Binder1 monday april 7,2014

Sanctity of Truth Facebook.com/newtelegraph

Monday, April 7, 2014 Vol. 1 No. 48

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Nigeria’s most authoritative newspaper in politics and business

Nigeria’s N80.22trn economy overtakes South Africa’s

lNow 26th largest in the world

W

Abdulwahab Isa

ith an estimated N80.22 trillion ($509.9

Abuja

billion) in Gross Domestic Product (GDP) for 2013, Nigeria’s economy yesterday, exceeded South Africa’s as the largest in Africa and the 26th largest in the

2015: 500 politicians to watch

Elechi, Anyim, Onu, Egwu dictate the pace in Ebonyi

world.

The new figure translates to $2,688 per capital income and increase from the N42.3 trillion estimated

Pages } 13-18

C O N T I N U E D O N PA G E 4

Ministers’ use of soldiers, policemen

Tension mounts in S’West

lPDP, APC bicker over denial of venue for Jonathan’s visit lGroup accuses Obanikoro, Adesiyan of fuelling destabilisation lLagos PDP to Fashola: You’re usurping FG property

5 QUESTIONS FOR

Geoffrey Ekenna, Adesina Wahab and Adeolu Adeyemo

Petroleum Resources Minister, Diezani AlisonMadueke

A

head of the 2015 general elections, tension is again mounting in the South-West states of Lagos, Ogun, Oyo, Ekiti, Ondo and Osun.

The tension stems from stiff competition between the two leading political parties in the zone, the All Progressives Congress (APC) and the opposition Peoples Democratic Party (PDP).

The PDP is threatening to snatch the states from the APC. In Ekiti, for instance, a planned trip of President C O N T I N U E D O N PA G E 2

is the actual daily 1. What crude production in

Nigeria and why do we have disparity in figures given by the Department of Petroleum Resources (DPR) and International Oil Companies (IOCs)?

is delaying the 2. What renewal of 20-year oil

licences for Shell, Chevron and other IOCs?

much has the 3. How government spent on the fight against oil theft and pipeline vandalism?

is the state of the 4. What four refineries in Nigeria? the expiration of 5. After December 31, 2013

L-R: Group Chief Operating Officer, Globacom, Mr. Mohamed Jameel; Divisional Director, Enugu, Mr. Mike Ehumadu; Globacoms’ No1 Trade Partner, Nationwide, Alhaji Anthony Mohammed of Easy & Quiet; Globacom’s Divisional Director, Abuja, Alhaji Ibrahim Fadipe and National Sales Coordinator, Mr. David Maji, after Mohammed’s emergence as the No 1 Partner at the Glo Partners’ Awards in Lagos...at the weekend.

Gunmen kill 94 in Yobe, Zamfara l45 cars, houses destroyed Ibraheem Musa and Hussaini Jirgi

INSIDE

News. . . . . . . . . . . . . .

Metro . . . . . . . . . . . . .

Politics . . . . . . . . . . . .

Opinions. . . . . . . . . . .

Investigation . . . . . . .

Business . . . . . . . . . . .

Entrepreneur . . . . . . .

Sport. . . . . . . . . . . . . .

2 11 13 20 21 25 41 51

G

unmen suspected to be Boko Haram insurgents and Fulani herds-

Lagos

Heavy showers O O

9 |2

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men struck at the weekend killing 15 people in Yobe and 79 in Zamfara.

The gunmen had stormed a meeting in Galad-

ima, Zamfara State where several people were killed.

Police put the casualtyfigure at 30 while residents insisted that more than 60

bodies were counted. The state government stated that 79 people died in the attack.

C O N T I N U E D O N PA G E 2

AT A GLANCE

deadline for gas flaring in Nigeria, no public mention is made of the new deadline. Can Nigerians know the new deadline and do you think the fine of $3.5 per 1,000 standard cubic of gas stipulated by the DPR for erring oil firms is enough to discourage gas flaring?

•Response to these questions should be sent to: info@newtelegraphonline.com

NEWS

BUSINESS

ENTREPRENEUR

INEC declares Ondo House of Representatives bye-election inconclusive Page 9

SPORTS

PHCN, successor companies’ debt profile hits N753bn, says NELMCO boss Page 28-29

Seven business lessons from richest African, Aliko Dangote Page 41

NFF’s Hammer: Senate President shields Keshi Page 51

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Sanctity of Truth

Monday, April 7, 2014

PDP, APC bicker over denial of venue for Jonathan’s visit CONTINUED FROM PAGE 1

Goodluck Jonathan and other PDP leaders to officially start the party’s campaign for the June 21 governorship election has been put on hold following the alleged refusal of the state government to allow the rally to hold in state facilities.

Among the facilities that the state government has denied the opposition party are the Oluyemi Kayode Stadium, AdoEkiti and the sport fields of some public schools in the state capital.

At a press briefing in Ado-Ekiti on Sunday, the Director General, PDP Governorship Campaign Organisation, Chief Dipo Anisulowo, criticised Governor Kayode Fayemi over what he described as ‘naked use of power’ by disallowing them access to facilities built with taxpayers’ money.

He said the denial of access to such facilities smacked of abuse of power.

Anisulowo stated that the PDP had written to President Jonathan to inform him that the date

TODAY’S WEATHER FORECAST PORT HARCOURT

34o 23o Thunder storm

ABUJA

9o 2o Heavy shower

KANO

15o 5o Rain shower

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28o 14o Sunny

IBADAN

35o 24o Thunder storms

CALABAR

15o 5o Rain shower

MAIDUGURI

43o 26o Partially cloudy

ONITSHA

28o 14o Sunny

would have to change owing to lack of alternative venue, saying, “We are now expecting another date from Mr. President when the flag-off will hold”.

The event had earlier been slated for Tuesday this week.

The DG, however, stated that the party might be forced to use a federal highway for the campaign, should the state government remain adamant.

However, the Ekiti State Commissioner for Youth and Sports, Mr.

Kayode Olaosebikan, has explained that the stadium is already booked for a league match for that same day requested by the PDP. “If it is another day, there would be no problem. Anybody could ask for the use of the stadium, if available

it will be released. It is a public property primarily meant for sporting activities,” he said.

Anisulowo maintained that what the governor had done was contrary to the tenets of democracy C O N T I N U E D O N PA G E 4

FLIGHT SCHEDULE 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

Groom/son of former Vice President Atiku Abubakar, Abubakar A Abubakar, and his wife, Mariana, at their wedding reception in Dubai, UAE…at the weekend.

Police ban meetings, death toll rises CONTINUED FROM PAGE 1

“Thirty people were killed and several others injured,” Zamfara State police spokesman Lawal Abdullahi said.

“The incident happened in Galadima yesterday during a meeting of community leaders and representatives of vigilante groups who were discussing ways to thwart armed robbers and cattle rustlers,” he said.

He said security forces had been deployed to the area. But survivors said more than 60 people might have died in the attack.

“We counted 61 bodies from the scene of the attack last night (Saturday), while many people were wounded,” a survivor who gave his name only as Babaginda from neighbouring Kaduna State said.

Meanwhile, the Assistant Inspector General of Police in charge of zone 10, Alhaji Mamman Sule has banned every meeting or gathering in Zamfara State without the permission of the State Police Command, following the attack of armed bandits on Saturday.

The state Commissioner of Information, Alhaji Ibrahim Muhammad who disclosed this to our corre-

spondent in an interview on phone yesterday, put the death toll at 79.

It will be recalled that armed gun men, numbering about 90, had attacked Unguwar Galadima, a town in Maru local government area last Saturday afternoon.

Contrary to the commissioner’s claim, a source said that over 215 dead bodies had been counted in the town. He said that the attackers had earlier warned the vigilante groups to stop the proposed meeting but the warning was not heeded.

“In the middle of the meeting, about 90 Fulani gunmen stormed the market on motorcycles and each of them was carrying a passenger with a sophisticated gun. They started shooting sporadically,” he added.

The source said that Saturday was Unguwar Galadima’s market day and buyers and sellers had converged at the market when the attackers opened fire and carted away money and several wares.

Another source told New Telegraph that this was the second time that this kind of attack happened in a week.

He told our correspondent

that the town has now been deserted and that there are several dead bodies in the bush.

Governor Abdul Aziz Yari, his deputy and all members of the State Executive Council as well as the AIG of zone 10, including the police commissioner, attended the funeral of the victims at Unguwar Galadima in Maru local government area yesterday.

The commissioner said that policemen have been drafted to the town and adequate security measures have been put in place to secure the peace in the area.

Also, the Boko Haram insurgents on Saturday attacked Buni-Gari ward in Gujba Local Government Area of Yobe State, killing 15 people.

Several houses, shops and over 45 cars including government buildings were destroyed during the attacks.

It was gathered that gunmen suspected to be Boko Haram sect attacked the village at around 8:23p.m. with explosives and petrol-bomb.

The gunmen came in four Toyota Hilux vehicles and started firing sporadically at houses and other private buildings before

setting them ablaze. The multiple attacks lasted for over three hours before the attackers ran away.

Buni-Gari is on Damaturu-Biu road and 55 kilometres East of Yobe , the state capital.

Confirming the multiple attacks in Bun-Gari village, the spokesman of 3 Division Special Operations of Nigerian Army, Captain Eli Lazarus, said soldiers have been drafted to the area to restore normalcy.

He assured that the criminals who perpetrated the attacks will be apprehended.

The Deputy Governor of Yobe, Alhaji Abubakar Ali, yesterday described as ‘’callous and unfortunate’’ the violent attack on the people of Buni Gari in the state by unknown gunmen.

Ali made the remark when he led a state delegation to condole with the survivors of the Saturday’s attack, which claimed lives and property.

“This is an unfortunate and merciless attack meted on innocent citizens without any sense of reasoning,” he said.

Ali lamented that the state had lost so many lives and properties to insurgency.

MEDVIEW AIRLINES LAGOS-ABUJA (MON-FRI) 07:00; 08:50; 12:00; 15:30 (SAT) 10:00; 15:00 (SUN) 17:30; 18:30 ABUJA-LAGOS (MON-FRI) 09:00; 14:00, 15:00; 18:30 OVERLAND AIRWAYS LAGOS-ILORIN (MON-FRI) 07:15 LAGOS-IBADAN (MON-FRI) 7:00 IBADAN-ABUJA (MON-FRI) 08:00 IBADAN-LAGOS (MON-FRI) 16:30 ILORIN –ABUJA (MON-FRI) 08:30 ILORIN –LAGOS (MON-FRI) 17:00 ABUJA-ASABA (MON-FRI) 10:00 ASABA-ABUJA (MON-FRI) 14:15 ASABA-LAGOS (MON-FRI) 11:30 LAGOS-ASABA (MON-FRI) 13:00 ABUJA-ILORIN 16:00 ABUJA-IBADAN 15:00 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

Sanctity of Truth

Monday, April 7, 2014

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NEWS

Sanctity of Truth

Monday, April 7, 2014

PDP, APC bicker over denial of venue for Jonathan’s visit CONTINUED FROM PAGE 2

and underscored the deep hatred Fayemi had for opposition parties in the state.

He said the party had on March 28, 2014 written a letter to the state government to allow it use the Oluyemi Kayode Stadium to host the President, but expressed regrets that the state government had replied in a letter dated April 2 and signed by one P.O. Dada of the Sports Council, refusing them the use of the stadium.

He said: “We are using this medium to draw the attention of Ekiti people and the whole world to the

reckless and naked use of power by the ruling government under Governor Kayode Fayemi.”

Anisulowo added that the APC had been hypocritical over its comments about the personality of the PDP candidate, Mr. Ayodele Fayose.

He said: “When Ayo Fayose supported Dr. Kayode Fayemi in 2009 for the rerun election, he was not a killer, not a violent person and was not facing the Economic and Financial Crimes Commission (EFCC), but when he now emerges the candidate of the PDP, the APC now realises that he is a killer.

What an inconsistency.”

In Osun State, the APC and the campaign organisation of the PDP candidate in the August 9 governorship election, Senator Iyiola Omisore, are bickering over the choice of Omisore by his party.

In separate statements made in Osogbo yesterday, they disagreed sharply on the choice of Omisore.

The APC Director of Media and Strategy in the state, Barrister Kunle Oyatomi, maintained that “the choice before Osun people was whether they would prefer a desperate politician who will swim on the ocean of their blood

to power, or the one they know who has put Osun on the world map, and has changed their environment and lives of hundreds of thousands of citizens in the last 40 months.”

However, Director of Media and Strategies for Omisore Campaign Organisation, Prince Diran Odeyemi, said APC was jittery about the choice of Omisore and that was why it embarked on the campaign of calumny.

Oyatomi said of Omisore: “This character of a PDP candidate has openly boasted that he will reverse all the good work Ogbeni Rauf Aregbesola has done.

L-R: Secretary to the Akwa Ibom State Government, Mr. Udom Gabriel Emmanuel; Deputy Speaker, Udo Kirian Akpan; Governor Godswill Akpabio; his wife, Unoma, and Deputy Governor, Lady Valerie Ebe at the memorial service in honour of Akwa Ibom heroes murdered during the Nigerian Civil War (1967 - 1970) …at the weekend

He has boasted he would stop the feeding of children in primary schools.

He will stop the O’YES programme.”

He added that “the Yoruba nation does not suffer clowns of that level of irrationality.”

Responding, Odeyemi declared: “It is very unfortunate that rather than campaigning and telling the electorate whatever little things they have done, they have resorted to name-calling and allegation of violence.

“We won’t toe that line with them because we are focused. We will campaign to the electorate. We will tell them what we want to do and what we have even done before now.

“They said that they would go to sleep if Omisore is elected as the PDP governorship candidate, let them go to bed now.

They will wake up to the reality on August 9.”

But in another twist, a socio-political Yoruba group, the Coalition of Oodua Self-Determination Groups (COSEG) accused two ministers from the zone, the Minister of Police Affairs, Chief Jelili Adesiyan and the Minister of State for Defence, Senator Musiliu Obanikoro, of using their offices to destabilise the region.

In a statement made

available to New Telegraph yesterday, COSEG asked President Jonathan to call the two ministers to order over their alleged use of the Police and the army in disrupting the activities of their opponents in the zone.

The statement signed by the group’s President, Dayo Ogunlana and Secretary, Rasak Olookooba respectively, said the conduct of Obanikoro and Adesiyan was capable of breaching the peace in the zone.

Adesiyan is from Osun while Obanikoro is from Lagos State.

Just last week, the Governor of Lagos State, Mr. Babatunde Fashola (SAN) had accused Obanikoro of using the military to stop some housing projects of the state, an allegation both Obanikoro and his party in the state denied.

Specifically, COSEG accused Adesiyan of using the police to harass a governorship aspirant of the PDP in Osun State, Senator Isiaka Adeleke.

The group said, “Our attention has been drawn to an ugly unfolding drama in the State of Osun.

As a concerned group and stakeholder in South-West politics, welfare and socioeconomic growth, we deem it fit to promptly respond to any untoward behaviour C O N T I N U E D O N PA G E 5

Nigeria’s N80.22trn economy overtakes South Africa’s CONTINUED FROM PAGE 1

before the rebasing.

These disclosures were announced yesterday by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo Iweala and Statistician-General, Dr. Yemi Kale.

For the first time in two decades, the National Bureau of Statistics (NBS) assisted by the National Planning Commission overhauled Nigeria’s GDP data.

Nigeria was previously rated 37 in the world with a GDP of $258,555.58.

GDP is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is

usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

In 2012, the World Bank had put Nigeria’s GDP figures at $262.6 billion and $384.3 billion for South Africa.

The new figure shrank the country’s debt-to-GDP ratio to 11 per cent for 2013, against 19 per cent in 2012.

Nigeria is following Ghana and Zambia in recalculating the size of its economy. When Ghana rebased its data in 2010 in a similar exercise, the value of GDP increased by 75 per cent to about $31 billion.

The economy of Zambia increased by 25 per cent to

about $24 billion, following data revisions in February.

Speaking on the development, Okonjo-Iweala said: “We did not set out to become the biggest economy in Africa. We set out to measure how much the economy has changed.

And that is the outcome.

Becoming the largest economy on the continent is a positive development, but it is not destination. The knowledge derived will help us make better policies to grow the economy and create jobs for young Nigerians.

“Nigerians have worked hard to make our economy the largest in Africa and they should be proud of the feat. But it is also a challenge and an opportunity. The results of the rebasing exercise will

not make the challenges of poverty and unemployment disappear overnight but the better understanding of the structure and changes of the economy will give us better tools to grow the economy and tackle poverty and unemployment.”

Some of the noted informal sector that witnessed significant changes included, telecommunications and information services; motion pictures and sound recording; cement production; food, beverage and tobacco; construction and real estate sectors.

She said the outcome of the rebasing has shown that Nigerian economy had witnessed structural shift as is more diversified.

One of key changes identified, she said, was

the noticeable shift in the share of key sectors to the country’s overall GDP. For example, she said agriculture sector has a decline to the overall GDP and a rise in the share of Services.

According to the NBS, which carried out the exercise with assistance from respected Nigerian economists including Prof. Olu Ajakaiye, President of the Nigerian Economic Society; Prof. Akpan Ekpo, Dr. Ayo Teriba and others; the International Monetary Fund (IMF), the World Bank, the African Development Bank and other partners, the rebased estimates indicate the forecast for the nominal GDP for Nigeria in 2013 is N80,222,128.32 ($509.9 billion) In his remarks, Country

Representative of IMF, Dr. Gene Leon, said the rebasing has set standard, described it one step ahead a long road.

The new figure, however, exceeds forecasts from London-based Renaissance Capital, which predicted last December that the revision will boost the size of the economy by as much as 60 per cent to between $384 billion and $424 billion.

“This will make it increasingly hard for companies looking at Africa to overlook Nigeria, especially considering the size of the domestic market and its potential,” Samir Gadio, a strategist at Standard Bank Group Ltd. in London, said in an e-mailed response to questions from Bloomberg news.”

NEWS

Sanctity of Truth

Monday, April 7, 2014

5

PDP tackles APC over attack on judiciary

…accuses party of plotting to scuttle democracy Onyekachi Eze

T

he Peoples Democratic Party (PDP) has said the attack and denigration of the judiciary arm of government by the All Progressives Congress (APC) is part of the party’s ideology which borders es-

sentially on “the negation and destruction of constitutional and democratic institutions in quest for an order whose promise is doom for the nation.”

PDP in a statement by its National Publicity Secretary, Chief Olisa Metuh yesterday, also condemned what it called APC’s “leg-

islative gerrymandering” whose intention is to cause confusion in the National Assembly and concrete elements of political nihilism.

“Why is weird anarchism an option for the APC? Consistently, this party has attacked and denigrated the executive

and Nigerians excused it on the desperation of a political party that claims an alternative. It then took on the legislature where its crisis recipe in gerrymandering has yielded no result. Now, the APC is on a renewed aggression on the judiciary. Why is nihilism the APC preferred op-

L–R: President Goodluck Jonathan; Bayelsa State Governor, Seriake Dickson, and the Chaplain, Aso Rock Villa, Ven. Obioma Onwuzurumba, during a special church service at the St. Peters Anglican Church, Yenagoa…yesterday

37.5m

The number of internet users in South Korea in 2008.

Source: Blatantworld.com

79.3%

The male percentage of internet users in Slovak Republic in 2012.

Source: Itu.int

N119.2m

The IGR realized from direct assessment sources of Taraba State in 2011.

Source: National bureau of Statistics

tion?” It added.

The statement described as unfortunate that the APC was waging such a battle whose tragic consequences on the institutions of democracy were well known while at the same time jamming the political space with its pretensions on democracy.

“Wherever the APC is drawing this inspiration or motivation is surely far from the continent of democracy and right within the conclave of dictatorship. The APC is doing everything to scuttle democracy,” the PDP argued.

The party further expressed worry that the frequent penchant of the APC to blackmail judicial officers, paint them as inept and compromised where it fails to secure its bidding and turn a defender of the same institution when the reverse is the case, has been a running streak in the APC whose component metamorphosis, the Action Congress of Nigeria (ACN) denoted a chilling tale of corrupt influence in the judicial victory of two governorship seats in the South-West .

The PDP added that the rush by the party to castigate the ruling of the Federal High Court presided

over by Justice Adeniyi Ademola on the defection of some PDP members in the House of Representatives to the APC as well as its scathing criticism of the National Judicial Council (NJC) over the suspension of the Chief Judge of Rivers State, clearly gave away the simmering impatience of the APC with the democratic order.

“Nigerians had expected the acclaimed champions of democracy to quietly exploit the appeal option instead of resorting to statements meant to promote civil disobedience and lawlessness,” saying the latter day attempt by the party to tone down its disdain for the judiciary by blaming the media for what it called misrepresentation of Justice Ademola’s judgement does not hold water .

“But the APC can still turn a new leaf by borrowing from the PDP. It is not late. Our great party shall continue to uphold the sanctity of our democratic institutions as it is incumbent on all who genuinely believe in democracy to defend and promote it.

The alternative is anarchy, the route the APC appears decided on.”

Lagos PDP to Fashola: You’re usurping FG property CONTINUED FROM PAGE 4

of those whose action or inaction constitutes threat to this region.

“We gathered that at a venue slated for the meeting of the PDP aspirants in the state, a section of its leaders led by the newlyappointed Minister of Police Affairs, Mr. Jelili Adesiyan, unleashed violence on one of the aspirants and his supporters.

“Adeleke narrated how he and his men were molested and assaulted by security agents, the minister, another aspirant, Senator Iyiola Omisore and one Sogo Agboola, at the Osogbo Hotel venue of the meeting.”

“First, as a Minister of the Federal Republic, one expects a man of his calibre to observe and act with decorum and ultimate care. Second, as an indi-

gene of the state, we think what should be uppermost in Adesiyan’s mind should be peace and security of the state.

“Third, we are completely miffed that an ordinary familiarisation meeting among contestants in his party could snowball into violence, the news of which has sent panic down the minds of the citizens over the possible violence about to be unleashed on the state in the bid by the PDP to capture Osun.”

On Obanikoro, the group stated, “In the same vein, we view with concern the alleged show of power by the Minister of State for Defence, Musiliu Obanikoro, with his occupation of a Lagos Stateowned construction site at Ilubinrin in Lagos by men of the Nigerian Army.

“The drama that is unfolding in the SouthWest with the shameful conducts of Adesiyan (in Osun) and Obanikoro (in Lagos) is a vindication of COSEG’s earlier position and alarm that the appointment of the two were targeted at some sinister moves by the PDP to repress the people of the South West.”

But reacting to the allegations of COSEG, which was based on Fashola’s allegation against Obanikoro, the Lagos State Chapter of the PDP described the group as a bunch of busy bodies who are only out to seek relevance. The party also described Fashola as a “serial usurper who must now be called to order.”

The party, in a statement signed by the Lagos State Publicity Secretary, Taofik Gani, said, “The

Ilubirin land area is a Federal Government property and not a Lagos State Government property. Governor Fashola has however jumped on the land to continue his penchant and notoriety for usurping individual’s, organisation’s and government’s rights and privileges.”

The party particularly accused Fashola of taking over the functions and responsibilities of local governments in the state with the intention of taking over those of the Federal Government.

“The land area is a waterway and by the Law of the Land, it clearly belongs to the Federal Government. The mere fact that Fashola sand-filled the area cannot automatically transfer ownership to Lagos State Government.

Governor Fashola is a law-

yer and should appreciate the principle of ‘quid quid plantatur, solo solo cedit’.

The necessary step for Governor Fashola to follow is to seek permit and support from the Federal Government before encroaching on any Federal Government property. Unless Governor Fashola shows the world valid proof of ownership of the land by the LASG, he shall remain a usurper.”

On COSEG, the party said, “We ordinarily would not want to exalt a spineless group by joining issues with it. We are however inclined to react at this time to put records straight.

“We know the sponsors and their actors. They are only jittery of their imminent loss of power to PDP in the South-West.

Obanikoro and Adesiyan are law-abiding citizens

and distinguished sons of Yoruba land. They can never be involved in causing crisis in the region.

The COSEG should therefore carry out objective investigation and stop this blackmail.”

The party warned that it would not tolerate any sort of attack on any of its leaders by any group of persons acting on behalf of the APC. In his own reaction, Omisore’s spokesman, Odeyemi said of COSEG: “It is obvious that the group is not informed, biased and acting the script of APC. I wonder why they believe Isiaka Adeleke’s story with no respect for the Osun State Commissioner of Police, who after investigation blamed Adeleke for breeding thugs and putting them to use at a PDP meeting.”

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NEWS

Monday, April 7, 2014

photo news

World Health Day: NMA tasks port health services on Ebola virus Appolonia Adeyemi

A L-R: Secretary to Oyo State Government, Mr. Ismael Olalekan Alli; Representative of World Health Organization (WHO) in Nigeria , Dr. Rui Gama Vaz; Oyo State Governor, Abiola Ajimobi; the United Nations Team Leader, Dr. Dauda Toure and others, during a courtesy visit to the governor…yesterday.

L-R: Territorial General Overseer/ Superintendent, Utu Edem Usung Diocese, Mount Zion Light House Full Gospel Church Inc, Bishop Felix Okoko; Superintendent of Ikot Ekpene Diocese, Bishop James Okpo; Superintendent of Abak Diocese, Bishop Godwin Ibanga; Assistant of Apostle Kingsley Inyang (bending) robing the General Secretary of Mission, Elijah G. Philips as an Apostle, at Ikot Ekpene Diocese Headquarters in Akwa Ibom …yesterday.

s the world marks the World Health Day today, the Nigerian Medical Association (NMA) has called on the Medical Port Health Services Units to intensify their efforts in identifying and quarantining persons migrating from countries with Ebola Viral Disease to Nigeria.

In a statement issued to mark the World Health Day, President of the NMA and Vice President, Commonwealth Medical Association (CMA), Dr. Osahon Enabulele, also called for increased funding to the health sector to enable concerned ministries, departments and agencies (MDAs) adequately manage whatever emergencies ensues.

He urged governments at all levels to scale up their public health enlighten-

Abuja

A

L-R: Executive Director, Heritage Bank, Adeniyi Adeseun; Lagos State Commissioner for Science and Technology, Adebiyi Mabadeje; Executive Director, Ivory Banking, Heritage Bank, Mary Akpobome, and Chief Executive Officer, Lagos State Security Trust Fund (LSSTF), Fola Arthur-Worrey, during the donation of motor bikes and Hilux Van to LSSTF by Heritage Bank in Lagos …at the weekend

outbreaks and modalities for containment.

While lamenting that the country is still grappling with issues of development at the very foundational levels, the NMA noted that vectors are most commonly found in areas and habitations characterised by scarcity of potable water, poor housing conditions, poor environmental hygiene and abject poverty, branded “communities left behind by development” by The World health organization(WHO).

“NMA is of the view that not until an aggressive, deeply committed, well-funded and supervised environmental management programme is instituted, Nigeria may not heave a sigh of relief in her fight against diseaseladen organisms which have undoubtedly contributed to the huge disease burden in Nigeria,” he said.

2015: PDP chieftain alleges plot to sideline Cross River North Lateef Ibrahim

L-R: Permanent Secretary, Office of Environmental Services, Hakeem Adeniyi Ogunbambi; Chairman, Lagos State House Committee on the Environment, Tobun Abiodun; Special Adviser to Lagos State Governor on the Environment, Dr.Taofeek Adediran Folami; Commissioner for the Environment, Tunji Bello and the Permanent Secretary Office of Drainage Services, Muyideen Akinsanya at the 3-Day Environment Family Retreat in Lagos

ment and environmental management strategies.

Similarly, the NMA said governments should ensure that Nigerians are vaccinated against vector-borne diseases that have preventive vaccines, while providing drugs for known vector-borne diseases. “We expect them to enforce strict implementation of enabling public health and housing laws, institute measures for proper waste/sewage disposal and other preventive measures, and construct roads with standard, wellmaintained drains,” the body declared.

The theme of the 2014 World Health Day is “Protection against VectorBorne Diseases (VBDs)”.

Enabulele appealed to the Press, National Orientation Agency (NOA), federal and state ministries of information to disseminate accurate information about disease

s preparations for the 2015 general elections gather momentum, a chieftain of the Peoples Democratic Party( PDP), in Cross River State, Chief James Okon Itiaba, has alerted the people of Northern Senatorial District of the state of what he called a “grand plan” to subvert the popular will of the people of the zone.

Itiaba, in a statement made available to New Telegraph at the weekend, noted that unless the people of Cross River were vigilant, they may suffer a grand deceit.

The PDP chieftain noted that certain political leaders including some in the highest office of the land have been deceiving the people of Cross River State to believe that the PDP has zoned the governorship of the state to the northern senatorial district while surrepti-

tiously working to foist a candidate from outside the zone on the people.

He said his apprehension stemmed from a meeting Tuesday, March 2 at a certain politician’s house with the aim of drawing up strategies to return a popular Southern senatorial district politician as candidate of PDP. Itiaba said during discussions at the meeting which was adjourned to Saturday, April 5, there was no doubt that the last of the ‘three wise men’ was going to contest the PDP primaries and possibly emerge as the gubernatorial candidate of the ruling PDP. Itiaba admonished the people of Northern Senatorial District to come out of their closets to battle for what is rightly theirs as nowhere in the world is power served on a platter of gold.

The elder statesman maintained that power is always wrested from unyielding holders and that in Cross River State,

a small cabal of young men have been holding on to power since 1999 and are determined to hold it for 24years.

Mr Donald Duke became governor of Cross River State in 1999 and was succeeded by the incumbent, Senator Liyel Imoke.

Many believed that Imoke would be succeeded by Mr Gershom Bassey who is the third persona of the said “three wise men”.

However Senator Imoke shocked political pundits when he publicly announced that he would support a candidate from Cross River state northern senatorial district for governorship in 2015.

Many names have since been featuring on the political radar of the state, namely, Goddy Jeddy Agba, Ntufam Fidelis Ugbo, Legor Idagbor, Tanko Ashang and Larry Odey among others who have indicated their intention to run for the prized office.

NEWS

Sanctity of Truth

Monday, April 7, 2014

AVIATION Nigeria gets ready to scale through aviation safety audit Wole Shadare

T

he Nigerian Civil Aviation Authority (NCAA) said it is stepping up safety procedures to engender seamless, safe, smooth and secured air transport industry.

Acting Director-General of the agency, Benedict Adeyileka, who expressed satisfaction with the recent audit of Nigeria’s aviation industry conducted by the

Nigeria’ll scale US safety audit, says NCAA United States Federal Aviation Administration (FAA) said the country will scale through safety audit.

It will be recalled that a four-man team from the United States’ apex aviation regulatory body was in the country last week Monday to commence assessment of the sector and to know whether Nigeria still rates highly on aviation safety.

The team concluded the first of its work last week Thursday, just as the NCAA boss commended the entire audit exercise, saying the nation was confident of a good report from the FAA.

“The whole exercise was to look at our books and operations to ensure the high standard parameters that gave us Category 1 are still subsisting,” he said.

Adeyileka noted that while the exercise lasted, the four-man team used the current International Aviation Safety Assessment (IASA) checklists and the International Civil Aviation Organisation (ICAO) guidance material during the re-assessment.

He listed these critical elements as primary aviation legislation, specific operating regulations,

state civil aviation system and safety oversight functions, technical personnel qualification and training, technical guidance and tools, licensing and certification obligations.

Others are surveillance obligations, and resolution of safety concerns.

He disclosed that minimal open items were communicated by the auditors during their de-briefing and that the expediential closure of these items have commenced pronto.

Meanwhile, Deputy General Manager (Media) for the authority, Sam

Wife of Lagos State Governor, Emmanuella Abimbola Fashola (left), receiving an award from the Founder of Awesome Treasures Foundation, Mrs Olujumoke Adenowo, at the fifth National Women’s Prayer Summit Generations held in Lagos… at the weekend

N10.84bn

The internally generated revenue of Ogun State in 2012.

Source: National bureau of Statistics

48.2% The number of households with internet access at home in 2006.

Source: Itu.int

24.5m

The number of internet users in Turkey in 2008.

Source: Blatantworld.com

Tivs in Edo go spiritual over Benue, herdsmen’s clashes Cajetan Mmuta BENIN

T

he Tiv ethnic group in Edo State has gone spiritual over the fate of their families and relations in the northern part of the country, following the spate of clashes and killings in the area, especially Benue.

They sought for God’s intervention so that there will be an end to the orgy of violence that has led to the sudden death of

7

their loved ones and in the process render the people homeless in their land.

It will be recalled that operatives of the Nigerian security agencies are battling hard to deal with the problem of Fulani herdsmen clashes with indigenes in the North Central Nigeria that led to the death and maiming of hundreds of people.

But, President of the Association of Tiv Community, Edo State chapter, Sir Alfred Iordyeh, told

newsmen at a thanksgiving service held yesterday at Saint Thomas Aquinas Catholic Church, Ogbeson, Benin City, the state capital, that despite the Federal Government’s intervention, the people have resolved to seeking divine intervention. He prayed God to relocate to Benue State to save the people from the spate of killings and wanton destruction of property in the area.

According to Iordyeh;

“The purpose of the service principally is because God has kept us alive throughout 2013 and now; then, the most important of the whole thing is that the Fulanis are killing our people at home.

“So, we are calling on God to please relocate to Benue, we know that God is everywhere, but we want Him to relocate to Benue principally to look at us, have mercy on those who have lost their loved ones, people who have lost their farmlands.”

Adurogboye, in a statement, said the aviation regulatory body expressed profound appreciation to the President of the Federal Republic of Nigeria, Dr. Goodluck Jonathan, for the tremendous support the Presidency extended to the aviation industry during the audit.

Adurogboye said Adeyileka was full of thanks

for the support the NCAA received from the Supervising Minister of Aviation, Chief, Samuel Ioraer Ortom, the various aviation agencies, ground handlers, allied services providers, airline operators, aviation stakeholders and all those who provided various degrees of support towards the successful completion of the audit.

Return to the basics of faith, Aregbesola urges Christians

O

sun State governor, Rauf Aregbesola, yesterday made a passionate appeal to the Christian community across the country to return to the original basis of all faith which says ‘love thy neighbour as thy self.’

This was just as the governor, said those linking him with any plot against Christianity missed the point, "because the success his father achieved early in life could be traced to a job he got in the construction of St. John’s Cathedral, Iloro, Ilesa;" thereby making him one of the beneficiaries of the Christian faith.

Governor Aregbesola, while speaking at the St. Benedict Catholic Cathedral, Osogbo, presided over by Bishop Rev Paul Awowole, said no faith ever preached hatred.

It was a weekend of

visits to churches and receptions for leaders of the Christian communities in the country.

Aregbesola, who was in company with the immediate past Governor of Abia State, Dr. Uzor Orji Kalu, to St. Benedict Catholics Cathedral Osogbo, said one common thread runs through all religions from Babism; Christianity, Gnosticism, Islam, Sufi and Shia, Druze, indigenous traditional religions and others, they all have love as the basis of faith.

Quoting copiously from the book of Matthew chapter 22 verse 39, the governor said Jesus Christ answered His disciples and those around Him thus: “Love thy neighbour as thy self,” when he was asked, which was the greatest commandment.

Petrol: Rep cautions against removal of subsidy Philip Nyam Abuja

T

he Federal Government has been advised against removing subsidy on petroleum products without putting in place adequate safety nets to protect the masses.

Deputy Chairman of the House of Representatives Committee on ICT, Hon. Tajudeen Yusuf (PDP, Kogi) gave the advice in Abuja at the weekend while addressing the media.

Yusuf, who moved a motion in 2012 at a spe-

cial session of the House, kicking against the announcement of suspension of subsidy by the Federal Government, said he is not against its removal, but certain structures should be put in place to cushion its effects on the common man.

He said you do not subsidise consumption, but production so, if the Federal Government discovers that the current subsidy is not yielding results, it should be discontinued, but adequate plans must be made to lessen the burden on the weak.

8

NEWS

Monday, April 7, 2014

LAGOS

OYO

fct

IKEJA

IBADAN

abuja

Lagos encroaching on FG property, says PDP The Lagos State chapter of the Peoples Democratic Party (PDP) has accused the state government of encroaching on the property of the Federal Government in the state.

This was just as the party berated Governor Babatunde Fashola for accusing the Minister of State for Defence, Senator Musiliu Obanikoro, of using sol-

diers to stop the construction of houses by the state government on the land at Ilubirin area of the state.

In a statement signed by its Publicity Secretary, Taofik Gani, the PDP said its reaction was to Governor Fashola’s claim that Obanikoro used soldiers to stop construction of houses on the land at Ilubirin area, which purportedly belong to the Lagos State government.

RIVERS PORT HARCOURT

Sippar magazine debuts today Sippar, a monthly news magazine reporting developments in Nigeria and the global community will hit the nation’s newsstands today.

The magazine, which is floated by another set of former Newswatch magazine editors, has its editorial offices in Port Harcourt, capital of Rivers State.

It has Obong Ak-

paekong, senior associate editor of Newswatch until August 2013 as managing editor.

A meticulous writer and widely traveled journalist, with over 27 years of experience on the job, Akpaekong has at various times worked as West Africa editor of the Londonbased News Africa magazine and Features Editor of Independent Newspapers Limited, Lagos.

Ajimobi approves payment of LAUTECH’s outstanding salaries

Group commends judgement against 37 defected Reps

Two weeks after they shunned their jobs, following the non-payment of their salaries and allowances, Oyo State governor, Abiola Ajimobi, has approved the immediate payment of the salaries and allowances of members of staff of the Ladoke Akintola University Teaching Hospital, Osogbo.

This was contained in a statement issued in Ibadan yesterday by the state Commissioner for Health, Dr. Muyiwa Gbadegesin.

He said aside the immediate payment of the outstanding salaries and allowances, the governor has also approved the repositioning of the hospital in order to render adequate services as a tertiary health institution that it is.

A group loyal to President Goodluck Jonathan in his 2015 re-election bid has commended the recent judgement by an Abuja Federal High Court, which ordered the 37 Peoples Democratic Party members of the House of Representatives, who defected to the opposition All Progressives Congress (APC) to resign from the House.

The group, working under the auspices of Team Goodluck Nigeria said it was embarrassing that the defected House of Representatives members still remained in the chamber, rather than honourably vacating their seat as ordered by the court.

It further stressed that their action was embarrassing to the country and the international community.

KWARA

EKITI

ILORIN

ADO-EKITI

Kwara advises agric loan beneficiaries

Opposition has no credible alternative to Fayemi –Rep

The Kwara State Commissioner for Information and Communications, Mr. Tunji Moronfoye, yesterday advised beneficiaries of agriculture loans in the state to manage the funds properly and wisely.

Moronfoye gave then advice in a statement signed by the Press Secretary of the ministry, Mrs. Olupinla Ayobola.

The statement quoted the commissioner as describing the loans as part of the agriculture policy initiated to boost food production in the state by former Governor Bukola Saraki.

A member of the House of Representatives, Hon. Oyetunde Ojo, has said that the opposition in Ekiti State has no credible alternative to Governor Kayode Fayemi’s candidacy in the coming governorship election in the state.

Ojo, who is the Chairman, House of Representatives Committee on Communications, said this in Aramoko-Ekiti while inspecting the level of work done at the 20bed ward he is donating to the general hospital in the town.

Ojo, who is also representing Ekiti West/ Efon/Ijero Federal Constituency of Ekiti State, also advised politicians to pay attention to youth restiveness in the country in the interest of the nation.

Speaking on the forthcoming election, Ojo said Ekiti State has no credible alternative to Fayemi in the candidature of former Governor Ayodele Fayose and Hon. Opeyemi Bamidele.

60.7%

The male percentage of internet users in Macedonia in 2012.

Source: Itu.int

N1.46bn

The IGR realized from PAYE (taxes) of Nasarawa State in 2010.

Source: National bureau of Statistics

10.9

The number of active mobile-broadband subscriptions per 100 inhabitants in Africa region in 2013.

Source: Itu.int

BENUE MAKURDI

Security: Suswam commends Jonathan's swift response Ooni of Ife, Oba Okunade Sijuade (left) and former National President, Nigerian Chambers of Commerce, Industry, Mines and Agriculture, Chief John Odeyemi, during the latter’s 75th birthday thanksgiving service, at Ile-Ife… at the weekend.

ANAMBRA

EDO

AWKA

BENIN

Obiano applauds arrest of 20 kidnap, robbery suspects Anambra State governor, Chief Willie Obiano, has applauded the recent arrest of 20 suspected kidnappers and armed robbers by men of the Special Anti-Robbery Squad (SARS) in the state.

The success was recorded barely one week after the governor launched an all-out war against crime

in the state with the formation of a Joint Task Force on security made up of the police, the army, the navy and other paramilitary agencies to cleanse the state of the activities of men of the underworld.

The suspects were arrested from various flashpoints across the state with a cache of arms including five AK-47 riffles, one English Beretta pistol, six pump action riffles.

NMA seeks community collaboration to stamp out quacks The Nigerian Medical Association (NMA) has urged communities and rural dwellers in Edo State to collaborate with it to curtail the activities of quacks in the state.

NMA Chairman in the state, Dr. Emmanuel Ighodaro, made the call in an interview with the News Agency of Nigeria (NAN)

in Benin yesterday.

Ighodaro said the state’s Anti-Quackery Monitoring Committee, in collaboration with the NMA and the Medical and Dental Council of Nigeria were ready for a big fight against fake practitioners in the state.

“The activities of quack medical practitioners, especially in the hinterlands, are on the increase and dangerous."

Benue State governor, Gabriel Suswam, has acknowledged the swift response of President Goodluck Jonathan to the security challenges that has enveloped the state, saying he will not allow any group of persons take advantage of the existing peace to unleash terror on the citizens.

The governor stated this yesterday while speaking at the thanksgiving service organised

by Club 23 in honour of Mr. Hinga Biem, on his successful retirement from the state civil service.

KOGI LOKOJA

Former Kogi AuditorGeneral canvasses true federalism A Kogi State delegate at the ongoing national conference and former Auditor-General in the state, Hajia Ladi Ibrahim, has called for true federalism in the country if equity, fairness and justice must be attained.

Ibrahim, who made the remark in a telephone interview with the News Agency of Nigeria (NAN), suggested the rotation of power among the six geo-political zones of the country.

She said power should also be rotated among the various senatorial districts at the state level so that everybody would be given the opportunity to taste executive power.

“Even though, the presidential system of government is expensive, we can have a modified presidential system that can take care of the cost.”

NEWS

Sanctity of Truth

Monday, April 7, 2014

9

INEC declares Ondo bye-election inconclusive l ....PDP hails decision, LP differs STALEMATE

LP, PDP, APC are kept guessing as INEC fails to announce election result Babatope Okeowo Akure

T

he Independent National Electoral Commission (INEC) yesterday declared the bye-election for Ilaje/ Ese-odo Federal Constituency in Ondo State inconclusive.

Although the ruling Labour Party(LP) was leading with 1, 200 votes from the results collated from

the two local governments, the INEC Resident Electoral Commissioner(REC), Mr Akin Orebiyi, could not declare the winner of the election.

The election was contested by seven political parties, including the Advance Congress of Democrats (ACD), All Progressive Congress (APC), Democratic Peoples Party (DPP), Labour Party (LP) People for Democratic Change (PDC), Peoples Democratic Party (PDP) and Progressive People's Alliance (PPA).

The LP candidate, Mr Kolade Akinjo; PDP’s flagbearer, Chief Adewale Ku-

kute and APC’s candidate, Chief Adewale Omojuwa were however the leading candidates.

INEC’s declaration was as a result of the petition by the PDP that suspected political thugs did not allow election to take place in Arogbo Ward Two in Ese-odo Local Government and the hijacking of electoral materials in some voting units in Ilaje Council.

The petitions signed by the chairmen of the PDP in Ilaje and Eseodo councils; Messrs Tuyan Solomon and Daisi Mafimisebi said 6,767 voters in Eseodo were disallowed to

vote, while the total number of votes destroyed by suspected thugs in Ilaje amounted to about 2,000 votes.

