have not recorded any point and going there will be tough for us because they know that their fans were not

happy they lost 3-0 at home. They will be more careful this time but we are still going to get a good result against them. “We cannot afford to drop any point if we want to play in the next Nations Cup. So, we are going to approach our next two matches with more determination and focus. We just have to beat Sudan although it is going to be tough,” he said. The player extended his Lazio contract midweek and

he says he is more relaxed now that his future has been sorted out. “I am happy with the deal and it is the beginning of good things to come. It is also good that we ironed things out this time because it will help me to focus more and play football. I hope to repay the faith everybody reposes in me by doing my best at all times. I want to thank everyone for their concern and love for me,’ he said.

Messi: I never imagined I’d pass 400-goal mark

} p 53

SPORT

Sanctity of Truth

Monday, September 29, 2014

Countdown to September 30 NFF Elections Government’s role in football Committee flouts election guidelines

very crucial – Amadu Charles Ogundiya

ecretary General of the Nigeria Football Federation, Musa Amadu, has stated that there is no way football can be administered in Nigeria without some level of influence from the government, adding that those calling on the government to hands off football don’t mean well for the game. Speaking to New Telegraph in the telephone , Amadu said; “Apart from countries like South Africa and Egypt, who do not depend on their governments for funds in managing their national teams other countries depend on their governments to run football. “Apart from being a game loved by all, football is used for image laundering in most of these countries and Nigeria is not an exception. Football helps to create good impression about the country in the eyes of the world. “What we need now is to get corporate sponsorship to complement what government is doing. But to ask government to hands off would be tantamount to killing the game in the

Amadu

country.” The NFF scribe added: “Football on its own is very expensive and rather than handing off, I want to urge government to invest more in the game.” While speaking on the September 30 election into the executive board of the NFF and the challenges faced by the outgoing board, Amadu said; “We require a united Nigerian football family; one where all stakeholders work together in harmony, in the interest of the country and for the development of our football.”

EAGLES EURO ROUND-UP Martins, Igboun, Ogbeche others score Stories: Ajibade Olusesan

any players who are not in the Super Eagles hit top form on a weekend that many established national team players had a quiet weekend for their clubs in Europe. Out-of-favour Eagles star, Obafemi Martins, and others like Batholomew Ogbeche, Chrisantus Macauley, Abdul Jeleel Ajagun,

Ogbeche

Abiola Dauda and Sylvester Igboun were all on target for their clubs abroad. Martins scored twice for Seattle Sounders in their 4-2 win over Chivas Saturday night. The striker has now taken his season tally to 15. Ogbeche scored to salvage a point for his Dutch club Cambuur at Excelsior on Sunday in a game that ended in a 1-1 draw. Ogbeche now has three goals in seven games so far in Dutch Eredivise. Former Golden Eaglets star, Chrisantus finally made his debut for his new Turkish side, Sivasspor, and he scored in their 2-1 loss at Galatasaray on Friday night. Red-hot Igboun scored his sixth goal in nine game as FC Midtjylland won 1-0 over visiting FC Vestsjaelland. He scored in the 88th minute. Dauda hit target for his Dutch Eredivise side Vitesse Arnhem as they beat hosts Dordrecht 6-2 on Saturday. Former Nigeria U20 skipper Ajagun scored the winner for Panathinaikos in a 1-0 win over Niki Volou on Sunday.

Ifeanyi Ibeh

ith less than 24 hours to go before the elections into the executive committee of the Nigeria Football Federation takes place in Warri, Delta State, New Telegraph can reveal that some of the guidelines put in place for the September 30 polls may have been ignored by the electoral committee during the process of clearing candidates for Tuesday’s elections. New Telegraph spoke to some candidates who pointed out some of these anomalies, one of which is that two candidates aspiring to get into the NFF executive committee shall not be from the same state of origin and zone. And after pointing out this irregularity, our investigations actually discovered that the guidelines, in keeping with federal character, actually states that two people from the same state cannot be on the executive committee. However, there are already two candidates – one vying for the position of vicepresident, and the other a membership slot in the executive committee – who are from one of the states in the eastern part of Nigeria. And ironically, both candidates – Felix Anyasi-Agwu and Emeka Inyama – were members of the immediate past board of the NFF led by Aminu Maigari. The electoral guidelines also states that anyone vying to get into the board of the NFF must have been in the business of administering football for at least four years.

