Binder1 wednesday, 25 may, 2016 by Newtelegraphonline

CBN adopts flexible foreign exchange policy

lRetains interest rate at 12% Abdulwahab Isa Abuja

he Central Bank of Nigeria (CBN) has dis-

carded its fixed exchange rate policy in favour of a flexible currency regime,

a strategy aimed at lifting local manufacturing and exports, as well as staving off a recession. However, the apex bank

said it would retain a window to fund some critical transactions essential to the economy. But the CBN governor,

Godwin Emefiele, failed to say how the shift from the naira, fixed at N197 to the dollar, would be implemented.

Nigeria's oil falls 21,000 bpd as Eni declares force majeure

He said details would be published in a few days, after a Monetary Policy Committee (MPC) meeting in Abuja yesterday. "The MPC voted unaniCONTINUED ON PAGE 3

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Wednesday, May 25, 2016

Presidency to spend N1.5bn on vehicles, accessories }4

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Nigeria loses N447bn to import waivers }3

Oshiomhole appoints new Oba of Benin }42

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Abducted schoolboys' bodies found floating in river }8

N150

PDP crisis gets messier Buhari

Adeosun

E rediauwa

Umahi

lLagos court: Makarfi's caretaker committee illegal }2 lRivers court: Sheriff not party's national chairman lPolice, DSS in dilemma over court orders lBoT backs Makarfi

Former Vice-President Atiku Abubakar (left) and Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, during a visit to Atiku in Abuja …yesterday

Arms funds: EFCC declares Omisore wanted over N700m ...secures warrant of arrest lSenator: No basis declaring me wanted }4 Protein can combat tumours –study

}10

NEWS

WednESday, May 25, 2016 NEW TELEGRAPH

Sheriff vs Makarfi: PDP crisis gets messier

Foluso Ogunmodede and Emmanuel Masha

he crisis rocking the Peoples Democratic Party (PDP) yesterday got messier as combatants sought legitimacy in different courts and got counter judgements. In Port Harcourt, the Rivers State capital, a Federal High Court empowered the PDP caretaker committee to steer the party’s affairs for 90 days. But hours later, another court of coordinate jurisdiction in Lagos, presided over by Justice Ibrahim Buba, ordered the Inspector-General of Police, Mr. Solomon Arase, to arrest members of the newly constituted committee should they parade themselves as PDP’s helmsmen. PDP had, on Saturday at its national convention in Port Harcourt, sacked the National Chairman of the party, Senator Ali

Modu Sheriff and other members of the National Working Committee (NWC). In their place, the party appointed a former governor of Kaduna State, Senator Ahmed Makarfi, as the acting chairman. Members of the committee included a former aide to ex-President Goodluck Jonathan, Senator Ben Obi (National Secretary), Senator Odion Ugbesia, Senator Abdul Ningi, Mr. Kabir Usman, Prince Dayo Adeyeye and Alhaja Aisha Aliyu. This was contrary to a restraining order by the Lagos court. Miffed by this, Justice Buba of the Federal High Court sitting in Lagos, yesterday, invalidated the Makarfi-led caretaker committee and ordered the arrest of whoever flouted his order as granted by the court. Accordingly, the judge ordered Arase to enforce

Police partially lift siege at PDP secretariat Onyekachi Eze ABUJA

he siege at the headquarters of the Peoples Democratic Party (PDP) by men of the Nigeria Police Force (NPF) was partially lifted yesterday as the police authority withdrew some of the personnel. Although a section of the Dalaba Street, off Michael Okpara Street was still blocked, the two 911 trucks used to barricade the street were recalled about 5:15p.m. About 10 minutes later, a truckload of police personnel were withdrawn from the secretariat. Police still maintained skeletal presence at the national secretariat, but official private security guards, who provide security at the secretariat, have been posted back. The private guards were practically sacked by the police when they took over on Sunday. There was no explanation on why some policemen were withdrawn from the secretariat. There was, however, information that PDP governors, who were said to be meeting at Ondo State Government Lodge, would be at the secretariat. They were still being expected by 6:30p.m. The governors' meeting might not be unconnected with an interim injunction granted by a Federal High Court sitting in Port Harcourt, Rivers State, restraining the former na-

tional chairman, Senator Ali Modu Sheriff and the National Secretary, Prof. Adewale Oladipo, from parading themselves as officials of the party, pending the determination of the motion on notice brought before it by PDP. A separate ruling was also given in favour of Sheriff and other NWC members by a Federal High Court sitting in Lagos. The two former officials were among members of the former National Working Committee (NWC) sacked last Saturday at the PDP National Convention in Port Harcourt. It was gathered that the Makarfi-led caretaker committee held an inaugural meeting on Monday at an undisclosed place and invited the Concerned PDP Stakeholders' Forum for discussion. The forum, which has former Minister of Information, Prof. Jerry Gana as National Coordinator, had appointed a 57-member steering committee co-chaired by Senator Ibrahim Mantu and Prof. Tunde Adeniran. A source at the meeting disclosed that the invitation was turned down by the group, which maintained that only the PDP’s Board of Trustees (BoT) could call them for a meeting. Meanwhile, workers at the secretariat have spent the second day without accessing their offices as the policemen manning the secretariat have refused to admit anyone.

his order by bringing to book whoever paraded himself as member of the caretaker committee of the party pending the hearing of the substantive suit. Justice Buba held that he would not allow his orders to be violated without consequence, adding that he had an obligation to ensure that his directives were obeyed. “No court can make an order in vain. “Therefore, the Inspector-General of Police is directed to enforce the orders of this court until the order is set aside or all the applications before the court are disposed of. “Because of the nature of this matter being political, time is hereby abridged for the hearing of all applications,” he held. The judge warned the Makarfi-led committee “not to act in that capacity

in defiance of this order.” Sheriff, the party’s National Secretary, Adewale Oladipo, and the National Auditor, Fatai Adeyanju, had asked the court to stop the Saturday, May 21st national convention of the party pending the determination of the substantive suit. After hearing their grievances, the court granted an interlocutory injunction, restraining the PDP and the Independent National Electoral Commission (INEC) from conducting any election into the offices of the National Chairman, National Secretary and National Auditor occupied by the trio pending the hearing and determination of the substantive suit. But the court order was allegedly ignored. The court, however, in a ruling yesterday, invalidated the party’s newly inaugurated committee.

But the court’s order which sacked the Makarfiled committee has begun to generate confusion in the party as a Federal High Court sitting in Port Harcourt presided over by Justice A.M. Liman had, in a ruling, asked the Sheriff-led executive to vacate office, barring them from parading themselves as the party’s national officers. Specifically, Justice Liman asked the police and the Department of State Services (DSS) to arrest Sheriff and members of

1.58%

The capital importation percentage share of Oil and Gas of Nigeria in 2007. Source: National Bureau of Statistics

The total number of fixed (wired)broadband subscriptions of developed countries in 2013. Source: Itu.int

the party’s NWC should they parade themselves as PDP’s national officers. He said none of them should parade themselves in any capacity pending the hearing and determination of the substantive suit. The judge gave the order following a suit brought before it by the PDP to legitimise the outcome of the National Convention in Port Harcourt, which produced Makarfi as the party’s Acting Chairman on May 21. The order also sought the court’s authorisation to prevent INEC from recognising Sheriff and other national officers of the party that were replaced by the Makarfi’s committee as the PDP’s executives. His order, however, validated Makarfi-led caretaker committee. The suit, which had CONTINUED ON PAGE 5

L-R: Governance Adviser, Department for International Development (DFID), Ekanem Bassey; Executive Director, Human Rights Monitor, Festus Okoye; Executive Director, Policy and Legal Advocacy Centre, Clement Nwankwo; and Clara Barnett of DFID, during a strategy meeting on the forthcoming Edo and Ondo governorship elections in Abuja… yesterday.

Nigeria's oil falls 21,000 bpd as Eni declares force majeure lRevenues drop by N411.6m lPrice rout drags discoveries to 60 year low Adeola Yusuf

talian oil major, Eni, yesterday declared force majeure on 21,000 barrels per day Brass River crude oil stream, translating to revenue losses by Nigeria and other equity stakeholders valued at N411.6 million ($2.058 million) in two days. A spokesperson for Eni said in a mail that the Brass facility was shut down after a Sunday evening attack, which is the second in one week and 14th this year on major facilities of Eni's subsidiary in Nigeria, Nigeria Agip Oil Company (NAOC). About 21,000 barrels per day (bpd) in total of the stream's production were, according to the spokesperson, impacted by the blast, but just 4,200 bpd from Eni's equity stake were out. This, he added, amount-

ed to roughly 20 per cent of the crude stream's typical production, but is yet another blow to Nigeria's oil exports, which have been hobbled by militant attacks over the past month. At $49 per barrel price of oil yesterday, the loss recorded from the 21, 000 barrels Brass oil shut down accumulated to $1.029 (N205.8 million) each on Monday and Tuesday (yesterday). This, a data compiled by New Telegraph showed, represented $2.058 million (N411.6 million) losses in two days. Out of the total losses, Eni lost N82.32 million ($411, 600) in those two days. With 4,200 barrels share of equity crude on the installation at $49 per barrel, the company is losing about N41.16 million ($205, 800) daily. This amounted to N82.32 ($411,600) on Monday and Tuesday, the two

days the installation is expected to remain shut. Meanwhile, oil price slump has dragged discoveries to lowest level in 60 years. Just 12.1 billion barrels of reserves were added last year, threatening future production levels, according to a new data released yesterday. Oil and gas discoveries are at their lowest level since 1952.This adds further evidence of the damage wrought by the oil price crash since the summer of 2014. Morgan Stanley, quoting data from consultant, Rystad Energy, said that discoveries outside the United States had come in at 2.8 billion barrels last year. This increased to 12.1 billion when the US is included, mainly due to the huge resources being unlocked by the disruptive shale oil sector.

However, this total remains the lowest since 1952, the bank added. At that time, says Reuters, "the oil industry was oneseventh of its current size." The comparison is stark and the consequences are significant. Morgan Stanley reckons that "even under the most modest demand forecasts, driven by a drive to limit global warming to two degrees Celsius, where consumption will decline to around 86 million barrels per day in 2030, only around twothirds of the demand can be met" on current trends. If production begins to fall well short of demand, it could lead to a spike in prices in the decades to come. This would mark a complete turnaround from the current situation, where excess supply is suppressing oil prices around the world and looks set to do so for some time.

NEWS

WednESday, May 25, 2016 NEW TELEGRAPH

Nigeria lost N447bn to import waivers in 5 years Chukwu David Abuja

he Senate yesterday revealed that Nigeria lost N447.45 billion to import duty waivers and concessions carried out by the previous administration from 2011 to 2015. The Senate made the revelation in the report of its Ad hoc Committee on Import Duty Waivers, Concessions and Grants, which it adopted. 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. While presenting the report to the Senate for consideration, the Chairman of the Ad hoc Committee, Muhammed Aliero, 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 development and social services within the period under review. The report was the product of a motion moved on the floor of the Senate on July 13, 2015, where the lawmakers expressed concerns on the use and abuse of waivers by the past government. 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 responsibilities of administering import duty waivers, concessions and grants. Aliero said that part of the committee’s findings was that the Budget Office used a presidential ap-

proval from late President Umaru Yar’Adua to the then Finance Minister, Dr. Shamsudeen Usman. He said that 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. The report 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. 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." Furthermore, 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. In the sugar sector, 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

L-R: Governor, Central Bank of Nigeria (CBN), Godwin Emefiele; Deputy Governor (Economic Policy), Sarah Alade, and Deputy Governor (Operations), Suleiman Barai, during a press briefing on the outcome of the Monetary Policy Committee (MPC) meeting in Abuja…yesterday

got a waiver to import 714 vehicles in the same year. 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. 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 do 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 in the country. It said: "The Federal

N14.33bn The total revenue of 2015 Government Quarterly Actually Collection from Consolidated Account for the 2015 Q3. Source: Firs.gov.ng

N141.09bn The total value of crude oil and noncrude oil export to Brazil in 2014 fourth quarter. Source: National Bureau of Statistics

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 neighbouring countries of Benin and Niger Republics for the commodities to be smuggled into Nigeria through land borders." Adopting the report of the committee, the Senate mandated relevant agencies of government to recover N10.3 billion from six companies that benefited from rice importation quota in 2014. The chamber noted that the six companies did not meet the criteria for granting the waivers, and therefore should refund whatever benefit they enjoyed from the process. The 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 P e n n y, N284,602,399.20; and Milan Group, N1,855,263,312.00. Meanwhile, the Leader of the Senate, Ali Ndume, yesterday refuted insinuations that the probe was targeted at former President Goodluck Jonathan. While making clarifications on the recommendations of the committee, Ndume told journalists 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.

CBN adopts flexible foreign exchange policy CONTINUED FROM PAGE 1

mously to adopt a flexible exchange rate policy to restore the automatic adjustment properties of the exchange rate," he told reporters. The CBN had been under pressure over the last few months to either devalue the naira or adopt a flexible exchange rate policy. Emefiele said following the recent depreciation of the country's foreign exchange, time had now come for the bank to introduce greater flexibility in the management of foreign exchange. He said all the members of the committee voted unanimously to introduce greater flexibility in the inter-bank foreign exchange market structure and to retain a small window for critical transactions. He said while the country awaited the new policy to be unveiled, the CBN would only fund critical

transactions as the apex bank did not have enough foreign exchange to meet all the demand of all foreign exchange users. “The committee is aware that a dynamic foreign exchange management framework that guarantees flexibility could not replace the imperative for the economy to increase its stock of foreign exchange through enhanced export earnings. “Consequently, such a structure must evolve to provide basis for radically-improved investment climate to attract new investments. “The committee recognises the exchange rate as a very important macroeconomic variable, which must be earned by increased productive activity and exports. “Accordingly, the MPC decided that the bank should embrace some level of flexibility in the foreign

exchange market. “Given the imperative for growth, the management of the bank has been given the mandate to work out the modalities for achieving the desired flexibility that is in the overall interest of the Nigerian economy. “The committee, in its assessment of the relevant risk profiles, came to the conclusion that although the balance of risks remains tilted against growth, previous decisions need time to crystalise,” he said. Emefiele said MPC members unanimously voted for retention of subsisting rates – the Monetary Policy Rates (MPR) Cash Reserves Requirement (CRR) and Liquidity ratio at 12%, 22.5% and 30% respectively around asymmetric window at +200 and -500 basis points, brushing aside analysts that had taken various po-

sitions on MPC outcome. Analysts, according to Reuters, however, questioned the wisdom of announcing a major shift in policy without spelling out how to implement it. "Any real liberalisation would be accompanied by some tightening, as a stabilisation measure, at least in the short term," said Razia Khan, Chief Africa Economist at Standard Chartered in London. "That does not appear to have been considered. This is at best curious, at worst very worrying,” she said. The CBN's de facto peg of N197 per dollar had become increasingly unsustainable due to a shortage of hard currency stemming from the slump in oil revenues. On scarcity of forex, Emefiele said the apex bank still sells at N197 per dollar, adding that people are not able to get the quantum they need.

He said: “I imagine that people can understand the fact that this is because what CBN has in its kitty as supplier of foreign exchange is inadequate to be able to meet the demand for foreign exchange. So, what we will do is to provide what we have available and expect that buyers will resort to other sources." Asked whether operators of bureaux de change (BDC) would be accommodated in the new forex policy regime, he said thy will continue to source their forex from autonomous market. The CBN governor admitted that Nigeria’s economy faced a critical moment due to several factors that are both local and external influences. He said while slump in crude oil price was one aspect of the challenge, the logjam that characterised the 2016 budget had in-

flicted serious damage to the economy. Consequently, he called for speedy implementation of 2016 budget as a way of boosting the economy. “Owing to the delayed budgetary passage in May 2016, the initial monetary injection approved by the Federal Government may not impact the economy soon. “For instance, the processes involved in finalising procurement contracts by agencies of government before the disbursement of funds may further delay the much-needed financial stimulus to restart the growth,” he said. Africa's top crude producer relies on oil for nearly three-quarters of its government revenue and more than 90 per cent of foreign exchange. On the black market (where the naira traded at N347 per dollar yesterday), CONTINUED ON PAGE 5

NEWS

WednESday, May 25, 2016 NEW TELEGRAPH

Arms funds: EFCC declares Omisore wanted over N700m Wale Elegbede, Emmanuel Onani and Adeolu Adeyemo Abuja

he last may not have been heard of the $2.1 billion arms scandal rocking the Office of the National Security Adviser (ONSA), as the Economic and Financial Crimes Commission (EFCC) has declared a former gubernatorial candidate of the Peoples Democratic Party (PDP) in Osun State, Senator Iyiola Omisore, wanted. The ex-Deputy Governor of Osun State is wanted in connection with the sum of N700 million, which he allegedly received from the ONSA. But, Omisore faulted the EFCC for declaring him wanted, stating that the

anti-graft agency is out to tarnish his image. A former National Security Adviser (NSA), Col. Sambo Dasuki (rtd), is being prosecuted by the antigraft agency, for allegedly misapplying the $2.1 billion said to have been originally earmarked for the procurement of arms, to prosecute the counter-terrorism war in the North-East. The Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, said Omisore is wanted "in connection with a case of receiving and misappropriating the sum of over N700 million from the Office of the National Security Adviser, between June and November, 2014." Uwujaren disclosed that Omisore has remained elusive since April 7, when an invitation letter from the commission, was sent to

Presidency to spend N1.5bn on motor vehicles, accessories

him, “to come and make clarification on the ongoing investigation.” Against the backdrop of the invitation, the PDP stalwart approached the Federal Capital Territory (FCT) High Court for the enforcement of his fundamental human rights. Consequently, Justice Husseini Baba Yusuf had ordered that Omisore "should only be arrested through a due and legal process." The EFCC is said to have obtained a warrant to effect the arrest of the politician. Meanwhile, Omisore has stated that the EFCC was playing out a script of persecuting and harassing perceived opposition groups in the country. In a statement made available to New Telegraph, Omisore said: “To be sure, there is no basis for the EFCC so-called statement.

Only on Tuesday, May 24, we appeared in court with the EFCC asking for the permission of the court for an extension of time in the preliminary objection to a suit filed against me. “The Managing Director of Firmex Gill, which the EFCC joined in their case, indemnified me from the company's contracts and any such obligations. “In other words, there is nothing relating to me in the company's contract deal with the Office of the NSA. The company has even sued the ONSA for its inability to pay the balance of the contract so awarded to it. “Therefore, I am not aware of any issue relating to a contract sum of N700 million. There was no issue of N700 million anywhere. The relationship between the company and ONSA is civil and contractual, which has nothing to do

with me. Besides, so long as their business transactions are legitimate and since I am not directly managing the company, how am I to know who and who they do business with?” The former PDP governorship candidate said EFCC should come out with facts if there are issues against him. “If the organisation and its leadership think they have any case against me, they should come to court with their facts. This act of blackmail and deliberate tarnishing the image of perceived political enemies won't help the image of the EFCC and it won't get it result. “How can you declare someone you were in court with at 9a.m. today wanted the same day, a few hours afterwards? I am appealing to all human rights and civil society organisations to caution EFCC from

lBuhari, Osinbajo get N47.82m residential rent

Onwuka Nzeshi ABUJA

n spite of the hard times and the frugal posture of the current administration, President Muhammadu Buhari is to spend N1,498, 917,334 on the purchase of new vehicles, accessories and maintenance of the fleet for the State House, the seat of power in Nigeria. The Presidency has been at loggerheads with the National Assembly over the bid by members of the federal legislature to purchase vehicles for the committees of the parliament with both arms of government accusing each other of profligacy. However, the 2016 Appropriation Act recently assented to by Buhari showed that a provision of N599 million has been made for the purchase of an unspecified number of motor vehicles under the line item – purchase of fixed assets in the State House headquarters. The Federal Government also made specific provision for the purchase of five BMW bulletproof salon cars at the

£101.3m

The net amount of money spent/ received by Man City in the summer 2015 transfer window. Source: 101greatgoals.com

£6.7m

The total amount received by West Brom in the whole 2015-16 season. Source: 101greatgoals.com

cost of N40 million each; five Prado or Toyota Land Cruiser Jeeps at the cost of N28 million each; 10 units of 16-seater Toyota Hiace buses at a total cost of N120 million, as well as 10 units of 33-seater Toyota Coaster buses and one utility pick up van at the cost of N158 million. The budget has also made a provision of N282 million for the purchase of various accessories for the BMW bulletproof cars and the other vehicles in the presidential fleet. These accessories include spare tyres, batteries, toolboxes, motorized jacks, diagnostic machines, tyre changing machines, kits pressure machines, C- caution triangles, fire extinguishers and towing ropes or booster cables. There is also a cumulative provision of N209.2 million for the maintenance of the motor vehicles and transport equipment, as well as an additional N72.6 million being the projected cost of fuelling these vehicles. Curiously, it has earmarked the sum of N27.7 million and N20 million as residential rent for President Muhammadu Buhari and Vice President Yemi Osinbajo respectively. The Presidency has also budgeted N180 million for the purchase of kitchen equipment, cooking gas, refreshment and meals for occupants of the State House, just as a total of N65 million has been provided for budget preparation, legal, financial and general consultancy for the fiscal year.

Emir of Kano, Muhammadu Sanusi II, speaking with the mother of Baby Musa, a victim of domestic abuse, during his visit to Musa at a hospital in Kano…yesterday

damaging my reputation further. If they have facts, I challenge them to bring them to court and not resort to blackmail, intimidation and victimisation,” he said. President Muhammadu Buhari had, in August 2015, inaugurated a 13-man panel, to probe allegations of "non-adherence to correct equipment procurement procedures and the exclusion of relevant logistics branches from arms procurement under past administrations, which, very often resulted in the acquisition of sub-standard and unserviceable equipment.” The investigation covers procurements between 2007 and 2015. The Presidency stated that the procurement processes were arbitrarily carried out and generally characterised by irregularities and fraud. Serving and retired military officers and companies have been indicted in the arms probe. Apart from Dasuki, other former public office holders under the Goodluck Jonathan administration that are either under investigation or standing trial, are: a former governor of Sokoto State, Alhaji Attahiru Bafarawa; exPDP national chairman, Dr. Haliru Bello Mohammed; a former Minister of State for Finance, Ambassador Bashir Yuguda, and former National Publicity Secretary of the PDP, Chief Olisa Metuh. A former Chief of Defence Staff (CDS), Air Chief Marshal Alex Badeh (rtd), and an ex-Chief of Air Staff (CAS), Air Marshal M.D Umar, are also facing trial in connection with the arms procurement deal.

Reps probe tax waivers for multinationals …lament loss of $2.9bn to incentives

Philip Nyam Abuja

he House of Representatives yesterday mandated its committees on finance and public accounts to investigate tax incentives and waivers granted to multinational companies in Nigeria to ascertain their suitability and economic impacts. The parliament also lamented the loss of over $2.9 billion yearly to tax incentives by the Nigerian government. The House took the decision following the adoption of a motion sponsored by Hon. Segun Odeneye (APC, Ogun), who noted that Nigeria recognises

the value of Foreign Direct Investments (FDI) as a driver of economic growth and development, which informed various investment laws and regulations put in place in the country. Leading debate on the motion, Odeneye said the need to review the incentives granted foreign investors has become expedient as a result of the nation's precarious economic situation. According to him, the incentives that were granted initially to stimulate the country's economic growth have failed to achieve that purpose. The lawmaker noted that there was need to abolish unproductive incentives and ensure that those remaining are tar-

geted at achieving specific social and/or economic objectives. He said: "Nigerian government has actively wooed foreign investors through a plethora of incentive policies and regulatory frameworks to promote FDI. "For instance, the government introduced an initiative called the 'Granting of pioneer status', a legal concession which came in the form of the Industrial Development (Income Tax Relief) Act, 1970 to support the growth of start-up businesses "It is, however, worrisome that Nigeria is losing about $2.9 billion yearly in form of tax incentives which are being used as a substitute for policies that could genuinely attract more and

better investment, such as ensuring good quality infrastructure, reducing the administrative costs of setting up and running businesses and promoting predictable microeconomic policies. "It is equally disturbing that tax incentives are given to companies in the hope that foreign investors will bring in capital to support economic development and create employment. However, there is little evidence that tax incentives have created investments." Supporting the motion, majority leader, Hon. Femi Gbajabiamila, said the fact that Nigeria needs to explore all avenues for revenue regeneration, makes it urgently necessary to review the tax incentives regime.

NEWS

WednESday, May 25, 2016 NEW TELEGRAPH

FG set to take delivery of £300m Abacha’s loot

Ebere Ameh ABUJA

he Federal Government may soon secure the repatriation of £300 million said to be part of the funds looted from Nigeria by the late military ruler, Gen. Sani Abacha and currently trapped in Jersey Island, located off the coast of the United Kingdom. Minister of Foreign Affairs, Mr. Geoffrey Onyeama, who disclosed this yesterday at a news conference, said the Federal Government has had difficulties recovering most of the funds looted from Nigeria because of the legal hurdles that must be scaled before the countries where such funds were lodged could repatriate them. "In Jersey, the money has been identified and we are just in the process of repatriating them. In the United Kingdom itself, sometimes very often, the people who have ownership or who claim to have ownership over the funds might bring up a defence. "Like if you take the one

on Jersey, I think it’s like £300 million or thereabout, now everything has been done to repatriate the money, it was no longer contested and, at the last minute, an objection was raised by the people who were supposed to be the owners. So, of course, the authorities in Jersey were obliged to halt the process. As much as they would have liked to have just gone ahead and repatriated it, we have to go through legal procedures because the other party would get their lawyers to raise legal issues and we have to start going through the process all over again," he said. Onyeama recalled that a similar scenario played out over Abacha’s loots in Switzerland. According to him, the hurdles became so many at a time that the Olusegun Obasanjo administration had to finally agree to give over 10 per cent of the amount, about a $100 million. He said such scenarios necessitated President Muhammadu Buhari's participation at the recent anticorruption summit held in

London, United Kingdom. Onyeama explained that Buhari's current campaign for loot recovery was focused on getting the western countries to remove some of those barriers and lengthy procedures which made it possible for the

countries to delay the repatriation of stolen funds. He expressed optimism that these western countries were buying into the crusade to make loot recovery a bit easier. "So, it’s going to be a painstakingly slow pro-

cess, but the important thing is that the process has been engaged and there is no going back and no relenting," he said. Onyeama said plans had been concluded to sign visa-free pacts with a bloc of eight African countries

PDP: BoT backs appointment of caretaker committee Onyekachi Eze ABUJA

he Board of Trustees (BoT) of the Peoples Democratic Party (PDP) has backed the appointment of Senator Ahmed Makarfi-led sevenmember caretaker committee to pilot the affairs of the party. The board also said that the controversies surrounding the appointment of the caretaker committee at the National Convention in Port Harcourt, which is the highest decision making organ of the party has the power to make such appointment. BoT secretary, Chief Ojo Maduekwe, at a press conference last night noted

that there is no confusion in PDP about the chain of command and line of authority. The PDP National Secretariat has been sealed off by officials of the Nigeria Police Force who have prevented workers of the party access to their offices. Police in a statement by Force Police Republic Officer (FPRO), Olabisi Kalawole, alleged of an impending attack by thugs from across the country to threaten public peace and security in Abuja, as reason for their action. The two factions laying claim for the control of the party's leadership – the caretaker committee who are backed by the PDP governors and other stakeholders, and Senator

Ali Modu Sheriff-led group, have obtained conflicting court orders against the claims of opponent, which further compounded the crisis in the party. But the BoT said the term of the immediate past National Working Committee (NWC) ended on March 24, 2016. "To avoid a vacuum in leadership and operational responsibilities, the National Executive Committee (NEC) approved that the former NWC remain in office to conduct elections for new national officers on May 21," Maduekwe stated. He corrected the impression that Sheriff as then PDP National Chairman should preside over the convention. According to him, Rivers State governor, Nyesom Wike, who was appointed Chairman of the Convention Committee and approved by NEC, was the one recognised by law to chair the convention. "At a duly convened Na-

12.5%

The percentage of the urban population of Papua New Guinea in 2012. Source: Un.org

Ekiti State Governor Ayodele Fayose (middle) addressing hunters on the recent attack by herdsmen in one of the communities in the state.

CONTINUED FROM PAGE 2

tional Convention about which there was no court order stopping it from holding, the convention chairman, Governor Wike, who was duly approved by NEC, at a meeting chaired by then National Chairman Senator Ali Modu Sheriff (whose position was yet to be ratified by National Convention), presented several motions to the delegates including that which called for the formal dissolution of NWC. That was carried by an overwhelming voice vote without any dissension. "The BoT as the conscience of the party is bound by the decision of the highest organ of the party, especially where there was no court order aborting the convention," he added. Maduekwe noted that at the moment there is no NWC, adding that the founding fathers gave the BoT wide ranging powers, in consultation with NEC, to creating any committee.

