Binder1 wednesday, 1 june 2016 by Newtelegraphonline

Nigeria records first trade deficit in seven years

Abdulwahab Isa Abuja

riggered by drop in crude oil, Nigeria’s economic woes has deteriorated further, as

the nation recorded her first quarterly trade deficit in seven years in the first quarter of this year. Specifically, Nigeria swung to a deficit of N184.1 billion ($925 million) from a revised surplus of N364.6

billion in the previous quarter, the National Bureau of Statistics (NBS) said yesterday. Exports declined by more than a third to N1.45 trillion as the value of shipments of crude oil, which

usually accounts for over 90 per cent of Nigeria’s foreign earnings, fell by almost half from the preceding quarter. The report said that the total value of Nigeria’s merchandise trade at the

end of first quarter of 2016 stood at N2,723.9 billion. It said that from the preceding quarter value of N3,517.4 billion, this was N793.5 billion or 22.6 per cent less. CONTINUED ON PAGE 4

Import value China N345.5bn US N127.1bn India N89.4bn Netherlands N73.8bn UK N61.4bn

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Army: Why we killed Biafra protesters }7

Fashola

Mohammed

Arase

Wizkid

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Troops of 82 Division Nigerian Army resorted to self-defence, protection of the strategic Niger Bridge, prevented re-enforcement of the pro-Biafran members, in order to ward off the apparent threats to lives and property

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772,224 displaced children live in camps – UNICEF

A cross section of displaced persons during the distribution of medical and food materials to them by the Egyptian Embassy and Foreign Affairs Ministry, at the Durumi Internally Displaced Persons (IDP) Camp in Abuja … yesterday.

FG orders arrest of ex-govs, ministers, senators …for illegal possession of diplomatic passports }5

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WednESday, JUNE 1, 2016 NEW TELEGRAPH

Army: Why we killed Biafra protesters

Emmanuel Onani, David Chukwu and Kenneth Ofoma

he Nigerian Army has justified why it resorted to the Rule of Engagement (force) in containing members of the Indigenous People of Biafra (IPOB) as well as the Movement for the Actualisation of the Sovereign State of Biafra

(MASSOB) during Monday protests. It admitted that five pro-Biafran agitators were killed in the process while eight others were wounded. But, both MASSOB and IPOB yesterday stated that the military killed over 40 of their members. The Army, in a statement by the Deputy Director, Army Public Relations of the 82, Division in

Enugu, Col. H. A. Gambo, said that the pro-Biafra agitators became violent and attacked security agents at a school location on Ataa Road near Saint Edmunds’ Catholic Parish, Maryland, Nkpor-Agu in Anambra State, during the protest. It said that as the lead agency of other security agencies, it was its constitutional mandate to act promptly, to contain what

appeared like an insurrection. The Army said: “The nature of this attack involved brazen employment of various types of firearms and all sorts of crude weapons, volatile cocktail such as acid and dynamites. “Instructively troops of 82 Division Nigerian Army, as the lead agency of the security agencies, had to invoke the extant Rules

L-R: Executive Director, Dangote Group, Halima Dangote; Borno State Governor, Kashim Shettima; President, Dangote Group, Aliko Dangote; Board Member, Dangote Foundation, Mrs. Angela Adebayo and CEO, Dangote Foundation, Zouera Youssoufou, after a meeting between the governor and the foundation in Lagos…yesterday

of Engagement (ROE) to resort to self-defence, protection of the strategic Niger Bridge, prevents reenforcement of the pro-Biafran members apparently surging ahead from the far side of the strategic Niger Bridge at Onitsha. All these efforts were in order to de-escalate the palpable tension, as well as ward off the apparent threats to lives and property in the general area. "In the aftermath of the firefight that ensued, many of our troops sustained varying degrees of injury. These injured troops are currently receiving treatment at our medical centre. Similarly, five members of MASSOB/IPOB were killed, eight wounded while nine were arrested for due legal actions.” The clashes broke out following plans by the two separatist groups to organise the 49th anniversary of the declaration of the sovereign State of Biafra in 1967 by the late Col. Chukwuemeka OdumegwuOjukwu. The protests, which were embarked upon si-

Biafra: IPOB accuses Buhari, Obiano of causing mayhem lCourts grant MASSOB members bail lBishop calls for Commission of Inquiry

Our Correspondents

he leadership of the Indigenous People of Biafra (IPOB) yesterday accused the Muhammadu Buhari-led administration and Governor Willie Obiano of Anambra State of being responsible for Monday’s mayhem in Onitsha where scores of people were killed and others injured. The group claimed that 48 of its men were killed by soldiers with over 403 people arrested by security agencies. In a press statement signed by IPOB’s spokesmen, Emma Mmezu, Dr. Clifford Iroanya and Emma Powerful, the group maintained that there were pre-meditated plans to clamp down on the peaceful demonstrators by the Federal Government while Obiano did nothing to avert the mayhem. The statement said: "IPOB family members worldwide had raised the alarm before now that the Federal Government and security agents had perfected plans to kill and maim the unarmed civilians without provocation. “The members of IPOB, who travelled from far away, moved into a Catholic church, along NkporUmuoji road to seek the consent of God Almighty, who has been guiding us

in this noble project, when the combined team of security agents moved into the church and killed so many and a lot of people were wounded." The group maintained that before Buhari came to power, they had been having their commemorations without bloodshed. The statement added: "Beginning at 1:30a.m. Monday May 30, brutal repression was ordered on unarmed youths at St. Edmund’s Church Compound, Nkpor, Anambra State. Twenty-three people were gunned down before dawn. "Onitsha bridge was blocked by the same military goons, to stop our people from Delta and beyond from linking up with the crowd in Anambra. Sixteen people were gunned down there. All around Onitsha and environs, brutal crackdown ensued all over the town, before noon, another nine souls were destroyed. "A total of 48 lives in all, over a hundred injured, some with life threatening gunshot wounds and hundreds captured and driven away.” The group added that the killings notwithstanding, it would still go ahead with its programmes. "As we go back to drawing board to reconsider the continuation or otherwise of our non-violence credo,

we assure those who came to power, only to sustain an unworkable structure, that the blood of our brothers, like the blood of Abel, will continue to testify against them. "We accuse the governor of Anambra State, Chief Willie Obiano, of being the brain behind the attack and for the chief security officer of the state to allow such to happen in his state and making a press statement that hoodlums hijacked the democracy day, proves that he masterminded the killing of his people.” Meanwhile, 88 members of MASSOB arrested by the Ebonyi State Police Command, Abakaliki, on Monday, were yesterday granted bail by the state Magistrate’s court. Nine of the Biafra agitators arraigned were juvenile and are between the ages of 12 and 16 while four are pastors hired by the agitators for the prayer session, which they were holding when they were arrested. They were arraigned before an Abakaliki Magistrate’s court on a fourcount charge of conspiracy, belonging to unlawful society, membership of unlawful group and possession of items calling for the declaration of Biafra. After the charges were read to them, all the accused persons pleaded not

guilty to the charges. Their lead counsel, Jerry Ezenyi, made application for their bail, saying that the offence was bailable. But, the prosecution counsel, Adeola Elumaru, opposed the bail application and said that the accused persons had been arrested in the past for same offence. In her ruling, Magistrate Stella Ogoke granted the accused persons bail with N500,000 and seven sureties, who must be within the magisterial jurisdiction. She said the sureties must be civil servants or businessmen and adjourned the matter to July 18 for definite hearing. Ogoke ordered that the case of nine of the accused persons who are underage be transferred to the family law court. Also, the Enugu State Police Command arraigned 13 suspected members of MASSOB and the Biafran Independent Movement (BIM) arrested on Monday before an Enugu Magistrate’s Court. The suspects pleaded not guilty to the charges

and the case was adjourned to June 23 for hearing. They were also granted bail. In another development, the Archbishop of the Ecclesiastical Province of Enugu and Bishop of Enugu Anglican Diocese, Most Rev Emmanuel Chukwuma, has called on the Federal Government to set up a judicial commission of inquiry into the killings of Igbo youths, who were carrying out peaceful remembrance of Biafran declaration by security agents. Chukwuma, who expressed disappointment over the unfortunate incident, said it was callous and inhuman for soldiers to throw some youths into the River Niger based on reports at his disposal. He dismissed reports that the youth attacked the security agents with arms, noting that the conduct of the security agents must have precipitated the violence. “The Federal Government should intervene and set up judicial commission of inquiry to find out what really happened. And if the security

910,768

The sex ratio of women to 100 men of international migrants of Namibia in 2010. Source: Un.org

CONTINUED ON PAGE 5

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

multaneously by the two separatist groups in Abia, Anambra, Ebonyi, Enugu, Imo and Delta states, turned violent, as the agitators clashed with soldiers and policemen attempting to stop them. In the ensuing melee, many people were killed while about 400 members of the separatist groups were arrested. In Delta, two policemen lost their lives during the protest. One was stabbed to death while one got drowned after being thrown into River Niger by pro-Biafran agitators. The army further justified its intervention. It said: “Due to the widespread panic, tension and apprehension that generated from the activities of the MASSOB and IPOB members, security agencies, which comprised of detachment of Nigerian Navy, Nigeria Police, Department of State Services (DSS) and the National Drug Law Enforcement Agency were compelled to intervene in consonance with constitutional provisions of aid to civil authority where and when such occasion demands. The over arching imperative to ensure a reign of peace, security and stability in this circumstance was most starring." The army, however, reassured "all of its professional commitment to the protection of lives and property of the good people of Anambra State and, indeed, across its entire Area of Responsibility in tandem with the recent directive of the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria through the Chief of Defence Staff to the Chief of Army Staff to avert occurrences of such unwarranted and uncivilised attacks against the good and law abiding people of the Federal Republic of Nigeria.” However, Deputy President of the Senate, Ike Ekwerenmadu, yesterday cautioned security agencies on their handling of disturbances in the country to avoid unnecessary loss of lives. Ekweremadu, who gave the caution while briefing the Senate on the reported military invasion of some parts of the South-East on Monday and the resultant casualties on the innocent citizens, said that it was not proper that security agencies should brutally attack civilians, who were making peaceful protest within the specifications of the law. Speaking after he raised Order 43 of the Senate Standing Orders 2015 (as CONTINUED ON PAGE 5

WednESday, JUNE 1, 2016 NEW TELEGRAPH

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WednESday, JUNE 1, 2016 NEW TELEGRAPH

Oil production drop: NAPIMS owes JVCs $7bn

Philip Nyam Abuja

ollowing the drop in oil production, the National Petroleum Investment Management Services (NAPIMS) now owes the joint venture companies (JVCs) $7 billion. Group General Manager of NAPIMS, Dafe Fejebor, disclosed this yesterday in his presentation at an investigative hearing

on an alleged “$260 million illegal contract by NAPIMS,” organised by joint House of Representatives’ Committees on Procurement and Petroleum Resources (Upstream). Fejebor said: "In the last five years, things really started going bad and we are really trying our very best to get them resolved off line. "In short, we are at a crossroads because when we approached the inter-

national oil companies (IOCs) they simply told us that they won’t continue with us except we operate a base case budget. "And from my understanding of business, a case base budget is doing business without growth and we have to resort to cut cost on services to survive, but some guys providing us services totally refused." Earlier, controversy had trailed the exact amount that was involved in the al-

leged $260 million "illegal" contract by NAPIMS. Testifying before the panel, Managing Director of Tilone Subsea, Mr. Stanford Tassie, alleged that the logistics contract duly approved and given to his firm was unlawfully terminated by NAPIMS and given to GMT as against the provision of the Public Procurement Act as well as the Nigerian Local Content Act. He said: "GMT Energy

L-R: Executive Director, Finance and Strategy, Sterling Bank Plc., Mr. Abubakar Suleiman; Executive Director, LEAP Africa, Mrs. Iyadunni Olubode and Board Chair, LEAP Africa, Mrs. Nadu Denloye, at a press conference in Lagos… yesterday. PHOTO: SULEIMAN HUSAINI

Nigeria records first trade deficit in seven years CONTINUED FROM PAGE 1

The drop, the agency explained in the “Foreign Trade Statistics for the First Quarter of 2016”, was occasioned by sharp decline both in volume of export and import with export declining to N671.1 billion or 34.6 per cent, while import recorded equal measure of fall by N122.4 billion or 7.8 per cent, bringing Nigeria's export trade balance to N184.1 billion, representing N548.7 billion less than preceding quarter. The crude oil component of total trade decreased by N716.7 billion or 46.6 per cent, against the level recorded in Q4 2015, NBS said. “This development arose due to a sharp decline in both imports and exports. Exports saw a decline of N671.1 billion or 34.6 per cent, while imports declined by N122.4 billion or 7.8 per cent. “The steep decline in exports brought the country’s trade balance down to N184.1 billion, or N548.7 billion less than in the preceding quarter. “The crude oil component of total trade decreased by N716.7 billion or 46.6 per cent against the level recorded in fourth quarter of 2015,” the report said. Nigeria’s economy is under pressure after the price of oil, which contributes two-thirds of government’s revenue, fell by more than half since

mid-2014, and production dropped to a 27-year low of 1.4 million barrels a day following the re-emergence of an insurgency in the key oil-producing Niger Delta. The economy shrunk by 0.4 per cent in the first quarter, the first contraction in more than a decade, and Central Bank of Nigeria (CBN) Governor Godwin Emefiele said on May 24 a recession is imminent. “Exports are obviously suffering, and it’s mainly because of oil,” Alan Cameron, an economist at Exotix Partners LLP in London told Bloomberg by phone yesterday. “The militants have caused production to drop, but we don’t know how severe the effect will be since we don’t know how long the decline in production will last.” The NBS said the structure of Nigeria’s import trade was dominated by the imports of “machinery and transport equipment”, “mineral fuel”, and “chemicals and related products”, which accounted for 34.7 per cent, 17.4 per cent, and 14.7 per cent respectively in 2016. These commodities contributed the most to the value of import trade in Q1, 2016, whereas commodities such as “crude inedible materials”, “oils, fats & waxes”, and “beverages & tobacco”, contributed the least, accounting for 1.5 per cent, 0.8 per cent, and 0.6 per cent respectively. Import trade by section, was dominated by the imports of “boilers, machin-

ery and appliances”, which accounted for N378.4 billion or 26.0 per cent of the total value of import trade in Q1, 2016. Other commodities, which contributed noticeably to the value of import trade in the period under review were “mineral products” at N263.0 billion (18.1 per cent), and “products of the chemical and allied industries” at N137.0 billion (9.4 per cent), “vehicles, aircraft and parts thereof; vessels etc.” at N127.8 billion (8.8 per cent) and “base metals and articles of base metals” at N105.1 billion (7.2 per cent). At the end of the quarter, the import trade classified by broad economic category revealed that “Industrial supplies not elsewhere classified” ranked first with N404.4 billion or 27.8 per cent. This was followed by “capital goods and parts” with the value of N370.1 billion or 25.5 per cent, and “fuels and lubricants” with N244.2 billion or 16.8 per cent. Nigeria’s import trade by direction showed the country imported goods mostly from China, with an import value of N345.5 billion or 23.8 per cent of total imports. This was followed by the United States at N127.1 billion or 8.7 per cent, India with N89.4 billion or 6.1 per cent, Netherlands with N73.8 billion or 5.1 per cent and United Kingdom with N61.4 billion or 4.2 per

cent of total imports. Imports by economic region revealed that the country consumed goods largely from Asia with import value of N611.2 billion or 42.0 per cent. The country also imported goods valued at N538.2 billion or 37.0 per cent from Europe, and N201.9 billion or 13.9 per cent from America, the report noted. The value of the export trade, totalled N1,269.9 billion in Q1, 2016 showing a decrease of N671.1 billion or 34.6 per cent, over the value recorded in the preceding quarter, the report added. NBS noted that on year-on-year analysis, the country’s exports dropped by N1,395.2 billion or 52.3 per cent against the export value recorded in the corresponding quarter of 2015. Nigeria has held its currency at N197-N199 per dollar since March 2015, even as other oil exporters from Russia to Colombia and Malaysia let theirs drop amid the slump in crude prices. Foreign reserves dwindled as the CBN defended the peg. Emefiele said last week policy makers were considering greater flexibility in the foreignexchange market. The International Monetary Fund (IMF) forecasts Nigeria’s economic growth could slow to 2.3 per cent this year, from a 16-year low of 2.8 per cent in 2015.

Resources was illegally awarded the same contract which negates the provision of the 2007 Public Procurement Act." According to him, his company was originally given the contract for duration of five years, which was extended by three more years and approved by the then President Goodluck Jonathan in 2010. He pointed out that even the Nigerian National Petroleum Corporation (NNPC), in its advertorial, admitted the fact that the contract awarded to GMT Ltd was illegal and lacked due process approval. He alleged that in that advertorial, the NNPC clearly stated that GMT vessel was used to replace Tilone vessel, which originally handled logistics for ESSO during the drilling process. But kicking against Tilone's allegations, General Manager (Procurement) of ESSO, Mr. Rotimi Olubeko, stated that Tilone was trying to create confusion in an attempt to either mislead the committees or misrepresent the facts as they are. "Looking at the presentation and the contract that we know of, I'm forced to think that Tilone was talking about a different contract, I really don't know what the $260 million is talking about. We were neither awarded any contract of such nor are we aware of the existence of such contract. "In our submission, we handled some jobs on behalf of the NNPC and NAPIMS and we delivered those jobs successfully, one

€45.4m

The estimated transfer value of Pedro Rodriguez of Chelsea in 2016. Source: 101greatgoals.com

of which was delivered six months ahead of schedule. And when Tilone wrote to us asking if we were going to activate the option of renewal as provided in the contract, we replied, saying that we will not because we had no more need for the vessel since drilling operation had stopped," he said. On his part, Mr. Alfred Temile of Temile Ventures Ltd told the committee that it was engaged by ExxonMobil (ESSO) and used a vessel flagged wholly using Nigeria colours. He said the contract given was executed halfway when ESSO approached it, saying that they want a renegotiation of the contract after it had taken an $85 million loan facility from a bank. He added that ESSO came back with a new offer, which the company is not comfortable with, therefore appealing to the committees to intervene as the vessel is still in ESSO's services. Chairmen of the joint committees, Hon. Victor Nwokolo and Hon. Oluwole Oke told ESSO to reverse to status quo and put every fresh commitment on hold until the investigation is over. ESSO had admitted before the committees that it got the notice for the hearing on March 31, thereby necessitating the lawmakers’ resolution that it reverses every action taken after the said date. The hearing continues next Monday as the various stakeholders were asked to bring more documents to defend their cause before the committees.

38,300

The number of fixed-telephone subscriptions of Antigua & Barbuda in 2000. Source: Itu.int

772,224 displaced children live in IDP camps – UNICEF

o fewer than 772,224 children registered by National Emergency Management Agency (NEMA) are living at the Internally Displaced Persons (IDPs) camps in the North-East. UNICEF’s Emergency Specialist, Mr. Olusoji Adeniyi, disclosed this yesterday at a workshop on emergency preparedness organised by the fund for stakeholders in Kaduna. “Out of the number, 50 per cent of the children have no family tracing, which was causing more concern on child protection,” he said. Adeniyi said some of the children were traumatised and required psychosocial attention and

support to appropriately reintegrate them into the society. “Most of the children are lost out because they have lost very precious parts of their lives as a result of insurgency,” he said. He said the situation called for collective action from all concerned as the “children are the responsibility of everyone everywhere.” “So, we must join hands in saving their lives and guaranteeing their future,” he stressed. The workshop was organized by UNICEF to create awareness among stakeholders on the importance of emergency preparedness, child rights and protection.

NEWS

WednESday, JUNE 1, 2016 NEW TELEGRAPH

Diplomatic passports: FG orders arrest of ex-govs, ministers, senators no longer in the eligibility list and, therefore, in contradiction of S.10 of the extant Immigration Act 2015. "I am hereby directing that unauthorised holders of such passports be arrested at the airports and other points of entry/ departure. Efforts will be made also to trace such unauthorised holders in their given addresses." Two former Comptroller Generals of Immigration, David Paradang and Martins Abeshi, had earlier directed the holders of such diplomatic passports, who are no longer government functionaries to return same to the Service. Such persons are former governors, ministers, legislators, special advisers to the president, permanent secretaries and directors. According to Immigration source, the Ministry of Foreign Affairs approves the issuance of diplomatic passports to government functionaries while Immigration Service issues such passport. Babandede said the service has so far retrieved about 158 diplomatic passports and 310 passports. Also, the CG stated that he would not accept what he tagged "blood money" from the officers.

He accused the officers of engineering the setting up of illegal checkpoints at hinterland, to bully and extort money from citizens. To curb this, he said, I am setting up an anti-corruption squad, but before this, I will hold the zonal coordinators and comptrollers responsible. "I don't want your blood money, as organised crime law enforcement calls 're-

Police reopen PDP secretariat

amended), Ekweremadu said that the country had witnessed a lot of unnecessary killings arising from people's clashes with security agencies in different parts of the country. He, therefore, urged the Senate to condemn killings by security agencies in the country, particularly the ones involving the youth, which he said are the hope of the country in future. He said that the protest by members of MASSOB, which led to a bloody clash in Delta and Anambra states, could have been handled differently. The lawmaker noted that Nigeria is now a democratic nation, and that people should be allowed to speak out on issues bothering them under responsible circumstances. Meanwhile, the Inspector-General of Police (IGP), Mr. Solomon Arase, has

Johnchuks Onuanyim Abuja

he Federal Government has ordered the arrest of past and former government functionaries who are in possession of diplomatic passports. Comptroller General of the Nigeria Immigration Service (NIS), Mr. Mohammed Babandede, who gave the order yesterday told his men at the airports and other points of entry and departure to effect the arrest with immediate effect. The CG, who was appointed last week, gave the charge while delivering his vision and mission statements to officers in the rank of Comptroller and above at the National Headquarters of the service in Abuja. Addressing the officers on the illegal possession of diplomatic passports, Babandede said: "In view of the earlier publication for return of official/diplomatic passports by former political office holders and retired public servants, it must be noted that charges will be pressed against unauthorised holders of such documents. This is because such persons are

Onyekachi Eze ABUJA

fter nine days of siege, the police yesterday opened the national secretariat of the Peoples Democratic Party (PDP). However, only establishment staffs were allowed into the complex after proper identification. Only staff with staff identity cards and whose names were at the gate, were allowed access to the premises. They were further screened where they registered for attendance. Secretary of the party’s Board of Trustees (BoT), Chief Ojo Maduekwe, was billed to address the workers, but was shifted till today. It was gathered that the postponement was due to the fact many workers

2.6m

The estimated number of people eligible for antiretroviral therapy in Western and Central Africa in December 2009. Source: Who.int

£6.89m

The annual salary of Karim Benzema of Real Madrid in 2014/2015. Source: Paywizard.co.uk

were not aware that the secretariat would be opened yesterday. Maduekwe, who later came to the secretariat around noon, however, told journalists: "We (BoT) requested for police to unseal the place so that workers can resume work." When asked if he would be coming with the National Caretaker Committee to address the workers today, he laughed and said they would be coming on their own. New Telegraph had reported yesterday that the secretariat would be opened for workers following appreciable efforts made by party leaders to resolve the leadership crisis. The secretariat was sealed on May 22, a day after the Port Harcourt National Convention that sacked the former National Working Committee (NWC) led by Senator Ali Modu Sheriff and appointed the Senator Ahmed Makarfi-led National Caretaker Committee. Police had justified the sealing of the national secretariat on the basis of intelligence report that some aggrieved factional leaders and members of the PDP have perfected plans to engage thugs from across the country to threaten public peace and security in Abuja.

turns'. All zonal coordinators and state comptrollers must put an end to this to provide a comfortable environment for operatives." The CG also stated that he has decentralised the issuance of passport that had been a concern to international passport seekers. On the issuance of new passports based on change of name and loss, he said: "Approval for change of

name due to marriage can now be given by the Comptroller of State; approval for replacement of lost passport shall, henceforth, be given by State Comptrollers after online vetting and processing of application at the passport division in the Service Headquarters." The new CG promised to return the Service to the path of honour. His words: "The NIS under my stew-

ardship must be returned to the path of honour, integrity, discipline and unalloyed commitment to national security it was known for. "I am aware of money being extorted from the hands of passport applicants and at various borders/check points in the country. What is happening in the liberated territories in the North-East is most disturbing to me."

L-R: Chief Justice of Nigeria, Justice Mahmud Mohammed; Minister of Transportation, Rotimi Amaechi and former Head of State, Chief Ernest Shonekan, at the 14th Maritime Seminar for Judges in Abuja...yesterday.

Biafra: IGP orders AIGs, CPs to disarm agitators CONTINUED FROM PAGE 2

ordered zonal Assistant Inspectors-General of Police (AIGs) and Commissioners of Police (CPs) in SouthEast and South-South states, to disarm members of the Indigenous People of Biafra (IPOB) bearing arms. The IGP's directive followed Monday's clashes between members of the IPOB and the Police in Abia, Anambra, Ebonyi, Enugu, Imo and Delta states, which resulted in the death of many, and arrest of about 400 protesters. The IPOB and MASSOB are separatist groups agitating for the State of Biafra. In a statement by the Force Public Relations Officer (FPRO), Mrs. Olabisi Kolawole, an Assistant Commissioner of Police (ACP), the Police said the IPOB members had crossed the "threshold", with the attack on some

policemen. The statement also noted that those that were arrested during the protests would be prosecuted in accordance with the law. "Following the manifestation of the disposition of the armed IPOB activists to undertake premeditated attacks on police officers engaged in operations aimed at restoring public order in states in the South-East and South-South geopolitical zones of the country, the Inspector-General of Police has directed the Assistant Inspectors-General of Police and the Commissioners of Police in the affected areas to disarm members of the group operating firearms immediately. "The IGP noted that the targeted attacks on police personnel, who have been performing their statutory functions in the most professional and civil manner since the latest resurgence

disorder, portrays the IPOB activists who are orchestrating the insurrection as having crossed the threshold in their misguided attempt to test the common will of the nation,” Kolawole said. While condemning the killing by members of IPOB, Arase also directed the arrest of any member of the group found in possession of firearms and saying that they should be brought to deserved justice. “All IPOB activists arrested in connection with the killing of the policemen should be charged to court for murder," the statement said. In the face of this, however, the police have pledged "to continue to diligently work towards eliminating any threat to internal security and assure Nigerians of its commitment to their safety and security."

Courts grant MASSOB members bail CONTINUED FROM PAGE 2

agents are culpable, they should be punished. This is a peaceful remembrance ceremony. Soldiers threw some youths into the River Niger and wounded some. It is callous and inhuman,” the cleric said. The Anambra State government yesterday confirmed that 26 arrests were made from the MASSOB/IPOB demonstration that took place at Nkpor, in

Idemili Local Government Area of the state on Monday. The state government said that out of the total number of arrests made, none was from Anambra State. The state Commissioner for Information and Communication Strategy, Chief Tony Nnacheta, said that the youth staged a peaceful protest which was hijacked by some elements from out-

side the state. Nnacheta reiterated that no attack took place at St. Edmund Catholic Church or shots fired at the compound as being peddled. His words: “Nothing happened inside St. Edmund Catholic Church. From the police report made available to us, 26 arrests have been made and none of them are indigenes of Anambra State. Match-

ets, charms, banners of IPOB were recovered from those arrested. “The report of policemen being harmed happened in Delta State and the people that caused the havoc came from Delta, Enugu, Imo and Ebonyi states. Government is working to determine the total number of people killed or injured in order to ascertain the number of casualties.”

News|NATIONAL

Buhari meets Nnamani, Igbo politicians in Aso Rock Anule Emmanuel Abuja

resident Muhammadu Buhari yesterday met behind closed doors with former Senate President Ken Nnamani and other top south east politicians and technocrats. Although, no official reasons were given for the meeting, it come shortly after the bloody clash between pro-Biafra demonstrators and security operatives in South East and South-South. The 18-member delegation arrived in a bus belonging to the Ken Nnamani Leadership Institute at about 3:15pm and headed straight to the President’s office.

They came under the aegis of South East Group for Change and comprised mainly members of the ruling All Progressives Congress (APC). Among them were the National Auditor of the APC, Chief George Moghalu; former Senators Ifeanyi Ararume and Osita Izunaso; former House of Representatives member, Sharon Ikeazor and former Executive Vice-Chairman of Nigeria Communications Commission (NCC), Ernest Ndukwe. There was also APC National Vice-Chairman (South East), Hon. Emma Eneukwu; member of the APC Board of Trustees, Chief Austin Edeze; Dr. Uzoma Obiyo; and Chris Akomas, among others.

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Boko Haram: FG accepts responsibility for Chibok girls in US Mojeed Alabi

he parents of some of the escaped abducted pupils of the Government Secondary School, Chibok, Borno State, currently studying in the United States of America, have consented to the Federal Government taking over the care of their wards. This new development followed a meeting recently held by the two parties and attended by the officials

of the Federal Ministry of Women Affairs and Social Development in charge of the Chibok Girls Desk, specially set up by President Muhammadu Buhari. A statement issued by the Director of Social Welfare, Ministry of Women Affairs, Mrs. Temitope Bamgboye, said the concerned parents have signed declaration forms authorizing the ministry to take over guardianship of their daughters. She added that any previous guardianship

arrangement has thus been revoked. “This information has been transmitted to the Ministry of Foreign Affairs, which is to ensure that this is effected through the Nigerian Embassy in DC. The same will also be communicated to the US State Department through the US Embassy in Nigeria. “The plan is that the girls remain in the US to pursue further education and to graduate, uninterrupted, in a safe and nurturing environ-

ment and away from the public glare, which was supposed to be the plan in the first place,” The statement said. The Federal Government, however, cautioned parents to exercise care and caution when signing away to any individual or group, the rights of guardianship to their children. “They must be sure that they know exactly who the person or group is, and that they fully understand their intentions for their children.”

EFCC tenders more against Lamido, others Tunde Oyesina Abuja

he Economic and Financial Crimes Commission, EFCC, yesterday tendered several documents before the Federal High Court sitting in Abuja to further prove its corruption charge against a former Jigawa State Governor, Sule Lamido and four others, who allegedly defrauded the state. Lamido is standing trial alongside his two sons: Aminu and Mustapha and two companies on a 27-count charge bordering on abuse of office and money laundering. The two companies are Bamaina Holdings Ltd and Speeds International Limited. Testifying yesterday,

prosecution witness, PW 18, Micheal Wetkas, being led in evidence by prosecution counsel, Chile Okoroma, presented bank payment vouchers of Dantata and Sawoe Construction Company Ltd, invoices of Bamaina Company Ltd, waybills/ delivery notes of Bamaina Company Ltd, copies of cheques of millions of naira from various banks, in favour of Bamaina Company Ltd. The documents were however admitted as Exhibits EFCC 112(a-b), EFCC 113 (a-f), EFCC 113 (a-g), EFCC 114(a-e), EFCC 115(a-f), EFCC 116 (a-f), EFCC 117(ag), EFCC 118(a-e), EFCC 119(a-g), EFCC 120(a-j), EFCC 121(a-g), EFCC 122(a-g), EFCC 123(a-f), EFCC 124(a-g), EFCC 125(a-g), EFCC 126(ah), EFCC 127 (a-f) and EFCC 128(a-g).

Sporadic shooting as soldiers, policemen clash in bank ustomers and work- while the uniform of the C ers at a new genera- soldier was torn. tion bank in Calabar, In a show of supCross River State, yesterday fled the banking hall when a canister of tear gas was fired into the crowded hall. This followed a fight which reportedly broke out between a soldier and four mobile policemen inside the bank. The incident occurred about 11am when banking transactions were on. It was not possible to ascertain the cause of the fight at press time. However, when the canister of tear gas was fired inside the banking hall, customers and bank staff reportedly fled the burning sensation. At the end, some of the policemen and the soldier were injured

port and might, several armed mobile and regular policemen arrived the bank in trucks. They were frantically looking for the soldier who was still inside the bank. But a few minutes later, soldiers in trucks also arrived the bank. This led to sporadic shootings from both sides which forced bystanders and passers-by to scamper into safety. However, after the shooting subsided, the two sides entered the banking hall and reached what looked like an amicable settlement. Thereafter, they trooped out, entered their vehicles and drove off.

A cross-section of some staff of the Federal Ministry of Health on a peaceful protest at the Federal Secretariat, Abuja …yesterday

Amaechi: FG to establish shipping line

inister of Transportation, Chibuike Rotimi Amaechi, has said that the Federal Government is marshalling out ways of encouraging the establishment of a National Shipping Line to ensure maximum exploitation of the potentials in the maritime industry. Amaechi also said the Federal Government was making efforts at improving business in the country’s maritime sector, especially in the areas of establishing a deep sea port for modern mega ships as well as the establishment of dry ports, such as the Kaduna inland dry port, among others. Amaechi spoke in a key-

note address he delivered at the 14th Maritime Seminar for Judges organized by the Nigerian Shippers’ Council (a Parastatal under his ministry), in collaboration with the National Judicial Institute (NJI). According to the Minister: “The present administration is looking into ways of encouraging the establishment of a national shipping line to ensure maximum exploitation of the potentials in our maritime sector”. “The Federal Govern-

£137,700 The weekly salary of Karim Benzema of Real Madrid in 2014/2015. Source: Paywizard.co.uk

ment is doing a lot towards improving on the ease of doing business in Nigeria, especially in the maritime sector. The Federal Government’s effort towards trade facilitation includes modernization of transport infrastructure, such as establishment of deep sea ports to attract the patronage of our seaports by modern mega ships and the establishment of dry ports such as the Kaduna inland dry port and others all over the country to decongest the seaports

1.7%

The annual population growth rate of Paraguay in 2010-2015. Source: Un.org

and facilitate expeditious evacuation of cargo from the seaports among others,” he said. A statement from his media office said that while also suggesting that maritime laws should be made compulsory courses in tertiary institutions, Amaechi called on the chief Judge of the Federal High court to consider the creation of a maritime or admiralty division in the Federal High Court to specially handle maritime cases. Also, considering the crucial role of the maritime sector in the development of the economy, Amaechi said “May I remind you of the need for capacity building in the maritime industry.”

Nigeria partners FrieslandCampina on food security Appolonia Adeyemi

head of the World Milk Day, the Federal Government and the Royal FrieslandCampina of the Netherlands, have signed a Memorandum of Understanding, (MoU), to roll out new

dairy programmes designed to safeguard food and ensure nutrition security in the country. The Minister of Agriculture and Rural Development, Audu Ogbeh and the Chief Executive Officer, FrieslandCampina, Mr. Roelof Joosten, signed

a Farmer2Farmer agreement during the minister’s two-day working tour of the Dutch company’s facilities. The pact is aimed at deploying member dairy farmers to train and advise local dairy farmers on feeding and watering of cattle, calf-rearing, milking

hygiene and practice, milking machine maintenance, hoof care, housing and barn design.” These were contained in a press statement issued in Lagos yesterday by the Corporate Affairs Director, FrieslandCampina WAMCO, Mrs.Ore Famurewa.

national | news

wednesday, june 1, 2016 NEW TELEGRAPH

Electricity tariff irreversible –Fashola, NERC boss Chukwu David Abuja

he hope of Nigerians to get the recent hike in electricity tariff reversed was dashed yesterday as the Minister of Works, Power and Housing, Babatunde Fashola and the Acting Chairman of the Nigerian Electricity Regulatory Commission (NERC), Dr. Anthony Akah, said the increment had become irreversible. Fashola and Akah, who spoke at the opening of a two-day public hearing on a motion, "Electricity Tariff Hike in Nigeria," organised by the Senate Joint Committee on Labour and Power, explained that the commission was constrained by the Act es-

tablishing it from reversing the new tariff. The Senate had, after debating the motion in February, which was moved by the Chairman, Senate Committee on Labour, Employment and Productivity, Senator Suleiman Nazif, mandated the Joint Committee to investigate the circumstances leading to the hike. The Senate also mandated the regulatory commission to reverse the tariff pending the outcome of the public hearing, a directive that was never honoured by the NERC. Explaining his refusal to comply with the directive, the NERC boss told the joint committee that obeying such directive would have created series of avoidable setbacks in the sector.

According to him, reversing the hike would have created a market gap of about N575 billion, which would have compounded the initial market gap of N187 billion the takeoff tariff slammed on investors. Moreover, he noted that six generating companies (GENCOs), had before the Senate's resolution, taken NERC to court over the tariff hike and that they could not do final order on reversal of the tariff since the process that led to it was in compliance with section 76 (8) of the Act guiding the

7.89m

The number of fixed-telephone subscriptions of Argentina in 2000. Source: Itu.int

operations of the commission. Fashola, however, supported the submissions of the NERC acting chairman, saying that the sector needed the market reflective tariff to survive. He said lots of indices led to the hike, like borrowing rate for investors, exchange rate availability and cost of gas, among others. "One of the reasons why the tariff has to go up was that a major component, a significant number of our power plant depends on gas; out of about 26 power plants that we have, only about three are hydro. "We were heavily dependent on gas, people were exporting gas because gas was selling outside the country at $4 and it was selling for domestic use

L-R: Deputy Senate President, Sen. Ike Ekweremadu; Leader of the United Kingdom (UK) Parliamentary delegation, Kate Osamor MP; Senate President, Dr. Bukola Saraki and Dawn Butler MP, during a courtesy visit to Saraki in Abuja… yesterday.

Reps defy criticism, amend FG condemns workers’protest to oust perm sec CCB, CCT Act Philip Nyam Abuja

n spite of the public outcry that trailed attempts by the Senate to amend the Code of Conduct Bureau (CCB) and the Code of Conduct Tribunal (CCT) Act, the House of Representatives yesterday unanimously passed the amendment. Recall that the Senate was on April 20, 2016, forced to withdraw its proposed amendment to CCB and CCT Act, following stiff opposition from various groups alleging that it was ill-timed because of the ongoing trial of Senate President, Dr. Bukola Saraki at the CCT. In the 12 amendments made to the principal Act, the lawmakers amended section 4 (2) by transferring the powers to appoint the chairman and members of the tribunal from the President to the National Assembly. The House also transferred the powers of the President to the National Assembly by amending

sections 18 (1) and (2). Section 2 says 'the National Assembly may by order confer on the Bureau such additional powers as may appear to it to be necessary to enable it to discharge more effectively the functions conferred upon it under this Act." The lawmakers equally altered section 3 of the principal Act by adding (e) making it mandatory for the CCB to notify a suspected offender to respond to queries on his declaration before referring such matter to the CCT.

Ebere Ameh

ead of the Civil Service of the Federation, Mrs. Winifred Oyo-Ita, yesterday condemned the public agitation by workers led by their union leaders in the Federal Ministry of Health, seeking for the redeployment of the Permanent Secretary, Dr. Amina Shamaki. According to a statement from her office, Oyo-Ita made this known in Abuja, yesterday, when she called on federal public servants in the country to always adopt the right at-

FRSC raises the alarm as 79 die on Okene-Lokoja-Gegu road T he Federal Road Safety Corps (FRSC) yesterday raised the alarm over the high accident rate on the OkeneLokoja-Koton Karfe-Gegu corridor, which claimed 79 lives in the last five months. According to the News Agency of Nigeria (NAN), FRSC Zonal Command Officer, Mr. John Meheux, who raised the

alarm at the launching of a special intervention patrol along the corridor, said 95 accidents were recorded along the corridor within the same period. He said 789 people were involved in the accidents, out of which 399 sustained varying degrees of injury. Meheux, who is in charge of Ekiti, Kwara and Kogi States, stressed

titude in trying to resolve issues rather than resorting to self-help or public protest in the face of prevailing challenges. The Head of Service said the present administration has workers in mind and that is why her office has constituted a joint committee comprising both the union leaders in the ministry and other government officials to see how best the issue could be resolved. She wondered why the workers and their union leaders could not give the committee the opportunity to complete its assignment.

the need to check the trend. He explained that the decision to introduce a special intervention patrol was to reduce the carnage, adding that the road was the second in the country to be accorded such attention. According to him, the intervention will help to reverse the trend and bring sanity to that corridor which serves as a gateway to 26 states and the Federal Capital Territory.

at $1.30. Government reviewed that price to $3.30 and it is the primary component for manufacturing. Power has come up; it should make sense unless government decides to subsidise it," he said. According to the Minister, even with the recent hike in electricity tariff, Nigeria still ranks among countries with low tariffs in Africa and by extension,

the world. He told the lawmakers that since 2005, when power privatisation process started till 2013, when the major generating (GENCOs) and Distribution (DISCOs) were handed over to investors, every segment of government was involved, and that if there was any failure now, it should be for all and not a particular group.

