Binder1 wednesday, march 4, 2015 by Newtelegraphonline

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Wednesday, March 4, 2015

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Vol. 2 No. 378

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N150

Jonathan eligible for second term, appeal court rules }5

Navy: Nigeria loses N433.62bn annually to oil theft Chukwu David Abuja

he navy yesterday put Nigeria's loss to oil theft in the Niger Delta at N433.62 billion annually.

The Chief of Naval Staff, Rear Admiral Usman Jibrin, at the 2015 budget defence of the navy before the Senate Committee on Defence (Navy), said the country was losing about 100, 000 barrels of crude oil daily to thieves.

Jibrin, represented by the Chief of Logistics, Rear Admiral Peter Agba, said the source of his information was the recent revelation at the Chatham House, United Kingdom. The naval chief also said despite the fact that

the military submitted N205.4 billion as capital budget for 2015, the Ministry of Finance reduced it to N8 billion, amounting to 90 per cent reduction of its original budget proposal. He said: "The proposed capital projects for 2015

(captured in the initial N205.4 billion), include the ongoing acquisition of two OPVs, acquisition of patrol crafts and helicopters, procurement of arms and development of vital support infrastructure. CONTINUED ON PAGE 7

24 days to go... Nigeria votes

2015

ria Nige

es vot

15 20}14 & 15

End fuel scarcity lJonathan orders Okonjo-Iweala to pay N185bn subsidy arrears lFG, dealers in crucial talks, as APC blames shortage on graft }2

Quick Read Editorial L-R: Secretary to the Government of the Federation, Senator Anyim Pius Anyim; Akwa Ibom State Governor, Chief Godswill Akpabio and Enugu State Governor, Mr. Sullivan Chime, after a meeting with President Goodluck Jonathan in Abujaâ&#x20AC;Śyesterday. PHOTO: TIMOTHY IKUOMENISAN.

Reps oppose plot to oust Jega lInterim government, coup against Nigeria, says Tambuwal Philip Nyam Abuja

he House of Representatives yesterday

advised President Goodluck Jonathan against removing the Independent National Electoral Commission (INEC) Chair-

man, Prof. Attahiru Jega, before the expiration of his tenure in June. It also warned against shifting the rescheduled

general elections, whose first stanza will hold on March 28. These were the kernel of the resolution adopted

by the House after considering a motion moved under matters of urgent national importance by CONTINUED ON PAGE 6

Energy crisis and subsidy}19 Chadian troops reclaim Borno town from Boko Haram }2 Travel Advisory

Your guide to local and international flights }4

News

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

Jonathan: End fuel scarcity now Abdulwahab Isa and Johnchuks Onuanyim Abuja

resident Goodluck Jonathan yesterday moved to end Nigerians' agonies occasioned by the lingering fuel scarcity with a directive to top government officials to speedily redress the hiccups in the supply system. It was learnt that the president directed the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, to ensure the immediate payment of fuel subsidy arrears to oil marketers, who had stopped importation due to the accumulated debts. A presidency source said the president told the minister and other government officials involved in the fuel supply chain that Nigerians should not be made to bear the burden of needless bureaucracy that has impaired the fuel delivery system. In furtherance of Jonathan's directive, OkonjoIweala, will today meet major oil marketers in Abuja to resolve the lingering matters between the two parties. Confirming today's meeting with the oil majors, Okonjo-Iweala expressed governments concern about the difficulties Nigerians are going through in the wake of the fuel scarcity. She, however, downplayed the effect of the fuel subsidy arrears on the dislocation of the supply chain, attributing the shortage to other factors including pipeline vandalism and logistical issues, which she said were being urgently attended to. But the All Progressives Congress (APC) blamed the fuel scarcity on what it described as the looting of the $12 billion domestic gas fund. The minister who put the outstanding balance of the oil subsidy due to oil marketers at N185 billion said the Debt Management Office (DMO) had issued Sovereign Debt Notes (SDNs) to cover N100 billion out of the total amount agreed upon as balance for the next payments. She added that the Central Bank of Nigeria (CBN) has also given approvals for the banks to issue letters of credit to fuel importers. "Government is very concerned about the fuel queues which have appeared in Lagos, Abuja and other parts of the country. As Nigerians can attest, the Petroleum Min-

istry and Nigerian National Petroleum Corporation (NNPC) have worked very hard to reduce them to the barest minimum. We sympathise with Nigerians whose lives are being disrupted by the queues and assure them that we are working hard to end them as quickly as possible. The situation is due to a mix of factors, including disruption of pipelines and logistical issues and they are being attended to urgently. “I want to emphasise that contrary to some unfounded speculations, the queues are not caused by payment issues. As you know, we paid the marketers a total of N320.8 billion from the Excess Crude Account in two instalments in December last year. This

underscores the fact that we are taking payment of marketers very seriously indeed. We’ve been in constant touch and talking with the marketers and a week ago we reached an agreement with them on their core concerns which we have addressed,” she told reporters yesterday in Abuja . She explained that at the Lagos meeting with the marketers last week, the government agreed to pay not only the costs they incurred and their fees but also interest and forex differentials. The minister commended some oil marketers for their cooperation with the government in easing the supply squeeze. But the APC has dis-

agreed with the Federal Government on the cause of the fuel scarcity, which it attributed to the looting of the $12 billion domestic gas fund under Jonathan's watch. The party also mentioned the administration's failure to pay fuel subsidy and interests on bank loans to oil marketers as contributing factors. In a statement in Dubai yesterday, the APC National Publicity Secretary, Alhaji Lai Mohammed, said the PDP and the Jonathan administration decided to divert attention from those problems by accusing the opposition of being responsible for the scarcity. APC said Okonjo-Iweala had in February promised to pay all subsidy arrears

to the marketers the sum of N264 billion, along with the accrued interest. The party therefore stated that the failure to meet this obligation had made it impossible for the oil marketers, who are being owed heavily, to finance another round of fuel importation. According to APC, there would have been no fuel crisis had the $12 billion domestic gas project fund not been looted under Jonathan's watch. ''Late President Yar'Adua made the first allocation of $1.5 billion for this project in 2009. The amount was not spent at the time of his death in 2010. However, direct outlays through annual cash calls continued to be credited to the project ac-

count so much so that by December 2014, $12 billion had been accumulated in the same account. ''Had this project been successfully implemented as envisaged, had the funds made available for the project not been looted by the rapacious cabal that is holding Nigeria by the jugular, power generation would have improved with uninterrupted gas supply to power the turbines at power station, while the domestic consumption of PMS, diesel and kerosene would have reduced, with an increasing number of vehicles, cooking stoves and power generators being converted to use gas instead of PMS, diesel or kerosene,'' the party said.

A cross-section of displaced children from Bauchi, Adamawa and Kogi states, receiving lesson under a canopy in Abuja…yesterday.

Scores killed as Chadian troops reclaim Borno town from Boko Haram lWe'll soon rout out insurgents, says Minimah

Ibraheem Musa Kaduna

hadian troops have sacked Boko Haram from Dikwa, a town in Borno State, but not before the defeated insurgents killed hundreds of civilians. A report yesterday by the Associated Press (AP) quoted Chad's military spokesman, Col. Azem Bermandoua, as saying that troops on Monday regained control of Dikwa, a town occupied by the militants for weeks. One soldier was killed and 34 were wounded, most by a suicide car bomber, Bermandoua said. Dikwa is at a crossroads to two border crossings with

Chad and a route north to Lake Chad. Another report by Reuters accused Nigeria of frustrating efforts by Chadian troops to tame Boko Haram. According to the report, when overran a Boko Haram camp in northern Nigeria last week, Nigeria stopped them from pressing deep into territory controlled by the insurgents. It quoted diplomatic sources as saying the Federal Government considered it an embarrassment, especially in an election year in which President Goodluck Jonathan is seeking re-election for a smaller nation to tackle Nigeria's security problems. In their forward base in the town of Gambaru

on the Nigeria-Cameroon border, Chadian soldiers displayed dozens of guns seized from Boko Haram and a burnt-out armoured vehicle painted with black and white Arabic script. "We turned back because Nigeria did not authorise us to go any further," Bermandoa said. Nigeria's spokesman for operations in the northeast, Mike Omeri, said cooperation between Chadian and Nigerian forces has brought some major military successes and any issues would be resolved via existing command structures. But the Chadians said there had been no joint operations between the two forces. Chad's offer to join a Nigerian offensive to

capture Baga, site of one of Boko Haram's worst atrocities in January, was rebuffed, Bermandoa said. Officials from Chad, Niger and Cameroon have said lack of cooperation from Nigeria has for months hampered efforts to put together a regional taskforce against Boko Haram. Chad was compelled to take unilateral action in January, under a deal that allows it to pursue terrorists into Nigeria, after Boko Haram violence started to choke off imports to its economy. Meanwhile, the Chief of Army Staff, Lt. Gen. Kenneth Minimah, has assured Nigerians that more territories earlier taken by Boko Haram will soon be recaptured and that the

war against terror group will soon be won. The army chief who attributed the success recorded so far to joint operations between the Nigerian forces and their Cameroon, Chad and Niger's counterparts, gave the assurance yesterday at a seminar for the Nigerian Army by the British Military Advisory and Training Team (BMATT) in Kaduna. According to him, ‘’the ongoing counter terrorists campaign in the North-East coupled with the awakening of Cameroon, Chad and Niger forces has boosted our successes leading to the liberation of more communities hitherto under siege of Boko Haram terrorists".

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

Travel Advisory

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

International Flight Schedule Air France

Destination Abuja- Paris Paris-Lagos Paris-PHC PHC-Paris Paris –Abuja Lagos –Paris

Flight No. AF 513 AF 3822 AF514 AF513 AF514 AF3849

Departure 23.55hrs 10.55hrs 11:00hrs 21:20hrs 11:00hrs 23:55hrs

Arrival 6:05hrs 17:15hrs 19:15hrs 6:05hrs 17:00hrs 6:20hrs

Amsterdam-Lagos Lagos-Amsterdam

KL587 KL588

13:15hrs 23:05hrs

20:00hrs 05:50hrs

KLM

ARIK AIRLINES

Lagos-London London-Lagos Lagos-New York

W3 101 W3 102 W3 107 (Mon, Wed , Fri) New York-Lagos W3 108 (Tues,Thurs, Fri) Lagos-Johannesburg W3 103 Johannesburg-Lagos W3 104 Lagos-Douala - (Tues, Wed ,Thur) Douala-Lagos - (Tues, Wed, Thur) Lagos-Accra Accra-Lagos

Abuja-Accra Accra-Abuja Lagos-Freetown Freetown-Lagos Lagos-Banjul Banjul-Lagos Lagos-Dakar Dakar-Lagos

-(Tue, Thur, Sat, Sun) -(Mon, Wed, Fri) -(Daily) - (Wed, Fri, Sun) -(Wed, Fri, Sun) -(Wed, Fri, Sun) -(Wed, Fri, Sun) -(Mon, Tue, Thur, Fri,Sat) -(Tue,Wed, Fri,Sat,Sun)

BRITISH AIRWAYS

London-Lagos Lagos-London Abuja-London Abuja-London

07:00hrs 20:05hrs 20:10hrs 11:45hrs

Lagos-Cairo Cairo-Lagos

MS 876 MS 875

14:25hrs 08:30hrs

22:20hrs 13:30hrs

EGYPT AIR

KENYA AIRWAYS

16:00hrs

Lagos-Kigali

11:15hrs

16:45hrs

10:45hrs 09:35hrs 11:10hrs 13:25hrs 07:20hrs 17:00hrs 08:05hrs 13:35hrs 18:00hrs

hrs 14:44hrs hrs hrs hrs hrs hrs hrs hrs

AWB 201 (Mon, Wed, Fri, Sun) AWB 202 (Tue, Thur, Sat, Sun)

14:00hrs

17:30hrs

22:35hrs 15:10hrs

06:00hrs 21:20hrs

17:00hrs 06:00hrs 08:00hrs 17:00hrs 08:00hrs 15:20hrs 21:00hrs

hrs hrs hrs hrs hrs hrs hrs

01:00hrs

hrs

3:00hrs 14:00hrs

8:00hrs 19:00hrs

EK 7821 (Sun-Sat) EK 7822 EK 7831 EK 7811 EK 761

21:30hrs 14:40hrs 07:35hrs 14:20hrs 23:55hrs

07:40hrs 01:05hrs 12:50hrs 19:45hrs 10:30hrs

Lagos-Doha Flight Doha-Lagos Flight

QR 1414 (daily) QR 1415

14:55hrs 07:20hrs

23:45hrs 13:35hrs

Lagos-Atlanta Atlanta-Lagos

DL053 DL 054

22:15hrs 5:15hrs

05:32hrs 16:15hrs

Lagos-Houston Houston-Lagos

UA 143 UA 142

10:10hrs 19:10hrs

6:05hrs 15.15hrs

Lagos - Addis Ababa ET900 Addis Ababa - Lagos ET901 Abuja - Addis Ababa ET910 Addis Ababa - Abuja ET911 Enugu - Addis Ababa ET930 Addis Ababa - Enugu ET931 Kano - Addis Ababa ET930 Addis Ababa - Kano ET931

13:15hrs 09:00hrs 13:40hrs 09:40hrs 12:00hrs 09:20hrs 14:05hrs 09:20hrs

20:25hrs 12:15hr 20:10hrs 12:20hrs 20:50hrs 11:15hrs 20:50hrs 13:20hrs

Lagos-Madrid Madrid-Lagos

IB 3337 IB 3336

22:55hrs 16:00hrs

5:25+1hrs 20:20hrs

Lagos-Casablanca Casablanca-Lagos

AT738 AT 737

06:25hrs 02:15hrs

09:55hrs 6:00hrs

air maroc

20.45hrs 09:50hrs 09.20 hrs 06:30hrs

12:30hrs

Lagos-Dubai Lagos-Dubai Dubai-Lagos Dubai-Lagos Abuja-Dubai

IBERIA

Abu Dhabi-Lagos

EY 0672 (Sunday) (Monday) (Saturday) EY 955

19:35hrs 23:45hrs

MEA 571 MEA 572

ETHIOPIAN AIRLINES

Lagos- Abu Dhabi

ETIHAD AIRWAYS

12:30hrs 18:00hrs

to Lagos)

UNITED AIRLINES

17:00hrs 4:40hrs

KQ 533 KQ 534

11:55hrs 5:50hrs 14:35hrs 06:00hrs

DELTA AIRLINES

11:00hrs 22:40hrs

Lagos-Nairobi Nairobi-Lagos

17:55hrs 00:00hrs 09:00hrs 22:40hrs

QATAR AIRWAYS

VS 652 VS 651

18:30hrs 05:15hrs 05:30hrs

BA075 BA074 BA 082 BA 083

EMIRATES AIRLINES

Lagos-London London-Lagos

12:00hrs 21:30hrs 23:50hrs

Middle East Airlines (Two flights weekly (Tues & Friday)

Lebanon-Lagos Lagos-Lebanon

VIRGIN ATLANTIC

RwandAir

Kigali-Lagos

Turkish Airlines

Lagos-Istanbul Nairobi-Lagos

332 333

Air Côte d'Ivoire Lagos to Abidjan Abidjan to Lagos

HF 851 (Tues, Thurs, Fri, Sun) HF 852 (Mon,Wed, Thurs, Sat)

ASKY AIRLINES

Destination Lome to Abuja Abuja-Lome- Kinshasa Kinshasa-Abuja Abuja-Lome Lome-Lagos Lagos-Libreville Libreville-Kinshasa Kinshasa-Libreville Libreville-Lagos Lagos-Lome Lome-Lagos Lagos-Libreville Libreville-Brazaville Brazaville-Libreville Brazzaville-Lagos Lagos-Lome

10:10hrs

10:50hrs

19:20hrs

21.50hrs

Flight No. KP 032 (Tue-Fri) KP 032 ( Tue-Fri)

Departure Arrival 14:00hrs 15:55hrs 16:30hrs 18:15hrs

KP 033 (Wed-Sat) KP O33 (Wed-Sat) KP O40 (Sun-Sat) KP 040 (Sun-Sat) KP 040 (Sun-Sat) KP041 (Tue-Sat) KP 041 (Tue-Sat) KP 041 (Tue-Sat) KP O44 (Tue-Fri) KP 044 (Tue-Fri) KP 044 (Tue-Fri) KP O45 (Wed-Sat) KP 045 (Wed-Sat) KP 045 (Wed-Sat)

8:20hrs 10:35hrs 13:00hr 14:40hrs 17:00hrs 7:15hrs 9:35hrs 11:55hrs 13:10hrs 14:50hrs 17:10hrs 07:00hrs 09:20hrs 11:40hrs

10:00hrs 12:20hrs 14:00hrs 16:30hrs 18:45hrs 08:55hrs 11:25hrs 12:45hrs 14:10hrs 16:40hrs 18:50hrs 08:40hrs 11:10hrs 12:30hrs

Local FLIGHT SCHEDULE ARIK AIR

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

AZMAN FLIGHT SCHEDULE

WEEKLY SCHEDULE Kano-Lagos 8:00am Lagos-Abuja 10:30am Abuja-Lagos 12:40pm

Lagos-Abuja/Kano 4:00pm Abuja-Kano 5:45pm Kaduna-Lagos 8:00am Lagos-Kan 10:10am Kano-Abuja/Lagos 12:40pm Abuja-Lagos 1:00pm Abuja-Lagos 2:40pm Lagos-Kaduna 5:00pm WEEKEND SCHEDULE SATURDAY Kano-Lagos 8:00am Lagos-Abuja 10:30am Abuja-Lagos 1:00pm Lagos-Kano 4:00pm Kaduna-Lagos 8:00am Lagos-Kano 4:00pm Sunday Kano-Lagos 8:00am Lagos-Kano 10:30am Kano-Abuja/Lagos 1:20pm Abuja-Lagos 2:40pm Lagos-Kaduna 5:00pm

FIRST NATION AIRWAYS

LAGOS-ABUJA (MON-FRI) 06.50; 09:30; 11:45; 16:00 (SAT) 06:50; 11:45 (SUN) 11:45; 16:00 ABUJA-LAGOS (MON-FRI) 09:00; 11:30; 13:40;18:30 (SAT) 09:00; 13:40 (SUN) 13:40; 18:30 LAGOS-PORT-HARCOURT (MON-FRI) 14:45

(SAT) 16:15 (SUN) 14:45 PORT-HARCOURT-LAGOS (MON-FRI) 16:50 (SAT) 18:20 (SUN) 16:50

AEROCONTRACTORS

LAGOS-ABUJA (MON-FRI) 06:50; 13:30; 16:30; 19:45 (SAT/SUN) 12:30; 16:45 ABUJA-LAGOS (MON-FRI) 07:30; 13:00; 19:00 (SAT) 12:30 (SUN) 15:30

MEDVIEW AIRLINES

LAGOS-ABUJA (MON-FRI) 07:00; 08:50; 12:00; 15:30 (SAT) 10:00; 15:00 (SUN) 17:30; 18:30 ABUJA-LAGOS (MON-FRI) 09:00; 14:00, 15:00; 18:30

OVERLAND AIRWAYS LAGOS-ILORIN (MON-FRI) 07:15 LAGOS-IBADAN (MON-FRI) 7:00 IBADAN-ABUJA (MON-FRI) 08:00 IBADAN-LAGOS (MON-FRI) 16:30 ILORIN –ABUJA (MON-FRI) 08:30 ILORIN –LAGOS (MON-FRI) 17:00 ABUJA-ASABA (MON-FRI) 10:00 ASABA-ABUJA (MON-FRI) 14:15 ASABA-LAGOS (MON-FRI) 11:30 LAGOS-ASABA (MON-FRI) 13:00 ABUJA-ILORIN 16:00 ABUJA-IBADAN 15:00

News

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

Jonathan eligible for second term, appeal court rules

lSays president has only spent one term in office lPDP: Judgement, positive development Tunde Oyesina and Onyekachi Eze ABUJA

he Court of Appeal yesterday settled the controversy over President Goodluck Jonathan's eligibility or otherwise for a second term in office by resolving the dispute in his favour. In a lead judgement delivered by Justice Abubakar Yahaya, the full panel of the court unanimously held that Jonathan has only spent one term in office going by the provision of the 1999 Constitution. With the verdict, all suits challenging the eligibility of the president to re-contest in the forthcoming presidential poll have been finally laid to rest. The judgement of the court was sequel to an appeal brought by Cyriacus Njoku challenging the decision of an Abuja High Court, which had on March 1, 2013 dismissed his suit seeking to stop Jonathan from re-contesting in the 2015 general elections. But the appeal court held that it was fundamental that where a party lacked locus, the court could not assume jurisdiction. It was on that premise that the court upheld the decision of the lower court which dismissed Njoku's suit for lack of locus standi. "We agree with the lower court that the appellant has no locus to sue", the appeal court held. On the cause of action, the court held that the case of the appellant was speculative and imaginary as none of the reliefs he sought accrued to him any benefit. On the issue that Jonathan had already taken the oath of office and allegiance twice, the court held that the constitution is the grundnorm and sacrosanct to the extent that all other laws emanated from it and such it must be respected and obeyed by every Nigerian. "A court of law is therefore duty bound to consider the entire provision of the constitution. "In this appeal, it is not controverted by the appellant that the first oath taken by the first defendant (Jonathan) was the oath he took as the vice-president and not as president.

"But he took the oath in May 2010 to complete the unexpired tenure of the late Umaru Musa Yar'Adua. "Section 37(1)(b) disqualifies a person from contesting for president if he had been elected twice. Disqualification is through election and not oath taking. Election is a process of choosing a person to occupy a position by voting. When election is given its literal meaning, it connotes when a voting is employed to choose a person for political office. "This did not take place when Jonathan stepped into the shoe of his principal who went to the great beyond. To say these things were done is to import words not used by the constitution. Section 146(1) of the constitution cannot be deemed an election for a vice-president to step into the office of a president. "Election involves

conducting primaries by party, nomination, election and announcement of results. All these processes were not done . If a vice-president succeeds a president that dies, that cannot be challenged. It is a mode of stepping into the vacant office provided for by the constitution. "When a president dies, the vice-president automatically becomes president as provided for by S130 (1)(2) of the 1999 Constitution," the appeal court held. In addition, it also held that the oath taken by Jonathan in May 2010 was a constitutional process. According to the court, going by Section 135 (2)(b), the president took the oath of office for the first time in May 2011 and the 2010 oath was to complete the unexpired term of the late Yar'Adua. The court also said if the first respondent was

disqualified as prayed by the appellant, the system of election would have then been altered. "It was not election that produced the first respondent in May 2010, the oath he took then was not an oath of an elected president as provided for by Section 180 of the constitution. "The process which produced the first respondent in 2010 was not election but a constitutional process. This was different to what happened in 2011. "The process of election was followed in 2011. The oath of office taken in 2011 was the first oath taking by the first respondent as an elected president having fulfilled all the process of election," the appeal court added. Justice Yahaya, however, held that the case of Buba Marwa relied upon by the appellant was not applicable in the instant case.

"The first respondent had not been elected as president before 2011 and his two terms cannot end in 2015. "If you are not disqualified, then you are qualified to contest. The first respondent is not disqualified and on that note, he is qualified to contest. "The appeal lacks merit and fails in its entirety. It is hereby dismissed. The judgement of lower court is hereby affirmed. The sum of N50,000 each is to be paid as cost to each of the defendant," the appeal court held. Njoku had approached an Abuja High Court in 2012 to stop Jonathan from re-contesting in 2015. In his judgment then, Justice Mudashiru Oniyangi dismissed the suit for lack of jurisdiction. Njoku appealed against the decision of Justice Oniyangi at the Court of Appeal.

Besides Njoku's suit, the Federal High Court sitting in Abuja had recently referred two other suits challenging Jonathan's eligibility to the Court of Appeal for interpretation. Reacting to the judgement, the Peoples Democratic Party (PDP), on whose platform the president is running, described it as a positive step towards winning the March 28 presidential election. PDP in a statement yesterday by its National Publicity Secretary, Olisa Metuh, said the verdict was “victory for democracy and the rule of law, especially in protecting the inalienable rights of eligible citizens to freely participate in the electoral process without any form of hindrance”. The party added that the development has helped to enrich the judiciary and further deepened the nation’s democratic evolution.

L-R: Members, Civil Society Situation Room, Mr. Festus Okoye; Mr. Clement Nwankwo and Speaker, House of Representatives, Hon. Aminu Tambuwal, during a visit to the speaker in Abuja...yesterday.

Presidency: PDP'll win 90 per cent votes, says Akpabio Anule Emmanuel Abuja

over nor of Akwa Ibom State and chairman of the Peoples Democratic Party Gover nors’ Forum, Chief Godswill Akpabio, has expressed confidence that the ruling party will win the presidential election on the first ballot on Month 28. The governor, who spoke to State House Correspondents on Monday

after a meeting between President Goodluck Jonathan and governorship candidates on the platform of the PDP in the forthcoming elections, said his conviction was based on the stock taken so far in the preparations for the polls. He said PDP will clearly win 90 per cent of votes cast during the elections across the country. According to Akpabio, the meeting between President Jonathan and the candidates was put to-

gether to take stock of the situation on ground. He said report reaching the party indicates a favourable position for the ruling party. He explained that he had always insisted that the propaganda by the opposition has limit. "With the latest development, Nigerians are now aware of the giant strides of the present administration in the different sectors of the nation's economy," he said. Akpabio stressed that

within the four years of the Jonathan administration, Nigerians have witnessed massive development ever than before. “Today, Nigerians are more aware of what the PDP administration under President Jonathan has been doing. I want to commend not only the president but also members of the Federal Executive Council (FEC) who have opened the eyes of Nigerians to know that so many things have been done in the different sectors of the

economy. “It was as if people did not know these things because the opposition took over and they kept saying PDP was doing nothing. Yet, in four years of the president's tenure, he has achieved far more than any president had ever done in the history of our country," he added. Except for the governorship candidates of Benue State, all PDP candidates and governors attended the meeting which lasted for about three hours.

News

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

Fuel scarcity: TUC demands urgent intervention Sunday Ojeme and Yekeen Nurudeen

he Trade Union Congress of Nigeria (TUC) has expressed shock over the fuel scarcity across the country. Describing the situation as an unpleasant development that has cut short the joy witnessed at the reduction of price of fuel in January, the Congress noted that it was bad enough that the masses were again being subjected to needless pains. In a statement jointly signed by the President, TUC, Comrade Bobboi Bala Kaigama, and the General Secretary, Comrade Musa Lawal, and made available to New Telegraph, TUC lamented that instead of the nation's leadership and stakeholders to rise and face the challenge frontally, they are busy casting aspersions and playing the blame game again. The statement said: “The Congress finds it very difficult to describe things happening on the eve of the 2015 general elections. It has indeed become an onerous task to explain because instead of politicians addressing is-

TODAY’S WEATHER FORECAST LAGOS

32oC

26oC

Storm

sues and how they intend to help the economy to do better they are busy dwelling on personalities. “Sometimes we wonder if our politicians are bothered by the current price of crude in the international market as against what it was sold for few months ago. Could it be that politicians have for-

38oC

24oC

Partially Cloudy

PORT HARCOURT

28o C 18oC Thunder Storms

KANO

34oC

17oC

Mostly Sunny

ENUGU

37oC

24oC

Partially Cloudy

IBADAN

31oC

20oC

Partially Cloudy

CALABAR

34oC

23oC

Partially Cloudy

MAIDUGURI

ONITSHA

36oC 19oC Mostly Sunny

36oC

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ans irrespective of political inclinations to rise to the challenge and ensure that the country does not retrogress any further. What should be important now is to proffer solution to the challenges and other issues bothering our dear country and not theses unbridled complaints and blackmail we see in

the print and electronic media. “The Congress wishes to use this avenue to call the politicians to order once again. We urge you to sheath your swords, go about your campaign with utmost decency, sell yourself by telling Nigerians what you intend to do for them. If they are satisfied

they will vote for you. This is the most modest and laudable way elections are conducted in saner climes. “All hands must be on deck to avoid situations such as the present scarcity as cushioning the effect, which always results in queues at filling stations across the country is not an easy task.”

L-R: Managing Director, Eberhart Capital, Dan Eberhart; Osahon Akpata of McKinsey & Company; Head, West Africa Corporate Solutions, Jones Lang LaSalle Nigeria, Chinwe Ajene-Sagna and Director, McLarty Associates and Founder, Africa Expert Network (AXN), Eliot Pence, at a cocktail in Lagos...Monday.

Interim govt, coup against Nigeria, says Tambuwal CONTINUED FROM PAGE 1

ABUJA

gotten that oil is the mainstay of the economy for now? Are they yet aware but choose to further bring the economy to its knees? Where do we place it that a product that was sold for N87 now sells for between N110 and N120 depending on the part of the country you are buying? “We charge all Nigeri-

Chairman of the House Committee on Justice, Hon. Ali Ahmed (APC, Kwara). In adopting the motion, which was seconded by Hon. Goni (APC, Yobe), the House "urged the political class, government of the federation and of states and security agencies to heed the warning of imminent and present danger associated with any interference with the existing schedule of the general elections." It threatened to "hold accountable at domestic judicial forum or at the International Criminal Court (ICC) any person or organisation that foists on INEC any decision or action whatsoever, including unconstitutional attempt to remove the current INEC chairman, that has the effect of making it impracticable for the elections to hold on March 28 and April 11, 2015." In his lead debate, Ahmed said the initial postponement of the general elections for six weeks due to security concerns related to the Boko Haram insurgency had further

heightened the tempo for pre-election violence. The lawmaker said he was alarmed by the "possibility, threat and insinuation to precipitate actions that would cause further alteration to the status quo arrangements and regulation of the general elections." He expressed concern that any alteration to the status quo arrangement at this crucial stage would lead to a further postponement of the date of the elections. "There is already documented evidence from several sources that any change in status quo arrangements, especially the removal of the INEC chairman, presents a possibility of violence and would occasion the sowing of seeds of a major crisis," he added. According to him, the removal of the INEC chairman will be unconstitutional, given the decision of the Supreme Court that removal of the chairman or members of such an independent electoral body as INEC pursuant to section 157 (1) of the constitution can only be

achieved when he is incapable of discharging his duties or he is guilty of misconduct. House Speaker, Hon. Aminu Tambuwal, who presided over the session, did not allow debate on the motion but instead put it to question. The motion was subsequently adopted. Tambuwal, at another forum yesterday, also said Nigeria was not at war and those clamouring for either extension of tenure of the present administration or the institution of an interim government were planning a coup against the people. Besides, he warned that any attempt to remove Jega will be counterproductive and unconstitutional. Tambuwal told members of the Nigerian Civil Society Situation Room (NCS-SR) who paid him a courtesy call that there were ominous signs of Nigeria returning to the dark days. He said: "There is no interim government in the constitution. Those talking about interim government, are they planning a

coup? It is outside the constitution and I don't know why our security agencies are condoning it? It is a treasonable offence. We should respect the wishes of the people and the will of God. "It is very clear that certain individuals are not interested in a free and fair electoral process." He urged those seeking elective offices to respect the decisions of the electorate. He said: "We should always remember that power belongs to God and He gives it as He wills. We should appreciate that not up to 10 per cent of us (Nigerians) are politicians. What then happens to the remaining 90 per cent? If you do what pleases you and at the end of the day crises breaks out, what happens?" he asked. Tambuwal, who dismissed insinuations that Nigeria was at war, said only the National Assembly could declare that the country was in a state of war. Earlier, leader of the delegation and Executive Secretary of Policy Legislative Advocacy Cen-

tre (PLAC), Mr. Clement Nwankwo, said the group was worried about the economic crisis in the country, the fate of the constitution and the forthcoming general elections. "We are making the point that the dates of the elections are so close to the handover dates, so it will be intolerable to postpone the elections again," he stated. He also criticised the idea of foisting an interim government on the nation and the suggestions that Jega should proceed on terminal leave. Citing sections 156- 157 of the 1999 Constitution, which do not provide for such option in the case of the disengagement modality of INEC appointees, Nwankwo asked the National Assembly to intervene and ensure that the membership of INEC remains sacrosanct. Another member of the group, Mr. Festus Okoye, also upheld Nwankwo's position, saying: "We believe that there is a certain institution of democracy that should be respected and protected and INEC is one such."

News

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

Budget defence: NNPC shuns Senate Committee Chukwu David Abuja

he Nigerian National Petroleum Corporation (NNPC) and its subsidiaries yesterday refused to appear before the Senate Committee on Petroleum (Downstream) to defend its 2015 budget. This was as the Petroleum Products Pricing Regulatory Agency (PPPRA) told the sena-

tors that the current fuel scarcity being experienced in the country was caused by currency devaluation by the Central Bank of Nigeria (CBN). Reacting to the failure of the NNPC to appear for the budget defence, the Chairman of the Committee, Senator Magnus Abe said that apart from defending the budget, the forum would have also been used by the corporation to explain reasons behind the

current fuel scarcity and probably discuss the way out of the problem with the lawmakers. Abe expressed disappointment over the absence of the Group Managing Director of the NNPC, Mr. Joseph Dawha, and other officials of the establishment, warning that the committee would not tolerate a repeat of such snobbish treatment to the legislators in future invitation.

The lawmaker regretted that the officials of the NNPC lacked the courtesy of responding to the invitation forwarded to it last week either in writing or by verbal communication, directing the Committee Clerk to issue another invitation to the NNPC and other agencies that did not appear yesterday. He said: "We invited NNPC to this session since last week. The corporation did not even

Navy: Nigeria loses N433.62bn annually to oil theft CONTINUED FROM PAGE 1

The equipment is needed to improve naval operations and the welfare of personnel." Jibrin, however, said despite the substantial reduction in the navy's appropriation in 2014, it was able to arrest 84 vessels and 155 suspected oil thieves. Besides, it destroyed 120 illegal oil refineries, 29 barges, 93 boats and 1,259 auxiliary equipment and tools used by the oil thieves.

The development, he stated, "deterred criminal activities on the waterways and helped in no small measure in providing the enabling environment for the continued exploration and exploitation of the nation's oil and gas resources." On the constraints of the navy in fully implementing the 2014 Budget, Jibrin said the amount of capital fund released so far was insufficient to completely

fulfill the 2014 payment obligations for the OPVs. "The release was also inadequate for the execution of other capital projects. Consequently, the Nigerian Navy requires the release of the sum of N4,065,182,763 being the balance of its 2014 Capital Appropriation to enable it to fully execute its budget. "If the balance of the 2014 Capital Appropriation is not released, the service faces the risk of

Jonathan restates pledge not to sack Jega Mojeed Alabi

resident Goodluck Jonathan has restated that he won’t sack the chairman, Independent National Electoral Commission (INEC), Prof. Attahiru Jega, before the expiration of his tenure in June. The president said he was surprised at allegation that he is planning to remove Jega before the elections, saying he never discussed anything close to it with anyone. “Whether at the state or at the federal level, the president or a governor doesn’t just wake up and change somebody, especially INEC that is a very sensitive body. So, for me to change INEC chairman both Nigerians and non-Nigerians will ask questions. I cannot just wake up and change INEC chairman. I have never discussed it with any human being on earth that I am changing INEC chairman,” he said. Jonathan also expressed worry over the likely violence that may characterise the rescheduled general elections, adding that he would win the elections because he has performed well. The president, who said he was not only worried about violence but

also unhappy, made the remark while responding to questions from an Aljazeera correspondent, Yvonne Ndege, in Lagos. In the interview that lasted about six minutes, Jonathan also spoke on the war against terror, corruption, among other pertinent issues. Asked whether the fear of losing the election was responsible for the sudden step-up of operation against Boko Haram before the elections, Jonathan said it was out of ignorance to hold such an opinion, even as he said the security forces never promised to completely rout Boko Haram out of the North-East before elections could hold. His words: “I believe the elections will be conducted as scheduled by INEC, that is, the national elections fixed for 28th of this month. I don’t see why we should postpone again because I am quite impressed with the successes going on in the North so far. There is misinformation about the postponement. In 2011, when we conducted elections in Nigeria, we had Boko Haram. The fact is that within the period the level of build-up of Boko Haram was quite serious and from all indications, from signals the security agencies got, people are

trying to use them to disrupt the elections. “In 2011, there were no such signals. And if you disrupt elections in a number of states, particularly if it is presidential election, it would affect the declaration of results. So, the security forces did not want to give chances.” President Jonathan also said corruption has been politicised, and blown out of proportion. He chided the former Central Bank of Nigeria’s Governor and now Emir of Kano, Muhammadu Sanusi, for raising what he described as confusing allegation about missing $49.8 billion, which he said was later reduced to $12 billion. He, however, confirmed that the result of the Senate investigation has shown that just about $2 billion is missing. “The report didn’t even say somebody stole it. There was no evidence to say it was stolen but that it was not properly balanced,” he said. The president also reiterated that if he loses the election, he would vacate office gracefully, saying Nigeria is not his father’s estate. “If by default somebody wins the election, of course I will go to my village. The country is not my father’s estate. I want to serve.”

breaching the contract agreement for the acquisition of the OPVs. This could cause great embarrassment to the nation as the contract for the construction of the OPVs is a government-to-gover nment contract. Furthermore, this will greatly hamper the current drive of the Federal Government towards enhancing Nigerian Navy's operational capability," he added. Chairman of the Senate committee, Senator Chris Anyanwu, commended the navy for its efforts at checking crimes on the nation's territorial waters.

have the decency to respond to the invitation through letter or even through phone. "This committee is very disappointed that NNPC officials are telling us that we are back to where we were last year but we will not tolerate this any longer from them because we will never allow NNPC to frustrate us from scrutinising its records. "Consequently, this committee has directed its clerk to re-invite NNPC officials and heads of other subsidiaries like Department of Petroleum Resources (DPR), Pipelines and Product Marketing Company (PPMC) etc., for a session they must all attend unfailingly Thursday by 2p.m. prompt." The Executive Secretary of the PPPRA, Mr. Farouk Ahmed, had earlier in his submissions before the committee, explained that the current fuel scarcity was a manifestation of the problem brought about by the devaluation of Naira in November last year. He said: "The recent events have to do with delay in the arrival of cargoes. Non-arrival of cargoes made it difficult

for petroleum motor spirit (PMS) to be delivered. What actually complicated it was the devaluation of naira two times. The first one that took place on November 28 devalued Naira from N155 to N168 to $1. The second one that took place on February 18 brought the exchange rate to N199 to $1. "These two developments brought a lot of confusion into the oil sector. Marketers were not sure of the actual delivery cost. We had to draw a new template as advised by the CBN. The delay we have now is caused by the November devaluation. "But the reality now is that the policy is clear. The Minister of Finance, PPPRA and other agencies are working closely to ensure that outstanding bills are paid. And that one had been done now. "Yesterday, we got an approval from the Budget Office for payment of all outstanding bills. We have adjusted the template now. We have to put the exchange rate at the interbank rate. Now, we have a direction and so, there is no cause for alarm as the scarcity will fizzle out by the coming weekend."

KEBBI STATE GOVERNMENT

MINISTRY OF WATER RESOURCES AND RURAL DEVELOPMENT ADVERTISEMENT FOR REQUEST FOR QUOTATION (RFQ) FOR SUPPLY AND OR INSTALLATION OF ELECTRIFICATION MATERIALS FOR VARIOUS ELECTRIFICATION PROJECTS This is to request for quotation (PFQ) from electrical engineering films S/NO PROJECT 1 ELECTRIFICATION OF MAIDAJI FROM ALJANNARE, TUNGAR SOJA, SABERA & BAGONI AND COMPLETION OF TUNGAR DAUDU, TUNGAR MALLAM IBRAHIM AND BAKUNDE ALL IN SURU L.G.A

CONTRACT NUMBER

KBSTB/REB/ MWRRD/050/2015

ELECTRIFICATION OF LUGGA AND SAKAWA TOWN IN DANKO/WASAGU L.G.A (FROM BENA

KBSTB/REB/ MWRRD/049/2015

SCOPE OF WORKS The scope of work for the projects shall include the following: i. Site clearance, survey and pegging. ii. Digging of holes for HT & LT poles, dressing and stringing of aluminium conductor. iii. Construction of substation fencing and plinth, installation of transformers and other electrical materials. iv. Connection to the national grid. v. 500KVA/11KV, 300KVA/11KV transformers. vi. 100mm (aluminium conductor steel re-enforced (ACSR). vii. 70mm aluminuim conductor. viii. Civil works

Only registered companies currently resident in the state and currently executing similar projects are invited to submit quotations.

3. QUALIFICATION OF FIRMS RESPONDING TO THE RFQ Electrical engineering firms, representative of Manufacturer’s of electrical materials etc. in presenting quotation must show clear evidence of: (a) Payment of corporate taxes, PAYE, VAT etc. (b) Tenders board registration certification (c) Letters of confirmation by applicant’s bankers on having financial capacity to execute the contract. (d) Certification of incorporation for companies/consulting firms (e) Memorandum and articles of association (f) Registration with professional/regulatory bodies as would be applicable. (g) List of company/consulting firms personnel including qualification and years of experience in the field. (h) List of the company/consulting firm’s machineries, equipment and instruments. (i) List of previous works/service executed and evidence of performance. 4. DEADLINE FOR SUMMSION OF QUOTATIONS Electrical engineering firms, representatives of manufacturers of electric materials etc are to submit their quotations for the project at 2.00pm, one week after publication. The Ministry of Water Resources and Rural Development and General Manager Rural Electricity Board Kebbi State, Birnin KEBBI reserves the right to reject any quotation that does not meet its requirements SIGNED

DR ABDULLAHI S. GOBIR

Permanent Secretary F or H onorable C ommissioner

News

wednesday, march 4, 2015 NEW TELEGRAPH

national

Why APC is not happy with FG's economic policy — PDP Onyekachi Eze ABUJA

he Peoples Democratic Party (PDP) said the desire of the All Progressives Congress (APC) to continue to pillage on the nation's resources was the reason the party was against the economic policies of the Federal Government. The PDP, in a statement yesterday by its National Publicity Secretary, Olisa

Metuh, said President Goodluck Jonathan’s policies was to plug all leakages in the nation’s economy, which he said, APC was uncomfortable with. According to the party, the recent bitter criticism of APC against the Goodluck Jonathan administration aimed at guaranteeing the economic progress of the country even in the face of the fall in crude oil price at the international market, confirms the party's general aversion to the

well-being of the nation. "We ask: Why is APC uncomfortable with policies that promote transparency and accountability in the nation’s revenue system? Why are they bitter with the independent revenue e-collection scheme under the Treasury Single Account, which ensures greater monitoring and control of spending in Ministries, Departments and Agencies (MDA)? “Why is APC bellyaching over the inaugura-

tion of the Automated Aviation Revenue Project and the directive that revenue collected by MDAs should be paid directly to the Consolidated Revenue Fund at the Central Bank for better monitoring and control?", PDP asked. The statement described as appalling the fact that the APC has become so anti-people that it would attempt to smear populist programmes of government in a bid to score cheap political point. It said the APC is frus-

trated and increasingly confused by the successes recorded by the Jonathan administration in security and economy despite the daunting challenges. The party added that it has resorted to chasing shadows, especially having realised that Nigerians are no longer swayed by its propaganda in the social media and popularity contest abroad. “Our advice to the APC is that they should stop deluding themselves with their countless lies

and deceitful promises to Nigerians. They should be bold enough to accept that they have no positive agenda and lack the capacity to ensure the unity, stability and prosperity of the nation,” the statement said. PDP assured Nigerians that no amount of propaganda by the opposition will deter and distract it from pursuing its peopleoriented programmes in line with its manifesto and visions of the founding fathers.