Some suspected ex-militants were said to have stormed Arogbo Ward Two where there are 12 polling units and prevented the distribution of voting materials. They alleged that the government did not pay them amnesty fund despite the fact that they submitted their arms and embraced the amnesty programme of the Federal Government.

Some of the areas where the election could not hold in Ese-odo includ-

L-R: President, National Industrial Court of Nigeria, Justice Babatunde Adeniran Adejumo; Chief Judge of Imo State, Justice Benjamin Njemanze; Deputy Speaker, House of Representatives, Emeka Ihedioha and first daughter of the late Eze B.S.C Nzenwa, Justice Mary Odili of the Supreme Court of Nigeria, during the official opening of H.R.H Eze B.S.C Nzenwa Memorial Bar Centre, Aboh Mbaise, Imo State…at the weekend

992m

The number of mobile-telephone subscriptions of developed countries in 2005.

Source: Itu.int

16.76m

The number of internet users in Poland in 2007.

Source: Blatantworld.com

88.5%

The female percentage of internet users in Luxembourg in 2012.

Source: Itu.int

Edo PDP vows to back teachers over competency test Cajetan Mmuta BENIN

T

he Leadership of the Edo State chapter of the Peoples Democratic Party (PDP) yesterday faulted the decision of government to proceed with the conduct of the competency test in utter disregard to the rule of law.

Chairman of the PDP in the state, Chief Dan

Osi Orbih said: “We have seen that the state government, because of its bankruptcy, had come out to conduct a competency test for teachers.

Government decision to go ahead with the competency test is a clear indication that the government has no regard for rule of law. If we must take competency test, we must start with the governor and the commis-

sioners. Any attempt to ridicule the teachers in the name of test will be resisted. We believe that the attempt to conduct the test is to turn bread winners to bread seekers,” he declared.

Orbih appealed to the people to exercise restraint in what he called the misgivings of the present government, assuring that “at the appropriate time we will vote a

PDP-led government that will cater for the welfare of the masses in the state.”

The party also commended the administration of President Goodluck Jonathan on what it called the massive construction of roads in all the states of the federation and the ones linking the state with neighbouring states.

ed New Jerusalem unit in Arogbo Ward 1, Uparama 2, Ojogo unit and Apoi. In Ilaje, the election could not hold in Mahin Ward 2 and some units in Ogogoro.

But the LP claimed victory in the election, saying it won the election and

should have been declared the winner by the electoral umpire.

The chairman of the party, Chief Dele Akinyele, said the party was reviewing the entire process and would come out with a comprehensive reaction.

Solomon remains in Kogi House despite court ruling, says Speaker Muhammad Bashir Lokoja

D

espite a Federal Appeal Court Judgement, Speaker of the Kogi state House of Assembly, Momoh Jimoh Lawal, has insisted that Hon Afolabi Oluyori Solomon remains a member of the state House of Assembly representing Ijumu Constituency.

The Court of Appeal sitting in Abuja, had voided the candidacy of Afolabi Oluyori Solomon in the 2011 House of Assembly election for Ijumu Constituency.

Solomon had contested under the platform of the defunct All Nigeria

Peoples Party (ANPP), now All Progressives Congress (APC) where he won the poll and subsequently emerged as the Minority Leader of the state House of Assembly.

But Yakubu Abdul Ganiyu Kayode, had dragged the defunct ANPP, the Independent National Electoral Commission (INEC) and Solomon before a Federal High Court sitting in Lokoja, insisting that he was wrongfully substituted, having earlier emerged as the standard bearer of his party.

Ruling on the matter, Justice Inyang Ekwo, entered judgement in favour of the 3rd defendant.

Lagos trains 90,000 drivers in four years l…400 tanker drivers on the line Muritala Ayinla

T

he Lagos State Government said it had trained no fewer than 90,000 drivers across the state, even as it announced plans to train additional 400 tanker drivers plying the state.

New Telegraph gathered that the state has recorded no fewer than 80 cases of accidents involving petroleum tankers and other articulated vehicles.

The state governor, Mr Babatunde Fashola (SAN), recently held a closed-door meeting with tanker drivers, including those in the oil and gas sector, on a safer business model, saying apart from dam-

age constantly caused by the vehicles to public infrastructure, his administration would no longer condone loss of lives and properties resulting from road crashes involving heavy-duty trucks and tankers.

Speaking with journalists during a stakeholders meeting with operators at the Lagos Chamber of Commerce and Industry, LCCI, the state Commissioner for Transports, Kayode Opeifa, said the training of 400 petroleum tanker drivers was necessary to put an end to the frequent accidents involving heavy duty vehicles.

10 NEWS

Monday, April 7, 2014

national conference

NO RIVALRY

Rather than usurp powers of the National Assembly, National conference will help in nation's development

Onwuka Nzeshi ABUJA

L

eader of the Ondo State delegation to the National Conference, Mr Remi Olatubora, yesterday dismissed insinuations that the ongoing conference is a wasteful exercise and a duplication of the National Assembly.

Olatubora, who is also the Ondo State Commissioner for Vocational And Technical Education, said though the conference was a gathering of the

Imo indigenes task Confab, not competing with National Assembly - Olatubora delegates people of Nigeria, it was not designed to usurp the roles and responsibilities of the National Assembly.

He said that rather than being a competitor and a hindrance, the National Conference would be complementary to the National Assembly as delegates would be discussing some of the problems bedevilling the National Assembly itself.

"The president said sovereignty belongs to the people. That is why he said that the recommendations will be sent back to the people. The president in his speech said he was aware that he

was an elected president.

But he said ultimately, sovereignty belongs to the people. That declaration confers on delegates some plenary powers.

That means the principal officers and delegates have been conferred with a sovereign status.

"We are not competing with the National Assembly. We are here to also discuss the problems of the National Assembly.

The problems of the National Assembly will be diagnosed by delegates.

We are also going to look at the problems facing the presidency," Olatubora said.

He said that the delegates from Ondo State, including himself, Professor Femi Mimiko and Dr Yemi Mahmud Fasominu, have the mandate of their people to articulate the position of the state at the conference when it was time to do so.

According to him, though the delegation from Ondo State has the mandate to articulate the position of the state, it was open to discussions and negotiations on the contentious issues of resource control and fiscal federalism, and would not impose its will on other delegates.

Jude Opara Abuja

A

s the ongoing National Conference gets into its crucial stages, the Imo Consultative Assembly, (ICA), a group comprising Imo State indigenes living in the Federal Capital Territory, Abuja, has challenged delegates to the conference, especially those from Imo State, to be alive to their responsibilities.

In a statement in Abuja over the weekend and made available to New Telegraph, the group advised the delegates to always protect the interest of the state and by extension, all Igbo states in their deliberations at the conference.

The statement signed

by Maxwell Alaeto and Nkonye Kingsley Evarest, convener and secretary respectively, reminded the delegates that Imo indigenes all over the world were monitoring

their contributions at the conference, adding that should they fail to pursue the course of the state, posterity will judge them harshly.

The ICA also made reference to the 70%benchmark for voting on issues, insisting that such a decision has already put the entire South East geopolitical zone at a disadvantage.

It, however, advised delegates from the state not to lose sight of the quality of patriotism and Spartan life expected of them, as exhibited by the late Dr Sam Onunaka Mbakwe, the first civilian governor of the state.

According to the group, it has also uncovered moves being made by delegates from other geo-political zones to buy their colleagues, warning that where such lobby is against the interest of Imo people and Ndi Igbo in general, the delegates must not yield to it.

Delegate canvasses stronger councils Minister of Agriculture, Rural and Urban Development, Dr. Akinwumi Adesina (right), displaying his NIN slip shortly after enrolling at the National Identity Management Commission (NIMC) Enrolment Centre in Ikeja, Lagos…at the weekend. With him are the Director General/ CEO, NIMC, Chris Onyenenam and Permanent Secretary, Ministry of Agriculture, Mrs. Ibukun Odusote.

...1999 Constitution is underdeveloping Nigeria - Ray Ekpu Lateef Ibrahim Abuja

F

ORMER Governor of Eboyi State and delegate to the ongoing National Conference in Abuja, Dr. Sam Egwu, yesterday said the nation’s federal system of government was more in theory than in practice.

Similarly, a former Chief Executive of Newswatch Magazine and delegate representing the socio-political and cultural segment from the South-South at the conference, Mr. Ray Ekpu, has observed that

the 1999 Constitution appeared to have created a perfect atmosphere for the underdevelopment of the country.

Egwu and Ekpu stated these in Abuja while making their contributions to the debate on the inaugural speech of President Goodluck Jonathan at the venue of the conference.

Egwu declared: “We are running a federal system of government, but we do not observe the tenets of a federal system.

“The issue is with us.

The issue is with the leadership. The issue is with the elite in this country.

We have no provision for the masses. We have no provision for the aged.

We have no provision for the physically challenged in this country”, he lamented.

He wondered why political office holders would be earning fatter salary than University Professors, and why a councillor with school certificate should earn more than a graduate in the country.

He pointed out that the country needed to embark on what he called ‘national reconciliation’ to make progress in addi-

tion to extensive fasting and prayers.

Ekpu, while justifying his position that the 1999 Constitution seems to have provided the perfect atmosphere for the underdevelopment of Nigeria, drew attention to the fact that the said constitution put 68 items on the exclusive list (for the Federal Government to legislate on) with another 30 on the concurrent list (for both the federal and states to legislate on), wondering how and when development can ever get to the various remote communities from the federal level.

M

r Abubakar Ahmed, a delegate, yesterday advocated empowerment of local government councils to tackle problems of insecurity and unemployment in the country.

Ahmed, representing the Forum of Former Local Government Chair men (FFLGC) in the North Central, made the call in an interview with the News Agency of Nigeria (NAN) in Abuja.

He said if the local gover nment system was strengthened and democratic enough, all minor agitations and problems in the country would be solved. ``The local government system is a very vibrant tier of government that we need to develop and encourage. ``All these unemployment and security challenges that we are facing is because the lo-

cal government system is not strengthened. ``By the time we have a stronger and strengthened system, all these issues will reduce. ``All these agitations that people are being marginalised or neglected is because the local government system is not functioning very well. ``If the local government is functioning very well in terms of providing basic amenities, eradication of poverty and improved education system, nobody will care about the state or Federal Government,’’ he said.

Ahmed said that the forum of local government chairmen, in addition to participating in other discussions, would be using the conference to canvass support for the autonomy and democracy at the local government level.

metr

NEW TELEGRAPH

www.newtelegraphonline.com/metro

ABIODUN BELLO FEATURES Editor

abiodun. bello@newtelegraphonline.com

MONday, APRIL 7, 2014

0802 393 8212

Man shot several times, fights for life Juliana Francis

A

middle-aged man, Lateef Ganiu, is fighting for his life now after he survived a gun attack.

The man was said to have been shot several times by an assailant simply identified as Kehinde.

Doctors have been able to extract 35 pellets from Ganiu’s body, while they are still battling to remove several others.

Trouble started for Ganiu when he went to a piece of land belonging to his master, Alhaji Akeem Alade, in Ikorodu area of Lagos.

Kehinde allegedly invaded the said land and opened fire on Ganiu.

However, Alade has vowed to bring Kehinde to justice for allegedly attempting to kill Ganiu for some unfathomable reasons.

Alade said he was not around on the fateful day but he was told that Kehinde went to his plot of land and started shooting as if he was reenacting a Wild West movie.

The shooter thereafter simply disappeared.

But it was not for long as the police have arrested him.

The man is now being quizzed at the homicide department of the State Criminal Investigations Department (SCID), Yaba, Lagos. But Alade said he did not want the case to be swept under the carpet.

He said: “All I want from the police now is justice. I want the man to be charged to the court, so that he would explain why

Juliana Francis

A

suspect, Olabamidele Sanusi, said he went into robbery because of assurance that it was going to be as easy as eating a pie.

Sanusi and other members of his gang were arrested by the Special Anti-Robbery Squad (SARS), Ikeja, Lagos, on their way

Sanusi

Pellets extracted from Ganiu’s body

Ganiu on his hospital bed

he shot Ganiu. I see this as a clear case of attempted murder.

“I don’t even know the man and I didn’t have any issue with him. But I learnt he was having an issue with the person that

owns the land beside mine. But why he should jump into my land to start shooting is what I don’t know and what I wish to understand.

“Ganiu was shot several times. It is a

miracle he survived.”

According to a police source, Alade reported the case of attempted murder on March 13, at 5pm.

He told the police that on the same date, at 3:30pm, Ganiu was shot at the left shoulder with gun by some hoodlums, led by one Kehinde and Waheed, at Adamo town Ikorodu.

“The victim was rushed to the General Hospital, Imota, Ikorodu. Alade said that when the victim was shot, the suspect who fired the gun alerted their leader, one Julius and told him that he had killed one of them, unaware that the victim didn’t die and was listening to the phone conversation.

“As if this was not enough, when the victim was rushed to the hospital, one of them located the victim’s ward and made calls to other hoodlums,” the police source said.

I was told robbery is easy, says suspect to a robbery operation.

The suspect said that he was shocked when it dawned on him that he had reached the end of the road in his criminal activities.

Sanusi, almost on the verge of breaking down in tears, said he only accepted to join in the robbery operation after a gang member told him that it was going to be the easiest ever.

He said: “I was among a gang of robbers going for operation when I was arrested.

I didn’t know it would turn out like this.

“I was told that the robbery would be as easy as eating a pie. The man who brought the job would be part of the operation. I thought it would be easy, I didn’t know police would catch us.

“I brought a gun for the operation. I used to be a devoted student in an Islamic

school, we were taught to desist from evil.

Look at me now.

“But I have prayed and I’m still praying to God to deliver me from this problem for the last time. I swear I won’t go into crime again.

If God gives me another chance, I may go back to selling sachet water or devote myself to working for God. But the truth of the matter is that my family members pushed me into crime. Nobody lifted a finger to assist me when I needed help.”

If Sanusi is charged to court and is found guilty, it would be his second time in prison.

The suspect said that the first time he went to prison was in 2012.

He said: “It was actually a fight over

land matter that took me to prison in 2012. The land in question is at Mowe Ibafo.

“Our opponents were members of a gang led by a dreaded man called Omi Ata, now living at Ketu. We were working then for an estate agent, called Dr Enitan. One day, I and other members of the gang were on the land when Enitan asked us to leave, saying that court had given judgement in favour of our opponents.

“Immediately he told us, others took off. I decided to take another route. I didn’t know that our opponents were hanging around that axis. As soon as they saw me, they pounced on me and gave me the beating of my life. They dragged me to Ketu Police Station and from there I was dumped in Kirikiri prison.”

12

METRO

Monday, Ap

PCRC chairman shot dead during church service DESECRATION Armed men invade a church, shoot and kill a Police Community Relations Committee chairman while Sunday service is on Kunle Olayeni Abeokuta

G

unmen suspected to be assassins yesterday invaded St. John’s Anglican Church, Oke-Sopen, Ijebu-Igbo, in Ijebu North Local Government Area of Ogun State and

killed a 70-year-old man, Chief Tola Okuneye.

The killing, which took place while the Sunday service was still in progress, caused pandemonium in the congregation.

It was gathered that no fewer than 10 armed men stormed the church about 11am yesterday, went directly to the pew where the deceased sat and shot him in the head.

The late septuagenarian, popularly known as “Ajagajigi,” was said to be the chairman of the Police Community Relations Committee (PCRC)

in the local government.

A witness said the assailants fled the scene without taking anything away from their victim.

He said: “The service was on when we noticed that some boys numbering about 10, armed to teeth, entered the church and headed straight to where Chief Okuneye was sitting and shot him in the head.

It was the time our preacher was about to mount the pulpit.

The incident happened about 11.00a.m.

“We were shocked and everybody was jittery as the

My wife didn’t owe her killer – Ex-magistrate’s husband

Idah (middle) being led away at the court premises

Kunle Olayeni Abeokuta

H

usband of the slain retired senior magistrate in Ogun State, Mr Wole Timeyin, yesterday debunked claims that his wife, Olufunmilayo, owed her killer some money.

The 70-year-old widower, who spoke at the family residence in Laderin Housing Estate, Abeokuta, said the 21-year-old man, David Uche Idah, who murdered his wife, was well treated before the incident.

A Chief Magistrates’ Court sitting in Abeokuta had, on Friday, remanded David in prison custody for the killing of the 65-year-old Mrs Timeyin, at her residence on March 28.

The accused, who hails from Benue State and worked as a do-

mestic staff of the late senior magistrate, reportedly inflicted severe machete cuts before slaughtering his victim.

But while speaking with journalists yesterday, Timeyin, a pharmacist, said it was untrue that his late wife owed the accused some money as being speculated.

The widower said David was sacked after he allegedly stole jewellery, mobile phones and electronics of the deceased.

He said: “We never owed him any salary, rather we did pamper him and made him more comfortable. We provided a conducive environment for him as you can see from the self-contained room we allocated to him with all needed facilities.

“Even after he was arrested for stealing, the family pleaded for his release so that he would not end

up in jail, and so that he would not return to the society as hardened criminal. We counselled him several times but we never knew he was a devil in human skin. Is it a wrong thing to have saved him from ending up in prison?”

The husband disclosed that the accused laid siege to their residence for 24 hours before carrying out the dastardly killing.

According to him, the accused confessed that he hid himself overnight in the gatehouse and later emerged to attack the retired magistrate.

He said: “Unknown to us, the boy hid in the gatehouse overnight before he struck the following day, having monitored our movement and knowing that my wife remained the only person at home after I had gone out.”

service abruptly came to an end. Some people, especially the elderly people, were still in shock as I am talking to you now. The deceased was not a politician. If he was one, we would have been thinking that his political opponents carried out the act, but as it is now, the church has been deserted, except a few people who were with the pastor.”

Okuneye, a well-known businessman in Ijebu-Igbo and neighbouring towns, was among the earliest furniture makers in Ijebu area.

He owned Tola Furniture

and Cabinet Industry.

His remains had been deposited at the mortuary of the General Hospital in Ijebu-Igbo.

It was learnt that the deceased is survived by six wives and over 20 children.

When contacted, the state Deputy Police Public Relations Officer, Abimbola Oyeyemi, confirmed the incident but said the police had commenced investigations.

Oyeyemi, an Assistant Superintendent of Police, said it would be too early to link the murder with politics.

The late Okuneye

He said: “It hasty to link i fortunate in th once somethi people quickly cal issue or the until police co tion. Until then reason behind

Five injured as para-military gro Taiwo Jimoh

C

ontroversy has continued to dog the violent clash between two para-military organisations in Lagos.

The leadership of the state security outfit, Neighbourhood Watch in Amuwo Odofin Local Government accused Amuwo Odofin Community Policing Youth Vanguard of lunching the attack on its members.

But the youth group, reportedly being sponsored by Area ‘E’ Commander, ACP Dan Okoro, has denied the allegation.

However, the Coordinator of Neighbourhood Watch in the council, Mr Kingsley Oboh, told our correspondent that the group did not only attack his members, it also terrorised passers-by and traders in the area.

Oboh disclosed that five of his members were seriously injured in the attack.

He said: “Some of my men were performing their lawful duty at Alakija area of the state, when some members of the Amuwo Odofin Policing Youth Vanguard attacked us with dangerous weapons.

“What baffles me the most is that the police

attached to Festac Police Station refused to protect us.

“Some of our men sustained various degrees of injuries. Those who sustained deep cuts were taken to the council clinic for treatment.”

The Chairman of Amuwo Odofin Local Government, Comrade Ayodele Adewale, also corroborated Obah’s views.

He said: “Government will not give in to hoodlums. We want the Community Policing Youth Vanguard set up by Area E Commander, ACP Dan Okoro to be banned before hell is let loose in the local government.

“The same group vandalised local government projects signposts during the March 2014 environmental sanitation.”

The violent confrontation between the two

One of the victims

groups, according to investigation, was traced to the arrest of one Onwa for driving during the monthly environmental exercise.

It was gathered that when officials of the council accosted the said Onwa, he refused to alight from his vehicle.

Instead he called on members of the Amuwo Odofin Policing Youth Vanguard to come to his aid. But when they arrived the scene, they allegedly disrupted the peace of the community.

Officials of Neighbourhood Watch alleged that members of Amuwo Odofin Policing Youth Vanguard, who were brandishing weapons, started to harass the residents.

They also allegedly attacked council officials, Kick Against Indiscipline (KAI) officials and those of the Lagos State Traffic

POLITICS

NEW TELEGRAPH

newtelegraphonline.com/politics

ayodele Ojo

Deputy Editor, politics

ayodele.ojo@newtelegraphonline.com

ayodeleojo@yahoo.com

Monday, April 7, 2014

Jingoism is not the monopoly of anyone.

We are here to make Nigeria work... My kingdom extends into part of Cameroon.

In fact, there is a state there known as Adamawa. If anything happens here, I will go there and I will easily assimilate - Lamido Adamawa

2015: 500 POLITICIANS TO WATCH

Elechi, Anyim, Onu, Egwu dictate the pace in Ebonyi Leo Sobechi Ebonyi State is a peculiar place when the issue of politics is the subject matter. Created in 1996, the state has the blessing of not having endured much of military administrations. At the inception of democratic governance in 1999, Ebonyi had only one ex-governor. What this translated to was that the spectre of godfatherism was lost on the state. However, there was a creeping influence of dichotomy politics on account of the socio-economic disparities between the old Abakaliki and old Afikpo blocs that merged to become Ebonyi State. While the old Abakaliki comprising the large clans of Izzi, Ezza and Ikwo spread along the Ebonyi North and Central districts; commands greater number in population, the old Afikpo made up of Afikpo, Ohaozara and Ivo people boasts of more educated and economically empowered citizens.

Despite this disparity, the people of Ebonyi collectively engage in public lament over their “criminal marginalization by previous administrations” of their former parent states. Yet, back home, the demographic distribution of population and differing historical backgrounds describe the political behaviour of the people.

Those considerations are currently besmirching calculations for the 2015 elections when it is expected that political power at the level of governorship of the state would shift to Ebonyi South Senatorial District of the old Afikpo bloc.

Right from 1999 when Nigeria returned to the path of democracy, Ebonyi people have consistently been pitching their tent with the Peoples Democratic Party (PDP). In 1999, Dr. Sam Egwu defeated former Abia Governor, Dr. Ogbonnaya Onu, to become the first democratically elected governor. However, the influence of the old Abia State governor propelled the All Peoples Party (APP) to win 11 House of Assembly seats out of the 24 constituencies in the State. In 2003, following the uprising staged by aggrieved members within the PDP, APP, which had just transformed into ANPP, admitted the turncoats and gave the governorship ticket to Dr. Lawrence Nwuruku. Through the new impetus, Mr. Francis Elem, who was representing Ezza South/Ikwo federal

influence of Senator Julius Ali Ucha, who defected from PDP to the All Nigeria Peoples Party (ANPP) to contest the governorship; cut short PDP’s exploits. Ucha and his group enabled the opposition to snatch a foot hold in the state once again producing two members of the 24-member State Assembly and one member in the House of Representatives.

This time around the plot has thickened to have Ebonyi South Senatorial district produce the governor. With the emergence of the All Progressives Congress (APC) to which the Ucha and Onu groups now belong, Ebonyi has become a field of shifting sand in terms of political considerations. The following are some of the names that could influence the tide of electoral considerations for 2015 either through their acts of omission, commission or indifference:

constituency in the House of Representatives won his second term on ANPP platform after crossing over from PDP with the Abuja group.

It was in the bid to deplete APP powers that PDP enticed all the APP members in the House of Assembly with the offer of automatic second term tickets. Thereafter, PDP continued to flex its muscles as the dominant political party, aided no doubt by the novel garrison politics of the party. But in 2011 the

Martin Elechi The buck stops at the table of Governor Martin Elechi on invirtually every political calculation in the state. A foxy veteran politician, Elechi dug deep into the political structure of PDP before showing that he was in for a long haul in the politics of Fourth Republic after his last stint as old Anambra State Secretary of defunct National Party of Nigeria (NPN).

Elechi is said to be bidding his time to run for the Senate seat of Ebonyi Central Senatorial District. Elechi has in his seven years in office perfected the art of double speak that confounds his critics and disarms his supporters.

Most of the political decisions ahead of 2015 rest on him.

Anyim Pius Anyim Apart from being the current Secretary to the Government of the Federation (SGF), Senator Anyim served a term in the Senate which he capped up gloriously as the President of the Red Chamber. The SGF carries his massive frame with grace, wit and humour.

His short stint in politics has been eventful. He declined from seeking another term in the Senate more out of strategic calculation to avert the venomous ambush CONTINUED ON PAGE 14

14 POLITICS

Sanctity of Truth

Monday, April 7, 2014

2015: 500 POLITICIANS TO WATCH of former President Olusegun Obasanjo than political modesty. He aspired to serve PDP as its National Chairman, an ambition that threw up stiff rivalry from his traditional political sparring partner, former Governor Egwu. Anyim has an uncanny way of deploying men to his bidding, especially in his Ebonyi political base. Providence has placed him at a vantage point to influence the direction of politics both in Ebonyi and at the federal level. There are whispers in certain quarters that the Ishiagu-born senator would be dispensed by President Jonathan before 2015. Whether Anyim is ultimately jettisoned from his SGF position to appease some political gods, or he descends into the fray to contest Ebonyi governorship, 2015 will find the SGF in active play.

Sam Egwu The former governor of Ebonyi State is known to many people as a very generous and godly personality. He initiated various actions in government to shed the state of its label of a backward state through free education.

The former University lecturer seems to have found a permanent vocation in politics. Ever since he left office as governor, Egwu has remained visible in Igbo affairs and politics of South-East. He contested for the presidency and position of national chairman of PDP in 2008 but ended up without a ticket. The 2011 elections left him divided on what course to follow so much that a rift with his successor, Elechi; which he tried to avoid like a plague reared its head. With his nomination to lead the Ebonyi delegation to the National Conference, it appears Egwu’s political boat is set to sail once more to adventurous waters. He is associated with talks of a possible shot at the Senate seat of Ebonyi North Senatorial District.

Ogbonnaya Onu A very intelligent and calculative politician, the former Governor of old Abia State, Dr. Onu contested for the Ebonyi State governorship in 1999 and 2007 but twice he fell to the combination of superior fund and strong party machinery deployed by the PDP. What Onu has going for him is his gentle mien and diplomatic approach to politics. In 1999, when the odds placed him at a vantage point to contest the outcome of the governorship election at the tribunal, he curiously declined. Either for want of necessary funds to prosecute the litigation or as part of his disposition to contests, the decision discomfited his supporters. At a time when the loss of governorship elections on two occasions was taking its toll on him, providence again threw him up as the National Chairman of a fading ANPP. Most watchers of Onu’s style of politics hail his elevation as ANPP chairman as a redefining moment in his political life. He was being described as down and out, with most of his arch loyalists distancing themselves from him. The ANPP job brought the spark back to some extent. What nobody can take away from

Ebonyi: Movers, shakers

Elechi

Anyim

Agboti

Umahi

the Uburu-born prince is that he is not given to politics of constant excursion to various party platforms.

Words making the rounds in Ebonyi State suggest that the former governor may be tempted to try his luck once again in the governorship contest in 2015. The little shadow boxing between Onu and Ucha’s supporters in APC has been traced to their interest in the APC governorship ticket in Ebonyi. Onu would surely be in important places when the machinations or mobilisation for 2015 gets expression.

Onyebuchi Chukwu The Minister of Health, Prof. Chukwu, who hails from Afikpo had before his present appointment served as the Chief Medical Director (CMD) of Ebonyi

State Teaching Hospital, (EBSUTH). A technocrat, Chukwu’s integrity, uprightness and attention to process endear him to people. From a family of well-educated siblings, the Consultant Orthopaedic Surgeon does not show much inclination for the murky waters of Nigeria politics.

Though he was active in student union politics of University of Lagos, there is no record showing his membership of any political party until he was appointed Minister of Health in 2010 by President Goodluck Jonathan.

Consequently, from the vantage point of a cabinet member, Chukwu has learnt the ropes of what politicians do to clinch advantage. That may be why in addition to the growing sentiment of power shift to Ebonyi South where he belongs; he is being associated with a possible interest

in the governorship. But even if he does not run, his younger brother, Mike, could eventually be pushed into the contest and the minister will be in a position to influence things. This is more so in consonance with the prevailing argument that if power should shift to Ebonyi South, the Afikpo community stand in the fore front of popular consideration.

Dave Umahi The state Deputy Governor, Engr. Umahi could be described as an accidental politician. Without any experience in politics, Umahi was drafted into the headship of the state chapter of PDP in 2007 following the squabble between the former state chairmen, Chief Joe Obinna Ogba and Barrister Okeagu Ogada over who was the authentic chairman of the party.

POLITICS

Sanctity of Truth

Monday, April 7, 2014

15

2015: 500 POLITICIANS TO WATCH

of Salt of the Nation

Egwu

Onu

Nwachukwu

Onwe

Umahi was chosen even against the fear of many that he was a businessman that may not cope with the rigours and challenges of leading the party in the state. As it turned out, the then newly elected governor, Elechi, who preferred him to others found in the civil engineer a good hand to drive his political style and help set his own structure. As Acting State PDP Chairman, Umahi began the process of rebranding (euphemism for cleansing the party of Egwu loyalists). As a result of his management of the party and ‘stabilizing’ it under Elechi, Umahi was asked to continue as substantive state chairman of the party alongside other members of the caretaker committee in a disputed state congress in 2008.

In 2011, Governor Elechi nominated Umahi as his running mate as a reward

for his loyalty and good understanding and management of the party. As the deputy governor, Umahi is believed to be interested in the governorship seat. He however told journalists that he accepted to serve as party chairman because of the fatherly disposition of Elechi, adding that after his stint he would withdraw from active politics and pursue a life of charity. That was then but now the issue of Umahi cannot be dismissed in the politics of 2015 as he used his position to deploy loyalists in strategic frontiers for future elections.

Emmanuel Onwe Those who have the penchant of negative profiling of Ebonyi politicians eat their words when they engage Senator Emmanuel Onwe. Equipped with good

education and well spoken, Onwe waltzed his way to the Senate much to the discomfiture of entrenched political haymakers in the state. With a PhD in Criminology, Onwe’s knowledge of law and jurisprudence helped him recover his mandate from Senator Ucha in 2010. His sojourn in the Senate was however cut short when political leaders in Ebonyi felt threatened by his political style especially the mass mobilisation of youths for political action. The state’s political machinery was unleashed on him to ensure that the PDP ticket for Ebonyi Central was not available for him. Onwe, like the incumbent Elechi hails from Ikwo local council of the state. Calculations by Elechi’s loyalists especially members of the PDP felt that Onwe’s possible return to the Senate could do damage to the plot to have Elechi

retire to the Senate after completing his second term in 2015.

Ebonyi Central Senatorial District is shared by Ezza, Ikwo and Ishielu clans.

Thus the calculation was that if Onwe went back to the Senate in 2011, the Ezzas would frown at any attempt to have another Ikwo person angle for the Senate seat in 2015. Consequently, the party apparatchik declared that the Senate seat was zoned away from Ikwo to Ezza so that Ikwo should not concurrently occupy the offices of governor and senator. Onwe’s attempt to propel his senatorial ambition through the All Progressives Grand Alliance (APGA) could not fly. All manner of gimmicks were deployed to frustrate him. Even his popularity among the youths and women could not guaranttee his return to the Senate.

Though he has returned to the PDP, Onwe’s rich political connections that spread across party lines make him one of the influential politicians to watch in 2015, not only in Ebonyi but nationally as well.

Julius Ali Ucha Senator Ucha remains the only politician in Ebonyi that has served two fouryear terms in the Senate. In 1999, Ucha emerged as the pioneer Speaker of the State House of Assembly. His position as speaker contributed to the stability of Sam Egwu administration during the battle of supremacy with the Abuja group of politicians led by then President of Senate, Anyim Pius Anyim.

At a time, the scale appeared to be tilting away from Egwu in favour of the Abuja group, Ucha hit up on the novel idea of creating additional local government councils. This paid off as Egwu group broke the ranks of the opposition with the argument that local councils are under the control of the state government. Credited with a quiet and humble disposition, Ucha reaches out and makes less noise. He is seen in many quarters as a calculating and penetrative politician.

His presence variously in ANPP, Action Congress of Nigeria (ACN) and APC is a big boost to opposition politics in Ebonyi State. Ucha’s governorship ambition in 2011 gave PDP some big bones to chew. It is not yet known whether he would contest the 2015 governorship but wherever he goes, his aura and political influence would raise concerns.

Paulinus Nwagu Senator Nwagu’s ascendance to the Senate was magical. Nwagu served as a former council chairman of Ezza North Local Government in Ebonyi Central Senatorial District. Those who settled for him against Onwe for the ticket believed that disabled by modest education it would not be hard to retrieve the ticket from him and hand over to Elechi in 2015.

But Nwagu has not only surprised his detractors by going to study Law at the Ebonyi State University and the Law School, his reach in the state has widened his chances for national politics.

CONTINUED ON PAGE 16

16 POLITICS

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Monday, April 7, 2014

2015: 500 POLITICIANS TO WATCH

Chukwu

Okorie

Onwe

Nwali

Ogah

Nwazunku

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

What is more, the senator is alleged to have confided in his loyalists that if Elechi desperately wants the Senate seat he occupies, he was open for discussion on how to pick the governorship ticket. The fear that Nwagu could cross over to APC and team up with his kinsman, Ucha, to do the electoral battle in 2015 is real in Ebonyi.

However, attempts by PDP to give the speakership of the State Assembly to a legislator from Ezza is part of ongoing plots to take the wind out of the sails of Nwagu and the opposition. What is also going for the senator is that he has gathered enough money to keep his opponents busy politically.

Despite little shortcomings, Senator Nwagu can hold his own when it comes to politics of Ebonyi Central. He would be an active force in 2015.

Chigozie Ogbu Prof. Ogbu was the immediate past deputy governor of the state. He enjoys the singular privilege of having served two governors as deputy governor. Egwu brought him on board when he (Egwu) fell out with his former deputy, Emmanuel Oko Isu, due to his efforts to broker peace between Egwu and the Abuja group of politicians that wanted to wrest power from him. In 2011 Ogbu aspired to run for the Senate seat of Ebonyi South Senatorial District, but was counselled

by Elechi to rest the idea. Ogbu is one of the few fulfilled politicians in Ebonyi State. He lived and practiced paediatric

Elechi, Anyim, Onu, Egwu medicine in the United States for close to 17 years. He served as the pioneer CMD of Ebonyi State University Teaching Hospital, Abakaliki. A man not given to pettiness, Ogbu enjoys wide friendship with a lot of politicians. He is blessed with sound analytical powers but shuns the profligacy of career-politicians. Whether he goes to the Senate or runs for the governorship of Ebonyi State again, Ogbu is going to feature prominently in the politics of 2015. He is presently among the Ebonyi State delegates to the National Conference in Abuja.

Emmanuel Azu Agboti But for the dichotomy tendencies that characterise politics in Ebonyi, Senator Agboti would have become the governor of the state. He is regarded by friends as a consummate gentleman. Out of a combination of sentiment and confidence in his integrity and ability, admirers of the Afikpo-born businessman and politician constrained him to run for the governorship post in 2007. Though he came third in the primaries, Agboti brought panache to political contest in Ebonyi State. He prevailed on his supporters to eschew all forms of hooliganism and use of expletives against rivals. Citing a precedence set by Anyim, Agboti declined from chasing the Ebonyi South Senatorial seat for

a second time after his unsuccessful attempt at the governorship contest in 2007.

As Chairman of Senate Service Committee, Agboti showed that he could be a quiet achiever and team player. To an appreciable extent, if there is any success story to tell about the Ken Nnamani Senate presidency, the contributions of Agboti would receive generous mention.

There are some quiet sentiments that if his friend, Governor Elechi is serious about power shift to Ebonyi South of the old Afikpo bloc, that Agboti could be considered. With influential persons as friends across the length and breadth of Nigeria, Agboti is one of the big names to watch in 2015.

Lawrence Nwuruku He is like a phenomenon in Ebonyi politics. The current national commissioner of the Independent National Electoral Commission (INEC) started his political career as the council chairman of Ikwo local government. In 2003, Chief Nwuruku contested for the governorship on the platform of ANPP. His joint ticket with Senator Sylvanus Ngele heralded the first sign of boisterous opposition politics in the state. A PDP apologist, Nwuruku stunned friends and political associates in 2007 when he styled his governorship aspiration as ‘Jesus Project’.

At an informal session to discuss how to trim down the number of aspirants for the governorship position in 2007, Nwuruku quit the race after he dipped his hands in a bag containing the options ‘go’ ‘don’t go’ written in pieces of paper that were rumpled to hide its content.

The humorous politician once told friends that even if his son was sick unto death, he could not turn down an invitation to a political meeting. He loves people and public adulation, no wonder he goes with the alias, ‘Enyioha’ (Friend of the people). What role he would play in 2015 cannot be certain because his position in INEC makes him open to a lot of influences. Politicians know Nwuruku as an establishment person.

Chinedu Ogah Ogah served as the secretary of interim SWC of PDP. Owing to his flawed academic endowments and lack of capacity for the position of Secretary, he was made to contest for the post of PDP Youth Leader. Ogah who hails from Ikwo local government as Elechi has easy access to the governor. In a setting where political jobbers make fortunes from their nuisance value, Ogah has garnered some financial wealth both from dropping the name of the governor and claiming limitless political influence.

POLITICS 17

Sanctity of Truth

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2015: 500 POLITICIANS TO WATCH

Mbam

Nwuruku

Ogbuewu

Nwagu

Nwakwo

Ogbuoji

dictate the pace in Ebonyi Not long ago, he was said to have approached the PDP Vice Chairman for Ebonyi Central zone, Livinus Ilang and asked him whether he had a governorship candidate that could be saleable, so that support could be raised for the prospect. According to Elechi, in 2007 when he had not yet made up his mind to contest the governorship, Ogah opened campaign offices for him. May be as a result of that investment, Ogah has benefited from the Elechi administration like no other young person in Ebonyi State.

From a reputation as a known lay about and school dropout, Ogah has graduated into an automobile dealer in the state such that he has a stake in the supply of vehicles to the state government.

Through the additional office of President of Ebonyi Youth Assembly, Ogah has a retinue of youths that he deploys as security marshals in the state. Elechi on several occasions remarked that the Ebonyi Youth Assembly is the backbone of his security despite his known opposition to state police. It is against the background of such public endorsement that Ogah stands in good position to circulate in critical circles in 2015.

Innocent Ugo Chima Chima, a chieftain of Ohanaeze Ndigbo in Ebonyi State was drafted to replace

Francis Elem at the House of Representatives in 2007. That was the old man’s second voyage to the lower chamber of the federal legislature. In 2011, he quit the PDP alongside his kinsman, Senator Ucha and joined the opposition ANPP. His attempt to reach the Senate on that platform crashed as the PDP machinery ensured that Senator Nwagu went to the red chamber at his expense. During the course of the 2011 campaigns, Chima told reporters that Elechi was trying to rewrite history by claiming that he spent 39 years to fight for the creation of Ebonyi State.

Within the fold of APC, his new found platform, Chima, is visible. It is very much in doubt whether he would go into political hibernation or retirement in 2015. But whichever way he decides to go, the political calculations in both APC and Ebonyi would surely have something to do with him.

Joe Obinna Ogba As the state chairman of PDP during the administration of Egwu, Chief Ogba dominated the political environment of Ebonyi State. Ogba contested the governorship of the state but was among the aspirants that stepped down for Elechi at the PDP primary election. Ogba is among young politicians in Ebonyi called Sam Egwu Boys.

In 2011, he ran for the Ishielu/Ezza North federal constituency seat but was stopped by the establishment for unresolved loyalty. He has served on the boards of many federal parastatals and agencies including the Federal Medical Centre, Abakaliki, Usman Dan Fodio University Teaching Hospital and the Nigeria Football Federation, (NFF) among others. Whether he runs again for the governorship seat or renews his ambition to the House of Representatives in 2015, Ogba would definitely be involved in the scheme of things.

Onwe Solomon Onwe He is among the pioneer members of the Ebonyi State House of Assembly, where he served as Deputy Speaker. He supported the chairmanship ambition of Senator Anyim against his kinsman, Dr. Sam Egwu. It is commonly held in the state that it was because of his loyalty to Anyim that the Ohaukwu-born lawyer was rewarded with the office of Deputy National Secretary of PDP. Prior to that elevation, Onwe aspired to represent Ebonyi North Senatorial District in the Senate. His presence at the Wadata Plaza headquarters of the PDP has prepared him for active participation in the political events of 2015. Onwe possesses an artless disposition that does

not seem to impress or threaten anybody.

Elias Mbam Trained as an Engineer at the University of Nigeria, Nsukka, Mbam is currently the Chairman of Revenue Mobilization and Fiscal Allocation Commission (RMFAC). He served as Ebonyi State Commissioner of Works and Transport during the Sam Egwu administration. The rumour mill in Ebonyi links Mbam with a possible shot at the governorship in 2015. But apart from having a large family, the division within the Izzi clan and ambition of Senator Chris Nwankwo may threaten his ambition to govern the state.

Chukwuma Nwazunku In a political clime that simulates lucky dip, Nwazunku emerged the Speaker of Ebonyi State House of Assembly when the first ever impeachment of a speaker happened in that legislature.

Armed with a modest education, Nwazunku, at his election into the House of Assembly registered with the Work and Study Programme (WASP) of Ebonyi State University to improve his education. If the behind the scene plots in the Assembly is anything to go by, it is doubtful whether Nwazunku’s political luck will take him to the 2015 destination still serving as Speaker.

Paul Okorie He earned the nickname ‘Action’ due to his knack for hard work and strategic CONTINUED ON PAGE 18

18 POLITICS

Sanctity of Truth

Monday, April 7, 2014

2015: 500 POLITICIANS TO WATCH CO N T I N U E D F R O M PA G E 1 7

delivery on every mandate assigned to him. A Council for Registration of Engineers of Nigeria, (COREN) member, Dr. Okorie earned a doctorate in Hydrology. He has remained a part of the transformation process of Ebonyi State ever since it was created. At the tail end of Egwu’s tenure, he was appointed Commissioner of Works.

Okorie was dropped from Elechi’s cabinet either for his open interest in the governorship and or internal power play of the administration. Though Okorie has not contested for any elective office in Ebonyi, many commentators believe that he is one of Ebonyi South politicians that could enjoy the confidence of voters across the state.

Igwe Aja Nwachukwu This son of the First Republic Minister of Education had a stint at the Abia State University where he was employed as lecturer. In 2007, he was among the army of aspirants that indicated interest in succeeding Dr. Sam Egwu. For his willingness to step down for Elechi when the signal came, Elechi did not waste time to recommend Nwachukwu for appointment as Minister to the late President Umaru Musa Yar’Adua. In a historical encore, Nwachukwu served as Minister of Education like his late father. But his stay in that office could not last as the cabinet reshuffle by the then president left him in the lurch. It is said that Nwachukwu actually fell out due to the powerful lobby for his office

by Obasanjo on behalf of Dr. Egwu who failed serially to be president, vice president and national chairman of PDP despite the former president’s assurances.

Nwachukwu had to give way therefore so that Obasanjo could repair the ‘joke he took too far’.

Chris Nwankwo Not long ago when he was taken to task for not being visible in the Senate, Senator Chris Nwankwo shot back that it was only young school children that raise up their hands in class to answer a question from the teacher. He added that so far as he was effective at his committee assignments and reaches out with intervention to change the lots of poverty stricken constituents, he was offering effective representation.

Senator Nwankwo caused a stir in 2011 when he indicated interest to supplant Senator Anthony Agbo from the seat of Ebonyi North Senatorial Zone at the Senate. An elder brother to the wife of the incumbent Governor Elechi, Mrs. Josephine Elechi, Nwankwo is currently being associated with interest to succeed his brother-in-law, Elechi. Many people are therefore watching out for what 2015 holds in store for the elder statesman.