New arthritis treatment to save millions from pain Appolonia Adeyemi

n order to tackle pain in millions of people suffering arthritis, scientists yesterday said a new treatment involving the injections of fat into the joints, may be the way out. According to a report on mailonline, injecting fat into the joints has been shown to reduce the pain of arthritis. Findings from the trial study would be reported in the ‘British Medical Journal’ in December, the mailonline stated. In the groundbreaking trial, the jabs are being given to 100 patients with moderate to severe knee osteoarthritis. Arthritis is a form of joint disorder that involves inflammation in one or more joints. There are over 100 different forms of arthritis and the most common one is osteoarthritis (degenerative joint disease), a result of trauma to the joint, infection of the joint, or age. The major complaint by individuals who have arthritis is joint pain which is often constant, and may be localised to the joint affected. The pain from arthritis is from inflammation around the joint, damage to the joint from disease, daily wear and tear of the joint, muscle strains caused by forceful move-

ments against stiff and painful joints, and from fatigue. Available treatment options are limited, typically focusing on pain relief and improving the movement of the joint, and in severe cases, joint-replacement surgery. The new treatment option would be beneficial for Nigerians suffering the condition. The treatment, the fat injection, provides lubrication inside the joint to improve function and reduce the pain and stiffness. The small amount of donor fat is taken from the patient’s own body, selected according to their own wishes and fat availability, with the entire procedure performed as daycare surgery under local anaesthetic and sedation. During the surgery, the fat is obtained and prepared, then injected into the joint cavity of the osteoarthritic knee. Patients are discharged soon afterwards with antibiotics and painkillers, then followed up. The study was carried out at the King Abdulaziz University Hospital in Saudi Arabia and the lead researcher said: ‘Like a car gearbox, joints work best when they have good levels of lubrication, and it is normally provided by synovial, a thick gel-like material.

Kaduna: Gunmen kill 2 in Jema'a

o fewer than two persons have been killed in an attack by suspected herdsmen in the early hours of yesterday at Ninte village in Jema'a Local Government Area of Kaduna State. The Chairman, Interim Management Committee of the council, Mr Bege Katukah, told newsmen that two persons lost their lives while properties, including houses were burnt during the attack. Katukah said although most of the villagers had deserted the village to neighbouring Zankan village for safety, security personnel had been

deployed and the affected area combed. He assured the people that government would not relent in its effort toward combating such ugly acts, adding ``we will ensure that lives and property are secured as it is government's primary responsibility". The chairman urged youths in the area not to take laws into their hands and condemned any form of reprisal attack. Meanwhile, NAN reports that the villagers, including women and children in their numbers could be sighted leaving to neighbouring villages.

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

METRO

ABIODUN BELLO

...CRIME, CITY WATCH, COURTS

abiodun.bello@newtelegraphonline.com 08023938212

Teenage girl poses as Wizkid, defrauds victims of N10.4m

Juliana Francis and Dare Akinwoye

agos State Commissioner of Police, Mr. Fatai Owoseni, yesterday said a 19-year-old girl, who, for long, had been posing as Music star, Ayodeji Ibrahim Balogun fondly called Wizkid, on social media, had been arrested. The teenager, whose name the commissioner did not mention, was said to have duped many people, including students of the University of Lagos (UNILAG), before she was arrested. Among her victims were also two people living overseas. The money was over $53,000, equivalent of about N10.4 million. One of the victims was defrauded of $49,000, while she milked the second victim of $12,000. According to Owoseni, the suspect, who is a student of one of the universities in the country, was arrested after Wizkid reported the case to the police command, complaining that someone was impersonating him and collecting money for shows. The suspect opened a Facebook account in Wizkid’s name and displayed

the star’s picture. She started chatting with friends on Facebook, pretending to be Wizkid. Owoseni said that under this guise, the lady had defrauded a lot of people. When people started accusing Wizkid of collecting money for shows and not turning up to fulfil his part of the bargain, he reported the matter to the commissioner. Owoseni said the suspect was arrested through investigation. He warned members of the public to be alert to the activities of fraudsters. He said: “A lady was arrested for defrauding people on Facebook. She was posing as Wizkid. She was arrested yesterday. The lady duped two people. The two victims are outside Nigeria. Members of the public should be very careful on sending money to people they met online. The lady collected money from people in the United States and they thought they were paying money to Wizkid to come and perform. They did not know they were dealing with fraudsters. Nigerians should warn friends and relatives overseas to be careful in sending money to anyone, especially someone they did not know or have not seen.”

Wizkid

Four stowaways arrested on Malaysia-bound ship Juliana Francis

aritime Police Command yesterday said it had arrested four Nigerians, who smuggled themselves into a Malaysia-bound cargo vessel. The stowaways are Ahmed Azeez (24), Tunde Yagba (33), Ajose Kehinde (33) and Adewale Sunday (25). It was learnt that Sunday has been admitted into an undisclosed hospital because of an ulcerous wound. The Assistant Inspector-General of Police (AIG), Maritime Police Command, Muhammed Katsina, said upon interrogation, it was discovered that the particular route the suspects took was an easy corridor for human trafficking, drug peddling, gunrunning, piracy, smuggling and hostage taking. He said: “From the account of the suspects, this had been a recurring phenomenon in the maritime environment as most of them claimed to have previously gone through this process to South Africa, Spain and Canada only to be deported. “We will redesign the methodology of our operation by seating with the Nigerian Navy, Nigeria Immigration Service

The stowaways

(NIS) and other sister agencies to cover the maritime environment. So that whenever they want to use this corridor to commit crime, they will be arrested and prosecuted within the ambits of the law.” One of the suspects, Azeez, said: “I had no option but to travel out of the country since I could not make it in Nigeria. I did not want to steal so I decided to travel. Although I was in South Africa before I was deported, I decided to try France after some of my friends who had earlier gone

to France called me to come over. We did not steal the boat. We paid a fisherman N500 to ferry us across to the vessel.” The mastermind of the group, Kehinde, said that in 2009, he travelled to Brazil but was later deported. He said he called the other three to join him. Yagba said: “It was Ajose (Kehinde) that called us together. I told my family, but they told me to desist. Since I had nothing doing, I decided to follow my friends.” But Katsina said it was a case of self-

human trafficking of four young Nigerians. He said: “They conspired with a criminal motive to travel out of the country without proper documentation. The suspects are all indigenes of Snake Island village behind Tincan Island Port, Lagos. They stole a canoe under the cover of darkness and paddled to a Malaysianbound cargo ship MV Maersk Casablanca. “The vessel was berthed at Tincan Island Port. They trespassed into the vessel. They dived into the water and sneaked through the propeller into the manhole, where they hid themselves in a small compartment. “Exactly 23 hours after the ship had sailed, my intelligence group from the Amphibious Ambush Squad (AAS), alerted me of the presence of some strange elements in the vessel. We quickly alerted our operatives at Onne Port, in collaboration with the men of the Nigerian Immigration Service (NIS) who played a commendable role and they were found and arrested. One of them (Adewale) was bleeding profusely as a result of injury he sustained in the process while sneaking into the vessel.”

METRO

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

How we stabbed, raped, robbed lady –Friends Dare Akinwoye and Emmanuel Uti

wo friends, Richard Orji and Desmond Pedro, have revealed how they stabbed, raped and robbed a lady at the Ajah area of Lagos State. Addressing journalists yesterday, the Lagos State Commissioner of Police, Mr. Fatai Owoseni, described as shocking, the manner in which the two men carried out their robbery operation and attack on the lady. The police boss said the suspects, graduates of Delta State and Gateway Polytechnic, stabbed the lady while attempting to rob her. And while she was writhing in pain and all bloodied up, they each raped her twice and later robbed her. “The lady was stabbed by the suspects and after that, they still went ahead to rape her. The suspects had been arrested. We have positive evidence against them and they have also confessed to the crime. They will soon be charged to court. The victim is doing well,” Owoseni said.

Orji and Pedro Photo: Ikudaisi Quadri

The commissioner explained that the suspects were arrested while attempting to sell some of the valuables carted away from the lady’s apartment. Orji, 25, said he graduated in 2012. He said he and Pedro had been friends

for over eight years. Orji said: “We carried out this operation on our way to visit a friend. We were just strolling when we noticed a particular building. The house did not have burglar proof. We decided to enter

My wife bewitched me, says man who killed lover Biodun Oyeleye Ilorin

36-year-old Mathematics teacher with Landmark Secondary School, Omu-Aran, David Ogundele, who reportedly killed his girlfriend, Tosin Ashinwo and stabbed her mother, yesterday blamed it on a spell allegedly cast on him by his wife. Ogundele, who was paraded yesterday by the police in Ilorin, Kwara State, told journalists that earlier stories about the incident which claimed he was frustrated because the deceased spurned his marriage proposal were mere fallacies. He said the entire incident happened “in a flash”. According to him, he only came back to his senses after the deed had been done. The suspect explained that he went into the relationship with Ashinwo because his marriage of seven years had not produced any child.

Ogundele

He said: “I was bewitched. It was a spell. I acted according to the dictates of the spell. We were lovers, I met her in November last year and things had been going on very well between us. “Talks that she refused my proposal were mere rumours and mere fallacies.

The truth is that we were friends. I loved her and she loved me in return. But my wife, we have been married now for close to seven years with no issue. After seeing me with her, you know people can cook up anything, they went to tell her stories and that made her to be-

come angry and infuriated. “She told me that I would see something; that she would use everything she had as a woman to deal with me. And lo and behold, a week after that this dastardly incident happened. That is all. People can say anything. I am not blaming her. She said it and it happened. “After the incident a scale fell of my eyes and I became myself again. The thing was somehow. Both the lady and her mother were together in the house. The woman even called me that when she was coming from Lagos and I was also talking with her. We were very cordial. “When I got there, the woman told me she was very happy to see me and then the whole thing started suddenly. It was like a flash and before I knew it I had stabbed both of them.” The state Commissioner of Police, Samuel Okaula, said Ogundele was arrested at Oba-Ile in Osun State.

through the kitchen window. “We met a lady inside the house. That was how we started our operation. We collected some items from her, including her Black Berry Bold 5, E5 Samsung and Ipad. We also went away with N5,000. While we were on the operation, we stabbed her for shouting. I was the one who stabbed her. After I stabbed her, I and Desmond (Pedro) seized the opportunity to rape her; we both raped her twice.” Pedro, 24, said he was outside, monitoring passers-by when he heard the victim shouting. He said he ran into the apartment and found her with a stab wound on her arm. Pedro said: “We sold her phones to an engineer, who displayed it on his show glass. Unfortunately, the victim and her friends were going out one day when they saw her phones on display. She ran to the engineer and asked him where he got the phones. The engineer said two guys sold them to him some days ago. She reported the matter to the police. We were arrested.”

Man jailed for threatening ex-commissioner Dominic Adewole ASABA

Magistrates’ Court sitting in Warri, Delta State, has sentenced a 32-yearold man, Oghenekevwe Atumu, to seven and half years imprisonment for attempting to kidnap and dupe a former Commissioner, Chief Love Ojakovo, of N13 million via text messages. Between May 2 and 21, 2013, the convict threatened to kidnap and kill the former commissioner, should he fail to release the money to him within a stipulated time. Atumu, a cousin to the wife of the former commissioner, who is said to be jobless but claimed to be working with a Port Harcourt-based oil servicing company, was allegedly rusticated from the state-owned University (DELSU), Abraka, for cultism. Ojakovo, the former commissioner for Finance in the administration of former Governor James Ibori, reported receiving several threat text messages from a particular Glo line, demanding N13 million, to law enforcement agents but little did he know that it was his wife’s cousin until it was uncovered by operatives of the Department of State Services (DSS). After Atumu’s arrest, he made confessional statement, admitting to the crime but pleaded not guilty to the three-count charge when he was arraigned.

City Briefs

Ogun confirms Olota’s death Kunle Olayeni Abeokuta

gun State government yesterday announced the demise of a first class traditional ruler and Olota of Ota, Oba Moshood Alani Oyede. Oyede died last week at the age of 73 at the University Teaching Hospital (UCH), Ibadan, following a protracted illness. The late monarch, who retired as a school principal before ascending the throne of his forebears, was said to have reigned for 19 years. For about a week now, there has been anxiety in Ota and its environs over the health status of Oyede but no official con-

firmation about his death. But the Commissioner for Information and Strategy, Otunba Dayo Adeneye, said in a statement yesterday that the monarch would be sorely missed. He said: “The Ogun State government hereby announces the demise of His Royal Highness Alayeluwa Oba Moshood Adetoro Alani Oyede, the Olota of Ota. “Baba, in his life time, was an educationist… who worked tirelessly for the development of Ota in particular and Ogun State in general. “He will be sorely missed for his fatherly role and wise counsel. May God grant the royal family, the Olota-in-Council and his subjects the fortitude to bear the irreparable loss.”

Court adjourns Ejigbo torture trial till June 16 John Chikezie

n Ikeja High Court fixed June 16 for the prosecution in the trial of 10 persons accused of assaulting two women and a minor at the Oba Morufu International Market, Ejigbo to present its final witness. Those standing trial for the alleged torture are the market leader, Isiaka Waidi (61), Buhari Yusuf (22), Abdullahi Haruna (20), Saheed Adisa (29), Lateef Tijani (37) and Ahmed Adisa (65). Others are Azeez Akinosun (36), Jimoh Busari (50), Adekunle Adenuga (38) and Oloruntoyin Dauda (46), the woman leader of the market. They are facing a 19-count charge

bordering on conspiracy, attempted murder, sexual assault, maliciously administering poison, obtaining money by false pretenses and deprivation of liberty. The defendants, who are alleged by the prosecution to be members of the Oodua Peoples Congress (OPC), had allegedly tortured with pepper Mrs. Ajoke Agomo, her daughter, Nike Salami, and her stepdaughter, Juliana Agomo, over allegations of pepper theft. The prosecution led by the Director of Public Prosecution (DPP), Mrs. Idowu Alakija, told the court that the prosecution was closing its case against the defendants and had only one witness left to give evidence.

NEWS | national

wednesday, june 1, 2016 NEW TELEGRAPH

National Assembly begins forensic audit of NDDC Philip Nyam ABUJA

he National Assembly has commissioned a number of consultants to carry out forensic audit of the Niger Delta Development Commission (NDDC) accounts and projects. Chairman, Senate Committee on Niger Delta Affairs, Senator Peter Nwaboshi disclosed this at the continuation of a public hearing on remittance of three percent gross earnings of oil companies operating in the region. Nwaboshi said the disclosure became necessary as a result of the revelation by Oriental Energy Resources Ltd that it made several attempts to reconcile its accounts with NDDC to no avail. The oil company told the Senate joint committee and the House on NDDC that haven taken over the operational obligations of its parent company, Oriental paid $18m to NDDC in 2014 but could not remit

$1m dues to it because the Commission was not cooperative. The company's representative said despite several letters and reminders sent to the Commission for account reconciliation meeting and payment since December 2015, there was no response from the Commission till date. The company said rather than send a verifiable account number or Treasury Single Account (TSA), NDDC sent a private account number that it was not comfortable with. "We are appealing to the Committees to assist us by urging NDDC to meet with us because we are aware of what the law says about this matter," the company's representative pleaded. The joint Committee however expressed disappointment that it was turned to debt collector while in actual sense, it was the Commission that was failing in its responsibility of collecting the dues. "It seems NDDC is satisfied with what it has. It is

UI closure: ASUU threatens show down over unpaid salaries Sola Adeyemo IBADAN

ive weeks after students of the University of Ibadan were sent home following protests against lack of water and power, the crisis in the Premier University appeared complicated yesterday as the Academic Staff Union of Universities (ASUU) also threatened a show-down with the institution's authority following its inability

to pay their salaries in full since January 2016. While they have vowed not to receive any 'nonsense' salary again from the University, the Vice Chancellor, Professor Idowu Olayinka has also painted a gloomy picture, saying that the Federal allocation being received now could not take care of the staff's demands, translating to hopelessness in many parents who had thought that their wards would soon resume for their studies.

Dangote hosts Borno gov over IDPs' welfare

he President, Dangote Group, Alhaji Aliko Dangote on Tuesday hosted Borno State Governor, Kashim Shettima in Lagos with their discussion focusing on rehabilitation of internally displaced persons and reconstruction works in the areas of education and healthcare. The Dangote Foundation, which is a charity wing funded by the Alhaji Dangote was the platform of the two hours meeting held at the Dangote corporate headquarters in Falomo,Ikoyi, Lagos. At the meeting, Dangote's team gave updates on delivery of food items for internally displaced persons in Borno during the Ramadan starting next, which is aimed at fulfilling pledge made by

Dangote when he visited Maiduguri three weeks ago. He assured that trucks of food items are on their way to Borno. Dangote also said he was having another meeting with Governor Shettima to draw an action plan for specific interventions in reconstructions centered on schools and hospitals. The richest African also promised to attract some International support for Borno State. Governor Shettima had earlier said his mission was to thank Dangote and members of his team for their generosity towards Borno especially recalling that a figure of N2b donated by Dangote to Borno State during his visit to Maiduguri.

sad though, that it gave us the impression that they (oil companies) don't want to pay and want us to collect the debts for it. "It is however strange that NDDC is taking this stance concerning its dues, but it is typical of NDDC because they have a lot of liabilities which they don't care about," Nwaboshi said. Majority of the joint committee members insisted that a forensic audit of NDDC's accounts and projects has become necessary, adding that the Oriental revelation means that there is more going on at the Commission.

"Why would someone want to pay you and you refused; there must be more to it. We cannot be turned to debt collectors because the impression was that the oil companies are difficult and not willing to pay, but today we see something else. "Someone wants to pay but NDDC don't want to take. If NDDC is not exempted from TSA then it has questions to answer," a member said. At this point, the Chairman disclosed that an audit is underway already with a consortium of consultant commissioned by the Senate.

CONFIRMATION/change OF NAME OKECHUKWU: I, formerly known and addressed as Miss Rita Bisong Eley, now wish to be known and addressed as Mrs. Rita Okechukwu Eley. All former documents remain valid. General public take note.

Ifemade

TAFIDA

This is to confirm that the names Abiola Mutiat Yusuf and Abiola Mutiat Obinna refer to one same person. That henceforth I now wish to be known and addressed as Abiola Mutiat Ifemade. All former documents remain valid. General public note.

I, formerly known and addressed as Mudi Mohammed now wish to be known and addressed as Abdullahi Aliyu Tafida. All former documents remain valid. General public take note.

ALPHONSIUS

NANADEISGHA

I, formerly known and addressed as Jacob Alphonsius Sakas now wish to be known and addressed as Jacob Alphonsius. All former documents remain valid. General public take note.

Nwafor

I, formerly known and addressed as Nwafor Chikaodiri Constance now wish to be known and addressed as Nwafor Chikaodinaka Constance. All former documents remain valid, general public take note.

Yussuff

I, formerly known and addressed as Miss Ogunbowale Shade Temitope now wish to be known and addressed as Miss Yussuff Shade Misarat. All former documents remain valid, general public take note.

Ezechi

I, formerly known and addressed as Miss Aruya Joy Igheren now wish to be known and addressed as Mrs. Ezechi Joy Igheren. All former documents remain valid. General public note.

Atu

I formerly known and addressed as Lazarus Akpoboloukiemi now wish to be known and addressed as Saka Atu. All former documents remain valid. General public should take note.

Godwin

This is to confirm that Sam Markson Pereye Godwin is the same person as Sam Markson Godwin and Sam Markson Pereye with which my First bank/BVN was registered. That henceforth I now wish to be known and addressed as Sam Markson Pereye Godwin. All former documents remain valid. First bank Plc, UBA bank Plc and general public take note.

Titus

I, formerly known and addressed as Apreala Dickson now wish to be known and addressed as Apreala Titus. All former documents remain valid. General public should take note.

Ukwu

This is to confirm that the names Ukwu Lucky Chima and Ukwu Lucky Chinyere Chima refer to one same person. That henceforth I now wish to be known and addressed as Ukwu Lucky Chima. All former documents remain valid. First bank Plc, UBA bank Plc, Union bank Plc, Diamond bank Plc and the general public should take note.

I, formerly known and addressed as Edema Frank now wish to be known and addressed as Nanadeisgha Japhet. All former documents remain valid. General public take note.

Adeola

I, formerly known and addressed as Lamidi Nafisat Tonto now wish to be known and addressed as Lamidi Nofisat Adeola. All former documents remain valid, general public take note.

Sulaimon

This is to notify that the names Sulaimon Abdulrasaq Kayode and Sulaimon Abdrasaq Kayode refer to one and same person. That henceforth I now wish to be known and addressed as Sulaimon Abdulrasaq Kayode. All former documents remain valid. The general public should please take note.

Mendie

I, formerly known and addressed as Ezekiel Micheal Ime now wish to be known and addressed as Mark Namso Mendie. All former documents remain valid. The general public should please take note.

Ogonna

This is to notify the general public that my correct name is Iregbu Sunday Ogbonna and not Iregbu Sunday Ogonna as wrongly written in my voters’ card by the INEC. All former documents remain valid. F.C.M.B and the general public should take note.

Bratovie

I formerly known and addressed as Akali Bratovie now wish to be known and addressed as Akali Benita Bratovie. All former documents remain valid. GTBank Plc, Ecobank Plc and the general public should please take note.

Nanakumo

I, formerly known and addressed as Ude Ebi and Udeh Ebi now wish to be known and addressed as Udeh Nanakumo. All former documents remain valid. First bank Plc, Ecobank Plc, GTB Plc and the general public should please take note.

Motunrayo

I, formerly known and addressed as Akibu Busari Moyunsayo now wish to be known and addressed as Akibu Busari Motunrayo. All former documents remain valid. The general public should please take note.

INEC sets timetable for suspended polls Onyekachi Eze ABUJA

he Independent National Electoral Commission (INEC) said all suspended rerun elections would be concluded by July 31 if it is satisfied that the environment is conducive for the conduct of free and fair elections. The commission had suspended re-run elections in Rivers, Imo, Kogi and Kano States, citing security threats and violence. But in a statement on Tuesday, INEC director in charge of Voter Education and Publicity (VEP), Oluwole Osaze-Uzzi said it would fix the dates for the elections after consultations with political parties and their candidates. "The Commission has received several submissions from political parties, candidates and interest groups,

and has had preliminary consultations with security agencies on the way forward. "Having considered all these, and after its own preliminary investigations, the commission has identified the need for more structured stakeholders’ engagement by it and the security agencies, especially with key players in the affected states and the need for the active involvement of organisations and groups with expertise in peace building and conflict management and resolution. "Following these engagements and security assessment reports from the affected areas, the commission shall, in consultation with all political parties and candidates, fix dates for the elections, if satisfied that the environment is conducive to the conduct of free, fair and credible elections," INEC stated.

PUBLIC NOTICE

CHILDHOOD EDUCATION AND HEALTH EMPOWERMENT FOUNDATION (CEHEF)

The general public is hereby notified that the above name NGO has applied to the Corporate Affairs Commission (CAC) Abuja for registration under Part C of the Companies and Allied Matters Act 1990. The Trustees are: 1. Engr. Sunday Akanni Alade 2. Alhaji Yekini Jokodolu Raji 3. David Oluwasegun Oriyomi 4. Mr. Sullayman Bamidele Emiade 5. Shamsideen Olaleye Esq 6. Mr. Samuel Olajide Aro 7. Rev. Samuel Oluwole Taiwo Olowo AIMS AND OBJECTIVES 1. To mobilize supports for the motivation of childhood education as a secure of viable, healthy national growth and development. 2. To work towards complete positive parenting of the children. Any objection to the registration should be forwarded to the RegistrarGeneral, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. SIGNED: Engr. Sunday Akanni Alade

PUBLIC NOTICE

INTERNATIONAL COMMONWEALTH MINISTRY

The general public is hereby notified that the above named organization has applied to the Corporate Affairs Commission, Abuja for registration under part C of the Companies and Allied Matters Act 1990. The Trustees are: 1. Rev. Dr Martins Iwuanyanwu 2. Agoziem Obioma Evelyn 3. Okafor Emeka AIMS AND OBJECTIVES 1. To share the gospel of Jesus Christ to a world lost in sin 2. To edify Christians through the teaching of God's word 3. To engage in religious, educational, charitable and benevolent works 4. To equip and enable Christians to Minister to the world. Any objection to the registration should be forwarded to the RegistrarGeneral, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. SIGNED: IHEME CHARLES ESQ – SECRETARY

PUBLIC NOTICE

BEULAH CHARITY INT'L ORGANISATION No. 1, Godswealth Avenue, Odogede Quarters, Igede Ekiti

The general public is hereby notified that the above named organisation has applied to the Corporate Affairs Commission (CAC), Abuja for registration under Part 'C' of the Companies and Allied Matters Act, 1990. The Trustees are: 1. Lady Evang. Florence Bamidele Akinbode 2. Otunba Akinbode Babajide Olufemi Michael. 3. Mrs. Afolasade Abidemi Ogunlusi. 4. Mr Yemi Olowosile. 5. Barr. Tunde Olaolorun AIMS AND OBJECTIVES 1. To reduce to the minimum all sorts of unproductive habits such as drug addiction, cultism, armed robbery, premature drop out of school, teenage pregnancy and other social vices among adults , children teenagers and youth. 2. To help prevent the spread of HIV/AIDS among adults, children, teenagers and youth. To help the disadvantaged adults, children and youth out of their economic and financial difficulties. 3. To empower widows , orphans, the disables and other less privilege persons. 4. To create awareness among parents with regards to their duties towards their children and ward. 5. To assist people to engage in productive ventures to supports their family so as to reduce illiteracy, poverty and ignorance through education. Any objection to the registration should be forwarded to the Registrar-General, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. SIGNED: TRUSTEES

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Waivers Senate uncovers N447bn fraud

Politics Before now, the word ‘faction’ is synonymous with politics. But like a wild fire, it is gradually spreading to other units in the polity. In this report, WALE ELEGBEDE examines how unbridled ambition is making some political parties, trade unions, associations, and others go the way of faction

Interview Some ministers not qualified to be in Buhari's govt – Junaid Mohammed

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

A season of factions

the liberty to put the party’s National Secretariat (Wadata plaza), under lock and key. On other side of the book, the PDP is not the only entity where the knock-down of interests is currently dividing. While some organizations prefer to seek legal redress over the composition of their leadership structure, others prefer to go the PDP way of factionalisation.

ccording to Oxford Dictionary, a faction is a small organised dissenting group within a larger one, especially in politics. In Nigeria, the term, faction, is not strange to politicians especially when they are in the heat of competing ambition. For all that counts, politicians, consider factionalisation as the endgame to their unrecognized interest. But whether forming a parallel control unit is the only option at that their disposal is a different kettle of fish. Although having a dissent voice in matters of politics is not new to the polity but the dimension at which the fiber of ginger groups is resonating beyond politics to other facets of leadership is getting worrisome. Many Nigerians are fast developing the tendency for factions in almost every sphere. Interestingly, dissenting groups in some instances get corresponding recognition than the larger, recognise groups. This trend appears to be shoving aside the popular dictum, ‘united we stand, divided we fall’. Taking a glance backward, the First Republic had history of factionalisation in the Western Region from 1963 to 1966. The ugly occurrence which led to the ‘Operation Wete’ mayhem, eventually consumed the Action Group (AG)led Western Region. The gladiators in the uproar then include late Chief Obafemi Awolowo, Sir Ladoke Akintola, among others. The thread of factionalisation still had its bite in the Second

Sheriff

Republic as the Unity Party of Nigeria (UPN), narrowly lost the then Ondo State owing to factional struggles between the then governor, Chief Michael Ajasin and Chief Akin Omoboriowo. Still in the Second Republic, the Great Nigeria Peoples Party (GNPP), founded by late Ibrahim Waziri, had its fair share of factional politics. The serious bickering within the party led to a split that put Waziri on one side and Shettima Mustapha on the other side. The tussle degenerated to a point where members of the party had to defect to other parties. In fact, it was a judicial pronouncement from the Supreme Court that resolved issues around the party. But by then, the deed had been done, the party was already fragmented. In the heat of the 2003 general elections, the Alliance for Democracy which had the South-West in its grip in the previous election, crashed due to the crisis of faction in the party between Senator Mojisola Akinfenwa and Chief Bisi Akande. PDP For the Peoples Democratic Party (PDP), factionalisation is not a strange occurrence to the party especially at the latter end of its 16 year rule, and of course after it relinquished power for the All Progressives Congress (APC). The fond memory of what came to be known as the “New PDP” is still active in the minds of many Nigerians. In 2014, eight governors, including former Vice-President Atiku Abubakar, walked out

Makarfi

A salient fact about factionalisation is that it is rooted in ambition

of the party’s special convention at the Eagle Square, Abuja, to hold its mini-convention where it elected Alhaji Abubakar Baraje from Kwara State as its new chairman. The factionalisation, which eventually became the bedrock of PDP’s grace to grass story, eventually pushed five governors and the former vice president to the warm embrace of the APC. Currently, the PDP, which is now opposition party, is enmeshed in another factionalisation intrigue. Upon the outcome of its aborted National Convention of May 21, the once powerful and “largest political party in Africa”, turned into shreds as parallel leaderships emerged. The leadership of a former governor of Borno State, Senator Modu Sherrif, was terminated by the governors of the PDP and they set up a caretaker committee, headed by former governor of Kaduna state, Senator Ahmed Makarfi, to conduct election for the party in the next three months. Not ready to take the bitter pill from both the PDP governors and members of the Concerned Peoples Democratic Party Forum led by a former Minister of Information and the secretary of the BoT, Prof. Jerry Gana, who had threatened to factionalise the party, Sheriff approached the Federal High Court in Lagos and the court affirmed him as the chairman. Interestingly, another Federal High Court in Port Harcourt, Rivers State, gave Makarfi the nod to lead the party. Thus, the two contradictory rulings put the party in a state of disharmony that gave the police

NLC Founded in 1978, the Nigeria Labour Congress (NLC), the workers’ union became factionalised at the end of its delegates conference in Abuja in 2015. The spilt in the movement occurred on disagreement over the results of elections into the leadership positions of the Congress. The emergence of Ayuba Wabba (the President of the Medical and Health Workers' Union of Nigeria) was disputed by Joe Ajaero, his opponent and the General Secretary of the Nigerian Union of Electricity Employees. A subsequent factional National Delegates' Conference by the Joe Ajaero-led faction in Lagos led to emergence of Joe Ajaero as the President, and IssaAremu (General Secretary, Nigerian Union of Textile and Garment Workers) . Not satisfied with the prefix, factional, before his position, the Wabba-led faction dragged the Ajaero-led faction to the National Industrial Court over the contentious elections that ushered in his leadership and Court urged the parties to settle or it may invoke the provision of the constitution of the union for the appointment of Sole Administrator where there is disunity in the Congress. With a looming threat of imposition of a Sole Administrator, a reconciliatory meeting, reportedly chaired by Governor Adams Oshiomole, a former president of the NLC, is said to be on the card. A manifestation of a divided, fractured labour movement was seen when the government removed subsidy on fuel. While the Wabba faction was pushing for a nationwide strike, the Ajaeroled faction chose not to go to the streets but return to the negotiating table with the government. Worried about the factionalisation of the movement, Rivers State governor, Mr. Nyesom Wike, urged the leadership of the NLC to close ranks and resolve the lingering issue of factionalisation, stating that the dividing line is threatening the cohesion and unity of the labour movement in the country. As Nigerians wait for the reconciliation of the two groups, it is clear that for now, the labour movement cant CONTINUED ON PAGE 18

POLITICS PLATFORM

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Era of looting public funds with impunity over – Ofehe Comrade Sunny Ofehe is the Executive Director of Hope for Niger Delta Campaign (HNDC). In this interview with TEMITOPE OGUNBANKE, he speaks on the Muhammadu Buhari-led administration, anti-corruption war and insecurity, among other issues What is your take on President Muhammadu Buhari’s one year in office? Personally, I think judging an administration’s performance in one year would be unfair, particularly in a country like Nigeria. This administration inherited a government with so much corruption from what we have seen lately. There is evidence of gross mismanagement of public funds and today some people are detention while others have escaped abroad to avoid facing justice. It has been a tough year for everyone in the Diaspora. The businesses we do with Nigeria have been affected because of the fall in currency exchange. There is pressure from family members back home because many of their businesses have grinded to a halt. People in the Diaspora, who run local accounts, have seen the value of the naira dropped drastically but will appeal to the government to take steps to improve this so that we can be saved from the situation. Do you think the All Progressives Congress (APC) government has delivered on its campaign promises? The party, in my opinion has not delivered on its campaign promises except in the area of corruption. However, it is still too early to assess the government. There is no country in the world that can function without a budget. This administration has been functioning under the budgetary allocations of the previous government. The first budget of the administration was finally passed after the first quarter of this year. The capital and recurrent expenditure has missed almost four months. So far virtually all ministries and other government parastatals didn’t have any allocated budget until just recently. This has had devastating effects on the lives of the ordinary Nigerians and business owners. What are the expectations of Nigerians in the Diaspora from Buhari's government and do you think government has met those expectations? A majority of those people who actually supported Buhari are very disappointed right now. Honestly, the high currency exchange between the naira and other foreign currencies has affected everyone in the Diaspora. Most of us in Diaspora are involved in several businesses between Nigeria and our countries of residence, some are here as foreign students and others for medical purposes. All of these purposes rely on the forex as means of financial transactions and the astronomical rise in exchange rates today has affected everyone. The same problems that plagued the previous administration still linger in Buhari’s administration. The power sector situation has not improved as those who supported him here would expect. There is still the problem of fuel scarcity and militancy have resumed in

5 Questions

Ofehe

the Niger Delta region. To many people here the expectations have not been met. Is there any specific thing that Nigerians in the Diaspora think this government has achieved in last one year? The government has been praised for the way it has handled the issue of corruption in the country. There are those who still believe that the government is not respecting court decisions by refusing to release detainees granted bail. But in my opinion, the government must be praised for exposing Nigerians to the level of corruption and mismanagement of public funds by some individuals in the last administration. It is sad to know that public funds appropriated for genuine purposes were shared among political cronies. The revelations so far have exposed the role of not just politicians but also institutions like banks and civil servants. This will surely set a precedence that the day of looting public funds with impunity is over. If you receive government money meant for other purposes today, you may be asked to return it back tomorrow or face jail term. However, in fighting corruption the Buhari government must respect the rule of law and obey court orders. The principle of everyone is innocent until proven guilty must be respected. How would you assess the government in term of international relationship? I have read and seen many people complaining about the many foreign trips of President Buhari since he assumed office. Nigeria is a big and significant player in global politics. Remember that we are currently the largest economy in Africa. Ordinarily, we should pride our country as the most recognised country in the continent. The Western countries fully understand our potential and recognise our leading role in Africa. The only way to firmly position our country in the comity of Nations is to participate and let our voices be heard in international summits. The several trips embarked upon by this administration have improved relationship with several countries and that has opened up bilateral and multilateral cooperation between Nigeria and other countries. In the last one year Nigeria have signed economic pact with China, fight against money laundry with the United Arab Emirates (UAE) and just recently, an agreement on how to repatriate Nigeria stolen funds from foreign banks.

The Senate recently carried out a comprehensive investigation into huge revenue loss incurred by the Federal Government due to waivers, concessions and grants given as incentives to some Nigerian importers by the last administration. CHUKWU DAVID reports on the findings and recommendations of the Upper Chamber, which were adopted last week

Waivers:

he Senate on Tuesday last week, considered and approved the report of its Ad hoc Committee on Import Duty Waivers, Concessions and Grants, on the motion entitled "Indiscriminate use and Abuse of Waivers." The report was the product of the motion moved on the floor of the Senate on July 13, 2015, where the lawmakers expressed concern on the abuse of waivers by the past government, and its negative economic implications on the national treasury, as it was observed that the practice was robbing the Federal Government of much needed revenue. The Ad hoc Committee in its report, revealed that Nigeria lost a whopping sum of N447.45 billion to import duty waivers and concessions carried out by the previous administration under the Peoples Democratic Party (PDP), from the year 2011 to 2015. A breakdown of the figure shows that the sum of N78,489,941,114.74 was lost in 2011; N128,538,453,758.99, in 2012, N46,056,265,355.78, in 2013; N87,654,744,360.22 in 2014 and N106,711,892,098.14 in 2015. The chairman of the investigative committee, Senator Muhammed Aliero, while presenting the report to the Senate in plenary, said that the committee found large scale revenue leakages, which robbed the country of huge sums of money that would have been used for provision of infrastructural needs and social services for the people of Nigeria within the period under review. The committee blamed the indiscriminate abuse of waivers and concessions on lack of synergy among Ministries, Departments and Agencies (MDAs) of government charged with the responsibility of administering import duty waivers, concessions and grants in the last government. Senator Aliero noted that the committee found that the Budget Office used a Presidential Approval from Late President Umaru Yar’Adua to the then Finance Minister, Shamsudeen Usman, to execute the said waivers, concessions and grants to some companies. The report further highlighted that

Aliero

the letter issued in 2008, which gave the then minister the power to grant waivers without recourse to the president, was abused by the agencies that granted the waivers subsequently. The report also mentioned the Federal Ministry of Finance, Nigeria Customs Service, Federal Ministry of Industries, Trade and Investment, Nigeria Promotion Council, Federal Ministry of Agriculture and Rural Development and Federal Inland Revenue Service (FIRS) as agencies responsible for the mismanagement of waivers and concessions in the last administration. Part of the report reads: "Customs duty waivers and concessions have been used by the Budget Office of the Federation to entrench a very destructive patronage system to our economy, whereby very few operators in the economy were singled out for favours resulting to unfair competition in the system." The report noted that a total of 27 companies benefited from the import quota granted to rice importers, with total allocation of 1,434,658 metric tonnes. It also stated that four companies were yet to remit N23.603 billion to the Federal Government being their duties on rice importation they carried out within the period under review. In the sugar sector, the report revealed that an estimated sum of N17.41 billion was lost to waivers, concessions and grants between 2011 and 2012 alone. Similarly, in the automobile sector, the report said that the then Minister of Industries, Trade and Investment, Olusegun Aganga, granted waivers to Coscharis Motors to import 897 vehicles in 2015, while Globe Motors got a waiver to import 714 vehicles in the same year.

CROSSFIRE I was at the Presidential Villa. Went to the President’s table. DSS wouldn’t allow me greet him but let another senator to greet him

-Ben Murray-Bruce

I am disappointed by this comment from a respected colleague. I have on two occasions provided robust defence of Senator Ben Bruce. Not this time! -Sola Adeyeye

POLITICS PLATFORM

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Senate uncovers N447bn fraud

Ndume

Kemi Adeosun, Minister of Finance

The committee, in its recommendations, identified priority areas that government should focus on, recommending that the system be strengthened by reviewing all relevant laws to plug holes of revenue leakages in the country. It also recommended that the Federal Government should restructure and streamline the functions and responsibilities of the Budget Office of the Federation, so as to prevent it from further abuses and excesses in the import duty waivers, concessions and grants. The committee further urged the Federal Government to ensure that in future, government contractors did not enjoy duty waiver benefits. It subsequently recommended that the Federal Government should impose severe sanctions against companies found to have benefited from import duty waivers, concessions and grants, which at the same time engaged in economic sabotage. It said:, "The Federal Government should impose severe sanctions against companies found to have benefited from import duty waivers, concessions and grants,

but at the same time engage in acts of economic sabotage by diverting some vessels to neighboring countries of Benin and Niger Republics for the commodities to be smuggled into Nigeria through land borders." As the Senate examined the report of the committee clause by clause, the Upper Chamber, in adopting the recommendations of the Ad hoc Committee, mandated relevant agencies of government to recover N10.3 billion from six companies that benefited from rice importation quota in 2014. It noted that the six companies did not meet the criteria for granting them the waivers, and therefore should refund whatever benefit they enjoyed from the process. The af fected companies are: Dangote Limited, N1,031,038,848.00; Kersuk Farms, N1,927,800,000.00; Bua Group, N3,704,126,328.00; Elephant Group, N1,501,627,680.00; Golden Penny, N284,602,399.20 and Milan Group, N1,855,263,312.00. The report said: "The Senate urges the Federal Government to direct the agencies charged with the responsibility of col-

lecting revenues to recover all outstanding revenues from companies that abused the waivers and concession before the end of the fiscal year. "Olam International, Stallion Group/Popular Foods, Milan Group be made to pay the import duty demand in the sum of N24.3 billion served on them by Nigeria Customs Service for exceeded quota: failure means sanctions. "The purported transfer of 100,000 metric tonnes of rice by JNI to Elephant Group is illegal therefore the import duty in the sum of N687 million should be recovered from Elephant Group. "The Federal Government should recover the appropriate Import Duty from beneficiaries of the 2014 rice import quota because they did not meet the criteria for granting the waivers." It is imperative however, to note that there have been insinuations that the probe was targeted at former President Goodluck Jonathan's administration since the exercise was confined to his administration alone. But in a swift reaction, the Leader of the Senate, Senator Ali Ndume, who addressed the press shortly after the adoption of the report by the Senate, refuted the insinuation that the probe was targeted at Jonathan. Ndume claimed that the lawmakers were only concerned about what was wrongly done during the period under review and not after the officials who manned affairs of government at the time. He further urged President Muhammadu Buhari to intensify efforts at recovering the huge sums of money lost to abuse of waivers, concessions and grants. The Senate Leader expressed optimism that if the monies were recovered, it would help the government in meeting some financial needs, particularly the infrastructural needs of the country and numerous other social services. Ndume said that the various committees of the Senate, in discharging their oversight functions, would monitor the progress made by the Federal Government in recovering the monies lost to waivers in the past, as this would help boost the nation's revenue profile.