Dikko

Oboabona makes league debut G odfrey Oboabona finally made his first appearance for his Turkish side, Rizespor, in the league on Sunday but he could not prevent them from going down to a 1-0 home loss in

Musa, Success fire blank, Ideye missing S uper Eagles striker, Ahmed Musa, failed to reproduce a form that has seen him scoring in CSKA Moscow last two games as he fired blank in his club’s 4-3 win at URAL on Saturday. The Nigerian was pulled out in the 66th minute for Doumbia who

scored two of the goals. Musa has scored three league goals for CSKA Moscow this season. Former Golden Eaglets star, Isaac Success, was not allowed any space to threaten Barcelona as the former Spanish champions demolished his club, Granada 6-0 also on Satur-

day. He was in action for 90 minutes. Meanwhile, Brown Ideye failed last minute fitness test as he was not listed in West Brom’s 4-0 trouncing of visiting Burnley on Sunday. His compatriot, Victor Anichebe, was also missing in action.

One of the candidates for the NFF’s top job, Shehu Dikko, however appears to have fallen short of this requirement on technical grounds, even though he was cleared to contest in Tuesday’s polls. The League management Committee top shot has been in the business of marketing football, as well as other sports for years, but only delved into fulltime football administration less than three years ago with the LMC. “The LMC is less than four years old so he (Dikko) has not been in active football management and administration for up to four years as marketing and consultancy don’t qualify as active football management and administration. But I don’t know how he got the green light from the electoral committee,” said one of the General Assembly members who spoke on the condition of anonymity. Another source, a member of the electoral committee, however said that Dikko, who is considered one of the frontrunners for the NFF presidency, was cleared as he had met all the laid down requirements. Another prime candidate for the NFF top job is Amaju Pinnick, the current chairman of the Delta State Sports Commission. But the position he holds in the DSSC has been queried by one of the candidates also vying for the position of NFF president. “He is the current chairman of the Delta State Sports Commission and shouldn’t have been cleared for the elections as he is a government appointee. Nobody voted him in as chairman of the Commission,” said the candidate, who preferred anonymity. In line with FIFA’s low tolerance for government interference in the running of football, the electoral guidelines rule out the possibility of a serving government official from getting elected into the executive committee. However, in addition to being the chairman of the DSSC, which is actually a government appointment, Pinnick is also boss of the Delta State Football Association, which is in line with the electoral guidelines and makes him eligible for the NFF presidency.

Musa

the hands of Bursaspor. Oboabona reclaimed his place in the starting line-up after scoring in Rizespor’s 5-1 win against Tekirdaspor in the League Cup last Wednesday but his season debut ended in a home loss despite being on the pitch for the entire duration of the match. In England, Mikel Obi, again came off the bench as Chelsea continued their unbeaten run in the Premier League this season. The Nigerian star was introduced in the 77th minute. But Kenneth Omeruo

suffered a knock and was pulled out in the 71st minute as his side Middlesbrough secured a goalless draw at Charlton Athletic. In Spain, Ramon Azeez was in action throughout as Almeria secured a 1-0 win at Deportivo La Coruna. In fact, it was the Nigerian who gave Edgar Antonio Mendez the assist for his 90th minute goal. Anthonu Ujah was in action for 88 minutes when German champions, Bayern Munich beat his Cologne 2-0 at home on Saturday. While in France, Super Eagles goalkeeper, Vincent Enyeama, kept another clean sheet as Lille beat visiting Bastia 1-0.

SPORT | EURO FOOTBALL

Sanctity of Truth

Monday, September 29, 2014

Messi: I never imagined I’d pass 400-goal mark

ionel Messi has revealed his delight after passing the 400-goal mark for club and country. The Barcelona attacker registered twice in his side’s 6-0 win over Granada at the weekend, with the brace taking his tally to 359 goals for his club side. Messi has also registered 42 goals in 93 games for Ar-

gentina during what has been a sensational career. “I never imagined I would get this success in my career. Thanks for the congratulations on 400 goals for Barcelona and Argentina,” Messi wrote on Facebook. “I’ll continue working hard in order to score more goals. A hug for everyone.” Messi already has five goals in six La Liga games this season.