Nigeria seeks development of aviation cargo Wole Shadare

Acting Director General, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo (right), exchanging pleasantries with the Director, Nigerian Financial Intelligence Unit (NFIU), Mr. Usani Francis, during a courtesy visit in Abuja…yesterday

Jonathan moves to end Ebonyi PDP crisis intervention President Goodluck Jonathan intervenes to bring normalcy to Ebonyi PDP

Anule Emmanuel

ndications emerged ye s t e rd ay t h at President Goodluck Jonathan may have intervened in the crisis rocking the Ebonyi State

chapter of the Peoples Democratic Party(PDP). The President held a closed-door meeting with stakeholders from the state which lasted for about four hours yesterday. The meeting, which was inconclusive, held at the presidential villa, Abuja. In attendance were some PDP governors, led by the Chairman of the PDP Governors' Forum, (PDP-GF) and Akwa Ibom State Governor Godswill

IT firm, Concept Nova, receives NCC licence

oncept Nova, a Nigerian IT solutions company, has been awarded with the Nigerian Communications Commission (NCC) license. This comes in light of the launch of the company’s new innovative product called the Ti-kon Vehicle Tracker. According to Ms. Chidimma Onyeokoro, Head of Strategy and Marketing, “this comes at a great time when one of our most innovative products is due to launch with the Largest Online Marketplace, Konga.com.”

Onyeokoro disclosed the immense joy this certification brings at a time when the Ti-kon vehicle monitoring device launches on the online platform of Konga and subsequently offline as well with some selected franchise partners. She said: “The Ti-kon vehicle monitoring solution provides effective monitoring of your vehicles’ daily performance, as well as shows your employees’ driving habits, all at the touch of a button via any GSM/GPS enabled mobile phone."

Akpabio. Also in attendance were Governors Martin Elechi; Sule Lamido and Gabriel Suswam of Ebonyi, Jigawa and Benue States respectively, as well as the PDP governorship candidate for Ebonyi State and the deputy governor, David Umahi. Vice President Namadi Sambo and the Secretary to the Government of the Federation, Anyim Pius Anyim were also in attendance at the Marathon

meeting. The Ebonyi PDP chapter has been engulfed in deepening crisis since the December governorship primary election where Professor Onyebuchi Chukwu, former Health Minister who was believed to Elechi's candidate lost to his deputy, Umahi, backed by Anyim. The governor also failed to scale through his own senatorial primary election.

Dangote offers N20m scholarship to students

he Dangote Foundation yesterday made a scholarship donation of N20 million to James Hope College Agbor, in Delta State. The scholarship, according to the foundation is to cover the selected indigent students' school fees all through the secondary school years. Presenting the donation at the school premises in Agbor, the Chief Executive Officer of the Foundation, Zouera Youssoufou, said the issue of

education is an area the Foundation is interested in because it was central to the development of the society. She explained that the Foundation would continue to do all within its resources to help in the upliftment of the education and health care standard, both of which she disclosed that the Foundation had invested heavily in. "Education is key for future development of our youths and the society."

he Managing Director of the Federal Airports Authority of Nigeria (FAAN), Saleh Dunoma, has said that the authority would support any effort aimed at maximising the potential of the country’s air cargo sector. Dunoma made the disclosure during the Nigerian Air Cargo Summit organised by the Nigerian Aviation Handling Cargo (NAHCO) in Ikeja. He said that the quest to maximise these potential has led to the remodelling of designated perishable cargo airports across the country. According to him, “A recent International Air Transport Association (IATA) report suggested that cargo volumes are expected to grow by 4.5 per cent in 2015, as compared to the time when air cargo business faced weak markets and increasing com-

petition since 2011.’’ The Managing Director, who was represented by FAAN’s Director of Cargo Development, Dr. Uche Ofulue, called on all private investors and stakeholders in the aviation industry to reach out and showcase the rich potential of Nigeria to the world by keying into the opportunities available in the country’s air cargo industry. According to him, "Some strategic airports in Nigeria e.g. Akure, Makurdi, Minna, Abuja, Owerri, Calabar, Ilorin, Jalingo, Jos, Uyo, Kano, Lagos and Port Harcourt have been designated fresh and dry cargo airports, for the direct exportation of fresh agricultural produce from surrounding local communities to markets in Europe, the United States of America and other countries across the world."

Buhari, Atiku condole with Obaigbena Johnchuks Onuanyim Abuja

he presidential candidate of the All Progressives Congress (APC), General Muhammadu Buhari, and former Vice President, Atiku Abubakar have condoled with the publisher of Thisday newspapers, Nduka Obaigbena, and his family over the demise of his brother, Azubuike Obaigbena. Buhari, in a statement signed by the Director of Media and Publicity of the APC Presidential Campaign Organisation (APCPCO) yesterday, noted that the late Obaigbena passed away when the country was looking up to the services of Nigerians in Diaspora to develop the country. The statement reads: “The demise of Rotimi

Azubuike Obaigbena is an unpleasant development at this point when our country is looking up to the services of young Nigerians who have made remarkable landmarks in their fields of endeavour." “In the past few days, I have met with a good number of Nigerians outside the country and I most sincerely commend their high sense of patriotism and zeal to contribute to the overall development of the country. “I know that the demise of this gentleman is a huge loss to the community of Nigerians outside the country, but it is bigger lose to Nigeria and the Obaigbena family and will be greatly missed.” Atiku described the deceased as “a very hardworking Nigerian, who has made an indelible mark in his chosen profession.”

NEW TELEGRAPH wednesday, march 4, 2015

News

national

FCTA to commence biometric capturing of IDPs Yekeen Nurudeen Abuja

L-R: Chief Marketing Officer, MTN, Bayo Adekanmbi; beneficiaries of the 2015 Resolution Promo, Amarachi Ahaneku; Stephen Emmanuel and General Manager, Consumer Marketing, MTN, Mr. Richard Iweanoge, at the presentation of prizes to winners in Lagos…yesterday

confirmation The senate may confirm Obanikoro's nomination as minister today despite opposition from APC Chukwu David Abuja

here are indications that in spite of the pressure being mounted by the opposition All Progressives Congress (APC) against Senator Musiliu Obanikoro's nomination by President Goodluck Jonathan for ministerial appointment, the Senate might confirm him today along with seven others. APC senators have been kicking against his nomination and petitioning the President of the Senate, David Mark, to frustrate his confirmation by the upper chamber. The APC spokesman in the Senate, Senator Babafemi Ojudu, last week, told journalists in Abuja that the Senate President had received two petitions, seeking to stop the confirmation of Obanikoro as a minister

Dayo Ayeyemi

ore revelations about the collapsed multi-storey building belonging to the Synagogue Church of All Nations in which more than 100 people lost their lives in October last year, came up yesterday. The structural analyses of the building, presented during the coroner’s inquest by the Lagos State Material Testing Laboratory (LASMTL), showed that each of the 28 pads (foundation) of the collapsed building did not meet the

Senate to defy APC, by confirming Obanikoro today of the federation. According to Ojudu, Obanikoro is currently being confronted with an allegation of participating in the alleged rigging of last year’s governorship election in Ekiti State, which was won by the PDP candidate, Mr. Ayodele Fayose, who defeated the incumbent APC governor, Dr. Kayode Fayemi. Ojudu also said there was a suit against Obanikoro in a Lagos court, No: ID/433GCN/14. The legislator therefore, argued that it would be subjudice for the Senate to screen and confirm Obanikoro with other ministerial nominees, when the case was still pending in court. “There is a case against Obanikoro in court in Lagos and that case is coming up for hearing on March 6. Should the Senate go ahead to screen Obanikoro, it means the Senate has prejudiced the case. That would be illegal, because the tradition and the rule is that if there is a case before the

court, the matter should not be entertained. “This case is already before the judiciary and it has to do with whether he is a fit and proper person, whether he is qualified to hold public office. Even the case of whether he has dual citizenship is not for the Senate to determine. “Besides, this case is not even about that. Whatever the matter is, there is a subsisting case against Obanikoro before the court,” he stressed. But some Peoples Democratic Party (PDP) senators have said that there was nothing that would stop Obanikoro from being confirmed, pointing out that as a former senator and a chieftain of the ruling party, his confirmation was a concluded matter. One of the senators, who preferred to speak with New Telegraph off record, said those petitions and criticisms from the opposition and other people kicking against Obanikoro's nomination would not stop the senate

from confirming him. He said the PDP Senators had done everything necessary to persuade their colleagues to support the proposal to re-appoint the former minister, stressing that it was not the first time such opposition was coming against a presidential nominee either from within or outside the Senate. “Apart from the opposition coming against him from the APC, there are also some PDP members in Lagos, who said that he was working against the party's candidate for Lagos State, Mr. Jimi Agbaje. But remember that this is not the first time such opposition is coming against a ministerial nominee. “Don't forget the case of Abduljelili Adesiyan, the current Minister of Police Affairs; he was highly opposed by senators from his state, Osun State, on the allegation that he was instrumental to the death of Chief Bola Ige, but the Senate still confirmed him," the Senators said

Synagogue building collapse: Structural analyses fault foundation pads required standards. Speaking to New Telegraph yesterday, one of the executive members of the Building Collapse Prevention Guild (BCPG), Mr. Femi Shodunke, who witnessed the presentation of the analyses, said the revelations coming from LASMTL was that the foundation pads used for the building could not carry the designed load.

He said LASMTL’s structural engineers analysed that each of the 28 pads of the collapsed synagogue building ought to have been 4.5 metres by 4.5 metres by 1m (4.5 x 4.5 x1) instead of the 2mx2mx1m constructed for a building of about 600 square metres and 30 metres high. Shodunke added that the designed foundation pads for the structure

were too small to carry the multi-storey building. To make more clarification, Shodunke said at the request of BCPG’s lawyer, coroner’s inquest has summoned the Nigerian Building and Road Research Institute (NIBRRI) and Council of Registered Engineers of Nigeria (COREN) to present their report on the collapsed building to the court any time from now.

he Federal Capital Territory Emergency Management Agency (FEMA) yesterday said that it would soon commence the biometric capturing of Internally Displaced Persons (IDPs) in the nation’s capital. This was disclosed by the FEMA Director in the FCT, Alhaji Abbas G. Idriss, who lamented that despite the huge expenditure towards providing relief materials for IDPS, there were still complaints from some quarters that the relief materials

did not get to them, hence the need for biometrics. According to him, the biometric data capturing exercise was meant to ensure that only genuine IDPs displaced by the insurgency in the North-East benefit from the distribution of relief materials. “Extreme caution is taken to ensure that the real IDPs get what they are entitled to,” he said. While highlighting the programmes of his agency for, Idriss said the agency would focus on implementing the hazard mapping of the FCT, an effective early warning mechanism and emergency rescues.

US bank to invest $1bn in Nigeria’s mortgage sector Abdulwahab Isa Abuja

ore prospects for Nigerians to own decent and affordable houses beckoned yesterday following a commitment by the United States’ investment banker, Cantor Fitzger, to invest $1 billion to deepen Nigeria’s mortgage sector. Cantor Fitzger reputed as controlling a sizeable portion of the US mortgage market, specialises in mortgage-backed securities and has concluded a plan to help broaden the housing market and expand the range of mortgage offer-

ings to Nigerians. The investment bank has acquired hectares of lands in Lagos, Abuja, Enugu and Kaduna, where it will build 10, 000 houses costing between N8 million to N15 milion for a moratorium of 20 years. Works on designated sites would commence in April this year, starting with Lagos State. The 10, 000 initial houses to be built in four location at a reasonable interest rate are aside of the 10, 000 initial houses currently being worked on through the assistance of the Nigeria Mortgage Refinancing Company (NMRC).

Nyako seeks mandamus order against CJ Akeem Nafiu

he last may not have been heard of the furore generated by the impeachment of a former governor of Adamawa State, Murtala Nyako, as he has asked a Federal High Court in Lagos for permission to apply for an order of mandamus against the Chief Judge of the Federal High Court, Justice Ibrahim Auta. The order of manda-

mus, if granted would compel the chief judge to release the case file in the suit numbered FHC/YL/ CS/11/E014 filed by Nyako to challenge his July 15, 2014 impeachment. It will be recalled that Nyako had after his impeachment, filed the suit alleging a breach of his fundamental right to fair hearing by the seven-man investigation panel, which indicted him of 16 counts of gross misconduct.

Pioneer to acquire majority share in Nigerian bakery for $7m Dele Alao

ioneer Foods will obtain the majority shareholding in Food Concepts Pioneer Limited (FCPL) for $7million, allowing the food company to leverage FCPL’s existing infrastructure and brand recognition as a lower risk, route-tomarket opportunity to expand its basket, according

to a statement from Pioneer yesterday. Under the terms of the agreement, Pioneer Foods, listed on the Johannesburg Stock Exchange (JSE), would hold 50.1 per cent of the shares in FCPL, which owns Nigerian baked goods business, Butterfield Bakeries, a specialist in bread and sausage roll production.

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

Metro 11 youths rape girl, 19 Owo FMC CMD, lawyer arraigned for N1.2m bribe Juliana Francis

lawyer, Ayodele Owoka, and his client, the Chief Medical Director of Federal Medical Centre (FMC), Owo, Ondo State, Dr Olufemi Omotosho, have been arraigned before Justice Lateef Lawal Akapo of the Lagos High Court, sitting at Ikeja, for bribery. Owoka went to the Ikoyi, Lagos State office of the Economic and Financial Crimes Commission (EFCC) and allegedly offered the operatives bribe of N1.2 million, on behalf of his client. Owoka and Omotosho were arraigned on a five-count charge bordering on conspiracy to offer gratification to a public officer, destruction of evidence and giving of false information. The lawyer, who allegedly convinced his client that he knew intricate workings of the EFCC operatives’ minds, stormed the commissions’ office, armed with monetary bribe he was sure the operatives would accept and turn the case in favour of his client.

He was, however, shocked when they slammed handcuffs on him, for attempting to bribe and officers of the law. The Head, Media and Publicity, EFCC, Mr Wilson Uwujaren, said: “Owoka was arrested on February 27, 2014 at the EFCC’s office in Ikoyi, Lagos, where he had gone to bribe a team of operatives investigating a case of contract inflation, abuse of office, stealing, embezzlement and misappropriation of funds at the Federal Medical Centre, Owo, Ondo State. “The lawyer confessed after his arrest that he offered the operatives, N1,200,000, which was allegedly given to him by Omotosho, to bribe the team to soft pedal on their investigations. “Owoka said he was offered N1,500,000, but withheld N300,000 for his personal use.” When the charges were read to the accused, they pleaded not guilty. In view of the plea of the defendants, prosecution counsel, Oyedepo Rotimi, asked for a trial date and prayed the court to remand the accused in prison custody. But counsel to the 1st and 2nd defendants, E. C. Eshieawene and O. Wahab, opposed the move to remand the defendants in prison custody. They prayed the court to use discretion and remand them at the EFCC custody. Akapo, having considered the plea of counsel to the defendants, ordered that the accused be remanded in EFCC custody and adjourned the matter till March 12, for argument on bail application.

Some of the suspects

SAVAGERY 11 youths, mostly secondary school students, gang-raped a 19-year-old Tony Anichebe Uyo

leven youths, now in police custody, have explained how they gang-raped a 19-year-old, Effiong Adiaheyo, at a market in Esit Eket, Akwa Ibom State. The suspects were among others paraded yesterday by the state Commissioner of Police, Gabriel Achong, at the Police Command headquarters in Uyo. The 11 youths, mainly students of National High School, Esit Eket, said they later took the teenager to their room and continued their illicit affair with her.

The suspects, alleged to be cult members whose ages range between 16 and 18 years, told journalists that they raped their victim for the fun of it. They said the victim had never crossed their path before the ugly incident. “Yes we raped her,” they chorused. When asked if she offended them, they said no. “She did nothing. She never crossed our path before that day. We did it for the fun of it,” said the ring leader, who lured the girl into their den. Achong, who was represented by Assistant Commissioner of Police, Mike Okoli, also narrated how a 60-yearold Pastor Udo Obot Job, who doubles as a traditional healer, defiled a 14-year-old daughter of his patient. The patient, according to the police chief, was receiving herbal treatment in Job’s house when his daughter

came to visit him. The traditional healer was said to have sent the patient’s wife the market before luring the girl into his room and forcibly deflowered her. Also paraded was Iniebehe Moses Ebong, who accosted and overpowered one Promise Jeremiah, 10, on her way to the stream to fetch water. Ebong allegedly tied the girl’s legs to a tree, sealed her mouth and repeatedly defiled her. When the girl became unconscious, the suspect abandoned her to die. Promise was later rescued by a Good Samaritan who took her to the hospital. In the same vein, one Keneth Victor Udofia, 20, and 29-year-old Ifiok Mark were also arrested for defiling nine-year-old Happiness Emmanuel Edet a native of Ikpat Akpan village in Nsit Ubium Local Gover nment Area of the state. On that fateful day, Happiness was sent to buy kerosene by her mother when the two men took her to their room where they defiled her several times before throwing her out. The police also paraded one Sabbath Christian Ezekiel who delivered twins and hurriedly sold out one of them for N90,000, citing poverty as her reason. Speaking at the police headquar ters, Ez ekiel said she sold her baby to Umoh Godwin Akpanam and Imaobong Samuel to be able to train the other baby. Akpanon and Samuel told journalists that they bought the child for N90,000.

Ibadan shooting victim dies at UCH Sola Adeyemo Omotosho

Ibadan

ABIODUN BELLO FEATURES Editor

abiodun.bello@newtelegraphonline.com

ne of the 15 people wounded in the shooting at an Accord Party (AP) rally in Ibadan, Oyo State on Sunday has died at the University College Hospital (UCH). The state gubernatorial candidate of the party, Senator Rasidi Ladoja, and the Director-General (DG) of the Ladoja Campaign Organisation, Hon. Abraham Adeolu Adeleke, disclosed this yesterday when they visited one of the other victims on admission at the hospital. During the shooting, alleg-

edly by thugs loyal to the All Progressives Congress (APC), two persons died. Adeleke said on Sunday evening that the Accord Party was holding a peaceful rally of the House of Assembly and House of Representatives candidates, Akeem Ige and Gbenga Adewusi, at Odinjo-Ode-Ige, Iyana Modina area of Ibadan SouthEast Local Government Area when some hoodlums swooped on them and started shoot sporadically. The DG gave the name of one of the deceased as Kehinde Akeem Bello. He said: “The thugs were carrying guns and other dangerous weapons when they stormed

the campaign rally and opened fired on our supporters and killed two of them on the spot.” The state Commissioner of Police, Muhammad Katsina, on Monday paraded eight of the suspects at the state police command, Eleyele, Ibadan, promising to charge them to court at the completion of investigations. They are Afeez Ishola, Olamide Ijaola, Sikiru Tunayese, Sunday Balogun, Lekan Ogeroju, Kazeem Ajibola, Kehinde Emiola and Musibau Akinola. Speaking at the UCH after he visited Waris Jalaruru, the party member on admission, Ladoja charged the Inspector General of Police, the police

commissioner, the Director of State Security Service, to rise to the occasion and ensure the culprits in the dastardly act were prosecuted. He said: “By now I expect the governor to have spoken on this attack. If he is talking of peace in the state, is the peace meant only for the APC? Should other citizens in other parties not be protected? “It is shameful for political thugs to be so brazen, in attacking a group of people holding a peaceful meeting without any provocation whatsoever, and yet we have a government who prides its administration as having provided peace and security in the state.”

Metro 11

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

Two suspects killed trying to evade arrest Cajetan Mmuta BENIN

wo robbery suspects were shot dead yesterday while trying to evade arrest in Edo State. The suspects took to their heels while the police were about to arrest them over the robbery at the Bishops Court of Saint James’ Cathedral, Igarra, the headquarters of Akoko-Edo Local Government Area. But an informant who gave the robbery suspects information which led to the robbery is being drilled by police in the area. It was gathered that prime suspect (name withheld) works at the Bishops Court. He is said to be an adopted son of the Bishop of the church, Rt Rev Jolly Oyekpen and his family. The adopted child allegedly informed the robbers that there was money totalling about N954,000 on the church premises. The money was realised during a mass but was yet to be deposited in the bank. One of the robbery suspects was said to have come from Delta State but was farming in neighbouring Owan village in Edo State while the other hails from Jattu in Etsako West Local Government Area. The robbers stormed the church premises in the early hours of Thursday last week. They stole the money and some other valuables, including mobile phones. Policemen attached to Igarra Police Station had, during investigation, arrested the suspect who confessed that he gave the robbers information about the money. Investigation showed that the dead suspects were tricked into the police trap at Ikphesi community when the operatives, through the prime suspect, asked them to “come for another deal of N2 million”. But sensing danger, the robbers attempted to run away when police shot them. It was learnt that the prime suspect, who was also planning his marriage, got N300,000 as his own share of the robbery. However, police only discovered N20,000 on him. When contacted, the state Police Public Relations Officer (PPRO), DSP Joseph Edoighiawerei, said the command was yet to be briefed on the incident. He said: “I am not in the office right now but once I get back to the office, I will get necessary details and get back to you.”

NSCDC arrests three with 950 gallons of fuel TaiwoJimoh fficials of the Nigeria Security and Civil Defence Corps (NSCDC) have arrested three persons at Fidiwo in Obafemi Owode Local Government Area of Ogun State. The state NSCDC Public Relations Officer (PRO), Mr Kareem Olanrewaju, said the suspects were arrested on Saturday. Accordingtohim,thesuspects, Lateef Salau, Kudirat Taiwo and Odewole Odebunmi, were arrestedinthenightwhilescoopingfuel from a vandalised pipeline. Items recovered from the suspectsare950gallonsof petroleum productsin25-litrekegs,handsets and other tools used for vandalism. Taiwo alleged that she was called by both Salau and Ode-

bunmi that the fuel was available for purchase. The suspect added that she did not know their real names but only called them by their nicknames. She said: “The two other suspectsandIwerecaughtatthespot where we were scooping fuel. I used to buy 25 litres at N800 and sell at N1,400. I was introduced to the business recently by a friend. This is the second time I would be buying stolen fuel from the suspects.” However, the other suspects denied selling fuel to the woman but accepted knowing her. Olanrewaju said the denial of the two suspects of not being involved in the crime did not hold water. According to him, they will be charged to court after investigation.

The suspects

Fuel aided Ereko fire, says LASEMA

The scene of the inferno at 12B, Ereko Street, Idumota, Lagos…yesterday.

Muritala Ayinla

agos State Government yesterday warned the residents against indiscriminate storage of Premium Motor Spirit (PMS) otherwise called petrol and other inflammable products at home, offices and other inappropriate places to avert fire disaster.

PHOTOS: SULEIMAN HUSAINI

The warning came on the heels of fire outbreak on Monday at 12B, Ereko Street, near Kosoko Textile Market on Lagos Island. Also on Monday, a two-storey building caught fire at Baruwa off Igboefon Chevron area of Ajah. The General Manager, Lagos State Emergency Management Agency (LASEMA), Dr Femi Oke-Osanyintolu, gave

the warning while briefing journalists at the state Secretariat, Alausa, Ikeja, on the fire outbreaks. Oke-Osanyintolu blamed the level of destruction during the Ereko fire incident on indiscriminate storage of petrol and other inflammable items in some of the stores fully stacked with textile materials. According him, the iron burglar-proof affixed to the windows and entrance points of the shops and stores also hampered the rescue efforts by the emergency responders. The LASEMA GM also called on the residents and traders to be safety conscious while securing their property. He said: “Our people must put safety of lives and property into whatever they are doing. Despite the use of the sophisticated equipment in terms of fire fighting equipment and search and rescue equipment, the accessibility to the scene of the incident

Policewoman disarms robbers, gets IG, CP’s praises Samuel Tafa

wo armed robbers who attempted to rob a policewoman and her friend at the Egbeda/ Shasha area, by Tawakalitu Close, Orisunmibare Road, Lagos State, got more than they bargained for. The policewoman, Sergeant Mercy John, not only showed that she is a taekwondo expert, but ended up disarming and arresting one of the robbers, while the other fled. John snatched the robbers’ gun when she and her friend were asked to

lie face down, engaged them in fisticuffs and ended up smashing a suspect’s head against the wall. The arrested suspect was later taken to the hospital for treatment. The second suspect fled when he realised they had waylaid and attempted to rob the wrong persons that night. The robbers had apparently chosen John and her friend as preys because they were women, not knowing that one of the women is a policewoman. The robbers, who were on motorcycle, were said

to have pointed their gun at the women and ordered them to hand over their handbags. John’s friend, petrified, quickly handed over her bag, but John refused. Before the robbers knew what was happening, she had struggled and taken possession of their gun. The state Police Public Relations Officer (PPRO), Mr Kenneth Nwosu, confirmed the incident. He said: “At the point of the attack, one of the men who accosted them brought out a locallymade pistol to frighten them, but the sergeant, who is a non-commis-

sioned officer (NCO), immediately on sighting the firearm, smartly and professionally grabbed the neck of the gun wielding hoodlum and hit his head on a nearby wall. The firearm fell down and she immediately grabbed it.” According to Nwosu, the firearm had been deposited with the Special Anti-Robbery Squad (SARS), while efforts were being made to apprehend the fleeing suspect. “The Lagos State Commissioner of Police, Kayode Aderanti, immediately approved that the NCO be given the Commissioner of Police Commendation

for this act of gallantry. “The Commissioner of Police also briefed the Inspector General of Police, Suleiman Abba, who immediately approved that the NCO be equally given the Inspector General of Police Commendation,” Nwosu said. According to the PPRO, Aderanti congratulated John for this uncommon act of bravery and urged her to keep it up. Nwosu added that the CP also enjoined all personnel of the command to emulate the brave efforts of the sergeant and put in their best in the service to the nation.

was greatly impeded base on burglar-proof that our people are using and also many people keep storing without providing adequate safety precautions into place. We are appealing to Lagosians to be safety conscious. “We must be wary of how we store our goods, textiles, fuel and other inflammable products and how we are building our houses. These are the new occurrences that impede our rescue operation at the scenes of emergency. “We have to break in before we could gain access to the scene of the fire. Look at the time we spent in cutting the iron bars. People should provide space for any eventuality while they are building their structures.” Harping on the ripple effect of scarcity of fuel in the state, OkeOsanyintolu said: “They should desist from storing fuel at home. Life is very important than the fuel they are keeping at homes or shops and people should stop this habit. “We record so much fire incidences during time of fuel scarcity. So, we are appealing to the people to stop inappropriate storage of fuel at homes; they should put safety first while keeping the fuel.” The LASEMA boss said though the agency was still investigating the cause of the fire, information available at the disposal of the agency showed that the fire was caused by an electrical surge.

News

SOUTH-WEST

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

Ibadan shooting: Death toll rises to three as Ladoja demands justice Sola Adeyemo Ibadan

yo State Accord Party gubernatorial candidate, Senator Rasidi Ladoja, has called on the police in the state to ensure that perpetrators in last Sunday’s gun attack on his supporters in Ibadan, were brought to justice. Tht was just as casualties in the attack rose to three yesterday.

Another supporter of the party yesterday died from gun shots at the University College Hospital (UCH), increasing the death toll to three from the two recorded during the attack allegedly carried out by the All Progressives Congress (APC) thugs. The latest dead victim was one of the 15 victims who sustained injuries in the shooting. The Director-General of the Ladoja Campaign Organisation, Hon. Abraham Adeolu Adeleke, had

on Sunday evening told New Telegraph that the party campaign train was attacked during a rally of the House of Assembly and House of Representatives candidates, Honourables Akeem Ige and Gbenga Adewusi at Odinjo-Ode-Ige, Iyana Modina Area of Ibadan SouthEast Local Government. Giving the name of one of the dead as Kehinde Akeem Bello, Adeleke said the hoodlums had swooped on them and shot sporadically at them with

pump action guns. He said, “The thugs were carrying guns and other dangerous weapons when they stormed the campaign rally and opened fired on our supporters killing two of them on the spot”. Following arrest of some of the thugs, the state Commissioner of Police, Muhammad Katsina, on Monday paraded eight of the suspects at the police command, Eleyele, Ibadan, promising to

charge them to court at the completion of investigations. The suspects in police custody are Afeez Ishola, Olamide Ijaola, Sikiru Tunayese, Sunday Balogun, Lekan Ogeroju, Kazeem Ajibola, Kehinde Emiola and Musibau Akinola. Speaking during his visit to the UCH, where the victims were admitted, Ladoja called on the Inspector General of Police, the police Commissioner, the Director of State Security Services, to ensure that

the perpetrators were prosecuted. “We have alerted the IG, the state police Commissioner and the Director of SSS on this matter. We leave it to them to do that which is right. By now, I expect the governor to have spoken on this attack. If he really believed in peace of the state, is the peace meant only for the APC? Should other people in other parties not be protected,’’ the former governor queried.

EKSU workers on strike over salary Adesina Wahab Ado-Ekiti

cademic activities at the Ekiti State University (EKSU), Ado-Ekiti, were paralysed yesterday following the commencement of an indefinite strike by the lecturers over the non-payment of their two-month salaries. A visit to the campus showed that the lecturers stayed away from work, leading to their offices being shut. The lecturers, who are members of the Academic Staff Union of Universities (ASUU), said they would not return to the classrooms until their salaries were paid. The industrial action is coming few weeks to the start of the second semester examinations by the students. The development may put the exercise in jeopardy. The university teachers were enraged that the government has not offered any explanation for the non-payment of their January and February

salaries. The local ASUU Chairman, Prof. Olufayo Oluodo, said the academic staff had no option than to stay away from work because the non-payment of their salaries had made life difficult for them. “Our members have no money again to be moving up and down. We are being owed two months and we have not been paid at all this year. “We have made our position known to the university authorities and we have written to the state government on the matter. “We have met with the Deputy Governor to resolve the matter and another meeting with government has been slated for tomorrow,” he said. Following the declaration of strike by ASUU, other unions in the university-the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union (NASU)-have also declared indefinite industrial actions to protest the non-payment of their January and February salaries.

Aregbesola cautions against voters’ intimidation during elections Adeolu Adeyemo Osogbo

sun State Governor, Rauf Aregbesola, yesterday warned all security agencies in the country to ensure that they were not used to intimidate civilians during the forthcoming elections in the country as was the case in Osun State, during the last August 9 2014 governorship election. The governor who made the appeal when the General Officer Commanding II Mechanised Division, Ibadan, MajorGeneral Sanusi Muazu paid him a courtesy visit at the Government House in Osogbo on Monday evening, said the warning had become necessary to

discourage any anti-democratic act during the polls. According to him “It is a great misnomer and misuse of the military and tax payers’ resources for military and other security agents to be deployed during elections as instruments in harassing and intimidating the citizens’ freedom and liberty, and bully them for partisan and selfish interest of gaining electoral advantage”. “During the last governorship election here, security agencies were unprofessionally utilised to harass, intimidate and oppress the people whose taxes were used to pay their salaries. “Our victory is due to the steadfastness and resolute determination of our people to assert and defend their rights.

L-R: Deputy Director, Administration, Distance Learning Centre, University of Ibadan, Prof. Oluwole Oyetade; Deputy Director, Academics, Prof. Oyesoji Aremu and Director, Distance Learning Centre, University of Ibadan, Prof. Bayo Okunade, during an inspection tour of facilities at the distance learning centre, University of Ibadan…yesterday

Fayose awards N1.2bn contract to artisans Adesina Wahab Ado-Ekiti

kiti State Governor, Ayo Fayose, has awarded contracts worth over N1.2 billion for the supply of furniture to local artisans and contractors. The governor, had on Monday announced the award of the contract, specifically, mandating that the job was to be undertaking by members of the Carpenters and Furniture Association of Ekiti State.

Members of the association, who gathered at the Governor’s Office, Ado-Ekiti, where the memorandum of understanding (MoU) between them and the state government over the project was signed, hailed the governor for according them such gesture. Fayose, who was represented by his Chief of Staff, Chief Dipo Anisulowo, said he was giving the local artisans the contract as part of his stomach infrastructure scheme, aimed at cushion-

ing the effect of poverty on the people of Ekiti State. “This is an empowerment project. We are awarding the furniture aspect of the Millennium Development Goals (MDG) project to these local furniture makers. The project covers six Local Government Areas (LGAs) in Ekiti State. So they will make the chairs and the tables for all the schools in the six LGAs. “The whole project would cost the government about N1.2 billion. This gesture by the governor is the first of its kind in Ekiti State. The governor did this

to make good his promise to empower local contractors and artisans in the state,” Anisulowo said. The Chairman of the association, Evangelist Michael Ayodele Adeyemi (JP), who expressed gratitude to the state government on behalf of the association, said: “Today is a great day for our association. We are grateful to our governor. Truly speaking, he is a friend of the masses. About a month ago, he had called us for a meeting and gave us this surprise and great job.’’

Group backs Ambode’s guber bid Temitope Ogunbanke

head of the April 11 gubernatorial election in Lagos State, the Old Students Alliance, Badagry (OSAB); representing Secondary Schools in Badagry and its environs, has declared support for the All Progressives Congress (APC) in the state, Mr. Akinwunmi Ambode and his running mate, Dr. Idiat Oluranti Adebule. The group in a state-

ment signed yesterday by its Chairman, Mr Felix Shadare and Secretary, Otunba Yomi Olomofe, said Ambode and Adebule were capable of steering the ship of Lagos to greater height if elected for in the next month’s governorship election. ‘’We have listed a couple of mobilisation and sensitization programmes as our own contribution to the success of the APC candidates, especially the party’s governor-

ship candidate, Mr. Akinwunmi Ambode and his deputy, Dr. Idiat Oluranti Adebule, whom we see as being in the best position to take Lagos State; our Centre of Excellence to even greater heights. ‘’We are convinced that continuity is key in the drive to sustain the enviable strides Lagos State has made in all facets of development. There is no gain saying the fact that a substantial percentage of our members are

beneficiaries of the free education policy of the progressive forebears of the All Progressives Congress in this state. ‘’The dynamic and development driven policies of the progressive party at the helm of affairs in Lagos, and indeed, the then LOOBO (Lagos, Ogun, Oyo, Bendel and Ondo) states of the South-West provided the foundational basis upon which the present All Progressives Congress party has evolved,” it stated.

NEW TELEGRAPH WEDNESDAY, MarCh 4, 2015

Defamation

Presidency

Fani-Kayode demands N5bn damages from Mohammed

Jonathan’s wife to Buhari: You’re incapable of leading Nigeria

Parliament

General elections

2015 budget defence: Lamentations of MDAs

Why Niger Delta’ll only accept Jonathan

Politics The House of Representatives was literally turned to a war zone last Wednesday when members of the All Progressives Congress (APC) squared up against the Deputy Speaker, Hon. Emeka Ihedioha and their Peoples Democratic Party (PDP) counterparts over disagreement on the constitutionality or otherwise of deploying the military for election purposes. PHILIP NYAM gives a graphic account of the rowdy plenary

Reps at war

Ihedioha

Gbajabiamila

coming general elections.

arliaments all over the world are known to be rancorous, sometimes, especially when sensitive matters are tabled for debate. This characteristic of the parliament was exhibited last Wednesday in the Nigerian House of Representatives, where members of the two leading political parties, the PDP and APC engaged each other in a war of attrition. As a result, the proceedings at the plenary were disrupted as the APC lawmakers led by their leader, Hon. Femi Gbajabiamila protested against the Deputy Speaker, Hon. Emeka Ihedioha for declaring as constitutional the powers of the president to deploy military during the forth-

AYODELE OJO

DEPUTY EDITOR, PoLITICS ayodele.ojo@newtelegraphonline.com

The genesis The genesis of this disagreement was a proposed motion titled “Unconstitutional deployment of military personnel for election purposes” sponsored by Gbajabiamila. Since the House reconvened on February 17 after the postponement of elections, the Minority Leader has made desperate efforts to present the motion on the floor of the House. His primary prayer is for the House to declare as unconstitutional the planned use of military for monitoring of the forthcoming general elections. But when the motion was listed a week earlier, Speaker Aminu Waziri Tambuwal, instead constituted an ad hoc committee made up of the chairmen of the committees on Rules and Business, Justice and Judiciary to study the motion and advise the House on whether to go on with it or rest it. It is interesting to note that while the chairman of the ad hoc committee headed by Hon. Albert Sam-Tsokwa, who is the chairman, Rules and Business Committee is of the PDP, both chairmen of the committee on Judiciary, Hon. Aminu Shehu Shagari, and his Justice counterpart, Hon. Ali Ahmed, are of

the APC. It was the outcome of the report of this committee that brought disagreement leading to the roudy session on the floor of the House that fateful Wednesday.

INDEP ELECT ENDENT NAT ORAL C IO OMMIS NAL SION

This is the first time in the history of this democracy that we will have a highly parochial and partisan Deputy Speaker as a presiding officer

How it happened It all began when the Deputy Speaker, Ihedioha, who presided over the plenary requested SamTsokwa (PDP, Taraba), to present the findings of the joint committee on Rules and Business, Justice and Judiciary, on the constitutionality or otherwise of deployment of military for the purposes of election. Half way into Sam-Tsokwa’s presentation, Gbajabiamila interjected raising a point of order challenging the contents of the report. The Deputy Speaker nevertheless ruled Gbajabiamila out of order paving way for SamTsokwa to complete his presentation. Sam-Tsokwa, submitted that “the president’s power to determine the operational use of the Armed Forces in Nigeria for the purpose of maintaining and securing public order is a constitutional mandate donated by the constitution and the Armed Forces Act.” He further explained that “in a clime of constitutional supremacy, the National Assembly cannot by an Act dero-

gate from this let alone through a resolution without running afoul of section 1(1) and (3) of the constitution. Good enough, the Act reinforces the constitutional provision in its section 8(1) which cannot be amended by a resolution as the motion seeks.” He concluded that since the matter was a subject of litigation in some courts in the country, the House should not entertain it. The presiding deputy speaker promptly hit the gavel approving the report. But the APC leader would not accept the report and relying on sections 88 and 89 of the 1999 constitution advised the deputy speaker against ruling in favour of the report concluding that “this matter will not die”. The atmosphere on the floor became rowdy and several points of order and counter-points of order became the order of the day. The Deputy Majority Leader, Hon. Leo Ogor (PDP, Delta) drew the attention of the APC leader to Order 9 (7) of the House Rules, warning him against undermining the authority of the Speaker. Ogor argued that the authority of the Speaker is unassailable and must be totally respected, thus “no questions can be asked after his ruling.” The ruling After listening to the reactions from both Gbajabiamila and Ogor, the Deputy Speaker went ahead to caution his colleagues against politicising the motion. Consequently, Ihedioha advised that: “I don’t want this matter to be politicised. But I believe SamTsokwa’s decision captures the decision of the Joint Committee.” His ruling, instead drew the ire of the APC members who responded with loud shouts of “no”. The chamber was thrown into a state of disorderliness. Ihedioha’s attempt to get the Minority Whip, Hon. Samson Osagie (Edo, APC) to reason with him and calm frayed nerves was unsuccessful. Out of seeming frustration, Ihedioha declared that “after a second round of democratic exercise, my decision stands.” His attempt to proceed was greeted by a deafening “nay” followed by a Point of Order by Gbajabiamila, which was ruled out. The walk out Following the ruling by the Deputy Speaker in favour of the report as presented by Sam-Tsokwa, the APC lawmakers staged a walk out of the chambers to reinforce. Outside the chamber, the they took turns to lampoon CONTINUED ON PAGE 43

Politics

WEDNESDAY, MarCh 4, 2015 NEW TELEGRAPH

Defamation: Fani-Kayode demands N5bn damages from Mohammed Onyekachi Eze Abuja

irector, Media and Publicity of the Peoples Democratic Party (PDP) Presidential Campaign Organisation, Chief Femi Fani-Kayode, has given the National Publicity Secretary of the All Progressives Congress (APC), Alhaji Lai Mohammed, a seven-day ultimatum to retract the statement he made against him or face legal action. Fani-Kayode also advised Mohammed to im-

mediately enter into negotiation with his lawyers or be prepared to pay N5 billion as damages. In a letter yesterday by his solicitors, Whyte Prekunomaa, Raji & Co, the PDPPCO spokesperson drew Mohammed’s attention to a publication in one of the national dailies (not New Telegraph) on Tuesday where he allegedly stated “We’re concerned about Fani-Kayode’s mental status, and the innuendoes contained in it.” He denied the content of another story

INDEP ELECT ENDENT NAT ORAL C IO OMMIS NAL SION

published on page 6 of the same newspaper of March 3, noting that every allegation against him in the said publication was false and defamatory of his person and character.

Fani-Kayode is demanding from the APC spokesperson a retraction of the statement, an apology within seven days of the receipt of his letter. “You are also to enter into negotiation for damages as we have firm instructions to claim five billion naira damages against you. “Take notice, therefore, that it will amount to a specious gamble on your part, if you treat this letter with levity,” Fani-Kayode’s lawyers advised Mohammed.

PPN presidential candidate steps down for Jonathan

head of the March 28 presidential election, the presidential candidate of the Peoples Party of Nigeria (PPN), Prince Kelvin Allagoa, has stepped down for President Goodluck Jonathan, the candidate of the Peoples Democratic Party (PDP). Allagoa, who was among the 16 presidential candidates cleared by the Independent National Electoral Commission (INEC), attributed his decision to “the love of the country and his desire to make President Jonathan continue with the Transformation Agenda, which he started and has been yielding dividends across the length and breadth of the country.” The National Chairman of the PPN, Alhaji Lawal Adamu, in a statement jointly signed with

the National Secretary of the party, Hon Razak Eyiowuawi, said: “We want a Nigeria that is not just about change of personality but the constitution, thoughts and structures that will develop our great nation. “We believe Nigeria deserves a new public order. A dispersion from the old militarised mind to a civil thought and social values. We believe we need continuous reorganisation and restructuring and opening of hidden potential.” PPN added that it adopted Jonathan because his administration has made positive impact in agricultural transformation, educational rejuvenation, infrastructural development, massive youth development, and above all restoration of peace and security in the country by the Jonathan administration.