£45,360

The daily salary of Andres Iniesta of Barcelona in 2014/2015. Source: Paywizard.co.uk

CBN retains interest rate at 12% CONTINUED FROM PAGE 3

Police, DSS in dilemma over court orders Sheriff, Oladipo, INEC, the Inspector-General of Police and the DSS, as respondents, prayed the court through its counsel, Dejo Laminkanra (SAN), to restrain INEC from accepting names of party officials submitted to it by Sheriff and Oladipo. The party sought for the following reliefs among others: *An order restraining the 3rd defendant from according or continuing to accord any recognition to the 1st and 2nd defendant or any and/or all of the national officers, members of both the national executive committee and members of the National Working Committee of the plaintiff held on the 21st day of May 2016 in Port

to promote economic partnership on the continent. The minister, who did not disclose the names of the countries making up the bloc, noted with concern that trading among African countries had been very low.

Harcourt, Rivers State, as officers or organs of the plaintiff pending the hearing and determination of the motion on notice. *An order of this honourable court restraining the 1st and 2nd respondents or any and/or all of the national officers, the members of the NEC and members of the NWC of the plaintiff, who were removed from office by the national convention of the plaintiff held on Saturday, the 21st day of May 2016 in Port Harcourt pending the hearing and determination of the motion on notice. Justice Liman granted the party’s leave to serve the originating summons to the 1st defendant (Sheriff), Oladipo, the police and DSS at their addresses.

In his ruling, Justice Liman held: “An order of this court is hereby made mandating the 1st and 2nd respondents or any and/or all of the national officers, members of the NEC and members of the NWC of the plaintiff, who were removed from office by the national convention of the plaintiff held on Saturday, the 21st day of May 2016 in Port Harcourt not to sign or endorse any documents in such capacities as they were prior to their said removal pending the hearing and determination of the motion on notice. “Leave is hereby granted to the applicant to issue and serve the respondents the originating summons and all other processes filed in this suit at their said addresses being out-

side the jurisdiction of this honourable court. “Leave is granted to the applicant to issue and serve the respondents the originating summons and all other processes filed in this suit by substituted means, to wit: by publication of same in two national dailies.” The Attorney-General and Justice Commissioner of Rivers State, Emmanuel Aguma (SAN), who chaired the PDP Convention Screening Committee, noted that the court was very clear on the fact that Sheriff was not competent to present himself as the acting chairman of the party. As it is, both the police and DSS are confused on which orders of the courts to implement.

the naira is trading 40 per cent below the official rate (N199/$), as manufacturers and imports pay massive premiums to avoid hefty official currency curbs now blamed for tipping the economy towards recession. The dollar-hungry industry and manufacturing sectors shrank 5.5 per cent and 7 per cent respectively in the first quarter, helping to push the economy into a 0.4 per cent contraction, its worst performance in years. Tens of thousands of contractors have been laid off as businesses have either closed down or shelved their investment plans. President Muhammadu Buhari has resisted calls for devaluation throughout his first year in office. But Vice-President Yemi Osinbajo hinted at change this month, saying a more flexible approach was needed to spur growth. Emefiele admitted the

economy was also likely to contract in the second quarter, falling into official recession, but blamed delays in implementing the budget for much of the decline. He also kept its benchmark interest rate on hold at 12 per cent and maintained the CBN's existing cash reserve ratios for commercial banks at 22.5 per cent. On the recent deregulation of the downstream sector of the oil industry, the committee, according to the CBN boss, believed that the move was in the right direction and would lead to increased supply. He, however, cautioned that the pass-through effect of prices to other products had to be considered when taking such policy decision. Mindful of the limitations of monetary policy in influencing structural imbalances in the economy, Emefiele said the committee stressed the need for policy coordination with the fiscal authorities.

NEWS | national

Metuh on admission in hospital, trial stalled Tunde Oyesina Abuja

he trial of the National Publicity Secretary of the Peoples Democratic Party, Olisa Metuh, was yesterday stalled before a Federal High Court in Abuja, due to ill health and his admission at the National Hospital, Abuja. The Federal Government is prosecuting Metuh and his company, Destra Nigerian Limited over the receipt of N400 million allegedly being part of the money meant for the procurement of fire arms to tackle Boko Haram. At the resumed hearing, the trial judge, Justice Abang Okon, had asked after Metuh from his counsel, Onyechi Ikpeazu SAN. Ikpeazu, however, informed the court that the defendant was on a bed

rest at the National Hospital, Abuja. He, however, passed to the court registrar a medical report signed by a neurosurgeon consultant in the National Hospital, Dr. O.O Olaleye, confirming that Metuh was in the hospital for a bed rest. While praying the court for an adjournment, Metuh's counsel submitted that the situation in section 352(4) of the Administration of Criminal Justice Act 2015, in which the judge was allowed to proceed with a criminal trial without the defendant present in court, had not arisen. The provision of the law provides that the court may proceed with a criminal trial if a defendant already granted bail is absent from court in violation of a court order or in the absence any good reason for the absence of the defendant.

wednesday, may 25, 2016 NEW TELEGRAPH

FG weeds out 65,000 ghost workers from payroll T Our Correspondent

he Federal Government, yesterday, disclosed that it has weeded out a total of 65,000 ghost workers from its payroll through the various reforms it introduced into the civil service in the last couple of years. It has also saved over N185 billion since the implementation of the Integrated Payroll and Personnel Information System (IPPIS). Director-General, Bureau of Public Service Reforms, Dr Joe Abah, made these disclosures yesterday while presenting the ``Status Report of Reforms” at a five-day Specialised Reforms/ SERVICOM Training Pro-

gramme in Abuja. He said that a lot of remarkable reforms had taken place in the civil service since the Federal Government embarked on a wide range of reforms aimed at cutting cost and improving efficiency in the service. “We started off with a completely inaccurate and unreliable payroll system but since we put IPPIS in 2007, government has saved in the region of N185 billion and weeded 65,000 ghost workers. Recently, the Work Efficiency Unit has seen the

94%

The proportion of households in major cities connected to piped water (house or yard connection) of the world. Source: Unesco.org

L-R: General Manager, Southern Operations, MTN Nigeria, Mr. Obinna Nweje; Nominator, Mr. Woke Chi-Ogbonna and Director, MTN Foundation, Mr. Reginald Okeya, at the MTN Foundation Appreciation session for nominators in the What Can We Do Together campaign in Port Harcourt… yesterday

identification of another 23,000 people that were collecting multiple salaries. "`IPPIS has been a great success but it has some challenges and it has some weakness. One of the weaknesses is that as soon as BPSR put in place the IPPIS after piloting it for a couple of years, it was basically taken over by accountants and they started tampering with the payroll, instead of leaving it with the HCSC – Head of Civil Service Commission. ``It is possible to get on the payroll without being known by the Federal Civil Service Commission. That is why we still have issues with IPPIS but we are working on that and we are hoping that complete HCSC switch will come on board in July," he said. Abah said that BPSR was also working with the Efficiency Unit to ensure that the salaries were linked with the Bank Verification Numbers ( BVN), stressing that civil servants should not allow people to accuse them of not doing well as some of the reforms were working

Tribunal adjourns Orubebe's trial to May 31

Tunde Oyesina Abuja

FG engages experts to tackle tomatoes pest Caleb Onwe

Abuja

he Minister of Agriculture and Rural Development, Chief Audu Ogbeh, stated in Abuja yesterday that the Federal Government was worried by the acute scarcity of tomatoes in the country due to the outbreak of tomatoes ebola, also known as Tuta Absoluta. He said that the government has engaged the services of experts

in spite of challenges. He said one of the reforms that had also worked in the civil service was the Contributory Pension Scheme. Abah said that before 2004, Nigeria had a pension deficit of N43billion and if one retired, there was no guarantee that one would get one's entitlements because the funds were not there. According to him, the situation has changed following the introduction of the Contributory Pension Scheme, which now has a credit of N4.8 trillion as at 2015. "However, there are still challenges - we are still not managing our PFA – Pension Funds Administrators very well. There is still a big gap between when you retire and actually when you start to get a Pension. Sometimes, a gap of about nine months – that is still a gap, we still need to deal with," he said. Abah further said that in terms of procurement, government was losing $10 billion annually as result of fraudulent procurement practices.

to combat it and ensure that the disease was not allowed to spread further. Ogbeh also said that frantic efforts were being made stop the disease from spreading beyond the six states that have already been attacked by the disease. He lamented that the unfortunate incident has forced a basket of tomatoes to sell between N35,000 and N40,000 across major cities in Nigeria. He revealed that Jigawa, Kano, Katsina, Kaduna,

Plateau and Lagos are already being invaded by the disease. He also said that the Federal Government cannot wait any longer before expediting action to contain this disease that has been discovered to have the potency of attacking pepper and even sweet potatoes. He further announced that the speculations that tomatoes processing factories have mopped-up tomatoes in Nigeria was a misconception, as much as it is an unfounded. He clarified that the

scarcity was as a result of the disease which attacked many tomato farms in the country. “Recently, a pest identified as Tuta absoluta, locally called “tomato ebola” a leave miner/moth that bores into the fruits and stem causing enormous food loss, invaded tomato farms in Nigeria," he stated. The Minister told Journalists that the Ministry cannot relent in its efforts to contain this disease due to the fact that its budgetary allocation was lean.

he Code of Tribunal sitting in Abuja, yesterday, adjourned the trial of former Minister of the Niger Delta, Godsday Orubebe to May 31 for him to open his defence. The Federal Government, who is prosecuting Orubebe over false asset declaration, closed its case yesterday. At the resumed trial, the prosecution counsel, Mohammed Diri, told the tribunal that he was closing his case after calling one witness as against three that were listed. Defence counsel, Larry Selekowei, however, informed the tribunal that he intends to call his first

witness but was taken by surprise as the prosecution closed his case and the witnesses were not in court and he sought for an adjournment. The tribunal chairman, Justice Umar Danladi, adjourned to May 31. At the last sitting, cross examination of the first prosecution witness, Sam Madojemu, ended as he insisted that the former Minister failed to declare his full asset while in office, particularly the alleged property in Asokoro, Abuja. Even though he said the C of O of the said property was collected by one Engineer Rody on behalf of Orubebe and no other thing linked Orubebe to the said property.

Buhari confirms Babandede, Ja'afaru as CGs of NIS, Prisons Lokpobiri to militants: Stop bombing oil facilities The confirmations were Passports and Operations. he Minister of State, years backward. the only Ijaw man in the Johnchuks Onuanyim conveyed in a statement The new Immigration TAgriculture and RuIn a statement issued Federal cabinet said: 'The Abuja issued by the Permanent CG, who has travelled ral Development, Sena- in Abuja yesterday by his Honourable Minister is

resident Muhammadu Buhari, has confirmed the appointments of Mr. Mohammed Babandede as Comptroller General of Nigeria Immigration Service and Ahmed Ja’afaru as the Controller-General of the Nigeria Prisons Service respectively.

Secretary of the Ministry of Interior, Bassey Okon Akpanyung. Babandede, who hails from Kano was Deputy Comptroller of Immigration in charge of Passports and Operations Directorate. Also, he was Assistant Comptroller General of Immigration in charge of

wide, has a Master of Science Degree in Law Enforcement and Criminal Justice from the Ahmadu Bello University. He had served also as Immigration Attaché to the Nigeria Embassy in Berlin, Germany. Ja'afaru hails from Kebbi State and was ACG in charge of Administration.

tor Heineken Lokpobiri, has appealed to militant groups, Niger Delta Avengers, Red Egbesu Lions and any other, to drop their arms and follow the path of peace in resolving whatever issues relating to the Niger Delta. The resurgence of violence, he said, would take the oil rich region many

Senior Technical Adviser (Policy), Donald Ojogo, the minister said the renewed hostilities in the region were capable of distracting plans the current administration has for the region, just as he appealed to the armed groups to engage in meaningful dialogue with government. The minister, who is

using this medium to appeal to the Niger Delta Avengers and others to follow the path of peace through meaningful dialogue. The issue not in dispute is the fact that our region, the Niger Delta oil belt is in dire need of development which successive administrations have tried to address.

national | news

wednesday, may 25, 2016 NEW TELEGRAPH

Badeh paid me N108m for property –Witness Tunde Oyesina Abuja

he Prosecution Witness 4 in the ongoing trial of a former Chief of Defence Staff, Air Marshal Alex Badeh, yesterday told a Federal High Court, sitting in Abuja, that the defendant paid him the sum of N108 million through his company, Vetivo Nigeria Limited to purchase a property. The witness, Mustapha Yerima, while being led

in evidence by the prosecution witness, Rotimi Jacobs, SAN, stated that, the process of the payment came through a third party. According to Yerima, “the payment that came through a third party is as a result of the meeting between myself, Air Comodore Yushau (a retired Air Commodore and former director of finance and account) and Badeh. This was prior to my meeting with Air Commodore Yushau and Barrister Timothy Muje.

At the meeting, Yushau introduced Timothy to me as the lawyer to Air Chief Marshall Badeh, since he (Yushau) was retiring. He said I should transfer all the necessary documents to the lawyer (Timothy). “Yushau came to the said meeting with prepared Deed of Assignment and Power of Attorney with his company’s name and another document transfering the title from Ryte Builders to Edile Construction Company. He was given a copy to sign and he did. He said

he handed over to Timothy, the original Certificate of Occupancy, C of O, and the Deed of Assignment.” “I received an alert from one Vetivo Nigerian Limited. I called Badeh and he confirmed that Vetivo Nigeria Limited was his and he instructed that the money be paid into my company’s account”. He further narrated how Badeh, out of fear, changed his mind from the property that he earlier wanted to acquire for the construction of his shopping mall at Aminu Kano

L-R: Chairman, House Committee on Capital Market and Institutions, Hon. Yusuf Ayo Tajudeen; Minister of Finance, Mrs. Kemi Adeosun; Chairman, Senate Committee on Capital Market and Institution, Senator Isiaka Adeleke and Vice-Chairman, Senate Committee on ICT & Cybercrime, Senator Foster Ogola, during the visit of the joint committee of the National Assembly on Capital Market to the Minister in Abuja…yesterday.

Board appointments: SGF disowns syndicate

Ebere Ameh ABUJA

he Office of the Secretary to the Government of the Federation (OSGF), yesterday denied allegations linking it with a syndicate said to have been defrauding some Nigerians seeking appointments into the boards of parastatals, agencies and establishments of the Federal Government. It said that the so-called syndicate was not known to the OSGF and anybody who claimed to have had any transaction with it for any board position, did so at his or her own risk. A national daily ( not New Telegraph) had over

the weekend, published a report alleging, among other things, that “some top officials" in the Office of the Secretary to the Government of the Federation , were collecting as much as N50 million from candidates seeking appointments into the board of some government agencies. Secretary to the Government of the Federation ( SGF), Mr Babachir Lawal, who made the clarification, described the allegation as baseless and politically motivated. Lawal said that while he would not want to join issues with the media, there was a need to set the records straight to avoid leaving the wrong impressions in the minds

of members of the public. In a statement he personally signed, Lawal explained that the Office of the Secretary to the Government of the Federation (OSGF) does not make political appointments, including those into boards of parastatals , as that was the prerogative of the President. He added that neither was the Office involved in employment activities, which is the responsibility of the Federal Civil Service Commission or the respective agencies as the case may be. “With regards to the appointment of Boards of Federal Government Parastatals and Agencies, there is a Presidential Committee on Board Appointments with member-

ship drawn from the six (6) Geo-political Zones of the Federation, none of whom is an official of the OSGF. The Committee, which liaises with all the States of the Federation, is saddled with the responsibility of identifying and recommending qualified and eligible nominees for Board appointments for Mr. President’s consideration,” he said. According to the SGF, appointments into federal agencies and parastatals were never done by covert means but through the observance of verifiable processes such as the federal character principle, qualification, experience and suitability as specified in the laws establishing the boards.

Bill on candidate replacement How to tackle waterways' insecurity, by Ambode for second reading Philip Nyam Abuja

he House of Representatives, yesterday passed for second reading, a bill seeking the amendment of sections 136 and 181 of the 1999 Constitution of Nigeria. The bill, sponsored by Hon. Asabe Bashir (APCBorno) is intended to fill the vacuum which existed in the constitution over the death of a candidate in an election before the process was concluded.

It would be recalled that the leading governorship candidate in November 2015 Kogi State election, Alhaji Abubakar Audu of the All Progressives Congress (APC) died before the conclusion of the polls, bringing the electoral process to stalemate Leading debate on the general principles of the bill, Hon. Bashir said that the bill would ensure that in such circumstance, the running mate of the deceased would be constitutionally empowered.

Muritala Ayinla

agos State Governor, Mr Akinwunmi Ambode, has called for the collaboration and cordial working relationship between the Nigerian Navy and their counterparts from other African countries, so as to address security challenges posed by sea piracy on regional waterways. Ambode, who was speaking at the year 2016 international maritime security

conference held at Naval Dockyard, Victoria Island, Lagos noted that international waterways have been the main corridor through which international commerce has nurtured relations among Africa and other foreign countries. The governor, who was represented by his deputy, Dr Idiat Oluranti Adebule, stressed that there was the need for effective collaboration among various naval fleets since they were the custodians of security and safety on the high seas.

Crescent and opted for the one located at the Wuse 2 District of Abuja. According to Yerima, when the transactions were no longer clear to him and he was denied access to the Power of Attorney he had earlier given to Badeh and his men, he became agitated and decided to tell the EFCC all that he knew about Badeh and the property he acquired which costs about N1.8billion, including the land. “I was confronted with some chilling evidences. So many documents like the copies of drawings, list of quantity survey, statement of accounts and so many other documents related to the account including email correspondences. At that point, I had nothing to say, but to tell the EFCC exactly the way things happened”, Yerima said. Testifying on how the Nigerian Airforce Conference Centre was constructed, the witness said, "the Nigerian Air Force Conference Centre was constucted in the name of Edile Construction Company. The company operates separate accounts and all paymets for the construction of the Conference Centre go to the company’s account in UBA, Keystone and Stanbic IBTC bank.” He added that, all payments made to Ryte Builders in respect of the mall were made to Ryte’s Builders account with Zenith bank. At this point, the prosecution counsel, Jacobs told the court that he discovered just yesterday that the witness made additional statement which he had served on the first and second defense counsels.

361

The number of deaths (per 100,000) due to Alzheimer’s Disease in North Dakota State in 2010. Source: Alz.org

Edo guber race: Lawmakers obtain form for Obaseki Johnchuks Onuanyim Abuja

ederal lawmakers from Edo State, yesterday, obtained the All Progressives Congress governorship forms for Mr. Godwin Obaseki. Obaseki is the alleged candidate of the Governor of Edo State, Comrade Adams Oshiomhole. Obtaining the nomination and expression of interest forms from the national secretariat of APC, the leader of the group, Senate Deputy Minority Whip, and Senator Representing Edo North Senatorial District, Senator Francis Alimikhene, stated that the N5.5 million for the purchase of the forms was contributed by artisans, Edo National Assembly caucus and other supporters. He said: "We are here to purchase the forms for the man we trust that can deliver Edo to the next level and the man is Godwin Obaseki. We believe in him, we trust him and we believe he will be the man to carry on where Comrade Adams Oshiomhole stopped." Further, he said: "The man Obaseki, is a guru in management of resources and human being, and that is why we, members of Edo in National Assembly deem it fit to purchase this form along with those who are following him back home; members of House of Assembly, market women-they contributed this money that was used to purchase this ticket for him today. Also speaking, the Deputy Minority Whip of the House of Representatives, and Former Edo State SSG, Hon. Parry Iriase, said, Obaseki was meant to stand out from the crowd because of his outstanding programmes and that was why they came as patriots.

Don advocates use of Creative industry for economic growth Muritala Ayinla

ormer Director-General of the Centre for Black African Arts and Civilisation, Professor Tunde Babawale, has urged the Federal Government to look towards the creative industry to boost the nation’s economy and overcome the challenges posed by the fall in the global price of crude oil. Babawale, who is the Dean, Students Affairs at the University of Lagos, disclosed this at a lecture put together by the Lagos State Council for Arts and Culture, in commemoration

of this year’s World Day for Cultural Diversity for Dialogue and Development. Speaking on the theme, ‘exploring the goldmine embedded in Nigeria’s creative industries with a focus on employment generation’ Babawale noted that government could form what he called “creative economy” by using the cultural industries as tools for wealth creation and employment. The varsity don urged the government to leverage on the growth in the creative industry, especially entertainment and fashion.

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

METRO Businessman dies after paying N5m ransom

Clement James Calabar

businessman, who was kidnapped by gunmen last week in Calabar, Cross River State and released on Saturday after paying N5 million, has died. The businessman, whose name the family refused to give, reportedly died on Monday night from injuries sustained while in the custody of his abductors. Until his death, he was the managing director and chief executive officer of Daybreak Bakery Nigeria located on 23/26 Chamley Street, Calabar. When our correspondent visited the premises of the bakery yesterday, the place was under lock and key. Also, nobody was willing to give the name of the man. A neighbour, who also refused to give his name, referred our correspondent to the family house at 8th Miles. However, it was gathered that the man was kidnapped on Tuesday last week by about five gunmen and the family had to pay N5 million ransom to the kidnappers to facilitate his release. He was released on Saturday but died two days later from internal bleeding. When contacted, the state Police Public Relations Officer (PPRO), Mr. John Eluu, confirmed the incident. Eluu said the man had been released before “he took ill and died”.

ABIODUN BELLO abiodun.bello@newtelegraphonline.com 08023938212

...CRIME, CITY WATCH, COURTS

Abducted schoolboys’ bodies found floating in Ebonyi River Charles Onyekwere ENUGU

odies of two JSS III students of the Federal Government College (FGC), Okposi, Ohaozara Local Government Area of Ebonyi State, have been discovered in a river in the area. The discovery came 10 days after they were abducted near their school. The late students, Tochukwu Ene and Chukwuemeka Ugwu, were kidnapped on May 12. “Their bodies were found floating in a local river on Sunday,” a family member of one of the deceased told our correspondent. It was learnt that police have arrested some people, including some members of staff of the college in connection with the sad incident. Among those arrested is the traditional ruler of the community, who is now facing interrogation at the Police Command Headquarters,

Abakaliki. The family source added that before the two boys were murdered, the kidnappers did not contact the victims’ parents, Mr. and Mrs. Bato Eneh and Mr. and Mrs. Bonny Ugwu, for ransom. The two late students, according to the families, just finished their National Examination Council (NECO)-conducted examinations popularly called junior NECO, on the very day they were kidnapped. Meanwhile, remains of the students have been buried, at their respective hometowns, Obioma and Nsude, both in Udi Local Government Area of Enugu State, following autopsy carried out by police pathologists to determine the possible cause of their deaths. However, speculations are rife that some youths in the area, including an unnamed worker in the FGC, Okposi, might have masterminded the dastardly act. Funerals were held for the boys, after church services, amidst tears.

Ebonyi State Gov. Dave Umahi

Mile 12 riot: 28 freed, four in correctional home Woman plants cocaine in John Chikezie

Chief Magistrates’ Court sitting in Ikeja, yesterday struck out charges preferred against 32 out of 177 being tried for the March 3 riot at Mile 12 market in Kosofe Local Government Area of Lagos State. The Chief Magistrate, Bola Osunsanmi, freed 28 of the suspects and advised them not to engage in such riots again. Osunsanmi sent four teenagers - Bilaminu Dauda (15), Abeeb Ibrahim (16), Sanusi Mohammed (17) and Rufai Ibrahim (15) - to correctional home at Oregun because they are underage, based on the advice of the Director of Public Prosecution (DPP). The teenagers appeared in court yesterday wearing the sky blue shirt and royal blue shorts of the correctional facility. However, it is not yet clear what would be the fate of the remaining 145 others who were arraigned in two other magistrates’ courts presided by Mrs. Y. O. Aje-Afunwa and Mrs. A. O. Layinka. Their matter will come up on

the adjourned date of May 27 in the two courts. All the suspects were arraigned in the three courts on a two-count charge. In the first count, the accused, with others at large, were alleged to have conspired amongst themselves “to commit felony to wit: riot and thereby committed offence punishable under Section 409 of the Criminal Law of Lagos State of Nigeria, 2011”. In the second count, the defendants and others at large were accused of “unlawful assembly and acting in a disorderly manner to disturb the public peace and thereby committed an offence punishable under Section 45 of the Criminal Law of Lagos State of Nigeria, 2011”. At the resumed hearing of the matter yesterday before Osunsanmi, a state counsel, Ms Tutu Oshinusi, informed the court that the DPP advice was ready. She said the DPP advised against continuation of trial of the suspects. Police prosecutor, Inspector Simeon, did not raise any objection to the DPP advice which said no prima facie case

could be established against the accused. Osunsanmi, ruling on the matter, struck out the two counts preferred against the suspects. She said: “You are hereby discharged of the two countcharge brought against you. The charges are hereby struck out based on the advice of the DPP.” Those who regained their freedom are Haruna Abdulahi (30), Umaru Bala (18), Saheed Abdulahi (20), Musa Isa (22), Farouq Abdamu (22), Aminu Abubakar (22) and Sanni Amadu (24). Others include Amoo Mustapha (42), Danjuma Adamson (30), America Saidu (21), Awolu Alli (30), Monday Obasi (37), Aminu Abubakar (19), Abdulquddus Ajuwon (19), Tunde Nureni (24), Abdulahi Umoru (20), Musa Usman (35) and Abdulahi Aliyu (35). Others are Aminu Ibrahim (19), Sunday Idoko (48), Hassan Adam (39), Yahaya Malami (23), Rabiu Hamza (19), Nura Yahu (19), Rayyanu Lawal (34), Abdurama Mohammed (40), Abubakar Tasu (28), Sunday Lawal (15) and Sani Ahasy (15).

pastor’s house Camillus Nnaji

30-year old woman, Mrs. Joy Ogundare, will appear before a Federal High Court in Kano today for allegedly implanting a substance suspected to be cocaine in the apartment of a cleric, Pastor Richard Ekenne. Ogundare, who confessed to the crime, said she wanted to plant the cocaine in Ekenne’s house in order to implicate him, because of the misunderstanding between the two of them. She said: “I am not in good terms with Pastor Richard. We

Ogundare

even have a pending case at the Magistrates’ Court here in Kano. That was why I wanted to plant cocaine in his apartment to implicate him but I was caught in the process by the National Drug Law Enforcement Agency (NDLEA) officers.” The Kano State NDLEA Commander, Mr. Hamza Umar, said preliminary investigations revealed that Ogundare, who lives in the same compound with Ekenne, was caught implanting 2.2 grams of cocaine in the cleric’s apartment apparently to implicate him for what he did not know anything about. Umar said the woman was paying for the evil she committed. The NDLEA Chairman/Chief Executive, Col. Muhammad Abdallah (rtd.), promised that the case would be diligently prosecuted. He said: “The agency will continue to uphold the rule of law. The agency respects the rule of law and will remain meticulous in its operations. “We are pursuing this case to a logical conclusion. Everything possible will be done to prevent the innocent from being punished while the guilty will never escape justice.”

METRO

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

Man rapes 15-year-old orphan at gunpoint Charles Onyekwere and Kenneth Ofoma

Eze

devil which pushed him into the act. He said: “I don’t know what came over me. I have been planning how to get the girl. I decided on this method after other means failed.” The state Police Public Relations Officer (PPRO), Ebere Amaraizu, a Deputy Superintendent of Police (DSP), confirmed the story yesterday.

Amaraizu said that operatives of the State Criminal Intelligence and Investigations Department (SCIID), had commenced a full scale investigation into the incident. The PPRO said: “The suspect is now begging for forgiveness and at the same time attributing the incident to the act of devil.”

Murder: Court approves private prosecutor for Lowo’s family Sola Adeyemo Ibadan

n Oyo State High Court yesterday granted the prayer of the family of late Lowo Oyediran request to appoint an independent prosecutor. Oyediran was allegedly stabbed to death by his wife, Yewande, on February 2. Yewande is a principal prosecution counsel with the state Ministry of Justice. Based on this, there was fear that if the state should prosecute her case, the family would not be able to get justice since she had pleaded not guilty to the crime. At the resumed hearing yesterday, the Director of Public Prosecution (DPP), Mr. Tajudeen Abdul-Ganiyu, told Justice Mukhtar Abimbola that he was withdrawing from the case following the

Ogun community seeks modern hospital Flora Onwudiwe

carpenter, identified as Casmir Eze, is now in the custody of the police in Enugu State for allegedly defying a 15-year-old orphan at gunpoint. Eze, from Umugoji Orba in Udenu Local Government Area, had on Sunday, about 2am, allegedly gained entrance into the compound of the victim, Ogechi (surname withheld), an SS1 student, by scaling the fence and threatening to kill the victim if she failed to open her door. The suspect also warned the victim not to shout or alert the neighbours. After Ogechi opened the door, Eze, who covered his face with a scarf, allegedly pointed a gun at the victim and ordered her to switch off the lantern in the room. He thereafter pounced on the victim and forcibly had carnal knowledge of her. Unknown that the victim had identified him, Eze fled after satisfying his sexual urge. But Ogechi reported the incident to Eze’s relations who helped her to report it to the police. The police later arrested the suspect. Eze told his interrogators that he committed the crime but said it was the

The late Oyediran and wife

request by the family of the deceased that government should appoint a private prosecutor. The state then appointed Mr. Sanyaolu Akinyele as the private prosecutor for the case, while the family’s counsel, Yomi Aliu, said he had no

objection to the appointment. Bayo Adegbite, from the Justice Ministry, however, vehemently opposed the appointment of a private prosecutor, arguing that DPP was a mere office that was not known to law and the 1999 Constitution.