Frederick Ekoyo Udeogu One of Elechi’s political godsons, Elder Fred Udeogu was a member of the old Enugu House of Assembly. He served

Gladiators that will shape Ebonyi Sylvester Ogbaga On account of his eventful stint as Chairman of Abakaliki local government council, Hon. Sylvester Ogbaga is still being addressed as ‘Mayor’. He is representing Izzi/Abakaliki federal constituency for a record third term. He is one of the politicians that 2015 could play in a different wing.

Ama-Oti

Ogbaga

also as Commissioner for Lands, Survey and Urban Planning in Egwu’s administration. Currently the Commissioner for Grants and Donor Agencies, Udeogu is a genial politician with enormous capacity for hard tackles. He is rumoured to be interested in pairing up with a candidate from Ebonyi South for the governorship as running mate or a shot at the Ikwo/ Ezza South Federal Constituency seat in the House of Representatives.

From his prestigious office of Minister of Culture and Tourism, Ogbuewu threw his hat into the ring. He resigned his appointment in Obasanjo’s cabinet and oiled his political machinery to contest the governorship of Ebonyi State. Not just Egwu but virtually every political actor in the state caught cold.

It did not take long before Egwu saw the need to take interest in the consideration of who succeeds him if he was to remain relevant politically after his tenure. Many aspirants were drafted into the contest in the belief that Ogbuewu would find it hard to clinch the PDP ticket when the delegates’ votes are split. The political atmosphere in the state was charged; Obasanjo was forced to intervene amid tales that his former minister wanted to cause panic and mayhem in the state. As a middle cause, Obasanjo after allegedly asking Egwu, “shebe you say you have no candidate?” decided to draft Elechi into the governorship to hold Ebonyi for PDP. Ogbuewu’s attempt to use the platform of All Progressives Grand Alliance, (APGA) to concretise his ambition to govern Ebonyi ended as a smoke in the desert. He has since returned to the PDP and ready once again to be part of the making of history in 2015.

Celestine Nwali The old Enugu State Commissioner for Works is presently Commissioner for Local Government, Chieftaincy Matters and Rural Development and served as Commissioner for Public Utilities in Elechi’s first term. He is a trusted Elechi political godson who comes handy when the matter requires clear thinking and smooth delivery.

Tough and resilient, Nwali is a member of Elechi’s kitchen cabinet. Sources say that if the plot to make Elechi’s in-law governor is real, Nwali may be drafted to the State Assembly to stabilise proceedings there and watch the back of the old man.

Nwali enjoys a massive following of moderate politicians in Ebonyi State. He distanced himself from the Government House and politics of Ebonyi during the eight years of Egwu. There must be a role for Nwali in 2015 unless he misses his farm too much.

Franklin Ogbuewu Here is one colourful politician who introduced billboards in governorship elections in Ebonyi State. But for the intrigues of Egwu and other PDP stakeholders, Ambassador Ogbuewu would have dazzled Ebonyi voters to the governorship seat. When Egwu told Ebonyi people that only God and the voters could determine who succeeds him, Ogbuewu looked in the mirror and saw a golden boy destined for a golden opportunity.

Aloy Nwankwo The Chief Judge of Ebonyi State, Justice Aloy Nwankwo is like an institution in the socio-political activities of the state. He is a man to whom all plans and purposes must be made known to if there would be no glitches on the way. He is well respected in his Ezza clan. His behind activities in the political evolution of Ebonyi State in the old Enugu State make him a steady resource for certain actions that has to do with law and order in the state. As the clamour for power shift in Ebonyi gains ground, Justice Nwankwo stands the possibility for a prominent role in the affairs of 2015.

Elechi Elechi His car has a curious sticker on which is emblazoned, ‘God Father’. The first son of Governor Elechi is a man of good taste. His eye for good life belies his sense of political acuity. He is the quiet hand that prods the power from behind.

Elechi does not throw his influence on the governor about, but he surely gets the feel of where his father’s mind is headed.

Whether he would plunge into politics full time in 2015 by contesting either the Senate or House of Representatives seat depends on what Governor Elechi chooses to do with himself. Prince Elechi will not disappoint as actors to watch in Ebonyi 2015.

Sonni Ogbuoji In a setting renowned for turn by turn democracy, Senator Sonni Ogbuoji may not have his way back to the Senate. But given his ubiquitous political style and cleavages, Ogbuoji may not want to be idle in 2015. Would he be among those to crowd the field in the contest for who wins the PDP governorship ticket on behalf of Ebonyi South Senatorial district? Senator Ogbuoji can be brutally frank and hurt the sensibilities of his superiors.

Ugorji Ama-Oti Few men enjoy the blessings of good luck in Nigeria politics. Prince Ugorji Ama-Oti is one of the 11 pioneer members of the Ebonyi State House of Assembly on the platform of the opposition APP. Ama-Oti served a second term in the Assembly on the platform of PDP and went on to become the Vice Chairman of the party for Ebonyi South Senatorial Zone. It was from that party position that Ama-Oti was called upon to succeed Dave Umahi as acting State Chairman in 2011 when the incumbent was conscripted by Elechi to serve as his running mate. Ama-Oti subsequently mounted the saddle as the substantive state chairman of PDP after a no contest state congress in 2012.

It is also from the vantage position of PDP Chairman that the Edda native is plotting his way to the House of Representatives in 2015. As the party chairman in the, Ama-Oti is a major force in the 2015 elections.

ON FRIDAY

WATCH OUT FOR POLITICAL GLADIATORS THAT WILL SHAPE KADUNA STATE IN 2015

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19

EDITORIAL

Sanctity of Truth

Monday, April 7, 2014

Sanctity of Truth w w w.new telegraphonli ne.com

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

MONDAY, APRIL 7, 2014

The lingering problem of oil bunkering

il bunkering has continued unabated with serious negative impact on the Nigerian economy.

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke said that in the last three years Nigeria has lost between 100, 000 to 300, 000 barrels per day. To this end, there is the need for regional and continental collaboration to this festering economic sabotage, as oil bunkering cost the nation $9 billion monthly.

The Nigeria Extractive Industry Transparency Initiative (NEITI) also revealed that over 136 million barrels of crude oil worth $ 10.9 billion were stolen between 2009 and 2011, which represented 7.7 per cent of the total revenue.

About 10 million barrels valued at $ 894 million was also lost to various nefarious activities including pipeline vandalisation in the first quarter of 2014.

These figures are at best conservative estimates. The figures bandied around are just a tip of the iceberg. It is an established fact that Nigeria does not know for sure the exact amount of barrels of oil it produces per day, it does not know the exact barrels of oil it imports into the country from various parts of the globe, it does not know the exact amount that goes into the Federation Account,

hence it is difficult to know the exact amount being stolen under different guises.

Oil bunkering is very big business for local cabals and their international conspirators. It has been alleged that those involved are very highly placed and strategically located in high places in and out of government, and they fund politics and elections in the country. Hence, they belong to the exclusive class of the untouchables, because if government brings them to book it would amount to class suicide.

Government needs to deal decisively with culprits no matter how highly placed or connected.

There cannot be two sets of laws in the country, one for the rich and the other for the poor, because equality before the law is a cardinal principle of the rule of law and democratic ethos. This government has said it has zero tolerance for corruption; this is one area that it should really show a zeal for fighting corruption. The President who is also the Commander- in - Chief of the armed forces should read out the riot act to the security agencies and give them a free hand to operate.

Nigeria that used to be the 6th largest oil producing country in the world and a key member of OPEC, is now placed 12th with most of the oil used locally in

the country externally sourced.

It would be recalled that only recently the Federal Government said, it would fight oil theft with $1 billion by putting in place a comprehensive programme to check crude oil and gas infrastructure, including the arrest and prosecution of crude oil thieves.

According to the Federal Government, “oil theft is an aspect of global terrorism, which has become a big industry on its own. It has become a major threat to the Nigerian economy and we need to work with all stakeholders to curb. The thieves must be traced, apprehended and prosecuted”.

Government must move speedily from mere expression of intentions to really tackling the menace. The only reason the illegal oil laden vessels disappear is that compromises must have been made because of pecuniary gains. Policing oil pipelines and oil installations should not be a big deal, but in Nigeria it has be a major challenge. Those that are supposed to protect the oil facilities in the country are also part and parcel of the problem because they are benefiting from the illicit transactions. Hence, there is the exigent need for the deployment of technology to rescue the deteriorating situation in the crucial sector. There must be regional, continental and inter-continental

collaboration to effectively stem the scourge, as well as the political will and sincerity on the part of government.

It is germane for government to fix the ailing refineries and make them work optimally instead of the unending importation of oil from different locations around the world, and more refineries should be built, this will help to de-emphasise the attention that is placed on fuel importation the moment. Also, the government must open up other sectors of the economy and diversify the national economy in such a way that other money spinning revenue natural resources can be produced throughout the length and breadth of the country, while not neglecting oil and gas. This will help immensely to get the idle hands busy, while those with funds will be able to do more legitimate business and the economy of the country will be better enhanced to create wealth as well as sustainable economic growth and stability. Hence, no effort must be spared to deal with all these economic saboteurs who specialise in oil bunkering and pipeline vandalisation in the country along with their foreign partners. Nigeria should not always be an exception to the rule in international best practices, and it must no longer be a laughing BOLAJI TUNJI Managing Director/Editor-in-Chief IKE ABONYI Deputy Managing Director FELIX ABUGU Managing Editor, South SULEIMAN BISALA Managing Editor, North GABRIEL AKINADEWO Editor, Daily LAURENCE ANI Editor, Saturday EMEKA MADUNAGU Editor, Sunday LEO CENDROWICZ Bureau Chief, Brussels MARSHALL COMINS Bureau Chief, Washington DC SAM AMSTERDAM Editorial Coordinator, Europe EMMAN SHEHU (PhD) Chairman, Editorial Board BIODUN DUROJAIYE News Editor PADE OLAPOJU Production Editor TIMOTHY AKINLEYE Head, Graphics ROBINSON EZEH Head, Admin.

20

Sanctity of Truth

Monday, April 7, 2014

OPINION

Adewale Kupoluyi

T

he strategic role of education as the key to development of any society cannot be over-emphasized. When the citizens are well formed and educated, they are more likely to be easily governed, be patriotic citizens and better equipped to fully develop themselves in realizing national aspirations. It is for these reasons that every nation should ensure that this sector is accorded its deserved attention.

That was the major reason why critical players decided to convene another roundtable, organized by the Worldview International Initiative and the British Educational Suppliers Association, United Kingdom, to look into the state of our education with a view to making it perform its vital role as administrators, academics, planners, teachers and researchers at the primary, secondary and tertiary levels met recently at the African Leaders in Education Forum in Abuja with the theme, Strategic Policies and Structures for the Achievement of Quality Education.

According to Dominic Savage, OBE, Director-General of BESA, the forum was running simultaneously alongside the African Resources and Technology for Education Show because technol-

Still discussing education (1) ogy was imperative for the delivery of sound education. Savage noted that while teachers would always be the greatest educational resource, equipment, materials, books and technology on the other hand constituted the second greatest resource in the attainment of the greatest possible impact.

During the education commissioners Plenary Session on Regional Policies and Structures, which was meant to highlight the various challenges being faced by state commissioners of education in reaching out to students in achieving quality teaching and learning for optimizing education’s impact in line with national goals, the Benue State Commissioner of Education, Dr. Elizabeth Ugo spoke on, “The Impact of Policies and Structures on Actualizing Educational Development: The Case of Benue State”. She said Nigeria’s educational system was highly decentralised, having passed through various phases between 1951 to date and was now geared towards meeting government’s policies of ‘Education for All’, Millennium Development Goals and National Empowerment and Development Strategy and updated to accommodate recent developments embedded

in the Federal Government’s transformation agenda.

The commissioner stated policies and strategies had been unfolded that would aid the provision of access, quality teaching and learning effortsthrough the provision of basic infrastructure, maintenance of growth and development of institutions, teachers’ welfare as well as fighting obstacles that could hinder the development of education such as frequent strikes and examination malpractice. Just like in many states in Nigeria, she enumerated the problems affecting the effective provision of good education namely; inadequate funding, dearth of infrastructure, prevalence of multiple systems of education, unstable curriculum, mode of procurement and servicing of equipment, proliferation of illegal schools, politicization of appointments of heads of institutions, decline in indigenous authorship and lack of passion by teachers, to teach.

On the way forward, she recommended that necessary standards should be set to ensure global best practices such that schools would be provided with adequate facilities and equipment for teaching and learning,

discouraging frequent transfer of teachers, mustering the political will to manage strikes, and going into partnership with the private sector.

Dr. Lawson Alovor, a renowned author, delved on “Mitigating the Falling Standards of Education through the Use of Effective Teaching Strategies: The Teacher Education Factor”. In this lecture, he observed that “the falling standard in education, particularly, in Africa has become an issue of major concern to all well-meaning people of the world and not only to Africans.

Hardly a day passes by without the newspapers heralding the woes and lamentations of declining standards of education in our countries. It is no secret that governments, educational leaders, non-governmental organizations, policy makers and opinion leaders have gone berserk at trying to find solutions to this menace”.

He said the hallmark of good teaching was the demonstration of the ability to use effectively, a variety of strategies in the process of guiding students’ learning experiences but regretted that “quite a large number of people take to teaching without undergoing the formal teacher training education.

The best should lead the rest - Ode to Asiwaju Bola Tinubu (1) Alfred Omolewa

A

siwaju Bola Ahmed Tinubu’s emergence as a leader of his people and a political powerhouse in Nigeria is not by accident. In Yorubaland, historically, leaders outside the monarchy are not chosen; they emerge.

Those who are called ‘Akikanju’ are those who have weathered storms, fought valiantly and emerged victorious. The Yorubas love their folktales and rally round their heroes. They defer to the man who shows wisdom, strength and compassion in the proper measure. In the past 15 years of our democracy, no man has done this more expertly, consistently and with diligence than Bola Tinubu.

It is said that dreams come true. However, one must ask what audacity Tinubu had to dream that one day he would return home and lead his people after the military junta under the vicious and manic Abacha hounded him into exile. No man with his faculties intact would insist that Nigeria would return to democracy given the tyranny in the land at the time. However,

Tinubu is no ordinary man. This man was born with the foresight and restlessness never before seen. His desire for progress consumes him so much; he is ready to sacrifice anything to see a dream come true. Unlike most politicians, his word is his bond.

When he says, “I will do it,” his friends and associates know it is as good as done. Such is the character that made him the rallying point of most of the progressives who were exiled in the Abacha era. They knew in Tinubu, they would find succor, wisdom and hope. He never failed them.

Upon his return home, after fate made the possibility of democracy likely, he set out to lead the state he loved so much.

Against the run of play and powerful people who seemingly had better political structures and money, he won the ticket to contest the Lagos State Gubernatorial elections in 1999. This was a time when most of those with whom he hurdled with back in London chose to not participate in the democratic process. They were suspicious of the brand of democracy that was on offer.

However, Tinubu jumped at the chance. He had a plan. He

One must ask what audacity Tinubu had to dream that one day he would return home and lead his people was going to be a different governor. He was determined to teach the other 35 governors and the president how power could be used for good. The sinkholes within the ill-concived constitution and the fragility of the country at the time were not going to deter him. He had a plan from Day One. And, boy, did he deliver on it!

First, Tinubu understood he couldn’t get anything done on his own; hence he went on to secure the loyalty of everyone around him. A story is told of how he was tempted to ask his friends to let go of their tickets, just so he would be allowed a free run at his own election.

Tinubu was said to have told the gathering of elders that that would be the last thing he

would do. He told them, ‘I would rather let go of my ticket than have people who sweated for their ticket go because of me.’

I believe this singular act won him the admiration, respect and loyalty of those we see around him today. They know in Tinubu they have a friend and a General who won’t fail them. They trust him and he trusts them. Very unlike a lot of politicians I know.

Secondly, after winning the elections, Tinubu quickly surrounded himself with the most competence group of men and women he could find. He reached out across the political divide to get the best hands to work with him. He even raided the private sector to get seasoned professionals for the great task of turning around the fortunes of Lagos. It didn’t matter to him that these guys probably didn’t like him; it only mattered that they could do the job. Their tribes, beliefs or political leanings were on little concern to him; only their competence and ability. He had in his cabinet the most outstanding individuals any political leader in the country had. Even the president would have been envious.

That is how you know a man

with a plan.

Thirdly, Tinubu took a firsthand assessment of the quandaries that had befallen his beloved city. Lagos was a disaster. It was a city dying from every ailment.

Security was a joke, traffic was a monster, justice was for hire and the environment was toxic. The civil service was broken down and thugs ruled the streets. On top of these, the population was ballooning at an alarming rate.

An ordinary man would have given up and simply chosen to enjoy the guaranteed largess Abuja was legally-bound to send in every month. But, again, Tinubu is no ordinary man. The zest with which he and his team swung into action is legendary.

In less than four years, the judiciary was almost corruptionfree (this charge was led by the luminary brilliance that is Yemi Oshibajo), security was vastly improved (even though the law makes this a federal government responsibility), the civil service was computerized and recovering (despite the stiff opposition initially) and traffic congestion was being tackled (using a blend of human resources and modern techniques).

INVESTIGATION

21 NEW TELEGRAPH

www.newtelegraphonline.com/investigation

GEOFFREY EKENNA Editor, INVESTIGATION

geoffrey.ekenna@newtelegraphonline.com

Monday, APRIL 7, 2014

Lords of the Bar Beach

T

o a first time visitor at the Bar Beach or Kuramo Beach, the sight of dirty looking men parading the shores of the wide beaches could be scary. They look fierce, with blood shut eyes, unkempt and appear menacing in their general carriage. The first impression is that they are area boys- a name for local boys, who run the rules in the illegal world of transactions on the beach. Of course, in Lagos, area boys are ubiquitous. The fierce and mean look are actually a facade for their life’s disappointments and the harsh realities of their weather-bitten lives.

A closer look at these men, even though they speak Yoruba fluently, something stands them out from the crowd of common area boys. They speak impeccable English and appear more mellowed than the usually confrontational area boys. Yet, they run the rules at the beaches, currently undergoing a metamorphosis into the Eko Atlantic City. They park cars, take visitors to see the new beach and are armed with astonishing information on the progress of the Atlantic City.

On this particular Friday, March 28, the beach was busy. A leading brewery

When an Area Boy or “Man” signals you to park your car in front of the Bar or Kuramo Beaches, he may not be your regular aggressive type. Rather, as GEOFFREY EKENNA found out, he may be one of those who have made the beaches their home. Some have lived there for about 25 years company was setting up large tents for an event in the evening. The parking was tight in front of the beach, but Daniel (real name, Ipalibo Dawarimangibo Princewill) was standing in the scorching sun, an umbrella over his head and was signalling visitors to the beach to come and park in front of the former entrance of Kuramo beach. “It’s N200 sir”, he said. Soon after, another man, later identified as Raymond Chidi James, emerged under the hot sun. He was wearing a sleeveless blue basketball tee shirt. “Do you want to see the new Atlantic City?”, he asks. “Yes”, replied the New Telegraph correspondent. “Ok, I will take you there,” he volunteered and took the correspondent to the front of the Atlantic City, where he explained that the Bar Beach was gone and the city will connect with the Elegushi beach on the

A section of the Lagos Bar Beach. INSET: Douglas and Fagbohun

far end of Victoria Island and Lekki.

He seemed to have much information, reeling out names of oil companies and other blue chip companies that have bought parcels of land on the new city.

He interspersed his conversation from fluent Yoruba to English and Igbo. That left the New Telegraph correspondent wondering what manner of men these are.

On further investigation days after, the revelation was eye-opening. Daniel, Raymond and others such as Kelvin Douglas, a Sierra Leonian and Kehinde Fagbohun, a musician are not ordinary area boys, who are looking for money to feed. They are men, who lost their ways in their quest for survival and better life.

When New Telegraph visited the beach few days later and met Daniel, he was more than willing to recount his

story. Born into the famous Princewill family of Abisa, Degema Local Government of River State, Daniel, was the son of a former Sergeant of the Nigerian Police Force, Dawarimangibo Princewill. His father’s last post of service was at the Kam Salem House in Obalende, Lagos. Now late, the elder Princewill left Lagos in 1984, while Daniel was working at the Council for Legal Education in Victoria Island, otherwise known as the Nigerian Law School. He was a security man. When his father was leaving Lagos in 1984 and told Daniel to follow him, he refused. He was enjoying life as a young man then, living in Maroko. That was just before disaster struck for residents of the now demolished Maroko. In 1989, Daniel lost his job at the law school and lost his apartment at Maroko. Since then, the Kuramo beach has been his home. Although he cannot remember exactly when he was born, he knew he was born in Abakaliki, Ebonyi State before the war.

He said: “I lost my job in 1989. I was living in Maroko until the government destroyed the place. They said it was C O N T I N U E D O N PA G E 2 2

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INVESTIGATION

Sanctity of Truth

For them, Bar Beach is home

Monday, April 7, 2014

C O N T I N U E D F R O M PA G E 2 1

below sea level. Since then, I have been living on this beach. I have no place to live. I wash cars like some other people here. At times, people come to carry us from this place to come and do some work outside.”

Daniel’s major problem now is that he wants to link up with his family.

He does not remember any of their addresses but he remembers that a prominent member of his family is a former Military Administrator of Cross Rivers State, Col Ibim Princewill.

His face lights up at the mention of the name. “He’s my uncle”, he says, even though he cannot remember where his surviving brother and sister are. Two others, a twin (his elder brothers) died in their infancy. According to Daniel “I lost contact of my family long time ago.

My wife left me when I lost my job. I don’t know where she is now. I was very young when we came to Lagos. When my Dad was living Lagos, he left alone because my mother left him a long time ago. I was very small then and I couldn’t have asked some many questions at that time but I know that time, my dad actually needed help. I don’t know what happened. Princewill is a big name in Rivers State. It is a big family. A former Governor of Cross Rivers State, Ibim Princewill is from our family. He was a military man. This Princewill name is a big name in Rivers State and it is only one family that bears it. There is no other family that bears that name.

“My family members are in Port Harcourt. I don’t know them. My dad did not introduce us to them before I lost my dad. My mother gave birth to five of us for my dad. The first two

Another section of the Bar Beach

were twins before I was born. They died and because of that, my dad said that my mum should not take us out of his sight. But I don’t know any of my family members as at now.”

Daniel, who, said he has no wife or girlfriend now, said he has health challenges that has prevented him from any activity. His legs are swollen, obviously from Elephantiasis and he said he has Hernia. For Daniel, life is brutish.

It is also brutish for Chidi Joseph.

He is from Orogwe in Owerri West Local Government of Imo State. He was a sailor, who was working by his accounts with Dorman, a shipping company. He was working in a ship known

as the Shiroro until 2006, when on a trip, some of his crew members were alleged to have engaged in drug trafficking. They were arrested and detained. Joseph spent eight months in prison before he was released. He was married and has two children- a boy and a girl, who are staying with his mother in Orogwe. He has some brothers in Illasamaja, who he visits once in a while to send money for transfer to his children. For Joseph, the wave of life has swept him to an unwanted destination. After his ordeal, which ended his sailing career, he managed to go to the University of Lagos, where he learnt dry cleaning. But now, he has

I’ve lived here since 1989 –Princewil Ipalibo Dawarimangibo Princewill (Daniel) is desperate to reunite with his family. He says he comes from the famous Princewill family of Rivers State. He spoke with GEOFFREY EKENNA How do you cope? You don’t have a wife, you lost contact of everybody..

I survive only by God’s grace. You may have to help me out here. That’s the main reason I am talking to you. I want to reconnect with my family. Life here is difficult.

Do you have a girl friend now?

No. Healthwise i am not okay now. I have a bad leg( Elephantiasis) and I still have Hernia that is still troubling me.

That is the main reason I don’t have any of those things.

How do you survive on the beach? Isn’t life here threatening?

Very, very threatening. As for area boys, we are the people in the area. We don’t expect people from other areas to come and do any raid here, except the Police. Most of the policemen on patrol

know us and I still have like two people that I wash their cars, who are senior officers of this Bar-beach Police Station. I have one that I know very well, who can even recommend me that Daniel is a good person. There are several times they have taken me to the police station for raiding and the guy will tell them to release me.

What do you want now?

I want to relocate and locate my family. I was born before the war. Like I told you, My mum left my Dad when we were very young. Things were very difficult for my dad that as a senior boy, I had to leave home when I was just supposed to be under my parents. So, my exact birth date, I don’t know. I am telling you the fact. But I know I was born before the war. We were in the East during the war, at Abakaliki. That was where I was born because my father was serving there as a policeman then. When the war was

Daniel

about to start, we went home. Then, from home, my dad was posted to Lagos, Kam Salem House. That was how I came to Lagos. We were staying at Ilubirin and later Maroko before my mother left my dad

no money to set up his business. He has taken his matter to God, worshipping at Trinity House, to seek God’s face.

But God has not answered him yet.

“My situation has reached an alarming rate”, he says, adding, “Yes, they look at us as miscreants.

“That since I discovered I am not doing well, I needed to get a job, so that I can come and worship the Lord very well. If I see work like driving work, I will drive. I don’t have driving license.

If I see money to pay for driving license, within a short time, I will improve.”

At least, Daniel and Joseph are lucky that they are living in their country of birth. But it is not so for Kelvin Douglas, a Sierra Leonian. He was deported from Bangui in the Central African Republic with some Nigerians few years ago. He had no place to go to. He was sleeping under the Carter Bridge on the Lagos Island until he was arrested

by Policemen. After being taken to Alausa, he was sent to prison, where he spent three months in detention.

Douglas, who has a child living with the mother in Cameroun is desperate to go back to his Sailing job. He is a specialist in painting of ships, a skill he acquired from the Ghana Nautical School in Tema. Since he came out of prison, he has been living on the beach.

He tells his story “I was deported from Bagui in Central African Republic. Back here in Nigeria, some months back, I was sleeping at the Cater Bridge when Police arrested me because I was not having identification to identify myself. When I explained to them, they refused and took me to Alausa. After Alausa, I found myself in the prison.

I spent three months in the prisons.

When I came out and started looking for job, I couldn’t get. I went to our embassy to get my Identity card. It was on for months but no response. They finally gave me the Identity card after I C O N T I N U E D O N PA G E 2 4

INVESTIGATION 23

Sanctity of Truth

Monday, April 7, 2014

The quest by medical doctors to whittle down the influence of allied workers in public hospitals is a source of an impending clash.

BIODUN OYELEYE reports from Ilorin.

T

he silent war between medical doctors and other health workers in Nigerian public hospitals may soon take a dangerous dimension.

That is following an alleged ‘seven-point strategic plan’ proposed by leaders of the Nigerian Medical Association (NMA) to checkmate their counterparts in the medical allied field.

Already, the effects of the plan is being felt at the University of Ilorin Teaching Hospital (UITH), where few weeks ago, officials of the State Security Service (SSS) quizzed some doctors and officials of some of the non-medical associations in the hospital over allegations of quackery levied against some doctors.

The development followed the failure of a reconciliatory meeting called by the management of the hospital to douse the tension between the two groups.

The security operatives were concerned about allegations that blood samples of patients were collected by the doctors without appropriate tests being run. “They were serious over the matter; they wanted to know what eventually happened to the patients”, one of those who was quizzed told New Telegraph, adding that leaders of the Joint Health Sector Unions, JOHESU still have the samples with them and are ready to press for charges if need be.

The Ilorin incident is perceived among the non-medical professionals as a ‘test case’ against the implementation of the seven-point strategic plan allegedly developed by the NMA in the wake of last year’s strike by the JOHESU, which paralysed the entire health system.

New Telegraph is in possession of the document which first surfaced at UITH. A walk round the hospital premises indicated that the documents were being removed from where they were posted, although leaders of the JOHESU had also photocopied and circulated the document among their members.

In summary, the ‘strategic plan’ which was somehow leaked to members of JOHESU, includes the need to impress it on the public that doctors can manage the hospitals in the absence of the allied medical personnel. It was argued that to ensure this, members of the NMA were encouraged to get exposed to laboratory trainings/bench works outside of their official limitations.

The document bemoaned the fact that some NMA members have soft spot for the allied health workers and pleaded with them to set aside such, including ‘filial prejudices’ that could hamper the association’s success. It is believed that the document was leaked by some doctors with sympathy for the allied health workers.

Both the National President of the NMA, Dr. Osahon Enabulele and the Na-

University of Ilorin Teaching Hospital. INSET: Minister of Health, Prof. Onyebuchi Chukwu

Showdown looms as doctors battle health workers tional Secretary, Dr. Akpufuoma Pemu, were contacted over the document but as at the time of filing this report, they were yet to respond to letters sent to them. The North Central Coordinator of the NMA, Dr. Titus Ibekwe, was also contacted but he declined to comment, asking our reporter instead to link up with the association’s national secretariat in Abuja.

The document reads in part, “As you well know, the current actions of JOHESU are targeted at the soul of the medical profession. This was why the NMA leadership tried to pro-actively sensitise her members(medical/dental practitioners) to wake up to this reality and stand up to actively protect and defend their profession during the last strike action, as well as strike actions engineered by them in recent times.

We are encouraged by the substantial compliance to our clarion call by our members in Nigeria’s public hospitals.

“However, because no one can safely predict the course and duration of any struggle and particularly as the amorphous congregation called JOHESU has threatened to go on strike action in the next couple of days, we wish to urge our members not to draw back on our current collective resolve but to do all in their power to continually neutralise the assault of JOHESU until reason prevails in their fold.

The strategies are designed to prosecute the all important struggle to defend and protect the soul of the medical profession

“Accordingly we call on all NMA state/ FCT branch chairmen and secretaries to immediately reactivate all the proactive mechanisms earlier advised by the NMA national leadership, as well as further strategies developed by the respective NMA branches during the last three-day warning strike by JOHESU. We call on those yet to do a SWOT analysis of the last three-days strike action by JOHESU to quickly do so and put proactive machineries on ground to attend to identified areas of deficiency, including appropriate sensitisation, mobilisation and dissemination of information to our members, medical students, the public and the press (including effective management of the press), appropriate and effective modality for securing keys to the consulting clinics, theatres and wards; recruitment of medical students, Youth Corps Doctors and other support staff/services.

“The outlined strategies are designed to prosecute the all important struggle to defend and protect the soul of the medical profession: It stated further, “The NMA State/ FCT branches should urgently hold meetings with affiliate groups of NMA in their various states and FCT. The meeting should be used to brief, sensitize, educate and mobilise them on the issues at stake. The meeting should also develop effective strategies for contending with the threat by other health workers to lock up/shut down the hospitals to prove that Nigerian doctors cannot run the hospitals alone.

“The NMA state/FCT branch chairmen should urgently meet with the CMD/ MDs of the various hospitals in their states to secure their commitment and agree on strategic options to ensure effective service delivery by our members... as well as putting in modalities in place to

provide adequate public information on the functionality of their hospitals, as well as effective security cover and unhindered access to the theatres, laboratories and clinics. The leadership of doctors at all levels should explain with clarity that since doctors are not on strike and are willing and available to work as ever, they should be enabled and protected to do so for the benefit of Nigerians.

It went further to state “efforts should be made to prevent doctors who would wish to disappear from their work places on account of the strike from doing so.

Our members should be ready to offer cross-over services if the need arises.

Pro-active efforts should be made to recruit medical/dental students and NYSC doctors to offer support services.

6. There should be regular press briefing/engagement and effective management of the media by the NMA State/ FCT chairmen or their representatives who are knowledgeable on the functionality of the hospitals in their states...our collective experience during the August 2013 and the January 2014 three-days strike by JOHESU clearly shows that this is one area in which we are still lacking and therefore need to buckle up.

Whereas reports made available on the NMA blog were contrary to media reports, for instance, whereas it was reported that NAUTH Nnewi was functioning effectively, the newspaper reports of Thursday January 23, 2014 suggested otherwise. It was the same for Abuja and Lagos and some other centres.

7. Our members and NMA State/FCT branches should actively encourage patients to visit the hospitals with a pledge to fully attend to them with the hospitals in full functional mode... we also wish to once more advise our members who may C O N T I N U E D O N PA G E 2 4

24

INVESTIGATION

CO N T I N U E D F R O M PA G E 2 2

paid some money but since then, I have been looking for job to no avail. I have no job to do. I keep struggling. I want to go back to my country but how do I go home? I sleep here every night. There’s a container there where we sleep but they have warned us not to sleep there again, so we sleep outside whether it is raining or not. At times, if it starts raining, we go to the ATM machines opposite here to stand until morning.”

They all believe that they are living a hard life. Instructively too, they all want to find another way to live and let go of the beach life. “It’s a hard life really but things are getting worse. I am a professional in painting ships and I am a sailor. I can do any type of job”, says Douglas, who adds, “I lost my documents in Bangui. That was how they arrested me and deported me to Nigeria. They deported me to Nigeria because I told them I passed through Nigeria and they said the cost of deporting me to Sierra Leone was too much. They deported us with some Nigerians and said I will get my passport here. But my embassy is demanding money from me. My embassy requires $50 to give me my passport.

That is why I am looking for money now.

I have people who have promised me job but I need to go to Ghana to get my seaman record discharge book. If I get my papers, I will return as a seaman.”

He is also scarred stiff of those who have turned out to be his companions at the beach. To him, some of them are dangerous characters. “Some of them sell Indian hemps and do other things.

I stay here because I don’t have accommodation.”

He is also hoping on God. He attend a Redeem Christian Church of God on the Island religiously.

The story of Kehinde Fagbohun is a bit different. He has been living on CONTINUED FR O M PAGE 23

be sympathetic to the para-medicals/Allied Health Professionals to please drop their individual or filial prejudices and queue behind out professional struggles.

We must not under-estimate their total strike notice. Lets collectively act now; the consequences of doing otherwise may be calamitous.

“Remember that what the para-medicals/Allied Health Professionals do today in the hospitals is what your forebears taught them and delegated to them.

Should they continue to boast that without them, the hospitals cannot function?

Stand up now to be counted on the right side of history.”

The doctors were said to have tried implementing the strategic plan at UITH during the three-day warning strike by JOHESU, from January 22-24, 2014 during which time some doctors allegedly collected samples from patients but eventually failed to run the tests which were needed and had been paid for. They were also alleged to have spoilt some hospital equipment in the process some of which are yet to be repaired.

But early in February, the Head of Departments, Chemical Pathology, Dr.

Sanctity of Truth

Monday, April 7, 2014

Bar Beach as their home the beach since 1993, when he migrated from Mushin to join a musical group known as Natty AD 4000 band. His dream was scuttled by the annulment of the June 12, 1993 election, won by the late Chief MKO Abiola. A guitarist, Fagbohun’s dream for music disappeared with the dreadlocks he was wearing then. Since then, he has followed several bands from Nigeria to the West African Coast and other parts of Nigeria. He’s currently waiting for

his debut album when he gets money.

But his home is the Bar Beach for now.

“It was in 1993, during the Abiola crisis that I came back here. Since then, I have been here. I joined another group and we moved round West Africa- Togo, Ghana, Benin, I have gone to Port Harcourt, Owerri and all parts of the southern Nigeria. I play guitar. I have been waiting to go to the studio to release an album. But I have no accommodation in the town. “So, I hang around with my

guys here. The government demolitions here and there are giving us problems.

I sleep here sometimes but the security people here give us problems. At times, they come and arrest us here. They send some of us to jail. They have demolished everything we have here. I am just hanging around here. I need money to organise where I can stay.”

For these men, their only prayer is for fate to redirect their paths to their actual destination, if any.

Living here is alarming –Joseph members were caught with drugs to be honest and they repatriated us. Without any settlement, we were sacked and detained for eight months. If I had money, I would have gone back. My being stranded has reached an alarming rate. I am not happy to be here. I have been looking for solution to go home and get some of my necessary document that were lost before I can go forward.

When did this happen?

That was in 2006. I didn’t even imagine to be here because it is another type of suffering by waiting for ridiculous type of calls and jobs, which is not what I want.

Joseph

Why are you here? What are you doing here?

I am here because I am stranded. I used to follow ships before. I was following a Ship, Shiroro, owned by the Dorman Group- they are whites. On contract one day, we had a problem. Some of our crew

What kind of jobs do you do?

When I was working with a security company, I went to UniLag to learn dry cleaning with the Health Service Centre at Akoka. They are the ones that developed me in doing washing business.

But now, if I have money, I will like to go back to my washing business. That is if I am strong to have the tools that I need for the business.

Showdown looms

Biliaminu Abayomi was said to have forwarded a memo to the Deputy Director of Medical Laboratory Services, Chemical pathology Department, Mr. Babawale, D.T, indicating that Residents, who are on training, would begin to be engaged in bench Rotation, which would enable them, learn directly from the laboratory scientists.

This infuriated the scientists who immediately contacted their umbrella association, which forwarded a strongly worded letter to the hospital management on the development, alleging that the directive equates to practising quackery. The letter, which was also copied to the SSS, set up a series of reactions including the meeting with the Chief Medical Director (CMD), Professor AbdulWaheed Olatinwo.

Sources at the meeting claimed that all efforts by the CMD to convince the JOHESU leaders on the subject failed as the meeting ended with the non-medical professionals insisting that they will not yield their benches to the resident doctors. “the man tried to make it look like a family affair but the union members were adamant, even those who are supposed

to be close to him and the major reason they gave for their refusal of his plea is the existence of the document which none of the doctors there could deny”, one of the participants at the meeting said.

Part of the letter over the crisis, signed

by Muhammad A.O, for the Association of Medical Laboratory Scientists of Nigeria, UITH Chapter, with reference UITH/ AMLSN/CC/001/14 and dated 12-02-14 reads: “Re-Rotation of Residents for Bench Postings “We are compelled by the report of incidents and situation around and within the laboratories in UITH to put up this letter to inform and sensitise the management to come to the rescue of the situation before it gets out of hand. We received a letter from the Deputy Director of medical Laboratory Services, Chemical pathology Department, informing the association about a memo he received from the HOD Chemical Pathology on the above subject matter.

“Sir, it sounds disgusting to hear the HOD wants to be the pioneer of quackery practice in the hospital laboratory.

Do you have a house?

If we do not have money, that’s when we sleep here till morning time. As we are here, everywhere is open but I have a place I manage. I am married but the girl is not with me o. But my kids are at home How do you cater for your kids?

That is the major topic. I need a good job. If not that my children are with my mother, life would have been very bad for me. I have two kids, a girl and a boy and they are with my mother at Orogwe. I send them money quarterly . When I have about N5, 000 or more, I go and drop it for my brothers at Illasamanja and they will send the money to them. For the past three months, I have not got anything. I need work to make life go better.

How do you cope here?

It is an indecent place. We are always at war with the police. They will always come to chase us. So, it is still like we are in a hideout.

How will it be, telling nurses to understudy drug production in the Pharmacy Department? Or telling Physiotherapists to join the Orthopaedic surgeon in the theatre, to learn the act of surgery, just because they need some knowledge to pass their examination? No doubt this act runs contrary to the extant law of the land. We see such request as quackery of the highest order and a means to cause chaos within the members of staff in the laboratory.

“In Chemical Pathology, all specimens for LFT, Proteins, Albumins, Calcium, Inorganic phosphorus and Lipid profile were unattended to, despite the fact that patients paid for these analysis. The specimen were however, unsuitable for further analysis when the strike action abated. A number of equipment and machines developed faults, which we had to rectify when we resumed. ISE GE 300 is still not repairable up till this moment.

“We have tried in the past to disallow disunity among the professionals in the laboratory, but now the association may no longer guarantee further peaceful coexistence between the medical laboratory scientists and pathologist in the hospital laboratories anymore.”

BUSINESS Sanctity of Truth

Monday, April 7, 2014

MONDAY, APRIL 7, 2014

WHAT'S NEWS FG exceeds 2013 estimated budget deficit by N253bn

Indications have emerged that the Federal Government's 2013 estimated budget deficit was exceeded by N253billion.

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Equity market imbalance likely to rise, says Rewane In spite of the expected 40 per cent increase in the Gross Domestic Products (GDP) nominal value, equity market imbalance is likely to increase as confidence in the financial sector is on the decline.

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Nigeria suffers trade imbalance as ships divert to other ports Nigeria’s trade balance has declined from $10.6billion in second quarter of 2013 to $9.86billion in third quarter of 2013.

}p-27

ECOWAS plans regional payment, settlement system The Economic Community of West African States (ECOWAS) Commission is planning the establishment of a regional payment and settlement system as schemes to develop a common regional investment market.

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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) SIAKA MOMOH, Asst. Editor (Industry/Agric) JONAH IBOMA, ICT Editor DAYO ADEYEMI, Property Editor ADEOLA YUSUF, Energy Editor

SABOTAGE 100 million litres of fuel shut-in for the 10-day closure of NIPCO’s facility.

Adeola Yusuf

CHUKS ONUANYIN, Energy NNAMDI AMADI, Reporter

www.newtelegraphonline.com/business

HITS N753BN’ }p-28-29

AYODELE AMINU, DEPUTY EDITOR, BUSINESS

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

FG loses N1.44bn to shut down of NIPCO

L-R: Medical Director, Tabitha Medical Centre, Dr Chito Nwana; Chief Executive Officer, Stanbic IBTC Pension Managers Limited, Dr. Demola Sogunle; Head Business Development, Stanbic IBTC Pension Managers Ltd, Mrs. Nike Bajomo and Principal Partner, StarBright Consulting Limited, Mr. Emmanuel Olu-Ayeni; at a pre-retirement seminar organised by Stanbic IBTC Pension Managers Limited in Abuja .

"Twenty-four-hour loading has commenced in earnest and this will continue till Monday," he said.

This newspaper had exclusively reported that President Goodluck Jonathan intervened in the leadership tussle rocking

the IPMAN. The President had ordered the Products Pipelines and Marketing Company (PPMC) to convene a meeting with all the warring parties in a bid to find a way out of the crisis.

The fuel marketers’ associa-

tion had been engrossed in a leadership crisis over tenure elongation of the present executive. The feud was partly responsible for the scarcity of petroleum products being experienced in some parts of the country.

Eight years after, Lagos airport still lacks runway lightings Carriers lose over N2bn to delays

Wole Shadare

N

igerian airline operators have expressed disappointment over the Federal Government’s inability to install runway lighting at the 18-Left runway of the Murtala Muhammed International Airport, Lagos.

For over eight years, successive ministers of aviation, starting from the tenure of Prof. Babalola Borisade to Chief Femi

Fani-Kayode, Mr. Felix Hyatt, Mr. Babatunde Omotoba, Mrs. Fidelia Njeze and Stella Odua, had paid lip service to the critical aviation safety tools, whereas huge budgetary allocations are made for the equipment virtually every year.

The operators are considering sending a petition to the supervising Minister of Aviation, Sam Ortom, on the issue with a

view to remedying the situation that has caused the operators over N2 billion in fuel wasted to taxi from the local wing to the international wing of airport for take-off. Air safety is also in jeopardy as a result of this.

The airlines spend enormous amount of fuel to do this and most of the time, this has CONTINUED ON PAGE 26

Rates Dashboard

DELE ALAO, Brands/Marketing Editor ABDULWAHAB ISA, Finance Editor

NEW TELEGRAPH

T

he federal government has lost N1.44 billion to the shutdown of NIPCO’s depot, which has 10 million litres daily loading capacity.

The National Union of Petroleum and Natural Gas Workers (NUPENG) shut down NIPCO’s loading activities in Apapa, Lagos on March 24, 2014, due to the leadership tussle at the Independent Petroleum Marketers Association of Nigeria (IPMAN).

IPMAN has a stake in NIPCO. Although the facility was reopened at the weekend after the Presidency intervened, figures available to New Telegraph showed that the government through the Nigerian National Petroleum Corporation (NNPC) recorded a loss of N1.44 billion to the crisis.

NNPC, which loads an average of 50 trucks daily from the NIPCO facility, could not do so throughout the 10 days of closure.

While each truck loads an average of 33, 000 litres, the Corporation could not load a total of 500 trucks for the period of industrial action at the depot.

The official ex-depot price of N87.50kobo.

Meanwhile, the Manager, Corporate Affairs of NIPCO, Lawal Taofeeq confirmed to this newspaper in a telephone interview that the facility was re-opened last Friday after 10 days.