INEC achieves 100% PVC distribution in Zamfara Idris Salisu Gusau

President Goodluck Jonathan (right) with some youths drawn from across the country, during a forum entitled ‘Meeting the President’ in Lagos…recently.

Ambode clears air on exit from civil service Temitope Ogunbanke

lPromises tax relief, leave bonus

he All Progressives Congress (APC) governorship candidate in Lagos State, Mr. Akinwunmi Ambode, has opened up on the controversy surrounding his resignation from the civil service at the age of 49. Ambode said he is not surprised that people are finding it difficult to believe that he left civil service when he left after 27 years of meritorious service. He said he had been privileged to attain the peak of his career at an early age, becoming a Permanent Secretary at the age of 37, AuditorGeneral of Local Government 12 years later and Accountant General of the State at 43. “Having been an Accountant-General for six years, it became monotonous and it was no longer a challenge for me. And I felt that the only way I

could break the record in the civil service was to retire before the age of 50, and I would have left as the only person that was the youngest Permanent Secretary at that age, and also left as the youngest person before the age of 50. It was more or less like a record for me,” he said. Ambode also pointed out that he gave the mandatory three-month notice before retirement and was never called back to answer any question on his tenure in office nor indicted for any fraud, adding that the incumbent governor, Mr. Babatunde Fashola wrote him a commendation letter. He said having served the government and people of Lagos with integrity and sincerity while in the civil service, he is prepared to offer more excellent service if the people of Lagos gives

him their mandate in the forthcoming governorship election. Meanwhile, the governorship candidate has promised to grant tax relief and leave bonus to those entitled to it if elected as governor. Speaking at Eko Club in Surulere, Ambode pledged to take Lagos to the next level of excellence if he wins the April 11 gubernatorial election. On the leave bonus, the APC governorship candidate said: “What existed prior to 2010 was the Harmonized Salary Scheme (HSS) where leave bonus was paid as a lump sum in July or September and December because salaries items were broken down into Basic, Leave Bonus, Rent Allowance, Transport Allowance etc but under the Consolidated Salary Scheme (CSS) which was higher than the HSS by

25 per cent no differentiation is made on items and Leave Bonus components is being paid on a monthly basis as part of the monthly salary. “This explains why there is no Leave Bonus being paid separately to civil servants. However, since it seems that the people seem to prefer the lump sum payment, the way to go is that the Leave Bonus component could be deducted on a monthly basis and paid as a lump sum when it is desired. Based on the agreement between the Union and the government, the ammonized leave bonus that is paid once every month would be extracted and paid as bloc money in the month that you want. In essence the monthly take home pay would reflect a reduction to the tune of that amount. I am not against this and would support the workers in how they want their Leave Bonus paid.”

he Independent Electoral Commission (INEC) has achieved 100 per cent distribution of Permanent Voters’ Cards (PVCs) in Zamfara State ahead of the March 28 and April 11 general elections. Briefing newsmen in Gusau, the state capital, after a meeting with staff of the state commission, the INEC National Commissioner in charge of Sokoto, Kebbi and Zamfara states, Hajiya Amina Zakari said all the PVCs

have been distributed across the state. Zakari stated that the only 100,000 PVCs left belong to those who died after registration or federal civil servants that have been transferred to other states. She dismissed allegations by some politicians in the state that a vehicle was arrested by the State Police Command with original ballot papers thump-printed in favour of the Peoples Democratic Party (PDP), saying the materials were samples meant for voter education for the party’s supporters.

Don’t disenfranchise voters, group tells Jega Wale Elegbede

pressure group, Coalition for Democratic Nigeria (CDN), has called on the Chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, to step aside if he cannot guarantee all eligible voters the right to exercise their civic responsibilities in the forthcoming elections. Coordinator of the group, Dr. Adegbola Dominic in a statement made available to newsmen yesterday also urged the INEC boss to allow for the use of Temporary Voters’ Cards (TVCs) for those who are unable to get their Permanent Voters’ Cards (PVCs) owing to the shoddy preparation by the electoral body. “In a couple of days, it will be the 8th of March, the

last day set by INEC for the collection of PVCs. However, millions of Nigerians are still milling around, back and forth INEC collection centres in search of their PVCs which have proved intractable. And it is unlikely that this state of affairs can be reversed by March 8, or even beyond.” “Meanwhile, INEC has repeatedly updated the nation with percentage figures of distribution and collection of PVCs, which it put at 78.9% in the last instance. This still leaves about 14 million Nigerians potentially disenfranchised. This is absolutely unacceptable. Percentages could be relevant perhaps when considering voters turnout. However, for any election to be credible, it must be transparently free and fair, with all eligible voters freely exercising their franchise.

Politics

NEW TELEGRAPH WEDNESDAY, MarCh 4, 2015

Jonathan’s wife to Buhari: You’re incapable of leading Nigeria Muhammad Bashir and Umar Abdullahi Lokoja, Sokoto

igeria’s First Lady, Dame Patience Jonathan has described the presidential candidate of the All Progressives Congress (APC), Major General Muhammadu Buhari (rtd) as incapable to administer the affairs of the country due to old age. Speaking yesterday in Lokoja, the Kogi State capital, while address-

ing some women, Mrs Jonathan insisted that the former head of state lacks the intellect to govern Nigeria, stating that what Buhari could not do while in office as head of state, he cannot do it now. “The APC is parading somebody whose brain is no longer functioning to come and rule us again. He is too old or do you want an old man to rule over you?” she asked. “What he cannot do when he was head of state, is it now that he want to do it? Wetin him forget for state house weh

he wan go carry? I want to tell you all that APC is an outdated drug that can never heal your sickness; they don’t have anything to offer Nigerians other than lies.” While canvassing votes for her husband, the First Lady noted that the president is an upright man who always stand by whatever he says. “Jonathan does not lie like them, he is not a liar, he doesn’t go to sleep thinking of what lies he will tell the next day,” she added. Also speaking at the

event, Governor Idris Wada pointed out with the completion of the Lokoja/ Abuja dual carriage way, the dredging of the Lower River Niger and the attention given to the ailing Ajaokuta Steel Company, are enough for the people of the state to vote enmass for Jonathan. Meanwhile, the First Lady said President Jonathan’s government is committed to the ongoing fight against insurgency in the country. She added that the president is not in any way fuelling the activities

L-R: Former chairman, Ibadan North-East Local Government Area, Mr. Gbenga Adewusi; Accord Party governorship candidate in Oyo State, Senator Rashidi Ladoja and former President Olusegun Obasanjo, during a visit to University College Hospital to sympathise with Accord Party members who were attacked during the party’s campaign in Ibadan …yesterday.

Buhari’ll turnaround Nigeria, says Amaechi

ivers State Governor and Chairman of Nigeria Governors’ Forum, Chibuike Amaechi has given assurance that the All Progressives Congress (APC) presidential candidate, Major General Muhammadu Buhari, will turnaround the country’s misfortunes if elected. He noted that the current challenges plaguing the country would adequately be addressed with needed political will to positively turnaround the country’s wheel of development. Amaechi spoke in Degema, Obonoma and Abonnema communities in Degema and Akuku-Toru Local Government Areas of the state during APC ward to ward campaign. He criticised President Goodluck Jonathan for not taking decisive action on the recent tragic shooting that disrupted the APC rally in Okirika, Rivers State. He said: “This election is not about brother, it is about your stomach. The president can afford, if dollar likes, dollar can get to N300 to N400 to a

dollar, the President can afford it but you can’t afford it. Now they tried everything possible to stop the dollar from losing control. They couldn’t because the economy will determine whether the dollar will lose control or not and the economy has done that already. “Another one is fuel. They have done everything possible to pay for fuel. They can’t pay. The money is not there. Now there is fuel crisis. If they win, they will abandon you completely because they have no solution to the problem. “The first solution to the problem is a new government. Are we going to win? The answer is yes. We have not started campaign. We will start campaign by the end of this week. We will see the crowd again that will frighten the President. Nigerians want change. Things have got to change,” he said. He decried the poor state of the federal road in Kalabari area, assuring that Buhari, when elected president will fix the road and bring other democratic dividends to the state. “See your road. I sat

INDEP ELECT ENDENT NAT ORAL C IO OMMIS NAL SION

with the President with Kalabari chiefs and I said, ‘allow me take this road,’ two years ago. The president said ‘no’. You can see the road; next rainy season, you cannot drive into this place unless you change the President and if you change the President, then the new President can fix the road, not the Rivers State government. It’s a federal road. It’s important everybody understands that the road into Kalabari is a federal road and I asked permission to fix the road and the President said no and he has refused to fix it. If he likes Kalabari people, why has he not fixed it?” he asked. The governor urged the people to vote General Buhari as president on March 28 and Dakuku Peterside as governor in the state on April 11.

Amaechi also said Buhari would also guarantee the safety of lives of Nigerians by providing them security and urged the people to vote for the APC presidential candidate and protect their votes. “Protect your votes. How do you protect your votes, follow the man. If we don’t win, the kings of this place will no longer be in charge here. It will be these people who carry guns. You know, people say Boko Haram in the North, we also have Boko Haram in the South because the number of people they kill every day and the President doesn’t care. The President heard about shooting in Okrika, he has done nothing. If you want your life to be cared for, then allow Buhari to come. The only way Buhari can come is for you to go and vote APC on that day.” He recalled that President Jonathan had rejected his first two ministerial nominees from Kalabari, explaining that the president did not like Kalabari people. “If he (Jonathan) likes Kababari people, why did he reject Odein Ajumogobia and Tonye Cole,” he asked.

of the sect as being propagated in some quarters. Speaking in Sokoto at PDP women wing of Goodluck Jonathan/Namadi Sambo campaign rally in the state, Mrs Jonathan who was repre-

sented by the Minister for Women Affairs, Hajiya Zainab Maina, said: “We are succeeding in the ongoing war against Boko Hakam, there is no way Jonathan will sponsor Boko Haram.”

19 parties, candidates sign peace accord in Ondo Babatope Okeowo Akure

ineteen political parties and their candidates vying for various elective positions yesterday signed a peace accord in Ondo State. The police said the peace accord was to ensure a peaceful conduct during campaigns and the general elections slated for March 28 and April 11. The state chairmen of parties signed for their respective parties while each party nominated a senatorial and House of Representatives candidate to sign on behalf of others. The peace accord, which was read to the politicians by the officer in charge of Legal Matters, Mr. Aderemi Ajibola, enjoined the political gladiators to be of good behaviour in their conduct and utterances and to accept the outcome of the polls in good faith. Addressing the political parties and candidates, the state Commissioner of Police, Mr. Isaac

Eke, said the essence of the peace accord is to usher in a level playing field for all the political actors and parties in the state. His words: “Let me state categorically that the Police reserves the right to use all legal means at her disposal to deal with trouble makers. “The essence of the accord is politics without bitterness.” He said politics in Ondo should be devoid of any trace of bitterness and provocative languages. The police boss also allayed the fears expressed by the opposition parties concerning the neutrality of the police, assuring that “we will be very fair and if you have genuine complaint we are ready to listen.” Also, the Resident Electoral Commissioner, Mr. Segun Agbaje, explained that to foster effective security for the conduct of the general elections, the commission had established the Inter-agency Consultative Committee on Election Security in the state headed by Eke.

CNPP warns against Jega’s removal Felix Nwaneri

he Conference of Nigerian Political Parties (CNPP) yesterday warned against any plot to remove the chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega. The group said any attempt to oust Jega may lead to bloodshed. In a reaction to a statement credited to the Minister of Culture and Tourism and the Supervising Minister of Information, Chief Edem Duke that Jega wants to try a new system of accreditation without briefing the president over the issue, CNPP said Jega should be allowed to conduct the elections to avert the prediction that Nigeria would cease to exist in 2015. “For the avoidance of doubt, Jega as chairman of INEC is neither a civil servant nor has been indicted and therefore the conditionality appli-

cable to civil servants is not applicable to his appointment as chairman of INEC. “The chairman of INEC’s removal is explicitly stated in Section 157 of the 1999 Constitution of the Federal Republic of Nigeria thus: A person holding any of the offices to which this section applies may only be removed from that office by the president acting on an address supported by two-thirds majority of the Senate praying that he be so removed for inability to discharge the functions of the office. “Mr. President therefore should beware of ides of March, go ahead and allow Jega to conclude the elections, unless he wants to fan the embers of some doomsayers that had predicted the disintegration of Nigeria,” CNPP said in a statement signed by its National Publicity Secretary, Mr. Osita Okechukwu.

16 Politics Ministries, departments and agencies of government (MDAs) have lamented the abysmal performance of the national budget due to non-release of allocation by the Ministry of Finance. CHUKWU DAVID reports on the lamentations of the MDAs at their budget defence before the Senate

WEDNESDAY, MarCh 4, 2015 NEW TELEGRAPH

2015 budget defence: Lamentations of MDAs

rom 1999 to date, there has not been any fiscal year that the Ministries, Departments and Agencies of government (MDAs) did not complain of inadequacy of funds to implement their capital projects. In fact, the trend is that the recurrent component of each year’s budget of these establishments always record 100 per cent performance while the capital budget performs, in most cases below and in few cases slightly above 50 per cent. This abysmal performance in the implementation of yearly capital budget is worrisome because without judicious implementation of capital component of a budget, it means that developmental projects will not be cited at designated areas across the country. And this explains why Nigerians are yet to begin to enjoy the benefits of democracy as they ought to. Democratic societies are known to attain rapid socio-political and economic development because the system is universally accepted as the best form of government all over the world. The first and recurring reason usually adduced by the MDAs for the persistent poor budget implementation in Nigeria is insufficient of budgetary allocations to these establishments to prosecute the necessary projects that would bring about the desired positive development and improve on the standard of living of the citizenry. The second factor, which also keeps occurring in the process of budget implementation in the last 16 years of this democracy is lack of adequate and prompt release of funds allocated by the Ministry of Finance. Since this democracy came on stream in 1999, there has never been any year, which passed without these establishments coming to the National Assembly to narrate their ugly experiences as a result of poor budgetary allocations and releases. This scenario has been generating tension between the Executive and the National Assembly, which has the constitutional responsibility to approve national budget and also oversight the implementing agencies to ensure prudence, transparency and accountability in budget implementation. However, regrettably, this statutory function of the parliament to act as a watch-dog on the executive appears to be a mirage. There is hardly a tangible evidence to show that any form of oversight takes place in the system. Analysts usually insinuate that there is some sort of corruption going on be-

Mark

Okonjo-Iweala

Abba

Kifasi

tween officials of the MDAs and the members of the parliament, who go to the various institutions to oversight them. There are often times speculations of connivance between the legislators and the officials of the MDAs to tamper with and share certain percentage of the sums of money allocated for capital projects at the expense of Nigerians, whose resources are scarcely applied according to specifications of the law to provide their basic needs through the budgetary system. This yet to be investigated allegation, commentators allege, is responsible for non-result oriented oversight on the part of the lawmakers, thereby perpetuating the rot in the system. Although this suspicion and claim may be disputed, the body language of the politicians towards the MDA officials during budget defence proves that they usually demand some form of financial settlement in order to approve sectoral allocations as demanded by the agencies. This tends to be supported by the fact that some committees of the National Assembly prefer to hold their budget defence in secrecy. Lamentations The 2015 budget defence in the Senate, which is still ongoing has a common feature. It is characterised by lamentation by heads of government establishments, who

For us to sit down to plan annual budget and at the end of the day, only 41 per cent performance is implemented is like cutting short the expectations of the people

came to defend their allocations for 2015, after briefing the lawmakers on the level of implementation of the 2014 budget. Last week, the Senators heavily tongue-lashed the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, over the poor implementation of the 2014 budget. This was because virtually all the MDAs which came for budget defence complained that their major frustration in the process of budget implementation was poor releases of funds from the Ministry of Finance. The legislators, who were infuriated by the tales of woes by the MDAs, which lamented the paucity of funds to execute their capital projects, criticized the minister for not releasing sufficient funds as appropriated by the National Assembly to enable these MDAs implement the developmental projects. Attacks on Okonjo-Iweala Following this disappointment in the way and manner the executive handled previous budgets implementations, the senators vented their anger on Okonjo-Iweala at their various committees’ budget defence with some ministers and heads of government agencies. Senator Victor Lar, for instance, while speaking at the Senate Committee on Power, Mines and Steel, said, “a situation where we con-

sidered a budget, have it approved, then somebody sits in an office and refuses to make releases is too bad.” He said: “Ministers and heads of various agencies who had awarded contracts could not pay but somebody would sit in the comfort of the office and declare a surplus. Is that an economy that is growing? “This is simple planlessness, this is frustrating and it cannot go on like this. The presentation by the Minister of Steel, for instance, is an opportunity to raise the revenue profile of the ministry from a non-oil sector which would have enhanced economic growth was frustrated. “A serious nation would have encouraged this ministry to ensure that everything required was provided but this is the same ministry that had been subjected to the same envelope system, to the same non-releases among others. “We need to change the way we do things because if we have a problem and you keep on using an approach that has not yielded the desired results, common sense demands that you change the approach.” Also, Senator Chris Ngige, expressed serious concern that the economy might collapse completely if the current trend of non-release of funds for project execution continued unchallenged by the appropriate arms of government. He said: “We, as legislators should be interested in putting in place, structures that will enable the country to realise additional sources of revenue apart from the oil sector.” Another member of the committee, Senator Ibrahim Gobir, stressed the need for the country to harmonise all available resources by developing the natural resources. He said: “Our internal debt now is too high, which is over N1 trillion. The foreign debt is also very high. Poverty is very high and to worsen the situation, naira is being devalued by 30 per cent. All these are happening because we cannot sustain production. “The only way we can move the nation forward economically is to make sure that we diversify our economy to make extra revenue. We budget about N50 billion for capital projects and only N20 billion would be released at the end of the day because there is no cash backing. “Something is really wrong somewhere, we cannot continue like this. We have to call a spade, a spade. “ Non-release of budgetary allocation Also at the Committee on Lands and Housing, the senators expressed shock when the Minister of Lands and Housing, Mrs. Akon Eyakenyi, told them that the ministry was owing contractors, over N39 billion. She also said new projects could not be embarked upon

Politics 17

NEW TELEGRAPH WEDNESDAY, MarCh 4, 2015

Lar

last year because of the huge debt profile. Senators Bukar Ibrahim and Aisha Alhassan wondered how the ministry would tackle the housing challenges confronting the country when there was no provision for it to build a single house due to non-release of funds. Similarly, the Chairman, Committee on Establishment and Public Service, Senator Aloysius Etuk, at the budget defence of his committee, described as shameful, the manner budgetary allocation was released to MDAs. “The rate of budgetary releases is shameful and unacceptable. For us to sit down to plan annual budget and at the end of the day, only 41 per cent performance is implemented is like cutting short the expectations of the people,” he lamented. The committee, which took on the Head of Service of the Federation, Federal Housing Staff Loan Board, Public Service Institute of Nigeria, Administrative Staff College of Nigeria and Public Civil Service Reform Bureau, also expressed concern over zero capital budget that characterised the 2015 fiscal year. Etuk, however, urged the agencies to design means of generating revenue outside government, saying: “Time has come for MDAs to begin to seek alternative source of revenue for sustenance. Government is more concerned with paying salaries. It may have to cut overhead further to ensure that salaries are paid.” Etuk noted that the on-going budget defense exercise was crucial in the life of the 7th Senate as it marked the final assignment for most of the senators, especially those who are not returning. Head of Service of the Federation, Danladi Kefesi, told Senate Committee that N11.5 billion was budgeted for the Head of Service of the Federation in 2014. He also explained that out of this figure, N5.1 billion was budgeted for personnel cost; N1.9 billion for overhead cost and N4.1 billion for capital cost. Police to generate revenue Also, at the budget defence of the Police Establishment, due to the blanket reduction in the budget of all government agencies in 2015, as a result of falling oil prices, the Senate last week, urged the Nigerian Police Force to intensify strategies towards improving on its internally generated revenue to facilitate its operations without necessarily depending on allocations from the government.

Ngige

The Chairman, Senate Committee on Police Affairs, Senator Paulinus Nwagu (PDP-Ebonyi) gave this advice when the Ministry of Police Affairs, Police Service Commission and Police Formation and Command, appeared before the committee to defend their 2015 budget. He said that going by the crashing oil prices and attendant cut in the budget of all government establishments, there was need to tighten up and also close all areas of revenue leakages by the MDAs. “If you organise yourselves well, you will generate enough revenue, provided such revenue is well accounted for,” he said. Nwagu observed that the Police had been doing well in its commitment to the protection of lives and property, and urged the force to ensure it was non-partisan in carrying out its duties in the coming elections. Nwagu further expressed satisfaction with the performance of the 2014 budget of the Force, saying that the major challenge was that of poor funding. He, however, urged the Force to tighten its belt as the budget cut would be severely felt by every organ of government including the Police. While addressing the committee, the Inspector General of Police, Suleiman Abba, said that the Police had been expanding over the years with a total of 332,756 policemen, 6,693 traffic wardens and 11,999 civilian staff with 3,756 police stations. He expressed displeasure that the Police had expected an increase in funding, with the growth in staff but that did not happen as overhead and capital budgets were not commensurate. The IGP, who was represented by the DIG, Logistics and Supplies, Mamman Tsafe, said that out of the N56 billion overhead proposed by the Police in 2014, only N8 billion was approved and N5 billion released. For capital budget, he said that out of a proposed N21.8 billion, N7 billion was approved and only N3 billion was released adding that a total of N302 billion was appropriated in 2014 for the Police. “The 2015 budget estimates of the Force summed up to N329 billion; capital expenditure N17 billion; overhead cost N5 billion and personnel cost N306 billion. “The capital and overhead budget estimates for the 2015 as presented above are the `envelopes’ or `ceilings’ given to the Police and do not reflect the actual needs of the Force,” he said.

Nwagu

He said that a total of N24 billion was needed for vehicle fuelling and maintenance as against the N5 billion that was projected for subheads and stressed that the sum would be grossly inadequate compared to the required N71 billion for subheads. The IGP, therefore, urged the committee to support the repositioning of the Force to carry out its responsibilities effectively and efficiently.

Poverty is very high and to worsen the situation, naira is being devalued by 30 per cent. All these are happening because we cannot sustain production

Police speak In an interview with journalists, DIG Tsafe said that, although the Police Force was not a revenue generating institution, it must tighten up. He said that just as so many institutions of government had started looking inward to generate more revenue; the Police would do as advised by the Senate to be able to cope with impending economic hardship in the country. “We have so many services we render to the members of the public, very recently the minister organised seminars for internally generated revenue and definitely we will come out when it is finalised. “We have already explained that the budget implementation was at 40 per cent,” he said. He, however, did not disclose the proposed figures for the 2015 budget. He assured that the Police was adequately prepared to provide security for the 2015 general elections, adding that there would be effective and adequate deployment of its members during the polls. At the budget defence of the Ministry of Special Duties, the Chairman, Senate Committee on Special Duties, Senator Clever Ikisikpo (PDP-Bayelsa East), said the recurrent expenditure of the ministry would be reduced by 45 per cent. He attributed this to the downward movement of global oil price, which had necessitated the Senate to approve $52 oil benchmark as against $65 sent to the National Assembly by the Executive. “This year it is unfortunate that our mainstay which is the oil is having some issues. “Because of the downward movement of the oil price, things have gone down that our oil benchmark has gone down to $52 per barrel and this is a disturbing factor that will affect the budget seriously,” he said. Same story Earlier, the Permanent Secretary of the Ministry of Special Duties, Mr. Taiwo Haruna, said the

sum of N776,061,971 was appropriated for the ministry in 2014. He said the sum of N312, 159, 180 was earmarked for the ministry’s overhead expenditure, N220,506,014 was received while the sum of N220,291,333 was utilised. He also said, out of the total appropriation sum of N200,405,367 for capital expenditure, a total of N118,276,576 was released, which represents 59.1 per cent of the total appropriation. Haruna, who further disclosed that the sum of N805, 792, 038 was the 2015 budget proposal for the ministry, lamented that the Ministry was faced with serious funding challenges as the 2015 capital and overhead expenditures were insufficient to successfully carry out its mandate. “The ministry is faced with serious funding challenges as the Envelopes allocated to the ministry for 2015 capital and overhead expenditures are insufficient to successfully carry out its mandate,” he lamented. Tinkering with the budget However, worried by the lopsided structure of the 2015 budget proposal, the senators last week Tuesday, resolved to thoroughly tinker with the Appropriation Bill in order to improve on the capital component currently grossly inadequate. The Senate took this position at a one and half hours closed-door meeting over the impending crisis in the implementation of the 2015 budget, which has been largely described as unrealistic by most National Assembly members and other analysts. Few minutes after the senators arrived for plenary on that day, the President of the Senate, Senator David Mark called for an executive session to enable them deliberate on some critical national issues, particularly the 2015 budget pending in the two Chambers of the National Assembly for approval. Senators who spoke to our correspondent after the meeting stated that the lawmakers expressed concern over meagre allocation to capital projects in 2015. They said that they never anticipated that the executive arm would come up with a proposal that would not facilitate implementation of developmental projects in a country that aspires to be amongst the strongest economies of the world in the near future. The lawmakers, insisted that they would not approve such huge lopsided budgetary allocation as presented, stressing that, as the people’s representatives, the budget must be development oriented. The senators, who did not want their names mentioned as a result of their agreement at the closeddoor meeting, further revealed that the various standing committees were directed to liaise with the MDAs to cut down on recurrent votes in order to make more funds available for capital projects. The senators also resolved to perform their requisite legislative functions this year to ensure that the right steps are taken against any officials of government who deliberately refused to release funds to execute projects already approved for execution.

MORE STORIES ON pageS 40-43

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

Opinion Issues in Lagos gubernatorial election Jide Ayobolu

agos state is perhaps the most important and strategic state in the country today, Lagos state is the pride of the nation. Lagos economy is the sixth largest economy in Africa, growing at a rate of seven per cent per annum ahead of those of Kenya, Tanzania and Ghana. In the last decade, Lagos State has consistently contributed a third of the total Gross Domestic Product (GDP) of Nigeria and accounting for more than half of the country’s non-oil economy. As at today, Lagos state is Africa’s largest mega city and it hosts the biggest stock market on the continent. Besides, Lagos state accounts for 60 per cent of consumed energy, 65 per cent of VAT, 90 per cent of Nigeria’s foreign trade and 70 per cent of industrial investment. Furthermore, Lagos state is home to about 250 Financial Institutions. Lagos is the hub of National Aviation activities with 82.61 per cent of International Departures and more than 50 per cent Domestic Connections. Lagos is home to over 200 Nigeria Stock Exchange Listed Companies, also, it is home to 22 Industrial Estates and Business Districts, and, it is equally home to four of the Nation’s eight seaports. Similarly, Lagos State is home to Nigeria’s chief ports Apapa/Tin Can (85 per cent of total National cargo freight) and also the media hub and international telecommunication gangway over 75 per cent of Nigeria’s PTO/GSM subscribers just to mention but a very few. Therefore, it is important to clearly point out that governing Lagos State is not a tea party or child’s play, it requires seriousness, consistency, preparedness, experience and perspicacious judgement. At this juncture, it is imperative to underscore the fact that, there are two major political contenders jostling for the most coveted seat in Lagos state, they are Mr. Akinwumi Ambode (FCA) of All Progressives Congress (APC) and Mr. Jimi Agbaje of the People’s Democratic Party (PDP). Although, there are other contestants, but these are the most prominent of them all. The question that follows therefore is, should the people of Lagos State vote for change or continuity in the political calculations and permutations as the 2015 election beckons? This is a million dollar question that requires careful and painstaking scrutiny.

On the part of Akinwumi Ambode, he has always alluded to the fact that, Lagos State has witnessed steady growth and development in all spheres of human endeavour since 1999, under the leadership of Senator Bola Ahmed Tinubu and Mr. Babatunde Raji Fashola (SAN). He pointed to the facts on the ground as it relates to, building of roads, bridges, drainages, streetlights and canals, improvement in the security of the state, development of public transit system, construction of water projects, rural water supply, rural electrification, rural feeder roads, creating and revamping the central business districts, building and renovation of schools, building and renovation of hospital, construction of new housing estates just to mention a little of the numerous developmental efforts and interventions in the state since 1999. Ambode also explained that those before him have been able to achieve all of this because of their vision, industry, mission and sense of history as well as critical internal reforms, policy readjustments, training and re-training; and determination to excel in spite of all odds, which are the hallmark of the manifesto and cardinal programmes of the progressives’ party. He was also quick to point out that, it is the ruling party in the state since 1999 that created service delivery agencies such as LASEMA, LAWMA, LAMATA, LASTMA, Ministry of Information and strategy, Ministry of women affairs, BRT, Traffic radio, Drivers Institute etc. Also, it is very germane to point out the fact that for 27 years, Akinwumi Ambode was in the service of the Lagos State government, where he rose through the ranks to become the Auditor-General for Local Governments, Permanent Secretary, Lagos State ministry of Finance and later Accountant-General of Lagos State. He was privy to many policies of Lagos State government and an expert in financial management as well as economic re-engineering. When, he retired he went into private business by setting a private consultancy firm; consulting for people and organisations, repositioning and reinventing businesses as well as providing expert financial advice and strategic planning to clients. By the way, Ambode made a first class degree in accounting and he is a chartered accountant who attended some of the very best business schools within and outside the country. In the case of Mr. Jimi Agbaje (JK), he is a pharmacist

and a politician, although, he has never won an elective office before, and little or nothing is really known about his pharmaceutical business, however, some people said he has a branch somewhere in town. Again, those who know him said, he is a jolly good fellow, but the fact remains that, governing a state as complex and dynamic as Lagos requires much more than just being good, the same way that good luck has not translated to good governance at the centre. Agbaje has severally said that he would change a lot of things, but the roadmap to such a nebulous change has not been lucidly articulated. He has not provided a clear vision and programme of action that would guide his administration if elected, his campaign is more or less about fun-fare and entertaining the people on the street, this however, is not very surprising as Agbaje does not have proven track record of cognate experience in the management of human and material resources. Yes, he is qualified to contest because he trained as a pharmacist, but he has no clear-cut and definitive experience and track record that can be pointed to as an added advantage in his quest to govern the state of excellence and this is a key factor in choosing who would become the next governor of Lagos state. Lagos State can ill-afford to entrust her destiny and fortunes in the hands of an untested hand as this would amount to putting a bull-in-the-China-shop at the end of the day. As a matter of fact, the only time experience is not required during a job interview session is when the job offer is for the entry level and governing Lagos is definitely, is not an entry level job. Far more worrying, is the defective platform on which Agbaje is contesting, surely, the people of Lagos will not want Agbaje to replicate what the Federal Government as done at the national level in the past 16 years in Lagos state. Also, Agbaje has the tainted albatross of a manipulated primaries hanging on his neck as the people of Lagos would not want to be arm-twisted in a similar fashion and he who must come to equity must come with clean hands. It is equally instructive to note that, a habitual tax invader cannot be trusted to efficiently and properly preside over the affairs of Lagos State without monumental irredeemable damages. Today, Lagos State is the cynosure of all eyes, as it has continued to grow steady over the years.

Ohi Alegbe: A brand of excellence Adams Abonu

uring an interview session preparatory to the writing of his autobiography, Long Walk to Freedom, renowned African icon and former President of South Africa, Nelson Mandela was asked a by a team of TIME magazine’s editors led by Richard Stengel what virtue he cherishes most among humans. The late patriarch’s response was concise: “A character of excellence…the one who bears excellence to bear in his endeavours always stands out and I’m greatly endeared to such who exudes excellence.” There is then little wonder why the late great Madiba brought character and excellence to bear in his long walk to greatness. Among the virtues of honesty, transparency, humility and other moral characters that are the hallmarks of true greatness, excellence is an all encompassing virtue that is in scarce measure in our contemporary world. This is where the inspiring story of Ohi Alegbe comes into limelight; a story of how a man could put moral character as a guiding watchword and in the process leaves behind indelible footprints of excellence on the sands of time. On Tuesday, February 24, 2015, Ohi Alegbe added another year to his sojourn on earth

and drew closer to the biblical milestone of “three-score years.” These past 57 years that makes up the life of this man is packed with noble achievements that are only peculiar to one who aspires towards excellence. Growing up in the early days of Nigeria’s independence is a childhood of expectations, as told by many a record. Ohi’s early days were no less different but exceptional. This exceptionality became more visible when Ohi Alegbe was a student of the Department of English at the University of Benin from whence he graduated with flying colours in 1980, leaving behind a track record of academic excellence. His amiable nature must have been able to sustain him effectively during the NYSC days at the then Sokoto State Polytechnic, Birnin Kebbi where he cut his teeth tutoring young minds in spoken English and written literature. Moving back to then Bendel State to continue a teaching job at the Edokpolor Grammar School, Benin City was another advantage of nurturing young minds with quintessential Queen ’s English. It could be said that Ohi Alegbe’s stint as a teacher was the appropriate foundation for his subsequent stellar career in the media industry. Apart from informing and entertaining the public, the media has its peculiarities as a field of human endeavour viz-a-viz a call for excellence and exceptional brilliance- that is if the industry player aspires to be an exceptional brand. So Ohi’s solid preparations saw him taking a job in the industry as Senior Presentation Officer with then Bendel (State) Broadcasting Service in Benin City in 1982.

Four years of hard work and brilliance at BBS was all that he needed to launch higher in his career. This time, the aspiring journalist joined the reputable African Guardian as a Staff Writer, rising through to becoming member of the Editorial Board of the now rested magazine, doubling as Copy Editor, and in charge of ‘Special Reports’ pages in publication. But this was only a launch pad to greater heights as Ohi Alegbe joined MKO Abiola’s star African Concord as member of editorial board and as Deputy Editor responsible for generation of cover stories and administration of editorial and managerial staff. Never one to sacrifice excellence at the altar of mediocrity, Ohi Alegbe saw to the improvement of circulation of the weekly publication from a somewhat paltry fifteen thousand copies to a remarkable ninety to one hundred thousand copies per publication, making the magazine the most widely circulated across Nigeria at the time. During this time too, Ohi Alegbe, an emerging household name was also writing different columns for the National Concord, Sunday Times, AM News, etcetera. His mastery of English and superb presentation makes Ohi Alegbe a toast of most public functions of the federal government as Master of Ceremonies. Worthy of mention in Ohi Alegbe’s story of excellence is his endearing style of asking prodding questions as Anchorman of the rested Presidential Media Chat. His firm and professional anchorage of the programme where the President appeared on national television and radio to address crucial mat-

ters of state was yet another feather in Ohi Alegbe’s crown of excellence. When the Nigerian National Petroleum Corporation named Ohi Alegbe as her Group General Manager, Group Public Affairs, not a few Nigerians heaved a sigh of relief. Hitherto, the NNPC had image problems as a result of preponderant public perceptions of the corporation as a “cesspool of corruption” and at the centre of all that is not well with Nigeria. Ohi Alegbe has brought transparency and excellence in managing the image of the corporation and Nigerians today see NNPC in brighter lights. Suffice to say that the recent controversy over whether a sum twenty billion US Dollar was unremitted into national confers by the NNPC has the potentials to be well managed under Ohi Alegbe’s transparent handling which would engender further public confidence. The major point of reflection of Ohi Alegbe’s brand of excellence is the part of this great life that could be emulated. In a land in want of virtues, the moral character of this doyen of the media is a shining example of one of the bright spots of our land. As Ohi Alegbe continues in his sojourn of meritorious service to Nigeria, I join millions of well-wishers from across the world to wish him many more fruitful years ahead in service to humanity. • Abonu, a development journalist, writes from Plot 1901, Yakubu Gowon Crescent, Asokoro, Abuja via adamsabonu@gmail.com ( follow on twitter @adamsabonu)

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Energy crisis and subsidy

he recommendation by the Organised Private Sector (OPS), urging the Federal Government to remove subsidy it has been paying on petroleum products in the country is not only timely but a commonsensical response to the prevailing forces in the market. Reacting under the aegis of the Lagos Chamber of Commerce and Industry, the OPS argued that the outcome of of deliberations by the Senate on the 2015 Draft Budget , the Medium Term Expenditure Framework and the Fiscal Strategy Paper indicated that the crash in the price of petroleum in the international market created ripple effects which have since translated into reduction in prices of petroleum products in some African countries, including Tanzania and Ghana. According to the OPS, retaining the subsidy as the FG insists on doing but without the resources to settle its obligations to oil marketers is a recipe for crisis and anarchy which has already resurfaced in some cities like Abuja and Lagos where fuel queues have already sprang up overnight, allegedly because oil marketers are claiming unpaid debts by the FG. According to its president,

Alhaji Remi Bello, removing the subsidy will help save some income for the country. ‘We note the reduction of subsidies on petrol by 50 per cent from N200billion to N100billion. We demand a total scrapping of subsidy on petroleum products as there is no rational basis for its retention in the budget, especially in the light of the crash in global oil price,’ he said. The body went further to explain its reasons for the suggestion. ‘This will not only generate tremendous savings for investment in priority sectors such as infrastructures but also provide a great opportunity to liberate the downstream oil sector from the shackles of oppressive regulations and monumental corruption. It would as well pave the way for more robust private sector investment in the downstream sector of the petroleum industry.’ Because the ways of bureaucracy defy all understanding, a matter of simple progression; of the logical relationship between cause and effect and what should ordinarily be a straight-forward matter as demonstrated by these other countries, has elected to be unnecessarily circuitous and defiant of common sense in Nigeria. Even without the Federal Government dramatising the

sheer helplessness imposed on its resources by the steady plummeting of oil prices in the global market, including distortions in the current fiscal plan, it is incontrovertible that various sectors of the national economy are in dire need of attention and adequate funding. And if various sectors of the economy are yawning for adequate funding which the government alone can not provide, there should be neither reluctance nor tardiness by the Federal Government to plug possible loop holes where such exists as in the oil subsidy case which has been demonstrated as gravy train that has been routinely abused by unscrupulous oil marketers. The amount Nigeria spends annually as subsidy on petroleum products is so staggering and more than the annual budgets of some African countries. And any option from which the government can re-coup some of this expenditure should not only be welcomed by government but accepted with transparent enthusiasm. If removal of subsidy on petroleum products will not only generate tremendous savings but also provide an opportunity to liberate the downstream sector from the shackles of monumental corruption as alleged by the OPS, one wonders why the

apparent lethargy or reluctance by government in accepting the subsidy removal option. With the incredible amount this country has lost, allegedly to subsidy fraud and allied malfeasance along the subsidy gravy train, it is scandalous that government is not jumping at this sensational opportunity to free much-needed resources and re-direct such to sectors of most critical need. Just as there is little justification in the marginal decrease in the pump price of petroleum products, including petrol, there is no defence in continuing to uphold a subsidy regime that has been roundly abused by marketers who see nothing wrong in continuing to violate the system. There can not be anything like over-emphasizing the fact that pushed into desperation by distortions imposed on the current budget plan by the global oil price slump, there are critical sectors of the national economy which might not get the attention they rightly deserve, no thanks to insufficient resources. Withdrawing subsidy on petroleum products should automatically translate into a huge resevoir for the much-needed resources which government requires to fund investment in critical sector, on one hand, and halt the mindboggling corruption that goes by the name of subsidy.

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Arts

Book Review

Ten Monarchs, Ten Seasons in lingering Lovesong gument on where I Stand the Poet asks these salient thought provoking questions: “Who stole the secrets of oil from the rack of Forcados? / Who at night decimated the harvest of Kano’s pyramids/ And started the ululation and the curse in the morning? / Who burnt the trees of wealth: rubber, cocoa, kola and palm/ Which sprawled the land and crossed many rivers? / Who bled the bellies of caves and aborted earth?” (p28). This collection of poems is an overflow of powerful recollection of the past. The land is kind enough to tell her stories of rape and wanton waste of her resources- Lovesong For My Waste Land”.

Title: LOVESONG FOR MY WASTE LAND Author: Remi Raji Publishers: Bookcraft Year of publication: 2005 Pages: 78 Reviewer: Oladipo Kehinde

oetry is the oldest genres of composition. This offering Lovesong for my waste land is where poetry intersect drama. The Poet uses action with purgation of emotion in the prologue. The thematic preoccupation of the poet’s literary motif hinges on the concept of land and its symbolic and metaphoric importance to the people. There is a story in our history. The Poet has been to the market place of thought. It is pertinent we borrow a leaf from his poetic messages. The land is for us to Plough; not to Plunder, a poem by Niyi Osundare and This Earth My Brother, a novel by Kofi Awoonor, are in corollary with Lovesong for my Waste Land. Raji’s poetic lines ride the wings of the clouds and beat the drum of peace. Truth will always challenge the tongue of lies. It is not normal when abnormality becomes the order of the day. Wanton waste of our natural resource is the paradox for the love song. The country consumes what it does not produce and produces what it does not consume. There is more than meets the eyes with these poetic lines. The Poet urges the people to fight for their collective

TONY OKUYEME tony.okuyeme@ newtelegraphonline.com

request. Changes can only come when the people know that they are part of the system. We have to dialogue to put an end to the labyrinth of violence. We have to dialogue to correct some mistakes of the past. The land has witness The Years of the Elephant- when music was made out of the skulls of men. When two elephants fight the grass suffer it. Those who say the truth become the palace soup. The Year of the Wolf-all that was saved became food for phantoms and bandits. The Year of the Dog- Everybody barked after the band and now party of bandits. The Year of the Hyena- The Hyena claimed all our limbs except for those who spoke with their legs. The way in and out of the forest is identical. The Poet writes in In The Beginning of Season: what does the farmer think / when to sleep, how to harvest or what to plant? / There is a land where thirst runs through the river/ p 15. This river belongs to us. It is our collective inheritance. But this river of oil is our bane of disintegration. The laughter and smile that meet peoples face is fake. The land is famished. The Poet buttresses in We have Ore but invent Nothing: We have rain but hate to plant/ We have the heat and the glory of the rainbow/ But we kill our own suns with hurtful glee/ The earth swoons in the farmers hands/ But all we do is rape the land/All we know is maim the mind/All we plant are epitaphs for the dead/p19 It is those who work that the earth support. The rain brings food to the earth. In the Year of the ElephantPeople work like elephant and eat like ant. The upland sun nourishes the plants yet the farmer gaze at the sun from the window of his heart. Our can we sing the songs of victory when our voice is stolen? How can we protest when bags of rice tame our hungry mouth? What can we make out of it when we sing the

Poem Let the Water Oladipo Kehinde

national anthem in fear? The Poet put across in Why would I Think of Love in Times of War: why would I talk of tenderness when the argument in the rafters can start a fire? / Why would I peddle laughter in a paroxysm of pain? P22. We are living in a country where everybody is a talking solution. Nobody wants to take action. Action they say speaks louder than words. Enough of false rhetoric. Let leaders lead. We have paragon of failed promises. If you were the solution would you tell us the answer without excluding the question mark? We are tired of lies. In “Ten Monarchs, Ten Seasons” the Poet writes: Believe the lies and query the truth/ or strangle the truth and embrace the lie/ Your life shall be long/

We have not reached the threshold/ But the crossroads are multiplying daily/ Ten Monarchs, Ten Seasons/ p27. Change can only come to the land when we collectively take away power from those misusing it during the election. The state of the country is that of Victorian sensibility: a country not strong enough to divide and too weak to be united. We are not motivated to learn from the past. This is not the land our fore father’s envision. This is not the dream of the land. Tears from the eyes of the young and old; terror terrorizing the peace and unity of the land. When will this land become a bride again? In There Can be no ar-

The mother and daughter stone Subdue the stubbornness of the pepper Palm wine sees and speaks the language Of the gods The origin of the wine Is trace back to the palm tree The village is at peace When palm wine is affordable There is a difference Between water and palm wine The hawk is a bird that carries other birds The chicks follow the footsteps Of the mother hen The chicks never forget the tales of the hawk The bird that swoops other birds The river never forget the visits of the rain The river knows the age of the village The villagers need water To quench their thirst Let the water pour away Save the earthen pot It will fetch another day The wind feeds my ears With the melody of the drums The market long to see baskets Coming and going Let the upland sun add profit to The labour of our hands The children are happy to see birds I am happy to see you Love is always right.