Making reference to a previous case of Alamaseigha versus State, he said, “this is not allowed in criminal trial. There is nothing like DPP. It is just a mere administrative position. The initiation of processes did not follow the law”. While objecting to Adegbite’s argument, one of the defence counsel, Mr. Sanyaolu Akinyele, said there was no proof of evidence that was filed in the charge. Akinyele added that from the deposition, the accused was linked with the case. He said: “I therefore urge your Lordship to dismiss the application. The hearing is yet to start. Therefore, these objections are premature.” Before adjourning the case till June 23 and 27, Abimbola warned that he would no longer allow unnecessary delays.

traditional ruler in Ikpokia Local Government Area of Ogun State, Obabiolorunkosi Okiki, Akoko of Toneji Island, has appealed to government to provide the community with modern hospital and medical facilities. The monarch made the appeal at the free medical treatment organised by the Nigerian Navy as part of activities marking its 60th anniversary. Over 500 residents benefited from the medical treatment. The Navy also distributed over 1,000 mosquito nets to pregnant women, nursing mothers and men in the community. It also gave out eyeglasses, malaria drugs to both children and adults, offered free health lessons and conducted HIV tests. The Flag Officer Commanding (FOC), Western Naval Command, Rear Admiral Fergusson Bobai, said the occasion formed part of a series of activities lined up across the country to mark the Diamond Jubilee. The FOC spoke through the Commander, Nigerian Navy Reference Hospital, Commodore Mercy Ekanem-Nesiama. “The Naval Medical Rhapsody is part of the week-long activities of the Nigerian Navy Diamond Jubilee. “It has become our customary anywhere we find naval establishment, the medics among us will set up outfit where we give free medical services to our community,” Bobai said. Meanwhile, Oba Okiki, who spoke on behalf of indigenes of the community, said they needed roads and modern hospital with medical equipment. He said: “Though we know the government is trying to make life easy for Nigerians but we also want to appeal to the government to come to our aid in this community.”

Police warn vehicle owners

olice in Lagos State Police have asked owners of abandoned vehicles parked at Pedro and Trinity police stations to remove them. The vehicles, the police added, would be auctioned if they were not removed after 21 days. The vehicles are Volkswagen Vanagon bus with registration number LSD 14 XK, Mercedes Benz marked FT 204 EKY, Vanagon bus with registration number JJJ 351 XA and an unregistered Nissan bus.

City Briefs

Soldier, other arraigned for robbery Simon Adebo’s wife dies at 94

n Ado-Ekiti Magistrates’ Court in Ekiti State yesterday remanded in prison custody a 30-year-old soldier, Olasoji Damilola, and Koki Tunde (26) for alleged armed robbery. The police prosecutor, Inspector Bayo Ajiboye, told the court that the accused committed the offence on May 15, at a petrol station in Ado-Ekiti. Ajiboye alleged that the accused and others now at large, on the said date, while armed with guns and machetes, robbed a petrol station at Ado-Ekiti. According to him, the offence contravened Section 1(a) (b) of the Robbery and Firearms (Special Provisions) Law, 2004.

The prosecutor added that he had duplicated and forwarded their case file to the office of the Director of Public Prosecution (DPP) for legal advice. The plea of the accused was not taken as their counsel, Mr Ayorinde Busuyi, prayed the court for a short date of adjournment, pending the advice from the DPP’s office. The magistrate, Mrs. Modupe Afeniforo, according to the News Agency of Nigeria (NAN), ordered the accused to be remanded in prison custody, pending the issuance of the DPP’s legal advice. She then adjourned the case till June 13 for mention.

he family of the late Chief Simon Adebo, the first Head of Service in the old Western Region, yesterday announced the death of its matriarch, Regina. Adebo, Regina’s husband, died on September 30, 1994. Addressing journalists at the Adebos’ family house in Abeokuta, according to the News Agency of Nigeria (NAN), the second son of the deceased, Abiodun, said Regina died on Sunday morning, 11 days to her 95th birthday. He said the burial arrangement had been fixed for June 8 and June 9. The children, Abiodun said, would miss their mother. According to him, the deceased influenced their lives substantially. He said: “She was a counsellor to every

member of the family, a great Christian and a prayer warrior. She was survived by three children, Mrs Olufunmilayo Kiencke, Mr Abiodun Adebo and Dipo Adebo.”

Simon Adebo

NEWS | national

Protein can combat tumours –Study Appolonia Adeyemi

erman scientists have discovered an immune cell protein that might be suitable as active substance to combat cancer in a unique way. These are the findings in a study published in the journal ‘Nature Communications’. The scientists from the University of Heidelberg in Germany and the University of Heidelbergfound found the potential substance in so-called natural killer cells. According to the study, if they bump into tumour cells during their patrols in the body, they inject them with a lethal protein cocktail. The pathologist identified in this toxic mixture, the so-called high mobility group box 1 (HMGB1) protein, which is a highly effective natural weapon against cancer as it paralyses a mechanism of en-

ergy generation which is normally used by tumour cells and not by healthy cells. Tumours are groups of abnormal cells that form lumps or growths. Different types of tumours grow and behave differently, depending on whether they are non-cancerous (benign) or cancerous (malignant). Precancerous conditions have the potential to develop into cancer. However, the German scientists said the “protein is a highly effective natural weapon against cancer as it paralyses a mechanism of energy generation which is normally used by tumour cells and not by healthy cells’’. According to them, experiments with tumour cells revealed that the protein could not only strengthen the immune response, but also interrupt an important metabolic pathway by which tumour cells degrade glucose to gain energy.

wednesday, may 25, 2016 NEW TELEGRAPH

Onyema: Buhari's trips abroad to tackle Nigeria’s challenges

Ebere Ameh

inister of Foreign Affairs, Geoffery Onyema, yesterday justified the frequent trips made by President Muhammadu Buhari, outside the country, saying that such trips were embarked upon to tackle the country’s numerous challenges. Speaking at a press conference in Abuja to mark the one year anniversary of the Buhari administration, Onyema said the President’s trips have helped to get other countries on board to help Nigeria tackle her challenges, which he said no country can do alone. Enumerating the various challenges confronting the administration at inception, especially the challenge posed by the

CONFIRMATION/change OF NAME

ADUMOH

I, formerly known and addressed as Nwuguru Wilfred Obinna wish to be known and addressed as Adumoha Wilfred Obinna. All former documents remain valid. Fidelity Bank, Diamond Bank and general public take note.

Ikpi

I, formerly known and addressd as Omini Iwara Ikpi now wish to be known and address as Omini Morris Ikpi. All former documents remain valid, general public take note.

KAZEEM

I, formerly known and addressed as Ajani Bamidele Ayobami wish to be known and addressed as Ajani Kazeem Bamidele. All former documents remain valid. General publi take note.

Osaro

I, formerly known and addressed as Osaro Regina Uwuigbe wish to be now known and addressed as Osaro Regina Chukwuemeka. All former documents remain valid. General public take note.

Idongesit

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OKARI

I, formerly known and addressed as Karimene Maxwell wish to be known and addressed as Lord Okari. All former documents remain valid. General public take note.

Nworie

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EBERECHUKWU

I, formerly known and addressed as Chigozie Ogonna Pascal wish to be known and addressed as Eberechukwu Onwubuariri Pascal. All former documents remain valid. General public take note.

TERIBA

I formerly known and addressed as SOYEMI, Adiat Bolanle now wishes to be known and addressed as TERIBA, Adiat Bolanle. All former documents remain valid. Public note.

Nomeh

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PUBLIC NOTICE

MOTHERS ON MISSION PRAYING ROOM INITIATIVE

NOTICE is hereby given to the general public that the above named organization has applied to the Corporate Affairs Commission for registration under part “C” of the Company and Allied Matters Act 1990. The Trustees are: 1. Mrs. Modupe Moboluwaduro Adara 2. Mrs. Adeola Omolola Akisanya 3. Mrs. Omolara Aishat Akande

-President -Secretary 4. Mrs. Tolulope Adebimpe Adeola

AIMS AND OBJECTIVES 1. To preach the gospel of our Lord Jesus Christ. 2. To raise godly children individually as parents and collectively as a group through effective parenting. 3. To gather to pray for our children and determine their God-given destinies and destination through prayers. 4. To train, equip and mentor mothers, fathers and child care givers on preparing our children for the future and eternity through prayer meetings, seminars, workshops, counselling and publications. 5. To stand in the gap for our children, warring against the plans of the devil against them especially first-born children. 6. To be a voice that would pray, stand and speak against, in order to destroy vices like abortion, sexual abuse, rape, oppression, lack, starvation and issues of ineffective parenting, still birth, murder, preventable accidents, diseases and all things that negatively affect children generally. 7. To generally stand as watchmen for our children. 8. To raise funds voluntarily and receive donations, gifts, grants for the organization from bequest from members and the general public for financing any of the above objectives and purposes and to organize such fund raising activities as may be decided upon by the trustees. 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: Mrs. Adeola Omolola Akisanya

AKOJA

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Weri

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Olamide

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John

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Gbelabo

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Ekeh

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Van-Lare

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Boko Haram menace, the high level of corruption and a very weak economy, the Minister said the government has been able to achieve so much because of the country’s engagement with the outside world. He said: “The benefits of his foreign visits are clear. The collaboration to fight Boko Haram is made possible by the support we got from other countries he reached out to, the readiness to sell arms to Nigeria, the repatriation of loot and the commitment of these countries to help us in finding these resources and bring them back is another clear benefit of his engagement with these countries. “And the engagement of a number of countries like Qatar and China, to invest in this country, is a direct result of his visit to those countries.

Ojo

I formerly known and addressed as Adebayo Damilola Morayo now wish to be known and address as Ojo Damilola Morayo. All former documents remain valid, general public take note.

Ajah

This is to notify the general public that my name was wrongly spelt during my BVN registration. That my correct name is Igwe Daniel Ajah and not Igwe Danile Ajah as spelt in my BVN. First bank Plc, Zenith bank Plc and the general public should take note.

Olaniyi

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Ifeanyichukwu

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Oselekebokumo

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Ebitu

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Oluwatoyin

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OBIANOYI

I, formerly known and addressed as Jane Nkechi Obianuju now wish to be known and addressed as Mrs. Obianoyi Jane Nkechi. All former documents remain valid. Bank and the general public should please take note.

“There is also the less tangible benefits that creates a better brand for the country and make other countries have a different view of Nigeria and there are lots of benefits that flow from that. Other countries are now ready to take a look at Nigeria because they have at the back of their mind from the President’s visit that this is a new Ni-

geria, a Nigeria they can do business with. “So, some of those benefits might not be immediate, but it lays the ground work for more beneficial engagements in the future,” Onyema said, adding that Nigeria is at the forefront of moves by the African Union and the United Nations to ensure a stable and peaceful Africa.

We’re working on strategies to end pipeline vandalism – Buhari Flora Onwudiwe

resident Muhammadu Buhari yesterday said his administration is working on strategies to end the pipeline vandalism and bombings in the country. He said the administration will also come up with a master plan to tackle other security challenges facing in the country. The President made the disclosure at the Nigerian Navy’s 60th Diamond Jubilee anniversary on International Maritime Conference tagged; Enhancing Collaboration for Effective Maritime Security in the Gulf of Guinea, held at the Naval Dockyard Limited, Victoria Island, La-

gos. Buhari, who was represented by the Minister of Defence, Mansur Mohammand Dan-Ali, said that since the Nigerian Navy has been on this collaboration with the stakeholders, Allied Navies and other security experts, there has been a change in the Nigerian Navy than what it used to be. He said: “We are bringing in 19 countries to partner with us on maritime security. “I commend the Nigerian Navy for its giant strides in the several arrests of illegal bunkerers, pirates, smugglers, pipeline vandals and other miscreants in the fight against illegalities in the Gulf of Guinea maritime domain."

Uja takes over as NCPC Executive Secretary Ebere Ameh

resident Muhammadu Buhari yesterday approved the appointment of Mr. Uja Tor Uja, as the Executive Secretary, Nigerian Christian Pilgrims Commission (NCPC). The appointment, which takes immediate effect, is for a period of five years. In a statement signed by

the Deputy Director, Press, Office of the Secretary to the Government of the Federation, Mohammed Nakorji, Uja graduated with a Bachelor’s Degree in Mass Communication from University of Lagos, in 1981 and obtained a Master’s Degree in International Relations and Strategic Studies from the University of Jos in 1987.

Foundation seeks policies to protect senior citizens Wale Elegbede

non-governmental organisation, the Senior Citizens Care Foundation, has berated the three tiers of government over their insensitive attitude towards the plight of the elderly in the society. In a press statement issued by the foundation’s National Coordinator in Lagos, Mr. Jide Taiwo and a member of the management executive on media, Princelyn Oduneyi, the group lamented the illtreatment being meted out to senior citizens, who are now fragile and vulnerable, due to their age.

While admonishing government to ensure that retirees, who have dutifully and sincerely served their fatherland, are not abandoned at their old age, the foundation insists that senior citizens should be taken care of and their emoluments paid promptly. Bemoaning such ugly incidences like constant abuses, exploitation, kidnappings, among others, happening to many senior citizens, the foundation said: “It is unfortunate that nobody seem to stand up for these frail and vulnerable elder statesmen and women in our society.

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

Governance

Politics CHUKWU DAVID reports on the relationship between the Senate and the executive in the last one year of the Muhammadu Buhari administration

Nigeria under one year of APC administration

Interview

Buhari:

One year after

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

Presidency, Senate's frosty relationship persists

he relationship between the executive and legislature since Nigeria’s return to civil rule in 1999, especially the Presidency and the National Assembly, has no doubt been frosty. While previous assemblies had their disagreements and attendant crises with the executive, they are not of the same propensity with the one being currently witnessed in the present dispensation. The reason for the inherent conflicts between the Senate and the executive has always been traced to the interference of the Presidency in the choice of who become the presiding officers of the nation's apex legislative chamber. However, the leadership of the Eight Senate, which was inaugurated on June 9, 2015 amidst controversy, resulted to a running battle between Red Chamber and the executive because the latter wanted to revert to the old order. The rift emanated from a rivalry between Senators Bukola Saraki (APC Kwara Central) and Ahmad Lawan (APC Yobe North) in the race to the office of Senate president. Never in the history of the National Assembly since 1999 that the Upper Chamber been enmeshed in such crisis though it was obvious that it was triggered as a result of the executive’s interference in the process of emergence of the leadership of the Senate. The concomitant confusion that sprang from the uncompromising positions of Saraki and Lawan succeeded in splitting the Senate and the ruling All Progressives Congress (APC) into two factions, namely: the pro-Saraki group, known as the Like Minds Senators and the Lawan group, called the Senate Unity Forum (SUF). Before the Senate leadership election, the two groups used all available means including blackmail, persuasive campaigns and

Bayelsa loses N2bn monthly to fraud syndicate – Dickson

Buhari

pernicious propaganda to market their candidates to the then senators-elect and Nigerians in general. At the party level, the leadership backed Lawan and did everything within its powers including negotiation, persuasion and perhaps intimidation, to convince or cow Saraki to relinquish his ambition to his challenger but all that came to naught, as he defied the pressure to go for the contest. This perceived disregard for party supremacy by the former Kwara State governor provoked the leadership of the party and a battle line was drawn between him and the party's power brokers. Interestingly, the massive support for Lawan from the executive and the party hierarchy, notwithstanding, Saraki still emerged the Senate president. One of the things that worked for him was the opposition of many Nigerians to godfatherism, which is widely viewed to be undemocratic. With Saraki’s emergence as the Senate president on June 9, 2015, it was the expectation of most Nigerians that Lawan, would at least, be allowed to take the majority leader slot. But that was far from the scenario that later unfolded. The Like Minds Senators, coordinated by Senator Dino Melaye from Kogi State, insisted on the winner takes all game. So, rather than consider Lawan for the position, they vowed that he would get nothing, and went ahead to actualise their ambition. That was how the Senate Unity Forum lost everything to the Like Minds Senators, who did not even

Saraki

The public has been very critical of the Eighth Senate, viewing it as not ready to work for the good of the people

care to leave crumbs of the leadership positions for their opponents. It was not only the Senate Unity Forum that was defeated; the APC as a party and its leadership were also seen to have beeen thoroughly humiliated by Saraki and his supporters. However, some political analysts saw the development as a good omen for the country’s democracy as it signaled an emerging new Nigeria, where democratic principles of separation of power and independence of each arm of government take precedence. Those who held this view opined that the scenario was a sign that Nigeria’s democracy is growing, and that the era of one man deciding and dictating for the country is over and that the electorate are gradually asserting themselves as the true owners of power. This, notwithstanding, the leadership of the APC and some powerful elements in the Presidency saw the emergence of Saraki and Ike Ekweremadu (Deputy Senate president) as an affront to them and the party, and therefore, vowed to fight to a finish. This explains why the Senate leadership, especially Saraki has not known peace in the last eleven months of his headship of the upper legislative chamber. It was alleged that the executive mandated anti-Saraki senators to ensnare the Senate leadership hence the forgery allegation against Saraki, Ekweremadu and others, which is still pending in court. Also the Economic and Financial Crimes Commission (EFCC) in the month of July 2015, summoned Saraki’s wife over alleged involve-

ment in money laundering. This compelled the pro-Saraki senators to issue a statement, describing the action of the anti-graft agency as a political witch-hunt, targeted at rubbishing the number three citizen by his political enemies, who were desperate to oust him from the coveted office at all cost. While the case of forgery and Saraki's wife's summon are still pending, the Code of Conduct Bureau (CCB) dragged the Senate president to the Code of Conduct Tribunal (CCT) through the office of the Attorney-General of the Federation (AGF) over allegations that he falsified his assets declaration in 2003. What Nigerians thought was just a minor issue that could be easily be resolved, surprisingly degenerated when a warrant of arrest was slammed on Saraki on September 18, 2015 by the Chairman, Code of Conduct Tribunal (CCT), Justice Danladi Umar. Consequently, Saraki became Nigeria’s first Senate president to be docked. He is still facing a criminal trial. While many are of the view that he ought to have resigned as a result of the trial, he has resisted pressures to do so. Moreover, Saraki’s supporters have persistently told the world that his trial was tantamount to persecution and not prosecution, insisting that it was his refusal to allow the executive impose a leadership on the Senate that led to his ordeal. Apart from Saraki's trial, there are also a number of others issues that justify the fact that the relationship between the Eight Senate with the executive has not been cordial. One is the apprehension that greeted the screening of ministerial nominees. Some Nigerians had thought that the Senate would drop some of the nominees in revenge or protest against Saraki's trial. However, all the nominees scaled through, and analysts believe that Saraki did that as a trade-off for his prosecution, which never happened. Another event that brought to the fore, the rift between the Senate and the executive was the recent passage of the 2016 Budget, which generated lots controversies, accusations and counter-accusations before the money bill eventually passed in the National Assembly and was finally signed into law by President Muhammadu Buhari. Just as in the days of former President Olusegun Obasanjo, the National Assembly has been portrayed in a negative light. Consequently, the public has been very critical of the Eighth Senate, viewing it as not ready to work for the good of the people.

POLITICS PLATFORM

Buhari:

It’s too early to assess Buhari’s govt – Onwe Hon. Gideon Onwe is the Special Assistant to Governor Umahi of Ebonyi State on Inter-Party Affairs. In this interview with UCHENNA INYA, he speaks on President Muhammadu Buhari's one year in office and governance in the state How is the relationship between the ruling Peoples Democratic Party (PDP) in the state and the opposition parties? Before now in Ebonyi State, there were skirmishes existing between political parties and a turbulent relationship among political leaders and other political actors. But today, because of the inclusive government of Governor David Umahi, the people of Ebonyi see the present government as theirs. The governor told us that he is an Ebonyi man and the chairmen of the opposition parties are all Ebonyi men with a common goal to improve the standard of living of the people of Ebonyi State, which cannot be compromised by anyone on the basis of party affiliation. We have no other place to call our state than Ebonyi, so all hands must be on deck to develop the state. You can attest that since the inception of the present administration, nobody has said anything negative about it; not that we do not welcome constructive criticisms because we listen to correction. I think people are really comfortable with the governance of Chief Umahi. They believe that this is our state and that we should collaborate to develop it. Our involvement in politics is to evolve polices that would alleviate poverty facing the people and get Ebonyi State developed. Do you see sincerity in this alliance by the opposition political parties with Umahi’s government? I must tell you that they are not self-seeking because they have not identified with the state government for material gains. They have only offered themselves for service to the state. This is because of the transformation

Onwe

5 Questions

drive of the state government, which is manifested daily in the form of new roads, pipe bore water and provision of other social amenities for Ebonyi people. What we are seeing in Ebonyi State is unprecedented. So, members of the opposition have the belief that this is a government they can partner with; a government with selfless intention. T What is your take on the spate of inconclusive elections since the inception of the new leadership atof the Independent National Electoral Commission (INEC)? What we are seeing in the country today is a situation, where the present INEC chairman might not do any other thing other than what you see him doing. This is because as an electoral umpire, the best thing for him to do in the face of flawed elections conducted under his watch and which are marred by irregularities, violence and other electoral malpractices, is to cancel the whole process or declare them inconclusive. I think we had about three elections. The one in Kogi and some other re-runs. Though, in the three, we had similar experiences, I think it is not enough for us to conclude that the 2019 election would end on an inconclusive note. So, Nigerians should give the INEC chairman support as he discharges his duties. What he is doing is for him to assess what had gone wrong in our electoral system. For him to declare any election inconclusive means there is no convincing evidences to declare anybody winner, because by his observation, the process of the election is not worth relying on at that time, so the result of the election should be pending until INEC takes a decision. Are you saying that the only way the INEC boss can address electoral malpractice is by declaring polls inconclusive? I am not saying that is the best for Nigeria because there is no way all elections can go the same way, so we should be patient with the electoral body. The commission has been doing a wonderful job, but we want them to step-up its efforts to enable it address the problem of inconclusive elections which has been recorded in three different elections. With these experiences, it is enough for INEC to come to terms with the cause of inconclusive elections and be able to put up a mechanism that will curb future occurrences, so that the fears of Nigerians concerning inconclusive elections will be allayed before the 2019 elections. What is your assessment of the Muhammed Buhari administration in the last one year? It is too early to judge the administration of President Buhari. If we begin now to make bad comments, it will amount to painting our country in bad light. Also, remember that President Buhari came on board at a trying period when our economy started dwindling. But I believe that God will use him to improve the welfare of the people of the country.

One year after

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

Nigeria under one Johnchuks Onuanyim writes on the one year in office of the ruling All Progressives Congress (APC), asking whether the party has fulfilled its campaign promises

ithout doubt, one basic fact to members of the All Progressives Congress-led administration is that they have not delivered to Nigerians the promises made upon the formation of the party and during the campaigns after one year in office. This fact is also acknowledged by the leaders of the party, who at different fora, had apologised to Nigerians and appealed to them to be patient with the party. At the beginning, APC had tried to explain that it could not perform because of the rot left behind in the last 16 years by the opposition party, Peoples Democratic Party (PDP) that had governed the country. This explanation was sustained for a period of time but became difficult to be sustained when the party started implementing its policies. The present economic policy direction of the ruling party is that Nigerians would pay more taxes with low income. This is evident that within one year, the prices of two major products - electricity and fuel - that Nigerians cant do without have gone so high without a corresponding increase in wages even though the labour movement has demanded for that. By the increase in the prices of fuel and electricity, the prices of other commodities in the market are on the rise because the costs of these two products are major determinant of the prices of other products in the market. As at today, a bag of rice is being sold within N18, 000 to N20, 000 depending on the location of purchase, meanwhile this same bag of rice was sold N10, 000 this time last year when APC took over governance. Some members of the party who are in government and outside government have been explaining why Nigerians must swallow the bitter pills of increase in essential commodities. For instance, the Minister of Information and Culture, Alhaji Lai Mohammed has come out to state that Nigeria is broke, therefore, if APC must perform, Nigerians have to pay more for fuel. The Minister likened Nigeria to a family man whose income was reduced from N100, 000 to N30, 000. Speaking with the media on why fuel pump price was increased after a Federal Executive Council (FEC) meeting, he said “It is like somebody who has been earning N100,000 a month and he is faced with a situation where his employer says henceforth you will be earn-

Buhari

ing N10,000 a month. He would need to make some very painful decisions and some very painful adjustments. That is the situation with Nigeria today. “A few months ago, we were earning as much as $100 for every barrel of crude. In the months of February and March, we no longer have the resources, the foreign exchange to bring in refined fuel products. And our economy is shrinking". Mohammed is not alone in this line of thought. The Minister of Labour and Employment, Senator Chris Ngige on a radio programme toed the same line with his colleague while explaining why Nigerians should accept the new fuel pump price and other economic situations. However, some other government officials have said that the new pump price was to stop corruption that is endemic in the oil sector as a result of subsidy. The Secretary to the Government of the Federation, Engr. Babachir David Lawal, in his briefing, stated that corruption in the petroleum downstream sector led to the removal of oil subsidy. Here, there is a moral burden for the APC-led government to explain the main reason for the hike in fuel pump price. Is it to make more money for government to finance its projects or was it to remove corruption in petroleum downstream sector? Which ever way, there is crass inconsistency on what is being said and what is being done. This has made some Nigerians to change the APC acronym to All Promises Cancelled and perceived as a party of liars. Also, in the power sector, the situation is not quite different, as the Minister of Power, Works and Housing, Mr.

CROSSFIRE What should be important is the PDP and not the individual and no sacrifice should be too much for anyone to make for the party at this time -Ayo Fayose

We are the authentic PDP. Neither the Makarfi nor Sheriff factions can lay claim to PDP. We are PDP and we will do everything to rescue the party -Jerry Gana

POLITICS PLATFORM

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

year of APC administration

Odigie-Oyegun

Babatunde Fashola (SAN) has consistently stated that Nigerians must pay more for electricity. In his view, it is only more tariff in the sector that can bring about the expected energy supply. Unfortunately, since the new tariff that was introduced this year, power supply has drastically reduced. What this means is that people pay more for less service in one year of the APC government. Prior to the taking over of power by APC, power was above 4, 000 megawatts but it has dropped to 1, 400 megawatts a year after. Revealing this, the Assistant General Manager, Public Affairs, TCN, Clement Ezeolisah, said in a statement that, “the management of the System Operation/Market Operation of the Transmission Company of Nigeria has alerted that electricity generation into the national grid has dropped to 1, 400MW. “The downward trend of electricity generation is due to constraints in the thermal power stations, which have prevented the generators from producing at optimal levels. However, it is noteworthy to report that all stakeholders are working assiduously to achieve improvement in

The promises made by the APC to revamp the economy... within one year in office have not been met

the power supply deliverables. The attendant inconvenience as a result of low power generation is regretted.” APC as an opposition party criticized the situation in the power sector and promised to improved the country's power supply within six months in office. This, Nigerians have not seen in one year. Obviously, all the promises made by the APC to revamp the economy during campaign within one year in office have not been met. Away from the economy, the APC has not been able to show administrative acumen both in governance and in the party leadership. It is glaring that what they criticized and condemned as an opposition party are gaining much ground in their administration. It has been a story of up and down in the party hierarchy. Some political pundits believe the party has not been able to handle the crisis at the National Assembly, where it controls the majority of the legislators properly. Such mishandling of the situation has affected governance and Nigerians are at the receiving end. Except in recent time, there had been a serious disconnect among the national leadership of the APC; the legislature and the executive. They could not find a common ground on issues after they had formed government last year. This is evident with the delay in constituting the cabinet; delay in the passage of the 2016 appropriation bill; the inability of the government to constitute boards of parastatals and agencies. For not constituting the board, the presidency had to reverse itself and the President apologized to some University Vice Chancellors and Nigerians for sacking them when the was no board in place. Also, some persons have considered it illegal for the government to increase the petroleum pump price without the board of the Petroleum Product Pricing Regulatory Authority, PPPRA in place. All these were some of the things APC criticized as opposition political parties and Nigerians never expected them to fall short of them. For its seemingly inefficiency, the party and government appear to resort to apologies. If the APC

National Chairman, Chief John Odigie-Oyegun is not apologizing, the president, Muhammdu Buhari is, or some chieftain of the party on wrong policy decision. Now, what all these mean is that what is heard of the APC is not what is being seeing or have been seen and it is looking as if Nigerians have been swindled of votes. If the APC should go for an election now, there is the likelihood that it will lose. Testaments to this are the loss of APC at the elections conducted in Kogi, Bayelsa and some other states after its massive victory last year. Also, the frenzy and rush initial seen with decamping and joining of APC by politicians have reduced. Some persons who were at the verge to join APC have rescinded the decision while those who decamped underground seems to be denying their movement to APC. However, a high percentage can be given to the party and the government on the issue of corruption. Huge amount of monies have been recovered through Single Treasury Account (TSA) and outright seizure of stolen monies. However some persons have criticized the procedures, as APC would have. A little further in the corruption issue is that members of APC appear insulated from the corruption war. The Director General of Budget Office appointed by the APC government was alleged to have overseen the controversial padded budget. Also, the Minister of Information and Culture, Alhaji Lai Mohammed is alleged to be involved in act tantamount to corruption by asking an agency under his supervision to release N13 million for his overseas trip. Nigerians believe that some of the actions of APC chieftains in government do not reflect the change mantra being preached by the party. While it could be said that one year in office of APC has produced results in the fight against terrorism in the North-East, it has however produced other militant groups and agitation in the South South and South East. The whole idea and campaign that with APC government in place there would be relative peace is now looking like a mirage.