He said that the management of the company had decided to embark on a non-stop 24-hour loading till Monday (today).

This measure, Lawal said, was taken based on the continued commitment of the NIPCO's management to mitigate distribution hiccups, which the 10day closure might have caused.

WOLE SHADARE, Aviation Editor CHRIS UGWU, Capital Market Editor

‘PHCN, SUCCESSOR 25 BUSINESS | BRANDS & ADVERTISING COMPANIES’ DEBT PROFILE

INFLATION RATE February 2014......................7.70% January 2014 .......................8.00% December 2013....................8.00%

LENDING RATE InterBank Rate . . . . . . . . . 10.50% Prime Lending Rate. . . . . 16.93% Maximum Lending Rate..25.83%

EXCHANGE RATE

(Parellel As at April 4)

USD . . . . . . . . . . . . . . . . . . . . . . N172 Pounds . . . . . . . . . . . . . . . . . . N286 Euro . . . . . . . . . . . . . . . . . . . . . N236

EXCHANGE RATE

(Official As at April 4)

USD . . . . . . . . . . . . . . . . . . . N156.74 Pounds . . . . . . . . . . . . . . . N259.01 Euro . . . . . . . . . . . . . . . . . . . N214.32 Source: CBN

26 BUSINESS | NEWS OFF TARGET The Federal Government is likely to overshoot its estimated budget deficit again this year.

Ayodele Aminu

I

ndications have emerged that the Federal Government's 2013 estimated budget deficit was exceeded by N253billion.

Available data showed that the deficit in 2013 reached a provisional N1.14trillion, compared with the budget projection of N887billion or 1.9 per cent of Gross Domestic Product (GDP).

Analysts at FBN Capital Limited said the trend might continue in 2014 due in part, to the mounting oil produc-

Sanctity of Truth

Monday, April 7, 2014

FG exceeds 2013 estimated budget deficit by N253bn tion losses and erosion of the fiscal buffers.

This it said, was also part of the reason behind Standard & Poors (S&P’s) revision of the outlook on Nigeria's BB- long-term sovereign credit rating from neutral to negative last month.

"We cannot fault this thinking although we question other reasons for S&P’s change in outlook. As we wait patiently for the passage of the 2014 budget through the National Assembly and note the comment in S&P’s press statement that it had been encouraged to expect closure (passage) this

month, we offer some pointers," FBN analysts said.

Listing other areas of interest in the fiscal management of the country, It said the impact of the production losses is visible in the sharp fall in oil revenue, particularly since first quarter (Q1) 2013.

"Non-oil revenue collection continues to disappoint other than the apparent surge in Q3 2013 due to higher payments of companies’ income tax.

"At between 6.0 per cent and 6.5 per cent of GDP from 2007 through to 2012, it is low even in a frontier market con-

Femi Olaloku, Executive Director, Treasury & International Banking Group, UBA Plc; Michel Wormser, Vice President and Chief Operating Officer of the Multilateral Investment Guarantee Agency (MIGA), World Bank Group; Phillips Oduoza, Group Managing Director/CEO UBA Plc; and Solomon Adegbie-Quaynor, Country Manager, Nigeria, Africa Department, International Finance Corporation (IFC) World Bank Group during the working visit of the MIGA Vice President to UBA Head office.

Equity market imbalance likely to rise, says Rewane Chris Ugwu

I

n spite of the expected 40 per cent increase in the Gross Domestic Products (GDP) nominal value, equity market imbalance is likely to increase as confidence in the financial sector is on the decline.

This was the conclusion of Managing Director and Chief Executive of Financial Derivatives Company Limited, Mr. Bismarck Rewane in its Monthly Economic News and Views.

Rewane identified crisis in the Euro zone, increase in cash reserve ratio and negative outlook of rating agencies as some major factors that may create a further dip on the equities market.

He listed the major risks of Euro zone volatility to induce

emerging market growth to include sluggish world trade growth, risk premium amidst US Fed tapering, elevated real exchange rate risks and less favorable global liquidity.

Rewane said advanced economy recovery will have less impact on export-oriented emerging market as that currency depreciations in major emerging markets neutralised by advanced economies exchange rates being is below pre-2008 averages.

He said reversal of capital flows will intensify, further depleting external reserves.

The expert noted that the increase in public sector Cash Reserve Ratio (CRR) to 75 per cent from 50 per cent and the rise in private sector deposit CRR to 15 per cent from 12 per cent, re-

sulted in bank stocks losing 15 per cent.

Rewane noted that foreign transactions exceeded domestic in 2013, adding that investors were sensitive to a number of factors, which include relative risk of the market, confidence in the financial system; now on the decline, international rating agency opinions; S&P, Moody's, among others and attractiveness of returns.

He said the sudden suspension of Central Bank of Nigeria (CBN) governor Sanusi Lamido Sanusi, left the markets year to date return disappointing at 6.24 per cent decline. Rewane noted that Standard and Poor negative outlook doesn't help confidence as the rating agency just revised the sovereign outlook to negative, citing increased infighting within the People Democratic Party (PDP), even at a time when the party seems to be consolidating its base.

text," the company stated.

It observed that capital items accounted for just 23 per cent of the FGN’s total spending in 2013 because of government salary rises and generally poor expenditure management.

Meanwhile, records from the Debt Management Office

(DMO) show that the Federal Government raised sovereign bond worth N544.06 billion to fund the 2013 budget deficit.

According to DMO, N744.44 billion was used to fund fiscal deficit in 2012, while N852 billion was also raised in 2011 for the same purpose as against N1.36 trillion in 2010.

Eight years after, Lagos airport still lacks runway lightings C O N T I N U E D F R O M PA G E 2 5

caused delays, especially by 7pm when the domestic runway is closed to landing and take-off of airplanes.

Aside that, airlines had on several occasions, had to cancel flights as a result of the situation. An official of one of the biggest airlines who preferred anonymity stated that the airline would rarely cancel flights if there is AFL in all the airports in the country. It was estimated that domestic airlines lost over N2 billion yearly on fuel, time and aircraft depreciation taxiing from the international runway to the domestic terminals of the Lagos airport for many years until the mobile runway lighting was installed in January 2013.

The best the Nigerian Airspace Management Agency (NAMA), the agency responsible for providing this facilities and others, had done was to provide emergency airfield lighting for the runway, which experts had faulted as not what was required for a busy airport as Lagos.

The agency had congratulated itself a little over a year ago for the ‘feat’ saying that “NAMA has successfully deployed emergency airfield lighting on the popular 2.7 km Runway 18left.”

Spokesman for the agency, Supo Atobatele, had said then that the absence of the airfield lighting on the runway for half a decade had forced the domestic airlines to land after sunset at the international wing, thereby burning extra fuel to taxi down to their various terminals before disembarking passengers.

According to him, “what looks like a Christmas gift to the airlines, travellers and Nigerians in general, was made possible by the full cooperation of the Federal Government in ensuring speedy

customs clearance.”

However, Atobatele declined to comment on the present state of the runway and others when New Telegraph sought his view on the matter.

As at press time, he was yet to reply the text messages sent to him on the matter.

There are other airports that are in the same situation as the Lagos airport.

A former Secretary General of Airline Operators of Nigeria (AON), Mohammed Tukur, noted that the state of the runway calls for concern. He insisted arguing that airlines are still losing much money to do their take-off at international airport runway at night, thereby leading to waste of aviation fuel as occasioned by congestion at that busy hour when airlines take turn for take-off clearance.

Tukur stated that in many parts of the world, it is basic that airport runway has accompanying airfield and approach lighting, which guides the pilot to land on the runways and also taxi to the apron in the night.

But in Nigeria, some of the airports, which receive many flights a day do not have airfield lighting, thus limiting operations to such airports.

Tukur noted that a busy airport like the MMA2 does not need an emergency lighting but permanent facilities to help airlines land and take off normally.

“It is understandable if such emergency lightings are deployed to airports like Katsina and Makurdi, among others, but not for busy airports like Lagos. This is one of the anomalies of the former Minister of Aviation, Stella Oduah and a former Managing Director of NAMA, Nnamdi Udoh." he said.

BUSINESS | NEWS

Sanctity of Truth

Monday, April 7, 2014

HIGH TARIFF Over N80 billion revenue has been lost by th Federal Government Bayo Akomolafe

Nigeria suffers trade imbalance as ships divert to other ports

N

igeria’s trade balance has declined from $10.6billion in second quarter of 2013 to $9.86billion in third quarter of 2013.

The number of vessels coming to Nigeria also declined in the first quarter of this year.

The Financial Derivatives Company Limited, in its monthly economic news noted that there was also decline in aggregate export proceeds induced by the fall in oil exports during the period.

Ships waiting to berth at Apapa in March declined considerably, from 105 in January, 2014, to 63 in February and 52 in March.

The Seaport Terminal Operators Association of Nigeria (STOAN) Chairman, Princess (Dr.) Vicky Haastrup, blamed the decline on government’s

L-R: Group Head, Capacity Building & Certification, CIBN, Mr. Akin Morakinyo; Mr. Clement Doodo, President, SLACB/MD, ECOBANK Sierra Leone; Dr. Sheku Sessay, Governor, Bank of Sierra Leone; Dr. 'Uju Ogubunka, Registrar/CEO, CIBN; Ms Shola-Taylor-Pearce, Executive Secretary, Sierra Leone Association of Commercial Bankers (SLACB) during the execution of MOU with the Bank of Sierra Leone and Sierra Leone Association of Commercial Bankers for the purpose of setting up CIBN Examination center in the Sierra Leone held on April 2, 2014

policy of high tariff on rice.

She added that no fewer than 150 ships laden with rice were

LCCI calls for increased foreign reserves LOCAL CONTENT LCCI wants government to patronise locally produced goods.

Dele Alao

T

he Lagos Chamber of Commerce and Industry (LCCI) has called for a concerted and sustained effort to increase foreign reserves.

This, the chamber said, is to enable a downward review of the tight monetary policy to boost credit availability and reduce interest rates.

Also, the chamber called for an urgent support for Small and

Medium Enterprises (SMEs) to retain existing jobs and create new ones in areas of funding and capacity building.

The chamber noted that government should accord higher priority to investments in infrastructure to reduce the current high infrastructure deficit and moderate the cost of doing business in the economy.

“Quality infrastructure would improve private sector productivity and competiveness.

This will boost the capacity to create new job,” it said.

As a way of encouraging local entrepreneurs, the chamber urged government to patronise locally produced goods.

I

ncrease in sub-standard iron rods in Nigeria giving construction experts sleepless nights.

The have urged the Standards Organisation of Nigeria (SON) to be strict monitoring and enforcement to ensure compliance with standard.

The experts, while decrying the situation, said it portend serious danger to the building industry if not checked.

According to them, substandard iron rods have been identified as one of the major causes of structural failure.

They noted that though SON has put enough machinery in place to rid the market of substandard iron rods, a few still find their ways to the market.

The immediate past Chairman of the Lagos Branch of the Nigerian Society of Engineers (NIS), Mr. Olatunde Jaiyesimi, likened the issue of substandard iron rod to that of

the first quarter of this year.

Haastrup noted that the ships were scheduled to berth in their terminals but were diverted to other countries. She added that over N80billion was lost in three months as revenue to the Federal Government.

“Nigeria lost about 600,000 metric tons of rice between January and March 2014 to the neighbouring ports.”

On trade imbalance, she added that terminal operators found it difficult to sustain their investment at the port due to epileptic power supply and inflation.

Haastrup added that they sourced their electricity from generator daily.

The chairman noted that terminal handling and storage charges were not commensurate with the inflationary trend in the sectors.

diverted to neighbouring ports in the first quarter of 2014.

According to her, the ships

laden with rice were diverted to the ports in Benin Republic, Cameroon, Ghana and Togo in

It said: “The patronage of locally produced goods should go beyond lip service. Government has a responsibility to provide leadership and example in this respect. An effective policy of patronage of locally produced goods would greatly enhance the prospects of job creation. It noted that imported products are progressively crowding out locally produced goods in the Nigerian market. Patronage of domestic products will boost the chances of retention of the value of expenditure within the economy.

“It called for the replication of the National Content Act in many other sectors of the economy to make domestic enterprises benefit from procurement activities of government agencies and corporate organisations,” It added.

‘Prices of finished goods go higher’

Experts worry over fake iron rods Dayo Ayeyemi

27

fake products in the market, saying that people selling and importing these fake products are culpable.

Narrating his experience, he disclosed that some of the iron rods he bought recently failed the laboratory test and he had to return them.

But SON’s spokesperson, Mrs. Angela, when contacted on phone, said that the organisation has rid the Nigeria market of substandard iron rods.

ALARM The cost of finished goods will increase in the second quarter.

T

he naira is expected remain weak and this will translate into higher prices for finished goods in the second quarter of this year.

The Financial Derivatives Company Limited (FDC) stated this in its monthly economic news.

Taking a cursory look at the retail segment of the economy for the second quarter, experts at FDC noted that the retail She said: “You cannot find substandard iron rods in Nigeria. The sector is now regulated.”

Iron rod is one of the important components of building construction. It is an important element of reinforced cement concrete, which takes care of the strength in structure. The core of iron rod is of uniform area and is always available in different diameters like 10mm, 12mm,16mm and 20mm.

They are available in categories depending on the yield strength of the bar.

trade is bubbling and growth improving. It said there will be increased use of electronic payment systems as the cashless policy is extended nationwide by May. This is expected increase in inventory for Easter celebration.

He added that retail sector would benefit from increased election spending.

FDC described the country as the second-most attractive destination but the toughest market in terms of opaque regulations and ports congestion.

It noted that the retail activities grew by 4 per cent, gradually returning to their pre-festive level, sales of fast moving consumer goods at 2 per cent, while prices of goods also declined as reflected in the lower inflation rate of 7.7 per cent in February from 8 per cent in January 2014.

The experts added that there is a gradual shift to neighborhood shopping in the Lagos metropolis spurring the opening of a rash of medium size shopping centres.

“The weekday/weekend customer traffic is unchanged with Thursday-Sunday having over 80 per cent of the flow inventory levels at supermarkets are constant at four weeks stock and cash-to-card ratio in Lagos now at 75:25,” it said.

28 MONDAY| INTERVIEW

Sanctity

Monday, Ap

‘PHCN, successor companies’ Dr. Samuel John Agbogun, Managing Director/Chief Executive of Nigerian Electricity Liability Management (NELMCO) is a technocrat and administrator with a public service career spanning 25 years. In this interview with ENERGY EDITOR, ADEOLA YUSUF, he says that N423 billion of the debt left behind by the defunct Power Holding Company of Nigeria (PHCN) will be sourced from budget appropriations. He gives an insight into other strategies his agency, in collaboration with others, is using to recoup electricity supply debt of over N100 billion from Military and Police formations across the country. Excerpts: What is your assessment of the privatisation of the power sector?

The privatisation of the Nigeria Electricity Supply Industry (NESI), in my view, is a huge success. And I congratulate the administration of President Goodluck Ebele Jonathan. I say very huge success based on the attainment of the objectives clearly set out in the Electric Power Sector Reform (EPRS) Act, 2005. As you may be aware, the core objective of the EPSR Act is the withdrawal of government from the provision of electricity services and the handover of the power generation and distribution capabilities to the private sector investors. This was to be achieved by the creation of a holding company and its unbundling into 18 successor companies. What has happened is that government has recognised and accepted the reality that it has no business in carrying out business activities for which the private sector is better cut out and equipped.

Nigeria is now primed for explosion in electricity generation and distribution.

With the sale to private investors of 75 per cent of the equity in the distribution companies and 100 per cent sale of the equity of the thermal power plants of Afam, Egbin, Sapele, and Ughelli and the concessioning of the Kainji, Jebba, and Shiroro hydro stations, efficiency and competition will drive availability and affordability of electricity power for Nigerians on the long run.

Let me caution here that Nigerians should not expect, in the short term, a magic wand that will transform darkness to light immediately. Instead, there will be a gestation period as the decay in the system will only now be made more apparent and this will be followed by massive investment in the power infrastructure.

The privatisation programme has also

Agbogun

shown government’s goodwill in its dealing with the labour force in the electricity industry. At the last count, BPE headed committee has paid over N348bn in severance benefits to the workers of PHCN. This is a clear pointer to the sincerity of government, hence, the relative peace and stability that we now witness in the sector.

Another point to note is that government did not privatise the transmission part of the supply chain but rather implemented the strategic option of management contract with Manitoba Hydro of Canada. This model will help maintain stability in the system.

Recently, you placed a release on your website in which you insisted that the PHCN management has no right to sell, assign, allocate, lease or transfer any of the non-core assets.

What led to this?

As I said earlier, one major source of funding available to NELMCO is proceeds from the sale of PHCN’s non-core assets.

Non-core assets are “assets that are not essential or critical to the continued functioning of a business,” that is, it is either not essential or simply no longer used in a company’s business operations. They are used in companies with cash flow challenges to raise money initially by selling off non-core assets as they are no longer essential to the continued functioning of a business. Furthermore, some businesses sell their noncore assets in order to pay down their bank debt. This is opposed to core assets which are essential, important or valuable property of a business without which the company cannot carry on its business within its profit-making activities.

Now, with this background explanation, let me address your question. Precisely on November 28, 2010, the transfer of all the non-core assets of PHCN to NELMCO by the National Council on Privatisation was appropriately gazetted in the Federal Government Gazette. What happened after that was that NELMCO discovered and confirmed some underground transaction on the sale and leasing of these non-core assets set aside by government for use to pay creditors. When PHCN management could not desist from the practice of impunity that has the potential of denying creditors with a source of fund for their payment, NELMCO had no other option but to issue a ‘caveat emptor.” In fact, the ‘caveat emptor’ was published in most national daily newspapers and placed on our website in order to warn buyers of these properties of future danger as PHCN has no title to them.

There has been disparity in the exact amount of debts inherited by new owners of PHCN. How much exactly is the debt and why the disparity?

On the issue of disparity on debts, I do not think that assertion is correct. One of the very important documents signed by the investors and NELMCO is the “Completion Liabilities Agreement.” This agreement provides that all liabilities of the successor companies as at the date of handover to the investors, that is, October 31, 2013, shall be ascertained and transferred to NELMCO. The Sales Purchase Agreement (SPA) entered between BPE and the investors provides for a six months period for the investors to establish the status of liabilities and transfer same to NELMCO. As we speak, the

six months has not lapsed and any talk on “why the disparity” is premature.

However, NELMCO has received some responses and still collating them. We are still expecting more. Besides, it should be noted that the original mandate of NELMCO was to inherit the liabilities of PHCN but later the National Council on Privatisation (NCP) added those of the successor companies to it.

With respect to the exact amount of debt in the records of NELMCO, I would say that as at the end of business on December 31, 2013, the total debt profile of NELMCO was about N753 billion. Of this amount, the successor companies who have made returns account for about N58 billion. These debts will obviously undergo substantial due diligence before payment commences.

Those who owe the larger chunk of the debts are government MDAs, military and police barracks and formations. What specific efforts are being put in place to recoup the debts?

There is the need for me to make some clarifications here. For instance, PHCN and its successor companies are indebted to third party creditors for services rendered and this is the N753 billion mentioned above.

There is, however, receivables or monies owed by consumers for electricity consumption which remained unpaid as at the handover date. Again what has happened is that NELMCO and the investors had entered into a “Completion Receivable Agreement.” It provides for the new investors to collect all the receivables as at October 31, 2013 and pay over to NELMCO. The Agreement provides that they retain 20 per cent of all monies re-

MONDAY| INTERVIEW 29

of Truth

pril 7, 2014

debt profile hits N753bn’ obligations of creditors and to this end, l am confident that government will fulfil its own side of the transaction.

BIODATA Previous Jobs: Served in Egunjobi and Sulaimon & Co as Chartered Accountant between 1977 and 1989. Became Chief Accountant, NEPA in 1989, from where he rose to Executive Director in 2002. He assured duty as Director at BPE in 2005.

Schools: University of Ibadan, Edo State University, Wolf College of Accountancy, UK, University of Florida Degrees: Masters in Business Administration, Chartered Accountant, Member, Chartered Association of Certified Accountants, UK and Associate member, Nigeria Institute of Taxation and Institute of Directors.

Experience: Over 37 years

ceived as agency fees.

With respect to the exact amount due to NELMCO, this cannot be stated categorically as to how much is so owed. The Nigeria Electricity Regulatory Commission (NERC) and the Market Operations division of the Transmission Company of Nigeria (TCN) and NELMCO are working this out with the investors.

Now let us look at what you referred to as the debts owed by MDA’s, military and police barracks and formations. The strategy for their collections differs. There is the option of going for a “deduction at source” direct from the MDA’s budget after NELMCO’s board must have considered, approved and obtained the approval of the Federal Executive Council. When this is achieved, the Budget Office of the Federation will be required to so deduct and remit to NELMCO for use in the settlement of creditors’ liabilities.

You have made several calls on the debtors through letters and news releases. What is the level of response?

Point of information: We have not made calls to debtors through letters and news releases. What NELMCO has done is to issue calls and releases to creditors. NELMCO discovered that the records kept by PHCN did not capture all its creditors. You know, government accounting system is based on actual basis that recognises actual receipt and payment. This is opposed to the accrual base where expenses are accrued and accounted for, even if not paid. The PHCN actual ac-

As to when power supply in Nigeria will be stable, reliable and available, a little while is still required. The gestation period for a power plant construction is two years; the manufacture of a power transformer takes six to nine months and you know these are all importbased

So far, what has been the crust of your operations?

The crust of NELMCO’s operations have been that of collation of statistics, meetings, consultations and most importantly, the management of PHCN pensioners and its related activities. We are working on setting up zonal offices that will improve our interaction with pensioners who are all over the country, speedily and effectively.

Agbogun

counting practice excluded creditors whose invoices were being processed through the system. To ensure that all creditors are captured and accounted for, it became imperative for NELMCO to make those calls and issue those releases in the newspapers.

NELMCO’s strategy has paid off as many creditors whose records were hid in some PHCN staff cupboards and drawers came forward with evidence and we had to trace them and eventually took them into account in our collation of the liabilities.

Is it true that the debt poses a threat to the privatisation and success of the new investors? If yes, why?

As I said earlier, the huge liabilities owed creditors by PHCN in the short term under

Agbogun

the guarantee and commitment of government will not be a threat to the privatisation programme. However, in the medium term, it could be, if settlement of their liabilities is not effected. It is important to note that the core assets sold to the investors is the aggregation of the supplies made by creditors in terms of goods such as transformers, cables, meters, equipment, poles, plants and machinery and consultancy services.

To have sold these and not pay them is not proper; therefore, longer delays in effecting payment may result in possible litigations that could lead to some of these assets being attached and at that point, the privatisation programme could be threatened. NELMCO is a company incorporated under CAMA with full government guarantee to meet the

What challenges are you facing in the course of discharging your duties?

Let me start by saying that NELMCO is to the electricity industry what AMCON is to the financial industry. To be able to access the kind of money needed to pay creditors has been a nightmare.

First is the payment of monthly pensions to PHCN pensioners. On the average, the monthly bill for the pensioners is about N1.3 billion. So far, NELMCO has managed the payment, but this is not to say there have not been challenges. As you know, the pension payment is via budgetary appropriation and this has been difficult because of the challenge of timely release of money which sometime drags for months. For example, NELMCO was only able to pay the pension for the months of January and February, 2014 on March 13, 2014. The Coordinating Minister for the Economy and Minister of Finance and the Director-General of Budget and staff of the ministry have been very helpful.

There is also the challenge of the residual issues carried over from PHCN. NELMCO is indebted to the resident and executive of the Nigeria Union of Pensioners (electricity sector) headed

by Chief Temple Ubani. We have enjoyed their support in addressing issues that could have caused some discomfort. Working with them as a team has been very fruitful. The issue of lack of records, the privatisation of the PHCN, unresolved harmonisation issues, pension arrears, and unpaid gratuities have all been a huge challenge.

The second aspect of NELMCO’s mandate is the payment of contractors, suppliers and creditors. This is the big one and I must say that it is a very major challenge. As stated above, the liabilities at the last count is about N753 billion. There are non-core assets that NELMCO is to put in the market and use the proceeds to pay some bills. Preliminary rule of the thumb valuation has shown that only about N30 billion would be realised and with the possible transfer of about N300 billion to the Debt Management Office (DMO), this will leave a huge gap of about N423 billion to source from budget appropriations. This is huge considering government’s lean resources and the competing infrastructural needs of the country. So, in effect, I am saying that raising resources of this magnitude is a herculean task.

30 BUSINESS | NEWS

Sanctity of Truth

Monday, April 7, 2014

Telecoms to contribute 1.97% to GDP –Rewane GROWTH The trade and agric sectors are expected to out perform telecoms.

Jonah Iboma

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igeria’s telecommunications sector has been predicted to contribute about 1.97 per cent to the Gross Domestic Product (GDP) for the first quarter of 2014.

This was one of the revelations in a presentation made

by Financial Derivatives Company Limited during a monthly economic news and views at the Lagos Business School executive breakfast meeting.

The report presented by the Chief Executive Officer, FDC, Mr. Bismack Rewane, put GDP growth estimate for the first quarter of the year at 7.22 per cent, a figure that it said is “significantly higher than corresponding quarter in 2013 (6.56 per cent).”

The telecommunications sector is, however, expected to be outperformed by the trade (wholesale and retail) and agriculture sectors, with estimated GDP of 2.57 per cent and 2.27 per

cent respectively.

Meanwhile, the report stated also that electronic-commerce has been growing steadily in the country in recent times as a result of the booming retail trade and the Central Bank of Nigeria’s cashless policy.

It stated that data from Nigerian Interbank Settlement System showed an increase in on-line payments from $314 million in 2010 to $630 in 2013.

It stated that the figure could increase in 2014 as there will be “increased use of electronic payment systems as cashless policy is extended nationwide by May and expected increase in inventory for Easter celebration.”

The FDC report noted that e-commerce sub-sector had attracted significant foreign interests in 2013 with Jumia and Konga, the two leading e-commerce businesses in Nigeria, being the main beneficiaries with approximately $50 million invested last year. FIDC, quoting A.T. Kearney, said that although Nigeria is a tough retail market due to opaque regulations and port congestion, it is the secondmost attractive destination. It comes behind Rwanda only due to the business-friendly policies in place in the country.

Brand Manager, Johnnie Walker, Gbolahan Sani; winners of the third Johnnie Walker Step Up to VIP Lifestyle Promo, Mr. and Mrs. Ayodeji Balogun and Brand Manager, Reserve Brands, Mr. Amaechi Okobi at the presentation of the BMW Car won by the couple in Lagos

Tons of wheat, steel arrive Lagos port Bayo Akomolafe

D

espite government’s policy to reduce importation of wheat, the Lagos Port complex is to take delivery of 176,229 metric tons of bulk wheat and 37,610 metric tons of steel this month.

Lagos Economic Summit begins tomorrow

T

he seventh edition of the biennial Lagos Economic Summit, popularly called Ehingbeti begins tomorrow.

Themed “Powering the Lagos economy: Real opportunities, endless possibilities,” the forum provides a veritable platform for the generation of new ideas, business relationships and investments.

It is aimed at assembling world class economists to brainstorm on the state and national economy with the

ultimate objective of positively positioning the nation in the global economy.

Lagos State Governor, Mr. Babatunde Fashola, is the chief host.

The three-day event, which holds at Eko Hotel and Suites, Victoria Island, Lagos, will play host to international experts/ speakers such as the former President of Georgia, Mr. Mikheil Saakashvili; former President of Cape Verde, Pedro Verona Pires; former Minister

of Power, Barth Nnaji and; industrialist and founder of Dangote Group, Alhaji Aliko Dangote. Managing Director, Tata Power, Others are Anil Kumar Sardana; Global Policy Director, IBM Energy and Utilities Industry, Matthew Futch; Chief Executive Officer, Oando Plc, Wale Tinubu; Partner, Mekinsay Company, Scott Desmarias; and Managing Director, General Electric Nigeria, Mr. Lazarus Angbazo, among others.

Deloitte expands to Rwanda

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rofessional services firm Deloitte has opened a new office in Rwanda in line with its strategy to consolidate the firm’s operations and further cement its market leading position across the continent.

The opening of an office in East Africa - based in the Rwandan capital, Kigali, according to a statement, adds to the Deloitte East African offices in Nairobi and Mombasa, Dar es Salaam, Kampala and Addis Ababa.

In June, Deloitte agreed to integrate its operations in Africa with a new structure for

East and Central Africa, which comprises the operation and growth of the East African and Central African outfits and the Central African one comprising Malawi, Rwanda, Zambia and Zimbabwe. Through this, Deloitte has clustered together its existing well-established practices, thus expanding the firm’s reach and level of expertise to ultimately assist clients with optimising their business across the continent.

Lwazi Bam, Deloitte Africa Chief Executive Officer, referred to the opening of the

Kigali office as a landmark achievement for Deloitte Africa.

“We now have a physical presence in 34 countries and service 51 countries across the African continent. In this coming of age for Africa investment and business growth, we remain committed to assisting our clients through our audit, consulting, financial advisory, risk management and tax services to ensure that they can remain competitive and well-informed in this conducive business environment,” said Bam.

The Federal Government had earlier said that the country would save N127 billion annually through a cut in the importation of the commodity.

According to the Technical Adviser to the Minister of Agriculture and Rural Development Mrs. Oluwatoyin Adetunji, the government’s decision was to encourage local production.

It was learnt that the demand for wheat products has remained strong due to shortage of the commodity in the country.

United States has a dominant market share of about 90 per cent of Nigeria’s wheat market.

Part of government’s plan is to impose a 15 per cent levy on wheat imports, which will increase the duty from 5 per cent to 20 per cent. But it was

revealed from the shipping position of the Nigeria Ports Authority that government’s decision may flop due to huge importation of the commodity.

This month alone, four vessels are expected to discharge at the Apapa Bulk Terminal Limited (ABTL). They are MV Desert Hope laden with 48,000 metric tons, MV Ionian Eagle (44,000 metric tons), Marcaro Lina (27, 500 metric tons), MV Blue Bill (23,729 metric tons) and MV Storm Ranger which is expected to berth at Greenview Development Nigeria Limited (GDNL) with 33,000 metric tons.

Also, at ENL Consortium terminal, MV Rui Chang Hai will berth with 8,764 metric tons of steel and MV Union Ranger 28,864 metric tons of the same item.

Dangote moves to check adulterated cement Siaka Momoh

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angote Cement Plc is putting in place check to spot adulterated cement, Regional Manager, Marketing Services of the company, Johnson Olaniyi, has said.

He spoke in Enugu at the kick-off of training of block makers from the South East on the proper use of recently launched 42.5 cement grade and physical demonstration of sandcrete mixing with the 3x.

In his presentation to the block moulders, Johnson Olaniyi, according to a statement from Dangote, highlighted the advantages and differences between the new Dangote 3X Cement and other

brands in the market.

“The 3x is an acronym for more profit to the moulders, while allowing the builders to build with peace of mind”, he stated.

To derive the maximum benefits from the 3x, he charged the block makers to always ensure that the sand they use in block making is free from dirt and other contaminants.

The training came on a day the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) commended Dangote on the training it organised for block makers in Enugu as part of trade fair activities, saying the training was timely.

BUSINESS | MONEYLINE

Sanctity of Truth

Monday, April 7, 2014

ECOWAS plans regional payment, settlement system investment guaranty and reinsurance scheme; regional capital market integration and development; investment climate monitoring and benchmarking, and the framework for regional financial market integration.

Although details of the payment and settlement system are yet to be released, the system is expected to ease business transactions among countries that make up the region and quicken funds transfer.

Traore said that the need to set up the new initiatives had become necessary to enhance the development of a conducive environment for the regional investment code and policy, which is currently being developed as part of the implementation of

INTEGRATION ECOWAS moves to ease business transactions among countries that make up the region.

Jonah Iboma

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he Economic Community of West African States (ECOWAS) Commission is planning the establishment of a regional payment and settlement system as schemes to develop a common regional investment market.

This was one of the revelations that were made by the regional body’s Commissioner for Industry and Private Sector Promotion, Mr. Kaliou Traore, at a private sector stakeholders meeting on the draft ECOWAS Investment Code and Policy that opened in Abidjan, Cote d’Ivoire’s last.

Aside the regional payment and settlement system, Traore stated that the commission was also working on a credit risk database and reporting system,

the regional Common Investment Market.

He said that the region needed to achieve a coordinated investment cooperation programme in order to achieve increased investment from both within and outside ECOWAS states and also help freer flow of capital, skilled labour, professionals and technology between member States.

The ECOWAS Director of Private Sector, Mr. Alfred Braimah, traced the background to the regional investment code and policy initiative and paid tribute to the European Union Business Climate Facility for ACP Countries (EU-BizClim) for the study on the framework for the documents.

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Nigeria (CBN) opened at N494 billion ($3.0 billion) surplus last Friday, down from N600.36 billion penultimate week, after the apex bank sold OMO bills to curb liquidity.

Dealers, according to Reuters, expect the CBN, which hiked the cash reserves require-

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

Description

TTM

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

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

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

Bid 12.10 12.10 12.05

FX

CBN to debit banks for CRR this week.

I

nterbank lending rates inched up slightly to an average of 10.5 per cent last Friday, from 10.33 per cent penultimate week, driven by the sale of government bills to soak up liquidity, dealers said.

The cash balance that lenders hold at the Central Bank of Nigeria (CBN) opened at N494 billion ($3.0 billion) surplus last Friday, down from N600.36 billion penultimate week, after the apex bank sold Open Market Operations (OMO) bills to curb liquidity.

Dealers, according to Reuters, expect the CBN, which

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Offer Yield 13.01 13.40 13.47 13.49 13.44 13.59

Price 90.35 99.40 104.40 109.65 114.45 76.90

Tenor (Months) 1 2 3 6 9 12

Rate (%) 12.1827 12.2737 12.3744 12.8521 12.8535 13.8443

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

NITTY

Yield 12.86 13.33 13.35 13.42 13.38 13.53

Money Market Offer 11.85 11.85 11.80 Offer 163.38

ment (CRR) on private sector deposits by 300 basis points to 15 per cent two weeks ago, to debit lenders next week to enforce the new requirement.

"We expect the CRR debit next week to drain liquidity," one dealer said, adding that CBN will also repay some matured treasury bills but the net

I

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

LIQUIDITY

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

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

hiked the cash reserves requirement (CRR) on private sector deposits by 300 basis points to 15 per cent two weeks ago, to debit lenders next week to enforce the new requirement.

"We expect the CRR debit next week to drain liquidity," one dealer said, adding that CBN will also repay some matured treasury bills but the net effect will be lower liquidity.

The secured Open Buy Back was unchanged for two weeks in a row at 10.25 per cent, 1.75 percentage points below the CBN's benchmark rate of 12 percent. The overnight placement rose to 10.5 per cent, compared with 10.25 per cent penultimate week, while call money climbed to 10.75 per cent, from 10.50 per cent penultimate week. effect will be lower liquidity.

The secured Open Buy Back was unchanged for two weeks in a row at 10.25 per cent, 1.75 percentage points below the CBN's benchmark rate of 12 percent. The overnight placement rose to 10.5 per cent, compared with 10.25 per cent penultimate week, while call money climbed to 10.75 per cent, from 10.50 per cent penultimate week.

Access Bank supports national ID scheme

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

Interbank rates inch up

Nigeria interbank rates inch up igerian interbank lending rates inched up slightly to an average of 10.5 per cent last Friday, from 10.33 per cent penultimate week, driven by the sale of government bills to soak up liquidity, dealers said.

The cash balance that lenders hold at the Central Bank of

31

Bid 163.4000

Offer 163.5000 Source: FMDQ

n demonstration of its commitment to National Identity Management System (NIMC), Access Bank has provided a fully equipped office towards the success of the programme.

The ultra-modern office situated in Lagos, according to a statement, is expected to serve as Project Office for the card scheme.

The Federal Government of Nigeria has approved the implementation of a unified identity Management System (NIMS) for Nigerians. The new integrated data system, which will capture all Nigerians from the ages of 18 and above, will also bring down the cost of data processing and storage by the different agencies in the country.

Managed by the National Identity Management Commission (NIMC) and executed in conjunction with different agencies of government, which currently keep their own separate identity data, the NIMS also has the National Identity Smart Card (NISC) component.

This will be the largest rollout of a formal electronic pay-

ment solution in the country and the broadest financial inclusion initiative of its kind in Africa.

Under the programme, Access Bank is the pilot Issuer Bank and Unified Payment Services Limited (Unified Payments) is the payment processor. Other issuing Banks include United Bank for Africa, Union Bank, Zenith, Skye Bank, Unity Bank, Stanbic, and First Bank although not in the status of a Pilot Bank.

The new identity card is expected to revolutionise the Nigerian economic landscape, breaking down one of the most significant barriers to financial inclusion - proof of identity, while simultaneously providing Nigerians with a world class payment solution and support electronic transactions.

Preparatory to the pilot scheme, over 13 million MasterCard - branded NISC with electronic payment capability for the pilot programme have been produced and tested at different locations with MasterCard and the National Identity Management Commission (NIMC) in partnership with Access Bank.

32

BUSINESS | STOCK WATCH

Sanctity of Truth

Monday, April 7, 2014

Mansard Insurance: Investors’ delight STRONG FUNDAMENTAL

to N27.29 billion, while insurance liabilities rose by 26 per cent to N5.87 billion, indicating growing security shield for existing policyholders.

Shareholders’ funds also rose

by N36 million or 2.6 per cent to N14.42 billion in the year under review, up from N14.06 billion recorded the previous year.

Share price remain top among industry competitors.

Chris Ugwu

C

urrently, shares of insurance companies admitted on the official list of the Nigeria Stock Exchange, (NSE), unlike other sub-sectors of the economy, rather than appreciating in value, have remained relatively stagnant, even as a larger percentage of the companies have remained at the nominal prices of 50 kobo at which they were quoted on the market.

When companies approach the equities market for listing of their shares, the nominal value quoted is usually 50 kobo as against the actual price they are being sold to the investing public.

Few of these stocks have marginally risen above nominal value as at close of business last Friday.

Since the crash of the nation’s capital market in 2008, negative perception has trailed the sub-sector, which was compounded by inability of about 85 per cent of the companies in the industry to pay dividend to shareholders for many years.

However, one insurance company that has weathered the storm and remained the toast of investors after listing shares at the heat of financial meltdown is Mansard Insurance Plc. Profile Mansard Insurance Plc (formerly GT Assurance Plc) was incorporated on June 23, 1989, as a private limited liability company called “Heritage Assurance Limited” and issued with a composite insurance license by the National Insurance Commission in March 2004.

The company’s name was changed to Guaranty Trust Assurance Limited in September 2004 following the acquisition of a majority share holding by Guaranty Trust Bank Plc, and changed again to Guaranty Trust Assurance Plc in March 2006.

However, following CBN’s directives to banks on their subsidiaries, GT Bank Plc divested its 67.8 per cent holding in 2011 and sold to Assur Africa Holding; a special purpose vehicle incorporated in the Republic of Maritius for the purpose of GTAssur acquisition.

Ahmed

The company was listed on the NSE in November 2009 and has capital in excess of N13 billion. The company remains the most capitalised insurance company on the Exchange.

Financials Mansard Insurance has recorded a Compounded Annual Growth Rate (CAGR) of 48 per cent in Gross Premium Income in the last five years and has a retail distribution network of 125 Bancassurance and Agency Sales Offices (Mansard Welcome Centers) across Nigeria.

Market sentiments for the shares of Mansard Insurance one of Nigeria’s leading insurance companies have gained both the investors' and shareholder's loyalty as technical indicators have continued to reveal strong bargain tendency towards the stock.

The company has maintained stability as bargain hunters jostle to take positions on the back of impressive results.

The insurance firm has continued to retain the top spot in the insurance sub-sector in terms of share price and market capitalisation financial analysts believe this will be sustained in the next few years.

Stockbrokers attributed investors’ sustained confidence in the stock, despite recent lull in the insurance sub-sector market, following negative perception that have overshadowed the industry, not only to the consistent impressive results and the eight kobo final dividend the company has proposed to pay

One insurance company that has weathered the storm and remained the toast of investors after listing shares at the heat of financial meltdown is Mansard Insurance Plc for the financial year end, but also to the strong fundamentals of the insurance firm.

The share price, which closed at N1.93 per share in January 2, 2013 when the stock market opened business for the year, remained tops in both share price and market capitalisation among the industry competitors.

When the closing bell rang last Friday, the bank’s share price stood at N2.21, a modest increase of 28 kobo or 12.7 per cent year to date.

Financials Mansard recorded a 48 per cent increase in its profit after tax for the full year ended December 31, 2012.

Its results released to the Exchange recently showed that its profit, which stood at N930 million at the end of 2011, rose by 48 per cent or N45 million to close at N1.38 billion in the year under review.

Similarly, its premium revenue rose by 24.4 per cent or N2.44 billion to close at N12.44

billion in 2012, up from N10 billion a year earlier.

According to the result, the companys investment income and other operating income also rose on the back of proactive portfolio management, from N644 million in December 2011 to N1.69 billion in the year under review.

The company’s balance sheet revealed that the total assets stood at N27.29 billion, representing an increase of 14 per cent from N24.02 billion in 2011

Share price movement of Mansard Insurance Plc 2013 May 31

N2.40

June 30

N2.02

July 31

N2.20

Aug 31

N2.20

Sept

N2.15

Oct 31

N2.45

Nov 30

N2.20

Dec 31

N2.35 2014

Jan 31

N2.35

Feb 28

N2.30

Mar 31

N2.08

Apr 4

N2.21

Management's perspective Commenting on the result, the Chief Client Officer, Mansard Insurance, Mr. Tosin Runsewe, said the performance was based on improved strategies, which boosted its business.

He added that the company was poised to ensure increased returns in the next financial year.

He said: “We achieved better results in the year by maintaining best practices in our corporate governance structure and remaining focused on our growth strategy. In the medium to long term, we will introduce more innovative products to the market and expand our retail branch network in a bid to improve accessibility by a growing customer base.

“These, combined with a continuous up-scaling of our technology infrastructure, will ensure our place as a leading independent insurance company.”

He said that the company had increased its business with banks in a better way than before, adding that this had enabled the firm to expand without compromising the existing relationship it had with other companies.

The Chief Financial Officer, Mrs. Rashidat Adebisi, said: “We closed with a Gross Premium of N12.4 billion, up by 24 per cent from the previous year. We also grew our profit before tax by 45 per cent to N1.7 billion, while investment income and other operating income increased by 162 per cent from N644 million to N1.7 billion.

“Our insurance receivables and other receivables went from N4.3 billion to N3.8 billion, reflecting a 12 per cent decrease.

In 2013, Mansard continued to improve on its bottom line, barring any unforeseen circumstances. The company posted a growth of 36 per cent in net comprehensive income, from N1.27 billion in 2012 to N1.74 billion in 2013 while the gross premium rose from N12.44 billion in 2012 to N13.59 billion, indicating an increase of nine per cent during the year under review.

BUSINESS | CAPITAL MARKET REPORT 33

Sanctity of Truth

Monday, April 7, 2014

Stock market sustains bullish sentiments RECOVERY Respite for investors as market points northwards.

Chris Ugwu

I

nvestors’ hope glowed last week on the back of the bullish tendencies on the Nigerian Stock Exchange (NSE), which sustained rally as bargain hunters taking position on equities dominated the trading activities.

Though the bearish sentiments returned to local bourse on Tuesday, taking a hard swipe on the major blue chip companies, the bulls' resistance to the strong posture of the bear scampering to take over the trading activities, was dashed as the market sentiments remained positive.

Market pundits had predicted that the stock market will return to northward movements riding on the back of earnings being posted by some quoted companies.

The Nigerian equities market had last Monday continued its northwards price movement as investors’ sentiment on equities remained green following a 1.07 per cent gain recorded by the twin market indices, NSE All Share Index and Market Capitalisation.

Consequently, at the close of transactions on Monday, market capitalisation increased by 1.07 per cent or N134 billion from N12.312 trillion traded on Friday, to N12446 trillion.

