Binder1 oct 13,2014 by Newtelegraphonline

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Monday, October 13, 2014

Vol. 1 No. 237

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N150bn AMCON debts compel airlines to sell assets Wole Shadare

he move by the Assets Management Corporation of Nigeria (AMCON) to redeem the N800 billion bonds it issued to bridge three rescued banks, Mainstreet,

Enterprise and Keystone, and buy other lenders’ non-performing loans, is causing ripples in the aviation industry. Some of the airlines, New Telegraph gathered at the weekend, have started selling their assets, includ-

ing aircraft, to enable them to pay off their loans. It was learnt that most of the airlines were panicky because of the determination of AMCON to recover the loans as virtually all Nigerian airlines are indebted to the firm.

The carriers are said to be indebted to AMCON to the tune of over N150 billion, being intervention fund given to some airlines five years ago and others the airlines directly sourced to reposition their ailing operations.

A managing director of one of the local airlines (name withheld) said the carrier had sold some of its aircraft and other assets to offset loans it took from CONTINUED ON PAGE 6

ting a l l i t n sci N ew f o s e pag Times Yo r k d e insi

Wali, SAN, kidnapped lEx-NBA president abducted in Port Harcourt lLawyers blame FG, plead for release }5

Former Minister of Education, Mrs. Oby Ezekwesili (right) with other members of the #BringBackOurGirls at a candle light procession to mark the 180 days since the abduction of over 200 schoolgirls from Chibok, at the Unity Fountain in Abuja... at the weekend Photo: ELIJAH OLALUYI

Army to court-martial General for cowardice lConvicted soldiers appeal death sentence Emmanuel Onani and Tunde Oyesina

former Brigade Commander of 21 Brigade of the

Nigerian Army in Bama, Borno State, may be tried for “cowardice”, before a fresh court-martial in Abuja. New Telegraph gathered from a senior mili-

tary source yesterday, that preparatory to the trial of the officer, a Brigadier General, the military had restricted his movement. It was also learnt that three of the mutineers

convicted to death by a court-martial have asked the Court of Appeal to upturn their sentences. The General was alleged to have abandoned his troops when Boko Ha-

ram insurgents invaded his formation; an action which facilitated the carting away of weapons and equipment by the insurgents. CONTINUED ON PAGE 6

Quick Read Editorial Before Ebola destroys the economy }19

I will never leave PDP, says }8 Obasanjo 2015: Eight ministers quit this week }7

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

News

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

Ex-NBA president, Wali, kidnapped Foluso Ogunmodede, Tunde Oyesina and Emmanuel Masha

unmen at the weekend kidnapped the immediate past President of the Nigerian Bar Association (NBA), Mr. Oke Wali (SAN), in Port Harcourt, the Rivers State capital. Wali, who was abducted on Saturday at 9p.m.

around Choba where the University of Port Harcourt is sited, had left his house in his car when he was accosted by the gunmen. His abduction elicited condemnations from NBA; a former Abia State Attorney-General and Commissioner for Justice, Chief Awa Kalu (SAN) and Dr. Tunji Abayomi, who blamed the Federal Government for the per-

vading insecurity in the country. The gunmen took him to Ozuoba, near the waterside, before taking him to an unknown destination. The police, which confirmed the abduction yesterday, said the gunmen abandoned Wali’s vehicle in Ozuoba. According to the Rivers State spokesman, Mr. Ahmed Mohammed, the police are on the trail of

the kidnappers to ensure the safe release of Wali. Mohammed said: “As soon as the police got the information of the abduction of the ex-NBA president, we quickly swung into action and we have recovered his vehicle along the Choba Waterfront. “We are still on their (kidnappers) trail with a view to rescuing him safely and possibly apprehend his abductors.”

In condemning the abduction, the NBA, in a statement by Wali’s predecessor, Mr. Augustine Alegeh (SAN) blamed the Federal Government for its failure to provide adequate security for the citizenry. It tasked the Federal Government to step up efforts to fulfil its constitutional duty by ensuring that the security of lives and property are guaran-

L-R: Wife of Ogun State Governor, Mrs. Olufunso Amosun; her husband, Ibikunle; Ekiti State Governor, Dr. Kayode Fayemi; his wife, Bisi; Ekiti State Deputy Governor, Prof. Modupe Adelabu; Nobel Laureate, Prof. Wole Soyinka and Oyo State Governor, Senator Abiola Ajimobi, at the unveiling of the Governor’s Lodge, as part of activities marking the fourth anniversary of the Fayemi administration in Ado-Ekiti...yesterday.

$9.3m arms deal: Presidency clears Oritsejafor

lTambuwal justifies House’s position lAPC lawmakers plan showdown Onwuka Nzeshi, Adesina Wahab and Philip Nyam

he Federal Government has absolved the President, Christian Association of Nigeria (CAN), Pastor Ayo Oritsejafor, of any blame over the involvement of his aircraft in the controversial $9.3m arms deal in South Africa. Senior Special Assistant to President Goodluck Jonathan on Public Communication, Dr. Doyin Okupe, who addressed journalists on the controversy at the weekend, said that Oritsejafor had no business with the matter and cannot be maligned for an incident he played no role. Okupe advised Nigerians to desist from playing politics with every issue, particularly when such issues had to do with national security. According to him, the Office of National Security Adviser (NSA) had con-

ducted its investigations and did not find the cleric wanting on the matter. “Most times, Nigerians do not respect the sensibilities of other people. Oritsejafor is the President of CAN and head of all Christians in Nigeria who is representing at least 50 per cent of people in this country. When it comes to a man like that, people should be cautious and circumspect. “The linking of Pastor Oritsejafor with this matter is the most unfortunate thing; to put the very respectable, responsible, honest and sincere President of CAN in this matter is the extreme level of mischief. It just shows you what Nigerians do; they go to any extent to politicise everything. What bothers me here is the manner some people want to bring down Pastor Ayo Oritsejafor on this matter. It is pure absurdity. “Oritsejafor has no business in this matter. It is true that he owns the

aircraft but there are over 200 private Nigerians who have jets. Apart from those who use it frequently, some give it out to get some money and defray some of the costs. If you put your jet down, you pay money and parking charges everyday. “He gave the private jet to a company to manage. What has this got to do with Oritsejafor? If I have many cars at the airport and decide to give one to car hire services and he decides to carry somebody having Indian hemp, would you will link it up with the man who gave out his car? Excuse me, this is ridiculous,” Okupe said. Okupe said it would be improper for government to throw open its counterterrorism strategies and how it is sourcing arms to tackle the current security challenges in the country. Okupe explained that the second incident in which the South African authorities seized another $5.7million was also a legitimate transaction that

went through the normal banking system. According to him, the deal ran into a hitch when the South African company could not deliver on the contractual agreement and was refunding the money to the company mandated to do a national security assignment for the Federal Government of Nigeria when the authorities in South Africa blew the lid. The South African authorities had in September seized $9.3 million arms money belonging to Nigeria. Three weeks after, the South Africa’s Asset Forfeiture Unit of the National Prosecuting Authority seized another $5.7 million for allegedly being the proceeds of illegal transactions. Meanwhile, members of the APC in the House of Representatives have concluded plans to sponsor another motion tomorrow, seeking the investigation of the $9.3 million arms purchase in South Africa.

New Telegraph reliably learnt that the lawmakers have perfected plans to sponsor a consolidated motion on the matter as well as the $5.7 million seized three weeks later. According to the source, the motion will be moved by the minority whip, Hon. Samson Osagie (APC, Edo). According to the lawmaker, the motion will also seek to bar the Nigerian government from taking any retaliatory measure against any South African company in the country. In another development, the Speaker of the House of Representatives, Hon. Aminu Tambuwal, yesterday in Ado-Ekiti took responsibility for the inability of the House to debate the seizure of the money. Tambuwal, while fielding questions from journalists at the inauguration of a new Government House as part of activities marking the fourth anniCONTINUED ON PAGE 7

teed. The NBA described Wali’s kidnap as ‘a reminder’ of the ruling Peoples Democratic Party’s (PDP) inability to guarantee the security of lives and property of Nigerians as enshrined in the 1999 Constitution. It said: “The Nigerian Bar Association has just received shocking news that the 26th president of the NBA, Okey Wali (SAN), was on Saturday, October 11, 2014 about 9p.m., kidnapped by unknown persons in Port Harcourt, Rivers State. “Okey Wali (SAN) is a man of peace who has not only contributed immensely to the enthronement of the rule of law and protection of human rights, but also to the development of our nation. “It is therefore saddening that he should become a kidnapper’s victim. “This sad event is yet another reminder of the state of insecurity in which all Nigerians live. The NBA calls on the Federal Government to step up efforts to fulfil its primary constitutional role of providing for the welfare and security of all Nigerians. “We passionately appeal to his abductors for his immediate and safe release to his family.” Also, Kalu frowned on Wali’s abduction, saying Nigerians could no longer sleep with one eye closed following the government’s inability to guarantee security of lives. “No lawyer is happy about the development. In fact, enough is enough,” he added. Abayomi, in his reaction, described the abduction as a sad occurrence which once again brought to fore the level of insecurity in the country. He said: “The abduction hallmarks the prevailing depravity, a lot of which is related to search for material interest by the lowly in the community. “This calls for better provision of amenities by the Federal Government for the citizens. With this development, all of us are not safe.” Another lawyer, Mr. Abubakar Malami (SAN), said Wali’s kidnap was a pointer to the hopelessness of the security situation as a section of the nation, now ‘earn a living out of inefficiency of our security system’. “Porous security gives justification for enhanced budgetary allocation. That is what translates to high profile kidnap. It signals great danger ahead,” he stated.

News

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

Convicted soldiers challenge death sentence CONTINUED FROM PAGE 1

Section 47 of the Armed Forces Act (AFA), describes “cowardly behaviour” as a person, “when before the enemy, leaves the post, position, watch or other place where it is his duty to be”, or “ throws away his arms, ammunition or tools, in such a manner as to show cowardice or otherwise...” Speaking with New Telegraph, the source said: “I can confirm to you that the movement of the brigade commander you talked about has been restricted. “Cowardice is viewed seriously in the Army and the authorities will treat this matter with all the serious actions needed, to put other commanders on their toes.” When asked where he is likely to be tried, in the event that a prima facie case is established against him, he said: “In fact, I can tell you that plans have been concluded to set up a fresh court-martial, to try him. “It’s important to know that he cannot be tried alongside the 97 officers and other rank and file, because of his rank; and besides, a Major General may have to preside over any court that may try him.

“He remains innocent until otherwise proved otherwise.” New Telegraph also gathered that one of the Lieutenant Colonels, currently standing trial alongside others, for various offences against service orders, has had the privilege of an open arrest, earlier granted him, withdrawn. Open arrest is a military parlance, where an officer standing trial, is not kept in strict confinement. A military source, who spoke on the issue said: “He has been ordered to be kept in a safe place around; no more on open arrest. “I think they (Army authorities) are angry over some publications (not New Telegraph) concerning his case.” Meanwhile, three out of the 12 soldiers who were sentenced to death by the General Court Martial

(GCM) on September 15 have sued the Nigerian Army before the Court of Appeal, challenging the verdict passed on them. The soldiers, Igomu Emmanuel, Stephen Clement and Andrew Ngbede with service numbers 09NA/62/1648/LCPL, 03NA/53/1816/CPL and 09NA/64/4214/PTE respectively had through their counsel, Godwin Obla (SAN), filed their appeal before the court last Thursday. In the appeal, which contained 11 grounds, they argued that the GCM erred in law and came to a perverse decision by convicting them in respect of the offence of conspiracy after failing to consider the defence of alibi which they raised timeously but which was never investigated by the court-martial. They said count one

under which they were charged and convicted was ambiguous, uncertain and defective as they were charged under section 114 of the Armed Forces Act and punished under section 97 (1) of the Penal Code Law. They further contended that the count three under which they were charged is equally uncertain and defective as “they were charged under section 95 of the Armed Forces Act which provides a punishment of life imprisonment if convicted but we are punished and sentenced to death under section 106 of the Armed Forces Act.” The soldiers argued that the entire charge upon which they were tried and convicted is vague, so disjointed, imprecise and so incoherent that they did not understand the charge neither were their

individual names stated on the charge. They, however, submitted that it was a breach of the provisions of section 36 (6) of the Nigerian constitution which entitles them to be informed of the details and nature of the offence for which they are charged. They also said the incoherent and disjointed nature of the charge upon which they were tried and convicted infringed on their fundamental rights. They prayed the court to allow their appeal, set aside the decision of the GCM and to discharge and acquit them. They also want the court to order the payment of dues and outstanding pecuniary benefits or otherwise accruing to them. No date has been fixed for the hearing of the appeal.

28oC

24oC

Thunder Storms

ABUJA

32oC

22oC

Thunder Storms

PORT HARCOURT

22o C 18oC Storms

KANO

36oC

22oC

Mostly Sunny

ENUGU

29o C 23oC Storms

IBADAN

29o C 22oC Thunder Storms

CALABAR

26o C 22oC Storms

MAIDUGURI

ONITSHA

38oC 25oC Partially Cloudy

30o C 23oC Storms

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

TODAY’S WEATHER FORECAST LAGOS

FLIGHT SCHEDULE

The Deputy Senate President Ike Ekweremadu being anointed by Revd. Fr. Ejike Mbaka and Catholic priests for 2015 senatorial election. With him is his wife, Nwanneka...at the weekend.

N150bn AMCON debts compel airlines to sell assets CONTINUED FROM PAGE 1

banks some years ago. According to him, the airline, which ceased operations about two years ago, was trying to re-organise with a view to resuming operations, adding that in doing that, it has to sell some of its assets to repay the loan so that it can begin operations anew. He said all of the airlines’ airplanes are to be sold and after that, the carrier would try to get two airplanes that are younger in age, to restart its operations. As a result of the indebtedness, AMCON had taken over some airlines such as Aero Contractors, which is under receivership while Arik Airline’s position is not clear as regards who actually runs the airline.

The timely intervention of AMCON in the aviation sector by taking over the over N150 billion debt of the airlines have saved many jobs in the sector by preventing some airlines from folding up. When some mega airlines were almost going under recently, due to insolvency, AMCON waded in and bought some of the debts burdening the airlines in a bid to keep them afloat. For example, Aero Contract was under debt overhang and was gasping for breath until AMCON came in. Currently, AMCON controls 60 per cent shares in Aero while the remaining 40 per cent stake belongs to the Ibrus who originally started the airline.

A huge debt overhang of N32.5 billion, according to AMCON, would have killed the airline, save for the timely intervention of organisation. Following the mounting debt of the airlines, the Central Bank of Nigeria (CBN) had directed commercial banks to desist from giving them credit facilities and this had made the airlines to start thinking of accessing loans overseas. In a bid to redeem its N800 billion bonds, AMCON had sold its 12.5 per cent stake in Ecobank Nigeria Plc to Qatar National Bank (QNB) for about $200million. It has also sold 20.9 per cent of its stake in Union Bank of Nigeria Plc to as Mara, the African investment vehicle of

former Barclays boss, Bob Diamond for $270million. And recently sold its 100 per cent stakes in Enterprise Bank and Mainstreet Bank to Heritage and Skye banks respectively. The proceeds from the sale of AMCON’s shares in these institutions, in addition to the sinking funds as well as its loan recovery drive are expected to be used to redeem the N800 billion bonds. If AMCON redeems the N800billion, its outstanding bonds due for redemption over 10 years would reduce to N3.8trillion. Speaking on intervention given to the airlines, a former Assistant Secretary General of Airline Operators of Nigeria (AON), Mohammed Tukur, explained CONTINUED ON PAGE 7

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

News

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

2015: Eight ministers quit this week lAttend last FEC meeting Wednesday lMaku holds thanksgiving service lObanikoro opens campaign offices Anule Emmanuel and Wale Elegbede

o fewer than eight ministers are set to quit President Goodluck Jonathan’s cabinet this week ahead of the February 28, 2015 governorship election. Those who are leaving the cabinet between

today and October 20 are: Bala Mohammed (Federal Capital Territory), Labaran Maku (Information), Emeka Wogu (Labour and Productivity), Nyesom Wike (Minister of State, Education), Samuel Ortom (Minister of State, Trade, Industry and Investment), Musiliu Obanikoro (Minister of State, Defence), Onyebuchi Chukwu (Health)

APC: Jonathan must act on Malabu scandal Temitope Ogunbanke and Johnchuks Onuanyim

he All Progressives Congress (APC) has challenged President Goodluck Jonathan to urgently take action on the Malabu oil scandal that is putting Nigeria under the global searchlight as a corrupt nation. APC, in a statement issued in Lagos yesterday by its National Publicity Secretary, Alhaji Lai Mohammed, said President Jonathan must end his silence on the matter since half of the $1.1 billion paid to Malabu Oil and Gas for OPL 245 by two oil majors was allegedly used to bribe Nigerian officials, who in turn used the proceeds to buy private jets and armoured limousines. The party said: “The only way to know for sure is if there is an independent investigation of the allegation, which has been published by the international media after Italian prosecutors intensified their probe into the deal. This is where President Jonathan comes in: He must allow an unfettered probe of this scandal that has again put Nigeria in bad light. Whatever happens, however, the names

of those who received the bribes will soon be known, thanks to the determination of the UK and Italy to show that no one who violates their laws will go scot-free.” The party called on President Jonathan to probe the deal and punish the culprits. “Under your watch, Mr. President, there is massive looting of the commonwealth by the same people being paid by taxpayers to ensure a judicious utilisation of the scarce national resources. There is a growing culture of impunity because no one is punished for the looting. Now you have another chance to turn things around for the better. “The Malabu scandal provides such a chance. All those who collected millions of dollars in bribes in the illegal transaction must be identified and brought to justice immediately. We must not always allow foreign countries to be the ones exposing corrupt Nigerian officials. Our government must act like a responsible government by demonstrating it will not allow violation of its laws or encourage corruption,” the party said.

and Darius Ishaku (Minister of State, Niger Delta). Sources in the presidency confirmed to New Telegraph that this week’s Federal Executive Council (FEC) would be the last for the ministers who are expected to officially resign before October 20 to pursue their governorship ambitions. New Telegraph gathered that Jonathan will on Wednesday during the weekly FEC meeting hold a valedictory session for the ministers where he is also expected to commend them for the roles they have played in serving both the administration and the country. The president, in line with the Peoples Democratic Party (PDP) electoral guidelines, has given cabinet members contesting elections in 2015 up till October 20 to resign their appointments. The Minister of Special Duties, Kabiru Turaki (SAN), who has been speculated to be getting ready to quit the cabinet to once again pursue his governorship ambition in Kebbi State, has backed out of the race. “I’m not in the governorship race. I’m enjoying

my work as a minister and want to continue for as long as Mr. President finds me worthy. But all the same thanks for your interest,” Turaki told New Telegraph. Also, the Minister of State for Finance, Bashir Yuguda, who initially wanted to run for the Zamfara governorship, has shelved his ambition to keep his job. Mohammed, who is contesting the Bauchi State governorship election, has the support of the PDP National Chairman, Alhaji Adamu Mu’azu, while Governor Isa Yuguda is not disposed to his ambition. Maku is, however, favoured to pick the PDP governorship ticket in Nasarawa State where he is expected to challenge the incumbent Governor Tanko Al-Makura of the All Progressives Congress (APC). Wogu is vying for the Abia State governorship seat where he will be facing formidable opponents like Senator Enyinnaya Abaribe, among others. The surprise entrant into the governorship race is Chukwu, who has been anointed to succeed Governor Martin Elechi in Ebonyi State.

Obanikoro is to battle others for the PDP ticket in Lagos while Wike, who controls the party structure in Rivers State, has the support of the First Lady, Mrs. Patience Jonathan, for the race. On his part, Ishaku is being propped up by former Minister of Defence, Lt. Gen. T.Y. Danjuma, to succeed ailing Taraba State Governor, Danbaba Suntai. Meanwhile, at a special mass thanksgiving by Maku held at the Catholic Diocese of Lafia, St. Patrick’s Parish, Akwanga, Nasarawa State, the minister confirmed his plans to resign this week. He used the occasion to announce a donation of N7.6 million from his family and friends to the cathedral in Lafia, the state capital. According to him, it is time to sacrifice the comfort of a ministerial position at the centre to join his people and go into the wilderness in Nasarawa State to stop the killings, miscarriage of justice and liberate the people in the state. In Lagos, sources within the PDP said Obanikoro eventually made up his mind to contest for the governorship seat after

Mu’azu convinced him on the need to run and give the APC a big battle in the state. It was gathered that initially, Obanikoro had left his cards open, after some leaders of the party had taken the candidate of the Democratic Peoples Alliance (DPA) in the 2007 election, Mr. Jimi Agbaje, to the presidency to introduce him to Jonathan. Sources said the team, led by a former Deputy National Chairman of the party, Chief Olabode George, had come out with the impression that Agbaje would automatically pick the ticket. But it was learnt that following the win of the PDP in Ekiti and the loss of Osun, Mu’azu, who spoke with Obanikoro inbetween the elections, impressed on him the need to “have a strong candidate to fight the APC in Lagos.” It was also gathered that on one occasion, when Obanikoro saw the president, Jonathan had told him to join the race as he (the president) had no candidate in Lagos. Already, Obanikoro has set up offices in parts of Lagos to actualise his dreams.

N150bn AMCON debts compel airlines to sell assets CONTINUED FROM PAGE 6

that government’s decision to assist the airlines not only helped to save the carriers from going under, but helped to save more than 5, 000 jobs. Tukur said without the intervention, the airline industry in Nigeria would have collapsed. However, the Nigerian Civil Aviation Authority (NCAA) said rather than use the intervention fund to reposition the ailing airlines, the banks used it to offset airlines’ debts.

Acting Director General of NCAA, Benedict Adeyileka, said at a forum recently that the funds were not properly apportioned for the intended purpose, hence its poor performance. “The banks used the intervention fund to pay debts owed them by airlines.Theyusedthemoney to repay debts and now the airlines are paying the interest at a lower rate. It was agoodintentionbygovernment but the results were not what it was intended for,” he had stated.

L-R: Bishop, Diocese of Remo, Rt. Revd. Olusina Fape; Communicator, Diocese of Ifo, Mr. Idowu Sowunmi; Bishop, Diocese of Egba, Rt. Revd. Emmanuel Adekunle and Bishop, Diocese of Egba West, Rt. Revd. Samuel Ogundeji, at the meeting of the Ecclesiastical Province of Lagos, in Ifo, Ogun State…at the weekend

$9.3m arms deal: Tambuwal justifies House’s position CONTINUED FROM PAGE 5

versary of the Kayode Fayemi administration, said: “I abide by the position of the House considering its stand that the botched $15 million deals should not be debated. “I have to take responsibility for whatever negative or positive meanings

the people may read to our actions because that was the position of the House and I am bound by it.” The speaker also warned the Independent National Electoral Commission (INEC) against toying with the future of the country by handling next year’s general elec-

tions with levity. On recent political developments in Ekiti State, Tambuwal described the invasion of Ado-Ekiti High Court by hoodlums a couple of weeks ago as unfortunate and condemnable, urging security agencies to investigate the matter and bring the culprits to book.

“The attack is very unfortunate because judiciary is not only an arm of government, but the last hope of the common man, which must be respected. So, the invasion must be thoroughly investigated and those found culpable must be published,” he said.

News

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

I will never leave PDP, says Obasanjo Geoffrey Ekenna

ormer President Olusegun Obasanjo, yesterday said that he would never leave the Peoples Democratic Party, PDP. Obasanjo stated this in a statement he signed and released by electronic mail yesterday. He said that he has never left the party and would not leave it, as a former President, who used the party to emerge as the president and ruled for eight years. Obasanjo, who was reacting the to pleas made by members of the PDP in Abuja last week, when a former Governor of Ogun State, Otunba Gbenga Daniel returned to the party, said that it was im-

portant that Nigerians put the interest of the country above personal interests. The Statement read in part: Talking of inviting me back to PDP is wrong and it is a great misrepresentation as I have never left PDP and I will never leave PDP. I have said it before and I will say it again, I rose to become the President of Nigeria on the platform of PDP and for that reason alone, I will remain a card-carrying and wardactive member of PDP for as long as I have to be a political party member. Secondly, nobody has personally offended me as a result of my membership of PDP. If, however, anybody or group feels offended by my continued membership, I will offer

an unreserved apology but continue to remain in the Party. I have had occasions to say to the President, the Senate President and the Party Chairman separately that I have no quarrel with any individual or group in the Party. There are, for me, issues of principle, morality, honour , integrity, commitment and character which are paramount. For instance, as a former President of Nigeria, the Chairman of West Africa Commission on Drug and a member of Global Commission on Drug, I cannot accept that the Zonal leader of my political Party and, worse still in my zone, will be an indicted drug baron wanted in America. How do I explain that to friends

outside Nigeria? This is only one of the many issues that I have pointed and still pointing out. I have national and international standard to maintain and reputation to keep and sustain. For these reasons, I opted to remain active only at the ward level of the Party till the leadership does the needful. But under no condition will my commitment to Nigeria be diminished. And, for me, it is commitment to Nigeria first and any other commitment can only follow in second or third place. Where any other commitment is in tandem with what I see and understand as commitment to Nigeria, such other commitment will share a pride

of place with Nigeria. I must hasten to thank the President, the Senate President and the Chairman of PDP with whom, at their instances, these issues have been discussed and laid to rest. My interest and commitment to Nigeria go beyond partisan politics. Today, Nigeria needs all hands on deck to deal with our pressing problems of security including the issue of Chibok girls, widening inequality, infrastructure, impunity, corruption, poverty and youth education, skill-acquisition, empowerment and employment. These are issues of concern to most Nigerians. We all need to join hands to move Nigeria forward. I don need to be begged for that.”

L-R: Mrs. Adetoun Odukomaiya; Lagos State governorship aspirant, All Progressives Congress (APC), Mr. Akinwumi Ambode; his wife, Bolanle and Mr. Tokunbo Odukomaiya, at the Celebration of Life of late Mrs. Comfort Olufunmilayo Odukomaiya, at the First African Church Mission, David Parish Poka, Epe, Lagos State…at the weekend

Mobilise Nigerians against insurgents, Ezekwezili tells Jonathan Yekeen Nurudeen Abuja

ormer Minister of Education and a leader of the BringBackOurGirls (BBOG) advocacy group, Dr. Oby Ezekwezili, has called on President Goodluck Jonathan to take the front seat in mobilising Nigerian citizens against the Boko Haram sect. She said the time has come for the President to

convey the message of a strong nation as against the current global perception of the country as a weak nation, particularly in its war against terrorism and rescue activities to bring back the abducted secondary school girls in Chibok. Ezekwezili, who broke down in tears while addressing members of the BBOG at the Unity Fountain, Abuja on Saturday at the special sit-out to mark the 180 days that the 219 girls were kidnapped

by the insurgents, said the power to mobilise Nigerians against their common enemy lies with the President. She lamented that the President has not displayed the strong character that Nigerians and the international community expected him to show in the struggle to rescue the missing girls. She said: “First, I would expect our President to convey a message of a strong nation thing. Nige-

ria is not a weak country by any standard. There’s a way to convey the message that does not seem to imply that when citizens like those that have been advocating for the rescue of the girls call for rescue, they are told to go and talk to the terrorists. Meanwhile, an eightyear-old girl, Hauwa Abubakar Yusuf, has written a letter to President Goodluck Jonathan, asking him to protect the girl-child from harm.

Aganga: Nigeria’ll end petroleum product import by 2018 Biodun Oyeleye Ilorin

he Federal Government presented at the weekend projections that will end the importation of petroleum products into Nigerian by the year 2018. Minister of Industry, Trade and Investment, Dr. Olusegun Aganga,

who gave the projections during a pre-commissioning visit to the Cold Steel Rolling Mill Complex in Ilorin, Kwara State, said the Federal Government has already secured over $14 billion in investment committed to the petrochemical sector as part of efforts to boost national selfsufficiency in the sector.

The rolling mills was described by the Deputy Managing Director of KAM Industries, Alhaja Bola Yusuf, as the third in Nigeria in terms of age, but the first of its kind in terms of machinery configurations and quality, being an assemblage of modern technology from 11 countries of the world. Aganga said the invest-

ment in the petrochemical sector was part of the outcome of the Industrial Revolution Plan of the Jonathan administration even as he lamented that the years of dependence on foreign earnings from oil has left Nigeria poor, although the impression created by being an oil exporting country is that we are rich.

Kwankwanso to declare presidential ambition Oct 23 Johnchuks Onuanyim Abuja

arring any last minute change, the Governor of Kano State, Rabiu Kwankwanso, would October 23, declare his presidential ambition on the platform of the All Progressives Congress (APC). His declaration, which will come after another presidential aspirant from the NorthWest, former Military Head of State, General Mohammadu Buhari, would likely change the equation of the APC presidential ticket. It was reported last week that the former military head of state will declare his ambition this week in Abuja. Speaking with some journalists in Abuja on Kwakwanso’s plans for the presidential race, a chieftain of APC and one of his campaign coordinators, Chief Olisaemeka Akamukali, said barring any unforeseen circumstances, the governor will be unveiling his presidential campaign on October 23. According to him, the governor had embarked on nationwide consultations with party leaders and political stakeholders regarding the 2015 presidential election.

Prison riot: Five people were killed, says inmate Juliana Francis

n inmate at the Medium Security Prisons, Kirirkiri, Lagos State on Saturday night revealed that the authorities of the Nigerian Prisons were not being honest on what led to the prison riot of Friday and the number of the people killed. This was even as information emerged on Sunday via the spokesperson for the Nigerian Prisons Service, Mr. Ope Fatinikun, that the Interior minister, Mr. Patrick Abba Moro arrived Lagos and addressed journalists at the prison facility where the riot took place. On Saturday night, at about 9:45pm, an inmate disclosed: “Five inmates were killed. It was not a jail break, but a riot. The new Deputy Comptroller of Prisons (DCP), ordered that some of the things we used should be seized. These items included fan, generator, pots and others. But what annoyed every inmate

was that he also banned raw food from us. This means our family members or anybody can no longer bring raw food for us. The type of food they cook in this place is bad. This is why most inmates cook. “We heard they said only one inmate died, it’s a lie! Let me tell you the truth, none of us planned to escape. And those killed were deliberately shot and not because they attempted to escape.” But speaking yesterday, Moro said: “From the information made available, the immediate cause of the riot is that an inmate came unauthorised and installed some gadget without the knowledge of the officials. “What it meant therefore was that a convict, who brought in some gadget, instigated the inmates to complain and that led to the fracas. But, the police and other security agencies have intervened and calmed down the situation.”

News

NEW TELEGRAPH monday, OCTOBER 13, 2014

BoI eases access to loan Biodun Oyeleye Ilorin

anaging Director of the Bank of Industry, Mr. Rasheed Olaoluwa, at the weekend, said the bank has so far provided over N692 billion for about 2, 000 projects across the country, giving assurance that the process of accessing such loans by industry operators has been made simple and improved considerably. Olaoluwa, who made this disclosure while interacting with newsmen in Ilorin, Kwara State, soon after an inspection tour of the Cold Steel Rolling Mill Complex built by KAM Industries Limited, said contrary to the belief in some quaters, the process of accessing loans from the bank is not difficult. The BoI boss said those seeking funds from the bank should always prepare themselves to meet with officials of the bank after the initial application and online interface. He said: “Few days ago, we had a meeting with our development service providers to ensure that the process of applying for loans in the Bank of Industry is made very easy. They will help you in the process of packaging your loans, so that by the time your application gets to the bank, the applications or the proposals are really workable.” “BoI is the leading development finance institution in Nigeria. Over the years, we have financed several development projects. We have financed close to 2, 000 projects all over the country in several sectors. The other day, we compiled the number of projects we have financed; we arrived at N692bn in total loans we have given to date. In the process, we have created approximately one million jobs. “The way to access finance from the Bank of Industry is very simple. We have a website: ww.boing.com, we have a lot of information in that website such as the various sectors that we support, the various products and ways in which organisations can apply. “For instance, we say there are three simple processes: We have the application form, questionnaire and you need to engage our analysts.”

Nigeria, others need $2trn infrastructure finance yearly, says World Bank development President Jim Yong Kim meets with international stakeholders on World Bank’s plan for developing nations Ayodele Aminu

Washington D.C.

igeria and other developing countries require an estimated $2 trillion yearly over the next six years to meet the immediate and future infrastructure investments, the World

Bank has said. World Bank Group President, Jim Yong Kim, who made this known at the World Bank/International Monetary Fund (IMF) meetings, acknowledged that developing countries now spend about $1 trillion a year on infrastructure. He, however, noted that maintaining current growth rates and meeting future demands would require investment of at least an estimated additional $1 trillion a year through to 2020. In a bid to fill this financing gap, the heads of some of the world’s largest asset management and private equity firms, pen-

sion and insurance funds, and commercial banks have joined multilateral development institutions and donor nations to work as partners in a new Global Infrastructure Facility (GIF) that has the potential to unlock billions of dollars for infrastructure in the developing world, including Nigeria. Kim said the presence of a broad range of institutional investors at the signing to launch the GIF sent a powerful message with the most recent data showing that private infrastructure investment in emerging markets and developing economies dropped from $186 billion in 2012 to $150 billion last

year. “We have several trillions of dollars in assets represented today looking for long-term, sustainable and stable investments,” said Kim. “In leveraging those resources, our partnership offers great promise for tackling the massive infrastructure deficit in developing economies and emerging markets, which is one of the fundamental bottlenecks to reducing poverty and boosting shared prosperity. “The real challenge is not a matter of money, but a lack of bankable projects - a sufficient supply of commercially viable and sustainable infrastruc-

ture investments.” Kim said the GIF was being designed to tap into expertise from within and outside of the Bank’s Group to deliver complex public-private infrastructure projects that no single institution could address on its own. “The GIF is also being created to complement existing project preparation facilities in partner institutions across the globe. The multilateral development banks here represent that commitment to work together on behalf of our shared client countries, to bring together our resources, experience and our financing instruments,” he said.

2015: Saraki shelves presidential ambition Onyekachi Eze and Biodun Oyeleye

ormer governor of Kwara State, Senator Bukola Saraki, has shelved his 2015 presidential ambition on the platform of the All Progressives Congress (APC). New Telegraph had exclusively reported last week that Saraki would be dropping his presidential ambition and heads the campaign organisation of former Head of State, Gen. Muhammadu Buhari. Saraki hinged his decision on the fact that Nigeria’s political outlook for 2015 is very complicated and requires every patriotic politician to submit to the overall interest of the nation instead of personal ambition. In a statement issued yesterday by his media aide, Bankole Omisore, the former governor noted that the APC can only live up to the aspirations of Nigerians for change if it is not derailed by too much acrimony from its primaries which is coming so close to the general election. “This is why some of us felt that we must make the necessary sacrifice and contribute to building a strong and united party that provides the only real alternative to the floundering government that has become so constipated on power and lost touch with the realities that ordinary Nigerians grapple with everyday,” he stated. According to him, party primaries in any healthy democracy would

always leave several contenders disappointed and sometimes bitter, as there would be only one winner. “The party would then invest so much energy and time afterwards managing and reconciling various interests. I don’t think our party can afford too much internal rancour going into next year’s election. I therefore think some of us need to make the sacrifice and be part of the solution rather than part of the problem of the party,” Saraki added. Until early this year, Saraki was a member of the Peoples Democratic Party (PDP) but later became one of the masterminds of a major breakaway group from the party, the New PDP. The former governor said he left PDP with other progressives to join the APC when it was clear that PDP, especially at the national level, had become too invested in the personal ambition of one man at the overall detriment of the country and its democracy. “I have always maintained that I did not leave the ruling party to join the opposition because of any personal interest. Anyone who understands Nigeria’s politics would know that it takes courage and self-sacrifice to do that. Therefore, whether it is on the issue of the party or all other issues that I have been pushing in my position as a Senator of the Federal Republic, I have been driven primarily by my desire to see a better and more purposely governed country.