POLITRICKS

Buhari's squatting ministers

his is not the best time for some ministers in President Muhammadu Buhari’s cabinet, as many of them are yet to secure a place of abode in Abuja. Six months after becoming members of the Federal Executive Council (FEC), many of the ministers are yet to secure residential apartments in the Federal Capital Territory (FCT) because the government is ‘broke.’ Politricks gathered that some of the ministers are yet to secure accommodation till date in the ‘Centre of Unity’ because of President Buhari’s refusal to approve N20 million for ministers rent due to

low government income. The refusal has forced some of the ministers to be living in their personal residences, while those who has no ‘structure’ in Abuja have resorted to ‘squatting’ with friends and associates. Politricks gathered from a reliable source that one of the main ministers in Buhari’s cabinet would have been stranded in Abuja after assuming office if not for the timely intervention of a top chieftain of All Progressives Congress (APC), who allowed him to ‘squat’ in one of his houses pending when he secures a permanent accommodation.

All 'animals' are not equal

“A

ll animals are equal, but some animals are more equal than others” is a notable quote in the novel Animal Farm, by George Orwell. This quote is a reflection of the hypocrisy displayed by a former South-West deputy governor few days ago when she hosted two different groups of Peoples Democratic Party (PDP) members at her residence. The deputy governor proved during the meetings that though the party members are equal, their worth differs as she accorded privileg-

es to the two sets of supporters. The deputy governor during a meeting with the first group served them sachets of water and packs of biscuits after several hours of meeting on the forthcoming congress of the former ruling party. The visitors took the ‘good gesture’ and went home. But few minutes after their departure, the former deputy governor, who was expecting another set of PDP members for a meeting called one of her aides and ask him to go and by meat pies, which would be serve to her expected second set of visitors.

POLITICAL NOTES

The Buhari Presidency, one year after

uhammadu Buhari’s inauguration as president on May 29, 2015, inspired not only Nigerians but the world. But one year down the lane, the president seems to be having a difficult reign amid high and somewhat unrealistic expectations from the populace. With a focus that revolves around three key issues, namely, tackling insecurity, fight against corruption and job creation, the All Progressives Congress(APC) government, which tagged itself as an administration of change, appears not have find its feet yet after one calendar year in office. No doubt, the administration inherited an array of challenges, chief of which is the massive drop in the country’s earnings due to the fall in the price of crude oil in the international market. Unfortunately, the biggest chunk of the country’s foreign capital inflow comes from crude sale. The charts, slides and statistics are not looking favorable as the various indices show rising poverty rate. Keeping to his promise to ensure security of lives and properties of Nigerians irrespective of where they may reside, the administration has recorded significant successes in the fight against the Boko Haram sect that had lockdown local governments in the North Eastern part of the country. With no ambiguity on where the administration stands on corruption, the perception of Nigerians especially public office holders’ on graft has changed. The mind-boggling revelations from the various tales of stealing and embezzlement of public funds have perhaps bolstered the calls for virile public institutions to wade off the senseless lootings where a public office holder uses a soak away pit as an underground safe for looted funds. Clearly, this is not the type of a first anniversary that PMB could have envisaged one year ago, but it is believed that 365 days in the life of a four-year administration may be too short to evaluate the overall performance of the government. Although many Nigerians opine that they are still in the dark as to the policy thrust of the government, it is however pertinent to know that the Buhari-led administration still has three years to run, however, its success will largely be a function of how much it is able to carry Nigerians along in its Change mantra.

wale elegbede

POLITICS \ INTERVIEW

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

Bayelsa loses N2bn monthly to Bayelsa State Governor, Hon. Seriake Dickson, in this interview speaks on issues of governance in the state in the face of dwindling resources as a result of falling oil prices, the various reforms he has introduced to block leakages, resurgence of militancy in the Niger Delta region. Felix Nwaneri reports When will civil servants and your political appointees expect payment of their salaries? Civil servants will be paid as soon as funds are available. We are working on it. Everyone knows our track record in terms of paying salaries and attending to issues affecting civil servants. For over four years, we never had any delays and we made this as a priority. Not many know that we had to stop all projects for about a year and half just to pay salaries. We were borrowing, taking overdraft and temporary facilities to meet salary payment because for us, payment of salaries remain a priority. But the situation is different now because our revenue has gone down so much. The matter is being muddied by mischief makers who want the governor blamed for everything. Even when we had the President from here, nobody was interested in what the Presidency could do to help the state. The world over, everyone knows the situation in oil producing economies, everyone knows what is happening in Nigeria and that the primary responsibility of managing that economy lies with the Federal Government. But for some in Bayelsa, they do not care how much of the federal allocation we are getting and how much is the salary wage bill. Inspite of the temporary challenges, we are determined to pull our state through not minding the distractions. The general economic prospects and forecasts are quite negative and will be so probably for the remaining part of this year and maybe till the first quarter of next year. But let's see how the subsidy removal goes. Consider the facts before us. When we started in 2012, every month we were getting between N12 billion and N13 billion and then we started with a wage bill of about N6 billion and we managed to bring it down to N4.8 billion. For a state like this, you can imagine where we are that what we get now is a little above N4 billion and when you get that; there are certain variables that are constant apart from salaries. My predecessor took an unnecessary bond, which we will end paying by 2017 and would amount to over a N1000 billion. There was nothing on ground to justify this bond yet every month almost N1.3 billion is deducted from source and this has been running from February 2012 that I came into office.

Also, the Federal Accounts Allocation Committee (FAAC) said they overpaid Sylva's government and the former president's government when he was governor and they are deducting that from our allocation. That amounts close to another N1 billion. So, for every month that I have been governor, we have been losing about N2.5 billion being deducted from source. There are other deductions like the monthly refund to Akwa-Ibom State amounting to N200 million for almost two years now. This government has been able to manage this situation all this while even as it kept focus on development. If what was left after paying salaries and all these deductions was up to N2 billion, maybe we would set aside small amount to run the machinery of government and all the rest would be channeled into projects. But it is hardly so now. How did things get out of hand? Our revenues are down because of three main factors. First is the crude oil reduction, second is that the price of the little we produce has come down in the market. It was over a $100 per barrel but now it is about $40 per barrel. Allocations are shared according to population, local governments, federal facilities and in all these indices, Bayelsa is the least. There are states that can conveniently run on what is coming to their local governments because they are big. But my administration has never ordered the deduction of any money from the local government account. What they receive from the federation account, they manage themselves. My government took over the responsibility for about 85 per cent of primary school teachers' emoluments from local government councils. You know it is their responsibility to pay primary school teachers and when the financial situation became unbearable, we reduced it to 60 per ecnt. Instead of making the most out of the help we are giving them, they saw the need to employ all kinds of people in the local government areas. Bayelsaâ&#x20AC;&#x2122;s payroll from local government councils to the state service is outrageous as you have all sorts of people who are paid salaries. In the local governments, there are very few genuine workers; there are lots of fake names in the pay roll. Councils are now overburdened as a result of this massive payroll fraud over the years and it has become a very strong cabal which fights back anytime you want to introduce a reform or checks. Every month, Bayelsa loses about N2 billion to this payroll fraud syndicate. They have their collaborators in the banks, media and elsewhere. This is a massive problem that has accumulated over the years. How do you intend to tackle this problem? I have news for these fraudsters. Let me announce to you my determination to ensure that this salary payroll fraud is dealt with squarely in this state. I know the process of verification will bring some inconvenience but people have to be prepared for this, you cannot make omelet without breaking eggs. Report any fraud you know. If you see a name that is not coming to work,

Dickson

We are determined to pull our state through not minding the distractions

report it. If you see anyone employed the same time with you that is earning a higher salary, report it. You are all collectively responsible. This state belongs to everybody and not a few civil servants. For salaries, let me make it clear that local governments are an independent level of government. They get their funds directly from the federation account. They only have a joint account with the state and the commissioner for local government coordinates that and distributes what comes from Abuja to every local government. When I had a full brief of the situation confronting the local governments, what I did was to prevail on the system to ensure that those chairmen going out in a month or so would not have access to their monthly allocations because as small as the allocations are, I did not want them to go the way of previous allocations. This does not imply any mismanagement on their part. I know that most of them could not simply pay the salaries because of the strange names that have been introduced and they had been there for three years and could not clean it up. So, I wanted that cleaning up to be done by the new people and by the systems that have been set up. Immediately after the elections, I set up a panel to examine the situation and I believe that from the reports

I have been seeing, the salary wage bills from all local governments have been looked into and there are significant reductions. I have directed the new chairmen to take charge, with those findings as working documents. I have asked them to look for their payrolls, vouchers, and nominal rolls from 2003 till date and that process is on so that at every point, we will know those who came in, at what time, level, who authorised and what is the grade level of the person now. I also set up a commission of enquiry because I am determined to clean up this payroll fraud that has been holding down the development and progress of this state. If we do not deal with it as a people, this state will collapse because with the situation of our national economy there is no way we are going to be getting that fat money we used to get and we have the least Internally Generated Revenue (IGR) base because we have a weak economic base. Lagos and Rivers states have advantage because they have a huge IGR base. Bayelsans have no idea what we are managing. When we assumed office, our IGR was between N50 and N60 million, now we are getting majority of the companies to pay and our IGR is about N400 to N500 million. We can do much more. You can see the steps my government has

POLITICS \ INTERVIEW

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

fraud syndicate â&#x20AC;&#x201C; Dickson

taken by taking on the oil companies that have been operating without offices here, not employing our people, not giving contracts to our people. We do not have Pay As You Earn Tax from them, we do not have withholding tax from them, they come and destroy our environment without paying pollution tax, they use up the scare land we have and pay no land charges and I wrote to the President to say these must stop and that process is on and they will pay. We will re-assess their tax liabilities and make sure they pay using due process. Apart from oil companies and the corporate individuals, the people of this state will also pay your taxes. They must pay your land use tax and property tax. That is how Lagos State is doing it. It may not be much, but it shows that they are a responsible citizen. So, civil servants in the state should have it in mind that they have a government that cares for their welfare but we are in very trying times and we will not tell you lies. The money that we saved from being mismanaged in local governments is about N3.5 billion and not one naira has been taken from it. It is there and will be given to local government areas for them to use to pay their legitimate workers. Because of our concern, we also took another loan of N1.2 billion from

the Federal Government, which people called bailout. This loan is in the bank to be released once ongoing control processes are completed. For state government workers, I am aware that we released some money to pay some part of the salaries for January and I have been told that they were able to cover some ministries. I have made a proposal to the workers but I am not seeing a sufficient degree of appreciation on the part of the labour leaders of our dire economic situation in the state and the country at large. I do not know where they think that the state government should manufacture money from when I have not paid some of the emoluments of my aides for almost a year and have been borrowing to pay the civil servants. In the state main stream, we do not have much problem but because of union interest, there are delays in the payment of salaries. This state has made proposals to the labour unions; I have given them options as in states that paid workers 70 per cent so that we complete the process of aggressive verification of payrolls and enforcement of discipline for those who want to remain in service because there is so much indiscipline in the main stream. I have proposed 70 per cent to them or 50 per cent for all workers but they refused to accept that. This is a state where we are left with about N1 billion. Last month it was N300 million left to run government and security expenditure alone. Banks are not much willing to give loans because they know not much money is coming in, but we have a lot of good will and I will exploit all of that, take a loan and add to what is available so that 50 per cent of the workers in the state service can earn their salaries. We will discuss what happens to the remaining 50 per cent when the economy improves. What is your take on the recent removal of subsidy on fuel, which some people say the governors and ministers teamed up with the president to decide on, and how will that affect the state? I do not want to speak for the Federal Government. I am not aware of any governors' meeting that sold an idea to the President. What makes you think that this President is somebody that governors will suggest something to and he will do it if he doesn't believe in it? The policy has its own promoters and they will own it and sell it, I can only wish them luck. What I know is that the time the PDP sought to introduce it; we meant well, we saw what they did not see about the economy being in trouble and the plummeting oil revenues. But they played politics with everything, security, national economy, everything and now they know. Is there any room for improvement in the stateâ&#x20AC;&#x2122;s IGR, so that Bayelsa will not depend on federal allocation? IGR is the way forward, it will come in various ways and very soon I will put up the revenue court. Bayelsans feel that paying electricity bill is a crime because they are not used to it, they do not know that public utilities are paid for and that government's first revenue source

is tax. When we are through with the oil companies here, everybody in this state must contribute his own bit to the running of the government. I am optimistic that we may not be at the level of Lagos now, but we will do very well compared to states in our situation. We have started and with the finance and revenue team that we have put in place, and the steps I will take, if you do not comply, they will take you to the revenue court, try and fine you.

Niger Delta cannot record any development unless there is stability and security

Is there any plan to regulate bank deductions from civil servants salaries? We have offered to step in and we have been meeting with all the banks that within this period, they should not deduct from workersâ&#x20AC;&#x2122; salaries if paid into their banks. I will also talk to them so that they can give that waiver. Apart from that, from now on, the payments will be controlled table payments. In the police, we used to call it "pay parade" whereby they call you; you identify yourself and collect your salary in cash. But we are not going to pay cash. We have devised a system and I have called in the security people to provide support and as I speak, the information I have from our dedicated security officials is that rigorous checks are being instituted in every local government area. I have directed all heads of departments and principals in this state to prepare their payrolls, sign them and bring them in for payment. If you put any fake name or the name of anybody who does not come to work, I will charge you to court and dismiss you because I want to put an end to this payroll fraud and have space to employ young people and get money to pay genuine workers. I have so directed the permanent secretaries too not give any excuse that it is only accounts departments that are responsible for payroll fraud. After this, we will get to another level of verification which I will not disclose now. When we get the real number of those who are genuine workers, I will step it up to checking absenteeism and truancy. It is when you go to work that you are entitled to salary not the other way round. After all these are completed, the disciplinary team will move to ministries and if you are not there, they will query and dismiss you if you are guilty. I recommended over a 100 people to work in the bank and they have sacked over 80 because our people do not have discipline and culture of going to work and doing their work. I am determined to address work ethics and culture in this state. What is your government doing to resolve the grievances of striking workers in Niger Delta University? We are very concerned about our tertiary institutions. Government has been spending almost N500 million every month on the Niger Delta University since 2012 when I took over and they use it only to pay salaries. The system that we inherited is that the university employs like local councils and is bogged down with over bloated staff. Ogbia local government has not paid salaries for over a year and the problem is not Governor Dickson. The solution

is for them to work with the chairman of council to get all the fake names out so they can pay. That is the same problem that NDU has. While we have been remitting almost N500 million to them every month, the operators of the university are more interested in employing workers that they will be paying salaries to, and over 80 per cent of the work force there are nonacademic staff. What is your government doing to ensure that resources are adequately harnessed and what steps are you taking to ensure that the gas turbine becomes functional again? We are doing a lot to harness all our resources in this state, by our programme in tourism, agriculture and you will see everything falling into place very soon. For the gas turbine, we have spent a lot of money to put the gas turbine on and people do not pay. It is not sustainable to put the turbine to work and the people do not pay, Bayelsa cannot run like that. It's a modern world. We would look at all of that but we are committed to power, we want to be number one in power supply. What is the government doing to address the challenge of insecurity as militants have kept attacking security agents and destroying critical assets and infrastructure in the state? We live in very trying times, where some elements are creating a security nightmare. We thought we were through with militancy in this region, so I want to use this opportunity to call on those misguided young people, whosoever they may be, not to destabilise and undermine the peace of Ijaw nation and Niger Delta region. They should let their leaders know if there are grievances and issues, so that they can be addressed. We are serious about protecting the investments in this region, that's the only way our economy can grow, because if you destroy pipelines, it will affect our revenue. We will always call for law and order and security. Everyone knows where I stand on this matter. Unfortunately as we speak, there are elements on the other side known to the security agencies that are working day and night to undermine the peace and stability of this state because they do not believe in law and order and they do not reason rationally. They feel If Bayelsa is made ungovernable their party is at the centre. I want to call on Bayelsans to be vigilant. As for those that attacked military personnel we condemn it and we are working with the security agencies and community leaders to flush all of them out, identify them and punish them accordingly. As a matter of fact, I will be holding a major meeting with all community leaders in the state, where I will again urge them to be conscious of their security and report whatever they see to the law enforcement agencies. Bayelsa cannot make progress unless we are safe. Niger Delta cannot record any development unless there is stability and security. We must all work together and join hands with the Federal Government to ensure that the country is safe. I want to also call on the Federal Government and the security forces not to play politics with security. Those who are blowing pipelines are known to the chieftains of the All Progressives Congress (APC) in this state, as they are sponsored by them.

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

Opinion He who fights and runs away... TREASURES BOLA BOLAWOLE turnpot@gmail.com 0807-552-5533 (sms only)

he Nigeria Labour Congress and the main opposition party, the Peoples Democratic Party, PDP, are in ferment for different reasons. NLC was spoiling for a fight with the President Muhammadu Buhari administration on account of the hike in power and fuel tariffs while tussle for power has flustered the once ruling party, leaving cleavages here and there. Everyone expected the NLC would declare a nation-wide strike once fuel price was hiked. The margin of the hike, close to double the previous price, was something else. But everyone also doubted whether Labour, fractured as it is, can command the unalloyed loyalty of a sizeable group of workers or sustain its grip on workers for long. As it proved, Labour was not as effective as it used to be. The strike it called was partially successful. Since it failed by and large in Lagos, the commercial nerve-centre of the country, and in other places, its bite was seriously limited and there was no way Government could have been seriously jostled by it. But government would be wrong to attribute the ineffectual workers’ strike to its popularity or public acclamation of its policies. Labour itself ought to have known that it was on slippery grounds but was compelled to make a stand to fulfil all righteousness. It must prove to its constituency that it is still alive so as to justify its right to their check-off dues. Otherwise, it should not have bothered at all calling workers out on strike. At its last election to elect national officers, NLC broke into factions – the Ayuba Wabba-led and the Joe

Ajaero-led factions. Efforts to reconcile both floundered on the altar of selfish interests. Obviously, they did not reckon that they would soon need to present a united front; and when the necessity dawned on them, they were too fixated on their points of views and entrenched positions to be able to make the necessary sacrifice in the interest of the workers they both claim to love so much. Then, of course, there have been doubts about the sincerity of purpose and commitment of today’s so-called workers’ leaders to the pursuit of the interests of workers. The belief is rife that unionists fight to get into office to “chop” check-off dues as well as use the pedestal of their high offices to bargain for largesse for themselves to the chagrin of the workers they pretend to represent. When the Trade Union Congress, TUC, and other senior staff associations said they were not interested in any strike, it was obvious enough that the NLC-called strike stood only a quarter chance of success. Nevertheless, we must commend them for making a stand. And they were also smart enough to throw in the towels at the most reasonable opportunity! When APC National Leader, Asiwaju Bola Ahmed Tinubu, led a peace delegation to plead with the NLC to call off the strike and return to the negotiating table, it was a face-saving opportunity for NLC to call off a largely ineffectual strike. If it is wise, the two factions should now embark on forging the desired unity as Labour may need to confront this government again in future. Labour must also be more alive and sensitive to the mood of the people. If it has gauged public opinion, possibly it would not have quickly gone on strike. An increasing number of Nigerians are tending to believe that workers should explore options other than strikes to drive home their demands. It is also appearing drab, dumb, and daft to simply ask for return to old prices when there are smarter and more effective demands to make. The problems in the oil sector, downstream and upstream, will not be solved by simply returning or maintaining the old price; so also is

Now, the PDP is more fractured than it was at the coming of Modu... The sensible thing to do at this juncture is for the PDP governors to make overtures to those originally opposed to Modu

the issue with PHCN hike in tariff. Can we not make demands that will promote accountability and transparency and increase productivity? Can we not more rationally examine and interrogate our problems and hit the leaders where it matters most? Why are we not building refineries? In one year Buhari has not built any. How long does it take to build one? If the country is broke as we have been told, why is the cost of governance not being drastically scaled down? Labour has to re-invent itself if it is to remain relevant to the needs of workers and the citizenry’s at large. As for PDP, everyone saw the implosion coming. Some leaders of the party miscalculated when they went to exhume and impose Modu Sheriff on the party. They did not know Modu enough and they did not consult enough. They thought they had guidelines in place but the chains were not strong enough to keep Modu within bonds. The gene they thought they had firmly bottled up did not lose its liberty nor did it lose its appetite for controversies. As the sponsors of Modu had their game plans; Modu, too, had his own ideas about PDP. It was a matter of time before the two trains moving in opposite directions collide. Now, the PDP is more fractured than it was at the coming of Modu. Before last weekend’s Abuja and Port-Harcourt conventions, there were two factions or strategising groups – the Modu Sheriff group and those opposed to it. Now, we have the Modu group; the former supporters of Modu who have now offloaded him; and the group of ex-this, ex-that always opposed to Modu. Each of the three lays claims to control of the party but it should be clear to all of them that none actually controls the party. The sensible thing to do at this juncture is for the PDP governors to make overtures to those originally opposed to Modu and begin the healing process. Modu was the black leg in the house, the bull in the china shop that must be gingerly led out. In Port-Harcourt, he refused to go down quietly even after it was obvious to him that the game was up. Push will become shoving before Modu yields his office.

Fashola, go easy on Lagos-Ibadan Expressway Wasilat Famojure

he Honourable Minister of Power, Works and Housing, Babatunde Raji Fashola, SAN, is one of the shining lights of President Buhari’s cabinet. A ‘super minister’, the former Lagos governor has been given three major ministries, each of undeniable significance to Nigerian lives. And to whom much is given, much is expected, as the saying goes. He has much to prove, and so he walks the talk, to show that he is a man with a plan. But in so doing, he cannot be seen to be riding roughshod over the intricacies that attend those areas over which he superintends. He must act with a deep sense of responsibility and due regard for the law and the principles of natural justice. This note of caution does not come a moment too soon. Fashola has been firing from all cylinders over the Lagos-Ibadan Expressway, often sending mixed signals. Hardly anyone can contradict what he said in a speech in December 2015, that, “Good roads will help reflate and grow our economy, reduce travel time, cost of transportation of goods and services, and restore jobs that have been lost to transport

dependent services. They will improve safety of lives and property and our security index.” The Minister followed up with his speech of January 22, 2016, at the Nigerian Pension Industry Strategy Implementation Roadmap Retreat, in which he signaled the willingness to use Pension funds for the provision of infrastructure. The speech sparked an ideological debate among Nigerian intellectuals including Kayode Komolafe, Chidi Amuta and Femi Falana; and caused a concerned Olusegun Adeniyi to ask: “Can we really take a risk with the Pension Fund to drive development, as suggested by Fashola, even with all its implications?” The Pension speech was illuminating in showing the moral and legal quagmire successive Nigerian governments have got themselves into over the Lagos-Ibadan Expressway, arguably the most important road artery in this country. Government has tied itself up in knots with the many controversial executive U-turns over the road, and Fashola as Works Minister in the current administration, allowed his befuddlement to show in his speech. Hear him: “The Lagos-Ibadan Expressway is a story of what investors

don’t like.” He can say that again. In his summary of how an otherwise historic Concession Agreement went awry between the FG and Dr. Wale Babalakin’s Bi-Courtney Highway Services Limited, tagged “Company A” in the Pension speech, Fashola conceded that it was no way to treat an investor. Noting that “local investors are the most important in any economy,” he observed that the unceremonious cancellation of Bi-Courtney’s concession was “a not welcoming message” to foreign investors, if patriots like Babalakin could be treated with such disdain. However, in expressing these concerns, Mr. Fashola did not seem to be entirely clear as to the trajectory – not to mention the causative factors – of the convoluted matters relating to the road through which he must now forge a path for the benefit of Nigerians. He suggested that Bi-Courtney’s first recourse should have been arbitration and not the courts; and went further to imply that a suit brought by the thwarted concessionaire caused the cessation of works on the road. In a letter dated 25th January, 2016, Babalakin drew Fashola’s attention to the erroneous detail in his keynote speech. For in a letter from exactly three years before, dated 25th Janu-

ary 2013, Bi-Courtney had written to Fashola’s predecessor at the Ministry of Works, Arc. Mike Onolememen, asking Federal Government to set up a Dispute Resolution Board as provided for under the concession agreement. Government should work in continuity, and Fashola ought not to have been ignorant of the fact that the ministry under Onolememen blatantly ignored Bi-Courtney’s overture. The company was therefore left with no choice but to seek the intervention of the courts. As stated in Babalakin’s letter to Fashola, “The court that set aside the so called Finance Agreement acted in the only manner available to it. Courts cannot continue to condone acts of government that are demonstrably irresponsible if we have to sustain our democracy and develop our economy.” The letter also debunked the suggestion of a nexus between Bi-Courtney’s court action and the stoppage of work by contractors put in the frame in a questionable manner by the former administration of President Goodluck Jonathan. “How could an order obtained on 14th December, 2015, be responsible for work that had stopped about seven months earlier?” asked Babalakin. • Dr. Famojure runs a landscaping business in Lagos State.

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was also a surprise because we recall that the minister of Sports, Solomon Dalung, at a time called Giwa and the NFF President to a meeting and urged them to embrace peace. It is sad that it was this same crisis that led to the non-qualification of the Super Eagles for the 2015 Nations Cup. The NFF has been engrossed with many other crises such as the coaching problem. Nigeria again failed to book a ticket to the forthcoming Nations Cup

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ent and it sparks issues within the entire football family. The past weeks have recorded more shameful scenes in the leadership tussle of the country’s football. Giwa was at the secretariat of the NFF and was arrested for threatening to take over the operations of the federation. He also has some people working with him for media to counter all the

pronouncements of the Pinnick-led board. For For now, the NFF example, has created another when news came out problem for itself last week with the decision on that the NFF had banned foreign coach Giwa for five years, the Giwa group through in Gabon due to the numerous a journalist with the group, crises before the federation. came out with a release that For example, three different coaches handled the Super Ea- Pinnick and six other people have been banned 10 years. gles in the 2017 Nations Cup qualifiers. Stephen Keshi was This, we believe is ridiculous. No doubt, this tussle for the fired, Sunday Oliseh resigned soul of the NFF is affecting the and Samson Siasia who came in as interim was again asked fortunes of the game in Nigeto leave. By the time Nigeria. It is obvious, Pinnick is immersed with how to retain ria plays the last qualifier his seat as NFF President. As against Tanzania, it will be if the leadership crisis was on record that four different not enough, the fans of Giwa coaches handled the team. FC disrupted a Nigeria ProfesFor now, the NFF has created another problem for itself sional League Football match against Rangers in Jos. Rangwith the decision on foreign coach. Getting a coach should ers were leading 1-0 and the not be a big issue but we frown fans were throwing stones and at the process of the federation other objects at the assistant which is always not transparreferee. The match was aban-

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igerians have been enduring in different spheres since President Muhammadu Buhari took charge about one year ago. The recent ones include fuel scarcity, power shortage and rise in rates of foreign exchange which has a corresponding effect on the prices food items and basic domestic needs. Naturally, the name of Mr. President has been on the lips of so many Nigerians as people general y struggle to make ends meet. Somehow, it is expected that the President brings his magic wand to bear in every sector in the day-to-day running of the country. We have written on a number of times about the crises in our football scene. Rather than having a drop in the brouhaha, more and more ugly situations are rearing their ugly heads. It is bad enough already that a club owner, Mr. Chris Giwa, took the Nigeria Football Federation to a High Court in Jos, claiming legitimacy to the presidency of the Nigeria Football Federation. The case came up as a surprise because it had been thrown out by the Court of Arbitration for sports, which is the highest body for settling dispute in sports. When Giwa decided to exhume the case only two months back, it

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doned and rather than award the match to the visiting team, the League Management Committee ordered that the remaining 16 minutes be played in Abuja while Giwa FC was banished to Ilorin. The club surprisingly did not turn up for that match and they did not also to turn up for the home games in the Ilorin against Wikki Tourists and Akwa United. We make bold to say Giwa is bringing the game of football into disrepute with his fight for power and now he has told his team not to honour games which could attract a ban in accordance with the LMC statutes. The future of some people earning their daily bread is at stake and this is most unfortunate. It is obvious that Dalung is reluctant to the take a bull by the horn in resolving the football crisis. FIFA, the world body, recognizes Pinnick, the government of Nigeria also recognizes him and his board so why should we continue to swim in crisis. President Buhari has many other state issues before him but it would not be out of place to make a pronouncement on this lingering war to permanently end the crises. The federation should be busy with how to get a quality substantive coach for the Super Eagles and how to qualify Nigeria for Russia 2018 World Cup. Enough is enough.