Rooney: My best still to come

anchester United and England captain Wayne Rooney is confident he has yet to reach his peak. The form of the 28-year-old striker has been questioned in recent months and he appears set to be utilised in a deeper role at club level after United manager Louis van Gaal revealed that Robin van Persie and new signing Radamel Falcao were his preferred options in attack. Nevertheless, Rooney, who sits third on the all-time list of Premier League scorers with 176 goals after finding the net in Saturday’s 2-1 win over West Ham, believes his future is bright. “I still believe I can get better as a footballer,” he told the Sunday Times. “In the next three to five years you will see me as a different player. The next two or three, I feel these could be the best years of my career. “I’m at a stage, especially after playing at this club for 10 years, where I’ve picked up a lot about the game. I’ve learnt. I now know exactly what I want to do on the pitch and I’m fit and ready to do it.”

Rooney

ENGLISH PREMIER LEAGUE Messi (left) and Neymar

Neymar delighted with Messi partnership

arcelona forward Neymar has said that he and Lionel Messi are forming a “good partnership” at the club. The Brazilian netted a hattrick during Barca’s 6-0 win over Granada on Saturday evening, with Messi bagging a double. “I’m very happy with the hattrick,” he told Canal Plus. “I

thank my team-mates for their help in getting it. “Messi looks good with everybody but we are forming a good partnership. We’re getting better together. “We are ready to face the tough games to come.” Neymar has scored six goals in six games for Barcelona this season.

I’m not finished yet, says Gerrard L iverpool captain Steven Gerrard hit back at critics, insisting he is far from past it after his side’s 1-1 draw with Everton. The 34-year-old has been criticised for his performances this season as Liverpool have struggled with just two wins in six Premier League games. Gerrard had appeared to put his side on track with a fine freekick in the 65th minute, only for Phil Jagielka to equalise with a stunning half-volley late in Saturday’s clash. After one of his better showings this season, Gerrard said those who had written him off had spoken too soon. “I’ll agree with the constructive criticism and I’ve been stifled in a couple of games when people have followed me around and I haven’t been able to shake them off,” he said. “But then some people take it too far and say ‘He’s 34, he can’t

matches to protect his tight muscle. “A striker scoring goals is always nice for him and for his confidence,” said Mourinho after Saturday’s victory. “Especially for someone like him who is not training as he should because we are protecting him in certain situations so he can be at the top of his game. “He’s doing almost nothing [in

Pts

1. Chelsea

2. S’hampton

3. Man City

4. Arsenal

5. Swansea

6. Aston Villa

-3

7. Man Utd

8. Tottenham

9. C. Palace

10. WBA

11. Leicester

-1

12. West Ham

13. Liverpool

-1

14. Everton

-2

15. Hull

-2

16. Sunderland

-1

17. Stoke

-1

18. QPR

-9

19. Newcastle

-6

20. Burnley

-7

RESULTS Premier League Liverpool 1 – 1 Everton Chelsea 3 – 0 Aston Villa C’ Palace 2 – 0 Leicester Hull City 2 – 4 Man City Man Utd 2 – 1 West Ham S’hampton 2 – 1 QPR Sunderland 0 – 0 Swansea City

Gerrard

run and he’s finished’. “I can still compete with the best players around. It’s nice to remind people that although I’m 34, I can still run, I can still play and I can compete with the best players around.”

Costa needs 15 days to recover - Mourinho D iego Costa needs 15 days to fully recover from his hamstring problem, according to Chelsea manager Jose Mourinho. Speaking after Chelsea’s 3-0 victory over Aston Villa at Stamford Bridge on Saturday, in which Costa struck his eighth goal of the season, Mourinho revealed the Spain international barely trains in between

Team

training]; he’s resting and recovering from the tight muscle he has every time he accumulates fatigue. “I think if he doesn’t go to the national team and stays here for 15 days just on treatment and recovering, making the muscle and the areas around the muscle stronger, he has the perfect chance to be top for Chelsea and [his] national team.