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

The Mega City

...EXCLUSIVE LAGOS MAGAZINE

A new moneymaking addiction

Keen stakers at a sporting game centre

LIFE IN THE CITY Ijora-Badia slum dwellers

MY CITY MY WORLD Lagos made me wiser – Aliyu

OLUWATOSIN OMONIYI CO-ORDINATOR

tosin.omoniyi@newtelegraphonline.com

Elijah Samuel

veryone desires good life and monetary fortune is somewhat seen as one of the factors that make one to earn that good living. Thus, many strive through various means and channels to acquire money as a pedestal to launch into affluence. Invariably, lottery and betting game are some of the pervasive means embraced by not a few residents across the state. In the past, it was discreetly done by the actors as it was nearly a forbidden act to be involved or be seen to be involved in gambling, lottery or related acts. But today, apart from lottery, diverse sports betting or sporting games abound which afford teeming football enthusiasts the opportunity to predict football game results for a prospect of

It affords a rewarding source of income

monetary fortunes. A few of betting companies like Nairabet.com, Nairastake.com, 888sport.com/bet, 360bet. ng, 9japredict.com, mybet9ja.com, 1960bet.ng, Mybet. com.ng, Betcolony.com etc. have attracted a multitude of bettors. Not that there were not betting practices in the past, but the scale of betting in the recent years is quite unprecedented as people of different ages are engrossed in this act. But what’s the attraction? Bisi Makinde, an agent of Nairabet.com told New Telegraph that the enthusiasm and the followership that football game commands is driving the passion of sports betting the way it has turned. “You know football game is very interesting and has a kind of cult followership

which has taken the interest in the game to another high level through sports betting game.” Also, a manager in one of the sporting centres, who preferred anonymity, said the crave for financial wealth has propelled the brazen betting culture that is spreading like wild fire. For operators like him, it is good as it affords a rewarding source of income because commissions will have to be collected on every money staked for game: and the more and higher the stake the better for them. But when the New Telegraph accosted a few of the bettors, it was discovered that they are commonly driven by same passion: the quest and lure for quick CONTINUED ON PAGE 23

Life | In The City

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

Ijora slum

You’re not forgotten, Lagos tells Ijora-Badia slum dwellers Muritala Ayinla

agos State Commissioner for the Environment, Tunji Bello, has said that the state government will soon embark on the rebuilding of the Ijora-Badia slum settlements to improve the standard of living of the teeming residents. Residents in the area had complained about the deplorable state of their roads and streets, accusing the state government of excluding them in the urban renewal and slum upgrading projects. While accusing the state government of neglecting them shortly after the 2011 elections, the residents also lamented the frequent mayhem perpetrated by the rival hoodlums groups. They called on the state government to beef up the security in the area. But speaking on the government’s plan to rebuild the area, shortly after monitoring the February edition of the monthly sanitation exercise, Bello assured that the government has captured the densely populated area in its urban renewal plan. According to him, “the situation of the area we visited is not new, it has been existing for years. The government had done a lot in the last few years especially in terms of road and

Demolition at Ijora

drainage constructions. “We need to understand that the community we visited today in Apapa-

Iganmu LCDA is a slum. The community is below the sea level and it is not conducive for living.

“It started as a settlement since the creation of Apapa ports. People mi grate there and erect structures on the drainage. And I know what the present government has done in the last few years through interventions funds from the World Bank and others.” He explained that while constructing the road, the drainages were constructed but that it collapsed in few months. He said that was why the Lagos State Government commenced the rebuilding exercise of the community. And it started with the housing project in Ilu-Eri. The entire community, he said, would need to be rebuilt. He added that the state government was not happy seeing people living in that community. He said that many infrastructural facilities in the area have collapsed due to segmentation and others; as such, the government will have to embark on soil test to know the strength of soil. “The Obale Road would be resurfaced to give the residents by-pass when the construction of Gasikiya road starts. After the completion of Gasikiya road, the contractor will construct the road. So, we cannot construct Obanle road without completing the constructing of Gasikiya road,” he said.

Life | In The City

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

CO NTINUED FROM PAG E 21

wealth. Many are addicted and there’s no going back until they have the anticipated financial breakthrough. Their expectations for winnings become the bait that continues to attract them. From their accounts, the more money they stake into the games, the more their chances to winning seem to elude. Anthony Idika, a young private businessman, who has been engaged in sports betting since the first quarter of 2014, was introduced into the act by his friend. “A friend of mine introduced me into this game but I have not won as much as I’m anticipating. My highest win has been N48,000. I have staked so much into this and I must hit it big so that my investment into this can be rewarded,” he said with passion. Curiously, the betting spirit apparently will spare no one as people that are still under care of parents and guardians are being held captive in the act. Ayo Liasu, is a senior secondary student, who was accosted at one of the numerous centres in the state. At this very young age, he is deep in the betting act as nothing would be spared for staking. “I have been following games for quite a while and I fancy the possibility of the opportunity to make money in it now. I save money so that I can always seize and utilize chances to win. Since I have been winning, the highest money I have won was N23,000 towards the end of last year which I saved and was using little by little,” he said, disclosing further that “I have high hope of a big win which I know will help me in future.” But for Dr. Michael Kunnuji, who teaches Sociology at the University of Lagos, it is a blessing in disguise as it affords diversion of minds from unwholesome tendencies. “It is good for the society because it gives those people some hope and tends to assuage their aspirations and the feeling of despondency. If the people of the lower class are involved in such activities, so take away the likelihood of being involved in suicide bombing or any other unwholesome acts which are for those who are completely despondent. A typical gambler is not likely to be a suicide bomber because there is hope that someday something good can happen. Some people will say religion is the opium of the masses, but this can also be opium because when the people are involved in it, their mind be off those dirty acts.” As one ponders on the persuasive prospects of a venture which seems to fritter away the chances of bettors at every likely possibility to breakthrough, Dr Kunnuji posited that the consideration for super financial fortune and the likelihood of luck has become the captivating prospect According to him, “If you

A new money-making addiction

Other stakers at a popular centre in Surulere

look at what they put in: sometimes N100 or N200, they can afford to part with that when compared to what may come their way if they are lucky. Some of them who have jobs will look at what they earn, say somebody who earns N15,000 or N30,000 a month, he will calculate and conclude that ‘if I earn this amount for the next thirty years, I probably will not get rich; but if I play this game and I am lucky to win, I can become super rich’. So, that’s just the justification. It’s not as though they have so much money to throw around. It’s like considering their options.” As it stands now, should betting and gambling, because of the intrinsic benefits, be embraced more especially as the venture seems to have the backing of the governments through the constitutional provisions? “I won’t really say the society should encourage it, but for as long as there is no alternative, the society should not discourage it because they have not put in place any other thing that will absorb the negative consequences of discouraging it. It has its negative implications as much as it has positive side. If you take away those things, more people will become despondent and will find no reason to continue to live; and they may become willing instruments for unwholesome acts. “There is a bad reward system in Nigeria. In other clime for instance, you don’t need to be a university graduate to make a living. If we have a reward system that certifies everyone, whether a carpenter or a tailor, people won’t find themselves in a wrong profession. And again, the basic things should be addressed so that the people can graduate to have good jobs. The educational system needs to be overhauled in a way that it will help people identify their potentials so that they can go where they should be. When people graduate and they are sure to get a job or funds to do something beneficial, life will

It has its negative implications as much as it has positive side

Other sport betting centres

Life | Mega City

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

Gridlock at Ketu-Mile 12 road

It is the home of foodstuffs. At the same time, it is the home of traffic. What brings the two together? EZEKIEL ADESAWE finds out

he popular Mile 12 market, located along the Mile12-Ikorodu expressway, has been the largest food stuff market in Lagos State for many years. It has not only served for the past 40 years as the food basket of the state, where all kinds of food stuff are available for sale at affordable prices but it is also responsible for the gridlock that has turned into the nightmare of passengers and commuters who ply the Mile12/Ikorodu expressway. The gridlock on the road, which is often caused by the trading activities of the market, most times extends from the market’s gate to as far as Ajegunle or Owode and in worse cases beyond Ajegunle, lasting for hours, such that passengers and commuters going to work are left stranded in buses. This has been the groan of many users of the road as they have to spend hours on this road. New Telegraph, being aware of the situation, took a day ride on the road to witness the heavy traffic situation on the road. It was then discovered that the heavy gridlock that locks up commuters for up to three hours on the road is not only the result of the trading activities of the market but the illegal activities of some drivers, who take over the service lane of the road to load goods from the markets for minutes at the expense of causing hold-ups on the road. The situation New Telegraph discovered, is aided by some officials of the Lagos State Traffic Management Authority, LASTMA, who are designated to control the traffic situation of the road. These drivers in their numbers, in search of passengers to carry, park on the service lane, waiting for minutes at times for hours for their passengers to buy their goods and load them in their vehicles. This

Commuters groan over traffic nightmare at Mile 12 market

activity they do, causing gridlock on the road aided by LASTMA officials, who will collect money from them after loading. As a result of this activity on the road, commuters and passengers fall victim of the consequence; such that many of them will have to wait several hours going to work in the morning and also when coming back from work. This has made many of them to decry the condition of the traffic, calling on the government to look into the issue. Michael Adelaja, who works at Yaba and lives at Ikorodu, is always late for work no matter how early Gridlock along Mile 12 market he tries to wake up to beat the traffic. This is so because many of the market women, who are also trying New Telegraph spoke to some of the to beat the hold-up get to the market drivers operating on the road, and it was early to buy goods and take them gathered that although the LASTMA back. It is because of this that the officials collect money from them after hold-up builds up until it becomes loading, the situation is so because the massive. In a chat with New Telegovernment did not provide a garage graph, he lamented the number of or park where they could load goods for hours passengers have to wait in their customers. With that, they are left the bus, hoping that they will get with no other option than to park on out of the traffic. the road, waiting for their customers Michael said: “The traffic situto load and after which they settle the LASTMA officials. ation here is very terrible. I can’t However, some of the drivers while say anything less because no matter waiting on the road for customers noted how early I try to wake up to make it that they don’t give money to the LASTto work, I will still meet heavy traffic here. As you are looking at me, I MA officials, simply because they don’t am still going to Yaba and I am still disturb them for anything. here at this time. For sure, I know I Speaking with one of the drivers, who gave his name as Stanley Victor, am late already but the worse thing who has been in the driving business is that I don’t know when I will leave for more than 10 years at the market, he this place. It’s just too terrible. This said: “It is true that they collect money traffic could have been averted if from us and really it is affecting us the LASTMA people are doing their badly. How much are we making every job well; all they know how to do day that they will just come and collect is allow those buses to wait on the road to load goods for minutes just money from us. At times they just come because of the money they will coland collect like N500, sometimes N1,000 lect from them. The government to N2,000. It is true that the way we are should do something about this parking on the road is causing hold-up situation, at least that is why they but we don’t have anywhere else to park are there.” our vehicles because the government

did not provide any garage for us park and load.” Gbenga Badmus is another driver, who waits outside the market for customers to load. In a chat with New Telegraph, he noted that “truly men of LASTMA are always around on this road trying to manage the traffic on the road. They may be collecting money from other drivers but really they don’t ask us for money. The money we pay is only to the loaders who help us carry the goods from the market to the road where they are loaded into the vehicles.” Meanwhile, an official of the LASTMA who does not want his name in print while reacting to activities of some of the LASTMA officials deployed to monitor the traffic condition of the road said: “It is not always true because you have several people who collect money from the drivers. However, we have heard issues like that and that is what we are out to correct. We make sure we monitor them. I can tell you that in bid to sanitize them, in 2013, the government sacked about 500 and even just last year December, some were still sacked just because of their illegal acts.”

Life | In The City

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

Much ado about capital punishment The Lagos State government recently reiterated, in a statement issued by the AttorneyGeneral and Commissioner for Justice, Mr. Ade Ipaye, that it would retain the death penalty in its judicial system in order to serve as deterrence against violent crimes, such as murder and armed robbery. ELIJAH SAMUEL captured the different views of Lagosians on the retention of capital punishment by the state. Ayode Longe, Media right advocator believe the death sentence should be scrapped because it has been found that it does not serve as deterrence to the crime for which convicts are sentenced. In addition, justice has been miscarried in some cases in which innocent persons are sentenced to death for crimes they didn’t commit and after such innocent persons have been killed and the truth comes to light, what form of remedy can any government give to him/her? Our prisons should be reformed to become truly reformation centres, not what we have now where even innocent persons are hardened and come out as criminals. Additionally, government should create the right and conducive environment that will make crimes unattractive; if it does what it is there to do by providing basic amenities including electricity, water, health, the right environment for jobs and job creation then crimes will definitely be minimized. Intergovernmental organisations like the United Nations are canvassing for scrapping of the death sentence and I think the Lagos State government should do the same. I understand that if one loses a loved one to armed robbers, such a person will support the death sentence but when a murderer is killed for murder, two lives are taken, the initial life taken by the murderer is not brought back. Convicts who ordinarily should be sentenced to death can be put to use working for the nation in a thousand and one ways.

Tayo Olokuntoye, Educationist Capital punishment is necessary because it deters instances of murder and armed robbery. If future criminals feel that they can easily get off with a light sentence for one of the most horrible possible crimes, it seems only natural that instances of murder and armed robbery would increase. It is not

Assogba

Awodele

Olarinde

Ayode Longe

Bello

difficult to maintain the position of being in favour of capital punishment when one takes a close look at the pain and suffering caused when someone’s loved one is murdered. The act of murdering someone is heinous and must be dealt with accordingly in order to give the families and victims of the crime some sort of retribution. One finds it in the Bible the popular expressions ‘’an eye for an eye and a tooth for a tooth’’, “…. He that kills by sword shall die by sword” and these almost seem a perfect statement for capital punishment. Although some argue that executing murderers may actually cause more murders by sensitizing society to killing. However, several studies indicate a strong correlation between execution and the deterrence to crimes, especially murder. Such studies suggest that capital punishment has a strong deterrent effect. In addition, we live in an increasingly complex and violent society and must keep capital punishment in place to deter future rising murder rates in Lagos State and the country at large. Human rights activists are of the opinion that capital punishment is out-dated and has not reduced crimes in the society. But no matter their line of argument, as long as the constitution of a country stipulates the full implementation of capital punishment, it should be carried out until such constitution is changed. In the U.S.A, their Federal System of Government allows some states to determine whether to implement it or not and as such about 33 states out of 50 states believe in the full implementation of capital punishment Kayode Awodele, businessman My view is that capital punishment should be eradicated because if you look at it objectively, capital punishment is not being carried out as provided in the constitution. When you consider the rate of these crimes for which the law is meant to deter, how many people have really being executed as found guilty. There is no will to implement it to the letter. Again, the inability to prove the innocence or culpabil-

Olokuntoye

Seyi Macaulay

Adebomi

ity of suspects in the law court, usually create an error in which an innocent victims are punished unjustifiably. However, let there be life imprisonment instead. Abiodun Assogba, Fashion House Executive Many may not like the retention of capital punishment in the judicial system but it is the best because of its deterrent tendency. But the issue of wrongful implication has to be handled with all the diligence and investigation required in order not to punish the innocent. At a time when capital punishment was applied to punish drug trafficking, there was great restraints but it did not last because the tenure of the government at that time under reference was brought into an abrupt end. It is good but there must be a foolproof system, so that the innocent will not be wrongfully punished. Alhaji Moshood Bello, Civil Servant The decision by the state government to retain the capital punishment in its judicial system is good because of its possibility to deter likelihood of crime. In a megacity as Lagos, the propensity to carry out criminal acts is high. Thus, if there is no deterring mechanism, the scale of impunity could sink the state: some will go to carry out armed robbery or kill, and say all that he will suffer is just some years in incarceration. In view of this, it should be retained. Olaniyi Adebomi, Horticulturist Death sentence is supposed to be expunged from the state constitution. For most of the countries of the world today, death sentence is an aberration. This is because they have seen that most of the condemned victims can still be restored and rehabilitated to become useful citizens. For instance, Oyenusi has some spiritual powers which he used for his operations; but when he was caught he was executed. But for the death sentence, he could have been reformed and perhaps be enlisted in the Nigeria armed forces. He would have been patriotic and served so productively.

Babatunde

For criminal offences like armed robbery, murder and the likes, let the culprits be given life imprisonment. All the government needs do is to strengthen the maximum prison and put up stringent reformative programmes that will transform the sentenced inmates. There are living examples of people who have passed the prison and later become responsible citizens. Killing criminals cannot solve the security problems of a state. Reorientation and rehabilitation will. Matthew Olarinde, Auto-mechanic I want to talk from the Biblical point of view that God does not delight in the death of a sinner except that he repents of his sin and forsake his evil ways. Although some of the criminals can be very mean and merciless in the course of carrying out their heinous crimes, I believe that killing them by the state through the instrumentality of the judicial system is not appropriate when they are eventually caught. There are several ways through which a man’s criminal heart can be broken and reformed, so that if freedom is luckily regained, the culprit will be responsible. The judicial system must be operated in a way that the cause of crimes will be addressed. Again, the state must be cautious in its implementation of capital punishment because oftentimes, innocent people are wrongfully implicated in crimes which they know nothing about. Adewale Babatunde, Medical practitioner I am of the opinion that death penalty should be eradicated completely from our law books for two reasons. First, it violates biblical injunction of thou shall not kill. Second, it doesn’t allow for a second chance for the penitent heart. I support a long jail term that allows gradual rehabilitation upon a penitent heart. Seyi Macaulay, Public commentator Crime is crime: anyone who commits intentional murder deserves to be killed. The decision of Lagos to bring retain capital punishment is in order.

Life |

In Lagos and many other states in Nigeria, the business of escorting helpless cargo-laden trucks to their various destinations within and, at times, outside the states for the lure of lucre has become a way of life. It is also an indispensable and lucrative business for men in uniform, as EZURIKE UGOCHUKWU observed.

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

Uniformed men’s honey pot

visit to most major markets in Lagos- Alaba International Electronics market, Ladipo Auto Spare parts market, the International trade fair Complex ,Ojo, Idumota market and even the foodstuff market at Mile 12, to mention but a few, show a new burgeoning trend. It’s a usual sight- to spot them standing along the exit routes, smarting out in their well starched shiny khaki uniforms; some would rather wear their branded force crew-neck polo. They have the characteristic shuttle bag at their backs as they await and inquire from lorries and buses that may desire their services. They soliloquize assuredly, “I am good to go.” The uniform men range from men of the Nigerian Police Force to the men of the armed forces. They have perfected the business as if that is part of their primary assignment. A visit to any of the markets will not keep you in doubt that it spins money. Indeed, to them. Our reporter was at the trade fair Complex, Ojo, Lagos, recently at about 10. 00 am. Behold, the Uniformed men were there already; under a bill board. Some were sitting and some were standing; another group was standing on stones laid on the path ways at the opposite direction, all at the exit road of the trade fair. One of them was sported bargaining with the driver of a long lorry, who was presumably carrying cargo to a destination in Oshodi, Lagos. The bargain appeared successful as the Police officer jumped into the lorry, detached his bag from his back and held it on his thigh as he comfortably sat in the lorry. He hilariously waved his anticipating colleagues who complimented it. The befuddling aspect of it is how do all those officers managed to abscond from their duty posts to the various markets to lay siege from morning hours till the close of business? Regardless of the time, you will see them waiting or criss-crossing the corners of the market in search of customers. Mr Chukwu Eke is an importer of textiles at Alaba International Market. Before now, he used to travel from Lagos to Aba, Abia State to buy his wares. His experiences in the hands of ravaging Police officers on patrol, has made him a regular user of escorts. According to him, some of the experiences are laughable, while some are demeaning and pitiable, bringing to limelight another as-

A policeman waiting to be contracted at the Trade Fair complex

pect of degeneration in our land. Eke recalled how a bus carrying his load from Ekesons’ transport terminal at Orile to Alaba one night was stopped by a patrol team, who presumably laid siege, waiting as they loaded from the luxurious bus to the Volkswagen bus. Immediately they were out from the terminal, the Policemen flagged them down. They asked Eke to come into their patrol van while one armed one entered the load laden bus, though not without hesitancy. They instructed Eke’s driver to move ahead while they trail behind. As they followed behind while on the hunt for other victims, little did they know they have lost touch with the bus and their officer in it. At this point, they became disorganized while Eke appeared more disgruntled having been forced out from the bus by the officers. It was after hours of search that they reluctantly went towards Ojoelegba and found them there. Looking bemused and bellicose, the officer yelled uncontrollably, as they traded blame on each other. Having lost their initial game plan, one of them approached Eke to give them anything he has. Eke recounted yet another scenario. He said: “I was taken to a police station when I insisted not to part with any money, at the station. I was asked to write a statement which I did. After that, the officer at the counter inquired whether I am a graduate. I said yes. He said I am not supposed to be in this type of business, but advised me to be making use of escort rather than these harassments.” Mr Akanbi Williams, a trader at Balogun Market, wonders whether men of the Nigerian Police perpetuate these unwholesome acts because they are acting on instructions or they deliberately unleash it to put fear on people thereby, boosting the chances of their escort business. He decried the level of rot as he narrates, “I was conveying my goods through the National Theatre, some time ago. A police patrol bike appeared unnoticed, flagged us down. The officer on the bike said we must ‘settle him’ without which we will be held there till we comply; that if any other patrol team meets us with him, we are bound to settle them and settle him also. He further pronounced that it’s through the money he collects that he maintains and fuels the bike. We ‘settled’ him as we had no option and went ahead to

encounter others.” The traders in Lagos have in one way or the other, been undesirably affected by the activities of uniformed and plain cloth police officers; a situation that has put them in a tight corner to either take police escort or find their goods being tossed around one corner of Lagos to the other or a threat of being taken to the station by the officers and men of the Police force on patrol; with the primary aim of extracting reasonable amount of money from them. Mr Bright Ekekwem, a furniture importer at Alaba Market Ojo, narrated how the driver he contracted from the Trade Fair Complex to Alaba told him in clear terms that he will not convey his load unless he gets an escort. According to him, he queried why he would delve into such an unwarranted cost when he was not conveying contraband goods. The driver asked him whether he doesn’t know how tough and menacing the activities of Police men are along Mile 2 Badagry road especially Iyanaoba area. That he wouldn’t want a situation they would unduly delay him or take his vehicle to their station if he fails to meet up with the numerous genuine and fraudulent patrol teams on the way. As a matter of fact, Bright had to get a police escort at the trade fair gate that collected N2,500 from him to escort his goods to Alaba. He said: “To move your goods from one location to the other here is hellish. Because of the activities of various Police patrol teams and some plain cloth police men who always place themselves on duty, moving around; mainly within Iyanaoba, they take advantage of the traffic. On sitting any lorry, they will peep in to know whether it’s carrying goods. If it’s a container bodied lorry, truck or bus, they will go nearer to it, heat the body with their fist or stick to hear the sound of emptiness or it being loaded. If it’s laden, they will command the driver to park. In a commando style, they will demand to be settled there and then or be taken to the station which they know most drivers wouldn’t like to experience.” He added: “Instead of falling into their trap, we prefer to get escort for the vehicle; but Army is the best. On a particular occasion, they ran into us, the police men insisted to be paid N20,000 but we later paid them N7,000 for no justification. “ However, going with a police escort in many a times, the escort may abandon you

to your fate, may be, his superior in a patrol team decides to defy his presence and goes ahead to make a bigger demand, which could put him at daggers drawn with them. He will escape. Like the experience, I had with one of my brothers. When we looked back for the escort’s intervention, he was not to be found.” Bright plainly stated that police men are partly the cause of business failures and high cost of goods in the market. He wonders a situation a police officer will tell you that your goods are worth millions of naira. He advises such officers to better drop their guns and join business. To him, such a person is an armed robber in Police uniform. He commends the wisdom of the new Assistant Inspector General of Zone 11 that has ordered plain cloth officers to stop hoodwinking Lagosians; as being on mufti makes extortion easier for them. But he doubts whether they will comply. A Lagos lorry driver, Mr. Athanasius Odor, expressed his displeasure over the nuisance Policemen have constituted themselves into, especially in Lagos. He said they are ready to delay you for your inability to give them N100. “That is the reason we take them as escort” though at times, according to him- you see yourself spending on thugs, VIO and Road Safety. But if you are opportune to get a soldier, you will pay less and still run away from all forms of harassments and extortions on the way. He said: “We are always in a hurry. On many times, I had shown willingness to go to the Police Station but the officers were not willing. Rather, they kept wasting my time. That made me one day I decided to block the whole road with my lorry; that caused so much traffic jam. They begged me before I removed it. “All the vehicles and bikes they are given are never channelled to crime detection and prevention. If the energy and resources being exerted in milking businessmen here are directed to fighting crime, Nigeria will be heaven. They behave as if they are not being paid. They use the guns and vehicles purchased with our money to aid in protecting us, somewhat; they wrongly use them to make life unbearable for us. One day, we will have the courage to say no regardless of their guns.” However how legal or illegal; and how lucrative the business of escorting vehicles have become to our uniformed men, the officers in the game may be trying to make ends meet. The unmistakably cry of Lagosians is that the police authorities should find a way to caution their men to reduce these barefaced suffering they add to the already clogged business environment and by implication Lagosians in the pretence of patrolling. Those bad eggs in the force should be made to understand they are a contributing factor in the high cost of some goods and services in various markets and shops.

Life | In The City

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

Eight years on, traders celebrate relocation to Trade Fair Complex It has been eight years since the Association of Progressive traders moved from the Idumota Market to the Trade Fair Complex. They cannot thank God enough for the boom in their trade. EZURIKE UGOCHUKWU reports

lhaji Aliyu, the CEO of APurchasing Chartered Institute of and Supply

their business. People now come from many African countries; and transact their businesses here with ease. Also, there are many shops and enough space for expansion in the market”. Hon Nzubechukwu Kenneth Dike, the Assistant Provost of the Association, chronicled how many of them have moved from kiosks to big and spacious shops, from congested and choking atmosphere to an airy and well ventilated environment. Indeed, his joy knew no bounds. He stressed that Idumota was dirty and they (traders) often fell sick due to the environment. So, far, trade fair complex has been a source of blessing to them. “Those who never had up to N5, 000 at Idumota, are today millionaires. Many of them that got more than one shop sold theirs; between N5m to N7m. The volume of trade here is even higher here than what it used to be then.” He concluded. The jewellery market in particular, is so profound that it attracts more customers to the market; more than any other section of the market. However, most of the trading activities in the market are on wholesale basis. The market affords one of the cheapest and finest buy.

Lagos road side markets

My City, My World Lagos made me wiser – Aliyu Okocha Ruth

embers of the Association of Progressive Traders, Jewelleries trade section APT, one of the consortia of businesses at the International Trade Fair Complex, Ojo, Lagos, recently concluded interlocking of thronged out in their numbers to open spaces and walkways in the celebrate the eighth year anni- whole APT market has made vehicuversary of their movement from lar and pedestrian movements inside Idumota market to the Trade fair the market much easier. Complex last week. With harps The Chairman of the Association, and tambourine, the traders joy- Chief Jude Ringo Okeke, thanked ously thanked God for the won- God for His unfailing love to them. derful years in business. He was grateful to the members for The APT market, which has voting him for the second time. He the popular Jewelleries market, said: “By God’s grace and support known as GL, also has textiles, ar- of the members, we shall surpass ticles, hard wares, toys and spare our achievements. We shall do our parts sections all under it. best to see to the completion of our The market, which is situated office complex. Our sensitization and on a five hectares of land, with empowerment programmes shall be more than 11,000 members and an sustained.” He decried the highly deplorable estimated value of over N18 billion, has raised some millionaires access roads to the market regardand billionaires in the last eight less of the revenue collected from years. Their businesses is said to their customers. Some of the tradhave flourished greatly. ers who spoke with New Telegraph When compared to the Idumo- were grateful to God for giving them ta market, the stores at the trade the foresight to move from Idumofair complex are unarguably well ta to the trade fair complex. They built and spacious. There is more chorused that their relocation has space to park cars, very many helped in no small measure to boost shops, warehouses and reason- their lives. Chris Egbochue, a business centre able open spaces within the stor es. Some operator, who has been at the market strategic places in the market are for three years said, “many of them adorned with flowers and well that came from Idumota are happy channelled drainage system. The because the place has centralised

Adetoro Omolola n Lagos, the number of people that sell goods at night appears higher than those that sell in the afternoon. People of low and high classes now have a scheme of time to buy things because the poor looks out for cheapest things while the so-called big girls no longer go to boutiques or shops to buy wears; they wait till night in order to get cheapest things. In Ojota, Ketu , Ikorodu , Agege , Berger and some other places, clothes, provisions, foodstuffs are sold at night but at a cheaper rate. They are known as a roadside markets. It causes traffic snarl and also forces legitimate people inside or at the market to complain that people no longer patronize them like before. According to Mr James Temple, who sells clothes at Ketu market, since the road side night market began, he no longer sells well. He threatened to also join them. Another woman, named Iya Yinka said she sells market at road side

at night because she needed to survive and feed her children and since she has been coming, she feed her children and sell all her goods and will continue to do that. But the only problem they face is accidents and drivers damaging their goods. Mr Owolabi, a public car driver, said the problem they face is that the road side markets cause traffic and are a big disturbance because where their cars should be parked has been taken over. Another seller named Iya Sola said she is very happy because, now she can sit back, relax and sell her goods because there is no agents of the Kick Against Indiscipline at night. Isiaka, a private car driver, said he cannot say much about them because it a means of survival. He said that the only thing the government can do for the road side night market seller is to build a place for them in order to reduce traffic. Another trader named Ibru, said he is very happy selling at the road side at night because the remaining of the

pepper he sold at Mile 12 will be sold by the road side market. A cloth seller said the problem he faces is that they do not have a particular stand, so they stand anywhere they see. A buyer who refused to give her name, said “as a lady, I like buying clothes here because it one of it kinds, unlike the new clothes. Another buyer, Tayo Idowu, said she buys her goods here because of the type of job she does. She prefers to buy her things at the road side market . In fact no one is left out at the road side night market because it involves both old and young. A man was shopping for his wife and said, “my wife is zero when it comes to buying of clothes. So, I help her in buying clothes.” Now it is clear that some people at the road side night market do not work; so they use the road side night market as a means of surviving. Road side night market does not exclude any tribe because when you are at the road side night market, you meet different types of people selling and buying.

Management of Nigeria sees Lagos as a nice place because it accommodates all works with no limit. He said initially, when he ar- Aliyu rived Lagos in the 60s, he hated Lagos because of the population. He went on to say that he almost relocated in 1991 when he was recruited as a manager in the defunct Nigerian Airways, if not for the intervention of his manager. He said that Lagos has influenced him positively in terms of socialization. Unlike the north where he hails from, interaction between different sexes is prohibited but Lagos accommodates free interaction. He said Lagos is a training ground because he was swindled when he arrived Lagos but he is wiser now. He pointed that anybody that finishes school, the first thing that occurs to them is moving to Lagos because, that is where you find all sorts of things. “Lagos has exposed me to so many things. I thank God I learnt how to interact well in Lagos.” He described Lagos as a training centre and government in Lagos State is fantastic. He said the government is really doing a great job, not just because he lives in Lagos, but to what has happened in the past in terms of how they manage the resources, they know how to spend wisely, so that it affects the lives of the public positively. He said giving money to people is not all that matters but putting structures and facilities on ground, which would make people triumph and think of what to do. He described the governor as a wise spender. He said the government should make effort to protect the women in the state, as they always fell victim of rape by thugs, especially in Oshodi Oke. He also said, the government should try and remove thugs from the society as they constitute nuisance. They should find a permanent solution for them.

Oyewo: Lagos made me Temitayo Abass .D Oyewo, the President of Achasing Chartered Institute of Purand Supply Manage-

ment of Nigeria says he has been blessed in Lagos. He said he came as a bachelor but he has a family of his own now in La- Oyewo gos. He went on to say he arrived Lagos as a poor man, and he came by the oldest means of transportation which is popularly called Molue or bolekaja by Lagosians. Even though it took him time to get a job, he still made it . He said now he can boast of houses, cars etc. all achieved in Lagos State. He went on to say he has everything that makes a man happy. He commended the improved transport system in Lagos unlike in the sixties when he came to Lagos. He said the government introduced the BRT buses and due to good management, molue buses are gradually phasing off. He said the government has done a great job in turning Lagos to a mega city unlike in the sixties. He said Lagos State was formerly the capital of Nigeria; it still remains the commercial capital of Nigeria. He said the government has good people who manage their affairs even though everyone is not palatable with it. He pleaded with the government to recognize the relevance of its members because they are being neglected. He went on to say that if the government sends him back to his village due to his old age, he won’t last a year before he dies because, all his friends are in Lagos. He finished by saying he would live in Lagos over and over again.

The Mega City

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

UPCOMING EVENTS

DearArtiste Music Business Seminar 2015 Organiser: #DearArtiste Resources and Consultants Date: March 7, 2015 From 10:00 AM - 1:00 PM Venue: Yusuf Grillo Hall, School Of Arts YabaTech Lagos, Nigeria

Fashion E-commerce Bootcamp:

GlamByIsoken Glitz and Glam #GIDI

Organiser: Traclist.com Date: March 7, 2015 From 11:00 AM - 2:00 PM Venue: 1st. Floor 294 Herbert Macaulay Way Sabo Yaba, Lagos, Nigeria

Organiser: Jennifer ogboru Date: March 7, 2015 From 10:00 AM - 6:00 PM Venue: Sleek Square Mall, VI Lagos, Nigeria

Microsoft TechDays 2015

Organiser: Co-Creation Hub Nigeria Date: March 6, 2015 From 9:00 AM - 5:30 PM Venue: Co-Creation Hub Nigeria 6th Floor, 294 Herbert Macaulay Road Sabo, Yaba Lagos, Nigeria

Reenique Beauty 1 WEEK PRO Makeup Class Organiser: Reenique Beauty Date: March 9, 2015 From 10:00 AM - 3:30 PM Venue: Sparklesoft solutions ltd. (2nd floor) 1 Omotayo Ojo street by Majekodumi off Allen Avenue Ikeja, Lagos, Nigeria

Study in Turkey and get British Degree

Organiser: Goodmus Study Abroad Date: March 7, 2015 From 10:00 AM - 5:00 PM Venue: The Regent Hotel 25, Joel Ogunnaike Street, Ikeja GRA, Lagos Nigeria

MEGA CITY EVENTS Wedding ceremony of Daniel and Veritas Azubuike at the Truth is the Manifestation of Christ Church, in Lagos…recently

The groom and his bride, Daniel and Veritas Azubuike signing their wedding register.

L-R: Groom’s parents, Mrs. Chinyere Azubuike; her husband, Mr. Peter; the couple, Daniel and Veritas; bride’s parents, Mrs. Comfort Galadima and Barrister Afolabi Husseini Galadima.

GOVERNOR BABATUNDE FASHOLA INSPECTS OSBORNE WOODLAND PROJECT, IKOYI

L-R: Chief of Staff, Mr. Lanre Babalola , Gov. Fashola and the Horticulturist’s son, Mr. Adekoya Morounfoluwa (right) listen with rapt attention to the explanation of the Horticulturist, Mr. Adekoya Olusola (2nd right) during the Governor’s inspection visit to Osborne Woodland Project being developed by the Lagos State Parks and Gardens Agency (LASPARK) at Ikoyi, Lagos

L-R: Horticulturist, Mr. Adekoya Olusola, General Manager, Lagos State Parks and Gardens Agency, (LASPARK), Dr (Mrs.) Titi Anibaba, Gov. Fashola, Commissioner for Environment, Mr. Tunji Bello, Physical Planning & Urban Development, Toyin Ayinde and Waterfront & Infrastructure Development counterparts, Prince Adesegun Oniru and others during the inspection

50TH birthday celebration of the Director General, Nigeria Tourism Development Corporation (NTDC), Dr. Sally Uweche –Mbanefo, was held at the Civic Centre in Lagos

Dr. Sally Uweche–Mbanefo (middle); Mrs. Nike Akande; Mr. Jimi Agbaje; Otunba Gani Adams and others, cutting the birthday cake at the event

L-R: Chief (Mrs) Stella Okoli; Senator Oyeabo Obi and Chief George Uwechue…at the event

PHOTOS: TONY EGUAYE

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

FCT Watch

Oil price rout: Diversification’s inevitable

The Investor

Money

Maritime

Appraising CBN’s development banking role

35% levy on used vehicles begins July 1

Taking advantage of equities’ low prices

Business What's news

Top 10 brokers trade N133bn shares in February Ten leading stockbroking firms in the Nigerian stock market exchanged 9.009 billion shares worth N133.435 billion in February 2015.

p.30

Manufacturing: Purchasing managers’ index drops to 56.2% The latest report for manufacturing Purchasing Managers’ Index (PMI) has shown a marginal decline from 56.4 per cent in January to 56.2 per cent in February, according to NOI Polls and FBN Capital Research.

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The Business Desk Ayodele Aminu

Deputy Editor (Business)

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dele Alao

Industry & Agric Editor

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa

CONSUMPTION

Demand for imported rice is on the increase yearly in Africa

Bayo Akomolafe

eliance on imported rice and limited efforts at increasing domestic production has cost Nigeria, Ghana, Benin and some other African countries N950 billion ($5 billion) annually. The continent is losing colossal amount annually in the consumption of imported rice due to the high demand for the product. Consequently, the newly appointed Director General of the Africa Rice Centre, Dr. Harold Roy-Macauley, said in Kampala, at a meeting with representatives of 25 African countries that Africa’s rice growing countries must invest more resources to support more production of the cereal crop. The Africa Rice Centre has 25 members, including Nigeria, Benin, Burkina Faso, Cameroun, Central African Republic, Chad, Congo, Cote d’Ivoire, DR Congo, Gabon, Gambia, Guinea and GuineaBissau. Others are Madagascar, Mali and Mauritania, Senegal, Togo, Liberia, Ghana, Sierra Leone, Egypt, Rwanda and Uganda. The regional contributions to rice production are West Africa (42 per cent), North Africa (32 per cent), East Africa (23.8 per cent), Central Africa (1.2 per cent) and Southern Africa (one per cent). The director general said that there are high chances for African countries to close the gap if the crop was given a lot of priority by governments and scientists who play big roles in developing solutions for the challenges

Finance Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst. Production Editor

Imported rice cost Nigeria, others N950bn

hindering massive rice production in Africa. Roy-Macauley said that the 25 countries that are members of the African Rice Centre should increase production in order to reduced the billions

of dollars being spent on imported rice by the consuming countries. He said that Africa produces an average of 14.6 million tons of rice per year on 7.3 million hectares, which is equivalent

to 2.6 and 4.6 per cent of the world’s total production and area under rice, respectively. West Africa has the largest area planted with rice in Africa (56.5 per cent) that is about 3.7 million hectares.

L-R: Anambra State Governor, Chief Willie Obiano; Senior Special Adviser to the governor, Mr. Ernest Adinweruka; Group Managing Director/CEO, Skye Bank Plc, Mr. Timothy Oguntayo; Executive Director, South South/South East, Mrs. Ibiye Ekong and Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, at the commissioning of an ultra-modern donor agency complex donated to Anambra State government by Skye Bank in Awka.