POLITRICKS

Different strokes for governors Hard times for a lawmaker

hile a few governors have projects lined up for commissioning to mark their one year in office, most of the states executives are still crying over split milk on what their predecessors left in the coffers for them. For the likes of Governor Akinwunmi Ambode of Lagos State, yesterday is gone, today has to be productive. With 365 days already gone, and the governors in their second year in office, the clock is ticking fast towards the day of reckoning

for public office holders in the present dispensation. By then, those clapping for their excuses for non-performance will be the same set of people who will champion their removal. As it stands, the governors only have the second year to prove their mettle as the third and fourth year would be characterised by the politics of second term. But for the likes of Ambode, who are doing well, the people are taking notes and will reward them accordingly when the time comes.

he state of the economy is really getting tougher by the day. Apart from the common people and the less privileged who are complaining over high price of products in the market, the rich are also complaining about ‘blockage of resources’ from unusual quarters they have access to in the past. Against this backdrop, Politricks gathered from multiple sources that some politicians and public office holders in their quest to stay afloat having spent so much in the last

general elections, have started cutting cost and reducing expensive lifestyles as a result of the economic reality. Some of those who seem to be ‘broke’ have however resorted to selling their properties or approaching banks for loans to remain relevant politically. A source told Politricks that a serving member of the House of Representatives recently sold one of his properties in a highbrow area in Lagos State. The property sold by the lawmaker is a notable ‘Club House’ in the of Center of Excellence.

POLITICAL NOTES

Defection unlimited D

efection in Nigeria’s politics predates independence. It first crept into the country’s political lexicon in 1951, when some members of the National Council for Nigeria and Cameroon (NCNC) were lobbied to cross over to the Action Group (AG), both defunct, to stop the former from forming the government in the then Western Region. Since then, jumping of ship by politicians have characterised the country’s political landscape. But it has assumed an alarming dimension with the advent of the present dispensation (Fourth Republic) in 1999. Just few months after the 2015 general elections, most chieftains of the Peoples Democratic Party (PDP), which lost power at the centre after 16 years in the saddle have been moving in droves to the ruling All Progressives Congress (APC). These party chieftains, who once called the shots cannot afford to wait and rebuild the self-acclaimed Africa’s largest political party that once had its leadership boasting of ruling Nigeria for 60 years. The list, which keeps growing by the day, has the likes of former governor of old Anambra State, Chief Jim Nwobodo; former Oyo State governor, Adebayo Alao-Akala; former managing director of Niger Delta Development Commisison (NDDC), Chief Timi Alaibe and former Senate Majority Leader, Senator Victor Ndoma-Egba. Others are former National Legal Adviser of the PDP and gubernatorial candidate of the party of the party in the 2012 election in Ondo State, Chief Olusola Oke; Senators Heineken Lokpobiri, John Briambaifa and Fidelis Okoro; former spokesman, House of Representatives, Hon. Eseme Eyibo; former House of Representatives Minority, Hon. Muhammad Kumalia, former governorship aspirant in Kogi State, Jibrin Isah and most recently, former Senate President, Ken Nnamani, among several others While in advanced democracies, reasons adduced by politicians for defection include divergent views on the operations of parties’ philosophy, crisis or division, and party leaders reneging on agreements, the recent defection cases in Nigeria, have been mainly informed by personality clash, power tussle, personal interest and most importantly, the quest to cling to power. Perhaps, to these defectors, politics has no other meaning apart from a game of interest.

FELIX NWANERI

POLITICS \ INTERVIEW

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Some ministers not qualified to be in Buhari's govt – Junaid Mohammed Dr. Junaid Mohammed is among the disappearing breed of radical politicians of Northern extraction, whose politics are rooted in the Talakawa and the political ideology of the late Malam Animu Kano. In this interview with IBRAHEEM MUSA, the Second Republic member of the House of Representatives, speaks on the one year of the Muhammadu Buhari administration, among other issues

You were one of those who advocated for change and supported General Muhammadu Buhari to become president. One year down the road, will you say that your support was misplaced? Certainly not! I believe that when you take a decision to support or not to support certain regimes, it must be based on a rational assessment of the situation that you are confronted with. Nigeria was confronted with an option, either to change the old order or disband as a country. And unfortunately, history has taught us that it is very rare for countries to disband peacefully; which meant that we either had to accept the corrupt and irresponsible government of scoundrels, which we had for 16 years, or we go all out for change. Many people who championed this change wanted a reasonable kind of change where there will be respect for the rule of law. There will be security, a reasonable economic development and harmony amongst the various nationalities in the country. We also wanted a government, which can be believed. When they say they will do something, they do it and when they are unable to do it, they will indicate why they are unable to do it. In a way, we wanted a listening government, a government that will commit to what it says and regard what it says as binding between it and the citizenry. So far, if one is to give an assessment, one must admit that there are a number of positive changes. But that is not enough to say that the change mantra has been realised. In which areas has the government come short of the promised change? Firstly, the security situation is still very dire. Boko Haram is being reined in but the Niger Delta terrorists are rearing up their ugly heads and they are presenting the government with what even Boko

Haram didn’t demand. They are presenting the government with a demarche, an ultimatum and no self-respecting government will take this from a bunch of gangsters who are hired by certain members of the elite. They want to put a gun on our heads and say this is want we want or else…! That is simply unacceptable. So, while we are seeing the beginning of the end of the Boko Haram menace, we are on the way of opening the Niger Delta chapter again. What was done was to cave in, under President Umaru Yar’adua, to the demands of those scoundrels. Now, they are like Oliver Twist, the more you give them, the more they come for more. This is the situation that we are confronted with. Yar’adua is gone and may his soul rest in peace but the consequences of the decisions that he took, is being paid for by another government and this is not fair because one expects him to pay for the consequences of the decisions that he took. In government, you normally inherit the assets and liabilities. This government, with hindsight, has inherited a number of liabilities in the economy and security matters. We, as a people and the government that we freely elected, will have to live with the catastrophe of the global collapse of commodity prices. Ours is a commodities producing nation and one major commodity that we have has been buffeted by falling prices. This is nothing new as such because the global recession started in 2008 but unfortunately, the previous government didn’t take the right steps. All previous governments assumed that oil will be here forever and they did not make efforts to diversify the economy. That bad judgement has come to us and we have to do the much needed diversification of the economy in a hurry. In doing so, there are going to be hard decisions to be taken and

Mohammed

unfortunately, since it affects the lives of a vast majority, we have to do it by carrying people along. Now, this is where I have very, very serious reservations regarding how the government is going about it.

...His only qualification is that his father happens to be a friend of President Buhari

The government seems to be sending conflicting signals regarding how to deal with the Niger Delta insurgency. On the one hand, the Chief of Army Staff has described the Niger Delta Avengers as a gang of criminals. The Minister of Information, on the other hand, said that government will engage them in dialogue. Do you see any duplicity in the two conflicting statements? I wouldn’t call it duplicity as such. I will rather call it complete lack of credibility. When the administration came into being sometime last year, the President and those who claim to be his advisers – a few personal relations, decided that they will take their time in bringing together the cabinet. In my honest view, that was a catastrophic mistake. Government is a very serious business and you have to take decisions on the go. And before you come into government, you should have a certain mindset. What position will be suitable for so and so person? You assess people based on their personal capacities on the whole. But all the same, you have the possibility to consult and hear from the grapevine sometimes, whether those people that you are bringing in are worth their salt or not. This was not done and the im-

pression that one got was that the President could take his time. Was it because of the pressure of people hustling for jobs? Was it because of fear of taking decisions? Or is it the idea that somehow, important policies can wait? Or that we owe some people somewhere, the responsibility to wait till they decide to form a cabinet? I think it was a terrible mistake. Number two, in bringing in people to form a cabinet, you should do it with the possibility of building a team. This is because government entails team work, especially for a government facing a crisis, all hands must be on deck and they have to be sincere. Anybody who believes in miraculous reinvention of government without really working for it is in for a very rude surprise. The constitution has given a window guidance regarding what a president should do when he assumes office. It says that he should appoint not less than 36 ministers and he also has a free hand to appoint up to 15 advisers, I think. Now, if he has a problem agreeing with the party or certain interest groups, then he can delay the appointments. But even then, the delay of two to three months is unacceptable. The thing to do if he had problems was perhaps to have reversed the sequence of appointment. He should have appointed advisers but in doing so, he should have looked into the minds of the framers of the 1979 constitution.

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find out that the difference is clear. What do you mean by the difference is clear, can you expatiate? Some of the people that were appointed from the North-West have never been members of the All Progressives Congress (APC). They are not known for supporting any opposition political parties. Some of them are not even born in the states that they claim to be representing. In my view, that is a gross and egregious blunder. You don’t appoint someone who represents nobody and expect peace. There will be no peace. In the case of Sokoto State, I know Aisha Abubakar, the Minister of State, Trade, Industry and Investment. Her father – Abubakar Alhaji has been my friend, he was one of the outstanding permanent secretaries during the Shehu Shagari administration. You can also mention the daughter of one of our old teachers, Malam Yahaya Hamza from Kaduna State. There is also the young man who is the Minister of Federal Capital Territory. He was never in APC and his only qualification is that his father happens to be a friend of President Buhari. And there are people who claim states for the purposes of career advancement.

They had it in mind that advisers were directly accountable to the president; they don’t run specific departments of government. And they are a source of second opinion for the president. For example, an Eonomic Adviser is supposed to be a counter weight to both the Minister of Finance and the Minister of National Planning and Budget. Also, the Adviser on Budget Affairs is not supposed to be working with the minister. He is supposed to be working directly with the president. You don’t appoint a Presidential Adviser on Budget and deploy him to the Ministry of Planning. This is the first time this is happening and I believe that is totally wrong and it doesn’t bode well for the running of government. Buhari’s media advisers for exmaple, are with him at the presidency. So, some of these dangerous innovations are going to be real problems. When the president makes appointments, he should not give room to positive or negative sentiments. If someone is fit for a job, give it to him and try him. If in the course of performing the job, someone fails, you should ask him to quietly go away. Party politics is a voluntary organisation as such there is no capital punishment for failing. So, when someone is unable to the job for which he is appointed, the highest thing you can do is to ask him to go. You don’t send him to jail unless he has done some-

thing criminal. So, as far as I’m concerned, the most important thing for the President to do is to take one hard look and ask himself: ‘Have I done it as I thought I would have done? Have I done as the nation expected me to have done? Have I been loyal and faithful to those impulses which got me elected and which got me going so far?’ If the answer is yes, he should continue as he has been going along. And if the answer is no, then there is need for changes and fine-tuning the way the government is being run. What kind of fine-tuning are you referring to? Some of the people in this administration have never held political appointments, even the chairman of a local government. Some of them are ministers today. Frankly speaking, it is very dangerous to allow these people, without any guidance, to go and manage ministries as ministers because that, in my view, portends danger for the country. Secondly, whether you like it or not, because of the complex and polarised nature of Nigeria, any appointment that the President makes or fails to make, is seen in north/south and even religious terms. If you look at the appointments made from the North-West, the zone that has been voting whole heartedly for Buhari since 2003, and compare them with those of the South-West, you will

Nigerians, who voted overwhelmingly for the President less than a year ago, deserve something better

Can you give some examples… I have never heard of the man who represents Kano State until he became an Army General. He was born in Zaria, grew up there and went to school between Zaria and Kaduna. It was only when he wanted to join the Army that he decided to claim the state of his father; that is Kano State, for the purpose of advancement in the military. Now, these are very sensitive issues, which are not being discussed. And when you raise them, people will start saying that you are too hot headed and that somehow you are criticising Buhari. Buhari is the president, he is a politician and he is there to be criticised. To be fair to him, he does not consider himself to be above mistakes. My concern is that when mistakes are identified, they should be corrected. Now, these are very serious matters of state and we have to be very careful. You earlier mentioned the contradictions of the government. There are self-evident. Sometimes you begin to wonder who speaks for the government. For example, on matters of finance and economy, it should be the Minister of Finance that should speak. Occasionally, when it comes to issues of interest rates and so on, it should be the governor of the Central Bank. But the idea that the Minister of Information should speak on economic matters, when he is not a trained economist, is absurd. Lai Mohammed is a good friend of mine, don’t misunderstand me. But I don’t believe that he should be spokesman of government on everything, especially on highly technical matters. Although the Minister of Finance is an accountant and the Planning Minister is a lawyer and not a trained economist, they are supposed to speak on such matters. These are areas of seeming disarray in government, where everyone just opens his mouth and says what he wants. For example, the kind of sniping that we heard about two weeks ago, from the Secretary to the Government of the Federation (SGF) to the Minister of

Petroleum, was a clear indication that the man is not up to speed. It shows that he was picked because he knows somebody, who knows somebody, and he was introduced to Buhari and he was made minister and the rest is now history. The man has been bungling everything in the industry. For the benefit of readers, what was this sniping that you are referring to? The SGF told the minister that he was just laughing and shaking hands with people, who were at the Federal Executive Council meeting, when there was no fuel in the country. This is a kind of beer parlour talk and not something that should be said at a pre-cabinet meeting. It says a lot about the Minister of Petroleum who doubles as Group Managing Director of the Nigerian National Petroleum Corporation (NNPC). It also says a lot about the cheap and pettiness of the SGF. It shows that this is not a man of high policy. Besides, civility is a very important component of government. If that is how members of the cabinet relate to each other, then God save this country. Don’t you think that the SGF was merely joking, when he made that comment? It doesn’t matter! If he had said it one-to-one and they have a joking relationship that would have been okay. The fact that they have a joking relationship has not been indicated in the context, so he has no basis saying that kind of thing in the full meeting of the cabinet. Should government engage the Niger Delta millitants in a dialogue as canvassed by the Minister of Information or roll out tanks as it is being advocated in certain quarters? The two are options and they have to be exhaustively studied. First, I have no doubt in my mind that it is not the business of Lai Mohammed to discuss such matters. Besides, the military has been sufficiently organised to study the situation and how to deal with it and submit their report to the Commander-in-Chief. The idea that these things can be discussed openly in the media does not convey the seriousness that the situation demands. Should we roll out the tanks? Yes, if it is necessary, after all avenues have been exhausted. We must also carry Nigerians along. Besides, in the event of going into the Niger Delta, we must realise that foreign interests are also at stake. We must explain to the international community. Some of the elites that are fuelling the crisis in the region have their resources stashed in banks in the west. So, western countries are also in a position to exert pressure to make sure that this matter is resolved. We have seen enough bloodshed but I am not one of those who will suggest that because a bunch of fools, who are recruited by elites in the Niger Delta, decide to challenge the federal might, the rest of Nigerians should roll over and play dead as if we are nothing and we don’t amount to anything. Terrorism is a very interesting phenomenon because it is not the weapon of the weak. In fact, it is a weapon of the strong. Those who take to terrorism are very powerful and they believe that they can CONTINUED ON PAGE 18

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Opinion

Now that the States are going bankrupt... TREASURES BOLA BOLAWOLE turnpot@gmail.com 0807-552-5533 (sms only)

resident Muhammadu Buhari recently disclosed that not less than 27 states of the federation had problems paying workers’ salaries. That was after the Federal Government had arranged a bailout for the states to offset a backlog of salary arrears. It was an admission that the bailout did not go far and many had thought it also was evidence that another round of bailout was on the way for the States. This was not to be because the Federal Government itself is not in good financial health; it runs from pillar to post and from China to the IMF\World Bank searching for where to get bailout. The financial health of the states had since worsened. Not more than a couple of them are not owing salary arrears; and only a few still manage to pay salaries and pensions as at when due. Even in such states, all manner of ingenious attempts are made to yank off deductions from salaries in brazen efforts to reduce the wage bill. Were the states individuals and private businesses, they should have declared bankruptcy. According to Vice-President Yemi Osinbajo, the country is broke. The reasons are not far to fetch. Apart from the oft-repeated allegations that PDP\Goodluck Jonathan mismanaged the country as well as stole the country blind, there are the reasons of falling crude oil prices and the glut in the international oil market, as a result of which the country finds it difficult to sell enough crude to earn foreign exchange. Adding to that headache is the renewed insur-

gency in the Niger Delta by a group calling itself the Niger Delta Avengers, which is sabotaging oil facilities and making it impossible for the country to meet its allocated quota of crude oil sales. From 2.2 million barrels per day, the country is said to have lost as much as a whopping one million barrels per day to the insurgency. And the insurgency is growing! The result is that less money comes into the government’s coffers. This translates into less money for the three tiers of government to share. The problem is further compounded by the debt over-hang of many of the states, which have taken all manner of dubious loans that were either siphoned or misapplied to projects that are not yielding anything in return. There was a time when bond became so fashionable that every state rushed to the capital market to collect bonds. As my people would say, to eat pork meat procured on credit is not the problem; having to pay back the debt is what is. Now is pay-back time for the states! When deductions are made from the statutory allocations of such states, they return home with peanuts. The other day, a state received a paltry six million Naira after deductions were made! Elementary wisdom dictates that when revenue dips, expenditure should likewise be reviewed downwards; not so Nigeria! The governments remain as profligate as ever; hoping against hope that the dire financial situation would soon pass and that they would return to the happy old days again. But that may not be any time soon. The prognosis is not cheery and the arithmetic is not adding up; respite may not come any time soon except another act of God brings another Gulf War oil windfall and the insurgency in the Niger Delta dissolves and the country is able to sell its allocated quota of crude oil at premium price over a long period of time. For now, however, the situation grows worse by the day and previous patch-patch that worked a few months ago is no longer working today. Paying half salaries to workers; paying only basic salaries and ignoring the allowances;

Respite may not come any time soon except another act of God brings another Gulf War oil windfall and the insurgency in the Niger Delta dissolves

skipping one or two months and paying the next; paying a category of civil servants and leaving out the others – are not working again because the quantum of the reduction in federal allocations coming to the states is so massive that there is no abracadabra anyone could do about it again. Governor Ayodele Fayose of Ekiti state last week painted a graphic picture of the dire straits the states have found (brought?) themselves. Ekiti workers had embarked on strike to protest the non-payment of five months’ salaries. The state, whose share from the federation account used to be above N3 billion monthly, got only N751 million in May. Bills exceed N2.5 billion monthly; not to talk of subventions and other first-line charges. Whereas the initial agreement with Labour was that two allocations would be pooled to pay a month’s salary; now three or four monthly allocations would be needed for the same purpose in view of the steep drop in federal allocations. Internally-generated revenues that should have come in handy in these austere times remain paltry as a result of a combination of factors: over-reliance of the states on the monthly hand-outs from Abuja; the level of poverty in the states necessitates that you must be careful not to over-tax the people and stir a revolt; and the unscrupulousness of tax collectors who print their own receipts and divert a sizeable chunk of monies collected into their own pockets. Fayose disclosed that some tax collectors who were apprehended by the state were cooling their heels in gaol. Ekiti has 51, 000 workers in a population of about three million; it is this less than three percent of the population that whacks virtually all the resources of the state. Not a dime is left for capital development. Now, even 100 percent of the resources of the state cannot pay the salaries of this microscopic few. Yet, Labour insists they must be paid – and the workforce must not be reduced! Exasperated, Fayose himself declared he was going on strike! But anytime governor and workers return from their strike, they will still have to sit down to untie this Gordon knot.

Examining Buhari’s foreign policy in one year Aliyu Abdullahi

ince Nigeria gained its independence in 1960, the country has pursued a foreign policy with an alignment to the West with the exception in the periods of both late Generals Murtala Mohammed and Sani Abacha which saw the country moving to the East. President Muhammadu Buhari who assumed office exactly one ago as a democratically elected President of Nigeria has taken some new directions in his Administration’s foreign policy, largely in line with his Party’s Campaign manifesto which promised the electorates that Nigeria’s national interest will guide his foreign policy, after which his Administration will focus on the sub region of West Africa. True to the words of the President, immediately after taking oath of office, he wasted no time in embarking on a high level diplomatic mission to the Lake Chad Countries to drum up support in the fight against insurgency that nearly overwhelmed his predecessor’s Administration. Worthy of note is that the President has not deviated from his three cardinal agenda (Fight against

insecurity, Corruption, Economy/ Job Creation) even in his foreign policy implementation. This can easily be tracked from the President’s foreign travels, it’s either it has to do with fight against corruption and the negotiations to repatriate back to the country stashed Nigeria’s money abroad which had since been yielding results to securing international commitment in the fight against terrorism which has become a global phenomenon and finally to finding ways for making Nigeria an economically viable country through diversification from oil dependency and technological advancement. For all these efforts, the President was heavily criticised by the opposition Party and some pessimists that never understood the importance of high level diplomacy. But the President knew too well that a call to serve as the highest officer in the land will entail a personal sacrifice of his comfort and that of his home. So, the President for the first time in Nigeria’s foreign policy history decided to try winging it from the left and to the right by embracing the West and the East (China) in order to achieve those three cardinal agendas he promised the Country, hence the double edge sword of the foreign policy

was unleashed. Missing in the criticism of President Buhari’s management of foreign policy is an analysis of the lessons learned, if any, from the interactions so far with the outside world. Without a doubt, there is a surfeit of lessons to draw from these interactions. Take China for instance, a country that has transformed itself from an agrarian economy to the second largest economy in the world within the last thirty years. In 1978, China’s Gross Domestic Product (GDP) per capita stood at a mere US$200. By 2015 and with a population of about 1.3 billion, the country’s GDP per capita had jumped to US$18,000. How has China managed to achieve this quantum leap? It is a product of a combination of factors. For reason of space, this article will only mention the key elements of these factors without detailed elaboration and attempt to relate them to Nigeria’s domestic situation and how that impacts on foreign policy. Under Deng Xiaoping, China had a purposeful leadership. This set the stage for a change in economic direction. Subsequent leaders after Deng Xiaoping did not deviate from the path that he set. Rather, they built on the foundation that he laid. China’s growth and transformation are therefore, eas-

ily traceable to the quality of leadership that the country has had. In Nigeria on the other hand, quality leadership has at best, been a flash in the pan. In 1984, for instance, Nigeria enjoyed a shortlived period of strong leadership. The return of President Buhari in 2015 under a democratic dispensation gives hope of a rejuvenation of this leadership quality. A second quality that one can also draw from China is the clarity of the vision that the country set for itself. Deng Xiaoping provided that vision and leaders who came after him guided China to its realization. It was quite informative to learn that the country is now setting its sight on attaining a new vision of doubling her GDP within the next five to ten years. In recent times, Nigeria has had different visions, including Vision 2010 and Vision 20:2020 the pursuit of which has been staccato. The goal of attaining national development commensurate with Nigeria’s potentials and endowment will remain elusive unless the country defines a clear vision and keeps faith with that vision. It is incontestable that President Buhari has a vision for Nigeria. • Barr. Abdullahi, A Legal Practitioner and Policy Analyst writes from Abuja and can be reached via naanamee@gmail.com

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steady course, others believe he has yet to come to real terms with the ‘enormous challenges’ he acknowledged in his inaugural speech. Those who say he is on track point to the successes recorded in the war against Boko Haram as well as the fight against corruption. They argue that on both fronts, the President has successfully made a strong impression. They, for instance, point to the Nigerian military’s successful recapture of North-East towns from Boko Haram; the decimation and degradation of the terrorists’ capabilities; as well as the resump-

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assets believed to have been illicitly acquired with funds looted from Nigeria. At least, a former high-profile official that served under the former Administration has been jailed five years. There are also claims that huge funds have been voluntarily returned by suspected looters. The Busari Administration has also largely succeeded with the implementation of the Treasury Single Account, reportedly garnering tril-

lions of Naira in the process. However, not much seems The President and his to have been team need to get a grip achieved in on the economy as surmounting well as challenges of the ‘enormous challenges’ insecurity enumerated by tion of normal life in many hitherto Buhari. Insecurity is still a major challenge, with herdsmen attacking deserted areas in Borno, Yobe and communities, pillaging farmlands Adamawa states. Also on the list is and killing people at will. Also, kidthe recent rescue and positive idennapping and sundry crimes remain tification of Amina Ali, one of the serious problems. 219 female pupils of Government In the Niger Delta, suspected Girls’ Secondary School, Chibok, militants have claimed responsibilBorno State seized by Boko Haram ity for attacks on vital pipelines and insurgents on April 14, 2014. Prior the attendant loss of 800,000 barto that, the military had reported rels per day . The vandalism of the the rescue of thousands of hostages pipelines has pushed the economy from Boko Haram’s captivity and arrested a large number of suspect- to the edge and worsened electricity and fuel shortages. While governed terrorists. ment is inclined to use force to put On the war against corruption, down the resurgence of vandalism the Administration has been able in the region, it recently had to opt to initiate the prosecution of highfor dialogue. This has, however, not profile Nigerians allegedly linked deterred the suspected militants as to the looting of the treasury. The they have sustained their vandalism Administration has signed agreeof pipelines. The attacks have rements with various countries on duced Nigeria’s daily production of the confiscation and return of

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Buhari: Eyes on the future

unday marked exactly one year since President Muhammad Buhari was inaugurated. His inauguration had followed weeks of anxiety over the rescheduled presidential election. The tension that accompanied the release of the results declaring Buhari as the winner of the March 28, 2016 election kept the nation on edge until the actual handing over on May 29. At his inauguration, Buhari had acknowledged the efforts of his predecessor, Dr. Goodluck Jonathan, towards a successful transition, especially by conceding defeat and shaming international commentators who had expected Nigeria to descend into chaos after the election. He had also promised to tackle the “enormous challenges” of corruption, insecurity, fuel and power shortages and gave the assurance that “Nigerians will not regret that they have entrusted national responsibility to us. We must not succumb to helplessness and defeatism. We can fix our problems.” He had also promised to diversify the economy by reviving agriculture, solid minerals and providing credit to small businesses in additional reviving comatose industries. His speech had given much hope to Nigerians that amid concerns over the economy and the polity, they had a leader who would ‘walk the talk.’ One year after, Nigerians are strongly divided on how much positive impact he has made on their lives. While some say he is on a

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1.1 million bpd and there are fears that it may get worse. There are concerns about the Administration’s ability to get the economy back on track and control galloping inflation side by side fulfilling its promises to the electorate. The recent hike in fuel prices has put a big strain on the incomes of millions of Nigerians. A debilitating pest attack has ravaged many tomato farms in Nigeria and pushed its price beyond the reach of the common man. The promised diversification of the economy has remained on the drawing board. It’s the same fate that the avowed promise to provide jobs has suffered. Power shortages have remained an albatross, worsened by the resurgence of vandalism in the Niger Delta. The President and his team need to get a grip on the economy as well as challenges of insecurity and vandalism in order to enable them to move faster as Buhàri enters into his second year as a democratically elected president. Key reforms should be speedily embarked upon while far-reaching decisions in the nation’s interests must be token. The Administration cannot gloss over complaints about the absence of strategic communication between it and the people. Appointments should no longer be about fostering primordial interests, as appears to be the case currently, but about making public service more efficient. The time to act is now as Nigerians are tired of excuses and blame game!

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speak with one voice. NFF Over the years, the Nigeria Football Federation (NFF), has always been a theater of comedy, in fact, the body is not new to factionalisation. But the current crisis rocking the football body is threatening the very fabric of the federation. No wonder, higher football ruling bodies had to step in to curb it before it degenarates. Those at daggers draw are the current chairman, Amaju Pinnick and Chris Giwa. The latter claimed that the September 30, 2014 election in Warri, Delta State, that produced Pinnick is not authentic and that he emerged as the NFF President. The Confederation of African Football (CAF) and FIFA have both recognised the Amaju Pinnick-led board With the intervention of the immediate past government, Giwa sheathed his sword, but it is for a while. He recently resurrected the case and a High Court sitting in Jos, Plateau State, ruled that he should be inaugurated as the federation's president and that the FIFA-recognised head, Pinnick, be sacked. That ruling let all hell loose as Giwa in a commando-style invaded the Glass House to take over the football body. Although the Minister of Sports, Solomon Dalung, has set up a committee, headed by former NFF boss, Ibrahim Galadima, to reconcile the factions, the country’s football appear to be sitting on a keg of gunpowder. If the crisis is not urgently resolved, the country’s Olympic football team is at risk of being banned from the Rio games this year, and the Super Eagles could be denied a chance to qualify for the 2018 World Cup in Russia. Kogi Assembly Although the Kogi State House of Assembly is controlled by the APC, the legislative chamber is still drenched in a battle of wits that has tore the lawmakers into two factions. On February 16, five members

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A nation of factions

Unilorin ASUU The education sector is not left out of the battle for leadership recognition as two factions appear to be laying claim to the headship of the Academic Staff Union of Universities (ASUU) at the University of Ilorin (UNILORIN). It was gathered that an election that produced Dr. Usman Raheem as the university's ASUU chairman was rejected by the national ASUU leadership, which said that it only recognises Dr. Kayode Afolayan as the union's authentic representative at UNILORIN.

Lawal

Imam

of the House sacked their Speaker, Momoh Jimoh-Lawal and elected Umar Imam to take over from him. Interestingly, the Assembly is made up 20 members when the purported impeachment was carried out. Since the impeachment, the Assembly had not known peace and the two factions couldn’t reach a melting point to resolve their issues. The National Assembly has already taken over the legislative duties of the Assembly and the state lawmakers have not sat for proceedings in months, in fact, the Jimoh-Lawal faction has approached the court on the matter. Until the court ruling, the people of Kogi will have no representatives, legislating for them in the state Assembly.

Factions symbolize fracture because it shows that there is no unity

National Assembly legislative aides Aides of senators and House of Representatives members under the aegis of National Assembly

Legislative Aides Forum, are also having their own fair share of factional crisis Elections for the executive officers of the forum produced two chairmen. The elections, which were held by the different factions produced Mr. Samuel Melaye, who was the former chairman and Mr. John Udeh. Interestingly, elections of both men were observed by bureaucrats at the National Assembly. Melaye, who is a younger brother to Senator Dino Melaye, had the Deputy Director, Personnel and Head of Unit on Legislative Matters, Mr. Tahir Muhammed, monitoring his election while Deputy Director, N’Assembly Service Commission, Mr. Effiong Omoni, observed the Udeh-led faction. As both elections were observed by National Assembly officials, it remains unclear which faction the National Assembly management would recognise.

Factions symbolizes impunityUbani Speaking with New Telegraph on the issue, a former chairman of the Nigerian Bar Association, Ikeja branch, Barrister Onyekachi Ubani, said factionalisation of any organisation symbolizes impunity, adding that people must learn how to bury their ambition for the collective objective of their respective organisation. He said: “There are factions all over the place and it symbolizes impunity. Factions symbolize fracture because it shows that there is no unity and there is crisis. The root of faction is personal ambition to the detriment of collective objective of the group in question. “Most time, it is money that triggers the desire for factionalisation. Its not a very good thing because people should bury their personal ambitions. I think being over-ambitious is what is causing all these factions we are seeing and its not healthy for the polity. People should try as much as possible to obey rules. of associations they belong to.” Clearly, a salient fact about factionalisation is that it is rooted in ambition, which usually has behind the scene patrons. However, it is pertinent for groups and organisations to keep in their focus the proverbial broomstick that can sweep when in a bunch but stays useless when alone.

Buhari should listen to Nigerians – Mohammed C O N T I N U E D F R O M PA G E 1 5

target unarmed people and facilities that are not protected. And given the nature of the Niger Delta, it is very difficult to deploy all the Army, the Navy and to a certain extent, the Air Force, in a 24-hour protection of oil facilities. But if it has to be done, then it has to be done. At the moment, it is the life blood of the government’s finances. So, we cannot pretend that the crisis doesn’t matter. It matters a lot. But I repeat, Nigerians should be carried along. I say so because the track record of the government in the last one year is that it is not a listening government. There is arrogance in the way they do things and they believe that because they do things, they must be right. And more often than not, they are wrong. As far as I am concerned, this government must sit down and start listening to Nigerians. How they do it, I don’t know. But I don’t believe that by listening to millionaires and billionaires, and people with big gowns and turbans in the presidency, they are listening to Nigerians. Will it be correct to ascribe the recent

increase in the price of petrol to this arrogance? Do you think the price increase was justified, given that President Buhari had promised not to increase the price during his campaign? First, I want you to be very careful not to lend too much credence on what a politician says when he is campaigning. No matter who he is. Having said so, I will say that I have not been persuaded, as an ordinary member of the elite class that we need to increase the price of petrol. Having done so, the manner in which it was done was the height of insensitivity. Nigerians, who voted overwhelmingly for the President less than a year ago, deserve something better. It was done when Buhari was out of the country, in manner of ‘in your face, either take it or leave it.’ We heard that he was going to address the country over it, no explanation was made. The minister does not have the competence, the experience and temperament to be Nigeria’s Petroleum minister and to combine that with the GMD of NNPC. That is why the corruption in the oil sector is ongoing, very much alive and well. Everything that he said turned out to be untrue and they have been contradicted

even by fellow members of the cabinet. If you lose your credibility, there is no way people will believe you. The essence of telling people something is to be believed. You are not going to be believed if you are not trusted. As a far as I am concerned, the longer this man stays in the cabinet, the more confusion there will be in the petroleum sector and the more the corruption and nepotism that has been manifesting will go on. As far as I am concerned, nothing has been done right and nothing is being done right. Anyway, I am puzzled, who is Ibe Kachikwu? Who is he to Buhari or APC that it has become impossible to remove him when he is messing around? Is he indispensable? I don’t know? Please, we should be told the truth about the status of this man. Because if the government is moving this way, it means that certain people are benefitting from the deals that are being cut on the sidelines. And that is a guaranteed way of destroying the reputation of Mr. President and I hate to see that happening. You are blaming Kachikwu for the rot in the petroleum sector but the President is the

senior minister? Stop that joke! If you have been Minister of Petroleum about 30 years ago, coming back to say that you will continue from where you left is nothing but insanity. The President is Minister of Petroleum Resources in name only because he has to be consulted. But even if Buhari had not taken the title, he will still have to be consulted on major decisions in the ministry. The consultation will only have meaning if Buhari knows the inner working of the sector and NNPC on a day to day basis. I don’t think Buhari has interacted with anyone in the sector or NNPC since he left government in 1981. So, if he had assumed the title in order to assure Nigerians that he will be a steady hand and will be even handed in the piloting the affairs of the sector, fine. But his junior minister has been messing around and he has not been able to do anything. Besides, the GMD of NNPC is a civil service appointment and giving it to someone who is not a civil servant and adding to it the position of a minister, which is purely a political appointment, in my view, was ill thought out and no wonder it is not working.

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

The Mega City

Life in the city Lagosians going the thrift way

THE PEOPLE’S VOICE Scared stiff by the rains

20 23

...EXCLUSIVE LAGOS MAGAZINE

Flooded Ikorodu road at Ajegunle area

Now, the rains are here! The rainy season is here. The face of the environment of Lagos is bound to change from dry surface and ground, to wet and flooded environment. The reason is not more than blocked or no drainages. ABIODUN OLOKODE reports

hen New Telegraph went on tour, it was observed that most of the drainages and gutters were blocked with empty plastic bottles, used sachets of water, polythene bags. In fact, in some cases, there were used foam mattresses and broken plastic chairs, papers, clog of papers. It was as if most Lagos residents make use of the flood as a dumping ground

OLUWATOSIN OMONIYI CITY Editor

tosin.omoniyi@newtelegraphonline.com

for their wastes and unwanted property. Last week Sunday, around 5pm, when the weather became cloudy and threatening to rain, a woman, chocolate in complexion, tied a brown scarf on her head, had a wrapper tied up to her bosom, somewhere in Oko Oba, area of Abule Egba, Lagos. She was seen bringing out big polythene bags from her bungalow building and dumping them inside the gutter in front of her house. When confronted, she replied that it was about to rain and the flood will carry it away. “This is how I throw away my dirt. We are tired of waiting of LAWMA to come. They seldom come to this area and when they do, they do not go equally round. Hence, this short cut of disposing my dirt,” she told New Telegraph. Whenever it rains in Lagos, everywhere in the city becomes flooded. Vehicles can no longer navigate through freely for fear of falling into gutters. The roads

The roads become flooded and impassable for passersby

become flooded and impassable for passersby and vehicles, while some vehicles breakdown in the process of wading through the flood. The lands that are impermeable give no room for proper flow of water thereby causing water to remain stagnant on a spot. Puddles that are created by stagnant water in most areas harbour the female Anopheles breed of mosquitoes which transmit the awful malaria parasite. “As much as we pray for rain so that the hot weather can be doused, this is the season we drivers dread much as it would not be free for us to move freely. Those of us without proper vehicle head lamp and half broken wind screen, will now be forced to fix them,” said Saidi Ilori, a commercial bus driver. The construction project of gutters that was implemented by Lagos State government some years back seemed to control flood issues in some environments although the project could not reach most parts of the city. The dumping of refuse in the gutters and on the road sides also contributed to rendering this project useless. However, the commencement of this year’s rainy season seems to

be a lifeline for most people after a long dry season. It is believed that the wind and coldness that comes along with this rainy season will help to assuage the severe heat experienced by Lagosians during the dry season. This rainy season is a much awaited period for farmers because it will help in moistening the soil which is good for cultivation of crops. According to a resident of IyanaIpaja, Lagos, Mr. Opeyemi Ogundele, Pipeline road around Aboru, a suburb area of Iyana-Ipaja is always flooded whenever it rained. The road is not good and there are no gutters or drains around that road to discharge water from the road. There is always traffic around that area whenever it rained because vehicles will have to wade through the flood slowly and carefully while some will breakdown in the process of wading through the flood. He added that the intervention of the state government was needed urgently in that environment before things get out of hand. Mr. Azeez Ibrahim, a student who resides in Mushin area of Lagos said life in Idi-Oro, Mushin CONTINUED ON PAGE 22

LIFE \ MEGA CITY

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

It has been long in existence. In fact, it is as old as time. It has become more profound in this time of economic hardship that seems to be biting deep into the skin. The business of micro daily contribution (Ajo) is now gaining tremendous ground in Lagos, in order to meet one’s daily and perhaps weekly or monthly needs. EZURIKE UGOCHUKWU writes Thrift to the rescue here are alleged mysteries that have popped-up around it, as well as the roguish attractions it elicits in some benefactors. The craving to meet up with one’s daily targets, no doubt, has taken away conscience from many, as they do all sorts of things to extort their victims in form of customers. This popular thrift savings scheme practiced in virtually all the cities in Nigeria is known in Yoruba as Ajo, Akawo in Igbo, and Adashe in the northern part of the country. New Telegraph gathered that some commercial banks have begun to tap into the business with their itinerant agents, who move around like other private collectors to collect daily contributions from interested persons and bank with them. Through this platform, most businessmen and women, who believe they earn as little money as N100, 000 and civil servants, who feel their income is too little to take them to the banks or lack the time, are offered the opportunity to make savings easy for them and they withdraw in time of need. The testimonies, however, are that some have been able to achieve tangibly, like seeing to the completion of their children schooling up to university level, buying cars, setting up businesses and in some cases, have even built houses through this scheme. But for this thrift saving scheme, Mrs. Joy Emorile, a vegetable trader, wouldn’t have been able to train her three children up to Master degree level after the death of her husband. According to her, the scheme afforded her the latitude to save any amount she was able to get on daily basis. While some other persons from time to time are heartbroken because their collectors have absconded or that some excuses may have been cooked up by such other collectors to default payments on demand. The sexagenarian, Emorile, who today reaps the fruit of her toiling never experienced any major delay from her contributor all through the over 15 years she participated in it. One disturbing aspect of the scheme is that, it puts its customers under pressure of meeting up with the target of daily

Local women making collective savings

Lagosians going the thrift way contribution. In Lagos, it has turned some public servants, especially the law enforcement agents to merciless predators. According to some Lagosians, who spoke to New Telegraph, these public servants who are monthly salary wage earners, have placed themselves at a very high target they must meet daily. Some make daily contributions of N5, 000, some N15,000 in two days etc. By so doing, they egregiously extort the public. The mystic power and influence so many Lagosians attach to lending and borrowing appears more than real to some other people. However, some victims of these antics are willing to advice anyone who would listen against taking loans from thrift operators. They insisted that though, the interest might be low, often times, meeting up with their conditions are like the biblical camel passing through the eye of the needle. Myths and facts One of the myths is that the thrift business is a means to defraud unsuspecting people as well as greedy ones. There are speculations that some of the lenders use diabolic means to frustrate their customers, so as not to be able to meet up with the agreed date of refunding, thereby confiscating their property in lieu of their money. In other words, they use the thrift business scheme to defraud people and enrich themselves. Mrs. Agnes Osundare, a cloth trader, at the popular Oshodi market area of Lagos, said that some time ago, 2009 precisely, when the market was demolished, she went to a mon-

Customers are often under pressure to meet up their daily target

A woman who started her business with thrift savings

ey lender, borrowed N300,000 to enable her secure another shop at a nearby location, having waited hopelessly some days from a customer who had promised to pay her an old debt of N400,000. Since she wouldn’t want to miss the opportunity, she went for a loan. Two days after she had collected the loan, her debtor brought the money to her. She felt that since she is moving to a new location, it will not be a good idea to rely on debt in the interim. She decided to return the money to her lender. To her astonishment, the lender violently rebuffed collecting the money even as Mrs. Osundare conveyed her willingness to pay her a month interest to assuage for the three days she had the money with her, even as the loan was originally for six months.