Arsenal 1 – 1 Tottenham West Brom 4 – 0 Burnley

La Liga Elche 0 – 1 Celta Vigo Villarreal 0 – 2 Real Madrid Barcelona 6 – 0 Granada Atletico 4 – 0 Sevilla Bilbao 0 – 0 Eibar Levante 0 – 2 Vallecano Getafe 1 – 0 Malaga Deportivo 0 – 1 Almeria

Bundesliga Mainz 05 0 – 0 Hoffenheim FC Cologne 0 – 2 Bayern Munich Freiburg 0 – 0 Leverkusen Paderborn 1 – 2 Monchengladbach Schalke 2 – 1 Dortmund Stuttgart 1 – 0 Hannover 96 Wolfsburg 2 – 1 Bremen Costa

Augsburg 1 – 0 Hertha Berlin

Sanctity of Truth

Monday, September 29, 2014

Seattle coach,hails‘rejected’Martins Emmanuel Tobi

Stephen Keshi for Nigeria’s forthcoming away and home games against Sudan on October 11 and 15, has now scored 15 goals after he netted a brace and provided an assist for Clint Dempsey in Sounders 4-2 win over Chivas on Saturday. Seattle Sounders coach Schmid said Martins still has more goals to deliver

eattle Sounders manager, Sigi Schmid, and USA striker, Clint Dempsey, have heaped praises on Super Eagles reject, Obafemi Martins, after the former Newcastle striker scored two goals in the MLS at the weekend. Martins who has been once again snubbed by

as the season goes down the wire. “He’s still got more games to go, so it’s not the record yet,” Schmid said. “And Clint with 13 goals is right there close to him, as well. We’d like them both to get beyond what the old record was.” Similarly, his strike partner, Dempsey, praised Martins’ football technique

which he said has helped him score more goals. “He’s able to be clinical in front of goal,” the US international remarked. “And he can create chances for other players. He’s good on the ball, and he can come into those pockets and get on the half turn. He also can run behind the defense with his pace.”

Murray ends drought with Shenzhen title

econd-seeded Andy Murray of Britain rallied from a set down to defeat fourthseeded Tommy Robredo of Spain 5-7, 7-6 (9), 6-1 Sunday to win the Shenzhen Open. Murray saved five match points as he ended a 15-month title drought while improving his chances of qualifying for the ATP Finals in London in November. “I got lucky, basically,

at the end of the second set,” Murray said. “I fought hard, tried my best and thankfully managed to turn it round.” The 27-year-old Scot accepted a wild card into Shenzhen in a bid to improve his ranking from 11th into the top eight, so as to qualify for London. Murray now moves up to 10th in the rankings, just 105 points behind the eighth-placed Tomas Berdych. Murray trailed 2-6 in

the second set tiebreaker against Robredo, but the Spaniard squandered five match points. “I tried to get as many balls back in play as I could,” Murray said of those match points. “I missed three or four balls in the tiebreak by very little. I was frustrated to be in that position, but thankfully managed to turn it around. In those situations you need some luck.” It was Murray’s

first title since his triumph at Wimbledon in July 2013 and his 29th tour-level victory. The 32-year-old Robredo was contesting his 21st tour final and, like Murray, was bidding for his first title since July 2013, when he won the Umag crown. “It’s tough to accept it,” Robredo said. “But Andy did a great job. He was pushing right till the end and in the end, he deserved it.”

Kogi United chairman charges NNL on officiating Charles Ogundiya

Murray

Rain stops games in Warri, Ijebu-Ode Charles Ogundiya

he heavy downpour in some parts of the country on Sunday led to the postponement of two league matches in the NigeriaProfessionalFootballLeagueand the Nigeria National League. They games affected were the NPFL encounter between Warri Wolves and Abia Warriors, in Warri, and the NNL NPL RESULTS Nembe 1-1 Crown El-Kanemi 1-1 Sharks Sunshine 0-0 Akwa Utd Kaduna 3-0 Gombe Utd Dolphins 2-1 Nasarawa Giwa FC 2-0 Bayelsa Utd Kano Pillars 2-0 Lobi Stars Rangers 1-0 FC Taraba Enyimba 0-0 Heartland

fixturebetweenRemoStarsandGo-Round, in Ijebu-Ode. The game in Warri will now come up at 9am on Monday, September 29, while the NNL encounter will also be played on Monday morning, at 8am. Both games were postponed due to the poor state of the playing surfaces at the Warri and Ijebu-Ode stadiums. Meanwhile, Nasarawa United 2-1 loss at Dolphins, and Enyimba’s goalless draw at home to Heartland allowed defending champions, Kano Pillars to increase their lead at the top of the league standings to four points. Kano Pillars defeated Lobi Stars 2-0 in Kano as they continue their chase for a third league title. Crown FC of Ogbomosho picked their first away point of the season after forcing NembeCitytoa1-1drawinOmoku,Rivers state, while Osaguona Ighodaro’s 15th goal of theseasonsecureda1-0winforRangers.