“We need to change the way the country is run; we need change in our security and the values we place on human life; we need to change the current disgraceful situation in security and corruption. And I believe only the APC can bring about

this change and give our country the leadership it deserves,” he added. Saraki said he had the opportunity to discuss and exchange thoughts and ideas with other presidential aspirants like Buhari; former VicePresident Atiku Abuba-

kar and Governor Rabiu Kwankwaso of Kano State, noting that he was convinced that they are committed to see that APC will be able to come up with a credible and acceptable candidate who will take Nigeria on a different path.

FEDERAL COLLEGE OF EDUCATION, ZARIA, P. M. B. 1041, ZARIA, KADUNA STATE.

INVITATION FOR PRE-QUALIFICATION FOR THE YEAR 2013 TETFUND SPECIAL INTERVENTION PROJECT IN ADDENDUM TO THE PREVIOUS ADVERTISEMENT PUBLISHED The Federal College of Education, Zaria is desirous of undertaking a prequalification and tender exercise for the “under listed projects” under the TETfund Special Intervention Projects. This is in addition to the advertisement earlier published by the College. Consequently, the College wishes to invite reputable contractors to submit their technical and financial bids for the following projects lots. 1. Provision of Science Equipment for Integrated Science (8 items) (Lot 1) 2. Provision of Science Equipment for Biology (seven item) (Lot 2) 3. Provision of Science Equipment for Chemistry (seven item)(Lot 3) 4. Provision of Physics Equipment (four) (Lot 4) TECHNICAL AND FINANCIAL BID REQUIREMENTS To be considered, potential Companies are required to submit all the under listed verifiable documents: 1. Evidence of Company registration with the Corporate Affairs Commission (CAC), and evidence of Memorandum of Understanding (MOU) in case of joint ventures to include names of Directors and Shareholders. 2. Tax Clearance Certificate for the last three years (20112013). 3. Current Company’s Audited Accounts for the last three years (2011-2013) duly stamped by registered Auditors. 4. Annual Turn-Over of the Company. 5. Evidence of Financial Capability and Banking support (Bank reference from reputable Bank). 6. Verifiable evidence of similar jobs successfully executed or being executed within the last five (5) years, indicating type, cost, location and evidence of award and completion certificate. 7. List of names of key personnel to be involved in the project stating their qualification, year of cognate experience and professional registration where applicable (Enclose photocopy of (Credentials). 8. Evidence of compliance with Pension Reform Act, 2004 by inclusion of clearance Certificate from National Pension Commission (PENCOM) 9. List of plants and equipment to be used for the project stating owned, leased or hired (where applicable). 10. Evidence of compliance with Industrial Training Fund (ITF) Amendment Act by inclusion of compliance Certificate from ITF. 11. Copy of VAT registration and evidence of past VAT remittances for completed projects. 12. Original Bank Statements for the past 12 months. 13. Company’s registered Address, functional contact Address, GSM phone number and e-mail address. 14. Reference letter from three previous clients of similar projects satisfactorily completed. 15. Sworn Affidavit satisfying that:

a. The Documents submitted for Technical Bid must not only be genuine but correct. b. The Directors of the company seeking for Technical and financial bid had never been a trouble maker or convicted by any court of law. c. The company shall not be bankrupt. d. None of the Officials of FCE, Zaria is a former or present Director of the company. 16. Original copies of the documents would be requested to be made available for sighting whenever required. OBTAINING TENDER DOCUMENTS Tender documents can be obtained from the Estate Department upon payment of N15, 000.00 only non-refundable tender fee for each of the lot of the project to the Bursary Department of the College and quote the reference number of the project on the receipt issued. SUBMISSION OF PRE-QUALIFICATION AND TENDER DOCUMENTS The Financial and Technical documents arranged in the order listed above are to be submitted neatly bound and sealed in an envelope with the outer envelope marked “pre-qualification and Tender documents for “……………….” (quote the appropriate project name and Lot” boldly written on the top right hand corner of the envelope) and deposited in the Tender box in the office of the Registrar, Federal College of Education, Zaria to reach him not later than 24th November,2014 at 12:00pm. IMPORTANT INFORMATION A) Failure to comply with the above requirements will automatically result in disqualification. B) The College reserves the right to verify the authenticity of any claim made on the Pre-qualification and Tender documents submitted by companies. C) The College reserves the right to reject any pre-qualification and tender document and is neither committed nor obliged to give reason for the rejection of any of the company responding to this invitation. OPENING OF TENDER DOCUMENTS Contractors or their representatives are hereby invited to the public opening of Technical and Financial bids documents scheduled to hold on 24th November, 2014 at 12:30pm in the College Conference Room. PLEASE NOTE: The execution of these projects will depend on the release of fund by the appropriate funding organs. F.C.E Zaria will not be liable if there is any delay and/or failure in the release of funds for the projects. (Signed) Danlami Saidu Head Procurement Unit

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

Metro

One killed, five injured at Lagos birthday party

Taiwo Jimoh

ne person was feared dead while five others were injured at Kumuyi Street at Ajegunle in Ajaromi Ifelodun Local Government Area of Lagos State, when some youths clashed during a birthday party. A witness said that youths of Kumuyi Street gathered at the birthday about 8:30pm, when some suspected members of a cult group, codenamed: 121, stormed the area, started shooting sporadically and chasing people with dangerous weapons. The man shot dead, is identified as Moshood. A resident, who gave his name as Chukwudi, said he learnt that immediately after the incident, the body of Moshood was dumped on Tolu Bridge by the suspected cult members. He said: “I learnt that a lady at Kumuyi Street was marking her birthday in front of her house when some suspected cult members disrupted the party. One person died and many others sustained injuries.” Another resident, Fidelis Okoro, also said the suspected cult members also threatened to attack the area today during the candle light procession for the late Moshood. He said: “We are waiting for them. We are going to stop them, because they threatened to burn down the whole Kumuyi Street. But we will not

Ezekiel

allow that to happen.” One of those who sustained injuries, 71-year-old Doubru Ezekiel, explained how he was attacked by the boys. He said: “I came out from my apartment to pick my shoes outside when I saw people running. I decided to run as well, but before I could reach my apartment, about 15 of them pounced on me and attacked me with machetes. “I was taken to Obisesan Naval Medical Centre at Naval Yard, Apapa, for medical attention. I learnt I was not the only person attacked; several others were injured.” Another resident, Henry Francis, said he was almost killed by the boys.

Some of the damaged tricycles

He said: “They were beating and snatching people’s bags, money and phones at gunpoint. “We are not safe at Ajegunle any longer. The commissioner of police and the state government should come to our rescue.” The Chairman, Tricycle Owners and Operators’ Association of Nigeria, Ajegunle branch, Mr Akinwale Akingbehin, said he called 112, police Rapid Response Squad (RRS), police

control room, when he got wind of the incident. According to him, about 10 tricycles were vandalised at the Kumuyi Park, why innocent people were also attacked. He urged the government to ban street carnival at Ajegunle and other parts of the state before Christmas. The state Police Public Relations Officer (PPRO), Kenneth Nwosu, did not pick his calls to confirm the story.

Ekiti launches free school bus scheme

upils in primary and secondary schools in Ekiti State will enjoy free ride when the schools reopen for the 2014/2015 academic session, courtesy of the state government. The gesture came barely a year after Governor Kayode Fayemi promised to make public schools more attractive and more competitive. Launching 10 luxury buses at the weekend, the governor said his administration had never deviated from its commitment to the provision of conducive environment for learning.

ABIODUN BELLO FEATURES Editor

abiodun. bello@newtelegraphonline.com

Fayemi, who spoke through his deputy, Prof Modupe Adelabu, directed that pupils in private schools in uniform should be allowed free ride in any of the buses designed for their routes in city centres, including Ado-Ekiti, Ikere-Ekiti, IkoleEkiti and Ijero-Ekiti. According to him, the launch was in fulfilment of a promise he made to the pupils during a live programme on Ekiti Television, an arm of the Broadcasting Service of Ekiti State (BSES). The pupils, drawn from public primary schools, had during the chat asked the governor when they would start riding in buses like their peers in private schools. Fayemi urged head teachers to maintain the buses to preserve their lifespan. Also speaking at the Christ School Sports Ground, venue of the launch, the Commissioner for Education, Science & Technology, Mr Kehinde

Ojo, reminded parents and guardians of the importance of qualitative education for the future of their children and wards. In his own remark, the Chairman of

the School Based Management Committee (SBMC), Chief Sylvester Adeyanju, urged all parents to monitor the use of the vehicles to guard against abuse.

Adelabu (cutting the tape), the Special Adviser on Political Matters to the governor, Mr Ayodele Jinadu (left), Chairman, Teaching Service Commission, Mr Bayo Adeniran, Ojo (2nd right) and Commissioner II at the State Universal Basic Education Board (SUBEB) at the launch of the buses.

Metro 11

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

Traders bemoan losses in Ibadan fire

Sola Adeyemo Ibadan

ore than 10 people lost their lives when a fuel tanker fell and burst into fire under the Molete Bridge in Ibadan, Oyo

State. About 11 others, among them an eightyear-old girl, suffered severe burnt in the incident which occurred on Saturday. Also, 45 shops, 13 vehicles, three houses, seven commercial motorcycles, three commercial tricycles and goods worth millions of naira were destroyed in the inferno. Many of those who died, according to investigation, were roadside traders who refused to move to modern markets built by the government. When our correspondent visited the scene yesterday morning, the police and officials of other security agencies were working to restore order in the area, while men of the Oyo State Fire Service were trying to evacuate the fallen tanker and other burnt vehicles. Also, Governor Abiola Ajimobi visited the scene yesterday to commiserate with the families of those who lost their lives. Ajimobi, who arrived the area about 8am, expressed shock at the magnitude of the disaster. The governor, who was in company with the state Commissioner of Police, Mr Kola Sodipo, was conducted round the scene of the incident. Ajimobi said that many who sought to take political advantage out of his administration’s genuine love for the people, especially street traders, must have seen the danger of politicising genuine government policies. He said: “As I came here this morning, gentlemen of the press, you could hear statements from the crowd that gathered here. They keep shouting ‘And Ajimobi had warned us off street trading o!’ “The problem we have is that politicians seek to profit from the lives of the people. Our administration has genuine love at heart for our people. This is manifesting itself gradually and our people themselves can see that love.” A resident of Molete, who is a retired school principal, Adewuyi Ajani (65), said the incident was the fifth he had witnessed in the area. The first, according to him, occurred on August 23, 1971. He said: “Before Saturday’s tragedy, three other similar incidents had hap-

The fallen tanker

pened in 1975, 1987 and 1994.” The Public Relations Officer, University College Hospital (UCH), Ibadan, Ayodeji Bobade, said that apart from the eight-year-old girl that was rushed to the hospital, six males and four females were also rushed there late on Saturday. According to him, one of the injured died later. He said: “Eleven people were brought here, among them a girl, all suffering from severe burns. One of them died in the night while others are receiving treatment at the burns unit of the hospital.” The Iyaloja of Molete Market, Alhaja Iswat Oyinlola, told our correspondent that but for the river behind the market, which absolved more than half of the fuel, many more deaths would have been recorded. She said: “I was already at home about 10pm when I got the message that truck carrying petrol fell at Molete roundabout and spilled its content, causing a huge fire. “By the time I got to the market, the fire had spread to every corner around the roundabout. If not for the river behind the market, the fuel would have flooded the whole neighbourhood and caused many more deaths because it happened when many people were retiring to their beds. “I discovered that 13 vehicles, seven commercial motorcycles and three commercial tricycles were burnt. Ten people were roasted and 45 shops were affected. “We don’t know the actual number of those who died but from the list I have with me, 10 people were confirmed dead. Others were taken to the hospital. “The governor was here early in the

morning and he sympathised with us. It was difficult to see him at the time because of the security men around him but he felt very bad at the extent of the tragedy and losses. We are begging him to help us return to normal life.” The Iyaloja blamed commercial bus drivers for the accident who, according to her, park and operate indiscriminately in the area. She said: “Commercial bus drivers have turned the roundabout to their park, thereby causing huge traffic in the area. From what I learnt, the truck was unable to negotiate the bend easily and because it had full load of fuel, the driver lost control and fell. “We appeal to the police to do their work without any sentiment. They should ensure that the drivers don’t pick passengers at the roundabout. This will ease the traffic around the area and avert disasters.” One of the victims of the disaster was a man who just left a drugstore overlooking the bridge. The owner of the pharmacy, Chigozie Eze, narrated how he lost everything to the fire. He said: “I sell drugs and I have another store where I sell second-hand spare parts. I had left the shops and headed home but suddenly, I got a call from my brother, who was still in the drugstore that fire had gutted the whole place. I was shocked because I could imagine what our losses would be. “I learnt that the truck driver was trying to steer the vehicle away from a pothole at the roundabout and at the same time attempted not to hit the commercial busses there area when it fell. The content spilled and it exploded.”

Low awareness dogs ‘Horn-free Day’ Durojaiye Ayorinde

ow awareness has continued to trail the October 15 set aside by the Lagos State Government as “Horn-free Day.” Many of the drivers and commuters interviewed by NT Metro said they were not aware of the day, which the government said would be an annual event. Isaac john, a commercial bus driver who plies OjotaOgba route, said he was hearing it for the first time. He said: “I am not aware

something like this is happening. Most of my colleagues at the park, I am sure, are also not aware. The media needs to broadcast it for drivers to know.” Also, Mr Charles Nduka, a security officer at the Nigerian Institute of Journalism (NIJ), said it would lead to crashes. He said: “A day without horn, I can predict it to be bloody because drivers don’t wait for others before overtaking. I just pray it should not be as bad as I predict.” Bisi Olorunsogo, a commuter, said it was a dream that

could not come to pass. She said: “Barely a few days to the horn-free day, Lagosians are still in the dark. How do you expect them to comply with something they do not know?” Mr Yusuf Ibrahim, a police officer attached to Area G, said he was not aware of the day. He said: “What are we supposed to do on that day as I am not aware? Are we to arrest trespassers or what?” Some other respondents urged the government to create more awareness to ensure Fashola compliance.

Robbers’ car crashes after snatching N2.1m Dominic Adewole ASABA

emesis yesterday caught up with a gang of four armed robbers, who operated in a Toyota Camry car with registration number EW 16 LND in Delta State. The robbers were involved in a road crash after they snatched N2.1 million from one Ephraim Iyamukre. The victim, an employee of the Nigercat Company, Effurun, was attacked after withdrawing the money from a branch of Diamond Bank on Okumagba Avenue, Warri. Also, men of the Quick Response Squad (QRS), who were chasing the robbers, killed one of them during a shoot-out. The state Police Public Relations Officer (PPRO), DSP Celestina Kalu, who confirmed the incident at the command’s headquarters in Asaba, said the hoodlums ambushed Iyamukre while driving home on NNPC Complex Road, Warri. She said: “The victim courageously trailed the hoodlums with his car to Ogunu Road, Warri, close to QRS office, where there was an accident involving the hoodlums’ vehicle. “Consequently, the ar med robbers jumped out of their vehicle and ran in different directions. “Operatives of QRS, led by ASP Okey Nweke, gave the armed robbers a hot chase and engaged them in a gun duel. In the process, one of the criminals was gunned down.” Kalu listed the items recovered from the suspects to include one G3 rifle number G310E393 with 19 rounds of 7.62mm live ammunition, the snatched N2.1 million cash and one Nokia handset. The PPRO added that efforts were on to track down the fleeing suspects. Meanwhile, the three victims of the accident were taken to the Central Hospital, Warri, for treatment.

Suswam’s village, others to get boreholes Cephas Iorhemen Makurdi

enue State Government has promised to construct and reactivate motorised boreholes in each of the flood-ravaged communities of Anawa, Chembe and Iorja in Logo Local Government Area, where Governor Gabriel Suswam hails from. The Commissioner for Environment and Urban Development, Mr Alexander Akpera, made the pledge when he led top officials of the ministry on assessment tour of the affected communities. Akpera described the disaster as painful, considering the magnitude of damage to farmlands and houses while many people were rendered homeless. He said that government would do everything within its reach to alleviate their plight. The commissioner said the government would deplore a team of surveyors to the area to unravel the immediate and remote causes of the problem and proffer solutions On his part, the Permanent Secretary in the ministry, Mr Nathaniel Alaghga (an engineer), urged the people to imbibe personal hygiene and called for the construction of a reservoir in the area to solve the flood problem and for irrigation purposes. Earlier, the governor’s elder brother, Chief Terkula Suswam, expressed appreciation to the government for its prompt response. Suswam said that he was personally touched by the suffering of his people as a result of the disaster. He promised to donate water constantly to the victims to assuage their plight.

News

Mimiko, APC differ on defection Babatope Okeowo Akure

he All Progressives Congress (APC) in Ondo State yesterday accused the Governor, Dr Olusegun Mimiko of coercing National and State Assembly members in the state to join the Peoples Democratic Party (PDP). The State Chairman, Mr Duerimini Isaacs Kekemeke, who made the allegation, said the intention of the governor was to prevent members of the Labour Party (LP) who did not want to join PDP with him from defecting to APC. But the Chief Press Secretary to the governor, Mr Eni Akinsola, denied the allegation, saying the governor as a democrat did not need to force anybody to join PDP with him. Akinsola said two members of National Assembly, Senator Ajayi Boroffice and Sunday Abegunde had joined APC long before the governor rejoined the PDP and he did not declare their seats vacant and he would not do that to any legislator who desire to change political platform. According to him, the governor did not compel 23 members of the State Assembly to resign their membership of LP and join PDP saying they did it on of their own volition.

validation Ekiti needs God to see Fayose through. That is Fayemi’s message Adesina Wahab Ado-Ekiti

utgoing Governor of Ekiti State, Dr Kayode Fayemi, yesterday in AdoEkiti, said the in-coming government of Mr Ayo Fayose needs prayers. That was even as the Ekiti State chapter of the Peoples Democratic Party (PDP) faulted the claims by a group, the E-11, that

Osogbo

sun State Governor, Rauf Aregbesola at the weekend warned the state chapter of the Peoples Democratic Party (PDP) to stop misleading members of the public on the appeal filed by the Independent National Electoral Commission (INEC) against the judgement of the Federal High Court sitting in Osogbo. Also, the Speaker of the state House Of Assembly, Hon. Najeem Salam, cautioned the party (PDP) against spreading the rumour that the 2011 general election which brought state and national assembly members to offices has been nullified. The speaker argued that, the case has nothing to do with nullification of any election and described the party’s claim as mere figment of imagination. But the state PDP

Fayemi: Let’s pray for Fayose l PDP alleges more killings under Fayemi there was more violence during the first term of the Governor-Elect, Mr Ayo Fayose, than during the period of Fayemi. The party, which spoke in Ado-Ekiti through the State Publicity Secretary, Kola Oluwawole, yesterday, added that there were more records of political killings during Fayemi’s tenure than Fayose’s. Fayemi, who spoke at St Patrick Catholic Cathedral, Ado-Ekiti at a church service to mark the end of his tenure, said

such prayers were needed for the incoming government to be able to achieve lasting peace for the state. This is coming just as eminent Nigerians, including Nobel Laureate, Prof. Wole Soyinka; Oyo State Governor, Abiola Ajimobi; Ogun State Governor, Sen. Ibikunle Amosun; National Chairman of APC, Chief John Odigie-Oyegun as well as former Ekiti State Governor, Chief Segun Oni among several others, poured encomiums on the outgoing

governor for his sterling performance. Fayemi told the congregation that his government had been able to create the culture of peace in the mind of the people of Ekiti, in the four years that it was in the saddle and that the new government would require prayers to be able to sustain the current peace. The Bishop of Ekiti Diocese of the Catholic Church, Most Rev. Felix Ajakaiye, who presided over the church service,

commended the governor for his efforts at developing the state. He enjoined the people to avoid politics of acrimony, but see themselves as brothers pursuing a common goal. Soyinka, who later presided over the presentation of some books written by Fayemi, described Fayemi as a committed public officer, who he is always proud of, saying he should also take the same good attributes to his future endeavours.

L-R: Alake and paramount ruler of Egbaland, Oba Adedotun Aremu Gbadebo; Olowu of Owu, Oba Olusanya Adegboyega Dosunmu; Ogun State Governor, Ibikunle Amosun; Olowu’s wife, Olori Bosun; Osile, Oke-Ona Egba, Oba Adedapo Tejuoso; Agura of Gbagura, Oba Halidu Laloko and wife of former President Olusegun Obasanjo, Bola, at the 2014 Owu Day in Owu, Abeokuta…at the weekend

Aregbesola, PDP bicker over Appeal Court ruling Adeolu Adeyemo

monday, OCTOBER 13, 2014 NEW TELEGRAPH

south — west

chairman, Alhaji Ganiyu Olaoluwa charged the judiciary to expedite action to see that the judgement of the Appeal court sitting in Akure is implemented saying all federal and state legislators elected in 2011 were product of illegality Olaoluwa called for the immediate removal of all federal and state legislators elected in 2011. The Osun PDP boss however argued that “ INEC committed a grave and fundamental error by not obeying the judgement delivered by the Federal High Court in February, 2011 and as the Appeal court dismissed the appeal filed by INEC in the judgement that prevented Akeju from conducting the 2011 election in the state,then the elections are null and void and anybody produced in the elections should be sacked immediately,” he concluded.

Presidency didn’t endorse me, says Folarin Sola Adeyemo Ibadan

gainst the allegation making the rounds that among about 12 aspirants jostling for the governorship seat of Oyo State in the 2015 election, he has been endorsed by the presidency to fly the flag of the Peoples Democratic Party (PDP), former Senate Leader, Teslim

Folarin, at the weekend declared that there was nobody endorsed for the election. Describing the rumour as baseless and unsubstantiated, Folarin told New Telegraph that, “no one has been endorsed by anybody. In fact there is no where in the PDP Constitution that says that there could be endorsement. What it says is that there shall be primary. And

when that is done, everybody should be okay. “But I can tell you honestly that nobody has endorsed me. The primary will be free and fair. It is going to be conducted on the existing structure of the party. If we win, we will expect people to accept it and support us, and if we lose, we will be expected to do the same, as soon as there is no violence as it used to be in the past.”

Ebola: Osun begins distribution of infra-red thermometers to schools

n its efforts to comply with the request of the Osun state chapter of the Nigeria Union of Teachers (NUT) that it must put in place all necessay measure to prevent the deadly Ebola virus in the state before members could resume work, the state government has started the distribution of Non-Contact Forehead infrared Thermometer to public schools ahead of the October 13th, 2014

resumption date. It will be recalled that resumption of the academic calendar year of teachers for 2014-2015 in Osun state as announced by the government suffered a set back last Monday as officials of the NUT turned back teachers in public schools across the state, giving government a weeks grace to provide in schools all necessary Ebola preventive mea-

sures before resumption. The officials chased them out from their various schools and charged them to wait till Monday today) and forget the resumption order given by the state today. However in compliance to the request, the state government has commenced distribution of the thermometers in Ejigbo, Iwo and Ede local governments.

Amosun’s convoy in road crash

he convoy of the Ogun State Governor, Ibikunle Amosun, was yesterday involved in an accident around SapadeAjebo on the LagosIbadan Expressway. Amosun was said to be on his way to Ekiti State, where the state Governor, Dr. Kayode Fayemi was holding a valedictory thanksgiving service. It was gathered that a commercial bus loaded with foodstuffs, coming from the Ibadan end rammed into one of the vehicles in the convoy occupied by some of the aides of the governor. The Ogun State Commissioner for Information and Strategy, Yusuph Olaniyonu, said there were no casualties and the governor was hale and hearty. He said, “The accident only involved one of the vehicles at the rear of the convoy. The governor is alive. “

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

2015 presidency

Consensus arrangement

Buhari, Atiku no threat to Jonathan’s re-election, says Akinjide

Jonathan’s endorsement will douse tension –Akpabio

16, 17

Politics

The beautiful bride Former President Olusegun Obasanjo’s Hilltop Mansion in Abeokuta, Ogun State has practically become a Mecca of sort for politicians from across the divides in the build up to the 2015 general election. While anti-Peoples Democratic party (PDP) forces are banking on his support to frustrate the ruling party from returning to power, the PDP leadership is out to mend fences with its former chairman, Board of Trustees (BoT). FELIX NWANERI reports on the ensuing drama

L-R: Obasanjo, Uduaghan and Mark

he build up to the 2015 general election is becoming interesting by the day as the various political parties and gladiators step up strategies for the contest, which many say, would be the most contested, since Nigeria’s return to civil rule in 1999 given the coming together of the opposition parties to confront the ruling party. Part of the strategies includes mobilisation of members and supporters through rallies being held across the country; consultations with relevant stakeholders and groups, alignment and re-alignment of political forces, and to some extent, testing of the political waters by endorsement of possible candidates for the various elective

AYODELE OJO

DEPUTY Editor, POLITICS ayodele.ojo@newtelegraphonline.com

offices up for grabs. While such tactics are not new to the nation’s electioneering process, the recent separate visits by some leaders of the two leading parties – the Peoples Democratic Party (PDP) and opposition All Progressives Congress (APC) to former President Olusegun Obasanjo, penultimate weekend in his Hilltop residence in Abeokuta, the Ogun State capital is one. Analysts say there is more to the visits than meets the eye. The first of the two meetings, which were held behind closed doors, was held between Obasanjo and a former governor of Lagos State and a national leader of the APC, Asiwaju Bola Tinubu; former Governors Rashidi Ladoja (Oyo) and Segun Oni (Ekiti), who is the deputy national chairman, APC (South-West). The second saw the Senate President David Mark and other PDP chieftains conferring with the former president. Speaking with journalists after the first meeting, Tinubu stated that he was at Obasanjo’s residence to pay homage. He, however, added that the APC was consulting the former president on the choice of a presidential candidate for APC. According to him, the party needs to know his opinion

on some aspirants, especially those regarded as his boys. His words: “We are here to pay homage to our former president and have a number of discussions with him because he has a number of influences in the political sphere. As a good merger, we need to talk, because, this merger will serve various branches. It is a very big tree. So, we need to talk, find out his thinking about Nigeria and the future. We need to seek his observation on some of his former boys who are running for presidency, what he can say of them.” Mark who was accompanied by Delta State governor, Dr. Emmanuel Uduaghan, and former Minister of Women Affairs, Mrs. Josephine Anenih, on his part said: “We have come to discuss with him (Obasanjo) and raise some basic issues that affect both the party and the nation at large.” When pressed on the details of the meeting, the Senate President said there are “discussions that would move this nation forward. You know his (Obasanjo) passion for this nation is unquantifiable, so, we really had a good discussion with him. We are working as a party to make sure we put everybody who wants to be on board on

board, and congresses are coming up so I think this is normal.” Catalogue of visits Before the recent visits, it had been a catalogue of trips to Obasanjo’s Abeokuta country home since last year. Those who came calling included former national chairman of the party, Alhaji Bamanga Tukur, shortly after the former president fell out with Jonathan following his letter titled: “Before it is too late,” in which he raised several grievous allegations against the presidency. While Tukur was said to have pleaded with Obasanjo then to sheath his sword and support the Jonathan administration, the former president told the former party chairman that while he had no problem with the president, he would not allow himself be prevented by anyone from discussing pressing national issues and party affairs. “If there is anything that requires my comment, position or views, I will say it. It is only if you kill me. It is my passion, patriotism and love that will continue to make me state my views. If I see something inimical to the party’s CONTINUED ON PAGE 14

Politics

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

President Jonathan speaking to newsmen during his visit to Obasanjo

Obasanjo with APC chieftains

PDP, APC scramble for Obasanjo’s C O N T I N U E D F R O M PA G E 1 3

growth, I will talk,” he said. President Jonathan followed suit after Tukur. He seized the opportunity of a condolence visit during the burial of the mother of his Special Adviser (Media and Publicity), Dr. Reuben Abati, to pay Obasanjo a visit. Though he claimed then that there was no way people would not speculate there was a problem between him and Obasanjo if he had come to Abeokuta and not visit Obasanjo, it was believed that their discussions centred on the 2015 elections and the crisis then in the PDP. The G7 governors as they were known then in the PDP also met with Obasanjo in Abeokuta in the wake of the emergence of a splinter group – New PDP – in the ruling party. Five of them – Rotimi Amaechi (Rivers), Babangida Aliyu (Niger), Murtala Nyako (Adamawa, now impeached), Sule Lamido (Jigawa), and Rabiu Kwankwaso (Kano) were in Obasanjo’s house in December last year. Governor Aliyu, who spoke on behalf of his colleagues, said it was a continuation of their consultations with PDP elders over matters affecting the party. That was before the defection of five of them – Amaechi, Kwankwaso, Nyako, Abdulfatah Ahmed (Kwara) and Aliyu Wammako (Sokoto) to the APC. On February 24 this year, the Speaker of the House of Representatives, Aminu Tambuwal, took his turn to consult the former president on what he described as some “key issues of national interest.” He was accompanied on the visit by three members of the lower legislative chamber, Kawu Sumaila (Deputy Minority Leader), Ajibola Muraina and Aminu Shagari. “I am visiting the national leader of the PDP. Baba (Obasanjo) and I are in the PDP. Baba is a leader not only in Nigeria but in Africa and it is only appropriate for those of us in positions of authority and leadership to occasionally come and consult him on

matters of national interest,” he said after conferring with the former president though it was alleged that the focus was his presidential ambition. The PDP BoT led by its chairman, Chief Tony Anenih also visited. Members of the board on the entourage were Senator Walid Jubrin (secretary); Governors Ibrahim Shema (Katsina) and Lamido; Senator Ahmed Markafi; Senator Abdullahi Adamu and Prof. Jerry Gana. After a closed door meeting, Anenih, who described Obasanjo as the leader of PDP in Nigeria, said: “I am here to see my leader (Obasanjo), I am here to pay my respect and, indeed, I am here with my colleagues, some members of the BoT of our party to discuss some issues that affect the corporate existence of this country, some issues about the insecurity in the country and some issues about the party itself.” Leaders of the APC were not left out. Theirs in December last year was even more significant as many never envisaged that Obasanjo would agree to meet with those considered his political enemies. On the APC delegation were the party’s leaders from across the country. They included its then interim national chairman, Chief Bisi Akande; Tinubu; former Head of State and presidential aspirant, General Muhammadu Buhari; Governors Kwankaso, Amaechi, Ahmed, Nyako (impeached), Ibikunle Amosun (Ogun), Rochas Okorocha (Imo) and Abiola Ajimobi (Oyo). Others were former Minister of Federal Capital Territory, Mallam Nasir el-Rufai; former chairman of the Economic and Financial Crimes Commission (EFCC) and 2011presidential candidate of the defunct Action Congress of Nigeria (ACN), Mallam Nuhu Ribadu (now in PDP); Senator Bukola Saraki; former Aviation Minister, Femi Fani-Kayode (now in PDP); former Borno State governor, Senator Ali Modu Sheriff (now in PDP) and the party’s National Publicity Secretary, Alhaji Lai Muhammed.

Roll call of visitors

I am a card-carrying member of the PDP, but the politics I play traverses Nigeria, Africa, and the world, in that order. I am a democrat and one of the essential ingredients of democracy is opposition. A democracy that has no opposition built into it is not democracy

President Goodluck Jonathan

Ex-Gov. Segun Oni

Gen. Muhammadu Buhari

Mrs. Josephine Anenih

Senator David Mark

Alhaji Bamanga Tukur

Hon. Aminu Tambuwal

Hon. Kawu Sumaila

Gov. Ibikunle Amosun

Hon. Ajibola Muraina

Gov. Emmanuel Uduaghan

Hon. Aminu Shagari.

Gov. Abdulfatah Ahmed

Senator Walid Jubrin

Gov. Rochas Okorocha

Senator Ahmed Markafi

Gov. Abiola Ajimobi

Senator Abdullahi Adamu

Gov. Chibuike Amaechi

Prof. Jerry Gana

Gov. Babangida Aliyu

Chief Bisi Akande

Ex-Gov. Murtala Nyako

Mallam Nasir el-Rufai

Gov. Sule Lamido

Mallam Nuhu Ribadu

Gov. Rabiu Kwankwaso

Senator Bukola Saraki

Gov. Ibrahim Shema

Chief Femi Fani-Kayode

Asiwaju Bola Tinubu

Senator Ali Modu Sheriff

Ex-Gov. Rashidi Ladoja

Alhaji Lai Mohammed

Obasanjo, at the meeting, hailed the APC as a vital boost to Nigeria’s democracy. He, however, added that though he remained a member of the ruling PDP, his appreciation of the role of opposition in a democracy could not be circumscribed by party politics. “I am a card-carrying member of the PDP, but the politics I play traverses Nigeria, Africa, and the world, in that order. I am a democrat and one of the essential ingredients of democracy is opposition. A democracy that has no opposition built into it is not democracy. “As an opposition, you are enhancing democracy, you are at home, you are welcome, being at home. As time goes on, I will just appeal that the politics you play is politics without rancour, without bitterness, with decency, that has Nigeria at heart,” he said, assuring the APC leaders that he would always support any activity that enhances democracy and national unity, whether or not he was formally invited. Politics behind the scene Beyond the homage and national issues theories advanced by the APC and PDP leaders respectively for their

recent visits, the 2015 presidential election cannot be ruled out as the main reason. While Tinubu gave a lead to this with his disclosure, the Senate President was said to have visited the former president to persuade him on the need to work for the PDP in the forthcoming polls, particularly that of the presidency. Reason for the latter is not far-fetched. Obasanjo had stayed off activities of the PDP since January 7, when he announced that he was withdrawing from the activities of the party as long as his kinsman, Buruji Kashamu, whom he accuses of being a “wanted habitual criminal”, remains a leader of the party in the South-West. “Politics played by any national political party must have morality, decency, discipline, principles and leadership examples as cardinal practices of the party. I have attached here recent documents that clearly indicate that you extolled PDP zonal leader in the South-West of Nigeria and an indigene of Ogun State, who is, to say the least, not a credit to the party as a member, let alone being a zonal leader,” his letter read

Politics | Interview Politics

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

Obasanjo (right) with Anenih

Tambuwal (2nd left) Obasanjo (middle) and other members of the House of Representatives

support ahead of 2015 elections in part. On the part of the APC, the party is not unaware of the rift between Obasanjo and President Jonathan, and may be working towards cashing in on that to get his endorsement for whoever emerges as its 2015 presidential candidate. Former head of state, Buhari and Obasanjo’s former deputy, Atiku Abubakar are the leading contenders for the party’s presidential ticket. The former president had never hidden his indifference to the Jonathan presidency though he was instrumental to his emergence to the national political scene in 2007, when he single-handedly picked him and the late Umaru Yar’Adua as the PDP’s presidential and vice presidential candidates. The rift was played down until Obasanjo’s open letter to Jonathan, and the consequent reaction from the Presidency, many said, informed the former president’s unceremonial exit as PDP BoT chairman on April 3, 2012. The former president had claimed then that stepping down as the party’s BoT chairman would enable him fulfil his duties as a statesman, locally and internationally as well as concentrate on his presidential library and mobilise investments into the continent, but those in the know said he was schemed out by Jonathan’s camp. To pave way for him to become the chairman of BoT, Obasanjo had seen to the amendment of the party’s constitution which provided that only a former president still in the party could hold that position. But the president’s camp felt that with the former president on such a sensitive position, Jonathan’s second term bid may be frustrated given his disposition then to the presidential ambition of Governor Lamido. So, Obasanjo was cut short and replaced with Anenih (Mr. Fix It), who he dethroned. Ignoring Obasanjo While many among the president’s foot soldiers, particu-

larly in the South-West have described the former president as a spent force, who has lost political relevance in the zone, the question many have asked ahead of the 2015 elections is: Can Jonathan and the PDP afford to go into the contest without the support of the man who won the presidency for two terms on its platform (1999 and 2003)? To some analysts, that would amount to a political suicide by the party as Obasanjo presently holds the record of Nigeria’s longest serving leader – 11 years (military – 1976 to 1979 and civilian – 1999 to 2007) and remains a factor in the country’s politics. Many have not forgotten the scheming that saw his emergence as the PDP’s presidential candidate in 1999, barely months after coming out of prison over a phantom coup against late dictator, General Sani Abacha, ahead of highly favoured former Vice-President Alex Ekwueme. Members of the Northern oligarchy, comprising of retired and serving military officers then, not only ensured his victory at the party’s national convention, but at the election as well. Also, there is no doubt that Obasanjo’s political structure spreads across the country, and President Jonathan, who realises this has not spared efforts to reconcile with him. One of such moves was his telephone call in January to the former president to deny responsibility for promoting Kashamu as PDP leader in the South-West. Obasanjo was on his way to Ethiopia at the time of the conversation. Jonathan was said to have hurriedly put through the call after he received the former president’s letter informing him and Tukur that he was suspending participation in party activities for as long as the ruling party continued to treat Kashamu with reverence. It was said that the president appealed to Obasanjo to reconsider his decision to suspend himself from the party,

saying he would personally prevail on the party’s leadership then to stop fraternizing with Kashamu and imposing him on the South-West PDP as a rallying point. The promise is, however, yet to be fulfilled. 2015 calculations Obasanjo may not be in a position to install a new president come 2015 like he did in 2007, but he appears to still have the wherewithal to influence whoever emerges, and recent developments show that he is likely to support a northern candidate despite Jonathan’s endorsement by the PDP National Executive Council (NEC). He was absent at the meeting where the decision was reached. The North still feel shortchanged that the two terms of Umaru Yar’Adua’s administration which began in 2007 was not completed before Jonathan came on board, shoving aside the zoning arrangement of the PDP, and Obasanjo seems to be supporting this cause as he alluded to the alleged single term pact Jonathan had with PDP governors in 2011 in his letter. His support for the Northern agenda, perhaps explains his alleged resentment over Lamido joining of the fray of Jonathan’s endorsement for a second term. Perhaps, this explains his tilt towards the opposition party and possibly Buhari, who is tipped to clinch APC’s presidential ticket. Obasanjo came out recently to attest to the uprightness of the former military ruler in public service. Speaking at a book launch in which Buhari himself was present, Obasanjo said he had found the Katsinaborn General’s record to be unblemished. PDP begs Despite the tough-talking by Jonathan’s men and some of his kinsmen on his chances come 2015, the ruling party is not treating with kid gloves the fear that Obasanjo may collaborate with the opposition to frustrate it from returning to power in 2015. While some have opined

Baba, you have to forgive us. I beg you in the name of the Almighty God, so that you too are forgiven. We are your children. We are making mistakes, we have made mistakes, we have apologised

that Jonathan should adopt the carrot and stick approach should the former president go ahead with his plot, National Chairman of the PDP, Alhaji Adamu Mu’azu and Mark, who literally went on their knees last week, when the party received back to its fold the former governor of Ogun State, Otunba Gbenga Daniel, acknowledged that the PDP has offended Obasanjo and asked that he should, as a father forgive the entire stakeholders, leaders, elders and members. Mu’azu admitted that mistakes were made in the past and Obasanjo should come and lead the party, adding that the leader of the party, President Jonathan was also waiting eagerly for him to come back to the party. His words: “Baba, you have to forgive us. I beg you in the name of the Almighty God, so that you too are forgiven. We are your children. We are making mistakes, we have made mistakes, we have apologised, we will not agree even if you want to throw the baby away with the bath water, the baby will not go with you. “Come and lead us. Even the president is waiting for you. Come and lead us. You are our leader, we appreciate you. We thank you for your leadership, we thank you for your courage, and we assure you that by the grace of God, we are all good boys and girls.” Mark on his part, said: “All of us in the PDP are begging Baba (Obasanjo) to forgive us even if he is annoyed with us. We truly apologise to him. He should forgive us because he cannot throw us away; He will have to forgive us and make sure we are not sheep without shepherd.” Will Obasanjo heed to the several pleas, forgive and join hands with the PDP or seize the opportunity of the coming elections to extract his pound of flesh from President Jonathan? Developments in the days ahead will determine this, even as Obasanjo has always come out unscathed from tough political battles, and is not known to forgive easily.