The scene of the pleading later turned to a heated confrontation which attracted a large crowd. Eventually, fight ensued between Osundare and the money lender. While they got entangled in the fight, falling from one corner of the house to the other and to one another, the duo mistakenly pushed down one of the cupboards standing in the house. Lo and behold, there was a calabash that flung open, had its content spilled to the grounddifferent colours of chalk, birds’ feather, some pieces of cloths tied and pinned together, some little padlocks with debtor names on a piece of paper that rolled out from the cupboard. The lender cried bitterly and mournfully. The spectators were CONTINUED ON PAGE 21

LIFE \ In the city

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Starting their business with thrift scheme

dumfounded. Some that had the gut to stay mouthed their suspicion about the woman’s diabolisms, while others left in bewilderment. Osundare in shock, stared dumbly into the sky as she staggered home. At this point, her inner mind tried to convince her that the calabash is just the charm people had rumoured the woman uses to hypnotises her customer from meeting up to agreements, thereby confiscating their property in place of her money. A woman who lives around the place said the lender is so wealthy, chiefly from seized items from people that borrowed from her and who found it hard meet up with payment terms and time. “She wastes no time to dispatch her men to go to the house of any defaulting borrower. She would order them to carry every valuable property well above the loan value. That is how far, she could go. She is too wicked and greedy,” the woman said. Mr. Obi Amadi , an auto-mechanic, believes there is nothing like charm in the issue of loan; only that most people that go for loans do not plan very well on where to invest. “Most people believe once they are given money, their problems have ended. Talk to every average Nigerian, he will say all he needs is loan. “At a point, I collected loan from a woman many people say hypnotizes her customers but the business I used it for turned out so successful that I had to reinvest. I did not have issues with repaying the money back because I was disciplined with the borrowing. But if it’s true that there are people that sacrifice their monies to shrine, the devastating effect may be whether it’s a covenant entered into with human or animal blood; then it will be harder to meet up with the conditions. Benefactors will be defaulting regularly. One other thing that confuses

Women at the launch of savings account by a commercial bank

Going esusu way me is the reason most of these money lenders do not like giving to men but they will like a man to stand as surety for a woman” Obi said. Corruption and reality Mr. Abiodun Eric, an evangelist cried out bitterly over a situation where a civil servant who is on a monthly salary will accept to partake in daily contribution. He rhetorically asked, whether such a person has not called his or her self a criminal? “Where will he get the money to meet up with daily contribution if not to dupe any person that comes to his or her table for service? I think this is the root of corruption in our offices and public places. If it were monthly contribution as it’s done even where I work, it’s understandable.” A bus driver, Mathew Segun, said daily contribution is for

This is the root of corruption in our offices and public places

daily income earners. He added that it’s madness and laughable for a monthly salary earner to be involved in daily contribution when the person has no other thing that yields income for him daily. “It’s daily contribution that drives our law enforcement agents- LASTMA, Police, FRSC, VIO officials etc. to desperation while on the road. Those daily contribution collectors should be barred from offices and around our offices. Where will a law enforcement officer, who is on monthly salary get N5,000 daily or N15,000 in two days to get involved in daily contribution? It’s high time we stopped deceiving ourselves. That is the root of corruption in our society. Many of these law enforcement agents, what they contribute daily, put together is three times more than their salaries. These are some of the reasons some policemen get desperate

even to the point of killing drivers that refused to give them money. That is stealing by trick,” he exclaimed. Mrs. Esther Johnson, a 55-year old Managing Director of High Esteem Daily Contributions, has been in the daily contribution business for more than 17 years. She said they have a union through which they check overindulgences of some dubious and recalcitrant members. She explained that for one to survive in the thrift business, the person has to be trusted by people. “If you are not trusted, people will register today, tomorrow they will withdraw all their money when they hear any information of questionable character about you from their friends and neighbours. No room for a lazy man in this business. Your brain must as well be sharp, else people will deny you or put you into trouble. You must have the fear of God in you and the ability to write down transactions without delay. “About using voodoo to hypnotise customers, honestly, I don’t know of that because I don’t do such and I can’t imagine anyone doing that. However, I can’t rule it out entirely because there is evil in our society and we are part of the society where people want to get rich by all means. One basic thing is that such people don’t last. Check.” She said She further explained that it’s the attitude of some people towards loan that has caused the lenders to build though skin, which many see as wickedness. If not so, they will never recover their money. She said she used to give loans before, but because of people’s poor attitude towards paying loans, she stopped it. She advised that the business does not require much education and not much capital but it’s necessary for one to have an office to induce credibility. She stated that when the business grows (customer base), there might be need for the person to employ a second hand. She also cautioned against that saying that it may bring the downfall of the business. Esther said daily contribution is like every other business that grows and gains from large customer base. It benefits the practitioner with many customers. Some conveniently count thousands while others count hundreds as customers. “We take a day’s contribution fee from each of our customer’s money based on monthly plan. If one contributes N500 daily, we take N500 out of the N15, 000 from that month’s total. That ’s our gain. Even if the person decides to take the money after one week, we collect a day out of the one week. Depending on the type of account the collector saves into in the bank, we make very little interest from bank also.” She said.

LIFE \ MEGA CITY

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Vehicles wading through flood in Lagos

Now, the rains are here! CO NTINUED FROM PAG E 1 9

during rainy season is devastating and unbearable. Idi-Oro is always flooded and muddy to the extent that the flood finds its way into people’s homes and even bedrooms and kitchens. At times, passersby do not get to their destinations without getting wet and dirty because flood water would have been splashed on their bodies while heading to their various destinations. Whenever it rained, residents and marketers of

Idi-Oro, Mushin environment dump their refuse inside the gutters and drains with the hope that they would be carried away; not knowing that the refuse will later clog the drains and gutters. A witness who pleaded for anonymity said, “passing through Ketu, Ikorodu expressway, you would see that the place was flooded when it rained last week Tuesday; there was no passage for water because the drains and gutters around that environment were clogged by refuse that were not

properly disposed by Lagosians.” The witness claimed to see Lagos State Waste Management Authority (LAWMA) officials opening and packing out different kinds of refuse as listed above from the drains in that environment the next day. He added: “For the safety of each and every Lagosian, we need to imbibe the culture of dumping refuse properly. If all these things are disposed of properly, they can be recycled and once again become useful to the society.

Navigating their ways through flood

48 schools to benefit from 91 agric projects – Suarau

he Lagos State Ministry of Agriculture, on Monday, announced its intention to engage 48 schools to benefit from its School Agric programme called SAP. The essence according to the ministry is to positively engage a lot of restless youths and make them busy throughout their life time. While meeting with school principals, vice principals and Agricultural Science teachers in the state at Alausa, the Commissioner for Agriculture, Hon. Toyin Suarau, said agriculture is the only sector that can engage a lot of youths and it is pertinent to make it more attractive. He said the government is ready to produce Agropreneurs in the various agricultural value chains such as poultry, aquaculture as well as crop production. According to Suarau, the purpose of the project is to train students in modern farming methods, as well as

stimulate their interest and awareness in agriculture. The Commissioner disclosed that presently 52 SAP projects have been established in 48 secondary schools across the state and government is set to establish additional 39 in different value-chains to make up 91 agricultural projects in Lagos public schools. He explained that the 2016 financial year has provided for 39 SAP projects in 39 schools out of the 48 schools that have been benefiting from the programme, saying that six schools will be empowered in poultry inputs, another five with fisheries inputs and the remaining 28 with vegetables inputs. “The development of both practical and commercial skills in agriculture need to be promoted with the aim of empowering students with cognate knowledge of agriculture to complement the theoretical aspect taught in the walls of the classrooms,” the Com-

missioner said. He stressed that the SAP project is aimed at ensuring that the students’ future involvement in agricultural activities is guaranteed as the farming population is now growing old. “The result of this aging population is low productivity, low adoption of improved technologies and poor modern input utilization”, he emphasized. He revealed that Lagos has a large demand-supply gap for agriculture products; it therefore requires a younger farming population with the ability to improve food production in the State. Suarau further emphasised that, the state produces only 10 per cent of its food demand and the target is to increase the aggregate internal food production to 25 per cent. He said that the SAP project and other youth empowerment programmes will contribute to food production and security in

the state. “Apart from keeping the youths off the street by channeling their abundant energy towards productive agricultural ventures, the SAP projects will also ensures the effective utilization of our green areas and unused spaces within public secondary school and assist the schools in their income generating activities,” Suarau said. He however urged the teachers to make good use of the opportunities provided the schools by these projects, adding that this will make the students see agriculture as a business and not as subsistence. He said it is the desire of Governor Akinwunmi Ambode led administration to ensure food security and an enabling environment for the people to have physical and economic access to sufficient, safe and nutritious food to maintain a healthy life.

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

The people of Ijeododo and Ijegamo communities in the suburb of Iba Local Council Development Area (LCDA) are crying out for help as the rains are approaching again. VICTOR UDDO reports

LIFE \ In the city

Scared stiff by the rains

peaking to New Telegraph at EL-Messiah bus stop along Ijeododo road, a resident, Madam Iyabo Ayinla, who also owns a shop along the road said, “Our hearts are in our mouths now that the rains are here. We have suffered a great deal as a result of the destructive effects of the heavy flood, which accompanies the rainfalls.” Speaking further to New Telegraph, Ayinla said that, “despite several efforts some of us have made to bring this to the notice of Mojeel Omoledun Land-Lords and Ladies Association to help us do something, so as to bring government attention to the place, it has yielded no result. We are hoping that one day, government will remember us.” When asked why she has not looked for another shop in another area, where there is no flooding problem, she said that “It is lack of money that is holding me back from renting another place.” A commercial motorcycle rider, Juwon Ibrahim, who spoke with New Telegraph on the poor state of the road said, “I have been using this road for the past three years and nothing has been done except the grading of the road to certain extent. When there is heavy down pour, some part will not be motorable to cars and buses. Though, it is to the motorcyclists’ advantage to make more money because it is only us that can manoeuvre the bad spots of the road. However, majority of the people have decided to be walking and then take commercial bus to complete their journeys nowadays.” According to Ibrahim, sometime last year, “our union asked us, commercial motorcyclists to contribute the sum of N1, 000.00 in conjunction with other unions and residents in order to repair the road. But unfortunately, what we saw was just ordinary grading of the road, which did not last. My take home during dry season is between N2, 500 and N4, 000. But when the rains come, I make double of it. However, even though, I make more money when the road becomes very bad, I end up spending it in repairing my motorcycle and almost left with little or nothing. I therefore appeal to the state government to come to our aid and repair this road.” Sometime ago, according to Uche Charles, a commercial bus driver, who told New Telegraph that, “the state government, through the Civil Engineering department of the Ministry of Rural Development came to do what they regard as ‘palliatives measures’ on Ijeododo road and after that job, the road almost became worse off from what it used to be because there is no drainage constructed for water to pass through.”

Flooded area at Ijeododo, via Ijegun at Alimosho in Lagos

He further said: “ Due to the bad state of the road and the unpredictable rains, our fate concerning our jobs are hanging in the balance because when there are heavy rains, we cannot operate up to Ijeododo without the risk of our bus sinking at times. This has caused my daily income to seriously deplete.” “I cannot understand why government has refused to construct the major road from Ijegun here through Ijeododo down to Amuwo-Odofin.” Tunde Laisi, while speaking with New Telegraph, said, “From Agaye junction, one can see that there is Federal Government presence here at Ijeododo where the Nigerian National Petroleum Corporation (NNPC) laid pipeline which is being guarded by armed Nigerian army personnel.” “As a banker, at times, I don’t wait for bus. I just jump on “Okada” –commercial motorcycle and move because of the nature of my work.” Justus Idiara, a commuter, told New Telegraph that “the bus will waste my time. You’ll have to wait for it to load first, after loading, the driver will take his time to drive carefully and avoid every part of the bad road. This makes the movement very slow and comparable with a snail movement.” “That is the reason why I prefer commercial motorcycle, though it has its own danger, just like the day I fell down inside the mud water. Nevertheless, one is just extra careful when selecting and engaging them. The commercial motorcyclist is faster, though expensive. If you can afford it, why waste your time,” said Idiara. On what Idiara’s monthly income is and how much he spends on transportation, he said, “I spend about N30, 000 out of income of a take home income

Part of Ijagemo road

I can’t understand why government has abandoned our roads

N65, 000.” Another commuter, Priscilla Anayo, who lives in Ijegamo, had a chat with New Telegraph over the plight the roads in Ijegamo community, said that “though, Ijegamo road had been graded; it requires more than grading because it has no gutter or drainage system where the flood will be channelled through. So, as soon as the rains come forcefully, the road will be flooded and residents will be stranded as usual.” “Transporters usually avoid getting inside Ijegamo, except commercial motorcyclists, who charge triple of what bus or tricycle (Keke Marwa) could have charged you. More people trek in our area now. If you observe very well, some residents have adopted “trekking” in order to reduce drastically expenses on transportation. For instance, I spend between N35, 000 to N38, 000 monthly on transport out of my meagre salary.” Anayo further said that “it’s because houses are easy to get in Ijegamo, also affordable. That is why my family and others have decided to remain here until government comes to construct the road. If I could recall during the governorship election last year,

the present governor promised to solve our road problem. So, we are hopefully looking forward to his promise.” Corroborating Anayo’s claim on why his family too have decided to remain in Ijegamo, Mr. Suru Alade, a resident of Ijegamo, said his family cannot afford to start looking for another accommodation for now because of its cost implications. Speaking to New Telegraph, Alade said, “My family and I have been living in Ijegamo for over eight years comfortably now, free from skyrocketing house rent. What we have been doing is usually to plan our movements in and out on daily basis. My family has a car that we hardly drive because of the nature of our roads here. We use public transport most of the times and we spend an average of N55, 000 monthly in a family monthly income of N90, 000.” “I am using this medium to join my voice with other well meaning residents of Ijegamo to call on the state governor, Mr. Akinwunmi Ambode to fulfil his election campaign promise of repairing our roads here,” Mr. Alade said.

LIFE \ MEGA CITY

Oluwatosin Adepoju

s the Lagos State government continues with the stride of development in the state, fulfilling the promises of goodwill and welfare to the citizens, it recently established and launched the Lagos State Emergency Management Authority (LASEMA) Response Unit at Cappa, Oshodi, Lagos. The LASEMA Response Unit (LRU) was established to respond to all kinds of emergencies out of the specially designed dispatch centre in keeping with the government’s responsibility to secure lives and property, according to the state Governor, Akinwunmi Ambode. It was commissioned by the President of the Federal Republic of Nigeria, President Muhammadu Buhari, represented by the Vice-President, Professor Yemi Oshinbajo on May 23. According to an official statement released by the governor on the rescue centre, the initial goal is to significantly bring down response time by the responders in cases of emergency as many people lose their lives and sources of livelihood, not from the initial incident, but from the delay in the response time due to inadequate resources and training. The statement also disclosed that, “Although, it is imperative to state that the intent is to prevent emergencies and mishaps, we may not be able to completely eliminate them. As a result, we must be ready to swing into action and save lives and property whenever these unfortunate events occur.” “The Lagos State Emergency Management Agency (LASEMA) is empowered by law to coordinate all the first responder activities – the Lagos State Fire Service, the Lagos State Ambulance Service and the Lagos State Traffic Management Agency. We have equipped the emergency agency with trained personnel and equipment to effectively carry out its objective – to save lives and livelihoods, so we are deploying GPS technology and eventually CCTV coverage. We will trace the caller or incident and send the nearest available trained responder. We have the 112 emergency lines and Lagosians can now speak to better trained agents manning the phone lines round the clock, every single day of the year.” He therefore implored the citizens to cooperate with the agency by calling only in cases of genuine emergency. He disclosed that, every time a false call is placed, the caller diverts resources and attention from someone who may be genuinely in need.

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Bringing rescuers closer

Front view of the Response Unit

The governor also disclosed that the Lagos State Emergency Management Agency needs the cooperation of the Nigeria Police Force and other Federal Law Enforcement agencies to carry out its services effectively and appealed to the Nigeria Police Force and other agencies to always cooperate with LASEMA for the safety of Lagosians. In commendation of the latest innovation, the residents and traders in the LASEMA environment, expressed their opinions on the expected benefits of the agency’s services. According to Segun Adebayo, an artisan in the environment, the presence of the agency in the environment will bring about a more peaceful environment if the officials are committed to timely response to their services in order to help the citizens see the effectiveness of the government’s innovation. He also said: ‘We hope to get improvement in environmental security to curb the fight outbreak which is sometimes caused by the touts at the junction.’ To Mr. Lucky, who is a resident of the area, before the launching of the LASEMA Response Unit (LRU), there were always occurrences of accidents due to careless driving of commercial bus drivers known as ‘danfo’ and this is a good innovation which will help to render a timely succour to victims in cases of unfortunate events,

The newly commissioned motorcycles and trucks

as well as fire outbreaks. He said it would also improve the social security of the environment. In addition to these, Abayomi James, a commercial Motorcyclist corroborated Lucky that although “we have not been seeing the officials since it is a new unit, hopefully, their presence will promote peace in the environment and reduce the activities of the touts, who hang around the Cappa junction as well as regulating the activities of the road users.” However, some residents and traders in the environment said that they were not really informed on the exact service of the agency as established, since they had to stay away from the environment and their businesses during the commissioning due to the heavy presence of armed forces and the fear of unfortunate incidences which could result into shootings. This could mean that the people in the environment crave more awareness on the purpose of the innovation and how to access the agency. According to Mr. Ismail Fatoki, a taxi driver, before the emergency unit was established, there had been several cases of accidents on the road and no means to rescue victims. Also, there were times when passengers were held up in traffic and some of them got extremely tired to an extent that they lost consciousness and

there was no means to help them out of it. “Few weeks before the commissioning of this LASEMA Response Unit (LRU), there was a day when a woman with a baby on her back unconsciously held on to a street light pole by the bus-stop before the Oshodi bridge and was electrocuted. Not until after some minutes before we could know that she has been electrocuted and it took close to an hour before the arrival of an ambulance. Later, we heard that the woman died but the child survived”. He said. He attributed that incident to the absence and nearness of an emergency rescue unit in the environment. Also expressing his view was Mr. Mudashiru Sadiku, a commercial bus driver. He said that “though it’s a welcome development to establish such a rescue unit, it is very strategic. I must commend the governor for that. But the important question is how fast the response of the officials will be in rendering their services? Will the officials be committed to their service in order to save lives? To Popoola Seun, he was only aware of the commissioning of the LRU but does not know the exact purpose of establishment to the environment and the services expected of the officials. However, he said that since it would in a way be beneficial development, it is welcome.

QUOTE

OF THE WEEK

We shall build and rehabilitate more roads and ignite our tourism and entertainment potential. Greater attention will be paid to issues involving the elderly, the youth and the people living with disabilities in the coming year”, Lagos State Governor, Governor Akinwunmi Ambode during a thanksgiving service at the Chapel of Christ the Light, Alausa, Ikeja in commemoration of his first year anniversary.

IN NUMBERS Ambode launches N500m Disability Trust Fund

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

FCT

Business What's new Collective investment scheme hits N288bn p.26

Nigeria imports N430.4bn vessels from 10 countries p.26

Privatisation as mixed bag of woes, efficiency

Money New forex regime boosts prospects of increased FDI

LENDING RATE Interbank Rate....................12.57% Prime Lending Rate...........17.93% Maximum Lending Rate...26.83%

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa Finance Editor

Taiwo Hassan

Industry, Agric & Brands Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

EXCHANGE RATE (Interbank as at May 27)

USD . . . . . . . . . . . . . . . . . . . . . . N365 Pounds . . . . . . . . . . . . . . . . . . . N468 Euro . . . . . . . . . . . . . . . . . . . . . . N385

USD . . . . . . . . . . . . . . . . . . . . . N200 Pounds . . . . . . . . . . . . . . . . . . N307 Euro . . . . . . . . . . . . . . . . . . . . . N224

Source: CBN

L-R: President, Lagos Chamber of Commerce and Industry, Dr. Nike Akande; Chief Economic Adviser to the former Nigerian President, Chief Philip Asiodu; Chief Operating Officer, Seven Energy, Jeff Corey and Head of Shared Business Support, Patricia Akinlotan, as they receive Impactful Investment in Gas to Power Industry Award at the 2016 LCCI Industry Awards in Lagos.

Dayo Ayeyemi

Dearth of technical skills hit building control agencies

he Lagos State Building Control Agency (LASBCA) and Lagos Materials Testing Laboratory (LSMTL) have been hit by dearth of technical skills, which is inhibiting the performance of the two government agencies,New Telegraph has learnt. This was part of the findings of the committee set up by Governor Akinwunmi Ambode to look into the affairs and the laws setting up these agencies, following the recent collapse of a five-storey building in Lekki Gardens. The building belongs to Messrs Lekki Worldwide Estate. The committee, according to our source, had submitted its report, but noted that there was so much confusion among the staff of LABSCA, as they could not differentiate between planning control and development control. This mix-up, the source, said was responsible for the inability of the agency to really monitor building developments in order to guide against incessant collapse of buildings in the state. In order to reduce the incidence of building collapse in Lagos, LASBCA was established alongside two other agencies by a legislation known as Lagos State Urban and Regional Planning & Development Law 2010, all under the purview of

the Ministry of Physical Planning & Urban Development. LSMTL’s responsibility is to ensure that materials such as steel, sand and concrete mix for building production meet the required standards. Building collapse has been attributed to various causes, among which is poor workmanship, the use of poor quality building materials and poor design with a resultant effect of building defects, which ultimately end in collapse According to our sources, LABSCA, which majority of its staff are expected to be engineers, builders and architects, has about 200 town planners with less than 20 of former combined. The source said: “LABSCA has about 200 town planners while engineers and builders, which are expected to be in-charge of building control and monitoring, are less than 20 in number. This has to be corrected. “Planning control is different from development control. Planning control has to do with building permit/ approval, while building control has to do with proper building development. So, this is the first mistake. Major assignment of LABSCA is that of building development and control, which responsibilities lie in the hands of engineers and builders.”

T Ayodele Aminu

EXCHANGE RATE (BDC as at May 27)

l Foreign Reserves – $26.506bn as at 23/5/2016

It is a case of putting square pegs in round holes

Deputy Editor (Business)

Rates Dashboard INFLATION RATE April 2016...................................13.7% March 2016...............................12.8% February 2016............................11.4%

FLAWS

The Business Desk

N40 billion Being the cost of another housing project by a private concern in partnership with Lagos State

Besides, the source picked holes in the law setting up LABSCA, saying it was not in order and called for its review. “All these are embedded in the report submitted to Governor Akinwunimi Ambode as recommendations,” he said. The same scenario, the source said, was playing out at LSMTL, where many of the staff comprises people not relevant to the functions of the agency. “Instead of employing soil scientists, engineers, geologists and geo-technical experts, the agency is filled with people without the required skills. So, they lack knowledge of the jobs and rather than doing the jobs, they are going round construction sites, collecting money from people,” the source said. The source noted: “The agency lacks the required manpower. Also, the agency was set up in a hurry. It was set up as a private company for commercial purpose. The investors have 10-year agreement with government, which is expiring this year.” For the purpose of effective service, the source said it has been recommended that LMTLS should be reverted to government, adding that the laboratory should be deCONTINUED ON PAGE 26

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

BUSINESS |news

MUTUAL FUND SEC to embark on public awareness to encourage investors to embrace the initiative Chris Ugwu

ollective investment scheme (CIS) assets in Nigeria have increased to N288 billion from N200 billion as at 2014, representing a growth of 44 per cent, New Telegraph has learnt. A source in the Securities and Exchange Commission (SEC) told this newspaper that the slow growth of the investment scheme in Nigeria was due to inability of retail investors to return to the market since the financial meltdown of 2008. The Investments and Securities Act (ISA) No. 29 of 2007 (Section 153) defines Collective Investment Scheme as “a scheme in whatever form, including an open-ended investment company, in pursuance of which members of the public are invited or permitted to invest money or other assets in a portfolio and in terms of which two or more investors contribute money or other assets to and hold a participatory interest. The investors share the risk and benefit of investment in proportion to their participatory interest in a portfolio of a scheme or on any other basis determined in the deed, but not a collective investment scheme authorised by any other Act. Former Director, SEC’s Zonal Offices Coordination and former Director, Collective Investment Scheme (CIS), Mrs. Louisa Eni-Umukoro, had said at a forum that current value of the world’s CIS stands at about $30 trillion, while that of Nigeria is $1.0 billion, which, according to her, was very low compared to the global record. She disclosed that as at 2002,

Dearth of technical skills hit building control agencies

Collective investment scheme hits N288bn there were only 14 funds, but it had grown to about 55 funds in Nigeria compared to thousands in the developed world, especially the United States (US). According to Chief Executive Officer (CEO) of Stanbic Asset Management Limited, Mrs. Olumide Oyetan, in a presentation titled ‘Collective Investment Schemes-Prospects and Challenges: India and Nigeria as Case Studies,’ global assets in mutual fund increased from $4.0 trillion in 1993 to $28.9 trillion in September 2013. She noted that CIS assets worldwide increased 3.8 per cent to $32 trillion - an all-time high at the end of the second quarter of 2014. According to her, a breakdown of the global CIS by region shows that America

awareness to encourage investors to embrace the initiative. He described CIS as a tool for investment, which is utilised globally to foster economic growth and development. He said that rather than individual investors approaching the equities market with little or no knowledge of how the market operates, investors could cash in on the robust advantage provided by CIS to ensure returns on their investment. The SEC DG urged the investment public to embrace the investment scheme as an alternative to boost their investment opportunities. Gwarzo said the Commission would continue its efforts at building capacity in the various segments of the CIS function. He added that the market

participants must be prepared to tap from the development in the market, as the market will soon be experiencing increased participation of institutional and retail investors due to the current low prices of stocks and other laudable measures to boost the market. Gwarzo, who described investors’ patronage of the scheme as germane to growing investment in the capital market, noted that the low patronage of the CIS by Nigerian investors has contributed in no small measure in the loss of investment value. He explained that, it is disheartening that very few people in the country have developed interest in investing in CIS, which in other clime is being well embraced especially by investors who have poor knowledge of the market.

L-R: Company Secretary/ General Counsel, all of FCMB, Funmi Adedibu; Group Managing Director/CEO, Ladi Balogun; Divisional Head, Human Resources and Strategy, Felicia Obozuwa and some children, cutting the cake to mark this year’s Children’s Day celebration in Lagos.

Nigeria imports N430.4bn vessels from 10 countries DISAPPOINTMENT Foreign ships are in control of the lighterage operations in Nigeria despite huge investments by local ship owners

CONTINUED FROM PAGE 25

centralised to ensure that each local government has access to one each within its locality. Besides, the source, said government, has been urged to set up a regulatory board that will encourage private firms to invest and establish materials testing laboratories within the state so that people would have easy access to them in order to rid the environment of building collapse. Lagos State has been aggressively involved in partnership or alone in housing projects with most of them specifically for highbrow tenants. One of such partnerships is the N40 billion Orange Island, which is synonymous to Eko Atlantic City project, which is expected to accommodate 25,000 population when it is eventually delivered.

has 56 per cent market share, which was largely due to activities in the US. “Europe has 32 per cent, while Africa, Asia/Pacific share only 12 per cent market share in global CIS. Percentage of US mutual fund asset stands at $17.9 trillion,” she added. Oyetan urged investors to consider the CIS as best option for their alternative investments; affirming that awareness needs to be intensified in the industry to enable Nigerians see the advantages and benefits in the CIS. Director General, SEC, Mr. Mounir Gwarzo, said that one of the areas it wants to pursue to boost domestic investors’ confidence was the CIS. Gwarzo, who disclosed this to our correspondent, said the Commission will during the current year embark on public

Bayo Akomolafe

igerian ports took delivery of some vessels valued at N430.4 billion ($2.152 billion) from 10 countries between 2013 and 2015 to Nigeria. New Telegraph learnt that some of these vessels, which include oil and gas tankers, boats, bulker, barges and floating docks, are idled on Nigerian waters. It was learnt that Nigeria imported some vessels valued at $1.04 billion from Republic of Korea, within the last three years. Also, the country imported vessels worth $266.6 million from United States of America; China, $405.9 million; Netherlands, $108 million; Turkey, $19.45 million; France, $28. 49

million; Indonesia, $14.04 million; Romania, $12.56 million; Singapore, $23.4 million and United Kingdom, $17.27 million. However, investigations have revealed that some of the vessels, which were acquired for cabotage, are idled on Nigerian waters, as they could not get contact jobs to lift crude oil. It was learnt that foreign shipping lines still dominate the country’s coastal trade, while their local counterparts, who acquired loans to purchase vessels, have gone bankrupt. According to the President, Nigerian Ship owners Association of Nigeria (NISA), Nigerian National Petroleum Corporation (NNPC) had been reluctant to give Nigerian shipping companies jobs on the grounds that Nigerian ships were too old and weak to safely transport petroleum products to and from larger tankers offshore. He noted that some of his ships had gone as long as nine months without a job. Labinjo said: “As the 6th largest oil producing and exporting country, with proven crude oil reserves at 37,070 million barrels and proven natural gas

reserves at 5.111 billion cubic metre, coastal shipping is now exclusively in the hands of Indians, Greeks and Lebanese; Nigerians are completely out of it. “Officials of NNPC use many excuses. They say, ‘No, your ships is leaking,’ when it isn’t leaking. They will say: ‘Your papers aren’t complete, you don’t have insurance.’ When you have everything, your ship is first class, your ship is insured, they will say you don’t have enough bollards.” He explained that some of the vessels, which could not work in Europe and Asia where stiff enforcement of regulation of Cabotage trade are enforced, were in Nigeria doing business because of corruption. Besides, the president claimed that indigenous ship owners had lost about N5.4 billion monthly to foreign ship owners who had over the years dominated lighterage business. Lightering is the process of transferring cargo between vessels of different sizes, usually between a barge and a bulker or oil tanker. Labinjo lamented that nonparticipation in crude oil transportation business had

not only denied the country of huge revenue, but also jobs for indigenous seafarers. He said: “This can be calculated. Nigeria imports about 1.8 billion litres of petroleum products every month and that gives you N5.4 billion every month, so, that is what Nigeria is losing monthly.’’ According to him, foreign ships were in control of lighterage operations from mother ships berthing in the neighbouring countries, especially in the ports of Cotonou and Lome. Labinjo said that while Nigeria imports 1.88 million litres of petroleum products monthly, the mother vessels stay at Cotonou and Lome offshore, where the small tankers do the lighterage of the products to Nigerian ports. He disclosed that the association had approached government to allow only Nigerian vessels to be involved in the lighterage operations exclusively. Labinjo added that if Nigerians are allowed to do the job, it would provide 500,000 jobs for the youths and a monthly earning of about N548 billion.

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

fct business watch

Privatisation as mixed bag of woes, efficiency The transfer of stateowned enterprises to private hands is meant to instill efficiency. Sadly, however, the Nigerian experiment with privatisation has been mixed. ABDULWAHAB ISA reports

he success derived from partial divestments of government controlling stakes in First Bank of Nigeria Plc, United Bank for Africa Plc and a few government Chairman, National Council on Privatisation/vice PresiAkpotaire controlled hotels in the late 80s, dent, Prof. Yemi Osinbajo signaled the dilution of government’s grip on the economy. ment (SPA) are to guard against The defunct Technical Com- post-privatisation failure. mittee on Privatisation and ComHowever, while a number of enmercialisation (TCPC), which was terprises have achieved efficiency headed by seasoned technocrat, and are fairing well, quite a numthe late Dr. Hamzat Zayyad, mid- ber of the privatised firms are in wifed the privatisation of these comatose. institutions. Enterprises such as NAHCO, The gains recorded in a few Transcorp Hilton, Ikoyi Hotel state-owned enterprises where now Southern Sun, Sheraton Hogovernment had carried out par- tels and Sachol, are some shining tial privatisation provided the examples of sold firms performfertile ground for government to ing better post-privatisation. In contrast, Delta Steel Comadopt a holistic structural change in the economy. plex, Aladga, Ajaokuta Steel ComWith the benefit of hindsight, pany, the paper mills in Jebba, experts manning Nigerian econ- insurance firms, airline, among omy at the time advised the lead- others, are in the category of The Sovereign ership on the expediency to com- failed firms. pletely liberalise the economy. Wealth In their wise counsel, it was Monitoring for efficiency Investment better and would be more profitPart of the measures put in able for the government to free place to ensure the process works Authority itself from running businesses as planned is the creation of a appears to be and hand them to private players post-privatisation monitoring who have the capacity to bring ef- unit, a department in BPE saddled doing well ficiency into their operation. with responsibility of monitorIdeally, private hands were ing and assessing privatised enexpected to run the enterprises terprises with a view to ensuring profitably and efficiently while the core investors adhered to the the government provides the en- implementation of Share Purabling environment. chase Agreement (SPA) . Items in SPA include capital Efficiency injection by core investor, future The birth of the Bureau of Pub- expansion etc. To ensure core investors keep lic Enterprises (BPE) in the late 1990s as a replacement for TCPC to the implementation of SPA, marked the era of full blown pri- BPE retains its experienced staff vatisation and commercialisation as alternate board member in priexercise. vatised firms. The privatisation schedule was But analysts have raised condrawn up for state-owned enter- cern about the efficacy of BPE’s prises while their transactions post-privatisation monitoring folare to be concluded as provided lowing worsening state of affairs in many privatised firms. in the schedule. Enterprises such as Festac There are insinuations about 77 Hotel, Ikoyi Hotel; Dubar Ho- BPE’s helplessness in the face tel, Nigerian Aviation Handling misconduct and glaring breaches Company( NAHCO), Sahcol, Ni- of SPA by core investors. Rather than apply maximum geria Airways, Jebba Paper Mills, Bacita Sugar, among others, were sanctions on erring investors, handed over by the BPE to core BPE has been accused of too much investors that emerged winners leniency. during the bidding process. BPE has, however, refuted this To consolidate on transparency, claim of deliberate inaction in the a due diligence is carried out on face of apparent failure by invesprospective investors with a view tors to keep to SPA terms. Speaking with New Telegraph to ascertaining their managerial and competence level, sources of recently, BPE boss, DR. Dr. Vinfunds and other vital details. cent Onome Akpotaire, admitted These preliminary due dili- that privatisation in the country gence checks in addition to the ex- had been a mixed bag of efficiency ecution of Share Purchase Agree- and woes.

He said: “We have done substantial monitoring. But for the power sector, we have also commenced monitoring. BPE as an agency is also involved in financial management, corporate restructuring, sector reforms etc. “The monitoring of the financial sector is very technical. It requires engineers, valuers, surveyors, technicians etc. The best we are doing is to gather data on the problems, the investments and all the things that are creating glitches in the system. “That is what we are doing and we are also providing this report to our principals, that is the government at different levels. But in order for this data to be effectively analysed, in order for us to be able to double check on whether the data they are even supplying us is authentic, we need technical teams, consortium of consultants that will go into the field and ascertain the veracity of information acquired and report back to BPE with full analysis. That enables us to hold the investors to account. “As part of the measures, this consulting consortium that will work with us over a period of five years to do this monitoring and review of data on compliance is on the way. “As we speak, we are in the process of obtaining the approval to procure this consultants. Naturally, the process dragged a bit because of the changes in administration. So, we have been able to push the idea to our bosses and we are in the process of obtaining that approval so that we can procure this technical people to work with our in-house post-privatisation monitoring department to get the kind of technical data that we need to keep Nigerians informed of their performance.” Changing mode Agreeing that most of the sold enterprises have performed below expectation, Akpotaire said that the Bureau was currently reviewing the data of failed enterprises to ascertain their performance index. He said this recently in a televised broadcast, noting that the

data on these enterprises had not been sufficient hence the need for the review. He said BPE had decided to partner with anti-graft and security agencies in the country to carry out thorough due diligence on prospective investors willing to buy government assets. Besides, he said the agency would, going forward, adopt commercialisation to dispense public enterprises as against outright sale. He noted: “Part of the direction we want to go now as a bureau, is the area of restructuring the enterprises. We don’t want to take all these enterprises to the market. We want to take a closer look at their operations. “We want to diagnose what appears to be the reasons why they are not efficient. Introducing a change programme into any government enterprise is a problem. Problems from labour, the managers and so on. “It is almost insurmountable. Before you even blow the whistle they are in court. So, what we want to do is to highlight to the government and say look, there are two approaches if you want to change the way business is done, we have good examples today of government companies that are doing well. “I will give you an example, the Sovereign Wealth Investment Authority appears to be doing well. So, we can take that as a case study. That is what BPE does. They accept it and find out why it is working. It is working because there is a depressed level of political interference. It is working because there is what you might call a defined capacity for the managers who will manage that place; it is working because what the managers earn is tied to the profitability of the company they are running. “So, they are bound to work hard. In terms of numbers, the boards are peopled with persons with technical capacity to run that kind off business. They are not under any pressure from any quarter to kill the business as per political patronage.” Going forward, the BPE boss said the agency would do more of commercialisation. “That is something we have not done much of but that is something I want to give impetus to under this dispensation and I believe that if we do that, in the next couple of years, we will be in a position to decide, which of the companies are profitable enough to go to the market or decide what manner of sale. “And when you take them to the market, it is Nigerians generally that will have access to their equity. So, that for me, is the first line of action.” Conclusion There is no doubting the fact that it is no longer fashionable for the government to be wholly involved in running businesses, as it restricts its functions in providing a conducive and an enabling environment for private hands to successfully run the enterprises.