National Automotive Council levy vanishes from govt’s coffer Bayo Akomolafe

our years after it was suspended, the two per cent National Automotive Council (NAC) levy running into billions of naira being paid ignorantly by Nigerian importers and Customs agents have developed wings. It was learnt that the Federal Government introduced the

two per cent NAC levy in 1993 to boost local production of vehicles, but it was suspended in 2011. Findings, however, revealed that nobody could account for the money, as it is not being remitted into government’s coffer. Nevertheless, the Director General of NAC, Mr. Aminu Jalal, was miffed over the levy, saying that he was not aware of its reintroduction by government

after it was suspended. The director general said that NCS had not remitted any money into the account since it was suspended, explaining that a new bill to re-introduce the levy was passed last year, but would only take effect after it has been gazetted. Jalal said: “There is an account for the two per cent levy CONTINUED ON PAGE 30

Rates Dashboard INFLATION RATE January 2015...........................8.2% December 2014.........................8% November 2014........................7.9%

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

EXCHANGE RATE (Parallel as at Feb. 27)

USD . . . . . . . . . . . . . . . . . . . . . . . N227 Pounds . . . . . . . . . . . . . . . . . . . N353 Euro . . . . . . . . . . . . . . . . . . . . . . N253

l Foreign Reserves – $31.46bn as at 26/02/2015

Source: CBN

EXCHANGE RATE (Interbank as at Feb. 27)

USD . . . . . . . . . . . . . . . . . . . . . . N198 Pounds . . . . . . . . . . . . . . . . . . N300 Euro . . . . . . . . . . . . . . . . . . . . . N230

Business | News

LOCAL CONTENT

Increased level of domestic participation needed to improve volume of trades Chris Ugwu

en leading stockbroking firms in the Nigerian stock market exchanged 9.009 billion shares worth N133.435 billion in February 2015. Investigation by New Telegraph showed that the N133.435 billion is responsible for 72.51 per cent of the total value between February 2 and February 27, 2015. Also, the 9.009 billion shares accounted for

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

Top 10 brokers trade N133bn shares in February 58.23 per cent of the total volume during the period under review. Further checks showed that while the top 10 broking firms accounted for 72.51 per cent of the total value of transactions during the month, Stanbic IBTC Stockbrokers Limited dominated with 17.53 per cent or N32.268 billion exchanged in 1.490 billion shares. CSL Stockbrokers Limited accounted for N22.978 billion or 12.49 per cent invested in 1.715 billion shares. Rencap Securities Limited recorded N21.754 bil-

lion or 11.82 per cent exchanged in N2.328 billion shares. EFCP Securities Limited traded N19.117 billion or 10.39 per cent recorded in 890.183 million shares, while African Alliance Stockbrokers Limited accounted for N9.248 billion or 5.03 per cent in 440.833 million shares. FBN Securities Limited recorded for N7.982 billion or 4.34 per cent in 442.845 million shares. APEL Asset Limited traded N6.183 billion or 3.36 per cent exchanged in 331.812 million shares, while Chapel Hill Den-

ham Management Limited exchanged shares worth N5.646 billion or 3.07 per cent. Vetiva Capital Management Limited staked shares worth N4.694 billion or 2.55 per cent, while Partnership Securities Limited traded N3.562 billion or 1.94 per cent exchanged in 375.771 million shares. In a bid to stimulate demand and engender competition in the stock broking community, the management of the Nigerian Stock Exchange (NSE) had in September 2011 introduced the rank-

L-R: National President, Association of Nigerian Licensed Customs Agents (ANCLA), Prince Olayiwole Shitu; Managing Director, Nigerian Aviation Handling Company (NAHCO) Mr. Norbert Bielderman; Director Cargo, Federal Airports Authority of Nigeria (FAAN), Mr. Rowland Ofulue and Director, Airport Operation ( FAAN), Mr. Henry Omeogua, at Nigeria Air cargo summit entitled: “Sustaining the cargo business” in Lagos. PHOTO: GODWIN IREKHE

Manufacturing: Purchasing managers’ index drops to 56.2% DECLINE

Headline reading for February represents the smallest Dele Alao

he latest report for manufacturing Purchasing Managers’ Index (PMI) has shown a marginal decline from 56.4 per cent in January to 56.2 per cent in February, according to NOI Polls and FBN Capital Research. The index is a familiar release at the start of the calendar month in developed markets such as the US, the larger emerging markets such as Brazil and China and a few other frontier markets such as Vietnam. The index is based on the responses of some manufacturing companies to set

questions on core variables in their businesses. It is unweighted. Purchasing managers are asked whether output, employment, new orders, suppliers’ delivery times and stocks of purchases have improved, are unchanged or have declined. They were also asked to make allowances for seasonal factors in their responses. A reading of 50 is neutral. “Our sample is a representative blend of large, medium-sized and small companies. We have seen several marked swings since we launched our index in April 2013, but only once has there been a negative headline reading (49.4 in July 2013). These swings are to be expected for frontier markets such as Nigeria. The operating environment for business is highly fluid: access to electricity, fuel and credit is uneven, particularly

for small companies, which creates swings in business and consumer confidence. “Our headline reading for February, therefore, is unusual because it represents the smallest month/month change since our launch. Less surprisingly, it masks some pronounced changes among the sub-indices (notably a sharp fall from 57 to 42 for delivery times),” both research firms stated. They noted that the large companies drove improvements in the reading for output. Otherwise there were no marked variations between company sizes. “It is difficult, therefore, to identify the influence of either the macro headwinds (slide in the oil price) or the political uncertainty (postponement of the elections). For the fifth successive month, the reading for new orders was the highest of the five sub-indices,” the duo said.

ing of the brokers by transactions value and volumes. Managing Director of Securities Africa Financial Limited, Mr. Folabi Afolayan, had identified volume of transactions as a major challenge facing stockbroking firms in Nigeria. He said that institutions, mainly foreign ones, have been dominating the market, while the domestic retail investors have not sufficiently returned to the market since the financial crisis of 2008/2009. He pointed out that there are a few stockbrokers working with these foreign institutions who collectively control the major volumes traded in the market. “Foreign investors are also very sensitive and any information that reflects uncertainty in politics and government policies trigger a fast withdrawal from the market, which results in high levels of volatility. “Thus, the market still suffers from confidence issues within the domestic sector. We need increased level of domestic participation to improve the volume of trades and to contain the high volatility currently being experienced in the market. Other challenges, according to him, include the issue of brokerage commission, as well as the increase in regulatory

costs of doing business. “Of course, operational costs or what I will call high infrastructural deficit costs is a common challenge across board for anyone running a business in Nigeria as you try to maintain a good and conducive working environment and service a level of redundancy. Other issues like increasing operational and regulatory costs are quite common to all regulated businesses,” he said. Afolayan pointed out that awareness of the benefits of the capital market and traded securities is quite low in Nigeria. “If you measure the NSE market penetration, measured as a ratio of turnover to GDP. It is estimated at 1.67per cent, which is dismal, compared to a country like Kenya, which has 4.08 per cent market penetration. To solve the issue of awareness, he said both operators and the regulators should make concerted effort. “The regulators, SEC and NSE have tried to address this recently with increased educational efforts, collaboration with Nollywood and by reaching out to ordinary Nigerians, but I think these efforts can even be more strategic,” he said. He stressed the need to engage policymakers to make financial literacy, especially knowledge of the capital market, a compulsory part of the school curriculum right from the primary school level, noting that this is a medium-term strategy but should improve awareness.”

NAC levy vanishes CONTINUED FROM PAGE 29

with the Central Bank of Nigeria (CBN) and as far as we know, it is zero, there is no money inside the account but we will find out if there is any money inside.” New Telegraph gathered that the sub-heading for the two per cent NAC levy still appears in the revenue profile records of major commands of the Nigeria Customs Service (NCS) in Lagos. Between December 2014 and January 2015, the Tin Can Island Port command generated N423.7 million. Also, the Apapa Area 1 command of NCS generated N13.7 million in January 2015, but no amount was collected at the PTML command. Meanwhile, the Customs Public Relations Officer, Wale Adeniyi, a deputy comptroller,

explained that Customs was not in a position to stop importers from paying when they want to make such payment because it is executed electronically. He said: “It was suspended in 2011 and we don’t have any sub-heading for it, but we understand that some importers still go ahead to pay. We are not in the position to stop payment when they want to pay, but it is not a requirement for processing of anything because officially, it has been suspended. “Importers who made those payments would say it was paid in error and can put up an application for refund. They do declaration by themselves and they make epayment, but because this payment is not required for any of our processing, those who have paid are entitled to refund.”

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

FCT Business Watch Power: States decry Discos’ poor outing Abdulwahab Isa

lSeek president’s intervention

ommissioners of finance across the county have expressed displeasure over poor performances of power distributions firms that inherited assets of the defunct Power Holding Company of Nigeria (PHCN) in the wake of privatisation of power assets. They argued that power supply had yet to record any improvement in their respective states and urged President Goodluck Jonathan to intervene. Chairman of Commissioners of Finance Forum and Ebonyi State Commissioner of Finance, Mr. Timothy Odah, made the observation in an interview withNew Telegraph in Abuja.

“We took a decision to let the minister confer with Mr. President on the poor performances of electricity distribution companies. Their performances are nothing to write home about. We know that the Federal Government is making great effort to ensure that there is electricity to some extent. As commissioners of finance in our respective states, anything that will encourage and energise the economy is of utmost interest to us. “We know that power supply is very important, therefore Mr. President has to intervene to see that these people are directed to do more.” However, a development

Experts seek removal of waste from 2015 budget

economist, Odilim Enwegbara, has maintained that President Jonathan’s administration’s achievements outweigh that of the previous administrations in the area of power supply. He said that President Jonahtan inherited less than 2000MW of electricity from Obasanjo’s administration. “Those who are out to crucify Jonathan are only constructing excuses. These people are worse than Jonathan. I want to say this because there is a carefully constructed front wanting to humiliate Jonathan out of office. This wouldn’t even be imagined had Jonathan come from one of the three major ethnic groups,” he added.

L-R: Nigerian Idol judge, Yinka Davis; Head, Youth Segment, Etisalat Nigeria, Elvis Daniel; Head, Events & Sponsorships, Etisalat Nigeria, Modupe Thani and another judge, Dede Mabiaku, at the Etisalat-sponsored Nigerian Idol 5 premier, in Lagos.

FHA boss blames population growth for housing deficit Yusuf Shuaib Abuja

anaging Director of the Federal Housing Authority (FHA), Prof. Mohammed Al-Aminu, has attributed the 17 million housing deficit in the country to the rapid population growth of about 3.7 per cent per annum. He, however, vowed to prioritise housing delivery, accessibility, affordability and availability as his focal point on FHA saddle.

Clem Khena-Ogbena

takeholders in the Micro, Small & Medium Enterprises (MSMEs) sector of the economy have admonished the government to take the falling crude oil price as a

Speaking at a retreat in Abuja, Al-Aminu said that he will “re-engineer the system to bring about housing delivery in the country; re-engineer the workforce, the mode of housing delivery, the resource allocation, prioritising the deliverables, as well as inject new spirit into partnership.” He explained that the housing deficit was not just a factor of production, but also a factor of demand, noting that there was a huge difference in the country’s population in the last

40 years compared with what currently obtains. “Housing delivery involves a lot of collaborations and partnerships, so, my first priority is to ensure that the safety of operations, particularly how we relate with housing financiers, housing contractors, housing market as well as the housing demand and supply is re-engineered in the sense that what is required for the system to do is aided by the necessary resources both human and financial, that are required,” he added.

body of experts on public finance management, the Citizens Wealth Platform (CWP), has urged the fiscal authorities to weed out all the “frivolities” in the 2015 budget and reassign the saved sums to more pressing needs of the country. It also urged the government to scrap the controversial subsidy on kerosene as it does not benefit the masses but has instead become a subsidy for corruption. Convener of CWP, Eze Oyekpere, who made the call at a media briefing in Abuja, argued that the 2015 Appropriation Bill currently before the National Assembly has all manners of frivolities, wasteful and unclear expenditures. He drew the attention of the parliament to some of these fundamental challenges in the budget and demanded a thorough scrutiny of the document before it is passed onto law. According to him, N304,573,835,128 was identified as possible savings from the 2015 federal budget proposal, a sum merely indicative of what can be saved. “To illustrate the savings we propose, a few examples will suffice: N732,420,920 for food and catering, welfare packages of N328 million in the Presidency; N97.9 million for stationeries and computer consumables amounting to 265,753 a day, including Saturdays and Sundays, in a 365day year, magazines and newspapers of N9.9 million amounting to N27,346 expenditure every day (for 365 days, including Saturdays and Sundays), welfare package of N1.142 billion, all in the proposal of the Secretary to the Government of the Federation.” Onyekpere also noted that Nigerians do not

Stakeholders to FG: Explore SMEs options challenge to exploit the huge potentials of the segment, to help stimulate businesses, reduce poverty, improve lives and grow communities. They also said that the

strategies for financing MSMEs clusters should not only focus on availability of funds, but also on its accessibility. These suggestions were contained in a communiqué issued

in Abuja at the end of a oneday summit on raw materialsbased MSMEs clusters in Nigeria, organised by the Raw Materials and Research Development Council (RMRDC).

get kerosene at the regulated price of N50, hence the Aig-Imokhuede-led Technical Committee on Payment of Fuel Subsidies found and stated as follows: “For example, in spite of a directive issued by President Ya’Adua on June 15, 2009, that NNPC should cease subsidy claims on kerosene, PPPRA resumed the processing of kerosene subsidy claims in June 2011 and NNPC resumed the deduction of kerosene subsidy claims to the tune of N331,547,318,068.06 in 2011. In addition, the distribution of DPK, which was being solely imported by NNPC was skewed in favour of depot owners who have no retail outlets. Two thirds of the kerosene sold by NNPC between 2009 and 2011 was sold to depot owners and “middlemen” who, in turn, sold to owners of retail outlets at inflated prices of between N115 and N125 per litre (compared to the ex-depot price of N40.90) leaving consumers to pay higher prices than the N50 per litre directed by government. “For several years now, the country has been incurring huge subsidy bills for kerosene and its citizens are not receiving the benefits, instead, the country has been financing ‘rent’ for the middle men.” Besides, he noted that there seems to be structural challenges with the budget preparation process. “The template sent to ministries, departments and agencies (MDAs) for budget preparation seems to be deficient. It does not differentiate between MDAs considering their statutory duties and peculiarities. Thus, every MDA must ask for a vote for security services, uniforms, printing of security and non-security documents, maintenance of IT equipment and all manner of consultancy services. MDAs ask for a vote for welfare after they have made full provisions for the salaries and remuneration of their staff. Pray, what manner of welfare is this that is not covered by the staff remuneration?” he asked rhetorically.

Business | FCT

Abdulwahab Isa Abuja

statutory body that considers revenue accruals to the federation accounts and allocates it to the beneficiary tires of government, the Federation Account Allocation Committee (FAAC), meets between 16th and 17th of every month. The dates were sacrosanct and every member keeps a tab. This endured till 2013 when prices of crude oil were at their peak. FAAC meetings were conducted under a convivial atmosphere with stakeholders smiling home with fat cuts. However, effective mid last year, the convivial atmosphere hitherto prevailing at FAAC session paled into near acrimony due to the drastic fall in oil price, the largest revenue source to the federation account, which has led to a continuous slash in the funds available for sharing by the three tiers of government month after month. For instance, in September last year, gross revenue of N601.648 billion was received, an amount lower than N630.325 billion received in previous month by N28.677 billion. In February 2015, the gross revenue experienced a further dip. It was put at N416.096 billion, an amount lower than N490.031 billion received in January by N73.935 billion. This continuous drop in revenue was attributed to the oil price rout at the international market. Is Nigeria broke? Despite the drastic reduction in revenue flow to the federation coffers due to persistent slump in oil prices, coupled with the receding Excess Crude Accounts (ECA) and foreign reserves standing at $3146 billion as at March 26, 2015 and $2.1 billion respectively, coupled with the introduction of austerity measures last year by government to ameliorate the harsh milieu facing the economy, not a few believed that Nigeria is not broke. Last year, some civil servants also experienced delays in the payment of their November and December salaries, a development that sparked criticism of government by the public. But, government officials insisted that Nigeria was not facing liquidity challenge. Last year, despite being apparent that oil prices rout will last a while, the government officials still insisted that the economy was on sound footing. Speaking at a crowded ministerial press conference at the Radio House in Abuja, Finance Minister and the Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, said: “Despite the dwindling revenue of the nation due to falling crude oil prices and decrease in output, the nation is not broke, as feared in some quarters. “I want to assure Nigerians that we are putting in place contingency plans so that our economy remains stable. Right now, we have fluctuations in the price of crude oil and when that happens, it means that the money that comes into the coffers is a little

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

Oil price rout: Diversification’s inevitable

Petroleum Minister, Deziani Alison-Madueke

bit small. Does that mean that the country is broke? If we are not able to pay salaries to people or meet other obligations, then we can say the country is broke, but we have not got there. Nigeria is not broke.” Reiterating similar pronouncement, last week, FAAC Chairman and Minister of State for Finance, Bashir Yuguda, denied insinuation that Nigeria was broke. “Nigeria is not broke. I don’t know where you people are getting this impression. I spoke with BBC and American reporters recently when a similar question was asked and I told them that Nigeria is not broke. I have never skipped the federation account session; I have not skipped on the payment terms on the bond we raised in Nigeria. I don’t know the issue of a country being broke. “People should come up with facts and figures what it means for a country being broke. Nobody has been blamed for depletion of foreign reserves if not for devaluation of naira. Nobody has said that we have wiped out all what we are able to save through the Sovereign Wealth Fund. We have challenges on the revenue streaming in on one front and that is oil and we are trying to improve on revenue stream from non-oil sector,” said Yuguda. Sharing of NNPC’s $1.48bn refund With the exception of Lagos and Kano states that have maxi-

Finance Minister, Ngozi Okonjo-Iweala

Each state has to look inwards and explore a sector

mally utilised their huge population to boost internally generated revenue (IGI), other states solely depend on federation account to finance their budgets and are hard hit in the face of dwindling income from oil sales. With elections around the corner, other debt obligations mounting and security challenge thwarting the peace, state governments are under pressure financially. They were full of excitement on the verdict of PriceWaterHouseCooper (PwC), which indicted the Nigeria National Petroleum Corporation (NNPC) of unlawfully withholding $1.48 billion due to the federation account. A directive by President Gooduclk Jonathan that the monies are refunded forthwith buoyed their moods. With a mind-set to get the $1.48 billion NNPC’s refund shared, commissioners of finance representing their various state governments set forth for February FAAC meeting last week, but they were disappointed. Prior to that FAAC meeting, a top member of the committee told New Telegraph that commissioners of finance had adopted a common position that the $1.48 billion, which PwC’s report said NNPC withheld from the federation account, should be refunded immediately and treated as a fresh return for the month and not as augmentation. He said that states were un-

der serious financial obligations such as unpaid workers’ salaries and commitments to contractors, as a result of dwindling revenue from the federation account. However, their dreams for NNPC’s $1.48 billion refund crashed. The funds were not only unavailable for sharing, modalities for remittance and sharing, they learnt, would be worked out later. The states voiced their frustration through the finance commissioners. Ebonyi State Commissioner of Finance and Chairman, Commissioner of Finance Forum, Mr. Timopth Odah, expressed displeasure over the unavailability of the NNPC funds. “We give our commendation to Mr. President for the gracious way he approved and directed that the $1.48 billion should be paid into the federation account for utilisation. We heard it and we also listened to the Minister of Petroleum directing accordingly. But we got here and there was no statement made about it and we felt we should go and confer because during the forum we had met and said that we will have it. “We are surprised that it didn’t come up for discussion, that was why we had to go and confer in order to know where we should put the blame. Incidentally, we have made it a condition for the approval of FAAC account report such that by next FAAC meeting, it should be a condition upon which its approval would be based,” Odah said. Other sources of revenue If any lesson is learnt from the current challenge besetting the economy, it is the risk associated with the nation’s dependent on a mono-product for survival. Nigeria’s over reliance on oil proceeds and the negligence of the non-oil sector has exposed it to the current shock. There is, however, a gradual consciousness by policy makers on the need to expedite action on diversifying the economy from oil to the non-oil sector as alternative revenue sources. Attention is now being given to massive intervention in agriculture where government hopes to earn impressive income and create employment. Tax reforms have been embarked upon with a view to expanding income from taxes on non-oil sector. Conclusion There is a consensus that the only way Nigeria could free herself from the trap of oil shocks, as currently being experienced, is to develop other sectors of the economy that has huge potentials. Each state is advised to look inward and explore a sector it has comparative advantage instead of coming to Abuja on monthly basis for sharing a national cake in the name of monthly allocation from the federation account.

Business | The Investor

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

Taking advantage of equities’ low prices Chris Ugwu

aron Rothschild, an 18th century British nobleman and Patriarch of the Rothschild banking empire is credited with telling investors that the trick to making money is to “buy when there’s blood in the streets, even if the blood is your own.” Warren Buffet also describes this more succinctly, saying: “If everyone agrees with your investment decisions, then it’s probably not a good one.” The recent developments on the Nigerian Stock Exchange (NSE) capture the above maxim concisely. This is the right time for investors to take positions on the equity market as most of the stocks listed on the local bourse are currently undervalued. The depletion in the price of securities in the stock market, beginning from third quarter of last year, had resulted in most stocks in the market becoming penny stocks, even as confidence is climbing gradually, the hardest hit being insurance stocks - most of which have stagnated and are trading at par value. The insurance industry The insurance industry is yet to recover from losses incurred during the recession even as market sentiments for other sectors have turned green. Since the crash of the nation’s capital market in 2008, negative perception has trailed the subsector, leaving about 85 per cent of the companies in the industry in a depressed state. Market outlook However, the situation in the nation’s capital market has been pitiable. The Exchange, which stepped into 2015 on an unfavourable note, with key measurement indicators tilting southwards, finished the first two months with a loss of N1.433 trillion. NSE’s market capitalisation depreciated by 14.26 per cent to close at N10.044 trillion when the closing gong rang on Friday, February, 27 from N11.477 trillion opening figure at the beginning of trading on January 5. The NSE All Shares Index dropped by 15.12 per cent or 4553.34 basis points for the period under review; from 34,657.15 points it opened during the beginning of trading, to close at 30,103.81 points at the end of trading in February. The index measures the performance of the stock market and also reflects how prices of stocks have moved, which, in turn, determines how much investor made as gains or losses. Reasons for free fall The Chief Executive Officer, Financial Derivatives Companies (FDC) Limited, Mr. Bismark Rewane, had predicted that investors’ sentiment in the first quarter of this year would be weighed down by political tensions leading to the 2015 general elections and drop in oil price. Rewane noted that the tension

NSE trading floor

between the Peoples Democratic Party (PDP) and its major opposition, the All Progressive Congress (APC), was expected to lead to a lull in the equities market, as investors, mostly foreign, evaluate the electoral process and outcome whilst fearing post-election violence. He attributed the downward trend to the combination of a sustained drop in global oil prices, profit taking and uncertainty ahead of the election, the weakening naira and increased violence in the north-east driven by the Boko Haram. According to him, these factors continued to dampen investors’ appetite for the country’s security given the gloomy economic and political outlook. FPIs are expected to remain wary of the local bourse until the elections are concluded and possible violent fallouts curbed. Best time for investors The current low prices of stocks present investors opportunity to respond to experts’ advice that in the event of every meltdown in the prices of shares, what investors need to do is to reposition in the face of losses in the prices of shares in the market despite recurrent losses in the recent time so as to gain on the long run. The experts are of the idea that the low price of stocks should make any discerning investors to take position in anticipation of capital appreciation, as well as huge return on investment going forward. Chief Executive Officer of the Exchange, Mr. Oscar Onyema, has advised investors to take advantage of the low prices of equities and invest in the market. Experts’ perspective Onyema said despite the market’s sharp downturn in 2014, it

was not all doom and gloom for 2015. He said: “Although many anticipate volatility through the

If everyone agrees with your investment decisions, then it’s probably not a good one

first half of the year, some stock prices are at their lowest since the May 2013 sell-off and some are below book value, thus, presenting domestic investors with no currency risk, an opportunity for cautious long-term investing. “We expect that as the year progresses, underpinned by a successful election with no or low levels of violence, a tighter grip on the security situation in north-eastern Nigeria and a more certain macroeconomic outlook for oil prices, interest rates and the naira. The market’s attractiveness could improve rather significantly. On the fixed income side, government bond yields hovered between 11 per cent and 12.5 per cent throughout 2014 and this will remain an attraction for investors seeking high riskadjusted returns”. He said that NSE is unwavering in its commitment to solidify its leadership position as Africa’s foremost securities exchange and also committed to initiatives that will position the bourse as an attractive listing and investment destination. A financial analyst also called on domestic investors in the nation’s capital market to leverage on the current low prices of stocks of companies quoted on the floor of the Exchange for future gains. Managing Director, Crane Securities Limited, Mr. Mike Eze, who stated this in a chat with New Telegraph, said that the market was ripe for investment, going by the current low prices of stocks. Eze noted that it was obvious that activities would stabilise in the market after the general elections, adding that this was

the perfect opportunity for investors to stake their funds in the market. “This is the right time for investors to take part in the equities market, with the prices of shares at their lowest levels. Brokers are confident that after the elections, the market would begin to stabilise and investors would begin to record significant appreciation on their investments. “This is because, with the little amount of funds, you will buy large quantities of penny stocks or low price stocks and that enhances your position as a shareholder. If such companies declare dividends, the shareholder will earn sumptuous dividend. “The likelihood of being adopted a director of the company is also guaranteed. But with the highly capitalised stocks, investors may use enormous amount of funds to buy a little quantity and when dividend are declared, the take home will not be appreciable and you cannot think of any appointment as a result of your shareholding. “In terms of capital gain, if the price appreciates and you decide to sell, you will smile to the bank with big amount of funds if you invest in low price stocks, but for the high price stocks, if the price appreciates, the margin will not be much and you can only recoup the capital invested,” Eze said. Conclusion Considering the current low prices in the Exchange, it is believed that this is probably the best time to invest fundamentally in sound stocks. This is because the market is assumed to have bottomed out and the only alternative left, every other things being equal, is for the stock market to begin to enjoy some relative stability, more especially after the 2015 elections.

Business | Money

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

BDC license rush defies hike in capital requirements Tony Chukwunyem

he increase in the number of applications for Bureaux De Change (BDCs) licenses appears to have defied last year’s hike in the sub sector’s capital requirements by the Central Bank of Nigeria (CBN). CBN had on June 23, 2014, issued new guidelines for BDC, increasing the minimum capital requirement for operators from N10 million to N35 million, in a move, it said, was aimed at eliminating unserious operators in the sub-sector, as well as curbing inefficiencies and sharp practices. The new rules further increased the cautionary deposit BDCs have to pay to N35 million, which was expected to be deposited in a non-interest yielding account in the banking watchdog upon the grant of an approval- in-principle. Numbers of BDC’s

Before the hike in minimum capital requirements, a total of 3,208 BDCs were officially registered with the CBN and analysts had predicted that less than 2500 operators would be able to comply with the new requirements. But while the CBN had on August 15 announced that a total of 2,442 BDCs met the new capital requirement as at its deadline of July 31, 2014, the apex bank added 51 more BDCs to the list on September 5, thus increasing the number to 2,493. On November 14, the CBN added yet another 15 BDCs to the list, disclosing that a total of 2,512 BDCs had recapitalised. Not too long afterwards, the regulator updated its list withadditional 11 companies to make it a total of 2,523 BDCs that had met the new capital requirement. Only last Friday, CBN announced yet again on its website that it had updated the list and that there were now a total

of 2,586 BDCs licensed to operate in the country. Analysts believe that with the frequent additions to the list, the number of BDCs at the end of the day may not be much different from the figure that was on the old list before the new capital requirements were announced. Why the scramble? A BDC operator, told New Telegraph condition of anonymity that there was a rush for BDC licenses because of the current situation in the foreign exchange market., adding that BDCs operators were receiving mouth-watering offers from individuals who want to acquire their licenses. He said: “The current scarcity of foreign exchange has shot up demand, so, the profit margin has equally gone up. The politicians are really buying up forex and you have people offering as much as N70 million for a BDC license.”

He noted that the CBN now appreciates the crucial role that BDCs play in taking care of the forex needs of the informal sector, adding that instead of trying to reduce the number of BDCs, the apex bank now appeared keen on licensing more operators. The CBN had recently increased the weekly sales of forex to BDCs from $15,000 to $30,000. There are also indications that the regulator is raking in a significant amount of money from the annual license renewal fee of BDCs. As part of the new guidelines for the sub-sector issued last year, the CBN raised the license renewal fee for BDCs from N10,000 to N250,000. However, BDCs operators under the aegis Association of Bureau De Change Operators of Nigeria (ABCON) have kicked against the increase and have asked for a review of the amount to about N50,000. Acting President of AB-

CON, Aminu Gwadabe, revealed a few weeks ago, that the association was still awaiting CBN’s response to its request. He said: “We have written to the CBN to review the license renewal fee. We told them that increasing it from N10,000 to N250,000 was too much. CBN has yet to respond to our letter. All we are hearing now is that we should go and pay N250,000 before the end of January. That is too much. That means almost N750 million will be raked from about 3000 BDCs in the country. Just last year, we paid N35 million each. This amounted to over N100 billion from this same sub-sector. “This N35 million can only generate three per cent interest rate for us. With what the cost of fund is saying now, how do we cope? For some of our members who may have gone to borrow that money from the bank, how will they cope?,” the ABCON boss had asked.

Chinese investments in Africa set to grow further – Standard Bank

espite the economic slowdown being experienced in the world’s second largest economy, China’s investment in African resources remains at a relatively early stage and is likely to increase over the next decade, the Standard Bank Group has predicted. “Africa is an increasingly important priority for Chinese companies looking to invest in the continent, especially those with a strategic interest in metals and mining and related infrastructure, such as power, road, railways and ports,” said Dr. George Fang, Standard Bank Group’s Beijingbased Head of Mining and Metals in Asia. “Over the next five to 10 years, we’re likely to see even more investment by Chinese firms looking to tap Africa’s resource superstructure, as well as other sectors.” China’s economy grew 7.4 per cent in 2014, the slowest pace in 24 years, and down from a five-year average of about 10 per cent as the nation’s property market cooled and institutions ranging from state-owned companies to local governments were weighed down by debt. Standard Bank Group says China is transitioning from a high-growth phase, driven by abundant capital and cheap labour to a more mature phase in which continued growth will depend on gains in pro-

ductivity and increased business efficiency. These will in turn be underpinned by ‘creativity’ and ‘innovation’ in the way Chinese companies and state-owned enterprises conduct business within the trade route and across Africa. Although China’s demand for commodities will slow in coming years as the economy continues to consolidate at a New Normal, Fang believes that the country’s outbound foreign direct investment (OFDI) is likely to increase as Chinese companies continue to secure new mineral assets. “China is going to become an increasingly important capital exporting country in coming years, which is likely to drive further investment in African mining,” said Fang. “In line with outbound FDI growth, Chinese companies’ outbound merger and acquisition activity has experienced rapid growth with a compound annual growth rate of over 33 per cent since 2004.” Although, energy and metals are still the largest targets of Chinese OFDI, rapid increases are also being observed in agriculture and energy, according to Fang. Notwithstanding the over 2,500 Chinese companies that are already operating in Africa, Fang says the country’s institutions have significantly elevated their appetite to invest in the continent.

L-R: Marketing and Sales Specialist, Enplug Social Media Display, Mrs Adebisi Adebiyi; Former Minister of Education, Dr. Oby Ezekwesili; Brand Manager, Coffee, Nestlé Nigeria Plc, Mrs. Eucharia Onwuelingo and Team Lead, Events and Sponsoship, First City Monument Bank (FCMB) Limited, Mr. Matthew Obiaziwkor, during the social media week in Lagos.

MFIs embrace client-protection principles

ver 28 microfinance institutions (MFIs) worldwide have embraced the client-protection principles to serve their clients better. The Smart Campaign, a global movement, has certified these micro banks, saying that the certified banks are currently serving 15 million clients worldwide. According to Smart Campaign, “the number of certified microfinance institutions (MFIs) is growing rapidly and those MFIs certified as meeting the standards for consumer protection now serve over 15 million clients worldwide.” The 28 microfinance institutions, it said, were from Latin America to Eastern Europe and South Asia and have achieved Smart Certification. The Smart Campaign’s Client Protection Certification Programme contains a core set of standards against, which institutions are evaluated by in-

dependent, third-party raters. Smart Certification publicly recognises those institutions providing financial services to micro-entrepreneurs whose standards of care uphold the microfinance industry’s seven Client Protection Principles, which cover such important areas as transparency, fair and respectful treatment, responsible pricing and prevention of overindebtedness. Customers of certified organisations can be confident that their financial service provider takes care to treat them responsibly. “Momentum to improve client protection is accelerating, with scores of MFIs across the globe improving their client-protection practices, and being recognised for it through certification,” said Isabelle Barrès, director of the Smart Campaign. He added: “For example, as measured by data provided by the Mix Market, over 50 per

cent of all microfinance clients in Kyrgyzstan do business with certified MFIs. In India, the world’s largest microfinance market, over 25 per cent of all microfinance clients are served by certified MFIs. When a critical mass of institutions in a market demonstrates good practices, pressure grows on other institutions to do the same.” We’re approaching the tipping point in the adoption of consumer-protection standards for the poor, said Anne Hastings, managing director of the Microfinance CEO Working Group, a group comprising many of the world’s leading microfinance institutions. She said: “Thanks to the unwavering commitment of the leadership of these organisations, the majority of the 220 MFIs in the Working Group’s networks are either certified or working hard to become certified.”

Business | Money

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

Tony Chukwunyem

ast month, the Central Bank of Nigeria (CBN) presented cheques totaling N57.79 billion to initial beneficiaries of the N213 billion CBN-Nigeria Electricity Market Stabilisation Facility (NEMSF). The beneficiaries comprised five electricity Distribution Companies (DISCOs) and six electricity Generation Companies (GENCOs). The firms are expected to repay the loan over a 10-year period at 10 per cent interest rate. Speaking at the event, CBN Governor, Mr. Godwin Emefiele, reiterated that the NEMSF was a way of kick-starting the electricity market in order to ensure that the sector delivers significant improvement in power supply for all Nigerians. He noted that the CBN, in collaboration with the banking sector, offered to provide the facility to address recent shortfalls in power sector revenues caused by the needed adjustments in the electricity tariff and legacy gas debts. The apex bank and deposit money banks (DMBs) had, in December last year, signed two Memoranda of Understanding (MoU) on implementation of the NEMSF, the first of such intervention fund launched by the regulator under Emefiele’s leadership as CBN boss and fulfilling the pledge he made when he assumed office in June 2014 that he was going to continue to steer the CBN on the path of development banking begun by his predecessor, Sanusi Lamido Sanusi. Sanusi’s ‘innovation’ The former CBN governor set a record of sorts as the first head of Nigeria’s apex bank to pay a lot of attention to the development role of the CBN. He had argued a few years into his tenure that the CBN’s role needed to go beyond its core mandate of checking inflation, ensuring exchange rate stability as well as supervising and regulating banks, to addressing “the structural constraints that stop banks from lending.” This, according to Sanusi, who is now the emir of Kano, will amount to nothing if CBN succeeds in keeping inflation as low as possible and also performs well in its other roles, but unemployment and the poverty levels remain high. He pointed out that if the real sector, with its capacity for generating employment, was revived, it would have an impact on reducing unemployment and poverty. To address this issue, CBN under Sanusi’s leadership introduced various intervention funds targeted at extending credit to key parts of the real sector at drastically reduced interest rates. One of such fundswas the N300 billion Power and Airline Intervention Fund (PAIF), which was created in 2010 to finance power sector projects as well as restructure and refinance outstanding facilities in the aviation sector on a long-term basis. The loans were given to qualified companies for a period spanning 10 to 15 years and at a concessionary interest rate of seven per cent. But the effect of the loan is yet to be felt as experts in the aviation industry described the intervention as a waste. Another notable intervention fund launched by the Sanusi-led CBN was the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF), aimed at boosting access to finance by MSMEs. Unlike similar such funds in the past, 60 per cent of the MSMEDF were set-aside for women. Issues over funds’ accessibility, impact Although the CBN clearly spelt out the guidelines for accessing these intervention funds and regularly provided details of how they were disbursed, some industry stakeholders complained that the funds had no significant impact on

Former CBN Governor, Sanusi Lamido Sanusi

CBN Governor, Emefiele

Appraising CBN’s development banking role the economy because, according to them, only a few beneficiaries were able to access the loans. For example, a survey conducted by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) in 2012 found that only six per cent of industrialists accessed the N200 billion Small and Medium Enterprises Credit Guarantee Scheme (SMECGS) launched in 2010. The survey conducted in collaboration with Enhancing Nigerian Advocacy for a Better Business Environment (ENABLE) revealed that the top three reasons for unsuccessful applications were cumbersome application processes, inability to meet requirements and financial constraints. It also showed that 24 per cent of respondents perceived the entire process as difficult, while 57 per cent claimed that it was very difficult to access the funds. In addition, while CBN’s figures on the PAIF showed that as at September 30, 2013, N109.3 billion was disbursed to 21 companies through 11 banks for various projects such as the construction of 125-kilometre gas to power pipeline and the generation of about 800 megawatts of power, the power situation in the country is generally still considered to be poor. Emefiele’s development banking model Against this background, some analysts had thought that Sanusi’s exit would lead to the CBN paying less attention to development banking, especially as some analysts had argued that monitoring the intervention funds distracted the CBN from its core mandate and put it on collision course with the Federal Ministry of Finance, which they contended, should be solely responsible for carrying out such projects. But at his maiden press conference as CBN Governor, Emefiele emphasised

The former CBN governor is the first head of Nigeria’s apex bank to pay a lot of attention to the development role of the CBN

that he was going to continue with development banking. He, however, hinted at changes in ways in which economic interventions are conducted, stressing, it will be within existing laws. He stated that the CBN was going to assist specific sectors such as power, agriculture, health, SMEs, oil & gas, among others, but with a stronger business orientation, which would encourage private sector participation. According to him: “For quite some time, the dominant school of thought regarding central banking was that focusing on low inflation will eventually lead to greater growth, increase in employment generating activities, and poverty reduction. However, early and recent evidence of central banking in places such as the United States, England, Japan, and France indicate that supporting selected

economic sectors using “direct methods” of intervention have been essential tasks of their central banks. The core principle here is that the CBN will act as a financial catalyst by targeting predetermined sectors that can create jobs on a mass scale and significantly reduce our import bills. The CBN would deploy developmental initiatives to create an enabling environment with appropriate incentives to empower innovative entrepreneurs to drive growth and development. It is important to stress here that the CBN would not be targeting individual companies, but rather, specific sectors. We would establish rules and criteria that create a level playing field so that anyone who fairly qualifies can benefit from these schemes. “Some of the Central Bank’s developmental functions will include credit allocations and direct interventions in key sectors of the economy such as power, agriculture, MSME, oil & gas, and Health. While playing an active developmental role, the CBN will not only operate within the law and its mandate, but will also be transparent about what it believes as strategic and appropriate interventions.” Commenting on funding of SMEs, Emefiele disclosed that the CBN would introduce a new framework, which requires a strong involvement of the private sector. He said: “The new framework proposed will combine the profit motives of the private sector and the development objectives of government. It proposes a structure that enables government to leverage the project selection and credit analysis processes of private sector investors who will place more of their resources at risk in funding the SMEs.” Similarly, he pledged that the regulator would revisit the goals and implementation of its intervention programmes in the agricultural sector. He said: “In order to ensure that high value addition is obtained from funds provided, interventions in the sector will now be driven towards improving productivity in areas with high domestic demand, where opportunities exist to improve domestic supply, such as rice, fish, wheat and sugar and conservation of foreign exchange. These four commodities constitute a huge proportion of our food import bill of N1.3 trillion annually,” he stated. Industry analysts told New Telegraph that the CBN Governor has made efforts to improve on the development banking model that he inherited from his predecessor. They cited the CBN- NEMSF, pointing out that compared with the PAIF under Sanusi, the banking watchdog collaborated more actively with key stakeholders in the power sector such as the Ministry of Petroleum Resources, the Ministry of Power and the Nigerian Electricity Regulatory Commission (NERC) in establishing the fund. They also argued that whatever skeptics may say, development banking is now an integral aspect of the mandates of many Central Banks around the world. Significantly, giving reasons why the CBN under his leadership will continue with development banking, Emefiele had stated at his maiden press briefing that: “Particularly worrisome is the rate of youth unemployment, which is too high. With an annual addition of 1.8 million Nigerians to the labour pool, the Central Bank cannot afford to sit idly by and concentrate only on price and monetary stability. Additional measures would be required towards identifying productive sectors of the economy and channeling credit towards these sectors, while imposing proper monitoring and performance measures in order to ensure that the goals of increased employment and poverty reduction are attained.”

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

36 Council to clamp down on freight forwarders over standards p.37

Maritime

NPA, NNPC to collaborate on gas project p.38

Berge discharging vehicles at the Tincan ro-on ro-off terminal in Lagos.

35% levy on used vehicles begins July 1 The implementation of the 35 per cent import levy on used cars will enter into force from July 1, 2015 as the Federal Government shifts the commencement date by three months, BAYO AKOMOLAFE reports

here is fear that the 70 per cent import duty imposed on vehicles by the Federal Government will push the business of vehicle importation to neighbouring countries from July, 2015. The first phase of the policy, involving the payment of the 35 per cent duty came into effect in February 2014 amid controversy. Government had in September 2013, raised the import tariff on fully-built cars and used vehicles from 22 per cent to 70 per cent made up of 35 per cent duty and 35 per cent levy in a move to encourage local production of vehicles. It also announced a zero per cent tariff on Completely Knocked Down units (CKD) and five per cent to 10 per cent on Semi Knocked Down units. The Director-General, National Automotive Council, Mr. Aminu Jalal, said that a circular had been issued by the Federal Ministry of Finance deferring the implementation of the levy

to June 30. But the ministry did not give any reason for the postponement. When the implementation of the second phase was first moved from July 1, 2014 to January 1, 2015, the government said that it was to enable local vehicle assembly plants to ramp up production in order to meet the nation’s demand for brand new vehicles. Last month, it was deferred again to April 30, 2015, the Federal Government, through an agency of the Federal Ministry of Industry, Trade and Investment, NAC explained that the postponement was due to the delay in establishing a vehicle finance scheme. Jalal said: “The arrangement for the establishment of the affordable vehicle finance scheme suffered a delay of about four months due to the Ebola Virus Disease. The staff of the collaborating bank, Wesbank of South Africa, delayed their planned trip to Nigeria to set up operations from September 2014 to January 2015. “Hence, the new date for the start of operations of the financing scheme is April 2014. Accordingly, the Minister of Finance, Dr. Ngozi Okonjo-Iweala, has been asked to extend the levy deferment on used cars to April 30, 2015.” Nigeria imports about 400,000 units of vehicles annually, with about 300,000 being second-hand. As a result of the devaluation of the naira and the subsequent rise in the cost of buying used vehicles and clearing them at the nation’s seaports, auto dealers at

Ford would not be rushed into setting up an assembly plant in Nigeria

the Berger Yard Auto Market in Lagos have reduced the volume of importation by over 50 per cent. Already the Port and Terminal Multi Services Limited (PTML), the largest terminal for vehicle imports, has recorded a 61 per cent drop in the volume of imported vehicles. The terminal had in January 2014 handled 16,000 units of vehicles, while only 6,200 passed through it last month. Meanwhile, the National President, Association of Nigerian Licensed Customs Agents (ANLCA), Prince Olayiwola Shittu had advocated zero duty for importers of automobile parts. He said that the gesture would encourage manufacturers to bring in their equipment which, in turn, help to create more jobs and support local assembly plants. He said: “Since it takes about 2,000 different parts to make a vehicle, government should encourage manufacturers of those parts. “Rather than being sellers of imported parts, we should be able to manufacture. You see a lot of them are in Aba, Nnewi and Onitsha. “If you do a deliberate assistance to those people, let them bring in the equipment for that manufacturing free of duty, as a matter of encouragement. “Just imagine what 2,000 parts multiplied by minimum of three companies, multiplied by the number of people they will employ, that is a large pool for the country.” Shittu said that the automo-

bile companies would provide jobs for many Nigerians and boost the economy, considering the high demand for vehicles. He noted that if attention could be given to small enterprises in the automobile sector, it would also lead to the emergence of made-in-Nigeria vehicles in the next five years. However, Ford Motor Corporation, one of the auto assembly plants in South Africa has given Nigeria some conditions before it can establish auto assembly in the country. It said that the country must have a free-trade agreement with its neighbouring countrie to ensure free movement and unhindered market for all locally produced vehicles and other goods within the West African region. The President and Chief Executive Officer, Ford Motor Company in South Africa, Mr. Jeff Nemeth, noted that the American automaker would not risk having a vehicle assembly plant in the country unless there were ready markets for its products. He noted that Ford would not be rushed into setting up an assembly plant in Nigeria without a fully developed and functional support service system such as road, railway and electricity. While Nissan and Hyundai have rolled out the first set of locally assembled vehicles to join existing local auto firms such as Pan Nigeria, Innoson Vehicle Manufacturing of Nnewi and the National Trucks Manufacturer of Kano, Kia and a number of Chinese automakers are queuing up to start assembling.