16 Politics

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

Buhari, Atiku no threat to Jonathan’s re-election –Akinjide Chief Richard Akinjide (SAN), a veteran lawyer and politician, was the Attorney-General of the Federation and Minister of Justice in the Second Republic. In this interview with TEMITOPE OGUNBANKE, the Board of Trustees (BoT) member of the Peoples Democratic Party (PDP) speaks on the 2015 presidency, battle for South-West and Abiola Ajimobi-led administration in Oyo State, among other issues

In recent times, there have been series of endorsements for President Goodluck Jonathan’s re-election bid despite the fact that he has not declared his intention to contest in 2015. How do you see the development? He has been nominated by the party to contest, so there is no doubt that he is going to contest. Any other argument is academic. Why did the Peoples Democratic Party (PDP) endorse President Jonathan without considering the interest of other aspirants? That is done all over the world. The party can make and unmake, and if they say they endorsed a particular candidate; that is the choice of the party and we should back them. Will that not disenfranchise some party members from taking part in the presidential contest? Once they obey the rules of the party, there is no disenfranchisement. Under the rules, you have to go through some procedures and the PDP has gone through all those procedures, so they have not disobeyed any rule at all. Prior to the Jonathan’s endorsement by the National Executive Committee (NEC) of the PDP, the likes of Governor Sule Lamido and many others seem to have shown interest in running for the presidency... (Cuts in) But they have declined. Lamido had declined that he is not contesting and anybody who wants to contest will not be stopped. But as far as I am concerned, I don’t see anybody from PDP coming out again. So, whoever comes out for the ticket won’t be given a fair chance? If he follows the rules, yes, he would be allowed. But he has to follow the party’s rules. If he doesn’t follow the party’s

rules, he would not be allowed to contest. But if he follows the party’s rules, he would be allowed. Nothing has changed. We have not stopped anybody from contesting. Anybody who wants to contest can come out. But many of us support the president to re-contest in accordance with rules. But if anybody wants to contest and he obeys the rules, he will not be stopped. Why the endorsement of the president without his declaration of intent to run? That is democracy and that is their view. It is done all over the world; in England, France, Japan, Sierra Leone, Gambia and we have also done it before. When National Party of Nigeria (NPN), National Council of Nigeria and the Cameroons (NCNC) and Action Group (AG) were in power, we used to do it. Why are you supporting Jonathan? I support him because he is the best candidate in the country. Jonathan was endorsed because he is the best candidate for the PDP and he is a sure winner. And I have no doubt that he would win the election. What makes Jonathan the best candidate? Because he has all the things we need to win. He is popular, he has experience, he has performed and we want him. I personally support him 100 per cent and I will vote for him. But many Nigerians seem uncomfortable with Jonathan administration in the last five years, especially in term of security challenges in the country? It is not his fault; he is the best for the country and he will win the 2015 election hands down. What gives you the confidence that Jona-

Akinjide

than will win in 2015? Because he will get the votes of the country. The whole country will vote for the president just as the whole state will vote for the governor and people at local government level will vote for chairman of the council. I have been in this game for a long time and from all calculations, he is a sure candidate to win.

Buhari has military thinking. He thinks like a soldier; he doesn’t think like a democrat. Secondly, Jonathan is about finishing a term and it is only fair that he should be allowed to do another term

But there are aspirants from opposition parties that will compete against President Jonathan in 2015... He will contest against them; that is what we want. We don’t want them to step down; let them stand and they will lose and Jonathan will win. The 2015 presidential election is going to be a straight battle between the PDP and the All Progressives Congress (APC). Do you see APC as a threat to the PDP? They can’t beat the PDP. They cannot and they will not. Don’t you see APC presidential aspirants like former Head of State, General Mohammadu Buhari; former Vice-President Atiku Abubakar; and Governor Rabiu Kwakwanso of Kano State posing a challenge to Jonathan’s re-election? They are not; they can’t beat Jonathan Why do you think so? Jonathan is the best candidate for the country right now. But Buhari is a strong candidate... Buhari is not a strong candidate and

Politics 17

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

that. He is not a threat to Jonathan. If you think Buhari is not a threat to Jonathan, what about Atiku? Atiku cannot defeat the PDP candidate. I don’t see any of them being as educated as Jonathan. The two aspirants who want to contest on the platform of the opposition party are not experienced as our candidate. In the country, Jonathan is still the best choice for Nigeria. The best for Nigeria at this period? Yes, he is the best for Nigeria at this time. Apart from the endorsement at the national level, in the last few weeks, some governors have publicly endorsed who will succeed them while some political parties have adopted zoning of the governorship. What is your take on this? That is democracy. It is their right and people have the right to support anybody they want. Is that right? Very right. I support the one I want too and you should support the one you want too. That is democracy. But that process may not give room for the best candidate to emerge among those in contest. It will give room for the best candidate to emerge. The best candidate is the one who satisfied the electoral rules and wins fairly. Will the endorsement not cause disaffection within the party? It will not cause any confusion. It will enhance democracy; it will promote democracy.

he is not a threat to Jonathan at all. I can assure you of that. Why do you think Buhari is not a strong candidate? My reason is that Jonathan is a very good material. He has experience of government of many years. He has character and is also wanted by Nigerians. I want him. Buhari also has experience in governance having served as Head of State. He was Head of State during a military regime; he was not elected, but our own candidate was elected and he is going to be re-elected. Are you saying Buhari doesn’t have what it takes to match Jonathan? He hasn’t got it at all. Why do you think Buhari is no match for Jonathan? First, Buhari has military thinking. He thinks like a soldier; he doesn’t think like a democrat. Secondly, Jonathan is about finishing a term and it is only fair that he should be allowed to do another term. Thirdly, majority of people in the country want him, and I have no doubt about that. I have travelled all over the country and I discovered that overwhelmingly many people want him to contest and to come back. In the 2011 presidential election, Buhari polled about 12 million votes, winning many states in the North; don’t you see him as a threat to Jonathan? He is not a threat at all; no doubt about

Last month, there were attacks on Ekiti State judiciary, especially on some judges. How do you see the incident? I don’t believe all the stories I read about that situation. What I know is that anybody who committed a crime should be punished. But I know that the PDP was not involved and our candidate in Ekiti (Ayodele Fayose) who won the election was not involved in that matter. He is a democrat and all the traditional rulers and chiefs in Ekiti have come out openly that they support the incoming governor in Ekiti State, a PDP government. Irrespective of those involved in the matter, was it morally right to have harassed a judge? That is bad; a judge should not be harassed. Anybody who does something like that is not doing the right thing and I won’t support such a person. The emergence of Ayo Fayose as Ekiti State Governor-elect and defection of Ondo State governor, Dr. Segun Mimiko, from Labour Party to PDP has changed the political calculation in South-West. Do you see PDP winning more states in South-West in 2015? We will win 100 per cent. Ondo is now PDP, Ekiti is PDP and I have no doubt that Oyo will vote for PDP in the 2015 general election and very likely Ogun State too will do the same thing. I have reasons to believe that Yoruba will turn to the PDP in the next election for the gubernatorial and presidential elections. Why do you think Yoruba will vote for PDP? Because of the overwhelming support of the people for the PDP. You are from Oyo State; do you really see PDP sending APC government in that state packing in 2015? I am 100 per cent confidence that PDP will win Oyo State. But Oyo PDP is divided. No, we are not. That is on the pages of newspapers, not on the ground. There is contention between Ibadan indi-

genes and four other divisions in Oyo State over which division will produce the governor in 2015. What is your take on this? My view is that the best candidate should be put forward and I have reason to believe that Ibadan will produce a very good governorship candidate, and we all must back him. Are you saying Ibadan should still produce governor in 2015? Yes, I am saying that Ibadan should be allowed to produce the next governor. But the incumbent Governor Abiola Ajimobi is an Ibadan indigene Yes but not in my party and I won’t back him; he is not the best candidate. But some people believe that Ajimobi has performed very well considering the several infrastructure he has put in place since coming into office in 2011. That is your own judgement, but that is not the judgement of many people. They believe that he has not done very well. In that case, how would you assess Ajimobi administration in Oyo State? I will give him 20 per cent and I will give past National Party of Nigeria (NPN) and PDP governments in the state, 70 – 80 per cent pass mark. Are you saying Ajimobi’s predecessor, Otunba Adebayo Alao-Akala, performed better than him? I don’t want to give judgement, on that but what I know is that PDP will win the next election in Oyo State. So, you are confident that PDP will defeat the incumbent government in Oyo State? Yes, 100 per cent. Will that not be difficult considering Ajimobi’s performance in office and his quest to seek re-election? I say he is going to be defeated. Take my words and that is going to happen. The Independent National Electoral Commission (INEC) has not given the go ahead for electioneering, but some parties and groups have stepped up campaigns. There is no campaign as such. What you mean is that people are expressing their views. Yes, but the actual campaign will come later. How about that of support groups for President Jonathan, especially that of Transformation Ambassadors of Nigeria (TAN)? I don’t regard it as a campaign. A campaign will become a campaign when it is officially declared by the political party and INEC. They have not done that. So you believe TAN and others have not broken any law? They are not breaking any law. What is your take on the removal of the Adamawa State acting governor, Umar Fintiri and the swearing-in of Murtala Nyako’s deputy, Bala Ngilari, as governor based on a court ruling? That is the judgement of the court and we should accept it. Anybody who doesn’t accept it should go and appeal. I have greatest respect for our courts. Many of them are very careful in matters brought before them and I always give them the greatest regards. The PDP and APC are always attacking each other, even on minor issues. Is this proper? If they don’t exchange words, what else should they do? Politics is exchange of views and arguments. I do that, you should do that and we should all do that. I support all of them. They are exchanging words; that is politics.

Akpabio’s interview on page 20

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

Opinion

Nuclear, fossil & renewable energy sources: Matters arising (1)

Victor Amorha

erhaps after security, the challenge of power supply remains the most critical development retardant in this country. For many informed technocrats, that Nigeria with an estimated population of 170 Million is still battling to stabilize a generation capacity of 4,500MW from fossil and hydroelectric sources after committing a very conservative figure of more than 20 billion US Dollars since 1999 is a complete aberration. Based on my humble privileged experience of operating multidisciplinary engineering projects, and discussions with my Nigerian friends that have engineered the development of large Power Plants with and first class technology in US, Saudi Arabia and UK, I find it difficult to understand the reality of this sorry state! On the contrary, Brazil currently at 2,166KWh per capita, between 1994 and 2007 invested $57 Billion USD to generate 100,000 MW of power of which 77% is from hydroelectric energy source. One marvels at the frequency which the successive public officers employed as “experts” to assist our political leaders deal with this challenge, at different times engaged in conspiratorial folly of chest beating and unearned back slapping celebrations in what has become our collective delusion over lack-lustre delivery of epileptic 3,500-4,500 MW to Nigerians after so much expenditure! There is no doubt in my mind that the succeeding Presidents in the Fourth Republic- Chief Olusegun Obasanjo, Late Alhaji Shehu Yar Ardua and Dr. Goodluck Jonathan had sincere vision to develop robust and sustainable power supply system, and respectively quite understand that effective power supply is sine qua non to get Nigeria to the development pedestal as an industrialized nation. They were passionate about this objective, and in a bid to confront the monster, introduced varying measures, but sadly the cumulative result in the past fifteen years simply amount to a tip in the iceberg of the challenges in view, despite the billions of US Dollars committed in the various power system projects. Unfortunately the major constraints to achieve full turn-around of the power supply conundrum are mainly hinged on lack of transparency, hostile trend of opportunism and unhealthy political interference in what is an exclusively technical and professional nature whose critical decision nodes were not populated by teams of tested experts with

track records of running the mills. The consequence of the fundamental shortfall in dealing with Nigeria’s power supply problem therefore, has sadly thrown to the winds, concern for requisite details in planning, process engineering and fundamental rubrics of project management, necessary for resolving a socio-economic challenge that should largely be left in the hands of competent teams of specialists. Several containment measures have been contrived right from the regime of Chief Olusegun Obasanjo through the brief saddle of Late President Yar Ardua and what started off with the establishment of National Integrated Power Project (NIPP), revamping the existing FGN gas plants and hydro systems. During the regimes of Presidents Ya Ardua and Good Luck Jonathan, efforts have been on going to commission the NIPPs and the existing refurbished thermal plants. No doubt the reform of the power sector, has been put on the front burner with the various modules that were lately stewarded by the consecutive ministers of Power in the persons of Prof. Bart Nnaji and Prof. Chinedu Nebo. From the results so far, it appears that the first stage of the power sector reform is conceptually envisaged to privatise the generation and distribution systems, and by this unbundle the bureaucratic institutional constraints that have stunted its development to be lagging by more than three decades. Nigeria obviously needs to be in a hurry, to dramatically recover the current wide gap in the amount of power available that can drive the industrial sector if Vision 20:2020 deliverables are not to turn to hallucinated mirage. As at 2013 the per capita energy consumption in Nigeria was 149KWh which was almost the same range with Sudan’s 143KWh; however it was lower than Congo Republic with 172KWh and less than half of Ghana’s 344KWh. This situation is in sharp contrast with South Africa’s 4,004 KWh per capita consumption; 6,486KWh for Russia; 7,848KWh for Japan and 13,246KWh for USA. The per capita power consumption is in direct proportion to the total energy generated, and the higher the value the higher the level of industrialization of the nation. To further put the feature of Nigeria’s power supply problem in proper perspective, with an estimated population of 170 million and the current supply from national grid fluctuating between 3,300-4,500MW, it is a glaringly dismal shortfall of the standard for projected 170,000MW required for an industrial and developed nation with similar population!!

With the enviable potential Nigeria has in terms of robust, dynamic and resourceful population, rich availability of diverse energy resources from fossil fuels (ie. Oil, Gas and Coal) and renewable sources- Hydro, Solar and Wind, all which have remained grossly underutilized, the scope is limitless with respect to our national capacity for power generation, transmission and distribution. The Federal Government can only realise the power supply infrastructure expectation in Nigeria if some basic critical steps are taken, The most paramount will be adopting the appropriate directional policy that eliminates the cancer of corruption and cronyism in making choices. Next will be to guaranty attractive motivation to technocrats and the business class, while commensurately providing statutory and resource empowerment to the custodian agencies that have regulatory responsibility. Through my business and professional interactions with deep assessment of the power supply challenges in Nigeria, it is very clear that resolving the problem is no rocket science; neither do we need the desperation to now start thinking of the more complex, sensitive and dangerous nuclear power option. Our natural resource ingredients for power generation remain dormant and we have many Nigerian Engineers that have operated and even led project teams in various aspects of power generation in the US, Europe and Saudi Arabia, but the prevailing system have not given room for constructive inclusion of majority of the experts. Our damning experience came to the fore easily because the engineering of a power system is high-tech, multidisciplinary and sensitive in content. So it cannot be successfully ambushed by emergency business agents like construction of roads and buildings that we suffer most often in Nigeria, and which can be cosmetically “Completed and Commissioned” only for the collapse to occur a few while after being put to use, manifesting too late as the emergency contractors have safely pocketed their loot. That is why any Nigerian engineer that has cut his teeth working the mills feels embarrassed that our system has not been structured to accommodate many teams of real experts that will painstakingly conduct the due diligence & engineering of power systems right from Concept, Sitting Study to Design Engineering, Project Development, Commissioning and Operations. • Engr Victor Amorha, Chartered Engineer & Management Consultant and MD SAVIC

Rivers 2015: Way out of PDP crisis (2) Felix Ebikeme Continued from last Friday

hief Wike must accordingly be told in unmistakable stance that he can’t be running a parallel body to the legal institution of the PDP which is the umbrella body known to the party’s constitution and the only rallying point for the collective of our members across the state. And from here, we move to the logical end of the game which is to have Chief Wike as our governorship candidate next year. While the minister has the right to contest this position, it is doubtful if it will ever serve the best interest of the party. Again, this is the inconvenient truth the national chairman and everyone of consequence in the party must take note. First, it must be realised that the 2015 general election would be one like no other in this country mainly because of the stakes as a factor of our nationhood and historical foundation. For all serious people from the South South region in particular, our major interest in this important election is to get President Goodluck Jonathan reelected and in the process get our state back from the temporary occupants, the All Progressives Congress (APC). But to

achieve this objective, we have to first win the respective elections. And to win these elections, we have to go into battle as a united whole. Yet, we can only be united when there is peace predicated on the critical factors of fairness, equity and justice. This is the premise for which the outcome of the 2015 elections in Rivers State PDP will be judged and which speaks to the fact as it stands today that the mindless posturing to foist Chief Wike on the party as our candidate next year is nothing but recipe for electoral disaster. The issues are too clear here and deserve due attention from Alhaji Mu’azu and every lover of our great party. For the avoidance of doubt, Chief Wike’s ambition runs contrary to logic and the well established governorship rotation principle that had existed till date in Rivers State. Of the three senatorial districts, West, East and South East, it is only the Rivers South East left to produce a governor in the state since both the Rivers East and West senatorial districts had already produced four governors in former governors Chief Peter Odili, Chief Rufus Ada-George, Sir Celestine Omehia and the incumbent, Hon. Rotimi Amaechi. This is a fact of our political reality we cannot ignore or run away from no matter the scheming or persuasion to think other-

wise. The riverine and upland dichotomy as a sensitive political matter must be well respected this time so that no one gets the feeling that some elements in the state are born to rule while others can continue as outcasts. This is where the essential leadership of Alhaji Mu’azu and the rest will have to come into play, matching reality with idealism as a veritable yardstick for a fruitful electoral outcome next year. This is the expectation of all genuine lovers of our party among the critical stakeholders and the mass of our members and supporters. This is why it is strongly suggested here that Chief Wike should be told in clear terms that his ambition is not in our collective interest and should, therefore, jettison his aspiration. Accordingly, the Adamawa Principle should apply in picking our candidate for 2015 governorship in Rivers State. This is the right thing to do to restore sanity and a means of giving everyone a sense of belonging as a crucial consideration in a multi-ethnic polity. Beyond picking the ticket, however, our national leadership should also be concerned about the political personality of Chief Wike which we have to agree is too polarising and making it effectively unsellable in a general election as it were because he has too many enemies both within the PDP and the opposition party

and, by extension, the public who were all witnesses to the events of recent time in the state. As one Cyril Okey Nwakanwo noted in a recent article in Thisday,”If PDP makes the mistake of giving Wike the governorship ticket, the party would reap inestimable protest votes from greater part of the state...” Now, I rest my case, believing we have a listening leadership headed by a consummate politician, who himself knows the difference between media grandstanding as a messiah and the practicality of politics in the realm of election and electoral victory. We believe strongly that Rivers State remains a solid base of our great party, PDP, in spite of Governor Amaechi’s defection with his followers. Effectively, no one should be deluded that the interest of those who will legitimately feel alienated by any form of injustice will not count in the next election in Rivers State. This is the time for us to be true to our collective aspiration by enthroning equity, justice and fairplay as only valid basis for the much desired goal of re-electing our dear President Goodluck Jonathan and reclaim our state from the current impostors. Concluded • Ebikeme wrote from Port Harcourt.

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

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Before Ebola destroys the economy

ince the index case of the fatal Ebola Virus Disease (EVD) was recorded in Nigeria through US-Liberian ECOWAS Diplomat Patrick Sawyer, it has been as controversial as it is devastating. Precious lives have been lost, among them, prominent health care workers, rich and poor, young and old. While children have been orphaned, families have also lost their bread winners. What this means is that the pool and loop of the most vulnerable segment of society are enhanced while the incidence of poverty is exacerbated by the debilitating impact of the loathsome disease. In addition to 5,800 illnesses and more than 2,800 deaths counted since the first cases were reported more than six months ago, international health authorities driven by possible unreported or hidden cases of many corpses and infected people, doubt if the crisis is not far worse in reality, especially now that the seemingly ubiquitous disease has also made its mark in U.S and Spain. A report by the World Health Organization as of October 1 said there were 7,437 suspected, probable and confirmed cases of Ebola in Guinea, Liberia and Sierra Leone and 3,338 deaths. A peculiar outbreak of a different type of the virus in the Democratic Republic of Congo has also to date killed 43 people including eight health care

workers. Although Nigeria recorded an exemplary and award-winning feat by any metric in containment of the fast-spreading virus, it was not without losing eight of its valued citizens, especially Dr Ameyo Adadevoh, a medical expert with First Consultants Hospital, Lagos, which handled Sawyer’s case. Today, the noise reverberates all over from needless debates on who should take credit for the successful containment of the EVD outbreak in the country. But we believe the country should rather deepen and further polish and package the steps and strategies taken to fight and subdue the disease as case study to the world. Rather than celebrate the victory over Ebola on the altar of political bigotry that does not add up to much, it is our opinion that the country should do more to not only export its expertise on managing the disease to the world. Whether the credit goes to the Federal, Lagos, or Rivers State government is inconsequential at this stage because none of these spheres of government is outside the shores of Nigeria, and the longterm effect of the disease is yet to be totally overcome. The debates have also been as cacophonous and controversial as they have been vociferous on whether or not the outbreak of the disease would significantly affect the economy. Surprisingly, many,

including top public office holders, tend to submit that it would not. We however disagree with them on this position, since we know that the Nigerian economy does not operate in a state of autarky (economic self sufficiency). As a matter of fact, it is germane for Nigeria to go beyond the euphoria of egocentric campaigns and focus more attention on the fact that more than 70 per cent of freight and human movements between the nation and countries in the West African sub-region take place on the Lagos-Badagry Expressway corridor. It is also important that with Nigeria as Africa’s largest economy and by far the dominant player in business among the members of the ECOWAS sub-regional market, it still remains at risk economically and pathologically because of the heavy vehicular, human and commodity movements on daily basis among the member countries of the market. In the Lagos area alone, the slump in retail sales brought about by the Ebola outbreak was evident in the month of August. Bismarck Rewane, Managing Director of Financial Derivatives Company alluded to this in the October edition of the company’s Breakfast Meeting with the Lagos Business School on October 2, albeit with the observation that retail sales in the Lagos area picked

up slightly in September. Though the IMF in its latest World Economic Outlook stated Africa should repeat 2013’s growth rate of 5.1 per cent this year and then accelerate in 2015 as infrastructure investments boost efficiency and the service sectors and agriculture flourish, the Fund also said “Should the Ebola outbreak become more protracted or spread to more countries, it would have dramatic consequences for economic activity in the west African region.” The World Bank also said in another report that unless momentum is built to scale up response, transportation, crossborder trade, supply chains and tourism in West Africa could be “severely disrupted”, and this could cost the region as a whole tens of billions of dollars. “With our estimates of the impact of West Africa alone, even in a less tragic case, the lost GDP is likely to run into the billions,” said David Evans, senior economist of the World Bank’s Africa Division. “And in a worse case, we have even higher numbers (more than $40 billion),” he told the Reuters Global Markets Forum. This informs our position that a lot more still needs to be done beyond celebration of victory over the disease since intraregional trade still flourishes among ECOWAS member countries.

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Politics

What do you think is the implication of the swearing-in of Bala Ngilari as Adamawa State Governor? Ngilari is a Peoples Democratic Party (PDP) member and not in the opposition. What that means is that we must always congratulate President Goodluck Jonathan for upholding the rule of law and respecting the judiciary. This was a judicial pronouncement and of course the Federal Government has been known for upholding the rule of law. So, what happened in Adamawa State, for me, is a function of the fact that we must always give respect for judicial pronouncements and the judiciary. The interesting aspect is that it is a family business; Ngilari is in PDP. The current governor was a deputy governor who refused to defect to the All Progressives Congress (APC) because of his belief in the PDP. I think in coming back as governor of Adamawa, he is back as a PDP governor and not as an APC governor.

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

Jonathan’s endorsement will douse tension –Akpabio Governor Godswill Akpabio of Akwa Ibom State believes that the decision of the National Executive Committee (NEC) of the Peoples Democratic Party (PDP) to adopt President Goodluck Jonathan as a consensus candidate for the February 14, 2015 election will douse tension in the party. In this interview, Akpabio also speaks on why consensus option is not ideal for states as well as the political developments in Adamawa and Ekiti states. ANULE EMMANUEL reports

The PDP has evolved an arrangement among the governorship aspirants in the state, preparatory to the election in Adamawa before the court’s ruling. What now happens to that gentleman’s agreement? You know once the court makes a pronouncement everybody has to obey. So, it means every arrangement has been annulled by the court’s decision. That is the implication. All arrangements have been annulled by the court. There are fears that the crisis in Ekiti may threaten the swearingin of the governor-elect, Ayodele Fasoye on October 16? If the matter is in court, I cannot comment on it. Fayose’s swearing-in is a constitutional matter. No governor can stay a day longer after his tenure has expired and the law does not allow a vacuum; the constitution does not permit a vacuum. I want to assure that the constitution will be upheld. Some people in your state have accused you of confiscating the membership register of the PDP alleging that you want to play up a favourite candidate in the 2015 governorship polls. How true is this? Well, that is a very minute segment of the Akwa Ibom population, very few that you can count on your fingertips; some elders who were able to hire some miscreants in Abuja to carry placards at Legacy House. And those people who carried placards are not from Akwa Ibom. My people had the opportunity to interview some of them. The meeting that was held with elders was not an open meeting. Even the hall used could not take up to 50 people. So, you can imagine somebody going to hire a few miscreants and stand outside and talk about imposition; that was funny. As the Governor of Akwa Ibom State, the PDP in my state is intact. Not just because of my performance as the governor of the state, but also because of the fact that we had a properly

Akpabio

elected executive through congress that was confirmed by the National Convention. And that has never been an issue. In fact, the characters who sponsored the hired crowd also recognised the party leadership and a few days earlier had gone with their candidates to consult the party leadership at the state level. So, there is no crisis in my state. It is just some people who are trying to create a semblance of crisis and they must be ignored for what it is. Of course, we must question the statutes of those elders. Some of them are not in PDP; they are people who actively campaigned for the opposition camp of the defunct Action Congress of Nigeria (ACN) in 2011 and we are yet to receive them back into the PDP. So, if you saw people protesting, those are sponsored people, they are not members of PDP; my state is intact and 100 per cent PDP. Do you think that the endorsement of President Goodluck Jonathan as PDP’s sole candidate will make 2015 easier? It is not only that it will make 2015 easier for the PDP, it will also make political calculations in Nigeria totally free and devoid of violence and unnecessary acrimony and it will bring harmony within the politics of

It will make 2015 easier for the PDP, it will also make political calculations in Nigeria totally free and devoid of violence and unnecessary acrimony

the entire nation. Note that it deepens democracy. I was asked the same question by a member of the Congressional Black Caucus in the United States two weeks ago. Here is a president in spite of all distractions who has remained focused in trying to transform the Nigerian economy and today even under the present circumstances, Nigeria is running as the biggest economy in Africa. I didn’t say so; it is World Bank and the international agencies. What we need to do now is to translate that into job creation for our children and to bring more industries to Nigeria and to attract more investments. But of course we cannot rest on our oars; we must work harder to improve the power sector and the impetus in the agricultural sector. So, I believe that the endorsement will deepen democracy in every sense of the word and also send a strong signal to the world that Nigeria has arrived in terms of democratisation. Don’t forget that the PDP is modelled after the democratic party of America that has almost similar practice. When they see a performing president in America, they don’t allow him to go for unnecessary primaries. That was what happened with Obama. He didn’t

go through any primaries in the Democratic Party. And so the governors of Nigeria took a look at the best practices of democracies worldwide and that endorsement came and was ractified by the Board of Trustees (BoT) and the National Executive Committee (NEC) of our great party. This is the first time such is happening since 1960 and we congratulate all Nigerians and all stakeholders that took part in that endorsement. And I can assure you that it will allow the president to focus on the main elections and the business of governing the country. Do you intend to also carry out endorsement in your state? It is very difficult because of the large number of aspirants. If you have a large number of aspirants, it is good to allow all of them go to the field and test their popularity. I did that; I am a product of good primaries. We were 58 in number in 2006; we were the highest in the country. I contested against 57 people. So, I defeated 57 people to become the governor of Akwa Ibom State. So, at the state level once you have a lot of people showing interest in the governorship it is good to allow a level playing field and give opportunity to all. It also helps democracy because it helps people to go out, propagate the ideas of the party and talk about what they would like to do for the electorate, sell themselves and the manifestos and from there the electorate would have the opportunity to pick the best out of the lot. But the presidential election that is coming up in the PDP is different. We have not seen any other person coming out to challenge Mr. President because of his credibility and what he has been able to put on ground. Everybody says ‘oh, the transformation agenda of the president is on course and what else would they come to do than to allow him to continue? Why can’t we give a chance to the man who has initiated the transformation to conclude the transformation?’ That is why it is different in the presidency, and that is why it is novel; it has never been done before since 1960. But at the state level, I would want to urge my colleagues, the governors and stakeholders of the PDP to allow a level playing field, so that all aspirants can go out there. There is a lot of joy when people are canvassing and going round. It keeps even the voters excited. Do you see yourself completing all the projects you started before leaving office? In terms of completing the main projects that I have at hand, most of them would be completed; I believe that more than 98 per cent of my projects would be completed.

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

Issue of the Week

Stock Watch

Insurance

Interview

Fitch rating underscores need to tackle security challenges

FTN Cocoa Processing Plc: Harsh milieu dips profit

Micro-insurance: A suppressed economic growth potential

We have returned Enterprise Bank to sustainable profitability, says Ahmed Kuru

Business Fears over 2014 budget What's news

FG to earn N35.8bn from 2.6GHz spectrum The licensing of the spectrum lots in the 2.6 gigahertz spectrum band by the Nigerian Communication Commission (NCC) will bloat the Federal Government’s coffer with at least $224 million (about N35.8 billion), New Telegraph has authoritatively gathered.

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German engineers to boost technology in Nigeria A group of German engineers in collaboration with the NigerianGerman Business Association are working out arrangement to add value to Nigeria’s technology, especially as regards food processing.

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The Business Desk

Ayodele Aminu l Deputy Editor (Business)

Simeon Ogoegbulem l Dep. Business Editor

Bayo Akomolafe l Asst. Editor (Maritime)

Sunday Ojeme l Asst. Editor (Insurance)

Godson Ikoro l Asst. Editor (Money Market)

Dayo Ayeyemi l Property Editor

Adeola Yusuf l Energy Editor

Wole Shadare l Aviation Editor

Chris Ugwu l Capital Market Editor Abdulwahab Isa l Finance Editor Kunle Azeez l Senior Correspondent Chuks Onuanyin l Energy Nnamdi Amadi l Reporter Johnson Adebayo l Asst Production Editor

as oil price crashes PROTECTION FG has bloated crude trade ties with India in a move to safeguard the budget

barrel benchmark price for oil in the 2014 budget. Meanwhile, the Federal Government has bloated crude sales ties with India, the biggest consumers of Nigeria’s oil, in a move to safeguard the budget and to curb effects of

the United States (US) zero imports from Nigeria. A source at the Presidency told this newspaper that Nigeria’s ambassador to India had been given the task to boost transactions between Nigeria and the Asian country.