POLITICS

On Sunday, May 29, the Ben Ayade administration in Cross River State will be celebrating one year in office and the people's searchlight would be beamed on his achievements so far vis-a-viz his promises on assumption of power. Clement James reports

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

Ayade remains resolute despite lean resources

s Governor Ben Ayade takes stock of his one year in office this weekend, analysts are bound to assess if the euphoria of May 29, 2015 still gives comfort or if the excitement has died down, giving way to despondency, sigh and apathy. For a proper assessment of the one year in office of Ayade therefore, there is the need to revisit some aspects of his inaugural speech which tended to point the direction of his administration as well as raised the hope of the people of Cross River State. His words then: “Today, as I raise my hands to lift up the Ark of history, I pray you to stretch your hands along with me and together we can force the spring of greatness on Cross River State. We are only as big as our imagination. Brothers and sisters, if we can dream it, then we can achieve it! “Fellow Cross Riverians, we have come to that bend in the river where we must all rise to our full height to envision and carve out a better future for ourselves and posterity. True, it seems such a daunting task with the falling oil prices and dwindling revenues. It is further compounded by the general atmosphere of despondency across the country. “But with our backs against the wall, we must dig deeper into the wells of our creativity and hew out a new pathway to greatness. In doing this, we must be guided by the immortal words of Dr. Nelson Mandela that “it always seems impossible until it is done. Fellow Cross Riverians, we shall overcome the present bleakness and wend our way into the sunshine of a brighter day! “As we climb this imposing mountain of HOPE, we shall widen our scope, broaden the horizon and sharpen our instincts for fresh and big ideas that will galvanize this great state to achieve its full potential and usher in a prosperous Cross River, where our people will live in peace and harmony with one another and with nature.” The governor also went ahead to reveal his signature projects which included the construction of a super highway from Calabar to Obudu Ranch Resort as well as the construction of a deep sea port in Bakassi, among other

Ayade

laudable projects. It is on these and other basis that he is being assed in his last one year in office. This project has witnessed a number of controversies since it was mooted by the governor. Critics of this project have posited that the state does not have the resources to make it a reality, preferring that the governor either expands existing roads or construct a few kilometre roads in the three senatorial districts. The governor however, has remained resolute in his determination to prove his critics wrong, with his excitement reaching a crescendo when President Muhammadu Buhari flew into the state on October 20 last year to carry out the ground breaking ceremony of the project. But controversy erupted soon after the ground breaking ceremony over the issue of Environmental Impact Assessment (EIA), with some Non-Governmental Organisations (NGOs) accusing the governor of destroying the eco-system. Yet, Ayade believes this is one project that will not only link the three senatorial districts and reduce travel time, but will also open up the rural areas and facilitate economic progress in the state. For this reason, the governor has reached out to foreign investors, who have shown interest in the project, including Chinese investors. It is hoped that the state government will sort out some issues with the Federal Ministry of Environment soon enough to ensure the project, which its earth work has already been done, see

We must dig deeper into the wells of our creativity and hew out a new pathway to greatness

the light of day before his current tenure elapses. Another signature project of the present administration is the construction a deep sea port, which the governor believes will generate revenue for the state. Unlike the super highway, critics of this project are few. It is one project that there seems to be a consensus that Cross River, having been delisted as a littoral state, the best thing in the circumstance is for the state to explore the potential available in the waterways. To this extent, the governor has since ordered work to begin on site. To the credit of the governor, local labour have been employed and if the intensity of work on the site is sustained, and all relevant papers are formalised, the state may well have huge vessels berthing at the port in no distant time. Another important project of the Ayade administration is the construction of a garment factory in the state. At the moment, the project has reached the commissioning stage and the governor is upbeat that the President’s wife, Mrs. Aisha Buhari will be on hand on May 29 to cut the tape. The factory, located at Jonathan Bye-pass, has already employed about 3,000 women, most of them widows. For Ayade, the factory is meant to provide quality but cheap made in Nigeria clothes to Nigerians. According to the governor, all the security forces in the country will be prevailed upon to patronise the factory as all manner of security uniforms would be sewn there. Ayade is also having an eye on exporting products from the factory to advertise the country’s potential in the garment industry. One of the things that have endeared the governor to organised labour in the state is the prompt payment of workers’ salaries; the mother of it all being the payment of salary this month’s salary on Sunday, May 1, this year. Although the governor has received flaks for this particular action, workers in the state care less. To them, it does not matter whether their salary is paid in the mid-night of Saturday or during a church service. It was interesting seeing workers literally fly into the air with excitement as salary alert hit their phones halfway into the governor’s speech on May 1 – Workers Day. Having discovered that the government/Labour harmony lies on prompt payment of salaries, the governor has ensured that workers get their salary before or on the 25th of every month, a clear departure from the past, where workers were owed, sometimes for upwards of three months. Since the construction of Tinapa by the Donald Duke administration, the project, which was intended to bring investors and stimulate economic activities in the state, has remained in a pathetic condition. Although

the administration of Senator Liyel Imoke initiated the idea of using a monorail to link Tinapa with the Calabar International Conference Center (CICC), Ayade has since undertaken the project and is looking to its commissioning by President Buhari on May 29 or thereabout. Even the CICC, which was not fully completed before Imoke left office, has been completed and all the facilities have been put in place. Recently, the Managing Director and Chief Executive Officer of Asset Management Company of Nigeria (AMCON), Ahmed Duru took a ride in the monorail with the governor, an indication that the project is ready for commissioning. Other areas which Ayade has done well include health care system, where in the last one year, he has embarked on massive renovations and equipping of primary healthcare centres in Ikom, Obudu, Bedia; Anigejie; establishment of Primary Health Care Development Agency; establishment of PHC posts at Internally Displaced Persons (IDP) camps in Akpabuyo and Bakassi; creation of a trans-border health post for disease surveillance and immunization coverage; commissioning of the General Hospital/College of Health, Obudu; setting up of TBAs surveillance team; provision of 600 delivery kits to three PHC facilities in the state; establishment of Clinical Governance and e-health in all secondary health facilities as well as free medical outreaches in Ugep and Ikom. Bent on providing employment for the teeming youths in the state, the governor has established what he calls the Green Police. According to him, the special marshals will, among other things, ensure the protection of the state’s vast forest reserve and related environmental issues. To this end, interview and recruitment of 1,500 able bodied young men and women into the Green Police had been concluded, while the inauguration, according to government sources, will soon take place. However, many people have continued to ask the governor how he has been able to achieve all these with a paltry N800 million which accrues to the state from the federation account. This is when juxtaposed with the fact that the Internally Generated Revenue (IGR) of the state swings between N500 million and sometimes less. The answer lies in the fact that the governor had foreseen the challenges, hence his admonition that; “we must dig deeper into the wells of our creativity and hew out a new pathway to greatness.” His Public Private Partnership (PPP) initiative is also working despite glaring challenges. It is hoped that most of these projects will be actualised when the second year anniversary comes knocking, so that the citizens will know that a new vista of hope has beckoned on the state.

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

The Mega City

Life in the city Ambode, one year after

THE PEOPLE’S VOICE Undone jobs in Light-Up-Lagos

...EXCLUSIVE LAGOS MAGAZINE

22 23

Ambode campaigning in a BRT bus then

Ambode: Then and now The government of Governor Akinwunmi Ambode will be one year in office May 29. He made campaign promises last year before the election. But between campaign promises and actions, lie the expectations of Lagosians from the man they voted for 14 months ago. OLUWATOSIN OMONIYI x-rays the mood in the state since his assumption of office

he question however is, how well and how far has he delivered to Lagosians on his manifesto? So far, Lagosians have come to believe that those promissory manifestos were just the normal political campaign slogans.

OLUWATOSIN OMONIYI CITY Editor

tosin.omoniyi@newtelegraphonline.com

They were not meant to be taken serious. But in some cases, the governor delivered on, complemented on some of the things he promised during his campaign. One year into his era, Lagosians complain that they were yet to properly have a feel of the wind of the promised intentions. Although, they acknowledge his accomplishments in some areas like security, street lightening and healthcare, they felt he still could do more than what he has done so far. In area of security, shortly after he came on board, there was total breakdown of security and order in the state. Traffic robbery became the order of the day. Motorists suffered untold security hardship on Lagos roads. They were constantly harassed

He is yet to deliver on his promise of provision of potable water

and intimidated by traffic robbers. Ambode responded by donating security equipment worth N4.765 billion to the Police and Rapid Response Squad (RRS). He tasked them to immediately deploy the equipment to protect Lagosians from the vagaries of criminals, noting that the police would never again have reasons to give excuses for not performing. Well, there is security to a large extent. Some residents, especially those living on the suburbs, like Mushin, Shomolu, Itire, Ilasamaja, Idi Araba, interior sides of Alimosho Local Government, seem to be living in permanent bondage of fear of hoodlums and touts. For instance, Ayomide Oluwadarasimi, a food vendor, living in Shomolu area of Lagos, said the state governor cannot feign ignorance of cult activities going on in her community. According to her, locking doors in that area is useless as hoodlums gain entrance into their houses at will, molest them, steal from them, kill and maim them. “Yet, the state government did

nothing about it. We have written petitions to the state government, cried out on the pages of newspapers, yet no solution. It is rather killing and maiming of my neighbours. Well, some of us will bear it till we save enough to leave this environment,” she said. In the area of transport, despite the fact that Ambode gave 434 BRT buses in order to ease transport problem and less traffic jam on the roads, thousands of Lagosians lament traffic snarl on the roads of Lagos and complained bitterly about the nature of most the commercial buses that they described as rickety and off the road vehicles. November last year, Ambode commissioned 434 new Bus Rapid Transit buses to ease the traffic situation in the metropolis. He also flagged off a direct BRT line from Ikorodu to CMS on the Island as he was optimistic that the initiative would bring comfort and convenience to commuters in the state. “The strategic transport master plan is a 30-year plan that will deliver to us a truly world class CONTINUED ON PAGE 20

LIFE \ MEGA CITY

Mile 2-Ikorodu road expansion CONTINUED FROM PAG E 1 9

integrated public transport system with Six Rail Lines, One Mono-Rail, 14 BRT corridors, Three Cable Car Corridors and 26 developed Water routes. As part of this vision, we are working towards commencing operation of the first phase of the Blue Line Rail Project in the next 12 months, so that Lagosians will start to feel the benefits of a worldclass rail system”, he said. Well, the governor, according to Lagos residents, is yet to deliver on the rail line transportation and cable car corridors. He is also yet to deliver on his promise of the provision of potable water to Lagosians. Most parts of Lagos, in fact, virtually all parts of Lagos live solely on self dug borehole water. Okiki Kolawole, a clergy in Agege area of Lagos said: “Except you want us to starve to death of drinking water, where do you hope to get government water in Lagos? That is like a mission impossible! The whole of this Agege, no single government tap water tap is functioning. I have been living in this area for past 20 years and I have never seen for once the government water run from the tap. The only thing constant from this state government is tenement rate fee and land use charge.” According to Seun Kayode, an educationist, it would be foolish to expect the Lagos State government to supply portable water. “The state government believed portable water is a luxury for Lagosians. For me, if they can only be constant with electricity supply, I will be grateful. Every other thing would follow,” he said. In the area of health facili-

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

A year of continuity ty, the Lagos general hospitals are still a far cry from what they ought to be. No enough bedding space; patients still pass through the eyes of the needle to see doctors, who also complained of being overworked. The doctor patients’ ration is about 120 patients to a doctor. Obviously, most of the patients would not get the best of the doctors, who lament poor pay by the state government. In fact, most Lagosians avoid going to general hospitals. The hospitals gradually

Virtually all parts of Lagos live solely on self dug borehole water

became the haven for low income earners or those who need medical help at an affordable price and are ready to dare the long queues and harsh treatment of medical personnel at the hospitals. Even the free drugs were actually not free. The only thing free is probably the consultation and paracetamol and vitamin cee. Olayinka Gbayisore, an HIV patient went to one of the teaching hospitals in Lagos. She said it took her about five hours to see a doctor and upon seeing the doctor, it took just

five minutes of medical consultation with the doctor, who instead of taking details of her complaints, rather told her to come back in four months time. “She just prescribed Diclofenac for me and that was all,” she alleged. Also at the free medical counter, only kids from 0-12 and aged60-65 are qualified for free drugs but that is not true. In a recent visitation made to some of the Lagos State Teaching Hospitals, New Telegraph observed that drugs were nevCONT INU E D ON PAGE 21

His manifesto J

anuary 2015, during his campaign, the Lagos State Governor, Mr. Akinwunmi Ambode, in his manifesto, promised free education, N25 billion to be set aside as Lagos Employment Trust Fund,(LETF). He promised to provide a minimum of N1 billion annually for entrepreneurial ventures across the state’s five divisions, Ikorodu, Badagry, Ikeja, Lagos and Epe. “We will protect the growth of small and medium scale enterprises by providing tax incentives. “We will implement government policies that will encourage the private sector to employ more citizens and foster economic development. “We will boost internally generated revenue by improving the collection mechanism through e-governance. “We will encourage the creation of a Corporate Social Responsibility Trust Fund (CSR-TF) by the Private Sector, to be managed by a Board of Trustees charged with the responsibility of identifying growth opportunities yearly and financing such opportunities to further boost economic development across sec-

tors and communities in the state.” In the area of security, Ambode promised he would continue with the state’s city lighting project by expanding the Independent Power Project. “In addition, our government will embark on the acquisition of the latest advanced security communication technology that will attack and monitor the daily activities of the state,” he said. For education, Ambode said his administration would provide free education up to senior secondary level, as well as provide one meal per day for students. “Along with our bursary and scholarship initiatives for tertiary institutions, we will encourage the private sector to partner with government in this regard as part of their Corporate Social Responsibility.” Ambode said his housing plans would include a collaboration with the private sector and also improving the state’s current policy of home ownership through Lagos HOMS and provide ownership options, such as Rent-to-Own-Program (R.O.P). “We will introduce free medical care for our children from birth to age six.

“Healthcare will also be free for pregnant women, including both pre-natal and ante-natal care, while our senior citizens will also enjoy free healthcare from 65 years onwards. “We will improve on the quality of Primary Healthcare system and make it more accessible, thereby reducing the overdependence on our general hospitals. We will activate emergency services in all our hospitals.” Ambode said he would open up the virtually untapped aquatic and seafood resources in the state and provide incentives for agricultural processing companies. “We will increase the avenues to showcase our distinct and diverse Lagos culture and traditions through the establishment of museums and heritage centres. “We will create water theme parks for our children and youths by utilizing our prominent natural resource in the state. “In order to make our state a tourism destination in Africa, we will also develop our waterfront by providing recreational facilities and encourage investors to invest more in tourism infrastructure.”

LIFE \ In the city

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

Ambode: Then and now CONTINUED FROM PAG E 20

er available to the qualified group of people they said, but the drugs were abundant at the fee paying counter. On housing, Lagosians are fast leaving the city for core interior areas of Lagos and Ogun State. Places, such as Mowe, Ibafo, Ofada, Shimawa, Ikorodu and Epe are now budding towns. These places, land and houses are at affordable prices. Most Lagosians that spoke with New Telegraph pleaded with the state government to be more sympathetic to them in the areas of housing. David Ekpenyong, a bank official said, for him to really feel the dividends of this democracy in this era, Ambode should please be sensitive in providing affordable accommodation and make medical facilities more acVICTOR UDDO

ome May 29 2016, the retired General Muhammadu Buhari-led government, under the umbrella of All Progressives Congress (APC) will be marking one year in office. So also would state governors, legislature, upper chambers and Nigerians generally between May 29 and June 6. Nigerians as usual have begun to bare their minds on the ongoing political and economic developments in the country and asking why Nigerians have not yet started to enjoy the dividends of democracy, vis-a-vis infrastructural developments; transportation system, housing, power, security and the rest. As New Telegraph went to town in Lagos to gather people’s opinion on their assessment of Governor Akinwunmi Ambode and that of President Muhammadu Buhari’s regime in the last 12 months, their assessments were quite revealing. Silas Gyang, a former permanent secretary in one of the middle belt states in the 1980s, told New Telegraph that Nigerians have developed thick skin and therefore, nothing really shocks them much. According Mr. Gyang: “The change we had expected did not come and the economy is nothing to write home about. The power supply is in comatose, at least in Lagos State, where I have been living for over 15 years. General Buhari’s government should handle one thing at a time. I advise the government to try and fix the power problem before moving into another sector. Governments operate in a systematic way; government plans and make out various options in carrying out any project in case any plan option fails. In the case of the day’s ruling government, they seem

cessible. “I believe our governor, Ambode is trying but he can do more mostly in the area of housing and health. These are the major basic things of life. We can always provide water for ourselves,” he said. Semiloreoluwa Okeowo, a teacher, living in Imota, area of Ikorodu and working in Alausa, said she passes through that stress daily simply because she cannot afford the accommodation in the city of Lagos. “So, I bear the wear and tear of the long distance on the road, coupled with hours of waiting at the bus stops for buses and having to deal with touts daily. I sincerely beg our governor to use next few years of his reign in being sensitive to our plight by providing good motorable roads, more commercial buses, generate electricity as he had promised and

A part of the Oshodi Market reduced to rubble

make the government taps to function.” On entrepreneurship, Lagosians feel that rather than the governor delivering on his promises of aiding their businesses boom, thereby boosting the economy of the state, the state government took to demolishing of shops and markets with the promise of building modern markets

for them. “But we all know that these modern markets are quite expensive. It will end up not built for us. Is that not wickedness? That of the Oshodi demolished, they initially told us that they wanted to build small shops called Key-Klamp for us. After sometime, it turned out to be relaxing centre with flowers. Tell us, how much will

those flowers generate for the state government? Will the flowers also pay tax the way we pay?” A group of traders who chatted with New Telegraph in Oshodi market asked. However, Lagosians are still very optimistic about Governor Ambode as this is just his first year but majority pray for a sensitive and responsive government.

Still waiting for promised change to be biting more than they can chew. I would have thought there was a sound laid out plan before they commenced on these embarrassments they call reforms or change. They have succeeded in putting many Nigerians into humiliating condition.” Speaking with New Telegraph, Bode Adesoji, who is a Medical Doctor, said: “As far as I am concerned, the present regime has not taken off yet. They are sleeping and allowed the people to be suffering, even though many Nigerian youths are ready to work. The federal and our state governments have not yet created jobs, which they promised during their campaign rallies. Government should be proactive by creating jobs first before increasing the fuel pump price.” For Alhaji Suliaman Kadiri, a landlord in the Bariga area of Lagos, the economy is tough and hardship is biting hard at the people. “Take for instance,

Federal Government has no direction in its policies

Relocating Mile 12 Market to Imota, Ikorodu, Lagos

my tenants have not been able to pay house rents for past one year. About two of them have not received salaries from their employers for past eight months. However, I believe it is a question of time and the economy will improve and things shall become better. Good power supply is what we are praying for, so as to keep all the sectors of the economy going and companies will reopen and Nigerian youths be employed. Without power, it is difficult to carry out any manufacturing activity in this state. State governments need to augment transportation system in their states in order to alleviate the increasing transportation cost.” According to Franklin Musa, a pharmacist, the effect of the sudden fuel increase to N145.00 per litre has really brought hardship to Nigerians, especially the low income earners and the unemployed. “One would have expected

our government to act in a responsible manner by putting in place palliative measures, so as to cushion the effect of whatever economic reform they are under taking,” he said. Aishatu Demola, a building technologist, said that “I am highly disappointed over the way Buhari-led government has deceived Nigerians, including myself into believing that at least, six months after taking over from the previous regime, Nigerians would smile. But that is not to be now. It is difficult for low income Nigerians to develop a property now as a result of the ever skyrocketing prices of building materials. It would be good if the Lagos State government could intervene in the sector by making a collaborative arrangement with a good Chinese company to bring in building materials into Lagos State and sell at moderate prices,” she suggested. Doing a critique of one year in governance by the General Buhari-led government during the Academic Staff Union of Universities (ASUU) 19th National delegate conference held in Uyo, Nassir Isa, said “Democracy in Nigeria is still superficially seen as what leaders do for the people rather than government by the people” According to Isa, “One year after, there is no positive change in the major indices of growth and development, be it poverty reduction, safety and security, diseases control or access to basic amenities and public good.” He further said that the government “appeared to have no direction in its policies, thereby causing Nigerians to be disillusioned.”

LIFE \ MEGA CITY

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

THE THE PEOPLE’S PEOPLE’S VOICE VOICE

Ambode, one year after Democracy has favoured us – Shakiru The democracy in the last one year, I think, has favoured us in Lagos than any other states in the country in terms of transportation, roads and infrastructure. They constructed many roads, supplied with other road furniture, such has street light, which has beautified the environment and brought about reduction in the number of hoodlums otherwise called ‘area boys’ on some major roads of the state. People now walk freely at night without fear of being molested or robbed. One of them is that Abule-Egba bridge on-going construction, which will bring about free flow of vehicles, thereby reducing the intensity of traffic jam on the road and its unbearable effects on the people. However, there are demolition in some places like market areas which seems unpleasant to some people. But the truth is no matter how government plans to execute a beneficial project it will affect some people negatively. But it is all for the good of the

people. An example is that of Oshodi that is full of notorious gangs before but now. There is a reduction and there is sanity. But government should however do more and consider the welfare of the people while executing their projects, and give more amenities for better development of the people. Dosunmu Shakiru –Business Man

Little development so far – Adedapo For the one year administration , nothing precisely has been felt in the state than the corruption being tackled at the federal level and its unpleasant effects, making things hard for the people and that is also seriously affecting Lagos as one of the states under this federation . Although, there have been little development in some areas, the government needs to do more about the state of security , high rate of traffic and social amenities in the state, so as to breed more development and sufficiency for the increasing population of people in the state . Adebiyi Adedapo –Publisher/Author

‘I pray for positive change’ I have not seen anything that this current administration has achieved so far. Democracy is a good form of government for this nation because it is through democracy that we elect the right person. But I am tired of this democracy because we elect our leaders and still they don’t carry out what they promised us. This present administration has affected us adversely because we are going through hell in order to feed ourselves. But I pray for things to be normal once again. Lagos State Government knows what we want because they were once like us; I believe that they are willing to do them. But the situation of Nigeria is not friendly. Our governments are trying to fix things and things will be very difficult in the process of fixing them. We have to endure a difficult time in order to enjoy a better future. I want our government to improve our electricity and also curb the problem of fuel scarcity in Lagos State and Nigeria at large. Mariam Oseni – Hair stylist

Adewale: Better days are ahead I am yet to see any impact of the present administration. There are different changes that we have seen but they are all negative. Democracy is the best form of government for this nation; the only problem is that those we elect prefer to satisfy themselves instead of the people. I believe everything will soon be better in this nation and everything that will be great in this world will go through some difficult times. So, these days are the difficult times that will have to endure for the better days ahead of us. The government should hearken unto the voice of the masses; they should provide constant power supply and invest more on education. Arowojolu Adewale - Barber

Gabriel: I’ve not felt the impact of democracy I have not seen or felt what this present administration has done. I have not felt the impact of democracy in Nigeria because during election, candidates contesting for various governmental position promised heaven and earth. But when they get there, they tend to forget all the promises they made and only please themselves. The regime of this present administration has not affected me because I am an artisan. I get paid for the works of my hand. I want Lagos State government to create more employment opportunities.” Gift Gabriel – carpenter

‘Government needs to fulfil promises’ Our governments have tried their best but I believe they can still do better. Democratic form of government is good but we can’t feel the impact of democracy because those that we elected don’t carry out their manifesto. Only 40 per cent of our representatives fulfil their promises. This regime has affected me in the sense that Lagos State Government gives contract to the construction company I work with, but they don’t pay them and when they are not paid, our wages are affected too. It is only God that can promise and fulfil it all. We, human beings, cannot please ourselves but we can only try our best. All we need to do is just to pray to God to help us direct our government to fulfil their promises. Lagos State Government should reconstruct all the roads that are not good. Abdulazeez Adeyemi –building and Construction Engineer

Shobande: More employment opportunities needed I have not seen anything that our government has done so far because essential commodities that are very common and necessary are very expensive and all these things have affected the price of goods. Democracy is good because we get to elect our representatives. Our governments know what we, the masses want, but

they have gone there to please themselves instead of doing the wishes of the people. Lagos State Government needs to create more employment opportunities, provide constant power supply and all required social amenities. Jummy Shobande – Hairdresser

We need more electricity – Festus With my experiences daily, the masses are really suffering due to lack of food, unemployment and lack of constant electricity supply which really affects people’s businesses and made things hard in the last one year. There also seem to be much discrimination in Lagos between the rich and the poor, when you compare the development on the island to the mainland. The only significant thing I can see is road constructions in some parts of the state. I want the government to really do more to improve the well-being of the people and ensure due payment of workers salary. There is more to do on electricity which serves vital purposes in peoples’ businesses that will go a long way in alleviating poverty in the state and reduce crime rate in our environment. Mr. Owoyinka Festus -–Artisan

‘Nothing significant so far’ The administration in the last one year has not been fair at all. Things generally have not just been like it used to be or ought to be since the take over from last administration. When you consider the steady increase in the price of foodstuffs we buy now compared to a year back, it is really not fair. Nothing has really been done to improve the situation of things in terms of electricity, transportation, etc. The change promised is the other way round because I have seen nothing significant so far. All I wish is for them to just leave at the end of their tenure and let real good hands come in and give us the real change the people are anticipating. What we really need is a true change. Tony Duru - Travel Consultant

LIFE \ In the city

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

Some Lagosians are still sceptical about the joy, lightning up Lagos, as being aggressively carried out by the present administration in the state could bring. EZURIKE UGOCHUKWU reports

Undone jobs in Light-Up-Lagos

walk through the streets of Lagos would give a shock to a solicitous mind, the way and manner that chamber in every street light pole called ‘maintenance chamber’ is always left open. From Yaba to Oshodi, Egbe to Iyana-ipaja, Agege to Agidingbi, Apapa to Marina and to Victoria Island, the story is the same. It’s a usual sight to see the covers to those chambers, constructed with iron and tightened with a bolt to be conspicuously missing from the poles. However, some Lagosians have expressed concerns over the manner the cables are laid in some areas within the state. They complained that the electrical cables of these poles are not deeply buried. The depth, they believed, so exposes the cables that if any smallest movement of flood or legs move across the area, it would be unearthed, thereby endangering lives of residents. At the same time, a look at some of the poles showed that the concrete forming the base were not properly built. At the Yaba area of the state, Monica Efe, a resident, narrated to our reporter that if not for the sheer grace of God on a particular day, during the evening rush hours, she would have been killed. She was trying to cross to the other side of the road. At the road median, in an effort to struggle her way through the crowd, she fell towards one of the poles. As she tried to grip and lean on the pole, she was almost thrown away by the shock of the naked electrical wire and she nearly fell into an oncoming vehicle. It was the timely intervention of passersby that saved Efe. They all saw that it was the life wire that was in the open maintenance chamber of the pole she had held to help her gain balance that had shocked her. Mr. Akinwunmi Michael, an electrical technician and a retired staff of the state Electrical Board, expressed worries and wondered why a qualified technician would deliberately keep the chamber open, knowing full well the risk inherent in that. “There is no reason a technician should leave the chamber open after working in it because people could get electrocuted on account of that. Unless there are people that deliberately steal them. Their supervisors are the ones that ought to be held responsible. They move in two or more. These are life endangering objects,” he said. He also frowned over the manner most of the armoured cable that energize the lights are often buried and wondered why some technicians would allow such

A technician on the pole, trying to improve electricity supply in Lagos

cables not to be properly buried at the approved standard. “If there are people that really bury these cables below the approved standard, which is 18 inches unless on special occasions, the government and the masses should increase their vigilance to identify such contractors that do such shabby jobs. The cables are strong. That is why they are called armoured cables. They could endanger lives and property as well as wasting resources that could have been used for other important things in the state if not properly laid” Engineer Jonathan Wusa blamed the supervisors of such projects that are done poorly, especially life endangering projects like electricity. “I wonder if the people who keep the cable chambers open really understood the import of what they Illuminated Mile 12, Ikorodu Road did. They forgot water is an electric conductor, and that accounts to why these things need to be properly covered. We play with our lives in this country a lot. Now Lagos State is planning to generate their own electricity. If that comes to place and the poles begin to have constant power, no doubt, we will be recording constant complaints of electrocution as a result of those careless openings. Our government should raise awareness on the dangers inherent in those maintenance chambers that are always open. They should be proactive.” We play with To another Lagos resident, Fesour lives in tus Precious, who indicated that it’s as a result of forgetfulness on this country the part of technicians, who often a lot work on the poles that cause them to be open and local authorities that often neglect infrastructure within their domain in waiting for “appropriate government authority” to come ratify the problem. “What we experience in this streetlight poles is equivalent to what we often hear of how doctors forget operational materials inside patients’ body. Technicians may be the ones that misplace those covers. But one thing they forget also is that

people may mistakenly put their wet hands which would be highly sensitive to electricity into the chamber. As we have Community Development Centres, they should be made to monitor some of these things and follow it up to the appropriate authorities as quickly as possible.” Expressing fears of open maintenance chambers and improper erection of the poles, Mr Sunday Ajose, stated that the maintenance chambers in some places appear to be where some criminals hide some stolen items as phones, and possibly gun. He narrated: “A security man in the Oshodi area of Lagos told me of how he saw a man one early morning around 5:45am trying to hide something wrapped in a black waterproof inside the manhole. The item he suspected could be hard drugs or small gun. The security man, who stayed back beyond his normal closing hour of 7am to see if an opportunity could call for him to go and verify what was put inside the chambers failed to achieve that because the man that hid it did not step any inch away from the place before he left.”