he chairman of Kogi United, Abdul Adama, has called on the Nigeria National League, as well as the Nigeria Football Federation, to work on improving the level of officiating in the country’s second tier division. Adama believes that certain referees officiating in the Nigeria National League are below standard and urged the NNL and NFF to work towards improving the standard. Adama cited as an example the level of officiating in the league match between his club and Wikki Tourists which, in his opinion, was nothing to write home about, even though Kogi United won the game. Kogi United maintained their 100 percent home record this season with a hard fought 2-1 victory against Wikki Tourists in Lokoja.

Martins celebrating a goal

ITF Circuits: Garos-Pam dominates in Benin Ifeanyi Ibeh

lizabeth Garos-Pam over the weekend at the International Tennis Federation West and Central Africa Circuits in Cotonou, Republic of Benin, won gold in the girls’ doubles. The 16-year-old partnered Nicole Dzenga of Zimbabwe to beat Nariman Abo Bark of Egypt and Esperence Follykoue of Benin 6-2, 6-2 at the Tennis Club de L’Amitie Cotonou. Nigeria’s Joseph Ubon, who won the two phases of the Togo leg of the circuit,

2014 AWC: Algeria, Ghana first to arrive Namibia

lgeria are the first team to arrive in Namibia for the 9th African Women Championship Namibia 2014. ‘Les Fennecs Dames’ touched down at the early hours of Sunday, September 28, at the Hosea Kutako International Airport in Windhoek, and were warmly received by officials of the Local Organising Committee. The 38-member delegation includes 21 players, who will do battle for the Algerians, housed

in Group B with Cameroon, Ghana and South Africa. Algeria coach Azzedine Chih said, “We are here two weeks before we kickoff our first game and we want to feel the weather and just get going and see what we can do here. We are here to take our chances and see how far we can go. We have a tough group of Cameroon, Ghana and South Africa, teams with world Cup and Olympics experience and we know what to expect.”

however fell 6-4 0-6 7-6(3) to Gueninle Ouattara of Cote d’Ivoire in the boys’ singles final. Ubon, who had earlier beaten the Ivorian in Togo, also lost in the final of the boys’ doubles event as his partnership with Mohammed Mohammed stumbled to a 6-3, 3-6 10-4 defeat at the hands of Malawian siblings Gueninle and Chisomo Lumeta. Nigeria Tennis Federation President, Sani Ndanusa however commended the performance of the country’s players at the circuits, which served off in Togo three weeks ago. “The past three weeks have been great for Nigerian tennis even though we are a bit disappointed that we couldn’t hold on to the titles in Benin. The potential of our junior players have been exhibited at the global stage and we will surely build on this based on the developmental programmes that we have embarked on,” Ndanusa said.

Monday, September 29, 2014

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Three things cannot be long hidden: the sun, the moon and the truth – Buddha MONDAY, SEPTEMBER 29, 2014

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Make Abuja environment more competitive (1)

he Federal Capital Territory (FCT), Abuja is now the centre of attraction as the seat of power in Nigeria. Aside the enormous raw political power that oozes from the privileged territory, the fear of Abuja is also the beginning of wisdom among the promoters of businesses, non-governmental and the highly profitable but often tagged not-for-profit organizations. This class of Nigerians, and indeed, all other corporate promoters know it up to the tips of their fingers, that operating successfully in Abuja, the country’s power base, requires that they exercise rabid caution and walk circumspectly. Almost all the regulatory, policy- making and implementing agencies of the government are there. The scenario makes the city so important that it is now almost impossible to run any business in Nigeria without visiting or even establishing a functional office in the capital territory. For this and other reasons in subsequent articles on the business environment in the country, Abuja would be treated as the face of Nigeria. This does not in any way diminish the importance of Lagos and the concentration of the business entities in the state often referred to as Eko. Therefore, due regards are given to the slogan: Eko oni baje, as always. It is believed that once the business environment in the federal capital territory is fixed and made sufficiently attractive, it can be transmitted to the thirty-six states and replicated at the local government and grassroots levels. This was the model envisaged by the framers of the National Economic Enhancement and Development Strategy (NEEDS), State Economic Enhancement and Development Strategy (SEEDS) and Local Economic Enhancement Strategy (LEEDS). Even with all the daunting challenges of a fast-growing city to which many are migrating for greener pastures, expectations remain high among stakeholders that the power oozing from here also unleashes a wide range of opportunities that the economic agents in the city and indeed all over the nation can tap into. Indicators from the BECANS Business Environment Report, the product of an intensive research conducted by African Institute for Applied Economics (AIAE,) Business Environment and Competitiveness Across Nigerian States (BECANS) show that the FCT scored 62.44 per cent overall on the adjusted business environment index. It scores relatively higher on business support and infrastructure and utilities than on legal and