“The ministries of petroleum resources, finance, trade and investments and foreign affairs are in this with the ambassador. Everybody is aware of the dwindling deCONTINUED ON PAGE 22

Adeola Yusuf

he 2014 budget, at the weekend, faced the biggest peril in the year as crude, cash cow of Nigeria’s economy, crashed to $88 per barrel, a price not seen since November 2010. This has heightened anxiety among stakeholders in Nigeria’s multi-billion dollars oil and gas industry, many of who have now called on government to diversify the economy. Nigeria, Africa’s biggest crude exporter, which depends largely on proceeds from crude to service over 85 per cent of its budget, has a budget of N4.962 trillion for 2014. Oil price dropped to $88.40 a barrel, the four year low, before transactions at the global market on Friday. The fall came after big declines in the US and Asia. On Thursday, the Dow Jones had its biggest one-day fall of the year, closing down almost 2 per cent at 16,659.25. These prices are edging closer to the $77.5 per

L-R: Executive Director, Admin, Krestal Laurel Limited, Mr Kayode Moradeyo; Chairman, Nigerian Society of Engineers (NSE), Lagos Branch, Mr Oludayo Oluyemi and Managing Director, Krestal Laurel Limited, Mr Dideolu Falobi, during a public lecture on the provision, operation and maintenance of elevators and escalators in Nigeria by the Society in Lagos. PHOTO:GODWIN IREKHE

1m passengers use Lagos airport in eight months –FAAN •Figure expected to rise Wole Shadare

he Federal Airports Authority of Nigeria (FAAN) has declared that a total of 1, 007, 823 passengers have passed through

the domestic wing of Murtala Muhammed Airport (MMA), Lagos, between January and August, 2014. FAAN spokesman, Yakubu Dati, stated that the traffic figure of passengers is expected

to rise in the last quarter of 2014 as three new domestic airlines have concluded plans to commence operations at the terminal this month. He added that Air Peace Airlines and Azman Airline CONTINUED ON PAGE 22

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

LENDING RATE InterBank Rate....................11.57% Prime Lending Rate...........16.93% Maximum Lending Rate...25.83%

EXCHANGE RATE

USD . . . . . . . . . . . . . . . . . . . N156.75 Pounds . . . . . . . . . . . . . . . N254.68 Euro . . . . . . . . . . . . . . . . . . N198.08

USD . . . . . . . . . . . . . . . . . . . . N155.75 Pounds . . . . . . . . . . . . . . . . . N251.32 Euro . . . . . . . . . . . . . . . . . . . . N196.76

(Parellel As at Oct 2)

l Foreign Reserves – $39.47bn as at 2/10/2014

Source: CBN

(Official As at Oct 2)

Business | News

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

FG to earn N35.8bn from 2.6GHz spectrum BROADBAND

Licensing of 2.6GHz spectrum will contribute to deepening Nigeria’s broadband penetration

he licensing of the spectrum lots in the 2.6 gigahertz spectrum band by the Nigerian Communication Commission (NCC) will bloat the Federal Government’s coffer with at least $224 million (about N35.8 billion), New Telegraph has authoritatively gathered. Spectrum is a frequency band that is licensed to telecoms operators and is used to deploy wireless services to telecoms consumers. The 2.6 GHz spectrum is one of such spectra to be auctioned by the NCC to drive the provision of broadband services to Nigerians. Nigeria currently has a broadband penetration of 6.2 per cent, which government plans to grow by five-fold to reach 30 per cent penetration by the end of 2018. According to the In-

•NCC releases modalities formation Memorandum (IM) for 2.6Ghz spectrum licensing released by the commission at the weekend, government said that the spectrum offers 14 Lots of 2 X 5 MHz FDD paired spectrum in the 2.6 GHz band ranging from 2500 – 2570MHz and 2620 to 2690MHz (totalling 2 X 70 MHz) for auction. Already, a generic reserve price (GRP) of $16 million has been tagged on each of the 14 lots. The commission said in the Information Memorandum that the GRP is “the minimum price at which a lot shall be sold, which is the Reserve Price (RP) for one Lot of 2 X 5 megahertz and has a value of $16 million. Each lot of 2 X 5 megahertz represents one eligibility point. An applicant that pays the IBD for six lots will have a total of six Eligibility Points.” Also, it stated in the IM that: “The Reserve Price (RP) for an applicant will be calculated as the GR multiplied by the number of lots (N) applied for by the applicant. For Example, Reserve Price for an Applicant that applied for six Lots i.e. six Eligibility Points is: $16 million X 6 = $96 million.”

German engineers to boost technology in Nigeria Flora Onwudiwe

group of German engineers in collaboration with the Nigerian-German Business Association are working out arrangement to add value to Nigeria’s technology, especially as regards food processing. The delegation from the German Engineering Federation, who were in Nigeria to explore new market strategies, works closely as a unit representing business interests of German and Nigerian companies in Nigeria. Mr Richard Clemens, who presented German technology as leaders in the global markets, said he was proud as his organisation leads trade fairs of the industry in Germany. He pointed out that the symposium on the German technology was not only the reason they were

in Nigeria, stressing that they were expected to meet with the local market to know their potential, investment climate, current demand for technology as well as requirements for training and qualification. He said that Nigeria as the largest economy in Africa with its size had in the past 10 years enjoyed export of food processing and packaging machinery from Germany. Expressing optimism about population explosion in the near future, Clemens said eating and drinking were aspects of human life that should be taken seriously, adding that if it were not addressed now by the experienced technological skills, it would be a major challenge in future. According to him, “without intelligent technology, it will not be possible to supply the rapidly increasing population with food and drink.”

New Telegraph learnt that with $16 million minimum GRP tagged on each of the 14 lots, the NCC is set to generate a minimum of $224 million (about N35.8 billion) by the time the auction is fully conducted before the end of this year. NCC said to qualify to bid in the auction, the applicants would not have to be licensed network operators in Nigeria. It declared: “On completion of the auction process, the commission will issue each winner a 10-year National Spectrum licence on a stateby-state basis and the

Federal Capital Territory. “Each winner who does not currently hold a Unified Access Service License (UASL) which is the operational license will be issued one at an additional fee of N374.6 million.” According to the NCC, the spectrum is offered by the commission on a technology-neutral basis, adding that for roll-out of services, the commission intends to follow the International Telecommunication Union (ITU) recommendation setting aside spectrum in the 2.6GHz band for the provision of advanced wireless broadband services. This Information Memorandum is for infor-

mation purposes only. It is made available on the express understanding that the recipient will only use it for the sole purpose of assisting the recipient in deciding whether it wishes to proceed with a further investigation of possible participation in the Auction. It defines the process for the licensing of paired Spectrum in the 2.6 GHz band by the NCC. The process for the licensing of the 2.6 GHz Spectrum is predicated on demands by operators for additional Spectrum to enable the provision of Advanced Wireless Broadband services in line with international trends.

L-R: General Manager, Government Relations and Communications, Total E & P, Chidi Momah; Executive Secretary, Nigerian Content Development and Monitoring Board, Ernest Nwapa; Group Managing Director, UBA Plc, Phillips Oduoza and Vice Captain, Ikoyi Golf Club, Tony Onwu, during the just concluded Nigeria Cup, organised by Ikoyi Golf Club and sponsored by UBA Plc, in Lagos.

Fears over 2014 budget as oil price crashes CONTINUED FROM PAGE 21

mand by the US and we are working hard to look elsewhere to sell our oil. In a situation like this, India is the main choice because of its emerging economy,” he said. It would be recalled that a sharp twist to the new shale oil development has eventually begun to impact on Nigeria’s export market, as India has surpassed the United States of America to become the single-

largest importer of crude from Nigeria. Analysis from an international energy agency, Platts, indicated that India is now accounting for about 17 per cent of the crude imports from Nigeria. Global Editorial Director of Oil News, Richard Swann, said that the emergence of India as the largest consumer of Nigerian crude occurred rapidly over the past year. “India’s demand for crude oil is constantly

rising and it makes economic sense to ship it from Africa due to the geographical proximity,” Swann said. The US has become less dependent on imported crude because of the development of shale gas and shale liquid in the country. The surprising growth of US domestic light shale oil production has resulted in a sharp 63 per cent drop in US dependence on imports of light sweet Nigerian

crude in just five years, from a peak of 1.084 million barrels per day (bpd) in 2007 to just 405,000 bpd last year, according to data from the US Energy Information Administration. The 2012 volume was the lowest since 1985 when crude imports from Nigeria averaged 280,000 bpd. On the other hand, India imported at least 13 cargoes, or 17 per cent of the 75 scheduled for export, from Nigeria by end of May.

1m passengers use Lagos domestic airport CONTINUED FROM PAGE 21

would soon commence scheduled operations while Discovery Airline has already commenced operations at the terminal. According to him, “a breakdown of the figure shows that a total number of 507,542 passengers arrived at the terminal

while 500,281 departed from the terminal during the period under review. “During the first quarter of 2014, a total of 265,142 passengers at the domestic terminal while 258,845 passengers departed from it.” The second quarter of 2014 witnessed 241,436 departing passengers and 242,400 ar-

riving passengers. The attraction of airlines to the terminal cannot be over emphasized as a total number of 12,564 aircraft movements were recorded at the terminal between January and August 2014. A breakdown of the figure shows that a total of 6,198 aircraft arrived

at the terminal while 6,366 departed from it. Dati noted that during the first quarter, the terminal recorded a total number of 6,508 aircraft movements. During the second quarter of the period under review, the terminal recorded a total of 6,056 aircraft movements.

INTERNATIONAL WEEKLY

In collaboration with

Sanctity of Truth

For Cecilia, 16, the trip from Guatemala to Miami was a trail of smuggling, kidnapping and extortion. Her mother, right, in the crowded house Cecilia left behind.

A Journey Of Want And Fear By DAMIEN CAVE and FRANCES ROBLES

EL PARAÍSO, Guatemala — The smugglers advertised on the radio as spring bloomed into summer: “Do you want to live better? Come with me.” Cecilia, a restless girl, ached to go. Her stepfather had been murdered, forcing her family into her aunt’s tiny home, with just three beds for 10 people. It was all they had — and all a smuggler needed. He offered them a loan of $7,000 for Cecilia’s journey, with the property as a guarantee. “I gave him the original deed,” said Jacinta, her aunt, noting that the smuggler gave them a year to repay, with interest. The trip lasted nearly a month, devolving from a journey of want and fear into an abduction. Freedom came only after an extra

PHOTOGRAPHS BY ANDREA BRUCE FOR THE NEW YORK TIMES

$1,000 payment, made as her kidnappers flashed a gun. Now in Miami, Cecilia, 16, is one of more than 50,000 unaccompanied minors who have come to the United States illegally from Central America in less than a year. Though the number of new arrivals has been declining, the Obama administration says it is determined to “confront the smugglers of these unaccompanied children.”But breaking up these networks will be difficult. Behind the surge of young migrants showing up for a shot at the American dream is a system of cruel and unregulated capitalism with a proven ability to adapt. The human export industry in the region is now worth billions of dollars, experts say, and it has become more ruthless

ONLINE: HARSH CONDITIONS

For a look at the life a girl left behind in the Guatemalan highlands: nytimes.com Search Cecilia’s journey

and sophisticated than ever, employing a growing array of opportunists who trap, rape and rob from the point of departure to the end of the road. Thousands of migrants are believed to be kidnapped and abused every year while going through Mexico. Others, like Cecilia, are held for ransom in the United States, and officials across the region lament that the ugly business of human smuggling keeps getting uglier. “It’s a pyramid

scheme,” said David Stoll, an anthropologist at Middlebury College in Vermont who has studied migration in Guatemala. Once smugglers or “coyotes” and families realize they are about to lose money or a house, he added, “the only way they can recoup their losses is by passing the game on to those below them.” Nebaj, the municipality that includes El Paraíso, sits deep in the Guatemala highlands. This is the land of the Ixil, indigenous Mayans famous for weaving bright red skirts — and for being the victims of a scorched-earth military campaign that killed thousands in the 1980s during Guatemala’s civil war. The region has been

Continued on Page 5

Growing Church Serenades a Young, Urban Flock By MICHAEL PAULSON

LOS ANGELES — A toned and sunburned 32-year-old Australian with the letters F-A-I-T-H tattooed on his biceps strode onto the stage of a former burlesque theater and shouted across a sea of upstretched hands and uplifted phones: “Let’s win this city together!” Young, diverse and devoted to Jesus, the listeners had come to the Belasco Theater from around the city, and from across the country, eager to help an Aus-

tralian Pentecostal megachurch that is spreading worldwide establish its first outpost on America’s West Coast. The church, Hillsong, has become a phenomenon, capitalizing on, and even shaping, trends in evangelicalism and in Christian youth culture. Its success would be rare enough at a time when religion is struggling in a secularizing Europe and North America. But Hillsong is even more remarkable because its target is young Christians in big cities,

where faith seems out of fashion but where its services are packing them in. Powered by a thriving, and lucrative, recording label that dominates Christian contemporary music, it has a vast reach — by some estimates, 100,000 people in the pews each weekend, 10 million followers on social media, 16 million albums sold, with its songs popping up in churches from Uzbekistan to Papua New Guinea. Founded 30 years ago, Hill-

song has churches in Amsterdam; Barcelona, Spain; Berlin; Cape Town; Copenhagen; Kiev, Ukraine; London; New York; Paris; Stockholm; Australia; and, now, Los Angeles. The Hillsong empire might appear to be a musical powerhouse first and a church second. It is, after all, a multimillion-dollar enterprise, drawing large crowds to arena concert performances. One of its bands, Hillsong United,

Continued on Page 4

MONICA ALMEIDA/THE NEW YORK TIMES

Hillsong is estimated to be drawing 100,000 people on weekends. Ben Houston leads in Los Angeles.

INTELLIGENCE

WORLD TRENDS

MONEY & BUSINESS

ARTS & DESIGN

China unleashes smear campaigns. PAGE 2

A sorrow polarizes South Korea. PAGE 6

The challenges of online piracy. PAGE 9

At war against cultural treasures. PAGE 12

Business | Money Line

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

Sterling Bank to install 1,000 ATM machines ACCESSIBILITY More ATMS strategically located will improve customers’ convenience

terling Bank is to install about 1,000 Automated Teller Machines (ATMs) nationwide at existing and new locations before December this year. The move is to alleviate the likely adverse effect of the reintroduction of N65 ATM charge by the Central Bank of Nigeria (CBN) on Remoteon-Us ATM transactions on its customers. In a statement, the bank said that the additional ATMs will support existing branches while ATM galleries will be put in place in strategic locations nationwide. While speaking against the backdrop of insinuations that the charge was initially removed by the apex bank in December 2012, Sterling Bank’s Group Head, Strategy and Communications, Mr Shina Atilola, explained that the charge payment was never suspended by the

CBN. He said that the responsibility for absorbing the charge was transferred to the commercial banks to pay on behalf of their customers in order to encourage the use of ATMs by Nigerians. Atilola added: “It is true that some members of the public have indicated that the policy may discourage the use of ATMs. However, this is largely due to the insufficient awareness of the facts. “Firstly, the three free withdrawals from other bank’s ATMs are monthly, meaning that you withdraw cash from other banks’ ATMs three times every month without being charged. Secondly, all withdrawals from your bank’s ATMs would continue to be free. Finally, the reduction in the financial burden borne by banks would encourage banks to increase ATM deployment which further makes their banks closer to them.” He stressed that bank had commenced aggressive roll out of ATMs nationwide. “We have almost doubled our ATM count between December last year and September

ing three withdrawals from such ATMs in a given month. The bank where his or her account is domiciled will be re-

2014. We started the year with 300 ATMs but aim to close the year with about 1,000. This would involve additional deployments at existing locations, partner locations and ATM galleries,” he said. Atilola also stressed that the public needed to know that beyond cash withdrawals, customers could do transfers (inter and intra bank), pay bills such as electricity and DSTV and buy air time at the bank’s ATMs. He added: “As a financial institution poised to enrich lives, Sterling Bank will continue to maintain high quality ATM services by supporting the inter-operability of the payment system in the country. We will continue to deploy more ATMs to promote the cashless policy of the CBN and ensure that our customers are not at disadvantage in any way.” He noted that a robust infrastructure to support the expansion has also been put in place. “The remote-on-us transaction occurs when a card holder goes to the ATM of a bank other than his or her own bank to make a withdrawal. The card holder will be charged N65 after mak-

UK agency partners Ecobank, others over £3bn lending facility Godson Ikoro

nited Kingdom Export Finance (UKEF), an arm of the UK Government that works as an export credit agency, has named Ecobank Nigeria as one of its partnering financial institutions to help deliver £3 billion Direct Lending Facility (DLF) support to UK exporters. Other financial institutions include Citibank, Bank of China, Barclays Bank Group, Deutsche Bank; JPMorgan Chase Bank Group; The Royal Bank of Scotland Group and Lloyds Banking Group, among others. Ecobank is the only selected Nigerian financial institution. Under the DLF, the agency is expected to provide loans to overseas buyers in order to finance the purchase of goods and services from UK exporters. It was learnt that loans are available to cover new international sales by any business exporting from the UK to any country where UKEF medium term cover is available and can be made in Pound Sterling, US Dollars, Euro or Japanese Yen. According to the Chief Executive of UKEF, David Godfrey, “his is a key milestone in the delivery of the £3 billion Direct Lending Facility. Panel members cover a wide range of overseas markets, with

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

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

Description

TTM

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

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

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

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Bid 12.10 12.10 12.05

Godson Ikoro

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

Offer Yield 13.01 13.40 13.47 13.49 13.44 13.59

Price 90.35 99.40 104.40 109.65 114.45 76.90

Tenor (Months) 1 2 3 6 9 12

Rate (%) 12.1827 12.2737 12.3744 12.8521 12.8535 13.8443

NITTY

Yield 12.86 13.33 13.35 13.42 13.38 13.53

Money Market Offer 11.85 11.85 11.80 Offer 163.38

complementary geographical strengths that will make it easier for UK companies to arrange competitive loans throughout a worldwide network. “The reach will increase UKEF’s capacity to lend to overseas buyers of UK products and services. It will also provide a springboard to help us cater for the needs of a broad range of companies, in a variety of sectors, requiring loans of different sizes.” Commenting on the partnership, the Managing Director, Ecobank Nigeria, Mr Jibril Aku, described the appointment as a great feat. He stated that it was an eloquent testimony of the bank’s strides in international trade. “This international recognition is a great feat. It is a great privilege to have been selected alongside other global brands. This will help to enlist more local companies importing British goods,” Aku said. On the appointment of 16 British Bankers Association (BBA) members to the 20-man DLF panel, the Executive Director of the BBA, Irene Graham, said: “International trade plays a vital role in supporting our economy and the DLF means that export finance will be cheaper and easier for businesses to access.

Nigeria interbank rates stay flat

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

sponsible for the payment of the charge of N65 for the first three withdrawals from another bank’s ATM,” Atilola noted.

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

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

Offer 163.5000 Source: FMDQ

he nation’s interbank lending rates stayed flat for the second consecutive week at 10.37 per cent at the weekend after the central bank paid off open market bills to boost liquidity, dealers said. The central bank repaid about N130 billion ($790.27 million) in matured Open Market Operations (OMO) bills and injected about N70 billion in net credit from cash reserves. The market liquidity opened with a cash balance of about N550 billion surpluses, marginally lower than N560 billion previous weeks. The open buy-back rate which was flat at 10.25 per cent was 1.75 basis points below the central bank’s benchmark interest rate of 12 per cent. Overnight placements also remained unchanged at 10.50 per cent for the second consecutive week. Traders said that rates should hover around the same level next week since cash outflow remain insignificant. “We don’t expect much change in the liquidity level

in the market next week and rates should stay flat unless the central bank increase the intensity of its mopping-up exercise,” one dealer said. Meanwhile, Nigerian bond yields eased marginally this week after the debt management office announced a cut in the amount of bonds it plans to raise this month, according to Reuters. The debt office had announced plans to raise about N73.61 billion ($448 million) in bonds with maturities ranging between three years and 20 years at an auction next Wednesday, lower than the usual N100 billion offer. “We expect strong demand at the auction on Wednesday because of the low volume of bonds on offer. But we see yields settling around the prevailing market level,” one dealer said. Traders said that the secondary market was under pressure from the falling naira and global oil prices which forced some offshore investors to sell down a portion of their debt.

Business | Issue of the Week

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

Fitch rating underscores need to tackle security challenges Abdulwahab Isa

general elections. “The Boko Haram insurgency has worsened and is causing serious disruption to economic activity in parts of the north east. There have been sporadic bomb attacks elsewhere in the country, but in general the insurgency is being contained. Some violence is possible around February’s elections, although two recent state elections were held peacefully. Nigeria is a net external creditor, in contrast to the ‘BB’ median, and has posted a current account surplus every year since 1998. However, the current account surplus has been declining (4.1 per cent of GDP in 2013) and may be overstated given large negative errors and omissions” observed Fitch in its report.

Abuja

here is no doubt that Nigeria is not a country to be ignored, given the size of her economy (the biggest in the African continent), growing start-up ecosystem and huge population. Even before the Nigerian economy overtook that of South Africa, the former has always been a destination for investor and this accounts for why the Nigeria has been a beehive of activities for worlds’ renowned rating agencies, which compete to gauge country’s economic pulse. First was the Standard &poor, which a few weeks ago, handed out BB- on Nigeria’s economic outlook. Penultimate week, another rating agency- Fitch Ratings stamped Nigeria’s economy with ‘BB-’ outlook stable. Fitch’s parameters Taken into cognisance various reforms, external developments; security, the forth coming general elections and their possible backlashes, Fitch concluded that Nigeria’s economic outlook was though stable but still averse to threats. Fitch said it was satisfied with acreages on country’s reserves, which it noted had been rebuilt modestly to $39.5 billion at end-September. This it said, was due to strengthened balance of payments and a rise in the Excess Crude Account (ECA; a fiscal buffer), which had previously suffered sharp drop from May 2013 peak of $48.9 billion. Noting that coverage of current external payments (CXP) remains above the peer median at around 5.5 months, Fitch acknowledged the tremendous improvement recorded in management of the exchange rate, which has remained stable, It also took cognisance of the tight prudence on inflation, which has remained under single digits. “The affirmation and Stable Outlook reflects the following key rating drivers: Reserves have been rebuilt modestly to $39.5 billion at end-September, owing to a strengthened balance of payments and a rise in the Excess Crude Account (ECA; a fiscal buffer), after a sharp drop from their May 2013 peak of $48.9billion.” Conclusively the agency declared: “Coverage of current external payments (CXP) remains above the peer median at around 5.5 months. The exchange rate has been stable and inflation has remained in high single digits.” Fitch also noted the reforms carried out in the power sector, leading to complete handover of power sector by the government to the private sector and the positive impact it is expected to have on the economy in the short and long term. The agency noted: “Power and agriculture reforms have progressed. The government is tackling the issues affecting operators after the privatisation of generation and distribution companies in late 2013 and the delayed sale of integrated power projects is at an advanced stage. The introduction of an electronic registration scheme allowed the proportion of farmers re-

Jonathan

Finance Minister, Ngozi Okonjo-Iweala

ceiving subsidised fertilizer to jump to 80 per cent in 2013 from 11 per cent prior to 2011.” It however noted: “FDI is less than 1 per cent of GDP, among the lowest in sub-Saharan Africa. Nigeria’s ratings are constrained by weak governance, as measured by the World Bank, low human development and business environment indicators and per capita income, and a heavy reliance on oil revenues (around 70 per cent of fiscal revenues and 75 per cent of current external receipts).”

Nonetheless, it following reduced disruption to oil supply and government efforts to lift non-oil revenues and improve public finance management, Fitch forecast a general government deficit of around one per cent of GDP in 2015 and 2016. Fitch also raised concerns about the anxiety occasioned by the activities of insurgents -Boko Harram and their waging of terror in some parts of the North and the high political temperature induced by the forth-coming

Fitch’s concerns Fitch expressed worry about drops in revenue acreages to government coffers and budget deficit trend. It noted the estimated general government budget deficit of 2.7 per cent of GDP in 2013, which it said was small but was in line with the peer median, but slightly worse than other similar-rated oil exporters. It also took cognisance of spending at the subnational level, which was less controlled and transparent than at the federal government level, where there was a deficit rule. Fitch said the absence of comprehensive general government accounts complicates assessments of fiscal performance. It however noted: “Non-oil revenues are low. The federal government’s budget outperformed over 1H14 despite pressure for spending ahead of the February 2015 elections. A deficit of NGN325bn (0.4 per cent of Fitch-forecast 2014 GDP) was recorded in 1H, roughly one-third less than the target on a prorata basis and the deficit in 1H13.” Fitch expects some over-spending at the sub national level, but said that this will be constrained by improved financial management and the low level of the ECA (USD4.1billion at end-August, up from USD2.3billion at end-2013).

General government debt was 12.5 per cent of GDP and gross external debt was 9.7 per cent of GDP at end-2013. Debt is well managed. There is a diverse local investor base and local currency debt is in key global bond indices

Credits Fitch also noted that public and external debt ratios are stable and low compared with peers on a net and gross basis. “General government debt was 12.5 per cent of GDP and gross external debt was 9.7 per cent of GDP at end2013. Debt is well managed. There is a diverse local investor base and local currency debt is in key global bond indices. A recent issue of Irelandlisted global depository notes further broadened foreign holdings of nairadenominated federal government debt. Debt service ratios are also low,” the report said. Fitch’s debt sustainability analysis shows the debt ratio would remain well below the ‘BB’ median in any plausible scenario. The agency said Nigeria’s economic growth is robust, although slightly less than previously estimated after national accounts rebasing. “There is a diverse local investor base and local currency debt is in key global bond indices. A recent issue of Ireland-listed global depository notes further broadened foreign holdings of naira-denominated federal government debt. Debt service ratios are also low. Fitch’s debt sustainability analysis shows the debt ratio would remain well below the ‘BB’ median in any plausible scenario.” “Economic growth is robust, although slightly less than previously estimated after national accounts rebasing. Real GDP growth averaged 6.1% over the past five years and was 6.4 per cent in 1H14. Non-oil growth has outperformed headline growth due to reforms and rising incomes.” Conclusion A number of developments and assumptions were taken in to consideration by Fitch in arriving at ‘BB-’; outlook stable. Nigeria’s oil price position (crude to average $105/b in 2014, $100/b in 2015 and $95/b in 2016), the relative stability in macro policy, the incremental structural reform and the expected stability in power supply, are expect to impact positively on the Nigerian economy. However, security being key to economic stability remains a fundamental issue, as pointed out by the Fitch. Conclusively, the Nigerian economy is stable and not averse to disruption. But the antidote remains tackling security challenges especially in the North and rancour-free general elections.

Business | Stock Watch

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

FTN Cocoa Processing Plc: Harsh milieu dips profit

of N252.1 million in the half-year period ended June 30, 2014. It’s financials in a filing with the Nigerian Stock Exchange showed that the figure was, however, 2.9 per cent lower than the N259.7 million loss before tax it reported in the same period of 2013. In the six months ended June 30, 2014, the company generated N159.7 million revenue which indicated a 111 per cent rise in revenue year-on-year. FTN Cocoa Processors had posted revenue of N75.6 million in the half-year ended June 30, 2013. In the period under review, the company said it made a gross loss of N139.5 million, compared to the gross loss of N111.9 million it made in the same period of last year. It’s cost of sale for the half-year period ended June 30, 2014, stood at N299.2 million, up from N187.4 million in the corresponding period of 2013. Also, the company explained in the financial statement that its total assets as of June 30, 2014 stood at N4.330 billion, down from N4.553 billion as of December 31, 2013. Its total equity stood at N1.459 billion, same as it was on December 31, 2013, while its share capital was N1.1 billion.

RECEDING

Share prices stagnate on dwindling performance

Chris Ugwu

t is no doubt that the discovery of oil in Nigeria in the 1950s and the subsequent focus on the exploitation of the black gold have contributed to the stunted growth of the nation’s agriculture industry, especially the cocoa sector that once served as the major revenue earner for the country. Regrettably, the over-reliance on oil has inadvertently led to the dwindling fortunes of most Nigerian cocoa farmers, who have had to relinquish their positions as Africa’s leaders in the production of the cash-crop to Côte d’Ivoire and Ghana. The over-concentration on oil has driven the unwavering devotion given to cocoa to the oblivion and eroded Nigeria’s position as Africa’s leader in the production of the crop. Though cocoa production had improved since 2011 when the Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, took charge of the ministry, following the targets he set for the cocoa sector through the Agricultural Transformation Agenda (ATA), processors are still grappling with a lot of challenges. Team Leader, Cocoa Value Chain Development, at the Federal Ministry of Agriculture, Dr. Peter Aikpokpodion, said in 2012, that the record provided by the Federal Produce Inspection Service (FPIS), which is domiciled with the Federal Ministry of Trade and Investment, indicated a production figure of 300,000 metric tons. This figure increased to 350,000 metric tons, as at July, 2013. He added: “So, you can see how gradually we have improved and consistently from 250,000 metric tons in 2011 to 350,000 metric tons in 2013, which means 100,000 metric tons have been added.” However, out of this number, only about 30 per cent was processed, while the remaining 70 per cent was exported, thus, indicating serious underutilisation of the installed capacities of indigenous processors. This is because the processors are faced with various challenges ranging from delays in the disbursement of the export expansion grant; imposed duty on processed cocoa by the European Union-Economic Partnership Agreement; high interest rates; under-utilisation of installed capacities, poor power supply and lack of competitiveness of processed cocoa when compared with raw cocoa in the export market. While it was accepted generally that the overall economic and business climate was a mixed fortune due to mounting challenges, FTN Cocoa Processors Plc was not insulated, as its profits have remained susceptible to the challenges facing the agribusiness in the country. Hardest hit was its share price on the Nigerian Stock Exchange which remained stagnated at nominal value of 50 kobo year-to-date following nega-

Laoye

tive sentiments that have enveloped the demand of the stocks. Corporate profile FTN Cocoa Processors Plc started as Fantastic Abiola Nigeria Limited, a private company limited by shares. It was incorporated on August 26, 1991. The name Fantastic Abiola Nigeria Limited was changed to Fantastic Traders Nigeria Limited on August 26, 1998 and further changed to FTN Cocoa Processors Limited on December 3, 2007. The status of the company was changed to FTN Cocoa Processors Plc on February 29, 2008 and the shares of the company were listed on the Nigerian Stock Exchange on July 24, 2008. The principal activities of the company include the processing of cocoa beans and palm kernel into cocoa cake, liquor, butter, powder, palm kernel oil and palm kernel cake. Cocoa cake, liquor and butter are exported, while cocoa powder, palm kernel oil and palm kernel cakes are marketed locally to manufacturing companies. Financials FTN Cocoa Processors, a pioneerstatus agro allied company, has continued to struggle with lower sales and declining profit by recording a loss after tax of N286.07 million during the financial year ended December 2013, as against loss after tax of N405.9 million recorded during the comparable period of 2012. The dwindling tempo sustained during the current year made the company to record a loss before tax

Share price movement of FTN Cocoa Processing Plc 2013 Nov 30

50 kobo

Dec 31

50 kobo

2014 Jan 31

50 kobo

Feb 28

50 kobo

Mar 31

50 kobo

Apr 30

50 kobo

May 30

50 kobo

Jun 30

50 kobo

Jul 31

50 kobo

Aug 29

50 kobo

Sept 30

50 kobo

Oct 10

50 kobo

Regulatory issues FTN alongside 17 other listed companies were fined N33.9 million by the Nigerian Stock Exchange between January and July 18 this year for filing their financial statements after the regulatory due date. The Exchange explained in its ‘XCompliance Report’ that it had applied sanctions in accordance with the provisions of Section 14 of Appendix 111 of its listing rules. Information obtained from the report revealed that 34.5 per cent or N11.7 million of the fines went to quoted insurance companies, which have had challenges adopting the International Financial Reporting Standards in filing their accounts. Nine insurance firms were among the companies fined for default-filing of their financial statements. However, FTN Cocoa Processing Plc was handed the heaviest fine. The company was fined N6.1 million for not filing its financial statements for the year ended December 2012 and additional N900,000 for the default-filing of its financials for the year ended December 2013, bringing the total fine to N7 million. Major obstacle The Executive Director of FTN Cocoa Processors Plc, Mr Akin Laoye, said in an interview early last year that access to finance was a big problem in the sector. He said: “To be honest with you, the Nigerian banks are not very supportive to agriculture. They are not interested in value creation; they are just looking at how to make money. At FTN Cocoa, we have therefore decided to look elsewhere. We have a relationship with Afrexim Bank in Cairo and they are willing to support us. “A programme called the African Cocoa Initiative has started where they try to link up processors and off takers in Europe and America. FTN Cocoa and another company are the pioneers for this project. We have chosen to look offshore to generate forex.”

Business | Capital Market Report

PLUNGE

Investors’ low sentiment takes toll on equities market

Chris Ugwu

he Nigerian stock market lowered its momentum from the previous week. After recording a significant growth, the market tempo retreated last week as the bears held sway in the local bourse during the week. This was due to profit taking by investors in the wake of the cautious optimism that has prevailed in the market since the beginning of the third quarter of the year. Market watchers believed that investors were offloading to enable them pay school fees of their wards who resumed on Wednesday after the Ebola crisis. They also predict that with the general elections just a few months away, the market will also bear the brunt of the increased spending of the politicians and the local bourse is likely to witness a huge sell pressure, particularly in this fourth quarter when campaigns will be in full swing, as more money leaves the capital market and floats into the economy, coupled with general uncertainties in the polity. The stock market traded for three days during the week as Monday and Tuesday were declared public holidays to enable Muslims fateful celebrate Eid-Kabir. Cumulatively, the NSE All-Share Index and Market Capitalisation depreciated by 1.60 per cent to close on Friday at 40,444.39 and N13.354 trillion respectively. Similarly, all the indices depreciated during the week with the exception of the NSE Consumer Goods Index that rose by 0.37 per cent. However the NSE ASeM Index closed flat. Sell pressure dominate market activities On Wednesday when the financial market reopened, the stock market degenerated from sell offs as the bears overshadowed the bulls leading to share decline in most blue chip companies. Meanwhile, the key market performance measures, the NSE All Share Index and market capitalisation, dropped by 0.26 per cent as market sentiments turned red on the back of losses recorded by high net worth stocks. Specifically, the NSE All-Share Index depreciated by 108.92 basis points or 0.26 per cent to return downwards to 40,995.02 as against 41,103.94 recorded on Friday. The market capitalisation of equities equally plummeted by N36 billion or 0.26 per cent to close at N13.536 trillion from N13.572 trillion recorded the previous day. At the close of trading, 20 stocks appreciated in price during the day as against 26 others that depreciated in value. Conoil Nigeria Plc advanced by N2.35 to close at N49.36 per share to lead the gainers table while Nigeria Breweries Plc followed with a gain of N2.14 to close at N178.80 just as Champion Breweries Plc added N1.25 to close at N13.60. Reversing the day’s gain, shares of Guinness Nigerian Plc depreciated by N8.73 to close at N186.97 per share. Stanbic IBTC Plc followed with a drop of N1.75 to close at N33.25 while Dangote Cement fell by N1.00 to close at N219.80 per share. Meanwhile, a turnover of 408.8 million shares worth N5.7 billion in 4,678 deals was recorded in the day’s trading. The banking sub-sector of the financial services sector was the most active

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

Nigerian stocks plunge as profit taking persists

NSE building

during the day (measured by turnover volume); with 245.4 million shares worth N2.9 billion exchanged by investors in 1,844 deals. Volume in the banking sub-sector was largely driven by activity in the shares of GTB Plc and Skye Bank Plc. Also, insurance services sub-sector of the financial services sector, boosted by activities in the shares of International Energy Insurance Plc, followed with a turnover of 48.1 million shares valued at N29.8 billion in 110 deals. Nigerian stocks dip N140 billion On Thursday, the equities market suffered further depression following 1.03 per cent drop in both market performance indices reflecting profit taking, amid drop in investment activities. The key benchmark indices maintained negative trajectory to close in the red, as activities in the shares of Forte Oil Nigeria and Dangote Cement Plc dragged down the equity market. Trading activities on the floor of the Exchange had, the previous day, also closed in the red, following negative sentiments of investors. Consequently, the All-Share Index dipped 422.77 basis points or 1.03 per cent to close at 40,572.25 as against 40,995.02 recorded the previous day while the market capitalisation of equities depreciated by N140 billion or 1.03 per cent as market sentiment remained red. Meanwhile, a turnover of 698.8 million shares worth N6.06 billion in 4,833 deals was recorded in the day’s trading. Just as in the previous day, the banking subsector of the financial services sector was the most active during the day (measured by turnover volume); with 158 million shares worth N2.1 billion exchanged by investors in 1,715 deals. Volume in the banking sub-sector was largely driven by activities in the shares of Zenith Bank Plc and ETI Plc. Also, other financial services sub-sector, boosted by activity in the shares of FBNH Plc, followed with a turnover of 20.5 million shares valued at N238.9 million in 693 deals. The number of gainers at the close of trading session was 18 while losers closed at 35. Mobil Oil Plc led the gainers’ table with a gain of N2.92 to close at N176.00 per share while Conoil Nigeria Plc followed with a gain of N2.46 to close at N51.82 and Champion Breweries Plc

added N1.39 to close at N14.99 per share. On the other hand, Forte Oil Plc led the price losers’ table, dropping N7.45 to close at N217.55 per share while Dangote Cement followed with a loss of N4.65 to close at N215.15 and Total Oil Nigeria Plc shed N4.50 per share to close at N175.50.