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

BUSINESS |MONEY

n their preview of the Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) meeting last month, analysts at First Securities Discount House (FSDH) Group predicted that a vote by the Committee for the apex bank to review its forex policy will lead to an increase in inflows from foreign investors that will boost the external reserves. The analysts said: “The external reserves have not benefitted from the increase in oil price because of the strong demand for foreign exchange and the drop in crude oil production. The 30day moving average external reserves declined by 4.38 per cent from $27.88 billion at the last MPC meeting to $26.66 billion as at May 17, 2016. “We expect a change in the foreign exchange rate policy of the CBN to boost the external reserves through inflows from foreign investors.” They insisted that the official exchange rate of $1/N197 is almost redundant at the moment, as a few or no transaction is carried out at the official exchange rate. “An adjustment in the exchange rate is imperative to align the rate with economic realities,” they concluded. MPC vote As it turned out, members of the MPC appeared to have bought the argument of the FSDH analysts because, as explained by the CBN Governor, Mr. Godwin Emefiele, during his press briefing at the end of the Committee’s two-day meeting last Tuesday, the apex bank, in line with the Committee’s decision, had resolved to introduce greater flexibility in the interbank foreign exchange market structure and to retain a small window for critical transactions for prospective investors. According to Emefiele, “in a period of stagflation, the policy options are very limited; to avoid complicating the conditions, the committee decided on the least risky option to hold. With the foreign exchange market framework now ready, the MPC voted unanimously to adopt greater flexibility in the exchange rate policy to restore the automatic adjustment properties of the exchange rate. “Consequently, all nine members voted to hold and introduce greater flexibility in managing the foreign exchange rate. The bank would, however, retain a small window for funding critical transactions. Details of operation of the market would be released by the bank at an appropriate time.” Analysts’ approval Although analysts expressed reservations over the CBN’s plan to retain a small window for “critical transactions’’ under the new forex policy framework, the general consensus among them at the weekend was that it is a welcome move, which will lead to an increase in FDI. For instance, while expressing support for the decision, the Chief Executive Officer, Financial Derivatives Company (FDC) Limited, Mr. Bismarck Rewane, noted that the CBN’s previous rigid stance on the naira’s exchange rate had resulted in Nigeria being starved of international trade and investment flows.

New forex regime boosts prospects of increased FDI Although the Central Bank of Nigeria (CBN) did not provide details about its plan to adopt a flexible exchange rate policy when it made the announcement last Tuesday, the move instantly fuelled hopes of increased Foreign Direct Investment (FDI) inflows to the country. TONY CHUKWUNYEM writes

Finance Minister, Kemi Adeosun

He said, “The change in ideological slant from a rigid and fixed exchange rate, driven mainly by economic patriotism to the explicit acceptance of market forces is a welcome development. This is also likely to lead to a sharp increase in foreign direct investment as well as foreign portfolio investment and Diaspora flows. Nigeria had been starved of international trade and investment flows after sticking dogmatically to a fixed exchange rate policy.” Besides, he said: “The MPC’s decision to adopt a flexible foreign exchange framework indicates CBN’s acceptance of market realities. We expect increased dollar inflow in the next few days, as the CBN announces the new market guidelines. Though an adjustment to the naira will likely have a short-run inflationary impact, we expect increased forex supply and reduced uncertainty will reduce the unintended consequences and the exchange rate pass through effect. In the end, an efficient market structure and a transparent process are likely to keep Nigeria on the Real Equilibrium Exchange Rate path (REER).” Similarly, in the firm’s reaction to the announcement, the Head, Research at Cowry Asset Management Limited, Mr. Edgar Ebinum, said: “We expect the naira to remain under pressure as market forces adjust to the fixed CBN clearing rate to a more realistic parallel market rate. Also, likely foreign exchange inflows from domiciliary accounts esti-

Emefiele

The MPC’s decision to adopt a flexible foreign exchange framework indicates CBN’s acceptance of market realities

mated at $20 billion as currency exchange risk minimises.” Also throwing its weight behind the move, the Lagos Chamber of Commerce and Industry (LCCI) said it believed the new forex regime would help improve efficiency in foreign exchange allocation in the economy. LCCI’s Director General, Mr. Muda Yusuf, said the new policy would help to improve liquidity in the forex market; lead to a reduction in the current trade arrears and reduction in the arrears for forex requests that have accumulated in the past 18 months. According to data obtained from the CBN, FDI in Nigeria averaged $1379.76 million from 2007 until 2015, reaching an all time high of $3084.90 million in the fourth quarter of 2012 and a record low of $501.83 million in the fourth quarter of 2015. Concerns However, despite the widespread optimism that the new forex policy will result in an increase in FDI to the country, analysts are worried that the CBN’s plan to retain a small window for what it describes as, critical transactions, could discourage foreign investors because of the abuses inherent in such an arrangement. Commenting on the issue, Head of African research at Standard Chartered Plc in London, Razia Khan, said, “The suggestion of a dual exchange rate, with the maintenance of the official window, is a concern. This might

lead to continued distortions in the market, ultimately with pressure on foreign-exchange reserves.” She further stated: “No one is necessarily going to be investing still if they think that there is a foreign exchange regime that is not workable because it doesn’t allow for the queue for foreign exchange that builds up to be resolved. So, the more important thing, even more important than the level of interest rate in Nigeria is what can be done to resolve the foreign exchange bottlenecks. And any investor who talks about it solely from the view of a devaluation is probably coming up with the wrong argument.” Also, LCCI DG, Yusuf stressed the need for clarity on what the CBN’s definition of a window for critical transactions for which preferential rates would apply, means. “We would like to caution against possible abuse and distortions that such a window could create. It could pose a risk to the entire system. We would like to be assured that the window for the critical transactions will be managed transparently and in a manner that it will not create distortions in the economy,” he stated. But perhaps analysts’ biggest concern about the new policy, according to Bloomberg, has to do with President Muhammadu Buhari’s strong stance against a devaluation of the naira. As the news agency put it, “he (Buhari) has made it clear that he, not Emefiele, is the person in charge of exchange-rate policy. The president is loath to allow the currency to drop unless he’s forced to and in February likened such a move to ‘murder’.” Analysts point out that while presenting the budget to the National Assembly on December 22, 2015, President Buhari had said that the apex bank would consider the adoption of a more flexible foreign exchange regime, noting that despite this statement, the president remained strongly opposed to the devaluation of the naira. Indeed, in a nationwide broadcast to mark his first year in office last Sunday, President Buhari restated his resolve to keep the naira “steady,” saying that the local currency would not be devalued because of the harm devaluation does to the economy. He said: “On the economy, in particular foreign exchange and fuel shortages, our plan is to save foreign exchange by fast-tracking repair of the refineries and producing most of our fuel requirements at home. And by growing more food in Nigeria, mainly rice, wheat and sugar we will save billions of dollars in foreign exchange and drastically reduce our food import bill. We resolved to keep the naira steady, as in the past, devaluation had done dreadful harm to the Nigerian economy.” CONTINUED ON PAGE 29

BUSINESS |MONEY

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

CBN’s intervention schemes set to expand GROWING Apex bank has committed over N1 trillion to projects Stories by Tony Chukwunyem

espite concern in some quarters over the increasing number of its intervention schemes, the Central Bank of Nigeria (CBN) is set to launch more of such projects. President Muhammadu Buhari gave this hint in a nationwide broadcast to mark his

first year in office last Sunday. He disclosed that the CBN will offer more fiscal incentives to firms in order to boost local production by promoting activities such as mining and farming and help the country end its reliance on oil. Specifically, President Buhari said by promoting local production, the CBN will also help to reduce the huge demand for forex in the country thereby bolstering the naira. However, the president’s remarks came against the backdrop of concerns recently expressed by the House of Representatives on the growing number of intervention projects executed by the apex

bank in various sectors of the economy, which according to it, had exceeded N1.233 trillion. The lawmakers alleged that in spite of the enormous spending on intervention projects, there was no noticeable impact on the sectors that had benefited from the funds. Analysts have also argued that intervention schemes distract the CBN from focusing on its core mandate of formulating and implementing monetary policies as well as checking inflation. The CBN Governor, Mr. Godwin Emefiele, had disclosed last February that its total funding and support to the real sector of the economy,

through various intervention programmes had hit least N1 trillion. He maintained that such support investments in the real sector were necessitated by the fact that the sector has sufficient employment capabilities, high growth potentials, contributes significantly in accretion to foreign reserves, expands the industrial base and apparently diversifies the growth potential of the national economy. According to Emefiele, “this concerted effort will dovetail into job creation, increased accretion to foreign reserves through non-oil exports, increased contribution to Gross L-R: General Manager, Amadeus, Mr. Yann Gilbert; Managing Director, Aviator Travels, Mrs. Tinuke Nwakalu; President, National Association of Nigerian Travel Agency ( NANTA), Mr. Bankole Bernard and Vice President, Africa, Amadeus, Mr. Paul De Villey, at the unveiling of the company’s new office in Ikoyi, Lagos. PHOTO: SULEIMAN HUSAINI

frica was once so lauded as the next big investment destination that it lured the likes of ex-Barclays CEO Bob Diamond, who started a business focused on buying African financial-services companies. He was following other lenders tapping into the region’s young population, rising wealth and two decades of record growth. Now, the continent’s fading economies risk taking down more lenders with them. “Two years ago the ‘Africa Rising’ story was probably

New forex regime boosts prospects of increased FDI CONTINUED FROM PAG E 28

He, however, said: “Furthermore, I supported the monetary authority’s decision to ensure alignment between monetary policy and fiscal policy. We shall keep a close look on how the recent measures affect the naira and the economy. But we cannot get away from the fact that a strong currency is predicated on a strong economy. And a strong economy pre-supposes an industrial productive base and a steady export market. The measures we must take, may lead to hardships.”

Domestic Product (GDP) by the real sector and ultimately stimulate economic growth and development though improved living standards for the teeming population of Nigerians.” The CBN Governor described that the apex bank’s approach towards real sector developments as being threepronged namely: interventions centre around agriculture, Micro, Small and Medium Enterprises (MSMEs) and Infrastructure intervention. The CBN governor, said: “Specifically, the interventions include the Agricultural Credit Guarantee Scheme Fund (ACGSF), the Commercial Agricultural Credit Scheme (CACS), the Agricultural Credit Support Scheme (ACSS), the N300 billion Real Sector Support Facility (RSSF), the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF), the Small and Medium Enterprises Refinancing and Restructuring Facility (SMERRF), the N75 billion Nigeria Incentive Based Risk Sharing for Agricultural lending (NIRSAL) and the N213 billion Nigeria Electricity Market Stabilisation Fund.” Emefiele said these were in addition to stimulating accretion of foreign exchange through non-oil exports, supporting Nigeria Export Import Bank with N50 billion Export Refinancing and Restructuring Facility and N500 billion as Non-oil Export Stimulating Facility.

Financial services firms face tough times in Africa overblown,” said Londonbased Exotix Partners research analyst, Ronak Gadhia. “Those investors with hot money have been disappointed and are withdrawing.” Evidence of the fallout is mounting. Kenya and Zambia are each grappling with a series of bank failures, while lenders in Nigeria and Ghana are struggling with declining profit and depleted capital levels. Deals are also drying up, with initial public offerings and debt sales

Conclusion Analysts told this newspaper at the weekend that while foreign investors had long called for the introduction of a flexible forex policy, they would not be too excited over the CBN’s announcement last week that it had decided to adopt such a policy. They argued that apart from the fact that the banking watchdog is yet to unveil details of the new policy, President Buhari’s obvious reluctance to allow the naira to further weaken against the dollar will continue to make investors cautious about returning to Nigeria.

plummeting, when only last year bankers from Standard Chartered and Deutsche Bank to Citigroup and JPMorgan Chase & Company were crisscrossing the continent wrapping up mandates. “Financial stability risks have risen across sub-Saharan Africa,” Renaissance Capital’s head of research in Nigeria, Adesoji Solanke, said. A slowdown in China, Africa’s largest trading partner; a commodity price rout; and an energy shortfall are combining to change the playing field. Add depreciating currencies and widening government budget shortfalls and the outlook dims. The International Monetary Fund cut its 2016 growth forecast for sub-Saharan Africa by one percentage point to 3 per cent. “The markets most at risk are those with highly concentrated sector loans, for example the oil and gas sector in Nigeria,” said EY head of Africa financial services Andy Bates, in Johannesburg. Three Kenyan lenders have collapsed in the past year, mainly because big lenders dominate liquidity, and even as the government forecast gross domestic product growth of 6.1per cent this year. Ghana has six banks struggling to make returns, while Zambian authorities have seized three financial services firms, with another four battling to boost income.

Four Nigerian banks have been interrogated by the country’s Economic and Financial Crimes Commission (EFCC) as part of a probe into illegal transactions, and another four have seen profit slump as the continent’s biggest economy teeters on the edge of a recession. For those willing to navigate the risks, expansion opportunities have opened up for buyers looking beyond the current economic slump, with lower valuations for some of the continent’s lenders, said business risk consultancy Exx Africa’s Johannesburg-based executive director, Robert Besseling. “We expect to see further consolidation in the Nigerian banking sector, and a muchneeded consolidation effort in countries like Kenya, Tanzania and Ivory Coast,” he said. The exit of Barclays from the continent, mainly to conserve cash by reducing its controlling stake in Johannesburg-based Barclays Africa, is also giving Diamond the chance to bolster his ambitions of building a pan-African banking group since leaving the London-based lender four years ago. Diamond has partnered US private-equity giant Carlyle Group to work on a potential bid for Barclays Africa and combine the lender’s operations in 12 countries on the continent with Atlas Mara, a

venture he started in 2013 and which has since made purchases to gain access to seven markets in the region. He has yet to convince investors of the strategy and analysts have criticised Atlas Mara for overpaying for deals, with the stock halving in the two years after its initial public offering. A spokesman for London-based Atlas Mara declined to comment to e-mailed questions before the release of first-quarter earnings scheduled for Thursday. “Initially, African banks with stronger balance sheets will be able to benefit, however, investors from China, the Gulf and other Asian countries such as India and Japan will certainly seek to enter new markets too,” Besseling said. The continent’s larger banks are not standing still. Morocco’s Attijariwafa Bank is eyeing Kenya, Ethiopia and Nigeria. Banks from South Africa, which hold more capital than regulators require, are also looking for potential targets, with FirstRand, the continent’s largest bank by market value, and Old Mutual Plc’s Nedbank, both expressing interest in Kenya. The continent’s growth story is not over, according to Exotix’s Gadhia. It has a young and growing population of 1.1 billion and commodity cycles turn. The price of oil has jumped 85 per cent from a 12year low earlier this year.

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

BUSINESS | Investor

Amplifying shareholders’ voice with new rule

The lapses in adhering to principles of corporate governance have contributed majorly to crisis in the Nigerian Stock Exchange (NSE). CHRIS UGWU writes that the proposed new guideline for AGMs would boost retail investors’ confidence

balance in the power equation between the majority and the minority shareholders in the interest of the economy and the economy. Former Minister of National Planning, Dr Shamsudeen Usman said the group was set up to enable retail investors who lost confidence in the market following the meltdown to return to the market. He said the group has a period of six months to present its recommendation.

n a bid to promote good governance and give clear understanding of the principles of business conduct and ethics that are expected of shareholders during general meetings of public companies as well as their relationships with the companies outside general meetings, a code of conduct for shareholders’ association was formulated in 2006 by the Securities and Exchange Commission (SEC) in conjunction with shareholders associations, regulatory authorities in the financial sector as well as other stakeholders. The code was aimed at sanitising the activities of shareholders’ association and positioning them to effectively promote good corporate governance in public companies for enhanced shareholders value. It was also intended to ensure highest standard of conduct among association members and the companies with whom they interact as shareholders. However, the intent of the regulators seems to be defeated, as most shareholders’ associations have become more of praise singers sponsored by corporate organisations for the smooth flow of their Annual General Meeting (AGM). This has raised concerns among stakeholders in the investment community, as shareholders’ associations have become toothless bulldogs contrary to their creations, which was meant to address the perceived passivity of shareholders towards the governance of their companies. Market watchers believed the recent event surrounding the activities of these associations, which are suppose to be watchdogs of companies seem to point to self aggrandizements. In spite of various efforts of market regulators to check breaches of corporate governance among quoted companies, over the years, despite the powers bestowed on shareholders, many of them have been violating this important obligation, thereby keeping investors in the dark about their financial health among others. Many ignorant shareholders have burnt their fingers by investing in some of the dormant companies, which do not furnish the market with their financials despite the fact they were given some legal powers to hold the management and board of these erring companies accountable es-

Trading floor

pecially during the AGMs, most of them have turned puppets in the hands of these companies due to pecuniary passion Regulators’ position The Securities and Exchange Commission (SEC) had lamented that the majority of shareholders of quoted companies in the country are inactive and often focus on short-term profits. The regulator explained that formulation of code of conduct for shareholders’ association was designed to ensure that association members are of high standards and make positive contributions in ensuring that the affairs of public companies are run in an ethical and transparent manner and in compliance with code of corporate governance for public companies. The commission added that the code encourages shareholders’ associations to be properly constituted and incorporated under the provisions of CAMA 1990 by registering with the Corporate Affairs Commission, which is aimed at institutionalising transparency and accountability in the running of the association. The commission had noted that although the corporate governance framework is built on the assumption that shareholders engage with companies and hold the management to account for its performance, it is however, evident that the majority of them are passive and are often only focused on short-term profits. “It was necessary for more shareholders to take interest in sustainable reforms and longer terms performance and to be more active on corporate governance issues. “The creation of shareholders association was meant to address the perceived passivity of shareholders towards the governance of their companies, but recent events surrounding the activities of these associations seem to point to the fact that they are still focused on short term profits”. It was based on these ugly scenario and other factors that could enhance shareholders power and

give them more voice that SEC is considering a new guidelines for AGMs in the country.

Events at AGMs have shown that shareholder activism has taken a negative turn in the country

New guidelines Director General, (SEC) Mr. Mounir Gwarzo recently disclosed that new guidelines on conduct of AGM by quoted firms are to be released by the Commission. The subsisting manner of conducting AGMs he said, does not give enough voice and voting power to retail shareholders, a development he said needed to be reviewed. Gwarzo stated these during the inauguration of Study Team on “Voice and Voting Power: What role for the retail shareholders in the Nigerian capital market?” The mandate of the group is aimed at increasing the voice and voting power of the retail shareholders for a robust Nigerian capital market. Gwarzo said apart from the review of the conduct of AGMs, the commission would also be carrying out a review of the Companies and Allied Matters Act. “This study is not only good but timely; SEC has set up a team that will review the Companies and Allied Matters Act. As at today, we have started working on rules that will guide the conduct of AGMs and so the timing is right and we need to move very fast because I believe that some of your recommendations will be part of these laws that are being reviewed,” he said. Minister of Finance, Mrs. Kemi Adeosun, enjoined the study group to work towards ensuring that minority shareholders and retail investors who fled the market following the market declines of 2008 are returned. She noted that the National Investor Protection Fund set up by SEC should assist towards boosting confidence of such investors to not only return to the market but also become more active in the affairs of their companies. The Minister, who was represented by Permanent Secretary in the ministry, Mr. Mahmoud Dutse, tasked the study group to ensure

Shareholders’ perspectives President, Constance Shareholders Association of Nigeria, Alhaji Shehu Mallam Mikail, who commended the regulator for the initiative, said events at AGMs have shown that shareholder activism has taken a negative turn in the country. He said: “For example, executive members of many of the shareholder associations now maintain close and personal relationships with the executives of the firms they are meant to check. “This hampers their activism and further enables them to participate in several executive corrupt behaviours, to the detriment of the shareholders they ought to represent. “It is therefore pertinent that SEC should step up initiative towards regulating them, as they could constitute potential force for shaping the direction of corporate decision making in the country,” he said. National Coordinator, Independent shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said that of recent Nigeria has over 300 shareholders association most of which have a few members. He added that the harsh economy has also affected the shareholders, who are now looking for how to make both ends meet. Nwosu blamed the SEC for the proliferation of shareholders group in the country. “Some of them have no offices; we need a structured shareholders association that will command respect so that anything that will come out of their deliberations will be seen as a serious document. “The negativity of over proliferation of shareholders’ association is robbing on retail investors’ voice and voting power at AGMs. This is because by the time the structured ones have a strong point, you will see some of these associations described as a one-man show coming up and work against you and we all know companies love divide and rule,” he said. An independent shareholder, Mr. John Olakunle, who noted that the initiative will reposition retail investors and give them more leverage to influence decisions, advised SEC to ensure that in the case of the audit committee, a provision should be made to allow qualified persons to occupy the positions in the companies. Conclusion While some institutional investors insist on good corporate practices from the managers of their companies, a lot more is expected of the majority of small holders who are known to be very passive.

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Illegal handling of cargoes and midstream discharge from vessels outside designated sea ports cost the Federal Government about $3.87 billion between 2010 and 2015. BAYO AKOMOLAFE reports

maritime

he practice of receiving and handling cargoes from ocean going vessels outside the Customs ports is still flourishing at the nation’s waters. This is despite the ban since 2002 via a presidential circular even as desperate private jetty operators are not deterred by government orders. Statistics released by the Nigerian Ports Authority (NPA) have revealed that Liquefied Natural Gas (LNG), refined petroleum and crude oil handled in Nigerian ports in 2015 totaled 160.5 million tons. However, due to sharp practices, some of the cargoes were diverted and stolen by unscrupulous shipping lines and private jetty operators. It was learnt that one dollar is paid per ton at undesignated terminals to government instead of $5.43 per ton on oil and gas cargoes. Also, while a duly-designated terminal, such as Intels terminal at Onne pay $5.83 per ton to the Federal Government, operators of undesignated terminals keep as much as $4.83 to themselves. Recent Customs’ action Miffed by this development, the Nigeria Customs Service (NCS), Zone A, Lagos, urged the Nigerian Navy to support its anti-smuggling operation at sea. The service had also declared its intention to arrest any ship in that arrives from foreign waters and berthed in any location other than the approved Customs ports. The Zonal Coordinator, Assistant Comptroller General of Customs (ACG), Charles Edike, who approached Flag Officer Commanding (FOC), Western Naval Command, Rear Admiral Ferguson Bobai, for help, lamented that it was impossible for Customs officers to effectively tackle smuggling on the waterways alone without the support of Navy in the vast coast line. Edike urged the Navy to assist Customs to end midstream discharge on Nigerian waters. He said: “There is limit to which our boats can go to the sea but you can go far into the sea. So, when you see these vessels doing midstream discharge, please arrest them and bring them to us. It is with your support and cooperation that we can effectively handle smuggling through the waters and do more than we are doing now.” It would recalled that on February 22, 2007, a former Minister of Finance, Nenadi E. Usman,

Oil tanker on Nigerian waters

How FG loses revenue to midstream cargo discharge sent a circular directing the then Customs Comptroller General, Buba Gyang, to stop the illegal activity. OGFTZ position Meanwhile, the Managing Director of Oil and Gas Free Zones, Mr. Victor Alabo, said that midstream discharge of cargoes by some terminal operators had been outlawed by the Federal Government because of the security implication. He noted: “That is why the law says cargoes destined for a terminal must first come to Customs ports.” The battle Already, Customs has begun the battle since 2004 when a former Assistant Comptroller-General, Nathaniel Ihenacho, raised the alarm that some foreign ships were allegedly anchoring at the Ladol Free Trade Zone and Snake Island Free Trade Zone instead of arriving and reporting at the Customs ports. He said: “Vessels arriving from foreign and anchoring in these locations are violating the provision of section 12 (1) and 4 of CEMA Cap, C45 LFN 2004. “Unlawful berthing of ships from foreign and unauthorised locations poses security threat to the nation as it could lead to trafficking in arms and ammunition and also losses in collectable government revenue.’’ Meanwhile, investigation showed that since 1991, there have been at least 37 official cor-

Unlawful berthing of ships from foreign and unauthorised locations poses security threat to the nation

respondences, which include letters, circulars and memos from agencies of the Federal Government such as Nigeria Customs Service, Nigeria Ports Authority, ministries of Finance, Transport, Office of the National Security Adviser, newspaper publications as well as circulars signed by former presidents Olusegun Obasanjo and Goodluck Jonathan to contain the situation. Analysis of the circulars revealed that while some of the documents were served on all terminal operators, others were served on offending companies in the course of their businesses. Presidential order The last effort by Jonathan to enforce policies on maritime transport was in April 2015, when he gave instructions that all ships bearing oil and gas cargo should berth and discharge at designated terminals in Onne Port in Rivers State, Calabar Port in Cross River State and Warri Port in Delta State. Ministry’s directive Similarly, the Federal Ministry of Transportation in a circular to the management of the Nigerian Ports Authority in 2007 said that the mid-stream discharge and handling of cargo of ocean going vessels at private jetties was in flagrant disregard to Federal Government’s directive banning midstream and offshore discharge of cargo.

However, those behind the illegal trade have not been deterred even after the circular signed by the then Minister of State for Transport (Water), Prince John Okechukwu Emeka. The major offences committed by terminal operators and other private individuals in the illegal trade include irregular berthing and midstream discharge of ships/vessels outside Customs ports as well as the habit of private jetties receiving and handling cargoes of ocean going vessels. Litigation On May 12, 2015, Ladol and MCI FZE Yard Development had filed an originating summons vide a motion ex-parte before a Federal High Court in Lagos where they obtained an interim order restraining the passage and assent of the Bill for an Act to amend the Oil and Gas Free Zone. They obtained an interim injunction restraining the President, National Assembly, Federal Ministry of Transport and the Attorney General of the Federation from enforcing the Presidential directive that all oil and gas cargoes be handled in Onne, Warri and Calabar Ports. Conclusion There should be collaboration among the agencies of government to cripple the illegal trade in order to create jobs and boost government’s revenue in the maritime sector.

business \ maritime

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Customs seize 1,533 cartons of two stroke generators ILLEGAL

Smugglers are using illegal routes to bring prohibited goods into the Nigerian markets Stories Bayo Akomolafe

o fewer than 1,533 cartons of assorted brands of two stroke engine generators have been impounded by the Nigeria Customs Service (NCS), Ogun State Command.

Team leader, Assistant Comptroller, Shittu Almaruf, disclosed this in a statement. He said the contrabands were confiscated from a Mack truck along the Lagos-Ibadan Expressway. The illegal imports was intercepted by the command’s Headquarters’ Compliance Team (HCT). Also, the team intercepted a Maxi bus loaded with 542 cartons of frozen poultry products along the Sagamu-Ijebu-Ode Expressway. Almaruf said his squad is saddled with the respon-

sibility to enforce the fiscal policies of the Federal Government with regard to trade facilitation in conjunction with other anti-smuggling arms of the service. He explained that most of their seizures were usually domiciled in the nearest Customs formation, given the delicate nature of Customs assignment. Almaruf stated that the truck and the Maxi bus had been taken to Customs House in Abeokuta, where 100 per cent examination would be conducted. He said: “The items were subjected to 100 per

cent examination to ascertain the quantity of items seized, following, which they were converted to seizure in line with sections 46 & 47 of the Customs Management Act (CEMA) Cap 45 LFN.” He stressed that the team was working out other means of combating the menace of smugglers in their area. Almaruf, who said that NCS had taken antismuggling campaign to all the nooks and crannies of Ogun State, assured that his team would remain deeply committed to the task of suppressing smuggling.

He noted that the generators were seized by his team based on a law, which emanated from a memo of the Federal Ministry of Environment advising the Federal Government on its health implications. He noted: “The ban came into effect on April 28, 2011 and was officially gazette in May of the same year. The Federal Government gazette No 47 Volume 98 stated categorically that the purpose of this regulation is to restore, preserve and improve the quality of air.” The assistant comptroller further said that Customs’ action was spe-

cially intended to safeguard citizens’ right and access to clean air, prevent air pollution and improve the health of Nigerians especially in the urban areas with high incidence of air pollution emanating from poisonous gaseous emission. Also, he explained that the frozen poultry products were seized to protect the health of Nigerians and the huge investments of the local farmers.

NPA certifies 9,258 trucks for port operation

he Nigerian Ports Authority (NPA) has certified 9,258 trucks, which have passed the minimum standards test for operation. The trucks will now be allowed to participate in moving goods in and out of the seaports in Lagos. According to the authority’s General Manager, Western Ports, Chief Michael Ajayi, NPA has commenced full implementation of the minimum standards for trucks involved in port operation. He noted that the implementation was flagged off by the Managing Director of the authority, Mallam Habib Abdullahi, in April. Ajayi explained that the compliance level was high and had exceeded the management’s expectation. Before the exercise, the general manager said that NPA had been facing series of challenges from a section of the trucking community that did not want to comply with the minimum standards rule. Also, he said that the coalition of truck owners had threatened to truncate the implementation. Ajayi explained: “A new body, Coalition of Truck Owners, emerged and the coalition was formed as a resistant group to oppose the implementation of the minimum standard and they threatened publicly both on television and radio to shut down the port. “Shutting down the port is a criminal offence in the first instance. You close down the port; you close down the economy of the nation. It is an act of sabotage, it is even treasonable but they didn’t understand the implication of shutting the port. “So, we worked with our leadership in headquarters, we worked with the police; with the intelligence community to ensure that we succeeded. So, they threatened to close the port and we were determined that the port would not be closed for even a second and that we succeeded in doing.”

business \ maritime

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Norway to provide infrastructural, technical support to NIMASA STRENGTHENING Agency is committed to a medium term strategic growth plan and building alliances with critical stakeholders to develop the industry

L-R: Director,Administration and Personnel Services, Nigerian Maritime Administration and Safety Agency (NIMASA) Mr. Jibril Ibrahim, Director General of NIMASA, Dr. Dakuku Peterside, Norwegian Ambassador to Nigeria, Mr. Rolf Ree, NIMASA’s Director, Maritime Labour Services, Mr. Juliana Gunwa, NIMASA’s Head, Shipping Development, Mr. Akin Akinyosoye and Head, Public Relations, Hajia Lami Tumaka, during a courtesy visit by the ambassador to the agency in Lagos.

Stories Bayo Akomolafe

orway has promised to provide infrastructural and technical support to assist the Nigerian Maritime Administration and Safety Agency (NIMASA) in its quest to assert itself as major maritime regulator in Africa. Norwegian Ambassador to Nigeria, Mr Rolf Ree, gave the promise during a visit to the agency’s head office in Apapa, Lagos, according to a statement from NIMASA. Director General of the agency, Dr. Dakuku Peterside, who played host to the ambassador, said that both vertical and horizontal partnership would be needed to grow the Nigerian maritime sector.

The director general explained the agency had committed itself to a medium term strategic growth plan and building alliances with critical stakeholders to develop the industry. He described Norway as a great maritime nation, which had earned global acclaim as a complete maritime cluster driven by technological development. The director general said

that Nigeria was ready to partner with the Norwegian Government and its Maritime Authority for mutual benefit in order to propel the growth and development of the maritime industry in Nigeria. He reiterated the resolve of the agency to ensuring safety and security on the nation’s waterways, noting that it will attract more investors to the country. Peterside said: “Norway

has a lot to benefit from Nigeria as we are a major player in Africa especially the hydro carbon trade and the country has a lot to benefit from Norway, in the areas of expertise and technology needed to develop the sector. “To this end the agency is prepared to enter into a partnership, provided it protects Nigeria’s interest and it is in accordance to our laws.” Responding, Ambassador Ree, noted that the Norwegian

Government was willing to collaborate with NIMASA for the development of the maritime sector in many areas including enhancing the Nigeria flag. Since assuming duty as the DG of NIMASA two months ago, Dr. Peterside had sought collaboration from local and international stakeholders with a view to engendering a sustainable development of the maritime sector for Nigeria’s economic prosperity.

Clearing agents fret over corrupt port agencies

Customs lose N17bn revenue at ports, borders

he Association of Nigerian Licensed Customs Agents (ANLCA) has raised the alarm over a new the wave of corruption that have pervaded the nation’s maritime industry. It noted that if the Federal Government does not control this menace on time, corruption would damage international trade, particularly cargo facilitation beyond repair at the port. The association, in a message titled: ‘State of the Nation,’ lamented how some government agencies had developed, shared and perfected their portfolios like fiefdom for the purpose of extortion. In a statement signed by ANLCA’s National Publicity Secretary, Dr. Farinto Kayode, the association alleged that the Nigeria Police was taking the lead, followed by Standards Organisation of Nigeria, while the Nigeria Customs Service (NCS), which is supposed to protect the stakeholders, was allegedly and subtly encouraging it. He said the body had threatened that if the government failed to intervene, ANLCA would be forced to withhold its services, as a measure to protect members’ businesses. Farinto alleged that their members were being cleverly extorted by Nigeria Police, which had been divided into six parts-Maritime Police Command, Ports Criminal and Intelligence Police (PCIP), the X-Squad of NPF; Special Fraud Unit (SFU), Commissioner of Police Monitoring Unit and the Area ‘B’ Police Apapa. He noted: “We were delighted when the current Comptroller

General of Customs. Col Hammed Ali (rtd), was appointed, thinking that the level of corruption and extortion of our members, if not stopped, will be reduced to its barest minimum. It is, however, saddening to see that there is “no eureka.” In the last eight months, he noted, ANLCA members had been extorted at will by the security operatives. The national publicity secretary stressed that when agents complained, there was no intervention by the management of Nigeria customs. He said: “The Pre-Arrival Assessment Reports (PAAR), which was a good innovation by the last administration of Nigeria Customs Service, has been bastardised. “We now have a situation where more than one PAAR are issued on one consignment. The service now ignores the initial PAAR obtained by the consignee/agents and issues another one, which values has been arbitrarily jacked up. “We want to believe that this method is being resorted to by the service to generate more revenue to the government coffers through another means. We have too many issues to contend with in the course of cargo clearance, which are unorthodox and non-procedural. “The Standards Organisation of Nigeria (SON) may be taking Nigeria back to import permit era and unfortunately, the Federal Ministry of Finance saddled with the responsibility of controlling imports procedure looks the other way at the detriment of Nigerian importers.”

igeria Customs Service (NCS)’s revenue generation has dropped, as volume of imports continue to fall at the nation’s seaports and borders. Statistics released by the Apapa and Tin Can Island port commands and other commands since the implementation of the Central Bank of Nigeria (CBN) policy on foreign exchange, auto policy and the recent ban on importation of rice, were said to be responsible for the drop in revenue in the first quarter. The Apapa and Tin Can Island commands got N32 billion and N29 billion respectively as monthly revenue target, while the Seme Command was asked to generate N1.2 billion monthly. However, statistics revealed that Customs lost N13 billion from Lagos Port where its generates largest revenue. Also, at Tin Can Island command, a revenue shortfall of N2.7billion was recorded in the first quarter of 2016. Ton Can Island Public Relations Officer, Chris Osunkwo, said that the command generated N58.9billion in the first quarter of 2016, as against N61.6billion generated in the corresponding period of 2015. Similarly, Seme Area command recorded a revenue shortfall of N1.5 billion between January and April. Public Relations officer of the command, Saleng Taupyen,

explained that the command generated N3.3 billion within the corresponding period as against N4.8billion, going by its monthly target of N1.2 billion. According to the Controller of the Apapa 1 command, Comptroller Willy Egbudin, Customs generated a total of N61.7 as against N74.71 billion collected in the corresponding period of 2015, representing N13 billion decline. He said: “If revenue collection continues to drop in flagship command of the Nigeria Customs Service, I wonder how other commands will get their own revenue. Apapa Area1 Command is the flagship of Nigeria Customs Service and if revenue generation from Apapa is going down, that means revenue generation, as a whole to the Customs will go down. Egbudin said that stakeholders and the officers in Apapa command must fashion out a way of improving on its revenue. The controller said that vessels were now coming to the port with scanty number of containers and bulk cargoes, adding importers had been denied forex by the apex bank. Meanwhile, Customs at Seme Border Command has said in a statement that it had arrested 17 smugglers over 221 seizures with a total Duty Paid Value (DPV) of N180 million.

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Arts

Literature Why Christians should be involved in politics

African ambassadors rally support for Ooni’s cultural rebirth crusade

Andrew Okungbowa

he Cultural Rebirth crusade being championed by the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, has continued to attract support from Nigerians, indeed Africans at home and in the Diaspora. Since assuming the stool of his forefathers as the Ooni of Ife, Ogunwusi has taken on the world in an extra-ordinary manner defining the norms in his carriage, actions and words. According to him, his devotion is to the people as his reign is to change the status quo by using his powers and resources at his disposal to change the narrative of his people by rekindling a prosperous future for his people. The Ooni’s championing of a cultural rebirth has come to find meaning, expression and given life to the doctrine of Hope, Unity, Rebirth and Prosperity (HURP) that his adviser and consultant, Otunba Wanle Akinboboye, has over the years consistently preached. This commitment has not escaped many who have watched and followed the activities of the Ooni ever since he assumed the throne particularly African ambassadors in Nigeria who are not only lining behind him in this new crusade but have adopted him as the peace, unity and prosperity traditional leader of Africa. Ogunwusi’s HURP campaign has also resonated across the world with many world leaders, envoys, business moguls and political leaders paying homage to him and receiving him in audience at different times. These include the Brazilian envoy to Nigeria and that of Cuba. The

TONY OKUYEME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

Cuban envoy even hosted him to a world class dinner at his Abuja residence, which was attended by the cream of the society. The African envoys, who have always formed part of his entourage to many, events said the Ooni deserved to be celebrated for turning his attention to the wellbeing of his people, Nigerians and Africans in general and seeking to serve and not to be served. They said that the monarch had demonstrated that he could be trusted to carry through this new vision. They outlined some of his activities to include the launch of a N6.7 billion grand resort in IleIfe, the declaration of Ile-Ife as a tourism zone, throwing his palace open to the public and tourists, employing over 200 widows of the IfeModakeke war. Another of his actions also applauded by the African envoys is his commitment to the unity of his people and that of all the traditional rulers in Yoruba. Another is his decision to down play his supremacy in a bid to forge understanding and unity among the monarchs and break the traditional barriers that have long existed among them thereby depriving the people the much-desired unity and wealth creation through their offices. To this end, Ogunwusi has embarked on visits to many of the highly respected traditional rulers L-R: A guest, Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja 11 and his wife during one of the visits in the South-West including the Alaafin of Oyo, Soun of Ogbomoit will lead automatically to pros- educational, political and busisho, Alake of Egbaland and most perity for our people and that is ness spaces, hence Nigeria has importantly, visiting Modakeke what we should all focus on,’’ said remained underdeveloped. Akinboboye insisted that not with his gospel of unity thereby Akinboboye, who is also the Foundconsigning to history the age-long er and President of La Campagne until Nigerians make concerted efforts to transform the country enmity between the two people. Tropicana Beach Resort. He has also instituted the Clean Akinboboye revealed that this as the Ooni was doing, the counIfe Competition (Gbafemon) with was what had endeared him to the try would remain in its poor and residents of each street organisAfrican envoys and others, who were beggarly state. He said: ‘‘USA did not become ing themselves into a team with a determined to see that the monarch’s It is this united until fighting two major captain for the purpose of cleanvision was brought to fruition. concerted ing their respective streets. Each The fact that Ogunwusi is wars and through concerted efweek, a team of sanitary inspectors young, educated and a business fort and that is the same concerteffort that is expected to inspect the streets mogul, according to him, makes ed effort that the Ooni is preachwill build and give verdict with the cleanlihis commitment to the growth ing today. ‘‘It is this concerted effort that est street awarded N100,000 while and development of his people, a better any street that wins the award for Nigeria and Africa a course to be will build a better future for us future for us taken on by everyone because he as a people and we need to start three consecutive weeks is awarded our leaders and people N500,000 by the Ooni. as a people has aptly displayed a high sense showing that there is reward in doing the Delighted by Ogunwusi’s cruof history, duty, responsibility sade, Akinboboye, the originator of and inspires confident and trust. right thing and that the whole the HURP concept, said the monThe HURP vision, according to world is watching.’’ According to him, one of the arch’s action was a welcome develAkinboboye, is designed to probiggest problems of Nigeria toopment and a jumpstart of ‘‘HURP duce a truly Nigerian society and and a rebirth process so that we can transform Nigeria from the ‘Niger day is that “we don’t celebrate all prosper with his focus on what Area,’ a mere geographical expres- our heroes and heroines and will enhance the lives of his people sion, which it is presently to a real showcase our role models, rather and create wealth for them”. nationhood. Lamenting the fact we celebrate failures and glorify ‘‘If we create hope in our people, that Nigeria is corruption-ridden people who have plundered our foster unity among our people and with self-centred individuals pa- commonwealth and consigned leaders and jumpstart a rebirth prorading the religious, traditional, the future of generations unborn to a bleak future”. cess as Oba Ogunwusi is doing now,

ART

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

NEWS In Lagos, Breaking News explores politics, mechanisms of mass media

reaking News, a group exhibition, which opened on Saturday April 30 at Art Twenty One, ends June 22. Curated by Joseph Gergel, the exhibition explores the politics and mechanisms of the mass media. It features artists working in painting, drawing, photography, video and installation and questions how information is disseminated, fact is constructed, and how social and political life are filtered through the lens of the culture industry. Participating artists are Jakob S. Boeskov and Teco Benson, Obinna Makata, Native Maqari, Abraham Oghobase, Bob-Nosa Uwagboe, Chibuike Uzoma, and Uche Uzorka. Here, the artists are critical about divergent social and political issues in Nigeria, from violence and government corruption to Nollywood and popular consumer trends, questioning not only the content of the news but its very framework. They look at how Nigeria is defined in the local and global news media, and how cultural myths are articulated and perpetuated. In an act of subversion, these artists cut, crop, and shred the vernacular news archive, a literal and symbolic act of destruction. Rather than succumb to the commercial pressures of the media industry, they create a visual language to portray new perspectives and alternative narratives.