Business | Maritime

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

Maersk declares $5.2bn profit for 2014 DIVESTMENT Shipping line sells assets to buoy profit Stories by Bayo Komolafe

he A.P Moller – Mærsk Group has delivered a strong financial performance with a profit

of $5.2 billion. The profit was increased by 33per cent to $4.5billion compared to 2013 ($3.4 billion) and the return on invested capital (ROIC) was 11.0per cent (8.2per cent). The reported result was positively impacted by the $2.8billion gain from the sale of the majority share of Dansk Supermarked Group and other divestment gains of $600 million partly offset by the net

impairments of $3 billion, including $1.7 billion on the Brazilian oil assets. In a statement, the Group’s Chief Executive Officer, Nils S. Andersen said: “We are very satisfied with the result for 2014 where we achieved the highest ever profit of $5.2 billion. Despite challenging market conditions we saw good progress in underlying performance across the company.

“Maersk Line maintained its lead on the rest of the industry and APM Terminals delivered significant improvements. Maersk Drilling executed on fleet renewal programme according to plan, while Maersk Oil increased entitlement production in line with expectations. “APM Shipping Services’ underlying result came in lower than expected, primar-

ily due to the result in Damco. “With our competitive businesses and healthy balance sheet the group is well positioned to take advantage of opportunities materialising in a volatile macroeconomic environment. “In the continuing efforts to focus our portfolio and share value creation with our shareholders, it has been decided to divest our Danske Bank shares.”

AfDB, NEXIM sign N64.4m for regional maritime firm frican Development development in Africa. A Bank (AfDB) and the NiThis is in line with the bank’s gerian Export-Import Bank overarching objective to spur (NEXIM) has signed a $302,000 (N4,400,000) financial grant to facilitate the establishment of a regional maritime company. This is in line with Nigeria’s transformational policy on trade and transport as articulated in the Regional Trade component of the New Trade Policy (NTP). The grant for the Sealink project was secured under the auspices of the Nigerian Technical Cooperation Fund (NTCF). The $302 000 grant would be used to conduct further feasibility studies on the project to extend it to the Economic Community of Central African States (ECCAS). The objective of the Sealink project is to promote intra and inter- African trade to foster regional integration, economic growth and development in the West and Central African sub-regions. Resident Representative for the AfDB Group in Nigeria, Ousmane Dore, reiterated the firm’s commitment to promoting infrastructure

Some containers awaiting clearance at the Lagos Port Complex, Apapa.

NPA, NNPC to collaborate on gas project INVESTMENT New gas business to boost Delta’s economy

igerian Ports Authority (NPA) and the Nigerian National Petroleum Corporation (NNPC) have resolved to partner on the Industrial Park Project at Ogidigben Port to ensure the success of the Gas project in Delta State. The authority had urged all the parties involve in the project to work for the success of the project in the national interest. The Managing Director of NPA, Malam Habib Abdullahi, said that the project should be of great interest to the nation considering the

tremendous economic and social benefit that would be derived from it when it is successfully completed. In a release by the authority’s Assistant General Manager, Public Affairs, Mallam Musa Iliya, the managing director gave the assurance at a meeting with officials of the NNPC led by Executive Director, Gas & Power, Dr. David Ige, that NPA would collaborate with NNPC for the successful execution of the project. He urged all those involved in the project to fast track the process so that appreciable progress could be made before the end of next month. Abdullahi commended NNPC for its giant strides for the project, especially in the area of resolution of

the conflicts among the communities where the project was sited He assured the NNPC officials that the authority would embark on dredging and breakwaters construction of the areas. The Managing Director described the project as a national investment and assured that the request for the size of land for the project into be looked into. He explained that the NPA would soon conclude consultation on the status of the port and its mode of operation, under the Public Private Partnership (PPP) arrangement. Earlier, Ige informed the Managing Director that the project would require a lot of land reclamation. He sought the support of NPA.

Greek oil tanker hostages released in Nigeria wo Greeks and a Paki- flown home to recover from centre of piracy in Africa. T stani taken hostage by their traumatic experience. The ship was anchored and pirates three weeks ago off The firm noted that no awaiting cargo from Qua Iboe, Nigerian coast in a bloody attack on a Greek oil tanker have been freed after N88 million ($400,000) was reportedly paid as ransom to secure them. Owner of the Malteseflagged MV Kalamos, Aeolos Management, said that pending medical examinations the three men would be

details would be released on how the three men were freed, saying that this might encourage further attacks and hostage taking off the coast of the country. It expressed great sadness over the death of the vessel’s chief officer in the February 3, 2015 attack, which experts have said was the new epi-

an oil terminal in Nigeria’s southeastern region operated by US oil giant ExxonMobil, for shipment to China when it was boarded by the pirates. According to the International Maritime Bureau (IMB), between January and September last year, the area recorded 33 incidents of piracy and armed robbery.

sustainable economic development, social progress and poverty reduction in the regional member countries (RMCs). The Managing Director/ Chief Executive Officer of NEXIM Bank, Roberts Orya thanked the Directorate of Technical Cooperation in Africa (DTCA) and AfDB for the NTCF grant to NEXIM. He said the release of the financial grant was an attestation of the confidence on Nigeria. It is envisaged to enhance the Sealink promotional activities and assist in the development of human capital and corporate governance structure of the Sealink Promotional Company Limited which was incorporated to facilitate the project implementation. The project’s promotional phase and capital raising exercise are still ongoing with a pilot implementation phase expected to commence in the second quarter of the year while full project implementation would be initiated by the last quarter.

VESSELS EXPECTED AT LAGOS PILOTAGE DISTRICT S/NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

SHIP GREEN KLIPPER OCEANLORD SAFMARINE SUMBA SEA FORCE PISTI SEA PIONEER ELENI M AMETHYST GREBE BULKER CITRON KOUROS ETERNAL SUNSHINE OCEANA CAPT GREGORY STRIDER ARAYA COSCO TAIHANSHAN ZIM USA ZIM EUROPA NORTHERN DIVERSITY ZIM CHINA ZEELANDIA MSK CONGO MSK IZIMA HAMMONIA BEROLINA MOEN ISLAND MSK CAPECOAST MSK INNOSHIMA RT AEGIR

AGENT APS APS APS

PORT

TONNAGE E.T.A / UNIT ENL 4000MT 3/03/15 EKO SUPP 260MT 5/03/15 ABTL 4500MT 7/03/15

LENGTH 109M 17M 162M

CARGO F/FISH TUG BOAT B/MALT

ALLRAY AFRICAN ATLANT A.AANGEL BLUESTAR BLUESTAR BLUESTAR BLUESEAS BLUESEAS BLUESEAS

ABTL ENL

4000MT 3/03/15 128.6M 25000MT 10/03/15 189M

BASEOIL B/RICE

F/W GDNL GDNL GDNL ACJ SBM SBM

5000MT 45000MT 40700MT 43250MT 32000MT 27700MT 37800MT

6/03/15 13/03/15 7/03/15 15/03/15 3/03/15 5/03/15 6/03/15

104.3M 190M 190M 190M 182M 183M 179M

DPK B/SALT B/SUGAR B/SUGAR PMS PMS PMS

DADDO DADDO DAMLIFIZ GMTISA GMTS

NOJ PWA F/W ENL ENL

25000MT 20000MT 5000MT 8474MT 16951MT

3/03/15 3/03/15 3/03/15 4/03/15 4/03/15

185M 176M 118M 170M 178M

PMS PMS DPK STEEL PROD G/CARGO

LANSAL LANSAL LANSAL

APMT APMT APMT

550FCL 450FCL 600FCL

4/03/15 254M 11/03/15 254M 17/03/15 245M

LANSAL APMT 500FCL MGM LOG EKO SUPP 103FCL+ 1200MT MSK NIG APMT 600FCL MSK NIG APMT 400FCL MSK NIG APMT 400FCL

24/03/15 254M 3/03/15 140M 3/03/15 6/03/15 8/03/15

CONT CONT+G/ CARGO 249.12M CONT 233M CONT 209M CONT

MSK NIG MSK NIG MSK NIG MSK NIG

9/03/15 10/03/15 13/03/15 15/03/15

223M 249.12M 233M 209M

APMT APMT APMT APMT

381FCL 585FCL 384FCL 455FCL

CONT CONT CONT

CONT CONT CONT CONT

Business | Maritime

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

Council to clamp down on freight forwarders over standards SANITATION Touts to face hard times in the ports Stories by Bayo Akomolafe

he Council for Regulations of Freight Forwarders in Nigeria (CRFFN) has resolved to clamp down on freight forwarding companies that failed to comply with standards set by it from this year. Also, the council said it would crack down on quacks in the industry. The freight forwarder associations’ task force have resolved to collaborate with the CRFFN’s enforcement team and other law enforcement agencies for regular monitoring and raiding of quacks and illegal operators in port industry. The council said that offices of freight forwarders who do not comply and conform to standard would be shut down. Registrar of the council, Mike Jukwe, said that an approved standard tariff and billing template would come into force at the end of this year. He noted that it would only come into force after it obtained the ports economic regulator and Minister of Transport’s approval. Jukwe, who stated this in Lagos, also indicated that practitioners’ operating fees, as proposed by the member-associations and CRFFN was undergoing necessary processes and would be enforced when clearance is obtained from government. He categorised registered members into seven- brokerage services, logistics and consolidation, freight haulage services, freight finance and insurance services, freight consultancy and training services, supply chain management and those in regulatory and allied services. Jukwe explained that seven registers would be created for the areas of specialisation. He stressed the need for registered members to meet all financial obligations and warned that the council might not hesitate to deregister debtor members over non compliance. The registrar explained that it was for this reason that registers would be published bi–annually and would be on sale to the public. Jukwe said the council might deregister any freight forwarder or

freight forwarding association that fails to pay its practicing or subscription fee. He said: “I am assuring you that they will pay because if the monies are not paid, there are sanctions and we will apply the sanctions accordingly. “Part of the sanctions is to deregister anyone who doesn’t pay what he is supposed to pay to the council. We can also come up with other sanctions which may be not having some of the benefits they are entitled

to such as the group insurance scheme. You will not be part of the pension scheme if you are not paying the statutory fee.” Jukwe said the CRFFN was not the only regulatory body asking its members to pay statutory fees but that payment of the fee would make the members of the council loyal to its course. He said: “The money we asked them to pay is subscription. They are not major kind of money but they are money that make

you committed and make you feel that you are part of the body and the body is part of you. “Freight forwarders and associations owe CRFFN, but I don’t want to sit down here and tell you why the money is not being paid. So in the year 2015, we will come up with a time frame when all the money will be turned in and those who fail to do so will be sanctioned.” Also, Jukwe noted that CRFFN would place much premium on continuing

education of freight forwarders. He said that the council had endorsed two training centres, which would be operated by freight forwarding associations in partnership with the Redeemers University. He named the centre as the ANLCA Training Centre and the NAGAFF Training Centre. Also, he assured that any associations with qualified training facility would be granted the same status.

The registrar said: “Arrangement is being concluded for CRFFN to train 300 registered practitioners for a start in 2015, as follows: 150 for Certificate in Freight Forwarding (CIFF) ; 100 for FIATA Diploma in Freight Forwarding and Logistics (DFFL); and 50 for FIATA Higher Diploma in Supply Chain Management (HDSCM).” He counseled stakeholders who might need more information on admission requirements to visit the CRFFN website.

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

National Coordinator, International Youths Against Electoral Violence, Engr. Dan Ohiomoha (right), receiving some publications and education materials from the Director General, National Orientation Agency (NOA), Mr. Mike Omeri, during an advocacy visit of the group to NOA in Abuja.

Photo | News 39

L-R: Deputy Commissioner of Police (Admin.), Mr. Chika Maidam; Commissioner of Police, Oyo State, Mr. Mohammed Katsina and Assistant Inspector-General of Police, Zone 2, Mr. Ikemefuna Okoye, during a visit to the Oyo State Police Command in Ibadan.

L-R: Information Specialist, U.S. Consulate General, Mr Temitayo Famutimi; Press Attache, U.S. Embassy, Mr. Sean Mclntosh and Executive Director, Lagos Operations, News Agency of Nigeria, Otunba Jide Adebayo, during their visit to NAN office in Lagos.

L-R: Obenibe of Atissa Kingdom, Yenagoa, King Godwin Igodo; Bayelsa State governor, Seriake Dickson and the Speaker, Bayelsa State House of Assembly, Rt. Hon. Konbowei Benson, during the governor’s visit to the palace of the monarch at Ogbogoro community, in Yenagoa.

L-R: Deputy Vice-Chancellor, Administration, University of Ibadan, Prof. Emilolorun Ayelari; Vice Chancellor, Prof. Isaac Adewole; Provost, College of Medicine, Prof. Babatunde Salako and Director, Distance Learning Centre, University of Ibadan, Prof. Bayo Okunade, at the matriculation of students of the Center in Ibadan

L-R: Lagos State deputy gubernatorial candidate, Peoples Democratic Party (PDP), Mrs. Safurat Abdulkareem; Niger State gubernatorial candidate, Umar Nasko and former Minister of State for Defence, Musiliu Obanikoro, during the president’s meeting with youths in Lagos.

Minister of State for Finance, Ambassador Bashir Yuguda (third right); Vice Chancellor, Prof. Benchuks Okeke (fouth right), speaking to the students of Federal University, Gusau, during Yuguda’s working visit to the university.

L-R: Chairman, Joint National Association of Persons with Disabilities in Enugu, Comrade Onyema Anioko; INEC Enugu Desk Officer for Gender, Ms. Edna Uchenna; Head of Voter Education, Dr. Chiebonam Ekwo and Resident Electoral Commissioner, Enugu State, Prof. Chukwuemeka Eze, at the INEC Voter Education for the physically-challenged in Enugu. PHOTO-NAN

40 Politics The House of Representatives has mandated its committee to investigate allegations of tax evasion amounting to over N28.3 billion against Stallion Group and two other companies in the country. PHILIP NYAM reports

WEDNESDAY, MarCh 4, 2015 NEW TELEGRAPH

Probing rice merchants over N28.3bn tax evasion

ax evasion is a crime in Nigeria and as such the nation’s laws are replete with punitive provisions as well as criminal sanctions to serve as deterrent to perpetrators of the crime. For example, section 66 of the Companies Income Tax Act has empowered the Federal Inland Revenue Service (FIRS) to confiscate and sell defaulting taxpayers’ goods, chattels as well as their premises in extreme cases in order to recover the amount of tax owed by such taxpayers. Similar sanctions are found in the FIRS ACT of 2007. Apart from this, governments both at the state and federal levels have initiated various measures aimed at curtailing or minimising tax evasion in Nigeria. In spite of this, tax evasion has continued to be intractable and is today one of the greatest problems plaguing tax administration in the country. Unfortunately, highly placed Nigerians and big corporations are the worst culprits of the tax evasion. The motion It is in the light of this that the House of Representatives last Thursday resolved to investigate three Nigerian companies, Stallion Group, Popular Foods and Olam Nigeria Limited for allegedly conniving with their foreign partners to evade payment of revenue on import duties running into billions of Naira. The House’s decision was consequent upon the adoption of a motion brought by Hon. Simon Arabo (PDP, Kaduna) alleging that the three firms have colluded with their foreign partners to import rice exceeding their approved quota into Nigeria and owe the country about N28.3 billion. In adopting the motion, the House presided over by Speaker Aminu Waziri Tambuwal noted that the actions of these companies are capable of scuttling the nation’s self-sufficiency drive in rice production as well as deny the government the needed revenue from import duties. While leading debate on the motion, which was brought under matters of urgent national importance, Arabo stated that Stallion Group and Popular Foods with an unpaid outstanding import duty of over N15 billion have imported another 85,000 metric tons of rice into the country. He urged his colleagues to investigate all investor companies involved in rice importation under the new policy so as to determine, inter alia, their approved quota vis-a-vis their excess quota in metric tons, how much such

Dockworkers offloading bags of rice at the port.

companies owe the government and recommend appropriate measures to recover such monies owed and make recommendations to the parliament within three weeks. It will be recalled that under a new rice policy aimed at encouraging investment in local rice production with the overall objective of self-sufficiency in rice production by the year 2016, investors that have milling capacity with verified domestic rice production plans (DRPP) enjoy an import duty 10 per cent and levy 20 per cent, while traders will pay an import duty of 10 per cent and levy 60 per cent. The expectations This resolution of the House to investigate these allegations is a matter of national interest and must be pursued as such. In other words, it is not meant to be an individual or personal project and Speaker Aminu Tambuwal has a herculean task to name a committee that could deliver without hitches. N28.3 billion is a huge amount of money that can change the lives of thousands of Nigerians if properly utilised. But the House has an albatross round its neck concerning investigations into allegations of corruption, which it must strive to free itself from. This is an opportunity for the House to once again allay the conviction of Nigerians that legislative probes are avenues for the lawmakers to make money from those indicted or being investigated. The lower chamber should once again prove to Nigerians that it is out to serve the people and not itself. The investigation must be open, transparent and free. The petroleum subsidy probe, which unfortunately consumed the chairman of the ad hoc committee, Hon. Farouk Lawan is still fresh in the memory of many Nigerians. When that

Tambuwal

Legislative probes are avenues for the lawmakers to make money from those indicted or being investigated

probe started, Nigerians were very optimistic and enthusiastic and followed it up. However, the report of that probe was subsequently enmeshed in controversy following allegations of compromise against Lawan by Lagos billionaire, Chief Femi Otedola. Although, some of those indicted by the Farouk Lawan report have been prosecuted, the chief investigator himself has lost his position as chairman of the House Committee on Education and is still battling in the court to free himself from the allegations of bribery levelled against him. For this assignment, N28.3 billion is a colossal sum of money and the companies being accused are very big concerns. Besides, this investigation is coming barely three months to the end of the

tenure of the 7th Assembly; at a time majority of the lawmakers have lost at the primary elections in their bid to return to the lower chamber in June 2015. It is also coming at a time most lawmakers have spent a fortune contesting elections and may be broke. Therefore, the speaker who has fortunately used every opportunity to reiterate the commitment of his leadership towards pursuing the House Legislative Agenda, whose key component is to expose corruption must remind the committee that will eventually handle this assignment to be wary of the incidences of the past. If it is true that these companies were involved in tax evasion, they would do everything within their reach to get the investigators compromised. They would employ different methods to frustrate the investigation even at the expense of destroying the integrity of the Parliament. As a speaker who has tethered for almost four years without allegations of corruption, this probe would either cement the successes he has made or rubbish every effort made towards maintaining a House of the Nigerian people. Therefore, apart from naming a crack team of reliable colleagues and experienced lawmakers with a penchant for self control, courage and independence, the speaker will do well if he puts in place a mechanism to serve as a check to the committee to ensure that it does not deviate from the terms of the probe. Also, the House must insist that at the end of the probe, the report is implemented promptly to recover Nigeria’s stolen money if any. This is the House’ last chance to leave another indelible landmark.

Politics 41

NEW TELEGRAPH WEDNESDAY, MarCh 4, 2015

Why Niger Delta’ll only accept Jonathan Tim Cocks

he most impressive building in Otuoke, Nigerian President Goodluck Jonathan’s home town in the oil producing Niger Delta, is the multi-storey mansion complex he has built for himself and close family while in office. A few hundred meters away, the street where he grew up is a jumble of rusting iron-roofed shacks. Down a dirt side alley, Happiness Ebi smokes fish on a charcoal barbecue, a staple in this swampy southern region. “We haven’t really seen much benefit since our brother became president, except the university,” she says, referring to the shiny Federal University Otuoke, completed in 2011, that has about 1,000 students and nearly a third more staff. “But there’s no light, no water here. We’re disappointed.” Yet she will vote for him again in a presidential election set for March 28. “Of course,” she says, “He’s our brother.” Her answer reveals why the delta, historically one of Nigeria’s most marginalised regions although its oil provides three quarters of government revenue, could erupt again if Jonathan leaves office. Otuoke, on the banks of a sand-coloured river, does not feel particularly favoured, although the few cars, wellclothed inhabitants and thriving petty trade show it is doing better than many places. But having one of its own in the top job for the first time has helped pacify a region long incensed by a feeling of being left out of political power despite its oil riches. “We have been oppressed, we have been sidelined, and we are the people feeding this country,” militant leader ‘Ex-General Pastor’ Reuben Wilson told Reuters over a whiskey and Coke at his office in Yenagoa, capital of Jonathan’s Bayelsa State. Militants like Wilson fought for a greater share of the oil riches and fairer representation until an amnesty

Alex Ogbanje

he Benue State Governor, Gabriel Suswam, has come under the spotlight in recent times, mostly for the wrong reasons. The attacks, coming from the camp of the opposition All Progressives Congress (APC) and its supporters, became forceful after the shift of the presidential and National Assembly elections by the Independent National Electoral Commission (INEC). A major concern to watchers of the politics of the state is the crude and indecent manner that the criticisms are delivered and conveyed. The excoriations, which major ingredients are gossip, rumour, backbiting, falsehood and propaganda are peddled in junk media, along the streets, in market squares, mechanic shops and pubs as outlets of the party’s campaign. On a daily basis, all shades of opinion, including idle youths, self-proclaimed analysts and party loyalists and foot soldiers descend on the governor with venomous fangs. As a routine, the criticisms often degenerate to smear campaigns and odious commentaries against the person and office of the governor in what clearly is a deliberate effort to tear his image and reputation apart. The intention: A persecution campaign designed to demonise Suswam, give him a bad name and hang him before the Benue electorate.

Jonathan

deal in 2009. The deal provides militant leaders with multi-million dollar monthly payouts they are meant to share with their men. They also get lucrative government contracts. The amnesty was due to expire last year but payments were extended for fear of a backlash. Under Buhari both payments and contracts could end. “With Goodluck as President we achieved what we are fighting for. It’s our right. If they refuse us our right, by rigging the election, I don’t think there will be peace,” Wilson said, holding an ‘appreciation award’ from Miss Niger Delta 2010. He who pays the piper It is not only militants who feel it is the delta’s right to field a president for another elected term despite an informal deal that power should rotate between north and south every two terms. There is a broadly felt sense of en-

titlement to the oil riches that have fattened up corrupt governments but brought little to the region except environmentally catastrophic oil spills. Nigeria’s tensions are often seen as between a largely Muslim north and mostly Christian south. This contest between opposition leader Muhammadu Buhari, a Muslim northerner, and Jonathan, a southern Christian, does appear to fit that picture. But in a nation the British carved a century ago out of peoples speaking 500 languages, rivalries are more complicated. From the Niger Delta perspective, since independence in 1960, Nigeria has been ruled by two Christian Igbo easterners, a Middle Belt minority military ruler, two northern Fulani generals, two southwestern Yoruba rulers, a Hausa northern general, a Kanuri northeastern general and a Fulani civilian. The only part of Nigeria that has completely missed out on this merrygo-round is the Niger Delta – until Jonathan. “Someone from the Niger Delta got to be president by accident, and despite it generating all the money, it is, or at least was, about as poor as you will find in any part of the country,” said Antony Goldman, head of PM consulting. Jonathan’s critics say the delta benefits disproportionately from his presidency, but evidence does not stand up the claim. The highway Yenagoa connecting to the oil hub of Port Harcourt is now so smooth traffic whizzes along it dangerously fast, but roads in other parts of Nigeria have also been fixed. Jonathan’s flagship reform policies – power and farming – have not hugely benefited the delta. Power privatization has yet to translate to more kilowatts on the grid anywhere, while reforms to farming, especially cutting corrupt middle men out of a state fertilizer scheme, has disproportionately benefited the north, where the vast majority of agriculture happens. Even so, the mere fact the president

is from the delta is enough for many to feel historic injustices are being righted. The north’s parallel discontent at losing political power is in focus because of the Boko Haram Islamist insurgency that has killed thousands and destabilised Africa’s top oil producer. But if Jonathan loses an election that his delta supporters feel was not fair, or if he is pushed out by a faction within his party that opposes him – Nigeria could well have two insurgencies on its hands. “The bigger tribes... feel they have the divine right to rule others,” said Mujahid Dokubo-Asari, head of the Niger Delta People’s Volunteer Force which pushed oil prices to record highs in 2004 with attacks and threats on the oil industry. “Then one man from a tiny community in Ijaw comes. He’s not Yoruba, Igbo, or Hausa. They can’t bear it,” he told Reuters in the opulent Bayelsa State government guest house. “He who pays the piper must dictate the tune, and the delta has been paying the piper for so very long. If they make war, we can make war. We have the capacity to take what’s ours.” The extent to which this is bluster will be crucial in determining how easy it will be to pacify the delta, and some analysts assume that a Buhari government would be able to buy off the ex-militants, some of whom, like Asari and Tompolo, have become multimillionaires off government contracts. About a month ago, the governor of Bayelsa State, Seriake Dickson, met with the militants in an effort to calm them down. “I made it clear that the way forward is peace, and I wanted a commitment from them to keep it,” he told Reuters over a lunch of peppered snails, yams and beancakes in the capital Abuja. “I know what their fears are, but they agreed to work with me to keep the peace. And I believe they will.” Culled from Reuters

Suswam: Salaries’ arrears as campaign tool But because most accounts being bandied by the APC and its band of supporters against the governor and his administration are false, baseless and unfounded, they do not deserve our comments. The only iota of truth in the opposition’s charge sheet against the Suswam-led administration is the nonpayment of salaries to civil servants for upward of two months. In truth, the non-payment of salaries is a public relations disaster for the Suswam administration and indeed, for any responsible government that has the interest of workers at heart. However, for the opposition to throw decorum to the winds and orchestrate the issue as a political tool to deploy scurrilous falsehood against the state government simply to score cheap political points, is disgusting, to say the least. If the All Progressives Congress (APC) were to be in Governor Suswam’s shoes, it probably would not have fared any better, given the circumstances that led to the unfortunate arrears in workers’ salaries. Fortunately, the Benue public is not as gullible as the APC would have us believe. There is probably no indigene of the state that is of voting age who has not heard of the effect of the oil glut on the nation’s economy. How proceeds from the commodity have become a trickle,

Suswam

leading to drastic fall in income to the Federation Account and invariably, in monthly allocations from Federal Government to the states? The stark reality is that monthly allocation to the state has dipped to an alltime low that it is becoming increasingly difficult to run the state without hurting one or two levers of government. Paucity of funds is therefore clearly the culprit here and it is unfortunate that civil servants are the direct victims of this sad development. The situation is

heart-breaking, particularly for an administration that recognises and appreciates the role of the civil service as its key functionary. Contrary to what is being peddled by APC foot soldiers, neither the zero allocation, nor its concomitant effect, nonpayment of workers’ salaries, is peculiar to Benue State. Virtually all states across the federation with only a few exception, owe civil servants salary arrears for upward of two to seven months on the average. Even states that receive the highest allocations are not insulated from what has clearly become the breakdown in the nation’s public finance system. For instance, monthly allocations to Rivers State have dropped from N25 billion to N12 billion and as at November last year, it was owing workers October salary. Ditto for Cross River State which owes her workers four months arrears in salaries and allowances. Contractors in the state have reportedly abandoned projects as they are being owed huge sums of money. The case of Plateau State is most grim. Some ministries, departments and agencies (MDAs) of government in the state owe their workers’ salaries, the number of months varying from one MDA to another while some CONTINUED ON PAGE 42

42 Politics Olusola Balogun

hree things, sociologists say, marks out the personality of a man - power, position and possession. Of the three, power towers above the rest. Power intoxicates. Power has a queer way of sneaking into the head of a public office holder to extract the real person in him. However, Governor Ibikunle Amosun is proving that assertion wrong. Three years after being governor, Power hasn’t robbed him off the milk of kindness and sense of responsibility for which he was known. The allure of power and position hasn’t made him to lose his appetite to impact on his generation. Although his love for Ogun State is not in doubt, I never thought his dream for the state is so massive. I harbour little shame for underestimating the governor’s resolves. I have company in former President Olusegun Obasanjo, the Alake of Egbaland, Oba Adedotun Gbadebo and the Awujale of Ijebuland, Oba Sikiru Adetona, as well as several sons and daughters of the state who are now proud of the new status of their state. The 42-month administration of Governor Amosun has been marked with several record-breaking feats that has held many supporters and traducers spellbound. President Obasanjo is one person surprised by the sterling performance of the governor. The former Chairman, Board of Trustees (BoT) of Peoples Democratic Party (PDP), recently told some Igbo leaders who visited that though he does not belong to the same party as Amosun, he cannot deny the remarkable performance of the governor in the last three years in office. According to him, “in 2011, we were not together...and I campaigned against him. But see what he has been able to do in the last three and a half years in the state.... “I never dreamt of having a bridge on a dry land in Ogun State in my lifetime. Yes, we have Ogun River, where there is a bridge. But go to Ijebu, Sagamu, Otta now; what am I seeing? Bridges, not one, two or three. So, my people, I am not talking about other elections... In order to appreciate what this person has been able to do in the last three and a half years, let

WEDNESDAY, MarCh 4, 2015 NEW TELEGRAPH

Amosun: Beyond expectations

Amosun

us give him our votes. “What happened in 2011 is politics, and we can all see the difference between politics and personality.” Obasanjo then betrayed his membership of any clan saying, “I never thought he has such lofty ideas he wants to execute for the state.” Like the former president, Oba Adetona was equally shocked at the performance level of the governor. The Awujale, during an outing said: “By December (2014), I will be 55 years on the throne and what I am seeing from Governor Amosun is something I have never seen in Ogun State and this is why I have to thank him. Honestly, I am surprised at what he is doing. “You my people, Amosun has done his own, it is left for you not to be ingrates; I can assure you I will never be an ingrate.” The Awujale has good reason to be effusive. The Awujale must have taken the campaign promise by Amosun to construct a flyover over the busy Sagamu-Benin express road with a pinch of salt.

In order to appreciate what this person has been able to do in the last three and a half years, let us give him our votes

He must have seen it as another of the usual promises by powerseeking politicians. The Awujale have heard several of such promises in the past and must have developed a thick skin to them. The monarch was on the throne in 1982 when the people of Ijebu-Ode pleaded with government to construct a flyover to convey vehicles over the expressway. They sent the appeal to the government due to incidences of auto crash that occurs as vehicles coming from Ondo road attempts to cross the busy expressway. However, successive governments ignored the passionate plea until Amosun assumed office. While the plea remains unanswered, the Awujale witnessed thousands of his subjects crushed to death by luxurious buses. He must have resigned to fate perhaps praying for the day someone will have compassion on his people and spare him the sickening sight of mangled bone occasioned by the devastation of the rampaging luxurious buses. Today, a dual-carriage flyover now stands on the site of the once dreaded spot

at Mobalufon, Ijebu-ode. Twelve similar bridges presently dots the landscape of Ogun State. At inception, security was an issue as robbers practically held the state by the jugular. Banks were invaded with effortless ease as policemen were helpless due to poor equipment. But the government responded by investing in the security sub-sector. The state government purchased 14 Armoured Personnel Carriers (APCs), bought 500 patrol vans fitted with communication gadgets, 500 bullet proof vests, 500 bullet proof helmets, 1000 AK-47 rifles as well as 2 million rounds of ammunition for the use of policemen operating in the state. The result was instant. Crime statistics in the state crashed as armed robbery took flight of the state. Political thuggery, cult wars and ritual killings, which were hitherto common place, soon became history. Ogun State once known for high crime rate became one of the most secured states in the country. The new security status encouraged investors to view the state as investors preferred destination. President Goodluck Jonathan, during his recent campaign stopover in Abeokuta, indeed confirmed that 56 new firms have berthed in the state within the last 40 months. The World Bank also rated Ogun as one of the top five businessfriendly states in Nigeria. The governor equally introduced prudence into public financing and blocked leakages in the financial system of the state. He slashed salaries and allowances of political office holders to free fund for developmental projects. He also put his experience as an accountant into bear as he unfurl a highly beneficial financial re-engineering plan. Governor Amosun put in place measures to increase the Internally Generated Revenue (IGR) of the state from the paltry N730 million to over N5 billion under 40 months in office. Part of that effort is the activation of the Residency Rule law which effectively revolutionized the IGR of the state. •Balogun is a media aide of Governor Ibikunle Amosun

Salaries’ arrears as campaign tool against Suswam C O N T I N U E D F R O M PA G E 4 1

owe as much as seven months arrears. Other states owing their workers upward of two and four months salaries are Osun, Oyo, Kogi, Abia and Bayelsa states. At the last count however, about 22 states are reportedly affected. It is therefore mischievous for anybody to claim that government was deliberately withholding workers’ salaries in order to mop up funds to prosecute the governor’s senatorial ambition or bankroll the campaign of his likely successor and flag bearer of the Peoples Democratic Party (PDP), Terhemen Tarzor. Stories like this go to show how far the opposition can go in their illusion to wrest power from the ruling party, mostly by foul means. Governor Suswam is truly and sincerely passionate about workers welfare and the wellbeing of their families. He has demonstrated this in the past when the fortunes of the state was brighter and

workers received their salaries as at when due and morale was high among government officials. When he assumed office in 2007, he had to increase workers’ salaries because the administration found out to its greatest chagrin that civil servants were not living well. He also reviewed workers’ salaries shortly before the Federal Government approved the new minimum wage and he immediately implemented it, thereby putting Benue workers at par with Federal Government staff. Now however, there is a recession, a decline in allocation, propelled by the global economic crunch and the public had better come to terms with this reality because government does not have a ready solution to it except the selective payment of salaries. It should by now be clear, even to the APC busy bodies, that all over the world, the functions of any government depend on the availability of funds. Come to think of it, what is modern government

without funds? There is probably little or nothing a government with a wage bill of about N4.9 billion can possibly do with a monthly allocation of below N2 billion in this modern age and time when overhead keeps mounting by the day. Despite this ugly picture however, the state government is showing commitment and doing everything within its powers to ensure that the arrears are cleared. Before Christmas for instance, the administration owed five months salaries but it paid three months at different intervals, leaving a balance of just two months and no occasion has passed without the governor reiterating his resolve to have the balance cleared before May 29, being his handover date. What APC does not know is that in Benue State, as indeed all over the federation, the people have become more politically conscious that the rumour mill, falsehood and propaganda can no longer dictate their political preferences.

That is why the party should toe the path of decency and orderly debate of issues that truly matter to Benue public such as the Fulani attack and security of life and property, infrastructure financing, corruption, wage bill, job creation and others that define their daily existence. What is expected from the APC as an alternative voice in the administration of Benue State, if truly it is, is to come out with a realistic agenda to deal with the issue of paucity of funds, particularly within the context of the evolving global economy and Nigeria’s broken public finance. The party should stop the campaign of calumny, the subterfuge and the blackmail and come clean on the issue since it appears to be showing more concern to the plight of the workers than the government. The descent to vulgar abuse is not only in bad taste, it is not the way to go in modern politics. •Ogbanje, a journalist, writes from Makurdi.

Politics 43

NEW TELEGRAPH WEDNESDAY, MarCh 4, 2015

CONTINUED FROM PAGE 13

the Deputy Speaker and his stand on the motion. Addressing the media outside the chambers, Gbajabiamila said “today we saw a situation where a motion that was supposed to be moved by myself and other members of the House was brought to a halt by the chairman, Rules and Business Committee, who was actually debating my motion for me; who claimed and who said that there was no evidence that there was a court case, but yet he felt that the motion should die a natural death and

Reps duel over deployment of troops of course the Deputy Speaker in typical fashion, partisan at best as they can, upheld that verdict.” He continued: “This is the first time in the history of this democracy that we will have a highly parochial and partisan Deputy Speaker as a presiding officer who sees himself more as a Deputy Speaker of a political party when we have a Speaker who sees himself as Speaker of the Federal Republic

INDEP ELECT ENDENT NAT ORAL C IO OMMIS NAL SION

of Nigeria. For him to try to sustain a point of order which was not justified due to lack of evidence just because he wants the motion to die

is highly preposterous. “You heard when a leader of the House, Hon. Samson Osagie, attempted to raise a point of order which he is entitled to not just as a member but as a leader, but he was shut down. Well, enough is enough. First of all, that motion is not going to die. This is a situation where the majority party in the House is being shut out because we had a presiding officer who is in the minority party. That is all that

has happened. “But, where a presiding officer will not respect himself and respect members, the members will not respect him, because respect begets respect. We will go back to the House and we will raise our motion again because this thing will not die. No matter what they attempt to do, it will not die. It is unfortunate that we have a deputy speaker who sees himself as a deputy speaker of a party compared to

the speaker who sees himself as a speaker of the Federal Republic of Nigeria. It is unfortunate. “Respect begets respect. I cannot respect a presiding officer who does not respect himself in matters of national importance. And I’m assuring all of you that that motion will not die,” he said. The Minority Whip, Osagie, also took over from Gbajabiamila to vent his anger on the Deputy Speaker for refusing to acknowledge his desire to raise a point of order not only as a matter of right as a member of the House, but also as a matter of privilege as a principal officer. The APC lawmakers returned to the chambers shouting “change” as response to every question put by the Deputy Speaker thereby forcing the House to adjourn. PDP Leader reacts In his reaction after the plenary, the House Leader, Hon. Mulikat Akande-Adeola said: “What happened was unparliamentary. The decision of the committee was very objective because two of the chairmen are APC members, who are lawyers.” She chided the APC lawmakers saying “it is not everyday that you have your way in the House. What happened today was uncomplimentary of our APC colleagues. In the parliament, decisions may not always go your way. But as legislators, we must learn to respect the rules at all times.” Akande-Adeola reminded the opposition lawmakers that “he (Deputy Speaker) is not sitting on the seat for the sake of it. He sits there as a symbol of authority of the House and that authority must be respected. It is the lack of that respect shown by the Minority Leader by refusing to approach the chair as demanded by the presiding officer that got me upset.” Also, supporting the House Leader, Deputy Majority Leader, Ogor, advised that lawmakers must always observe decorum in their conduct during proceedings on the floor of the House. He stressed the need for members of the opposition to respect the office of the Deputy Speaker as a presiding officer. The matter will definitely come up again at plenary of the House this week.

Business | Money Line

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

Chike-Obi: Nigeria will weather current challenges SECURITY

It’s the depositors that were protected, not the banks Tony Chukwunyem

he Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr Mustafa Chike-Obi, has doused fears over the health of the Nigerian economy, asserting that the economy is resilient and will weather the present challenges triggered by the oil price slump. Speaking on Channels TV yesterday, the AMCON boss noted that the Nigerian economy was the only economy that continued to post positive growth rates during the global financial crisis. He, however, stressed that what Nigeria needs to achieve further success was double-digit growth, pointing out that the growth that has been recorded so far has not been all-inclusive. According to him, while the previous administration focused on price and exchange rate stability, the current gov-

Advocates use of government guarantees ernment has been concentrating on boosting growth and creating jobs. Chike-Obi lamented that the country was heavily dependent on imports, arguing that the level of imports must be significantly reduced for the nation to attain economy prosperity. He said, “Nigeria must

start producing the goods that it imports. Anytime we buy something from abroad, we are subsidising that company and creating jobs overseas.” The AMCON CEO regretted that Nigerians were yet to start making use of government guarantees, pointing out that while 90 per cent of

the United States’ Gross Domestic Product (GDP) comes from the government guarantees, in Nigeria, the figure is zero. “We have to start using government balance sheet for guarantees. With the rate the power industry is growing, it will get to a stage that they will not get loans without gov-

Oil price rout puts pressure on Nigeria, others, says S&P Ayodele Aminu

he significant drop in oil prices could lead to higher credit losses and lower liquidity for the Nigerian banking systems and other oil-producing countries, Standard & Poor’s Ratings Services (S&P) has said. It disclosed this in a report entitled “How Will Lower Oil Prices Affect Banks in 10 Oil-Exporting Countries?”, which was made available to New Telegraph yesterday. “While our base-case scenario assumes this drop will not significantly affect the performance of

oil-exporting countries’ banking systems, the systems of countries with low fiscal buffers, significant economic imbalances, and high dependence on oilrelated bank deposits may come under pressure,” S&P credit analyst Mohamed Damak said. Following the significant drop in oil prices over the past few months, reaching around US$55 per barrel (RM200/bbl) for Brent crude as of mid-February compared with more than US$100/bbl a year ago, S&P has revised its price assumptions. The oil price rout has weakened the naira, which has also lost more than

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

N16,833,244.57 N16,509,472.5m 8.2 0.0000 13 10.899 7.96 17.01 US$61.39 US$31,065,248,068

Description

TTM

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

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

Dec, 2014 Dec, 2013 Feb, 2015 2/5/2014 24/2/2015 11/6/2013 Dec, 2013 Dec, 2013 24/2/2015 2/3/2015 Source:CBN

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Offer Yield 13.01 13.40 13.47 13.49 13.44 13.59

Price 90.35 99.40 104.40 109.65 114.45 76.90

Tenor (Months) 1 2 3 6 9 12

Rate (%) 12.1827 12.2737 12.3744 12.8521 12.8535 13.8443

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

Bid 12.10 12.10 12.05

ernment guarantees,” he stressed. Chike-Obi observed that the cost of funds in the country was too high. He, however, noted that the Federal Government and the Central Bank of Nigeria (CBN) were working towards establishing a large developmental bank that would grant loans to manufacturers at reduced interest rates. He said that the AM-

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

NITTY

Yield 12.86 13.33 13.35 13.42 13.38 13.53

Money Market Offer 11.85 11.85 11.80 Offer 163.38

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

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

Offer 163.5000 Source: FMDQ

20 percent in the past three months, making it increasingly difficult for Nigerian banks that had borrowed foreign denominated debts to service their loans. But S&P now expect Brent’s

CON as an intervention model had been globally acclaimed as one of the best ways of stabilising the financial sector and handling financial crisis in the future. Commenting on criticisms of AMCON in some quarters, he explained that corporation was not out to protect badly managed commercial banks but rather to protect, first the depositors.

price to stabilise around US$55/bbl in 2015 and increase slightly to around US$65/bbl in 2016. In light of this decline, the report looks at the banking systems in 10 oil-exporting countries, namely six Gulf Cooperation Council countries (Nigeria, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates), Brunei, Kazakhstan and Malaysia.