Five most capitalized stocks@ Oct 10, 2014 Dangote

N3.6tn

Cement Plc Nigerian

N1.3tn

Breweries Plc Guaranty

N870.2bn

Trust Bank Plc Nestle

N832.2bn

Nigeria Plc Zenith Bank Plc

N715.8bn

Negative trajectory On Friday, trading activities closed further closed in the red as the bears continue to ravage the local bourse. Specifically, at the close of transactions, the banking sub-sector of the financial sector returned as the most active stock in volume terms with 89.3 million shares valued at N923.4 million in 1,639 deals. The sub-sector was activated by the shares of Sterling Bank Plc and Zenith Plc. Other financial services sub-sector enhanced by the shares of FBNH Plc followed with a turnover of 42.6 million units valued at N357.8 million in 906 deals. On the whole, investors exchanged a total of 242.9 million shares valued at N2.6 billion in 5,169 transactions. Further analysis showed that at the close of trading session, the NSE AllShare Index was down by 127.86 basis points or 0.31 per cent to close at 40,444.39 as against 40,572.25 recorded the previous day while market capitalisation depreciated by N42 billion or 0.31 per cent to close at N13.354 trillion in contrast to N13.396 posted the previous day. Gainers at the close of trading session were 15 while losers closed higher at 30. Forte Oil Plc led on the gainers’ table with an addition of N2.95 to close at N220.50 per share while Dangote Cement Plc followed with a gain of N1.86 to close at N217.01 per share and Guinness Nigeria Plc added N1.50 to close at N188 per share. On the flip side, Mobil lost N2.00 to close at N174 to lead the losers while Okomu Oil followed with a loss of 99 kobo to close at N33.01.

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

LASACO settles N2.41bn claims p.40

Insurance

NIA mourns past Chairman, Remi Olowude p.40

Micro-insurance: A suppressed economic growth potential LOSSES

Businesses operating under Small and Medium Enterprises (SMEs) have lost billions of naira in goods and machineries to disasters and theft without commensurate compensation or outright restoration Sunday Ojeme

Daniel

s early as September this year, building material merchants at the sprawling Abule-Egba plank market in Lagos had a sad story to tell when fire gutted their business premises destroying goods worth several millions of naira. The Abule-Egba incident, which also affected at least two vehicles parked within the premises brought to three, the number of markets burnt in three months in the state. Shortly before the plank market inferno, the palm and vegetable oil market at Daleko, also in Lagos, had its own share of fire disaster when the shops were gutted early on Sunday morning leading to a massive loss of goods worth millions of naira. Over 120 shops were completely razed with others partially affected after an electrical fault sparked the inferno. Lagos markets appear not to be the only ones prone to fire disaster as goods and several property worth millions of naira were also lost to an inferno that gutted more than 1000 shops in the Fancy Section of the Aleshinloye International Market in Ibadan, the Oyo state capital, in August. The Chairman of the tradersâ&#x20AC;&#x2122; association, Mr. Rahman Olabamiji, said the fire began late on Friday after the close of activities. Traders rushed back to the market from their various homes when they learnt of the fire but it was too late as the fire raged throughout the night, which occurred as a result of the high voltage electricity supplied to the market. In a similar situation, goods worth N50m perished in Onitsha Main Market in Anambra State after fire gutted some warehouses stocked with rice, chemicals and other spiritual materials. As if it is a geo-political problem, over five thousand shops were sometime in 2010 razed by an early morning fire in the popular Kano textile market, Kantin Kwari. Market officials described the incident as the most destructive in the history of the market. An assessment of the incident revealed that over N2 billion worth of textile materials were lost and a particular trader, Alhaji Umaru Hamza, lost N60 million worth of textiles in one shop, while another trader lost N22 million

One of the burnt markets with some shop owners watching helplessly

Mccord

in cash to the inferno. Besides fire incidents, cases of burglary and theft have also been rampart. In most cases, even while the fire is raging, hoodlums, who pretend to be salvaging some of the goods end up stealing them, thereby denying the property owners whatever they would have started life with all over again. In recent time, losses to such incidents have become massive and all that the traders are rewarded or compensated with are meagre sums provided by either the governors of the affected states or some politicians all in a bid to score cheap political point. In the face of the crisis, most Nigerians running small businesses are yet to take advantage of the opportunities in micro-insurance scheme to enable them get back on their feet whenever they suffer such losses. Even though there has been a large campaign by the government to develop the Small and Medium Enterprises (SMEs), which is expected to provide jobs for the larger unemployed citizens, this has not been followed up with micro-insurance campaign. Although the National Insurance Commission (NAICOM) has been making efforts in this regard, it has, however, failed to be proactive in some cases. A good example was the recent YouWin programme initiated by the Federal Government. Industry watchers believe that ordinarily, since it has become very difficult to convince Nigerians to imbibe the culture of insurance, one would have expected the NAICOM or the Nigerian Insurers Association

businesses located in premises that are susceptible to fire outbreak or outright burglary. Whereas some countries, such as India, South Africa, the Philippines and nearby Ghana, have seen the development of impressive micro-insurance markets because they have managed to approach the situation holistically, improving the regulatory environment and encouraging insurers and distribution channels to go down market, Nigeria, regarded as the Giant of Africa, and now the biggest economy in the continent, is yet to achieve enough penetration in this regard. According to official statistics, life insurance penetration in the country has remained as low as 0.5 per cent while general insurance penetration is put at 1.5 per cent. This is in contrast to what is obtained in Kenya with insurance penetration of three per cent and South Africa, 14.8 per cent. Also insurance contributions to the gross domestic product (GDP) of the economy in Nigeria recently dropped from as low as 0.7 per cent to 0.6 per cent while only 1.5 million out of 160 million population of the country have insurance cover. Recently, an expert in micro-insurance business and Founder, Micro-Insurance Centre, Michaeal McCord, said that Nigeria had a huge market that would leverage on micro-insurance business in the country. He says â&#x20AC;&#x153;Nigeria is ready to emerge as global leader in micro-insurance. A

(NIA) to make the Federal Government compel beneficiaries of the over N7 billion doled out to them grant purchase one form of insurance to cover their businesses against the risk of fire, burglary and theft. This, apart from boosting the industryâ&#x20AC;&#x2122;s Gross Premium Income, which is abysmally low at N285 billion as 2013, would have as well been another channel of campaign to inculcate the importance of insurance into a new set of Nigerians. Investigation carried out by New Telegraph revealed that over 60 per cent of the beneficiaries in Lagos are unaware of the need to insure their

In the face of the crisis, most Nigerians running small businesses are yet to take advantage of the opportunities in micro-insurance scheme to enable them get back on their feet whenever they suffer such losses

CONTINUED ON PAGE 40

Business | Insurance

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

NAICOM berates critics of ‘highhanded’ regulation STANDARD

The insurance industry can only benefit policyholders and contribute more to the economy when operators play by the set rules Sunday Ojeme

he National Insurance Commission (NAICOM) has deplored the recent criticisms of its regulatory activities by some insurance operators and shareholders. Responding to the array of critics, the Deputy Commissioner, Finance and Administration, NAICOM, George Onekhena, said the only reason for the attack was because the commission had taken measures to ensure that the operators complied with the mandate on submission of accounts in line with the International Financial

L-R: Managing Director/ CEO, Mulifelong Motors, Mr Mulikate Fehintola; Vice President, Shippers Association of Lagos State (SALS), Chief Kris Keme; General Manager, Apapa Bulk Terminal Limited, Capt. Mohammed Bashir; Representative of Nigeria Shipping Council, Mrs Joan Nwaoye and President, Shippers Association of Lagos State (SALS), Jonathan Nicole, during an official visit of SALS to ABTL Terminal Apapa, Lagos.

Reporting Standard (IFRS). He said one of such steps is the issuance of queries to defaulting firms, adding that responses from the queries were presently being examined by and the decisions reached would soon be made public. He added that the commission was also examining the financial reporting supply chain, which covers the ac-

tivities of the companies, the boards and the auditors. According to him, “We are looking at what we called the financial reporting supply chain, which covers the companies, the boards and the auditors. We want to find out whether the problems are from the companies; the boards or the auditors. For example we got a report from a company,

LASACO settles N2.41bn claims

ASACO Assurance has settled insurance claims and benefits totaling N2.417 billion for 2013. This represents an increase of N1.05billion over the corresponding amounts settled in the year 2013. A statement made available to New Telegraph said the claims settlement was part of the resolve by LASACO to meet its obligations to its customers as a credible and reputable insurance conglomerate. “It is part of our strategic goal to focus on prompt claims settlement in love with our core val-

ues of integrity, responsiveness and transparency,” the statement said. It added that the insurer’s customer centric policy consistently focused on meeting the expectations of its clients while adhering to ethical standards. Commenting on the payment, the Managing Director of LASACO Assurance, Mr. Olusola Ladipo-Ajayi, said it was part of the organization’s vision to ensure customer satisfaction and deepen its market share and penetration. He said, “One of the areas we have distinguished

ourselves over the years is in the area of prompt claims settlements. We have remained consistent through a dynamic and proactive structure put in place to meet the expectations of our growing clientele.” He said with the deployment of ICT tools, LASACO was poised to deliver superior value to its numerous clientele across the key sectors of the economy. He added that the vision of the company was to continue as a market leader in insurance and financial services industry in Nigeria.

NIA mourns past Chairman, Remi Olowude

wo weeks after the passage of one of Nigerian’s top insurer, Chief Remi Olowude, the outpouring of grief is yet to wane as the Nigerian Insurers Association (NIA) expressed shock and deep sadness over the demise of the underwriter. Olowude passed on two weeks ago in the United States after a protracted battle with cancer at the age of 63. In a letter by the Chairman of the NIA, Mr. Godwin Wiggle, to the Deputy Managing Director and Management of IGI, the Association expressed its deepest condolences to

the IGI group and wished the soul of the immediate past Chairman external repose. Wiggle also led a delegation of the Governing Council on a condolence visit to IGI to commiserate with the management and staff on the unfortunate development. The NIA Chairman described the late predecessor as an “epitome of humility andexcellence, and a dedicated and amiable person whose leadership qualities and sense of service endeared him to may who came in contact with him” He said it was unfor-

tunate that the health challenge did not allow the late past Chairman to actualize the lofty ideals which he reeled out during his investiture ceremony, adding that members of the Governing Council were looking forward with great hope and expectation that he would overcome his failing health and join them to build the industry. Wiggle noted that Olowude had very strong passion for the insurance industry and urged the management of IGI to be prepared to hold forth and uphold the legacy of the company.

which showed that the problem was from the board and we issued a specific deadline. “We are taking specific actions, we cannot as regulators operate without measures, and we have to be very calculative, because, it is better for a company to survive, than for a company to be dead. Because these companies recruit people, and that is why

we have to take a measure approach. Like our name goes - regulator, we are not killers. There are number companies that have challenges and we have taken actions, and in the next couple of days you will hear about our actions.” New Telegraph recalls the Commissioner for Insurance, Mr. Fola Daniel, saying that the International Monetary Fund (IMF) had called on the commission to put more bite into its regulatory activities in the interest of policyholders. Daniel, who declared that some insurance operators had accused him of overregulating the sector, said that even the IMF believed it was underregulated and thereby recommended a more rigorous regulation to protect policyholders and the integrity of the industry. He said that NAICOM would remain focused for the market to progress, stressing that its primary mandate of protecting policyholders would not be compromised.

A suppressed economic growth potential CONTINUED FROM PAGE 39

regulatory structure is in place. Efforts have been and continue to be made to help insurers manage the paradigm shift required to fully understand what it means to successfully offer microinsurance. The population and demographics make Nigeria a very attractive place for microinsurance because large volumes are fundamental to insurers. “There is a potential market for micro-insurance of at least 50 million people with premiums of at least $500 million. As these people move towards the middle market, they will demand additional micro-insurance/ insurance products to address their growing risk requirements. This will not come tomorrow but Nigeria could enjoy such volumes within the next five to 10 years. “Where Nigeria is currently somewhat weak is in terms of high volume distribution channels. Insurers can develop good products but if they cannot get them to the lowincome markets, then all is wasted. Additionally, insurers remain reluctant to embrace the micro-insurance market because they are not confident in the business case.” He affirmed that the

population of Nigerians under micro-insurance coverage remained a mere 0.68 per cent while in neighboring countries which are arguably less prepared than Nigeria, coverage ratios are almost all significantly higher. “Indeed, insurance companies in Ghana provide micro-insurance to seven per cent of the population in that country. Nigeria is ready and should surpass these other markets,” he added. He, however, said that NAICOM policies had laid a strong foundation for the underwriters to leverage on the scheme. According to him, “NAICOM, with industry input, has done a great job developing the “Guidelines for Microinsurance Operations in Nigeria. This has created an opportunity for insurers to more easily enter the micro-insurance market in a potentially successful manner. The key constraints have been addressed to facilitate commercial microinsurance. “The issue in Nigeria, as with so many other countries, is in the details of implementation. While a good framework is available, insurers must recognise the opportunity and leverage that to dramatically en-

ter the market. Where problems occur is in really understanding what “simple” means, what “fast claims payments” mean and thus how to structure operations and processes to allow for real simplicity. This level of operational clarity does not appear evident in Nigeria yet and this will hold back micro-insurance expansion.” Like McCord rightly said, all hope is, however, not lost in the process as the Commissioner for Insurance, Mr. Fola Daniel, has assured that henceforth micro-insurance policyholders will be adequately protected. This, in effect, is to discourage conflicts between insurers and policyholders where the former look for excuses to deny the later his due benefits in the event of an obvious loss. Daniel, while unveiling the guidelines last year, said the commission’s vision was to use micro-insurance to address the challenges of poverty, which is endemic in the society. He said the microinsurance business is going to be strictly regulated because it has to do with trust, so the commission’s stance will be strong to enable it protect the policyholders.

Business | Financial Market News

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

FMDQ Daily Quotations List

10-Oct-14

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

Bonds FGN Bonds

Price

Rating/Agency

Issuer

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

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

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

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

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

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

0.53 1.85 2.55 2.80 2.89 3.64 4.72 5.04 7.30 9.43 14.13 14.61 15.11 15.78 19.77

11.54 12.40 12.59 12.65 12.65 12.66 12.63 12.68 12.67 12.65 12.59 12.59 12.58 12.60 12.37

11.23 12.31 12.53 12.58 12.59 12.55 12.55 12.58 12.62 12.59 12.55 12.54 12.52 12.55 12.33

96.19 101.00 105.30 93.53 92.18 94.39 111.65 79.33 117.30 108.40 115.66 99.33 72.69 82.30 98.35

96.34 101.15 105.45 93.68 92.33 94.69 111.95 79.63 117.60 108.70 115.96 99.63 72.99 82.60 98.65

TOTAL OUTSTANDING VALUE

4,591.19

TOTAL MARKET CAPITALISATION

4,559.46

Rating/Agency

Issuer

Description

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Indicative Price

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

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

978.35 24.56 3.00 112.22 116.70 66.49

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

0.06 0.62 1.36 2.17 2.53 2.74

1.00 2.63 2.27 2.00 1.00 1.00

12.13 14.20 14.29 14.55 13.64 13.65

99.31 91.82 103.56 100.12 97.81 95.10

Agency Bonds AMCON FMBN

***LCRM

0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 09-DEC-2016 0.00/16.50 LCRM II 20-APR-2017 0.00/16.50 LCRM III 06-JUL-2017

TOTAL OUTSTANDING VALUE

1,301.32

TOTAL MARKET CAPITALISATION

1,287.00

Sub-National Bonds A-/GCR

NIGER

14.00 NIGER 15-OCT-2014

15-Oct-09

14.00

6.00

15-Oct-14

0.01

3.29

14.39

99.98

A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.89

4.44

16.11

97.07

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

4.18

30-Sep-15

0.73

3.23

14.84

98.93

A-/Agusto

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

6.27

30-Jun-16

1.02

4.46

16.19

98.35

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

7.37

30-Jun-16

1.02

3.48

15.21

100.82

10.00

57.00

19-Apr-17

2.52

5.59

18.23

83.90

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

29.92

30-Jun-17

1.57

1.00

13.20

101.10

A/Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

3.23

1.79

14.45

98.82

A+/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

34.14

30-Sep-18

2.40

1.80

14.41

99.25

A-/Agusto; A-/GCR

NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

3.98

1.00

13.66

101.00

A/Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

14.96

09-Dec-18

2.40

1.00

13.61

101.97

A-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

11.13

12-Dec-18

2.40

4.78

17.39

93.75

A/Agusto; A-/GCR

*ONDO

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

27.00

14-Feb-19

2.78

1.00

13.65

101.91

A/Agusto; A-/GCR

*GOMBE

15.50 GOMBE 02-OCT-2019

02-Oct-12

15.50

16.23

02-Oct-19

3.03

1.00

13.66

104.34

Aa-/Agusto; AA-/GCR

LAGOS

14.50 LAGOS 22-NOV-2019

22-Nov-12

14.50

80.00

22-Nov-19

5.12

1.00

13.68

102.91

14.75

27.51

12-Dec-19

3.00

2.74

15.40

98.56 102.90

A/Agusto; A-/GCR

*OSUN

14.75 OSUN 12-DEC-2019

12-Dec-12

A/Agusto

*OSUN

14.75 OSUN II 30-SEP-2020

30-Sep-13

14.75

11.40

30-Sep-20

3.53

1.00

13.66

Aa-/Agusto; AA-/GCR

LAGOS

13.50 LAGOS IV 27-NOV-2020

27-Nov-13

13.50

87.00

27-Nov-20

6.13

1.00

13.70

99.16

A-/Agusto; BBB+/DataPro

KOGI

15.00 KOGI 31-DEC-2020

31-Dec-13

15.00

5.00

31-Dec-20

6.23

1.94

14.64

101.38

A/Agusto A-/GCR

*EKITI *NASARAWA

14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

31-Dec-13

14.50

4.78

31-Dec-20

3.71

1.44

14.10

101.24

06-Jan-14

15.00

4.79

06-Jan-21

3.74

1.95

14.61

101.21

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

477.18 470.07

Corporate Bonds Aa/Agusto Nil Bbb-/Agusto A-/Agusto

GTB NGC

13.50 GUARANTY TRUST 18-DEC-2014

18-Dec-09

13.50

13.17

18-Dec-14

0.19

5.21

16.43

99.34

17.00 NGC 31-DEC-2014

01-Apr-10

17.00

2.00

31-Dec-14

0.22

8.71

19.95

99.17

*UPDC

10.00 UPDC 17-AUG-2015

17-Aug-10

10.00

3.61

17-Aug-15

0.61

4.88

16.45

96.78

*FLOURMILLS

12.00 FLOURMILLS 9-DEC-2015

09-Dec-10

12.00

13.62

09-Dec-15

0.68

1.00

12.60

100.11 100.49

BB+/GCR

*CHELLARAMS

14.00 CHELLARAMS 06-JAN-2016

06-Jan-11

14.00

0.60

06-Jan-16

0.76

2.63

14.25

A+/Agusto; A-/GCR

NAHCO

13.00 NAHCO 29-SEP-2016

29-Sep-11

13.00

15.00

29-Sep-16

1.97

1.00

13.48

99.19

A-/Agusto

FSDH

14.25 FSDH 25-OCT-2016

25-Oct-13

14.25

5.53

25-Oct-16

2.04

1.34

13.85

100.67

A/GCR

UBA

13.00 UBA 30-SEP-2017

30-Sep-10

13.00

20.00

30-Sep-17

2.97

1.00

13.66

98.43

BBB-/GCR

18.00 C&I LEASING 30-NOV-2017

30-Nov-12

18.00

0.73

30-Nov-17

1.79

1.88

14.23

107.10

BBB+/DataPro†; BB+/GCR

*C & I LEASING *DANA#

MPR+7.00 DANA 9-APR-2018

09-Apr-11

16.00

6.30

09-Apr-18

2.00

3.48

15.98

100.05

A-/DataPro†; BB-/GCR

*TOWER#

MPR+7.00 TOWER 9-SEP-2018

09-Sep-11

18.00

2.90

09-Sep-18

2.16

5.20

17.75

100.63

*TOWER

MPR+5.25 TOWER 9-SEP-2018

09-Sep-11

16.00

0.80

09-Sep-18

2.16

5.06

17.61

101.75

A/Agusto; A/GCR

UBA

14.00 UBA II 22-SEP-2018

22-Sep-11

14.00

35.00

22-Sep-18

3.95

14.01

99.94

Bbb+/Agusto; BBB+/GCR

*LA CASERA *CHELLARAMS#

15.75 LA CASERA 18-OCT-2018

18-Oct-13

15.75

2.70

18-Oct-18

2.02

2.29

14.79

101.77

BBB-/DataPro†; BB+/GCR

MPR+5.00 CHELLARAMS II 17-FEB-2019

17-Feb-12

17.00

0.41

17-Feb-19

2.35

6.11

18.71

97.20

BBB/GCR

*DANA

16.00 DANA II 1-APR-2019

01-Apr-14

16.00

4.50

01-Apr-19

3.23

2.16

14.82

102.92

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

14-Nov-13

15.25

2.05

14-Nov-20

6.10

2.76

15.45

99.17

A/GCR

STANBIC IBTC

182D T.bills+1.20 STANBIC IA 30-SEP-2024

30-Sep-14

N/A

0.10

30-Sep-24

9.97

1.00

13.65

86.84

A/GCR

STANBIC IBTC

13.25 STANBIC IB 30-SEP-2024

30-Sep-14

13.25

15.44

30-Sep-24

9.97

1.00

13.65

97.83

11-Feb-18

3.34

1.00

13.66

90.94

Bid Price

Offer Price

AAA/DataPro†; A+/GCR

TOTAL OUTSTANDING VALUE

144.46

TOTAL MARKET CAPITALISATION

143.73

1.35

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE

12.00 10.91

TOTAL MARKET CAPITALISATION Rating/Agency

Issuer

Description

Issue Date

Coupon (%)

Outstanding Value ($mm)

Maturity Date

Bid Yield (%)

Offer Yield (%)

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

4.99

4.85

109.36

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

110.20

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

4.11

3.88

103.49

104.30

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

5.30

5.19

107.41

108.25

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,601.28

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

AFREN PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

7.35

105.00

B+/Fitch; B+/S&P

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

4.19

105.04

105.04 101.72

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

6.56

101.72

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.57

8.13

94.89

96.17

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

5.90

5.66

100.35

101.20 105.75

B/Fitch

AFREN PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

8.67

105.75

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

6.35

99.63

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

8.93

8.66

99.30

100.31 101.63

B-/Fitch; B/S&P

FIRST BANK PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.70

101.63

B-/Fitch; B/S&P

AFREN PLC III

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

7.50

95.75

B-/Fitch; B/S&P

ACCESS BANK PLC II

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

24-Jun-14

9.25

400.00

24-Jun-21

8.66

8.47

103.13

104.13

B-/Fitch; B/S&P

FIRST BANK LTD

B-/S&P

ECOBANK NIG. LTD

8.00/2Y USD SWAP+6.488 JUL 23 2021

23-Jul-14

8.00

450.00

23-Jul-21

7.49

101.63

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

8.39

8.17

100.83

101.95

TOTAL OUTSTANDING VALUE

4,760.00

TOTAL MARKET CAPITALISATION

4,825.24

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

FIXINGS Maturity 23-Oct-14 30-Oct-14 6-Nov-14 13-Nov-14 20-Nov-14 27-Nov-14 4-Dec-14 11-Dec-14

Bid Discount (%) 10.50 10.55 10.80 10.90 11.00 10.90 10.95 11.00

Offer Discount (%) 10.25 10.30 10.55 10.65 10.75 10.65 10.70 10.75

Bid Yield (%) 10.54 10.61 10.89 11.01 11.14 11.06 11.13 11.21

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 10.7083 12.4068 13.2727 14.2067

Tenor

Rate (%)

OBB

10.38

O/N

10.58

Tenor Call 1M

REPO

Rate (%) 10.33 12.19

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M 3M

164.60 164.85 165.11 165.85 167.06 168.41

164.70 165.07 165.47 166.47 168.24 170.11

Business | Interview

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

We have returned Enterprise Bank to sustainable profitability, says Ahmed Kuru Enterprise Bank Limited, formerly known as Spring Bank Plc, was one of the lenders that were bridged by the Nigeria Deposit Insurance Corporation (NDIC) in 2011. Its Managing Director/ Chief Executive Officer, Mallam Ahmed Kuru, was given the mandate of repositioning the bank, making it profitable and attractive to investors. Having successfully achieved this mission with the about-to-be completed sale of the institution to Heritage Bank Limited, Kuru bares his mind in this interview with a select editors, on how Enterprise Bank was able to manage her customers during the process of selling the bank, the challenges the institution had to contend with and what he intends to do after handing over the bank, as well as other industry issues. Deputy Editor (Business) Ayodele Aminu was there. Excerpts... Some weeks ago, the Asset Management Corporation of Nigeria (AMCON) announced the preferred and reserved bidders for Enterprise Bank Limited, bringing an end to the bridge status of the bank. How do you feel? I am glad that the process has come this far and we now know who the winners in the form of the preferred and reserve bidders are, which is a clear indication that the end of this bridge phase of the bank is imminent. At the same time I am also satisfied with the outcome because it means that we, the board and management of the bank, have been able to deliver on the assignment given to us by AMCON within the shortest possible time. That assignment was to reposition the bank and make it a going concern such that it will be attractive to investors. Right from the beginning when we came on board, we knew our assignment was

Kuru

for a short period of time. As you know, our tenure was to last for two years. Enterprise Bank was born on August 11, 2011, which meant that we ought to have signed out in August 2013. However, the announcement of Heritage Bank Limited as the preferred bidder has brought that journey to a beautiful end. I am happy that the entire process went according to how AMCON had planned it. What kind of difficulty did you grapple with during the sale process and how difficult was it for you to manage your customers and staff? It will not be totally correct to say there were no challenges during the entire process. Yes, there were initial difficulties, but because they were anticipated, we were able to successfully manage them in such a manner that our business was, more or less, not affected. Essentially, the areas of challenge had to do with the reaction of the general public, customers and staff when the divestment process was announced. From the very beginning, AMCON made it very clear that the bank, by its bridge nature, will be sold to interested investors at a certain point and when the exercise was to begin, it announced every step and clarified the processes involved - the appointment of financial and legal advisers, the call for Expression of Interests (EOIs) by bidders down to the announcement of the results. The reactions from customers were different immediately the divestment exercise was announced. A little number of them wanted to withdraw their

We have not destroyed value! As a matter of fact, we are leaving the bank with our heads held quite high

patronage till they were sure that all was well while signing on new transactions met with a bit of resistance. However, we deployed a number of marketing communication strategies that succeeded in reassuring customers that the divestment exercise will not affect their transactions. One of such was the organisation of customer forums, where we fielded questions from the customers, explained and reassured them that the exercise was, indeed, meant to serve them better. There were other customer engagement strategies, including regular media briefings, targeted at different levels of the bankâ&#x20AC;&#x2122;s stakeholders. We also intensively engaged our customers on a one-onone basis at various levels. Our staff were equally and adequately primed through internal communication, town hall meetings and other bonding initiative platforms to remain calm, focused and dedicated to their work in order to convey the right attitude in their interface with our esteemed customers. All said, these combined strategies that every bit of necessary activity during the exercise was in the open and promptly for the awareness of every stakeholder. It has not been easy like I said earlier; the industry is hostile to any form of uncertainty. And the elongated nature of the process has not helped matters. But we thank God and our staff for all the support. You have always said that one of the principal objectives of your administration is to deliver a sound and healthy bank to the new owners/investors at the end of your tenure: How far or close

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

Business | Interview

would you say you are to that promise – especially the one that has to do with leaving the bank with your head high? We did a lot of serious work when we came on board, which I believe will endure any brand that is playing in a difficult economy like ours. The situation we met on ground was very bad, which was why AMCON intervened in the first place. The first thing we did was to initiate a very strong corporate governance structure. The bank had a 16-member Board of Directors, made up of five Executive Directors in addition to the Managing Director and 10 Non-Executive Directors. We operated with very credible people at this level whose experience spanned banking, insurance, academia and public administration. The combination ensured the institution of a very strong corporate governance structure to avoid any abuse of process, which for me was the strength of the institution. We insisted that there must be strong operational policies. In all we did, we made sure proper and due process was followed. The bank was not profitable at the time we assumed duties. Today, we have returned the bank to sustainable profitability. After the initial five-month loss recorded in 2011, the bank has been making profit annually since 2012. We were able to grow the balance sheet by about 36 per cent over the years. Even with the introduction of the policy of 75 per cent Credit Reserve Ratio for public funds by the Central Bank of Nigeria (CBN), which led to the relinquishing of such funds from our system, we still have been able to grow deposits by over 30 per cent since we took over. Our asset quality has improved greatly, leading to the significant reduction of NonPerforming Loans (NPLs). The bank has been rebranded and is more recognisable in the league of banks. We have been able to give the institution a new corporate look and feel. Our branches and other touch points wear new look that cannot but be noticed by the man on the street. All our customers’ touch points and service platforms have been upgraded for better service delivery. We made huge investments in upgrading our channels and technology to meet the demands of modern day banking. We have continued to ensure that our customers enjoy convenient and stress-free banking; as a result our staff have been retooled and reoriented to better align with the vision and values of the bank. We recognise that our staff are the most important asset that we have and we have invested in their up-skilling and cultural renewal to enable them competently deliver the service objectives of the bank. Their welfare has also been of importance to us; to that extent we have ensured that their total welfare package is competitive. Unlike what it was before now, the bank now attracts very good staff from the industry. So, as to your question whether we came close to the promise we made to hand over a sound financial institution to the new owners, I will say yes, we did. We have not destroyed value! As a matter of fact, we are leaving the bank with our heads held quite high.

impacted the economy negatively. But then, the Federal Government allowed the establishment of an institution like AMCON, which bought up all the toxic assets that weakened those banks and reflated them with fresh capital while providing them with new boards and management with a charge to run them profitably. As such, the successful conclusion of the divestment exercise is a reassurance that Nigeria and Nigerians are capable of providing solutions to our economic challenges if allowed a level playing field. So many families have been saved the pains of suffering the loss of their sources of livelihood. Interestingly the institution is sold to an on-going entity, which means quite a lot will be preserved in the process of repositioning the institution to meet these objectives.

After three years at the driver’s seat as the Managing Director/Chief Executive Officer of the bank, are there things you would have done differently in the same circumstances? Secondly, being a bridge bank, were there peculiar challenges different from running a normal bank that may have limited operations or performance that you may want to highlight and how did you grapple with these? Looking back retrospectively, I would sincerely tell you that we were calculating with every decision we took for the overall good of the bank. We

Kuru

BIODATA Previous positions: Executive Vice Chairman, Emeritus Capital Limited; Executive Director, BankPHB Educational background: BSC and Masters degrees in Business Administration, Ahmadu Bello University (ABU), Zaria; alumnus of the London Business School, London. He has also attended many trainings and seminars in and outside the country including the High Impact Leadership at Columbia Business School, New York, USA. Experience: Over 30 years

There are two things that should be very fundamental in the mind of any banker that is interested in retiring as a professional banker and not a businessman. These are service and integrity

came on board as change managers, but under a different arrangement. The essence of the intervention/ investment in the first instance was to safeguard staff employment, guarantee depositors’ funds and ensure business continuity. It was a very tricky balancing act. We started with a highly demoralised workforce who had seen five managements within a space of six to seven years. It was like a 15-year “start-up” business. We were retooling and at the same time competing. It was like joining a race with your hands tied to your back. We had to deal with the unconventional way of allowing some of us to further begin to untie our hands, all in keeping faith with the government contract with the public. We are pleased that we delivered on the government promise of preserving value. Also to change the direction of the bank and at the same time deal with the issue of rebranding the bank in an industry that is hostile to mediocrity was a big challenge, and one of the areas you should pay attention to in our industry is your cost structure. Again, unfortunately, you had to deal with the need to invest in technology, human capital and rebranding in a situation where you are not making money. Another tricky balancing act was on how to watch your cost to income ratio. Therefore, we hit the ground running; excessively pushing our people and the fact that we were in the market did not help matters. With the successful conclusion of the sale process of Enterprise Bank, what would you say is the direct impact on the banking industry and the economy vis-avis the situation that led to the intervention of the NDIC and the eventual takeover of the bank and two others by AMCON? A number of positive impacts come to mind, particularly, when viewed against the circumstances that gave birth to the institution and two others like it in 2011. You would recall that these banks were in terrible state and would have been liquidated as a result of serious erosion of shareholders’ funds. Liquidation would have led to a huge customer deposit and heavy job losses, which would also have

Are there any regrets whatsoever that you may have concerning the sale? For example, how do you feel about the possible absorption or disappearance of the brand that you have laboured to build and the aspirations you pursued like “… to be the preferred bank for value creation…” in the past three years? We have no regrets because, like I said earlier, we were sent here by AMCON for a termed or tenured assignment with set objectives of positioning the bank for sale. That was the passion with which we operated. Nevertheless, the reality of the situation has always been there, which somehow cushions the pain. Right now, my greater happiness is that we delivered on that assignment with the successful completion of the sale process. With the emergence of the new owners, I believe and pray that our modest successes will even be sustained and consolidate into a giant brand. That way, our little effort will always find a place in the new brand’s history. What would be your advice to your staff; other bankers and young Nigerians who obviously would want to look up to you and draw some inspiration and motivation from your accomplishments both in life and the profession? There are two things that should be very fundamental in the mind of any banker that is interested in retiring as a professional banker and not a businessman. These are service and integrity. Service will entail you being professional in your approach and putting all measures in place to satisfy your customers, who are primarily why you are in business in the first place! It is something that should come from inside but which will be aided by technology and innovation. If you do not have the service attitude, no technology will help you. Secondly, banking is a conservative old profession. Your customers must see you as someone they can trust without any strings attached. The moment you compromise your conduct as a banker you have lost it. It is a conflict if you are a banker and also at the same time competing with your customers, at times stealing their ideas. So, I advise them to be interested in self-development with emphasis on service and integrity. After this job, which was more of a national assignment, you obviously are still full of energy and not tired, what is next? I believe in destiny, that is to say, the future is best known to God. We are only playing out a script written by Him. Left for me, I will love to be a commercial farmer. I dream of waking up in the farm and driving a tractor first thing in the morning. I am very passionate about anything Nigeria. It is a great country with a lot of potentials. We are just starting. I am now like Nigeria, waiting to be discovered. There is so much to do.