Also the NSE All Share Index (ASI) appreciated by 416.25 basis points to 38748.01 points, from 38,331.78 points recorded in the previous day.

Further review of yesterday's trading showed that showed that investors bought 396.4 million shares worth N3.7 billion in 4,154.

Financial services sector Financial services stocks showed mixed results as the NSE Banking Index rose by 1.93 per cent, while the NSE Insurance Index lost 0.04 per cent of its former value. NSE Consumer Goods Index and the NSE Oil/Gas Index remained in the positive territory, rising by 1.30 per cent and 1.06 per cent respectively.

Brewery giant, Guinness

Nigeria, led the winners having gained N5.75 to close at N200 per share. Similarly, Nigerian Breweries firmed up by N2.98 to close at N152.98 per share.

Downstream petroleum marketers Downstream petroleum marketers, Forte Oil and Mobil Oil Nigeria Plc, strengthened

by N4.50 and N3.00 to close at N96.50 and N125.00 respectively, while the financial services firms, Guaranty Trust Bank and Zenith Bank, rose by N0.98 and N0.40, to close at N25.50 and N20.00 respectively.

On Tuesday, trading activities on the floor of the Exchange opened the month of April on the downward trend as the bears staged back to cull gains recorded during the past two days.

The return of bearish sentiments was on the backdrop of price losses suffered by major blue chip companies.

Specifically, at closed of transactions yesterday, the banking subsector of the financial sector remained the most active stock in volume terms with 193.8 million shares valued at N3.06 million in1,639.

The subsector was activated by the shares of GTB and Zenith Bank. Other financial institution services sub sector enhanced by the shares of Stanbic IBTC and FBNH followed with a turnover of 72.4 million units valued at N448.9 million in 795 deals.

On the whole, investors exchanged a total of 369.8 million shares valued at N4.8 Billion in 4,494 transactions.

Further analysis showed that at the close of trading session, the NSE All-Share Index was down by 117 basis points or 0.95 per cent to close at 38,383.05, while the market capitalisation depreciated by N117 billion or 0.95 per cent to close at N12.329 trillion.

The number of gainers at the close of trading session closed flat at 18 while decliners closed higher at 39.

The bulls staged a gradual return on Wednesday as the NSE ASI and Market Capitalisation increased marginally by 0.2 per cent as market sentiments turned green.

Financial stocks showed mixed results as the NSE Banking index shot up 28 basis

points. However, the NSE Insurance Index dipped by 34 basis points. Industrial stocks had the strongest average positive increase as shown by the NSE Industrial Index, which grew by1.86 per cent.

Consequently, at the close of transactions last Monday, market capitalisation increased by 0.2 per cent or N27 billion from N12.329 trillion traded on Tuesday to N12.356 trillion on Wednesday.

Also, the NSE All Share Index (ASI) appreciated by 86.28 basis points to 38,469.33 points from 38,383.05 points recorded in the previous day.

Further review of the day's trading showed that showed that investors bought 329.6 million shares worth N4.4 billion in 4,518.

At the close of trading, building materials manufacturer, Lafarge Cement Wapco, led the gainers, increasing by N5.22 to close at N109.72 per share even as industry competitor, Cement Company of Northern Nigeria, gained N0.43 to close at N9.70.

Similarly, financial services stocks Union Bank of Nigeria, Zenith Bank and First City Monument Bank, strengthened

by N0.45, N0.43 and N0.15 to close at N10.00, N21.38 and N3.60 per share respectively.

The Nigerian equities market continued its general northward price movement on Thursday as investors’ sentiment on equities remained green following a 0.20 per cent gain recorded by the twin market indices - NSE All Share Index and Market Capitalisation.

Consequently, at the close of transactions yesterday, market capitalisation increased by

Five most capitalised stocks as at April 4, 2013 Dangote Cement Plc

N4tn

Nigeria Brewery Plc

N1.1 tn

Nestle Nig Plc N813.5bn

GTB Plc

N891.5bn

Zenith Bank Plc

N653.9bn

Oscar Onyema

0.20 per cent or N25 billion from N12.356 trillion traded on Wednesday to N12.381 trillion on Thursday.

Also, the NSE All Share Index (ASI) appreciated by 76.55 basis points to 38545.88 points from 38,469.33 points recorded in the previous day.

Further review of the day's trading showed that investors bought 463.7 million shares worth N4.3 billion in 3941.

On the price movement chart, Neimeth Plc led gainers’ table, appreciating by 20 per cent to close at N1.45 per share.

NPF Microfinance Bank followed with a gain of 8.99 per cent to close at 97 kobo per share, while Oando added 4.97 per cent to close at N16.48 per share.

On the other hand, Cadbury Nigeria Plc topped the losers’ chart, shedding 37.52 per cent to close at N73.00 per share, Continental Insurance and International Breweries Plc trailed with a loss of 5 per cent each to close at 95 kobo and N26.41 per share respectively.

Banking sector Further analysis showed that the banking sub sector of the financial services sector was toast of investors as it recorded 169 million shares worth N1.09 billion traded in 1,527 deals. Shares of Fidelity Bank and Access Bank were the

most traded that activated the sub sector.

Other financial services sub sector boosted by the shares of FBNH Plc followed in trading activities, having accounted for 36.8 million shares valued at N303.9 million in 664 deals.

Appetite of bargain hunters in the market remained wet for the third straight day on Friday as the NSE ASI and market capitalisation gained 0.43 per cent each to close the week on the green territory. The NSE Indices of Banking, Insurance and Consumer goods stocks rose 0.53 per cent, 1.32 per cent and 1.42 per cent respectively.

However, the NSE Industrial Index declined by 27 per cent.

Food-focused conglomerate, Nestle Nigeria, showed an impressive rise by N74.35 to close at N1,124.35 per share.

Also, petroleum downstream players, Forte Oil and Oando, gained N4.91 and N0.54 to close at N106.20 and N17.02 respectively. Financial services companies, Guaranty Trust bank, Access Bank and Mansard Insurance, gained N0.95, N0.21 and N0.10 to close at N27.00 N7.70 and N2.21 respectively, while players in the building materials and construction industries, Ashaka Cement and Costain West Africa, firmed up by N0.32 and N0.06 to close at N16.52 and N1.41 per share.

34

BUSINESS | ECONOMY

Sanctity of Truth

Monday, April 7, 2014

2014 First Quarter Review... 2014 First Quarter Review... 2014 First Quarter Review...

Abdulwahab Isa ABUJA

Budget:

A

s at the end of the first quarter of this year, little progress was recorded in the implementation of 2014 N4.643 trillion budget.

The poor budget implementation culture, which has become a norm rather than exception, has assumed a permanent tradition that manifest yearly.

This of course, is caused by ceaseless political mudslinging between the executive arm and members of legislature bordering on irreconcilable key indices/ assumptions that make up the budget .

For instance, the 2014 budget was designed to sustain the robust growth that the Nigerian economy achieved in the last couple of years through the administration's economic transformation. Whatever past gains recorded by the economy, which 2014 is expected to consolidate, has been hampered due to late start in budget passage by National Assembly, which affect its timely implementation.

Analysts keeping a tab on economy trend had at various fora said Nigeria's poor budget implementation was largely responsible for the comatose of its economy growth.

So, for first quarter 2013, while a Gross Domestic Product (GDP) target growth rate of 6.75 per cent is forecast, it's doubtful whether this figure would be commensurate to the physical growth on ground.

Job creation Unemployment still remains an incurable headache threatening the economy. This is one area which present administration has shown serious commitment and demonstration to tackle head on, but backlog of pile ups of yearly graduates churn out by various institutions of learning have turned this effort to a mere drop of water in large ocean.

The overall goal of 2013 budget and indeed previous ones were targeted at creating jobs, improving the standard of living for Nigerians in a sustainable manner and inclusive growth. To achieve these, government said it will continue to create an enabling business environment that would promote innovative entrepreneurship and support domestic industry to thrive.

Availability of power, which is key among the conducive environment government hopes to create, is still at comatose level months after private investors had taken over.

Some analyst commended the government on the modest achievement recorded through YouWin initiative, which has given some youths that scaled through the YouWin rigorous procedures the opportunity to be owners of businesses and employers of labour.

Unemployment, budget execution stunt growth

President Goodluck Jonathan

But the indisputable fact remains that Nigerian economy is peopled by explosive population of unemployed youths and this still remains its lot in the first quarter of 2014.

The recent sad incident of immigration recruitment exercise, which resulted to fatal loss of 17 lives obviously underscores the pathetic unemployment situation, which still persists in first quarter 2014.

This pitiable picture was painted by the Coordinating Minister for the economy and minister of finance, Dr. Ngozi Okonjo-Iweala. The Minister had recently at a forum in Abuja said 1.6 million jobs were created so far. But again, this figure of job created is now a subject of court litigation by some group of Civil Society groups, which have gone to court seeking legal authority to compel the Minister to provide evidence and proofs for these jobs.

Precisely last Tuesday, the Minister while receiving members of the National Executive Council of the Arewa Youth Forum(AYF) led by its President, Alhaji Gambo Ibrahim Gujungu, she said 1.8 million youths enter the Nigerian labour market annually. This invariably underscores that Nigeria's unemployment situation was and is still a time bomb waiting to explode.

One of the key parameters to measure the progress achieved in an economy, is availability of jobs for youths.

Acting CBN governor, Sarah Alade

Therefore, employment is yet to record any notable improvement first quarter 2014.

Banking sector The sector continued its tight monetary policy stance, a measure sustained throughout last year, which still subsisted in the first quarter of 2014.

Aggregate credit to the private sector, which is seen as the engine growth for economy, is dwindling due to high interest rate charge on loans by Deposit Money Banks (DMB). For 21 months running, CBN has maintained a tight monetary policy stance. The Monetary Policy Rate (MPR), which is the key interest rate that determines banks’ lending rate has remained at 12percent; Cash Reserve Ratio (CRR) for public sector deposits was jerked up to75 percent and recently, the rate for private sector deposit was raised up to 15 per

Availability of power, which is key among the conducive environment government hopes to create, is still at comatose level months after private investors had taken over

cent from the hitherto 12 per cent.

Financial analysts said the CBN’s stern monetary measure taken to guard the economy against inflation and naira stabilty ahead of 2015 general elections will further shrink credit facility available for lending at the banks’ disposal.

The sudden removal of the CBN governor, Mallam Sanusi Lamido Sanusi, which had ignited a rumpus in the banking landscape last month, is yet to abate.

Various experts' opinions trailed his removal. Some said his removal, which the Presidency hinged on financial misconduct, abuse and recklessness based on the Financial Report Council of Nigeria (FRCN) report, was justified and appropriate. Yet others were against it. They said Presidency was angered

by CBN’s revelations that $20 billion of oil proceed that were supposed to be remitted by the NNPC to the federation accounts were missing.

The international economy community, which has lauded Sanusi over his reforms in banking sector and the economy, kicked against his hasty removal.

They demonstrated their angst through heavy portfolio investment withdrawal of about $200billion from the Nigerian economy.

This also manifested in the equity capitalsiation at the Nigerian Stock Exchange (NSE) as major equity prices shed prices.

BUSINESS | INDUSTRY

Sanctity of Truth

Monday, April 7, 2014

35

2014 First Quarter Review... 2014 First Quarter Review... 2014 First Quarter Review...

Tough time for industry Cement factory and Lafarge Cement WAPCO trucks. Inset: Olusegun Aganga

HURDLES Insecurity, infrastructure and delay in budget passage slowed down progress in the industry.

Siaka Momoh

T

op on the list in the first quarter of 2014 in the industry sector was the launching of the Nigerian Industrial Revolution (NIRP) and the National Enterprise Development Programme (NEDEP) by President Goodluck Jonathan in Abuja in February.

The launching was aimed at ushering in a new era for industrial, micro, small and medium enterprises (MSMEs) development in the country. Jonathan described the NIRP as the most ambitious and comprehensive road map that would transform the nation’s industrial landscape, boost skills development, enhance job creation and conserve foreign exchange.

True, we have had series of policies in the past that got shortcircuited. Policy inconsistencies have been responsible for the deindustrialisation of Nigeria. If anything, Nigeria has become popular for policy somersaults.

View on policy Many like Shuaibu Idris, a financial expert and former deputy managing director of Dangote Sugar Plc do not find the plan. He insisted that “our problem is not lack of policy but the non-existent of the political will to execute policies.”

Akin Olusuyi, CEO, Cocoa Products (Ileoluji) Limited spoke in the same vein. He said: “This,

as usual, is a well articulated policy document. We do well in this area; the challenge has always been policy sustainability and the answer to this is simple: build institutions to drive policies rather than weaving our policies around individuals.”

Budget passage delay The Lagos Chamber of Commerce and Industry, the foremost chamber in the country, reviewed the progress on the 2014 federal budget and expressed concern over the effects of the delay on the economy. It argued that such delay has the capability of escalating uncertainty in the economy; delays in delivery of infrastructure projects, which has profound impact on productivity in the economy; delays in payment of contractors of government projects and risk to contractual agreements on various government projects.

It called on the National Assembly to accelerate the consideration of the 2014 budget, without compromising the quality of its deliberations and scrutiny of the budget.

During the quarter also, the Chamber called on the Federal Government to, among other things, resuscitate the rail and road network at the ports to bring relief to affected businesses. It argued that persistent delays in the clearance of cargo at the Lagos ports had become a major cause for concern for the business community.

The LCCI also lent its voice to the paraffin (kerosene) scam issue that pitched the ex-governor of Central Bank of Nigeria, Sanusi Lamido Sanusi, against the Federal Government. The Chamber asked Mr. President to

scrap the kerosene subsidy regime to save the Nigerian economy from further fiscal leakages and inherent mismanagement.

Capacity utilisation Against popular expectation, capacity utilisation was stable sort of in the first quarter. According to the Manufacturers Association of Nigeria (MAN), manufacturers, in first quarter 2014, utilised about 49 per cent of their installed capacity, just around half a per cent higher than the figure announced in the last quarter of 2013. Since what we are talking about is average capacity, increasing real sector investment in parts of the country where there is relative peace must have been responsible for the stable figure. Anyway, there is nothing to cheer about a productive capacity that went up by just half a point.

GDP growth and insecurity In fact, Bismark Rewane, CEO, Financial Derivative Company, puts it clearly. According to him, the worsening state of insecurity in parts of Nigeria is hampering the country’s GDP growth, which moved up between Q1 2013 and Q4 2013, from 6.81 per cent and 7.72 per cent.

Rewane, who revealed this at the recent Lagos Business School’s Monthly Breakfast Meeting in Lagos, said that GDP growth is estimated to spike to 7.22 per cent in Q1’14 , 7.72 per cent was recorded in Q4’13, wholesale and retail trade has 2.5 per cent, agriculture 2.27 per cent, telecommunications 1.97 per cent.

He said: “GDP growth is accelerating but hampered by insecurity.”

He said states under emergency rule contributes 3.6 per cent of total GDP, 6.9 per cent of the population, 6 per cent of revenue allocation, and 2.4 per cent of crop produced. He added that states prone to kidnapping, robbery and other armed attacks contribute 37.1 per cent of GDP, 42.8 per cent of the population, 45.4 per cent of revenue allocation, 19 per cent of crop produced.

“Insecurity currently has 5-8 per cent negative impact on nominal GDP,” he said.

For over five years now, Nigeria has been bedeviled with insecurity. Insecurity, which used to be one of the lowest concerns in the hierarchy of Nigeria’s social problems, has now assumed an alarming proportion.

But it is a pass mark for retail business according to Rewane.

Nigeria’s retail business has come of age with the country now standing as the second-most attractive destination, the toughest market though, Rewane said.

Power Power remains a recurring problem. Manufacturers who gathered recently at Ikeja, Lagos, cried out against the burden of high cost of manufacturing.

They said 40 per cent of their production cost goes into the provision of electricity supply.

They argued: “When you now integrate this into deficiencies in the other infrastructural components, cost of manufacturing in Nigeria gets out of control.”

According to the Chairman, Infrastructure Committee of manufacturers Association of Nigeria (MAN) and Chairman Electrical/Electronics Sectoral

Group of MAN, Reginald Odiah, in a paper he presented at the forum in Ikeja, electricity power supply is key to the manufacturing sector.

He listed four basic components needed to drive productivity in this sector as including funds, labour, electricity power supply and raw materials. He said that inadequate access to any of these would constrain production in a manufacturing process.

For General Manager Nigerian Export Processing Zones (Kano), Sadiq Kassim, “the decline in power generation and distribution is ominous and is not restricted to industry alone.

The delay in passing the budget may have an impact on government spending. The import policy on rice and fish is still hazy so also is the non-take-off of the new auto tariff in support of the auto policy. These issues need to be addressed quickly.”

One threatening problem in the sector now is the planned scrapping of Export Expansion Grant (EEG). Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, announced the possibility of resting the incentive introduced by the Nigerian government to help local manufacturers export compete favourably with their counterparts’ in the international market. The minister alleged severe inefficiency in the management of the EEG in the ongoing review of the scheme and said unless government “is able to device methods that will enable the grant return economic value commensurate to the huge amounts being injected into the scheme, it may likely be scrapped.”

36

Insurance

Sanctity of Truth

Monday, April 7, 2014

2014 First Quarter Review... 2014 First Quarter Review... 2014 First Quarter Review...

Late submission of accounts lingers RESULTS Delayed adoption of IFRS slows down underwriters’ operational momentum.

Sunday Ojeme

D

espite the flurry of activities in the insurance sector since the beginning of the year, the dominant and most noticeable flaw during the first quarter of 2014 was undoubtedly the late submission of the 2013 accounts by the operators for scrutiny and approval due to the adoption of the International Financial Reporting Standard.

The delay was on the heels of a similar experience with the 2012 accounts that were submitted late by some companies while some others are still waiting to be cleared for the year’s annual general meeting.

Even with the beginning of the second quarter already gone by one week, the latest report as at last week was that the National Insurance Commission (NAICOM) had only approved accounts of two firms out of the three so far submitted for year 2013.

The delayed submission was one flaw the Commissioner for Insurance, Mr. Fola Daniel, lamented in all the meetings he found himself throughout the first quarter of the year. Apart from previous gathering where he had blamed the underwriters for creating the problem for themselves, he also reiterated the dilemma during his meeting in Lagos with journalists.

According to him, “2012 was a special year with the adoption of IFRS. The transition was a very big challenge.

The Commission did a lot by providing leadership. IFRS provided the opportunity to deal with legacy issue in the industry. Only one insurance company has dropped its account for 2013. We are expecting that for 2013 things would be much better.”

The development also prompted some operators to change their auditors to enable them meet the necessary requirements so as to avoid delays.

It The quarter was also used by the commissioner to remind industry observers of the progress made so far by the commission in a bid to key into President Goodluck Jonathan’s Transformation Agenda.

He said the industry had witnessed tremendous changes in recent times owing to the new reforms embarked upon by NAICOM. In his words, “These reforms include the introduction of Risk Based Supervision, migration to International Financial Reporting Standard (IFRS) from

Commissioner for Insurance, Fola Daniel

Managing Director/CEO, GNI, Cecilia Osipitan

Chairman, Nigerian Insurers Association Remi Olowude

Managing Director/CEO, Goldlink, Gbolahan Olutayo

the Nigerian Generally Accepted Accounting Principles (NGAAP); Market Conduct Reforms, Claims Settlement Reforms, Financial Inclusion, etc, all geared towards developing the industry and improving the general perception about insurance.

“Reforms are in line with the Federal Government’s vision 2020:20 of deepening insurance penetration to become the insurance industry of choice among the emerging markets in terms of capacity, safety, transparency and efficiency.

In order to ensure adequate understanding and build capacity amongst the stakeholders, the commission did resolve to conduct series of workshops and seminars for all our stakeholders.”

Another significant event during the period under review was the formal interaction between the new Chairman of NAICOM Governor Board, Rt. Hon. Chibudom Nwuche.

Nwuche, who was appointed last year, on his meetings with journalists and stakeholders in the sector restated his drive to see an industry where dis-

The development also prompted some operators to change their auditors to enable them meet the necessary requirements so as to avoid delays cipline and professional ethics remain the watchword.

He made it clear to the operators that the height the industry had attained through the efforts of the regulator should not be brought down by the operators as the development had led to increase in the number of foreign investors now doing insurance business in Nigeria.

He said, “While NAICOM continues to operate within the confines of all extant laws, all practitioners in the sector must operate within rules and international norms as a means of our deepening public trust and enhance contribution to the nation’s Gross Do-

mestic Product.

“In this statutory responsibility, there shall be no one or group that shall be excluded from compliance with the rules and regulations.”

He noted that the insurance sector had a huge potential waiting to be tapped, adding that the commission had historically implemented many regulatory and developmental initiatives that have significantly improved the conditions in the Nigerian insurance sector and enhanced its attractiveness to investors.

“A good evidence of this is the increased number of foreign investors that have taken equity interests in insurance institutions in Nigeria.

In specific terms, there are now 10 Nigerian insurance institutions with significant foreign ownership as against just three, five years ago and more foreign investors are making enquiries on requirements for participation in Nigerian insurance sector,” he added.

The quarter also witnessed the entrance into the management cadre of NAICOM a seasoned and respected individual in the person of Mohammed Kari, who is currently the Deputy Commissioner (Technical) at the commission.

As for the umbrella body of the operators, the Nigerian Insurers Association, not much public activity was recorded on its part save for a management retreat.

Although the Chartered Insurance Institute of Nigeria was also low in activities, the Chairman, Mr. Fatai Lawa, used the little outing he had to announce the imminent takeoff in June of College of Insurance.

The major event known to have been organized by the institute during the period was the annual beauty pageant, which was well attended by stakeholders where the star prize of a salon car was given to the winner.

For the insurance firms, the inability of majority of them to adapt to IFRS caused them a lot of headache leading to delayed annual general meetings with some of them still struggling till now to clear their 2012 accounts.

A few have had their 2012 AGMs with some of them that recorded major financial losses conducting theirs secretly without extending invitation to the media.

In all, however, the first quarter experience by the underwriters was a mixed baggage of disappointment, resilience and optimism for better days and years ahead especially after adapting successfully to the tempestuous IFRS.

BUSINESS | INSURANCE 37

Sanctity of Truth

Monday, April 7, 2014

Fitch to debate Nigerian insurance tomorrow CONFAB Rating agency opens discourse on insurance sector activities.

Stories by Sunday Ojeme

R

enowned world rating agency, Fitch, is expected to open up a debate in Nigeria’s insurance operation tommorow.

The debate, which is to be conducted through teleconferencing is meant to discuss key themes from its recently published Special Report 'Nigerian Insurance Market: Industry Ready for Further Consolidation.'

Fitch disclosed that the teleconference would offer Fitch's perspective on the state of the insurance industry, which is poised to benefit from continued significant economic growth and favourable demographic factors in Nigeria.

Key topics will include further consolidation as insurers look to increase scale and foreign investors seek an entry point to the market by acquiring existing insurers.

Discussions during the conference will also look at the challenges facing investors who are looking to invest in the Nigerian insurance industry.

Two personalities, Harish Gohil, and Willem Loots, Director in Fitch's Insurance group, will lead the discussion on the call that will also allow for questions and answers.

Last week, Fitch disclosed that the Nigerian insurance sector had recorded unexpected slow growth and was

now ripe for another round of capital increase.

It said the new perception became urgent as insurers seek to increase scale and investor interest develops.

The agency expects foreign investors seeking an entry point to the market to continue to do so through acquisitions of existing insurers, or partnerships with local banks.

Thorough due diligence will remain a challenge to the acquisition of existing insurers, despite improvements in corporate governance.

L-R: Commissioner, Finance, National Pension Commission, Adesoji Olaoba-Efuntayo; Acting Direcror-General, Ms Chinelo Anohu-Amazu; and Head, Benefit and Insurance, Olulana Loyinmi, during retirees forum in Lagos.

Underwriters, brokers barred from charging excessive premium CHECKED Insurers cautioned against negotiating fees beyond official rates.

F

ollowing its resolve to ensure discipline and whip stakeholders in the insurance sector into line, the National Insurance Commission has directed industry operators to put a halt to charging premiums above what is stipulated in the policy document.

The directive contained in a circular issued by the commission also instructed the operators to keep records of refunded premium with relevant information.

According to the circular signed by the newly appointed Deputy Commissioner (Tech-

nical) NAICOM, Mohammed Kari, the regulator said the new order was in line with Article 3(9) of the Anti-Money Laundering and Countering the Financial Terrorism Regulation 2013, which made it clear that no insurer, broker or its agents should charge or receive premiums in excess of the actual premium on an insurance policy that might result in refunding the excess amount paid or with the intent of returning the excess in any form, by cash or otherwise to the insured, its agents or any party thereafter.

The circular noted, “An insurance institution shall keep and maintain a register of return or refund premiums in hard copy, where transactions are to be entered on the day they are made. The register shall be presented in such a manner to include, date of transaction;

AIG sues regulator to block probe

A

merican International Group Incorporated has sued to block New York’s top financial regulator, Benjamin Lawsky, from fining it over marketing insurance overseas without a state license, claiming it would be unconstitutional.

Bloomberg reports that AIG, in criticising what it called a “flawed and unconstitutional” interpretation of New York law, asked a judge in Manhattan federal court on Thursday to block Lawsky and the state’s Department of Financial Services from pursuing AIG over the marketing of insurance to multinational companies by a former unit.

New York doesn’t have au-

thority to regulate the business of insurance issued to policy holders outside the state, AIG said in its complaint filed today.

The complaint involves AIG’s former unit, American Life Insurance Co., or Alico.

AIG said in the complaint that state officials said they planned to begin administrative proceedings to impose fines. A March 31 consent order signed by Lawsky with MetLife Inc. (MET) found that Alico, and Delaware American Life Insurance Co., DelAm, violated insurance regulations by marketing from New York group life, disability and medical insurance to companies with overseas operations, without being licensed by the state. AIG sold

Alico and DelAm to MetLife in 2010.

Lawsky is superintendent of the New York State Department of Financial Services.

“AIG may not want to cooperate with our probe, but they are not above the law -– no matter how big or powerful they may be,” Lawsky spokesman, Matthew Anderson, said Thursday in an e-mail. “We will respond in court.”

In the March consent order, Lawsky’s agency found that Alico made “misrepresentations and omissions” about its insurance business to the state Insurance Department, a predecessor to the Department of Financial Services.

Policy number; Name of client; Name of insurer/broker/agent; Gross premium received with date; Commission paid with date; Net premium; Excess premium returned/refunded; and Reasons for the return or refund premium.

“Similarly, a register of policies cancelled or reversed after the receipt of premium or credit note from the broker must be kept and maintained by an Insurer. A Broker shall also maintain a register of cancelled businesses where the premium had earlier been received, notwithstanding whether it has been remitted to the insurer or not.

“All payments for returned premium which must be approved by the CEO of the Insurance company shall be made in the name of the original insured or proposer. An Insurance Institution shall submit to the Commission a monthly soft copy of the report of Returned or Refunded Premiums and cancelled/reversed businesses in 3.2 and 3.3 above by the 3rd working day of the succeeding month in the format provided herewith and a quarterly report in hard copy not later than 14 days from the end of each quarter. The hard copy above must be signed by the Chief Compliance Officer and Head of Internal Audit of the Insurer and the Managing Director/CEO in the case of Brokers.

“Where there was no incidence of returned premium in any month, the Institution shall file a "Nil Return" in accordance with Section 3.5 above.”

It further warned that any unexplained payment or where the explanation, in the opinion

of the Commission, is not satisfactory, such payment shall be deemed suspicious and subject to appropriate treatment under extant laws.

In the same vein, it added any insurance institution that fails or omits to comply with the content of the circular would be penalised in line with relevant provisions of the Insurance Act, 2003, the NAICOM Act, 1997, stressing that regulations, guidelines and such other penalties may be prescribed by the Commission from time to time.

Going further, it noted that the first report as contained in 2.3, 2.4, 3.5 and 3.6 covering the second quarter of the year from April 1 to June 30, 2014, shall be submitted not later than July 14, 2014 under strict compliance.

The circular went further to declare that, “ Rebates and Brokerage Commissions: It shall be illegal for any Insurance Institutions to solicit, offer or allow commissions and/or rebates in the transaction of Insurance Businesses except as provided by the extant Insurance Laws and guidelines. For the avoidance of doubts, Over-Riding Commission, Business Acquisition fees and other similar fees not provided for by the Nigerian Insurance Laws shall not be solicited, deducted, offered or paid in respect of any insurance transaction in Nigeria.

“An Insurer, who grants or receives a rebate, offer, demand, pay or receive commission contrary to Section 53(1)-(3) of the Insurance Act 2003 may, in addition to the penalty prescribed by Sections 53(4) and 76 of the Insurance Act, 2003, shall be liable to other penalties as prescribed.

NA

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

NA

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

9.85 9.35 10.70 16.00 7.00 16.39 14.20 15.00 12.49 8.50 10.00

TOTAL OUTSTANDING VALUE

38 BUSINESS | FINANCIAL MARKET NEWS

Rating/Agency

Description

Issuer

20.00 100.00 300.00 351.30 233.90 600.00 50.00 75.00 150.00 200.00 591.57

AMCON FMBN

NA

***LCRM

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

TOTAL OUTSTANDING VALUE Sub-National Bonds

M&A

A/Agusto A-/GCR A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto; A-/GCR† A-/Agusto A/Agusto; A-/GCR A/Agusto; A-/GCR Aa-/Agusto; AA-/GCR A/Agusto; A-/GCR A/Agusto Aa-/Agusto; AA-/GCR A/Agusto A-/GCR

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

Fund managers are set to coalesce to become big players in the industry

Stories by Chris Ugwu

T

he managing Director AIICO Capital Limited, Mr. Dipo Oguntuga, has forecast an industry-induced mergers and acquisition TOTAL OUTSTANDING VALUE among the operators of fund Corporate Bonds in the country. management A+/Agusto; AA/GCR WAPCO Oguntuga in anLAFARGE interview Aa/Agusto GTB with New Telegraph, said the NGC Nil Bbb-/Agusto *UPDC industry is highly fragmented A-/Agusto *FLOURMILLS BB+/GCR with most of operators lack*CHELLARAMS A+/Agusto; A-/GCR NAHCO ing both human and capital A-/Agusto FSDH µ

A/GCR BBB-/GCR

UBA

capacity.

14.00 KWARA 5-AUG-2014 "The is highly 14.00 NIGERindustry 15-OCT-2014 12.50 KADUNA 31-AUG-2015 fragmented with a lot of fund 13.00 EBONYI 30-SEP-2015 14.00 BENUE 30-JUN-2016 managers and stockbroking 15.50 IMO 30-JUN-2016 firms and there are just about 10.00 LAGOS 19-APR-2017 13.75 30-JUN-2017 five toBAYELSA 10 active ones that con14.00 EDO 31-DEC-2017 trol the market.

I think that in 14.00 DELTA 30-SEP-2018 14.00 NIGER 4-OCT-2018 future, weII might see some con14.50 EKITI 09-DEC-2018 solidation, some mergers and 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 acquisition.

What this will do 15.50 GOMBE 02-OCT-2019 LAGOS 22-NOV-2019 is14.50 to form synergy and try to 14.75 OSUN 12-DEC-2019 combine strengths of the big 14.75 OSUN II 30-SEP-2020 13.50 LAGOS 27-NOV-2020 ones and IVweaknesses of the 14.50 EKITI II 31-DEC-2020 smaller ones.

It will ensure 15.00 NASARAWA 06-JAN-2021 economics of scale because there are so many of them that 11.50 LAFARGE WAPCO 7-OCT 2014 don't have the capacity to sur13.50 GUARANTY TRUST 18-DEC-2014 17.00 under NGC 31-DEC-2014 vive tougher terrain," 10.00 UPDC 17-AUG-2015 he12.00 said.

FLOURMILLS 9-DEC-2015 14.00 CHELLARAMSon 06-JAN-2016 Speaking the ongoing 13.00 NAHCO 29-SEP-2016 Initial Public Offering (IPO) of 14.25 FSDH 25-OCT-2016 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017

3.31 3.41 4.15 5.24 5.55 7.82 9.94 14.65 15.13 15.63 16.30

13.41 13.42 13.45 13.58 13.48 13.47 13.51 13.50 13.51 13.51 13.58

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

BBB+/DataPro†; BB+/GCR A-/DataPro†; BB-/GCR

A

AAA/DataPro†; A+/GCR

*TOWER

#

*TOWER#

BCA/GCR TransportUBA Company A/Agusto; Bbb+/Agusto; *LA CASERA Plc, aBBB+/GCR transport services BBB-/DataPro†; BB+/GCR *CHELLARAMS company quoted on A+/Agusto; A-/GCR NAHCO the NiTOTAL OUTSTANDING VALUE (NSE) gerian Stock Exchange has declared 6 kobo dividend Supranational Bond AAA/S&P IFC issue to and 1 for 10 bonus TOTAL OUTSTANDING VALUE its shareholders. A review of the company's Rating/Agency 2013 audited Issuerfinancial statement shows that FGN Eurobonds revenue recorded a marginal BB-/Fitch; B+/S&P increase from N6.528 billion in #

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

FGN

MPR+7.00 DANA 9-APR-2018

MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018

2012 billion in 2013, 14.00 to UBAN6.656 II 22-SEP-2018 15.75 LA CASERA 18-OCT-2018 amounting to a rise of 1.96 per MPR+5.00 CHELLARAMS II 17-FEB-2019 cent.

15.25 NAHCO II 14-NOV-2020 Profit before tax (PBT) was N521.336 million in 2013 com10.20 IFC 11-FEB-2018 pared with N531.772 million in 2012, indicating a slight decrease in PBT Description of 1.96 per cent.

Profit after tax (PAT) also dropped from N305.078 million 6.75 JAN 28, 2021 in 2013 to N325.515 million in 5.13 JUL 12, 2018 6.38 JUL 12, 2023

90.97 89.44 91.72 109.10 75.53 114.10 104.00 109.69 93.76 67.98 77.00

1.00 2.63 2.27 2.00 1.49 1.00

14.78 16.52 15.99 15.46 14.89 14.41

92.17 83.47 101.72 91.16 88.40 86.91

Sanctity of Truth

#

Monday, April 7, 2014 Valuation Indicative Yield (%) Price

Coupon (%)

Issue Value (N'bn)

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

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

978.35 24.56 6.00 112.22 116.70 66.49

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

0.58 1.14 1.62 2.68 3.04 3.26

500.00

12-Jul-18

4.63

4.43

101.89

102.66

500.00

12-Jul-23

5.93

5.81

103.12

104.01

Holcim, Lafarge in merger talks

S

wiss giant Holcim at the weekend said it was in 1,304.32 advanced discussion with world's largest cement 0.34 pro10 million units at N100 each 05-Aug-09 14.00 17.00 05-Aug-14 15-Oct-09 14.00Market 6.00 15-Oct-14 0.53 ducer - Lafarge for a possible in the AIICO Money 31-Aug-10 12.50 8.50 31-Aug-15 1.41 merger, which may lead to Fund, Oguntuga said the fund 16.50 30-Sep-10 13.00 30-Sep-15 1.01 30-Jun-11 14.00 1.31 setting up of30-Jun-16 a mega cement is basically targeted towards 13.00 30-Jun-09 15.50 18.50 30-Jun-16 1.31 company with presence across the retail 19-Apr-10sector.

10.00 57.00 19-Apr-17 3.04 1.87 the world. 30-Jun-17 He30-Jun-10 said most 13.75 portfolio 50.00 30-Dec-10 14.00 25.00 31-Dec-17 3.74 "Holcim confirms that Lamanagers don't look at retail 30-Sep-11 14.00 50.00 30-Sep-18 2.71 04-Oct-11 14.00 9.00 04-Oct-18 4.50 investors rather they target farge and Holcim are in ad09-Dec-11 14.50 20.00 09-Dec-18 2.72 14.00 12-Dec-18 2.72 high12-Dec-13 net worth investors.

But 12.00 vanced discussions regarding 14-Feb-12 15.50 27.00 14-Feb-19 3.30 AIICO Capital he said, thought 20.00 a possible combination,” the 02-Oct-12 15.50 02-Oct-19 3.36 22-Nov-12 14.50 should 80.00 22-Nov-19 5.64 it wise that investment Swiss firm said in a statement 12-Dec-12 14.75 30.00 12-Dec-19 3.33 cut across create a 11.40 posted at its30-Sep-20 website.

30-Sep-13 board to 14.75 4.04 27-Nov-13 13.50 87.00It said that 27-Nov-20 balance effect.

Holcim and6.65 La31-Dec-13 14.50 5.00 31-Dec-20 4.05 "So, with N10,000, one can farge believe that, given the 06-Jan-14 15.00 5.00 06-Jan-21 4.08 participate in this fund and 567.90 strong complementarity of this is a money market instru- their portfolio and the cul07-Oct-11 11.50 07-Oct-14 ment, we are not investing in 11.80 tural proximity between0.51 the 18-Dec-09 13.50 13.17 18-Dec-14 0.71 01-Apr-10 17.00 accep2.00 companies, 31-Dec-14 0.74 shares but in bankers' two there is ratio17-Aug-10 10.00 15.00 17-Aug-15 0.89 tance, treasury bills, commer- 37.50 nale in considering a potential 09-Dec-10 12.00 09-Dec-15 0.97 06-Jan-11 and fixed 14.00 1.50 cial papers deposits merger that 06-Jan-16 could deliver1.05 sig29-Sep-11 13.00 15.00 29-Sep-16 2.49 with 25-Oct-13 banks'" he explained. nificant benefits to customers, 14.25 5.53 25-Oct-16 2.56 30-Sep-10 13.00 20.00 30-Sep-17 3.49 employees and shareholders.

30-Nov-12 18.00 0.94 30-Nov-17 2.11 However, it clarified that 09-Apr-11 16.00 8.01 09-Apr-18 2.01 09-Sep-11 18.00 3.63 agreement 09-Sep-18 2.43 no has yet been 09-Sep-11 16.00 1.00 09-Sep-18 2.43 2012;22-Sep-11 representing a14.00 decrease 35.00 reached and no assurance 22-Sep-18 4.47 15.75 3.00 be given18-Oct-18 2.29 of 6.318-Oct-13 per cent. can that these discus17-Feb-12 17.00 0.54 17-Feb-19 2.62 ABC Cargo Express, a divisions will lead to a definitive 14-Nov-13 15.25 2.05 14-Nov-20 6.61 sion of ABC Transport Plc, 175.67 agreement. Holcim it said, since 2012, commenced a vig- will inform the public of any 10.20 12.00 11-Feb-18 orous11-Feb-13 expansion programme, material developments in3.86 this 12.00 involving setting up outlets, respect. increasing size, 2013, Holcim reportIssue Date its fleet Coupon (%) and Issue ValueIn ($'mm) Maturity Datehad Bid Yield (%) establishing a maintenance ed a 6.8 per cent decline in its depot solely dedicated to cargo net sales at 19.719 billion CHF 07-Oct-11 6.75 500.00 28-Jan-21 5.52 trucks.

(Swiss francs), while its net in18-Dec-09

5.13

01-Apr-10

6.38

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

90.67 89.14 91.42 108.80 75.23 113.80 103.70 109.39 93.46 67.68 76.70

Issue Date

ABC rewards investors with 6k dividend, bonuses *C & I LEASING *DANA#

13.29 13.30 13.35 13.50 13.38 13.41 13.45 13.46 13.46 13.45 13.52

4,132.04

Fund Managers: AIICO Capital boss predicts consolidation Agency Bonds

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

come had risen by over 59 per cent at 1,596 million CHF. Similarly, Lafarge's sales had declined by 418.15 per cent to98.54 15.198 4.88 5.99 billion euros,19.76 while the 97.21 net in4.44 18.24 93.12 come had risen by 65 per cent 3.23 17.17 96.36 4.46 million 18.29 95.37The at 601 euros in 2013.

3.48 17.31 98.28 company had18.99 reported 79.91 nearly 5.59 21.23 89.11 1377.60 million tones of cement pro1.79 15.22 96.54 duction last year.

1.80 15.25 97.41 1.00 14.47 98.49 The merger, if the100.28 talks 1.00 14.45 1.21 14.66create a 107.75 fructify, would mega 1.00 14.41 100.27 Swiss-French cement99.10 giant 2.46 15.88 1.94 15.41 value of 96.59 having a market over 2.74 16.15 96.62 USD 50 billion.

2.74 16.19 95.98 1.00 14.45 95.98 Holcim said that the discus1.44 14.89 104.99 sions are based on principles 1.95 15.40 104.64 consistent with a merger of equals, which build on the 1.00 strengths and14.76 identities98.46 of the 5.21 19.04 96.42 22.55 96.28 two8.71companies.

4.88 18.78 93.23 In India, Holcim operates 1.00 14.93 97.57 2.63 16.55major subsid97.96 through its two 1.00 14.50 96.96 iaries, Ambuja Cement 1.34 14.82 98.79and 4.52 which17.94 87.57 ACC, have combined 1.88 15.45 105.58 annual cement production 3.48 17.07 98.18 5.20 18.71 98.88 capacity of 45 million tonnes.

5.06 18.57 101.86 Both the companies among 3.06 16.53 92.22 15.82 cement 99.94 the2.29 major Indian man6.11 19.58 95.31 ufacturers.

2.76 16.21 96.14 However, unlike Holcim, Lafarge has a small presence 14.44 87.76 in 1.00 India with four cement plants having a total production million Offer Yield (%) capacity Bid Price of 8Offer Price tonnes.

Prices & Yields The company had entered 5.37 106.89 107.78 India in 1999.

1,500.00

4-Apr-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.