Ajose wondered what other devious purposes some other maintenance chambers in other parts of the state that are yet to experience electric current may have been rendering to criminals. He called the authorities to rise up to the occasion. The present administration of Governor Akinwunmi Ambode, has embarked on the ‘Light up Lagos Project’, aimed at lightening all parts of Lagos at nights to bring it to the status of a mega city, and a 24-hours economy state, while reducing the pains of Lagosians, who return home from their businesses at nights. The prayers of most Lagosians is that this joy should be complete by the appropriate agencies by making sure the maintenance chambers are covered and the cables are properly buried. A staff of the Lagos State Ministry of Energy, who spoke with New Telegraph anonymously maintained that before now, most of the streetlights in the state were not under the control of the state government. Recently, the Lagos State Commissioner for Energy and Mineral Resources, Mr. Wale Oluwo, at a press briefing in commemoration of the present administration’s one year in office, had stated that the Lagos State Electricity Board (LSEB) has taken over the responsibility of all street lights in Lagos. He further stated that the state government has perfected plans to engage 54 private firms, who would be saddled with the responsibility of managing the streetlights. Olowu said, “The goal of the scheme as conceptualised by the government was to improve the system of administering street lighting for ease of administration. “For instance, there were street lights controlled by Local Government, FAAN, FERMA, among others. But now, all the street lights would be under one basket. LSEB can be held accountable for uniformity and service delivery,” he said.

LIFE \ MEGA CITY

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

Awaiting government at Fadeyi Bus Stop Abiodun Olokode

The blockage order of Fadeyi pedestrian bridge

build another one because building another one would be a waste of resources and time. They should just change the plates of the bridge to aluminium plates, so that it will not rust like the current one.” The Building Officer of Somolu Local Government, S.Y.N Oduwole, said: “We have been contemplating on repairing the bridge and most especially, those that are under the jurisdiction of our Local Government. We can only repair the bridge because Local Governments cannot build a bridge over a federal road; it is the State and Federal Government that are responsible for the construction of bridges. I prepared and submitted a bill to repair the bridge because residents of that environment have been complaining but the bill was not approved and I cannot use my personal money to repair the bridge. We finally locked the bridge up for people not to injure themselves during the process of plying the bridge. We are expecting the state or Federal Government to build a concrete pedestrian bridge at that spot to replace the dilapidated one”. According to the Deputy Director, Public Affairs of Lagos State Ministry of Works and Infrastructure, Mr. Sina Thorpe, the government is aware of the current state of the pedestrian bridge. The state government is phasing out steel bridges because over time, due to weather and misuse of steel bridges, they

The bridge is not good and that is the reason it was blocked Fadeyi pedestrian bridge before it was blocked

deteriorate and they are also prone to erosion and corrosion. The state of the bridge is of more concern and to prevent pedestrians from being harmed in the quest of using the dilapidated bridge, the government cannot sit idle and do nothing. Sina said: “The plan of the government is to replace all steel bridges with concrete ones. We just concluded the construction of a concrete bridge at Mile 12, Olopomeji and Ile Epo on Abeokuta Express Way and we are currently working on the bridge at Anthony, very close to Anthony Village. Pedestrian bridges is part of the project of any new road construction and you will observe that the newly constructed Ikorodu Road, right from Owode, overhead

bridges came with the construction of the road at each intermittent intersection and that is the mission of the state government. We are currently working at four different locations and pending the time that a concrete bridge will be built at that bus stop, people should endeavour to set down at Fadeyi Bus Stop instead of setting down at Total Bus Stop in order to use the newly constructed bridge, then trek to their destination. People need to develop the culture of walking.” He added: “We are imploring and soliciting for the cooperation of people to use the concrete pedestrian bridge at Fadeyi, pending the time that a new concrete pedestrian bridge will be built at Total Bus stop.”

QUOTE

OF THE WEEK

“The government must ensure that the basic social amenities are provided and they are working. It is only in Nigerian that you pay your taxes, and you also pay for the things that the tax should take care of. You pay for security and you don’t really get it. When you go to America, you still have poor people, but their basic needs are taken care of” –Ireti Sholola, Cleric

IN NUMBERS “About N39m had been given to 248 Lagosians in need of financial assistance, as startup capital for small and medium scale businesses

MA Y

pedestrian bridge at Total Bus Stop, Fadeyi was blocked by the Lagos State Ministry of Works and Infrastructure some months ago due to its dilapidated state and most especially to prevent pedestrians from being wounded by the bridge. Before the blockage of the bridge, the base sheets of the bridge were rusted, weak and torn. The torn part of the base sheets created holes that could cause pedestrians to fall or hurt themselves. Precaution were taking by some loving communists with tires and stones placed at the spot of each hole of the bridge to prevent pedestrians from falling and hurting themselves, most especially at night when everything is dark and difficult to see. Some pedestrians would prefer to cross the road because they see plying the bridge far more dangerous than crossing the express way, while some pedestrians even see it as a suicide mission. However, crossing of the express way became a mandatory task to every individual, who wants to get to the other side of the road after the bridge was blocked and abandoned by the government. According to a Sales Representative of a shop around the vicinity, Mrs. Busayo Joseph, the state of the pedestrian bridge is not good. Before the bridge was blocked by the government, the fear of falling down was always in the people when they plied the bridge because all the irons that it was made of were rusted. She added that the bridge was blocked around last year July or August and ever since then, pedestrians have been left with no option than to cross whenever they have something important to do or get at the other side. She said:“Some months ago, a car nearly hit some set of students that were crossing the road. The government should build another bridge as fast as possible because crossing of the express way is very risky and dangerous.” A businessman, who has a shop closer to the pedestrian bridge, Mr. Babawale Ige, said: “The bridge is not good and that is the reason it was blocked by the government about nine months ago. I believe that the government is aware of the current state of the bridge. So, they should repair this one and not

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

FCT

Business What's new China, 4 others dump N379bn steel in Nigeria p.26

Nigeria losses N15bn annually to inferior imports p.26

Deregulation without visible palliatives

Money Banks grapple with slothful economy, exchange rate volatility

27 28

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

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

EXCHANGE RATE

(BDC as at May 20)

(Interbank as at May 20)

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

l Foreign Reserves – $26.587bn as at 20/5/2016

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

Source: CBN

L-R: Executive Director, Personal Banking, Access Bank Plc, Victor Etuokwu; Chief Executive Officer, IHVN, Dr Patrick Dakum; Chief Executive Officer, Dangote Foundation, Zouera Youssoufou; Chairman, Institute of Human Virology, Nigeria (IHVN), Professor Emeritus Umaru Shehu and Group Managing Director/CEO, Access Bank Plc, Herbert Wigwe, at a press conference on the proposed N5 billion fund raising for the International Research Center of Excellence by IHVN in Lagos. PHOTO: SULEIMAN HUSAINI

Deregulation: Oil and Gas stocks gain N19bn OPTIMISTIC The Business Desk Ayodele Aminu

Deputy Editor (Business)

Bayo Akomolafe

Asst. Editor (Maritime)

Subsidy removal will provide stronger incentive for private investment in refining and distribution

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

Chris Ugwu

hareholders in oil and gas companies quoted on the Nigerian Stock Exchange (NSE) recorded a gain of about N19.186 billion in eight trading days (between May 12 and 20, 2016) following the recent deregulation of the downstream sector of the country’s oil sector by the Federal Government. Investors in major oil firms quoted on the local bourse had, from Thursday May 12, continued to react positively to Federal Government’s removal of subsidy and increase in petroleum price from N86.50 to N145 per litre. Investigation by New Telegraph showed that the oil and gas subsector recorded a gain of N19.186 billion or 4.68 per cent to close at

N429.104 billion in market capitalisation on May 20, 2016. This is against the closing figure of N409.918 billion at the end of trading on May 11. Foreign and local investors have renewed interest in the oil and gas stocks, which was unprecedented, especially on shares of petroleum and petroleum products distributors such as Mobil Oil, Total Nigeria and MRS Nigeria, Oando and Conoil, among others, on the official list of NSE. Before the recent action by government, the sub-sector had witnessed persistent sell pressure, as the price of crude dropped into a bear market and on concern that measures the Central Bank of Nigeria (CBN) put in place to stem capital outflows would hinder their ability to sell holdings in Africa’s top oil producer. Chief Operating Officer, InvestData Limited, Mr Ambrose Omordion, attributed the growth in the local bourse in the past eight days to positive sentiments posted by oil and gas sector stocks due to hike in petrol price. Omordion explained that many of the companies in that sector were

N2.4 trillion Being the total loss recorded in the Nigerian Stock Exchange (NSE) in the last 12 months

into distribution and marketing of petroleum products, stressing that investors’ expectation is that they would make higher margins. He said: “It is positive news for both oil and banking sector, because fuel importers will be able to cover more margins and repay their outstanding debt to banks.” Reacting to this development, analysts at ARM Securities Limited said that the deregulation of downstream sector would provide stronger incentive for private investment in refining and distribution infrastructure. “Under this competitive environment, players with scale advantages, good logistics network and crucially greater access to capital and FX like Total Nigeria are Mobil Oil Nigeria are our favoured picks among listed petroleum marketers,” the analysts noted. Also, experts at Vetiva Research noted that an average Foreign Exchange (FX) demand for fuel imports account for about 30 per cent of weekly sales at the interbank market. They said: “Our sense is that due CONTINUED ON PAGE 26

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

BUSINESS |news

China, 4 others dump N379bn steel in Nigeria DISCOMFITURE Nigeria spends about $4.5 billion on importation of basic metals annually

Bayo Akomolafe

ive countries - China, Ukraine, Japan South Africa and India - have exported steel valued at N327 billion ($1.63billion) to Nigeria in the last two years, as Ajaokuta Steel Plant is yet to take off, 38 years after it was established. The plant design of the local steel plant, was based on the blast furnace route to iron production, with initial capacity of 1.3 million tons of liquid steel per annum with built-in capacity for future expansion to 2.5 million tons per annum in the first phase. It was learnt that Nigeria has over three billion tons of proven Iron ore deposit wasting away. According to World Steel

Association (WSA)’s statistics, between 2014 and 2015, China exported some steel products valued at $543.2 million; Ukraine, $389.7 million; Japan, $340.8 million; South Africa, $182.5 million and India, $179 .2 million. Nigeria spends about $4.5 billion on importation of basic metals, made up of processed steel, aluminum products and associated derivatives annually around the world. The Steel Statistical Year Book 2015 revealed that Nigeria imported 1.57 million tons finished, semi-finished and finished steel products, 1.06million tons flat steel products,

447,000 tons of long products and 1.5million tons of production of hot rolled long products. The Minister of Solid Minerals Development, Dr. Kayode Fayemi, had recently said that the country steel imports had reached 25 million tons per annum. Already, there is glut in global steel production, as capacity utilisation dropped below 50 per cent due to low demand. Coordinator, Steel Manufacturers Association of Nigeria (SMAN), Prince Felix Oba Okogie, said that there was low demand for locally produced steel in the Nigerian market.

Meanwhile, China had resolved to flood United States, Nigeria, Ghana and other global market with cheaper steel, as its crude steel production for April 2016 hits 69.4 million metric ton, an increase of 0.5 per cent compared to April 2015. However, the United States had raised its import duties on Chinese steelmakers by over five folds after accusing them of selling their products below market prices. The taxes of 522 per cent were specifically applied to Chinese-made cold-rolled flat steel, which was used in car manufacturing, shipping con-

L-R: Group Managing Director - Designate, UBA Plc, Kennedy Uzoka; Group Chief Executive Officer, United Capital Plc, Oluwatoyin Sanni, and Managing Director, NBET, Rumundaka Wonodi, after the signing ceremony of the N50.59 billion Bank guarantee to electricity generation companies on behalf of the Nigerian Bulk Electricity Trading (NBET) Plc... in Lagos.

Oil and Gas stocks gain N19bn CONTINUED FROM PAGE 25

to shortage of USD receipts, the Central Bank of Nigeria (CBN) (through commercial banks) may no longer be willing to continue fully funding fuel imports via the official window. The question we now ask is ‘can autonomous sources sufficiently meet the significant FX demand for fuel imports’? “We are aware of the arrangement between majors and related upstream companies, but anticipate that as other independents enter the market, the currency could come under pressure outside of the official window and expect the premium between both markets to further widen – we liken this to a pseudodevaluation or possibly, the takeoff of a formal two-tier FX market. “In our view, if FX availability had been the major hindrance in fuel importation up until this point, without a requisite adjustment in the current FX framework, it is unclear how this new structure will sufficiently eliminate fuel queues at retail stations across the country. Based on this, we expect the CBN to roll out new FX guidelines soon. “For years, downstream majors had lobbied for the deregulation of the sector in a bid to rid themselves of huge subsidy receivables that had stifled profitability;” they explained. The experts noted that the liberalisation of the sector would allow oil majors leverage economies of scale to dominate the fuel import market.

tainers and construction. Meanwhile, Ukrainian Ambassador to Nigeria, Valeriy Aleksandruk, had said that his country was ready to invest $1 billion into Ajaokuta Steel Company in order to revive the plant. The envoy disclosed this when he paid a courtesy call on the acting Director General of the Bureau of public Enterprises (BPE), Mr Vincent Akpotaire. Aleksandruk said that a Ukrainian company that built the plant - Tiajpromexport (TPE), had presented a proposal to the Federal Government to that effect.

Nigeria losses N15bn annually to inferior imports STANDARDISATION Over 80 per cent of imported goods in Nigerian markets are substandard Taiwo Hassan

he Federal Government loses about N15 billion annually to fake and substandard products in the country, the organised private sector (OPS) has said. President of the Abuja Chamber of Commerce and Industry (ACCI), Tony Ejinkeonye, in a chat with New Telegraph, said that the high rate of substandard goods in the country was killing the growth and development of local industries. He said over 80 per cent of inferior goods were in Nigerian markets as against 20 per cent of substandard imported

goods found in other developed economies. The ACCI boss said that the high rate of substandard goods in the country was killing the growth and development of local industries. Ejinkeonye said that the small and medium scale enterprises (SMEs) were more affected as they suffered massive losses due to the influx of bad products into the country. He lamented that the influx of inferior goods was affecting the growth and development of the local industries. Ejinkeonye said: “Nigerian economy and local industries have been suffering due to the rise of substandard goods in the Nigerian market, 80 per cent of products imported into Nigeria are substandard, this has led to the Nigerian market having over 80 per cent of inferior goods as against 20 per cent, which is obtainable in other developed countries. “In our local industries, most genuine business enter-

prises put in efforts and strive to make quality products with standards, but at the end of the day, consumers prefer to purchase substandard goods at a cheaper rate, rather than going for the standard ones due to high cost of production and certification of the goods. Consequently, the genuine industries with standard goods cannot sell. This has affected their growth and has also translated to loss of jobs and reduction in tax paid to government.” He noted that the nation’s SMEs sector, accounts for over 90 per cent of the Nigerian manufacturing sector and currently has 22 million operators operating in the sector. Ejinkeonye explained that the SMEs had been known as the engine of growth of every economy, adding that SMEs had been an avenue to alleviate poverty, create wealth and food security in the country. The ACCI president stressed that many local businesses had gone into extinction due

to their inability to sell their products, adding that this was the bane of development of the SMEs sector. He said that Nigeria is now in the era of diversification of her economy as a result of dwindling of oil prices at the international market. Ejinkeonye noted that small businesses were established daily and most of the enterprises were more interested in selling of their goods and making quick profits than producing standard goods. He said: “Fake products kill our local industries by reducing the trust of consumers in local products. This is because most consumers already have the mindset that whatever product made in Nigeria is substandard, so they prefer to buy foreign goods.” The president said that most of the local industries had resorted to moving out of the country to where their products could compete with other products.

WEDNESDAY, may 25, 2016 NEW TELEGRAPH

fct business watch Buhari:

One year after

Deregulation without visible palliatives With Nigeria’s economy racing towards recession and most of her citizens enduring hardship, many see the recent adjustment in fuel pump price by government with no palliative, as ill timed. Abdulwahab Isa reports Fuel price hike The recent upward adjustment of fuel pump price from N86.50 per liter to N145 was President Muhammadu Buhari’s final prescription in the medications open to his administration to save the nation’s economic health, which is almost on life support. A member of oil exporting nations such as Saudi Arabia, Kuwait, Iraq and others, Nigeria lags behind in terms of infrastructure and social development when benchmarked with other oil producing nations. While other oil exporting nations such as Saudi Arabia and Kuwait channelled their God-given natural endowment to improve the living conditions of their citizens, Nigerian leaders neglected infrastructure at the height of oil price boom. The basic economic sense of saving in era of surplus and using proceeds so saved to diversify the economy to other lucrative sectors such as agriculture, mining and the likes, perished in the minds of handlers of the Nigerian economy. But the economic tide has changed. The party is over. The oil boom not only ceased, it has gone burst. The nation and its citizens are confronted with harsh reality of failure to plan for the future. The oil subsidy, a social mechanism hitherto put in place by government to cushion the spiral cost of refined fuel on Nigerians, is said to be draining over N1 trillion annually from government coffers, an amount the authority say has become unsustainable, given the dwindling income from oil sales and the nation’s dwindling foreign reserves. The development set the stage for adoption and reviews of existing policies. Sliding into recession Years of resources squandering by successive governments have landed the citizens in economic quagmire. The purchasing power of average Nigerian has been eroded. Cost of living has doubled, as prices of essential consumables have skyrocketed, while prices of other services are no longer within reach of the majority. The Nigerian economy is already on the cliff of recession going by latest Gross Domestic Product (GDP) data first quarter 2016 issued last week by National Bureau of Statistics (NBS). According to Statistics Office, the nation’s GDP, which measures the output of an economy, contracted by 0.36 per cent from a year

NNPC MD, Dr. Ibe Kachikwu

Udo Udoma, Minister of Budget and National Planning

earlier. The dip in the first quarter of 2016 was recorded in the manufacturing, financial, real estate, oil and gas output. This compares with a GDP growth rate of 2.11 per cent recorded in the last quarter of 2015. The last time Nigeria recorded such a negative growth rate in GDP was in 1995 when her GDP grew by -0.3 per cent, according to World Bank statistics. Lay-offs The labour market is stretched and saturated with massive layoffs. The recent hike in fuel pump price has been described by many as an action ill-timed that demonstrated government’s insensitivity to poor living condition of most Nigerians. Experts have predicted more job losses as a consequence of the current galloping inflation in the country, which had climbed to 13.7 per cent by last month (April) NBS, in an inflation data, reported a surging increase in prices of variables such as electricity rates, kerosene prices, the impact of higher petrol prices and vehicle spare parts as largest contributors. “These items, as well as other imported items, continued to have ripple effects across many divisions that contribute to the core. The Index increased by 13.4 per cent in March, roughly 1.2 per cent points from rates recorded in March,” NBS said in the statement. Reacting to higher inflationary pressure confronting the economy when he featured as guest on TVC programme last week, Chairman, Africa Centre for Business Development, Mazi Sam Ohuabunwa, noted that the rise in inflation had started in the last six months, as consequence of rise in fuel pump price and reduction in the national income. Though he supported the government’s move towards liberalising the downstream oil sector, he said it ought to have come before now. No palliatives on ground To underscore the precarious situation of the Nigerian economy, the federal government announced last week that the nation is broke and may find it difficult carrying on with the basic obligations if it continued with old ways.

To say Nigerians are currently suffocating from the heat of economic hardship is an understatement

The Minister of Information and Culture, Alhaji Lai Mohammed, at the last Federal Executive Council (FEC) meeting, disclosed that government was broke and unable to carry on. He stated this in Abuja while explaining the decision of the federal government to increase the pump price of fuel, adding that the policy was not aimed at removing subsidy but to free funds to help the government meet its other financial obligations. Mohammed said: “The current problem is not really about subsidy removal. It is that Nigeria is broke. Pure and simple.” Nigeria is “like somebody who has been earning N100,000 a month and he is faced with a situation where his employer says henceforth you will be earning N10,000 a month. “He would need to make some very painful decisions and some very painful adjustments. That is the situation with Nigeria today. A few months ago, we were earning as much as $100 for every barrel of crude. In the months of February and March, we were short; we no longer have the resources and the foreign exchange to bring in refined fuel products. And our economy is shrinking. “We appreciate the fact that the decision is going to affect everybody. We appreciate what we are going through, but Nigerians should also know that the government has the responsibility at times to take very difficult decisions. So, it is not always about popularity.” However, amidst the partial shutdown of activities by a faction of organised labour protesting hike in fuel pump price, federal government announced setting up of 15man panel on palliatives even as the organised labour called off its strike last Sunday. The latter said it was open to discussions. The constituted 15-man technical committee headed the Minister of Labour and Employment, Senator Chris Ngige, is to consider suggestions and contribution from relevant parties on the N500 billion social investments in the 2016 budget as palliatives to cushion the effect of the petrol price increase. The setting up of the committee was part of the agreement reached

between the government, the Trade Union Congress (TUC) and the Joe Ajaero-led faction of the Nigeria Labour Congress (NLC). A statement by the Deputy Director in the Ministry of Labour and Employment, Samuel Olowookere, said the trade unions would provide seven members of the committee with TUC and the Ayuba Wabba-led NLC providing five members. The Ajaero-led faction will provide two members. Government’s representatives on the committee are minister of state for petroleum resources, minister of budget and national planning, minister of finance, minister of solid minerals, chairman, national salaries, income and wages commission, representative of Office of the Head of service of the Federation and the Office of the Secretary to the Government of the Federation. The statement said: “Based on the above efforts by all concerned parties, all industrial actions by members of the NLC and TUC shall be stayed in order to provide a conducive industrial relations atmosphere for the effective and efficient implementation of the Federal Government’s policies to realise the targeted goals and objectives.” Experts’ perspectives Former Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Obadiah Mailafia, said the authority should have done a lot of thinking before hiking oil pump price, especially given that Nigerians are already soaked up in poverty. As a way out, he said the Federal Government need to review minimum wage and also accelerate action on mass transits for workers to cushion the current hardship being encountered. Besides, he said that government should implement the social cash transfer, but also had his reservation. He said: “But I’m a bit worried about its successful implementation without being hijacked. Also, the school feeding programme is another way of mitigating economic hardship. The Brazil experience is very useful here. The Brazilian government, using the school feeding programme, succeed in taken over 20 million back to school. “But I will advise that those handling it must be very vigilant so that children from neighbouring countries such as Chad and Benin republic will not infiltrate and disguise as Nigerian child.” Also speaking, an Abuja-based chartered accountant, Momoh Jimoh Onimisi, noted that every single item has added extra cost as a result of hike in fuel price. He advised government to quickly roll out its palliatives to placate the suffering of masses. Conclusion To say Nigerians are currently suffocating from the heat of economic hardship is an understatement. It, however, behooves on government to faithfully implement the 2016 budget and deliver on the palliatives it promised as a way cushioning the effects of hike in the price of fuel.

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

BUSINESS |MONEY

arely 48 hours after the Independent National Electoral Commission (INEC) on April 1, last year, declared the candidate of the All Progressives Congress (APC), Muhammadu Buhari, as the winner of the 2015 presidential election, the naira, which had fallen to a record high of N228 against the dollar on the parallel market before the election, strengthened to N210 to the greenback. Analysts attributed the local currency’s appreciation to the peaceful outcome of the presidential election and the widespread perception that the hard stance of Buhari against corruption and economic leakages would boost investor confidence in the economy. As a currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, put it, “the market has been trading around sentiments and emotions, this is why the naira is appreciating; nothing has really changed in the fundamentals. There was high demand for the dollar before the election because some people predicted post-election violence. Now, the game is over and there is no violence. So, the demand for the greenback is abating. “The market is also trading around the sentiment that Buhari will fight corruption, strengthen institutions and eliminate wastages. But after his inauguration, the market will trade around the fundamentals like the oil price, external reserves and others.” Indeed, after Buhari’s inauguration on May 29, the naira resumed its downward slide against the dollar on the parallel market. Even though it remained stable at between N199 and N199.50 on the official market, the local currency currently trades at N346 to the dollar on the parallel market. Restriction of 41 items Analysts said the development was as a result of the Central Bank of Nigeria (CBN)’s refusal to heed international investors’ calls to devalue naira despite the persistent slide in oil prices and its attendant impact on the country’s foreign reserves. In fact, instead of devaluing naira, the apex bank, in June last year, introduced more restrictions, banning importers of rice, cement and 38 other products from purchasing dollars from the foreign exchange market. It also stopped Nigerians from using hard currency from the interbank market to buy Eurobonds and foreign shares. Furthermore, the CBN, a few months later, banned banks from accepting dollar cash deposits. Banks seek naira devaluation Worried by the impact of the restrictions on the economy, the Managing Director and Chief Executive Officer, First Bank of Nigeria Limited, at the time, Mr. Bisi Onasanya, had to urge the CBN to devalue the naira. Onasanya told a conference in Lagos, last June, that the regulator needed to let the naira devalue as the foreign-exchange trading restrictions used to keep the currency stable were starting to harm growth in the economy. He said: “People just don’t believe the central bank has what it takes to sustain the exchange rate at the present level. The market needs to reopen. You cannot peg the naira at a level that the whole world knows is unrealistic.

Buhari:

One year after

Banks grapple with slothful economy, exchange rate volatility Although banks were already contending with the key challenges of forex restrictions and the impact of the oil slump before President Muhammadu Buhari assumed power, the tough times in the industry seem to have intensified in his first year in office. TONY CHUKWUNYEM writes acts perpetrated by some CBN Directors. The president disclosed that he discovered that some CBN directors used BDCs that they own to short-change government. “We found out that some directors of CBN owned BDCs and when foreign exchange comes, they take it to their bureau de change and give government the change,” he said.

CBN Governor, Godwin Emefiele

MD/CEO, UBA, Philip Oduoza

“We are in a situation where Nigerian banks are shopping for foreign-exchange in the international market. We need to bite the bullet and move on, or there will be repercussions over the long term.” Cabinet delay However, expectations in some quarters that the appointment of a Finance Minister, coupled with the unveiling of its economic policy by government could push the CBN to review its forex policy, were not realised, as it took President Buhari over six months to constitute his cabinet. Besides, his eventual nominee to head the Finance Ministry, Mrs. Kemi Adeosun, told lawmakers during her screening, that currency devaluation on its own won’t solve the nation’s economic problems and that she supports the CBN’s foreign-exchange restrictions. Interestingly, reacting to Adeosun’s comments, the Chief Economist for Africa at Standard Chartered Plc in London, Razia Khan, said: “For many investors in Nigeria, the key consideration is what is done in terms of FX policy. Adeosun’s seeming endorsement of the current FX policy choices during her Senate testimony will disappoint investors who had been hoping for more rapid liberalisation of Nigeria’s FX market.” CBN stops dollar sales to BDCs Although, the CBN ignored calls to review its forex policy, last January, it announced the stoppage of its weekly sale of foreign exchange to Bureaux De Change (BDC). It said that the move became necessary because the BDCs had become “a conduit for illicit

trade and financial flows” and were contributing to the naira’s weakness on the parallel market. The regulator also lifted the restriction it placed on commercial banks from accepting cash deposits of foreign exchange from their customers.

We are in a situation where Nigerian banks are shopping for foreignexchange in the international market

Buhari’s anti devaluation stance Significantly, the CBN has received crucial support for its forex policy, from President Buhari, who, on several occasions during the past year, reiterated his opposition to the devaluation of the naira. For instance, during his visit to Kenya last January, Buhari maintained that while export-driven economies could benefit from devaluation of their currencies, devaluation will only result in further inflation and hardship for the poor and middle classes in Nigeria’s import-dependent economy. Likening devaluing the naira to having it “killed,” President Buhari said that proponents of devaluation would have to work much harder to convince him that ordinary Nigerians will gain anything from it. The president also took sides with the CBN over the regulator’s row with BDCs. He was reported as saying that the BDC business had become a scam and a drain on the economy. He alleged that some banks and government officials used surrogates to run the BDCs and prosper at public expense by obtaining foreign exchange from government at official rates and selling it at much higher rates. Similarly, at another gathering in London earlier this year, President Buhari attributed the stoppage of dollar sales by the CBN to BDC operators to fraudulent

Fitch report The forex measures coupled with the impact of the oil slump, led several rating agencies to predict a tough year for the banking industry. In a report issued last year, for instance, Fitch Rating warned that Nigerian banks were heading into financial and operational storms because of what it said were the increasingly difficult conditions under which they are operating. It made it clear that the difficult times are likely to result in a sharp deterioration in profitability, asset quality, liquidity and capital ratios. The agency’s Director, Financial Institutions, Mahin Dissanayake, pointed out that Nigerian banks were highly exposed to the domestic market and that the economic slowdown would affect their performance. The report noted: “We said the sector outlook was negative in December. GDP figures for 2Q15 show weaker year-on-year growth of 2.4 per cent, down from four per cent in the previous quarter, the slowest quarterly growth rate for over 10 years. The volatile operating environment is highly important in determining ratings for all Fitch-rated Nigerian banks, keeping their Viability Ratings low, in the highly speculative ‘b’ category. “Regulatory capital adequacy ratios are likely to fall further due to lower earnings, weaker asset quality and a limited ability to raise capital. Tier 1 capital ratios could fall below 15 per cent for many banks. Layoffs In fact, the tough times had forced several banks to lay off staff this year. For instance, First City Monument Bank (FCMB) last January confirmed reports that it had let go some of its employees. A few weeks later, Ecobank Nigeria also confirmed that it too had sacked staff that failed to measure up to standards. Analysts believe that more banks are likely to reduce their staff strength in the coming months as part of efforts to cut cost. Below par financial performance Perhaps, nothing best illustrates the tough times that the industry is going through than CONTINUED ON PAGE 29

BUSINESS |MONEY

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

126 MFBs have ‘high’ risk ratings, says CBN JEOPARDY Shareholders’ funds declined to N95.36 billion Stories by Tony Chukwunyem

n examination of 406 microfinance banks (MFBs) carried out by the Central Bank of Nigeria (CBN) last year found that 126 of the banks had “high” composite risk ratings.