A scene in Wole Oguntokun’s Oshodi Tapa, one of the plays being staged as part of the activities for Lagos at 50 celebration

Our cultural diversity can provide development – NICO Coordinator Tony Okuyeme

I Abraham Oghobase’s Signs of the Times

Drama, leadership workshop on public speaking holds in Abuja

free one-day Public Speaking Through Drama and Leadership workshop holds in Abuja, Nigeria. Following the successful outing at the inaugural session, the Public Speaking through Drama is back, and promises to be bigger and better. Public Speaking is arguably one of the most important skills for anyone hoping to make an impact in any chosen profession. The workshop with “the next level with Chukwuemeka” is slated for this Saturday. “This session is strictly for those who wish to build their confidence and not necessarily for those who want to practice their drama or acting skills. These sessions are for: those with a fear of public speaking; those with social anxiety; those who want to be more confident in social situations and life in general; those who care too much about what others think or may not think; and those who may want to pursue a career in public speaking,” the organisers stated.

t was a celebration of Nigeria’s indigenous dresses as the National Institute for Cultural Orientation (NICO), North-Central Zonal Office in Ilorin, Kwara State, marked this year’s World Day for Cultural Diversity for Dialogue and Development (also known as World Culture Day), penultimate Monday in the institute’s office ground. The enthusiastic members of staff of the institute were gaily attired in indigenous dresses, all looking resplendent, showcasing Nigeria’s rich cultural heritage. They also cooked different indigenous cuisines, which were presented as prizes to those considered as most appropriately dressed members of staff, to mark the day, which is actually May 21, 2016, as declared by the United Nations Educational, Scientific and Cultural Organisation (UNESCO), but fell on Saturday this year. The Zonal Coordinator, Mr. Ohi Ojo, in his keynote address, noted that the World Day for Cultural Diversity for Dialogue and Development is an opportunity to help communities understand the value of cultural diversity and learn how to live together in harmony. He emphasised the significance of focus of this year’s edition of World Culture Day as stated by the Director-General of UNESCO, Irina Bokova, which is that “Celebrating cultural diversity means opening up new perspectives for sustainable development and promoting

Celebrating cultural diversity means opening up new perspectives for sustainable development

creative industries and cultural entrepreneurship, as sources of millions of jobs worldwide, particularly for young men and women. Culture is a sustainable development accelerator whose potential has been recognised in the 2030 Agenda for Sustainable Development adopted by the United Nations.” Ojo, who was clad in “Etibo” traditional attire, said “Cultural Diversity is an opportunity that a nation needs to have all-round development, which can be a source of revenue generation for the country”. In 2001, UNESCO adopted the Universal Declaration on Cultural Diversity and in December 2002, the UN General Assembly, in its Resolution 57/249, declared May 21 to be the World Day for Cultural Diversity for Dialogue and Development. The day provides an opportunity to deepen understanding of the values of cultural diversity and to advance the four goals of the UNESCO Convention on the Protection and Promotion of the Diversity of Cultural Expressions adopted on 20 October 2005: support sustainable systems of governance for culture; achieve a balanced flow of cultural goods and services and increase mobility of artists and cultural professionals; integrate culture in sustainable development frameworks; and promote human rights and fundamental freedoms. In his welcome address, the Head, Orientation and Cultural Affairs Department, Mr. Levi Aladeitan, said culture was central to development and that was

the reason why NICO, as the apex cultural institute in Nigeria, was established to conduct research into all aspects of culture, document them and orientate people on how to make culture a vector for national development. According to him, most importantly, culture now has the potential as an alternative source of revenue generation worthy of employing, investing and boosting the national economy. He commended the efforts of the Zonal Coordinator, Ojo, for pulling the little resources at his disposal together to mark the day. In their good will messages, heads of department in the zone jointly called on the Federal Government to revitalise the indigenous craft industry and heritage sites, and make the sector more viable for employment generation and wealth creation and empower NICO financially to be able to carry out her mandate. They equally advised NICO staff members to continue patronising indigenous languages, dresses, and foods so that they could be good role models to others in the larger society. Ojo also used the occasion to constitute a five-man committee to enforce the dress code of members of staff and make report to the zonal coordinator’s office regularly. The committee, with the Head, Administration and Human Resources, Mrs. Shalom Abolarin, as chairperson, has Mr. Anthony Olasinde, Mr. Toyin Bamidele, Mallam Mashood Dagbo and Mr. Toyin Adeseko as members.

LITERATURE

Why Christians should be involved in politics T he misinterpretation given to such words like politics, politician, democracy, leadership, government, governance, democratic leadership and political administration to let them appear questionable have been corrected in “The Basics of Christian Politics” through Christological interpretations. The 82-page book by Richard Tamaranebi accomplished this through detailed definitions and systematic clarifications of these concepts with a God-centered approach. According to him, “Politics is God’s business. He is the author of democratic leadership. God is a democratic leader right from the beginning of creation. God the Creator is generous and interested in the affairs of men and their governments. He institutes all governments and supports righteous rulers. He also punishes the wicked rulers with His arm of power.” In Chapter One, the author explains what politics is all about, clarifies the concept of God as democrat, author of politics and politics as a ministry of God, how God enthrones and ordains governments the politics of various nations. This chapter gives various meanings of politics from scholars and lexicons but opines according to the scriptures in Hosea 4:6 that “my people die for lack of knowledge”; and it is this lack of knowledge that drives Christian into feeling that politics is for unbelievers. Calling on churches to allow Christians to embrace politics, the author scripturally demonstrates that the new covenant Church is divided into eight functional departments (offices) in which God has shared His children into. These are the Department of Apostles, Department of Prophets, Department of Teachers, Department of Miracles, Department of Healing, Department of Helps, Department of Administrations/Governments and Department of Diverse tongues. In this chapter, the author observes that: “over the decades, the Church had been working with and celebrating more on the Departments of Apostles, Prophets, Teachers, Miracles, Healings and Tongues. In recent years, the Department of Helps which has to do with care and welfare of people are gaining a considerable attention, but the Department of Administrations which is totally about leadership and management of human and other material resources has been absolutely abandoned.” Chapter two is on the need for Christians to participate in politics with emphasis on moral commitment to politics. This is because from the Catholics to the Reformers, Puritans, Methodist evangelists, Victorian evangelical social campaigners and Pentecostals, many believers throughout the centuries solidly stood for justice and freedom. They have opposed tyranny and oppression. The basis of modern democracy comes from the biblical

Book title: The Basics of Christian Politics Author: Tamaranebi M. Richard Year of publication: 2012 Publisher: Kraft Books Limited Ibadan Pages: 82 Reviewer:

Nwagbo Obi

concept that we are all made in the image of God. Our Christian ancestors laboured for a democratic system and the rights that we have come to enjoy; we need to preserve the inheritance we have received from them. Chapter three highlights the biblical qualifications for political leadership. They include; religious qualifications, among which are fear god, trust the lord, submission to our lord Jesus Christ, then moral and ethical qualifications which involve truth, wisdom, being impartial, being a servant, being righteous and just, keeping god’s law, hatred to dishonest gain and bribes, hatred to covetousness, must have integrity, being faithful, humble and teachable, patient and having self-control etc. The biblical evidences of all these requirements were

mentioned in this chapter. In chapter four, Christian politics in the 21st century – time for creative thinking and engagement, the author opines that Christian politics must always be principled to enable Christians nurture a Christian political consciousness through which political bond across states and national borders could be realized. Chapter five urges men of faith to be involved in politics. So that such men like Moses can free the people from the hand of a tyrannical government. To underscore the importance of men of faith being in politics, the author in this chapter sampled the opinions of men of God, including Pastor Enoch A. Adeboye, Apostle Chris Fearnot, Rev. Hananiah Zoe, Rev. Godday Akpoloma, Pastor Attah Williams, Bishop David Oyedepo, Apostle Dave Richard and Pastor Cephas B. Ezekiel. Chapter six recommends the way forward by asking what African Christians will do together to gain domineering influence in national and international politics? In answer to this question, the author posits that it is high time Christians stand on their feet and admit political leadership in their various localities and nations. This means that more Christians should be involved in politics to impact of good governance. Those who work in the political offices should organise conferences nationally or internationally on politics. The author adopted the Modern Language Association (MLA) style of documentation in the research; however, the list of Works Cited should be checked. The abbreviations in some of the names are not permitted in MLA. The concept of Church premises and ballot box on the book cover is appropriate to the book’s central theme. Indeed, the book has succeeded in sensitizing African Christians on the need to actively participate in politics. It is worth acquiring by established and aspiring Christian politician.

What we are reading

Chimamanda Adichie’s Americanah is a book that covers very wide expanse of landscape, terrain and cultural experiences. I like it because it is quite original. What intrigues me, and what I found in it is a kind of transcultural experiences; what I describe as transculturalism. I like the ways cultures merge, and there is a kind of mingling of cultures – you have African culture, Black America, African American culture, white culture. But the main theme for me in that book is racism.

Crude Continent: The Struggle for Africa’s Oil Prize by Duncan Clarke is a revelation about the history of the politics of oil in Nigeria. Based on thirty years in the global oil game, intimate knowledge of African history and direct experience of over forty countries, this comprehensive book shows that Africa’s flaws are not the whole story, when it comes to the continent’s history. It dates back the colonial time. It points to the significance of history in education in this country.

TONY OKUYEME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

Prof. Akachi Ezeigbo

Prof. Jerry Buhari

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Book stand

POETRIP A Love Song for My Country Oladipo Kehinde I have seen this moment like a dream in the eyes of time I have so long waited for the moon to interprets the dreams of the night We dream to awake at dawn Upon this historical memorable day I sing a new song for my country I sing for the river I sing in memory of the fallen leaves I sing for the birds I have seen this moment like a dream in the eyes of time I sing for those who paid the price with their blood on the road to freedom I sing for the market I sing for the mountain I have seen this moment like a dream in the eyes of time It is time to sing with the merry river I sing for the farm I sing for the bountiful hands of harvest I have seen this moment like a dream in the eyes of time I sing a new song for my country A love song for my country

BUSINESS |Money Line

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

WARNING Customers should ensure their accounts are funded Stores by Tony Chukwunyem

eposit Money Banks (DMBs) in the country have again warned their customers to refrain from issuing Dishonoured (Dud) cheques, saying that such customers stand the risk of being barred from accessing credit facilities from the banking system for a period of five years. In recent weeks, the DMBs have been sending the emails to their customers, reminding them of the fresh sanctions

Dud cheques: Defaulters risk five-year ban that the Central Bank of Nigeria (CBN) imposed against issuers of dud cheques. One of such emails sent to its corporate customers by a leading mid-sized bank and sighted by New Telegraph stated, “We wish to remind you of the Central Bank of Nigeria (CBN) policy mandating all Banks to advise their Individual and Corporate account holders to refrain from issuing Dishonoured (Dud) cheques i.e. issuing a cheque against an unfunded account. “The CBN has imposed additional regulatory measures/ sanctions against dud cheque issuers, therefore all banks are

required to: recall/cancel all unused cheque books issued to serial issuers of dud cheques; bar affected customers from using the clearing system for a period of (5) years and forward the names of Dud Cheque Offenders to the three private Credit Bureaux and the Credit Risk Management System (CRMS).” The apex bank also stated that details of dud cheque issuers would be listed on the private Credit Bureaux and the Credit Risk Management System (CRMS) database for a five year period. Furthermore, according to the banking watchdog, if the offender is found wanting after

Sterling Bank stresses importance of entrepreneurial training

he Executive Director, Finance & Strategy, Sterling Bank Plc, Mr. Abubakar Suleiman, has stressed the need for operators of Small & Medium Enterprises (SMEs) in the country to undergo frequent entrepreneurial training, saying that this is key to the success of businesses. The Bank’s Executive Director, Mr. Abubakar Suleiman, stated this at a press briefing in Lagos yesterday, as part of activities to support the 11th edition of CEOs Forum organised by LEAP Africa. Suleiman disclosed that from the various training programmes the bank had or-

ganised for aspiring entrepreneurs, it discovered that capital was not the main challenge of aspiring entrepreneurs, adding it was important that entrepreneurs be taught the skills of organizing a business. He said, “It is not all about capital; entrepreneurs have to be taught how to keep good records and generally how to run a business.” He said the bank was supporting Leap Africa’s CEO forum because of it believed the project was one of the few in the country that helped entrepreneurs to build their businesses to a level that can make such ventures attract the

attention of Angel investors. “Sterling Bank does not support any project that it is not passionate about,” Suleiman stated. The Sterling Bank Executive Director said the lender would continue to support SMEs in the country as they are the engines of economic growth. His words: “We are totally focused on the growth of SMEs in the country and we will continue to assist in taking their businesses to another level. The process for transforming SMEs to become bigger players and a key part of national development does not start and end with finance. A huge part of it starts with education.”

As at N19,142,526.05m N18,579,219.49m 13.7 12 10.77 US$49.64 US$26,422,899,284

Mar, 2015 Mar, 2015 April, 2016 23/03/2016 Mar 2015 31/5/2016 27/5/2016

Source:CBN

Description 15.10 27-APR-2017 16.00 29-JUN-2019 15.54 13-FEB-2020 16.39 27-JAN-2022 14.20 14-MAR-2024 12.50 22-JAN-2026 10.00 23-JUL-2030 12.1493 18-JUL-2034 Tenor (Days) Call 30 90 180

FGN Bonds

TTM

Price 104.54 114.58 111.91 120.62 109.79 100.32 83.54 97.16

1.06 3.23 3.86 5.81 7.94 9.80 14.30 18.29

NIBOR

Rate (%) 4.2500 8.2420 10.1127 11.7162

Bid Yield 10.45 10.54 11.61 11.43 12.23 12.43 12.49 12.54

Change (%) -0.21 ▼ -0.87 ▼ -0.90 ▼ -0.66 ▼

Change (%) 0.07 ▲ -0.01 ▼ 0.01 ▲ -0.01 ▼ -0.04 ▼ 0.04 ▲ 0.05 ▲ 0.06 ▲

Price 104.69 114.88 112.21 120.92 110.09 100.62 83.84 97.46

Tenor (Months)

Change (%) 0.07 ▲ -0.01 ▼ 0.01 ▲ -0.01 ▼ -0.04 ▼ 0.04 ▲ 0.05 ▲ 0.06 ▲

NITTY

Rate (%) 5.1731 6.4137 7.3300 8.8857 9.6247 10.5416

1 2 3 6 9 12

Treasury Bills

Offer Yield 10.30 10.44 11.52 11.36 12.18 12.38 12.44 12.50

Change (%) -1.82 ▼ -0.82 ▼ -0.75 ▼ -0.32 ▼ 0.04 ▲ 0.04 ▲

Money Market

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) 7.34 7.47 -0.35 ▼ Open-Buy-Back (OBB) 3.75 30-Jun-16 7.59 7.73 -0.35 ▼ 6-Oct-16 8.37 8.12 8.47 -0.24 ▼ Overnight (O/N) 4.25 8.74 -0.24 ▼ 16-Mar-17 9.40 10.32 0.04 ▲ 9.15 10.02 0.04 ▲

Spot($/N)

Bid 199.14

Offer 199.24

Change (%) 0.00 ↔

NIFEX

Spot($/N)

Bid 199.0000

CBN Clearing Rates of January 7, 2016 Spot($/N)

196.00

197.00

0.00 ↔

the five year period, it will be reinstated permanently in the private Credit Bureaux and the CRMS database and be barred from accessing credit facilities from the Banking system for a period of fiveyears. The lender thus advised its customers that before issuing a cheque, they should ensure that their accounts are adequately funded by confirming their details through any of its e-channels (Internet Banking, Sterling Mobile Money, ATM services) or dial *822*6*NUBAN#. Also, it said that customers could also confirm their

Offer 199.1000

Change (%) -0.08 ▼ -0.08 ▼

Change (%) 0.00 ↔

cheques through their Relationship Managers. It will be recalled that the CBN had in April last year issued a circular mandating commercial banks to ban any of their customers that issues dud cheques from the use of the clearing system for a period of five years. CBN Director, Banking Supervision, Mrs. Tokunbo Martins, who signed circular, noted with great concern the impunity with, which some customers of banks issued dud cheques on their accounts despite the provisions of the Dishonoured (Dud) Cheques Act of 1977.

Jaiz Bank’s assets hit N52.6bn Abdulwahab Isa Abuja

aiz Bank’s total assets as at the end of December 2015 closed at N52.6 billion compared to N44.4 billion in the preceding year, the bank’s Chairman Alhaji Umaru Abdul Mutallab, has said. Addressing shareholders at the lender’s 4th Annual General Meeting (AGM) in Abuja yesterday, Alhaji Mutallab said the company grew its finance income by 47 per cent to N4 billion as against the preceding year’s N2.72 billion. The non- interest bank, which declared a N794.2 mil-

lion profit before tax for the year ended December 2015 as against N126.8 million realised in 2014, also announced that its customer deposit base closed at N38.7 billion in 2015, with Current Account and Customers’ Investment Account Deposits showing strong growth of 43 per cent and 39 per cent to N15.5 billion and N23.2 billion respectively. Mutallab said the results have demonstrated continued growth and operational efficiency for the bank. He said: “In the next five years, I see this bank in every nook and crannies of this country and other sub-Saharan Africa countries.”

PwC to internal auditors: Focus on leadership

Economic Indicators M2* CPS* INF MPR 91-day NTB Bonny Light Ext Res**

wC Nigeria, one of the leading professional services firms, has called on Internal auditors in Nigeria to focus on leadership, as this will increase their value contribution and help the broader organisation address emerging risks. He stressed that Internal audit functions with very effective leadership perform better and add greater value to the business. Associate Director, Risk Assurance, PwC Nigeria, Femi Osinubi, disclosed these at a breakfast meeting to discuss findings of PwC’s 2016 State of Internal Audit Profession

(SOTP) survey report entitled, “Leadership matters: Advancing toward true north as stakeholders expect more”. The breakfast meeting, which was held in conjunction with the Institute of Internal Audit (IIA) Nigeria with the theme “Stakeholders expect more from internal audit”, according to a statement, was part of activities held by both organisations to mark this year’s International Internal Audit Awareness month. It had in attendance, internal audit professionals, risk and compliance personnel, audit committee members and business leaders drawn from various sectors of the economy.

Lender launches new mobile, online banking platform

tandard Chartered Bank is bringing its newest mobile and online banking platform to one million clients across eight African markets, the most extensive digital rollout of its kind in Africa by an international bank. After the rollout to Botswana, Ghana, Kenya, Nigeria, Tanzania, Uganda, Zambia and Zimbabwe in the first half of 2016, the bank according to a statement, will launch fingerprint recognition technology in these markets later in the year, giving clients a more secure and convenient way to log in to their accounts. “We’re bringing the best in

mobile banking to Africa – consumers across the continent are increasingly affluent and techsavvy and they want convenient access to their bank, wherever they happen to be,” said Karen Fawcett, Standard Chartered’s CEO for Retail Banking. “Africa is important to Standard Chartered and this launch is another demonstration of that.” “We are committed to making banking easier, faster and safer for our more than one million retail clients across Africa,” commented Jaydeep Gupta, Standard Chartered’s regional head of Retail Banking for Africa and the Middle East.

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

BUSINESS |Financial Market News FMDQ Daily Quotations List

31-May-16

Bonds FGN Bonds

Price

Rating/Agency

Issuer

Description 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 ^15.54 13-FEB-2020 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 ^12.50 22-JAN-2026 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 ^12.40 18-MAR-2036

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

16-Aug-13 27-Apr-12 27-Jul-07 31-Aug-07 30-May-08 29-Jun-12 23-Oct-09 13-Feb-15 27-Jan-12 14-Mar-14 22-Jan-16 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10 18-Jul-14 18-Mar-16

13.05 15.10 9.85 9.35 10.70 16.00 7.00 15.54 16.39 14.20 12.50 15.00 12.49 8.50 10.00 12.1493 12.4000

581.39 480.13 20.00 100.00 300.00 351.30 233.90 584.43 605.31 719.99 286.02 75.00 150.00 200.00 591.57 1075.92 105.00

TOTAL OUTSTANDING VALUE

6,459.96

TOTAL MARKET CAPITALISATION

6,268.63

Rating/Agency

Description

Issuer

Maturity Date

TTM (Yrs)

16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 27-Jan-22 14-Mar-24 22-Jan-26 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34 18-Mar-36

0.21 0.91 1.15 1.25 2.00 3.08 3.39 3.70 5.66 7.78 9.64 12.49 12.97 13.47 14.14 18.13 19.80

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

7.94 11.15 11.60 11.68 12.31 13.20 13.41 13.62 13.72 13.73 13.37 13.42 13.43 13.45 13.46 13.54 13.36

7.25 10.98 11.46 11.55 12.22 13.09 13.29 13.52 13.65 13.67 13.31 13.38 13.38 13.38 13.40 13.49 13.31

101.00 103.29 98.12 97.33 97.23 106.86 82.93 105.39 110.22 102.14 95.34 109.41 94.26 69.59 78.34 90.63 93.32

101.15 103.44 98.27 97.48 97.38 107.16 83.23 105.69 110.52 102.44 95.64 109.71 94.56 69.89 78.64 90.93 93.62

6414.957269

Issue Date

Coupon (%)

03-Apr-12

17.25

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Modelled Price

1.20

03-Apr-17

0.42

2.94

12.20

101.99

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

0.08 0.08 0.88 0.60 1.58 1.40 1.41 1.38 1.38 1.56 1.99 3.48 1.95 4.49 4.58 2.62 2.64 3.21 3.43 3.46 3.57 6.46 3.72

4.46 3.48 1.00 5.71 2.39 1.00 1.00 3.82 3.56 3.82 2.02 2.01 1.00 1.30 3.76 2.53 1.00 1.52 4.01 1.00 2.52 1.79 3.04

11.12 10.14 12.08 15.81 14.35 12.80 12.82 15.61 15.35 15.76 14.31 15.48 13.26 14.96 17.42 15.35 13.84 14.81 17.45 14.45 16.03 15.51 16.59

100.18 100.38 98.28 98.84 99.49 101.41 101.41 98.71 98.42 99.59 101.87 97.43 102.42 95.35 92.52 98.27 102.34 101.62 97.68 105.09 103.63 105.53 101.05

29-Sep-16 25-Oct-16 08-Dec-16 19-Apr-17 06-Jul-17 30-Sep-17 30-Nov-17 09-Apr-18 09-Sep-18 09-Sep-18 30-Sep-18 18-Oct-18 17-Feb-19 01-Apr-19 06-Nov-20 14-Nov-20 04-Dec-20 20-Nov-21 30-Dec-21 13-May-22 26-Oct-22 30-Sep-24 30-Sep-24 29-Jul-30

0.33 0.40 0.52 0.88 1.10 1.33 1.01 1.11 1.28 1.28 2.33 1.38 1.46 1.59 2.44 4.46 2.96 5.47 5.58 5.95 4.12 8.33 8.33 9.46

1.00 1.34 1.00 5.49 5.25 1.88 1.88 3.15 6.35 1.00 1.17 4.42 6.11 3.28 4.47 1.00 3.55 2.51 1.00 1.00 2.77 1.00 1.00 1.00

9.78 10.53 10.82 16.57 16.81 13.63 13.36 14.71 18.05 12.70 13.75 16.21 17.97 15.24 17.14 14.66 16.65 16.22 14.71 14.72 16.41 14.62 14.62 14.40

100.96 101.38 102.55 99.89 99.65 99.21 105.02 101.18 99.82 103.60 100.43 99.39 99.98 100.94 96.03 101.87 97.46 93.02 106.43 106.80 98.81 107.82 93.45 102.43

10-Oct-20

2.48

3.37

16.07

97.44

Agency Bonds Nil

17.25 FMB II 03-APR-2017

FMBN

TOTAL OUTSTANDING VALUE

1.20

TOTAL MARKET CAPITALISATION

1.22

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

*BENUE *IMO LAGOS *BAYELSA EDO *DELTA *NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN LAGOS KOGI *EKITI *NASARAWA *BAUCHI *OYO *BENUE *PLATEAU KOGI *CROSS RIVER

30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 31-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12 02-Oct-12 22-Nov-12 12-Dec-12 27-Nov-13 31-Dec-13 31-Dec-13 06-Jan-14 09-Dec-14 17-Feb-15 27-Feb-15 30-Mar-15 01-Apr-15 27-May-15

14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 13.50 LAGOS 27-NOV-2020 15.00 KOGI 31-DEC-2020 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021 15.50 BAUCHI 9-DEC-2021 16.50 OYO 16-FEB-2022 16.50 BENUE 27-FEB-2022 17.50 PLATEAU 30-MAR-2022 17.00 KOGI II 31-MAR-2022 17.00 CROSS RIVER 27-MAY-2022

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 13.50 15.00 14.50 15.00 15.50 16.50 16.50 17.50 17.00 17.00

1.30 2.05 57.00 16.45 25.00 23.44 4.22 10.98 8.14 21.68 12.55 80.00 21.65 87.50 5.00 4.03 4.04 14.37 4.39 4.53 27.10 3.00 7.34

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

445.77 440.38

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

NAHCO FSDH ***LCRM UBA *C & I LEASING *DANA#{r} *TOWER# *TOWER# UBA *LA CASERA *CHELLARAMS# *DANA#{r} *FCMB NAHCO *TRANSCORP HOTELS PLC *FCMB UBA FIDELITY *TRANSCORP HOTELS PLC STANBIC IBTC STANBIC IBTC *NMRC

13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 0.00/16.00 LCRM 08-DEC-2016 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRM III 06-JUL-2017 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 14.00 UBA II 30-SEP-2018 15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 15.00 FCMB 6-NOV-2020 15.25 NAHCO II 14-NOV-2020 15.50 TRANSCORP 4-DEC-2020 14.25 FCMB I 20-NOV-2021 16.45 UBA I 30-DEC-2021 16.48 FIDELITY 13-MAY-2022 16.00 TRANSCORP 26-OCT-2022 182D T.bills+1.20 STANBIC IA 30-SEP-2024 13.25 STANBIC IB 30-SEP-2024 14.90 NMRC 29-JUL-2030

29-Sep-11 25-Oct-13 09-Dec-11 20-Apr-12 06-Jul-12 30-Sep-10 30-Nov-12 09-Apr-11 09-Sep-11 09-Sep-11 30-Sep-11 18-Oct-13 17-Feb-12 01-Apr-14 06-Nov-15 14-Nov-13 04-Dec-15 20-Nov-14 30-Dec-14 13-May-15 26-Oct-15 30-Sep-14 30-Sep-14 29-Jul-15

13.00 14.25 0.00/16.00 0.00/16.50 0.00/16.50 13.00 18.00 16.00 18.00 16.00 14.00 15.75 18.00 16.00 15.00 15.25 15.50 14.25 16.45 16.48 16.00 16.29 13.25 14.90

15.00 5.53 112.22 116.70 66.49 20.00 0.36 3.60 1.82 0.50 35.00 1.50 0.27 4.50 20.87 2.05 9.76 26.00 30.50 30.00 10.00 0.10 15.44 7.90

TOTAL OUTSTANDING VALUE

536.11

TOTAL MARKET CAPITALISATION

539.15

Sukuk BBB-/Agusto

*OSUN

10-Oct-13

14.75 OSUN II 10-OCT-2020

14.75

9.40

TOTAL OUTSTANDING VALUE

9.40

TOTAL MARKET CAPITALISATION

9.16

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

1.70

1.00

11.45

98.08

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

2.92

1.00

12.88

96.21

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 24.23 Description

Issuer

Issue Date

Outstanding Value ($’mm)

Coupon (%)

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

7.22

7.00

98.15

99.00

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

5.64

5.26

98.97

99.72

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

7.41

7.25

94.35

95.19

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,457.35

Corporate Eurobonds B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

8.63

7.76

98.50

99.44

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

21.82

21.63

77.38

77.63

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

7.11

97.56

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

8.53

94.25

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

18.07

17.41

79.27

80.55

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

FIRST BANK PLC ACCESS BANK PLC II FIRST BANK LTD

8.25 AUG 07, 2020 9.25/6M USD LIBOR+7.677 JUN 24, 2021 8.00/2Y USD SWAP+6.488 JUL 23 2021

07-Aug-13 24-Jun-14 23-Jul-14

8.25 9.25 8.00

300.00 400.00 450.00

07-Aug-20 24-Jun-21 23-Jul-21

13.85 16.06 14.67

13.85 15.04 14.67

82.25 76.78 76.00

82.25 79.76 76.00

B-/S&P

ECOBANK NIG. LTD

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

12.23

11.76

84.88

86.63

Maturity Date

DTM

Risk Premium (%)

Valuation Yield (%)

Discount Rate (%)

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

3,150.00 2,704.99 Description

Issuer

Issue Date

Yield @ Issue (%)

Outstanding Value (₦’bn)

Commercial Papers Nil

GUINNESS NIGERIA

GUINNESS CP III 29-JUL-16

04-Nov-15

13.75

2.77

29-Jul-16

6.18

13.65

13.35

Bb-/Agusto

UACN COMPANY PLC

UPDC CP 18-OCT-16

18-Apr-16

11.00

16.80

18-Oct-16

140

2.03

11.11

10.66

TOTAL OUTSTANDING VALUE

19.57

**TREASURY BILLS^ DTM 9 16 23 30 44 51 58 65 72

Money Market

FIXINGS Maturity 9-Jun-16 16-Jun-16 23-Jun-16 30-Jun-16 14-Jul-16 21-Jul-16 28-Jul-16 4-Aug-16 11-Aug-16

Bid Discount (%) 6.04 6.99 6.48 6.54 6.15 7.09 7.13 7.26 7.48

Offer Discount (%) 5.79 6.74 6.23 6.29 5.90 6.84 6.88 7.01 7.23

Bid Yield (%) 6.05 7.01 6.51 6.58 6.19 7.16 7.21 7.35 7.59

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 3.6750 9.3562 11.6535 13.1333

Tenor

Rate (%)

OBB

3.08

O/N

3.40

Tenor Call 1M 3M

REPO

Rate (%) 3.17 3.92 4.50

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M 3M 6M

198.84 199.10 199.66 201.04 201.71 206.40 214.72

198.94 199.61 200.00 201.46 202.26 207.07 215.77

Rating/Agency

Issuer

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Issue Date

Coupon (%)

16-Aug-13 27-Apr-12 27-Jul-07 31-Aug-07 30-May-08 29-Jun-12 23-Oct-09 13-Feb-15 27-Jan-12 14-Mar-14 22-Jan-16 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10 18-Jul-14 18-Mar-16

13.05 15.10 9.85 9.35 10.70 16.00 7.00 15.54 16.39 14.20 12.50 15.00 12.49 8.50 10.00 12.1493 12.4000

(₦’bn) 581.39 480.13 20.00 100.00 300.00 351.30 233.90 584.43 605.31 719.99 286.02 75.00 150.00 200.00 591.57 1075.92 105.00

Maturity Date

TTM (Yrs)

Bid Yield (%)

16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 27-Jan-22 14-Mar-24 22-Jan-26 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34 18-Mar-36

0.21 0.91 1.15 1.25 2.00 3.08 3.39 3.70 5.66 7.78 9.64 12.49 12.97 13.47 14.14 18.13 19.80

7.94 11.15 11.60 11.68 12.31 13.20 13.41 13.62 13.72 13.73 13.37 13.42 13.43 13.45 13.46 13.54 13.36

(%) 7.25 10.98 11.46 11.55 12.22 13.09 13.29 13.52 13.65 13.67 13.31 13.38 13.38 13.38 13.40 13.49 13.31

Bid Price

Offer Price

101.00 103.29 98.12 97.33 97.23 106.86 82.93 105.39 110.22 102.14 95.34 109.41 94.26 69.59 78.34 90.63 93.32

101.15 103.44 98.27 97.48 97.38 107.16 83.23 105.69 110.52 102.44 95.64 109.71 94.56 69.89 78.64 90.93 93.62

BUSINESS |Financial Market News

Stories by Chris Ugwu

Stocks halt three-day gaining streak, dip N426bn

rading on the floor of the Nigerian Stock Exchange (NSE) returned on the downbeat after three days of upswing, as the NSE All Share Index and market capitalisation declined by

4.3 per cent each. Contrary to expectations that capital market activities will gradually recovery, as foreign exchange risk diminishes with the adoption of a more flexible exchange rate regime, profit

TOTAL OUTSTANDING VALUE

6,459.96

NEGATIVE

TOTAL MARKET CAPITALISATION

6,268.63

Rating/Agency

Issuer

Equities market weakens Agency Bonds on resumed sell pressure TOTAL OUTSTANDING VALUE

Nil

TOTAL MARKET CAPITALISATION

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 13.50 15.00 14.50 15.00 15.50 16.50 16.50 17.50 17.00 17.00

BENUE 30-JUN-2016 IMO 30-JUN-2016 LAGOS 19-APR-2017 BAYELSA 30-JUN-2017 EDO 31-DEC-2017 DELTA 30-SEP-2018 NIGER II 4-OCT-2018 EKITI 09-DEC-2018 NIGER III 12-DEC-2018 ONDO 14-FEB-2019 GOMBE 02-OCT-2019 LAGOS 22-NOV-2019 OSUN 12-DEC-2019 LAGOS 27-NOV-2020 KOGI 31-DEC-2020 EKITI II 31-DEC-2020 NASARAWA 06-JAN-2021 BAUCHI 9-DEC-2021 OYO 16-FEB-2022 BENUE 27-FEB-2022 PLATEAU 30-MAR-2022 KOGI II 31-MAR-2022 CROSS RIVER 27-MAY-2022

Union Diagnostic reports 9% rise in Q12016 PAT TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

Corporate Bonds

Coupon (%)

03-Apr-12

17.25

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

1.20

03-Apr-17

0.42

2.94

12.20

101.99

1.30 2.05 57.00 16.45 25.00 23.44 4.22 10.98 8.14 21.68 12.55 80.00 21.65 87.50 5.00 4.03 4.04 14.37 4.39 4.53 27.10 3.00 7.34

0.08 0.08 0.88 0.60 1.58 1.40 1.41 1.38 1.38 1.56 1.99 3.48 1.95 4.49 4.58 2.62 2.64 3.21 3.43 3.46 3.57 6.46 3.72

4.46 3.48 1.00 5.71 2.39 1.00 1.00 3.82 3.56 3.82 2.02 2.01 1.00 1.30 3.76 2.53 1.00 1.52 4.01 1.00 2.52 1.79 3.04

11.12 10.14 12.08 15.81 14.35 12.80 12.82 15.61 15.35 15.76 14.31 15.48 13.26 14.96 17.42 15.35 13.84 14.81 17.45 14.45 16.03 15.51 16.59

100.18 100.38 98.28 98.84 99.49 101.41 101.41 98.71 98.42 99.59 101.87 97.43 102.42 95.35 92.52 98.27 102.34 101.62 97.68 105.09 103.63 105.53 101.05

1.82 0.50 35.00 1.50 0.27 4.50 20.87 2.05 9.76 26.00 30.50 30.00 10.00 0.10 15.44 7.90

09-Sep-18 09-Sep-18 30-Sep-18 18-Oct-18 17-Feb-19 01-Apr-19 06-Nov-20 14-Nov-20 04-Dec-20 20-Nov-21 30-Dec-21 13-May-22 26-Oct-22 30-Sep-24 30-Sep-24 29-Jul-30

1.28 1.28 2.33 1.38 1.46 1.59 2.44 4.46 2.96 5.47 5.58 5.95 4.12 8.33 8.33 9.46

6.35 1.00 1.17 4.42 6.11 3.28 4.47 1.00 3.55 2.51 1.00 1.00 2.77 1.00 1.00 1.00

18.05 12.70 13.75 16.21 17.97 15.24 17.14 14.66 16.65 16.22 14.71 14.72 16.41 14.62 14.62 14.40

99.82 103.60 100.43 99.39 99.98 100.94 96.03 101.87 97.46 93.02 106.43 106.80 98.81 107.82 93.45 102.43

1.22

*BENUE *IMO LAGOS *BAYELSA EDO *DELTA *NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN LAGOS KOGI *EKITI *NASARAWA *BAUCHI *OYO *BENUE *PLATEAU KOGI *CROSS RIVER

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

Issue Date

1.20

Sub-National Bonds

Description

17.25 FMB II 03-APR-2017

FMBN

BBB+/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto A-/Agusto A/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto‡ ; A-/GCR† A-/Agusto A-/Agusto; A-/GCR BBB+/Agusto; A-/GCR Aa-/Agusto; AA-/GCR BBB-/Agusto; BBB+/GCR† Aa-/Agusto; AA-/GCR Bbb+/Agusto; BBB+/DataPro A/Agusto‡ A-/GCR A-/Agusto A-/Agusto Bbb-/Agusto Bbb+/Agusto Bbb+/Agusto A-/GCR

6414.957269

13.00 NAHCO 29-SEP-2016

NAHCO

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 13.50 15.00 14.50 15.00 15.50 16.50 16.50 17.50 17.00 17.00

takings by investors especially on the banking sector ended the three consecutive positive sessions witnessed last week. Consequently, the All-Share Index fell by 1,239.09 basis points or 4.3 per cent to close at 27,663.16 index points, as against 28,902.25 recorded the previous day, while the market capitalisation of equities depreciated by N426 billion or 4.3 per cent from N9.926 trillion the previous day to N9.500 trillion. 29-Sep-11 13.00 25-Oct-13 14.25 of Meanwhile, a turnover 09-Dec-11 0.00/16.00 0.00/16.50 336.05 billion20-Apr-12 shares worth N3.14 06-Jul-12 0.00/16.50 billion exchanged deals 30-Sep-10 in 4,30113.00 18.00 was recorded30-Nov-12 in the day’s trading. 09-Apr-11 16.00