Corporate Eurobonds

Afren PLC I

11.50 FEB 01, 2016

01-Feb-11

GTBank PLC I

7.50 MAY 19, 2016

19-May-11

GTBank PLC II

6.00 NOV 08, 2018

B+/S&P

Access Bank PLC

B/S&P; B/Fitch

Fidelity Bank PLC Issuer

Description

B/S&P; B-/Fitch

First Bank PLC

B+/S&P; B+/Fitch

Afren PLC III

9.20 29-JUN-20148.25 AUG 07, 202029-Jun-07 9.25 28-SEP-20146.63 DEC 09, 202028-Sep-07 4.00 23-APR-2015 23-Apr-10 13.05 16-AUG-2016 16-Aug-13 15.10 27-APR-2017 27-Apr-12 Discount (%) Offer27-Jul-07 Discount (%) 9.85Bid 27-JUL-2017 11.75 11.50 9.35 31-AUG-2017 31-Aug-07 11.20 10.95 10.70 30-MAY-2018 30-May-08 12.15 11.90 16.00 29-JUN-2019 29-Jun-12 12.15 11.90 7.00 23-OCT-2019 23-Oct-09 12.10 11.85 12.10 11.85 16.39 27-JAN-2022 27-Jan-12 12.10 11.85 14.20 14-MAR-2024 14-Mar-14 12.20 11.95 15.00 28-NOV-2028 28-Nov-08 12.25 12.00 12.49 22-MAY-2029 22-May-09 13.00 12.75 8.50 20-NOV-2029 20-Nov-09 12.10 11.85 12.90 12.65 10.00 23-JUL-2030 23-Jul-10

B-/S&P; B/Fitch

B+/S&P; B+/Fitch

FGN Bonds

Rating/Agency

B/Fitch

Afren PLC II

TOTAL OUTSTANDING VALUE **Treasury Bills DTM 13 20 NA 34 41 48 55 62 76 83 90 97 104 111 TOTAL OUTSTANDING 118 125 132 139 Rating/Agency 153 244 279 Agency Bonds 293 307 321 335

NA

Maturity 17-Apr-14 24-Apr-14 NA 8-May-14 15-May-14 22-May-14 29-May-14 5-Jun-14 19-Jun-14 26-Jun-14 3-Jul-14 10-Jul-14 17-Jul-14 24-Jul-14 VALUE 31-Jul-14 7-Aug-14 14-Aug-14 21-Aug-14 Issuer 4-Sep-14 4-Dec-14 8-Jan-15 22-Jan-15 AMCON 5-Feb-15 19-Feb-15 FMBN 5-Mar-15

11.50

450.00

01-Feb-16

3.80

3.30

113.35

7.50

500.00

19-May-16

5.36

4.53

104.21

08-Nov-13

6.00

400.00

08-Nov-18

6.19

5.87

99.24

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

6.89

6.55

101.02

102.04

6.88 MAY 09, 2018

Coupon (%)

300.00

TTM (Yrs)

02-May-18

8.50 Bid Yield (%)

Bid94.49 Price

96.17 Offer Price

Issue Date

10.25 APR 08, 2019

13.00 12.75 13.00 12.75 12.75 12.50 13.00 12.75 13.00 Description 12.75 12.90 12.65 12.60 12.35 12.85 12.60 12.85 12.60 0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 12.70 12.45 0.00 FMB 12.50 24-MAY-2015 12.25 12.45 17.25 FMB12.70 II 03-APR-2017

0.00/16.00 LCRM 09-DEC-2016 0.00/16.50 LCRM II 20-APR-2017 *from the Amortising bonds, the average life is calculated0.00/16.50 and not the duration LCRM III 06-JUL-2017 ***LCRM

#

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

09-May-13 08-Apr-12

07-Aug-13 9.20 09-Dec-13 9.25

4.00 13.05 15.10 Bid Yield 9.85 (%) 11.80 9.35 11.27 10.70 12.29 16.00 12.32 7.00 12.30 12.32 16.39 12.35 14.20 12.52 15.00 12.60 12.49 13.43 8.50 12.50 13.39 10.00 13.54 13.57 13.33 13.64 13.68 Issue Date 13.64 13.76 14.25 14.33 28-Dec-11 14.22 14.04 24-May-10 14.38 03-Apr-12

09-Dec-11 20-Apr-12 06-Jul-12

Bonds

Outstanding 6.88 Value (N'bn) 10.25

Maturity Date 300.00

8.25 300.00 45.00 29-Jun-14 6.63 360.00 100.00 28-Sep-14 535.00 23-Apr-15 2,960.00 327.47 16-Aug-16 452.80 FIXINGS 27-Apr-17 NIBOR 20.00 27-Jul-17 Tenor Rate (%) 100.00 31-Aug-17 CALL 10.7500 300.00 30-May-18 7 DAYS 11.0000 351.30 29-Jun-19 30 DAYS 11.3750 233.90 23-Oct-19 60 DAYS 11.7083 90 DAYS 11.9583 600.00 27-Jan-22 180 DAYS 12.2083 50.00 14-Mar-24 365 DAYS 12.5417 75.00 28-Nov-28 150.00 22-May-29 NITTY 200.00 20-Nov-29 Tenor Rate (%) 591.57 23-Jul-30 1M

08-Apr-19

5.13

07-Aug-20 0.24

7.23 13.57 09-Dec-20 6.21 0.48 13.75 1.05 13.92 2.37 13.54 Money Market13.51 3.06 Tenor Rate (%) 3.31 13.41 3.41 13.42 OBB 10.25 4.15 13.45 O/N 10.50 5.24 13.58 5.55 REPO 13.48 Tenor Rate (%) 7.82 13.47 Call 10.25 9.94 13.51 1M 11.25 14.65 13.50 3M 11.92 15.13 13.51 6M 12.17 15.63 13.51 13.58 NOTE: 16.30

Offer Yield 7.99 (%) 4.74

3M 6M 9M Coupon 12M

0.00/16.50 0.00/16.50

116.70 66.49

20-Apr-17 06-Jul-17

105.91

Price

114.23

100.50

115.05

6.70 103.74 105.74 12.92 98.93 99.08 5.95 101.66 102.73 13.41 97.96 98.11 13.75 90.58 90.73 13.46 99.00 99.15 13.39 Exchange 103.85 104.15 Foreign (Spot & Forwards) 13.29 90.67 90.97 13.30 89.14 89.44 Tenor Bid ($/N) Offer ($/N) 13.35 91.42 91.72 Spot 163.96 164.06 13.50 108.80 109.10 7D 164.15 164.43 13.38 75.23 75.53 14D 164.41 164.79 1M 165.00 165.72 13.41 113.80 114.10 2M 166.17 167.52 13.45 103.70 104.00 3M 167.29 169.44 13.46 109.39 109.69 6M 171.23 175.40 13.46 93.46 93.76 1Y 178.79 187.41 13.45 67.68 67.98 13.52 76.70 77.00

11.8760 :Benchmarks 12.3133 13.4127 * :Amortising Bond # 13.6587 µ :Convertible Bond Risk 14.0650 Avg. Life/TTM AMCON: Asset Management Corporation of Nigeria (%) Issue 14.8233 Value (N'bn) FGN: Maturity Premium FederalDate Government of(Yrs) Nigeria (%) FMBN: Federal Mortgage Bank of Nigeria IFC: International Finance Corporation LCRM: Local Contractors Receivables Management NIFEX 0.00 978.35 31-Oct-14 0.58 Company1.00 NAHCO: Nigerian Aviation Handling NGC: 24-May-15 Nigeria-German Company 0.00Current Price ($/N)24.56 1.14 2.63 BID($/N) 17.25 163.9100 UBA: United Bank for Africa 1.62 6.00 03-Apr-17 2.27 OFFER ($/N) 164.0100 UPDC: UAC Property Development Company 0.00/16.00 112.22 09-Dec-16 2.68 2.00 WAPCO:West Africa Portland Cement Company

4,132.04 2M

114.29

3.04 3.26

1.49 1.00

0.34 0.53 1.41 1.01 1.31Yield Implied 1.31 3.04 13.52 1.87 13.50 3.74 13.58 2.71 13.54 4.50 2.72 2.72 3.30 3.36 5.64 3.33 4.04 6.65 4.05 4.08

4.88 5.99 4.44 3.23 Implied 4.46 Portfolio Price 3.48 5.59 109.1235 7.60 120.6775 1.79 83.7451 1.80 107.3923 1.00 1.00 1.21 1.00 2.46 1.94 2.74 2.74 1.00 1.44 1.95

NA :Not Applicable # :Floating Rate Bond ***: Deferred coupon bonds

Valuation

Indicative Price

14.78 16.52 15.99 15.46 14.89 14.41

92.17 83.47 101.72 91.16 88.40 86.91

†: Bond Yieldrating (%) expired

1,304.32

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

KWARA NIGER KADUNA *EBONYI Modified Duration *BENUEBuckets *IMO LAGOS <3 *BAYELSA 3<5 EDO >5 *DELTA Market NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN *OSUN LAGOS *EKITI *NASARAWA

TOTAL OUTSTANDING VALUE

14.00 KWARA 5-AUG-2014 14.00 NIGER 15-OCT-2014 12.50 KADUNA 31-AUG-2015 13.00 EBONYI 30-SEP-2015 Porfolio Market Total Outstanding 14.00 BENUE 30-JUN-2016 Value(Bn) Volume(Bn) 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 794.43 780.27 13.75 BAYELSA 30-JUN-2017 1,065.01 951.30 14.00 EDO 31-DEC-2017 453.73 591.57 14.00 DELTA 30-SEP-2018 2,313.18 2,323.14 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 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

05-Aug-09 14.00 17.00 FMDQ FGN 15-Oct-09 14.00 BOND INDEX 6.00 31-Aug-10 12.50 8.50 30-Sep-10 13.00 16.50 Weighting by Weighting by Mkt 30-Jun-11 14.00 Bucket13.00 Weighting Outstanding Vol Value 30-Jun-09 15.50 18.50 19-Apr-10 10.00 57.00 33.59 34.34 0.34 30-Jun-10 13.75 50.00 40.95 46.04 0.41 30-Dec-10 14.00 25.00 25.46 19.62 0.25 30-Sep-11 14.00 50.00 100.00 100.00 1.00 04-Oct-11 14.00 9.00 09-Dec-11 14.50 20.00 12-Dec-13 14.00 12.00 14-Feb-12 15.50 27.00 02-Oct-12 15.50 20.00 22-Nov-12 14.50 80.00 12-Dec-12 14.75 30.00 30-Sep-13 14.75 11.40 27-Nov-13 13.50 87.00 31-Dec-13 14.50 5.00 06-Jan-14 15.00 5.00

567.90

05-Aug-14 15-Oct-14 31-Aug-15 30-Sep-15 % Exposure_ 30-Jun-16 Mod_Duration 30-Jun-16 19-Apr-17 17.53 30-Jun-17 40.87 31-Dec-17 41.59 30-Sep-18 100.00 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 06-Jan-21

18.15 19.76 18.24 17.17 18.29 INDEX 17.31 18.99 1,036.45 21.23 1,021.85 15.22 1,013.80 15.25 1,019.01 14.47 14.45 14.66 14.41 15.88 15.41 16.15 16.19 14.45 14.89 15.40

98.54 97.21 93.12 96.36 YTD Return 95.37 (%) 98.28 79.91 3.6451 89.11 2.1851 96.54 1.3802 97.41 1.9013 98.49 100.28 107.75 100.27 99.10 96.59 96.62 95.98 95.98 104.99 104.64

BUSINESS |FINANCIAL MARKET NEWS 39

Sanctity of Truth

Monday, April 7, 2014

FMDQ Daily Quotations List

4-Apr-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.

Bonds

FGN Bonds Issuer

Rating/Agency

NA

NA

Description

Price

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

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

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

45.00 100.00 535.00 327.47 452.80 20.00 100.00 300.00 351.30 233.90 600.00 50.00 75.00 150.00 200.00 591.57

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

0.24 0.48 1.05 2.37 3.06 3.31 3.41 4.15 5.24 5.55 7.82 9.94 14.65 15.13 15.63 16.30

13.57 13.75 13.92 13.54 13.51 13.41 13.42 13.45 13.58 13.48 13.47 13.51 13.50 13.51 13.51 13.58

12.92 13.41 13.75 13.46 13.39 13.29 13.30 13.35 13.50 13.38 13.41 13.45 13.46 13.46 13.45 13.52

98.93 97.96 90.58 99.00 103.85 90.67 89.14 91.42 108.80 75.23 113.80 103.70 109.39 93.46 67.68 76.70

99.08 98.11 90.73 99.15 104.15 90.97 89.44 91.72 109.10 75.53 114.10 104.00 109.69 93.76 67.98 77.00

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

TOTAL OUTSTANDING VALUE

4,132.04

Rating/Agency

Issuer

Agency Bonds AMCON FMBN

NA

***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

Issue Date

Coupon (%)

Issue Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Indicative Price

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

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

978.35 24.56 6.00 112.22 116.70 66.49

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

0.58 1.14 1.62 2.68 3.04 3.26

1.00 2.63 2.27 2.00 1.49 1.00

14.78 16.52 15.99 15.46 14.89 14.41

92.17 83.47 101.72 91.16 88.40 86.91

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

0.34 0.53 1.41 1.01 1.31 1.31 3.04 1.87 3.74 2.71 4.50 2.72 2.72 3.30 3.36 5.64 3.33 4.04 6.65 4.05 4.08

4.88 5.99 4.44 3.23 4.46 3.48 5.59 7.60 1.79 1.80 1.00 1.00 1.21 1.00 2.46 1.94 2.74 2.74 1.00 1.44 1.95

18.15 19.76 18.24 17.17 18.29 17.31 18.99 21.23 15.22 15.25 14.47 14.45 14.66 14.41 15.88 15.41 16.15 16.19 14.45 14.89 15.40

98.54 97.21 93.12 96.36 95.37 98.28 79.91 89.11 96.54 97.41 98.49 100.28 107.75 100.27 99.10 96.59 96.62 95.98 95.98 104.99 104.64

07-Oct-14 18-Dec-14

0.51 0.71

1.00 5.21

14.76 19.04

98.46 96.42

1,304.32

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

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

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

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

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

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

TOTAL OUTSTANDING VALUE

567.90

Corporate Bonds A+/Agusto; AA/GCR Aa/Agusto Nil

LAFARGE WAPCO GTB µ NGC

11.50 LAFARGE WAPCO 7-OCT 2014 13.50 GUARANTY TRUST 18-DEC-2014 17.00 NGC 31-DEC-2014

Bbb-/Agusto A-/Agusto BB+/GCR

*UPDC

10.00 UPDC 17-AUG-2015 14.00 CHELLARAMS 06-JAN-2016

A+/Agusto; A-/GCR

*FLOURMILLS *CHELLARAMS NAHCO

A-/Agusto

13.00 UBA 30-SEP-2017

UBA

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

13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016

FSDH

A/GCR BBB-/GCR

12.00 FLOURMILLS 9-DEC-2015

*C & I LEASING *DANA# *TOWER *TOWER

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

#

MPR+7.00 TOWER 9-SEP-2018

#

MPR+5.25 TOWER 9-SEP-2018 14.00 UBA II 22-SEP-2018

UBA *LA CASERA # *CHELLARAMS NAHCO

15.75 LA CASERA 18-OCT-2018

IFC

10.20 IFC 11-FEB-2018

MPR+5.00 CHELLARAMS II 17-FEB-2019 15.25 NAHCO II 14-NOV-2020

07-Oct-11 18-Dec-09

11.50 13.50

11.80 13.17

01-Apr-10

17.00

2.00

31-Dec-14

0.74

8.71

22.55

96.28

17-Aug-10

10.00

15.00

17-Aug-15

0.89

4.88

18.78

93.23

09-Dec-10 06-Jan-11

12.00 14.00

37.50 1.50

09-Dec-15 06-Jan-16

0.97 1.05

1.00 2.63

14.93 16.55

97.57 97.96

29-Sep-11

13.00

15.00

29-Sep-16

2.49

1.00

14.50

96.96

25-Oct-13

14.25

5.53

25-Oct-16

2.56

1.34

14.82

98.79

30-Sep-10 30-Nov-12

13.00 18.00

20.00 0.94

30-Sep-17 30-Nov-17

3.49 2.11

4.52 1.88

17.94 15.45

87.57 105.58 98.18

09-Apr-11

16.00

8.01

09-Apr-18

2.01

3.48

17.07

09-Sep-11

18.00

3.63

09-Sep-18

2.43

5.20

18.71

98.88

09-Sep-11

16.00

1.00

09-Sep-18

2.43

5.06

18.57

101.86

22-Sep-11

14.00

35.00

22-Sep-18

4.47

3.06

16.53

92.22

18-Oct-13

15.75

3.00

18-Oct-18

2.29

2.29

15.82

99.94

17-Feb-12

17.00

0.54

17-Feb-19

2.62

6.11

19.58

95.31

14-Nov-13

15.25

2.05

14-Nov-20

6.61

2.76

16.21

96.14

11-Feb-18

3.86

1.00

14.44

87.76

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

175.67

Supranational Bond AAA/S&P

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE Rating/Agency

12.00 Issuer

Description

Issue Date

Coupon (%)

Issue Value ($'mm)

FGN Eurobonds

Prices & Yields

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

FGN

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

5.52

5.37

106.89

107.78

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

4.63

4.43

101.89

102.66

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

5.93

5.81

103.12

104.01

TOTAL OUTSTANDING VALUE

1,500.00

Corporate Eurobonds Afren PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

3.80

3.30

113.35

114.29

GTBank PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.36

4.53

104.21

105.91

GTBank PLC II

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.19

5.87

99.24

100.50

B+/S&P

Access Bank PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

6.89

6.55

101.02

102.04

B/S&P; B/Fitch

Fidelity Bank PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.50

7.99

94.49

96.17

B/Fitch

Afren PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

5.13

4.74

114.23

115.05

B/S&P; B-/Fitch

First Bank PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.23

6.70

103.74

105.74

B+/S&P; B+/Fitch

Afren PLC III

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

6.21

5.95

101.66

102.73

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

TOTAL OUTSTANDING VALUE

2,960.00

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

FIXINGS Maturity 17-Apr-14 24-Apr-14 8-May-14 15-May-14 22-May-14 29-May-14 5-Jun-14

Bid Discount (%) 11.75 11.20 12.15 12.15 12.10 12.10 12.10

Offer Discount (%) 11.50 10.95 11.90 11.90 11.85 11.85 11.85

Bid Yield (%) 11.80 11.27 12.29 12.32 12.30 12.32 12.35

Tenor CALL 7 DAYS 30 DAYS 60 DAYS 90 DAYS 180 DAYS

NIBOR

Money Market Rate (%) 10.7500 11.0000 11.3750 11.7083 11.9583 12.2083

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

10.25

Tenor

Bid ($/N)

Offer ($/N)

10.50

Spot 7D 14D 1M 2M

163.96 164.15 164.41 165.00 166.17

164.06 164.43 164.79 165.72 167.52

O/N Tenor Call

REPO

Rate (%) 10.25

Daily Summary as of 04/04/2014 Printed 04/04/2014 14:41:41.041

Daily Summary (Equities) Activity Summary on Board EQTY

Daily Summary as of 04/04/2014

FINANCIAL SERVICES Other Financial Institutions STANBIC IBTC HOLDINGS PLC UBA CAPITAL PLC Other Financial Institutions Totals

Printed 04/04/2014 14:41:41.041

40 BUSINESS | CAPITAL MARKET Daily Summary (Bonds)

Symbol STANBIC UBCAP

No. of Deals 51 111 693

FINANCIAL SERVICES Totals

No Debt Trading Activity

Current Price 20.03 2.45

Quantity Traded 2,795,902 5,570,319 25,799,266

Value Traded 56,348,532.93

Sanctity of Truth

13,805,097.14 Monday, April 7, 2014 175,475,899.37

2,666

537,621,284

2,854,487,991.77

The Nigerian Stock Market Exchange as at April 4, 2014 HEALTHCARE Healthcare Providers UNION DIAGNOSTIC & CLINICAL SERVICES PLC Healthcare Providers Totals

Daily Summary (Equities)

Activity Summary on Board EQTY AGRICULTURE Crop Production FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals AGRICULTURE Totals Daily Summary as of 04/04/2014 CONGLOMERATES Printed 04/04/2014 14:41:41.041 Diversified Industries

A.G. LEVENTIS NIGERIA PLC. JOHN HOLT PLC. S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC A C N PLC.on Board EQTY ActivityUSummary Diversified Industries Totals CONGLOMERATES CONGLOMERATES Totals

Published

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

Symbol FTNCOCOA OKOMUOIL PRESCO

No. of Deals 2 2 12 16

Current Price 0.50 42.00 42.00

Quantity Traded 254,800 1,100 51,200 307,100

Value Traded 127,400.00 43,890.00 2,127,516.00 2,298,806.00

Symbol LIVESTOCK

No. of Deals 24 24

Current Price 3.08

Quantity Traded 654,280 654,280

Value Traded 2,034,848.26 2,034,848.26

961,380

4,333,654.26

Current Price 1.40 1.21 5.06 3.63 54.80

Quantity Traded 25,968 100 100 11,395,695 638,647 12,060,510

Value Traded 37,735.49 115.00 481.00 41,236,254.32 35,010,465.26 76,285,051.07

40 Symbol No. of Deals AGLEVENT 4 JOHNHOLT 1 Daily Summary (Equities) SCOA 1 TRANSCORP 156 UACN 69 231 231

12,060,510

Page

of

No. of Deals 10 1 11

Current Price 1.41 14.46

Quantity Traded 248,710 100 248,810

Value Traded 339,657.39 1,374.00 341,031.39

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

Symbol JBERGER

No. of Deals 17 17

Current Price 70.85

Quantity Traded 49,842 49,842

Value Traded 3,357,853.96 3,357,853.96

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

Symbol UAC-PROP

No. of Deals 54 54

Current Price 25.16

Quantity Traded 462,350 462,350

Value Traded 11,789,284.66 11,789,284.66

Real Estate Investment Trusts (REITs) Symbol Daily Summary as of 04/04/2014 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) UHOMREIT Printed 04/04/2014 14:41:41.041 UPDC REAL ESTATE INVESTMENT TRUST UPDCREIT Real Estate Investment Trusts (REITs) Totals

No. of Deals 1 1 2

Current Price 47.59 11.02

Quantity Traded 100 100 200

Value Traded 4,522.00 1,100.00 5,622.00

761,202

15,493,792.01

CONSUMER GOODS Automobiles/Auto Activity Summary on Parts Board EQTY DN TYRE & RUBBER PLC

Daily Summary (Equities)

84

Daily Summary as of 04/04/2014 Pharmaceuticals Printed 04/04/2014 14:41:41.041 EVANS MEDICAL PLC.

FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC NIGERIA-GERMAN CHEMICALS PLC. Activity Summary on Board EQTY PHARMA-DEKO PLC. Pharmaceuticals Totals HEALTHCARE HEALTHCARE Totals

ICT Published by The Nigerian Stock Exchange © Computer Based Systems COURTEVILLE BUSINESS SOLUTIONS PLC Computer Based Systems Totals

76,285,051.07

1

Symbol COSTAIN GCAPPA

CONSTRUCTION/REAL ESTATE Totals

Medical Supplies MORISON INDUSTRIES PLC. Medical Supplies Totals

15

Value Traded 5,000.00

Symbol

No. of Deals 1

Current Price

Quantity Traded Page 10,000

Value Traded 2 of 15 5,000.00

Beverages--Brewers/Distillers GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. JOS INT. BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals

Symbol GUINNESS INTBREW JOSBREW NB

No. of Deals 45 37 1 109 192

Current Price 195.00 26.41 3.77 150.06

Quantity Traded 46,435 285,633 100 1,644,470 1,976,638

Value Traded 8,822,440.03 7,435,342.05 359.00 247,734,338.35 263,992,479.43

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

Symbol 7UP

No. of Deals 20 20

Current Price 90.00

Quantity Traded 29,211 29,211

Value Traded 2,569,458.20 2,569,458.20

No. of Deals 47 58 91 39 54 1 6 Daily Summary (Equities) 296

Current Price 8.39 9.60 70.50 3.50 11.38 22.01 0.51

Quantity Traded 1,127,206 1,778,820 563,560 759,958 1,157,915 100 106,072 5,493,631

Value Traded 9,434,523.11 17,132,007.90 39,662,595.05 2,716,187.40 13,309,144.46 2,091.00 55,401.04 82,311,949.96

Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR NIG. PLC. Daily Summary as ofMILLS 04/04/2014 HONEYWELL FLOUR MILL PLC Printed 04/04/2014 14:41:41.041 NATIONAL SALT CO. NIG. PLC N NIG. FLOUR MILLS PLC. U T C NIG. PLC. Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC.

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR NASCON NNFM UTC

Page Quantity Traded 129,023 1,043,007

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

Symbol ENAMELWA VITAFOAM VONO

No. of Deals 1 25 3 29

Current Price 32.27 4.24 1.58

Quantity Traded 100 377,721 600 378,421

Value Traded 3,066.00 1,532,720.02 906.00 1,536,692.02

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

Symbol PZ UNILEVER

No. of Deals 33 47 80

Current Price 31.00 46.10

Quantity Traded 219,138 267,974 487,112

Value Traded 6,748,107.78 12,359,596.37 19,107,704.15

9,418,020

581,056,770.73

Current Price 7.70 6.37 13.01 1.95 27.00

Quantity Traded 15,051,709 2,137,192 15,739,218 7,109,693 44,241,320

Value Traded 112,839,148.85 13,627,709.40 206,116,373.45 14,008,232.54 1,187,900,126.83

No. of Deals 80 205 230 45 6 30 259 1,753

Current Price 3.69 2.50 7.10 10.49 0.50 0.93 20.83

Quantity Traded 3,172,152 270,404,132 Page 21,557,325 158,475 75,671 2,228,181 11,086,605 392,961,673

Value Traded 11,675,157.93 678,191,631.87 4 of 15 153,068,245.96 1,609,476.27 37,835.50 2,029,323.32 234,437,388.53 2,615,540,650.45

Insurance Carriers, Brokers and Services Symbol No. of Deals AFRICAN ALLIANCE INSURANCE COMPANY PLC AFRINSURE 2 AIICO INSURANCE PLC. AIICO 38 CONTINENTAL REINSURANCE PLC CONTINSURE 4 CORNERSTONE INSURANCE COMPANY PLC. CORNERST 5 EQUITY ASSURANCE PLC. EQUITYASUR 1 GREAT NIGERIAN INSURANCE PLC GNI 2 CONSOLIDATED HALLMARK INSURANCE PLC HMARKINS 2 Daily Summary as of 04/04/2014 INTERNATIONAL INTENEGINS 8 Printed 04/04/2014 14:41:41.041ENERGY INSURANCE COMPANY PLC LASACO ASSURANCE PLC. LASACO 2 LAW UNION AND ROCK INS. PLC. LAWUNION 2 LINKAGE ASSURANCE PLC LINKASSURE 2 Daily Summary (Equities) MANSARD INSURANCE PLC MANSARD 9 MUTUAL BENEFITS ASSURANCE PLC. MBENEFIT 1 Activity Summary on Board EQTY N.E.M INSURANCE CO (NIG) PLC. NEM 16

Current Price 0.50 0.79 0.95 0.50 0.50 0.50 0.50 0.61 0.50 0.50 0.50 2.21 0.50 0.76

Quantity Traded 200 1,933,555 43,950 296,000 100 400 150,099 445,221 200 590 10,100 350,500 490 551,630

Value Traded 100.00 1,504,179.63 43,460.50 148,000.00 50.00 200.00 75,049.50 259,550.31 100.00 295.00 5,050.00 760,350.00 245.00 420,468.80 5Value Traded of 15 5,050.00 936,964.38 17,839.44 50,300.00 50.00 50.00 50.00 50,000.00 7,240,152.15 11,517,554.71

FINANCIAL SERVICES Published byInsurance The Nigerian Stock Brokers Exchangeand © Services Carriers, NIGER INSURANCE CO. PLC. OASIS INSURANCE PLC PRESTIGE ASSURANCE CO. PLC. SOVEREIGN TRUST INSURANCE PLC STANDARD TRUST ASSURANCE PLC UNIC INSURANCE PLC. UNITY KAPITAL ASSURANCE PLC UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks FORTIS MICROFINANCE BANK PLC NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals

Daily Summary as of 04/04/2014 Mortgage Carriers, Brokers and Services Printed 04/04/2014 14:41:41.041

ASO SAVINGS AND LOANS PLC INFINITY TRUST MORTGAGE BANK PLC RESORT SAVINGS & LOANS PLC Mortgage Carriers, Brokers and Services Totals

Daily Summary as of 04/04/2014 Other Financial Institutions Printed 04/04/2014 14:41:41.041

AFRICA PRUDENTIAL REGISTRARS PLC Activity Summary on Board EQTY CUSTODIAN AND ALLIED PLC

FINANCIAL SERVICES Published by The Nigerian Stock Exchange © Other Financial Institutions FBN HOLDINGS PLC FCMB GROUPon PLC. Activity Summary Board EQTY ROYAL EXCHANGE PLC. FINANCIAL SERVICES Other Financial Institutions STANBIC IBTC HOLDINGS PLC UBA CAPITAL PLC Other Financial Institutions Totals

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

3Value Traded of 15 147,653,058.91 211,533,486.97

No. of Deals 2 14 8 3 1 1 1 1 69 194

Current Price 0.50 0.58 0.56 0.50 0.50 0.50 0.50 0.50 0.75

Page Quantity Traded 10,100 1,654,611 30,068 100,600 100 100 100 100,000 9,684,125 15,362,839

Symbol FORTISMFB NPFMCRFBK

No. of Deals 1 11 12

Current Price 6.27 0.93

Quantity Traded 22 476,184 476,206

Value Traded 131.12 442,894.12 443,025.24

Symbol ASOSAVINGS INFINITY RESORTSAL

No. of Deals 1 1 12 14

Current Price 0.50 1.64 0.50

Quantity Traded 1,000 200 103,020,100 103,021,300

Value Traded 500.00 312.00 51,510,050.00 51,510,862.00

No. of Deals 54 53

Current Price 2.90 2.24

Quantity Traded 1,610,429 2,898,600

Value Traded 4,643,463.08 6,506,883.76

Daily Summary (Equities) Symbol AFRIPRUD CUSTODYINS

Daily Summary (Equities) Symbol No. of Deals Current Price FBNH FCMB ROYALEX Symbol STANBIC UBCAP

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

Value Traded 63,880,428.06

Symbol NIGERINS OASISINS PRESTIGE SOVRENINS STACO UNIC UNITYKAP UNIVINSURE WAPIC

338 82 4

12.48 3.50 0.62

No. of Deals 51 111 693

Current Price 20.03 2.45

2,666

Page

6

of

Quantity Traded 5,443,041 7,470,674 10,301

Value Traded 67,962,802.18 26,203,042.69 6,077.59

Quantity Traded 2,795,902 5,570,319 25,799,266

Value Traded 56,348,532.93 13,805,097.14 175,475,899.37

537,621,284

2,854,487,991.77

Current Price 2.12 3.00 70.00 1.90 1.45 7.36 1.57

Quantity Traded 141,042 6,762,800 116,274 172,895 13,000 100 200 7,206,311

Value Traded 299,272.04 20,172,046.46 8,141,948.16 328,500.50 17,940.00 700.00 300.00 28,960,707.16

91

Symbol ASHAKACEM BERGER Daily CAPSummary CCNN DANGCEM DNMEYER

Symbol CUTIX NIWICABLE

No. of Deals 6 1 7

Current Price 1.88 0.50

Quantity Traded 73,099 100 73,199

Value Traded 131,003.21 50.00 131,053.21

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

Symbol AVONCROWN BETAGLAS VANLEER

No. of Deals 2 4 1 7

Current Price 1.41 19.95 12.68

Quantity Traded 50,000 10,850 100 60,950

Value Traded 70,500.00 216,505.50 1,268.00 288,273.50

2,154,022

139,749,968.55

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

196 Symbol BOCGAS

No. of Deals 1 1

Current Price 6.66

Quantity Traded 1,000 1,000

Value Traded 6,330.00 6,330.00

Symbol MULTIVERSE

No. of Deals 2

Current Price 0.50

Quantity Traded 200

Value Traded 100.00

Symbol

No. of Deals 2

Current Price

Page Quantity Traded 200

Symbol THOMASWY

No. of Deals 1 1

Current Price 0.79

Daily Summary (Equities)

4

No. of Deals 5 52 16 10 3 1 2

Current Price 2.12 3.00 70.00 1.90 1.45 7.36 1.57

Quantity Traded 141,042 6,762,800 116,274 172,895 13,000 100 Page 200

Value Traded 299,272.04 20,172,046.46 8,141,948.16 328,500.50 17,940.00 700.00 15 7 of 300.00

100.00

Quantity Traded 100 100

Value Traded 76.00 76.00

1,300

6,506.00

No. of Deals 10 10

Current Price 0.50

Quantity Traded 567,950 567,950

Value Traded 283,975.00 283,975.00

Symbol OANDO

No. of Deals 176 176

Current Price 17.02

Quantity Traded 2,961,727 2,961,727

Value Traded 50,607,736.63 50,607,736.63

Symbol No. of Deals BECOPETRO 4 CONOIL 5 ETERNA 6 Daily FO Summary (Equities) 74 MOBIL 7 MRS 2

Current Price 0.50 51.90 3.80 106.20 125.00 54.44

Quantity Traded 30,100 3,610 111,517 567,438 2,335 200

Value Traded 15,050.00 178,009.10 423,764.60 57,958,694.67 287,023.50 10,344.00

Current Price 181.45

Quantity Traded Page 56,223 771,423

Symbol TOTAL

No. of Deals 16 114 300

Value Traded

119,700,724.39 of 15 68,573,610.26

4,301,100

119,465,321.89

No. of Deals 23 23

Current Price 1.20

Quantity Traded 591,092 591,092

Value Traded 668,764.07 668,764.07

Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals

Symbol REDSTAREX

No. of Deals 5 5

Current Price 4.47

Quantity Traded 35,400 35,400

Value Traded 157,671.48 157,671.48

Employment Solutions C & I LEASING PLC.

Symbol CILEASING

No. of Deals 1 1

Current Price 0.50

Quantity Traded 17,218 17,218

Value Traded 8,609.00 8,609.00

Symbol TANTALIZER

No. of Deals 1 1

Current Price 0.50

Quantity Traded 1,000 1,000

Value Traded 500.00 500.00

Current Price 0.63

Quantity Traded 214,430 214,430

Value Traded 130,040.90 130,040.90

Employment Solutions Totals Daily Summary as of 04/04/2014 Printed 04/04/2014 14:41:41.041 Hospitality TANTALIZERS PLC Hospitality Totals Hotels/Lodging IKEJA HOTEL PLC

Daily Summary (Equities) Symbol No. of Deals IKEJAHOTEL

8 8

Symbol DAARCOMM

No. of Deals 1 1

Current Price 0.50

Page Quantity Traded 1,000 1,000

Printing/Publishing LEARN AFRICA PLC STUDIO PRESS (NIG) PLC. UNIVERSITY PRESS PLC. Printing/Publishing Totals

Symbol LEARNAFRCA STUDPRESS UPL

No. of Deals 6 1 3 10

Current Price 1.94 2.40 4.38

Quantity Traded 150,200 100 2,250 152,550

Value Traded 291,388.00 240.00 9,382.50 301,010.50

Road Transportation ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Symbol ABCTRANS

No. of Deals 11 11

Current Price 0.93

Quantity Traded 337,142 337,142

Value Traded 317,777.74 317,777.74

Specialty INTERLINKED TECHNOLOGIES PLC Specialty Totals

Symbol INTERLINK

No. of Deals 1 1

Current Price 4.90

Quantity Traded 100 100

Value Traded 466.00 466.00

Transport-Related Services

Symbol AIRSERVICE NAHCO

No. of Deals 2 29 31

Current Price 2.58 5.22

Quantity Traded 1,600 212,625 214,225

Value Traded 4,225.00 1,094,412.66 1,098,637.66

AIRLINE SERVICES AND LOGISTICS PLC Daily Summary as of 04/04/2014 NIGERIAN AVIATION HANDLING COMPANY PLC Printed 04/04/2014 14:41:41.041 Transport-Related Services Totals SERVICES Totals

EQTY Board Totals

Daily Summary (Equities)

Activity Summary on Board ASeM

OIL AND GAS Petroleum and Petroleum Products Distributors CAPITAL OIL PLC Petroleum and Petroleum Products Distributors Totals

Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH NIG-GERMAN PHARMDEKO

10 of 15 Value Traded

Symbol JAPAULOIL

12 of 15 Value Traded 500.00 500.00

92

1,564,157

2,683,977.35

4,531

577,450,704

3,823,294,121.91

Page Symbol MCNICHOLS

No. of Deals 2 2

Symbol CAPOIL

No. of Deals 1 1

CONSUMER GOODS Totals

Value Traded 182.00 182.00

139,330,641.84

Symbol RTBRISCOE

Published by The Nigerian Stock Exchange © CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals

Quantity Traded 100 100

769,299.12

Electronic and Electrical Products CUTIX PLC. NIGERIAN WIRE AND CABLE PLC. Electronic and Electrical Products Totals

SERVICES Media/Entertainment Published by The Nigerian Stock Exchange © DAAR COMMUNICATIONS PLC Media/Entertainment Totals

Current Price 1.91

1,399,518

Traded 15 9Value of 300.00 58,480.00 95,798,062.65

Activity Summary on Board EQTY Hotels/Lodging Totals

No. of Deals 1 1

Value Traded 200,000.00 200,000.00

Quantity Traded Page 600 13,600 878,715 2,019,873

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

Symbol MORISON

Quantity Traded 400,000 400,000

Current Price 0.50 4.10 109.00

OIL AND GAS Totals

Value Traded 900.00 900.00

Current Price 0.50

No. of Deals 2 2 41 182

Petroleum and Petroleum Products Distributors Totals

Quantity Traded 1,800 1,800

Value Traded 1,112.00 31,860.36 32,972.36

Symbol FIRSTALUM PORTPAINT WAPCO

OIL AND GAS Petroleum and Petroleum Products Distributors

Current Price 0.50

Quantity Traded 200 16,947 17,147

Value Traded 6,594,502.06 1,908,893.84 5,800,013.08 2,235,827.51 26,932,701.70 1,861.00

Published by The Nigerian StockPLC. Exchange © TOTAL NIGERIA

No. of Deals 1 1

Current Price 5.85 1.97

Quantity Traded 400,568 214,255 161,245 234,598 114,692 1,600

BECO PETROLEUM PRODUCT PLC CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. EQTY Activity Summary on Board

Symbol UNIONDAC

28,961,789.16

8 of 15 Value Traded 536,326.76 536,326.76

Current Price 16.52 9.00 35.96 9.50 234.90 1.16

Daily Summary as of 04/04/2014 Petroleum and Petroleum Products Distributors Printed 04/04/2014 14:41:41.041

15

7,208,211

Page Quantity Traded 982,371 982,371

20

NATURAL RESOURCES Totals

Current Price 1,124.35

Symbol SKYEBANK STERLNBANK UBA UBN UNITYBNK WEMABANK ZENITHBANK

Symbol No. of Deals EVANSMED 5 FIDSON 52 GLAXOSMITH 16 MAYBAKER 10 Daily Summary (Equities) NEIMETH 3 NIG-GERMAN 1 PHARMDEKO 2 89

No. of Deals 41 20 (Equities) 29 16 29 2

Paper/Forest Products THOMAS WYATT NIG. PLC. Paper/Forest Products Totals

No. of Deals 119 189

Symbol No. of Deals ACCESS 148 DIAMONDBNK 41 Daily Summary (Equities) ETI 44 FIDELITYBK 119 GUARANTY 546

Value Traded 182.00 182.00

No. of Deals 2 2

Mining Services Totals

Symbol NESTLE

Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC Activity Summary on Board EQTY GUARANTY TRUST BANK PLC. FINANCIAL SERVICES Banking SKYE BANK PLC STERLING Published by The NigerianBANK Stock PLC. Exchange © UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. ZENITH INTERNATIONAL BANK PLC Banking Totals

Quantity Traded 100 100

Symbol CHAMS

NATURAL RESOURCES Published by The Nigerian Stock Exchange © Mining Services

Quantity Traded 913,984

807

Current Price 1.91

Processing Systems CHAMS PLC Processing Systems Totals

Mining Services

Current Price 72.00

CONSUMER GOODS Totals Daily Summary as of 04/04/2014 Printed 04/04/2014 14:41:41.041 FINANCIAL SERVICES

No. of Deals 1 1

No. of Deals 2 3 5

MULTIVERSE PLCBoard EQTY Activity Summary on

No. of Deals 70

CONSUMER GOODS Food Published by The Products--Diversified Nigerian Stock Exchange © NESTLE NIGERIA PLC. Food Products--Diversified Totals

Symbol MORISON

Symbol CWG TRIPPLEG

INDUSTRIAL Totals Daily Summary as ofGOODS 04/04/2014 Printed 04/04/2014 14:41:41.041 NATURAL RESOURCES Chemicals B.O.C. GASES PLC. Chemicals Totals

Symbol CADBURY

Activity Summary on Board EQTY

Value Traded 900.00 900.00

IT Services COMPUTER WAREHOUSE GROUP PLC TRIPPLE GEE AND COMPANY PLC. IT Services Totals

Building Materials Totals

Quantity Traded 10,000

Quantity Traded 1,800 1,800

Current Price 0.57

INDUSTRIAL GOODS

Current Price 0.50

Current Price 0.50

No. of Deals 13 13

Materials Published byBuilding The Nigerian Stock Exchange © FIRST ALUMINIUM NIGERIA PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE WAPCO PLC.

No. of Deals 1

No. of Deals 1 1

Symbol COURTVILLE

ICT Totals Daily Summary as of 04/04/2014 GOODS Printed INDUSTRIAL 04/04/2014 14:41:41.041 Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC Activity Summary on Board EQTY DN MEYER PLC.

Symbol DUNLOP

CONSUMER GOODS Automobiles/Auto Parts Published by The Nigerian Stock Exchange © Automobiles/Auto Parts Totals

Symbol UNIONDAC

13

of

Current Price 1.37

Quantity Traded 11,700 11,700 11,700

15,531.00

Current Price 0.50

Quantity Traded 1,000 1,000

Value Traded 500.00 500.00

2

OIL AND GAS Totals

1

1,000

500.00

ASeM Board Totals

3

12,700

16,031.00

4,534

577,463,404

3,823,310,152.91

Equity Activity Totals

15

Value Traded 15,531.00 15,531.00

Daily Summary (ETP) Exchange Traded Fund Name

Daily Summary as of 04/04/2014 NEWGOLD EXCHANGE TRADED FUND (ETF) Printed 04/04/2014 14:41:41.041 VETIVA GRIFFIN 30 ETF Exchange Traded Fund Totals

Published by The Nigerian Stock Exchange ©

Symbol NEWGOLD VETGRIF30

No. of Deals 1 14 15

Daily Summary (ETP)

Current Price 2,067.00 17.44

Quantity Traded 25 40,201 40,226

Page

Value Traded 51,675.00 625,958.22 677,633.22

14

of

15

ETF Board Totals

15

40,226

677,633.22

ETP Activity Totals

15

40,226

677,633.22

ENTREPRENEUR STO R I ES O F BU S I N ES S S U CC ES S ES

NEW TELEGRAPH

41

newtelegraphonline.com/entrepreneur

MONDAY, APRIL 7, 2014

Business Lessons from Aliko Dangote Emenne Ifeanyi is the Senior Vice President, Strategy and Development, Corporate Kanselor.

Phone: +234 802 632 2171 Email: emenneifeanyi@yahoo.com www.richnigerianpharmacists. com www.facebook.com/richnigerianpharmacists Emmene Ifeanyi

A

liko Dangote is no doubt one of the richest men in the world and the richest African. He was interviewed by CNBC Africa after his name was listed. Here are some key points I got from the interview 1. A “WE” MENTALITY when the interviewers asked him personal questions he always used “we” in his reply. The Interviewer may say,” How did you build such a vast empire?” and Dangote will reply, “WE” started on time to plan”.

Dangote knows that only great teams achieve great results but most of us want to own everything. I do not think you can find many companies, for example, that have functional active shareholders. Most of our companies are just one man business and would rarely grow to a 10 Million Naira business.

2. PLANNING IS VERY KEY He was asked if his company will ever make the 200 Billion Dollar mark. He set 2017 as the target for hitting that mark. He gave a detailed outline of how they would get there. He laid out a simple and detailed road map of how they got to where they currently are and how easily

SME L AW

TINUKEMI ALABI is the Legal Consultant at Law Rookies, a legal education enterprise based in Lagos, Nigeria.

Here, she helps Nigerians to demystify the law and shows them how to apply the knowledge of the law to gain competitive advantage in their businesses, vocations and daily lives. You can visit the site: www.lawrookies. com for more.

they can get to the 200 Billion in 2017 3. STOCK UP AS MUCH CRITICAL MATERIAL AS POSSIBLE He was asked the fate of his cement company in Kenya given the fact that the other players are saying that the raw material will be exhausted in a few years time. Dangote said his company in Kenya has Clinca; which is the core raw material in its reserves. He said the reserve is enough to last them the next 30years.

4. INVEST HEAVILY IN AREA YOU UNDERSTAND He invested in telecoms initially but he did not understand that business and after some time sold it off to Etisalat. I have seen a lot of entrepreneurs do very well in retail only to suddenly jump into importation instead of opening chains of stores or branches. Most of them get burnt and lose so much money in importation.

5. GIVE BACK IN AREA THAT WILL RUB OFF ON YOU Dangote Group spent more than 20 Billion on Corporate Social Responsibilty targeted at Girl-child Education. He currently wants to build a state of the art hospital in each state of

I do not think you can find many companies, for example, that have functional active shareholders. Most of our companies are just one man business and would rarely grow to a 10 Million Naira business the federation. He has just transferred 1.2 Billion Dollars to fund his personal foundation to help

achieve these goals 6. FIX YOURSELF IN THE CORE OF EVERY SOCIETY YOU FIND YOUR SELF Dangote Group is the single highest employer of labour behind only the government, in a lot of African countries. So, if any country’s government toys with him, all he needs to do is shut his operation in that country and release enough youth into the labour market. Talk of social unrest. My question is; if your business is shutdown by the Local Government, will anyone carry placard to the secretariat to ask that your business be re-opened?