Sub-National Bonds A-/GCR

NIGER

14.00 NIGER 15-OCT-2014

15-Oct-09

14.00

6.00

15-Oct-14

0.01

3.29

14.39

99.98

A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.89

4.44

16.11

97.07

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

4.18

30-Sep-15

0.73

3.23

14.84

98.93

A-/Agusto

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

6.27

30-Jun-16

1.02

4.46

16.19

98.35

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

7.37

30-Jun-16

1.02

3.48

15.21

100.82

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

2.52

5.59

18.23

83.90

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

29.92

30-Jun-17

1.57

1.00

13.20

101.10

A/Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

3.23

1.79

14.45

98.82

A+/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

34.14

30-Sep-18

2.40

1.80

14.41

99.25

A-/Agusto; A-/GCR

NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH 3.98 1.00 13.66 101.00

A/Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

14.96

09-Dec-18

2.40

1.00

13.61

101.97

A-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

11.13

12-Dec-18

2.40

4.78

17.39

93.75

A/Agusto; A-/GCR

*ONDO

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

27.00

14-Feb-19

2.78

1.00

13.65

101.91

A/Agusto; A-/GCR

*GOMBE

15.50 GOMBE 02-OCT-2019

02-Oct-12

15.50

16.23

02-Oct-19

3.03

1.00

13.66

104.34

Aa-/Agusto; AA-/GCR

LAGOS

14.50 LAGOS 22-NOV-2019

22-Nov-12

14.50

80.00

22-Nov-19

5.12

1.00

13.68

102.91

14.75 OSUN 12-DEC-2019

12-Dec-12

14.75

27.51

12-Dec-19

3.00

2.74

15.40

98.56

14.75 OSUN II 30-SEP-2020

30-Sep-13

14.75

11.40

30-Sep-20

3.53

1.00

13.66

102.90

13.50 LAGOS IV 27-NOV-2020

27-Nov-13

13.50

87.00

27-Nov-20

6.13

1.00

13.70

99.16

15.00 KOGI 31-DEC-2020

31-Dec-13

15.00

5.00

31-Dec-20

6.23

1.94

14.64

101.38

14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

31-Dec-13

14.50

4.78

31-Dec-20

3.71

1.44

14.10

101.24

06-Jan-14

15.00

4.79

06-Jan-21

3.74

1.95

14.61

101.21

Business | Financial Market News

Firm faults compelling companies to quote on NSE

LEGISLATION

A/Agusto; A-/GCR *OSUN Nigerian stock market A/Agusto *OSUN lacks capacity toLAGOS Aa-/Agusto; AA-/GCR A-/Agusto; BBB+/DataPro absorb all sharesKOGI of A/Agusto *EKITI A-/GCR *NASARAWA multinationals

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

Stories Chris Ugwu Corporateby Bonds

A Aa/Agusto

GTB

NGC partner with PriceBbb-/Agusto *UPDC waterhouseCoopers A-/Agusto *FLOURMILLS (PwC) on*CHELLARAMS Tax and BB+/GCR Regulatory Services, A+/Agusto; A-/GCR NAHCO A-/Agusto Mr Taiwo Oyedele, has cauFSDH A/GCR UBA tioned that mandating comBBB-/GCR *C &Nigerian I LEASING panies to list on the # BBB+/DataPro†; BB+/GCR *DANA Stock Exchange (NSE) market A-/DataPro†; BB-/GCR *TOWER# may lead to reduction in forAAA/DataPro†; A+/GCR *TOWER# eign investment inUBA Nigeria. A/Agusto; A/GCR Bbb+/Agusto; BBB+/GCR Oyedele spoke against *LA CASERA the BBB-/DataPro†;of BB+/GCR backdrop a bill *CHELLARAMS seeking #to BBB/GCR ensure that private*DANA companies A+/Agusto; A-/GCR NAHCO with total assets exceeding N80 A/GCR STANBIC IBTC billion convert to public liabiliA/GCR STANBIC IBTC tyTOTAL companies whichVALUE has passed OUTSTANDING second reading on the floor of TOTAL MARKET CAPITALISATION the House of Representatives. Supranational Bond expert while The financial AAA/S&P speaking during aIFC media enTOTAL OUTSTANDING VALUE hancement training organised Nil

477.18 everybody is 470.07

by PwC in Lagos said that such action may force foreign companies to relocate from Nigeria. GUARANTY TRUST 18-DEC-2014 “If13.50 all the companies oper31-DEC-2014 ating17.00 inNGC Nigeria with share10.00 UPDC 17-AUG-2015 holders’ funds in excess of N40 12.00 FLOURMILLS 9-DEC-2015 billion with annual 14.00or CHELLARAMS 06-JAN-2016 turnover 13.00 of NAHCO over29-SEP-2016 N80 billion are 14.25 25-OCT-2016 forced toFSDH list on the Nigerian 13.00 the UBA 30-SEP-2017 bourse, foreign firms may LEASING 30-NOV-2017 leave18.00 theC&Icountry for other AfMPR+7.00 DANA 9-APR-2018 ricanMPR+7.00 countries because such TOWER 9-SEP-2018 is notMPR+5.25 encouraging,” he noted. TOWER 9-SEP-2018 Oyedele that if big pri14.00 UBAnoted II 22-SEP-2018 LA CASERA 18-OCT-2018 vate 15.75 companies list on the exMPR+5.00 CHELLARAMS II 17-FEB-2019 change, the market may not have 16.00 DANA II 1-APR-2019 the capacity to absorb the shares. 15.25 NAHCO II 14-NOV-2020 Giving reason why the stock 182D T.bills+1.20 STANBIC IA 30-SEP-2024 market may not absolve the 13.25 STANBIC IB 30-SEP-2024 share capital of the big entities, he said: “This is because investors will want to sell their shares in other companies to 10.20 IFC 11-FEB-2018 buy the shares of companies like MTN, Glo, Chevron and so

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

11-Feb-13

TOTAL MARKET CAPITALISATION

Description

Issuer

Issue Date

8.75 AUG 14, 2021

ECOBANK NIG. LTD

14-Aug-14

Maturity Date

500.00

0.68 0.76 1.97 2.04 2.97 1.79 2.00 2.16 2.16 3.95 2.02 2.35 3.23 6.10 9.97 9.97

3.34

Bid Yield (%)

28-Jan-21

Offer Yield (%)

4.99

500.00

4.11 igerian 12-Jul-18 Breweries Plc has notified the Nigeri500.00 12-Jul-23 5.30 an Stock Exchange that 1,500.00 it has obtained the approval of 1,601.28 the Securities & Exchange Commission (SEC) for the proposed merger of Nigerian 450.00 01-Feb-16 7.35 Breweries Plc and Consolidat500.00 19-May-16 4.19 ed Breweries Plc. 350.00 25-Jul-17 6.56 With the approval, the two 300.00 02-May-18 8.57 companies will next approach 400.00 08-Nov-18 5.90 the300.00 Federal High Court for 8.67 its 08-Apr-19 order to enable22-Apr-19 the companies 500.00 6.35 convene their21-May-19 separate gen200.00 8.93 07-Aug-20 7.70 eral300.00 meetings (Court-Ordered 360.00 09-Dec-20 Meetings) for the purpose 7.50 of 400.00 24-Jun-21 8.66 obtaining the approval of the 450.00 23-Jul-21 7.49 respective shareholders to the

8.75

250.00

14-Aug-21

8.39

4.85

Bid Price

Offer Price

109.36

110.20

3.88 103.49 104.30 proposed merger. According to the notice, 5.19 107.41 108.25 the Scheme of Merger document containing the details of the consideration and other terms of the proposed merger will be sent to the sharehold7.35 105.00 105.00 ers of the two companies 4.19 105.04 105.04 ahead of the court-ordered 6.56 101.72 101.72 meeting. 8.13 94.89 96.17 It5.66noted 100.35 that Nigerian 101.20 Breweries Plc will keep 8.67 105.75 105.75 the Exchange and stake6.35 99.63 other 99.63 holders informed of further 8.66 99.30 100.31 7.70 101.63 particularly 101.63 developments 7.50 date and 95.75 venue95.75 on the of the 8.47 103.13 court-ordered meetings 104.13 as soon 101.63 101.63 as it7.49 obtains the said order.

4,760.00

FMDQ Daily Quotations List

TOTAL MARKET CAPITALISATION

0.61

Prices & Yields

for Africa mation on the proposed offer some as the last two years. Plc has notified the Ni- to shareholders Diamond recently complet6.75and JAN 28, other 2021 BB-/Fitch; B+/S&P 07-Oct-11 6.75 stakeholders in due course gerian Stock Exchange ed rights issue while Access BB-/Fitch; FGN JUL 12, 2018 12-Jul-13 upon receipt of5.13regulatory Bank is also expected to5.13 float that it has commenced the BB-/S&P BB-/Fitch; of raising Tier 1 Capia rights issue before the process approval. 6.38 JUL 12, 2023 12-Jul-13 6.38end BB-/S&P tal by way of a Rights Issue. FBN Capital Limited had of the year. TOTAL VALUEto the predicted that more banks ThisOUTSTANDING is as a sequel According to the report, TOTAL MARKET and CAPITALISATION Shareholders Board reso- are likely to raise capital between January and August lutions authorising the bank in 2015 as a result of the 2014, Nigerian banks raised Corporate Eurobonds to raise additional capital by Central Bank of Nigeria’s close to N340 billion ($2.1 11.50 FEB 01, 2016 B/Fitch; B-/S&P AFREN PLC I 01-Feb-11 11.50 various means, including a (CBN’s) new capital require- billion) similar to the entire 7.50 MAY 19, 2016 B+/Fitch; B+/S&P GTBANK PLC I 19-May-11 7.50 ment rules, which are likely amount raised in 2013. Rights Issue. 7.25 JUL 25, 2017 B+/S&P ACCESS BANK PLC 25-Jul-12 7.25 before the According to the notice, to come into effect “However, these capital 6.88 MAY 09, 2018 B/Fitch; B/S&P FIDELITY BANK PLC 09-May-13 6.88 the Rights Issue shall be on end of the year. 6.00 NOV 08, 2018 raising 08-Nov-13 exercises were not B+/Fitch; B+/S&P GTBANK PLC 6.00 carried out solely to boost the basis of one new ordinary In its banking sector re10.25 APR 08, 2019 B/Fitch AFREN PLC II 08-Apr-12 10.25 share every 10ZENITH ordinary port, FBN Capital “We banks’ capital regu6.25noted: APR 22, 2019 B+/Fitch;for BB-/S&P BANK PLC 22-Apr-14 bases for6.25 shares held as at a DIAMOND date to bePLC do not expect the latory (compliance) reasons. 8.75regulatory May 21, 2019 B/Fitch; B/S&P BANK 21-May-14 8.75 8.25 AUG 07,2015 2020 – B-/Fitch; B/S&P BANK PLC 07-Aug-13 8.25 communicated andFIRST subject to environment through US dollar funding requireDEC 09, 2020 B-/Fitch; B/S&P approval. AFREN PLC III regulatory in terms of new6.63pronouncements by09-Dec-13 customers in 6.63 many USDcentral LIBOR+7.677 JUN 24, 2021cases led24-Jun-14 B-/Fitch; ACCESS PLC II ments out9.25/6M 9.25 the The B/S&P bank noted that itBANK will the banks to tap of the bank 8.00/2Y USD SWAP+6.488 JUL 23 2021 B-/Fitch; B/S&P FIRST BANK LTD 23-Jul-14 8.00 it stated. communicate further infor– to be anywhere as burden- capital markets,” TOTAL OUTSTANDING VALUE

0.19 0.22

SEC approves Nigerian Breweries, Consolidated Breweries proposed merger

Outstanding Value ($mm)

Coupon (%)

FGN Eurobonds nited Bank

B-/S&P

forcing the companies to list. Oyedele noted that what MTN which is not listed on the 5.21 16.43 99.34year exchange paid as tax last 8.71 19.95 was higher than what 99.17 all the 4.88 16.45 96.78 listed banks paid. 1.00 12.60 100.11 Meanwhile, Azu2.63 14.25 Emeka 100.49 bogu, sponsor of Private 1.00 13.48 99.19 1.34 13.85 100.67and Companies Conversation 1.00 13.66 had recently 98.43 Listing Bill, 2013, 1.88 14.23 said that the Bill would107.10 deepen 3.48 15.98 100.05 Nigerian capital market and 5.20 17.75 100.63 develop a strong 5.06 17.61 economy 101.75 for the1.35 country. 14.01 99.94 2.29 14.79 Bill, accord101.77 The proposed 18.71 97.20 proing6.11 to the sponsor, would 2.16 14.82 102.92 vide for the private companies 2.76 15.45 99.17 whose shareholders’ funds ex1.00 13.65 86.84 ceed N40 billion or its annual 1.00 13.65 97.83 turnover exceeds N80 billion or its total assets exceed N80 billion, to convert to public liability company and get its 1.00 90.94 exshares listed13.66 in the stock change market.

10.91

UBA to raise Tier 1 capital Rating/Agency

on. So if selling and nobody is buying, prices will tumble and this may crash 13.50 13.17 18-Dec-14 the market. 17.00 2.00 “When Dangote Cement31-Dec-14 10.00 3.61 17-Aug-15 came12.00 to the market, because09-Dec-15 13.62 of the huge shares it has, it 14.00 0.60 06-Jan-16 could13.00 only list five15.00 per cent of29-Sep-16 14.25 its shares. The $80 5.53 billion mar-25-Oct-16 13.00 20.00 ket capitalisation of the NSE30-Sep-17 18.00 is just a fraction of0.73 the market30-Nov-17 16.00 6.30 09-Apr-18 capitalisation of a company09-Sep-18 18.00 2.90 like Apple with $500 billion. If 16.00 0.80 09-Sep-18 all the telecom companies and22-Sep-18 14.00 35.00 15.75 2.70 the international oil compa-18-Oct-18 17.00 nies (IOCs) in the 0.41 country are17-Feb-19 16.00 forced to list, the 4.50 market will01-Apr-19 2.05 crash15.25 as prices of other stocks14-Nov-20 N/A 0.10 30-Sep-24 would fall,” Oyedele said. 13.25 15.44 30-Sep-24 Responding to144.46 tax evasion by many private companies, 143.73 he note that compelling companies to list is not a solution, 10.20that there is 12.00 adding no connec-11-Feb-18 tion between tax 12.00 evasion and

8.17

100.83

101.95

10-Oct-14 CEO, ETI, Thierry Tanoh

4,825.24

The FMDQBills 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 **Treasury FIXINGS Money Market Foreign Exchange (Spot & Forwards) the FMDQDTM OTC PLC Terms of Use and Disclaimer Statement Maturity Bid Discount on (%) www.fmdqotc.com. Offer Discount (%)

13 23-Oct-14 10.50 20 30-Oct-14 10.55 6-Nov-14 10.80 FGN Bonds27 34 13-Nov-14 10.90 41 20-Nov-14 11.00 Rating/Agency Issuer Description 48 27-Nov-14 10.90 55 4-Dec-14 10.95 4.00 23-APR-2015 62 11-Dec-14 11.00 76 25-Dec-14 11.00 13.05 16-AUG-2016 83 1-Jan-15 11.00 15.10 27-APR-2017 90 8-Jan-15 10.80 9.85 27-JUL-2017 97 15-Jan-15 11.00 9.35 31-AUG-2017 104 22-Jan-15 10.70 10.70 30-MAY-2018 111 29-Jan-15 11.00 16.00 29-JUN-2019 118 5-Feb-15 10.80 NA NA 7.00 23-OCT-2019 125 12-Feb-15 11.00 16.39 27-JAN-2022 132 19-Feb-15 10.80 14.20 14-MAR-2024 139 26-Feb-15 11.00 15.00 28-NOV-2028 146 5-Mar-15 10.95 12.49 22-MAY-2029 153 12-Mar-15 11.00 8.50 20-NOV-2029 181 9-Apr-15 10.90 10.00 23-JUL-2030 195 23-Apr-15 10.80 12.1493 18-JUL-2034 209 7-May-15 10.50 300 6-Aug-15 10.70 TOTAL OUTSTANDING VALUE 328 3-Sep-15 10.75 *from the Amortising the average life is calculated and not the duration TOTAL MARKET bonds, CAPITALISATION

10.25 10.30 10.55 10.65 10.75 Issue Date 10.65 10.70 23-Apr-10 10.75 10.75 16-Aug-13 10.75 27-Apr-12 10.55 27-Jul-07 10.75 31-Aug-07 10.45 30-May-08 10.75 29-Jun-12 10.55 23-Oct-09 10.75 27-Jan-12 10.55 14-Mar-14 10.75 28-Nov-08 10.70 22-May-09 10.75 20-Nov-09 10.65 23-Jul-10 10.55 18-Jul-14 10.25 10.45 10.50

Bid Yield (%) 10.54 10.61 10.89 11.01 11.14 Coupon 11.06 (%) 11.13 4.00 11.21 11.26 13.05 11.28 15.10 11.10 9.85 11.33 9.35 11.04 10.70 11.38 16.00 11.19 7.00 11.43 16.39 11.24 14.20 11.48 15.00 11.45 12.49 11.53 8.50 11.52 10.00 11.46 12.1493 11.17 11.73 11.90

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

Issuer

Description

Issue Date

Agency Bonds AMCON NA

FMBN Modified Duration Buckets

***LCRM

TOTAL OUTSTANDING VALUE

Tenor O/N 1M 3M Outstanding Value 6M (N'bn)

Rate (%) 10.7083 12.4068 13.2727 Maturity 14.2067Date

535.00 23-Apr-15 545.27 16-Aug-16 NITTY 452.80 27-Apr-17 Tenor Rate (%) 20.00 27-Jul-17 1M 11.0715 100.00 31-Aug-17 2M 11.2042 300.00 30-May-18 3M 11.2098 351.30 29-Jun-19 6M 11.5264 233.90 23-Oct-19 9M 11.9211 600.00 27-Jan-22 12M 11.9984 331.35 14-Mar-24 75.00 28-Nov-28 150.00 22-May-29 NIFEX 200.00 20-Nov-29 591.57 23-Jul-30 Current Price ($/N) 18-Jul-34 BID($/N) 105.00 164.6800

OFFER ($/N)

4,591.19

164.7800

Tenor

Rate (%)

OBB

10.38

O/N

10.58

REPO

TTM (Yrs) Tenor Call 0.53 1M 3M 1.85 6M 2.55

Bid Yield Rate (%) (%) 10.33 11.54 12.19 12.96 12.40 13.63 12.59

Tenor Spot 7D 14DYield Offer 1M (%) 2M 11.23 3M 6M 12.31 1Y 12.53

2.80 12.65 12.58 2.89 12.65 12.59 3.64 12.66 12.55 :Benchmarks 4.72 12.63 12.55 * :Amortising Bond 5.04 12.68 12.58 µ :Convertible Bond 7.30 12.67 12.62 AMCON: Asset Management Corporation of Nigeria 9.43 12.65 12.59 FGN: Federal Government of Nigeria 14.13 Mortgage Bank 12.59 12.55 FMBN: Federal of Nigeria 14.61 Finance Corporation 12.59 12.54 IFC: International 15.11 12.58 12.52 LCRM: Local Contractors Receivables Management 15.78 Aviation Handling 12.60 Company 12.55 NAHCO: Nigerian O/N: Overnight 19.77 12.37 12.33 NOTE:

UPDC: UAC Property Development Company WAPCO:West Africa Portland Cement Company

Bid ($/N)

Offer ($/N)

164.60 Price 164.70 164.85 165.07 165.11 165.47 Bid Price Offer Price 165.85 166.47 167.06 168.24 96.19 96.34 168.41 170.11 172.44 175.59 101.00 101.15 181.81 186.82 105.30 105.45

93.53 93.68 92.18 92.33 94.39 94.69 NA :Not111.65 Applicable 111.95 # :Floating Rate Bond 79.33 79.63 ***: Deferred coupon bonds 117.30 117.60 †: Bond108.40 rating expired 108.70 115.66 115.96 N/A :Not Available 99.33 99.63 72.69 72.99 82.30 82.60 NGC: Nigeria-German Company 98.35 Bank for Africa 98.65 UBA: United

4,559.46

Rating/Agency

NIBOR

Bonds

0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 Total Outstanding Porfolio Market Value(Bn) 0.00/16.00 LCRM 09-DEC-2016 Volume(Bn) 0.00/16.50 LCRM II 20-APR-2017 0.00/16.50 LCRM III 06-JUL-2017 1,027.52 998.07

Coupon (%)

BOND 28-Dec-11 FMDQ FGN 0.00 24-May-10 0.00 03-Apr-12 17.25 Weighting by Weighting by Mkt 09-Dec-11Vol 0.00/16.00 Outstanding Value 20-Apr-12 0.00/16.50 06-Jul-1233.52 0.00/16.50 33.44

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

24.56 3.00 Bucket112.22 Weighting 116.70 66.49 0.34

31-Oct-14 24-May-15 03-Apr-17 % Exposure_ 09-Dec-16 Mod_Duration 20-Apr-17 06-Jul-17 14.62

0.06 0.62 1.36 Implied Yield 2.17 2.53 2.74 12.50

INDEX978.35

Risk Premium (%) 1.00 2.63 2.27 Implied 2.00Price Portfolio 1.00 1.00 118.0218

Valuation Yield (%)

Indicative Price

12.13 14.20 14.29 INDEX 14.55 13.64 13.65 1,120.97

99.31 91.82 YTD103.56 Return 100.12 (%) 97.81 95.10 12.0967

12.3738

3<5

1,096.03

951.30

31.95

35.67

1,301.320.32

31.26

12.66

132.7101

1,123.74

TOTAL MARKET CAPITALISATION >5

949.31

1,027.92

34.53

30.89

54.12

12.59

102.4665

1,198.01

19.8014

3,072.86

2,977.29

100.00

1,287.000.35

100.00

12.60

117.3445

1,120.54

12.0537

Market

1.00

Sub-National Bonds A-/GCR

NIGER

14.00 NIGER 15-OCT-2014

15-Oct-09

14.00

6.00

15-Oct-14

0.01

3.29

14.39

99.98

A+/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.89

4.44

16.11

97.07

A/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

4.18

30-Sep-15

0.73

3.23

14.84

98.93

A-/Agusto

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

6.27

30-Jun-16

1.02

4.46

16.19

98.35

A+/Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

7.37

30-Jun-16

1.02

3.48

15.21

100.82

A+/Agusto; A+/GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

2.52

5.59

18.23

83.90

A-/Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

29.92

30-Jun-17

1.57

1.00

13.20

101.10

A/Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

3.23

1.79

14.45

98.82

A+/Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

34.14

30-Sep-18

2.40

1.80

14.41

99.25

Daily Summary as of 10/10/2014

Printed 10/10/2014 14:58:03.003

Business | Capital Market

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014 Daily Summary as of 10/10/2014 Printed 10/10/2014 14:58:03.003

Daily Summary (Bonds)

No Debt Trading Activity

The Nigerian Stock Market Exchange as at October 10, 2014 Daily Summary (Equities)

Daily Summary (Equities)

Activity Summary on Board EQTY

Activity Summary on Board EQTY AGRICULTURE Crop Production FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals

Symbol FTNCOCOA OKOMUOIL PRESCO

No. of Deals 4 18 9 31

Current Price 0.50 33.01 37.10

Quantity Traded 123,000 258,147 20,575 401,722

Value Traded 61,500.00 8,667,573.80 736,470.00 9,465,543.80

Symbol LIVESTOCK

No. of Deals 22 22

Current Price 3.08

Quantity Traded 296,700 296,700

Value Traded 891,282.48 891,282.48

698,422

10,356,826.28

Quantity Traded 152,691 21,121,154 4,165,586 25,439,431

Value Traded 206,521.53 115,939,341.12 239,538,761.71 355,684,624.36

25,439,431

355,684,624.36

AGRICULTURE Totals CONGLOMERATES Daily Summary as of 10/10/2014 Diversified Industries Printed 10/10/2014 14:58:03.003 A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals

53 Symbol AGLEVENT TRANSCORP UACN

Daily Summary

CONGLOMERATES Totals

Current Price 1.33 5.49 57.51

376

Activity Summary on Board EQTY CONSTRUCTION/REAL ESTATE Published Building by The Nigerian Stock Exchange © Structure/Completion/Other

No. of Deals 20 290 66 376 (Equities)

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

IT Services COMPUTER WAREHOUSE GROUP PLC Daily Summary as(NIGERIA) of 10/10/2014 NCR PLC. Printed 10/10/2014 14:58:03.003 IT Services Totals

Current Price 0.90

Page Quantity Traded 545,260 545,260

1Value Traded of 13 474,162.72 474,162.72

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

Symbol JBERGER

No. of Deals 20 20

Current Price 67.20

Quantity Traded 34,294 34,294

Value Traded 2,126,729.10 2,126,729.10

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

Symbol UAC-PROP

No. of Deals 36 36

Current Price 14.50

Quantity Traded 1,244,842 1,244,842

Value Traded 18,081,503.12 18,081,503.12

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

Symbol UPDCREIT

No. of Deals 1 1

Current Price 8.68

Quantity Traded 20,000 20,000

Value Traded 180,000.00 180,000.00

1,844,396

20,862,394.94

CONSUMER GOODS Daily Summary as of 10/10/2014 Automobiles/Auto Parts Printed 10/10/2014 14:58:03.003 DN TYRE & RUBBER PLC Automobiles/Auto Parts Totals Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES Activity Summary on Board EQTYPLC. Published by The Nigerian Stock Exchange © CONSUMER GOODS Beverages--Brewers/Distillers NIGERIAN BREW. PLC. PREMIER BREWERIES PLC Beverages--Brewers/Distillers Totals

78 Symbol DUNLOP

No. of Deals 2 2

Current Price 0.50

Quantity Traded 140,000 140,000

Value Traded 70,000.00 70,000.00

Symbol No. of Deals Daily Summary (Equities) CHAMPION 51 GUINNESS 73 INTBREW 21

Current Price 15.73 188.00 30.50

Quantity Traded 958,658 88,274 275,461

Value Traded 15,378,962.09 16,524,207.41 8,424,175.88

No. of Deals 163 13 321

Current Price 180.00 4.18

Quantity Traded 1,177,068 91,700 2,591,161

Value Traded 210,269,632.27 347,638.00 250,944,615.65

No. of Deals 15 15

Current Price 147.73

Quantity Traded 20,963 20,963

Value Traded 3,413,259.18 3,413,259.18

Page Symbol NB PREMBREW

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

Symbol 7UP

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

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR NASCON

No. of Deals 35 52 74 24 25 210

Current Price 6.55 8.10 62.00 3.83 9.26

Quantity Traded 53,479 432,244 758,970 302,343 552,236 2,099,272

Value Traded 333,794.17 3,505,449.90 47,117,402.06 1,176,991.15 5,127,672.71 57,261,309.99

Food Products--Diversified

Symbol CADBURY NESTLE

No. of Deals 47 45 92

Current Price 54.00 1,050.00

Quantity Traded 159,223 25,512 184,735

Value Traded 8,672,288.01 26,060,740.47 34,733,028.48

Symbol No. of Deals VITAFOAM 28 Daily Summary (Equities) VONO 1 29

Current Price 4.27 1.42

Quantity Traded 601,922 3,000 604,922

Value Traded 2,486,000.64 4,200.00 2,490,200.64

CADBURY NIGERIA PLC. Daily Summary as of 10/10/2014 NESTLE NIGERIA PLC. Printed 10/10/2014 14:58:03.003 Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC. VONO PRODUCTS PLC. Household Durables Totals

Activity Summary on Board EQTY Published by The Nigerian Stock Exchange © CONSUMER GOODS Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals

Page Symbol PZ UNILEVER

CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC Daily Summary as of 10/10/2014 GUARANTY TRUST BANK PLC. Printed 10/10/2014 14:58:03.003 SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC.

Activity Summary on Board EQTY

FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Insurance Carriers, Brokers and Services Published by The Nigerian Stock Exchange © AIICO INSURANCE PLC.

CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. GREAT NIGERIAN INSURANCE PLC INTERNATIONAL ENERGY INSURANCE COMPANY PLC LASACO ASSURANCE PLC. LINKAGE ASSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. PRESTIGE ASSURANCE CO. PLC. SOVEREIGN TRUST INSURANCE PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Daily Summary as of 10/10/2014 Printed 10/10/2014 14:58:03.003 Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals

Mortgage Carriers, Brokers and Services INFINITY TRUST MORTGAGE BANK PLC

Activity Summary on Board EQTY

Published by The Nigerian Stock Exchange © FINANCIAL SERVICES Mortgage Carriers, Brokers and Services RESORT SAVINGS & LOANS PLC Mortgage Carriers, Brokers and Services Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FBN HOLDINGS PLC FCMB GROUP PLC. ROYAL EXCHANGE PLC. STANBIC IBTC HOLDINGS PLC UBA CAPITAL PLC Other Financial Institutions Totals

Medical Supplies MORISON INDUSTRIES PLC. Medical Supplies Totals

Current Price 31.92 47.99

Symbol No. of Deals ACCESS 185 DIAMONDBNK 37 ETI 80 FIDELITYBK 79 GUARANTY 247 SKYEBANK 214 STERLNBANK 41 UBA 201 UBN 67 Daily Summary (Equities) UNITYBNK 19 WEMABANK 37

Quantity Traded 347,610 69,842 417,452

Value Traded 11,099,555.20 3,187,090.15 14,286,645.35

6,058,505

363,199,059.29

Current Price 8.77 6.20 18.90 2.05 29.57 2.77 2.32 6.35 9.06 0.50 0.95

Quantity Traded 11,916,051 985,266 1,976,919 3,893,772 6,005,406 10,936,828 22,617,532 6,955,622 830,134 2,203,592 1,278,548

Value Traded 105,415,422.13 6,111,498.50 37,294,284.54 7,862,371.85 177,546,774.19 30,247,685.07 52,551,692.11 45,035,373.70 7,529,683.16 1,101,796.00 1,186,528.17

730

Symbol NPFMCRFBK

No. of Deals 3 3

Current Price 1.00

Quantity Traded 12,000 12,000

Value Traded 12,000.00 12,000.00

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

Quantity Traded 5,150

Value Traded 7,738.50

Symbol RESORTSAL

No. of Deals 1 3

Current Price 0.50

Quantity Traded 3,800,000 3,805,150

Value Traded 1,900,000.00 1,907,738.50

Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX STANBIC UBCAP

No. of Deals 106 22 580 66 3 45 84 906

Current Price 3.28 3.98 12.91 4.30 0.59 32.03 2.05

Quantity Traded 9,018,188 1,247,477 18,686,849 7,104,376 15,200 1,317,390 5,308,052 42,697,532

Value Traded 28,465,020.04 5,060,392.58 240,852,018.19 30,290,683.28 8,666.00 42,267,876.72 10,886,403.55 357,831,060.36

150,114,146

1,293,990,966.15

2,715 Symbol UNIONDAC

No. of Deals 1 1

Current Price 0.50

Quantity Traded 10,000 10,000

Value Traded 5,000.00 5,000.00

Symbol MORISON

No. of Deals 1 1

Current Price 1.82

Quantity Traded 408 408

Value Traded 738.48 738.48

Page

Symbol CHAMS

No. of Deals 1 1

Current Price 0.50

Quantity Traded 1,500,000 1,500,000

Value Traded 750,000.00 750,000.00

1,626,123

1,160,138.14

Page Quantity Traded 201,022 78,660 425,473 1,117,890

Current Price 32.00 8.60 39.00 15.00

7 of 13 Value Traded 6,431,993.80 696,946.40 16,581,318.52 16,769,454.67

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

Symbol CUTIX

No. of Deals 10 10

Current Price 1.89

Quantity Traded 121,550 121,550

Value Traded 236,379.00 236,379.00

Packaging/Containers AVON CROWNCAPS & CONTAINERS Packaging/Containers Totals

Symbol AVONCROWN

No. of Deals 1 1

Current Price 1.59

Quantity Traded 89,680 89,680

Value Traded 142,591.20 142,591.20

2,813,518

191,359,107.55

INDUSTRIAL GOODS Totals

Daily Summary as of 10/10/2014 SERVICES14:58:03.003 Printed 10/10/2014 Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals

224 Symbol JAPAULOIL

No. of Deals 27 27

Current Price 0.50

Quantity Traded 3,497,000 3,497,000 Page

Symbol OANDO

No. of Deals 352 352

Current Price 25.00

Quantity Traded 10,088,941 10,088,941

Symbol BECOPETRO CONOIL ETERNA FO MOBIL MRS TOTAL

No. of Deals 2 101 18 64 20 1 10 216

Current Price 0.50 51.82 3.80 220.50 174.00 56.00 175.50

Quantity Traded Page 40,800

Value Traded 9 20,400.00 of 13 20,374,593.38 857,079.04 23,757,881.18 8,956,874.48 79,800.00 2,412,403.00 56,459,031.08

Symbol SEPLAT

No. of Deals 26 26

Current Price 639.50

Quantity Traded 55,350 55,350

Value Traded 33,973,255.25 33,973,255.25

14,463,865

344,242,289.37

Daily Summary (Equities)

Value Traded 252,061,503.04 252,061,503.04

379,744 225,395 109,898 51,309 1,500 13,928 822,574

621 Current Price 0.86

Quantity Traded 113,787 113,787

Value Traded 98,952.23 98,952.23

Symbol REDSTAREX

No. of Deals 8 8

Current Price 4.40

Quantity Traded 546,795 546,795

Value Traded 2,400,156.55 2,400,156.55

Symbol CILEASING

No. of Deals 1 1

Current Price 0.50

Quantity Traded 370,000 Page 370,000

Hospitality TANTALIZERS PLC Hospitality Totals

Symbol TANTALIZER

No. of Deals 1 1

Current Price 0.50

Quantity Traded 200 200

Value Traded 100.00 100.00

Hotels/Lodging IKEJA HOTEL PLC TOURIST COMPANY OF NIGERIA PLC. Hotels/Lodging Totals

Symbol IKEJAHOTEL TOURIST

No. of Deals 161 1 162

Current Price 2.66 3.51

Quantity Traded 35,727,417 500 35,727,917

Value Traded 93,442,280.97 1,750.00 93,444,030.97

Media/Entertainment DAAR COMMUNICATIONS PLC Media/Entertainment Totals

Symbol DAARCOMM

No. of Deals 6 6

Current Price 0.50

Quantity Traded 217,400 217,400

Value Traded 108,700.00 108,700.00

No. of Deals 5 6 1 13 Daily Summary (Equities) 25

Current Price 1.32 1.44 2.40 4.14

Quantity Traded 12,400 35,260 100 29,809 77,569

Value Traded 16,658.00 50,974.30 230.00 116,232.46 184,094.76

Current Price 0.69

Quantity Traded 1,044,157

Value Traded 701,103.33

Printing/Publishing Daily Summary as of 10/10/2014 ACADEMY PRESS PLC. Printed 10/10/2014 14:58:03.003 LEARN AFRICA PLC STUDIO PRESS (NIG) PLC. UNIVERSITY PRESS PLC. Printing/Publishing Totals Road Transportation ASSOCIATED BUS COMPANY PLC

Activity Summary on Board EQTY

Symbol RTBRISCOE

Value Traded 1,748,500.00

8 1,748,500.00 of 13

No. of Deals 9 9

Value Traded 4 of 13 798,130.60 1,984,850.00 186,500.00 100.00 53,760.00 12,250.00 250.00 136,256.60 647,063.50 10,000.00 49,000.00 100.00 6,877,660.98 10,755,921.68

Value Traded 199,318.20 173,329.00 372,647.20

Value Traded 125,946,199.54 3,333.00 5,753.00 24,545,138.42 190,980,137.35

Courier/Freight/Delivery RED STAR EXPRESS PLC

Quantity Traded Page 989,997 1,972,500 373,000 200 96,000 24,500 500 252,290 835,338 20,000 98,000 200 9,569,610 14,232,135