Barclays Africa eyes Nigerian banking licence Tony Chukwunyem

with agency reports

arclays Africa Group has applied for a Nigerian banking licence and wants to take over the Egypt and Zimbabwe units still run by its parent company, the bank disclosed yesterday after reporting higher profits. Like other South African companies, banks in the continent’s most advanced country according to Reuters, are setting up operations in subSaharan Africa to tap growth from the robust economies there and hedge against stagnating growth at home. Barclays said it was in talks with its British parent to take over the two African operations left out of a 2013 all-share deal that saw it acquire eight country subsidiaries on the continent.

Zimbabwe and Egypt were excluded from that arrangement because of political crises at the time. “We would be keen to acquire those two countries into the portfolio, but it has to be done at a competitive price,” Chief Executive Maria Ramos said. Barclays said businesses outside South Africa contributed 19 percent of group revenue, just below the 20-25 percent the company is aiming for by 2016. Growth in Africa was key to Barclays, an analyst said. “Bedding down Africa will be the big driver in the five big markets,” said Patrice Rassou, head of equities at Sanlam Investment Management, referring to South Africa, Kenya, Ghana, Zambia and Botswana where Barclays aims to be a top-three bank.

Auto Policy: FG, stakeholders firm up execution plans

he Federal Government, vehicle manufacturers, dealers and licensed Customs agents, among other stakeholders, have agreed to ensure that the ongoing implementation of the National Automotive Industry Development Plan is sustained in line with global best practices. A statement made available to New Telegraph yesterday, said the stakeholders agreed that the sustained implementation of the policy with periodic reviews to suit economic needs was in the interest of Nigerians and the Nigerian economy. The Minister of Industry, Trade and Investment, Mr.

Olusegun Aganga, said that the extensive stakeholders’ consultations and collaboration had afforded the Federal Government the opportunity to access the level of progress so far recorded in the implementation of the policy with a view to addressing major challenges facing players in the sector. The minister, who spoke after a meeting with members of the National Council of Managing Directors of Licensed Customs Agents in Abuja, yesterday, added that with the level of success so far recorded, 10 more auto plants had finalised plans to begin operations in Nigeria before the end of this year.

Business | Financial Market News

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

FMDQ Daily Quotations List

3-Mar-15

Bonds FGN Bonds

Price

Rating/Agency

Issuer

Description

Issue Date

Coupon (%)

Outstanding Value (N'bn)

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

4.00 13.05 15.10 9.85 9.35 10.70 16.00 7.00 15.54 16.39 14.20 15.00 12.49 8.50 10.00 12.1493

535.00 581.39 476.80 20.00 100.00 300.00 351.30 233.90 34.00 600.00 459.68 75.00 150.00 200.00 591.57 223.50

4.00 23-APR-2015 13.05 16-AUG-2016 15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 16.00 29-JUN-2019 7.00 23-OCT-2019 15.54 13-FEB-2020 16.39 27-JAN-2022 14.20 14-MAR-2024 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030 12.1493 18-JUL-2034

TOTAL OUTSTANDING VALUE

4,932.13

TOTAL MARKET CAPITALISATION

4,357.81

Rating/Agency

Issuer

Description

Maturity Date

TTM (Yrs)

23-Apr-15 16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 27-Jan-22 14-Mar-24 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34

0.14 1.46 2.15 2.40 2.50 3.24 4.32 4.64 4.95 6.90 9.03 13.74 14.22 14.72 15.39 19.38

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

14.13 16.29 16.36 16.31 16.31 16.18 16.07 16.01 16.02 16.09 16.16 16.18 16.18 16.18 16.16 16.68

13.04 16.16 16.27 16.23 16.22 16.05 15.97 15.89 15.92 16.02 16.09 16.12 16.11 16.10 16.08 16.61

98.58 95.92 97.73 87.53 86.20 86.52 99.73 71.24 98.39 101.18 90.85 93.49 79.63 57.31 65.35 74.00

98.73 96.07 97.88 87.68 86.35 86.82 100.03 71.54 98.69 101.48 91.15 93.79 79.93 57.61 65.65 74.30

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Indicative Price

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

0.00 17.25 0.00/16.00 0.00/16.50 0.00/16.50

24.56 2.70 112.22 116.70 66.49

24-May-15 03-Apr-17 08-Dec-16 19-Apr-17 06-Jul-17

0.22 1.08 1.77 2.13 2.34

2.63 2.27 2.00 1.00 1.00

17.43 18.87 18.31 17.33 17.32

96.17 98.53 96.55 96.55 93.17

31-Aug-15 30-Sep-15 30-Jun-16 30-Jun-16 19-Apr-17 30-Jun-17 31-Dec-17 30-Sep-18 04-Oct-18 09-Dec-18 12-Dec-18 14-Feb-19 02-Oct-19 22-Nov-19 12-Dec-19 10-Oct-20 27-Nov-20 31-Dec-20 31-Dec-20 06-Jan-21

0.50 0.33 0.85 0.85 2.13 1.40 2.83 2.00 2.01 2.20 2.20 2.40 2.64 4.72 2.70 3.25 5.74 5.83 3.49 3.52

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

20.36 18.54 20.91 19.93 17.33 17.36 18.04 18.14 17.34 17.33 21.11 17.31 17.28 17.01 19.01 17.18 17.03 17.98 17.58 18.09

96.48 98.29 94.87 96.65 87.35 95.74 91.27 93.58 94.74 95.13 88.45 96.66 96.51 92.00 91.64 94.34 87.31 89.44 92.55 92.56

Agency Bonds FMBN ***LCRM

0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 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

Issue Date

TOTAL OUTSTANDING VALUE

322.68

TOTAL MARKET CAPITALISATION

309.25

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

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

12.50 KADUNA 31-AUG-2015 13.00 EBONYI 30-SEP-2015 14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 14.75 OSUN II 10-OCT-2020 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

31-Aug-10 30-Sep-10 30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 30-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12 02-Oct-12 22-Nov-12 12-Dec-12 10-Oct-13 27-Nov-13 31-Dec-13 31-Dec-13 06-Jan-14

12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 14.75 13.50 15.00 14.50 15.00

8.50 4.18 4.86 5.73 57.00 25.73 25.00 34.14 9.00 13.73 10.20 27.00 16.23 80.00 26.62 11.10 87.50 5.00 4.55 4.56

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

460.61 421.76

Corporate Bonds ‡ /Agusto BBB-/Agusto

*UPDC *FLOURMILLS

BB/GCR

*CHELLARAMS

A+/Agusto; A-/GCR

NAHCO

A-/Agusto

FSDH

A/GCR

UBA

BBB-/GCR

*C & I LEASING *DANA#{r}

Nil A-/DataPro†; B+/GCR

*TOWER #

10.00 UPDC 17-AUG-2015

17-Aug-10

10.00

2.50

17-Aug-15

0.46

1.00

16.79

97.09

12.00 FLOURMILLS 9-DEC-2015

09-Dec-10

12.00

18.75

09-Dec-15

0.52

1.00

16.97

97.59

14.00 CHELLARAMS 06-JAN-2016

06-Jan-11

14.00

0.42

06-Jan-16

0.60

2.63

18.72

97.44

13.00 NAHCO 29-SEP-2016

29-Sep-11

13.00

15.00

29-Sep-16

1.58

1.00

17.29

94.27

14.25 FSDH 25-OCT-2016

25-Oct-13

14.25

5.53

25-Oct-16

1.65

1.34

17.64

95.27

13.00 UBA 30-SEP-2017

30-Sep-10

13.00

20.00

30-Sep-17

2.58

1.00

17.29

91.33

18.00 C&I LEASING 30-NOV-2017

30-Nov-12

18.00

0.64

30-Nov-17

1.60

1.88

18.17

100.47

MPR+7.00 DANA 9-APR-2018

09-Apr-11

16.00

6.30

09-Apr-18

1.60

3.48

19.77

95.25

MPR+7.00 TOWER 9-SEP-2018

09-Sep-11

18.00

2.90

09-Sep-18

1.77

5.20

21.51

95.42

AAA/DataPro†; A/GCR

*TOWER #

MPR+5.25 TOWER 9-SEP-2018

09-Sep-11

16.00

0.80

09-Sep-18

1.77

5.06

21.37

92.95

A/Agusto; A/GCR

UBA

14.00 UBA II 22-SEP-2018

22-Sep-11

14.00

35.00

22-Sep-18

3.56

1.00

17.13

91.89

Bbb+/Agusto; BBB+/GCR

*LA CASERA *CHELLARAMS#

15.75 LA CASERA 18-OCT-2018

18-Oct-13

15.75

2.40

18-Oct-18

1.88

2.29

18.62

95.81

MPR+5.00 CHELLARAMS II 17-FEB-2019

17-Feb-12

18.00

0.36

17-Feb-19

2.21

6.11

22.44

92.99

BBB-/DataPro†; BB/GCR Nil

*DANA#{r}

16.00 DANA II 1-APR-2019

01-Apr-14

16.00

4.50

01-Apr-19

2.83

2.16

18.41

94.90

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

14-Nov-13

15.25

2.05

14-Nov-20

5.70

2.76

18.79

87.84

A/GCR

STANBIC IBTC STANBIC IBTC

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

30-Sep-14

11.93

0.10

30-Sep-24

9.58

1.00

17.19

75.65

13.25 STANBIC IB 30-SEP-2024

30-Sep-14

13.25

15.44

30-Sep-24

9.58

1.00

17.19

81.76

A/GCR

TOTAL OUTSTANDING VALUE

132.70

TOTAL MARKET CAPITALISATION

122.54

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

2.95

1.00

17.23

84.25

Aaa/Moody's; AAA/S&P

AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

4.75

1.00

17.01

81.72

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

Issuer

24.95 20.69 Description

Issue Date

Coupon (%)

Outstanding Value ($mm)

Maturity Date

Bid Yield (%)

Offer Yield (%)

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

6.46

6.26

101.38

102.37

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

5.88

5.56

97.72

98.67

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

6.68

6.53

98.08

99.02

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,485.90

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

AFREN PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

137.00

45.00

B+/Fitch; B+/S&P

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

6.94

100.63

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

13.66

87.28

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

13.92

13.03

82.38

84.38

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

10.57

9.64

86.37

88.95

B/Fitch

AFREN PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

41.74

40.50

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

9.91

87.82

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

15.46

14.50

79.74

82.29

B-/Fitch; B/S&P

FIRST BANK PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

14.37

77.00

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

AFREN PLC III ACCESS BANK PLC II FIRST BANK LTD

6.63 DEC 09, 2020 9.25/6M USD LIBOR+7.677 JUN 24, 2021 8.00/2Y USD SWAP+6.488 JUL 23 2021

09-Dec-13 24-Jun-14 23-Jul-14

6.63 9.25 8.00

360.00 400.00 450.00

09-Dec-20 24-Jun-21 23-Jul-21

28.32 14.54 14.19

28.32 14.01 14.19

40.00 78.75 74.00

40.00 80.63 74.00

B-/S&P

ECOBANK NIG. LTD

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

11.15

10.53

88.50

91.13

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

4,760.00 3,568.01

**Treasury Bills DTM 9 16 23 30 37 44 51 58 65

FIXINGS Maturity 12-Mar-15 19-Mar-15 26-Mar-15 2-Apr-15 9-Apr-15 16-Apr-15 23-Apr-15 30-Apr-15 7-May-15

Bid Discount (%) 13.14 10.68 13.86 13.17 14.58 13.52 13.72 13.58 15.40

Offer Discount (%) 12.89 10.43 13.61 12.92 14.33 13.27 13.47 13.33 15.15

Bid Yield (%) 13.18 10.73 13.98 13.31 14.80 13.74 13.99 13.87 15.83

Money Market Tenor

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 11.3750 15.5340 17.0328 17.7953

Rate (%)

OBB

10.83

O/N

11.38

Tenor Call 1M 3M

REPO

Rate (%) 12.00 13.00 14.00

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

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

199.76 201.81 202.13 202.87 204.24 205.60 206.28

199.86 201.93 202.28 203.37 205.31 207.21 213.47

TOTAL MARKET CAPITALISATION

309.25

31-Aug-10 KADUNA 12.50 KADUNA 31-AUG-2015 30-Sep-10 *EBONYI 13.00 EBONYI 30-SEP-2015 30-Jun-11 *BENUE 14.00 BENUE 30-JUN-2016 30-Jun-09 15.50 IMO 30-JUN-2016 *IMO 19-Apr-10 10.00 LAGOS 19-APR-2017 LAGOS 30-Jun-10 13.75 BAYELSA 30-JUN-2017 *BAYELSA 30-Dec-10 14.00 EDO 31-DEC-2017 EDO 30-Sep-11 14.00 DELTA 30-SEP-2018 *DELTA 04-Oct-11 14.00 NIGER II 4-OCT-2018 NIGER 09-Dec-11 *EKITI 14.50 EKITI 09-DEC-2018 12-Dec-13 *NIGER 14.00 NIGER III 12-DEC-2018 14-Feb-12 *ONDO 15.50 ONDO 14-FEB-2019 02-Oct-12 *GOMBE 15.50 GOMBE 02-OCT-2019 LAGOS 22-Nov-12 14.50 LAGOS 22-NOV-2019 12-Dec-12 *OSUN 14.75 OSUN 12-DEC-2019 the green track. against 30,267.1 recorded 10-Oct-13 *OSUN 14.75 OSUN II 10-OCT-2020 The key 13.50 benchmark the previous day, 27-Nov-13 while LAGOS LAGOS 27-NOV-2020 31-Dec-13 KOGI 15.00 KOGI 31-DEC-2020 indices remained on the the market capitalisation 31-Dec-13 *EKITI positive trajectory 14.50 EKITI,II 31-DEC-2020 tak- of equities appreciated 06-Jan-14 *NASARAWA 15.00 NASARAWA 06-JAN-2021

Business | Financial Market News

IMPROVING

ing supports majorly

by N111 billion or 1.09 per cent. Meanwhile, a turnover ment yesterday ticularly driven Nascon of 510.05 million shares Corporate Bonds continued to enHotels 5,324 UPDC Plc. 17-AUG-2015worth N4.9 billion in 17-Aug-10 ‡ /Agusto *UPDC Plc and Ikeja10.00 12.00 BBB-/Agusto *FLOURMILLSSpecifically velop trading ac, FLOURMILLS the All-9-DEC-2015 deals were recorded09-Dec-10 in the CHELLARAMS BB/GCRon the floor of the 06-Jan-11 *CHELLARAMS Share Index14.00(ASI) ap- 06-JAN-2016 tivities day’s trading. NAHCO 29-SEP-2016 A+/Agusto; A-/GCR NAHCO Nigerian Stock Exchange preciated by13.00 333.95 basis The banking29-Sep-11 sub14.25 FSDH 25-OCT-2016 A-/Agusto 25-Oct-13 FSDH sector of the financial (NSE) as most blue chip points or 1.09 per cent 13.00 UBA 30-SEP-2017 A/GCR 30-Sep-10 UBA services sector was the companies advanced *C on& I LEASING to close at 18.00 30,601.13 as30-NOV-2017 C&I LEASING BBB-/GCR 30-Nov-12 TOTAL OUTSTANDING VALUE from medium capitalised TOTALhe MARKET CAPITALISATION bullish senti- stocks, which were par-

*DANA#{r}

investors in 2,467 deals. 460.61 Volume in the banking sub-sector was 421.76 largely driven by activities in the shares of Diamond2.50Bank 10.00 12.00Access Bank 18.75Plc. Plc and 14.00 other 0.42 Also, finan13.00 15.00 cial services sub-sector, 14.25 5.53 boosted by activity20.00 in the 13.00 shares of FBNH Plc, 18.00 0.64 fol-

MPR+7.00 DANA 9-APR-2018

09-Apr-11

16.00

6.30

*TOWER#

MPR+7.00 TOWER 9-SEP-2018

09-Sep-11

18.00

2.90

AAA/DataPro†; A/GCR

*TOWER

MPR+5.25 TOWER 9-SEP-2018

09-Sep-11

16.00

0.80

A/Agusto; A/GCR

UBA

14.00 UBA II 22-SEP-2018

22-Sep-11

14.00

35.00

Bbb+/Agusto; BBB+/GCR

*LA CASERA

15.75 LA CASERA 18-OCT-2018

18-Oct-13

15.75

2.40

Nil

Regulator, NFIU partner against money laundering A-/DataPro†; B+/GCR

floats unit in SEC 17-Feb-12 MPR+5.00 CHELLARAMS II 17-FEB-2019 18.00 BBB-/DataPro†; BB/GCR Abdulwahab Isa Abuja and ICPC *CHELLARAMS 16.00 DANA II 1-APR-2019 01-Apr-14 16.00 Nil Chris Ugwu, Lagos *DANA sure that activities are in the nise workshop for market 15.25 NAHCO II 14-NOV-2020 A+/Agusto; A-/GCR 14-Nov-13 15.25 NAHCO #

#{r}

182D T.bills+1.20 STANBIC IA 30-SEP-2024 of the Nigerian operators30-Sep-14 especially the11.93 fund STANBIC IBTC best interest 13.25System. STANBIC IB 30-SEP-2024 13.25 IBTC Financial apex market STANBIC regulamanagers30-Sep-14 and the stockbroTOTAL VALUE tor,OUTSTANDING the Securities and According to Gwarzo, kers, that deal with collection Exchange Commis- “For any operator coming be- of money” Gwarzo stated. TOTAL MARKET CAPITALISATION sion (SEC) is to collaborate fore us for registration, first Speaking earlier, the DirecSupranational Bond with the Nigerian Financial and foremost, it is mandatory tor of NFIU, Usani Francis, AAA/S&P IFC 10.20 IFC 11-FEB-2018 11-Feb-13 10.20 Intelligence Unit (NFIU) of that they have a compliance said since they co-ordinate Aaa/Moody's; AAA/S&P AfDB 11.25 AFDB 1-FEB-2021 10-Jul-14 11.25 the Economic and Financial officer. If they do not have a all the activities that have to TOTAL OUTSTANDING VALUE Crimes Commission (EFCC) compliance officer, we can- do with money laundering TOTAL MARKET CAPITALISATION to check the inflow of illicit not grant them registration. and terrorism financing in funds into the Nigerian econ- Secondly, compliance officers Nigeria, the Unit is enjoined Description Issuer Issue Date (%) omy. Rating/Agency must be very conversant with to cooperate with allCoupon stakeThe Acting Director Gen- the workings of the NFIU.” holder agencies to carry out FGN Eurobonds eral of SEC Mounir Gwarzo, The Acting DG also dis- its duties effectively. 6.75 JAN 28, 2021 BB-/Fitch; B+/S&P 07-Oct-11 6.75 indisclosed this when he re- closed that the commission He said the need to was willing to work with ceived the Director of NFIU, crease the level of collaboraBB-/Fitch; FGN 12-Jul-13 5.13 5.13 JUL 12, 2018 BB-/S&P Usani Francis, in his office in the NFIU to build capacity tion had become necessary BB-/Fitch; 6.38 JUL 2023 6.38 Abuja on yesterday. through workshops or 12, traingiven the 12-Jul-13 fact that terrorism BB-/S&P can only thrive when the terHe also expressed the Coming exercise for compliance TOTAL OUTSTANDING VALUE mission’s readiness to work officers given that it is a re- rorist have access to funds TOTAL MARKET CAPITALISATION and it has been identified with all relevant government cent development. agencies and stakeholders to He also noted that the re- that terrorist now use other Corporate Eurobonds ensure of I sponsibility of a 11.50 compliance sources to01-Feb-11 move money11.50 aside FEB 01, 2016 B/Fitch; strict B-/S&P enforcement AFREN PLC the financial institutions. allB+/Fitch; applicable laws against knowl7.50 MAY 19, 2016 B+/S&P GTBANK PLC I officer goes beyond 19-May-11 7.50 money laundering in ACCESS the Niedge of the relevant that “Even 25-Jul-12 money laundering, 7.25 laws JUL 25, 2017 B+/S&P BANK PLC 7.25 gerian Market. govern their operations. we have identified that6.88 they 6.88 MAY 09, 2018 B/Fitch;Capital B/S&P FIDELITY BANK PLC 09-May-13 Gwarzo said the need for “The compliance officers use other08-Nov-13 sectors of the 6.00 econ6.00 NOV 08, 2018 B+/Fitch; B+/S&P GTBANK PLC collaboration with all releis a new thing in10.25 theAPR market, omy and 08-Apr-12 we see the capital 08, 2019 B/Fitch AFREN PLC II 10.25 APR 22,than 2019 B+/Fitch; BB-/S&P ZENITH BANK PLC 6.25 I am not sure it is6.25 more vant stakeholders has become market as22-Apr-14 a vulnerable sector May 21, 2019 B/Fitch; B/S&Pgiven the DIAMOND BANK PLC 8.75 necessary imporfive years since8.75we introthat they 21-May-14 could use to acquire 8.25 AUG 07, 2020is B-/Fitch; FIRST 8.25and tant roleB/S&P the SEC plays in BANK the PLCduced it. But I think there funds for 07-Aug-13 their operations DEC 09, 2020 B-/Fitch; B/S&P AFREN PLC III 6.63 financial system and the need more to it and it is6.63important hence the09-Dec-13 need for us to col9.25/6M USD LIBOR+7.677 JUN 24, 2021 B-/Fitch; B/S&P ACCESS BANK PLC II 24-Jun-14 9.25 to B-/Fitch; policeB/S&P the market and enthat we collaborate to orgalaborate,” he said. 8.00/2Y USD SWAP+6.488 JUL 23 2021 FIRST BANK LTD 23-Jul-14 8.00 A/GCR

A/GCR he

B-/S&P

31-Aug-15 0.50 4.44 20.36 96.48 30-Sep-15 0.33 3.23 18.54 98.29 30-Jun-16 0.85 4.46 20.91 94.87 30-Jun-16 0.85 3.48 19.93 96.65 19-Apr-17 2.13 1.00 17.33 87.35 30-Jun-17 1.40 1.00 17.36 95.74 31-Dec-17 2.83 1.79 18.04 NEW TELEGRAPH 91.27 WEDNESDAY, MARCH 4, 2015 30-Sep-18 2.00 1.80 18.14 93.58 04-Oct-18 2.01 1.00 17.34 94.74 09-Dec-18 2.20 1.00 17.33 95.13 12-Dec-18 2.20 4.78 21.11 88.45 14-Feb-19 2.40 1.00 17.31 96.66 02-Oct-19 2.64 1.00 17.28 96.51 22-Nov-19 4.72 1.00 17.01 92.00 12-Dec-19 2.70 2.74 19.01 91.64 lowed of1.00 Transcorp Plc added 5.56 10-Oct-20with a turnover 3.25 17.18 94.34 136.2 million shares valat N2.85 27-Nov-20 5.74 1.00 per cent 17.03 to close 87.31 31-Dec-20 5.83 1.94 per share. 17.98 89.44 ued at N1.03 billion in 867 31-Dec-20 3.49 1.44 92.55 hand, deals. On17.58 the other 06-Jan-21 3.52 1.95 18.09 92.56

Stock market gains N111bn

Nigerian stocks advance on investors’ confidence Chris Ugwu

12.50 8.50 13.00 4.18 14.00 4.86 15.50 5.73 10.00 57.00 13.75 25.73 14.00 25.00 14.00 34.14 14.00 9.00 14.50 13.73 14.00 10.20 15.50 27.00 15.50 16.23 14.50 80.00 14.75 26.62 most 14.75 active (measured 11.10 by turnover volume); 13.50 87.50with 15.00 279.2 million shares5.00 worth 14.50 4.55 by N1.9 billion exchanged 15.00 4.56

8.75 AUG 14, 2021

ECOBANK NIG. LTD

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

14-Aug-14

8.75

FMDQ Daily Quotations List

0.36 4.50 2.05 0.10 15.44

132.70 122.54 12.00 12.95

24.95 20.69 Outstanding Value ($mm)

500.00 500.00 500.00

1,500.00 1,485.90 450.00 500.00 350.00 300.00 400.00 300.00 500.00 200.00 300.00 360.00 400.00 450.00 250.00

The number of gainers was 34, while decliners closed at 11. Nascon Plc led the gainers’ table0.46 with 6.92 17-Aug-15 1.00 09-Dec-15 0.52 at N6.80 1.00 per cent to close 06-Jan-16 0.60 2.63 per share, while Ikeja 29-Sep-16 1.58 1.00 Hotels Plc followed with 25-Oct-16 1.65 1.34 a30-Sep-17 gain of 6.87 2.58 per cent to 1.00 close at N4.20 1.60 per share. 30-Nov-17 1.88

UAC Property Plc led the price losers’ table, dropping 6.31 per cent to close at N35.94 per share, while Airservice Plc 97.09 followed 16.79 97.59 with a16.97 loss of 5.00 per cent 18.72 97.44 share. to close at N1.90 per Learn17.29 Africa Plc94.27 shed 4.96 17.64 95.27 per share to close at N1.15 17.29 91.33 per share. 18.17 100.47

09-Apr-18

1.60

3.48

19.77

95.25

09-Sep-18

1.77

5.20

21.51

95.42

eTranzact, MasterCard facilitate easy remittances 09-Sep-18

1.77

5.06

21.37

92.95

22-Sep-18

3.56

1.00

17.13

91.89

18-Oct-18

1.88

2.29

18.62

95.81

17-Feb-19

2.21

6.11

22.44

92.99

01-Apr-19

2.83

2.16

18.41

94.90

14-Nov-20

5.70

2.76

18.79

87.84

30-Sep-24

9.58

1.00

14-Aug-21

11.15

10.53

88.50

91.13

Sunday 30-Sep-24 Ojeme 9.58

to send17.19 money from 75.65mobile money17.19 accounts,81.76 payment asterCard has cards, bank accounts or announced an cash outlets back home. agreement with “For millions of NigeeTranzact International rians, the receipt of funds 11-Feb-18 2.95 1.00 17.23 84.25 Plc, one of the leading from friends and family 01-Feb-21 4.75 1.00 17.01 81.72 pan-African mobile bank- is an important lifeline. ing and payment services HomeSend provides sendcompany, to make interna- ers across the globe and tional remittance services the recipients in Nigeria Maturity Date Bid Yield (%) Offer Yield (%) Offer Price available to millions of con- withBida Price convenient, safe, sumers in Nigeria. and cost effective money Prices & Yields Under the pact at Mobile transfer channel,” says 28-Jan-21 6.46 6.26 101.38 102.37 World Congress, citizens Omokehinde Ojomuyide, of12-Jul-18 Nigeria will5.88 be able to Vice President and Area 5.56 97.72 98.67 securely receive interna- Business Head for West 12-Jul-23 remittances 6.68 6.53 Africa, 98.08 99.02 tional into MasterCard. their eTranzact mobile Upon receipt of funds money wallets or select into their eTranzact mobank accounts through the bile wallets, Nigerians international transfer hub, can use PocketMoni, HomeSend. mobile 01-Feb-16 137.00 137.00 eTranzact’s 45.00 45.00 monA joint venture to 100.63 pay bills, 19-May-16 6.94 between 6.94 ey platform, 100.63 MasterCard, eServGlobal top-up airtime, pay select 25-Jul-17 13.66 13.66 87.28 87.28 and BICS, HomeSend cash 02-May-18 13.92 13.03 merchants, 82.38 84.38out at bridges or at participat08-Nov-18 the gap 10.57between 9.64 agents 86.37 88.95 various Automated 08-Apr-19 entities 41.74globally 41.74 ing bank 40.50 40.50 22-Apr-19 9.91 institu9.91 Teller87.82 such as financial Machines87.82 (ATMs), 21-May-19 15.46 entities 14.50 and send 79.74 money 82.29to any tions, non-financial 07-Aug-20 14.37 opera14.37 bank 77.00 account,77.00 Pocketand mobile network 09-Dec-20 28.32 40.00 tors, enabling28.32 Nigerians Moni 40.00 user, eTrazact card 24-Jun-21 14.54 14.01 78.75 80.63 or mobile phone user. living and working abroad 23-Jul-21 14.19 14.19 74.00 74.00 1.00

4,760.00 3,568.01

3-Mar-15

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 **Treasury Bills professional, financial or investment advice. We attempt to ensure the Information is accurate; however, the FIXINGS Money Market does not constitute Information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be Foreign Exchange (Spot & Forwards) DTM Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%) NIBOR of any of the Information, neither do we accept liability for the results of any action accurate or up to date. We do not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose 9 12-Mar-15 13.14 12.89 13.18 16 19-Mar-15 10.68 23 26-Mar-15 13.86 FGN Bonds 30 2-Apr-15 13.17 37 9-Apr-15 14.58 44 16-Apr-15 13.52 Rating/Agency Issuer Description 51 23-Apr-15 13.72 58 30-Apr-15 13.58 4.00 23-APR-2015 65 7-May-15 15.40 13.05 16-AUG-2016 72 14-May-15 13.55 15.10 27-APR-2017 79 21-May-15 13.75 9.85 27-JUL-2017 93 4-Jun-15 14.21 100 11-Jun-15 14.27 9.35 31-AUG-2017 114 25-Jun-15 15.44 10.70 30-MAY-2018 121 2-Jul-15 15.07 16.00 29-JUN-2019 135 16-Jul-15 14.60 7.00 23-OCT-2019 NA142 NA 23-Jul-15 14.24 15.54 13-FEB-2020 149 30-Jul-15 14.60 16.39 27-JAN-2022 156 6-Aug-15 15.37 14.20 14-MAR-2024 163 13-Aug-15 14.54 15.00 28-NOV-2028 177 27-Aug-15 13.70 12.49 22-MAY-2029 184 3-Sep-15 14.76 8.50 20-NOV-2029 191 10-Sep-15 14.77 275 3-Dec-15 15.04 10.00 23-JUL-2030 289 17-Dec-15 14.35 12.1493 18-JUL-2034 310 7-Jan-16 14.92 TOTAL OUTSTANDING VALUE 21-Jan-16 324 14.38 338 4-Feb-16 14.93 TOTAL MARKET CAPITALISATION18-Feb-16 352 13.40 *for the Amortising bonds, the average life is calculated and not the duration #

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

10.43 13.61 12.92 14.33 13.27 Issue Date 13.47 13.33 23-Apr-10 15.15 16-Aug-13 13.30 27-Apr-12 13.50 27-Jul-07 13.96 14.02 31-Aug-07 15.19 30-May-08 14.82 29-Jun-12 14.35 23-Oct-09 13.99 13-Feb-15 14.35 27-Jan-12 15.12 14-Mar-14 14.29 28-Nov-08 13.45 22-May-09 14.51 20-Nov-09 14.52 14.79 23-Jul-10 14.10 18-Jul-14 14.67 14.13 14.68 13.15

Description

Bonds

10.73 13.98 13.31 14.80 13.74 Coupon (%) 13.99 13.87 4.00 15.83 13.05 13.92 15.10 14.17 9.85 14.74 14.85 9.35 16.22 10.70 15.86 16.00 15.43 7.00 15.08 15.54 15.53 16.39 16.45 14.20 15.54 15.00 14.67 12.49 15.95 8.50 16.01 16.96 10.00 16.19 12.1493 17.09 16.48 17.32 15.39

Issue Date

Tenor O/N 1M 3M Outstanding 6M

Value (N'bn)

OBB

Rate (%) 11.3750 15.5340 17.0328 17.7953

O/N

11.38

1M 3M0.14 6M1.46

13.00 14.13 14.00 16.29 15.00

0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 08-DEC-2016 ***LCRM 0.00/16.50 LCRM II 19-APR-2017 Porfolio Market Total Outstanding Modified Duration Buckets 0.00/16.50 LCRM III 06-JUL-2017 Value(Bn)

TOTAL OUTSTANDING VALUE

TOTAL MARKET CAPITALISATION <3 Sub-National Bonds A/Agusto A-/Agusto BBB+/Agusto ‡ /Agusto ‡ /Agusto; ‡ /GCR ‡ /Agusto ‡ /Agusto

KADUNA *EBONYI *BENUE *IMO LAGOS *BAYELSA EDO

3<5 >5 Market

1,374.01 1,024.68 551.96 12.50 KADUNA2,950.65 31-AUG-2015 13.00 EBONYI 30-SEP-2015 14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017

Volume(Bn)

2.15 16.36 16.27 2.40 16.31 16.23 2.50 16.31 16.22 :Benchmarks 3.24 16.18 16.05 * :Amortising 4.32Bond 16.07 15.97 µ :Convertible 4.64Bond 16.01 15.89 AMCON: Asset Management Corporation of Nigeria 4.95 16.02 15.92 FGN: Federal Government of Nigeria 6.90 16.09 16.02 FMBN: Federal Mortgage Bank of Nigeria 9.03 Finance Corporation 16.16 16.09 IFC: International 13.74 16.18 16.12 LCRM: Local Contractors Receivables Management 14.22 Aviation Handling 16.18 Company16.11 NAHCO: Nigerian 14.72 16.18 16.10 O/N: Overnight UPDC: UAC Property Development 15.39 16.16 Company 16.08 WAPCO:West Africa Portland16.68 Cement Company 19.38 16.61

1,409.48 1,059.68 815.07 3,284.23

Offer ($/N)

199.76 199.86 Price 201.81 201.93 202.13 202.28 202.87 203.37 Bid Price 205.31 Offer Price 204.24 205.60 207.21 98.58 98.73 206.28 213.47 95.92 96.07 220.29 226.27

97.73 97.88 87.53 87.68 86.20 86.35 NA :Not Applicable 86.52 86.82 # :Floating Rate Bond 99.73 100.03 ***: Deferred coupon bonds71.54 71.24 98.39 98.69 ‡ : Bond rating under review 101.18 101.48 †: Bond rating expired 90.85 91.15 N/A :Not Available {r} :Issuer93.49 in receivership 93.79 79.63 79.93 57.31 57.61 NGC: Nigeria-German Company UBA: United Bank for Africa 65.35 65.65 74.00 74.30

4,932.13 4,357.81 Coupon (%)

Outstanding Value (N'bn)

24-May-12 0.00 24.56 03-Apr-12FMDQ FGN 17.25 BOND INDEX2.70 09-Dec-11 0.00/16.00 112.22 20-Apr-12 0.00/16.50 116.70 Weighting by Weighting by Mkt 06-Jul-12 0.00/16.50 66.49 Bucket Weighting

Outstanding Vol

Bid ($/N)

Spot 7D 14D Offer 1M Yield 2M (%) 3M 6M13.04 1Y16.16

NOTE:

Maturity Date

Avg. Life/TTM (Yrs)

Agency Bonds FMBN

Tenor

REPO Tenor Rate (%) TTM (Yrs) Bid Yield (%) Call 12.00

Maturity Date

535.00 23-Apr-15 581.39 NITTY 16-Aug-16 476.80 27-Apr-17 Tenor Rate (%) 20.00 27-Jul-17 1M 13.9583 2M 14.0318 100.00 31-Aug-17 3M 14.7407 300.00 30-May-18 6M 14.7751 351.30 29-Jun-19 9M 14.9413 233.90 23-Oct-19 12M 17.3298 34.00 13-Feb-20 600.00 27-Jan-22 459.68 14-Mar-24 75.00 NIFEX 28-Nov-28 150.00 22-May-29 Current Price ($/N) 20-Nov-29 BID($/N) 200.00 199.5000 OFFER ($/N) 199.6000 591.57 23-Jul-30 223.50 18-Jul-34

10.83

Value

42.92 32.27 24.82 100.00 31-Aug-10

46.57 34.73 18.71 100.00 12.50

30-Sep-10 30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 30-Dec-10

13.00 14.00 15.50 10.00 13.75 14.00

322.68

0.43 309.25

24-May-15 03-Apr-17 08-Dec-16 19-Apr-17 % Exposure_ 06-Jul-17

Mod_Duration

0.22 1.08 1.77 2.13 Implied2.34 Yield

0.32 0.25 8.50 1.00

21.81 37.42 40.76 100.00 31-Aug-15

16.22 16.12 16.31 16.22 0.50

4.18 4.86 5.73 57.00 25.73 25.00

30-Sep-15 30-Jun-16 30-Jun-16 19-Apr-17 30-Jun-17 31-Dec-17

0.33 0.85 0.85 2.13 1.40 2.83

# Risk Premium (%)

2.63 2.27 2.00 1.00 Implied 1.00

Portfolio Price

118.4167 118.6042 82.2367 109.4982 4.44 3.23 4.46 3.48 1.00 1.00 1.79

Valuation Yield (%) 17.43 18.87 18.31 17.33 17.32 INDEX

1,124.72 1,004.30 961.49 1,045.61 20.36 18.54 20.91 19.93 17.33 17.36 18.04

Indicative Price 96.17 98.53 96.55 96.55 YTD Return 93.17 (%)

1.5226 0.8173 4.5207 0.9071 96.48 98.29 94.87 96.65 87.35 95.74 91.27

NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

News 47

SOUTH-EAST

Face your problem, Umahi tells Elechi

lQuit PDP, ex-Assembly leader urges Elechi Charles Onyekwere and Uchenna Inya ABAKALIKI

he Peoples Democratic Party (PDP) candidate in the governorship election in Ebonyi State, Chief Dave Umahi, has asked the state Governor, Chief Martin Elechi, to respond to the allegations leveled against him by the state House of Assembly, instead of embarking on a smear

campaign. In a statement issued in Abakaliki yesterday by Umahi, who is the deputy governor of the state, he asked the governor to defend himself on the eightpoint impeachment notice served on him and refrain from pointing fingers at the Secretary to the Government of the Federation Anyim Pius Anyim and himself (Umahi). The statement signed by Abia Onyike, Umahi’s Director, Media and Public-

ity, said it was abundantly clear that Elechi has had a running battle with the House of Assembly for a long time now over several issues, which the House said was bordering on constitutional breaches. “The deputy governor, who is also the PDP governorship candidate in the coming elections believes in the principle of separation of powers and does not seek to meddle in the internal affairs of the House of Assembly,” Umahi said.

1,127m

The number of mobile-cellular subscriptions of developed countries in 2006. Source: Itu.int

The life expectancy of women at birth of Kuwait in 2010-2015. Source: Un.org

Some of the allegations of constitutional violations heaped on Governor Elechi, include the appointment of 13 local government caretaker committee chairmen and 28 development centre coordinators as well as local government service commissioners without clearance by the House of Assembly. Other allegations included the payment of over N3.8 billion to EDON Nigeria Limited for the construction of Ebonyi International Market and an additional N500 million for the same project, which

12.7m

The total number of connected Mobile (CDMA) lines in 2011. Source: Ncc.gov.ng

is not even nearing completion after eight years. The House of Assembly also accused Elechi of conniving with his family members, whose companies or those they have interests in it, were awarded over 95 per cent of all contracts in Ebonyi State from 2007 to 2015. Meanwhile, a former leader of Ebonyi State House of Assembly, Chief Ikechukwu Nwobo, has urged Elechi to resign his membership of the Peoples Democratic Party (PDP) and join the Labour Party (LP).

€528m

The total revenues of FC Barcelona in 2013-2014 season. Source: Goal.com

No case against Ihenacho’s candidature, says court Steve Uzoechi OWERRI

ustice Mohammed Shuaibu of an Owerri Federal High Court yesterday said there was no case before him challenging the nomination of Emmanuel Ihenacho, as the governorship candidate of the All Progressives Grand Alliance (APGA) for the April 11, 2015 governorship election in Imo State. The jurist said this during a court proceeding between the former Chairman of APGA in the state, Prince Cletus Nwaka and APGA. Referring to the claims in the suit, the jurist said the issue before him for determination was whether Nwaka and his co-plaintiffs, were validly dissolved by the Victor Umeh-led national executive of the party some years back, stating that it had nothing to do with the validity or otherwise of any of the party’s candidates for the 2015 elections. He, however, warned that nobody should misinterpret the case before him to suggest that he was entertaining a suit to remove or validate any APGA candidate for any election. The judge went ahead to strike out an ex-parte motion filed in the case by one of the plaintiffs on the ground of abuse of court process. The case which ordinarily was for adoption of counsel’s written addresses, was however, adjourned to March 12, 2015 so as to get the response from the chief judge of the federal high court on a letter the second defendant in the suit, Chief Victor Umeh, wrote asking for the transfer of the suit on an allegation of bias against the court.

L-R: Minister of State for Works, Prince Adedayo Adeyeye; representative of the President, Mr. Mike Onolenemen and representative of the Enugu State Governor, Mr. Godwin Madueke, at the inauguration of the rehabilitated Enugu-Abakaliki-Ogoja-Ikom-Mfum road in Enugu …yesterday

Police arrest House of Assembly candidate, 36 others for murder Uchenna Inya Abakaliki

bonyi State police command has arrested a House of Assembly candidate, Chidi Ejem, 38, and 36 others for allegedly killing a 36-year-old man, Udu Emegha, of Amaigbo Etiti Edda, Afikpo South Local Government area of the state during an attack on Labour Party supporters in the area.