7. REMAIN FOCUSED

His company has remained focused on the path it chose to succeed in. They have made mistakes and some of their businesses have failed but they refused to jump from one strategy to another. So, have a business plan and stick to it.

8. Focus on something that is consumable Almost all Dangote Products are consumables. This means that if you buy one, you would come again to buy more and more. Think cement, spaghetti, sugar, salt. So, make sure you focus more on things that your customers can come to make repeat purchase on.

Who is an independent contractor?

L

et’s face it, you MUST know the law. You don’t have a choice. What you know and what you do not know about the law will affect every area of your life, relationships, businesses and vocations - everything. Why take chances with the things that matter to you? The law is here to stay and won’t go away. And Ignorance of the law is not an excuse. It is also important that the knowledge of the law be made acces-

sible to everyone.

Who is an Independent contractor? An independent contractor is a person (could also be a legal person, i.e., a company) that provides certain services or goods for another person. An independent contractor enjoys a higher level of independence than employees.

If you were to outsource some part of your business to an independent contractor,

this would not be deemed an employment relationship.

The relationship you share with an independent contractor must be distinguished from an employment relationship.

This is because of issues that could arise concerning the authority of the person to carry out acts for you or in the matters of tax liability. For instance, in an employment relationship, you would be liable to deduct your employee’s tax

and provide certain employment benefits.

If you were to outsource some part of your business to an independent contractor, this would not be deemed an employment relationship.

42 BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, April 7, 2014

8 small business ideas You can start or invest in

B U S I N E S S O P P O RT U N I T I E S Emmanuel Effiong-Bright is an ideas strategist, consultant and inspirational business speaker. He is the mind behind Bookbrands International. His experience spans the world of small business consulting, human resource empowerment and publishing.

To contact him, send a quick mail to: mailyourthoughts@ gmail.com, or call: 08037219064.

Many people still site the issue of national security as an excuse for not establishing a business. Forget the whole talk about insecurity in Nigeria; people are still making a kill in business

M

oving around town, it is not uncommon to hear people complain about not knowing what business to go into or invest in. Yes, we still have the “lack of capital” excuse most people give for not starting a business but it seems those who have finally gotten capital have suddenly realised there’s more to just having investment money. Success in business starts with knowing which turf you want to play in.

For starters, you should have a list of business options to pick from.

Your knowledge of the business - Research, experience, skill, network and prayer will go a long way as far as success in the business is concerned.

Why bring prayer into the mix?

Well, it’s interesting to note how mainstream business writers have begun to accept the place of “the spiritual” in the business.

30 SECONDS LECTURE

Writers like Danah Zohar have taken it quite some steps with superb books on this subject. In “Spiritual Capital” and “Spiritual Intelligence” she shows just what role the spiritual plays in our business lives. This does not however take away the place of due diligence, business plans and the likes.

Many people still site the issue of national security as an excuse for not establishing a business. Forget the whole talk about insecurity in Nigeria; people are still making a kill in business. Not even the media coloration by the west has stopped foreign investors from trooping into this land whose streets are indeed paved with gold. So you have some money and would like to start a small business or invest in small businesses in Ni-

POWER POINT

geria, right? Where should you put your money? I’ll share a few investment ideas with you. It’s up to you to decide which best suits you.

You can package local foods Have you seen the newly bottled Zobo drink (a local drink derived from medicinal leaves grown in Northern Nigeria)?

Have you eaten the new look Kilishi (dried, peppered and processed meat meal)? Surely, you have tasted Ijebu Garri bought from a superstore. Smart business people have seen the wisdom in packaging commodities that don’t need big budget advertising and publicity to sell. Look around your locality, what local product can you brand, package and sell? Plantain and potato chips are the old order; the new order belongs to business people who are willing to try new food packaging ideas. You can get in

touch with your local university or food research institution for ideas on preservation. You can even go online for useful ideas.

Involve experts where necessary. You may just be the next big market sensation.

You can import clothes The average boutique owner in Nigeria has come to accept the fact that they are facing stiff competition from people who don’t even own shops. Why buy at exorbitant prices when all you need to do is pick what you want online and have it tailored to specification and delivered at your doorstep? You may also wish to shop while you are on holiday abroad. Lots of Nigerians are now focusing more on China for obvious reasons – relative quality and affordable rates.

Even Vietnam is not spared.

Importation remains a big business in Nigeria. If you must get a shop, ensure your location is

worth the money spent on it.

Alternatively, you can choose to be a distributor. That way shops and boutiques get to pay you for making their job easier.

There’s money in e-Services Ever wonder why it’s difficult to get your website designer to finish your job as at when?

These e-experts are now the toast of the business world. I stopped chasing website designers a long time ago. I simply got my people to learn the basics and today, we do the basic online things ourselves. We even have bigger plans. If the way to go in business is the e-platforms, then one must make it his or her business to know it or better still turn it into a business.

Everything has gone online – payments, adverts, marketing, meetings etc. Those who develop applications today are suddenly sitting on money. Almost every business needs one form application or the other. If you are not e-savvy or an e-professional, you can train to be one or invest in one. I heard of a young boy who makes so much from designing websites for organisations and C O N T I N U E D O N PA G E 4 4

How do you choose the best location for your business?

“I believe a lot that corporate success comes with assembling the right people, motivating them and realising that the boss alone cannot deliver everything.

The first thing I did, and I continue to do, is to assemble the right team and make sure they are well motivated, make sure they understand the vision and ensure that resources are provided that will enable those actually involved to push it through.”

– Tony Elumelu, Chairman Heirs Holding

Business Facility Do you require just a few offices or would an additional meeting room make sense?

Does the facility have a parking lot? Would your business require low or high power consumption? Do you have enough space to house an alternative power generating set? Let size and design be detected by function.

Business Ease How really convenient is that location? Is it difficult to find?

If you don’t have a parking space, where would your clients and employees park? If clients have to come by bus, is it within a walking distance from the bus stop? Let your target market define “convenience”

Business Prestige Some entrepreneurs would rather site their businesses in Victoria Island or Lekki. Others prefer the mainland.

Where are you operating from? How does your choice affect your clients and employee brand? Is your choice of property detected by the rent alone? Does it add or subtract from your overall brand perception?

Business Security If your clients are not safe your business is not safe. How secure is your business location? Do customers prefer to buy only during the day? How tight is your security arrangement?

The recent spate of insecurity in the country makes this a priority business factor.

Dare to think security always!

Business Cost Can you afford it?

Shouldn’t you even site your business outside the state? What are the various taxes like? What financial advantage do you stand to gain from locating your business in that state, local government or community? If the cost of doing business in that location is high, why not find and alternative that wont “kill you?”

BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, April 7, 2014

B USSC HI N E S S OOL George Essien is designated Peak Performance Consultant(PPC) and Chief Inspirational Officer Of Powerminds Community Contact: powermindscommunity@ yahoo.com, essien_success@yahoo.com, drgeorgeessien@gmail.com..

Twitter: @GeorgeEssienPPC. Facebook@George Essien Tel: 08187133153

W

hy do businesses fail?

You probably have heard of the popular statistics that one in five businesses fail in the first five years of their operation.

A business is truly not solid until it has gone past the 5 year mark. Then there is the 10 year mark. By then only one business stands, four go under. Now, this is not peculiar to Nigerian businesses alone. It happens everywhere: America, South Africa, London, Russia, Ghana...every where!

In the last 7 years I have been fascinated by the Network Marketing model as a means to financial freedom and an effective tool for personal development. I have personally been involved in a number of them. It has not been necessarily to make mon-

ey, as it were(though I do), but to have experiential knowledge of what many business experts have called the Third Wave, The Business of 21st Century and the Superior Business alternative.

Here is one great lesson I have learnt from business experts of this model. “Don’t get involved in any network marketing business or company that has not gone past 5 years”. That to me is worthy of note.

So why do businesses fail in Nigeria? Of course, there are a number of reasons; power supply being itself and issue we cannot easily shove aside.

How can you, as an entrepreneur, reduce your chance of failing in business? Let me list a few reasons people fail in business in Nigeria.

INCOMPETENCE: A lot of

I D E A PRENEURSHIP

43

Why businesses fail in nigeria people venture into business with zeal without knowledge.

They see a window of opportunity and just plunge into it without having the requisite skills, mindset and knowledge for that particular business. I believe that business people increase their chance of business success if they have the talent or sufficient knowledge for the business that they are venturing into. Talent or technical skill for the business you are venturing into enables you sustain through the difficult period of any business. So it is important that people gain competence through apprenticeship or business education before venturing.

WEAK BUSINESS PLAN: Some people don’t have business plans at all! Those that have, have weak business plan.

A strong business plan has a lot of thought given to it. It is flexible, answers a lot of questions and is ever evolving as things in the market place change. Things that used to work last year may not work this year. So a smart business man is ever so sensitive to trends and keys into the trends and flows. Today, it is the social media craze and e-com-

merce wave and rave in Nigeria.

Who knows what it will be next year or five years from today? At the end of the day, an effective business plan is not on paper, but in the mind of the entrepreneur.

It may start there on paper but must constantly be erased and rewritten.

POOR RECORD KEEPING: Financial intelligence is not just about making money but about managing money. It is also about multiplying money. Making money is easy: Just sell something valuable in the market place again and again, increase your distribution network and business success is yours. But managing your business’ resources is just as important. Keeping records of every Naira that comes in and leaves the company, tracking what activities takes your resources the most, focusing on key business activities that help increase sales, are ways to manage your resources.

WEAK BUSINESS MODELS: What kind of business are you venturing into? If your business doesn’t have frame and structure, well thought through systems, business plan and strat-

egy, it is a fragile and a weak business model and it is sure to fail.

If you fail to study your environment and meet needs of people who can come back again and again then your business model is weak and will fail. A strong business model has repeat order customers. Businesses that are just focused on service are not as strong as businesses that have both services and products. Let’s say you are in the entertainment business. You sing around concerts and get paid. If you don’t have a product you can also sell you will limit your success.

NO BRAND CONSCIOUSNESS: Branding is not packaging. Doing fancy logos and using colours and packages doesn’t brand you. Branding is the perception your customers have of you. So you have got to define your brand and your brand strategy to succeed. I have often said that we have very few business men in Nigeria. We have contractors and political/business lobbyist. The reason we don’t have businesses that have lasted up to 50 years in Nigeria is because must businesses here are survival focused, success focused and not generation focused.

Creating a Breakaway Brand

Folu Adeyeye is a Creative Strategist at Headstart Consulting Limited. He writes about businesses, brands, innovation, and design. He lives in Lagos, Nigeria. foluadeyeye@gmail.com @foluadeyeye www.about.me/foluadeyeye www.madeinheadstart.net

T

here are thousands of brands in intense competition with one another for the major share of mind space and pocket spend of their target audience. What is created is a crippling economy of “look alike” brands swimming around in a sea of grey. These brands merely capture just enough mind share to keep them afloat; but that’s all they get – just enough mind space. They end up becoming obscure, then obsolete and eventually fizzle out without so much as a whisper. However,

some brands overcome the tides of this competition and emerge as leaders of their category. These brands successfully breakaway from the sea of grey and make a fortune in the process. I’ll share with you exactly just how they achieved this.

Only a few brands rise above the commodity status.

These brands are recognised by everybody, they stand out in a crowd and others live in their shadows. These brands are Breakaway Brands. Your brand can easily achieve breakaway

status by following these 5 simple steps.

A Breakaway Brand Thinks Different In the late 1990s, Apple Computers created a campaign theme that was centred on thinking different. Rather than promoting computers, the campaign showed images of Einstein, Picasso, Ghandi and other luminaries who, by “thinking different,” changed the world. By celebrating these great achievers, the company identified itself as one that could think different.

Around the same time, Nike, the

famous maker of sportswear, launched the :Just Do It” campaign which helped them identify with athletes who just did it! These are only some of the numerous examples of brands who thought differently about connecting with their audience.

Rather than bore their consumers with long narratives of product features and discount offers, they showed how their brand represented a broader spirit and a dedication to excellence.

Thinking different requires that your brand be ready to take risks,

explore new borders, and forge ahead into new territories. You need to set the pace, not follow it!

A Breakaway Brand is Positioned for Success The importance of positioning cannot be overemphasised. Effective brand positioning presents a different kind of challenge in the modern world. At a time when consumer desire and demand drives marketing, brand positioning can determine product adoption and success. The problem is that most brands are too C O N T I N U E D O N PA G E 4 4

44 BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, April 7, 2014

8 small business ideas you can start or invest in C O N T I N U E D F R O M PA G E 4 2

individuals. It is even easier these days that the templates are available online.

You greatest competitive weapon in this sector is integrity and timeliness.

There’s wisdom in starting an event center A drive round the city of Lagos would show the speed at which event centers are springing up. I know the situation is not different in other cities and towns around the country. We just can’t seem to get enough of it. From Ikeja to Lekki, Kaduna to Yenogoa, no day passes without one form of event or the other taking place. Workshops, weddings, product launches, church events, trade exhibitions, political events, you name them. The increase in the number of these centres has made the business even more competitive. How can you get involved? You need to be more observant as you move around town because you can’t see what you’re not looking for. And what are you looking for? Strategic locations! Banks are now ever willing to give money to people who want to put up temporary event structures on an undeveloped land. You can also come together with some other investors to buy over a property and renovate to taste. For as long as events continue to hold, event owners and managers will continue to be in business.

Who doesn’t know security is big business?

Security business has become big business in Nigeria today. No thanks to the Boko Haram insurgency and the likes. While you may not have the clout or connection to set up a security outfit to outsource security personnel to companies and private residences, you may choose to go into the security gadget business. Close circuit cameras, security doors, alarm gadgets, just to name a few, are selling like hot cake. Even fashionable security items like pepper sprays have become a big hit. I saw a sales promotion on an online store the other day and I was not surprised at the number of ladies who placed orders. Browse the internet for the latest security gadgets.

A drive round the city of Lagos would show the speed at which event centres are springing up They are increasingly becoming personal. Even if the gadgets saturate the market, there’ll always be demand for something new and stylish. You can be a core or sub distributor in Nigeria.

Crop and livestock Farming They are called agropreneurs. A new crop of men and women who have seen the need to go back to the farm and proC O N T I N U E D F R O M PA G E 4 3

duce food and livestock for an ever growing population. Farmers can never go out of businesses since food will always be in high demand. Thanks to the Federal Government’s support for this sector, more and more people are going into farming.

You only need the know-how. Banks like the Bank of Agriculture are currently giving out loans to agricultural cooperatives. Investors also abound. Question is; are you willing to go back to the farm.

I know quite a number of suit-wearing folks who make money from livestock farming. While many still complain the job is not corporate, lots of young folks who are wise enough have learnt to get dirty in their overalls and clean up in time for a corporate meeting with an

investor. Snails, chickens, goats, cows etc still top the list of animals reared for profit.

There’s nothing wrong with agro-products exportation Have you noticed how commodity export trainings have suddenly become the in-thing in Nigeria? Truth is there’s lot of money in it. Just don’t fall into the wrong hands. From Garri to groundnut and ginger, there’s vast opportunity created by multiple layers of demand in Asia and Europe. I’ll suggest you check out the news for genuine workshops on agro-product exportation. You’ll also do well to work with individuals and organisations that enjoy great referrals.

Creating a Breakaway Brand

short-sighted to position themselves just right. Most brand categories already have clear leaders. What a new brand seeking to survive within this category is to create and exploit a counter-position to succeed.

The alternative is to create a sub category and target a smaller audience. A classic example is the case of two car rental companies: Hertz and Avis. Hertz Car Rental Company was clearly the leader by many standards. Avis, on the other hand, positioned itself as number 2 in that category with the realization that it was almost impossible to displace Hertz. So Avis created a new positioning as the company that “tries harder.” Avis drove a wedge between the two companies and maintained its “second only to Hertz” perception for many years, which ironically put them in better consideration than Hertz.

A Breakaway Brand Continuously Innovates Product innovation and advertising have over the years been shown to be very key for brands willing to break away from mediocrity in its category. Breakaway brands are those that continually innovate. They do not rest on their laurels or achievements, because they could lose their dominance to a more innovative brand. Likewise, an unknown brand

could catapult to the top of its category by strong product innovation and aggressive advertising. Overtime, this lesser brand could itself become the category leader.

For example, brands like Pepsi and Coca Cola maintain their leadership maintain their leadership by introducing new products and new experiences in order to keep their brands to-of-mind.

A Breakaway Brand Connects With Its Audience A breakaway brand forms as emotional connection with its audience and maintains it. The brand needs to understand and identify its role in the lives of its consumers and use that to form emotional connection. This means that the brand’s attributes match the real needs of the target audience. For example, the American Idol brand used youthful appeal to lock in its target audience – young people. The brand moved from just being a TV show to becoming a lifestyle experience. Moreover, the brand literally “empowered” its audience by allowing them, with their votes, to select the winner of the competition.

A Breakaway Brand Establishes Leadership At a time when there were so many

manufacturers, distributers and resellers of computers, Dell Computers was bent on breaking away and leading its category.

So the company created a new business model: mass customisation of computers and selling them directly to consumers with no middleman. Dell used its “build to order” strategy that eliminated costs associated with middlemen to deliver tailored customer service. They achieved this by using the knowledge gained from direct contact before and after sale with the customer. By doing this they offered the customer only what the really needed and for cheap. This model allowed it to innovate and introduce relevant technology faster. The business also had the highest inventory turnover!

Many brands focus on short term gains at the expense of long term goals.

Don’t. While it is great to pluck the low hanging fruit from time to time, it should never be at the expense of a broader, longer term achievement. A breakaway brand thinks differently from its peers, succeeds at strong positioning within its category, tirelessly innovates, has a firm grasp of key audience needs, and does not fail at establishing category leadership.

B ULSI BIRNA REY S S What are you reading this week?

Entrepreneurs who lead, read. Here is one book you should read this week.

BUILT TO SELL

Creating a Business That Can Work Without You

By John Warillow

M

ost entrepreneurs don’t think about selling their businesses until it’s time to leave, which is a big mistake. As John Warrillow shows in this highly readable book, you’ll adopt sounder business practices if you build to sell from day one.

Not only will you wind up with a better, stronger, more valuable company, you’ll also put yourself in a position to earn a larger financial reward if and when you do decide to sell. Small businesses need this book. John’s book is an entertaining, to-the-point way of showing them how to do it. - Culled.

For feedback and Information Please contact the Project Coordinator: ENTREPRENEUR Phone: +234 803 721 9064 | +234 809 551 0411 | Email: mailyourthoughts@gmail.com | www.book-brands.com

METRO

pril 7, 2014

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21

Car kills woman on Lagos–Ibadan Expressway Camillus Nnaji

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t will be too early and it with politics. It is unhis part of the world that ing like that happens, y link it with one politie other. We have to wait onclude their investigan, we may not know the d the killing.”

yet-to-be identified middle-aged woman was crushed to death while trying to cross the Lagos – Ibadan Expressway.

The incident occurred at Mowe bus stop on when the woman and her two children were said to be returning from the monthly Holy Ghost of the Redeemed Christian Church of God (RCCG).

But while the woman reportedly died on the spot, her children were rushed to the hospital where they were, at press time, still receiving treatment.

The body of the woman A witness said the woman held the hands of her two daughters while they sustained injuries, were unconscious wanted to cross the expressway. until when they were taken to the hosHe said: “Probably she did not look pital.” properly as she was hit by a car. She The man asked the government died instantly while her children, who or the RCCG to provide a pedestrian

Muhammad Kabir

oups clash Management Authority (LASTMA).

The group allegedly reinforced and came back a few days later, attacked officials of the Neighbourhood Watch and destroyed council property worth millions of naira.

But denying the allegations, a policeman attached to the Area ‘E’ Command, who craved anonymity, said the increase in crime in Festac Town led to the formation of the Amuwo Youth Community Policing Vanguard. The source said the state Commissioner of Police, Umar Manko, inaugurated the group to assist the police in combating crime in the community.

He said: “After a while the council chairman promised to give us a Hilux patrol vehicle, not knowing that he wanted to drag us into their political party.

“We stood our ground and told him that we are not politicians; not yielding to his request is the result of what you are seeing today. “We have elite, professionals, business moguls, captains of industry among us. We are not touts as being claimed by the council.”

Kano

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member of the notorious transSaharan car robbers has been shot dead in a gun duel with police in Kano.

The suspect was said to have engaged the Inspector General of Police Anti-Robbery Squad unit and the famous armed robbers’ hunter, Alhaji Ali Kwara, in a shootout.

The suspect, according to Kwara, was one of the most wanted transSaharan car-snatchers terrorising motorists in parts of the country and

bridge at the junction to prevent incessant accidents there.

Another witness, who identified himself as Pastor Victor Isibor said many people had been killed at that

spot.

He said: “The junction is an evil altar for causing accidents like the one that took place now.”

When contacted, the Divisional Crime Officer at Mowe police station, Mr. Aliu Shaba, confirmed the incident.

He said the woman’s body had been deposited at the Sagamu General Hospital mortuary by the police and officials of the Federal Road Safety Commission (FRSC).

According to him, the two children were taken to Iyaniwura Medical Centre and Onyi Medical Centre in Mowe.

At Iyaniwura, the hospital staff told our correspondent that one of the two children brought there had been discharged and taken away by her father, identified as Mr Samson.

Robbery suspect dies in shootout with police the neighbouring countries.

The gang snatched a Toyota Corolla car with registration number FN 179 ABJ, belonging to a resident of Abuja identified as Asima E. Tailor.

Kwara told journalists in Kano yesterday that one of the robbers mandated to dispose the car engaged the police in a shootout. The suspect, according to him, died in the gun duel, while the police recovered two pistols from him.

He said because of the cooperation between him and the IG’s Anti Robbery

Squad, they were able to reduce cases of car-snatching and other criminal activities in the zone.

Kwara also disclosed that the Corolla car is now with the Kano Command, urging the owner to come forward with all the relevant documents.

He also condemned attacks allegedly

by Fulani herdsmen on innocent citizens and called on the authorities concerned to quickly nip the ugly trend in the bud.

The armed robbers’ hunter advised that grazing belt should be created by

the government for the nomadic Fulani which would reduce frictions with farmers.

He said: “I was aware of the problem between famers and Fulani herdsmen since when I was young. But unfortunately, nothing much has been done to the Fulani to keep them away from the famers’ farmlands.

“Now that there is an escalation in the problem, government must do something to stop the wanton killings and destruction of property.”

Lagos may demolish Fasehun’s N40m bridge Muritala Ayinla

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here are indications that the Lagos State Government may soon demolish the N40 million bridge linking Okota area of Isolo Council with Jakande Estate area in Ejigbo.

This is even as the government also planned to demolish a structure allegedly built by Synagogue Church on the Egbe Canal.

The bridge, which is also known as the OPC Bridge, was constructed by the Odua Peoples Congress (OPC) leader, Dr Frederick Fasehun.

Although the residents of the area and commuters pay to access the bridge, Fasehun had said that the bridge was his own contribution to the society.

But it was leant that the bridge might hinder the jetty services of Ejigbo Local Council Development billed to be inaugurated in the next two months.

Some of the council officials, who spoke with NT Metro during an inspection of the area by state officials, said unless the government took over the bridge, the jetty service might be put

on hold.

The officials, who spoke on condition of anonymity, also said that Lagos State Executive Council would soon deliberate on the matter.

It was also gathered that fees charged on the bridge differ, depending on the type of vehicles.

According to a resident, who identified himself as Mutiu Badejo, jeep pays N200, car (N100), while pedestrians pay N30 to cross the bridge.

“There is no way the bridge will not affect the jetty project that we are bound to commission in the next two months. That is why we led the state government officials to inspect the bridge.

“It takes the boat nine minutes to get to FESTAC jetty from Oke-Afa, 16 minutes to get to CMS on Lagos Island and 30 minutes to get to Ibeshe Island.

“The long hours wasted by our people are no longer necessary. That necessitates the urgent opening of the Oke-Afa - CMS waterway to provide alternative to the road network,” a senior council official, who pleaded anonymity, said.

Governor Babatunde Fashola is keen on the opening of the waterway following the success recorded in the opening of the Badore - Ikoyi and other waterways.

But commenting on the bridge, the Commissioner for the Environment, Mr Tunji Bello, said the government was yet to deliberate on it.

He, however, urged the council chairman to forward a report of the situation to the government, after which necessary steps would be taken.

Bello, who also inspected a structure allegedly erected by Synagogue Church on Egbe canal on Ailegun Road disclosed that the government would have no choice but to demolish it.

The bridge

He said the building was located on the right of way of water, adding that the continued existence of the structure was an invitation to flood disaster in the area.

Meanwhile, residents of the abandoned drainage channels in the area are calling for the sack of the contractors, saying the development was compounding the perennial flooding, which often sack them from their houses.

“We want government to sack the contractor; the drainage channels have since been abandoned. We are confronted with flooding whenever it rains. So, government must give the drainage channels to a committed contractor,” one of the residents, Mr Kayode Shogunro, said.

46 NEWS

LESSON

Asks government to learn from how the kidnappers were forced to release him

Joe Obende Warri

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avouring freedom, Ebikeme, son of Ijaw leader and former Federal Commissioner for Information, Chief Edwin Kiagbodo Clark, has been recounting how he regained his freedom from his abductors.

Speaking with newsmen on phone yesterday in Warri, Ebikeme disclosed that he was released on the orders of ex-militant leader, Chief Government Ekpemupolo

Monday, April 7, 2014

Clark's son: Tompolo ordered my release (Tompolo).

Ebikeme, who spent four nights in the hands of his abductors, said that the hoodlums were ordered by Tompolo to immediately release him or risk paying with their lives.

The kidnappers had on Thursday contacted the Clark family that their son, Ebikeme, kidnapped last Wednesday would only be released on the payment of N60 million ransom.

Ebikeme insisted that no ransom was paid to the kidnappers for his release.

His experience, he said, was an ordeal no one should pray to experience.

According to him: “They were ordered by

their leaders; Chief Government Ekpemupolo, alias Tompolo and Chief Boro Opudu to free me.

I was freed at about 12 midnight (Saturday). No ransom was paid. There are people these boys listen to or they risk losing their lives. ”It couldn’t have been pleasant. All I know is that they have people in the community aiding them to keep people. You eat anything you are given and you don’t expect it to be good enough. I was taken to a community somewhere near Bayelsa State."

Asked if there was a political angle to his abduction, Ebikeme said, “anything is possible. You don’t know the hearts of men.

People can do anything and I won’t be surprised if it is so."

The Delta State Police Public Relations Officer, Celestina Kalu, a Deputy Superintendent of Police (DSP), confirmed Ebikeme's release yesterday by phone.

According to Kalu, "the kidnappers knew their game was up as we were closing in on them. He has been released. You know Police arrested one of the suspects and the suspect told us the gang that kidnapped Ebikeme. The gang leader happened to be one of Tompolo’s boys.

So, they called on Tompolo. They know how they do those kinds of things and they just have to release

L-R: Immediate Past Chairman, Nigerian Society of Engineers, Ikeja Branch, Engr. Bola Akinribido; new chairman of the Branch, Engr. Adeolu Ogundare; President, Nigerian Society of Engineers, Engr. Ademola Olorunfemi and Past Chairman, Engr. Margaret Oguntola at the Investiture of Engr. Adeolu Ogundare as the 11th Chairman of the society in Lagos… at the weekend.

him. No further arrest has been made.”

An arrested suspect in police custody, she disclosed, was "providing useful information to the command as well as giving us the names of those who committed the atrocity."

The Clark family had Saturday given the abductors an ultimatum and a

warning to release their son unconditionally or face war.

The homes of Clark in Kiagbodo in Burutu Local Government Area of Delta State and in GRA in Warri have been receiving scores of persons to felicitate with the family over the release, with many dancing and chanting praises to God.

Legislator protests APC's ward congress in Gombe

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member of the House of Representatives, Alhaji Khamisu Mailantarki (APC), representing Gombe/ Kwami/Funakaye Federal Constituency of Gombe State, has protested against the conduct of APC’s ward congress in the state.

Mailantarki told the News Agency of Nigeria (NAN) in Gombe yesterday that he and some prominent stakeholders of the party in the state were sidelined in the meeting with committee members who conducted the congresses.

He said that he and other party stalwarts were surprised to hear that the committee had met with some stakeholders before the conduct of the congress without their knowledge.

According to him, he and some members of

the Gombe State House of Assembly and the deputy national women leader of the party are not informed of any precongress meeting.

The lawmaker noted that following the development, many of the aspirants who had paid fees for nomination forms in designated banks were denied the forms, thereby excluding them from contesting for their chosen positions.

According to him, the disenfranchised aspirants have their payment tellers.

He alleged that ``a few groups of 10 to 20 people moved in cars from one ward to another, writing results.’’

Mailantarki said he had complained to the committee members whom he said were misled in meeting a section of the party members.

Joe Obende

mittee had been set up to oversee the burial plans of their deceased son.

The statement issued at the end of a family meeting held At Araya Bible Site Road, Araya, Isoko South Local Government Area of Delta State, stated that the family had not mandated any individual or group of individuals to oversee the burial plans of the late business mogul.

According to the statement: "The family is yet to meet with regards to the burial of our late father, uncle and brother.

APC chieftain advises party to put date for Ubeku's council congress on hold in Lagos No burial yet – family

Temitope Ogunbanke

F

ollowing several complaints and protests that characterised last Saturday ward congress in Lagos, Deputy Chairman, House of Representatives Committee on Finance, Abayomi Ogunnisi has advised All Progressives Congress (APC) Congresses Committee in the state to put the upcoming local government congresses on hold.

Ogunnisi, representing Ifako-Ijaiye Federal Constituency of Lagos State in the lower cham-

ber of the National Assembly also called for cancellation of last Saturday ward congress held by the party in areas marred by protests and violence.

Speaking to journalists in Lagos, Ogunnisi said that issues from the ward congresses if unresolved would lead to unimaginable crisis within APC in the state and therefore advised the party against going ahead with the local government congresses without resolving all issues that emanated from the ward congress.

His words: "The mas-

sive protests across most of the local government areas is proof of the sham congresses held in the state. In my ward, Ward C in Ifako-Ijaiye, the congress did not hold due to fights among members over allegations that some people wanted to manipulate the polls.

"I personally sent in a petition over it and will oppose any result issued from that ward or any other where congress did not hold. The violence that trailed the congress is a warning that the people are no longer ready to accept rigging or ma-

nipulation of any form."

The APC chieftain also pointed out that the success of the APC as a party would be highly dependent on the confidence the members repose on the ability of the party's leadership to create a level playing ground for all contestants at all levels.

"As a new party, we must be careful what we do, especially at the grassroots level. The extent of disagreements and anger is enough to show that those in charge of the congresses must sit up to ensure that justice prevails," he said.

Warri

T

he family of the late former Managing Director of Guinness Nigeria, High Chief (Dr) Abel Kpogidi Ubeku, has said that no date has been fixed for the burial ceremony of the politician , as no committee has even been constituted to that effect A statement signed by the brother of the late Ubeku and head of the family, Pastor Elkanah Ubeku on behalf of the family, said that no com-

47

Sanctity of Truth

Monday, April 7, 2014

APC demands scrutiny of NNPC’s swap programme Count us out of strike threat,

NUPENG urges Nigerians Yekeen Nurudeen Abuja

T

he All Progressives Congress (APC) has called on the National Assembly committees probing alleged revenue losses and sleaze at the Nigerian National Petroleum Corporation (NNPC), especially through the crudeoil-for-refined-product barter programme, to beam their searchlight on the activities of the two companies involved in the programme, in view of recent developments concerning the firms.

The party in a statement issued in Washington DC, United States, yesterday by its Interim National Publicity Secretary, Alhaji Lai Mohammed, said the call was necessitated by the fact that the two firms involved in the swap programme, Taleveras and Aiteo, recently submitted the highest and unmatched bid of $2.85 billion for the largest of Shell Nigeria’s four oil blocks slated for sale, the Oil Mining Lease (OML) 29, which Shell is selling with its 97-kilometre Nembe Creek oil pipeline.

It described as simply incredulous the fact that the two firms, with a track record as oil marketers (not explorers) of less than five years, could make such a huge bid, adding that this has put into a glaring context what may be the opacity of the barter programme under which the NNPC exchanges a huge chunk of the 445,000 barrels per day - which the government allocates for domestic refining - for refined petroleum products.

“This bid by the two upstart firms must attract the attention of the various National Assembly committees, including the House committees on downstream, upstream and justice and the Senate

Committee on Finance. ‘’How is it possible that these two companies that were nowhere prior to now have metamorphosed, in just five years, to become companies that can buy assets of $2.85 billion? Is there a link between this sudden leap in fortunes and the possible underhand dealings in the swap programme, considering they are the two firms involved in the programme? Is it a coincidence that while Nigeria as a country continues to get less and less from the programme, those who service the programme are feeding fat on it?

“Is there any link between the stupendous wealth of these firms and the ever-expanding huge revenue losses going on at the NNPC? How did it happen that Taleveras and Aiteo have, in less than five years, grown from obscurity into the oil sector hegemony by simply exchanging crude oil for equivalent refund of petroleum product?

And is there a link between the activities of these firms and the alleged missing $20 billion oil funds?

“Nigerians will also like to know how the highest bidders on the OML 29 are not big industry players but some deal-making firms? How did swap become the most lucrative sub-sector of the oil and gas market in Nigeria? These and other questions are begging for answers, and we do hope the committees will help provide the answers,’’ APC said.

The party said it would also be necessary for the committees to have a good look at the five-year audited report of the two companies to know the source of their record-breaking earnings and achievement, within such a short time of their active participation in the industry.

L-R: Plant Manager, Benin Brewery, Guinness Nigeria, Mr Kingsley Imade; Responsible Drinking Manager, Guinness Nigeria, Mrs Chukwunonso Ndukwe and Zonal Commanding Officer, Federal Road Safety Corps (FRSC) Zone 5, Benin City, Assistant Corps Marshal Nseobong Akpabio, during the Road Safety and Responsible Drinking Easter Awareness Campaign organized by Guinness in partnership with FRSC, Edo state …at the weekend

Group warns Jonathan against emergency rule extension WARNING

Don't extend emergency rule in Borno, Yobe and Adamawa Ibrahim Abdul Yola

A

s the second six months of the emergency rule slammed on three north eastern state comes to an end,a Human rights group,

Rights Monitoring Group (RMG), which is a coalition of 45 Civil Society Organisations has called on President Goodluck Jonathan not to extend the emergency rule in the three states, but rather be focused on the solution to the problems.

The second six months of emergency rule would end on April 19, in the three north eastern states of Borno, Yobe and Adamawa.

The Boko Haram Sect has increasingly car-

ried out terrorist acts in the three states resulting to the killing of hundreds of residents, including college students. Reports say no fewer than 1,500 people were killed in March alone.

The group, which among others is committed to human rights and the reduction of human rights violation was in Adamawa on facts findings mission where it noted that the emergency rule introduced in the three states was not

necessary and had not yeilded any result.

Speaking in Yola, the national coordinator of the g roup, Mr Olufemi Aduwo, regreted that with the death of over 1,200 Nigerians from January to March 2014 as a result of insurgency and counter-insurgency measures by the military, Nigeria now ranks high among the countries with high rates of deaths from insurg ency in the world.

NIS recruitment tragedy: Minister apologises to Nigerians Johnchuks Onuanyim Abuja

T

he Minister of Interior, Comrade Abba Moro, at the weekend apologised to Nigerians on the death of some applicants during the recent recruitment exercise of the Nigeria Immigration Service.

According to the Minister, it was regrettable that the exercise that was meant to provide jobs for some Nigerian youths turned out to become a national tragedy.

About 15 job seekers all over the nation lost their lives in the recruitment exercise and that attracted

negative reactions against the Minister and the Ministry.

But the Minister, who had absolved himself of blames on the issue called on Nigerians to show high sense of understanding on the issue as he wouldn't in any way be part of anything that would derail the transformation agenda of President Goodluck Jonathan and the dreams of the Nigerian youths to contribute to the development in terms of working for the nation.

The embattled minister said he took responsibility for the March 15 ill-fated

event, stating that he would not in any way join issues with anybody even when it was obvious their accounts on the recruitment exercise were not true. Fielding questions from correspondents, Moro said, "For me and like I have said, it is a personal loss because the exercise in the first place took place within the Ministry of Interior, which was organized by the ministry and its services.

"So, whatever consequences, positive or negative that have come- and in this instances negative - I as the Minister of that ministry under whose purview

this exercise took place where people lost their lives, certainly take full responsibility.

"I want to say repeatedly that the death of these young Nigerians, who would have added value to human resource asset of this nation is highly regrettable and for the families of those who lost their lives, I insist that my heart goes out for them because I am a father and l know how it feels to lose a child.

"If I have the capacity to turn the clock back I will certainly do it and these children will be alive today.

48 NEWS

Sanctity of Truth

Monday, April 7, 2014

Adamawa monarch bans Indian hemp, others Ibrahim Abdul Yola

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aramount ruler of Bachama Kingdom in Adamawa State, Hama Bachama Humon, Honest Stephen, has banned the hawking and consumption of locally brewed gin popularly know as burukutu and Indian hemp in the entire kingdom, threatening to punish defaulters.

This was coming on the heels of the growing concern over the ways and manner such substances were manufactured and consumed in almost all the communities across the state with its attendant health consequences.

The monarch, who made this known while addressing his subjects at the just concluded second Kwete Cultural Festival 2014, held in Lamurde Local Government Area, warned that

the Bachama traditional council would not take it lightly with anybody apprehended hawking the substances, adding that the measure was aimed at promoting social values and a clean environment.

“Hawking of these substances in whatever disguise is banned and anyone found hawking them would be arrested and handed over to the authorities for prosecution,” he threatened.

He said the council had notified all traditional rulers under the kingdom and security agencies for effective monitoring and enforcement of the ban.

To this end, he called on stakeholders in the area to co-operate and support the traditional council in its efforts to rid the society of such substances while charging youths to desist from drug trafficking.

Fayemi extols Olayinka's virtues Adesina Wahab Ado-Ekiti

E

kiti State Governor, Dr. Kayode Fayemi, has described his late deputy, Mrs. Funmilayo Olayinka, as a selfless woman who lived for the people.

Speaking yesterday at the first year remembrance service held for the late Olayinka at the Cathedral Church of Emmanuel, Ado-Ekiti, the governor lauded the people of the state for continually showing their love to her and the family she left behind.

Fayemi called on civil servants and political office holders to dedicate themselves to the service of the people, saying Olayinka would forever be remembered for her sense of commitment and dedication to the people.

He said; “We have a lot to emulate in her life of service to the people; and for those of behind in the public service, this is a remarkable moment

to serve our state with integrity and dedication.”

The governor, who extolled the virtues of his late deputy, urged the people of the state to continue to dedicate themselves to the qualities she stood for.

Wreaths were later laid at the late deputy governor’s cenotaph by her husband, Mr. Lanre Olayinka, her three children and the wife of the governor, Erelu Bisi Fayemi. Earlier in his sermon, Venerable Reverend Bankole Olarewaju, urged members of the congregation to show sincerity in dealing with their fellow men.

The cleric, who advised the people to be heaven conscious, said material things of the world would perish with it.

While urging the people to be mindful of their actions, Rev. Olarewaju said everybody would give account of his or her deeds as death is inevitable.

Owa Obokun of Ijeshaland, Oba Adekunle Armolaran (left) and former Governor of Abia State, Dr. Orji Uzor Kalu, during his visit to the royal father in Ilesha, Osun State…yesterday

Onitsha Park ownership: Court threatens prison for IGP, others ORDER

MicMerah International Agency lays claim to Upper Iweka park

Uwakwe Abugu Awka

A

Federal High Court sitting in Awka, has served a notice of committal to prison (Form 48) on the Inspector-General of Police (IGP), the Anambra State Commissioner of police and two others This is as a result of disagreement over ownership of a percel of land at the upper Iweka axis of the Enugu-Onitsha ex-

l Obiano warns against trespass pressway over which there wasa court order directing the respondents to allow the applicant make use of the property.

The ownership and use of the land has for some years been the subject of litigation between the Anambra State government and Micmerah International Agency.

Micmerah claims to have leasehold on the land from the Federal Government.

The order was issued at the Federal High Court 1, Awka, presided over by Justice Isah Gafai and was said to have been served on the respondents before last Friday.

Chairman of Micmerah

International Agency, Chief Michael Emerah, had obtained the court order following his inability to fully claim the land for his transport business even after the Federal Ministry of Works and Housing had in the year 2001 leased the property to his firm for a period of 99years.

State Governor, Chief Willie Obiano, who has been drawn into the running controversy, last Tuesday, issued a warning that the state government would not tolerate any move from any quarters to trespass on government property.

The governor had supervised the demolition of

a motor park constructed on the triangular parcel of land by the applicant, who at the weekend, showed newsmen relevant documents purporting that the property was actually leased to him by the Federal Government for use as a motor park.

Entitled; “Notice of consequence of disobedience of court order,” dated March 31, 2014 and signed by the Court Registrar, the committal notice reads in part: “Take notice that unless you obey the directions contained in this court order, you will be guilty of contempt of court and will be liable to be committed to prison.”

Kalu, an uncommon politician – Soun

T

he Soun of Ogbomoso land, Oba Jimoh Oladunni Oyewumi, Ajagungbade at the weekend heaped encomium on eminent businessman and former Governor of Abia State, Dr. Orji Uzor Kalu, describing him as an uncommon politician.

Oba Oyewumi made the remark in his palace when Kalu paid him a visit.

Kalu, who was installed as the Aro of Ogbomoso land by Oba

Oyewumi 12 years ago, was not at the chieftaincy award ceremony as he was out of Nigeria then.

Kalu’s visit, was therefore his first since the conferment of the chieftaincy title.

Oba Oyewumi said Kalu had demonstrated the qualities of a good leader with his conduct before, during and after his gubernatorial tour in Abia State.

Kalu, the Oba said, he remains an astute businessman with a ca-

pacity for helping those in need. Responding, Kalu, whose Special Adviser, Prince Oyekunle Oyewumi, is the son of Oba Oyewumi, was full of gratitude to the revered monarch for finding him worthy of such a title.

He said his visit was not a political one, but in continuation of his bridge building efforts across religious, political and ethnic divides.

He said he had visited some other parts of the

country, including the North, and would continue to do so in the bid to ensure that the country remains one. He told newsmen when asked if his visit was connected with the 2015 elections: “You know me that I shoot straight and say it the way it is.

“I am not set for politics. I am only conferring with traditional rulers all over the country.

The country is so dear to my heart. We must live peacefully."

NEWS 49

Monday, April 7, 2014

Morocco's unions protest austerity plans

T

housands took to streets, yesterday, in Casablanca, Morocco to protest against austerity policies and deteriorating living standards.

Thousands of workers, teachers and civil servants protested austerity plans put in place by the Moroccan government to control runaway spending.

During the Sunday march, police mounted on motorcycles swooped down and arrested sev-

eral activists that used the rally as an occasion to denounce the all-powerful monarchy.

Criticism of the elected government in the North African kingdom is tolerated, but not of the hereditary monarchy itself, which the activists claimed was corrupt.

An estimated 8,000 people heeded the call from the three main labour unions to demonstrate in the country's economic capital, as relations between

the labour movement and the government worsened.

"We demand the protection of our standard of living," declared one sign carried by protesters. "No to raising the age or retirement," said another, anticipating controversial planned reforms of retirement benefits.

Faced with unrest in 2011 during the Arab uprisings, the previous government raised salaries and benefits, nearly bankrupting the country.

The budget deficit rose to seven percent of GDP in 2012 as subsidy spending rose to $6bn a year.

Under pressure from international lending institutions, it fell to the newly elected Islamist-led government of Prime Minister Abdelilah Benkirane to end subsidies on gasoline and gradually reduce them on diesel.

The unions have opposed these moves, saying it hurts

Death toll rises to 25 as Egyptian tribal clash resumes

New PM appointed in Mali as entire government quits

A

T

wo people were killed yesterday when tribal clashes flared for a third day in the southern city of Aswan, security sources said.