The apex bank disclosed this in its recently released Financial Stability Report (FSR) for December 2015. According to the report, “during the review period, 406 microfinance banks (MFBs) were examined. The exercise comprised Risk Based Supervision (RBS) examination of 236 MFBs, spot checks on five others that applied for voluntary winding up, existence checks on 30 institutions that defaulted in rendering returns consecutively over a period of six months and target examination for capital verification of 135 MFBs earlier

issued regulatory directive to beef up their capital bases. Results of the examinations revealed that 27, 83 and 126 MFBs had ‘moderate,’ ‘above average’ and ‘high’ composite risk ratings, respectively.” The report further stated that MFBs’ total assets increased to N361.04 billion at end-December 2015, from N356.03 billion at end-June 2015, reflecting an increase of 1.41 per cent. In addition, the sub-sector’s paid-up capital rose by 2.73 per cent to N84.18 billion from N81.94 billion at endJune 2015, while sharehold-

ers’ funds decreased by 1.72 per cent to N95.36 billion at end-December 2015, from N97.03 billion, at end-June 2015. The banking watchdog attributed the decrease in shareholders’ funds to increased loan loss provisioning and high operating costs. Similarly, the study stated that MFBs’ total deposit liabilities increased by N0.88 billion from N159.40 billion at end-June 2015 to N160.81 billion at end-December 2015. Also, net loans and advances decreased by N10.27 billion to N167.85 billion at L-R: Member, Lagos Business School (LBS) Management Board, Chris Ogbechie; Chief Executive Officer, Financial Derivatives Limited, Bismarck Rewane; Dean, LBS, Erase Okonedo and Chairperson, Association of African Business School (AABS), Edward Mungai, at the AABS annual conference dinner in Lagos.

Fraud: Tanzanian official sues Standard Bank

ne of the people blamed for the fraud that led to nearly $33 million in fines on Standard Bank’s UK unit - levied as part of a Deferred Prosecution Agreement (DPA) with that country’s Serious Fraud Office (SFO) - is suing the bank, according to a report by a South African newspaper. She is claiming the DPA was essentially founded on untrue submissions. The office said last week that Standard Bank had made a $7million payment to the Tanzanian government as part of the agreement. Shose Sinare, Stanbic Tanzania’s former head of investment banking, is suing Stanbic Tanzania and Standard Bank plc for $30 milion in damages arising from the DPA, which was reached after Standard Bank self-disclosed bribes paid to Tanzanian government officials to secure a $600 million deal to structure an international bond for the country in 2012. Sinare has been charged and remanded in custody by Tanzanian law enforcement officials for her role in bribing officials, according to an SFO spokesman. But her allegations have prompted Zitto Kabwe, a Tanzanian opposition MP and former chairman of its parliamentary public accounts committee, to write to the British

high commissioner in the country to request a reopening of the SFO’s investigation into Standard Bank plc. The published DPA shows Stanbic Tanzania had quoted a fee of 2.4 per cent of the proceeds of the bond issue, with 1 per cent ultimately channelled to the officials through a “local partner” called Enterprise Growth Market Advisors (Egma) in 2013. In her papers filed in a Tanzanian court, Sinare claims Standard Bank knew about the bribes and these were made with the blessing of the London office. “Stanbic Bank signed a collaboration agreement with Egma concerning the fees, which was fixed at 1per cent of the overall proceeds,” she said. She claimed she could provide documentary proof of her allegations.

end-December 2015, compared with N159.40 billion at end-June 2015, while shareholders’ funds, decreased by N1.72 billion to N95.36 billion, at end-December 2015, compared with N97.03 billion at end-June 2015. Meanwhile, the CBN has reiterated that the peer review sessions for MFBs, which it started last year would hold yearly with enhanced methodology, increased scope and active network among microfinance practitioners. According to the CBN, the peer review session, which it organised in collaboration with the International Fund for Agricultural Development (IFAD) and Rural Finance Institutions Building Programme (RUFIN), for MFBs mentored by RUFIN, was aimed at enhancing the stability of the microfinance sector. It further stated that the session was also aimed at benchmarking MFBs and developing a network for operators. The CBN stated: “The forum afforded operators ample exposure to share experiences with their peers and avail them the opportunity to learn from each other, and thereby mitigate the risk of failure likely to arise from making the mistakes of others and encourage replication of success.”

How Islamic Finance can boost SDGs, by experts

panel of heads of regulatory authorities and other industry operators has outlined ways in which Islamic finance could play a role towards achieving the Sustainable Development Goals (SDGs). They spoke during the 11th Islamic Development Bank (IDB) Global Forum on Islamic Finance, jointly organised by the Islamic Research and Training Institute (IRTI) and Bank Indonesia as part of side events of the 41st Annual Meeting of the Islamic Development Bank Group. The confab was held with the theme: “Role of Islamic Finance in Achieving the SDGs.” In a keynote address, Indonesian Finance Minister, Dr. Bambang Permadi Brodjonegoro, said if well harnessed, the various aspects of Islamic finance could help achieve several SDGs targets, includ-

ing poverty reduction, financial inclusion, and reducing inequality. The minister explained that Islamic social finance instruments of zakah, awqaf and microfinance perform the socio-religious role of curbing poverty as well as the role of creating economic activity. Sukuk, on the other hand, he added, could support building of infrastructures that will improve people’s living conditions. In his opening remarks, IDB President, Dr. Ahmad Ali, commended IRTI and Bank Indonesia for organising the forum, saying Islamic finance has a crucial role to play in achieving the SDGs targets of curbing poverty and fostering financial inclusion. A former governor of the Pakistan Central Bank, Dr. Irshat Husain, listed four areas through which Islamic finance can facilitate achieving

the SDGs. These are reducing income inequality, fostering financial inclusion, use of Sukuk for infrastructure, and ensuring financial stability. He said there is need to be conscious of the fact that Islamic finance cannot solve all the problems in the world, and therefore advised for a focus on the four listed areas for maximum impact. Dr. Husain also called for changes affecting legal and regulatory frameworks as well as product innovation in Islamic finance, to ensure Islamic finance plays a significant role in realising the SDGs in IDB member countries. Governor of the Central Bank of Gambia, Mr. Amadou Colley, in his presentation, said the roles of central banks are crucial in ensuring that Islamic finance supports the SDGs targets of poverty alleviation and financial inclusion.

CO NT INU E D F RO M PAGE 2 8

Banks grapple with economy, exchange rate

the below par 2015 full year and 2016 first quarter results released by most of the banks. Although the tier one lenders such as Guaranty Trust Bank, Zenith Bank, Access and United Bank for Africa (UBA), posted better performances than the smaller banks, the results show that the industry is really reeling from the harsh business environment.

GDP falls to 25-year low More evidence of just how tough things have been in the economy in the last one year can also be seen from the Gross Domestic Product (GDP) report for the first quarter of 2016 released by the National Bureau of Statistics (NBS) last week. According to the report, the country’s economy crashed to

a 25-year low of -0.36 per cent from 2.11 per cent in Q4 2015 and 3.96 per cent in Q1 2015. The GDP growth rate fell short of the International Monetary Fund’s (IMF) outlook, which projects that the Nigerian economy will grow by 2.3 per cent in 2016. Conclusion Clearly, the poor perfor-

mance of the economy in the first year of the Buhari’s administration has impacted banks’ performance. Financial analysts are, however, optimistic that effective implementation of the 2016 budget, coupled with a deregulation of the critical oil and gas sector, could boost the industry’s fortunes.

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

BUSINESS | Investor

Hopes by market watchers that the stock market would improve following the peaceful 2015 general elections was a mirage, as sell pressure persisted, leading to a loss of about N2.4 trillion. CHRIS UGWU writes

Buhari:

One year after

Unclear economic policy direction slows capital market on the registration process. In his words: “We have all agreed that this is the way to go. It is now left for the investors to go and register. All stakeholders are to be registered free in the first 90 days, after which a fine of N100 will be imposed.”

lthough the Nigerian Stock Exchange (NSE) entered into the 2015 election year on an unfavourable note with key measurement indicators finishing the first quarter with a loss of N760 billion, the peaceful presidential elections that saw former military ruler, Muhammadu Buhari, emerge as winner ignited excitement in the capital market community. The nation’s capital market had responded positively after elections, surging by 20 per cent between March 20 and April 13 following the euphoria and excitement that greeted the successful general elections. Despite expectations by some market analysts that the peaceful general elections and subsequent smooth hand over on May 29, 2015, to a new government would drive investors’ optimism, the expectations and excitement of those market watchers was short lived, given the bearish trends that had characterised the local bourse since the change of baton a year ago. As the nation celebrates one year of smooth hand over to the new administration on Sunday (May 29, 2016), the stock market community has continued to count their losses in investments. There have not been major activities on the part of government and regulators since the emergence of the new administration aside from the conclusion of recapitalisation of Capital Market Operators (CMOs) and the e-dividend awareness. Bearish movements Statistics available to New Telegraph showed that transactions on the Exchange for the year under review have continued to skew downward as the market, which opened the hand over year high at N11.658 trillion in market capitalisation and 34,310.37 in index at the beginning of trading on June, 1, 2015, closed last Friday, May 20, 2016, at N9.313 trillion and 27,116 index points. This means that the market recorded year-todate loss of about N2.345 trillion or 21 per cent year-to-date. The index measures the performance of the stock market and also reflects how prices of stocks have moved, which in turn determines how much investors made as gains or losses. Investors had been particularly wary of the outlook for Nigeria, Africa’s largest economy and the world’s number four oil producer due to the fact that the global benchmark oil prices have fallen more than 50 per cent, taking Nigeria’s currency with them and leaving a gaping hole in government’s revenues. Low sentiment in the market had worsened following investment apathy, which had made

Minister of Finance, Kemi Adeoshun

Gwarzo

both foreign and local investors remain on the side-lines, owing to upset in the financial market arising from drop in oil price, insecurities, and poor FY2015 and Q1, 2016 financial results released to the investment community. According to market analysts, the factors, which impacted on the market were drop in the crude oil price, delay in passage of budget, lack of clear policy direction, depressed consumer purchasing power, expected weak corporate earnings, the flight to safety by foreign investors on account of the weak naira and anticipated devaluation. 24 CMOs barred Following the recapitalisation of capital market operators (CMOs) that was concluded on September 30, 2015, activities on the stock market began the year on January 4, 2016, with regulatory hammer falling on some operators for non-compliance. The Securities and Exchange Commission (SEC) disqualified 24 CMOs for non-compliance or inability to substantiate claims of compliance by the audit firms. The lists uploaded to the SEC website after capital verification had been conducted, showed that 429 CMOs adhered to the minimum requirements, while 24 others were disqualified. The regulator said: “In exercise of the powers conferred on it by the Investment and Securities Act (ISA) 2007, the Securities and Exchange Commission hereby releases the list of Capital Market Operators that complied with new minimum capital requirement after capital verification exercise. This list was based on the consideration of the reports on capital verification and the responses received from the affected CMOs. In all, 24 CMOs were disqualified for non-compliance and/or inability to substantiate claim

of compliance based on queries raised by the audit firms. In addition, 16 new CMOs were added on the list, 10 of which were newly registered companies and six filed evidence of compliance after the release of provisional list, which were verified and accepted.”

The weak naira is affecting investors. This, coupled with rising inflation, has slowed down the market

E-dividend awareness In a bid to further enlighten investors on the e-dividend platform launched last year and to address the issue of unclaimed dividend currently pegged at about N90 billion, the SEC in the first quarter began a nationwide enlightenment programme. The Commission, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS), launched the e-dividend management system late last year to enable investors have direct access to their dividends. The Commission embarked on a campaign to sensitise members of the investing public on the edividend registration and other initiatives that had commenced as a result of implementation of the 10-year Capital Market Master Plan. The aim was to eradicate the difficulty encountered by retail investors in claiming their dividends. The campaign train, which began in Abuja in January, was taken to Lagos in February and moved to Kano in March. Speaking in Abuja to begin the nationwide campaign, the Director General, SEC, Mounir Gwarzo, described the e-dividend platform as a game changer in the market that would ensure that infractions are reduced to the barest minimum. The DG expressed satisfaction with the level of success recorded so far as a result of the on-going enlightenment campaign. He urged investors to take advantage of the services and visit their bank/registrars to be advised accordingly

Operators’ assessment Reviewing the state of the market since the emergence of new administration, some operators blamed the downturn on the state of political, economic and financial situations in the country. Managing Director/CEO of Highcap Securities Limited, Mr. David Adonri, said: “The decline of the Nigerian stock market is due to several factors. First is the increase of political risks due to infighting within the ruling party at federal level. Next is the declining price of crude oil. Others are Chinese stock market crisis, resurgence of Boka Haram, protracted energy crisis and macroeconomic liquidity squeeze”. He said that absence of clear policy direction by the present administration contributed in no small measure in depressing equities prices. He affirmed that the crumbling share prices in global markets would not have had much impact on the local bourse if “we have clear policy direction and if our economy is self-regenerative.” President, Constance Shareholders Association of Nigeria, Alhaji Shehu Mallam Mikail, noted: “In terms of economy there is nothing to write home about, everything has skyrocketed. The president travels around the world and he has not attracted considerable investment. The stock market has not witnessed any listing since he took over and the listed ones are struggling. “The delay of 2016 budget, which was recently signed also raises a serious concern over the ability of the present government to perform due to the delay and controversies that followed before it was finally assented.” The Managing Director/CEO of Capital Bancorp Plc, Mr. Aigboje Higo, said the prevailing economic situation has affected the stock market, adding that the foreign exchange market was a factor that affects the market. “The weak naira is affecting investors. This, coupled with rising inflation, has slowed down the market. We also have the insurgent situation in the country. Investors are weary of the insecurity in the country and are waiting for government to assure them of drastic measures aimed at addressing the situation.” Conclusion The Nigerian stock market is in need of a clear-cut policy direction and stability. A lot of foreign investors appear to have taken to their heels leaving only the bandwagon local investors, who also have no clue of the impact of future monetary policy on their investment position.

WEDNESDAY, may 25, 2016 NEW TELEGRAPH

maritime Buhari:

One year after

Endless promises, renewed policies The maritime industry has received the Federal Government’s attention with lots of promises and policies to make the sector a major revenue earner. But has this come to fruition? BAYO AKOMOLAFE asks

n the last one year, the Federal Government has introduced some policies that would make the maritime industry a hub in the West and Central Africa. One of such strategies is the launch of an electronic platform called Revenue Invoicing Management System (RIMS) to boost shipping and revenue in the ports. Others include the ban on rice importation through land borders, conversion of Ikorodu Lighter Terminal to export port, Cargo Tracking Note (CTN) to block revenue leakage, enforcement of minimum fitness standard for haulage trucks operating at the Western seaports, new Seafarer’s Medical Certification Documents (SMCDs) and Central Bank of Nigeria (CBN)’s directive restricting some imported goods and services. Appointments Besides, the government made some administrative changes in the industry with the appointment of Mr. Rotimi Amaechi, a former Governor of Rivers State as the Minister of Transportation, Hameed Ali, a retired colonel, was also appointed as the new Comptroller General of Nigeria Customs Service (NCS), Danladi Ibrahim as acting managing director of the National Inland Waterways Authority (NIWA), Dr. Dakuku Peterside, succeeded the former director-general of the Nigerian Maritime Administration and Safety Agency (NIMASA), Patrick Akpobolokemi, who was sacked over fraud, Alhaji Habib Abdullahi was reappointed as managing director of Nigerian Ports Authority, following the sack of Sanusi Ado Bayero. CBN policy Within the last one year, the Central Bank of Nigeria (CBN) issued a directive stopping some imported goods and services from the list of items valid for foreign exchange. The apex bank said that the importers would have to source forex from the parallel market for their imports. The move is

Habib Abdullahi, MD NPA

Bello, Executive Secretary NSC

2016, NPA began the enforcement of minimum fitness standard for haulage trucks operating at the Western seaports. The authority registered 2,000 trucks and imposed N10,000 sticker levy.

to strengthen the local currency. NIMASA The Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Navy set up a joint committee to review the Memorandum of Understanding (MoU) guiding the relationship between the two agencies towards maritime safety and security. Also, NIMASA, under President Buhari’s administration, introduced a new Seafarer’s Medical Certification Documents in compliance with extant requirements of the Maritime Labour Convention (MLC) 2006 and Standards of Training, Certification and Watch keeping (STCW) 1998 as amended. The new documents are to ensure that the medical certificates of fitness for seafarers in Nigeria conform to international standards. Also, the agency declared its intention to re-establish a national shipping carrier to boost shipping in the country. NPA In a bid to further block revenue loopholes in its operations and enhance the payment process, the Nigerian Ports Authority (NPA) launched an additional electronic platform called Revenue Invoicing Management System (RIMS) and a self-service customer portal to complement the e-payment and e-Ship Entry Notice (e-SEN) that were introduced in 2014. According to the Managing Director of the authority, Mallam Habib Abdullahi, the new platform was introduced to lower operational cost and reduce the time for documentation in the port industry. Also, in the first quarter of

NIMASA DG, Dr Dakuku Peterside

The service took a decision, this year, to support excise companies and local manufacturers

Customs As part of efforts to get rid of impunity in the Nigeria Customs Service (NCS), its management clamped down on officers from the rank of Assistant Comptroller of Customs to the lowest cadre over their alleged indiscriminate allotment of ranks to themselves. Also, the service took a decision, this year, to support excise companies and local manufacturers to improve their export volumes through the Ikorodu Lighter Terminal (ILT), which was converted to export port. Customs’ position, according to the Service’s Public Relations Officer, Mr. Wale Adeniyi, a deputy comptroller, was to ease traffic and facilitate export trade. He said: “Anyone familiar with the traffic situation in Lagos would appreciate what

the service is trying to do at Ikorodu.” Shippers Council The Nigerian Shippers Council (NSC), by a notice dated October 16, 2015, introduced International Cargo Tracking Note (ICTN) in Nigeria with effect from November 3, 2015, despite opposition from Manufacturers Association of Nigeria (MAN) and multinational shipping lines. It mandated all shipping lines to key into the new platform. The council’s decision is to block revenue leakages at port. The council also entered into a strategic partnership with Niger Republic and the Republic of Chad to ensure that cargoes destined for the countries transit through Nigerian ports. Executive Secretary of the council, Mr Hassan Bello, said that the new move would lead to three million tons of transit cargoes from Lagos seaports to Jibiya in Niger annually. Conclusion The new policies can only work if there is strict enforcement and enabling environment that can promote maritime trade.

CBN approves clearance of trapped containers at ports

he Central Bank of Nigeria (CBN) has approved the clearance of 200 units of containers trapped at the seaports. These include both 40-foot and 20-foot containers trapped at the various terminals of the ports. Part of the conditions for the clearance of the containers is that importers must do the nec-

essary documentations, payment of import duty and other sundry fees and levies. The consignments were those imported before the CBN policy on forex restriction on 41 items. The customs management had already asked importers who had imported their goods before the CBN policy to forward their names to the headquarters through the area commands.

business \ maritime

WEDNESDAY, may 25, 2016 NEW TELEGRAPH

NIMASA plans to secure maritime assets SECURITY

Agency intends to use satellite surveillance facility to detect illegalities in the maritime industry.

StoriesBayo Akomolafe The Nigerian Maritime Administration and Safety Agency (NIMASA) has said that it will secure maritime assets in the

country’s territorial waters. Director General of the agency, Dr. Dakuku Peterside, said that NIMASA was planning to review its maritime security strategy to enhance its capacity to combat piracy and illegal activities on Nigerian waters. He explained that the agency’s strategy would be built on three core pillars of achieving safety of lives at sea, protection of goods/products in voyage and security. Peterside disclosed this during the defence of the agency’s 2016 bud-

get before the Senate Committee on Marine Transport. He said that the Office of the National Security Adviser with NIMASA was playing a key role by coordinating a multifaceted approach including cooperation and coordination among security forces of all the countries in the Gulf of Guinea. Other areas include a Nigerian military-led patrol of the country’s territorial waters with the agency providing technical support, effective use of the agency’s satellite surveillance

facility to detect illegalities in real time and the development and passage of an anti-piracy law that will strengthen the legal framework for prosecution of piracy related offences. Peterside, who solicited the cooperation of the Senate committee on the agency’s mandate in sustaining safety and security in the maritime domain, assured stakeholders that maritime crimes in Nigerian waters would be reduced to the barest minimum in the coming year. While stressing the

commitment of the agency to fully automate its processes under the Enterprise Resource Planning (ERP), the director general expressed his desire to integrate the platform with the systems already developed by the Nigerian Ports Authority (NPA) and the Nigeria Customs Service (NCS) for greater efficiency and productivity. He assured the senators of the agency’s commitment to transparency, accountability and probity in the discharge of its mandate. Peterside also said

that there would be zero tolerance for corruption. Chairman of the Senate Committee on Marine Transport, Senator Ahmad Rufai Sani, assured NIMASA of the committee’s cooperation in order to deliver its 2016 programmes. He commended the director general for his commitment to reposition the agency towards the attainment of its core mandate.

Nigeria, others need 147, 500 seafarers by 2025

he world’s largest international shipping association, Baltic and International Maritime Council (BIMCO) and the International Chamber of Shipping (ICS), has said that additional 147,500 officers will be required by 2025 to service Nigeria and other world merchant fleet. They, however, warned that unless seafarer training increased significantly, the growth in demand for seafarers could generate a serious shortage in the total supply of officers. Already, Nigerian Maritime Administration and Safety Agency (NIMASA) had said that 50,000 seafarers were needed for the Nigerian shipping industry to realise its full potential. The report, which was launched at the International Maritime Organisation (IMO), identified that the current shortfall stood at 2.1per cent worldwide, amounting to some 16,500 officers, while some officer categories were in short supply, including engineer officers at management level and officers needed for specialised ships, such as chemical, Liquefied Natural gas and Liquefied Petroleum Gas (LPG) carriers. In the past five years, the industry has made good progress with increasing recruitment and training levels and reducing officer wastage, as the report estimates that there is a current surplus of 15.8per cent, about 119,000 ratings, with demand only having increased by about one per cent since 2010. “However, unless training levels rise, a shortage in total supply of officers could emerge,” the report warned. According to ICS Secretary General, Peter Hinchliffe, “without continuing efforts to promote careers at sea and improve levels of recruitment and retention, the report suggests it cannot be guaranteed that there would be an abundant supply of seafarers in the future.”

business \ maritime

WEDNESDAY, may 25, 2016 NEW TELEGRAPH

2016 budget: NIWA, others to spend N9.28bn PROJECT Transportation ministry to spend N202 billion on capital projects in 2016

Stories by Bayo Akomolafe

our agencies in the Federal Ministry of Transportation - the National Inland Waterways Authority (NIWA), Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), Maritime Academy of Nigeria (MAN) and Nigeria Institute of Transport Technology (NITT) - will spend a total of N9.28 billion in this year budget. From its over N215 billion, the ministry allocated N4.07 billion to NIWA, N1.16 billion, MAN, CRFFN, N296.4 million and NITT N4, 75 billion. Also, the ministry allocated N4.75 billion to Nigerian Railway Corporation. CRFFN is the only agency under the ministry that has zero allocation for capital project. The council was given N296.4million for personnel

Containers stacked at the Lagos Port, Apapa.

and overhead. According to the ministry’s budget, which was recently signed into law by President Muhammadu Buhari, N13.79 billion is earmarked as recurrent expenditure while the

larger chunk of N202 billion will be spent on capital projects. Meanwhile, the ministry will spend N190.94 million on travels this year. A breakdown of the recur-

30 countries agree to end illegal, unregulated fishing

o fewer than 30 countries have formally deposited their instruments of adherence to the Port State Measures Agreement (PSMA) to end illegal, unregulated and unreported fishing. The agreement is set to enter into force on June 5, 2016. But Nigeria, which loses $60 million to illegal Chinese trawlers, has not signed the agreement. The new agreement required parties to deny port access, landing, transhipping and processing of fish and port services, refuelling, resupplying and repair to foreign vessels engaged in illegal, unreported and unregulated (IUU) fishing. Countries that signed the agreement are Australia, Barbados, Chile, Costa Rica, Cuba, Dominica, European Union, Gabon, Guinea-Bissau, Guyana, Iceland, Mauritius, Mozambique and Myanmar. Others are New Zealand, Norway, Oman, Palau, Republic of Korea, Saint Kitts and Nevis, Seychelles, Somalia, South Africa, Sri Lanka, Sudan, Thailand, Tonga, United States, Uruguay and Vanuatu. According to the United Nations Food and Agriculture Organisation (FAO) reports, the agreement will prevent, deter and eliminate illegal, unreported and unregulated (IUU) fishing in West Africa and other regions in the world. The agreement was negotiated under the auspices of a technical consultation convened by the FAO at the request of FAO’s Committee on Fisheries. It was presented to the 36th Conference of the UN FAO in November 2009, where it was adopted and

opened for signature. In 2013, the report identified Colombia, Ecuador, Ghana, Italy, Korea, Mexico, Panama, Spain, Tanzania, Venezuela, whose vessels engaged in IUU fishing activities in West African waters. In the statement, FAO DirectorGeneral, Jose da Silva, said that the agreement was the dawn of a new era in the effort to combat illegal fishing. He said: “By denying unscrupulous fishers safe haven and access to markets, the PSMA will drive the seafood industry towards greater sustainability and have significant ripple effects throughout the entire fisheries supply chain. “Let no port state be known and targeted by IUU fishing operators as shelter for non-compliance.” The organisation said that each year, IUU fishing was responsible for annual catches of up to 26 million tons, with a value of up to $23 billion. However, with the treaty becoming effective on June 5, parties would be required to designate specific ports for use by foreign vessels, making control easier. According to the treaty, those ships must request permission to enter ports ahead of time, and provide local authorities with information, including the fish they have on board. The ships must also allow inspection of their log book, licences, fishing gear and actual cargo, among other things. The agreement calls on countries to deny entry or inspect vessels that have been involved in illegal, unregulated and unreported fishing, and to take necessary action.

rent expenditure shows that N12. 49 billion will be spent on personnel while total overhead amounts to N1.30 billion. However, the budgets of the Nigerian Ports Authority (NPA) and the Nigerian Maritime Ad-

ministration and Safety Agency (NIMASA) were not captured under the allocation. The agencies traditionally prepare separate budgets which they defend before the National Assembly.

AP Moller to provide container weighing services at port

oncessionaire of the Lagos Port container terminal, APM Terminals, has concluded plans to establish container weighing station in 29 locations before the Safety of Life at Sea (SOLAS) Verified Gross Mass (VGM) enters into force in July, 2016. The company said in a statement that it was taking the lead to ensure a smooth transition into the new regulatory environment facing over 120 million containers entering the international supply chain. It noted that from July 1, 2016, shippers would be required to provide a VGM, under the international law, for every container before it could be loaded with the shipping line. It added: “In 2014, the International Maritime Organisation (IMO), the agency of the United Nations responsible for regulating international seaborne trade, approved amendments to the Safety of Life at Sea (SOLAS) Convention, which as of July 1, 2016 would require verification and documentation of loaded containers (Verified Gross Mass), before they can be loaded onto vessels. “This can be accomplished by either weighing the loaded container with calibrated and certified equipment, or weighing the cargo prior to loading and adding it to the tare weight of the empty container.” The statement further stressed that the purpose of the VGM regulations was to ensure safety of the vessel, as well as dockworkers and other

cargo handlers by preventing overweight or otherwise misrepresented containers from jeopardising shipments or container movements. Also, the company’s Head of Global Operations, Jack Craig, said: “Our first priority remains to ensure safe and efficient operations for the supply chain. “It is crucial that these regulations are met in a way which does not create congestion bottlenecks that ultimately impose additional risk and cost for all stakeholders.” Already, the company’s teams had begun dialogue with local regulatory authorities who provide increasing clarity on national rules governing how to ensure compliance. In addition, the company is planning to provide VGM data management capabilities in most facilities through accepting EDI transmissions of VGM information into terminal operating systems from the shipping lines prior to vessel load planning. “Those export containers, which arrive at the company’s facilities without a valid VGM, would be generally accepted, but as they are ineligible to load on a vessel, may be segregated and subject to additional rehandling and storage requirements,” the company added in a statement. The statement noted that APM Terminals would provide VGM Generation Services to supply chain partners at 29 locations globally.