Quantity Traded 40,718 13,333 54,051

Quantity Traded 581,633 3,333 1,100 193,177 2,602,288

Activity Summary on BoardTotals EQTY Courier/Freight/Delivery

Current Price 0.80 1.00 0.50 0.50 0.56 0.50 0.50 0.54 0.77 0.50 0.50 0.50 0.71

Page

Current Price 4.80 13.50

OIL AND GAS Totals

No. of Deals 24 12 8 1 4 3 1 4 23 1 5 1 77 164

1.52

No. of Deals 4 3 7

Current Price 217.01 1.05 5.50 127.99

Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals

Symbol AIICO CONTINSURE CORNERST GNI INTENEGINS LASACO LINKASSURE MBENEFIT NEM NIGERINS PRESTIGE SOVRENINS WAPIC

Symbol CWG NCR

No. of Deals 72 2 3 41 213

CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals

Value Traded 451,601,136.19 923,484,245.61

INFINITY

Value Traded 37,490.94 37,490.94

Symbol DANGCEM DNMEYER PORTPAINT WAPCO

OIL AND GAS Petroleum and Petroleum Products Distributors Published by The Nigerian Stock Exchange © PLC BECO PETROLEUM PRODUCT

Quantity Traded 19,767,659 89,367,329

2,809,660.21

Quantity Traded 72,072 72,072

Symbol No. of Deals ASHAKACEM 23 Daily Summary (Equities) BERGER 12 CAP 31 CCNN 29

Integrated Oil and Gas Services OANDO PLC

Current Price 22.80

847,814 Current Price 0.52

Activity Summary onGas Board EQTYTotals Integrated Oil and Services

No. of Deals 432 1,639

Value Traded 107,250.00 1,116,995.25 906,073.80 469,290.97 183,467.56 20,844.15 2,803,921.73

No. of Deals 2 2

ICT Totals Daily Summary as of 10/10/2014 Activity Summary on Board EQTY Printed 10/10/2014 14:58:03.003

Daily Summary as of 10/10/2014 OIL AND GAS Printed 10/10/2014 14:58:03.003 Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment Services Published by The Nigerian Stockand Exchange © Totals

Quantity Traded 55,000 325,525 15,380 258,447 174,259 8,795 837,406

Symbol COURTVILLE

Daily Summary (Equities)

INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC DN MEYER PLC. PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals

Symbol ZENITHBANK

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

No. of Deals 27 34 61

Processing Systems CHAMS PLC Processing Systems Totals

INDUSTRIAL GOODS Published by The Nigerian Stock Exchange © Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. on OF Board NORTH.NIG. Activity Summary EQTYPLC

Current Price 2.05 3.40 61.00 1.74 1.06 2.49

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

No. of Deals 21 21

CONSTRUCTION/REAL ESTATE Totals

No. of Deals 3 20 8 32 15 1 79

HEALTHCARE Totals

Symbol COSTAIN

COSTAIN (W A) PLC. Building Structure/Completion/Other Totals

Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH PHARMDEKO

Daily Summary (Equities)

Symbol ACADEMY LEARNAFRCA STUDPRESS UPL

Symbol ABCTRANS

No. of Deals 16

Value Traded 185,000.00 of 13 185,000.00

Symbol

No. of Deals 16

Current Price

Quantity TradedPage 1,044,157

Value Traded 11 of 13 701,103.33

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

Symbol AIRSERVICE NAHCO

No. of Deals 3 31 34

Current Price 2.01 5.03

Quantity Traded 45,500 562,677 608,177

Value Traded 86,905.00 2,820,745.73 2,907,650.73

Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals

Symbol CAVERTON

No. of Deals 17 17

Current Price 4.84

Quantity Traded 211,780 211,780

Value Traded 1,007,124.35 1,007,124.35

279

38,917,782

101,036,912.92

5,167

242,824,002

2,684,701,979.21

Quantity Traded 144,000 144,000

Value Traded 72,000.00 72,000.00

SERVICES Totals

EQTY Board Totals 13

Daily Summary (Equities)

Daily Summary as of 10/10/2014 Summary on Board ASeM PrintedActivity 10/10/2014 14:58:03.003 OIL AND GAS Petroleum and Petroleum Products Distributors CAPITAL OIL PLC Petroleum and Petroleum Products Distributors Totals

Symbol

No. of Deals 2 2

CAPOIL Daily Summary (Equities)

Activity on Board ASeM OIL ANDSummary GAS Totals

Current Price 0.50

144,000

144,000 Page

Equity Activity Totals

5,169

242,968,002

72,000.00 12 72,000.00 of 13

2,684,773,979.21

Daily Summary (ETP) Exchange Traded Fund

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

Symbol NEWGOLD VETGRIF30

No. of Deals 1 4 5

Current Price 1,950.00 18.43

Quantity Traded 6 2,530 2,536

Value Traded 11,700.00 46,553.20 58,253.20

ETF Board Totals

2,536

58,253.20

ETP Activity Totals

2,536

58,253.20

Page

News

bloody

The bad days are not over yet in Benin city. Politicians and thugs are getting set for mayhem Cajetan Mmuta Benin

trong indication emerged yesterday that the leadership and nine lawmakers of the opposition Peoples Democratic Party (PDP) in Edo state may have gone into hiding

15,000

monday, OCTOBER 13, 2014 NEW TELEGRAPH

south — south

Edo: PDP lawmakers, leaders go into hiding over fear of reprisal following more and worse drums beats of possible attack by supporters of the ruling All Progressives Congress in the state. It was gathered that hundreds of members of over ten support groups loyal to the APC led government are spoiling for war in retaliation against Saturday’s early morning attack on APC lawmakers in the ancient capital

The total number of internet users in Saint Kitts & Nevis in 2007. Source: Blatantworld.com

town. This followed huge damage of public property and injuries inflicted on key lawmakers of the ruling party at the legislative quarters on Ihama, Government Reservation Area (GRA) Benin City by thugs loyal to the opposition PDP. A total of 36 exotic cars belonging to the APC lawmakers including those of the Majority Leader,

The life expectancy of women at age 60 years in Comoros in 2010-2015. Source: Un.org

Philip Shaibu and other legislators worth several millions of naira were destroyed during the mayhem that left some wives and aides of the lawmakers with severe wounds. The rampaging thugs stormed the quarters in what seemed a reprisal attack against the PDP lawmaker representing Etsako West 1 constituency, Mr. Abdul Rasaq Momoh

29.5m

The estimated number of people living with HIV worldwide in 2002. Source: Who.int

on Tuesday last week. The speaker of the state House of Assembly, Mr. Uyi Igbe had alleged that key members of the PDP were behind the onslaught against the legislators at the quarters. Igbe also lashed at the state police command for the complacency of its officers and men during the attack, a development that paved way for the destruc-

6.55%

The percentage of individuals using the internet in Bhutan in 2008. Source: Itu.int

tion properties. The state chairman of PDP, Chief Dan Orbih in reaction said “There is no truth whatsoever in the allegations by Governor Adams Oshiomhole over the attack. Orbih said “After welcoming Mr. President to Edo State on Friday, many of us went to our houses, had a light dinner and went to bed”. He noted that, “It is common knowledge that what happened May have been borne out of the attack on Hon Rasaq Momoh and the fact that those accused are now free today.”

Urhobo Union bans Uduaghan aides Gabriel Choba Ughelli

L-R: PDP leader, Chief Buruji Kashamu; New PDP South-West Vice Chairman, Chief Makanjuola Ogundipe and Ekiti State Governor-Elect, Ayo Fayose, after the Election of South-West PDP New Exco Elect in Ibadan, Oyo State…at the weekend

South-South delegates lobby for 18% derivation Chris Ejim Yenagoa

ayelsa state delegates to the just concluded National Conference have commenced lobby on the governors, members of the National Assembly and other interest groups across the six geo-political zones to ensure the implementation of the recommendations of the conference, which include the 18 per cent derivation fund, insisting that the oil producing states would not go for anything less.

However, Governor Seriake Dickson said for these recommendations to be successfully implemented, there is need for collaborative efforts on the parts of all and sundry, irrespective of tribes and religion. Presenting a copy of the recommendations to the governor at Government House, Yenagoa, the leader of the group, Professor Lawrence Ekpebu said, over sixty recommendations were made, adding that for the efforts of the delegates not to be in vain, there is need for

the political leadership to see that, they are fully implemented. He stated that delegates from the region worked hand-in-hand with delegates from South-west and Middle Belt at ensuring that, their agitations, which include upward review of derivation fund sail through. He said, ‘’At the initial stage, we agitated for 100 per cent derivation fund, because before the country’s Independence, it was 100 per cent, after which it went down to 50, 1.5, before it later came up to 13 per cent.”

Akwa Ibom CNPP chairman dumps party Tony Anichebe uyo

he chairman of the Conference of Nigerian Political Parties, CNPP, in Akwa Ibom, Linus Udofia, has defected to the Peoples Democratic Party, (PDP). Announcing his decision in Ibiaku, headquar-

ters of Uruan ward, Mr. Udofia said he took the decision after due consultations with his supporters and members of his family and to make himself relevant in the politics of the state. He said “I am coming back to the PDP to contribute my quota to rebuilding the party, par-

ticularly in my Northern Uruan Ward 2 of Akwa Ibom State. “My ward has been neglected for too long because of my being in the opposition. I intend to strengthen the PDP in my ward, make myself relevant and bring development to my people.”

Rivers APC condemns ‘show of shame’ in Abuja Chris EJIM Yenagoa

he Rivers State Chapter of the All Progressives Congress (APC), has condemned State Chapter of the Peoples Democratic Party (PDP) for what was claimed as disgrace caused the State by the later in the Federal Capital, Abuja recently . Rivers APC made the claim while reacting to what it termed the unstateman behaviour the Rivers State PDP leaders who last Wednesday allegedly engaged in a show of shame at the PDP National Headquarter, during a reconciliation meeting for the party’s chapters in the Niger Delta region. “Nigerians can now see what we have been experiencing in Rivers State and those who thought that we were wrongly accusing Rivers

PDP and its leader, Minister of State for Education Nyesom Wike, of being agents of violence, can now see that we have been vindicated,” Rivers APC said in a statement issued in Port Harcourt and signed by its State Chairman, Dr. Davies Ibiamu Ikanya. “Other Nigerians may have been shocked by the disgraceful behaviour of the characters that call themselves PDP leaders but to us in Rivers State we are not by any means surprised because we are used to their violent ways. In fact, the second name of the Rivers PDP is trouble and they have exhibited this severally in Rivers State. Their stock-in-trade of causing mayhem and unprovoked attacks against anybody who is not a member of the drowning party is not strange to us at all,” Ibiamu said in the statement.

he Ubrella body of the Urhobo Nation, Urhobo Progress Union UPU, in Delta State at the weekend announced that it has banned the state commissioner for transport, Ben Ibakpa, Majority Leader, Delta State House of Assembly, Mr.Monday Igbuya and Chairman Waste Management Board, Olori Magege for their disobedience against the unanimous decision of the Union on the 2015 governorship position. In a press statement signed by the President General of UPU, Chief Joe Omene, the Union said the ban on the Governor Uduaghan’s aides and the Delta lawmaker became necessary following their misconduct and disregard for the unanimous intervention of the leadership of the Urhobo nation. The statement which reads in parts, “After a well-attended conference with traditional rulers, president generals of the 24 kingdoms of urhobo land, elders, clergies, prominent urhobo sons and daughters including women and youths held on the 24th day of may 2014 christened, “Uvwiamuge Declaration” and their continuous unprovoked attack and insult, the urhobo progress union held another consultative meeting on 4th October, 2014 where the unabated attack and activities of the three aforementioned persons and some other urhobo politicians were critically reviewed”.

NEW TELEGRAPH WEDNESDAY, OCTOBER 13, 2014

Mbaka endorses Ekweremadu

iery Enugu Catholic priest, Rev. Fr. Ejike Mbaka at the weekend endorsed the Deputy President of the Senate, Senator Ike Ekweremadu for the Senate in the 2015 general election. Mbaka, who declared the support during the weekly prayer vigil at the Adoration Ministry ground in Enugu, where Ekweremadu had gone to seek the face of God over his senatorial re-election, said the Deputy President of the Senate had done so well and his re-election was not in question. He said: “We have had a Senate President, and we have equally had Senators, but it is Senator Ekweremadu that has given the people of Enugu and the South East the feel of governance. “Many of the roads and development projects you see around Awgu, Oji-River, Ezeagu, Aninri, and many parts of Enugu and the South East came courtesy of the quality representation by Senator Ike Ekweremadu. “Besides, he is here with his wife; he has demonstrated the ability to keep his family and that is the first test of leadership”. Describing Ekweremadu as a man with a good heart and compassionate feelings, he said the Adoration Ministry would stand by the Senator to ensure he is returned to continue his good work for Enugu and the South East.

News 47

SOUTH-EAST

Imo APC chairman arrested, to be arraigned Steve Uzoechi OWERRI

he Imo State Chairman of the All Progressives Congress (APC), Chief Hillary Ekeh, who had been evading arrest for weeks, was Saturday evening arrested by a team of Police detectives from the Force Headquarters, Abuja. Impeccable Police sources told our correspondent that Ekeh walked into a police ambush at the Concorde hotel, Owerri and was arrested and taken to the Imo State Police headquarters, where the necessary paper works were expeditiously com-

pleted before the police team hit the road to Port Harcourt airport. From there, Ekeh was ferried to Abuja via a 9pm flight. The APC chairman is expected to appear in court on Monday. Eke was arrested over alleged forgery and defamation of character. He had made a publication in which he tendered a judgment order of a Court in Calabar, purporting to be the conviction of Eze Cletus Ilomuanya, the Chairman of the South East Council of Traditional Rulers. After investigations by the police, the judgment order turned out to be forged and Ekeh was arrested by the police and detained at the Force Headquarters. Investiga-

tions by the New Telegraph indicate that following pressures from the Imo State government, Ekeh was bailed largely on the ground that he had vital roles to play in the celebration of Governor Rochas Okorocha’s birthday last month and would report thereafter. Rosemary Okeke, the Imo State Liaison Officer in Abuja, signed the bail bond for Ekeh’s release. In spite of assurances from the Imo State government, Ekeh had refused to report to the police as agreed and had been evading arrest. The police then approached a court and secured a Warrant of Arrest for the APC chairman. Although, the Imo

State police command officially told New Telegraph that they had no information on the arrest, urging our correspondent to wait until Monday, Kennedy Eweama, the Chief Press Secretary to Eze Cletus Ilomuanya, confirmed the arrest saying he witnessed it all. Said he: “Ekeh had published a defamatory document which was eventually found to have been forged. For weeks now, he has been unable to tender the Certified True Copy (CTC) of the said judgment order that convicted Eze Cletus Ilomuanya. Unfortunately for him, the Calabar High Court where the said judgment was de-

livered has through a written document denied the existence of the name of the said Judge mentioned by Ekeh to have delivered the judgment and also noted that no such case file exits in their records. So, Ekeh jumped bail and has been evading arrest, defying all entreaties to appear before the investigating security agency. ” Eweama further stated that the APC Chairman would be appearing in court Monday, adding that “Our position on the matter is simple. Let justice be served. Let it be a pointer and serve as deterrent to any person or group who would want to resort to criminality to advance a political interest.”

L-R: Former Vice-President, Alhaji Atiku Abubakar; Imo State Governor, Rochas Okorocha, his wife, Nkechi and Asiwaju Bola Tinubu, at the wedding of Uzoma and Ujunwa at St. Joseph’s Chaplaincy, Imo State…at the weekend

Obi takes Jonathan’s campaign to Washington Achebe calls for care for under-privileged Nigerians Tony Okafor Awka

arely one week after the former Governor of Anambra State, Mr. Peter Obi dumped the All Progressives Grand Alliance(APGA)for the Peoples Democratic Party(PDP) he has taken the campaign to re-elect President Goodluck Jonathan outside the shores of Nigeria. That was as no fewer than 5000 APGA youths in Anambra prepared to storm the grave of the late Chief Chukwuemeka Odumegwu over ex-governor Obi’s defection today. In a statement from his Media Assistant, Valentine Obienyem, made available to the New Telegraph yesterday, Obi at a World Bank 2014 Annual Spring meeting in Washington at the weekend commended President Goodluck Jonathan on the trajectory of his hovernment, especially his

Transformation Agenda that he (Obi) said had taken manufacturing and agriculture seriously. The World Bank Managing Director, Sri Mulyani Indrawati, had earlier in the meeting submitted that within two decades of growth, Asian countries had been able to reduce poverty by 40 per cent , while Africa reduced its by only 8 per cent over the same period, because Africa neglected manufacturing and agriculture. But Obi said: “Looking at the Government of President Goodluck Jonathan, one will notice that his emphasis now, responding to global requirement, is encouraging the manufacturing sector and Agriculture, while not neglecting other sectors. We have started to see the results. Once this is continued, the growth in our economy will increasingly lead to job creation and

invariably to the reduction in poverty level.” Obi also called for more attention to be paid to education. “When you look closely, you will find out that those Asian countries in question invested heavily in education and skill acquisition as well. For African countries to develop, they must build their human resources and engage in practical capacity building,” He, therefore, called for the establishment of the Ministry of Basic Education, arguing that Nigeria needed that now to lay proper educational foundation for the children of the State bearing in mind, according to him, that education is the most portent tool for competition in the world. The state Deputy Chairman of APGA, Chief Ifeanyi Udokwu told newsmen yesterday that Ojukwu had remained the leader of the party even in death.

bi of Onitsha, His Royal Majesty, Alfred Nnaemeka Achebe, Agbogidi, has called on Nigerians to care for the underprivileged in the society, as he commended, Globacom for its efforts at re-awakening the cultural essence of the Nigerian people. The Monarch made the remarks in Onitsha on Saturday at the beginning of this year’s Ofala Festival celebrations. He encour-

aged Nigerians to always show love and concern to the less-privileged in Nigeria as such affection will give them a sense of belonging in the community. Agbogidi, while calling on Nigerians to show more concern for the under-privileged in the society, said that in the course of his seclusion preceding the Ofala, he had communed with the ancestors and God to forgive the people’s communal

misdeeds and give them a brighter and hopeful future. Similarly, the highly revered King noted with delight that Globacom has supported the Oreze International Arts Exhibition as part of the Ofala celebrations in the last two years. “For the second year running, our indigenous artists have mounted an international art exhibition in this palace as part of the Ofala Festival.”

Shun greek gifts now, Umeh tells voters Tony Okafor Awka

he National Chairman of the All Progressives Grand Alliance (APGA) and a senatorial aspirant in the 2015 general elections, Chief Victor Umeh, yesterday counselled the Anambra electorate to shun politicians and their greek gifts this season of electioneering to avoid mortgaging their future and that of their children

to perpetual bondage Umeh’s admonition is coming on the heels of a recent publication in national dailies of the award of scholarships to about 3,000 secondary and tertiary students in the Anambra Central Senatorial District by the incumbent Senator representing the area,Dr Chris Ngige . Addressing the press in Awka, Anamba state, the APGA chieftain described the scheme as a Greek gift

aimed to hoodwink the people of the area. He wondered why Ngige, who had been in the Senate for three and half years without awarding any single scholarship to anybody, suddenly became a philanthropist at the twilight of his tenure by realizing now that there are indigent students in his constituency He contended that the timing and purpose of the scheme were suspect and done with in bad faith.

News

monday, OCTOBER 13, 2014 NEW TELEGRAPH

north

Buhari: Positive change depends on credible polity Dahiru Suleiman, Johnchuks Onuanyim Abuja

ormer Head of State, General Muhammadu Buhari(rtd) has called on the electorate to embrace credible election against the offer by money bags. “We can only bring about positive change, if the electorate could strive

hard to stamp out attitude of embracing money bags’ politics to ideological politics which entails commitment, service to humanity, and the nation based on principles of patriotism for the betterment of all and sundry” Speaking in Dutse through his representative, Brigadier-General (rtd) Lawal Jaafaru Isa, Buhari lamented how money politics erodes ideological politics for

positive change. According to him, “only through exhibiting hard work, commitment, and acting positively, can we be able to effect positive change in our political structure, assuring this among others is what constitute the All Progressives Change, (APC). On youths, he cautioned them not to allow themselves to be used illegally during the forthcoming 2015 general elec-

tions. “I urge you, our future leaders, never allow yourselves to be deceived by disguised elements to go contrary during election period. Instead guide your votes, and ensure you are being given what you have voted.” Speaking on the occasion, an APC gubernatorial aspirant in Jigawa, Alhaji Badaru Abubakar, said the 37 vehicles, and the 270 motorcycles he

was donating was to allow for smooth running of the APC politics across the 27 councils of Jigawa State. Meanwhile, the Buhari Support Group Centre (BSGC) - yesterday stated that the General lost the 2011 election because he contested on a political platform - Congress for Progressive Change ( CPC ) - that had no national spread. The group, in a press briefing in Abuja over the

weekend in preparation for his declaration for the presidential ticket said, “Let us not forget that Gen. Buhari has a consistent record of being the first runner-up in the last three presidential elections held in the country. With just a little more effort, he would win the 2015 presidential election. “We should bear in mind that Buhari is currently the Nigerian politician with the highest number of loyal supporters. In the last presidential election, Gen. Buhari almost single-handed floated the Congress for Progressives Change (CPC), the platform on which he contested the election. The CPC at that time lacked national presence, yet Buhari was declared 1st runner-up in the 2011 presidential election with an amazing 12 million votes!

Aliyu wants more private universities Dan Atori MINNA L-R: Kwara State Governor, Dr. Abdulfatah Ahmed; his Kano State counterpart, Dr. Rabiu Musa Kwankwaso and Sen. Kabir Gaya, addressing the press after their consultative visit to the Government House, Ilorin...yesterday

APC vows to defend Kwara votes in 2015 Biodun Oyeleye Ilorin

he All Progressives Congress (APC) in Kwara State said yesterday it was prepared to defend its electoral fortunes in the state and ensure that the Peoples Democratic Party (PDP) suffers defeat in all elective positions during the forthcoming polls in the state. According to a statement issued by its Publicity Secretary, Alhaji

Sulyman Buhari, the APC argued that ‘a disorganised party like the PDP’ would always find it difficult to secure victory in any electoral contest as it described the sheer number of aspirants in the party as pointer to a disaster waiting to happen. Excerpt from the statement reads: “The boisterous and violent opposition PDP is a weak contender in the 2015 general elections that will suffer defeat in all elective positions in Kwara State.”

APC presidential aspirant berates party’s N27m nomination form Dan Atori MINNA

Presidential aspirant on the platform of the All Progressives Congress (APC), Professor Mahmood Aliyu has berated the party for charging N27 million as against the N22 million by the ruling Peoples Democratic Party (PDP) to secure Presidential nomination form. Aliyu, who stated this over the weekend in Min-

na, while declaring his Presidential ambition in the 2015 election, said the amount was ridiculous for aspirants seeking to contest the 2015 presidential election in the country. He also urged the APC leadership not to allow for the emergence of a consensus candidate as adopted by the PDP, noting that such decision would give room for mediocrity that would not be good for the nation.

I won’t step down for El-Rufai, says Ashiru

I’m not worried by tribunal, says Zagbayi

Ibraheem Musa

Dan Atori

Kaduna

gubernatorial aspirant on the platform of the All Progressives Congress (APC) in Kaduna State, Hon Isa Mohammed Ashiru, has debunked the speculation that he intends to step down for Malam Nasir ElRufai and run for senate. Speaking at an interactive session with journalists yesterday, the governorship aspirant said that ‘’this contest is not about Isa Ashiru. If Nasiru’s contest is about Nasiru, then that is his cup of tea.’’ Ashiru, who is the Vice chairman of the Appropriation Committee in the House of Representatives, however, said that it is good for him and El Rufai to ‘’come together and understand ourselves, so that we will reduce the volume or quantum of work that is ahead of us.’’ According to Ashiru, if at the end of the proposed meeting, El Rufai sees reason why he should go for senate, then it will be

okay by him. However, he added that even that decision will be difficult because there are senatorial aspirants that have been campaigning for the positions. Ashiru, who acknowledged that they have been attempts at the state level to tinker with the list of delegates, said that so far the plot has failed. “With the result of the congress committee sent to the National Headquarters, duly signed and stamped by the National Secretary and sent out to the state Chairman, National Vice Chairman North West, the National Chairman and National Secretary’s office, how do you replace somebody in that circumstance’’, he argued. The aspirant pointed out that if the El Rufai camp that it has the state executive on its side is true, then there is no need for the negotiation that they are canvassing for. “If you know you have executive, then why ask for negotiation? We should go to the field. I don’t have any problem with that,’’ he added.

MINNA

fter being declared winner by the Independent National Electoral Commission for the Niger East Senatorial bye-election last month, Senator Nuhu Shem Zagbayi has called the bluff of the All Progressives Congress’ candidate Barrister David Umaru. He said the APC candidate is a perpetual loser, who always goes to tribunal. Zagbayi, who scored 92,056 votes to defeat the opposition parties, after a rescheduled byeelections in the zone, exclusively told our Correspondent that he is not perturbed by the opposition going to the tribunal. According to him: “In Nigeria democracy, you have to factor in this aspect. In the case of my opponent, David Umaru, it is a tradition that whenever he losses any election and not victory, he goes to the tribunal. So, he is just playing to action because we knew he must go, that is his habit.

orried over the deficit of graduates in Nigeria, governors under the aegis of Northern States Governors Forum (NSGF) have called for establishment of more private universities in the country. Chairman of the forum and Governor of Niger State, Dr. Mu’azu Babangida Aliyu, stated this in a press statement signed by His Chief Press Secretary, Israel Ebije from an excerpt of his remarks at the Base University Abuja’s first convocation ceremony, where he called on private investors to augment government owned university. Aliyu, who said the number of out of school children has reached alarming proportion, intimated that over 10,000 children are out of school. He said the need to bridge the gap cannot be overemphasized. The Niger State governor said there is no nation that can achieve maximum development road map without quality labour force, adding that education sector must be properly managed for quality service and accessibility. He maintained that adverse effect of academic deficit does not only affect development negatively but expose the country to social vices on account of illiteracy and poverty.

2015: We’re mopping arms to ensure violence-free elections say Police Emmanuel Onani Abuja

he Police, yesterday, assured that they were working roundthe-clock, to ensure a total mop-up of small arms and light weapons, before the 2015 general elections. This, the force pointed out, was to ensure that the forthcoming polls, are not characterised by violence, thug-

gery or intimidation of any sort. New Telegraph got the assurance from the Force Public Relations Officer (FPRO), Emmanuel Ojukwu, an Acting Commissioner of Police. To achieve this, the FPRO also disclosed that the force, had stepped up its intelligence gathering strategies, even as he noted that there was an ongoing collaboration with other security agencies, to achieve that. In separate electronic

mails to New Telegraph, Ojukwu said: “In the build up to the 2015 elections, the police is re-strategising to make sure such weapons do not get into the hands of non-state actors. “We are retooling our intelligence and asking for info from the public. “For a long while, the Police in concert with other security agencies, have been making spirited efforts to stem the proliferation of light weapons.

NPG commends Chime, PDP over Ugwuanyi Temitope Ogunbanke Nsukka

rofessional Group (NPG) has commended Enugu State governor, Sullivan Chime and the state chapter of the Peoples Democratic Party (PDP) for zoning the 2015 governorship election to Enugu North Senatorial District and endorsing Hon. Ifeanyi Ugwuanyi as Chime’s successor. NPG, in a statement issued by its President Dr. Basil Onugu and Secretary, Chief Otoboeze Chikwado, and made available

to New Telegraph yesterday, saluted the governor’s courage in instituting and defending exemplary internal democracy style devoid of thuggery, rancour and violence. They group also appreciated the stakeholders of the party in Enugu North Senatorial District for the maturity they exhibited in handling the nomination process, and the party caucuses in the Enugu East and Enugu West Senatorial zones for their resounding and unwavering support. NPG also commended Ugwuanyi not just for emerging as the consen-

sus candidate of his party, but more importantly, for the sterling qualities that earned him the confidence, trust and respect of both the stakeholders and his fellow aspirants. “There is no iota of doubt that Hon. Ugwuanyi is eminently qualified, competent and has the right compliment of skills necessary to, not only sustain but also advance Governor Chime’s enviable legacies to the next level. Hon. Ugwuanyi is not only an epitome of peace but also large hearted and quite accommodating to the weak and the mighty alike. He is a team player of choice.

Ebonyi youths endorse Chukwu for gov Charles Onyekwere  ABAKALIKI

he Ebonyi Youths Assembly has endorsed Professor Onyebuchi Chukwu as their Peoples’ Democratic Party (PDP) consensus candidate in the 2O15 governorship election in the state. The group, comprising the youths from Ebonyi North, Ebonyi Central Senatorial zones, made this known after their

meeting at the weekend. In a communiqué issued to newsmen, signed by Comrade Chinedu Ogah and Hon. Oliver Nwachukwu, National President and National Secretary respectively, the assembly applauded the unanimous agreement that Ebonyi South should be allowed and supported to produce the next governor.  According to the communiqué, the decision to adopt Chukwu

would go a long way, in eliminating bitter rivalry, rancour and bad blood amongst the contestants. The communiqué stated that the choice of the current Minister of Health was a gift to Ebonyi State and rare privilege to offer him the opportunity to serve the young and the dynamic state in order to consolidate, advance the historic foundation that has already been laid by Governor Martin Elechi.

2015: Rep seeks PDP’s automatic ticket Philip Nyam Abuja

eputy Chairman of the House of Representatives committee on privatization and commercialization, Hon. Uzoma Nkem-Abonta (PDP, Abia) has appealed to the ruling Peoples Democratic Party, (PDP) to consider granting automatic tickets to its lawmakers in the National Assembly for the 2015

general elections.   Abonta, who disclosed this in a chat in Abuja said the essence of the automatic tickets is to ensure continuity and high level legislative productivity. The lawmaker, who represents Ukwa East/ West Federal Constituency said, “Institutional memory is an essential ingredient in lawmaking as it serves as a veritable tool and helps to eliminate mistakes”.  “This is exactly

WORLD | News 49

News

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

why I’m appealing to our leaders in PDP to ensure that majority of the lawmakers should be returned because experience counts a great deal in legislative output”.  NkemAbonta noted that “For instance, the Senate President David Mark is an embodiment of experience and can carry out most legislative duties without consulting books because he has been there since 1999”.

Putin orders Russian troops’ withdrawal from Ukrainian border

ussian President Vladimir Putin has ordered Russian troops to withdraw to their permanent bases after military exercises in Rostov region near the border with Ukraine, the Kremlin said, in a sign of some tension easing before a key meeting next week. The troops’ pullout came before an expected meeting between Putin and his Ukrainian counterpart, Petro Poroshenko in Milan next week. The Kremlin said that the Russian president had met his defense minister, Sergei Shoigu. “The minister had reported to the Supreme Commander about the completion of

summer period of training on shooting ranges of the southern military district,” said a statement on the Kremlin’s web site. “After the report, Putin ordered to launch the return of the troops to their permanent bases. In total, these are 17,600 military servicemen who were trained on the shooting ranges of Rostov region in summer.” Russian RIA Novosti news agency, citing the defense ministry, said that the troops have already started to pull out. Relations between Moscow and the NATO alliance are at a post-Cold War low over Russia’s actions in Ukraine, where it annexed the Crimean peninsula in March and

has been supporting proRussian separatists in eastern Ukraine. The West has introduced a wide range of sanctions against Russian banks, energy companies and individuals for Moscow’s role in the Ukrainian conflict, which has claimed the lives of over 3,000 people. A month ago, NATO said Russia had several thousand combat troops and hundreds of tanks and armored vehicles in eastern Ukraine supporting pro-Russian separatists fighting the Ukrainian army. Russia denies the charges but says it has a right to defend the interests of the region’s Russian-speaking majority.

Men inspect a burnt out Ukrainian tank in the village of Kominternovo, on the outskirts of the southern coastal town of Mariupol PHOTO: REUTERS/ VASILY FEDOSENKO

Pistorius faces sentencing over girlfriend’s death

isgraced South African track star Oscar Pistorius returns to court today to find out whether he will serve a long stretch behind bars for the negligent killing of his model girlfriend, or walk out a free man. After a six-month, on-off trial that captivated South Africa, and millions more around the world who admired Pistorius as a symbol of triumph over physical adversity, opinion is starkly divided on the eventual outcome. A non-custodial sentence would likely spark public anger, fuelling a

perception among black South Africans that, 20 years after the end of apartheid, wealthy whites can still secure preferential justice. The Paralympic and Olympic athlete, whose lower legs were amputated as a baby, was convicted of culpable homicide last month for the Valentine’s Day shooting of 29-year-old law graduate Reeva Steenkamp. Judge Thokozile Masipa cleared the 27-yearold of the more serious charge of murder, saying prosecutors had failed to prove Pistorius’ intent to kill when he fired four 9mm rounds through the

door of a toilet cubicle, in what he said was the mistaken belief an intruder was lurking behind it. A murder conviction would have almost certainly carried a jail sentence. Culpable homicide, South Africa’s equivalent of manslaughter, can be punished by anything from 15 years in jail to a suspended sentence or community service. In a front page headline on Friday, South Africa’s Times newspaper cited experts saying: ‘Oscar won’t go to jail’. Conversely, Johannesburg’s Star said he was likely to get as many as 10 years behind bars, with a portion suspended.

IS jihadists execute four women in northern Iraq

he Islamic State group has executed at least four women, including two doctors and a politician, in their northern Iraq strongholds this month, relatives and rights activists said two days ago. In the IS hub of Mosul, the jihadists exe-

cuted three women last Wednesday, including two doctors, Hanaa Edwar, a human rights activist who heads the AlAmal organisation, said. A medical source in Mosul confirmed their deaths and named the two doctors as Maha Sabhan and Lamia Ismail.

The third woman was a law graduate. On October 5, Iman Mohammed Yunus, a former Sunni parliamentarian from the Iraq Turkmen Front in the city of Tal Afar, farther west towards the Syrian border, was also executed.

Features | News

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

Mega churches as pillar of Nigeria’s economy Tim Cocks

hen a guest house belonging to one of Nigeria’s leading Christian pastors collapsed last month, killing 115 mostly South African pilgrims, attention focused on the multi million-dollar “mega churches” that form a huge, untaxed sector of Africa’s top economy. Hundreds of millions of dollars change hands each year in these popular Pentecostal houses of worship, which are modelled on their counterparts in the United States. Some of the churches can hold more than 200,000 worshippers and, with their attendant business empires, they constitute a significant section of the economy, employing tens of thousands of people and raking in tourist dollars, as well as exporting Christianity globally. But exactly how much of Nigeria’s $510 billion GDP they make up is difficult to assess, since the churches are, like the oil sector in Africa’s top energy producer, largely opaque entities. “They don’t submit accounts to anybody,” says Bismarck Re wane, economist and CEO of Lagos consultancy Financial Derivatives. “At least six church leaders have private jets, so they have money. How much? No one really knows.” When Nigeria recalculated its GDP in March, its economy became Africa’s biggest, as previously poorly captured sectors such as mobile phones, e-commerce and its prolific “Nollywood” entertainment industry were specifically included in estimates. There was no such separate listing for the “mega churches”, whose main source of income is “tithe”, the 10 percent or so of their income that followers are asked to contribute. As the churches have charity status, they have no obligation to open their books, and certainly don’t have to fill in tax returns -- an exemption that is increasingly controversial in Nigeria, where poverty remains pervasive despite the oil riches. The pastors argue their charity work should exempt them. “We use the income of the church to build schools, we use the income of the church to serve the needs of the poor,” David Oyedepo, bishop of the popular Winners Chapel, told Reuters in an interview. “These are non-profit organisations.” PASTORS ON FORBES LIST Nonetheless, the surging popularity of the mega churches among the Christians who make up half of Nigeria’s 170 million population has propelled their preachers into the ranks of the richest people in Africa. In 2011, Forbes magazine estimated the fortunes of Nigeria’s five richest pastors. Oyedepo topped the list, with an estimated net worth of $150 million. He was followed by “Pastor Chris” Oyakhilome of Believers’ LoveWorld Incorporated, also known as the Christ Embassy and popular with executives and politicians, on $30 million to $50 million. TB Joshua, pastor of the Synagogue Church of All Nations, at the centre of the recent diplomatic storm over the deaths in its guest house, was thought to have $10 million to $15 million. The National Bureau of Statistics (NBS) declined to comment on how churches fit into their GDP figures, but a source there said they were included as “non-profit”, which falls under “other services” in the latest figures. In 2013, the category contributed 2.5 percent of GDP, the same as the financial sector.