FSDH assurance 25-OCT-2016 FSDH nion Diagnostic & CliniIt14.25 gave that they 0.00/16.00 LCRM 08-DEC-2016 ***LCRM 0.00/16.50 LCRMtowards II 19-APR-2017balancing cal Services Plc has re- are working 0.00/16.50 LCRM III 06-JUL-2017 ported a profitUBAafter tax the 13.00 company’s UBA 30-SEP-2017 accumulated 18.00 C&I LEASING 30-NOV-2017 *C & I LEASING of N80.025 million for the first losses and profit in order to MPR+7.00 DANA 9-APR-2018 *DANA TOWER 9-SEP-2018 09-Sep-11 18.00 *TOWER quarter ended March 31, 2016. startMPR+7.00 rewarding investors. The MPR+5.25 TOWER 9-SEP-2018 09-Sep-11 16.00 *TOWER The company in a filing with cost14.00 of servicing its borrowing, UBA II 30-SEP-2018 30-Sep-11 14.00 UBA 15.75 LA CASERA 18-OCT-2018 18-Oct-13 15.75 *LA CASERA the Nigerian Stock *CHELLARAMS Exchange however, dropped from N1.16 MPR+5.00 CHELLARAMS II 17-FEB-2019 17-Feb-12 18.00 16.00 DANA 1-APR-2019 01-Apr-14 16.00 *DANA (NSE) said its profit after tax was million inII 2015 to N0.632 mil15.00 FCMB 6-NOV-2020 06-Nov-15 15.00 *FCMB up by 9.21 per cent from N73.275 lion,15.25 asNAHCO theIIcompany’s financ14-NOV-2020 14-Nov-13 15.25 NAHCO 15.50 TRANSCORP 4-DEC-2020 04-Dec-15 15.50 HOTELS PLC ing income reduced expenses. adbury Nigeria Plc has remillion in 2015, as*TRANSCORP against 14.25 FCMB I 20-NOV-2021 20-Nov-14 14.25 *FCMB 16.45 UBA I 30-DEC-2021 30-Dec-14 16.45 in “The company’s cost reduccorded 46 per cent drop N80.025 million in Q1UBA 2016. 16.48 FIDELITY 13-MAY-2022 13-May-15 16.48 FIDELITY profit 26-Oct-15 after tax for the Its profit before *TRANSCORP tax stood tion16.00 process has continued to TRANSCORP 26-OCT-2022 16.00full HOTELS PLC 182D T.bills+1.20 STANBIC IA 30-SEP-2024 30-Sep-14 16.29 STANBIC IBTC 31, 13.25 2015. at N86.049 million in 2016, as improve its cost of operation, a year ended December 13.25 STANBIC IB 30-SEP-2024 30-Sep-14 STANBIC IBTC 14.90 NMRC 29-JUL-2030 29-Jul-15 14.90 *NMRC Key extracts of the accounts against N78.900 million in 2015. situation that impacted its profTOTAL OUTSTANDING VALUE The sales revenue for Q1 it level positively. This resulted statement for the full year subTOTAL MARKET CAPITALISATION 2016 rose to N304.55 million in profit after tax increasing to mitted to the Nigerian Stock Sukuk N299.56 million in the from N176.04 million from N111.18 Exchange (NSE) showed drop 10-Oct-13 14.75 BBB-/Agusto *OSUN 14.75 OSUN II 10-OCT-2020 key performance corresponding period of 2015 million in the corresponding in growths in TOTAL OUTSTANDING VALUE accounting for an increase of period 2014 for the full year. indices. TOTAL MARKET CAPITALISATION The food and confectionery 1.66 per cent. Also, in Q1 2016, profit level Supranational Bond after According to reports, moved to11-FEB-2018 N80.03 million from maker recorded 10.20 IFC AAA/S&P IFC this was 11-Feb-13 a profit10.20 11.25 AFDB 1-FEB-2021 Aaa/Moody's; AAA/S&P *AfDB 10-Jul-14 11.25 tax of tax of N1.153 billion durdriven by effective service delivN73.28 million in 2015. TOTAL OUTSTANDING VALUE “Considering the new trend ing the period under review ery with the new equipment that TOTAL MARKET CAPITALISATION attracted more patronage. The in Union Diagnostic’s finan- from N2.137 billion in 2014, Description Rating/Agency Issuer Issue Date Coupon (%) reduction in the cost of trans- cials, we foresee a higher earn- accounting for a percentage FGN Eurobonds portation, repairs, maintenance ings power at the end of 2016 decline of 46 per cent. 6.75 JAN 28, 2021 BB-/Fitch; B+/S&P Similarly07-Oct-11 , the company6.75 postand other resultant operational that would drive the price and BB-/Fitch; FGN 5.13 JUL 12, 2018 12-Jul-13 tax of N1.577 5.13 ed a profit before costs that enhanced its perforprovide dividend for investors BB-/S&P BB-/Fitch; 6.38 JUL 12, 2023 12-Jul-13 the full 6.38 year mance as revealed by the profit, in the nearest future. The stock, billion during BB-/S&P TOTAL OUTSTANDING which is expectedVALUE to continue, as currently selling at a par value from N2.385 billion reported in TOTAL MARKET CAPITALISATION automation of company’s opera- of 50 kobo, indicates value for the same period of 2014, repreCorporate Eurobonds tion processes continues to yield discerning investors, going by senting a decline of 34 per cent. 7.25 JUL 25, 2017 B+/S&P ACCESS BANK PLC 25-Jul-12 7.25 Gross earnings also dropped positive result. the currently book value 6.88 MAY 09, 2018 at B/Fitch; B/S&P FIDELITY BANK PLC 09-May-13 6.88 NOV 08, B+/Fitch; B+/S&P 6.00 the billion during The managementGTBANK saidPLCthe N1.08 and price to 6.00 book of20180.46. to N27.825 08-Nov-13 6.25 APR 22, 2019 B+/Fitch; BB-/S&P ZENITH BANK PLC 22-Apr-14 6.25 full year, against N30.518 2015 full year and DIAMOND the BANK 2016PLC This means that investors 8.75 May 21, 2019are B/Fitch; B/S&P 21-May-14 8.75 bil8.25 AUG 07, 2020 B-/Fitch; B/S&P FIRST BANK PLC 07-Aug-13 8.25 lion a year ago, accounting for Q1 earnings reports has conpaying less Naira for the compa9.25/6M USD LIBOR+7.677 JUN 24, 2021 B-/Fitch; B/S&P ACCESS BANK PLC II 24-Jun-14 9.25 8.00/2Y USDfirst SWAP+6.488 JUL 23 2021 a drop of 9 per B-/Fitch; B/S&P FIRST BANK LTD 23-Jul-14 8.00 cent. firmed its total departure from ny’s net assets. The quarter 8.75 AUG 14, 2021 B-/S&P ECOBANK NIG. LTD 8.75 Analysts14-Aug-14 at FBN Capital had the loss positions witnessed price to earnings ratio of 5.55x, TOTAL OUTSTANDING VALUE in theMARKET past CAPITALISATION years, with strong indicates that Investors’ wait- attributed the volatility in perTOTAL determination by its manage- ing period has reduced, as a re- formance of Cadbury Nigeria Issuer Issue Date Yield @ Issue (%) ment Rating/Agency to build value for shareon consumer sult of the improvedDescription earnings,” to the squeeze Commercialand Papers holders Nigerians. disposable incomes. the management noted. #{r}

The banking sub-sector of the financial services sector was the most active (measured by turnover volume) with 167.1 million shares exchanged by investors in 1,092 deals. Volume in the sub-sector was largely driven by the activities in the shares of Fidelity Bank Plc and Access Bank Plc. Premium sub-sector boosted by445.77 the activities in the shares of 440.38 FBNH Plc and Zenith Bank Plc followed with29-Sep-16 a turnover of 86.7 15.00 0.33 5.53 25-Oct-16 0.40 million shares in 1,092 deals. 112.22 08-Dec-16 0.52 116.70 19-Apr-17 The number of gainers 0.88 at the 66.49 06-Jul-17 1.10 close session was 20.00of trading 30-Sep-17 1.33 39, 0.36 30-Nov-17 1.01 while decliners closed at nine. 3.60 09-Apr-18 1.11

# #

Further analysis of the day’s trading showed that Tranex Plc topped the gainers’ table with 9.21 per cent to close at N1.66 per share, while e-Transact Plc followed with 8.98 per cent to close at N5.46 per share. UPL Plc trailed with a gain of 4.98 per cent to close at N4.64 per share. On the flip side, Zenith Bank Plc led the losers’ chart with a drop of 9.65 per cent to close at N14.98 per share. ETI Plc followed with a loss100.96 of 9.58 1.00 9.78 1.34 cent to 10.53 101.38 per close at N16.32 per 1.00 10.82 102.55 5.49 16.57 FBNH Plc 99.89 share, while dropped 5.25 16.81 99.65 by cent to close99.21 at N3.95 1.88 9.40 per 13.63 1.88 13.36 105.02 per share. 3.15 14.71 101.18

Cadbury posts 46% drop in FY2015 earnings

#{r}

According to the analysts in rieties), its full offering is still an equity research on Cadbury, limited compared with peers. after a string of losses from “While management has 2006 to 2009, exacerbated by struggled to boost the topline an internal crisis and financial meaningfully, it has been rela536.11 misappropriations, which led tively more successful with 539.15 to the suspension of its shares, cost reduction: Bournvita’s coCadbury recovered to record coa requirement is 100 per cent 9.40 10-Oct-20 2.48 3.37 16.07 97.44 profitability in 2010. sourced locally . To become pos9.40 They noted however, that over itive on the shares, we would 9.16 the last two years the company need to see signs that growth has12.00 been affected by a squeeze is and 11-Feb-18 1.70 on 1.00likely to 11.45pick up, over 98.08 12.95 01-Feb-21 2.92 1.00 12.88 96.21 consumer disposable incomes, above efficiency gains.” 24.95 adding The analysts noted that 24.23 that H1 2015 sales declined -7.7 per cent y/y, leading to losses Cadbury Nigeria’s share price Outstanding Value Maturity Date Bid Yield (%) Offer Yield (%) Bid Price Offer Price on($’mm) the PBT and PAT lines as gross performance had shown signif& Yields margins contracted by -616bps icantPrices volatility since 2010, both 500.00 28-Jan-21 7.22 7.00 98.15 y/y , while operating expenses in absolute terms and99.00 relative 500.00 12-Jul-18 5.64 5.26the NSE 98.97 to All Share 99.72 Index. rose 10 per cent y/y and interest 500.00 7.25“On average, 94.35 95.19 income fell -7912-Jul-23 per cent y/y.7.41 it outperformed 1,500.00 The analysts, who noted that the index by 65 per cent be1,457.35 Cadbury’s peers have also re- tween 2010 and 2013. In 2014, the ported weak results, said Uni- stock shed -59 per cent, 43 per 350.00 25-Jul-17 8.63 7.76 98.50 lever Nigeria,02-May-18 UAC of Nigeria cent worse than the -1699.44 per cent 300.00 21.82 21.63 77.38 77.63 400.00 and Nestle 08-Nov-18 7.11 re7.11 97.56 97.56shares Foods Nigeria all loss by the ASI. Ytd the 500.00 22-Apr-19 8.53 8.53 94.25 94.25 - 40 per cent 80.55 vs -11 per corded in H118.07 2015. are 200.00 PBT declines 21-May-19 17.41 down 79.27 300.00 07-Aug-20 13.85 13.85 82.25 82.25 The experts noted: “Alcent for the ASI and -17 per cent 400.00 24-Jun-21 16.06 15.04 76.78 79.76 450.00 23-Jul-21 14.67 14.67 its main 76.00 rival, Nestle 76.00 Nigethough Cadbury has attempted for 250.00 12.23 11.76 84.88 ria. The latter is more86.63 resilient to3,150.00 offset some14-Aug-21 of the headwinds with new product introduc- because of its stronger histori2,704.99 tions/re-launch (Tang, Butter- cal Risk track record, bolstered by a Outstanding Value Valuation Yield DTM Maturity Date Discount Rate (%) Premium (₦’bn) Cadbury Hot Chocolate (%) more diversified product offermint, (%) 3-in-1 drink and TomTom va- ing,” the experts said. #

Nil

GUINNESS NIGERIA

GUINNESS CP III 29-JUL-16

04-Nov-15

13.75

2.77

29-Jul-16

6.18

13.65

13.35

Bb-/Agusto

UACN COMPANY PLC

UPDC CP 18-OCT-16

18-Apr-16

11.00

16.80

18-Oct-16

140

2.03

11.11

10.66

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

19.57

31-May-16

The DQL contains data relating to, amongst other things, market and model prices, rates of foreign exchange products, fixed income securities and instruments in the financial market (the “Information”). The Information does not constitute professional, financial or Money Market **TREASURY BILLS^ FIXINGS Foreign Exchange (Spot & Forwards) investment advice. Information is accurate; however, the Information is provided “AS IS” (%) and on an Bid “ASYield AVAILABLE” basis and may not be accurate or up to date. the accuracy, timeliness, completeness, performance DTM We attempt to ensure the Maturity Bid Discount (%) Offer Discount (%) TenorWe do not guarantee Rate (%) NIBOR 9 9-Jun-16 6.04 liability for the results of any 5.79 or fitness for a particular purpose of any of the Information, neither do we accept action taken on the 6.05 basis of the Information. OBB 3.08 Tenor Bid ($/N) Offer ($/N) 16 23 30 44 51 58 65 Rating/Agency 72 79 93 100 114 128 135 142 149 156 170 184 191 198 NA 219 233 247 261 275 289 296 310 324 338

16-Jun-16 23-Jun-16 30-Jun-16 14-Jul-16 21-Jul-16 28-Jul-16 4-Aug-16 Issuer 11-Aug-16 18-Aug-16 1-Sep-16 8-Sep-16 22-Sep-16 6-Oct-16 13-Oct-16 20-Oct-16 27-Oct-16 3-Nov-16 17-Nov-16 1-Dec-16 8-Dec-16 15-Dec-16 NA 5-Jan-17 19-Jan-17 2-Feb-17 16-Feb-17 2-Mar-17 16-Mar-17 23-Mar-17 6-Apr-17 20-Apr-17 4-May-17

FGN Bonds

6.99 6.48 6.54 6.15 7.09 7.13 7.26 Description 7.48 7.52 13.05 16-AUG-2016 8.10 8.09 15.10 27-APR-2017 8.28 9.85 27-JUL-2017 8.67 9.35 31-AUG-2017 8.85 8.89 10.70 30-MAY-2018 8.90 ^16.00 29-JUN-20198.73 7.00 23-OCT-2019 9.21 9.30 ^15.54 13-FEB-20209.60 ^16.39 27-JAN-20229.59 10.14 ^14.20 14-MAR-2024 10.07 ^12.50 22-JAN-202610.18 15.00 28-NOV-202810.23 10.16 12.49 22-MAY-2029 9.86 8.50 20-NOV-2029 9.90 ^10.00 23-JUL-203010.32 10.40 ^12.1493 18-JUL-2034 10.55

6.74 6.23 6.29 5.90 6.84 6.88 7.01 Issue 7.23Date 7.27 7.85 16-Aug-13 7.84 27-Apr-12 8.03 27-Jul-07 8.42 8.60 31-Aug-07 8.64 30-May-08 8.65 8.48 29-Jun-12 8.96 23-Oct-09 9.05 13-Feb-15 9.35 9.34 27-Jan-12 9.89 14-Mar-14 9.82 22-Jan-16 9.93 9.98 28-Nov-08 9.91 22-May-09 9.61 20-Nov-09 9.65 10.07 23-Jul-10 10.15 18-Jul-14 10.30

^12.40 18-MAR-2036

18-Mar-16

7.01 6.51 6.58 6.19 7.16 7.21 7.35 Coupon 7.59 (%) 7.64 8.27 13.05 8.27 15.10 8.49 9.85 8.95 9.15 9.35 9.21 10.70 9.24 9.07 16.00 9.62 7.00 9.76 15.54 10.11 10.12 16.39 10.80 14.20 10.76 12.50 10.94 11.04 15.00 11.01 12.49 10.70 8.50 10.76 11.31 10.00 11.46 12.1493 11.69

Bonds

12.4000

Tenor O/N 1M 3M 6M

Tenor 581.39 1M 480.13 2M 20.00 3M 6M 100.00 9M 300.00 12M

6,459.96 6,268.63 Description

Issuer

Issue Date

FMBN

TOTAL OUTSTANDING VALUE

Modified Duration Buckets

TOTAL MARKET CAPITALISATION Sub-National Bonds BBB+/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto A-/Agusto A/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto‡ ; A-/GCR† A-/Agusto A-/Agusto; A-/GCR BBB+/Agusto; A-/GCR

Coupon (%)

3.40

Tenor Call 1M

REPO

TTM 3M (Yrs) 6M

Rate (%) 3.17 3.92

Bid4.50 Yield (%) 5.08

*BENUE *IMO LAGOS *BAYELSA EDO *DELTA *NIGER *EKITI *NIGER *ONDO *GOMBE

<3 3<5 >5 Market

17.25 FMB II 03-APR-2017

Porfolio Market Value (₦’bn)

991.30 1,402.60 1,438.52 3,832.42

Total Outstanding Volume (₦’bn)

03-Apr-12 Weighting by Outstanding Volume

935.73 1,325.30 1,667.49 3,928.52

23.82 33.74 42.45 100.00

30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 31-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12 02-Oct-12

17.25 Weighting by Mkt Value 25.87 36.60 37.54 100.00

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50

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

0.21 7.94 7.25 0.91 11.15 10.98 :Benchmarks 1.15 11.60 11.46 * :Amortising 1.25Bond 11.68 11.55 µ :Convertible Bond 2.00Management Corporation 12.31 12.22 AMCON: Asset of Nigeria FGN: Federal Government of Nigeria 3.08 13.20 13.09 FMBN: Federal Mortgage Bank of Nigeria 3.39 13.41 13.29 IFC: International Finance Corporation 3.70 13.62 Management 13.52 LCRM: Local Contractors Receivables NAHCO: Nigerian 5.66 Aviation Handling 13.72 Company 13.65 O/N: Overnight 7.78 13.73 13.67 UPDC: UAC Property Development Company 9.64Africa Portland Cement 13.37 Company13.31 WAPCO:West 12.49 13.42 13.38 12.97 13.43 13.38 13.47 13.45 13.38 14.14 13.46 13.40 18.13 13.54 13.49 19.80 13.36 13.31 NOTE:

198.84 199.10 199.66 201.04 201.71 206.40 Bid Price 214.72 221.51

198.94 199.61

Price200.00 201.46

202.26 207.07 Offer Price 215.77 224.32

101.00 101.15 103.29 103.44 98.12 98.27 NA :Not Applicable ^ : Market97.33 Prices 97.48 # : Floating Rate Bond 97.23 97.38 ***: Deferred coupon bonds DTM: Days-To-Maturity 106.86 107.16 TTM: Term-To-Maturity 82.93 83.23 ‡ : Bond rating under review 105.39expired 105.69 †: Bond rating N/A :Not 110.22 Available 110.52 {r} :Issuer in receivership 102.14 102.44 NGC: Nigeria-German Company 95.34 95.64 UBA: United Bank for Africa 109.41 109.71 94.26 94.56 69.59 69.89 78.34 78.64 90.63 90.93 93.32 93.62

6414.957269

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

FMDQ FGN BOND INDEX

Agency Bonds Nil

Rate (%) 16-Aug-16 6.5784 27-Apr-17 7.2852 27-Jul-17 8.1157 9.3596 31-Aug-17 10.9057 30-May-18 11.4697

351.30 29-Jun-19 233.90 23-Oct-19 584.43 NIFEX 13-Feb-20 Current Price ($/N) 605.31 27-Jan-22 BID($/N) 199.0000 719.99 14-Mar-24 OFFER ($/N) 199.1000 286.02 22-Jan-26 75.00 28-Nov-28 150.00 22-May-29 200.00 20-Nov-29 591.57 23-Jul-30 1075.92 18-Jul-34 105.00 18-Mar-36

TOTAL MARKETbonds, CAPITALISATION *for the Amortising the average life is calculated and not the TTM Rating/Agency

O/N

Outstanding Value Maturity Date (₦’bn) NITTY

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

Rate (%) 3.6750 9.3562 11.6535 13.1333

1.20

Bucket Weighting

1.20

1.22 0.24 1.30 2.05 57.00 16.45 25.00 23.44 4.22 10.98 8.14 21.68 12.55

0.34 0.42 1.00

03-Apr-17 % Exposure_ Mod_Duration 12.75 29.16 58.09 100.00

30-Jun-16 30-Jun-16 19-Apr-17 30-Jun-17 31-Dec-17 30-Sep-18 04-Oct-18 09-Dec-18 12-Dec-18 14-Feb-19 02-Oct-19

0.42

Implied Yield

13.48 13.73 13.52 13.57

0.08 0.08 0.88 0.60 1.58 1.40 1.41 1.38 1.38 1.56 1.99

# Risk Premium (%)

2.94 Implied Portfolio Price 134.3480 147.2118 112.6676 129.4853

4.46 3.48 1.00 5.71 2.39 1.00 1.00 3.82 3.56 3.82 2.02

Valuation Yield (%) 12.20

INDEX

1,222.25 1,276.24 1,358.32 1,233.04

11.12 10.14 12.08 15.81 14.35 12.80 12.82 15.61 15.35 15.76 14.31

Modelled Price

101.99 YTD Return (%) 10.3269 26.0392 34.8860 16.8553

100.18 100.38 98.28 98.84 99.49 101.41 101.41 98.71 98.42 99.59 101.87

NEWS | south-west

62.5%

The percentage of the urban population of Paraguay in 2012. Source: Un.org

Strike: Trade unions fault NLC over Fayose’s N25m bribe Sulaiman Salawudeen Ado-Ekiti

oncer ned Trade Unions made up of artisans and the drivers' associations in Ekiti State yesterday staged a peaceful protest to condem the labour unions for embarking on strike after they allegedly collected N25m bribe from the Ekiti State Government. Labour had commenced indefinite strike on Monday to agitate for the payment of arrears of outstanding salaries and other benefits of workers after a 48-hour ultimatum it gave the state government expired at the weekend. The Trade Unions which gathered at Fajuyi Park in Ado-Ekiti, the Ekiti State capital before moving through Okesa to Old Garrage, chanted anti-workers’ slogans and carried placards. They accused labour, comprising the Nigeria Labour Congress (NLC), Trade Union Congress (TUC) and Joint Negotiating Council (JNC) of lacking moral grounds to embark on the strike.

wednesday, june 1, 2016 NEW TELEGRAPH

APC tackles Mimiko over alleged diversion of bailout funds Babatope Okeowo Akure

he All Progressives Congress (APC), in Ondo State has accused Dr Olusegun Mimiko-led government of using the Federal Government’s bailout funds as loans to members of the National Union of Road Transport Workers (NURTW), Artisans, Market women in exchange of their voter’s cards. The party’s Publicity Secretary, Omoba Abayomi Adesanya, in a statement yesterday said, “we have

uncovered a new strategy by Governor Olusegun Mimiko to hoodwink the people of Ondo State and to illegally acquire their voter’s cards under the guise of soft loans to certain groups of people and associations in the state. The statement reads: “These groups include the National Union of Road Transport Workers (NURTW), artisans, market women associations, the Okada Riders Association, Tipper union and others. “Using his surrogates planted within these associations, the governor has started witch-hunting and

intimidating members who refused to submit details and photocopy of their voter’s cards. “He has threatened to deregister and expel them as members of such association/group and that he will not allow them to function within the state. “Mimiko’s plan is to give soft loans of between N60,000 and N100,000 to every member in exchange for their voter’s card ahead of the 2016 gubernatorial election in the state. He also promised any member with children of voting age an extra N100, 000 depending on the number of children.

“This is obviously robbing Peter to pay Paul. He is robbing the workers in the state of their salaries to give loans to the artisans, NURTW, market women in exchange of their voter’s cards. “We appeal to these groups/associations and the people of Ondo State not to fall for this evil plot by the governor. Voter’s card or its information should not be released to anybody or government’s agents as pre-condition or license loan. Doing so will amount to selling your future and that of the children.

L-R: Alternate Chairman, Domestic & Sexual Violent Response Team (DSVRT), Mrs. Omotilewa Ibirogba; Chief Superintendent of Police, Mr. Monday Agbonika; Attorney General & Commissioner for Justice, Mr. Adeniji Kazeem and Director, Office of the Public Defender (OPD), Mrs. Omotola Rotimi, after a press briefing on the report of DSVRT activities in Lagos… yesterday

Lagos handles 4,035 rape, child abuse cases in one year

Muritala Ayinla

agos State Government yesterday expressed concern over growing cases of rape and other domestic violence in the state, saying it handled a total of 4, 035 cases ranging from rape, child abuse, sexual assault, sexual abuse, defilement, divorce, matrimonial issues and child’s custody and maintenance in the last one year. It, however, warned that there would not be

sacred cows in the war against domestic and sexual violence, adding that the government would not relent until the scourge was completely stamped out. Briefing journalists on government's plans to stem the tide of the menace, the State’s AttorneyGeneral and Commissioner for Justice, Mr. Adeniji Kazeem, who disclosed this, said the state government through the Lagos State Domestic and Sexual Violence Response

Team (DSVRT) had equally handled a total of 192 cases. The Commissioner explained that out of the 192 cases, Kazeem said the government handled 89 domestic violence cases, 62 defilement cases, 18 rape cases, six attempted rape, 10 child neglect and seven child abuse cases, while 92 cases are presently being heard in court. Kazeem stressed that the state government would not shy away from prosecuting perpetra-

tors of domestic violence crime no matter how highly placed in the society. Emphasising that Governor Akinwunmi Ambode's administration had a zero tolerance for issues relating to domestic violence and child abuse, Kazeem added that the state government would not relent until the scourge was reduced to the barest minimum. The Commissioner said: "As regards provision of shelter for

victims, the Ministries of Women Affairs and Poverty Alleviation and Youth and Social Development as well as strategic partners NGOs have played key roles in ensuring that victims were evacuated to a safer environment of shelter homes. “All the victims of sexual assault received medical attention from Mirabel Centre and State Hospitals, and so far, 50 of such cases were charged to court."

Appeal Court upholds 'my pikin' producers' jail term Osun PDP cautions FG over travel wu Okeke of the Lagos of the appeals on the Akeem Nafiu Federal High Court. “valid notice/grounds ban on Fayose, Wike he Court of Appeal, Before yesterday's of appeal” filed on July Adeolu Adeyemo tionally guaranteed imLagos Division, yes- verdict, the appellate 3, 2013. T munity. Osogbo terday upheld the judg- court had in 2013 deDelivering judgement The party said it ment of a Federal High Court in Lagos, which sentenced two employees of Barewa Pharmaceutical Company Limited to seven years behind bars for selling a killer teething syrup“My Pikin” Adeyemo Abiodun and Ebele Eromosele, were three years ago jailed seven years each for selling the killer syrup by Justice Okechuk-

livered a similar judgment on the appeal but the Supreme Court faulted the judgement on the grounds that it was determined on an abandoned notice and grounds of appeal. The apex court in its verdict delivered by Justice Bode Rhodes-Vivour, then ordered that the appeal be remitted to the Court of Appeal, Lagos for the hearing

in the matter yesterday, the appellate court in its unanimous decision delivered by Justice C. E. Iyozoba (Mrs.) held that the appellants’ complaint was without merit. The court held that "throughout the gamut of the trial, the appellants never denied that they were the manufacturers of the contaminated drug-" My Pikin” teething syrup.

sun State chapter of the Peoples Democratic Party (PDP), yesterday warned President Muhammadu Buhari to drop his plans to impose travel ban on Governors of Ekiti and Rivers, Ayo Fayose and Nyesom Wike. This, it said would spell doom should the Federal Government curtail their constitu-

would resist any attempt by President Buhari to "tampering with the constitutionally guaranteed immunity of governors as it would spell doom for the country." The party in a statement made available to newsmen in Osogbo by its Director of Publicity, Prince Diran Odeyemi, described such moves as witch-hunting and unconstitutional.

APC, PDP bicker over workers' strike Sulaiman Salawudeen Ado-Ekiti

he All Progressives Congress (APC) and the Peoples Democratic Party (PDP) in Ekiti State are at each other’s throats over the ongoing labour's strike which commenced last week as the APC faulted Governor Ayodele Fayose's allegation that the party was fuelling workers' resolve to go on strike to demand their five months salary and other allowances, including payment of pensions’ arrears. This, APC said Fayose had allegedly called for an "emergency meeting" with drivers' unions to be coincided with PDP rally against workers' strike protesting non-payment of their five months salaries. But the PDP described APC's statement as a confirmation of its allegation, accusing the party of manipulating workers to frustrate the current administration. In a statement, the PDP's State Publicity Secretary, Jackson Adebayo, in Ado-Ekiti, the state capital, yesterday said "the position and language of the APC on the strike had exposed the opposition party and its complicity in the strike."

Unpaid salaries: Ondo workers begin indefinite strike Babatope Okeowo Akure

ivil Servants in Ondo State are to begin an indefinite strike action today over unpaid five months’ salary. The strike notice was contained in a communiqué issued yesterday in Akure by the state Chairmen and Secretaries of the Nigeria Labour Congress (NLC), Joint Negotiating Council (JNC) and the Trade Union Congress (TUC). It said that the decision followed an emergency meeting of the labour unions which reviewed the failure of the state government to pay the workers since January. It reads: “It has become unbearable that workers have not received salaries for the past five months at a stretch. “That non-payment of salary to workers have affected the wellbeing of workers and pensioners economically, socially, psychologically and health wise. “That workers in Ondo State can no longer bear this situation in view of the untold hardship suffered by these workers.”

south-east | news

wednesday, june 1, 2016 NEW TELEGRAPH

Abia North rerun: Tribunal adjourns, threatens relocation to Abuja Igbeaku Orji

£573,750 The monthly salary of Karim Benzema of Real Madrid in 2014/2015. Source: Paywizard.co.uk

The sex ratio of women to 100 men of international migrants of Paraguay in 2010. Source: Un.org

Umuahia

he election rerun petition tribunal sitting in Umuahia Abia State capital has adjourned for the third time with a threat to relocate to Abuja for the rest of its sittings, should the state government fail to address the inherent discomfort emanating from the use of state High Court as its venue. In the first adjournment the tribunal could not sit because its chairman, Justice James Abundaga was indis-

posed. But during its second and the third sittings, yesterday, the court room was uncomfortable due to hotness as neither the fans nor the air conditioners were functional. The tribunal chairman however lamented the absence of a standby generator to augment the erratic public power supply. He therefore hinted that that the tribunal may be forced to relocate to Abuja if the situation was not addressed. The Prog ressive Peoples Alliance (PPA) candidate in the rerun election of March 5 and former Governor of Abia State, Dr Orji Uzor

Kalu, is challenging the declaration of the Peoples’ Democratic Party (PDP) candidate Senator Mao Ohuabunwa by the Independent National Electoral Commission (INEC) as winner of the election. Kalu wants to be declared winner, having polled the majority of the lawful votes cast. The tribunal had in its inaugural sitting granted the Kalu, leave to inspect materials used for the rerun but since then it had been one adjournment after another, the exercise had not taken place The adjournment yesterday is indefinite.

Bank of Agriculture gives N10m loan to Aba traders Victor Mba Aba

anufacturers of various items like shoes, bags and belt at the Ariara International Market Aba, have benefitted from loans disbursed by the Bank of Agriculture to enhance their productivity towards exportation of their products to some parts of Sub-Saharan Africa. The manufacturers under the auspices of Leather Manufactures Association of Nigeria Abia State (LETMAS) secured the loans, to improve the quality of leather products produced in Aba and

for increased production. The traders through their various co-operatives were given N10 million by the bank which is to be repaid within one year. Chairman of LETMAS Mazi Okechukwu William, commended BOA, for partnering with the association, saying the gesture had impacted positively on the businesses of more than 16,500 leather product manufacturers. William also said that the bank had demonstrated its avowed policy to assist small and medium scale manufacturers to produce goods that would compete effectively with any produce elsewhere in the world.

Kidnapping, other crimes drastically reduce in Abia –CP Victor Mba Aba

bia Police Command has declared that Kidnapping and other crimes have been reduced in the commercial city of Aba as business Commerce and industry had blossomed in the city. Speaking at a town hall meeting and security summit at the Enitona Hotel Aba, the state Commissioner of Police Habila Joshak, stated that the police had been able to achieve the feat through strong partnership with other security agencies and other major stakeholders in the state. He said the command had adopted community policing as one of the veritable tools in crime fighting and prevention in the state, noting that gone were the days when security was regarded as the exclusive, reserve of the police and other security agencies.

According to him, all the groups in the society were stakeholders in the fight against crime and other social vices. Joshak harped on the establishment and maintenance of mutual trust between the people and the command which he said would encourage members of the community to come forward with useful information in crime fighting. He further said through public enlightment by the command, the communities had been sensitized to identify the area that were most threatening to their safety and well-being as priorities for a joint police and community intervention. The CP revealed that the command marched Kidnappers and other hoodlum force with force through periodic show of strength in Aba and Umuahia and other dark spots in the state along with aggressive foot and motorised patrol and public enlightenment programmes with stakeholders.

Ugwuanyi’s wife offers women free cervical cancer test, screening he wife of Enugu State the medical test by visitT Governor, Mrs. Mon- ing any of the available ica Ugochi Ugwuanyi, health care centers nearhas charged women in the state to submit themselves for the ongoing free cervical cancer test and screening exercise being sponsored by her pet project. Mrs. Ugwuanyi made the call when she led the awareness road walk show on the danger of cervical cancer organized by the Association of Community Pharmacists of Nigeria (ACPN) in collaboration with her pet project, Ugo Touch of Life Foundation, in Enugu. She advised women in the state to embrace

est to them in the state for free test and treatment. Emphasizing the importance of the exercise which had the theme “Prevent and treat cervical cancer with the right test at the right time”, Mrs. Ugwuanyi, noted that it was fashioned to educate and inform women and mothers of the danger of the illness was uncared for. In his remark, the chairman of National Chairman ACPN, Dr. Albert Kalong Alkaili, said that the event was organized to remind mothers

L-R: APC National Auditor, Chief George Moghalu; Leader of South East Group for Change/former Senate President, Sen. Ken Nnamani and Sen. Ifeanyi Ararume, at the Presidential Villa for a meeting with President Buhari in Abuja …yesterday

Security agents avert herdsmen, community clash

Victor Mba Aba

ecurity agents have averted what could have resulted into another bloody clash between a community and Fulani herdsmen during a town hall meeting at the Enitona Hotel in Aba where some suspected Fulani herdsmen had planned a reprisal attack on people. The attack was said to have been averted by the effort of an Hausa Fulani leader in the South East,

Sanle Yaro Danladi in collaboration with security agents According to Danladi the herdsmen had vowed to retaliate the killing of three of their cows and subsequent sharing of their meat by some youths in a community in Umuahia. Danladi said the Fulani herders were miffed by the youths’ action over the accusation that the herdsmen had allowed grazing of the cattles on their farmland which he said the herders claimed was not true.

S’East PDP youths back Makarfi Uchenna Inya ABAKALIKI

he South-East Peoples’ Democratic Party (PDP), youths yesterday declared support for the caretaker committee chairman of the party, Alhaji Ahmed Makarfi. The party’s youth leader of the zone, Comrade Chidiebere Egwu, made

the position of the youths known while speaking with reporters in Abakaliki. He urged the embattled former national chairman of the party, Senator Modu Sheriff to sheath his sword and accept the Port Harcourt resolution that nominated Makarfi, to head the party for the greater interest of the party.

The Hausa Fulani leader stated that upon the receipt of the information he liaised with the leaders of the community who assured him of fishing alerted both the police commissioner and the Director of the State Security for their prompt action. The prompt intervention of the security operatives, he said was what saved what would have resulted in another senseless killings by a clash between the herdsmen and the youths of the community.

He said: “There is no reason whatsoever for skirmishes of any sort between the herdsmen and their host communities as that had not been happening in the past’’. He also said that the panacea to the clash would be peaceful coexistence between the herdsmen and youth in the various communities. Danladi also commended the state police command and other security agents for their prompt action in arresting the situation.

Ebonyi, transporters resolve dispute over tax Uchenna Inya ABAKALIKI

bonyi State Government and the road transport operators under the umbrella of Association of Mass Transit Owners (AMTO), yesterday resolved the crisis which broke out over alleged over taxation which led to the sealing

off some motor parks by the government in the state. The development had led to indefinite suspension of service by the transporters. The government and members of AMTO, had however resolved the impasse following a meeting initiated by Governor Dave Umahi in his office at the Government House Abakaliki.

News|SOUTH-SOUTH

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Fight against Niger Delta Avengers’ll be done rationally, SAYS Navy

Chris Ejim Yenagoa

s the military continued its search for members of the new militant group, the Niger Delta Avengers, the Flag Officer Commanding (FOC), Central Naval Command (CNC), Rear Admiral Mohammed Garba, said that the fight against renewed insurgency by the militants would be done ‘rationally.’ Garba, who spoke with our correspondent in Yenagoa, said those disturbing the peace of the

region were just a minute percentage of the good people of the area, assuring all that all those who are innocent should go about their duties without fear. This is even as the President of the Ijaw Youth Council (IYC), Udengs Eradiri, raised the alarm over attempts by the military to intimidate and destroy Ijawland in the name of searching for militants. Eradiri comments was coming as reports from some Ijaw communities in Bayelsa, Delta and Rivers States, were targeted

by military attacks as jet fighter hovers round the creeks in the communities. A community leader from Odenwari, a community in Bayelsa State, Yeiyei Tontiemintie, said on phone that there was palpable tension in the community as the fighter jet passed through the villages. Eradiri, who spoke with newsmen on the development, called on military authorities in the region to use intelligence in apprehending those responsible for the bombing of pipelines so that they do not end up destroying communities and killing

Bayelsa plans increased IGR to meet obligations Pauline Onyibe Yenagoa

innocent people. “The military should use intelligence so that they do not go about destroying communities and hurting innocent people. We call on the military to withdraw its tactics of intimidating Ijawland and its people.” The naval chief, who resumed duties a few days ago at the CNC headquarters in Yenagoa, noted that though the security situation in the waterways remained volatile, the force was working underground to minimise the activities of the renegade group, the Niger Delta Avengers.

ayelsa State Government yesterday said it would look inward to increase its Internally Generated Revenue (IGR) to fulfill its obligations to the people and the state. Speaking yesterday in Yenagoa, the state capital, the Deputy Governor, Gboribiogha John Jonah, said the state government would try its best to make sure that it didn’t renege on its agreements and obligations to its people. It will be recalled that the state government some time ago reached an agreement with the Nigeria Labour Congress (NLC) that it will pay 50

percent of the five outstanding salaries of workers in the state. Already, the deputy governor said the state government was not depending on the money that comes from the federal allocation, maintaining that the funds coming from FAAC was not able to service the loans talk less of paying civil servants’ salaries. Speaking earlier, the Commissioner for Information and Orientation, Jonathan Obuebite, said the tradition of transparency had been kept since the first tenure of the restoration government till now, adding that no other state does that including the Federal Government.

APC leaders, delegates endorse Obaseki as sole candidate Cajetan Mmuta BENIN

A A cross-section of beneficiaries of the four litres of kerosene during the distribution to mark the Akwa Ibom State Governor, Emmanuel Udom’s 365 days in office in Uyo

Ogbe-Ijoh raises the alarm over planned military invasion Gabriel Efeduku Ughelli

gbe-Ijoh Warri Governing Council yesterday raised the alarm over a rumoured invasion by the military in search of suspected militants, who have being claiming responsibility for the recent pipeline bombings in the Niger Delta. The council in a statement signed by its Chairman, Alaowei Alex Ake-

metubo and Secretary, Aaron Oweizi-Ebiye, while describing the rumour as a calculated ploy to tarnish the image of the community, said Ogbe-Ijoh was not harbouring militants under any guise. The statement reads in part: “We are scared that this rumoured invasion by the military is a ploy by our neighbours that we are having a land dispute with, to invade us just like they did some years back.

“The JTF officials’ station at Ogbe-Ijoh can attest to the peaceful atmosphere in the community as anytime this rumour filters into the community, residents fly in droves over fears of being molested.”

216

The number of refugees and people in refugee-like situation assisted by UNHCR in Venezuela at the beginning of 2010. Source: Blatantworld.com

Exonerating the community from the activities of militants, the council said: “Ogbe-Ijoh is not a base for militants, hence there is no need for any for the military to invade the community.”

19.11

The number of fixed-telephone subscriptions per 100 inhabitants of Jamaica in 2000. Source: Itu.int

Shortfall in allocation affecting C’River – Commissioner Clement James Calabar

he shortfall in allocation to Cross River State has impacted negatively on refuse evacuation in the state, thus making the state capital, Calabar, lose the status of the cleanest city in the country, according to the state Commissioner for Environment, Mike Eraye. Eraye, who inspected various refuse evacuation points in Calabar South Local Government

Area of the state yesterday, blamed the current economic situation in the country for the filth that had taken over most parts of the local government. “You are aware that the present global economic meltdown has not helped matters. This has greatly affected our economy and limited our operations, but we are determined to ensure that Calabar and environs return to its green and clean status,” he said. According to him, lack of funds had led to the reduction of evacuation

equipment as well as the number of staff on duty. While appreciating the patience of residents during the period when refuse dominated the city, the Commissioner said he had commenced a five-day evacuation operation plan to get rid of all refuse in every part of the capital city, promising to ensure its sustenance. “We have divided Calabar into nine zones and deployed evacuation trucks to various zones, such that as soon as refuse is evacuated, there is a back-up to pick up

new refuse and by so doing, we will achieve zero refuse in the city,” Eraye said. He also added that government was constructing a new dump site to complement already existing ones that could no longer contain the level of refuse being generated by the increasing population of the city. Eraye assured the people that no waste would be wasted adding that; “Government is planning to generate wealth from the waste generated, so that nothing would be wasted.”

head of the June 18 Edo State governorship primaries of the All Progressives Congress (APC), leaders and 161 delegates from Ovia North East Local Government Area yesterday declared their support for Mr. Godwin Obaseki, as their sole candidate in the contest. The people unanimously endorsed him in demonstration of their commitment to the project towards ensuring that the APC governorship aspirant emerges successfully at the polls. Deputy leader of the party in the local govern-

ment, who announced the endorsement alongside top government officials when they paid a solidarity visit to Obaseki at his campaign office in Benin, also prayed for him so that he would realise his ambition. They assured Obaseki that they would not disappoint him, having proven to be outstanding among the multitude of other aspirants in the race. The people from the 13 wards in the council, who were led by their Chairman, Benson Edosomwan, said they had looked at all the aspirants in the race and came to the conclusion that Obaseki possesses outstanding qualities and credentials and was worthy of the position.