PERISCOPE Martin Azuwuike

regulatory services. Further digestion of the statistical information from the Institute’s effort shows the FCT scores 64 per cent on infrastructure and utilities benchmark. However, it performs relatively better on transportation, access to information and water supply within this benchmark. It scores 51.7 per cent on legal and regulatory services, and performs relatively better on land registration and property rights, business registration and commercial dispute resolution than on tax administration. Its 76.25 per cent score on business support and investment promotion remains inspirational. It performs relatively better, however, on support for industrial cluster, public-private partnership, investment promotion services and entrepreneurship promotion measure, and relatively low on access to credit and finance. There is no data on the security benchmark regarding the FCT. Analysts believe this is deliberate considering its status and the fact that various forms of strategic security-related meetings are regularly held not only by Federal Government agencies within the FCT but also by the adjoining states to craft and implement strategies aimed at making the area safer and more secure. Economic potentials There is a heavy concentration of Federal Government ministries, departments and agencies (MDAs) in the FCT. The national offices of international development agencies are visible and provide a wide range of unique economics and commercial services and opportunities. Key sectors in the territory are trade, hospitality and tourism. As in most states and territories in the country, agriculture remains the mainstay of the rural economy, with maize, sorghum, rice and livestock featuring as the major crops. The territory also has mineral resource endowments such as mica, iron ore, tantalite and ceramic clay. Investment policies The government in FCT has developed key sector policies, which are enshrined in its State Economic Empowerment and Development Strategy (SEEDS)

Bala Abdulkadir Mohammed, FCT Minister

document. The construction industry, agro-based and allied ventures such as production, processing and packaging, and solid minerals exploitation remain the most visible sectors that offer the greatest investment opportunities in the territory. Infrastructure and utilities The state of infrastructure and utilities in the country remains an issue of serious concern to stakeholders. On this important benchmark, the FCT scores 64 per cent to rank number 3 above the all-states average score of 50.19 per cent with a standard deviation of 8.53. Experts at the Nigerian Economic Summit Group (NESG) define economic infrastructure along the lines of power, transportation, oil and gas. Further distinction is made, identifying social infrastructure to cover school enrolment and vocational education and enhancing teacher welfare. Capacity to develop and maintain highly skilled manpower and workforce to provide the pool of kinetic managers that would compete favourably in the global economy and market where change is happening at breakneck speed remains critical to realising the nation’s vision of ranking among the 20 largest economies by 2020. Perhaps this explains the decision of the NESG to focus rapt attention on evolving ideas towards resuscitating and refocusing the education sector at the

14th annual Nigerian Economic Summit (NES #14) slated for October. Incidentally, the event holds in Abuja, the Federal Capital Territory and is the more reason the FCT government should leverage whatever benefits this would throw up to raise the bar of its performance on this important measure. Energy The FCT scores 50.63 per cent to rank number 7 on this benchmark. Average score for all states on this is low at 44.29 per cent and a standard deviation 10.45. This is a reflection of the mood in the country where the energy situation has kept all stakeholders perplexed. The AIAE BECANS initiative defines energy along the lines of annual per capita electricity supply (kilowatts per capita). Average hours of public electricity supply per 24-hour day, difference between actual and officially regulated price of petroleum products and evidence of availability of petroleum products. This makes it simple for the FCT administration to step up performance from its middle-of-the-road status. Experts are strong in their belief that all other things that create wealth and business prosperity would fall in place once the energy sector is properly fixed. This makes it more urgent for the FCT government to deploy more resources towards harnessing its energy resources to optimum advantage. E-mail: suregate2000@yahoo.com for comments and sponsorships

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