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

Literature

Arts

Practical perspectives on Nigerian Civil Service

Buhari:

One year after

National Theatre

Cultural advancement, only on paper –Buhari Tony Okuyeme

s the nation gears up for the one year anniversary of President Muhammadu Buhari’s administration, the initial optimism, which heralded his election, appears to be waning, especially among stakeholders in the arts and culture sector. Apart from fighting corruption frontally, President Buhari’s preelection promises also included “making information technology, manufacturing, agriculture and entertainment key drivers of our economy”; assisting Nollywood to fully develop into world class movie industry that can compete effectively with Hollywood and Bollywood in due course… and support the

TONY OKUYEME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

creative” and “performing arts with the necessary environment where by our great entertainers do not end their lives in abject poverty as is currently the case”. It was expected that the nation’s rich cultural heritage will also be given the desired attention especially against the backdrop of the need to diversify the economy. Among the key issues seeking attention is the call for the review and implementation of the National Cultural Policy, the establishment of a Motion Picture Practitioners Council of Nigeria (MOPICON), Piracy, and National Endowment Fund for the Art. Practitioners in motion sector were upbeat when on Tuesday, April 12, the Minister of Information and Culture, Alhaji Lai Mohammed, formally inaugurated the Ministerial Review Committtee of the Motion Picture Council of Nigeria (MOPICON), in an effort to fast track the passage into law of the MOPICON bill. Inaugurating the 29-member committee at a ceremony in Lagos, the Minister said government’s effort is to enable Nollywood to play a meaningful role in national development. His words: “One of the ways we think we can tackle frontally the many challenges militating against professional and career fulfillment in the movie industry is to have a central body we can always refer to in decisions aimed at improving

The body language of the Minister demonstrates enthusiasm to place the culture sector as a major player in the nation’s economy

and modernising the motion picture industry.” He also assured that government’s interest in the setting up of MOPICON is “driven by the fact that we at the supervising ministry need to work with a formidable representative group that is empanelled to lobby for the growth, development and welfare of the industry and its practitioners as well as make for a better organized and more visible and vibrant Nollywood industry. We have no hidden agenda and we will not be part of anything that will stifle the growth of the burgeoning industry”. National Summit on Culture and Tourism The National Summit on Culture and Tourism was held at the Congress Hall of Transcorp Hilton, Abuja, from 27th to 29th April, 2016. The three-day summit, which was organised by the Federal Ministry of Information and Culture with the theme: “Repositioning Culture and Tourism in a Diversified Economy”, was declared open by the President Muhammadu Buhari, represented by the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, and it was attended by state governors, honourable

Ministers, members of the National Assembly, former Ministers of Culture and Tourism, state Commissioners of Culture and Tourism, Federal and State Permanent Secretaries, Chief Executive Officers of Culture and Tourism Parastatals, members of the Diplomatic Corps, Culture and Tourism stakeholders, media professionals, among others. At the end of deliberations, the observations and recommendations that were considered and adopted include that Nigeria’s dependence on oil without exploring other avenues to develop the economy had triggered grave consequences, such as, the loss of biodiversity, climate change, dwindling foreign exchange earnings, etc. Accordingly, the challenge is to build a resilient economy, which would exploit the abundant culture and tourism potentials in the country. They also noted in the communique, that the “Culture and Tourism sector is a big industry; it cuts across many sectors, namely, agriculture, business, transportation, health, sports, aviation, information, technology, architecture, etc. It is arguably the biggest means of economic growth. Nigeria cannot afford to ignore the sector while

Continued on Page 35

ART

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

Moses Kadiri

he stage is set for Lagsaba Records to hit the front row of Nigerian mainstream music industry with the unveiling of three artistes, and producer who scaled through rigorous screening exercise in songwriting, vocal, audio production among others. With over 5,000 song entries the selected artistes did justice to the songs hence it was picked to fly the flag of the music outfit. The artistes comprising Stephen Edoka (aka Steve Rock), the duo of Jason Ombo and Bright Royal (aka XXII), Chito Ann Deborah Akwueh (aka Queen Moda), and producer extraordinaire Samuel Umukoro Abraham (aka Aybee1 Beatfac3), equally boast of an impressive music resume;

Samuel Abraham

Lagsaba hits music front row NEWS with artistes, producer Steve Rock is a genius when it comes to R&B, and hip/hop. The artiste who have worked with the likes of Ice Prince, Vector, Ycee and among others, said he intend to reach out to his fans world over with good music. The duo of Jason Ombo, and Bright Royal (aka XXII), hail from Ogbolomabiri in Nembe LGA of Bayelsa State and Umuohuru village in Ife town in Ezinihite LGA in Mbaise, Imo State respectively. The two fantastic singers disclosed that Africa will hear a different sound of music. The only female among the team is Queen Moda. A collaboration with legendary Sir Victor Owaifo in his latest album under HYPERTEK DIGITAL/960 MUSIC titled “Osuomawan Suehi” in her kitty the graduate of Educational Management and Policy from Nnamdi Azikiwe University, Awka, Anambra state hints she is not push over when it comes to music. For Aybee1 Beatac3, the music producer, songwriter, poet and sound engineer is a recipient of the Next Rated Producer and Young Producer Awards from the FMEA awards 2014/2015. His focus is to ensure that the artistes come out with good product. “We are

putting together a couple of new songs which will roll out very soon,” he said. The General Manager/Operations, Mr. Anozie, Chinomnso said the artistes are of exceptional talent. “I don’t want it to be like I am blowing my own trumpet, but I can assure you that we have quite some exceptional talents in our ranks. I will leave you to judge by the time they start dropping their singles. I am so convinced they will deliver 110 percent,” he said. “Though there are so many wonderful talents in the industry making waves at the moment but we are coming to claim our rightfully deserved spot on top,” he emphasized. Chinomnso disclosed that the reason the record label is set up is to provide young, talented and underprivileged artistes the platform to showcase their God-given talent. “So much talents abound in Nigeria, but unfortunately most of them do not have the fund to even record a single track. Believe me, if they are given the chance they will do better than some of the artistes currently in the industry, I mean no disrespect to anyone though. Secondly, because of the passion the management has for music we intend making a major impact in whatever little way we can in the lives of the people,” he said.

‘Too short a time to notice any difference’ Continued from page 34 other Nations are reaping the immense socio-economic benefits derivable from this global vibrant sector. Consistency and continuity in government policies at all levels are non-negotiable to develop the sector. To this end, Nigeria should muster the political will to accord the sector preferred status to effectively develop it. “The change mantra of the Federal Government can only succeed if the culture and tourism sector provides the fulcrum to drive it. Community theatre projects, musical concerts and visual designs are very effective tools for re-orientating the citizenry from bottom-up.” However, while some stakeholders commended the efforts of the Minister of the Information and Culture, Alhaji Lai Mohammed, others insist that the efforts have not gone beyond merepaper work. For Professor Jerry Buhari, an artist and lecturer at the Department of Fine Arts, Ahmadu Bello University (ABU) Zaria, Kaduna State, the structure for the advancement of the culture sector remain only on paper. He said: “First we can see a Minister that is ready to engage and is engaging the sector. And he is doing this in a very personal and intimate way. Two, we can see the quality of engagement that is authentic and sincere. “The body language of the Minister demonstrates enthusiasm to place the culture sector as a major player in national economy. Once we are able to show how this can be done through partnership with the Minister, Change will take on a different frequency. It has started.” According to him, what remains is to see how the different culture components are able to come up with innovative directions that meet the new expectations of the times. “Our greatest concern is to ensure that this Change does not get into the quagmire of the civil service. There is still room for us to make a statement and show how we are ready to be part of the “Change mantra”. President of the Society of Nigerian

Mohammed

Artist (SNA), Mr. Oliver Enwonwu said he expected a little more of a drive towards the cultural sector, especially when there has been this much touted diversification of the economy away from oil. “I know the government has its hands full, especially, with vices like Boko Haram and, of course, the corruption that you see pervading the nation. I think that one would have expected a little more towards the cultural sector, especially when you look at how more developed countries have been able to use this sector to benefit their economies. UK-based Nigerian renowned choreographer and dancer, Peter Badejo, OBE, there was an underestimation of the problems on ground which affected every aspect of human endeavor, including the arts. “You have to look at the flat background and where somebody is jumping from before you tell how high the person is jumping. I think there was an underestimation of the problems on ground which affected every aspect of human endeavor, including the arts. So it is very difficult to start assessing them as to whether it is a successful one year or not; since in reality they have miscalculated in terms of how bad things are.” he said. For writer and medical doctor, Eghosa Imasuen, there is need for positive reinforcement for arts

and culture. The author of ‘To Saint Patrick’ and ‘Fine Boys’, said: “I think it’s been too short a time to notice any difference; and we’ve try to rationalize it on the understanding that it is the effect of the damage that has been done. We need positive reinforcement for arts and culture. You cannot expect the arts and culture to be self-sustaining. Art is never selfsustaining; art has to be built up by and subsidized by a people who understand the importance of saving their culture.” Artistic Director of Jos Repertory Theatre, Mr. Patrick Jude Oteh believes strongly that all hope is not lost. “I was one of those that sincerely thought that this current administration will make a strong showing in the arts sector. But thus far, it has been all rhetoric and talk as usual. However, all hope is not lost. It is the first one year so we still have three years to go. I will be one of those that will hold the current administration accountable if the proposed National Endowment Fund for the Arts does not happen in the life of this administration. We are waiting for them to walk the talk. There are so many issues that need the arts to explain to the people but that is not happening. The government needs the arts to explain itself to the people. That is not happening. We are praying for them.

Abuja, Lagos schools battle for N2m Performing Arts prize Mojeed Alabi

ore than 30 primary and secondary schools from the Federal Capital Territory, Abuja and the nation’s commercial centre, Lagos, will take part in this year’s edition of the annual FCT Interschool Performing Arts Competition (FIPAC). The event, which is organised yearly by United Bank for Africa Plc, and aimed at achieving talent discovery among the school kids in dancing, music, theater and drama performances, will be holding in Lagos for the first time this year. The organisers stated that winners in the competition will get up to N2, 000,000 in cash prizes, trophies and other consolation prizes, saying the Lagos edition has been scheduled will hold tomorrow, and that it will be graced by judges from renowned cultural organisations including Gideon Okeke, who will select 12 winning schools in both cities. Speaking on why UBA is sponsoring the competition, the bank’s Divisional Head, Marketing and Corporate Relations, Charles Aigbe, said the bank is happy to identify with the competition because of its unique value of promoting Nigerian cultural heritage and artistry. “We take unique pride in being an African bank and promoting everything that is unique about the continent. FIPAC is set to promote our unique cultural heritage to primary and secondary school pupils. This goes a long way in ensuring our children build their sense of cultural identity and heritage which becomes part of their unique identity as adults.” He added that the bank, through its corporate social responsibility arm, UBA Foundation, has been in the forefront of supporting different educational programmes targeted at enhancing the capacity of the African youth to compete globally.

Think Global - Build Social:

Architectures exhibition

n exhibition which explores the theme of social responsibility in contemporary architecture opens Saturday in Lagos. The exhibition titled Think Global, Build Social! - Architectures for a Better World showcases 15 current examples of an alternative approach to architecture: socially-responsible practices that require greater personal initiative and creativity to develop low-cose architectural solutions that will improve living conditions for people in less-privileged parts of the world. Many of the projects selected by curator Andres Lepik - which include schools, public spaces and residential buildings - have been developed through close collaborations with the future users and also incorporate local building traditions and techniques.

LITERATURE

Practical perspectives on Nigerian Civil Service

t was with great delight that I accepted the invitation to provide a Foreword to this very opportune publication. My delight at the invitation arose from the fact that I am still to meet a civil servant like Tunji Olaopa who is so passionate and committed to promoting the reform of the Nigerian Civil Service to make it live up to the challenges of national development and transformation in all its ramifications. I was privileged to have been one of those to whom Tunji Olaopa turned in one of his moments of despair and frustration at the dysfunctional and effete performance of the Service. On that occasion, I succeeded in arranging for him to meet the then President of the Federal Republic, Chief Olusegun Obasanjo, who also must have sensed the staunch fervor of dedication in Tunji for improving the level of effectiveness in the operations of the Civil Service for the gargantuan task of nation-building and rapid economic development. The Nigerian Civil Service especially at the Federal level has, of course, had a very chequered history. Coming with the confidence to advise on policy decisions and the secured tenure of the Colonial Civil Service in the early years of our political independence, the Service was soon forced to confront the profound national crisis that led to the military intervention in the administration of our nation in 1966. Those years of crisis and military rule leading to the Civil War of 1967-70 saw the Civil Service virtually operating effectively at both the political and the bureaucratic levels of governance. A subsequent military regime re-acted against this conflation of responsibilities and almost literally “decapitated” the top echelon of the Service by forced retirements, leaving the Service bruised, disorientated and no longer possessed of its earlier confidence and sense of security. The debilitating effect of suddenly placing at the top of the Service, persons who were not fully prepared and experienced enough to take on the responsibilities and challenges of those positions soon came to undermine the robust pro-activeness of the Service in matters of nation building and economic development especially after the country returned to a democratic dispensation. In this publication titled “Civil Service and the Imperative of Nation Building”, Tunji Olaopa has taken on the challenge of delving into the workings of the Nigerian Civil Service to dissect the basis of its dysfunction, failings, successes, progress and future possibilities

Book title: Author:

Civil Service and the Imperative of National Building Tunji Olaopa

Reviewer:

Prof. Akin Mabogunje

from both a theoretical and practical perspectives. His passion for research and the intellectual confidence with which he presents his findings, observations and conclusions are attributes not commonly found among career civil servants. Indeed, the structure of most of the essays in the volume is certainly a critical notch above the conventional public commentaries that populate our nation’s newspapers, with most of the

Book stand

analysis duly spiced with personal anecdotes and wisdom quotes from great minds in the political and administration arena. Tunji’s major thrust in the volume, however, is to stress and underscore the fact that democratic progress all over the world responds more to the consistent reformulation of the operational dynamics of the Civil Service System which, in every country, is the recognized engine room of national development and progress. The Civil Service is especially a sine qua non for national integration in a country like Nigeria racked by pangs of post-colonial ethnic, religious and cultural agitations for identity, a sense of belonging and social inclusiveness. Indeed, the Civil Service stands at the critical nexus between grand infrastructural and service delivery efficiency and effectiveness and the trans-ethnic and trans-religious loyalty which is necessary to promote and sustain the civic bond of unity that will truly transform Nigeria into a nation. The newly elected President and his administration will be well advised to take note of the unfinished nature of the reforms of the Federal Civil Service and be decisive in refocusing its operational processes and procedures towards the goal of efficient and effective service delivery and national integration. To this end, this book, Civil Service and the Imperative of Nation Building will be found to be of immense value. I commend this truly seminal work to all politicians and technocrats in the corridors of power, to bureaucrats themselves, to administrative historians, researchers, students of public administration, social reformers and to all those who believe in the dream of a viable Nigeria rising from the ashes of her failures and mistakes to become a truly great African nation.

What we are reading

POETRIP

If Oladipo Kehinde

The Sisters Brothers by Patrick DeWitt. It’s a novel, a remarkable work in the comic tradition. The book is remarkable in many respects but especially so because it manages to keep a brisk pace while inserting philosophical milestones along the way. The author has a new book available and I have already placed an order for it. I can’t recommend the book enough.

Book of Night Women by Marlon James is one of the best books that I have read in my life, because it is written in American patois but you can read it and you don’t seem to feel as if you are reading pidgin, it has a flow. But then the story itself is amazing; it is historical, it is about slavery but then it just draws you in; and it is Pan-African; you feel the Africaness, because slaves came from everywhere from everywhere all over the world, and it gives you a new perspective on slavery. It is an interesting book.

TONY OKUYEME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

Tade Ipadeola

Tony Kan

If you were river Will you let me swim? If you were mountain Will you aid my hands and legs? If you were moon Will you let me dream And play with the stars? If you were hope Will you give me your words? If you were rain Will you come as friend And bring us food? If you were wind Will you blow us away like feathers? If you were time Will you right the wrong of the past? If you were love Will you teach us to love one another? If you were rainbow Will you promise a better tomorrow? If you were the question Will you tell us the answer Without excluding the question mark?

BUSINESS |Money Line

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

Experts: GDP slowdown to persist in second quarter INJURY Decline in oil production will hurt economy Stores by Tony Chukwunyem

ith reactions still trailing the National Bureau of Statistics’ (NBS) release

of the Gross Domestic Product (GDP) report for the first quarter of 2016 last week, which showed that Nigeria’s economy shockingly slumped to -0.36 per cent from 2.11 per cent in Q4 2015, analysts at FBNQuest have predicted that GDP figures for the second quarter are not likely to be any better. In a note made available to New Telegraph, the analysts pointed out that the slide in

first quarter GDP numbers was mainly as a result of the slide in oil prices, which impacted government revenues. According to them, with oil production falling by up to 25 per cent in recent months, significantly affecting forex supply, GDP figures for the second quarter are not likely to be much better than the first quarter’s. They said, “The dramatic fall in oil revenues has cut the

BPE defends presence on power firms’ boards Abdulwahab Isa Abuja

cting Director-General of the Bureau of Public Enterprises (BPE), Dr. Vincent Onome Akpotaire, has said that the choice of the Bureau’s staff as alternate Directors on the boards of privatised power successor companies in the country is to keep investors in check and not for pecuniary gains as erroneously believed. Akpotaire stated this while declaring open a one-day Corporate Governance Training for the alternate Directors and other staff of the Bureau in Kaduna. The BPE boss noted that as the agency that superintends power reform and privatisation programme, the Bureau’s staff were better placed to sit on the Boards of the power companies to check their activities. In a statement issued by the BPE, he said the training became necessary to update the

Alternate Directors and other staff of the agency involved in monitoring of privatised enterprises on modern trends in monitoring, adding that the Bureau under his leadership would focus on such trainings and general capacity building of staff. The BPE helmsman charged the Alternate Directors to always live above board to justify the rationale behind their inclusion on the Boards. In their joint presentation entitled: “Corporate Governance and Responsibilities of Alternate Directors”, Messrs Ayodele Oni and Ayo Sotinrin of the Nigeria Infrastructure Advisory Facility (NIAF), said that corporate governance had to do with the process by which corporate entities are governed in order to ensure best practices and allowing the entities to maximize profit but not at the expense of the public. They added that in developing a corporate governance framework, it is pertinent that same is anchored on interna-

tional best practices and that the Alternate Directors are duty bound to act in the bonafide interest of the company even as they should not allow their personal interest to conflict with that of the company. Similarly, in his presentation, entitled, “Minority Shareholders Rights and Directors’ Duties under The Shareholders Agreement and Companies & Allied Matters Act”, a Certified Utility Regulation Specialist and former Director, Academics at the Nigerian Law School, Mr. Chudi Nelson Ojukwu, explained the duties of directors under the Companies and Allied Matters Act (CAMA). He said every board of directors creates a governance culture, which is referred to as a pattern of belief, traditions and practices that prevail when the board convenes to carry out their duties, adding that boards must develop a culture of accountability and engagement.

As at N19,142,526.05m N18,579,219.49m 13.7 12 10.77 US$48.02 US$26,506,667,908

Mar, 2015 Mar, 2015 April, 2016 23/03/2016 Mar 2015 23/5/2016 24/5/2016

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

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)

Offer Yield 10.30 10.44 11.52 11.36 12.18 12.38 12.44 12.50

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

Spot($/N)

Offer 199.24

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

Money Market

Change (%) 0.00 ↔

NIFEX

Spot($/N)

Bid 199.0000

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

196.00

197.00

he Central Bank of Nigeria (CBN) yesterday announced that it plans to raise N143.85 billion worth of treasury bills with maturities ranging between three months and a year on June 1. The apex bank said it will issue N45.85 billion of 3-month

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 ▲ Bid 199.14

CBN to raise N144bn in treasury bills

Kunle Azeez

Source:CBN

FGN Bonds

0.00 ↔

ing in Abuja yesterday that the economy was likely to contract in the second quarter, thereby falling into official recession. He said, “The Committee recalls that in July 2015, it had hinted on the possibility of the economy falling into recession unless appropriate complementary measures were taken by the monetary and fiscal authorities. Unfortunately the delayed passage of the 2016 budget constrained the much-desired fiscal stimulus, thus edging the economy towards contractionary output. As a stop-gap measure, the Central Bank continued to deploy all the instruments within its control in the hope of keeping the economy afloat. “The actions, however, proved insufficient to fully avert the impending economic contraction. The conditions that led to the contractions in the first quarter of 2016, still largely the recession, which was signaled in July 2015, now appears imminent,” he stated.

debt, N18 billion in the 6-month paper and N80 billion of 1-year bills in a Dutch auction, adding, “Each bid must be in multiple of 1,000 naira subject to a minimum of 10,000 naira.” According to the CBN, allotment letters are to be issued to successful bids on June 2.

UBA, Innovectives, MasterCard boost e-Commerce

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

supply of the fx for an import hungry economy. The Central Bank of Nigeria (CBN) has rationed fx to contain the depletion of its reserves. Most importers therefore have either been driven to the parallel market or abandoned their orders. Manufacturing, a major consumer of fx, contracted by -0.7per cent y/y in Q1. “Without a marked recovery in oil price, which is not our view, over the next 18 months, the economy will struggle with these challenges. The FGN’s plan to remodel the economy cannot have a rapid impact. The current quarter is unlikely to be any better once we make allowances for increased sabotaged oil pipelines, fuel shortages and the delays in the signoff on the budget, from which capital disbursement are still awaited,” the analysts stated. CBN Governor, Mr. Godwin Emefiele, had told journalists at the end of the Monetary Policy Committee (MPC) meet-

Offer 199.1000

Change (%) -0.08 ▼ -0.08 ▼

Change (%) 0.00 ↔

nited Bank for Africa (UBA) and MasterCard are collaborating with Innovectives to create a seamless delivery and payment system by integrating mobile Point of Sales (mPOS) solution into Konga’s delivery system. Innovectives is a Nigeria Interbank Settlements Systems (NIBSS)-certified service provider, which is determined to boost the ease by which Nigerians carry out e-commerce activities in the country. The Kesh brand of mPOS, being deployed by Innovectives, will accept MasterCard, Visa and Verve cards from all banks, and it enables Konga delivery agents to easily capture sales. The Kesh mPOS, which is secure, is supported by MasterCard and UBA, is expected to make it much easier for Konga customers to pay for their orders and enhance payment acceptance while making reconciliation easy for Konga customers and sales agents. Other cards accepted on mPOS are UnionPay, Freedom Card and Genesis cards. Customers can also confirm payments on the spot thus improving accountability in e-commerce transactions. Speaking on the initiative,

Divisional Head, Digital Banking, UBA, Dr. Yinka Adedeji, explained that Konga delivery would be able to accept payments from a phone like POS terminal. “UBA is powering this with its advanced digital payments technology.” Chief Executive Officer of Innovectives, Mr. Emmanuel Agha, said: “The level of e-commerce transactions conducted in Nigeria in the past three years has increased exponentially but the challenge is that 95 per cent of the transactions are pay-on-delivery, which are largely settled with cash.” According to him, “Our mPOS solution is designed to improve the delivery process and reduce cash handling in the entire order fulfilment process as well as make reconciliation seamless.” He added that the company has partnered with Konga and integrated the innovative payment solution because it offers Nigerians who are increasingly shopping online sheer convenience. “mPOS offers a significant improvement in transparency in the way customers pay for their goods,” he said, stressing that Konga has adopted convenient, cutting edge and secure payment solutions to reduce cash handling and enhance the shopping experience for its customers.

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH

BUSINESS |Financial Market News FMDQ Daily Quotations List

24-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 investment advice. We attempt to ensure the Information is accurate; however, the Information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. We do not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of any of the Information, neither do we accept liability for the results of any action taken on the basis of the Information.

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

6,271.26

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

0.23 0.93 1.17 1.27 2.01 3.10 3.41 3.72 5.68 7.80 9.66 12.51 12.99 13.49 14.16 18.15 19.81

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

8.20 12.24 12.66 12.70 13.00 13.43 13.57 13.70 13.71 13.42 13.41 13.43 13.43 13.44 13.44 13.47 13.34

7.57 12.06 12.52 12.56 12.91 13.31 13.44 13.60 13.64 13.36 13.35 13.38 13.38 13.37 13.39 13.42 13.30

101.03 102.41 96.98 96.15 96.03 106.31 82.50 105.17 110.27 103.67 95.10 109.38 94.27 69.61 78.41 91.07 93.43

101.18 102.56 97.13 96.30 96.18 106.61 82.80 105.47 110.57 103.97 95.40 109.68 94.57 69.91 78.71 91.37 93.73

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

0.44

2.94

12.69

101.88

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

0.10 0.10 0.90 0.62 1.60 1.42 1.43 1.40 1.40 1.58 2.01 3.50 1.97 4.51 4.60 2.64 2.66 3.23 3.45 3.48 3.59 6.46 3.57

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

11.47 10.49 13.13 16.51 15.22 13.76 13.76 16.57 16.31 16.64 15.01 15.61 13.98 15.00 17.46 15.77 14.25 15.01 17.59 14.59 16.14 15.47 16.66

100.19 100.44 97.39 98.41 98.28 100.25 100.24 97.58 97.28 98.43 100.74 97.09 101.25 95.19 92.37 97.42 101.49 101.14 97.33 104.76 103.36 105.69 100.84

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

0.35 0.42 0.54 0.90 1.12 1.35 0.80 1.13 1.30 1.30 2.35 1.40 1.48 1.61 2.45 4.47 2.97 5.49 5.60 5.97 4.14 8.35 8.35 9.48

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

10.11 10.97 11.40 17.62 17.89 14.61 13.54 15.79 19.06 13.71 14.30 17.17 18.89 16.11 17.64 14.70 16.93 16.22 14.70 14.67 16.47 14.41 14.41 14.41

100.90 101.27 102.33 99.05 98.58 98.04 104.06 100.14 98.74 102.48 99.37 98.26 98.86 99.79 95.12 101.73 96.84 93.00 106.47 107.02 98.64 108.88 94.40 102.38

10-Oct-20

2.50

3.37

16.56

96.51

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 7.68

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

446.12 438.00

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 0.46 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

536.21

TOTAL MARKET CAPITALISATION

536.50

Sukuk BBB-/Agusto

10-Oct-13

14.75 OSUN II 10-OCT-2020

*OSUN

14.75

9.40

TOTAL OUTSTANDING VALUE

9.40

TOTAL MARKET CAPITALISATION

9.07

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

1.72

1.00

12.13

97.05

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

2.94

1.00

12.86

96.22

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 24.11 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

7.23

6.99

98.09

99.03

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

5.66

5.24

98.94

99.77

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

7.48

7.30

93.99

94.91

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,455.13

Corporate Eurobonds ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

350.00

25-Jul-17

8.16

7.27

98.99

99.96

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

23.57

21.15

75.00

78.08

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

7.10

97.56

B+/S&P

7.25

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

8.52

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

18.02

17.06

79.28

81.16

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

13.81 13.95 14.63

82.25 83.00 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

Outstanding Value (₦’bn)

Maturity Date

DTM

Risk Premium (%)

Valuation Yield (%)

Discount Rate (%)

2.77

29-Jul-16

6.18

13.93

13.59

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

3,150.00 2,724.45 Description

Issuer

Issue Date

Yield @ Issue (%)

04-Nov-15

13.75

Commercial Papers Nil

GUINNESS NIGERIA

GUINNESS CP III 29-JUL-16

TOTAL OUTSTANDING VALUE

2.77

**TREASURY BILLS^ DTM 9 16 23 30 37 51 58 65 72 79

FIXINGS Maturity 2-Jun-16 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 (%) 5.85 7.01 7.35 6.68 7.00 6.18 7.75 7.62 7.60 8.16

Offer Discount (%) 5.60 6.76 7.10 6.43 6.75 5.93 7.50 7.37 7.35 7.91

Bid Yield (%) 5.86 7.03 7.38 6.72 7.04 6.23 7.85 7.72 7.72 8.31

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 8.0833 10.6337 12.1621 13.9829

NITTY

Tenor

Rate (%)

OBB

7.42

O/N

7.92

Tenor Call 1M 3M 6M

REPO

Rate (%) 7.58 7.92 8.67 9.17

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

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

197.33 199.27 199.38 199.98 201.29 202.68 207.10 215.68

197.43 199.81 199.96 200.73 202.29 203.93 209.09 216.23

Rating/Agency

Issuer

WEDNESDAY, MAY 25, 2016 NEW TELEGRAPH TOTAL OUTSTANDING VALUE

Issuer

FMBN

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

Stories by Chris Ugwu