Bishop David Oyedepo (C), founder of the Living Faith Church, also known as the Winners’ Chapel, conducts a service for worshippers in the auditorium of the church in Ota, Ogun State

A former banker at Nigeria’s United Bank for Africa, who declined to be named, recalled being approached five years ago by a church that was bringing in $5 million a week from contributions at home or abroad. “They wanted to make some pretty big investments: real estate, shares,” he said. “They wanted to issue a bond to borrow, and then use the weekly flows to pay the coupon.” In the end, he said, the bank turned down the proposal on ethical grounds. Yet Nigerian churches do often invest large amounts of their congregations’ money in shares and property, at home and abroad, he and another banking source said. One pastor bought 3 billion naira ($18 million) worth of shares in the defunct Finbank, which later merged with FCMB, after it was rescued in a bail-out in 2009, a fund manager who handled the deal told Reuters. The pastor used a nominee trust account to keep his name off the books. In 2011, Oyakhilome was investigated by the Economic and Financial Crimes Commission (EFCC) and charged with laundering $35 million of contributions to his church in foreign bank accounts. He denied all wrongdoing and the case was dismissed for lack of evidence. Oyakhilome was not available for comment and Joshua’s media team declined a request for an interview with him. MIDAS TOUCH Oyedepo’s headquarters, “Canaanland”, is a 10,500-acre (4250-hectare) campus in Ota, outside the commercial capital Lagos. It comprises a university, two halls of accommodation, restaurants and a church seating 50,000 people, with a total overflow capacity of five times that. “You can see that everything this man touches turns to gold,” Nigerian Agriculture Minister Akinwumi Adesina said in a speech at a reception for Oyedepo’s 60th birthday at Canaanland last month. “May the grace of God abide with you,” he added, to a rapturous “Amen!” from the guests in a marquee. Other dignitaries present included twice-president Olusegun Obasanjo and former military ruler Yakubu Gowon. A choir sang gospel songs as the guests cut an elaborate six-tiered cake and popped fizzy grape juice out of champagne bottles in golden wrapping -- alcohol is banned in Canaanland.

The next day, he delivered four Sunday services in a row to tens of thousands of cheering followers, his white-suited figure projected onto large flat-screen televisions all around. “From today, no evil spirit, no demon will survive the Almighty!” he shouted, and the crowd roared “Amen!”. A spokesman said the church has 5,000 branches across Nigeria, and 1,000 more in 63 other countries across five continents. But Oyedepo’s empire also includes two fee-paying universities that he built from scratch, a publishing house for Christian self-help books, and an elite high school. Other pastors have similarly diversified ways of getting the Gospel of Christian salvation out. Oyakhilome owns magazines, newspapers and 24-hour TV station, and Joshua draws miracle-seekers from all over the world with claims that the holy water he has blessed cures otherwise incurable ailments such as HIV/AIDS. Before Joshua built his 10,000-seat headquarters at Ikotun-Egbe in outer Lagos, the area was part swamp, part abandoned industrial estate. Now, it is a boom town with shops, hotels, eateries and bars catering largely to the travellers who come not only from West Africa but also from all corners of the globe to hear his sermons. Joshua also runs a TV station. “BLESSED BY THE LORD” Guests entering Oyedepo’s birthday marquee in Canaanland would have seen a picture of the poor household in southwest Nigeria where he grew up, testament to a rags-to-riches story that many Nigerians would love to emulate. Like U.S. televangelists, Winners Chapel preaches the “prosperity gospel” that faith in Jesus Christ lifts people out of poverty, and that message partly explains the explosion of the Pentecostal movement in sub-Saharan Africa, where misfortune and poverty are often seen as having supernatural causes. “We see giving as the only way to be blessed. Blessing other people is a way of keeping the blessings flowing,” said Oyedepo, whose blessings include a Gulfstream V jet and several BMWs. Giving to support the church and its work is something the faithful are encouraged to do, a Christian tradition that was a pillar of the Roman Catholic church in medieval Europe, just as it has been a major money-spinner for U.S.

televangelists. Aneke Chika, a business analyst in an oil services company, told Reuters on the steps of Oyedepo’s church that she set aside 20,000 naira of her 200,000 naira ($1,218) salary every month. Asked about Forbes’ estimate of his fortune, Oyedepo told Reuters: “For me, to have fortune means someone who has what he needs at any point in time. I don’t see myself as having $150 million stacked up somewhere. Whatever way they found their figures, I am only able to say I am blessed by the Lord.” He said he could not estimate the church’s total revenues or expenditure on items such as salaries because the various departments, including education, were too diverse. The enterprises on the Canaanland campus, from the shops selling cold sodas and bread, to a woman boiling instant noodles and eggs for breakfast in a lodge, to pop-up book stalls hawking Oyedepo’s prolific literary output, are owned by the church’s estate, which employs their staff on its payroll, workers at all the outlets told Reuters. Winners Chapel’s Corporate Affairs department said the church employed more than 18,000 people in Nigeria alone. Oyedepo says the wealth the church gathers is invested in expanding it, and that if he did not use a private jet, he would be unable to oversee its many foreign operations and still return to Ota every week in time for Sunday’s worship. Britain’s Charity Commission says it is reviewing potential conflicts of interest in his finances, and last month the Home Office (interior ministry) barred him from Britain, though it declined to say why. Oyedepo said he knew nothing of the commission’s review, nor had the Home Office explained to him why he was barred. A national conference to debate Nigeria’s constitution this year proposed that the mega churches should be taxed. But with an election coming up in February, it is debatable whether President Goodluck Jonathan, who is close to several megapastors, would risk upsetting these influential men and their hefty congregations with a fat tax bill.

“There is no single government input on this premises,” Oyedepo told Reuters in the interview. “We supply our water, we make our roads, then you ... say: ‘Let’s tax them’. For what?”

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

International Football

AFCON QUALIFIERS

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Revealed! Ronaldo has €1bn release clause

AWC: Falcons best yet to come –Okobi

Sport

Did you know? That Celestine Babayaro became the youngest player to play in the UEFA Champions League when he appeared for Anderlecht, aged 16 years and 87 days, against Steaua Bucharest on 23 November 1994

Analysis: Go Keshi, just go!

Adekunle Salami

he events of the past few months in the Super Eagles are very disturbing. The national team lost its spark after winning the Africa Nations Cup last year in South Africa. On Saturday, Nigeria’s 1-0 shock defeat against Su-

dan was the most embarrassing of the lot. It was a match coach Stephen Keshi and his boys knew should be won but they simply fell like a pack of cards. As a follower of the national team for over 25 years, I BLAME coach Keshi for the development because Nigeria did not parade her best legs in the encounter.

At the World Cup, it was observed that the Eagles were not good enough but rather than strengthening the team, Keshi either deliberately or ignorantly has been weakening the Super Eagles. The team has been deteriorating in standard since the pre-World Cup games. Against USA, the Eagles were exposed but the coach failed to block

Keshi is not a good manager of men. To compound it he is also arrogant

the loopholes that were evident in the 2-1 defeat. Nigeria drew 0-0 with Greece and drew 2-2 with Scotland. In all, the 1-0 victory over Bosnia and Herzegovina at the World Cup is the only match Keshi has won for Nigeria in the last 11 games. The Eagles lost five and drew five games. Keshi is not a good manager of men. To compound it he is also arrogant. After the World Cup, the impasse over the renewal of Keshi’s

contract was huge because he was demanding N15m monthly salary. Till date, his contract has not been renewed. However, Keshi’s managerial ability has been called to question over his utterances on his players. Obafemi Martins is doing well in the MLS but Keshi believes he is too old for Eagles. Kelechi Iheanaho is a young creative player in Man CONTINUED ON PAGE 54

NFF set to remove Keshi Ajibade Olusesan

l Fans attack Eagles at Abuja airport

ollowing the dismal performance of Super Eagles in the African Nations Cup qualifier at the weekend, there are strong indications that the board of the Nigeria Football Federation has decided to sack Coach Stephen Keshi. Eagles, on Saturday, fell to Bekeber Bakri’s 42nd minute goal in their AFCON qualifying match against Sudan and are now sitting at the base of Group A with just one point from three matches. Sources have informed New Telegraph that the new board has succumbed to pressure to dump Keshi. Although the coach’s contract had expired since after the last World Cup, he has continued in that position on an interim basis, and our correspondent has learnt that the Amaju Pinnick-led board has come to a conclusion not to renew his contract. “Keshi will be asked to go; this is a position that has been taken by the board of NFF. They are going to meet in an emergency meeting and make a formal pronouncement on this and also tell Nigerians

Pinnick

Keshi

Musa

The Sport Team

Adekunle Salami l Deputy Editor, Sports Emmanuel Tobi l Asstistant Editor, Sports

Ifeanyi Ibeh l Sports Correspondent

Ajibade Olusesan l Sports Correspondent

Charles Ogundiya l Sports Correspondent

who is going to take charge of the team,” a source said. Meanwhile, the players on Sunday were attacked by angry mobs upon their return from Sudan. The Eagles arrived the Nnamdi Azikiwe Airport, Abuja, around 9am yesterday from Khartoum to a very hostile reception from the angry fans. As soon as the team came out of the arrival lounge, fans were

seen hurling insults at the players, some of them even made threatening moves. In fact, it took the intervention of security operatives to stop the angry mobs from physically attacking the African champions. Security men had to use force to disperse the crowd; with many of them shouting that coach Keshi must be sacked. The Nigerian players must still

brace themselves up for hostility from the fans when they face Sudan in Abuja on Wednesday. The fans are still apparently angry for their poor run in the series and may want to vent more anger on the team. The African champions are close to crashing out of the race to Morocco as they are trailing South Africa, Congo and Sudan.

SPORT

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

Nigeria v Sudan AFCON QUALIFIERS

Focus on Russia 2018, AFCON now dicey – Adepoju tells Eagles placed team by winning their remaining games. But even if they do win these games the best they can hope for is second place behind South Africa or Congo,” said Adepoju in an interview with New Telegraph. “Those two (South Africa and Congo) now have their fates in their own hands whereas we no longer have that privilege. We lost that when we lost to Sudan and now need a miracle to qualify. “But rather than play the blame game I think the NFF should consider the possibility of us not qualifying for next year’s AFCON and redirect its energy at developing plans that

Ifeanyi Ibeh

ormer Nigeria international, Mutiu Adepoju, believes it is going to take only a miracle for the Super Eagles to qualify for next year’s Africa Cup of Nations and has called on the Nigeria Football Federation to set its sights on avoiding a recurrence by focussing its resources on subsequent championships, especially the 2017 AFCON and 2018 FIFA World Cup. “They can, depending on how things go in the other groups, still qualify as the best third-

Eagles were poor against Sudan – Idah Charles Ogundiya

ormer Super Eagles goalkeeper, Peterside Idah, said that the Super Eagles were very poor in the 1-0 loss against Sudan in the African Cup of Nations qualifier played on Saturday. Reacting to the loss, Idah said the team played without cohesion and queried the tactical approach of the technical crew led by Coach Stephen Keshi. The Super Eagles were beaten 1-0 in the encounter, a result that has put the team’s qual-

ification for the 2015 AFCON tournament in jeopardy. “The players played without cohesion as if there was nothing at stake. It was a pure torture for Nigerians and I wondered what has happened to our team. “The Sudanese played without pressure and gradually gained confidence to record a result that has now put us in a precarious position,” he said. The former Sharks of Port Harcourt goalkeeper said the players played not as a team but as individuals without direction.

will ensure we don’t miss the 2017 AFCON and the 2018 World Cup.” Speaking further, “For us, the foundation is already there with our recent successes at FIFA age-grade tournaments,” said Adepoju, referring to the victorious 2013 Golden Eaglets team. “I expect them to qualify for next year’s U-20 World Cup and from there, hopefully, go on to play at the 2016 Olympics. “We have the material and human resources to do it. All that needs to be done is to get the proper blend of youth and experience, turn them into a strong unit and watch them conquer the world. If the Spaniards and Ger- Adepoju mans could do it, so can.”

Sudan mishap: Keshi, Enyeama beg Nigerians

Keshi

igeria’s Super Eagles returned to the country on Sunday morning after the shock 1-0 loss to host Sudan in a crucial Nations Cup qualifier in Khartoum, to a cold reception from Nigerians, which was

expected, going by the passion Nigerians have for the game. An obviously disturbed head coach of the team Stephen Keshi and team skipper, Vincent Enyeama, later took time off to assess the situation and agreed that despite the fact that all hopes were not lost in the battle for qualification, Nigerians deserve a better deal from the team. “I must ask you to help me apologise to Nigerians for this loss because they have so much belief in this team and here we are disappointing them. The day was simply not ours, because we had a couple of early chances that we would have used to bury the game but the

ball simply refused to enter into the net. Once again on behalf of the team I want to apologise to Nigerians and promise them we will make immediate amends on Wednesday. This is the first time I am doing this in my entire career as a player and coach”, he said pensively. Enyeama, added: “We didn’t go out there to lose to Sudan but it has happened and that is now history and I apologise on behalf of my teammates for that, but we must quickly forgive and forget because we have a game on Wednesday and if we win that and our last two games, we will still be in Morocco”, he said confidently.

Keshi must go-Bassey lSays Keshi never write any technical report Ajibade Olusesan

former member of the Nigeria Football Federation technical committee, Paul Bassey, has said coach Stephen Keshi does not deserve to continue as the handler of Super Eagles. He said that the national team cannot move forward if Keshi is allowed to stay on, saying another individual should be given the chance to prosecute the team’s remaining AFCON matches. “There is nothing like sacking the coach, he has a contract that has expired, and he has not done enough to get a renewal, he should just go,” Bassey said on Sunday. “Look at the way Eagles played against Sudan, you will see that there is nothing about that team, this is not a team and if you bring in the best players in the world to play in that Eagles he

will still do nothing. What it means is that we need a coach that can revive the Eagles spirit, nothing can work under Keshi anymore. “If I have the power I will ask another person to take over and prosecute our next three matches, maybe, we can still get something out of the qualifiers because things have gone really bad.” He said that Keshi is arrogant and always believes that he knows everything about football. “You cannot tell Keshi anything because he won’t accept it. He believes he knows it all. Let me tell you, as a member of the technical committee I have never seen Keshi submit any technical reports. We came back from the Nations Cup, no reports about it, he did not submit any report after the Confederation Cup and also the World Cup,” he said.

Nigeria, Sudan showdown in Abuja kicks off 5pm W

ednesday’s 2015 Africa Cup of Nations qualifying match between the Super Eagles and the Falcons of Sudan will start at 5pm at the main bowl of the National Stadium, Abuja, the Nigeria Football Federation has declared. The delegation of the Falcons, which won Saturday’s encounter in Khartoum 1-0, arrived in Abuja on Sunday afternoon aboard an Ethiopian Airline aircraft. The Nigeria Football Federation has called

on spectators coming for the very crucial encounter to dorn the national colours of green and white, in order to imbue the arena with glamour and inspire the African champions. The full –strength senior national team has not played at the National Stadium, Abuja since October 8, 2011, when a 2-2 draw with the Syli Nationale of Guinea condemned Nigeria to non –qualification for the 28th Africa Cup of Nations, Gabon and Equatorial Guinea 2012.

Mikel (left)

Eagles’ loss: Pinnick calls for patience

resident of Nigeria Football Federation, Mr. Amaju Pinnick has reflected over the Super Eagles’ unimpressive outing against the Falcons of Sudan in Khartoum on Saturday and called on Nigerians to be patient as the new NFF Executive Committee is determined to do things differently and ensure excellence for the Nigerian game, all-round. “We understand that Nigerians are furious over the fact that the Eagles are last in their pool and are in danger of not qualifying for the finals in Morocco. Everyone feels bad about this, including the members of NFF Executive Com-

mittee. “I just want to call on Nigerians to have patience. This new board is determined to do things differently.” The NFF supremo added that,“It is embarrassing that as reigning champions, we are struggling in the qualifying series, with only one point out of a possible nine. It is an awful output. “However, we want our people to be patient and not stampede the Federation to take knee-jerk decisions that will backfire in the end. We are on top of the situation and will take decisions that are in the best interest of Nigerian football.”

SPORT | International football 53

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

Revealed! Ronaldo has €1bn release clause

ristiano Ronaldo has an astronomical €1billion release clause in his Real Madrid contract, according to his agent Jorge Mendes. The 29-year-old has enjoyed a stunning start to the season, with three hat-tricks and 13 goals in just six games for the European champions, but it has been suggested he is unhappy at the Bernabeu with Chelsea and Manchester United linked with moves for the second-most expensive player of all time. However Mendes recently explained it would be “impossible to get him out of Madrid”, and the 48-year-old has perhaps now revealed why. Speaking to Spanish daily sports newspa-

Ronaldo

per AS, Mendes said: “I no longer get calls from anyone asking about Cristiano. It’s not worth them calling to ask for it. “The price is that stated in his release clause – €1bn (£785m).” Ronaldo scored 118 goals in 292 appearances from 2003 to 2009 under Sir Alex Ferguson, helping steer United to three Premier League titles and a Champions League amongst numerous other club and individual honours. The star himself has stated that he is happy in Madrid however, but Mendes admits that Ronaldo maintains a soft spot for the Red Devils. “United are in his heart and he is very respectful of people who show him affection but he is in Madrid to the end.”

Keane issues Irish warning to Germany obbie Keane says the Republic R of Ireland will go into Tuesday’s game in Germany confident they can get a good result against the World Cup winners. The two sides will clash in Gelsenkirchen with Germany smarting from a 2-0 loss to Poland on Saturday in Warsaw, while Ireland will be fresh from a 7-0 thrashing of Gibraltar. Keane scored a hat-trick in the first 18 minutes of that match and now has a record 21 goals in European qualifiers, one more than Turkey’s Hakan Sukur managed. And the 34-year-old will be hoping he can add to his tally against the Germans on Tuesday. “There is no reason why we can’t go there and get something out of the

“I am good, everything is going well. I don’t feel any more pain, I think I will make it for the return leg,” Ba told Le Quotidien. Senegal’s coach Alain Giresse would be delighted to welcome back the 29-year old, after facing a damaging set of injuries.

Low

Cheikhou Kouyaté, Pape Ndiaye Souaré, Mame Biram Diouf and Demba Ba in their first clash with the Tunisians at the Léopold Sédar Senghor Stadium, while Kara Mbodji, Moussa Sow and Salif Sané are a doubt for Wednesday’s Demba Ba encounter.

Wenger sorry for pushing Mourinho

Wenger (left) pushing Mourinho

rsenal manager Arsene Wenger has apologised for pushing Chelsea counterpart Jose Mourinho during their recent clash at Stamford

Bridge. Wenger placed his hands on the chest of his opposite number, who was urging the Frenchman to keep out of the Chelsea technical area following a foul from Gary Cahill on Alexis Sanchez. The Arsenal boss told Telefoot: “They gave too much importance to this story. In hindsight I think I should not have reacted at all, it’s not a way to behave on a football field. “I always regret any signs of violence and I apologise, but that’s a part of games where everything is manic.” Wenger also claimed he was provoked by the Chelsea manager, with relations between the pair notoriously frosty. “And then we have quite a substantial past,” added Wenger. “Did Mourinho provoke me? That is how I felt. I did not enter Chelsea’s technical area.” The result means Wenger has failed to get the better of Mourinho in 12 meetings.

game,” said Keane. “It’s going to be tough. They are the world champions and it will be completely different from the game against Gibraltar, but we are going there with confidence.

Germany coach rues missed chances

Ba hoping to star against Tunisia enegal striker Demba the Carthage Eagles in DaThe former French Ba hopes to return to kar on Friday evening with international had to do S action with the Teranga an ankle injury. without Lamine Sané, Lions, ahead of their trip to Monastir where they will be facing Tunisia on Wednesday in matchday 4 of the Africa Cup of Nations Morocco 2015 qualifiers in Group G. The Besiktas striker was ruled out of Senegal’s AFCON qualifying tie against

Keane

disappointed Germany coach Joachim Low lamented his team’s carelessness after a shock 2-0 loss to Poland on Saturday. The world champions fell to second-half goals from Arkadiusz Milik and Sebastian Mila to suffer their first defeat in 19 competitive matches, stretching back to Euro 2012. It was also the first time Germany had lost to Poland since the unification and the first time they tasted defeat in a qualifying match since October 2007. Low lamented his team’s wastefulness during the Euro 2016 qualifying clash, but is eager to move on. “Obviously, we’re disappointed. To be honest, I can’t blame my team for much, maybe only that we were too careless with our chances,” he said. “The way we played was fine; we created a lot of opportunities to score. Poland then made it 1-0 with their very first shot. “We now have to look ahead to Tuesday’s game against Ireland, recharge the batteries and show a good response.”

RESULTS AND TABLE AFCON Group A TABLE

Team P W D L F A GD Pts 1 South Africa 3 2 1 0 5 0 5 7 2 Congo 3 2 0 1 5 4 1 6 3 Sudan 3 1 0 2 1 5 -4 3 4 Nigeria 3 0 1 2 2 4 -2 1 AFCON 2015 Results Congo 0 – 2 South Africa Sudan 1 – 0 Nigeria Malawi 0 – 2 Algeria Ethiopia 0 – 2 Mali Lesotho 0 – 0 Angola Gabon 2 – 0 Burkina Faso Sierra Leone 0 – 0 Cameroon DR Congo 1 – 2 Ivory Coast Uganda 0 – 1 Togo Guinea 1 – 1 Ghana Mozambique 2 – 0 Cape Verde Niger 0 – 0 Zambia Botswana 0 – 2 Egypt Senegal 0 – 0 Tunisia

Keshi has lost it, says Lawal

ormer Nigeria international Garba Lawal has slammed Super Eagles coach, Stephen Keshi, saying the 52-year old has lost it. Lawal has also called for Keshi to be replaced immediately after the qualifiers for the Morocco 2015 Africa Cup of Nations, irrespective of whether Nigeria qualifies or not.

The 40-year-old Lawal has been a staunch critic of Keshi’s and has often criticised his selection policy. And now the former Roda JC of Holland midfielder tells sl10.ng that Keshi shouldn’t remain in charge of the Super Eagles, because he has ‘lost it’. “At this moment, I would say Keshi has lost it,”Lawal said.

SPORT

MONDAY, OCTOBER 13, 2014 NEW TELEGRAPH

AWC: Falcons best yet to come –Okobi

gozi Okobi who was voted the Most Valuable Player in Super Falcons’ 4-2 win over Ivory Coast at the on-going Africa Women Championship says the best of the team is yet to come. “I was overwhelmed when I was named the Most Valuable Player and I dedicate the award to my family,” Okobi stated. “What we played against Cote d’ Ivoire is just a tip of the iceberg as the Super Falcons are capable of doing greater things in this championship. We always knew the Ivoirians who eliminated the 2012 champions Equa-

Okobi

Analysis: Go Keshi, just go! CONTINUED FRO M PAG E 5 1

City but Keshi feels he is too inexperienced. Ike Uche who is a consistent player in the Spanish La Liga is also according to Keshi, not disciplined. Isaac Success has been consistent for Granada and he has been completely ignored. In the team that played Sudan, Raheem Lawal, Aaron Samuel, Emem Eduok, Hope Akpan and Anyora Ugonna were injected into the team at the expense of quality players simply because Keshi do not want them in the team. The disaster in Khartoum on Saturday showed that Keshi’s stand on some of the issues affected Nigeria. Brown Ideye who had a good partnership with Emenike at the Nations Cup was dropped and

espite Nigeria’s loss to Sudan in an AFCON qualifier on Saturday, former Super Eagles captain, Joseph Yobo, believes it is not the end of the road for the national team. In his opinion, the team still has what it takes to hoist Nigeria’s flag in Morocco. His words; “Sometimes things don’t turn out the way you planned. I have seen many of such moments in my football career. At such times, I have learnt never to give up. This team is passing through a phase and I know they have what it takes to weather the storms”. The 101 capped ex-international however opines that the onus is on the players to negotiate their way out of the current situation. “I have no doubt in the quality of players I left behind in the national team. They have to talk to themselves and find a solution. At times like this, the players’ motivation is key. You know in 2012, we failed to qualify for AFCON, but in 2013, we made up our mind to win the trophy against all odds. Now that the odds are against the team, the players should resolve to go all the way.

players like Gbolahan Salami, who should be an understudy at best was in the starting line-up. The bench of the Eagles on Saturday was poor. Nobody to push the game. With these developments, it is clear Keshi cannot continue to toy with the destiny of the country in the game. In his analysis, CEO Brila FM, Larry Izamoje, said the players did not play for the coach on Saturday. I agree with him because it was clear. A former international, Victor Ikpeba, said the arrogance of Keshi was just too much. Again, I agree. “Nobody has monopoly of knowledge. Keshi does not listen to people including his colleagues who are also good in the game,” Ikpeba said.

NFF boss, Amaju Pinnick, should swing into action by removing Keshi now. Shuaibu Amodu or any other person in the technical department can handle the team. In fact, it is better to play without a coach than to continue with a handler who is not making progress, rather he is busy fighting most of the players. The team is no longer united. There are serious issues within the team and the earlier Keshi goes, the better for Nigeria. The national team is now like a PLC of sort with some people determining the fate of their colleagues. It is too bad. It is not too late and the time is not too short to remove Keshi and his crew. If he is retained, Nigeria should be ready to say bye-bye to Maroc 2015. Go Keshi, just go!

Yobo drums support for Eagles

Yobo

Glo Week 31 results Bayelsa Utd 1-2 Warri Wolves Lobi 2-0 Rangers FC Taraba 2-0 Dolphins Nasarawa Utd 3-2 Nembe Sharks 1-0 Kano Pillars Gombe 2-1 Enyimba Kaduna Utd 0-0 El-Kanemi Heartland 3-0 Sunshine Crown 1-1 Giwa Akwa Utd 0-0 Abia Warriors

torial Guinea will be tough so we took them seriously. “In the next game we will see a different Super Falcons. We shall play better now that we have successfully navigated our opening game. Out target is to reclaim the title and we are here to give our best to achieve that” Okobi added. Speaking after the match, Nigeria’s coach Edwin Okon, said the Ivoirians gave the Falcons a good game, noting that they never played under pressure. He said that winning the cup is not negotiable and that Super Falcons will continue to improve.

The Super Falcons opened scoring in the 12th minute of the game through Esther Sunday who latched on to a through play by Okobi to beat the Ivory Coast goalkeeper The Ivoirians responded 10 minutes later when Rebecca Elloh was fell in the box by Onome Ebi and Fatou Tiegnou coolly beat Precious Dede to level up scores at 1-1 Falcons’ persistent pressure paid off in the 54th minute when Mariam Diakite scored an own goal while attempting to clear her goal area to give the Nigerians a 2-1 lead.

Giwa appeals to fans to give Eagles another chance r. Chris Giwa has apGiwa believes that it is M pealed to Nigerians to not just the players and the give the Super Eagles another technical crew that should be chance. Giwa was speaking on Sunday after the Eagles were stoned by soccer fans on arrival from Sudan where they lost 1-0 to host Sudan in a Morocco 2015 Africa Nations Cup qualifying match. ‘‘I can assure you that the players and the technical crew are not happy too. Stoning them is not the solution. Supporters are not only there when the team is winning, but we also need to support the players and the coach during this trying period, they can still qualify,’’ Giwa said.

blamed, but football administrators that have failed to build institutions that will ensure Nigeria has a system that works. He said: ‘‘It is easy to blame the coach and the players, but what have we done as administrators in the last twenty years to ensure that we have a quality league and good youth development programs. What have they done to ensure that we have quality leagues where we can assess our coaches with performances in the league before they are employed like it is done elsewhere’’.

Federer beats Simon to win Shanghai Masters

oger Federer won his first Shanghai Masters title with straight sets victory over Gilles Simon. The Swiss world number three let out a huge roar after unseeded Frenchman Simon hit a forehand into the net to give him a 7-6 (8-6) 7-6 (7-2) victory. “Towinthebiggesttournament in Asia is a treat,” said Federer, who lost in the 2010 final to Briton Andy Murray. “I got lucky to come throughthefirstroundaftersaving fivematchpoints.It’sbeenadream week.”

Federer, 33, won the opening set with his only backhand winner down the line. Simon led 6-5 in the second set and had two set points but two unforced errors allowed Federer a way back and the 17-time Grand Slam winner took advantage. VictorymovesFedereruptosecond in the world rankings, behind Novak Djokovic For 29-year-old Simon, who went off court for a medical timeoutafterthefirstset,itwasasecond defeatinaMastersfinal,havinglost in Madrid to Murray in 2008.

UPDC Tennis grand slam ends in style

he annual UACN Property Development Company (UPDC)-sponsored Tennis Grand Slam at the Ikoyi club ended in style over the weekend with the company sparing no expense to make the tournament a memorable one. Invited guests were treated to an exciting, fast-paced match between Ikoyi Club tennis section teams: Pineville and Golf estate. The match that began with high expectations ended with victory for Pineville Estate (33 - 12). Mr Hakeem Ogunniran, Managing Director of UACN Property Development Company, represented by Yemi Ejidiran, Director of Business Development, expressed the company’s con-

tinuing commitment to supporting the annual event and promised to make the tournament bigger and better in the years to come. “I can confidently say we have derived satisfaction from sponsoring this tournament in the last four years. Ikoyi’s Club’s ideals are consistent with what we believe in at UPDC hence our support and we intend to continue with this and even make it bigger and better,” Ogunniran said. Mr Ede Osemwengie, Chairman of the Tennis section Ikoyi club 1938, commended the tournament sponsors, UPDC, for their contributions to the development of the game in the country.

NEW TELEGRAPH MONDAY, OCTOBER 13, 2014

Sanctity of Truth

On Marble

Memories are small prayers to God, if we believed in that sort of thing. – Jonathan Safran Foer

World Record

Aizhai Bridge is the World’s highest tunnel-to-tunnel bridge (road), China - Jishou, Hunan , height 350m (1,150 ft), main span 1,176m (3,858 ft), open in 2012.

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

MONDAY, OCTOBER 13, 2014

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Remembering the Chibok girls Crossfire I n the early hours of the morning of April 14 this year, 276 girls were abducted from their school as they slept. They all came from a predominantly Christian town in Northern Nigeria called Chibok. They were all between the ages of 15 and 18. They were eager to get a good education and make something of their lives. Ninety per cent of them were Christians who believed passionately that their God would always protect them and make a way for them in the predominantly Muslim Borno State where they resided in Northeastern Nigeria. They left home on the morning of April 13th confidently, eagerly and happily and went to school to do an exam. The Federal Government of Nigeria, headed by a Christian President by the name of Dr. Goodluck Jonathan, had earlier reminded the local authorities that the school had been closed for a considerable period of time for security reasons and warned that it should not be re-opened for the exams to take place at Chibok because of the activities of the deadly Islamist terrorist sect known as Boko Haram in that area. However, the Muslim Governor of Borno State, Mr. Kashim Shettima ignored these warnings and assured the Federal Government that he would provide the necessary security. He also assured the parents of the safety of the young girls. He said that he would open the school specifically for the purpose of the exams and encouraged the girls to not only come and do those exams but also to spend one night at the school after finishing them. Convinced by his assurances and moved by his confidence, the parents of the girls allowed their wards to proceed to the school for the exam and even encouraged them to spend the night there. The curious twist to the tale is that a few of the girls who went to take that exam were the children of some of the teachers at the school yet after the exams, not one of them stayed back in the school or opted to spend the night. It was almost as if they had a premonition of what was going to happen or, perhaps, someone on the inside had warned them about the horrors that lay ahead. The governor of the state did not honour his word to provide security at the school. Indeed, as the girls prepared to sleep that night, not one adult was in the school premises to watch over them apart from an old man who was the school gatekeeper and who slept at the gate. No teacher, supervisor or school official stayed with them that night and neither did the school matron, headmaster or principal. Not one person in authority was with them let alone an armed man or woman to protect them from the obvious dangers. They were on their own. Worse still, there was no electricity that night and no lights were on because there was no power flowing from the national grid and neither

FEMI FANI-KAYODE ffk2011@aol.com

Kidnapped Chibok girls

was the school generator working. The girls were not only on their own, they were also in complete darkness. They said their prayers, sang a few hymns, asked for God’s protection and went to bed. Then, at approximately 3.00 a.m., Boko Haram stormed the premises. The girls were subjected to the most unspeakable forms of abuse: they were raped, brutalised, traumatised and, finally, abducted. The terrorists not only took the girls but also ransacked the school,

A world-wide ‘’Bring Back Our Girls’’ campaign has been launched and this has created more awareness about their horrendous plight and kept hope alive for their safe return

stole all the food in the premises, burnt a number of school buildings and made away with whatever they could lay their hands on. They bundled the 276 young girls into their lorries and sped in the dead of the night into the deadly clutches and dark groves of their hideout- the notorious Sambisa Forest. A few days later, the leader of Boko Haram, Mr. Ibrahim Shekau released a video of himself telling the world about his intention to convert the girls to Islam, sell them into slavery ‘’in markets’’ and marry them off in foreign lands. He said that Islam permitted him to do so. He also said that he would never release them. He claimed that they had become slaves of Boko Haram and that they would remain slaves forever. Two weeks later, a video was released of some girls covered in Muslim shawls and garb reciting the Koran. It was clear that Mr. Shekau had kept his word. These girls had been forcefully converted to Islam and they were now slaves. Thankfully, 55 of them managed to escape whilst they were being abducted from the school on their way to Sambisa forest. They did so by jumping off the moving lorries that their captors had herded them into. Two more escaped a few days after arriving in Sambisa forest. They have since recounted some of the horrors that they were subjected to and faced whilst in captivity.

These include multiple rapes on a daily basis from several men, group sex, beatings, killings, torture, enslavement, maiming and forced renunciations of their Christian faith and conversion to Islam. Clearly, the 219 girls that are still in captivity are literally in hell. Stories are told of how some of them have been sold off ‘’in marriage’’ to wealthy Arabs in North Africa and the Middle East and how others have become sex slaves in neigbouring African nations like Chad, the Sudan and Niger Republic. Up till today, the Nigerian Federal Government has no idea where they actually are and have not been able to rescue any of them. A world-wide ‘’Bring Back Our Girls’’ campaign has been launched and this has created more awareness about their horrendous plight and kept hope alive for their safe return. However, when a former President of Nigeria, Mr. Olusegun Obasanjo said the world would soon have to come to terms with the fact that ‘’we may never see those girls again’’ and that ‘’by now, some of them will be dead whilst others will be pregnant,’’ it did not give much cause for hope or cheer. Perhaps, the utter despair that Mr. Obasanjo’s words reflected added to the anxiety, trauma and heartache that resulted in the sudden deaths of no less than seven of the parents of the abducted girls. The truth is that the girls are not just the victims of the most vicious Islamist terrorist organisation on the African continent today, an organisation whose sheer cruelty and barbarity are at par with those of ISIS, but they are also the victims of an uncaring and insensitive ruling political elite in Nigeria who would prefer that the whole matter is just swept under the carpet and forgotten simply because they do not have the capability, the guts or the political will to take on Boko Haram in any meaningful way and rescue the girls. The reality, as unpleasant as it may sound, is as follows. When the question is asked ‘’where are our girls?’’, the answer is that they are somewhere in hell, hoping and praying that the Nigerian authorities and the international community never forget them but would muster the resolve, know-how and courage to rescue them. We owe them that much: after all they are our children. Yet all hope is not lost. Only last month, September 25 to be precise, one of the girls was released by Boko Haram. Sadly she was not only pregnant but had also lost her mind as a consequence of the trauma that she had suffered from her ordeal. The good news is that she is at least alive and safely back home with her family where she belongs. This gives us hope for the others. May God bring home our girls and may we never forget them.

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