INC president appeals to Buhari on Niger Delta Pauline Onyibe Yenagoa

resident of Ijaw National Congress (INC), Udengs Eradiri, has called on President Muhhamadu Buhari, to be careful of those pretending to be representing the people of the Niger Delta region, describing them as saboteurs. Eradiri made the assertion during IYC’s emergency central zonal meeting in Yenagoa, Bayelsa State. He said: “I have made it clear to the security agents that Niger Deltans, who are around the President, are his problem and the President should be wary of them. He said that was the same way they deceived Goodluck Jonathan that they were going to negotiate with Niger Delta militants with $40 million, meanwhile, they were deeding fat on the system, these same hawks, he said, are around

President Buhari today. Eradiri advised President buhari that if he wants to engage people, he must engage them and reach out to stakeholders. They were not representing the Niger Delta, he said, adding that you talking to somebody who claims he is representing the Niger Delta region and they are blowing everywhere. Eradiri, however, commended the President for his plan to engage stakeholders in reviewing the amnesty programme. He said the president should borrow a leaf from Chief Olusegun Obasanjo, who started coastal meetings where he invited stakeholders and governors. The late President, Umar Yar’Adua, he said, woke up from his sick bed to take the bull by the horn and addressed the challenge of the Niger Delta at that time there was peace that was managed during Jonathan’s time.

News|NORTH

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Kwara to get N850m World Bank money for community projects

Kogi Assembly: G5 returns to House as speaker escapes death lGovernor: Soldiers are doing their work

Biodun Oyeleye

Muhammad Bashir

Ilorin

wara State Government says it expects to receive about N850 million from the World Bank for community development projects in the state, following the payment of N50 million by the state as counterpart funds for the projects. The state, it was gathered, has also paid N100 million counterparts fund of its Health Insurance Scheme, which is being operated and coordinated in collaboration with a nongovernmental organisation. This was as the state noted it had fulfilled the necessary conditions for the continuation of the programme in the 2016 fiscal year. The Commissioners for Planning, Alhaji Wasiu Odewale, and his Ministry of Health counterpart, Alhaji Suleiman Alege, disclosed this during the ministerial press briefing, organised by the Ministry of Information and Communications.

Lokoja

he last may not have been heard about the crisis rocking the Kogi State House of Assembly as the judgment by the Federal High Court, sitting in Abuja, reinstating the Hon. Momoh Jimoh Lawal-led G15 members, have suffered another setback. A detachment of soldiers from the Command Army Record were said to have led the ‘unlawful’ G5 legislators back to the House of Assembly complex to sit. The soldiers in three Hilux Pick-up vans, allegedly led by one Captain Usman,

were said to have taken off from the state government secretariat along with the G5 legislators in a 30-seater Toyota Coaster bus to the Assembly complex. It was learnt that the G5 legislators on arrival at the Assembly Complex, met heavily armed police men, who blocked the main gate to the complex and prevented the soldier-led convoy from entering into the Assembly complex. New Telegraph further gathered that the police engaged in verbal confrontation with the soldiers, who insisted that the gate should be open for convoy. To avoid unnecessary confrontation with the

army, the police were said to have withdrawn from the blockade and allow the G5 members and their military escort gained access to the complex. The state Police Commissioner, Mr. Yakubu Usman, in a telephone chat with journalists, confirmed that he ordered his officers to withdraw from the Assembly to avoid bloodshed. The crisis took another dimension on Monday evening, when unknown gunmen wearing masks invaded the Legislative Quarters, where Lawal and other G15 members resides. The gunmen were said to have stormed the quarters in seven Toyota Hilux

3.41

£27,540 The daily salary of Karim Benzema of Real Madrid in 2014/2015. Source: Paywizard.co.uk

Kwankwaso seeks peaceful co-existence

he immediate past Governor of Kano State and Senator representing Kano Central, Rabiu Kwankwaso, has called for peaceful co-existence among ethnic groupings in the country. This was as he urged the Hausa and Yoruba communities in Lagos State to continue to live in peace and harmony. Speaking to member of Arewa community during a visit to Alhaji

Musa Mohammed, the Serikin Hausawa Agege in Lagos State, Kwankwaso said it is better for the people to allow the peaceful co-existence between them to continue unhindered. Kwankwaso, who was in Lagos on a visit to some Hausa leaders and to facilitate the release of some northerners arrested and detained in connection with the recent Mile 12 clash between Yoruba and Hausa, also commended the Lagos State Governor, Mr.

Akinwunmi Ambode, for his prompt effort at dousing tension in the state. He also lauded the community leaders for the leadership role they are providing for the people. “It is better for our people to live together in peace and harmony. We must live in peace with our host communities. We have lived as brothers and sisters over the years and so there is no need to halt the peaceful co-existence we have had,” he said.

Furore over cancellation of Nasarawa by-election Cheke Emmanuel LAFIA

alpable anxiety has continued to greet the cancellation of last Saturday’s by-election into Nasarawa-Toto Federal Constituency of Nasarawa State. The Nasarawa-Toto Federal Constituency seat became vacant following the death of Hon. Musa Owana in March,

Vans and began to shoot sporadically for about an hour, an action which was conceived to intimidate the G5 Legislators or attack the Speaker. Confirming the incident, the G15 members in a press conference alleged that the unknown assassins were sent from the Government House. Speaking on behalf of other legislators, the Majority Leader of the state House of Assembly, Hon. Mathew Kolawole, alleged that the vehicles used by the invaders, were from the state Government House. He said: “One of the vehicle’s plate numbers was identified as KGGH 094. But, as if that was not enough the same group

L-R: Secretary to the Plateau State Government, Mr Rufus Bature; Deputy Governor, Prof. Sonni Tyoden; Vice-Chancellor University of Jos, Prof. Hayward Mafuyai and Governor Simon Lalong, at the opening ceremony of 31st annual conference of the Association of Vice-Chancellors of Nigeria Universities in Jos …yesterday. PHOTO: NAN

The number of fixed-telephone subscriptions per 100 inhabitants of Indonesia in 2001. Source: Itu.int

Temitope Ogunbanke

this year. Meanwhile, INEC had cancelled last Saturday’s by-election in 51 polling units, citing over voting and rescheduled the rerun for today. The Chairman of the Peoples Democratic Party (PDP) in the state, Mr. Francis Orugu, who accused INEC officials of manipulating the conduct of the by-election, however, disclosed that his party would not participate in

the re-run election. He said that he and his party no longer have confidence in INEC. But at a press briefing yesterday at the INEC Headquarters in Lafia, the state capital, the Resident Electoral Commissioner in Taraba State, who supervised the by-election, Alhaji Habu Zarma said the election was cancelled following the cancellation of the results of 51 polling units.

Army: Niger sectarian violence under control Dan Atori MINNA

he Nigeria Army has confirmed that the religious violence, which claimed the lives of four people in Rafi Local Government Area of Niger State, has been brought under control. The Assistant Director of Army Public Relations Officer (APRO), 31 Artillery Brigade in Minna, Major Njideka Agwu, while disclosing this to journalists yesterday, said that the army, police and Civil Defence have restored peace in the area. “About 6.00pm on Satur-

day May 29, one Mr. Methodus Emmanuel, a 24-year-old trader based in Pandogari, Rafi Local Government Area of the state was attacked and killed by a mob in the town on allegation that he posted a blasphemous statement about Prophet Mohammed on social media,” Agwu said. He added: “Also, three other people, including an officer of the Nigerian Security and Civil Defence Corps (NSCDC) lost their lives. Troops of the 31 Artillery Brigade of One Division, Nigeria Army intervened and restored law and order, while a dusk to dawn curfew has been imposed in the town.” She also confirmed that

invaded our quarters this morning (yesterday), and the same vehicle with same plate number was identified, they shot severally on the air for more than 30 minutes in an attempt to scare us.” He said the G5, given the circumstances, reported the incident to the police and SSS. “We called on the police and the SSS attention on the situation and also sought for their advice. We were later advised not to go to the Assembly, and we were assured that security will be beefed up in the Assembly and disallow any one from sitting until the situation is resolved.” The legislators, however, showed some live bullet shells to journalists, accusing one of the G5 members to have boasted that they have the support of the governor to continue their sitting irrespective of any judgment. Kolawole, therefore, declared that in view of the circumstances, they have decided to adjourn sitting till June 14. Meanwhile, Governor Yahaya Bello, has exonerated the state government involvement in the incident. The governor, who spoke through his Chief Press Secretary, Mr. Kingley Fanwo, insisted that only the Presidency have the power to order the Nigeria Army on any military action and not the governor. a church, one house and a shop were razed, while 25 other shops were looted during the violence, saying further that the hoodlums embarked on violence on Monday morning, looting shops and blocking of the Lagos-Kaduna Road, a major highway connecting Northern and Southern parts of the country. The army spokesperson said that the army has made some arrests in connection with the incident and that the suspects had been handed over to the police, adding that the army and other security agencies have commenced confidence building patrols in all the nooks and crannies of the area towards restoring peace.

UNILORIN to build 2,000-bed hostel Biodun Oyeleye Ilorin

he authorities of the University of Ilorin (UNILORIN) have spoken of plans to build a 2,000-bed hostel on campus as part of the university’s drive to ease the students’ accommodation problems. This was disclosed by the institution’s Deputy Vice-Chancellor (Manage-

ment Services), Prof. Adedayo Abdulkareem, who said the proposed hostel building, which would be handled by a private property developer is another indication of the commitment of the administration of Prof. AbdulGaniyu Ambali to the welfare of the students of the institution. According to him, a Memorandum of Under-

standing (MoU) had already been signed between the university management and the private developer. The deputy vice-chancellor, while adding that construction work would soon commence on the hostel project at the site already allocated on campus, noted that it is expected to be completed before the commencement of the next academic session.

WORLD \ NEWS

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Kenya closes world’s largest refugee camp

he world’s largest refugee camp will close in November, Kenya’s Interior Minister Joseph Nkaisserry has announced. The Dadaab camp in Kenya is home to more than 300,000

Somalis. Nkaisserry said Kenya would work closely with the UN and the Somali government to repatriate the refugees. Dadaab was set up in 1991 to house families fleeing

conflict in Somalia, and some people have been living there for more than 20 years. Kenya says it wants to close the camp over security concerns, saying attacks on its soil have been planned there.

Kenya did not follow through on a previous threat to close down the camp, made last April following the deadly attack by Somali militant group al-Shabab on a university 100km (62 miles) away.

The al-Qaeda linked group has staged several attacks on Kenya in recent years. Kenya has set aside $10m (£6.8m) for repatriation, which Mr. Nkaisserry insisted would carry out in a humane manner.

EU court adviser backs ban on workplace headscarf

mployers in the EU may be able to ban Muslim staff from wearing headscarves to work as long as it is part of a general prohibition on all religious symbols, a top EU court adviser says. The opinion was issued by Juliane Kokott, an Advocate General to the European Court of Justice (ECJ). It came after a Belgian court sought clarification on what is banned by EU anti-discrimination laws. In the Belgian case, a receptionist was fired for wearing a headscarf to work. Samira Achbita claimed she was being discriminated against on the grounds of her religion. The opinion by Juliane Kokott is not a binding ruling and judges at the ECJ - the EU’s highest court - are now considering what final guidance to issue. BBC Europe Correspondent Damian Grammaticas said they will confine themselves to the legal principles and will leave any decision on the specific case to the Belgian courts. “A ban on wearing headscarves in companies may be admissible if the ban is based on a general company rule which prohibits political, philosophical and religious symbols from being worn visibly in the workplace. Such a ban may be justified if it enables the employer to pursue

the legitimate policy of ensuring religious and ideological neutrality,” the opinion from the advocate general said. She added: “While an employee cannot ‘leave’ his sex, skin colour, ethnicity, sexual orientation, age or disability ‘at the door’ upon entering his employer’s premises, he may be expected to moderate the exercise of his religion in the workplace.” Ms Achbita had worked for the security firm G4S in Belgium for three years when she insisted on being allowed to wear a headscarf. She was dismissed because the company bans the wearing of any visible religious, political and philosophical symbols. Ms Achbita took the company to court backed by a Belgian racial equality group but the case was dismissed by two lower courts. Belgium’s court of cassation then referred the case to the EU’s top court for clarification. The wearing of headscarves, and more controversially the Islamic veil, has caused controversy across Europe. In France, where the separation of state and religion is enshrined in law, a ban on Muslim headscarves and other “conspicuous” religious symbols at state schools was introduced in 2004.

Another minister quits in Brazil

he anti-corruption minister in Brazil’s interim government has resigned after a recording suggested he tried to derail a corruption probe into state oil company Petrobras. Fabiano Silveira is the second interim minister to step down, a week after Planning Minister Romero Juca resigned over a similar leaked recording. Mr Silveira says his remarks were taken out of context. Both ministers were appointed by interim President Michel Temer. Mr Temer replaced President Dilma Rousseff on 12 May after she was suspended pending an impeachment trial. Ms. Rousseff is accused of illegally manipulating the budget ahead of her re-election in 2014, which she denies. She alleges that the impeachment trial was launched to remove her from power and thereby halt the investigation into corruption at Petrobras. The investigation, dubbed Operation Car Wash, has led to dozens of politicians and business executives coming under scrutiny for allegedly paying and receiving kickbacks and

bribes. Leaked recordings made by former Senator Sergio Machado appear to back Ms Rousseff ’s allegation. Mr Machado, who used to run a Petrobras-owned logistics company, recorded the conversations as part of a plea deal with Operation Car Wash prosecutors. In the latest recording to be broadcast on TV, Mr Silveira can be heard criticising the prosecutors saying they were “totally lost”. He also seems to advise Senate Speaker Renan Calheiros and Mr Machado on how best to defend themselves from Operation Car Wash. The recording was made three months before Mr Silveira became anti-corruption minister. Mr Silveira argues that his remarks were taken out of context: “Those were generic comments and simple opinion, certainly amplified by the climate of political exasperation we have all witnessed.” He also said that he was not trying to obstruct the investigation. “There is no opposition, in my words, to the works of the public prosecutor’s office or the judiciary,” he said.

Australian military personnel carry coffins during a repatriation ceremony for Australian soldiers at Subang military Air base in Kuala Lumpur, Malaysia.

Australia repatriates soldiers’ remains from Malaysia, Singapore

he remains of 33 Australian military personnel and their dependents who died during conflicts in South East Asia are being returned to Australia. The operation is the largest single

repatriation of remains in Australian history. Many of those being returned were Vietnam War casualties. All were buried in cemeteries in Vietnam or Singapore. They were disinterred

at the request of their families and will be returned to Australia for burial. Thirty-two coffins were flown from Malaysia on Thursday, with one further coffin being returned from Singapore.

Egypt, African diplomats in row over ‘dogs, slaves’ label

gypt has become embroiled in a dispute with African diplomats after they accused an Egyptian official of referring to “dogs and slaves” in remarks about sub-Saharan Africa at a United Nations conference in Nairobi. The diplomats sent a formal complaint to Kenya’s foreign ministry after the alleged remark at the UN Environmental Assembly last week, Yvonne Khamati, chairwoman of the African Diplomatic Corps Technical Committee, said yesterday. Egypt’s foreign ministry said it had no evidence of any such remarks by a Cairo official and would investigate, adding that it rejected “flimsy accusations against the Egyptian state and

people that cast doubt on its African identity.” Khamati, a Kenyan diplomat who wrote the letter, said the remark was made following a disagreement on resolutions involving Gaza. “During our consultations with Egypt, the head of the Egyptian delegation and current President of AMCEN dismissed our concerns by informing that they would speak in their sovereign capacity and to that extent, referred to Sub-Saharan Africa as DOGS AND SLAVES, in Arabic,” said the letter dated May 29. The term AMCEN in the letter, which has been circulated widely on social media, refers to the African Ministerial Conference on the Environment.

In its statement, the Egyptian foreign ministry said: “It is completely unacceptable to make the mistake of generalizing and making flimsy accusations against the Egyptian state and people that cast doubt on its African identity.” It asked Cairo’s embassy in Nairobi to “a strongly worded statement expressing Egypt’s rejection and censure for this breach of authority” by Khamati and demanded to see the official minutes of the meeting. The incident looked likely to add to tensions Egypt has had with its sub-Saharan neighbors, with which it has been at odds in the past over how River Nile waters should be shared by the countries it passes through.

Malaysia officials accused of sabotage fired

alaysia has fired 15 immigration officers, accusing them of sabotaging passport systems to let in certain travellers undetected. Suspicions were raised after computer systems at Malaysian airports crashed several times a day. The 15 are accused of deliberately taking them offline, allowing people to bypass criminal background checks. Another 65 officers have been redeployed, while a new roster will now monitor immigration

points. As many as 100 immigration officials may have been involved in the operation, investigators say. The country’s passport system may have been compromised for the past two years, according to the Malaysian authorities, possibly benefiting people traffickers and militant networks. During that time both the British and Australian governments raised their terror alerts for Malaysia, warning of possible attacks in and

around the capital Kuala Lumpur. It is not clear how those accused were able to sabotage systems. Technological problems were initially suspected as causing the crashes. “All the officers and staff involved in the disciplinary action are from various support level service schemes, stationed at the main entrance gates into Malaysia,” the Immigration Director-General Datuk Seri Sakib Kusmisaid said, according to the New Straits Times.

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Sport News

Sport

Eagles get Botwana friendly

Did you know? That Sergio Ramos is the 5th player to score in two different UEFA Champions League finals. Others are: Cristiano Ronaldo, Lionel Messi, Samuel Eto’o and Raúl

International Mourinho: I won’t be distracted by Guardiola battle

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Decision on new Eagles coach splits NFF board

Federation in dilemma as World Cup qualifiers draw near

Charles Ogundiya

he decision on who becomes the new substantive coach of the Super Eagles has brought a sharp division in the board of the Nigeria Football Federation. Some of the members believe interim coach, Salisu Yufuf, has done enough to earn confirmation having played the assistant role for many years to a number of coaches. The victory of Eagles over Maili on Friday in a friendly match decided in France also worked in favour of the proYusuf members but some other do not want to hear about it at all. New Telegraph learnt that some board members were of the opinion that leaving the vacant post did not portend well for the country. According to a source who spoke on condition of anonymity, the members believe the NFF should not continue to waste funds, rather, Yusuf be given the mandate to continue. The source stated further that the current U-23 coach, Samson Siasia, would have been retained but it has become difficult because of the manner in which he was treated after the two qualifiers against Egypt.

The Sport Team Adekunle Salami Group Sport Editor

Emmanuel Tobi Assistant Sport Editor

Ajibade Olusesan Sport Correspondent

Charles Ogundiya Sport Correspondent

Super Eagles defender, Stanley Amuze (right)

“The NFF is in dilemma at the moment on what to do about the issue of Super Ea-

gles coach,” he said. “They should have allowed Siasia to continue, but they

are not ready to do so after treating him so badly after the matches against Egypt. “What made them to behave like that was because they were sure of hiring a foreign coach for the team, but with failure to secure funds to employ an expatriate, they are thinking of giving the job to a local tactician to save cost. Since they cannot go back to Siasia, some members want the board to retain Yusuf.” New Telegraph exclusively learnt that some members were already bringing tribal sentiments into the issue, claiming the NFF were delaying Yusuf ’s confirmation because he was a northerner. It is believed that a decision will be taken soon to enable the new coach to concentrate on the team ahead of the 2016 World Cup qualifiers. “But the members are divided because while some want Yusuf, another group still calling for Siasia to be allowed to come back, while others are hell bent on getting a foreign coach for the team,” the source said. A former Director General of the defunct National Sports Commission said the football federation was not serious with the Super Eagles. “It is obvious they are not serious because since the

NBA Finals: Warriors beat Thunder, set up rematch with Cavaliers

teph Curry scored 36 points to lead the Golden State Warriors to a 96-88 victory over the Oklahoma City Thunder and into the NBA Finals. The Warriors were down by 13 points during the first half but fought back in the third quarter. The 4-3 win meant Golden State became only the 10th team to rally from a 3-1 deficit to win a play-off series.

The defending champions will now face a title rematch with the Cleveland Cavaliers and star player LeBron James. “We survived by the skin of our teeth,” said Golden State coach Steve Kerr. “We were able to pull it out, and we’re moving on.” Warriors host the Cavaliers in the first game of the best-of-seven finals on Thursday, hoping to repeat their 4-2 success in the 2015 finals.

Warriors and Thunder action

resignation of Sunday Oliseh in February, a decision should have been taken because we also have qualifiers ahead. The new person is likely to start all over with his new ideology and all yet so much time we have wasted. For example, a country like Togo was able to announce a new coach within a short time, a high profile one like Claude Le Roy to replace Tom Saintfiet,” he said.

Iheanacho shines as Eagles beat Luxembourg 3-1 Ajibade Olusesan

anchester City starlet, Kelechi Iheanacho, is proving to be the future of Nigerian football after scoring one of the goals as Super Eagles defeated their hosts Luxembourg 3-1 in an international friendly game on Tuesday. Brown Ideye and Odion Ighalo were the scorers of Nigeria’s other goals as the coach Salisu Yusuf’s side won their second consecutive game. They had defeated Mali 1-0 in France last Friday. Iheanacho scored Nigeria’s only goal against the Malians last Friday and was rewarded with a starting shirt against the Europeans yesterday. The 19-year-old including Alex Iwobi and Aminu Umar had chances in the first half but could not convert them until Ideye opened the score in the 35th minute. Aminu went past two defenders before he passed to skipper Ogenyi Onazi, whose ferocious effort was partly saved by the goalkeeper and from the rebound Ideye tucked away. That was the striker’s first goal in three years for the national team. Nigeria dominated the proceedings as expected with Luxembourg hardly troubling their goal and Iheanacho increased the tally for the former African champions in the 64th minute. However, Vincent Thill reduced the tally for the Europeans when he scored from close range in the dying minute of the game but Ighalo who was benched following unimpressive showing in the previous match redeemed himself when he hit target in the 86th minute to make it 3-1.

46 SPORT NEWS Golden League: Omotosho returns with victory

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

As Egwero, Osasuwa shine in 100m Rita Ossai finished second in 52.57secs as Ajayi Yinka came third with the time of 52.67secs. In the men’s race, Isah Salihu was the winner in 46.85secs ahead of Henry Okorie (47.62secs) and Tobi Ogunmola (47.74secs) in second and third places respectively. Meanwhile, Ogho-Oghene Egwero was the winner in the men’s 100m, finishing the race in 10.35secs. Arowolo Emmanuel came second with the time of 10.65secs as Soyemi Abiola finished in third position in 10.73secs. Osazuwa Agnes continued her rise in the women’s 100m, running 11.81 to win the race ahead of Sule Justina and Marian Edet who finished in second and third positions respectively. The final of this year Golden League event will be staged in Akure on Tuesday June 7.

Charles Ogundiya

t was a victorious return for quarter miler, Omolara Omotosho, as she won the women 400m race at the Athletic Federation of Nigeriaorganised Golden League in Sagamu. The athlete, who had been out since 2014 due to injury won the race in 52.44secs as she continued her return to fitness. “Running two races in a day after a long time and still ending with 52secs makes me happy,” she told New Telegraph. “I am targeting 50secs in my next race in Akure which is my home ground. “I want to just focus on my race for now with sight on qualification for the African Championship and the Olympics.”

ITF World Team Cup: ‘Fulani Boys’ out to make Nigeria proud AJibade Olusesan

eam Nigeria duo of Saminu Abubakar and Sani Musa have declared their readiness to hit international limelight at the forthcoming ITF Junior World Team Tennis qualifier scheduled to take place from June to 3-10 in Tunisia. The Fulani Boys as the duo are popularly called made their debut for Nigeria at the African Junior Championship West and Central qualifiers held in Abuja in January falling short of qualification for the tournament held last

March in South Africa. However, the players were impressive at the just-concluded CBN junior championship in Kaduna with Abubakar clinching the Boys U-16 title at the expense of Michael Osewa, who placed second at the

Ndanusa

AJC in Pretoria. “I am determined to do very well in Tunisia and help Nigeria qualify for the World Team Cup,” the 13-year-old said. The Nigeria Tennis Federation on Monday acknowledged the support of Prof. Amina Mohammed, the Minister of Environment and Prof Jubril Ibrahim for the players. “The NTF appreciate the support of these people. They are the ones that really encouraged the Fulani Boys and we are happy that the seed they planted is germinating,” NTF boss Sani Ndanusa said.

Flamingoes can break quarterfinal jinx – Nkiyu Ajibade Olusesan

lamingoes coach Bala Nikyu is confident that Nigeria will reach at least the semifinals of the FIFA U-17 Women’s World Cup in Jordan. In their last three appearances ahead of the competition in Jordan, the Nigeria U-17 Women side managed to qualify for the last eighth but could not sail through to the semifinals. In 2010, the Flamingoes won all their group matches but suffered heartbreak in the quarterfinal, losing 6-5 to South Korea after extra time, while they crashed out of Azerbaijan 2012 after losing

to France on penalties. Two years ago in Costa Rica, the Nigeria U-17 side lost 3-0 to Spain and could not progress to the semifinal despite topping their group for the third tournament in succession. Nikyu told thenff.com after the draw that his team would prepare adequately for the World Cup, qualify from the group and surpass previous record of quarterfinal berth. Nigeria are in Group C alongside Brazil, England and North Korea and open their campaign against the South Americans on October 1.

300 overaged players sent packing at Eaglets’ screening

s many as 300 players were turned back on the first day of screening by the Nigeria U-17 team after they were facially deemed to be over the age for the team. “It was simply crazy – many old players simply descended on the training camp hoping to be picked for the team, but they were promptly sent away merely by looking at their hardened

faces,” said one team official. Coach Manu Garba began an open screening for a new set of Golden Eaglets in Abuja on Monday. The exercise is expected to run for three weeks. The five-time world champions are expected to begin qualification for next year’s U-17 AFCON in Madagascar with a road trip to Niger in August.

Simon (right)

Eagles get Botwana friendly

he Zebras of Botswana have invited Nigeria’s Super Eagles to a friendly to mark the country’s 50th independence anniversary, AfricanFootball. com can exclusively reveal. Botswana will celebrate their 50th anniversary as an independent nation on September 30 and so are turning on the

style for this Golden jubilee celebrations. However, it is expected that since this match is likely not to fall within the FIFA-friendly window, the home-based Eagles will be the ones to prosecute it. It has already been proposed that the homebased Eagles play the final AFCON 2017 qualifier at home against Tanzania

on September 4. The game is a mere formality as Nigeria have already crashed out of the 2017 AFCON. Nigeria and Botswana have clashed at full international level once in December 2012 in Benin City. It was coach Stephen Keshi’s first game in charge of the Eagles and it ended in a goalless draw.

Zenith MD hails Infantino’s proposed visit

he Group Managing Director of Zenith Bank Plc, Peter Amangbo, has said that the proposed visit of the FIFA President, Gianni Infantino, is a big boost to football development in the country. Infantino is expected to grace the final of the maiden Future Eagles Football Championship sponsored by Zenith Bank and billed to take place later in the month in Lagos.

Amagnbo said Zenith was proud that the event of the organisation formed part of the agenda of the FIFA boss in his visit to the country. “We are number one bank and it is exciting that the number one football personality will be present at the finals of the competition. Our target is to get the talented youths at the age they could be identified as future super stars. “All arrangements are in

place with the Nigeria Football Federation to ensure the young ones enjoyed themselves in the competition,” Amangbo said. The zonal events of the U-13 and U-15 football fiesta have been concluded as the Chairman of the Lagos State FA who doubles as the 1st Vice President of the NFF, Seyi Akinwunmi, is said to be working round the clock to make the Zenith Future Eagles finals exciting.

Iyatu Farm wins Access Bank Polo

he first stage of the 2016 Access BankUNICEF Charity Shield Polo Tournament that was dominated by the Children’s Day celebration has produced its first set of winners as the prestigious event braces for its grand finale this weekend. The debuting Iyatu Farm that defeated Kano TitansSTL 5-41/2 in a tense final to win their first ever title in the Access Bank sponsored charity tournament, led other debutants to the podium as Kano BUA and Seaman team clinched the Argentine Am-

bassador Cup and the British High Commissioner’s Cup respectively. Kano BUA defeated Ibadan Jericho 5 ½-5 in another close tie just as Seaman edged the ambitious Lagos Agad 4 1/2 - 4 to cart home the glittering British High Commissioner’s Cup in an exciting final. Access Bank Zonal Head, Kaduna, Alhaji Abubakar Kaita, who congratulated the winners for their sportsmanship, described the Access Bank partnership with UNICEF and Fifth Chukker as one of the biggest charity efforts in the country that has lifted the

lives of vulnerable children in the north. “I want to specially thank Fifth Chukker Polo and Country Club and other partners for joining hands with Access Bank in supporting UNICEF‘s campaign through the Charity Shield Polo platform, ” Kaita said. UNICEF Country Representative, Jean Gough, who was elated by the performances and displays by the children and the15 participating teams, commended Access Bank and other partners for being there for Nigerian children over the years.

INTERNATIONAL

WEDNESDAY, JUNE 1, 2016 NEW TELEGRAPH

Mourinho: I won’t be distracted Injured Reus left out of Germany Euro 2016 squad by Guardiola battle G J ose Mourinho is adamant his sole focus next season will be on improving Manchester United, not picking fights with Pep Guardiola. Jose Mourinho will not let his personal duel with Pep Guardiola escalate in Manchester next season as he fears that would hand the initiative to one of their title rivals. Mourinho, appointed manager of Manchester United last week, and incoming Manchester City boss Guardiola have a frosty relationship forged by their time at Real Madrid and Barcelona respectively. The pair’s simmering feud exploded prior to the 2011 Champions League semi-final

Mourinho

when Guardiola hit out at the Portuguese’s media persona. Four months later Mourinho poked Guardiola’s assistant Tito Vilanova in the eye, sparking a melee between the players

and coaching staff. Despite the history of acrimony, Mourinho insisted he will not instigate more rivalry when he starts work at Old Trafford. Speaking at Lisbon University, Mourinho said: “My experience does not allow me to be innocent. “I was with Guardiola for two years in a league where either he or I would be the champion. Here, if I focus on him or he on me, the champion will be another (manager).” Mourinho has been linked with a move for Sporting Lisbon midfielder Joao Mario but insists he has no intention of prising players from Portuguese clubs. “I will not take anyone from here,” he added.

Rashford celebrate after scoring

Rashford, Sturridge make England’s Euro 2016 squad

arcus Rashford and Daniel Sturridge have been named in England’s Euro 2016 squad with Danny Drinkwater and Andros Townsend missing out. England boss Roy Hodgson has opted for five strikers in his 23-man party for the tournament in France after Manchester United’s Rashford, 18, made an immediate impact by scoring on his international debut against Australia last

Friday. There had been speculation that Liverpool striker Sturridge, who has been hampered by injury problems this season, could miss out as a result, but Leicester midfielder Drinkwater and Newcastle winger Townsend have been omitted instead. The pair will therefore follow Manchester City’s Fabian Delph, who was dropped from the provisional 26-man squad

due to a groin injury last week, in leaving the England training camp. England play Portugal at Wembley on Thursday in their final warm-up game before heading to their French training base in Chantilly. Drinkwater, who made the first of three England appearances in March, was quick to offer his backing to the team after being overlooked by Hodgson.

ermany have left Borussia Dortmund forward Marco Reus out of their final 23-man Euro 2016 squad due to injury. Joachim Low has trimmed his squad and there is no place for the Borussia Dortmund striker with Karim Bellarabi, Julian Brandt and Sebastian Rudy also omitted. The four players have now left the training camp in Switzerland where Germany are currently prepar-

Pelé to sell off memorabilia

razilian football legend Pele has decided to auction off all of the sporting and cultural memorabilia he has accumulated throughout his career. The sale is due to take place in London from June 7 to 9 and spans the six decades from the forward signing for Santos as a 15-year-old in 1956 to the present day. Now 75, Pelé, who has been in hospital for back, hip and prostate surgery over the past year, wants to sell various unique football items, including his three World Cup winner’s medals. Also going under the hammer is a one-off Jules Rimet trophy made for

Azeez Ibrahim

ivers State governor, Nyesom Wike, has appointed the former Super Eagles captain, Joseph Yobo, as the Senior Special Assistant on Sports Development. A statement by Simeon Nwakaudu, Special Assistant to the River State Governor on Eletronic Media,

Radwanska, Halep crash out

ous player on grass and other fast surfaces, won the first 10 games either side of another lengthy rain delay and eventually ran out a 2-6 6-3 6-3 winner. The Bulgarian, who had never previously been beyond the third round at Roland Garros, joins American Shelby Rogers to make it two players ranked outside the top 100 in the last eight. Things were tighter between Halep and 2010 finalist Stosur on Sunday, with the Romanian leading 5-3, but the conditions clearly favoured the more powerful Stosur and she dominated to win 7-6 (7/0) 6-3. The Australian, who now plays Pironkova, last reached the quarterfinals at Roland Garros in 2012.

him after Brazil’s famous triumph in Mexico in 1970. That World Cup replica is the most expensive item being auctioned, with an estimated price tag of £281,000 to £420,000. The medals are expected to fetch up to £141,000 each, while the ball Pelé scored his 1,000th goal with is estimated to sell for £28,000 to £42,000. Also being auctioned are a pair of black football boots worn by Pelé in the 1981 film Escape to Victory, which is about Allied prisoners of war who are interned in a German prison camp during the Second World War who play an exhibition football match against a German team.

Wike appoints Yobo Special Assistant on sports

FRENCH OPEN

econd seed Agnieszka Radwanska and 2014 finalist Simona Halep were both in control when their matches were suspended on Sunday evening. But, when play was finally able to resume on Tuesday afternoon, the tables were turned in damp, heavy conditions and it was Tsvetana Pironkova and Sam Stosur who moved through to the quarterfinals. Radwanska must have thought she was nearly there on Sunday when she left the court leading world number 102 Pironkova 6-2 3-0. But the Pole relies on touch rather than power and could not exert any control. Pironkova, renowned as a danger-

ing for Sunday’s friendly with Hungary ahead of their Euro 2016 opener against Ukraine. Low confirmed that Reus is struggling physically telling a press conference: “It has been a bitter decision for us and for him [Reus], and a disappointment for us all. “Marco Reus in a good shape and healthy and fit -that would have been a tremendous asset to our team.

Djokovic passes $100 m prize money milestone

Radwanska

noted that the appointment took immediate effect. Yobo who is from Kono community in Rivers had a glorious football career, playing 101 times for Nigeria and featured for Marseille, Everton and Fernabahce in Europe. A testimonial match was on Friday staged in his honour which officially brought his career to an end.

ovak Djokovic has become the first player in tennis history to earn more than US$100 million in prize money. The World No. 1, who began his 2016 Roland Garros campaign with US$99,673,404, earned a further US$327,471 in prize money as a result of reaching the Roland Garros quarter-finals with victory over Spaniard Roberto Bautista Agut on Tuesday. Ahead of competing in his 28th straight Grand Slam championship quarter-final on Wednesday, Djokovic has now amassed $100,000,875 in prize money over his 14-season pro career.

NEWS 48On Marble

Sanctity of Truth

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– Charles Dickens

Now that the States are going bankrupt...

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The pains of change

t is gratifying that the Nigerian people are debating and brainstorming on the content, context, parameters, limits and limitations of the change agenda of the present regime. It is understandable that Nigerians are looking at the change agenda of the present regime from their own perspectives, class interests, and station in life and how the change agenda affects them, their families and communities. It is understandable that the authors of the change agenda of the present regime are struggling to clarify what the change agenda is and what it is not. That is the way it should be because the current administration came to power as a mass movement and promised to change the way things have been done in the past. They promised a new Nigeria of opportunities and hope and the Nigerian people identified with this agenda. On a personal note, I had no illusion that the content and complexion of the change agenda will be a subject of heated debates and contestation. This is because, the authors of the change agenda asked the Nigerian people to own the agenda. They urged the Nigerian people to rise above their desperate poor circumstances and embrace change that will change their lives and condition. I realized early in the life of the regime that there will be challenges with the way the change agenda is perceived and interpreted. I was in Sokoto State during the 2015 Governorship elections. I observed the Governorship election in a number of the Local Governments including Tureta, Dange-Shuni, Sokoto North and South and observed the way ordinary people interpreted the change agenda of the regime. Some of the people I interviewed informed me that they were only waiting for the President, the man of integrity to be sworn in and that he will tackle headlong all the problems and challenges facing them. Some of them informed me that the regime will pay them N5,000.00 per month and that they will receive the money for some time and start up businesses. Some of them claimed that they will be fed and clothed by the regime and that they have been waiting for this to happen and have consistently voted for the newly elected President and the forces of darkness have always rigged the election to keep them in perpetual poverty and penury. Most of those I interviewed insisted that they attended the rallies of the President and his Party and got first hand information on the promises and the platform of the current regime. I am also aware that some civil society groups and organisations tracked the campaign promises of the dominant political parties in Nigeria and have been ticking off the ones realized and the ones that are yet to be fulfilled. Internet bloggers

Hard Choices FESTUS OKOYE festokoye2003@yahoo.com 0805-448-0565 (sms only)

Buhari

and tigers that assisted in bringing President Goodluck Jonathan to power and also assisted in showing him the exit door constructed their own reality. To them, the change agenda must be seen and interpreted the way they constructed and interpreted it on the net. Well the present regime has done one year in office and is not expected to fulfill all campaign promises in the first year in office but some people see things differently. There seems to be a different dynamic to the concept of change as promised and as it is being delivered.In his democracy day broadcast on the 29th day of May 2016, the President and

The present party in power has been a shadow government for some time and some of its stalwarts were leading figures in the previous regime

Commander in Chief of the Armed Forces of the Federal Republic of Nigeria Muhammadu Buhari told the Nigerian people that they campaigned and won elections on three broad platforms of restoring security, tackling corruption and restructuring the economy. The President laid out broad programmes of restoring the economy and restoring infrastructure. The President also went to a great length setting out what the administration did and has done in terms of restoring security in the North East and securing the country from internal and external aggression. The President also informed the Nigerian people that they will rave the economy and package it in such a way to serve the people of Nigeria. Unfortunately, a large number of Nigerians have refused to buy the type of change agenda the President set out in his Democracy Day address. Some of them claim that the Party and not the President is trying to reconfigure the change agenda to punish the ordinary people of Nigeria. Some of them claim that the hawks that moved from other political parties to the APC are the ones all out to punish the ordinary people of Nigeria that have stood with the President all through the period the forces of darkness denied him the Presidency. They claim that it is the same forces that have forced the President to increase the price of fuel and redefine the monies payable to the poor and the vulnerable. There are others that are angry that the President is offering excuses for what they term as non performance a year after election. Some of them claim that they voted for the President to perform and not to offer excuses. These people claim that they want the President to govern and not to continue to blame the previous regime for his non performance. My candid opinion is that the present regime ought to have informed the Nigerian people immediately after election that the country is on its knees and that they will go through a lot of pain to get it working once again. If this had been done, the present rooftop expectation of the Nigerian people would have been degraded to a more realistic and manageable level. The present regime is dare say was well informed of the state of the economy. This is based on the fact that the present party in power has been a shadow government for some time and some of its stalwarts were leading figures in the previous regime. The regime ought to have separated campaign promises and the deliver-

ables and realizable in governance but they allowed it to go on and on and the Nigerian people continued to be expectant of the promises made to them by the regime. I think that going forward; the regime must communicate honestly and sincerely with the Nigerian people. The President in his speech acknowledged and appreciated the sacrifices of the Nigerian people when he stated that “despite the many years of hardship and disappointment the people of this nation have proved inherently good, industrious, tolerant, patient and generous”. The Nigerian people are ready to support the change agenda of the present regime but this is predicated on the image managers speaking to the Nigerian people in a language they understand. Change managers must not speak in monologues and confusing language. Change managers must speak to the Nigerian people in plain language. Change managers must assist the President to assure the people that due to the damage done to the economy and every facet of the Nigerian society that the change of this period will be painful but Nigeria will recover and bounce back. Change managers must be believable and speak candidly to the Nigerian people. The challenge of this period is not the challenge of partisanship. The people have gone through periods of hardship and came out stronger. It is therefore important for the President to rise above the challenges of this period and continue to give leadership to the Nigerian people. The President must continue to assure that he is on top of the challenges of the nation and that it is only a matter of time before he sorts out the issues around the economy and the polity. The President must continue to be a President of the poor and the vulnerable.

HIGH CHIEF

I AM STILL SHOCKED JONATHAN CONCEDED DEFEAT –Buhari

- Ha! Are you still shocked you won?

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