The state Police Public Relations Officer (PPRO), Chris Anyanwu, made this known in Abakaliki while briefing newsmen. He said: “A group of hoodlums, numbering 20 and led by one Emmanuel Innocent from Amaigbo Etiti Edda, besieged the house of the deceased and attacked him, beating him to a coma. “The said Udu Emegha gave up the ghost later and a team of police operatives

rounded up the said Emmanuel and others in the house of one Chidi Ejem. Chidi is a House of Assembly candidate and a 38-year-old man. “The exhibits recovered include three cutlasses with blood stains, a single barrel gun and some expanded cartridges. “The state CID has just commenced investigation into the matter and the cause of this murder will

be unraveled. We have in our net Chidi Ejem, Emmanuel Innocent and 35 others. So far, we have arrested 37 suspects in connection to the murder,” Anyanwu disclosed. Chidi Ejem was a former special adviser to Governor Martin Elechi, on Solid Mineral Development, Petroleum Product, Pricing and Distribution. He resigned his position to contest in the general election.

APC women commence booth-to-booth campaign in Imo Steve Uzoechi OWERRI

he wife of the Speaker of the Imo State House of Assembly, Mrs. Eileen Uwajumogu and the wife of Chike Okafor, the immediate past Commissioner for Finance, Mrs. Akudo Okafor, yesterday led a cream of women leaders to a mas-

sive All Progressives Congress (APC) women rally in Obowo. The rally, which drew women from across the Okigwe South Federal Constituency and beyond, was to herald the booth-to-booth campaign of APC women in the constituency. Addressing the rally, Uwajumogu traced the

history and achievements of the Rochas Okorocha administration, noting that the unprecedented lift in the welfare of Imo citizens through massive infrastructural upgrade, across the 27 council areas, was a positive departure from the antecedents of previous administrations that only impacted the lives of a few power-

ful elites. While harping on the long term benefits of the free education programme of the administration, she described the policy direction of the administration as peoplefriendly and urged all women to ensure continuity by voting APC candidates at all levels in the general election.

Umeh makes case for Jonathan’s re-election Tony Okafor Awka

he All Progressives Grand Alliance (APGA) National Chairman, Chief Victor Umeh, yesterday said the implementation of the National Conference resolutions would reposition the Igbo structurally in Nigeria, urging Ndigbo to support the re-election of President Goodluck Jonathan, to facilitate the actualisation of the resolutions. Umeh, who is the Anambra Central senatorial district candidate of the party, said this in an interview with newsmen at Agulu-uzoigbo, Anaocha Local Government ahead a tactical meeting of his campaign team. National and state assemblies’ candidates and chairmen of the seven local government areas in the district also attended the meeting. He noted that the All Progressives Congress (APC) dissociated itself and stayed away from the national conference, where the future and unity of the nation was openly discussed. He gave kudos to Jonathan for taking up the challenge of organising the conference, which many other leaders before him dared not discuss.

Lawyer petitions police over threat to life Charles Onyekwere ABAKALIKI

legal practitioner, Clement Odah, has forwarded a petition to the Ebonyi State Commissioner of Police, Mr. Maigari Dikko, over alleged threat to his life and that of his family members. Odah had recently sent a petition to the House of Assembly, alleging contract sleaze, misappropriation of public funds, against the state governor, Martin Elechi, his son, Elechi Nnanna Elechi and Sir Edward Nkwegu, the governorship candidate of the Labour Party (LP). The petition, dated February 23rd, 20I5 copies of whhich was obtained by New Telegraph in Abakaliki, alleged that killer squads have been contracted to either exterminate or kidnap him. According to him, he alleged that the killer squads are working for the Labour Party in Ebonyi State.

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WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

SOUTH-SOUTH

Crack in Rivers APC as Ikuru, Ikanya battle for supremacy Emmanuel Marsha

purported cold war between the Rivers State Deputy Governor, Engr. Tele Ikuru, and the state Chairman of the All Progressives Congress, Dr. Davies Ibiamu Ikanya, in Andoni Local Government Area of the state is said to be threathening the party in the area. Informed sources said that the crisis emanated

over the appointment of a caretaker committee Chairman for the area. At a meeting in Port Harcourt, which led to the nomination of Hon. Esuku M. Esuku, some members of the party from Andoni, believed to be Ikuru’s supporters walked out of the meeting. Both men hail from Andoni, whose politics Ikuru has dominated since he became deputy to former Governor Celestine Omehia, in 2007 and later to Governor Chibuike Rotimi Amaechi later that same year to date.

16,000

The projected number of Americans above 65 years with Alzheimer’s in North Dakota by 2025. Source: Alz.org

But the emergence of Ikanya, as the party’s Chairman, following the defection of Amaechi, and his supporters to the APC, has altered the political calculation in Andoni, as his supporters now lay claims to key positions that would ultimately determine who controls the areas in the incoming administration. Ikuru, who has been hailed for his loyalty by Amaechi, is accused of supporting Prince Uche Secondus, the national deputy Chairman of the PDP, who

2,259 The number of refugees in Tunisia at the beginning of 2010. Source: Blatantworld.com

also hails from Andoni, with Ikuru, and Ikanya. According to Calistus Oke, the publisher of SouthSouth Crow, who hails from Andoni, most supporters of Ikuru were with the PDP, and not the APC, noting that the Deputy Governor has been rejected in the area. Oke said: “What is playing out in Andoni APC is the rejection of the continued presence of the deputy governor, Tele Ikuru, whose welcome, for Andoni APC bigwigs, has long expired. He said: “We wish to

N157.6m

The IGR realized from direct assessment sources of Cross River State in 2010. Source: National Bureau of Statistics

L-R: Comptroller, Nigeria Immigration Service, Rivers State Command, Mr. Mike Longe; Public Relations Officer, Mr. Anang Bisong and Deputy Comptroller, ECOWAS, Mr. Nimeing Sunday, at a news conference on the ongoing immigration mop-up/repatriation of irregular PHOTO-NAN immigrants in Port Harcourt …yesterday.

state unequivocally that the All Progressives Congress in Andoni LGA is one united and indivisible entity forging ahead and both capable and ready to win the forth-coming elections in Andoni LGA. “We call on the general public to discountenance such report as it is completely false, baseless and deliberately intended to cast aspersions on the person and

Uduaghan inaugurates 64 roads Dominic Adewole ASABA

elta State Governor, Emmanuel Uduaghan has said that his administration would achieve the completion and commissioning of 64 roads projects constructed at N27.6 billion. He stated that the 64 roads were among the 156 numbers of roads, measuring 114.22km, awarded by the state government only within the Asaba metropolis. The governor, who was accompanied by his Commissioner for Works, Hon. Funkekeme Solomon, during the commissioning of some of the projects, said out of the 156 roads, 75 have been completed. He listed the completed road projects in the state to include, the Old Anwai road, Delta Broadcasting Service (DBS) road, Legislative Close, Labour House road extension, Presidential Lodge road, Internal

We are tracking all criminals in C’River –CP Clement James Calabar

he Cross River State Police Command has said it has declared war against criminals and hoodlums in the state to make it safe for the forthcoming general election. The Commissioner of Police in the state, Mr. Henry Fadairo, made this revelation in Calabar on

yesterday while briefing Journalists in his office on the command’s readiness to tackle the rising wave of crime in the state, ahead of the elections. According to the Commissioner, the command has identified black spots in the state and many criminals have so far been arrested and would have been prosecuted but for the ongoing strike action by the Judiciary

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Staff Union of Nigeria (JUSUN). “We have so far arrested 70 suspected criminals in the state. In fact, this morning, we arrested six suspected criminals, three boys and three girls. Right now, we have over 100 suspects in the cells and we are feeding them and giving them treatment because the courts are closed and we cannot prosecute them,” the CP

said. Fadairo, said that before he came to the state late last year, crime rate in the state was high and morale of its personnel was low, but that the command has moved against the trend, stating that within the next few days, the current crime rate would drastically reduce.” On the rumour, that the Police lost about eight rifles to criminals in the

PUBLIC NOTICE O’ODUA TOMATOES & PEPPER SELLERS ASSOCIATION OF NIGERIA

The general public is hereby notified that the above named church has applied for registration under part “C” of the Companies and Allied Matters Act, 1990.

The general public is hereby notified that the above named Association has applied to the Corporate Affairs Commission (C.A.C.), Abuja for registration under Part “C” of the Company and Allied Matter Act 1 of 2004.

The trustees are: 1. Obo Igwe 2. Charity Obo 3. Christopher Ayo 4. Alice Vincent 5. George Egba.

THE TRUSTEES ARE: 1) Mrs. Motilade Adedeji - 2) Mrs. Bisi Adesokan Alice 3) Mrs. Adijat Alli Iyabo 4) Mrs. Ganiyatu Ayinde 5) Mrs. Aminatu Muritala Omo-Ode 6) Mrs. Oyetunde Maria Badira 7) Mrs. Sulatu Salami

AIM AND OBJECTIVE: To preach the gospel

Any objection to this 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: Obo Igwe (Chairman)

President

AIMS AND OBJECTIVES: 1) To work towards agricultural advancement of Nigeria 2) To assist farmers in bringing about accelerated food production in Nigeria. 3) To carter for the welfare of the members. Any objection to the registration should be forwarded to the Registrar General,Corporate Affairs Commission, Plot 420 TigrisCrescent, Off Aguiyi Ironsi Street, Maitama Abuja within 28 days of this publication. SIGNED: TRUSTEES

unimpeachable character of the State Chairman and mislead the members of the APC in Andoni LGA, Rivers State and Nigeria at large.” But reacting to the development, Godswill Jumbo, the media assistant to Ikuru, said that his boss does not have any issue with anybody in Andoni, noting that some persons only want to drag the name of his boss in the mud.

state, Fadairo, said the Police only lost four rifles while the Airforce lost one rifle. “The Police command lost only four rifles while the Airforce lost one. In fact, some rifles have been recovered in Delta State and our own is among them. As we are talking, we have recovered an English pistol which we are still looking for the owner,” he said.

roads of Legislative Quarters, Junior Staff Quarters road, Ezenei Avenue road, High Court road, Federal College of Education (Technical) road, Dennis Osedebay road, St. Bridge’s Grammar School road, among others, he said, 81 others are at various stages of completion at the state capital.

C’River APC plans N100m fund raiser ClementJames Calabar

he Cross River State chapter of the All Progressives Congress(APC)hasconcluded plansforafundraiserlikelyto be chaired by the former Vice President,AtikuAbubakar, to raise about N100 million to for thecontinuationof fundingof its campaigns. A statement by the Chairman of the state campaign council and Director General of the Buhari Campaign Committee in the state, Dr.Ntete BasseyDuke in Calabar yesterday, revealed that the event has been fixed tentatively for March 14 at the Protea Hotels, Abuja. According to the statement, the former Vice President is expected to chair the event along the National Working Committee of the party, all APC State Governors and National Assembly members as fund raisers. Duke noted that the fund would enable the party make in-roads into all the nooks and crannies of the state, saying it would improve theparty’schancesatthepolls in the state.

PUBLIC NOTICE THE KEN AND KATE OCHINANWATA FOUNDATION The general public is hereby notified that the above named FOUNDATION has applied to the Corporate Affairs Commission (C.A.C.), Abuja for registration under Part “C” of the Company and Allied Matter Act 1 of 2004. THE TRUSTEES ARE: 1) OCHINANWATA NONJO HYGINUS 2) OCHINANWATA CHINEDU 3 OCHINANWATA AMAKA E 4) OCHINANWATA CHUKWUDI ERIC 5) OCHINANWATA KATE 6 OCHINANWATA AMAECHI KENNETH 7 OCHINANWATA TOCHUKWU KINGSLEY 8 OCHI NKIRUKA IRENE

- CHAIRMAN - SECRETARY - TREASURER

AIM AND OBJECTIVE: To assist the less priviledge Any objection to the registration should be forwarded to the Registrar General,Corporate Affairs Commission, Plot 420 Tigris Crescent, Off Aguiyi Ironsi Street, Maitama Abuja within 28 days of this publication. SIGNED: TRUSTEES

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News 49

NORTH

Kaduna Poly decries land encroachment by host community Ibraheem Musa Kaduna

he management of Kaduna Polytechnic, Kaduna State, yesterday condemned the encroachment into its College of Administrative and Social Science campus, which is located along By Pass, Kaduna, by the Gbagyi community. The Rector of the poly-

technic, Dr. Mohammed Bello Ibrahim, who disclosed this to newsmen yesterday, said that the paramount chief of Gbagyi people, Sa Gbagyi Danjuma Barde, should be held responsible for any breach of the peace that may occur. He advised the chief to call his people to order, because he has been properly briefed on the matter. Ibrahim urged the federal and state governments to

24%

The percentage growth rate of total revenue of Manchester United in 20132014. Source: Goal.com

stop the encroachment into its lands or it may be left with no option but to relocate the campus to avoid crisis. He said the land was acquired by the then northern region in 1976 and that it was duly paid for. “We paid for the land and we got our Certificate of Occupancy (C-of-O). It was about 1, 000 hectres of land, but Gbagyi community has encroached into the land, which is unfortunate. The

63.21

The number of fixed-telephone subscriptions per 100 inhabitants of Greenland in 2006. Source:Itu.int

matter was taken to court, but the late Patrick Yakowa, the then state governor, intervened and asked us to settle the issue with the community out of court,” he added. According to the rector, “When I came into the office, we demarcated our land from the already encroached land, but now, as I speak to you, some miscreants have continued to encroach into the land. It was

$21m

The total amount of endorsements of Novak Djokovic (Tennis) for 2014. Source: Forbes.com

L-R: Plateau APC gubernatorial candidate, Mr Simon Lalong; Chairman, Plateau State Traditional Rulers, Gbong Gwom Jos, Da Jacob Buba and his running mate, Prof. Soni Tyoden, during their courtesy visit to Buba in Jos…yesterday

Cleric warns politicians against violence Biodun Oyeleye Ilorin

n Ilorin- based Islamic scholar, Sheik Sulyman Dan Borno, yesterday warned politicians in Kwara State against sowing the seed of discord that could lead to political violence and killings ahead of the general election. Any of them that refused to heed the call, the cleric said, would incur the wrath of Allah, saying all the clerics in the state would not hesitate to curse such people. He warned followers of political heavyweights in the state not to allow themselves to be used for any sinister purpose, since their relevance may only be limited to the time of campaign while families of the politicians become the real beneficiaries of the offices thereafter. According to Dan Borno, while delivering a lecture at the fidau for the late Chairman, Kwara Quranic Recitation Com-

mittee, Alhaji AbdulSalam Ayilara, the two major political parties in the state, the All Progressives Congress (APC) and the Peoples Democratic Party (PDP) must pursue progress and the development of their communities and the state rather than turning the state into a war theatre. The cleric, who decried the spate of political violence, said the clerics would not watch and see politicians truncate the peace and harmony for which Ilorin is known for.

Yola

damawa State All Progressives Congress (APC) gubernatorial campaign team has denied the allegation that it has gone broke due to lack of financial support from former Vice-President, Alhaji Atiku Abubakar, who is the leader of the party in

was done urgently. The rector of the polytechnic alleged that the campus’ fence is being demolished and “our land is been sold with impunity, which should be condemned by all.” Efforts to get the Sa Gbagyi on the issue were unsuccessful as at the time of filing this report.

Alkali: APC is wasting money on propaganda Dan Atori MINNA

he Special Adviser to President Goodluck Jonathan on Political Matters, Prof. Ahmed Rufai Alkali, yesterday said that the All Progressives Congress (APC) was wasting money on propaganda. Alkali said in Minna at the skills empowerment graduate ceremony of 500 trainees and the presentation of starter packs by the Aisha Babangida Youth Leadership Series (ABYLS) that the funds, running to billions of naira, were enough to build some social amenities like universities, hospitals and establishing empowering centres in the country. According to him, “Rather than building the nation, they are determined to destablise the nation. For months now, in a bid to win the 2015 elections, the APC has been asking some questions, they claimed

that this administration is not performing. They say we have not done well and that the transformation agenda is a lie. “We hear all kinds of lies and propaganda. Indeed, the amount of money they spend on propaganda in this country is enough to build universities, hospitals, roads and to better the lives of millions of Nigerians, but rather they are destabilising the nation.” He further said that President Goodluck Jonathan’s administration has done well in every sector, adding that the programmes done can be seen, touched and used by the people. She said: “They said President Jonathan has not done anything, the question is, will they deny that this government have constructed 14 universities in four years? The opposition tends to forget that apart from the 14 universities, the older universities and other tertiary institutions have been given attention.

Stop playing politics with fuel, Kwara speaker tells FG Judicial workers’ Biodun Oyeleye Ilorin

he Speaker of the Kwara State House of Assembly, Hon. Razak Atunwa, has described the allegation against the All Progressives Congress (APC) by the Peoples Democratic Party (PDP) that it was responsible for the current fuel scarcity in the country as irresponsible and immoral of a party constitutionally elected to ameliorate the sufferings of Nigerians. National Chairman of the PDP, Alhaji Adamu Muazu, had accused the

APC of being behind the scarcity, saying the party has bribed oil marketers to hoard petroleum products nationwide. But reacting to the allegation in a statement signed by his Media Office, Atunwa, who is one of APC’s candidates for the House of Representatives in the state, called on the President to stop politicising the welfare of Nigerians by positioning the nation’s economy in a way that makes it impossible for Nigerians to embark on their daily activities. While he decried the poor state of the nation’s

We are not broke, says Adamawa APC Ibrahim Abdul

really unfortunate for some few individuals to be doing this as the land belonged to a federal establishment.” Ibrahim said efforts to address the encroachment issue by the school management has so far not yielded any positive result, adding that the lives of students and the institution’s property were at risk if nothing

the state. A chieftain of the party, who is also the publicity officer of the campaign organisation, Alhaji Uba Dan Arewa, who spoke with newsmen on the speculation, said the story making the rounds was falsehood from the pit of hell. Dan Arewa said some people disturbed by the

growing popularity of APC candidates, were out to create confusion by peddling lies to create friction between the gubernatorial candidate of the party and its leader, Atiku Abubakar. He said the campaign team has enough fund to continue its campaign, which was earlier suspended because of the

economy, the speaker expressed optimism that the APC will reform Nigeria if elected and called on Nigerians to resolutely vote against the PDP in the coming elections to break Nigeria away from the shackles of poor leadership. The statement reads in part: “PDP National Chairman, Muazu, has blamed the fuel scarcity on the opposition party, another flimsy excuse! No serious government will blame everything on the opposition; a serious government must take responsibility for whatever happens in the country.” shift in the election timetable. “In Adamawa, it is clear that the people at the grassroots are with APC and have not been demanding money from the party during the rallies as is the case with other parties. “Whereever we went during our campaigns it is the APC people in that area that organise things without collecting anything from the campaign organisation.

strike stalls sanitation offenders’ case BuhariBello Jos

hePlateauStateCommissioner for Environment, Mr. John Daduut, yesterday said the ongoing judicial workers’ strike has stalled the prosecution of sanitation offenders in the state. He told the New Telegraph that the judicial workers’ action impacted badly on last month’s sanitation exercise in the state as offenders cannot be prosecuted. Daduut said due to the strike, the ministry could not constitute the legal team to try some persons that were caught in contravention of sanitation rules. He said no fewer than 18 people caught in default of the exercise were let free as the state lacked the power to prosecute them outside the judiciary. He called for a quick amelioration of the issues involved in the strike to allow the judicial sector resume normal activities in the interest of all.

WORLD | News

WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

Netanyahu, at US Congress, sinks Iran’s nuclear deal

sraeli Prime Minister Benjamin Netanyahu has warned that Iran poses a “threat to the entire world”, in a contentious speech to the US Congress. He said the deal being negotiated between Iran and world powers “paves Iran’s path to the [nuclear] bomb”. He acknowledged that his speech was controversial and insisted that he was not med-

dling in internal US politics. His speech to Congress was arranged without consulting the White House, which reacted with irritation. The White House had complained that the speech was interfering in domestic politics by trying to swell domestic opposition to any Iran deal. In the most anticipated speech to the US Congress by a foreign leader in years,

Netanyahu said Iran’s regime was “as radical as ever,” could not be trusted and the deal being worked out with the United States would not block Iran’s way to a bomb “but paves its way to a bomb.” “We must all stand together to stop Iran’s march of conquest, subjugation and terror,” he said. Earlier, he entered the chamber to a cacophony of cheers and

Israeli Prime Minister Benjamin Netanyahu speaking at the American Israel Public Affairs Committee Policy Conference in Washington.

South Sudan rebels: President needs to make more concessions

outh Sudan’s rebels yesterday warned that peace talks with the government could fail if the government does not make concessions, especially on the issue of how to share power in a possible unity government. South Sudan’s warring factions have “disagreed on almost everything” since the resumption last week of the final round of negotiations in Ethiopia, according to Puoch Riek Deng, a spokesman for rebel leader Riek Machar who is attending ongoing talks in the Ethiopian capital of Addis Ababa. He said he hoped President Salva Kiir who arrived in Ethiopia early yesterday to attend direct talks with

Machar would make concessions on issues such as power and wealth sharing with the rebels. “We expect President Kiir to make concessions for the sake of peace,” Deng said. He added that the government has rejected the amalgamation of troops formed since the start of the current conflict. In addition, Machar’s camp wants South Sudan’s government to clear debts accumulated by the rebels since the outbreak of the conflict, he said. Regional mediators have given the factions up to March 5 to try to reach a conclusive peace deal, even though sporadic violence persists in parts of South Sudan. The body mediating the peace talks, Intergovernmental Au-

thority on Development, said in a statement Tuesday that issues yet to be agreed on include the structure of a possible unity government, power ratios, the composition of the national assembly, and transitional security arrangements. “Difficult compromises must be made by both sides,” Ethiopian Prime Minister Hailemariam Desalegn said Tuesday after meeting representatives of both sides. “The region is frustrated. The solution is in your hands. Do not throw it away any longer.” Both sides have accused each other of violating multiple agreements that have failed to end the violence which erupted in the world’s newest nation in December 2013.

Chile volcano erupts, 3,600 people evacuated

volcano in southern Chile began erupting early yesterday forcing the evacuation of some 3,600 people in nearby towns, the government said. The Villarrica volcano, one of Chile’s most active, began erupting around 3:00 am (0600 GMT), prompting authorities to declare a red alert and cancel classes in schools, the National Emergency Office said. As sirens

sounded, Chilean TV footage showed lava spewing from the volcano about 800 kilometers (500 miles) south of the capital Santiago. Tall plumes of ash rose as high as three kilometers above the volcano, which is about 2,800 meters (9,200 feet) high, and authorities blocked roads leading to the surrounding area. But hours later there were no longer any visible signs of

eruption. Authorities partially lifted their red alert, keeping it in place for a 10-kilometer radius around the volcano but allowing residents of the main towns in the area to return home. “I am calling for calm. We are monitoring and evaluating the situation closely,” said President Michelle Bachelet after meeting with the country’s emergency committee.

applause, shaking hands with dozens of lawmakers, including House of Representatives Speaker John Boehner, before taking a podium and telling lawmakers he was deeply humbled. At the start of the speech, he sought to defuse the intense politicization of his appearance, which has hardened divisions between Republicans and Democrats over the White House’s approach to stopping Iran from obtaining nuclear weapons. He said he was grateful to Obama for his public and private support of Israel, including US military assistance and contributions to Israel’s Iron Dome anti-missile system. “I regret that some see my appearance here as political,” he said. “I know that no matter which side of the aisle you sit on, you stand with Israel.” The speech escalated Netanyahu’s campaign against President Barack Obama’s Iran diplomacy, putting unprecedented stress on the two leaders’ already strained ties. Although given the cold shoulder by the US administration, Netanyahu on Monday offered an olive branch, saying he meant no disrespect to Obama by accepting an invitation to speak to US lawmakers that was orchestrated by the president’s rival Republicans. He said the United States should not lift sanctions until Iran “changes its behavior”, a comment that could stiffen support among Republicans to maintain US sanctions on Iran or seek to escalate them. “If the world powers are not prepared to insist that Iran change its be-

havior before a deal is signed, they should at the very least be prepared to insist that Iran changes its behavior before the deal expires,” he said. He added that the drop in oil prices put the United States and other countries in a stronger position to negotiate with Iran. “Iran’s nuclear program can be rolled back well beyond the current proposal by insisting on a better deal and keeping up the pressure on a very vulnerable regime, especially given the recent collapse of the price of oil.” As many as 60 of the 232 members of Congress from Obama’s Democratic Party sat out the address to protest what they see as a politicization of Israeli security, an issue on which Congress is usually united. The absence of so many lawmakers could raise political heat on Netanyahu at home two weeks before an Israeli general election. Many Israelis are wary of estrangement from a US ally that provides their country with wide-ranging military and diplomatic support. Boehner, whose unilateral invitation to Netanyahu triggered the diplomatic storm, said yesterday he expected a capacity crowd to hear the speech and played down any divisions. By Monday, Obama appeared to wave off any prospect that the bedrock US alliance with Israel might be ruined by the rancor. Netanyahu, a right-wing politician who has played up his security credentials ahead of a closely contested March 17 election in Israel, has denied his speech would have any design other than national survival.

EU condemns Russia over Nemtsov funeral bans

U-Russian relations took a further dip yesterday when the European Union strongly condemned Moscow for banning Polish and Latvian officials from entering the country to attend the funeral of slain Kremlin critic Boris Nemtsov. European Parliament President Martin Schulz called the bans a “high affront” and said he will intervene with Russian authorities “in the strongest terms and demand an official explanation.” Latvia, which holds the rotating EU presidency, joined the criticism, arguing in a statement that the move to deny MEP Sandra Kalniete entry “flies in the face of basic principles of humanity.” The EU foreign policy service was especially irked since the “justification in this particular case implies that she would represent a threat to the security of the state or public order,” said spokeswoman Maja Kocijancic. “This does not appear as a credible explanation.” The Baltic News Service quoted the Russian

embassy in Latvia as saying that “Kalniete’s attempt to enter Russia is nothing more than a provocative public relations campaign.” Poland joined the chorus of criticism after its senate speaker Bogdan Borusewicz was kept out of the country for the funeral. Borusewicz said Russia is now “an undoubtedly authoritarian system that is moving in the direction of dictatorship.” Under the leadership of President Vladimir Putin relations with the 28-nation EU have steadily deteriorated over the past half decade and have turned into confrontation over the war in Ukraine, deliveries of gas and human rights. In the wake of the fighting in eastern Ukraine and Moscow’s annexation last year of the Crimean Peninsula, the EU has imposed visa bans on 151 individuals, including several Russians. It also has imposed economic sanctions, to which Moscow has retaliated. Vanessa Gera in Warsaw and Karl Ritter in Stockholm contributed to this article.

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Did you know? That the total revenue generated by FC Barcelona in the 2013-2014 season was €528m.

Cricket World Cup: Rampant S’Africa crush Ireland

outh Africa condemned Ireland to their first defeat of the World Cup as they cruised to a 201-run win in Canberra. Hashim Amla hit 159, Faf du Plessis 109 and Rilee Rossouw a rapid unbeaten 61 in South Africa’s 411-4, the second time in two Pool B games they have passed 400. Ireland never recovered from 48-5 as they were bowled

out for 210 in 45 overs despite Andrew Balbirnie’s 58. Kyle Abbott finished with 4-21 and fellow pace bowler Morne Morkel 3-34. South Africa need to win only one of their remaining two group games, against Pakistan and the United Arab Emirates, to secure a place in the quarterfinals. Ireland remain well placed to qualify, although the margin

Again, Keshi vows to quit Eagles The Sport Team Adekunle Salami Group Sport Editor

Emmanuel Tobi Assistant Editor, Sport

Ifeanyi Ibeh Sport Correspondent

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Charles Ogundiya Sport Correspondent

of defeat at the Manuka Oval will have a negative impact on their net run rate before Saturday’s clash with Zimbabwe in Hobart. This game served as another illustration of South Africa’s immense power with the bat, albeit on a placid surface and against an attack lacking penetration. Perhaps more alarming for their rivals, captain AB de Vil-

this competition. Ireland were left to rue two costly drops, Amla put down on 10 by Ed Joyce and Du Plessis, on 19, edging between wicketkeeper Gary Wilson and Kevin O’Brien slip. Thereafter, they were barely troubled, rotating the strike almost at will while rarely wasting a chance to punish Ireland’s increasingly wayward attack.

Nigeria’s Kenneth Omeruo (left) challenging an opponent.

Adekunle Salami

liers - the star of their 257-run win over West Indies with 162 not out off 66 balls - played a negligible role with 24 off nine deliveries. Amla and Du Plessis shared 247, a South Africa record for the second wicket, before Rossouw and David Miller plundered an unbroken 110 off the last 8.3 overs. Five South Africa batsmen have now scored centuries in

ut of contract Super Eagles coach, Stephen Keshi, has again vowed to quit the national team if the “tough clauses” in the contract offered him by the Nigeria Football Federation were not amended. Keshi stressed that there was no way he would work with the conditions of service given to him for a new contract by the NFF. Though he refused to disclose the details of the contract, Keshi told Brila FM on Tuesday morning that the football ruling body stated clearly that he would be working with another person, likely to be a foreign coach. He also said his salary was not

…but if the NFF did not bend... we have to shake hands and go our separate ways

reduced but his concerns were the other areas of the contract which were “too tough” to cope with. Keshi said: “My lawyers and my brother are studying the contract to evaluate all the areas we need to iron out with the NFF. Let me also state that I did not show anybody the contract apart from these two people. “I did not tell anybody that I rejected the contract. I spoke with NFF President Amaju Pinnick before I left Nigeria and so I will open discussions with the federation on the areas I don’t like in the contract. “There is room for dialogue in a situation like this but if the NFF fails to bend on those things I do not want in the contract, we have

to shake hands and go our separate ways. That’s it.” The Big Boss who refused to speak on his inability to grab the Burkina Faso national coach job did not state when he would return from the United States to begin talks with the NFF on the grey areas of the contract. Keshi said the recent average performance of the Golden Eaglets at the African championship was not a big deal. “At that level, it is purely developmental. We have to look at the pool and see players who are future senior team materials. The objective is not to win all the time. I am okay with the ticket won to feature at the global stage of the competition,” he said.

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WEDNESDAY, MARCH 4, 2015 NEW TELEGRAPH

AYC: F’Eagles depart for Senegal Wednesday Ifeanyi Ibeh

igeria’s Flying Eagles will on Wednesday depart for Senegal, venue of the CAF African Youth Championship, four days ahead of their opening game against the tournament hosts. According to the team’s secretary, Ibrahim Awal, the Flying Eagles will fly out of Abuja on Wednesday afternoon. The Flying Eagles are in Group A along with Senegal, Congo and Cote d’Ivoire, and

will begin their quest for the 2015 AYC on Sunday against the Senegalese in a match billed for the Stade Leopold Sedar Senghor in Dakar. Kick-off time is 5.30 pm Nigerian time. They will also take on Congo March 11 at the same venue before heading to the Stade Caroline Faye to take on Cote d’Ivoire on March 14. M’Bour is a short bus ride from Dakar. Group B comprises of Ghana, South Africa, Mali and Zambia. And the top

two finishers at the end of the group stage of the tournament will represent Africa at the 2015 FIFA U-20 World Cup taking place in New Zealand from May 30 to June 20. The Flying Eagles are the most successful side in the history of the AYC, having won the tournament a record six times, with their last win coming in 2011 in South Africa. They have also finished as runners-up on two occasions and third a record five times.

Mikel will return in April, says Mourinho Emmanuel Tobi

helsea Manager, Jose Mourinho, has confirmed that Super Eagles midfielder, Mikel Obi, will not be available until April after undergoing minor knee surgery. Mikel has been absent for Chelsea’s last four matches, including Sunday’s 2-0 victory over Tottenham in the League Cup final. “Mikel had a little surgery on his meniscus,” he told the press. “We are expecting him to be out for about a month - one week is already gone. There is not too much optimism or pessimism. “I would say [he will return] first week of April.” Mikel is now likely to miss the Premier League matches against West Ham, Southampton and Hull City as well as the home leg of their Champions League last-16 tie against Paris SaintGermain.

Ideye (middle) in action for west brom

Ideye, Ighalo, Simon for Bolivia friendly ...as Amodu sends Eagles list to NFF Emmanuel Tobi

est Brom of England striker, Brown Ideye, tops the list of players to be invited by the Nigeria Football Federation for the international friendly between the Super Eagles and Bolivia billed for March 26 at the Akwa Ibom international stadium, Uyo. New Telegraph also scooped that high-scoring Watford FC striker, Odion Ighalo, and KAA Gent of Belgium striker, Moses Simon, are some of the new players being considered for the team following their impressive and consistent performances for their clubs in Europe. Reinvigorated Ideye has been in fine form in recent times as he inspired West Brom to a 4-0 FA Cup triumph West Ham as the Baggies reached the quarterfinals in style last month, while Ighalo has 17 goals to his credit, scoring 13 league goals so far this year, more than any other player in the top-four tiers in England.

Moses Simon who was in the 2013 Flying Eagles team to the World cup continues to do impressive things at Belgian Jupiler Pro League, scoring six goals in his first seven league matches since joining KAA Gent from Slovakian Trencín on January 7. Meanwhile, Technical Director of the Nigeria Football Federation, Amodu Shiabu, has submitted to the Technical Department, a list of Nigerian players who have featured regularly for their European clubs in recent times. New Telegraph can report that the list of players for the Bolivia friendly will be drawn from the pool as their invitation letters are expected to be sent out soon in order to meet with FIFA’s mandatory 14 days notification to the clubs. The new NFF leadership has warned that the era of “bench warmers” being invited to the Super Eagles is over while Daniel Amokachi has been put on standby to lead the team if Stephen Keshi’s contract negotiation drags on till that time.

No election yet in Anambra, Akwa Ibom –NFF •Stakeholders back Umeh

he Nigeria Football Federation has declared that as far as it is concerned, no elections have yet taken place into the executive boards of the Football Associations of Anambra and Akwa Ibom States. The NFF position came just as Anambra soccer stakeholders threw their weight behind Chief Mike Umeh who is the incumbent chairman of the state FA. The stakeholders led by

Siasia targets Liverpool’s Ibe for U-23 Eagles N

ational U-23 coach, Samson Siasia, has said that he has set the wheels in motion with respect to highly - rated Liverpool starlet Jordon Ibe committing his international future to Nigeria instead of England. ‘’We want Jordon Ibe before England takes him; let us make the first move,’’ Samson Siasia told SL10.ng. ‘’We are trying to reach him, my friend in England has been trying to contact him, to convince him to play for Nigeria. If you watch him play, you know he is a good player.’’ The U-23 team is preparing

for the second leg of the All Africa Games qualifying fixture against Gabon this weekend, with the coaches failing to extend invitations to the foreign - based contingent. ‘’We couldn’t invite them because the date is not a FIFA window. Clubs will not release their players. ‘’That is why they were not invited, we will invite them against Zambia (if we qualify),’’ Siasia said. The former international was in the dugout in 2008 when the Dream Team won silver at the Beijing Olympics.

Ibe

Mikel

Chief Gabriel Chukwuma, the proprietor of newly promoted Gabros F.C. of Nnewi in a release made available to the press yesterday in Lagos said they endorsed Umeh’s return in the interest of the state’s soccer development. The release stated in part: “We believe that continuity will do Anambra football a lot of good. We don’t want any form of internal wrangling that will not help the development

of the game. Football has had too many crisis in the country and starting another one in Anambra will be an ill wind.” The release it would be noted was also endorsed by Chief Poly Emenike, chairman of Neros Pharmaceutical who has been sponsored Anambra FA Cup competition in the last four years, Barrister Ody Ikpeazu, proprietor of Anambra United F.C. Onitsha and Chief Uzor Ekpundu, a former vice chairman of Anambra FA.

‘Eaglets must improve before World Cup’

irst Vice President of Nigeria Football Federation, Seyi Akinwunmi, has said that the not-too-impressive outing of the U-17 National Team, Golden Eaglets, at the 11th African U-17 Championship in Niger Republic is a definitive wake-up call for other national teams. The Eaglets, 2013 runnersup and reigning champions of the world, plummeted to a fourth –place finish in the continental tournament. Speaking in Abuja on Tuesday, Akinwunmi told officials of the U-20 National Team, Flying Eagles, to work together to achieve glory at the 19th

African Youth Championship kicking off on Sunday. “No man knows it all. That is why team-work is important in every project like this. Football is also a team game, so the effort of everyone in the mix is important for victory. “I know everyone is saying that you have a strong team, but the other seven teams going to Senegal are also strong. We must take it one match at a time and give each match our very best.” NFF General Secretary, Musa Amadu, also advised the team officials to see themselves as underdogs rather than as favourites for the trophy.

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NEW TELEGRAPH WEDNESDAY, MARCH 4, 2015

Di Maria needs a year to settle, Sport Trending says Van Gaal

TWITTER |@NTelegraphSport

ouis van Gaal has leapt to the defence of underfire Manchester United winger, Angel di Maria, claiming it could take up to a year for him to settle in England. Di Maria arrived at Old Trafford in August among much fanfare in a British-record £59.7million transfer from Real Madrid. However, the Argentina international has flattered to deceive at times this season and has managed just three goals in 19 Premier League appearances. Di Maria was hauled off at half-time of Saturday’s 2-0 victory over Sunderland, but manager Van Gaal stated that moving to a new team has been a learning curve for all his signings - not just Di Maria. “I think it counts for all the players that we have bought in

John Ogu Never Give Up in What You want to become in Life. #Blessed @ogujohnugo

the first season it is always difficult,” he said. “I have explained that in the press conference after the match [against Sunderland] and you can see it through every player we have bought [Luke] Shaw, [Daley] Blind, [Ander] Herrera, [Radamel] Falcao, also Di Maria. “For me it’s not a big surprise. It’s more a big surprise when he adapts as quickly as possible. [I experienced it] in the Netherlands, Spain, Germany. “I had the same experience with players so we have to give him time. I have already said not just about Di Maria but all it is the players. “It [settling] depends on the individual. You have to manage all the aspects, the culture in the countries. The general answer is one year.”

Elderson Echiejile Heading out to Paris for our game tomorrow. #FrenchCup #PSGvsASM #AllerMonaco @EldersonEch Ekene Ibekwe Been proving “them” wrong since birth. @Ebeks25 Chiney Ogwumike Can’t decide whether I should crank out these last few episodes of @HouseofCards or spread em out over time to savor it. #CantWin #Addicted @Chiney321 Jamal Crawford Watched Kobe’s muse last night..he’s officially one of my top five favorite players ever.. @rogerfederer Fernando Alonso It will be tough not to be in Australia, but I understand the recommendations. A second impact in less than 21 days “NO”. #countdownMalaysia @alo_oficial Daniel Sturridge No smiling with my big bro Kolo #gym #letsgetit @D_Sturridge

Pacquiao, Mayweather to meet next week

anny Pacquiao and Floyd Mayweather will come face to face next week for the first time since their mega-fight was confirmed. The pair will hold a joint press conference on March 11, in Los Angeles and will not meet again until the final press conference at the MGM Grand in the days before the May 2, showdown. Both fighters have begun training for the bout, with Pacquiao arriving in Los Angeles over the weekend from the Philippines. He is training at the Wild Card gym in Hollywood, while Mayweather trains in his own gym in Las Vegas. He has already given an insight into his training regime - on Monday Pacquiao ran two miles, then shadow-boxed for two rounds, and followed that with abdominal work and breakfast of steamed rice, scrambled egg, fish and chicken broth.

Then he napped until noon and had lunch before heading to trainer Freddie Roach’s Wild Card Gym. “I will prepare hard for this fight to give the boxing fans the kind of entertainment they want. This is what I consider the real fight of my life,” said Pacquiao. Pacquiao has started his preparations without Roach, who is away until next week as he prepares Zou Shiming’s for his first world title fight against Amnat Ruenroeng in Macao on Saturday. Roach admitted that Pacquiao’s training regime will take place away from the spotlight. “I won’t tell you what the game plan is because that will be very silent,” he told the South China Morning Post. “The whole Wild Card will be shut down and we will work out Manny’s best strategy and nobody will watch it.”

Fernando Alonso FA Cup reminiscences with Steven Gerrard. As delightful off the field as he is on it. @GaryLineker Gary Cahill Had a late training session today. Still buzzing from Wembley yesterday. @GaryJCahill

Di Maria

Terry will get a new deal – Mourinho J

ose Mourinho has reiterated his guarantee that captain John Terry will remain a Chelsea player next season. Terry has made no secret of his wish to extend his stay into an 18th season in Stamford Bridge first-team. And Mourinho said: “Before the end of the season for sure, what I can guarantee is that he will be a Chelsea player in the next season I can guarantee that. “I can guarantee that because I know what my board tells me, I know what the player tells me. [There is] no doubt he’s going to get his contract.” Mourinho admitted it would be hard to find someone who could fill Terry’s boots, but he feels for now the defender has what it takes to continue.

“Every one of these big guys are difficult to replace,” he added. “I think at the same time you have the player, that player is still an important player, you have to start thinking what next? “I think that’s the best way to do things, sometimes you have the solution just around the corner, sometimes you have to look outside your club. ‘”It’s a process we can take our time with because John is proving again this season [how important he is]. “When I came back last year he was coming from a difficult period, but last season he was very good. “This season even better than last season. He has time to enjoy his football with us and he has given us time to think about a replacement.”

Underage sex: Johnson released on bail

ngland winger Adam Johnson has been released on police bail following his arrest on suspicion of sexual activity with a girl under the age of 16. The Sunderland player was suspended by the Premier League club on Monday, after Durham Police confirmed

that a 27-year-old man had been taken into custody. A statement from Durham Police on Tuesday said: “A 27-year-old man arrested on suspicion of sexual activity with a girl under 16 years has been released on police bail pending on-going investigations.” Johnson made the switch to

Sunderland from Man City in 2012, having won the Premier League and FA Cup during his time at the Etihad Stadium. The former Middlesbrough player has earned 12 international caps with England, scoring two goals in Euro 2012 qualifying victories against Bulgaria and Switzerland

Pirlo, inspiration behind my freekick, says Tevez C

L-R: Pacquiao, Mayweather

arlos Tevez thanked Andrea Pirlo for inspiring him to score a wonderful free-kick during Juventus’ 1-1 draw with Roma on Monday. The Argentina striker curled a magnificent effort past Morgan De Sanctis in the 64th minute at the Stadio Olimpico, with Tevez assuming set-piece responsibilities in the injured Pirlo’s absence.

Speaking after the draw, Tevez revealed he had been working on his technique in training after studying Pirlo closely to help himself improve. “I copied Pirlo,” he told the Gazetta dello Sport. “I watch him every day in training and tried to copy him. But when he returns, he will take them again. He is a specialist and I have to

respect that.” It was not enough to win the match, though, as Seydou Keita headed Roma level with 12 minutes to play, earning a share of the spoils between Serie A’s top two. “We are very angry,” Tevez added. “In the last 20 minutes we lost a game in which we had done very well.”

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