At least 25 people have now been killed in the violence between members of the city's two big tribes, the Nubian and the Arab Beni Helal clans.

The prime minister and interior minister travelled to Aswan on Saturday afternoon to try to quell the tension as residents demanded an end to the bloodshed.

The two sides fought with guns and petrol bombs, and several houses and shops were burned to the ground before the police and army were able to briefly stop the fighting on Saturday morning.

Nubian clan members blocked a main street with burning car tyres on Sunday and members of the Beni Helal tribe set ablaze carts on another main road, witnesses said.

Aswan is a tourist city 900 km (550 miles) south of Cairo on the River Nile.

"We want the government to take action, not come for a short visit and go away," said Ahmed Rafeat, a Nubian who works in the tourist industry. "We ask for security, an end to the bloodshed and a curfew to be imposed."

Seventeen of the dead were from the Beni Helal clan. The army said on Saturday there were "signs of involvement" of the Muslim Brotherhood - the Islamist movement of deposed President Mohamed Mursi - in the strife.

The Islamist group denies any links to the violence that spread to many Egyptian cities after Mursi's overthrow last July.

low income groups.

"The government is attacking our standard of living by raising gasoline prices by 25 percent in the last 15 months alone, '' Miloudi Moukharek, head of the Union of Moroccan Workers said. "Reform should not be carried out on the back of the poor."

On Saturday, Benkirane told supporters the opposition parties were exploiting the union protests for their own ends.

Thousands take to streets in Casablanca, Morocco to protest against austerity policies and deteriorating living standards.

Cameroon forces search region for kidnapped priests, nun

C

ameroon's security forces yesterday swept the remote northern region where two Italian priests and a Canadian nun were kidnapped by suspected Boko Haram gunmen, a local government official said.

"We are everywhere. We have been on the ground since the abduction," local governor Awa Fonka Augustine told AFP without elaborating.

The attack occurred overnight Friday in the small parish of Tchere, in the far north of Cameroon across the border from an area of northeastern Nigeria that serves as a base for the Islamist Boko Haram group.

Cameroon's Defence Minister Edgard Alain Mebe Ngo'o travelled to the area on Saturday to personally take control of the search operation.

"All the country's exits (in the far north of Cameroon) were locked down after the

kidnapping," a security official said on condition of anonymity.

It was unknown whether the priests, named in media reports as Giampaolo Marta and Gianantonio Allegri from the northern Italian city of Vicenza, and Canadian nun Gilberte Bussier are still in Cameroon or whether they have been taken into Nigeria.

Cameroon security forces have blamed the attack on the Boko Haram, which has been implicated in several kidnappings in the past year.

Henri Djonyang, head cleric of the Maroua-Mokolo region where the three worked, said he had received no news since Saturday.

"We are on our way to Tchere to hold a mass to comfort the local people. Everything is in the hands of God. We pray and hope that they will be freed," he said.

Kidnappings of Westerners

have become common in the remote, insurgency-wracked corner of west Africa, where borders are difficult to control.

In November 2013, French Catholic priest Georges Vandenbeusch was seized by heavily armed men who burst into his parish at night and reportedly took him to neighbouring Nigeria in an attack claimed by the Islamist group.

Earlier in the year, a Frenchman employed by gas group Suez was kidnapped in the same area together with his wife, their four children and his brother, while visiting a national park.

The insurgency by Boko Haram, which aims to establish an Islamic state in Nigeria, has claimed thousands of lives since 2009.

In February, Abuja sealed a portion of its border with Cameroon to block the movement of insurgents and other criminal groups.

new prime minister has been appointed in Mali to succeed Oumar Tatam Ly, who has resigned from office - along with his entire government.

Ly was elected last year after a French-led military intervention ended an Islamist takeover.

His successor is a former presidential hopeful, Moussa Mara, who had also served as Minister of Town Planning.

Mara had been calling for more action to be taken to curb persistent instability in the north.

Security remains fragile in the north, the former base of the Islamist rebels who were driven back last year.

President Ibrahim Boubakar Keita has been facing international pressure to commence peace talks that could help stability.

Mara stood against Keita in the last presidential election.

He represents a new breed of Malian politician, according to the BBC's correspondent in Bamako, Alex Duval Smith.

A reshuffle had been expected, our correspondent says, but the departure of the entire government is a shock.

Mara's political career is the product of the country's town halls rather than elite French schools.

Ly

50 NEWS | WORLD

Monday, April 7, 2014

US sends warships to Japan to counter Nâ&#x20AC;&#x2122;Korea

U

.S. Defense Secretary Chuck Hagel delivered a two-pronged warning to Asia Pacific nations yesterday, announcing that the U.S. will send two additional ballistic missile destroyers to Japan to counter the North Korean threat, and saying China must better respect its neighbors.

In unusually forceful remarks about China, Hagel drew a direct line between Russia's takeover of Ukraine's Crimea region and the ongoing territorial disputes between China, Japan and others over remote islands in the East China Sea. "I think we're seeing some clear evidence of a lack of respect and intimidation and

coercion in Europe today with what the Russians have done with Ukraine," Hagel told reporters after a meeting with Japanese Defense Minister Itsunori Onodera. "We must be very careful and we must be very clear, all nations of the world, that in the 21st century this will not stand, you cannot go around the world and redefine boundaries and violate territorial integrity and sovereignty of nations by force, coercion and intimidation whether it's in small islands in the Pacific or large nations in Europe."

Hagel, who will travel to China later this week, called the Asian nation a "great power," and added, "with this power

comes new and wider responsibilities as to how you use that power, how you employ that military power."

He said he will talk to the Chinese about having respect for their neighbours, and said, "coercion, intimidation is a very deadly thing that leads only to conflict. All nations, all people deserve respect no matter how large or how small."

Still, he said he looks forward to having an honest, straightforward dialogue with the Chinese to talk about ways the two nations and their militaries can work better together.

The announcement of the deployments of additional destroyers to Japan came as ten-

sions with North Korea spiked again, with Pyongyang continuing to threaten additional missile and nuclear tests.

In recent weeks the North has conducted a series of rocket and ballistic missile launches that are considered acts of protest against annual ongoing springtime military exercises by Seoul and Washington.

North Korea says the exercises are rehearsals for invasion.

North and South Korea also fired hundreds of artillery shells into each other's waters in late March in the most recent flare-up.

Malaysia flight MH370: Search ships to verify signals

A

Malaysian Buddhists offer prayers for passengers on board the missing Malaysia Airlines flight MH370 in Kuala Lumpur... yesterday

Israel threatens unilateral moves against Palestinians

I

sraeli Prime Minister Benjamin Netanyahu threatened the Palestinians with unilateral reprisals yesterday, as the two sides met for lastditch talks with a US envoy on salvaging the peace process.

Israel will retaliate if the Palestinians go ahead with applications to adhere to 15 international treaties, the rightwing premier said.

"These will only make a peace agreement more distant," he said of the applications which the Palestinians submitted last Tuesday.

"Any unilateral moves they take will be answered by unilateral moves at our end," he told a weekly cabinet meeting.

Israeli and Palestinian negotiators went into talks with US envoy Martin Indyk

in the afternoon, a Palestinian source said.

He stressed there would be no change in the Palestinian position if Israel continued to refuse to free Arab prisoners.

The crisis erupted after Israel last week refused to release the fourth and last batch of Palestinian prisoners in line with an agreement struck with the Palestinians and the United States.

In a tit-for-tat move, Palestinian president Mahmud Abbas signed the applications, triggering Israel's wrath.

Israel says Abbas's move was a clear breach of the commitments the Palestinians gave when the talks were relaunched last July to pursue no other avenues for recognition of their promised state.

US Secretary of State John

Kerry, the driving force behind the talks, warned on Friday that there were "limits" to the time and energy that Washington could devote to the peace process.

But Abbas and Netanyahu have both ignored Kerry's pleas to step back from the brink, and Israel's prime minister asked for a range of retaliatory options to be drawn up.

The Israeli parliament is due to meet to discuss the crisis on Monday.

"The Palestinians have much to lose from a unilateral move. They will get a state only through direct negotiations and not through empty declarations or unilateral moves," Netanyahu said yesterday.

"We are prepared to continue talks, but not at any price."

Standing alongside Onodera at the defense ministry, Hagel said they discussed the threat posed by Pyongyang. He said the two ships are in response to North Korea's "pattern of provocative and destabilising actions" that violate U.N. resolutions and also will provide more protection to the U.S. from those threats.

On Friday, North Korea accused the U.S. of being "hellbent on regime change" and warned that any manoeuvres with that intention will be viewed as a "red line" that will result in countermeasures.

UK ship with sophisticated detection equipment, HMS Echo, has arrived in an area where a Chinese vessel searching for the missing Malaysian plane has twice detected a pulse signal.

Australia's HMS Shield is first investigating a possible third signal elsewhere in the massive search zone.

None have been confirmed as coming from the flight recorders of MH370.

Meanwhile, families of the missing passengers have attended a prayer service in Kuala Lumpur.

The plane disappeared four weeks ago with 239 people on board.

Investigators believe it crashed in the Indian Ocean although no confirmed debris has been found.

Australian co-ordinators said yesterday that new analysis of satellite data meant efforts would now focus on the southern part of the search zone, near where China's vessel is located.

Air Chief Marshal Angus Houston said China's Haixan 01 had redetected a signal for about 90 seconds on Saturday, within hours of it being heard earlier.

He said the latest discovery was about 2km (1.2 miles) away from the original pulse, and that China had also reported spotting white objects on the surface of the water about 90km away.

"The fact that we have two detections - two acoustic events - in that location provides some promise," he said.

However, he said these signals were "fleeting encounters" that could not be verified until the arrival of British naval ship, HMS Echo and Australian defence vessel Ocean Shield.

Both vessels have technology able to detect underwater signals emitted by "black box" data recorders.

Thousands of people, including families of the missing passengers, attended the prayer service in the Malaysian capital yesterday.

Report: Iran summons Greek envoy over rights vote A n Iranian news agency is reporting that the country's foreign ministry has summoned the Greek ambassador in protest of a human rights resolution by European Parliament.

The report yesterday by the semi-official Fars news agency says an official in the ministry called the resolution "uncalculated" and "against the interests" of both Iran and Europe. Greece is now heading the European Union.

On Thursday, the parliament reportedly passed a resolution expressing grave concern over the human rights situation in Iran, seeking the EU to include discussions about human rights in all of its interactions with Iran.

Iran's Foreign Minister Mohammad Javad Zarif criticized the resolution yesterday, saying Iran will not accept any EU parliamentary delegation into the country with such an agenda.

Perez Chukwumerije wins gold at Belgian Open Charles Ogundiya

T

eam Nigeria captain to the 2011 All Africa Games Perez Chukwumerije over the weekend clinched a gold medal at the 25th Belgian Opens, de-

feating Rob Van Der Ploeg of Netherlands 2-1. In the opening bout, he defeated Josip Mara of Croatia 14-2 in the semifinals, before completing the trilogy by flooring Hicham Massaoudi of Germany 4-1 in the final.

SPORT

AUTHORITATIVE VOICE IN GLOBAL SPORT

Athletes all over the world struggle to compete in the Grade One World Taekwondo Federation-sanctioned competition to amass points for their world rating.

Perez is brother and men-

tor to triple Olympian, Chika Chukwumerije, whose engagement with the National Youth Team to the 2014 Junior World Championships in Chinese Taipei, caused Chika to miss CONTINUED ON PAGE 55

NEW TELEGRAPH

Did you know?

ADEKUNLE SALAMI, DepUTY Editor, SPORTS

That Italian goalkeeper, Dino Zoff, was 40 when he became the oldest player ever to win the World Cup, at the 1982 tournament in Spain

newtelegraphonline.com/sports

kunle.salami@newtelegraphonline.com adekunles@yahoo.com

51

Monday, APRIL 7, 2014

nffâ&#x20AC;&#x2122;s hammer

Mark

Senate president shields keshi Keshi

Classy Everton whip poor Gunners

Okagbare opts out of Diamond League long jump

Adesokan sets new powerlifting record

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52 SPORT

Sanctity of Truth

Monday, April 7, 2014

Win over Toulouse Makelele: France in good tough, says shape for Brazil Enyeama Countdown to Fifa World Cup

Claude Makelele who now serves as an assistant to PSG coach Laurent Blanc in this interview with FIFA.com speaks on the chances of the French National team at the Brazil 2014 World Cup. The man capped 71 times by France also speaks on his new role at PSG.

Brazil is football. I think about samba, great technique, stepovers. I see goals, joy, spectacle, fun.

For Brazilians, playing is above all a pleasure. It’s something you hear a lot when you speak to them and that’s great.

You took part in the Annual Match against Poverty organised by Ronaldo and Zidane to help the Philippines.

Is participating in events like this important to you?

It’s important for every player. You get to see each other again, and for a good cause. I’ve always given a lot. What Ronaldo and Zidane are doing is exceptional: it opens people’s eyes to a specific issue, in this case the Philippines, and that allows people to see footballers in a different light. It’s not always easy for us players to explain ourselves.

This match is quite simply the best way to get Ekpo things done.

How are you finding life in the dugout, so soon after being involved in games like this as a player?

From the bench, I can see what’s happening quicker.

I’m able to predict what will happen – I know in advance. I went through it all as a player thousands of times, and that’s given me an acute sense of how a situation will turn out.

I can feel what’s about to happen on the pitch. When I was a Makalele player, I couldn’t really explain it; I just ‘lived’ the moment.

Now, it’s my role to explain, analyse and, above all, communicate.

France will not be among the favourites in Brazil,just as little was expected of them at Germany 2006.Will that give them an advantage?

I don’t know if you can compare the two. In 2006, three of us had just come back into the team at the last minute: ZinedineZidane, Lilian Thuram and myself. Those late returns didn’t cause tension or anything like that because what mattered for all of us in the squad was the idea of the France team itself, which was a special feeling. I think this generation has got that as well. If they’ve grasped that, it’ll give them incredible strength in Brazil. Reaching the final in 2006 was thanks to that little extra spirit we had.

That’s what made it possible for each individual to shine. If you want to go all the way in this kind of tournament, that’s absolutely necessary.

When someone mentions Brazil to you,what does it bring to mind?

Do you think it is essential for players and ex-players to get involved in broader issues?

We have an important role with regards to the world of football in general, and towards youngsters in particular. Because of the media scrutiny our sport comes under sometimes, people forget that we are human beings, that we have feelings and that we do things for the people close to us and also for different causes. Football players often get involved to help people in difficult situations. It doesn’t get talked about much and that’s a shame. In my own case, I take part in several charity activities, especially in Africa because that’s where my roots are.

When did you realise it was time to retire as a footballer?

I realised when I started acting like a coach on the pitch. I was giving instructions and trying to reposition everyone. I’d tell one player to calm down and another one to defend in order to hold onto a result, and as a result I was no longer fulfilling my role as a player who gave everything.

That’s when I understood it was time to pass on the baton. You can’t do everything, and actually I don’t really miss being on the pitch. It’s a bit crazy because I thought it’d be very difficult, but as I found myself in the dugout very soon afterwards I guess the change wasn’t too extreme.

What did you do immediately after deciding to hang up your boots?

The day afterwards, I went on holiday. It was a good way of marking the end but, even so, I remember that I was still thinking about football. I was wondering what I’d do; if I’d start coaching immediately or if I’d take a year off. I couldn’t do that, though, because football is my whole life.

Ifeanyi Ibeh

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incent Enyeama has described Saturday’s win over Toulouse as one of the toughest in his time at French side Lille after his side finished with nine players on the pitch but still defeated Toulouse 2-1 to cement third place in Ligue 1.

Former Chelsea forward Salomon Kalou inspired the victory by helping set up the opener for Nolan Roux before firing the second from the penalty spot. But in the space of a minute full-backs Franck Beria and Pape Souare were sent off, but Toulouse could not make their numeri-

cal supremacy count as Enyeama, time and again, stood between the home side and their search for goals.

It was only in the 4th minute of stoppage time that they managed to breach Lille’s defence through Serge Aurier and Enyeama expressed his delight at the win.

“It was a very funny game as we had two players sent off in quick succession. We were thereafter under pressure and they weren’t able to score until very late in the game, but everybody played their part in ensuring victory. It was one of our toughest games,” said the Nigerian goalkeeper in an interview with New Telegraph.

Enyeama

We must defend better against PSG – Mourinho

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helsea manager Jose Mourinho has underlined the importance of keeping things tight when Paris Saint-Germain visit on Tuesday.

After suffering a 3-1 defeat in the first leg of their UEFA Champions League quarter-final tie in Paris, Mourinho is eager to remain positive, but acknowledges his side cannot afford to concede more than one goal at Stamford Bridge.

“If you concede one goal versus Paris, or (keep) a clean sheet, we have a chance,” said Mourinho. “If we concede two goals and we have to score five, we can’t do the job, so it’s

Murray beaten as Great Britain crashes

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ndy Murray lost out in straight sets as Great Britain were beaten by Italy in the Davis Cup quarter-finals.

The Dunblane ace lost 6-3 6-3 6-4 to Fabio Fognini as Leon Smith’s men missed out on the chance to reach the last four for the first time in 33 years.

Murray and fellow Scot Coling Fleming had put Britain in control of the match after winning their doubles rubber on Saturday evening.

But having beaten Andreas Seppi in the singles on Saturday, the Wimbledon champion couldn’t repeat the feat against Fognini.

important to defend well versus Paris.

“A clean sheet would be perfect but even if you concede one goal we will always be able to give them a fight.”

Mourinho

Bekele shatters records in Paris Marathon

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hree-time Olympic champion Kenenisa Bekele of Ethiopia won the Paris Marathon on Sunday in his debut at the distance.

Bekele completed the 42.2km race in 2 hours, 5 minutes, 3 seconds to break the race record set by Stanley Biwott of Kenya in 2012.

“It was my first marathon and I didn’t have much experience,” said the 31-year-old triple Olympic champion.

“It was very tough but it was the time I expected.

After 25 km I pushed alone but it was very tough.”

Sanctity of Truth

Monday, April 7, 2014

Classy Everton whip poor Gunners

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verton now trail fourth-placed Arsenal by just a point after beating the Gunners 3-0 at Goodison Park, and have a game in hand over Arsene Wenger’s side as they look to secure Champions League football next season.

Steven Naismith capitalised on poor Arsenal defending to give Everton the lead after 14 minutes.

Leighton Baines had picked out Romelu Lukaku with a great ball from the left, but with Lukaku’s shot parried by Wojciech Szczesny Naismith was on hand to slot the ball into the net.

Lukaku then doubled Everton’s advantage in the 34th minute as Arsenal made it far too easy for the powerful Belgian to score. Lukaku collected the ball from the right wing from Kevin Mirallas’ pass, and after running at Nacho Monreal then ghosted past Arse-

SPORT 53

nal captain Thomas Vermaelen to hammer his shot beyond Szczesny for Everton’s second. He celebrated his goal by running towards his manager Roberto Martinez and jumping on him.

Mirallas was involved in the third goal for Everton, with former Toffee Mikel Arteta getting the final touch and being credited with the own goal after attempting to tackle the winger.

Real Madrid’llkeepfighting –Ancelotti

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eal Madrid boss Carlo Ancelotti vowed the club would fight until the bitter end for the Primera Division title after keeping up the heat on the top two with a 4-0 thrashing of Real Sociedad.

“We played very well, intelligently,” Ancelotti said. “We started at a very high pace and had more

Guardiola defends loss to Augsburg

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ayern Munich coach Pep Guardiola defended his decision to field a heavily weakened side after the champions lost their first game in 54 in the Bundesliga on Saturday - a defeat to Augsburg which did not go down well among their league rivals.

Guardiola admitted on the eve of the game that his priority was the second leg of their Champions League quarter-final against Manchester United on Wednesday, and clearly had no regrets about taking such a stance despite the 1-0 loss.

“If this had been important, then Philipp (Lahm), Franck (Ribery) and Arjen (Robben)

would all have been here,” Guardiola said. “The Bundesliga is over - that’s in Bayern’s museum already and is staying there.

“We tried to win and fought hard, but you can’t always win in football and we’ve got to accept that. Now we’ve got to prepare for our final against Manchester United as soon as possible.”

Guardiola

intensity in the second half. Everyone had a good Arsenal’s Mikel Arteta desperately slides in as Mirallas attempts to shoot from close range game and I’m pleased because it wasn’t easy.

“I’m very proud to manage this team. I have players who like to fight and we’re going to fight until the last match.”

Ajibade Olusesan is still searching for his first goal since he returned to Cheivo namdi Oduamadi’s goal in Verona as he fired blank in his Varasse 4-2 win Juve Stabia club’s 1-0 home loss to Hellas but Ifeanyi Ibeh in their Serie B fixture and Ogenyi Onazi’s 26th league apn a bid to ensure that the Flying Eagles secure safe John Utaka’s goal in Sivasspor pearance for Lazio ended in a 2-0 passage to the 2015 African U-20 Youth Champion- 4-3 loss to Bursaspor in Turkey win with the player on the pitch ship, former Nigeria international, Rafiu Yusuf, were the major talking points as throughout the encounter. was sent to Kenya to watch the game between the Nigerian players endured a quiet Osaze Odemwingie’s scoring East African nation’s U-20 side and their Tanzanian weekend in Europe. run was halted by Chelsea as he counterparts.

Oduamadi’s goal was memo- was lost in Stoke’s 3-0 defeat at The game, which took place on Sunday in the Ke- rable because that 21st minute Stamford Bridge. Mikel Obi was nyan town of Machaskos, and Yusuf, who is a staff effort was his fourth in the sea- not listed for the encounter; the of the Nigeria Football Federation’s technical depart- son and that made it the first 27-year-old is nursing a minor ment, was in the crowd as the Kenyans were held to a time the former Regina player injury. goalless draw by the visiting Tanzanians. will score more than three goals Joseph Yobo returned from The return leg will come up in Tanzania and the in a season since he turned pro a knock but could not help Noroverall winner will face Nigeria in the next round of in 2010. wich as they stumbled to a 1-0 the qualifying tournament next month.

In Turkey, Utaka opened score home loss against West Brom Yusuf, who also carried out similar assignments on in the 3rd minute but could not who were without Victor Anthe team’s possible opponents leading up to last year’s help his side from crashing to ichebe who failed to pass last AYC in Algeria, is expected to now make available his Taiye Taiwo’s Bursaspor. Taiwo minute fitness test. findings to coach Manu Garba and his technical crew, was not listed for the tie because Chinedu Obasi had his season who are currently in Morocco ahead of this week’s of injury and the goal was Uta- 5th start when his Schalke drew friendly games against the North African nation’s ka’s fifth of the season.

1-1 at Bremen. He has played nine U-20 side.

Also in Italy, Obinna Nsofor times for the Royal Blues.

Oduamadi, Utaka shine in Europe

Flying Eagles spy on Kenya, Tanzania

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OTHER SPORTS Nowitzki overtakes Wilkins

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irk Nowitzki has climbed higher than “The Human Highlight Film.”

The Dallas Mavericks star passed Dominique Wilkins for 11th place on the alltime scoring list Friday night when Nowitzki hit a free throw with 8:47 remaining in the third quarter against the Los Angeles Lakers.

“Unbelievable,” said Nowitzki , who finished with 27 points on 11-of-14 shooting in the Mavs’ 107-95 win, giving him 26,678 points for his career. “It’s been a crazy ride.

KarmazinslamsPovetkin

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ormer IBF light middleweight champion Roman Karmazin, the fourth major titleholder in Russian boxing history, expressed his feelings about heavyweights Wladimir Klitschko and Alexander Povetkin in an interview with ITAR-TASS media agency.

“Every fighter with the same level of skills with Povetkin has his chance to become a world champion. Hands down, Alexander is extremely talented but he would have more chances if he was a cruiserweight. He is too small for a real heavyweight”, commented Karmazin.

Australia beat England in final

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ustralia thrashed England by six wickets to win a third successive Women’s World Twenty20 title.

England collapsed from 55-1 to post a modest 105-8 after losing the toss in Mirpur, with Heather Knight’s 29 the highest score as Sarah Coyte took 3-16 and Ellyse Perry 2-13.

Captain Meg Lanning’s 44 off 30 balls hurried Australia to a comprehensive victory with 4.5 overs to spare.

Peaty confident ahead of test

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DAM Peaty will lead a trio of Derbyshire breaststroke stars next week as they bid to earn places in England’s team for this summer’s Commonwealth Games.

But he, Chris Steeples and Molly Renshaw head to the British Gas Championships knowing they must produce lifetime best performances if they are to be certain of qualifying for Glasgow.

The same applies to University of Derby distance specialist Jack Burnell and sprinter Kane Haggett of Derventio eXcel if they are to earn places in the 1500m and 50m freestyle respectively.

54 SPORT DSTV Basketball League

Pillars maintain winning streak Ifeanyi Ibeh

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efending champions of the DStv Premier Basketball League, Kano Pillars, are now the only team yet to taste defeat this season after holding off previously unbeaten Mark Mentors of Abuja 69-62 at the weekend in Kano.

The Coach Sani Ahmed-tutored Pillars defeated their closest rival in the Savannah Conference in a pulsating match watched by a capacity crowd at the gymnasium of the Sani Abacha Stadium.

Pillars now have a 5-0 record and have scored an impressive total of 418 points this season, averaging 83.6 points per-game.

In other games from the Savannah Conference, Niger Potters of Minna ended their winless streak with a 52-47 away win over Nigeria Immigration in Kaduna while Plateau Peaks of Jos further compounded the woes of another Kaduna-based team, Kada Stars, with a 70-48 win.

DStv League new entrants, Gombe Bulls, continued their impressive start to the season with a massive 85-45 win over Bauchi Nets in Gombe, and are now third on the Savannah log behind Mark Mentors and conference leaders Kano Pillars.

Sanctity of Truth

Monday, April 7, 2014

Okagbare opts out of Diamond League long jump Charles Ogundiya

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head of the third leg of the IAAF Diamond League series holding between May 30 and 31 in Prefontaine Classic, Eugene, Oregon, Nigeria’s Blessing Okagbare will be concentrating on the 200m instead of competing with the likes of the world’s current best long jumper, Brittney Reese, as she has opted out of the event.

Okagbare is one of the big names expected to be at the Jamaica International Invitational Meet which is slated to hold in Kingston on May 3.

Speaking with New Telegraph recently, Okagbare said; “To be the best, you must compete with the best.”

Speaking further ahead of the Jamaica meet, the Sapele-born Nigeria’s 100m champion expressed confidence in posting a great performance while maintaining that she cannot be intimidated competing in the lands of the champions.

“Jamaica is a land of champions but I am a champion too.

Jamaica has great athletes like

Fraser-Pryce and others top athletes but Nigeria has Blessing Okagbare and others too,” she noted.

One of Nigeria strongest prospect in 200m, she is also expected to lead

Okagbare... competing in a long jump event.

Adesokan sets new world powerlifting record Chiwendu Nwaigbo of Islanders (right) trying to drive past Oluyole Warriors guard Yomi Alegbe

Massive rush for 2014 Lagos Ibile Games

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he number of schools and local councils as well as Local Council Development Areas willing to be part of the 2014 Lagos State Sports Festival tagged Ibile Games continued to swell following the number of entries received so far.

At the weekend, the organisers received huge turnout with schools and councils hoping to beat the deadline for registration. The games hold from April 30 to May 10.

The premises of the Lagos State Sports Council at the Mobolaji Johnson Sports Complex, Rowe Park, Yaba, has been a beehive of activities with the officers from the schools and the local councils rushing to submit their registration forms in order to beat the deadline.

Director of Sports, LSSC, Dr. Kweku Tandoh, said that the Ibile Games would be keenly contested this year in view of the large number of secondary schools and LGs/ LCDAs presenting athletes for the games.

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ational athlete, Yakubu Adesokan, at the weekend lifted 181kg to set a new world record in the 46kg category of the ongoing Powerlifting World Championships in Dubai, erasing his own record set at the 2012 London Paralympics Games, where he lifted 178kg.

The Technical Director of the Nigeria Para-Power lifting Federation, Samuel Ekeoma, revealed this in a telephone interview with the News Agency of Nigeria from Dubai.

“Nigeria registered her first gold medal with a new world record set by Adesokan. He lifted I81kg to erase his previous world record of 178kg at the last Paralympics in London. We are all delighted,” he said.

The director expressed confidence that the team would win more medals at the championships.

The championship is a prelude to the 2016 Paralympics Games in Brazil.

The competition ends on April 11.

Brazil: Taiwo gives up on Eagles recall

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ursaspor’s Taye Taiwo admits he is pessimistic over his chances of making Nigeria’s World Cup squad this summer.

He has been pushing for a recall with 34 appearances for his Turkish side in all competitions so far this season.

“I played at the last World Cup, but this one will be very difficult to be a part of,” Taiwo told BBC Sport.

Despite not having made his league debut for Monaco at the time, Elderson Echiejile was preferred to Taiwo for the Super Eagles most recent friendly against Mexico on March 5.

Nigeria coach Stephen Keshi is ex-

the challenge against reigning World and Olympic 100m champion, ShellyAnn Fraser-Pryce, at the kickoff of the Diamond League campaign on May 9 in Doha.

pected to announce his provisional squad for the World Cup next week and fans and media have been pushing for Taiwo to be recalled.

The 28-year-old though does not think his name will be on the list.

“I’ve been out of the set up for over two years so I am rather pessimistic than optimistic this time around.

“Without playing a part they won the African Cup of Nations and qualified for the World Cup, so realistically my chances of making it are very slim.”

Taiwo won the last of his 59 caps for Nigeria in a 0-0 Nations Cup qualifying draw to Rwanda in February 2012.

ITTF World Tour: Quadri finishes in top 16 Mercy Jacob

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igeria’s Aruna Quadri proved his mettle over the weekend as fought hard to be among the top 16 in the men’s singles at the International Table Tennis Federation sanctioned World Championship tagged Spanish Open.

With Nigeria making an appearance in the top level in recent times, unseeded Quadri fought his way from the preliminary rounds to make it to the main draw even in his quest he had to defeat homeboys in the presence of their fans.

From the qualifying round, Quadri won all his matches against players from Jersey and Spain to join the 32 qualifiers that will battle the seeded players in the main draw.

“None of my matches was a walkover but in the round of 64 matches, I repeated London Olympic games victory against Carlos Machado of Spain in the same margin of 4-2 Bouloussa Mehdi could not cope with my style of play on time which gave me a four straight sets win to qualify for round of 16.”

Quadri

SPORT 55

Sanctity of Truth

Monday, April 7, 2014

Warri tennis coaching clinic begins

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rganiser of the maiden Warri Tennis Coaching Clinic seems to be having hectic time controlling the huge number of school children, following high demand for late registration by some parents who want their kids to be part of the event.

It will serve off today (Monday) at the Shell Club, Ogunu, Warri, Delta State.

The clinic, a grassroots tennis talent development programme, will hold in Warri from April 7 to 19. It is for children

between the ages of 6-16 years.

Leading a team of tennis experts from Lagos to Warri is veteran tennis coach, Robinson Roy Odoko. Coach Peter Osagie will assist him. While Odoko, a former national tennis player will serve as Director of the clinic; Osagie will serve as Head Coach. Five other coaches drawn from Asaba, Benin City and Port Harcourt are already on ground in Warri for the exercise.

USA’94 Eagles were ready to die on pitch -Adepoju

Emmanuel Tobi

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former Super Eagles attacking midfielder, Mutiu Adepoju, has revealed the secret of success of the USA ‘1994 team when Nigeria made her debut at the FIFA World Cup. The ex-Real Sociedad of Spain player maintained that the USA’ 94 squad played with passion and commitment which he said inspired them to fight like lions on the pitch.

Adepoju said; “We were ready to spill our blood and die on the pitch because we played for one another as inspired by our coach and mentor, Clemence Westerhof.

“We had great potential in that squad with every player wanting to prove a point and we wanted to make name for ourselves and our country being the first time Nigeria ever qualified for the World Cup.” The former General Manager of 3SC of Ibadan however admonished the current Super Eagles players to work as a

Perez Chukwumerije wins gold at Belgian Open C O N T I N U E D F R O M PA G E 5 1

the opportunity to gain vital ranking points alongside his older brother.

The current All Africa gold medalist, whose current World ranking as of February 2014, is 33, has earned a valuable 10 points that would impact positively on his world ranking which is due to be released this week.

He needs to be top 31 in the World to be eligible to compete at the Grand Prix Series, an exclusive tournament series reserved for the World’s top 31 athletes in the eight weight categories. Top six qualifies automatically for the Rio 2016 Olympics.

Speaking from Gent, Belgium, the African middleweight champion said; “I am happy that I won. This was my first competition since the World Championships last year, so I was a bit nervous.

“It is very important that I got some world ranking points. It is good for Nigeria and increases our chances for Rio 2016 Olympics. I hope I can repeat the same feat next weekend at the German Opens.”

team stressing the need to emulate the 1994 squad.

“The Eagles have to believe in themselves by working hard as a team and playing for one another but should also learn from our mistakes if they want to fly high at the World Cup in Brazil.

“We lost focus when it mattered most against Italy because the Italian who later played in the final scored a late equalizer after we dictated the pace of the game for nearly the entire duration of the match.

We lost concentration two minutes before regulation time and Baggio stole the show,” Antony Lozano and Kenneth Omeruo during Nigeria, Honduras friendly match he revealed.

nff’s hammer: Senate Sport Trending President shields Keshi

TWITTER |@NTelegraphSport

Stephen Keshi God Help us all.

Ajibade Olusesan

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t has been revealed that Super Eagles coach, Stephen Keshi, is enjoying tremendous support of the Senate President, David Mark, who has been shielding him against a severe action from the Nigeria Football Federation.

A source in the NFF said that the top officials in the football house are frustrated because they cannot sack the coach before the expiration of his contract due to his closeness to Mark.

He said that Mark believed in the ability of the coach to deliver at the World Cup and that was why he was strongly involved in the truce between the coach and his employers shortly after the Nations Cup when the coach threatened to quit the Eagles job.

The source revealed that Mark pointedly promised Keshi that he would not allow the coach to be treated shabbily again by the NFF. “NFF cannot do anything to Keshi now before the expiration of his contract because Keshi is in good books of people in the authority. I can tell you that he is very close to David Mark who is like his godfather. Mark is a lover of sport, he is the one that made Keshi to drop his quit threat after the Nations Cup and he told the coach that as long as he is the president of the senate Keshi cannot get the sack.

“In fact, NFF would have invoked clauses in Keshi’s contract to hire a foreign coach to boss him but the officials are also afraid of what Mark will do.

They depend largely on government funding for the World Cup and they know that if they offend somebody like Mark, it may become more difficult for them getting money because they know how strong he is in the corridors of power.

“So, they will have to wait till after the expiration of Keshi’s contract before they can do anything to the coach,” the source informed.

Only last week, the coach insisted that he would not bring out a provisional list of 35 players for the World Cup as directed by the NFF and this became an issue but at last the NFF had to soft pedal.

A member of the federation also came out to stress that the coach was bigger than his employers, at least, at the moment.

Keshi had argued that the number NFF was demanding was too large for him considering the short time he has to prepare the team. He also insisted that he was not in a haste to release any list since most of the other World Cup bound teams are not talking about list for now.

Nigeria will be competing in Group F of the Global event along with Iran, Bosnia-Herzegovina and Argentina.

@OfficialKeshi

Peter Odemwingie Chatting with Jay-Jay’s number one fan Stephen Nzonzi on the train as we travel for the game. Said he bought Jay-Jay’s shirt when he was 13 & watched him and Ronaldinho train with PSG in camp des loges. Even has a video clip in his PC! @OdemwingieP Enee Udo-Obong Total clearout needed in the summer... starting with the manager. @eneeudo

Samm Audu Flying Eagles to train at 7pm on hotel grounds, super pitches here, Nigeria take hint please. lMedia officer of Nigeria’s U-20 team, Sam Audu, who is with the team in Morocco, praises the good facilities in the North Africa country. @SammAudusoka Serena Williams Ohhhh my goodnesssss! I LOVED Captain America: The Winter Soldier. Wow! Wow! Wow! I’ll see it again tomorrow!!! @serenawilliams Maria Sharapova I’m ready for summer...what a beautiful day. lTennis superstar, Maria Sharapova, after posting a photo of herself in a revealing dress. @MariaSharapova Toni Kroos First defeat of the season! Sure we would have liked to have been undefeated champion but we still have other goals.

@ToniKroos Chicharito Hernandez Why do we fall? To learn... Why do we get up? To SUCCEED!!

Good win today!! @CH14_ David De Gea Terrific match from Juan Mata, Chicharito and all the team!! We can all make it together!! @D_DeGea Sergio Aguero Very glad to keep adding up points by the threes! Now let’s get fully ready for our next encounter. C’mon City! @aguerosergiokun

World Record

On Marble There is always something new out of Africa.

– Pliny

Sanctity of Truth

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

Three things cannot be long hidden: the sun, the moon and the truth – Buddha MONday, APRIL 7, 2014

Nigeria’s Yakubu Adesokan lifted 181kg to set a new record in the 46kg power lifting category in Dubai, April 5, 2014.

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Watch out South Africa, Nigeria is on the rise

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or years South Africa has asserted itself as Africa’s most dominant economy, frequently being touted as the world’s gateway into Africa. However, its anaemic growth in recent times has seen other African countries rise to the pinnacle of the continent’s economic landscape. At a time when six of the world’s 10 fastest growing economies in the last decade have been in Africa averaging around 7% GDP growth, South Africa has only managed a miserly GDP growth rate of around 3.9% over the same comparable period.

The growing inequalities between the rich and the poor, labour unrest, service delivery protests and corruption among a range of other ills have hampered South Africa’s progress. Enter Nigeria, Africa’s most populous country with more than 160m people and whose GDP has grown at an average of 6% since 2006 according to the World Bank. Nigeria’s rapid growth over the years appears to have attracted noteworthy foreign investments such as global giant Procter & Gamble’s recent US$300m manufacturing plant and the Dubai-like Eko Atlantic City being built on land reclaimed from the Atlantic Ocean, among other foreign investments.

Nigeria’s Bureau of Statistics is in the process of recalculating the country’s GDP to better reflect its changing economic configuration over the years. The recalculation, called rebasing, is an adjustment that will account for changes in market prices and weights of goods and services, and will also see the base year of calculation change from 1990 to 2010. The last rebasing exercise in the West African country was carried out in 1990. If Nigeria’s GDP were to rise by about 60% as estimates indicate to about $432bn, it will be the 28th largest economy in the world, and overtake South Africa as Africa’s biggest economy in terms of GDP. The country has set itself an ambitious target of becoming one of the world’s top 20 economies by 2020. Nigeria has been second only to China in terms of cumulative real GDP growth in local currency terms since 2008. Jim O’Neill, former economist at Goldman Sachs famous for coining the acronym BRICS, has now shifted attention to what he terms the MINTs (Mexico, Indonesia, Nigeria and Turkey) which he sees as the pillars of global growth in the coming years, with Nigeria being the most prominent among them. Accounting for about $5bn of the foreign direct investment into Africa in 2013 alone, clearly Nigeria is in good stead to become one of the leading economies with time.

On the surface this makes for some scintillating reading. However, a closer look at the dynamics of Nigeria’s economy reveals structural deficiencies that are overlooked

Guest Columnist

Perry Munzwembiri

by GDP figures as indicators of economic growth and development.

Muslim extremism in the north Nigeria has had to contend with threats posed by Boko Haram as well as other Islamist militant groups for a while. The Muslim north has been the area most affected by the activities of these extremists, perhaps the most antagonistic of them being Boko Haram. It is estimated that since 2002, the group which has been proscribed as a terrorist organisation by most foreign governments, has accounted for over 10,000 deaths in the region.

Often, it is argued that the unemployment, lack of education opportunities, poverty and socio-economic inequalities rife in the northern parts of the country provide a steady supply of youths who can be recruited into the radical organisation. The consequences of such extremism have been all too apparent, ranging from kidnappings, bombings and assassinations. In May 2013, the Nigerian president declared a State of Emergency in three regions in the northern parts of the country as part of state efforts to thwart insurgents.

This could potentially be a self-perpetuating cycle where the northern parts of Nigeria, because of the instability, fail to attract investments thereby further entrenching income inequalities and under-development compared to the oil rich south. This extremism is more than just religious pursuits to impose Sharia Law. Commenting on Boko Haram and their activities, professor of criminology at the University of Abuja, Femi Odekunle, says: “The government needs to address the social order issues which constitute economic and educational issues that are underlying the emergence and sustenance of Boko Haram.” As long as wealth and opportunities remain or are perceived to be concentrated in the southern states with the oil refineries, it is not immediately conceivable how the terror caused by militant groups in the north will abate. The costs of such insurgents on the economy are too dear, and could all but reverse strides made in developing Nigeria.

Corruption is the elephant in the room Recently, Nigeria has made headlines with high profile cases of corruption. From allegations by former Central Bank governor Lamido Sanusi of $20bn being unac-

counted for by the state, to senior government ministers being sacked, reportedly for corruption, clearly corruption is rampant in Nigeria. Transparency International’s Corruption Perceptions Index ranks Nigeria at 144 out of the 177 countries measured, underlining the extent to which corruption is endemic in the country.

Nigeria’s Finance Minister Dr Ngozi Okonjo-Iweala who, in her book Reforming the Unreformable: Lessons from Nigeria, dedicated an entire chapter to corruption, concedes that Nigeria indeed has a problem with corruption. However, she, like other members of President Goodluck Jonathan’s government, downplays corruption. Speaking to Christiane Amanpour, CNN’s chief international correspondent, Okonjo-Iweala says: “Nigeria does have a problem with corruption and so do many other countries, including developed countries.”

To be fair, corruption is not peculiar to Nigeria, and notable strides have been made to try to stamp it out in the country.

Yet, corruption could see incomes remain unevenly distributed in a country where the World Bank estimates that 67% of the population still lives in poverty. Former executive chairman of Nigeria’s Economic and Financial Crimes Commission Nuhu Ribadu revealed that since independence in 1960, Nigeria has lost close to $380bn to corruption and mismanagement. Corruption then is the elephant in the room the country has to address if these statistics are anything to go by.

Structural economic issues On a broader level, Nigeria’s economy is hampered by structural issues that threaten the growth it has been witnessing.

Eighty percent of the country’s revenue comes from crude oil exports, which signifies an undiversified economy reliant on the oil and gas sectors that are susceptible to the caprices of fluctuating commodity prices. This speaks to the need to diversify the country’s economy.

Furthermore, growth in the Nigerian economy has been in less labour intensive sectors such as oil and gas, telecoms and banking. As a result, not everyone enjoys the growth of the economy as most people remain unemployed. Agriculture, which can potentially employ many people, needs

to be modernised and more employment opportunities created.

Some 300,000 barrels of oil were reportedly lost per day in 2013 alone due to vandalism, production shut downs and theft. These are the sort of leakages that will need to be reined in, as the country endeavours to develop. The work does not stop there. Together with Afghanistan and Pakistan, Nigeria remains one of only three countries where polio is still present. Then there is the ‘paradox of plenty’, where an estimated 120m people do not have access to electricity in Nigeria which is the largest oil exporter on the continent. The clear implications being that investments have to be made in shoring up healthcare systems, ensuring efficient service delivery, upgrading key infrastructure in the country, propping up systems and ensuring growth and development is equal. Nigeria’s demographic structure presents opportunities for an economy driven by robust domestic demand. Yet this hinges upon a growing middle class whose spending will drive the economy.

Though South Africa will likely remain the bellwether economy in Africa for the foreseeable future due to its diversification, investments in infrastructure, its size and the systems it has in place, it is obvious that it has underwhelmed of late. With Nigeria’s national elections looming in 2015, it remains to be seen whether the new government will implement the much needed socio-economic reforms and consolidate its newfound position as Africa’s biggest economy. . .Perry Munzwembiri is a student at the National University of Science and Technology in Zimbabwe.

OmoBaba

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